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Austin Water sees gigantic jump in revenue
Friday, September 14, 2018 by Jessi Devenyns
Things are looking up for Austin Water this quarter. “We were trailing budget projections in March by about $3 million … we are now about $3 million ahead,” said Joseph Gonzales, a finance manager with Austin Water. “It’s about a $6 million swing.” Total revenues for the year now sit at $453.37 million. However, Gonzales said that he expects actual revenues to be even better. “The final quarter is generally where we see the highest revenues,” he said. “We expect to add another $20 million” to the revenue by year-end. At the same time, debt service has also been reduced. “We were expecting to be about 34 percent this year … we’re actually at 31 percent, which is actually where we expect to be next year as well,” said Gonzales. Last year debt service was about 36 percent of Austin Water’s total requirements. With a strong starting position and predictions for a lucrative fourth quarter, Austin Water is hoping to continue to pay down its debt service requirements and put the city in a favorable position to begin 2019. Now it all just depends on the rain.
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