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City of Lino Lakes
<br />Water Fund Budget to Actual (Unaudited)
<br />For the Quarter Ended March 31, 2023
<br />Budget Actuals Prior Year Variance -
<br />Annual Thru Thru Thru Favorable
<br />Budget 03/31/2023 03/31/2023 03/31/2022 (Unfavorable)
<br />Revenues
<br />Water Hook Up Charge 41,250$ 10,313$ 5,250$ 6,500$ (1,250)$
<br />Water Meter Sales 50,000 12,500 25,010 14,524 10,486
<br />Irrigation Controller Sales 5,000 1,250 140 1,350 (1,210)
<br />Interest On Investments 50,000 12,500 30,237 (151,435) 181,672 (1)
<br />Change in FV of Investments - - 52,599 - 52,599 (1)
<br />Miscellaneous Revenue 1,800 450 120 494 (374)
<br />Flat Water Charge 441,420 110,355 95,156 71,151 24,005 (2)
<br />Water Sales 1,308,841 327,210 174,132 163,343 10,789
<br />Penalty 22,000 5,500 8,901 5,077 3,824
<br />Sale of Fixed Assets - - 977 - 977
<br /> Total Revenues 1,920,311 480,078 392,522 111,004 281,518
<br />Expenditures
<br />Personal Services 403,260 100,815 85,800 65,875 (19,926)
<br />Supplies 357,000 89,250 25,450 49,249 23,799 (3)
<br />Services & Charges 316,587 79,147 63,320 48,941 (14,379)
<br />Contractual Services 65,495 16,374 1,680 1,412 (268)
<br />Capital Outlay - - (10,456) 36,832 47,288 (4)
<br />Transfers Out 980,020 245,005 - - -
<br /> Total Expenditures 2,122,362 530,591 165,794 202,309 36,514
<br />Revenues Over
<br />(Under) Expenditures (202,051)$ (50,513)$ 226,727$ (91,305)$ 318,033$
<br />Item Explanation of items with variance greater than $20,000
<br />(1)Interest rates are favorable and surpassing budget expectations. Portfolio market yield is 4.49% compared to 1.63% at
<br />March 31, 2022. In 2022, negative interest resulted from unrealized losses on investments. Unrealized losses reflect a decrease
<br />in the value of an investment that an investor holds due to rising interest rates. In 2023, a change in accounting practice
<br />occurred and the change in fair value of investments is broken out from interest earnings.
<br />(2)Increase in water rates combined with an increase in accounts. The Flat Water Charge increased from $10/Quarter/REU to
<br />$15/Quarter/REU in Q1 2023 due to financing a Water Treatment Plant. In addition, there were 5,637 accounts in Q1 2023
<br />compared to 5,423 in Q1 2022.
<br />(3)Favorable variance due to irrigation controllers purchased in April in the current year compared to February of the previous
<br />year (timing difference).
<br />(4) Variance from prior year due to timing of capital projects and purchases. Retainage payable at 12/31/2022 on the Water Tower
<br />#2 Rehabilitation Project was reversed in January 2023 and has not yet been remitted to the contractor. In the prior year, a
<br />Utilities vehicle (50% charged to Sewer) was replaced.
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