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Water Fund Summary <br />. The following table depicts the 2009 financial activity for the Water Fund for the fiscal period ending une <br />� 30, 2009 (unaudited). <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />Revenues <br />Charges for services <br />Interest earnings <br />Miscellaneous <br />Total Revenues <br />2009 2009 % % <br />Bud�et Actual Actual Expect. Diff. <br />$ 5,620,950 $ 1,580,782 28.1% 21.4% 6.7% <br />2,000 - 0.0% 0.0% 0.0% <br />2,000 11,880 594.0% 124.8% 469.2% <br />$ 5,624,950 $ 1,592,662 28.3% 21.5% 6.8% <br />Expenditures <br />Water operations 5,624,950 1,484,953 <br />Other - - <br />Total Expenditures $ 5,624,950 $ 1,484,953 <br />26.4% 33.6% -7.2% <br />n/a n/a n/a <br />26.4% 27.4% -1.0% <br />Comments: <br />Water Fund revenues are above expected levels primarily due to the change in the rate structure which <br />ensured better cash flows independent of water usage. Expenditures are below expected levels due to <br />reduced capital improvements compared to previous years. <br />The Water Fund is currently in poor financial condition with no cash reserves. Although a positive <br />operating surplus was realized in 2007 and 2008, an internal loan of $450,000 has been made from the <br />Sanitary Sewer Fund to the Water Fund to cover prior period operating losses. Future rate increases will be <br />needed to repay the internal loan and to offset projected increases in operational and capital replacement <br />COStS. <br />Page 11 of 14 <br />