FY2023 Adopted Budget

WATER FUND The Water Fund accounts the City’s water utility operations including the operation of a water production plant, water storage facilities, water distribution system, water meter reading, and water quality monitoring. The business-like fund is primarily supported through user fees. Fund Balance: The Water Fund’s unassigned fund balance at the close of fiscal year 2021 was $6,444,750 or $366,708 lower than fiscal year 2020. The decrease in unassigned fund balance in fiscal year 2021 was primarily due an increase in lime removal and insurance expenditures and a decrease in late fee interest charges.

(1) FY22 - FY24 figures are estimates

The fiscal year 2022 unassigned fund balance is estimated to increase to $6,509,410 or $124,756. This is primarily due to a new 50% cost share of the Customer Service function with the Wastewater Fund totaling $638,690 that was added in fiscal year 2022. Fiscal year 2023 unassigned fund balance is anticipated to grow by $251,064 over fiscal year 2022. This is primarily due to a reduction in Debt Service Funding of $555,012 due to the retirement of the 2012C Water Refunding Bonds and the corresponding release of the bond reserves. The Water Fund maintains two reserved funds: one restricted fund for debt service and one assigned fund for capital reserves. The debt service reserve will have an estimated $3,225,224 in restricted fund balance, and the capital reserve is estimated to have $3,450,663 in assigned fund balance at the end of fiscal year 2023. Contributions into the Capital Reserve are projected to increase to $1,800,000 in fiscal year 2023.

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