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CITY OF CLEARWATER FY 2008 WATER & WASTEWATER REVENUE SUFFICIENCY ANALYSIS - FINAL REPORT
I I I I I I I I I I I I I I I I I I I CITY OF CLEARWATER .."'.....~.l ..~ FY 2008 WATER & W ASTEW A TER REVENUE SUFFICIENCY ANAL YSIS FINAL REPORT . BUR-TON Be_ ASSOCIATE,S Utility Economics I I I I I I I I I I I I I I I I I I I BURTON 8& ASSOCIATES June 23, 2008 Ms. Tracy Mercer Public Utilities Director City of Clearwater 1650 N. Arturas Avenue Clearwater, Florida 33765 Re: FY 2008 Water and Wastewater Revenue Sufficiency Analysis - Final Report Dear Ms. Mercer: Burton & Associates is pleased to present this Final Report of the FY 2008 Revenue Sufficiency Analysis that we have performed for the City's Water and Wastewater Enterprise Fund. We appreciate the fine assistance provided by you, your staff and all of the members of City staff who participated in the analysis. If you have any questions, please do not hesitate to call me at (904) 247-0787. Very truly yours, A~J.~ Andrew J. Burnham Vice President AJB/cs Enclosure Burton & Associates 200 Business Park Circle, Suite 101 · St Augustine, Florida 32095. Phone (904) 247-0787. Fax (904) 241-7708 E-mail: aburnharn@burtonandassociates.com I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS TABLE OF CONTENTS Table of Contents CITY OF CLEAR WATER ..................................................................................................... i Table of Contents ............ ......... ......................... .... ....... ....... ........ ..... ............ ... ................... ...... i Seelio n I - Introduction ..... ........... ...... ....................... ..... ................. ........... ..... ....... ............. ... 1 A. Objective and Scope ............................................................................................... 1 B. Study Procedures .................................................................................................... 1 Section II - Results........... ....... ...... ......................... ....... ................... ........... ..... ....... ................ 4 A. Description of the Analysis................... ............ .............. ........... ........ ......... ............ 4 B. Assumptions of the Analysis.............. ............ .................. ................ ...................... 5 1) Revenues and Expenses ........................................................................ 5 2) O&M Cost Additions.... ........... ............... ................. ..... ..... ....... ............ 5 3) Payment in Lieu of Taxes Calculation.................................................. 6 4) Engineering Services Reallocation ....................................................... 6 5) Cost Escalation...................................................................................... 6 6) Increases in Pinellas County Water Rates. ........................................... 6 7) Borrowing Assumptions....................................................................... 7 8) Interest Earnings on Invested Funds ..................................................... 7 9) Interest Earnings on Capital Projects Construction Fund. .................... 7 10) Debt Service Payment Schedule. .......................................................... 7 11) Interim Financing.................................................................................. 7 12) Total Demand and Purchased Water Expenses .................................... 8 13) Price Elasticity...................................................................................... 8 City of Clearwater Burton & Associates Pinal Report Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS TABLE OF CONTENTS 14) Reclaimed Water Use Revenue Impacts............................................... 8 15) Growth..... ............................ ..................... ......... ........... ........................ 8 16) Minimum Working CapitaL.......... ................. ........................ ........ ...... 9 17) Capital Projects Funding .............. ................ ............... ...... ............ ........ 9 18) Debt Service Coverage ............... .................... .................... ............ ...... 9 C. Results of the Analysis... ....... ...... ..................................... ...................... ................. 9 1. Basis for the Analysis .................................................................................9 2. Financial Results of Operations and Sources and Uses of Funds ............. 10 a. System Revenues ............... ............ .................. .......................... ......... 12 b. Revenue Requirements...... ..................... ......... ............... ....... ......... .... 13 Section III - Conclusion and Recommendations ............................................................... 14 A. Conclusion............................................................................................................ 14 B. Recommendations................................................................................................. 15 APPENDIX A: ....................................................................................................................... 16 Financial Schedules .................................................................................................... 16 Schedule 1 - Assumptions.............................................................................. 17 Schedule 2 - Beginning Balances ................................................................... 18 Schedule 3 - Capital Projects Spending Per Year .......................................... 19 Schedule 4 - Cash Inflows..............................................................................21 Schedule 5 - Cash Outflows ........................................................................... 22 Schedule 6 - Incremental O&M Expenditures ...............................................31 Schedule 7 - FAMS-XL <9 Control Panel...................................................... 32 Schedule 8 - Forecast of Net Revenues and Debt Service Coverage............. 33 City of Clearwater Final Report ii Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS TABLE OF CONTENTS Schedule 9 - Capital Projects Funding Sources ............................................. 34 Schedule 10 - Projected Revenue Bonds........................................................ 35 Schedule 11 - Projected Interim Financing .................................................... 36 Schedule 12 - Funding Summary by Fund..................................................... 37 City of Clearwater Pinal Report iii Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION I - INTRODUCTION Section I - Introduction This report presents the results of the FY 2008 Revenue Sufficiency Analysis (RSA) which was conducted for the City's Water and Wastewater Utility System (Utility). This RSA was based upon a planning period of FY 2008 through FY 2018. This section presents the objective and scope of the RSA and the procedures employed in the conduct of the RSA, while Section II presents the results and supporting schedules, and Section III presents the conclusions and recommendations of the analysis. A. Obiective and Scope The objective of this RSA was to evaluate the sufficiency of the revenue provided by the City's water and wastewater rates over a multi-year planning period. This evaluation included the development of a recommended financial management plan and corresponding plan of annual rate revenue adjustments that allows the Utility to satisfy its financial requirements while recognizing the effects of price elasticity, increasing reclaimed water usage and corresponding reductions to potable water usage, and increasing purchased water costs. B. Study Procedures During this RSA we developed and evaluated multi-year financial management plans that recognize the impacts of various factors such as price elasticity, increasing reclaimed water usage, increasing purchased water costs, as well as additional operating expenses and annual capital spending levels. We accomplished this through interactive work sessions with City staff in which we examined the impact of alternative scenarios City of Clearwater Final Report 1 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION I - INTRODUCTION upon key financial indicators by use of graphical representations projected on a large screen from our computer rate models which were up and running. In this way we identified the financial management plan presented in this report that allow the Utility to meet its system requirements. In order to initiate our analysis, we obtained the Utility's historical and budgeted financial information regarding the operation of the