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HomeMy WebLinkAbout2023-10-05 - Resolution No. 2023-28RESOLUTION NO. 2023-28 RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA LINDA WATER DISTRICT ADOPTING THE AMENDED OPERATING BUDGET FOR FISCAL YEAR 2023-24 AND RESCINDING RESOLUTION NO. 2023-13 WHEREAS, WHEREAS, NOW THEREFORE BE IT RESOLVED PASSED AND ADOPTED th Resolution No. 2023-28 Adopting the Amended Operating Budget for Fiscal Year 2023-24 AMENDED FINANCIAL SUMMARIES Fiscal Year 2023-24 Budget (Adopted October 5, 2023) Amended Financial Summaries | Fiscal Year 2023-24 Budget 1 WATER & SEWER ENTERPRISE Operating Budget for FY 2023-24 FY22 Actual FY23 Budget FY23 Projections FY24 Budget Revenue (Operating): Water Revenue (Residential) $ 15,861,493 $ 16,933,387 $ 14,756,075 $ 19,683,344 Water Revenue (Commercial & Fire Det.) 1,606,688 1,737,255 1,639,577 2,016,621 Water Revenue (Landscape/Irrigation) 3,839,467 4,046,832 3,640,243 4,769,326 Service Charges 13,358,664 14,720,797 14,729,859 16,076,351 Property Tax - CFC Charges 2,940,151 3,103,900 3,300,357 3,597,389 PFAS Impact Fee 889,401 - - - Sewer Charge Revenue 2,870,431 3,115,771 3,077,368 3,582,947 Sewer Parcel Assessments 333,965 363,158 356,954 410,497 Other Operating Revenue 1,311,232 1,287,829 1,297,318 1,327,217 Total Operating Revenue 43,011,492 45,308,929 42,797,751 51,463,692 Revenue (Non-Operating): Interest 179,375 106,925 740,623 948,000 Property Tax 2,157,211 2,095,000 2,351,079 2,402,796 Other Non-Operating Revenue 174,376 692,942 1,313,772 735,458 Total Non-Operating Revenue 2,510,962 2,894,867 4,405,474 4,086,254 Total Revenue $ 45,522,454 $ 48,203,796 $ 47,203,225 $ 55,549,946 Expenses (Operating): Variable Costs Water-Related Costs $ 17,635,438 $ 13,656,768 $ 11,046,823 $ 14,576,854 Fixed Costs 1,668,633 1,839,855 1,850,950 2,242,467 Power-Related Costs 1,299,314 2,189,451 2,934,621 3,071,848 Variable Water Costs Related Expenses Total 20,603,385 17,686,074 15,832,394 19,891,169 Salary Related Expenses 11,016,220 13,636,809 12,501,986 14,784,672 Reduction for Capital Project Labor -(405,000)-(408,000) Salary Related Expenses Total 11,016,220 13,231,809 12,501,986 14,376,672 Supplies & Services: Board Election -137,000 90,206 - Communications 126,854 193,000 195,555 240,240 Contractual Services 601,462 620,039 651,993 721,531 Data Processing 275,125 416,614 402,790 539,950 District Activities, Emp Recognition 32,157 45,500 49,406 68,495 Dues & Memberships 97,803 97,522 93,536 125,625 Fees & Permits 396,274 467,990 457,431 499,300 Insurance 279,465 434,590 379,300 485,000 Maintenance 1,418,058 1,527,900 1,819,170 2,044,400 Materials* 886,544 2,377,300 1,302,394 2,468,792 Non-Capital Equipment 206,427 211,300 231,502 328,100 Office Expense 38,173 42,300 42,936 47,550 Professional Services 1,170,752 1,728,760 1,721,583 1,569,770 Training 40,829 83,150 51,819 75,893 Travel & Conferences 22,631 102,780 45,880 104,720 Uncollectible Accounts 18,114 10,000 25,000 15,000 Utilities 185,453 224,000 382,874 400,000 Vehicle Expenses 501,601 538,550 701,372 755,400 Supplies & Services Sub-Total 6,297,722 9,258,295 8,644,747 10,489,766 Total Operating Expenses 37,917,327 40,176,178 36,979,127 44,757,607 Expenses (Non-Operating): Interest Expense 1,249,313 2,436,750 2,092,379 2,604,419 Other Expense 21,141 18,135 391,555 18,625 Total Non-Operating Expenses 1,270,454 2,454,885 2,483,934 2,623,044 Total Expenses $ 39,187,781 $ 42,631,063 $ 39,463,061 $ 47,380,651 Net Income Before Capital Contributions $ 6,334,673 $ 5,572,733 $ 7,740,164 $ 8,169,295 Capital