Table of Contents. WATER AND WASTEWATER MODEL AND SITUATIONAL ANALYSIS 6 Model Development 6 10-Year Water/WW - Challenges, Risks and Opportunities 7

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2 Table of Contents LONG-RANGE FINANCIAL PLAN INTRODUCTION 1 Water and Wastewater Financial Plan 2 What is a Long Range Financial Plan 3 Importance of a Long Range Financial Plan 4 General Approach to Preparing the Region's LRFP 4 The LRFP is Dynamic 5 WATER AND WASTEWATER MODEL AND SITUATIONAL ANALYSIS 6 Model Development 6 10-Year Water/WW - Challenges, Risks and Opportunities 7 WATER AND WASTEWATER FORECAST - CAPITAL BUDGET 8 10-Year Water/WW Capital Budget- Key Assumptions 8 10-Year Water/WW Capital Budget - Type of Project 9 10-Year Water/WW Capital Budget - Sources of Financing 9 10-Year Water/WW Capital Budget - Addressing the Backlog Year Water/WW Capital Budget - Reserve Summary 11 WATER AND WASTEWATER FORECAST - OPERATING BUDGET 13 Introduction Year Water/WW Operating Budget- Key Assumptions 14 REPORTING REQUIREMENTS O.Reg. 453/07 15 Water - Statement of Financial Operations 17 Water - Statement of Cash Flows 18 Water - Statement of Financial Position 19 Wastewater - Statement of Financial Operations 20 Wastewater - Statement of Cash Flows 21 Wastewater - Statement of Financial Position 22 Long Range Financial Plan 23

3 Water and Wastewater Long Range Financial Plan Forecast Water and Wastewater Long Range Financial Plan Forecast Long Range Financial Plan 1

4 Introduction to Long Range Financial Planning Introduction to Long Range Financial Planning Water/Wastewater Long Range Financial Planning The City of Cambridge, along with other Ontario municipalities that are responsible for the provision of drinking water, are required to meet the requirements set out in the Financial Plans Regulations O.Reg.453/07. While the regulations are directed at water systems, the approach undertaken by the City was to undertake a similar process for the City s wastewater systems. The regulation sets out: What a financial plan is for both new and existing drinking water systems Approval and submission requirement Timing for submission and renewal of financial plans Public transparency provisions The regulation requires financial plans to contain projections of prescribed categories of financial information for municipal drinking water systems projected for each fiscal year for a minimum of 6 years. The categories can be found in three statements: Operations Financial Position Cash Flow The categories of financial information have been developed; to ensure that they provide a sound picture of the financial position of a drinking water system to ensure that they are aligned with municipal financial statements prepared on a full accrual accounting basis, beginning on January 1, 2009 to be a balance between encouraging more comprehensive and consistent financial planning for municipal water services, and accommodating existing municipal practices Long Range Financial Plan 2

5 Introduction to Long Range Financial Planning What is a Long Range Financial Plan? The financial environment for municipal government has fundamentally changed. The City of Cambridge, like other municipalities in Ontario has to fund programs and services it provides within a limited funding framework namely, it must address rising costs, the demands of growth, increased service responsibilities and aging infrastructure with relatively flat revenue streams and limited ability to modify the services it provides. The City of Cambridge is taking a proactive approach and has recognized the need for a long-term financial planning process that assesses the financial implications of current and proposed policies as well as Council approved decisions in its water and wastewater operations. This document puts the City s financial water and wastewater condition in perspective, discusses the current challenges and risks and provides a financial forecast, consistent with the strategic direction of the City. The plan also provides a framework for guiding the annual budget and the financial planning over a longer horizon. The LRFP helps to understand the implications that today s decisions have on future budgets. The LRFP will be instrumental in the City s ability to meet the Provincial reporting requirements included in O.Reg. 453/07 for water operations. A Long Range Financial Plan (LRFP) is a comprehensive financial plan that contains statements of strategies, principles and policies to guide financial decision-making. The goal is to provide the City with a realistic and informed view of operating and capital expenditures needed over time to maintain the integrity and health of its physical infrastructure and to accommodate growth and new environmental standards. As such, a LRFP creates a more purposeful approach to long-term financial management and helps align short term actions with long term financial strategies. Long Range Financial Plan 3

