Our 2023 YE Financial Reports

Mar 22, 2024 | Financials

EWUA Treasurer Carol Anderson and General Manager Dan Burke presented the financials for the closing of the 2023 financial year to the Board this month as planned. The Board and those who attended the meeting got to hear a summary of the company’s performance, and after discussion and dialog, the Board unanimously passed a resolution to send these financials to Moss Adams, our tax accounting firm, to prepare our tax return for the year.

The entire 2023 financial year was managed by an outside CPA firm who certified every transaction and every reconciliation for all income and expenditures on a line-by-line basis. In addition, both the Treasurer and General Manager have audited these transactions on a monthly basis. Our local contracting bookkeeping firm has done the same. From the entire group’s perspective, we agree that this is probably the cleanest, most comprehensive financial review that has been performed to date. We are all very pleased with the data and our financial results and we hope that you are too!

 

Key findings for 2023

 

SUMMARY

Overall Eastsound Water came in $252,951 under the approved budget for 2023 across income, expenses and capital expenditures. Below is a top-line summary of our financial reports for your convenience:

ITEM ACTUAL BUDGETED DELTA
Income 2,402,106 2,081,379 320,727
Expenses 1,931,463 1,757,641 173,822
Cap Proj & Exp 711,154 817,200  (97,984)
TOTAL NET (240,511)  (493,462) (252,951)

 

INCOME

  • Water sales were higher than expectations due to more water consumption and a conservative estimate during budgeting
  • Third-party time and material revenue was higher than plan. This was budgeted conservatively in 2022 as this was a new venture for the organization

EXPENSES

  • Electric expenses were higher than planned due to record cold temperatures in early 2023
  • There was intentional saving here by not hiring a new FTE employee as planned in 2023
  • Excessive Legal and Accounting Fees (~$141,046 for the year)

2023 was a year of change and turbulence across the spectrum for the Association. All-in-all, the organization preformed outstandingly to plan. Interestingly, this plan was developed in 2022, at the precipice of our new business model change (we had no prior history in a lot of these budgeted areas). The success in our performance is a testament to all who put their time and energy into the budget process in the fall of 2022.

View the Financials

You can visit our website to view our financials for the business year of 2023 online at: https://www.eastsoundwater.org/annual-report-fy2023