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Home My WebLink About101-Treasurer’s Report for the Month Ended December 31, 2008 .pdf SARATOGA CITY COUNCIL MEETING DATE: February 18, 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 December 31, 2008 RECOMMENDED ACTION The City Council review and accept the Treasurer’s Report for the month ended December 31, 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 December 31, 2008, the City had $160,142 in cash deposit at Comerica bank, and $14,991,585 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 December 31, 2008 is $15,151,727 and exceeds the minimum limit required. Cash Summary Unrestricted Cash Comerica Bank 160,142$ Deposit with LAIF 14,991,585$ Total 15,151,727$ 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 December 31, 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 Services 782,380$ Designated for Environmental Services 679,917$ Designated for Uncollected Deposits 289,454$ Designated for Carryforward 58,386$ Undesignated:1,788,625$ Special Revenue Landscape and Lighting Districts 203,142$ CDBG Federal Grants -$ SHARP Program 116,476$ Capital Project Street Projects 2,157,675$ Park and Trail Projects 1,433,601$ Facility Improvement Projects 930,911$ Administrative Projects 188,743$ Tree Fund 95,537$ CIP Grant Fund 42,432$ Gas Tax Fund 362,077$ Debt Service Library Bond 210,194$ Internal Service Equipment Replacement 54,400$ IT Replacement 339,860$ Facility Maintenance 180,120$ Equipment Maintenance 30,327$ Information Technology Services 141,621$ Office Stores Fund 35,120$ Liability/Risk Management 98,098$ Workers Compensation 82,327$ Trust/Agency Library Fund 699,316$ KSAR - Community Access TV 41,524$ Total City 15,151,727$ ATTACHMENT B CHANGES IN TOTAL FUND BALANCE The following table presents the ending Fund Balances for the City’s major fund types as at December 31, 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-Nov Current Revenue Current Expenditure Transfers Fund Balance 12/31/08 General Undesignated Unreserved Balance 2,216,238 (2,257,944) 2,145,377 1,561,534 542,138 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 Designated for Uncollected Deposits 289,454 - - - 289,454 Designated for Carryforward 58,386 - - - 58,386 Special Revenue Landscape/Lighting Districts 209,821 (49,020) 57,713 15,368 203,147 CDBG Federal Grants - - - - - SHARP Loan 93,877 (67) 1,555 - 95,365 Capital Project Street Projects 2,432,995 (133,327) - 72,124 - 2,227,544 Park and Trail Projects 1,497,834 (191,232) - (85,599) - 1,392,201 Facility Improvement Projects 994,315 (103,838) - 9,925 - 880,552 Administrative Projects 219,841 (19,603) - 6,100 - 194,139 Tree Fund 129,566 (28,767) - 3,412 - 97,387 Grant Fund - 172,047 - 68,939 - 103,108 Gas Tax Fund - 114,732 87,901 29,369 - 173,264 Debt Service Library Bond 853,620 (651,291) 7,891 - 210,219 Internal Service Fund Equipment Replacement 98,109 (23,792) - 19,918 54,399 Technology Replacement 316,310 25,379 - 1,829 339,859 Building Maintenance 101,361 151,600 60 77,936 175,085 Equipment Maintenance 13,412 46,188 - 16,801 42,800 Information Technology Services 122,541 52,357 - 33,277 141,621 Office Stores Fund 32,616 5,468 - 2,964 35,120 Liability/Risk Management 128,689 (30,666) - (75) 98,099 Workers Compensation 47,736 36,721 618 2,748 82,327 Total City 15,628,482 (3,085,056) 2,301,115 1,836,568 - 13,007,974 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 December 31, 2008 Street Projects Traffic Safety 11,757 Highway 9 Safety Project 82,460 Annual Street Resurfacing Project 386,240 Sidewalks Annual Project 120,075 Saratoga Sunnyvale 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 