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Home My Public Portal About14) 7.L. First Quarter Financial Status ReportAGENDA ITEM 7.L. ADMINISTRATIVE SERVICES DEPARTMENT DATE: TO: FROM: MEMORANDUM November 5, 2012 The Honorable City Council Jose E. Pulido, City Manager ~· Via: Tracey L. Hause, Administrative Services Director By: Lee Ma, Accountant SUBJECT: FIRST QUARTER FINANCIAL STATUS REPORT RECOMMENDATION : The City Council is requested to receive and fi le the First Quarter (i.e., July-September 2013) Financial Status Report. BACKGROUND: 1. On June 4, 2013, the City Council approved the Fiscal Year (FY) 2013-14 Operating Budget for all funding sources in the amount of $16,846,530. 2. On June 18, 2013, the City Council adopted Resolution No. 13-4925 adopting the FY 20 13-14 Statement of Investment Policy. 3. On August 20, 2013, the City Council approved a Contract Services Agreement for Priority Based Budgeting Budget Model and Consulting Services in the amount of $36,500 with Center of Priority Based Budgeting (CPBB), increas ing the Operating Budget for all funding sources to $16,883,030. ANALYSIS: In order to keep the City Council updated on the status of the City's financial activities, on a quarterly basis for FY 2013-14, four sub reports are presented in the First Quarter Financial Status Report: 1) City Treasurer's Report; 2) Revenue Summary Report; 3) Expenditure Summary Expenditure Report; and 4) Capital Improvement Financial Status Report. City Council November 5, 2013 Page 2 of 4 1. City Treasurer's Report The Treasurer or Chief Fiscal Officer (i.e., Administrative Services Director) is required to render an annual statement of investment policy to the legislative body of the local agency and to complete a monthly report containing specific information regarding investment and deposits to the legislative body and the Chief Administrative Officer. The attached Treasurer's Report (Attachment "A"), which is completed and submitted to the City Council on a monthly and quarterly basis, reflects the cash balances and investments of $27,119,279.52 as of September 30, 2013. 2. Revenue Summarv Report This report (Attachment "B") is a summary of revenues by fund and category for the period of July 1, 2013 through September 30, 2013. The City has received and recorded $1,079,490 (9% of estimated revenues) in the General Fund to date. This represents an increase of approximately $248,000 (or 29%) of revenues for the same period last fiscal year. 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. Primary revenue sources in this category are property tax and sales tax. The first major installment of property tax will not be received until December 2013. This entire category is $35,717 (or 19%) less from the same period last year primarily due to lower sales tax receipts. As our most recent Quarterly Sales Tax Audit update indicated, included in the City Manager's Weekly Report on October 18, 2013, sales are lagging in Temple City by about 2%. Staff will continue to monitor sales and collections on a quarterly basis; • Licenses and Permits include building permits, business license fees, animal license fees, parking permits, impound fees, temporary parking permits, code enforcement fees and in lieu parking fees. Collections for the first quarter this year are slightly less (4%) than last year. Revenues will continue to be monitored; • Intergovernmental is primarily Motor Vehicle In Lieu. The two major payments from the State of California will be in January 2014 and May 2014; • Charges for Services are from recreation fees, facility rental fees, zoning fees and plan check fees. These revenues are reflected when services, classes or events are provided. Recreation fees are $17,000 (or 14%) higher than last year at this time as a result of an increased demand. Plan check fees increased by $132,000 (or 135%) due to a greater building activity (primarily due to the Gateway Project) compared to the first quarter City Council November 5, 2013 Page 3 of 4 of last fiscal year. Also included in this category, is the shared maintenance charge to Los