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Home My Public Portal About10) 7F First Quarter Financial Status ReportAGENDA ITEM ?.F. ADMINISTRATIVE SERVICES DEPARTMENT MEMORANDUM DATE: November21 , 2017 TO: The Honorable City Council FROM: Bryan Cook , City Manager V ia: 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 2017) Financial Status Report. BACKGROUND: 1. On June 20 , 2017 , the City Council approved the Fiscal Year (FY ) 2017-18 Operating Budget for all fund ing sources in the amount of $18 ,503,695. 2 . On June 20 , 2017, the City Council adopted Resolution No . 17-5256 adopti ng the FY 2017-18 Statement of Investment Policy . ANALYSIS: In order to keep the City Council updated on the status of the City 's f inancial activities , on a quarterly basis for FY 2017-18, 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 Expend iture Report ; and 4) Capital Improvement Financial Status Report . 1. City Treasurer's Report The Treasurer or Chief Fiscal Officer (i.e ., Administrative Services Dire ctor) is required to render an annual statement of investment policy to the leg islative body of the local agency and to complete a monthly report containing specific information regard ing investment and deposits to the legislative body and the Chief Administrat ive Officer. The attached Treasurer's Report (Attachment "A "), wh ich is City Council November 21 , 2017 Page 2 of 4 completed and subm itted to the City Council on a monthly and quarterly basis , ref lects the cash balances and investments of $25 ,848 ,505 .36 as of September 30 , 2017 . 2. Re ve nue Summary Report This report (Attachment "B") is a summary of revenues by fund and category for the period of July 1, 2017 through September 30 , 2017 . The City has received and recorded $1 ,092,307 (8% of estimated revenues) in the General Fund to date . This represents a slight decrease of $1,650 of revenues for the same period last fiscal yea r. The C ity'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 p roperty tax and sales tax . The first major installment of property ta x will not be received until December 2017 . This entire category is $57,986 (o r 25 %) more than the same period last year primarily due to an increase in sales tax receipts ; • Licenses and Permits include build i ng permits , business l icense fees , animal license fees , parking permits , impound fees , temporary parking permits, code enforcement fees and in lieu parking fees. Collect ions for the f irst quarter this year are $13 ,852 (or 4 %) higher than last year primarily due to more act ivi ty in building permits. Revenues will continue to be monitored ; • Intergovernmenta l is primarily Motor Vehicle In Lieu . To date , revenues have not been realized as the two major payments from the State of California wil l be in January 2018 and May 2018 ; • Charges for Services are from recreation fees , facility rental fees , zoning fees plan check fees , and public works engineering fees . These revenues are reflected when services, classes or events are provided . Pr imarily, the revenues are lower due to the Recreation Fees having decreased $37 ,270 (19%) and Plan Check Fees being $20 ,630 (16 %) lower in comparison to the same quarter of last year. Also included in this category , are the fac ili ty rental fees and the shared maintenance charge to LA County Public Library for the maintenance prov ide d to the library parking lot ; • Fines and Forfeitures reflect revenues received from court fines on a