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08 - August 28, 2025 - Monthly Treasurer’s Report for July 2025 1 CITY COUNCIL INFORMATIONAL MEMORANDUM Date: August 28, 2025 To: Cupertino City Council From: Jonathan Orozco, Finance Manager Re: Receive the Monthly Treasurer's Report for July 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 2 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 July 2025. The report is as of August 21, 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 $208.8 million, decreasing by $2.5 million from the prior month. Receipts were $3.8 million, disbursements were $(6.9) million, and journal adjustments were $716,764 for the month. The City's total ending cash and investment balance was $311.1 million, decreasing by $4.0 million from the prior month. Receipts were $4.2 million, disbursements were $(9.4) million, and journal adjustments were $1.3 million 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 Fund Balance/Net Position The City's General Fund ending fund balance was $138.7 million, decreasing by $3.4 million from the prior month due to revenues of $(49,531) and expenditures of $3.3 million. 3 The City's total ending fund balance was $238.8 million, decreasing by $3.9 million from the prior month due to revenues of $210,856 and expenditures of $4.1 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: __________________ Tina Kapoor Interim City Manager Attachments: A – Report of City-wide Receipts, Disbursements, and Cash Balances July 2025 B – Report of City-wide Fund Balances/Net Position July 2025 July 2025 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments  Beginning Balance  Ending Balance  Fund Type Fund Number/Name as of June 30, 2025 Receipts Disbursements Journal Adjustments as of July 31, 2025 General Fund 100  General Fund 211,229,693                                    3,751,975               (6,938,588)                716,764                               208,759,844                                     General Fund 130  Investment Fund 0                                                       ‐                               ‐                                 ‐                                          0                                                       Special Revenue Funds 210  Storm Drain Improvement 148,395                                            ‐                               ‐                                392                                      148,788                                            Special Revenue Funds 215  Storm Drain AB1600 2,233,441                                        4,813                       ‐                                5,904                                   2,244,158                                         Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 945,224                                            ‐                              (142,385)                   2,499                                   805,337                                            Special Revenue Funds 260  CDBG 320,736                                           662                         (9,295)                       1,457                                   313,560                                            Special Revenue Funds 261  HCD Loan Rehab 230,372                                            ‐                               ‐                                 ‐                                          230,372                                            Special Revenue Funds 265  BMR Housing 5,041,094                                         ‐                              (29,829)                     13,198                                 5,024,462                                         Special Revenue Funds 270  Transportation Fund 13,964,948                                      281,504                  (829,155)                   36,914                                 13,454,211                                       Special Revenue Funds 271  Traffic Impact 906,264                                            ‐                               ‐                                2,396                                   908,659                                            Special Revenue Funds 280  Park Dedication 20,737,547                                      15,000                    (29,780)                     54,816                                 20,777,583                                       Special Revenue Funds 281  Tree Fund 82,031                                             1,539                       ‐                                217                                      83,787                                              Debt Service Funds 365  Public Facilities Corp 0                                                       ‐                               ‐                                 ‐                                          0                                                       Capital Project Funds 420  Capital Improvement Fund 34,686,116                                       ‐                              (136,017)                    ‐                                          34,550,099                                       Capital Project Funds 427  Stevens Creek Corridor Park 157,338                                            ‐                               ‐                                 ‐                                          157,338                                            Capital Project Funds 429  Capital Reserve* 6,997,566                                         ‐                               ‐                                 ‐                                          6,997,566                                         Enterprise Funds 520  Resource Recovery 5,295,970                                        153,167                  (222,973)                   13,999                                 5,240,162                                         Enterprise Funds 560  Blackberry Farm 919,985                                            ‐                              (70,142)                     90,053                                 939,896                                            Enterprise Funds 570  Sports Center 716,733                                            ‐                              (126,075)                   69,263                                 659,921                                            Enterprise Funds 580  Recreation Program 3,133,859                                        14,255                    (240,687)                   232,999                               3,140,427                                         Internal Service Funds 610  Innovation & Technology 3,354,706                                        724                         (411,281)                   8,868                                   2,953,016                                         Internal Service Funds 620  Workersʹ Compensation 