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Redwood City Water Enterprise Cash Flow Projections
<br /> 2015/16 1 . #13171t v L :' 2021/22 2022/23 2023/24 2024/25
<br /> Overall Rate Adjustment 9.0% 4.8% 7.8% 7.8% 5.5% 3.5% 3.5% 3.5% 3.0% 3.0%
<br /> Effective Date of Rate Adjustment Jul-1 i ug-l- JUI-1 jui-1 Jul-1 Jul-1 Jul-1 Jul-1 Jul-1 Jul-1
<br /> Growth in Single Family Equivalents 1.98% 0.50% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12% 0.12%
<br /> Change in Water Sales from Elasticity(hcf) (29,000) (49,000) (49,000) (34,000) (21,000) (21,000) (21,000) (18,000) (18,000)
<br /> Change in Water Sales from Growth(hcf) 110,000 30,000 6,000 5,000 5,000 5,000 5,000 5,000 5,000
<br /> Potable Water Sales(hcf) 3,310,000 3,391,000 3,372,000 3,329,000 3,300,000 3,284,000 3,268,000 3,252,000 3,239,000 3,226,000
<br /> Recycled Water Sales(hcf) 290,000 290,000 290,000 290,000 290,000 290,000 290,000 290,000 290,000 290,000
<br /> Total Water Sales(hcf) 3,600,000 3,681,000 3,662,000 3,619,000 3,590,000 3,574,000 3,558,000 3,542,000 3,529,000 3,516,000
<br /> Change in Sales from Prior Year 2.3% -0.5% -1.2% -0.8% -0.4% -0.4% -0.4% -0.4% -0.4%
<br /> SFWD Wholesale Rate(per hcf) $3.75 $4.10 $4.28 $4.68 $5.33 $5.34 $5.49 $5.89 $6.11 $6.30
<br /> Interest Earnings Rate - 0.5% 0.75% 1.0% 1.5% 2.0% 2.0% 2.0% 2.0% 2.0%
<br /> Cost Escalation - 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
<br /> Beginning Fund Balances $13,793,000 $12,613,000 $11,464,000 $11,310,000 $11,707,000 $11,874,000 $12,069,000 $12,279,000 $12,176,000 $12,536,000
<br /> REVENUES
<br /> Water Meter Charges 14,100,000 12,782,000 13,853,000 14,953,000 15,794,000 16,366,000 16,959,000 17,573,000 18,121,000 18,687,000
<br /> Water Sales 18,600,000 22,843,000 24,498,000 26,060,000 27,254,000 28,071,000 28,912,000 29,777,000 30,548,000 31,338,000
<br /> Subtotal 32,700,000 35,625,000 38,351,000 41,013,000 43,048,000 44,437,000 45,871,000 47,350,000 48,669,000 50,025,000
<br /> Facils/Conn/Capacity Fees 2,000,000 500,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
<br /> Interest on Reserves&Trust Accts 250,000 173,000 186,000 213,000 276,000 337,000 341,000 346,000 344,000 351,000
<br /> Other/Miscellaneous 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000
<br /> Total Revenues 35,100,000 I 36,448,000 38,937,000 41,626,000 I 43,724,000 45,174,000 46,612,000 48,096,000 49,413,000 50,776,000
<br /> EXPENSES
<br /> Operating&Maintenance
<br /> Water Customer Service&Admin 2,166,000 2,253,000 2,343,000 2,437,000 2,534,000 2,635,000 2,740,000 2,850,000 2,964,000 3,083,000
<br /> Water Supply&Distribution 4,445,000 4,623,000 4,808,000 5,000,000 5,200,000 5,408,000 5,624,000 5,849,000 6,083,000 6,326,000
<br /> SFWD Water Purchases 13,035,000 14,600,000 15,155,000 16,357,000 18,468,000 18,412,000 18,836,000 20,114,000 20,780,000 21,338,000
<br /> SFWD Fixed Charges/BAWSCA Fees 503,000 523,000 544,000 566,000 589,000 613,000 638,000 664,000 691,000 719,000
<br /> BAWSCA Bond Surcharge 1,467,000 1,536,000 1,550,000 1,550,000 1,550,000 1,550,000 1,550,000 1,550,000 1,550,000 1,550,000
<br /> Water Resources Management 1,274,000 1,325,000 1,378,000 1,433,000 1,490,000 1,550,000 1,612,000 1,676,000 1,743,000 1,813,000
<br /> Recycled Water Operations 950,000 988,000 1,028,000 1,069,000 1,112,000 1,156,000 1,202,000 1,250,000 1,300,000 1,352,000
<br /> Right-of-Way Rent 2,263,000 2,263,000 2,263,000 2,263,000 2,263,000 2,263,000 2,263,000 2,263,000 2,263,000 2,263,000
<br /> Revenue Services&Admin Svcs 1,606,000 1,670,000 1,737,000 1,806,000 1,878,000 1,953,000 2,031,000 2,112,000 2,196,000 2,284,000
<br /> Less Revenue Svcs Reimbursements (690,000) (718,000) (747,000) (777,000) (808,000) (840,000) (874,000) (909,000) (945,000) (983,000)
<br /> Meter Replacement Program(AMi Meters) 750,000 750,000 750,000 750,000 0 0 0 0 0 0
<br /> Subtotal 27,769,000 29,813,000 30,809,000 32,454,000 34,276,000 34,700,000 35,622,000 37,419,000 38,625,000 39,745,000
<br /> Debt Service
<br /> 2007 Bonds 946,000 948,000 949,000 946,000 947,000 948,000 948,000 948,000 948,000 948,000
<br /> 2013 Refunding Bonds(Refi of zoos Bonds) 2,058,000 2,063,000 2,061,000 2,060,000 2,061,000 2,060,000 2,060,000 2,060,000 2,060,000 2,060,000
<br /> 2015 Refunding Bonds(Refi of zoos Bonds) 1,205,000 1,421,000 1,420,000 1,417,000 1,421,000 1,419,000 1,420,000 1,420,000 1,420,000 1,420,000
<br /> Subtotal 4,209,000 4,432,000 4,430,000 4,423,000 4,429,000 4,427,000 4,428,000 4,428,000 4,428,000 4,428,000
<br /> Non-Operating
<br /> Capital Improvement Funding 3,950,000 3,000,000 3,500,000 4,000,000 4,500,000 5,500,000 6,000,000 6,000,000 6,000,000 6,500,000
<br /> Mtr Replacement Interfund Loan Repymt 352,000 352,000 352,000 352,000 352,000 352,000 352,000 352,000 0 0
<br /> Subtotal 4,302,000 3,352,000 3,852,000 4,352,000 4,852,000 5,852,000 6,352,000 6,352,000 6,000,000 6,500,000
<br /> Total Expenses 36,280,000 I 37,597,000 39,091,000 41,229,000 I 43,557,000 44,979,000 46,402,000 48,199,000 49,053,000 50,673,000
<br /> Revenues Less Expenses (1,180,000) (1,149,000) (154,000) 397,000 167,000 195,000 210,000 (103,000) 360,000 103,000
<br /> Ending Fund Balances 12,613,000 11,464,000 11,310,000 11,707,000 11,874,000 12,069,000 12,279,000 12,176,000 12,536,000 12,639,000
<br /> Min Fund Rsry Target(25%O&M+$2M) 8,940,000 9,450,000 9,700,000 10,110,000 10,570,000 10,680,000 10,910,000 11,350,000 11,660,000 11,940,000
<br /> Debt Service Coverage(Min>1.20) 1.74 1.50 1.83 2.07 2.13 2.37 2.48 2.41 2.44 2.49
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