HomeMy WebLinkAboutReport - Mail Packet - 3/28/2023 - Fort Collins Connexion Monthly Report – February 2023FEBRUARY MONTHLY REPORT
PUBLISHED: MARCH 2023
Overall Fiber Construction through January 2023
Total Fiber Areas Complete*
Total Fiber Area Construction Completed
350
*A Fiber Area on average serves 225 homes
98%
Total Fiber Area*
357
Take Rate*
* As of March 1, 2023. Take Rate of residential
neighborhoods released for a minimum of 90 days.
33%
*Includes fiber areas that have construction completed and turned over for QC
Monthly info / highlights
• We added a new TV service selection tool called My Bundle TV to help our
current and potential customers discover which video option works best for
their unique household.
• This month we released several large neighborhoods with residents who have
been eager to sign up for service. This puts us very close to completion of the
main buildout.
• Follow us on Social Media! @FoCoConnexion
23-25016 | Auxiliary aids and services are available for persons with disabilities.
Finances
Connexion YTD Budget to Actual as of January 2023
• We are approximately 96% spent on the currently appropriated
project budget which includes an additional $20M approved by
City Council on April 5th, 2022 to allow for completion of the
network buildout and installation of Connexion customers. This
addition is reflected in the budget of $142.2M.
• Revenues were moderately below budget primarily due to an
unusually high number of weather days in January and February
resulting in lower install rates. Expenses were significantly below
budget as a result of the lower cost of goods sold (internet/
video content) from lower sales volumes and continued favorable
operating costs from lower staffing levels than budgeted.
• Resulting net total margin was favorable to budget by
approximately $521K
BUDGET 1 ACTUAL
BETTER/
(WORSE)
Operating Revenues 2 $2,702,604 $2,213,271 $(489,333)
Operating Expenses 3 $2,059,446 $1,049,042 $1,010,404
Net Operations $643,158 $1,164,229 $521,072
Investment Income (Expense) $- $- $-
Net Total $643,158 $1,164,229 $521,072
APPROPRIATED
BUDGET
PROJECT TO DATE REMAINING
Construction Budget $142,208,249 $136,803,694 $5,404,555
Notes: Results are preliminary and unaudited
1 Adjusted operating budget reflects impacts of increased capital budget of $142.8 M.
2 Excludes investment earnings on bond proceeds
3 Excludes Depreciation and Interest Expense
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Y 2019Feb-20Apr-20Jun-20Aug-20Oct-20Dec-20Feb-21Apr-21Jun-21Aug-21Oct-21Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22Feb-23#of AreasActual Forecasted