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Home My WebLink About101-Treasurer’s Report for the Month Ended March 31, 2009 .pdf SARATOGA CITY COUNCIL MEETING DATE: May 6, 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 March 31, 2009 RECOMMENDED ACTION The City Council review and accept the Treasurer’s Report for the month ended March 31, 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 March 31, 2009, the City had $113,956 in cash deposit at Comerica bank, and $14,889,173 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 March 31, 2009 is $15,003,129 and exceeds the minimum limit required. Cash Summary Unrestricted Cash Comerica Bank 113,956$ Deposit with LAIF 14,889,173$ Total 15,003,129$ 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 March 31, 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:1,657,035$ Special Revenue Landscape and Lighting Districts 269,150$ CDBG Federal Grants -$ SHARP Program 120,376$ Capital Project Street Projects 2,041,081$ Park and Trail Projects 1,148,251$ Facility Improvement Projects 1,012,761$ Administrative Projects 179,613$ Tree Fund 84,200$ CIP Grant Fund 266,077$ Gas Tax Fund 271,816$ Debt Service Library Bond 425,855$ Internal Service Liability/Risk Management 166,988$ Workers Compensation 98,244$ Office Stores Fund 45,987$ Information Technology Services 167,161$ Equipment Maintenance 65,756$ Facility Maintenance 235,198$ Equipment Replacement 100,684$ IT Replacement 320,912$ Trust/Agency Library Fund 379,751$ KSAR - Community Access TV 43,366$ Total City 15,003,129$ ATTACHMENT B CHANGES IN TOTAL FUND BALANCE The following table presents the ending Fund Balances for the City’s major fund types as at March 31, 2009. Fund Description Fund Balance 07/01/08 Increase/ (Decrease) Jul-Feb Current Revenue Current Expenditure Transfers Fund Balance 3/31/09 General Undesignated Unreserved Balance 2,216,238 (1,166,182) 1,074,690 1,450,470 - 674,276 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 Improvements 1,200,000 - - - (1,200,000) - Special Revenue Landscape/Lighting Districts 209,821 134,911 61,236 136,647 - 269,321 CDBG Federal Grants - - - - - - SHARP Loan 93,877 1,488 567 - - 95,932 Capital Project Street Projects 1,482,982 448,989 - 86,513 - 1,845,459 Park and Trail Projects 1,455,178 (390,638) - (22,224) - 1,086,764 Facility Improvement Projects 515,315 360,852 5,000 9,445 - 871,721 Administrative Projects 100,841 81,631 - 2,859 - 179,612 Tree Fund 129,566 (45,365) - - - 84,200 Grant Fund 266,476 (20,221) 16,785 27,134 - 235,905 Gas Tax Fund 124,192 178,355 - 34,017 - 268,530 Debt Service Library Bond 853,620 (431,141) 2,285 925 423,839 Internal Service Fund Liability/Risk Management 128,689 37,897 1,173 771 - 166,988 Workers Compensation 47,736 52,564 - 2,056 - 98,244 Office Stores Fund 32,616 15,307 - 1,937 - 45,987 Information Technology Services 122,541 67,166 - 22,547 - 167,161 Equipment Maintenance 13,412 67,927 - 15,583 - 65,756 Building Maintenance 101,361 172,226 325 43,489 - 230,423 Equipment Replacement 98,109 (697) 508 (2,764) - 100,684 Technology Replacement 316,310 26,252 - 21,650 - 320,912 Trust/Agency Library Fund 693,929 (316,085) 1,911 - - 379,755 KSAR - Community Access TV 38,661 4,502 203 - - 43,366 Total City 16,361,072 (720,264) 1,164,683 