CC SR 20220906 D - City Treasurer Report June 2022
CITY COUNCIL MEETING DATE: 09/06/2022
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration and possible action to receive and file the June 2022 Cash
Balances/Monthly Treasurer’s Report.
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the June 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
June 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 $92 million, with over $59
million or 64% of the total cash balance in the Local Agency Investment Fund (LAIF). The
City has over $3 million or 4% of the total cash balance with Bank of the West and over
$4 million or 5% with Malaga Bank. In addition, the City has Certificates of Deposit (CD)
investments at approximately $18 million or 20%, Treasury Bills and Agency Bonds at
$6.5 million or 7% of the total cash balance, and a money market account of over $0.2
million or less than 1% with Stifel, our investment brokerage firm. The City holds a money
market account with Stifel 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 $30 million or 33% in the cash balance,
and the Capital Infrastructure Program (CIP) Fund has over $38 million or 42% in cash
balance. The remaining cash balances are in the Equipment Replacement Fund with over
$2.8 million or 3%, approximately $2 million or 2% in the 1911 Act Fund, over $0.3 million
or less than 1% in the Habitat Restoration Fund, over $0.6 million or 1% in the Quimby
Fund, and over $17 million or 19% in Other Restricted Funds.
The City’s cash balance increased by approximately $24.5 million compared to the June
2021 balance. As reported in the prior month’s report, the significant overall increase in
cash balance included the American Rescue Plan of $4.9 million, $8 million from Bank of
the West for the funding of the Ladera Linda Community Park project, and the remaining
$11.6 million is a combination of solid recovery of revenues from the pandemic and timing
of disbursements in General Fund and Other Special Revenue funds.
In comparison to the balance from last month, May 2022, the City’s cash balance
decreased by $183,830, mainly attributed to the timing of disbursements for City-
approved projects and prepayment for insurance premium . The major disbursements for
this month included Aleshire & Wynder for legal services, California Joint Powers
Insurance Authority for property insurance and liability and workers’ compensation
insurance, Fire Grazers for goat grazing fuel modification at preserve areas, Griffin
Structures for construction management for the Ladera Linda project, Hout Construction
Services for the Portuguese Bend Landslide project, and the Los Angeles County Sheriff’s
Department for law enforcement services. All expenditures were disbursed in accordance
with the Fiscal Year 2021-2022 budget.
This June report reflects preliminary numbers, and the final report will be submitted after
year-end closing is completed.
2
A-1
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
JUNE 2022 (PRELIMINARY)
The June Treasurer Report will be re-submitted after the year-end closing process and audit are completed.
BEG IN NI NG BALANCE
PLUS DEPOSITS
PLUS INTEREST EARN IN GS(1 )
LESS : CHECK DISBURSEME NTS
LESS : ELECTRONIC DISB URSEMENTS(2)
ADJUSTMENTS(3)
PLUS TRA N SFERS IN
LESS : TRANSFERS OUT
END ING BALANCE
(1) All LAIF interest is paid quarterly.
(2 ) Electronic Disbursements:
Payroll
Payroll Charges
Petty Cash
Bank and Merchant Fees
Bank of the West
Operating
5,458,148.11
2 ,880 ,870.10
(2,740,997 .1 4 )
(684,964.92 )
1,087.43
(1,620,000.00)
3 ,294,143.58
409,807 .29
258,761.09
7 13 .00
15,683.54
684,964 .92
(3) The net ad justment was due to a void check and mi scella neous adj ustment.
