ITEM:		CONSENT CALENDAR
9.	RECEIVE AND FILE FIRST QUARTER FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2013-2014
Meeting Date:			January 29, 2014	Budgeted:	N/A
From:			David J. Stoldt,	Program/	N/A
			General Manager	Line Item No.:
Prepared By:			Suresh Prasad	Cost Estimate:	N/A
General Counsel Review: N/A
Committee Recommendation: The Administrative Committee reviewed this item on January 21, 2014 and recommended approval.
CEQA Compliance: N/A

SUMMARY: The first quarter of Fiscal Year (FY) 2013-2014 came to a conclusion on September 30, 2013. Bar graphs comparing budgeted and actual year-to-date revenues and expenditures for the period are included as Exhibits 9-A and 9-B. Exhibit 9-C presents the same information in a table format. The following comments summarize District staff's observations:

REVENUES

The revenues graph compares amounts received through the first quarter and conclusion of FY 2013-2014 to the amounts budgeted for that same time period. Total revenues collected were $456,871, or 11.9% of the budgeted amount of $3,829,929. Variances within the individual revenue categories are described below:

• Water Supply Charge revenues were $0, or 0% of the budget for the period. The first installment of this revenue is expected to be received in December 2013.
• Mitigation revenue is billed and collected in arrears.
• Property tax revenues were $0, or 0% of the budget for the period. The first installment of this revenue is expected to be received in December 2013.
• User fee revenues were $11,454, or about 45.8% of the amount budgeted. This is below the budgeted amount as Reclamation Project’s share is billed and collected at the end of the fiscal year.
• Interest revenues were $48, or only 1.9% of the budget for the period. This is due to low interest rates received from the financial institutions. Currently, the interest rates are set around 1/4 percent. Also, first quarter interest revenue for LAIF is generally not received until October 2013.
• Project reimbursements of $329,678, or 33.3% of the budget. This is considerably less than the budgeted amount as many projects were deferred and continued to next quarter.
• Grant revenue of $2,834, or 0.9% of the budget. This is considerably less than the budgeted amount as the grant funded projects were deferred and continued to next quarter.
• The “Other” revenue category totaled $10,999 or about 1.5% of the budgeted amount. This is well below budget because this category includes potential use of reserves, water supply carry forward balance and the line of credit during the fiscal year.

EXPENDITURES

Expenditure activity as depicted on the expenditure graph is similar to patterns seen in past fiscal years. Total expenditures of $2,010,435 were about 52.5% of the budgeted amount of $3,829,929 for the period. Variances within the individual expenditure categories are described below:

• Personnel costs of $726,916 were about 89.5% of the budget for the period.
• Expenditures for supplies and services were $257,077, or about 107.4% of the budgeted amount.
• Fixed assets purchases of $12,177 represented around 46.6% of the budgeted amount.
• Funds spent for project expenditures were $1,014,265, or approximately 38.5% of the amount budgeted for the period. This is due to some project expenditures being deferred to next quarter.
• Debt Service, Election costs, and Contingencies/Other included costs of $0, or 0% of the budget for the period. All of these expenditures happened in second quarter of the fiscal year.

EXHIBITS

9-A Revenue Graph

9-B Expenditure Graph

9-C Revenue and Expenditure Table

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