Water and Wastewater Enterprise Fund. We also obtained the Utility's capital improvement program (FY 2008 - FY 2014), inclusive of annual renewal and replacement requirements. We documented the Utility's current debt obligations and the covenants, or promises made to bond holders or other lenders, relative to net income coverage requirements, reserves, etc. We also counseled with City staff regarding other assumptions and policies that would affect the Water and Wastewater Enterprise Fund such as required levels of working capital reserves, earnings on invested funds, escalation rates for operating costs, increases to wholesale water costs, etc. All of this information was entered into our Financial Analysis and Management System (FAMS) interactive model. The FAMS model produces a multi-year projection of the sufficiency of the Utility's revenues to meet all of its current and projected financial requirements and determines the level of rate revenue increases necessary in each year to provide sufficient revenues to fund all of the Utility's requirements. F AMS also utilizes all available and unrestricted funds in each year of the planning period to pay for capital projects, in accordance with the cash application rules in the model as defined with City staff. This produces a detailed summary of the funding sources to be used for each project in the capital improvement program (CIP). To the extent that current revenues and unrestricted reserves are not adequate to fund all capital projects in any year of the planning period, the F AMS model identifies a borrowing requirement to fund those projects or portions thereof that are determined to be eligible for borrowing. In this way the F AMS model is used to develop a borrowing 2 City of Clearwater Pinal Report Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION I - INTRODUCTION program that includes the required borrowing amount by year and the resultant annual debt service obligations of the Utility for each year in the planning period. City of Clearwater Final Report 3 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION II - RESULTS Section II - Results This section presents the results of the RSA and the financial management plan evaluated during the conduct of this RSA. The first sub-section presents a description of the RSA, the second sub-section outlines the assumptions, funding strategies, and adjustments of the RSA, and the third sub-section provides the results of the analysis. Appendix A includes detailed financial analysis schedules supporting the financial management plan presented herein. A. Descriotion of the Analysis The RSA was performed using the Utility's historical and projected information regarding the operation of its water and wastewater systems. The Utility's FY 2007 Statement of Net Assets and the Utility Funds Restricted Assets Statement were used as the source of historical financial information that established the beginning balances of various funds. It is important to note that funds reserved or encumbered for specific capital projects were included in our analysis in the beginning fund balances available for capital projects in FY 2008 and the associated capital project costs were included in the capital improvement plan in FY 2008. Water and wastewater user fee revenue projections were based upon actual FY 2007 amounts adjusted to reflect the implementation of the 6% rate increase effective October 1, 2007. The projection of all other revenues (excluding reclaimed water revenues, which were calculated annually based upon the number of connections, assumed usage, and rates in each fiscal year) was based upon the Utility's FY 2008 Budget. The Utility's FY 2008 Budget also serves as the basis for future operating expense projections. City of Clearwater Pinal Report 4 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION II - RESULTS During the conduct of this RSA, we communicated with City staff regarding various assumptions used in the development of the analysis presented in this report. The major assumptions included in RSA are listed in the following sub-section. The assumptions for the RSA and the interactive modeling process described in the preceding section resulted in "just-in-time" rate revenue increases in each year and, as might be expected, the increases required in each year varied, based upon the specific requirements in each year under the given assumptions described below. These "just in time" rate revenue increases were then used to develop a rate revenue adjustment plan that will provide for a more regular plan of adjustments while providing sufficient revenues in each year of the planning period. B. Assumptions of the Analvsis The key assumptions and information reflected in the RSA are listed below: 1) Revenues and Expenses - Actual FY 2007 revenues serve as the basis for projecting the user fee revenues subject to the rate increases identified in the financial management plan identified in this report. The actual FY 2007 user fee revenue was extrapolated to FY 2008 based upon growth and the implementation of a 6% rate increase effective on October 1,2007. All other revenues (excluding reclaimed water revenue) are based upon the Utility's FY 2008 Budget. Similarly, Operations and Maintenance (O&M) expense projections are also based upon the Utility's FY 2008 Budget. 2) O&M Cost Additions - In addition to the base budgeted amounts of O&M expenses, incremental operating costs have been included in this analysis, mainly relating to specific capital projects and the continued rollout of the reclaimed water program. The complete list of all additional or incremental O&M costs not 5 City of Clearwater Final Report Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION II - RESULTS included in the Utility's FY 2008 Budget that were included in this analysis are shown on Schedule 6. 3) Payment in Lieu of Taxes Calculation - The annual calculation of the payment in lieu of taxes transfer is based upon 5.50% of the prior year's total operating revenues in each year of the planning period. 4) Engineering Services Reallocation - Currently, the Water & Wastewater Enterprise Fund receives engineering services from the Engineering Department within the General Fund. In FY 2008, City staff performed a cost allocation study based upon time spent within the Engineering Department on utility projects and determined that the enterprise fund was underpaying for engineering services by approximately $1,000,000 per year. To reconcile this difference, beginning in FY 2009, the RSA provides for an additional payment of approximately $333,000 from the Water & Wastewater fund to the General Fund. This additional payment increases in FY 2010 to approximately $666,000 and increases again in FY 2011 to the full $1,000,000. In FY 2012 and beyond, the additional payment is increased by the same cost escalation factor as the current base expense amount. 5) Cost Escalation - Annual cost escalators for the various types of O&M expenses were provided by City staff and applied in each year of the planning period beginning in FY 2009. Furthermore, the specific additions to the operations and maintenance costs not included in the budget were escalated each year based upon the appropriate cost escalator. A summary of the specific cost escalation factors are displayed in Schedule 1 of Appendix A. 6) Increases in Pinellas County Water Rates - Pinellas County has indicated that its wholesale water rates will increase by 3% in FY 2008 and FY 2009. However, given that Pinellas County has been using a rate stabilization fund to offset a portion of its annual cost requirements for some time; we believe that 3% annual rate increases will not be sustainable in the future. As such, for the purposes of 6 City of Clearwater Final Report Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANALYSIS SECTION II - RESULTS this analysis, it is assumed that Pinellas County wholesale water rates charged to the City will increase by 6% per year beginning in FY 2010 and each year thereafter. 7) Borrowing Assumptions - The RSA assumes that new debt issued during the planning period would carry the following terms: Long Term Debt: v' Term: 30 Years v' Interest Rate: 5.25% 8) Interest Earnings on Invested Funds - It is assumed interest earnings on invested funds would be 4.00% in FY 2008 and each year thereafter through the end of the planning period. 9) Interest Earnings on Capital Proiects Construction Fund - It is assumed that interest is earned on funds dedicated for CIP projects based upon spending of 28% in years one through three and 16% in the fourth year of construction. Furthermore, it is assumed that the interest rate is the same as that for invested funds as outlined above. 