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Home My WebLink About03.b. Review October 2019 Financial Statements and Investment Reports Page 1 of 32 Item 3.b. Av CENTRAL SAN November 26, 2019 TO: FINANCE COMMITTEE FROM: CHRIS THOMAS, FINANCE ADMINISTRATOR KEVIN MIZUNO, FINANCE MANAGER REVIEWED BY: PHILIP LEIBER, DIRECTOR OF FINANCE AND ADMINISTRATION ANN SASAKI, DEPUTY GENERAL MANAGER ROGER S. BAILEY, GENERAL MANAGER SUBJECT: REVIEW OCTOBER 2019 FINANCIAL STATEMENTS AND INVESTMENT REPORTS Attached for review are the Financial Statements and Investment Reports for the month of October 2019. With the close of the fifth month of Fiscal Year (FY) 2019-20, budgetary results for the O&M, Sewer Construction, Self-I nsurance, and Debt Service funds still reflect that activities-to-date are on target in the aggregate. The O&M Fund expenditure results are favorable at approximately 30.2% of the total adopted FY 2019-20 budget to date, or 3.6% under the year-to-date budget target of approximately 33.8%. Although a small proportion of budgeted revenues is generally recognized in the first five months of the District's fiscal year, O&M fund revenues are slightly above target by 7.1% reflecting a slightly higher collection rate for sewer service charge direct bills compared to the prior year. The Sewer Construction Fund has spent$14,081,728 or 18.9% of total capital project appropriations for FY 2019-20. This figure falls slightly shy (3.3%) of the 22.2% target through October 2019, however the pace of several capital projects is projected to pick up in the second half of the fiscal year. Most notably, significant progress on the following large capital projects is expected in the second half of the fiscal year: Solids Handling Facility Improvements (District Project (DP) 7348), Mechanical and Concrete Renovations (DP 7351), Moraga/Crossroads Pump Station (DP 8436), and Enterprise Resource Planning Replacement (DP 8250) capital projects. Strategic Plan Tie-In GOAL THREE: Be a Fiscally Sound and Effective Water Sector Utility Strategy 2- Manage costs ATTACHMENTS: 1. October 2019 Financial Statements and Investment Reports November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 53 of 100 CENTRALPapeT1 SANITAR31RICT November 13,2019 TO: THE BOARD OFD DXYS VIA: KEVIN MIZUNO FROM: CHRIS THOMAS 0 SUBJECT: O&M Variance Analysis The following are brief year-to-date variance explanations through period ending October 31.2019 YTD Total FY YTD YTD Favl(Unfav) O&M Revenues: Budget Budgeted Actual Variance Explanation Budget is spread evenly throughout the year for SSC-Direct, however actual activity Total $89,560,370 $ 2,826,980 $ 3,026,610 $ 199,630 occurs sporadically every month. O&M Expenses: Total Labor Charges $ 52,789,084 $ 17,370,684 $ 16,182,400 $ 1,188,284 Some positions budgeted for in July are filled later in the fiscal year resulting in savings. Chemicals 1,620,000 539,988 493,707 46,281 No significant variances. Utilities 4,209,350 1,403,092 1,347,598 55,494 No significant variances. Repairs&Maintenance 5,242,867 1,747,532 1,470,970 276,562 Mainly due to Outside Repairs being lower than budgeted thus far in the fiscal year. Budget is spread evenly throughout the year,however actual activity occurs sporadically every month. Variance should be minimal by year end. Professional&Legal Services 874,300 291,400 51,361 240,039 Lower mostly due to lower Legal expenses thus far in the fiscal year. Outside Services 3,639,547 1,194,985 602,784 592,201 Mainly due to technical services expenses being lower than budgeted thus far in the fiscal year. Materials&Supplies 2,152,127 717,196 685,291 31,905 No significant variances. Other Expenses 2,464,834 962,484 745,539 216,945 Budget is spread evenly throughout the year,however actual activity occurs sporadically every month. Variance should be minimal by year end. Unfunded Liabilities 12,436,841 4,145,532 3,807,073 338,459 Variance due to vacancy projections spread evenly throughout the year,however actual staffing terminations and additions occurs sporadically during the year. All Other 2,155,825 1,238,580 1,107,033 131,547 Minor variances for multiple account categories. Grand Total O&M Expenses $87,584,775 $29,611,473 $ 26,493,756 $ 3,117,717 November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 54 of 100 Page 2 of 31 Zy11 Central Contra Costa Sanitary District Protecting public health and the environment Revenue Report MTD Fund: 001 - RUNNING EXPENSE(O&M) October 2019 Fiscal Period 4/2020 Report Generated on Nov 13, 2019 7:49:24 AM Category MTD Estimate MTD Actual MTD%Rev YTD Estimate YTD Actual YTD%Rev Annual Estimate Unrealized Balance Annual%Rev Concord $0 $0 0.0% $0 ($45,667) 0.0% $14,570,000 $14,615,667 -0.3% HHW $8,000 $16,393 104.9% $32,000 $30,143 -5.8% $968,000 $937,857 3.1% Other $379,329 $313,451 -17.4% $1,558,316 $1,476,957 -5.2% $4,931,500 $3,454,543 29.9% Sewer Service Charges $1,009,166 $1,362,686 35.0% $1,236,664 $1,565,177 26.6% $69,090,870 $67,525,693 2.3% Total Revenue $1,396,495 $1,692,530 21.2% $2,826,980 $3,026,610 7.1% $89,560,370 $86,533,760 3.4% Page 3 of 31 Atyts entral Contra Costa Sanitary District Protecting public health and the environment Expense Report - District Summary MTD Fund: 001 -RUNNING EXPENSE(O&M) October 2019 Fiscal Period 04/2020 Report Generated on Nov 13, 2019 7:24:39 AM $30,000,000.00 —Budget ,611,473 Actual $25,000,000.00 $26,493,756 076,711 $20,000,000.00 ,309,309 $15,000,000.00 ,010,3 ,029,620 $10,000,000.00- $7,943,704 $5,000,000.00 $6,553,088 $0.00 Jul(1)2019 Aug(2)2019 Sep(3)2019 Oct(4)2019 Fiscal Periods Page 4 of 31 AwLcentral Contra Costa Sanitary District Protecting public health and the environment Expense Report - District Summary MTD Fund: 001 - RUNNING EXPENSE(O&M) October 2019 Fiscal Period 04/2020 Report Generated on Nov 13, 2019 7:24:39 AM Category Period Budget Period Actual Period Variance % YTD Budget YTD Actual YTD Variance % Annual % Budget SALARIES&WAGES $3,152,929 $2,972,319 $180,610 5.7% $12,611,716 $11,908,382 $703,334 5.6% $38,060,443 31.3% EMPLOYEE BENEFITS $1,560,433 $1,364,394 $196,039 12.6% $6,241,732 $5,926,624 $315,108 5.0% $19,177,010 30.9% CAPITALIZED ADM OVERHEAD ($370,691) ($413,827) $43,136 11.6% ($1,482,764) ($1,652,606) $169,842 11.5% ($4,448,369) 37.2% DIRECTOR FEES&EXPENSES $12,053 $12,743 ($690) -5.7% $48,212 $51,323 ($3,111) -6.5% $144,650 35.5% CHEMICALS $134,997 $201,275 ($66,278) -49.1% $539,988 $493,707 $46,281 8.6% $1,620,000 30.5% UTILITIES $350,773 $474,270 ($123,497) -35.2% $1,403,092 $1,347,598 $55,494 4.0% $4,209,350 32.0% REPAIRS&MAINTENANCE $436,883 $475,152 ($38,269) -8.8% $1,747,532 $1,470,970 $276,562 15.8% $5,242,867 28.1% HAULING&DISPOSAL $108,842 $89,224 $19,618 18.0% $365,368 $230,711 $134,657 36.9% $1,186,175 19.4% PROFESSIONAL&LEGAL SERV $72,850 $1,163 $71,687 98.4% $291,400 $51,361 $240,039 82.4% $874,300 5.9% OUTSIDE SERVICES $282,109 $147,820 $134,289 47.6% $1,194,985 $602,784 $592,201 49.6% $3,639,547 16.6% SELF-INSURANCE EXPENSE $0 $0 $0 0.0% $825,000 $825,000 $0 0.0% $825,000 100.0% MATERIALS&SUPPLIES $179,299 $239,140 ($59,841) -33.4% $717,196 $685,291 $31,905 4.4% $2,152,127 31.8% OTHER EXPENSES $577,902 $573,542 $4,360 0.8% $962,484 $745,539 $216,945 22.5% $2,464,834 30.2% UNFUNDED LIABILITIES $1,036,383 $1,047,232 ($10,849) -1.0% $4,145,532 $3,807,073 $338,459 8.2% $12,436,841 30.6% Total Expenses $7,534,762 $7,184,448 $350,315 4.6% $29,611,473 $26,493,756 $3,117,717 10.5% $87,584,775 30.2% Color Key: 0 to 10%over budget > 10%over budget M Page 5 of 31 ZVO' Central Contra Costa Sanitary District Protecting public health and the environment Expense Report - By Department MTD Fund: 001 - RUNNING EXPENSE (O&M) October 2019 Fiscal Period 04/2020 Report Generated on Nov 12, 2019 11:30:06 AM $3,000,000 ❑Period Budget $10,000,000 - ❑YTD Budget ❑Period Actual ❑ YTD Actual $2,500,000 $8,000,000 $2,000,000- $6,000,000 $1,500,000- Fh7=�=T $4,000,000 $1,000,000- -Uj' M - LIU $500,000 $2,000,000 $0 $0 ��G� oo� G�\ Q� oe�Q��e S�P��o �� Po �`s��o�c�`�`` ��° ��oQ�c Period Budget Period Actual Period Variance YTD Budget YTD Actual YTD Variance ADMINISTRATION $1,832,199 $1,445,782 $386,417 $8,175,788 $6,964,256 $1,211,533 ENGINEERING $1,777,905 $1,551,126 $226,779 $5,802,794 $4,992,155 $810,639 COLLECTION SYSTEM OPS. $1,225,321 $1,202,559 $22,762 $4,918,709 $4,536,465 $382,244 PLANT OPERATIONS $2,325,912 $2,659,761 ($333,849) $9,220,482 $8,662,307 $558,175 PUMP STATIONS $241,210 $232,876 $8,334 $964,840 $920,242 $44,598 RECYCLED WATER $132,215 $92,343 $39,872 $528,860 $418,332 $110,528 Totals $7,534,762 $7,184,448 $350,315 $29,611,473 $26,493,756 $3,117,717 Page 6of31 CENTRAL CONTRA COSTA SANITARY DISTRICT RUNNING EXPENSE FUND TEMPORARY INVESTMENTS OCTOBER,2019 INVESTMENTS (cents omitted) INTEREST INCOME DATE OF Days to ANNUAL CASH B.O.M. PURCHASE E.O.M. E.O.M %of CURRENT B.O.M. E.O.M. NO. ISSUER TYPE PURCHASE MATURITY Maturity YIELD OUTLAY FACE VALUE(MATURITY) FACE VALUE MKT VALUE Portfolio MONTH CUMULATIVE CUMULATIVE 519 State of Calif. LAW 10/99- ....... 