RPVCCA_CC_SR_2011_11_01_F_Sept_2011_Treasurers_RptMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNC~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY~
NOVEMBER 1,2011
SEPTEMBER 2011 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER Q.Q-_
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the September 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 September 2011.
ANALYSIS:
The overall cash balances of the City totaled $39,423,302 at September 30,2011.This
represents a $6,072 increase during the month.The overall increase is a result of various
factors in various individual funds of the City.These factors are discussed in detail below
for each fund experiencing a noteworthy cash event (defined as more than $50,000 and
5%of the cash balance in a particular fund).
Gas Tax Fund -The cash balance in this fund decreased by more than $74,000 during the
month.The decrease was primarily due to the fact that the September Highway User Tax
was not received until October,while normal operating expenditures were disbursed.
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September 2011 Monthly Report of Cash Balances
November 1,2011
Page 2
CDBG Fund -The cash balance in this fund increased by more than $64,000.Because
CDBG cash receipts result from reimbursements of prior months'expenditures,it is
common to have a variance between cash receipts and expenditures for any given month.
The reimbursement which was received this month from Community Development
Commission was for the June expenditures.
Recycling Fund -The cash balance in this fund increased by more than $69,000 during
the month due to receipt of the first quarter recycling rebate of $70,000 from EDCO
Disposal.
Proposition A Fund -The cash balance in this fund increased by more than $53,000 during
the month due to receipt of the September Proposition A apportionment.
Measure A Maint Fund -The cash balance in this fund increased by more than $294,000
during the month.The City received a reimbursement of$160,641 from the County for the
FY1 0-11 park-site maintenance services in the Portuguese Bend Nature Preserve,Lower
Hesse Park, and PVIC.Another factor for the increase was due to a temporary cash
transfer from the General Fund as a result of year-end process.
Underground Utilities Fund -The cash balance in this fund decreased by more than
$185,000 during the month.The decrease was due to the closure of this fund and the
remaining balance was transferred to General Fund in compliance with the Governmental
Accounting Standard Board (GASB)No.54.The intent ofthis statement is to bring greater
clarity and consistency to fund balance reporting in the governmental sector.The City is
required to implement GASB 54 for the fiscal year ending June 30,2011.The closure of
this fund was presented at April 19,2011 City Council meeting and was approved by the
Council.
Roadway Beautification Fund -The cash balance in this fund decreased by more than
$102,000 during the month.This was another fund which was closed due to compliance
with GASB 54,which was described in the Underground Utilities Fund.
Employee Benefits Fund -The cash balance in this fund decreased by more than
$137,000 during the month.Cash activity in the Employee Benefits fund reflects debits for
employee with holdings and credits for payments of total expenses (both City share and
employee share).The largest contributor to the $137,000 excess of credits over debits was
the City's share of employee insurance premiums totaling $99,291.
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BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS'
LESS:CHECKS
ADJUSTMENTS
PLUS:TRANSFERS IN
LESS:TRANSFERS OUT
'ENDING BALANCE
OPERATING
3,233,891.71
1,625,088.76
(1,133,449.35)
(62,640.05)
