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CC SR 20210406 D - Feb 2021 Treasurer's Report CITY COUNCIL MEETING DATE: 04/06/2021 AGENDA REPORT AGENDA HEADING: Consent Calendar AGENDA TITLE: Consideration and possible action to receive and file the February 2021 Cash Balances/Monthly Treasurer’s Report. RECOMMENDED COUNCIL ACTION: (1) Receive and file the February 2021 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 February 2021. 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 $64,832,738, with $33.6 million or 52% of the total cash balance in the Local Agency Investment Fund (LAIF). The City has over $5 million or 8% 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 $16.5 million or 25%, Treasury Bills at $5 million or 8% of the total cash balance, and a money market account of over $298,000 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. 1 In summary, the City’s General Fund has over $22.8 million or 35% in the cash balance, and the Capital Improvement Projects (CIP) Fund has over $26 million or 40% in cash balance. The remaining cash balances are in the Equipment Replacement Fund with over $2.5 million or 4%, over $1.6 million or 3% 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 $9.7 million or 15% in Other Restricted Funds. The City’s cash balance increased by $0.4 million from last month. In comparison to the same month of last year, the cash balance in this month decreased by $1.4 million, mainly attributed to the timing of disbursements for City-approved projects. The major disbursements for this month included Aleshire & Wynder for legal services, Metrocell for the Burma Road Gate Project, Ruiz Concrete for the Sidewalk Replacement Project, Golden Gate Construction for the Coastal Bluff Fence Project, and Hardy & Harper for the Slide Roadway Maintenance Project. All expenditures were disbursed in accordance with the Fiscal Year 2020-2021 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 Oisbursernents: Payroll Payroll Charges Postage Bank and Merchant Fees Bonk of the Wnt Operdng 6,282,834.93 1 '985,246. 72 (895,618.15) (627 ,979.89) (561.17) 350,000.00 (2,000,000.00) 5,093,922.44 373,n1.27 240,558.76 2,500.00 11,149.86 627,979.89 (3) The net adjustment was due to void checks and other adjustments. CITY OF RANCHO PALOS VERDES MONTHLY TREASURER'S REPORT FEBRUARY 2021 Mologo Bonk Non..Negoti•ble Vining Sporlca PWtty Cooh LAIF-GITY CD Money Morbi 5,000.00 31,682,670.52 4,252,911.96 122,762.99 525,470.11 2,000,000.00 (350,000.00) 5,000.00 33,682,670.52 4,252,911.96 298,233.10 FEBRUARY 2021 CASH BALANCE BY MAJOR FUNDS 1% Vining Sporlca YTDint In-TDIIIICooh -22,000,000.00 64,346,180.40 1 ,985,246. 72 207,094.28 (895,618.15) (627,979.89) (500,000.00) 24,908.94 2,350,000.00 (2,350,000.00) 21 ,500,000.00 64,832,738.02 207,094.28 .GENERAL FUND 35% • EQUIPMENT REPLACEMENT 4% .1911 ACT 3% 1:1 HABITAT RESTORATION 1% .QUIMBY2% II OTHER RESTRICTED FUNDS 15% 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 1972ACT EL PRADO 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 CONTRIBUTIONS FEDERAL GRANTS STATE GRANTS QUIMBY LOW-MODERATE INCOME HOUSING AFFORDABLE HSNG IN LIEU EET MEASURE A CAPITAL BIKEWAYS UNDERGROUND UTILITIES ROADWAY BEAUTIFICATION WATER QUALITY FLOOD PROTECTION REDEVELOPMENT OBLIGATION RETIRE IMPROVEMENT DISTRICT 9 SPECIAL TRUSTS Subtotal GRAND TOTAL BALANCE FORWARD 22,278,080.90 0.00 26,212,018.22 2 ,556,068.78 0.00 0.00 28,768,087.00 399 ,599.36 28,998.93 37,915.60 21,663.56 0.00 1 ,648,119.86 450,220.24 148,466.93 989 ,815.62 1,640,360.89 168,054.04 1,280,999 .30 287 ,570.74 726 ,110.20 760 ,138.85 11,429.49 249,398.82 0.00 0 .00 790,278.94 0.00 0.00 1,204,109.10 223,099.12 859 ,510.81 268,187 .19 0.00 0.00 0.00 0 .00 0.00 309,755 .77 0.00 796,209.14 13,300,012.50 64,346,180.40 CITY OF RANCHO PALOS VERDES MONTHLY TREASURER'S REPORT FEBRUARY 2021 DEBIT CREDIT CASH 5,127,829.65 4,556 ,435 .37 22 ,849 ,475.18 0.00 0.00 0.00 0 .00 135,666.21 26 ,076 ,352.01 0.00 0.00 2,556,068.78 0.00 0 .00 0.00 0.00 0.00 0.00 0.00 135,666.21 28,632,420.79 123,051 .52 70,520 .87 452 ,130.01 0 .00 0.00 28,998.93 127.09 0 .00 38,042.69 2,598 .00 2 ,660 .00 21,601.56 0.00 0 .00 0.00 34 ,076 .74 27 ,541 .15 1,654,655.45 761 .91 29,020.27 421,961.88 0.00 4 ,555.00 143,911.93 0.00 1,471.81 988,343.81 70,936 .98 2 ,846.65 1,708 ,451.22 536.26 0 .00 168,590.30 44,976.68 59,628 .75 1,266,347.23 0 .00 9 ,311 .71 278,259.03 0 .00 0.00 726,110 .20 0.00 1,137.55 759,001.30 0.00 0.00 11,429 .49 5,677 .58 5,998.40 249,078.00 0.00 0.00 0.00 0.00 0.00 0.00 4,000.00 1,497.75 792,781 .19 0.00 0.00 0.00 6 ,938.54 6 ,938.54 0.00 0.00 0.00 1,204 ,109.10 0.00 0 .00 223,099.12 4,842.00 0 .00 864,352.81 0.00 12,319.00 255 ,868.19 0.00 0.00 0.00 511 .00 511.00 0.00 0.00 0.00 0.00 0 .00 0.00 0.00 0 .00 0.00 0.00 0.00 0.00 309,755.77 0 .00 0.00 0.00 21,461.50 33,707.80 783 ,962.84 320,495.80 269,666.25 13,350,842.05 5,448,325.45 4,961 ,767.83 64,832,738.02 Total Investment: 64 ,832,738.02 Change In Ending Cash Balance 571,394.28 0.00 (135,666.21) 0.00 0.00 0.00 (135,666.21) 52,530.65 0.00 127.09 (62.00 0.00 6,535.59 (28,258 .36 (4,555.00 (1,471.81) 68,090.33 536.26 (14,652.07 (9,311.71 000 (1,137.55 0.00 (320 .82 0 .00 0 .00 2,502.25 0.00 0.00 0 .00 0.00 4,842.00 (12,319.00 0.00 000 0.00 0.00 0.00 0.00 0.00 (12,246.30 50,829.55 486,557.62 Change In Ending Cash Balance in% 3% 0% -1% 0% 0% 0% 0% 13% 0% 0% 0% 0% 0% -6% -3% 0% 4% 0% -1% -3% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1% -5% 0% 0% 0% 0% 0% 0% 0% -2% 0% 1% A-2 Investment Local Agency Investment Fund (LAIF-CITY) Note (1) CD -Non-Negotiable CD -Non-Negotiable CD-Bank of New York -Vining Sparks (Non- Negotiable) Issuer of Investment State of California Malaga Bank Malaga Bank Allegiance Bank Texas Ally Bank American Bank Na Le Mars American Express Bank FSB American Express Centurion AXOS Bank Babin Bank of Deerfield Bank Forward HAPOAL 01/2 12/15125 Bankers Bank Madison WI Bar Harbor Bank & Trust Barclays Bank Delaware Baycoast Bank Business Bk of St. Louis CIT Bank Capital One Bank USA Cathy Bank Celtic Bank Continental Bank UT Crossfirst Bank Eaglebank East Boston Savings Bank Enerbank USA Exchange Bank F armers&Merchants BKNEB F~rst Bank of