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AC 03-27-2023 PresentationsMarch 27, 2023 Treasurer’s Investment Report Month ending February 28, 2023 2 Cash and Investments –General Ledger Balance As of February 28, 2023 Beginning Balance Ending Balance % of Portfolio Cash in banks and on hand Operating Checking (Wells Fargo)41,789,796 38,744,116 17% Workers' Compensation Checking (Wells Fargo)20,262 41,845 0% Payroll Checking (Wells Fargo)--0% Restricted for Bond Repayments1 (BNY Mellon)--0% Petty Cash and Change 5,000 4,700 0% Cash Equivalents Local Agency Investment Fund 21,242,141 21,242,141 9% Investments Investments (Chandler)149,723,383 149,723,383 66% Restricted for Pension (PARS)17,240,051 17,240,051 8% Total Cash and Investments $230,020,633 $226,996,235 100% Cash and Investments –General Ledger Balance As of February 28, 2023 1 Cash held by fiscal agent for bond repayments 3 Beginning Balance Ending Balance % of Portfolio Cash in banks1 Operating Checking (Wells Fargo)42,673,289 39,316,220 17% Workers' Compensation Checking (Wells Fargo)25,873 42,812 0% Payroll Checking (Wells Fargo)--0% Restricted for Bond Repayments2 (BNY Mellon)--0% Cash Equivalents Local Agency Investment Fund 21,281,569 21,281,569 9% Investments Investments (Chandler)148,742,480 147,258,241 65% Restricted for Pension (PARS)18,507,647 18,035,635 8% Total Cash and Investments $231,230,858 $225,934,478 100% Cash and Investments –Bank Balance As of February 28, 2023 1 Unadjusted balance from the bank statement. Does not reflect outstanding checks or deposits in transit. 2 Cash held by fiscal agent for bond repayments 4 1.All of the City’s investments are in compliance with state law and the City’s Investment Policy 2.In compliance with California Government Code 53646 (b)(3), the City has sufficient funds to meet its expenditure requirements for the next six months Compliance 5 Questions? March 27, 2023 Treasurer’s Report Month ending February 28, 2023 2 Receipts, Disbursements, and Cash Balance Beginning Balance Ending Balance Fund Type Fund Number/Name as of January 31, 2023 Receipts Disbursements Journal Adjustments as of February 28, 2023 General Fund 100 General Fund 124,055,314 2,257,903 (5,088,916) 50,848 121,275,149 General Fund 130 Investment Fund 189,996 - - - 189,996 Special Revenue Funds 210 Storm Drain Improvement 2,159,495 - (3,132) - 2,156,363 Special Revenue Funds 215 Storm Drain AB1600 1,830,919 4,558 - - 1,835,477 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,230,857 30,628 (120,948) - 1,140,537 Special Revenue Funds 260 CDBG 638,758 - (32,433) - 606,325 Special Revenue Funds 261 HCD Loan Rehab 222,300 - - - 222,300 Special Revenue Funds 265 BMR Housing 5,529,188 6,000 (37,267) - 5,497,920 Special Revenue Funds 270 Transportation Fund 11,742,901 111,177 (262,443) - 11,591,636 Special Revenue Funds 271 Traffic Impact 763,167 - - - 763,167 Special Revenue Funds 280 Park Dedication 19,750,770 - (12,340) - 19,738,430 Special Revenue Funds 281 Tree Fund 73,077 962 - - 74,039 Debt Service Funds 365 Public Facilities Corp 2,322,250 - - - 2,322,250 Capital Project Funds 420 Capital Improvement Fund 26,932,708 462,480 (287,064) - 27,108,125 Capital Project Funds 427 Stevens Creek Corridor Park 161,884 - (1,245) - 160,639 Capital Project Funds 429 Capital Reserve*11,637,046 - - - 11,637,046 Enterprise Funds 520 Resource Recovery 5,588,112 119,834 (149,983) - 5,557,963 Enterprise Funds 560 Blackberry Farm 1,101,906 698 (44,796) 31,143 1,088,951 Enterprise Funds 570 Sports Center 1,726,402 - (98,483) 343,946 1,971,864 Enterprise Funds 580 Recreation Program 3,312,233 38,181 (51,576) 226,530 3,525,369 Internal Service Funds 610 Innovation & Technology 3,880,335 - (326,384) - 3,553,950 Internal Service Funds 620 Workers' Compensation 3,750,513 - (3,370) (8,417) 3,738,725 Internal Service Funds 630 Vehicle/Equip Replacement 1,159,400 - (62,705) - 1,096,695 Internal Service Funds 641 Compensated Absence/LTD 1,039,922 - 795 - 1,040,717 Internal Service Funds 642 Retiree Medical (778,819) - (118,580) - (897,399) Total 230,020,633$ 3,032,422$ (6,700,870)$ 