Title
a. Receive and accept the FY 2014-15 Financial Status Report through March 2015 for Parks General Fund 001; and
b. Approve and 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 (4/5th vote required).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Receive and accept the FY 2014-15 Financial Status Report through March 2015 for Parks General Fund 001; and
b. Approve and 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 (4/5th vote required).
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 increase is a result of one-time costs related to personnel management and consulting, rifle range operation review and improvements, and the NextGen Radio system project.
OTHER AGENCY INVOLVEMENT:
This report was received by the Board of Supervisor's Budget Committee on April 29, 2015.
FINANCING:
There is no impact on the General Fund.
Prepared by: Nina DeMello, Parks Finance Manager
Approved by: Mark Mariscal, Director of Parks and Recreation
Attachments on file with Clerk of the Board:
Parks Fund 001 Q3 FYTD 2014-15 Financial Status Report