CC SR 20240702 D - May 2024 City Treasurer Report
CITY COUNCIL MEETING DATE: 07/02/2024
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration and possible action to receive the May 2024 Cash Balances/Monthly
Treasurer’s Report.
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the May 2024 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: Vina Ramos, Director of Finance VR
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
May 2024. 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 $100 million with over $46.7 million or 47%
of the total cash balance in the Local Agency Investment Fund (LAIF). The City has a
total of over $3.8 million or 4% of the total cash balance with BMO, which consisted of
$2.3 million operating checking. The City has also opened a new money market account
with a balance of $1.5 million of idle funds to maximize interesting earnings instead of
leaving the amount in the BMO checking account. Over $4.2 million or 4% is with Malaga
Bank. Additionally, the investments under the City’s brokerage firm Stifel includes
Certificates of Deposit (CD) investments $29 million or 29%, Treasury Bills and Agency
Bonds $16.5 million or 16% of the total cash balance, and a money market account has
a balance of $5,600 or less than 1% of the total cash balance. The City holds a money
market account with Stifel for transactions related to the selling and purchasing of
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investments, as applicable. The securities are held by Bank of America and are FDIC-
insured.
In summary, the City’s General Fund has over $37 million or 38% of the cash balance,
and the Capital Infrastructure Program (CIP) Fund has over $33 million or 33% of cash
balance. The remaining cash balances are in the Equipment Replacement Fund with over
$3 million or 3%, over $3 million or 3% in the 1911 Act Fund, approximately $60,000 or
less than 1% in the Habitat Restoration Fund, over $0.1 million or less than 1% in the
Quimby Fund, and over $23 million or 23% in Other Restricted Funds.
Compared to the May 2023 balance, the City’s cash balance increased by $0.3 million,
primarily due to the increase in revenue sources. This increase is expected and aligns
with the FY 2023-24 adopted budget for revenues.
Additionally, while comparing the balance in April 2024, the City’s cash balance increased
by $1.2 million, mainly attributed to the timing of billing for general services and
disbursements for City-approved projects. The major disbursements for this month
included Aleshire and Wynder for legal services, AMG and Associates for Ladera Linda
project, California Joint Powers Insurance Authority for property insurance and liability
and workers’ compensation insurance, Clark Contracting for emergency landslide repairs
at the residential streets, Dudek and Associates for Housing Element Project, Fire
Glazers for goat grazing fuel modification at preserve areas, FJCT Acquisition for City
vehicle purchase, Hardy and Harper and Hout Construction for Portuguese Bend area
landslide emergency repairs, Los Angeles County Sheriff’s Department for law
enforcement services, and Stay Green for citywide cleanup services. All expenditures
were disbursed in accordance with the Fiscal Year 2023-24 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
Postage
Bank and Merchant Fees
Petty Cash
BMO
Operating
2,754,723.03
6,843,632.13
(4,952,355.11)
(753,893.40)
(1,310.95)
3,500,000.00
(5,067,521.46)
2,323,274.24
463,809.54
275,969.64
1,500.00
12,027.22
587.00
753,893.40
(3) The net adjustment was due to void checks and other adjustment.
CITY OF RANCHO PALOS VERDES
MONTHLY TREASURER'S REPORT
MAY 2024
BMO
MMDA Petty Cash LAIF--CITY
5,000,000.00 5,000.00 43,737,423.32
3,000,000.00
(3,500,000.00)
1,500,000.00 5,000.00 46,737,423.32
MAY 2024 CASH BALANCE BY MAJOR FUNDS
0% 0%
Malaga Bank
Non-Negotiable Stifel Stifel
CD Money Market Investment Total Cash
4,264,068.12 41,]g4_42 43,273,000.00 99,076,008.89
6,843,632.13
(4,952,355.11)
(753,893.40)
(36,194.48) 2,250,000.00 2,212,494.57
6,500,000.00
(8,567,521.46)
4,264,068.12 5,599.94 45,523,000.00 100,358,365.62
■GENERAL FUND 38% ■CIP 33%
■EQUIPMENT REPLACEMENT 3%
■1911 ACT 3%
CHABITAT RESTORATION 0%
DQUIMBY0%
DOTH ER RESTRICTED FUNDS 23%
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