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FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: JANUARY 17, 2006
SUBJECT: OCTOBER 2005 TREASURER’S REPORT
Receive and file the October 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 October 2005.
The overall cash balances of the City totaled $32,061,139 at October 31, 2005. This represents a $485,041 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 $60,000 during the month. The decrease was primarily due to the disbursements to Bennett Enterprises and West Coast Arborists for the August and September operating maintenance.
Recycling Fund – The cash balance in this fund increased by more than $53,000 during the month due to receipt of the first quarter recycling revenues from Waste Management.
COPS/LLESS/CLEEP Fund – The cash balance in this fund increased by more than $101,000 during the month due to receipt of the annual COPS (Brulte) grant from the State in the amount of $100,000.
CIP Fund – The cash balance in this fund increased by more than $371,000 during the month due to receipt of the FEMA reimbursement in the amount of $628,906 for costs associated with the winter storms in late 2004 and early 2005.
Employee Benefits Fund – The cash balance in this fund increased by more than $51,000 during the month. In this fund, the primary source is the transfer from the General Fund for the cost of employee benefits. The prepayment to California Joint Powers Insurance Authority for the FY05-06 worker’s compensation insurance was disbursed early this fiscal year; therefore, the increase of the fund is to offset the annual insurance premium.
Special Trusts Fund – The cash balance in this fund increased by more than $136,000 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 $142,730.50 from Laing Urban Development and $38,384.32 from Ocean Trails.