HomeMy WebLinkAbout15 FY12 Financial Results & TransfersAction Item *15
Consideration of the
FY12 Year -End Financial Results
and Request for Transfers
and Budget CarrymOvers
February 20, 2013
Background / History
• Budget Process
— Calendar year; ending December 31St
— 2-Year budget
— November 16, 2011, Board adopted FY12 & FY13 Budget
— Mid -Year review of actual results vs. FY12 Budget
— July 18, 2012; no changes recommended
— Year -End review of actual results vs. FY12 Budget
— February 15, 2012, Board authorized transfers and carry-overs from
FY11 to FY12
— February 20, 20137 Board authorize transfers and carry-overs from
FY12 to FY13
2
New Information
• FY12 Highlights
— Actual operating income exceeded budget
— Rates remained unchanged as budgeted
— Operating revenue was on target with budget
— Labor rates remained flat
— Most operational expenses were slightly less than budgeted
— FY12 Budget assumed slightly increased expenses up to 3%
— Purchased power costs were significantly lower than budgeted
— AB32 California Cap & Trade proceeds totaled $242,000
— No new debt was acquired
— The Electric Department's 2003 COP debt was retired
— The Water Department's SCADA project was delayed
3
a
r �
<� o /�
�%j%:
i�
�/ ",�
a
r �
<� o /�
�%j%:
i�
�/ ",�
a
r �
<� o /�
�%j%:
i�
�/ ",�
New Information
Overall Statistics
Electric Customers
Water Customers
Average Number of Employees
7
FY 12 FY 12
Budget Actual
131200 131219
121400 121489
65 65
New Information
• Facilities Fees Fund
— Reviewed by staff
— In compliance with spending facilities fees within the
mandated 5-year period
— Electric Facilities Fees
— Fees collected in past 5 years is $644,000
— Unspent balance as of December 31, 2012 is $615,000
— Water Facilities Fees
— Fees collected in past 5 years $1,252,000
— Unspent balance as of December 31, 2012 is $127,000
a
r �
<� o /�
�%j%:
i�
�/ ",�
Fiscal Impact
• Electric Department
— Transfer from General Fund to Capital
Replacement Reserve Fund
— Transfer from General Fund to AB32 Cap &
Trade Restricted Fund
• Water Department
— Carry -Over Pipeline Rehabilitation Project from
FY12 to FY13 Budget
— Carry -Over Water SCADA Replacement Project
from FY12 to FY13 Budget
$111731000
111
Recommendation
• Authorize the following transfers and carry-overs
a) Transfer $1,173,000 from the Electric General Fund to the
Electric Capital Replacement Reserve Fund
b) Transfer $242,000 from the Electric General Fund to establish
the new Electric AB32 Cap & Trade Restricted Fund
c) Carry-over $35,000 from the Water Department's FY12
Budget to the FY13 Budget to fund the Water Pipeline
Rehabilitation Project
d) Carry-over $459,000 from the Water Department's FY12
Water Budget to the FY13 Budget to fund the Water SCADA
Replacement Project
11
12
Example of a Percentage Variance
Rev $
Ex
Inc $
13
Budget Actual
1 1101111111193WITI
$ Va r % Va r
5.00 10%
�OW 11011 1111111WO We