Title
a. Support amending the Water Resources Agency's FY 2018-19 Adopted Budget for Fund 303 - Castroville Seawater Intrusion Project Debt Service Fund (303-9300-8267-WRA025) by increasing appropriations and revenues in the amount of $1,695,160 financed by a transfer out from Fund 131 - Castroville Seawater Intrusion Project Operations & Maintenance (131-9300-8491-WRA020); and,
b. Support amending the Water Resources Agency's FY 2018-19 Adopted Budget for Fund 111 - Administration Fund (111-9300-8267-WRA001) by increasing appropriations and revenues in the amount of $1,750,000 financed by an increase in unanticipated revenues.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
a. Support amending the Water Resources Agency's FY 2018-19 Adopted Budget for Fund 303 - Castroville Seawater Intrusion Project Debt Service Fund (303-9300-8267-WRA025) by increasing appropriations and revenues in the amount of $1,695,160 financed by a transfer out from Fund 131 - Castroville Seawater Intrusion Project Operations & Maintenance (131-9300-8491-WRA020); and,
b. Support amending the Water Resources Agency's FY 2018-19 Adopted Budget for Fund 111 - Administration Fund (111-9300-8267-WRA001) by increasing appropriations and revenues in the amount of $1,750,000 financed by an increase in unanticipated revenues.
SUMMARY/DISCUSSION:
In 2014, the Monterey County Water Resources Agency (Agency) brought in an outside consultant, Certified Public Accountant Rodney Craig Goodman, to review the Agency's complex accounting structure. Mr. Goodman recommended that the Agency collapsed several funds sharing similar funding mechanisms. The item was presented to the Agency's Finance Committee at its December 12, 2014 meeting, the Agency's Board of Director Meeting (BOD) at its January 26, 2015 meeting. The item was again brought to the Finance Committee on June 2, 2017 and to the BOD on May 18, 2017 and to the Agency's Board of Supervisors (BOS) November 7, 2017, wher...
Click here for full text