Minutes 12/23/1980 - Laserfiche WebLink

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. (~. f) TUESDAY DECEMBER 23, 198a BACKGROUND OF SEWER FUND It is important to distinguish between the Sewer Bond Fund, previously discussed, and the Sewer Fund. The latter was created in 19s7 and should be understood as a budgetary and operating mechanism. The Sewer Fund has a variety of sewer-related revenues--principally sewer service charges. Supported by these revenues, expenditures are budgeted in six sections, within the Sewer Division of the Department of Public Works. Those sections and their current budgets are as follows: Section 1980-8l Budget Wastewater Plant Maintenance Construction General Expense Debt Service Emergency Account $481,863 52,550 136,979 135,978 69,130 3,000 $879,500 Total Sewer Fund Budgeted Expenditures CURRENT AND PROJECTED CONDITION OF THE SEWER BOND FUND As stated above, the Sewer Bond Fund was $1,OSO,461 in the red on the first day of the current fiscal year. Since that time, some minor additional charges have been made, two sizeable payments have been made by PSA, additional payments from PSA are forthcoming, and a final payment from the feds under our last grant is expected very shortly. Leaving the proposed improvements out, the picture by the end of this fiscal year is as follows: Deficit at 7/01/80 Additional Charges Payments from PSA: July 28, 1980 August 4, 1980 Anticipated Payments from PSA Anticipated Payment from EPA Projected Deficit at 6/30/81 ($1,050,46l) ($ 8,769) $200,000 $183,546 $ 383,546 $ 279,398 $ 355,000 ($ 41,286) CURRENT AND PROJECTED CONDITION OF THE SEWER FUND The Sewer Fund began the current year with an unappropriated surplus of $303,516. Given the sewer rate increase approved in July and projecting certain underexpenditures in the current budget, this surplus