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Home My Public Portal About06-15-2004LPFAThis Agenda contains a brief general descnption of each ltem to be considered. Cop~es of the Staff reports or other written documentation relating to each item of business referred to on the Agenda are on file in the Office of the City Clerk and are ava#able for public inspectlon. A person who has a quest/on concerning any of the agenda items may call the C/ty Manager at (310) 603-0220, ext 200. Procedu. res for Addressinq the Council IN ORDER TO EXPEDITE CITY COUNCIL BUSINESS, WE ASK THAT ALL PERSONS WISHING TO ADDRESS THE COUNCIL FILL OUT A FORM PROVIDED AT THE DOOR, AND TO TURN IT IN TO THE CITY CLERK PRIOR TO THE START OF THE MEETING. FAILURE TO FILL OUT SUCH A FORM WILL PROHIBIT YOU FROM ADDRESSING THE COUNCIL IN THE ABSENCE OF THE UNANIMOUS CONSENT OF THE COUNCIL. ~' LETIClA VASQUEZ VICE PRESIDENT AGENDA ITEMS ON FILE FOR CONSIDERATION AT THE REGULAR MEETING OF CITY 07 LY,~W00D , CiTv, . ,-.-.,,~ n~-~.,~.c THE LYNWOOD PUI~LI(~ FINANCE AUTHORITY - TO BE HELD ON JUNE 15, 2004 J[JN I 0 Z004 6:00 P.M. COUNCIL CHAMBERS 11330 BULLIS ROAD, LYNWOOD, CA 90262 .~.~,,~ ~,,... LOUIS BYRD ~.,~.,,,~--__~.~-.~--'~ PRESIDENT FERNANDO PEDROZA MEMBER MARIA T. SANTILLAN MEMBER CHIEF ADMINISTRATIVE OFFICER LORRY HEMPE SECRETARY ANDREA L. HOOPER RAMON RODRIGUEZ MEMBER FINANCE DIRECTOR ALFRETTA EARNEST CITY TREASURER IRIS PYGATT OPENING CEREMONIES CALL TO ORDER ROLL CALL OF MEMBERS Fernando Pedroza Ramon Rodriguez Maria T. Santillan Leticia Vasquez Louis Byrd CERTIFICATION OF AGENDA POSTING BY SECRETARY PUBLIC ORAL COMMUNICATIONS (Regarding'Agenda Items Only) PUBLIC ORAL COMMUNICA,TION$ IF AN ITEM IS NOT ON THE AGENDA, THERE SHOULD BE NO SUBSTANTIAL DISCUSSION OF THE ISSUE BY THE LYNWOOD PUBLIC FINANCE AUTHORITY, BUT IT IS ALL RIGHT FOR THE LYNWOOD PUBLIC FINANCE AUTHORITY MEMBERS TO REFER THE MA'FI'ER TO THE STAFF OR SCHEDULE SUBSTANTIVE DISCUSSION FOR A FUTURE MEETING. (The Ralph M Brown Act, Government Code Section 54950-54962, Part III, Paragraph 5 ) CONSENT CALENDAR 4. MINUTES OF PREVIOUS MEETINGS: NONE 5. STATEMENT OF CONDITION OF FUNDS Comments: The purpose of this ~tem is to have the President and Board members review the Statement of Condition of Funds Report for the various agencies. The report outlines each agency's operational cash balances (by fund) as of April 2004, and is reconciled to the Accounting Division's general ledger. Recommendation: Staff recommends that the President and Board members of the Lynwood Public Finance Authority review and file the attached Statement of Condibon of Funds Reports. ADJOURNMENI:. THE NEXT REGULARLY SCHEDULED MEETING WILL BE HELD ON JULY 6, 2004 AT 6:00 P.M., IN THE COUNCIL CHAMBERS OF THE CITY HALL, 11330 BULLIS ROAD, CITY OF LYNWOOD, CALIFORNIA. 