Finance staff: $51 million in cash, $5.5 million of water and sewer capital spent through June

A finance presenter reviewed the district's financial statements through June 30, 2025, reporting a cash and investments balance of $51,000,000, an $8,800,000 increase since the beginning of the year. The presenter said current restricted cash totaled $2,100,000 and tax receivable was $3,300,000; grants receivable included a $500,000 Department of Water Resources (DWR) grant, and other receivables included an SRF billing that was paid last week.

"Cash and investments ended the period at $51,000,000. That's an $8,800,000 increase in cash, since the beginning of the year," the finance presenter said. The presenter added that water and sewer capital expenditures through the end of June totaled $5,500,000 and that the district transferred $975,000 to the water debt service reserve and funded an additional $885,000 to a section 115 trust.

On operations, staff reported operating revenue was unfavorable by $370,000 through June, driven by timing in consumption revenue and an unfavorable variance in the water fund of $542,000; other departments such as recreation and golf were favorable to budget. Operating expenses were favorable to budget primarily because of timing on personnel hiring, with personnel favorable by $1,300,000 through June.

The presenter said the finance team is accelerating the close period following the addition of a senior accountant to produce more timely financial closes. Committee members asked clarifying questions about accounting practices and timing; staff said they will follow up on additional detail as requested.