Review and File Fiscal Year 2025/26 Second Quarter Financial Update

Review and File Fiscal Year 2025/26 Second Quarter Financial Update

The intent of the quarterly financial report is to provide the Commission with an update on LAFCo's financial performance during the prior quarter as compared to the adopted budget and to discuss any issues as appropriate. This 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 2025/26 budget was adopted on May 22, 2025. As of the end of the second quarter, LAFCo remains on track with respect to both revenues and expenditures.

REVENUES
LAFCo has received 100% of its budgeted revenue. Quarter two showed an additional $1,031 was received for contracted services for Yolo County Department of Community Services.

EXPENDITURES
Halfway through the fiscal year, LAFCo's expenditures totaled $271,539 (39.28%) of the budgeted $691,291. For Salaries and Benefits, the workers' comp insurance is slightly over budget due to a rate increase. Otherwise, everything is on budget (43.56%). Services and Supplies expenditures totaled $35,846 or 29.8% of the budgeted $120,194. A computer purchase coded 510190 was slightly higher than budgeted, but all other expenditures are at expected levels. The majority of expenditures for some professional services and publishing notices are anticipated to occur later in the fiscal year.

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.