Title
Receive the Monterey County Water Resources Agency FY 2024-25 Financial Status Report through December 31, 2024.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
Receive the Monterey County Water Resources Agency FY 2023-24 Financial Status Report through December 31, 2024.
SUMMARY/DISCUSSION:
The Monterey County Water Resources Agency (Agency) FY 2024-2025 (FY24) Adopted Budget totals $48.56 million in expenditures and $42.15 million in revenue.
Agency’s total actual revenue received between July 1, 2024 and December 31, 2024 was $16.54 million. The combined total of Ad Valorem Taxes and Special Benefit Assessments was $12.31 million, 74% of the total revenue received. Additional revenue received includes grant payments of $1.79 million, $1.14 million of Water Delivery and Service fee payments and 0.72 million of hydro-electric power revenue. The total revenue received was 39% of FY25 revenue budget.
Total actual expenditures during the reporting period were $20.94 million, which includes $4.98 million encumbrance. Of the total expenditure, $3.76 million (18%) was salaries and benefits, $9.45 million (45%) was professional services and $1.80 million (9%) was for insurances. The total expenditure through December 31, 2024 was 43% of FY25 budgeted expenditures of $48.56 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 16,543,585
FY25 Expenditures (48,759,795) (20,942,422)
FY25 Fund Balance (use) ( 6,604,945) ...
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