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Home My Public Portal About14) 9B First Quarter Financial Status ReportAGENDA ITEM 9.13. ADMINISTRATIVE SERVICES DEPARTMENT DATE: November 18, 2014 TO: The Honorable City Council MEMORANDUM FROM: Bryan Cook, 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 file the First Quarter (i.e., July -September 2014) Financial Status Report. BACKGROUND: 1. On June 3, 2014, the City Council approved the Fiscal Year (FY) 2014-15 Operating Budget for all funding sources in the amount of $16,277,465. 2. On June 17, 2014, the City Council adopted Resolution No. 14-5004 adopting the FY 2014-15 Statement of Investment Policy. ANALYSIS: In order to keep the City Council updated on the status of the City's financial activities, on a quarterly basis for FY 2014-15, these reports are presented. The First Quarter Financial Status Report includes the following four sub reports: 1) City Treasurer's Report; 2) Revenue Summary Report; 3) Expenditure Summary Expenditure Report; and 4) Capital Improvement Financial Status Report. 1. Citv 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 City Council November 18, 2014 Page 2 of 4 completed and submitted to the City Council on a monthly and quarterly basis, reflects the cash balances and investments of $18,226,057.04 as of September 30, 2014. 2. Revenue Summary Report This report (Attachment "B") is a summary of revenues by fund and category for the period of July 1, 2014 through September 30, 2014. The City has received and recorded $1,124,160 (9% of estimated revenues) in the General Fund to date. This represents an increase of approximately $44,670 (or 4%) 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 2014. This entire category is $52,032 (or 34%) more from the same period last year primarily due to higher sales tax receipts. 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 $138,349 higher than last year due to more transactions in building permits and encroachment permit fees. Revenues will continue to be monitored; • Interaovernmental is primarily Motor Vehicle In Lieu. To date, revenues have not been realized as the two major payments from the State of California will be in January 2015 and May 2015; • Charaes 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 $11,000 (or 8%) higher from last year as a result of an increased demand. Plan check fees are $59,000 (or 41%) lower primarily due to a greater building activity in the first quarter of last. fiscal year. Also included in this category, is the shared maintenance charge to LA 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 $123,000 or (82%) lower compared to the first quarter of the prior year due to the timing of the collection of receipts; City Council November 18, 2014 Page 3 of 4 • Use of Monev and Prooertv category is interest earned on City investments from 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 SmithBarney and other investment interests from CDs and Government Securities are received monthly, semi- annually or when the account matures. This category is $6,584 or (18%) lower 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 $10,450 or (26%) 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 $154,000 higher due to timing of reimbursements. 3. Expenditure Summary Report This report (Attachment "C") is a summary of expenditures for the period of July 1, 2014 through September 30, 2014. 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 CalPERS retirement contributions) which skew the percentage expended reported. 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). 