SCMTD February 2004 Board of Directors Agendas - Santa Cruz ...

SANTA CRUZ METROPOLITAN TRANSIT DISTRICT
DATE: February 27, 2004
TO:
FROM:
SUBJECT:
Board of Directors
Elisabeth Ross, Finance Manager
MONTHLY BUDGET STATUS REPORT FOR DECEMBER 2003, AND
APPROVAL OF BUDGET TRANSFERS
I. RECOMMENDED ACTION
Staff recommends that the Board of Directors approve the budget transfers for the period
January 1 – 31, 2004.
II.
SUMMARY OF ISSUES
• Operating revenue for the year to date totals $16,847,209 or $206,809 over the
amount of revenue expected to be received during the first six months of the fiscal
year, based on the budget revised in December.
• Total operating expenses for the year to date, in the amount of $14,152,615, are at
44.2% of the revised budget.
• A total of $4,812,631 has been expended through December 31 st for the FY 03-04
Capital Improvement Program.
III.
DISCUSSION
An analysis of the District’s budget status is prepared monthly in order to apprise the Board of
Directors of the District’s actual revenues and expenses in relation to the adopted operating and
capital budgets for the fiscal year. The attached monthly revenue and expense report represents
the status of the District’s FY 03-04 budget as of December 31, 2003. The fiscal year is 50%
elapsed.
A. Operating Revenues
Revenues are $206,809 over the amount projected to be received for the period. Passenger
revenue is $150,064 above budget projections due to higher farebox revenue and the new
contract with UCSC. Sales tax revenue is $39,621 over the budgeted amount since the expected
revenue amount was reduced in the December budget revision. Variances are explained in the
notes following the report.
B. Operating Expenses
Operating expenses for the year to date total $14,152,615 or 44.2% of the revised budget, with
50% of the year elapsed. Variances are explained in the notes following the report.