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HomeMy WebLinkAboutReport - Mail Packet - 8/23/2022 - Fort Collins Connexion Monthly Report - August 2022CONNEXION MONTHLY REPORT AUGUST 2022 Overall Fiber Construction through July 2022 Total Fiber Areas Complete* Total Fiber Area Construction Completed 330 *A Fiber Area on average serves 225 homes 92% Total Fiber Area* 357 Take Rate* * As of August 1, 2022. Take Rate of residential neighborhoods released for a minimum of 90 days. 29% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Y 2019Feb-20Apr-20Jun-20Aug-20Oct-20Dec-20Feb-21Apr-21Jun-21Aug-21Oct-21Dec-21Feb-22Apr-22Jun-22Aug-22Fiber Pulled in FeetMillionsActual Forecasted *Includes fibers areas that have construction completed and turned over for QC Monthly info / highlights • The Take Rate of 29% is the direct impact of installer labor shortage. We are working to add more installers. • Final audit revealed that additional construction is needed for the main build out. Construction will be complete by the end of the year and all residents and businesses will be able to sign up by the end of the year with appropriate property owner approval. • Follow us on Social Media! @FoCoConnexion 22-24433 | Auxiliary aids and services are available for persons with disabilities. Finances Connexion YTD Budget to Actual as of July 2022 • We are approximately 89% spent on the 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 now reflected in the budget. • Net Total margin is favorable to budget by approximately $2.2M, a result of operating expense containment. * 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 $ 6,533,413 $ 6,389,936 $ (143,477) Operating Expense2 $ 7,135,803 $ 3,945,432 $ 3,190,371 Net Operations $ (602,390) $ 2,444,504 $ 3,046,894 Investment Income (Expense) $ (2,096,850) $ (2,913,588) $ (816,738) Net Total $ (2,699,240) $ (469,084) $ 2,230,156 APPROPRIATED BUDGET PROJECT TO DATE REMAINING Construction $ 142,808,249 $ 127,049,083 $ 15,759,166 1 Excludes investment earnings on bond proceedst 2 Excludes Depreciation and Interest Expense