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 budgeted 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), there will need to be a request from staff to the City Council for review and approval. City Council November 18, 2014 Page 4 of 4 4. Canital Improvement Financial Status Report The first quarter expenditures reflect costs for seven Citywide Capital Improvement Projects: Live Oak Park and Temple City Park Master Plan Development; Street Sweeping Signage; Upgrade Sewer Line on Longden from Rosemead to Encinita; The Rosemead Boulevard Safety and Beautification Project (Rosemead Boulevard Improvement Project); Redesign and Construction of Las Tunas Drive; Installation of 45 Separate Improvements around Nine School Sites; and the Demolition and Site Preparation for 5800 Temple City Boulevard Parking Lot Project (Attachment "D, CONCLUSION: It is important to keep the City Council updated on the financial status of the operations and capital improvement projects. During the FY 2014-15 mid -year budget review, the City will have six months of actual receipts to analyze and forecast total revenues for the remaining 2014-15 fiscal year. With total program expenditures at 17% expended for the first quarter, the City is well within adopted operating appropriations. 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 2014-15 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 ATTACH M ENT A TREASURER'S REPORT September 30, 2014 MoroanStanlev SmithBarnev Certificates of Deposit Weighted Average to Date Yield 9/30/14 .989% 2,370,000.00 2,378,406.44 Government Securities Weighted Average to Date Yield 9/30/14 0.890% 1,365,000.00 1,364,625.98 Corporate Fixed Income Weighted Average to Date Yield 9/30/14 1.500% 508,250.00 507,695.00 Money Market 3,609.23 3,609.23 Mutual Securities Government Securities COST VALUE MARKET VALUE Cash in Bank Wells Fargo Bank - Checking 644,928.45 644,928.45 - Payroll 11,805.80 11,805.80 - Merchant Card 14,136.47 14,136.47 US Bank - Checking 16,397.99 16,397.99 Camellia Fund East West Bank - Monthly Market Account 160,000.00 160,000.00 Wells Fargo Bank - Checking 12,611.95 12,611.95 PettyCash 2,100.00 2,100.00 LAIF 1,000,000.00 1,232,551.11 Effective Quarter to Date Yield 9/30/14 0.250% 648,090.32 648,207.81 MoroanStanlev SmithBarnev Certificates of Deposit Weighted Average to Date Yield 9/30/14 .989% 2,370,000.00 2,378,406.44 Government Securities Weighted Average to Date Yield 9/30/14 0.890% 1,365,000.00 1,364,625.98 Corporate Fixed Income Weighted Average to Date Yield 9/30/14 1.500% 508,250.00 507,695.00 Money Market 3,609.23 3,609.23 Mutual Securities Government Securities 5,662,420.00 5,548,680.00 Weighted Average to Date Yield 9/30/14 1.907% Money Market 0.27 0.27 US Bank Certificates of Deposit Weighted Average to Date Yield 9/30/14 0.916% 2,577,000.00 2,577,000.00 Government Securities Weighted Average to Date Yield 9/30/14 1.077% 729,706.56 725,237.92 Los Anaeles Countv Pool Investment Fund 2,500,000.00 2,531,931.29 As of 8/31/14 0.750% OPEB Investment 1,000,000.00 1,232,551.11 As of 8/31/14 TOTAL $ 18,226,057.04 $ 18,379,925.71 PRIOR MONTH STATUS Total $ 18,796,931.55 $ 18,857,994.18 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. i1 J--! TRACEY L. HAUSE• CITY TREASURER 2013-14 2013-14 2014-15 2014-15 PERCENT BUDGET YEAR TO DATE BUDGET YEAR TO DATE RECEIVED JUL-SEP JUL-SEP Taxes 4,903,000 151,174 5,210,000 203,206 4% Licenses and Permits 1,003,000 318,491 1,015,000 456,840 45% Intergovernmental 3,250,000 25,110 3,350,000 0 0% Charges for Services 1,279,300 395,669 1,269,000 357,514 28% Fines, Forfeitures, & Penalities 525,000 112,910 700,000 26,598 4% Use of Money and Property 445,000 35,741 200,000 29,157 15% Other Revenue 202,300. 40,395 227,300 50,845 22% Total General Fund Revenue 11,607,600 1,079,490 11,971,300 1,124,160 9% Total Special Revenue Funds 4,320,320 470,566 6,030,060 624,532 10% TOTAL REVENUE 15,927,920 1,550,056 18,001,360 1,748,692 10% MANAGEMENT SERVICES City Council City Manager City Attorney Elections City Clerk ADMINISTRATIVE SERVICES DEPARTMENT Support Services Insurance/Benefits Accounting Purchasing 2013-14 BUDGET 198,575 1,002,540 222,000 0 325,425 1,748, 540 179,210 582,415 520,890 148,200 1,430,715 COMMUNITY DEVELOPMENT DEPARTMENT Planning 2,261,490 Building 645,175 Housing 169,500 PARKS & RECREATION DEPARTMENT Recreation/Human Services Public Transportation Parks-Mtnce/Faci I ities Trees & Parkways 3,076,165 2013-14 YEAR TO DATE JUL-SEP 55,735 171,097 59,281 0 57,264 343,377 41,644 407,186 101,072 27,054 576,956 146,065 125,954 33,254 305,273 2014-15 BUDGET 170,610 881,995 352,000 82,870 325,705 1,813,180 148,375 834,220 496,310 