Highland First Commercial Bank MS First Financial Bank First lntemet Bank of In First National Bank of America Flagstar Bank Goldman Sachs Bank USA Henry County Bank OH lndustriai&Com Bank China ICBANK JP Morgan Chase Bank L CA Bank Corp Lakesrde Bank Landmark Community Bank MAGBNC Malaga Bank FSB CITY OF RANCHO PALOS VERDES MONTHLY INVESTMENT REPORT FEBRUARY 2021 CUSIPI 017480AY2 02007GKW2 024373AZ5 02587CHR4 025870N38 05465DAK4 06063HMTI 061785EG2 062163BN9 06251A2Q2 06610RAT6 066851WV4 06740KKD8 072727AZ3 12325EHV7 12556LBB1 14042TBD8 149159NX9 15118RUX3 211163GYO 22766ABBO 27002YET9 27113PBM2 29266N6P7 3010740F4 30781TB09 319141GE1 31984GFA2 32021MFC8 32056GCQ1 32110YJT3 33847E2J5 38149MAU7 426336BF9 45581EAF8 46147UUF5 48128UMX4 801798LK6 51210SMD6 51507LBV5 559582AL5 56102AAJ5 Acquisition Dot. NIA 212312020 212312020 111312017 712512019 9127/2019 1211912017 3121/2017 3126/2020 712212020 912512019 12128/2019 12/1412020 1212012017 6/2812019 7112/2017 1/24/2020 711912017 812312019 7124/2019 912512019 411712020 212312018 6/912017 111712020 1120/2017 1011312017 711912019 1118/2017 6f712017 713112019 212112018 711412017 112012017 6112/2019 5131/2019 1/27/2017 6/2/2017 112712021 913012020 111212018 111312017 8123/2019 1013012020 512912020 Term NIA 24 Mos 24 Mos 60Mos 36 Mos 36Mos 48Mos 60 Mos 48 Mos 60 Mos 42 Mos 60 Mos 60 Mas 48 Mos 24 Mos 60 Mos 60Mos 60 Mos 30 Mos 36Mos 24 Mos 60 Mos 36 Mos 60 Mos 36 Mos 60 Mos 48 Mos 24 Mos 60 Mos 60 Mos 24 Mos 48 Mos 60Mos 60 Mos 36 Mos 36 Mos 60Mos 60Mos 60 Mos 60Mos 60Mos 54 Mos 36 Mos 54 Mos 60 Mos Maturity Date On Demand 212112022 212112022 111312022 712512022 9127/2022 12120/2021 41512022 3/2612024 712212025 312412023 1211812024 1212512025 1212012021 6/2812021 711212022 1/2412025 7119/2022 212312022 712512022 912412021 411712025 8123/2021 61912022 111712023 112012022 1011312021 711912021 1118/2022 6f7/2022 713012021 212212022 7114/2022 112012022 6/1312022 5/3112022 1/27/2022 6/212022 112712026 913012025 111212023 711312021 212312022 413012025 512912025 Martlet Value $ 33,682 ,671 $ 250,000 $ 4 ,002 ,912 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Book Value $ 33,682,671 0.41% $ 250,000 1.50% $ 4,002 ,912 140% $ 250,000 2.20'A> $ 250,000 2.15'A> $ 250,000 1.65% $ 250,000 2.20% $ 250,000 2.45% $ 250,000 1.65% $ 250 ,000 0.65% $ 250,000 1.65% $ 250,000 175% $ 250,000 0.50'A> $ 250,000 2.15'A> $ 250,000 2.10% $ 250 ,000 2.20% $ 250,000 1.70% $ 250,000 2.05% $ 250,000 1.95% $ 250,000 2.10% $ 250,000 175% $ 250,000 1.50% $ 250,000 2.30% $ 250,000 2 05% $ 250,000 170% $ 250,000 2.00% $ 250,000 2.00% $ 250,000 2.05% $ 250,000 2 05% $ 250,000 2.10% $ 250 ,000 1.95% $ 250,000 2.45% $ 250,000 2.05'A> $ 250,000 2 00% $ 250,000 2.50% $ 250,000 2.50°A> $ 250,000 190% $ 250,000 2.05% $ 250 ,000 0.50% $ 250,000 0.30% $ 250,000 2.35% $ 250,000 1.95% $ 250,000 1.90% $ 250,000 0.40% $ 250,000 0.70'A> A-3 Investment Treasury-Bank of New York(Vining Sparks) Summary Local Agency Investment Fund (LAIF-CtTY) Certificale of Deposit -Malaga Bank Certificate of Deposit -Malaga Bank Cert~icate of Deposit -Vining Sparks Treasury Bills -Vining