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Home My Public Portal About08) 7F FY 2015-16 Fourth Quarter Preliminary Financial Status ReportsCity Council October 4, 2016 Page 2 of6 Comprehensive Annual Financial Report (CAFR) will be an all-inclusive reporting of financial transactions for FY 2015-16, and will be completed when Vavrinek, Trine, Day & Company's independent audit is concluded, later in this calendar year (i.e., December 2016). The Fourth Quarter Financial Status Report includes the following four sub reports: 1) City Treasurer's Report; 2) Preliminary Summary Report; 3) Expenditure Summary Expenditure Report; and 4) Capital Improvement Financial Status Report. 1. Citv Treasurers 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 $26,351,717.49 as of June 30, 2016. This is the only report presented that will not deviate from reported cash and investments in the final FY 2015-16 CAFR. 2. Preliminarv Revenue Summarv Report This report (Attachment "B") is a summary of revenues by fund and category for the period of July 1, 2015 through June 30, 2016. The City has received and recorded $13.2 million (98% of estimated revenues) in the General Fund to date. This represents a slightly decrease of $58,652 or 0.4% of revenues for the same period last fiscal year. Again as discussed above, year-end revenue accruals (actual receipt of revenues in July and August that are attributable to June) have not yet been recognized due to timing. We are anticipating actual General Fund receipts will be close to the estimated revenues. 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, property tax is 5.5% higher and sales tax is 6.7% higher from the same period last year. Currently actual receipts collected, in this category to date, are within 89% of estimates, however after the accruals have been recorded, it is anticipated the budget expectations will be met; • Licenses and Permits include building permits, business license fees, animal license fees, parking permits, impound fees, temporary parking permits, code enforcement fees, in lieu parking fees and encroachment permit fees. Actual receipts have exceeded estimates by 16% overall; City Council October 4, 2016 Page 3 of 6 • Intergovernmental is primarily Motor Vehicle In Lieu. The actual collections have exceeded estimates by 4%; • Charges for Services are from recreation fees, facility rental fees, zoning fees, plan check fees and public works and engineering fees. These revenues are reflected when services, classes or events are provided. Actual receipts have exceeded estimates by 8% overall; • Fines and Forfeitures reflect revenues received frorn court fines on a monthly basis and parking citations issued by the Los Angeles County Sheriffs Department and the City's Parking Control Officers. Actual collections was 42% lower due to less citations written due to vacant part-time vacant Parking Control Officer positions. Two of the three positions are now filled. • Use of Money and Property category is interest earned on City investments from LA IF, Certificates of Deposit (CD), and bond investments. LAIF interest is received on a quarterly basis and MorganStanley Smith Barney and other investment interests from COs, Government Securities and Corporate Bonds are received monthly, semi-annually or when the account matures. Actual receipts are 22% less than estimates due to a slight decrease in interest rates; 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 reflects 95% revenues collected to date. 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 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 or Los Angeles County). Actual revenues received currently is 82% of budgeted estimates primarily due to the fact that there were not many big capital improvement projects were completed in this fiscal year. Overall amount of the special revenue is $68,484 or 1.4% higher in comparison to last year. 3. Preliminary Expenditure Summary Report This report (Attachment "C") is a summary of expenditures for the period of July 1, 2015 through June 30, 2016. Any percentage of expenditures that is less than 110% of the adopted budget is considered immaterial when considering the entire City Council October 4, 2016 Page 4 of6 operating budget of $17,541,600, as the excess is typically only a few thousand dollars. The Building Program was over 14% of the adopted budget due to additional costs for contracted building inspection. However, this cost was offset by building permit fees and salary savings. 