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Committee hears $3M SRF receivable tied to pending amendment; cash timing cited for shortfall
Summary
Staff told the committee unrestricted cash appears lower than receivables because a $3,000,000 SRF receivable and retention amounts have not yet been booked while the agency awaits an SRF agreement amendment; staff said booking will occur once the amendment is finalized, likely near year-end.
Finance staff reviewed the monthly cash investment schedule and explained the timing differences between cash and receivables. Staff said the district expects a $3,000,000 SRF receivable and a retention payment (about $500k for DWR) that are not yet booked, noting an SRF agreement amendment must be finalized before the funds can be billed and received.
"We have $3,000,000 that we're going to build to SRF. We have 3,000,000 that we're going to build shortly, and then we have the retention, which is gonna be released, then the 500 for the DWR," a presenter said to explain the timing (SEG 300–304). Staff said the amendment to the SRF agreement is expected by the end of the year; once submitted and the amendment is finalized, the receivable will appear in the financials when funds are received.
