Consent 7.
LAFCO
- Meeting Date:
- 02/27/2025
Information
SUBJECT
Review and file Fiscal Year 2024/25 Second Quarter Financial Update.
RECOMMENDED ACTION
Review and file Fiscal Year 2024/25 Second Quarter Financial Update.
REASONS FOR RECOMMENDED ACTION
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.
BACKGROUND
The LAFCo FY 2024/25 budget was adopted on May 23, 2024. During the second quarter, LAFCo remained on track with both revenue and expenditures.
REVENUE
LAFCo has received 100% of its budgeted revenue. Quarter two showed an additional $6,041 was received for the final payment of the City of Woodland's annexation proposals.
EXPENSE
Halfway through the fiscal year, LAFCo's expenses totaled $247,474 (36.61%) of the budgeted $675,962.
For Salaries and Benefits, the Health Insurance item (501130) is over budget due to the same issue noted last quarter. The County changed accounts for in-lieu health insurance policies which were not consistent with budget instructions. This will be corrected in a future budget adjustment and funds are available in a different account (Other Employee Benefits 501190) to cover the item this fiscal year.
Services and Supplies expenses total $27,777 (32.52%) of the budgeted $85,421. A few accounts under Services and Supplies exceeded appropriations during the second quarter. Maintenance-Bldg Improvement (510071) exceeded its appropriation by 1,158%, due to County staff charging the wrong account to LAFCo for water, sewer, and HVAC debt for the administration building. This occurred last year as well. Staff will appropriate the $2,896 to account 540500-3005, as recommended in the County's Budget Instructions. Also, the advertising for the new LAFCo position was incorrectly charged to Office Expense (510110) which caused this account to go over budget. The advertising charge of $499 will be moved to Publication and Legal Notices (510106). This will result in Office Expenses remaining below budget and Publication and Legal Notices being 119% of its budget.
BUDGET REPORTS
The Budget Status Summary (Attachment A) is an easy-to-read summary of the budget. The General Ledger Report (Attachment B) shows a running balance of all transactions, including both revenue and expenditure amounts.
REVENUE
LAFCo has received 100% of its budgeted revenue. Quarter two showed an additional $6,041 was received for the final payment of the City of Woodland's annexation proposals.
EXPENSE
Halfway through the fiscal year, LAFCo's expenses totaled $247,474 (36.61%) of the budgeted $675,962.
For Salaries and Benefits, the Health Insurance item (501130) is over budget due to the same issue noted last quarter. The County changed accounts for in-lieu health insurance policies which were not consistent with budget instructions. This will be corrected in a future budget adjustment and funds are available in a different account (Other Employee Benefits 501190) to cover the item this fiscal year.
Services and Supplies expenses total $27,777 (32.52%) of the budgeted $85,421. A few accounts under Services and Supplies exceeded appropriations during the second quarter. Maintenance-Bldg Improvement (510071) exceeded its appropriation by 1,158%, due to County staff charging the wrong account to LAFCo for water, sewer, and HVAC debt for the administration building. This occurred last year as well. Staff will appropriate the $2,896 to account 540500-3005, as recommended in the County's Budget Instructions. Also, the advertising for the new LAFCo position was incorrectly charged to Office Expense (510110) which caused this account to go over budget. The advertising charge of $499 will be moved to Publication and Legal Notices (510106). This will result in Office Expenses remaining below budget and Publication and Legal Notices being 119% of its budget.
BUDGET REPORTS
The Budget Status Summary (Attachment A) is an easy-to-read summary of the budget. The General Ledger Report (Attachment B) shows a running balance of all transactions, including both revenue and expenditure amounts.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Christine Crawford | Christine Crawford | 02/20/2025 11:40 AM |
- Form Started By:
- JD Trebec
- Started On:
- 02/18/2025 02:44 PM
- Final Approval Date:
- 02/20/2025