Monthly Financial Report
Participation in programs funded or administered by the WDA requires a Loan Agreement between the Local Governmental Agency (LGA) and the WDA. The Loan Agreement contains, among other things, the requirement that the LGA complete a Monthly Financial Report and forward it to the WDA by the 10th day of each month, commencing on the date contracts are executed for the construction or acquisition of the Project and for two years following the completion or acquisition of the Project. The Monthly Financial Report may be filed online.
|Item 1||You will need a copy of the current fiscal year budget adopted by the LGA to complete Items 1 and 2. In Item 1, provide the amount of actual Gross Revenues for the current month and the total amount year-to-date in the respective columns. Divide the budgeted annual Gross Revenues by 12. For example, if Gross Revenues of $1,200 are anticipated to be received for the year, each month the base would be increased by $100 ($1,200/12). This is the incremental amount for the Budget Year-To-Date column.
|Item 2||Provide the amount of actual Operating Expenses for the current month and the total amount year-to-date in the respective columns. Any administrative fee should be included in the Operating Expenses. Divide the budgeted annual Operating Expenses by 12. For example, if Operating Expenses of $900 are anticipated to be incurred for the year, each month the base would be increased by $75 ($900/12). This is the incremental amount for the Budget Year-to-Date column.
|Item 3||Provide the Bond Payments (principal, interest and reserve account) for all the outstanding bonds of the LGA according to the source of funding. For example, Clean Water State Revolving Fund loan from Department of Environmental Protection, Drinking Water Treatment Revolving Fund loan from Bureau for Public Health, Infrastructure Fund loan from Infrastructure Council, a loan from the WDA, etc.
|Item 4||Provide the amount deposited into the Renewal and Replacement Fund each month. This amount is equal to 2.5% of Gross Revenues minus the total reserve account payments included in Item 3. If Gross Revenues are $1,200, the Renewal and Replacement Fund should receive $30 (2.5% of $1,200), LESS the amount of all reserve account payments in Item 3. The money in the Renewal and Replacement Fund should be kept separate and apart from all other funds of the LGA.
Participation in programs funded or administered by the WDA requires a Loan Agreement between the Local Governmental Agency (LGA) and the WDA. The Loan Agreement contains, among other things, the requirement that the LGA annually adopt a detailed, balanced budget of the estimated revenues and expenditures for operation and maintenance of the system during the succeeding fiscal year and shall submit a copy of such budget to the WDA within 30 days of adoption thereof. The Annual Budget may be filed online.