Rancho Palos Verdes City Council
   

JUNE 6, 2006 APRIL 2006 TREASURER’S REPORT JUNE 6, 2006 APRIL 2006 TREASURERíS REPORT
JUNE 6, 2006 APRIL 2006 TREASURERíS REPORT

TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL

FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY

DATE: JUNE 6, 2006

SUBJECT: APRIL 2006 TREASURER’S REPORT

Staff Coordinator: Jane Lin, Accountant

RECOMMENDATION:

Receive and file the April 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 April 2006.

ANALYSIS:

The overall cash balances of the City totaled $35,609,840 at April 30, 2006. This represents a $1,569,615 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 $1,234,000 during the month primarily due to receipt of the April property tax apportionment and the franchise fees from Cox cable and the utility companies.

Gas Tax Fund – The cash balance in this fund decreased by more than $55,000 during the month. The decrease was primarily due to the fact that the April Highway User Tax was not received until early May while normal operating expenditures was disbursed.

1972 Act Fund – The cash balance in this fund increased by more than $57,000 during the month primarily due to receipt of the April property tax apportionment.

1911 Fund – The cash balance in this fund increased by more than $104,000 during the month primarily due to receipt of the April property tax apportionment.

Prop C Fund – The cash balance in this fund increased by more than $113,000 during the month due to receipt of both March and April Proposition C apportionment. The April revenue was offset by normal expenditures.

Prop A Fund – The cash balance in this fund increased by more than $120,000 during the month due to receipt of both March and April Proposition A apportionment. The April revenue was offset by normal expenditures.

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.

Respectfully submitted,

Dennis McLean
Director of Finance and Information Technology

Reviewed:

Les Evans
City Manager