Comprehensive Annual Financial Report June 30, 2011 - Western ...

WESTERN VIRGINIA WATER AUTHORITY Schedule 1
Schedule of Income and Expenses - Budget and Actual - Water Fund
Year Ended June 30, 2011
Variance
Final
Favorable
Budget Actual (Unfavorable)
Operating Revenues:
Water sales $ 22,665,579 $ 22,679,166 $ 13,587
Water connection charges 150,000 340,800 190,800
Bulk sales 435,000 388,756 (46,244)
Fire service 1,209,073 1,256,060 46,987
Other fees 790,000 928,899 138,899
Total Operating Revenues $ 25,249,652 $ 25,593,681 $ 344,029
Operating Expenses:
Water treatment administration $ 763,174 $ 769,185 $ (6,011)
Water treatment plants/systems:
Carvins Cove 1,519,522 1,568,176 (48,654)
Spring Hollow 1,754,493 1,562,876 191,617
Crystal Spring 246,669 224,839 21,830
Falling Creek 259,985 269,051 (9,066)
Smith Mountain Lake systems 295,500 57,844 237,656
Westlake system - 149,431 (149,431)
Laboratory services 355,858 311,986 43,872
Water purchases 102,000 73,369 28,631
Contract operations 20,407 11,793 8,614
Pump and storage operations 962,371 850,161 112,210
Well operations 330,536 265,188 65,348
Distribution operations 592,901 779,939 (187,038)
Meter operations 931,948 850,998 80,950
Reservoir operations 375,464 277,422 98,042
Internal services 3,154,422 2,787,599 366,823
Field operations 3,460,515 3,395,352 65,163
Occupancy costs 27,465 24,986 2,479
Depreciation and amortization 7,093,717 7,243,813 (150,096)
Total operating expenses $ 22,246,947 $ 21,474,008 $ 772,939
Income from operations $ 3,002,705 $ 4,119,673 $ 1,116,968
Nonoperating Income (Expenses):
Interest earned $ 50,000 $ 76,813 $ 26,813
Rental income 13,680 13,680 -
Tower site rental 343,560 348,316 4,756
Office building lease income 125,000 127,618 2,618
Non operating contribution 666,608 621,137 (45,471)
Gain (loss) on disposal of assets - (193,647) (193,647)
Insurance recoveries - 30,493 30,493
Office building maintenance expense (135,650) (138,346) (2,696)
Interest expense (3,329,806) (2,937,637) 392,169
Total nonoperating income (expenses) $ (2,266,608) $ (2,051,573) $ 215,035
Income (loss) before contributions $ 736,097 $ 2,068,100 $ 1,332,003
Capital contributions 1,450,000 1,942,203 492,203
Change in net assets $ 2,186,097 $ 4,010,303 $ 1,824,206
-71-