RPVCCA_RDA_SR_2010_04_06_B_RDA_Feb_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:HONORABLE CHAIRMAN AND MEMBERS OF THE BOARD ~
FROM:DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY~
DATE:APRIL 6,2010
SUBJECT:FEBRUARY 2010 MONTHLY REPORT OF CASH BALANCES
REVIEWED:EXECUTIVE DIRECTOR G9-
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the February 201 0 Monthly Report of Cash Balances for the Rancho Palos
Verdes Redevelopment Agency (RDA).
BACKGROUND:
With the adoption of the state budget for FY06-07,government agencies are no longer
required to submit an investment report to their governing board.Notwithstanding the
change of California law,staff has continued to separately prepare a monthly treasury
report for each of the three components (City,Redevelopment Agency,and Improvement
Authority)of the City.This report summarizes the cash activity associated with all funds of
the Redevelopment Agency.
ANALYSIS:
The cash balances of the RDA increased by $1,106,670 during the month,ending with an
overall balance of $3,131,053 at February 28,2010.The increase was mainly due to a
fund transfer of $1 ,766,368 from City's Affordable Housing In-Li~u Fund.
On March 17,2009,The City Council/Redevelopment Agency (RDA)Board approved the
Disposition and Development Agreement (DDA)with AMCAL Mirandela Fund,L.P.
(AMCAL)for an affordable housing project to be located on the RDA's Crestridge parcel.It
is the City/RDA's commitment to provide $3.6 millions for construction financing,which
$1,766,368 is allocated from City's Affordable Housing In-Lieu Fund.The entire
City/Agency commitment will need to be disbursed from the RDA Affordable Housing Fund,
as the AMCAL promissory note is payable to the RDA.Therefore,based on City Council
approval on February 16,2010,a fund transfer was made in this month.
WICASH$$ITreasurer's Reporl1FY2009-201 01201 0406-Feb201 ORDA.doc
RDA B-1
RANCHO PALOS VERDES REDEVELOPMENT AGENCY
MONTHLY REPORT OF CASH BALANCES
FEBRUARY 2010
NOTE (1):Includes only the portion attributable to the Redevelopment Agency.Improvement Authority monies are commingled with Agency
monies in this LAIF account,but have been excluded for the above analysis.
NOTE (2):LAIF market values will be reported to vary from book value if the Agency calculated share of total LAIF
assets is less than the Agency 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 Redevelopment Agency investments and complies with the investment
policy of the Redevelopment Agency as approved by the governing board.Furthermore,I certify that sufficient
investment liquidity and anticipated revenues are available to meet the Agency's expenditure requirements for the
next six months.
Respec ully submitted,
d
Treasurer Dated
RDA B-2