Rancho Palos Verdes City Council
   

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: FINANCE DIRECTOR

DATE: OCTOBER 7, 2003

SUBJECT: AUGUST 2003 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the August 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 August 2003.

ANALYSIS:

The overall cash balances of the City totaled $25,384,825 at August 31, 2003. This represents a $216,196 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 $82,000 during the month. The increase was primarily due to the monthly transfer from the 1972 Act Fund for street landscape and traffic signal maintenance in accordance with the FY03-04 budget. Both July and August transactions were posted in the month of August.

1972 Act Fund – The cash balance in this fund decreased by more than $64,000 during the month mainly due to transfer to the Gas Tax Fund as described previously.

Prop C Fund – The cash balance in this fund increased by more than $42,000 during the month due to receipt of the August Proposition C apportionment and no disbursements in the month of August.

Prop A Fund – The cash balance in this fund decreased by more than $138,000 during the month primary due to the disbursement of the City’s contribution of $188,087 to the Palos Verdes Transit Authority for the six months ending December 2003. This payment was offset by receipt of the August Proposition A apportionment of approximately $50,000.

CIP Fund – The cash balance in this fund increased by more than $121,000 during the month. The increase was primarily due to monthly transfer from General Fund in accordance with the FY03-04 budget. Both July and August transactions were posted in the month of August. Expenditures were offset by the monthly General fund transfer of $58,277.

Respectfully submitted,

Dennis McLean

Finance Director/Treasurer

Reviewed:

Les Evans

City Manager