4. Capita/Improvement Financial Status Report The fourth quarter expenditures reflect costs for 11 Citywide Capital Improvement Projects undertaken in FY 2015-16 (Attachment "D"). Actual expenditures are $283,291 lower from last fiscal year primarily due to the completion of the Rosemead Boulevard Project in FY 2014-15. This level of expenditures is typical with Capital Improvement Projects as completion of some projects are over multiple fiscal years. Also, in some cases the entire amount budgeted was not required to complete the project (i.e., Street Sweeping Street Signage). Unspent funds are either re- programmed to the FY 2016-17 City Budget or returned to the respective Fund Balances. CITY STRATEGIC GOALS: As it will be a couple more months before the audited CAFR will be complete, it is important to keep the City Council updated on the financial status of the operations and capital improvement projects in this interim period. As a result, the City Council is requested to receive and file the FY 2015-16 Fourth Quarter Preliminary Financial Status Report to further City's Strategic Goal to promote Good Governance. FISCAL IMPACT: This item does not have an impact on the FY 2015-16 or the FY 2016-17 City Budgets. ATTACHMENTS: A. City of Temple City Treasurer's Report B. City ofTemple City Preliminary Revenue Summary Report C. City ofTemple City Preliminary Expenditure Summary Report D. City ofTemple City Preliminary Capital Improvement Financial Status Report CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P15-02 Public Arts at Live Oak Park P15-04 LOP and TC Parks Master Plan Development P16-01 Live Oak Park Walking and Jogging Path P16-02 Veteran's Monument Recap of Funding Sources CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 15-JUN 16 Funding Source Budget (D) Public Arts Fund 25,000 (D) General Fund 2,100 (D) DEFG 240,000 General Fund 20,500 Park Acquisition 80,000 340,500 (D) Park Acquisition 130,000 General Fund 20,500 Park Acquisition 212,100 Public Arts Fund 25,000 5th District 2015 Excess Funds Grant 240,000 TOTAL CIP ·PARKS MAINTENANCE I FACILITIES 497,600 (E) = Essential (N) = Necessary (M) = Mandated (R) = Routine PARKS -MAINTENANCE/FACILITIES ACCT. NO. 60-980-59-4810 Year To Date Expenditure Balance 25,000 1,050 1,050 28,144 312,356 9,183 120,817 :: ~ ~ 38,377 459,223 . :5 '~ -(D) = Discretionary r CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P14-05 Street Sweeping Signage Recap of Funding Sources TOTAL CIP-PARKING ADMINISTRATION (E) = Essential (N) = Necessary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 15-JUN 16 Funding Source Budget (D) Gas Tax 12,180 Gas Tax 12,180 12,180 (M) = Mandated (R) = Routine STREET CLEANING ACCT. NO. 60-980-72-4810 Year To Date Expenditure Balance 12,180 -12,180 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P15-06 Update Traffic Signals on Temple City Blvd. between El Camino Real Avenue and Ellis Lane, and Other Safety Improvements CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 15-JUN 16 Funding Source Budget (N) Highway Safety 934,560 Improvement Program Prop C 98,100 1,032,660 P15-07 Upgrade Traffic Signals Citywide and Install (N) Highway Safety 282,900 Other Safety Improvements Improvement Program General Fund 29,930 312,830 Recap of Funding Sources General Fund 29,930 Prop C 98,100 Highway Safety 1,217.460 Improvement Program TOTAL CIP-TRAFFIC SIGNAL MAINTENANCE 1,345,490 (E) = Essential (N) = Necessary (M) = Mandated (R) = Routine TRAFFIC SIGNAL MAINTENANCE ACCT. NO. 60-980-73-4810 Year To Date Expenditure Balance 134,667 897,993 19,515 293,315 154,182 1,191,308 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P12-04 Citywide Upgrade Traffic Street Signage P13-02 Repaving of Streets per Re-assessment Pavement Management Plan 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 P13-13 Installation of 45 Separate Improvements around Nine School Sites P14-07 Catch Basin Inserts Recap of Funding Sources TOTAL CIP-STREET CONSTRUCTION (E) = Essential (N) = Necessary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 15-JUN 16 Funding Source Budget (M) General Fund 200,000 (E) Gas Tax 614,000 (N) PropC 84,000 (N) Bicycle Transportation Ace! 479,985 (N) (E) General Fund 66,500 General Fund 266,500 PropC 84,000 Gas Tax 614,000 Bicycle Transportation Ace! 479,985 1,444,485 (M) = Mandated (R) = Routine ---------------------------------------- STREET CONSTRUCTION ACCT. NO. 60-980-75-4810 Year To Date Expenditure Balance 5,339 194,661 987,768 (373,768) 83,518 482 148,033 331,952 1,158 (1,158) 66,500 1,225,816 218,669 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P14-11 Rebuild the Roof for the City Yard Buildings Recap of Funding Sources TOTAL CIP-GEN GOV'T BLDGS (E) = Essential (N) = Necessary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 15-JUN 16 -- Funding Source Budget (D) General Fund 14,500 General Fund 14,500 14,500 (M) = Mandated (R) = Routine GENERAL GOVERNMENT BUILDINGS ACCT. NO. 60-980-81-4810 Year To Date Expenditure Balance 14,500 -14,500 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project 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 CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 15-JUN 16 Funding Source Budget (D) General Fund 90,000 General Fund 90,000 90,000 (M) = Mandated (R) = Routine PARKING FACILITIES ACCT. NO. 60-980-82-4810 Year To Date Expenditure Balance 16,303 73,697 16,303 73,697 (D) = Discretionary