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| TOWN OF CARY, NORTH
CAROLINA |
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| UTILITY SYSTEM OPERATIONS
SUB-FUND |
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| SCHEDULE OF
REVENUES, EXPENDITURES, AND CHANGES IN FUND NET ASSETS |
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| BUDGET AND ACTUAL
(NON-GAAP) |
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| For the Year Ended June
30, 2006 |
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| With
Comparative Totals For the Year Ended June 30, 2005 |
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| Schedule 10 |
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2006 |
|
2005 |
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Variance |
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Positive |
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|
Budget |
Actual |
(Negative) |
|
Actual |
| REVENUES |
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| Operating Revenues |
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|
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| Charges for Services |
|
|
|
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|
| Water |
$17,946,032 |
18,937,272 |
991,240 |
|
16,555,711 |
| Sewer |
17,651,801 |
17,955,104 |
303,303 |
|
14,895,238 |
| Biosolids
product |
--- |
--- |
--- |
|
--- |
| TOTAL CHARGES FOR
SERVICES |
35,597,833 |
36,892,376 |
1,294,543 |
|
31,450,949 |
|
|
|
|
|
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| Other Operating Revenues |
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|
|
|
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| Connection Fees |
312,761 |
548,700 |
235,939 |
|
315,205 |
| Inspection Fees |
356,972 |
1,086,455 |
729,483 |
|
369,220 |
| Reconnection Fees |
40,491 |
61,394 |
20,903 |
|
46,014 |
| Pretreatment Program Fees |
145,000 |
143,305 |
(1,695) |
|
106,653 |
| Miscellaneous Revenues |
185,066 |
200,954 |
15,888 |
|
187,944 |
| TOTAL OTHER OPERATING
REVENUES |
1,040,290 |
2,040,808 |
1,000,518 |
|
1,025,036 |
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|
|
|
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| TOTAL OPERATING REVENUES |
36,638,123 |
38,933,184 |
2,295,061 |
|
32,475,985 |
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| NON-OPERATING REVENUES |
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| Restricted
Intergovernmental |
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| Federal Grant
Proceeds |
--- |
--- |
--- |
|
--- |
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| Investment Earnings |
749,983 |
1,526,185 |
776,202 |
|
1,019,707 |
| Market Adjustment |
--- |
(106,536) |
(106,536) |
|
(114,941) |
| Investment Earnings, net |
749,983 |
1,419,649 |
669,666 |
|
904,766 |
| TOTAL REVENUES |
37,388,106 |
40,352,833 |
2,964,727 |
|
33,380,751 |
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| EXPENDITURES |
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| ADMINISTRATIVE |
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| Utility Administration |
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| Personnel Services |
678,181 |
664,090 |
14,091 |
|
591,942 |
| Operations & Maintenance |
122,217 |
95,152 |
27,065 |
|
111,110 |
| Capital Outlays |
--- |
--- |
--- |
|
--- |
| TOTAL |
800,398 |
759,242 |
41,156 |
|
703,052 |
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| Customer Accounting |
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| Personnel Services |
1,111,898 |
1,052,670 |
59,228 |
|
959,128 |
| Operations & Maintenance |
380,670 |
332,732 |
47,938 |
|
259,928 |
| Capital Outlays |
47,779 |
33,562 |
14,217 |
|
--- |
| TOTAL |
1,540,347 |
1,418,964 |
121,383 |
|
1,219,056 |
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| Administrative costs paid to General Fund |
1,620,531 |
1,620,531 |
--- |
|
1,573,208 |
| TOTAL ADMINISTRATIVE |
3,961,276 |
3,798,737 |
162,539 |
|
3,495,316 |
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| WATER CONSERVATION |
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| Personnel Services |
$220,033 |
159,566 |
60,467 |
|
231,801 |
| Operations & Maintenance |
82,898 |
53,364 |
29,534 |
|
25,058 |
| Capital Outlays |
19,000 |
13,457 |
5,543 |
|
--- |
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| TOTAL WATER CONSERVATION |
