The URL can be used to link to this page

Home My Public Portal About10) 7F Third Quarter Financial Status ReportAGEN DA ITEM ?.F . ADMINISTRATIVE SERVICES DEPARTMENT MEMORANDUM DATE: May 1, 2018 TO: The Honorable City Council FROM: Bryan Cook , City Manager Via : Julia James , Interim Administrative Services Director By: Lee Ma , Accountant SUBJECT: THIRD QUARTER FINANCIAL STATUS REPORT RECOMMENDATION: The City Counci l is requ ested to receive and fil e the Th ird Quarte r City Treasurer's Report , Revenue and Expenditure Summary Reports and the Capita l Improvement Finan cia l Report. BACKGROUND I ANALYSIS: Histori ca ll y o n a quarterly basis , staff ha s s ubmi tted reports to the City Council on treasury activ ities and revenue and expenditure transa ct ions . Th e following reports represent activities for th e third quarter of Fiscal Year (FY ) 2017-18 , January 2018 through March 20 18 : 1. City Treasurer's Report The Treasurer or Chief Fiscal Officer is required to render an annual statement of investment policy to the legisl ative body of the local agency and to report on a monthly basis specific information regarding investment and deposits to the legislative body and the Chief Administrative Officer. The attached Treasurer's Report (Attach ment "A "), whic h is completed monthly and submitted to the City Council on a month ly and quarterly basis , reflects the balance as of March 31 , 2018 . The City 's idle cash and reserves are invested with the Local Agency Investment Fun d (LAIF), MorganStanley , SmithBarney , Mutual Securities , U .S . Bank , Los Angeles County Pool Investment Fund , and Public Agen cy Retirement Serv ices . 2 . Revenue Summary Report Thi s report is a s umm ary for the period of July 1, 2017 to March 31 , 2018 , (Attac hment "B"). By the end of the th ird quarter the per cent of revenue re ceived City Council May1,2018 Page 2 of 4 generally 75% except for those types of revenues that are received annually 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 revenues are summarized into seven categories: • Taxes include revenues from property tax, sales tax, real estate transfer tax and franchise fees. The first major installment of property tax was received from December 2017 through February 2018. The second installment will be received in April and May of 2018. Growth in taxes continues as property taxes are $278,000 higher and sales tax is $72,000 higher than the third quarter of FY 2016-17. • Licenses and Permits include building permits, business license fees, animal license fees, parking permits, impound fees, temporary parking permits, code enforcement fees and encroachment permits. During the third quarter, revenues received from this category are $224,000 lower than the third quarter last fiscal year primarily due to lower building permit fees and encroachment permits. • Intergovernmental is primarily Motor Vehicle In Lieu, received from the State of California, which is $147,000 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 $98,000 higher than the same quarter last year primarily due to increase in plan check fees. • Fines and Forfeitures reflect revenues received from court fines and parking citations issued by the Los Angeles County Sheriff's Department and City staff. The City also contracts with Data Ticket, Inc. to process parking citations. Revenues received from this category are $146,000 higher than the same quarter of last year due to revenues increases from the court, Data Ticket, and collection from parking citations that have been written as a result of filled positions that were previously vacant. • Use of Money and Property category reflects interest earned on City investments from LAIF, Certificates of Deposit (CD) and bond investments. Revenues from this category are $8,984 higher in comparison to the same 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 City Council May1,2018 Page 3 of 4 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 last 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 $77,619, there is no money actually lost since investments still yield the original rate of interest when the investment was purchased and the City will hold all current investments until maturity. We have conferred with our auditors on this