RPVCCA_SR_2010_10_05_05_Monthly_Report_of_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCI~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY ~
OCTOBER 5,2010
AUGUST 2010 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the August 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 August 2010.
ANALYSIS:
The overall cash balances of the City totaled $35,803,643 at August 31,2010.This
represents a $901,391 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.
General Fund -The cash balance in this fund decreased by more than $3,722,000 during
the month.The decrease was primarily the result of interfund transfers due to the year-end
closing adjustments and a bunching of payments at year-end.
Gas Tax Fund -The cash balance in this fund increased by more than $774,000 during
the month.The increase was primarily the result of interfund transfers due to the year-end
closing adjustments while normal operating expenditures were disbursed.
5-1
August 2010 Monthly Report of Cash Balances
October 5,2010
Page 2
1972 Act Fund -The cash balance in this fund decreased by more than $198,000 during
the month.The decrease was primarily the result of year-end transfers to fund the street
landscape maintenance in accordance with the FY09-10 budget.
Recycling Fund -The cash balance in this fund decreased by more than $685,000 during
the month due to the year-end transfer of $480,754 to fund the arterial medians project.
Prop C Fund -The cash balance in this fund decreased by more than $1,217,000 during
the month due to the year-end transfer of $780,800 to fund the pavement management
study and the arterial slurry project.-
Public Safety Grants Fund -The cash balance in this fund decreased by more than
$100,000 during the month due to the year-end transfer of $100,000 Core Deputy to
General Fund in accordance with the FY09-10 budget.
Habitat Restoration Fund -The cash balance in this fund increased by more than
$125,000 during the month.The increase was the result of year-end transfers from
General Fund for the NCCP preserve maintenance and habitat maintenance in the
Subregion One open space area in accordance with the FY09-10 budget.
RPVTV Fund -The cash balance in this fund increased by more than $99,000 during the
month.The increase was the result of year-end transfers from General Fund to provide the
educational program for the RPV residents in accordance with the FY09-10 budget.
CIP Fund -The cash balance in this fund increased by more than $2,841,000 during the
month.The increase was primarily the result of year-end transfers for a variety of projects,
such as arterial pavement,reimbursement for PVIC &Forrestal Trail improvements and
median projects.
EET Fund -The cash balance in this fund decreased by more than $192,000 during the
month due to the year-end transfer of $186,300 to fund the Lower Hesse Playground
facility.
Employee Benefits Fund -The cash balance in this fund increased by more than
$1,484,000 during the month.The increase was the result of year-end transfers of
$1,481,376 from General Fund to fund employees'fringe benefits in accordance with the
FY09-10 budget.
5-2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
AUGUST 2010
TREASURIES BOA TREASURIES
OPERATING BANKCARD PETTY CASH I?AYROLL LAIF-CITY BOA ON DEMAND TREAS DIRECT TOTAL CASH
BEGINNING BALANCE 2,549,719.59 0.00 2,500.00 182,019.71 29,304,616.75 4,666,177.76 0.00 0.00 36,705,033.81
PLUS:DEPOSITS 1,468,702.45 391,276.95 1,859,979.40