10) Debt Service Pavment Schedule - In the year a new revenue bond is projected to be issued, the analysis assumes that only the interest accrued during the fourth quarter is paid. In all subsequent years, a full annual principal and interest payment is assumed for each new bond issue. 11) Interim Financing - It is assumed that interim financing is utilized in FY 2008 and every other year thereafter and that long-term debt issuances would occur in FY 2009 and every other year thereafter as appropriate. Each interim borrowing is refinanced in the subsequent year as part of the proceeds of the long-term borrowing. City of Clearwater Pinal Report 7 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION II - RESULTS 12) Total Demand and Purchased Water Expenses - The total forecasted demand and the amount of such demand that is purchased by the City is assumed to be approximately 9 million gallons per day (MGD) in FY 2008. However, there are several projects in the CIP that seek to reduce the City's reliance on Pinellas County's Water Supply. These projects reduce demand throughout the planning period such that by FY 2014 the City plans to purchase only 5 MGD. The purchased amount is multiplied against the projected wholesale water rate of Pinellas County in order to determine the annual purchased water expense that is incorporated into the F AMS model. 13) Price Elasticitv - This adjustment is incorporated into the F AMS model to reflect that as rates increase, discretionary water usage will likely decline. Therefore, in order to generate sufficient revenue, projected rate increases will have to be adjusted to reflect a smaller revenue base to which they will be applied, thus causing the projected rate increases to be larger. The price elasticity adjustment reduces all usage revenues by the product of the annual rate increase and a .25 elasticity coefficient. 14) Reclaimed Water Use Revenue Impacts - This adjustment affects purchased water expense projections and revenue calculations. As reclaimed water usage increases, there will be a reduction in total demand on the system and a corresponding reduction in the amount of water that has to be purchased. However, there will also be a reduction in all water, wastewater, and lawn irrigation usage revenues as they are replaced by lower revenues from reclaimed water customers. The net effect of these reclaimed water impacts causes projected rate increases to be larger. 15) Growth - Water and wastewater growth is assumed to be 0.4% in all years of the planning period. Growth in lawn irrigation is negative due to the planned expansion of the reclaimed water program in the service area. The growth for City of Clearwater Final Report 8 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION II - RESULTS lawn irrigation revenue is -3.66% in FY 2008, -8.59% in FY 2009, -10.35% in FY 2010, -5.76% in FY 2011, -1.55% in FY 2012, and approximately -1.12% in FY 2012 and each year thereafter. The reduction in lawn irrigation accounts is based upon specific developments that are planned to be served with reclaimed water that currently have lawn irrigation meters. 16) Minimum Working Capital - The plan assumes that the Utility will maintain a minimum Working Capital Reserve fund balance in an amount equal to three months of O&M and purchased water expenses. 17) Capital Proiects Funding - The capital improvement plan amounts to be submitted in the Utility's proposed budget request were included in the FAMS analysis through FY 2014. These amounts are based upon recent master planning initiatives completed for the City's water, wastewater, and reclaimed water systems. Future capital improvement expenses beyond FY 2014 were estimated based upon the average of the previous five years of expenditures. 18) Debt Service Coverage - There are two debt service coverage tests in the Utility's outstanding bond covenants as follows: A. Rate Covenant - Net income must be at least 1.15 times annual debt service. B. Parity Test - Net income must be at least 1.20 times maximum annual debt service (only in years when revenue bonds are issued). c. Results of the Analvsis 1. Basis for the Analysis The rate revenue plan presented in this report was developed based upon a multi- year projection of the financial results of the Utility, starting with the revenues in FY 9 City of Clearwater Pinal Report Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION II - RESULTS 2008 (FY 2007 actual adjusted for 6% rate increase and growth assumptions). This baseline projection was used to determine the minimum level of rate revenue required in FY 2009 through FY 2013. FAMS calculated the necessary rate revenue in FY 2009 based upon the cost requirements for FY 2009. To the extent that an increase in rate revenue was needed in FY 2009, the model determined the amount of additional rate revenue required in FY 2009 and determined the percentage increase in rate revenue that represented. This process was repeated for each subsequent year in the planning period to determine the amount of additional rate revenue required in each year, compared to the rate revenue projected with the rates from the prior year. Once the model determined the required rate increase adjustments in each year, we then evaluated a more "levelized" rate adjustment plan. In this approach, a plan of more equalllevel annual rate increases was identified that would produce sufficient revenue to meet the Utility's costs and debt coverage requirements in each year of the planning period. It was determined that in order to provide sufficient revenues to fund the Utility's system requirements, the following level plan of rate revenue adjustments would be required. The plan requires a 7% increase per year in FY 2009, FY 2010, and FY 2011 followed by 6% annual rate adjustments in FY 2012 and each year thereafter. 2. Financial Results of Operations and Sources and Uses of Funds Appendix A presents Schedules 1 through 12 that support the financial management plan identified in this report. The schedules presented in Appendix A reflect a projection period that extends through FY 2018. While the immediate five-year period is most important, our analysis extends beyond this time period so that any significant costs or revenue shortfalls just outside of the first five years may be identified and potentially addressed in the current RSA to avoid future financial harm and adverse rate impacts to customers. City of Clearwater Final Report 10 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION II - RESULTS Schedules 1 through 6 present detailed schedules of the inputs and assumptions utilized in the RSA. · Schedule 1 contains the assumptions of the analysis. · Schedule 2 contains the end of FY 2007 fund balances that serve as the FY 2008 beginning balances of our analysis. · Schedule 3 provides a listing of the CIP that was utilized in this analysis. · Schedule 4 contains a detailed list of all projected cash inflows from FY 2008 through FY 2018. · Schedule 5 contains a detailed list of all projected cash outflows from FY 2008 through FY 2018. · Schedule 6 contains the additional incremental operating expenditures outside of the Utility's FY 2008 Budget. Schedules 7 thru 12 present the results of the identified level rate adjustment plan that assumes annual water, wastewater, irrigation, and reclaimed water rate increases of 7% per year from FY 2009 through FY 2011 followed by 6% annual adjustments in FY 2012 and each year thereafter. . Schedule 7 contains the F AMS Control Panel that presents a summary of the financial management plan, including annual rate increases, debt service coverage ratios, total CIP spending levels, customer impacts, and fund balances. . Schedule 8 is the Pro Forma schedule that presents a projected income statement, debt service coverage analysis, and cash flow analysis. City of Clearwater Final Report 11 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION II - RESULTS · Schedule 9 shows the funding sources utilized to pay for CIP spending levels on Schedule 3. · Schedule 10 contains the calculation of projected annual long-term borrowing. · Schedule 11 contains the calculation of projected interim financing amounts that are subsequently refinanced as part of a future projected long-term borrowing. · Schedule 12 presents a fund-level cash flow reconciliation, providing the beginning balance in each year, the amount utilized for project funding or payment of debt service, interest calculations, and the end of year fund balance. a. System Revenues The basis for the revenues used in this analysis was the actual results for FY 2007 and the Utility's FY 2008 Budget. Revenues can be considered as rate revenues subject to rate increases, and all other categories of revenue. FY 2007 rate revenue was adjusted based upon projected growth and the implementation of a 6% rate increase effective on October 1, 2007. For