The LAFCo FY 2019/20 budget was adopted on May 23, 2019. During the second quarter LAFCo remained on track with regards to both revenue and expenditures.
REVENUES
By the end of the second quarter of FY 2019/20 LAFCo had received $519,533 (109.96%) of its expected/budgeted revenues of $472,476. LAFCo's most significant revenue source comes from local government agency payments. By the close of the second quarter LAFCo had received 100% ($415,400) of its funds from the agencies. Expected revenue during the second quarter included $1,472.92 (49.10%) received in investment earnings.
Revenue that was not anticipated in the budget and received during the second quarter included:
- Payment of $10,153.82 for the Reorganization of the Lower Elkhorn Reclamation Districts (LAFCo No. 928);
- Payment of $32,609.80 to Establish Reclamation 900 as a Subsidiary District to the City of West Sacramento (LAFCo No. 926); and
- Payment of $38.87 for the reimbursement of copy paper and the use of the LAFCo printer by the County's janitorial services.
Please note the income statement (Attachment B) does not match staff's budget summary (Attachment A). This is because each year, LAFCo uses some fund balance to balance its budget. The use of fund balance does not show up as new net income because its already in our fund.
EXPENDITURES
During the first half of FY 2019/20 LAFCo expended a total of $198,183 (41.95%) of its annual budgeted costs of $472,476.
Salary and Employee Benefits
LAFCo expended $162,899.53 (45.68%) of its Salary and Benefits appropriation of $356,610.
Services and Supplies
LAFCo expended $27,883.71 (30.19%) of its Services and Supplies appropriation of $92,366.
Other Charges and Contingency
LAFCo expended $7,400 (740%) of its Other Charges appropriation of $1,000. This budget is used to pay other agency fees (including State Board of Equalization filing fees for the reclamation district boundary changes) 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 an 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. |