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ITEM: |
INFORMATIONAL
ITEMS/STAFF REPORTS |
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28. |
REPORT ON FISCAL YEAR 2004-05
FINANCIAL ACTIVITY FOR THE SIX- MONTH PERIOD ENDED DECEMBER 31, 2004 |
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Meeting
Date: |
April 18, 2005 |
Budgeted: |
N/A |
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From: |
David A.
Berger, |
Program/ |
N/A |
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General
Manager |
Line Item No.: |
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Prepared
By: |
Rick
Dickhaut |
Cost Estimate: |
N/A |
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General Counsel Approval: N/A |
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Committee Recommendation: The Administrative Committee reviewed this item on April 4, 2005 and recommended approval. |
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CEQA Compliance: N/A |
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SUMMARY: December 31, 2004 marked the conclusion of the first half of fiscal year 2004-05. Bar graphs comparing budgeted and actual year-to-date revenues and expenditures for the period are included as Exhibits 28-A and 28-B. Exhibit 28-C presents the same information in a table format. The following comments summarize District staff's observations:
REVENUES
The revenues graph compares revenues received during the first half of Fiscal Year 2004-05 to the amounts budgeted for that same time period. Revenues for permits and connection charges, in the amounts of $113,894 and $303,256 respectively, were well over the amounts budgeted due to higher than anticipated activity during the first half of the fiscal year. Interest revenues for the period were approximately 40% under budget due to continued low interest rates, additional use of reserves, and the timing of the actual receipt of the funds, i.e., interest on funds invested with the Local Agency Investment Fund are only paid on a quarterly basis. User fees revenues were approximately 6% under the budgeted amount due to the fact that the year-to-date revenue does not include receipts for the month of December. Tax revenues totaled $526,502 which is 25% over the amount budget. No grants were anticipated or received during the period. Project reimbursements were approximately 95% of the amount budgeted for the period. The “Other” category is about 102% over budget due to unanticipated miscellaneous revenues. Overall, total revenues received during the first half of the fiscal year represented 111% of revenues budgeted for the same period.
EXPENDITURES
Expenditure
activity as depicted on the expenditure graph is similar to patterns seen in
past years. Personnel expenses are 11% below budget, with the majority of the
variance attributable to the unexpended personnel contingency of $63,100. Expenditures for supplies and services were
about 50% percent over the budgeted amount mostly due to much higher than
anticipated legal expenditures. Capital
assets purchases equaled 48% of the budgeted amount and expenditures for
Project expenditures were 47% of the amount budgeted for the period. The “Other” category includes items such as
$159,600 for payback on the
28-A Revenue Graph
28-B Expenditure Graph
28-C Revenue and Expenditure Table
U:\staff\word\boardpacket\2005\2005boardpackets\20050418\InfoItems\28\item28.doc