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AGENDA ITEM NO. 4.2PALMDALEWATER DISTRICTBOARD MEMORANDUMDATE:August 7, 2013August 14, 2013TO:FINANCE COMMITEECommittee MeetingFROM:Mr. Bob Egan, Financial AdvisorRE:AGENDA ITEM NO. 4.2 – DISCUSSION AND OVERVIEW OF CASH FLOWSTATEMENT AND CURRENT CASH BALANCES AS OF JUNE 30, 2013Attached is the Investment Funds Report and current cash balance as of June 30, 2013. Thereports will be reviewed in detail at the Finance Committee meeting.
PALMDALE WATER DISTRICTINVESTMENT FUNDS REPORTJune 30, 2013DESCRA/C #CASH0-01030-0104June-13VALUECitizens/US Bank - CheckingCitizens- MerchantBank cash0-01190-0120PETTY CASHCASH ON HANDTOTAL 9INVESTMENTS0-01100-1110UBS ACCOUNT SS 11469 GGUBS RMA Government PortfolioUBS Bank USA Dep acct1998 Debt Reserve FundFHLB par 1.4Mil matures 10/18/13 3.625% interestAccrued interestUBS ACCOUNT SS 11475 GGUBS Bank USA Dep acctUBS RMA Government Portfolio0-0115LAIF0-0111UBS ACCOUNT SS 11432 GGUBS Bank USA Dep acct250,000.00250,000.00UBS RMA Government Portfolio304,987.11299,793.29Accrued interestUS GOVERNMENT 001,998,245.00TOTAL MANAGED ACCOUNT2,544,204.762,555,470.94TOTAL AND TOTAL CASH AND RESTRICTED CASHIncr (Decr)CheckingUBS MMLAIFUBS ,544,205011,006,048BNY MellonConstructionIssuanceMARKETVALUEMARKETVALUE
REVISED 08/07/13Water Sales Beginning BalanceWater ReceiptsOtherTotal Operating RevenueOperating Expenses:Total Operating Expenses excl GACNon-Operating Revenue Expensess:Assessments, netSpecial Avek CIF PaymentInterestMkt adjGrant Re-imbursementCapital Improvement FeesDWR Refund/( payment )Other /Palmdale Redevel AgncyTotal Non-Operating RevenuesCapital ExpendituresGACSWP CapitalizedPrepaid Insurance (paid) refundedBond Payments InterestPrincipalSystem Work for AVEKButte paymentsCapital leasesLegal adjudication feesTotal Cash Ending 10,333,107)529,673
AGENDA ITEM NO. 4.3PALMDALEWATER DISTRICTBOARD MEMORANDUMDATE:TO:FROM:VIA:August 7, 2013FINANCE COMMITTEEMichael Williams, Finance Manager/CFOMr. Dennis LaMoreaux, General ManagerAugust 14, 2013Board MeetingRE:AGENDA ITEM 4.3 – DISCUSSION AND OVERVIEW OF FINANCIALSTATEMENTS, REVENUE AND EXPENSE AND DEPARTMENTAL BUDGETREPORTS FOR JUNE 30, 2013Discussion:Presented here are the Balance Sheet and Profit/Loss Statement for the period ending June 30,2013. Also included are Year-To-Year Comparisons and Month-To-Month Comparisons forboth revenue and expense. Finally, I have provided individual departmental budget reports forthe month of June, 2013.This is the sixth month of the District’s Budget Year 2013. The target percentage is 50%.Revenues ideally are at or above, and expenditures ideally are below.Balance Sheet: Page 1 is our balance sheet on June 30, 2013. There is nothing significant to report.Profit/Loss Statement: Page 3 is our profit/loss statement on June 30, 2013. Operating revenue is at 47% of budget. Cash operating expense is at 45% of budget. All departments are operating at or below the target 50% in their respective budget. Page 3-1 is the make-up of other operating revenues.Year-To-Year Comparison P&L: Page 7 is our comparison of June 2012 to June 2013. Total operating revenue is up by 135K, or 7%. Operating expenditures are up by 957K, or 89%. The primary cause - prior yearinvoicing from SWP and a GAC expenditure. Page 8 is a graphic presentation of the water consumption comparison. Units billed inacre feet were down by 6, or .31%. Total revenue per unit sold is up 0.16, or 7%, andtotal revenue per connection is up 5.30, or 7%.
