Financial Summary – October 2020

No surprises in October financials. You’ll note that “Business Operations” costs were low compared to 2019, but that’s just the timing of the big insurance premium that was paid in October, last year. We paid it in September, this year.

Looking at YTD, and using 33% of budget (1/3 of year) as your benchmark, you’ll see that Income is a bit high (greater water use in summer months), Business Operations is high (our biggest expense, Insurance, already paid — and we’ve already paid for the CPA to file our “Tax” return to the IRS which is another of our large annual costs), and Systems Operations is just a bit high (due to a few small unscheduled maintenance costs). It may turn out that we’ll end the year slightly over budget for Business Operations — probably the biggest swing factor left is the size of any additional legal bills for the KingCo RoW suit legal fees, TBD.

We have the big bulk of our Operating Gain (running at 60%) already booked, which reflects our summer higher income/billings when we get ahead on our budget. Much of the difference in the “Ending Balance” of the Operating Fund is simply the PPP Loan that we did not initially include in the budget.

In Capital Improvements you’ll see that costs for the Filtration Plant are coming in, as expected.

In Actual Bank Balances section of the Reconciliation you’ll note that we no longer have any funds at Chase. These monies have been transferred to Kitsap. Note: we have not yet tapped the $250,000 loan facility. The accounts at Chase are closed and I will remove these accounts from this report, next month. (Reminder: it was the “national” underwriters department at Chase that denied us a reasonable loan. Small Business and Non-Profits are considered very poorly by Chase management, regardless of the quality of a long-term, high-balance account like Dockton Water. Fallout — I believe — from the “too big to fail” protection extended to big banks by our federal government.)

Detail Reports from Quickbooks _{(click below)}

Note: I have renamed our monthly detail reports as “Fund Flows” as this is a better description of our traditional management report format than “Profit & Loss” statement.

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Contact me with any questions/comments: Todd, 206-696-1216