Title
Receive the 1st and 2nd quarter financial reports for Parks General Fund and Parks Lake and Resort Fund for the period beginning July 1, 2016 and ending December 31, 2016.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
a. Receive the 1st and 2nd quarter financial reports for Parks General Fund and Parks Lake and Resort Fund for the period beginning July 1, 2016 and ending December 31, 2016.
SUMMARY:
The 1st quarter of FY 2016-17 the Parks General Fund revenue was $2.1 million or 44.77% of the budget. This is typical for the 1st quarter, as the summer months attract the most park visitors and support outdoor activities. As the 2nd quarter ended, revenues began to smooth out, which is expected to continue through the 3rd quarter as well. At the end of the 2nd quarter, year-to-date revenues totaled $2.9 million, which is 62.65% of budget. If revenues continue to follow the normal trend, Parks General Fund will reach the target budget of $4.7 million.
Overall expenditures during the 1st and 2nd quarter totaled $2.86 million or 42.48% of budget; $1.54 million and $1.32 million, respectively. Expenditures are falling short of the mid-year 50% target, by 7.52%. When factoring in payments of services and supplies are normally one month in arrears, staff estimates expenditures are closer to 3.4% under the target. Salary and benefit expenditures fell from the 1st quarter to the 2nd by $73,687, as a result of staffing turnover. Staff anticipates Parks General Fund will stay within the expenditure budget.
DISCUSSION:
On July 19, 2016, Resource Management Agency (RMA) assumed management for the Parks Department and the operating budget that had been adopted. In December, the Board of Supervisors took actions to add Parks as part of the RMA.
RMA took steps to open Lake San Antonio in early August 2016. We were only able to partially open South Lake after it had been closed for a couple years. North Shore remained closed. The Chimne...
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