2 DATE: June 15, 2004 TO: FROM: BY: Honorable President and Members of the Lyn~l~blic Finance Authority Lorry Hempe, Chief Administrative Officer J~ Alfretta F. Earnest, Finance Director ~:--' ' £~ff' Christy Valencia, Deputy. Director of Finance SUBJECT: Statement of Condition of Funds Purpose The purpose of this item is to have the President and Board members review the Statement of Condition of Funds Report for the various agencies. The report outlines each agency's operational cash balances (by fund) as of April 2004, and is reconciled to the Accounting Division's general ledger. Back~round The Finance & Administration Department prepares the monthly Statement of Condition of Funds for the City, Redevelopment Agency and the Lynwood Information Inc. The report includes financial information for the three agencies such as cash balances per bank and per books. The report also provides, by fund, the total revenues and expenditures received for the month. Analysis Below is a summary of the three agencies' activities for the month of April 2004 per general ledger: Agency Beginning Receipts/ Disbursements/ MiscJBalance Ending Balance Revenues Expenditures Sheet Adj. Balance City of 55,480,193.78 7,884,646.39 -4,404,543.31 -1,484,689.08 57,475,607.78 Lynwood Lynwood 8,480,199.74 875,767.71 -1,262,947.66 12.344.16 8,105,363.95 Redevelopment Agency Lynwood 155,900.74 53.89 -6,077.11 0.00 149,877.52 Information Inc The City of Lynwood generates revenue from various taxes such as property tax, sales tax, franchise tax and utility users tax. The City also generates revenue from others sources such as grants, motor vehicle fees, highway users tax and by collecting fees for services provided. During the month of April, the total revenue collected includes $1,746,766 from property taxes and $1,163,211 from other taxes. The Special Revenue Funds account for resources that are restricted for specific purposes. Revenues received fi.om grants are included in this category. The City has several special revenue funds. In April, the total beginning balance for this category is $39,209,762. Revenue received for the month amount to $462,003. The total expenditure for April including adjustments is $495,843. The total ending balance is $39,175,922. Included in this balance is $31,912,602 for the Ham Park Replacement Project. Recomme~)d~.tion Staff respectfully recommends that the President and Board members of the Lynwood Public Finance Authority review and file the attached Statement of Condition of Funds Reports. CASH BALANCES BY FUND GENERAL OPERATIONS & BEGINNING RECEIPTS/ DISBUI~EMENTS~ MISC. ENDING FUND~ CAPITAL FUNDS BALANCE REVENUES EXPENDITURES ADJUSTMEN'FS BALANCE 01 C, meral Fund 9,229,364.46 3,273,649.46 (1,610,144.63) 10,847.40 10,911,716.69 0g C l P (837,1-g7.40) 777,967.80 (397,-q-~0.79) 0.00 (4fi6,740.39) 09 Re~rm~mt 2,924,fl07.02 614,071.96 (117,742.36) 130.74 3,420,967.36 13 Public Ftnun~ Anthor~ty 0,00 4,892.6S (4,892.65) 0,00 0,00 17 D~bt Service Fmmi 18,744.79 62,793.00 (62,793.00) 0.00 18,744.79 2S Business Impro~munt 80,-~36.S8 0.00 (11,87S.00) 0.00 68,661.S8 38 Special Contingency 192,902.00 0.00 0.00 0.00 192,902.00 45 CIP Bona Pro~ted~ (1S3,0S6.25) 0.00 C23,048.05) 0.00 (176,105.10) TOTAL ENTERPRISE FUNDS 11,4~5,041.20 4,733,374.97 (2,228,047.28) 18,9~8.14 13,980,146.93 02 Water Fund 9,171,818.20 1,648,778.28 (597,303.28) (1,633,577.82) 8,589,71-~.38 31 Transportmlion (363,207.7S) 1,0~4.00 (111,271.51) 0.00 (473,425.29) $3 199~ Water Revenue Bond (1,61S.90) 0.00 0.00 0 00 (i,615.90) 61 1999 Water l~venUe Bond (45,141.93) 0.00 (30,251.36) 0.00 (7S,393.29) TOTAL 8,761,852.