The URL can be used to link to this page

CC SR 20180605 J - April 2018 Treasurer Report - CityRANCHO PALOS VERDES CITY COUNCIL MEETING DATE: 06/05/2018 AGENDA REPORT AGENDA HEADING: Consent Calendar AGENDA DESCRIPTION: Consideration and possible action regarding the April 2018 Cash Balances/Monthly Treasurer’s Report RECOMMENDED COUNCIL ACTION: (1) Receive and file the April 2018 Cash Balances/Monthly Treasurer’s Report. FISCAL IMPACT: None Amount Budgeted: N/A Additional Appropriation: N/A Account Number(s): N/A ORIGINATED BY: Jane Lin, Accountant REVIEWED BY: Deborah Cullen, Director of Finance APPROVED BY: Doug Willmore, City Manager ATTACHED SUPPORTING DOCUMENTS: A. Monthly Treasurer’s Report (page A-1) BACKGROUND AND DISCUSSION: This report summarizes the cash balance of all funds and investments for the month of April 2018. A separate report is prepared monthly for the Improvement Authority, and is presented under separate cover before the Authority Commission. The overall cash balances of the City totaled $63,126,901, with more than $27.3 million or 43% of the balance in the Local Agency Investment Fund (LAIF). The City has more than $6.9 million or 11% of the total cash balance with Bank of the West, and over $4 million or 7% with Malaga Bank. In addition, the City has a total Certificates of Deposit (CD) investments of over $24.7 million or 39% of the total cash balance. The securities are held by the Bank of New York and are FDIC insured. In summary, the City’s General Fund has over $18 million or 30% in cash balance, and the Capital Improvement Projects (CIP) Fund has over $23 million or 37% in cash balance. The remaining cash balances are in the Equipment Replacement Fund with over $2.4 million or 4%, over $2 million or 3% in the 1911 Act Fund, over $1.1 million or 2% in the Habitat Restoration Fund, over $1.4 million or 2% in the Quimby Fund, over 1 $1.5 million or 3% in the Water Quality Fund, and over $11.8 million or 19% in Other Restricted Funds. The City’s cash balance increased by $1.6 million from last month, and in comparison to the same period last year, the cash balance decreased by $0.7 million. The major variance is due to the timing of revenues received and disbursements issued from the Capital Improvement Fund and Proposition A Fund. The major disbursements included Colich & Sons, LP for the Storm Drain Deficiency Improvement Project and Palos Verdes Peninsula Transit Authority for the six month allocation ending June 2018. All other operating expenditures were disbursed in accordance with the City’s FY17-18 budget. 