RPVCCA_CC_SR_2011_08_02_K_Monthly_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCI~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY SiJ:J
AUGUST 2,2011
JUNE 2011 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER ~.
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the June 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 June 201.1.
ANALYSIS:
The overall cash balances of the City totaled $41,638,855 at June 30,2011.This
represents a $999,635 decrease during the month.The overall decrease 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 decreased by more than $621,000 during
the month.The City receives property tax revenue from LA County monthly except
September and October.Property taxes are collected from property owners twice each
year,which causes the timing of property tax cash receipts to be cyclical.The monthly
property tax the City receives ranges from $22,000 to $2,800,000,which December and
K-1
June 2011 Monthly Report of Cash Balances
August 2,2011
Page 2
April are the two largest revenues.In June,the City only received $22,731 for its portion,
which is the smallest amount throughout the year.The June revenue was offset by normal
operating expenditures.
Recycling Fund -The cash balance in this fund increased by more than $69,000 during
the month due to receipt of the fourth quarter recycling rebate of $70,000 from EDCO
Disposal.
CIP Fund -The cash balance in this fund decreased by more than $253,000 during the
month mainly due to the disbursement of $168,329 to America West Landscape for the
Hesse Park and Ryan Park athletic field improvement.
Employee Benefits Fund -The cash balance in this fund decreased by more than
$198,000 during the month.The decrease was primarily due to the FY11-12 prepayment of
$49,189 to California Joint Powers Insurance Authority for the City's worker's
compensation insurance.Other disbursements included $52,995.64 and $53,495.38 to
Blue Shield of California for the employees'June and July health insurance.
K-2
BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS'
LESS:CHECKS
ADJUSTMENTS
PLUS:TRANSFERS IN
LESS:TRANSFERS OUT
ENDING BALANCE
OPERATING
1,335,916.81
1,854,617.27
(2,225,289.30)
(47,889.34)
(645,430.67)
271,924.77
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JUNE 2011
TREASURIES BOA TREASURIES
BANKCARD PETTY CASH PAYROLL LAIF·CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
0.00 2,500.00 223,396.82 36,410,498.56 4,666,177.76 0.00 0.00 42,638,489.95
645,430.67 2,500,047.94
12,357.32 12,357.32
(593,430.87)(2,818,720.17)
(47,889.34)
0.00
(645,430.67)
0.00 2,500.00 275,396.62 36,410,498.56 4,678,535.08 0.00 0.00 41,638,855.03
YTDINT
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 15,575,716.76 1,394,645.85 2,016,392.67 14,953,969.94 (621,746.82 4%
GAS TAX 221,323.66 192,648.31 180,132.15 233,839.82 12,516.16 6%
1972 ACT 288,239.63 54.73 1,960.00 286,334.36 (1,905.27 1%
ELPRADO 14,669.82 10.00 0.00 14,679.82 10.00 0%
CDBG (44,024.44 13,875.00 7,148.00 (37,297.44 6,727.00 15%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,844,995.73 2,013.97 27,037.80 1,819,971.90 (25,023.83 1%
RECYCLING 1,007,846.26 70,327.99 1,205.67 1,076,968.58 69,122.32 7%
SOLID WASTE 252,083.92 38,828.09 13,791.81 277,120.20 25,036.28 10%
AIR QUALITY MANAGEMENT 25,731.03 12,587.73 0.00 38,318.76 12,587.73 49%
PROPOSITION C 2,156,060.91 45,777.53 0.00 2,201,838.44 45,777.53 2%
PROPOSITION A 84,273.42 54,402.24 0.00 138,675.66 54,402.24 65%
PUBLIC SAFETY GRANTS 96,915.08 24.28 0.00 96,939.36 24.28 0%
MEASURE R 603,738.97 35,676.59 0.00 639,415.56 35,676.59 6%
HABITAT RESTORATION 290,164.15 80.47 27,475.00 262,769.62 (27,394.53 9%
SUBREGION 1 MAINTENANCE 785,917.82 251.05 6,273.96 779,894.91 (6,022.91 1%
MEASURE A MAINTENANCE 26,772.55 5.99 0.00 26,778.54 5.99 0%
ABALONE COVE SEWER DIST 79,944.89 20.91 2,353.56 77,612.24 (2,332.65 3%
RPVTV 7,665.70 0.00 12,785.38 (5,119.68 (12,785.38 100%
GINSBURG CULTURE ART 182,701.90 62.04 0.00 182,763.94 62.04 0%
RECREATION IMPRV DONATION 404,981.31 131.84 0.00 405,113.15 131.84 0%
CIP 9,428,805.86 2,587.01 256,161.84 9,175,231.03 (253,574.83)3%
QUIMBY 29,288.93 9.53 0.00 29,298.46 9.53 0%
AFFORDABLE HSNG IN LIEU 4,161.66 1.76 16.78 4,146.64 (15.02 0%
EET 517,916.26 10,445.81 0.00 528,362.07 10,445.81 2%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 24,126.96 1,438.96 0.00 25,565.92 1,438.96 6%
UNDERGROUND UTILITIES 185,866.11 75.15 0.00 185,941.26 75.15 0%
ROADWAY BEAUTIFICATION 102,357.11 33.32 0.00 102,390.43 33.32 0%
WQ FLOOD PROTECTION 3,477,072.33 989.09 61,438.59 3,416,622.83 (60,449.50 2%
EQUIPMENT REPLACEMENT 2,689,417.38 891.16 50,228.59 2,640,079.95 (49,337.43 2%
EMPLOYEE BENEFITS 335,542.72 610,117.40 808,665.96 136,994.16 (198,548.56 59%
BUILDING REPLACEMENT 996,031.85 914.12 1,320.00 995,625.97 (405.88 0%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 934,743.60 9,408.12 23,583.20 920,568.52 (14,175.08 2%
42,638,489.95 2,498,336.04 3,497,970.96 41,638,855.03 (999,634.92)2%
Total Investment:41,638,855.03
K-3
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JUNE 2011
Acquisition Maturity Market Par Book
Date Term Date Value Value Value Yield
N/A NIA On Demand $549,821 N/A $549,821 0.00%
NIA NIA On Demand $36,410,499 NOTE (1)N/A $36,410,499 0.45%
N/A NIA On Demand 2,855 $2,855
6/24/2011 341 days 3/31/2012 1,527,760 $1,546,139 0.03%
6/24/2011 371 days 4/30/2012 1,553,490 $1,567,011 0.03%
Issuer of
Investment Investment
Bank of
Checking Accounts America
State of
Local Agency Investment California
Fund (LAIF)
Bank of
Money Market America
U.S.Treasury
Note
U.S.Treasuries (912828GM6)
U.S.Treasury
Note
U.S.Treasuries (912828GQ7)
U.S.Treasury
Note
U.S.Treasuries (912828GU8)6/24/2011 341 days 3/31/2012 $1,554,765 $1,562,531
Total Investment:$41,638,855
0.03%
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.
Dated
K-4