reporting. • Miscellaneous category reflects revenues from Assembly Bill (AB)939 Reimbursements, Recyclable Revenue, and Rental Income. The City continues to receive monthly rental payments from CingularWireless (AT&T) and Temple City Chamber of Commerce. The amount is lower from the last year's collections for the third quarter because the City no longer rents out the Primrose Property. Special Revenues are received from various funds such as Proposition A, Proposition C, Measure R, Measure M, Gas Tax, Road Maintenance Rehabilitation Account, 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 $306,486 higher this quarter in comparison to the same quarter of last fiscal year because the City has started to receive two new sources of revenues: Measure M and Road Maintenance Rehabilitation Account. 3. Expenditure Summary Report This report is a summary for the period of July 1, 2017 to March 31, 2018 (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 minimum. Major 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 85% expended as of March 31, 2018, 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 Administrative Services Department will be within budget at fiscal year-end. 4. Capital Improvement Financial Report This report lists the third quarter expenditures which reflect costs for projects as indicated in Attachment "D": City Council May1,2018 Page 4 of 4 • Senior Master Plan -Project underway and anticipated to be completed this fiscal year; • Tennis court resurfacing at Live Oak Park-Completed; • Update of Traffic Signals on Temple City Boulevard and Other Safety Improvements-Project underway; • Upgrade Traffic Signals Citywide-Completed; • Citywide Upgrade Street Signs-Project underway; • Repaving of Street per Reassessment Pavement Management Plan -Project ongoing; • Rebuild the Roof for the City Yard Building-Completed; • City Hall Interior Enhancement Project-Completed; • Temple City Boulevard Parking Lot Project-Completed; and • City Parking Lots Landscape Enhancement Project -Project underway. CITY STRATEGIC GOALS: City Council's review of the Third Quarter Financial Status Report at the close of the third quarter of FY 2017-18 furthers City's Strategic Goal to promote Good Governance. FISCAL IMPACT: This item does not have an impact on the FY 2017-18 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 Capita/Improvement Financial Status Report CITY OF TEMPLE CITY TREASURER'S REPORT March 31, 2018 Cash in Bank Wells Fargo Bank-Checking Payroll· Merchant Card US Bank-Checking Camellia Fund East West Bank-Monthly Market Account Wells Fargo Bank-Checking Petty Cash LAIF Effective Quarter to Date Yield 3/31/18 1.430% MorganStanley Smith Barney Certificates of Deposit Weighted Average to Date Yield. 3/31/18 1.810% Government Securities Weighted Average to Date Yield 3/31/18 1.052% Corporate Fixed Income Weighted Average to Date Yield 3/31/18 1. 793% Money Market Mutual Securities Government Securities Weighted Average to Date Yield 3/31/18 1.383% Money Market US Bank Certificates of Deposit Weighted Average to Date Yield 3/31/18 1.663% Government Securities Weighted Average to Date Yield 3/31/18 1.584% Los Angeles County Pool Investment Fund As of3/31/18 1.680% OPEB Investment As of 2/28/18 TOTAL PRIOR MONTH STATUS Total $ $ COST VALUE. 1,482,657.94 9,528.07 41,592.24 380,692.06 160,000.00 10,625.68 2,100.00 157,652.25 3,280,000.00 1,200,000.00 2,004,565.00 3,228.55 6,500,000.00 0.14 2,984,000.00 2,196,393.03 4,694,810.25 1 '1 00,000.00 26,207,845.21 26,525,197.82 ATTACHMENT A $ $ MARKET VALUE 1,482,657.94 9,528.07 41,592.24 380,692.06 160,000.00 10,625.68 2,100.00 157,351.61 3,242,801.26 1 '177,459.50 1,982,483.55 3,228.55 6,383,725.00 0.14 2,984,000.00 2, 184,778.69 4,699,431.89 1,455,337.23 26,357,793.41 26,705,035.00 All investments are placed in accordance with the City Of Temple City's Investment Policy. The above summary provides sufficient cash flow liquidity t eet the next · onth's estimated expenditures. This report is in accordance with Government Code Section 53646. Taxes Licenses and Permits Intergovernmental Charges for Services Fines, Forfeitures, & Penalities Use of Money and Property Interest Income Unrealized Gain (Loss) T ota Use of Money and Property Miscellaneous Total