Title
Receive and accept the Monterey County Water Resources Agency (MCWRA) 3rd Quarterly Financial Status report through March 2015.
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Supervisors:
Receive and accept the Monterey County Water Resources Agency (MCWRA) 3rd Quarterly Financial Status report through March 2015.
SUMMARY/DISCUSSION:
Revenues for most Agency funds are anticipated to meet budget estimates. Revenues received to date are 76% of Budget. The Agency continues to decrease expenditures while the Hydroelectric Plant operates at minimum capacity during drought conditions. In addition, the Agency continues to the seek revenues in the form of grants to supplement costs associated with Hydrology and Water quality Programs including the Interlake Tunnel Project. On a consolidated basis the Agency financial performance is projected as follows:
FY 2014-15 Beginning fund balance $ 16,574,511
FY 2014-15 Projected Revenues 20,609,988
Total Estimate FY 2014-15 Available funds $37,184,499
Less: 2014-15 Projected expenditures (24,411,504)
FY 2014-15 Projected Ending Fund Balance $ 12,772,996
OTHER AGENCY INVOLVEMENT:
WRA Board of Directors
FINANCING:
There is no financial impact in receiving this report.
Prepared by:
Cathy Paladini, Finance Manager, (831) 755-4860
Approved by:
David E. Chardavoyne, General Manager, (831) 755-4860
Attachments:
WRA Summary of Agency Administrative Fund 111
WRA Financial Status Report FY 2014 15