File #: WRAG 17-020    Name: Pajaro Cost Share Grant Reclassification FY 16
Type: WR General Agenda Status: Scheduled PM
File created: 1/23/2017 In control: Water Resources Agency Board of Directors
On agenda: 1/30/2017 Final action: 1/30/2017
Title: Consider approving and recommending that the Monterey County Water Resources Agency Board of Supervisors: a. Authorize the Auditor Controller to amend the WRA FY 2015-16 Adopted Budget to correct an approved appropriation in Board Order WRAG 15-035 by decreasing appropriations in the amount of $500,000 in Fund 303-9300-8267-WRA025-6613 and increasing appropriations in Fund 131-9300-8267-WRA020-6613 reclassifying the Fund appropriation for which the Pajaro Flood Risk Reduction Project Grant match was approved.
Attachments: 1. Board Report, 2. Executed BOS Board Order dated 8/25/15, 3. MCWRA Executed Board Order dated 8/24/15, 4. Board Order
Title
Consider approving and recommending that the Monterey County Water Resources Agency Board of Supervisors:
a. Authorize the Auditor Controller to amend the WRA FY 2015-16 Adopted Budget to correct an approved appropriation in Board Order WRAG 15-035 by decreasing appropriations in the amount of $500,000 in Fund 303-9300-8267-WRA025-6613 and increasing appropriations in Fund 131-9300-8267-WRA020-6613 reclassifying the Fund appropriation for which the Pajaro Flood Risk Reduction Project Grant match was approved.

Report
RECOMMENDATION:

It is recommended that the Monterey County Water Resources Agency Board of Directors:

Approve and recommend that the Monterey County Water Resources Agency Board of Supervisors:
a. Authorize the Auditor Controller to amend the WRA FY 2015-16 Adopted Budget to correct an approved appropriation in Board Order WRAG 15-035 by decreasing appropriations in the amount of $500,000 in Fund 303-9300-8267-WRA025-6613 and increasing appropriations in Fund 131-9300-8267-WRA020-6613 reclassifying the Fund appropriation for which the Pajaro Flood Risk Reduction Project Grant match was approved.

SUMMARY/DISCUSSION:
This transaction was requested by the Monterey County Auditor Controller's Office and reclassifies a previously approved FY 2015-16 Board Order WRAG 15-035 by modifying the Fund appropriation for the Pajaro Flood Risk Reduction Project Grant funding match required by the Agency. During the preparation of the FY 2015-16 Comprehensive Annual Financial Report (CAFR), the Monterey County Auditor Controller's Office informed the Agency that its historical practice of safe keeping its Rate Stabilization Reserve in the CSIP Debt Service Fund 303 is not in conformance with generally accepted accounting principles (GAAP) and recommended that these funds should not be co-mingled.

The Agency has been aware that it's accounting structure for these two types of accounts needs to be modified and has been working with the Auditor's Office...

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