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Home My Public Portal About12) 7I Third Quarter Financial Status ReportAGENDA ITEM 7.1. ADMINISTRATIVE SERVICES DEPARTMENT MEMORANDUM DATE: June 6, 2017 TO: The Honorable City Council FROM : Bryan Cook , City Manager Via : Tracey L. Hause , Administrative Services Director By : Lee Ma , Accountant SUBJECT: THIRD QUARTER FINANCIAL STATUS REPORT RECOMMENDATION: The City Council is requested to receive and file the Th ird Quarter City Treasurer's Report , Revenue and Expenditure Summary Reports and the Capital Improvement Financial Report . BACKGROUND I ANALYSIS: Historically on a quarterly basis , staff 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 Fiscal Year (FY) 2016-17 , January 2017 through March 2017: 1. City Treasurer's Report The T reas urer or Chief Fiscal Officer is requ ired to render an annual statement of investment policy to the legislative body of the local agency and to report on a monthly basis specific information regard ing in vestment and deposits to the legislative 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 , 2017 . The City 's idle cash and reserves are invested with the Local Agency Investment Fund (LAIF}, MorganStanley , SmithBarney , Mutual Securities , U.S . Bank , Los Ange les County Poo l Investment Fund , and Public Agency Retirement Services . City Council June 6 , 2017 Page 2 of 4 2 . Revenue Summary Report This report is a summary for the period of July 1, 2016 to March 31 , 2017 , (Attachment "8 "). By the end of the third quarter the percent of revenue received is generally 75% except for those types of revenues that are received annua ll y 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 reve nues are summarized into seven categories : • Taxes include revenues from property tax , sa les tax , real estate transfer tax and franchise fees . The first major installment of property tax was received in December 2016 and January 2017 . The second installment will be received in April and May of 2017. Growth in taxes continues as property taxes are $107 ,000 higher and sales tax is $226 ,000 higher than the third quarter of FY 2015-16 . • Licenses and Permits include building permits , business license fees , animal license fees , parking permits , impound fees , temporary parking perm its , code enforcement fees and encroachment permits . During the th i rd quarter, revenues received from this category are $87 ,000 higher than the third quarter last fiscal year primarily due to higher building permit fees and encroachment permits . • Intergovernmental is primarily Motor Vehicle In Lieu , received from the State of California , which is $112 ,000 higher than the third quarter during the same time last year. • Charges for Services include revenues from recreation fees , facility rental fees , zoning fees , plan check fees , and public works and engineering fees . Also included is the shared maintenance charge to Los Angeles County Public Library for the maintenance provided to the library parking lot. This category is $113 ,000 lower than the same quarter last year due to decreases in zoning fees , recreation fees and plan check fees . • Fines and Forfe itures reflect revenues received from court fines and parking citations issued by the Los Angeles County Sheriffs Department and City staff. The City also contracts with Data Ticket, Inc. to process parking citations . Revenues received from this category are $43,000 higher than the same quarter of last year due to an increase in overnight parking citations that have been written as a result of filled positions that were previously vacant. • Use of Money and Property category reflect interest earned on City investments from LAIF , Certificates of Deposit (CD) and bond investments. Revenues from this category are $68 ,870 lower in comparison to the same City Council June 6 , 2017 Page 3 of 4 period last year primarily as a result of the timing of recording interest revenues