Title
Support approval and recommendation that the Water Resources Agency Board of Supervisors
approve the Monterey County Water Resources Agency Fiscal Year 2021-22 Requested Budget.
Report
RECOMMENDATION:
It is recommended that the Finance Committee support approval and recommendation that the Monterey County Water Resources Agency Board of Supervisors:
Approve the Monterey County Water Resources Agency Fiscal Year 2021-22 Requested Budget.
SUMMARY/DISCUSSION:
The Agency’s FY22 Budget consists of 14 total funds for combined appropriations of $38,485,555. Staffing for FY22 includes thirty-nine (39) funded full-time positions and nine (9) unfunded vacant positions for total Salary and Benefit costs of $6,425,144 or seventeen percent (17%) of the total budget. General Liability Insurance costs for FY22 are estimated at $1,182,452 or three percent (3%) of total budget, while COWCAP costs are estimated at $823,854 or two percent (2%) of the total budget. Consultant costs for FY22 include Monterey One Water, Interlake Tunnel Project, Habitat Conservation Plan and others for a combined total of $17,831,001or forty six percent (46%) of the total budget. Equipment costs are $485,000 or one percent (1%) of the total budget, County charges are $522,836 or one percent (1%) of the total budget, Debt service costs for FY22 include the Salinas Valley Water Project Bond (SVWP) and annual loan payments for the Castroville Seawater Intrusion Project (CSIP) and the Salinas Valley Reclamation Project (SVRP) for a combined estimated total of $4,723,041 or twelve percent (12%) of the Agency’s total budget. Transfers from other funds estimated at $3,928,841 or ten percent (10%) of the total budget. The remaining $2,563,386 or seven percent (7%) of the budget are a combination of Services & Supplies and other costs.
Total estimated revenue funding for FY22 is $32,423,487 of which $2,497,679 or six percent (6%) is Ad-Valorem Tax revenue, $15,584,305 or forty percent (40%) is Assessment revenue, $357,000 or one percent (1%) Royalties revenue, $1,500,000 or four percent (4%) in Inter-Lake Tunnel Grant, $2,291,667 or six percent (6%) in Prop 1 Well Destruction Grant, $1,400,000 or four percent (4%) in Habitat Conservation Plan Grant, $520,500 or one percent (1%) Rent & Interest revenue, $330,000 or one percent (1%) in Development and Annexation fees, $300,000 or one percent (1%) Hydro-Electric revenue, $1,825,000 or five percent (5%) in Water Delivery Fees, $5,794,536 or fifteen percent (15%) in transfers from other Funds, and $6,062,068 is funded through Unassigned Fund Balance.
Overall, expenditures exceed revenues by $6,062,068 reducing the Agency’s Fund Balance from an estimated beginning Fund Balance of $16,864,780 to an estimated ending Fund Balance of $10,802,712.
OTHER AGENCY INVOLVEMENT:
Monterey One Water provided the necessary figures for Fund 131 CSIP Operations, Fund 132 SVRP Operations, and Fund 134 SRDF Operations.
FINANCING:
The Water Resources Agency FY 2021-22 Adopted Budget Resolution represents a statutorily balanced budget and meets all requirements for adoption.
Prepared by: Erica Leal, Accountant III, (831) 755-4860
Approved by: Brent Buche, General Manager, (831) 755-4860
Attachments:
FY 2021-22 MCWRA Recommended Budget Book