HomeMy WebLinkAbout2014-08-25 - Finance-Accounting Committee Meeting Agenda PacketYorba Linda
Hater District
AGENDA
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Monday, August 25, 2014, 4:00 PM
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
2. ROLL CALL
COMMITTEE
Director Phil Hawkins, Chair
Director Michael J. Beverage
STAFF
Steve Conklin, Acting General Manager
Delia Lugo, Finance Manager
3. PUBLIC COMMENTS
Any individual wishing to address the committee is requested to identify themselves and state the matter on
which they wish to comment. If the matter is on this agenda, the committee Chair will recognize the individual for
their comment when the item is considered. No action will be taken on matters not listed on this agenda.
Comments are limited to matters of public interest and matters within the jurisdiction of the Water District.
Comments are limited to five minutes.
4. ACTION CALENDAR
This portion of the agenda is for items where staff presentations and committee discussions are needed prior to
formal committee action.
4.1. Unaudited Financial Statements for the Period Ending June 30, 2014
Recommendation. That the Committee recommends the Board of Directors receive
and file the Unaudited Financial Statements for the Period Ending June 30, 2014.
5. DISCUSSION ITEMS
This portion of the agenda is for matters such as technical presentations, drafts of proposed policies, or similar
items for which staff is seeking the advice and counsel of the Committee members. This portion of the agenda
may also include items for information only.
5.1. Investment Report for Period Ending July 31, 2014
5.2. YLWD "AA" Bond Rating
5.3. Budget to Actual Results for July 2014
5.4. Future Agenda Items and Staff Tasks
6. ADJOURNMENT
6.1. The next Finance - Accounting Committee meeting is scheduled to be held Thursday,
September 18, 2014 at 4:00 p.m.
Items Distributed to the Committee Less Than 72 Hours Prior to the Meeting
Pursuant to Government Code section 54957.5, non - exempt public records that relate to open session agenda items
and are distributed to a majority of the Committee less than seventy -two (72) hours prior to the meeting will be available
for public inspection in the lobby of the District's business office located at 1717 E. Miraloma Avenue, Placentia, CA
92870, during regular business hours. When practical, these public records will also be made available on the District's
internet website accessible at http: / /www.ylwd.com /.
Accommodations for the Disabled
Any person may make a request for a disability - related modification or accommodation needed for that person to be
able to participate in the public meeting by telephoning the Executive Secretary at 714 - 701 -3020, or writing to Yorba
Linda Water District, P.O. Box 309, Yorba Linda, CA 92885 -0309. Requests must specify the nature of the disability and
the type of accommodation requested. A telephone number or other contact information should be included so the
District staff may discuss appropriate arrangements. Persons requesting a disability - related accommodation should
make the request with adequate time before the meeting for the District to provide the requested accommodation.
AGENDA REPORT
Meeting Date: August 25, 2014
To: Finance - Accounting Committee
From: Steve Conklin, Acting General
Manager
Presented By: Delia Lugo, Finance Manager
Prepared By: Kelly McCann, Senior
Accountant
Dept:
ITEM NO. 4.1
Finance
Subject: Unaudited Financial Statements for the Period Ending June 30, 2014
SUMMARY:
Presented are the Unaudited Financial Statements for the Period Ending June 30, 2014 for the
District.
STAFF RECOMMENDATION:
That the Committee recommends the Board of Directors receive and file the Unaudited Financial
Statements for the Period Ending June 30, 2014.
DISCUSSION:
For the period ending June 30, 2014, staff is presenting unaudited statements in the CAFR format.
We have included the traditional budget to actual statements for the District as a whole, as well as
the individual water and sewer funds, and the debt service coverage calculation.
Water Operating Revenue, as presented, is 103.74% of annual budget, which is 3.74% higher than
the historical trend for this point of the year. Other Operating Revenue is 137.57% of annual budget.
Sewer Other Operating Revenue, as presented, is 393.04% of annual budget due to higher
construction during the fiscal year.
Variable Water Costs are 106.58% of budget, due to the higher than budgeted water consumptions
costs as well as rate increases. Salary related expenses are 92.31 % of budget at the end of the
fiscal year.
With the issuance of the 2008 Certificates of Participation (COP's) and the Refunding Revenue
Bonds, Series 2012A the District covenanted "...to fix, prescribe and collect rates and charges for
Water Service which will be at least sufficient to yield during each Fiscal Year, Net Revenues equal
to 110% of the Debit Service for such Fiscal Year."
To confirm the covenant is upheld, a calculation is made quarterly and presented to the Finance -
Accounting Committee and received and filed by the Board of Directors. Accordingly, the unaudited
debt service ratio through June 2014 is shown in the calculation as 244 %. This shows strong
financial health for the District as it pertains to the debt service ratio.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Name:
FY 2014 4th Qtr Consolidated Balance Sheet.xlsx
4th Qtr 2014 DS Ratio Calc.xlsx
4th Qtr 2014 consolidated stmt.xlsx
4th Qtr 2014 Water Stmt.xlsx
4th Qtr 2014 Sewer Stmt.xlsx
Description:
FY 2014 4th Qtr Consolidated Balance Sheet
FY 2014 4th Qtr Debt Service Calculation
FY 2014 4th Qtr Consolidated Statement
FY2014 4th Qtr Water Statement
FY 2014 4th Qtr Sewer Statement
Type:
Backup Material
Backup Material
Backup Material
Backup Material
Backup Material
