RPVCCA_SR_2010_12_07_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~
DECEMBER 7,2010
OCTOBER 2010 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the October 201 0 Monthly Report of Cash Balances forthe 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 Cityforthe month
of October 2010.
ANALYSIS:
The overall cash balances of the City totaled $34,343,356 at October 31,2010.This
represents an $885,886 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 General Fund cash balance decreased by more than $578,000.
October is a month during which no property tax revenue is received,while disbursements
for normal operations are paid.
Prop A Fund -The cash balance in this fund increased by more than $104,000 during the
month due to receipt of October Proposition A apportionment and receipt of $65,000 from
City of Rolling Hills.During the City Council meeting on September 21,2010,the council
5-1
MEMORANDUM RANCHO PALOS VERDES
TO:
FROM:
DATE:
SUBJECT:
REVIEWED:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCI~
DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY~
DECEMBER 7,2010
OCTOBER 2010 MONTHLY REPORT OF CASH BALANCES
CITY MANAGER ~
Staff Coordinator:Jane Lin,Accountant
RECOMMENDATION:
Receive and file the October 201 0 Monthly Report of Cash Balances forthe 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 Cityforthe month
of October 2010.
ANALYSIS:
The overall cash balances of the City totaled $34,343,356 at October 31,2010.This
represents an $885,886 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 General Fund cash balance decreased by more than $578,000.
October is a month during which no property tax revenue is received,while disbursements
for normal operations are paid.
Prop A Fund -The cash balance in this fund increased by more than $104,000 during the
month due to receipt of October Proposition A apportionment and receipt of $65,000 from
City of Rolling Hills.During the City Council meeting on September 21,2010,the council
October 2010 Monthly Report of Cash Balances
December 7,2010
Page 2
members approved the purchase the City of Rolling Hills'Proposition A funds at the cost of
$48,750 (exchange rate of $0.75 per dollar).
CIP Fund -The cash balance in this fund decreased by more than $230,000 during the
month.The decrease was primarily due to the disbursements of $235,443 to Sully-Miller
Contracting Company for the residential street overlay and slurry seal project.
5-2
October 2010 Monthly Report of Cash Balances
December 7,2010
Page 2
members approved the purchase the City of Rolling Hills'Proposition A funds at the cost of
$48,750 (exchange rate of $0.75 per dollar).
CIP Fund -The cash balance in this fund decreased by more than $230,000 during the
month.The decrease was primarily due to the disbursements of $235,443 to Sully-Miller
Contracting Company for the residential street overlay and slurry seal project.
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
OCTOBER 2010
TREASURIES BOA TREASURIES
OPERATING BANKCARD PETTY CASH PAYROLL LAIF-CITV BOA ON DEMAND TREAS DIRECT TOTAL CASH
BEGINNING BALANCE 3,072,678.65 0.00 2,500.00 183,269.71 27,304,616.75 4,666,177.76 0.00 0.00 35,229,242.87
PLUS:DEPOSITS 1,131,004.99 671,751.68 1,802,756.67
PLUS:INTEREST EARNINGS"37,229.04 37,229.04
LESS:CHECKS (1,380,471.06)(671,583.22)(2,052,054.28)
ADJUSTMENTS (216,307.01 )(216,307.01 )
PLUS:TRANSFERS IN 0.00
