1 March 2, 2012 dfa DFA Infrastructure International Inc.
2 dfa DFA Infrastructure International Inc. 33 Raymond Street St. Catharines Ontario Canada L2R 2T3 Telephone: (905) Fax: (905) March 2, 2012 Mr. Dan Best Chief Administrative Officer Municipality of Grey Highlands 206 Toronto Street South Markdale ON N0C 1H0 Re: Water Rate Study and O.Reg 453/07 Water Financial Plan No A Dear Mr. Best: We are pleased to submit our report for the above captioned study. Please do not hesitate to call of you have any questions. We appreciate the opportunity to be of assistance to the Municipality of Grey Highlands with this undertaking. Yours truly, DFA Infrastructure International Inc. Derek Ali, MBA, P.Eng. President
3 Table of Contents Transmittal Letter Table of Contents 1 Introduction Background Purpose Regulatory Requirements Provincial Regulations Methodology Full Cost Considerations Financing Principles Stakeholder Input Data Sources Markdale Water System Full Cost Assessment Customer Growth and Consumption Tangible Capital Assets (TCA) Capital Budget Requirements Debt Financing Reserve Fund Requirements Operations & Maintenance (O&M) Cost Projections Full Costs KAT Water System Full Cost Assessment Customer Growth and Consumption Tangible Capital Assets (TCA) Capital Budget Requirements Debt Financing Reserve Fund Requirements Operations & Maintenance (O&M) Cost Projections Full Costs Full Cost Recovery Markdale Water System Rates KAT Water System Rates Financial Plan No A Statements of Financial Position Statements of Operations Statements of Cash Flows Lead Service Pipes i DFA Infrastructure International Inc.
4 8 Conclusions & Recommendations References...37 Appendices Appendix A: By-Laws Appendix B: Customer Growth Projections Appendix C: Capital Projections Appendix D: Debt Schedule Appendix E: Reserve Funds Projections Appendix F: O&M Cost Projections Appendix G: Rates and Revenue Projections Appendix H: Meeting O. Reg. 453/ 07 Requirements Tables Table 1-1: Water Systems Included in Financial Plan Table 3-1: Cost Components and Drivers Table 3-2: Data Sources Table 4-1: Projected Annual Water Consumption (m 3 ) Markdale Table 4-2: Asset Depreciation and Net Book Value (NBV) - Markdale Table 4-3: Asset Replacement Needs Markdale Table 4-4: Debenture Requirements Markdale Table 4-5: Average Annual Full Cost of Managing System - Markdale Table 5-1: Projected Annual Water Consumption (m 3 ) KAT Table 5-2: Asset Depreciation and Net Book Value (NBV) - KAT Table 5-3: Asset Replacement Needs - KAT Table 5-4: Debenture Requirements - KAT Table 5-5: Average Annual Full Cost of Managing System - KAT Table 6-1: Markdale Water System Monthly Rates ( ) Table 6-2: Markdale 2012 vs Rate Implications Table 6-3: KAT Water System Quarterly Rates ( ) Table 6-4: KAT 2012 vs Rate Implications Table 7-1: Statement of Financial Position Markdale Water System Table 7-2: Statement of Financial Position KAT Water System Table 7-3: Statement of Operations Markdale Water System Table 7-4: Statement of Operations KAT Water System Table 7-5: Statement of Cash Flows Markdale Water System Table 7-6: Statement of Cash Flows KAT Water System ii DFA Infrastructure International Inc.
5 Figures Figure 4-1: Current Asset Value - Markdale Figure 4-2: Projected Debt and Reserve Balances Markdale Figure 5-1: Current Asset Value - KAT Figure 5-2: Project Debt and Reserve Balances - KAT iii DFA Infrastructure International Inc.
6 1 Introduction 1.1 Background The Municipality of Grey Highlands (Grey Highlands) is situated in one of the most beautiful parts of Grey County and has a population of approximate 10,000. Water is supplied to its customers through two (2) independent systems that are owned and operated by the Municipality: The Kimberly AMIK Talisman (KAT) Water System, which services approximately 151 customers; and The Markdale Water System, which services approximately 550 customers. The KAT Water System services the Village of Kimberley, Amik Subdivision and the Talisman Mountain Resort. Raw water is drawn from two springs along the Niagara Escarpment and treated at the Water Treatment Plant located at the top of the Amik Subdivision. The treated water is stored in a reservoir with a capacity of approximately 878 m³ and distributed to customers through the water distribution system. The Markdale Drinking Water System consists of two groundwater well sites, one elevated standpipe and all of the associated watermains, services and hydrants. This system provides potable water to all the residences, businesses, and industry within Markdale. Municipal staff and Council have recognized the need to not only meet the requirements of the Drinking Water Licensing system under O.Reg. 453/07, but also to develop a long-term financial plan for its water systems. DFA Infrastructure International Inc. (DFA) was retained by Grey Highlands to undertake a Rate Study and prepare the O. Reg. 453/07 Water Financial Plan in accordance with the drinking water licensing requirements. The rate study includes an assessment of full costs to manage the water systems over a 25-year period from 2011 to 2031 and the recovery of full costs through appropriate rates and charges. 1.2 Purpose The purpose of this document is to present the following information related to the Municipality s water systems: The full costs of managing both water systems over the study period; The required rates and charges to customers to recover the full costs of supplying and distributing drinking water and to provide for sustainable financing over the long-term; A single water financial plan as defined in O.Reg. 453/07, thereby allowing the Municipality to fulfil its obligations under the drinking water licensing regulations for its drinking water systems shown in Table 1-1. The number for the financial plan is A as it covers both of the water systems. 1 DFA Infrastructure International Inc.