YORBA LINDA WATER DISTRICT
UNAUDITED COMBINING SCHEDULE OF NET ASSETS
June 30, 2014
(With June 30, 2013 for comparison only)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
Investment
Accounts receivable - water and sewer services
Accounts receivable - property taxes
Accrued interest receivable
Prepaid expenses & other deposits
Inventory
TOTAL CURRENT ASSETS
Other post - employment benefit (OPEB) asset
Capital assets:
Non - depreciable
Depreciable, net of accumulated depreciation
TOTAL NONCURRENT ASSETS
TOTAL ASSETS
Deferred Outflows of Resources
Deferred amount on refunding
TOTAL DEFERRED OUTFLOWS OF RESOURCES
LIABILITIES
CURRENT LIABILITIES:
PAYABLE FROM UNRESTRICTED CURRENT ASSETS:
Accounts payable
Accrued expenses
Accrued interest payable
Compensated absences
Customer and construction deposits
Deferred revenue
TOTAL PAYABLE FROM UNRESTRICTED CURRENT ASSETS
PAYABLE FROM RESTRICTED ASSETS
Certificates of Participation - current portion
TOTAL PAYABLE FROM RESTRICTED ASSETS
TOTAL CURRENT LIABILITIES
LONG -TERM LIABILITIES (LESS CURRENT PORTION):
Deferred annexation revenue
Compensated absences
Other post - employment benefit (OPEB) liability
Refunding Revenue Bond
Letter of Credit
Certificate of Participation
TOTAL LONG TERM LIABILITIES (LESS CURRENT PORTION)
CURRENT PORTION)
TOTAL LIABILITIES
NET ASSETS:
June 2014 June 2013
$ 20,226,246 $
10,388,324
9,256,876
9,188,186
3,899,893
4,063,578
24,597
16,885
11,991
8,205
267,261
259,329
238,203
241,202
33,925,067
24,165,709
138,944
140,364
6,897,315
5,835,304
192, 605, 562
195, 009, 500
199,641, 821
200, 985,168
233,566,888 225,150,877
468,337 498,686
468,337 498,686
5,059,100
29,363
432,728
251,362
309,734
374,356
6,456,643
4,604,893
197,033
441,078
250,096
277,799
397,522
6,168,421
1,010, 000 965,000
1,010,000 965,000
7,466,643 7,133,421
13, 475, 678 13, 823, 421
795,980 750,287
150 -
7,795,000 1,171,131
4,642,656 -
32,179, 911 41, 044,722
58,889,375 56,789,561
66,356,018 63,922,982
$ 167,679,207 $ 161,726,581
YORBA LINDA WATER DISTRICT
UNAUDITED COMBINING SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
For the period ended June 30, 2014
(With fiscal year ended June 2013 for comparison only)
June 2014 June 2013
OPERATING REVENUES:
Water sales $ 28,299,327 $ 26,369,939
Sewer revenues 1,762,817 1,762,038
Other operating revenues 1,081,125 723,577
TOTAL OPERATING REVENUES 31,143,269 28,855,554
OPERATING EXPENSES
Variable water costs
Personnel services
Supplies and services
Depreciation and amortization
TOTAL OPERATING EXPENSES
OPERATING INCOME /(LOSS)
NONOPERATING REVENUES (EXPENSES):
Property taxes
Investment income
Interest expense
Bond issuance costs
Other nonoperating revenues
Other nonoperating expenses
TOTAL NONOPERATING REVENUES /EXPENSES
NET INCOME /(LOSS) BEFORE CAPITAL
CONTRIBUTIONS & EXTRAORDINARY ITEM(S)
SPECIAL ITEM(S)
EXTRAORDINARY ITEM(S)
CAPITAL CONTRIBUTIONS
CHANGES IN NET ASSETS
NET ASSETS - BEGINNING OF YEAR
14,673,181
13,509,336
7,529,481
7,225,729
3,849,153
4,222,398
7,315,086
6,884,213
33, 366, 901
31, 841, 676
(2,223,632) (2,986,122)
1,394,723
145,047
(1,736, 330)
774,949
(52,210)
526,179
(1,697,453)
521,500
5,000,000
2,128, 579
5,952,626
161,726, 581
1,340,916
137,569
(1,781,416)
(192,410)
588,854
(35,954)
57,559
(2,928,563)
1,174,673
(1,753,890)
163,480,469
NET ASSETS - FOR PERIOD END JUNE 30, 2014 $ 167,679,207 $ 161,726,579
Yorba Linda Water District
Unaudited Debt Service Ratio Calculation
For Period Ending June 30, 2014
Expenses (Operating):
Variable Water Costs (G.W., Import & Power) 14,673,181 14,673,181
Salary Related Expenses 6,728,456 6,728,456
Supplies & Services Sub -Total 3,451,566 3,451,566
Depreciation & Amortization 5,982,771
Total Operating Expenses 30,836,974 24,863,203
Operating Income (Loss)
Non - Operating Revnues (Expenses)
Interest
Property Tax
Other Non - Operating Revenue
Interest Expense
Other Expense
Total Non - Operating Revenues(Expenses)
Net Income (Loss) Before Capital Contributions
Extraordinary and Special Items
Extraordinary Item
Capital Contributions
Special Item
Net Change in Assets
DEBT SERVICE RATIO CALCULATION:
Net Revenues
Debt Service
o/
(1,699,674) 4,383,097
131,832
1,394,723
737,938
(1,736,330)
(52,210)
476,963
131,832
1,394,723
737,938
(52,210)
2,212,283
(1,123,721) 6,696,380
5,000,000
1,235,502
521,500
6,633,281 6,696,380
$ 6,595,380
$ 2,704,309
244%
YTD
Included in
Actual
Debt Service
FY 2014
Calc
Revenue (Operating):
Water Sales
$ 28,299,322
$ 28,299,322
Other Operating Revenue
936,978
936,978
Total Operating Revenue:
29,236,300
29,236,300
Expenses (Operating):
Variable Water Costs (G.W., Import & Power) 14,673,181 14,673,181
Salary Related Expenses 6,728,456 6,728,456
Supplies & Services Sub -Total 3,451,566 3,451,566
Depreciation & Amortization 5,982,771
Total Operating Expenses 30,836,974 24,863,203
Operating Income (Loss)
Non - Operating Revnues (Expenses)
Interest
Property Tax
Other Non - Operating Revenue
Interest Expense
Other Expense
Total Non - Operating Revenues(Expenses)
Net Income (Loss) Before Capital Contributions
Extraordinary and Special Items
Extraordinary Item
Capital Contributions
Special Item
Net Change in Assets
DEBT SERVICE RATIO CALCULATION:
Net Revenues
Debt Service
o/
(1,699,674) 4,383,097
131,832
1,394,723
737,938
(1,736,330)
(52,210)
476,963
131,832
1,394,723
737,938
(52,210)
2,212,283
(1,123,721) 6,696,380
5,000,000
1,235,502
521,500
6,633,281 6,696,380
$ 6,595,380
$ 2,704,309
244%
Yorba Linda Water District
Summary Financial Report
Water & Sewer Funds
For Period Ending June 30, 2014
Annual YTD June YTD YTD YTD YTD
Budget Budget Actual Actual Under(Over) Under(Over) % of
FY 2014 FY 2014 FY 2014 FY 2014 Annual Budget YTD Budget Budget
Revenue (Operating):
Water Revenue (Residential)
$16,217,590
$16,217,590
$2,150,666
$17,429,317
($1,211,727)
($1,211,727)
107.47%
Water Revenue (Commercial & Fire Det.)
