Rancho Palos Verdes City Council
   

JUNE 1, 2004 APRIL 2004 TREASURERs REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: JUNE 1, 2004

SUBJECT: APRIL 2004 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the April 2004 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 April 2004.

ANALYSIS:

The overall cash balances of the City totaled $30,751,427 at April 30, 2004. This represents a $1,583,695 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 $1,414,000 during the month. The increase was primarily the result of receiving $1,102,338 of the April property tax revenue from the County. The City also received $146,271 of annual franchise fee from Southern California Gas Company, $244,446 of annual franchise fee from Southern California Edison Company, and $100,415 of third quarter franchise fee from Cox Cable.

1972 Act Fund – The cash balance in this fund increased by more than $40,000 mainly due to receipt of the April property tax apportionment. The major expenditures were for the monthly transfer to the Gas Fund for street landscape and traffic signal maintenance in accordance with the FY03-04 budget.

1911 Act Fund – The cash balance in this fund increased by more than $77,000 mainly due to receipt of the April property tax apportionment. The major disbursement was for the monthly utility payment to Southern California Edison Company.

Prop C Fund – The cash balance in this fund increased by more than $36,000 during the month due to receipt of the monthly Proposition C apportionment. There were no offsetting disbursements during the month of April.

Prop A Fund – The cash balance in this fund increased by more than $41,000 during the month due to receipt of monthly Proposition A apportionment. The April property apportionment revenue was offset by normal operating expenditures.

Abalone Cove Sewer District Fund – The cash balance in this fund increased by more than $7,000 during the month due to receipt of April sewer user fees. The April property apportionment revenue was offset by ordinary operating expenditures.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans

City Manager