Title
Receive an annual financial report for Parks General Fund for the Fiscal Year ending June 30, 2018.
Report
RECOMMENDATION:
It is recommended that the Budget Committee receive the annual financial report for Parks General Fund for the Fiscal Year ending June 30, 2018.
SUMMARY:
Fiscal Year 2017-2018 (FY 2017-18) was the first Parks budget prepared by the Resource Management Agency (RMA). There are generally three components for the Parks budget: 1) Jacks Peak, Manzanita, Rifle Range (Laguna Seca), Royal Oaks, San Lorenzo, Toro (General Fund); 2) Lake Nacimiento, Lake San Antonio (Lakes Enterprise Fund); and 3) Laguna Seca Raceway (LSR Enterprise Fund). A financial report for the Lakes enterprise fund is being presented separately. RMA does not manage the LSR enterprise fund, and as such, does not report on the Laguna Seca Raceway.
The FY 2017-18 Parks Adopted Budget, as modified, included Revenues and Expenditures of $1,266,455 and $3,764,235, respectively, with a General Fund Contribution of $2,497,780 to balance the budget. Actual revenues earned of $1,065,215 fell short of the budget projection by $201,240. Actual expenditures of $3,352,743 were less than budgeted by $411,492. This resulted in a net reduction in General Fund Contribution need of $210,252. As such, RMA came in under budget for the General Fund Parks units (Refer to Attachment A).
Historically parks staff were funded out of different sources but their actual time at each facility was not tracked. RMA initiated tracking revenue and expenses by park (Attachment B) and also tracking revenue by activity at each park (Attachment C) to better understand the operations. Losses (expenditure exceeding revenue) were recorded at all day use parks ranging from $59,780 at Jacks Peak to $252,625 at San Lorenzo. Tracking activities shows that day use (park entry fees) is the largest revenue source in most parks. However, the largest revenue source at San Lorenzo is camping.
DISCUSSION:...
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