City of San Ramon
FINANCE COMMITTEE
AGENDA - REVISED
Sridhar Verose, Chair • Sabina Zafar, Vice Chair
City Hall - Training Room
7000 Bollinger Canyon Road
Regular Meeting
4:00 PM
September 12, 2022
AGENDA QUESTIONS: PLEASE CALL THE ADMINISTRATIVE SERVICES DIRECTOR AT (925) 973-2576 Documents received after publication of this Agenda and considered by the Finance Committee in its deliberation will be available for inspection in the Administrative Services Department located at 7000 Bollinger Canyon Road, San Ramon during normal business hours and in the red binder at the Finance Committee meeting.
1. CALL TO ORDER
2. PUBLIC COMMENT
3. APPROVAL OF MINUTES
3.1 Finance Committee - Regular Meeting - August 8, 2022 4:00 PM
4. UNFINISHED BUSINESS
5. NEW BUSINESS
5.1 California Employer’s Benefit Trust (CERBT) for the Period Ending June 30, 2022 Report by Candace Daniels, Finance Division Manager
5.2 Preliminary and Unaudited General Fund Financial Results for FY 2021-2022 Attachment has been updated on 9/9/2022
Report by Kelly Sessions, Administrative Service Director
6. COMMITTEE MEMBER COMMENTS
7. ADJOURNMENT
The next Finance Committee Meeting is scheduled for October 24, 2022.
I hereby certify that the attached Finance Committee Meeting Agenda was posted 72 hours before the noted meeting.
Dated: September 8, 2022
Revised: September 9, 2022
MINUTES OF THE
CITY OF SAN RAMON FINANCE COMMITTEE
August 8, 2022
1. CALL TO ORDER
The meeting was called to order at 4:00 PM.
Attendee Name Title Status Arrived
Sridhar Verose Chair Present
Sabina Zafar Vice Chair Present
Candace Daniels, Finance Division Manager
Joe Gorton, City Manager
Diego Munoz, Accountant
Adolfo Navarro, Accounting Specialist
Kelly Sessions, Administrative Services Director
Steven Spedowfski, Deputy City Manager
2. PUBLIC COMMENT
3. APPROVAL OF MINUTES
3.1 Finance Committee - Regular Meeting - Jul 25, 2022 4:00 PM RESULT: ACCEPTED [UNANIMOUS]
AYES: Verose, Zafar
4. UNFINISHED BUSINESS
5. NEW BUSINESS
5.1 PARS Pension Stabilization Trust Statement for the Period Ending June 30, 2022 Report by Candace Daniels, Finance Division Manager
Public Comment was received from Chy Nasabulee.
The Finance Committee accepted the report.
RESULT: APPROVED [UNANIMOUS]
AYES: Verose, Zafar
6. COMMITTEE MEMBER COMMENTS
7. ADJOURNMENT
The next Finance Committee Meeting is scheduled for September 12, 2022
3.1 Packet Pg. 3
Minutes Acceptance: Minutes of Aug 8, 2022 4:00 PM (APPROVAL OF MINUTES)
FINANCE COMMITTEE STAFF REPORT
DATE: September 12, 2022
TO: Finance Committee/City Manager
FROM: Kelly Sessions, Administrative Services Director
By: Candace Daniels, Finance Division Manager
SUBJECT: California Employer’s Benefit Trust (CERBT) for the Period Ending June 30, 2022
RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the CERBT Statement for the period ending June 30, 2022.
BACKGROUND/DISCUSSION
On November 14, 2014, the City Council approved participation in CERBT for purposes of prefunding the City’s long-term obligation for health benefits accrued to retired City employees.
Assets in this Trust can only be used for payment of these benefits and may not be used for other governmental purposes.
At the start of April 2022, the CERBT had a balance of $39,022,352. During this quarter, the investment balance declined by $4,485,185, and with expenses of $7,704, left an ending balance of $34,529,463 at June 30, 2022. As of the most recent actuarial valuation, which has a measurement date of June 30, 2020, the OPEB liability measured $34,128,054 and was 96% funded. With the current ending balance, the funding status of the OPEB liability is exceeding 100%.
FISCAL ANALYSIS
This item is for informational purposes only-there is no fiscal impact.
STEPS FOLLOWING APPROVAL
None.
