RPVCCA_SR_2011_07_05_F_Monthly_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL (;
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOG)'1\~~~
JULY 5,2011 lVU
MAY 2011 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER ell-
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the May 2011 Monthly Report of Cash Balances for the City of Rancho
Palos Verdes.
BACKGROUND:
With the adoption of the state budget for FY06-07,government agencies are no longer
required to submit a treasurer's report to their governing board,as defined by California
Government Code.Notwithstanding the change of California law,staff has continued to
submit a cash balance report to the Council for review each month.This report summarizes
the cash activity associated with all funds of the City.
A separate report is prepared monthly for both the Redevelopment Agency and
Improvement Authority and is presented under separate cover before their respective
governing bodies.The attached report includes the cash activities of the City for the month
of May 2011.
ANALYSIS:
The overall cash balances of the City totaled $42,638,490 at May 31,2011.This
represents a $2,144,966 increase during the month.The overall increase is a result of
various factors over several individual funds of the City.These factors are discussed in
detail below for each fund experiencing a noteworthy cash event.
General Fund -The cash balance in this fund increased by more than $2,171,000 during
the month.The increase was primarily due to receipt of the May property tax revenue of
$2,494,829.Other May revenue was offset by normal operating expenditures.
Gas Tax Fund -The cash balance in this fund increased by more than $90,000 during the
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May 2011 Monthly Report of Cash Balances
July 5,2011
Page 2
month.The increase was primarily due to the receipt of deferred Highway Users Tax
payment of $134,922.When Proposition 22 was approved,the State's borrowing of
transportation fund from the cities became effective.The City's deferred amount from July
to October 2010 was recovered in May.
EET Fund -The cash balance in this fund decreased by more than $91,000 during the
month.The decrease was mainly due to a large disbursement of $98,360 to Best Electric
for the PVIC power generator system project.
Employee Benefits Fund -The cash balance in this fund decreased by more than
$102,000 during the month.Cash activity in the Employee Benefits fund reflects debits for
employee withholdings and credits for payments of total expenses (both City share and
employee share).The decrease was due to the excess of disbursement overwithholdings
on the City's share of expenses.The largest contributor to the $102,000 excess of credits
over debits was the City's share of employee insurance premiums totaling $78,625.
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BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS'
LESS:CHECKS
ADJUSTMENTS
PLUS:TRANSFERS IN
LESS:TRANSFERS OUT
ENDING BALANCE
OPERATING
1,189,382.55
3,964,030.67
(1,391,539.58)
(17,012.55)
(2,408,944.28)
1,335,916.81
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
MAY 2011
TREASURIES BOA TREASURIES
BANKCARD PETTY CASH PAYROLL LAlF-CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
0.00 2,500.00 224,965.40 34,410,498.56 4,666,177.76 0.00 0.00 40,493,524.27
408,944.28 4,372,974.95
0.60
(408,944.28)(1,800,483.86)
(1,568.58)(18,581.13)
2,000,000.00 2,000,000.00
(2,408,944.28)
0.00 2,500.00 223,396.82 36,410,498.56 4,666,177.76 0.00 0.00 42,638,489.95
YTD INT
RECEIVED
147,837.37
147,837.37
'All interest (LAIF &Savings)is paid quarterly.
