MAY 3, 2005 MARCH 2005 TREASURER’S REPORT MAY 3, 2005 MARCH 2005 TREASURER’S REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: MAY 3, 2005

SUBJECT: MARCH 2005 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the March 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 March 2005.

ANALYSIS:

The overall cash balances of the City totaled $32,243,145 at March 31, 2005. This represents a $36,406 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.

Prop C Fund – The cash balance in this fund increased by more than $53,000 during the month due to receipt of the monthly Proposition C apportionment.

Prop A Fund – The cash balance in this fund increased by more than $61,000 during the month primarily due to receipt of the monthly Proposition A apportionment. The March revenue was offset by normal expenditures.

CIP Fund – The cash balance in this fund decreased by more than $85,000 during the month. Disbursements included $315,000 to Mladen Buntich Construction for Western Avenue emergency sewer repairs and $23,605 to CBM consulting for PVIC expansion project.

Equipment Replacement Fund – The cash balance in this fund increased by more than $351,000 during the month. The primary source of this fund resulted from a catch-up transfer from the General Fund for normal equipment replacement charges to all departments. Staff processed one-time transfer in the amount of $357,054 for the period July 2004 to March 2005. From now on, staff will make the operating transfer from the General Fund monthly.

Special Trust Fund – The cash balance in this fund increased by more than $75,000 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 $50,000 from Ocean Trails and $33,000 for PVIC whale walkway plaques.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans

City Manager