HomeMy WebLinkAbout101-May 2007 Treasurer Report.pdf
SARATOGA CITY COUNCIL
MEETING DATE: July 18, 2007 AGENDA ITEM: ____
ORIGINATING DEPT: Administrative Svcs CITY MANAGER:
PREPARED BY: _________________ DEPT HEAD:
B.J. Sadeghian Mary Furey, Finance &
Interim Accounting Supervisor Administrative Services Dir.
SUBJECT: Treasurer’s Report for the Month Ended May 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
attachment from the State Treasurer’s Office of Quarterly LAIF rates from the 1st 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 May 31, 2007, the City had $1,106,263 in cash deposit at Comerica bank, $14,951,914 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 March 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 and Quarter 3 have been made. Quarter 4 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 June 30, 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
May 31, 2007 is $16,059,100 and exceeds the limit required.
Unrestricted Cash
Comerica Bank 1,106,263
Deposit with LAIF 14,951,914
16,058,178
Restricted Cash
Fiscal Agents 922
922
Total 16,059,100$
ATTACHMENT A - Continued
The following table summarizes the City’s total cash and investment balances by Fund.
Fund Types Fund Description
Cash & Investment Balance
at May 2007
General General Fund 2,220,039$
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 316,195$
Landscape and Lighting 257,360$
Development Services 2,038,357$
Designated Reserves:
Tree Preservation Ordinance 226 122,609$
General Plan Update 15,337$
Document Storage 32,391$
Enviromental Programs 800,839$
Development Fees 116,224$
Community Development Block Grant (3,840)$
SHARP loan 71,656$
Recreation Services (12,157)$
Teen Services (40,710)$
CDD Deposits - Planning Deposit Pre FY2006 108,994$
CDD Deposits - Planning Deposit FY2006 209,144$
Capital Project Park Development 235,707$
Library Expansion ( $378,366 in LAIF included)677,301$
Public Safety 153,761$
Infrastructure 1,751,378$
Facility 418,863$
Park and Trails 1,421,429$
Debt Service Library Bond 347,945$
Internal Service Equipment Replacement (3,927)$
Information Technology 376,012$
Facility Improvement 39,551$
Trust/Agency Leonard Road (7,019)$
Public Financing Authority 922$
KSAR - Community Access TV 63,193$
Total City 16,059,100$
ATTACHMENT B
CHANGES IN TOTAL FUND BALANCE
The following table presents the ending Fund Balances for the City’s major fund types at May 31, 2007.
This table excludes Trust and Agency funds where the City acts merely as a third party custodian of an
outside party’s funds.
Fund Description
06/30/06
Fund Balance
Incr/(Decr)
Jul- April Revenues Expenditures Transfers
05/31/07
Fund Balance
General
General Fund 2,825,799 (1,851,732) 1,563,059 (819,592) 1,717,533
Designated Reserves:- - -
Petty Cash 1,300 - - - 1,300
Tree, Bench, & Plaque Dedication 28 1,650 - - 1,678
Library Exterior Wall Maintenance15,000 - - - 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
SLESF - 100,000 - - 100,000
Highway Users Gas Tax 604,509 (301,144) 93,473 (320,764) 76,074
Landscape/Lighting Fd 250,321 24,424 1,253 (18,805) 257,193
Development Services 1,339,563 (85,633) 366,728 (154,412) 1,466,245
Designated Reserves:
Tree Preservation Ordinance 226186,644 (17,886) - (21,293) 147,465
General Plan Update 7,065 8,290 1,585 (16,978) (38)
Document Storage - 27,841 574 - 28,415
Environmental Programs 909,760 11,369 - (126,911) 794,218
CDBG (11,137) (6,301) 24,597 (11,000) (3,841)
SHARP Loan 75,287 (3,632) - - 71,655
Recreation Services (31,783) (16,107) 84,236 (70,685) (34,339)
Teen Services (38,728) 7,309 697 (10,388) (41,110)
Capital Project
Park Development 91,246 57,947 110,528 (24,014) 235,707
Library Expansion 704,004 (26,703) - - 677,301
Public Safety 554,077 (299,047) - (101,269) 153,761
Infrastructure 1,942,934 (406,151) 40,000 (47,394) 1,529,389
Facility 96,280 418,453 - (107,668) 407,065
Park and Trails 196,887 1,331,126 - (106,584) 1,421,428
Debt Service
Library Bond 865,379 (524,372) 6,938 - 347,945
Internal Service Fund
Equipment Replacement 247,148 (251,076) - - (3,928)
Technology Replacement 403,520 (20,866) - (6,642) 376,012
Facility Improvement 53,546 23,200 - (37,195) 39,551
Total City 15,975,082 (2,278,659) 2,293,667 (2,001,593) - 13,988,497
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.
