12 - December 12, 2024 - Monthly Treasurer's Report for October 2024
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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 October 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.
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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 November 25, 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 $166.6 million,
increasing by $1.3 million from the prior month. Receipts were $6.9 million,
disbursements were $(6.4) million, and journal adjustments were $664,651 for the month.
The City's total ending cash and investment balance was $271.3 million, increasing by
$673,741 from the prior month. Receipts were $7.5 million, disbursements were $(7.9)
million, and journal adjustments were $1.1 million for the month.
Journal adjustments included the following:
• Parks and Recreation transactions imported from Active Network into New
World
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• LAIF Interest
• Returned Checks
Fund Balance/Net Position
The City's General Fund ending fund balance was $135.7 million, increasing by $1.8
million from the prior month due to revenues of $7.9 million and expenditures of $6.1
million.
The City's total ending fund balance was $234.3 million, increasing by $1.3 million from
the prior month due to revenues of $8.9 million and expenditures of $7.6 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 October 2024
B – Report of City-wide Fund Balances/Net Position October 2024
October 2024 Report of City‐wide Receipts, Disbursements, and Cash Balances
Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of September 30, 2024 Receipts Disbursements Journal Adjustments as of October 31, 2024
General Fund 100 General Fund 165,350,806 6,946,313 (6,356,300) 664,651 166,605,470
General Fund 130 Investment Fund 0 ‐ ‐ ‐ 0
Special Revenue Funds 210 Storm Drain Improvement 142,558 ‐ ‐ 460 143,018
Special Revenue Funds 215 Storm Drain AB1600 2,069,124 2,268 ‐ 6,526 2,077,918
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 648,500 49,198 (70,555) 2,530 629,672
Special Revenue Funds 260 CDBG 284,970 1,324 (2,432) 1,620 285,482
Special Revenue Funds 261 HCD Loan Rehab 226,287 ‐ ‐ ‐ 226,287
Special Revenue Funds 265 BMR Housing 4,820,261 ‐ (22,668) 15,366 4,812,959
Special Revenue Funds 270 Transportation Fund 16,378,893 301,291 (134,101) 52,881 16,598,964
Special Revenue Funds 271 Traffic Impact 812,815 ‐ ‐ 2,577 815,392
Special Revenue Funds 280 Park Dedication 19,056,176 ‐ (5,539) 60,421 19,111,059
Special Revenue Funds 281 Tree Fund 65,854 ‐ ‐ 209 66,063
Debt Service Funds 365 Public Facilities Corp 2,676,450 ‐ ‐ ‐ 2,676,450
Capital Project Funds 420 Capital Improvement Fund 36,416,242 ‐ (349,633) ‐ 36,066,609
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 5,390,476 146,225 (263,366) 17,411 5,290,746
Enterprise Funds 560 Blackberry Farm 1,069,252 1,596 (90,181) 51,743 1,032,411
Enterprise Funds 570 Sports Center 1,026,326 43,750 (83,504) 69,414 1,055,986
Enterprise Funds 580 Recreation Program 3,250,478 13,108 (63,457) 83,451 3,283,580
Internal Service Funds 610 Innovation & Technology 3,198,782 ‐ (210,091) 7,585 2,996,277
Internal Service Funds 620 Workersʹ Compensation 3,388,032 ‐ (2,912) 10,675 3,395,795
Internal Service Funds 630 Vehicle/Equip Replacement 1,079,462 ‐ (112,587) 4,057 970,933
Internal Service Funds 641 Compensated Absence/LTD 833,045 ‐ 270 3,270 836,585
Internal Service Funds 642 Retiree Medical (169,305) ‐ (119,124) ‐ (288,429)
Total 270,608,910$ 7,505,072$ (7,886,180)$ 1,054,848$ 271,282,651$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed November 25, 2024
For more information on funds, please see cupertino.org/fund‐structure
October 2024 Report of City‐wide Fund Balances/Net Position
Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of September 30, 2024 Revenues Expenditures
as of October 31, 2024
General Fund 100 General Fund 133,916,392 7,864,836 6,090,104 135,691,124
General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425
Special Revenue Funds 210 Storm Drain Improvement 2,123,559 460 ‐ 2,124,020
Special Revenue Funds 215 Storm Drain AB1600 1,893,664 8,794 ‐ 1,902,458
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,043,235 6,247 66,239 983,243
Special Revenue Funds 260 CDBG 1,690,234 1,898 2,432 1,689,700
Special Revenue Funds 261 HCD Loan Rehab 222,016 ‐ ‐ 222,016
Special Revenue Funds 265 BMR Housing 9,590,710 15,366 22,668 9,583,408
Special Revenue Funds 270 Transportation Fund 10,448,229 354,172 116,350 10,686,052
Special Revenue Funds 271 Traffic Impact 772,491 2,577 ‐ 775,068
Special Revenue Funds 280 Park Dedication 18,741,343 60,421 5,539 18,796,226
Special Revenue Funds 281 Tree Fund 78,954 209 ‐ 79,163
Debt Service Funds 365 Public Facilities Corp 1,750 ‐ ‐ 1,750
Capital Project Funds 420 Capital Improvement Fund 20,851,288 ‐ 362,741 20,488,547
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 4,630,626 160,802 247,601 4,543,828
Enterprise Funds 560 Blackberry Farm 675,086 56,946 48,695 683,336
Enterprise Funds 570 Sports Center 1,747,089 117,546 92,952 1,771,683
Enterprise Funds 580 Recreation Program 2,897,124 200,195 92,896 3,004,422
Internal Service Funds 610 Innovation & Technology 2,497,879 7,585 221,802 2,283,663
Internal Service Funds 620 Workersʹ Compensation 2,126,864 10,675 2,912 2,134,628
Internal Service Funds 630 Vehicle/Equip Replacement 2,595,456 4,057 113,362 2,486,152
Internal Service Funds 641 Compensated Absence/LTD 508,435 11,510 7,971 511,975
Internal Service Funds 642 Retiree Medical (123,286) ‐ 119,124 (242,409)
Total 233,060,546$ 8,884,297$ 7,613,386$ 234,331,457$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed November 25, 2024
For more information on funds, please see cupertino.org/fund‐structure