7 Table 1-1: Water Systems Included in Financial Plan Water System Licence No. Kimberley AMIK Talisman Drinking Water System Markdale Talisman Drinking Water System Regulatory Requirements 2.1 Provincial Regulations Provincial requirements governing water services primarily include the following: The Environmental Assessment Act (EAA); The Safe Drinking Water Act (SDWA); The Municipal Act (MA); The Development Charges Act (DCA); The Sustainable Water and Sewage Systems Act, 2002 (SWSA); and The Water Opportunities and Conservation Act, 2010 (WOA). The first two (2) set out the technical requirements related to service delivery. The EA Act applies to expansion of existing facilities and establishment of new capacity such as the installation of new pipes to service growth in customers. The Safe Drinking Water Act, 2002 (SDWA) has significant implications to the daily operations as it sets out the water sampling and other operational requirements (in O. Reg. 170/03) for ensuring that the water delivered to consumers is of high quality and safe for consumption. The SDWA has been a major influence over the past decade in terms of adjustments to operational practices and water quality assurance. In addition, there is also a requirement under this Act (O.Reg 188/07) for drinking water providers to establish a Drinking Water Quality Management System (DWQMS) and obtain licences for their respective water systems. As part of the DWQMS, and as required under O. Reg. 453/07 (Financial Plans Regulation), operating authorities must submit a financial plan for their respective water systems as a condition of licensing. There are also many regulations and guidelines that deal with design and operation standards that mandate certain activities be undertaken as part of service delivery. The Municipal Act, Part VII, Section 293 requires municipalities to establish reserves for dealing with longterm liabilities. This applies directly to the water systems and the future liabilities associated with their age and condition. The Municipal Act also permits the municipalities to establish fees for cost recovery and requires public input prior to any fee adjustments. The Development Charges Act and regulations establishes the requirements for the recovery of portions of future growth related capital expenditures to be incurred by the municipalities. The Sustainable Water and Sewage Systems Act, 2002 requires that water systems be financially sustainable. The Water Opportunities and Conservation Act, 2010 is the most recent legislation to be enacted influencing water system management. It requires sustainability plans to be prepared for water systems and overlaps somewhat with the SWSA. 2 DFA Infrastructure International Inc.
8 The Sustainable Water and Sewage Systems Act, 2002 One of the main recommendations contained in Justice O Connor s report on the Walkerton incident is the need for municipalities to identify the full cost of Water services and to develop a sustainable plan to finance these costs. This resulted in the establishment of the Sustainable Water and Sewage Systems Act, 2002 in December 2002 which requires operators of Water systems to report full costs and the method of cost recovery to the Province of Ontario. However the Regulations under SWSA are still pending and it remains unclear as to when these would be made. Under the Sustainable Water and Sewage Systems Act, 2002, the municipalities are required to submit to the Province of Ontario: A report prepared by a Professional Engineer, identifying the full cost of water services; A report identifying a sustainable method by which municipalities would recover these costs; The comments made by the municipality s Auditor following a review of both reports; and Copies of Council resolutions accepting the recommendation of reports. The Water Opportunities and Conservation Act, 2010 The WOA was enacted in November 2010 and the regulations are pending. This legislation promotes water conservation and requires municipalities to develop: Water conservation plans; Sustainability plans for water, wastewater & stormwater management; and Asset management plans. Financial plans are required as a component of the water sustainability plans. The DWQMS Requirements Regulation 188/07 under the Safe Drinking Water Act requires Ontario municipalities to apply for and obtain Drinking Water System Licences as part of their overall DWQMS. One of the requirements to obtain a drinking water licence is to prepare and submit a financial plan in accordance with O.Reg. 453/07. A copy of the Municipality s financial plan is due to be submitted to the Ministry of Municipal Affairs and Housing in March 2012 to allow for completion of the rate study In general, the financial plan must apply to a period of at least six (6) years and must include the following: The proposed or projected financial position of the drinking water system; The proposed or projected financial operations of the drinking water system; and The proposed or projected gross cash receipts and gross cash payments. These requirements are addressed in Section 7 of this report. 3 DFA Infrastructure International Inc.
