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