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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: APRIL 6, 2004
SUBJECT: FEBRUARY 2004 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the February 2004 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 February 2004.
The overall cash balances of the City totaled $29,246,520 at February 29, 2004. This represents a $341,535 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 $182,000 during the month. The increase was primarily the result of receiving $248,288 of property tax revenue from the County, $33,745 of annual lease of the property at City Hall for monopole setting from Verizon Wireless, and $33,795 of annual curbside recycling cash back incentive from Waste Management pass-through from Department of Conservation.
Prop C Fund – The cash balance in this fund increased by more than $46,000 during the month due to receipt of the Proposition C apportionment and no offsetting disbursements in the month of February.
Prop A Fund – The cash balance in this fund increased by more than $54,000 during the month. Expenditures were offset by the February Proposition A apportionment.
Special Trust Fund – The cash balance in this fund increased by more than $49,000 during the month. The primary deposits included $63,000 from Ocean Trails and $8,000 from Marymount College.
Director of Finance and Information Technology