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Home My WebLink About101-Treasurer’s Report for the Month Ended February 28, 2009 .pdf SARATOGA CITY COUNCIL MEETING DATE: April 1, 2009 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 February 28, 2009 RECOMMENDED ACTION The City Council review and accept the Treasurer’s Report for the month ended February 28, 2009. 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 February 28, 2009, the City had $116,906 in cash deposit at Comerica bank, and $15,594,159 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 February 28, 2009 is $15,711,065 and exceeds the minimum limit required. Cash Summary Unrestricted Cash Comerica Bank 116,906$ Deposit with LAIF 15,594,159$ Total 15,711,065$ 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 February 28, 2009 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 663,182$ Designated for Uncollected Deposits 289,454$ Designated for Carryforward 58,386$ Undesignated:2,120,066$ Special Revenue Landscape and Lighting Districts 344,562$ CDBG Federal Grants -$ SHARP Program 118,698$ Capital Project Street Projects 2,096,018$ Park and Trail Projects 1,126,027$ Facility Improvement Projects 1,021,751$ Administrative Projects 182,472$ Tree Fund 84,200$ CIP Grant Fund 276,426$ Gas Tax Fund 302,547$ Debt Service Library Bond 422,478$ Internal Service Liability/Risk Management 166,586$ Workers Compensation 100,300$ Office Stores Fund 47,923$ Information Technology Services 189,708$ Equipment Maintenance 68,866$ Facility Maintenance 278,587$ Equipment Replacement 97,413$ IT Replacement 342,562$ Trust/Agency Library Fund 377,844$ KSAR - Community Access TV 43,163$ Total City 15,711,065$ ATTACHMENT B CHANGES IN TOTAL FUND BALANCE The following table presents the ending Fund Balances for the City’s major fund types as at February 28, 2009. Fund Description Fund Balance 07/01/08 Increase/ (Decrease) Jul-Jan Current Revenue Current Expenditure Transfers Fund Balance 2/28/09 General Undesignated Unreserved Balance 2,216,238 (1,231,821) 710,255 644,617 - 1,050,056 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 - - - (16,735) 663,182 Designated for Uncollected Deposits 289,454 - - - - 289,454 Designated for Carryforward 58,386 - - - - 58,386 Designated for Capital Improvements1,200,000 - - - (1,200,000) - Special Revenue Landscape/Lighting Districts 209,821 158,163 364 23,617 - 344,732 CDBG Federal Grants - - - - - - SHARP Loan 93,877 1,488 - - - 95,365 Capital Project Street Projects 1,482,982 (154,418) 803,500 200,093 - 1,931,971 Park and Trail Projects 1,455,178 (272,543) 125,000 243,095 - 1,064,540 Facility Improvement Projects 515,315 (184,483) 858,000 239,415 - 949,416 Administrative Projects 100,841 (26,994) 119,000 10,375 - 182,472 Tree Fund 129,566 (44,218) 1,170 2,318 - 84,200 Grant Fund 266,476 34,991 - 55,212 - 246,254 Gas Tax Fund 124,192 178,355 - - - 302,547 Debt Service Library Bond 853,620 (433,065) 1,924 - 422,479 Internal Service Fund Liability/Risk Management 128,689 26,967 11,998 1,068 - 166,586 Workers Compensation 47,736 54,911 - 2,347 - 100,300 Office Stores Fund 32,616 16,924 - 1,617 - 47,923 Information Technology Services 122,541 89,136 - 21,970 - 189,708 Equipment Maintenance 13,412 75,420 - 7,493 - 81,339 Building Maintenance 101,361 221,421 220 49,415 - 273,587 Equipment Replacement 98,109 (697) - - - 97,412 Technology Replacement 316,310 36,236 - 9,984 - 