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Home My WebLink About101-Treasurer’s Report for the Month Ended July 31, 2009 .pdf SARATOGA CITY COUNCIL MEETING DATE: October 7, 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 July 31, 2009 RECOMMENDED ACTION The City Council review and accept the Treasurer’s Report for the month ended July 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 July 31, 2009, the City had $223,632 in cash deposit at Comerica bank, and $14,751,091 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 July 31, 2009 is $14,974,723 and exceeds the minimum limit required. Cash Summary Unrestricted Cash Comerica Bank223,632$ Deposit with LAIF14,751,091$ Total 14,974,723$ 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 July 31, 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 250,000$ Designated for Hillside Reserve300,000$ Designated for CIP Matching Grant600,000$ Designated for CIP Transfer 300,000$ Designated for Economic Stability25,000$ Designated for Carryforward22,000$ Undesignated:1,456,003$ Special Revenue Landscape and Lighting Districts366,671$ CDBG Federal Grants-$ SHARP Program125,283$ Capital Project Street Projects2,126,413$ Park and Trail Projects636,503$ Facility Improvement Projects1,041,621$ Administrative Projects163,167$ Tree Fine Fund71,333$ CIP Grant Fund(299,837)$ Gas Tax Fund94,756$ Debt Service Library Bond 254,383$ Internal Service Liability/Risk Management72,650$ Workers Compensation73,283$ Office Stores Fund38,496$ Information Technology Services131,963$ Equipment Maintenance48,748$ Facility Maintenance187,861$ Equipment Replacement 153,215$ IT Replacement315,290$ Trust/Agency Library Fund353,862$ KSAR - Community Access TV84,603$ Total City14,974,723$ ATTACHMENT B CHANGES IN TOTAL FUND BALANCE The following table presents the ending Fund Balances for the City’s major fund types as at July 31, 2009. Fund Description Fund Balance 7/1/09 Increase/ (Decrease) Jul Current Revenue Current Expenditure Transfers Fund Balance 7/31/09 General Undesignated Unreserved Balance750,229 - 265,022 565,479 - 449,772 Reserved Fund Balance: Petty Cash Reserve1,300 - - - - 1,300 Designated Fund Balances:- - Designated for Operations 2,870,140 - - - - 2,870,140 Designated Economic Uncertainty 1,500,000 - - - - 1,500,000 Designated for Development 707,380 - - - - 707,380 Designated for Environmental 613,182 - - - - 613,182 Designated for Uncollected Deposits289,454 - - - - 289,454 Designated for Mid Pen Open Space 250,000 - - - 250,000 Designated for Hillside Reserve300,000 - - - 300,000 Designated for CIP Matching Grant600,000 - - - 600,000 Designated for CIP Transfer 300,000 - - - 300,000 Designated for Economic Stability25,000 - - - 25,000 Designated for Carryforward22,000 - - - 22,000 Special Revenue Landscape/Lighting Districts359,917 - - 310 - 359,608 CDBG Federal Grants- - - - - - SHARP Loan209,175 - - - - 209,175 Capital Project Street Projects1,926,230 - 82,136 7,565 - 2,000,801 Park and Trail Projects542,045 - - 233 - 541,812 Facility Improvement Projects953,833 - 18,942 13,571 - 959,204 Administrative Projects163,910 - - 1,118 - 162,792 Tree Fine Fund62,943 - 4,090 - - 67,033 CIP Grant Fund(200,477) - (63,839) 2,457 - (266,773) Gas Tax Fund62,495 - - - - 62,495 Debt Service Library Bond 931,361 - - 676,728 254,633 Internal Service Fund Liability/Risk Management202,872 - - 209,095 - (6,223) Workers Compensation123,034 - - 46,686 - 76,348 Office Stores Fund39,633 - - 1,223 - 38,410 Information Technology Services 174,838 - - 43,973 - 130,865 Equipment Maintenance56,654 - - 7,986 - 48,669 