Title
Receive a financial condition report on Lake Nacimiento Resort and Operations Enterprise Fund, Fund 452, for Fiscal Year (FY) 2019-20 and estimates for FY 2020-21.
Report
RECOMMENDATION:
It is recommended that the Parks Commission receive a financial condition report on Lake Nacimiento Resort and Operations Enterprise Fund, Fund 452, for Fiscal Year (FY) 2019-20 and estimates for FY 2020-21.
SUMMARY/DISCUSSION:
The Public Works, Facilities and Parks Department (PWFP), formerly the Resource Management Agency, is providing a financial condition report for the Lake Nacimiento Resort and Operations Enterprise Fund for Fiscal Year (FY) 2019-20 and a forecast for FY 2020-21 using three different operating scenarios. Attachment A provides an overview of the Lakes Operations since the Parks Department was reorganized under the RMA and details both FY 2019-20 actuals and FY 2020-21 forecasts of revenues, expenses, and net position. In summary, Lake Nacimiento FY 2019-20 Resort and Operations ended up in a net negative position of $1,433,912; FY 2020-21 is currently projected to end up in a net negative position of $361,870.
On October 20, 2020, RMA requested the Board of Supervisors approve a General Fund subsidy of $1,433,912 for FY 2019-20, to replace:
$700,000 Zebra/Quagga Mussel Program Restricted Funds used to cover operating costs;
$263,633 2018 Trailer Fire Insurance Proceeds (Restricted Fund) used to cover operating costs; and
$470,279 Lake Nacimiento Resort and Operations Enterprise Fund FY 2019-20 loss.
The Board of Supervisors approved this request and adopted a resolution to authorize and direct the Auditor-Controller to amend the FY 20-21 Adopted Budget to increase appropriations in General Fund, Fund 001, Other Financing Uses, Appropriation Unit CAO017, by $1,433,912, funded by a decrease in General Fund, Fund 001, Contingencies, Appropriation Unit CAO020, which provided a General Fund subsidy of $1,433,912.
PWFP projects FY 2020-21 will ex...
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