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October 24, 2024 - Monthly Treasurer's Report for September 2024 1 CITY COUNCIL INFORMATIONAL MEMORANDUM Date: October 24, 2024 To: Cupertino City Council From: Jonathan Orozco, Finance Manager Re: Receive the Monthly Treasurer's Report for September 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 September 2024. The report is as of October 8, 2024. Note: Beginning balances have been updated to account for any final adjustments made as part of the month-end close that could not be completed before the prior report’s preparation. These adjustments were necessary due to time constraints associated with both completing the month-end close process and generating the report. Receipts, Disbursements, and Cash Balance The City's General Fund ending cash and investment balance was $163.1 million, decreasing by $1.6 million from the prior month. Receipts were $5.0 million, disbursements were $(6.7) million, and journal adjustments were $65,310 for the month. The City's total ending cash and investment balance was $262.6 million, decreasing by $2.1 million from the prior month. Receipts were $6.2 million, disbursements were $(8.6) million, and journal adjustments were $234,979 for the month. Journal adjustments included the following: • Parks and Recreation transactions imported from Active Network into New World 3 • CalPERS UAL payment Fund Balance/Net Position The City's General Fund ending fund balance was $129.2 million, decreasing by $5.9 million from the prior month due to revenues of $1.8 million and expenditures of $7.6 million. The City's total ending fund balance was $227.3 million, decreasing by $6.7 million from the prior month due to revenues of $2.5 million and expenditures of $9.3 million. Sustainability Impact No sustainability impact. Fiscal Impact No fiscal impact. California Environmental Quality Act Not applicable. _____________________________________ Prepared by: __________________ Jonathan Orozco Finance 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 September 2024 B – Report of City-wide Fund Balances/Net Position September 2024 September 2024 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments  Beginning Balance  Ending Balance  Fund Type Fund Number/Name as of August 31, 2024 Receipts Disbursements Journal Adjustments as of September 30, 2024 General Fund 100  General Fund 164,756,471                                    5,022,329               (6,728,745)                65,310                                 163,115,365                                     General Fund 130  Investment Fund 1,157,343                                         ‐                               ‐                                 ‐                                          1,157,343                                         Special Revenue Funds 210  Storm Drain Improvement 66,067                                              ‐                               ‐                                10                                        66,077                                              Special Revenue Funds 215  Storm Drain AB1600 2,004,066                                        6,166                       ‐                                137                                      2,010,369                                         Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 821,858                                           1,048                      (62,751)                     57                                        760,211                                            Special Revenue Funds 260  CDBG 267,484                                            ‐                              (5,110)                       34                                        262,409                                            Special Revenue Funds 261  HCD Loan Rehab 222,016                                            ‐                               ‐                                 ‐                                          222,016                                            Special Revenue Funds 265  BMR Housing 4,675,592                                        50,000                    (24,702)                     321                                      4,701,211                                         Special Revenue Funds 270  Transportation Fund 16,155,375                                      943,701                  (663,673)                   1,092                                   16,436,495                                       Special Revenue Funds 271  Traffic Impact 792,985                                            ‐                               ‐                                54                                        793,039                                            Special Revenue Funds 280  Park Dedication 18,563,992                                       ‐                              (53)                            1,269                                   18,565,209                                       Special Revenue Funds 281  Tree Fund 63,345                                             481                          ‐                                4                                          63,830                                              Debt Service Funds 365  Public Facilities Corp 2,676,450                                         ‐                               ‐                                 ‐                                          2,676,450                                         Capital Project Funds 420  Capital Improvement Fund 31,171,357                                       ‐                              (219,980)                    ‐                                          30,951,376                                       Capital Project Funds 427  Stevens Creek Corridor Park 151,394                                            ‐                               ‐                                 ‐                                          151,394                                            Capital Project Funds 429  Capital Reserve* 2,112,759                                         ‐                               ‐                                 ‐                                          2,112,759                                         Enterprise Funds 520  Resource Recovery 5,347,954                                        143,391                  (141,279)                   366                                      5,350,433                                         Enterprise Funds 560  Blackberry Farm 1,053,666                                        2,128                      (17,785)                     54,927                                 1,092,936                                         Enterprise Funds 570  Sports Center 1,093,976                                        40,625                    (96,499)                     67,865                                 1,105,967                                         Enterprise Funds 580  Recreation Program 3,309,410                                        27,215                    (99,247)                     42,970                                 3,280,348                                         Internal Service Funds 610  