Angeles County Public Library for the maintenance provided to the library parking lot; • Fines and Forfeitures reflect revenues received from court fines on a monthly basis and parking citations issued by the Los Angeles County Sheriffs Department and the City's Parking Control Officers. The City received approximately $64,000 or (135%) in higher revenues compared to the first quarter of the prior year due to an increase in citations that were issued; • Use of Money and Property category is interest earned on City investments from Local Agency Investment Fund (LAIF), Certificates of Deposit (CD), bond investments and interest payment to City loans from Applebee's. LAIF interest is received on a quarterly basis and MorganStanley Smith Barney and other investment interests from COs and Government Securities are received monthly, semi-annually or when the account matures. This category is $7,900 or (29%) higher compared to the same period last year. However, the City has not received a monthly installment of $10,607 from Applebee's for principal and interest since April 2013; and • Miscellaneous category reflects revenues received on a monthly basis from reimbursement for recyclable revenue, rental income, reimbursement of administrative charge from the Lighting/Landscape District and other miscellaneous sources. This category is $3,500 or (9%) higher than the same period of the last fiscal year. Non-General funding sources (i.e., Special Revenue Funds) are received from various funds such as Traffic Safety, Gas Tax, Proposition A, Proposition C, Measure R, Lighting/Landscape District and Community Development Block Grant (CDBG). Some revenues are received on a monthly basis while others are received when reimbursement requests are submitted to the other governmental agencies (i.e., or State of California of Los Angeles County). Actual revenues received during the first quarter are only slightly lower due to timing of reimbursements. 3. Expenditure Summary Report This report (Attachment "C") is a summary of expenditures for the period of July 1, 2013 through September 30, 2013. By the end of the first quarter, the percent expended is generally 25%. However some payments are made in July that pay for the entire annual expense of the program (i.e., memberships, insurance premiums and CaiPERS retirement contributions) which skew the report for the percentage expended. Conversely, programs with lower percentages expended can be due to timing of the receipt of invoices by the City. (i.e., invoicing for contracts with Los Angeles County typically is a month or two behind). City Council November 5, 2013 Page 4 of 4 While some line items may exceed budgeted expenditures during the fiscal year operation, there are other line items where actual expenditures maybe significantly less than the adopted budget due to unforeseeable or unanticipated events during the budget planning process. As a result, expenditures that are not budgeted but are justifiable can be accommodated by an internal budget transfer within the same program. An internal budget transfer request is made by the Department Head and approved by the Administrative Services Director and the City Manager. For the expenditures that are not budgeted and cannot be accommodated within the program budget, (i.e., reallocation or re-appropriation between programs for unbudgeted items), staff would present their request to the City Council for review and approval; and 4. Capita/Improvement Financial Status Report The first quarter expenditures reflect costs for three Citywide Capital Improvement Projects: The City Park & Open Space Master Plan; The Rosemead Boulevard Safety and Beautification Project (Rosemead Boulevard Improvement Project); and the Council Chamber Renovation Project (Attachment "D"). It is important to keep the City Council updated on the financial status of the operations and capital improvement projects. With General Fund revenues exceeding last year's collections to date by approximately $248,000, we are on track with budgeted estimates. During the FY 2013-14 Mid-Year budget review, we will