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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: DECEMBER 7, 2004
SUBJECT: OCTOBER 2004 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the October 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 October 2004.
The overall cash balances of the City totaled $30,140,841 at October 31, 2004. This represents an $822,338 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 $738,000 during the month. The increase was primarily the result of the receipt of $840,520 for the sale of Tyler property and receipt of the first quarter recycling revenues from Waste Management.
Recycling Fund – The cash balance in this fund increased by more than $67,000 during the month. The increase was primarily due to the receipt of the first quarter recycling revenues from Waste Management.
Prop C Fund – The cash balance in this fund decreased by more than $55,000 during the month. The decrease was primarily due to the FY03-04 operating transfers totaling $93,659 to the Gas Tax Fund and the CIP Fund.
COP/LLESS Fund – The cash balance in this fund increased by more than $106,000 during the month due to receipt of the annual COP grant.
CIP Fund – The cash balance in this fund decreased by more than $59,000 during the month. Disbursements included $10,548 to Willdan for the Crest Road street improvement project and $20,160 to Hy-Com & Associates for the slurry project. Other disbursements included $11,616 to Los Angeles Conservation Corporation and $7,800 to Envirocon Inc. for weed abatement and asbestos removal at PVIC.
Employee Benefits Fund – The cash balance in this fund decreased by more than $51,000 during the month. There are two factors attributed to the decrease.
As described in July Treasurer’s Report, the negative cash balance was due to the disbursement to CalPers for the prepayment of the City employer 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. After the general ledger was closed in September, beginning balances for FY04-05 were adjusted in October. The cash balance in this fund was adjusted by approximately $30,000 as a result of closing FY03-04.
Director of Finance and Information Technology