Title
Receive the Monterey County Water Resources Agency FY 2018-19 First Quarter Financial Status Report through September 30, 2018.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
Receive the Monterey County Water Resources Agency FY 2018-19 First Quarter Financial Status Report through September 30, 2018.
SUMMARY/DISCUSSION:
Year-to-date revenues for most of the Agency’s funds are at 3% of budget. The Agency receives most of its revenues from special assessments in December and April. Hydro-electric revenue is at 0.35% of budget from receiving the month of April’s revenue. Hydro electric revenue is usually three to four months behind. The Agency expenditures are at 42% of budget partially for staff and consultant costs to complete the Federal Energy Regulatory Commission (FERC) and the California Department of Water Resources - Division of Safety of Dams (DSOD) compliance requirement and spillway repair work plan for Nacimiento and San Antonio Dams. The Agency continues to monitor expenditures as the spillway repair work costs could result in the need for additional appropriations this fiscal year after the initial evaluations are reviewed by DSOD.
On a consolidated basis, the Agency financials as of September 30, 2018 are projected as follows:
FY 2018-19 Estimated Beginning Fund Balance $18,476,791
FY 2018-19 Projected Revenues $25,911,792
Total FY 2018-19 Estimated Available Funds $44,388,583
Less 2018-19 Projected Expenditures ($26,945,332)
FY 2018-19 Estimated Ending Fund Balance $17,443,251
OTHER AGENCY INVOLVEMENT:
None
FINANCING:
There is no financial impact in receiving this report.
Prepared by: Erica Leal, Accountant III, (831) 755-4860
Approved by: _______________________________________________
David E. Chardavoyne, General Manager, (831) 755-4860
Attachments:
1st Quarter Financial Status Report Summary