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Section lX - Enterprise Funds - Siasconset Water
Town and County of Nantucket 16 Broad Street Nantucket, MA 02554 FY2019 BUDGET PROJECTION ENTERPRISE FUNDS – SIASCONSET WATER FY2019 BudgetSiasconset Enterprise Fund FY2018Siasconset Enterprise Fund Review•Mission: Siasconset Water Department strives to provide high quality drinking water, provide water for fire protection needs and provide the highest level of customer and water related support services achievable. •Goals: Continue to provide safe drinking water, sufficient water for fire fighting and strive to provide a positive customer service experience.•Initiatives and Accomplishments: 1. Completed conversion of the meter reading system to the FlexNet fixed based system2. Removed obsolete valves on Baxter Road and Sankaty Road to increase flow and water pressure.3. Completed flushing and application of orthophosphate for corrosion controlSIASCONSET ENTERPRISE FUND FY2019Siasconset Enterprise Fund Overview •Priorities: 1. Replacement of the Baxter Road Water Main (Capital Budget)2. Develop Fire Hydrant Upgrade Program3. Power Washing and Treatment of the Composite Elevated Tank4. Revision of Siasconset Wellhead Protection District for submittal to MassDEP5. Maintain current rates until completion of rate study undertaken by Wannacomet•Significant Changes Year‐to‐YearThe most significant change will be the finalization of the recently approved merger of the Siasconset Water Department and the Wannacomet Water Company under an expanded Nantucket Water Commission.•Key Issues1. Impact of regulatory changes proposed by the Drought Management Task Force and proposed changes to the to Public Water Supply system classification structure 2. Approval by MassDEP of Revised Siasconset Wellhead Protection District SIASCONSET ENTERPRISE FUND FY2019 BudgetSiasconset Enterprise FundSIASCONSET ENTERPRISE FUND3-YEAR ACTUALSUMMARY FY 2015 ACTUAL FY2016 ACTUAL FY2017 ACTUAL FY2018 ACTUAL YTD SIMPLEAVERAGECOMPOUND ANNUAL GROWTH RATE FY2018 BUDGET FY2019 BUDGET $ INC/(DEC) FY19/FY18 % INC/(DEC) FY19/FY18 Payroll-Salary -$ -$ -$ -$ -$ na-$ -$ -$ naMedicare P/R Tax Expenses - - - - - na- - - naMedical Insurance 30,495 33,189 37,770 21,272 33,818 11.3% 41,862 42,195 333 0.8% Barnstable County Retirement - - 18,279 - 6,093 na- 19,710 19,710 naUtilities 21,573 25,052 26,338 16,039 24,321 10.5% 28,580 29,400 820 2.9% Repairs & Maintenance 3,552 10,581 10,600 4,577 8,244 72.8% 68,000 68,000 - - Professional Services 85,762 100,787 87,901 50,010 91,483 1.2% 170,600 188,600 18,000 10.6% Debt Service 883,111 867,521 586,998 125,368 779,210 (18.5%) 614,842 586,836 (28,006) (4.6%) General Insurance 21,419 21,847 29,710 - 24,325 17.8% 24,750 40,000 15,250 61.6% Other Supplies 191 530 - - 240 (100.0%) 200 200 - - Field Work-Water 9,975 - 3,530 4,305 4,502 (40.5%) 30,000 30,000 - - Other - Including Indirect Costs 20,564 19,274 49,583 40,937 29,807 55.3% 88,939 58,032 (30,907) (34.8%) TOTAL SIASCONSET 1,076,641$ 1,078,780$ 850,709$ 262,507$ 1,002,043$ (11.1%) 1,067,773$ 