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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: FINANCE DIRECTOR
DATE: MAY 6, 2003
SUBJECT: MARCH 2003 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the March 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 March 2003.
The overall cash balances of the City totaled $24,609,675 at March 31, 2003. This represents a $482,156 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.
Gas Tax Fund – The cash balance in this fund increased by more than $114,000 during the month. Expenditures were for monthly maintenance and were offset by the monthly Highway Users Tax Apportionment.
CIP Fund – The cash balance in this fund decreased by more than $209,000 during the month. The major disbursements were $126,217 to Colich and Sons for 25th/PVDS Rehab Project and $105,149 to Colich and Sons for San Ramon Drainage Project.
Special Trusts Fund – The cash balance in this fund decreased by more than $78,000 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 March decrease was primarily due to a disbursement to Cotton, Shires & Associates of over $52,000 on behalf of Ocean Trails.