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02 - February 27, 2025 - Monthly Treasurer’s Report for January 2025 1 CITY COUNCIL INFORMATIONAL MEMORANDUM Date: February 27 , 2025 To: Cupertino City Council From: Jonathan Orozco, Finance Manager Re: Receive the Monthly Treasurer's Report for January 2025 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 December 2024. The report is as of February 25, 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 $207.1 million, increasing by $11.6 million from the prior month. Receipts were $16.3 million, disbursements were $(5.4) million, and journal adjustments were $676,096 for the month. The City's total ending cash and investment balance was $311.7 million, increasing by $13.3 million from the prior month. Receipts were $19.4 million, disbursements were $(7.2) 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 3 • Investment and interest earnings • Worker’s Compensation Journals Fund Balance/Net Position The City's General Fund ending fund balance was $136.8 million, increasing by $10.1 million from the prior month due to revenues of $16.0 million and expenditures of $6.0 million. The City's total ending fund balance was $236.4 million, increasing by $10.8 million from the prior month due to revenues of $18.9 million and expenditures of $8.0 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 January 2025 B – Report of City-wide Fund Balances/Net Position January 2025 January 2025 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 195,496,868                                    16,333,521             (5,429,346)                676,096                               207,077,139                                     General Fund 130  Investment Fund 0                                                       ‐                               ‐                                 ‐                                          0                                                       Special Revenue Funds 210  Storm Drain Improvement 146,261                                            ‐                               ‐                                428                                      146,689                                            Special Revenue Funds 215  Storm Drain AB1600 2,129,612                                        18,492                     ‐                                6,231                                   2,154,335                                         Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 230,483                                           832,394                  (54,579)                     674                                      1,008,972                                         Special Revenue Funds 260  CDBG 322,670                                           18,937                    (9,377)                       1,618                                   333,848                                            Special Revenue Funds 261  HCD Loan Rehab 230,372                                            ‐                               ‐                                 ‐                                          230,372                                            Special Revenue Funds 265  BMR Housing 4,798,359                                        55,668                    (34,546)                     14,039                                 4,833,521                                         Special Revenue Funds 270  Transportation Fund 15,538,766                                      1,263,813               (565,375)                   45,464                                 16,282,668                                       Special Revenue Funds 271  Traffic Impact 833,612                                           46,630                     ‐                                2,439                                   882,681                                            Special Revenue Funds 280  Park Dedication 19,576,154                                      609,000                   ‐                                57,277                                 20,242,431                                       Special Revenue Funds 281  Tree Fund 67,736                                             4,525                       ‐                                198                                      72,459                                              Debt Service Funds 365  Public Facilities Corp 2,394,350                                         ‐                               ‐                                 ‐                                          2,394,350                                         Capital Project Funds 420  Capital Improvement Fund 35,263,632                                      21,365                    (234,348)                    ‐                                          35,050,649                                       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 5,291,331                                        143,591                  (152,581)                   15,482                                 5,297,823                                         Enterprise Funds 560  Blackberry Farm 987,135                                           3,679                      (65,691)                     51,406                                 976,529                                            Enterprise Funds 570  Sports Center 862,235                                            ‐                              (107,132)                   107,279                               862,383                                            Enterprise Funds 580  Recreation Program 3,166,506                                        9,738                      (90,310)                     76,494                                 3,162,428                                         Internal Service Funds 610  Innovation & Technology 3,301,357                                        979                         (224,740)                   9,659                                   3,087,256                                         Internal Service Funds 620  Workersʹ Compensation 3,670,296                                         ‐                              (7,588)                       5,597                                   3,668,305                                         Internal Service Funds 630  Vehicle/Equip Replacement 1,151,281                                        11,356                    (61,541)                     3,368                                   1,104,465                                         Internal Service Funds 641  Compensated Absence/LTD 699,441                                            ‐                              (7,933)                       2,046                                   693,555                                            Internal Service Funds 642  Retiree Medical (531,796)                                          ‐                              (137,270)                    ‐                                          (669,066)                                          Total 298,421,212$                                  19,373,690$           (7,182,357)$              1,075,796$                          311,688,341$                                   * For reporting purposes, this fund rolls up/combines with Fund 420 Printed February 25, 2025 For more information on funds, please see cupertino.org/fund‐structure January 2025 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 126,684,726                                     16,038,231                        5,955,145                           136,767,812                                      General Fund 130  Investment Fund 229,425                                             ‐                                           ‐                                          229,425                                             Special Revenue Funds 210  Storm Drain Improvement 2,123,768                                         428                                      ‐                                          2,124,196                                          Special Revenue Funds 215  Storm Drain AB1600 1,881,419                                         24,723                                 ‐                                          1,906,142                                          Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 926,715                                            881,046                              80,048                                1,727,713                                          Special Revenue Funds 260  CDBG 1,743,050                                         20,029                                15,670                                1,747,409                                          Special Revenue Funds 261  HCD Loan Rehab 222,016                                             ‐                                           ‐                                          222,016                                             Special Revenue Funds 265  BMR Housing 9,555,168                                         69,708                                43,052                                9,581,823                                          Special Revenue Funds 270  Transportation Fund 10,761,111                                       633,585                              635,371                              10,759,325                                        Special Revenue Funds 271  Traffic Impact 773,723                                            49,069                                 ‐                                          822,792                                             Special Revenue Funds 280  Park Dedication 18,792,029                                       666,277                               ‐                                          19,458,306                                        Special Revenue Funds 281  Tree Fund 78,573                                              4,723                                   ‐                                          83,296                                               Debt Service Funds 365  Public Facilities Corp 250                                                    ‐                                           ‐                                          250                                                    Capital Project Funds 420  Capital Improvement Fund 20,051,835                                       3,230                                  245,153                              19,809,912                                        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 4,552,641                                         159,073                              228,063                              4,483,651                                          Enterprise Funds 560  Blackberry Farm 680,628                                            57,950                                73,980                                664,599                                             Enterprise Funds 570  Sports Center 1,766,251                                         84,258                                118,977                              1,731,532                                          Enterprise Funds 580  Recreation Program 2,872,732                                         131,223                              109,530                              2,894,425                                          Internal Service Funds 610  Innovation & Technology 2,382,716                                         9,734                                  286,222                              2,106,228                                          Internal Service Funds 620  Workersʹ Compensation 2,365,497                                         10,674                                14,203                                2,361,968                                          Internal Service Funds 630  Vehicle/Equip Replacement 2,738,038                                         14,724                                77,652                                2,675,110                                          Internal Service Funds 641  Compensated Absence/LTD 558,349                                            2,056                                  7,942                                  552,463                                             Internal Service Funds 642  Retiree Medical (122,868)                                            ‐                                          137,270                              (260,138)                                            Total 225,519,771$                                   18,860,741$                      8,028,277$                        236,352,235$                                    * For reporting purposes, this fund rolls up/combines with Fund 420 Printed February 25, 2025 For more information on funds, please see cupertino.org/fund‐structure