UN-AUDITED
FISCAL YEAR END
00 BUDGET &
24 45
31 ACTUALS REVIEW
First Quarter Fiscal Year 2023/24
Period Ending September 30, 2023
City of Cotati
FINANCIAL
REPORTING
LITY of COTATI
• Citywide Overview
= • General Fund
• Enterprise Funds
Cash and
Investments Portfolio
CITYWIDE
CITY of COTATI
1963-
CITYWIDE - REVENUES & EXPENSES
Revenues and Expenses On Target
Revenues Expenses
Un-Audited Annual % Un-Audited Annual
Fund Actual Budget
Actual Budget Budget Budget
General 1,568,525 10.694.033 14.7% S 2,674,073 $ 14,529,062 18.4% Revenues are at 16.8% of Budget Wastewater 549.506 3,231,839 17.0% 874,651 4,089,759 21.4% Water 477,786 2.295.500 20.8% 456.069 2.389.166 19.1%
•General Fund - Due to timing of Receipts for
Other Special Revenues * 193.343 1,412,258 13.7% 118,433 1,555,537 7.6%
19.0% major revenue sources.
Capital Projects 1,461,378 7,487,628 19.5% 1,428,848 7,503,128 Internal Service 40,662 456,480 8.9% 79,623 500,710 15.9% • Other Special Revenues - Due to Timing of Total For All Funds S 4,291,200 25,577,738 16.8% $ 5,631,696 $ 30,567,362 18.4% Receipts for Revenues. • Internal Service - Decreased revenue due
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% to reduced payout transfers of funds required.
General
Wastewater Expenses are at 18.4% of Budget
Water
• Wastewater - Expenditures for treatment
Other Special Revenues * are increasing, but still considered aligned with expectations for the budget.
Capital Projects
•Capital Projects and Special Revenue
Internal Service Funds-are subject to timing of the projects in place and related activity incurred during
a Expenses • Revenues the fiscal year.
JUST DOI
GENERAL FUND
Un-Audited Actuals Comparison Budget to Actual Comparison General Fund Revenues & (July 1 - September 30)
Expenditures FY 2023/24
FY 2022/23 FY 2023/24 $ Variance % Variance % Budget
Budget
Revenues $ 1,437,838 $ 1,517,804 $ 79.966 5.6% $ 10.492,033 14 5% Transfers In 50,721 50,721 0.0% 202,000 25.1%
Total Revenus $ 1,437,838 1,568,525 $ 130,687 9.1% S 10,694,033 14.7% Expenditures $ 1,957,523 2,045,901 88,378 4.5% 9.447,826 21.7% Transfers Out 320,127 628,172 308,045 96.2% 5,081,236 12.4% Total Expenditures 2,277,650 $ 2.674,073 396,423 17.4% $ 14,529,062 18.4% Revenues Over (Under)
(839,812) S (1,105,548) $ 396,423 -47.2% (3,835,029) 28.8% Expenditures
COMPARATIVE
REVENUES & EXPENDITURES
Community
Development Charges, Licenses, Permits &
$96,481 Franchises, $92,699
Other Agencies,
Other Taxes, $82.527 $77,522
Public
Works
Charges,
Transfers In, $50,721
Rent, $38,925 $28,558
Public
Safety
Other Charges,
Investment Earnings, Revenues, $22,048
Sales Tax, $1,006,533 $43,573 $26,314
PROPORTION OF
GENERAL FUND REVENUES
ENTERPRISE FUNDS
SUMMARY OF WATER AND WASTEWATER FUNDS
ENTERPRISE FUNDS ANALYSIS
Revenues and Expenses On Target
Un-Audited Actuals Comparison
(July 1 - September 30) Budget to Actual Comparison
Revenues are at 20% and 17% of Annual Budget
FY 2023/24
Enterprise Funds FY 2022/23 FY 2023/24 S Variance % Variance % Budget Budget
• Increases from prior year due to
Water Operations & Capital
increased consumption and increased
Revenues 416,616 477,786 $ 61,170 14.7% 2,295,500 20.8% rates.