2 BEGINNING BALANCE PLUS: DEPOSITS PLUS: INTEREST EARNINGS(1) LESS: CHECK DISBURSEMENTS LESS: ELECTRONIC DISBURSEMENTS(2 ) ADJUSTMENTS (3) PLUS: TRANSFERS IN LESS: TRANSFERS OUT ENDING BALANCE (1) All LAIF interest is paid quarterly . (2) Electronic Disbursements: Payroll Payroll Charges Sales Taxes HSAPremium Postage Bank and Merchant Fees Bank of the West OPERATING 5,393,812.01 4,106,660.59 (1,842,166.40) (703,616.16) (12,485.98) 6,942,204.06 366,991.48 224,532.04 3,616.00 101,750.00 2,500.00 4,226.64 703,616.1 6 (3) The net adjustment was due to void checks and deposit adjustment. CITY OF RANCHO PALOS VERDES MONTHLY TREASURER'S REPORT APRIL 2018 Malaga Bank OPERATING 0.00 0 .00 PETTY CASH 3,000.00 3,000.00 LAIF-CITY 27,226,499.10 92,033.82 27,318,532.92 Mol.tgo Bank CD 4,088,141.79 INVESTMENT CD 24,775,021 .78 TOTAL CASH 61 ,486 ,474.66 4,106,660.59 92,033.82 (1,842,166.40) (703,616.16) (12,485.98) 0.00 0.00 4,088,141.79 24,775 ,021 .78 63,126,900.55 YTD INT RECEIVED 274,662.81 274,662.81 APRIL 2018 CASH BALANCE BY MAJOR FUNDS • GENERAL FUND • CIP • EQU IPMENT REPLACEMENT •1911 ACT HABITAT RESTORATION • QUIMBY • WATER QUALITY FLOOD PROTECTION • OTHER RESTR ICTED FUNDS A-1 CASH BALANCES BY FUND Unrestricted GENERAL FUND Restricted by Council Action BEAUTIFICATION FUND CIP EQUIPMENT REPLACEMENT BUILDING REPLACEMENT EMPLOYEE BENEFITS Subtotal Restricted by Law or External Agencies STREET MAINTENANCE 1972 ACT ELPRADO CDBG CDBG-R 1911 ACT SOLID WASTE AIR QUALITY MANAGEMENT PROPOSITION C PROPOSITION A PUBLIC SAFETY GRANTS MEASURER MEASURE M HABITAT RESTORATION SUBREGION 1 MAINTENANCE MEASURE A MAINTENANCE ABALONE COVE SEWER DISTRICT RPVTV GINSBURG CULTURE ARTS BUILDING DONOR RESTRICTED CONTRIBUTION FEDERAL GRANTS QUIMBY LOW-MODERATE INCOME HOUSING AFFORDABLE HSNG IN LIEU EET MEASURE A CAPITAL BIKEWAYS UNDERGROUND UTILITIES ROADWAY BEAUTIFICATION WATER QUALITY FLOOD PROTECTIO REDEVELOPME NT OBLIGATION RETIF IMPROVEMENT DISTRICT 9 SPECIAL TRUSTS Subtotal GRAND TOTAL BALANCE FORWARD 16,982,817.21 465,935 .85 23,849,325 .13 2 ,550,464 .99 0 .00 (776.90) 26,864,949.07 (1 0 ,671 .89) 27,095.96 28,878.11 (37,925.01) 0 .00 2 ,040,856.11 446,725.13 86,194.78 705,998.65 2 ,279,232.28 106,523.51 2 ,348,734.06 228,259.59 1 '104,936.67 787 ,681 .23 90,163.74 288,875.08 0 .00 86,602.86 895,596.29 1,053,073.00 1 ,483,116.79 151,072.31 595,380.01 389,660.62 0 .00 (32 ,779.63) 0 .00 0 .00 1,400,805.05 411 ,017.22 0 .00 683,605.88 17,638,708.40 61,486,474.68 CITY OF RANCHO PALOS VERDES MONTHLY TREASURER'S REPORT APRIL 2018 DEBIT CREDIT CASH 5,621 ,498.92 3,797,028.76 18,807,287.37 748.47 9 ,673.75 457,010.57 58,377.96 254,999.24 23 ,652,703.85 4 ,020.53 62,268.16 2 ,492,217.36 0 .00 0 .00 0 .00 0 .00 0.00 (776 .90 63,146.96 326,941 .15 26,601,154.88 32,537.89 114,856.20 (92,990.20 43.74 254.39 26,885.31 622.41 54.97 29,445.55 107,871 .00 110,312.50 (40,366 .51 0 .00 0 .00 0 .00 151 ,508.57 29,497.82 2 ,162,866.86 18,952.74 13,762.51 451 ,915.36 124.66 24,997.54 61 ,321 .90 43,087 .34 14,921 .70 734,164.29 54,093.64 310,619.46 2 ,022, 706 .46 203.24 0.00 106,726.75 35,102.45 0 .00 2 ,383 ,836.51 35,099.63 2 ,820.13 260,539.09 1,772.78 0 .00 1 '1 06,709.45 1,256.84 3,881 .11 785,056.96 168.73 0 .00 90 ,332.47 3,959.46 1,371 .56 291 ,462.98 0 .00 0 .00 0 .00 138.95 0.00 86,741 .81 1,442.78 0 .00 897,039.07 1,295.5 1 20,112.2 0 1,034,256.31 2 ,508.87 8,018.2 2 1,477,607.44 242.39 0 .00 151 ,314 .70 955.24 0 .00 596,335 .25 610.57 0 .00 390,27 1.19 0 .00 0 .00 