Rancho Palos Verdes City Council
   

MAY 2, 2006 MARCH 2006 TREASURER’S REPORT MAY 2, 2006 MARCH 2006 TREASURERíS REPORT
MAY 2, 2006 MARCH 2006 TREASURERíS REPORT



TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: MAY 2, 2006

SUBJECT: MARCH 2006 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the March 2006 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 March 2006.

ANALYSIS:

The overall cash balances of the City totaled $34,040,225 at March 31, 2006. This represents a $482,252 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 decreased by more than $313,000 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 March while normal operating expenditures were disbursed.

Gas Tax Fund – The cash balance in this fund increased by more than $42,000 during the month. This fund received both February and March Highway Users Tax Apportionment in the amount of $121,370.

CDBG Fund – The cash balance in this fund increased by more than $37,000 during the month. Because CDBG cash inflows are reimbursements of prior months’ expenditures and are not related to current month expenditures, it is common to have a variance between cash inflows and outflows for a given month. The increase was primarily due to receipt of reimbursement from the County for the CDBG projects.

CIP Fund – The cash balance in this fund increased by more than $146,000 during the month primarily due to monthly recurring funding transfers of $139,754 from General Fund in accordance with the FY05-06 budget.

Special Trusts Fund – The cash balance in this fund increased by more than $530,000 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 $500,025 from PVDW, LLC, $53,000 from Trump National, and $38, 000 from Marymount College.

Respectfully submitted,

Dennis McLean
Director of Finance and Information Technology

Reviewed:

Les Evans
City Manager