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Home My Public Portal About07) 7F FY 2013-14 3rd Quarter Treasurer's Report Revenue Expenditure capital project summary reports and 3rd quarter budget amendmentsCity Council May 20,2014 Page 2 of 5 5. On February 4, 2014, the City Council approved Second Quarter budget amendments in various accounts in the total amount of $47,745. 6. On February 18, 2014, the City Council approved Mid-Year Budget Review and authorized staff to revise the revenue net increase of $852,000, the budgeted appropriations net increase of $703,000, the equipment replacement net decrease of $24,500, and th e capital improvement program net decrease of $55,000. 7. On March 18, 2014, the City Cou ncil approved a budget amendment in the amount of $23,400 from the General Fund for professional services with Bob Murray & Associates for executive recruitment services for a permanent City Manager. ANALYSIS: Staff historically on a quarterly basis, has submitted reports to the City Council on treasury activities and revenue and expenditure transactions. The following reports represent activities for the third quarter of FY 2013-14, January 2014 through March 2014. 1. CITY TREASURER'S REPORT The Treasurer or Chief Fiscal Officer is required to render an annual statement of Investment Policy to the legislative body of the local agency and to render a monthly report containing specific information regarding investment and deposits to the leg islative body and the Chief Administrative Officer. The attached Treasurer's Report (Attachment "A"), which is completed monthly and submitted to the City Council on a monthly and quarterly basis, reflects the balance as of March 31 , 2014. 2. REVENUE SUMMARY REPORT This report is a summary of actual revenues for the period of July 1, 2013 to March 31 , 2014 (Attachment "B"). By the end of the third quarter, the percent of revenue received is generally 75% except for those types of revenues that are received annually such as business licenses, animal licenses, parking permits and franchise fees. Further, the major revenues, such as property tax and Vehicle In Lieu Fee, are not received equally over a 12 month period , thus providing a skewed percentage of actual receipts collected to date. The City's General Fund revenues are summarized into seven categories: );;> Taxes include revenues from property tax, sales tax, real estate transfer tax and franchise fees. The first major installment of property tax was received in December 2013. Property tax is $57,000 higher and sales tax is $19,000 higher than the same quarter from last fiscal year. City Council May 20, 2014 Page 3 of 5 )> Licenses and Permits include building permits, business license fee, animal license fees, parking permit fees, impound fees, temporary parking permits, code enforcement fees and encroachment permits. During the third quarter, revenues received from this category are $48,000 lower primarily due to building permit fees. )> Intergovernmental is the Motor Vehicle In Lieu Fee (VLF) which was established in 1935 as a uniform statewide tax, the VLF is a tax on the ownership of a registered vehicle in place of taxing vehicles as personal property. By law, all revenues from the VLF fund city and county services, but the state legislature controls the tax rate and the allocation among local governments. In 2004, the Legislature permanently reduced the VLF tax rate and eliminated state general fund backfill to cities and counties. Instead, cities and counties now receive additional transfers of property tax revenues in lieu of VLF. This revenue increased $108,000 in comparison to the same quarter last fiscal year. )> Charges for Services are revenues received from recreation fees, facility rental fees, zoning fees and plan check fees. These revenues are reflected when services, classes or events are provided. Zoning fees increased $54,000; Recreation fees increased $29,000; Plan check fees increased $442,000 primarily due to the Olson Project for this fiscal year. )> Fines and Forfeitures reflect revenues received from court fines and parking citations issued by the Los Angeles County Sheriffs Department and the Community