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Home My WebLink About12/13/2023 - Meeting Materials Sa It La ke City Department of Public Utilities Financial Review FY2023 Review Financial Dashboard (October 31, 2023) December 13, 2023 . : Public Utilities R-A 0 Annual Review Fiscal Year Ended June 30, 2023 Combined Condensed Statement of Net Position ASSETS AND DEFERRED OUTFLOWS 2023 2022 Current assets and restricted cash $ 417,509,702 $ 508,725,672 Capital assets 1,268,380,467 1,109,275,398 $5 9.6 Million Other non-current assets 6,695,814 16,495,470 Total Assets Deferred outflows 6,025,318 4,480,949 Total assets and deferred outflows $ 1,698,611,301 $ 1,638,977,489 LIABILITIES AND DEFERRED INFLOWS Current portion of bonds outstanding $ 7,975,000 $ 7,715,000 $15 9.1 Million Bonds outstanding,net of current portion 613,781,052 624,341,895 Loan from federal program 13,267,190 13,112,999 Capital Assets Other liabilities 69,611,425 54,250,102 Deferred inflows 3,566,624 16,568,079 Total liabilities and deferred inflows 708,201,291 715,988,075 NET POSITION $7.8 Million Net Investment in Capital Assets 881,038,403 879,100,227 Liabilities & Restricted or reserved 14,733,768 8,389,014 Deferred Inflows Unrestricted 94,637,839 35,500,173 Total net position 990,410,010 922,989,414 Total liabilities, deferred inflows & net position $ 1,698,611,301 $ 1,638,977,489 P U Annual Review Fiscal Year Ended June 30, 2023 Combined Condensed Statement of Revenues, Expenses, and Changes in Net Position SUMMARY OF CHANGES IN NET POSITION 2023 2022 Operating revenues $ 181,316,976 $ 152,397,745 $2 3.2 Million Operating expenses before depreciation (99,071,394) (86,146,586) Change in net position Operating income before depreciation 82,245,582 66,251,159 Depreciation (23,8299923) (22,081,444) Operating income 58,415,659 44,169,715 $2 g.9 Million Non-operating revenue (expense) Operating revenue Interest and financial expense (23,559,478) (10,260,209) Investment income (loss) 13,077,136 (318,081) Gain on disposition of property and equipment 488,150 349,788 $2 34 Thousand Net non-operating expense (9,994,192) (10,228,502) Transfers in 2,300,000 154,443 Non-operating expenses Legal settelment 5,780,176 - Contributions and grants 10,918,953 10,109,244 Change in net position $ 67,420,596 $ 44,204,900 p U Annual Review Fiscal Year Ended June 30, 2023 Combined Condensed Statement of Cash Flows SUMMARY OF CASH FLOWS 2023 2022 Receipts from customers $ 178,056,300 $ 152,273,123 $48 Million Payments to Salt Lake City (10,601,431) (9,136,658) Capital Assets Payments to suppliers (47,586,520) (57,190,797) Payments to employees (40,356,086) (38,201,713) Net cash provided by operating activities 79,512,263 47,743,955 Net cash provided by non-capital and related financing activities 2,300,000 154,443 Payments for capital assets (175,518,040) (127,492,701) Net proceeds from debt issuance - 362,429,292 Legal settelment 5,780,176 - $9 5.2 Million Payment for subscription-based agreements (334,855) - Bond principal, interest, and financial charges (27,304,000) (19,596,936) Net Cash Capital contributions and other related receipts 7,622,048 7,469,657 Net cash provided by(used in) capital