ADMINISTRATIVE COMMITTEE
6.	RECEIVE AND FILE FOURTH QUARTER FINANCIAL ACTIVITY REPORT FOR FISCAL YEAR 2012-2013
Meeting Date:		February 12, 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 February 12, 2014 and recommended ____________.
CEQA Compliance: N/A

SUMMARY: The fourth quarter of Fiscal Year (FY) 2013-2014 came to a conclusion on June 30, 2013. Table comparing budgeted and actual year-to-date revenues and expenditures for the period are included as Exhibit 6-A. Exhibits 6-B and 6-C presents the same information in bar graph format. The following comments summarize District staff's observations:

REVENUES

The revenue table compares amounts received through the fourth quarter to the amounts budgeted for that same time period. Total revenues collected were $10,071,212, or 73.5% of the budgeted amount of $13,696,600. Variances within the individual revenue categories are described below:

• Permit Fees revenues were $277,955, or 120.3% of the budget for the period. The actual revenues were higher than the budgeted numbers.
• Connection Charge revenues were $115,972, or 66.3% of the budget for the period. Actual revenues collection was lower than anticipated.
• Interest revenues were $10,782, or 215.6% of the budget for the period. Budgeted expectations were lower than actual interest received.
• User fee revenues were $178,002, or 178.0% of the amount budgeted. This is due to additional user fee collected from Reclamation Project.
• Property tax revenues were $1,562,010, or 111.3% of the budget for the period. Actual collection was higher than budgeted figures.
• Water Supply Charge revenues were $3,400,874, or 103.1% of the budget for the period. Actual collection was higher than budgeted figures.
• Project reimbursements of $2,569,193, or 47.1% of the budget. This is considerably less than the budgeted amount as many projects were deferred and continued to next fiscal year.
• Grant revenue of $263,228, or 19.2% of the budget. This is considerably less than the budgeted amount as the grant funded projects were deferred and continued to next fiscal year.
• The “Other” revenue category totaled $55,212 or about 262.9% of the budgeted amount. Actual collection exceeded budget expectations.

EXPENDITURES

Total expenditures of $7,468,103 were about 54.5% of the budgeted amount of $13,696,600 for the period. Variances within the individual expenditure categories are described below:

• Personnel costs of $3,232,518 were about 98.9% of the budget for the period.
• Expenditures for supplies and services were $897,246, or 95.9% of the budgeted amount.
• Fixed assets purchases of $53,358 represented around 76.0% of the budgeted amount. Some asset purchases have been deferred to next fiscal year.
• Funds spent for project expenditures were $3,243,180, or approximately 35.3% of the amount budgeted for the period. This is due to some project expenditures being deferred to next fiscal year.
• Debt Service for the period was $41,801, or 28.7% of the budget. Actual expenditure was lower than expected.
• Contingencies/Other included costs of $0, or 0% of the budget for the period. All of these expenditures are placeholders and budgeted for unexpected need throughout the year.

EXHIBITS

6-A Revenue and Expenditure Table

6-B Revenue Graph

6-C Expenditure Graph

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