Rancho Palos Verdes City Council
   

JANUARY 17, 2006 SEPTEMBER 2005 TREASURER’S REPORT JANUARY 17, 2006 SEPTEMBER 2005 TREASURERíS REPORT JANUARY 17, 2006 SEPTEMBER 2005 TREASURERíS REPORT



TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: JANUARY 17, 2006

SUBJECT:

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the September 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 September 2005.

ANALYSIS:

The overall cash balances of the City totaled $31,576,098 at September 30, 2005. This represents a $451,733 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 $86,000 during the month. The decrease was primarily due to the disbursements to Bennett Enterprises and West Coast Arborists for the July and August operating maintenance.

CDBG Fund – The cash balance in this fund increased by more than $91,000 during the month. Because CDBG cash inflows are reimbursements of prior months’ expenditures and are not related to current month expenditures, it is common to have a variance between cash inflows and outflows for a given month. The increase was primarily due to receipt of reimbursement from the County for the CDBG projects.

Prop C Fund – The cash balance in this fund increased by more than $55,000 during the month due to receipt of the monthly Proposition C apportionment. The September revenue was offset by normal expenditures.

Prop A Fund – The cash balance in this fund increased by more than $66,000 during the month due to receipt of the monthly Proposition A apportionment. The September revenue was offset by normal expenditures.

WQ Flood Protection Fund – The cash balance in this fund decreased by more than $264,000 during the month. The decrease was primarily due to the disbursement to Sancon Technologies for Storm Drain Rehabilitation Project.

Employee Benefits Fund – The cash balance in this fund increased by more than $60,000 during the month. The deficit of beginning balance was attributed to the prepayment to California Joint Powers Insurance Authority for the FY05-06 worker’s compensation insurance. In this fund, the primary source is the transfer from the General Fund for the cost of employee benefits. With this month transfer, it offset the negative cash balance and restored the Employee Benefits fund balance.

Special Trusts Fund – The cash balance in this fund increased by more than $58,000 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 $75,000 from York Long Point.

Respectfully submitted,

Dennis McLean
Director of Finance and Information Technology

Reviewed:

Les Evans
City Manager