Title
Receive the Monterey County Water Resources Agency FY 2018-19 Second Quarter Financial Status Report through December 31, 2018.
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Directors:
Receive the Monterey County Water Resources Agency FY 2018-19 Second Quarter Financial Status Report through December 31, 2018.
SUMMARY/DISCUSSION:
Year to date revenues for most of the Monterey County Water Resources Agency (Agency) funds are at 45.8% of budget. The Agency received revenues from Special Assessments and Ad Valorem taxes in December as scheduled. Hydro-electric revenue is at 81.2% of budget from receiving the month of July’s revenue. Hydro electric revenue is usually three to four months behind. The Agency expenditures are at 56.8% of budget as it continues the repair of Nacimiento and San Antonio Dams due to 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 preparation for both reservoirs. Interlake Tunnel Project has over $3.3M combined encumbered and expended in consultant fees. The Agency will continue to monitor expenditures as we approach the winter months.
On a consolidated basis, the Agency financial performance up to 6th period of the accounting month is projected as follows:
FY 2018-19 Estimated Beginning Fund Balance $18,476,791
FY 2018-19 YTD Revenues $11,875,736
Total FY 2018-19 Estimated Available Funds $30,352,527
Less 2018-19 YTD Expenditures ($16,160,582)
FY 2018-19 Estimated Ending Fund Balance $14,191,945
OTHER AGENCY/COMMITTEE INVOLVEMENT:
This item was presented to the Finance Committee on February 1, 2019.
FINANCING:
There is no financial impact in receiving this report.
Prepared by: Erica Leal, Interim Finance Manager II, (831) 755-5325
Approved by: _______________________________________________
Shauna Lorance, Interim General Manager, (831-755-4860
Attachments:
Board Order
Financial Status Report