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Home My WebLink About101-Treasurer’s Report for the Month Ended November 30, 2008 .pdf SARATOGA CITY COUNCIL MEETING DATE: January 21, 2009 AGENDA ITEM: DEPARTMENT: Finance & Administrative Services CITY MANAGER: Dave Anderson PREPARED BY: Ann Xu, Accountant DEPT HEAD: Mary Furey, Director SUBJECT: Treasurer’s Report for the Month Ended November 30, 2008 RECOMMENDED ACTION The City Council review and accept the Treasurer’s Report for the month ended November 30, 2008. 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 data and analysis 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 November 30, 2008, the City had $187,253 in cash deposit at Comerica bank, and $14,370,404 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 November 30, 2008 is $14,557,657 and exceeds the minimum limit required. Cash Summary Unrestricted Cash Comerica Bank 187,253$ Deposit with LAIF 14,370,404$ Total 14,557,657$ 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 – Cash Balances by Fund B – Change in Total Fund Balances by Fund C – Cash and Investments by CIP Project D – Change in Total Fund Balances by CIP Project E – Local Agency Investment Fund (LAIF) Quarterly Apportionment Rates ATTACHMENT A The following table summarizes the City’s total cash and investment balances by Fund. Fund Types Fund Description Cash & Investment Balance at November 30, 2008 General General Fund Reserved: Petty Cash Reserve 1,300$ Designated: Designated for Operations 2,808,164$ Designated for Economic Uncertainty 1,300,000$ Designated for Development Program 782,380$ Designated for Environmental Program 679,917$ Undesignated:1,367,736$ Special Revenue Landscape and Lighting Districts 160,801$ CDBG Federal Grants -$ SHARP Program 113,810$ Capital Project Street Projects 2,184,565$ Park and Trail Projects 1,450,668$ Facility Improvement Projects 972,738$ Adminstrative Projects 194,843$ Tree Fund 100,798$ CIP Grant Fund 104,907$ Gas Tax Fund 303,545$ Debt Service Library Bond 202,353$ Internal Service Equipment Replacement 74,318$ IT Replacement 341,688$ Facility Maintenance 259,484$ Equipment Maintenance 29,554$ Information Technology Services 175,672$ Office Stores Fund 38,084$ Liability/Risk Management 88,136$ Workers Compensation 84,483$ Trust/Agency Library Fund 696,742$ KSAR - Community Access TV 40,969$ Total City 14,557,657$ ATTACHMENT B CHANGES IN TOTAL FUND BALANCE The following table presents the ending Fund Balances for the City’s major fund types as at November 30, 2008. This table excludes Trust and Agency funds where the City acts merely as a third party custodian of an outside party’s funds. Fund Description Fund Balance 07/01/08 Increase/ (Decrease) Jul-Oct Current Revenue Current Expenditure Transfers Fund Balance 11/30/08 General Undesignated Unreserved Balance 3,141,836 (2,761,717) 975,957 472,183 883,892 Reserved Fund Balance: Petty Cash Reserve 1,300 - - - 1,300 Designated Fund Balances:- - Designated for Operations 2,808,164 - - - 2,808,164 Designated Economic Uncertainty 1,500,000 (200,000) - - 1,300,000 Designated for Development 782,380 - - - 782,380 Designated for Environmental 679,917 - - - 679,917 Special Revenue Landscape/Lighting 209,821 (51,697) 15,935 13,258 160,802 CDBG Federal Grants - - - - - SHARP Loan 93,877 (67) - - 93,810 Capital Project Street Projects 2,432,995 (109,584) - 23,743 - 2,299,668 Park and Trails 1,497,834 (74,104) - 14,461 - 1,409,268 