2015 ANNUAL OPERATING AND FINANCIAL PLAN

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "2015 ANNUAL OPERATING AND FINANCIAL PLAN"

Transcription

1 2015 ANNUAL OPERATING AND FINANCIAL PLAN

2

3 TABLE OF CONTENTS 2015 ANNUAL OPERATING AND FINANCIAL PLAN Executive Summary... 3 Summary... 7 Revenue and Expenditure Overview Enterprise Financial Plan Enterprise Financial Plan OPERATING AND FINANCIAL PLANS BY SERVICE Electric Natural Gas Water Wastewater Enterprise Wide Capital Projects Enterprise Wide Administrative and General Division s Corporate/Chief Executive Officer Energy Services Water Services Customer and Corporate Services Environment, Health and Safety Planning and Finance Strategy and External Affairs Glossary of Terms Appendix Map of four-service territory Annual Ordinance Source Funds Ordinance Annual Operating and Financial Plan 1

4 2015 Annual Operating and Financial Plan 2 This page intentionally left blank.

5 EXECUTIVE SUMMARY ABOUT THE ANNUAL OPERATING AND FINANCIAL PLAN The 2015 was developed to achieve the outcomes most important to customers and the Utilities Board: competitive utility rates; safe, reliable service and excellent customer service. Further, the supports the financial metrics necessary to maintain a healthy AA credit rating that helps keep customer rates competitive long term. Colorado Springs Utilities comprehensive planning and budgeting process begins with the Utilities Board Strategic Plan to achieve their strategic outcomes of rates, reliability and relationships. Within the five year plan, key themes, strategic objectives and strategic initiatives identify important areas of resource focus. The Annual Operating and Financial Plan is year one of a five-year plan. The plan is a comprehensive look at the financial resources required to meet operational needs. Colorado Springs Utilities goal is to make these operational and financial documents useful for multiple audiences; so the information is detailed in two views: 1. Service Overview: This view illustrates the expenses going into each service (electric, natural gas, water and wastewater) to determine rates. Financial statements can be linked to the total appropriation with the exception of the other category, which includes classified expense in various financial categories. All divisions contribute expense to each of the four services. 2. Division Overview: In this view, budgets are categorized by how the organization is functionally structured. Divisions include: Energy Services, Water Services, Customer and Corporate Services, Environment, Health and Safety, Planning and Finance, and Strategy and External Affairs. Financials presented include only operating expenses for the division. Note that financial data in the division view is a restatement of operating expenses in the service view. So, adding Electric budget service to Energy Division budget figures, for example, will result in counting line items twice Annual Operating and Financial Plan 3 INTRODUCTION The utility industry is changing rapidly. For Colorado Springs Utilities to continue providing safe, reliable, competitively-priced services, we need to further align the organization with increasing demands and evolving operational practices. Colorado Springs Utilities is no different than many other energy and water utilities across the nation that are experiencing relatively flat sales, additional regulatory requirements and increasing capital and infrastructure needs. To successfully meet customer expectations, now and in the future, Colorado Springs Utilities will need to continue to innovate the delivery of utility services. In 2014, Colorado Springs Utilities reduced nonlabor expenses due to reduced sales in water and electric services and significantly reduced the proposed 2015 in both Operations and Maintenance and Capital expenses. This approved 2015 reflects those reductions. All areas of the organization have contributed to the savings, which have been accomplished by evaluating service levels and prioritizing programs and projects.

6 Through the Utilities Board-directed 5-year business service plan strategic initiative, Colorado Springs Utilities is using benchmarking, best practices and other internal and external input to further optimize our organization. In the initial five year financial analysis, leadership identified that approximately $35 million in sustainable operating cost reductions are needed by 2016 to keep customer rates competitive. This will be accomplished by eliminating 100 positions over the next two years and continuing to reduce Operations and Maintenance and Capital expenses. Additional reductions are a tremendous challenge because of changes already made in how we operate in the midst of a weak economy and an essential, large capital program. However, we have a track record of finding new ways to work and do business in a thoughtful and proactive manner. Already, innovative solutions have been realized to deliver valued service at a reduced cost. KEY FINANCIAL PLANNING FACTORS Integrated strategic and financial planning are critical elements of Colorado Springs Utilities business planning process. The Kaplan-Norton Balanced Scorecard model is used as the foundation for strategic business planning. The model translates strategies into operational objectives, initiatives and performance targets to achieve desired outcomes that are measured and regularly monitored. Multiyear planning occurs in all aspects of Colorado Springs Utilities strategic plan, long-range resource plans, infrastructure plans and Operations and Maintenance plans. This planning is reflected in financial forecasts and the Annual Operating and Financial Plan. Financial key planning factors in the 2015 Annual : Relatively flat energy and water demand due to low customer growth and flat or decreasing percustomer usage is expected compared to Large capital investment is required to comply with power plant emissions regulations and natural gas safety rules. Capital expenditures for the Southern Delivery System; electric, gas and water distribution systems and wastewater collection are required to maintain reliable service. Watershed management and water asset management. Nonfuel Operations and Maintenance costs for power plant maintenance. Fuel and purchased power costs and wholesale natural gas prices for distribution to customers. TOTAL APPROPRIATIONS The 2015 is $1,082.7 million, a decrease of $70.7 million, or 6.1 percent, from City Council s Approved This decrease is primarily the result of lower capital expenditures largely driven by lower construction costs of the Southern Delivery System (SDS) water project. All increases and decreases are described in the detail that follows, and are in comparison to the 2014 Approved. Capital Improvements Total capital costs for 2015 are $329.7 million and represent approximately 30 percent of the Capital costs are the primary drivers of the 2015 electric base rate increase. Capital improvements are required to maintain and rehabilitate aging infrastructure in order to provide safe and reliable services to existing customers, to prepare for future demand, and to meet environmental and regulatory requirements Annual Operating and Financial Plan 4

7 Total 2015 capital expenditures before accounting for Allowance for Funds Utilized During Construction (AFUDC) and capitalized interest will decrease by $88.2 million, or 22.6 percent from the 2014 Approved. Water capital will decrease by $94.5 million. Phase I of the SDS project continues to represent a major portion of the water system capital investment during this planning period with the continued construction of the water treatment plant and pump stations and completion of construction of pipelines through 2016 when the pipeline is scheduled to be operational. Non- SDS capital expenditures will be limited to existing critical infrastructure needs for water mains, storage facilities, treatment plants, vehicle and equipment replacements, and Waldo Canyon fire-related restoration and recovery. Electric capital will increase by $9.7 million, primarily for funding emissions controls projects of $19.4 million, partially offset by decreased funding for plant, transmission, and distribution infrastructure, and vehicle and equipment replacements. Natural gas capital will decrease by $2.9 million, primarily due to fewer vehicle and equipment replacements compared to the 2014 Approved, completion in 2014 of gas system upgrades for U.S. Air Force Academy privatized housing (100 percent reimbursed by USAFA), and compressed natural gas infrastructure. Wastewater capital increased $3.2 million, primarily to fund the Advanced Wastewater Treat project at the Las Vegas Water Resource Recovery Facility (a $1.0 million State grant for construction is expected to partially reimburse costs for this project) and replace old and high mileage vehicles and equipment. Also included is the continued rehabilitation of local collection system and creek crossings. Common capital to support all the services decreased by $3.8 million, primarily due to fewer vehicle and equipment replacements. The majority of the remaining decrease is associated with the completion of relocating the secondary data center and back-up Supervisory Control and Data Acquisition (SCADA) control center to the East Service Center in Nonfuel Operations and Maintenance Total Nonfuel Operations and Maintenance expenditures will decrease by $4.3 million, or 1.5 percent, from the 2014 Approved primarily due to reduced maintenance for power plants. To maintain competitive compensation and attract and retain a quality workforce the labor and benefit package increased overall by $9.3 million, or 5 percent from the 2014 Approved. The overall increase in base pay is estimated at 6 percent, with approximately 3 percent allocated for merit increases based on individual performance plans, 2 percent increase in workforce needed for the Southern Delivery System, and 1 percent for normal operational base pay adjustments. Employee benefits will increase almost 4 percent from the 2014 Approved. Maintenance for major power plants will decrease by $6.0 million as planned outages on Martin Drake Units 5 and 6 and Ray Nixon Unit 1 were completed in Annual Operating and Financial Plan 5

8 Purchased water will decrease by $2.5 million from the 2014 Approved due to 2,000 acre feet delivery through the Fountain Valley Authority System compared to 10,000 acre feet in the 2014 Approved. Fuel and Purchased Power Fuel and purchased power will increase by $7.8 million, or 2.8 percent more than Natural gas for distribution will increase by $10 million over 2014 due to a strengthening natural gas market. In 2015 approximately 12 percent less MWh will be purchased off the market than in Natural gas generation at the Front Range Power Plant is available for a lower price than we can purchase from the market in Debt Service Total debt service is planned to remain relatively flat with a decrease of $0.2 million or 0.2 percent from the 2014 Approved primarily due to higher principal and interest payments associated with Water s SDS capital project, offset by higher AFUDC and Capitalized Interest overheads applied to the project. Transfers Surplus Funds to the City Total transfers surplus funds to the City are planned to increase slightly by $0.8 million or 2.5 percent from the 2014 Approved approved budget due to slightly higher electric and gas sales inside City limits. Transfers - Surplus Funds to City are in accordance with approved Resolution No dated August 10, 2010 at an electric surplus rate of $ per Kwh and a gas surplus rate per Mcf delivered at psi of $ OPERATIONAL RISKS OF BUDGET DEFERRALS AND DECREASES The 2015 is a responsible balance between investing in infrastructure to maintain safe, reliable service and keeping rates as low as possible. After an extensive prioritization process, some maintenance and rehabilitation projects have been decreased in scope or postponed to future years. Electric Service's power plant maintenance has been moved from a two- to three-year schedule. Water Services is managing risk by using cathodic protection to extend the life of the water mains. Water main replacement budgets have been reduced to moderate rate pressure while SDS is being constructed. Once the SDS project is completed, Utilities will be able to re-focus on water distribution replacements Annual Operating and Financial Plan 6

9 BUDGET SUMMARY The Colorado Springs Utilities funds the priorities outlined in the Strategic Plan. A summary of the approved uses of funds for 2015 follows: 2015 BUDGET SUMMARY COMPARED TO 2014 APPROVED BUDGET (in thousands of dollars) 2015 Approved 2014 Approved Increase / (Decrease) % Change Capitalized Projects & Interest $ 329,723 $ 410,049 $ (80,326) -19.6% Fuel Operations & Maintenance 286, ,204 7, % Non-Fuel Operations & Maintenance 283, ,112 (4,271) -1.5% Debt Service 143, ,273 (219) -0.2% Transfers - Surplus Funds to City 1 32,479 31, % Other 2 6,600 1,063 5, % TOTAL $ 1,082,682 $ 1,153,382 $ (70,699) -6.1% Note: Totals may vary due to rounding. 1 Transfers - Surplus Funds to City are in accordance with approved Resolution No dated August 10, 2010 at an electric surplus rate of $ per Kwh and a gas surplus rate per Mcf delivered at psi of $ Other includes Customer Rebates, Franchise Fees and Net Changes In Assets and Liabilities - Uses. The resulting of $1,082.7 million is needed to meet the mission of Colorado Springs Utilities to provide safe, reliable, competitively-priced electric, natural gas, water and wastewater services to its citizen owners and customers. Delivering on this mission will require a focus on meeting environmental and regulatory requirements, while maintaining critical infrastructure in Additionally, to maintain financial stability, Colorado Springs Utilities must generate sufficient revenue to meet the financial metrics of a AA credit rated utility Annual Operating and Financial Plan 7

