RPVCCA_SR_2010_11_04_07_Monthly_Report_of_Cash_BalancesMEMORANDUM RANCHO PALOS VERDES
TO:HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM:DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY \L.Dttr'DfAc-
DATE:NOVEMBER 4,2010
SUBJECT:SEPTEMBER 2010 MONTHLY REPORT OF CASH BALANCES
REVIEWED:CITY MANAGER ~/l:A ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the September 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 ofthe 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 September 2010.
ANALYSIS:
The overall cash balances of the City totaled $35,229,243 at September 30,2010.This
represents a $574,400 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 $289,000 during
the month.The decrease was mainly due to the State's insufficient funding.The August
Highway User Tax payments are scheduled to be released on October 28 and the
September payment will be released shortly after that.A portion of the July and August
apportionment was deferred due to the State's cash flow issues.The deferred Highway
User Tax will continue throughout this fiscal year.The deferred amount is scheduled to be
paid back in April 2011.The September revenue was offset by normal operating
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September 2010 Monthly Report of Cash Balances
November 4,2010
Page 2
expenditures while normal operating expenditures were disbursed.
Recycling Fund -The cash balance in this fund increased by more than $69,000 during
the month due to receipt of the third quarter recycling rebate of $70,000 from EDCO
Disposal.
Prop A Fund -The cash balance in this fund decreased by more than $233,000 during the
month due to the disbursement of the City's contribution of $259,781 to the Palos Verdes
Transit Authority for the six months ending December 2010 and $26,252 to City of
Torrance for the City's share on Max bus operating expense for the quarter ending
September 2010.
WQ Flood Protection Fund -The cash balance in this fund decreased by more than
$146,000 during the month mainly due to the disbursements of $119,795 to Harris &
Associates and $3,332 to CMB Consulting for the San Ramon Canyon storm drain project.
Building Replacement Fund -The cash balance in this fund decreased by more than
$88,000 during the month.The decrease was primarily the result of a disbursement of
$61,972 to Gamma Builders for the City facilities energy saving project,$18,596 to Unique
Performance Construction for the installation of the City's stand-by power generator
system,and $7,981 to BOA Architecture for the ADA evaluation and transition plan.
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CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
SEPTEMBER 2010
BEGINNING BALANCE
PLUS:DEPOSITS
PLUS:INTEREST EARNINGS'
LESS:CHECKS
ADJUSTMENTS
PLUS:TRANSFERS IN
LESS:TRANSFERS OUT
ENDING BALANCE
OPERATING
1,647,078.71
1,354,901.45
(1,728,374.40)
(200,927.11 )
2,000,000.00
3,072,678.65
BANKCARD
0.00
0.00
PETTY CASH
2,500.00
2,500.00
PAYROLL LAIF-CITY
183,269.71 29,304,616.75
401,484.53
(401,484.53)
(2,000,000.00)
183,269.71 27,304,616.75
TREASURIES
BOA
4,666,177.76
4,666,177.76
BOA TREASURIES
ON DEMAND TREAS DIRECT
0.00 0.00
0.00 0.00
TOTAL CASH
35,803,642.93
1,756,385.98
0.00
(2,129,858.93)
(200,927.11 )
2,000,000.00
(2,000,000.00)
35,229,242.87
YTDINT
RECEIVED
41,955.56
41,955.56
'All interest (LAIF &Savings)is paid quarterly.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 13,027,367.10 1,532,067.47 1,261,369.18 13,298,065.39 270,698.29 2%
GASTAX 726,810.14 4,733.29 294,568.64 436,974.79 (289,835.35)40%
1972 ACT 50,744.54 0.00 1,050.00 49,694.54 (1,050.00)2%
EL PRADO 12,963.05 0.00 55.00 12,908.05 (55.00)0%
CDBG (34,617.67)0.00 17,740.87 (52,358.54)(17,740.87)51%
CDBG-R 0.00 0.00 0.00 0.00 0.00 100%
1911 ACT 1,626,025.18 57,153.42 57,103.43 1,626,075.17 49.99 0%
RECYCLING 856,869.06 70,000.00 773.05 926,096.01 69,226.95 8%
SOLID WASTE 219,549.52 38,946.46 11,684.13 246,811.85 27,262.33 12%
AIR QUALITY MANAGEMENT 51,409.10 0.00 25,000.00 26,409.10 (25,000.00)49%
PROPOSITION C 1,847,743.14 43,582.43 0.00 1,891,325.57 43,582.43 2%
PROPOSITION A 188,413.05 52,535.31 286,032.93 (45,084.57)(233,497.62)100%
PUBLIC SAFETY GRANTS 34,919.43 0.00 0.00 34,919.43 0.00 0%
MEASURE R 325,851.06 33,399.35 0.00 359,250.41 33,399.35 10%
HABITAT RESTORATION 231,725.15 2,984.00 0.00 234,709.15 2,984.00 1%
SUBREGION 1 MAINTENANCE 768,718.42 88.82 11,667.84 757,139.40 (11,579.02)2%
MEASURE A MAINTENANCE (11,738.45)0.00 11,796.45 (23,534.90)(11,796.45)100%
ABALONE COVE SEWER DIST 55,284.78 0.00 2,632.74 52,652.04 (2,632.74)5%
RPVTV (4,895.76)0.00 5,811.49 (10,707.25)(5,811.49)100%
GINSBURG CULTURE ART 202,152.90 0.00 0.00 202,152.90 0.00 0%
RECREATION IMPRV DONATION 403,834.31 0.00 0.00 403,834.31 0.00 0%
CIP 6,790,387.93 11,231.04 0.00 6,801,618.97 11,231.04 0%
QUIMBY 29,204.93 0.00 0.00 29,204.93 0.00 0%
AFFORDABLE HSNG IN LIEU 7,016.14 0.00 1,032.00 5,984.14 (1,032.00)15%
EET 693,462.77 0.00 13,191.05 680,271.72 (13,191.05)2%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS (0.04)0.00 2,681.04 (2,681.08)(2,681.04)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 2,890,218.82 0.00 146,868.13 2,743,350.69 (146,868.13)5%
EQUIPMENT REPLACEMENT 2,789,144.39 0.00 21,548.88 2,767,595.51 (21,548.88)1%
EMPLOYEE BENEFITS (410,491.03)422,976.00 526,521.07 (514,036.10)(103,545.07)25%
BUILDING REPLACEMENT 1,038,189.73 0.00 88,548.91 949,640.82 (88,548.91 )9%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 1,012,716.91 18,419.29 74,840.11 956,296.09 (56,420.82)6%
35,803,642.93 2,288,116.88 2,862,516.94 35,229,242.87 (574,400.06)2%
Total Investment:35,229,242.87
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CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
SEPTEMBER 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 $3,258,448 N/A $3,258,448 0.00%
State of
Local Agency Investment California N/A N/A On Demand 0.50%$27,304,617 NOTE (1)N/A $27,304,617 0.50%
Fund (LAIF)
Bank of
America 6/17/2010 270 days 3/31/2011 0.20%$4,667,456 $4,666,178 0.20%
Total Investment:$35,229,243
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.
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