2,020,223
2,020,223
168,968
1,984,097
36,126
36,126
98.21%
Water Revenue (Landscape /Irrigation)
4,794,156
4,794,156
444,555
4,543,944
250,212
250,212
94.78%
Water Revenue (Service Charge)
4,468,716
4,468,716
367,338
4,341,964
126,752
126,752
97.16%
Sewer Charge Revenue
1,550,530
1,550,530
133,367
1,561,761
(11,231)
(11,231)
100.72%
Locke Ranch Assessments
200,797
200,797
3,049
201,053
(256)
(256)
100.13%
Other Operating Revenue
717,749
717,749
155,665
1,081,124
(363,375)
(363,375)
150.63%
Total Operating Revenue:
29,969,761
29,969,761
3,423,608
31,143,260
(1,173,499)
(1,173,499)
103.92%
Revenue (Non- Operating):
Interest
87,000
87,000
18,142
145,048
(58,048)
(58,048)
166.72%
Property Tax
1,264,672
1,264,672
48,121
1,394,723
(130,051)
(130,051)
110.28%
Other Non - Operating Revenue
509,150
509,150
65,130
774,949
(265,799)
(265,799)
152.20%
Total Non - Operating Revenue:
1,860,822
1,860,822
131,393
2,314,720
(453,898)
(453,898)
124.39%
Total Revenue
31,830,583
31,830,583
3,555,001
33,457,980
(1,627,397)
(1,627,397)
105.11%
Expenses (Operating):
Variable Water Costs (G.W., Import & Power)
13,767,658
13,767,658
1,938,240
14,673,181
(905,523)
(905,523)
106.58%
Salary Related Expenses
7,904,873
7,904,873
722,062
7,529,483
375,390
375,390
95.25%
Supplies & Services
4,225,654
4,225,654
433,010
3,849,147
376,507
376,507
91.09%
Total Operating Expenses
25,898,185
25,898,185
3,093,312
26,051,811
(153,626)
(153,626)
100.59%
Expenses (Non- Operating):
Interest on Long Term Debt
1,815,317
1,815,317
156,565
1,736,330
78,987
78,987
95.65%
Other Expense
77,400
77,400
2,882
52,210
25,190
25,190
67.46%
Total Non - Operating Expenses:
1,892,717
1,892,717
159,447
1,788,540
104,177
104,177
94.50%
Total Expenses
27,790,902
27,790,902
3,252,759
27,840,351
(49,449)
(49,449)
100.18%
Net Income (Loss) Before Capital Contributions
4,039,681
4,039,681
302,242
5,617,629
(1,577,948)
(1,577,948)
139.06%
Extraordinary Item(s)
-
5,000,000
(5,000,000)
(5,000,000)
0.00%
Capital Contributions
-
42,308
2,128,578
(2,128,578)
(2,128,578)
0.00%
Special Item
-
521,500
(521,500)
521,500
521,500
0.00%
Net Income (Loss) Before Depreciation
4,039,681
4,039,681
866,050
13,267,707
(9,228,026)
(9,228,026)
328.43%
Depreciation & Amortization 6,897,941 6,897,941 613,076 7,315,085 (417,144) (417,144) 106.05%
Total Net Income (Loss) ($2,858,260) ($2,858,260) $252,974 $5,952,622 ($8,810,882) ($8,810,882) - 208.26%
(0) 1
Yorba Linda Water District
Water Fund
For Period Ending June 30, 2014
Annual YTD June YTD YTD YTD YTD
Budget Budget Actual Actual Under(Over) Under(Over) % of Annual
FY 2014 FY 2014 FY 2014 FY 2014 Annual Budget YTD Budget Budget
Revenue (Operating):
24,601,179
24,601,179
3,009,329
24,853,203
(252,024)
(252,024)
101.02%
Water Revenue (Residential)
$ 16,217,590 $
16,217,590 $
2,150,666 $
17,429,317 $
(1,211,727) $ (1,211,727)
107.47%
Water Revenue (Commercial & Fire Det.)
2,020,223
2,020,223
168,968
1,984,097
36,126
36,126
98.21%
Water Revenue (Landscape /Irrigation)
4,794,156
4,794,156
444,555
4,543,944
250,212
250,212
94.78%
Water Revenue (Service Charge)
4,468,716
4,468,716
367,338
4,341,964
126,752
126,752
97.16%
Other Operating Revenue
681,074
681,074
101,444
936,978
(255,904)
(255,904)
137.57%
Total Operating Revenue:
28,181,759
28,181,759
3,232,971
29,236,300
(1,054,541)
(1,054,541)
103.74%
Revenue (Non- Operating):
Extraordinary Item
-
-
5,000,000
(5,000,000)
(5,000,000)
Interest
75,000
75,000
14,685
131,832
(56,832)
(56,832)
175.78%
Property Tax
1,264,672
1,264,672
48,121
1,394,723
(130,051)
(130,051)
110.28%
Other Non - Operating Revenue
501,200
501,200
67,614
737,938
(236,738)
(236,738)
147.23%
Total Non - Operating Revenue:
1,840,872
1,840,872
130,420
2,264,493
(423,621)
(423,621)
123.01%
Total Revenue
30,022,631
30,022,631
3,363,391
31,500,793
(1,478,162)
(1,478,162)
104.92%
Expenses (Operating):
Capital - Direct Labor
544,867
278,343
Variable Water Costs (G.W., Import & Power)
13,767,658
13,767,658
1,938,240
14,673,181
(905,523)
(905,523)
106.58%
Salary Related Expenses
6,987,204
6,987,204
690,164
6,728,456
258,748
258,748
92.31%
Supplies & Services:
Communications
283,371
283,371
9,996
199,790
83,581
83,581
70.50%
Contractual Services
504,089
504,089
63,447
528,147
(24,058)
(24,058)
104.77%
Data Processing
158,779
158,779
10,494
146,497
12,282
12,282
92.26%
Dues & Memberships
67,021
67,021
2,229
62,928
4,093
4,093
93.89%
Fees & Permits
152,224
152,224
32,259
170,327
(18,103)
(18,103)
111.89%
Insurance
278,293
278,293
(8,913)
249,606
28,687
28,687
89.69%
Materials
568,676
568,676
45,438
634,598
(65,922)
(65,922)
111.59%
District Activities, Emp Recognition
23,390
23,390
1,004
14,932
8,458
8,458
63.84%
Maintenance
357,243
357,243
51,092
317,247
39,996
39,996
88.80%
Non - Capital Equipment
121,534
121,534
32,274
120,882
652
652
99.46%
Office Expense
42,920
42,920
4,467
34,730
8,190
8,190
80.92%
Professional Services
747,785
747,785
96,225
508,378
239,407
239,407
67.98%
Training
64,403
64,403
1,337
28,294
36,109
36,109
43.93%
Travel & Conferences
48,389
48,389
4,571
27,639
20,750
20,750
57.12%
Uncollectible Accounts
23,250
23,250
272
26,117
(2,867)
(2,867)
112.33%
Utilities
83,700
83,700
5,712
35,102
48,598
48,598
41.94%
Vehicle Equipment
321,250
321,250
