CC SR 20201201 F - October Treasurer Report
CITY COUNCIL MEETING DATE: 12/01/2020
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration and possible action to receive and file the October 2020 Cash
Balances/Monthly Treasurer’s Report.
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the October 2020 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: Trang Nguyen, Director of Finance
APPROVED BY: Ara Mihranian, AICP, 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
October 2020. A separate report is prepared monthly for the Improvement Authority and
presented under separate cover before the Authority Commission.
The overall cash balances of the City totaled $59,318,832, with more than $32 million or
54% of the total cash balance in the Local Agency Investment Fund (LAIF). The City
has more than $2.5 million or 5% of the total cash balance with Bank of the West and
over $4.2 million or 7% with Malaga Bank. In addition, the City has Certificates of
Deposit (CD) investments at $17.25 million or 29%, Treasury Bills at $3 million or 5% of
the total cash balance, and a money market account of over $97,000 or less than 1%
with Vining Sparks, our investment brokerage firm. The City holds a money market
account with Vining Sparks for the transaction of selling and purchase purposes. The
securities are held by the Bank of New York and are FDIC-insured.
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In summary, the City’s General Fund has over $17.8 million or 30% in the cash balance,
and the Capital Improvement Projects (CIP) Fund has $26 million or 44% in cash
balance. The remaining cash balances are in the Equipment Replacement Fund with
over $2.5 million or 5%, over $1.3 million or 2% in the 1911 Act Fund, over $0.7 million
or 1% in the Habitat Restoration Fund, over $1.2 million or 2% in the Quimby Fund, and
$10 million or 16% in Other Restricted Funds.
The City’s cash balance decreased by $2.5 million from last month. In comparison to
the October balance of last year, the cash balance in this month decreased by $2.7
million, mainly attributed to the timing of disbursements for City-approved projects. The
major disbursements for this month included Aleshire & Wynder for legal services,
Marina Landscape for the Hawthorne Boulevard Median Beautification Project, Stay
Green for citywide landscaping maintenance, Palp Inc. for the Silver Spur Transit
Turnout Station Project, Palos Verdes Peninsula Transit Authority for the City’s semi-
annual contribution, and the Los Angeles County Sheriff’s Department for law
enforcement services. All expenditures were disbursed in accordance with the Fiscal
Year 2020-2021 budget.
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Investment
Local Agency Investment
Fund -lA
Local Agency Investment
Fund -RDA
NOTE (1)
RANCHO PALOS VERDES IMPROVEMENT AUTHORITY
MONTHLY TREASURER REPORT
Issuer of
Investment
State ofCA
State ofCA
OCTOBER 2020
Acquisition Maturity Market
Date Date Value
NIA On Demand $ 1,398,226
N/A On Demand $ 2,000
NOTE (2)
Sub-Total Investment:
Book Current
Value Yield
$ 1,398,226 0.62%
$ 2,000 0.62%
$ 1,400,226
YTD Transfers to City's Operating Account (BOW) N!A N/A $ (213,186)
BEGINNING BALANCE
YTD TRANSFERS TO BOW
PLUS: DEPOSITS
PLUS: INTEREST EARNINGS*
LESS: CURRENT CHECKS
ADJUSTMENTS
PLUS: TRANSFERS IN
LESS : TRANSFERS OUT
ENDING BALANCE
*All interest (LAIF) is paid quarterly.
CASH BALANCES BY FUND
lA -ABALONE COVE MAINT
lA -PORTUGUESE BEND MAINT
OPERATING
EXPENSES/
NOTE (3)
(185 ,846.22)
(27,340.03)
(213,186.25)
BALANCE
FORWARD
1 '124,517.03
86,895.77
1,211 ,412.80
Total Investment:
Total Investment Weighted Average Return
LAIF-RDA LAIF-IA
1,996.18 1 ,395,262.84
4.24 2,962.81
2,000.42 1 ,398,225.65
DEBIT CREDIT
2 ,758.97 9,364 .32
208.08 17,975 .7 1
2 ,967.05 27,340 .03
Total Investment:
TOTAL CASH
1 ,397 ,259.02
(185,846.22)
0.00
2,967.05
(27 ,340.03)
0.00
0.00
0.00
1,187,039.82
ENDING
CASH
1,117,911 .68
69,128.14
1,187,039.82
1 '187 ,039.82
$ 1,187,040
0.62%
RECEIVED
0.00
%Change of
Change In Cash Balance
Ending Cash from Previous
Balance Month-End
(6 ,605.35) -1%
(17,767 .63) -20%
(24,372.98) -2%
NOTE (1): Includes only the portion attributable to the Improvement Authority. Improvement Authority monies are commingled with
Redevelopment Agency monies in this LAIF account.
NOTE (2): LAIF market values will be reported to vary from book value if the Authority calculated share of total LAIF assets is less than the
Authority book value.
NOTE (3): Improvement Authority does not have an operating account; the expenses are paid from the City's operating account and allocated accord ingly
to the Improvement Authority's cash funds.
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 Improvement Authority investments and compiles with the investment
policy of the Improvement Authority as approved by the governing board . Furthermore , I certify that sufficient
investment liquidity and anticipated revenues are available to meet the Authority's expenditure requirements for the
next six months.
Respectfully submitted ,
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