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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: FINANCE DIRECTOR
DATE: APRIL 1, 2003
SUBJECT: FEBRUARY 2003 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the February 2003 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 February 2003.
The overall cash balances of the City totaled $25,091,832 at February 28, 2003. This represents a $274,360 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 $68,000 during the month due to receipt of the second quarter recycling revenues from Waste Management and Ivy Disposal.
Proposition A Fund – The cash balance in this fund decreased by more than $146,000 primarily due to disbursement of the January through June 2003 Palos Verdes Transit contribution of $188,086.
CIP Fund – The cash balance in this fund decreased by more than $195,000 during the month. This fund disbursed $165,605 to SRD Engineering, $51,564 to Colich & Sons, and $32,834 to Amec Earth & Environmental for the San Ramon Drainage Project. Another disbursement of $65,690 was paid to Excel Paving Company Inc. for the residential overlay project.
Quimby Fund – The cash balance in this fund decreased by more than $215,000 during the month. The decrease is predominantly the result of paying for the playground equipment, installation, and inspection at Ryan Park.