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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: FINANCE DIRECTOR
DATE: JANUARY 7, 2003
SUBJECT: NOVEMBER 2002 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the November 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 November 2002.
The overall cash balances of the City totaled $23,388,728 at November 30, 2002. This represents a $382,066 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.
Recycling Fund – The cash balance in this fund increased by more than $57,000 during the month due to receipt of the first quarter recycling revenues from Waste Management and Ivy Disposal.
Prop A Fund – The cash balance in this fund increased just over $50,000 during the month due to receipt of the monthly Proposition A sales tax apportionment. Expenditures were limited to printing and monthly overhead allocation.
COPS/LLESS/CLEEP Fund – The cash balance in this fund decreased by over $69,000 during the month. This was due to a disbursement of $57,769 to the Los Angeles Sheriff Department for the second installment of the high tech grant pass-through payment for the LARCIS program.
Special Trusts Fund – The cash balance in this fund decreased by over $52,000 during the month. Cash fluctuations in the Special Trusts fund are caused by timing differences of payments to and from the City for various services including engineering and inspections. The November decrease was primarily due to a disbursement of almost $45,000 to Cotton, Shires & Associates on behalf of Ocean Trails.