10 2015 BUDGET SUMMARY (in thousands of dollars) 2015 Total Appropriations $1,082,682 Fuel Operations & Maintenance $286,985 27% Capitalized Projects & Interest $329,723 30% Non-Fuel Operations & Maintenance $283,841 26% Debt Service $143,054 13% Other 2 $6,600 1% Transfers -Surplus Funds to City 1 $32,479 3% 1 Transfers - Surplus Funds to City are in accordance with approved Resolution No dated August 10, 2010 at an electric surplus rate of $ per Kwh and a gas surplus rate per Mcf delivered at psi of $ Other includes Customer Rebates, Franchise Fees and Net Changes In Assets and Liabilities - Uses Annual Operating and Financial Plan 8

11 2015 Approved Electric 122,675 CAPITALIZED PROJECTS AND INTEREST (in thousands of dollars) 2014 Approved Increase / (Decrease) % Change $ $ 9, % $ 112,971 Natural Gas 14,254 17,133 (2,879) -16.8% Water 138, ,168 (94,546) -40.5% Wastewater 14,743 11,586 3, % Streetlighting 1, % Common 11,383 15,206 (3,823) -25.1% TOTAL (before AFUDC & Capitalized Interest) $ 302,788 $ 390,991 $ (88,204) -22.6% AFUDC & Capitalized Interest 26,936 19,058 7, % TOTAL $ 329,723 $ 410,049 $ (80,326) -19.6% Note: Totals may vary due to rounding. Capital improvements are required to maintain and rehabilitate aging infrastructure in order to provide safe and reliable services to present customers, to prepare for future demand, and to meet environmental and regulatory requirements. Capital expenditures are driven by $97.6 million in the Water Service for construction of the Southern Delivery System (SDS) Phase I, advancing engineering and geotechnical work for SDS Phase II, and $71.0 million in the Electric Service to install sulfur dioxide gas scrubbers at the Martin Drake and Ray Nixon power plants Annual Operating and Financial Plan 9

12 FUEL OPERATIONS AND MAINTENANCE COSTS (in thousands of dollars) 2015 Approved Purchased Power 18, Approved Increase / (Decrease) % Change $ $ (6,351) -25.2% $ 25,191 Total Fuel for Territorial Generation 116, ,335 7, % Total Natural Gas 130, ,738 9, % Wholesale Electric 10,128 10, % Natural Gas 15,415 15, % Total Wholesale 25,543 25, % Inter-Service Eliminations 1 (4,619) (1,549) (3,070) 198.2% TOTAL $ 286,985 $ 279,204 $ 7, % Note: Totals may vary due to rounding. 1 Inter-Service Eliminations are made to eliminate double counting of revenues and expenses provided from one utility service to another. Such revenues and expenses are eliminated on a consolidated enterprise basis. The fuel used to generate electricity for customers and the natural gas provided to customers represents a significant portion of the. As commodity prices change an electric and gas cost adjustment is used to pass these costs or savings through to customers Annual Operating and Financial Plan 10

13 NONFUEL OPERATIONS AND MAINTENANCE COSTS BY SERVICE (in thousands of dollars) 2015 Approved 2014 Approved Increase / (Decrease) % Change Electric Labor & Benefits $ 75,797 $ 72,826 $ 2, % Non-Labor 49,804 58,973 (9,169) -15.5% Total 125, ,799 (6,198) -4.7% Natural Gas Labor & Benefits 25,127 24, % Non-Labor 13,132 14,199 (1,067) -7.5% Total 38,259 38,681 (423) -1.1% Water Labor & Benefits 46,083 42,122 3, % Non-Labor 48,597 54,028 (5,430) -10.1% Total 94,680 96,150 (1,470) -1.5% Wastewater Labor & Benefits 22,019 21, % Non-Labor 13,796 14,687 (891) -6.1% Total 35,815 36,449 (634) -1.7% Streetlighting Labor & Benefits 973 1,098 (124) -11.3% Non-Labor 2,213 2,401 (187) -7.8% Total 3,187 3,498 (312) -8.9% Inter-Service Eliminations 1 (13,701) (18,465) 4, % TOTAL $ 283,841 $ 288,112 $ (4,271) -1.5% Note: Totals may vary due to rounding. 1 Inter-Service Eliminations are made to eliminate double counting of revenues and expenses provided from one utility service to another. Such revenues and expenses are eliminated on a consolidated enterprise basis. Colorado Springs Utilities has prioritized and streamlined operating processes that enable the safe and efficient delivery of utility services while complying with all regulations. This effort has allowed us to accommodate increased costs for plant maintenance, post-fire flood mitigation, employee benefits, and other critical operating and maintenance activities with a minimal year over year increase in expenses Annual Operating and Financial Plan 11

14 REGULAR, CAPITAL AND OTHER LABOR COSTS (in thousands of dollars) 2015 Approved 2014 Approved Increase / (Decrease) % Change Operations & Maintenance $ 172,539 $ 164,900 $ 7, % Capital 25,452 23,771 1, % Other 1,363 1,374 (11) -0.8% TOTAL $ 199,354 $ 190,045 $ 9, % LABOR COSTS BY CATEGORY (in thousands of dollars) 2015 Approved 2014 Approved Increase / (Decrease) % Change Regular Base Pay $ 148,220 $ 139,760 $ 8, % Overtime 6,194 6,913 (719) -10.4% Standby/Shift 1,396 1, % Other Compensation (35) -5.6% Total Labor 156, ,651 7, % Employee Benefits 41,646 40,069 1, % Post-Retirement Expenses 1,306 1,325 (19) -1.4% Total Benefits & Other 42,953 41,394 1, % TOTAL LABOR & BENEFITS $ 199,354 $ 190,045 $9, % Note: Totals may vary due to rounding Annual Operating and Financial Plan 12

15 2015 Approved DEBT SERVICE (in thousands of dollars) 2014 Approved Increase / (Decrease) % Change Electric Interest Payments¹ $ 42,760 $ 43,571 $ (810) -1.9% Principal Repayments 27,766 26,280 1, % AFUDC & Capitalized Interest (1,443) (639) (804) 125.8% Total 69,083 69,211 (128) -0.2% Natural Gas Interest Payments¹ 6,902 6, % Principal Repayments 4,727 4, % AFUDC & Capitalized Interest (493) (87) (406) 464.3% Total 11,135 11,154 (19) -0.2% Water Interest Payments¹ 43,939 40,231 3, % Principal Repayments 18,344 15,207 3, % AFUDC & Capitalized Interest (24,999) (18,254) (6,745) 37.0% Total 37,283 37, % Wastewater Interest Payments¹ 13,705 14,162 (457) -3.2% Principal Repayments 11,095 10, % AFUDC & Capitalized Interest - (72) % Total 24,800 24,979 (179) -0.7% Streetlighting Interest Payments¹ (14) -3.1% Principal Repayments % AFUDC & Capitalized Interest - (5) % Total % Total Interest Payments¹ 107, ,259 2, % Principal Repayments 62,257 57,073 5, % AFUDC & Capitalized Interest (26,936) (19,058) (7,878) 41.3% TOTAL $ 143,054 $ 143,273 $ (219) -0.2% Note: Totals may vary due to rounding. Bonds are typically issued for the general system and not specific to service. For forecasting purposes bonds and debt service are allocated based on capital budgets and then recorded to actuals as the expense is incurred. 1 Interest payments are net of subsidies received for Build America Bonds issued for the Southern Delivery System and Front Range Power Annual Operating and Financial Plan 13

16 Revenue 2015 Approved Electric Service 11,082 INTER-SERVICE ELIMINATIONS (in thousands of dollars) 2014 Approved Increase / (Decrease) % Change $ $ (1,296) -10.5% $ 12,378 Natural Gas Service 2,087 2, % Water Service 4,639 4,935 (296) -6.0% Wastewater Service (104) -16.9% TOTAL $ 18,320 $ 20,014 $ (1,694) -9.2% Operations & Maintenance Expense 2015 Approved Fuel 4, Approved Increase / (Decrease) % Change $ $ 3, % $ 1,549 Non-Fuel 13,701 18,465 (4,764) -25.8% TOTAL $ 18,320 $ 20,014 $ (1,694) -9.2% Note: Totals may vary due to rounding. Inter-Service Eliminations are made to eliminate double counting of revenues and expenses provided from one utility service to another. Such revenues and expenses are eliminated on a consolidated enterprise basis Annual Operating and Financial Plan 14

17 REVENUE AND EXPENDITURE OVERVIEW OPERATING REVENUES BY SERVICE (in thousands of dollars) 2015 Approved Increase/(Decrease) from: Approved Approved 2013 Actual Actual Electric $ 458,401 $ 435,685 $ 417,778 $ 22, % $ 40, % Natural Gas 221, , ,170 9, % 13, % Water 195, , ,378 (4,257) -2.1% 51, % Wastewater 66,967 70,647 65,431 (3,680) -5.2% 1, % Streetlighting 4,139 4,135 4, % (112) -2.6% Subtotal $ 946,347 $ 922,114 $ 839,008 $ 24, % $ 107, % Inter-Service Eliminations (18,320) (20,014) (15,248) 1, % (3,072) -20.1% TOTAL $ 928,027 $ 902,099 $ 823,760 $ 25, % $ 104, % Note: Totals may vary due to rounding Operating Revenues by Service Streetlighting $4,139 0% Electric $458,401 49% Wastewater $66,967 7% Water $195,165 21% Natural Gas $221,675 23% 2015 Annual Operating and Financial Plan 15

