The LAFCo FY 2018/19 budget was adopted on May 24, 2018. During the first three quarters of the year, LAFCo has remained on track with regards to both revenue and expenditures.
Revenues
By the end of the third quarter of FY 2018/19, LAFCo had received 103.40% ($453,834), exceeding expected revenues of $438,925. LAFCo had received 264.62% ($3,969.30) in investment earnings. LAFCo's most significant revenue source comes from local government agency payments. By the close of the second quarter LAFCo had received 100% ($433,425) of its funds from the agencies.
Other revenue received during the first three quarters of the year included LAFCo total deposit fees of 411% ($16,440.04) which is more than four times the $4,000 that was budgeted. A total of $3,840.04 in deposit fees were collected during the third quarter. Those fees are from the following LAFCo proposals; the remaining balance of $1,710.29 for the City of Woodland West Main Street Area Detachment from Willow Oak FPD (LAFCo No. 924), and $2,100 for the West Davis Active Adult Community Annexation (WDAAC) to the City of Davis (LAFCo No. 932). LAFCo also received $29.75 for fees related to a Public Records Request.
Expenditures
During the first three quarters of FY 2018/19, LAFCo expended a total of 58.09% ($274,958) of its annual budgeted costs of $473,314.
Salary and Employee Benefits
In the third quarter LAFCo expended $80,233.26 of its Salary and Benefits appropriation. Year to date, LAFCo has expended 69.12% ($241,375.16) of its annual budgeted costs of $349, 232 and remains on track for the first three quarters of the fiscal year.
Services and Supplies
In the third quarter LAFCo expended $7,753.90 of its Services and Supplies appropriation. Year to date, LAFCo has expended 32.54% ($32,732.97) of its annual budgeted costs of $100,583.
Other Charges and Other Financing Uses
Year to date, LAFCo has expended 85% ($850) 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. |