t
FY2022 3rd Quarter Operating Financial Reports
b
Submitted to the Board for review and informational purposes are the financial reports for the quarter ended March 31, 2022. The reports provide a year-to-date comparison between the approved FY22 budget and actual expenses through March 31, 2022. The reports also include revenue and expense projections to June 30, 2022. 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:
Third Quarter rate revenues are $1.2 million below the actuals for the same period in FY21; the revenues reflect the decrease of 700MG of water produced through the third quarter. Revenues are projected be at the FY22 budgeted amount. This projection is based upon 9 months of actual consumption and is subject to change.
Third Quarter other revenue, which includes miscellaneous revenue, is $0.3 million below the actuals for the same period in FY21.
Revenue budget amounts were derived with the expectation of very limited growth in the service area for the next several years coupled with moving towards the Water Authority GCPD goal of 110 by 2037.
Expenses:
Third Quarter total expenses are $0.8 million above the actuals for the same period in FY21, primarily due to increases in power, chemicals and repairs and maintenance expenses. The projected total expense at June 30, 2022 is estimated to be $0.8 million under the FY22 budgeted amount.
Unreserved working capital or fund balance is projected to be $29.3 million, compared to a beginning balance in FY22 of $35.0 million. The fund balance will meet the target of 1/12 of operating expenses.
The Rate Reserve balance for FY22 is $9.0 million, the Risk Reserve balance is $0.5 million, and the Soil Amendment Facility Reserve balance is $1....
Click here for full text