Preservation Staff. Also, the City has contracted with Data Ticket, Inc. to process manual and electronic parking citation. Revenues received from this category are $38,000 higher than the same quarter of last year. )> Use of Money and Property are interest earned on City various investments on monthly, quarterly, semiannually, or annual basis depending on the type of investment. The City invests with Local Agency Investment Fund (LAIF); Certificates of Deposit (CD); the Los Angeles County Investment Pool (LACIP) and other various Federal notes and agencies. The City received $10,607 monthly from Applebee's for loan and interest payment started in August 2005 to August 2013. Currently, Applebee's still owes the City $353,290 in loan principle payment. Revenues from this category decreased $21 ,000 during the third quarter comparing to the same period last year. Available fund for investment was less this year. )> Miscellaneous category reflects revenues from AB939 Reimbursements, Recyclable Revenue, and Rental Income. The City continues to receive monthly rental payments from Cingular Wireless (AT&T) and from the Primrose Property tenants. City Council May 20,2014 Page 4 of 5 3. EXPENDITURE SUMMARY REPORT This report is a summary of actual expenditures for the period of July 1, 2013 to March 31 , 2014 (Attachment "C"). By the end of the third quarter, the percent expended is generally 75%. As is the City's policy, expenditures are kept to a minimum. The programs that are contracted with Los Angeles County are generally a month or two behind due to the County's timing invoicing the City. The Housing Program shows higher than 75% expended due to more housing processed transactions. There were more activities in engineering and survey services for the Traffic Engineering Program. Additional graffiti removal services were needed for the Graffiti Abatement Program during the third quarter. 4. CAPITAL IMPROVEMENT FINANCIAL REPORT The third quarter expenditures (Attachment "D") reflect cost of sixteen projects: Citywide Park & Open Space Master Plan; Additional Concrete for the Performing Arts Area; Installation of Hand Dryers in Park Restrooms; Upgrade Sewer Line on Longden from Rosemead to Encinita; Rosemead Boulevard Safety Enhancements and Beautification Project; Repaving of Streets per Reassessment Pavement Management Index; Generator for pump at Rosemead Boulevard; Redesign and Construction of Las Tunas Drive; Bicycle Master Plan Implementation; Installation of 45 Separate Improvements around nine school sites; Public Parking Lot ADA Accessibility Improvement Project; ADA Accessibility Improvement for Temple City Boulevard Project; Council Chamber Renovation; Redesign City Hall Lobby, Conference Room and Management Office; Rebuilt the roof for the City Yard Buildings; and Purchase of 5922 Primrose Property. Throughout the fiscal year, staff monitors revenues and expenditures and makes recommendations for revised revenue estimates and adjustments to appropriations quarterly. Staff is recommending the adjustments in Attachment "E" be made at this time. CONCLUSION: The City Council is requested to receive and file the Third Quarter Treasurer's Report, Revenue and Expenditure Summary Reports and the Capital Improvement Financial Report; and authorize staff to revise various budgeted appropriations for the Third Quarter Budget Amendments (Attachment "E"). City Council May 20, 2014 Page 5 of 5 FISCAL IMPACT: This item has an impact on the FY 2013-14 City Budget. If the City Council approves the recommended appropriation adjustments, an additional of $104,550 will be added to the Estimated Revenues and $29,000 to the Non-General Fund appropriations. ATTACHMENTS: A City Treasurer's Report B. Revenue Summary Report C. Expenditure Summary Report D. Capital Project Financial Status Report E. FY 2013-14 Third Quarter Revenue/Appropriation Adjustments CITY OF TEMPLE CITY TREASURER'S REPORT March 31, 2014 Cash in Bank* Wells Fargo Bank-Checking -Payroll -Merchant Card US Bank -Checking Camellia Fund • East West Bank -Monthly Market Account Wells Fargo Bank-Checking Petty Cash LA IF Effective Quarter to Date Yield 3/31/14 0.240% MorqanStanley SmithBarney * Certificates of Deposit Weighted Average to Date Yield 3/31/14 1.180% Government Securities Weighted Average to Date Yield 3/31/14 0.736% Corporate Fixed Income Weighted Average to Date Yield 3/31/14 1.500% Money Market Mutual Securities* Government Securities Weighted Average to Date Yield 3/31/14 1.564% Money Market US Bank* Certificates of Deposit Weighted Average to Date Yield 3/31/14 0.843% Los Angeles County Pool Investment Fund * As of 2/28/14 0.780% OPEB Investment As of 2/28/14 TOTAL PRIOR MONTH STATUS Total • Based on Bank Statements $ $ COST VALUE 544,102.39 12,633.58 12,427.77 113,957.14 160,000.00 13,488.55 2,100.00 586,450.99 3,266,000.00 912,000.00 508,250.00 10.17 6,662,420.00 0.27 3,196,000.00 3,000,000.00 1,000,000.00 19,989,840.86 21 ,570,789.91 ATTACHMENT A $ MARKET VALUE 544,102.39 12,633.58 12,427.77 113,957.14 160,000.00 13,488.55 2,100.00 586,619.67 3,280,881.87 914,524.94 508,270.83 10.17 6,550,545.00 0.27 3,196,000.00 3,021,599.81 1,100,281.15 20,017,443.14 $ 21 ,590,691 .68 All investments are placed m accordance with the C1ty of Temple C1ty's Investment Policy. The above summary provides suffic1ent cash flow hqu1dity to meet the next six month's estimated expenditures This report is in accordance with Government Code Section 53646 1/l--- TRACEY L. HAUSE CITY TREASURER CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. project P12-07 Citywide Traffic Calming Study Master Plan P14·04 Citywide Traffic Calming Implementation Recap of Funding Sources TOTAL CIP ·TRAFFIC ENGINEERING (E) = Essential (N) = Necessary (N) (N) CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13-MAR 14 Eunding Source MeasureR General Fund General Fund MeasureR Budget 100.000 150,000 150,000 100 000 250,000 (M) = Mandated (R) =Routine TRAFFIC ENGINEERING ACCT. NO. 60-980-62-4810 Year To Date ExQenditure Balance 100,000 150,000 . 250,000 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P14-05 Street Sweeping Sign age Recap of Funding Sources TOTAL CIP ·PARKING ADMINISTRAliiON (E) = Essential (N) = Necessary (D) CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13 MAR 14 - Funding Source Gas Tax Gas Tax Budget 300,000 300.000 300,000 (M) = Mandated (R) = Routine STREET CLEANING ACCT. NO. 60·980·72·4810 Year To Date Expendilure Balance 300,000 -300,000 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL NQ. project P08·07 Upgrade Sewer Line on Longden from Rosemead to Encinita POS-11 Rosemead Boulevard Improvement Project P12-04 Citywide Upgrade Traffic Street S1gnage P13·02 Repaving of Streets per Re-assessment Pavement Management Index P13-03 Generator for pump at Rosemead Boulevard P13·04 Redesign and Construction of Las Tunas Drive (E) = Essenbal (N) = Necessary (N) (N) (M) (E) (N) (N) CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13 ·MAR 14 Fund1ng Source Sewer Reconslruction Environment Protection Agency Prop A PropC Prop 18 MeasureR Ughung/Landscape District Surface Transp. Progr. Local Highway Safety lmpr Prog SAFE LU Rubberized Asphalt Concrell Grant Gas Tax GF · Cal Trans GF -Eco Dev Fd Reserve Bicycle Transportation Acct Congestion Mitigation and Air Quality MeasureR Gas Tax Gas Tax PropC Budget 400,000 194.000 594,000 1.500.000 1,580,645 14,465 794,230 2,000,000 1.007,815 340,000 719,920 110.250 1.350.000 332,970 1,000,000 443,000 2,249,985 13,443,280 300,000 150,000 1,200,000 (M) = Mandated (R) = Routine STREET CONSTRUCTION ACCT. NO. 60·980·75-4810 Year To Date Exf2enditure Balance 53,000 541.000 9,145,620 4.297,660 300.000 2.588 147,412 244 (244) 47,323 1,152.677 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P13-12 Bicycle Master Plan Implementation - Installation of 12.6 Miles of Class II & Ill Bicycle Lanes P13-13 Installation of 45 Separate Improvements around Nine School Sites P14-06 Slurry Seal Program P14-07 Catch Basin Inserts Recap of Funding Sources TOTAL CIP ·STREET CONSTRUCTION (E) = Essential (N} = Necessary (N) (N) (N) (E) CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13-MAR 14 Funding Source General Fund Bicycle Transportation Acct General Fund Safe Routes To School Gas Tax General Fund General Fund GF-Eco Dev Fd Reserve GF -Cal Trans Prop A Prop C Prop 1B Gas Tax MeasureR