Three Year Forecast Revenues and Expenditures Enterprise Fund Water & Sewer

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1 $120 $100 $80 $60 $40 $20 Three Year Forecast Revenues and Expenditures Enterprise Fund Water & Sewer Revenues Expenditures s 2010 through 2013 are estimated. ENTERPRISE FUNDS (Funds 51 and 52) Enterprise Funds account for operations funded and operated in a manner similar to private business enterprises, where the intent of the County is to recover, through user charges, the cost of providing services to users of the service. The Water and Sewer Enterprise Fund (Fund 51) accounts for the provision of water and sewer services to residents of Henrico County, and wholesale service to Hanover and Goochland Counties. The Belmont Park Golf Course Enterprise Fund (Fund 52) accounts for the operations of Belmont Park Golf Course. All activities necessary to provide such services are accounted for in the respective funds, including operations, maintenance, construction, financing, and related debt service. The three-year forecast narrative of revenues and expenditures has been prepared for each of these operations separately, using the same basic framework as the General Fund. Water and Sewer Operations Fund (Fund 5101) Revenues Water and Sewer Enterprise Fund revenues are forecasted with increases in customer growth necessary to keep pace with routine operating costs, expansion and rehabilitation of infrastructure and the debt service payments on outstanding debt. Forecasted revenues also satisfy the requirements of the County s revenue bond covenants for current and future debt issues. Sale of Water for FY is based on a 5.0 percent increase in water rates. However, revenue collections are projected to remain relatively flat with FY revenue estimates. This is due to a decline in volume over the past few fiscal years due to the struggles in the commercial and residential real estate markets. Forecasts for FY and FY were prepared using 1.0 percent volume increases and a 3.0 percent rate increase in each year. These increases will support inflationary growth in expenditures and planned rehabilitation projects. Water Basic Fees are those fees collected for initial connection to the County's water distribution system. This revenue category mirrors economic development activity and all collections are used to fund the cost of expanding

2 the County s water system. Forecasted revenue collections in FY reflect substantial connection fee increases implemented on January 1, 2010, in which increases for water and sewer connection fees increased by approximately 64.0 percent, combined. The forecast for Water Basic Fees, however, also takes into consideration the commercial and residential real estate market struggles, as very little new construction is planned in the immediate future. $12 $9 $6 $3 $7.2 $6.5 Sewer Basic Fees $8.2 $2.2 $3.9 $4.1 $ s 2010 through 2013 are estimated. $10 $8 $6 $4 $2 $3.4 Water Basic Fees $5.3 $4.0 $1.1 F iscal Y ears 2010 throu gh are estimated. $1.7 $1.8 $ Sale of Sewer Services for FY is based on a 5.0 percent increase in sewer rates. Like Sale of Water Service revenues, noted above, forecasts for FY and FY were prepared using 1.0 percent volume increases and a 3.0 percent rate increase in each year. The majority of these increases will be used to support growth in expenditures and planned rehabilitation projects. Sewer Basic Fees are those fees collected for initial connection to the County's sewage system. This revenue category mirrors economic development activity and all collections are used to fund the cost of expanding the County s sewer system. Like Water Basic Fees, as noted above, forecasted revenue collections in FY reflect substantial connection fee increases implemented on January 1, 2010, in which increases for water and sewer connection fees increased by approximately 64.0 percent, combined. (To) From General Fund includes the General Fund payment to support debt service on the portion of the $32.0 million subordinate Water and Sewer Revenue bonds sold in FY to fund the infrastructure improvements of the Elko Tract in eastern Henrico County (these bonds were refunded in FY ). In addition to payment of the debt service, the General Fund is also responsible for the annual repayment of the $9.6 million loan made in FY to the Capital Projects Fund for additional infrastructure built at the Elko Tract site. The County s year-end financial statements disclose this loan as an asset in the Water and Sewer Enterprise Fund and a liability in the Capital Projects Fund; however, the General Fund is responsible for repaying the debt. The annual repayment of this loan was included in the General Fund transfer amount in FY However, from FY through FY , this amount was reflected as an expenditure in the General Fund for budget purposes, therefore, was not reflected in the General Fund transfer amount. With the refunding of the $32.0 million subordinate Water and Sewer Revenue bonds in FY , the structure of these payments from the General Fund will again be solely reflected in the General Fund transfer amount. Budget for Capital Use projections represent non-bond resources, available from Water and Sewer Operations to supplement utility infrastructure rehabilitation, expansion and other capital improvement activities. The transfer amounts for the forecast period reflect the planned appropriations for capital improvement projects to be supported by non-bond resources. Expenditures Expenditures developed for the forecast period represent total operating costs for providing water and sewer service to County residents. Operating costs include infrastructure maintenance, operation of the water and sewer systems and debt service on bond issues. Results of Operations (Prior to Capital Expenses) reflect the anticipated variance of revenues less expenditures.

3 Water and Sewer Construction Fund (Fund 5102) Capital Budget Expenditures Approved/Proposed Capital Projects are expected to total $36.6 million in FY , $51.6 million in FY , and $79.7 million in FY These projections represent expenditures for projects planned in future years listed in the Capital Projects Fund section of this budget document. Continuing Capital Projects represent the expenditures in construction appropriations based on projected resources and corresponding expenditures throughout the forecast period. Capital Budget Resources Water and Sewer Revenue projections represent non-bond resources transferred from the Operations subfund to the Construction subfund to support costs related to system rehabilitation, expansion and improvements. This transfer includes the connection fees paid by real-estate developers and new customers for initial connection to the County's water and sewer systems. Revenue Bonds (2006 Series) represents the proceeds from the sale of $80.0 million in revenue bonds issued in 2006 to finance necessary new and rehabilitation capital projects.