1 (1) $12,000,000 $17,000,000 ($5,000,000) $12,000,000 $12,052,587 60.00% $30,558.90 $80,244.38 $110,803.28 RE13 US Gov't FHLB 9/18/2019 3/20/2020 141 1.899% 3,962,178 4,000,000 4,000,000 3,974,960 20.00% 6,372.22 2,672.22 9,044.44 RE14 US Gov't FHLB 9/18/2019 3/18/2020 139 1.909% 3,962,387 4,000,000 4,000,000 3,975,320 20.00% 6,406.67 2,686.67 9,093.34 (3) $19,924,564 $25,000,000 ($5,000,000) $20,000,000 $20,002,867 100.00% $43,337.79 $85,603.27 $128,941.06 (2) 29,629.16 29,629.16 $43,337.79 $115,232.43 $158,570.22 NOTE:(1) Annual yield of Local Agency Investment Fund(LAIF)varies with the composition of the Fund. The estimated yield as of October,2019 was 2.200%. (2) The face value indicates the value of the investment if held until maturity,which is the usual District Practice. (3) The weighted average yield of the total Running Expense portfolio is 2.080%. The weighted average maturity is.15 years. (4) The market value of the portfolio on October 31,2019 was$20,002,867. (5) The District has sufficient funds available combined with secured SSC and Property Tax received in December and April to cover six months of cash flow needs. COMPLIANCE STATEMENT: All investments comply with the District's internal investment policy approved by the Board of Directors November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 59 of 100 Page 7of31 CENTRAL CONTRA COSTA SANITARY DISTRICT November 13, 2019 TO: THE BOARD OF DI TORS f VIA: KEVIN MIZUNO Z(/ FROM: CHRIS THOMAS SUBJECT: Sewer Construction Variance Analysis The following are brief year-to-date variance explanations through period ending October 31, 2019: YTD Total FY YTD YTD Fav/(Unfav) S/C Revenues: Budget Budgeted Actual Variance Explanation Facilities Capacity Fees, Interest income received was higher than $ 65,598,130 $ 3,556,732 $ 4,836,138 $ 1,279,406 budgeted. Total $ 65,598,130 $ 3,556,732 $ 4,836,138 $ 1,279,406 Total FY YTD YTD YTD SIC Expenses: Budget* Budgeted Actual Remaining %Spent of Projected YTD Budget Total $ 74,669,521 $ 16,598,794 $ 14,081,728 $ 2,517,066 84.84% Includes 18/19 carry-over(58,493,527) November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 60 of 100 Page 8of31 A001' Central Contra Costa Sanitary District Protecting public health and the environment Revenue Report MTD Fund: 002-SEWER CONSTRUCTION (Capital) October 2019 Fiscal Period 4/2020 Report Generated on Nov 13, 2019 7:49:24 AM Category MTD Estimate MTD Actual MTD%Rev YTD Estimate YTD Actual YTD%Rev Annual Estimate Unrealized Balance Annual%Rev Concord $0 $0 0.0% $0 $0 0.0% $11,630,000 $11,630,000 0.0% Other $1,049,493 $1,650,377 57.3% $2,856,732 $4,106,334 43.7% $21,749,000 $17,642,666 18.9% Sewer Service Charges $700,000 $635,387 -9.2% $700,000 $729,804 4.3% $32,219,130 $31,489,326 2.3% Total Revenue $1,749,493 $2,285,764 30.7% $3,556,732 $4,836,138 36.0% $65,598,130 $60,761,992 7.4% Page 9 of 31 Sewer Fund (Capital) Spending FY 19-20 $18,000,000 $16,598,794 $16,000,000 $14,000,000 $11,789,041 $12,000,000 $14,081,728 $10,000,000 $8,000,000 $4,934,5 $9,740,422 $6,000,000 $4,000,000 $4,282,657 $2,000,000 $1,627,894 July August September octol- Projected* Actual Columnl July August September October Projected* $ 2,066,477 $ 4,934,581 $ 11,789,041 $ 16,598,794 Actual 1,627,894 4,282,657 9,740,422 14,081,728 *Projected -Current year budget allocated by month based on historical spending in previous 2 years November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 62 of 100 Page 10 of 31 PROGRAM/GM185L4-Modified in Excel CAPITAL IMPROVEMENT BUDGET REPORT ACCOUNTING CENTRAL CONTRA COSTA SANITARY DISTRICT PERIOD ENDING: 10/31/2019 PERIOD 4/2020 F(D+E) PROJECT TOTAL TOTAL FY 2019-20 BUDGET ADJUSTED APPROVED TOTAL TOTAL PROJ BUDGETS EXPENDITURES PROJECT APPROVED ADJUSTMENTS BUDGET EXPENDITURES SPENTIN REMAINING BUDGET NO PROJECT TITLE PYS(THRU FYE 18-19) PYS(THRU FYE 18-19) CARRY-FORWARD BUDGET FY 2019-20 FY 2019-20 FY 2019-20 FY 2019-20 FY 2019-20 TYPE CS Collection System $ 16,633,417 17,490,252 (856,835) 27,129,000 200,000 27,329,000 26,472,165 6,095,022 20,377,166 TYPE TP Treatment Plant 44,592,999 39,917,024 4,675,975 28,631,000 200,000 28,831,000 33,506,975 4,759,181 28,747,801 TYPE GI General Improvements 8,695,483 5,883,070 2,812,413 5,369,000 30,000 5,399,000 8,211,413 2,054,361 6,157,054 TYPE RW Recycled Water 5,239,894 3,377,926 1,861,968 4,152,000 - 4,152,000 6,013,968 1,173,164 4,840,817 CIB Contingency - - - 895,000 (430,000) 465,000 465,000 - 465,000 TOTAL DISTRICT $ 75,161,793 $ 66,668,272 $ 8,493,521 $ $ 66,176,000 $ 74,669,521 $ 14,081,728 $ 60,587,83 November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 63 of 100 Page 11 of 31 PROGRAM/GM185L4-Modified in Excel CAPITAL IMPROVEMENT BUDGET REPORT ACCOUNTING CENTRAL CONTRA COSTA SANITARY DISTRICT PERIOD ENDING: 10/31/2019 PERIOD 4/2020 F(D+E) PROJECT TOTAL TOTAL FY 2019-20 BUDGET ADJUSTED APPROVED TOTAL TOTAL PROJ BUDGETS EXPENDITURES PROJECT APPROVED ADJUSTMENTS BUDGET EXPENDITURES SPENTIN REMAINING BUDGET NO PROJECT TITLE PYS(THRU FYE 18-19) PYS(THRU FYE 18-19) CARRY-FORWARD BUDGET FY 2019-20 FY 2019-20 FY 2019-20 FY 2019-20 FY 2019-20 TYPE CS Collection Sys 5991 PH Sewer Renovation Phase 2 460,000 277,771 182,229 - - 182,229 - 182,229 6534 Harper Lane Area CAD 800,000 412,260 387,740 - - 387,740 208,038 179,702 *6602 South Jackson CAD 411,290 391,290 20,000 - - 20,000 15,191 