Petty Cash LAIF-CITY
5,000.00 58 ,332 ,197 .54
1,000 ,000.00
5,000.00 59 ,332 ,197.54
Malaga Bank
Non-Negotiable
CD
4 ,316 ,827.49
4,316,827.49
JUNE 2022 CASH BALANCE BY MAJOR FUNDS
0% 1% I./~
Vining Sparks Vining Sparks
Money Market Investment Total Cash
1,042 ,430 .12 23,000,000.00 92 ,154,603.26
2 ,880 ,870.10
(1,369,825.78)
600,000.00
1,750,000.00
(2 ,740 ,997 .14 )
(684 ,964 .92 )
381 ,261 .65
1,600 ,000.00
(1,620 ,000.00 )
272,604.34 24 ,7 50,000 .00 91 ,970,7 72.95
II GENERAL FUND 33 %
IICIP42%
II EQU IPMENT REPLACEMENT 3%
111911 ACT 2%
CHABITAT RESTORAT ION 0%
CQUIMBY 1%
DOTH ER RESTRICTED FUNDS 19%
A-2
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
JUNE 2022
Change In Change In
BALANCE End ing Cash End ing Cash
CASH BALANCES BY FUND FORWARD DEBIT CRED IT CASH Ba lance Balance in %
Unrestricted
GENERAL FUND 33 ,667,055 .01 6,212,361.42 9,860 ,266.07 30,019,1 50.36 (3,647,904.65) -11%
Restricted by Council Action
BEAUTIFICATION FUND 0.00 0 .00 0.00 0 .00 0 .00 0%
CIP 35 ,992 ,620 .63 2 ,784 ,765 .00 109,795.09 38 ,667,590 .54 2,674 ,969.91 7 %
EQUIPMENT REPLACEMENT 2 ,807,727 .31 77 ,100.00 16,669 .53 2,868 ,157.78 60,430.47 2%
BU ILDING REPLACEMENT 0.00 0.00 0 .00 0.00 0.00 0%
EMPLOYEE PENSION PLAN 480 ,835.42 160 ,000.00 0 .00 640,835.42 160 ,000 .00 33%
EMPLOYEE BENEF ITS 0.00 0 .00 0.00 0 .00 0 .00 0%
Subtotal 39,281 , 183.36 3,021 ,865.00 126,464.62 42,176,583.74 2,895 ,400.38 7%
Restricted by Law or External Agencies
STREET MAINTENANCE 1,220 ,866.17 158,212.68 66 ,717.33 1,312 ,361 .52 91 ,495 .35 7%
1972 ACT 29 ,263.44 0.00 0.00 29 ,263.44 0.00 0%
EL PRADO 42 ,679 .00 12.10 0.00 42 ,691 .10 12 .10 0%
CDBG 6 ,228 .56 20,680 .00 9 ,355 .00 17 ,553 .56 11 ,325 .00 182%
CDBG-R 0.00 0.00 0 .00 0.00 0.00 0%
19 11 ACT 1,933 ,047.44 3 ,121 .38 29 ,738.43 1,906 ,430.39 (26 ,617 .05) -1%
SOLID WASTE 327 ,487 .70 91,253 .20 10 ,908.37 407 ,832 .53 80 ,344 .83 25%
AIR QUALITY MANAGEMENT 134 ,528 .12 13,501 .82 0.00 148,029 .94 13 ,501 .82 10%
PROPOSITION C 676 ,254.36 74 ,618.74 8 ,325.70 742 ,547 .40 66 ,293 .04 10%
PROPOSITION A 1,743 ,787.37 89 ,959 .14 0 .00 1,833 ,746 .51 89 ,959.14 5%
PUBLIC SAFETY GRANTS 146 ,090 .83 0.00 40 ,000.00 106,090.83 (40 ,000.00) -27%
MEASURER 1,866 ,593 .09 55 ,958.87 12 ,347 .50 1,910,204.46 43 ,611 .37 2%
MEASURE M 492 ,193.89 130,551.11 42,483.19 580 ,26 1.81 88 ,067 .92 18%
HABITAT RESTORATION 403 ,613.58 0 .00 38,789.00 364 ,824 .58 (38,789.00) -10%
SUBREGION 1 MAINTENANCE 738 ,944.28 7 ,500 .00 2,918.08 743 ,526 .20 4 ,581.92 1%
