Title
Consider receiving a FY 2022-23 Financial Status Report of the Monterey County Water Resources Agency for Accounting Period 6 ending December 31, 2022.
Report
RECOMMENDATION:
It is recommended that the Finance Committee:
Consider receiving a FY 2022-23 Financial Status Report of the Monterey County Water Resources Agency for Accounting Period 6 ending December 31, 2022.
SUMMARY/DISCUSSION:
The Monterey County Water Resources Agency (Agency) FY 2022-2023 (FY23) Adopted Budget totals $41.2 million in expenditures and $36.4 million in revenue.
Total revenue received through FY23 Accounting Period 6, ending December 31, 2022 was $14.8 million. The combined total of Ad Valorem Taxes and Special Benefit Assessments was $11.8 million, 70% of the total revenue received. Additional revenue received includes $779,825 of grant payments (5%), $762,507 of Water Delivery and Service fee payments (5%) and $950,000 of a fund transfer (6%), which was the Cannabis Assignment loans forgiven for Muscle Wall in Pajaro Levee. The total revenue received was 41% of FY23’s budgeted revenue and a decrease of $229,028 compared to $15.1 million total revenue during the same period of FY22.
Total expenditure of the Agency for the reporting period was $16.4 million, comprised of $4.0 million encumbrance and $12.5 million cash expenditures. Of the total expenditure, $3.1M (19%) was salaries and benefits, $8.4 million (51%) was professional services and $2.0 million (12%) was for other services and supplies. The total expenditure was an increase of $1.3 million, compared to $15.1 million in expenditures of the same period in FY22.
Summary of Agency’s consolidated fund balances for FY2022-23 is as follows:
Adopted Budget Actual Amount
FY23 Est. Beg. Fund Balance $23,188,904 $22,530,404
FY23 Revenues 36,435,652 14,838,198
FY23 Expenditures (41,222,295) (16,440,719)
FY23 Est. Fund Balance $18,402,261 $20,927,883
The total expenditure through December 31, 2022 was 40% of the FY23 Adopted Budget but multiple budget units of the Agency will require appropriation increases due to flood control expenses incurred during the winter storm events in January 2023.
FINANCING:
There is no financial impact for receiving this report.
Prepared by: Nan Kyung Kim, Finance Manager III, (831) 755-4860
Approved by: Lew Bauman, Interim General Manager, (831) 755-4860
Attachments:
1. FY23 Financial Summary of July thru December 2022