18 OPERATING REVENUE BY SERVICE AND SOURCE (in thousands of dollars) 2015 Approved Increase/(Decrease) from: Approved Approved 2013 TOTAL Actual Actual Residential $ 444,577 $ 441,396 $ 396,456 $ 3, % $ 48, % Commercial 304, , ,096 15, % 50, % Industrial 74,681 85,735 66,975 (11,054) -12.9% 7, % Military 49,860 34,596 36,243 15, % 13, % Transmission Sales 2,564 3,674 4,733 (1,110) -30.2% (2,169) -45.8% Wholesale & Other 44,606 41,458 58,999 3, % (14,393) -24.4% Irrigation 3,300 2,492 2, % 1, % Streetlighting 4,139 4,135 4, % (112) -2.6% Inter-Service Revenues¹ 18,320 20,014 15,248 (1,694) -8.5% 3, % TOTAL $ 946,347 $ 922,114 $ 839,008 $ 24, % $ 107, % ELECTRIC Residential $ 178,275 $ 171,811 $ 162,930 $ 6, % $ 15, % Commercial 152, , ,256 10, % 24, % Industrial 68,962 68,622 63, % 5, % Military 23,404 24,615 20,013 (1,211) -4.9% 3, % Transmission Sales 776 1,039 2,485 (263) -25.3% (1,708) -68.8% Wholesale & Other 23,817 15,959 32,646 7, % (8,829) -27.0% Inter-Service Revenues¹ 11,082 12,378 9,046 (1,296) -10.5% 2, % TOTAL $ 458,401 $ 435,685 $ 417,778 $ 22, % $ 40, % NATURAL GAS Residential $ 120,426 $ 120,134 $ 114,266 $ % $ 6, % Commercial 57,318 51,542 56,112 5, % 1, % Industrial 5,719 17,113 3,571 (11,395) -66.6% 2, % Military 18,146 1,702 10,237 16, % 7, % Transmission Sales 1,788 2,635 2,249 (847) -32.1% (461) -20.5% Wholesale & Other 16,192 17,014 20,143 (822) -4.8% (3,951) -19.6% Inter-Service Revenues¹ 2,087 2,085 1, % % TOTAL $ 221,675 $ 212,225 $ 208,170 $ 9, % $ 13, % WATER Residential $ 95,949 $ 96,389 $ 71,425 $ (440) -0.5% $ 24, % Commercial 79,487 80,057 55,515 (571) -0.7% 23, % Military 8,310 8,279 5, % 2, % Wholesale & Other 3,481 7,270 4,368 (3,789) -52.1% (887) -20.3% Irrigation 3,300 2,492 2, % 1, % Inter-Service Revenues¹ 4,639 4,935 4,070 (296) -6.0% % TOTAL $ 195,165 $ 199,422 $ 143,378 $ (4,257) -2.1% $ 51, % WASTEWATER Residential $ 49,927 $ 53,062 $ 47,836 $ (3,134) -5.9% $ 2, % Commercial 15,411 15,755 15,212 (343) -2.2% % Wholesale & Other 1,116 1,214 1,841 (98) -8.1% (725) -39.4% Inter-Service Revenues¹ (104) -16.9% (29) -5.4% TOTAL $ 66,967 $ 70,647 $ 65,431 $ (3,680) -5.2% $ 1, % STREETLIGHTING $ 4,139 $ 4,135 $ 4,251 $ 4 0.1% $ (112) -2.6% Note: Totals may vary due to rounding. 1 Inter-Service Eliminations are made to eliminate double counting of revenues and expenses provided from one utility service to another. Such revenues and expenses are eliminated on a consolidated enterprise basis Annual Operating and Financial Plan 16

19 OPERATING REVENUES BY SERVICE AND SOURCE (in thousands of dollars) 2015 Operating Revenues by Source Inter-Service Revenues 18,320 2% Streetlighting $4,139 1% Irrigation $3,300 0% Wholesale & Other $44,606 5% Transmission Sales $2,564 0% Military $49,860 5% Industrial $74,681 8% Residential $444,577 47% Commercial $304,301 32% $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 $946, Approved Comparative Totals $922, Approved $839, Actual Note: Totals may vary due to rounding Annual Operating and Financial Plan 17

20 OPERATING REVENUES BY SERVICE AND SOURCE (in thousands of dollars) ELECTRIC Residential Commercial Industrial Military Transmission Sales Wholesale & Other Inter-Service Revenues¹ Total $ $ 2015 Approved 178, ,085 68,962 23, ,817 11, ,401 Sales Sales in MWH 1,440,353 1,537,169 1,007, ,707 22,242 3, ,822 4,510,884 Total Number of Customers 187,545 31, ,044 NATURAL GAS Residential Commercial Industrial Military Transmission Sales Wholesale & Other Inter-Service Revenues¹ Total $ $ 120,426 57,318 5,719 18,146 1,788 16,192 2, ,675 Sales in mcf at psia 14,988,048 8,446, ,709 2,277,830 1,899, ,862 28,714, ,839 19, ,896 WATER Residential Commercial Military Wholesale & Other Irrigation Inter-Service Revenues¹ Total Sales in cf $ 95,949 1,464,033, ,506 79,487 1,381,858,800 13,467 8, ,762, ,481 19,492, , ,979,566-4, ,260, $ 195,165 3,533,387, ,219 WASTEWATER Residential Commercial Wholesale & Other Inter-Service Revenues¹ Total $ $ 49,927 15,411 1, ,967 Sales in cf 1,051,923, ,402,294 42,071,066 19,010,499 1,599,407, ,205 7, ,508 STREETLIGHTING $ 4,139 N/A 163 Note: Totals may vary due to rounding. 1 Inter-Service Eliminations are made to eliminate double counting of revenues and expenses provided from one utility service to another. Such revenues and expenses are eliminated on a consolidated enterprise basis Annual Operating and Financial Plan 18

21 OPERATING EXPENSES BY SERVICE (in thousands of dollars) 2015 Approved Increase/(Decrease) from: Approved Approved 2013 Actual Actual Electric $ 345,295 $ 347,612 $ 335,042 $ (2,317) -0.7% $ 10, % Natural Gas 191, , ,002 9, % 15, % Water 144, , ,338 12, % 25, % Wastewater 51,890 52,826 48,623 (936) -1.8% 3, % Streetlighting 4,571 4,849 4,511 (279) -5.8% % Subtotal $ 737,965 $ 720,101 $ 682,516 $ 17, % $ 55, % Inter-Service Eliminations (18,320) (20,014) (15,248) 1, % (3,072) -20.1% TOTAL $ 719,645 $ 700,087 $ 667,268 $ 19, % $ 52, % Note: Totals may vary due to rounding Operating Expenses by Service Streetlighting $4,571 1% Electric $345,295 47% Wastewater $51,890 7% Water $144,227 19% Natural Gas $191,982 26% Excludes Inter-Service Eliminations 2015 Annual Operating and Financial Plan 19

22 OPERATING EXPENSES BY USE AND SERVICE (in thousands of dollars) 2015 Approved Increase/(Decrease) from: Approved Approved 2013 Actual Actual FUEL Electric $ 145,479 $ 144,599 $ 149,880 $ % $ (4,400) -2.9% Natural Gas 146, , ,123 9, % 12, % Inter-Service Eliminations (4,619) (1,549) (4,535) (3,070) 198.2% (85) 1.9% Subtotal $ 286,985 $ 279,204 $ 279,468 $ 7, % $ 7, % NON-FUEL Electric $ 125,601 $ 131,799 $ 120,363 $ (6,198) -4.7% $ 5, % Natural Gas 38,259 38,681 34,845 (423) -1.1% 3, % Water 94,680 96,150 88,359 (1,470) -1.5% 6, % Wastewater 35,815 36,449 33,024 (634) -1.7% 2, % Streetlighting 3,187 3,498 3,204 (312) -8.9% (17) -0.5% Inter-Service Eliminations (13,701) (18,465) (10,714) 4, % (2,987) 27.9% Subtotal $ 283,841 $ 288,112 $ 269,081 $ (4,271) -1.5% $ 14, % DEPRECIATION Electric $ 73,906 $ 70,935 $ 64,510 $ 2, % $ 9, % Natural Gas 7,599 7,759 7,035 (160) -2.1% % Water 49,547 36,069 29,979 13, % 19, % Wastewater 16,075 16,377 15,599 (302) -1.8% % Streetlighting 1,384 1,351 1, % % Subtotal $ 148,511 $ 132,492 $ 118,430 $ 16, % $ 30, % OTHER Electric % % Subtotal $ 309 $ 279 $ 289 $ % $ % TOTAL $ 719,645 $ 700,087 $ 667,268 $ 19, % $ 52, % Note: Totals may vary due to rounding Non-Fuel Operating & Maintenance Expenses 2015 Fuel Operating & Maintenance Expenses Streetlighting $3,187 1% Electric $125,601 42% Wastewater $35,815 12% Water $94,680 32% Natural Gas $38,259 13% Electric $145,479 50% Natural Gas $146,125 50% Excludes Inter-Sevice Eliminations Excludes Inter-Sevice Eliminations 2015 Annual Operating and Financial Plan 20

23 2015 ENTERPRISE FINANCIAL PLAN CONDENSED FINANCIAL STATEMENTS (in thousands of dollars) 2015 Approved 2014 Approved 2013 Actual 2015 Approved Increase/(Decrease) from: STATEMENT OF NET ASSETS Actual Assets Current $ 400,359 $ 390,796 $ 427,939 $ 9,563 $ (27,580) Noncurrent - Other 294, , ,855 (271,932) (83,756) Capital Assets, Net 3,868,293 3,678,106 3,388, , ,092 Total Assets $ 4,562,751 $ 4,634,933 $ 4,193,995 $ (72,182) $ 368,756 Liabilities Current $ 182,767 $ 164,267 $ 182,657 $ 18,500 $ 110 Noncurrent 2,612,736 2,739,017 2,525,341 (126,281) 87,395 Total Liabilities $ 2,795,503 $ 2,903,283 $ 2,707,997 $ (107,780) $ 87,506 Net Assets $ 1,767,248 $ 1,731,650 $ 1,485,998 $ 35,598 $ 281,250 Total Liabilities & Net Assets $ 4,562,751 $ 4,634,933 $ 4,193,995 $ (72,182) $ 368,756 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS Operating Revenues $ 928,027 $ 902,099 $ 823,760 $ 25,927 $ 104,267 Operating Expenses (719,645) (700,087) (667,268) 19,559 52,377 Operating Income $ 208,382 $ 202,013 $ 156,492 $ 6,369 $ 51,890 Non-Operating Revenues/(Expenses) - Net (70,106) (71,337) (135,679) (1,231) (65,573) Income/(Loss) Before Contributions & Transfers $ 138,276 $ 130,676 $ 20,813 $ 7,600 $ 117,463 Contributions in Aid of Construction $ 35,881 $ 37,171 $ 44,490 $ (1,290) $ (8,609) Transfers - Surplus Funds to City (32,479) (31,680) (31,844) Transfers - Other - (716) (816) (716) (816) Change in Net Assets $ 141,678 $ 135,451 $ 32,642 $ 6,227 $ 109,035 Net Assets - Beginning of year $ 1,625,570 $ 1,596,199 $ 1,454,174 $ 29,371 $ 171,396 Net Assets - End of Year $ 1,767,248 1,731,650 $ 1,485,998 35, ,250 STATEMENT OF CASH FLOWS Net Cash Provided By/(Used In): Operating Activities $ 350,602 $ 333,738 $ 252,262 $ 16,864 $ 98,340 Non-Capital Financing Activities (32,479) (31,680) (31,584) Capital & Related Financing Activities (337,792) (357,009) (211,162) (19,216) 126,630 Investing Activities 692 3,012 (46,281) (2,321) 46,973 Net Increase/(Decrease) $ (18,978) $ (51,938) $ (36,765) $ 32,961 $ 17,787 Cash and Cash Equivalents and Investments Cash & Investments, Beginning of Year $ 340,707 $ 425,848 $ 428,629 $ (85,142) $ (87,923) Cash & Investments, End of Year 321, , ,413 (52,163) (118,684) Note: Totals may vary due to rounding Annual Operating and Financial Plan 21