have six months of actual receipts to analyze more accurately and forecast total revenues for the FY 2013- 14. With General Fund expenditures at 14% expended for the first quarter, we are well within adopted operating appropriations. CONCLUSION: The City Council is requested to receive and file the First Quarter Financial Status Report. FISCAL IMPACT: This item does not have an impact on the FY 2013-14 City Budget. ATTACHMENTS: A. City of Temple City Treasurer's Report B. City of Temple City Revenue Summary Report C. City of Temple City Expenditure Summary Report D. City of Temple City Capital Improvement Financial Status Report CITY OF TEMPLE CITY TREASURER'S REPORT September 30, 2013 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 LAIF Effective Quarter to Date Yield 9/30/13 0.280% Morgan Stanley Smith Barney * Certificates of Deposit Weighted Average to Date Yield 9/30/13 1.105% Government Securities Weighted Average to Date Yield 9/30/13 0.900% Money Market Mutual Securities * Government Securities Weighted Average to Date Yield 9/30/13 1.564% Money Market US Bank* Certificates of Deposit Weighted Average to Date Yield 9/30/13 0.837% Los Angeles County Pool Investment Fund * As of 9/30/13 0. 660% OPES Investment As of 8/31/13 TOTAL PRIOR MONTH STATUS Total * Based on Bank Statements $ $ COST VALUE 704,093.68 18,681.16 9,758.87 17,932.81 160,000.00 13,895.11 2,100.00 2,722,607.73 7,081 ,000.00 447,000.00 789.89 6,662,420.00 0.27 3,279,000.00 5,000,000.00 1,000,000.00 27,119,279.52 28,468,188.98 ATTACHMENT A $ $ MARKET VALUE 704,093.68 18,681.16 9,758.87 17,932.81 160,000.00 13,895.11 2,100.00 2,724,152.32 7,110,916.73 447,573.52 789.89 6,542,470.00 0.27 3,279,000.00 5,012,467.92 1,008,705.73 27,052,538.01 28,384,117.34 All investments are placed in accordance with the City of Temple City's Investment Policy. The above summary provides sufficient cash flow liquidity to meet the next six month's estimated expenditures. This report is in accordance with Government Code Section 53646. /j ( ) __ TRACEY L. HAUSE CITY TREASURER 2012-13 2012-13 BUDGET YEAR TO DATE JUL-SEP ------------------------------------------ Taxes 4,720,200 185,891 Licenses and Permits 1,245,000 330,835 Intergovernmental 3,321,400 0 Charges for Services 865,760 201,729 Fines, Forfeitures, & Penalities 525,000 47,951 Use of Money and Property 455,000 27,794 Other Revenue 218,500 36,894 ----------------------------------------- Total General Fund Revenue 11,350,860 831,094 Total Special Revenue Funds 5,066,010 478,004 ------------------------------------------ TOTAL REVENUE 16,416,870 1,309,098 =========== ========::::;:== 2013-14 2013-14 BUDGET YEAR TO DATE JUL-SEP ----------------------------------------- 4,903,000 151,174 1,003,000 318,491 3,250,000 25,110 1,279,300 395,669 525,000 112,910 445,000 35,741 202,300 40,395 ----------------------------------------- 11,607,600 1,079,490 4,320,320 470,566 ----------------------------------------- 15,927,920 1,550,056 ========::=== ====::::====== PERCENT RECEIVED --------------------- 3% 32% 1% 31% 22% 8% 20% --------------------- 9% 11% --------------------- 10% =========== )> -I ~ 0 I :5: m z -I OJ 2012-13 2012-13 2013-14 2013-14 PERCENT BUDGET YEAR TO DATE BUDGET YEAR TO DATE EXPENDED JUL-SEP JUL-SEP -------------------------------------------------------------------------------------------------------- MANAGEMENT SERVICES City Council 161,445 21,780 198,575 55,735 28% City Manager 910,305 143,887 1,002,540 171,097 17% City Attorney 222,700 180 222,000 59,281 27% Elections 70,925 481 0 0 0% Council Support 284,670 42,047 325,425 57,264 18% --------------------- ----------------------------------------------------------------------------------- 1,650,045 208,375 1,748,540 343,377 20% ADMINISTRATIVE SERVICES DEPARTMENT Support Services 199,075 23,516 179,210 41,644 23% Insurance/Benefits 822,360 919,546 582,415 407,186 70% Accounting 480,115 96,885 520,890 101,072 19% Purchasing 135,950 25,491 148,200 27,054 18% -------------------------------------------------------------------------------------------------------- 1,637,500 1,065,438 