-~9 1,649,832.28 (730,826.15) (1,6.33,-g77.82) 8,039,280.90 RE~t'KICTED STREET FUNDS 03 Traf~e Safety (279,344.36) 1B0,997.0S (191,615.55) 0.00 (289,962.86) 07 Gas Tax 2107 20,474.59 106,808.54 (103,894 36) 0.00 23,388.77 TOTAL (258,869.77) 287,805.59 (295,509.91) 0.00 (266,S74.09) ASSESSMENT FUNDS 04 Strett Lighting (121,017.70) 348,014.29 (88,360.86) 0.00 138,63S.73 33 Landscape Maintenanc~ (491,-~13.76) 361,708.14 (128,158.29) 0 00 (257,96.3.91) 47 St Lighting- Bo~d Proceeda 0.00 0.00 0.00 0.00 0.00 48 Landscape- Bond Proceeds 0.00 0.00 0.00 0.00 TOTAL (612,$3L46) 709,722.43 (216,S19.15) 0.00 (119,328.1S) INTERNAL SERVICE FUNDS 08 Garage (289,800.22) 1,721.40 (98,949 36) 0.00 (387,028.18) TOTAL (289,800.22) 1,721.40 (98,949.36) 0.00 (387,028.18) TRUST A~D AGENCY FUNDS il Sheriff Drug Seizure 73,335.44 1,47L38 (990.87) 0.00 73,815.9~ 23 Self-lnsurance (2,869,396.59) 38,714.87 (195,893.06) (4,054.40) (3,030,629.18) 40 Payrol] 10,000.00 0.00 0.00 0.00 10,0~0.00 TOTAL (2,786,061 16) 40,186.25 096,883.93) (4,054 40) (2,946,813.23) CHECKING ACCOUNTS: L~ N'V* OOD REDEVELOPMENT AGENCY STATEMENT OF CONDITION OF FUNDS Aprd 30, 2004 O/S CHECKS BEGINNING RECEIPTS/ DISBURSEMENTS/ DEPOSIT IN ENDING lmtitution: BALANCE DEPOSITS CHECKS PAID TRANSIT BALANCE Bank of America 1,103,138 75 81,337 $1 (1,007,068 07) 809 12 178,217.61 Bunco Popular' 666,307 03 410,468.29 0.00 0.00 1,076,874.32 US Bunk 218,282.29 132,212.82 0.00 0 00 340,495.11 TOTAL 1,987,728.07 624,118.92 (1,007,068.07) 809.12 1,604,588.04 SAVINGS & MONEY MARKET ACCOUNTS: imtitution: Bank of America- Savings US Bank- Money Market US Bank- Money Market 137,654.04 0.00 0.0O 0.00 137,644.05 966,147.56 396.05 0.00 0.00 966,$43.61 59,030.44 20.00 0.00 0.00 59,050.44 TOTAL 1,162,842.0~ 416.04 0.00 0.00 1,163,24~.10 INVESTMENTS: .Area "A"/AJameda RmJevelopmunt PURCHASE MATURITY INTEREST lmtitution: DATE DATE RATE PRINCIPAL LAIF* NIA NIA variable 52?,422.66 US Bank- CD N/A N/A variable 3,944,898,08 Redevdopme~t Total 4,473,320.74 Area "A" Tax Increment PURCHASE MATURITY INTEREST Institution: DATE DATE RATE PRINCIPAL LAIF* N/A N/A vartable 480,680.46 Redevelopment Total 400,680.46 Alameda Tax Increment PURCHASE MATURITY INTEREST Im4itution: DATE DATE R.ATE PRINCIPAL LAIF* N/A N/A YarlaMe J02,410.44 US Bank- CD N/A N/A Variable 80,000.0'] Alameda Tax Total ~2,426.61 TOTAL INVESTMENT~ 5,336,427.01 TOTAL AVAII.ABLE CASH 0,105~363.9~ 'Amount based on eslimate due to statement not yet av-nable. LYNWOOD INFORMATION INC. STATE,lENT OF CONDITION OF FUNDS April .30, 2004 CHECKING 4.CCOUNTS: BEGINN/NG Im~itulto~: BALANCE O/S CHECKS RECEIPTS/ DISBUP~EMENT~ DEPOSIT IN ENDING DEPOSITS CHECKS PAID TRANSIT BALANCE US BANK* (8,940.54) 20,000.00 (44,394.69) 38,317.58 4,982.35 SAVINGS & MONEY MARKET ACCOI_ NT$: lnafituflon: US ]L~NK- Money Market 164,841.28 ~.89 (20,000.00) 0.00 144,895.17 TOTAL AVAILABLE CASH i 49,877.52 *Funds wi~ be deposited to cover out~tandmg check~