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TO:HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
DATE:DECEMBER 3, 2002
SUBJECT:OCTOBER 2002 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the October 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 October 2002.
The overall cash balances of the City totaled $23,771,749 at October 31, 2002. This represents a $937,693 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 – The cash balance in the General fund decreased by more than $340,000 during the month. The decrease was primarily the result of receiving a small installment of property tax revenue from the County during the month. The property taxes are levied twice each year, which causes the timing of property tax cash receipts to be cyclical. October is a month in which only $15,583 was received, only almost half of one percent of the annual budgeted property tax revenue.
Prop A Fund – The cash balance in this fund increased by over $56,000 during the month due to receipt of the monthly Proposition A sales tax apportionment and a reimbursement of the Municipal Area Express (MAX) Capital Reserve Account. Based upon a letter from MAX Transit Director, a refund of $19,031 was received as a result of: 1) Agency Staff was able to secure $2.54 million in federal capital funds and; 2) Staff successfully negotiated a favorable per-bus cost for the MAX fleet replacement.
COPS/LLESS/CLEEP Fund – The cash balance in the COPS fund increased by more than $78,000 during the month. This was due to the receipt of the annual COPS (Brulte) grant from the State in the amount of $100,000.
CIP Fund – The cash balance in this fund decreased by more than $879,000 during the month. This fund disbursed $818,238 to Excel Paving Company Inc. for residential overlay. Disbursement of $160,054 was made to City of Palos Verdes Estates for the joint storm drain project. In addition, $37,390 was disbursed to Harris & Associates for the San Ramon Drainage Project. Receipts were limited to the monthly General fund transfer of $118,345.