Rancho Palos Verdes City Council
   

JULY 6, 2004 MAY 2004 TREASURER’S REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: JULY 6, 2004

SUBJECT: MAY 2004 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the May 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 May 2004.

ANALYSIS:

The overall cash balances of the City totaled $30,962,590 at May 31, 2004. This represents a $211,163 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 $301,000 during the month. The increase was primarily the result of receipt of the May property tax revenue from the County and third quarter franchise fees from Waste Management. The May revenue was offset by normal operating expenditures.

Recycling Fund – The cash balance in this fund increased by more than $60,000 during the month due to receipt of the third quarter recycling revenues from Waste Management.

Prop C Fund – The cash balance in this fund increased by more than $41,000 during the month due to receipt of the monthly Proposition C apportionment. There were no offsetting disbursements during the month of May.

Prop A Fund – The cash balance in this fund decreased by more than $165,000 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 December 2004.

Special Trust Fund – The cash balance in this fund decreased by more than $67,000 during the month. Cash fluctuations in the Special Trusts fund are caused by timing differences of payments to and from the City for various services including engineering and inspections. The decrease was primarily due to disbursements to Cotton, Shires & Associates of over $34,000 on behalf of Ocean Trails.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans

City Manager