ADMINISTRATIVE COMMITTEE
11.	RECEIVE AND FILE SECOND QUARTER FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2012-2013
Meeting Date:		February 13, 2013	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 February 13, 2013 and recommended ____________.
CEQA Compliance: N/A

SUMMARY: The second quarter of Fiscal Year (FY) 2012-2013 came to a conclusion on December 31, 2012. Bar graphs comparing budgeted and actual year-to-date revenues and expenditures for the period are included as Exhibits 11-A and 11-B. Exhibit 11-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 second quarter of FY 2012-2013 to the amounts budgeted for that same time period. Total revenues collected were $4,593,844, or 64.9% of the year-to-date budgeted amount of $7,081,100. Variances within the individual revenue categories are described below:

• Interest revenues were $323, or only 12.9% of the budget for the period. This is due to low interest rates received from the financial institutions and no surplus reserve funds. Currently, the interest rates are set below 0.32% percent.
• User Fee revenues were $20,571 or about 41.1% of the amount budgeted. Currently, the User Fees are paid by Seaside Muni System and Reclamation Project. This is below the budgeted amount because the User Fees from Reclamation Project users are collected at the end of the fiscal year.
• Property tax revenues were $880,752, or 125.6% of the budget for the period. The first installment of Property Tax was received in December 2012.
• Mitigation Revenue was $389,992, or 50.0% of the budgeted amount. This difference is due to the fee billed in arrears.
• Water Supply Charge revenues were $1,968,985 or 106.4% of the amount budgeted. The first installment was collected with Property Tax and was received in December 2012.
• Reimbursements of $1,093,012, or 39.8% of the budget. This is less than the budgeted amount as all of the reimbursements are billed in arrears. The July – December 2012 reimbursements invoices will be billed and collected in first quarter of 2013.
• There were no grant revenues collected for this reporting period.
• The “Other” revenue category totaled $29,427 or about 280.3% of the budgeted amount. This is well above the budget due to collection of miscellaneous revenue for the period.

EXPENDITURES

Expenditure activity as depicted on the expenditure graph is similar to patterns seen in past fiscal years. Total expenditures of $3,212,466 were about 45.4% of the year-to-date budgeted amount of $7,081,100 for the period. Variances within the individual expenditure categories are described below:

• Personnel costs of $1,595,614 were about 96.6% of the budget for the period.
• Expenditures for supplies and services were $250,845, or about 53.6% of the budgeted amount.
• Fixed assets purchases of $0 represented around 0% of the budgeted amount. All of the fixed assets items are defrayed until the 3^rd and 4^th quarter of this fiscal year.
• Funds spent for project expenditures were $1,338,976, or approximately 27.8% of the amount budgeted for the period. This amount is less than the budget due to some project expenditures being deferred to next quarter.
• Contingencies/Other included costs of $0, or 0% of the budget for the period.

EXHIBITS

11-A Revenue Graph

11-B Expenditure Graph

11-C Revenue and Expenditure Table

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