Seven months into its fiscal year, the Turlock Irrigation District is $14.3 million ahead of budget, but still $13.5 million in the red.
TID had anticipated being $27.8 million in the red at this point.
“We're doing fairly well against budget,” said Martin Qualle, TID Accounting Manager.
The rosier than anticipated financials trace almost wholly back to operating revenues, which are $16.5 million better than expected. The increase can be attributed to 300 new electrical accounts, and a 4 percent rate increase which took effect in January.
Power supply costs, though, are $2.3 million greater than anticipated. Operations and maintenance costs have also surpassed budget projections by $1.9 million, due to unanticipated transmission line maintenance.
TID has earned $12 million more in retail electric revenues than this time a year ago, $148 million for the year to date. Wholesale electric revenues are also up $20 million versus a year ago, to $49 million, due to a 70 percent price jump. Irrigation revenues are up $620,432.
Expenses have risen as well, though, with power supply costs up $29 million year-over-year to $150 million, due to increasing costs to purchase power, fuel, and operate generators. Irrigation costs are up $102,483, to $7.5 million.
On Tuesday, the Turlock Irrigation District Board of Directors also:
• Started early, at 8 a.m., to conference with legal council regarding anticipated litigation. No action was taken in closed session.
• Heard regular weekly reports on power generation, electric service, irrigation water availability, and the status of the irrigation season.
• Finalized the creation of the Maciel-Petersen Pump District.
• Included additional land into the Brindero Brothers Pump District, and the Swanson-Alvernaz Pump District.
• Issued registered warrants to pay for the costs of forming two improvement districts.