9 The Municipality of Grey Highlands By-law The Municipality of Grey Highlands By-law No established the water rates and charges that applied to the various customers classes in By-law No establishes the new rates and charges for 2012 based on the information developed in this study. Copies of both by-laws are included in Appendix A. 3 Methodology This section describes the study process in general. The Rate Study addresses each water system separately as they are managed by Grey Highlands as independent systems with different rates and charges to the respective customers. The Municipality also indicated its wish to maintain independent rates and charges for each system on a go forward basis as opposed to blended rates and charges for both systems, to avoid the potential for cross subsidization of costs between the two (2) systems. The study period is 25 years (2011 to 2035). However, the life cycle costs of assets are considered well beyond that period to determine the full replacement and / or rehabilitation needs given that some water system assets (e.g. watermains) can have life expectancies in the 70 to 100 year range. The following are determined for each water system: The full cost of managing the water system; The rates and charges required to recovery the full costs; and The financial plan to meet the requirements of O.Reg 453/07. This plan covers the minimum period of six (6) years from 2011 to 2016 as required by the regulations but is based on the information generated from the full cost calculations and projection of the required water rates and charges over the 25-year period. It includes the following three (3) financial statements: - The Statement of Financial Position; - The Statement of Operations; and - The Statement of Cash Flows. 3.1 Full Cost Considerations Higher costs are generally expected in the future as the water business environment changes. However, the impact can be mitigated by fully understanding, assessing and planning for future water system costs. Determination of the full cost of managing the Municipality s water systems took into account the factors that have a bearing on the cost of providing a safe and reliable supply of potable water to the customers over the long-term. These included both current and future considerations that would influence the cost of managing the systems (and the revenues required to sustain them). Table 3-1 notes the main drivers of cost. The assumptions made for each water system are noted in the respective Sections later in this report. 4 DFA Infrastructure International Inc.
10 Table 3-1: Cost Components and Drivers Cost Component Cost Drivers Future Cost Implications Water systems operations and maintenance (O&M) This is the annual cost of operating and maintaining the current system including direct (e.g. operations staff) and indirect costs (e.g overhead, charge backs etc). Changes in regulations can result in additional (O&M) activities and added costs. This was evident when the regulations under the Safe Drinking Water Act took effect. Municipalities were required to undertake specific activities in the interest of water quality management (e.g sampling, analysis and reporting of water quality). More recently, the DWQMS meant additional costs for water system operational plans and licensing albeit not annually. It is expected that pending regulations under the Water Opportunities Act may have a similar effect. This is a direct annual cost that is reasonably consistent (fixed) from year to year but requires adjustment to account for non-recurring items, operational changes, variable cost (e.g. chemical use) changes and inflation. Non-rate revenues from administrative fees and grants offset these costs. The long term impact fo new regulations on costs are difficult to predict. However, the costs are expected to rise as more stringent requirements are established. Customer Growth Consumption Volume (m3) New growth related services As the existing urban areas are developed, the addition of new customers would increase the total demand for water. Consumption is a function of the number of customers (existing and new growth), weather conditions and the economic environment. The weather conditions have a significant influence on how much water is consumed in a given year. For example, lower temperatures and wet weather tend to result is less water consumption. Dry weather and higher temperatures increase water consumption. The loss of large (commercail or industrial) customers perhaps due to economic climate would reduce demand This refers to installation of new assets to increase the system capacity to facilitate new development and build out of the approved service areas within the Municipality. The increase in demand, if significant, would increase volumes consumed and variable costs in the year the new customers are added. The annual consumption volume is unpredictable. Fluctuations can result in higher than anticipated costs or lower revenues and lead to budget deficits. There is the need for an annual allowance to minimize the risk of deficits and stabilize rates (i.e. minimize rate spikes) Would result in capital investments in the year the new infrastructure is needed. Note that financing of these costs can be through debt or cash from reserves after third party contributions are considered (e.g. grants, developer contributions etc.) Asset preservation and renewal This is mainly the replacement of aging Tangible Capital Assets (TCA) e.g. old water mains, water towers etc. that have exceeded their service life. Would result in future capital expenditures in the year in which the assets require replacement or rehabilitation to extend their useful lives. Allowances must be made as part of the annual costs to account for the futur replacement of these assets Financing can be through a combination of debt and reserve funds. 5 DFA Infrastructure International Inc.
