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May 30, 2024 - Monthly Treasurer’s Report for April 2024 1 CITY COUNCIL INFORMATIONAL MEMORANDUM Date: May 30, 2024 To: Cupertino City Council From: Thomas Leung, Budget Manager Re: Receive the Monthly Treasurer's Report for April 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 April 2024. The report is as of May 20, 2024. Receipts, Disbursements, and Cash Balance The City's General Fund ending cash and investment balance was $170.1 million, increasing by $12.8 million from the prior month. Receipts were $16.4 million, disbursements were $(3.7) million, and journal adjustments were $105,427 for the month. The City's total ending cash and investment balance was $267.7 million, increasing by $12.1 million from the prior month. Receipts were $17.0 million, disbursements were $(5.6) million, and journal adjustments were $735,876 for the month. Journal adjustments included the following: • Parks and Recreation transactions imported from Active Network into New World • LAIF Quarterly Interest Deposit • Worker’s Compensation transactions 3 Fund Balance/Net Position The City's General Fund ending fund balance was $143.1 million, increasing by $9.5 million from the prior month due to revenues of $13.7 million and expenditures of $4.2 million. The City's total ending fund balance was $234.7 million, increasing by $8.3 million from the prior month due to revenues of $14.5 million and expenditures of $6.2 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 April 2024 B – Report of City-wide Fund Balances/Net Position April 2024 April 2024 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments  Beginning Balance  Ending Balance  Fund Type Fund Number/Name as of March 31, 2024 Receipts Disbursements Journal Adjustments as of April 30, 2024 General Fund 100  General Fund 157,308,416                                    16,432,517             (3,722,928)                105,427                               170,123,432                                     General Fund 130  Investment Fund 51,413                                              ‐                               ‐                                346,228                               397,641                                            Special Revenue Funds 210  Storm Drain Improvement 365,661                                            ‐                              (8)                               ‐                                          365,654                                            Special Revenue Funds 215  Storm Drain AB1600 1,933,194                                        1,275                       ‐                                 ‐                                          1,934,469                                         Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 771,198                                           208                         (69,219)                      ‐                                          702,187                                            Special Revenue Funds 260  CDBG 268,288                                            ‐                              (1,391)                        ‐                                          266,897                                            Special Revenue Funds 261  HCD Loan Rehab 222,016                                            ‐                               ‐                                 ‐                                          222,016                                            Special Revenue Funds 265  BMR Housing 4,900,399                                         ‐                              (36,441)                      ‐                                          4,863,958                                         Special Revenue Funds 270  Transportation Fund 15,132,161                                      310,561                  (463,688)                    ‐                                          14,979,034                                       Special Revenue Funds 271  Traffic Impact 790,668                                            ‐                               ‐                                 ‐                                          790,668                                            Special Revenue Funds 280  Park Dedication 19,028,924                                      15,000                    (443)                           ‐                                          19,043,481                                       Special Revenue Funds 281  Tree Fund 73,045                                             481                          ‐                                 ‐                                          73,526                                              Debt Service Funds 365  Public Facilities Corp 2,356,550                                         ‐                               ‐                                 ‐                                          2,356,550                                         Capital Project Funds 420  Capital Improvement Fund 25,296,754                                      43,214                    (597,797)                    ‐                                          24,742,171                                       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 4,852,809                                        143,391                  (67,822)                      ‐                                          4,928,379                                         Enterprise Funds 560  Blackberry Farm 863,576                                           59                           (49,273)                     50,268                                 864,629                                            Enterprise Funds 570  Sports Center 894,926                                            ‐                              (77,965)                     66,702                                 883,663                                            Enterprise Funds 580  Recreation Program 3,373,410                                         ‐                              (107,381)                   173,390                               3,439,419                                         Internal Service Funds 610  Innovation & Technology 3,243,938                                         ‐                              (189,575)                    ‐                                          3,054,363                                         Internal Service Funds 620  Workersʹ Compensation 3,514,464                                         ‐                              (5,259)                       (6,139)                                 3,503,066                                         Internal Service Funds 630  Vehicle/Equip Replacement 1,637,683                                        30,750                    (60,346)                      ‐                                          1,608,088                                         Internal