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AC 11-28-2022 PresentationsNovember 28, 2022 Treasurer’s Investment Report Month ending October 31, 2022 2 Cash and Investments –General Ledger Balance As of October 31, 2022 Beginning Balance Ending Balance % of Portfolio Cash in banks and on hand Operating Checking (Wells Fargo)29,918,673 26,375,226 12% Workers' Compensation Checking (Wells Fargo)25,305 52,305 0% Payroll Checking (Wells Fargo)--0% Restricted for Bond Repayments1 (BNY Mellon)8,333 8,333 0% Petty Cash and Change 5,000 5,000 0% Cash Equivalents Local Agency Investment Fund 21,059,752 21,131,545 10% Investments Investments (Chandler)148,845,755 148,845,755 70% Restricted for Pension (PARS)17,240,051 17,240,051 8% Total Cash and Investments $217,102,869 $213,658,215 100% Cash and Investments –General Ledger Balance As of October 31, 2022 1 Cash held by fiscal agent for bond repayments 3 Beginning Balance Ending Balance % of Portfolio Cash in banks1 Operating Checking (Wells Fargo)31,613,882 26,702,950 13% Workers' Compensation Checking (Wells Fargo)25,694 53,386 0% Payroll Checking (Wells Fargo)--0% Restricted for Bond Repayments2 (BNY Mellon)8,333 8,333 0% Cash Equivalents Local Agency Investment Fund 21,099,180 21,170,973 10% Investments Investments (Chandler)145,810,488 145,375,884 69% Restricted for Pension (PARS)16,385,602 17,129,563 8% Total Cash and Investments $214,943,179 $210,441,089 100% Cash and Investments –Bank Balance As of October 31, 2022 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? November 28, 2022 Treasurer’s Report Month ending October 31, 2022 2 Receipts, Disbursements, and Cash Balance Beginning Balance Ending Balance Fund Type Fund Number/Name as of September 30, 2022 Receipts Disbursements Journal Adjustments as of October 31, 2022 General Fund 100 General Fund 105,552,091 5,908,837 (7,599,735) 45,493 103,906,685 General Fund 130 Investment Fund 118,204 - - 71,793 189,996 Special Revenue Funds 210 Storm Drain Improvement 2,216,227 - (610) - 2,215,616 Special Revenue Funds 215 Storm Drain AB1600 1,806,376 2,468 - - 1,808,844 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 808,871 4,025 (85,718) - 727,179 Special Revenue Funds 260 CDBG 765,401 662 (10,706) - 755,357 Special Revenue Funds 261 HCD Loan Rehab 221,894 - - - 221,894 Special Revenue Funds 265 BMR Housing 5,616,413 6,000 (45,738) - 5,576,675 Special Revenue Funds 270 Transportation Fund 13,319,230 248,563 (585,605) - 12,982,188 Special Revenue Funds 271 Traffic Impact 721,290 - - - 721,290 Special Revenue Funds 280 Park Dedication 20,193,306 - (622,941) - 19,570,366 Special Revenue Funds 281 Tree Fund 71,648 - - - 71,648 Debt Service Funds 365 Public Facilities Corp 2,682,650 - - - 2,682,650 Capital Project Funds 420 Capital Improvement Fund 28,248,755 25,000 (365,207) - 27,908,548 Capital Project Funds 427 Stevens Creek Corridor Park 165,031 - (1,725) - 163,306 Capital Project Funds 429 Capital Reserve*11,620,392 - - - 11,620,392 Enterprise Funds 520 Resource Recovery 5,861,135 119,834 (170,662) - 5,810,307 Enterprise Funds 560 Blackberry Farm 1,157,993 750 (43,608) 52,444 1,167,579 Enterprise Funds 570 Sports Center 1,983,204 - (66,214) 179,314 2,096,303 Enterprise Funds 580 Recreation Program 3,483,241 2,700 (76,924) 57,414 3,466,431 Internal Service Funds 610 Innovation & Technology 4,482,973 - (256,299) - 4,226,674 Internal Service Funds 620 Workers' Compensation 3,770,842 - (3,294) (53,000) 3,714,549 Internal