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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: DECEMBER 2003 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the December 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 December 2003.
The overall cash balances of the City totaled $27,910,298 at December 31, 2003. This represents a $2,397,535 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 this fund increased by more than $2,573,000 during the month. The increase was primarily due to receipt of $1,700,000 for the insurance claim regarding the Tyler residence and receipt of approximately $1,500,000 for December property tax revenue from the County. The larger property tax installments are received in the months of December and April each tax year.
1972 Act Fund – The cash balance in this fund increased by more than $93,000 during the month primarily due to receipt of the large December property tax apportionment.
1911 Act Fund – The cash balance in this fund increased more than $102,000 during the month primarily due to receipt of the large December property tax apportionment.
Prop A Fund – The cash balance in this fund decreased by more than $201,000 during the month primarily due to the disbursement of the City’s contribution of $188,086 to the Palos Verdes Transit Authority for the six months ending June 2004.
EET Fund – The cash balance in this fund decreased by more than $124,000 during the month. This was a reimbursement of grant monies to LA County for cost incurred during the terminated Abalone Cove Beach Improvement project. The termination of the project and the reimbursement of the grant monies to LA County were approved by the City Council on November 5, 2003.
Director of Finance and Information Technology