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Home My WebLink About101-Treasurer’s Report for the Month Ended September 30, 2009 .pdf SARATOGA CITY COUNCIL MEETING DATE: November 4, 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 September 30, 2009 RECOMMENDED ACTION Review and accept the Treasurer’s Report for the month ended September 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 transaction data 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 September 30, 2009, the City had $362,943 in cash deposit at Comerica bank, and $12,844,017 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 September 30, 2009 is $13,206,961 and exceeds the minimum limit required. Unrestricted Cash Comerica Bank362,943$ Deposit with LAIF12,844,017$ Total Unrestricted Cash13,206,961$ 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 Summary schedule as assets and liabilities are components of the fund balance. As illustrated in the summary below, Total Unrestricted Cash is adjusted by the addition of Total Assets less the amount of Total Liabilities to arrive at the Ending Fund Balance – which represents the actual amount of funds available. Total Unrestricted Cash13,206,961$ Plus: Assets217,188 Less: Liabilities (1,670,538) Ending Fund Balance11,753,611$ 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-Aug Current Revenue Current Expenditure Transfers Fund Balance 9/30/09 General Undesignated Unreserved Balance857,524 (207,751) 534,405 1,879,051 - (694,873) 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 - - - (75,000) 632,380 Designated for Environmental 613,182 - - - (50,000) 563,182 Designated for Uncollected Deposits182,159 - - - - 182,159 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 (7,346) 2,041 17,238 - 337,375 CDBG Federal Grants- - - - - - SHARP Loan209,175 - 284 - - 209,460 Capital Project Street Projects1,926,230 88,968 48,018 29,943 - 2,033,274 Park and Trail Projects542,045 (6,973) 277,050 54,827 - 757,296 Facility Improvement Projects953,833 (70,466) 70,000 256,883 - 696,485 Administrative Projects163,910 (2,635) 50,000 15,062 - 196,212 Tree Fine Fund62,943 1,596 1,920 75 - 66,384 CIP Grant Fund(200,477) (70,090) 24,352 192,420 - (438,635) Gas Tax Fund62,495 - - - - 62,495 Debt Service Library Bond 931,361 (673,927) 4,632 - 262,066 Internal Service Fund Liability/Risk Management202,872 (148,904) (1,834) - - 52,134 Workers Compensation123,034 15,145 (3,065) 1,057 - 134,058 Office Stores Fund39,633 6,864 - 2,819 - 43,677 Information Technology Services 174,838 24,134 - 16,468 - 182,504 Equipment Maintenance56,654 24,645 - 10,413 - 70,886 Building Maintenance208,842 93,240 - 56,309 - 245,773 Equipment Replacement 153,214 50,000 - - - 203,214 Technology Replacement 315,290 14,416 - 50,000 - 279,706 Trust/Agency Library Fund354,394 (532) 925 - - 354,788 KSAR - Community Access TV84,603 (34,570) 139 - - 50,172 Total City14,953,491 (904,185) 1,008,868 2,582,565 (722,000) 11,753,611 ATTACHMENT B FUND BALANCES BY CIP PROJECT CIP Funds/Projects Fund Balance 7/1/09 Increase/ (Decrease) Jul-Aug Current Revenue Current Expenditure Transfers Fund Balance 9/30/09 Street Projects Traffic Safety90,472 - - - 90,472 Highway 9 Safety Project45,129 - - - 45,129 Annual Street Resurfacing Project233,602 90,002 48,018 10,219 361,404 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 - - 19,724 (19,478) 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-Streets cape Impv 517,188 - - - 517,188 Saratoga-Sunnyvale/Gateway Sidewalk4,107 - - - 4,107 Comer Drive Retaining Wall173,003 (1,034) - - 171,969 Total Street Projects1,926,230 88,968 48,018 29,943 - 2,033,274 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 (6,973) 27,050 2,817 86,344 West Valley Soccer Field(29,176) - - - (29,176) Park/Trail Repairs7,748 - - 4,288 3,460 Trail Segment #3 Repair68,606 - - 7,912 60,694 Teerlink Ranch Trail14,850 - - 14,850 (0) Tank Trail Repair- - - 24,960 (24,960) Mid Pen O/S Land Purchase- - 250,000 - 250,000 CIP Allocation Fund15,885 - - - 15,885 Total Parks & Trails542,045 (6,973) 277,050 54,827 - 757,296 Facility Improvements Warner Hutton House Improvements813 - - - 813 Facility Projects108,643 - - 73,236 35,407 Civic Center Improvement4,294 (340) - - 3,954 Theater Improvement68,518 13,117 - 6,460 75,175 Corp Yard - Men's Restroom1,829 (1,407) 70,000 292 70,131 Fire Alarm at McWilliams & Museum11,371 - - - 11,371 North Campus Improvements43,960 - - - 43,960 North Campus - Bldg Removal73,250 (1,189) - 50,673 21,388 Multi-Purpose Room Fund250,000 - - - 250,000 Corp Yard Solar Project93,250 - - - 93,250 Library HVAC Upgrade276,143 (80,646) - 126,222 69,275 Library - EXT Improvement10,000 - - - 10,000 McWilliams House Improvement10,000 - - - 10,000 Historical Park Fire Alarm System1,762 - - - 1,762 Total Facility Improvements953,833 (70,466) 70,000 256,883 - 696,486 Administrative Projects Financial System Upgrade3,534 - - - 3,534 Document Imaging Project86,780 - - - 86,780 CDD Document Imaging Project36,635 (2,635) - 1,025 32,974 Website Development Project30,959 - - 14,037 16,922 IT Emergency Power Back- - 10,000 - 10,000 IT Server Room A/C- - 40,000 - 40,000 KSAR Equip Upgrades6,002 - - - 6,002 Total Administrative Projects163,910 (2,635) 50,000 15,062 - 196,212 Tree Fine Fund Tree Fine Fund62,943 1,596 1,920 75 66,384 CIP Fund CIP Grant Fund(200,477) (70,090) 24,352 192,420 (438,635) Gax Fund Gas Tax Fund62,495 - - - 62,495 Total CIP Funds3,510,979 (59,600) 471,340 549,209 - 3,373,511 ATTACHMENT C