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Home My WebLink About101-Treasurer’s Report for the Month Ended October 31, 2010 .pdf SARATOGA CITY COUNCIL MEETING DATE: December 1, 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 October 31, 2010 RECOMMENDED ACTION Review and accept the Treasurer’s Report for the month ended October 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 October 31, 2010, the City had $89,620 in cash deposit at Comerica bank, and $11,562,706 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 October 31, 2010 is $11,652,326 and exceeds the minimum limit required. Unrestricted Cash Comerica Bank89,620$ Deposit with LAIF11,562,706$ Total Unrestricted Cash11,652,326$ 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 Cash11,652,326$ Plus: Assets201,730 Less: Liabilities (1,043,155) Ending Fund Balance10,810,902$ Adjusting Cash to Ending Fund Balance ATTACHMENT A CHANGES IN TOTAL FUND BALANCE Fund Description Fund Balance 7/1/10 Increase/ (Decrease) Jul-Sep Current Revenue Current Expenditure Transfers Fund Balance 10/31/10 General Undesignated Unreserved Balance1,284,366 (2,127,489) 804,578 1,429,173 - (1,139,118) Reserved Fund Balance: Petty Cash Reserve1,300 - - - - 1,300 Designated Fund Balances: Designated for Operations 2,889,077 - - - 106,000 2,995,077 Designated Economic Uncertainty 1,500,000 - - - - 1,500,000 Designated for Development 632,380 (210,000) - - - 422,380 Designated for Environmental 563,182 (50,000) - - - 513,182 Designated for Uncollected Deposits44,791 - - - - 44,791 Designated for Hillside Reserve300,000 - - - (50,000) 250,000 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 (78,627) 11,167 65,234 - 307,697 CDBG Federal Grants(9,621) - - - - (9,621) SHARP Loan210,034 179 - - - 210,213 Capital Project Street Projects2,169,661 (101,631) 26,602 100,778 326,983 2,320,837 Park and Trail Projects653,881 (3,877) - 84,347 150,000 715,657 Facility Improvement Projects525,256 (133,949) (20) 18,858 400,000 772,428 Administrative Projects224,773 (34,830) - 113 - 189,830 Tree Fine Fund16,985 - - 3,150 25,000 38,835 CIP Grant Fund - Street Repair(118,073) (424,575) 18,317 (16,413) - (507,917) CIP Grant Fund - Park & Trail(46,013) (7,043) - 96,997 - (150,053) Gas Tax Fund279,470 24,978 47,779 - (106,000) 246,227 Debt Service Library Bond 892,593 (685,345) 4,195 - - 211,443 Internal Service Fund Liability/Risk Management244,562 (198,768) 58,978 10,368 (50,000) 44,404 Workers Compensation198,592 6,883 53,750 41,644 (25,000) 192,581 Office Stores Fund26,830 (2,592) 8,199 2,633 - 29,804 Information Technology Services 213,940 (3,720) 100,000 35,623 - 274,597 Equipment Maintenance54,258 8,439 50,000 23,839 - 88,858 Building Maintenance202,570 48,638 181,437 97,920 - 334,724 Equipment Replacement236,229 25,000 25,000 - (25,000) 261,229 Technology Replacement186,686 9,244 12,500 5,552 (25,000) 177,877 Trust/Agency Library Fund351,360 532 - - - 351,891 KSAR - Community Access TV109,842 (2,948) 14,854 - - 121,749 Total City15,074,884 (4,010,100) 1,417,336 1,999,816 - 10,810,902 ATTACHMENT B FUND BALANCES BY CIP PROJECT CIP Funds/Projects Fund Balance 7/1/10 Increase/ (Decrease) Jul-Sep Current Revenue Current Expenditure Transfers Fund Balance 10/31/10 Street Projects Traffic Safety168,497 (7,765) - - 160,733 Highway 9 Safety Project50,008 (1,834) - 611 47,563 Annual Street Resurfacing Project529,434 (64,160) 26,602 71,605 (65,000) 355,271 Sidewalks Annual Project87,092 - - - 87,092 Saratoga Sunnyvale Road Resurfacing99,011 - - - 65,000 164,011 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 - - 3,760 50,122 Village Trees & Lights at Sidestreets25,336 (1,805) - 23,532 - Prospect Road Median51,663 - - 972 (50,000) 691 City Entrance Sign/Monument23,788 - - - (23,788) - Padero Erosion Mitigation- - - - 50,000 50,000 Monte Vista Storm Drain- (3,572) - 297 75,000 71,130 Canyon View/Elva Drain- - - - 35,000 35,000 Village-Streetscape Impv 549,952 (9,690) - - 240,771 781,033 Saratoga-Sunnyvale/Gateway Sidewalk4,107 (12,806) - - (8,699) Total Street Projects2,169,661 (101,631) 26,602 100,778 326,983 2,320,837 Parks & Trails Hakone Garden Koi Pond15,600 - - - 15,600 EL Quito Park Improvements27,571 - - - 27,571 Historical Park Landscape50,588 (3,877) - 45,070 1,641 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 Playground Safety Equipment- - - - 50,000 50,000 Blaney Plaza Improvements- - - 14,277 25,000 10,723 Ravenswood Playground Improvement- - - - 75,000 75,000 Tank Trail Repair26,731 - - 25,000 1,731 Mid Pen O/S Land Purchase250,000 - - - 250,000 Total Parks & Trails653,881 (3,877) - 84,347 150,000 715,657 Facility Improvements Facility Projects88,644 (1,541) (20) 1,561 160,020 245,543 Civic Center Improvement20 - - - (20) - Theater Improvement71,472 9,310 - 5,548 75,234 Senior Center Minor Building Improvement- (1,050) - - (1,050) Senior Center Furniture & Fixture- (7,565) - 1,581 (9,147) Portable Building Gutters- (2,460) - - (2,460) North Campus Improvements3,920 (6,723) - 4,602 175,000 167,595 HVAC System Upgrade117,949 (117,016) - - 932 Corp Yard Solar Project93,250 - - - 93,250 Vehicle Structure Solar125,000 - - - 125,000 Library Improvement15,000 (3,158) - - 11,842 SPCC Furniture & Fixture- (3,746) - - (3,746) Electric Charging Station- - - - 65,000 65,000 McWilliams House Improvement10,000 - - 5,565 4,435 Total Facility Improvements525,256 (133,949) (20) 18,858 400,000 772,428 Administrative Projects Financial System Upgrade3,534 - - - 3,534 Document Imaging Project85,183 - - - 85,183 CDD Document Imaging Project31,989 - - - 31,989 CMO Document Imaging Project8,887 (354) - - 8,533 Telecommunication System55,000 (34,476) - 113 20,411 IT Emergency Power Back40,180 - - - 40,180 Total Administrative Projects224,773 (34,830) - 113 - 189,830 Tree Fine Fund Tree Fine Fund16,985 - - 3,150 25,000 38,835 CIP Fund - Street Repair CIP Grant Fund(118,073) (424,575) 18,317 (16,413) (507,917) CIP Fund - Park & Trail CIP Grant Fund(46,013) (7,043) - 96,997 (150,053) Gas Fund Gas Tax Fund279,470 24,978 47,779 - (106,000) 246,227 Total CIP Funds3,687,624 (680,927) 92,678 287,830 795,983 3,625,843 ATTACHMENT C