Title
Receive the Monterey County Water Resources Agency (Agency) FY 2019-20 First Quarter Financial Status Report through September 30, 2019.
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Directors:
Receive the Monterey County Water Resources Agency (Agency) FY 2019-20 First Quarter Financial Status Report through September 30, 2019.
SUMMARY/DISCUSSION:
As of September 30, 2019, consolidated revenues for the Agency's 14 Funds total $0.9 million, or 3.6% of budget, which trends historical receipts. Revenues are generally low at the beginning of the Fiscal Year as the Agency receives most of its revenues from special assessments in the months of December and April. Fiscal Year 2019-20 revenues are projected at $25.5 million while the Agency continues to seek additional revenue streams. Currently, the Agency is awaiting a response from the State Water Resources Control Board (SWRCB) on a $9.2 million grant for well destruction. The Agency is also exploring the possibility to lease 561 acres of land located around Nacimiento Reservoir for grazing purposes.
Agency obligations, as of September 30, 2019 totaled $9.5 million, or 30.5% of budget, which includes expenditures and encumbrances. With debt service payments still pending, repair work at the reservoirs and increases to salaries the Agency is monitoring expenditures and evaluating if additional appropriations may be needed for this Fiscal Year.
On a consolidated basis, the Agency's financial performance up to September 30, 2019 is as follows:
Approved Budget Year-to-Date
FY 2019-20 Est. Beg. Fund Balance $15,940,451 $15,940,451
FY 2019-20 Revenues 25,520,259 908,528
FY 2019-20 Available Funds 41,460,710 16,848,979
FY 2019-20 Expenditures ...
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