monthly basis and park in g citations issued by the Los Angeles County Sheriffs Department and the City's Park in g Control Officers . The C ity received $18 ,681 (38 %) higher compared to the first quarter of the prior year; • Use of Money and Property category is interest earned on City investments from LAIF, Cert ificates of Depos it (C D) and bond investments . LAIF int erest City Council November 21 , 2017 Page 3 of 4 is received on a quarterly basis and Morgan Stanley Smith Barney and other investment interests from COs and Government Securities are received monthly, semi-annually or when the account matures . This category is approximately $2,800 (11 %) lower compared to the same period last year due to the timing of interest receipts ; 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 $37 ,000 (59%) lower than the same period of the last fiscal year primarily due to the Prirmrose Property Tenant Relocation Program resu lting in less rent collection and payment comp letion of the Temple City Gateway, LLC in April 2017 to the City for the digital billboard advertising and amortization agreement. Non-General funding sources (i.e., Special Revenue Funds) are received from various funds such as Traffic Safety , Gas Tax , Proposition A, P roposition C , Measure R , Measure M , Lighting/Landscape District and Community Deve lopment Block Grant (CDBG). Some revenues are received on a monthly basis whi le others are received when re imbursement requests are submitted to the other governmental agencies (i.e., State of California or Los Angeles County). Actual revenues rece ived during the first quarter are $114,000 higher due to timing of reimbursements. 3 . Ex penditure Summary Report This report (A ttachment "C") is a summary of expenditures for the period of July 1, 2017 throug h September 30 , 2017 . By the end of the first quarter, the pe rcent expended is generally 25 %. However, some payments are made in July that pay for the entire annual expense of the program (i.e ., memberships , i nsurance premiums and CaiPERS retirement contributions) which skew the percentage expended reported . Conversely , programs with lower percentages expended can be due to timing of the receipt of invo ices 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 expend itures may be sign ificantly 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 t ransfer 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 with in 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 21 , 2017 Page 4 of 4 4 . Capita/Improvement Financial Status Report The first quarte r expenditures re fl ect costs for seven C ityw ide Cap ital Improvement Projects : Senior Master Plan ; Resurface Four Tennis Court at Live Oak Park ; Update T raffic Signa ls on Temple City Boulevard ; Update Traffic S igna ls for C itywide ; Upgrade T raffic St reet Signage Citywide ; Street Resurfacing per Pavement Manageme nt Pl an (Phase 4); a nd T emple City Boulevard Parking Lot Project (Attachme nt "0 "). CITY STRATEGIC GOALS : The City Council is requested to receive and file the Fi rst Quarter Financial Status Report at the close of the fi rst quarter of FY 2017-18 to further City's Strategic Goa l to promote Good Governance . FISCAL IMPACT: T his item does no t have an impact on the FY 2017-18 City Budget. ATTACHMENTS : A. City of Temp le City Treasurer's Report B. City of Temp le C it y Revenue Summary Report C . City of Temp le C it y Expenditure Summary Report D. City of Temp le C it y Capital Improvement