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Sewer 2014TOWN OF NANTUCKETSEWER - ENTERPRISE FUND Actual Actual BUDGET FY2014 FY2013 FY2014 REVENUE 6,484,019$ 6,369,795$ 5,607,735$ EXPENSES 5,832,076$ 6,011,623$ 6,648,598$ NET EARNINGS 651,943$ 358,172$ (1,040,863)$ Transfer from Retained Earnings -$ -$ 979,569$ NET EARNINGS 651,943$ 358,172$ (61,294)$ Retained Earnings NET SOURCES/USES: Article 2 - GF Subsidy (Unpaid Bills 2011) Article 16 - Spec Rev Subsidy (settlement) Article 16 - GF Free Cash Subsidy -$ -$ -$ Article 1- GF Free Cash Subsidy (STM 10/2012) Article #- GF Subsidy -$ -$ -$ FY2013 Encumbrance Carryforwards -$ 61,294$ FinCom GF Reserve Fund Transfer Surplus(Deficit)651,943$ 358,172$ 0$ Certified Retained Earnings For Use in FY2015 1,618,699$ Plus Current Surplus(Less Current Deficit) as of 03/31/2014 651,943$ Less Voted Use of Retained Earnings for FY2015 Budget (ATM2014)(210,583)$ Projected Balance as of 06/30/2014*2,060,059$ *Revenues remain a projection, until certified by the the Department of Revenue, therefore this is only a projection as of this point in time, until Retained Earnings go through the Certification process. Operating Revenue and Expenditures As of June 30, 2014 FY2014 FY2014 FY2013REVENUEBudget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY Sewer Fee Income 5,304,740$ 5,767,585$ 5,595,583$ 462,845$ 172,003$ 109%3% Sewer Permits 111,910$ 193,750$ 153,025$ 81,840$ 40,725$ 173%27% Sewer Privilege Fees & Interest 170,730$ 345,087$ 458,108$ 174,357$ (113,021)$ 202%-25%Septic Disposal Fees -$ 173,304$ 128,040$ 173,304$ 45,264$ 100%35% Sewer Liens Collected 15,455$ 3,676$ 24,713$ (11,779)$ (21,037)$ 24%-85% Penalties Collected -$ 393$ 1,394$ 393$ (1,001)$ 100%-72%Interest on Investments 4,900$ 6,151$ 9,417$ 1,251$ (3,267)$ 126%-35% Other -$ (5,928)$ (486)$ (5,928)$ (5,442)$ 100%100% Total Revenue*5,607,735$ 6,484,019$ 6,369,795$ 876,284$ 114,223$ 116%2% OPERATING EXPENDITURES WITHOUT DEBT Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY Payroll - Salary 794,110$ 769,357$ 834,077$ (24,753)$ (64,720)$ 97%-8%Medicare P/R Tax Expense 11,500$ 11,155$ 18,951$ (345)$ (7,796)$ 97%-41% Medical Insurance 162,864$ 169,696$ 167,535$ 6,832$ 2,161$ 104%1% Barnstable County Retirement 253,277$ 141,587$ 229,213$ (111,690)$ (87,626)$ 56%-38%Utilities 647,407$ 435,358$ 457,612$ (212,050)$ (22,254)$ 67%-5% Repairs & Maintenance 119,647$ 103,140$ 168,078$ (16,507)$ (64,939)$ 86%-39%Professional Services 126,735$ 98,574$ 100,130$ (28,161)$ (1,556)$ 78%-2% Sewer Supplies & Chemicals 115,900$ 113,032$ 122,870$ (2,868)$ (9,838)$ 98%-8% General Insurance 149,265$ 120,750$ 142,281$ (28,515)$ (21,531)$ 81%0%Other Supplies 2,850$ 12,503$ 8,793$ 9,653$ 3,709$ 439%42% Indirect Costs 95,000$ 192,316$ 74,200$ 97,316$ 118,116$ 202%159% Current Fiscal Year Encumbrances -$ 116,625$ 201,294$ 116,625$ (84,670)$ 100%-42%Other 282,623$ 343,355$ 290,053$ 60,732$ 53,302$ 121%18% Total Expenditures Excluding Debt 2,761,179$ 2,627,447$ 2,815,089$ (133,732)$ (187,642)$ 95%-7% Surplus (Deficit) of Revenue Over Expenditures Excluding Debt $2,846,556 $3,856,571 $3,554,706 1,010,015$ 301,866$ 135%8% DEBT SERVICE Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY Principal 3,017,742$ 2,138,534$ 2,081,802$ (879,208)$ 56,731$ 71%0%Interest 777,177$ 1,009,780$ 1,052,313$ 232,603$ (42,532)$ 130%-4% Issuance Costs 30,000$ 2,375$ 3,500$ (27,625)$ (1,125)$ 8%100% BAN Costs, Principal, Interest -$ -$ -$ -$ -$ 0%0% MWPAT Admin Fee 62,500$ 53,939$ 58,919$ (8,561)$ (4,979)$ 86%-8% Total Debt Service $3,887,419 $3,204,629 $3,196,534 (682,790)$ 8,095$ 82%0% Total - Surplus (Deficit) of Revenue Over All Operating Expenditures*-$1,040,863 $651,943 $358,172 1,692,806$ 293,771$ -63%82% OTHER FINANCING SOURCES Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY However the estimate is $2,060,059. General Fund Subsidy -$ -$ -$ -$ -$ 0%0%General Fund Free Cash Subsidy -$ -$ -$ -$ -$ 0%0%Voted Use of Certified Retained Earnings 979,569$ -$ -$ -$ -$ 0%0% 2013 Encumbrance Carryforward 61,294$ -$ -$ -$ -$ 0%0%Total Other Financing Source $1,040,863 $0 $0 $0 $0 0%0% -$ 651,943$ 358,172$ 651,943$ 293,771$ 100%82% BENCHMARKS % of Debt to Operating Expense Policy 12%12%12%% of Actual Debt to Operating Expense 58%55%53% Certified Retained Earnings 2,933,733$ Certified Retained Earnings portion attributed to Privelege Fees 1,106,429$ % of Certified Retained Earnings Used for Operations 88.5%% of Certified Retained Earnings Used for One Time or Capital Expenditures 0.0% *Note: Governments operate on a budgetary basis; therefore revenue earned in excess of the certified budget is not available to offset expenditures in the current fiscal year. Excess revenue and expenditure turnbacks must go through the State of Massachusetts retained earnings certification process before they can be appropriated at a subsequent annual and/or special town meeting. Once certified, retained earnings can only be appropriated at an annual and/or special town meeting. FY2014 Sewer Enterprise Fund Budget Update Surplus (Deficit) of Revenue Plus Other Financing Sources Over Expenditures* Actual Comparison to Last Year As of June 30, 2014 Financial Highlights As of June 30, 2014 STATISTICS Actual Revenue Breakdown As of June 30, 2014 Revenue Up 2% from Last Year Debt Service is the same as last year Retained earnings have not yet been certified for this year. Sewer Fees Sewer Permits SPF Septic Liens Penalties Interest $- $200,000.00 $400,000.00 $600,000.00 $800,000.00 $1,000,000.00 $1,200,000.00 $1,400,000.00 FY 20123 FYY 2014 2013 (A) v. 2014 YTD (A) Payroll Expense Operation Expense Indirect/Other Costs