01 - January 30, 2025 - Monthly Treasurer’s Report for December 2024
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CITY COUNCIL INFORMATIONAL MEMORANDUM
Date: January 30, 2025
To: Cupertino City Council
From: Jonathan Orozco, Finance Manager
Re: Receive the Monthly Treasurer's Report for December 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 December 2024.
The report is as of January 28, 2025.
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 $195.4 million,
decreasing by $4.8 million from the prior month. Receipts were $10.1 million,
disbursements were $(15.1 ) million, and journal adjustments were $251,441 for the month.
The City's total ending cash and investment balance was $298 .3 million, decreasing by
$5.8 million from the prior month. Receipts were $10.6 million, disbursements were $(17.3)
million, and journal adjustments were $985,035 for the month.
Journal adjustments included the following:
• Parks and Recreation transactions imported from Active Network into New
World
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• Quarterly CAP Charges
• Investment and interest earnings
• Worker’s Compensation Journals
• Bank Fees
• Returned Checks
Fund Balance/Net Position
The City's General Fund ending fund balance was $140.2 million, decreasing by $4.5
million from the prior month due to revenues of $13.4 million and expenditures of $17.9
million.
The City's total ending fund balance was $238.0 million, decreasing by $5.1 million from
the prior month due to revenues of $16.2 million and expenditures of $21.4 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 December 2024
B – Report of City-wide Fund Balances/Net Position December 2024
December 2024 Report of City‐wide Receipts, Disbursements, and Cash Balances
Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of November 30, 2024 Receipts Disbursements Journal Adjustments as of December 31, 2024
General Fund 100 General Fund 200,211,679 10,100,041 (15,143,806) 251,441 195,419,356
General Fund 130 Investment Fund 0 ‐ ‐ ‐ 0
Special Revenue Funds 210 Storm Drain Improvement 145,627 ‐ ‐ 634 146,261
Special Revenue Funds 215 Storm Drain AB1600 2,118,732 1,643 ‐ 9,238 2,129,612
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 526,072 ‐ (145,307) (150,282) 230,483
Special Revenue Funds 260 CDBG 272,940 662 (6,896) 55,964 322,670
Special Revenue Funds 261 HCD Loan Rehab 230,372 ‐ ‐ ‐ 230,372
Special Revenue Funds 265 BMR Housing 4,819,937 ‐ (15,817) (5,762) 4,798,359
Special Revenue Funds 270 Transportation Fund 15,752,308 274,106 (222,731) (264,917) 15,538,766
Special Revenue Funds 271 Traffic Impact 829,996 ‐ ‐ 3,616 833,612
Special Revenue Funds 280 Park Dedication 19,469,577 30,000 (8,338) 84,915 19,576,154
Special Revenue Funds 281 Tree Fund 67,442 ‐ ‐ 294 67,736
Debt Service Funds 365 Public Facilities Corp 2,395,850 ‐ (1,500) ‐ 2,394,350
Capital Project Funds 420 Capital Improvement Fund 36,207,270 3,000 (946,638) ‐ 35,263,632
Capital Project Funds 427 Stevens Creek Corridor Park 157,338 ‐ ‐ ‐ 157,338
Capital Project Funds 429 Capital Reserve* 2,637,212 ‐ ‐ ‐ 2,637,212
Enterprise Funds 520 Resource Recovery 5,405,610 143,391 (165,521) (92,149) 5,291,331
Enterprise Funds 560 Blackberry Farm 1,037,364 ‐ (49,956) (272) 987,135
Enterprise Funds 570 Sports Center 1,013,770 ‐ (84,530) (67,005) 862,235
Enterprise Funds 580 Recreation Program 3,299,416 6,405 (98,182) (41,132) 3,166,506
Internal Service Funds 610 Innovation & Technology 2,750,846 ‐ (259,762) 810,273 3,301,357
Internal Service Funds 620 Workersʹ Compensation 3,445,025 ‐ (8,063) 233,334 3,670,296
Internal Service Funds 630 Vehicle/Equip Replacement 893,699 9,110 (66,626) 315,099 1,151,281
Internal Service Funds 641 Compensated Absence/LTD 853,417 ‐ 115 (154,091) 699,441
Internal Service Funds 642 Retiree Medical (408,928) ‐ (118,706) (4,162) (531,796)
Total 304,132,570$ 10,568,359$ (17,342,265)$ 985,035$ 298,343,699$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed January 28, 2025
For more information on funds, please see cupertino.org/fund‐structure
December 2024 Report of City‐wide Fund Balances/Net Position
Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of November 30, 2024 Revenues Expenditures as of December 31, 2024
General Fund 100 General Fund 144,768,653 13,445,180 17,943,856 140,269,977
General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425
Special Revenue Funds 210 Storm Drain Improvement 2,123,143 634 ‐ 2,123,778
Special Revenue Funds 215 Storm Drain AB1600 1,873,181 10,881 ‐ 1,884,061
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,129,179 3,855 297,274 835,760
Special Revenue Funds 260 CDBG 1,676,207 56,101 6,896 1,725,412
Special Revenue Funds 261 HCD Loan Rehab 222,016 ‐ ‐ 222,016
Special Revenue Funds 265 BMR Housing 9,495,841 20,932 42,510 9,474,263
Special Revenue Funds 270 Transportation Fund 10,517,335 735,351 560,914 10,691,772
Special Revenue Funds 271 Traffic Impact 770,162 3,616 ‐ 773,778
Special Revenue Funds 280 Park Dedication 18,701,746 114,915 8,338 18,808,323
Special Revenue Funds 281 Tree Fund 78,284 294 ‐ 78,578
Debt Service Funds 365 Public Facilities Corp (278,850) ‐ 1,500 (280,350)
Capital Project Funds 420 Capital Improvement Fund 20,801,912 ‐ 970,721 19,831,191
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 4,844,591 166,848 418,077 4,593,362
Enterprise Funds 560 Blackberry Farm 748,671 44,828 98,600 694,899
Enterprise Funds 570 Sports Center 1,887,262 75,815 220,128 1,742,950
Enterprise Funds 580 Recreation Program 2,970,518 105,046 208,017 2,867,547
Internal Service Funds 610 Innovation & Technology 1,542,927 851,172 300,484 2,093,615
Internal Service Funds 620 Workersʹ Compensation 2,128,237 249,356 24,086 2,353,507
Internal Service Funds 630 Vehicle/Equip Replacement 2,409,151 349,883 94,210 2,664,823
Internal Service Funds 641 Compensated Absence/LTD 721,022 11,275 165,251 567,046
Internal Service Funds 642 Retiree Medical (120,499) ‐ ‐ (120,499)
Total 243,142,095$ 16,245,982$ 21,360,861$ 238,027,215$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed January 28, 2025
For more information on funds, please see cupertino.org/fund‐structure