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ITEM:
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CONSENT
CALENDAR
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11.
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RECEIVE AND FILE FOURTH QUARTER
FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2012-2013
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Meeting
Date:
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February 13, 2014
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Budgeted:
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N/A
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From:
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David J.
Stoldt,
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Program/
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N/A
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General
Manager
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Line Item No.:
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Prepared
By:
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Suresh
Prasad
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Cost
Estimate:
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N/A
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General Counsel Review: N/A
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Committee Recommendation: The Administrative Committee reviewed this
item on February 12, 2014; action taken by the Committee will be reported at
the February 13, 2014 Board meeting.
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CEQA Compliance: N/A
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SUMMARY: The fourth quarter of Fiscal Year (FY) 2013-2014
came to a conclusion on June 30, 2013. Table
comparing budgeted and actual year-to-date revenues and expenditures for the period
are included as Exhibit 11-A. Exhibits
11-B and 11-C
presents the same information in bar graph format. The following comments summarize District
staff's observations:
REVENUES
The revenue table
compares amounts received through the fourth quarter to the amounts budgeted
for that same time period. Total
revenues collected were $10,071,212, or 73.5% of the budgeted amount of $13,696,600. Variances within the individual revenue
categories are described below:
- Permit Fees revenues were $277,955, or 120.3% of the
budget for the period. The actual revenues were higher than the budgeted
numbers.
- Connection Charge revenues were $115,972, or 66.3% of
the budget for the period. Actual
revenues collection was lower than anticipated.
- Interest revenues were $10,782, or 215.6% of the
budget for the period. Budgeted
expectations were lower than actual interest received.
- User fee revenues were $178,002, or 178.0% of the
amount budgeted. This is due to
additional user fee collected from Reclamation Project.
- Property tax revenues were $1,562,010, or 111.3% of
the budget for the period. Actual
collection was higher than budgeted figures.
- Water Supply Charge revenues were $3,400,874, or 103.1%
of the budget for the period. Actual
collection was higher than budgeted figures.
- Project reimbursements of $2,569,193, or 47.1% of the
budget. This is considerably less
than the budgeted amount as many projects were deferred and continued to
next fiscal year.
- Grant revenue of $263,228, or 19.2% of the
budget. This is considerably less
than the budgeted amount as the grant funded projects were deferred and
continued to next fiscal year.
- The “Other” revenue category totaled $55,212 or about
262.9% of the budgeted amount. Actual
collection exceeded budget expectations.
EXPENDITURES
Total
expenditures of $7,468,103 were about 54.5% of the budgeted amount of $13,696,600
for the period. Variances within the
individual expenditure categories are described below:
- Personnel costs of $3,232,518 were about 98.9% of the
budget for the period.
- Expenditures for supplies and services were $897,246,
or 95.9% of the budgeted amount.
- Fixed assets purchases of $53,358 represented around 76.0%
of the budgeted amount. Some asset
purchases have been deferred to next fiscal year.
- Funds spent for project expenditures were $3,243,180,
or approximately 35.3% of the amount budgeted for the period. This is due to some project expenditures
being deferred to next fiscal year.
- Debt Service for the period was $41,801, or 28.7% of
the budget. Actual expenditure was
lower than expected.
- Contingencies/Other included costs of $0, or 0% of
the budget for the period. All of
these expenditures are placeholders and budgeted for unexpected need
throughout the year.
EXHIBITS
11-A Revenue and Expenditure Table
11-B Revenue
Graph
11-C Expenditure
Graph
U:\staff\Boardpacket\2014\20140213\ConsentClndr\11\item11.docx