The South Bay Waste Management Authority adopted an annual budget Thursday that shows higher revenue, tempered cost increases and savings from early payoff of a $3 million bond obligation.
The solid waste agency, also known as Rethink Waste, adopted a fiscal year 2013-2014 budget that includes $41.6 million in revenue and $38.7 million in operating expenses, resulting in $2.9 million in net income earmarked for fund reserves and non-operating obligations like bond principal payments.
The operating expenses of the Shoreway Environmental Center increased less than 2 percent.
Kevin McCarthy, executive director of SBWMA, said the agency is “pleased” with the strong financial results that allow it to set aside money for reserves.
“Our cash reserves are an important buffer against financial or operational emergencies and result in a more predictable and stable cost structure for our member agencies,” McCarthy said in a prepared statement.
The SBWMA’s 12 members are Atherton, Belmont, Burlingame, East Palo Alto, Foster City, Hillsborough, Menlo Park, Redwood City, San Carlos, San Mateo, San Mateo County and the West Bay Sanitary District.
McCarthy said the budget is less than 3 percent of the total collection costs in its service area.
The budget announced Friday also shows savings from the $47 million Shoreway Environmental Center master plan project which came in more than $1 million under budget.
In addition to adopting the budget, the board also voted to pay off a year early a $3 million bond obligation to the city of Burlingame.
The bond was part of the financing package for the Shoreway master plan improvements and the early payoff saves $150,000 in interest payments.
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Dirk van Ulden said:
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