RPVCCA_SR_2010_04_06_10_Feb_Cash_Balance_2010MEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
APRIL 6,2010
FEBRUARY 201 0 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the February 2010 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 an investment report to their governing board.Notwithstanding the
change of California law,staff has continued to submit a treasury 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 February 2010.
ANALYSIS:
The overall cash balances of the City totaled $37,490,969 at February 28,2010.This
represents a $2,257,842 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.
Gas Tax Fund -The cash balance in this fund decreased by more than $66,000 during the
month.The decrease was mainly due to the State's funding suspension of the Highway
User Tax until April 30,2010.The suspension was the result of the State's continued
budget crisis and cash shortfall.The February revenue was offset by normal operating
expenditures.
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February 2010 Monthly Report of Cash Balances
April 6,2010
Page 2
Prop A Fund -The cash balance in this fund decreased by more than $232,000 during the
month mainly due to the disbursement of the City's contribution of $259,781 to the Palos
Verdes Transit Authority for the six months ending June 2010.Other disbursement
included $26,440 to City of Torrance for the City's share on Max bus operating expense for
the quarter ending March 2010.
CIP Fund -The cash balance in this fund decreased by more than $298,000 during the
month.The disbursements included $189,824 to All American Asphalt and $21,091 to
Community Bank,which served as an escrow account to deposit the retention amount,for
the FY08-09 residential street overlay and slurry seal project.Other disbursement included
$69,158 to Green Giant Landscape forthe purchase of Hesse Park Playground equipment
and clean-up for installation.
Affordable Housing In Lieu Fund -The cash balance in this fund decreased by more than
$1,766,000 during the month.The decrease was the result of a fund transfer of $1 ,766,368
to RAD Housing Set-Aside 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.
EET Fund -The cash balance in this fund increased by more than $65,000 during the
month due to receipt of $66,261 from AMCAL for the senior housing project located on the
RDA's Crestridge parcel.
WQ Flood Protection Fund -The cash balance in this fund decreased by more than
$199,000 during the month mainly due to the disbursement of $317,831 to Cedro
Construction for the McCarrell Canyon storm drain project.
Employee Benefits Fund -The cash balance in this fund increased by more than $79,000
during the month.A monthly transfer from the General Fund to the Employee benefits
fund is made for the cost of employee benefits for each respective department.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
FEBRUARY 2010
TREASURIES BOA TREASURIES
OPERATING BANKCARD PEITYCASH PAYROLL LAIF-<:ITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
BEGINNING BALANCE 2,819,497.72 0.00 2,500.00 47,403.51 30,222,286.61 6,656,778.63 344.52 0.00 39,748,810.99
PLUS:DEPOSITS 242,792.29 350,947.77 593,740.06
PLUS:INTEREST EARNINGS"0.00
LESS:CHECKS (2,019,268.84)(380,220.98)(2,399,489.82)
ADJUSTMENTS (101,516.61)(101,516.61)
PLUS:TRANSFERS IN 0.00
LESS:TRANSFERS OUT (350,575.81 )(350,575.81)
