FY 17 Annual Report

Business Type Activities Funds

2017

CITY OF SPENCER, IOWA

COMBINED SEWER INITIATIVE RESERVE

FUND #630

FUND INFORMATION

In July 2008, the City Council adopted a $5.00 per month per account Combined Sewer Initiative Surcharge. The purpose of the fee was to provide revenue to assist in offsetting a portion of the costs of eliminating the combined sewer systems in the City of Spencer. The CSI Surcharge was to be evaluated every three years and upon completion of the separation projects and upon retirement of all debt associated with the projects, the surcharge will be removed. In January 2011, the City Council increased the monthly surcharge amount to $10.00 per month per account. The revenue generated by the CSI Surcharge is used by the City to pay the principal and interest on the 2010 SRF Loan as well as a portion of the 2008 SRF Loan. Funds have also been used to complete the 2010 CSO Project when bond funds ran out. The City plans to increase this fee from $10 per month to $16.25 per month over a five year period beginning July 1, 2015 to help cover upcoming sewer plant improvements.

CSI Surcharge Revenue

800,000

600,000

400,000

200,000

-

REVENUE

FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

CHARGES FOR SVCS

695,000.00

712,770.43

102.56 249.43

- 639,548.64 5,448.15 634,100.49

USE OF MONEY

3,000.00

7,482.78

OTHER FINANCING

-

-

-

TOTAL REVENUES

698,000.00

720,253.21

103.19

EXPENDITURES COMMODITIES TRANSFERS

-

-

-

- 568,985.00 568,985.00

570,441.00

570,441.00

100.00

570,441.00

570,441.00

100.00

TOTAL EXPENDITURES

BUSINESS TYPE ACTIVITIES