PLUS:INTEREST EARNINGS*0.00
LESS:CHECKS (1,756,123.32)(390,026.95)(2,146,150.27)
ADJUSTMENTS (223,943.06)(223,943.06)
PLUS:TRANSFERS IN 0.00
LESS:TRANSFERS OUT (391,276.95)(391,276.95)
ENDING BALANCE 1,647,078.71 0.00 2,500.00 183,269.71 29,304,616.75 4,666,177.76 0.00 0.00 35,803,642.93
*AII interest (LAIF &Savings)is paid quarterly.41,955.56
YTDINT
RECEIVED
41,955.56
41,955.56
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month-End
GENERAL FUND 16,749,644.25 2,137,831.27 5,860,108.42 13,027,367.10 (3,722,277.15)22%
GASTAX (47,738.28)1,022,499.23 247,950.81 726,810.14 774,548.42 100%
1972 ACT 249,035.52 1,709.02 200,000.00 50,744.54 (198,290.98)80%
ELPRADO 12,682.85 280.20 0.00 12,963.05 280.20 2%
CDBG (14,881.02)11,483.00 31,219.65 (34,617.67) (19,736.65)100%
CDBG-R (2,569.00)5,138.00 2,569.00 0.00 2,569.00 100%
1911 ACT 1,695,512.25 60,490.04 129,977.11 1,626,025.18 (69,487.07)4%
RECYCLING 1,542,836.32 5,559.80 691,527.06 856,869.06 (685,967.26)44%
SOLID WASTE 258,804.80 14,157.79 53,413.07 219,549.52 (39,255.28)15%
AIR QUALITY MANAGEMENT 38,394.66 13,014.44 Q.OO 51,409.10 13,014.44 34%
PROPOSITION C 3,064,812.86 40,810.28 1,257,880.00 1,847,743.14 (1,217,069.72)40%
PROPOSITION A 142,014.11 49,198.94 2,800.00 188,413.05 46,398.94 33%
PUBLIC SAFETY GRANTS 134,919.43 0.00 100,000.00 34,919.43 (100,000.00)74%
MEASURE R 296,017.55 29,833.51 0.00 325,851.06 29,833.51 10%
HABITAT RESTORATION 106,191.15 169,000.00 43,466.00 231,725.15 125,534.00 100%
SUBREGION 1 MAINTENANCE 718,960.60 55,000.00 5,242.18 768,718.42 49,757.82 7%
MEASURE A MAINTENANCE 26,721.55 0.00 38,460.00 (11,738.45)(38,460.00)100%
ABALONE COVE SEWER DIST 45,954.80 14,779.05 5,449.07 55,284.78 9,329.98 20%
RPVTV (104,204.76)105,000.00 5,691.00 (4,895.76)99,309.00 95%
GINSBURG CULTURE ART 196,713.90 5,439.00 0.00 202,152.90 5,439.00 3%
RECREATION IMPRV DONATION 403,834.31 0.00 0.00 403,834.31 0.00 0%
CIP 3,949,043.51 2,882,522.13 41,177.71 6,790,387.93 2,841,344.42 72%
QUIMBY 29,204.93 0.00 0.00 29,204.93 0.00 0%
AFFORDABLE HSNG IN LIEU 7,016.14 0.00 0.00 7,016.14 0.00 0%
EET 885,539.77 3,398.00 195,475.00 693,462.77 (192,077.00)22%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS 18,588.09 0.00 18,588.13 (0.04)(18,588.13)100%
UNDERGROUND UTILITIES 275,157.11 0.00 0.00 275,157.11 0.00 0%
ROADWAY BEAUTIFICATION 102,067.11 0.00 0.00 102,067.11 0.00 0%
WQ FLOOD PROTECTION 2,908,045.46 7,040.40 24,867.04 2,890,218.82 (17,826.64)1%
EQUIPMENT REPLACEMENT 2,797,188.17 31.54 8,075.32 2,789,144.39 (8,043.78)0%
EMPLOYEE BENEFITS (1,894,554.84)1,976,625.82 492,562.01 (410,491.03)1,484,063.81 78%
BUILDING REPLACEMENT 1,065,360.08 0.00 27,170.35 1,038,189.73 (27,170.35)3%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 1,041,280.32 49,473.87 78,037.28 1,012,716.91 (28,563.41 )3%
36,705,033.81 8,660,315.33 9,561,706.21 35,803,642.93 (901,390.88)2%
Total Investment:35,803,642.93
5-3
$4,666,178 0.20%
$1,832,848 0.00%
$29,304,617 0.51%
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
AUGUST 2010
Acquisition Maturity Slated Market
Date Term Date Interest Rate Value
N/A N/A On Demand N/A $1,832,848
N/A N/A On Demand 0.51%$29,304,617 NOTE (1)
6/17/2010 270 days 3/31/2011 0.20%$4,577,209
Total Investment:
Total Investment Weighted Average Return
Par
Value
N/A
N/A
Book
Value
$35,803,643
0.4%
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.
,5"'&9;£-/O
Treasurer .....;:--:;,;a,;,iI::--------------...=':':D~a~te~d---
5-4