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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: AUGUST 3, 2004
SUBJECT: JUNE 2004 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the June 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 June 2004.
The overall cash balances of the City totaled $30,757,879 at June 30, 2004. This represents a $204,710 decrease during the month. The overall decrease 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 C Fund – The cash balance in this fund increased by more than $48,000 during the month due to receipt of the monthly Proposition C apportionment. There were no offsetting disbursements during the month of June.
Prop A Fund – The cash balance in this fund increased by more than $43,000 during the month due to receipt of the monthly Proposition A apportionment. The major disbursement was to pay for the MAX participant program for the quarter ended June 2004.
Employee Benefits Fund – The cash balance in this fund increased by more than $42,000 during the month primarily due to the last payroll withholdings for FY03-04 were not disbursed during the month of June.
Special Trust Fund – The cash balance in this fund decreased by more than $82,000 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 $48,000 on behalf of Ocean Trails and PCR Services Corporation of over $12,000 on behalf of York Long Point.
Director of Finance and Information Technology