1,062,973$ (4,800)$ (0.4%) AppendixSiasconset Enterprise Fund Town & County of Nantucket Organization Chart – Siasconset Enterprise FundUnder a Memorandum of Agreement with the Nantucket Water CommissionManagement, Administrative and Operational services are provided throughthe Wannacomet Water Company Gerald EldridgeSiasconset Water CommissionerJohn PearlSiasconset Water CommissionRobert BenchleySiasconset Water CommissionerSIASCONSET ENTERPRISE FUND FY2019 Budget DetailSIASCONSET ENTERPRISE FUND FY2019Siasconset Enterprise Fund Exceptions SIASCONSET ENTERPRISE FUNDPositionsOperational Expenses (1)N/A 1. Professional Services: $15,000Capital Items1. Water Tank Maintenance: $303,000(1) Non‐controllable expenses such as general insurance, medical insurance, pension costs and others are excluded. TOWN OF NANTUCKETSIASCONSET WATER ENTERPRISE FUNDACTUAL BUDGETPROJECTED BUDGETFY2017 FY2018FY2019Revenue 1,108,775 1,067,773 1,062,973 Expenses 850,709 1,067,773 1,062,973 Net Earnings 258,067 - - Transfer from Retained Earnings 45,186 - - Net Earnings after R/E Transfer 303,253 - - Ending FB 303,253 - - TOTALCertified Retained Earnings as of July 1, 2017 1,101,272 SIASCONSET WATER ENTERPRISE FUNDFY2019 BUDGET PROJECTIONAPPROVED BY WATER COMMISSION3-YEAR ACTUALDEPT ACCOUNT ACCOUNT NAME FY2015 ACTUAL FY2016 ACTUAL FY2017 ACTUAL FY2018 ACTUAL YTD SIMPLEAVERAGECOMPOUND ANNUAL GROWTH RATE FY2018 BUDGET FY2019 BUDGET $ INC/(DEC) FY19/FY18 % INC/(DEC) FY19/FY18 61450 42110 WATER USE FEE (963,761)$ (1,029,971)$ (1,049,310)$ (740,220)$ (1,014,348)$ 4.3% (1,016,600)$ (1,013,000)$ 3,600$ (0.4%) 61450 43606 RENTAL FEES(45,732) (47,104) (48,517) - (47,118) 3.0% (49,973) (49,973) - - 61450 48201 INTEREST ON INVESTMENTS (909) (347) - - (419) (100.0%) (1,200) - 1,200 (100.0%) 61450 48400 MISC REVENUES(888,261) - - - (296,087) (100.0%) - - - na61450 49102 PROCEEDS FROM BOND SALE - - - - - na- - - na61450 49104 PREMIUM REVENUE ON DEBT - (15,006) (10,948) - (8,651) na- - - na61450 49701 TRANSFER FROM GENERAL FUND - - - - - na- - - naTOTAL REVENUE(1,898,663) (1,092,429) (1,108,775) (740,220) (1,366,622) (23.6%) (1,067,773) (1,062,973) 4,800 (0.4%) 61450 51100 SALARY, PERMANENT - - - - - na- - - na61450 51102 SALARY, TEMPORARY - - - - - na- - - na61450 51700 LONGEVITY PAY - - - - - na- - - na61450 51701 INS PREM:MEDICAL BLUE CROSS 30,495 33,189 37,770 21,272 33,818 11.3% 41,862 42,195 333 0.8% 61450 51770 BARNSTABLE COUNTY RETIREMT FND - - 18,279 - 6,093 na- 19,710 19,710 na61450 51960 COMPENSATION/UNEMPLOYMENT - - - - - na- - - na61450 51961 MEDICARE P/R TAX - - - - - na- - - na61450 51963 WORKMANS COMPENSATION - - - - - na- - - naSUBTOTAL SALARY EXPENSE30,495 33,189 56,049 21,272 39,911 35.6% 41,862 61,905 20,043 47.9% 61450 52101 UTILITY:ELECTRICITY 18,608 20,618 22,375 14,814 20,534 9.7% 25,380 25,000 (380) (1.5%) 61450 52104 UTILITY:PROPANE 2,965 4,242 3,963 1,225 3,724 15.6% 3,000 4,200 1,200 40.0% 61450 52107 UTILITY: LANDFILL - 192 - - 64 na200 200 - - 61450 52403 REP&MAINT:VEHICLE - - - - - na- - - na61450 52405 REP&MAINT:EQUIPMENT 413 3,079 1,487 196 1,660 89.8% 