Title
Receive the Monterey County Water Resources Agency (MCWRA) FY 2021-2022 Second Quarter Financial Status Report through December 31, 2021.
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Directors:
Receive the Monterey County Water Resources Agency (MCWRA) FY 2021-2022 Second Quarter Financial Status Report through December 31, 2021.
SUMMARY/DISCUSSION:
The Monterey County Water Resources Agency’s FY 2021-2022 (FY22) approved budget totals $38.47 million expenditures and $32.40 million in revenue. On November 22, 2021, Monterey County Water Resources Agency’s Board of Supervisor approved to amend the Monterey County Water Resources Agency’s Pajaro River Fund 112-9300-WRA002-8484 FY 2021-22 adopted budget to increase appropriations and revenues in the amount of $658,500, to budget totals $39.12 million expenditures and $33.06 million revenue.
As of the second quarter of FY22 ending December 31, 2021, the total revenue received is $11,483,146, 45.8% of FY22 Budgeted Revenue. It includes Special Assessments of $9,914,534, Ad Valorem Taxes of $1,641,953, water delivery and service fees of $1,005,141, grant payments of $373,604, hydro-electric revenue of $317,41, grazing lease and rent revenue of $313,809 and other permits and fee revenue of $64,404. The Agency received $1,509,201 fund transfer from General Fund as a local match of Prop 1 Well Destruction grant.
Comparing to the total revenue of $200,108 in Quarter 1 of FY22, it is an increase of 14,939,949. Revenues received in Quarter 2 includes Ad Valorem of $1,636,766 and Special Assessments of 9,850,319. The total revenue received in FY22 was increased by $368,887, compared to the total revenue received during the same period in FY21.
On the expenditure side, actual expenditure thru December 31, 2021 is $15.05 million, which includes $3.48 million encumbrance and $11.57 million cash expenditures. It is 38.5% of the adopted appropriations. The amount is an increase of $937,348, comparing to those of FY21. Thru the 2nd Quarter FY22, salaries and benefit, Monterey One Water Contract payment and SVWP bond payment was 25.65%, 29.76% and 11.07% of Agency’s total expenses, respectively.
Agency’s overall financial performance thru December 31, 2021 was as follows:
Approved Budget Year-to-Date
FY22 Est. Beg. Fund Balance $ 21,352,725 $21,352,725
FY22 Revenues 33,056,693 15,140,057
FY22 Expenditures (39,123,515) (15,053,579)
FY22 Est. End. Fund Balance $15,285,903 $21,439,203
FINANCING:
There is no financial impact for receiving this report.
Prepared by: Nan Kyung Kim, Finance Manager III, (831) 755-4860
Approved by: Brent Buche, General Manager, (831) 755-4860
Attachments:
1. FY 2021-22 2nd Quarter Financial Summary