the fiscal years after FY 2008, rate revenue was projected based upon assumed annual growth in customers, price elasticity, and the rate increase assumed in each year. All other non-rate revenues (excluding the Safety Harbor WPC Fee, which was escalated by 3% annually) were projected in subsequent years, by category of revenue, to be the same as the FY 2008 Budget amounts for those revenue categories, except that budgeted interest revenue was not used as an input to the rate model. The F AMS model calculates interest earnings each year based upon average fund balances and interest income is shown by fund on Schedule 12. City of Clearwater Final Report 12 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION II - RESULTS b. Revenue Requirements The annual revenue requirements used in the projection of required rate revenues were based upon budgeted O&M expenses, purchased water expenses (which were based upon expected water demand, less self-supply, and wholesale water rates), additional O&M costs outside of the budget, miscellaneous other expenses such as transfers out or payment in lieu of taxes, and capital costs of the Utility for FY 2008. In subsequent years of the planning period, all O&M costs were adjusted for estimated escalation of costs based upon an assumed cost escalation factor, as described in Section IlB. It is important to note that in a system that is essentially built-out and does not have any significant growth potential, annual operating cost increases and the cost of funding renewal and replacement capital projects will require additional revenue from annual adjustments to rates. As such, at a minimum, the Utility will be looking at inflationary-type increases indefinitely, so long as operational costs (inclusive of operating expenses, purchased water expenses and transfers out/payments in lieu of taxes) increase at the assumed rates identified on Schedule 1. Furthermore, in a system such as this, to the extent that there are annual capital expenditures necessary for the maintenance and improvement of the system, the annual cost requirements associated with funding those projects will require annual increases above the level necessitated by annual increases in operational costs. In this case, the City has identified a CIP over the planning period that is necessary in order to maintain and improve the system. These two principal cost components combine to result in the required annual rate increases identified in the rate adjustment plan presented in this report. City of Clearwater Final Report 13 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION III - CONCLUSION & RECOMMENDATIONS Section III - Conclusion and Recommendations This Section presents the conclusions and recommendations of the RSA. A. Conclusion We have reached the following conclusion regarding the sufficiency of the City's water and wastewater rates over the planning period: . Based upon the assumptions, O&M costs (budgeted and incremental), and capital costs described above in Section II.B, and the revenue and expense projections described in Sections II.C.2.a and II.C.2.b respectively, the rate adjustment plan identified in this report (and summarized in the table below) for water (including irrigation), wastewater, and reclaimed water will provide sufficient revenues to satisfy the Utility's requirements. FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 Water 7.00% 7.00% 7.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% Wastewater 7.00% 7.00% 7.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% Reclaimed 7.00% 7.00% 7.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% City of Clearwater Final Report 14 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS SECTION III - CONCLUSION & RECOMMENDATIONS B. Recommendations Based upon the analysis presented herein and the conclusion presented in the prior subsection, we recommend the following: ./ The Utility should implement the schedule of identified rate increases for FY 2009 through at least FY 2013. ./ The Utility should perform annual revenue sufficiency updates so that additional or revised information may be incorporated into the determination of required rate increases that would be necessary in order to allow the Utility to meet its requirements during this time period. Advanced planning will play a prominent role in avoiding significant future rate impacts to the Utility's customers due to from results occurring differently than currently projected. City of Clearwater Pinal Report 15 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I REVENUE SUFFICIENCY ANAL YSIS APPENDIX A APPENDIX A: Financial Schedules City of Clearwater Final Report 16 Burton & Associates Utility Economics - - - - - - - - - - - - - - - - - - - REVENUE SUFFICIENCY ANALYSIS FY 2009 FY 2010 FY2011 - FY2018 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 2.50% 4.00% 4.00% 6.50% 6.50% 6.00% 13.00% 13.00% 15.75% 5.50% 5.50% 5.50% 5.00% 5.00% 5.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 28.00% 28.00% 28.00% FY 2008 N1A N1A N1A N1A N1A N1A N1A 4.00% 4.00% 4.00% 28.00% FY 2008 - FY 2018 NA 1 Year of DS 1 Year of Interest $0.00 per $1000 2.50% Ox DS 30 years 5.25% lewl 1.20 1.15 APPENDIX A SCHEDULE 1 - ASSUMPTIONS City of Clearwater, Florida Water & Wastewater System Financial Management Program Summary ~ Required Cowrages: Parity test Rate cownant INTERNAL SERVICE CHARGE CODES 510100 540300 542700 545100 552500 510500 540500 542800 546200 557100 520100 540600 542900 547100 557200 520200 540700 543100 547200 557300 520300 540900 543200 547300 564000 520400 541000 543400 547400 571300 520600 541100 543500 548000 572300 520700 541500 543600 550100 590800 520900 541600 544100 550400 521500 541800 530100 542000 UsaQe/Flow Revenue Adiustments: 530300 542100 Annual Factors: 540100 542300 Price Elasticity 0.25 540200 542500 Reclaimed Water Use 0.05 Other Debt Assumptions: Other Assumptions: Rev. Growth: FY 2008 FY 2009 FY 2010 FY2011 - FY2018 Water Growth: Usage Growth 0.40% 0.40% 0.40% 0.40% Fixed Growth 0.40% 0.40% 0.40% 0.40% Lawn IrriQation Growth: Usage Growth -3.66% -8.59% -10.35% -5.76% Fixed Growth -3.66% -8.59% -10.35% -5.76% Sewer Growth: Usage Growth 0.40% 0.40% 0.40% 0.40% Fixed Growth 0.40% 0.40% 0.40% 0.40% Workina Capital Reserve TarQet 3 MomhsofO&M %01 Budaet Required For Desired Rate Increase O&M FY 2008 - FY 2018 100.00% Capital FY 2008 - FY 2018 100.00% Description: Inflationary cost escalator for expenses (unless other escalator is specified) Internal Ser.ice Charges cost escalator Salary cost escalator Health insurance cost escalator EMP Pension Plan (% of Salaries) PILOT (% of Current Year Operating Rev) Elec-Util Charges Interest earning rates: Rewnue account Renewal & Replacement Account Bond funds (new issues) Rate of expenditure from capital funds: Water & Sewer - CIP and Bond funds Debt Issuance Costs: Debt ser.ice reserw surety Debt ser.ice reserw fund Capitalized interest to bond sinking func Underwriters discount Total costs of issuance Cost of bond insurance Term of issuance Annual interest rate Debt ser.ice Pine lias County Rate Increases FY 2008 Assumed Rate ner.: 3% FY 2009 3% FY2010 FY2011 -FY2018 6% 6% City of Clearwater Final Report 17 Burton & Associates Utility Economics I REVENUE SUFFICIENCY ANAL YSIS I I SCHEDULE 2 - BEGINNING BALANCES APPENDIX A City of Clearwater, Florida Water & Wastewater System Financial Management Program Summary ~ I FUND TITLE Water Impact Fees Sewer Impact Fees Reclaimed Grant Funding Renewal & Replacement Fund Re_ue Fund Restricted Resenes Total ConlOlidated Fund Balance $ $ $ $ $ $ $ I 1.749,716 5.593,749 I REVENUE FUND DETAIL 33.886,132 8,715.287 49,944.884 I CURRENT UNRESTRICTED ASSETS Cash & Cash Equil8lents Equity in Pooled Cash & In_tments Accounts Recei\6ble, Net Due From Other Funds Due F rom Other Go.emmental Agencies In.entories Prapaid ~ems Total Current Unrestrictad ~ts Less: Accounts and Contracts Payable Less: Accrued Payroll Less: Compensated Absences Less: Accrued Interest Payable Less: Due to Other Go.emmental Entities Less: Current Portion of L T Uabilities Total Unrestrictad Working Capital Less: In\A3ntories Plus: Restricted Resenes Awilable For CIP Net Unrestrictad Working Capital Availabl. