The URL can be used to link to this page

Home My WebLink About101-Treasurer’s Report for the Month Ended May 31, 2009 .pdf SARATOGA CITY COUNCIL MEETING DATE: July 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 May 31, 2009 RECOMMENDED ACTION The City Council review and accept the Treasurer’s Report for the month ended May 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 May 31, 2009, the City had $64,156 in cash deposit at Comerica bank, and $16,510,173 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 May 31, 2009 is $16,574,329 and exceeds the minimum limit required. Cash Summary Unrestricted Cash Comerica Bank 64,156$ Deposit with LAIF16,510,173$ Total 16,574,329$ 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 TypesFund Description Cash & Investment Balance at May 31, 2009 General General Fund Reserved: Petty Cash Reserve1,300$ Designated: Designated for Operations2,808,164$ Designated for Economic Uncertainty1,300,000$ Designated for Development Services782,380$ Designated for Environmental Services663,182$ Designated for Uncollected Deposits289,454$ Designated for Carryforward58,386$ Undesignated:3,466,007$ Special Revenue Landscape and Lighting Districts290,193$ CDBG Federal Grants(6,488)$ SHARP Program122,598$ Capital Project Street Projects1,750,919$ Park and Trail Projects948,138$ Facility Improvement Projects1,039,804$ Administrative Projects176,800$ Tree Fine Fund77,222$ CIP Grant Fund251,447$ Gas Tax Fund165,809$ Debt Service Library Bond 435,394$ Internal Service Liability/Risk Management238,555$ Workers Compensation122,276$ Office Stores Fund56,634$ Information Technology Services204,332$ Equipment Maintenance74,144$ Facility Maintenance327,427$ Equipment Replacement 150,685$ IT Replacement333,148$ Trust/Agency Library Fund376,651$ KSAR - Community Access TV69,769$ Total City16,574,329$ ATTACHMENT B CHANGES IN TOTAL FUND BALANCE The following table presents the ending Fund Balances for the City’s major fund types as at May 31, 2009. Fund Description Fund Balance 07/01/08 Increase/ (Decrease) Jul-Apr Current Revenue Current Expenditure Transfers Fund Balance 5/31/09 General Undesignated Unreserved Balance2,216,238 (615,295) 2,127,778 1,338,576 - 2,390,144 Reserved Fund Balance: Petty Cash Reserve1,300 - - - - 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 Deposits289,454 - - - - 289,454 Designated for Carryforward58,386 - - - - 58,386 Designated for Capital Improvements1,200,000 - - - (1,200,000) - Special Revenue Landscape/Lighting Districts209,821 89,761 981 10,279 - 290,286 CDBG Federal Grants- 41,244 - 47,732 - (6,488) SHARP Loan93,877 2,055 - - - 95,932 Capital Project Street Projects1,482,982 151,909 - 143,716 - 1,491,175 Park and Trail Projects1,455,178 (608,172) - (6,270) - 853,276 Facility Improvement Projects515,315 346,326 171,042 75,294 - 957,389 Administrative Projects100,841 76,396 - 438 - 176,800 Tree Fine Fund129,566 (45,365) - 6,978 - 77,222 CIP Grant Fund266,476 91,926 119,957 137,127 - 341,232 Gas Tax Fund124,192 144,338 - 106,605 - 161,925 Debt Service Library Bond 853,620 (423,516) 6,160 869 435,394 Internal Service Fund Liability/Risk Management128,689 109,866 - - - 238,555 Workers Compensation47,736 71,194 6,317 2,971 - 122,276 Office Stores Fund32,616 26,159 - 2,141 - 56,634 Information Technology Services 122,541 112,590 - 30,799 - 204,332 Equipment Maintenance13,412 73,790 - 13,058 - 74,144 Building Maintenance101,361 260,558 - 39,487 - 322,432 Equipment Replacement98,109 52,574 - - - 150,684 Technology Replacement316,310 16,838 - - - 333,148 Trust/Agency Library Fund693,929 (314,178) - 3,100 - 376,651 KSAR - Community Access