644,050$ 226,996,235$ 3 Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance Fund Type Fund Number/Name as of January 31, 2022 Revenues Expenditures as of February 28, 2023 General Fund 100 General Fund 109,126,018 2,167,441 4,833,947 106,459,513 General Fund 130 Investment Fund 229,425 - - 229,425 Special Revenue Funds 210 Storm Drain Improvement 2,159,420 - 3,057 2,156,363 Special Revenue Funds 215 Storm Drain AB1600 1,830,919 4,558 - 1,835,477 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,218,558 51,350 97,449 1,172,458 Special Revenue Funds 260 CDBG 1,164,236 - 32,433 1,131,803 Special Revenue Funds 261 HCD Loan Rehab 222,300 - - 222,300 Special Revenue Funds 265 BMR Housing 5,527,823 6,000 36,103 5,497,720 Special Revenue Funds 270 Transportation Fund 11,742,286 110,890 270,410 11,582,766 Special Revenue Funds 271 Traffic Impact 763,167 - - 763,167 Special Revenue Funds 280 Park Dedication 19,750,770 - 12,340 19,738,430 Special Revenue Funds 281 Tree Fund 73,077 962 - 74,039 Debt Service Funds 365 Public Facilities Corp 2,322,250 - - 2,322,250 Capital Project Funds 420 Capital Improvement Fund 24,336,425 - 337,353 23,999,072 Capital Project Funds 427 Stevens Creek Corridor Park 161,884 - 1,245 160,639 Capital Project Funds 429 Capital Reserve*11,637,046 - - 11,637,046 Enterprise Funds 520 Resource Recovery 4,638,195 119,834 67,311 4,690,718 Enterprise Funds 560 Blackberry Farm 808,869 35,841 80,264 764,446 Enterprise Funds 570 Sports Center 2,090,659 236,674 73,825 2,253,508 Enterprise Funds 580 Recreation Program 2,957,559 140,433 67,913 3,030,080 Internal Service Funds 610 Innovation & Technology 2,528,710 - 203,118 2,325,592 Internal Service Funds 620 Workers' Compensation 2,121,317 - 11,787 2,109,529 Internal Service Funds 630 Vehicle/Equip Replacement 2,372,741 - 61,779 2,310,962 Internal Service Funds 641 Compensated Absence/LTD 1,039,922 8,851 8,056 1,040,717 Internal Service Funds 642 Retiree Medical (778,819) - 118,580 (897,399) Total 210,044,756$ 2,882,836$ 6,316,971$ 206,610,621$ Questions? March 27, 2023 Budget Format Review •As identified in the FY 2022-23 internal audit work plan, Moss Adams reviewed the City’s processes for budget development and monitoring Background 2 GFOA Alignment Areas not aligned with GFOA best practice criteria •Balanced Budget Policy •Performance Measures •Stakeholder Satisfaction •Adjustment of Broad Goals 3 Aligned with of GFOA best practice criteria (76 of 80) 95% •Recommendation: Develop a Policy on Balancing the Operating Budget. •Observation: The City currently follows the state requirement to balance the operating budget but does not have its own policy. •Next Steps: Staff is developing a balanced budget policy to include in the FY 2023-24 Proposed Budget Balanced Budget Policy •Recommendation: In the Budget Monitoring Process, Program Performance Measures Are Linked to Financial Outcomes. •Observation: At least one departmental performance measure for Administrative Services, Parks and Recreation, and Public Works is clearly linked to City financial outcomes. •Next Steps: Staff will coordinate with departments to ensure each department has a performance measure that is clearly linked to City financial outcomes in the FY 2023-24 Proposed Budget Performance Measures 5 •Recommendation: In the Budget Monitoring Process, Stakeholder Satisfaction Is Monitored, Measured, and Evaluated. •Observation: Cupertino’s Citizen Survey would have fulfilled this best practice criterion but does not appear to have been implemented since 2017. •Next Steps: Staff will work with the City Manager’s Office to resume the community survey in FY 2023- 24. Stakeholder Satisfaction 6 •Recommendation: During the Budget Period, the Government’s Broad Goals Should Be Adjusted, if Appropriate. •Observation: If this process exists informally, it should be documented in policies and procedures. •Next Steps: Staff will update the City’s budget procedures to describe the process for adjustment of the City’s broad goals. The City’s broad goals are adjusted as part of the City Work Program. Adjustment of Broad Goals 7 Questions?