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-.._ '..~ I T Y .'i i- ~ ~n M 1 ~ ~11~~ 1111 [~L~:~S~4NT~~No Quarterly Financial Report Operating Budget First Quarter of FY 2008-09 As of September 30, 2008 Enterprise Funds Water Operating Fund ~~' The Water Operating Fund is at 13.6% of budgeted revenues collected and 9.2% of expenditures. Revenues from the first two periods of the fiscal year are accrued back into the prior fiscal year into the period when that revenue was earned. Water rates are currently being reviewed and any recommended adjustments will be presented to City Council this year. - •.- ..- • ~ Beg Fund Bal 10,120,734 Revenues 18,368,784 2,502,182 13.6% Oper & Maint Exp -17,072,109 -1,570,047 9.2% NetlncomefromOperations 1,296,675 932,135 Net transfer Out toClP -1,656,735 690,205 Change in Fund bal -360,060 1,622,340 Endin Fund bal 9,760,674 Sewer Operating Fund The Sewer Operating Fund is at 14.0% of budgeted revenues collected and 9.1% of expenses. Revenues from the first two periods of the fiscal year are accrued back into the prior fiscal year into the period when that revenue was earned. 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. Sewer rates are currently being reviewed and any recommended adjustments will be presented to City Council this year. •.- ..- ~ Beg Fund Bal 3,983,435 Revenues 11,462,610 1,607,249 14.0% Oper8lMaintExp -11,118,644 -1,007,052 9.1% Net Income from Operations 343,966 600,197 Transfer Out toClP X64,294 626,023 Change in Fund bal -520,328 1,226,220 Endin Fund bal 3,463,107 J,,~ Good. Positive Indicator ~ Caution. Unsettled Indicator Problem. Negative Indicator B-5