Review and file Fiscal Year 2023/24 Second Quarter Financial Update

Review and file Fiscal Year 2023/24 Second 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.

The LAFCo FY 2023/24 budget was adopted on May 25, 2023. During the second quarter, LAFCo remained on track with regard to both revenue and expenditures. 

REVENUES
By the end of the second quarter of FY 2023/24, LAFCo had received all of its expected revenues, with $498,259 (90.64%) from agency funding and the remainder using fund balance (10.94%) for our total budgeted revenue of $549,686. The use of fund balance does not show up as new net income in the financial reports because it's already in our fund. Other revenue received during the second quarter included investment earnings of $1,358.33 (0.24%).

EXPENDITURES
Overall, during the first half of FY 2023/24, LAFCo expended $211,931 (38.56%) of its annual budgeted costs of $549,686. LAFCo expended $190,239.41 (45.11%) of its Salary and Benefits appropriation of $421,718. LAFCo expended $18,828.06 (19.80%) of its Services and Supplies appropriations of $95,104.

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.