321,931 |
226,387 |
95,544 |
|
256,859 |
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| PRETREATMENT |
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| Personnel Services |
241,908 |
231,714 |
10,194 |
|
214,697 |
| Operations & Maintenance |
100,211 |
27,212 |
72,999 |
|
12,930 |
| Capital Outlays |
20,900 |
13,207 |
7,693 |
|
--- |
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| TOTAL PRETREATMENT |
363,019 |
272,133 |
90,886 |
|
227,627 |
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| FIELD OPERATIONS |
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| Water Distribution and Sewage Collection |
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| Personnel Services |
3,332,364 |
3,262,679 |
69,685 |
|
2,882,221 |
| Operations & Maintenance |
1,173,678 |
1,027,933 |
145,745 |
|
993,833 |
| Capital Outlays |
578,638 |
355,169 |
223,469 |
|
377,773 |
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| TOTAL FIELD OPERATIONS |
5,084,680 |
4,645,781 |
438,899 |
|
4,253,827 |
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| UTILITY SYSTEMS
MAINTENANCE |
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| Water and Sewer Pumping |
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| Personnel Services |
1,026,401 |
911,474 |
114,927 |
|
841,131 |
| Operations & Maintenance |
872,468 |
778,384 |
94,084 |
|
682,499 |
| Capital Outlays |
153,780 |
179,042 |
(25,262) |
|
--- |
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| TOTAL UTILITY SYSTEMS
MAINTENANCE |
2,052,649 |
1,868,900 |
183,749 |
|
1,523,630 |
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| WATER RECLAMATION
FACILITIES |
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| North Cary Water Reclamation Facility |
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| Personnel Services |
1,096,985 |
1,082,407 |
14,578 |
|
1,025,059 |
| Operations & Maintenance |
4,353,267 |
3,586,318 |
766,949 |
|
2,346,584 |
| Capital Outlays |
13,500 |
17,210 |
(3,710) |
|
14,812 |
| TOTAL |
5,463,752 |
4,685,935 |
777,817 |
|
3,386,455 |
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| South Cary Water Reclamation Facility |
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| Personnel Services |
1,316,932 |
1,259,044 |
57,888 |
|
1,021,285 |
| Operations & Maintenance |
1,684,120 |
1,514,205 |
169,915 |
|
1,422,965 |
| Capital Outlays |
18,000 |
30,203 |
(12,203) |
|
6,161 |
| TOTAL |
3,019,052 |
2,803,452 |
215,600 |
|
2,450,411 |
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| TOTAL WATER RECLAMATION |
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| FACILITIES |
8,482,804 |
7,489,387 |
993,417 |
|
5,836,866 |
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| WATER TREATMENT PLANT |
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| Personnel Services |
$1,486,016 |
1,453,298 |
32,718 |
|
1,385,203 |
| Operations & Maintenance |
3,019,251 |
3,049,018 |
(29,767) |
|
3,398,601 |
| Capital Outlays |
--- |
--- |
--- |
|
30,064 |
| Reimbursement from Apex |
(912,002) |
(876,090) |
(35,912) |
|
(734,539) |
| TOTAL WATER TREATMENT PLANT |
3,593,265 |
3,626,226 |
(32,961) |
|
4,079,329 |
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| DEBT SERVICE |
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| Long-term Debt Principal Payment |
6,650,301 |
6,096,084 |
554,217 |
|
5,638,233 |
| Interest Expense |
5,862,450 |
4,569,096 |
1,293,354 |
|
4,711,224 |
| TOTAL CARY DEBT SERVICE |
12,512,751 |
10,665,180 |
1,847,571 |
|
10,349,457 |
| Morrisville Debt Payment |
339,775 |
339,775 |
--- |
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--- |
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TOTAL DEBT SERVICE |
12,852,526 |
11,004,955 |
1,847,571 |
|
10,349,457 |
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| REVERSION |
(89,438) |
--- |
(89,438) |
|
--- |
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| TOTAL EXPENDITURES |
36,622,712 |
32,932,506 |
3,690,206 |
|
30,022,911 |
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| Revenues Over Expenditures |
765,394 |
7,420,327 |
6,654,933 |
|
3,357,840 |
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| OTHER REVENUES
(EXPENDITURES) |
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| Transfers Out, net |
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| Transfer to General Fund, net |
