RPVCCA_SR_2010_06_01_10_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNC~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOG~
JUNE 1,2010
APRIL 201 0 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER oSl-
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the April 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 April 2010.
ANALYSIS:
The overall cash balances of the City totaled $37,521,002 at April 30,2010.This
represents a $1,288,510 increase during the month.The overall increase 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 increased by more than $1,544,000 during
the month.The increase was primarily the result of receipt of the April property tax revenue
of $1,851,818,third quarter franchise fees of $611,369,and third quarter interest of
$14,921 from the Local Agency Investment Fund.Property taxes are collected from
property owners twice each year,while the City receives its proportionate share over ten
months through June,which causes the timing of property tax cash receipts to be cyclical.
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April 2010 Monthly Report of Cash Balances
June 1,2010
Page 2
April is a month in which a large amount is distributed to the City.The April revenue was
offset by normal operating expenditures.
Gas Tax Fund -The cash balance in this fund increased by more than $73,000 during the
month.The State paid the City's apportionment of highway user tax for the months
November 2009 through March 2010 in the amount of$277,913 and $49,755 for the month
of April at the end of April 2010.Another attribute to the increase was receipt of the third
quarter of congestion relief fund of $105,266.The April revenue was offset by normal
operating expenditures.
1972 Act Fund -The cash balance in this fund increased by more than $57,000 during the
month.The increase was primarily the result of receipt of $62,654 from the April
distribution of property tax assessments.
1911 Act Fund -The cash balance in this fund increased by more than $112,000 during
the month.The increase was primarily the result of receipt of $125,021 from the April
distribution of property tax assessments.
CIP Fund -The cash balance in this fund decreased by more than $768,000 during the
month.The decrease was primarily due to the disbursements of $772,282 to All American
Asphalt for the residential street overlay and slurry seal project.
WQ Flood Protection Fund -The cash balance in this fund increased by more than
$217,000 during the month.The increase was due to the result of receipt of $295,600 of
storm drain user fees with the April property tax appointment.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
APRIL 2010
TREASURIES BOA TREASURIES
OPERATING BANKCARD PETTY CASH PAYROLL LAIF-CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
BEGINNING BALANCE 1,331,781.41 0.00 2,500.00 19,145.51 30,222,286.61 4,656,778.63 (0.00)0.00 36,232,492.16
PLUS:DEPOSITS 3,983,894.80 583,595.63 4,567,490.43
PLUS:INTEREST EARNINGS"40,374.58 40,374.58
LESS:CHECKS (2,087,542.63)(594,067.33)(2,681,609.96)
ADJUSTMENTS (54,149.33)(54,149.33)
PLUS:TRANSFERS IN 0.00
LESS:TRANSFERS OUT (583,595.63)(583,595.63)
ENDING BALANCE 2,590,388.62 0.00 2,500.00 8,673.81 30,262,661.19 4,656,778.63 (0.00)0.00 37,521,002.25
"All interest (LAIF &Savings)is paid quarterly.142,866.93
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 13,067,577.87 2,726,465.81 1,181,771.28 14,612,272.40 1,544,694.53 12%
GAS TAX (20,854.72)433,099.45 359,239.82 53,004.91 73,859.63 100%
1972 ACT 171,752.25 62,822.86 4,991.67 229,583.44 57,831.19 34%
EL PRADO 11,991.23 566.21 28.19 12,529.25 538.02 4%
CDBG 32,622.19 12.00 44,524.20 (11,890.01)(44,512.20)100%
CDBG-R (12,465.00)0.00 33,777.00 (46,242.00)(33,777.00)100%
1911 ACT 1,644,799.92 146,166.74 34,131.02 1,756,835.64 112,035.72 7%
RECYCLING 1,450,886.10 48,175.03 1,917.98 1,497,143.15 46,257.05 3%
SOLID WASTE 221,523.52 16,771.08 9,847.97 228,446.63 6,923.11 3%
AIR QUALITY MANAGEMENT 26,327.67 54.00 0.00 26,381.67 54.00 0%
PROPOSITION C 2,913,603.08 33,489.52 0.00 2,947,092.60 33,489.52 1%
PROPOSITION A (4,217.80)36,789.96 250.00 32,322.16 36,539.96 100%
PUBLIC SAFETY GRANTS 102,358.74 94.00 0.00 102,452.74 94.00 0%
MEASURE R 168,839.21 41,417.33 0.00 210,256.54 41,417.33 25%
HABITAT RESTORATION 160,950.45 167.00 27,915.57 133,201.88 (27,748.57)17%
SUBREGION 1 MAINTENANCE 736,720.87 791.00 3,469.34 734,042.53 (2,678.34)0%
MEASURE A MAINTENANCE 77,415.42 82.00 0.00 77,497.42 82.00 0%
ABALONE COVE SEWER DIST 72,976.56 11,246.10 4,065.72 80,156.94 7,180.38 10%
RPVTV (69,380.71 )0.00 9,816.41 (79,197.12)(9,816.41)14%
GINSBURG CULTURE ART 196,214.68 209.00 0.00 196,423.68 209.00 0%
RECREATION IMPRV DONATION 402,864.51 427.00 0.00 403,291.51 427.00 0%
CIP 5,222,920.14 43,012.00 811,574.97 4,454,357.17 (768,562.97)15%
QUIMBY 29,135.05 31.00 0.00 29,166.05 31.00 0%
AFFORDABLE HSNG IN LIEU 6,086.01 920.00 0.00 7,006.01 920.00 15%
EET 907,390.10 930.00 0.00 908,320.10 930.00 0%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 9,423.00 5,276.00 0.00 14,699.00 5,276.00 56%
UNDERGROUND UTILITIES 274,494.50 292.00 0,00 274,786.50 292.00 0%
ROADWAY BEAUTIFICATION 101,821.65 109.00 0.00 101,930.65 109.00 0%
WQ FLOOD PROTECTION 2,703,010.29 298,600.19 81,203.85 2,920,406.63 217,396.34 8%
EQUIPMENT REPLACEMENT 2,896,042.72 9,426.71 17,597.61 2,887,871.82 (8,170.90)0%
EMPLOYEE BENEFITS 368,931.82 781,370.61 697,198.79 453,103.64 84,171.82 23%
BUILDING REPLACEMENT 1,178,453.13 1,366.00 41,620.87 1,138,198.26 (40,254.87)3%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 1,174,837.60 143,834.23 190,561.48 1,128,110.35 (46,727.25)4%
36,232,492.16 4,844,013.83 3,555,503.74 37,521,002.25 1,288,510.09 4%
Total Investment:37,521,002.25
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
APRIL 2010
Issuer of Acquisition Maturity Stated Market Par Book
Investment Investment Date Term Date Interest Rate Value Value Value Yield
Bank of
Checking Accounts America N/A N/A On Demand N/A $2,601,562 N/A $2,601,562 0.00%
State of
Local Agency investment California N/A N/A On Demand 0.59%$30,262,661 NOTE (1)N/A $30,262,661 0.59%
Fund (LAIF)
Bank of
America 10/1/2009 270 days 6/17/2010 0.20%$4,665,113 $4,656,779 0.20%
Total Investment:$37,521,002
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.
St?b·,p
Dated
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