LESS:TRANSFERS OUT (457,510.37)(457,510.37)
ENDING BALANCE 2,149,395.20 0.00 2,500.00 183,438.17 27,341,845.79 4,666,177.76 0.00 0.00 34,343,356.92
"All interest (LAIF &Savings)is paid quarterly.37,229.04
YTDINT
RECEIVED
79,184.60
79,184.60
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month-End
GENERAL FUND 13,298,065.39 822,517.66 1,400,889.28 12,719,693.77 (578,371.62)4%
GASTAX 436,974.79 66,364.54 102,335.66 401,003.67 (35,971.12)8%
1972 ACT 49,694.54 147.00 1,050.00 48,791.54 (903.00)2%
EL PRADO 12,908.05 12.00 0.00 12,920.05 12.00 0%
CDBG (52,358.54)37,495.00 4,541.25 (19,404.79)32,953.75 63%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,626,075.17 1,652.00 28,557.40 1,599,169.77 (26,905.40)2%
RECYCLING 926,096.01 1,194.00 1,341.66 925,948.35 (147.66)0%
SOLID WASTE 246,811.85 11,746.10 17,695.34 240,862.61 (5,949.24)2%
AIR QUALITY MANAGEMENT 26,409.10 41.00 0.00 26,450.10 41.00 0%
PROPOSITION C 1,891,325.57 54,360.68 0.00 1,945,686.25 54,360.68 3%
PROPOSITION A (45,084.57)104,392.34 0.00 59,307.77 104,392.34 100%
PUBLIC SAFETY GRANTS 34,919.43 83.00 0.00 35,002.43 83.00 0%
MEASURE R 359,250.41 28,209.26 0.00 387,459.67 28,209.26 8%
HABITAT RESTORATION 234,709.15 169.00 27,610.00 207,268.15 (27,441.00)12%
SUBREGION 1 MAINTENANCE 757,139.40 739.00 4,379.37 753,499.03 (3,640.37)0%
MEASURE A MAINTENANCE (23,534.90)38,471.00 0.00 14,936.10 38,471.00 100%
ABALONE COVE SEWER DIST 52,652.04 50.00 4,147.39 48,554.65 (4,097.39)8%
RPVTV (10,707.25)0.00 7,266.75 (17,974.00)(7,266.75)68%
GINSBURG CULTURE ART 202,152.90 198.00 0.00 202,350.90 198.00 0%
RECREATION IMPRV DONATION 403,834.31 401.00 0.00 404,235.31 401.00 0%
CIP 6,801,618.97 5,422.00 235,566.44 6,571,474.53 (230,144.44)3%
QUIMBY 29,204.93 30.00 0.00 29,234.93 30.00 0%
AFFORDABLE HSNG IN LIEU 5,984.14 6.00 0.00 5,990.14 6.00 0%
EET 680,271.72 786.00 20,442.00 660,615.72 (19,656.00)3%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS (2,681.08)9.00 0.00 (2,672.08)9.00 0%
UNDERGROUND UTILITIES 275,157.11 274.00 0.00 275,431.11 274.00 0%
ROADWAY BEAUTIFICATION 102,067.11 101.00 0.00 102,168.11 101.00 0%
WQ FLOOD PROTECTION 2,743,350.69 2,857.00 69,527.21 2,676,680.48 (66,670.21 )2%
EQUIPMENT REPLACEMENT 2,767,595.51 2,781.00 22,397.24 2,747,979.27 (19,616.24)1%
EMPLOYEE BENEFITS (514,036.10)647,658.76 738,329.21 (604,706.55)(90,670.45)18%
BUILDING REPLACEMENT 949,640.82 1,040.00 19,257.43 931,423.39 (18,217.43)2%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 956,296.09 20,745.32 30,504.98 946,536.43 (9,759.66)1%
35,229,242.87 1,849,952.66 2,735,838.61 34,343,356.92 (885,885.95)3%
Total Investment:34,343,356.92
5-3
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
OCTOBER 2010
TREASURIES BOA TREASURIES
OPERATING BANKCARD PETTY CASH PAYROLL LAIF-CITV BOA ON DEMAND TREAS DIRECT TOTAL CASH
BEGINNING BALANCE 3,072,678.65 0.00 2,500.00 183,269.71 27,304,616.75 4,666,177.76 0.00 0.00 35,229,242.87
PLUS:DEPOSITS 1,131,004.99 671,751.68 1,802,756.67
PLUS:INTEREST EARNINGS"37,229.04 37,229.04
LESS:CHECKS (1,380,471.06)(671,583.22)(2,052,054.28)
ADJUSTMENTS (216,307.01 )(216,307.01 )
PLUS:TRANSFERS IN 0.00
LESS:TRANSFERS OUT (457,510.37)(457,510.37)
ENDING BALANCE 2,149,395.20 0.00 2,500.00 183,438.17 27,341,845.79 4,666,177.76 0.00 0.00 34,343,356.92
"All interest (LAIF &Savings)is paid quarterly.37,229.04
YTDINT
RECEIVED
79,184.60
79,184.60
CASH BALANCES BY FUND