Design 9,730 Quito Road Bridge Construction 115,726 Village Newsrack Enclosure 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 540,665 Saratoga-Sunnyvale ADA Curb Ramps (2,525) Saratoga-Sunnyvale/Gateway Sidewalk 57,224 Pedestrian Refuge @ Quito/McCoy 150,000 Total Street Projects 2,157,675$ Parks & Trails Hakone Garden Koi Pond 50,000 EL Quito Park Improvements 118,209 Wildwood Park - Water Feature/Seating 7,199 Historical Park Landscape 37,200 Hakone Garden Retaining Wall & D/W 142,829 Hakone Garden Upper Moon House Foundation 125,000 Wildwood Park Improvement (4,543) DeAnza Trail (77,802) Kevin Moran Improvements 1,013,599 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 1,433,601$ 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 379,790 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 930,911$ Administrative Projects Financial System Upgrade 8,516 Document Imaging Project 66,623 CDD Document Imaging Project 54,604 Website Development Project 50,000 KSAR Equip Upgrades 9,000 Total Administrative Projects 188,743$ Tree Fund Tree Fund 95,537$ CIP Grant Fund CIP Grant Fund 42,432$ Gas Tax Fund Gas Tax Fund 362,077$ Total CIP Funds 5,210,975$ 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-Nov Current Revenue Current Expenditure Transfers Fund Balance 12/31/08 Street Projects Traffic Safety 11,757 (3,148) - 3,850 4,759 Highway 9 Safety Project 82,460 (12,331) - - 70,129 Annual Street Resurfacing Project 782,980 (113,894) - 52,898 616,188 Sidewalks Annual Project 46,436 - - 2,709 43,728 Saratoga Sunnyvale 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 Design 9,730 - - - 9,730 Quito Road Bridge Construction 115,726 - - - 115,726 Village Newsrack Enclosure 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) - 6,578 105,659 Prospect Road Median 201,556 (1,114) - 6,090 194,352 City Entrance Sign/Monument 23,788 - - - 23,788 Village-Streetscape Impv 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 (133,327) - 72,124 - 2,227,544 Parks & Trails Hakone Garden Koi Pond 50,000 - - - 50,000 EL Quito Park Improvements 118,209 (5,900) - 7,887 104,422 Wildwood Park - Water Feature/Seating 7,199 - - - 7,199 Historical Park Landscape 37,200 - - - 37,200 Hakone Garden Retaining Wall & 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) (10,992) - 7,899 (96,693) Kevin Moran Improvements 982,259 (41,210) - 354 940,695 West Valley Soccer Field (58,507) (7,528) - - (66,035) Park/Trail Repairs 21,130 (9,390) - 927 10,813 Heritage Orchard Path 6,153 (6,153) - - - Trail Segment #3 Repair 7,912 - - - 7,912 Teerlink Ranch Trail 22,242 (7,392) - - 14,850 CIP Allocation Fund 118,552 (102,667) - (102,667) 118,552 Total Parks & Trails 1,497,834 (191,232) - (85,599) - 1,392,201 Facility Improvements Civic Center Landscape 13,384 - - 2,561 10,823 Warner Hutton House Improvements 5,868 - - - 5,868 Facility Projects 39,735 17,529 - 6,839 50,425 Fire Alarm at McWilliams & Museum 11,371 - - - 11,371 North Campus Improvements 443,195 (121,367) - 525 321,303 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 (103,838) - 9,925 - 880,552 Administrative Projects Financial System Upgrade 8,516 (4,982) - - 3,534 Document Imaging Project 92,325 (9,343) - - 82,981 CDD Document Imaging Project 60,000 (2,279) - 6,100 51,622 Website Development Project 50,000 - - - 50,000 KSAR Equip Upgrades 9,000 (2,998) - - 6,002 Total Administrative Projects 219,841 (19,603) - 6,100 - 194,139 Tree Fund Tree Fine Fund 129,566 (28,767) - 3,412 97,387 CIP Fund CIP Grant Fund - 172,047 - 68,939 103,108 Gax Fund Gas Tax Fund - 114,732 87,901 29,369 173,264 Total CIP Funds 5,274,550 (189,988) 87,901 104,268 - 5,068,194 ATTACHMENT E