Title
a. Receive and accept the FY 2014-15 Financial Status Report through March 2015 for Parks General Fund 001; and
b. Support the recommendation to authorize the Auditor-Controller to amend the Parks Department FY 2014-15 adopted budget, Fund 001, Department 7500, Appropriation PAR001, to increase estimated revenue and appropriation by $538,590.
Report
RECOMMENDATION:
a. It is recommended that the Board of Supervisors' Budget Committee:
Receive and accept the FY 2014-15 Financial Status Report through March 2015 for Parks General Fund 001; and
b. Support the recommendation to authorize the Auditor-Controller to amend the Parks Department FY 2014-15 adopted budget, Fund 001, Department 7500, Appropriation PAR001, to increase estimated revenue and appropriation by $538,590.
SUMMARY/DISCUSSION:
The Parks Department General Fund 001 is projected to end FY 2014-15 with revenues totaling $3,611,176, a $538,590 increase over the FY 2014-15 Budget. Major variances to budget are:
? Laguna Seca Track rental revenue increases $687,830. An accounting change occurred in FY 2014-15 where revenues are now recorded at gross; previously revenues were recorded and budgeted net of the 20% SCRAMP admin fee. $282,334 of the revenue increase is attributable to the accounting change with the remaining $405,496 increase based on the actual bookings per the track rental calendar.
? SCRAMP event revenue is declining and is estimated to drop $247,267 to $363,433.
? Laguna Seca Rifle Range revenue falls $26,823 short of budget, hampered by the temporary closure of the range for operation review and improvements.
? The remaining $124,850 increase is primarily due to increased revenue at Toro Park and Laguna Seca camping/day use.
Expenditures are projected to total $5,340,114 for FY 2014-15, an increase of $538,590 over the FY 2014-15 budget. The accounting change related to track rental revenues results in a $363,433 increase in admin fees. The remainder of the ...
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