TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: SEPTEMBER 6, 2005
SUBJECT: JULY 2005 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the July 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 July 2005.
The overall cash balances of the City totaled $32,854,127 at July 31, 2005. This represents a $301,066 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.
Gas Tax Fund – The cash balance in this fund decreased by more than $79,000 during the month. The June Highway Users Tax revenue was not scheduled to receive until August 1st while normal operating expenditures were disbursed in month of July.
Recycling Fund – The cash balance in this fund increased by more than $74,000 during the month due to receipt of the fourth quarter recycling revenues from Waste Management.
Habitat Restoration Fund – The cash balance in this fund increased by more than $73,000 during the month primarily due to a one-time funding transfer of $76,752 from General Fund in accordance with the FY05-06 budget, Resolution 2005-53 Section 3, regarding the budget for FY05-06.
CIP Fund – The cash balance in this fund increased by more than $111,000 during the month primarily due to monthly recurring funding transfers of $139,754 from General Fund.
Measure A Fund – The cash balance in this fund increased by more than $362,000 during the month primarily due to receipt of reimbursement from the County for PVIC project.
Employee Benefits Fund – The cash balance in this fund decreased by more than $250,000 during the month. The decrease was primarily due to the FY05-06 prepayment of $383,509 to CalPERS for the City’s employer portion of the annual retirement contribution.
Building Replacement Fund – The cash balance in this fund increased by more than $110,000 during the month primarily due to a one-time funding transfer of $100,000 from General Fund in accordance with the budget for FY05-06.
Director of Finance and Information Technology