REPORT TO COUNCIL
SUBJECT
Title
Action on City Bills and Claims Report for the period June 8, 2024 - July 19, 2024
Report
COUNCIL PILLAR
Enhance Community Engagement and Transparency
BACKGROUND
Disbursements made by the City of Santa Clara (City) are based on invoices submitted for payment. Prior to payment, staff reviews all disbursement documents to ensure they are reflective of the goods or services provided. Invoices are usually paid within 30 days of receipt of an accurate invoice. As a final step, the City Auditor, or designee, verifies all documents before the City issues payment. Payments are issued through accounts payable checks and wire transfers. It is important to note that items that pertain to the Stadium Authority are billed to the Stadium Manager (ManCo) to pay on behalf of the Stadium Authority for Non-NFL events and the 49ers for NFL events.
The Bills and Claims Report, as required by the City Charter, represents the cash disbursements required for operations of the City during the period. The report reflects the payment date, invoice number, description of the payment, funding source, and payment amount for all invoices. The budget control is set by the City Council through the budget adoption process. The attached report is sorted by Silicon Valley Power (SVP) expenses first, followed by the rest of the City funds.
DISCUSSION
Significant expenditures in this period include:
* Payment to CalPERS in the amount of $56,374,241 for Fiscal Year 2024/25 pre-paid unfunded pension liability.
* Payment to Northern California Power Agency in the amount of $29,201,114 for June and July 2024 all resources bill.
* Payment to Bank of New York Mellon in the amount $16,586,828 for debt service payments for Subordinated Electric Revenue Refunding Bonds, Series 2020 and 2018A.
* Payment to Friant Power Authority in the amount of $5,225,935 for May and June 2024 Hydroelectric purchase.
* Payment to MSR Power Agency/Energy Authority in the amount of $5,024...
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