HomeMy WebLinkAbout101-Treasurer’s Report for the Month Ended February 28, 2011 .pdf
SARATOGA CITY COUNCIL MEETING DATE: March 16, 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 February 28, 2011 RECOMMENDED ACTION Review and accept the Treasurer’s Report for the month ended February 28, 2011. 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 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 February 28, 2011, the City had $169,977 in cash deposit at Comerica bank, and $13,449,896 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 February 28, 2011 is $13,619,873 and exceeds the minimum limit required. Unrestricted Cash Comerica Bank $ 169,977 Deposit with LAIF $ 13,449,896 Total Unrestricted
Cash $ 1 3,619,873 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 $ 13,619,873
Plus: Assets 125,566 Less: Liabilities (1,490,552) Ending Fund Balance $ 1 2,254,887 Adjusting Cash to Ending Fund Balance
ATTACHMENT A CHANGES IN TOTAL FUND BALANCE Fund Description Fund Balance 7/1/10 Increase/(Decrease) Jul-Jan Current Revenue Current Expenditure Transfers Fund Balance 2/28/11 General
Undesignated Unreserved Balance 1,284,366 (1,287,951) 806,615 940,515 106,000 2 97,116 Reserved Fund Balance: Petty Cash Reserve 1,300 ----1 ,300 Designated Fund Balances: Designated
for Operations 2,889,077 ----2 ,889,077 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 4,545
-1 3,270 -4 31,666 CDBG Federal Grants (9,621) 138,452 --(63,698) 6 5,133 SHARP Loan 210,034 345 ---2 10,379 Capital Project Street Projects 2,169,661 (485,036) 18,267 4 9,853 390,681
2 ,043,720 Park and Trail Projects 653,881 (97,423) -1 6,613 150,000 6 89,844 Facility Improvement Projects 525,256 (167,497) -1 ,728 751,360 1 ,107,390 Administrative Projects 224,773
(57,593) -1 ,345 -1 65,836 Tree Fine Fund 16,985 (4,438) 2,000 1,342 25,000 38,205 CIP Grant Fund -Street Repair (118,073) (238,716) (2,624) --(359,413) CIP Grant Fund -Park & Trail
(46,013) (257,362) (95) 3 ,593 -(307,063) Gas Tax Fund 279,470 209,532 90,053 5,390 (106,000) 4 67,664 Debt Service Library Bond 892,593 (513,265) ---3 79,328 Internal Service Fund Liability/Risk
Management 244,562 (101,611) 382 2 5,257 (50,000) 68,076 Workers Compensation 198,592 70,556 -4 3,479 (25,000) 2 00,669 Office Stores Fund 26,830 2,817 837 4,716 -25,769 Information
Technology Services 213,940 73,368 -2 1,273 -2 66,035 Equipment Maintenance 54,258 34,306 -8 ,732 -79,832 Building Maintenance 202,570 138,585 -5 1,112 -2 90,043 Equipment Replacement
236,229 71,723 ---(25,000) 2 82,951 Technology Replacement 186,686 28,106 -(1,092) (25,000) 1 90,883 Trust/Agency Library Fund 351,360 ---(351,360) -KSAR -Community Access TV 109,842
(109,748) ---95 Total City 15,074,884 ( 2,876,906) 915,436 1,187,125 -12,254,887
ATTACHMENT B FUND BALANCES BY CIP PROJECT CIP Funds/Projects Fund Balance 7/1/10 Increase/(Decrease) Jul-Jan Current Revenue Current Expenditure Transfers Fund Balance 2/28/11 Street
Projects Traffic Safety 168,497 (61,999) -426 106,073 Highway 9 Safety Project 50,008 53,099 --103,107 Annual Street Resurfacing Project 529,434 (237,541) 18,267 39,386 -270,774 Sidewalks
Annual Project 87,092 --5,535 81,557 Saratoga Sunnyvale Road Resurfacing 99,011 ----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 (14,178) -970 38,734 Village Trees & Lights at Sidestreets
25,336 (25,336) ---Prospect Road Median 51,663 (972) --(50,000) 691 City Entrance Sign/Monument 23,788 ---(5,000) 18,788 Padero Erosion Mitigation ----50,000 50,000 Monte Vista Storm
Drain -(63,831) --75,000 11,169 Canyon View/Elva Drain ----35,000 35,000 Village-Streetscape Impv 549,952 (29,653) -3,535 221,983 738,747 Saratoga-Sunnyvale/Gateway Sidewalk 4,107 (72,631)
--63,698 (4,826) Total Street Projects 2,169,661 (485,036) 18,267 49,853 390,681 2,043,720 Parks & Trails Hakone Garden Koi Pond 15,600 --9,875 5,725 EL Quito Park Improvements 27,571
(47) -1,800 25,724 Historical Park Landscape 50,588 (53,097) --(2,509) Hakone Garden Retaining Wall & D/W 142,829 ---142,829 Hakone Garden Upper Moon House 125,000 ---125,000 West Valley
Soccer Field (8,201) ---(8,201) Park/Trail Repairs 23,762 (765) -4,938 18,059 Playground Safety Equipment ----50,000 50,000 Blaney Plaza Improvements -(18,473) --25,000 6,527 Ravenswood
Playground Improvement -(42) --75,000 74,958 Tank Trail Repair 26,731 (25,000) --1,731 Mid Pen O/S Land Purchase 250,000 ---250,000 Total Parks & Trails 653,881 (97,423) -16,613 150,000
689,844 Facility Improvements Facility Projects 81,070 (4,197) -198 160,000 236,675 Civic Center Improvement 20 ----20 Theater Improvement 71,472 14,729 --86,201 Senior Center Minor
Building Improvement 1,050 (1,050) ---Senior Center Furniture & Fixture -(23,569) --(23,569) Portable Building Gutters 2,460 (2,460) ---North Campus Improvements 3,920 (21,938) -1,530
175,000 155,452 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 (2,684) --351,360
363,676 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
(167,497) -1,728 751,360 1,107,390 Administrative Projects Financial System Upgrade 3,534 ---3,534 Document Imaging Project 85,183 ---85,183 CDD Document Imaging Project 31,989 (671)
--31,318 CMO Document Imaging Project 8,887 (3,266) --5,621 Telecommunication System 55,000 (53,655) 53,655) -1,345 -IT Emergency Power Back 40,180 ---40,180 Total Administrative Projects
224,773 (57,593) -1,345 -165,836 Tree Fine Fund Tree Fine Fund 16,985 (4,438) 2,000 1,342 25,000 38,205 CIP Fund -Street Repair CIP Grant Fund (118,073) (238,716) (2,624) -(359,413)
CIP Fund -Park & Trail CIP Grant Fund (46,013) (257,362) (95) 3,593 (307,063) Gas Fund Gas Tax Fund 279,470 209,532 90,053 5,390 (106,000) 467,664 Total CIP Funds 3,687,624 (1,098,533)
107,600 79,863 1,211,041 3,846,184
ATTACHMENT C