HomeMy WebLinkAbout03. Receive May 2024 Budget-to-Actual Financials OverviewPage 1 of 3 Item 3. LCENTRAL SAN July 11, 2024 FROM: CHRISTOPHER THOMAS, ACCOUNTING SUPERVISOR KEVIN MIZUNO, FINANCE MANAGER REVIEWED BY: PHILIPLEIBER, DEPUTYGM -ADMINISTRATION ROGER S. BAILEY, GENERAL MANAGER SUBJECT: RECEIVE BUDGET -TO -ACTUAL EXPENDITURE OVERVIEW THROUGH THE MONTH OF MAY2024 Attached are the Fiscal Year (FY) 2023-24 Budget -to -Actual Expenditure Overviews for the Operations and Maintenance (O&M) and Sewer Construction funds through the month of May 2024. These monthly overview reports illustrate year-to-date spending compared to the estimated year-to-date budget at the fund level in order to provide a high-level overview of Central San's interim fiscal performance as it relates to spending. The Sewer Construction report now includes a dashed line projection of spending from the current month through year-end. While these monthly overviews provide a summary -level snapshot of Central San's fiscal performance from an expenditure trend perspective, a more comprehensive report is provided to the Board on a quarterly basis which summarizes financial results in more detail. While staff considers the monthly overview reports to be materially accurate, it is emphasized that these figures may be subject to change following the completion of quarterly and year-end "hard close" procedures, as well as adjustments arising from the year-end independent audit. Strategic Plan Tie -In GOAL FOUR: Governance and Fiscal Responsibility Strategy 1 - Promote and uphold ethical behavior, openness, and accessibility, Strategy 3 - Maintain financial stability and sustainability ATTACHMENTS: 1. Budget -to -Actual Expenditure Overview through May 2024 July 11, 2024 Special Board Meeting Agenda Packet - Page 22 of 41 O&M Fund Total FY 23-24 YTD Expenses by Month $100,000,000 $91.4M $84.OM $90,000,000 $80,000,000 $70,000,000 $78.3M $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 --*—Actual Budget July 11, 2024 Special Board Meeting Agenda Packet - Page 23 of 41 $150 $140 $130 $120 $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 Budget to Actual Spending Trend Sewer Construction Fund (in millions) $149.6 $126.1 ' $130.3 $107.4 $80.7 $66.9 .f' July August September October November December January February March April May June f Budget - 0- Target (90%of Budget) Actual — Projected July 11, 2024 Special Board Meeting Agenda Packet - Page 24 of 41