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Finance director briefs board on supplemental and year-to-date financials; reserves up
Summary
Marietta BLW finance staff reviewed supplemental charges, power costs and year-to-date financials, reporting higher reserves and material year-end settlements; board noted the budget will go to council for final approval.
Marietta’s newly announced finance director, Bettina, presented supplemental and month-end financials to the Board of Lights and Water, reporting a positive year-to-date position and an increase in reserves.
Bettina told the board that energy costs and supplemental variances are driving differences between actuals and budget. She said MEAG energy costs were volatile earlier in the year and that certain plant deratings increased operational costs, while mild spring temperatures helped electric costs trend below budget in April. The presentation noted year-to-date encumbrance revenue carried forward and a $5,800,000 receipt related to substation work, of which about $3,800,000 had been expended.
Bettina said total reserves showed an uptick to about $30,000,000 and that the fiscal year ends June 30; the BLW budget has been approved by the BLW board and will be presented to the City Council for final approval. She also noted a year-end settlement amount of roughly $2,200,000 included in May financials.
Board members asked clarifying questions; Bettina paused for questions during the presentation but no formal board action was recorded in the meeting on the monthly financials other than acceptance for the record.
