TO: Board of Directors
FROM: Steven Lederer - Manager
Upper Valley Waste Management Agency
REPORT BY: Steven Lederer - Manager
Upper Valley Waste Management Agency
SUBJECT: PUBLIC HEARING: Adoption of 2024/2025 Budget
RECOMMENDATION
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PUBLIC HEARING: APPROVAL OF THE 2023/2024 FISCAL YEAR BUDGET
REQUESTED ACTION: Staff requests approval and adoption of Agency Resolution No. 24-01 adopting the proposed final budget for fiscal year 2024/2025.
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EXECUTIVE SUMMARY
Attached please find the proposed fiscal year 2024/2025 budget for Board approval.
Summary of proposed Budget:
Revenue: Revenue to run the Agency and its programs is primarily provided through the UVDS Franchise Agreement, whereby the Company provides the Agency funds equivalent to 3% of their gross revenue. This resulted in approximately $570,000 of revenue in Fiscal Year 23/24, which slightly exceeded the budgeted amount. I am conservatively budgeting $550,000 in revenue for FY 24/25. We could see revenue exceed this amount as the company's rates are increasing (and our funding is tied to their gross revenues). However, this may (or may not) be negated by decreased business from a potential recession. The budget also assumes the usual $25,000 CalRecycle grant for recycling programs. $300,000 from an SB 1383 grant is also available to spend this year.
Expenses: Budgeted expenses are similar to last year's adjusted budget, and also include appropriations to spend the $300,000 SB 1383 Grant (which includes purchase of compost for all the UVA members), and $300,000 in available community grants for each member.
All our existing programs remain.
Fund Balance: The Agency will commence the 2024/2025 fiscal year with a fund balance of close to $1.8M and would finish the year with a fund balance of over $1.6M. The minimum allowed under Board policy is $35,000, thus funding is available to support SB 1383 implantation projects, li...
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