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Approving FY2023 1st Quarter Operating Financial Reports
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Submitted to the Board for review and informational purposes are the financial reports for the quarter ended September 30, 2022. The reports provide a year-to-date comparison between the approved FY23 budget and actual expenses through September 30, 2022. The reports also include revenue and expense projections to June 30, 2023. The projections are based on actual, trend, and historical information. As with any estimates, this information is subject to change.
These reports have been reviewed and approved by the State Department of Finance and Administration Local Government Division.
Fund 21 General Operating Fund
Revenues:
First Quarter rate revenues are $1.9 million above the actuals for the same period in FY22; the revenues reflect the rate revenue adjustment that went into effect FY23. Revenues are projected be at the FY23 budgeted amount. This projection is based upon three months of actual consumption and is subject to change. Production of water in the first quarter decreased 455 MG from the same period in FY22.
First Quarter other revenue, which includes miscellaneous revenue, is $1.9 million above the actuals for the same period in FY22.
Revenue budget amounts were derived with the expectation of limited growth in the service area for the next several years coupled with moving towards the Water Authority GCPD goal of 110 by 2037.
Expenses:
First Quarter total expenses are $8.2 million above the actuals for the same period in FY22, primarily due to the increase in the transfer to the Debt Service Fund. The projected total expense at June 30, 2023, is estimated to be $0.4 million under the FY23 budgeted amount.
Unreserved working capital or fund balance is projected to be $33.1 million, compared to a beginning balance in FY23 of $32.8 million. The fund balance will meet the target of 1/12 of operating expenses.
The Rate Reserve balance for FY23 is $9.0 million, the Risk Reserv...
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