MEASURE A MAINTENANCE 0 .00 37 ,500 .00 37 ,500 .00 0 .00 (0.00) 0%
ABALONE COVE SEWER DISTRICT 165,716.47 0 .00 11 ,305.50 154,410 .97 (11 ,305 .50) -7 %
RPVTV 0.00 0 00 0.00 0 .00 0 .00 0%
G INSBURG CULTURE ARTS BUILDING 0.00 0 .00 0 .00 0.00 0.00 0%
DONOR RESTRICTED CONTRIBUTIONS 802,317.54 4 ,000 .00 1,707 .88 804 ,609 .66 2 ,292 .12 0%
FEDERAL GRANTS 0 .00 0.00 0.00 0 .00 0.00 0%
STATE GRANTS 0 .00 20 ,0 12.00 20 ,012.00 0 .00 0 .00 0%
FEDERAL GRANTS-ARPA 4 ,576,811 .04 0 .00 35 ,054 .06 4 ,541,756.98 (35 ,054 .06) -1%
QUIMBY 732 ,546 .65 0.00 32,652.61 699,894 .04 (32,652 .61) -4 %
LOW-MODERATE IN COME HOUSING 285,121.15 0.00 0.00 285,121 .15 0.00 0%
AFFORDABLE HSNG IN LIEU 879,884 .76 0 .00 20 ,000 .00 859 ,884 .76 (20 ,000.00) -2 %
EET 126,311 .56 0 .00 0 .00 126,311 .56 0 .00 0%
MEASURE A CAPITAL 0.00 0 .00 0 .00 0.00 0 .00 0%
BIKEWAYS 0.00 28 ,038 .00 0 .00 28 ,038.00 28 ,038 .00 0%
UNDERGROUND UTILITIES 0.00 0.00 0.00 0.00 0.00 0%
ROADWAY BEAU T IFICATION 0 .00 0 .00 0.00 0 .00 0 .00 0%
MEASURE W 806,535 .71 0 .00 40 ,675.29 765 ,860.42 (40 ,675.29) -5%
WATER QUALITY FLOOD PROTECTION 0.00 0 .00 0.00 0.00 0 .00 0%
REDEVELOPMENT OBLIGATION RETIRE 167,667 .90 283,800 .00 0.00 451 ,467 .90 283 ,800 .00 169 %
IMPROVEMENT DISTRICT 9 0 .00 0.00 0.00 0 .00 0.00 0%
SPECIAL TRUSTS 901 ,874.28 28 ,672 .50 18,227.64 912 ,319.14 10 ,444 .86 1%
Subtotal 19 ,206,364 .89 1,047,391 .54 478,717.58 19,775,038.85 568,673.96 3%
GRAND TOTAL 92, 154,603.26 10,281,617.96 10,465,448.27 91 ,970,772.95 (183,830.31) 0%
Total Investment: 91,970,772.95
A-3
CITY OF RANCHO PALOS VERDES
MONTHLY INVESTMENT REPORT
JUNE 2022
Issuer of Acquisition Maturity Market Book
Investment Investment CUSIP# Date Tenn Date Value Value Yield
Loca l Agency Investment Fund (LAIF -CITY) Sta te of California N/A N/A On Demand $ 59 ,332 ,198 $ 59 ,332 ,198 0.86 %
Note (1)
CD -Non -Negoti able Malaga Bank 2/23/2022 6 Mos 8122/2022 250 ,000 s 250,000 0.20%
CD -Non-Negoti able Malaga Bank 2/23/2022 6 Mos 812212022 $ 4 ,066 ,827 4,066,827 0.20%
CD -Bank of New York -Vin ing Sparks (Non-
Negotiable) A+ Fed Credit Union Austi n 00224TAB2 6/29/2022 60 Mos 6129/2027 $ 250,000 $ 250,000 3 .55
A ll egiance Ban k Texas 01748DAY2 11 13/2017 60 Mos 1113/2022 $ 250,000 250,000 2.20%
A ll y Bank 02007GKW2 7125/20 19 36 Mos 7125/2022 $ 250,000 250,000 2.15%
Amer ican Bank Na Le Mars 024373AZ5 9127/2019 36 Mos 9127/2022 250,000 250,000 1.65%
Amer ican Expr Natl Bank 02589ABM3 313/2022 36 Mos 313/2025 250,000 $ 250,000 1.80%
