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Solid Waste 2014TOWN OF NANTUCKET SOLID WASTE - ENTERPRISE FUND Actual Actual BUDGET FY2014 FY2013 FY2014 REVENUE 3,426,945$ 3,428,471$ 3,277,414$ EXPENSES 7,992,614$ 8,235,333$ 8,054,477$ NET EARNINGS (4,565,669)$ (4,806,861)$ (4,777,063)$ Transfer from Retained Earnings -$ 318,342$ -$ NET EARNINGS (4,565,669)$ (4,488,519)$ (4,777,063)$ Retained Earnings NET SOURCES/USES: Article 2 - GF Subsidy (Unpaid Bills 2011) Article 16 - Spec Rev Subsidy (settlement) Article 16 - GF Free Cash Subsidy General Fund Subsidy- Operations 1,937,444$ 1,535,611$ 1,937,444$ General Fund Operating Override 1996 and 2006 Subsidy 2,675,519$ 2,980,891$ 2,675,519$ FY2013 Encumbrance Carryforwards -$ (27,983)$ 164,100$ FinCom GF Reserve Fund Transfer Surplus(Deficit)47,294$ 0$ (0)$ Certified Retained Earnings For Use in FY2015 1,643,730$ Plus Current Surplus(Less Current Deficit) as of 03/31/2014 47,294$ Less Voted Use of Retained Earnings for FY2015 Budget (ATM2014)(471,427)$ Projected Balance as of 06/30/2014*1,219,597$ *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 Landfill Fee Income 736,680$ 541,117$ 754,631$ (195,563)$ (213,514)$ 73%-28% Tipping Fees 2,540,734$ 2,885,828$ 2,673,840$ 345,094$ 211,988$ 114%8% Total Revenue*3,277,414$ 3,426,945$ 3,428,471$ 149,531$ (1,526)$ 104.6%0.0% 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 28,475$ 19,386$ 19,689$ (9,089)$ (303)$ 68%-2% Medicare P/R Tax Expense 400$ 281$ 272$ (119)$ 9$ 70%3% Medical Insurance 15,307$ -$ 11,260$ (15,307)$ (11,260)$ 0%-100% Barnstable County Retirement -$ -$ -$ -$ -$ 0%0%Utilities 475,521$ 257,633$ 258,241$ (217,887)$ (607)$ 54%0%Repair & Maintenance 1,000$ 10,563$ 15,761$ 9,563$ (5,198)$ 1056%-33% Professional Services - Collection & Disposal 5,403,939$ 5,355,609$ 5,421,569$ (48,330)$ (65,960)$ 99%-1%Professional Services - Recycle / MRF 377,900$ 354,673$ 380,298$ (23,227)$ (25,625)$ 94%-7%Freight 1,300,000$ 1,562,064$ 1,221,974$ 262,064$ 340,090$ 120%28%General Insurance -$ -$ -$ -$ -$ 0%0% Indirect Costs 214,511$ 206,099$ 107,868$ (8,412)$ 98,231$ 96%91% Current Fiscal Year Encumbrances -$ 25,792$ 560,410$ Other 176,749$ 140,231$ 104,914$ (36,518)$ 35,317$ 79%34%Total Expenditures Excluding Debt 7,993,801$ 7,932,331$ 8,102,254$ (61,470)$ (169,922)$ 99%-2% Surplus (Deficit) of Revenue Over Expenditures Excluding Debt (4,716,387)$ (4,505,387)$ (4,673,783)$ 211,001$ (36,374)$ 96%-4% 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 40,000$ 40,000$ 110,000$ -$ (70,000)$ 100%0% Interest 20,676$ 20,282$ 23,079$ (394)$ (2,796)$ 98%-12% Issuance Costs -$ -$ -$ -$ -$ 0%0% BAN Costs, Principal, Interest -$ -$ -$ -$ -$ 0%0% Other -$ -$ -$ -$ -$ 0%0%Total Debt Service 60,676$ 60,282$ 133,079$ (394)$ (72,796)$ 99%-55% Total - Surplus (Deficit) of Revenue Over All Operating Expenditures*(4,777,063)$ (4,565,669)$ (4,806,861)$ 211,394$ (72,796)$ 96%-5% 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 General Fund Operating Override 1996 and 2006 2,675,519$ 2,675,519$ 2,980,891$ -$ (305,373)$ 100%-10% General Fund Subsidy - Operations 1,937,444$ 1,937,444$ 1,535,611$ -$ 401,834$ 100%26% Voted Use of Certified Retained Earnings -$ -$ 318,342$ -$ (318,342)$ 0%0% Budget to Recap Adjustment -$ -$ (27,983)$ -$ 27,983$ 0%-100%FY2013 Encumbrance Carryforwards 164,100$ -$ -$ (164,100)$ -$ 0%0%Total Other Financing Source 4,777,063$ 4,612,963$ 4,806,861$ -$ (193,898)$ 97%-4% -$ 47,294$ -$ 211,394$ 47,294$ 100%100% BENCHMARKS % of Debt to Operating Expense Policy 12%12%12% % of Actual Debt to Operating Expense 1%1%2% Certified Retained Earnings 1,168,910$ -$ -$ % of Certified Retained Earnings Used for Operations 0.0%0.0%0.0%% of Certified Retained Earnings Used for One Time or Capital Expenditures 0.0%0.0%0.0%mining (all GF Subsidy) Mining continues for the 6th year with 120,000 cubic yards mined. C&D/MSW Tons - Actual Comparison to Last Year As of June 30, 2014 STATISTICS *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. Revenues the same as last year. Drop in Tipping fee revenue of $211,988 is due to fee holiday voted by BOS. Budget total = operating expnse + FY2014 Solid Waste Enterprise Fund Budget Update Surplus (Deficit) of Revenue Plus Other Financing Sources Over Expenditures* Financial Highlights As of June 30, 2014 Actual Comparison to Last Year As of June 30, 2014 Actual Revenue to Budget As of December 31, 2012 Actual to Budget As of December 31, 2012 Actual Revenue Breakdown As of June 30, 2014 16% 84% Landfill Fee Income Tipping Fees $- $1,000,000.00 $2,000,000.00 $3,000,000.00 $4,000,000.00 $5,000,000.00 $6,000,000.00 $7,000,000.00 $8,000,000.00 FY 2013 FYY 2014 2013 (A) v. 2014 YTD (A) Payroll Expense Operating Expense Other/Indirect Expense 0 500 1000 1500 2000 2500 Jul Aug Sep Oct Nov Dec Jan Feb Mar 2013 2014