ADMINISTRATIVE COMMITTEE
13.	RECEIVE AND FILE THIRD QUARTER FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2012-2013
Meeting Date:		June 10, 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 June 10, 2013 and recommended ____________.
CEQA Compliance: N/A

SUMMARY: The third quarter of Fiscal Year (FY) 2012-2013 came to a conclusion on March 31, 2013. Bar graphs comparing budgeted and actual year-to-date revenues and expenditures for the period are included as Exhibits 13-A, Exhibit 13-B, and Exhibit 13-C. Exhibit 13-A presents the information in a table format while the other exhibits presents the same information in graphical format. The following comments summarize District staff's observations:

REVENUES

The revenues graph compares amounts received through the third quarter of FY 2012-2013 to the amounts budgeted for that same time period. Total revenues collected were $5,299,961, or 51.6% of the year-to-date budgeted amount of $10,272,450. Variances within the individual revenue categories are described below:

• Interest revenues were $641, or only 17.1% of the budget for the period. This is due to low interest rates received from the financial institutions and no surplus reserve funds. Currently, the interest rates are set below 0.32% percent.
• User Fee revenues were $33,442 or about 44.6% of the amount budgeted. Currently, the User Fees are paid by the Seaside Muni System and the Reclamation Project. This is below the budgeted amount because the User Fees from Reclamation Project users are collected at the end of the fiscal year.
• Property tax revenues were $880,752, or 83.7% of the budget for the period. The first installment of Property Tax was received in December 2012. The second installment was received in April and will be reflected in the fourth quarter activity.
• Mitigation Revenue was $649,986, or 52.9% of the budgeted amount. This difference is due to the fee billed in arrears.
• Water Supply Charge revenues were $1,968,985 or 79.4% of the amount budgeted. The first installment was collected with property tax and was received in December 2012. The second installment was received in April and will be reflected in the fourth quarter activity.
• Reimbursements of $1,425,601, or 34.8% of the budget. This is less than the budgeted amount as all of the reimbursements are billed in arrears. The anticipated reimbursement expenditures have been delayed to the next quarter.
• Grants of $80,549, or 7.8% of the budget. This is less than the budgeted amount as the grant reimbursements are billed in arrears. Most of the anticipated grant expenditures have been delayed to the next fiscal year.
• The “Other” revenue category totaled $40,854 or about 259.4% of the budgeted amount. This is well above the budget due to collection of miscellaneous revenue for the period.

EXPENDITURES

Expenditure activity as depicted on the expenditure graph is similar to patterns seen in past fiscal years. Total expenditures of $4,582,566 were about 44.6% of the year-to-date budgeted amount of $10,272,450 for the period. Variances within the individual expenditure categories are described below:

• Personnel costs of $2,396,761 were about 97.8% of the budget for the period.
• Expenditures for supplies and services were $442,090, or about 63.0% of the budgeted amount. This is fairly typical as some of the expenses have been deferred to next quarter.
• Fixed assets purchases of $212 represented around 0.4% of the budgeted amount. Most of the fixed assets items are defrayed until the 4^th quarter of this fiscal year.
• Funds spent for project expenditures were $1,704,733, or approximately 24.8% of the amount budgeted for the period. This amount is less than the budget due to some project expenditures being deferred to next quarter.
• Contingencies/Other included costs of $0, or 0% of the budget for the period.

EXHIBITS

13-A Revenue and Expenditure Table

13-B Revenue Graph

13-C Expenditure Graph

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