1,430,715 576,956 40% COMMUNITY DEVELOPMENT DEPARTMENT Planning 609,260 105,932 2,261,490 146,065 6% Building 399,440 52,078 645,175 125,954 20% Housing 466,810 91,960 169,500 33,254 20% -------------------------------------------------------------------------------------------------------- 1,475,510 249,970 3,076,165 305,273 10% )> -I PARKS & RECREATION DEPARTMENT -I Recreation/Human Services 1,057,280 220,939 1,227,485 264,773 22% )> Public Transportation 753,330 122,839 792,875 119,495 15% () Parks-Mince/Facilities 829,985 152,459 849,025 175,080 21% I Trees & Parkways 500,865 69,361 559,395 97,258 17% :5: --------------------------------------------------------------------------------------------------------m 3,141,460 565,598 3,428,780 656,606 19% z -I () 2012-13 2012-13 2013-14 2013-14 PERCENT BUDGET YEAR TO DATE BUDGET YEAR TO DATE EXPENDED JUL-SEP JUL-SEP -------------------------------------------------------------------------------------------------------- COMMUNITY DEVELOPMENT DEPARTMENT PUBLIC SAFETY DIVISION Law Enforcement 3,659,915 304,020 3,989,295 29,839 1% Traffic Engineering 8,280 45 8,280 294 4% Animal Control 196,530 27,915 199,615 47,073 24% Emergency Services 94,405 4,258 160,755 26,030 16% Community Preservation 654,225 108,067 484,770 94,191 19% Parking Administration 266,780 50,735 394,320 76,059 19% --------------------- -------------------------------------------------------------- --------------------- 4,880,135 495,040 5,237,035 273,486 5% PUBLIC WORKS DIVISION Administration & Engineering 211,870 23,559 265,580 50,670 19% Street Cleaning 122,340 20,121 122,340 11,745 10% Traffic Signal Maintenance 156,800 40,027 151,800 3,399 2% Traffic Signs & Strip Main!. 172,325 6,616 225,620 26,536 12% Street Maintenance 262,500 0 122,500 1,752 1% Sidewalk Maintenance 165,000 3,075 165,000 0 0% Solid Waste Management 8,690 2,738 58,690 2,275 4% Street Lighting 349,630 12,225 373,285 53,961 14% -------------------------------------------------------------------------------------------------------- 1 ,449,155 108,361 1,484,815 150,338 10% MAINTENANCE DIVISION General Government Buildings 245,300 74,731 288,240 48,433 17% Parking Facilities 216,775 32,604 162,340 34,966 22% Graffiti Abatement 33,620 4,164 26,400 6,504 25% --------------------- ----------------------------------------------------------------------------------- 495,695 111,499 476,980 89,903 19% SUB TOTAL PROGRAM EXPENDITURES 14,729,500 2,804,281 16,883,030 2,395,939 14% ........... / . l:;lt'f pF JI;:JI/IPl..p $11"'\f ··E:XPEfiiDITURESUMMAfi.Y•~ii:PQRt'.At..I,.FUNDS QUAI't"tER.I$f\IQIN(>• i $EI"TI;:MI:l.ER l(l,•J!(l1 ~ 2012-13 2012-13 2013-14 2013-14 PERCENT BUDGET YEAR TO DATE BUDGET YEAR TO DATE EXPENDED JUL-SEP JUL-SEP -------------------------------------------------------------------------------------------------------- SUB TOTAL PROGRAM EXPENDITURES 14,729,500 2,804,281 16,883,030 2,395,939 14% CAPITAL IMPROVEMENT FUND 14,002,610 135,068 18,556,430 2,708,926 15% EQUIPMENT REPLACEMENT 260,685 5,336 444,380 120,110 27% TRUST FUND 0 2,719 0 2,591 0% ----------------------------------------------------------------------------------- --------------------- TOTAL EXPENDITURES 28,992,795 2,947,404 35,883,840 5,227,566 15% ::;:::;:::;:::;:::;:::;:::;:::;:::;:::;:::;: ::;:::;::;::::;:::;:::;:::;:::;:::;:::;:::;: =========== ::;:::;:::;:::;:::;:::;:::;:::;:::;:::;:::;: =========== CDBG LOAN REPAYMENT 0 27,458 0 2,408 0% GRAND TOTAL 28,992,795 2,974,862 35,883,840 5,229,974 15% ::;:::;:::;:::;:::;:::;:::;::;:::;:::;:::;: ::;:::;:::;:::;:::;:::;:::;:::;:::;:::;:::;: ::;:::;:::;:::;:::;:::;:::;:::;:::;:::;:::;: =========== =========== CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P12-02 Citywide Park & Open Space Master Plan (D) P14-01 Repair Operable Walls in Community Center (D) P14-02 Installation of Hand Dryers in Park Restrooms (D) P14-03 New Playground Equipment for Temple City (D) Park Recap of Funding Sources TOTAL CIP-PARKS MAINTENANCE I FACILITIES CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13-SEP 13 Funding Source General Fund General Fund General Fund