Title
a. Receive and accept the FY 2014-15 Financial Status Report through March 2015 for Parks Enterprise Fund 452; and
b. Support the recommendation to authorize the Auditor-Controller to release $300,000 from the Laguna Seca Track Maintenance and Repairs Assignment - Fund 001 Balance Sheet Account 3129 and increase $300,000 in appropriations in General Fund CAO Other Financing Uses - Fund 001 Department 1050 Appropriation CAO017 Unit 8038. Transfer $300,000 from General Fund CAO Other Financing Uses - Fund 001 Department 1050 Appropriation CAO017 Unit 8038 Object 7614 to Parks Fund 452 Department 7500 Appropriation PAR004 Unit 8391 Object 5940.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors' Budget Committee:
a. Receive and accept the FY 2014-15 Financial Status Report through March 2015 for Parks Enterprise Fund 452; and
b. Support the recommendation to authorize the Auditor-Controller to release $300,000 from the Laguna Seca Track Maintenance and Repairs Assignment - Fund 001 Balance Sheet Account 3129 and increase $300,000 in appropriations in General Fund CAO Other Financing Uses - Fund 001 Department 1050 Appropriation CAO017 Unit 8038. Transfer $300,000 from General Fund CAO Other Financing Uses - Fund 001 Department 1050 Appropriation CAO017 Unit 8038 Object 7614 to Parks Fund 452 Department 7500 Appropriation PAR004 Unit 8391 Object 5940.
SUMMARY/DISCUSSION:
Parks Enterprise Fund 452 continues to struggle with the impact low lake levels has on the profitability of both lakes. After receiving Operating Transfers In of $1,658,144, the fund is projected to end FY 2014-15 with a $1,683,583 loss versus a budgeted loss of $60,000, a deterioration of $1,623,584. Although revenues for FY 2014-15 are projected to fall short of budget by only $161,852, expenditures exceed budget by $1,461,732.
Two major factors contributed to the $1,461,732 increase in expenditures. The continued employment of 14 staff positions for nine months that were identified for layoffs during last year's budget process totals $1,019,868. The majority of the remaining increase is a result of keeping Lake San Antonio and the resort open this fiscal year.
The release of $300,000 from the Laguna Seca Track Maintenance and Repairs Assignment - Fund 001 Balance Sheet Account 3129 has not occurred because the wording in Board Order 14-946 was unclear as to the intent and steps to accomplish the transfer. The Parks Department intended to release and transfer $300,000 from Laguna Seca Track Maintenance and Repairs Assignment -Fund 001 Balance Sheet Account 3129.
OTHER AGENCY INVOLVEMENT:
No other agency was involved.
FINANCING:
The release of $300,000 from the Laguna Seca Track Maintenance and Repairs Assignment - Fund 001 Balance Sheet Account 3129 will reduce the balance in the account to $3,063,794.
Prepared by: Nina DeMello, Parks Finance Manager
Approved by: Mark Mariscal, Director of Parks and Recreation
Attachments: Parks Fund 452 Q3 FYTD 2014-15 Financial Status Report