Title
Accept the Monterey County Water Resources Agency (MCWRA) Fourth Quarter Financial Status Report through June 30, 2016.
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Supervisors:
Accept the Monterey County Water Resources Agency (MCWRA) Fourth Quarter Financial Status report through June 30, 2016.
SUMMARY/DISCUSSION:
Agency revenues for most of the Agency funds are 102% of Budget. This report reflects the Agencies receipt of Cal-AM reimbursements from the litigated Desalination Project. The Agency continued to monitor expenditures through June which were 85% of budget.
In addition, the Agency continues to 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 2015-16 Adopted Budget Beginning Fund Balance $ 18,125,918
FY 2015-16 Projected Revenues 22,929,858
Total Estimate FY 2015-16 Available funds $ 41,055,776
Less: 2015-16 Projected Expenditures ( 29,870,727)
FY 2015-16 Projected Ending Fund Balance $ 13,179,569
OTHER AGENCY INVOLVEMENT:
The Monterey County Water Resources Agency Board of Directors approved this report on September 19, 2016.
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:
1. Summary of Agency Administrative Fund 111
2. Financial Status Report Through June FY 2015-16
3. MCWRA Executed Board Order