HomeMy WebLinkAboutReport - Mail Packet - 11/22/2022 - Fort Collins Connexion Monthly Report – November 20220
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Y 2019Feb-20Apr-20Jun-20Aug-20Oct-20Dec-20Feb-21Apr-21Jun-21Aug-21Oct-21Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22#of AreasActual Forecasted
CONNEXION MONTHLY REPORT
NOVEMBER 2022
Overall Fiber Construction through October 2022
Total Fiber Areas Complete*
Total Fiber Area Construction Completed
336
*A Fiber Area on average serves 225 homes
94%
Total Fiber Area*
357
Take Rate*
* As of November 1, 2022. Take Rate of residential
neighborhoods released for a minimum of 90 days.
31%
*Includes fiber areas that have construction completed and turned over for QC
Monthly info / highlights
• The Take Rate of 31% is the direct impact of installer labor shortage.
More installers have been added which should increase our take rate.
• Final audit revealed that additional construction is needed for the main build
out. Construction is anticipated to be complete by the end of the year and
all residents and business will be able to sign up by the end of the year with
appropriate property owner approval.
• Follow us on Social Media! @FoCoConnexion
22-24708 | Auxiliary aids and services are available for persons with disabilities.
Finances
Connexion YTD Budget to Actual as of September 2022 • We are approximately 92% spent on the currently appropriated
construction budget. On April 5th, an additional $20M was
approved by City Council to allow completion of the network
buildout and installation of Connexion customers. This
appropriation is reflected in the budget of $142.8M.
• Revenues are running below budget as a result of previously
constrained installation capacity impacting the number of new
customer sign-ups. Expenses are significantly below budget
as a result of lower cost of goods sold and favorable operating
costs from lower staffing levels than budgeted.
• Resulting net total margin is favorable to budget by
approximately $2.5M.
* This report reflects a change in format that highlights construction
completion by the end of the year and current metrics.
BUDGET ACTUAL BETTER / (WORSE)
Operating Revenues1 $ 10,367,040 $ 9,417,118 $ (949,922)
Operating Expense2 $ 10,000,723 $ 5,761,364 $ 4,239,359
Net Operations $ 366,317 $ 3,655,754 $ 3,289,437
Investment Income (Expense) $ (2,096,850) $ (2,913,586) $ (816,736)
Net Total $ (1,730,533) $ 742,167 $ 2,472,701
APPROPRIATED
BUDGET
PROJECT TO DATE REMAINING
Construction $ 142,808,249 $ 131,137,868 $ 11,070,381
1 Excludes investment earnings on bond proceeds
2 Excludes Depreciation and Interest Expense