6 Introduction to Long Range Financial Planning Importance of a Long Range Financial Plan General Approach to Preparing the City s LRFP A LRFP is a framework to guide the City in planning and decisionmaking to help ensure that the City: Has a plan to protect and maintain its assets Has a reasonable degree of stability and predictability in the rate burden Has a fair sharing in the distribution of resources between current and future ratepayers Has sustainable cash flows in the long term Maximizes its financial flexibility Minimizes financial vulnerability during economic downturns Maintains programs and services at their desired levels The LRFP identifies the key financial strategies that will influence the building of a sustainable long-term financial future and takes into account: Expected expenses and capital outlays for each year of the plan Expected revenues for each year and their source Performance measures to enable assessment of the Council s strategic priorities Assumptions that have been used in the development of the LRFP Sensitivity analysis on key assumptions most likely to affect long-range financial planning and sustainability to ensure that the City is aware of the key levers that will impact the LRFP and that should be monitored over time Long Range Financial Plan 4

7 Introduction to Long Range Financial Planning The LRFP is Dynamic Regular Updates Will Be Undertaken Although great effort has been made to present accurate financial projections, based upon the data available at this time, a LRFP is a dynamic document and should be updated and re-evaluated, on an ongoing basis. As such, the 2010 Water and Wastewater LRFP should be considered a work-in-progress. It is not an exercise in precision, rather it is intended for use as a forecasting tool to ensure that the City is on the right course to meet its financial obligations and future challenges. A software tool has been developed to allow staff to update the LRFP as new data and assumptions become available. Assumptions used in the LRFP should continue to be refined, its projections should build on more customized data and scenarios, and its strategies should continue to be tested by changing circumstances. The intent is to provide Council with regular updates to this document, so it will be useful in the ongoing cycle of business planning and budgeting. It is anticipated that updates to the LRFP will: Amend the assumptions, projections and strategies, as required, based on changes in the municipal environment Continue building awareness of future changes in current operating and capital spending and funding levels Assist the City in determining the extent of its financial challenges Reconfirm the key financial goals and strategies that should guide future planning Spur the development of actions in future business plans that would respond to the long-term strategies Financial plans are only required to be updated in conjunction with every application for licence renewal (i.e. every 5 years), however, there are many potential circumstances that could occur within the short to medium term that would affect the assumptions in the projections for operating and capital. Council priorities, planning policies, changes to service levels, consumption projections and infrastructure requirements, will certainly lead to changes and the LRFP should be adjusted to reflect these changes as they occur. Long Range Financial Plan 5

8 Water and Wastewater Model and Situational Analysis Water and Wastewater Model and Situational Analysis Model Development The LRFP is developed based on an analysis of all factors impacting the capital and operating budget, including financing plans, consumption and wastewater flow forecasts. This forecast also includes assumptions with respect to growth and development charge revenues, interest rates impacting reserves and debt issuance. As shown below, due to the inter-relationship between all components of the plan, changes in any of the assumptions will potentially have an impact throughout the LRFP. Developers Grants & Subsidies Indexes CPI Salary Negotiations Operating Budget Expenditures/ Revenues Reserves Capital Reserves Dev Charges CAPITAL FINANCE DECISIONS Capital CAPITAL REQUIREMENTS Benefit Negotiations Utilities Debt Chemicals Old Debt Rates Consumption Etc. New Debt WW flows Long Range Financial Plan 6

