Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
PUC CFO reports positive pre-audit balances; WSIP milestones and upcoming appropriation requests set
Summary
PUC CFO Todd Reedstrom presented pre-audit financial results showing available fund-balance increases, explained reserve and debt-coverage metrics, and outlined budget monitoring steps; staff also summarized Water System Improvement Program milestones and upcoming appropriation requests.
At its Oct. 14 meeting the San Francisco Public Utilities Commission heard a detailed pre-audit financial presentation from Todd Reedstrom, assistant general manager for business services and chief financial officer.
Reedstrom told commissioners that the water enterprise began the year with available fund balance about $55 million higher than budgeted and that, after accounting for variances, the Water Department was projected to have about $63,700,000 on account as of June 30, 2008. He said interest income was about $5.3 million higher than budgeted and that operating revenues (excluding fund balance) were approximately $1.7 million better than the adopted budget.
On the wastewater side, Reedstrom said the enterprise began the year with an additional roughly $17,800,000 and, despite lower volume-related charges and interest, savings and adjustments left a projected available fund balance of about $12,900,000. He reiterated that the commission—9s adopted policy target for debt service coverage is 1.5 times and described how that translates into percent-of-revenue or percent-of-expenditure metrics for planning and reporting.
Reedstrom outlined monitoring measures staff has implemented, including biweekly overtime reports, monthly energy-usage reporting and weekly WECIP budget-status reports to track encumbrances and appropriations. He also summarized larger program activity: consultant-management interviews for WECIP, project bid results (including a low bid on the Crystal Springs Bypass Tunnel), and the need for supplemental appropriation authority for upcoming capital work that staff expects to present on Oct. 30.
Commissioners asked for further breakdowns (commercial vs. residential vs. city-department water sales) and for staff to show how adopted budgets reflected wholesale and retail sales differences. Reedstrom acknowledged those requests and said staff would present more granular charts in future financial updates.
The presentation and discussion closed with commissioners praising the new quarterly format and staff for active cash management practices, including buybacks of commercial paper and close monitoring of credit-market conditions.
Next steps: staff will return with requested breakdowns and the WECIP supplemental appropriation proposals at the Oct. 30 meeting.