Building Maintenance208,842 - - 31,317 - 177,525 Equipment Replacement 153,214 - - - - 153,214 Technology Replacement 315,290 - - - - 315,290 Trust/Agency Library Fund354,394 - (532) - - 353,862 KSAR - Community Access TV84,603 - - - - 84,603 Total City14,840,710 - 305,819 1,607,742 - 13,651,569 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 July 31, 2009 Street Projects2,126,413$ Park and Trail Projects636,503$ Facility Improvement Projects1,041,621$ Administrative Projects163,167$ Tree Fine Fund71,333$ CIP Grant Fund(299,837)$ Gas Tax Fund94,756$ Total CIP Funds3,833,955$ 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 7/1/09 Increase/ (Decrease) Jul Current Revenue Current Expenditure Transfers Fund Balance 7/31/09 Street Projects Traffic Safety90,472 - - - 90,472 Highway 9 Safety Project45,129 - - - 45,129 Annual Street Resurfacing Project233,602 - 82,136 7,424 308,315 Sidewalks Annual Project18,935 - - - 18,935 Saratoga Sunnyvale Road Resurfacing64,972 - - - 64,972 Traffic Signal @ Verde Vista Lane90,000 - - - 90,000 Fourth Street Bridge100,000 - - - 100,000 Quito Road Bridge Replacement Design9,730 - - - 9,730 Quito Road Bridge Construction115,726 - - - 115,726 Village Newsrack Enclosure23,307 - - - 23,307 Village Façade Program18,815 - - - 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 Upgrade246 - - - 246 Village Trees & Lights at Sidestreets25,336 - - - 25,336 Village Pedestrian Enhancement9,128 - - - 9,128 Prospect Road Median151,036 - - - 151,036 City Entrance Sign/Monument23,788 - - - 23,788 Village-Streetscape Impv 517,188 - - - 517,188 Saratoga-Sunnyvale/Gateway Sidewalk4,107 - - - 4,107 Comer Drive Retaining Wall173,003 - - 142 172,861 Total Street Projects1,926,230 - 82,136 7,565 - 2,000,801 Parks & Trails Hakone Garden Koi Pond49,150 - - - 49,150 EL Quito Park Improvements43,905 - - - 43,905 Wildwood Park - Water Feature/Seating275 - - - 275 Historical Park Landscape33,890 - - - 33,890 Hakone Garden Retaining Wall & D/W142,829 - - - 142,829 Hakone Garden Upper Moon House 125,000 - - - 125,000 DeAnza Trail- - - - - Kevin Moran Improvements69,083 - - 233 68,850 West Valley Soccer Field(29,176) - - - (29,176) Park/Trail Repairs7,748 - - - 7,748 Heritage Orchard Path- - - - - Trail Segment #3 Repair68,606 - - - 68,606 Teerlink Ranch Trail14,850 - - - 14,850 CIP Allocation Fund15,885 - - - 15,885 Total Parks & Trails542,045 - - 233 - 541,812 Facility Improvements Civic Center Landscape13,384 - - - 13,384 Warner Hutton House Improvements813 - - - 813 Facility Projects169,900 - 18,942 13,466 175,376 Fire Alarm at McWilliams & Museum11,371 - - - 11,371 North Campus Improvements43,960 - - - 43,960 North Campus - Bldg Removal73,250 - - 105 73,145 City Hall - Cool Roofs- - - - - Multi-Purpose Room Fund250,000 - - - 250,000 Corp Yard Solar Project93,250 - - - 93,250 Library HVAC Upgrade276,143 - - - 276,143 Library - EXT Improvement10,000 - - - 10,000 McWilliams House Improvement10,000 - - - 10,000 Historical Park Fire Alarm System1,762 - - - 1,762 Total Facility Improvements953,833 - 18,942 13,571 - 959,204 Administrative Projects Financial System Upgrade3,534 - - - 3,534 Document Imaging Project86,780 - - - 86,780 CDD Document Imaging Project36,635 - - 1,118 35,518 Website Development Project30,959 - - - 30,959 KSAR Equip Upgrades6,002 - - - 6,002 Total Administrative Projects163,910 - - 1,118 - 162,792 Tree Fine Fund Tree Fine Fund62,943 - 4,090 - 67,033 CIP Fund CIP Grant Fund(200,477) - (63,839) 2,457 (266,773) Gax Fund Gas Tax Fund62,495 - - - 62,495 Total CIP Funds3,510,979 - 41,329 24,944 - 3,527,364 ATTACHMENT E