Financial Status Report CITY OF TEMPLE CITY TREASURER'S REPORT September 30, 2017 Cash in Bank Wells Fargo Bank-Checking -Payroll -Merchant Card US Bank -Checking Came lli a Fund East West Bank -Mo nthly Market Account Wells Fargo Bank-Check in g Petty Cash LA IF Effective Quarter to Date Yie ld 9/30/17 1.080% Morqa nStan ley SmithBarney Certificates of Deposit Weighted Ave rage to Date Yield 9/30/17 1.623% Governm ent Securities Weighted Average to Date Yield 9/30/17 1.052 % Corporat e Fixed Income Weig hted Average to Date Yie ld 9/3 0/17 1. 793 % Money Market Mutua l Securi ti es Government Secu rities Weighted Average to Date Yie ld 9/30/17 1.216% Money Market US Bank Certificates of Deposit We ight ed Average to Date Yield 9/30/17 1.21 9% Government Securities We ighted Average to Da te Yie ld 9/30 /17 1.372 % Los A ng eles County Poo l Inv estment Fund As of 9/30/17 1.390% OPEB Investment As of 8/31 /17 TOTAL PR IOR MONTH STATUS Tota l $ $ COST VALUE 584 ,051 .19 9,889 .82 30,466 .57 109,6 56.44 160,000 .00 10 ,597 .29 2,100 .00 1,15 1,311.81 3 ,280 ,000 .0 0 1 ,200,000.00 2 ,004 ,565 .00 5,450 .1 7 5,500 ,000 .00 0.14 3,081,000.00 1,961 ,659.70 5 ,657,757 .23 1,100,000 .0 0 25 ,848,505.36 26 ,776 ,29 6 .3 3 ATTACHMENT A $ $ MARKET VALUE 584 ,05 1.19 9 ,889 .82 30,466.57 10 9 ,656.44 160,000 .00 10 ,597 .29 2 ,100.00 1 '150,092.57 3,278,639.05 1,186 ,812 .50 2,00 0 ,923.00 5 ,450 .17 5,440 ,240.00 0.14 3 ,081 ,000.00 1 ,971 ,39 9.20 5,662,236.51 1,405,316.12 26 ,088 ,870 .57 27,020,316.20 All inves tments are p laced in accord ance with the City of Tem p le City's In vestmen t Policy . The above summary provides su ffici ent cash flow liquid ity to meet the next six month's est im ated ex penditures. T h is report is in accordance w ith Government Code Sect ion 53646. TRACEY L. HAUSE CI TY TREASURER Taxes Licenses an d Perm its Intergovernmental Charges for Services Fines, Forfeitures, & Pe nalities Use of Money and Property Other Revenue Total General Fund Revenue Total Special Reven ue Funds TOTAL REVENUE CITY OF TEMPLE CITY REVENUE SUMMARY REPORT-ALL FUNDS QUARTER ENDING -SEPTEMBER 30, 2017 2016-17 BUDGET 5 ,827 ,000 1,465,000 4 ,000 ,000 1,507 ,170 500,000 200,000 238,000 13,737 ,170 6 ,149,480 19,886,650 2016-17 YEAR TO DATE JUL-SEP 234 ,524 337,175 0 386,152 49,560 24,474 62 ,073 1,093 ,958 54 8 ,613 1,642 ,571 2017-18 BUDGET --·----------·----·---- 6,060,000 1,535,000 4 ,300 ,000 1,474 ,2 60 4 75,000 200,000 220,000 -------------------- 14,264,260 4 ,973,620 -------------------- 19,237,880 ---------------------- 2017-18 YEAR TO DATE JUL-SEP --------------·------ 292,509 351,027 0 333 ,681 68 ,242 21 ,641 25,207 ------------------- 1,092,307 663,289 ------·--------------- 1,755,596 ---------------------- PERCENT RECEIVED ------·--------------·- 5% 23% 0% 23% 14% 11 % 11% -------------------- 8 % 13% --------------------- 9 % ---------------------- )> --t --t )> () I ~ m z --t CD MANAGEMENT SERVI CES DEPARTMENT City Council City Manager C ity Manager (library Proj ect) City Attorney Elect ions City Clerk PUBLIC SAF ETY DIVISION Law Enforcement Traffic Engineeri ng Emergency Services Parking Administrati on ADMIN I STRATIVE SERVICES DEPARTMENT Support Services Insurance/Benefits Accounting Purchasi ng PARKS & RECREATION DEPARTMENT Re c reatio n/Huma n Services Pub lic Transportatio n Park s-Mtnce/F acilit ies Trees & Parkways CITY OF TEMPLE CITY EXPENDITURE SUMMARY REPORT-ALL FUNDS QUART ER ENDING-SEPT EMBER 30,2017 20 16-1 7 2016-17 2017-18 