MARCH 1, 2005JANUARY 2005 TREASURER’S REPORT MARCH 1, 2005JANUARY 2005 TREASURER’S REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: MARCH 1, 2005

SUBJECT: JANUARY 2005 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the January 2005 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 January 2005.

ANALYSIS:

The overall cash balances of the City totaled $31,977,870 at January 31, 2005. This represents a $2,435,265 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 $1,799,000 during the month. The increase was primarily the result of receipt of the January property tax revenue from the County. The January revenue was offset by normal operating expenditures.

1972 Act Fund – The cash balance in this fund increased by more than $33,000 mainly due to receipt of the January property tax apportionment.

CDBG Fund – The cash balance in this fund increased by more than $407,000. 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 $7,960 to John M. Cruikshank Consultants for the elevator construction project.

Prop A Fund – The cash balance in this fund increased by more than $45,000 during the month primarily due to receipt of the monthly Proposition A apportionment.

Special Trust Fund – The cash balance in this fund increased by more than $117,000 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 primary deposits included $145,000 from Ocean Trails.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans

City Manager