Expenses
Salaries & Benefits 156,043 157,587 1,544 1.0% 726,080 21.7% Contract Services 54,612 21,212 (33,400) -61.2% 322,656 6.6% Other Expenses 89,678 114,889 25,211 28.1% 472,161 24.3% Aquaduct Water 136.876 144.922 8.046 5.9% 531,300 27.3% Capital Outlay 15,381 5,914 (9,467) 100.0% 232,500 2.5% Expenses are at 19% and 21% of Annual Budget Interfund Debt 11,545 11,545 100.0% 104,469 11.1%
Total Expenses 452,590 456,069 3,479 0.8% 2,389,166 19.1% • Capital Projects are subject to timing.
Net Income (35,974) S 21,717 57.691 -160 4% (93,666) -23.2% • Increased Wastewater Treatment Costs
Wastewater
549,506 • Increased Water Usage coming more
Revenues 530.976 18,530 3.5% 3,231,839 17.0%
from Local Well Production
Expenses
Salaries & Benefits 155,910 157,577 1,667 1.1% 722,520 21.8% • Increased Other Expenses Consistent Contract Services 17,139 16,109 (1,030) -6.0% 138.963 11.6% Other Expenses 83.858 with General Fund (Insurance/Utilities) 76,340 (7,518) -9.0% 171.897 44.4%
Wastewater Treatment 570,977 587,237 16,260 2.8% 2 416,450 24.3% Capital Outlay 24,598 19,990 (4,608) -18.7% 572.431 3.5% Interfund Debt 17,398 17,398 100.0% 67,498 25.8%
Total Expenses 852,482 874,651 $ 22,169 2.6% 4,089.759 21.4% Net Income (321,506) S (325.145) (3,639) 11%
LLo,
CASH &
INVESTMENTS
Implementing
Policy
Impacts for Q1
FY 2023/24
CITY of COTATI
тр:
963
SUMMARY OF CASH
AND INVESTMENTS AT
SEPTEMBER 30, 2023
FISCAL YEAR 2023/24
AS OF SEPTEMBER 30, 2023
Weighted Weighted Balance at
Name of Investment Maturity Yield 09/30/2023 Total approximately Local Agency Investment Funds - (LAIF) $21.1M.
LAIF - Pooled Investments - Net FMV 1.35% $ 11,133
US Bank Trust In line with the City
Managed Investments in CD's and Treasuries 1.85 years 4.69% 9.900.697 updated adopted
Accrued Interest $ 98,235
investment policy.
California Asset Management Program (CAMP)
Pooled Investment Funds 5.24% $ 6,605,464
Investments for
Fiduciary Funds N/A 1.20% $ 285,535
quarter earned
Exchange Bank Operating & Payroll Accounts N/A $ 1,826,468 $205K in returns
Restricted Escrow Account N/A $ 2,375,000
Overall cash is
Funds held for payment on Park and Ride Project
enough to meet
Total Cash and Investments 21.102.531
operational needs
for next 6 months in
fiscal year
Investment Portfolio Composition - $21.1 Million
• US BANK, $9,998,932,
• LAIF, $11,133, 0% 48%
• RESTRICTED CASH -
ESCROW ACCOUNT,
S2,375,000, 11%
• OPERATING CASH,
S1,826,468, 9%
• Fiduciary Funds,
S285,535, 1%
Cash and Investment Value By Funds - $21.1 Million
• CAMP, S6,605,464, 31%
• Successor Agency. S1,394,490
• Water Operating and Capital.
S3,778.092
• Special Revenues, S4973.234
Wastewater Operating
and Capital, $3,860,277
i Gen. Operating. S2 905.056 . • Internal Service Funds, $572.772 • Capital Projects, $550,707
• Deposit Accounts, S(8.183)/
• Debt Service. $3.076,086
Fiscal Year was primarily on
track with Budget with
increases in both overall No Additional Budget
Revenues and Expenditures Requests for Adjustments.
compared to the same Period
in Prior Year.
City staff are committed to
City staff will continue to
exercising prudence and
update the Council with
$ integrity in the management
quarterly financial reports as
well as the audited financial of public funds and provide transparent accountability for
reports for Fiscal Year 2022/23
its Use
CONCLUSION