HomeMy WebLinkAboutAgenda Report - December 20, 2006 K-02CITY OF LOVI
COi1NCIL COMMUNICATION
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AGENDA TrrLE: Electric Ut#ity, Water and Wastewater Utility 1*t Ouarter FY07 Financial
Report (EUD/PW)
ME€TIM DATE: Deceriber 20, 2006
PREPAIIED BY: Electric Utility and Public Works Directors
RECOMMENDED ACTION: Receive a report prepared by the Electric Utility and Public
Works departments summarizing the financial performance
for the 1"quarter of FY07.
BACKO&OU N3 *I ORMATION: The Electric Utility, Wastewater and Water Departments
(EUD) are responsible for reporting their quarterly financial
results to the City Council. The attached PowerPoint
reports summarize such results for the 1st quarter of FY07.
A summary of the electric utility's financial performance for this reporting period is as follows:
• O1 Power Supply costs were $638K under quarterly budget of $11.8 million
• Non -Power costs declined $674K from $2.9 million budget
• Total revenues were rout $500K less than $22.5 million projection
• NCPA General Operating reserves increased by $365K
• Q1 budgeted cash position of utility improved by $1.1 million to $7.1 million
• Over 98% of projected power supply requirements for January — June 2007 have been acquired
The Waslewater and Water funds are broken down into individual funds in order to show the activity and
financial condition for the operating activities separately from the Capital related activities. This
represerfs a different presentation of these activities from those of previous quarters. Summary results
are as follows:
• The Wastewater activities show a net increase in working capital of $469,680 for the first quarter
of Fiscal Year 2007.
•
Water fund activities show a net decrease of working capital of $107,089.
FISCAL WPACT: None at this time.
FUNDING: Not applicable. �
Jas R. Krueger / Georges Morrow
Attachment
APPROVED: Q _
Blair Kmg, City Manager