Utility Fund

Total revenues of $55.03 million are 42% of the $131.64 million dollar budget compared to prior year revenues of $54.66 million at 54% of the $100.30 million dollar revenue budget. The total revenue budget in the current year includes a planned use of reserves in the amount of $47.66 million to fund utility capital improvement projects in order to minimize the amount of debt needed to fund projects. Further, the budget includes a $4.68 million transfer from combined Renewal and Replacement Funds and the 2019 Utility Revenue Bond Funds to pay for projects that were moved from the Capital Improvement Program to the operating fund effective October 1, 2021. Operating revenues are 68% of the budget compared to 74% in the prior year. Revenues decrease from the prior year by ($585,647) or (1.1%) driven by revenue from Lee County for sewer services, as the estimated rate per thousand gallon is set at $3.65, a reduction from prior year, to capture operating and capacity costs of the wastewater plants more accurately, avoiding a large true-up amount at fiscal year-end partially offset by an increase in City sewer services. There were no rate increases for water and sewer services in FY2022.

Total expenses of $47.38 million are 36% of the $131.64 million dollar budget, compared to prior year expenses, at $44.68 million, or 45% of the $100.30 million dollar budget. The total expense budget for the Utility Fund increases by $2.70 million due to higher electric and chemical costs for the water and wastewater plants and funding of critical projects at the plants and within the distribution system. Moving certain maintenance and equipment purchases from being reported in the capital improvement program to the operating fund effective October, 2021 did increase the budgets for the respective utility divisions.

This fund does not receive a General Fund subsidy.

As of June 30, 2022, revenues exceed expenses by $7.65 million dollars.