Finance and Audit Committee Judy Walsh FAC Chair April 30, 2009.
-
Upload
julian-fuller -
Category
Documents
-
view
212 -
download
0
Transcript of Finance and Audit Committee Judy Walsh FAC Chair April 30, 2009.
Finance and Audit Committee
Judy Walsh
FAC Chair
April 30, 2009
MOTION:
Approve the 2008 audited financial statements.
2
Performance Against Budget @ 3/31/2009 (in 000’s)
3
Actual Budget $
Variance%
Variance
Core1, 2 9,752 11,422 1,670 14.62%Timing except for salary overhead reclassifications of $300K.
RC 5,789 6,087 298 4.90%
Timing except for computer communications cost savings of $300K and salary related overhead actuals of $300K.
Other 277 394 117 29.70%
Totals 15,818 17,903 2,085 11.65%
1 Compliance (component of Core)
1,273 1,300 27 2.08%
Year to Date Expenditures
2 Excludes RCs, Training, DSW and WREGIS; Includes NERC/WIRAB Assessments
2009 Budget (in 000’s)
4
Core1, 2 29,749
RC 14,168
Other 1,747
Totals 45,664
1 Compliance (component of Core)
5,224
2 Excludes RCs, Training, DSW and WREGIS; Includes NERC, WIRAB and Reserves Increase
Potential 2009 Budget Issues
● CIP Audits ~ $250K
● NERC AUP Consultant ~ $200K
WECC will attempt to find savings elsewhere in the budget to cover these unanticipated 2009 expenditures.
5
2010 Budget – Major Drivers
● Increase of 32.5 FTEs; 21 in Compliance, 7 in RC Centers
● Increase of one million dollars for CIP audits
● Decrease of $540K due to termination of RC liability policy
6
2010 Budget – Open Issues
● NERC Assessments were budgeted to increase 5% ($290K) based on preliminary conversations with NERC in January
● Proposed and most current NERC budget increase is 41%; approximate $2.3 million increase in assessments to WECC region
7
WECC 2009/2010 Reserve Analysis 1 (in 000’s)
8
Beginning Reserves, 1/1/2009 5,000
Plus: 2009 Budgeted Addition to Reserves 1,000Projected Reserves, 12/31/2009 6,000
Plus: 2010 Budgeted Addition to Reserves 1,000Projected Reserves, 12/31/2010 7,000
1 Excluding WREGIS; Rounded figures.