Title
Consider receiving the Monterey County Water Resources Agency FY 2018-19 Third Quarter Financial Status Report through March 31, 2019.
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 Third Quarter Financial Status Report through March 31, 2019.
SUMMARY/DISCUSSION:
Year to date revenues for most of the Agency funds are at 57.4% of budget. The Monterey County Water Resources Agency (Agency) received revenues from Special Assessments and Ad Valorem taxes in December as scheduled. Hydro-electric revenue is at 100% of budget from receiving the month of September's revenue. Unfortunately, the hydro plant needed to be shut down in mid-September due to low reservoir levels, therefore, Agency received no revenue for the month of October 2018 to January 2019. The Agency expenditures are at 65.4% 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 $3.2M combined encumbered and expended in consultant fees. The Agency will continue to monitor expenditures as we approach the summer months.
On a consolidated basis, the Agency financial performance up to 9th period of the accounting month is projected as follows:
Adopted Budget Year-to-Date
FY 2018-19 Estimated Beginning Fund Balance $18,476,791 $18,476,791
FY 2018-10 Revenues 25,911,791 14,848,695
FY 2018-19 Available Funds 44,388,582 33,325,486
FY 2018-19 Expenditures ...
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