In my opinion it should be close to zero at the end of any given year. In other words, OPA collects the amounts needed for the work to be done each year. Some worry about a natural disaster. However, if a natural disaster hits the bulkheads will be only a small part of our problems.

With respect to the replacement capital carryover issue, I reminded the entire board at its 9/16/2015 meeting that the FY 2014-2015 replacement capital budget was underspent by 48%! The directors in attendance seemed bewildered by my comment. 

Gene, the bewilderment goes well beyond your reminders. 

There is behind the scenes effort to keep the inputs in reserves as high as possible on the premise we will sooner or later have to spend the money. High reserves are desired so that the board/gm can say "we already have the money" when proposing projects.

But never fear -- the board goes over the budget "line by line."

Does OPA have any idea if large dollar departments are operated efficiently?