29,021
346,352
(25,102)
(25,102)
107.81%
Supplies & Services Sub -Total
3,846,317
3,846,317
380,925
3,451,566
394,751
394,751
89.74%
Total Operating Expenses
24,601,179
24,601,179
3,009,329
24,853,203
(252,024)
(252,024)
101.02%
Expenses (Non- Operating):
Interest on Long Term Debt
1,815,317
1,815,317
156,565
1,736,330
78,987
78,987
95.65%
Other Expense
71,400
71,400
2,882
52,210
19,190
19,190
73.12%
Total Non - Operating Expenses:
1,886,717
1,886,717
159,447
1,788,540
98,177
98,177
94.80%
Total Expenses
26,487,896
26,487,896
3,168,776
26,641,743
(153,847)
(153,847)
100.58%
Net Income (Loss) Before Capital Contributions
3,534,735
3,534,735
194,615
4,859,050
(1,324,315)
(1,324,315)
137.47%
Extraordinary Item
-
-
5,000,000
(5,000,000)
(5,000,000)
0.00%
Capital Contributions
1,235,502
(1,235,502)
(1,235,502)
0.00%
Special Item
-
-
521,500
521,500
(521,500)
(521,500)
0.00%
Net Income (Loss) Before Depreciation
3,534,735
3,534,735
716,115
11,616,052
(8,081,317)
(8,081,317)
328.63%
Depreciation & Amortization
5,598,638
5,598,638
501,153
5,982,771
(384,133)
(384,133)
106.86%
Total Net Income (Loss)
$ (2,063,903) $
(2,063,903) $
214,962 $
5,633,281 $
(7,697,184) $
(7,697,184)
- 272.94%
Capital - Direct Labor
544,867
278,343
Yorba Linda Water District
Sewer Fund
For Period Ending June 30, 2014
Annual YTD June YTD YTD YTD YTD
Budget Budget Actual Actual Under(Over) Under(Over) % of
FY 2014 FY 2014 FY 2014 FY 2014 Annual Budget YTD Budget Annual Budget
Revenue (Operating):
1,297,011
1,297,011
83,983
1,198,612
98,399
98,399
92.41%
Sewer Charge Revenue
$ 1,550,530 $
1,550,530 $
133,367 $
1,561,763 $
(11,233) $
(11,233)
100.72%
Locke Ranch Assessments
200,797
200,797
3,049
201,054 $
(257)
(257)
100.13%
Other Operating Revenue
36,675
36,675
54,221
144,147
(107,472)
(107,472)
393.04%
Total Operating Revenue:
1,788,002
1,788,002
190,637
1,906,964
(118,962)
(118,962)
106.65%
Revenue (Non- Operating):
1,303,011
1,303,011
83,983
1,198,612
104,399
104,399
91.99%
Interest
12,000
12,000
3,457
13,215
(1,215)
(1,215)
110.12%
Other Non - Operating Revenue
7,950
7,950
(2,484)
37,011
(29,061)
(29,061)
465.55%
Total Non - Operating Revenue:
19,950
19,950
973
50,226
(30,276)
(30,276)
251.76%
Total Revenue
1,807,952
1,807,952
191,610
1,957,190
(149,238)
(149,238)
108.25%
Expenses (Operating):
(794,357) $
(794,357) $
38,012 $
319,340 $
(1,113,697)
$(1,113,697)
- 40.20%
Salary Related Expenses
917,669
917,669
31,898
801,025
116,644
116,644
86.63%
Supplies & Services:
Communications
21,829
21,829
743
14,872
6,957
6,957
68.13%
Contractual Services
38,751
38,751
2,813
38,980
(229)
(229)
100.59%
Data Processing
11,951
11,951
1,368
11,605
346
346
97.10%
Dues & Memberships
5,314
5,314
8
4,602
712
712
86.60%
Fees & Permits
15,141
15,141
432
12,968
2,173
2,173
85.65%
Insurance
20,947
20,947
2,054
21,512
(565)
(565)
102.70%
Materials
19,099
19,099
28,986
85,807
(66,708)
(66,708)
449.27%
District Activities, Emp Recognition
1,761
1,761
46
1,088
673
673
61.78%
Maintenance
121,908
121,908
7,794
79,992
41,916
41,916
65.62%
Non - Capital Equipment
16,417
16,417
1,538
17,562
(1,145)
(1,145)
106.97%
Office Expense
3,231
3,231
215
6,736
(3,505)
(3,505)
208.48%
Professional Services
37,425
37,425
1,107
24,521
12,904
12,904
65.52%
Training
6,757
6,757
5
5,780
977
977
85.54%
Travel & Conferences
4,062
4,062
133
1,816
2,246
2,246
44.71%
Uncollectible Accounts
1,750
1,750
38
3,515
(1,765)
(1,765)
200.86%
Utilities
7,100
7,100
69
3,098
4,002
4,002
43.63%
Vehicle Equipment
45,899
45,899
4,736
63,133
(17,234)
(17,234)
137.55%
Supplies & Services Sub -Total
379,342
379,342
52,085
397,587
(18,245)
(18,245)
104.81%
Total Operating Expenses
1,297,011
1,297,011
83,983
1,198,612
98,399
98,399
92.41%
Expenses (Non- Operating):
Interest Expense
-
-
-
-
-
-
0.00%
Other Expense
6,000
6,000
6,000
6,000
0.00%
Total Non - Operating Expenses:
6,000
6,000
-
-
6,000
6,000
0.00%
Total Expenses
1,303,011
1,303,011
83,983
1,198,612
104,399
104,399
91.99%
Net Income (Loss) Before Capital Contributions
504,941
504,941
107,627
758,578
(253,637)
(253,637)
150.23%
Capital Contributions
-
-
42,308
893,077
(893,077)
(893,077)
0.00%
Net Income (Loss) Before Depreciation
504,941
504,941
149,935
1,651,655
(1,146,714)
(1,146,714)
327.10%
Depreciation & Amortization
1,299,298
1,299,298
111,923
1,332,315
(33,017)
(33,017)
102.54%
Total Net Income (Loss) $
(794,357) $
(794,357) $
38,012 $
319,340 $
(1,113,697)
$(1,113,697)
- 40.20%
Capital - Direct Labor
13,426
6,039
(6,039)
AGENDA REPORT
Meeting Date: August 25, 2014
To: Finance - Accounting Committee
From: Steve Conklin, Acting General
Manager
Presented By: Delia Lugo, Finance Manager Dept:
Prepared By: Kelly McCann, Senior
Accountant
Subject: Investment Report for Period Ending July 31, 2014
SUMMARY:
ITEM NO. 5.1
Finance
Staff is submitting the July 2014 Monthly Investment Reports for the Committee's review.
DISCUSSION:
The Investment Portfolio Report presents the market value and percent yield for all District
investments by institution. The Investment Report Summary includes budget and actual interest and
average term portfolio information as well as market value broken out by reserve categories.
The total yield for the month ending July 31, 2014 is 0.64 %.