and related financing activities (189,754,671) 222,809,312 Net cash provided by investing activities 12,692,691 (34,202) Change in Cash and Cash Equivalents $ (95,249,717) $ 270,673,508 P U Annual Review Fiscal Year Ended June 30, 2023 Revenue Comparison 2023 Sewer Charges 32% Stormwater Fees 7% Water Sales 41% Street Lighting Fees Gain on 2% disposition of Other Revenues Contributions and property and 3% grants Legal settlement Transfers in equipment Investment income 5% 3% 1% 0% 6% A. P U Financial Dashboard As of October 31, 2023 p 200,000,000 Water Fund FY 24 Expense Detail ■ Personal Services 13.89% 150,000,000 O&M 2.34% Charges & Services 100,000,000 ■ Debt Services • ■ Capital 50,000,000 21.67% Expenditures 0 3.40% Revenues Expenses 58.71% ■ FY 22-23 FY 23-24 ■ FY 24 Bud YTD ■ FY 24 Bud Amount Percent Time October 31, 2023 FY24 Budget % of Budget Remaining Remaining Remaining Revenues $ 55,547,338 $ 176,637,288 31.45% 2020 Bond Funds $0 0.00% 0.00% Expenses 68,239,383 177,953,787 38.35%I 2022 Bond Funds $66,931,506 98.22% 55.40% (Included in Cash) or w 1.0 AK 1841 utilities �u li Financial Dashboard As of October 31, 2023 Sewer Fund 350,000,000 FY 24 Expense Detail 300,000,000 1.859/c 0.96/0 0.60% o ■ Personal Services � ` 250,000,000 — 3.43% O&M i Charges & Services 200,000,000 Debt Services 150,000,000 Capital 100,000,000 Expenditures 50,000,000 0 Revenues Expenses 93.16% ■ FY 22-23 FY23-24 FY24 Bud YTD FY 24 Bud Amount Percent Time October 31, 2023 FY24 Budget % of Budget Remaining Remaining Remaining Revenues $ 24,180,205 $ 289,941,178 8.34% 2020 Bond Funds $0 0.00% 0.00% Expenses 242,737,691 301,787,622 80.43% 2022 Bond Funds $151,766,687 54.12% 55.40% (Included in Cash) P U li Financial Dashboard As of October 31, 2023 Stormwater 25,000,000 FY 24 Expense Detail 16.38% ■ Personal Services 20,000,000 O&M 0.87% Charges & Services 15,000,000 Debt Services ■ Capital 10,000,000 �12.39% Expenditures 64.37°° 5.98% 5,000,000 0 Revenues Expenses ■ FY22-23 FY23-24 FY24 Bud YTD FY 24 Bud Amount Percent Time October 31, 2023 FY24 Budget % of Budget Remaining Remaining Remaining Revenues $ 4,901,739 $ 19,865,892 24.67% 2020 Bond Funds $2,883,730 19.82% 0.00% Expenses 8,665,474 22,947,474 37.76% (Included in Cash) Publi Financial Dashboard As of October 31, 2023 Street Lighting FY 24 Expense Detail 7,000,000 6.42% 1.63% 8 14% 0.15% ■ Personal Services 6,000,000 O&M Charges & Services 5,000,000 Debt Services 4,000,000 ■ Capital 3,000,000 Expenditures 2,000,000 1,000,000 83.66% 0 , Revenues Expenses ■ FY22-23 FY23-24 FY24 Bud YTD I FY 24 Bud October 31, 2023 FY24 Budget % of Budget Revenues $ 1,380,730 $ 4,681,185 29.50% Expenses 1,005,347 6,044,149 16.63% Publ Financial Dashboard October 31, 2023 October 31, 2023 FY24 Budget % of Budget Revenues $ 86/010/012 $ 491,125,543 17.51% Expenses 320,647,895 508,733,032 63.03% Delinquent Billings 0.88% Amount Percent Remaining Time Remaining 2020 Bond Funds $2,883,730 1.45% 0.00% 2022 Bond Funds $218,698,193 62.74% 55.40% �u Lic Updates Rate study consultant * Continuing disclosure • FY 2025 budget preparation WIFIA updates Annual reporting due December 31, 2023 — Quarterly report due January 31, 2024 PU li