Title
Consider receiving the Monterey County Water Resources Agency Fiscal Year 2023-24 Financial Status Report. (Staff Presenting: Nan K. Kim)
Report
RECOMMENDATION:
It is recommended that the Board of Directors of the Monterey County Water Resources Agency:
Consider receiving the Monterey County Water Resources Agency Fiscal Year 2023-24 Financial Status Report.
SUMMARY/DISCUSSION:
The Monterey County Water Resources Agency (Agency) Fiscal Year 2023-24 (FY24) Adopted Budget totals $52.15 million in expenditures and $48.89 million in revenue. On January 23, 2024, Board of Supervisors of the Agency approved amendments to Fund 112 (Pajaro Levee) and Fund 116 (Dam Operations) budgets with appropriations increases by $2,712,000 and revenue increases by $1,212,000 to fund costs of additional maintenance and repair activities at Pajaro Levee. Agency’s FY24 Amended Budgets are $54,860,209 in expenditures and $50,097,830 in revenue.
Agency’s total actual revenue received in FY24 was $36.52 million, which was 73% of FY24’s revenue budget. The total actual expenditure in FY24 were $40.76 million, which was 74% of the budgeted expenditures. In addition, $105,000 was moved from unassigned fund balance to capital project BSA in Fund 116, with an ending fund balance of $735,000
Summary of Agency’s consolidated fund balance for FY24 is as follows:
Amended Budget Actual
FY24 Fund Balance $25,163,601 $25,163,601
FY24 Revenues 50,097,830 36,522,350
FY24 Expenditures (54,860,209) (40,764,223)
Capital Project Assignment (105,000)
FY24 Fund Balance(use) (4,786,643) (4,346,873)
FY24 Ending Fund Balance $20,401,222 $20,816,728
OTHER AGENCY INVOLVEMENT:
None
FINANCING:
Due to a significant variance between budgeted and actual revenues realized of Fund 116, FY24 actual ending fund balance of Fund 116 is approximately $2 million lower than estimated when the Fiscal Year 2024-25 (FY25) was developed. Staff has been monitoring Fund 116 expense and revenue status in FY25 and regularly reporting updates to Finance Committee.
Prepared by: Nan Kyung Kim, Finance Manager III, (831) 755-4860
Approved by: Ara Azhderian, General Manager, (831)755-4860
Attachments:
1. FY24 Financial Status Report