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THE CITY OF Quarterly Financial Report - - -- -'°= ~~~ Operating Budget ~ L~ ~S~4NTONo Th/rd Quarter of Fl- 2007.08 as of March 31, 2008 Sewer Operating Fund The Sewer Operating Fund is at 65.2% of budgeted revenues collected and 56.6% of expenses. Revenues from the first two periods of the fiscal year are accrued which results in less than 9 months of revenues being realized in the initial three-quarters of the fiscal year. In addition, there is a lag between the time revenue is received and the when payment is passed through to DSRSD for regional treatment. This fund continues to draw down fund balance reserves to finance ongoing operating and capital needs. This highlights the need for the current effort to develop a sewer user rate model which will identify existing and future operating and capital needs and any rate adjustments that may be necessary to finance them. Recommended adjustments to sewer rates and connection fees are scheduled for a public hearing at the City Council meeting on June 3, 2008. •.- ~ Beg Fund Bal 4,198,081 Revenues 11,370,857 7,414,197 65.2% Oper & Maint Exp -10,883,231 -6,155,503 56.6% Net Income from Operations 487,626 Transfer Out to CIP -898,151 Change in Fund bal -410,525 Ending Fund bal 3,787,556 Golf Operating Fund +•~ The Golf Operating Fund is at 70.6% of budgeted revenues and 73.4% of expenses based on budget figures that were amended with the Mid-Year update where estimated revenues were increased $426,377 based on YTD information and projected player rounds. Typically, the number of rounds is seasonal and would account for the YTD actual figures being less than 75% at the end of the third quarter. The months of April, May and June typically account for greater than 25% of annual rounds. The original budget was based on anticipating 65,000 annual rounds and through the first nine months Callippe Preserve posted almost 50,000 rounds by the end of the third quarter. A total of 70,500 are now expected during the current fiscal year. Net income, net of debt service, is expected to be approximately $1.1 million this year. ., ~~~ Good. Positive Indicator ~ Caution. Unsettled Indicator ~ Problem. Negative Indicator