24 STATEMENT OF REVENUES, EXPENSES AND CHANGE IN NET ASSETS (in thousands of dollars) 2015 Approved Increase/(Decrease) from: Approved Approved 2013 Actual Actual OPERATING REVENUES $ 928,027 $ 902,099 $ 823,760 $ 25, % $ 104, % OPERATING EXPENSES Production & Treatment $ 160,075 $ 155,029 $ 154,221 $ 5, % $ 5, % Purchased Power, Gas & Water 173, , , % 6, % Transmission & Distribution 40,915 37,658 39,343 3, % 1, % Maintenance 56,068 61,187 63,023 (5,119) -8.4% (6,955) -11.0% Administration & General 107, ,999 93, % 14, % Customer Accounting & Collection 20,128 21,161 20,362 (1,033) -4.9% (234) -1.2% Customer Service & Information 12,802 12,548 11, % 1, % Products & Services (3) -16.0% % Franchise Fees % % Depreciation & Amortization 148, , ,430 16, % 30, % Total Operating Expenses $ 719,645 $ 700,087 $ 667,269 $ 19, % $ 52, % OPERATING INCOME $ 208,382 $ 202,013 $ 156,491 $ 6, % $ 51, % NON-OPERATING REVENUES/(EXPENSES) Investment Income $ 692 $ 3,012 $ 2,323 $ (2,321) -77.0% $ (1,631) -70.2% Other Revenue 9,320 11,040 16,680 (1,720) -15.6% (7,360) -44.1% Other Expense (1,074) (642) (73,212) (432) 67.4% 72, % Interest Expense, net of AFUDC & Bond Amortization (79,043) (84,747) (81,469) 5, % 2, % Total Non-Operating Revenues/(Expenses) $ (70,106) $ (71,337) $ (135,679) $ 1, % $ 65, % INCOME/(LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS $ 138,276 $ 130,676 $ 20,812 $ 7, % $ 117, % Contributions in Aid of Construction $ 35,881 $ 37,171 $ 44,490 $ (1,290) -3.5% $ (8,609) -19.4% Transfers - Surplus Funds to City (32,479) (31,680) (31,844) (799) 2.5% (635) 2.0% Transfers - Other - (716) (816) INCREASE/(DECREASE) IN NET ASSETS $ 141,678 $ 135,451 $ 32,642 $ 6, % $ 109, % Note: Totals may vary due to rounding Annual Operating and Financial Plan 22

25 NON-OPERATING REVENUES/(EXPENSES) AND CONTRIBUTIONS IN AID (in thousands of dollars) 2015 Approved Increase/(Decrease) from: Approved Approved 2013 NON-OPERATING Actual Actual REVENUES/(EXPENSES) Investment Income Equity in Earnings - Young Gas $ 189 $ 100 $ 116 $ % $ % Interest Earnings 503 2,912 2,207 (2,410) -82.7% (1,704) -77.2% Subtotal $ 692 $ 3,012 $ 2,323 $ (2,321) -77.0% $ (1,631) -70.2% Other Non-Operating Revenues Other Miscellaneous Revenue $ 9,320 $ 11,040 $ 16,680 $ (1,720) -15.6% $ (7,360) -44.1% Non-Operating Expenses Interest on Long-Term Debt $ (87,551) $ (87,799) $ (102,284) $ % $ 14, % AFUDC & Capitalized Interest 6, ,402 5, % (11,143) -64.0% Bond Amortization Expense 2,250 2,068 3, % (1,164) -34.1% Other Miscellaneous Expense (1,074) (642) (73,212) (432) 67.4% 72, % Subtotal $ (80,117) $ (85,389) $ (154,681) $ 5, % $ 74, % Total Non-Operating Revenues/(Expenses) $ (70,106) $ (71,337) $ (135,679) $ 1, % $ 65, % CONTRIBUTIONS IN AID OF CONSTRUCTION Cash $ 7,250 $ 12,286 $ 12,356 $ (5,036) -41.0% $ (5,106) -41.3% Developer Fees 19,213 17,343 18,411 1, % % Assets 9,418 7,542 13,723 1, % (4,305) -31.4% Total Contributions in Aid of $ 35,881 $ 37,171 $ 44,490 $ (1,290) -3.5% $ (8,609) -19.4% Construction Note: Totals may vary due to rounding Annual Operating and Financial Plan 23

26 CASH BALANCE (in thousands of dollars) 2015 Approved 2014 Approved 2013 Actual 2015 Approved Increase/(Decrease) from: Actual Unrestricted Cash Balance $ 196,189 $ 171,441 $ 225,819 $ 24, % $ (29,629) -13.1% Restricted Cash Balance 125, , ,594 (76,911) -38.0% (89,054) -41.5% TOTAL $ 321,729 $ 373,892 $ 440,413 $ (52,163) -14.0% $ (118,684) -26.9% Note: Totals may vary due to rounding. Restricted Cash Balance represents cash on which constraints have been placed, principally by creditors, through bond covenants/provisions. Unrestricted Cash Balance includes all other cash. $500,000 Cash Balance $400,000 $214,594 $300,000 $125,540 $202,451 $200,000 $100,000 $196,189 $171,441 $225,819 $ Approved Restricted Cash Balance 2014 Approved 2013 Actual Unrestricted Cash Balance 2015 Annual Operating and Financial Plan 24

27 DEBT (in thousands of dollars) 2015 Approved Increase/(Decrease) from: Approved Approved 2013 Actual Actual Current Maturities of Revenue Bonds $ 70,742 $ 60,678 $ 55,764 $ 10, % $ 14, % Current Notes & Loans Payable 1,498 1,526 1,531 (28) -1.9% (33) -2.1% Subtotal $ 72,240 $ 62,204 $ 57,295 $ 10, % $ 14, % Revenue Bonds, Net $ 2,408,158 $ 2,410,763 $ 2,345,644 $ (2,606) -0.1% $ 62, % Notes & Loans Payable 15,321 16,818 16,636 (1,498) -8.9% (1,315) -7.9% Subtotal $ 2,423,478 $ 2,427,582 $ 2,362,280 $ (4,103) -0.2% $ 61, % Net Gain/(Loss) on Refundings $ (27,701) $ - $ (28,423) $ - $ % TOTAL $ 2,468,017 $ 2,489,786 $ 2,391,152 $ (21,769) -0.9% $ 76, % Note: Totals may vary due to rounding. $3,000,000 Debt $2,500,000 $2,468,017 $2,489,786 $2,391,152 $2,000,000 $1,500,000 $1,000,000 $500,000 $ Approved 2014 Approved 2013 Actual 2015 Annual Operating and Financial Plan 25

28 BOND ISSUES (in thousands of dollars) 2015 Approved Increase/(Decrease) from: Approved Approved 2013 Actual Actual Electric $ 28,256 $ 54,685 $ 32,606 $ (26,429) -48.3% $ (4,351) -13.3% Natural Gas 8,208 8,824 6,803 (616) -7.0% 1, % Water 68, ,669 88,075 (33,353) -32.8% (19,760) -22.4% Wastewater (76) - TOTAL $ 104,779 $ 165,178 $ 127,560 $ (60,399) -36.6% $ (22,781) -17.9% Note: Totals may vary due to rounding. Bonds are typically issued for the general system (with the exception of SDS) and not specific to service. For forecasting purposes bonds and debt service are allocated based on capital budgets and then recorded to actuals as the expense is incurred. $120,000 $100,000 Bond Issues $101,669 $88,075 $80,000 $68,315 $60,000 $54,685 $40,000 $20,000 $28,256 $32,606 $8,208 $8,824 $6,803 $ Approved 2014 Approved 2013 Actual Electric Natural Gas Water Wastewater 2015 Annual Operating and Financial Plan 26

29 DEBT SERVICE (in thousands of dollars) Approved Approved Approved 2013 Increase/(Decrease) from: Actual Actual ELECTRIC Interest Payments¹ $ 42,760 $ 43,571 $ 42,935 $ (810) -1.9% $ (175) -0.4% Principal Repayments 27,766 26,280 25,397 1, % 2, % AFUDC & Capitalized Interest (1,443) (639) (4,164) (804) 125.8% 2, % TOTAL $ 69,083 $ 69,211 $ 64,168 $ (128) -0.2% $ 4, % NATURAL GAS Interest Payments¹ $ 6,902 $ 6,854 $ 6,612 $ % $ % Principal Repayments 4,727 4,388 3, % 1, % AFUDC & Capitalized Interest (493) (87) (206) (406) 464.3% (288) 139.9% TOTAL $ 11,135 $ 11,154 $ 10,114 $ (19) -0.2% $ 1, % WATER Interest Payments¹ $ 43,939 $ 40,231 $ 37,098 $ 3, % $ 6, % Principal Repayments 18,344 15,207 13,501 3, % 4, % AFUDC & Capitalized Interest (24,999) (18,254) (12,713) (6,745) 37.0% (12,287) 96.6% TOTAL $ 37,283 $ 37,184 $ 37,886 $ % $ (603) -1.6% WASTEWATER Interest Payments¹ $ 13,705 $ 14,162 $ 14,792 $ (457) -3.2% $ (1,087) -7.4% Principal Repayments 11,095 10,890 9, % 1, % AFUDC & Capitalized Interest - (72) (285) % % TOTAL $ 24,800 $ 24,979 $ 23,944 $ (179) -0.7% $ % STREETLIGHTING Interest Payments¹ $ 427 $ 441 $ 470 $ (14) -3.1% $ (43) -9.1% Principal Repayments % % AFUDC & Capitalized Interest - (5) (35) % % TOTAL $ 753 $ 744 $ 680 $ 9 1.2% $ % TOTAL Interest Payments¹ $ 107,734 $ 105,259 $ 101,908 $ 2, % $ 5, % Principal Repayments 62,257 57,073 52,285 5, % 9, % AFUDC & Capitalized Interest (26,936) (19,058) (17,402) (7,878) 41.3% (9,534) 54.8% TOTAL $ 143,054 $ 143,273 $ 136,791 $ (219) -0.2% $ 6, % Note: Totals may vary due to rounding. Bonds are typically issued for the general system (with the exception of SDS) and not specific to service. For forecasting purposes bonds and debt service are allocated based on capital budgets and then recorded to actuals as the expense is incurred. 1 Interest payments are net of subsidies received for Build America Bonds issued for Southern Delivery System and Front Range Power. $150,000 Debt Service $140,000 $130,000 $143,054 $143,273 $136,791 $120,000 $110,000 $100, Approved 2014 Approved 2013 Actual 2015 Annual Operating and Financial Plan 27