BALANCE
FORWARD DEBIT CREDIT CASH
Change In
Ending Cash
Balance
%Change of
Cash Balance
from Previous
Month-End
GENERAL FUND 13,298,065.39 822,517.66 1,400,889.28 12,719,693.77 (578,371.62)4%
GASTAX 436,974.79 66,364.54 102,335.66 401,003.67 (35,971.12)8%
1972 ACT 49,694.54 147.00 1,050.00 48,791.54 (903.00)2%
EL PRADO 12,908.05 12.00 0.00 12,920.05 12.00 0%
CDBG (52,358.54)37,495.00 4,541.25 (19,404.79)32,953.75 63%
CDBG-R 0.00 0.00 0.00 0.00 0.00 0%
1911 ACT 1,626,075.17 1,652.00 28,557.40 1,599,169.77 (26,905.40)2%
RECYCLING 926,096.01 1,194.00 1,341.66 925,948.35 (147.66)0%
SOLID WASTE 246,811.85 11,746.10 17,695.34 240,862.61 (5,949.24)2%
AIR QUALITY MANAGEMENT 26,409.10 41.00 0.00 26,450.10 41.00 0%
PROPOSITION C 1,891,325.57 54,360.68 0.00 1,945,686.25 54,360.68 3%
PROPOSITION A (45,084.57)104,392.34 0.00 59,307.77 104,392.34 100%
PUBLIC SAFETY GRANTS 34,919.43 83.00 0.00 35,002.43 83.00 0%
MEASURE R 359,250.41 28,209.26 0.00 387,459.67 28,209.26 8%
HABITAT RESTORATION 234,709.15 169.00 27,610.00 207,268.15 (27,441.00)12%
SUBREGION 1 MAINTENANCE 757,139.40 739.00 4,379.37 753,499.03 (3,640.37)0%
MEASURE A MAINTENANCE (23,534.90)38,471.00 0.00 14,936.10 38,471.00 100%
ABALONE COVE SEWER DIST 52,652.04 50.00 4,147.39 48,554.65 (4,097.39)8%
RPVTV (10,707.25)0.00 7,266.75 (17,974.00)(7,266.75)68%
GINSBURG CULTURE ART 202,152.90 198.00 0.00 202,350.90 198.00 0%
RECREATION IMPRV DONATION 403,834.31 401.00 0.00 404,235.31 401.00 0%
CIP 6,801,618.97 5,422.00 235,566.44 6,571,474.53 (230,144.44)3%
QUIMBY 29,204.93 30.00 0.00 29,234.93 30.00 0%
AFFORDABLE HSNG IN LIEU 5,984.14 6.00 0.00 5,990.14 6.00 0%
EET 680,271.72 786.00 20,442.00 660,615.72 (19,656.00)3%
MEASURE A 7,440.11 0.00 0.00 7,440.11 0.00 0%
BIKEWAYS (2,681.08)9.00 0.00 (2,672.08)9.00 0%
UNDERGROUND UTILITIES 275,157.11 274.00 0.00 275,431.11 274.00 0%
ROADWAY BEAUTIFICATION 102,067.11 101.00 0.00 102,168.11 101.00 0%
WQ FLOOD PROTECTION 2,743,350.69 2,857.00 69,527.21 2,676,680.48 (66,670.21 )2%
EQUIPMENT REPLACEMENT 2,767,595.51 2,781.00 22,397.24 2,747,979.27 (19,616.24)1%
EMPLOYEE BENEFITS (514,036.10)647,658.76 738,329.21 (604,706.55)(90,670.45)18%
BUILDING REPLACEMENT 949,640.82 1,040.00 19,257.43 931,423.39 (18,217.43)2%
IMPROVEMENT DISTRICT 9 0.00 0.00 0.00 0.00 0.00 0%
SPECIAL TRUSTS 956,296.09 20,745.32 30,504.98 946,536.43 (9,759.66)1%
35,229,242.87 1,849,952.66 2,735,838.61 34,343,356.92 (885,885.95)3%
Total Investment:34,343,356.92
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
OCTOBER 2010
Issuer of Acquisition Maturity Slatad 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 $2,335,333 N/A $2,335,333 0.00%
State of
Local Agency Investment California N/A N/A On Demand 0.48%$27,341,846 NOTE (1)N/A $27,341,846 0.48%
Fund (LAIF)
Bank of
America 6/17/2010 270 days 3/31/2011 0.20%$4,667,966 $4,666,178 0.20%
Total Investment:$34,343,357
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
5-4
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
OCTOBER 2010
Issuer of Acquisition Maturity Slatad 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 $2,335,333 N/A $2,335,333 0.00%
State of
Local Agency Investment California N/A N/A On Demand 0.48%$27,341,846 NOTE (1)N/A $27,341,846 0.48%
Fund (LAIF)
Bank of
America 6/17/2010 270 days 3/31/2011 0.20%$4,667,966 $4,666,178 0.20%
Total Investment:$34,343,357
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