The overall decrease in the investment balance from the previous month is approximately
$1,562,000. A larger balance change includes a decrease in the Water Operating Fund of
approximately $1,540,459 due to the biannual payment of $1,651,285 to OCWD for the
Replenishment Assessment.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Name:
Invst Rpt 07- 14.xlsx
Description:
Investment Report for Period Ending July 2014
Type:
Backup Material
Invst Agenda Backup - July 2014.xlsx Agenda Backup Backup Material
Yorba Linda Water District
Investment Portfolio Report
July 31, 2014
Market % Date of Percent
Value Par of Total Institution Maturity Yield
Checking Account:
$ 363,308 $ 363,308 Wells Fargo Bank
75,725 75,725 Pershing
$ 439,033 $ 439,033 1.58% Total 0.00°/%
Money Market Accounts:
$ 54,974 $ 54,974
37,240 37,240
4,116,819 $ 4,116,819 14.79%
Federal Agency Securities
Wells Fargo Money Market 0.03%
US Bank (Revenue Bonds) 0.03%
Bank of the West 0.24%
Total 0.24%
$ 490,875 $
500,000
Fannie Mae
05/25/18
1.14%
490,090
500,000
Federal Home Loan Bank
06/12/18
1.02%
496,470
500,000
Fannie Mae
06/12/18
0.85%
491,465
500,000
Federal Home Loan Bank
06/13/18
1.11%
491,665
500,000
Federal Home Loan Bank
06/20/18
1.14%
2,106,519
2,124,676
Federal Home Loan Bank
05/24/17
0.88%
$ 4,567,084 $
4,624,676 16.40%
Total
05/14/18
0.97%
Certificates of Deposits
$ 245,413
$ 248,000
CIT Bank, Salt Lake
05/22/18
1.21%
245,230
248,000
Discover
05/22/18
1.21%
245,587
248,000
Goldman Sachs Bank
05/22/18
1.21%
245,480
248,000
BealBank
05/23/18
1.01%
246,968
248,000
Wells Fargo
04/27/18
0.90%
244,201
247,000
Barclays Bank
04/30/18
0.70%
246,138
248,000
State Bank of India
05/14/18
1.15%
247,222
249,000
Webster Bank
05/03/18
0.90%
245,396
248,000
American Express Centurion Bank
05/23/18
1.21%
243,496
248,000
GE Capital Bank
05/24/18
1.12%
249,030
249,000
Merrick Bank
05/24/17
0.74%
248,030
248,000
BMW Bank
05/24/17
0.89%
249,344
249,000
Firstbank Puerto Rico
05/24/16
0.74%
246,393
249,000
Oriental Bank & Trust
05/29/18
1.06%
246,468
249,000
Silvergate Bank
05/30/18
1.01%
246,383
249,000
Enterprise Bank & TR Co Lowell
05/30/18
1.01%
246,371
249,000
Safra National Bank
05/31/18
1.01%
245,389
248,000
Townebank Portsmouth
05/31/18
1.01%
246,390
249,000
Mascoma Savings Bank
05/29/18
1.01%
$ 4,678,929
$ 4,719,000 16.80%
Total
1.01%
Pooled Investment
Accounts:
$ 4,660,001
$ 4,660,001
Local Agency Investment Fund
0.23%
3,071
1,440
Ca1TRUST Short Term
0.39%
9,378,213
9,395,171
Ca1TRUST Medium Term
0.70%
$ 14,041,286
$ 14,056,611 50.43%
0.54%
$ 27,843,151
$ 27,956,140 100%
Total Investments
0.64%
Per Government Code requirements, the Investment Report is in compliance with the Yorba
Linda Water District's Investment Policy, and there are adequate funds available to meet
budgeted and actual expenditures for the next six months.
'a
Kelly D. McCann, Senior Accountant
7/31/14
Investment Summary Report
Below is a chart summarizing the yields as well as terms and maturities for the month of July 2014:
Average
# of
Month Portfolio
Days to
of 2014 Yield
Maturity
July 0.64%
438
Below is are charts comparing operating fund interest for current and prior fiscal years.
Actual Interest
Monthly - July
Year -to -Date
7/31/2013
7/31/2014
$ 9,258 $ 7,166
$ 9,258 $ 7,166
Budget 2013/2014 2014/2015
Interest Budget, July YTD $ 7,250 $ 9,333
Interest Budget, Annual $ 87,000 $ 112,000
Interest earned on investments is recorded in the fund that owns the investment.
Investment Summary Comparison Between Current and Previous Month
The distribution of investments in the portfolio both in dollars and as a percentage of the total portfolio by funds
is as follows:
Wells Fargo Bank Checking
Water Operating 212,041
Sewer Operating 67,620
279,661
223,554
139,754
363,308
Totals $ 29,404,777 $ 27,843,151
June 2014
% Alloc
July 2014
% Alloc
Fund Description
Balance
6/30/2014
Balance
7/31/2014
Water Operating Reserve
$ 2,924,921
10.04%
$ 1,300,815
4.73%
Water Emergency Reserve
1,010,940
3.47%
1,010,584
3.68%
Water Capital Project Reserve
16,676,503
57.26%
16,665,947
60.65%
Water Reserve for Debt Service
2,730,024
9.37%
2,730,550
9.94%
Maintenance Reserve
200,000
0.69%
200,091
0.73%
Employee Liability Reserve
200,076
0.69%
200,114
0.73%
COP Revenue Bond 2008 - Reserve
2,152,324
7.39%
2,143,759
7.80%
Sewer Operating
92,869
0.32%
92,869
0.34%
Sewer Emergency Reserve
1,010,396
3.47%
1,009,253
3.67%
Sewer Capital Project Reserve
2,127,063
7.30%
2,125,861
7.74%
$ 29,125,116
100.00%
$ 27,479,843
100.00%
Wells Fargo Bank Checking
Water Operating 212,041
Sewer Operating 67,620
279,661
223,554
139,754
363,308
Totals $ 29,404,777 $ 27,843,151
AGENDA REPORT
Meeting Date: August 25, 2014
ITEM NO. 5.2
To: Finance - Accounting Committee
From: Steve Conklin, Acting General
Manager
Presented By: Delia Lugo, Finance Manager Dept: Finance
Prepared By: Delia Lugo, Finance Manager
Subject: YLWD "AA" Bond Rating
DISCUSSION:
Yorba Linda Water District has had its "AA" Bond Rating reaffirmed by Fitch Ratings.
ATTACHMENTS:
Name: Description: Type:
Fitch Ratings Yorba Linda- FINAL Auq 2014.pdf Reaffirmed "AX Bond Rating by Fltch Ratings Backup Material
FitchRatings
FITCH AFFIRMS YORBA LINDA WATER DISTRICT,
CA'S WATER REVS AT 'AA'; OUTLOOK STABLE
Fitch Ratings -San Francisco -15 August 2014: Fitch Ratings has affirmed Yorba Linda Water District,
California's (the district) bonds at'AA' as noted below:
- -$8.3 million refunding revenue bonds series 2012A;
-- $32.1(2008 Capital Improvement Projects) revenue certificates of participation (COPS) series 2008.
The Rating Outlook is Stable.
SECURITY
The water revenue bonds and COPS are parity obligations secured by net water revenues after payment
of operations and maintenance expenses.
KEY RATING DRIVERS
IMPROVED, SOLID SUPPLY POSITION: The remainder of the district's service area was annexed
to the Orange County (OCWD). Upon build -out of the district's pumping facilities, the annexation
will substantially increase the district's groundwater supply, thus improving the district's long -term
cost structure by lowering dependence on expensive imported water.
SOUND FINANCIAL PROFILE: The district's financial operations are sound, with three year
average debt service coverage at a solid 2.07x in fiscal 2013. Liquidity historically has been
satisfactory and a one -time substantial liquidity reduction in fiscal 2013 is estimated to have been
reversed in fiscal 2014 due to solid free cash flow, proceeds from a legal settlement, and the issuance
of short-term debt that will have to be paid down by fiscal 2017.