9 Water and Wastewater Model and Situational Analysis Challenges, Risks and Opportunities The following summarizes the key challenges, risks and opportunities to long-term financial sustainability which have been addressed as part of the plan: Increasing Costs, Many of Which are Uncontrollable A number of the City s water and wastewater costs are not directly controlled by the City s water/wastewater operations and are increasing at a pace faster than inflation (e.g. Regional capital costs, internal charges, hydro, billing and collection costs). Assumptions have been made to reflect the impact of these increased costs on future operating budgets. Unaccounted for Water Unaccounted for water is the difference between water purchased from the Region and water metered at the customer level. The City is experiencing higher than industry norms in terms of water losses. These losses increase the cost to customers. The plan includes strategies to reduce unaccounted for water losses with an aggressive replacement program commencing in Asset Renewal/Replacement The City identified a backlog of $54.3 million related to water linear assets and $17.5 million for wastewater linear assets. Further, the City s Water and Wastewater capital program was insufficient to address the backlog which is one of the causes of the large proportion of unaccounted for water. The long range financial plan addresses the backlog over a 15 year period for Water and 9 years for Wastewater. Challenges with Respect to Revenue Stability The City had no stabilization reserve funds available in case of budget shortfalls. Given the challenges faced by the City over the past several years with respect to revenue stability in both water and wastewater, the long range financial plan includes the establishment of a Rate Stabilization Reserve for Water and Wastewater with annual transfers to the reserves. Under-Funded Meter Replacement Program Meters are the City s cash registers. Malfunctioning meters can under register so it is important to have a meter replacement program which coincides with the useful life of the meter. The City has a meter replacement program in place which is focused on the replacement of Residential meters. The plan includes funding to support the a replacement program for Non-Residential customers. Long Range Financial Plan 7

10 Water and Wastewater Capital Budget Water and Wastewater Forecast Capital Budget 10-Year Capital Budget Key Assumptions The following provides the key assumptions in the 10-year Capital Forecast: Capital Projects The 10-year Water and Wastewater Capital Forecast is based on the 2010 Capital Budget. Water & Wastewater Capital Reserves The opening balance for 2010 Water and Wastewater Capital Reserves and Reserve Funds are based on the year-end estimated balance for Sources of Financing Capital Reserves were used as the primary source of financing as defined in the City s Capital Budget document. Gas Tax Funding This plan assumes annual gas tax funding is available (average over the 10 year period is $570,000 for Water and $490,000 for Wastewater). Debt Issuance Interest Rates The Debt issue assumes a 10-year term at 3.72%. Long Range Financial Plan 8

11 Water and Wastewater Capital Budget 10-Year Capital Budget Type of Project The proposed financing strategy, in the long range, gradually moves the City toward full cost recovery which addresses the backlog and builds reserves based on the replacement costs of the underlying assets. The following graphs reflect the capital that can be undertaken to address the existing capital requirements as well as the capital backlog for each of water and wastewater and the associated sources of financing. In (000 s) In (000 s) $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ In (000 s) $5,000 $4,500 $4,000 $3,500 $3, Water Capital Plan - Expenditures Renewal Need Backlog Wastewater Capital Plan - Expenditures Renewal Need 2024 Backlog 2025 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 In (000 s) $5,000 $4,500 $4,000 $3,500 $3, Water Capital Financing Plan Capital R Gas Tax R Debt Wastewater Capital Financing Plan Capital R Gas Tax R 2025 $2,500 $2,500 $2,000 $2,000 $1,500 $1,500 $1,000 $1,000 $500 $500 $ $ The water capital plan addresses the $54.3 million water backlog over 15 years and the wastewater backlog of $17.5 million over 9 years. Long Range Financial Plan 9

12 Water and Wastewater Capital Budget 10-Year Capital Budget Addressing the Backlog The water capital plan addresses the $54.3 million water backlog over 15 years and the wastewater backlog of $17.5 million over 9 years. (000 s) $60,000 $50,000 $40,000 Water Capital Backlog 15 Year Backlog Plan (000 s) $20,000 $18,000 $16,000 $14,000 $12,000 Wastewater Capital Backlog 9 Year Backlog Plan $30,000 $10,000 $20,000 $8,000 $6,000 $10,000 $4,000 $2,000 $0 $ Long Range Financial Plan 10

