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Third Quarter Operating Financial Reports
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Submitted to the Board for review and information are the financial reports for the quarter ending March 31, 2016. The reports provide a year to date comparison between the approved FY/16 budget and actual expenditures through March 31st. The reports also include revenue and expenditure projections to June 30, 2016. 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 $15.4 million above the actuals for the same period in FY/15. This revenue increase includes increased revenue from water sales of $12.7 million, and Sewer revenue $2.7 million. The FY/16 rate revenues are up from the FY/15 revenues for the same time period due to the rate increase approved by the Board for FY16. Revenues are projected be $4 million above the FY16 projected budgeted amount and may be adjusted with the 4th quarter report. This projection is based upon approximately 8 months of actual consumption and is subject to change.
Third Quarter other revenue which includes miscellaneous revenue is $0.14 million below the actuals for the same period in FY/15. 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 135.
Expenditures:
Third Quarter total expenditures are $7 million above the actuals for the same period in FY/15. This increase is mainly due to the increase in franchise fees paid based upon the increase in revenue of $0.65 million, increase in power and chemicals of $0.75 million, $0.83 million for customer's services due added services provided by division and increase in the transfer for debt service payments and transfer to capital of $4 million. The projected expenditure at June 30, 2016, is estimated to be $0.92 million under the FY/16 budg...
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