TO: Lake Berryessa Resort Improvement District Board
FROM: Tracy Schulze - Auditor-Controller
REPORT BY: Georgina Panganiban -Accountant-Auditor Manager
SUBJECT: Authorization to prepare necessary entries to close the financial books for the fiscal year ended June 30, 2024.
RECOMMENDATION
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Authorize preparation of the necessary accounting entries to close the financial books for the fiscal year ended June 30, 2024. (Fiscal Impact: $3,554,206 Expense; Lake Berryessa Resort Improvement District Fund; Not budgeted; Discretionary)
[4/5 vote required]
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BACKGROUND
The Auditor-Controller anticipates completing all the necessary accounting entries to close the financial books for the fiscal year ended June 30, 2024 by Monday, September 30, 2024. Completing this process requires approval by the Lake Berryessa Resort Improvement District Board and requires a 4/5 vote.
The two requested actions for approval include:
1. Approve Budget Amendment 24-1410, increasing appropriations by $3,554,206 in Fiscal Year 2024-25 for continued projects from Fiscal Year 2023-24. On June 25, 2024, your Board approved estimated amounts of remaining budget and related contracts to be carry forward into the following year. This item is to ratify final amounts resulting from completing all accounting entries through June 30, 2024. See Attachment A.
2. Maintain the fund balance restriction in the amount of $150,151 for FEMA/CALOES revenue received for the 2017 Storm Event. Funds are restricted until the projects are fully audited and can be released.
The eight capital improvement projects to be completed in Fiscal Year 2024-25 or beyond are as follows:
Project 19007
Ponds Inflow Mitigation Project was created in September of 2018 for the purpose of sewer collection system inflow and infiltration studies after heavy rainfall in the winter of 2017 caused a series of spills into the environment. The carryover appropriations amount is $33,658. The re-encumbrance contract for G.H...
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