4,809 *6603 North Jackson CAD 276,557 53,313 223,244 - - 223,244 175,136 48,108 6679 Coredell Drive CAD 123,443 54,906 68,537 - - 68,537 19,105 49,432 *7367 Concord Main Metering Station 250,000 245,826 4,174 - - 4,174 (197,164) 201,338 8419 Collection System Planning LT 985,000 984,958 42 200,000 200,000 200,042 52,218 147,824 8436 Moraga/Crossroads PS Project 3,747,000 3,218,526 528,474 4,600,000 4,600,000 5,128,474 760,203 4,368,271 8441 CIPP Contract 17-20 400,000 275,923 124,077 200,000 200,000 324,077 2,563 321,514 8442 PS Equipment Piping Replacement PH2 61,000 - 61,000 103,000 103,000 164,000 - 164,000 8443 LG Diameter Pipe line Inspection 250,000 18,484 231,516 515,000 515,000 746,516 - 746,516 8444 Force Main Inspection Program 125,000 - 125,000 - - 125,000 - 125,000 *8446 Lafayette Sewer Renovation Phase 12 4,033,600 3,715,186 318,414 - - 318,414 15,288 303,126 8447 Pump Station Security Improvement 156,000 - 156,000 51,000 51,000 207,000 - 207,000 8448 Manhole Modifications 712,000 860,375 (148,375) 309,000 309,000 160,625 4,540 156,085 8449 Collection System Modeling Support 200,000 130,135 69,865 103,000 103,000 172,865 6,289 166,576 8450 Development Sewerage Support 1,130,000 1,309,893 (179,893) 900,000 900,000 720,107 330,596 389,511 8451 C.S.Sewer Renovation 62,527 - 62,527 4,473,000 (2,000,000) 2,473,000 2,535,527 - 2,535,527 8452 Lafayette Sewer Ren.Ph.13 500,000 1,561,461 (1,061,461) 3,817,000 3,817,000 2,755,539 1,577,958 1,177,581 8454 So.Orinda Sewer Ren.Ph.7 500,000 860,185 (360,185) 3,637,000 3,637,000 3,276,815 1,603,622 1,673,193 8455 W.C.Sewer Renov.Ph.13 500,000 2,604,854 (2,104,854) 3,621,000 3,621,000 1,516,146 860,663 655,483 8456 Danville Sewer Ren.Ph.3 500,000 381,637 118,363 4,100,000 4,100,000 4,218,363 53,714 4,164,649 8457 Pump Station Upgrades-Ph.2 50,000 - 50,000 500,000 500,000 550,000 40,405 509,595 *8458 Martinez Sewer Renov.Ph.6 100,000 11,405 88,595 - 500,000 500,000 588,595 109,330 479,265 *8459 Lafayette Sewer Renov.Ph.14 100,000 24,336 75,664 - 500,000 500,000 575,664 109,139 466,525 *8460 WC Sewer Renov.Ph.14 100,000 53,907 46,093 - 500,000 500,000 546,093 154,062 392,031 *8461 So.Orinda Sewer Ren.Ph.8 100,000 43,621 56,379 - 500,000 500,000 556,379 194,126 362,253 **8462 S.R.Pump Station Flow Diversion - - - - 200,000 200,000 200,000 - 200,000 Rounding 23 otalFY 2019-20 CS Amoun $ 16,633,417 17,490,252 (856,835) 27,129,000 27,329,000 *Italic Projects open but not in CIB for 19/20 Not in 19/20 Budget. New projects opened in Aug.2019. Funds transferred from Contingency 9990 November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 64 of 100 Page 12 of 31 PROGRAM/GM185L4-Modified in Excel CAPITAL IMPROVEMENT BUDGET REPORT ACCOUNTING CENTRAL CONTRA COSTA SANITARY DISTRICT PERIOD ENDING: 10/31/2019 PERIOD 4/2020 F(D+E) PROJECT TOTAL TOTAL FY 2019-20 BUDGET ADJUSTED APPROVED TOTAL TOTAL PROJ BUDGETS EXPENDITURES PROJECT APPROVED ADJUSTMENTS BUDGET EXPENDITURES SPENTIN REMAINING BUDGET NO PROJECT TITLE PYS(THRU FYE 18-19) PYS(THRU FYE 18-19) CARRY-FORWARD BUDGET FY 2019-20 FY 2019-20 FY 2019-20 FY 2019-20 FY 2019-20 *6172 Sludge Blending Tank Repair 776,000 - 776,000 - - 776,000 4,373 771,627 7292 Switchgear Refurbishment-Ph.2 684,548 473,274 211,274 200,000 200,000 411,274 10,630 400,644 7304 Instr&Controls PLC Upgrade 500,000 470,528 29,472 - - 29,472 2,207 27,265 7315 Applied Research and Innovations 557,274 290,336 266,938 300,000 300,000 566,938 - 566,938 7317 Plant Control System Network Upgrades 765,000 281,461 483,539 120,000 120,000 603,539 439,681 163,858 *7320 Plant Energy Optimization 1,094,000 1,004,604 89,396 - - 89,396 268 89,128 7322 Fire Protection System Ph.2 1,406,000 1,340,832 65,168 - - 65,168 5,051 60,117 *7326 Equipment Replacement FY 15-FY 14 1,629,000 1,628,975 25 - - 25 187,902 (187,877) 7327 Headwork's Screening Upgrade 8,305,000 8,304,264 736 - - 736 24,711 (23,975) 7328 Influent Pump Electrical improvements 610,000 431,527 178,473 800,000 800,000 978,473 59,907 918,566 7330 Piping Renovation Phase 9 3,180,000 3,127,343 52,657 - - 52,657 22,386 30,271 7339 T.Plant Control System I/O Replacement 1,370,000 1,286,269 83,731 1,100,000 1,100,000 1,183,731 18,641 1,165,090 7341 WC/Grayson Creek Levee Rehab 100,000 76,528 23,472 200,000 200,000 223,472 59,323 164,149 7348 Solids Handling Facility Improvements 9,914,000 9,243,507 670,493 6,550,000 6,550,000 7,220,493 773,477 6,447,016 7349 Aeration&Energy Upgrade 1,500,000 749,790 750,210 3,500,000 3,500,000 4,250,210 445,527 3,804,683 7351 Mechanical&Concrete Renovation 5,044,000 5,534,806 (490,806) 6,400,000 6,400,000 5,909,194 239,778 5,669,416 7352 UV Disinfection Upgrades 500,000 294,751 205,249 600,000 600,000 805,249 169,634 635,615 7353 Outfall Improvements Ph.7 100,000 54,551 45,449 500,000 500,000 545,449 