Rancho Palos Verdes City Council
   

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: FINANCE DIRECTOR

DATE: JULY 1, 2003

SUBJECT: MAY 2003 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the May 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 May 2003.

ANALYSIS:

The overall cash balances of the City totaled $26,077,454 at May 31, 2003. This represents a $123,075 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.

Proposition C Fund – The cash balance in this fund increased by more than $74,000 primarily due to receipt of Proposition C Fund $46,146 from City of Rolling Hills to assist the rehabilitation of Crest Road.

CIP Fund – The cash balance in this fund decreased by more than $219,000 during the month. This fund disbursed $73,275 to Harris & Associates and $88,093 to Colich & Sons for the San Ramon Drainage Project. Another major disbursement of $98,272 was paid to Colich & Sons for the 25th/PVDS Rehab Project.

Quimby Fund – The cash balance in this fund decreased by more than $53,000 primarily due to a major disbursement to Vido Samarzich Inc. for the Ryan Park improvement.

Special Trusts Fund – The cash balance in this fund decreased by more than $50,000 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 disbursements to Cotton, Shires & Associates of over $26,000 and SA Associates of over $24,000 on behalf of Ocean Trails.

Respectfully submitted,

Dennis McLean

Finance Director/Treasurer

Reviewed:

Les Evans

City Manager

W:\CASH$$\Treasurer's Report\20030701-May2003city.doc