13 Water and Wastewater Capital Budget 10-Year Capital Reserve Fund Summary Reserves are a critical component of a municipality s long-term financing plan. The purpose for maintaining reserves includes: To provide rate stabilization in the face of variable and uncontrollable factors (changes in consumption, interest rates, changes in subsidies) To provide financing for one-time or short term requirements without permanently impacting the rates To make provisions for replacements/renewals/acquisitions of assets/infrastructure that are currently being consumed To avoid spikes in funding requirements for large capital projects by reducing their reliance on long-term debt borrowings To smooth the impact of major projects on the operating budget To provide a source of internal financing To ensure adequate and sustainable cash flows To provide flexibility to manage debt levels within Council approved guidelines and protect the City s financial position To provide financial sustainability As such, Reserves serve as a mechanism to plan financially for both today and in the future. The City of Cambridge strives to maintain solid Reserves and Reserve Fund positions to ensure future liabilities can be met, that capital assets/infrastructure are properly maintained and that the City maintains sufficient financial flexibility to respond to economic cycles or unanticipated financial requirements. Long Range Financial Plan 11

14 Water and Wastewater Capital Budget 10-Year Reserve Fund Summary In (000 s) $2,400 Water Stabilization and Capital Reserve Forecast Year End Balances In (000 s) $3,500 Wastewater Stabilization and Capital Reserve Forecast Year End Balances $3,000 $1,900 $2,500 $1,400 $2,000 $900 $1,500 $1,000 $400 $500 -$ $ Given that a number of the City s costs are fixed and a full allocation of these costs to be recovered from the fixed monthly charge is not being recommended (in an effort to balance other goals and objectives such as affordability and conservation), stabilization reserves were established as part of the 2010 Operating budget. As shown above, the City is addressing the capital backlog and is also gradually building its reserves. The above noted forecast includes both the Capital and Stabilization Reserves. Should revenue shortfalls occur in any year, this will reduce the forecasted reserves available. AWWA recommends that a target range of between 5%-10% of total expenditure requirements be established for Water and Wastewater Rate Stabilization Reserves, as this will provide a reasonable cushion should unforeseen events occur. Rate Stabilization Reserves can be funded through annual planned transfers from the operating budget, until the target ceiling is reached. The City s plan includes annual transfers of $160,000 to each of the Water and Wastewater Stabilization Reserves until they reach 5% of the water expenditures and 10% of wastewater expenditures which has a higher level of volatility. Long Range Financial Plan 12

15 Water and Wastewater Operating Budget Water and Wastewater Forecast Operating Budget Introduction The City s objective in establishing the Water and Wastewater rates is to avoid large fluctuations from year to year and are set at a level to adequately cover current operating costs, maintain and repair the City s existing asset base and replace assets where appropriate. Efforts are being made in this plan to gradually grow/maintain the Reserve Funds to provide a source of funding for the ongoing replacement/ refurbishment of capital assets and provide a reasonable level of stabilization funds to deal with future operating fund deficits and emergency situations. The following tables reflect the forecast rate revenue requirements. As shown below the increases in rate revenue requirements to address the capital backlog and current capital requirements range from 9.0% to 10% from 2010 to Water Requirements (000's) $ 18,682 $ 20,404 $ 22,097 $ 24,096 $ 26,360 $ 28,856 WW Requirements (000's) $ 17,417 $ 19,089 $ 21,351 $ 23,482 $ 25,744 $ 27,941 Total Water/WW Requirements $ 36,099 $ 39,493 $ 43,447 $ 47,579 $ 52,104 $ 56,797 % Change 9.4% 10.0% 9.5% 9.5% 9.0% Water Requirements (000's) $ 31,295 $ 33,621 $ 35,395 $ 37,421 $ 39,124 WW Requirements (000's) $ 30,333 $ 32,940 $ 35,826 $ 38,430 $ 41,277 Total Water/WW Requirements $ 61,628 $ 66,561 $ 71,221 $ 75,852 $ 80,401 % Change 8.5% 8.0% 7.0% 6.5% 6.0% Long Range Financial Plan 13

