ASPA uses 2013 surplus to pay down line of credit
The American Samoa Power Authority collected just over $9 million more in revenues for fiscal year 2013 compared to what had been budgeted for the fiscal year which ended on Sept 30, 2013 — and the additional revenue helped the authority pay a bit more on its Line of Credit to one of the local banks, says ASPA executive director Utu Abe Malae.
ASPA FY 2013 budget stood at $115.45 million, but its fourth quarter performance report states total year-to-date of actual operating and grants revenue period ending Sept. 30 was $125.17 million, which consisted of operating revenues of $110.27 million and $14.90 million in grant money.
Asked what had helped ASPA boost revenues, Utu first confirmed there is $9.72 million (or 8.4%) more in revenue than was budgeted for FY 2013.
“The revenues increased because of increased sales to Clipper [Oil] and Sunrise [Oil] of $8 million,” he said, adding ASPA has been in the oil supply business since December 2008 and will exit that business next month. “The rest of the $1.72 million is accounted for by higher sales of electricity.”
Asked how the additional revenues helped the semi autonomous agency’s operations, Utu said ASPA had planned on repaying only $500,000 on its Line of Credit to one of the local banks; instead ASPA was able to repay $1.8 million.
Utu also said that the “major expense is fuel of about $42 million” for FY 2013. Additionally “about 170,000 gallons of diesel were displaced by the solar PV farm at the airport resulting in savings — through the Fuel Surcharge passed on to customers — of about $600,000.”
Overall for FY 2013, ASPA collected $125.17 million (or $125,177,173) in revenues while total expenditures came to $123.92 million ($123,922,853), giving the authority a surplus of $1.25 million (or $1,254,320), and as noted, this money helped ASPA with an increase in its payment on their line of credit.
The 4th quarter report states that of total revenue of $125.17 million for the period ending Sept. 30, 2013 the Electric division collected $63.10 million (or 50%); Water with $10.26 million (or 8%); Wastewater $6.16 million (or 5%), Solid waste $3.22 million (or 3%), and Fuel division of $42.41 million (or 34%).
For expenditures, the performance report says the year-to-date expenditures total $123.92 million where $109.46 million was spent on operations and $14.45 million was for grant projects.
Of the total expenditures, the report says, Electric division expenses were $61.52 million (or 50%); Water $10.74 million (9%); Wastewater $5.32 million (4%); Solid waste $4.32 million (3%) and Fuel division $41.99 million (34%).
According to the report, total expenditures were $8.46 million or 7.3% over total budget projections for FY 2013.
The report says in the period ending Sept. 30, some $10.64 million went to personnel; $78.48 million for materials and supplies; $205,053 for Travel; $9.23 million for Contractual Services; $10.31 million for Equipment and $15.04 million in “All Others”.