and adjustments to the fair market value of the investments and the recording of an unrealized gain or (loss). The adjustments to the fair market value of investments are required in accordance with Governmental Accounting Standards Board (GASB) 31 . In an effort to continue with improved financial reporting, adjustments to the fair market value of investments, starting in this fiscal year, are now recorded and reported on a quarterly basis rather than just at year end. While as of the third quarter the City is reporting an unrealized loss of $166 ,369 , there is no money actual ly been lost since investments still yield the origina l rate of interest when the investment was purchased and the City will hold the all current investments until maturity . We have conferred with our auditors on this reporting . • 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. Rece ipts collected are s imilar to last year's collections for the third quarter. 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 bas is where others are rece ived when forms are submitted for re imbursement of expenditures . The Special Revenues are $1 ,046 ,000 higher this quarter in comparison to the same quarter of last fiscal year primarily due to the City receiving Congestion Mitigation and Air Quality Grant, and Safe Route to School Grant reimbursement for Fiscal Year 2015-16 City Capital Improvement Projects . Further, additional Community Development Block Grant funds for the housing rehabilitation program have been received and grant funds for traffic safety improvements and the Live Oak Park Walking and Jogging Path have been recognized . 3 . Expenditure Summary Report This report is a summary for the period of July 1, 2016 to March 31 , 2017 (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 m i nimum . Maj or programs that are contracted with Los Angeles County (i .e ., Sheriff's contract) are generally a month or two behind due to the County's time frame in invoicing the City. While the Administrative Services Department expenditures are showing 86 % expended as of March 31 , 2017 , there have been material one-time payments such as costs for part-time CaiPERS retirement expenses , liability and workers ' compensation insurance premiums and lease payments of the City's fleet that skew the percentage of spending . It is anticipated the Adm inistrative Serv ices Department will be within budget at fiscal year-end . City Council June 6 , 2017 Page 4 of 4 4 . Capital Improvement Financial Report This report lists the third quarter expenditures which reflect costs for proj ects as indicated in Attachment "D": Live Oak Park Walking and Jogging Path -Complete and under budget ; Veteran 's Monument -Complete and under budget ; Renovation of Las Tunas Drive Lighting -Complete and carry-over from last fiscal year; Senior Master Plan -Project underway and will be carried over into next f iscal year; Court resurfacing at Live Oak Park-Project underway ; Update of Traffic Signals on Temple City Boulevard and Other Safety Improvements-In process of analyzing bids ; Upgrade Traffic Signals Citywide-In process of analyzing b ids ; Citywide Upgrade Traffic Signal Signage -Bid notice w ill be published in June. Repaving of Streets per Reassessment Pavement Management Plan - Bid notice will be published in June ; NPDES Storm Water Management Program ; Specific improvements to be identified ; Las Tunas Drive Study-Will be carried over into the next fi scal year ; Rebuild the Roof for the City Yard Build ing-Will be carried over into next f isca l year; City Hall Space Planning Project-Complete ; and Temple City Boulevard Parking Lot Project-Construction underway . CITY STRATEGIC GOALS: The C ity Council is requested to rece ive and file the Third Quarter Financial Status Report at the close of the third quarter of FY 2016-17 and further City's Strategic Goa l to promote Good Governance. FISCAL IMPACT: This item does not have an impact on the FY 2016-17 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 March 31, 2017 (Restated) Cash in Bank Wells Fargo Bank-C hecking -Payroll -Merchant Card US Bank -Checking Camellia Fund East West Bank-Month ly Market Account Wells Fargo Bank-Checking Petty Cash LA IF Effective Quarter to Date Yield 3/31/17 0 . 