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Enterprise Funds ~:,~
<br />The following tables summarize revenues,
<br />expenses, and net income from operations of
<br />selected Enterprise Funds as adopted in the
<br />budget. The year-to-date actual information
<br />focuses on how revenues and expenses
<br />compare with budget. The YTD actual
<br />information for net income and changes in
<br />fund balance is not displayed because it is
<br />not particularly meaningful until the fiscal
<br />year is completed.
<br />• Water Operating Fund ;p~
<br /> -
<br />' .•
<br />Beginning Fund Balance 10.298,291
<br />Revenues 17,986,823 8,267,944 46.0%
<br />Operating & Maintenance Expenses (15,539,552) (6,585,695) 42.a%
<br />Oebl Service 709 756 680 603
<br />Net Income from Operations 1,737,515 1,001,646
<br />Transfer Out to CIP 1.713.417 1,713,417
<br />Change in Fund Balance 24,098
<br />Endin Fund Balance 10,322,389
<br />Water Fund year-to-date revenues, at 46%
<br />of budget, are normal for the end of the 2nd
<br />quarter. Typically, revenues received in the
<br />first few months of the fiscal year were
<br />actually earned in the prior fiscal year and
<br />are accrued. Accordingly, revenues shown in
<br />the first half of the fiscal year do not reflect
<br />a full 6 months of revenue. Expense levels
<br />are at 42.4% are at about what would be
<br />expected if not a little below budget at the
<br />mid point of the fiscal year.
<br />• Sewer Operating Fund
<br />•.
<br />Beginning Fund Balance ..-
<br />4,321,207 ~
<br />Revenues 11,316,190 4,675,440 41.3%
<br />Operating & Maintenance Expenses (10,155,699) (3,119,943) 30.7%
<br />Debt Service 633,744 592,997
<br />Net Income from Operations 526,747 962,500
<br />Transfer Out to CIP 800,496 800,496
<br />Change in Fund Balance (273,749)
<br />Endin Fund Balance 4,047,458
<br />Sewer Fund rates are typically set at a level
<br />to cover the cost of operations &
<br />maintenance plus infrastructure replacement
<br />and renewal. A study is underway to assess
<br />any needed rate adjustments which may be
<br />necessary to provide for sufficient
<br />infrastructure replacement and renewal.
<br />Sewer Fund revenues and expenses are a
<br />little below budget at this point in the fiscal
<br />year primarily due to timing differences.
<br />Sewer Fund YTD revenues are at 41.3% at
<br />the end of the second quarter.
<br />Typically, revenues received in the first few
<br />months of the fiscal year were actually
<br />earned in the prior fiscal year and are
<br />accrued accordingly. Expenses are at 30.7%
<br />and do not yet reflect a full 6 months.
<br />Payments to DSRSD for wastewater
<br />treatment costs have a 1 month lag from
<br />receipt of revenue to processing payment to
<br />DSRSD for the regional portion of the sewer
<br />bill.
<br />s• Golf Operating Fund 'O'
<br /> ..
<br />Beginning Fund Balance 2,578,459
<br />Revenues 3.420,840 2,344,401 68.5%
<br />Operating & Maintenance Expenses 3101,463 1,805651 58.2%a
<br />Net Income from Operations 319,377 538.450
<br />Transfers In from GF 500,000 500,000
<br />Transfers Out to DS 1,592,120 1,590,829
<br />Change in Fund Balance (772,743)
<br />Endin Fund Balance 1,805,716
<br />Golf Fund revenues are at 68.5% of budget
<br />at the end of the second quarter. The
<br />budget estimate was based on 58,000
<br />rounds of play. Through the end of the 2nd
<br />quarter 36,339 actual rounds were played
<br />and resulted in a revised 12 month
<br />projection of 68,000 rounds. Expenses are
<br />at 58.2% at the mid-year mark in response
<br />to the increased amount of play being
<br />experienced. A total of $500,000 is being
<br />transferred in from the General Fund, and
<br />along with the fund balance of $2.6 million
<br />should be sufficient to provide 2 years of
<br />advance funding for debt service.
<br />~~' Good. Positive Indicator ~ Caution. Unsettled Indicator ~ Problem. Negative Indicator
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