Quarterly Financial Report
First Quarter of FY 2021-2022
Environmental Services Fund
Current Financial Condition
The Environmental Services Fund first quarter financial report reflects an undesignated working capital balance of $6.9 million, of which $3.5 million is reserved for vehicles and carts. In addition, the Closure/Post-closure Fund has a designated working capital balance $3.3 million. The undesignated working capital balance represents approximately 7 months of Environmental Services Fund 2022 budgeted operating expenses ($1.9 million in excess reserve – above the 3-month minimum working capital reserve policy). The projected ending working capital balance is 9.7 percent or $612K higher than the amended year-end undesignated working capital balance of $6.3 million.
At the end of the first quarter, revenues are exceeding expenses by $145K, mainly due to personnel, supplies, Community Appearance Program, and capital expenses coming in under budget.
Revenues vs Expenses
- Charges for Services are projected to come in in line with the budget.
- Interest income is projected to come in under budget due to interest rates rising more slowly than anticipated. Rates have since rebounded in the second quarter of FY 2022.
- Miscellaneous is projected come in under budget due to cancellation of Bootfest 2021 (no reimbursement of overtime costs).
- Personnel Costs are projected to come in pver budget due to payroll adjustments and overtime.
- Supplies are projected to come in under budget due primarily to fuel and botanical & agricultural supplies (Community Appearance).
- Contractual Services are projected to come in under budget due to professional services and tipping fees line items.
- Other Charges are projected to come in under budget due to no Landfill closure / post-closure related costs in FY2022.
- Interdepartmental is coming in over budget due to vehicle repair charges.
- Capital Outlay is projected to come in under budget due to postponement of the Environmental Services Building project.
- Charges for Services are coming in over budget due to garbage and brush fees.
- Other Financing Sources is coming in under budget due to the annual transfer to the Closure Fund not being posted until later in the fiscal year.
- Interest income is coming in under budget due to historically low interest rates. Rates have since rebounded in the second quarter of FY 2022.
- Miscellaneous is coming in under budget due to cancellation of the Bootfest 2021 event (no reimbursement of overtime costs).
- Personnel Costs are coming in over budget due to payroll adjustments and overtime.
- Supplies are coming in under budget due primarily to fuel and botanical & agricultural supplies (Community Appearance).
- Contractual Services are coming in under budget due to tipping fees.
- Other Charges are coming in under budget due to the landfill closure/post-closure line items.
- Interdepartmental is coming in under budget due to capital replacement charges for vehicles.
- Transfers are coming in under budget due to the annual transfer to the Closure Fund not being posted until later in the fiscal year.
- Capital Outlay is coming in under budget due to the timing of expenditures. These purchases are made irregularly throughout the fiscal year. In addition, the Environmental Services Building project was postponed for FY 2022.
Budget Amendments
As of the first quarter of FY 2021-22, the Environmental Services Fund has been amended once in the amount of $37.6K for the FY 2020-21 carryover encumbrance (these encumbrances were not included in this financial report since the funding for the FY 2020-21 encumbrances came from prior year reserved working capital balance of $37.6K).
As of the first quarter of FY 2022, the Environmental Services Fund had 0 vacancies out of 22 approved full-time positions.