Sewer Reconstruction Lighting/Landscape District Surface Transp. Progr. Local Highway Safety lmpr Prog SAFE LU Rubberized Asphalt Concretr Grant Environment Protect Agency Bicycle Transportation Acct Safe Routes To School Congestion Mitigation and Air Quality Budget 48,350 479 900 528,250 52,000 431,900 483.900 125,000 66,500 166,850 1,000,000 332.970 1,500,000 2,780,645 14,465 1,625,000 1,094,230 400,000 2,000,000 1,007,815 340,000 719,920 110,250 194,000 922,900 431,900 2 ,249,985 1•6,890,930 (M) = Mandated (R) = Routine STREET CONSTRUCTION ACCT. NO. 60-980-75-4810 Year To Date Ex~enditure Balance 32,757 495,493 23,655 460,245 125,000 66,500 9,305,187 7,585,743 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P14-08 ADA Barrier Removal Program P14-14 Public Parking Lot ADA Accessibility Improvement Project P14-15 ADA Accessibility Improvement Temple City Boulevard Project Recap of Funding Sources TOTAL CIP-SIDEWALK MAINTENANCE (E) = Essential (N) = Necessary (M) (M) (M) CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13 ·MAR 14 Funding Source CDBG CDBG CDBG CDBG Budget 75,000 115,000 105,000 295.000 295,000 (M) = Mandated (R) =Routine SIDEWALK MAINTENANCE ACCT. NO. 60-980-76-4810 Year To Date Exeenditure Balance 75,000 10,760 104,241 9,345 95,656 20,104 274,896 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P10-05 Council Chamber Renovation P1 3-06 Remote/Motorizing Access Gate for City Yard P13-08 Redesign City Hall Lobby, Conference Room and Management Office P14-09 City Hall Server Room HVAC P14-10 Repainting Inside City Hall P14-11 Rebuild the Roof for the City Yard Buildings P1 4-16 Purchase of 5922 Primrose Recap of Funding Sources TOTAL CIP -GEN GOV'T BLDGS (E) = Essential {N) = Necessary (N) (D) {D) (D) (D) (D) (D) CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13-MAR 14 Fynging ~Ql1r!<~ General Fund General Fund General Fund General Fund General Fund General Fund General Fund General Fund Budget 340,000 7,000 28,000 15,000 30,000 5,000 1,276,175 1,701 175 1 701 ,175 (M) = Mandated (R) = Routine GENERAL GOVERNMENT BUILDINGS ACCT. NO. 60-980-81-4810 Year To Date Ex12enditure Balance 341,054 (1 ,054) 7,000 136 27,864 15,000 30,000 488 4,512 1,268,417 7,758 1,610,095 91,080 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. ~ P14-12 South Parking Lot P14-1 3 Demolition and Site Preparation for 5800 Temple City Blvd. Parking Lot Recap of Funding Sources TOTAL CIP -GEN GOVT BLDG$ (E) = Essential (N) = Necessary (D) (D) CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13 MAR 14 - Funding Source Gas Tax General Fund General Fund Budget 30.000 200,000 230,000 230,000 (M) = Mandated (R) = Routine PARKING FACILITIES ACCT. NO. 60-980-82-4810 Year To Date Expenditure Balance 30,000 200,000 -230,000 (D) = Discretionary Revenue Oescnption In Lieu Tax Intergovernmental PW/Englneerlng Fees Sale of C•tv Prop~rtv Loan R~avment Prosram Income S~r ReconstructiOn Cong~stton Management Fee Park Acqulsloon Total Revenue Ad1ustments Oepanment/PrOJam Parks & Recreauon VehKie Operauon HOUSin& Account Number 01·830-34·3401 01·830·34·3428 01-840·35·3512 Ol·87D-38·38ll 27·87()-38·3823 27·870·38·3814 33·840. 35 3502 35-84(). 35-3506 46-84()-35·3504 AtCOUnl Number 47·970·83·4415 CDBG Repayment 27·930·55-4950 Total Approprt~llon AdJustments OTY OF TEMPLE OTY FY 2013-14 THIRD QUARTER REVENUE ADJUSTMENTS Orgmal Budget Proposed Rev1sed Bud1et Amount Adjustments Amount 15,300 15,3DO 9,900 9,900 32,000 32.000 4,600 4.600 17,600 17,600 6,900 6.900 60.000 15,000 75.000 1.000 1,250 2,250 17,000 2,000 19,000 78,000 104,550 182.550 FY 2013·14 THIRD QUARTER APPROPRIATION ADJUSTMENTS Orgmal Budget Amount 15,000 15,000 Proposed Adjustments 4,500 24,500 29,000 Rev•st'd Budget Amount 19,500 24,500 44,000 Explanation Amount was not budgeted Amount was not budgeted New account setup. amount was not budgeted Revenue received from a unction of dty old vehicles CDBG hous•na loan u~pavment· principal CDBG housing loin repayment interest RevEnue exceeded budgeted amount Rewnue exceeded budgeted amount Revenue exceeded budgeted amount ExplonatJon Repo~r cost of boom truck, dump truck and tractor COBG housing loan repayment and interest ~ 0 I ~ m z -1 m