ADMINISTRATIVE COMMITTEE
3.	RECEIVE AND FILE FOURTH QUARTER FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2011-2012
Meeting Date:		January 18, 2013	Budgeted:	N/A
From:		David J. Stoldt,	Program/	N/A
		General Manager	Line Item No.:
Prepared By:		Suresh Prasad	Cost Estimate:	N/A
General Counsel Review: N/A
Committee Recommendation: The Administrative Committee reviewed this item on January 18, 2013 and recommended ___________________.
CEQA Compliance: N/A

SUMMARY: The fourth quarter of Fiscal Year (FY) 2011-12 came to a conclusion on June 30, 2012. Bar graphs comparing budgeted and actual year-to-date revenues and expenditures for the period are included as Exhibits 3-A and 3-B. Exhibit 3-C presents the same information in a table format. Please note that the final figures for the fiscal year are subject to change as adjusting entries could be made during the annual audit process which is currently under way. The following comments summarize District staff's observations:

REVENUES

The revenues graph compares amounts received through the fourth quarter and conclusion of FY 2011-2012 to the amounts budgeted for that same time period. The activity as depicted on the revenue graph is similar to patterns seen at the end of the fourth quarter in past fiscal years. Total revenues collected were $5,072,482, or 61% of the budgeted amount of $8,358,000. Variances within the individual revenue categories are described below:

• Administrative permit fee revenues totaled $225,616, or about 110% of the amount budgeted for the period.
• Connection charge revenues amounted to $194,510, which is approximately 71% of the budgeted amount.
• Interest revenues were $1,831, or only 37% of the budget for the period. This is due to low interest rates received from the Local Agency Investment Fund. Currently, the interest rates are set below ½ percent.
• User fee revenues were $1,620,375, or about 98% of the amount budgeted. This is below the budgeted amount because California American Water’s sales revenues have been lower than anticipated this fiscal year.
• Property tax revenues were $1,371,455, or 98% of the budget for the period. We continue to see decline in property tax revenue due to continuing trend in reduction of property values.
• Project reimbursements of $1,447,025, or 72% of the budget.
• Grant reimbursements of $165,529 or 18% of the budget.

• The “Other” revenue category totaled $46,141 or about 2.5% of the budgeted amount.

EXPENDITURES

Expenditure activity as depicted on the expenditure graph is similar to patterns seen in past fiscal years. Total expenditures of $6,621,741 were about 79% of the budgeted amount of $8,358,000 for the period. Variances within the individual expenditure categories are described below:

• Personnel costs of $3,259,752 were about 100% of the budget for the period.
• Expenditures for supplies and services were $967,519 or about 95% of the budgeted amount.
• Fixed assets purchases of $33,412 represented around 98% of the budgeted amount.
• Funds spent for project expenditures were $2,251,188, or approximately 59% of the amount budgeted for the period. This is due to some project expenditures being deferred to next fiscal year.
• Contingencies/Other included costs of $109,870, or 41% of the budget for the period.

EXHIBITS

3-A Revenue Graph

3-B Expenditure Graph

3-C Revenue and Expenditure Table

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