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Section lX - Enterprise Funds - Siasconset WaterTown 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