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ITEM:
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CONSENT
CALENDAR
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9.
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RECEIVE AND FILE SECOND QUARTER
FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2019-2020
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Meeting
Date:
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February 19, 2020
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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, 2020 and recommended approval on a 3 – 0 vote.
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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) 2019-2020
concluded on December 31, 2019. Table
comparing budgeted and actual year-to-date revenues and expenditures for the
period are included as Exhibit 9-A. Exhibits
9-B and 9-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 second quarter and conclusion of FY 2019-2020
to the amounts budgeted for that same time period. Total revenues collected were $7,398,763, or 82.0%
of the budgeted amount of $9,019,675. Variances
within the individual revenue categories are described below:
- Water Supply Charge revenues were $1,951,463, or 114.8%
of the budget for the period. The
first installment of this revenue was received in December 2019. The second installment will be received
in April 2020.
- Property tax revenues were $1,139,505, or 111.2% of
the budget for the period. The
first installment of this revenue was received in December 2019. The second installment will be received
in April 2020.
- User Fee revenues were $2,095,193, or about 83.8% of
the amount budgeted. This is lower
than budgeted since the actual collections are 2 months behind.
- Connection Charge revenues were $268,252, or 134.1%
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 $114,404, or 99.1% of the budget
for the period. The actual was in
line with the budgeted figure.
- Interest revenues were 71,492, or 79.4% of the budget
for the period. Actual interest
received was significantly lower than budgeted for the first six months
due to some interest earnings being received in the second half of the
fiscal year.
- Reimbursements of $1,493,349, or 211.7% of the
budget. This is based on actual
spending and collection of reimbursement project funds. This is
considerably higher than the budgeted amount due to the Pure Water
Monterey reimbursement from State Revolving Fund which was received in
first half of the fiscal and not reflected in the budget. This
reimbursement amount was $698,416.
- Grant revenue of $239,809, or 102.5% of the
budget. The actual collection was
in line with the budgeted amount.
- The Other revenue category totaled $25,296 or about 136.7%
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
$5,493,199 were about 60.9% of the budgeted amount of $9,019,675 for the period. Variances within the individual expenditure
categories are described below:
- Personnel costs of $2,049,970 were about 101.1% of
the budget. This was slightly higher than the anticipated budget as
CalPERS unfunded liability for the current fiscal year is paid up front in
July.
- Expenditures for supplies and services were $623,827,
or about 91.1% of the budgeted amount. This was lower than the anticipated
budget due to the consulting services and legal expenses coming in lower
than the expected budgeted numbers.
- Fixed assets purchase of $25,482 represented around 23.8%
of the budgeted amount. This was
slightly lower than the anticipated budget due to deferral of fixed asset
purchases into the second half of the fiscal year.
- Funds spent for project expenditures were $2,730,172,
or approximately 47.3% of the amount budgeted for the period. This is due to most projects spending being
deferred to next quarter.
- Debt Service included costs of $63,748, or 55.4% 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 category includes
potential use of reserves during the fiscal year for which adjustments
will be made at the conclusion of the fiscal year.
EXHIBITS
9-A Revenue
and Expenditure Table
9-B Revenue
Graph
9-C Expenditure Graph
U:\staff\Boardpacket\2020\20200219\ConsentCalendar\09\Item-9.docx