Laserfiche WebLink
RANCHO PALOS VERDES CITY COUNCIL <br />AGENDA REPORT <br />MEETING DATE: 2/19/2019 <br />AGENDA HEADING: Consent Calendar <br />AGENDA DESCRIPTION: <br />Consideration and possible action regarding the December 2018 Cash <br />Balances/Monthly Treasurer’s Report <br />RECOMMENDED COUNCIL ACTION: <br />(1) Receive and file the December 2018 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 <br />REVIEWED BY: Deborah Cullen, Director of Finance <br />APPROVED BY: Doug Willmore, City Manager <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 and investments for the month of <br />December 2018. A separate report is prepared monthly for the Improvement Authority, <br />and is presented under separate cover before the Authority Commission. <br />The overall cash balances of the City totaled $62,038,566, with more than $26.6 million <br />or 43% of the total cash balance in the Local Agency Investment Fund (LAIF). The City <br />has more than $8.4 million or 14% of the total cash balance with Bank of the West, and <br />over $4.1 million or 6% with Malaga Bank. In addition, the City has Certificates of <br />Deposit (CD) investments over $17.9 million or 29% and Treasury Bills in the amount of <br />$5 million or 8% of the total cash balance. The CD and securities are held by the Bank <br />of New York and are FDIC insured. <br />In summary, the City’s General Fund has over $16.4 million or 26% in cash balance, <br />and the Capital Improvement Projects (CIP) Fund has over $25.5 million or 41% in cash <br />balance. The remaining cash balances are in the Equipment Replacement Fund with <br />over $2.6 million or 4%, over $2 million or 3% in the 1911 Act Fund, over $1.1 million or <br />1