Here’s the financial summary for May, 2020. Overall, revenues are trending below our plan, but our operational expenses are also lower than plan.
- Billed water use in May was 186000cf vs a plan of 276000cf. That’s 30% less than expected. Was May that wet and cool? Or, COVID has kept part-timers off island?
- Operations costs were higher than budget in May due to legal fees for the KingCo RoW case, a septic pumpout, and diesel fuel for the new generator.
- We made final payment for the Office Remodel. In total, we invested $60,000 split between System Replacement and Capital Improvement.
- office remodel costs: we did much more work and at higher quality than originally planned. Board approved the expansion of the scope and budget.
- We received $21,599 via the Payroll Protection Plan. We have maintained our payroll, so we expect to convert this loan will to a grant.
- This PPP “income” takes us from breakeven in Operations to a “surplus”. We can keep this in the Operations Fund or consider a transfer to another fund.
Detail Reports from Quickbooks
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