t
FY14 4th Quarter Operating Financial Reports
b
Submitted to the Board for review and informational purposes are the financial reports for the quarter ended June 30, 2014. These reports provide a year to date comparison between the approved FY/13 budget and actual expenditures through June 30, 2014.
Fund 21 General Operating Fund
Revenues:
Fourth quarter revenues are about $1.8 million above the same period in FY/13, which includes the release of $2 million from the rate reserve fund. This revenue increase includes decreased revenue from water sales of $0.2 million, San Juan Chama Strategy implementation $0.6 million, other miscellaneous revenues of approx. $2.5 million, and an increase in Sewer revenue of $3.2 million. The FY/14 revenues are slightly up from the FY/13 revenues for the same time period primarily due to the release of $2 million from the rate reserve fund but revenues are less than projected budget amounts due to decreased water usage as a result of a 9% reduction in consumption as compared to the same 12 month period of FY/13. The fourth quarter alone saw a 6% reduction in consumption as compared to the same period a year before. The reduction is offset by the 5% Rate Revenue increase implemented at July 1, 2013. Factors affecting the reduction are increased precipitation in the months of July and September and the 4th quarter as compared to the same period of FY/13 and normal precipitation for that same period. In addition, the increase in rates that went into effect on July 1, the increase in the discount for the low use customers, along with the 200% water use block level in the rate structure has had an impact on customer's usage patterns. Approved budget revenues amounts were derived with the expectation of very limited growth in the service area for the next several years coupled with continued reductions in consumption due to the very effective conservation efforts of the Water Authority.
Expenditures:
Fourt...
Click here for full text