RPVCCA_RDA_SR_2010_07_06_E_Monthly_Report_of_Cash_BalancesHONORABLE CHAIRMAN AND MEMBERS OF THE BOARD .~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOG~
JULY 6,2010
MAY 201 0 MONTHLY REPORT OF CASH BALANCES
EXECUTIVE DIRECTOR c..9-
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
RANCHO PALOS VERDES
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the May 2010 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 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 decreased by $690,305 during the month,ending with an
overall balance of $2,080,553 at May 31,2010.The decrease was mainly due to
disbursements of $443,078 to AMCAL for the Mirandela senior housing project and
$330,125 to County of Los Angeles for the FY09-1 0 Supplemental Educational Revenue
Augmentation Fund (SERAF)shift which was required by the State.This payment will be
funded by an additional advance from the City's General Fund.
RDA E-1
RANCHO PALOS VERDES REDEVELOPMENT AGENCY
MONTHLY REPORT OF CASH BALANCES
MAY 2010
Issuer of Acquisition Maturity Stated Market Book Current
Investment Investment Date Date Interest Rate Value Value Yield
Checking Accounts Bank of America N/A On Demand N/A $417,424 $417,424 N/A
Local Agency Investment
Fund -RDA State ofCA N/A On Demand 0.56%$1,663,129 $1,663,129 0.56%
NOTE (1)NOTE (2)
Total Investment:$2,080,553
Total Investment Weighted Average Return 0.45%
YTDINTEREST
OPERATING LAIF-RDA TOTAL CASH RECEIVED
BEGINNING BALANCE 1,114,827.56 1,656,030.55 2,770,858.11 14,971.80
PLUS:DEPOSITS 51,643.98 51,643.98
PLUS:INTEREST EARNINGS*0.00
LESS:CHECKS (741,949.26)(741,949.26)
ADJUSTMENTS 0.00
PLUS:TRANSFERS IN 7,098.45 7,098.45
LESS:TRANSFERS OUT (7,098.45)(7,098.45)
ENDING BALANCE 417,423.83 1,663,129.00 2,080,552.83 14,971.80
*AII interest (LAIF)is paid quarterly.
%Change of
Change In Cash Balance
BALANCE ENDING Ending Cash from Previous
CASH BALANCES BY FUND FORWARD DEBIT CREDIT CASH Balance Month-End
RDA HOUSING SET-ASIDE 2,175,053.21 46,984.57 405,055.09 1,816,982.69 (358,070.52)-16%
DEBT SERVICE 29,873.91 492.41 330,125.00 (299,758.68)(329,632.59)0%
RDA -ABALONE COVE 6,197.36 0.00 0.00 6,197.36 0.00 0%
RDA -PORTUGUESE BEND 559,733.63 4,167.00 6,769.17 557,131.46 (2,602.17)0%
2,770,858.11 51,643.98 741,949.26 2,080,552.83 (690,305.28)-25%
Total Investment:2,080,552.83
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.
Dated
RDA E-2