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Home My Public Portal AboutResolution - 05-32- 20051214 - Amend FY06 Budget RESOLUTION NO. 05-32 RESOLUTION OF THE BOARD OF DIRECTORS OF THE MIDPENINSULA REGIONAL OPEN SPACE DISTRICT ADOPTING AMENDMENTS TO THE BUDGET FOR FISCAL YEAR 2005-2006 The Board of Directors of the Midpeninsula Regional Open Space District does resolve as follows: WHEREAS, District staff conducts a review of expenditures at mid year; and WHEREAS, based on current spending, progress to date on major projects, unanticipated changes in planned activities and previous Board approved changes; it is desirable to amend the existing budget; and WHEREAS, the Administration and Budget Committee recommends adoption of the amended budget. NOW, THEREFORE, be it resolved as follows: Section One. The Board of Directors of the Midpeninsula Regional Open Space District does hereby adopt the attached amended budget(Exhibit A) for 2005-2006, which amends Resolution No. 05-08 accordingly. Section Two. The budget for the Midpeninsula Regional Open Space District for fiscal year 2005-2006 is amended as set forth in Exhibit A, a copy of which is attached hereto and made a part hereof by reference. Section Three. Monies are hereby appropriated in accordance with said budget. J I j RESOLUTION NO. 05-32 PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on December 14, 2005, at a Regular Meeting thereof, by the following vote: AYES: J. Cyr, M. Davey, N. Hanko, L. Hassett, D. Little, K. Nitz, P. Siemens NOES: None ABSTAIN: None ABSENT: None ATTEST: APPROVED: r � Lid%irZ!� Secretary Presi t Board of Directors Bo d of Directors I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that the above is a true and correct copy of a resolution duly adopted by the Board of Directors of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly held and called on the above day. c7 . Distri erk II f EXHIBIT A Midpeninsula Regional Open Space District Mid-year Budget for Fiscal Year 2005-2006 Proposed Amended Mid-Year Budget Amount Budget I. Revenues A. Tax Revenues 18,682,000 18,682,000 B. Grant Income 3,230,000 3,230,000 C. Interest Income 1,110,000 1,110,000 D. Property Management-Rental Income 813,000 813,000 E. Other Income 20,000 20,000 TOTAL REVENUES 23,855,000 23,855,000 IL Change in Reserves (14,703,290) (14,703,290) Expenditures A. Debt Service 1. Interest 4,149,578 4,149,578 2. Principal 2,812,236 2,812,236 Debt Service Subtotal 6,961,814 6,961 j814 B. Salaries 1. Board Appointees 275,647 39,793 315,440 2. Board Appointee Meritorious Awards 0 0 0 3. General Manager Appointees 5,179,309 21,475 5,200,784 Salaries Subtotal 5,454,956 61,268 5,516,224 C. Benefits 1,767,890 44,714 1,812,604 D. Director's Fees 23,000 6,000 29,000 Salaries and Benefits Subtotal 7,245,846 111,982 7,357,828 E. Services and Supplies 1. Legal Services 77,000 50,000 127,000 2. Regular Outside Services 123,969 2,783 126,752 3. Contract Services 882,532 (96,178) 786,354 4. Election Expense 0 0 0 5. Library and Subscriptions 11,169 0 11,169 6. Management Agreements 50,000 0 50,000 7. Rents and Leases 90,850 (10,000) 80,850 8. Utilities 128,100 9,000 137,100 9. Postage 57,032 3,900 60,932 10.Printing and Duplicating 30,850 (400) 30,450 II.Insurance 88,000 33,286 121,286 12.Advertising 6,500 900 7,400 13.Maps and Aerials 20,100 (1,200) 18,900 14.Private Vehicle 14,500 700 15,200 15.District Vehicle 197,000 25,000 222,000 16.Business Meeting 16,965 (800) 16,165 17.Personnel Development 132,935 (800) 132,135 18.Maintenance/Repair of Equipment 25,100 100 25,200 19.Computer Expenses 41,380 3,850 45,230 20.Office Supplies/Small Equipment 26,700 (1,250) 25,450 21.Field Supplies/Small Equipment 126,875 (5,400) 121,475 22.Outside Maintenance Services 343,420 16,900 360,320 23.Permits,Fee,Property Taxes 13,800 1,440 15,240 24.Miscellaneous 600 0 600 25.Communications-Publications 113,150 (2,500) 110,650 26.Communications-Special