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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 <br />� Se�tember 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 $ 3,154,732 56.1% 50.6% 5.5% <br />2,000 - 0.0% 0.0% 0.0% <br />2,000 4,888 244.4% 128.1% 116.3% <br />$ 5,624,950 $ 3,159,620 56.2% 50.6% 5.6% <br />Expenditures <br />Water operations 5,624,950 3,217,954 <br />Other - - <br />Total Expenditures $ 5,624,950 $ 3,217,954 <br />57.2% 65.7% -8.4% <br />n/a n/a n/a <br />57.2% 65.7% -8.4% <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 />