JUNE 7, 2005 APRIL 2005 TREASURER’S REPORT JUNE 7, 2005 APRIL 2005 TREASURER’S REPORT



TO:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: JUNE 7, 2005

SUBJECT: APRIL 2005 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the April 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 April 2005.

ANALYSIS:

The overall cash balances of the City totaled $33,039,965 at April 30, 2005. This represents a $796,819 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 $1,596,000 during the month. The increase was primarily the result of receipt of April property tax revenue from the County and the recording of third quarter interest.

Gas Tax Fund – The cash balance in this fund decreased by more than $50,000 during the month. The disbursements included $61,582 to Hardy & Harper for three months of invoices for PVDS road repair services and other ordinary maintenance costs.

1972 Act Fund – The cash balance in this fund increased by more than $71,000 mainly due to receipt of the April property tax apportionment.

1911 Act Fund – The cash balance in this fund increased by more than $74,000 mainly due to receipt of the April property tax apportionment.

CIP Fund – The cash balance in this fund decreased by more than $1,057,000 during the month. Disbursements included $241,767 to Mladen Buntich Construction for Western Avenue emergency sewer repairs and $388,033 to MTM Construction for PVIC expansion project. The City received a grant reimbursement from the County in the amount of $470,331 during May 2005 that restored the CIP Fund balance. Other disbursements include $215,618 to various vendors for the storm cleanup during late December 2004 and beginning of January 2005.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans

City Manager