HomeMy WebLinkAbout16 Mid Year Budget Reviewenda Item #
16
To: Board of Directors
From: Tricia Phillips
Date: August 19, 2015
Subject: Mid -Year Budget Review of the District's Financial Performance
1. WHY THIS MATTER IS BEFORE THE BOARD
This is a mid -year review with the Board of the financial results as of June 2015.
2. HISTORY
The Board approved the FY15 Budget on November 20, 2013,
District Code requires a semiannual review of the budgeted revenue and expenditures
as compared to the year-to-date actual revenue and expenditures.
3. NEW INFORMATION
Overall, the District is on track with the FY15 budget. Staff is recommending no
adjustments to the approved FY15 budget at this time.
Attachment 1 is the budget comparison of the Electric Utility. Revenue was 4801. of
budget as %J June 30th and is projected to end the year at 95% of budget due to
weather and lower than anticipated joint pole revenue. The mid -year expenses were
46% of budget and are projected 95% under budget by the end of the year primarily
due to reduced purchased power usage. The capital projects for the first half of the
year were 45% of budget. FY14 Rate funded capital projects were under budget due
to the timing of the projects and had to be carried over into FY15. The FY15 budget
was normalized to include those carry over projects. The FY15 capital year-end
projections also include $90,000 for the electric vehicle charging stations. Those funds
are being shifted from the conservation operating budget to capital.
Attachment 2 is the budget comparison for the Water Utility. Revenue was 45% of
budget, and is projected to end the year at 98% of budget. The mid -year expenses
were 43% of budget and are projected to be 96% less than the budget by the end of
the year. Overall, capital projects are projected to be on target by the end of the year.
4. FISCAL IMPACT
There is no direct fiscal impact associated with this item.
5. RECOMMENDATION
Review this report and provide direction to staff.
I j L4
Tricia Phillips
Interim Accounting and Finance Manager
Michael D. Holley
General Manager
Attachment 1
Truckee Donner Public Utility District
Electric Revenue
as of June 30, 2015
Projection
12 Mo YTD % of % of
Budget Actual Budget End of Yr Budget
Residential $ 123128,092 $ 6,182,510 51% $ 11,520,000 95%
Commercial 93198,288 43297,831 47% 81920,000 97%
Interdept. Sales & Rent 19627,395 692,175 43% 13549,000 95%
Standby 25,490 - 0% 25,500 100%
Joint Pole 4079778 89,453 22% 200,000 49%
Other 158,974 78,913 50% 1603000 101%
Total $ 23,546,017 $ 1153403882 48% $ 22,3743500 95%
Electric Operating Expenses
as of June 30, 2015
12 Mo
Cost Center Budge
Board of Directors
General Management
Administrative Svcs.
Public Info. & Consrv.
Operations
IT/GIS
Building Maintenance
Purchase Power
$ 126,957
584,218
1,365,267
1,406,248
338923378
613,273
6057193
12,414,610
0
YTD
Actual
42
,605
306,874
6063359
424,711
1,9503327
3143425
2333617
5,760,983
of
Budget
34%
53%
44
0
30
to50
to51
0
46
0
46
0
Projection
70
of
End of Yr Budget
$ 110,000
590,000
1,310,000
132753000
319003000
625,000
450,000
11,670,000
87%
101%
96
to91%
100
0
102
to89
0
94
0
Total $ 203908,144 $ 9,639,900 19,930,000 95%
Electric Capital Projects
as of June 30, 2015
Source of Funds
12 Mo
Budget
YTD
Actual
of
Budget
Projection
of
End of Yr Budget
Rates $ 3,3283476 $ 1,4869024 45% $ 3,4203081 103%
Vehicle Reserve 68,012 40,171 59% 68,000 100%
Total $ 313965488 $ 135263195 45% $ 3,488,081 103%
Attachment 2
Truckee Donner Public Utility District
Water Revenue
as of June 30, 2015
Projection
12 Mo YTD % of % of
Budget Actual Budget End of Yr Budget
Residential $ 97268,618 $ 43402,753 48% $ 910803000 98%
Commercial 1,470J24 505,396 34% 1,410,000 96%
Standby & Fire Protection 1573440 - 0% 1577440 100%
Other 2633374 1233862 47% 2643450 100%
Total $ 119160,156 $ 5,032,011 45%1 $ 107911,890 98%
Water Operating Expenses
as of June 30, 2015
Projection
12 Mo YTD % of % of
Cost Center Budget Actual Budget End of Yr Budget
Board of Directors $ 126,957 $ 42,347 33% $ 1107000 87%
General Management 462,306 2307507 50% 460,000 100%
Administrative Svcs. 1,1843377 565,960 48% 1,140,000 96%
Public Info. & Consrv. 3323150 170,497 51% 340,000 102%
Operations 437415387 1,983,235 42% 41500,000 95%
IT/GIS 613,292 2453477 40% 5803000 95%
Total $ 79460,469 $ 3,238,024 43% $ 71130,000 96%
Water Capital Projects
as of June 30, 2015
Projection
12 Mo YTD % of % of
Source of Funds Budget Actual Budget End of Yr Budget
Rates $ 952,005 $ 211,143 22% $ 9655000 101%
Capital Reserve 1,1543737 1509302 13% 111703000 101%
Vehicle Reserve 95,525 54,508 57% 183,000 192%
Future Water Meters 4503379 79,507 18% 300,000 67%
Total $ 256523646 $ 4955460 19% $ 216183000 99%