30 SOURCES AND USES OF FUNDS (in thousands of dollars) SOURCES OF FUNDS Operating Revenues: 2015 Approved 2014 Approved 2013 Actual 2015 Approved Increase/(Decrease) from: Actual Electric $ 458,401 $ 435,685 $ 417,778 $ 22, % $ 40, % Natural Gas 221, , ,170 9, % 13, % Water 195, , ,378 (4,257) -2.1% 51, % Wastewater 66,967 70,647 65,431 (3,680) -5.2% 1, % Streetlighting 4,139 4,135 4, % (112) -2.6% Inter-Service Eliminations 1 (18,320) (20,014) (15,248) 1, % (3,072) 20.1% Subtotal $ 928,027 $ 902,099 $ 823,760 $ 25, % $ 104, % Investment Income 692 3,012 2,323 (2,321) -77.0% (1,631) -70.2% Build America Bonds Subsidy 7,935 8,115 7,871 (180) -2.2% % Contributions in Aid of Construction (Cash and Developer Fees) 26,463 29,629 30,767 (3,166) -10.7% (4,304) -14.0% Bond Proceeds 100, , ,560 (57,983) -36.6% (26,972) -21.1% Net Changes In Assets & ,107 - (19,107) % Liabilities - Sources Change In Cash On Hand 18,978 52,699 14,028 (33,721) -64.0% 4, % TOTAL SOURCES 2 $ 1,082,682 $ 1,154,125 $ 1,025,414 $ (71,443) -6.2% $ 57, % USES OF FUNDS Operating Expenses - Fuel 286, , ,468 7, % 7, % Operating Expenses - Non-Fuel 283, , ,081 (4,271) -1.5% 14, % Transfers - Surplus Funds to City & 32,788 31,959 32, % % Franchise Fees Debt Service Payments 2 : Interest Payments $ 80,798 $ 86,201 $ 84,506 $ (5,403) -6.3% $ (3,708) -4.4% Principal Repayments 62,257 57,073 52,285 5, % 9, % Total Debt Service $ 143,054 $ 143,273 $ 136,791 $ (219) -0.2% $ 6, % Capital Expenditures: Cash Funded $ 217,695 $ 251,431 $ 169,359 $ (33,735) -13.4% $ 48, % Bond Funded 112, , ,580 (46,591) -29.4% (26,552) -19.2% Total Capital $ 329,723 $ 410,049 $ 307,940 $ (80,326) -19.6% $ 21, % Net Changes In Assets & 6, , % 6,291 Liabilities - Uses Change In Cash On Hand TOTAL USES 3 $ 1,082,682 $ 1,153,382 $ 1,025,414 $ (70,699) -6.1% $ 57, % Note: Totals may vary due to rounding. Major non-cash (expense) and revenue items not reflected above that are included on the income statement: Depreciation & Amortization $ (148,511) $ (132,492) $ (118,430) $ 16, % $ (30,081) 25.4% 1 Inter-Service Eliminations are made to eliminate double counting of revenues and expenses provided from one utility service to another. Such revenues and expenses are eliminated on a consolidated enterprise basis. 2 Includes AFUDC and Capitalized Interest. 3 Total Sources approved at $1,154,125; Total Uses approved at $1,153, Annual Operating and Financial Plan 28

31 FINANCIAL MEASURES DEBT RATIO (in thousands of dollars) CALCULATION: 2015 Approved Increase/(Decrease) from: Approved Approved 2013 Actual Actual Current Maturities of Revenue Bonds $ 70,742 $ 60,678 $ 55,764 $ 10, % $ 14, % Current Notes & Loans Payable 1,498 1,526 1,531 (28) -1.9% (33) -2.1% Revenue Bonds, Net 2,408,158 2,410,763 2,345,644 (2,606) -0.1% 62, % Notes & Loans Payable 15,321 16,818 16,636 (1,498) -8.9% (1,315) -7.9% Net Gain/(Loss) on Refundings (27,701) - (28,423) (27,701) % Net Funded Debt $ 2,468,017 $ 2,489,786 $ 2,391,152 $ (21,769) -0.9% $ 76, % Current Maturities of Revenue Bonds $ 70,742 $ 60,678 $ 55,764 $ 10, % $ 14, % Current Notes & Loans Payable 1,498 1,526 1,531 (28) -1.9% (33) -2.1% Revenue Bonds, Net 2,408,158 2,410,763 2,345,644 (2,606) -0.1% 62, % Notes & Loans Payable 15,321 16,818 16,636 (1,498) -8.9% (1,315) -7.9% Net Gain/(Loss) on Refundings (27,701) - (28,423) (27,701) % Net Assets 1,767,248 1,731,650 1,485,998 35, % 281, % Total Capitalization $ 4,235,265 $ 4,221,435 $ 3,877,150 $ 13, % $ 358, % Debt Ratio 58.3% 59.0% 61.7% -0.7% -1.2% -3.4% -5.5% Notes: Totals may vary due to rounding. 70.0% Debt Ratio calculation: Net Funded Debt/Total Capitalization Debt Ratio 60.0% 50.0% 40.0% 58.3% 59.0% 61.7% 30.0% 20.0% 10.0% 0.0% 2015 Approved 2014 Approved 2013 Actual 2015 Annual Operating and Financial Plan 29

32 FINANCIAL MEASURES ADJUSTED DEBT SERVICE COVERAGE (in thousands of dollars) 2015 Approved CALCULATION: Increase/(Decrease) from: Approved Approved 2013 Actual Actual Net Revenues: Operating Revenues $ 928,027 $ 902,099 $ 823,760 $ 25, % $ 104, % Contributions in Aid of Construction 26,463 29,629 30,767 (3,166) -10.7% (4,304) -14.0% (Cash and Developer Fees) Interest Earnings w/o Bond Interest 503 2, (2,410) -82.7% (58) -10.4% Build America Bonds Subsidy 7,935 8,115 7,871 (180) -2.2% % Total Revenue $ 962,927 $ 942,755 $ 862,958 $ 20, % $ 99, % Total Operating Expenses (719,645) (700,087) (667,269) (19,559) 2.8% (52,376) 7.8% Depreciation & Amortization 148, , ,430 16, % 30, % Transfers - Surplus Funds to City (32,479) (31,680) (31,844) (799) 2.5% (635) 2.0% Net Revenues $ 359,313 $ 343,480 $ 282,275 $ 15, % $ 77, % Bond Year Debt Service $ 169,990 $ 162,331 $ 154,193 $ 7, % $ 15, % Adjusted Debt Service Coverage Ratio (0.00) -0.1% % Note: Totals may vary due to rounding. Adjusted Debt Service Coverage Ratio calculation: Net Revenues/Bond Year Debt Service Adjusted Debt Service Coverage Approved 2014 Approved 2013 Actual Executive Limitation = 2x Coverage 2015 Annual Operating and Financial Plan 30

33 FINANCIAL MEASURES DAYS OF CASH ON HAND (in thousands of dollars) CALCULATION: 2015 Approved 2014 Approved 2013 Actual 2015 Approved Increase/(Decrease) from: Actual Cash and Cash Equivalents-Unrestricted $ 196,189 $ 171,441 $ 225,819 $ 24, % $ (29,629) -13.1% Cash Expense per Day Total Operating Expenses $ 719,645 $ 700,087 $ 667,269 $ 19, % $ 52, % Less: Depreciation & Amortization 148, , ,430 16, % 30, % Net Cash Expense $ 571,134 $ 567,595 $ 548,839 $ 3, % $ 22, % Number of Days in Period % - 0.0% Net Cash Expense Per Day $ 1,565 $ 1,555 $ 1,504 $ % $ % Days of Cash on Hand % (24.8) -16.5% Note: Totals may vary due to rounding Days of Cash on Hand calculation: Cash and Cash Equivalents-Unrestricted/Net Cash Expense Per Day Days of Cash on Hand Approved 2014 Approved 2013 Actual Executive Limitation = 90 Days 2015 Annual Operating and Financial Plan 31

34 This page intentionally left blank Annual Operating and Financial Plan 32

35 ENTERPRISE FINANCIAL PLAN 2015 Approved STATEMENT OF NET ASSETS Assets Current 400,359 CONDENSED FINANCIAL STATEMENTS (in thousands of dollars) $ $ 431,707 $ 463,314 $ 521,658 $ 570,835 Noncurrent - Other 294, , , , ,039 Capital Assets, Net 3,868,293 3,992,351 4,097,204 4,146,132 4,178,236 Total Assets $ 4,562,751 $ 4,725,012 $ 4,852,727 $ 4,949,593 $ 5,018,111 Liabilities Current $ 182,767 $ 181,444 $ 188,979 $ 195,186 $ 203,352 Noncurrent 2,612,736 2,618,635 2,606,244 2,568,827 2,500,708 Total Liabilities $ 2,795,503 $ 2,800,079 $ 2,795,223 $ 2,764,013 $ 2,704,060 Net Assets 1,767,248 1,924,932 2,057,504 2,185,579 2,314,051 Total Liabilities & Net Assets $ 4,562,751 $ 4,725,012 $ 4,852,727 $ 4,949,593 $ 5,018,111 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS Operating Revenues $ 928,027 $ 973,852 $ 999,205 $ 1,024,501 $ 1,082,935 Operating Expenses (719,645) (752,534) (785,837) (813,462) (869,153) Operating Income $ 208,382 $ 221,318 $ 213,368 $ 211,039 $ 213,781 Non-Operating Revenues/(Expenses) - Net (70,106) (72,629) (96,729) (97,333) (100,110) Income/(Loss) Before Contributions & Transfers $ 138,276 $ 148,689 $ 116,639 $ 113,705 $ 113,671 Contributions in Aid of Construction $ 35,881 $ 41,823 $ 49,004 $ 47,842 $ 48,626 Transfers - Surplus Funds to City (32,479) (32,827) (33,072) (33,472) (33,825) Transfers - Other Change in Net Assets $ 141,678 $ 157,685 $ 132,571 $ 128,076 $ 128,471 Net Assets - Beginning of year 1,625,570 1,767,248 1,924,932 2,057,504 2,185,579 Net Assets - End of Year 1,767,248 1,924,932 2,057,504 2,185,579 2,314,051 STATEMENT OF CASH FLOWS Net Cash Provided By (Used In): Operating Activities $ 350,602 $ 358,498 $ 362,002 $ 368,581 $ 371,405 Non-Capital Financing Activities (32,479) (32,827) (33,072) (33,472) (33,825) Capital and Related Financing Activities (337,792) (299,279) (317,119) (293,469) (312,538) Investing Activities Net Increase/(Decrease) $ (18,978) $ 27,137 $ 12,576 $ 42,375 $ 25,815 Cash and Cash Equivalents and Investments Cash & Investments, Beginning of Year 340, , , , ,818 Cash & Investments, End of Year 321, , , , ,632 Note: Totals may vary due to rounding Forecast 2017 Forecast 2018 Forecast 2019 Forecast 2015 Annual Operating and Financial Plan 33

Orlando Utilities Commission

Orlando Utilities Commission THREE MONTHS ENDED December 2015 1 Table of Contents Management s Discussion and Analysis 3 Statements of Revenues, Expenses and Changes 6 in Net Position based on Budget - Unaudited Statements of Net

