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Home My WebLink About101-Treasurer’s Report for the Month Ended August 31, 2010 .pdf SARATOGA CITY COUNCIL MEETING DATE: October 20, 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 August 31, 2010 RECOMMENDED ACTION Review and accept the Treasurer’s Report for the month ended August 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 August 31, 2010, the City had $452,430 in cash deposit at Comerica bank, and $14,161,195 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 August 31, 2010 is $14,613,625 and exceeds the minimum limit required. Unrestricted Cash Comerica Bank452,430$ Deposit with LAIF14,161,195$ Total Unrestricted Cash14,613,625$ 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 Cash14,613,625$ Plus: Assets420,416 Less: Liabilities (1,132,928) Ending Fund Balance13,901,113$ Adjusting Cash to Ending Fund Balance ATTACHMENT A CHANGES IN TOTAL FUND BALANCE Fund Description Fund Balance 7/1/10 Increase/ (Decrease) Jul-Aug Current Revenue Current Expenditure Transfers Fund Balance 8/31/10 General Undesignated Unreserved Balance1,284,366 (570,760) 635,747 656,861 - 692,492 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 - - - - 632,380 Designated for Environmental 563,182 - - - - 563,182 Designated for Uncollected Deposits44,791 - - - - 44,791 Designated for Hillside Reserve300,000 - - - - 300,000 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 (40,481) - 8,302 - 391,608 CDBG Federal Grants(9,621) - - - - (9,621) SHARP Loan210,034 - - - - 210,034 Capital Project Street Projects2,169,661 21,234 47,455 18,300 - 2,220,050 Park and Trail Projects653,881 - - 3,877 - 650,004 Facility Improvement Projects525,256 5,290 5,430 2,469 - 533,507 Administrative Projects224,773 - - 34,476 - 190,297 Tree Fine Fund16,985 - - - - 16,985 CIP Grant Fund - Street Repair(118,073) - 120,640 9,649 - (7,081) CIP Grant Fund - Park & Trail(46,013) - - 2,550 - (48,563) Gas Tax Fund279,470 24,978 - - - 304,448 Debt Service Library Bond 892,593 (686,828) - - 205,765 Internal Service Fund Liability/Risk Management244,562 46,746 - 235,549 - 55,759 Workers Compensation198,592 52,350 - 43,405 - 207,537 Office Stores Fund26,830 6,077 707 4,731 - 28,883 Information Technology Services 213,940 54,755 - 28,963 - 239,732 Equipment Maintenance54,258 34,323 - 9,232 - 79,349 Building Maintenance202,570 141,229 - 47,764 - 296,035 Equipment Replacement236,229 25,000 - - - 261,229 Technology Replacement186,686 12,500 - 950 - 198,236 Trust/Agency Library Fund351,360 - - - - 351,360 KSAR - Community Access TV109,842 - - 3,084 - 106,759 Total City15,074,884 (873,586) 809,979 1,110,162 - 13,901,113 ATTACHMENT B FUND BALANCES BY CIP PROJECT CIP Funds/Projects Fund Balance 7/1/10 Increase/ (Decrease) Jul-Aug Current Revenue Current Expenditure Transfers Fund Balance 8/31/10 Street Projects Traffic Safety168,497 - - 3,875 164,622 Highway 9 Safety Project50,008 - - 1,250 48,758 Annual Street Resurfacing Project 529,434 21,234 47,455 9,675 588,449 Sidewalks Annual Project87,092 - - - 87,092 Saratoga Sunnyvale Road Resurfacing99,011 - - - 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 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 - - - 50,000 Annual Storm Drain Upgrade53,883 - - - 53,883 Village Trees & Lights at Sidestreets25,336 - - - 25,336 Prospect Road Median51,663 - - - 51,663 City Entrance Sign/Monument23,788 - - - 23,788 Monte Visata Storm Drain- - - 3,500 (3,500) Village-Streetscape Impv 549,952 - - - 549,952 Saratoga-Sunnyvale/Gateway Sidewalk4,107 - - - 4,107 Total Street Projects2,169,661 21,234 47,455 18,300 - 2,220,050 Parks & Trails Hakone Garden Koi Pond15,600 - - - 15,600 EL Quito Park Improvements27,571 - - - 27,571 Historical Park Landscape50,588 - - 3,877 46,711 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 - - - 23,762 Tank Trail Repair26,731 - - - 26,731 Mid Pen O/S Land Purchase250,000 - - - 250,000 Total Parks & Trails653,881 - - 3,877 - 650,004 Facility Improvements Facility Projects88,644 - - 1,561 87,083 Civic Center Improvement19 - - - 19 Theater Improvement71,474 5,290 5,430 - 82,194 North Campus Improvements3,920 - - - 3,920 HVAC System Upgrade117,949 - - 908 117,041 Corp Yard Solar Project93,250 - - - 93,250 Vehicle Structure Solar125,000 - - - 125,000 Library - EXT Improvement15,000 - - - 15,000 McWilliams House Improvement10,000 - - - 10,000 Total Facility Improvements525,256 5,290 5,430 2,469 - 533,507 Administrative Projects Financial System Upgrade3,534 - - - 3,534 Document Imaging Project85,183 - - - 85,183 CDD Document Imaging Project40,876 - - - 40,876 Telecommunication System55,000 - - 34,476 20,524 IT Emergency Power Back40,180 - - - 40,180 Total Administrative Projects224,773 - - 34,476 - 190,297 Tree Fine Fund Tree Fine Fund16,985 - - - 16,985 CIP Fund - Street Repair CIP Grant Fund(118,073) - 120,640 9,649 (7,081) CIP Fund - Park & Trail CIP Grant Fund(46,013) - - 2,550 (48,563) Gax Fund Gas Tax Fund279,470 24,978 - - 304,448 Total CIP Funds3,687,624 51,502 173,525 71,321 - 3,859,645 ATTACHMENT C