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ I I I I EOY - FY 2007 400 20,156,142 4,692,429 1 ,504,976 738,103 6,157 27,098,207 (1.032.508) (262,236) (41,057) (102,275) (4,804) (1,338.618) 24,316,709 (738,103) 10.307,526 33,886,132 Restrictad Assets Re.enue Bond Debt Se....ce and Sinking Fund Requirements Customer Deposits Due From Other Go.emmental Entities Deferred Charges Net Pension Asset Ad\9nces to Other Funds Totsl Noncurrent Re8lrictad ~ts Less: Accrued Interest Payable Less: Current Portion of Long Term Liabilities. Rewnue Bonds Less: Construction Contracts Payable Less: Customer Deposits Net Restricted Balance $ $ $ $ $ $ $ $ $ $ $ $ I I I Reserve. Availabl. For Capital Funding Assets in Utilitv Renewal & Reolacement Fund Equity in Pooled Cash and In_tments Due from Capitallmpro"""ents Fund Assets in 02 Bond Construction Fund Pooled Cash and In_tments Assets in 06 Bond Construction Fund Equity in Pooled Cash and In_tments Assets in 08 Bond Construction Fund Equity in Pooled Cash and In_tments Assets in Caoitallmoro"""ents Fund Unspent Sewer Tap Fees Unspent Water Impact Fees Due From Other Go.emmental Entities Total Reserve. Available For Capital Funding $ $ $ $ $ I $ I $ I 16,884.328 2.412,701 19,297,029 (1.279.332) (5,900,000) (989,709) (2,412,701) 8,715,287 6,470,852 565,840 3.558,080 (287,246) I City of Clearwater Pinal Report 18 $10.307,526 Burton & Associates Utility Economics I I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE:3 - CAPITAL PROJECTS SPENDING PER YEAR I City of Clearwater Florida Water & Wastewater System Financial Management Program Summary ~ (Excludes LC:l::;c I PWC/1,lSC C.l(Jltal ft(,lIls) I FY 2008 FY 2009 FY2010 FY2011 f!.Wl FY2013 f!.i!!1.! FY 2015 f!lQ1! FY2017 FY2018 Prolect DeecrlDtion Water Total Water. Non Expansion $ $ $ $ $ $ $ $ 12,623,080 $ 13,781,559 $ 11,065,683 $ 10,566,098 Total Water Expansion Projects $ $ $ $ $ $ $ $ 250,000 $ 250,000 $ 250,000 $ 250,000 Beach Walk $ 164,412 $ $ $ $ $ $ $ $ $ $ Beach Walk $ 184,359 $ $ $ $ $ $ $ $ $ $ Downtown Streetscape $ 35,420 $ $ $ $ $ $ $ $ $ $ Downtown Streetscape $ 169,799 $ $ $ $ $ $ $ $ $ $ Ale Replacement $ 23,843 $ $ $ $ $ $ 35,000 $ $ $ $ Roof Rplcmnts $ 24,478 $ $ $ $ $ $ $ $ $ $ Roof Rplcmnts $ $ $ $ 39,000 $ $ $ $ $ $ $ Painting of Facilities $ 97,545 $ $ $ $ $ $ $ $ $ $ Flooring - FacUlties $ $ 25,000 $ 10,120 $ $ $ $ $ $ $ $ Citywide Connect $ 65,000 $ $ $ $ $ $ $ $ $ $ E\elua1lon & Appraisal Report $ 590 $ $ $ $ $ $ $ $ $ $ Citywide Aerial Photography $ 26,756 $ $ $ 12,000 $ $ $ 12,000 $ $ $ 12,000 $ Publ Util Admin Bldg R&R $ 30,204 $ $ $ $ $ $ $ $ $ $ Publ Util Admin Bldg R&R $ 52.000 $ 26,000 $ 26,000 $ 26.000 $ 26,000 $ 26,000 $ 26,000 $ 26,000 $ 26.000 $ 26,000 $ 26,000 System R&R-Maint $ 78,092 $ $ $ $ $ $ $ $ $ $ System R&R-Maint $ 69,608 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 Aeel Wtr Dist Syst-Grants $ 5,812,514 $ $ $ $ $ $ $ $ $ $ Aeel Wtr Dlst Syst $ 686,490 $ $ $ $ $ $ $ $ $ $ Reel Wtr Dlst Syst $ 668,356 $ $ $ $ $ $ $ $ $ $ Aeel Wtr Dist Syst $ 6,170 $ $ $ $ $ $ $ $ $ $ Aeel W1r Dist Syst $ 2,894,095 $ 4,710,500 $ $ $ $ $ $ $ $ $ Aeel Wtr Dist Syst $ 141,465 $ $ $ $ $ $ $ $ $ $ Reel Wtr Dist Syst-Future Bds $ $ $ 2,921,470 $ 2,634,820 $ 450,000 $ 4,350,000 $ 6,000,000 $ 3,271,258 $ 3,271,258 $ 3,271,258 $ 3,271,258 Water Supp. Trtmnt $ 520,286 $ $ $ $ $ $ $ $ $ $ Water Supp-Trtmnt $ 300,000 $ 300,000 $ 300,000 $ 325,000 $ 325,750 $ 376,530 $ 378,820 $ 378,820 $ 378,820 $ 378,820 $ 378,820 Water Supp-Trtmnt $ 22,729 $ $ $ $ $ $ $ $ $ $ Water Supp-Trtmnt $ 227,731 $ $ $ $ $ $ $ $ $ $ Water Supp-Trtmnt $ 300,000 $ $ $ $ $ $ $ $ $ $ Syst A&A-Capitlzd $ 1,476,853 $ $ $ $ $ $ $ $ $ $ Syst R&R-Capitlzd $ 639,047 $ 250,000 $ 850,000 $ 239,300 $ 250,000 $ 250,000 $ 850,000 $ 850,000 $ 850,000 $ 850,000 $ 850,000 Une Aeloc-Capltlzd $ 267,413 $ $ $ $ $ $ $ $ $ $ Une Aeloc-Capltlzd $ 1,214,924 $ $ $ $ $ $ $ $ $ $ Una Aeloc-Capltlzd $ 18,456 $ $ $ $ $ $ $ $ $ $ Una Reloc-Capitlzd $ 36,147 $ $ $ $ $ $ $ $ $ $ Una Aeloc.capltlzd $ 4,555,286 $ 550,000 $ $ $ $ $ $ $ $ $ Una Reloc-Capitlzd-Future Bds $ $ $ 400,000 $ 2,100,000 $ 250,000 $ 250,000 $ 1,000,000 $ 800,000 $ 800,000 $ 800,000 $ 800,000 Mtr/Back Flow Prev Dev Change $ 1,226,972 $ $ $ $ $ $ $ $ $ $ Mtr/Back Flow Prev Dev Change $ 530,717 $ 850,000 $ $ $ $ $ $ $ $ $ MtrlBck FIw PIV Oev Chg-Fut Bds $ $ $ 650,000 $ 650,000 $ 650,000 $ 650,000 $ 650,000 $ 650,000 $ 650,000 $ 650,000 $ 650,000 System Expnsn $ 1,115,137 $ 250,000 $ 220,300 $ 80,760 $ 81,090 $ 81,410 $ 250,000 $ 142,712 $ 142,712 $ 142,712 $ 142,712 System Expnsn $ $ $ 29,700 $ 169,240 $ 168,910 $ 168,590 $ $ $ $ $ Well Rehab $ 394,693 $ $ $ $ $ $ $ $ $ $ Water S\C Unes $ 9,000 $ $ $ $ $ $ $ $ $ $ Water S\C Unes $ 228,026 $ $ $ $ $ $ $ $ $ $ Water S\C Unes $ 500,000 $ 500,000 $ $ $ $ $ $ $ $ $ Water S\C Unes-Future Bds $ $ $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500.000 Fluoride in Wtr Syst $ 211,752 $ $ $ $ $ $ $ $ $ $ Fluoride In Wtr Syst-Future Bds $ $ $ $ $ $ $ 1,307,590 $ $ $ $ Water Main Phs 15-16-17 $ 187,811 $ $ $ $ $ $ $ $ $ $ Eleva Wtr Tk Upgd $ 122,434 $ $ $ $ $ $ $ $ $ $ Eleva Wtr Tk Upgd $ 698,128 $ 250,000 $ $ $ $ $ $ $ $ $ Eleva Wtr Tk Upgd-Future Bds $ $ $ $ $ $ $ $ $ $ $ Telemetry for Wells $ 389,048 $ $ $ $ $ $ $ $ $ $ Telemetry for Wells $ 119,620 $ $ $ $ $ $ $ $ $ $ Telemetry tor Wells $ 467,575 $ $ $ $ $ $ $ $ $ $ Wellfield Expnsn $ 861,630 $ $ $ $ $ $ $ $ $ $ Wellflald Expnsn $ 894 $ $ $ $ $ $ $ $ $ $ Wellfleld Expnsn $ 327,110 $ $ $ $ $ $ $ $ $ $ Wetlfield Expnsn $ 2,582,370 $ $ $ $ $ $ $ $ $ $ RO Plant Expsn A1 $ 534.8llO $ $ $ $ $ $ $ $ $ $ RO Plant Expsn A1 $ 3,589 $ $ $ $ $ $ $ $ $ $ AO Plant Expsn A1 $ In,374 $ $ $ $ $ $ $ $ $ $ RO Plant Expsn A1 $ 341,190 $ 4,562,600 $ $ $ $ $ $ $ $ $ RO Plant Expsn A1-Future Bds $ $ $ 2,236,250 $ 4,987,000 $ $ $ $ $ $ $ Water Quality Mon Oe\lices $ 141,745 $ $ $ $ $ $ $ $ $ $ Water Quality Mon Oe\lices $ 450,000 $ $ $ $ $ $ $ $ $ $ Aws Osmosis @ Resv #2 $ 2,820,866 $ 2,552,300 $ $ $ $ $ $ $ $ $ Aws Osmosis @ Resv#2-Fut Bds $ $ $ 1,516,830 $ 1,117,230 $ 15,178,160 $ 11,423,810 $ $ $ $ $ Rebate- Well, Lake Pond, lrig Abatemnt $ 98,320 $ 50.000 $ 50,000 $ 50,000 $ 50.000 $ SO,OOO $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 Water Conserwtion [)elAC9S $ $ $ $ $ $ $ $ $ $ $ W.ter CIP Sub-Total $ 35,351,069 $14,701,4100 $ 9,736,670 . 12,955,350 $ 17,854.910 $ 18,151,340 $ 11,084,410 $ 19,566,870 $ 20.726.349 $ 18,021,473 $ 17,609,888 Page 1 of 2 I I I I I I I I I I I I I I City of Clearwater Pinal Report 19 Burton & Associates Utility Economics I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 3 - CAPITAL PROJECTS SPENDING PER YEAR I City of Clearwater. Florida Water & Wastewater System Financial Management Program Summary ~ (Ex, /(ides Lease Pwchase Capital /terns) I FY 2008 FY 2009 FY2010 ~ FY 2012 FY 2013 FY2014 EU!!l! FY2016 FY 2017 FY2018 Sewer Total Sewer. Non Expansion 8,090,851 8,572,158 Total Sewer Expansion Projects 200,000 200,000 200,000 200,000 WWTP New Blending Tanks 400,000 S WWC Intercptr Lns 10,094 S Blo Solids Trtmnt 726,260 S 810 Solids Trtmnt . SlHrbr Reimb 84,314 S Slo Solids Trtmnt 176,454 S Bio Solids Trtmnt 3,319,930 S NE Finer & MS Blower 12,491 S NE finer & MS Blower 28,116 S Odor Control 035,458 72,520 149,940 S WWTP Internal Recycle Mods 449,593 S WWTP Generator Replacements 54,670 S WWTP Generator Replacements 245,086 S WWTP Generator Replacements 1,472,993 825,000 S WWTP Gen Rplcmnts-Futr Bds 301,400 1,000,000 200,000 200.000 200,000 S 200,000 WWTP Headworks 601,540 S WWTP Headworks 78,571 S WWTP Headworks 4,285,000 S WWTP New Presses 153,904 $ WWTP New Presses 528 $ WWTP New Presses 1,518,777 $ WWTP Aeration Improwments 2,889,816 $ liquid Disinfection n9,764 $ Sanitary Sewer Extension 3,218,998 575,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 $ 500,000 Sanitary Uti! Aeloc 367,680 $ Sanitary Uti! Aeloc 2,802 $ Sanitary Uti! Aeloc 903,674 450,200 $ Sanitary Utll Aeloc-Future Bds 463,710 750,000 250,000 250,000 500,000 442,742 442,742 442,742 $ 442,742 Laboratory Upgrd 155,068 56,270 57,960 59,700 61,000 62,800 64,700 61,232 61,232 61,232 $ 61,232 Facilities Upgrd & Impr 55,412 $ Facilities Upgrd & Impr 476,218 542,200 $ Facilities Upgrd & Impr - Future Bds 17,460 622,000 500,000 995,430 500,000 1,073,750 738,236 738,236 738,236 S 738,236 WPC A&R 733,979 S WPC A&R 125,642 $ WPC R&R 29,037 $ WPC R&R 1,092,717 1,159,700 $ WPC R&R 338,754 $ WPC R&R.Fut Bds 1,176,030 1,113,230 1,912,460 857,310 480,000 1,107,806 1,107,806 1,107,806 $ 1,107,806 Sanitary Swr R&R 3,889,275 $ Sanitary Swr A&R 2,160,539 $ Sanitary Swr R&R 32,578 $ Sanita'Y Swr R&A 103,998 $ Sanitary Swr R&R 4,536,623 2,162,000 $ Sanitary Swr A&A-Future Bds 2,868,600 3,765,000 5,429,800 4,271,800 3,663,700 3,999,780 3,999,780 3,999,780 S 3,999,780 WWTP East Bypass & NE Pump 1,230,000 62,000 $ WWTP E. Bypass & NE Pump - Fut Bds 1,548,400 40,000 S WPC - Poll Star Tk 7,5n S WPC - Poll Star Tk 28,790 7,650 7,880 8,120 8,300 8,550 8,810 S Pump Stn Rplcmnt 2,424,302 S Pump Stn Rplcmnt 24,458 S Pump Stn Rplcmnt 2,501,009 1,321,000 $ Pump Stn Rplcmnt 74,341 $ Pump Stn Rplcmnt.Future Bds 1,110,000 2,228,000 2,794,000 645,000 1,465,000 1,648,400 1,648,400 1,648,400 $ 1,648,400 Screw Pump Aplcmt 846,910 $ Screw Pump Rplcmt - Future Bds 302,950 157,390 255,900 $ NE Thermal Dryers.Future Bds 2,157,370 10,497,315 10,497,315 $ WWTP l.N Dlslnfect.Fut Bds 1,823,260 6,221,875 6,221,875 $ Totel