BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Fiscal Year 2020-21 Midyear Financial Status Update and Fiscal Year 2020-21 Midyear Central Budget Adjustments.
End
RECOMMENDATION:
Recommendation
A. Receive the Fiscal Year 2020-21 midyear financial status update as of December 31, 2020; and
B. Approve the Fiscal Year 2020-21 midyear central operating and capital budget adjustments as per Attachments 2 and 3.
Body
SUMMARY:
Valley Water completed the first six months of the Fiscal Year 2020-21 on December 31, 2020. The midyear financial status update presentation (Attachment 1) summarizes a detailed comparison, and analysis, of the budget to actual status of revenues and expenditures for all funds as of December 31, 2020.
These financial statements have been prepared by Valley Water for informational purposes only and have not been audited by the external auditor. No party is authorized to disseminate these unaudited financial statements to the State Comptroller or any nationally recognized rating agency, nor are they authorized to post these financial statements on EMMA or any similar financial reporting outlets or redistribute the information without the express written authorization of the Chief Financial Officer of Valley Water. The information herein is not intended to be used by investors or potential investors in considering the purchase or sale of District bonds, notes or other obligations and investors and potential investors should rely only on information filed by the District on the Municipal Securities Rulemaking Board's Electronic Municipal Market Access System for municipal securities disclosures, maintained on the World Wide Web at
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Concurrently, in adhering to Governance Policies of the Board and specifically Executive Limitations EL-4, staff respectfully submits the midyear central budget adjustments to the FY 2020-21 Adopted Budget which are necessary in order to better align limited allocated resources with the Boar...
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