Review and file Fiscal Year 2021/22 Fourth Quarter Financial Update

Review and file Fiscal Year 2021/22 Fourth Quarter Financial Update.

None.

The intent of the quarterly financial report is to provide the Commission with an update on how LAFCo performed financially in the previous quarter as compared to the adopted budget and to discuss any issues as appropriate. The practice was recommended during a previous audit as an additional safeguard to ensure sound financial management, given the small size of the LAFCo staff. In accordance with LAFCo Administrative Policies and Procedures, the Commission adopts the final budget and is authorized to make adjustments as appropriate.

Yolo LAFCo closed FY 2021/22 expending 93% of its total budget as shown in the attachments. 

REVENUES
LAFCo received 103% of its revenue budgeted exceeding estimates in a few accounts: proposal fees exceeded the budget by $13,839; and the sale of an office chair for $230. These unexpected revenues will offset available fund balance used to balance our budget. LAFCo's overall revenue came from the following sources: agency funding 73%; use of available fund balance 24%; and fees 3%. 

EXPENDITURES
LAFCo's Total Expenditures for the fiscal year ended at 93% of the total budget. Salaries and Benefits ended the fiscal year at 101% of budget, Services and Supplies closed at 89% of budget, and no contingency was used. A few accounts under Services and Supplies significantly exceeded appropriations during this fiscal year. Information Technology Services (501152) exceeded its appropriation by 746.45%, mainly due to the services requested from the County's Geographic Information Systems (GIS) division for significant mapping work needed for the Fire Protection Agencies MSR/SOI. Legal Services (501156) exceeded its appropriation by 212.61% due to extra work required for the fire MSR/SOI and the Davis SOI Amendment for the DiSC 2022 project. Staff also used special counsel at one point for the fire MSR/SOI. Despite significant overages in two accounts, overall Services and Supplies closed at 89% of budget . 

Attached Budget Reports
The Budget Status Summary (Attachment A) is a one-page 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.