Projecta S n,4S7,6S8 S 23,028,190 $ 19,465,720 S 22,029,340 30,063,290 $ 25,502,700 S 22,861,000 S 45,184,256 S 46,342,735 S 35,010,520 S 34,880,242 % of Budgeted elP Projected to be Executed 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Projected S to be Spent S n,4S7,&89 S 23,028,190 S t9,465,720 $ 22,029,340 $ 30,063,290 $ 25,502,700 $ 22,861,000 $ 45,184,256 $ 46,342,735 $ 35,010,520 $ 34,980.... Page 2 of 2 I I I I I I I I I I I I I I City of Clearwater Pinal Report 20 Burton & Associates Utility Economics - - - - - - - - - - - - - - - - - - - REVENUE SUFFICIENCY ANALYSIS APPENDIX A SCHEDULE 4- - CASH INFLOWS City of Clearwater. Flonda Water & Wastewater System Financial Management Program Summary Casl1lnflows Projections of Revenue. other Sources of Funds prQeclan "-'mDllon. E!Bl! FY .... FY 201. = FY 201. FV 2013 FY 2014 fl.Jm! FY 201. = FY 201. Wat. Sales. Uaage NtA 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% Water Sales. FIXed NtA 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% Lawn Irrigation. Usage NtA ".59% -10.35% -5.76% .1.55% -1.12% .1.13% -1.14% .1.16'% -'.17% -',19% Lawn Irrigation - Fixed NtA ".59% -'0.35% -5.76% -',55% .1.12% -1.13% ".14% -1.16% -'.17% -1.19% Wastewater $ales . Usage NtA 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% Wastewater $ales . Fixed NtA 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% Ann.aaJ Water Rate Increase AssLmfld NtA 7.00% 7.00% 7.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% Annal Lawn lITigation Rate Incl8llS8 Asst.med NtA 7.00% 7.00% 7.00% '''lO% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% Anrual Wastswaler Rate Increase Assumed NtA 7.00% 7.00% 7.ClO% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% Rate fll;venue SUblact to Growth. RIte Incna_ Water Sales. Usage & Fixed 20,997,434 22,339.857 23,789,776 25,354,202 26,815,820 28,376,824 $ 30,042,932 31,820,282 33,715,444 35,735,448 37,887,800 lawn lnigation Sales . Usage & Fixed 3,187,050 3,117,284 2,990,104 3,015,024 3,146,275 3,297,726 $ 3,456,025 3,621,448 3,794,279 3,974,813 4,163,352 Wastewater Sales - Usage & Fixed 25,581,034 27,256,778 29,065,034 31,014,638 32,834,384 34,776,701 $ 36,848,778 39,058,315 41,413,547 43,923,277 46,596,901 Tobll RIlle Revenue allblect to Growth. Rate Increa. 49,765,518 52,713,919 55,844,914 59,383,863 62,796,479 66,451,252 $ 70,347,736 74,500,044 78,923,270 83,633,538 88,648,054 Other Oaeratlna Re....nue 343312 Water SeMce Olarges 200.000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200.000 200,000 200,000 343313 Retail Reclaimed Water Sales 989,733 1,233,429 1,540,259 1,806,808 1,943,425 2,081,238 2,228,591 2,386,135 2,554,560 2,734,607 2,927,063 Wholesale Reclaimed Water Rev9nue 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 109,500 343322 Material & Water SeNee 45.000 45,000 45,000 45,000 45,lXlO 45,000 45,000 45,000 45,000 45,000 45,lXlO 343324 Fire Une Detect Instilln 25,000 25,000 25.000 25,000 25,lXlO 25,000 25,000 25,000 25,000 25,000 25,000 343351 Olner Water Rewnue 75,000 75,000 75,000 75.000 75,lXlO 75,000 75,000 75,000 75,000 75,000 75,000 343523 Wpc Fee Safety Harbor 1,202,000 1,202,0lXI 1,238,060 1,275,202 1,313,458 1,352,862 1,393,447 1,435,251 1,478,308 1,522,658 1,568,337 343551 Otner Sewer ReI.enue 13,000 13,CXXl 13,000 13,0lXI 13,CXXl 13,000 13,000 13,000 13,0lXI 13,CXXl 13,0lXI 354555 Grease Ordnance Re<.erue 55.000 55,000 55,000 55.000 55,0lXI 55,000 55,000 55,000 55,000 55,000 55,000 354556 Industrial Pretl98.tment 20.000 20,000 20,000 20.000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 343321 Water Taps 79,800 79.800 79.800 79,800 79.800 79.800 79,800 79,800 79,800 79,800 79,800 343525 Sewer Taps 140,510 140,510 140,510 140,510 140,510 140,510 140,510 140,510 140,510 140,510 140,510 354104 Late Payment Fee 271,000 271,0lXI 271,000 271 ,000 271,000 271,000 271,000 271,000 271,000 271,0lXI 271,000 354109 Pletree.tmenI Permit Violations 362101 Rents-commeroial Property 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 362102 Rent/l.ease lancI-Future Use 6,000 6,000 6,000 6,000 6,000 6.000 6,000 6,000 6.000 6,000 6.000 364523 Insurance PItlCeed9 - Other 365101 Sale Of Scrap 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5,000 5,000 5,000 5,000 369416 Cap Labor-WaterlSewer 180,000 180,000 180,000 180,()(X) 180,000 180,000 180,000 180,000 180,000 180,000 180,000 3EI9905 Work.... Camp Reimburse 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Tobll Oller Operating Revenue 3,433,543 3,677,239 4,020,129 4,323,820 4,498,893 4,675,909 4,863.849 5,063,196 5,274,679 5,499,075 5,737,210 NorH)oeratlna RevenueJOIher Source. 01 Fund. IntentSt Eamed on IrMsted Funds Interest Eamecl on Inwsted FtRts 1,211,262 $ 821,459 913,185 $ 979,995 1,058,268 $ 1,139,990 1,226,981 $ 1,322,600 1,422,793 $ 1,548,094 1,674,483 Interest Eamecl on Construction Fund 1,255,301 $ 1,520,246 1,096,373 $ 843,317 1,033,590 $ 1,053,435 974,737 $ 1,400,158 1,707,188 $ 1,584,836 1,440,157 Less: Interim F"ll'IBI'ICing IntentSt Payments (1,819,344) $ (626,132) $ (1,005,829) $ (696 549) $ (1,636,649) $ (1187,371) Totallnl:en!lSt Earned on In...ted FU1ds 647,218 $ 2,341,705 1,383,426 $ 1,823,312 1,056,029 $ 2,193,425 1,505,169 $ 2,722,758 1,493,312 $ 3,132,929 1,927,269 Water Expansion Fees 79,968 $ 80,288 80,609 $ 80,931 81,255 $ 81,580 81,907 $ 82,234 82,5<l3 $ 82,_ 83,225 Sewer Expansion Fees 140,940 $ 141,504 142,070 $ 142,638 143,209 $ 143,781 144,357 $ 144,934 145,514 $ 146,096 146,680 Capitalized IntentSt on New Borrowing $ 3,664,033 $ 1,989,094 $ 2,645,968 $ 3,163,366 $ 3,949,407 TobIl Non-Operalng RevenuelO....r Source. of Fund. ....'26 $ 6,227,530 1,606,104 $ 4,035,975 1,280,492 $ 5,064,754 1,731,432 $ 6,113,292 1,721,389 $ 7,311,326 2,157,174 Tobll Revenue 54,067,187 62,618,688 $ 61,471,148 67,743,658 68,575,666 76,191,915 $ 76,943,016 $ 85,676,531 $ 85,919,338 $ 96,443,939 96,542,439 Note: For FY 2OOIJ, 11I1 reWftUMMe "-d upon FY 2007 M:fwl t'M&JIm <<lJwtwJ for growth ~ llllelnct'eUM R<<:IlIImed __..,..... fotecuted "-d upon aMltfted growth ttnd IlflPllcatJon of the wafW""", nn/n""""beglnnlnllln FY 2Ot1II, "'.,..., &mlnp.. clllculat<<l Mdt ,.,. bM<<l upon proJected fund IMlancea City of Clearwater Pinal Report 21 Burton & Associates Utility Economics I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 5 - CASH OUTFLOWS City of Clearwater Florida Water & Wastewater System Financial Management Program Summary Cash OutffoL'/s I FY 2001 fll!!l!!I ~ FY2011 f!..Im fY..a!!!! FY2014 FY 2016 ilJl!!! FY 2017 FY 201. - PSNOIUII Sel'Yices 510100 FuU lime Salaries & Wages $ 355.200 $ 364.alO $ 378.643 393,789 $ 409.540 $ 425,922 $ ....,959 $ 460,6n $ 479,104 $ 496,269 $ 518,199 510500 Owrtime $ 2,670 $ 2,737 $ 2.846 2,960 $ 3,078 $ 3,20:2 $ 3,330 $ 3.463 $ 3,601 $ 3,745 $ 3.895 520100 ute Ins $2500 Empl & Pens $ 60 $ 62 $ 64 66 $ 68 $ 70 $ n $ 7. $ 76 $ 76 $ 61 520200 1% Ute lnsulWIC8-Emplovee $ "'" $ 391 $ 403 415 $ 426 $ 441 $ 454 $ 467 $ 461 $ .96 $ 511 520300 Samp ute lnslJ'ance $ 620 $ 639 $ 658 671 $ - $ 719 $ 740 $ 763 $ 765 $ BOO $ 833 520400 Major Medicallns-Emp $ 37,200 $ 39,618 $ 42,193 44,725 $ 47,408 $ 50,253 $ 53,268 $ 56._ $ 59.652 $ 63,0143 $ 67,250 520600 Social Secllity-EmpIoyee $ 15,690 $ 16,161 $ 16,646 17,145 $ 17,659 $ 18,189 $ 18,735 $ 19,297 $ 19,876 $ 2O,4n $ 21,066 520700 Emp Pension Plan $ 22.290 $ 47,666 $ 49,594 62,496 $ 64,967 $ 67,587 $ 70,290 $ 73,10:2 $ 76.026 $ 79,067 $ 82,230 Additional Opebs Accrual $ ',642 $ 4,642 $ '.642 ',642 $ 4,642 $ '.642 $ 4,642 $ '.642 $ 4,642 $ '.642 $ 4,642 520900 Workers Compensation $ 2.960 $ 3,049 $ 3,140 3,234 $ 3.332 $ 3,431 $ 3.534 $ 3.640 $ 3,750 $ 3,662 $ 3,978 521000 Disability Insurance $ 690 $ 917 $ 944 973 $ 1,002 $ 1,032 $ 1.063 $ 1.096 $ 1,127 $ 1,161 $ 1,196 Total PeNlN\8.1 Services $ ....- $ 478,.' $ ....m 631,114 s ....... $ 57~401 $ &11.087 S ....