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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: NOVEMBER 2, 2004
SUBJECT: SEPTEMBER 2004 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the September 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 September 2004.
The overall cash balances of the City totaled $29,318,502 at September 30, 2004. This represents an $888,674 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.
General Fund – The cash balance in this fund decreased by more than $117,000 during the month. The decrease was primarily the result of not receiving the September installment of the property tax revenue from the County while General fund expenditures are fairly constant each month. The property taxes are levied twice each year which causes the timing of property tax cash receipts to be cyclical. September is one of those months.
Gas Tax Fund – The cash balance in this fund decreased by more than $94,000 during the month. The primary disbursements included $96,102 for the first quarter of the street maintenance among six vendors. Other disbursement included $40,090 to Sequel Contractors for the slurry project at the Grandview area.
Prop A Fund – The cash balance in this fund increased by more than $57,000 during the month due to receipt of the monthly Proposition A apportionment.
CIP Fund – The cash balance in this fund decreased by more than $647,000 during the month. Disbursements included $568,465 to Hardy & Harper and $18,330 to Willdan for the Crest Road street improvement project. Other disbursement included $93,542 to Sequel contractors for the slurry project at Grandview area.
Director of Finance and Information Technology