ITEM:		INFORMATIONAL ITEMS/STAFF REPORTS
22.	RECEIVE AND FILE FIRST QUARTER FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2014-2015
Meeting Date:			November 17, 2014	Budgeted:	N/A
From:			David J. Stoldt,	Program/	N/A
			General Manager	Line Item No.:
Prepared By:			Suresh Prasad	Cost Estimate:	N/A
General Counsel Review: N/A
Committee Recommendation: The Administrative Committee reviewed this item on November 7, 2014 and recommended approval.
CEQA Compliance: N/A

SUMMARY: The first quarter of Fiscal Year (FY) 2014-2015 came to a conclusion on September 30, 2014. Bar graphs comparing budgeted and actual year-to-date revenues and expenditures for the period are included as Exhibits 22-A and 22-B. Exhibit 22-C presents the same information in a table format. The following comments summarize District staff's observations:

REVENUES

The revenues graph compares amounts received through the first quarter and conclusion of FY 2014-2015 to the amounts budgeted for that same time period. Total revenues collected were $444,579, or 16.3% of the budgeted amount of $2,734,000. Variances within the individual revenue categories are described below:

• Water Supply Charge revenues were $0, or 0% of the budget for the period. The first installment of this revenue is expected to be received in December 2014.
• Mitigation revenue is billed and collected in arrears.
• Property tax revenues were $0, or 0% of the budget for the period. The first installment of this revenue is expected to be received in December 2014.
• User fee revenues were $14,957, or about 79.8% of the amount budgeted. This is below the budgeted amount as Reclamation Project’s share is billed and collected at the end of the fiscal year.
• Connection Charge revenues were $27,173, or 62.1% of the budget for the period. Budget figures are forecasted based on estimated number of customers pulling permits.
• Permit Fees revenues were $47,429, or 82.1% of the budget for the period. Budget figures are forecasted based on estimated number of customers pulling permits.
• Interest revenues were $2,210, or only 58.9% of the budget for the period. This is due to first quarter interest revenue for LAIF is not received until October 2014.
• Project reimbursements of $185,460, or 45.3% of the budget. This is considerably less than the budgeted amount as many projects were deferred and continued to next quarter.
• Grant revenue of $0, or 0% of the budget. This is due to grant funded projects being deferred and continued to next quarter.
• The “Other” revenue category totaled $10,051 or about 3.1% of the budgeted amount. This is well below budget because this category includes potential use of reserves, water supply carry forward balance and the line of credit during the fiscal year.

EXPENDITURES

Expenditure activity as depicted on the expenditure graph is similar to patterns seen in past fiscal years. Total expenditures of $1,351,648 were about 49.4% of the budgeted amount of $2,734,000 for the period. Variances within the individual expenditure categories are described below:

• Personnel costs of $690,906 were about 86.3% of the budget for the period due to some personnel costs deferred to next quarter.
• Expenditures for supplies and services were $151,735, or about 59.6% of the budgeted amount due to costs deferred to next quarter.
• Fixed assets purchases of $847 represented around 1.7% of the budgeted amount as most of the purchases were deferred to next quarter.
• Funds spent for project expenditures were $508,160, or approximately 32.7% of the amount budgeted for the period. This is due to projects being deferred to next quarter.
• Debt Service, and Contingencies/Other included costs of $0, or 0% of the budget for the period. Most of these expenditures happened in second quarter of the fiscal year.

EXHIBITS

22-A Revenue Graph

22-B Expenditure Graph

22-C Revenue and Expenditure Table

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