- $ 648,321 $ 57..... $ 703,1101 0&11 Ex_n._ s:J)100 Professional SeNces 100,0Cl0 $ 103,000 $ 106,090 $ 109,273 112,551 $ 115,927 $ 119,405 122,987 $ 126,677 $ 130,477 134,392 540100 Garage SeMc85 5,7BO $ 5,982 $ 6,192 $ 6.406 6,633 $ 6,B65 $ 7,105 7.354 $ 7,611 $ 7,878 8,153 540200 Doc Repro & Print Shop S'oC 1,000 $ 1.005 $ 1,071 $ 1,109 1,148 $ 1,188 $ 1.229 1,272 $ 1,317 $ 1.363 1,411 540300 Telephone SaNce Variable 1.300 $ 1.346 $ 1,303 $ 1,441 1.492 $ 1.544 $ 1,599 1.654 $ 1,712 $ 1.m 1.934 540500 Radio S'oC-Fixed 500 $ 518 $ 536 $ 554 57. $ 594 $ 615 636 $ 658 $ 681 705 540600 T e/ephone S'ol:: Fixed 5BO $ 600 $ 621 $ 643 666 $ 689 $ 713 739 $ 764 $ 790 819 540700 Postal SeNce 1.000 $ 1.005 $ 1,071 $ 1,109 1,148 $ 1,188 $ 1,229 1,272 $ 1,317 $ 1.363 1,411 540900 Risk Mgmt BeNce 1,310 $ 1.356 $ 1.403 $ 1,452 1.503 $ 1.556 $ 1,610 1,667 $ 1,725 $ 1,785 1,648 541000 Info TecMology Charge 13,570 $ 14,045 $ 14,537 $ 15,045 15,572 $ 16,117 $ 16,681 17,265 $ 17,869 $ 18,495 19,142 541500 Garage Variable $ $ $ $ $ $ $ 541600 BIdg & Maint-Variable 200 $ 207 $ 21. $ 222 230 $ 239 $ 246 254 $ 263 $ 273 282 542000 Employee Benelils-Fixed 960 $ ... $ 1.028 $ 1,064 1,102 $ 1,140 $ 1,180 1,221 $ 1,264 $ 1.308 1.354 542500 Postage 50 $ 52 $ 53 $ 55 56 $ 59 $ 60 61 $ 63 $ 65 67 542800 Intertl Other Sefv Chgs 47,490 $ 49,152 $ SO.872 $ 52.653 54.... $ 56,403 $ 58,377 60,421 $ 62.535 $ 64,724 66,989 542900 Intetti Admin SElfV Olgs 92,120 $ 96.344 $ 98,681 $ 102,135 105,710 $ 109,410 $ 113,239 117,202 $ 121,304 $ 125,550 129,944 543100 Adwrtising 300 $ 309 $ 318 $ 328 33B $ 34B $ 35B 368 $ 390 $ 391 403 544100 Equip! Rental 900 $ rm $ 955 $ 9B3 1,013 $ 1.043 $ 1,075 1,107 $ 1,140 $ 1,174 1,210 545100 Ins....nce 2,180 $ 2,245 $ 2,313 $ 2.382 2.454 $ 2,527 $ 2.603 2,681 $ 2,762 $ 2,944 2.930 546100 Ok: Equip Sloe & Repair 500 $ 515 $ 530 $ 546 563 $ 5BO $ 597 615 $ 833 $ 652 ff/2 547100 Uribms-Em~aye& 1.960 $ 1,916 $ 1,973 $ 2,032 2.093 $ 2,156 $ 2,221 2,288 $ 2.356 $ 2,427 2.500 547200TnweI Expens&-Emp 11,750 $ 12,103 $ 12,466 $ 12,840 13,225 $ 13,621 $ 14,030 14,451 $ 14,885 $ 15,331 15,791 547300 MHeage Reimbursement 1,500 $ 1,545 $ 1,591 $ 1.639 1,_ $ 1,739 $ 1,791 1.845 $ 1.900 $ 1.957 2,016 547400 M811Is-Em~aye& 100 $ 103 $ 106 $ "" 113 $ 116 $ 119 123 $ 127 $ 130 134 548000 Other SeNces Or Olarges 200 $ 206 $ 212 $ 219 225 $ 232 $ 239 246 $ 253 $ 261 269 550100 OfIce Suwties 3.500 $ 3,605 $ 3,713 $ 3,825 3,939 $ '.057 $ 4,179 '.306 $ '.434 $ 4,567 4,704 550400 Operating SlWies & Matis 2.200 $ 2.268 $ 2.334 $ 2.404 2,476 $ 2.550 $ 2,627 2,706 $ 2,787 $ 2,871 2,957 557100 MembershipslSltls/lic Emp 28,340 $ 29,190 $ 30.066 $ 30.96B 31,897 $ 32,854 $ 33.639 34.655 $ 35.900 $ 36,9n 38,067 557200 0fIc1 RecolJlilion-Emp 60 $ 62 $ 64 $ 66 68 $ 70 $ n 7. $ 76 $ 7B 81 557300 T rairina & Ref Emp(llje& 9.500 $ 9.765 $ 10,079 $ 10,381 10,692 $ 11,013 $ 11,343 11,684 $ 12,034 $ 12,395 12767 Tobil oaM Expen._ _700 $ 330.... $ ....403 S 361,_ 373,811 $ -- $ ....- $ 411,312 $ 424,748 S 430,S82 ....... TOTAL ADMINISTRATION DEPARTIIENTAL EXPENSES 771,3&2 $ 81',423 S 850,2&8 S ....... ....603 S 1161,308 S -.- S 1,03&,036 S 1,074,018 $ 1,114,121 1,166,770 Page 1019 I I I I I I I I I I I I I I City of Clearwater Pinal Report 22 Burton & Associates Utility Economics I I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 5 - CASH OUTFLOWS City of Clearvvater Florida Water & Wastewater System Financial Management Program Summary Cash Outflows I FY2000 FY .... fUll2 FY2011 FY2012 FY 2013 FY 2014 FY201& fll'!!! fll2!Z FY2018 Waite...." Collection Pe..-oNlI Servie.. 510100 Full lime Salaries & Wages . 1,523.120 . 1,561,198 . 1,623,646 . 1,688,592 . 1,756,135 . 1,826,381 . 1,899,436 . 1,975,414 . 2,054,430 . 2,136,607 . 2,222,072 510500<:>wrtime . 75,000 . 76,875 . 79,950 . 83,148 . 86,474 $ 89.933 $ 93.530 . 97,271 $ 101,162 . 105,209 . 100,417 520100 life Ins $2500 Empl & Pens . 3SO . 361 . 371 . 382 . 394 . 406 . 418 . 430 . 443 . 457 $ 470 520200 1% Ute Insurance-Employee . 3,130 . 3,224 . 3,321 . 3,420 . 3,523 . 3.629 . 3,737 . 3.850 . 3,965 . 4,084 . 4.206 520300 Samp ute InslJ"ance . 210 . 216 . 223 . 229 . 236 $ 243 . 251 . 258 . 266 . 274 . 282 520400 Major Medicallns-Emp . 217,000 . 231,105 . 246,127 . 260.894 . 276,548 . 293.141 . 310,729 . 329,373 . 349,136 . 370,084 . 392.289 520600 Social SeclJity-Employee . 25,580 . 26,347 . 27,138 . 27,952 . 28,791 $ 29,654 . 30.544 . 31,460 . 32.404 . 33,376 $ 34,377 520700 Emp Pension Plan . 197,510 $ 212,949 . 221,467 . 279.049 . 290,211 . 301,819 . 313,892 . 326,448 $ 339,506 . 353,0ll6 . 367,209 Additional Opebs Accrual . 20,730 . 20,730 . 20,730 . 20,730 . 20,730 . 20,73) . 20,730 . 20,730 $ 20,730 . 20,730 . 20.730 52O!lOO Workmans Compensation . 39,070 . 40,242 . 41,449 . 42,693 . 43,974 . 45.293 . 46.852 . 48,051 $ 49._ . 5lJ,977 $ 52,5lJ7 521500 Medical Examinations . . . . . . . . . . . Tobil P.~I hrvic.. . 2,101,700 S 2,173,248 $ 2,264,422 S 2,407,080 . 2,507,018 $ 2,811,22D . 2,718,818 . 2.ll33,280 . 2,151,535 S 3,074,884 . 3,203,&80 oall Ex_n._ 530100 Professional SeNces $ $ . $ $ $ . . . . 530300 Other Contractual Serv . 11,000 . 11,330 . 11,670 12,020 $ 12,381 . 12,752 . 13,135 $ 13,529 . 13,934 $ 14,353 . 14,783 540100 Garage SeNees . 495.800 . 510,674 . 525,994 541,774 . 558,027 . 574,768 . 592,011 $ 609,771 . 628.065 $ 646,907 . 666,314 540200 Doc Repro & Print Shop S\t: . 700 . m . 743 765 . 788 . 811 . 836 . 881 . 897 $ 913 . .., 540:JX>Telephone SeNce Variable . 6,75lJ . 6.963 . 7,161 7,376 . 7,597 . 7,825 . 8.060 . 8.302 . 8,551 . 8,807 . 9,071 540500 Radio S\t:-Fixed . 15,080 . 15,5.'32 $ 15,998 16,478 . 16,973 . 17,482 . 18,006 $ 18,546 . 19,103 . 19,676 . 20,266 540000 Telephone S\t: Fixed . 2.800 . 2,987 S 3,077 3,169 . 3.264 . 3.362 . 3.463 . 3,567 . 3,674 . 3,784 . 3,897 540700 Postal SenK:e . . $ . . . . . . . 540900 Risk Mgnt SeNce . 8,530 . 8.788 . 9.049 9,321 . 9,601 $ 9.889 $ 10,185 $ 10,491 . 10,806 . 11,130 . 11,464 541000 Info Tec:twKJlogy Charge . 75,220 . 77,477 . 79,801 82,195 . 64,661 . 87,201 . 89,817 $ 92,511 . 95,266 . 98,145 . 101,089 541100 BIdg & Main! Dept S\C Fx . 349,400 . 358.882 . 370,678 381,799 . 393,253 . <105,050 . 417,202 . 429,718 . 442,609 . 455.888 . ....584 541500 Garage Variable . 11,250 . 11,588 . 11,935 12,293 . 12,662 . 13,042 $ 13,433 $ 13,836 . 14,251 . 14,679 . 15,119 541600 BIdg & Maint-Variable . . . . . . . . . . 541 aoo Aaninistratiw Charge . 584,940 . 571,588 . 588,736 606.396 . 624,590 . 643,328 . 662,627 . 682,506 . 702,981 . 724,071 . 745,793 542000 Employee Benefits-Fixed . 6,250 . 6.438 . 6,631 6.830 . 7.004 . 7,245 . 7.463 $ 7,687 . 7,917 . 8,155 . 8.396 542100 Teleptx>ne-U1il Chgs . 3.500 . 3.605 . 3,713 3,825 . 3.939 . 4.057 . 4,179 . 4.305 . 4.434 . 4,567 . 4,704 542200 EIec-U1il awges . 240,000 . 252,000 . 264.600 2T1.~ . 291,722 . 306.306 $ 321,623 . 337,704 $ 354.589 . 372,319 . 390,935 542300 GaS,Water & Sanitation UII . 6,500 . 6,895 . 8.896 7,103 . 7,316 . 7,535 . 7,761 . 7,994 $ 8,234 . 8,481 . 8,735 542500 Postage . 200 . 206 . 212 219 . 225 . 232 . 239 . 246 . 253 . 261 . 269 542700 Interi::l S\C Chg-0lher FlIld . 51,840 . 53.395 . 54,997 56,647 . 58.346 . 60,097 . 61,900 . 63,757 . 65.669 . 67,639 . 89.669 542800 Interi::I Other Serv Chgs . 277,010 . 285,320 . 293.880 302.586 . 311,777 . 321,131 . 330,764 . 340.887 . 3SO.1lO8 . 361,435 . 372,278 542000 Interi::l Admin SeNee Chg . 552,720 . 589.302 . 586,381 603,972 . 622,001 . 640,754 . 659,977 . 679,776 . 700,169 . 721,174 . 742,809 543100 Adlalising . 200 $ 206 . 212 219 . 225 . 232 . 239 . 246 . 253 . 261 . 269 543200 Other Promotion ActMly . 1,000 . 1.030 . 1,061 1,093 . 1,126 . 1,159 . 1,194 . 1,230 . 1,267 . 1.305 . 1.344 543400 Printing & Binding . 1.000 . 1,030 . 1,061 1.093 . 1,126 . 1,159 . 1,194 . 1,230 . 1,267 . 1.305 . 1.344 543500 OlInp Fee . 13,500 . 13,905 . 14,322 14,752 . 15,194 . 15,650 . 16,120 . 16,603 . 17,101 . 17,614 . 18,143 543600 Taxes . 500 . 515 . 530 546 . 583 . "" . "'7 . 615 . 633 . 852 . 672 544100 Equip! Rental . 7.000 . 7,210 . 7,426 7,649 . 7,879 . 8,115 . 8.358 . 8,600 . 8,867 . 9,133 . 9,<107 545100 InsU'ance $ 380.390 . 391,791 . <03.545 415,651 . 426,121 . 440.965 . 454,194 . 467,819 $ 481,854 . 496,310 $ 511,199 546200 Other Equip S\C & Repair . 11,000 . 11,330 . 11,670 12,020 $ 12,381 . 12,752 . 13,135 . 13,529 . 13,934 . 14,353 . 14,783 547100 Uriloons-Emplayee $ 11,160 . 11,495 . 11,840 12,195 . 12,561 . 12,937 . 13,326 . 13,725 . 14,137 . 14,561 . 14,998 547200 Trawl Expense-Emp S 5.000 . 5,150 . 5.305 5,464 . 5,628 $ 5,796 $ 5,970 $ 6,149 . 6.334 $ 6,524 $ 6,720 547300 Mile8.ge Reimbursement . 500 . 515 . 530 546 . 583 . "" . "'7 . 615 . 633 . 65> . ff/2 547400 Meals-Emplayee $ 400 . 412 . 424 437 . 450 . 464 . 478 . 492 . W7 . 522 . 538 548000 Other SeNees Or Charges . 600 . 618 . 537 658 . ff15 . 586 $ 716 . 736 . 760 . 783 . BOO 550100 otIce Suwlies . 4.000 . 4,120 $ 4,244 4,371 . 4,502 . 4,537 . 4,776 . 4,919 . 5,067 . 5,219 . 5,376 550400 Operating Sl4'PIies & Matis . 220,000 . 226,600 . 233,398 2<10,400 . 247,612 . 255,040 . 262,692 . 270,572 . 278,689 . 267,050 . 295.662 552500 $750-5000 Mach & Eqlip . 2.000 . 2.060 . 2,122 2,185 . 2,251 $ 2,319 $ 2.388 $ 2.460 $ 2.534 . 2,610 . 2.688 557100 MembarshipslSlbs/Lic Emp . 2.940 . 3,028 . 3,119 3,213 . 3.309 . 3.406 . 3,511 . 3,616 . 3,724 . 3.836 . 3,951 557200 otIcl R9co!Jlition.-Emp . 380 . 371 . 382 390 . "'5 . 417 . 430 . 443 . 456 . 470 . 484 557300 Training & ReI Emplayee . 14,590 . 15,028 . 15,479 15,943 . 16,421 . 16,914 . 17,<421 $ 17,944 $ 18,482 . 19,037 . 19,608 564000 >$5,000 Machinery & Equip . 2a550 . 24,257 $ 24,984 25,734 . 26,506 . 27,301 . 28,120 . 28,964 . 29.832 . 30,727 . 31,649 Tobil oall Expe~_ $: 3,381,270 . 3,475,148 . 3,184,443 3,817,2t8 . 3,813,742 . all33,'" . 