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Home My WebLink About101-Treasurer’s Report for the Month Ended April 30, 2010 .pdf SARATOGA CITY COUNCIL MEETING DATE: June 2, 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 April 30, 2010 RECOMMENDED ACTION Review and accept the Treasurer’s Report for the month ended April 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 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 April 30, 2010, the City had $310,180 in cash deposit at Comerica bank, and $14,972,069 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 April 30, 2010 is $15,282,249 and exceeds the minimum limit required. The Fund Balance schedule presented on the following page represents actual funding available for all funds at the end of the monthly period. This amount differs from the above Cash Summary schedule as assets and liabilities are components of the fund balance. As illustrated in the summary below, Total Unrestricted Cash is adjusted by the addition of Total Assets less the amount of Total Liabilities to arrive at the Ending Fund Balance – which represents the actual amount of funds available. CONSEQUENCES OF NOT FOLLOWING RECOMMENDED ACTION The City would not be in compliance with Government Code Section 41004. ALTERNATIVE ACTION N/A FOLLOW UP ACTION N/A ADVERTISING, NOTICING AND PUBLIC CONTACT N/A ATTACHMENTS A – Change in Total Fund Balances by Fund B – Change in Total Fund Balances by CIP Project C – Local Agency Investment Fund (LAIF) Quarterly Apportionment Rates Unrestricted Cash Comerica Bank310,180$ Deposit with LAIF14,972,069$ Total Unrestricted Cash15,282,249$ Cash Summary Total Unrestricted Cash15,282,249$ Plus: Assets555,525 Less: Liabilities (995,650) Ending Fund Balance14,842,124$ Adjusting Cash to Ending Fund Balance ATTACHMENT A CHANGES IN TOTAL FUND BALANCE Fund Description Fund Balance 7/1/09 Increase/ (Decrease) Jul-Mar Current Revenue Current Expenditure Transfers Fund Balance 4/30/10 General Undesignated Unreserved Balance857,524 (1,395,695) 3,502,564 1,396,035 - 1,568,359 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 6,244 46,469 60,758 - 351,873 CDBG Federal Grants- (42,859) 71,157 - - 28,298 SHARP Loan209,175 666 - - - 209,842 Capital Project Street Projects1,926,230 40,438 115,433 87,421 - 1,994,681 Park and Trail Projects542,045 140,983 - 4,372 - 678,656 Facility Improvement Projects953,833 (353,198) (25,738) 65,648 - 509,251 Administrative Projects163,910 15,684 - 9,820 - 169,773 Tree Fine Fund62,943 (43,759) - (773) - 19,957 CIP Grant Fund - Street Repair(81,463) (218,679) 234,601 30,570 - (96,111) CIP Grant Fund - Park & Trail(119,015) 88,033 - 855 - (31,837) Gas Tax Fund62,495 (119,521) 244,244 - - 187,218 Debt Service Library Bond 931,361 (482,254) 2,407 - 451,514 Internal Service Fund Liability/Risk Management202,872 (37,880) 62,500 3,719 - 223,772 Workers Compensation123,034 38,022 62,500 1,643 - 221,914 Office Stores Fund39,633 4,525 (5,953) 2,814 - 35,391 Information Technology Services 174,838 42,219 100,946 36,870 - 281,133 Equipment Maintenance56,654 20,095 39,250 23,165 - 92,834 Building Maintenance208,842 66,442 141,850 68,266 - 348,869 Equipment Replacement153,214 124,373 (40,000) - - 237,586 Technology Replacement315,290 (57,669) 14,503 2,473 - 269,651 Trust/Agency Library Fund354,394 (35,012) - (32,615) - 351,997 KSAR - Community Access