More information

COLORADO SPRINGS UTILITIES ANNUAL REPORT

COLORADO SPRINGS UTILITIES ANNUAL REPORT 2013 COLORADO SPRINGS UTILITIES ANNUAL REPORT LEADERSHIP UTILITIES BOARD The City Council, through its role as the Utilities Board, governs the management and operations of Colorado Springs Utilities through

More information

Strategic Plan. Valid as of January 1, 2015

Strategic Plan. Valid as of January 1, 2015 Strategic Plan Valid as of January 1, 2015 SBP 00001(01/2015) 2015 City of Colorado Springs on behalf of Colorado Springs Page 1 of 14 INTRODUCTION Integrated and long-term strategic, operational and financial

More information

SUPPLEMENTAL INVESTOR INFORMATION. Fourth Quarter 2012

SUPPLEMENTAL INVESTOR INFORMATION. Fourth Quarter 2012 SUPPLEMENTAL INVESTOR INFORMATION Fourth Quarter 2012 Kevin Bryant Tony Carreño VP Investor Relations and Strategic Director Investor Relations Planning & Treasurer 816-556-2782 816-654-1763 anthony.carreno@kcpl.com

More information

Exhibit Table 1: PG&E Corporation Business Priorities

Exhibit Table 1: PG&E Corporation Business Priorities Exhibit 99.2 Table 1: PG&E Corporation Business Priorities 2006-2010 1. Advance business transformation 2. Provide attractive shareholder returns 3. Increase investment in utility infrastructure 4. Implement

More information

WESTERN WASHINGTON UNIVERSITY BELLINGHAM, WASHINGTON ASSOCIATED STUDENTS BOOKSTORE FINANCIAL REPORT JUNE 30, 2005

WESTERN WASHINGTON UNIVERSITY BELLINGHAM, WASHINGTON ASSOCIATED STUDENTS BOOKSTORE FINANCIAL REPORT JUNE 30, 2005 WESTERN WASHINGTON UNIVERSITY BELLINGHAM, WASHINGTON ASSOCIATED STUDENTS BOOKSTORE FINANCIAL REPORT JUNE 30, 2005 C O N T E N T S Page INDEPENDENT AUDITORS' REPORT...1 MANAGEMENT DISCUSSION AND ANALYSIS...

More information

ACTION ITEM EXECUTIVE SUMMARY

ACTION ITEM EXECUTIVE SUMMARY F6 Office of the President TO THE MEMBERS OF THE COMMITTEE OF FINANCE: For Meeting of ACTION ITEM AUTHORIZATION TO RETIRE AND REFUND EXISTING TAX-EXEMPT DEBT OBLIGATIONS FOR THE CHILDREN S HOSPITAL OF

More information

Colorado Springs Utilities

Colorado Springs Utilities CASE STUDY Colorado Springs Utilities A City Prepared for an Uncertain Future: Colorado Springs Utilities Balances Water Conservation and Revenue Stability In partnership with SUMMARY Colorado Springs

More information

HSBC BANK CANADA FIRST QUARTER 2014 RESULTS

HSBC BANK CANADA FIRST QUARTER 2014 RESULTS 7 May 2014 HSBC BANK CANADA FIRST QUARTER 2014 RESULTS Profit before income tax expense for the quarter ended 2014 was C$233m, a decrease of 13.4% compared with the same period in and broadly unchanged

More information

NORTHWESTERN ENERGY REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS

NORTHWESTERN ENERGY REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS NorthWestern Corporation d/b/a NorthWestern Energy 3010 W. 69 th Street Sioux Falls, SD 57108 www.northwesternenergy.com NYSE: NWE FOR IMMEDIATE RELEASE NORTHWESTERN ENERGY REPORTS THIRD QUARTER 2015 FINANCIAL

More information

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets Consolidated Balance Sheets June 30, 2015, December 31, 2014, and (June 30, 2015 and 2014 are reviewed, not audited) Assets 2015.6.30 2014.12.31 2014.6.30 Current assets: Cash and cash equivalents $ 36,400,657

More information

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS For Immediate Release For Further Information Refer to: John J. Haines 260-824-2900 FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS Bluffton, Indiana July 30, 2013 - Franklin Electric

More information

Group Exercise I: Calculating the Revenue Requirement

Group Exercise I: Calculating the Revenue Requirement Group Exercise I: Calculating the Revenue Requirement Ron Davis Principal Economist Colorado Department of Regulatory Agencies Public Utilities Commission 1560 Broadway, Suite 250 Denver, CO 80202 P 303.894.2883

More information

Committee Members Present: Don Knight, Andy Pico, and Helen Collins

Committee Members Present: Don Knight, Andy Pico, and Helen Collins Minutes Finance Committee Colorado Springs Utilities Board June 24, 2015, 8:00 a.m. 12:00 p.m. Cabin Creek Conference Room 6 th Floor, Plaza of the Rockies South Tower, 121 S. Tejon Committee Members Present:

More information

UNIFORM SYSTEM OF ACCOUNTS FOR WATER AND WASTEWATER UTILITIES

UNIFORM SYSTEM OF ACCOUNTS FOR WATER AND WASTEWATER UTILITIES 23-1 CHAPTER 23 UNIFORM SYSTEM OF ACCOUNTS FOR WATER AND WASTEWATER UTILITIES CLASSIFICATION OF WATER AND WASTEWATER UTILITIES Water and Wastewater Utility Classes (based on annual revenues): Class A:

More information

MTA 2015 Adopted Budget

MTA 2015 Adopted Budget BUD14013_Budget2015_Cover_Budget cover 1/9/15 5:05 PM Page 1 MTA 2015 Adopted Budget February Financial Plan 2015 2018 February 2015 . TABLE OF CONTENTS I. Overview... I-1 II. MTA Consolidated 2015-2018

More information

Brief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007

Brief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007 MARUHAN Co., Ltd. Brief Report on Closing of (connection) for the Term Ended March 31, 2007 (Amounts less than 1 million yen omitted) 1.Business Results for the term ended on March, 2007 (From April 1,

More information

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME 4 th quarter (a) 3 rd quarter 4 th quarter 2009 Sales 40,157 40,180 36,228 Excise taxes (4,397) (4,952) (4,933) Revenues from sales 35,760 35,228 31,295 Purchases, net

More information

Proposed Annual Operating Budget Fiscal Year 2016. July 13, 2015

Proposed Annual Operating Budget Fiscal Year 2016. July 13, 2015 Proposed Annual Operating Budget Fiscal Year 2016 July 13, 2015 Budget Overview Ed Bielarski, General Manager Budget Highlights Agenda David Richardson, Interim Chief Financial Officer Proposed Budget

More information

Many directors of public enterprises

Many directors of public enterprises Management & Careers The Finance Director s Role in Helping Public Enterprises Look their Best By Bryan A. Mantz Finance directors of public enterprises face special challenges; developing expertise in

More information

Local Government Operational Guidelines. Number 18 June 2013. Financial Ratios

Local Government Operational Guidelines. Number 18 June 2013. Financial Ratios Local Government Operational Guidelines Number 18 June 2013 Page 2 of 20 1. Introduction This guideline is intended to provide a clear explanation of each ratio required to be included in the annual financial

More information

City and County of Honolulu Sewer Fund. Financial Statements June 30, 2013 and 2012

City and County of Honolulu Sewer Fund. Financial Statements June 30, 2013 and 2012 Financial Statements Index Page(s) Report of Independent Auditors Management s Discussion and Analysis... 3 6 Financial Statements Statements of Net Position... 7 Statements of Revenues, Expenses and Change

More information

University of South Florida System and DSO/Component Unit Quarterly Financial Reports QUARTER 3 FOR FISCAL YEAR 2014-2015

University of South Florida System and DSO/Component Unit Quarterly Financial Reports QUARTER 3 FOR FISCAL YEAR 2014-2015 University of South Florida System and DSO/Component Unit Quarterly Financial Reports QUARTER 3 FOR FISCAL YEAR 2014-2015 Period Ended March 31, 2015 FY 2015 QUARTER 3 REPORT MARCH 31, 2015 INDEX University

More information

Three Year Forecast Revenues and Expenditures Enterprise Fund Water & Sewer

Three Year Forecast Revenues and Expenditures Enterprise Fund Water & Sewer $120 $100 $80 $60 $40 $20 Three Year Forecast Revenues and Expenditures Enterprise Fund Water & Sewer 2007 2008 2009 2010 2011 2012 2013 Revenues Expenditures s 2010 through 2013 are estimated. ENTERPRISE

More information

CenturyLink, Inc. Quarterly Earnings Supplement. As of September 30, 2015. Disclosures:

CenturyLink, Inc. Quarterly Earnings Supplement. As of September 30, 2015. Disclosures: Quarterly Earnings Supplement As of September 30, 2015 Disclosures: The information presented herein is intended to supplement our financial statements prepared in accordance with generally accepted accounting

More information

West Virginia Council for Community and Technical College Education

West Virginia Council for Community and Technical College Education West Virginia Council for Community and Technical College Education Combined Financial Statements Years Ended June 30, 2013 and 2012 and Independent Auditor s Reports TABLE OF CONTENTS INDEPENDENT AUDITOR

More information

Fuel and purchased power expenses decreased primarily due to:

Fuel and purchased power expenses decreased primarily due to: Entergy Gulf States Louisiana, L.L.C. Management's Financial Discussion and Analysis The Louisiana Act 55 financing tax settlement sharing variance results from a regulatory charge because the benefit

More information

ČEZ, a. s. BALANCE SHEET in accordance with IFRS as of June 30, 2014 in CZK Millions

ČEZ, a. s. BALANCE SHEET in accordance with IFRS as of June 30, 2014 in CZK Millions BALANCE SHEET Assets Property, plant and equipment: 30. 6. 2014 31. 12. 2013 Plant in service 319 440 319 081 Less accumulated provision for depreciation (188 197) (182 282) Net plant in service 131 243

More information

Lane County, Oregon Statement of Net Assets June 30, 2010. Governmental Activities. Business-type

Lane County, Oregon Statement of Net Assets June 30, 2010. Governmental Activities. Business-type Statement of Net Assets June 30, 2010 Governmental Activities Business-type Activities Assets Current assets Cash and cash equivalents $ 152,238,503 $ 32,077,526 $ 184,316,029 Investments - 3,748,272 3,748,272

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

Energy Future Holdings Reports First Quarter 2013 Results

Energy Future Holdings Reports First Quarter 2013 Results News Release FOR IMMEDIATE RELEASE Energy Future Holdings Reports First Quarter 2013 DALLAS May 2, 2013 Energy Future Holdings Corp. (EFH) today reported consolidated financial results for the first quarter

More information

City of Chicago, Illinois Chicago O Hare International Airport

City of Chicago, Illinois Chicago O Hare International Airport City of Chicago, Illinois Chicago O Hare International Airport Basic Financial Statements as of and for the Years Ended December 31, 2010 and 2009, Required Supplementary Information, Additional Information,

More information

PEGAS NONWOVENS SA. First quarter 2010 unaudited consolidated financial results

PEGAS NONWOVENS SA. First quarter 2010 unaudited consolidated financial results PEGAS NONWOVENS SA First quarter 2010 unaudited consolidated financial results May 20, 2010 PEGAS NONWOVENS SA announces its unaudited consolidated financial results for the first quarter of 2010 to March

More information

Consolidated results for the third Quarter Period in FY2014

Consolidated results for the third Quarter Period in FY2014 Consolidated results for the third Quarter Period in FY2014 2014/2/7 Company Name Watami Co., Ltd. Listing: First Section of Tokyo Stock Exchange Code Number 7522 URL http://www.watami.co.jp/ Representative

More information

Ontario Energy Board. 2013-2016 Business Plan Package

Ontario Energy Board. 2013-2016 Business Plan Package Ontario Energy Board 2013-2016 Business Plan Package Table of Contents Business Plan... 1 Appendix A Mandate Appendix B Factors that may affect achievement Appendix C Performance Assessment Budget...2

More information

Consolidated Financial Report for the Third Quarter of Fiscal Year Ending March 31, 2011 [Japan GAAP]

Consolidated Financial Report for the Third Quarter of Fiscal Year Ending March 31, 2011 [Japan GAAP] Note) This translation is prepared and provided for readers' convenience only. In the event of any discrepancy between this translated document and the original Japanese document, the original document

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

CONNEXUS ENERGY. Financial statements as of and for the Years Ended December 31, 2010 and 2009, and Independent Auditors Report.

