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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: FEBRUARY 3, 2004
SUBJECT: NOVEMBER 2003 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the November 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 November 2003.
The overall cash balances of the City totaled $25,512,763 at November 30, 2003. This represents a $740,339 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.
Prop A Fund – The cash balance in this fund increased by more than $51,000 during the month. Expenditures were offset by the November Proposition A apportionment.
COPS/LLESS/CLEEP Fund – The cash balance in this fund increased by more than $90,000 during the month. This was due to the receipt of the annual COPS (Brulte) grant from the State in the amount of $100,000.
Special Trust Fund – The cash balance in this fund increased by more than $83,000 during the month. The primary deposits included $60,000 from Ocean Trails and $75,000 from York Long Point Associates.
Director of Finance and Information Technology