342,562 Trust/Agency Library Fund 693,929 - 5,388 321,473 - 377,844 KSAR - Community Access TV 38,661 - 4,502 - - 43,163 Total City 16,361,072 (1,454,227) 2,641,320 1,834,107 (1,416,735) 14,297,323 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 February 28, 2009 CIP Street Project Fund 2,096,018$ CIP Parks Project Fund 1,126,027$ CIP Facility Project Fund 1,021,751$ CIP Administrative Projects 182,472$ Tree Fund 84,200$ CIP Grant Fund 276,426$ Gas Tax Fund 302,547$ Total CIP Funds 5,089,441$ 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-Jan Current Revenue Current Expenditure Transfers Fund Balance 2/28/09 Street Projects Traffic Safety 11,757 (6,998) - 646 4,112 Highway 9 Safety Project 55,460 (12,331) 27,000 25,000 45,129 Annual Street Resurfacing Project 79,151 (57,928) 40,000 106,448 (45,226) Sidewalks Annual Project (3,564) (35,894) 72,500 (2,709) 35,751 Saratoga Sunnyvale Road Resurfacing - - 64,000 (972) 64,972 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 Annual Storm Drain Upgrade - - 50,000 24,735 25,265 Village Trees & Lights at Sidestreets 31,965 (7,790) - - 24,175 Village Pedestrian Enhancement 115,000 (21,696) - 42,413 50,891 Prospect Road Median 1,556 (11,703) 200,000 1,352 188,501 City Entrance Sign/Monument 23,788 - - - 23,788 Village-Streetscape Impv 540,665 - - 2,709 537,956 Saratoga-Sunnyvale ADA Curb Ramps - - - - - Saratoga-Sunnyvale/Gateway Sidewalk 57,224 - - 470 56,754 Comer Drive Retaining Wall - - 200,000 - 200,000 Pedestrian Refuge @ Quito/McCoy - - 150,000 - 150,000 Total Street Projects 1,482,982 (154,418) 803,500 200,093 - 1,931,971 Parks & Trails Hakone Garden Koi Pond 50,000 (850) - - 49,150 EL Quito Park Improvements 118,209 (38,730) - 35,050 44,429 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 - - - - - DeAnza Trail - (21,487) - 2,104 (23,591) Kevin Moran Improvements 982,259 (177,021) - 205,401 599,838 West Valley Soccer Field (58,507) (7,528) - 541 (66,576) Park/Trail Repairs 21,130 (13,382) - - 7,748 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 - - - 118,552 Total Parks & Trails 1,455,178 (272,543) 125,000 243,095 - 1,064,540 Facility Improvements Civic Center Landscape 13,384 (6,129) - (6,129) 13,384 Warner Hutton House Improvements 5,868 - - - 5,868 Facility Projects 39,735 15,460 - 20,072 35,123 Fire Alarm at McWilliams & Museum 11,371 - - - 11,371 North Campus Improvements 443,195 (187,064) 69,000 179,722 145,409 North Campus - Bldg Removal - - 75,000 1,750 73,250 City Hall - Cool Roofs - - 44,000 44,000 - Multi-Purpose Room Fund - - 250,000 - 250,000 Corp Yard Solar Project - (6,750) 100,000 - 93,250 Library HVAC Upgrade - - 310,000 - 310,000 McWilliams House Improvement - - 10,000 - 10,000 Historical Park Fire Alarm System 1,762 - - - 1,762 Total Facility Improvements 515,315 (184,483) 858,000 239,415 - 949,416 Administrative Projects Financial System Upgrade 8,516 (4,982) - - 3,534 Document Imaging Project 92,325 (9,343) - - 82,981 CDD Document Imaging Project - (9,670) 60,000 1,017 49,313 Website Development Project - - 50,000 9,358 40,642 KSAR Equip Upgrades - (2,998) 9,000 - 6,002 Total Administrative Projects 100,841 (26,994) 119,000 10,375 - 182,472 Tree Fund Tree Fine Fund 129,566 (44,218) 1,170 2,318 84,200 CIP Fund CIP Grant Fund 266,476 34,991 - 55,212 246,254 Gax Fund Gas Tax Fund 124,192 178,355 - - 302,547 Total CIP Funds 4,074,549 (469,310) 1,906,670 750,508 - 4,761,401 ATTACHMENT E