DIVERSE, AFFLUENT SERVICE AREA: The district serves a suburban residential service area in
Orange County, California. Median household income is strong at about 150% of the national level,
while unemployment runs well below state and national averages.
MIXED MANAGEMENT ASSESSMENT: Fitch's view ofmanagerial quality is weighed down by an
unusually high degree of managerial turnover in recent years and heightened political risk following
a 40% rate increase in 2010 that casts doubt on the district's capacity to approve future large rate
hikes, if required. However, the district prudently implemented modest rate increases over the past
three years, improved the district's supply position through the OCWD annexation, and recently
implemented two additional reserve policies.
SOUND DEBT PROFILE: The district's manageable capital improvement plan (CIP) is expected to
be predominantly pay -as- you -go financed with a limited amount of related short-term debt issuances.
Debt levels are moderate overall and are projected to fall as debt matures.
RATING SENSITIVITIES
MANAGERIAL CONTINUITY: Demonstrated managerial stability with continued prudent financial
management policies and sound financial operations could lead to positive rating action.
CREDIT PROFILE
ANNEXATION TO OCWD IMPROVES THE DISTRICT'S SUPPLY, FINANCIAL POSITIONS
The district's annexation of its service area to OCWD will positively impact the district's cost structure
and supply reliability. The annexation provides the district with access to a portion of OCWD's
groundwater basin, which will increase the district's local water sources to about 70% from less than
50% of the system's total supply once pumping facilities have been fully constructed in a few years.
The remainder of the district's supply derives from imported treated water from the Metropolitan
Water District of Southern California.
In exchange for pumping rights, the district will pay OCWD an annexation fee of $250,000- $300,000
annually in perpetuity. This fee will be more than offset by lowered expenditures from reduced
imported water consumption. The district estimates that groundwater will cost approximately one-
third of imported water.
SOLID FINANCIAL OPERATIONS OVERALL
The district's financial performance has been strong overall, despite some year- over -year liquidity
volatility. Fiscal 2013 debt service coverage registered a satisfactory 1.97x, a slight decline from
prior years due to expenditure growth slightly outpacing revenue growth. This dynamic is estimated
by the district to have reversed in fiscal 2014, with coverage rising to a robust 2.76x. The improved
estimated coverage reflects higher water sales, a moderate water rate increase, and a significant
$500,000 increase in connection fees stemming from a rebounding property market.
Although debt service coverage has remained at high levels, liquidity fell in fiscal 2013 to a somewhat
weak 123 days cash on hand due to significant capital spending and a delayed draw on the district's
line of credit (LOC) with Wells Fargo. The district estimates that fiscal year end 2014 cash balances
increased to robust levels of $23.7 million (347 days cash on hand), which is fairly consistent with
historical performance. The higher cash levels derive from a $5 million legal settlement, a $4.5
million draw from the district's LOC, and solid free cash flow.
Financial projections have been conservatively drafted, assuming no further rate increases, no
capital contributions, and lower consumption levels than the historical norm. Despite the forecast's
conservative tendencies, senior debt service coverage averages a strong 2.7x from fiscal years 2015 -
2019. All -in coverage drops to an inadequate 0.80x in fiscal 2017; however, reflecting the forecasted
repayment of the district's $7 million subordinate LOC that expires that year. Fitch does not view this
as a material credit negative given the one -time nature of the draw, the district's solid cash position,
and the subordination status of the LOC payment to the Fitch -rated water revenue bonds.
STRONG SERVICE AREA
The district is located in the northeastern portion of Orange County approximately 35 miles southeast
of downtown Los Angeles, and 11 miles north of Santa Ana, the county seat. The service area
predominantly covers the city of Yorba Linda, an upper income suburban community, in addition to
portions of Anaheim, Brea, and Placentia, and unincorporated county areas.
The district provides water services to roughly 24,500 customers, of which about 90% are residential.
Customer growth is expected to be somewhat modest as the district is close to full build -out, however
new development activity has picked up significantly from recessionary levels. District income levels
and employment data are strong.
POSITIVE FINANCIAL MANAGEMENT PRACTICES OFFSET BY POLITICAL
TURBULENCE
The district's financial management practices have been historically sound, but Fitch's assessment
of management is weighed down by a high degree of managerial turnover and recent years'
political turbulence. The district's general manager and finance director left the district under opaque
circumstances over the past few years. These concerns are somewhat offset by the long tenure of
the incoming general manager and finance directors at other water districts. However, positive rating
action will hinge on demonstrated managerial stability, with continued adherence to sound financial
management policies.
Fitch views positively policymakers' commitment to steady annual rate increases in recent years,
including rate hikes of 1.5 %, 2.5% and 2.5% in fiscal years 2013, 2014, and 2015, respectively.
Current water rates average a low 0.5% of median household incomes, based on a Fitch - standardized
10 hundred cubic feet of consumption. Fitch believes this provides economic flexibility to raise rates,
though we have noted heightened political sensitivity to large rate hikes following a contentious and
large rate hike of 40% in 2010 that led to a board shake -up. The rate increase also included automatic
pass - throughs of OCWD and Metropolitan Water District of Orange County cost increases, which
Fitch views as a positive. However, the district's water rate structure is highly volumetric, which
exposes it to greater revenue volatility.
Management is studying the impact of recent water conservation measures before beginning its Prop
218 rate adjustment process, likely to take effect in fiscal 2016. Fitch expects the district will raise
rates at a sufficient amount to maintain the district's sound financial operations over a five -year
forecast period, and to avoid the use of long -term debt to finance the system's CIP.
Recent years' improvements to district financial policies include board approval ofthree reserve funds.
In addition to the board - mandated 8% - 17% minimum operating reserve, the district must now
additionally carry a $200,000 water maintenance reserve, and a $2.7 million reserve for debt service,
which is an unrestricted resource that supplements the district's debt service reserve funds. All of
these reserve policies include replenishment provisions.
SOUND DEBT PROFILE
The district's debt burden is moderate at $1,805 per customer and is projected to fall somewhat as
amortizing debt is projected to more than offset an estimated net $5 million short-term debt issuance
over the district's five year CIP. The majority of the district's manageable $19 million capital plan
will be pay -as- you -go financed, and it consists largely of facilities required to increase groundwater
pumping rights. The system is mature and largely built out, so conclusion of the current CIP likely
will be followed by more modest capital plans consisting of repair and renewal needs.
Contact:
Primary Analyst
Scott Monroe
Director
+1- 415- 732 -5618
Fitch Ratings, Inc.
650 California Street
San Francisco, CA 94108
Secondary Analyst
Andrew Ward
Director
+1- 415- 732 -5617
Committee Chairperson
Laura Porter
Managing Director
+1- 212 - 908 -0575
Additional information is available at'www.fitchratings.com'
In addition to the sources of information identified in the U.S. Municipal Revenue - Supported Rating
Criteria, this action was additionally informed by information from Creditscope.