(4,922,826.95)
(1,259,935.88)
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
SEPTEMBER 2011
TREASURIES BOA TREASURIES
BANKCARD PETTY CASH PAYROLL LAIF-CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
0.00 2,500.00 350,782.35 31,151,520.48 4,678,535.08 0.00 0.00 39,417,229.62
631,552.51 2,256,641.27
0.00
(631,652.51 )(1,765,101.86)
(62,640.05)
4,500,000.00 4,500,000.00
(4,922,826.95)
0.00 2,500.00 350,682.35 35,651,520.48 4,678,535.08 0.00 0.00 39,423,302.03
YTDINT
RECEIVED
41,021.92
41,021.92
'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 •12,031,558.21 1,833,317.09 1,624,245.93 12,240,629.37 209,071.16 2%
GAS TAX 943,315.59 1,579.04 75,954.94 868,939.69 (74,375.90)8%
1972 ACT 94,037.33 0.00 0.00 94,037.33 0.00 0%
ELPRADO 14,840.40 0.00 0.00 14,840.40 0.00 0%
CDBG (64,482.23)64,480.44 0.00 (1.79)64,480.44 100%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,668,073.11 0.00 28,209.93 1,639,863.18 (28,209.93)2%
RECYCLING 915,137.84 70,401.89 1,241.84 984,297.89 69,160.05 8%
SOLID WASTE 294,758.67 41,860.06 8,761.91 327,856.82 33,098.15 11%
AIR QUALITY MANAGEMENT 48,607.40 0.00 0.00 48,607.40 0.00 0%
PROPOSITION C 1,651,566.95 44,792.98 0.00 1,696,359.93 44,792.98 3%
PROPOSITION A (61,658.18)53,995.33 0.00 (7,662.85)53,995.33 88%
PUBLIC SAFETY GRANTS 16,872.36 3,060.64 0.00 19,933.00 3,060.64 18%
MEASURE R 689,800.11 33,997.18 0.00 723,797.29 33,997.18 5%
HABITAT RESTORATION 246,570.62 0.00 28,000.00 218,570.62 (28,000.00)11%
SUBREGION 1 MAINTENANCE 774,035.65 0.00 24,715.66 749,319.99 (24,715.66)3%
MEASURE A MAINTENANCE (267,698.92)294,503.46 26,804.54 294,503.46 100%
ABALONE COVE SEWER DIST 91,993.54 357.13 4,583.11 87,767.56 (4,225.98)5%
RPVTV (11,742.68)10,239.36 5,119.68 (6,623.00)5,119.68 44%
GINSBURG CULTURE ART 182,946.94 0.00 0.00 182,946.94 0.00 0%
RECREATION IMPRV DONATION 405,519.15 0.00 0.00 405,519.15 0.00 0%
CIP 11,837,283.74 0.00 113,178.77 11,724,104.97 (113,178.77)1%
QUIMBY 29,328.46 0.00 0.00 29,328.46 0.00 0%
AFFORDABLE HSNG IN LIEU 3,251.14 0.00 11.62 3,239.52 (11.62)0%
EET 432,975.66 0.00 0.00 432,975.66 0.00 0%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS (1,356.16)1,407.08 0.00 50.92 1,407.08 100%
UNDERGROUND UTILITIES 186,127.26 0.00 185,941.26 186.00 (185,941.26)100%
ROADWAY BEAUTIFICATION 102,492.43 0.00 102,390.43 102.00 (102,390.43)100%
WQ FLOOD PROTECTION 3,350,984.38 4,081.56 75,369.42 3,279,696.52 (71,287.86)2%
EQUIPMENT REPLACEMENT 2,533,243.98 0.00 25,139.79 2,508,104.19 (25,139.79)1%
EMPLOYEE BENEFITS (580,446.23)860,184.96 997,311.42 (717,572.69)(137,126.46)24%
BUILDING REPLACEMENT 991,323.09 0.00 4,904.27 986,418.82 (4,904.27)0%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 860,529.90 15,611.73 22,717.54 853,424.09 (7,105.81)1%
39,417,229.62 3,333,869.93 3,327,797.52 39,423,302.03 6,072.41 0%
Total Investment:
Footnote
The City actual operating checking account balance was $1,250,538.13,as follows:
City (1,259,935.88)
Redevelopment Agency 972,625.41
Improvement Authority 1,537,848.60
Total 1,250,538.13
39,423,302.03
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
SEPTEMBER 2011
Acquisition Maturity Msrket Par Book
Date Term Date Value Value Value Yield
N/A N/A On Demand $(906,754)N/A $(906,754)0.00%
N/A N/A On Demand $35,651,520 NOTE (1)N/A $35,651,520 0.38%
N/A N/A On Demand 2,855 $2,855
6/24/2011 341 days 3/31/2012 1,511,968 $1,546,139 0.03%
6/24/2011 371 days 4/30/2012 1,537,680 $1,567,011 0.03%
Issuero!
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 $1,538,193 $1,562,531
Total Investment:$39,423,302
0.03%
Total Investment Weighted Average Return 0.3%
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.
J 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
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