Facility Improvements 994,315 (67,685) 6,813 42,966 - 890,477 Adminstrative Projects 219,841 (15,650) - 3,953 - 200,238 Tree Fund 129,566 (17,959) - 10,808 - 100,798 Grant Fund - (82,767) 67,140 (187,674) - 172,047 Gas Tax Fund - 127,596 - 12,864 - 114,732 Debt Service Library Bond 853,620 (652,265) 974 - 202,329 Internal Service Fund Equipment Replacement 98,109 84,609 - 108,401 74,317 Technology Replacement 316,310 25,473 - 94 341,688 Building Maintenance 101,361 189,893 - 38,293 252,961 Equipment Maintenance 13,412 50,913 - 4,725 59,600 Information Technology Services 122,541 75,046 - 22,689 174,898 Stores Fund 32,616 9,862 699 5,093 38,084 Liability/Risk Management 128,689 (28,409) - 2,257 98,024 Workers Compensation 47,736 85,456 - 48,735 84,457 Total City 16,206,240 (3,413,057) 1,067,518 636,850 - 13,223,852 ATTACHMENT C CASH AND INVESTMENTS BALANCES BY CIP PROJECT The following table details the cash balances for each project in the Streets, Parks & Trails, Facility Improvements, and Administrative Project Program Funds. CIP Funds/Projects Cash & Investment Balance at November 30, 2008 Street Projects Traffic Safety 11,757 Highway 9 Safety Project 82,460 Annual Street Resurfacing Project 413,130 Sidewalks Yearly Project 120,075 Saratoga Sunnyale Road Resurfacing (114,321) Traffic Signal @ Verde Vista Lane 90,000 Fourth Street Bridge 100,000 Highway 9 and Oak Place Pedestrian Sign (16,188) Quito Road Bridge Replacement 9,730 Quito Road Bridge Construction 115,726 Village Newsrack Enclosur 23,384 Village Façade Program 19,430 Solar Power Radar Feedback Signs 24,158 El Quito Area Curb Replacement 37,552 Sobey Road Culvert Repair 150,000 Village Trees & Lights at Sidestreets 31,965 Village Pedestrian Enhancement 115,000 Prospect Road Median 201,556 City Entrance Sign/Monument 23,788 Village-Streetscape Impv (Sidewalk, Curbs)540,665 Saratoga-Sunnyvale ADA Curb Ramps (2,525) Saratoga-Sunnyvale/Gateway Sidewalk 57,224 Pedestrian Refuge @ Quito/McCoy 150,000 Total Street Projects 2,184,565$ Parks & Trails Hakone Garden Kol Pond 50,000 EL Quito Park Improvement 118,209 Wildwood Park - Water Feature/Seating 7,199 Historical Park Landscape 37,200 Hakone Garden D/W 142,829 Hakone Garden Upper Moon House Foundation 125,000 Wildwood Park Improvement (4,543) Carnelian Glen Footbridge - DeAnza Trail (77,802) Kevin Moran Improvements 1,030,666 West Valley Soccer Field (51,412) Park/Trail Repairs 21,130 Heritage Orchard Path 6,153 Trail Segment #3 Repair 7,912 Teerlink Ranch Trail 22,242 CIP Allocation Fund 15,885 Total Parks & Trails 1,450,668$ Facility Improvements Civic Center Landscape 13,385 Warner Hutton House Improvements 5,868 Facility Projects 39,735 Fire Alarm at McWilliams & Museum 11,371 North Campus Improvements 421,617 North Campus - Bldg Removal 75,000 City Hall - Cool Roofs 44,000 Multi-Purpose Room Fund 250,000 Corp Yard Solar Project 100,000 McWilliams House Improvement 10,000 Historical Park Fire Alarm System 1,762 Total Facility Improvements 972,738$ Administrative Projects Financial System Upgrade 8,516 Document Imaging Project 72,722 CDD Document Imaging Project 54,604 Website Development Project 50,000 KSAR Equip Upgrades 9,000 Total Administrative Projects 194,843$ Tree Fund Tree Fund 100,798$ CIP Grant Fund CIP Grant Fund 104,907$ Gas Tax Fund Gas Tax Fund 303,545$ Total CIP Funds 5,312,065$ ATTACHMENT D FUND BALANCES BY CIP PROJECT The following table details the fund balances for each project in the