04 - April 24, 2025 - Monthly Treasurer’s Report for March 2025
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CITY COUNCIL INFORMATIONAL MEMORANDUM
Date: April 24, 2025
To: Cupertino City Council
From: Jonathan Orozco, Finance Manager
Re: Receive the Monthly Treasurer's Report for March 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.
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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 March 2025. The
report is as of April 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 $197.1 million,
decreasing by $13.2 million from the prior month. Receipts were $7.4 million,
disbursements were $(17.1) million, and journal adjustments were $(3.4) million for the
month.
The City's total ending cash and investment balance was $299.4 million, decreasing by
$13.7 million from the prior month. Receipts were $8.1 million, disbursements were $(18.8)
million, and journal adjustments were $(2.9) million for the month.
Journal adjustments included the following:
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• Parks and Recreation transactions imported from Active Network into New
World
• Investment Earnings & Interest Allocations
• CAP Charges
• Worker’s Compensation Journals
• Vacation and Sick Payouts
• Check Returns
Fund Balance/Net Position
The City's General Fund ending fund balance was $140.0 million, decreasing by $1.9
million from the prior month due to revenues of $9.3 million and expenditures of $11.2
million.
The City's total ending fund balance was $239.9 million, increasing by $1.5 million from
the prior month due to revenues of $15.7 million and expenditures of $14.2 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 March 2025
B – Report of City-wide Fund Balances/Net Position March 2025
March 2025 Report of City‐wide Receipts, Disbursements, and Cash Balances
Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of February 28, 2025 Receipts Disbursements Journal Adjustments as of March 31, 2025
General Fund 100 General Fund 210,282,651 7,426,043 (17,141,356) (3,436,571) 197,130,767
General Fund 130 Investment Fund 0 ‐ ‐ ‐ 0
Special Revenue Funds 210 Storm Drain Improvement 146,702 ‐ ‐ 689 147,392
Special Revenue Funds 215 Storm Drain AB1600 2,161,193 9,312 ‐ 10,199 2,180,705
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 955,397 12,808 (70,079) (115,391) 782,735
Special Revenue Funds 260 CDBG 310,952 34,838 (2,445) 2,651 345,996
Special Revenue Funds 261 HCD Loan Rehab 230,372 ‐ ‐ ‐ 230,372
Special Revenue Funds 265 BMR Housing 4,800,732 ‐ (32,101) (3,932) 4,764,700
Special Revenue Funds 270 Transportation Fund 14,843,950 235,019 (691,118) (272,409) 14,115,443
Special Revenue Funds 271 Traffic Impact 882,762 ‐ ‐ 4,149 886,910
Special Revenue Funds 280 Park Dedication 20,238,323 30,000 (11,912) 95,193 20,351,604
Special Revenue Funds 281 Tree Fund 75,479 1,541 ‐ 362 77,382
Debt Service Funds 365 Public Facilities Corp 2,394,350 ‐ ‐ ‐ 2,394,350
Capital Project Funds 420 Capital Improvement Fund 35,156,643 168,759 (98,811) ‐ 35,226,591
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 5,357,200 140,397 (103,024) (9,780) 5,384,793
Enterprise Funds 560 Blackberry Farm 968,183 ‐ (56,849) (17,148) 894,186
Enterprise Funds 570 Sports Center 920,459 ‐ (102,967) 14,255 831,748
Enterprise Funds 580 Recreation Program 3,264,374 1,835 (96,691) 67,895 3,237,412
Internal Service Funds 610 Innovation & Technology 2,703,960 ‐ (215,684) 850,481 3,338,757
Internal Service Funds 620 Workersʹ Compensation 3,659,313 ‐ (5,322) 114,975 3,768,966
Internal Service Funds 630 Vehicle/Equip Replacement 1,055,870 ‐ (69,706) 319,257 1,305,421
Internal Service Funds 641 Compensated Absence/LTD 693,891 ‐ 270 (556,104) 138,057
Internal Service Funds 642 Retiree Medical (813,837) ‐ (141,472) (4,162) (959,471)
Total 313,083,470$ 8,060,552$ (18,839,268)$ (2,935,389)$ 299,369,365$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed April 22, 2025
For more information on funds, please see cupertino.org/fund‐structure
March 2025 Report of City‐wide Fund Balances/Net Position
Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of February 28, 2025 Revenues Expenditures as of March 31, 2025
General Fund 100 General Fund 141,469,625 9,294,804 11,211,035 139,553,394
General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425
Special Revenue Funds 210 Storm Drain Improvement 2,123,147 689 ‐ 2,123,836
Special Revenue Funds 215 Storm Drain AB1600 1,876,539 19,511 ‐ 1,896,050
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,131,731 3,677 189,146 946,262
Special Revenue Funds 260 CDBG 1,670,421 37,002 2,486 1,704,937
Special Revenue Funds 261 HCD Loan Rehab 222,016 ‐ ‐ 222,016
Special Revenue Funds 265 BMR Housing 9,543,958 22,292 58,325 9,507,925
Special Revenue Funds 270 Transportation Fund 8,382,594 301,116 1,058,614 7,625,096
Special Revenue Funds 271 Traffic Impact 770,187 4,149 ‐ 774,336
Special Revenue Funds 280 Park Dedication 18,681,345 125,193 11,912 18,794,626
Special Revenue Funds 281 Tree Fund 81,299 1,903 ‐ 83,202
Debt Service Funds 365 Public Facilities Corp 1,750 ‐ ‐ 1,750
Capital Project Funds 420 Capital Improvement Fund 21,265,408 ‐ 71,350 21,194,058
Capital Project Funds 427 Stevens Creek Corridor Park 157,343 ‐ ‐ 157,343
Capital Project Funds 429 Capital Reserve* 13,744,638 4,070,000 ‐ 17,814,638
Enterprise Funds 520 Resource Recovery 4,863,247 165,584 137,991 4,890,840
Enterprise Funds 560 Blackberry Farm 737,407 55,672 130,204 662,875
Enterprise Funds 570 Sports Center 1,975,120 79,159 188,486 1,865,793
Enterprise Funds 580 Recreation Program 2,924,994 133,667 207,925 2,850,737
Internal Service Funds 610 Innovation & Technology 1,448,657 887,420 259,448 2,076,629
Internal Service Funds 620 Workersʹ Compensation 2,131,234 134,840 25,187 2,240,887
Internal Service Funds 630 Vehicle/Equip Replacement 2,433,771 345,118 95,568 2,683,321
Internal Service Funds 641 Compensated Absence/LTD 712,661 8,829 564,664 156,827
Internal Service Funds 642 Retiree Medical (144,772) ‐ ‐ (144,772)
Total 238,433,745$ 15,690,627$ 14,212,341$ 239,912,031$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed April 22, 2025
For more information on funds, please see cupertino.org/fund‐structure