130,790 1,609,695 1,659, 050 735,460 322,790 2,717,300 2014-15 YEAR TO DATE JUL-SEP 40,462 153,451 138,252 151 51,269 383,585 56,065 481,703 119,788 28,585 686,141 120,316 122,968 30,643 273,927 PERCENT EXPENDED 24% 17% 39% 0% 16% 21% 38% 58% 24% 22% 43% 7% 17% 9% 10% 1,227,485 264,773 1,177,585 262,514 22% 792,875 119,495 738,945 160,915 22% 849,025 175,080 878,520 180,926 21% 559,395 97,258 710,880 101,009 14% 3,428,780 ------------- 656,606 --------------- 3,505,930 705,364 20% 2013-14 2013-14 2014-15 2014-15 PERCENT BUDGET YEAR TO DATE BUDGET YEAR TO DATE EXPENDED JUL-SEP JUL-SEP COMMUNITY DEVELOPMENT DEPARTMENT PUBLIC SAFETY DIVISION Law Enforcement 3,989,295 29,839 3,885,685 334,968 9% Traffic Engineering 8,280 294 7,455 4,284 57% Animal Control 199,615 47,073 198,615 46,667 23% Emergency Services 160,755 26,030 127,620 21,548 17% Community Preservation 484,770 94,191 392,235 80,736 21% Parking Administration 394,320 76,059 397,070 74,873 19% Solid Waste Management 5,237,035 273,486 5,008,680 563,076 11% PUBLIC WORKS DIVISION Administration & Engineering 265,580 50,670 245,575 48,351 20% Street Cleaning 122,340 11,745 200,000 10,546 5% Traffic Signal Maintenance 151,800 3,399 136,500 3,173 2% Traffic Signs & Strip Maint. 225,620 26,536 112,195 17,410 16% Street Maintenance 122,500 1,752 68,750 2,516 4% Sidewalk Maintenance 165,000 0 25,000 83 0% Solid Waste Management 58,690 2,275 8,690 2,180 25% Street Lighting 373,285 53,961 398,180 52,967 13% 1,484, 815 150,338 1,194, 890 137,226 11% MAINTENANCE DIVISION General Government Buildings 288,240 48,433 270,605 61,926 23% Parking Facilities 162,340 34,966 187,695 38,286 20% Graffiti Abatement 26,400 6,504 35,400 5,503 16% 476,980 89,903 493,700 105,715 21% SUB TOTAL PROGRAM EXPENDITURES 16,883,030 2,395,939 16,343,375 2,855,034 17% TOTAL EXPENDITURES 35,883,840 5,227,566 20,671,035 3,326,008 16% ------------------------------------------------------- ------------------------------------------------------- CDBG LOAN REPAYMENT 2013-14 2013-14 2014-15 2014-15 PERCENT GRAND TOTAL BUDGET YEAR TO DATE BUDGET YEAR TO DATE EXPENDED --------------------- JUL-SEP - ------------------- ----•------------- JUL-SEP --------------------- --------------------- SUB TOTAL PROGRAM EXPENDITURES 16,883,030 2,395,939 16,343,375 2,855,034 17% CAPITAL IMPROVEMENT FUND 18,556,430 2,708,926 4,144,150 426,981 10% EQUIPMENT REPLACEMENT 444,380 120,110 183,510 43,703 24% TRUST FUND 0 2,591 0 290 0% TOTAL EXPENDITURES 35,883,840 5,227,566 20,671,035 3,326,008 16% ------------------------------------------------------- ------------------------------------------------------- CDBG LOAN REPAYMENT 0 2,408 0 0 0% GRAND TOTAL 35,883,840 ----------- ----------- 5,229,974 ----------- ----------- 20,671,035 ----------- ----------- 3,326,008 ---------------------- ---------------------- 16% CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 14- SEP 14 CAPITAL IMPROVEMENT PROGRAM PARKS - MAINTENANCE/FACILITIES PROJECT DETAIL ACCT. NO. 60-980-59-4810 Year To Date No. Proiect Fundino Source Budqet Expenditure Balance P15-01 Retrofit Existing Walkway Lights at Live Oak (D) General Fund 22,000 22,000 Park with LED Fixture Heads P15-02 Public Arts at Live Oak Park (D) Public Arts Fund 25,000 25,000 P15-03 Painting of Metal Poles and Rails at Live Oak (D) General Fund 20,000 20,000 Park P15-04 LOP and TC Parks Master Plan Development (D) General Fund 35,000 72 34,928 Recap of Funding Sources General Fund 77,000 Public Arts Fund 25,000 TOTAL CIP - PARKS MAINTENANCE / FACILITIES 102,000 72 101,928=t' (E) = Essential (N) = Necessary (M) = Mandated (R) = Routine (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P15-05 Citywide Sewer Master Plan Update Recap of Funding Sources TOTAL CIP - TRAFFIC ENGINEERING CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 14- SEP 14 Fundina Source Budqet (N) Measure R 10,000 Measure R 10,000 10,000 (E) = Essential (N) = Necessary (M) = Mandated (R) = Routine TRAFFIC ENGINEERING ACCT. NO. 60-980-62-4810 Year To Date Expenditure Balance 10,000 (D) = Discretionary 10,000 CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Proiect P14-05 Street