03-11-2019 BPU RPT 15 - Laserfiche WebLink

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W A T E R E N E R G Y T I F F RIVERSIDE PUBLIC UTILITIES id& Board Memorandum P U B L I C U T I L I T I E S BOARD OF PUBLIC UTILITIES DATE: MARCH 11, 2019 ITEM NO: 15 SUBJECT: RIVERSIDE PUBLIC UTILITIES FISCAL YEAR 2018-19 MID -YEAR FINANCIAL REPORT ISSUE: Receive the Riverside Public Utilities fiscal year 2018-19 mid -year financial report as of December 31, 2018. RECOMMENDATION: That the Board of Public Utilities receive the Riverside Public Utilities fiscal year 2018-19 mid -year financial report as of December 31, 2018. BACKGROUND: This report provides a brief overview of revenues, expenditures, and capital projects as of December 31, 2018. The financial results for both Electric and Water Funds are presented herein. These results will be incorporated into City Finance's fiscal year 2018-19 second quarter financial report to be presented to City Council on March 26, 2019. DISCUSSION: ELECTRIC FUND The mid -year analysis of the Electric Fund shows actual revenues and expenses are trending higher than anticipated. A supplemental appropriation for the power supply budget will be presented to the Board of Public Utilities (Board) and City Council in April 2019 due to unanticipated increases in power supply costs. Capital projects are progressing consistently with the Capital Improvement Program (CIP). Revenue Analysis Overall, Electric revenues are trending higher than 50% of total budget as of December 31, 2018 due to the summer season in the first quarter of the fiscal year and higher than anticipated retail sales. Weather can significantly impact retail revenues, which will be monitored throughout the remainder of fiscal year (FY) 2018-19.