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FY/14 3rd 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 March 31, 2014. These reports provide a year to date comparison between the approved FY/13 budget and actual expenditures through March 31, 2014. These reports also include revenue and expenditure projections to June 30, 2014. The projections are based on actual, trend and historical information. As with any estimates, this information is subject to adjustment.
Fund 21 General Operating Fund
Revenues:
Third quarter revenues are about $1.6 million above the same period in FY/13. This revenue increase includes decreased revenue from water sales of $0.9 million, San Juan Chama Strategy implementation $.5 million, increases Sewer revenue $2.1 million and other miscellaneous revenues of approx. $0.9 million. The FY/14 revenues are down from the FY/13 revenues for the same time period due to decreased water usage as a result of a 12% reduction in consumption as compared to the same 9-month period of FY/13. 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 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 along with the 200% water use block level in the rate structure has had an impact on customer's usage patterns. Projected revenues are off by approximately $8.7 million for the first 9 months of FY/14 and are in line to be below the approved budget for FY/14. Revenue projections to June 30, 2014 have been adjusted from the approved budget on the 3rd quarter report. 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 2% reductions in consumption due to...
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