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FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: SEPTEMBER 5, 2006
SUBJECT: JUNE 2006 TREASURER’S REPORT
Receive and file the June 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 June 2006.
The overall cash balances of the City totaled $35,898,637 at June 30, 2006. This represents a $1,578,773 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 $105,000 during the month. The decrease was attributable to June disbursements for three months of services. The major disbursements included $114,796 to Hardy & Harper for the roadway and sidewalk maintenance and $46,694 to Trugreen Landcare for roadway maintenance.
CDBG Fund – The cash balance in this fund decreased by more than $84,000. 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.
Prop A Fund – The cash balance in this fund increased by more than $55,000 during the month due to receipt of the monthly Proposition A apportionment. The June revenue was offset by normal expenditures.
CIP Fund – The cash balance in this fund decreased by more than $470,000 during the month. The disbursements included $450,249 to MTM Construction for the PVIC expansion project and $72,728 to GCI Construction for the Alida Place storm drain project.
WQ Flood Protection Fund – The cash balance in this fund decreased by more than $527,000 during the month due to the disbursement of $480,780 to Sancon Technologies and $232,012 to Peterson/Chase, Inc. for the storm drain rehabilitation project.
Employee Benefits Fund – The cash balance in this fund increased by more than $149,000 during the month due to processing two-months of transfers in June. A monthly transfer from the General Fund to the Employee benefits fund is made for the cost of employee benefits for each respective department.
Special Trusts Fund – The cash balance in this fund decreased by more than $132,000 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 decrease was due to the disbursements of $27,412 to Cotton, Shires, & Associates, $9,279 to Geokinetics, and $9,665 to Hilts Consulting Group on behalf of Ocean Trails. Other disbursements included a refund of $68,975 to Jody Rice and $30,520 to Dorothy Tielens for closing the trust deposits.