HomeMy WebLinkAboutReport - Mail Packet - 1/3/2023 - Fort Collins Connexion Monthly Report – December 2022CONNEXION MONTHLY REPORT
DECEMBER 2022
Overall Fiber Construction through November 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 December 1, 2022. Take Rate of residential
neighborhoods released for a minimum of 90 days.
32%
*Includes fiber areas that have construction completed and turned over for QC
Monthly info / highlights
• The Take Rate of 32% is the direct impact of installer labor shortage.
More installers have been added which should increase our take rate.
• Almost all of construction will be complete by the end of the year with
a few areas remaining due to permitting challenges and putting a pause
on construction activities in Old Town during the holidays. Construction is
anticipated to be 100% complete by the end of Q1 2023 and all residents and
businesses will be able to sign up by the end of Q1 2023.
• Follow us on Social Media! @FoCoConnexion
22-24786 | Auxiliary aids and services are available for persons with disabilities.
Finances
Connexion YTD Budget to Actual as of November 2022 • We are approximately 93% spent on the currently appropriated
project budget, which reflects an additional $20M approved by
City Council on April 5th to allow for completion of the network
buildout and installation of Connexion customers. This addition
is reflected in the budget of $142.8M.
• Revenues continue to run 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 (internet/video content)
and continued favorable operating costs from lower staffing
levels than budgeted.
• Resulting net total margin is favorable to budget by
approximately $2.6M.
* 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 $ 11,719,764 $ 10,651,816 $ (1,067,948)
Operating Expense2 $ 10,952,832 $ 6,420,089 $ 4,532,743
Net Operations $ 766,932 $ 4,231,727 $ 3,464,795
Investment Income (Expense) $ (2,096,850) $ (2,913,585) $ (816,735)
Net Total $ (1,329,918) $ 1,318,142 $ 2,648,060
APPROPRIATED
BUDGET
PROJECT TO DATE REMAINING
Construction $ 142,808,249 $ 132,705,459 $ 9,502,790
1 Excludes investment earnings on bond proceeds
2 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