Applicable Criteria and Related Research:
-- 'Revenue - Supported Rating Criteria' (June 3, 2013);
- -'U.S. Water and Sewer Revenue Bond Rating Criteria' (July 31, 2013);
- -'2014 Water and Sewer Medians' (Dec. 12, 2013);
- -'2014 Outlook: Water and Sewer Sector'(Dec. 12, 2013).
Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email:
elzabeth.fogerty@fitchratings.com.
Additional information is available at'www.fitchratings.com'
In addition to the sources of information identified in the U.S. Municipal Revenue - Supported Rating
Criteria, this action was additionally informed by information from Creditscope.
Applicable Criteria and Related Research:
-- 'Revenue - Supported Rating Criteria' (June 3, 2013);
- -'U.S. Water and Sewer Revenue Bond Rating Criteria' (July 31, 2013);
- -'2014 Water and Sewer Medians' (Dec. 12, 2013);
- -'2014 Outlook: Water and Sewer Sector'(Dec. 12, 2013).
Applicable Criteria and Related Research:
Revenue - Supported Rating Criteria
http:/ /www.fitchratings.com/creditdesk /reports /report _frame.cf
n ?rpt_id= 750012
U.S. Water and Sewer Revenue Bond Rating Criteria
http:/ /www.fitchratings.com/creditdesk /reports /report _
frame.cf n ?rpt_id= 715275
2014 Water and Sewer Medians
http://www.fitchratings.com/creditdesk/reports/report
frame. cfm ?rpt_id =7243 5 8
2014 Outlook: Water and Sewer Sector
http:/ /www.fitchratings.com/creditdesk /reports /report _frame.cf
n ?rpt_id= 724357
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS
AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND
DISCLAIMERS BY FOLLOWING THIS LINK: HTTP: //FITCHRATINGS.COM/
UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE
TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WW W.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE
OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO
AVAILABLE FROM THE'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE
PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED
THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD
ANALYST IS BASED IN AN EU- REGISTERED ENTITY CAN BE FOUND ON THE ENTITY
SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
AGENDA REPORT
Meeting Date: August 25, 2014
To: Finance - Accounting Committee
From: Steve Conklin, Acting General
Manager
Presented By: Delia Lugo, Finance Manager Dept:
Prepared By: Kelly McCann, Senior
Accountant
Subject: Budget to Actual Results for July 2014
DISCUSSION:
ITEM NO. 5.3
Finance
Attached are the District's budget to actual summary results for the Water Fund, Sewer Fund and a
combined statement for both funds pertaining to the reporting month of July 2014. For July 2014,
the District water revenue is 11.2% of annual budget, which is .6% lower than the historical trend for
this point of the year.
The majority of the Water Fund's individual Supplies and Services expenses are below budget, with
the exceptions of dues, memberships and maintenance. In July 2014, dues and membership is
presented at 30.88% of annual budget due to the payment of $23,141 to LAFCO for annual dues.
Maintenance is presented at 24.88% of annual budget due to replacement of booster pump at Box
Canyon for $26,720.
Overall, Sewer Supplies and Services expenses are trending below budget.
Finally, the receipt of funds from the sale of 2 vehicles has been recorded as a Gain on the Sale of
an Asset for $8,925.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Description: Type:
July 2014 consolidated stmt.xlsx July 2014 Consolidated Statement Backup Material
July 2014 Water Stmt.xlsx July 2014 Water Statement Backup Material
July 2014 Sewer Stmt.xlsx July 2014 Sewer Statement Backup Material
Revenue (Operating):
Water Revenue (Residential)
Water Revenue (Commercial & Fire Det.)
Water Revenue (Landscape /Irrigation)
Water Revenue (Service Charge)
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Property Tax
Other Non - Operating Revenue
Total Non - Operating Revenue:
Yorba Linda Water District
Summary Financial Report
Water & Sewer Funds
For One Month Ending July 31, 2014
Annual YTD July YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of
FY 2016 FY 2016 FY 2016 FY 2016 Budget Budget
$17,154,552 $1,429,546 $2,016,076 $2,016,076 15,138,476 11.75%
2,074,097
172,841
216,579
216,579
1,857,518
10.44%
4,792,995
399,416
590,816
590,816
4,202,179
12.33%
4,478,000
373,167
369,538
369,538
4,108,462
8.25%
1,605,292
133,774
136,717
136,717
1,468,575
8.52%
201,000
16,750
-
-
201,000
0.00%
719,777
59,981
90,914
90,914
628,863
12.63%
31,025,713 2,585,476 3,420,640 3,420,640 27,605,073 11.03%
112,000
9,333
7,166 7,166 104,834 6.40%
1,283,642
106,970
- - 1,283,642 0.00%
533,525
44,460
15,968 15,968 517,557 2.99%
1,929,167
160,764
23,134 23,134 1,906,033 1.20%
Total Revenue 32,964,880 2,746,240 3,443,774 3,443,774 29,611,106 10.46%
Expenses (Operating)
Variable Water Costs (G.W., Import & Power)
14,928,972
1,244,081
1,694,200
1,694,200
13,234,772
11.35%
Salary Related Expenses
8,224,812
685,401
436,562
436,562
7,788,250
5.31%
Supplies & Services
4,360,005
395,450
315,798
315,798
4,044,207
7.24%
Total Operating Expenses
27,513,789
2,324,932
2,446,560
2,446,560
25,067,229
8.89%
Expenses (Non- Operating):
Interest on Long Term Debt
1,780,793
148,399
141,791
141,791
1,639,002
7.96%
Other Expense
72,000
6,000
(8,925)
(8,925)
80,925 -
12.40%
Total Non - Operating Expenses:
1,852,793
154,399
132,866
132,866
1,719,927
7.17%
Total Expenses 29,366,681 294799331 296799426 296799426 2697879166 8.78%
Net Income (Loss) Before Capital Contributions 3,688,299 2669909 8649348 8649348 297239961 24.09%
Capital Contributions
1,177 1,177 1,177 0.00%
Net Income (Loss) Before Depreciation 3,688,299 266,909 866,626 866,626 2,726,128 24.12%
Depreciation & Amortization 7,337,500 611,458 613,426 613,426 6,724,074 8.36%
Total Net Income (Loss) ($3,749,201) ($344,649) $262,099 $262,099 ($4,001,300) -6.72%
Yorba Linda Water District
Water Fund
For One Month Ending July 31, 2014
Annual YTD July YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of Annual
FY 2015 FY 2015 FY 2015 FY 2015 FY Budget Budget
Revenue (Operating)
Water Revenue (Residential)
$17,154,552
$1,429,546
$2,016,076
$2,016,076
15,138,476
11.75%
Water Revenue (Commercial & Fire Det.)
