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Consent 5.
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| LAFCO |
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| Information |
| SUBJECT |
| Review and File Fiscal Year 2013/14 1st Quarter Financial Update |
| RECOMMENDED ACTION |
| Review and file the fiscal year (FY) 2013/14 - 1st Quarter Financial Update. |
| FISCAL IMPACT |
| None. |
| REASONS FOR RECOMMENDED ACTION |
The LAFCo FY 2013/14 budget was adopted on May 23, 2013. No substantive changes or budget adjustments have since been adopted by the Commission.
The intent of the quarterly financial report is to provide the Commission with an update of how LAFCo performed financially in the last quarter as compared to the adopted budget and to discuss any issues as appropriate. The practice came about during our last financial audit process because with only two staff members, additional review of LAFCo expenditures was recommended. |
| BACKGROUND |
LAFCo's revenues through September do not reflect funding from the City of Winters or the County yet. However, the City of Winters' payment arrived this month and staff expects the County's payment to be transferred this month as well.
LAFCo's expenditures for the first quarter are on target. The total Salaries and Benefits accounts are 24.3% expended while the Services and Supplies accounts are 22.3% expended. Overall, LAFCo has expended 19.6% during the first quarter of the fiscal year. |
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