Title
Receive the biannual financial reports for Parks General Fund and Parks Lake and Resort Fund for the period beginning January 1, 2017 and ending June 30, 2017.
Report
RECOMMENDATION:
It is recommended that the Budget Committee receive the biannual financial reports for Parks General Fund and Parks Lake and Resort Fund for the period beginning January 1, 2017 and ending June 30, 2017.
SUMMARY:
General Fund
The Parks General Fund revenues were $7.4 million during the second half of FY 2016-17. Revenues for the year were $10.3 million, exceeding the $8.4 million budget by $1.9 million; resulting in actuals exceeding the budget by 22.5%. This is a result of a new two-year management agreement between the County and the Sports Car Racing Association of the Monterey Peninsula (SCRAMP), which was effective January 1, 2017. The agreement now requires SCRAMP to deposit all funds earned at the Laguna Seca Recreational Area (LSRA) with the County, which resulted in the revenue spike.
Overall expenditures during the second half of FY 2016-17 totaled $8.5 million. Expenditures for the year were $11.4 million, coming in under the budget of $12.1 million by $693,437. Salary and benefit expenditures were $3 million, coming in under budget by $2.3 million, because of staff turnover and vacant positions, such as the Director of Parks and Recreation (RMA Director assumed duties in July 2016), Management Analyst II, Finance Manager, Range Master, and Range Aide. Services and Supplies totaled $8.2 million, exceeding the budget of $6.8 million by $1.4 million. This was a direct result of the new SCRAMP agreement, which stipulates the County will provide SCRAMP with operating funds to be replenished as necessary to insure adequate cash flow for LSRA operations. Other expenses came in $207,959 over budget because the estimated budget anticipated additional staff charges being reimbursed from the Parks Lakes Resort Fund, which were not realized.
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