Title
Receive Lake Nacimiento Resort and Operations Enterprise Fund Year-end Financial Reports for Fiscal Year 2022-23 and for Mid-Year Financial Report for Fiscal Year 2023-24.
Report
RECOMMENDATION:
It is recommended that the Budget Committee receive Lake Nacimiento Resort and Operations Enterprise Fund Year-end Financial Report for Fiscal Year 2022-23 and Mid-Year Financial Report for Fiscal Year 2023-24.
SUMMARY:
Public Works, Facilities and Parks (PWFP) is presenting the Year-end Financial Report for Fiscal Year (FY) 2022-23 and Mid-Year Financial Report for FY 2023-24 for Lake Nacimiento Resort and Operations Enterprise Fund.
Attachment A shows two sets of comparative financial reports. The first set shows budget vs actual for the last FY 2022-23. The second set provides budget vs current year estimate for FY 2023-24, and actual revenues and expenses for the 8-month period, July 1, 2023, through February 28, 2024.
In FY 2022-23, Lake Nacimiento (Lake) began the year with a net position of $2,323,809 and ended with $2,488,244, an increase of $164,435 from the prior fiscal year's net income. This net position amount comprises a restricted portion of $913,531, net investment in capital assets of $819,201, and unrestricted net position of $755,512. Restricted net position amount is for Zebra/Quagga Mussel Program - $518,535, for 2018 trailer fire insurance proceeds - $263,633 and for Winter Storm 2023 pending projects - $131,363. Net investment in Capital Assets represents the Lake's spending on Capital assets, minus the depreciation expense.
In FY 2023-24, the Lake's net position is estimated to increase further by $452,903, that will result in an ending net position of $2,941,147. This estimated ending net position amount assumes the same restricted net position amount for Zebra/Quagga Mussel Program and for 2018 trailer fire insurance proceeds as the amounts last fiscal year. While restricted net position for Winter Storm 2023 projects will ...
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