Title
Receive the Monterey County Water Resources Agency FY 2023-24 Financial Status Report through June 30, 2024.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
Receive the Monterey County Water Resources Agency FY 2023-24 Financial Status Report through June 30, 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.
As of September 1, 2024, total revenue of Fiscal Year 2023-24 is estimated $37.88 million. The combined total of Ad Valorem Taxes and Special Benefit Assessments received was $20.51 million, 54% of the total revenue received. Total revenue received & accrued as FY24 revenue for grant payments of $6.17 million (16%), $2.56 million of Water Delivery and Service fee payments (7%) and $1.35 million (4%) of hydro-electric power revenue. The total revenue of FY24 was 76% of the FY24 revenue budget and a decrease of $0.19 million compared to $38.06 million of the total revenue in FY23, which included $7.00 million fund transfers from County's strategic reserves to fund damage repairs caused by the atmospheric river events in January and March 2023.
Total expenditure of FY24 is estimated at $40.77 million. Of the total expenditure, $6.30 million (15%) was salaries and benefits, $15.03 million (37%) was for contractor/consultant professional services, $4.27 million was debt payments (10%), $1.83 million (4%) was for the Cost Plan allocation and $6.07 million (15%) was for other services and supplies, which includes ...
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