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City of Lino Lakes
<br />Water Fund Budget to Actual (Unaudited)
<br />For the Quarter Ended March 31, 2024
<br />Budget Actuals Prior Year Variance -
<br />Annual Thru Thru Thru Favorable
<br />Budget 03/31/2024 03/31/2024 03/31/2023 (Unfavorable)
<br />Revenues
<br />Water Hook Up Charge 41,250$ 10,313$ 7,000$ 5,250$ 1,750$
<br />Water Meter Sales 100,000 25,000 17,116 25,010 (7,893)
<br />Irrigation Controller Sales 5,000 1,250 45 140 (95)
<br />Interest On Investments 50,000 12,500 39,105 30,237 8,868
<br />Change in FV of Investments - - 7,769 52,599 (44,830) (1)
<br />Miscellaneous Revenue 1,800 450 405 120 285
<br />Flat Water Charge 601,760 150,440 137,268 95,156 42,112 (2)
<br />Water Sales 1,450,533 362,633 184,633 174,132 10,501
<br />Penalty 34,000 8,500 9,687 8,901 786
<br /> Total Revenues 2,284,343 571,086 403,028 391,545 11,483
<br />Expenditures
<br />Personal Services 415,378 103,845 86,577 85,800 (777)
<br />Supplies 387,000 96,750 75,681 25,450 (50,231) (3)
<br />Services & Charges 356,257 89,064 87,672 63,320 (24,352) (4)
<br />Contractual Services 12,995 3,249 3,177 1,680 (1,496)
<br />Capital Outlay 157,500 39,375 - (10,456) (10,456)
<br />Transfers Out 731,760 182,940 - --
<br /> Total Expenditures 2,060,890 515,223 253,106 165,794 (87,312)
<br />Revenues Over
<br />(Under) Expenditures 223,453$ 55,863$ 149,922$ 225,751$ (75,829)$
<br />Item Explanation of items with variance greater than $20,000
<br />(1) Interest rates are favorable and surpassing budget expectations. Portfolio YTM is 4.87% compared to 4.49% at
<br />March 31, 2023. A net unrealized gain on investments is still reported in the current year, although at a lesser amount
<br />than the previous year due to stability in the interest rate.
<br />(2) Increase in water rates combined with an increase in accounts. The Flat Water Charge increased from $15/Quarter/REU to
<br />$20/Quarter/REU in Q1 2024 due to financing a Water Treatment Plant. In addition, there were 5,802 accounts in Q1 2024
<br />compared to 5,637 in Q1 2023.
<br />(3) The supply chain for water meters has continued to be delayed after the COVID-19 Pandemic. Meters are purchased when
<br />available from the supplier.
<br />(4) Unfavorable variance due to an increase in the cost of the MN Department of Natural Resources Appropriation Permit combined
<br />with the legal costs for the contested permit.
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