|
City of Lino Lakes
<br />Sewer 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 -$ -$ 47$ 23$ 24$
<br />Sewer Hook Up Charge 33,000 24,750 18,630 23,060 (4,430)
<br />Other Grants - - 51,953 - 51,953 (1)
<br />Interest On Investments 80,000 60,000 154,252 (463,198) 617,450 (2)
<br />Change in FV of Investments - - 55,422 - 55,422 (2)
<br />Sewer Sales 1,827,010 1,370,258 1,496,390 1,405,917 90,473 (3)
<br />Penalty 26,000 19,500 29,123 21,383 7,740
<br />Sale of Fixed Assets 500 375 977 - 977
<br /> Total Revenues 1,966,510 1,474,883 1,806,793 987,185 819,608
<br />Expenditures
<br />Personal Services 416,456 312,342 249,766 242,133 (7,632)
<br />Supplies 62,000 46,500 8,726 51,783 43,058 (4)
<br />Services & Charges 302,177 226,633 258,995 184,766 (74,229) (5)
<br />Contractual Services 1,248,109 936,082 1,031,020 910,322 (120,698) (6)
<br />Capital Outlay 35,000 26,250 5,570 202,875 197,306 (7)
<br />Operating Transfers 225,420 169,065 - - -
<br /> Total Expenditures 2,289,162 1,716,872 1,554,076 1,591,880 37,804
<br />Revenues Over
<br />(Under) Expenditures (322,652)$ (241,989)$ 252,718$ (604,695)$ 857,413$
<br />Item Explanation of items with variance greater than $20,000
<br />(1) Grant received from Met Council Environmental Services for inflow/infiltration in 2023.
<br />(2) 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 />(3) Increase in sewer rates combined with an increase in accounts.
<br />(4) Favorable variance due to pump replacements in 2022 which did not occur in 2023.
<br />(5) Unfavorable variance due to professional services within budget in current year but expenses incurred for cleaning and
<br />televising sewer lines and lift station upgrades and repairs.
<br />(6) Met Council Environmental Services Sewer Charges increased 7% in 2023. Also contributing to the variance is Contracted
<br />Services for Manhole Rehabilitation. Both of these items were budgeted in 2023.
<br />(7) Variance from prior year due to timing of capital projects and purchases. The East Shadow Lake Drive Inflow & Infiltration
<br />Project wrapped up in 2023 and a Towable Generator (50% charged to Water) budgeted for in 2022 was purchased in 2023. In
<br />the prior year, a Utilities vehicle (50% charged to Water) was replaced along with project costs incurred for East Shadow Lake
<br />Drive.
<br />77
|