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FY2015 4th 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 June 30, 2015. The reports provide a year to date comparison between the approved FY15 budget and actual expenditures through June 30, 2015. The reports also include revenue and expenditures to June 30, 2015.
Fund 21 General Operating Fund
Revenues:
Year-end revenues are $9.5 million above the actuals for the same period in FY14. This revenue increase includes increased revenue from water sales of $5.2 million, San Juan Chama Strategy Implementation $1.4 million, and Sewer revenue $2.9 million. For FY15 an accounting change was made on the method of how revenue is recognized on the financials. The booked revenues are now posted on an accrual basis versus cash. The change was made primarily due to the fact that the Authority is on an accrual basis of accounting which keeps expenditure and revenue being recognized the same and also allows the Authority to capture a full 12 months of a rate increase. This change was made by the Authority's External Auditors and verified by the Authority's Internal Auditor. The FY15 rate revenues are higher than FY14 revenues for the same time period based on the base rate increase approved by the Board for FY15. In addition, there was a 1.2% decrease in water usage for the 4th quarter of FY15 as compared to FY14 which resulted in 1.2% or 366 million gallon decrease in consumption as compared to the same 12-month period of FY14. Rate revenue was $5.5 million less than budgeted based on actual consumption levels.
Miscellaneous Revenues budget projection increased in FY15 from FY14 levels by $4 million which is attributable to the pending sale of Water Authority property in FY15. FY15 Miscellaneous Revenues are $2.7 million less than what was projected in the FY15 budget. This is due to the delay in the pending sale of Water Authority property durin...
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