3,000 3,000 - - 61450 52410 REP&MAINT:GENERAL 3,139 7,502 9,113 4,381 6,585 70.4% 65,000 65,000 - - 61450 53100 PROFESSIONAL SERVICES 13,866 15,678 1,958 6,312 10,501 (62.4%) 70,000 85,000 15,000 21.4% 61450 53101 PROFESSIONAL SERVICES:WANNACOMET 65,000 80,000 80,000 40,000 75,000 10.9% 88,000 88,000 - - 61450 53103 GENERAL:ADVERTISING 120 168 420 1,211 236 87.2% 500 500 - - 61450 53107 PROF SVCS-WATER ANALYSIS 4,418 3,217 4,253 2,629 3,963 (1.9%) 10,000 13,000 3,000 30.0% 61450 53108 OUTSOURCE BILLING 2,478 1,891 1,690 1,069 2,020 (17.4%) 2,600 2,600 - - 61450 53110 GENERAL: PRINTING 456 473 458 - 462 0.2% 750 750 - - 61450 53401 COMM:TELEPHONE - - - - - na- - - na61450 53402 COMM:POSTAGE 4,383 2,992 3,942 2,100 3,773 (5.2%) 6,200 6,200 - - 61450 53803 OTHER:LICENSES & TAXES 563 464 517 557 515 (4.2%) 600 600 - - 61450 53804 OTHER:FREIGHT 42 177 62 69 94 21.7% 100 100 - - 61450 53805 OTHER:FIELD WORK-WATER 9,975 - 3,530 4,305 4,502 (40.5%) 30,000 30,000 - - 61450 54101 ENERGY:GAS & DIESEL - - - - - na- - - na61450 54201 OFFICE SUPPLIES - - - - - na- - - na61450 54302 BLDG&EQ:MAINT & SUPPLIES 191 530 - - 240 (100.0%) 200 200 - - 61450 54701 SAFETY:UNIFORMS - - - - - na- - - na61450 57404 INS PREM:BLANKET INS,BLDG 21,419 21,847 29,710 - 24,325 17.8% 24,750 40,000 15,250 61.6% 61450 57899 CONTINGENCY RESERVE - - - - - na- - - na SIASCONSET WATER ENTERPRISE FUNDFY2019 BUDGET PROJECTIONAPPROVED BY WATER COMMISSION3-YEAR ACTUALDEPT ACCOUNT ACCOUNT NAME FY2015 ACTUAL FY2016 ACTUAL FY2017 ACTUAL FY2018 ACTUAL YTD SIMPLEAVERAGECOMPOUND ANNUAL GROWTH RATE FY2018 BUDGET FY2019 BUDGET $ INC/(DEC) FY19/FY18 % INC/(DEC) FY19/FY18 61450 58702 UNALLOCATED EXPENSES - - 7,184 - 2,395 na46,789 15,882 (30,907) (66.1%) 61450 59101 DEBT SERV:PRINCIPAL 605,000 620,000 385,000 25,000 536,667 (20.2%) 380,000 395,000 15,000 3.9% 61450 59102 DEBT SERVICE INTEREST 273,125 247,521 201,998 100,368 240,881 (14.0%) 229,842 186,836 (43,006) (18.7%) 61450 59250 INTEREST: GENERAL 4,986 - - - 1,662 (100.0%) 5,000 5,000 - - 61450 59501 OTHER FIN:GENERAL - - - - - na- - - na61450 59502 INDIRECT COSTS - - 37,000 37,000 12,333 na- 34,000 34,000 na61450 59991 TRANSFER TO GENERAL FUND 15,000 15,000 - - 10,000 (100.0%) 34,000 - (34,000) (100.0%) SUBTOTAL OPERATIONS EXPENSES1,046,146 1,045,592 794,660 241,235 962,133 (12.8%) 1,025,911 1,001,068 (24,843) (2.4%) SIASCONSET WATER ENTERPRISE FUND GRAND TOTALTOTAL REVENUE(1,898,663)$ (1,092,429)$ (1,108,775)$ (740,220)$ (1,366,622)$ (23.6%) (1,067,773)$ (1,062,973)$ 4,800$ (0.4%) TOTAL EXPENSE 1,076,641$ 1,078,780$ 850,709$ 262,507$ 1,002,043$ (11.1%) 1,067,773$ 1,062,973$ (4,800)$ (0.4%) VARIANCE (EXCESS) DEFICIT(822,022) (13,648) (258,067) (477,713) (364,579) (44.0%) -$ -$ -$ na SIASCONSET WATER ENTERPRISE Waterfall Schedule ‐ FY2019 BudgetPRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPALIssue Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments PaymentsPurpose Date FY2017 FY2018FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025FY2026 FY2027 FY2028SIASCONSET WATER ENTERPRISE TOTAL DEBT 5,974,900 5,589,900 5,209,900 