Innovation & Technology 2,448,461                                         ‐                              (162,157)                   170                                      2,286,475                                         Internal Service Funds 620  Workersʹ Compensation 3,305,373                                         ‐                              (5,371)                       225                                      3,300,227                                         Internal Service Funds 630  Vehicle/Equip Replacement 1,498,948                                         ‐                              (204,972)                   99                                        1,294,075                                         Internal Service Funds 641  Compensated Absence/LTD 1,015,272                                         ‐                              271                            69                                        1,015,612                                         Internal Service Funds 642  Retiree Medical (46,020)                                            ‐                              (119,124)                    ‐                                          (165,143)                                          Total 264,685,596$                                  6,237,084$             (8,551,175)$              234,979$                             262,606,483$                                   * For reporting purposes, this fund rolls up/combines with Fund 420 Printed October 07, 2024 For more information on funds, please see cupertino.org/fund‐structure September 2024 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance Fund Type Fund Number/Name as of August 31, 2024 Revenues Expenditures as of September 30, 2024 General Fund 100  General Fund 135,073,310                                     1,750,982                           7,607,709                           129,216,582                                      General Fund 130  Investment Fund 229,425                                             ‐                                           ‐                                          229,425                                             Special Revenue Funds 210  Storm Drain Improvement 2,123,145                                         10                                        ‐                                          2,123,155                                          Special Revenue Funds 215  Storm Drain AB1600 1,872,252                                         6,303                                   ‐                                          1,878,555                                          Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 1,155,640                                         46,850                                99,203                                1,103,287                                          Special Revenue Funds 260  CDBG 1,691,834                                         34                                       11,402                                1,680,466                                          Special Revenue Funds 261  HCD Loan Rehab 222,016                                             ‐                                           ‐                                          222,016                                             Special Revenue Funds 265  BMR Housing 9,554,589                                         50,321                                33,209                                9,571,701                                          Special Revenue Funds 270  Transportation Fund 10,793,662                                       292,853                              195,653                              10,890,862                                        Special Revenue Funds 271  Traffic Impact 770,172                                            54                                        ‐                                          770,227                                             Special Revenue Funds 280  Park Dedication 18,686,940                                       1,269                                   ‐                                          18,688,210                                        Special Revenue Funds 281  Tree Fund 79,795                                              485                                      ‐                                          80,281                                               Debt Service Funds 365  Public Facilities Corp 1,750                                                 ‐                                           ‐                                          1,750                                                 Capital Project Funds 420  Capital Improvement Fund 20,741,299                                        ‐                                          171,267                              20,570,032                                        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 4,825,722                                         143,757                              257,915                              4,711,564                                          Enterprise Funds 560  Blackberry Farm 774,680                                            59,202                                85,137                                748,744                                             Enterprise Funds 570  Sports Center 1,899,394                                         70,281                                109,473                              1,860,202                                          Enterprise Funds 580  Recreation Program 2,883,601                                         112,755                              118,553                              2,877,803                                          Internal Service Funds 610  Innovation & Technology 1,621,679                                         170                                     221,030                              1,400,818                                          Internal Service Funds 620  Workersʹ Compensation 2,129,295                                         225                                     6,910                                  2,122,610                                          Internal Service Funds 630  Vehicle/Equip Replacement 2,437,321                                         99                                       221,681                              2,215,739                                          Internal Service Funds 641  Compensated Absence/LTD 704,565                                            8,340                                  8,000                                  704,905                                             Internal Service Funds 642  Retiree Medical (118,079)                                            ‐                                          119,124                              (237,202)                                            Total 234,055,990$                                   2,543,990$                        9,266,267$                        227,333,713$                                    * For reporting purposes, this fund rolls up/combines with Fund 420 Printed October 07, 2024 For more information on funds, please see cupertino.org/fund‐structure