FINANCE COMMITTEEPALMDALE WATER DISTRICTVIA: Mr. Dennis LaMoreaux, General Manager-2-August 7, 2013Revenue Analysis Year-To-Date: Page 9 is our comparison of revenue, year-to-date. Operating revenue through June 2013 is up by 1.2MM, or 13%, compared to 2012. Total revenue is up 528K, or 4%.Expense Analysis Year-To-Date: Page 11 is our comparison of expense, year-to-date. Cash Operating Expenses through June, 2013 are up by 666K, or 7%, compared to2012. This is due primarily to the prior year OAP charges from SWP of 436K. Total Expenses are up by 931K, or 6%, compared to 2012.Departments: Pages 14 through 22 are detailed budgets of each department. As stated earlier, alldepartments are below the target 50%.Non-Cash Definitions:Depreciation: This is the spreading of the total expense of a capital asset over the expected lifeof that asset.OPEB Accrual Expense: Other Post Employment Benefits (OPEB) is the recognized annualrequired contribution to the benefit. The amount is actuarially determined in accordance with theparameters of GASB 45. The amount represents a level of funding that, if paid on an ongoingbasis, is projected to cover normal cost each year.Bad Debt: The uncollectible accounts receivable that has been written off.Service Cost Construction: The value of material, parts & supplies from inventory used toconstruct, repair and maintain our asset infrastructure.Capitalized Construction:infrastructure.The value of our labor force used to construct our asset
Water Meter Exchange Program401-1211,438 0 0 0 1 Totals:21,895 401-120 128,909 15,557 113,35211,438July600-09RCP0421,895 June May600-12April March94,853 79,90014,953 AugOctNov50,000 113,352 319,100 79,900 23,851 319,100 ContractualCommitment8,898 319,100 8,898SeptTejon ConstructorsHD SupplySuperior Tank SolutionsSuperior Tank Solutions401-13Feb16th, 17th, 18th St. E. Water Main Replacement Project - Material Cost Only600-09JanAnnual Tank Maintenance ProgramRCP04WorkOrder No.3600' Hydro-Pneaumatic Tank Replacement600-12Carollo EngineersContractor/Consultant/SupplierProject Payout Detail (Actual/Projected)Water Supply Fee AnalysisDescription401-13WorkOrder No.Project Commitment and Payout Summary0 Dec048,890113,352079,90014,953Payout toDateENGINEERING DEPARTMENT COMMITTED CONTRACTS ANDPAYOUT SCHEDULE - AUGUST, 2013AGENDA ITEM NO. 4.4
SiemensJT/AESIBV ConstructionProminentCalgon Carbon0 0 JulyTotals:WQF-60 216,776 WQF-5AugSept92531,41088,812 38,405 1Oct0 Nov38,405 7,000 77,952 88,812 868,328 216,776 ContractualCommitment52,617 216,828 555,923 256,405 WQF-46,075 WQF-346,542June 216,828 218,000 218,000 216,776MayWQF-2April 216,776MarchWQF-10 Localized GAC @ Underground Booster Station - Initial GAC SupplyWQF-6 Localized GAC @ Underground Booster Station - Structural DesignWQF-5FebLocalized GAC @ Underground Booster Station - Site ImprovementsWQF-4JanLocalized GAC @ Underground Booster Station - VesselWQF-3Project IDGAC Replacement @ WTPWQF-2SiemensContractor/Consultant/SupplierWater Quality Fund - Payout Detail (Actual/Projected)GAC Replacement @ WTP - CX ReactivatedDescriptionWQF-1Project IDWater Quality Fund - Commitment and Payout Summary0 0Dec006,07546,5420433,604Payout toDateWATER QUALITY FUND COMMITTED CONTRACTS ANDPAYOUT SCHEDULE - AUGUST, 2013
607-12 10th St. E. between Ave. P and Palmdale Blvd.501-04 Littlerock Sediment Removal (EIR/EIS/Permits)400-12 Littlerock Recharge and Recovery (Feasibility)Spec. 1207LRDSRLRCRRPTotals:Upper Amargosa Recharge (Project Capacity)605-12 Frontier, 31st St. E., etc. between Ave. Q and Q-4Spec. 1205TBD606-11 20th, Puerta, Sweetbriar, and 22nd St. E.Spec. 1201Description603-12 Ave. Q - Q-3, Division and SumacUARSpec. 1207Spec. 1205Spec. 1201111/20/12TBDTBD6/16/135/8/135/8/134/28/13CEQA 8,500,000 1,250,000 1,500,000 975,000 1,400,000 1,200,000 1,450,000 725,000AllocatedBond 1,321,292 0 0 515,925 23,510 0 0 781,857ContractualCommitmentProject Commitment and Payout Summary 0 200,000 400,000 600,000 800,000Spec. 1204ProjectWorkOrderNo.Uncommitted Bond 7,178,708Contractual Commitment 1,321,292Allocated Bond vs. CommitmentPayout to DateContractual Commitment vs. Payout to DateContractual CommitmentLRDSRUncommitted Bond 252,836 0 0 0 9,108 0 0 243,728Payout toDateLRCRRPContractual CommitmentSpec. 1204PWD WATER REVENUE BONDS - SERIES 2013A 7,178,708 1,250,000 1,500,000 459,075 1,376,490 1,200,000 1,450,000( 56,857)UncommittedBond UAR
2BV Construction - Progress Payment #2Aug 5, 2013 Spec. 1204BV Construction - Progress Payment #1DescriptionJT Eng. - Design Progress PaymentSpec. 1204ProjectJul 17, 2013 Spec. 1207Jul 9, 2013Date251871Invoice No.Project Payout Detail543Requisition No. 145,175.449,108.0098,552.53Payment Amount
AGENDA ITEM NO. 4.5
AGENDA ITEM NO. 4.6PALMDALEWATER DISTRICTBOARD MEMORANDUMDATE:August 8, 2013August 14, 2013TO:FINANCE COMMITTEEFinance Committee MeetingFROM: Mr. Bob Egan, Financial AdvisorRE:AGENDA ITEM NO. 4.6 – CONSIDERATION AND POSSIBLE ACTION ON SETTINGPALMDALE WATER DISTRICT’S ASSESSMENT RATES FOR FISCAL YEAR 20132014 AND ADOPTION OF RESOLUTION NO. 13-11 REGARDING SAID RATES.Materials for this agenda item will be hand-delivered, if available, prior to the Board meeting.
FNMA 07/17/17 1.2 500,000 489,475.00 496,115.00 FHLB 12/28/17 0.95 500,000 487,910.00 494,660.00 TOTAL INVESTMENTS GRAND TOTAL CASH AND RESTRICTED CASH Checking 1,078,421 UBS MM 7,371,731 BNY Mellon Total 11,006,048 UBS RMA Government Portfolio TOTAL MANAGED ACCOUNT UBS RMA Government Portfolio UBS Bank USA Dep acct UBS Bank USA Dep acct UBS .
