Title
Receive and accept the fourth quarter financial report for the Information Technology Department (ITD) for FY 2019-20.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
Receive and accept the fourth quarter financial report for the Information Technology Department (ITD) for FY 2019-20.
SUMMARY:
This report is ITD’s bi-annual report as of the fourth quarter of FY 2019-20.
DISCUSSION:
The attached report (Exhibit A) is an overview of the FY 2019-20 Information Technology Department’s (ITDs) final budget, actual year to date totals, and the variance between.
ITD’s expenditures of $27,363,744 include $9,437,718 operational expense, $3,286,530 capital improvement (CIP) expense, and $14,639,496 salary/benefit expense. ITD received offsetting income via County customer reimbursements of $7,187,177 and a Cost Plan Allocation (COWCAP) credit of $15,346,674. The combination of $27,363,744 in actual expenditure, offsetting income of $7,187,177, and COWCAP credit of $15,346,674, totals $4,829,893, resulting in an overall expenditure savings of $1,866,662 against the budget of $6,696,555.
The $1,866,662 expenditure saving is derived from $1,134,639 in operational expense that is mainly due to salary savings from unplanned vacancies, and $732,013 of additional County reimbursement, which is largely due to allocated ITD Capital Improvement cost reimbursement.
Cost Plan Allocation (COWCAP) came in at budget.
Revenue collected totaled $1,310,338. Included in this amount is $315,740 of PEG funds received which were transferred into restricted fund balance at year end.
Final adjusted revenue of $994,598 against a budget of $704,492, reflects a revenue surplus of $290,106.
The combined $1,866,662 in expenditure savings, and $290,106 of surplus revenue, resulted in an adjusted GFC surplus of $2,156,768.
OTHER AGENCY INVOLVEMENT:
No other agency involvement.
FINANCING:
ITD is ending Fiscal Year 2019-20 with a surplus of $2,156,768. These surplus funds are being added to the ITD Assignment Fund for use against further technology improvements.
Prepared by: Kathy Wells, Finance Manager I, 796-1490
Approved by:
______________________________________ Date: _________
Eric A. Chatham, Director of Information Technology, 759-6920
Attachments:
Exhibit A: ITD FY 2019-20 End Of Year Summary Overview