JULY 5, 2005 MAY 2005 TREASURER’S REPORT JULY 5, 2005 MAY 2005 TREASURERíS REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: JULY 5, 2005

SUBJECT: MAY 2005 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the May 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 May 2005.

ANALYSIS:

The overall cash balances of the City totaled $34,888,412 at May 31, 2005. This represents a $1,848,447 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 $1,603,000 during the month. The increase was primarily the result of receipt of May property tax revenue from the County.

Gas Tax Fund – The cash balance in this fund decreased by more than $146,000 during the month. The disbursements included $71,016 to Hardy & Harper for the roadway and sidewalk maintenance and $21,436 to Central Coast Surface for the sidewalk grinding. Other disbursements included $46,255 remaining balance to Sequel Contractors for overlay/slurry at Silver Spur and Montemalaga.

CIP Fund – The cash balance in this fund increased by more than $66,000 during the month. The City received a grant reimbursement from the County in the amount of $470,331 during May 2005 that restored the CIP Fund balance; however, the City disbursed $236,205 to MTM Construction for PVIC expansion project during June 2005. Other disbursements include $120,834 to various vendors for the storm cleanup, the overlay/slurry inspection, and the PVIC inspection fees.

Special Trust Fund – The cash balance in this fund increased by more than $66,000 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 $59,582 from Ocean Trails.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans

City Manager