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Attachment 2 �1 CITY or Quarterly Financial Report I I Operating Budget PL-Ei \jai 1\ 1 \.\j Third Quarter of FY 2009 -10 as of March 31, 2010 All departments and major objects of expenditure are within the 75% level at the end of the third quarter and no major budget adjustments to expenditures are being requested at 3rd quarter. Enterprise Funds Water Operating Fund The Water Operating Fund is at 49.3% of budgeted revenues collected and 46.4% of expenditures. Only eight months of revenue have been recorded to date (due to beginning year accruals). With the warmer weather months still to be recorded and comparing the prior year revenue trend, it appears revenues for the current year are within target. Although expenses appear to be trending to less than budget, again, only eight months of Zone 7 payments have been recorded and the year -end interfund transfer out has not been made. The public hearing on water rates adjustments is scheduled for June 1, 2010 to be effective August 1, 2010 if adopted. Water Operating Fund Budget YTD Actual Beginning Fund Balance 8,356,586 Revenues 17,606,975 8,683,268 49.3% Oper Maint Exp 19,510,100 9,056,595 46.4% Net Income from Operations 1,903,125 373,327 Net Transfer Out to CIP 664,075 0 Change in Fund Balance 2,567,200 373,327 Ending Fund Balance 5,789,386 Sewer Operating Fund The Sewer Operating Fund is at 60.9% of budgeted revenues collected and 53.4% of expenses. Revenues from the first two periods of the fiscal year are accrued which results in less than nine months of revenue being realized in the initial three quarters of the fiscal year. In addition, there is a lag between the time revenue is received and when the payment is passed through to DSRSD for regional treatment (through March 31st only 8 payments have been made to DSRSD). Based on current and prior year trends, the revenue and expense budget appear to be on target. Transfers into the sewer fund of $641,128 reflect debt service payments from the CIP. The transfers out of the sewer fund are made at the end of the year and are expected to match the budget. 5 Good. Positive Indicator Caution. Unsettled Indicator a Problem. Negative Indicator