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Water P&L <br />The trend from last month continues with Water Sales down 27% this month compared to <br />last year, but year-to-date sti112% ahead because of increased usage in prior months. The <br />Investment Income is increased over last year due to the bond refunding escrow accounts <br />earning interest. Connection Fees continue to be down. Miscellaneous Revenue this <br />month of $2,131 was for bulk water sales. <br />Production Expense is higher this year as there has been more work done by staff on <br />maintenance in this area. Pumping Expense is down this month but increased over last <br />year in the accumulated total. The larger accumulated total is a result of SCADA system <br />issues and increased electricity costs to pump the wells. Distribution expense is down as <br />staff focus has been more on production this year (increase in production expense noted <br />above.) Remaining expenses are comparable to last year and in line with budget. <br />Administrative expense includes a $14,000 downward adjustment for schools and <br />meetings due to an over-allocation in prior months. <br />This month is where we turn the corner and show a net profit, both for the month and <br />year-to-date. This was the case last year as well, although 2008's margin was greater by <br />44%. Net Income year-to-date is down from last year by 38%. The Cash Flow Detail <br />report projects net income down slightly from budget, however, reduced capital project <br />expenditures netting a very positive number to be able to contribute to reserves. <br />2.0 <br />