Title
Receive the Monterey County Water Resources Agency FY 2023-24 Financial Status Report through March 31, 2024. (Staff: Nan Kyung Kim)
Report
RECOMMENDATION:
It is recommended that the Board of Directors of the Monterey County Water Resources Agency:
Receive the Monterey County Water Resources Agency FY 2023-24 Financial Status Report through March 31, 2024.
SUMMARY/DISCUSSION:
The Monterey County Water Resources Agency (Agency) FY 2023-2024 (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 between July 1, 2023 and March 31, 2024 was $27.37 million. The combined total of Ad Valorem Taxes and Special Benefit Assessments was $13.28 million, 62% of the total revenue received. Additional revenue received includes grant payments of $3.05 million (14%), $1.51 million of Water Delivery and Service fee payments (7%) and $0.98 million (5%) of hydro-electric power revenue. The total revenue received was 43% of FY24's revenue budget and an increase of $3.32 million compared to $18.05 million of the total revenue during the same period of FY23.
Total actual expenditures during the reporting period were $32.23 million, comprised of $3.86 million encumbrance and $28.37 million cash/accrued expense. Of the total expenditure, $4.88 million (15%) was salaries and benefits, $15.43 million (48%) was contractor/consultant professional services, $1.83 million (6%) was for County's Cost Plan allocation and $5.28 million (16%) was for other services and supplies, which includes payments of $1.13 million to P...
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