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LOS ANGELES COUNTY CHILDREN AND FAMILIES FIRST – PROPOSITION 10 COMMISSION (a Component Unit ... - page 17 / 47

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Consultant Services The Commission approved “One Time/Cyclical Cost” for Strategic Planning and the Technical Assistance Institute.

Final Expenditure Budget vs. Actual Expenditure Amounts

The following provides a summary of the primary factors causing the significant variances in the actual expenditures as compared to the final budgeted expenditures:

Provider Grants The positive variance is primarily due to expenses being less than expected.

Personnel Related Expenses The positive variance is primarily due to employees not contributing to their 403(b) at a level that requires First 5 LA to match the entire budgeted amount.

Contingency The positive variance is primarily due to budgeted contingency expenditures which did not materialize.

Other Potentially Significant Matters

The State projects a continuing decrease of State Tax Allocations revenue and reduction in the share allocated to First 5 LA due to a proportionally lower birth rate. Projected annual revenue decrease is estimated to be 4% through FY 2011-12.

The State of California continues to experience fiscal difficulties. A statute was enacted to allow the State to borrow funds from the California Children and Families Trust Fund. Anticipating that loans would be short-term loans, we do not believe there will be a lasting impact on our financial condition and that we have sufficient cash balance to sustain an impact on our cash liquidity needs.

Contacting the Commission’s Financial Management

This financial report is designed to provide the public with an overview of the Commission’s financial operations and condition. If you have questions about this report or need additional information, you can contact the Commission’s Director of Finance at 750 N. Alameda Street Suite 300, Los Angeles, California 90012.

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