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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: FINANCE DIRECTOR
DATE: AUGUST 5, 2003
SUBJECT: JUNE 2003 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the June 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 June 2003.
The overall cash balances of the City totaled $25,101,596 at June 30, 2003. This represents a $975,858 decrease 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 the General fund decreased by more than $758,000 during the month. The decrease was primarily the result of disbursements to a few vendors for both April and May services, disbursement of $119,672 to Richard, Watson & Gershon, disbursement of $424,904 to L.A. County Sheriff, disbursement of $105,307 to Charles Abbott Associates, and disbursement for both March and April professional services of $47,335 to Willdan. The City only received a small installment of property tax revenue from the County during the month. The property taxes are levied twice each year, which causes the timing of property tax cash receipts to be cyclical. June is a month in which only $27,665 was received, approximately one percent of the annual budgeted property tax revenue.
Employee Benefits Fund – The cash balance in this fund decreased by more than $108,000 during the month. This fund disbursed $54,935 to California Joint Power Insurance for FY03-04 worker’s compensation insurance and prepayment of $27,267 to several insurance companies for July payments. This fund also disbursed $11,489 for employee merit awards.