RPVCCA_SR_2010_07_06_08_Monthly_Report_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCI~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY~
JULY 6,2010
MAY 201 0 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the May 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 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 May 2010.
ANALYSIS:
The overall cash balances of the City totaled $37,983,084 at May 31,2010.This
represents a $462,081 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 $2,970,000 during
the month.The increase was primarily the result of receipt of the May property tax revenue
of $2,291,610,as well as $396,977 for the second and final installment from the City's sale
of its FY09-10 property tax loan receivable from the state.
The emergency suspension of Proposition 1A was passed by the Legislature and signed
by the Governor on July 28,2009 as part of the FY09-1 0 budget package.On October 20,
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May 2010 Monthly Report of Cash Balances
July 6,2010
Page 2
2009,the City Council approved the agreements that enrolled the City into the Proposition
1A Securitization Program.The Program enabled the City to receive bond proceeds (cash)
for the entire balance of the 8%property tax loan that was borrowed by the state during
FY09-10 totaling about $771 ,000.The City received the first installment in January 2010.
Gas Tax Fund -The cash balance in this fund decreased by more than $194,000 during
the month.The decrease was primarily due to the fact that the May Highway User Tax was
not received until June,while normal operating expenditures were disbursed.
CIP Fund -The cash balance in this fund decreased by more than $611,000 during the
month.The decrease was primarily due to the disbursements of $1,002,605 to All
American Asphalt for the residential street overlay and slurry seal project on Hawthorne
Blvd.The City received a $437,302 grant payment from the State for the arterial street
resurfacing project.
Employee Benefits Fund -The cash balance in this fund decreased by more than
$1,732,000 during the month.An amount of $1 ,481,376 was disbursed to CalPERS to pay
the balance of the City's pension side-fund liability (as authorized by the City Council on May
4,2010).
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
MAY 2010
TREASURIES BOA TREASURIES
OPERATING BANKCARD PETTY CASH PAYROLL LAIF-CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
BEGINNING 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
PLUS:DEPOSITS 4,626,625.87 448,298.44 5,074,924.31
PLUS:INTEREST EARNINGS'0.00
LESS:CHECKS (3,735,778.54)(393,425.21 )(4,129,203.75)
ADJUSTMENTS (35,340.64)(35,340.64)
PLUS:TRANSFERS IN 0.00
LESS:TRANSFERS OUT (448,298.44)(448,298.44)
ENDING BALANCE 2,997,596.87 0.00 2,500.00 63,547.04 30,262,661.19 4,656,778.63 0.00 0.00 37,983,083.73
'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 14,612,272.40 4,227,426.33 1,257,402.24 17,582,296.49 2,970,024.09 20%
GAS TAX 53,004.91 5,738.60 199,980.59 (141,237.08)(194,241.99)100%
1972 ACT 229,583.44 27,868.23 6,706.67 250,745.00 21,161.56 9%
EL PRADO 12,529.25 136.18 71.00 12,594.43 65.18 1%
CDBG (11,890.01)23,178.00 57,275.86 (45,987.87) (34,097.86)100%
CDBG-R (46,242.00)12,465.00 0.00 (33,777.00)12,465.00 27%
1911 ACT 1,756,835.64 35,670.58 53,998.60 1,738,507.62 (18,328.02)1%
RECYCLING 1,497,143.15 4,390.80 1,500.71 1,500,033.24 2,890.09 0%
SOLID WASTE 228,446.63 41,462.80 11,835.76 258,073.67 29,627.04 13%
AIR QUALITY MANAGEMENT 26,381.67 0.00 0.00 26,381.67 0.00 0%
PROPOSITION C 2,947,092.60 42,354.77 0.00 2,989,447.37 42,354.77 1%
PROPOSITION A 32,322.16 51,061.44 846.02 82,537.58 50,215.42 100%
PUBLIC SAFETY GRANTS 102,452.74 24,773.36 0.00 127,226.10 24,773.36 24%
MEASURE R 210,256.54 0.00 0.00 210,256.54 0.00 0%
HABITAT RESTORATION 133,201.88 0.00 0.00 133,201.88 0.00 0%
SUBREGION 1 MAINTENANCE 734,042.53 0.00 1,167.60 732,874.93 (1,167.60)0%
MEASURE A MAINTENANCE 77,497.42 0.00 50,846.03 26,651.39 (50,846.03)66%
ABALONE COVE SEWER DIST 80,156.94 6,329.10 35,029.58 51,456.46 (28,700.48)36%
RPVTV (79,197.12)0.00 11,522.16 (90,719.28)(11,522.16)15%
GINSBURG CULTURE ART 196,423.68 0.00 0.00 196,423.68 0.00 0%
RECREATION IMPRV DONATION 403,291.51 0.00 0.00 403,291.51 0.00 0%
CIP 4,454,357.17 441,428.13 1,052,751.04 3,843,034.26 (611,322.91 )14%
QUIMBY 29,166.05 0.00 0.00 29,166.05 0.00 0%
AFFORDABLE HSNG IN LIEU 7,006.01 0.00 0.00 7,006.01 0.00 0%
EET 908,320.10 0.00 0.00 908,320.10 0.00 0%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 14,699.00 2,666.00 4,126.17 13,238.83 (1,460.17)10%
UNDERGROUND UTILITIES 274,786.50 0.00 0.00 274,786.50 0.00 0%
ROADWAY BEAUTIFICATION 101,930.65 0.00 0.00 101,930.65 0.00 0%
WQ FLOOD PROTECTION 2,920,406.63 138,459.38 90,202.76 2,968,663.25 48,256.62 2%
EQUIPMENT REPLACEMENT 2,887,871.82 5,808.33 18,896.97 2,874,783.18 (13,088.64)0%
EMPLOYEE BENEFITS 453,103.64 576,813.32 2,309,331.03 (1,279,414.07)(1,732,517.71)100%
BUILDING REPLACEMENT 1,138,198.26 0.00 2,887.50 1,135,310.76 (2,887.50)0%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 1,128,110.35 23,377.14 62,947.72 1,088,539.77 (39,570.58)4%
37,521,002.25 5,691,407.49 5,229,326.01 37,983,083.73 462,081.48 1%
Total Investment:37,983,083.73
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
MAY 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 $3,063,644 N/A $3,063,644 0.00%
State of
Local Agency Investment California N/A N/A On Demand 0.56%$30,262,661 NOTE (1)N/A $30,262,661 0.56%
Fund (LAIF)
Bank of
America 10/1/2009 270 days 6/1712010 0.20%$4,665,113 $4,656,779 0.20%
Tolallnvestment:$37,983,084
Total Investment Weighted Average Return 0.4%
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.
Dated
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