4,814,900 4,414,900 4,004,900 3,584,900 3,149,900 2,699,900 2,234,900 1,756,900 1,259,900 WATER TANK (ORIG) 3/15/2009170,000 175,000 185,000 WATER TANK (SUPP) 3/15/2009110,000 110,000 115,000 LOW BEACH WATER MAIN 2/15/201070,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 WATER PUMP STATION 10/22/201525,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Refi SWCO Tank1 09 3.9M Jul'16 8/3/20166,000 187,000 192,000 197,000 207,000 217,000 227,000 236,000 245,000 250,000 Refi SWCO Tank2 09 2.47M Jul'16 8/3/20164,000 118,000 123,000 128,000 133,000 138,000 143,000 147,000 157,000 159,900 TOTAL SIASCONSET DEBT 385,000 380,000 395,000 400,000 410,000 420,000 435,000 450,000 465,000 478,000 497,000 504,900 INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTERESTIssue Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments PaymentsPurpose Date FY2017 FY2018FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025FY2026 FY2027 FY2028SIASCONSET WATER ENTERPRISEWATER TANK (ORIG) 3/15/200920,475 15,375 9,250 WATER TANK (SUPP) 3/15/200912,900 9,600 5,750 LOW BEACH WATER MAIN 2/15/201036,925 34,125 31,325 28,525 26,425 23,625 21,525 18,725 16,450 13,650 10,850 8,400 WATER PUMP STATION 10/22/201520,186 12,763 12,013 11,263 10,638 10,138 9,513 8,763 8,013 7,263 6,544 5,856 Refi SWCO Tank1 09 3.9M Jul'16 8/3/201668,139 78,520 78,520 74,780 67,200 59,420 51,340 42,860 33,980 24,720 15,100 7,700 Refi SWCO Tank2 09 2.47M Jul'16 8/3/201643,373 49,978 49,978 47,618 42,798 37,778 32,558 27,138 21,518 15,718 9,638 4,899 TOTAL SIASCONSET DEBT 201,998 200,361 186,836 162,186 147,061 130,961 114,936 97,486 79,961 61,351 42,132 26,855 TOTAL SWCO P&I 586,998 580,361 581,836 562,186 557,061 550,961 549,936 547,486 544,961 539,351 539,132 531,755 SIASCONSET WATER ENTERPRISE Waterfall Schedule ‐ FY2019 BudgetIssuePurpose DateSIASCONSET WATER ENTERPRISE TOTAL DEBTWATER TANK (ORIG) 3/15/2009WATER TANK (SUPP) 3/15/2009LOW BEACH WATER MAIN 2/15/2010WATER PUMP STATION 10/22/2015Refi SWCO Tank1 09 3.9M Jul'16 8/3/2016Refi SWCO Tank2 09 2.47M Jul'16 8/3/2016TOTAL SIASCONSET DEBTIssuePurpose DateSIASCONSET WATER ENTERPRISEWATER TANK (ORIG) 3/15/2009WATER TANK (SUPP) 3/15/2009LOW BEACH WATER MAIN 2/15/2010WATER PUMP STATION 10/22/2015Refi SWCO Tank1 09 3.9M Jul'16 8/3/2016Refi SWCO Tank2 09 2.47M Jul'16 8/3/2016TOTAL SIASCONSET DEBTTOTAL SWCO P&IPRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPALPayments Payments Payments PaymentsPayments Payments Payments PaymentsFY2029 FY2030 FY2031 FY2032FY2033 FY2034 FY2035 FY2036755,000 235,000 140,000 115,000 90,000 65,000 40,000 20,000 70,000 70,000 25,000 25,000 25,000 25,000 25,000 25,000 20,000 20,000 260,000 165,000 520,000 95,000 25,000 25,000 25,000 25,000 20,000 20,000 INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTERESTPayments Payments Payments PaymentsPayments Payments Payments PaymentsFY2029 FY2030 FY2031 FY2032FY2033 FY2034 FY2035 FY20365,600 2,800 5,169 4,481 3,794 3,075 2,325 1,575 900 300 2,600 1,650 15,019 7,281 3,794 3,075 2,325 1,575 900 300 535,019 102,281 28,794 28,075 27,325 26,575 20,900 20,300