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FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: OCTOBER 3, 2006
SUBJECT: JULY 2006 TREASURER’S REPORT
Receive and file the July 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 July 2006.
The overall cash balances of the City totaled $35,558,943 at July 31, 2006. This represents a $2,339,694 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.
CIP Fund – The cash balance in this fund decreased by more than $82,000 during the month. The disbursement included $51,498 to GCI Construction for the Alida Place storm drain project and $22,860 to Willdan for the Hawthorne/PVDW overlay and the update of the PMS report. The $44,000 expenditure for the PVIC exhibits was reallocated to General Fund in accordance with FY05-06 budget for the public work construction. The interest earnings of $22,586 were offset by the expenditures.
WQ Flood Protection Fund – The cash balance in this fund decreased by more than
Employee Benefits Fund – The cash balance in this fund decreased by more than $558,000 during the month. The decrease was primarily due to the FY06-07 prepayment of $403,084 to CalPERS for the City’s employer portion of the annual retirement contribution.
Special Trusts Fund – The cash balance in this fund decreased by more than $93,000 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 primarily due to the reallocation of $125,000 revenue from PVIC trust fund to General Fund in accordance with FY05-06 budget. Other disbursement included $12,040 to Charles Abbott Associates on behalf of Cingular Wireless. Deposits included $50,000 from Laing Urban, $15,000 from Cingular Wireless, and $10,000 from T-Mobile USA.