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Table 16 Redwood City Water Enterprise Historical and Projected Operating Results Actual Actual Actual Budget Projected Projected Projected Projected Projected Projected Water Enterprise Operating Fund FY 2002/03 FY 2003/04 FY 2004/05 FY 2005106 I'Y 2006/07 FY 2007/08 FY 2008/09 FY 2009/10 FY 2010/11 FY2011112 Beginning Operating Reserve $ 11,686,048 $ 6,574,256 $ 3,835,555 $ 11,624,925 $ $ $ 11,348,778 $ 11,656,814 $ 12,284,296 $ 13,069,778 Revenues Water Meter Charges 4,794,905 5,148,205 5,353,895 5,837,000 6,552,000 7,224,000 7,820,000 8,465,000 9,163,000 9,919,000 Water Sales Charges 8,631,101 10,508,602 10,377,455 13,082,000 14,398,000 15,566,000 16,510,000 17,507,000 18,552,000 20,039,000 Less Recycled Water Discount (10,000) (10,000) (131,000) (222,000) (388,000) (419,000) (477,000) Facility Fees 239,378 345,894 298,679 250,000 250,000 250,000 250,000 250,000 250,000 250,000 Connection Fees 48,826 125,097 89,485 120,000 120,000 120,000 120,000 120,000 120,000 120,000 Interest Income & Investment Gains 634,845 119,801 353,395 597,100 397,000 393,000 403,000 422,000 455,000 493,000 Interest on Bond Reserve Funds 155,365 _~078 191,577 -~,QQQ 45,000 45000 45,000 45,000 45,OOO ~,QQQ Other 14,504,420 16,472,677 16,664,486 19,921,100 24,926,000 26,421,000 28,166,000 30,389,000 Total Revenues Expenses Employee Costs 2,794,861 3,154,037 3,381,704 4,182,505 4,329,000 4,481,000 4,638,000 4,800,000 4,968,000 5,142,000 Supplies and Services 1,494,898 1,636,701 1,566,211 1,748,841 1,841,000 1,905,000 1,972,000 2,041,000 2,112,000 2,186,000 SFPUC Water Purchase 5,100,175 6,815,529 6,252,865 6,134,764 6,439,000 6,439,000 6,786,000 6,714,000 7,917,000 9,979,000 SBSA Water Purchases 0 134,000 317,000 358,000 420,700 439,700 466,600 Internal Services 2,245,603 2,177,422 2,593,552 2,839,509 3,148,000 3,258,000 3,372,000 3,490,000 Less Tmnsfers in for Revenue Services 37,327 21,432 43,876 32,050 40,000 40,000 40,000 40,000 40,000 40,000 Minor Operating Capital Outlay 11,000 20,000 25,000 25,000 26,000 27,000 28,000 SBSA Lease 200,000 - 300,000 311,000 322,000 ~3,OOO 345,000 Recycling Project O&M 11,672,864 13,805,121 13,838,208 14,948,669 15,942,000 16,549,000 17,278,000 17,621,700 19,208,700 21,676,600 Subtotal Operating Expenses Non Operating Expenses (Transfers In) Bond Proceeds to Bond Reserve 2,142,585 2.142,585 2,142.585 2,142,585 2,142,585 Debt Service, 2005 Bonds 1,691,337 1,691,337 1,691,337 1,691,337 Debt Service, 2006 Bonds 766,148 766,148 766,148 766,148 766,148 Debt Service, 2007 Bonds 489,894 489,894 489,894 489.894 Debt Service, 2008 Bonds 981,853 981,853 981,853 Debt Service, 2009 Bonds (163,092) Bond Reimbursement for Prior Expenses Capital Asset Acquisition 5,185 6,257 Debt Service, 2005 Bonds Capitalized 5,000,000 2,000,000 Cash-Funded Capital - Recycled 2,750,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 Cash-Funded Capital - Potable 188,163 --1.100,000 1 500,000 900,000 250,000 250,000 250,000 100,000 100,000 100,000 Conservation Program Capital 7,943,348 5,406,257 5,042,585 7,339,965 8,171,818 8,171,818 8,171,818 Subtotal Non-Operating ExpensesfTransfers Total Expenses 19,616,212 19,211,378 8,875,116 19,991,254 24,617,965 25,793,518 27,380,518 29,848,418 Revenues Less Expenses (5,111,792) (2,738,701) 7,789,370 (70,154) (273,922) 67,930 308,035 627.482 785,482 540,582 Ending Operating Reserve $ 6,574,256 $ 3,835,555 $ 11,624,925 $ 11,554,771 $ $ $ 11,656,814 $ 12,284,296 $ 13,069,778 $ 13,610,361 Key Operating Statistics ~ Operating Reserve Target 56% 28% 84% 77% 71% 69% 67% 70% 68% 63% Net Operating Revenues 2,831,556 2,667,556 2,826,278 4,972,431 5,810,000 6,918,000 7,648,000 8,799,300 8,957,300 8,712,400 Debt Service 2,142,585 3,833,922 4,600,070 5,089,965 6,071,818 6,071,818 6,071.818 Debt Service Coverage N/A N/A N/A 2.32 1.52 1.50 1.50 1.45 148 143 34 ~