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Utilities Commission reviews July financials; electric fund posts YTD gains as gas posts loss
Summary
At the Sept. 23 meeting the finance presenter reported July results: wastewater and water funds showed positive deviations from budget, gas fund reported a net loss with small over-recoveries in gas cost recovery, and the electric fund posted a significant year-over-year revenue increase largely tied to industrial demand (Tyson).
Unidentified finance staff presented the July 2024 financial statements to the Danville Utilities Commission on Sept. 23, detailing performance across the wastewater, water, gas, electric and telecommunications funds.
The wastewater fund reported operating revenue of $824,000 (about 8.9% of the fiscal-year budget), up roughly $42,000 from the prior year. Operating expenses rose—primarily due to budgeted equipment purchases—but net income was $116,000, favorable against a budgeted net loss of $320,000.
The water fund reported operating revenue of $810,000 (8.9% of budget), up about $97,000 (roughly 14%) from the prior year, driven by higher residential and commercial consumption. Operating expenses were $609,000 (about 7.3% of the budget), and net income after transfers was $154,000 versus a budgeted net loss of $94,000.
The gas fund concluded the month with revenue of $729,000, down $99,000 from the prior fiscal year and below budget for the month. The presenter said operating expenses and purchased services were below budget; the gas fund reported a net loss of $328,000, improved from a prior-year net loss of $432,000. The July gas-cost-recovery was an over-recovery of $236,000 and increased to $283,000 in August.
The electric fund reported operating revenues of approximately $12.5 million year to date (9.2% of budget), a 14% increase—about $1.6 million—over the prior year. Year-to-date kilowatt-hour consumption rose 24%, with an 86% increase in industrial consumption attributed in the presentation to Tyson returning to full operation. Power-cost recovery showed a cumulative over-recovery of $1.5 million in July and a PCA over-recovery balance of $2.6 million in August; staff said the balance is expected to continue rising during lower-demand months.
The telecommunications fund reported revenue of $69,000, a net loss of $12,000 after nonoperating items and operating expenses in line with budget.
The presenter invited questions; commissioners thanked staff and moved on to other agenda items.
Unidentified finance staff is listed in the meeting packet as the presenter; the transcript does not provide a full name for the presenter.
