Title
Receive the Monterey County Water Resources Agency FY 2023-24 Financial Status Report through December 31, 2023.
Report
RECOMMENDATION:
It is recommended that the Budget Committee:
Receive the Monterey County Water Resources Agency FY 2023-24 Financial Status Report through December 31, 2023.
SUMMARY/DISCUSSION:
The Monterey County Water Resources Agency (Agency) FY 2023-2024 (FY24) Adopted Budget totals $52.15 million in expenditures and $48.89 million in revenue. On January 23, 2024, Board of Supervisors of the Agency approved amendments to Fund 112 (Pajaro Levee) and Fund 116 (Dam Operations) budgets with appropriations increases by $2,712,000 and revenue increases by $1,212,000 to fund costs of additional maintenance and repair activities at Pajaro Levee. Agency's FY24 Amended Budgets are $54,860,209 in expenditures and $50,097,830 in revenue.
Agency's total actual revenue received between July 1, 2023 and December 31, 2023 was $16.68 million. The combined total of Ad Valorem Taxes and Special Benefit Assessments was $12.31 million, 74% of the total revenue received. Additional revenue received includes grant payments of $2.30 million (14%), $1.19 million of Water Delivery and Service fee payments (7%) and $0.36 million of hydro-electric power revenue. The total revenue received was 33% of FY24's revenue budget and an increase of $1.86 million compared to $14.82 million of the total revenue during the same period of FY23.
Total actual expenditures during the reporting period was $20.56 million, comprised of $4.44 million encumbrance and $16.12 million cash/accrued expense. Of the total expenditure, $2.66 million (13%) was salaries and benefits, $9.11 million (44%) was professional services, $1.83 million (9%) was for County's Cost Plan allocation and $3.59 million (17%) was for other services and supplies, which includes payments of $1.13 million to Pajaro Regional Flood Management Agency (PRFMA) under the Cost Share Agreement and an Opera...
Click here for full text