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FY2015 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, 2015. The reports provide a year to date comparison between the approved FY15 budget and actual expenditures through March 31, 2015. The reports also include revenue and expenditure projections to June 30, 2015. 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:
Third quarter rate revenues are $8.2 million above the actuals for the same period in FY14. This revenue increase includes increased revenue from water sales of $4.5 million, San Juan Chama Strategy Implementation $1.3 million, and Sewer revenue $2.4 million. The FY15 rate revenues are higher than FY14 revenues for the same time period based on eight months of more revenue from the base rate increase approved by the Board for FY15. In addition, there was a slight increase in water usage compared to FY14 due to a 1.6% or 341 million gallon increase in consumption as compared to the same 9-month period of FY14. Revenues are projected to increase at a minimum of $1 million a month due to the increase in the base rate; however, at this time, the projection for rate revenue is $3.2 million less than budgeted based on FY14 4th quarter consumption levels. This projection may change though, if the FY15 consumption trend continues throughout the year.
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. Miscellaneous Revenues are up by $350,000 through the 3rd quarter as compared to the same period of FY14. Projected revenues for Miscellaneous Revenue at this time will continue to be projected at FY15 budget levels. Approved budget revenues amounts were derived with the expectati...
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