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Attachment 2
<br /> Quarterly Financial Report
<br /> 1 Operating Budget
<br /> Third Quarter of FY 2008 -09
<br /> as of March 31, 2009
<br /> Sewer Operating Fund c/E
<br /> The Sewer Operating Fund is at 60.4% of budgeted revenues collected and 58% of
<br /> expenses. Revenues from the first two periods of the fiscal year are accrued which
<br /> results in less than nine months of revenue being realized in the initial three
<br /> quarters of the fiscal year. In addition, there is a lag between the time revenue is
<br /> received and when the payment is passed through to DSRSD for regional treatment
<br /> (through March 31st only 8 payments have been made to DSRSD). Based on
<br /> current and prior year trends, the revenue and expense budget appear to be on
<br /> target. Transfers into the sewer fund of $641,128 reflect debt service payments
<br /> from the CIP. The transfers out of the sewer fund are made at the end of the year
<br /> and are expected to match the budget. Sewer rates are currently being reviewed
<br /> and recommendations will be presented to City Council when available.
<br /> Sewer Operating Fund Budget YTD Actual
<br /> Beg Fund Bal 3,983,435
<br /> Revenues 11 ,464,313 6,924,321 60.4%
<br /> Oper Maint Exp -11,056,791 6,408,353 58.0%
<br /> Net Income from Operations 407,522 515,968
<br /> Transfer Out to CIP 864,294 641,128
<br /> Change in Fund bal 456,772 1,157,096
<br /> Ending Fund bal 3,526,663
<br /> Golf Operating Fund
<br /> The Golf Operating Fund is at 68.7% of budgeted revenues collected and 71.5% of
<br /> expenses. Golf rounds are trending towards 67,000 for the year, which is 2,000
<br /> more than budgeted but 4,000 less than the prior year. The economy has affected
<br /> the golf industry as expendable household income for leisure activities has declined.
<br /> Budgeted revenues should be attainable as the last three months of the year have
<br /> longer operating hours and better weather. Expenses are in line with the budget.
<br /> Year to date net income from golf operations of $436,715 include expenses of
<br /> $128,000 related to the sand bunker replacement project completed in the Fall.
<br /> Golf Operating Fund Budget YTD Actual
<br /> Beg Fund Bal 2,354,749
<br /> Revenues 4,542,889 3,122,645 68.7%
<br /> Oper Maint Exp 3,758,913 2,685,930 71.5%
<br /> Net Income from Operations 783,976 436,715
<br /> Transfer Out to Debt Service 1,293,595 1,593,491
<br /> Change in Fund bal 509,619 1,156,776
<br /> Ending Fund bal 1,845,130
<br /> 6
<br /> Good. Positive Indicator Caution. Unsettled Indicator Problem. Negative Indicator
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