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Q3 financials: cash and investments $44.2M; water and sewer capital spending $11.2M of $22.5M budget
Summary
Finance staff reported Q3 totals: cash and investments of $44,200,000, tax receivable $6.4M, grants receivable $1.0M, combined long- and short-term debt $17.3M (mainly SRF), and water and sewer capital expense of $11.2M on a $22.5M budget.
Finance staff presented third-quarter financial statements showing combined cash and investments of $44,200,000, up $1.7 million from the start of the year but down from June 30. Tax receivable at period end was $6,400,000 and grants receivable totaled $1,000,000 (including a $500,000 balance from the Department of Water Resources). The district reported combined long-term and short-term debt of $17,300,000, primarily the SRF loan.
Staff also reported water and sewer capital spending of $11,200,000 on a $22,500,000 budget and highlighted operating revenue and expense variances. "Cash and investments at the end of the period totaled $44,200,000," the finance presenter said. Staff noted some favorable variances due to timing and unexpended capital projects and said they would amortize a prepaid UAL over the fiscal year to align expense recognition.
