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

SUMMARY: The third quarter of Fiscal Year (FY) 2013-2014 came to a conclusion on March 31, 2014. 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 third quarter to the amounts budgeted for that same time period. Total revenues collected were $5,397,508, or 47.0% of the budgeted amount of $11,489,786. Variances within the individual revenue categories are described below:

• Water Supply Charge revenues were $1,967,900, or 77.2% of the budget for the period. The first installment of this revenue was received in December 2013. The second installment is expected to be collected in April 2014.
• Mitigation revenue was $715,000, or 52.9%. This is billed and collected in arrears.
• Property tax revenues were $850,681, or 80.8% of the budget for the period. The first installment of this revenue was received in December 2013. The second installment is expected to be collected in April 2014.
• User fee revenues were $38,964, or 52.0% 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 $9,231, or 123.1% of the budget for the period. This is due to investments placed with Wells Fargo Securities yielding a higher interest rate than budgeted.
• Project reimbursements of $1,469,769, or 49.5% of the budget. This is less than the budgeted amount as many projects were deferred and continued to next quarter.
• Grant revenue of $0, or 0% of the budget. This is due to grant funded projects being deferred and continued to next quarter.
• The “Other” revenue category totaled $30,795 or about 1.4% of the budgeted amount. This is well below budget as 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 table is similar to patterns seen in past fiscal years. Total expenditures of $6,809,048 were about 59.3% of the budgeted amount of $11,489,786 for the period. Variances within the individual expenditure categories are described below:

• Personnel costs of $2,363,991 were about 97.0% of the budget for the period.
• Expenditures for supplies and services were $613,466, or about 85.4% of the budgeted amount.
• Fixed assets purchases of $51,209 represented around 65.3% of the budgeted amount. Some asset purchases have been deferred to next quarter.
• Funds spent for project expenditures were $3,707,108, or approximately 47.0% of the amount budgeted for the period. This is due to some major project expenditures being deferred to next quarter.
• Debt Service costs of $73,274 was about 42.5% of the budget for the period. The second installment on the loan will be due in June of this fiscal year.
• Election costs, and Contingencies/Other included costs of $0, or 0% of the budget for the period. All of these expenditures deferred to next quarter.

EXHIBITS

6-A Revenue and Expenditure Table

6-B Revenue Graph

6-C Expenditure Graph

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