780% MorganStanley SmithBarney Certificates of Deposit Weighted Average to Date Yield 3/31/17 1.538% Government Securities Weig hted Average to Date Yield 3/31 /17 1 . 052% Corporate Fixed Income Weighted Average to Date Yie ld 3/31/17 1 .793% Money Market Mutual Securities Government Securities Weighted Average to Date Yield 3/31/17 1.216% Money Market US Bank Certificates of Deposit Weighted Average to Date Yield 3/31/17 1.169% Government Securities Weighted Average to Date Yie ld 3/31/17 1.270% Los Ange les County Pool Investment Fund As of 3/31/17 1.290% OPEB In vestment As of 2/28/17 TOTAL PRIOR MONTH STATUS Total $ $ COST VALUE 686 ,778 .61 8 ,709 .83 19,978.50 77 ,509 .55 160,000.00 10,323.46 2,100.00 1 ,842 ,701.38 2,786 ,000 .00 1 ,200 ,000.00 2 ,004,565.00 5,417.75 5 ,500 ,000 .00 0 .14 3,973 ,000 .00 1,461,659 .70 5,625,707.46 1 '1 00 ,000 .00 26,464,451.38 26 ,827 ,528 .28 ATTACHMENT A $ $ MARKET VA LUE 686 ,778 .61 8,709 .83 19,978 .50 77,509 .55 160,000.00 10,323.46 2 ,100 .00 1,841 ,638 .14 2,793 ,575 .21 1 '183 ,434 .25 2,009 ,341 .76 5,417.75 5,415 ,545 .00 0 .14 3,973 ,000.00 1,466,725.90 5,625,707.46 1,335 ,871 .19 26,615,656.75 27 ,090 ,035.51 All investments are placed in accordance with th e City of T emple C ity's Investment Pol icy . The abov e summary provides suffi cient cas h flow li quidity to meet the next s ix month's estimated expend iture s. Th is report is in accordance with Government Code Section 53646. ~}L-- TRACEY L. HAUSE CITY TREASURER Taxes Licenses and Permits Intergovernmental Charges for Services Fines , Forfeitures , & Penalities Use of Money and Property Interest Income Unrealized Gain (Loss) Tota Use of Money and Property M iscellaneous Total General Fund Revenue Total Special Revenue Funds TOTAL REVENUE CITY OF TEMPLE CITY. , == REVENUE SUMMARY REPORT-ALL ~FUNDS == =.-=·· ,, QUARTER ENDING ~MARCH :3:Fi()17: 2015-16 2015-16 2016-17 BUDGET YEAR TO DATE BUDGET JUL-MAR ............................................... .. ................................................ ---·----------------- 5 ,530 ,540 2,880,711 5 ,827 ,000 1,530 ,000 1,301 ,729 1,465,000 3,917 ,000 1,981 ,999 4 ,000 ,000 1 ,499,100 1,140,197 1,507 ,170 500,000 220,356 500 ,000 200,000 92 ,976 200 ,000 -·--·-·-·-----------·---------·--------------·------------- 200,000 92 ,9 76 200,000 365 ,000 247 ,074 238,000 -------------------------------------·--·--............................................ 13,541 ,640 7 ,865 ,042 13,737 ,170 5 ,906 ,550 2 ,653 ,166 6 ,293,480 --------·--·------------------------·-·----------- 19,448,190 10,518,208 20,030,650 -----------------------=========== ----------------------- 2016-17 YEAR TO DATE JUL-MAR --------.................................. 3 ,225,641 1 ,388 ,833 2 ,094 ,458 1 ,026 ,345 264 ,293 190,475 (166,368) --·--·---------------- 24 ,107 246,438 --------------·--·----·-- 8 ,270,115 3 ,699,839 ----·----·------------·-- 11,969,954 ============ PERCENT RECEIVED -·-----------------·- 55% 95% 52 % 68% 53% 95% --·-·--·-----·------- 12% 104% -----·---------·---- 60% 59% -·-···---------- 60% =========== )> ~ ~ )> 0 I ~ m z ~ OJ EXPENDITURE ·SUMMARY REPORT -ALL FUNDS 31 2017 2015-16 2015-16 2016-17 BUDGET YEAR TO DATE BUDGET JUL-MAR --------------·--·-----·--·--·--·--·--·--·--··--·-··--....................................................... MANAGEMENT SERVICE S City Council 174,545 107,567 178,915 City Manager 856 ,910 556,933 1 '1 36,395 City Attorney 492 ,000 285 ,167 382 ,000 Elections 0 0 85,875 City Clerk 304 ,610 179,114 324,825 -------·----·--·-... --.