62,095 483,354 7354 TP Security Improvements 137,000 41,951 95,049 718,000 718,000 813,049 4,472 808,577 7355 Odor Control Upgrade Ph.1 - - - - - - - - 7357 Plant Wide Instrumentation Upgrade 290,000 77,858 212,142 450,000 450,000 662,142 1,006 661,136 *7358 Innovation Bioenergy Demo 300,000 270,796 29,204 - - 29,204 - 29,204 7359 Solids Conditioning Bldg.roof replacement 1,300,000 1,195,265 104,735 - - 104,735 440 104,295 7360 Existing Plant Facility Drawing 200,000 158,215 41,785 100,000 100,000 141,785 19,176 122,609 7362 POB Seismic Upgrades 3,331,177 2,850,440 480,737 2,793,000 2,793,000 3,273,737 1,916,546 1,357,191 7363 Treatment Plant Planning 900,000 719,153 180,847 500,000 500,000 680,847 153,223 527,624 7364 TP Safety Enhancement Ph.5 100,000 10,000 90,000 600,000 600,000 690,000 8,504 681,496 7369 Piping Renovation-Phase 30 - - - 750,000 750,000 750,000 - 750,000 7370 Annual Infrastructure Replacement - - - 2,200,000 2,200,000 2,200,000 130,223 2,069,777 7371 Condition Assessment of Buried Pipelines - - - 250,000 250,000 250,000 - 250,000 **7373 Fire Protection System Ph.3 - - - - 200,000 200,000 200,000 - 200,000 Rounding 7 Total FY 2019-20 TP Amoun MEL 441,592,999 39,917,024 4,675,975 4,759,181 28,7417,801 *Italic Projects open but not in CIS for 19/20 Not in 19/20 Budget. New projects opened in Sept.2019. Funds transferred from Contingency 9990 November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 65 of 100 Page 13 of 31 PROGRAM/GM185L4-Modified in Excel CAPITAL IMPROVEMENT BUDGET REPORT ACCOUNTING CENTRAL CONTRA COSTA SANITARY DISTRICT PERIOD ENDING: 10/31/2019 PERIOD 4/2020 F(D+E) PROJECT TOTAL TOTAL FY 2019-20 BUDGET ADJUSTED APPROVED TOTAL TOTAL PROJ BUDGETS EXPENDITURES PROJECT APPROVED ADJUSTMENTS BUDGET EXPENDITURES SPENTIN REMAINING BUDGET NO PROJECT TITLE PYS(THRU FYE 18-19) PYS(THRU FYE 18-19) CARRY-FORWARD BUDGET FY 2019-20 FY 2019-20 FY 2019-20 FY 2019-20 FY 2019-20 TYPE GI General Im roveme 8207 General Security and Access $ 134,977 134,975 2 150,000 150,000 150,002 11,377 138,625 8230 Capital Legal Services 178,665 142,411 36,254 20,000 20,000 56,254 - 56,254 8236 District Easements 258,047 224,799 33,248 75,000 75,000 108,248 11,274 96,974 8240 IT Development 2,738,794 2,456,461 282,333 500,000 500,000 782,333 97,417 684,916 8243 Server Room Relocation 2,000,000 1,351,513 648,487 - - 648,487 433,873 214,614 8249 CSO Dump Pad Modifications 60,000 12,409 47,591 - - 47,591 46,941 650 8250 ERP Replacement 600,000 - 600,000 3,105,000 3,105,000 3,705,000 359,933 3,345,067 8251 Capital improvement program&Budget Improvement - - - 350,000 350,000 350,000 72,322 277,678 **8252 POB E.V.Charging Station - - - - 30,000 30,000 30,000 12,894 17,106 8516 District Equipment Acquisition 876,000 798,811 77,189 100,000 100,000 177,189 - 177,189 8517 Vehicle Replacement Program 1,849,000 821,691 1,027,309 1,069,000 1,069,000 2,096,309 1,007,880 1,088,429 9999 Capital Project Clearing(Accounting Use Only)** - (60,000)1 60,000 1 - - 1 60,000 450 1 59,550 Rounding 2 al FY 2019-20 GI Amount $ 8,695,483 5,883,070 2,812,413 5,369,000 30,000 5,399,000 8,211,413 2,054,361 6,157,05 Not in 19/20 Budget. New projects opened in July 2019. Funds transferred from Contingency 9990 November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 66 of 100 Page 14 of 31 PROGRAM/GM185L4-Modified in Excel CAPITAL IMPROVEMENT BUDGET REPORT ACCOUNTING CENTRAL CONTRA COSTA SANITARY DISTRICT PERIOD ENDING: 10/31/2019 PERIOD 4/2020 F(D+E) PROJECT TOTAL TOTAL FY 2019-20 BUDGET ADJUSTED APPROVED TOTAL TOTAL PROJ BUDGETS EXPENDITURES PROJECT APPROVED ADJUSTMENTS BUDGET EXPENDITURES SPENTIN REMAINING BUDGET NO PROJECT TITLE PYS(THRU FYE 18-19) PYS(THRU FYE 18-19) CARRY-FORWARD BUDGET FY 2019-20 FY 2019-20 FY 2019-20 FY 2019-20 FY 2019-20 TYPE RW Recycled W 7306 Zone 1 Recycled Water 532,894 508,654 24,240 100,000 - 100,000 124,240 17,694 106,546 7346 ReW Distribution Sys Surge Analysis 205,000 152,921 52,079 - - - 52,079 6,605 45,474 7361 Filter Plant Improvments 2,537,000 1,343,105 1,193,895 3,452,000 - 3,452,000 4,645,895 838,703 3,807,192 7365 Recycle Water Clearwell Repairs 1,700,000 1,364,144 335,856 - - - 335,856 296,430 39,426 7366 ReW Distribution System Renov.Program 15,000 - 15,000 500,000 - 500,000 515,000 - 515,000 7368 Water Exchange Project 250,000 9,102 240,898 100,000 - 100,000 340,898 13,732 327,166 Rounding 13 tal FY 2019-20 RW Amount 5,239,894 3,377,926 1,861,968 4,152,000 4,152,000 6,013,968 1,173,164 4,840,817 9990 CONTINGENCY-ALL PROGRAMS - - - 895,000 (430,000) 465,000 465,000 465,000 GRAND TOTAL $ 75,161,793 66,668,272 8,493,521 66,176,000 - 66,176,000 74,669,521 14,081,728 60,587,838 November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 67 of 100 Page 15 of 31 A I B C D E F N O 1 FY 19-20 CAPITAL BUDGET TRANSFERS 2 PERIOD ENDING: 10/31/19 position paper 06/20/19&GM GM Memo GM Memo GM Memo 08/22/19 09/24/19 09/27/19 memo 19/20 Contingency 3 PROD.