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Wannacomet 2014TOWN OF NANTUCKET WANNACOMET - ENTERPRISE FUND Actual Actual BUDGET FY2014 FY2013 FY2014 REVENUE 4,775,014$ 4,200,976$ 4,182,300$ EXPENSES 4,727,544$ 4,698,161$ 4,670,758$ NET EARNINGS 47,470$ (497,186)$ (488,458)$ Transfer from Retained Earnings -$ 497,186$ 386,630$ NET EARNINGS 47,470$ (0)$ (101,828)$ 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 -$ -$ 101,828$ FinCom GF Reserve Fund Transfer Surplus(Deficit)47,470$ (0)$ -$ Certified Retained Earnings For Use in FY2015 167,168$ Plus Current Surplus(Less Current Deficit) as of 03/31/2014 47,470$ Less Voted Use of RE for FY2014 Budget at STM 2013 (152,987)$ Less Voted Use of Retained Earnings for FY2015 Budget (ATM2014)-$ Projected Balance as of 06/30/2014*61,651$ *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 6/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY Water Use Fee 3,592,350$ 3,964,934$ 3,582,268$ 372,584$ 382,666$ 110%11% Water Connection Fee 290,000$ 521,946$ 351,349$ 231,946$ 170,597$ 180%49%Cross Connection Device Test Fee 20,300$ -$ -$ (20,300)$ -$ 0%0%Late Payment Service Fee 33,300$ 60,155$ 14,988$ 26,855$ 45,167$ 100%301%Rental Income 18,000$ 18,650$ 18,700$ 650$ (50)$ 104%0%Interest on Investments 11,850$ 10,273$ 13,933$ (1,577)$ (3,660)$ 100%-26% Contract Services- Sewer 105,000$ 112,124$ 103,177$ 7,124$ 8,948$ 107%9% Revenue- Outside Billing 1,500$ 4,800$ 2,689$ 3,300$ 2,111$ 320%79% Contract Services- Siasconset Water 80,000$ 52,500$ 70,000$ (27,500)$ (17,500)$ 66%-25% Transfer Fee 30,000$ 29,632$ 25,345$ (368)$ 4,287$ 99%17% Premium Revenue on Debt -$ -$ 18,527$ -$ (18,527)$ 0%-100%Total Revenue*4,182,300$ 4,775,014$ 4,200,976$ 592,714$ 574,038$ 114%14% 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 Payroll - Salary 1,066,799$ 1,037,192$ 1,030,195$ (29,607)$ 6,996$ 97%1% Medicare P/R Tax Expense 15,600$ 14,773$ 14,557$ (827)$ 216$ 95%1%Medical Insurance 153,534$ 182,158$ 152,982$ 28,624$ 29,176$ 119%19%Barnstable County Retirement 196,296$ 196,296$ 191,183$ (0)$ 5,113$ 100%3%Utilities 134,063$ 144,881$ 146,373$ 10,818$ (1,492)$ 108%-1% Repairs & Maintenance 129,500$ 145,869$ 177,359$ 16,369$ (31,490)$ 113%-18% Professional Services 116,650$ 139,369$ 115,632$ 22,719$ 23,737$ 119%21% Inventory 85,000$ 82,978$ 81,381$ (2,022)$ 1,597$ 98%2%General Insurance 90,620$ 76,902$ 74,975$ (13,718)$ 1,928$ 85%0%Other Supplies 23,200$ 19,978$ 24,046$ (3,222)$ (4,067)$ 86%-17%Travel 31,469$ 32,620$ 27,767$ 1,151$ 4,852$ 104%17%Indirect Costs 184,418$ 179,266$ 87,220$ (5,152)$ 92,046$ 97%106% Current Fiscal Year Encumbrances -$ 40,603$ 115,022$ 40,603$ (74,420)$ 100%-65% Other 66,609$ 64,286$ 76,219$ (2,323)$ (11,932)$ 97%-16% Total Expenditures Excluding Debt 2,293,758$ 2,357,170$ 2,314,911$ 63,413$ 42,259$ 103%2% Surplus (Deficit) of Revenue Over Expenditures Excluding Debt $1,888,542 $2,417,843 $1,886,064 529,301$ 531,779$ 128%28% 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 1,545,000$ 1,545,000$ 1,545,000$ -$ -$ 100%0% Interest 832,000$ 825,374$ 838,250$ (6,626)$ (12,876)$ 99%-2% Issuance Costs -$ -$ -$ -$ -$ 0%0%BAN Costs, Principal, Interest -$ -$ -$ -$ -$ 0%0%Other -$ -$ -$ -$ -$ 0%0%Total Debt Service $2,377,000 $2,370,374 $2,383,250 (6,626)$ (12,876)$ 100%-1% Total - Surplus (Deficit) of Revenue Over All Operating Expenditures*-$488,458 $47,470 -$497,186 535,927$ 544,655$ -10%-110% 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 Subsidy -$ -$ -$ -$ -$ 0%0% General Fund Free Cash Subsidy -$ -$ -$ -$ -$ 0%0% Voted Use of Certified Retained Earnings 386,630$ -$ 497,186$ -$ (497,186)$ 0%0% 2013 Encumbrance Carryforward 101,828$ -$ -$ -$ -$ 0%0% Total Other Financing Source $488,458 $0 $497,186 $0 -$497,186 0%0% -$ 47,470$ (0.00)$ 47,470$ 47,470$ 100%100% BENCHMARKS % of Debt to Operating Expense Policy 12%12%12%% of Actual Debt to Operating Expense 51%50%51% Certified Retained Earnings 780,143$ % of Certified Retained Earnings Used for Operations 49.6% % 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 Wannacomet 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 $3,964,934 $521,946 $- $60,155 $18,650 $10,273 $112,124 $4,800 $52,500 $29,632 Water Use Fee Water Connection Fee Cross Connection Device Test Fee Late Payment Service Fee Rental Income Interest on Investments Contract Services- Sewer Revenue- Outside Billing Contract Services- Siasconset Water Transfer Fee 1. Completed $1,200,000 in infrastructure improvements as part of Sewer Phase 11-B Project 2. Completed upgrade of meter reading system 3. Completed Hummock Pond Road Water Main Extension 4. Hummock Pond Road Water Main Extension Connection Fees generated over $280,000 5. Implementation of Cross Connection Test Fee postponed to FY 2015.