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
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