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05 - May 29, 2025 - Monthly Treasurer’s Report for April 2025 1 CITY COUNCIL INFORMATIONAL MEMORANDUM Date: May 29, 2025 To: Cupertino City Council From: Jonathan Orozco, Finance Manager Re: Receive the Monthly Treasurer's Report for April 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 April 2025. The report is as of May 15, 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 $206.3 million, increasing by $9.2 million from the prior month. Receipts were $12.1 million, disbursements were $(3.2) million, and journal adjustments were $355,801 for the month. The City's total ending cash and investment balance was $310.4 million, increasing by $7.0 million from the prior month. Receipts were $12.6 million, disbursements were $(6.7) million, and journal adjustments were $1.2 million for the month. Journal adjustments included the following: • Parks and Recreation transactions imported from Active Network into New World 3 • Investment Earnings & Interest Allocations • Worker’s Compensation Journals • Accela Transaction GL reclassification Fund Balance/Net Position The City's General Fund ending fund balance was $143.6 million, increasing by $7.2 million from the prior month due to revenues of $11.2 million and expenditures of $4.2 million. The City's total ending fund balance was $243.8 million, increasing by $4.6 million from the prior month due to revenues of $12.7 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: __________________ Tina Kapoor Acting City Manager Attachments: A – Report of City-wide Receipts, Disbursements, and Cash Balances April 2025 B – Report of City-wide Fund Balances/Net Position April 2025 April 2025 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments  Beginning Balance  Ending Balance  Fund Type Fund Number/Name as of March 31, 2025 Receipts Disbursements Journal Adjustments as of April 30, 2025 General Fund 100  General Fund 197,105,425                                    12,113,745             (3,249,660)                355,801                               206,325,311                                     General Fund 130  Investment Fund 0                                                       ‐                               ‐                                 ‐                                          0                                                       Special Revenue Funds 210  Storm Drain Improvement 147,392                                            ‐                               ‐                                405                                      147,797                                            Special Revenue Funds 215  Storm Drain AB1600 2,180,705                                        6,140                       ‐                                9,311                                   2,196,156                                         Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 782,735                                            ‐                              (99,352)                     2,150                                   685,533                                            Special Revenue Funds 260  CDBG 345,996                                           662                         (2,445)                       1,583                                   345,797                                            Special Revenue Funds 261  HCD Loan Rehab 230,372                                            ‐                               ‐                                 ‐                                          230,372                                            Special Revenue Funds 265  BMR Housing 4,764,700                                         ‐                              (7,782)                       367,034                               5,123,952                                         Special Revenue Funds 270  Transportation Fund 14,115,443                                      258,570                  (224,533)                   38,779                                 14,188,259                                       Special Revenue Funds 271  Traffic Impact 886,910                                            ‐                               ‐                                2,437                                   889,347                                            Special Revenue Funds 280  Park Dedication 20,351,604                                       ‐                               ‐                                55,911                                 20,407,516                                       Special Revenue Funds 281  Tree Fund 77,382                                             1,026                       ‐                                213                                      78,620                                              Debt Service Funds 365  Public Facilities Corp 2,394,350                                         ‐                               ‐                                 ‐                                          2,394,350                                         Capital Project Funds 420  Capital Improvement Fund 35,226,591                                       ‐                              (2,348,751)                 ‐                                          32,877,840                                       Capital Project Funds 427  Stevens Creek Corridor Park 157,338                                            ‐                               ‐                                 ‐                                          157,338                                            Capital Project Funds 429  Capital Reserve* 6,707,212                                         ‐                               ‐                                 ‐                                          6,707,212                                         Enterprise Funds 520  Resource Recovery 5,384,793                                        160,348                  (155,092)                   14,794                                 5,404,843                                         Enterprise Funds 560  Blackberry Farm 890,883                                            ‐                              (47,680)                     62,594                                 905,798                                            Enterprise Funds 570  Sports Center 825,247                                           38,879                    (76,491)                     79,150                                 866,785                                            Enterprise Funds 580  Recreation Program 3,214,733                                        280                         (73,632)                     152,180                               3,293,561                                         Internal Service Funds 610  Innovation & Technology 3,338,757                                         ‐                              (220,975)                   9,172                                   3,126,954                                         Internal Service Funds 620  Workersʹ Compensation 3,768,966                                         ‐                              (5,335)                       5,818                                   