08-01-1994 WS - Laserfiche WebLink

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ENTERPRISE FUNDS Surface Water Management Surface Water Management Fees of $122,808 are estimated to be collected from user fees in 1995. That amount is sufficient to offset budgeted expenditures of $94,625. Street Light Utility Revenues of the Street Light Utility for 1995 are estimated to be $59,258. Budgeted expenditures of $61,613 include the operation and maintenance of the City's Street Light System as well as the installation of 15 new street lights. As a consequence of lower than anticipated expenditures in 1992 and 1993, the Council lowered the rates and intends to return excess revenues of those years to users. An excess of expenditures over revenues of $2,355 is predicted for 1995. Water Utility Water sales for 1995 are based upon a three year average of 429 million gallons as sales have varied from 405 million gallons to 463 million gallons. Sales are greatly effected by weather; a hot summer vs. a cool one and/or rainfall, Following recommendations of a consultant's study at the time the water revenue bonds were issued a five cent rate increase for 1995 is proposed. The new rate of $1.20 would produce $515,112 in water sales. Interest income of $54,409 is based on the monthly average cash balance of the fund and assumes a rate of return of 3.25%. Use of retained earnings provides the cash necessary for debt service not generated by current income per the consultant's study. Total Revenues of $630,134 are projected for 1995. Expenditures of the Water Utility have been placed into three program budgets. Administration consists of utility billing activities and supervision of water operations. Utility and Equipment Maintenance accounts for water system and equipment maintenance. Water Production accounts for the costs of pumping, treating, and delivering water to the Utility's customers. Personnel services in Administration have increased substantially. This is the result of budgeting the Division secretary's salary in Administration when it had formerly been budgeted in Operations. Debt service on the Water Bonds is lower than 1994 due to the issuance of the Water Refunding Bonds in 1994. Contingency of $15,000 has been budgeted for the Water Utility. Past practice has been to transfer, at year end, any unused contingency to a Designation of Retained Earnings for Main Breaks. The Designated amount would be available in the event of a large and/or costly water main break. Total Expenses of the Water Utility are estimated to be $626,938 in 199$. A projected net income of $3,196 is estimated for 1995.