Rancho Palos Verdes City Council
   

OCTOBER 5, 2004 AUGUST 2004 TREASURER’S REPORT OCTOBER 5, 2004 AUGUST 2004 TREASURERíS REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: OCTOBER 5, 2004

SUBJECT: AUGUST 2004 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the August 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 August 2004.

ANALYSIS:

The overall cash balances of the City totaled $30,207,176 at August 31, 2004. This represents a $20,861 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.

Gas Tax Fund – The cash balance in this fund increased by more than $61,000 during the month. This fund received both July and August Highway Users Tax Apportionment in the amount of $141,067.

Recycling Fund – The cash balance in this fund increased by more than $57,000 during the month due to receipt of the fourth quarter recycling fees from Waste Management.

CIP Fund – The cash balance in this fund decreased by more than $81,000 during the month. Disbursements included $37,233 to Dudek & Associates for the update of the City’s Sewer Master Plan and $7,113 to AKM Consulting Engineers for the update of the Storm Drain Master Plan. Other disbursements included $10,375 to Harris & Associates for the San Ramon Drainage Project and $6,529 to Helix Environmental Plan for the Sunnyside Ridge Project.

Employee Benefits Fund – The cash balance in this fund decreased by more than $68,000 during the month. Disbursements included both July and August insurance premium in the amount of $45,549 to Blue Shield of California.

As described in July Treasurer’s Report, the negative cash balance was due to the disbursement to CalPers for the prepayment on the City ‘s employee portion of the annual retirement contribution for FY04-05. In previous years, this expenditure was paid evenly over twelve months. The Employee Benefits Fund receives monthly operating transfers from the General fund for the cost of employee benefits. Staff anticipates the monthly operating transfers will completely offset the negative cash balance in the Employee Benefits Fund by November 2004.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans

City Manager

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