HomeMy WebLinkAbout101-Treasurer’s Report for the Month Ended February 28, 2010 .pdf
SARATOGA CITY COUNCIL
MEETING DATE: March 17, 2010 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, 2010
RECOMMENDED ACTION
Review and accept the Treasurer’s Report for the month ended February 28, 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 February 28, 2010, the City had $72,472 in cash deposit at Comerica bank, and
$13,000,314 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, 2010 is $13,072,786 and exceeds the minimum limit required.
Unrestricted Cash
Comerica Bank72,472$
Deposit with LAIF13,000,314$
Total Unrestricted Cash13,072,786$
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.
Total Unrestricted Cash13,072,786$
Plus: Assets352,357
Less: Liabilities (1,135,357)
Ending Fund Balance12,289,786$
Adjusting Cash to Ending Fund Balance
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
ATTACHMENT A
CHANGES IN TOTAL FUND BALANCE
Fund Description
Fund
Balance
7/1/09
Increase/
(Decrease)
Jul-Jan
Current
Revenue
Current
Expenditure Transfers
Fund
Balance
2/28/10
General
Undesignated Unreserved Balance857,524 (596,428) 616,730 1,398,809 - (520,982)
Reserved Fund Balance:
Petty Cash Reserve1,300 - - - - 1,300
Designated Fund Balances:- -
Designated for Operations 2,870,140 - - - - 2,870,140
Designated Economic Uncertainty 1,500,000 - - - - 1,500,000
Designated for Development 707,380 - - - (75,000) 632,380
Designated for Environmental 613,182 - - - (50,000) 563,182
Designated for Uncollected Deposits182,159 - - - - 182,159
Designated for Mid Pen Open Space 250,000 - - - (250,000) -
Designated for Hillside Reserve300,000 - - - - 300,000
Designated for CIP Matching Grant600,000 - - - - 600,000
Designated for CIP Transfer 300,000 - - - (300,000) -
Designated for Economic Stability25,000 - - - (25,000) -
Designated for Carryforward22,000 - - - (22,000) -
Special Revenue
Landscape/Lighting Districts359,917 13,023 246 12,943 - 360,244
CDBG Federal Grants- (42,859) (380) (380) - (42,859)
SHARP Loan209,175 479 - - - 209,655
Capital Project
Street Projects1,926,230 (191,114) 409,020 84,970 - 2,059,165
Park and Trail Projects542,045 95,447 46,975 1,440 - 683,028
Facility Improvement Projects953,833 (479,850) 133,520 8,856 - 598,648
Administrative Projects163,910 15,684 - - - 179,593
Tree Fine Fund62,943 (29,742) - 1,966 - 31,234
CIP Grant Fund(200,477) (326,588) 168,207 28,267 - (387,125)
Gas Tax Fund62,495 (108,537) - - - (46,042)
Debt Service
Library Bond 931,361 (485,795) 2,276 - 447,842
Internal Service Fund
Liability/Risk Management202,872 (31,079) 1,976 3,180 - 170,589
Workers Compensation123,034 128,963 8,850 46,570 - 214,276
Office Stores Fund39,633 13,033 7,691 12,624 - 47,733
Information Technology Services 174,838 81,878 - 21,829 - 234,887
Equipment Maintenance56,654 49,398 - 11,638 - 94,414
Building Maintenance208,842 167,046 - 52,732 - 323,155
Equipment Replacement 153,214 129,830 - - - 283,044
Technology Replacement 315,290 (7,499) - 170 - 307,621
Trust/Agency
Library Fund354,394 (2,556) - 33,020 - 318,818
KSAR - Community Access TV84,603 (13,717) 2,802 - - 73,689
Total City14,953,491 (1,620,984) 1,397,912 1,718,634 (722,000) 12,289,786
ATTACHMENT B
FUND BALANCES BY CIP PROJECT
CIP Funds/Projects
Fund
Balance
7/1/09
Increase/
(Decrease)
Jul-Jan
Current
Revenue
Current
Expenditure Transfers
Fund
Balance
2/28/10
Street Projects
Traffic Safety90,472 (15,934) 100,000 2,893 171,645