11 Cost Component Cost Drivers Future Cost Implications Other capital expenditures These are capital expenditures other than those needed for growth and asset renewal. These would include cost of studies and implementation of operational improvements of the water system such as water loss reduction measures and new watermain loops. Would increase costs in the year the expenditure is required. Financing can be through a combination of debt and reserves Capital Financing Capital financing for projects can be from four (4) main sources: Debt financing, reserves, annual rates and third party contributions (grants etc.). Grant funding is available only when approved and is therefore not a predictable source of financing for financial planning purposes. The greater the debt financing, the higher the annual amount (costs) needed to repay the principal and interest on any current or future debt. Financing from reserves can only be used if sufficient funds are available. Therefore annual contributions to reserves are required to build balances for use in future years. Financing from rates do not increase annual costs but tend to drive up rates in the year the capital expenditure is required Annual costs would increase to proivde for debt repayment and reserve contributions. It should be noted that using debt financing would minimize spikes in funding required for capital projects and allocates cost to future users. Inflation Market competition and pricing This is the annual rate of inflation as reported by Statistics Canada or the provision for cost of living adjustments each year. The level of competition within the market place depends on the number of service providers available. Additionally, the capacity of industry service providers to meet the increasing demand for their services may tend to increase prices. Tender prices for future capital projects would be influenced by the market conditions at the time of tendering. Would result in annual cost increases. Potential higher prices depending on the future behaviour of the industry. 3.2 Financing Principles The key principles described this section were the basis for establishing Grey Highlands new water rates and charges. Senior staff and Council made fundamental important changes to the rate structure in 2011 to increase the portion of revenues that were derived from fixed charges. This change was critical in reducing the risk of revenue instability due to the unpredictability of water consumption associated with either weather conditions or the loss of major commercial and/or industrial users. Therefore the rate structure established in 2011 was maintained as the basis for the future, with some modifications as noted in Section 3.3 following review with Council and senior staff. The development of the rates for 2012 and beyond was considered to be the next phase to follow up on the changes already made by staff and adopted by Council in Capital financing for future projects was also based on a managed combination of debt and reserves. Funding from provincial and or federal government grants and programs were not included as these sources of financing are arranged on a case by case basis and their approvals are unpredictable. However, it should be noted that it is the intention of the Municipality of Grey Highlands to aggressively pursue all Federal and Provincial funding opportunities. The acquisition of such funding would serve to reduce the debt requirements and the load on the reserve funds for financing. 6 DFA Infrastructure International Inc.
12 The following are the guiding principles that were considered and approved by senior staff and Council in developing the future water rates: 1. Full Cost Recovery The full costs of managing the water system should be recovered through the rates and charges to sustain adequate financing for the water systems including asset replacement based on life cycle costs (consistent with Sustainable Water & Sewer Systems Act, 2002 & Water Opportunities Act 2010); 2. Reduce wasteful uses of water - This promotes water conservation (consistent with requirements of the Water Opportunities Act, 2010); 3. Fairness and reasonableness (avoid discrimination) - The rate structure should not unduly benefit or adversely affect one customer class over another; 4. Ease of Administration - Rate structure should be simple; this would serve to minimize administration costs and facilitate easy understanding by customers; 5. Stability Major fluctuations in the rates and charges from year to year should be avoided by establishing and utilizing a rate stabilization reserve fund. The rates should also provide predictability in terms of revenues each year i.e. the portion of revenues from fixed and/ or base charges should be sufficient to reduce risk of running deficits; 6. Industry promotion All industries will be treated equitably with no specific incentives for a particular industry; 7. Address problems / issues with existing rates - Any issues with the current rate structure should be identified and addressed in the rates and charges update. Once issue is the complexity of the current structure (noted in principle #4); 8. Financing to Include Debt - The capital projects related to the water system should be financed through combination of debentures and transfers from the water reserve fund; 9. Reserve Funds Reserve balances must be able to address the needs but not unduly overbuilt; and 10. Rates/ Charges to be Specific to Each System - The current approach of having separate rates for each system would be continued. 3.3 Stakeholder Input One of the key elements of the process was the consideration of input from senior staff and members of Council. A workshop session was held on December 6, 2012 with senior staff and Committee of the Whole to review the financing principles, full system costs, the potential rate options and respective implications to customers. Both senior staff and Council felt that it was important to ensure that the future revenues and rates be sufficient for the long-term financial sustainability of the water systems. In addition, there should be consistency with current Provincial expectations (as indicated through the SWSA and the Water Opportunities 7 DFA Infrastructure International Inc.
13 Act) and best practices, including the need to promote water conservation so that the Municipality can be in a position to successfully pursue and secure future Provincial and/ or Federal Government funding. The following are the main outcomes of the session: Approval of the financing principles; Phase out the preferential industrial rate that applied to the large industrial users with very high annual water consumption; Increase the margin between the rate blocks as a step towards promoting water conservation; Over the long-term, consideration should be given to servicing the KAT Water System customers from the Markdale Water System due to the relatively high cost of managing the KAT system. This would improve efficiencies within the overall water service to customers. However, the feasibility of consolidating the two (2) water systems would need to be thoroughly investigated from an engineering perspective as part of the ongoing Water & Wastewater Servicing Master Plan prior to any further decisions being made; and Pursue funding opportunities particularly, for the new Markdale Water Tower. Refined capital financing and rate options were developed for both systems and these were presented to and approved in principle by Council on December 19, 2011 subject to public consultation. A Public Meeting was held on January 9, 2012 to review the new rates for both systems and obtain public input. Staff made a presentation at the session describing the new rates and addressed all questions. Council subsequently approved the new By-law No to implement the new rates in The new rates identified in this report for 2012 are those approved by Council in the By-law. 3.4 Data Sources The primary sources of data used to prepare this financial plan are listed in Table 3-2. In addition, information was also developed from discussions with and input from Grey Highlands staff, as required. Table 3-2: Data Sources Item Data Source Asset Life Expectancy Municipality s TCA Policy Information Provided by the Municipality Asset Values Municipality s TCA Policy Information Provided by the Municipality O & M Costs and Revenue Projections Municipality s 2011 and 2012 Water Operating Budget Capital Cost Projections Municipality s 2011 and year Water Capital Budget Forecast Debt Information provided by the Municipality Municipality s 2011 and 2012 Water Operating Budget and 5-Year Capital Budget Forecast Investments, Reserve balances etc. Information provided by the Municipality 8 DFA Infrastructure International Inc.