1,831,055 (1,416,735) 13,557,700 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 March 31, 2009 CIP Street Project Fund 2,041,081$ CIP Parks Project Fund 1,148,251$ CIP Facility Project Fund 1,012,761$ CIP Administrative Projects 179,613$ Tree Fund 84,200$ CIP Grant Fund 266,077$ Gas Tax Fund 271,816$ Total CIP Funds 5,003,798$ 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-Feb Current Revenue Current Expenditure Transfers Fund Balance 3/31/09 Street Projects Traffic Safety 11,757 (7,645) - 789 3,323 Highway 9 Safety Project 55,460 (10,331) - - 45,129 Annual Street Resurfacing Project 79,151 (124,377) - 11,865 (57,091) Sidewalks Annual Project (3,564) 39,314 - 2,412 33,339 Saratoga Sunnyvale Road Resurfacing - 64,972 - - 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 - - 615 18,815 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 - 25,265 - 21 25,244 Village Trees & Lights at Sidestreets 31,965 (7,790) - (3,770) 27,945 Village Pedestrian Enhancement 115,000 (64,109) - 3,652 47,239 Prospect Road Median 1,556 186,945 - 3,770 184,731 City Entrance Sign/Monument 23,788 - - - 23,788 Village-Streetscape Impv 540,665 (2,709) - 11,986 525,970 Saratoga-Sunnyvale ADA Curb Ramps - - - - - Saratoga-Sunnyvale/Gateway Sidewalk 57,224 (470) - 55,172 1,582 Comer Drive Retaining Wall - 200,000 - - 200,000 Pedestrian Refuge @ Quito/McCoy - 150,000 - - 150,000 Total Street Projects 1,482,982 448,989 - 86,513 - 1,845,459 Parks & Trails Hakone Garden Koi Pond 50,000 (850) - - 49,150 EL Quito Park Improvements 118,209 (73,780) - - 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 - (23,591) - (23,591) - Kevin Moran Improvements 982,259 (382,422) - 551 599,286 West Valley Soccer Field (58,507) (8,069) - 540 (67,116) Park/Trail Repairs 21,130 (13,382) - - 7,748 Heritage Orchard Path 6,153 (6,153) - - - Trail Segment #3 Repair 7,912 - - 275 7,637 Teerlink Ranch Trail 22,242 (7,392) - - 14,850 CIP Allocation Fund 118,552 - - - 118,552 Total Parks & Trails 1,455,178 (390,638) - (22,224) - 1,086,764 Facility Improvements Civic Center Landscape 13,384 - - - 13,384 Warner Hutton House Improvements 5,868 - - - 5,868 Facility Projects 39,735 (4,612) - 4,643 30,480 Fire Alarm at McWilliams & Museum 11,371 - - - 11,371 North Campus Improvements 443,195 (297,787) - 4,802 140,607 North Campus - Bldg Removal - - - - - City Hall - Cool Roofs - - - - - Multi-Purpose Room Fund - 250,000 - - 250,000 Corp Yard Solar Project - 93,250 - - 93,250 Library HVAC Upgrade - 310,000 - - 310,000 Library - EXT Improvement - - 5,000 - 5,000 McWilliams House Improvement - 10,000 - - 10,000 Historical Park Fire Alarm System 1,762 - - - 1,762 Total Facility Improvements 515,315 360,852 5,000 9,445 - 871,721 Administrative Projects Financial System Upgrade 8,516 (4,982) - - 3,534 Document Imaging Project 92,325 (9,343) - (2,371) 85,353 CDD Document Imaging Project - 49,313 - 4,906 44,407 Website Development Project - 40,642 - 325 40,317 KSAR Equip Upgrades - 6,002 - - 6,002 Total Administrative Projects 100,841 81,631 - 2,859 - 179,612 Tree Fund Tree Fine Fund 129,566 (45,365) - - 84,200 CIP Fund CIP Grant Fund 266,476 (20,221) 16,785 27,134 235,905 Gax Fund Gas Tax Fund 124,192 178,355 - 34,017 268,530 Total CIP Funds 4,074,549 613,601 21,785 137,744 - 4,572,192 ATTACHMENT E