4 Water & Sewer Enterprise Fund Forecast Water & Sewer Operations Subfund FY FY FY FY FY Actual Original Forecast Forecast Forecast Revenues: Sale of Water $ 41,250,443 $ 41,660,433 $ 41,852,811 $ 43,526,923 $ 45,268,000 Water Connection Fees 3,971,369 1,120,000 1,706,880 1,758,086 1,810,829 Sale of Sewer Services 41,919,957 41,711,421 42,453,050 44,151,172 45,917,219 Sewer Connection Fees 8,228,782 2,180,000 3,941,635 4,059,884 4,181,681 Miscellaneous Revenue 2,855,265 4,254,076 4,192,790 4,318,574 4,448,131 Transfer from General Fund 982,601 1,609, , , ,219 Total Revenue $ 99,208,417 $ 92,535,499 $ 94,919,385 $ 98,586,859 $ 102,398,079 Expenditures: Personnel $ 19,685,513 $ 20,352,116 $ 19,516,872 $ 19,516,872 $ 19,907,209 Operating 32,527,344 36,554,073 36,663,397 36,663,397 37,396,665 Capital Outlay 467,033 1,226, , , ,787 Sub-Total 52,679,890 58,132,963 56,985,943 56,985,943 58,125,662 Debt Service 17,530,142 15,413,013 14,783,503 16,703,903 16,515,628 Total Expenditures $ 70,210,032 $ 73,545,976 $ 71,769,446 $ 73,689,846 $ 74,641,290 Results of Operations (Prior to Capital Expenses) 28,998,385 18,989,523 23,149,939 24,897,013 27,756,789 Budget For Capital Use (Below) n/a (133,957,343) (36,629,912) (51,648,965) (79,695,909) Capital Budget Expenditures FY FY FY FY FY Actual Forecast Forecast Forecast Forecast Approved/Requested Capital Projects 33,802,600 36,629,912 51,648,965 79,695,909 Continuing Capital Projects (Previously Approved) (1) 49,259, ,469,075 Capital Budget Resources Total Capital 49,259, ,271,675 36,629,912 51,648,965 79,695,909 Water and Sewer Revenues 23,111, ,957,343 36,629,912 51,648,965 79,695,909 Revenue Bonds (2006 Series) 26,148,086 26,314, Total Capital Budget Resources 49,259, ,271,675 36,629,912 51,648,965 79,695,909 Notes: (1) This number plus the budget figure reflects Utilities estimate of capital spending from previously Board approved capital projects. FY represents actual spending, as per the 2009 audit.

5 Three Year Forecast Revenues and Expenditures Enterprise Fund Belmont Golf Course $1,600 $1,400 $1,200 $1,000 $800 $600 Thousands Revenues Expenditures s 2010 through 2013 are estimated. Belmont Park Golf Course Operations (Fund 5201) Revenues Golf Course Fees revenue for FY2011 is estimated to increase from the FY2010 projection to $1,133,269, as there is an increase of $1 per round for greens fees in FY2011 to maintain the golf course, including the golf professional services contract. The revenue assumptions in this forecast are based on the current rate structure, which was restructured in FY2009 to help attract golfers during times that are historically not busy. Revenue projections for FY2012 and FY2013 are based upon modest one percent growth. Snack Bar Revenues prior to January 1, 2000 were a percentage of gross receipts from the vendor operating the snack bar. Since January 1, 2000, the County operates the Snack Bar with departmental employees and collects all revenues from snack bar sales. Revenues are projected at $93,316 for FY2011, FY2012, and FY2013. $1.4 $1.2 $ Golf Course Fees $1.0 $1.0 $1.1 $1.1 $1.1 $ Thousands $120 $102.7 $100 $75.5 $80 $60 $40 $20 Snack Bar Revenues $62.3 $62.3 $93.3 $93.3 $93.3 $ s 2010 through 2013 are estimated. s 2010 through 2013 are estimated.

6 (To) From Golf Course Retained Earnings is Retained Earnings from golf course operations to be used for future golf course operations, maintenance or improvements. During the forecast period there is no scheduled use of Retained Earnings. Expenditures Loan Repayment is the repayment of a loan from the General Fund for physical improvements to Belmont Golf Course. Currently the golf course has an outstanding loan with the General Fund for a total of $135,000 for physical improvements to the golf course. The loan is to be repaid in annual installments of $22,500. Operational Expenses include modest increases for course maintenance and enhancements. The forecast period establishes a balance between golf course recurring revenues and expenses in future years. Belmont Golf Course Enterprise Fund Forecast FY Actual FY Original FY FY FY Forecast Forecast Forecast Belmont Golf Course Operations Revenues: Golf Course Fees* $ 963,785 $ 1,099,163 $ 1,133,269 $ 1,145,310 $ 1,157,471 Snack Bar Revenues 62,329 93,316 93,316 93,316 93,316 Gain/Loss on Sale of Property (4,481) Recoveries & Rebates 2, Total Revenues $ 1,023,823 $ 1,192,479 $ 1,226,585 $ 1,238,626 $ 1,250,787 Plus: (To)From Golf Course Retained Earnings 55, Total Resources $ 1,079,243 $ 1,192,479 $ 1,226,585 $ 1,238,626 $ 1,250,787 Expenditures: Loan Repayment* $ 0 $ 22,500 $ 22,500 $ 22,500 $ 22,500 Operational Expenses 1,079,243 1,169,979 1,204,085 1,216,126 1,228,287 Total Expenditures $ 1,079,243 $ 1,192,479 $ 1,226,585 $ 1,238,626 $ 1,250,787 Total Net Assets $ 1,746,081 $ 1,746,081 $ 1,746,081 $ 1,746,081 $ 1,746,081 *Loan repayment is to pay back a loan of $135,000 borrowed from the General Fund for greens restoration in FY

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