FINANCE
AND ADMINISTRATION COMMITTEE
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ITEM:
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ACTION ITEM
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3.
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RECEIVE AND FILE FIRST QUARTER
FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2023-2024
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Meeting
Date:
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November 6, 2023
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Budgeted:
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N/A
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From:
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David J.
Stoldt,
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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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Suresh
Prasad
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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 Finance and Administration Committee
reviewed this item on November 6, 2023 and recommended ____________.
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CEQA Compliance: This action does not constitute a project
as defined by the California Environmental Quality Act Guidelines Section
15378.
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SUMMARY: The first quarter of Fiscal Year (FY) 2023-2024
concluded on September 30, 2023. Table
comparing budgeted and actual year-to-date revenues and expenditures for the
period are included as Exhibit 3-A. Exhibits
3-B and 3-C
presents the same information in bar graph format. The following comments summarize District
staff's observations:
REVENUES
The revenue table
compares amounts received through the first quarter of FY 2023-2024 to the
amounts budgeted for that same time-period.
Total revenues collected were $4,257,364, or 35.2% of the budgeted
amount of $12,109,563. Variances within
the individual revenue categories are described below:
- Water Supply Charge revenues were $0, or 0.0% of the
budget for the period. The first
installment of this revenue is expected to be received in December 2023.
- Property tax revenues were $0, or 0% of the budget
for the period. The first
installment of this revenue is expected to be received in December 2023.
- User fee revenues were $1,263,792, or about 84.3% of
the amount budgeted. This is lower
than the budgeted amount as collections for September was received after
close of fiscal quarter.
- Pure Water Monterey Water Sales revenue was $2,481,600,
or 74.8% of the budget for the period.
This is water sales revenue for water purchased from Monterey One
Water and sold to California American Water and is a pass-through to the
District.
- Connection Charge revenues were $69,317, or 55.5% of
the budget for the period. Actual
collection was lower than anticipated budgeted figure as the forecasted
figures are based on estimated number of customers pulling permits. There were less connections received
than budgeted for the current quarter.
- Permit Fees revenues were $57,135, or 115.4% of the
budget for the period. Actual
collection was higher than anticipated budgeted figure as the forecasted
figures are based on estimated number of customers pulling permits. There were more permits received than
budgeted for the current quarter.
- Interest revenues were ($26,539), or -70.8% of the
budget for the period. Actual
interest includes accrual reversals from prior year. Most of the interest income revenue is
realized in Quarter 4 of the fiscal year.
- Reimbursements of $347,393, or 107.5% of the
budget. This is based on actual
spending and collection of reimbursement project funds.
- Grant revenue of $62,886, or 1.3% of the budget. Actual amount was lower than budgeted due
to grant funded projects being deferred and continued to next quarter.
- The Other revenue category totaled $1,780, or about 47.5%
of the budgeted amount. This
category includes reimbursement revenues from legal and other miscellaneous
services. Actual collections were higher
than anticipated.
- The Reserves category totaled $0 or about 0.00% of
the budgeted amount. This category
includes potential use of reserves and the water supply carry forward
balance during the fiscal year for which adjustments will be made at the
conclusion of the fiscal year.
EXPENDITURES
Expenditure
activity as depicted on the expenditure table is similar to patterns seen in
past fiscal years. Total expenditures of
$4,497,946 were about 37.1% of the budgeted amount of $12,109,563 for the period. Variances within the individual expenditure
categories are described below:
- Personnel costs of $1,334,367 were about 119.0% of
the budget. This was slightly higher than the anticipated budget due to
CalPERS employer portion of the unfunded liability paid upfront for the
fiscal year.
- Expenditures for supplies and services were $347,165,
or about 75.9% of the budgeted amount. This was lower than the anticipated
budget due to legal and consulting services being lower than anticipated
for the current quarter.
- Fixed asset purchases of $875 represented around 1.5%
of the budgeted amount. This was due to some of the fixed asset purchases
deferred to next quarter.
- Funds spent for project expenditures were $2,815,539,
or approximately 30.7% of the amount budgeted for the period. This is lower than budgeted due to some
of the project spending being deferred to next quarter.
- Contingencies/Other expenditures $0, or 0% of the
budgeted amount. This was due to
the contingency budget not spent during this quarter.
- Reserve expenditures of $0, or 0% of the budgeted
amount. This was due to the adjustments
made at the conclusion of the fiscal year.
EXHIBITS
3-A Revenue
and Expenditure Table
3-B Revenue
Graph
3-C Expenditure Graph
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