-----·-------------------------------- 1 ,828 ,065 1,128,781 2 ,108,010 ADMINISTRATIVE SERVICES DEPARTMENT Support Services 132,810 95,618 136,600 Insurance/Benefits 952 ,665 668,659 1 ,045 ,285 Accounting 543 ,510 376,548 611,510 Purchasing 282 ,900 133,525 296,595 --·--------------------------------------·--·-·---- 1,911 ,885 1,274,350 2 ,089,990 COMMUNITY DEVELOPMENT DEPARTMENT Planning 1,886 ,915 550 ,510 1,609,655 Build ing 767,860 627,703 877 ,410 Housi ng 195,990 137,251 439,600 --·------------------·---------·----------------- 2 ,850 ,765 1 ,315,464 2,926,665 COMMUNITY SERVICES DEPARTM ENT Recreat ion/Human Services 1 ,156,260 827,072 1,263,885 Public Transportation 851 ,885 469,594 852,830 Parks -Maintenance/Facilities 989,435 677,842 1 ,070 ,640 Trees & Parkways 675,410 370,192 691 ,690 -------------------·--·---------------------·-------------- 3 ,672,990 2 ,344 ,700 3,879,045 2016-17 YEAR TO DATE JUL-MAR .................... ---·-----·-------- 114,570 631,878 205,288 52,867 225 ,901 ----------------·--·- 1 ,230 ,504 110,046 954,496 480,937 248,468 -----·--·-------·-----·-- 1,793 ,947 714,895 642 ,681 219,873 ---------·--------- 1,577,449 878,986 455,170 806,127 435,353 ------------------·--- 2 ,575 ,636 PERCENT EXPENDED ----------------·--·-- 64% 56% 54% 62% 70% ------·-----------·-- 58% 81% 91 % 79% 84% -------------------- 86% 44% 73% 50% ----------------- 54% 70% 53% 75% 63% ------·--·----------- 66% )> -I -I )> () I ~ m z -I () COM MUN ITY DEVELOPMENT DEPARTM ENT PU BLI C SAFE TY DI VI SION Law Enforcement Traffic E ngineering A nimal Control Emergency Services Community Preservation Parking Administration P U BLIC WORKS DIVISION Administration & Engineering Street Cleaning Traffic Signal Maintenance Traffic Signs & Strip Maint. Street Maintenance Sidewalk Maintenance Solid W aste Management Street Lighting MAI NTE NANCE D IVISION General Government Build ings Parking Facilities Graffiti Abatement SUB TOTAL PROGRAM EXP E NDITURES : · . > =~ =· = = '"= :=\CI-TY OF T EM PUH~I TY . \~~E N DlTI:JRE :S UMMA:~Y .~P OR"t ·~~Ati =P.UN DS · ·.· ,::::i:i::~:~:: =;:qvARTER =ENDtNG = .. ~MAR¢H:J'~~i.oji :===_.:, ;:,::=· .· 2015-16 BUDGET 4 ,017 ,060 40,000 201 ,790 108,775 358,825 390,545 ----------------·--·-- 5 ,116,995 498 ,125 202,490 136,500 173,925 61 '150 63,340 19,490 375,425 -·---·--·-------·--·---- 1 ,530 ,445 239 ,300 152,855 50 ,000 -------·--·----------- 442 ,155 17 ,353 ,300 2015-16 YEAR TO DATE JUL-MAR 2 ,627,423 28 ,242 135,171 66,762 164,410 224,375 --·----------·-·----·-·-- 3,246,383 300,466 119,277 87 ,526 62 ,454 37 ,370 48,433 4 ,980 231,430 -----------------·----- 891,936 175,745 82 ,553 30,128 ------·---------------·- 288,426 10,490,040 2016-17 BUDGET 4 ,271,475 40 ,000 240 ,045 113,075 335,860 408,385 ------------------- 5,408,840 480,550 208,800 136,500 142,565 83 ,100 50 ,000 10,115 394 ,010 ------------·-------- 1,505,640 297,270 167,080 50,000 ------·--·----·-------- 514 ,350 18,432,540 2 016-1 7 YEAR TO DATE JUL-MAR 2 ,821 ,226 14,2 14 177,326 80,352 183,872 243 ,498 ---·------------------- 3,520,488 316 ,896 155,251 87,230 64,475 55,294 34,565 7,981 236,627 ---------·------------- 958 ,319 256 ,589 116,153 25,323 -·-·-----------·--·------·- 398 ,065 12,054,408 PERCENT EXPENDED 66% 36% 74% 71% 55% 60% ----------·---------- 65% 66% 74% 64% 45% 67% 69% 79% 60% -------------------- 64% 86% 70% 51% ------------·--·---·--- 77 % 65% 2015-16 2015-16 BUDGET YEAR TO DATE JUL-MAR ---·-----·----·------------------·------------ SUB TOTAL PROGRAM EXP ENDI T URES 17,353 ,300 10,490,040 CAPITAL IMPROVEMENT FUND 3,411,165 811 ,522 EQUIPMENT REPLACEMENT 143,900 51 ,989 TRUST FUND 0 2 ,625 --·-------·-···------------------------------ TOTAL EXPENDITURES 20,908,365 11 ,356,176 =========== ============ CDBG LOAN REPAYMENT 27 ,000 38 ,285 GRAND TOTAL 20 ,935,365 11 ,394,461 =========== ============ 2016-17 BUDGET ................................................................. 