Service Funds 641  Compensated Absence/LTD 602,911                                            ‐                              246                             ‐                                          603,157                                            Internal Service Funds 642  Retiree Medical (2,428,507)                                       ‐                              (121,016)                    ‐                                          (2,549,523)                                       Total 255,571,164$                                  16,977,456$           (5,570,305)$              735,876$                             267,714,190$                                   * For reporting purposes, this fund rolls up/combines with Fund 420 Printed May 20, 2024 For more information on funds, please see cupertino.org/fund‐structure April 2024 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance Fund Type Fund Number/Name as of March 31, 2024 Revenues Expenditures as of April 30, 2024 General Fund 100  General Fund 133,644,231                                     13,701,539                        4,246,841                           143,098,930                                      General Fund 130  Investment Fund 229,425                                             ‐                                           ‐                                          229,425                                             Special Revenue Funds 210  Storm Drain Improvement 2,124,798                                          ‐                                           ‐                                          2,124,798                                          Special Revenue Funds 215  Storm Drain AB1600 1,880,577                                         1,275                                   ‐                                          1,881,852                                          Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 1,004,797                                         1,442                                  102,397                              903,843                                             Special Revenue Funds 260  CDBG 1,166,890                                          ‐                                          5,183                                  1,161,707                                          Special Revenue Funds 261  HCD Loan Rehab 222,016                                             ‐                                           ‐                                          222,016                                             Special Revenue Funds 265  BMR Housing 5,303,186                                          ‐                                          80,092                                5,223,094                                          Special Revenue Funds 270  Transportation Fund 10,603,603                                       310,561                              516,449                              10,397,714                                        Special Revenue Funds 271  Traffic Impact 773,333                                             ‐                                           ‐                                          773,333                                             Special Revenue Funds 280  Park Dedication 18,762,701                                       15,000                                 ‐                                          18,777,701                                        Special Revenue Funds 281  Tree Fund 79,574                                              481                                      ‐                                          80,055                                               Debt Service Funds 365  Public Facilities Corp 1,750                                                 ‐                                           ‐                                          1,750                                                 Capital Project Funds 420  Capital Improvement Fund 20,793,928                                       36,597                                411,989                              20,418,536                                        Capital Project Funds 427  Stevens Creek Corridor Park 157,343                                             ‐                                           ‐                                          157,343                                             Capital Project Funds 429  Capital Reserve* 13,744,638                                        ‐                                           ‐                                          13,744,638                                        Enterprise Funds 520  Resource Recovery 4,604,080                                         143,391                              88,321                                4,659,151                                          Enterprise Funds 560  Blackberry Farm 667,237                                            53,625                                37,371                                683,491                                             Enterprise Funds 570  Sports Center 1,425,348                                         74,335                                99,239                                1,400,444                                          Enterprise Funds 580  Recreation Program 2,725,406                                         145,494                              125,780                              2,745,120                                          Internal Service Funds 610  Innovation & Technology 2,518,815                                          ‐                                          276,822                              2,241,993                                          Internal Service Funds 620  Workersʹ Compensation 2,133,231                                          ‐                                          12,711                                2,120,520                                          Internal Service Funds 630  Vehicle/Equip Replacement 2,872,118                                         30,750                                73,300                                2,829,567                                          Internal Service Funds 641  Compensated Absence/LTD 492,184                                            8,419                                  8,172                                  492,431                                             Internal Service Funds 642  Retiree Medical (1,522,468)                                         ‐                                          121,016                              (1,643,484)                                         Total 226,408,743$                                   14,522,909$                      6,205,683$                        234,725,969$                                    * For reporting purposes, this fund rolls up/combines with Fund 420 Printed May 20, 2024 For more information on funds, please see cupertino.org/fund‐structure