General Fund Revenue Total Special Revenue Funds TOTAL REVENUE CITY OF TEMPLE CITY REVENUE SUMMARY REPORT-ALL FUNDS QUARTER ENDING-MARCH 31,2018 2016-17 2016-17 2017-18 BUDGET YEAR TO DATE BUDGET JUL-MAR ------------------------------------------------ 5,827,000 3,225,641 6,060,000 1,465,000 1,388,833 1,498,000 4,000,000 2,094,458 4,300,000 1,507,170 1,026,345 1,389,260 500,000 264,293 475,000 200,000 190,475 200,000 (166,368) -------------------------------------- 200,000 24,107 200,000 238,000 246,438 237,000 ----------------------------------------- 13,737,170 8,270,115 14,159,260 6,293,480 3,331,859 4,981,020 ------------------------------------------- 20,030,650 11,601,974 19,140,280 =========== ============ =========== 2017-18 YEAR TO DATE JUL-MAR ------------------- 3,586,708 1,164,663 2,241,237 1,124,910 410,343 110,710 (77,619) -------------- 33,091 200,122 ----------- 8,761,074 3,638,345 ----------- 12,399,419 =======;;;;;;:;;;;;;;;;;;;; PERCENT RECEIVED ------------- 59% 78% 52% 81% 86% 55% ----------- 17% 84% --------------- 62% 73% ------------ 65% =========== )> -I -I )> 0 I :s:: m z -I OJ CITY OF TEMPLE CITY EXPENDITURE SUMMARY REPORT -ALL FUNDS QUARTER ENDING -MARCH 31, 2018 2016-17 2016-17 2017-18 2017-18 PERCENT BUDGET YEAR TO DATE BUDGET YEAR TO DATE EXPENDED JUL-MAR JUL-MAR ~-------------------------------------------~ ------------------------------ MANAGEMENT SERVICES City Council 178,915 114,570 179,790 115,914 64% City Manager 1 '136,395 631,878 1,100,735 707,678 64% City Manager (Library Project) 0 0 1,500,000 0 City Attorney 382,000 205,288 362,000 186,657 52% Elections 85,875 52,867 47,000 1,501 3% City Clerk 324,825 225,901 327,560 240,094 73% --------------------------------------------------------------------- 2,108,010 1,230,504 3,517,085 1,251,844 36% PUBLIC SAFETY DIVISION Law Enforcement 4,321,475 2,846,549 4,469,620 2,935,038 66% Traffic Engineering 40,000 14,214 37,310 15,067 40% Emergency Services 113,075 80,352 153,540 113,797 74% Parking Administration 408,385 243,498 319,985 215,984 67% ------------------------------------------------------------------ 4,882,935 3,184,613 4,980,455 3,279,886 66% ADMINISTRATIVE SERVICES DEPARTMENT Support Services 136,600 110,046 137,180 121,925 89% Personnel 1,045,285 954,496 974,230 880,848 90% Accounting 611,510 480,937 624,580 473,017 76% Purchasing 296,595 248,468 295,450 242,215 82% ---------------------------------------------------------------------------- 2,089,990 1,793,947 2,031,440 1,718,005 85% )> PARKS & RECREATION DEPARTMENT -I Recreation/Human Services 1,263,885 878,986 1,310,860 904,377 69% -I Public Transportation 852,830 455,170 758,970 507,591 67% )> Parks -Maintenance/Facilities 1,070,640 806,127 1,094,460 817,706 75% 0 Trees & Parkways 691,690 435,353 672,390 488,248 73% I ----------------------------------------------------------------------------------- 3,879,045 2,575,636 3,836,680 2,717,922 71% ~ m z -I 0 CITY OF TEMPLE CITY EXPENDITURE SUMMARY REPORT-ALL FUNDS QUARTER ENDING-MARCH 31,2018 2016-17 2016-17 2017-18 2017-18 PERCENT BUDGET YEAR TO DATE BUDGET YEAR TO DATE EXPENDED JUL-MAR JUL-MAR ----------------------------------------------------------------------------- COMMUNITY DEVELOPMENT DEPARTMENT COMMUNITY ENHANCEMENT DIVISION Planning 1,609,655 714,895 918,730 570,306 62% Building 877,410 642,681 715,790 583,475 82% Housing 439,600 219,873 233,870 88,175 38% Community Preservation 575,905 361 '198 532,500 392,383 74% ----------------------------------------------------------------------- 3,502,570 1,938,647 2,400,890 1,634,339 68% INFRASTRUCTURE & MAINTENANCE DIVISION Administration & Engineering 480,550 316,896 690,420 501,202 73% Traffic Signal Maintenance 136,500 87,230 156,500 72,177 46% Traffic Signs & Strip Main!. 142,565 64,475 147,460 85,408 58% Street and Sidewalk Maintenance 341,900 245,110 443,000 218,574 49% Solid Waste Management 10,115 7,981 10,110 4,177 41% Street Lighting 394,010 236,627 359,930 238,865 66% General Government Buildings 297,270 256,589 273,800 206,026 75% Parking Facilities 167,080 116,153 100,630 72,530 72% -------------------------------------------------------------------------- 1,969,990 1,331,061 2,181,850 1,398,959 64% SUB TOTAL PROGRAM EXPENDITURES 18,432,540 12,054,408 18,948,400 12,000,955 63% ·--___ :·- cc .