16 Water and Wastewater Operating Budget Water and Wastewater Operating Budget Key Assumptions The following summarizes the key assumptions used to develop the Operating Budget Forecast: Water and wastewater programs are maintained at their current service levels Expenditure increases for many municipal services to maintain existing level of services is based on estimated Consumers Price Index increases with the following exceptions: Salary and wage increases based on future projected increases (2.0% annually) Benefit increases based on future projected increases (3.0% annually) Regional wholesale increases of 7.9% for water annually and 10.8% for wastewater Hydro is assumed to increase 7% annually based Other water revenues are forecast to increase 2% annually Reserve contributions vary annually and have been used to ensure full funding of the capital plan Introduction of Water and Wastewater Rate Stabilization Reserve contributions which will be gradually built to a level not to exceed 5% of rate revenue requirements for Water and 10% for Wastewater Long Range Financial Plan 14

17 Reporting Requirements Reporting Requirements O.Reg. 453/07 Long Range Financial Plan 15

18 Reporting Requirements and Statements Water and Wastewater Reporting Requirements O.Reg. 453/07 While the O. Reg. 453/07 only applies to Water, the City has prepared statements for both water and wastewater operations. Paragraph 4 of subsection 3(1) of the regulation requires that financial plans include the following: 1. Details of the proposed or projected financial position of the drinking water itemized by: a. total financial assets b. total liabilities c. net debt d. non-financial assets that are tangible capital assets, tangible capital assets under-construction, inventories of supplies and prepaid expenses e. changes in tangible capital assets that are additions, donations, write-downs and disposals 2. Details of the proposed or projected financial operations of the drinking water system itemized by: a. Total revenues, further itemized by water rates, user charges and other revenues b. Total expenditures itemized by amortization expenses, interest expenses and other expenses c. Annual surplus or deficit d. Accumulated surplus or deficit 3. Details of the drinking water systems proposed or projected gross cash receipts or gross cash payments (cash Flows) itemized by: a. Operating transactions that are cash received from revenues, cash paid for operating expenses and financing charges b. Capital transactions that are proceeds on sale of tangible capital assets and cash used to acquire capital assets c. Investing transactions that are acquisitions and disposal of investments d. Financial transactions that are proceeds from the issuance of debt and debt repayment e. Changes in cash and cash equivalents during the year f. Cash and cash equivalents at the beginning and end of the year Long Range Financial Plan 16