Sparks Total Investment Issuer of Investment Marlin Business Bank Medallion Bank Utah Merrick Ba nk Mid-Mi ssouri Bank Morgan Stanley PVT Bank Northfiled Bank Peoples United Bank Preferred Bank LA Raymond James Bank Sallie Mae Bank/Salt Lake Signature Bk Chicago Southern States Bank State Bank of India Slate Bank of Chilton Sterling Bank POP BL MO Summit Community Bank Synchrony Bank BKCROW Texas Exchange Bank Texas Exchange Bank Third Fed Sav&Ln Clevland Vision Bank of Iowa Wells Fargo Nat' I Bank West Wells Fargo Bank United States Treas United States Treas United States Treas United States Treas 33,682 ,670.52 250 ,000.00 4,002 .911 96 16,500,000.00 5,000,000 .00 59,435,582 .48 CITY OF RANCHO PALOS VERDES MO NTHLY T REASURER'S REPOR T FEBRUARY 2021 CUSIPt 57116ATMO 58404DFE6 59013JC23 59541KBP1 61760AZ51 66612ABX5 71270QQJ8 740367MA2 75472RAN1 7954504P7 82669VBY6 843879BB2 856285RS2 85841PDV9 85916VDN2 86604XML7 87165HRY8 88241T JJO 88241TJN1 88241TJR2 88413QBU1 92834CCL4 949495AQ8 949763045 912828S35 912828S76 912828XZ8 91282CBC4 Acquisition Dote 1115/2020 9/1812019 10/11/2017 1/19/2018 9/19/2019 1012512017 1118/2017 7/1712020 1112612019 1111612019 11/812017 12/2012017 11/2712019 9/1112020 9/1812019 1126/2018 6/2/2017 10/23/2020 11125/2020 12/18/2020 11124/2017 11/29/2019 111712020 6/10/2019 9/12/2019 7/3112018 6/30/2020 1112/2021 Term 60 Mos 36 Mos 60 Mos 60 Mos 48 Mos 60Mos 60Mos 60Mos 72 Mos 60 Mos 60 Mos 40 Mos 72 Mos 60 Mos 48 Mos 30 Mos 60 Mos 60Mos 60 Mos 60 Mos 48 Mos 72 Mos 36Mos 36 Mos 45 Mos 36Mos 60Mos 60Mos Maturity Date 1115/2025 9/19/2022 10/11/2022 1/19/2023 9/19/2023 10125/2022 1/18/2022 7/17/2025 11/26/2024 10/1612024 11/8/2022 4/20/2021 11/27/2024 9/11/2025 9/1812023 7/2612021 6/2/2022 10/2312025 11/2512025 12/18/2025 11124/2021 11129/2024 1117/2023 6/10/2022 6/30/2023 7/31/2021 6/30/2025 12/3112025 Total Investment $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Market Value 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 $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 2,000,000 Book Value Yiel d $ 250,000 1.75% $ 250 ,000 1.70% $ 250,000 2 .10% $ 250,000 2 .35 % $ 250,000 1.85% $ 250,000 2.15'A. $ 250 ,000 2.05% $ 250,000 0.50% $ 250,000 1 .85'A. $ 250 ,000 1 .90'A. $ 250,000 2.15% $ 250,000 2.00% $ 250,000 2.05% $ 250 ,000 0.50% $ 250,000 1 .65'A. $ 250,000 2.20% $ 250,000 2.40% $ 250,000 0.60% $ 250 ,000 0.60'A. $ 250,000 0.60% $ 250,000 2.10% $ 250,000 1.75% $ 250,000 1.90'A. $ 250,000 2 .50% $ 1,000,000 1.38% $ 1,000,000 1.13'A. $ 1,000,000 2.75% $ 2,000,000 0.38% $ 59,435,582 Weighted Return 0.97% A-4 NOTE: Malaga Bank -CD 7% CITY OF RANCHO PALOS VERDES MONTHLY TREASURER'S REPORT JANUARY 2021 SUMMARY OF CASH BALANCE BY INSTITUTION FEBRUARY 2021 Vining Sparks-Treasury 8% Vining Sparks-Money Market 0% State of california-LAIF 52% (1) LAIF mari<BI values will be reported to vary from book value if the City calculated share of total LAIF assets is less than tha 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 raport accurately reflects all City invastments 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, Dated A-5