With July, we start a new fiscal year. The Beginning Balance of each Fund as shown in the YTD “Actual” column is the book balance reported at the end of last fiscal year (30 June 2021). The Beginning Balance in the Budget column is the balance we forecasted when we approved the budget earlier in the Spring. As you can see, we essentially “landed the plane” as planned, except you’ll note that we used $30k more than expected from Capital Improvements to complete the Filtration Plant — taking the fund to negative $89k instead of negative $60k. Actual Cash in the Bank at the end of July (see bottom of “Reconciliation”) is almost $300k. That’s a good buffer of reserves for us to build from.
For July Operations, you’ll see that income is higher than last year, $22.6k vs $19k. This reflects slightly more water usage and the new rate plan that brings 50% of the new base rate for Reserve Shares into Operations plus the increase in the usage fee per cf. The staffing cost increase is due to the approved compensation changes. Nearly all the “Business Operations” costs in July are legal fees for the Franchise Fee fight. (!) Looks like we will outspend our Legal Fees budget, this year, by the time this is wrapped up. “Systems Operations” had surprisingly low Electricity cost (maybe a question of bill timing?) and low Unscheduled Costs compared to last year.
Important to call out is that I have incorporated the “special budget” approved by Shareholders into this year’s “Systems Operations” budget. Last September we were authorized to spend $22,000 for engineering consulting services to update and complete our Small Water System Management Plan. It turns out that this project was still on-going and not yet billed when the 2021 fiscal year ended. Although we did budget $7,000 in the new fiscal year, anticipating that the project would not be complete, I have now carried over $15,000 of the special appropriation to this year’s budget (making a total of $22,000) since the entire project will be billed in the 2022 fiscal year.
Are you comfortable with the format of this report? I plan on using this same format for monthly financials again this year. Account-level details will still be available by opening the links to the .pdf output from Quickbooks. Let me know any improvements you’d appreciate for this monthly reporting.
Detail Reports directly from Quickbooks (click on file name below)
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