The LAFCo FY 2023/24 budget was adopted on May 25, 2023. During the third quarter, LAFCo remained on track with regard to both revenue and expenditures.
REVENUES
By the end of the third quarter of FY 2023/24, LAFCo had received all of its expected revenues, with $510,555 (84.92%) from agency funding and most of the remainder using fund balance (10.70%) for our total budgeted revenue of $549,686. Revenue not anticipated in the budget and received during the third quarter included LAFCo fees of $7,617.02 (3.33%) which included processing fees for the following: a $4,900 deposit to process the Woodland Research & Technology Park (WRTP) Reorganization to the City of Woodland (LAFCo 23-07), and a final payment of $5,217.02 for processing the Northeast Industrial Area Reorganization to the City of Woodland (LAFCo 23-06), subtracting a payment of $2,500 to the Board of Equalization for annexation fees. Other minimal revenue received during the third quarter included investment earnings of $4,679.10 (1.06%). The use of fund balance does not show up as new net income in the financial reports because it's already in our fund.
EXPENDITURES
Overall, during the first half of FY 2023/24, LAFCo expended $333,333 (60.64%) of its annual budgeted costs of $549,686. LAFCo expended $302,664.57 (71.77%) of its Salary and Benefits appropriation of $421,718. LAFCo expended $27,804.31 (29.24%) of its Services and Supplies appropriations of $95,104. Some accounts under Salary and Benefits and Services and Supplies exceeded appropriations this fiscal year. Health Insurance (501130) exceeded its total appropriation by 574.28%. Staff have contacted the payroll division of Human Resources for an explanation of the charges but have not yet heard back. Staff did not assume an appropriation for Food (510030) during this fiscal year. However, with the unexpected scheduling of the Leadership and Priority Setting Session for the February 2024 meeting, the account was used in the amount of $291.91 to provide breakfast and lunch for the Commission and staff during this half-day event. Office Expense-Postage (510111) exceeded its total appropriation by 220.31% due to the large amount of mailing out hearing notices to landowners and voters for The Promenade Reorganization to Davis (LAFCo 23-05) and the WRTP Reorganization to Woodland (LAFCo 23-07).
Attached Budget Reports
The Budget Status Summary (Attachment A) is a one-page summary of the budget. The General Ledger Report (Attachment B) shows a running balance of all transactions, including both revenue and expenditure amounts.
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