Highway 9 Safety Project45,129 8,200 - - 53,329
Annual Street Resurfacing Project233,602 39,993 52,384 60,383 265,596
Sidewalks Annual Project18,935 (7,184) 100,000 - 111,751
Saratoga Sunnyvale Road Resurfacing64,972 (1,093) 50,000 14,868 99,011
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 Construction115,726 - - - 115,726
Village Newsrack Enclosure23,307 (10,723) - - 12,584
Village Façade Program18,815 (2,837) - - 15,978
Solar Power Radar Feedback Signs24,158 - - - 24,158
El Quito Area Curb Replacement37,553 - - - 37,553
Sobey Road Culvert Repair150,000 - - - 150,000
Annual Storm Drain Upgrade246 (45,413) 100,000 - 54,833
Village Trees & Lights at Sidestreets25,336 - - - 25,336
Village Pedestrian Enhancement9,128 (146) 6,636 191 15,426
Prospect Road Median151,036 (99,373) - - 51,663
City Entrance Sign/Monument23,788 - - - 23,788
Village-Streetscape Impv 517,188 - - 6,636 510,552
Saratoga-Sunnyvale/Gateway Sidewalk4,107 (585) - - 3,522
Comer Drive Retaining Wall173,003 (56,020) - - 116,983
Total Street Projects1,926,230 (191,114) 409,020 84,970 - 2,059,165
Parks & Trails
Hakone Garden Koi Pond49,150 (23) - - 49,127
EL Quito Park Improvements43,905 - - - 43,905
Wildwood Park - Water Feature/Seating275 - - 275 -
Historical Park Landscape33,890 (2,934) 26,000 22,094 34,862
Hakone Garden Retaining Wall & D/W142,829 - - - 142,829
Hakone Garden Upper Moon House 125,000 - - - 125,000
Kevin Moran Improvements69,083 (90,892) - (21,810) -
West Valley Soccer Field(29,176) - 20,975 - (8,201)
Park/Trail Repairs7,748 (4,878) - - 2,870
Trail Segment #3 Repair7,912 (7,912) - - -
Teerlink Ranch Trail14,850 (14,850) - - -
Tank Trail Repair60,695 (33,065) - 880 26,750
Mid Pen O/S Land Purchase- 250,000 - - 250,000
CIP Allocation Fund15,885 - - - 15,885
Total Parks & Trails542,046 95,447 46,975 1,440 - 683,028
Facility Improvements
Warner Hutton House Improvements812 - - 812 -
Facility Projects108,643 (73,236) - - 35,407
Civic Center Improvement4,294 (340) 100,000 - 103,954
Theater Improvement68,518 (20,962) 500 2,392 45,664
Corp Yard - Men's Restroom1,829 (2,294) - 1,342 (1,806)
Fire Alarm at McWilliams & Museum11,371 - - - 11,371
North Campus Improvements43,960 (38,433) - 1,992 3,536
North Campus - Bldg Removal73,250 (73,037) - - 213
HVAC System Upgrade- 125,000 - - 125,000
Multi-Purpose Room Fund250,000 (250,000) - - -
Kitchen Improvement- - - 669 (669)
Corp Yard Solar Project93,250 125,000 - - 218,250
Library HVAC Upgrade276,143 (276,548) 33,020 - 32,615
Library - EXT Improvement10,000 5,000 - - 15,000
Museum ADA Ramp - CDBG- - - 1,650 (1,650)
McWilliams House Improvement10,000 - - - 10,000
Historical Park Fire Alarm System1,762 - - - 1,762
Total Facility Improvements953,832 (479,850) 133,520 8,856 - 598,648
Administrative Projects
Financial System Upgrade3,534 - - - 3,534
Document Imaging Project86,780 (1,597) - - 85,183
CDD Document Imaging Project36,635 (4,646) - - 31,989
Website Development Project30,959 (28,074) - - 2,885
IT Emergency Power Back- 10,000 - - 10,000
IT Server Room A/C- 40,000 - - 40,000
KSAR Equip Upgrades6,002 - - - 6,002
Total Administrative Projects163,910 15,684 - - - 179,593
Tree Fine Fund
Tree Fine Fund62,943 (29,742) - 1,966 31,234
CIP Fund
CIP Grant Fund(200,477) (326,588) 168,207 28,267 (387,125)
Gax Fund
Gas Tax Fund62,495 (108,537) - - (46,042)
Total CIP Funds3,510,979 (1,024,702) 757,722 125,499 - 3,118,501
ATTACHMENT C