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April 25, 2024 - Monthly Treasurer's Report for March 2024 1 CITY COUNCIL INFORMATIONAL MEMORANDUM Date: April 25, 2024 To: Cupertino City Council From: Thomas Leung, Budget Manager Re: Receive the Monthly Treasurer's Report for March 2024 Background California Government Code Section 41004 states: 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. The city treasurer shall file a copy with the legislative body. The City's Municipal Code Section 2.24.030 Monthly Reports states: The Treasurer shall make monthly reports which conform to the requirements of Government Code Section 41004. Said reports shall be delivered to the City Council, the City Manager and made available for review by such other persons who may so request. The Treasurer's Report (report and accounting of all receipts, disbursements, and fund balances) is made available to City Council in compliance with the aforementioned requirements. 2 Cash vs. Accrual Basis Accounting Cash basis accounting and accrual basis accounting differ in the way revenues and expenses are recognized and recorded, primarily with regard to their timing. Under cash basis accounting, revenues are recorded when payment is received, and expenses are recorded when payment is made. This method of accounting recognizes transactions only when cash changes hands. In contrast, accrual basis accounting recognizes revenues when they are earned (but not necessarily received) and expenses when they are incurred (but not necessarily paid). This method of accounting recognizes transactions as they occur, regardless of whether cash has been exchanged. Receipts, disbursements, and cash balance are measured on a cash basis. The cash balance shows the total cash and investments in the City's accounts. The ending balance is the beginning balance plus receipts minus disbursements. Journal adjustments generally include transactions recorded in other systems and imported into New World, Council- approved budget adjustments, quarterly Cost Allocation Plan (CAP) charges, and quarterly interest earnings. Revenues, expenditures, and fund balance are measured on an accrual basis. As a result, the amount in fund balance does not mean the City has that much cash on hand. Instead, fund balance is the difference between assets and liabilities. The ending balance is the beginning balance plus revenues minus expenditures. Treasurer's Report The report provides an update on the City's cash and fund balances for March 2024. The report is as of April 12, 2024. Receipts, Disbursements, and Cash Balance The City's General Fund ending cash and investment balance was $155.6 million, decreasing by $310,000 from the prior month. Receipts were $6.7 million, disbursements were $(7.1) million, and journal adjustments were $73,000 for the month. The City's total ending cash and investment balance was $253.6 million, decreasing by $1.2 million from the prior month. Receipts were $7.3 million, disbursements were $(8.9) million, and journal adjustments were $411,000 for the month. Journal adjustments included the following: • Parks and Recreation transactions imported from Active Network into New World • LAIF Quarterly Interest Deposit 3 Fund Balance/Net Position The City's General Fund ending fund balance was $135.0 million, decreasing by $1.3 million from the prior month due to revenues of $3.1 million and expenditures of $4.4 million. The City's total ending fund balance was $226.9 million, decreasing by $2.0 million from the prior month due to revenues of $3.8 million and expenditures of $5.8 million. Sustainability Impact No sustainability impact. Fiscal Impact No fiscal impact. California Environmental Quality Act Not applicable. _____________________________________ Prepared by: __________________ Thomas Leung Budget Manager Reviewed by: __________________ Kristina Alfaro Director of Administrative Services Approved for Submission by: __________________ Pamela Wu City Manager Attachments: A – Report of City-wide Receipts, Disbursements, and Cash Balances March 2024 B – Report of City-wide Fund Balances/Net Position March 2024 February 2024 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments  Beginning Balance  Ending Balance  Fund Type Fund Number/Name as of February 29, 2024 Receipts Disbursements Journal Adjustments as of March 31, 2024 General Fund 100  General Fund 155,935,329                                    6,673,851               (7,057,608)                73,449                                 155,625,020                                     General Fund 130  Investment Fund 397,641                                            ‐                               ‐                                 ‐                                          397,641                                            Special Revenue Funds 210  Storm Drain Improvement 363,989                                            ‐                              (85)                             ‐                                          363,904                                            Special Revenue Funds 215  Storm Drain AB1600 1,923,155                                        2,149                       ‐                                 ‐                                          1,925,304                                         Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 939,654                                           46,927                    (135,653)                    ‐                                          850,927                                            Special Revenue Funds 260  CDBG 273,892                                           1,324                      (8,985)                        ‐                                          266,230                                            Special Revenue Funds 261  HCD Loan Rehab 222,016                                            ‐                               ‐                                 ‐                                          222,016                                            Special Revenue Funds 265  BMR Housing 4,814,030                                         ‐                              (26,050)                      ‐                                          4,787,980                                         Special Revenue Funds 270  Transportation Fund 15,134,129                                      246,426                  (121,334)                    ‐                                          15,259,221                                       Special Revenue Funds 271  Traffic Impact 787,442                                            ‐                               ‐                                 ‐                                          787,442                                            Special Revenue Funds 280  Park Dedication 18,951,240                                       ‐                              (8)                               ‐                                          18,951,232                                       Special Revenue Funds 281  Tree Fund 71,750                                             996                          ‐                                 ‐                                          72,746                                              Debt Service Funds 365  Public Facilities Corp 2,356,550                                         ‐                               ‐                                 ‐                                          2,356,550                                         Capital Project Funds 420  Capital Improvement Fund 25,431,988                                      177,952                  (313,186)                    ‐                                          25,296,754                                       Capital Project Funds 427  Stevens Creek Corridor Park 151,394                                            ‐                               ‐                                 ‐                                          151,394                                            Capital Project Funds 429  Capital Reserve* 10,365,872                                       ‐                               ‐                                 ‐                                          10,365,872                                       Enterprise Funds 520  Resource Recovery 4,926,768                                        143,391                  (174,315)                    ‐                                          