AUBSTB 05059LAC6 3/3 112022 48 Mos 313 1/2026 250,000 $ 250,000 2 .1 0%
AXOS Bank 05465DAK4 3/2612020 48 Mos 3/2612024 250,000 s 250,000 1.65%
BMW Ban k of North ern
America 05580AB45 712312021 36 Mos 7/2312024 250,000 s 250 ,000 0 .50%
Sobin 06063HMT7 712212020 60 Mos 7/2212025 $ 250,000 $ 250,000 0 .65%
Bank of Deerfield 061785EG2 912512019 42 Mos 3/2412023 $ 250,000 $ 250,000 1.65%
Bank Forward 062 163BN9 12/2812019 60 Mos 12/1812024 $ 250,000 $ 250,000 1.75%
HAPOAL0 1/2 06251A2Q2 12/1412020 60 Mos 12/2512025 $ 250,000 $ 250,000 0.50%
Bankbk 2.05 066 10RBL2 4114/2022 42 M os 10/1412025 $ 250,000 $ 250,000 2.05%
Bankunited 066519QK8 3/512021 60 Mos 3/5/2026 $ 250,000 $ 250,000 0.65%
Barclays Bank Delaware 06740KKD8 7/12/20 17 60 Mos 7/12/2022 $ 250 ,000 250,000 2.20%
Baxter Credit Union 07181JAB0 6/23/2022 36 Mos 6/23/2025 250 ,000 250,000 3.10%
Baycoast Bank 072727AZ3 1/24/2020 60 Mos 112412025 250 ,000 250,000 1.70%
Beal Bank USA 07371CK32 3/4/2022 48 Mos 314/2026 250 ,000 $ 250,000 1.90 %
Business Bk of St. Louis 12325EHV7 7119/2017 60 Mos 7/1912022 250 ,000 $ 250,000 2 .05 %
CIT Bank 12556LBB1 8/2312019 30 Mos 2/23/2022 250 ,000 $ 250,000 1.95 %
Capital On 1.100 14042RQB0 11 /30/2021 60 Mos 11 /17/2026 250,000 s 250,000 1.1 0 %
Capital On 2.800 14042RQS3 4/20/2022 60 Mos 4/20/2027 250,000 s 250,000 2 .80%
Capital One National 14042RSK8 6/29/2022 48 Mos 6/1/2926 s 250,000 $ 250,000 3.40%
Capital One Bank USA 14042TBD8 7124120 19 36 Mos 7125/2022 $ 250,000 $ 250,000 2 .10%
Celtic Ban k 15 11 8RUX3 4117/2020 60 Mos 4/17/2025 $ 250,000 $ 250,000 1.50%
Comenity C 2.650 20033A3A2 4114/2022 60 Mos 4/14/2027 $ 250,000 $ 250,000 2.65%
Connectone Bank 20786ADL6 9/24/202 1 60 Mos 9/27/2026 $ 250,000 $ 250,000 0.80%
Connexus Credit Union 20825WAT7 5/27/2022 36 Mos 5/27/2025 250,000 $ 250,000 3.00%
Dart Bk Mason 237412AS0 6/22/2022 42 Mos 12122/2025 250,000 $ 250,000 3.10%
Discover Bank 254673870 4128/2022 36 Mos 4/2812025 250,000 $ 250,000 2 .80%
Eagle bank 27002YET9 1/17/2020 36 Mos 1/17/2023 250,000 s 250,000 1.70%
Eaglemark Savings Bank 27004PCM3 3/212022 60 Mos 3/2/2027 $ 250,000 s 250,000 2 .00%
FMBKWI 1.2 307811 DP 1 1/14/2022 60 Mos 1/14/2027 $ 250,000 $ 250 ,000 1.20%
FNWB 32022EAW6 12/2912021 60 Mos 12/29/2026 s 250,000 $ 250 ,000 1.05%
First Internet Bank of In 32056GCQ1 7/14120 17 60 Mos 7/14/2022 $ 250,000 $ 250,000 2 .05%
Firs t Nat'I Bank 32110YXG5 6/27/2022 60 Mos 6124/2027 $ 250,000 $ 250,000 3 .25%
First Natl Bank/DAMA 32 11 7BEQ7 12/30/2021 60 Mos 12/30/2026 $ 250 ,000 $ 250,000 1.25%