19 Reporting Requirements and Statements Statement of Financial Operations Water (in 000 s) Water Total Revenues Rate Revenues $ 20,404 $ 22,097 $ 24,096 $ 26,360 $ 28,856 $ 31,295 $ 33,621 $ 35,395 $ 37,421 Miscellaneous Revenues $ 274 $ 279 $ 285 $ 291 $ 297 $ 302 $ 309 $ 315 $ 321 Interest Earned - Reserves $ - $ 3 $ 7 $ 11 $ 15 $ 19 $ 23 $ 28 $ 33 Total Revenues $ 20,678 $ 22,379 $ 24,389 $ 26,661 $ 29,168 $ 31,616 $ 33,953 $ 35,738 $ 37,775 Water Total Expenses Operating Expenses Salaries and Wages - OH Expenses $ 472 $ 482 $ 491 $ 501 $ 511 $ 521 $ 532 $ 542 $ 553 Benefits and Salaries Burden- OH Expenses $ 113 $ 117 $ 120 $ 124 $ 128 $ 132 $ 135 $ 140 $ 144 Coporate Chargebacks Expenses $ 692 $ 1,313 $ 1,339 $ 1,366 $ 1,393 $ 1,421 $ 1,449 $ 1,478 $ 1,508 Miscellaneous Expense - OH + Mtce Expenses $ 77 $ 78 $ 80 $ 82 $ 83 $ 85 $ 86 $ 88 $ 90 Purchase of Water - OH Expenses $ 12,851 $ 13,861 $ 14,951 $ 16,126 $ 17,393 $ 18,760 $ 20,235 $ 21,825 $ 23,541 Billing and Collection - OH Expenses $ 392 $ 400 $ 408 $ 416 $ 424 $ 433 $ 441 $ 450 $ 459 Equipment - OH + Mtce Expenses $ 619 $ 632 $ 644 $ 657 $ 671 $ 684 $ 698 $ 712 $ 726 Material/Contract Service - OH + Mtce Expenses $ 1,034 $ 1,055 $ 1,076 $ 1,098 $ 1,120 $ 1,142 $ 1,165 $ 1,188 $ 1,212 Salaries and Wages - Mtce Expenses $ 1,243 $ 1,268 $ 1,294 $ 1,319 $ 1,346 $ 1,373 $ 1,400 $ 1,428 $ 1,457 Benefits & Salary Burden - Mtce Expenses $ 634 $ 653 $ 672 $ 692 $ 713 $ 735 $ 757 $ 779 $ 803 Meter Replacement Additional Expenses $ 390 $ 398 $ 406 $ 414 $ 422 $ 431 $ 439 $ 448 $ 457 Spare Expenses $ - $ - $ - $ - $ - $ - $ - $ - $ - Operating Expenses $ 18,518 $ 20,256 $ 21,481 $ 22,795 $ 24,204 $ 25,716 $ 27,338 $ 29,079 $ 30,949 Debt Charges Debt Charges - Interest Payments $ - $ 186 $ 170 $ 154 $ 137 $ 120 $ 101 $ 83 $ 63 Amortization Expense Water Assets $ 850 $ 886 $ 910 $ 943 $ 987 $ 1,044 $ 1,117 $ 1,198 $ 1,277 Total Expenses $ 19,368 $ 21,328 $ 22,561 $ 23,892 $ 25,328 $ 26,879 $ 28,556 $ 30,360 $ 32,289 Annual Surplus/(Deficit) $1,310 $1,051 $1,828 $2,769 $3,839 $4,737 $5,397 $5,378 $5,486 Long Range Financial Plan 17

20 Reporting Requirements and Statements Statement of Cash Flow/Cash Receipts Water (in 000 s) Total Revenues $ 20,678 $ 22,379 $ 24,389 $ 26,661 $ 29,168 $ 31,616 $ 33,953 $ 35,738 $ 37,775 Cash Paid For Operating Costs $ 18,518 $ 20,256 $ 21,481 $ 22,795 $ 24,204 $ 25,716 $ 27,338 $ 29,079 $ 30,949 Debt Repayment - Debt Interest $ - $ 186 $ 170 $ 154 $ 137 $ 120 $ 101 $ 83 $ 63 Cash Provided From Operating Transactions $ 2,160 $ 1,937 $ 2,737 $ 3,713 $ 4,827 $ 5,781 $ 6,514 $ 6,576 $ 6,763 Capital Transactions Acquisition of TCA $ 7,892 $ 1,890 $ 2,705 $ 3,524 $ 4,545 $ 5,799 $ 6,528 $ 6,314 $ 6,778 Finance Transactions Deficit Proceeds from Debt Issues $ 5,000 $ 0 $ 0 $ 0 $ (0) $ (0) $ 0 $ (0) $ (0) Proceeds from DCs Proceeds from Gas Tax Debt Repayment - Principal $ - $ (422) $ (438) $ (454) $ (471) $ (488) $ (506) $ (525) $ (545) Increase/(Decrease) in Cash Equivalents $ (284) $ 151 $ 161 $ 259 $ 156 $ 293 $ 183 $ 347 $ 72 Cash and Cash Equivalents at Beginning Balance $ 823 $ 539 $ 690 $ 851 $ 1,110 $ 1,266 $ 1,559 $ 1,741 $ 2,088 Cash and Cash Equivalents at Ending Balance $ 539 $ 690 $ 851 $ 1,110 $ 1,266 $ 1,559 $ 1,741 $ 2,088 $ 2,160 Long Range Financial Plan 18