# PROJECTS TOTAL Balance 4 5 **8252 POB E.V. Charging Station 30,000 30,000 6 **8462 SR Pump station Flow Diversion 200,000 200,000 7 **7373 Fire Protection System Ph. 3 200,000 200,000 8 *8451 C.S.Sewer Renovation (2,000,000) (2,000,000) 9 *8458 Martinez Sewer Ren. Ph. 6 500,000 500,000 10 *8459 Lafayette Sewer Ren. Ph. 14 500,000 500,000 11 *8460 W.C.Sewer Renov. Ph. 14 500,000 500,000 12 *8461 So. Orinda Sewer Ren. Ph.8 500,000 500,000 38 39 40 41 42 9990 Capital Projects-Contingency (30,000) (200,000) (200,000) - (430,000) 465,000 43 46 47 - 65 ** New project-not in 19/20 Budget 66 * Not actual transfers. All part of one project split into individual projects for construction November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 68 of 100 Page 16 of 31 O&M PROJECTS-EXPENDITURE LIST ACCOUNTING PERIOD ENDING: 10/31/19 4/2020 OM043- Naval Weapons Station Prior years Project expended Expenditure type through 18-19 1 Jul.'19 Aug.'19 Sept.'19 Oct.'19 Nov.'19 Dec.'19 Jan.'20 Feb.'20 Mar.'20 Apr.'20 May'20 Jun.'20 2019-20 YTD to date Salary&Benefits $ 17,429 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 17,429 Technical Services $ 75,169 1,938 - 6,255 3,259 - - - - - - - - 11,452 $ 86,620 Total $ 92,598 $ 1,938 $ - $ 6,255 $ 3,259 $ - $ - $ - $ - $ - $ - $ - $ - $ 11,452 $ 104,049 OM080 -CoCo Farm(Kiewit Future Farm Proposal) Prior years Project expended Expenditure type I through 18-19 Jul.'19 Aug.'19 Sept.'19 Oct.'19 Nov.'19 Dec.'19 Jan.'20 Feb.'20 Mar.'20 Apr.'20 May'20 Jun.'20 2019-20 YTD to date Salary&Benefits $ 210,665 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 210,665 Other Charges $ 74,996 - - - - - - - - - - - - - $ 74,996 Total $ 285,661 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 285,661 OM083- Refinery Recycled Water Exchange Prior years Projectexpended Expenditure type through 18-19 Jul.'19 Aug.'19 Sept.'19 Oct.'19 Nov.'19 Dec.'19 Jan.'20 Feb.'20 Mar.'20 Apr.'20 May'20 Jun.'20 2019-20 YTD to date Salary&Benefits $ 84,070 $ 8,921 $ 7,080 $ 5,452 $ 2,319 $ - $ - $ - $ - $ - $ - $ - $ - $ 23,772 $ 107,842 other Charges $ - - - - - - - - - - - $ - Total $ 84,070 $ 8,921 $ 7,080 $ 5,452 $ 2,319 $ - $ - $ - $ - $ - $ - $ - $ - $ 23,772 $ 107,842 November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 69 of 100 Page 17 of 31 CENTRAL CONTRA COSTA SANITARY DISTRICT SEWER CONSTRUCTION FUND TEMPORARY INVESTMENTS OCTOBER,2019 INVESTMENTS (cents omitted) INTEREST INCOME DATE OF Days to ANNUAL CASH B.O.M. PURCHASE E.O.M. E.O.M. %of CURRENT B.O.M. E.O.M. NO. ISSUER TYPE PURCHASE MATURITY Maturity YIELD OUTLAY FACE VALUE (MATURITY) FACE VALUE MKT VALUE Portfolio MONTH CUMULATIVE CUMULATIVE 519 State of Calif. LAIF 8/86-2/90 ---- 1 (1) $20,000,000 $22,000,000 $2,000,000 $20,000,000 $20,087,645 44.44% $42,913.97 $134,190.60 $177,104.57 (4,000,000) 945 FHLB Agency Gov 4/3/19 10/1/19 0 2.44 4,940,169 5,000,000 (5,000,000) 0 0 0.00% 0.00 30,411.11 30,411.11 946 FHLMC Fed Agency 5/28/19 11/12/19 12 2.37 4,946,100 5,000,000 5,000,000 4,997,450 11.11% 9,945.83 29,516.66 39,462.49 947 FHLB FHLB Note 6/13/19 12/11/19 41 2.20 4,946,077 5,000,000 5,000,000 4,990,700 11.11% 9,235.42 27,965.83 37,201.25 948 FHLB Govt/FHLB 6/21/19 11/18/19 18 2.02 4,957,917 5,000,000 5,000,000 4,996,050 11.11% 8,697.22 26,034.87 34,732.09 949 FHLB Fed Agency 9/18/19 03/20/20 141 1.90 4,952,722 5,000,000 5,000,000 4,968,700 11.11% 7,965.28 3,340.28 11,305.56 950 FHLB Fed Agency 9/18/19 03/18/20 139 1.91 4,952,983 5,000,000 5,000,000 4,969,150 11.11% 8,008.33 3,358.33 11,366.66 2,000,000 (4) $49.695.968 $52.000.000 ($9.000.000) $45.000.000 $45.009.695 100.00% $86,766.05 $254,817.68 $341,583.73 (3) (5) 58,925.55 58,925.55 $86.766.05 $313.743.23 $400.509.28 NOTE: (1) Annual Yield of Local Agency Investment Fund(LAIF)varies with the composition of the Fund. The estimated yield as of October,2019 was 2.200%. (2) The face value indicates the value of the investment if held until maturity, which is the usual District practice. (3) The weighted average yield of the total Sewer Construction portfolio is 2.153%. The weighted average maturity is.11 years. (4) The market value of the portfolio on October 31,2019 was$45,009,695. GASB 31 requires adjusting investments to market value. The District will adjust annually,but report market values monthly. (5) The District has sufficient funds available combined with secured SSC and Property Tax received in December and April to cover six months of cash flow needs. COMPLIANCE STATEMENT: All investments comply with the District's internal investment policy approved by the Board of Directors November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 70 of 100 Page 18 of 