General Fund BCR General Fund Beverage Container Recyclable Budget 70,000 15,000 10,500 6,000 9,000 15,000 101,500 9,000 110,500 (E) ~ Essential (N) ~ Necessary (M) ~ Mandated (R) ~ Routine PARKS-MAINTENANCE/FACILITIES ACCT. NO. 60-980-59-4810 Year To Date Expenditure Balance 7,153 62,847 15,000 10,500 15,000 ~ j 7,153 103,347 ~ ~ (D) ~ Discretionary ~ 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-SEP 13 Funding 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 Expenditure Balance 100,000 150,000 -250,000 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P14-05 Street Sweeping Signage Recap of Funding Sources TOTAL CIP-PARKING ADMINISTRATION {E) = Essential (N) = Necessary {D) ----~ ----- CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13-SEP 13 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 Expenditure Balance 300,000 -300,000 {D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P08-07 Upgrade Sewer Line on Longden from Rosemead to Encinita P08-11 Rosemead Boulevard Improvement Project P12-04 Citywide Upgrade Traffic Street Signage P13-02 Repaving of Streets per Re-assessment Pavement Management Index P13-04 Redesign and Construction of Las Tunas Drive P13-12 Bicycle Master Plan Implementation - Installation of 12.6 Miles of Class II & Ill Bicycle Lanes (E) ; Essential (N) ; Necessary (N) (N) (M) (E) (N) (N) ~ ~----- CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13-SEP 13 Funding Source Sewer Reconstruction Environment Protection Agency Prop A PropC Prop 1 B MeasureR Lighting/Landscape District Surface Transp. Progr. Local Highway Safety lmpr Prog SAFE LU Rubberized Asphalt Concreto Grant Gas Tax GF-Cal Trans GF-Eco Dev Fd Reserve Bicycle Transportation Ace! Congestion Mitigation and Air Quality MeasureR Gas Tax Prop C General Fund Bicycle Transportation Acct 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 48,350 479,900 528,250 (M) ; Mandated (R) ; Routine STREET CONSTRUCTION ACCT. NO. 60-980-75-4810 Year To Date Expenditure Balance 594,000 2,701,731 10,741,549 300,000 150,000 1,200,000 528,250 (D) ; Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project 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) (E) CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13-SEP 13 Funding Source General Fund Safe Routes To School Gas Tax General Fund General Fund GF -Eco Dev Fd Reserve GF -Cal Trans Prop A PropC Prop 1B Gas Tax MeasureR Sewer Reconstruction Lighting/Landscape District Surface Transp. Progr. Local Highway Safety lmpr Prog SAFE LU Rubberized Asphalt Concret< Grant Environment Protect Agency Bicycle Transportation Acct Safe Routes To School Congestion Mitigation and Air Quality Budget 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 16,890,930 (M) = Mandated (R) = Routine STREET CONSTRUCTION ACCT. NO. 60-980-75-4810 Year To Date Expenditure Balance 483,900 125,000 66,500 2,701,731 14,189,199 (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-SEP 13 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 Expenditure Balance 75,000 115,000 105,000 -295,000 (D) ; Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P10-05 Council Chamber Renovation P13-06 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 Recap of Funding Sources TOTAL CIP-GEN GOV'T BLDGS (E) = Essential (N) = Necessary (N) (D) (D) (D) (D) (D) CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13-SEP 13 Funding Source General Fund General Fund General Fund General Fund General Fund General Fund General Fund Budget 340,000 7,000 28,000 40,000 30,000 35,000 480,000 480,000 (M) = Mandated (R) = Routine GENERAL GOVERNMENT BUILDINGS ACCT. NO. 60-980-81-4810 Year To Date Expenditure Balance 41 339,959 7,000 28,000 40,000 30,000 35,000 41 479,959 (D) = Discretionary ·--- CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P14-12 South Parking Lot P14-13 Demolition and Site Preparation for 5800 Temple City Blvd. Parking Lot Recap of Funding Sources TOTAL CIP-GEN GOV'T BLDGS (E) = Essential (N) = Necessary (D) (D) CITY OF TEMPLE CITY FINANCIAL STATUS REPORT JUL 13-SEP 13 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