CC SR 20220301 C - Jan 2022 City Treasurer Report
CITY COUNCIL MEETING DATE: 03/01/2022
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration and possible action to receive and file the January 2022 Cash
Balances/Monthly Treasurer’s Report.
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the January 2022 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
January 2022. 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 approximately $78 million, with over $43
million or 56% of the total cash balance in the Local Agency Investment Fund (LAIF). The
City has over $9 million or 12% 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 $15.5 million or 20%, Treasury Bills at $5 million or 6% of the total cash
balance, and a money market account of over $325,000 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 $28 million or 36% in the cash balance,
and the Capital Improvement Projects (CIP) Fund has over $27 million or 35% in cash
balance. The remaining cash balances are in the Equipment Replacement Fund with over
$2.7 million or 4%, over $1.6 million or 2% in the 1911 Act Fund, over $0.4 million or 1%
in the Habitat Restoration Fund, approximately $1 million or 1% in the Quimby Fund, and
over $16 million or 21% in Other Restricted Funds.
The City’s cash balance increased by approximately $13.7 million compared to the
January 2021 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 $8.8 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 (December 2021), the City’s cash balance
increased by approximately $4.2 million, mainly attributed to a large property tax
apportionment from Los Angeles County and the timing of disbursements for City-
approved projects. The major disbursements for this month included Aleshire & Wynder
for legal services, Crosstown Electrical for the traffic signal installation at Palos Verdes
Drive South, Dell Marketing for the hardware and software purchases, Geosyntec
Consultant for the Peninsula Coordinated Integrated Monitoring Program (CIMP)
implementation, Griffin Structures for the Ladera Linda project, Hardy and Harper for the
roadway maintenance and repair, Johnson Favaro for the Ladera Linda architect
services, Los Angeles County Sheriff’s Department for law enforcement services , Palos
Verdes Peninsula Land Conservancy for the NCCP Habitat Restoration, Palos Verdes
Peninsula Transit Authority for the semi-annual transit contribution, and State of California
for the Western Avenue right-turn lane project. All expenditures were disbursed in
accordance with the Fiscal Year 2021-2022 budget.
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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
HSA
Bank and Merchant Fees
Bank of the West
Operating
7,643,518.31
6,856,769.20
(1,937,587.13)
(754,371.61)
2,330.82
(2,710,000.00)
9,100,659.59
370,160.37
273,408.12
2,673.00
93,075.00
15,055.12
754,371.61
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
JANUARY 2022
Malaga Bank
Non-Negotiable Vining Sparks
Petty Cash LAIF-CITY CD Money Market
5,000.00 41,272,204.14 4,294,741.92 81,549.71
23,760.21 14,194.71 34,280.48
2,500,000.00 210,000.00
5,000.00 43,795,964.35 4,308,936.63 325,830.19
(3) The net adjustment was due to a void check and miscellaneous adjustment.
JANUARY 2022 CASH BALANCE BY MAJOR FUNDS
1%1% I
Vining Sparks
Investment Total Cash
20,500,000.00 73,797,014.08
6,856,769.20
72,235.40
(1,937,587.13)
(754,371.61)
2,330.82
2,710,000.00
(2,710,000.00)
20,500,000.00 78,036,390.76
■GENERAL FUND 36%
■CIP 35%
■EQUIPMENT REPLACEMENT 4%
■1911 ACT 2%
[]HABITAT RESTORATION 1%
DQUIIVIBY 1%
[]OTHFR RFc;TRlc:TFO FlJNOS 21%
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