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Home My WebLink About101-Treasurer’s Report for the Month Ended November 30, 2010 .pdf SARATOGA CITY COUNCIL MEETING DATE: January 5, 2011 AGENDA ITEM: DEPARTMENT: Finance & Administrative Services CITY MANAGER: Dave Anderson PREPARED BY: Ann Xu, Accountant DEPT HEAD: Mary Furey SUBJECT: Treasurer’s Report for the Month Ended November 30, 2010 RECOMMENDED ACTION Review and accept the Treasurer’s Report for the month ended November 30, 2010. REPORT SUMMARY California government code section 41004 requires that the City Treasurer (the Municipal Code of the City of Saratoga, Article 2-20, Section 2-20.035, designates the City Manager as the City Treasurer) submit to the City Clerk and the legislative body a written report and accounting of all receipts, disbursements, and fund balances. Section 41004. Regularly, at least once each month, the City Treasurer shall submit to the City Clerk a written report and accounting of all receipts, disbursements, and fund balances. He shall file a copy with the legislative body. The following attachments provide various financial transaction data for the City City of Saratoga’s Funds collectively as well as specifically for the City’s General (Operating) Fund, including an attachment from the State Treasurer’s Office of Quarterly LAIF rates from the 1st Quarter of 1977 to present. FISCAL IMPACT Cash and Investments Balance by Fund As of November 30, 2010, the City had $655,289 in cash deposit at Comerica bank, and $10,743,706 on deposit with LAIF. Council Policy on operating reserve funds, adopted on April 20, 1994, states that: for cash flow purposes, to avoid occurrence of dry period financing, pooled cash from all funds should not be allowed to fall below $2,000,000. The total pooled cash balance as of November 30, 2010 is $11,398,995 and exceeds the minimum limit required. Unrestricted Cash Comerica Bank $ 655,289 Deposit with LAIF $ 10,743,706 Total Unrestricted Cash $ 1 1,398,995 Cash Summary The Fund Balance schedule presented on the following page represents actual funding available for all funds at the end of the monthly period. This amount differs from the above Cash Summary schedule as assets and liabilities are components of the fund balance. As illustrated in the summary below, Total Unrestricted Cash is adjusted by the addition of Total Assets less the amount of Total Liabilities to arrive at the Ending Fund Balance – which represents the actual amount of funds available. CONSEQUENCES OF NOT FOLLOWING RECOMMENDED ACTION The City would not be in compliance with Government Code Section 41004. ALTERNATIVE ACTION N/A FOLLOW UP ACTION N/A ADVERTISING, NOTICING AND PUBLIC CONTACT N/A ATTACHMENTS A – Change in Total Fund Balances by Fund B – Change in Total Fund Balances by CIP Project C – Local Agency Investment Fund (LAIF) Quarterly Apportionment Rates Total Unrestricted Cash $ 11,398,995 Plus: Assets 270,977 Less: Liabilities (984,135) Ending Fund Balance $ 1 0,685,837 Adjusting Cash to Ending Fund Balance ATTACHMENT A CHANGES IN TOTAL FUND BALANCE Fund Description Fund Balance 7/1/10 Increase/(Decrease) Jul-Oct Current Revenue Current Expenditure Transfers Fund Balance 11/30/10 General Undesignated Unreserved Balance 1,284,366 (3,423,067) 886,536 9 9,667 -(1,023,232) Reserved Fund Balance: Petty Cash Reserve 1,300 ----1 ,300 Designated Fund Balances: Designated for Operations 2,889,077 ---106,000 2 ,995,077 Designated Economic Uncertainty 1,500,000 ----1 ,500,000 Designated for Development 632,380 (210,000) ---4 22,380 Designated for Environmental 563,182 (50,000) ---5 13,182 Designated for Uncollected Deposits 44,791 ----4 4,791 Designated for Hillside Reserve 300,000 ---(50,000) 2 50,000 Designated for Capital Project Reserve 126,983 -(126,983) -Designated for CIP Matching Grant 600,000 ---(600,000) -Designated for Carryforward 68,600 (68,600) ----Special Revenue Landscape/Lighting Districts 440,391 (132,694) 16,762 1 2,584 -3 11,875 CDBG Federal Grants (9,621) ----(9,621) SHARP Loan 210,034 179 ---2 10,213 Capital Project Street Projects 2,169,661 (50,807) (197,079) (58,479) 326,983 2 ,307,236 Park and Trail Projects 653,881 81,776 (170,000) 2 ,454 150,000 7 13,203 Facility Improvement Projects 525,256 182,193 (335,041) 1 3,913 400,000 7 58,495 Administrative Projects 224,773 (34,943) -8 82 -1 88,948 Tree Fine Fund 16,985 (3,150) --25,000 38,835 CIP Grant Fund -Street Repair (118,073) (389,845) -2 74,066 -(781,983) CIP Grant Fund -Park & Trail (46,013) (104,040) -3 ,425 -(153,478) Gas Tax Fund 279,470 (33,243) 124,733 (106,000) (106,000) 3 70,961 Debt Service Library Bond 892,593 (681,150) ---2 11,443 Internal Service Fund Liability/Risk Management 244,562 (200,158) 625 (42,474) (50,000) 37,503 Workers Compensation 198,592 (6,011) -(23,601) (25,000) 1 91,182 Office Stores Fund 26,830 2,974 695 2 ,933 -27,566 Information Technology Services 213,940 60,657 -9 ,739 -2 64,858 Equipment Maintenance 54,258 34,600 -1 0,066 -78,792 Building Maintenance 202,570 132,154 -3 4,741 -2 99,983 Equipment Replacement 236,229 236,229 25,000 -(25,000) (25,000) 2 61,229 Technology Replacement 186,686 (8,808) -(25,000) (25,000) 1 77,877 Trust/Agency Library Fund 351,360 532 ---3 51,891 KSAR -Community Access TV 109,842 11,907 3,583 --1 25,332 Total City 15,074,884 ( 4,864,543) 330,813 1 83,915 -10,685,837 ATTACHMENT B FUND BALANCES BY CIP PROJECT CIP Funds/Projects Fund Balance 7/1/10 Increase/(Decrease) Jul-Oct Current Revenue Current Expenditure Transfers Fund Balance 11/30/10 Street Projects Traffic Safety 168,497 (7,765) --160,733 Highway 9 Safety Project 50,008 (2,444) 63,387 1,036 109,914 Annual Street Resurfacing Project 529,434 (174,163) 29,350 (61,590) (65,000) 381,211 Sidewalks Annual Project 87,092 ---87,092 Saratoga Sunnyvale Road Resurfacing 99,011 65,000 (130,000) -65,000 99,011 Traffic Signal @Verde Vista Lane 90,000 ---90,000 Fourth Street Bridge 100,000 ---100,000 Quito Road Bridge Replacement Design 9,730 ---9,730 Quito Road Bridge Construction 214,470 ---214,470 Village Façade Program 978 ---978 Solar Power Radar Feedback Signs 24,158 ---24,158 El Quito Area Curb Replacement 37,553 ---37,553 Sobey Road Culvert Repair 50,000 --31,994 18,006 Annual Storm Drain Upgrade 53,883 (3,760) --50,122 Village Trees & Lights at Sidestreets 25,336 (25,336) ---Prospect Road Median 51,663 (972) --(50,000) 50,000) 691 City Entrance Sign/Monument 23,788 (18,788) -( 18,788) (5,000) 18,788 Padero Erosion Mitigation ----50,000 50,000 Monte Vista Storm Drain -71,130 (75,000) -75,000 71,130 Canyon View/Elva Drain -50,000 (50,000) -35,000 35,000 Village-Streetscape Impv 549,952 9,098 (34,817) (12,257) 221,983 758,473 Saratoga-Sunnyvale/Gateway Sidewalk 4,107 (12,806) -1,125 (9,824) Total Street Projects 2,169,661 (50,807) (197,079) (58,479) 326,983 2,307,236 Parks & Trails Hakone Garden Koi Pond 15,600 ---15,600 EL Quito Park Improvements 27,571 ---27,571 Historical Park Landscape 50,588 (48,947) --1,641 Hakone Garden Retaining Wall & D/W 142,829 ---142,829 Hakone Garden Upper Moon House 125,000 ---125,000 Saratoga Village Creek -20,000 (20,000) ---West Valley Soccer Field (8,201) ---(8,201) Park/Trail Repairs 23,762 ---23,762 Playground Safety Equipment -50,000 (50,000) -50,000 50,000 Blaney Plaza Improvements -10,723 (25,000) 2,454 25,000 8,269 Ravenswood Playground Improvement -75,000 (75,000) -75,000 75,000 Tank Tank Trail Repair 26,731 (25,000) --1,731 Mid Pen O/S Land Purchase 250,000 ---250,000 Total Parks & Trails 653,881 81,776 (170,000) 2,454 150,000 713,203 Facility Improvements Facility Projects 81,070 156,898 (160,020) -160,000 237,948 Civic Center Improvement 20 (20) -(20) -20 Theater Improvement 71,472 3,762 -223 75,011 Senior Center Minor Building Improvement 1,050 (1,050) ---Senior Center Furniture & Fixture -(9,147) -4,131 (13,278) Portable Building Gutters 2,460 (2,460) ---North Campus Improvements 3,920 163,674 (175,000) 9,579 175,000 158,015 HVAC System Upgrade 117,949 (117,016) --932 Corp Yard Solar Project 93,250 ---93,250 Vehicle Structure Solar 125,000 ---125,000 Library Improvement 15,000 (3,158) --11,842 SPCC Furniture & Fixture 4,065 (3,746) --318 Electric Charging Station ----65,000 65,000 McWilliams House Improvement 10,000 (5,565) --4,435 Total Facility Improvements 525,256 182,173 (335,020) 13,913 400,000 758,495 Administrative Projects Financial System Upgrade 3,534 ---3,534 Document Imaging Project 85,183 ---85,183 CDD Document Imaging Project 31,989 ---31,989 CMO Document Imaging Project 8,887 (354) --8,533 Telecommunication System 55,000 (34,589) -882 19,529 IT Emergency Power Back 40,180 ---40,180 Total Administrative Projects 224,773 (34,943) -882 -188,948 Tree Fine Fund Tree Fine Fund 16,985 (3,150) --25,000 38,835 CIP Fund -Street Repair CIP Grant Fund (118,073) (389,845) -274,066 (781,983) CIP Fund -Park & Trail CIP Grant Fund (46,013) (104,040) -3,425 (153,478) Gas Fund Gas Tax Fund 279,470 (33,243) 124,733 (106,000) (106,000) 370,961 Total CIP Funds 3,687,624 (352,079) (577,367) 130,261 795,983 3,442,217 ATTACHMENT C