The Enterprise account shows income from Solid Waste Sanitation Income of $105,000; Sewer Revenue of $170,350 and Water Revenue of $128,700. The income developed from Service Charges i $23,000; returned checks $250, earned interest $10.00 and County Funds A & B Bonds $45,000. To these revenues we add the Grant/Loan Income for the Sewer Revitalization Fund of $3,628,950 and Miscellaneous Revenue of $5,000 plus beginning cash of $272,944 and we end up with $4,380,204.00 in Total Enterprise Income.
From the Sewer Revitalization Fund of $3,628,950, $328,950 is paid for engineering Study and $3,299,000 for the Sewer Revitalization Loan Field Study for a total Expense of $3,627,950 for Phase 1 of the Loan Agreement.
The additional Expenses include a Loan Reserve Expense of $32,867; Debt Service on the 2001 Bond of $45,000 and the Sewer Revitalization Loan Payment for Phase I of $3,846.00. These additions to the Sewer Revitalization then add up to a total expense of $3,709,663. Adding the County Funds on the 2001 A & B Bonds of $45,000 to the $3,628,950 brings forth a total Income of $3,673,950 as compared to expenses of 3,709,603 or $35,653 more than the income/grants/loans received. Yet, we are moving $56,095 from the Enterprise Account into the General Fund as we have been doing since Bob Farley was a manager. That is why we need to increase our water and sewer rates yearly, even though in White Springs we pay more for Water and Sewer Utilities than any other Town in the area. This is called mismanagement by the Town Staff and a council who will do nothing to fight for you but increase taxes and fees because no one knows how to manage money.
Our Sanitation Expense is estimated at $80,000 with $750 spent on postage for a total $80,750; however, the Town receives Income from its citizens of $105,000 so the Town nets some additional cash over what is paid out of $24.250. $5,000 is anticipated on the income side for miscellaneous reimbursements.
The other expenses which include Salaries and Benefits, Insurance Repairs and Maintenance and Office Supplies total $71,710 for Sewer Collection; $65,791 for Sewer Plant Operations; $48,760 for Water Distribution and $73,241 for Water Plant Operations.
A Contingency of $273,944 is shown which is great to show some retained earnings; however, it is the beginning cash which is shown on the income side of the Enterprise Account of $273,944. And, we know how the income gets swallowed up, don’t we?
Karin for the blog