ENDING BALANCE 590,928.75 0.00 2,500.00 18,130.30 30,222,286.61 6,656,778.63 344.52 0.00 37,490,968.81
"All interest (LAIF &Savings)is paid quarterly.102,492.35
YTDINT
RECEIVED
0.00
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month-End
GENERAL FUND 13,381,912.02 1,340,075.76 1,331,883.44 13,390,104.34 8,192.32 0%
GASTAX 117,236.37 552.10 66,666.77 51,121.70 (66,114.67)0%
1972 ACT 149,970.63 31,764.96 4,991.67 176,743.92 26,773.29 18%
EL PRADO 11,970.12 83.12 49.81 12,003.43 33.31 0%
CDBG 16,235.37 30,145.00 15,710.13 30,670.24 14,434.87 89%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,689,734.87 21,765.67 34,690.92 1,676,809.62 (12,925.25)0%
RECYCLING 1,449,677.31 4,286.08 1,538.65 1,452,424.74 2,747.43 0%
SOLID WASTE 231,892.88 4,204.08 9,556.65 226,540.31 (5,352.57)0%
AIR QUALITY MANAGEMENT 40,302.82 61,024.85 25,000.00 76,327.67 36,024.85 89%
PROPOSITION C 2,832,924.64 45,088.91 0.00 2,878,013.55 45,088.91 2%
PROPOSITION A 185,252.82 54,358.35 286,470.62 (46,859.45)(232,112.27)0%
PUBLIC SAFETY GRANTS 74,295.95 28,062.79 0.00 102,358.74 28,062.79 38%
MEASURE R 124,496.02 29,761.74 0.00 154,257.76 29,761.74 24%
HABITAT RESTORATION 155,300.45 0.00 0.00 155,300.45 0.00 0%
SUBREGION 1 MAINTENANCE 744,897.88 0.00 4,226.44 740,671.44 (4,226.44)0%
MEASURE A MAINTENANCE 77,415.42 0.00 0.00 .77,415.42 0.00 0%
ABALONE COVE SEWER DIST 79,961.09 4,992.29 8,261.94 76,691.44 (3,269.65)0%
RPVTV (52,527.40)0.00 8,355.41 (60,882.81 )(8,355.41)16%
GINSBURG CULTURE ART 196,214.68 0.00 0.00 196,214.68 0.00 0%
RECREATION IMPRV DONATION 399,564.51 3,300.00 0.00 402,864.51 3,300.00 1%
CIP 6,165,079.82 7,684.20 306,502.45 .5,866,261.57 (298,818.25)0%
QUIMBY 29,135.05 0.00 0.00 29,135.05 0.00 0%
AFFORDABLE HSNG IN LIEU 1,772,986.01 0.00 1,766,368.00 6,618.01 (1,766,368.00)0%
EET 841,518.35 66,261.00 389.25 907,390.10 65,871.75 8%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 4,152.00 0.00 0.00 4,152.00 0.00 0%
UNDERGROUND UTILITIES 274,494.50 0.00 0.00 274,494.50 0.00 0%
ROADWAY BEAUTIFICATION 101,821.65 0.00 0.00 101,821.65 0.00 0%
WQ FLOOD PROTECTION 2,945,009.28 143,060.25 342,420.95 2,745,648.58 (199,360.70)0%
EQUIPMENT REPLACEMENT 2,915,924.48 5,841.24 19,778.09 2,901,987.63 (13,936.85)0%
EMPLOYEE BENEFITS 391,865.58 566,512.49 486,693.79 471,684.28 79,818.70 20%
BUILDING REPLACEMENT 1,315,141.21 0.00 26,341.75 1,288,799.46 (26,341.75)0%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00
0%
SPECIAL TRUSTS 1,077,514.50 81,999.37 42,769.70 1,116,744.17 39,229.67 4%
39,748,810.99 2,53p,824.25 4,788,666.43 37,490,968.81 (2,257,842.18)-6%
Total Investment:37,490,968.81
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Investment
Checking Accounts
Local Agency Investment
Fund (LAIF)
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
FEBRUARY 2010
Issuer of Acquisition Maturity Slated Market Par Book
Investment Date Term Date Interest Rate Value Value Value Yield
Bank of
America N/A N/A On Demand N/A $611,559 N/A $611,559 0.00%
State of
California N/A N/A On Demand 0.58%$30,222,287 NOTE (1)N/A $30,222,287 0.58%
Bank of
America-MMC 344.52 $345
Bank of
America 10/1/2009 180 days 3/25/2010 0.10%1,999,800 $1,999,000 0.10%
10/1/2009 270 days 6/17/2010 0.20%$4,662,034 $4,657,779 0.20%
Total Investment:$37,490,969
Total Investment Weighted Average Return 0.5%
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.
~d
Treasurer
B'A-/o
Dated
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