07 - July 24, 2025 - Monthly Treasurer’s Report for June 2025
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CITY COUNCIL INFORMATIONAL MEMORANDUM
Date: July 24, 2025
To: Cupertino City Council
From: Jonathan Orozco, Finance Manager
Re: Receive the Monthly Treasurer's Report for June 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 June 2025. The
report is as of July 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 $209.0 million,
decreasing by $965,386 from the prior month. Receipts were $5.9 million, disbursements
were $(6.8) million, and journal adjustments were $(68,523) for the month.
The City's total ending cash and investment balance was $312.1 million, increasing by
$56,262 from the prior month. Receipts were $7.9 million, disbursements were $(8.3)
million, and journal adjustments were $448,876 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
• Accela Transaction GL reclassification
• Customer refunds for overpayments
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Fund Balance/Net Position
The City's General Fund ending fund balance was $140.5 million, decreasing by $0.8
million from the prior month due to revenues of $9.2 million and expenditures of $10.0
million.
The City's total ending fund balance was $238.9 million, decreasing by $0.3 million from
the prior month due to revenues of $13.1 million and expenditures of $13.4 million.
Sustainability Impact
No sustainability impact.
Fiscal Impact
No fiscal impact.
City Work Program Item/Description
None.
City Council Goal
Fiscal Strategy
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 June 2025
B – Report of City-wide Fund Balances/Net Position June 2025
June 2025 Report of City‐wide Receipts, Disbursements, and Cash Balances
Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of May 31, 2025 Receipts Disbursements Journal Adjustments as of June 30, 2025
General Fund 100 General Fund 209,556,770 5,912,058 (6,808,921) (68,523) 208,591,383
General Fund 130 Investment Fund 0 ‐ ‐ ‐ 0
Special Revenue Funds 210 Storm Drain Improvement 147,809 ‐ ‐ 15 147,824
Special Revenue Funds 215 Storm Drain AB1600 2,213,339 11,286 ‐ 222 2,224,847
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 577,950 588,822 (73,014) (152,170) 941,588
Special Revenue Funds 260 CDBG 328,930 ‐ (10,369) 56 318,617
Special Revenue Funds 261 HCD Loan Rehab 230,372 ‐ ‐ ‐ 230,372
Special Revenue Funds 265 BMR Housing 5,022,125 ‐ (22,859) (25,616) 4,973,650
Special Revenue Funds 270 Transportation Fund 14,030,114 327,436 (110,562) (335,778) 13,911,210
Special Revenue Funds 271 Traffic Impact 902,686 ‐ ‐ 90 902,777
Special Revenue Funds 280 Park Dedication 20,628,551 45,000 (17,868) 2,066 20,657,749
Special Revenue Funds 281 Tree Fund 80,679 1,028 ‐ 8 81,715
Debt Service Funds 365 Public Facilities Corp (1,250) ‐ ‐ ‐ (1,250)
Capital Project Funds 420 Capital Improvement Fund 33,927,484 817,096 (58,464) ‐ 34,686,116
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 5,373,710 193,482 (179,256) (112,341) 5,275,595
Enterprise Funds 560 Blackberry Farm 924,447 3,395 (49,772) 39,612 917,682
Enterprise Funds 570 Sports Center 845,510 ‐ (75,625) (54,902) 714,983
Enterprise Funds 580 Recreation Program 3,340,240 3,217 (259,122) 38,324 3,122,659
Internal Service Funds 610 Innovation & Technology 2,908,389 ‐ (370,701) 804,134 3,341,821
Internal Service Funds 620 Workersʹ Compensation 3,759,322 ‐ (5,502) 101,619 3,855,440
Internal Service Funds 630 Vehicle/Equip Replacement 1,168,994 14,001 (125,349) 313,289 1,370,936
Internal Service Funds 641 Compensated Absence/LTD 147,193 ‐ 178 (97,068) 50,303
Internal Service Funds 642 Retiree Medical (1,244,031) ‐ (142,228) (4,162) (1,390,420)
Total 312,024,238$ 7,916,822$ (8,309,435)$ 448,876$ 312,080,500$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed July 21, 2025
For more information on funds, please see cupertino.org/fund‐structure
Attachment A
June 2025 Report of City‐wide Fund Balances/Net Position
Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of May 31, 2025 Revenues Expenditures as of June 30, 2025
General Fund 100 General Fund 141,284,542 9,200,673 10,015,924 140,469,291
General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425
Special Revenue Funds 210 Storm Drain Improvement 2,123,146 15 ‐ 2,123,161
Special Revenue Funds 215 Storm Drain AB1600 1,887,722 11,508 ‐ 1,899,229
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drai 1,111,343 591,050 225,894 1,476,499
Special Revenue Funds 260 CDBG 1,675,913 184 10,369 1,665,728
Special Revenue Funds 261 HCD Loan Rehab 222,016 ‐ ‐ 222,016
Special Revenue Funds 265 BMR Housing 9,474,919 503 48,978 9,426,444
Special Revenue Funds 270 Transportation Fund 10,441,507 448,264 886,512 10,003,260
Special Revenue Funds 271 Traffic Impact 783,446 90 ‐ 783,536
Special Revenue Funds 280 Park Dedication 18,906,488 47,066 47,648 18,905,906
Special Revenue Funds 281 Tree Fund 80,338 1,036 ‐ 81,374
Debt Service Funds 365 Public Facilities Corp (2,393,850) ‐ ‐ (2,393,850)
Capital Project Funds 420 Capital Improvement Fund 22,089,296 800,000 190,851 22,698,445
Capital Project Funds 427 Stevens Creek Corridor Park 157,343 ‐ ‐ 157,343
Capital Project Funds 429 Capital Reserve*14,034,992 ‐ ‐ 14,034,992
Enterprise Funds 520 Resource Recovery 4,772,736 194,021 325,224 4,641,533
Enterprise Funds 560 Blackberry Farm 756,217 89,385 116,047 729,555
Enterprise Funds 570 Sports Center 1,898,255 80,716 233,201 1,745,770
Enterprise Funds 580 Recreation Program 2,989,146 301,674 441,897 2,848,922
Internal Service Funds 610 Innovation & Technology 1,625,204 840,886 437,477 2,028,612
Internal Service Funds 620 Workersʹ Compensation 2,130,099 117,619 18,510 2,229,208
Internal Service Funds 630 Vehicle/Equip Replacement 2,405,603 353,152 156,824 2,601,931
Internal Service Funds 641 Compensated Absence/LTD 720,813 8,132 105,022 623,923
Internal Service Funds 642 Retiree Medical (143,527) ‐ 146,389 (289,916)
Total 239,263,133$ 13,085,972$ 13,406,768$ 238,942,338$
* For reporting purposes, this fund rolls up/combines with Fund 42
Printed July 21, 2025
For more information on funds, please see cupertino.org/fund‐structure
Attachment B