TV84,603 (10,812) 14,553 - - 88,344 Total City14,953,490 (2,209,615) 4,581,286 1,761,039 (722,000) 14,842,124 ATTACHMENT B FUND BALANCES BY CIP PROJECT CIP Funds/Projects Fund Balance 7/1/09 Increase/ (Decrease) Jul-Mar Current Revenue Current Expenditure Transfers Fund Balance 4/30/10 Street Projects Traffic Safety90,472 78,352 - 21,027 147,796 Highway 9 Safety Project45,129 8,194 - 3,573 49,750 Annual Street Resurfacing Project233,602 (46,111) 115,433 42,993 259,931 Sidewalks Annual Project18,935 82,425 - 3,975 97,385 Saratoga Sunnyvale Road Resurfacing64,972 34,040 - - 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) - 12,246 338 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 53,637 - - 53,883 Village Trees & Lights at Sidestreets25,336 - - - 25,336 Village Pedestrian Enhancement9,128 6,489 - (146) 15,764 Prospect Road Median151,036 (99,373) - - 51,663 City Entrance Sign/Monument23,788 - - - 23,788 Village-Streetscape Impv 517,188 (7,050) - 3,752 506,385 Saratoga-Sunnyvale/Gateway Sidewalk4,107 (585) - - 3,522 Comer Drive Retaining Wall173,003 (56,020) - - 116,983 Total Street Projects1,926,230 40,438 115,433 87,421 - 1,994,681 Parks & Trails Hakone Garden Koi Pond49,150 (23) - - 49,127 EL Quito Park Improvements43,905 - - 4,353 39,552 Wildwood Park - Water Feature/Seating275 (275) - - - Historical Park Landscape33,890 972 - - 34,862 Hakone Garden Retaining Wall & D/W142,829 - - - 142,829 Hakone Garden Upper Moon House 125,000 - - - 125,000 Kevin Moran Improvements69,082 (69,082) - - - 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 (33,945) - 19 26,731 Mid Pen O/S Land Purchase- 250,000 - - 250,000 CIP Allocation Fund15,885 - - - 15,885 Total Parks & Trails542,045 140,983 - 4,372 - 678,656 Facility Improvements Warner Hutton House Improvements812 (812) - - - Facility Projects108,643 (41,236) (1,000) 12,877 53,530 Civic Center Improvement4,294 (340) - 2,873 1,081 CDD/Engineering - Carpet- - - - - Theater Improvement68,518 (16,710) 25,000 9,037 67,771 Adult Care Wash Station- 25,000 - - 25,000 Book-Go-Round Bldg Paint- 5,000 - - 5,000 Corp Yard - Men's Restroom1,829 365 (1,744) 450 - Fire Alarm at McWilliams & Museum11,371 - - - 11,371 North Campus Improvements43,960 (40,425) - - 3,536 North Campus - Bldg Removal73,250 (73,037) - - 213 Civic Hall Sewer Pump Rep- (110) 11,062 10,952 - Portable Carpeting- 3,890 (780) 3,110 - HVAC System Upgrade- 125,000 - 2,484 122,517 Multi-Purpose Room Fund250,000 (250,000) - - - Kitchen Improvement- 25,661 (25,661) - - Corp Yard Solar Project93,250 125,000 - - 218,250 Library HVAC Upgrade276,143 (243,528) (32,615) - - Library - EXT Improvement10,000 5,000 - - 15,000 Museum ADA Ramp - CDBG- (1,915) - 23,866 (25,781) McWilliams House Improvement10,000 - - - 10,000 Historical Park Fire Alarm System1,762 - - - 1,762 Total Facility Improvements953,832 (353,198) (25,738) 65,648 - 509,251 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 - 9,820 30,180 KSAR Equip Upgrades6,002 - - - 6,002 Total Administrative Projects163,910 15,684 - 9,820 - 169,773 Tree Fine Fund Tree Fine Fund62,943 (43,759) - (773) 19,957 CIP Fund - Street Repair CIP Grant Fund(81,463) (218,679) 234,601 30,570 (96,111) CIP Fund - Park & Trail CIP Grant Fund(119,015) 88,033 - 855 (31,837) Gax Fund Gas Tax Fund62,495 (119,521) 244,244 - 187,218 Total CIP Funds3,510,977 (450,019) 568,540 197,913 - 3,431,587 ATTACHMENT C