|
the drought restrictions on water usage. As a result, there was also an increase in
<br /> water purchases from Zone 7 of$850,000 over budget which was off-set by expenditure
<br /> reductions in personnel expenses, electricity, and inter-fund charges.
<br /> Table 6. Water/Recycled Water O&M Funds —Amended Budget vs. Actual
<br /> Year-end
<br /> Amended Recommended
<br /> Water O'8iM°/Recycled'Water,.,1Fundsl - Budget , ,Actual $Variance , .Actual,
<br /> Beginning Fund Balance $8,973,514 $8,973,514 $0 $8,973,514
<br /> Plus Revenues 29,040,700 25,257,413 (3,783,287) 25,257,413
<br /> Transfers In/(Out) (1,510,702) (1,927,837) (417,135) (2,038,157)
<br /> Less Expenditures (23,370,077) (23,255,775) 114,302 (23,288,531)
<br /> Ending Fund Balance 13,133,435 9,047,315 (4,086,120) 8,904,239
<br /> Change inFun'd Balance z' $4,159,921,1 x$7.3 8.01 ;($4,086,'120)• 1.. �($69 275)
<br /> Sewer Operations and Maintenance (0 & M) and Debt Funds. As shown in Table 7,
<br /> the Sewer Operating Fund ended FY 2016/17 with a positive operating fund balance of
<br /> $6.5 million which is $1.3 million greater than the amount included in the FY 2016/17
<br /> Amended Budget. The recommended fund balance of$6.5 million equals 51.2% of the
<br /> Sewer Fund's operating reserves. The operating reserve policy adopted by City Council
<br /> in November 2016 targets the Sewer Fund operating reserves equal to 35% of
<br /> operating expenses. Thus, operating reserves exceed the target.
<br /> The variance is due to actual revenues exceeding the Amended Budget by $699,708 or
<br /> 4.9% as a result of$529,000 in additional revenues accrued in FY 2016/17 than
<br /> anticipated based on previous years' accruals. In addition, expenditures were less than
<br /> the budget by $652,944 due to personnel savings as well as reduced contractual
<br /> services and training expenses.
<br /> Page 7 of 12
<br />
|