14 4 Markdale Water System Full Cost Assessment This section identifies the current and future costs (i.e. the full costs) associated with the management of the Markdale Water System over the next twenty (25) years (2011 to 2035). The key cost areas include: Operations & Maintenance (O&M) cost projections; Capital Budget based on the approved 5-year forecast; Tangible Capital Asset (TCA) projections including asset replacement needs; Debt Requirements; and Reserve fund requirements. The non-rate revenues associated with the system are also identified. These are defined as revenues that are routinely generated each year by the daily operations and include administrative revenues such as service fees, penalties, operating grants (i.e. OSWAP) etc. It is important to note that the non-rate revenues do not include the revenues generated by the water rates (i.e. from the sale of water). The full costs developed through the various analyses in this study identify the revenue requirements for the water systems and form the basis for the future rates and charges. 4.1 Customer Growth and Consumption The cost of service depends on the number and type (residential, commercial, industrial) of customers and corresponding water demand. Although most costs are fixed, variable costs such as annual chemical use and hydro costs can increase depending on the level of growth and water consumption. Capital costs related to increasing system capacity to accommodate growth can also be influenced by growth and demand. In addition, the current rate structure is comprised of a flat or base charge per unit plus a consumption charge based on the metered volume of water consumed. Therefore forecasting customer growth and annual water consumption volumes by customer type are essential to projecting future costs, revenue requirements and rates. Customer Growth There were 550 customers in 2011 totalling billable units. Billable units are the number of units at a specific property (customer) to which the base charge applies. Based on the Municipality s projections, customer growth is projected to be marginal. Approximately five (5) new customers are expected to be added between 2012 and 2015 and then one (1) new customer per year thereafter. Each new customer is expected to add one (1) new billable unit. The number of customers to which the flat fee applies (i.e. those customers with no meters) is projected to remain unchanged. The projected growth in customers and billable units over the 25- year study period is presented in Appendix B. Water Consumption Projections It is important for the consumption projections to be conservative so that revenue projections from the consumption rate are not unduly overestimated (leading to potential annual deficits). The annual consumption 9 DFA Infrastructure International Inc.
15 volumes by rate category are shown in Table 4-1. These estimates were developed based on considering the following information: 1. The 2009 and 2010 consumption volumes were 276, 561m3 and 178,950m3 respectively. The lower consumption in 2010 was due to one of the large customers not operating at full capacity; 2. The actual 2011 consumption to September 30, 2011 was 217,592m3 with the largest customer operating at an increased capacity. The projected 2011 year-end consumption was estimated to be approximately 294,360m3. Therefore an annual consumption of approximately 285,000m3 was developed with input from staff as being a reasonable volume that can be expected each year and used for future projections. Table 4-1: Projected Annual Water Consumption (m 3 ) - Markdale Rate Category Annual Consumption 0-15 m3 per month 38, m3 per month 43,929 >100 m3 per month 25,424 Industrial >600 m3 per month 177,092 Total 285, Tangible Capital Assets (TCA) The depreciation (amortization) of existing assets is a non-cash annual cost that reflects the annual use of assets until the end of their respective useful lives. Therefore allowances must be made to finance the replacement and/ or rehabilitation of the existing assets once they expire and can no longer play a role in providing the required drinking water service to customers. However, it should be noted the since depreciation is based on the original (historical) cost at the time the asset was placed in service, it does not account for inflation since the year of installation. Therefore basing asset replacement costs on depreciation alone is not sufficient to cover the future replacement of assets. Therefore replacement cost estimates based on indexing historical costs to the replacement year are used for projecting future asset replacement costs. The Municipality s PSAB 3150 TCA data was used to develop the financial information and asset replacement projections related to the Markdale Water System. The TCA projections are based on the following assumptions: Amortization of existing assets is based on the Municipality s Tangible Capital Assets Policies and Procedures. Amortization of new assets is based on straight line depreciation with full year depreciation charged in the year of acquisition; Historical costs, life expectancy and remaining useful life as per the PSAB 3150 data provided by the Municipality; Replacement costs are based on indexing historical costs to the year of replacement using the appropriate Construction Price Indices; Fully depreciated assets continue to be used in service i.e. no asset removals; 10 DFA Infrastructure International Inc.
