ITEM:		ADMINISTRATIVE COMMITTEE
7.	RECEIVE AND FILE FIRST QUARTER FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2008-2009
Meeting Date:			January 14, 2009	Budgeted:	N/A
From:			Darby Fuerst,	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 14, 2009 and recommended ____________.
CEQA Compliance: N/A

SUMMARY: The first quarter of Fiscal Year (FY) 2008-09 came to a conclusion on September 30, 2008. Bar graphs comparing budgeted and actual year-to-date revenues and expenditures for the period are included as Exhibits 7-A and 7-B. Exhibit 7-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 of FY 2008-09 to the amounts budgeted for that same time period. Total revenues collected were $926,537, or 45% of the budgeted amount of $2,068,500. Variances within the individual revenue categories are described below:

• Administrative permit fee revenues totaled $73,227, or about 117% of the amount budgeted for the period.
• Connection charge revenues amounted to $266,110, which is approximately 355% of the budgeted amount. The higher than expected receipts were due to fees collected in July for an assisted living facility and a vehicle dealership.
• Interest revenues were $2,561, or only 21% of the budget for the period. This is due to mostly because interest payments from the Local Agency Investment Fund are not received until after the end of each quarter.
• User fee revenues were $537,289, or about 59% of the amount budgeted. This is below budget because user fee revenues for a given month are not received until about the middle of the following month.
• No property tax revenues were received during the quarter because they are received from the County of Monterey on a semi-annual basis in December and April of each FY.
• Project reimbursements of $36,069 were considerably less than the budgeted amount as is typically the case early in each FY.
• The “Other” revenue category totaled $11,281 or about 3% of the budgeted amount. This is well below budget because this category includes potential use of reserves during the FY.

EXPENDITURES

Expenditure activity as depicted on the expenditure graph is similar to patterns seen in past fiscal years. Total expenditures of $1,146,094 were about 55% of the budgeted amount of $2,068,500 for the period. Variances within the individual expenditure categories are described below:

• Personnel costs of $738,229 were about 92% of the budget for the period. The variance is due mostly to two vacant positions.
• Expenditures for supplies and services were $116,806, or about 46% of the budgeted amount.
• Capital assets purchases of $43,577 represented around 74% of the budgeted amount. Capital purchases typically occur sporadically throughout each FY.
• Funds spent for project expenditures were $229,575, or approximately 25% of the amount budgeted for the period. This is similar to trends in previous FYs.
• There was an expenditure of $17,907 from the Contingencies/Reserves category during the period. This is about 53% of the amount budgeted for the period.

EXHIBITS

7-A Revenue Graph

7-B Expenditure Graph

7-C Revenue and Expenditure Table

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