CIP Funds/Projects
Cash &
Investment Balance
at May 2007
Public Safety
Traffic Safety 41,788
Highway 9 Safety project 58,960
Hakone ADA Improvement (88,454)
Sidewalk-Yearly Project 90,707
Aloha Street Safety Improvement (46,732)
Bridges @ 4th Street 100,000
Highway 9 and Oak Place Pedestrian Sign (129,701)
Quito Road Bridge Replacement 127,192
Total Public Safety 153,761$
Infrastructure
Two Solar Power Radar Feedbacks 15,000
El Quito Area Curb Replacement 410,620
Book Go Round Drainage 22,721
Sobey Road Culvert Repair 150,000
Storm Drain Upgrades 66,782
Median Repairs(Landscape/Irrig.)11,495
Civic Center Landscape 63,704
Village Lights (Zone 7A)49,222
Village Trees & Lights at Sidestreets 6,923
Cox Ave Railroad Crossing Upgrade 25,124
Blaney Plaza Improvement (225)
City Entrance Sign/Monument 13,467
Blaney Plaza Improvement-Constructions 948
Village Sidewalk, Curb & Gutter 733,664
Saratoga-Sunnyvale/Gateway 81,933
Storm Drain @ El Camino/Mt Vista 100,000
Total Infrastructure 1,751,378$
Facility
Warner Hutton House Improv 36,499
Fire Alarm at McWilliams & Book Go Round 25,000
North Campus - 19848 Prospect Road 350,820
Historical Park Fire Alarm System 6,543
Total Facility 418,863$
Parks & Trails
Hakone Garden D/W 164,283
Union Pacific Railroad (Deanza) Trail (58,115)
Kevin Moran Park 1,137,803
Alternative Soccer Field 157,453
Park/Trail Repairs 20,005
Total Parks & Trails 1,421,429$
Total CIP Funds 3,745,431$
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.
CIP Funds/Projects
06/30/06
Fund Balance
Incr/(Decr)
Jul- April Revenues Expenditures Transfers
05/31/07
Fund Balance
Public Safety
Traffic Safety 67,568 (20,628) - (5,152) 41,788
Highway 9 Safety Project 100,000 (40,978) - (63) 58,960
Hakone ADA Improvement - (88,454) - - (88,454)
Sidewalks Yearly Project 185,001 (94,294) - - 90,707
Aloha Street Safety Improvement (57,529) 46,807 - (36,010) (46,732)
Bridges @ 4th Street 100,000 - - - 100,000
Highway 9 and Oak Place Pedestrian Sign 31,845 (101,501) - (60,044) (129,700)
Quito Road Bridge Replacement 127,192 - - - 127,192
Total Public Safety 554,077 (299,047) - (101,269) - 153,761
Infrastructure
Two Solar Power Radar Feedbacks - 15,000 - - 15,000
El Quito Area Curb Replacement 460,264 (6,453) - (43,192) 410,620
Book Go Round Drainage - 22,721 - 22,721
Sobey Road Culvert Repair - 150,000 - - 150,000
Storm Drain Upgrades 167,864 (101,082) - - 66,782
Median Repairs(Landscape/Irrig.)20,000 (8,505) - - 11,495
Civic Center Landscape 104,325 (40,621) - - 63,704
Village Lights (Zone 7A)- 49,222 - 49,222
Village Trees & Lights at Sidestreets 7,000 (77) - - 6,923
Cox Ave Railroad Crossing Upgrade - (196,397) - - (196,397)
Signage @ City Entrance 13,467 - - - 13,467
Blaney Plaza Improvement - Contruction 99,787 (138,839) 40,000 - 948
Village-Streetscape Impv (Sidewalk, Curbs)738,624 (4,960) - - 733,664
Saratoga-Sunnyvale/Gateway 231,603 (146,160) - (4,202) 81,240
Storm Drain @ El Camino / Mt Vista 100,000 - - - 100,000
Total Infrastructure 1,942,934 (406,151) 40,000 (47,394) - 1,529,389
Facility
WHH Improvements 74,737 (36,738) - (3,672) 34,327
Civic Center - CDD Offices 15,000 (15,000) - - -
Fire Alarm at McWilliams & Book Go Round- 25,000 - - 25,000
North Campus - 19848 Prospect Road - 445,191 - (103,996) 341,196
Historical Park Fire Alarm System 6,543 - - - 6,543
Total Facility 96,280 418,453 - (107,668) - 407,065
Parks & Trails
Hakone Garden D/W 164,283 - - - 164,283
Union Pacific Railroad (Deanza) Trail (49,066) 6,147 - (15,197) (58,115)
Kevin Moran Improvements 46,468 1,091,334 - - 1,137,802
Alternative Soccer Field - 247,839 - (90,386) 157,453
Park/Trail Repairs 35,202 (14,196) - (1,002) 20,005
Total Parks & Trails 196,887 1,331,126 - (106,584) - 1,421,428
Total CIP Funds 2,790,178 1,044,380 40,000 (362,915) - 3,511,643
ATTACHMENT E