Streets, Parks & Trails, Facility Improvements, and Administrative Project Program Funds. CIP Funds/Projects Fund Balance 07/01/08 Increase/ (Decrease) Jul-Oct Current Revenue Current Expenditure Transfers Fund Balance 11/30/08 Street Projects Traffic Safety 11,757 (836) - 2,312 8,609 Highway 9 Safety Project 82,460 (12,331) - - 70,129 Annual Street Resurfacing Project 782,980 (95,227) - 18,668 669,085 Sidewalks Yearly Project 46,436 - - - 46,436 Saratoga Sunnyale Road Resurfacing (178,292) - - - (178,292) Traffic Signal @ Verde Vista Lane 90,000 - - - 90,000 Fourth Street Bridge 100,000 - - - 100,000 Quito Road Bridge Replacement 9,730 - - - 9,730 Quito Road Bridge Construction 115,726 - - - 115,726 Village Newsrack Enclosur 23,384 (77) - - 23,307 Village Façade Program 19,430 - - - 19,430 Solar Power Radar Feedback Signs 24,158 - - - 24,158 El Quito Area Curb Replacement 37,553 - - - 37,553 Sobey Road Culvert Repair 150,000 - - - 150,000 Village Trees & Lights at Sidestreets 31,965 - - - 31,965 Village Pedestrian Enhancement 115,000 - - 2,763 112,237 Prospect Road Median 201,556 (1,114) - - 200,442 City Entrance Sign/Monument 23,788 - - - 23,788 Village-Streetscape Impv (Sidewalk, Curbs)540,665 - - - 540,665 Saratoga-Sunnyvale ADA Curb Ramps (2,525) - - - (2,525) Saratoga-Sunnyvale/Gateway Sidewalk 57,224 - - - 57,224 Pedestrian Refuge @ Quito/McCoy 150,000 - - - 150,000 Total Street Projects 2,432,995 (109,584) - 23,743 - 2,299,668 Parks & Trails Hakone Garden Kol Pond 50,000 - - - 50,000 EL Quito Park Improvement 118,209 - - 5,900 112,309 Wildwood Park - Water Feature/Seating 7,199 - - - 7,199 Historical Park Landscape 37,200 - - - 37,200 Hakone Garden D/W 142,829 - - - 142,829 Hakone Garden Upper Moon House 125,000 - - - 125,000 Wildwood Park Improvement (4,543) - - - (4,543) DeAnza Trail (77,802) (9,492) - 1,500 (88,794) Kevin Moran Improvements 982,259 59,311 - (2,146) 1,043,716 West Valley Soccer Field (58,507) (9,582) - (2,054) (66,035) Park/Trail Repairs 21,130 (5,521) - 3,869 11,740 Heritage Orchard Path 6,153 (6,153) - - - Trail Segment #3 Repair 7,912 - - - 7,912 Teerlink Ranch Trail 22,242 - - 7,392 14,850 San Marcos OP Space Trail - - - - - CIP Allocation Fund 118,552 (102,667) - - 15,885 Total Parks & Trails 1,497,834 (74,104) - 14,461 - 1,409,268 Facility Improvements Civic Center Landscape 13,384 - - - 13,384 Warner Hutton House Improvements 5,868 - - - 5,868 Facility Projects 39,735 10,716 6,813 - 57,264 Fire Alarm at McWilliams & Museum 11,371 - - - 11,371 North Campus Improvements 443,195 (78,401) - 42,966 321,828 North Campus - Bldg Removal 75,000 75,000 City Hall - Cool Roofs 44,000 44,000 Multi-Purpose Room Fund 250,000 250,000 Corp Yard Solar Project 100,000 100,000 McWilliams House Improvement 10,000 10,000 Historical Park Fire Alarm System 1,762 - - - 1,762 Total Facility Improvements 994,315 (67,685) 6,813 42,966 - 890,477 Administrative Projects Financial System Upgrade 8,516 (4,982) - - 3,534 Document Imaging Project 92,325 (10,668) - (1,324) 82,981 CDD Document Imaging Project 60,000 - - 2,279 57,721 Website Development Project 50,000 - - - 50,000 KSAR Equip Upgrades 9,000 - - 2,998 6,002 Total Administrative Projects 219,841 (15,650) - 3,953 - 200,238 Tree Fund Tree Fine Fund 129,566 (17,959) - 10,808 100,798 CIP Fund CIP Grant Fund - (82,767) 67,140 (187,674) 172,047 Gax Fund Gas Tax Fund - 127,596 - 12,864 114,732 Total CIP Funds 5,274,550 (240,153) 73,953 (78,878) - 5,187,229 ATTACHMENT E