3,769,449                                         Internal Service Funds 630  Vehicle/Equip Replacement 1,305,421                                         ‐                              (63,251)                     3,586                                   1,245,756                                         Internal Service Funds 641  Compensated Absence/LTD 138,057                                            ‐                              269                            379                                      138,705                                            Internal Service Funds 642  Retiree Medical (959,471)                                          ‐                              (141,033)                    ‐                                          (1,100,504)                                       Total 303,381,540$                                  12,579,650$           (6,715,742)$              1,161,299$                          310,406,746$                                   * For reporting purposes, this fund rolls up/combines with Fund 420 Printed May 15, 2025 For more information on funds, please see cupertino.org/fund‐structure April 2025 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance Fund Type Fund Number/Name as of March 31, 2025 Revenues Expenditures as of April 30, 2025 General Fund 100  General Fund 136,397,086                                     11,380,654                        4,209,468                           143,568,272                                      General Fund 130  Investment Fund 229,425                                             ‐                                           ‐                                          229,425                                             Special Revenue Funds 210  Storm Drain Improvement 2,123,823                                         405                                      ‐                                          2,124,228                                          Special Revenue Funds 215  Storm Drain AB1600 1,890,050                                         15,451                                 ‐                                          1,905,501                                          Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 1,034,664                                         2,150                                  124,821                              911,993                                             Special Revenue Funds 260  CDBG 1,728,360                                         1,715                                  8,737                                  1,721,338                                          Special Revenue Funds 261  HCD Loan Rehab 222,016                                             ‐                                           ‐                                          222,016                                             Special Revenue Funds 265  BMR Housing 9,540,714                                         367,034                              16,288                                9,891,459                                          Special Revenue Funds 270  Transportation Fund 9,829,176                                         297,349                              276,593                              9,849,933                                          Special Revenue Funds 271  Traffic Impact 774,255                                            2,437                                   ‐                                          776,692                                             Special Revenue Funds 280  Park Dedication 18,798,733                                       55,911                                 ‐                                          18,854,645                                        Special Revenue Funds 281  Tree Fund 80,182                                              1,239                                   ‐                                          81,421                                               Debt Service Funds 365  Public Facilities Corp 1,750                                                 ‐                                           ‐                                          1,750                                                 Capital Project Funds 420  Capital Improvement Fund 20,951,206                                        ‐                                          2,465,680                           18,485,525                                        Capital Project Funds 427  Stevens Creek Corridor Park 157,343                                             ‐                                           ‐                                          157,343                                             Capital Project Funds 429  Capital Reserve* 17,814,638                                        ‐                                           ‐                                          17,814,638                                        Enterprise Funds 520  Resource Recovery 4,831,463                                         160,000                              169,781                              4,821,681                                          Enterprise Funds 560  Blackberry Farm 658,046                                            63,700                                55,952                                665,794                                             Enterprise Funds 570  Sports Center 1,797,495                                         114,774                              90,847                                1,821,422                                          Enterprise Funds 580  Recreation Program 2,892,001                                         160,982                              92,492                                2,960,491                                          Internal Service Funds 610  Innovation & Technology 2,460,000                                         9,172                                  276,611                              2,192,561                                          Internal Service Funds 620  Workersʹ Compensation 2,249,879                                         10,339                                11,394                                2,248,824                                          Internal Service Funds 630  Vehicle/Equip Replacement 2,731,916                                         3,586                                  79,362                                2,656,140                                          Internal Service Funds 641  Compensated Absence/LTD 156,491                                            8,464                                  7,816                                  157,138                                             Internal Service Funds 642  Retiree Medical (145,633)                                            ‐                                          141,033                              (286,667)                                            Total 239,205,079$                                   12,655,363$                      8,026,878$                        243,833,564$                                    * For reporting purposes, this fund rolls up/combines with Fund 420 Printed May 15, 2025 For more information on funds, please see cupertino.org/fund‐structure