0 .00 0 .00 0 .00 (32,779 63 0 .00 0 .00 0 .00 0 .00 0 .00 0.00 186,668.5 5 800.00 1,586,673.60 692 .80 757 .14 410,952 .88 0 . .00 0.00 0 .00 102,241 .84 46,415.27 739,432.45 783,202.62 703,452.72 17,718,458.30 6,487,848.50 4 ,827,422.63 63,126,900.55 Total Investment: 63,1 26,900.55 Change In Ending Cash Balance 1,824,470.16 (8,925.28 (196,62128 (58,247 .63 0 .00 0 .00 (263, 794.19) (82,318.31) (210 .65) 567.44 (2,441 .50) 0 .00 122,010.75 5 ,190.23 (24,872.88) 28,165.64 (256,525.82) 203.24 35,102.45 32,279.50 1,772.78 (2,624.27) 168.73 2 ,587 .90 0 .00 138.95 1,442.78 (18,816.69) (5,509.35) 242.39 955.24 610.57 0 .00 0 .00 0 .00 0 .00 185,868.55 (64.34 0 .00 55,826.57 79,749.90 1,640,425.87 Change In Ending Cash Balance in % 11% -2% -1 % -2% 0 % 0 % -1% 771 % -1 % 2 % 6 % 0% 6 % 1% -29% 4% -11 % 0% 1% 14% 0% 0% 0 % 1% 0 % 0 % 0% -2% 0 % 0 % 0 % 0% 0 % 0 % 0 % 0 % 13% 0% 0% 8% 0 % 3 % A-2 Investment Checking Accounts Checking Accounts Issuer of Investment Bank of the West Malaga Bank Petty Cash N/A Local Agency Investment Fund (LAI F-CITY) State of California CD CD CD -Bank of New York (V1 n1ng Sparks) Malaga Bank Malaga Bank Cit1zens Sate Bank F~rst Bank Puerto Rtco MB Financial Bank Un1ted Bankers Bank Comen1ty Capital Bank Medallion Bank Utah TCF Nat1onal Bank Israel Discount Bank of NY Goldman Sachs Bank USA Capital One Bank USA Wells Fargo Bank Safra National Bank Investors Bank/Short H1lls Ally Bank Marlin Business Bank Key Bank BMW Bank North America Pacific Continental Bank Tnad Bank Pacific Premier Bank Commun1ty Bank Chesapeake Franklin Synergy Bank Firstrust Saving Bank Farm Bureau Bank Capstone Bank Capital Bank Little Rock Discover Bank Celtic Bank Abacus Federal Savings Bank Tab Bank Inc Luana Savings Bank Wex Bank Communiy Fin I SVCS Bank First Western Bank S1gnature Bank of Arkansas Queensborough National Bank Carroll County State Bank Iowa CITY OF RANCHO PALOS VERDES MONTHLY TREASURER'S REPORT APRIL 2018 Acquisition Date N/A N/A N/A N/A 2/23/2018 2/23/2018 4/29/2016 4/29/2016 4/29/2016 5/2/2016 5/2/2016 5/3/2016 5/4/2016 5/4/2016 5/4/2016 5/4/2016 5/4/2016 5/4/2016 5/5/2016 5/5/2016 5/6/2016 5/11/2016 5/27/2016 5131/2016 6/2/2016 6/3/2016 6/8/2016 6/10/2016 6/10/2016 6/15/2016 6/15/2016 6/22/2016 6/8/2016 6/15/2016 6/20/2016 7/1/2016 7/8/2016 7/8/2016 7/12/2016 7/15/2016 7/15/2016 8/10/2016 8/12/2016 Term N/A N/A N/A N/A 24 Mos 24 Mos 18 Mos 18 Mos 30 Mos 30 Mos 36 Mos 30 Mos 18 Mos 24 Mos 36 Mos 36 Mos 36 Mos 18 Mos 24 Mos 30 Mos 24 Mos 24 Mos 36 Mos 36Mos 46 Mos 18 Mos 18 Mos 18 Mos 24 Mos 24 Mos 36 Mos 39 Mos 36 Mos 36 Mos 39 Mos 15 Mos 48 Mos 24 Mos 36 Mos 36 Mos 48 Mos 24 Mos 36 Mos Maturity Date On Demand On Demand On Demand On Demand 2/23/2020 212312020 10/30/2017 10/30/2017 10/29/2018 10/29/2018 5/2/2019 11/5/2018 11/6/2017 5/4/2018 5/6/2019 5/6/2019 5/6/2019 11/6/2017 5/4/2018 11/5/2018 5/7/2018 5/11/2018 5/28/2019 5/31/2019 4/2/2020 12/5/2017 12/8/2017 12/11/2017 6/11/2018 6/15/2018 6/14/2019 9/23/2019 6/10/2019 6/14/2019 9/17/2019 10/2/2017 7/8/2020 7/8/2018 