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Finance update: revenues holding; Corporation Yard projects exceed budget by $750,000
Summary
The General Manager told the executive committee revenues are healthy but expenses are up 6%; Corporation Yard projects budgeted at $6 million have reached $6.75 million in spending to date.
General Manager Catherine Cerri told the Executive Committee that revenue is "looking good" while expenses are running about 6% higher year to date, leaving the District about 8% under budget overall.
She said the district originally budgeted $6 million for two Corporation Yard projects but "the District has currently spent $6.75 million." The committee did not take a Board-level action on the projects at the executive meeting; the Finance Manager will present the formal second-quarter report to the full Board at the February meeting.
Cerri noted one procurement item was pulled from the upcoming Board agenda because only a single bid was received and it exceeded budget; staff will rebid that scope. A separate slip-lining contract (Project No. 266) received two bids and will be brought to the Board for approval.
