TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: FINANCE DIRECTOR

DATE: OCTOBER 1, 2002

SUBJECT: AUGUST 2002 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the August 2002 Treasurer's Report for the City of Rancho Palos Verdes.

BACKGROUND:

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 August 2002.

ANALYSIS:

The overall cash balances of the City totaled $25,122,384 at August 31, 2002. This represents a $1,544,980 decrease during the month. The overall decrease 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.

General Fund – Cash in the General fund decreased by more than $400,000 during August due to the following:

• Disbursements for both June and July building and safety services of approximately $39,855;
• Disbursements for both May and June view restoration services – additional decrease of approximately $18,122;
• Disbursements for both June and July geology services – additional decrease of approximately $9,200;
• Disbursements for both June and July Sheriff contract installments – additional decrease of approximately $212,000; and
• Disbursements for both June and July legal counsel fee associated with the case Indian Ridge Crest Gardens vs City of Rancho Palos Verdes, et al. – $20,912 for month of June and $6,466 for month of July; and
• Annual disbursement of $19,466 for FY 2001-2002 animal control field services.

CIP Fund – The cash balance in this fund decreased by over $1 million during the month. The CIP fund received a $23,566 grant from South Bay Cities Council of Governments for Tri-Cities Bikeways project and the monthly General fund transfer of $118,345. Significant disbursements included: $385,000 to Chandler’s Sand & Gravel in accordance with the settlement that was approved by the City Council on August 6, 2002; $97,184 to Colich and Sons for San Ramon oil services: $105,238 to DMC Engineering for San Ramon drainage engineering service; $67,426 to DMC Engineering for inspection of Crenshaw and Hawthorne resurfacing project; $25,885 to Harris & Associates for San Ramon inspection; $41,121 to RBF Consulting for PVDE drainage engineering service; $385,566 to Sully Miller for resurfacing of Crenshaw and Hawthorne Boulevards and $17,997 to L.A. Signal Inc for furnishing new poles of Hawthorne and Vallon.

Respectfully submitted,
Dennis McLean
Finance Director/Treasurer

Reviewed:
Les Evans
City Manager