ITEM:
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CONSENT
CALENDAR
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5.
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RECEIVE AND FILE SECOND QUARTER
FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2017-2018
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Meeting
Date:
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February 22, 2018
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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 13, 2018 and recommendedapproval.
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CEQA Compliance: This action does not constitute a project
as defined by the California Environmental Quality Act Guidelines Section
15378.
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SUMMARY: The second quarter of Fiscal Year (FY) 2017-2018
came to a conclusion on December 31, 2017.
A table comparing budgeted and actual year-to-date revenues and
expenditures for the period is included as Exhibit 5-A. The Exhibits
5-B and 5-C
present the same information in bar graph format. The following comments summarize District
staff's observations:
REVENUES
The revenue table
compares amounts received through the second quarter and conclusion of FY 2017-2018
to the amounts budgeted for that same time period. Total revenues collected were $5,876,721, or 90.1%
of the budgeted amount of $6,520,400. Variances
within the individual revenue categories are described below:
- Water Supply Charge revenues were $2,059,657, or 121.2%
of the budget for the period. The
first installment of this revenue was received in December 2017.
- Property tax revenues were $1,057,937, or 120.9% of
the budget for the period. The
first installment of this revenue was received in December 2017.
- User fee revenues were $2,076,168, or about 121.2% of
the amount budgeted. This is the
higher than budgeted as the District did not have historical figures on
collection.
- Connection Charge revenues were $252,896, or 202.3%
of the budget for the period. Actual
collection was higher than anticipated budgeted figure as the forecasted
figures are based on estimated number of customers pulling permits. There was more connection charge received
than budgeted for the first six months.
- Permit Fees revenues were $131,230, or 113.6% of the
budget for the period. Actual
collection was higher than anticipated budgeted figure as the forecasted
figures are based on estimated number of customers pulling permits. There was more permit fees received than
budgeted for the first six months.
- Interest revenues were 13,435, or 134.4% of the
budget for the period. Actual
interest received was slightly higher than budgeted for the first six
months.
- Reimbursements of $244,131, or 26.9% of the
budget. This is based on actual
spending and collection of reimbursement project funds. This is
considerably less than the budgeted amount as many projects were deferred
and continued to next quarter.
- Grant revenue of 18,043, or 2.9% of the budget. This is due to grant funded projects being
deferred and continued to next quarter.
- The Other revenue category totaled $23,224 or about 101.9%
of the budgeted amount. This
category includes reimbursement revenues from legal and other miscellaneous
services.
- The Reserves category totaled $0 or about 0.00% of
the budgeted amount. This category
includes potential use of reserves and the water supply carry forward
balance during the fiscal year for which adjustments will be made at the
conclusion of the fiscal year.
EXPENDITURES
Expenditure
activity as depicted on the expenditure table is similar to patterns seen in
past fiscal years. Total expenditures of
$3,748,114 were about 57.5% of the budgeted amount of $6,520,400 for the period. Variances within the individual expenditure
categories are described below:
- Personnel costs of $1,816,424 were about 101.1% of
the budget. This was slightly higher than the anticipated budget.
- Expenditures for supplies and services were $503,044,
or about 73.8% of the budgeted amount. This was lower than the anticipated
budget due to the professional fees and legal expenses coming in lower
than the expected budgeted numbers.
- Fixed assets purchases of $8,483 represented around 2.0%
of the budgeted amount as most of the purchases were deferred to next quarter. The largest portion of this line item is
the Water Demand Division database project which will start in February
2018.
- Funds spent for project expenditures were $1,346,281,
or approximately 41.8% of the amount budgeted for the period. This is due to most projects spending being
deferred to next quarter.
- Debt Service included costs of $67,019, or 58.3% of
the budget for the period. Debt
service is paid semi-annually, in December and June.
- Contingencies/Other expenditures $0, or 0% of the
budgeted amount. This was due to
the contingency budget not spent during this fiscal year.
- Reserve expenditures of $0, or 0% of the budgeted
amount. This was due to the adjustments
made at the conclusion of the fiscal year.
EXHIBITS
5-A Revenue and Expenditure Table
5-B Revenue
Graph
5-C Expenditure Graph
U:\staff\Boardpacket\2018\20180222\ConsentClndr\05\Item-5.docx