CONNEXUS ENERGY. Financial statements as of and for the Years Ended December 31, 2010 and 2009, and Independent Auditors Report. CONNEXUS ENERGY Financial statements as of and for the Years Ended December 31, 2010 and 2009, and Independent Auditors Report. INDEPENDENT AUDITORS REPORT To the Board of Directors of Connexus Energy

More information

REPORT ON FINANCIAL PLAN, COST OF SERVICE AND RATES WATER AND SEWER OPERATING FUND

REPORT ON FINANCIAL PLAN, COST OF SERVICE AND RATES WATER AND SEWER OPERATING FUND REPORT ON FINANCIAL PLAN, COST OF SERVICE AND RATES WATER AND SEWER OPERATING FUND Harford County, Maryland APRIL 2016 Black & Veatch Holding Company 2011. All rights reserved. Harford County Report on

More information

University of Kentucky

University of Kentucky University of Kentucky Debt Policy Purpose To fulfill its mission, the University of Kentucky must make ongoing strategic capital investments in academic, student life, healthcare, and other plant facilities

More information

Tampa Bay Water (A Regional Water Supply Authority) Year Ended September 30, 2015 With Reports of Independent Certified Public Accountants

Tampa Bay Water (A Regional Water Supply Authority) Year Ended September 30, 2015 With Reports of Independent Certified Public Accountants F INANCIAL S TATEMENTS, R EQUIRED S UPPLEMENTARY I NFORMATION, AND C OMPLIANCE S ECTION Tampa Bay Water Year Ended September 30, 2015 With Reports of Independent Certified Public Accountants Ernst & Young

More information

(2)Adoptions of simplified accounting methods and accounting methods particular to the presentation of quarterly financial statements: None

(2)Adoptions of simplified accounting methods and accounting methods particular to the presentation of quarterly financial statements: None Financial Statement for the Six Months Ended September 30, 2015 Name of listed company: Mipox Corporation Stock Code: 5381 (URL http://www.mipox.co.jp) Name and Title of Representative: Jun Watanabe, President

More information

APPENDIX 1 The Statement of Financial Position

APPENDIX 1 The Statement of Financial Position APPENDIX 1 The Statement of Financial Position 1. Assets: the resources of the organization which are used to provide service and generate value 2. Current assets: assets which can be converted to cash

More information

ČEZ, a. s. BALANCE SHEET in accordance with IFRS as of March 31, 2015 in CZK Millions

ČEZ, a. s. BALANCE SHEET in accordance with IFRS as of March 31, 2015 in CZK Millions BALANCE SHEET Assets Property, plant and equipment: 31. 03. 2015 31. 12. 2014 Plant in service 345,012 344,246 Less accumulated provision for depreciation (199,841) (196,333) Net plant in service 145,171

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements of Revenues,

More information

Accounting for the Business- Type Activities of State and Local Governments

Accounting for the Business- Type Activities of State and Local Governments Chapter 7 Accounting for the Business- Type Activities of State and Local Governments McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. 7-2 Learning Objectives After

More information

Overview of Account Settlement for Fiscal Year ended March 2012 (Based on the Japanese Accounting Standard) (Consolidated)

Overview of Account Settlement for Fiscal Year ended March 2012 (Based on the Japanese Accounting Standard) (Consolidated) (Based on the Japanese Accounting Standard) (Consolidated) Listed company name: TOSHIBA TEC CORPORATION Company code: 6588 URL http://www.toshibatec.co.jp/ Representative: (Title) President and CEO (Name)

More information

NSTAR Gas Company Table of Contents. Independent Auditors' Report 1

NSTAR Gas Company Table of Contents. Independent Auditors' Report 1 NSTAR Gas Company Consolidated Financial Statements as of and for the Years Ended December 31, 2014 and 2013, Together With Independent Auditors' Reports NSTAR Gas Company Table of Contents Independent

More information

SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET

SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET In Accordance With NRS 350.013 June 30, 2015 7-1 Table of Contents Introduction... 7-3

More information

Entergy Mississippi's receivables from or (payables to) the money pool were as follows:

Entergy Mississippi's receivables from or (payables to) the money pool were as follows: Entergy Mississippi, Inc. Management's Financial Discussion and Analysis The increase was partially offset by $12.7 million of insurance proceeds received in the first quarter 2015 related to the Baxter

More information

SanDisk Corporation Preliminary Condensed Consolidated Statements of Operations (in thousands, except per share amounts, unaudited)

SanDisk Corporation Preliminary Condensed Consolidated Statements of Operations (in thousands, except per share amounts, unaudited) Preliminary Condensed Consolidated Statements of Operations (in thousands, except per share amounts, unaudited) Revenue $ 1,634,011 $ 1,476,263 $ 3,145,956 $ 2,816,992 Cost of revenue 854,640 789,614 1,595,679

More information

Public Service Company of North Carolina, Incorporated Condensed Consolidated Balance Sheets (Unaudited)

Public Service Company of North Carolina, Incorporated Condensed Consolidated Balance Sheets (Unaudited) Public Service Company of North Carolina, Incorporated Condensed Consolidated Balance Sheets March 31, December 31, Assets Gas Utility Plant $1,341,820 $1,325,608 Accumulated Depreciation (295,733) (290,081)

More information

Information Paper 16. Long-term Financial Plan (A Model Format for Financial Information)

Information Paper 16. Long-term Financial Plan (A Model Format for Financial Information) Information Paper 16 Long-term Financial (A Model Format for Financial Information) February 2008 LGA Long-term Financial (A Model Format for Financial Information) Information Paper Introduction The LGA

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Independent Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements

More information

WATER UTILITY REFERENCE MANUAL

WATER UTILITY REFERENCE MANUAL Utility Plant and Accumulated Depreciation Capitalization Policy Costs are capitalized in the utility plant accounts, rather than being expensed in the current year, if: the service life is more than one

More information

Orange and Rockland Utilities, Inc. 2011 Annual Financial Statements and Notes

Orange and Rockland Utilities, Inc. 2011 Annual Financial Statements and Notes Orange and Rockland Utilities, Inc. 2011 Annual Financial Statements and Notes Financial Statements Report of Independent Registered Public Accounting Firm Consolidated Income Statement Consolidated Statement

More information

Boeing Reports Strong Third-Quarter Results; Raises Revenue, EPS and Cash Flow Guidance

Boeing Reports Strong Third-Quarter Results; Raises Revenue, EPS and Cash Flow Guidance News Release Boeing Corporate Offices 100 North Riverside Plaza Chicago, IL 60606-1596 www.boeing.com Boeing Reports Strong Third-Quarter Results; Raises Revenue, EPS and Cash Flow Guidance Core EPS (non-gaap)*

More information

Basic Benchmarking Data Definitions

Basic Benchmarking Data Definitions Basic Benchmarking Data Definitions INCOME STATEMENT Actual Values Description Revenue 2012-13 2011-12 Operating Revenue Commonwealth Subsidies State Grants Resident/Client Charges Bond Retentions (if

More information

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935

Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 For Immediate Release Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 ken.bond@oracle.com deborah.hellinger@oracle.com ORACLE

More information

Conference call Fiscal year 2014»

Conference call Fiscal year 2014» Conference call Fiscal year» EnBW Energie Baden-Württemberg AG Karlsruhe, 17 March 2015 Frank Mastiaux, Chief Executive Officer Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President,

More information

Reporting and Interpreting Liabilities Irwin/McGraw-Hill

Reporting and Interpreting Liabilities Irwin/McGraw-Hill Chapter 9 Reporting and Interpreting Liabilities Business Background The acquisition of assets is financed from two sources: Debt - funds from creditors Equity - funds from owners Business Background The

More information

Consolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP]

Consolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP] Consolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP] November 6, 2015 Company name: Shibaura Electronics Co., Ltd. Stock exchange listing: Tokyo Stock Exchange Code

More information

Operating Revenues Service revenues and other $ 28,217 $ 28,611 (1.4) Wireless equipment revenues 3,954 3,373 17.2 Total Operating Revenues

Operating Revenues Service revenues and other $ 28,217 $ 28,611 (1.4) Wireless equipment revenues 3,954 3,373 17.2 Total Operating Revenues Condensed Consolidated Statements of Income (dollars in millions, except per share amounts) Operating Revenues Service revenues and other $ 28,217 $ 28,611 (1.4) Wireless equipment revenues 3,954 3,373

More information

LASALLE COUNTY EMERGENCY TELEPHONE SYSTEM BOARD OTTAWA, ILLINOIS

LASALLE COUNTY EMERGENCY TELEPHONE SYSTEM BOARD OTTAWA, ILLINOIS OTTAWA, ILLINOIS Financial Report CONTENTS Page Number Independent Auditor's Report Management's Discussion and Analysis (Unaudited) Statement of Net Assets - Business-Type Activities Statement of Revenues,

More information

Exhibit 1. General Motors Company and Subsidiaries Supplemental Material (Unaudited)

Exhibit 1. General Motors Company and Subsidiaries Supplemental Material (Unaudited) Exhibit 1 General Motors Company and Subsidiaries The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted),

More information

City of Sacramento, California Department of Utilities. March 2011

City of Sacramento, California Department of Utilities. March 2011 Department of Utilities Utility Rate Study March 2011 March, 2011 page i TABLE OF CONTENTS EXECUTIVE SUMMARY... 3 SECTION I: INTRODUCTION... 13 SECTION II: FINANCIAL POLICIES... 15 A. Defining Revenue

More information

New York Power Authority Finance Committee Meeting Debt Management Plan Update. December 17, 2013

New York Power Authority Finance Committee Meeting Debt Management Plan Update. December 17, 2013 New York Power Authority Finance Committee Meeting Debt Management Plan Update December 17, 2013 Financial Condition - Overview NYPA continues to maintain its strong financial condition - NYPA s senior

More information

Please NOTE This example report is for a manufacturing company; however, we can address a similar report for any industry sector.

