Title
Receive Lake Nacimiento Resort and Operations Enterprise Fund Year-end Financial Reports for Fiscal Year 2023-24 and for Mid-Year Financial Report for Fiscal Year 2024-25.
Report
RECOMMENDATION:
It is recommended that the Budget Committee receive Lake Nacimiento Resort and Operations Enterprise Fund Year-end Financial Report for Fiscal Year 2023-24 and Mid-Year Financial Report for Fiscal Year 2024-25.
SUMMARY:
Public Works, Facilities and Parks (PWFP) is providing the Year-End Financial Report for Fiscal Year (FY) 2023-24 and Mid-Year Financial Report for FY 2024-25 for Lake Nacimiento Resort and Operations Enterprise Fund.
Attachment A shows two sets of comparative financial reports. First set shows budget vs actual for FY 2023-24. Second set provides budget vs current year estimate for FY 2024-25, and actual revenues and expenses for the 7-month period, July 1, 2024 through January 31, 2025.
In FY 2023-24, Lake Nacimiento’s (Lake) net income of $831,617 increased the net position from $2,488,244 to $3,319,861. Majority of this net income is from net Operating Transfers ($809,473), while the rest is from Net Interest Income ($36,858), offset with an Operating Loss of $14,714.
Lake’s total net position is allocated into three categories - Net Investment in Capital Assets ($830,002), Restricted Net Position ($585,008), and Unrestricted Net Position ($1,904,851).
Net investment in Capital Assets represents the amount invested in capital assets, reduced by accumulated depreciation and any attributable debt.
Restricted net position includes amounts reserved for Zebra/Quagga Mussel Program ($321,375) and for Lake’s renovations using the 2018 Trailer fire insurance proceeds ($263,633).
In FY 2024-25, Attachment A estimates only $9,983 increase in Net Position, including expenditures for capital assets of $3,819,059 (Lake Lodge project and some smaller projects). The Net Position will increase to $7,148,903, with the adjustmen...
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