Four Pis FCU Omaha 35089LAD5 6129/2022 60 Mos 6/29/2027 $ 250 ,000 $ 250,000 3.40%
Generations Bank 37149CAX5 5/12/2022 60 Mos 5/12/2027 $ 250 ,000 $ 250,000 3.10%
Greenstate Credit Union 39573LAC2 5/29/2022 2 Mos 7/2912022 250 ,000 $ 250,000 2.20%
lntercredit Bank NA 458657MC4 1/2012022 60 Mos 1/29/2027 250 ,000 $ 250,000 1.35%
JP Morgan Chase Bank 48128UMX4 9/3012020 60 Mos 9/30/2025 250,000 $ 250,000 0.30 %
LCA Bank Corp 80 1798LK6 1/1212018 60 Mos 1/12/2023 250,000 $ 250,000 2.35 %
Live Oak Bankinig 538036UG7 2/112022 48 Mos 2/2/2026 250,000 $ 250,000 1.25%
MAGBNC 559582AL5 10/3012020 54 Mos 4130/2025 250,000 $ 250,000 0.40%
Malaga Ban k FSB 56102AAJ5 5/29/2020 60 Mos 5/29/2025 s 250,000 $ 250,000 0 .70%
A-4
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
JUNE 2022
Issuer of Acquisition Maturity Market Book
Investment Investment CUSIP# Date Term Date Value Value Yield
Marlin Business Ban k 57116ATM0 1/15/2020 60 Mos 1/15/2025 $ 250,000 250,000 1.75%
Medall ion Bank Utah 58404DFE6 9/18/2019 36 Mos 9/19/2022 $ 250,000 250,000 1.70%
Merrick Bank 59013JC23 10/11/2017 60 Mos 10/11 /2022 $ 250,000 $ 250,000 2.10%
Mid-M issouri Bank 59541KBP1 1/19/20 18 60 Mos 1/19/2023 $ 250,000 $ 250,000 2.35%
Morgan Stanley Bk 61690UK82 6/2/2022 36 Mos 6/2/2025 s 250,000 $ 250,000 3.05%
Morgan Stan ley PVT Bank 61760AZ51 9/19/2019 48 Mos 9/19/2023 $ 250 ,000 250,000 1.85 %
NCWI 1.1 5 633368FJ9 1/19/2022 60 Mo s 1/1 9/2027 $ 250 ,000 $ 250,000 1.15%
New York Community Bank 649447UP2 6/3/2021 36 Mo s 6/3/2024 250,000 s 250 ,000 0 .35 %
Northfiled Bank 66612ABX5 10/25/2017 60 Mos 10/25/2022 250 ,000 $ 250 ,000 2 .15%
Olddnb 1.5 679585AZ2 1/20/2022 60Mos 1/20/2027 $ 250,000 s 250 ,000 1.15%
Olmbmo2.65 68002LCN6 4/29/2022 54 Mos 10/29/2026 $ 250,000 s 250,000 2.65%
Pathfinder Bank 70320KBR1 1/29/2022 60 Mos 1/29/2027 $ 250,000 s 250,000 1.20 %
Bpop 2.45 73317AAY8 4/14/2022 36 Mos 4/14/2025 $ 250,000 250,000 2.45 %
Preferred Bank LA 740367MA2 7/17/2020 60 Mos 7/17/2025 $ 250,000 $ 250,000 0.50 %
Ray mond James Bank 75472RAN1 11/26/2019 72 Mos 11 /26/2024 $ 250,000 $ 250,000 1.85%
Sall ie Mae Ba nk/S alt Lake 7954504P7 11/16/2019 60 Mos 10/16/2024 $ 250,000 250,000 1.90%
Signature Bk Ch icago 82669VBY6 11 /8/2017 60 Mo s 11/8/2022 s 250 ,000 250,000 2.15%
State Bank of India 856285RS2 11/27/2019 72 Mo s 11/27/2024 s 250 ,000 250,000 2.05%
Sterling Ban k POP BL MO 85916VDN2 9/18/2019 48Mos 9/18/2023 s 250,000 $ 250 ,000 1.65%
BKCROW 88241TJJ0 10/23/2020 60Mos 10/23/2025 s 250,000 $ 250,000 0.60%
