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9 Mid-Year Budget to Actual
endaItem#9TRUCKEEDONNERIWORKSHOPTo:BoardofDirectorsFrom:ReginaWiseDate:August07,2019Subject:ReviewtheDistrict’sMid-YearFY19BudgettoActualFinancialPerformance1.WHYTHISMATTERISBEFORETHEBOARDThisisamid-yearreviewwiththeBoardoftheDistrict’sfinancialresultsasofJune30,2019.2.HISTORYTheBoardapprovedtheFY18andFY19BudgetonNovember15,2017.Districtcoderequiresasemi-annualreviewofthebudgetedrevenueandexpendituresascomparedtotheyear-to-dateactualrevenueandexpenditures.Thebudgettoactualreportisaconsolidatedreportofactualactivityforrevenues,operationalexpenses,andcapitalimprovementprojectsfundedbyratesandreserves.Thecurrentreportingexcludesaccrualentriesinrevenues,depreciation,amortization,andrevenueandexpensesassociatedwithcontributedcapitalprojects.3.NEWINFORMATIONElectricUtilityAttachment1isthebudgetcomparisonfortheElectricUtility.NetbudgetactivityasofJune30,2019,isreportingasurplusof$3.OMandprojectinganetsurplusof$1.2MattheendofFYi9fortheElectricUtilityElectricUtilityRevenues:Overallrevenueis56%ofBudgetasofJune30,2019,andprojectedtobeinexcessofbudget3%atyearend.ResidentialandcommercialconsumptionexceededbudgetexpectationsduetothestrongwintermonthsinthefirstquarterofFY19.ElectricUtilityExpenses:TotalexpensesfortheElectricUtilityareunderbudget2%asofJune30,2019.OperationalexpensesforthestormsinthefirstquarterofFY19fromtheheavywinterpushedexpensesinexcessofbudget4%.Howeverthisexcessexpenseisoffsetbypurchasepowerbeingunderbudget4%.StaffisprojectingtotalexpensesfortheElectricUtilityattheendofFYi9. ElectricCapitalExpenditures:CapitalexpendituresasofJune30,2019areinexcessofbudget8%andareprojectedtobe15%inexcessattheendoftheyear.TheprimarydriverofthisistheElectricMeterReplacementProjectofwhichtheDistrictis97%completeatmid-year.AdditionalCapitalprojectsfortheElectricUtilityinFY19includeplannedVariousDistrictProjects,DistributionReplacementandImprovementsProjects,ElectricMasterplanProjects.FleetreplacementsinFY19completedincludetheGeneralManagersreplacementvehicle,and3operationstrucks.TheonlyadditionalfleetreplacementoutstandingforFY19istheThreeWheelWireTrailerthathasbeenordered.WaterUtilityAttachment2istheBudgetcomparisonfortheWaterUtility.NetbudgetactivityasofJune30,2019isreportingasurplusofjustunder$617Kwithatotalprojectsurplusofjustunder$866Kattheendoftheyear.WaterUtilityRevenues:RevenuesfortheWaterUtilityareunderbudgetasofJune30,2019by3%andareexpectedtobeinexcessofbudget1%atyearend.ThisisaconsistenttrendwiththewaterutilityatthistimeofyearasStandbyrevenuehasnotyetbeenreceivedduetothetimingofcollectionsbythecountiesonthetaxroll.WaterUtilityExpenses:OperatingexpensesfortheWaterUtilityasofJune30,2019areunderbudgetby3%butprojectedtobeonbudgetorslightlyoverbudget(1%)atyearendduetoseasonaldemands.WaterOperationseffectivelymanagedexpensesinanotherextremewinterwhereextensivesnowremovalandoperationswererequiredtomaintainservices.WaterCapitalExpenditures:CapitalexpendituresfortheWaterUtilityatmid-yearforFY19areunderbudget27%andareexpectedtobe27%underbudgetatyearendaswell.TheprimarydriverforthisistheDistrictdidnotconductamainlinereplacementinFY19.CapitalprojectsforFY19includeWellandPumpStationMaintenanceprojects,WaterSCADAReplacementcontinuation,andWaterCommunicationsUpgrades.ThefleetreplacementsfortheWaterUtilityinFY19includetheLoaderandBlowerwhichhasbeenreceivedandtheVac-ConHydroExcavatorthatisexpectedtobedeliveredinthefourthquarterofFY19.4.FISCALIMPACTThisfinancialreviewofactualtobudgetactivityandyearendprojectionsforFYi9arefortheBoard’sreviewoftheDistrict’scurrentfinancialperformance.5.RECOMMENDATIONReviewthisreportandprovidecomments. ,zReginaWiseMichaelD.HolleyFinance&AccountingManagerGeneralManager Attachment1TruckeeDonnerPublicUtilityDistrict2019Mid-YearBudgetComparisonandEndofYearProjectionsElectricRevenueasofJune30,201912MoBudgetYTD%ofActualBudgetProjection¾ofEndofYrBudgetResidential$13,347,313$7,895,22959%$14,010,000105%Commercial9,821,8055,258,59054%10,020,000102%Interdept.Sales&Rent1,779,338789,72644%1,740,00098%Standby20,884-0%19,37093%JointPoleandPoleAttachments262,000170,50365%240,00092%MiscRevenue167,21779,72048%155,00093%Total$25,398,557$14,193,76956%$26,184,370103%ElectricOperatingExpensesasofJune30,2019Projectionl2MoYTD%of%ofCostCenterBudgetActualBudgetEndofYrBudgetBoardofDirectors$148,344$69,20647%$160,000108%GeneralManagement801,281331,94241%760,00095%AdministrativeSvcs.1,466,221708,86248%1,470,000100%Conservation938,112361,76239%840,00090%Operations4,763,5032,564,62454%5,480,000115%IT/GIS701,955409,23158%840,000120%BuildingMaintenance515,352213,09741%440,00085%PurchasePower12,784,8865,849,78246%11,510,00090%Total$22,119,654$10,508,50648%$21,500,00097%ElectricCapitalProjectsasofJune30,2019Projectionl2MoYTD%of%ofSourceofFundsBudgetActualBudgetEndofYrBudgetRates$3,621,223$743,28921%$3,376,75693%CapitalReplacement(AMI)1,205,7751,891,337157%1,991,337165%VehicleReserve-148,316148%203,316203%Total$4,826,998$2,782,94258%$5,571,409115%Transfersin(out).-$1,548,095$2,151,3332,133,901NetBudgetActivity$0$3,053,6541,246,862 Attachment2TruckeeDonnerPublicUtilityDistrict2018Mid-YearBudgetComparisonandEndofYearProjectionsWaterRevenueasofJune30,2019Projection12MoBudgetYTD%ofActualBudget¾ofEndofYrBudgetTransfersin(out)($1,425,380)($783,004)(1,517,789)NetBudgetActivity$0$616,892865,709Residential$11,060,382$5,404,25049%$11,280,000102%Commercial1,623,946616,12938%1,610,00099%Standby129,437-0%118,80092%MiscRevenue324,099151,30547%320,85899%Total$13,137,864$6,171,68547%$13,329,658101%WaterOperatingExpensesasofJune30,2019Projectionl2MoYTD%of%ofCostCenterBudgetActualBudgetEndofYrBudgetBoardofDirectors$148,344$68,94746%$160,000108%GeneralManagement717,413288,21840%680,00095%AdministrativeSvcs.1,374,588704,00351%1,370,000100%Conservation118,97848,96041%110,00092%Operations4,963,1262,315,03147%5,060,000102%lT/GIS627,662329,78753%740,000118%InterdepartmentalRent542,329271,16450%488,09690%Total$8,492,441$4,026,11247%$8,608,096101%WaterCapitalProjectsasofJune30,2019Projectionl2MoYTD%of%ofSourceofFundsBudgetActualBudgetEndofYrBudgetRates$2,710,205$454,73317%$1,451,68354%VehicleReserve429,838$-0%$425,00099%OperatingReserve-$290,944291%$461,381461%FutureWaterMeters80,000-0%-0%Total$3,220,043$745,67723%$2,338,06473%