(149,932) |
(149,932) |
--- |
|
--- |
| Transfer to
Sewer Project Sub-Fund |
--- |
--- |
--- |
|
--- |
| Transfer to Water Project Sub-Fund |
(868,539) |
(868,539) |
--- |
|
(900,000) |
| Transfer to
Utility System Capital Reserve Fund |
--- |
--- |
--- |
|
--- |
| Transfer to
Health Insurance Internal Service Fund |
--- |
--- |
--- |
|
--- |
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| Bond Issuance Costs & Expenses |
(800,000) |
(8,002) |
791,998 |
|
(66,653) |
| Bond Proceeds |
700,000 |
--- |
(700,000) |
|
--- |
| Proceeds from Sale of Assets |
20,000 |
7,771 |
(12,229) |
|
9,764 |
| Miscellaneous Revenues |
31,330 |
20,231 |
(11,099) |
|
16,780 |
| Reserve for
Future Capital Expenditures |
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| Reversion (PUT
ABOVE IN EXP) |
|
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| Appropriation from Fund Balance |
301,747 |
--- |
(301,747) |
|
--- |
| TOTAL OTHER EXPENDITURES |
(765,394) |
(998,471) |
(233,077) |
|
(940,109) |
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| Revenues Over Expenditures |
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| (Including Other Expenditures), |
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| Before Special Item |
$ --- |
6,421,856 |
6,421,856 |
|
2,417,731 |
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| SPECIAL ITEM -
Morrisville Merger |
|
4,381,668 |
|
|
--- |
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| Revenues Over Expenditures |
|
|
|
|
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| (Including Other Expenditures) |
|
10,803,524 |
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|
2,417,731 |
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| ADJUSTMENT TO ACCRUAL
BASIS |
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|
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| Add (Deduct) |
|
|
|
|
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| Capital Outlays |
|
$643,459 |
|
|
421,895 |
| Decrease
in Compensated Absences Liability |
|
(80,604) |
|
|
(29,314) |
| Loss on Disposal of Assets |
|
--- |
|
|
(101,706) |
| Issuance of long-term debt |
|
--- |
|
|
--- |
| Long-term Debt Principal
Payment |
|
6,096,084 |
|
|
5,638,233 |
| Morrisville Debt Payment |
|
339,775 |
|
|
--- |
| Morrisville Jordan
Capacity Payment |
|
22,295 |
|
|
--- |
| Bond Premium Amortization |
|
10,115 |
|
|
10,115 |
| Bond Discount
Amortization |
|
(4,048) |
|
|
(4,048) |
| Deferred Bond Issue Costs |
|
(66,775) |
|
|
(88,637) |
| Deferred Loss on
Refunding |
|
(65,218) |
|
|
(65,218) |
| Interest adjustments |
to be hidden |
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| Capitalized Interest |
|
949,059 |
|
|
707,381 |
| (Increase) Decrease Debt
Interest Payable |
|
(153,727) |
|
|
181,694 |
| Depreciation |
|
(7,551,849) |
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|
(6,882,865) |
| Sewer Capacity Charges |
|
(454,690) |
|
|
(827,198) |
| Charge Refunds |
|
--- |
|
|
--- |
| Fee Credits Used |
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|
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|
| Fee Credit Adjustment |
|
5,000 |
|
|
--- |
| Contributed Assets |
|
10,446,348 |
|
|
687,687 |
| Jordan Capacity Liability
Payment |
|
100,264 |
|
|
97,132 |
| Internal Service Funds
Internal (Profit)Loss |
|
309,936 |
|
|
205,999 |
| Construction-in-Progress
write-off |
|
--- |
|
|
(9,582) |
| Water Contract Payment |
|
--- |
|
|
675,000 |
| Miscellaneous |
|
--- |
|
|
374 |
| Change in
Accounting Estimate due to increase |
|
|
|
|
|
| of
Capital Asset Threshold |
|
|
|
|
--- |
| Total Adjustments
before Special Item |
|
10,545,424
|
|
|
616,942 |
| SPECIAL ITEM -
Morrisville Merger |
|
34,999,037 |
|
|
--- |
| Total Accrual
Adjustment |
|
45,544,461
|
|
|
616,942 |
|
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|
|
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| CHANGE IN NET ASSETS |
|
56,347,985
|
|
|
3,034,673 |
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| NET ASSETS - Beginning of
Year |
|
180,207,000 |
|
|
173,529,420 |
|
|
|
|
|
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| Reclassification Between
Utility Sub-Funds |
|
28,846,163 |
|
|
3,642,907 |
| NET ASSETS - End of Year |
|
$265,401,148
|
|
|
180,207,000 |
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