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Home My WebLink About101-Treasurer’s Report for the Month Ended December 31, 2010 .pdf SARATOGA CITY COUNCIL MEETING DATE: February 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 December 31, 2010 RECOMMENDED ACTION Review and accept the Treasurer’s Report for the month ended December 31, 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 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 December 31, 2010, the City had $2,129,209 in cash deposit at Comerica bank, and $11,320,897 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 December 31, 2010 is $13,450,106 and exceeds the minimum limit required. Unrestricted Cash Comerica Bank2,129,209$ Deposit with LAIF11,320,897$ Total Unrestricted Cash13,450,106$ 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 Cash13,450,106$ Plus: Assets712,691 Less: Liabilities (985,776) Ending Fund Balance13,177,021$ Adjusting Cash to Ending Fund Balance ATTACHMENT A CHANGES IN TOTAL FUND BALANCE Fund Description Fund Balance 7/1/10 Increase/ (Decrease) Jul-Nov Current Revenue Current Expenditure Transfers Fund Balance 12/31/10 General Undesignated Unreserved Balance1,284,366 (2,636,198) 3,893,287 1,240,749 106,000 1,735,306 Reserved Fund Balance: Petty Cash Reserve1,300 - - - - 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) - - - 422,380 Designated for Environmental 563,182 (50,000) - - - 513,182 Designated for Uncollected Deposits44,791 - - - - 44,791 Designated for Hillside Reserve300,000 - - - (50,000) 250,000 Designated for Capital Project Reserve126,983 - (126,983) - Designated for CIP Matching Grant600,000 - - - (600,000) - Designated for Carryforward68,600 (68,600) - - - - Special Revenue Landscape/Lighting Districts440,391 (128,516) 68,121 19,576 - 360,420 CDBG Federal Grants(9,621) - - - - (9,621) SHARP Loan210,034 179 166 - - 210,379 Capital Project Street Projects2,169,661 (189,407) 27,829 282,782 326,983 2,052,284 Park and Trail Projects653,881 (90,678) - 4,198 150,000 709,005 Facility Improvement Projects525,256 (518,120) 357,752 7,037 751,360 1,109,210 Administrative Projects224,773 (35,825) - 18,438 - 170,510 Tree Fine Fund16,985 (3,150) - - 25,000 38,835 CIP Grant Fund - Street Repair(118,073) (663,910) 446,251 34,074 - (369,806) CIP Grant Fund - Park & Trail(46,013) (107,465) - 139,845 - (293,323) Gas Tax Fund279,470 197,491 49,288 - (106,000) 420,249 Debt Service Library Bond 892,593 (681,150) 1,038 - - 212,481 Internal Service Fund Liability/Risk Management244,562 (157,059) 6,717 6,611 (50,000) 37,609 Workers Compensation198,592 17,590 - 2,259 (25,000) 188,923 Office Stores Fund26,830 736 992 6,491 - 22,067 Information Technology Services 213,940 50,918 - 49,466 - 215,392 Equipment Maintenance54,258 24,534 - 11,967 - 66,825 Building Maintenance202,570 97,414 - 59,137 - 240,846 Equipment Replacement236,229 50,000 - - (25,000) 261,229 Technology Replacement186,686 16,192 - 498 (25,000) 177,379 Trust/Agency Library Fund351,360 532 (532) (0) (351,360) - KSAR - Community Access TV109,842 15,490 95 125,332 - 95 Total City15,074,884 (5,069,004) 4,851,004 2,008,460 - 13,177,021 ATTACHMENT B FUND BALANCES BY CIP PROJECT CIP Funds/Projects Fund Balance 7/1/10 Increase/ (Decrease) Jul-Nov Current Revenue Current Expenditure Transfers Fund Balance 12/31/10 Street Projects Traffic Safety168,497 (7,765) - 46,340 114,393 Highway 