CC SR 20230502 C - City Jan 2023 Treasury Report
CITY COUNCIL MEETING DATE: 05/02/2023
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration and possible action to receive the January 2023 Cash Balances/Monthly
Treasurer’s Report.
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the January 2023 Cash Balances/Monthly Treasurer’s Report.
FISCAL IMPACT: None
Amount Budgeted: N/A
Additional Appropriation: N/A
Account Number(s): N/A
ORIGINATED BY: Vina Ramos, Deputy Director of Finance
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 2023. 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 almost $96 million with over $56 million or
59% 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. Additionally, the investments under the City’s brokerage firm
Stifel includes Certificates of Deposit (CD) investments at $22 million or 23%, Treasury
Bills and Agency Bonds over $8.5 million or 9% of the total cash balance, and a money
market account of over $94,000 or less than 1%. The City holds a money market account
with Stifel for the transaction of selling and purchase purposes. The securities are held
by Bank of America and are FDIC-insured.
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In summary, the City’s General Fund has over $31 million or 33% in the cash balance,
and the Capital Infrastructure Program (CIP) Fund has over $38 million or 40% in cash
balance. The remaining cash balances are in the Equipment Replacement Fund with over
$3 million or 3%, over $2 million or 2% in the 1911 Act Fund, approximately $0.2 million
or less than 1% in the Habitat Restoration Fund, approximately $0.4 million or 1% in the
Quimby Fund, and over $20 million or 21% in Other Restricted Funds.
The City’s cash balance increased by over $17 million compared to the January 2022
balance. As reported in the prior month’s report, the significant overall increase in cash
balance since the prior year includes the second payment of American Rescue Plan Act
of $4.9 million received in July 2022, $8 million from Bank of the West for the partial
funding of the Ladera Linda Community Park Project in April 2022, and the remaining $4
million is a combination of increased in revenues and timing of disbursements in General
Fund and Other Special Revenue funds.
Additionally, while comparing the balance in December 2022, the City’s cash balance
increased by almost $3 million, mainly attributed to the timing of billing for general services
and disbursements for City-approved projects. The major disbursements for this month
included AMG and Associates for construction of the Ladera Linda Community Park
project, Aleshire and Wynder for legal services, LSA for the Portuguese Bend Landslide
Remediation project environmental impact report, Los Angeles County for the 2022
general municipal election, Los Angeles County Sheriff’s Department for law enforcement
services, and Palos Verdes Peninsula Transit Authority for transit operations. All
expenditures were disbursed in accordance with the Fiscal Year 2022-23 budget.
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