Title
Receive and accept the Monterey County Water Resources Agency (MCWRA) Quarterly Financial Status Report through June 2014.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
Receive and accept the Monterey County Water Resources Agency (MCWRA) Quarterly Financial Status Report through June 2014.
SUMMARY/DISCUSSION:
Revenues for most Agency funds are projected to meet budget estimates and in some cases exceed expectations due to additional receipts from Ad Valorem taxes, assessments fees, RDA AB/129 distributions, boat dock fees, and grants. Fund 112, the Pajaro River Levee, received 65% of anticipated revenues due Santa Cruz County proceeding with a construction contractor at a cost less than originally forecasted.
A Budget amendment in September of 2013 authorized the Agency to transfer of $810,805 from the Fund 111 Hydro Stabilization Reserve due to less than expected flow releases from Nacimiento as a result of continued drought conditions and delays in insurance reimbursements for Fund 130 emergency repairs at the hydroelectric plant that occurred in 2012. The Agency anticipates approximately $570,000 in business interruption insurance to be received in FY 2014-15. On a consolidated basis the Agency financial performance is projected as follows:
FY 2013-14 Actual beginning fund balance $ 14,246,180
FY 2013-14 Preliminary Revenues 20,842,820
Total FY 2013-14 Available funds $ 35,089,000
Less: 2013-14 Preliminary expenditures (18,735,889)
FY 2013-14 Projected Ending Fund Balance $ 16,353,111
OTHER AGENCY INVOLVEMENT:
The Agency’s Finance Committee and Board of Directors have been involved in the development of the Budget; but, the Board of Directors will formally approve this report during the Regular Board of Directors meeting on August 25, 2014.
FINANCING:
There is no financial impact in receiving this report.
Prepared by:
Cathy Paladini, Finance Manager, (831) 755-4861
Approved by:
David E. Chardavoyne, General Manager, (831) 755-4860
Attachments: Summary of Administration Fund 111 & Status Report