21 Reporting Requirements and Statements Statement of Financial Position Water (in 000 s) Financial Assets Cash $ 539 $ 690 $ 851 $ 1,110 $ 1,266 $ 1,559 $ 1,741 $ 2,088 $ 2,160 Liabilities Debt - Principal Outstanding $ 5,000 $ 4,578 $ 4,141 $ 3,687 $ 3,216 $ 2,728 $ 2,221 $ 1,696 $ 1,151 Net Financial Assets $ (4,461) $ (3,888) $ (3,289) $ (2,577) $ (1,950) $ (1,169) $ (480) $ 392 $ 1,009 Non-Financial Assets Tangible Capital Assets $ 52,655 $ 53,735 $ 55,642 $ 58,357 $ 62,083 $ 67,051 $ 72,732 $ 78,190 $ 84,114 Cash as a % of Net Fixed Assets 1.0% 1.3% 1.5% 1.9% 2.0% 2.3% 2.4% 2.7% 2.6% Debt as a % of Net Fixed Assets 9.5% 8.5% 7.4% 6.3% 5.2% 4.1% 3.1% 2.2% 1.4% Long Range Financial Plan 19

22 Reporting Requirements and Statements Statement of Financial Operations Wastewater (in 000 s) WW Total Revenues Rate Revenues $ 19,089 $ 21,351 $ 23,482 $ 25,744 $ 27,941 $ 30,333 $ 32,940 $ 35,826 $ 38,430 Miscellaneous Revenues $ 12 $ 12 $ 12 $ 12 $ 12 $ 12 $ 12 $ 12 $ 12 Interest Earned - Reserves $ 0 $ 3 $ 7 $ 11 $ 15 $ 19 $ 23 $ 28 $ 33 Total Revenues $ 19,100 $ 21,365 $ 23,501 $ 25,767 $ 27,968 $ 30,364 $ 32,975 $ 35,865 $ 38,475 WW Total Expenses Operating Expenses Salaries and Wages - OH Expenses $ 535 $ 546 $ 557 $ 568 $ 579 $ 591 $ 603 $ 615 $ 627 Benefits and Salaries Burden - OH Expenses $ 127 $ 130 $ 134 $ 138 $ 143 $ 147 $ 151 $ 156 $ 160 Miscellaneous Expenses Expenses $ 64 $ 66 $ 67 $ 68 $ 70 $ 71 $ 73 $ 74 $ 75 Billing and Collection Expenses $ 392 $ 400 $ 408 $ 416 $ 424 $ 433 $ 441 $ 450 $ 459 Equipment - OH + Mtce Expenses $ 357 $ 364 $ 372 $ 379 $ 387 $ 394 $ 402 $ 410 $ 419 Materials/Contract Service Expenses $ 348 $ 355 $ 362 $ 369 $ 377 $ 384 $ 392 $ 400 $ 408 Electricity Expenses $ 80 $ 85 $ 91 $ 98 $ 105 $ 112 $ 120 $ 128 $ 137 Property Taxes Expenses $ 32 $ 32 $ 33 $ 34 $ 34 $ 35 $ 36 $ 36 $ 37 Corporate Chargebacks Expenses $ 499 $ 853 $ 870 $ 887 $ 905 $ 923 $ 941 $ 960 $ 979 Regional Treatment Expenses $ 13,666 $ 15,141 $ 16,777 $ 18,589 $ 20,596 $ 22,821 $ 25,285 $ 28,016 $ 30,510 Sewer Rebates Expenses $ 345 $ 352 $ 359 $ 366 $ 373 $ 381 $ 389 $ 396 $ 404 Salaries and Wages - Mtce. Expenses $ 618 $ 630 $ 643 $ 656 $ 669 $ 682 $ 696 $ 710 $ 724 Benefits and Salary Burden - Mtce. Expenses $ 358 $ 369 $ 380 $ 391 $ 403 $ 415 $ 427 $ 440 $ 453 Operating Expenses $ 17,420 $ 19,324 $ 21,052 $ 22,959 $ 25,064 $ 27,389 $ 29,956 $ 32,792 $ 35,393 Debt Charges Debt Charges - Interest Payments $ - $ - $ - $ - $ - $ - $ - $ - $ - Amortization Expense WW Assets $ 1,059 $ 1,116 $ 1,145 $ 1,175 $ 1,208 $ 1,246 $ 1,299 $ 1,341 $ 1,382 Total Expenses $18,479 $20,440 $22,197 $24,134 $26,273 $28,635 $31,255 $34,133 $36,775 Annual Surplus/(Deficit) $621 $925 $1,304 $1,633 $1,695 $1,729 $1,720 $1,733 $1,700 Long Range Financial Plan 20

