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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: SEPTEMBER 7, 2004
SUBJECT: JULY 2004 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the July 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 July 2004.
The overall cash balances of the City totaled $30,186,315 at July 31, 2004. This represents a $571,565 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.
Gas Tax Fund – The cash balance in this fund decreased by more than $184,000 during the month. This fund disbursed both May and June ordinary operating expenditures. The July Highway Users Tax Apportionment was not received during July 2004, but it was received later on August 3, 2004.
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 July.
Prop A Fund – The cash balance in this fund increased by more than $44,000 during the month due to receipt of the monthly Proposition A apportionment.
CIP Fund – The cash balance in this fund decreased by more than $135,000 during the month. Disbursements included $89,185 to Dudek & Associates for the consultation of the City’s master sewer system and $24,017 to Harris & Associates for the San Ramon Drainage Project.
Employee Benefits Fund – The cash balance in this fund decreased by more than $431,000 during the month. Disbursements included $69,727 to California Joint Power Insurance for FY04-05 worker’s compensation insurance and the FY04-05 prepayment of $225,058 to CalPers for the City’s employer portion of the annual retirement contribution.
In the July 9, 2004 Friday Report, staff reported that the City saved approximately $9,100 by paying the entire FY04-05 CalPers employer contribution at the beginning of the fiscal year. Normally, this expenditure is spread evenly over twelve months. The Employee Benefits Fund receives monthly operating transfers from the General fund for the cost of employee benefits. The July operating transfer will be recorded in August. Staff anticipates the monthly operating transfers will completely offset the negative cash balance in the Employee Benefits Fund by November 2004.
Special Trust Fund – The cash balance in this fund increased by more than $134,000 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 primary deposits included $100,000 from Ocean Trails and $75,000 from York Long Point.
Director of Finance and Information Technology