UN-AUDITED MID-YEAR
BUDGET & ACTUALS REVIEW
Fiscal year 2021/22 City of Cotati
FINANCIAL
REPORTING
Citywide Overview
General Fund
Enterprise Funds
Cash and Investments
Portfolio
CITYWIDE
CITYWIDE REVENUES & EXPENSES
Fund Actual Annual
Budget
%
Budget Actual Annual
Budget
%
Budget
General $ 4,335,311 $ 11,013,225 39.4% $ 4,171,369 $ 12,282,769 34.0% Wastewater 1,582,828 2,849,419 55.5% 1,098,517 2,507,127 43.8% Water 1,172,263 2,076,000 56.5% 840,014 2,363,306 35.5% Other Special Revenues * 1,472,552 2,395,731 61.5% 1,347,466 3,074,409 43.8% Capital Projects 1,782,483 5,081,000 35.1% 1,782,235 5,081,000 35.1% Internal Service 120,700 456,480 26.4% 173,364 456,480 38.0% Total For All Funds $10,466,137 $ 23,871,855 43.8% $ 9,412,965 $ 25,765,091 36.5% Revenues Expenses
CITYWIDE OVERVIEW
Revenues and Expenses On
Target
Revenues are at 43.8% of
Budget
General Fund Revenues Sales tax and
Other Tax are collected 1-2 months after
relevant taxing period.
Internal Service – Decreased revenue due
to reduced payout transfers of funds
required (time to purchase replacement
vehicles).
Capital Projects – Decreased due to the
timing of capital projects
Expenses are at 36.5% of
Budget
Water and Wastewater projects placed on
hold until after drought recovery period
and availability of staffing resources for
project support.
Capital Projects and Special Revenue
Funds– are subject to timing of the
projects in place and related activity
incurred during the fiscal year.
GENERAL FUND
Mid - Year Budget Analysis
COMPARATIVE
REVENUES & EXPENDITURES
FY 2020/21 FY 2021/22 $ Variance % Variance FY 2021/22
Budget % Budget
Revenues $ 3,804,102 $ 4,253,311 $ 449,209 11.8% $ 10,849,225 39.2% Transfers In 50,000 82,000 32,000 64.0% 164,000 50.0%
Total Revenus $ 3,854,102 $ 4,335,311 $ 481,209 12.5% $ 11,013,225 39.4% Expenditures $ 3,700,091 $ 3,634,811 (65,280) -1.8% $ 8,524,429 42.6% Transfers Out 600,000 536,558 (63,442) -10.6% 3,758,340 14.3% Total Expenditures $ 4,300,091 $ 4,171,369 $ (128,722) -3.0% $ 12,282,769 34.0% Revenues Over (Under)
Expenditures $ (445,989) $ 163,941 $ (128,722) 28.9% $ (1,269,544) -12.9% Mid-Year Actuals Comparison
(July 1 - December 31) Budget to Actual Comparison General Fund Revenues & Expenditures
ENTERPRISE FUNDS
SUMMARY OF WATER AND WASTEWATER FUNDS
ENTERPRISE FUNDS ANALYSIS
WATER
Revenues are at 56.5% of budget
Expenses are at 35.5% of budget
WASTEWATER
Revenues are at 55.5% of budget
Expenses are at 43.8% of budget
Enterprise Funds FY 2020/21 FY 2021/22 $ Variance % Variance FY 2021/22 Budget % Budget
-
Water Operations & Capital
Revenues $ 1,233,165 $ 1,172,263 $ (60,902) -4.9% $ 2,076,000 56.5% Expenses
Salaries & Benefits 359,521 363,980 4,459 1.2% 767,610 47.4% Contract Services 439,239 334,922 (104,317) -23.7% 949,907 35.3% Other Expenses 171,184 141,112 (30,072) -17.6% 430,789 32.8% Capital Outlay - - - 100.0% 215,000 0.0%
Total Expenses $ 969,944 $ 840,014 $ (129,930) -13.4% $ 2,363,306 35.5% Net Income $ 263,221 $ 332,249 $ 69,028 26.2%
Wastewater Operations & Capital
Revenues $ 1,484,784 $ 1,582,828 $ 98,044 6.6% $ 2,849,419 55.5% Expenses
Salaries & Benefits 320,153 348,619 28,466 8.9% 725,183 48.1% Contract Services 1,049,599 688,152 (361,447) -34.4% 1,365,584 50.4% Other Expenses 123,391 61,746 (61,645) -50.0% 220,360 28.0% Capital Outlay 623,129 - (623,129) -100.0% 196,000 0.0% Total Expenses $ 2,116,273 $ 1,098,517 $ (1,017,756) -48.1% $ 2,507,127 43.8% Net Income $ (631,489) $ 484,311 1,115,800 176.7%
Cumulative Mid-Year Actual Comparison
(July 1 - December 31) Budget to Actual Comparison
CASH &
INVESTMENTS
SUMMARY OF CASH AND
INVESTMENTS AT
DECEMBER 31, 2021
Total Exceeds $21.1M.
In line with the City
adopted investment
policy.
Enough to meet
operational needs for
next 6 months in fiscal
year.
City Utilizes Pooled
Cash and Investments.
Name of Investment Maturity Date Yield
Balance at
12/31/2021
Local Agency Investment Funds - (LAIF)
Local Agency Investment Fund - Pooled Investments N/A 0.21% $ 15,749,308 Local Agency Investment Fund - Sucessor Agency N/A 0.21% 5,196 Total Local Agency Investment Funds - (LAIF) $ 15,754,504 Sonoma County Investment Pool - SCIP N/A 0.50% $ 422,944 RBC Wealth Manangement
Total RBC Wealth Manangement $ 510,275
Exchange Bank Operating & Payroll Accounts N/A N/A $ 4,490,000 Total Cash and Investments $ 21,177,723
FISCAL YEAR 2020/21
AS OF DECEMBER 31, 2021
OPERATING
CASH, $4,490,000 ,
21%
LAIF, $15,754,504 ,
74%
SCIP, $422,944 ,
2%
RBC, $510,275 , 3%
Investment Portfolio Composition
$21.2 Million
GEN. OPERATING,
9,512,171.14 , 45%
SPECIAL REVENUES,
$3,990,737 , 19%
SUCCESSOR AGENCY,
$1,085,649 , 5%
WATER OPERATING
AND CAPITAL,
$2,197,733 , 10%
WASTEWATER
OPERATING AND
CAPITAL, $3,249,703 ,
INTERNAL SERVICE, 15%
$692,288 , 3%
CAPITAL PROJECTS,
$348,125 , 2%
DEPOSIT ACCOUNTS,
$101,316 , 1%
Cash and Investment Value By Funds
$21.2 Million
CONCLUSION
Fiscal Year was primarily on track with Budget
and improved over fiscal year 2020/21
Budget Adjustment Requests for:
(1) Reducing transfers to remove required
fund transfers for streets projects that are now
funded by Street Bond Issuance
(2) Increase the expense for:Pension
Obligation Bond ADP and one-time additional
General ADP made to CalPERS to reduce City
liabilities and save approximately $1.9M in
interest charges from CalPERS over the next
22 years
(2) One time expense for Furnace replacement
at City Hall
City staff will continue to update the Council
with quarterly financial reports as well as the
audited financial for Fiscal year 2021/22
City staff are committed to exercising
prudence and integrity in the management of
public funds and provide transparent
accountability for its use