ITEM:		ADMINISTRATIVE COMMITTEE
5.	RECEIVE AND FILE FIRST QUARTER FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2010-11
Meeting Date:			February 16, 2011	Budgeted:	N/A
From:			Darby Fuerst,	Program/	N/A
			General Manager	Line Item No.:
Prepared By:			Rick Dickhaut	Cost Estimate:	N/A
General Counsel Review: N/A
Committee Recommendation: The Administrative Committee reviewed this item on February 16, 2011 and recommended ____________.
CEQA Compliance: N/A

SUMMARY: The first quarter of Fiscal Year (FY) 2010-11 came to a conclusion on September 30, 2010. Bar graphs comparing budgeted and actual year-to-date revenues and expenditures for the period are included as Exhibits 5-A and 5-B. Exhibit 5-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 2010-11 to the amounts budgeted for that same time period. The activity as depicted on the revenue graph is similar to patterns seen early in past fiscal years. Total revenues collected were $886,619, or 34% of the budgeted amount of $2,647,525. Variances within the individual revenue categories are described below:

• Administrative permit fee revenues totaled $62,438, or about 141% of the amount budgeted for the period.
• Connection charge revenues amounted to $136,116, which is approximately 91% of the budgeted amount.
• Interest revenues were $3,000, or only 4% 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 $676,189, or about 73% of the amount budgeted. This is below the budgeted amount because user fee receipts lag by one month.
• No property tax revenues were expected during the quarter because they are received on a semi-annual basis in December and April of each FY.
• Project reimbursements of $345 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 $11,401 or about 5% 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 $2,381,674 were about 90% of the budgeted amount of $2,647,525 for the period. Variances within the individual expenditure categories are described below:

• Personnel costs of $816,733 were about 97% of the budget for the period.
• Expenditures for supplies and services were $141,647, or about 56% of the budgeted amount.
• Capital assets purchases of $25,860 represented around 37% of the budgeted amount. This amount is significantly under budget because capital purchases typically occur sporadically throughout each FY and the purchase of two budgeted vehicles had not yet taken place.
• Funds spent for project expenditures were $1,397,434, or approximately 98% of the amount budgeted for the period.
• There were no expenditures from the Contingencies/Reserves category during the period.

EXHIBITS

5-A Revenue Graph

5-B Expenditure Graph

5-C Revenue and Expenditure Table

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