TO:HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM:FINANCE DIRECTOR

DATE:MARCH 4, 2003

SUBJECT:JANUARY 2003 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the January 2003 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 January 2003.

ANALYSIS:

The overall cash balances of the City totaled $25,366,192 at January 31, 2003. This represents a $113,863 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.

CIP Fund – The cash balance in this fund decreased by more than $407,000 during the month. This fund disbursed $227,064 to Colich & Sons, $132,451 to SRD Engineering, and $21,860 to Harris & Associates for the San Ramon Drainage Project. A disbursement of $51,855 was paid to Steiney & Company Inc. for Hawthorn/Vallon traffic signal. Another disbursement of $33,995 was paid to Excel Paving Company Inc. for the residential overlay project. In addition, $22,890 was paid to Innovative Technical Solution for excavating soil at PVIC.

Special Trusts Fund – The cash balance in this fund increased by more than $116,000 during the month. The primary deposits included $120,000 from Ocean Trails and $25,000 from Marymount College.

Respectfully submitted,

Dennis McLean

Finance Director/Treasurer

Reviewed:

Les Evans

City Manager