9 Safety Project50,008 59,906 - 1,694 108,220 Annual Street Resurfacing Project529,434 (148,223) 27,829 104,655 - 304,385 Sidewalks Annual Project87,092 - - - 87,092 Saratoga Sunnyvale Road Resurfacing99,011 - - 1,020 - 97,991 Traffic Signal @ Verde Vista Lane90,000 - - - 90,000 Fourth Street Bridge100,000 - - - 100,000 Quito Road Bridge Replacement Design9,730 - - - 9,730 Quito Road Bridge Construction214,470 - - - 214,470 Village Façade Program978 - - - 978 Solar Power Radar Feedback Signs24,158 - - - 24,158 El Quito Area Curb Replacement37,553 - - - 37,553 Sobey Road Culvert Repair50,000 (31,994) - - 18,006 Annual Storm Drain Upgrade53,883 (3,760) - 10,418 39,704 Village Trees & Lights at Sidestreets25,336 (25,336) - - - Prospect Road Median51,663 (972) - - (50,000) 691 City Entrance Sign/Monument23,788 - - - (5,000) 18,788 Padero Erosion Mitigation- - - - 50,000 50,000 Monte Vista Storm Drain- (3,870) - 58,579 75,000 12,551 Canyon View/Elva Drain- - - - 35,000 35,000 Village-Streetscape Impv 549,952 (13,463) - 1,376 221,983 757,097 Saratoga-Sunnyvale/Gateway Sidewalk4,107 (13,931) - 58,700 (68,524) Total Street Projects2,169,661 (189,407) 27,829 282,782 326,983 2,052,284 Parks & Trails Hakone Garden Koi Pond15,600 - - - 15,600 EL Quito Park Improvements27,571 - - - 27,571 Historical Park Landscape50,588 (48,947) - 1,650 (9) Hakone Garden Retaining Wall & D/W142,829 - - - 142,829 Hakone Garden Upper Moon House 125,000 - - - 125,000 West Valley Soccer Field(8,201) - - - (8,201) Park/Trail Repairs23,762 - - 765 22,998 Playground Safety Equipment- - - - 50,000 50,000 Blaney Plaza Improvements- (16,731) - 1,742 25,000 6,527 Ravenswood Playground Improvement- - - 42 75,000 74,958 Tank Trail Repair26,731 (25,000) - - 1,731 Mid Pen O/S Land Purchase250,000 - - - 250,000 Total Parks & Trails653,881 (90,678) - 4,198 150,000 709,005 Facility Improvements Facility Projects81,070 (3,122) 575 1,650 160,000 236,873 Civic Center Improvement20 - - - - 20 Theater Improvement71,472 3,539 5,344 - 80,355 Senior Center Minor Building Improvement1,050 (1,050) - - - Senior Center Furniture & Fixture- (13,278) - 4,353 (17,631) Portable Building Gutters2,460 (2,460) - - - North Campus Improvements3,920 (20,905) - 1,034 175,000 156,982 HVAC System Upgrade117,949 (117,016) - - 932 Corp Yard Solar Project93,250 - - - 93,250 Vehicle Structure Solar125,000 - - - 125,000 Library Improvement15,000 (3,158) 474 - 351,360 363,676 SPCC Furniture & Fixture4,065 (3,746) - - 318 Electric Charging Station- - - - 65,000 65,000 McWilliams House Improvement10,000 (5,565) - - 4,435 Total Facility Improvements525,256 (166,761) 6,393 7,037 751,360 1,109,210 Administrative Projects Financial System Upgrade3,534 - - - 3,534 Document Imaging Project85,183 - - - 85,183 CDD Document Imaging Project31,989 - - - 31,989 CMO Document Imaging Project8,887 (354) - 254 8,279 Telecommunication System55,000 (35,471) - 18,184 1,345 IT Emergency Power Back40,180 - - - 40,180 Total Administrative Projects224,773 (35,825) - 18,438 - 170,510 Tree Fine Fund Tree Fine Fund16,985 (3,150) - - 25,000 38,835 CIP Fund - Street Repair CIP Grant Fund(118,073) (663,910) 446,251 34,074 (369,806) CIP Fund - Park & Trail CIP Grant Fund(46,013) (107,465) - 139,845 (293,323) Gas Fund Gas Tax Fund279,470 197,491 49,288 - (106,000) 420,249 Total CIP Funds3,687,624 (1,059,706) 529,762 486,374 1,147,343 3,836,964 ATTACHMENT C