JANUARY 4, 2005NOVEMBER 2004 TREASURER’S REPORT JANUARY 4, 2005NOVEMBER 2004 TREASURERíS REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: JANUARY 4, 2005

SUBJECT: NOVEMBER 2004 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the November 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 November 2004.

ANALYSIS:

The overall cash balances of the City totaled $29,869,687 at November 30, 2004. This represents a $271,153 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 $177,000 during the month primarily due to a disbursement of $217,367 to Sequel Contractors, Inc. for the Crest Road street improvement project.

CDBG Fund – The cash balance in this fund decreased by more than $85,000. Because CDBG cash inflows are reimbursements of prior months’ expenditures and are not related to current month expenditures, it is common to have a variance between cash inflows and outflows for a given month. The major disbursement included $97,592 to 2H Construction, Inc. for the elevator construction project.

CIP Fund – The cash balance in this fund increased by more than $198,000 during the month primarily due to the receipt of the reimbursement from the State for the Crest Road street improvement project.

Special Trust Fund – The cash balance in this fund increased by more than $81,000 during the month. The primary deposits included $45,000 from Ocean Trails and $42,878 from York Long Point Associates.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans

City Manager