Contributions 289,612 -25,466,436 - Net Income Before Depreciation 6,624,285 5,572,733 33,206,600 8,169,295 Depreciation 7,935,696 9,500,000 9,038,130 9,379,000 Income (Loss) $ (1,311,411) $ (3,927,267) $ 24,168,470 $ (1,209,705) *PFAS Treatment Plant O&M cost sharing with OCWD Amended Financial Summaries | Fiscal Year 2023-24 Budget 2 WATER ENTERPRISE Operating Budget for FY 2023-24 FY22 Actual FY23 Budget FY23 Projections FY24 Budget Revenue (Operating): Water Revenue (Residential) $ 15,861,493 $ 16,933,387 $ 14,756,075 $ 19,683,344 Water Revenue (Commercial & Fire Det.) 1,606,688 1,737,255 1,639,577 2,016,621 Water Revenue (Landscape/Irrigation) 3,839,467 4,046,832 3,640,243 4,769,326 Service Charges 13,358,664 14,720,797 14,729,859 16,076,351 Property Taxes - CFC Charges 2,940,151 3,103,900 3,300,357 3,597,389 PFAS Impact Fee 889,401 - - - Other Operating Revenue 1,123,730 1,171,574 1,204,799 1,252,987 Total Operating Revenue 39,619,594 41,713,745 39,270,910 47,396,018 Revenue (Non-Operating): Interest 143,190 70,200 606,368 780,000 Property Taxes 2,157,211 2,095,000 2,351,079 2,402,796 Other Non-Operating Revenue 89,363 659,672 1,216,777 718,823 Total Non-Operating Revenue 2,389,764 2,824,872 4,174,224 3,901,619 Total Revenue $ 42,009,358 $ 44,538,617 $ 43,445,134 $ 51,297,637 Expenses (Operating): Variable Water Costs (G.W., Import & Power) Water-Related Costs $ 17,635,438 $ 13,656,768 $ 11,046,823 $ 14,576,854 Fixed Costs 1,668,633 1,839,855 1,850,950 2,242,467 Power-Related Costs 1,299,314 2,189,451 2,934,621 3,071,848 Variable Water Costs Related Expenses Total 20,603,385 17,686,074 15,832,394 19,891,169 Salary Related Expenses 9,230,304 11,703,642 10,481,360 12,523,119 Reduction for Capital Project Labor -(344,250)-(367,200) Salary Related Expenses Total 9,230,304 11,359,392 10,481,360 12,155,919 Supplies & Services Board Election -116,450 76,675 - Communications 107,981 166,307 169,665 210,004 Contractual Services 534,009 541,358 574,773 634,152 Data Processing 236,946 361,462 346,478 463,532 District Activities, Emp Recognition 27,340 38,677 41,995 58,223 Dues & Memberships 83,144 82,932 79,506 106,833 Fees & Permits 361,468 416,062 410,392 444,853 Insurance 237,545 369,402 322,405 412,250 Maintenance 1,105,701 1,122,055 1,427,186 1,467,855 Materials* 829,497 2,313,020 1,226,684 2,383,837 Non-Capital Equipment 148,701 151,105 161,379 253,285 Office Expense 32,447 35,956 36,509 40,418 Professional Services 966,622 1,560,430 1,563,517 1,417,133 Training 29,151 69,748 36,509 62,396 Travel & Conferences 19,310 85,199 38,998 86,462 Uncollectible Accounts 14,700 8,500 21,250 12,750 Utilities 158,342 190,400 325,443 340,000 Vehicle Expenses 418,570 473,350 629,802 676,400 Supplies & Services Sub-Total 5,311,474 8,102,413 7,489,166 9,070,383 Total Operating Expenses 35,145,163 37,147,879 33,802,920 41,117,471 Expenses (Non-Operating) Interest on Long Term Debt 1,249,313 2,436,750 2,092,379 2,604,419 Other Expense 2,440 12,350 388,278 12,325 Total Non-Operating Expenses 1,251,753 2,449,100 2,480,657 2,616,744 Total Expenses $ 36,396,916 $ 39,596,979 $ 36,283,577 $ 43,734,215 Net Income (Loss) Before Capital Contributions $ 5,612,442 $ 4,941,638 $ 7,161,557 $ 7,563,422 Capital Contributions 176,963 -25,050,300 - Net Income (Loss) Before Depreciation 5,789,405 4,941,638 32,211,857 7,563,422 Depreciation 6,442,545 8,005,000 7,524,955 7,690,000 Income (Loss) $ (653,140) $ (3,063,362) $ 24,686,902 $ (126,578) *PFAS Treatment Plant O&M cost sharing with OCWD Amended Financial Summaries | Fiscal Year 2023-24 Budget 3 SEWER ENTERPRISE