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ADMINISTRATIVE
COMMITTEE
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9.
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RECEIVE AND FILE THIRD QUARTER
FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2008-09
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Meeting
Date:
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June 8, 2009
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Budgeted:
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N/A
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From:
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Darby Fuerst,
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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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Rick Dickhaut
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Cost
Estimate:
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N/A
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General Counsel Approval: N/A
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Committee Recommendation: The Administrative Committee reviewed this
item on June 8, 2009 and recommended ____________.
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CEQA Compliance: N/A
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SUMMARY: The third quarter of Fiscal Year (FY) 2008-09
came to a conclusion on March 31, 2009. Bar
graphs comparing budgeted and actual year-to-date revenues and expenditures for
the period are included as Exhibits 9-A and
9-B.
Exhibit 9-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 third quarter of FY 2009-10 to the
amounts budgeted for that same time period.
Total revenues collected were $3,434,393, or 55% of the budgeted amount
of $6,262,350. Variances within the
individual revenue categories are described below:
- Administrative permit fee revenues totaled $204,003,
or about 136% of the amount budgeted for the period.
- Connection charge revenues amounted to $452,909,
which is approximately 134% of the budgeted amount. The higher than expected receipts were due
largely to fees collected in July 2008 for an assisted living facility and
a vehicle dealership.
- Interest revenues were $27,363, or about 73% of the
budget for the period. This is due
to lower than anticipated interest rates, and the timing of interest
receipts from the California Local Agency Investment Fund.
- User fee revenues were $1,763,990, or about 64% of
the amount budgeted. This is below
budget partly because user fee revenues for a given month are not received
until the following month. Other
factors include the delay in the rate increase decision for California
American Water (CAW) by the California Public Utilities Commission and
decreased water sales by CAW.
- Property tax revenues totaled $814,655, or
approximately 76% of budget.
Year-to-date receipts are under budget because they are received
from the County
of Monterey on a
semi-annual basis in December and April of each FY.
- Project reimbursements of $138,600 were considerably
less than the budgeted amount as they are typically billed and collected
later in each FY.
- The “Other” revenue category totaled $32,873, 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
$4,103,668 were about 66% of the budgeted amount of $6,262,350 for the period. Variances within the individual expenditure
categories are described below:
- Personnel costs of $2,245,099 were about 99% of the budget
for the period.
- Expenditures for supplies and services were $719,632,
or about 89% of the budgeted amount.
- Capital assets purchases of $103,952 represented around
57% of the budgeted amount. This
category is under budget mainly due to three vehicles that are budgeted,
but not yet purchased.
- Funds spent for project expenditures were $1,014,827,
or approximately 35% of the amount budgeted for the period. These expenditures are less than the
budgeted amount mainly due to Phase 1 Aquifer Storage and Recovery project
expenditures being delay until FY 2009-10.
- There was an expenditure of $20,158 from the Contingencies/Reserves
category during the period. This is
about 20% of the amount budgeted for the period.
EXHIBITS
9-A Revenue
Graph
9-B Expenditure
Graph
9-C Revenue and Expenditure Table
U:\staff\word\committees\Admin\2009\20090608\09\item9.doc