TV38,661 29,301 1,807 - - 69,769 Total City16,361,072 (309,701) 2,434,042 1,952,900 (1,416,735) 15,115,778 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 May 31, 2009 Street Projects1,750,919$ Park and Trail Projects948,138$ Facility Improvement Projects1,039,804$ Administrative Projects 176,800$ Tree Fine Fund 77,222$ CIP Grant Fund 251,447$ Gas Tax Fund 165,809$ Total CIP Funds4,410,138$ 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-Apr Current Revenue Current Expenditure Transfers Fund Balance 5/31/09 Street Projects Traffic Safety 11,757 113,976 - 27,315 98,418 Highway 9 Safety Project 55,460 (10,331) - - 45,129 Annual Street Resurfacing Project 79,151 (283,139) - 86,455 (290,444) Sidewalks Annual Project (3,564) 34,137 - 561 30,013 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 - - 715 9,015 Quito Road Bridge Construction 115,726 - - - 115,726 Village Newsrack Enclosure23,384 (77) - - 23,307 Village Façade Program19,430 (615) - - 18,815 Solar Power Radar Feedback Signs24,158 - - - 24,158 El Quito Area Curb Replacement37,553 - - - 37,553 Sobey Road Culvert Repair150,000 - - - 150,000 Annual Storm Drain Upgrade - 25,244 - - 25,244 Village Trees & Lights at Sidestreets31,965 (250) - 3,770 27,945 Village Pedestrian Enhancement115,000 (68,127) - 28,669 18,204 Prospect Road Median1,556 165,406 - (3,770) 170,732 City Entrance Sign/Monument23,788 - - - 23,788 Village-Streetscape Impv 540,665 (16,065) - - 524,600 Saratoga-Sunnyvale/Gateway Sidewalk57,224 (55,642) - - 1,582 Comer Drive Retaining Wall- 182,420 - - 182,420 Total Street Projects 1,482,982 151,909 - 143,716 - 1,491,175 Parks & Trails Hakone Garden Koi Pond50,000 (850) - - 49,150 EL Quito Park Improvements118,209 (74,305) - - 43,905 Wildwood Park - Water Feature/Seating7,199 - - - 7,199 Historical Park Landscape37,200 - - 3,310 33,890 Hakone Garden Retaining Wall & D/W142,829 - - - 142,829 Hakone Garden Upper Moon House - 125,000 - - 125,000 DeAnza Trail- (1,645) - - (1,645) Kevin Moran Improvements982,259 (619,853) - (12,798) 375,204 West Valley Soccer Field(58,507) (9,317) - 3,218 (71,041) Park/Trail Repairs21,130 (13,382) - - 7,748 Heritage Orchard Path6,153 (6,153) - - - Trail Segment #3 Repair7,912 (275) - - 7,637 Teerlink Ranch Trail22,242 (7,392) - - 14,850 CIP Allocation Fund118,552 - - - 118,552 Total Parks & Trails 1,455,178 (608,172) - (6,270) - 853,276 Facility Improvements Civic Center Landscape13,384 - - - 13,384 Warner Hutton House Improvements5,868 - - - 5,868 Facility Projects39,735 (5,336) 171,042 37,253 168,188 Fire Alarm at McWilliams & Museum11,371 - - - 11,371 North Campus Improvements443,195 (366,179) - 33,055 43,961 North Campus - Bldg Removal- 73,250 - - 73,250 City Hall - Cool Roofs- - - - - Multi-Purpose Room Fund- 250,000 - - 250,000 Corp Yard Solar Project- 93,250 - - 93,250 Library HVAC Upgrade- 286,342 - 4,987 281,355 Library - EXT Improvement- 5,000 - - 5,000 McWilliams House Improvement- 10,000 - - 10,000 Historical Park Fire Alarm System1,762 - - - 1,762 Total Facility Improvements 515,315 346,326 171,042 75,294 - 957,389 Administrative Projects Financial System Upgrade8,516 (4,982) - - 3,534 Document Imaging Project92,325 (6,972) - (1,802) 87,154 CDD Document Imaging Project- 42,032 - 2,239 39,792 Website Development Project- 40,317 - - 40,317 KSAR Equip Upgrades- 6,002 - - 6,002 Total Administrative Projects 100,841 76,396 - 438 - 176,800 Tree Fine Fund Tree Fine Fund 129,566 (45,365) - 6,978 77,222 CIP Fund CIP Grant Fund 266,476 91,926 119,957 137,127 341,232 Gax Fund Gas Tax Fund 124,192 144,338 - 106,605 161,925 Total CIP Funds4,074,549 157,358 290,999 463,888 - 4,059,018 ATTACHMENT E