Loading...
Section XII. Enterprise Funds - Siasconset WaterTown and County of Nantucket 16 Broad Street Nantucket, MA 02554 FY2017 BUDGET PROJECTION •ENTERPRISE FUNDS •SIASCONSET WATER FY 2017 Budget Siasconset Enterprise Fund FY2016 Siasconset 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 a positive customer experience. •Initiatives and Accomplishments: Developed 10 year capital program Initiated discussion with the Nantucket Water Commission to investigate the possibility of consolidating the Siasconset Water Commission and Water Department with the Nantucket Water Commission and the Wannacomet Water Company Siasconset Enterprise Fund FY 2017 Siasconset Enterprise Fund Overview •Priorities: 1.Convert existing water meters from a vehicle based reading system to a fixed base reading system. 2.Undertake and complete deferred maintenance projects 3.Update the Zone II for the Sconset Water Supply •Significant Changes Year-to-Year 1.The most significant change is the reduction of the total annual debt service by $293,575.00. Therefore, no rate increase is proposed by the Siasconset Water Commission •Key Issues 1.Consolidation with the Nantucket Water Commission Siasconset Enterprise Fund FY2017 Budget Siasconset Enterprise Fund SUMMARY FY 2013 ACTUAL FY 2014 ACTUAL FY 2015 ACTUAL COMPOUND ANNUAL GROWTH RATE FY 2016 BUDGET FY 2017 WANNACOMET MANAGER RECOMMENDATION FY 2017 INCREASE OR (DECREASE) $ FY 2017 INCREASE OR (DECREASE) % Payroll-Salary $ - $ 689 $ - 0.0% $ - $ - $ - 0% Medicare P/R Tax Expenses $ - $ - $ - 0.0% $ - $ - $ - 0% Medical Insurance $ 25,552 $ 29,966 $ 30,495 9.2% $ 33,700 $ 38,230 $ 4,530 13% Barnstable County Retirement $ - $ - $ - 0.0% $ - $ - $ - 0% Utilities $ 23,693 $ 24,064 $ 21,573 -4.6% $ 26,300 $ 28,350 $ 2,050 8% Repairs & Maintenance $ 6,117 $ 5,905 $ 3,552 -23.8% $ 3,500 $ 37,250 $ 33,750 964% Professional Services $ 107,821 $ 72,551 $ 85,762 -10.8% $ 93,600 $ 107,725 $ 14,125 15% Debt Service $ 892,238 $ 894,383 $ 883,111 -0.5% $ 871,875 $ 583,300 $ (288,575) -33% General Insurance $ 20,997 $ - $ 21,419 1.0% $ 22,500 $ 24,750 $ 2,250 10% Other Supplies $ 2,791 $ 16 $ 191 -73.9% $ 200 $ 200 $ - 0% Field Work-Water $ 26,232 $ 7,377 $ 9,975 -38.3% $ 7,400 $ 29,500 $ 22,100 299% Other $ 23,683 $ 21,695 $ 20,564 -6.8% $ 20,830 $ 178,872 $ 158,042 759% TOTAL SIASCONSET $ 1,129,124 $ 1,056,645 $ 1,076,641 -2.4% $ 1,079,905 $ 1,028,177 $ (51,728) -4.79% Appendix Siasconset Enterprise Fund Town & County of Nantucket Organization Chart – Siasconset