ADMINISTRATIVE COMMITTEE
4.	RECEIVE AND FILE FIRST QUARTER FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2007-08
Meeting Date:		January 15, 2008	Budgeted:	N/A
From:		David A. Berger,	Program/	N/A
		General Manager	Line Item No.:
Prepared By:		Rick Dickhaut	Cost Estimate:	N/A
General Counsel Approval: N/A
Committee Recommendation: The Administrative Committee reviewed this item on January 15, 2008 and recommended ____________________.
CEQA Compliance: N/A

SUMMARY: The first quarter of fiscal year 2007-08 came to a conclusion on September 30, 2007. Bar graphs comparing budgeted and actual year-to-date revenues and expenditures for the period are included as Exhibits 4-A and 4-B. Exhibit 4-C presents the same information in a table format. The following comments summarize District staff's observations:

REVENUES

The revenues graph compares revenues received during the first quarter of fiscal year 2007-08 to the amounts budgeted for that same time period. Revenues received during the first quarter of each fiscal year are typically considerably less than the amount budgeted. Total revenues collected were $853,340, or 50% of the budgeted amount of $1,713,675. Variances within the individual revenue categories are described below:

• Administrative permit fee revenues totaled $68,441, or about 91% of the amount budgeted for this period.
• Connection charge revenues amounted to $181,304, which is approximately 132% of the budgeted amount. The higher than expected collections are due to continued above average activities, including entitlement transfers within the Del Monte Forest.
• Interest revenues were only 2,280, or approximately 12% of the budget for the period. This low amount is due to the fact that interest earnings on most invested funds are paid on a quarterly basis.
• User fee revenues were $576,327, or about 81% of the amount budgeted. This reduced amount is due to the fact that only two months of user fees were actually received during the period.
• No property tax revenues were anticipated to be received during the first quarter.
• No grant funds proceeds were anticipated to be received during the first quarter.
• Project reimbursements were considerably less than the budgeted amount, which is typical early in a new fiscal year.
• The “Other” revenue category totaled $8,536, or 155% of the budgeted amount for the first quarter.

EXPENDITURES

Expenditure activity as depicted on the expenditure graph is similar to patterns seen early in past fiscal years. Total expenditures of $1,000,116 were about 47% of the budgeted amount of $2,130,625. Variances within the individual expenditure categories are described below:

• Personnel costs of $746,643 were about 2% over budget for the period.
• Expenditures for supplies and services were $134,848, or about 60% of the budgeted amount.
• Capital assets purchases of $20,305 were only 31% of the budgeted amount; however, these purchases are typically sporadic during each fiscal year.
• Funds spent for project expenditures were $93,320, or approximately 9% of the amount budgeted for the period. This trend of being considerably under budget is typical for the first quarter as in previous fiscal years.
• No debt service funds were anticipated to be spent during the first quarter of the fiscal year.
• There was an expenditure of $5,000 from the Contingencies/Reserves category during the period.

EXHIBITS

4-A Revenue Graph

4-B Expenditure Graph

4-C Revenue and Expenditure Table

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