REPORT TO COUNCIL
SUBJECT
Title
Action on Bills and Claims Report (CC, HA, SA) for the period June 12th, 2021 - August 27th, 2021
Report
COUNCIL PILLAR
Enhance Community Engagement and Transparency
BACKGROUND
Disbursements made by the 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 the final step, the City Auditor, or her designee verifies all documents before payment is issued. Payments are issued through accounts payable checks and wire transfers. It's 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.
This report covers a longer period than usual. Ordinarily, the Auditor's office presents a monthly report to Council for consideration. The reason for the delay was for the Auditor's office and IT to work together to improve the presentation of the report and simplify the payment reconciliation process for staff.
The Bills and Claims Report 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.
DISCUSSION
Significant expenditures in this period include:
* Payment to CalPERS in the amount of $45,442,912 for Fiscal Year 2021/22 pre-paid unfunded pension liability.
* Payment to Northern California Power Agency in the amount of $29,440,822 for July and August 2021 all resources bill and Western Restoration Fund.
* Payment to Bank of New York Mellon in the amount of $14,661,948 for principal and interest payments of the Electric Revenue bonds.
* Payment to ...
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