3,870,200                                        2,991                      (7,470)                       6,182                                   3,871,904                                         Internal Service Funds 630  Vehicle/Equip Replacement 1,376,231                                         ‐                              (101,503)                   3,638                                   1,278,366                                         Internal Service Funds 641  Compensated Absence/LTD 50,497                                              ‐                              8,131                         133                                      58,761                                              Internal Service Funds 642  Retiree Medical (1,390,420)                                       ‐                              (153,321)                    ‐                                          (1,543,741)                                       Total 315,008,526$                                  4,226,631$             (9,440,371)$              1,259,689$                          311,054,475$                                   * For reporting purposes, this fund rolls up/combines with Fund 420 Printed August 21, 2025 For more information on funds, please see cupertino.org/fund‐structure July 2025 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance Fund Type Fund Number/Name as of June 30, 2025 Revenues Expenditures as of July 31, 2025 General Fund 100  General Fund 142,091,327                                     (49,531)                              3,317,116                           138,724,680                                      General Fund 130  Investment Fund 229,425                                             ‐                                           ‐                                          229,425                                             Special Revenue Funds 210  Storm Drain Improvement 2,124,756                                         (644)                                    ‐                                          2,124,112                                          Special Revenue Funds 215  Storm Drain AB1600 1,906,241                                         (4,884)                                 ‐                                          1,901,357                                          Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drai 1,575,618                                         (4,104)                                70,863                                1,500,650                                          Special Revenue Funds 260  CDBG 1,651,740                                         (2,393)                                4,016                                  1,645,331                                          Special Revenue Funds 261  HCD Loan Rehab 222,016                                             ‐                                           ‐                                          222,016                                             Special Revenue Funds 265  BMR Housing 9,611,103                                         (21,678)                              8,013                                  9,581,412                                          Special Revenue Funds 270  Transportation Fund 9,958,026                                         (60,632)                              123,235                              9,774,159                                          Special Revenue Funds 271  Traffic Impact 780,015                                            (3,935)                                 ‐                                          776,080                                             Special Revenue Funds 280  Park Dedication 18,901,632                                       (75,037)                               ‐                                          18,826,595                                        Special Revenue Funds 281  Tree Fund 80,204                                              1,183                                   ‐                                          81,387                                               Debt Service Funds 365  Public Facilities Corp 3,000                                                 ‐                                           ‐                                          3,000                                                 Capital Project Funds 420  Capital Improvement Fund 21,702,532                                        ‐                                           ‐                                          21,702,532                                        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 4,826,733                                         (22,994)                              80,479                                4,723,261                                          Enterprise Funds 560  Blackberry Farm 712,708                                            84,037                                29,895                                766,850                                             Enterprise Funds 570  Sports Center 1,786,914                                         67,258                                44,021                                1,810,151                                          Enterprise Funds 580  Recreation Program 2,820,995                                         333,493                              86,170                                3,068,319                                          Internal Service Funds 610  Innovation & Technology 2,352,040                                         (14,565)                              244,591                              2,092,884                                          Internal Service Funds 620  Workersʹ Compensation 2,281,465                                         (16,654)                              8,324                                  2,256,486                                          Internal Service Funds 630  Vehicle/Equip Replacement 2,691,044                                         (5,975)                                47,327                                2,637,742                                          Internal Service Funds 641  Compensated Absence/LTD 615,982                                            7,912                                   ‐                                          623,893                                             Internal Service Funds 642  Retiree Medical (146,389)                                            ‐                                           ‐                                          (146,389)                                            Total 242,681,107$                                   210,856$                            4,064,049$                        238,827,914$                                    * For reporting purposes, this fund rolls up/combines with Fund 42 Printed August 21, 2025 For more information on funds, please see cupertino.org/fund‐structure