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Home My WebLink About101-Treasurer’s Report for the Month Ended June 30, 2009.pdf SARATOGA CITY COUNCIL MEETING DATE: September 16, 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 June 30, 2009 RECOMMENDED ACTION The City Council review and accept the Treasurer’s Report for the month ended June 30, 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 June 30, 2009, the City had $313,674 in cash deposit at Comerica bank, and $16,902,173 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 June 30, 2009 is $17,215,847 and exceeds the minimum limit required. Cash Summary Unrestricted Cash Comerica Bank313,674$ Deposit with LAIF16,902,173$ Total 17,215,847$ 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 June 30, 2009 General General Fund Reserved: Petty Cash Reserve1,300$ Designated: Designated for Operations2,870,140$ Designated for Economic Uncertainty1,500,000$ Designated for Development Services707,380$ Designated for Environmental Services613,182$ Designated for Uncollected Deposits289,454$ Designated for Mid Pen Open Space Purchase 250,000$ Designated for Hillside Reserve300,000$ Designated for CIP Matching600,000$ Designated for Capital Improvement Projects 300,000$ Designated for Economic Stability25,000$ Undesignated:1,708,287$ Special Revenue Landscape and Lighting Districts373,762$ CDBG Federal Grants(14,458)$ SHARP Program123,709$ Capital Project Street Projects2,083,944$ Park and Trail Projects1,005,647$ Facility Improvement Projects1,039,241$ Administrative Projects164,983$ Tree Fine Fund69,943$ CIP Grant Fund22,632$ Gas Tax Fund355,527$ Debt Service Library Bond 926,294$ Internal Service Liability/Risk Management304,180$ Workers Compensation120,654$ Office Stores Fund42,593$ Information Technology Services185,879$ Equipment Maintenance62,524$ Facility Maintenance270,842$ Equipment Replacement 150,685$ IT Replacement 316,483$ Trust/Agency Library Fund376,271$ KSAR - Community Access TV69,769$ Total City17,215,847$ ATTACHMENT B CHANGES IN TOTAL FUND BALANCE The following table presents the ending Fund Balances for the City’s major fund types as at June 30, 2009. Fund Description Fund Balance 07/01/08 Increase/ (Decrease) Jul-May Current Revenue Current Expenditure Transfers Fund Balance 6/30/09 General Undesignated Unreserved Balance2,216,238 (1,379,683) 1,638,882 1,703,207 - 772,229 Reserved Fund Balance: Petty Cash Reserve1,300 - - - - 1,300 Designated Fund Balances:- - Designated for Operations 2,808,164 - - - 61,976 2,870,140 Designated Economic Uncertainty 1,500,000 - - - - 1,500,000 Designated for Development 782,380 - - - (75,000) 707,380 Designated for Environmental 679,917 - - - (66,735) 613,182 Designated for Uncollected Deposits289,454 - - - - 289,454 Designated for Carryforward58,386 - - - (58,386) - Designated for Capital Improvements1,200,000 - - - (1,200,000) - Designated for Mid Pen Open Space - - - - 250,000 250,000 Designated for Hillside Reserve- - - - 300,000 300,000 Designated for CIP Matching Grant- - - - 600,000 600,000 Designated for CIP Transfer - - - - 300,000 300,000 Designated for Economic Stability- - - - 25,000 25,000 Special Revenue Landscape/Lighting Districts209,821 80,464 147,856 78,224 - 359,917 CDBG Federal Grants- (6,488) 14,458 7,970 - - SHARP Loan93,877 2,055 463 - - 96,394 Capital Project Street Projects1,482,982 8,193 630,959 195,905 - 1,926,230 Park and Trail Projects1,455,178 (601,902) 205,067 516,298 - 542,045 Facility Improvement Projects515,315 442,074 24,614 28,169 - 953,833 Administrative Projects100,841 75,959 - 12,890 - 163,910 Tree Fine Fund129,566 (52,344) - 14,279 - 62,943 CIP Grant Fund266,476 74,756 24,682 566,391 - (200,477) Gas Tax Fund124,192 37,733 217,499 316,929 - 62,495 Debt Service Library Bond 853,620 (418,225) 