TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: NOVEMBER 5, 2003

SUBJECT: SEPTEMBER 2003 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the September 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 September 2003.

ANALYSIS:

The overall cash balances of the City totaled $25,551,553 at September 30, 2003. This represents a $166,728 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.

Gas Tax Fund – The cash balance in this fund increased by more than $123,000 during the month. The increase was primarily due to receipt of both the August and September Highway Users Tax Apportionment.

Prop A Fund – The cash balance in this fund increased by more than $55,000 during the month. Expenditures were offset by the September Proposition A apportionment.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans

City Manager

W:\CASH$$\Treasurer's Report\20031105-Sept2003city.doc