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IID Board Evaluates Their Budget at Regular Meeting

-Editorial

The Imperial Irrigation District discussed their budget update for August 2020 at their regular meeting Tuesday, October 20.

Looking at the impacts COVID-19 had in the finances of the district and the situation at the water and energy department was the focus of IID staff in this evaluation of the budget and what action would be taken moving forward.

The report given to the IID board showed that total energy revenues and funding year-to-date through August 31, 2020, is $347 million, which is $11.3 million more than the year-to-date budget of $336 million. The increase is primarily due to higher residential retail sales, interest income, and wholesale sales revenue. The year-end forecast is %518.4 which is $19.7 million less than the amended budget of $538.1 million. The forecasted decrease is primarily due to lower than anticipated customer service capital projects funding.

Energy Department’s total expenditures through August are $314.8 million, which is $8.1 million more than the budget of $306.6 million. The increase is primarily due to significantly higher spending in fuel and purchase power due to renewable power purchase expenses. The year-end forecast is $517.3 which is $33.5 million less than the amendment budget of $550.8 million. The forecasted decrease is primarily due to capital project delays.

Fuel and purchased power expenses are $162.3 million, which is $11.6 million more than year budget of $150.7 million. The increase is primarily due to higher spending in renewable purchase power summer expenses of approximately $16 million, coupled with lower spending in natural gas resources.

Operations and maintenance expenses are $101.4 million, which is $0.7 million higher than the year-to-date budget of $100.7 million. The increase is primarily due to higher costs in distribution and generation operations as a result of deferred capital projects. The year-end forecast is $169.6 million which is $3.8 million less than the amended budget of $173.4 million.

Total water revenues and funding are at $186.7 million, which is $7.4 million more than the budget of $179.2 million. The increase is primarily due to higher than anticipated interest income and a Salton Sea mitigation reimbursement payment. The year-end forecast is $298.5 million, which is $7.6 million higher than the amended budget of $259.1 million.

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