Service Funds 630 Vehicle/Equip Replacement 1,156,962 - (69,797) - 1,087,165 Internal Service Funds 641 Compensated Absence/LTD 1,547,759 - 814 - 1,548,573 Internal Service Funds 642 Retiree Medical (469,019) - (112,981) - (582,000) Total 217,102,869$ 6,318,839$ (10,116,950)$ 353,457$ 213,658,215$ 3 Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance Fund Type Fund Number/Name as of September 30, 2022 Revenues Expenditures as of October 31, 2022 General Fund 100 General Fund 90,735,482 3,224,352 4,880,773 89,079,062 General Fund 130 Investment Fund 229,425 - - 229,425 Special Revenue Funds 210 Storm Drain Improvement 2,216,227 - 1,660 2,214,566 Special Revenue Funds 215 Storm Drain AB1600 1,806,376 2,468 - 1,808,844 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 832,947 - 89,706 743,241 Special Revenue Funds 260 CDBG 1,293,352 170 10,706 1,282,815 Special Revenue Funds 261 HCD Loan Rehab 221,894 - - 221,894 Special Revenue Funds 265 BMR Housing 5,616,413 6,000 45,748 5,576,665 Special Revenue Funds 270 Transportation Fund 13,315,332 248,563 621,449 12,942,446 Special Revenue Funds 271 Traffic Impact 721,290 - - 721,290 Special Revenue Funds 280 Park Dedication 20,193,306 - 640,592 19,552,714 Special Revenue Funds 281 Tree Fund 71,648 - - 71,648 Debt Service Funds 365 Public Facilities Corp 2,682,650 - - 2,682,650 Capital Project Funds 420 Capital Improvement Fund 25,182,385 25,000 373,272 24,834,113 Capital Project Funds 427 Stevens Creek Corridor Park 165,031 - 1,725 163,306 Capital Project Funds 429 Capital Reserve*11,620,392 - - 11,620,392 Enterprise Funds 520 Resource Recovery 5,239,734 119,834 192,464 5,167,104 Enterprise Funds 560 Blackberry Farm 881,193 52,940 38,228 895,905 Enterprise Funds 570 Sports Center 2,533,642 231,520 131,758 2,633,405 Enterprise Funds 580 Recreation Program 3,219,757 120,835 77,152 3,263,440 Internal Service Funds 610 Innovation & Technology 4,135,052 - 278,371 3,856,681 Internal Service Funds 620 Workers' Compensation 2,345,172 - 56,293 2,288,879 Internal Service Funds 630 Vehicle/Equip Replacement 2,781,590 - 69,164 2,712,426 Internal Service Funds 641 Compensated Absence/LTD 1,547,759 9,134 8,320 1,548,573 Internal Service Funds 642 Retiree Medical (469,019) - 112,981 (582,000) Total 199,119,029$ 4,040,817$ 7,630,365$ 195,529,482$ Questions? November 28, 2022 Structure of Potential Budget Review 2.88.100 Duties–Powers–Responsibilities. The powers and functions of the Audit Committee shall be as follows: A.To review the annual audit report and management letter B.To recommend appointment of auditors C.To review the monthly Treasurer’s report D.To recommend a budget format E.To review City investment policies and internal controls of such policies F.To recommend appointment of internal auditors G.To review internal audit reports H.To review quarterly Fraud, Waste, and Abuse Program reports (Ord. 22-2243, §1, 2022; Ord. 20-2208, §1, 2020; Ord. 1679, §1 (part), 1995) Municipal Code 2 •Reviewing budgets is not currently in the Audit Committee’s charter •How would the Audit Committee be able to review budgets? •City Council would need to grant the authority to the Audit Committee via an ordinance or resolution Amending the Municipal Code 3 Budget Report Date Reviewed by City Council First Quarter Report November 15, 2022 Mid-Year Report February 28, 2023 Third Quarter Report May 16, 2023 Proposed Budget May 16, 2023 Adopted Budget June 20, 2023 Current Budget Calendar 4 Questions?