AGENDA TITLE:
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Receive the Third and Fourth Quarter Fiscal Year 2023/24 Water, Wastewater and Electric Utility Department Financial Reports (FIN)
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MEETING DATE:
November 20, 2024
PREPARED BY:
Andrew Keys, Assistant City Manager
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RECOMMENDED ACTION:
Receive utility financial reports for the third and fourth quarters of Fiscal Year 2023/24.
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BACKGROUND INFORMATION:
In accordance with the Lodi Municipal Code, quarterly financial reports are to be prepared for the Water, Wastewater, and Electric Utilities.
Quarterly update presentations included in this report, highlight activities and progress for each utility. Overall, the three utilities maintain a strong financial position, operated within budget constraints and remain well positioned to continue maintenance and operations efforts into Fiscal Year 2024/25.
Electric Utility Financial Highlights
* REVENUE ended the fiscal year at 97 percent of budget.
* Sales revenue was 93 percent of budget. Sales revenue includes both base rate and Energy Cost Adjustment (ECA) revenue. ECA revenue came in less than forecasted due to lower than anticipated power supply costs - a result of favorable hydrological conditions.
* Other revenue, including development impact fees, ended the year at 150 percent of budget due primarily to timing associated with reimbursement of expenses received from DWR for the natural gas power plant as well as increased auction proceeds from the consignment of freely allocated Greenhouse Gas allowances due to increasing clearing prices.
* EXPENSES ended the year at 87 percent of budget.
* Non-power operating expenses ended the year at 84 percent of budget, primarily attributed to substation personnel vacancies during the fiscal year.
* Power supply costs ended the year at 91 percent of budget.
* Capital outlay expenses ended the year at 64 percent of budget. Unspent funds which will roll to Fiscal Year 2025 are primarily associated with ...
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