ATTACHMENT
California Employer's Retiree Benefit Trust Statment for the Period Ending June 30, 2022
5.1 Packet Pg. 4
City of San Ramon
Please note the Grand Total is your actual fund account balance at the end of the period, including all contributions per GASB 74 paragraph 22 and accrued disbursements. Please review your statement promptly. All information contained in your statement will be considered true and accurate unless you contact us within 30 days of receipt of this statement. If you have questions about the validity of this information, please contact [email protected]. 1,823,882.031 1,823,882.031
$34,529,463.24 $34,829,463.24
Period Ending Unit Value 18.931851 18.931851
Period Beginning Unit Value 21.395217 21.665732
0.000
13,823.995
1,810,058.036
0.000
0.000
1,823,882.031
Current Period Year to Date
Ending Units
Unit Sales for Withdrawals
Unit Purchases from Contributions
Beginning Units
Market Value Summary: Unit Value Summary:
Grand Total $34,529,463.24 $34,529,463.24
0.00 (19,165.87)
0.00 (4,953,589.31)
300,000.00
$39,516,231.76
0.00 (4,450.24)
0.00 (4,485,185.34)
0.00 $39,022,352.67
Current Period Year to Date
Ending Balance
Disbursement
Administrative Expenses
Other
Investment Earnings
Contribution
Beginning Balance
QTD Fiscal QTD Fiscal
FY End Contrib per GASB 74 Para 22 0.00 (300,000.00)
Transfer In
Transfer Out
0.00 0.00
0.00 0.00
Unit Transfer In
Unit Transfer Out
0.000
0.000
0.000
0.000
Investment Expense (3,253.85) (14,013.34)
CERBT Strategy 2
Entity #: SKB7-4889155551-001
Quarter Ended June 30, 2022
FY End Disbursement Accrual 0.00 0.00
5.1.a
Packet Pg. 5
Attachment: California Employer's Retiree Benefit Trust Statment for the Period Ending June 30, 2022 Statement of Transaction Detail for the Quarter Ending 06/30/2022 City of San Ramon
Entity #: SKB7-4889155551-001
Date Description Amount Unit Value Units Check/Wire Notes If you have any questions or comments regarding the new statement format please contact [email protected] Client Contact:
5.1.a
Packet Pg. 6
Attachment: California Employer's Retiree Benefit Trust Statment for the Period Ending June 30, 2022
FINANCE COMMITTEE STAFF REPORT
DATE: September 12, 2022
TO: Finance Committee/City Manager
FROM: Kelly Sessions, Administrative Services Director
By: Candace Daniels, Finance Division Manager
SUBJECT: Preliminary and Unaudited General Fund Financial Results for FY 2021-22
ATTACHMENT
Revised Preliminary and Unaudited General Fund Results
5.2 Packet Pg. 7
DESCRIPTION
FY 21/22
AMENDED
BUDGET
FY 21/22
PRELIM
ACTUALS
DIFF ACTUAL
vs BUDGET
%
Change
FUND BALANCE, JULY 1, 2021 $ 19,221,260 $ 19,221,260 $ 19,221,260 REVENUES:
Property Tax 23,002,248 23,479,914 477,666 2.1%
Sales and Use Tax 10,714,853 11,026,473 311,620 2.9%
Property Transfer Tax 887,436 1,213,062 325,626 36.7%
Transient Occupancy Taxes (TOT) 2,438,850 1,744,152 (694,698) -28.5% Franchise Fees 5,975,212 5,444,055 (531,157) -8.9%
Licenses and Permits 2,542,577 2,502,210 (40,367) -1.6% Intergovernmental 470,354 553,039 82,685 17.6%
Charges for Services 5,600,996 5,255,396 (345,600) -6.2% Fines and Forfeitures 289,000 133,028 (155,972) -54.0%
Investment Income 100,000 188,275 88,275 88.3%
Miscellaneous Revenue 2,942,146 3,113,755 171,609 5.8%
TOTAL REVENUES 54,963,672 54,653,360 (310,312) -0.6%
EXPENDITURES:
General Government 3,231,033 3,082,670 (148,363) -4.6%
Administrative Services 5,368,435 5,055,731 (312,704) -5.8% Planning 4,603,274 4,067,582 (535,692) -11.6%
Police Services 16,970,052 16,341,224 (628,828) -3.7%
Public Works 16,372,426 15,954,560 (417,866) -2.6%
Parks & Community Services 8,640,785 7,668,480 (972,305) -11.3% Non-Departmental 50,000 - (50,000) -100.0%
TOTAL EXPENDITURES 55,236,005 52,170,245 (3,065,760) -5.6% Excess of Revenues over Expenditures (272,333) 2,483,115 2,755,448 OTHER FINANCING SOURCES (USES):
Transfers In 5,280,762 5,280,762 -
Transfers Out (7,760,373) (7,760,373) -
TOTAL OTHER FINANCING SOURCES (USES) (2,479,611) (2,479,611) - Net Increase (Decrease) in Fund Balance (2,751,944) 3,504 2,755,448 FUND BALANCE, JUNE 30, 2022 $ 16,469,316 $ 19,224,764 $ 2,755,448 PRELIMINARY AND UNAUDITED AS OF 9/9/2022
GENERAL FUND
REVENUE - EXPENDITURE - FUND BALANCE (FULL YEAR FY 21/22)
5.2.a
Packet Pg. 8
Attachment: Revised Preliminary and Unaudited General Fund Results [Revision 1] (3741 : Preliminary
DESCRIPTION
FY 21/22
AMENDED
BUDGET
FY 21/22
PRELIM
ACTUALS
DIFF ACTUAL
vs BUDGET
%
Change
PRELIMINARY AND UNAUDITED AS OF 9/9/2022
GENERAL FUND
REVENUE - EXPENDITURE - FUND BALANCE (FULL YEAR FY 21/22) Reserve Balances:
Unreserved Fund Balance (in GF) $ 19,224,764
Designated (outside of GF):
Debt Service Funds -
TOTAL FUND BALANCE (UNAUDITED) $ 19,224,764
Use of Reserves:
Beginning Balance, July 1, 2021 $ 19,221,260
General Fund 3,504
Dougherty Valley Fund (843,617)
Net Increase/(Decreases) in Reserves (840,113)
ENDING FUND BALANCE, June 30, 2022 (UNAUDITED) $ 18,381,147 Reserves as a % of Estimated Expenditures 33.4%
5.2.a
Packet Pg. 9
Attachment: Revised Preliminary and Unaudited General Fund Results [Revision 1] (3741 : Preliminary