33. REPORT ON SECOND QUARTER FINANCIAL
ACTIVITY FOR FISCAL YEAR 2003-2004
Meeting
Date: March 15, 2004 Budgeted: N/A
Program/Line Item No.: N/A
Staff
Contact: Rick Dickhaut Cost
Estimate: N/A
General Counsel Approval: N/A
Committee Recommendation: N/A
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CEQA Compliance: N/A
SUMMARY: December 31, 2003 marked the conclusion
of the second quarter of the District's 2003-2004 fiscal year. Exhibit
33-A and Exhibit 33-B
are graphs showing both budgeted and actual year-to-date revenues and
expenditures for the period. Exhibit 33-C presents the same information
in a table format. The following
comments summarize District staff's observations.
REVENUES
The revenues graph compares actual
revenues received during the first six months of Fiscal Year 2003-2004 with the
amounts budgeted for that same time period.
As the graph shows, revenues for permits were 54% over the budgeted
amount while connection charges were 28% less than budgeted amount. The “Other” category is about 9% under
budget and interest revenues for the period were approximately 88% under budget
due to the timing of receipts, continued low interest rates and use of reserve
funds for capital projects. User fees
collected were approximately 8% over budget and do not include receipts for the
month of December. Taxes received
during the period were about 16% over the budgeted amount. No grants revenues were anticipated or
received during the period. Project reimbursements
receipts were 16% over budget for the period due to unbudgeted receipts of
approximately $61,200 from Cal-Am related to their dam application for the
period July 1, 2003 to August 18, 2003.
Overall, total revenues received during the first quarter of the fiscal
year represented 101% of revenues budgeted for the same period.
EXPENDITURES
Expenditure activity as depicted on the
expenditure graph is similar to patterns seen in the past several years.
Personnel expenses are 11% below budget, with the majority of the variance
attributable to the unexpended personnel contingency of $59,000. Expenditures for supplies and services were
about 27% over budget for the period.
Purchases of capital assets were 15% less than the budget, however,
these expenditures typically fluctuate throughout the year. Expenditures for Project costs were
approximately 65% of the budgeted amount for the quarter. The “Other” category includes items such as
$159,600 for payback on the Harris Court office building and $72,000 for
contingencies. These funds are
generally not utilized until later in the fiscal year. Overall, expenditures for the first quarter
totaled approximately 77% of the amount budgeted for the fiscal year.
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