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FY2018 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, 2017. The reports provide a year to date comparison between the approved FY18 budget and actual expenses through September 30th. The reports also include revenue and expense projections to June 30, 2018. The projections are based on actual, trend, and historical information. As with any estimates, this information is subject to change.
Fund 21 General Operating Fund
Revenues:
First quarter rate revenues are $1.33 million above the actuals for the same period in FY17. This revenue increase includes increased revenue from Water revenue of $.04 million, and Sewer revenue $1.29 million. The FY18 rate revenues are up from the FY17 revenues for the same time period due to an increase 5% increase in water and sewer rates effective July 1, 2017. Revenues are projected be at the FY18 projected budgeted amount. This projection is based upon 2 and half months of actual consumption and is subject to change.
First Quarter other revenue which includes miscellaneous revenue is $0.25 million more the actuals for the same period in FY17. Approved budget revenues amounts were derived with the expectation of very limited growth in the service area for the next several years coupled with a GCPD level of 130.
Expenses:
First Quarter total expenses are $.035 million less than the actuals for the same period in FY17. The projected total expense at June 30, 2018 is estimated to be $1.35 million under the FY18 budgeted amount.
Working capital or fund balance is projected to be $11.5 million, compared to a beginning balance in FY18 of $13.7 million. The decrease in fund balance is due to the additional increase in the transfer to the Capital funds. The fund balance trend has reversed as planned and will eventually meet the target of 1/12 of operating expenditures.
FISCAL IMPACT:
Reductions in consumption is...
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