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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: MARCH 7, 2006
SUBJECT: JANUARY 2006 TREASURER’S REPORT
Receive and file the January 2006 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 January 2006.
The overall cash balances of the City totaled $33,856,672 at January 31, 2006. This represents a $2,261,278 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 $1,972,000 during the month. The increase was primarily the result of receipt of the January property tax revenue of $2,119,715 from the County, the second quarter franchise fee of $115,650 from Cox Communication, and the second quarter interest of $120,589. The January revenue was offset by normal operating expenditures.
Prop C Fund – The cash balance in this fund increased by more than $54,000 during the month due to receipt of the monthly Proposition C apportionment. The January revenue was offset by normal expenditures.
Prop A Fund – The cash balance in this fund decreased by more than $161,000 during the month due the disbursement of the City’s contribution of $217,011 to the Palos Verdes Transit Authority for the six months ending June 2006.
CIP Fund – The cash balance in this fund increased by more than $155,000 during the month due to receipt of the FEMA reimbursement in the amount of $15,825 for costs associated with the winter storms in late 2004 and early 2005, the second quarter interest of $21,414, and the monthly recurring funding transfers of $139,754 from General Fund.
Employee Benefits Fund – The cash balance in this fund increased by more than $64,000 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.