RES 84080 - Laserfiche WebLink

SR 84:86 Page 10 Water Maintenance and Operation Fund At the time the budget was reviewed last year by Council, staff estimated the beginning Water Maintenance and Operation Fund balance for fiscal year 1983-84 to be $344,004. However, the actual balance was $665,150; for an additional amount of $321,146. The additional amount was due to an increase in revenue from water sales in 1982-83 and the increase in water rates as of January 1, 1~83. The revenue from ~e sale of water for 1983-84 is projected to be approximately $148,088 greater than estimated last spring due to an increase in water sales. Expenditures are projected to be approximately $149,485 greater than originally budgeted. The majority of the increase is due to the purchase of water meters (for sale) and an increase in the quantity of water purchased from Zone 7. A conversation with a Zone 7 representative indicated that the Board has postponed the consideration of a rate increase until December 31, 1984. Therefore, water rates, for the purchase of water from Zone 7, will remain as budgeted last spring. The overall effect on the projected Water Maintenance and Operation Fund balance is a net increase of $394,749 or a projected fund balance of $802,721 at June 30, 1984. This fund balance exists as shown in Table 5 after paying the cost of operating the system, meeting the debt service requirement, and setting aside $60,000 for depreciation costs for the water system. Table 5 summarizes the financial information for the Water Maintenance and Operation Fund.