FEBRUARY 1, 2005 DECEMBER 2004 TREASURER’S REPORT FEBRUARY 1, 2005 DECEMBER 2004 TREASURERíS REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: FEBRUARY 1, 2005

SUBJECT: DECEMBER 2004 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the December 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 December 2004.

ANALYSIS:

The overall cash balances of the City totaled $29,542,605 at December 31, 2004. This represents a $327,082 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 increased by more than $719,000 during the month. The increase was primarily the result of receipt of the December property tax revenue from the County. The December revenue was offset by normal operating expenditures.

Gas Tax Fund – The cash balance in this fund decreased by more than $288,000 during the month. The disbursements included $180,578 to Sequel Contractors for the Silver Spur/Montemalaga street improvement project and other ordinary maintenance costs.

1972 Act Fund – The cash balance in this fund increased by more than $127,000 mainly due to receipt of the December property tax apportionment.

CDBG Fund – The cash balance in this fund decreased by more than $360,000. 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 disbursements included $338,899 to 2H Construction and $15,156 to John M. Cruikshank Consultants for the elevator construction project.

1911 Act Fund – The cash balance in this fund increased by more than $121,000 mainly due to receipt of the December property tax apportionment.

Prop A Fund – The cash balance in this fund decreased by more than $131,000 during the month primarily due to the disbursement of the City’s contribution of $188,086 to the Palos Verdes Transit Authority for the six months ending June 2005.

CIP Fund – The cash balance in this fund decreased by more than $369,000 during the month. The disbursements included $240,917 to MTM Construction for the PVIC expansion project and $74,542 to Sequel Contractors for the Silver Spur/Montemalaga street improvement project.

Special Trust Fund – The cash balance in this fund decreased by more than $100,000 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 decrease was primarily due to the disbursement of $40,714 to PCR Services Corporation on behalf of York Long Point. The other disbursements included $18,086 to Cotton, Shires & Associates and $16,735 to Earth Consultants International on behalf of Ocean Trails.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans