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FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: APRIL 5, 2005
SUBJECT: FEBRUARY 2005 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the February 2005 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 February 2005.
The overall cash balances of the City totaled $32,206,739 at February 28, 2005. This represents a $228,869 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.
1972 Act Fund – The cash balance in this fund increased by more than $42,000 mainly due to receipt of the February property tax apportionment.
Prop C Fund – The cash balance in this fund increased by more than $47,000 during the month primarily due to receipt of the monthly Proposition C apportionment.
Prop A Fund – The cash balance in this fund increased by more than $43,000 during the month primarily due to receipt of the monthly Proposition A apportionment. The February revenue was offset by normal expenditures.
Employee Benefits Fund – The cash balance in this fund increased by more than $605,000 during the month. The primary source of this fund is the transfer from the General Fund for the cost of employee benefits. Staff processed one-time transfer in the amount of $663,506 for the period July 2004 to February 2005. From now on, staff will process the operating transfer from the General Fund monthly.
Director of Finance and Information Technology