Agenda

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Consent 8.

LAFCO

Meeting Date:

05/22/2014

Information

SUBJECT

Review and file the Fiscal Year (FY) 13-14 3rd Quarter Financial Update

RECOMMENDED ACTION

Review and file the Fiscal Year (FY) 13-14 3rd Quarter Financial Update.

FISCAL IMPACT

None

REASONS FOR RECOMMENDED ACTION

The intent of the quarterly financial report is to provide the Commission with an update on how LAFCo performed financially in the previous quarter as compared to the adopted budget and to discuss any issues as appropriate. The practice was recommended during our most recent audit as an additional safeguard to ensure sound financial management, given the small size of the LAFCo staff.

BACKGROUND

The LAFCo FY 2013/14 budget was adopted on May 23, 2013, and during the third quarter LAFCo remained on target with regards to both revenues and expenditures.

LAFCo has received 98.2 percent of its expected revenues for FY 13/14, largely through payments from government agencies. The portion of LAFCo’s expected revenues that have not yet been collected are attributed to investment earnings and fees for service, which may still be collected in the final quarter of FY 13/14.

In the first three quarters of the year LAFCo has expended less than expected, and has only reached 58.8 percent of its annual budgeted costs for FY 13/14, however it should be noted that this figure includes our unused contingency of $40,829.

LAFCo has expended 71.6 percent of the Salary and Benefits appropriation, 57.3 percent of the Services and Supplies appropriation, and 38.8 percent of its Shared Services Initiative appropriation. Although the Shared Services expenses are at only 38.8 percent, the Broadband Strategic Plan is currently expending most of the consultant costs per our contract and so staff expects this percentage to increase significantly during the fourth quarter.

In the final quarter of FY 13/14 staff expects that LAFCo's spending will remain on (or under) target, and staff is not recommending any adjustments to the adopted budget at this time.

Attachments
Item 8-ATTs A-E

Form Review

Inbox	Reviewed By	Date
Christine Crawford	Christine Crawford	05/06/2014 02:36 PM
Form Started By: Tracey Dickinson		Started On: 05/03/2014 12:31 PM
Final Approval Date: 05/06/2014