The URL can be used to link to this page

Home My WebLink About101-April 2007 Treasurer's Report.pdf SARATOGA CITY COUNCIL MEETING DATE: AGENDA ITEM: ____ June 20, 2007 ORIGINATING DEPT: CITY MANAGER: Administrative Svcs PREPAREDBY: _________________ DEPT HEAD: B.J. Sadeghian Mary Furey, Finance & Interim Accounting Supervisor Administrative Services Dir. SUBJECT: Treasurer’s Report for the Month Ended April 2007 RECOMMENDED ACTION That the City Council accept the monthly Treasurer’s Report. 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. 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. Additionally with the passage of Chapter 687, Statutes of 2000 (AB 943 Dutra), effective January 1, 2001 cities are now required to forward copies of their second and fourth quarter calendar year investment portfolio reports to the California Debt and Investment Advisory Commission (CDIAC) within 60 days. The CDIAC will use the report as an additional opportunity to examine public investment practices in a more consistent basis than before. Cities, such as the City of Saratoga, that are 100 percent invested in the Local Agency Investment Fund (LAIF) are exempt from the new investment portfolio reporting requirements and are only required to send a letter to CDIAC indicating the total and composition of their investments. This Treasurer’s Report will satisfy our reporting requirement to the CDIAC. The following pages in the attachment 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 st attachment from the State Treasurer’s Office of Quarterly LAIF rates from the 1 Quarter of 1977 to present. FISCAL IMPACTS None CONSEQUENCES OF NOT FOLLOWING RECOMMENDED ACTION The City will not be in compliance with Government Code Section 53891 and Section 40804. ALTERNATIVE ACTION N/A FOLLOW UP ACTION N/A ADVERTISING, NOTICING AND PUBLIC CONTACT N/A ATTACHMENTS A - Cash and Investments 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 CASH AND INVESTMENTS BALANCE BY FUND As of April 30, 2007, the City had $964,259 in cash deposit at Comerica bank, $14,483,747 on deposit with LAIF, and $922 in cash with fiscal agents for the Public Financing Authority bonds. The bank reconciliations are completed through the month of February 2007. The fund balances for Recreation Services and Teen Services normally experience deficits during this time of year, when activity levels are lower. It is expected that the funds will balance with summer time activities. Operating Transfers for Quarter 1 and Quarter 2 have been made. Quarter 3 Operating Transfers to Recreation services ($11,475), to Teen services ($13,725), and to the Internal Services Funds are scheduled to be completed with the May 31, 2007 monthly close. The Council Policy on operating reserve funds adopted on April 20, 1994, states that: for cash flow purposes, to avoid the necessity of dry period financing, pooled cash from all funds should not be reduced below $2,000,000. The total pooled cash balance as of April 30, 2007 is $15,448,928 and exceeds the limit required. Unrestricted Cash Comerica Bank 964,259 Deposit with LAIF 14,483,747 15,448,006 Restricted Cash Fiscal Agents 922 922 Total $ 15,448,928 The following table summarizes the City’s total cash and investment balances by Fund. Fund Types Fund Description Cash & Investment Balance at April 2007 GeneralGeneral Fund $ 1,572,807 Designated Reserves Petty Cash $ 1,300 Tree, Bench, & Plaque Dedication Program $ 1,678 Library Exterior Walls Maintenance $ 15,000 Theater Ticket Surcharge $ 22,533 Retiree Medical $ 62,500 CIP $ 74,387 Economic Uncertainty $ 1,500,000 Operations $ 2,554,150 