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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: FINANCE DIRECTOR
DATE: JUNE 3, 2003
SUBJECT: APRIL 2003 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the April 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 April 2003.
The overall cash balances of the City totaled $25,954,379 at April 30, 2003. This represents a $1,344,703 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 this fund increased by more than $1,176,000 during the month. The increase was primarily the result of receiving a large installment of property tax revenue from the County. The most significant property tax installments are received in the months of December and April each tax year. The City also received the third quarter franchise fees from California Water Co. and Southern California Edison.
Gas Tax Fund – The cash balance in this fund increased by more than $129,000 during the month due to receipt of both the March and April Highway Users Tax Apportionment.
1911 Act Fund – The cash balance in this fund increased by more than $69,000 during the month due to receipt of the large April property tax apportionment
EET Fund – The cash balance in this fund increased by more than $77,000 during the month. The increase was primarily the result of receiving a large payment from Belmont Corporation. There were no disbursements in this month.
Special Trusts Fund – The cash balance in this fund decreased by more than $51,000 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 decrease was primarily due to a disbursement to Cotton, Shires & Associates of over $51,000 on behalf of Ocean Trails.