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ITEM: |
CONSENT
CALENDAR |
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3. |
RECEIVE AND FILE FOURTH
QUARTER FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2005-06 |
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Meeting
Date: |
October 16, 2006 |
Budgeted: |
N/A |
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From: |
David A.
Berger, |
Program/ |
N/A |
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General
Manager |
Line Item No.: |
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Prepared
By: |
Rick Dickhaut |
Cost
Estimate: |
N/A |
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General Counsel Approval: N/A |
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Committee Recommendation: The Administrative Committee reviewed this item on October 4, 2006 and recommended approval. |
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CEQA Compliance: N/A |
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SUMMARY: June 30, 2006 marked the conclusion of fiscal year 2005-06. Bar graphs comparing budgeted and actual year-to-date revenues and expenditures for the year are included as Exhibits 3-A and 3-B. Exhibit 3-C presents the same information in a table format. Please note that the final numbers are subject to change as additional entries and/or adjustments will be made during the annual audit. The following comments summarize District staff's observations regarding the budget:
REVENUES
Permit revenues in the amount of $251,310 were about 9% under budget. Connection charges in the amount of $622,669 were about 21% over the amount budgeted due to continued higher than anticipated activity. Interest revenues of $89,587 for the year were approximately 49% over budget due primarily to increased interest rates and higher than anticipated reserves. User fee revenues in the amount of $2,163,295 were 9% less than the amount budgeted amount due to the fact that the California Public Utilities Commission has not yet made a final ruling on Cal-Am’s pending rate increase request that will be retroactive to January 1, 2006. Those retroactive user fee amounts will not be received until fiscal year 2006-07. Tax revenues received during the year were slightly less than 100% of the budgeted amount. Grant receipts totaled just $1,987, because most of the budgeted Proposition 50 grant funds will not actually be received until fiscal year 2006-07. Reimbursements of $49,452 were only 21% of the amount budgeted for the period, mostly due to pending increased conservation measures awaiting the decision on Cal-Am’s rate increase. The “Other” category revenues were $55,414 or about 14% over budget due to unanticipated miscellaneous revenues. Overall, total revenues received during the fiscal year totaled $4,240,775, which represented 84% of revenues budgeted for the fiscal year.
EXPENDITURES
Expenditure activity as depicted on the expenditure graph is similar to patterns seen in past years. Personnel expenditures of $2,685,780 were 1% less than the budgeted amount. Expenditures for supplies and services amounted to $1,759,443 or about 6% percent under budget. Capital assets purchases totaled $16,532 or 76% under the budgeted amount. Included in this category was $50,000 for the conference room upgrade, most of which will be expended in fiscal year 2006-07. Outlays for Project expenditures were $501,835, representing only 33% of the amount budgeted. This is mostly due to activities related to aquifer storage & recovery phase II being delayed to fiscal year 2006-07; and expenditures for various new water conservation efforts being delayed due to the pending decision in the Cal-Am rate case. Election expenses of $118,545 were budgeted and paid during the period. The Contingencies/Reserves category, which consists of a $97,400 contingency, had expenditures of only $8,745 during the fiscal year. Overall, expenditures of $5,090,880 for the fiscal year totaled approximately 80% of the amount budgeted.
3-A Revenue Graph
3-B Expenditure Graph
3-C Revenue and Expenditure Table
U:\staff\word\boardpacket\2006\2006boardpackets\20061016\ConsentCal\03\item3.doc