Special Revenue Supplemental Law Enforcement Services Fund $ 100,000 Highway Users Gas Tax $ 504,939 Landscape and Lighting $ 276,839 Development Services $ 1,747,940 Designated Reserves: Tree Preservation Ordinance 226 $ 122,609 General Plan Update $ 10,042 Document Storage $ 31,108 Environmental Programs $ 927,779 Development Fees $ 116,224 Community Development Block Grant $ (17,437) SHARP loan $ 71,656 Recreation Services $ (7,729) Teen Services $ (31,369) CDD Deposits - Planning Deposit Pre FY2006 $ 126,736 CDD Deposits - Planning Deposit FY2006 $ 248,381 Capital Project Park Development $ 155,014 Library Expansion $ 298,935 Public Safety $ 269,078 Infrastructure $ 1,786,615 Facility $ 517,930 Park and Trails $ 1,535,714 Debt Service Library Bond $ 341,007 Internal Service Equipment Replacement $ (3,927) Information Technology $ 382,654 Facility Improvement $ 76,746 Trust/AgencyLeonard Road $ (7,019) Public Financing Authority $ 922 KSAR - Community Access TV $ 63,185 Total City $ 15,448,928 ATTACHMENT B CHANGES IN TOTAL FUND BALANCE The following table presents the ending Fund Balances for the City’s major fund types at April 30, 2007. This table excludes Trust and Agency funds where the City acts merely as a third party custodian of an outside party’s funds. 06/30/06 Incr/(Decr) 04/30/07 Fund DescriptionFund Balance Jul- Mar Revenues Expenditures Transfers Fund Balance General General Fund 2,825,799(2,521,379)2,083,144 (935,386)1,452,178 Designated Reserves: - - - Petty Cash 1,300 - 1,300 - - Tree, Bench, & Plaque Dedication 1,65028 - 1,678 - Library Exterior Wall Maintenance 15,000 - 15,000 - - Theater Ticket Surcharge 17,286(1,507) - 15,779 - Retiree Medical 62,500- - 62,500 - CIP 614,997 (540,610) - 74,387 - Economic Uncertainty 1,500,000 -1,500,000 - - Operations 2,554,150 -2,554,150 - - Special Revenue Supplemental Law Enforcement Svs Fund 100,000- - 100,000 - Highway Users Gas Tax 604,509(22,565) (278,177)- 303,767 Landscape/Lighting Fd 250,32138,277 405 (6,244) 282,759 Development Services 1,339,56339,715134,236 (222,439)1,291,075 Designated Reserves: Tree Preservation Ordinance 226 186,644(17,886) (21,293)- 147,465 General Plan Update 7,0658,290 1,585 (16,978) (38) Document Storage 27,841- 574 - 28,415 Environmental Programs 909,76086,266 25,811 (37,619) 984,218 CDBG (11,137)(42,593) - (53,730) - SHARP Loan 75,287(2,893) 1,111 - 73,505 Recreation Services (31,783)(59,492) 88,451 (59,670) (62,494) Teen Services (38,728)16,984 538 (9,454) (30,660) Capital Project Park Development 91,24662,758 (6,801)- 147,203 Library Expansion 704,004(30,712) - 673,292 - Public Safety 554,077(67,268) (39,398)- 447,411 Infrastructure 1,942,934(90,558) (235,913)(338) 1,616,125 Facility 96,280478,606 (1,000) (60,314) 513,572 Park and Trails 196,887173,737(100,000) (19,171) 251,453 Debt Service Library Bond 865,379(534,555) 2,020 - 332,844 Internal Service Fund Equipment Replacement 247,148(271,925) - (24,777) - Technology Replacement 403,52023,605 - 427,125 - Facility Improvement 53,54625,000 (2,419)- 76,127 Total City15,975,082(3,058,714)2,236,538 (1,951,275) 13,201,630- ATTACHMENT C CASH AND INVESTMENTS BALANCES BY CIP PROJECT The following table details the cash balances for each project in the Public Safety, Infrastructure, Facility, and Park and Trails Capital Improvement Project Funds. Cash & Investment Balance CIP Funds/Projectsat April 2007 Public Safety 47,367 Traffic Safety 59,022 ghway 9 Safetyproject Hi (76,729) Hakone ADA Improvement 90,707 Sidewalk-Yearly Project (8,825) Aloha Street Safety Improvement 100,000 Bridges @ 4th Street (69,656) ghway 9 and Oak Place Pedestrian Sign Hi 127,192 Quito Road Bridge Replacement $269,078 Total Public Safety Infrastructure 15,000 Two Solar Power Radar Feedbacks 454,540 placement El Quito Area Curb Re 22,721 Book Go Round Drainage 150,000 Sobey Road Culvert Repair 66,782 Storm Drain Upgrades 11,495 Median Repairs(Landscape/Irrig.) 