Enterprise Fund Under a Memorandum of Agreement with the Nantucket Water Commission Management, Administrative and Operational services are provided through the Wannacomet Water Company Gerald Eldridge Siasconset Water Commissioner John Pearl Siasconset Water Commission Rob Benchley Siasconset Water Commissioner FY 2017 Budget Detail Siasconset Enterprise Fund TOWN OF NANTUCKET SIASCONSET WATER - ENTERPRISE FUND Actual BUDGET PROJECTED BUDGET FY2015 FY2016 FY2017 REVENUE 1,898,663 1,029,833 1,028,177 EXPENSES 1,076,641 1,079,905 1,073,363 NET EARNINGS 822,022 (50,072) (45,186) Transfer from Retained Earnings - 50,072 45,186 NET EARNINGS 822,022 - - NET SOURCES/USES: GF Free Cash Subsidy - - - FinCom GF Reserve Fund Transfer Ending FB 822,022 - - TOTAL Certified Retained Earnings as of July 1, 2015 1,194,331 Page 2 DEPT ACCOUNT ACCOUNT NAME FY 2013 ACTUAL FY 2014 ACTUAL FY 2015 ACTUAL COMPOUND ANNUAL GROWTH RATE FY 2016 BUDGET FY 2017 WANNACOMET MANAGER RECOMMENDATION FY 2017 INCREASE OR (DECREASE) $ FY 2017 INCREASE OR (DECREASE) %61450 42110 WATER USE FEE (873,435)$ (766,789)$ (963,761)$ 5.0%(980,000)$ (978,460)$ (1,540)$ 0%61450 43606 RENTAL FEES -$ (59,400)$ (45,732)$ 100.0%(47,103)$ (48,517)$ 1,414$ 3% 61450 48201 INTEREST ON INVESTMENTS (851)$ (1,618)$ (909)$ 3.3%(1,620)$ (1,200)$ (420)$ -26% 61450 48400 MISC REVENUES -$ -$ (888,261)$ 100.0%-$ -$ -$ 0% 61450 49102 PROCEEDS FROM BOND SALE -$ -$ -$ 0.0%-$ -$ -$ 0%61450 49104 PREMIUM REVENUE ON DEBT (3,089)$ (1,110)$ -$ -100.0%(1,110)$ -$ (1,110)$ -100%61450 49701 TRANSFER FROM GENERAL FUND (278,000)$ (153,500)$ -$ -100.0%-$ -$ -$ 0%61450 51100 SALARY, PERMANENT -$ -$ -$ 0.0%-$ -$ -$ 0%61450 51102 SALARY, TEMPORARY -$ -$ -$ 0.0%-$ -$ -$ 0%61450 51700 LONGEVITY PAY -$ -$ -$ 0.0%-$ -$ -$ 0%61450 51701 INS PREM:MEDICAL BLUE CROSS 25,552$ 29,966$ 30,495$ 9.2%33,700$ 38,230$ 4,530$ 13%61450 51770 BARNSTABLE COUNTY RETIREMT FND -$ -$ -$ 0.0%-$ -$ -$ 0%61450 51960 COMPENSATION/UNEMPLOYMENT -$ 689$ -$ 0.0%-$ -$ -$ 0%61450 51961 MEDICARE P/R TAX -$ -$ -$ 0.0%-$ -$ -$ 0% 61450 51963 WORKMANS COMPENSATION -$ -$ -$ 0.0%-$ -$ -$ 0% 61450 52101 UTILITY:ELECTRICITY 18,885$ 17,825$ 18,608$ -0.7%20,000$ 22,650$ 2,650$ 13% 61450 52104 UTILITY:PROPANE 4,626$ 2,258$ 2,965$ -19.9%6,100$ 5,500$ (600)$ -10%61450 52107 UTILITY: LANDFILL 182$ 182$ -$ -100.0%200$ 200$ -$ 0%61450 52403 REP&MAINT:VEHICLE -$ -$ -$ 0.0%-$ -$ -$ 0%61450 52405 REP&MAINT:EQUIPMENT 2,230$ 2,448$ 413$ -57.0%1,000$ 2,750$ 1,750$ 175%61450 52410 REP&MAINT:GENERAL 