16 New assets to be acquired are based on the capital forecast presented in Appendix C. The forecast includes projects in the 5-year Capital Budget Forecast and asset replacement projections based on TCA analysis undertaken as part of the rate study. The new are added to the TCA in the year of acquisition and depreciated over their useful life. Note that some future projects are deemed to be operational i.e. they do not meet the definition of a TCA or Betterment as per the Municipality s TCA policy and therefore are considered as operating expenses in the financial statements; and Contributed assets from new development are assumed to be zero as the current growth rate is marginal. Asset Value The Markdale Water System is comprised of the following asset classes: Land & Land Improvements; Buildings; Linear Assets; Equipment; and Hydrants. It should be noted that land is not a depreciable asset. The total replacement value (in 2011 dollars) of the assets, not including land, is estimated to be $6,526,208. As shown in Figure 4-1, approximately 50% of the asset value is in buildings and 31% in pipes and other linear assets. Figure 4-1: Current Asset Value - Markdale Linear Assets $2,012,654 31% Land Improvements $36,857 0% Buildings $3,248,287 50% Land Improvements Buildings Hydrants Equipment Linear Assets Equipment $966,665 15% Hydrants $261,745 4% 11 DFA Infrastructure International Inc.
17 Table 4-2 summarizes the historical cost of the assets, the accumulated depreciation and the net book value (NBV) of the assets over the 6-year period required for the O. Reg. 453/07 Water Financial Plan. This indicates that the Markdale Water System, as a whole is approximately 45% depreciated or at approximately half way through its life expectancy. This suggests that many components are at or approaching replacement and / or rehabilitation within the next few years. The depreciated value (or NBV) of the Markdale Water System is projected to increase from approximately $1.6 million at the end of 2011 to $7.5 million at the end of This increase in Net Book Value is primarily due to the replacement of the existing water tower and related system upgrades that would be required over the next few years, which adds value to the assets. Table 4-2: Asset Depreciation and Net Book Value (NBV) - Markdale TCA Historical Cost Accumulated Depreciation (Beginning) Depreciation Expense Accumulated Depreciation (Ending) Net Book Value CONSOLIDATED (TOTAL) $ 2,986,062 $ 3,821,268 $ 8,969,040 $ 9,688,233 $ 9,816,561 $ 9,914,519 $ 1,257,587 $ 1,356,660 $ 1,491,799 $ 1,713,253 $ 1,947,399 $ 2,175,045 $ 99,072 $ 135,140 $ 221,454 $ 234,146 $ 227,646 $ 231,617 $ 1,356,660 $ 1,491,799 $ 1,713,253 $ 1,947,399 $ 2,175,045 $ 2,406,662 $ 1,629,402 $ 2,329,469 $ 7,255,787 $ 7,740,834 $ 7,641,516 $ 7,507,857 Asset Replacement Needs A TCA analysis was completed to determine the future assets replacement needs. This involved consideration of the following information for the respective assets: Historical cost; In- service or year of installation; Useful life expectancy and anticipated year of replacement; Replacement costs in 2011 dollars (developed by applying the appropriate historical Construction Price Indices to the historical costs); and Replacement costs in the future year of replacement (estimated by adjusting 2011 replacement costs using 2% inflation). The asset replacement and/ or rehabilitation requirements resulting from the analysis are summarized in Table 4-3. This shows that approximately $3.7 million (a large portion of which includes the water tower replacement) is required over the next 25 years. Approximately $2.79 million is required beyond 2035 primarily for replacement of linear assets. The annual asset replacement requirements between 2011 and 2035 are presented in Appendix C as part of the overall capital requirements for the study period. These annual projections suggest that $3.2 million (i.e. most of the projected asset replacement needs for the study period) is required within the next ten (10) years. 12 DFA Infrastructure International Inc.
