23. REPORT ON FIRST QUARTER FINANCIAL
ACTIVITY FOR FISCAL YEAR 2003-2004
Meeting
Date: December 15, 2003 Budgeted: N/A
Program/Line Item No.: N/A
Staff
Contact: Rick Dickhaut Cost
Estimate: N/A
General Counsel Approval: N/A
Committee Recommendation: N/A
CEQA Compliance: N/A
SUMMARY: September 30, 2003 marked the conclusion
of the first quarter of the District's 2003-2004 fiscal year. Exhibits 23-A and
23-B are
graphs showing both budgeted and actual year-to-date revenues and expenditures
for the period. Exhibit 23-C
presents the same information in a table format. The following comments summarize District staff's observations.
REVENUES
The revenues graph compares actual
revenues received during the first quarter of Fiscal Year 2003-2004 with the
amounts budgeted for that same time period.
As the graph shows, revenues for permits were 78% over the budgeted
amount while connection charges were just slightly less than budgeted
amount. The “Other” category is about
12 percent over budget and interest revenues for the period were approximately
70% under budget due to continued declining interest rates and use of reserve
funds for capital projects. User fees
collected were approximately 15% under budget, however, the year-to-date
revenue does not include September receipts.
No tax revenues or grants were anticipated or received during the first
quarter. Project reimbursements
receipts typically lag behind the budgeted amount and were only 23% of the amount
budgeted for the period. Overall, total
revenues received during the first quarter of the fiscal year represented 59%
of revenues budgeted for the same period.
EXPENDITURES
Expenditure activity as depicted on the
expenditure graph is similar to patterns seen in the past several years.
Personnel expenses are 18% below budget, with the majority of the variance
attributable to the unexpended personnel contingency of $59,000. Expenditures for supplies and services were
about 10% percent under budget for the period.
Purchases of capital assets were 69% less than the budget, however,
these expenditures typically fluctuate throughout the year. Expenditures for Project costs were
approximately 52% of the budgeted amount for the quarter. The “Other” category includes items such as
$159,500 for payback on the Harris Court office building, $133,500 for
contributions to the flood/drought reserves and $72,000 for contingencies. These amounts are generally not utilized until
later in the fiscal year. Overall,
expenditures for the first quarter totaled approximately 64% of the amount
budgeted for the fiscal year.
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