3,888$ 3,457$ 3,139$ -10.1%2,500$ 34,500$ 32,000$ 1280%61450 53100 PROFESSIONAL SERVICES 30,850$ 12,737$ 13,866$ -33.0%5,000$ 10,000$ 5,000$ 100%61450 53101 PROFESSIONAL SERVICES:WANNACOMET 70,000$ 52,500$ 65,000$ -3.6%80,000$ 88,000$ 8,000$ 10%61450 53103 GENERAL:ADVERTISING 2,512$ 479$ 120$ -78.2%500$ 500$ -$ 0%61450 53107 PROF SVCS-WATER ANALYSIS 4,147$ 4,758$ 4,418$ 3.2%6,000$ 7,125$ 1,125$ 19%61450 53108 OUTSOURCE BILLING 2,823$ 2,556$ 2,478$ -6.3%2,600$ 2,600$ -$ 0%61450 53110 GENERAL: PRINTING 137$ 731$ 456$ 82.4%740$ 740$ -$ 0% 61450 53401 COMM:TELEPHONE -$ -$ -$ 0.0%-$ -$ -$ 0% 61450 53402 COMM:POSTAGE 3,633$ 4,033$ 4,383$ 9.8%4,000$ 6,000$ 2,000$ 50% 61450 53803 OTHER:LICENSES & TAXES 519$ 461$ 563$ 4.1%470$ 600$ 130$ 28%61450 53804 OTHER:FREIGHT 119$ 111$ 42$ -40.5%120$ 100$ (20)$ -17%61450 53805 OTHER:FIELD WORK-WATER 26,232$ 7,377$ 9,975$ -38.3%7,400$ 29,500$ 22,100$ 299%61450 54101 ENERGY:GAS & DIESEL -$ 3,799$ -$ 0.0%-$ -$ -$ 0%61450 54201 OFFICE SUPPLIES -$ -$ -$ 0.0%-$ -$ -$ 0%61450 54302 BLDG&EQ:MAINT & SUPPLIES 2,791$ 16$ 191$ -73.9%200$ 200$ -$ 0%61450 54701 SAFETY:UNIFORMS -$ -$ -$ 0.0%-$ -$ -$ 0%61450 57404 INS PREM:BLANKET INS,BLDG 20,997$ -$ 21,419$ 1.0%22,500$ 24,750$ 2,250.000$ 10%61450 57899 CONTINGENCY RESERVE -$ -$ -$ 0.0%-$ -$ -$ 0%61450 58702 UNALLOCATED EXPENSES -$ -$ -$ 0.0%-$ 133,932$ 133,932$ 0% 61450 59101 DEBT SERV:PRINCIPAL 575,000$ 590,000$ 605,000$ 2.6%626,000$ 375,000$ (251,000)$ -40% 61450 59102 DEBT SERVICE INTEREST 317,238$ 304,383$ 273,125$ -7.2%245,875$ 248,486$ 2,611$ 1% 61450 59250 INTEREST: GENERAL -$ -$ 4,986$ 100.0%-$ 5,000$ 5,000$ 0%61450 59501 OTHER FIN:GENERAL -$ 630$ -$ 0.0%-$ -$ -$ 0%61450 59991 TRANSFER TO GENERAL FUND 16,763$ 15,250$ 15,000$ -5.4%15,000$ 37,000$ 22,000$ 147%SIASCONSET WATER ENTERPRISE FUND GRAND TOTALTOTAL REVENUE (1,155,376)$ (982,416)$ (1,898,663)$ 28.2%(1,029,833)$ (1,028,177)$ (1,656)$ 0% TOTAL EXPENSE 1,129,124$ 1,056,645$ 1,076,641$ -2.4%1,079,905$ 1,073,363$ 43,530$ -1% VARIANCE (EXCESS) DEFICIT (26,251)$ 74,228 (822,022) 50,072 45,186 (45,186)$ 100% USE OF RETAINED EARNINGS 50,072$ 45,186$ -$ -$ Certified Retained Earnings: SIASCONSET WATER ENTERPRISE FUNDOPERATIONS BUDGETFISCAL YEAR 20171/6/2016 Page 3 SUMMARY FY 2013 ACTUAL FY 2014 ACTUAL FY 2015 ACTUAL COMPOUND ANNUAL GROWTH RATE FY 2016 BUDGET FY 2017 WANNACOMET MANAGER RECOMMENDATION FY 2017 INCREASE OR (DECREASE) $ FY 2017 INCREASE OR (DECREASE) % Payroll-Salary -$ 689$ -$ 0.0%-$ -$ -$ 0% Medicare P/R Tax Expenses -$ -$ -$ 0.0%-$ -$ -$ 