18 Table 4-3: Asset Replacement Needs - Markdale Water Assets Total Replacement Amount to be Funded Amount to be Funded Costs in Study Period Beyond Study Period Land & Land Improvements $ 36,857 $ 12,536 $ 24,321 Buildings $ 3,248,287 $ 2,788,988 $ 459,299 Hydrants $ 261,745 $ - $ 261,745 Equipment $ 966,665 $ 931,553 $ 35,112 Linear Assets $ 2,012,654 $ - $ 2,012,654 Total Water Assets $ 6,526,208 $ 3,733,077 $ 2,793, Capital Budget Requirements The future capital budget requirements are presented in Appendix C for the study period. This reflects the projects identified by the Municipality in the 5-year Capital Budget Forecast and the replacement of existing assets as they reach their respective useful lives. Approximately $7.7 million in capital expenditure is required between 2012 and It should be noted that some of the projects identified in the 5-year Capital Budget Forecast include asset replacement. Therefore these projects were rationalized with the projected asset replacement needs to ensure that there was no duplication in the 25-year projection. The TCA analysis indicated that replacement of some assets is required in 2012 i.e. immediately. To allow sufficient time for developing budgets and arranging for financing an assumption was made that the replacement of these assets would be deferred by approximately five (5) years. There are also no growth related projects included in the forecast due to the limited customer growth expected for the system. Appendix C also shows the projected sources financing for the annual expenditures. Based on the financing principles noted in Section 3.2, capital financing will be through a combination of debt and cash from the Capital Reserve. Financing from other sources such as provincial and/ or federal grants is unpredictable and are therefore not considered over the long-term. However the Municipality is encouraged to aggressively pursue these funding opportunities as they become available to reduce the overall amount to be debenture financed or funded from the Capital reserve. Note that a provincial funding contribution of $1,525,920 is anticipated for the Water Tower Replacement. This represents two-thirds of the estimated project cost with the remaining one-third to be provided by Grey Highlands. Debt financing and the reserve fund requirements are described in Sections 4.4 and Debt Financing Issuance of debt allows for financing to be available in the year the project is required and repayment occurs over the future years. This approach supports the principle of user pay in that the beneficiaries of the new asset pay for its use through the debt repayment. Financing from the capital reserve requires that sufficient funds be available in the reserve in the year the project is undertaken, through annual contributions to the reserve in prior years. Without debt or reserve financing, major rate increases or spikes would be required in the project year to raise sufficient funds to cover the project expenditures. Therefore the approach was taken to finance major projects over the next few years though debt to minimize the burden on the capital reserve or on rates in the short-term. This allows the projects to proceed while the reserves are gradually built to finance future projects. 13 DFA Infrastructure International Inc.
19 There is currently no existing debt related to the Markdale Water System. The projects to be financed through new debt are noted in Table 4-4. Approximately $4.9 million of new debt will be required between 2012 and A longer term of 25 years for repayment was selected instead of a shorter term to reduce the annual repayment amounts to be raised through the future rates. This is a reasonable approach given that the assets for which the debt would be incurred would have life expectancies that exceed 25 years. The assumed interest rate is 4% based. The projected debt repayment schedule including annual principal and interest payments and remaining debt is presented in Appendix D. The annual debt repayment is projected to be approximately $49,622 in 2013, $278,275 in 2014 and $312,240 for the remainder of the term. Table 4-4: Debenture Requirements - Markdale PROJECT TERM RATE Class B Environmental Study, (2012 construct watermain from tower to Main Street) 229, , , % New Water Tower (1/3 Funding) 762, % Infrastructure Upgrades (for pressure issues) 2,601, % New Water Meter System 545, % Asset Replacement Buildings 25 4% Total 775,200 3,572, ,604 The projected outstanding debt balance and reserve balances over the period are shown in Figure 4-2. The outstanding debt is projected to be at a high of $4.75 million in 2014 and subsequently reduce over the next 25 years as the total debt is retired. 14 DFA Infrastructure International Inc.
20 Figure 4-2: Projected Debt and Reserve Balances - Markdale $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $ Capital Reserve O&M Reserve Debt Balance 4.5 Reserve Fund Requirements There are three (3) reserve funds for which projections were made for the study period: The Capital Reserve Fund for The Operating Reserve Fund; and The Development Charges (DC) Reserve Fund. Appendix E shows the projected continuity schedule for each reserve. This shows the transfers to and from the respective reserves and the opening and closing balances. Reserves are assumed to earn 1% annual interest on balances. Capital Reserve Fund The Capital Reserve Fund, which had an opening balance of approximately $240,345 at the beginning of 2011, will be the primary source of financing for projects not funded through debt. Approximately $1.43 million in financing will be required from this reserve between 2011 and 2035 mostly for asset replacement. This requires that annual contributions be made to the Capital Reserve Fund to ensure that sufficient funds are available for the respective projects. These annual contributions (to be raised through the water rates each year) are generally projected to range between $150,000 and $200,000 for most years during the period with the higher contributions in the later years. The reserve annual closing balance is projected to range between $200,000 and $460,000 until 2023 after which it gradually increases to approximately $2.5 million by This allows the Municipality to be in a reasonable position to fund the asset replacement work required beyond 2035, estimated to be approximately $2.7 million as noted in Section DFA Infrastructure International Inc.
