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FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: ARPIL 4, 2006
SUBJECT: FEBRUARY 2006 TREASURER’S REPORT
Receive and file the February 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 February 2006.
The overall cash balances of the City totaled $33,557,972 at February 28, 2006. This represents a $298,700 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 $150,000 during the month. The decrease was primarily due to the fact that the February Highway User Tax was not received until early March. In addition to the normal level of operating expenses, the November maintenance service of $26,960 to Hardy & Harper was disbursed in February.
Recycling Fund – The cash balance in this fund increased by more than $57,000 during the month due to receipt of the second quarter recycling revenues from Waste Management and Universal Waste System.
Prop C Fund – The cash balance in this fund increased by more than $57,000 during the month due to receipt of the monthly Proposition C apportionment. The February revenue was offset by normal expenditures.
CIP Fund – The cash balance in this fund decreased by more than $159,000 during the month primarily due to the disbursements of $215,064 to MTM Construction Inc. for the PVIC project.
Employee Benefits Fund – The cash balance in this fund increased by more than $63,000 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.