TOWN OF CARY, NORTH CAROLINA
UTILITY SYSTEM OPERATIONS SUB-FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND NET ASSETS
BUDGET AND ACTUAL (NON-GAAP)
For the Year Ended June 30, 2009
With Comparative Totals For the Year Ended June 30, 2008
Schedule 10
2009 2008
Variance
Positive
Budget Actual (Negative) Actual
REVENUES
  Operating Revenues
    Charges for Services  
      Water $21,536,378 20,660,623 (875,755) 22,762,525
      Sewer 25,696,200 24,642,401 (1,053,799) 22,901,219
TOTAL CHARGES FOR SERVICES 47,232,578 45,303,024 (1,929,554) 45,663,744
   Other Operating Revenues
     Connection Fees 600,000 497,267 (102,733) 726,905
     Inspection Fees 862,318 92,474 (769,844) 460,479
     Reconnection Fees 45,000 72,235 27,235 57,887
     Pretreatment Program Fees 115,000 177,331 62,331 151,592
     Miscellaneous Revenues 203,150 397,320 194,170 342,525
TOTAL OTHER OPERATING REVENUES 1,825,468 1,236,627 (588,841) 1,739,388
TOTAL OPERATING REVENUES 49,058,046 46,539,651 (2,518,395) 47,403,132
NON-OPERATING REVENUES
    Investment Earnings 1,625,140 1,801,845 176,705 2,289,913
      Market Adjustment --- 71,148 71,148 543,060
    Investment Earnings, net 1,625,140 1,872,993 247,853 2,832,973
TOTAL REVENUES 50,683,186 48,412,644 (2,270,542) 50,236,105
EXPENDITURES
ADMINISTRATIVE 
  Utility Administration      
    Personnel Services 973,616 911,149 62,467 793,296
    Operations & Maintenance 1,589,293 787,768 801,525 195,348
    Capital Outlays 10,768 --- 10,768 ---
          TOTAL 2,573,677 1,698,917 874,760 988,644
  Customer Accounting
    Personnel Services 1,502,458 1,469,258 33,200 1,301,130
    Operations & Maintenance 607,299 488,736 118,563 471,046
    Capital Outlays 47,600 49,954 (2,354) 22,106
          TOTAL 2,157,357 2,007,948 149,409 1,794,282
   Administrative costs paid to General Fund 2,354,556 2,354,556 --- 2,353,681
TOTAL ADMINISTRATIVE  7,085,590 6,061,421 1,024,169 5,136,607
WATER CONSERVATION
    Personnel Services $417,231 301,726 115,505 244,428
    Operations & Maintenance 508,316 174,912 333,404 178,547
    Capital Outlays 11,900 --- 11,900 12,125
TOTAL WATER CONSERVATION 937,447 476,638 460,809 435,100
PRETREATMENT
    Personnel Services 333,926 301,304 32,622 321,359
    Operations & Maintenance 39,843 23,921 15,922 23,981
    Capital Outlays 11,900 --- 11,900 ---
       
TOTAL PRETREATMENT 385,669 325,225 60,444 345,340
FIELD OPERATIONS
 Water Distribution and Sewage Collection
    Personnel Services 4,636,176 4,439,463 196,713 4,086,158
    Operations & Maintenance 2,744,735 2,014,713 730,022 1,835,319
    Capital Outlays 791,065 985,006 (193,941) 605,387
       
TOTAL FIELD OPERATIONS 8,171,976 7,439,182 732,794 6,526,864
UTILITY SYSTEMS MAINTENANCE
 Water and Sewer Pumping 
    Personnel Services 1,497,274 1,349,326 147,948 1,250,742
    Operations & Maintenance 1,214,258 1,102,197 112,061 1,173,358
    Capital Outlays 354,320 169,634 184,686 287,013
       
