Rancho Palos Verdes City Council
   

TO:HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM:FINANCE DIRECTOR

DATE:FEBRUARY 4, 2003

SUBJECT:DECEMBER 2002 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

 

RECOMMENDATION:

Receive and file the December 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 December 2002.

ANALYSIS:

The overall cash balances of the City totaled $25,252,329 at December 31, 2002. This represents a $1,863,601 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.

General Fund – The cash balance in the General fund increased by just over $1,300,000 during the month. The increase was primarily the result of receiving a large installment of property tax revenue from the County. The larger property tax installments are received in the months of December and April each tax year.

Gas Tax Fund – The cash balance in this fund increased by more than $199,000 during the month due to receipt of both the November and December Highway Users Tax Apportionment.

1972 Act Fund – The cash balance in this fund increased more than $101,000 during the month due to receipt of the large December property tax apportionment.

1911 Act Fund – The cash balance in this fund increased more than $89,000 during the month due to receipt of the large December property tax apportionment.

Respectfully submitted,

Dennis McLean

Finance Director/Treasurer

Reviewed:

Les Evans

City Manager

W:\CASH$$\Treasurer's Report\20030204-Dec2002city.doc