31 AwLcentral Contra Costa Sanitary District Protecting public health and the environment Revenue Report MTD Fund: 003-SELF-INSURANCE October 2019 Fiscal Period 4/2020 Report Generated on Nov 13, 2019 7:49:24 AM Category MTD Estimate MTD Actual MTD%Rev YTD Estimate YTD Actual YTD%Rev Annual Estimate Unrealized Balance Annual%Rev Other $16,741 $17,726 5.9% $891,964 $902,688 1.2°% $1,025,900 $123,212 88.0% Total Revenue $16,741 $17,726 5.9% $891,964 $902,688 1.2% $1,025,900 $123,212 88.0% Page 19 of 31 ACV Ls entral Contra Costa Sanitary District Protecting public health and the environment Expense Report - By Department MTD Fund: 003-SELF-INSURANCE October 2019 Fiscal Period 04/2020 Report Generated on Nov 12, 2019 11:30:06 AM $80,000 ❑Period Budget $500,000" ❑YTD Budget ❑Period Actual ❑ YTD Actual $400,000 $60,000 $300,000 $40,000 ' $200,000 $20,000 $100,000- $0- $0 Period Budget Period Actual Period Variance YTD Budget YTD Actual YTD Variance $76,972 $39,041 $37,931 $457,888 $412,835 $45,053 Totals $76,972 $39,041 $37,931 $457,888 $412,835 $45,053 Page 20 of 31 CENTRAL CONTRA COSTA SANITARY DISTRICT SELF-INSURANCE FUND TEMPORARY INVESTMENTS OCTOBER,2019 INVESTMENTS (cents omitted) INTEREST INCOME DATE OF Days to ANNUAL CASH B.O.M. PURCHASE E.O.M. E.O.M %of CURRENT B.O.M. E.O.M. NO. ISSUER TYPE PURCHASE MATURITY Maturity YIELD OUTLAY FACE VALUE (MATURITY) FACE VALUE MKT VALUE Portfolio MONTH CUMULATIVE CUMULATIVE 519 State of Calif. LAW 10/99- ------- 1 (1) $6,900,000 $6,900,000 $6,900,000 $6,930,237 100.00% $12,892.60 $40,412.97 $53,305.57 (3) $6,900,000 $6,900,000 $0 $6,900,000 $6,930,237 100.00% $12,892.60 $40,412.97 $53,305.57 (2) (4) $0.00 $12,892.60 $40,412.97 $53,305.57 NOTE: (1) Annual yield of Local Agency Investment Fund(LAIF)varies with the composition of the Fund. The estimated yield as of October,2019 was 2.200%. (2) The face value indicates the value of the investment if held until maturity,which is the usual District Practice. (3) The weighted average yield of the total Self-Insurance portfolio is 2.200°/x. (4) The market value of the portfolio on October 31,2019 was$6,930,237. COMPLIANCE STATEMENT: All investments comply with the District's internal investment policy approved by the Board of Directors. November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 73 of 100 Page 21 of 31 AwLcentral Contra Costa Sanitary District Protecting public health and the environment Revenue Report MTD Fund: 004-DEBT SERVICE October 2019 Fiscal Period 4/2020 Report Generated on Nov 13, 2019 7:49:24 AM Category MTD Estimate MTD Actual MTD%Rev YTD Estimate YTD Actual YTD%Rev Annual Estimate Unrealized Balance Annual%Rev Other $0 $0 0.0% $0 $0 0.0% $2,982,415 $2,982,415 0.0°% Total Revenue $0 0.0% $2,982,415 $2,982,415 0.0% Page 22 of 31 ACV ts entral Contra Costa Sanitary District Protecting public health and the environment Expense Report - By Department MTD Fund: 004- DEBT SERVICE October 2019 Fiscal Period 04/2020 Report Generated on Nov 12, 2019 11:30:06 AM $80,000 ❑Period Budget $500,000 ❑ YTD Budget ❑Period Actual ❑ YTD Actual $400,000- $60,000-/ $300,000- $40,000-'-- $200,000- $20,000- $100,000- $0- 300,000$40,000 $200,000$20,000 $100,000$0 $0 Period Budget Period Actual Period Variance YTD Budget YTD Actual YTD Variance $69,784 $3,100 $66,684 $279,136 $435,857 ($156,721) Totals $69,784 $3,100 $66,684 $279,136 $435,857 ($156,721) Page 23 of 31 DASHBOARD DATA (SELECTED DATA ON MATTERS OF CONTINUING BOARD INTEREST) November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 76 of 100 Page 24 of 31 PENSION AND OPEB LIABILITY AND FUNDING STATUS Pension OPEB Million $160 100% Million $90 100% $140 90% $80 90% 80% $70 80% $120 70% $60 70% $100 60/0 $50 60% 50% $80 50% $40 40% $60 40% $30 30% 30% $20 20% $40 0 $10 10% $20 20/o 10% $0 0% N rn Ln ,o I- oo $0 0% O O O O O O O 1 N N N N N N N Q1 ,LOQ ,y0� ,LOQ ,y0� ,LO, ,LOQ ,LOQ ,LOQ O O N N UAAL Funded% UAAL Funded% Notes: * Pension:2018 figure is based on CCCERA valuation presented 10/9/2019 to CCCERA Board. ** OPEB-Valuations projected liabilities less assets as of June 30 of that year *** Pension funded percentage excludes Section 115 Trust Assets(established in FY 2017-18). ****June 2019 OPEB figure is market value of OPEB assets/Jan 2019 actuarial accrued liability November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 77 of 100 Page 25 of 31 COMPONENTS OF THE PENSION URAL $74 MILLION AS OF 2018 CCCERA VALUATION ($74 MILLION IS UNCHANGED FROM 2017) Assumption Change U J Q a L1 014 forward) L � 0 a U M LL Additional UAAL Prepayment to CCCERA Subsequent Actuarial Losses J a a t Restart of Amortization t1A N vDiscount Rate from 7.75%to 7.25% L U N ■i O Depooling Implementation U M LL Actuarial Losses from 2008-2012 $(30,000,000) $(20,000,000) $(10,000,000) $ $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 Notes: • Pension Pre-Funding Trust assets of$8.4 million (with another$1.25 million pending) are available to further reduce UAAL indicated above. November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 78 of 100 Page 26 of 31 Page 31 of 36 PENSIONUAAL PROJECTION Anticipated UAAL with Schedule Amortization (Blue) and with Additional UAAL Payments to Pension Prefunding Trust to Date and at $1.25 million prospectively (Red) millions $80 $60 $40 $20 $0 rrn 1 LJ_lJ ($20) ($40) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 ■Unfunded Liability(2018 Valuation) $74 $66 $59 $50 $40 $34 $27 $19 $10 $0 O Net UAAL(2018 Valuation) 69 58 49 38 26 18 11 2 (8) (19) with Pension prefunding Trust offset Notes: • Based on 2018 CCCERA Valuation. • Chart shows scheduled amortization of UAAL(over 18 years for each annual layer of historic UAAL),assuming no additional UAAL is generated. • Second bar shows UAAL offset by Pension Prefunding Trust balance,with continuing$1.25 million discretionary contributions through 2023. November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 79 of 100 Page 27 of 31 Page 32 of 36 PROJECTED UAAL WITH PENSION PREFUNDING TRUST: PROGRESS IS ABOUT $6.4 MILLION BEHIND SCHEDULE DUE TO NEW 2018 LAYER ADDED TO UAAL 8o $ in Millions 60 40 20 X. � �-LH � (20) (40) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 Net UAAL(2018 Valuation) with Pension prefunding Trust offset 69 58 49 38 26 18 11 2 (8) (19) F Net UAAL(2017 Valuation) $62 $52 $43 $33 $20 $13 $5 ($4) ($14) ($25) with Pension prefunding Trust offset Notes: • An additional$6.4 million was added to the UAAL due to actuarial loss($5.3 million)and assumption changes($1.1 million)in the CCCERA valuation for 2018 presented to the CCCERA Board on 10/9/2019. • The CCCERA UAAL remained essentially constant at$74 million as of the 2017 and 2018 valuations. The above chart shows the current outlook for reducing UAAL based on the 2018 valuation versus the outlook as of the 2017 valuation. The CCCERA UUAL has also been reduced by the actual& projected Pension Prefunding Trust balance. November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 80 of 100 Page 28 of 31 CIB TRANSFERS=CURRENT YEAR #of transfers Cause for Transfers Total Original Project Budgets Compared to Transfers 5 $2,000,000 4 $1,800,000 3 $1,600,000 2 $1,400,000 1 $1,200,000 0 $1,000,000 $800,000 ■ W no ■ c ■ o u ■ a ■ v c o p a O o O v a1 C i V j CL ub�D m ' a s 3 v v $600,000 Q N a) C C u a v o QU Op z Q O ns 3 > d 3 U .'. 0 0 � z LL E $400,000 � o ~ F.Cost exceeded initial budget w E.New project scope C6 $200,000 D.New Project s ~ C.Developer/CAD or other cost neutral B.Cashflow accelerations $ ~ A.Bundling/Unbundling Notes: There were no new transfers for October 2019. November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 81 of 100 Page 29 of 31 CIB TRANSFERS SINCE FY 2016=17 #of Cause for Transfers Total Original Project Budgets Compared to Transfers transfers 16 $60,000,000 14 12 $50,000,000 10 $40,000,000 8 6 $30,000,000 4 2 $20,000,000 0 ,$10,000,000 F.Cost exceeded initial budget E.New project scope D.New Project ■ m ■ o ■ o ■ v ■ a ■v C.Developer/CAD or other cost neutral - _ �— ° g v B.Cashflow accelerations xm v v A.Bundling/Unbundling o u o o m v p u:« \ > 3 LL � eta November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 82 of 100 Page 30 of 31 FY 2019-20 Running Expense Fund Total Cash & Investment Balances (Actuals through October 2019) $60.0 $59.3 $53.7 $50.0 $47.2 $48.6 $49.8 $43.4 $40.9 $40,0 $37.3 $38.2 $38.4 $33.8 $32.9 $30.0 $29.0 $28.2 $24.6 $24.2 $24.0 $23.7 $20.0 $17.6 $18.9 $10.0 $0.0 e� e� e� e� > �eQ D �o Oe > Fe Projected Balance* MActual Balance Reserve Target at Year End** NOTES: * Projected balances were generated in June 2019 based on budgeted revenues and expenses for FY 2019-20 and applied to the actual balance at Jun 30,2019 **The Reserve Target at Year End is the minimum balance required at June 30, 2020 to comply with the District Policy November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 83 of 100 Page 31 of 31 FY 2019-20 Sewer Construction Fund Total Cash & Investment Balances (Actuals through October 2019) $70.0 $62.5 �` $61.6 +'60'0 $49.8 $52.4 $50.7$56.3 $58.3 $48.1 $56.1 $52.3 $51.9 $52.6 $54.0 $52.1 $50.0 $47.0 $47.6 $43.2 $40.0 $39.2 $30.0 $32.0 $30.4 $20.0 $10.0 $0.0 MProjected Balance* MActual Balance —Reserve Target at Year End** NOTES: * Projected balances were generated in June 2019 based on budgeted revenues and expenses for FY 2019-20 and applied to the actual balance at Jun 30,2019 **The Reserve Target at Year End is the minimum balance required at June 30, 2020 to comply with the District Policy November 26, 2019 Regular FINANCE Committee Meeting Agenda Packet- Page 84 of 100