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12 - December 12, 2024 - Monthly Treasurer's Report for November 2024 1 CITY COUNCIL INFORMATIONAL MEMORANDUM Date: December 12, 2024 To: Cupertino City Council From: Jonathan Orozco, Finance Manager Re: Receive the Monthly Treasurer's Report for November 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 October 2024. The report is as of December 10, 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 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 $189.8 million, decreasing by $771,022 from the prior month. Receipts were $5.2 million, disbursements were $(6.0) million, and journal adjustments were $51,673 for the month. The City's total ending cash and investment balance was $291.8 million, decreasing by $3.4 million from the prior month. Receipts were $5.5 million, disbursements were $(9.2) million, and journal adjustments were $205,707 for the month. Journal adjustments included the following: • Parks and Recreation transactions imported from Active Network into New World 3 • Returned Checks Fund Balance/Net Position The City's General Fund ending fund balance was $142.3 million, increasing by $312,326 from the prior month due to revenues of $6.1 million and expenditures of $5.8 million. The City's total ending fund balance was $240.7 million, decreasing by $1.1 million from the prior month due to revenues of $7.7 million and expenditures of $8.8 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 November 2024 B – Report of City-wide Fund Balances/Net Position November 2024 November 2024 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments  Beginning Balance  Ending Balance  Fund Type Fund Number/Name as of October 31, 2024 Receipts Disbursements Journal Adjustments as of November 30, 2024 General Fund 100  General Fund 190,554,769                                    5,150,740               (5,973,436)                51,673                                 189,783,747                                     General Fund 130  Investment Fund 0                                                       ‐                               ‐                                 ‐                                          0                                                       Special Revenue Funds 210  Storm Drain Improvement 143,029                                            ‐                               ‐                                10                                        143,038                                            Special Revenue Funds 215  Storm Drain AB1600 2,078,066                                        2,502                       ‐                                141                                      2,080,708                                         Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 629,719                                           619                         (123,407)                   43                                        506,975                                            Special Revenue Funds 260  CDBG 285,518                                            ‐                              (17,673)                     35                                        267,880                                            Special Revenue Funds 261  HCD Loan Rehab 226,287                                            ‐                               ‐                                 ‐                                          226,287                                            Special Revenue Funds 265  BMR Housing 4,813,304                                         ‐                              (81,231)                     326                                      4,732,399                                         Special Revenue Funds 270  Transportation Fund 16,600,135                                      140,265                  (1,402,292)                1,121                                   15,339,229                                       Special Revenue Funds 271  Traffic Impact 815,451                                            ‐                               ‐                                55                                        815,506                                            Special Revenue Funds 280  Park Dedication 19,112,424                                      15,000                     ‐                                1,294                                   19,128,717                                       Special Revenue Funds 281  Tree Fund 66,068                                              ‐                               ‐                                4                                          66,073                                              Debt Service Funds 365  Public Facilities Corp 2,676,450                                         ‐                              (280,600)                    ‐                                          2,395,850                                         Capital Project Funds 420  Capital Improvement Fund 36,066,609                                       ‐                              (315,899)                    ‐                                          35,750,711                                       Capital Project Funds 427  Stevens Creek Corridor Park 154,548                                            ‐                               ‐                                 ‐                                          154,548                                            Capital Project Funds 429  Capital Reserve* 2,438,876                                         ‐                               ‐                                 ‐                                          2,438,876                                         Enterprise Funds 520  Resource Recovery 5,291,132                                        153,633                  (132,965)                   358                                      5,312,159                                         Enterprise Funds 560  Blackberry Farm 1,032,488                                        1,043                      (49,507)                     25,368                                 1,009,392                                         Enterprise Funds 570  Sports Center 1,055,487                                        43,750                    (153,149)                   34,005                                 980,094                                            Enterprise Funds 580  Recreation Program 3,284,386                                        9,845                      (134,796)                   90,722                                 3,250,158                                         Internal Service Funds 610  Innovation & Technology 2,996,506                                         ‐                              (302,698)                   203                                      2,694,011                                         Internal Service Funds 620  Workersʹ Compensation 3,393,189                                         ‐                              (4,389)                       228                                      3,389,028                                         Internal Service Funds 630  Vehicle/Equip Replacement 971,009                                           10,299                    (87,674)                     65                                        893,699                                            Internal Service Funds 641  Compensated Absence/LTD 836,644                                            ‐                              8,641                         56                                        845,341                                            Internal Service Funds 642  Retiree Medical (288,429)                                          ‐                              (120,499)                    ‐                                          (408,928)                                          Total 295,233,664$                                  5,527,697$             (9,171,571)$              205,707$                             291,795,496$                                   * For reporting purposes, this fund rolls up/combines with Fund 420 Printed December 10, 2024 For more information on funds, please see cupertino.org/fund‐structure November 2024 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance Fund Type Fund Number/Name as of October 31, 2024 Revenues Expenditures as of November 30, 2024 General Fund 100  General Fund 142,027,859                                     6,143,569                           5,831,243                           142,340,185                                      General Fund 130  Investment Fund 229,425                                             ‐                                           ‐                                          229,425                                             Special Revenue Funds 210  Storm Drain Improvement 2,123,604                                         10                                        ‐                                          2,123,614                                          Special Revenue Funds 215  Storm Drain AB1600 1,879,480                                         2,643                                   ‐                                          1,882,123                                          Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 1,141,124                                         43                                       90,998                                1,050,169                                          Special Revenue Funds 260  CDBG 1,693,347                                         35                                       17,673                                1,675,709                                          Special Revenue Funds 261  HCD Loan Rehab 222,016                                             ‐                                           ‐                                          222,016                                             Special Revenue Funds 265  BMR Housing 9,569,789                                         326                                     81,231                                9,488,884                                          Special Revenue Funds 270  Transportation Fund 11,477,608                                       1,107,316                           1,332,720                           11,252,204                                        Special Revenue Funds 271  Traffic Impact 772,742                                            55                                        ‐                                          772,797                                             Special Revenue Funds 280  Park Dedication 18,741,700                                       16,294                                 ‐                                          18,757,994                                        Special Revenue Funds 281  Tree Fund 78,493                                              4                                          ‐                                          78,498                                               Debt Service Funds 365  Public Facilities Corp 1,750                                                 ‐                                          280,600                              (278,850)                                            Capital Project Funds 420  Capital Improvement Fund 20,659,815                                       21,365                                242,009                              20,439,171                                        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 4,698,393                                         153,991                              113,271                              4,739,114                                          Enterprise Funds 560  Blackberry Farm 742,727                                            27,025                                30,538                                739,215                                             Enterprise Funds 570  Sports Center 1,935,231                                         103,003                              133,327                              1,904,907                                          Enterprise Funds 580  Recreation Program 3,083,236                                         100,092                              102,941                              3,080,387                                          Internal Service Funds 610  Innovation & Technology 1,618,041                                         203                                     289,304                              1,328,940                                          Internal Service Funds 620  Workersʹ Compensation 2,145,383                                         228                                     4,389                                  2,141,222                                          Internal Service Funds 630  Vehicle/Equip Replacement 2,373,137                                         10,364                                83,578                                2,299,923                                          Internal Service Funds 641  Compensated Absence/LTD 715,924                                            16,727                                8,029                                  724,621                                             Internal Service Funds 642  Retiree Medical (119,124)                                            ‐                                          120,499                              (239,623)                                            Total 241,713,680$                                   7,703,292$                        8,762,348$                        240,654,625$                                    * For reporting purposes, this fund rolls up/combines with Fund 420 Printed December 10, 2024 For more information on funds, please see cupertino.org/fund‐structure