Operating Budget for FY 2023-24 FY22 Actual FY23 Budget FY23 Projections FY24 Budget Revenue (Operating): Sewer Charge Revenue $ 2,870,431 $ 3,115,771 $ 3,077,368 $ 3,582,947 Sewer Parcel Assessments (Locke Ranch) 333,965 363,158 356,954 410,497 Other Operating Revenue 187,502 116,255 92,519 74,230 Total Operating Revenue 3,391,898 3,595,184 3,526,841 4,067,674 Revenue (Non-Operating): Interest 36,185 36,725 134,255 168,000 Other Non-Operating Revenue 85,013 33,270 96,995 16,635 Total Non-Operating Revenue 121,198 69,995 231,250 184,635 Total Revenue $ 3,513,096 $ 3,665,179 $ 3,758,091 $ 4,252,309 Expenses (Operating): Salary Related Expenses $ 1,785,916 $ 1,933,167 $ 2,020,626 $ 2,261,553 Reduction for Capital Project Labor -(60,750)-(40,800) Salary Related Expenses Total 1,785,916 1,872,417 2,020,626 2,220,753 Supplies & Services Board Election -20,550 13,531 - Communications 18,873 26,693 25,890 30,236 Contractual Services 67,453 78,681 77,220 87,379 Data Processing 38,179 55,152 56,312 76,418 District Activities, Emp Recognition 4,817 6,823 7,411 10,272 Dues & Memberships 14,659 14,590 14,030 18,792 Fees & Permits 34,806 51,928 47,039 54,447 Insurance 41,920 65,188 56,895 72,750 Maintenance 312,357 405,845 391,984 576,545 Materials 57,047 64,280 75,710 84,955 Non-Capital Equipment 57,726 60,195 70,123 74,815 Office Expense 5,726 6,344 6,427 7,132 Professional Services 204,130 168,330 158,066 152,637 Training 11,678 13,402 15,310 13,497 Travel & Conferences 3,321 17,581 6,882 18,258 Uncollectible Accounts 3,414 1,500 3,750 2,250 Utilities 27,111 33,600 57,431 60,000 Vehicle Expenses 83,031 65,200 71,570 79,000 Supplies & Services Sub-Total 986,248 1,155,882 1,155,581 1,419,383 Total Operating Expenses 2,772,164 3,028,299 3,176,207 3,640,136 Expenses (Non-Operating): Other Expense 18,701 5,785 3,277 6,300 Total Non-Operating Expenses 18,701 5,785 3,277 6,300 Total Expenses $ 2,790,865 $ 3,034,084 $ 3,179,484 $ 3,646,436 Net Income (Loss) Before Capital Contributions $ 722,231 $ 631,095 $ 578,607 $ 605,873 Capital Contributions 112,649 -416,136 - Net Income Before Depreciation 834,880 631,095 994,743 605,873 Depreciation 1,493,151 1,495,000 1,513,175 1,689,000 Income (Loss) $ (658,271) $ (863,905) $ (518,432) $ (1,083,127) Amended Financial Summaries | Fiscal Year 2023-24 Budget 4 Amended Financial Summaries | Fiscal Year 2023-24 Budget 5 1-Year CIP Schedule PROJECT COST FY2023-24 Planning & Design $ 400,000 Construction (Contract) 13,380,490 Project Management/Inspection 217,510 YLWD Capitalized Labor 408,000 ANNUAL CAPITAL IMPROVEMENT COST TOTAL $ 14,406,000 PROJECT FUNDING FY2023-24 PAY-GO $ 1,461,405 Line of Credit - Debt Funded 12,944,595 ANNUAL CAPITAL IMPROVEMENT FUNDING TOTAL $ 14,406,000 PROJECT NAME FY2023-24 BNSF Crossing-Veterans Way and S. Highland $ 1,336,061 Golden Ave Waterline 305,498 Hidden Hills BPS Upgrades 255,131 Imperial Waterline Improvement 2,938,333 Mountain View Waterline Replacement 598,938 PRS Rehabilitation Project *Based on AMP & Asset Scores 300,000 Timber Ridge BPS Pump Replacement 4,209,634 Waterline Replacement *Based on AMP & Leak History 2,600,000 Well 22 Equipping 5,000 Well Rehabilitation Project 396,000 Total Water CIP $ 12,944,595 Green Crest Lift Station Rehab $ 400,000 Main Street Sewer Replacement 552,530 Sewer System Rehabilitation and Replacement Project 508,875 Total Sewer CIP $ 1,461,405 CIP Total $ 14,406,000 CAPITAL OUTLAY FY2023-24 MWDSC & YLWD Heli-Hydrant $ 200,000 Vehicle Replacement 480,000 Security Improvements/Modifications 50,000 Outlay Total $ 730,000 Grand Total $ 15,136,000