Utility Fund
Total revenues of $14.03 million are 14% of the $99.20 million dollar budget compared to prior year revenues of $13.24 million at 15% of the $90.19 million dollar revenue budget. The total revenue budget in the current year includes a planned use of reserves in the amount of $25.66 million to fund utility capital improvement projects to minimize the amount of debt to fund projects. Operating revenues are 19% of the budget compared to 18% in the prior year. Revenues increase over the prior year by $791,738 or 6.0% driven by revenue from Lee County for sewer services, as the monthly billed rate has been adjusted in fiscal year 2021 to more accurately reflect actual services compared to prior years’ methodology where a lower rate was billed followed up by a large true-up at the fiscal year end. There were no rate increases for water and sewer services in FY2021.
Total expenses of $17.01 million are 17% of the $99.20 million dollar budget, compared to prior year expenses, at $18.31 million, or 20% of the $90.19 million dollar budget. Total Utility Fund expenses decrease by ($1.30) million dollars or 7.1% due mainly to Debt Service as a result of the refunding of the 2008 Note and State Revolving Fund loans in June, 2020 as well as an overall decrease in the Central Wastewater Plants expenses from timing of biosolids hauling and electric payments. Overall, for the year ended December 31, 2020, the Utility Fund expenses exceed revenues by ($2.98) million dollars.
This fund does not receive a General Fund subsidy.