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FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: FEBRUARY 7, 2006
SUBJECT: NOVEMBER 2005 TREASURER’S REPORT
Receive and file the November 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 November 2005.
The overall cash balances of the City totaled $31,118,002 at November 30, 2005. This represents a $943,137 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 $456,000 during the month. Consistent with the historical trend, the City only received a small installment of property tax revenue from the County during the month of November while normal operating expenditures were disbursed.
Gas Tax Fund – The cash balance in this fund increased by more than $79,000 during the month. This fund received both October and November Highway Users Tax Apportionment in the amount of $148,705.
CIP Fund – The cash balance in this fund decreased by more than $437,000 during the month due to disbursements of $480,937 to MTM Construction for the PVIC expansion project.
WQ Flood Protection Fund – The cash balance in this fund decreased by more than $160,000 during the month due to the disbursement of $158,822 to Sancon Technologies for the storm drain rehabilitation project.