Please NOTE This example report is for a manufacturing company; however, we can address a similar report for any industry sector. Please NOTE This example report is for a manufacturing company; however, we can address a similar report for any industry sector. Performance Review For the period ended 12/31/2013 Provided By Holbrook

More information

2015 Second Quarter Earnings Conference Call. Dante C. Parrini, Chairman & CEO John P. Jacunski, EVP & CFO August 4, 2015 NYSE: GLT

2015 Second Quarter Earnings Conference Call. Dante C. Parrini, Chairman & CEO John P. Jacunski, EVP & CFO August 4, 2015 NYSE: GLT 2015 Second Quarter Earnings Conference Call Dante C. Parrini, Chairman & CEO John P. Jacunski, EVP & CFO August 4, 2015 NYSE: GLT Forward-Looking Statements and Use of Non-GAAP Financial Measures Any

More information

FORTISALBERTA INC. MANAGEMENT S DISCUSSION AND ANALYSIS

FORTISALBERTA INC. MANAGEMENT S DISCUSSION AND ANALYSIS FORTISALBERTA INC. MANAGEMENT S DISCUSSION AND ANALYSIS May 1, 2015 The following ( MD&A ) of FortisAlberta Inc. (the Corporation ) should be read in conjunction with the following: (i) the unaudited interim

More information

SWIFT ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS

SWIFT ENERGY ANNOUNCES FIRST QUARTER 2015 RESULTS 17001 NORTHCHASE DR., SUITE 100, HOUSTON, TEXAS 77060 SWIFT ENERGY COMPANY COMPANY CONTACT: Doug Atkinson Manager Investor Relations (281) 874-2700, (800) 777-2412 FOR IMMEDIATE RELEASE SWIFT ENERGY ANNOUNCES

More information

Exhibit 1. General Motors Company and Subsidiaries Supplemental Material (Unaudited)

Exhibit 1. General Motors Company and Subsidiaries Supplemental Material (Unaudited) Exhibit 1 General Motors Company and Subsidiaries The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted),

More information

Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P.

Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P. Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P. (Unaudited, in millions of Canadian dollars) Three months ended March 31, 2016 and 2015 Management s Comments on Unaudited Condensed

More information

Mooresville Graded School District

Mooresville Graded School District Mooresville Graded School District Financial Report Year Ended June 30, 2014 TABLE OF CONTENTS Exhibit Page No. Independent Auditors Report... 1 Management s Discussion and Analysis... 4 Basic Financial

More information

Analysis of the Financial Condition of the University of Illinois System

Analysis of the Financial Condition of the University of Illinois System Analysis of the Financial Condition of the University of Illinois System Prepared by Howard Bunsis: PhD, MBA, J.D., B.S., CPA Professor of Accounting Eastern Michigan University 734 487 2519 hbunsis@emich.edu

More information

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS ATTACHMENTS TO THE PRESS RELEASE The consolidated Income Statements, consolidated Statements of Financial Position and the Consolidated Statements of Cash Flows as well as the Net Financial Debt of INWIT,

More information

W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9

W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 News Release GRAINGER REPORTS RESULTS FOR THE 2015 FIRST QUARTER Revises 2015 Guidance Quarterly Summary Sales of $2.4 billion, up 2 percent Operating

More information

Case Western Reserve University Consolidated Financial Statements for the Year Ending June 30, 2001

Case Western Reserve University Consolidated Financial Statements for the Year Ending June 30, 2001 Contents Report of Independent Accountants 1 Part 1 Consolidated Financial Statements Consolidated Balance Sheet 2 Consolidated Statement of Activities 3 Consolidated Statement of Cash Flows 4 Part 2 Summary

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

Consolidated and Non-Consolidated Financial Statements

Consolidated and Non-Consolidated Financial Statements May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,

More information

These figures are taken from the draft financial statement 2014, which will be published on April 2, 2015 on the website www.brill.

These figures are taken from the draft financial statement 2014, which will be published on April 2, 2015 on the website www.brill. Please note the text of the Dutch language version of this Press Release is definitive (www.brill.com) Brill reports marginal growth and equal profit in 2014 Key figures (in EUR x Million) 2014 2013 Revenue

More information

Business Plan Packet

Business Plan Packet Business Plan Packet Louisiana Drinking Water Revolving Loan Fund Loan Business Plan Packet The Safe Drinking Water Act (SDWA) establishes rules and regulations to govern public water systems, the Office

More information

PG&E Corporation and Pacific Gas and Electric Company Annual Report

PG&E Corporation and Pacific Gas and Electric Company Annual Report PG&E Corporation and Pacific Gas and Electric Company 2012 Annual Report Table of Contents Financial Highlights 1 Comparison of Five-Year Cumulative Total Shareholder Return 2 Selected Financial Data

More information

TUCKAMORE CAPITAL MANAGEMENT INC.

TUCKAMORE CAPITAL MANAGEMENT INC. Consolidated Interim Financial Statements of TUCKAMORE CAPITAL MANAGEMENT INC. Three and Six Months Ended June 30, 2013 and 2012 (Unaudited) These statements have not been reviewed by an independent firm

More information

Report of Independent Auditors and Combined Financial Statements for. Southern California Public Power Authority

Report of Independent Auditors and Combined Financial Statements for. Southern California Public Power Authority Report of Independent Auditors and Combined Financial Statements for Southern California Public Power Authority June 30, 2014 and 2013 TABLE OF CONTENTS REPORT OF INDEPENDENT AUDITORS 1 2 MANAGEMENT S

More information

Conference call on the first six months 2015»

Conference call on the first six months 2015» Conference call on the first six months 2015» EnBW Energie Baden-Württemberg AG Karlsruhe, 30 July 2015 Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President, Head of Finance,

More information

Q3 2012. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS ENDED 30 September 2012

Q3 2012. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS ENDED 30 September 2012 Q3 2012 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS ENDED 30 September 2012 Consolidated statement of financial position As at 30 September 2012 in thousands of Qatari Riyals 30

More information

T-MOBILE USA REPORTS SECOND QUARTER OF 2011 RESULTS

T-MOBILE USA REPORTS SECOND QUARTER OF 2011 RESULTS T-MOBILE USA REPORTS SECOND QUARTER OF RESULTS Adjusted OIBDA of $1.3 billion in the second quarter of, up from $1.2 billion in the first quarter of but down from $1.4 billion in the second quarter of

More information

City of Chicago, Illinois Chicago O Hare International Airport

City of Chicago, Illinois Chicago O Hare International Airport City of Chicago, Illinois Chicago O Hare International Airport Basic Financial Statements for the Years Ended December 31, 2008 and 2007, Required Supplementary Information, Additional Information, Statistical

More information

how to prepare a cash flow statement

how to prepare a cash flow statement business builder 4 how to prepare a cash flow statement zions business resource center zions business resource center 2 how to prepare a cash flow statement A cash flow statement is important to your business

More information

LONG TERM FINANCIAL PLAN (INTERIM) 2012/13 to 2022/23

LONG TERM FINANCIAL PLAN (INTERIM) 2012/13 to 2022/23 LONG TERM FINANCIAL PLAN (INTERIM) 2012/13 to 2022/23 INTRODUCTION Long term financial planning is a key element of the Integrated Planning and Reporting Framework. It is the mechanism that enables local

More information

3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS

3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS 3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS (1) Consolidated Quarterly Balance Sheets September 30, 2014 and March 31, 2014 Supplementary Information 2Q FY March 2015 March 31, 2014 September 30, 2014

More information

Consolidated Financial Results (Japanese Accounting Standards) for the First Half of the Fiscal Year Ending February 28, 2013

Consolidated Financial Results (Japanese Accounting Standards) for the First Half of the Fiscal Year Ending February 28, 2013 Consolidated Financial Results (Japanese Accounting Standards) for the First Half of the Fiscal Year Ending February 28, 2013 September 27, 2012 Company name Aeon Mall Co., Ltd. Listings The First Section

More information

THE FLORIDA INTERNATIONAL UNIVERSITY ACADEMIC HEALTH CENTER HEALTH CARE NETWORK FACULTY GROUP PRACTICE, INC.

THE FLORIDA INTERNATIONAL UNIVERSITY ACADEMIC HEALTH CENTER HEALTH CARE NETWORK FACULTY GROUP PRACTICE, INC. FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2011 CONTENTS Independent Auditors Report... 1-2 Management Discussion and Analysis... 3-7 Basic Financial Statements Statement of Net Assets...8 Statement

More information

CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEARS ENDED AUGUST 31, 2011 AND 2010

CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEARS ENDED AUGUST 31, 2011 AND 2010 CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEARS ENDED AUGUST 31, 2011 AND 2010 TOGETHER WITH INDEPENDENT AUDITORS REPORTS FINANCIAL STATEMENTS

More information

Additional Revision to Brief Report of Settlement of Accounts for Full Fiscal Year Ending March 31, 2007

Additional Revision to Brief Report of Settlement of Accounts for Full Fiscal Year Ending March 31, 2007 June 22, 2007 Company Name: ARUZE CORP. Name and Title of Representative: Kunihiko Yogo Representative Director and CEO (JASDAQ Code: 6425) Contact: Norihisa Kiriu General Manager Finance and Accounting

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 1 Cash flow statements

Accounting and Reporting Policy FRS 102. Staff Education Note 1 Cash flow statements Staff Education Note 1: Cash flow Statements Accounting and Reporting Policy FRS 102 Staff Education Note 1 Cash flow statements Disclaimer This Education Note has been prepared by FRC staff for the convenience

More information

General Purpose External Financial Statements. Compliance Reports and Management Letter

General Purpose External Financial Statements. Compliance Reports and Management Letter General Purpose External Financial Statements and Compliance Reports and Management Letter September 30, 2015 and 2014 Sections General Purpose External Financial Statements... Section I Compliance Reports

More information

Second Quarter 2015 Earnings Conference Call

Second Quarter 2015 Earnings Conference Call Second Quarter 2015 Earnings Conference Call NYSE: CVA JULY 22, 2015 Cautionary Statements All information included in this earnings presentation is based on continuing operations, unless otherwise noted.

More information

Minister for Education; Aboriginal Affairs; Electoral Affairs 2014-15. 2014-15 Estimated Actual $ 000. Budget $ 000

Minister for Education; Aboriginal Affairs; Electoral Affairs 2014-15. 2014-15 Estimated Actual $ 000. Budget $ 000 Division 24 Part 5 Education Services Minister for Education; Aboriginal Affairs; Electoral Affairs Appropriations, Expenses and Cash Assets d DELIVERY OF SERVICES Item 28 Net amount appropriated to deliver

More information