Un-Audited
First Quarter
Budget & Actuals Review
First Quarter Fiscal Year 2024/25
Period Ending September 30, 2024
City of Cotati
Financial Reporting
• Citywide Overview
• General Fund
• Enterprise Funds
• Cash and Investments
Portfolio
Citywide
Citywide -
Revenues &
Expenses
Revenues and Expenses On Target
•General Fund – Due to timing of Receipts for
major revenue sources.
•Other Special Revenues – Due to Timing of
Receipts for Revenues.
•Capital Projects – Due to timing of transfer of
funds for schedule of projects.
•Internal Service – Decreased revenue due to
reduced payout transfers of funds required.
Revenues are at 12.5% of Budget (PY 16.8%)
•Wastewater
- Beg. of Fiscal Year Payments for Insurance
and IT System Improvements.
- Emergency Repair to a Sewer Line on Old
Redwood Highway.
•Water
- Beg. of Fiscal Year Payments for Insurance
and IT System Improvements.
Expenses are at 17.3% of Budget (PY 18.4%)
General
Fund
Comparative
Revenues & Expenditures
Proportion of
General Fund Revenues
Sales Tax, $534,892
Other Taxes, $109,928
Licenses, Permits & Franchises,
$86,308
Rent, $34,838
Other Agencies, $85,945 Community
Development
Charges, $55,710
Public
Works
Charges,
$18,427
Public Safety
Charges,
$14,261
Other Revenues,
$62,908
Investment Earnings, $76,878
Con
$4,
…
…
Tra
In,
…
…
Enterprise Funds
SUMMARY OF WATER AND WASTEWATER FUNDS
Enterprise Funds Analysis
•Improved Net Income from PY
Revenues and Expenses On Target
• Increases from prior year due to
increased consumption and
increased rates.
Revenues are at 30% and 24% of Annual
Budget (PY at 20% and 17%)
• Increased Wastewater Treatment
Costs
• Increased Water Usage from the
Aqueduct instead of Local Well
Production
• Increased Contract Services
Expenses Consistent with General
Fund (Insurance/Utilities/IT
Infrastructure Improvements)
• Other Costs increased for one time
repair for Wastewater fund.
Expenses are at 26% and 26% of Annual
Budget (PY at 19% and 21%)
Enterprise Funds FY 2023/24 FY 2024/25 $ Variance % Variance FY 2024/25 Budget % Budget
-
Water Operations & Capital
Revenues $ 467,829 $ 730,335 $ 262,506 56.1% $ 2,370,900 30.8% Expenses
Salaries & Benefits 161,934 161,294 (639) -0.4% 724,960 22.2% Contract Services 148,451 169,834 21,383 14.4% 399,427 42.5% Other Expenses 47,040 55,496 8,456 18.0% 375,266 14.8%
Aquaduct Water 190,977 219,336 28,360 14.8% 694,460 31.6% Capital Outlay - - - 100.0% 72,500 0.0%
Interfund Debt 13,915 10,971 (2,944) -21.2% 104,469 10.5% Total Expenses $ 562,315 $ 616,931 $ 54,616 9.7% $ 2,371,082 26.0% Net Income $ (94,486) $ 113,404 $ (182)
Wastewater
Revenues $ 559,114 $ 827,643 $ 268,529 48.0% $ 3,445,300 24.0% Expenses
Salaries & Benefits 161,917 161,885 (33) 0.0% 701,290 23.1% Contract Services 93,429 120,221 26,792 28.7% 225,713 53.3% Other Expenses 18,790 69,364 50,575 269.2% 208,210 33.3% Wastewater Treatment 587,238 626,704 39,467 6.7% 2,506,900 25.0% Capital Outlay - - - 0.0% 118,695 0.0%
Interfund Debt 20,810 16,096 (4,714) -22.7% 67,498 23.8% Total Expenses $ 882,184 $ 994,270 $ 112,086 12.7% $ 3,828,306 26.0% Net Income $ (323,070) $ (166,627) $ (383,006)
Un-Audited Actuals Comparison
(July 1 - Sept 30) Budget to Actual Comparison
Cash & Investments Impacts for Q1 FY 2024/25
Summary of Cash
and Investments at
September 30, 2024
• Total approximately $15.4M.
• In line with the City updated
adopted investment policy.
• Investments for quarter
earned $186K in returns
• Overall cash is enough to
meet operational needs for
next 6 months in fiscal year
Name of Investment Maturity Date Yield
Balance at
09/30/2024
Local Agency Investment Funds - (LAIF)
LAIF - Pooled Investments - Net FMV N/A 4.58% 6,288 $
Sonoma County Inestment Pool - SCIP N/A 1.96% 141,845 $ US Bank Trust
Managed investments in CD's and Treasuries Various 4.12% 7,851,417 $ Accrued Interest $ 27,645
California Asset Management Program (CAMP)
Pooled Investment Funds N/A 5.29% 6,470,416 $
Fiduciary Funds N/A 1.20% 163,193 $
Restricted Escrow Account
Funds held for payment on Park and Ride Project N/A $ 79,668 Exchange Bank Operating & Payroll Accounts N/A N/A $ 620,074 Total Cash and Investments $ 15,360,545
FISCAL YEAR 2024/25
AS OF SEPTEMBER 30, 2024
Conclusion
Fiscal Year was primarily on
track with increases in both
overall Revenues and
Expenditures compared to
the same Period in Prior Year.
No Additional Budget
Requests for Adjustments.
City staff will continue to
update the Council with
quarterly financial reports as
well as the audited financial
reports for Fiscal Year
2023/24
City staff are committed to
exercising prudence and
integrity in the management
of public funds and provide
transparent accountability
for its use