18,432,540 5,540,640 90,200 0 -------------·------- 24,063,380 =========== 25,000 24,088,380 =========== 2016-17 YEAR TO DATE JUL-MAR --------------------- 12 ,054,408 1,330 ,706 55 ,625 260 -----·----------------- 13,440,999 ============ 25 ,000 13,465,999 ============ PERCENT EXPENDED 65% 24% 62 % 56% ---------------------- 100% 56% =========== CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P16-01 Live Oak Park Walking and Jogg ing Path P16-02 Veteran's Monument P17 -01 Renovation of Las Tunas Drive Lighting P17-02 Senior Master Plan P17-06 Resurface Six Cou rts at Live Oak Park Recap of Fundi ng Sources CITY OF TEMPL E CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 16-MAR 17 Fundi ng Source Budget (D) DEFG 240,000 Park Acquisition 51 ,850 General Fund 20 500 312 ,350 (D) Park Acquisition 197 ,500 (D) Light ing /Lanscape 9,810 District (D) General Fund 20 ,000 (D) Park Acquistion 20 ,000 General Fund 40 ,500 Park Acquisition 269,350 Lightiing /Landscape 9,810 District 5th D istrict 2015 Excess 240 ,000 Funds Grant TOTAL CIP -PARKS MAINTENANCE I FACILITIES 559 ,660 (E) = Essential (N) = Necessary (M) = Mandated (R) = Routine PARKS -MAINTENANCE/FAC ILITIES ACCT. NO. 60-980-59-4810 Year To Date Expenditure Balance 298,234 14,116 186 ,671 10,829 9,810 - 20 ,000 20 ,000 ):: -- f. ::r 494,715 64,945 s; [! 7 -(D)= D iscretionary c CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P15-06 Update Traffic Signals on Temple C ity Blvd . between El Camino Real Avenue and Ellis Lane, and Other Safety Improvements CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 16 -MAR 17 Funding Source Budget (N) Highway Safety 934 ,560 Improvement Program Prop C 704,790 Surface Transportation 437,300 Program Local 2 ,076 ,650 P15-07 Upgrade Traffic Signals Citywide and Install (N) Highway Safety 282 ,900 Other Safety Improvements Improvement Program General Fund 9,930 292 ,830 Recap of Funding Sources General Fund 9 ,930 Prop C 704,790 Highway Safety 1,217,460 Improvement Program Surface Tra nsportation 437 ,300 Program Local TOTAL CIP-TRAFFIC SIGNAL MAINTENANCE 2,369 ,480 (E) = Essentia l (N) = Necessary (M ) = Mandated (R ) = Routine TRAFFIC SIGNAL MAINTENANCE ACCT . NO. 60 -980-73-4810 Year To Date Expend iture Balance 16 ,526 2 ,060 ,124 7 ,440 285,390 23 ,966 2,345,514 (D ) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No . Project P12-04 Citywide Upgrade Traffic Street Signage P13-02 Repav in g of Streets per Re-assessment Pavement Management Plan P14-07 NPDES Storm Water Management Project P1 7-03 Las Tunas Drive Study Recap of Funding Sources TOTAL CIP-STREET CONSTRUCTION (E) = Essential (N) = Necessary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 16-MAR 17 Fund ing Source Budget (M) General Fund 200,000 (E) MeasureR 1,500,000 (E) General Fund 66 ,500 (D) General Fund 200 ,000 General Fund 466,500 MeasureR 1,500 ,000 1,966 ,500 (M) = Mandated (R) = Routine STREET CONSTRUCTION ACCT. NO. 60 -980-75-4810 Year To Date Expenditure Balance 200 ,000 749 ,678 750,322 66,500 7,015 192 ,985 756,693 1,209,807 (D ) = Discretionary CAPITAL I MPROVE MEN T PROGRAM PROJEC T D ETAIL No . Project P14-11 Rebuild the Roof for the City Yard Buildings P17-04 City Hall Space Planning Project Recap of Funding Sources TOTAL CIP -GEN GOV'T BLDGS (E) = Essential (N) = Necessary CITY OF TEMPLE CITY PRELIMI NARY FI NA NCIAL STATUS REPORT JUL 16-MAR 17 F unding Source Budget (D) General Fund 45,000 (D) General Fund 50 ,000 General Fund 95,000 95 ,000 (M) = Mandated (R) = Routine GENERAL GOVERNMENT B UI LDINGS ACCT. NO. 60 -980-81-4810 Year To Date Expenditure Balance 45,000 11 ,712 38 ,288 11,712 83 ,288 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P17-05 Temple City Blvd . Parking Lot Project Reca p of Funding So urces TOTAL CIP -GEN GOV'T SLOGS (E) = Essential (N) = Necessary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 16-MAR 17 Funding Source Budget (D) General Fund 550 ,000 General Fund 550 ,000 550 ,000 (M) = Mandated (R) = Routine PARKING FACILITIES ACCT. NO . 60-980-82-48 10 Year To Date Expenditure Balance 43 ,619 506 ,381 43 ,619 506 ,38 1 (D) = Discretionary