No surprises in February. We are 67% through the Fiscal Year and Income and Staffing Costs are on target. Biz Ops was high in Feb due to Legal Fees for the RoW challenge and Dave’s professional training costs. We also loaded up our Postage account and made a necessary postage meter upgrade. On a YTD basis, Biz Ops is way ahead of a straight-line budget due to timing of big expenses, last Fall. We’ll finish the year just a bit over budget, unless we have more, big legal fees. Systems Ops again had a relatively low-cost month — no unscheduled maintenance. We are beginning to get bills for the consulting work on the Small Water System Plan and energy costs are consistently high. So, we’ll be gaining on that annual budget (but we’ll finish under budget since the entire consulting fees for the system plan will not be completed this fiscal year.) Of course, no RoW fee is keeping us well under budget for Taxes. (Note: the Board’s prior discussion has been that once we know the net RoW fee, after any deductions we could qualify for, we anticipate passing this through on monthly bills as a new tax item. TBD.)
Bigger bills are coming through for the Filtration Plant — including construction costs and the elaborate telemetry system that automates some of system management and provides load balancing between the water sources and storage. Continued project costs are expected to remain in line with the bid (which exceeded our earlier-established budget.) At our March Board meeting we will decide whether to tap the entire $250k loan we qualified for at Kitsap Bank, or squeeze by with the $200k as envisioned in our early budget. The trade off will be whether to drain the System Replacement Fund and leaving less reserves for a few years but recuperate a quicker with a lower loan payment. Or, keep more of a cushion in our reserves and budget for the easily manageable higher loan payment. Really, both options are good.
Accounts Payable (in the table on the right) is really high — due to construction bills that carried over from February to March. These bills have been paid in the meantime.
Detail Reports from Quickbooks (click below)
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