TOTAL UTILITY SYSTEMS MAINTENANCE 3,065,852 2,621,157 444,695 2,711,113
WATER RECLAMATION FACILITIES
     North Cary Water Reclamation Facility
       Personnel Services 1,278,830 1,225,592 53,238 1,156,600
       Operations & Maintenance 5,324,752 4,548,363 776,389 4,204,112
       Capital Outlays 20,800 16,029 4,771 19,346
          TOTAL 6,624,382 5,789,984 834,398 5,380,058
    South Cary Water Reclamation Facility
      Personnel Services 1,475,761 1,434,833 40,928 1,372,794
      Operations & Maintenance 2,251,008 1,986,050 264,958 1,873,190
      Capital Outlays 11,900 10,873 1,027 ---
          TOTAL 3,738,669 3,431,756 306,913 3,245,984
TOTAL WATER RECLAMATION
    FACILITIES 10,363,051 9,221,740 1,141,311 8,626,042
WATER TREATMENT PLANT
    Personnel Services $1,640,834 1,624,654 16,180 1,541,120
    Operations & Maintenance 4,213,734 4,173,871 39,863 3,724,728
    Capital Outlays 15,425 2,700 12,725 52,345
    Reimbursement from Apex (1,122,988) (1,062,033) (60,955) (852,731)
         TOTAL WATER TREATMENT PLANT 4,747,005 4,739,192 7,813 4,465,462
DEBT SERVICE
  Long-term Debt Principal Payment 6,939,487 6,939,487 --- 6,919,698
  State Revolving Loan Partner Reimbursements --- (76,904) 76,904 (76,904)
       Net Principal Payment 6,939,487 6,862,583 76,904 6,842,794
  Interest Expense 5,249,850 5,032,352 217,498 5,275,528
  State Revolving Loan Partner Reimbursements --- (32,220) 32,220 (45,205)
       Net Interest Expense 5,249,850 5,000,132 249,718 5,230,323
         TOTAL CARY DEBT SERVICE 12,189,337 11,862,715 326,622 12,073,117
  Morrisville General Obligation Debt Payment 342,425 342,425 --- 354,425
         TOTAL DEBT SERVICE 12,531,762 12,205,140 326,622 12,427,542
TOTAL EXPENDITURES 47,288,352 43,089,695 4,198,657 40,674,070
      Revenues Over Expenditures 3,394,834 5,322,949 1,928,115 9,562,035
OTHER REVENUES (EXPENDITURES)
 Transfers In (Out), net
    General Fund --- --- --- 39,440
    Sewer Project Sub-Fund --- --- --- (3,031,794)
    Water Project Sub-Fund --- --- --- (281,360)
    Utility System Capital Reserve Sub-Fund (1,973,555) (1,973,555) --- (1,091,499)
    General Governmental Project Sub-Fund (1,000,000) (1,000,000) --- (6,000,000)
  Payment to Escrow for Advance Defeasance of Debt ---          (30,006,378) (30,006,378)                   ---
  Bond Issuance Costs & Expenses (550,000) (319,292) 230,708 (7,219)
  General Obligation Bonds Issued --- 30,320,980 30,320,980 ---
  Proceeds from Sale of Assets 10,000 64,942 54,942 33,214
  Miscellaneous Revenues 70,000 90,067 20,067 111,417
  Appropriation from Fund Balance 48,721 --- (48,721) ---
      TOTAL OTHER EXPENDITURES (3,394,834) (2,823,236) 571,598 (10,227,801)
      Revenues Over (Under) Expenditures
        (Including Other Expenditures) $          --- 2,499,713 2,499,713 (665,766)
SPECIAL ITEM - Morrisville Merger --- ---
      Revenues Over Expenditures
        (Including Other Expenditures) 2,499,713 (665,766)
   
ADJUSTMENT TO ACCRUAL BASIS
  Add (Deduct)
        Revenue adjustments:
     Charge Refunds (Durham Water Revenue) $          --- 61,970
     Fee Credits Used
     Fee Credit Adjustment --- ---
     Contributed Assets 21,858,752 19,428,150
        Expenditure adjustments:
     Unfunded Other Post-Employment Expense (1,302,188) (1,296,703)
     Capital Outlays 1,179,363 1,003,306
     Depreciation (10,050,865) (9,370,631)
     Increase in Compensated Absences Liability (42,574) (46,313)
     Durham Water Expense (10,785) ---
     Jordan Capacity Payment 110,280 106,836
     Morrisville Jordan Capacity Payment 22,924 22,924
     Morrisville Acreage Fees Due Wake County 617,621 (617,621)
     Internal Service Fund Allocation (117,073) 37,188
     Construction-in-Progress write-off --- ---
        Debt related adjustments:
     Issuance of long-term debt (314,602) ---
     Long-term Debt Principal Payment 6,939,487 6,919,698
     Morrisville Debt Payment 342,425 354,425
     Bond Premium Amortization 61,008 30,138
     Bond Discount Amortization (4,615) (4,615)
     Deferred Bond Issue Costs 242,593 (49,666)
     Deferred Loss on Refunding (243,609) (220,223)
          ***Interest adjustments***** to be hidden
     Capitalized Interest 1,235,069 1,796,450
     Decrease Debt Interest Payable 336,080 62,592
         Other adjustments:
     Loss on Disposal of Assets    --- ---
     Miscellaneous ---
                      Total Adjustments before Special Item 20,859,291 18,217,905
                           SPECIAL ITEM - Morrisville Merger --- ---
                      Total Accrual Adjustment 20,859,291 18,217,905
CHANGE IN NET ASSETS 23,359,004 17,552,139
NET ASSETS - Beginning of Year 295,475,163 274,021,162
Reclassification Between Utility Sub-Funds (23,273,243) 3,901,862
NET ASSETS - End of Year $295,560,924 295,475,163