The LAFCo FY 2018/19 budget was adopted on May 24, 2018. Overall, the LAFCo budget for FY 2018/19 remained on target, with total revenues for FY 2018/19 at $459,922 (104.78% of budget) and total expenditures at $399,022 (84.30% of budget). Staff has added a new Budget Status Summary (attachment A). The Income Statement (attachment B) shows the amount expended for the fourth quarter, the year to date amount and budget, and the percentage of the budget used. The General Ledger Report (attachment C) shows a running balance of all transactions year to date, including both revenue and expenditure amounts.
REVENUES
During the fourth quarter of FY 2018/19, LAFCo received $1,996 under Investment Earnings and $4,092 under Charges for Services for a total of $6,088 in revenues. Over the entire FY, LAFCo received $459,922 (or 104.78%) in revenue for FY 2018/19, exceeding its budgeted revenue of $438,925.
EXPENDITURES
LAFCo expended $124,064 in the 4th quarter for an overall total expenditure of $399,022 (84.30% of total budget) for FY 2018/19.
Salary and Employee Benefits
Fourth quarter expenses for Salaries and Benefits were $99,310 for an overall FY total of $340,685 (97.55% of total budget).
Services and Supplies
LAFCo expended $22,353 in the 4th quarter for a year end total of $55,086 (54.77% of budget). Expenses are shown in the attached Budget Status Summary.
Other Charges and Other Financing Uses
LAFCo expended $2,400 in the 4th quarter under Payments of Other Government Institutions for an overall total expenditure of $3,250 ($325%). This account is used to pay other agency fees in processing LAFCo proposals. These fees are charged back to the proposal applicant and reimbursed through Other Charges for Services - LAFCo Fees. Under Other Financing Uses, Appropriation for Contingency was untouched in FY 2018/19. |