Well, we’ve finished the big year of building the Filtration Plant in pretty good shape, all in all. We budgeted to end the year with $230k in reserves. In March, I forecasted we might end with $303k. We actually ended the year with over $330k! Along the way you’ll see that our income came in as expected (Operations income 101% of plan, Capital Improvement income at $104% of plan.) We knew that Business Operations costs would run high primarily due to legal fees for the Franchise Fee battle and higher IT costs. Finishing at just 16% over budget is good performance. Systems Operations costs were held tight despite high energy and chemical treatments costs. However, most of the explanation for finishing at just 55% of Systems Operations budget is due to us not using much of the supplementary budget approved to update and complete the Small Water System Plan. (These costs will hit us in this new year.)
We only spent (invested) 7% of the annual budget provided for System Replacements. This was intentional as we could not pursue the Hake-Manzanita connection and we held back on discretionary projects until the Filtration Plant was completed. Costs in the Capital Improvement Fund were primarily the Filtration Plant. The cost number we put in our budget, well before bidding the project, does not reflect the actual bids that came in later. So we are “over budget” despite the fact that quality work was performed and billed in line with the final bid we accepted — a well managed project! In fact, we exceeded the budget for Capital Improvements costs by just 20% / $80,000 instead of the $150k shortfall we faced when we started the project. (Part of this was covered by increasing our loan from Kitsap Bank to $250k instead of taking just $200k.)
Our ending fund balances are closely in line with the starting balances approved in our 2022 budget. So, we are in a good position to execute to plan.
It’s a relief to finish the year with a major project completed, good cash in the bank, consistent billable income (water sales), and well-managed operational and capital costs. Hats off to the staff and board for a good year! (And, of course, to all our shareholders who responsibly use water and pay their bills!)
THANK YOU!
Detail Reports directly from Quickbooks (click on file name below)
You can tadalafil price easily take the drug after a meal without worrying about your performance being effected. Soft tablets are the chewable pills and have been specifically formulated for men who have difficulty swallowing tablets, cialis fast shipping while jellies are meant for people who look for faster acting gel medicines for impotence. So always stay aware about these harmful adverse reactions and 100mg tablets of viagra try to go through the prescribed manner to prevent such conditions. There can be many different aspects for this such as age, stress, cialis brand online fatigue and also psychological health.
Contact me with any questions/comments: Todd, 206-696-1216, twcurrie@yahoo.com