2,074,097
172,841
216,579
216,579
1,857,518
10.44%
Water Revenue (Landscape /Irrigation)
4,792,995
399,416
590,816
590,816
4,202,179
12.33%
Water Revenue (Service Charge)
4,478,000
373,167
369,538
369,538
4,108,462
8.25%
Other Operating Revenue
670,003
55,834
74,843
74,843
595,160
11.17%
Total Operating Revenue:
29,169,647
2,430,804
3,267,852
3,267,852
25,901,795
11.20%
Revenue (Non- Operating)
Interest
100,000
8,333
7,156
7,156
92,844
7.16%
Property Tax
1,283,642
106,970
-
-
1,283,642
0.00%
Other Non - Operating Revenue
521,600
43,467
19,962
19,962
501,638
3.83%
Total Non - Operating Revenue:
1,905,242
158,770
27,118
27,118
1,878,124
1.42%
Total Revenue
0.98%
69,750
5,813
-
-
69,750
31,074,889
2,589,574
3,294,970
3,294,970
27,779,919
10.60%
0.00%
579,369
48,281
45,813
45,813
533,556
Expenses (Operating):
22,980
1,915
158
158
22,822
0.69%
Variable Water Costs (G.W., Import & Power)
14,928,972
1,244,081
1,694,200
1,694,200
13,234,772
11.35%
Salary Related Expenses
7,363,472
613,623
403,476
403,476
6,959,996
5.84%
Supplies & Services:
Communications
Contractual Services
Data Processing
Dues & Memberships
Fees & Permits
Board Election
Insurance
Materials
District Activities, Emp Recognition
Maintenance
Non - Capital Equipment
Office Expense
Professional Services
Training
Travel & Conferences
Uncollectible Accounts
Utilities
Vehicle Equipment
Supplies & Services Sub -Total
Total Operating Expenses
Expenses (Non- Operating):
Interest on Long Term Debt
Other Expense
Total Non - Operating Expenses:
Total Expenses
273,786
22,816
14,512
14,512
259,274
5.30%
521,451
43,454
31,126
31,126
490,325
5.97%
173,752
14,479
38
38
173,714
0.02%
72,321
6,027
22,331
22,331
49,990
30.88%
169,437
14,120
1,668
1,668
167,769
0.98%
69,750
5,813
-
-
69,750
0.00%
291,406
24,284
-
-
291,406
0.00%
579,369
48,281
45,813
45,813
533,556
7.91%
22,980
1,915
158
158
22,822
0.69%
364,581
62,498
90,700
90,700
273,881
24.88%
132,525
11,044
8,179
8,179
124,346
6.17%
37,642
3,137
1,371
1,371
36,271
3.64%
672,197
56,016
32,967
32,967
639,230
4.90%
58,571
4,881
3,107
3,107
55,464
5.30%
42,129
3,511
1,357
1,357
40,772
3.22%
37,200
3,100
5
5
37,195
0.01%
83,700
6,975
5,932
5,932
77,768
7.09%
281,139
23,428
33,378
33,378
247,761
11.87%
3,883,937
355,777
292,642
292,642
3,591,295
7.53%
26,176,381 2,213,481 2,390,318 2,390,318 23,786,063 9.13%
1,780,793 148,399 141,791 141,791 1,639,002 7.96%
72,000 6,000 (8,925) (8,925) 80,925 - 12.40%
1,852,793 154,399 132,866 132,866 1,719,927 7.17%
28,029,174 2,367,880 2,523,184 2,523,184 25,505,990 9.00%
Net Income (Loss) Before Capital Contributions 3,045,715 221,694 771,786 771,786 2,273,929 25.34%
Capital Contributions
0.00%
Net Income (Loss) Before Depreciation 3,045,715 221,694 771,786 771,786 2,273,929 25.34%
Depreciation & Amortization 5,992,500 499,375 501,503 501,503 5,490,997 8.37%
Total Net Income (Loss) ($2,946,785) ($277,681) $270,283 $270,283 ($3,217,068) -9.17%
Revenue (Operating):
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Other Non - Operating Revenue
Total Non - Operating Revenue:
Total Revenue
Expenses (Operating):
Salary Related Expenses
Supplies & Services:
Communications
Contractual Services
Data Processing
Dues & Memberships
Fees & Permits
Board Election
Insurance
Materials
District Activities, Emp Recognition
Maintenance
Non - Capital Equipment
Office Expense
Professional Services
Training
Travel & Conferences
Uncollectible Accounts
Utilities
Vehicle Equipment
Supplies & Services Sub -Total
Total Operating Expenses
Expenses (Non- Operating):
Interest Expense
Other Expense
Total Non - Operating Expenses:
Total Expenses
Yorba Linda Water District
Sewer Fund
For One Month Ending July 31, 2014
Annual YTD July YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of Annual
FY 2015 FY 2015 FY 2015 FY 2015 Budget Budget
$1,605,292
$133,774
$136,717
$136,717
1,468,575
8.52%
201,000
16,750
-
-
201,000
0.00%
49,774
4,148
16,071
16,071
33,703
32.29%
1,856,066
154,672
152,788
152,788
1,703,278
8.23%
12,000
1,000
10
10
11,990
0.08%
11,925
994
(3,994)
(3,994)
15,919
- 33.49%
23,925
1,994
(3,984)
(3,984)
27,909
- 16.65%
1,879,991 156,666 148,804 148,804 1,731,187 7.92%
861,340
71,778
33,086
33,086
828,254
3.91%
21,108
1,759
1,092
1,092
20,016
5.17%
39,249
3,271
2,348
2,348
36,901
5.98%
13,078
1,090
3
3
13,075
0.02%
5,744
479
1,681
1,681
4,063
29.27%
16,753
1,396
256
256
16,497
1.53%
5,250
438
-
-
5,250
0.00%
21,934
1,828
-
-
21,934
0.00%
78,756
6,563
5,077
5,077
73,679
6.45%
1,730
144
5
5
1,725
0.29%
112,605
9,384
329
329
112,276
0.29%
19,475
1,623
4,277
4,277
15,198
21.96%
2,833
236
103
103
2,730
3.64%
39,413
3,284
2,470
2,470
36,943
6.27%
6,609
551
1,102
1,102
5,507
16.68%
4,371
364
102
102
4,269
2.33%
2,800
233
5
5
2,795
0.18%
7,100
592
513
513
6,587
7.23%
77,261
6,438
3,790
3,790
73,471
4.91%
476,066
39,672
23,153
23,153
452,913
4.86%
1,337,406 111,451 56,239 56,239 1,281,167 4.21%
0.00%
0.00%
0.00%
1,337,406 111,451 56,239 56,239 1,281,167 4.21%
Net Income (Loss) Before Capital Contributions 542,585 45,215 92,565 92,565 450,020 17.06%
Capital Contributions
1,176 1,176 1,176 0.00%
Net Income (Loss) Before Depreciation
542,585 45,215 93,741
93,741 451,196 17.28%
Depreciation &Amortization
1,345,000 112,083 111,923
111,923 1,233,077 8.32%
Total Net Income (Loss)
($802,415) ($66,868) ($18,182)
($18,182) ($784,233) 2.27%
Capital - Direct Labor
(596)
(596)