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FY2019 2nd 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 December 31, 2018. The reports provide a year to date comparison between the approved FY19 budget and actual expenses through December 31, 2018. 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. These reports have been reviewed and approved by the State Department of Finance and Administration Local Government Division.
Fund 21 General Operating Fund
Revenues:
Second Quarter rate revenues are $2 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 projected budgeted amount. This projection is based upon 6 months of actual consumption and is subject to change.
Second Quarter other revenue, which includes miscellaneous revenue, is $930 thousand more than the actuals for the same period in FY18. Approved budget revenues amounts were derived with the expectation of very limited growth in the service area for the next several years.
Expenses:
Second Quarter total expenses are $90 thousand less than the actuals for the same period in FY18. The projected total expense at June 30, 2019 is estimated to be $280 thousand under the FY19 budgeted amount.
Working capital or fund balance is projected to be $53.3 million, compared to a beginning balance in FY19 of $41.2 million. The Rate Reserve balance for FY19 is $9 million. The fund balance trend has reversed as planned and will meet the target of 1/12 of operating expenses.
FISCAL IMPACT:
The reduction in consumption is a positive result for conservation goals, however, the costs of maintaining the utility are primarily fixed ...
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