Here’s the final summary (and links to the detail account reports) for Fiscal Year 2022. (Next report will be FYQ1 2023, to be published in October).
COMMENTS:
— Good year, financially.
— Our changes to billing rates added a bit more Operations income than budgeted.
— Staffing costs were higher than planned at the beginning of the year, but in line with expectations post-reorganization.
— Business Ops a bit high due to legal fees, though under budget on other items.
— System Ops in line with plan. (Under budget because all of Small Water System Plan not billed, yet.)
— Taxes below plan reflects no KingCo Franchise Fee (yet.)
— You’ll see that Transfer to Sys Replacements was increased to $40k vs budgeted $30k. That’s how the board decided to allocate the surplus funds (carried over from 2021) in the Operations Fund.
— We essentially didn’t spend any money on System Replacements — good for our bank accounts, but projects were pushed to this year.
— Billing income (Inactive Shares) for Capital Improvements (System Enhancements) was slightly below plan, with the loss of a couple Inactive Shareholders. Higher reported income is due to additional billings for new installations.
— $10k income for the Cap Improvement Fund from selling a new share (first time in a long time!) is really good to see.
— However, with projects costs we ended the year with a greater deficit than we planned. (Just call us “Congress”!)
— Ending the year with about $330k in total cash across all 4 funds is “ok” — but we need to take a serious look at rebuilding our Capital Improvement (now known as “System Enhancement”) fund.
Overall, Dockton Water Association made many improvements in operations and management, this year, coupled with steady financial results. This further stabilizes us for continued progress!
Detail Reports from Quickbooks:
Contact me with any questions/comments: Todd, 206-696-1216, twcurrie@yahoo.com