06 - June 26, 2025 - Monthly Treasurer’s Report for May 2025
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CITY COUNCIL INFORMATIONAL MEMORANDUM
Date: June 26, 2025
To: Cupertino City Council
From: Jonathan Orozco, Finance Manager
Re: Receive the Monthly Treasurer's Report for May 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.
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
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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 May 2025. The
report is as of June 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 $209.6 million,
increasing by $3.2 million from the prior month. Receipts were $8.2 million,
disbursements were $(5.1) million, and journal adjustments were $86,452 for the month.
The City's total ending cash and investment balance was $311.7 million, increasing by $1.3
million from the prior month. Receipts were $10.4 million, disbursements were $(9.2)
million, and journal adjustments were $104,547 for the month.
Journal adjustments included the following:
• Parks and Recreation transactions imported from Active Network into New
World
• Investment Earnings & Interest Allocations
• Worker’s Compensation Journals
• LAIF Interest
• Accela Transaction GL reclassification
Fund Balance/Net Position
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The City's General Fund ending fund balance was $148.5 million, increasing by $3.0
million from the prior month due to revenues of $8.4 million and expenditures of $5.4
million.
The City's total ending fund balance was $244.0 million, increasing by $1.5 million from
the prior month due to revenues of $11.2 million and expenditures of $9.6 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
Interim City Manager
Attachments:
A – Report of City-wide Receipts, Disbursements, and Cash Balances May 2025
B – Report of City-wide Fund Balances/Net Position May 2025
May 2025 Report of City‐wide Receipts, Disbursements, and Cash Balances
Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of April 30, 2025 Receipts Disbursements Journal Adjustments as of May 31, 2025
General Fund 100 General Fund 206,405,882 8,216,200 (5,142,374) 86,452 209,566,161
General Fund 130 Investment Fund 0 ‐ ‐ ‐ 0
Special Revenue Funds 210 Storm Drain Improvement 147,797 ‐ ‐ 13 147,809
Special Revenue Funds 215 Storm Drain AB1600 2,196,156 16,993 ‐ 191 2,213,339
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 685,533 1,208 (108,850) 60 577,950
Special Revenue Funds 260 CDBG 345,797 80,021 (96,938) 50 328,930
Special Revenue Funds 261 HCD Loan Rehab 230,372 ‐ ‐ ‐ 230,372
Special Revenue Funds 265 BMR Housing 5,123,952 ‐ (102,272) 445 5,022,125
Special Revenue Funds 270 Transportation Fund 14,188,259 207,071 (366,446) 1,231 14,030,114
Special Revenue Funds 271 Traffic Impact 889,347 13,262 ‐ 77 902,686
Special Revenue Funds 280 Park Dedication 20,407,516 255,000 (35,736) 1,771 20,628,551
Special Revenue Funds 281 Tree Fund 78,620 2,052 ‐ 7 80,679
Debt Service Funds 365 Public Facilities Corp 2,394,350 ‐ (2,395,600) ‐ (1,250)
Capital Project Funds 420 Capital Improvement Fund 32,877,840 1,448,201 (108,203) (290,354) 33,927,484
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 5,404,843 140,397 (172,000) 469 5,373,710
Enterprise Funds 560 Blackberry Farm 904,177 1,771 (60,347) 79,965 925,567
Enterprise Funds 570 Sports Center 864,354 ‐ (90,585) 72,660 846,429
Enterprise Funds 580 Recreation Program 3,289,284 15,318 (118,050) 154,440 3,340,993
Internal Service Funds 610 Innovation & Technology 3,126,954 13,718 (232,555) 271 2,908,389
Internal Service Funds 620 Workersʹ Compensation 3,769,449 ‐ (6,804) (3,323) 3,759,322
Internal Service Funds 630 Vehicle/Equip Replacement 1,245,756 ‐ (76,870) 108 1,168,994
Internal Service Funds 641 Compensated Absence/LTD 138,705 ‐ 8,476 12 147,193
Internal Service Funds 642 Retiree Medical (1,100,504) ‐ (143,527) ‐ (1,244,031)
Total 310,478,990$ 10,411,212$ (9,248,682)$ 104,547$ 311,746,066$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed June 24, 2025
For more information on funds, please see cupertino.org/fund‐structure
May 2025 Report of City‐wide Fund Balances/Net Position
Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of April 30, 2025 Revenues Expenditures as of May 31, 2025
General Fund 100 General Fund 145,494,970 8,352,116 5,385,083 148,462,003
General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425
Special Revenue Funds 210 Storm Drain Improvement 2,123,538 13 ‐ 2,123,551
Special Revenue Funds 215 Storm Drain AB1600 1,885,989 17,184 ‐ 1,903,173
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drai 1,097,463 60 108,850 988,672
Special Revenue Funds 260 CDBG 1,686,822 79,007 96,938 1,668,891
Special Revenue Funds 261 HCD Loan Rehab 222,016 ‐ ‐ 222,016
Special Revenue Funds 265 BMR Housing 9,927,492 445 102,272 9,825,665
Special Revenue Funds 270 Transportation Fund 10,607,430 232,384 377,551 10,462,263
Special Revenue Funds 271 Traffic Impact 772,543 13,339 ‐ 785,882
Special Revenue Funds 280 Park Dedication 18,741,364 256,771 35,736 18,962,399
Special Revenue Funds 281 Tree Fund 79,518 2,059 ‐ 81,577
Debt Service Funds 365 Public Facilities Corp 1,750 ‐ 2,395,600 (2,393,850)
Capital Project Funds 420 Capital Improvement Fund 18,556,875 1,465,297 398,557 19,623,615
Capital Project Funds 427 Stevens Creek Corridor Park 157,343 ‐ ‐ 157,343
Capital Project Funds 429 Capital Reserve* 13,744,638 290,354 ‐ 14,034,992
Enterprise Funds 520 Resource Recovery 4,794,088 140,866 172,000 4,762,955
Enterprise Funds 560 Blackberry Farm 740,528 83,228 60,347 763,408
Enterprise Funds 570 Sports Center 1,932,021 78,735 90,074 1,920,683
Enterprise Funds 580 Recreation Program 3,039,915 132,209 118,014 3,054,111
Internal Service Funds 610 Innovation & Technology 1,564,589 2,471 209,296 1,357,765
Internal Service Funds 620 Workersʹ Compensation 2,139,171 324 10,451 2,129,044
Internal Service Funds 630 Vehicle/Equip Replacement 2,406,590 108 76,870 2,329,828
Internal Service Funds 641 Compensated Absence/LTD 712,973 16,448 7,960 721,461
Internal Service Funds 642 Retiree Medical (141,033) ‐ ‐ (141,033)
Total 242,518,019$ 11,163,416$ 9,645,597$ 244,035,838$
* For reporting purposes, this fund rolls up/combines with Fund 42
Printed June 24, 2025
For more information on funds, please see cupertino.org/fund‐structure