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RANCHO PALOS VERDES CITY COUNCIL <br />AGENDA REPORT <br />AGENDA DESCRIPTION: <br />MEETING DATE: 05/16/2017 <br />AGENDA HEADING: Consent Calendar <br />Consideration and possible action regarding the March 2017 Cash Balances/Monthly <br />Treasurer's Report <br />RECOMMENDED COUNCIL ACTION: <br />(1) Receive and file the March 2017 Cash Balances/Monthly Treasurer's Report. <br />FISCAL IMPACT: None <br />Amount Budgeted: N/A <br />Additional Appropriation: N/A <br />Account Number(s): N/A <br />ORIGINATED BY: Jane Lin, Accountant 7(— <br />REVIEWED BY: Deborah Cullen, Director of Finance <br />APPROVED BY: Doug Willmore, City Manager'/ -",,.,11-117 <br />ATTACHED SUPPORTING DOCUMENTS: <br />A. Monthly Treasurer's Report (page A-1) <br />BACKGROUND AND DISCUSSION: <br />This report summarizes the cash balance of all funds, as well as investments, for the <br />month of March 2017. A separate report is prepared monthly for the Improvement <br />Authority, and is presented under separate cover before the Authority Commission. <br />The overall cash balances of the City totaled $65,694,660, with more than $32.9 million <br />or 50% of the balance in the Local Agency Investment Fund (LAIF). The City has $6 <br />million or 9% of the total cash balance with Bank of the West, and over $3.8 million or <br />6% with Malaga Bank. In addition, the City has a total Certificates of Deposit (CD) <br />investments of $22.6 million or 35% of total cash balance. The securities are held by <br />the Bank of New York and are FDIC insured. <br />In summary, the City's General Fund have over $14 million or 23% in cash balance, and <br />Capital Improvement Projects (CIP) Fund have over $27 million or 42% in cash balance. <br />Overall, the City cash balance increased by $67,812 from last month, and in <br />comparison to the same period last year, the cash balance increased by over $0.6 <br />million. <br />1 <br />