Title
Receive the Monterey County Water Resources Agency FY 2024-25 Financial Status Report through March 31, 2025. (Staff: Nan K. Kim)
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Directors:
Receive the Monterey County Water Resources Agency FY 2023-24 Financial Status Report through March 31, 2025.
SUMMARY/DISCUSSION:
The Monterey County Water Resources Agency (Agency) FY 2024-2025 (FY24) Adopted Budget totals $48.76 million in expenditures and $42.15 million in revenue.
Agency’s total actual revenue received between July 1, 2024, through March 31, 2025 was $20.35 million. The combined total of Ad Valorem Taxes and Special Benefit Assessments was $13.34 million, 66% of the total revenue received. Additional revenue received includes grant payments of $2.64 million, $1.42 million of Water Delivery and Service fee payments and $1.18 million of hydro-electric power revenue. The total revenue received was 48.3% of FY25 revenue budget.
Total actual expenditures during the reporting period were $28.72 million, which includes $4.4 million encumbrance. Of the total expenditure, $4.34 million (19%) was salaries and benefits, $25.23 million (51%) was contractor/professional services and $1.80 million (6%) was for insurances. The total expenditure through March 31, 2025 was 59% of FY25 budgeted expenditures of $48.78 million.
Summary of Agency’s consolidated fund balance estimate for FY25 is as follows:
Adopted Budget Year-To-Date Amount
FY25 Beg. Fund Balance $20,816,729 $20,816,729
FY25 Revenues 42,154,850 20,347,487
FY25 Expenditures (48,759,795) (28,719,013)
FY25 Fund Balance (use) ( 6,604,...
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