·· ·· -." • c:_:c : _·. · · " .----. CITY OF TEMPLE CITY ·I -· . ··:•;.;·::-:;_:; ·•· .: '.: .. -'' ':::'C)ii -EXPENDITURE SUMMARY REPORT-ALL FUNDS . " ·. . · ·:::1 \ :•·r.•::• . .:::-···,-,, .. ·:-:.c: -, , . 2 .. QUARTER ENDING.-MARCH 31, 2018 2016-1T' • ·:·~·--:: ·~-2016-17'>. - . -_).,"· · BUDGET;·: .,,_ · YEAR TODATE .. _' .. 2017-1!£:;:,:.-. BUDGET-.' . -~--JUL-MAR.- -12,054;408. 18,948,400 . 1,330,706' • f ,;. 5,275,615 ,, CAPITAL IMPROVEMENTFUND 5,540,640:'' . EQUIPMENT REPLACEMENT 90,200.. ., . 55,625>. -~----57,555 TRUS'LFUND 0 260 0 TOTAL EXPENDITURES 24,063,380 13,440,999 .. 24,281,570 .· =======--=== =========== -_---========== CDBG LOAN REPAYMENT 25,000 . 25,000 7,400 . --------- '.13,465;999~: . 24,288,970 -=========--- 2017-18 . YEAR TO DATE JUL-MAR 12,000,955 2,394,358 22,856 500 14,418,669 ============ 7,400 14,426,069 . -============ PERCENT EXPENDED 63% 45% 40% 59% =========== 100% 59% =========== CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P16-02 Temple City Park Veteran's Monument P17-02 Senior Master Plan P18-01 Resurface Four Tennis Courts at Live Oak Par~ P18-02 Renovation of Live Oak Park Community Cente Office Recap of Funding Sources CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 17-MAR 18 (D) (D) (D) (D) Funding Source Park Acquistion General Fund Park Acquistion General Fund General Fund Park Acquisition Budget 8,000 10,000 15,000 35,000 45,000 23,000 TOTAL CIP-PARKS MAINTENANCE I FACILITIES 68,000 PARKS-MAINTENANCE/FACILITIES I ACCT. NO. 60-980-59-4810 Year To Date Expenditure Balance 8,000 9,223 777 13,650 1,350 35,000 30,873 37,127 )> -; -; )> 0 I s: m ~--------------------------------------------------------------------~2: (E) ; Essential (N) ; Necessary (M) ; Mandated (R) ; Routine (D); Discretionary -; L---------------------------------------------------------------------~0 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 P15-07 Upgrade Traffic Signals Citywide and Install Other Safety Improvements Recap of Funding Sources CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 17 MAR 18 - Funding Source Budget (N) Highway Safety 934,560 Improvement Program PropC 629,790 Surface Transportation 437,300 Program Local 2,001,650 (N) Highway Safety 262,900 Improvement Program Prop C 629,790 Highway Safety 1 '197,460 Improvement Program Surface Transportation 437,300 Program Local TOTAL CIP-TRAFFIC SIGNAL MAINTENANCE 2,264,550 (E) ; Essential (N) ; Necessary (M) ; Mandated (R) ; Routine TRAFFIC SIGNAL MAINTENANCE ACCT. NO. 60-980-73-4810 Year To Date Expenditure Balance 1,218,758 782,892 169,507 93,393 1,388,265 876,285 (D) ; Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P12-04 Citywide Upgrade Traffic Street Signage P14-07 NPDES Storm Water Management Project P17-03 Las Tunas Drive 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 MAR 18 - Funding Source Budget (M) General Fund 175,000 (E) General Fund 66,500 (D) General Fund-Economic 190,000 Development (D) MeasureR 750,000 Measure M 400,000 Prop C 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 PropC 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 -190,000 788,101 961,899 -311,565 789,277 1,703,788 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P14-11 Rebuild the Roof for the City Yard Buildings P18-04 City Hall Interior Enhancement Recap of Funding Sources TOTAL CIP-GEN GOV'T BLDGS (E) = Essential (N) = Necessary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 17 MAR 18 - Funding Source Budget (D) General Fund 55,000 (D) General Fund 80,000 General Fund 135,000 135,000 (M) = Mandated (R) = Routine GENERAL GOVERNMENT BUILDINGS ACCT. NO. 60-980-81-4810 Year To Date Expenditure Balance 47,506 7,494 77,997 2,003 125,503 9,497 (D) = Discretionary CAPITAL IMPROVEMENT PROGRAM PROJECT DETAIL No. Project P17-05 Temple City Blvd. Parking Lot Project P18-05 City Parking Lots Landscape Enhancement Recap of Funding Sources TOTAL CIP-GEN GOV'T SLOGS (E) = Essential (N) = Necessary CITY OF TEMPLE CITY PRELIMINARY FINANCIAL STATUS REPORT JUL 17-MAR 18 Funding Source Budget (D) General Fund -Economic 300,000 Development (D) General Fund 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 59,319 240,681 1 '121 13,879 60,440 254,560 (D) = Discretionary