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City of Lino Lakes
<br />Water Fund Budget to Actual (Unaudited)
<br />For the Quarter Ended September 30, 2023
<br />Budget Actuals Prior Year Variance -
<br />Annual Thru Thru Thru Favorable
<br />Budget 09/30/2023 09/30/2023 09/30/2022 (Unfavorable)
<br />Revenues
<br />Penalties & Interest -$ -$ 46$ 23$ 24$
<br />Water Hook Up Charge 41,250 30,938 22,250 28,270 (6,020)
<br />Other Grants - - 4,895 - 4,895
<br />Water Meter Sales 50,000 37,500 72,147 61,113 11,034
<br />Irrigation Controller Sales 5,000 3,750 3,715 3,420 295
<br />Interest On Investments 50,000 37,500 88,824 (287,035) 375,859 (1)
<br />Change in FV of Investments - - 32,555 - 32,555 (1)
<br />Miscellaneous Revenue 1,800 1,350 2,335 919 1,416
<br />Refunds & Reimbursements - - 247 10,894 (10,647)
<br />Flat Water Charge 441,420 331,065 320,493 215,643 104,850 (2)
<br />Water Sales 1,308,841 981,631 1,212,728 929,385 283,343 (2)
<br />Penalty 22,000 16,500 30,636 20,809 9,826
<br />Sale of Fixed Assets - - 977 - 977
<br /> Total Revenues 1,920,311 1,440,233 1,791,847 983,441 808,406
<br />Expenditures
<br />Personal Services 403,260 302,445 238,817 233,861 (4,956)
<br />Supplies 357,000 267,750 300,273 250,919 (49,354) (3)
<br />Services & Charges 316,587 237,440 285,742 250,188 (35,554) (4)
<br />Contractual Services 65,495 49,121 9,689 7,007 (2,682)
<br />Capital Outlay - - 41,284 1,049,841 1,008,557 (5)
<br />Transfers Out 980,020 735,015 - - -
<br /> Total Expenditures 2,122,362 1,591,772 875,804 1,791,816 916,012
<br />Revenues Over
<br />(Under) Expenditures (202,051)$ (151,538)$ 916,043$ (808,375)$ 1,724,418$
<br />Item Explanation of items with variance greater than $20,000
<br />(1) Interest rates are favorable and surpassing budget expectations. See Investments Summary for Portfolio YTM. In 2023,
<br />a change in accounting practice occurred and the change in fair value of investments is broken out from interest earnings.
<br />Due to rising interest rates in 2022, unrealized losses on investments were greater than interest earnings.
<br />(2) Increase in water rates combined with an increase in accounts. The Flat Water Charge increased from $10/Quarter/REU in 2022
<br />to $15/Quarter/REU in 2023 due to the planned construction of a Water Treatment Plant. In addition, there were 5,708 accounts
<br />in Q3 2023 compared to 5,545 in Q3 2022.
<br />(3) Water Meters and Chemicals are driving the unfavorable variance. Water Meters are within the annual budget and are purchased
<br />as needed to meet new construction needs. In 2022, Water Meters were hard to get as supply chains were still interrupted from
<br />the COVID-19 Pandemic. Chemicals are over the annual budget, but the 2024 annual budget is increasing to accommodate. The
<br />unfavorable variances are partially offset by a favorable variance in Maintenance Supplies.
<br />(4) Municipal Attorney and Engineer have unfavorable variances due to the expenses incurred in 2023 for the DNR Water
<br />Appropriation Permit Contested. Insurance and Electricity are also higher in 2023.
<br />(5) Variance from prior year due to timing of capital projects and purchases. The Water Tower #2 Rehabilitation Project wrapped
<br />up in 2023 and a Towable Generator (50% charged to Sewer) budgeted for in 2022 was purchased in 2023. In the prior year, a
<br />Utilities vehicle (50% charged to Sewer) was replaced along with project costs incurred for the Water Tower #2 Rehabilitation.
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