Title
Accept the Monterey County Water Resources Agency (MCWRA) First Quarter Financial Status Report through September 30, 2017.
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Directors:
Accept the Monterey County Water Resources Agency (MCWRA) First Quarter Financial Status Report through September 30, 2017.
SUMMARY/DISCUSSION:
Year to date revenues for most of the Agency funds are at 6% of budget. The Agency receives most of its revenues from special assessments received in December and April. Hydro-electric revenue is up due to last year’s winter storm showing revenue at 36% of budget. The Agency Expenditures are at 24% of budget as the Agency cautiously repairs the Nacimiento and San Antonio Dams as a result of the California Department of Water Resources, Division of Safety of Dams Division, new requirements which were a result of the Oroville Dam failure during the winter of 2017.
The Agency continues to monitor expenditures as we approach the winter months. In addition, the Agency continues to work on refunding the Salinas Valley Water Project bond which will supplement funding for our aging infrastructure.
On a consolidated basis the Agency financial performance is projected as follows:
FY 2017-18 Adopted Budget Beginning Fund Balance $ 18,668,113
FY 2017-18 Projected Revenues 33,851,496
Total Estimate FY 2017-18 Available Funds $ 52,519,609
Less: 2017-18 Projected Expenditures (36,537,950)
FY 2017-18 Projected Ending Fund Balance $ 15,981,659
OTHER AGENCY INVOLVEMENT:
None
FINANCING:
There is no financial impact in receiving this report.
Prepared by: Cathy Paladini, Finance Manager II, (831) 755-4860
Approved by: _____________________________________________
David E. Chardavoyne, General Manager, (831) 755-4860
Attachments:
1. FY 17-18 Fund 111 - Administration Summary
2. FY 17-18 Financial Summary