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03 - March 27, 2025 - Monthly Treasurer’s Report for February 2025 1 CITY COUNCIL INFORMATIONAL MEMORANDUM Date: March 27, 2025 To: Cupertino City Council From: Jonathan Orozco, Finance Manager Re: Receive the Monthly Treasurer's Report for February 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 February 2025. The report is as of March 24, 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 $210.3 million, increasing by $3.0 million from the prior month. Receipts were $7.9 million, disbursements were $(5.0) million, and journal adjustments were $102,629 for the month. The City's total ending cash and investment balance was $313.1 million, increasing by $1.2 million from the prior month. Receipts were $9.1 million, disbursements were $(8.4) million, and journal adjustments were $479,202 for the month. Journal adjustments included the following: • Parks and Recreation transactions imported from Active Network into New World 3 • Worker’s Compensation Journals • Duplicate payment corrections Fund Balance/Net Position The City's General Fund ending fund balance was $151.6 million, increasing by $3.1 million from the prior month due to revenues of $9.6 million and expenditures of $9.1 million. The City's total ending fund balance was $249.3 million, increasing by $507,795 from the prior month due to revenues of $9.6 million and expenditures of $9.1 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 February 2025 B – Report of City-wide Fund Balances/Net Position February 2025 February 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 207,286,779                                    7,861,719               (4,994,547)                102,629                               210,256,581                                     General Fund 130  Investment Fund 0                                                       ‐                               ‐                                 ‐                                          0                                                       Special Revenue Funds 210  Storm Drain Improvement 146,689                                            ‐                               ‐                                13                                        146,702                                            Special Revenue Funds 215  Storm Drain AB1600 2,155,192                                        5,804                       ‐                                197                                      2,161,193                                         Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 1,008,972                                        35,027                    (88,695)                     92                                        955,397                                            Special Revenue Funds 260  CDBG 333,848                                           662                         (23,609)                     52                                        310,952                                            Special Revenue Funds 261  HCD Loan Rehab 230,372                                            ‐                               ‐                                 ‐                                          230,372                                            Special Revenue Funds 265  BMR Housing 4,833,521                                         ‐                              (33,230)                     441                                      4,800,732                                         Special Revenue Funds 270  Transportation Fund 16,282,668                                      961,271                  (1,708,476)                (691,513)                             14,843,950                                       Special Revenue Funds 271  Traffic Impact 882,681                                            ‐                               ‐                                81                                        882,762                                            Special Revenue Funds 280  Park Dedication 20,242,431                                       ‐                              (5,956)                       1,849                                   20,238,323                                       Special Revenue Funds 281  Tree Fund 72,459                                             3,013                       ‐                                7                                          75,479                                              Debt Service Funds 365  Public Facilities Corp 2,394,350                                         ‐                               ‐                                 ‐                                          2,394,350                                         Capital Project Funds 420  Capital Improvement Fund 35,050,649                                      3,230                      (590,236)                   693,000                               35,156,643                                       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 5,297,823                                        156,459                  (97,565)                     484                                      5,357,200                                         Enterprise Funds 560  Blackberry Farm 974,282                                           2,163                      (45,813)                     37,551                                 968,183                                            Enterprise Funds 570  Sports Center 857,884                                           87,500                    (93,622)                     68,698                                 920,459                                            Enterprise Funds 580  Recreation Program 3,157,885                                        3,725                      (166,037)                   268,801                               3,264,374                                         Internal Service Funds 610  Innovation & Technology 3,087,256                                        75                           (383,653)                   282                                      2,703,960                                         Internal Service Funds 620  Workersʹ Compensation 3,668,305                                         ‐                              (5,367)                       (3,626)                                 3,659,313                                         Internal Service Funds 630  Vehicle/Equip Replacement 1,104,465                                         ‐                              (48,695)                     101                                      1,055,870                                         Internal Service Funds 641  Compensated Absence/LTD 693,555                                            ‐                              273                            63                                        693,891                                            Internal Service Funds 642  Retiree Medical (669,066)                                          ‐                              (144,772)                    ‐                                          (813,837)                                          Total 311,887,548$                                  9,120,649$             (8,430,000)$              479,202$                             313,057,399$                                   * For reporting purposes, this fund rolls up/combines with Fund 420 Printed March 24, 2025 For more information on funds, please see cupertino.org/fund‐structure February 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 148,501,028                                     7,980,161                           4,862,369                           151,618,820                                      General Fund 130  Investment Fund 229,425                                             ‐                                           ‐                                          229,425                                             Special Revenue Funds 210  Storm Drain Improvement 2,123,561                                         13                                        ‐                                          2,123,575                                          Special Revenue Funds 215  Storm Drain AB1600 1,896,118                                         6,001                                   ‐                                          1,902,119                                          Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 2,021,133                                         292                                     88,695                                1,932,730                                          Special Revenue Funds 260  CDBG 1,698,204                                         186                                     23,609                                1,674,781                                          Special Revenue Funds 261  HCD Loan Rehab 222,016                                             ‐                                           ‐                                          222,016                                             Special Revenue Funds 265  BMR Housing 9,603,402                                         441                                     33,230                                9,570,613                                          Special Revenue Funds 270  Transportation Fund 10,584,888                                       280,158                              2,484,238                           8,380,808                                          Special Revenue Funds 271  Traffic Impact 819,176                                            81                                        ‐                                          819,256                                             Special Revenue Funds 280  Park Dedication 19,351,729                                       1,849                                  5,956                                  19,347,621                                        Special Revenue Funds 281  Tree Fund 83,002                                              3,020                                   ‐                                          86,022                                               Debt Service Funds 365  Public Facilities Corp 1,750                                                 ‐                                           ‐                                          1,750                                                 Capital Project Funds 420  Capital Improvement Fund 20,780,633                                       859,259                              616,407                              21,023,485                                        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 4,734,880                                         156,943                              97,565                                4,794,257                                          Enterprise Funds 560  Blackberry Farm 716,123                                            48,819                                45,813                                719,129                                             Enterprise Funds 570  Sports Center 1,871,346                                         157,273                              92,717                                1,935,902                                          Enterprise Funds 580  Recreation Program 2,992,852                                         115,329                              166,037                              2,942,144                                          Internal Service Funds 610  Innovation & Technology 1,555,540                                         282                                     383,653                              1,172,169                                          Internal Service Funds 620  Workersʹ Compensation 2,136,697                                         333                                     9,326                                  2,127,704                                          Internal Service Funds 630  Vehicle/Equip Replacement 2,419,437                                         101                                     48,695                                2,370,843                                          Internal Service Funds 641  Compensated Absence/LTD 706,439                                            8,288                                  7,952                                  706,775                                             Internal Service Funds 642  Retiree Medical (137,270)                                            ‐                                          144,772                              (282,042)                                            Total 248,814,089$                                   9,618,829$                        9,111,034$                        249,321,884$                                    * For reporting purposes, this fund rolls up/combines with Fund 420 Printed March 24, 2025 For more information on funds, please see cupertino.org/fund‐structure