23 Reporting Requirements and Statements Statement of Cash Flow/Cash Receipts Wastewater (in 000 s) Total Revenues $ 19,100 $ 21,365 $ 23,501 $ 25,767 $ 27,968 $ 30,364 $ 32,975 $ 35,865 $ 38,475 Cash Paid For Operating Costs $ 17,420 $ 19,324 $ 21,052 $ 22,959 $ 25,064 $ 27,389 $ 29,956 $ 32,792 $ 35,393 Debt Repayment - Debt Interest $ - $ - $ - $ - $ - $ - $ - $ - $ - Cash Provided From Operating Transactions $ 1,680 $ 2,041 $ 2,449 $ 2,808 $ 2,903 $ 2,975 $ 3,019 $ 3,074 $ 3,082 Capital Transactions Acquisition of TCA $ 4,588 $ 2,278 $ 2,387 $ 2,686 $ 3,065 $ 4,212 $ 3,341 $ 3,322 $ 3,110 Finance Transactions Proceeds from Debt Issues $ - $ - $ - $ - $ - $ - $ - $ - $ - Year Deficit Adjustment Proceeds from DCs $ - $ - $ - $ - $ - $ - $ - $ - $ - Proceeds from Gas Tax $ 484 $ 451 $ 87 $ 86 $ 365 $ 1,438 $ 541 $ 522 $ 541 Debt Repayment - Principal $ - $ - $ - $ - $ - $ - $ - $ - $ - Increase/(Decrease) in Cash Equivalents $ (2,424) $ 215 $ 149 $ 208 $ 203 $ 202 $ 218 $ 273 $ 513 Cash and Cash Equivalents at Beginning Balance $ 3,096 $ 672 $ 887 $ 1,035 $ 1,243 $ 1,447 $ 1,648 $ 1,867 $ 2,140 Cash and Cash Equivalents at Ending Balance $ 672 $ 887 $ 1,035 $ 1,243 $ 1,447 $ 1,648 $ 1,867 $ 2,140 $ 2,653 Long Range Financial Plan 21

24 Reporting Requirements and Statements Statement of Financial Position Wastewater (in 000 s) Financial Assets Cash $ 672 $ 887 $ 1,035 $ 1,243 $ 1,447 $ 1,648 $ 1,867 $ 2,140 $ 2,653 Liabilities Debt - Principal Outstanding $ - $ - $ - $ - $ - $ - $ - $ - $ - Net Financial Assets $ 672 $ 887 $ 1,035 $ 1,243 $ 1,447 $ 1,648 $ 1,867 $ 2,140 $ 2,653 Non-Financial Assets Tangible Capital Assets $ 46,012 $ 47,186 $ 48,498 $ 50,108 $ 52,093 $ 55,220 $ 57,462 $ 59,697 $ 61,719 Cash as a % of Net Fixed Assets 1.5% 1.9% 2.1% 2.5% 2.8% 3.0% 3.2% 3.6% 4.3% Debt as a % of Net Fixed Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Long Range Financial Plan 22

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