The LAFCo FY 2019/20 budget was adopted on May 23, 2019. During the first quarter LAFCo remained on track with regards to both revenue and expenditures.
REVENUES
At the end of the first quarter of FY 2019/20 LAFCo had received $147,059 (31.13%) of its expected revenues of $472,476. LAFCo's most significant revenue source comes from local government agency payments, and at the close of the first quarter LAFCo had received funds from most of its agencies; the cities of West Sacramento ($67,863), Winters ($6,787), and Woodland ($62,627). Agency funds have yet to be collected are from the County ($207,700), and City of Davis ($70,423). Staff recently followed up with these agencies and expects to receive the revenue in the second quarter.
Other revenue received in the first quarter include LAFCo fees of $9,781.54 (244.54%) which is more than double the $4,000 that was budgeted. Those fees include the yearly CALAFCO stipend of $4,000 for the Executive Officer (EO) duties as a CALAFCO Deputy EO and from the following LAFCo proposals; $2,281.54 for final payment for the City of Davis Annexation of the West Davis Active Adult Community (LAFCo No. 932), a $1,500 deposit for for the Wild Wings CSA Out of Agency Agreement with the Watts-Woodland Airport (LAFCo No. 933), and a $2,000 deposit for the Springlake FPD Change of Organization from an Independent District to a Dependent District to Yolo County (LAFCo No. 934).
The only other portion of LAFCo revenues that have not yet been collected are attributed to investment earnings ($3,000) which constitutes a very small portion of revenues, Additionally, it's noted in Attachments B and C that DFS recorded an adjustment of $1,086.95 to Investment Earnings-Pool to comply with Government Accounting Standard Board (GASB) reporting requirements. However, it is a financial reporting adjustment only and is not considered a spendable revenue for budget purposes. Therefore, the adjustment was not included in the Budget Status Summary.
EXPENDITURES
During the first quarter of FY 2019/20 LAFCo expended a total of $85,280 (18.05%) of its annual budgeted costs of $472,476.
Salary and Employee Benefits
LAFCo expended $68,417.28 (19.19%) of its Salary and Benefits appropriation of $356,610.
Services and Supplies
LAFCo expended $16,762.51 (18.15%) of its Services and Supplies appropriation of $92,366.
Other Charges and Other Financing Uses
LAFCo expended $100 (10%) of its Other Charges appropriation of $1,000. This budget is used to pay other agency fees in processing LAFCo proposals and the fees are reimbursed by the applicant. LAFCo has not used any of its appropriation for contingencies.
Attached Budget Reports
The Budget Status Summary (Attachment A) is a one-page easy to read summary of the budget. The Income Statement Report (Attachment B) shows the amount expended for the quarter, the year to date amount and budget and the percentage of budget used. The General Ledger Report (Attachment C) shows a running balance of all transactions, including both revenue and expenditure amounts. |