Laserfiche WebLink
ENTERPRISE FUNDS <br /> The City currently has six Enterprise Funds as follows: <br /> • Storm Drain Fund <br /> • Callippe Preserve Golf Course Fund <br /> • Para Transit Fund <br /> • Water O &M Fund <br /> • Sewer O &M Fund <br /> • Cemetery Fund. <br /> Only the Operations & Maintenance (O &M) and Debt Service portions of these <br /> enterprises are reflected in the Operating Budget. Capital improvements and <br /> replacements for the Storm, Water and Sewer funds are accounted for in the Capital <br /> Improvement Program (CIP). The financial results of the CIP will be presented to the <br /> Council in January 2011. <br /> WATER AND SEWER OPERATING FUNDS <br /> Water O &M Fund <br /> The Water Operating Fund ended 2009/10FY with a deficit which was less than <br /> originally projected in the Amended Budget as shown in Table 5. In July 2010 when <br /> staff discussed the proposed water rate increase with Council, staff knew that <br /> expenditures in the Water Operating Fund were exceeding revenues by a considerable <br /> amount. The adopted water rate increase effective September 1, 2010 was designed to <br /> maintain the Water Operating Fund in a balanced operating position with a minimum <br /> fund balance of $6.5 million. <br /> Table 5. Water Operations and Maintenance (O &M) and Debt Service Funds — <br /> Amended Budget vs. Actual <br /> % Actual vs <br /> Water O &M /Debt Service Funds Amended Budget Actual Variance Budget <br /> Beginning Fund Balance $ 8,356,586 $ 8,356,586 $ - <br /> Plus Revenues $ 17,614,186 $ 15,493,084 $ (2,121,102' - 12.0% <br /> Less Net Transfers $ (664,075) $ (842,794? $ (178,719) 26.9% <br /> Less Expenditures _ $ 19,506,359 $ 16,325,151 $ (3,181,208' -16.3% <br /> ES Fund Balance $ 5,800,338 $ 6,681,725 $ 881,387 15.2% <br /> The Water Operating Fund highlights include: <br /> D Ending Fund Balance of $6.68 million; approximately $881,000 <br /> more than anticipated in the Amended Budget. <br /> D Expenditures (including a transfer to the Water Replacement Fund <br /> of $.9 million) exceeded revenues by $1.67 million. <br /> D Water revenues of $15.5 million were $2.1 million less than <br /> forecasted and was due mainly to continued conservation by the <br /> water customers and the implementation of the rate increase in <br /> September 2010 rather than in January 2010 as was originally <br /> anticipated in the Amended Budget. <br /> D Expenditures were less than budget mainly in the area of <br /> purchased water from Zone 7 due to customers consuming less <br /> water than anticipated. <br /> Page 4 of 10 <br />