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FY18 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, 2018. The reports provide a year to date comparison between the approved revised FY18 budget and actual expenses through March 31, 2018. 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. These reports have been reviewed by the Internal Auditor and State Department of Finance and Administration Local Government Division.
Fund 21 General Operating Fund
Revenues:
Third Quarter rate revenues are $7.31 million above the actuals for the same period in FY17. This revenue increase includes increased revenue from Water revenue of $2.38 million, and Sewer revenue $4.93 million. The FY18 rate revenues are up from the FY17 revenues for the same time period due to a 5% increase in water and sewer rates effective July 1, 2017. Revenues are projected be above the FY18 projected budgeted amount by $2.00 million. This projection is based upon 8 months of actual consumption and is subject to change.
Third Quarter other revenue, which includes miscellaneous revenue is $0.63 million more than 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:
Third Quarter total expenses are $2.40 million higher than the actuals for the same period in FY17. The projected total expense at June 30, 2018 is estimated to be $2.33 million under the FY18 budgeted amount.
Working capital or fund balance is projected to be $14.50 million, compared to a beginning balance in FY18 of $13.67 million. The increase in fund balance is due to the additional rate revenue. The fund balance trend has reversed as planned and...
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