HomeMy WebLinkAbout101-Treasurer’s Report for the Month Ended May 31, 2010 .pdf
SARATOGA CITY COUNCIL
MEETING DATE: July 7, 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 May 31, 2010
RECOMMENDED ACTION
Review and accept the Treasurer’s Report for the month ended May 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 May 31, 2010, the City had $154,636 in cash deposit at Comerica bank, and $15,174,069 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 May 31, 2010 is $15,328,705 and
exceeds the minimum limit required.
Unrestricted Cash
Comerica Bank154,636$
Deposit with LAIF15,174,069$
Total Unrestricted Cash15,328,705$
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 Cash15,328,705$
Plus: Assets319,569
Less: Liabilities (1,117,954)
Ending Fund Balance14,530,320$
Adjusting Cash to Ending Fund Balance
ATTACHMENT A
CHANGES IN TOTAL FUND BALANCE
Fund Description
Fund
Balance
7/1/09
Increase/
(Decrease)
Jul-May
Current
Revenue
Current
Expenditure Transfers
Fund
Balance
5/31/10
General
Undesignated Unreserved Balance857,524 710,834 1,078,645 1,074,737 - 1,572,267
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 (8,045) 8,275 22,536 - 337,612
CDBG Federal Grants- 28,298 - - - 28,298
SHARP Loan209,175 666 - - - 209,842
Capital Project
Street Projects1,926,230 68,451 116,696 263,963 - 1,847,415
Park and Trail Projects542,045 136,611 25,000 17,439 - 686,217
Facility Improvement Projects953,833 (444,584) 4,748 13,276 - 500,724
Administrative Projects163,910 5,864 - - - 169,773
Tree Fine Fund62,943 (42,986) - 804 - 19,153
CIP Grant Fund - Street Repair(81,463) (14,648) - 29,990 - (126,101)
CIP Grant Fund - Park & Trail(119,015) 87,178 - 451 - (32,288)
Gas Tax Fund62,495 124,723 - - - 187,218
Debt Service
Library Bond 931,361 (479,847) 2,874 795 453,593
Internal Service Fund
Liability/Risk Management202,872 20,900 50 4,638 - 219,184
Workers Compensation123,034 98,880 21,245 43,751 - 199,407
Office Stores Fund39,633 (4,242) 961 5,217 - 31,136
Information Technology Services 174,838 106,295 - 31,066 - 250,067
Equipment Maintenance56,654 36,180 - 12,078 - 80,757
Building Maintenance208,842 140,027 - 45,742 - 303,127
Equipment Replacement153,214 84,373 - 1,358 - 236,229
Technology Replacement315,290 (45,639) - 5,481 - 264,170
Trust/Agency
Library Fund354,394 (2,397) - - - 351,997
KSAR - Community Access TV84,603 3,741 3,021 - - 91,364
Total City14,953,490 610,632 1,261,516 1,573,320 (722,000) 14,530,320
ATTACHMENT B
FUND BALANCES BY CIP PROJECT
CIP Funds/Projects
Fund
Balance
7/1/09
Increase/
(Decrease)
Jul-May
Current
Revenue
Current
Expenditure Transfers
Fund
Balance
5/31/10
Street Projects
Traffic Safety90,472 57,324 - 22,563 125,233
Highway 9 Safety Project45,129 4,621 - 3,466 46,285
Annual Street Resurfacing Project233,602 26,329 51,696 10,508 301,119
Sidewalks Annual Project18,935 78,450 - (0) 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 (22,969) - - 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 - - 100,000 50,000
Annual Storm Drain Upgrade246 53,637 - - 53,883
Village Trees & Lights at Sidestreets25,336 - - - 25,336
Village Pedestrian Enhancement9,128 6,636 - - 15,764
Prospect Road Median151,036 (99,373) - - 51,663
City Entrance Sign/Monument23,788 - - - 23,788
Village-Streetscape Impv 517,188 (10,802) 65,000 10,443 560,942
Saratoga-Sunnyvale/Gateway Sidewalk4,107 (585) - - 3,522
Comer Drive Retaining Wall173,003 (56,020) - 116,983 -
Total Street Projects1,926,230 68,451 116,696 263,963 - 1,847,415
Parks & Trails
Hakone Garden Koi Pond49,150 (23) - - 49,127
EL Quito Park Improvements43,905 (4,353) - 10,689 28,863
Wildwood Park - Water Feature/Seating275 (275) - - -
Historical Park Landscape33,890 972 25,000 6,750 53,112
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 (33,964) - - 26,731
Mid Pen O/S Land Purchase- 250,000 - - 250,000
CIP Allocation Fund15,885 - - - 15,885
Total Parks & Trails542,045 136,611 25,000 17,439 - 686,217
Facility Improvements
Warner Hutton House Improvements812 (812) - - -
Facility Projects108,643 (55,113) - 1,442 52,088
Civic Center Improvement4,294 (3,213) - 588 494
CDD/Engineering - Carpet- - - - -
Theater Improvement68,518 (747) 4,748 1,045 71,474
Adult Care Wash Station- 25,000 - - 25,000
Book-Go-Round Bldg Paint- 5,000 - 3,260 1,740
Corp Yard - Men's Restroom1,829 (1,829) - - -
Fire Alarm at McWilliams & Museum11,371 - - - 11,371
North Campus Improvements43,960 (40,425) - (172) 3,707
North Campus - Bldg Removal73,250 (73,037) - - 213
Civic Hall Sewer Pump Rep- - - - -
Portable Carpeting- - - - -
HVAC System Upgrade- 122,517 - 5,988 116,529
Multi-Purpose Room Fund250,000 (250,000) - - -
Kitchen Improvement- - - - -
Corp Yard Solar Project93,250 125,000 - - 218,250
Library HVAC Upgrade276,143 (276,143) - - -
Library - EXT Improvement10,000 5,000 - - 15,000
Museum ADA Ramp - CDBG- (25,781) - 1,125 (26,906)
McWilliams House Improvement10,000 - - - 10,000
Historical Park Fire Alarm System1,762 - - - 1,762
Total Facility Improvements953,832 (444,584) 4,748 13,276 - 500,724
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- 30,180 - - 30,180
KSAR Equip Upgrades6,002 - - - 6,002
Total Administrative Projects163,910 5,864 - - - 169,773
Tree Fine Fund
Tree Fine Fund62,943 (42,986) - 804 19,153
CIP Fund - Street Repair
CIP Grant Fund(81,463) (14,648) - 29,990 (126,101)
CIP Fund - Park & Trail
CIP Grant Fund(119,015) 87,178 - 451 (32,288)
Gax Fund
Gas Tax Fund62,495 124,723 - - 187,218
Total CIP Funds3,510,977 (79,392) 146,444 325,922 - 3,252,110
ATTACHMENT C