RPVCCA_SR_2010_05_04_09_Monthly_Cash_BalanceMEMORANDUM RANCHO PALOS VERDES
TO:HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCI~
FROM:DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY ([fl/}J
DATE:MAY 4,2010
SUBJECT:MARCH 2010 MONTHLY REPORT OF CASH BALANCES
REVIEWED:CITY MANAGER Q9.---
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the March 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 March 2010.
ANALYSIS:
The overall cash balances of the City totaled $36,232,492 at March 31,2010.This
represents a $1,258,477 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 $71,000 during the
month.The decrease was mainly due to the State's funding suspension of the Highway
User Tax until May 2010.The suspension was the result of the State's continued budget
crisis and cash shortfall.The March revenue was offset by normal operating expenditures.
Air Quality Management Fund -The cash balance in this fund decreased by $50,000
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March 2010 Monthly Report ef Cash 8alanees
May 4,2010
Page 2
during the month due to a disbursement of $50,000 to the Palos Verdes Transit Authority (
"PVPTA")for the purchase two LPG vehicles.With City Council's approval on February
17,2010,the City entered into an agreement with the PVPTA to fund the purchase of two
LPG heavy-duty transit buses upon receipt of the $50,000 MSRC grant from South Coast
Air Quality Management District.
CIP Fund -The cash balance in this fund decreased by more than $643,000 during the
month.The disbursements included $437,302 to All American Asphalt and $48,589 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
$88,783 to Green Giant Landscape for Hesse Park playground improvement.
Employee Benefits Fund -The cash balance in this fund decreased by more than
$102,000 during the month.The decrease was primarily the result of a disbursement of
$180,000 to CalPERS to pay down the City's side fund liability.
Building Replacement Fund -The cash balance in this fund decreased by more than
$110,000 during the month.The decrease was primarily the result of a disbursement of
$99,720 to Unique Performance Construction for the installation of the City's stand-by
generator system.
Special Trusts Fund -The cash balance in this fund increased by more than $58,000
during the month.The increase was primarily due to receipt of the deposits,including
$82,485 from Marymount College,$18,500 from St.John Fisher,and $18,000 from
AMCAL.
W:\CASH$$\Treasurer's Report\FY2009-201 0\201 00504-Mar201 Oeity.doe
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
MARCH 2010
BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS'
LESS:CHECKS
ADJUSTMENTS
PLUS:TRANSFERS IN
LESS:TRANSFERS OUT
ENDING BALANCE
OPERATING
590,928.75
3,568,848.66
(2,479,071.80)
41,075.80
(390,000.00)
1,331,781.41
BANKCARD
0.00
0.00
PETTY CASH
2,500.00
2,500.00
PAYROLL LAIF·CITY
18,130.30 30,222,286.61
390,000.00
(388,983.79)
(1.00)
19,145.51 30,222,286.61
TREASURIES
BOA
6,656,778.63
344.52
(2,000,344.52)
4,656,778.63
BOA TREASURIES
ON DEMAND TREAS DIRECT
344,52 0.00
(344.52)
(0.00)0.00
TOTAL CASH
37,490,968.81
3,958,848.66
0,00
(2,868,055,59)
41,074.80
0.00
(2,390,344.52)
36,232,492.16
YTDINT