Texas Exch ange Ban k 88241T JN1 11 /25/2020 60 Mos 11/25/2025 $ 250,000 $ 250,000 0.60%
Texas Exch ange Bank 88241T JR2 12/18/2020 60 Mos 12/18/2025 250,000 $ 250,000 0.60 %
Toyota Financial Svgs Bank 89235MLE9 7/29/2021 60 Mos 7/29/2026 250,000 s 250,000 0.95 %
USB Bank USA 90348JN30 6/24/2021 36 Mos 6/24/2024 250 ,000 $ 250 ,000 0.35 %
United Bankers Bank 909557JP6 12/16/2021 56 Mos 8/17/2026 $ 250,000 s 250,000 1.00 %
Vis ion Bank of Iowa 92834CCL4 11/29/2019 72 Mos 11 /29/2024 $ 250,000 250 ,000 1.75 %
Wells Fa rgo Nat'! Ban k
West 949495AQ8 1/17/2020 36 Mo s 1/17/2023 $ 250,000 $ 250,000 1.90 %
Treas ury-B an k of New York(Vin ing Sparks) United States Treas 912828S35 9/12/2019 45 Mos 6/30/2023 $ 1,000,000 1,000,000 1.38%
Uni ted States Treas 912828XZ8 6/30/2020 60 Mos 6/30/2025 $ 1,000 ,000 $ 1,000,000 2.75%
United States Treas 91282CBC4 1/12/2021 60 Mo s 12/31/2025 2 ,000 ,000 s 2 ,000,000 0.38%
Fed Farm Cred it Ba nk 3133ELF41 6/8/2022 60 Mo s 6/8/2027 1,000 ,000 s 1,000,000 0.94%
Fed Farm Cred it Bank 3133EMZ21 8/6/202 1 54 Mos 4/6/2026 1,000 ,000 s 1,000 ,000 0.69%
Fed Farm Cred it Bank 3 133E NYX2 6/17/2022 24 Mos 6/17/2024 500,000 $ 500 ,000 3.25%
Total Investments $ 88,399,025
Summary Weighted Return 1.06%
Loca l Agency Investment Fund (LAIF-CITY) 59 ,332 ,197.54
Certificate of Deposit -Malaga Ba nk 250 ,000 .00
Certificate of Deposit -Malaga Ba nk 4,066,827.49
Certificate of Deposit -Vining Spa rk s 18,250,000.00
Treasury Bills -Vining Spa rk s 6 ,500,000.00
Total Investments 88,399,025.03
A-5
Malaga Bank -CD
5%
NOTE:
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
JUNE 2022
SUMMARY OF CASH BALANCE BY INSTITUTION
JUNE 2022
Vining Sparks -Treasury Bank of the West
Vining Sparks -Money Market
0%
7% 4%
State of California -LAIF
64%
(1) LAIF market values will be reported to vary from book va lue if the City ca lculated share of total LAIF assets is less than th e City book value .
T o th e best of my knowledge , there are no misstatements of material amount s within thi s report ;
or om issions of materia l amounts to cause the report to be misleading .
I certify that th is report accurately reflects all City investments and compli es with the investment policy of th e City
of Rancho Palos Verdes as approved by the City Counci l. Furthermore , I certify that sufficient investment liquidity
and an t icipa ted revenues are available to meet the City's expenditu re requirements for th e next six mon th s .
Respectfully submitted,
Tce~J1~