New Search
Operating revenues increased by 32% from fiscal year 2004 to 2005. The increase is primarily <br />due to user fee increases in addition to growth. Operating expenses for the year ended June 30, <br />2005 increased by .3% over the previous year. Non operating revenues increased by 37% <br />primarily due to increased System Development Charge rates, as well as growth. <br />Budgetary Highlights <br />The differences between the original budget and the final amended budget were as follows: <br />• $617,819 increase to Administration, operations and maintenance <br />• $306,819 decrease to capital projects <br />• $1,456,154 reduction in reserves <br />The changes were offset as follows: <br />• $2,395,154 from unanticipated decrease in cash carryover from the prior year <br />• $1,250,000 adjustment to anticipated size of revenue bond sale <br />For the year ended June 30, 2005 the budget to actual comparison shows that actual user fee <br />revenues were over the budgeted amount by 8.6%. This presentation is under the modified <br />accrual basis of accounting. Under full accrual accounting, the actual user fee revenues. for the <br />year were within 2% of budget. Administration, operations and maintenance expenses were 10% <br />under the budgeted amount due to delayed materials and servicesexpenditures in several <br />categories including contractual services, and insurance. Significant savings also occurred in <br />travel and meeting expenses. Capital project expenses were under budget by 94%. This is <br />typical because projects are always budgeted for the total anticipated contractual commitments, <br />yet prof ect expenditures .frequently lapse into subsequent budget years. <br />Capital Assets <br />MWMC's investment in capital assets as of June 30, 2005 amounts to $68,701,633 (net of <br />accumulated depreciation). This investment in capital assets includes land, buildings, machinery <br />and equipment, and other assets.: The net decrease in the MWMC's investment in capital assets <br />for the current fiscal year was 3 %. <br />Major capital asset events during the current fiscal year included the following: <br />• The Electronics Switchboard Upgrade had $328,295 of costs incurred in 2005 bringing the <br />construction in progress balance to $335,795 at year end. '; <br />• Work continued at the Biocycle Farm, in 2005 early phases of the project were completed L' <br />and capitalized in the amount of $3,218,5.89. Construction in progress as of the close of <br />" the fiscal year was $ 2,636,712. { <br />• The Plant Performance Improvements/ Predesign study had costs this year of $201,936 <br />bringing construction in progress to $1,029,777 at year end. <br />~~~ <br />,: <br />s <br />