4,895,844                                         Enterprise Funds 560  Blackberry Farm 868,265                                           10                           (54,228)                     69,350                                 883,398                                            Enterprise Funds 570  Sports Center 1,231,904                                         ‐                              (359,889)                   90,413                                 962,428                                            Enterprise Funds 580  Recreation Program 3,357,702                                        6,400                      (94,255)                     177,436                               3,447,283                                         Internal Service Funds 610  Innovation & Technology 2,922,808                                         ‐                              (330,701)                    ‐                                          2,592,107                                         Internal Service Funds 620  Workersʹ Compensation 3,520,349                                         ‐                              (5,129)                        ‐                                          3,515,221                                         Internal Service Funds 630  Vehicle/Equip Replacement 1,317,532                                         ‐                              (64,070)                      ‐                                          1,253,462                                         Internal Service Funds 641  Compensated Absence/LTD 823,051                                            ‐                              (8,208)                        ‐                                          814,843                                            Internal Service Funds 642  Retiree Medical (2,301,697)                                       ‐                              (123,313)                    ‐                                          (2,425,010)                                       Total 254,786,754$                                  7,299,426$             (8,877,019)$              410,647$                             253,619,809$                                   * For reporting purposes, this fund rolls up/combines with Fund 420 Printed April 12, 2024 For more information on funds, please see cupertino.org/fund‐structure March 2024 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance Fund Type Fund Number/Name as of February 29, 2024 Revenues Expenditures as of March 31, 2024 General Fund 100  General Fund 136,260,334                                     3,121,616                           4,400,306                           134,981,644                                      General Fund 130  Investment Fund 229,425                                             ‐                                           ‐                                          229,425                                             Special Revenue Funds 210  Storm Drain Improvement 2,123,134                                          ‐                                          93                                       2,123,041                                          Special Revenue Funds 215  Storm Drain AB1600 1,871,648                                         2,149                                   ‐                                          1,873,797                                          Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 1,199,678                                         505                                     135,440                              1,064,743                                          Special Revenue Funds 260  CDBG 1,191,044                                         296                                     8,985                                  1,182,354                                          Special Revenue Funds 261  HCD Loan Rehab 222,016                                             ‐                                           ‐                                          222,016                                             Special Revenue Funds 265  BMR Housing 5,198,657                                          ‐                                          26,961                                5,171,696                                          Special Revenue Funds 270  Transportation Fund 10,743,549                                       246,426                              102,436                              10,887,538                                        Special Revenue Funds 271  Traffic Impact 770,107                                             ‐                                           ‐                                          770,107                                             Special Revenue Funds 280  Park Dedication 18,694,684                                        ‐                                          443                                     18,694,241                                        Special Revenue Funds 281  Tree Fund 78,279                                              996                                      ‐                                          79,275                                               Debt Service Funds 365  Public Facilities Corp 1,750                                                 ‐                                           ‐                                          1,750                                                 Capital Project Funds 420  Capital Improvement Fund 20,811,417                                       6,617                                  49,874                                20,768,161                                        Capital Project Funds 427  Stevens Creek Corridor Park 156,096                                             ‐                                           ‐                                          156,096                                             Capital Project Funds 429  Capital Reserve* 13,744,638                                        ‐                                           ‐                                          13,744,638                                        Enterprise Funds 520  Resource Recovery 4,606,529                                         143,391                              103,569                              4,646,351                                          Enterprise Funds 560  Blackberry Farm 728,609                                            42,969                                72,312                                699,267                                             Enterprise Funds 570  Sports Center 1,908,075                                         113,765                              384,439                              1,637,401                                          Enterprise Funds 580  Recreation Program 2,779,992                                         133,462                              73,269                                2,840,185                                          Internal Service Funds 610  Innovation & Technology 1,731,220                                          ‐                                          247,086                              1,484,134                                          Internal Service Funds 620  Workersʹ Compensation 2,118,461                                          ‐                                          5,129                                  2,113,333                                          Internal Service Funds 630  Vehicle/Equip Replacement 2,487,146                                          ‐                                          61,356                                2,425,789                                          Internal Service Funds 641  Compensated Absence/LTD 712,560                                            7                                         8,215                                  704,352                                             Internal Service Funds 642  Retiree Medical (1,516,788)                                         ‐                                          123,313                              (1,640,102)                                         Total 228,852,259$                                   3,812,201$                        5,803,226$                        226,861,233$                                    * For reporting purposes, this fund rolls up/combines with Fund 420 Printed April 12, 2024 For more information on funds, please see cupertino.org/fund‐structure