Sweeping Signage Recap of Funding Sources TOTAL CIP - PARKING ADMINISTRATION CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 14- SEP 14 (D) Fundino Source Budqet (E) = Essential (N) = Necessary (M) = Mandated (R) = Routine STREET CLEANING ACCT. NO. 60-980-72-4810 Year To Date Expenditure Balance 8,184 (8,184) 8,184 (D) = Discretionary (8,184) CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 14- SEP 14 CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project Fundina Source P15-06 Update Traffic Signals on Temple City Blvd. (N) Highway Safety between EI Camino Real Avenue and Ellis Lane, Improvement Program and Other Safety Improvements General Fund P15-07 Upgrade Traffic Signals Citywide and Install Other Safety Improvements Recap of Funding Sources (N) TOTAL CIP - TRAFFIC SIGNAL MAINTENANCE Highway Safety Improvement Program General Fund, Highway Safety Improvement Program General Fund (E) = Essential (N) = Necessary (M) = Mandated Budqet 970,300 108,100 1,078,400 282,900 31,600 314,500 1,253,200 139,700 1,392,900 (R) = Routine TRAFFIC SIGNAL MAINTENANCE ACCT. NO. 60-980-734810 Year To Date Expenditure Balance (D) = Discretionary 1,078,400 314,500 1,392,900 CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 14- SEP 14 CAPITAL IMPROVEMENT PROGRAM STREET CONSTRUCTION PROJECT DETAIL ACCT. NO. 60-980-754810 Year To Date No. Project Funding Source Budqet Expenditure Balance P08-07 Upgrade Sewer Line on Longden from (N) 58,629 (58,629) Rosemead to Encinita P08-11 Rosemead Boulevard Improvement Project (N) 28,003 (28,003) P12-04 Citywide Upgrade Traffic Street Signage (M) General Fund 200,000 200,000 P13-02 Repaving of Streets per Re -assessment (E) Gas Tax 1,485,000 1,485,000 Pavement Management Plan P13-04 Redesign and Construction of Las Tunas Drive (N) Prop C 175,000 13,556 161,444 P13-12 Bicycle Master Plan Implementation - (N) General Fund 22,825 Installation of 12.6 Miles of Class II & III Bicycle Transportation Acct 205,425 Bicycle Lanes 228,250 228,250 P13-13 Installation of 45 Separate Improvements (N) 281,420 (281,420) around Nine School Sites P14-06 Slurry Seal Program (N) Gas Tax 50,000 50,000 P14-07 Catch Basin Inserts (E) General Fund 66,500 66,500 Recap of Funding Sources General Fund 289,325 Prop C 175,000 Gas Tax 1,535,000 Bicycle Transportation Acct 205,425 TOTAL CIP - STREET CONSTRUCTION 2,204,750 381,608 1,823,142 (E) = Essential (N) = Necessary (M) = Mandated (R) = Routine (D) = Discretionary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 14- SEP 14 CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project Funding Source Budqet P14-14 Public Parking Lot ADA Accessibility (M) Improvement Project P14-15 ADA Accessibility Improvement Temple (M) City Boulevard Project P15-08 ADA Playground Improvement or ADA (M) CDBG 200,000 Curb Ramps Recap of Funding Sources CDBG 200,000 TOTAL CIP - SIDEWALK MAINTENANCE 200,000 (E) = Essential (N) = Necessary (M) = Mandated (R) = Routine SIDEWALK MAINTENANCE ACCT. NO. 60-980-76-4810 Year To Date Expenditure Balance (D) = Discretionary 200,000 200,000 CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 14- SEP 14 CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL GENERAL GOVERNMENT BUILDINGS ACCT. NO. 60-980-81-4810 Year To Date No. Project Funding Source Budqet Expenditure Balance P14-11 Rebuild the Roof for the City Yard Buildings (D) General Fund 14,500 14,500 P15-09 Upgrade of EOC Infrastructure (N) General Fund 20,000 20,000 Recap of Funding Sources TOTAL CIP - GEN GOVT BLDGS General Fund (E) = Essential (N) = Necessary (M) = Mandated 34,500 34,500 (R) = Routine (D) = Discretionary 34,500 CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 14- SEP 14 CAPITAL IMPROVEMENT PROGRAM PARKING FACILITIES PROJECT DETAIL ACCT. NO. 60-980-82-4810 Year To Date No. Project Funding Source Budqet Expenditure Balance P14-13 Demolition and Site Preparation for 5800 (D) General Fund 200,000 37,117 162,883 Temple City Blvd. Parking Lot Recap of Funding Sources General Fund 200,000 TOTAL CIP - GEN GOV'T BLDGS 200,000 37,117 162,883 (E) = Essential (N) = Necessary (M) = Mandated (R) = Routine (D) = Discretionary