87,079 pe Civic Center Landsca Village Lights (Zone 7A)49,222 Village Trees & Lights at Sidestreets7,000 25,124 Cox Ave Railroad Crossing Upgrade 13,467 City Entrance Sign/Monument (39,052) y Plaza Improvement-Constructions Blane 733,664 Village Sidewalk, Curb & Gutter 89,573 Saratoga-Sunnyvale/Gateway 100,000 Storm Drain @ El Camino/Mt Vista $1,786,615 Total Infrastructure Facility Warner Hutton House Improv38,325 Fire Alarm at McWilliams & Book Go Round25,000 North Campus - 19848 Prospect Road448,061 Historical Park Fire Alarm System6,543 $517,930 y Total Facilit Parks & Trails Hakone Garden D/W168,433 Union Pacific Railroad (Deanza) Trail(41,574) Kevin Moran Park1,137,803 Alternative Soccer Field247,839 Park/Trail Repairs23,213 $1,535,714 Total Parks & Trails Total CIP Funds $4,109,338 ATTACHMENT D FUND BALANCES BY CIP PROJECT The following table details the fund balances for each project in the Public Safety, Infrastructure, Facility, and Park and Trails Capital Improvement Project Funds. 06/30/06 Incr/(Decr) 04/30/07 CIP Funds/ProjectsFund Balance Jul- Mar Revenues Expenditures Transfers Fund Balance Public Safety 67,568 (15,285) - (243) 52,040 Traffic Safet y 100,000 (20,400)- 79,600 Highway 9 Safety Project - (63,424)- (13,305)- (76,729) Hakone ADA Imrovemen pt 185,001 (3,210) - (450) 181,341 Sidewalks Yearly Project (57,529) 49,537 - (435) (8,427) Imrovement Aloha Street Safetyp 100,000 - 100,000 Bridges@ 4th Street - - 31,845 (34,886) (4,564)- (7,605) Highway 9 and Oak Place Pedestrian Sign 127,192 - 127,192 Quito Road Bridge Replacement - - 554,077 (67,268) (39,398)- 447,411- Total Public Safety Infrastructure Two Solar Power Radar Feedbacks 15,000- - 15,000 - El Quito Area Curb Replacement 460,264 (861) - (249) 459,154 Book Go Round Drainage 51,892- - (345) 51,547 Sobey Road Culvert Repair 150,000- - 150,000 - Storm Drain Upgrades 167,864 43,450 (144,532)- 66,782 Median Repairs(Landscape/Irrig.) 20,000 (7,855) - (325) 11,820 Civic Center Landscape 104,325 (5,528) (10,511)- 88,286 Village Lights (Zone 7A) 50,000- - 50,000 - Village Trees & Lights at Sidestreets 7,000 - 7,000 - - Cox Ave Railroad Crossing Upgrade (195,382)- (338) - (195,720) Signage @ City Entrance 13,467 - 13,467 - - Blaney Plaza Improvement - Contruction 99,787 (131,334) 0 (31,547) - Village-Streetscape Impv (Sidewalk, Curbs)738,624 (4,960) - 733,664 - Saratoga-Sunnyvale/Gateway 231,603 (54,980) (79,952)- 96,671 Storm Drain @ El Camino / Mt Vista 100,000 - 100,000 - - 1,942,934 (90,558) (235,913)(338) 1,616,125- Total Infrastructure Facility WHH Improvements 74,737 (22,617) (7,623)- 44,497 Civic Center - CDD Offices 15,000 (15,000) - - - Fire Alarm at McWilliams & Book Go Round- 25,000 - 25,000 - North Campus - 19848 Prospect Road 491,223- (1,000) (52,691) 437,532 Historical Park Fire Alarm System 6,543 - 6,543 - - 96,280 478,606 (1,000) (60,314) 513,572- Total Facility Parks & Trails Hakone Garden D/W 164,283 - 164,283 - - Union Pacific Railroad (Deanza) Trail (49,066) (68,395) (100,000) (12,624) (230,085) Kevin Moran Improvements 46,468 (4,484) (1,603)- 40,381 Alternative Soccer Field 250,000- - (676) 249,324 Park/Trail Repairs 35,202 (3,384) (4,268)- 27,550 196,887 173,737 (100,000) (19,171) 251,453- Total Parks & Trails Total CIP Funds 2,790,178 494,517 (101,338) (354,795) 2,828,562-