Projects 16,550 0 16,550 27.Volunteer Program 31,715 0 31,715 Services and Supplies Subtotal 2,666,792 29,331 2,696,123 F. Fixed Assets 1. New Land Purchases 20,000,000 (244,880) 19,755,120 2. Real Property Support Costs- Appraisals,Title,Legal,Engineering 155,250 194,700 349,950 3. Guadalupe Land Company 64,625 (20,000) 44,625 4. Structures and Improvements 1,118,463 (71,133) 1,047,330 5. Field/Office Equipment 61,000 0 61,000 6. Vehicles 284,500 0 284,500 Fixed Assets Subtotal 21,683,838 (141,313) 21,542,525 TOTAL EXPENDITURES 38,558,290 0 38,558,290 Space Regional Op P en ace MIDPENINSULA REGIONAL OPEN SPACE DISTRICT I MEMORANDUM TO: Board of Directors FROM: Mike Foster, Controller DATE: November 22, 2005 SUBJECT: Mid-Year Financial Review CONTROLLER'S REPORT Attached are unaudited financial statements for the six months ended September 30, 2005. Exhibit A contains the District's September 30 balance sheet compared to our audited position on March 31. Our cash balance is down $1.1 million as the District made $4.7 million of debt service payments during this period. A total of$4.9 million of land was acquired—all of which was funded by grants and gifts. These land additions are detailed in Exhibit E. It should be noted that $3.1 million of the $41.6 million cash balance are reserve funds to secure outstanding public notes and, therefore, not available to fund District expenditures. In order to reduce the interest rate on its remaining 1995 Notes, the District, in July 2005, issued $4.6 million of Refunding Promissory Notes. Approximately$750,000 of present value savings was achieved. Exhibit B shows our six-month revenues compared to the same period a year ago and to the twelve-month budget. Tax receipts are up about 6% from the prior year. This is the second year � of the two-year ERAF tax shift from special districts to the state, which cost the District some $1.15 million during this period. For the full fiscal year, tax revenue will likely exceed budget by some $500,000. Grant receipts include the $2.05 million grant from the California Coastal Conservancy on the POST/Miramontes property. In addition, the District received $2.8 million of gifts of land from POST. Interest and property management income are consistent with budget. Other income includes about $90,000 from local cities under tax increment agreements, some $47,000 from a bequest, and approximately $26,000 of donations from the Mary Davey event. Exhibits C and D review six-month operational and development spending against the twelve month budget (Exhibit C) and compared to the same period last year(Exhibit D). The District spent 45% of its amended twelve-month administrative, operations, and development budget during the first six months. This is very similar to our mid-year position in the prior five years Mid-Year Financial Review November 22, 2005 Page 2 (44%, 43%, 43%, 44%, 41%). By department, six-month(non-land purchase) spending versus the twelve-month budget was Real Property 53%, Administration 51%, Operations 49%, Public Affairs 41%, and Planning 32%. By type of expense, salaries and benefits ran at 49% of annual budget, structures and improvements at 30%, contract services and outside services at 26%, and all other expenses at 48%. Salary and benefit expense represented 68% of total District operational expenses. As shown in Exhibit D, administration, operations and development spending is up 6% from last year's first half spending rate. All of this increase was in salaries and benefits; non-labor spending was down 9%. Salaries were up 9% and benefits increased 43%. Total benefits represented 35% of total salaries compared to 26% in the prior year period. For the year we expect that benefits will represent 33% of total salaries compared to 29% last year. The increase is due to the large increase in the PERS rate. Overall, the financial results of the first six months indicate revenues