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HomeMy WebLinkAboutReport - Mail Packet - 11/22/2022 - Fort Collins Connexion Monthly Report – November 20220 50 100 150 200 250 300 350 400 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