B U DGET YEAR T O DA T E BUDGET JUL-SEP -------·--------------------------·----------------------------- 178,91 5 50 ,489 179,790 856,395 240,427 949 ,935 1,500 ,000 382,000 27 ,114 362 ,000 85 ,875 3,576 0 324 ,825 87 ,244 327 ,560 -------------------------------------------------------------- 1,828 ,010 408 ,850 3,3 19,285 4 ,321 ,475 379 ,646 4 ,445,020 40,00 0 1,397 37 ,3 10 113,075 32,009 153 ,540 409,885 85,232 319 ,985 ---------·-------------------------------·------------------- 4 ,884,435 498,284 4 ,955 ,855 136,600 4 2 ,536 137,180 836 ,585 673,616 974 ,230 611 ,510 182,341 624 ,580 296 ,595 15,588 295,450 -----·-·------·---·---------·----------·-----·-------------------- 1,881 ,290 914 ,081 2 ,031 ,440 1,255 ,855 327 ,100 1,31 0 ,8 60 852 ,830 144 ,029 758 ,970 1,055 ,640 309 ,510 1,093 ,410 691 ,690 123 ,109 664 ,390 ---------------------·---·--------------------·------------- 3 ,856,015 903 ,748 3,827 ,630 2 0 17-18 PERCENT YEAR TO DAT E EXPENDED JUL-SEP -----------------------------------------·- 46,37 4 26% 261 ,826 28% 0 0 % 46 ,779 13% 0 0 % 9 3 ,3 12 28% ---------------·------------------------ 448 ,291 14% 7 11 ,427 16% 2 ,645 7% 39 ,4 86 26% 72 ,680 23% ------------------·------·----------------- 826,238 17% 57,375 4 2% 658 ,647 68 % 17 0,860 27% 118,014 40% )> ------------·----------·-·-------------------; 1,004 ,896 49% -; )> 0 303 ,765 23% I 156 ,4 50 21% ~ 2 87 ,808 26% m 144 ,377 22 % z ------------------------------------------; 892 ,400 23% 0 COM MUNITY DEVELOPMENT DEPARTMENT COMMUN ITY ENHANCEMENT DIVISION Planning Building Hou sing Commu nity Preservation CITY OF TEMPLE CITY EXPENDITURE SUMMARY REPORT-ALL FUNDS QUARTER ENDING -SEPTEMBER 30, 2017 2016-17 BUDGET 1,603,655 875,910 321 '100 619 ,905 3 ,420 ,570 2016-17 YEAR TO DATE JUL-SEP 271 '179 223,976 51 ,632 123,430 670,217 2017-18 BUDGET 918 ,730 715 ,790 233,870 532 ,500 -------------------- 2,400 ,890 INFRAST RUCTURE & MAINTENANCE DIVI S ION Administration & Engineering 480 ,550 136,500 128 ,565 341 ,900 86 ,006 4 ,799 18,672 36 ,608 690,420 156,500 117,460 379,800 Traffic Signal Maintenance Traffic Signs & Strip Maint. Street and Sidewalk Maintenance Solid Waste Management Street Lighting General Government Buildings Parki ng Facilities SUB TOTAL PROGRAM EXPENDITURES CAPITAL IMPROVEMENT FUND EQUIPMENT REPLACEMENT TRUST FUND CDBG LOAN REPAYMENT TOTAL EXPENDITURES 10,115 394 ,010 237,070 167,080 1,895 ,790 17,766,110 ---------------------- 5 ,3 25 ,980 90,2 00 0 0 23,182,290 ---------------------- 0 69 ,185 74 ,406 43 ,744 333 ,420 3,728,600 ---------------------- 148,7 94 4 3,66 0 0 0 3 ,921 ,054 =========== 10,110 359,930 269,900 100,630 2,084,750 18,619,850 ---------------------- 5 ,267,6 15 40,000 0 0 23,927,465 =========== 2017-18 YEAR TO DATE JUL-SEP 201 ,574 110 ,550 11 ,676 148,17 1 --·----------------·- 471 ,971 160,586 4 ,278 38 ,654 49,395 1,520 55 ,656 84 ,022 25 ,987 420 ,098 4 ,063 ,894 =========== 70 ,105 17,804 0 4,000 4 ,155,803 ---------------------- PERCENT EXPENDED 22% 15% 5 % 28% --------------------- 20% 23% 3% 3 3 % 13% 15% 15% 31 % 26% 20% 22% =========== 1% 45% 0 % 0 % 17% ---------------------- CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 17-SEP 17 CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL P17-02 P18 -01 P18-02 Senio r Master Plan (D) Re surface Four Tennis Courts at Live Oak Par~ (D) Renovation of Live Oak Park Community Cente (D) Office Recap of Funding Sources TOTAL CIP-PARKS MAINTENANCE I FACILITIES Fun ding Source