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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: FINANCE DIRECTOR
DATE: NOVEMBER 5, 2002
SUBJECT: SEPTEMBER 2002 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the September 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 September 2002.
The overall cash balances of the City totaled $24,709,442 at September 30, 2002. This represents a $412,942 decrease during the month. The overall decrease is a result of various factors in several inidual 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 the month. The decrease was primarily the result of receiving a small installment of property tax revenue from the County while General fund expenditures are fairly constant each month. The property taxes are levied twice each year which causes the timing of property tax cash receipts to be cyclical. September is one of the months in which only $12,106 or only one-third of one percent of the annual budgeted property tax revenue was received.
Gas Tax Fund – Cash in this fund increased by more than $136,000 during the month due to receipt of both the July and August Highway Users Tax apportionment.
CIP Fund – The cash balance in this fund decreased by more than $192,000 during the month. This fund disbursed $29,630 to Harris & Associates and $66,307 to Colich and Sons for the San Ramon Drainage Project. In addition, $196,140 was disbursed to Excel Paving Company Inc. for residential overlay. Receipts were limited to the monthly General fund transfer of $118,345.