Title
Receive the Monterey County Water Resources Agency (Agency) FY 2019-20 Second Quarter Financial Status Report through December 31, 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 Second Quarter Financial Status Report through December 31, 2019.
SUMMARY/DISCUSSION:
As of December 31, 2019, the Agency’s revenues total $11.7 million, or 45.8% of budget, trending historical receipts. The Agency receives its first influx of Ad Valorem and Special Assessment revenues in the month of December totaling $10 million, or about 57.1% of projected revenues for these two categories. Fiscal Year 2019-20 revenues are projected at $25.5 million while the Agency continues to seek additional revenue streams.
Agency expenditures and encumbrances, as of December 31, 2019, totaled $13.0 million, or 41.4% of budget. With debt service payments for the Salinas Valley Water Project and United States Bureau of Reclamation loan 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 December 31, 2019 is as follows:
Adopted Budget Year-to-Date
FY 2019-20 Est. Beg. Fund Balance $15,940,451 $15,940,451
FY 2019-20 Revenues 25,520,259 11,696,357
FY 2019-20 Available Funds 41,460,710 27,636,808
FY 2019-20 Expenditures (31,423,386) (13,012,422)
FY 2019-20 Est. End. Fund Balance $10,037,324 $14,624,386
OTHER AGENCY/COMMITTEE INVOLVEMENT:
This item was presented to the Monterey County Water Resources Agency Finance Committee at its February 7, 2020 meeting.
FINANCING:
There is no financial impact in receiving this report.
Prepared by: Fabricio Chombo, Finance Manager II, (831) 755-4860
Approved by: Brent Buche, General Manager (831-766-4860
Attachments:
FY 2019-20 Financial Summary