TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: NOVEMBER 1, 2005
SUBJECT: AUGUST 2005 TREASURER’S REPORT
Staff Coordinator: Jane Lin, Accountant
Receive and file the August 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 August 2005.
The overall cash balances of the City totaled $32,195,469 at August 31, 2005. This represents a $658,659 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.
Gas Tax Fund – The cash balance in this fund decreased by more than $149,000 during the month. The primary disbursements included $159,869 to Roy Allen Slurry Seal Inc. and $9,310 to HB-Hyecom Inc. for Palos Verdes Dr East slurry seal project.
Prop A Fund – The cash balance in this fund decreased by more than $176,000 during the month due to the disbursement of the City’s contribution of $217,011 to the Palos Verdes Transit Authority for the six months ending December 2005.
CIP Fund – The cash balance in this fund decreased by more than $513,000 during the month. The disbursements included $541,402 to MTM Construction for the PVIC expansion project and $37,958 to KEC Engineers for the storm drain improvement project. The City received reimbursement of $502,505 from the County for Measure A funding of the PVIC project in August. The City subsequently received reimbursement of $402,497 in September. Staff will record a FY04-05 operating transfer from the General fund to the CIP of $1.1 million in conjunction with FY04-05 closing adjustments that will restore the CIP fund balance.
Measure A Fund – The cash balance in this fund increased by more than $502,000 during the month primarily due to receipt of reimbursement from the County for PVIC project.
Building Replacement Fund – The cash balance in this fund decreased by more than $99,000 during the month primarily due to the disbursement of $99,450 to Lavey Roofing Services for the City Hall roofing project.
Special Trusts Fund – The cash balance in this fund decreased 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 decrease was primarily due to the disbursements of $64,836 to PCR Services Corporation on behalf of York Long Point. The other disbursements included $7,082 to Hilts Consulting Group and $1,050 to Charles Abbott Associates on behalf of Ocean Trails.
Director of Finance and Information Technology