RECEIVED
0.00
'AII interest (LAIF &Savings)is paid quarterly.102,492.35
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDiT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month·End
GENERAL FUND 13,390,104.34 1,364,266.50 1,686,792.97 13,067,577.87 (322,526.47)2%
GASTAX 51,121.70 2,779.00 74,755.42 (20,854.72) (71,976.42)141%
1972 ACT 176,743.92 0.00 4,991.67 171,752.25 (4,991.67)3%
ELPRADO 12,003.43 8.69 20.89 11,991.23 (12.20)0%
CDBG 30,670.24 42,135.00 40,183.05 32,622.19 1,951.95 6%
CDBG·R 0.00 0.00 12,465.00 (12,465.00)'(12,465.00)0%
1911 ACT 1,676,809.62 2,279.74 34,289.44 1,644,799.92 (32,009.70)2%
RI::CYCLING 1,452,424.74 0.00 1,538.64 1,450,886.10 (1,538.64)0%
SOLID WASTE 226,540.31 3,458.67 8,475.46 221,523.52 (5,016.79)2%
AIR QUALITY MANAGEMENT 76,327,67 0.00 50,000,00 26,327.67 (50,000.00)66%
PROPOSITION C 2,878,013.55 35,589.53 0.0'0 2,913;603.08 35,589,53 1%
PROPOSiTION A (46,859.45)42,891,65 250.00 (4,217.80)42,641.65 91%
PUBLIC SAFETY GRANTS 102,358,74 0.00 0,00 102,358,74 0.00 0%
MEASURE R 154,257.76 14,581.45 0.00 168,839,21 14,581.45 9%
HABITAT RESTORATION 155,300.45 5,650.00 0,00 160,950.45 5,650.00 4%
SUBREGiON 1 MAINTENANCE 740,671.44 0.00 3,950.57 736,720.87 (3,950,57)1%
MEASURE A MAINTENANCE 77,415.42 0.00 0,00 77,415.42 0.00 0%
ABALONE COVE SEWER DIST 76,691.44 0,00 3,714.88 72,976.56 (3,714.88)5%
RPVTV (60,882.81 )0.00 8,497,90 (69,380.71 )(8,497.90)14%
GINSBURG CULTURE ART 196,214.68 0.00 0,00 196,214,68 0.00 0%
RECREATION IMPRV DONATION 402,864.51 0.00 0.00 402,864.01 0.00 0%
CIP 5,866,261.57 0.00 643,341.43 5,222,920.14 (643,341.43)11%
QUIMBY 29,135.05 0.00 0,00 29,135.05 0.00 0%
AFFORDABLE HSNG IN LIEU 6,618.01 242.00 774.00 6,086.01 (532.00)8%
EET 907,390.10 0.00 0,00 907,390,10 0.00 0%
MEASURE A 7,440.11 0.00 0.00 7,440,11 0.00 0%
BIKEWAYS 4,152.00 5,271.00 0.00 9,423.00 5,271,00 127%
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 2,745,648.58 0,00 42,638.29 2,703,010.29 (42,638.29)2%
EQUIPMENT REPLACEMENT 2,901,987.63 5,808,33 11,753,24 2,896,042.72 (5,944.91)0%
EMPLOYEE BENEFITS 471,684.28 573,306.49 676,058.95 368,931.82 (102,752.46)22%
BUILDING REPLACEMENT 1,288,799.46 601.12 110,947.45 1,178,453,13 (110,346.33)9%
IMPROVEMENT DISTRICT 9 0.00 0.00 0,00 0,00 0.00 0%
SPECIAL TRUSTS 1,116,744.17 138,471.66 80,378,23 1,174,837,60 58,093.43 5%
37,490,968.81 2,237,340.83 3,495,817.48 36,232,492.16 (1,258,476.65)3%
Total Investment:36,232,492.16
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$1,353,427 0.00%
$30,222,287 0.55%
$4,657,779 0.20%
Investment
Checking Accounts
Local Agency Investment
Fund (LAIF)
Issuer of
Investment
Bank of
America
State of
California
Bank of
America
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
MARCH 2010
Acquisition Maturity Stated Market
Date Term Date Interest Rate Value
N/A N/A On Demand N/A $1,353,427
N/A N/A On Demand 0.55%$30,222,287 NOTE (1)
10/1/2009 270 days 611712010 0.20%$4,664,554
Total Investment:
Total Investment Weighted Average Return
Par
Value
N/A
N/A
Book
Value
$36,233,492
0.5%
Yield
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.
l\~~~~4·ez·/QTreasurer-..;::--"'lII...------------....u~D""at~e~d~--
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