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Home My WebLink About101-Treasurer’s Report for the Month Ended August 31, 2009 .pdf SARATOGA CITY COUNCIL MEETING DATE: October 21, 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 August 31, 2009 RECOMMENDED ACTION Review and accept the Treasurer’s Report for the month ended August 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 August 31, 2009, the City had $523,661 in cash deposit at Comerica bank, and $14,416,091 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 August 31, 2009 is $14,939,753 and exceeds the minimum limit required. Unrestricted Cash Comerica Bank523,661$ Deposit with LAIF14,416,091$ Total Unrestricted Cash14,939,753$ Cash Summary The Fund Balance schedule presented on the following page represents actual funding available for all funds at the end of the monthly period. This amount differs from the above cash balance as assets and liabilities are components of the fund balance (an example is that accounts payable would lower cash available to expend). Therefore, Total Unrestricted Cash is adjusted by the addition of Total Assets less Total Liabilities to arrive at Ending Fund Balance. Total Unrestricted Cash14,939,753$ Plus: Assets235,468 Less: Liabilities (1,847,913) Ending Fund Balance 13,327,307$ Adjusting Cash to Ending Fund Balance 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 – Change in Total Fund Balances by Fund B – Change in Total Fund Balances by CIP Project C – Local Agency Investment Fund (LAIF) Quarterly Apportionment Rates ATTACHMENT A CHANGES IN TOTAL FUND BALANCE Fund Description Fund Balance 7/1/09 Increase/ (Decrease) Jul Current Revenue Current Expenditure Transfers Fund Balance 8/31/09 General Undesignated Unreserved Balance750,229 (300,457) 509,609 1,138,903 - (179,522) 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) 228 7,264 - 352,573 CDBG Federal Grants- - - - - - SHARP Loan209,175 - - - - 209,175 Capital Project Street Projects1,926,230 74,571 32,157 17,760 - 2,015,198 Park and Trail Projects542,045 (233) - 6,739 - 535,072 Facility Improvement Projects953,833 5,371 12,546 88,382 - 883,368 Administrative Projects163,910 (1,118) - 1,518 - 161,274 Tree Fine Fund62,943 4,090 - 2,494 - 64,539 CIP Grant Fund(200,477) (66,296) - 3,794 - (270,567) Gas Tax Fund62,495 - - - - 62,495 Debt Service Library Bond 931,361 (676,728) 2,801 - 257,434 Internal Service Fund Liability/Risk Management202,872 (209,095) 62,500 2,309 - 53,968 Workers Compensation123,034 (46,686) 62,500 668 - 138,179 Office Stores Fund39,633 (1,223) 10,000 1,914 - 46,497 Information Technology Services 174,838 (43,973) 100,000 31,893 - 198,972 Equipment Maintenance56,654 (7,986) 56,250 23,619 - 81,299 Building Maintenance208,842 (31,317) 187,500 62,942 - 302,082 Equipment Replacement153,214 - 50,000 - - 203,214 Technology Replacement315,290 - 14,502 86 - 329,706 Trust/Agency Library Fund354,394 (532) - - - 353,862 KSAR - Community Access TV84,603 - 2,226 36,796 - 50,033 Total City14,840,710 (1,301,923) 1,102,819 1,427,081 - 13,327,307 ATTACHMENT B FUND BALANCES BY CIP PROJECT CIP Funds/Projects Fund Balance 7/1/09 Increase/ (Decrease) Jul Current Revenue Current Expenditure Transfers Fund Balance 8/31/09 Street Projects Traffic Safety 90,472 - - - 90,472 Highway 9 Safety Project 45,129 - - - 45,129 Annual Street Resurfacing Project 233,602 74,713 32,157 16,867 323,604 Sidewalks Annual Project 18,935 - - - 18,935 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 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 Upgrade 246 - - - 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) - 892 171,969 Total Street Projects 1,926,230 74,571 32,157 17,760 - 2,015,198 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 Kevin Moran Improvements69,083 (233) - 6,739 62,110 West Valley Soccer Field(29,176) - - - (29,176) Park/Trail Repairs7,748 - - - 7,748 Trail Segment #3 Repair68,606 - - - 68,606 Teerlink Ranch Trail14,850 - - - 14,850 CIP Allocation Fund15,885 - - - 15,885 Total Parks & Trails 542,045 (233) - 6,739 - 535,072 Facility Improvements Warner Hutton House Improvements813 - - - 813 Facility Projects108,643 - - - 108,643 Civic Center Improvement4,294 (340) - - 3,954 Theater Improvement68,518 5,942 12,546 5,371 81,635 Corp Yard - Men's Restroom1,829 (126) - 1,281 423 Fire Alarm at McWilliams & Museum11,371 - - - 11,371 North Campus Improvements43,960 - - - 43,960 North Campus - Bldg Removal73,250 (105) - 1,084 72,061 Multi-Purpose Room Fund250,000 - - - 250,000 Corp Yard Solar Project93,250 - - - 93,250 Library HVAC Upgrade276,143 - - 80,646 195,497 Library - EXT Improvement10,000 - - - 10,000 McWilliams House Improvement10,000 - - - 10,000 Historical Park Fire Alarm System1,762 - - - 1,762 Total Facility Improvements 953,833 5,371 12,546 88,382 - 883,368 Administrative Projects Financial System Upgrade3,534 - - - 3,534 Document Imaging Project86,780 - - - 86,780 CDD Document Imaging Project36,635 (1,118) - 1,518 34,000 Website Development Project30,959 - - - 30,959 KSAR Equip Upgrades6,002 - - - 6,002 Total Administrative Projects 163,910 (1,118) - 1,518 - 161,274 Tree Fine Fund Tree Fine Fund 62,943 4,090 - 2,494 64,539 CIP Fund CIP Grant Fund (200,477) (66,296) - 3,794 (270,567) Gax Fund Gas Tax Fund 62,495 - - - 62,495 Total CIP Funds3,510,979 16,385 44,703 120,687 - 3,451,380 ATTACHMENT C