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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: FINANCE DIRECTOR
DATE: SEPTEMBER 2, 2003
SUBJECT: JULY 2003 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the July 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 July 2003.
The overall cash balances of the City totaled $25,702,902 at July 31, 2003. This represents a $613,306 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 the General fund increased by more than $603,000 during the month. The increase was primarily due to the transfer back of $175,000 from the Portuguese Bend Redevelopment Agency Fund and $75,000 from the Improvement Authority Fund in accordance with the FY03-04 budget. The City also received the fourth quarter franchise fees from Cox Cable and Waste Management.
Recycling Fund – The cash balance in this fund increased by more than $56,000 during the month due to receipt of the fourth quarter recycling revenues from Waste Management.
CIP Fund – The cash balance in this fund decreased by more than $240,000 during the month. This fund disbursed $37,370 to Harris & Associates and $20,557 to Colich & Sons for the San Ramon Drainage Project. This fund also disbursed $108,559 to Colich & Sons for the 25th/PVDS Rehab Project and $30,770 for traffic signal at Hawthorne/Vallon. The above disbursements were for FY02-03 expenditures.
Special Trusts Fund – The cash balance in this fund increased by more than $75,000 during the month. The primary deposits included $50,000 from Ocean Trails and $25,000 from York Long Point Associates.