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HomeMy Public PortalAbout09) 7.H.1st Quarter Treasurer's Report (2)AGENDA ITEM 7.H. ADMINISTRATIVE SERVICES DEPARTMENT DATE: December 4, 2012 TO: The Honorable City Council FROM: Jose E. Pulido, City Manager Via: Tracey L. Hause, Administrative Services Director By: Lee Ma, Accountant SUBJECT: FIRST QUARTER TREASURER'S REPORT, REVENUE AND EXPENDITURE SUMMARY REPORTS AND CAPITAL IMPROVEMENT FINANCIAL REPORT RECOMMENDATION: The City Council is requested to receive and file the First Quarter City Treasurer's Report, Revenue and Expenditure Summary Reports and the Capital Improvement Financial Report. BACKGROUND/ANALYSIS: The City Council is requested to review the September 2012 Treasurer's Report, Revenue and Expenditure Summary Reports and the Capital Improvement Financial Report. 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 legislative body and the Chief Administrative Officer. The attached Treasurer's Report, which is completed monthly and submitted to the City Council on a monthly and quarterly basis, reflects the balance as of September 30, 2012. The City's reserves are invested with the Local Agency Investment Fund (LAIF), MorganStanley SmithBarney, Mutual Securities, and U.S. Bank. 2. Revenue Summary Report This report is a summary for the period of July 1, 2012 to September 30, 2012. By the end of the first quarter the percent of revenue received is generally 25% except City Council December 4, 2012 Page 2 for those types of revenues that are received annually such as business licenses, animal licenses, parking permits and franchise fees. 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 sales tax is $52,000 higher than the first quarter of last fiscal year primarily due to an increase in sales tax receipts. • Licenses and Permits include building permits, business license fee, animal license fee, parking permits, impound fees, temporary parking permits and code enforcement fees. During the first quarter, revenues received from this category are $31,000 higher primarily due to building permit fees. • Interaovernmental is primarily Motor Vehicle In Lieu, which is $17,000 lower than last fiscal year to due timing of receipts from the State of California. • Charaes for Services include revenues from recreation fees, facility rental fees, zoning fees and plan check fees. These revenues are reflected when services, classes or events are provided. Also included is the shared maintenance charge to Los Angeles County Public Library for the maintenance provided to the library parking lot. This category increased by $23,000 for the same quarter last year as a result of increased zoning fees and facility rental fees. • 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 last fiscal year. Revenues received from this category are slightly lower as a result of the timing of receipt collection. • Use of Monev and Prooertv category reflect interest earned on City investments from LAIF, Certificates of Deposit (CD), bond investments and interest payment to City loan from Applebee's. LAIF interest is received on a quarterly basis with the first quarter interest payment received in October 2012. The City has been receiving $10,607 monthly from Applebee's for loan and interest payment starting in August 2005. The interest portion of each payment is accounted for in this category. The City started investing in CDs in September 2008 and bond investments in August 2009. Revenues from this category decreased $14,000 during the first quarter comparing to the same period last year, primary because the City received more CD interest payments from StanleyMorganSmithBarney from the first quarter of last fiscal year as a result if interests continuing to fall. The City is earning approximately .25% less on the CD portfolio. City Council December 4, 2012 Page 3 • 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 to an increase in AB939 reimbursements. Special Revenues are received from various funds such as Traffic Safety, Gas Tax, Proposition A, Proposition C, Lighting/Landscape District and Community Development Block Grant. Some revenues are received on a monthly basis where others are received when forms are submitted for reimbursement of expenditures. The Special Revenues are overall higher this quarter in comparison to the same quarter of last fiscal year due to timing of special revenue receipts. 3. Expenditure Summary Report This report is a summary for the period of July 1, 2012 to September 30, 2012. By the end of the first quarter the percent expended is generally 25%. 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 time frame in invoicing the City. The Insurance/Benefits Program shows a high percent due to benefits are spread to various departments on an annual basis and will be reflected in the final report for Fiscal Year (FY) 2012-13. 4. Capital Improvement Financial Report The first quarter expenditures reflect costs for four projects: Additional Concrete for the Performing Arts Pavilion Area; Citywide Traffic Calming Study Master Plan; Comprehensive Downtown Parking Study and Strategic Plan; and Rosemead Boulevard Safety Enhancements and Beautification Project. CONCLUSION: The City Council is requested to review, receive and file the First Quarter City Treasurer's Report, Revenue and Expenditure Summary Reports and the Capital Improvement Financial Report. FISCAL IMPACT: This item does not have an impact on the Fiscal Year (FY) 2012-13 City Budget. City Council December 4, 2012 Page 4 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, 2012 Cash in Bank Wells Fargo Bank - Checking - Payroll - Merchant Card Camellia Fund East West Bank - Monthly Market Account Wells Fargo Bank - Checking Pettv Cash LAIF Effective Quarter to Date Yield 9/30/12 0.360% MoroanStanlev SmithBarnev Certificates of Deposit Weighted Average to Date Yield 9/30/12 1.333% Government Securities Weighted Average to Date Yield 9/30/12 0.986% Money Market Mutual Securities Government Securities Weighted Average to Date Yield 9/30/12 2.051% Money Market US Bank " Certificates of Deposit Weighted Average to Date Yield 9/30/12 0.832% TOTAL PRIOR MONTH STATUS Total Based on Bank Statements COST VALUE 427, 894.69 18,162.52 11,478.91 160,000.00 18,174.89 2,200.00 20,698,621.61 6,522,000.00 2,045,000.00 2,926.13 4,162,420.00 6.85 1,471,000.00 $ 35,539,885.60 $ 36,478,191.66 ATTACHMENT A MARKET VALUE 427,894.69 18,162.52 11,478.91 160,000.00 18,174.89 2,200.00 20,723,866.54 6,586,447.46 2,055,252.29 2,926.13 4,172,230.00 6.85 1,471, 000.00 $ 35,649,640.28 $ 36,576,691.20 All investments are placed in accordance with the City of Temple City's Investment Policy. 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