and expenditures are consistent with the District's long-term financial plans. EXHIBIT A MIDPENINSULA REGIONAL OPEN SPACE DISTRICT March 31 and September 30,2005 (Thousands) II September 30,2005 March 31,2005 (Unaudited) (Audited) ash and Investments $41,572.0 $42,733.1 Receivables 6,936.5 5,827.0 Land,at cost 242,725.8 237,686.3 Equipment 2,324.7 2,216.5 Structures and improvements 133195.4 12,855.6 TOTAL ASSETS $306,754.4 $301,318.5 Accounts Payable $338.3 $328.3 Accrued Liabilities 316.5 389.0 Land Contract Debt 2,044.5 2,057.1 Public Notes Payable 125,490.4 128,150.5 TOTAL LIABILITIES $128,189.7 $130,924.9 TOTAL EQUITY $178.564.7 $170,393.6 I I EXHIBIT B MIDPENINSULA REGIONAL OPEN SPACE DISTRICT Six Month Revenue Versus Prior Year(Unaudited) (Thousands) 6 Months Ended September 30 2005 2004 Property Taxes $8,004.0 $7,551.o Tax Subventions 533.0 508.0 Interest Income 539.7 394.9 Grant Income 2,066.1 1,774.4 Property Management 379.3 349.6 Gifts of Land 2,818.0 114.6 Other 225.5 0.0 TOTAL RECEIPTS $ 14 565.E $10,692.5 Six Month Revenue Versus Twelve Month Budget 2005 2005 Twelve Month Six Month % Budget Receipts Received Property Taxes $17,807.0 $8,004.0 45 Tax Subventions 875.0 533.0 61 Interest Income 1,110.0 539.7 49 Grant Income 3,230.0 2,066.1 64 Property Management 813.0 379.3 47 Gifts of Land 0.0 2,818.0 0 Other 20.0 225.5 1128 TOTALS $23,855.0 $14,565.6 61 EXHIBIT C MIDPENINSULA REGIONAL OPEN SPACE DISTRICT Six Month Operating v.Twelve Month Budget April-September,2005 (Thousands) i Twelve Month Six Month % Budget Spending Spent j Salaries $5,478.0 $2,630.0 46 Benefits 1,768.0 916.5 52 j Subtotal $7,246.0 $3,546.5 49 I Other Contract Services/Outside Services 1,002.8 256.7 26 Private&District Vehicle Expense 211.5 124.9 59 Outside Maintenance Service 343.4 164.2 48 Acquisition Expense(Inc. Legal) 232.3 205.2 88 Structures&Improvements/Parking Area 1,118.4 339.7 29 Printing&Duplicating 30.9 9.1 Rents,Leases&Management Agreements 140.8 34.5 25 Training&Conferences/Personnel Development 132.9 47.9 36 Equipment&Vehicles 345.5 108.2 31 Insurance 88.0 113.8 129 Utilities 128.1 64.5 50 Postage&Office Supplies 83.7 33.1 40 Communications(PublicationS&Projects) 129.8 46.4 36 Library&Subscriptions 11.2 4.2 38 Computer Expense 41.4 20.9 50 Feld SuppiiesfTaxes,Permits&Licenses 140.7 59.4 42 Maintenance&Repair-Equipment 25.1 8.5 34 Volunteer Programs 31.7 11.6 37 Other Non-Land 112.3 13.1 12 TOTAL(NON-LAND) M~$11,596.5 $5,212.4 45 Debt Service 61961.8 4,696.5 67 Land Acquired 20,000.0 - -Y 4,868.0 - - ��--^24 TOTAL P $38,558.3 $14,776.9 38 I I i I EXHIBIT D (Thousands) Six Months Operating v.Six Month Last Year Six Months Ended September 30 2005 2004 %Increase $2,630.0 $2,412.1 9 Salaries Benefits 916.5 649.2 41, Other Contract Services/Outside Services 256.7 234.8 9 Private&District Vehicle Expense 124.9 102.3 22 Outside Maintenance Service 164.2 109.8 50 Acquisition Expense(Inc.Legal) 205.2 175.6 17 Structures&improvements/Parking Area 339.7 729.4 -53 Printing&Duplicating 9.1 4.0 128 Rents,Leases&Management Agreements 34.5 25.0 38 Training&Conference/Personnel Development 47.9 25.4 89 108.2 97.2 11 Equipment&Vehicles Insurance 1118 78.9 44 Utilities &C5 561 15 Postage&Office Supplies 33.1 31.0 7 Communications(Publications&Projects) 46.4 53.5 -13 Library&Subscriptions 4,2 7.0 -40 Computer Expense 20.9 6.8 207 - Field Supplies/Taxes,Permits&Licenses 59.4 653 9 Maintenance&Repair-Equipment 8.5 11.7 -27 Volunteer Programs 11.6 9.5 22 Other Non-Land 13.1 10.0 31 TOTAL(NON-LAND) $5,212.4 $4,894.6 6 Debt Service 4,696.5 4,765.5 -1 Land Acquired 4,868.0 1,094.0 345 TOTAL $14,776.9 $10,754.1 37 EXHIBIT E Land Acquired April 1 to September 30, 2005 I SELLER PRESERVE AMOUNT POST Lexington Reservoir Gift Felton Station 220,000.00 POST/Miramontes Ridge Grant-CCC Mills Creek Open Space 2,050,000.00 POST/Miramontes Ridge-Gift Mills Creek Open Space 2,598,000.00 Tota $4,868,000.00 I I I