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Home My WebLink About101-Treasurer's Report.pdf SARATOGA CITY COUNCIL MEETING DATE: September 15, 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 June 30, 2010 RECOMMENDED ACTION Review and accept the Treasurer’s Report for the month ended June 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 June 30, 2010, the City had $202,898 in cash deposit at Comerica bank, and $15,727,069 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 June 30, 2010 is $15,929,967 and exceeds the minimum limit required. Unrestricted Cash Comerica Bank202,898$ Deposit with LAIF15,727,069$ Total Unrestricted Cash15,929,967$ 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 Cash15,929,967$ Plus: Assets884,326 Less: Liabilities (1,762,726) Ending Fund Balance15,051,567$ 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 6/30/10 General Undesignated Unreserved Balance857,524 714,743 1,623,808 1,839,558 - 1,356,518 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 (22,307) 137,820 35,041 - 440,391 CDBG Federal Grants- 28,298 52,655 80,953 - - SHARP Loan209,175 666 192 - - 210,034 Capital Project Street Projects1,926,230 (78,815) 424,244 102,889 - 2,168,770 Park and Trail Projects542,045 144,172 20,892 53,228 - 653,882 Facility Improvement Projects953,833 (453,112) 19,528 3,724 - 516,527 Administrative Projects163,910 5,864 63,887 8,887 - 224,773 Tree Fine Fund62,943 (43,789) - 2,169 - 16,985 CIP Grant Fund - Street Repair(81,463) (44,638) 27,579 37,867 - (136,390) CIP Grant Fund - Park & Trail(119,015) 86,727 - 13,725 - (46,013) Gas Tax Fund62,495 124,723 92,251 - - 279,470 Debt Service Library Bond 931,361 (477,768) 439,000 - 892,593 Internal Service Fund Liability/Risk Management202,872 16,312 3,269 (22,109) - 244,562 Workers Compensation123,034 76,373 664 1,479 - 198,592 Office Stores Fund39,633 (8,497) 765 5,070 - 26,830 Information Technology Services 174,838 75,229 - 36,127 - 213,940 Equipment Maintenance56,654 24,103 - 26,499 - 54,258 Building Maintenance208,842 94,285 - 100,557 - 202,570 Equipment Replacement153,214 83,015 - - - 236,229 Technology Replacement315,290 (51,120) - 77,485 - 186,685 Trust/Agency Library Fund354,394 (2,397) 714 1,352 - 351,360 KSAR - Community Access TV84,603 6,762 18,478 - - 109,842 Total City14,953,490 298,827 2,925,746 2,404,499 (722,000) 15,051,567 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 6/30/10 Street Projects Traffic Safety90,472 34,761 48,705 6,331 167,607 Highway 9 Safety Project45,129 1,155 5,000 1,277 50,008 Annual Street Resurfacing Project 233,602 67,518 255,447 27,132 529,434 Sidewalks Annual Project18,935 78,450 - 10,293 87,092 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 - 98,744 - 214,470 Village Newsrack Enclosure23,307 (22,969) - 339 - Village Façade Program18,815 (2,837) - 15,000 978 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 43,755 15,764 26,754 549,952 Saratoga-Sunnyvale/Gateway Sidewalk4,107 (585) 585 - 4,107 Comer Drive Retaining Wall173,003 (173,003) - - - Total Street Projects1,926,230 (78,815) 424,244 102,889 - 2,168,770 Parks & Trails Hakone Garden Koi Pond49,150 (23) - 33,527 15,600 EL Quito Park Improvements43,905 (15,042) - 1,291 27,571 Wildwood Park - Water Feature/Seating275 (275) - - - Historical Park Landscape33,890 19,222 - 2,524 50,588 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) 20,892 - 23,762 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 & Trails542,045 144,172 20,892 53,228 - 653,882 Facility Improvements Warner Hutton House Improvements812 (812) - - - Facility Projects108,643 (56,555) 11,302 (25,254) 88,644 Civic Center Improvement4,294 (3,801) - 475 19 CDD/Engineering - Carpet- - - - - Theater Improvement68,518 2,956 - - 71,474 Adult Care Wash Station- 25,000 (25,000) - - Corp Yard - Men's Restroom1,829 (1,829) - - - Book-Go-Round Bldg Paint11,371 1,740 (1,740) 11,371 - North Campus Improvements43,960 (40,253) 213 - 3,920 North Campus - Bldg Removal73,250 (73,037) - 213 - Civic Hall Sewer Pump Rep- - - - - Portable Carpeting- - - - - HVAC System Upgrade- 117,949 - - 117,949 Multi-Purpose Room Fund250,000 (250,000) - - - Kitchen Improvement- - - - - SPCC Furniture & Fixtures- - 1,670 1,670 - Friend Hall HVAC Fencing- (1,420) 1,420 - - Corp Yard Solar Project93,250 125,000 (125,000) - 93,250 Vehicle Structure Solar- - 125,000 - 125,000 Library HVAC Upgrade276,143 (276,143) - - - Library - EXT Improvement10,000 5,000 - - 15,000 Museum ADA Ramp - CDBG- (26,906) 31,663 13,487 (8,730) McWilliams House Improvement10,000 - - - 10,000 Historical Park Fire Alarm System1,762 - - 1,762 - Total Facility Improvements953,832 (453,112) 19,528 3,724 - 516,527 Administrative Projects Financial System Upgrade3,534 - - - 3,534 Document Imaging Project86,780 (1,597) - - 85,183 CDD Document Imaging Project36,635 (4,646) 8,887 - 40,876 Website Development Project30,959 (28,074) - 2,885 - Telecommunication System- - 55,000 - 55,000 IT Emergency Power Back- 10,000 30,180 - 40,180 IT Server Room A/C- 30,180 (30,180) - - KSAR Equip Upgrades6,002 - - 6,002 - Total Administrative Projects163,910 5,864 63,887 8,887 - 224,773 Tree Fine Fund Tree Fine Fund62,943 (43,789) - 2,169 16,985 CIP Fund - Street Repair CIP Grant Fund(81,463) (44,638) 27,579 37,867 (136,390) CIP Fund - Park & Trail CIP Grant Fund(119,015) 86,727 - 13,725 (46,013) Gax Fund Gas Tax Fund62,495 124,723 92,251 - 279,470 Total CIP Funds3,510,977 (258,870) 648,382 222,488 - 3,678,003 ATTACHMENT C