7/1212019 7/15/2019 7/15/2020 8/10/2018 8/12/2019 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Market Value 6 942.204 3.000 27 .318 .533 250 .000 3 .838.142 250.000 250.000 250.000 250.000 250.000 250.000 250 ,000 250 .000 250.000 250.000 250.000 250,000 250,000 250,000 250.000 250.000 250.000 250.000 250.000 250 ,000 250.000 250.000 250 ,000 250 ,000 250 .000 250.000 250,000 250.000 250,000 250 .000 250.000 250,000 250,000 250.000 250.000 250.000 250,000 Vining Sparks Cash N/A N/A N/A N/A $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Book Value 6.942 .204 3.000 27 .318 .533 250 ,000 3.838 .142 259.223 259 .223 259 .223 259.223 259223 259223 259223 259 .223 259.223 259 .223 259.223 259223 259223 259223 259223 259 .223 259.223 259 ,223 259.223 259.223 259223 259.223 259.223 259223 259223 259.223 259 .223 259 223 259.223 259 .223 259223 259223 259223 259.223 259223 259 ,223 259 ,223 Yield 000% 025% 0.00% 1.66% 1.75% 1.60% 0.75% 0 .80% 1.00% 1.00% 1.20% 1.00% 0.70% 105% 125% 1.20% 1.25% 080% 100% 1.10% 1.00% 1.00% 1.15% 1.10% 1.25% 0.90% 085% 0.85% 1.00% 1.00% 1.20% 1.20% 1.15% 1.20% 125% 0.80% 1.15% 0.95% 1.05% 1.00% 1.15% 0 .90% 1.00% A-3 Ever:...ank I Jacksonv ill e FL Central Stalee Bank Iowa Caldwell Bank & Trust Co L1ve Oak Banking Company Cap1tal Bank Corp Isabella Bank Bank of China/New York Gold Coast Bank/Chicago Bankers Bank of the West Yadkin Bank Benificial Bank Sallie Mae Bank/Salt Lake Monona State Bank Capital One NA Bank of New England NH M1dland State Bank Home Savings&Loan American Bank Center Preferred Bank La California Partners Bank California Independent Bk/Memphis Synchrony Bank Wash1ngton Trust Weterly Bane of Californ ia Mbank of Manistique Ml First Federal Bank of Dunn NC Peoples Bank/Magnolia AR Greenfield Savings Bank Gorham Savings Bank ME Atlantic Stewardship BK Flushing Bank F~rst National Bank Paragould Little Bank Stearns Bank NA Whitney Bank!MS Lakeside Bank F armers&Merchants BK NEB Peoples United Bank DMB Community Bank Patnot Federal Bank W oori America Bank Union Bank and TrusVOX World Foremost Bank First N ational Bank of Am erica East Boston Savings Bank Henry County Bank OH JP M ORGAN CHASE BANK 8/12120 16 8117/2016 8/19/2016 8119/2016 8/3112016 9/7/2016 9/8/2016 9/9/2016 9/14/2016 9119/2016 1017/2016 10112/2016 10/13/2016 10/13/2016 10/211201 6 1112/2016 11118/2016 11110/2016 1119/2016 11118/2016 11116/2016 1114/2016 11118/2016 1113/2017 1117/2017 1120/2017 1120/2017 1120/2017 1125/2017 1/13/2017 1113/2017 1118/201 7 1125/201 7 1113/201 7 1125/2017 1113/2017 1118/201 7 1118/201 7 1113/201 7 1120/2017 1113/2017 1120/201 7 112112017 1120/201 7 1120/2017 1127/2017 2115/2017 36 Mos 12 Mas 36 Mas 48Mos 24 Mas 36 Mas 12 Mas 45 Mas 36 Mas 36 Mas 48Mos 36 Mas 12 Mas 48Mos 36 Mas 24 Mas 12 Mas 24 Mas 36 Mas 36Mos 37 Mas 60 Mas 36 Mas 12 Mas 12 Mas 12 Mas 12 Mas 12 Mas 12 Mas 24 Mas 24 Mas 24 Mas 24 Mas 36 Mas 36 Mas 42 Mas 60 Mas 60 Mas 15 Mas 18 Mas 24 Mas 30 Mas 36 Mas 60 Mas 60 Mas 60 Mas 60 Mas 8112/2019 8116/2017 8/1 9/2019 8119/2020 