SEPTEMBER 6, 2005 JUNE 2005 TREASURER’S REPORT SEPTEMBER 6, 2005 JUNE 2005 TREASURER’S REPORT SEPTEMBER 6, 2005 JUNE 2005 TREASURER’S REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: SEPTEMBER 6, 2005

SUBJECT: JUNE 2005 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the June 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 June 2005.

ANALYSIS:

The overall cash balances of the City totaled $32,553,062 at June 30, 2005. This represents a $2,335,350 decrease during the month. The overall decrease 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 decreased by more than $1,317,000 during the month. Consistent withthe with the historical trend, the City only received a small installment of property tax revenue from the County during the month of June.

Gas Tax Fund – The cash balance in this fund decreased by more than $54,000 during the month. The decrease was due to disbursements for April, May, and June services. The disbursements included $81,483 to Hardy & Harper for the roadway and sidewalk maintenance and $51,696 to Trugreen Landcare for roadway maintenance.

Prop A Fund – The cash balance in this fund increased by more than $56,000 during the month primarily due to receipt of the monthly Proposition A apportionment. The June revenue was offset by normal expenditures.

CIP Fund – The cash balance in this fund decreased by more than $432,000 during the month. This fund made disbursements of $1,319,282 to MTM Construction for the PVIC expansion project. The City received reimbursement of $224,496 from the

County for Measure A funding of the PVIC project. As of August 17, Staff has filed total reimbursement claims for $1,075,290 that will offset the deficit cash balance. Other disbursements include $242,593 to various vendors for the storm cleanup, the overlay/slurry inspection, and the PVIC inspection fees.

Measure A Fund – The cash balance in this fund decreased by more than $362,000 during the month attributable to a PVIC funding transfer. The Measure A fund received the grant reimbursement during July.

Employee Benefits Fund – The cash balance in this fund decreased by more than $109,000 during the month. The decrease was primarily due to the prepayment to California Joint Powers Insurance Authority for the FY05-06 worker’s compensation insurance and month of July health insurance.

Respectfully submitted,

Dennis McLean

Director of Finance and Information Technology

Reviewed:

Les Evans

City Manager