Rancho Palos Verdes City Council
   

FEBRUARY 7, 2006 DECEMBER 2005 TREASURER’S REPORT FEBRUARY 7, 2006 DECEMBER 2005 TREASURERíS REPORT FEBRUARY 7, 2006 DECEMBER 2005 TREASURERíS REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: FEBRUARY 7, 2006

SUBJECT: DECEMBER 2005 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the December 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 December 2005.

ANALYSIS:

The overall cash balances of the City totaled $31,595,394 at December 31, 2005. This represents a $477,392 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.

General Fund – The cash balance in this fund increased by more than $451,000 during the month. The increase was primarily the result of receipt of the December property tax revenue from the County. The December revenue was offset by normal operating expenditures.

Gas Tax Fund – The cash balance in this fund decreased by more than $122,000 during the month. The disbursements included $41,443 to Hardy & Harper for the road maintenance at Portuguese Bend and other ordinary maintenance costs for October and November 2005.
1972 Act Fund – The cash balance in this fund increased by more than $95,000 mainly due to receipt of the December property tax apportionment.

1911 Act Fund – The cash balance in this fund increased by more than $130,000 mainly due to receipt of the December property tax apportionment.

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

Prop A Fund – The cash balance in this fund increased by more than $78,000 during the month due to receipt of the monthly Proposition A apportionment. The December revenue was offset by normal expenditures.

CIP Fund – The cash balance in this fund decreased by more than $325,000 during the month. The primary disbursements included $198,153 to MTM Construction for the PVIC expansion project and $110,020 to Southwest Pipeline & Trench for the storm drainage project.

EET Fund – The cash balance in this fund increased by more than $50,000 during the month. This was the result of receiving a refund of a portion of the deposit made to escrow for the open space purchase.

Employee Benefits Fund – The cash balance in this fund increased by more than $53,000 during the month. A monthly transfer from the General Fund to the Employee benefits fund is made for the cost of employee benefits for each respective department. The prepayment to California Joint Powers Insurance Authority and CALpers for the FY05-06 worker’s compensation insurance and retirement contribution was disbursed early this fiscal year; therefore, the increase is the result of the monthly transfers.

Respectfully submitted,

Dennis McLean
Director of Finance and Information Technology

Reviewed:

Les Evans
City Manager