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FY2019 First Quarter Operating Financial
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Submitted to the Board for review and informational purposes are the financial reports for the quarter ended September 30, 2018. The reports provide a year to date comparison between the approved FY19 budget and actual expenses through September 30th. The reports also include revenue and expense projections to June 30, 2019. 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 $0.96 million below the actuals for the same period in FY18. The FY19 rate revenues are below the FY18 revenues for the same time period due to a decrease in water consumption during this period. Revenues are projected be at the FY19 budgeted amount. This projection is based upon two and one-half months of actual consumption and is subject to change.
First Quarter other revenue which includes miscellaneous revenue is $0.02 million more the actuals for the same period in FY18. Approved budget revenue 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 $0.46 million less than the actuals for the same period in FY18. The projected total expense at June 30, 2019 is estimated to be $0.52 million under the FY19 budgeted amount.
Working capital or fund balance is projected to be $53.6 million, compared to a beginning balance in FY19 of $41.2 million. The Rate Reserve balance for FY19 is $9.0 million. The fund balance trend has reversed as planned and will meet the target of 1/12 of operating expenditures.
FISCAL IMPACT:
The reduction in consumption is a positive result for conservation goals, however, the costs of maintaining the utility are primarily fixed in nature and the revenue requirements for operating, debt service payments, reserves, and debt serv...
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