AC TRANSIT DISTRICT Board of Directors Executive Summary
GM Memo No. 09-183 Meeting Date: July 29, 2009
Committees: Planning Committee External Affairs Committee Rider Complaint Committee Board of Directors
Finance and Audit Committee Operations Committee Paratransit Committee Financing Corporation
SUBJECT: Consider Receiving Monthly Report on Subsidies and Revenues RECOMMENDED ACTION: Information Only
Briefing Item
Recommended Motion
Receive the Monthly Report on Subsidies and Revenues
Fiscal Impact: A $5.4 million dollar increase in total District subsidy received since the last monthly report. Background/Discussion: The Counties often send property tax and Measure AA/BB on one check since both are collected via property tax bills. Some of the recent funds were re-classified as Measure AA/BB, slightly decreasing the property tax but increasing the Measure AA/BB category. Additionally, funds that cannot be positively identified are placed into a clearing account pending receipt of back-up. The District recently received back-up that has identified additional Measure AA/BB funds, thereby increasing these amounts. The District also received additional Measure C funds and AB1107 funds this period. This represents the bulk of the clearing accounts.
Prior Relevant Board Actions/Policies: N/A
BOARD ACTION:
Approved as Recommended [ ] Approved with Modification(s) [ ]
Other
[ ]
The above order was passed on: . Linda A. Nemeroff, District Secretary By
GM Memo No. 09-183 Meeting Date: July 29, 2009 Page 2 of 2
Attachments: YTD Subsidies vs. Previous Year Approved by: Prepared by: Date Prepared:
Rick Fernandez, General Manager Lewis G. Clinton, Jr., Chief Financial Officer Dan Lillin, Treasury Manager July 15, 2009
YTD Subsidies vs. Previous Year
FY 08/09 (through July 17)
% of Year:
100.00%
FY 07/08 (through July 17)
Receipts applied to
% of Year:
100.00%
Receipts applied to
Subsidy
Budget
FY 08/09 Budget
Balance
% Received
Subsidy
Budget
FY 07/08 Budget
Balance
% Received
Prop Tax
69,007,000
68,258,993
(748,007)
98.92%
Prop Tax
65,025,000
65,572,293
547,293
100.84%
TDA
45,983,000
46,275,590
292,590
100.64%
TDA
52,928,000
52,285,494
(642,506)
98.79%
AB 1107 Measure B
30,000,000 20,463,000
30,766,677 17,716,254
766,677 (2,746,746)
102.56% 86.58%
AB 1107 Measure B
33,763,000 22,714,000
30,733,016 20,064,558
(3,029,984) (2,649,442)
91.03% 88.34%
Measure AA/BB
14,000,000
14,305,863
305,863
102.18%
Measure AA/BB
14,000,000
13,949,815
(50,185)
99.64%
STA
3,606,000
4,343,945
737,945
120.46%
STA
7,421,000
3,968,186
(3,452,814)
53.47%
STA (BART) Measure C
2,500,000 2,721,000
1,771,366 1,472,277
(728,634) (1,248,723)
70.85% 54.11%
STA (BART) Measure C
5,104,000 1,489,000
2,551,972 1,489,312
(2,552,028) 312
50.00% 100.02%
188,280,000
184,910,965
(3,369,035)
98.21%
TOTALS:
202,444,000
190,614,646
(11,829,354)
94.16%
TOTALS:
Date and amount of last receipt Subsidy Date - Prop Tax: - TDA: - AB1107: - Measure B: - Measure AA/BB: - STA - STA (BART): - Measure C:
29-Jun 24-Jun 17-Jul 29-Jun 29-Jun 26-Mar 7-Apr 21-Apr
Staff projection on receiving outstanding balance Amount Received $5.3 million $3.5 million $2.3 million $1.6 million $378K $613K 446K $835K
- Probable to receive all: property tax is coming in slighly higher than budgeted - Probable to receive all: tracking close to prior year and no official rescission received - All budgeted funds received - Probable to receive all: tracking close to prior year and no official rescission received - Probable to receive all: tracking close to prior year and no official rescission received - All budgeted funds received - Probable to receive all: MTC funding per latest communication - Probable to receive all: funds coming in slower than prior years but no official rescission received
GM 09-183 ATT.
NOTE: All subsidy amounts are subject to change after fiscal year true-ups with funding agencies. OTHER RECEIPTS - Federal Stimulus: received $25,738,903 on 6/30/09. - I-Bond: received $8,826,245 on 7/16/09.
S:\GMMemos\2009 Meetings\07-29-09 Mtgs\Finance\GM 09-183 ATT
7/24/2009
YTD Subsidies vs. Previous Year
FY 08/09 (through July 24)
Date and amount of last receipt
% of Year
100.00%
FY 07/08 (through July 17)
% of Year:
100.00%
Staff protection on receiving outstanding balance
-
Probable to receive all: property tax is coming in slighly higher than budgeted All budgeted funds received All budgeted funds received Probable to receive ail: tracking close to prior year and no official rescission received Probable to receive all: tracking close to prior year and no official rescission received
- All budgeted funds received • Probable to receive all: MTC funding per latest communication
- Probable to receive all: funds coming in slower than prior years but no official rescission received NOTE: Ail subsidy amounts are subject to change after fiscal year true-ups with funding agencies.
- Federal Stimulus: received $25,738,903 on 6/30/09. • I-Bond: received $8,826,245 on 7/16/09.
Finance Committee Date: C:\Documents and Settrngs\dlillin\Oesktop\YTD Subsdies FY 0809 as of July 24.2009
Item No:
7/29/2009