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ADMINISTRATIVE
COMMITTEE
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17.
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RECEIVE AND FILE THIRD QUARTER
FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2009-10
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Meeting
Date:
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June 15, 2010
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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 Review: N/A
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Committee Recommendation: The Administrative Committee reviewed this
item on June 15, 2010 and recommended ____________.
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CEQA Compliance: N/A
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SUMMARY: The third quarter of Fiscal Year (FY) 2009-10
came to a conclusion on March 31, 2010. Bar
graphs comparing budgeted and actual year-to-date revenues and expenditures for
the period are included as Exhibits 17-A
and 17-B. Exhibit 17-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 2009-10 to the
amounts budgeted for that same time period.
Total revenues collected were $3,491,353, or 55% of the budgeted amount
of $6,318,150. Variances within the
individual revenue categories are described below:
- Administrative permit fee revenues totaled $233,403,
or about 113% of the amount budgeted for the period.
- Connection charge revenues amounted to $406,640,
which is approximately 126% of the budgeted amount. The higher than expected receipts were due
to fees collected in September for the Seaside City
Center development.
- Interest revenues were $6,051, or only 20% of the
budget for the period. This is due
to low interest rates and because interest payments from the Local Agency
Investment Fund are not received until after the end of each quarter.
- User fee revenues were $1,937,380, or about 70% of
the amount budgeted. This is below
the budgeted amount because user fee receipts lag by one month and water
sales by California American Water are below normal due to conservation
and high rainfall amounts.
- Property tax revenues were $764,570, or around 75% of
the budget. Property taxes are received
on a semi-annual basis in December and April of each FY so percentages
received fluctuate throughout each FY.
- Project reimbursements of $126,046 were considerably
less than the budgeted amount as is typically the case until the end of each
FY because most are billed on a quarterly or semi-annual basis.
- The “Other” revenue category totaled $17,263 or about
2% 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
$4,492,094 were about 71% of the budgeted amount of $6,318,150 for the period. Variances within the individual expenditure
categories are described below:
- Personnel costs of $2,379,318 were about 101% of the budget
for the period. These costs are
slightly over budget because amounts for limited-term personnel are
budgeted in the program section of the budget, while actual costs are
charged to the personnel section of the budget.
- Expenditures for supplies and services were $613,451,
or about 84% of the budgeted amount.
- Capital assets purchases of $13,341 represented around
11% of the budgeted amount. This
amount is significantly under budget because capital purchases typically
occur sporadically throughout each FY and the purchase of three budgeted
vehicles has been deferred to next FY.
- Funds spent for project expenditures were $1,481,528,
or approximately 51% of the amount budgeted for the period. This is due to delays in project
expenditures and is similar to trends in previous FYs.
- There were expenditures of $4,456 from the Contingencies/Reserves
category during the period. This is
about 3% of the amount budgeted for the period.
EXHIBITS
17-A Revenue
Graph
17-B Expenditure
Graph
17-C Revenue and Expenditure Table
U:\staff\word\committees\Admin\2010\20100615\17\item17.doc