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RANCHO PALOS VERDES CITY COUNCIL MEETING DATE: 06/05/2018 <br />AGENDA REPORT AGENDA HEADING: Consent Calendar <br /> <br />AGENDA DESCRIPTION: <br /> <br />Consideration and possible action regarding the April 2018 Cash Balances/Monthly <br />Treasurer’s Report <br /> <br />RECOMMENDED COUNCIL ACTION: <br /> <br />(1) Receive and file the April 2018 Cash Balances/Monthly Treasurer’s Report. <br /> <br />FISCAL IMPACT: None <br /> <br />Amount Budgeted: N/A <br />Additional Appropriation: N/A <br />Account Number(s): N/A <br /> <br />ORIGINATED BY: Jane Lin, Accountant <br />REVIEWED BY: Deborah Cullen, Director of Finance <br />APPROVED BY: Doug Willmore, City Manager <br /> <br />ATTACHED SUPPORTING DOCUMENTS: <br /> <br />A. Monthly Treasurer’s Report (page A-1) <br /> <br /> <br />BACKGROUND AND DISCUSSION: <br /> <br />This report summarizes the cash balance of all funds and investments for the month of <br />April 2018. A separate report is prepared monthly for the Improvement Authority, and is <br />presented under separate cover before the Authority Commission. <br /> <br />The overall cash balances of the City totaled $63,126,901, with more than $27.3 million <br />or 43% of the balance in the Local Agency Investment Fund (LAIF). The City has more <br />than $6.9 million or 11% of the total cash balance with Bank of the West, and over $4 <br />million or 7% with Malaga Bank. In addition, the City has a total Certificates of Deposit <br />(CD) investments of over $24.7 million or 39% of the total cash balance. The securities <br />are held by the Bank of New York and are FDIC insured. <br /> <br />In summary, the City’s General Fund has over $18 million or 30% in cash balance, and <br />the Capital Improvement Projects (CIP) Fund has over $23 million or 37% in cash <br />balance. The remaining cash balances are in the Equipment Replacement Fund with <br />over $2.4 million or 4%, over $2 million or 3% in the 1911 Act Fund, over $1.1 million or <br />2% in the Habitat Restoration Fund, over $1.4 million or 2% in the Quimby Fund, over <br />1