21 Operating Reserve Fund The Operating Reserve Fund is required to provide a source of funding to offset any year-end operating deficits that may occur during the period and avoid rate increases in the subsequent year. The annual contributions (to be raised through the water rates each year) are based on a minimum 5% of projected annual operations and maintenance costs with higher amounts in some years as required. In general the contributions are less than $18,000 each year and decline to less than $8,000 after Higher amounts of approximately $69,000 and $118,000 are required in 2012 and 2013 respectively. The reserve annual closing balance is projected to be approximately $79,000 in 2012 and range between $180,000 and $200,000 until 2019 after which it gradually increases to approximately $346,000 by Development Charges (DC) Reserve Fund No significant transactions are projected for the DC reserve. The 2011 opening balance was approximately $43,000 and is projected to increase marginally to approximately $55,000 by 2035 due to interest earned. 4.6 Operations & Maintenance (O&M) Cost Projections The annual operating budget is based on the operations and maintenance needs of the water system which includes costs related to water treatment, distribution, metering and hydrants. These costs generally include the following: Personnel; Materials and Equipment; and Administration and Vehicles (shared with other water and wastewater systems). Transfers to operating and capital reserve and debt servicing are typically included in the annual O&M budgets. However these costs are addressed separately for the purposes of the rate study and noted in Sections 4.4 and 4.5. A portion of these O&M costs is offset by non-rate revenues including: Late payment charges; Administrative service fees; and Government grants (OSWAP). The projection of the gross costs and non-rate revenues over the six (6)-year period from 2011 to 2016 were obtained from the County s 2011 Rate Supported Water & Wastewater Capital Forecast and Operating Budget and 2011 Rate Model projections. The assumptions used in arriving at these projections are as follows: O&M costs (not including non-recurring costs and reserve transfers) will increase annually by 3% until 2017 to account for potential new regulatory requirements and 2% thereafter; No grants after expiry of the current OSWAP funding in 2013; and Recurring non-rate revenues would remain at 2012 levels until 2017 and increase by 2% thereafter. 16 DFA Infrastructure International Inc.
22 Appendix F summarizes the gross operating costs, non-rate revenues and net costs to be recovered from users through the Municipality's base and consumption charges. The gross annual O&M costs (not including nonrecurring costs and reserve transfers) are expected to increase from approximately $275,000 in 2012 to $306,000 by 2017 and up to $438,000 by Full Costs Table 4-5 is a summary of the projected costs for all the water system cost components over the study period. It shows the annual average cost of approximately $933,000 to manage the water system over the next 25 years. This is equivalent to a unit cost of $3.27 per cubic metre per year based on 285,000 m3 per year. These annual costs reflect the average annual revenue requirements for the water system to be recovered from the water rates. Table 4-5: Average Annual Full Cost of Managing System - Markdale Cost Component Average Annual Cost % $/m3 O&M $ 355,581 38% $ 1.25 Capital from Reserve $ 88,904 10% $ 0.31 Cap. Reserve Contributions $ 173,000 19% $ 0.61 Op. Reserve Contributions $ 6, % $ 0.02 Debt Repayment $ 309,320 33% $ 1.09 Total $ 932, % $ KAT Water System Full Cost Assessment This section identifies the current and future costs (i.e. the full costs) associated with the management of the KAT Water System over the next twenty (25) years (2011 to 2035). The key cost areas include: Operations & Maintenance (O&M) cost projections; Capital Budget based on the approved 5-year forecast; Tangible Capital Asset (TCA) projections including asset replacement needs; Debt Requirements; and Reserve fund requirements. The non-rate revenues associated with the system are also identified. These are defined as revenues that are routinely generated each year by the daily operations and include administrative revenues such as service fees, penalties, operating grants (i.e. OSWAP) etc. It is important to note that the non-rate revenues do not include the revenues generated by the water rates (i.e. from the sale of water). The full costs developed through the various analyses in this study identify the revenue requirements for the water systems and form the basis for the future rates and charges. 17 DFA Infrastructure International Inc.
23 5.1 Customer Growth and Consumption The cost of service depends on the number and type (residential, commercial, industrial) of customers and corresponding water demand. Although most costs are fixed, variable costs such as annual chemical use and hydro costs can increase depending on the level of growth and water consumption. Capital costs related to increasing system capacity to accommodate growth can also be influenced by growth and demand. In addition, the current rate structure is comprised of a flat or base charge per unit plus a consumption charge based on the metered volume of water consumed. Therefore forecasting customer growth and annual water consumption volumes by customer type are essential to projecting future costs, revenue requirements and rates. Customer Growth There were 151 customers in 2011 totalling 220 billable units. Billable units are the number of units at a specific property (customer) to which the base charge applies. Based on the Municipality s projections, customer growth is projected to be marginal. Approximately two (2) new customers are expected to be added each year. Each new customer is expected to add one (1) new billable unit. The number of customers to which the flat fee applies (i.e. those customers with no meters) is projected to remain unchanged. The projected growth in customers and billable units over the 25-year study period is presented in Appendix B. Water Consumption Projections It is important for the consumption projections to be conservative so that revenue projections from the consumption rate are not unduly overestimated (leading to potential annual deficits). The annual consumption volumes by rate category are shown in Table 5-1. These estimates were developed based on considering the following information: The 2009 and 2010 consumption volumes were 18,970 m 3 and 18,253 m 3 respectively; and The actual 2011 consumption to September 30, 2011 was 8,208 m 3. The significantly lower consumption compared to previous years was due to the closure of one of the large customers. The projected 2011 year-end consumption was estimated to be approximately 10,944 m 3. Therefore an annual consumption of approximately 10,944 m 3 was developed with input from staff as being a reasonable volume that can be expected each year and used for future projections. Table 5-1: Projected Annual Water Consumption (m 3 ) - KAT Consumption Category 2011 % Monthly consumption of 0 25 m % Monthly consumption of m % Monthly consumption >100 m % Total Annual Consumption 10, % 18 DFA Infrastructure International Inc.
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