FPUA reports $22 million increase in net position through June, reviews $35M capital spend

Michelle Harris, FPUA chief financial officer, gave the board a third-quarter fiscal 2026 financial review, saying operating revenues of $104,000,000 were offset by operating expenses of $88,600,000, "resulting in operating income of $15,500,000 for FPA," and that the overall change in net position through June 30 stood at $22,000,000.

Harris walked the board through system-level variances: electric revenues of $62,000,000 (about 2.8% above budget), water revenues of $27,000,000 (10.2% above budget), and wastewater revenues of $27,000,000 (reported 39% below budget because grant revenue timing had shifted). She reported year-to-date capital expenditures of $35,000,000 through June 30, with roughly $24,200,000 in wastewater spending, $5.2 million in water, $1.2 million in gas (North Fort Pierce expansion), $1.3 million in fiber, and $1.0 million in administration projects.

Board members pressed Harris on reserves and scheduling. Harris said FPUA currently exceeds the board’s internally set target of 90 days of cash on hand — "we're a little over 120," she said in response to a question about days of cash — and that the utility is following a multiyear plan to build an emergency reserve fund toward a $5,000,000 target by 2034. On capital timing, she said some projects were moving slower than originally budgeted and that the authority has delayed a planned debt issuance into early next fiscal year and has been using unrestricted funds in the interim.

The presentation concluded with staff offering to answer follow-up questions and indicating more detailed wastewater project spending and a conveyance-system presentation would appear on upcoming agendas.