CC SR 20211207 D - City Treasurer Report Oct 2021
CITY COUNCIL MEETING DATE: 12/07/2021
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration and possible action to receive and file the October 2021 Cash
Balances/Monthly Treasurer’s Report.
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the October 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, Senior 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 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 over $70.3 million, with approximately $41
million or 59% of the total cash balance in the Local Agency Investment Fund (LAIF). The
City has approximately $3.6 million or 5% of the total cash balance with Bank of the West
and over $4 million or 6% with Malaga Bank. In addition, the City has Certificates of
Deposit (CD) investments just under $16 million or 22%, Treasury Bills at $5 million or
7% of the total cash balance, and a money market account of over $659,000 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 $22 million or 32% in the cash balance,
and the Capital Improvement Projects (CIP) Fund has over $27 million or 38% in cash
balance. The remaining cash balances are in the Equipment Replacement Fund with over
$2.6 million or 4%, approximately $1.4 million or 2% in the 1911 Act Fund, over $0.4
million or 1% in the Habitat Restoration Fund, over $1 million or 1% in the Quimby Fund,
and over $15 million or 22% in Other Restricted Funds.
The City’s cash balance increased by approximately $11 million compared to the October
2020 balance. As reported in the prior month’s report, the significant overall increase in
cash balance is mainly from the American Rescue Plan of $4.9 million, and the remaining
$5.1 million is a combination of increased in revenues and timing of disbursements in
General Fund and Other Special Revenue funds.
In comparison to the balance from last month (September 2021), the City’s cash balance
decreased by approximately $1 million, mainly attributed to the timing of disbursements
for City-approved projects. The major disbursements for this month included the Los
Angeles County Sheriff’s Department for law enforcement services, Stay Green for the
Landscape Maintenance Project, Palos Verdes Peninsula Land Conservancy for the
Natural Communities Conservation Plan/Habitat Conservation Plan, and Tyler
Technologies for the annual subscription. All expenditures were disbursed in accordance
with the Fiscal Year 2021-2022 budget.
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