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Siasconset 2014TOWN OF NANTUCKET SIASCONSET - ENTERPRISE FUND Actual Actual BUDGET FY2014 FY2013 FY2014 REVENUE 827,806$ 877,376$ 874,250$ EXPENSES 1,044,726$ 1,151,064$ 1,049,190$ NET EARNINGS (216,919)$ (273,689)$ (174,940)$ Transfer from Retained Earnings 4,031$ -$ 4,031$ NET EARNINGS (212,888)$ (273,689)$ (170,909)$ 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 153,500$ 278,000$ 153,500$ FY2013 Encumbrance Carryforwards -$ -$ 17,409$ FinCom GF Reserve Fund Transfer Surplus(Deficit)(59,388)$ 4,311$ (0)$ Certified Retained Earnings For Use in FY2015 4,031$ Plus Current Surplus(Less Current Deficit) as of 03/31/2014 (59,388)$ Less Voted Use of RE for FY2014 Budget at STM 2013 (4,031)$ Less Voted Use of Retained Earnings for FY2015 Budget (ATM2014)-$ Projected Balance as of 06/30/2014*(59,388)$ *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 FY2013 REVENUE Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 6/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY Water Use Fee 862,500$ 766,789$ 873,435$ (95,711)$ (106,647)$ 89%-12%Water Connection Fee 9,000$ -$ -$ (9,000)$ -$ 0%0% Rental Fees -$ 59,400$ -$ 59,400$ 59,400$ 100%100% Interest on Investments 250$ 1,618$ 851$ 1,368$ 767$ 647%90% Premium Revenue on Debt -$ -$ 3,089$ -$ (3,089)$ 0%-100% Transfer Fee 2,500$ -$ -$ (2,500)$ -$ 0%0% Total Revenue*874,250$ 827,806$ 877,376$ (46,444)$ (49,569)$ 95%-6% OPERATING EXPENDITURES WITHOUT DEBT Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 6/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY Medical Insurance 27,770$ 29,966$ 25,552$ 2,196$ 4,414$ 108%17%Utilities 34,399$ 24,064$ 23,693$ (10,335)$ 371$ 70%2%Repairs & Maintenance 6,600$ 5,905$ 6,117$ (696)$ (213)$ 89%-3% Professional Services 126,600$ 72,551$ 107,821$ (54,049)$ (35,270)$ 57%-33% General Insurance 18,000$ -$ 20,997$ (18,000)$ (20,997)$ 0%0% Other Supplies 1,500$ 16$ 2,791$ (1,484)$ (2,775)$ 1%-99% Field Work- Water 43,023$ 7,377$ 26,232$ (35,646)$ (18,855)$ 17%-72% Indirect Costs 19,250$ 15,250$ 16,763$ (4,000)$ (1,513)$ 79%-9%Current Fiscal Year Encumbrances -$ -$ 21,940$ -$ (21,940)$ 100%-100%Other 159,550$ 5,815$ 6,920$ (153,735)$ (1,105)$ 4%-16%Total Expenditures Excluding Debt 436,692$ 160,943$ 258,826$ (275,749)$ (97,883)$ 37%-38% Surplus (Deficit) of Revenue Over Expenditures Excluding Debt $437,558 $666,863 $618,550 229,305$ 48,314$ 152%8% DEBT SERVICE Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 6/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY Principal 314,348$ 590,000$ 575,000$ 275,652$ 15,000$ 188%0%Interest 298,150$ 293,783$ 317,238$ (4,367)$ (23,456)$ 99%-7% Issuance Costs -$ -$ -$ -$ -$ 0%0% BAN Costs, Principal, Interest -$ -$ -$ -$ -$ 0%0% Other -$ -$ -$ -$ -$ 0%0% Total Debt Service $612,498 $883,783 $892,238 271,285$ (8,456)$ 144%-1% Total - Surplus (Deficit) of Revenue Over All Operating Expenditures*-$174,940 -$216,919 -$273,689 (41,980)$ 56,770$ 124%-21% OTHER FINANCING SOURCES Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 6/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY General Fund Reserve Fund Subsidy 153,500$ 153,500$ 278,000$ -$ (124,500)$ 100%-45%General Fund Free Cash Subsidy -$ -$ -$ -$ -$ 0%0%Voted Use of Certified Retained Earnings 4,031$ 4,031$ -$ -$ 4,031$ 100%100%2013 Encumbrance Carryforward 17,409$ -$ -$ -$ -$ 0%0%Total Other Financing Source $174,940 $157,531 $278,000 $0 -$120,469 90%-43% -$ (59,388)$ 4,311$ (59,388)$ (63,700)$ #DIV/0!-1478% BENCHMARKS % of Debt to Operating Expense Policy 12%12%12% % of Actual Debt to Operating Expense 58%85%78% Certified Retained Earnings 104,586$ % of Certified Retained Earnings Used for Operations 3.9%% 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 Siasconset Enterprise Fund Budget Update Surplus (Deficit) of Revenue Plus Other Financing Sources Over Expenditures* Financial Highlights As of June 30, 2014 STATISTICS Actual Revenue Breakdown As of June 30, 2014 $766,789 $59,400 $1,618 Water Use Fee Water Connection Fee Rental Fees Interest on Investments Premium Revenue on Debt Transfer Fee 1. Pump Station Rehabilitation and SCADA Project Completed 2. Rate increase implemented on May 1, 2014 3. FinCom reserve fund transfer of $150,500 required 4. FinCom Reserve Fund to be reimbursed with proceeds from the sale of the old tank lot.