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month-End
GENERAL FUND 13,403,896.63 3,364,055.92 1,192,235.79 15,575,716.76 2,171,820.13 16%
GAS TAX 130,932.87 207,332.59 116,941.80 221,323.66 90,390.79 69%
1972 ACT 264,508.64 24,220.99 490.00 288,239.63 23,730.99 9%
ELPRADO 14,506.50 163.32 0.00 14,669.82 163.32 1%
CDBG (11,123.19)6,341.00 39,242.25 (44,024.44 (32,901.25)100%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,830,807.08 42,814.32 28,625.67 1,844,995.73 14,188.65 1%
RECYCLING 1,004,650.04 4,000.00 803.78 1,007,846.26 3,196.22 0%
SOLID WASTE 236,453.21 25,766.69 10,135.98 252,083.92 15,630.71 7%
AIR QUALITY MANAGEMENT 25,731.03 0.00 0.00 25,731.03 0.00 0%
PROPOSITION C 2,112,766.35 43,294.56 0.00 2,156,060.91 43,294.56 2%
PROPOSITION A 32,076.83 52,196.59 0.00 84,273.42 52,196.59 100%
PUBLIC SAFETY GRANTS 70,027.88 26,887.20 0.00 96,915.08 26,887.20 38%
MEASURER 571,660.08 32,078.89 0.00 603,738.97 32,078.89 6%
HABITAT RESTORATION 290,164.15 0.00 0.00 290,164.15 0.00 0%
SUBREGION 1 MAINTENANCE 792,046.39 0.00 6,128.57 785,917.82 (6,128.57)1%
MEASURE A MAINTENANCE 26,772.55 0.00 0.00 26,772.55 0.00 0%
ABALONE COVE SEWER DIST 79,314.09 6,536.84 5,906.04 79,944.89 630.80 1%
RPVTV 14,522.01 0.00 6,856.31 7,665.70 (6,856.31)47%
GINSBURG CULTURE ART 182,701.90 0.00 0.00 182,701.90 0.00 0%
RECREATION IMPRV DONATION 404,981.31 0.00 0.00 404,981.31 0.00 0%
CIP 9,520,254.43 0.00 91,448.57 9,428,805.86 (91,448.57 1%
QUIMBY 29,288.93 0.00 0.00 29,288.93 0.00 0%
AFFORDABLE HSNG IN LIEU 4,161.66 0.00 0.00 4,161.66 0.00 0%
EET 609,452.20 6,824.00 98,359.94 517,916.26 (91,535.94)15%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 22,691.96 1,435.00 0.00 24,126.96 1,435.00 6%
UNDERGROUND UTILITIES 185,866.11 0.00 0.00 185,866.11 0.00 0%
ROADWAY BEAUTIFICATION 102,357.11 0.00 0.00 102,357.11 0.00 0%
WQ FLOOD PROTECTION 3,407,878.78 117,584.31 48,390.76 3,477,072.33 69,193.55 2%
EQUIPMENT REPLACEMENT 2,705,120.85 0.00 15,703.47 2,689,417.38 (15,703.47)1%
EMPLOYEE BENEFITS 438,268.32 421,456.07 524,181.67 335,542.72 (102,725.60 23%
BUILDING REPLACEMENT 1,023,971.78 0.00 27,939.93 996,031.85 (27,939.93 3%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 959,375.68 21,422.69 46,054.77 934,743.60 (24,632.08)3%
40,493,524.27 4,404,410.98 2,259,445.30 42,638,489.95 2,144,965.68 5%
Total Investment:42,638,489.95
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
MAY 2011
Issuer of Acquisition
Investment Investment Date
Bank of
Checking Accounts America N/A
State of
Local Agency Investment California N/A
Fund (LAIF)
Bank of
Preferred Deposit Money Market America N/A
Maturity Stated Market Par Book
Term Date Interest Rate Value Value Value
N/A On Demand N/A $1,561,814 N/A $1,561,814
N/A On Demand 0.41%$36,410,499 NOTE (1)N/A $36,410,499
N/A On Demand 0.49%$4,677,219 $4,666,178
Total Investment:$42,638,490
Total Investment Weighted Average Return 0.4%
NOTE:
(1)LAIF market values will be reported to vary from book value if the City calculated share of total LAIF assets is less than the
City book value.
To the best of my knowledge,there are no misstatements of material amounts within this report;
or omissions of material amounts to cause the report to be misleading.
I certify that this report accurately reflects all City Investments and complies with the investment policy of the City
of Rancho Palos Verdes as approved by the City Council.Furthermore,I certify that sufficient Investment liquidity
and anticipated revenues are available to meet the City's expenditure requirements for the next six months.
h/Zq/l/
j Dated
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