Meeting Date:           December 15, 2003                            Budgeted:  N/A

Program/Line Item No.:  N/A

Staff Contact: Rick Dickhaut                                    Cost Estimate:  N/A


General Counsel Approval:  N/A

Committee Recommendation:  N/A

CEQA Compliance:  N/A

SUMMARY: September 30, 2003 marked the conclusion of the first quarter of the District's 2003-2004 fiscal year.  Exhibits 23-A and 23-B are graphs showing both budgeted and actual year-to-date revenues and expenditures for the period.  Exhibit 23-C presents the same information in a table format.  The following comments summarize District staff's observations.



The revenues graph compares actual revenues received during the first quarter of Fiscal Year 2003-2004 with the amounts budgeted for that same time period.  As the graph shows, revenues for permits were 78% over the budgeted amount while connection charges were just slightly less than budgeted amount.  The “Other” category is about 12 percent over budget and interest revenues for the period were approximately 70% under budget due to continued declining interest rates and use of reserve funds for capital projects.  User fees collected were approximately 15% under budget, however, the year-to-date revenue does not include September receipts.  No tax revenues or grants were anticipated or received during the first quarter.  Project reimbursements receipts typically lag behind the budgeted amount and were only 23% of the amount budgeted for the period.  Overall, total revenues received during the first quarter of the fiscal year represented 59% of revenues budgeted for the same period.



Expenditure activity as depicted on the expenditure graph is similar to patterns seen in the past several years. Personnel expenses are 18% below budget, with the majority of the variance attributable to the unexpended personnel contingency of $59,000.  Expenditures for supplies and services were about 10% percent under budget for the period.  Purchases of capital assets were 69% less than the budget, however, these expenditures typically fluctuate throughout the year.  Expenditures for Project costs were approximately 52% of the budgeted amount for the quarter.  The “Other” category includes items such as $159,500 for payback on the Harris Court office building, $133,500 for contributions to the flood/drought reserves and $72,000 for contingencies.  These amounts are generally not utilized until later in the fiscal year.  Overall, expenditures for the first quarter totaled approximately 64% of the amount budgeted for the fiscal year.