495,678 (288) 931,361 Internal Service Fund Liability/Risk Management128,689 109,866 4,343 40,027 - 202,872 Workers Compensation47,736 74,540 3,065 2,307 - 123,034 Office Stores Fund32,616 24,018 - 17,001 - 39,633 Information Technology Services 122,541 81,791 - 29,495 - 174,838 Equipment Maintenance13,412 60,732 - 17,490 - 56,654 Building Maintenance101,361 221,071 - 113,590 - 208,842 Equipment Replacement98,109 52,574 2,530 - - 153,214 Technology Replacement 316,310 16,838 - 17,858 - 315,290 Trust/Agency Library Fund693,929 (317,278) 2,064 24,320 - 354,394 KSAR - Community Access TV38,661 31,108 14,834 - - 84,603 Total City16,361,072 (1,382,149) 3,426,993 3,702,060 136,855 14,840,710 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 June 30, 2009 Street Projects2,083,944$ Park and Trail Projects1,005,647$ Facility Improvement Projects1,039,241$ Administrative Projects164,983$ Tree Fine Fund69,943$ CIP Grant Fund22,632$ Gas Tax Fund355,527$ Total CIP Funds4,741,918$ 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-May Current Revenue Current Expenditure Transfers Fund Balance 6/30/09 Street Projects Traffic Safety11,757 86,661 - 7,946 90,472 Highway 9 Safety Project55,460 (10,331) - - 45,129 Annual Street Resurfacing Project79,151 (369,595) 628,434 104,389 233,602 Sidewalks Annual Project(3,564) 33,576 - 11,078 18,935 Saratoga Sunnyvale Road Resurfacing- 64,972 - - 64,972 Traffic Signal @ Verde Vista Lane90,000 - - - 90,000 Fourth Street Bridge100,000 - - - 100,000 Quito Road Bridge Replacement Design9,730 (715) - (715) 9,730 Quito Road Bridge Construction115,726 - - - 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 - 24,998 246 Village Trees & Lights at Sidestreets31,965 (4,020) - 2,609 25,336 Village Pedestrian Enhancement115,000 (96,796) - 9,075 9,128 Prospect Road Median1,556 169,176 - 19,696 151,036 City Entrance Sign/Monument23,788 - - - 23,788 Village-Streetscape Impv 540,665 (16,065) - 7,413 517,188 Saratoga-Sunnyvale/Gateway Sidewalk57,224 (55,642) 2,525 - 4,107 Comer Drive Retaining Wall- 182,420 - 9,417 173,003 Total Street Projects1,482,982 8,193 630,959 195,905 - 1,926,230 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 - - 6,923 275 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 (607,056) 102,667 408,788 69,083 West Valley Soccer Field(58,507) (12,534) 41,400 (465) (29,176) Park/Trail Repairs21,130 (13,382) - - 7,748 Heritage Orchard Path6,153 (6,153) - - - Trail Segment #3 Repair7,912 (275) 61,000 30 68,606 Teerlink Ranch Trail22,242 (7,392) - - 14,850 CIP Allocation Fund118,552 - - 102,667 15,885 Total Parks & Trails1,455,178 (601,902) 205,067 516,298 - 542,045 Facility Improvements Civic Center Landscape13,384 - - - 13,384 Warner Hutton House Improvements5,868 - - 5,055 813 Facility Projects39,735 128,453 19,614 17,901 169,900 Fire Alarm at McWilliams & Museum11,371 - - - 11,371 North Campus Improvements443,195 (399,234) - 1 43,960 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- 281,355 - 5,212 276,143 Library - EXT Improvement- 5,000 5,000 - 10,000 McWilliams House Improvement- 10,000 - - 10,000 Historical Park Fire Alarm System1,762 - - - 1,762 Total Facility Improvements515,315 442,074 24,614 28,169 - 953,833 Administrative Projects Financial System Upgrade8,516 (4,982) - - 3,534 Document Imaging Project92,325 (5,170) - 375 86,780 CDD Document Imaging Project- 39,792 - 3,157 36,635 Website Development Project- 40,317 - 9,358 30,959 KSAR Equip Upgrades- 6,002 - - 6,002 Total Administrative Projects100,841 75,959 - 12,890 - 163,910 Tree Fine Fund Tree Fine Fund129,566 (52,344) - 14,279 62,943 CIP Fund CIP Grant Fund266,476 74,756 24,682 566,391 (200,477) Gax Fund Gas Tax Fund124,192 37,733 217,499 316,929 62,495 Total CIP Funds4,074,549 (15,531) 1,102,821 1,650,861 - 3,510,979 ATTACHMENT E