0% Medical Insurance 25,552$ 29,966$ 30,495$ 9.2%33,700$ 38,230$ 4,530$ 13% Barnstable County Retirement -$ -$ -$ 0.0%-$ -$ -$ 0% Utilities 23,693$ 24,064$ 21,573$ -4.6%26,300$ 28,350$ 2,050$ 8% Repairs & Maintenance 6,117$ 5,905$ 3,552$ -23.8%3,500$ 37,250$ 33,750$ 964% Professional Services 107,821$ 72,551$ 85,762$ -10.8%93,600$ 107,725$ 14,125$ 15% Debt Service 892,238$ 894,383$ 883,111$ -0.5%871,875$ 628,486$ (243,389)$ -28% General Insurance 20,997$ -$ 21,419$ 1.0%22,500$ 24,750$ 2,250$ 10% Other Supplies 2,791$ 16$ 191$ -73.9%200$ 200$ -$ 0% Field Work-Water 26,232$ 7,377$ 9,975$ -38.3%7,400$ 29,500$ 22,100$ 299% Other 23,683$ 21,695$ 20,564$ -6.8%20,830$ 178,872$ 158,042$ 759% TOTAL SIASCONSET 1,129,124$ 1,056,645$ 1,076,641$ -2.4%1,079,905$ 1,073,363$ (6,542)$ -0.61% EXISTING DEBT AS OF 06/30/2015 TOTAL TOTAL TOTAL **************************** Issue PRINCIPAL INTEREST P & I Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments Purpose Date 6/30/2015 6/30/2015 6/30/2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 SIASCONSET WATER ENTERPRISE TOTAL DEBT 8,195,767 7,964,459 7,340,973 6,731,131 6,119,793 5,517,006 4,919,343 4,327,781 3,737,143 3,148,856 2,563,893 1,983,606 1,403,900 830,268 WATER METERS 11/15/2005 230,000 5,750 235,750 235,750 WATER 4 11/15/2005 10,000 250 10,250 10,250 WATER TANK (ORIG)3/15/2009 2,970,000 1,033,805 4,003,805 292,128 287,028 286,907 290,803 286,553 283,953 281,153 283,153 284,753 285,403 285,513 285,013 284,075 287,375 WTER TANK (SUPP)3/15/2009 1,885,000 656,763 2,541,763 182,498 184,348 181,048 182,198 181,448 181,648 181,648 181,448 181,048 180,098 178,863 182,300 180,300 182,875 LOW BEACH WATER MAIN 2/15/2010 1,050,000 318,675 1,368,675 109,725 106,925 104,125 101,325 98,525 96,425 93,625 91,525 88,725 86,450 83,650 80,850 78,400 75,600 WATER TANK DEMO 6/7/2012 35,000 525 35,525 35,525 SCADA 10/22/2015 45,186 37,763 37,013 36,263 35,638 35,138 34,513 33,763 33,013 32,263 31,544 30,856 30,169 TOTAL SIASCONSET DEBT 6,180,000 2,015,767 8,195,767 865,875 623,486 609,842 611,338 602,788 597,663 591,563 590,638 588,288 584,963 580,288 579,706 573,631 576,019 EXISTING DEBT AS OF 06/30/2015 ********************** Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments FY2030 FY2031 FY2032 FY2033 FY2034 FY2035 FY2036 FY2037 FY2038 FY2039 FY2040 254,250 151,968 123,175 95,100 67,775 41,200 20,300 (0)(0)(0)(0) 72,800 29,481 28,794 28,075 27,325 26,575 20,900 20,300 0 0 0 0 102,281 28,794 28,075 27,325 26,575 20,900 20,300 0 0 0 0