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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: FINANCE DIRECTOR
DATE: SEPTEMBER 3, 2002
SUBJECT: JULY 2002 TREASURER’S REPORT
Staff Coordinator: Kathryn Downs, Accounting Manager
Receive and file the July 2002 Treasurer's Report for the City of Rancho Palos Verdes.
Government Code Section 53646 requires the City Treasurer to submit an investment report to the City Council on at least a quarterly basis. The City has elected to submit a treasurer’s report to the Council for review each month. This report summarizes the cash activity associated with all funds of the City. A separate treasurer’s report is prepared monthly for both the Redevelopment Agency and Improvement Authority and is presented under separate cover before their respective governing bodies. The attached treasurer's report includes the cash activities of the City for the month of July 2002.
The overall cash balances of the City totaled $26,667,364 at July 31, 2002. This represents a $79,038 increase during the month. The overall increase is a result of various factors in several individual funds of the City. These factors are discussed in detail below for each fund experiencing a noteworthy cash event.
CDBG Fund – Cash in the CDBG fund increased by more than $80,000 during July due to receipt of the FY 2001-2002 year-end grant payment from CDBG. July CDBG disbursements were immaterial.
Proposition A Fund – The cash balance in the Proposition A fund decreased by more than $149,000 primarily due to disbursement of the July through December 2002 Palos Verdes Transit contribution of $188,087. This payment was offset by receipt of the July Proposition A apportionment.
Special Trusts Fund – The Special Trusts cash increase of more than $50,000 in July was primarily due to receipt of $25,000 from RPV Associates LLC for the Subregion One trust deposit and a $28,000 deposit from Ocean Trails.