8/3112018 9/9/2019 9/8/2017 6/9/2020 9113/2019 9119/2019 10/7/2020 10115/2019 10113/2017 10/13/2020 10/2112019 1112/2018 11117/2017 1119/2018 1118/201 9 11118/2019 12116/20 19 1114/2021 11118/2019 1112/2018 1117/201 8 1119/2018 1119/2018 1119/2018 1125/2018 1114/2019 1114/2019 1118/2019 1125/2019 111 3/2020 1127/2020 7113/2020 1118/2022 1118/2022 4113/2018 7/20/2018 1114/2019 7/22/2019 112112020 1120/2022 1120/2022 1127/2022 2115/2022 $ $ s $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ s $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 250,000 250,000 250.000 250.000 250.000 250.000 250.000 250.000 250.000 250000 250.000 250.000 250.000 250.000 250.000 250.000 250,000 250.000 250,000 250.000 250,000 250,000 250000 250.000 250,000 250.000 250.000 250,000 250.000 250,000 250,000 250,000 250,000 250000 250.000 250,000 250.000 250,000 250,000 250.000 250,000 250,000 250.000 250,000 250.000 250000 250,000 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 259 223 259.223 259.223 259.223 259.223 259 223 259.223 259.223 259.223 259.223 259.223 259.223 259,223 259.223 259.223 25g.223 259.223 259.223 259.223 259.223 259.223 259.223 259.223 259.223 259.223 259.223 259,223 259.223 259.223 259.223 259.223 259.2 23 259.223 259.223 259.223 259.223 207.379 259.223 259.223 259.223 259.223 259.223 259.223 259.223 259.223 259,223 259.223 1_15% 0.70% 1.00% 1.25% 1.05% 115% 0.85% 115% 115% 1.10% 135% 130% 0.75% 140% 1.20% 1.10% 0 .80% 110% 115% 1.10% 1 .15% 1.70% 135% 100% 1.00% 090% 0 90% 0.90% 090% 1.40% 1.40% 135% 1.35% 1.60% 170% 1.95% 2.05% 205% 100% 105% 135% 1.45% 1.75% 200% 2.00% 190% 2.30% A-4 HSBC Bank USA 312112017 60 Mos 3/2112022 $ 250,000 $ 259,223 2.45'.1. American Express Centurion 3/2112017 60 Mos 4/512022 $ 200,000 $ 259,223 2.45% State Bank of India 6/30/2017 24 Mos 7/112019 $ 250,000 $ 259,223 1.75% lndusltiai&Com Bank China 61212017 60Mos 612/2022 $ 250,000 $ 259,223 2.05'.1. First Bank of Highland 6(7/2017 60 Mos 6f712022 $ 250,000 $ 259,223 2.10% Crossfirst Bank 6/912017 60Mos 6/912022 $ 200,000 $ 259,223 2.05% Suntrust Bank 812912017 60Mos 812912022 $ 250,000 $ 250,000 1.80% Enertlank UDA 10/13/2017 4BMos 1011312021 $ 250,000 s 155,780 $ 94,220 2.00% Northfiled Bank 1012512017 60Mos 1012512022 $ 250,000 $ 11,962 $ 238,038 2.15% First Nat'l Bank Michigan 1/1212018 27 Mos 411312020 s 250,000 $ 250,000 2.00% LCA Bank Corp 1/1212018 60 Mos 1/1212023 s 250,000 $ 68,339 $ 181 ,661 2.35% Morton Community 1/19/2018 36 Mos 1/1912021 $ 250,000 $ 250,000 2 .15% Mid-Missouri Bank 1/19/2018 60 Mos 1/1912023 $ 250,000 $ 17,164 $ 232,836 2.35% s 253,244 Total investment: $ 63,126,901 Total investment Weighted Average Return 1.33% SUMMARY OF CASH BALANCE BY INSTITUTION APRIL 2018 • Bank of the West • Malaga Bank -MMDA • State of Califomia -LAIF • Malaga Bank -CD • Vining Sparks/Bank of New York-CD NOTE: (1) See footnote on the summary page (2) LAIF marl<et values will be reported to vary from book value W 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. Respectfully submitted, A-5