General Fund Park Acquistion General Fund General Fund Park A cqui si tion Budget 10 ,000 15,000 35,000 45 ,000 15,000 60,000 ---------- PARKS-MAINTENANCE/FACILITIES I ACCT. NO. 60-980-59-4810 Yea r To Date Expenditure 2,454 13,650 16 ,104 Balance 7,546 1,350 35,000 43,896 )> --i --i )> () I ~ m r-----------------------------------------------------------------------------------~~ (E) = Essential (N) = Necessary (M) = Mandated (R) = Routine (D) = Discreti onary --i ~----------------------------------------------------------------------------~() 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 17 -SEP 17 Funding Source Budget (N) Highway Safety 934 ,560 Improvement Program Prop C 629 ,790 Surface Transportation 437 ,300 Program Local 2 ,001 ,650 P15-07 Upgrade Traffic Signals C ityw ide and Install (N ) Highway Safety 262 ,900 Other Safety Improveme nts Improvement Program Recap of Funding Sources Prop C 629 ,790 Highway Safety 1 '197 ,46 0 Improve ment Pro gra m Surface Transportation 4 37 ,3 00 P ro gram Local TOTAL CIP -TRAFFIC SIGNAL MAINTENANCE 2 ,264,550 (E) = Essential (N ) = Necessa ry (M) = Man dated (R) = Routine TRAFFIC SIGNAL MAINTENANCE ACCT. NO. 60-980-73-4810 Year To Date Expenditure Balance 21,452 1 ,980 ,198 4 ,7 82 258 ,118 26 ,2 34 2,238 ,31 6 (D ) = D isc retio na ry CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P12 -04 Citywide Upgrade Traffic Street Signage P14-07 NPDES Storm Water Management Proj ect P1 7-03 Las Tuna s D rive Study P18-03 Street Resurfacing per Pavement Management Plan (Phase 4) P18-06 Rosemead Boulevard Resurfacing Project Recap of Funding Sources TOTAL CIP-STREET CONSTRUCTION (E) = Essential (N) = Necessary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 17 -SEP 17 Funding Source Budget (M) General Fund 175,000 (E) General Fund 66 ,500 (D) General Fund -Eco nomic 190,000 Development (E) MeasureR 750,000 Measure M 400,000 PropC 600 000 1,750,000 (E) General Fund 105,145 RMRA 206 420 311 ,565 General Fund 346 ,645 General Fund -Economic 190,000 Development Prop C 600 ,000 MeasureR 750 ,000 Measure M 400 ,000 Road Maintenance and 206 ,420 Repair Act 2,493 ,065 (M) = Mandated (R) = Routine STREET CONSTRUCTION ACCT. NO . 60-980-75-4810 Year To Date Expenditure Balance 1,176 173,824 66,500 190,000 12 ,552 1,737,448 311 ,565 13,728 2,479,337 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P14-11 Rebuild the Roof for the City Yard Buildings P17 -0 4 city Hall In terior Enhancement R ecap of Funding Sources TOTAL CIP -GEN GOV'T SLOGS (E) = Essential (N) = N ecessary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 17-SEP 17 Funding Source Budget (D) General Fund 55 ,000 (D) General Fund 80 ,000 Genera l Fund 135,000 135,000 (M) = Mandated (R) = Routine GENERAL GOVERNMENT BUILDINGS ACCT. NO. 60 -980-81-4810 Year To Date Expenditure Balance 55,000 80 ,000 -135,000 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No . Project P17 -05 Temple Ci ty Blvd. Parking Lot Project P1 8-05 City Parking Lot s Landscape Enh a ncement Recap of Funding Sources TOTAL CIP -GEN GOV'T BLDGS (E ) = Essential (N) = Necessary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 17 -SEP 17 Fu ndin g Source Budget (D) General Fund -Economic 300,000 Deve lopment (D) General Fu nd 15 ,000 General Fund 15 ,000 General Fund -Economic 300 ,000 Development 315 ,000 (M) = Mandated (R) = Routine PARKING FACILITIES ACCT. NO. 60-980-82-4810 Year To Date Expenditure Balance 14 ,039 285,96 1 15,000 14,039 300,961 (D) = Discretionary