4,068,135 S 4,188,311 S 4,318,_ . ......... S 4,&16,412 TOTAL WASTEWATER COLLECTION DEPARTMENTAL EXPENSES $ &,470,870 . 5,..... . 6,848,816 e,104,358 . 8,320,758 . 8,546,218 . 8,778,064 . 7,018.617 . 7,270,110 . 7,630,1110 . 7,711,172 Page 2 of 9 I I I I I I I I I I I I I I City of Clearwater Pinal Report 23 Burton & Associates Utility Economics I I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 5 - CASH OUTFLOWS City of Clearwater Florida Water & Wastewater System Flnanc181 Management Program Summary Cash OutfloLVS I W."r Pollution Control f!.l!!!!! f!.l!!!!! FY 2010 f!J2!! FY 2012 f!J21! f!lW f!.m!! ~ FY2017 fY 2018 P....,..I S.me.. 510100 Full lime Salaries & Wages . 2.222,500 . 2.278,063 . 2,369,185 . 2,463.952 . 2,562,510 . 2,665,011 2,771,611 . 2,882,476 . 2,9'97.775 . 3,117,686 . 3,242,393 510500 OWlrtime . 164,000 . 168,100 . 174,624 . 181,817 . 169,090 . 196,653 204,519 . 212,700 . 221,208 . 230.056 . 239,259 520100 Life Ins $2500 Empl & Pens . 500 . 515 . 530 . 546 . 563 . ~ 597 . 515 . 633 . 652 . 672 520200 1% We k1surance-Em~oyee . 5.800 . 5,974 . 6,153 . 6.336 . 6,528 . 6,724 6,926 . 7,133 . 7,347 . 7,566 . 7,795 520000 Samp Life Insl.l"aoce . 240 . 247 . 255 . 262 . 270 . 276 287 . 295 . :lO4 . 313 . 323 520400 Major Medical Ins-Emp . 310,000 . 3:1),150 . 351,610 . 372,706 . 395.009 . 418,773 443.899 . 470,533 . 498,765 . 528,691 . 500,413 520600 Social Sec~ty-Employee . 43,400 . 44,702 . 46.043 . 47,424 . 48,847 . 50,312 . 51,822 . 53,377 . 54,978 . 56,627 . 58.326 520700 Emp Pension Plan . 277,900 . 318,001 . 330,721 . 416,709 . 433.377 . 450,712 . 468,741 . 487,490 . 506,990 . 527,269 . 546.360 Additional Opebs Accrual . 30.956 . 30,956 . 30,956 . 30,956 S 30.956 . 30,956 . 30,956 . 30.956 . 30.956 S 30.956 . 30.956 520900 Workmans Qlmpensalion . 34,410 . 35.442 . 35,506 . 37,601 . 38,729 S 39,891 S 41,087 . 42,320 S 43.590 . 44,897 . 46,244 521000 Disability Insurance . 440 . 453 . 467 . 461 . 495 S 510 S 525 . 541 S 557 . 574 . 591 521500 Medical Examinations . . . . . . . S . S . Total Penortlll Seme.. . 3.0e0.141 . 3,212,104 . 3.347.260 $ 3,568,793 . 3,708,434 $ 3,880,400 . 4,020,171 S 4,188,437 . 4,363,104 S 4,646,211 . 4,735.332 O&M Ex_.-e 53)100 Professional SeNces . 60,000 . 61,800 . 63.654 S 65.564 . 67,531 . 69.555 . 71,643 . 73,792 . 76,006 . 78,286 60.635 53)3()()OtherContractual S8IV . 650,000 . 650.000 . 875,500 S 901,765 . 928,818 . 956.682 . 965.383 . 1,014,944 . 1,045,393 . 1,076,755 1,109,057 Aqustment To Biosolids . . 85,000 . 87,550 . 9O,1n S 92.862 . 95,666 S "".538 . 101,494 . 104,539 . 107,675 . 110,906 540100 Garage SenAces S 219,820 . 226,415 . 233,207 . 240,203 S 247,0409 . 254,8:32 . 262,4n . 270,351 . 278,461 . 286,815 . 295,420 540200 Doc: Repro & Print Shop SI,(: . 300 . 309 . 316 . 328 . 336 S 348 S 358 . 359 . "'" . 391 . <03 540300 Telephone Sen.ice Variable . 48,990 . SO."" . 51,973 . 53.533 . 55,139 S 56,793 S 58,497 . 60,252 . 62.059 . 63,921 S 65.836 540400 Messenger SeMce . 1,210 . 1,246 . 1,284 . 1.322 . 1,362 S 1.<03 . 1.445 S 1.468 . 1,533 S 1.579 . 1,626 S40500 Radio SI,(:-Fixed . 12,660 . 13,040 . 13,431 . 13,834 . 14.249 . 14,676 . 15,117 . 15,570 . 16.037 S 16,518 . 17,014 540600 Telephone SI,(: Fixed . 4.650 . 4,790 . 4.933 . 5,081 S 5.234 . 5,391 . 5.552 . 5,719 S 5.890 . 6.067 . 6,249 540700 Postal SeNce . 300 . 309 . 318 . 328 . 336 . 348 . 358 . 359 . 360 . 391 . <03 540900 Risk Mgnt BeNce . 11,590 S 11,938 . 12,296 . 12,665 . 13,045 . 13,436 . 13,839 . 14,254 . 14,682 . 15,122 . 15,576 541000 Info Technology Charge . 104,700 . 107,841 . 111,076 S 114,409 . 117,841 . 121,376 . 125,017 . 128,768 . 132,6:31 . 136,610 . 140,708 541100 BIdg & Maint Dept SI,(: Fx . 520,370 . 535,981 S 552,061 . 566,622 . 585,681 . 603,251 . 621,349 . 639,989 . 659,189 . 678,965 . 688.334 541200 Custodial SeNce . 25,910 . 26,687 . 27,488 . 28,313 . 29,162 . 30.037 . 30.938 . 31,866 . 32.822 . 33.807 . 34,821 541500 Garage Variable . 1,100 . 1,133 . 1,167 . 1,202 . 1,238 . 1,275 . 1,313 . 1,353 . 1,393 . 1.435 . 1,478 541600 BIdg & Maint-Varia~e S . . . S . S . . . . 541700 Radio SeNce-Varia~e . . . . . . S S S S . 541800 Aaninistratiw Olarge . . . . . S . S S S . 542000 Employee Benefits-Fixed . 8.500 . 8,755 . 9,018 . 9,288 S 9,567 . 9,654 . 10,149 . 10,454 S 10,768 . 11,091 . 11,423 542200 EIec-U1il Olarges . 2,100,000 . 2,205,000 . 2,315,250 . 2,431,013 . 2,552,563 . 2,680,191 . 2,814,201 . 2,954,911 S 3,102,656 . 3,257,789 . 3,420,679 542:m Gas,Water & Sanitation Uti . 163,200 . 168,096 . 173,139 . 178,333 . 183,683 . 189,194 . 194,869 . 200,715 S 206,737 . 212,939 . 219,327 542500 Postage . 8.600 . 6,858 S 9,124 S 9,397 . 9,679 . 9,970 . 10,269 . 10,5n . 10,894 . 11,221 . 11,558 542800 lnIertl Other 8ElfV Ctgs . 395.720 . 407,592 S 419,819 . 432,414 . 445.366 . 458,748 . 4n,510 . 468,686 S 501 ,286 . 516,325 . 531,815 542900 1nI&Jti Admin SeNce Chg . 767,670 . 790,700 . 814,421 S 836.854 . 864,019 . 689._ . 916,638 . 944,137 . 9n,461 S 1,001,635 . 1,031,684 543100 Adwrtising . 500 . 515 . 530 . 546 S 563 . ~ . 597 . 615 . 633 S 652 . "" 54:mO Freight S "" . 412 . 424 . 437 S 450 . 464 S 478 . 492 . S07 . 522 . 538 543400 Printing & Binding . . . . S . S . . . . 543500 Ol.mp Fee . . . . . S . S S S . 543600 Taxes . 30,000 S 30.900 . 31,827 . 32,782 . 33.765 S 34.778 . 35,822 S 36.696 S 36.003 S 39,143 . 40,317 544100 Equipt Rental . 25,000 . 25,750 . 28.523 . 27,318 . 28,138 . 28,982 . 29,851 . 30,747 S 31,669 . 32,619 S 33.598 545100 SIIIIiy hsuranc:e . 442,560 . 455,837 . 469,512 . 483,597 . 498,105 S 513,048 . 528,440 S 544.293 . 560,622 . 577.440 . 594,764 546100 Ole Equip SI,(: & Repair . . . . . . . . S . S 546200 Other Equip SI,(: & Repair . 23,000 S 23,690 S 24,401 . 25,133 . 25,887 . 26,663 . 27.463 . 28,287 . 29,136 . 30,010 . 30,910 546400 BkIg Repair Maint S1o(;5 . 3.430 . 3,533 . 3.639 S 3,748 . 3.860 . 3,976 . 4.006 . 4,218 . 4,345 . 4,475 . 4,610 547100 Unibrms-Emplayee . 15,500 . 15,965 . 16,444 S 16,937 . 17,445 . 17,969 . 18,508 . 19,063 S 19,635 . 20,224 . 20,831 547200 Trawl Expense-Emp . 7,670 . 7,900 . 8,137 . 8,381 . 8.533 . 6,692 . 9,158 . 9,433 . 9,716 . 10,008 . 10,308 547:m MileagEl Reimbursement S 2.590 . 2,668 S 2,748 . 2,630 S 2,915 . 3.003 . 3.003 . 3,185 . 3,281 . 3,379 S 3,481 547400 Meals-Employee . 6.000 . 6,180 . 6.365 S 6.555 . 6,753 . 6.956 S 7,164 . 7,379 . 7,601 . 7,829 . 8.063 548000 Other SenAces Or CtIarges . 1.000 . 1,000 . 1,061 . 1.093 . 1,126 . 1,159 . 1,194 . 1.230 . 1,267 . 1,306 . 1.344 550100 OfIce Supplies . 12,000 S 12,360 . 12,731 . 13,113 . 13,506 S 13,911 . 14,329 S 14,758 . 15,201 . 15,657 . 16,127 550400 Operating Sl41PIies & Malls . 236.890 S 243,997 . 251,317 . 258,856 . 266,622 . 274,620 . 282,859 . 291,345 S 300.085 . 309,086 . 318,360 551000 Lab Chern Supplies . 1,200,440 . 1,236,463 . 1,273,547 . 1,311,753 . 1,351,106 . 1,391,639 . 1,433,388 S 1,476,390 . 1,520,681 . 1,566,302 . 1,613,291 551100 Medical Supplies . 530 . 546 . 562 . 579 . 597 . 614 . 633 S 652 . 671 S 692 . 712 552500 $750-5000 Mach & Equip . 6.000 . 6,180 . 6.365 . 6,555 . 6,753 . 6,956 . 7,164 . 7,379 S 7,601 . 7,829 . 8.063 557100 Memberships/SlbsfUc Emp . 1.500 S 1,545 . 1,591 . 1.639 . 1.668 . 1,739 . 1,791 . 1,845 S 1.900 . 1.957 . 2,016 557200 OfIcl Recognition-Emp . 500 . 515 S 530 S 546 . 563 . ~ . 597 . 615 . 633 S 652 . "'2 557:Dl Training & Ref Employee . 9,200 . 9,476 S 9,760 . 10,053 . 10,355 . 10,666 . 10,985 . 11,315 . 11,654 S 12,004 . 12,364 564000 :>$5,000 Machinery & Equip . 7.500 . 7,nS . 7.957 . 8,195 S 8,441 . 6,695 . 8.965 . 9,224 . 9,501 . 9,786 . 10,079 572200 Interest Other . 62,100 . 63,lI63 . 65.882 . 67,858 S "'.- . 71,991 . 74,151 . 76,375 . 78,666 . 81,026 S 83,457 TobIl aiM Expena. $ 7.-'800 . 7.723.088 S 7.-'881 . 8.285,152 . ~682,327 S '.8DO,848 . 8,211.177 . _.643,717 . -.-.- S 10,247,838 S 10,120.&32 TOTAL WATER POLLlITION CONTROL DEPARTNBfTAl S 10._741 $ 10.13&.112 $11.3.'131 $ 11,843,045 $12,288.,711 $ 12,7&1,248 S 13.232.148 S 13.732,233 S 14.252,313 $14.713,221 S 15.3&6.884 Page 3 of 9 I I I I I I I I I I I I I I City of Clearwater Pinal Report 24 Burton & Associates Utility Economics I I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 5 - CASH OUTFLOWS City of Clearwater Florida Water & Wastewater System Financial Management Program Summary Cash Outflows I bbor.tory FY_ !:!!l!!!! FY 2010 FY2011 FY 2012 E!..m! FY 2014 FY2015 FY 201' FY 2017 FY 2018 P.~I Servle.. 510100 Fun Time Salaries & Wages . 396.220 . 408,176 . 424,503 . 441,463 . 459,142 $ 477,508 . 496,608 . 516,472 . 537,131 . 558,616 . 500,961 510200 Part Time Salaries & Wages . . . . . . . . . . . 510500 Q.gtime . . . . . . . . . . . 520100 Ule Ins $2500 EmpI & Pens . 90 . 93 . 95 . 96 . 101 . 104 . 107 . 111 . 114 . 117 . 121 520200 1% life murance-Employee . 1,110 . 1,143 . 1,178 . 1,213 . 1,249 . 1,287 . 1,325 . 1.365 . 1.406 . 1.... . 1.492 520300 Samp life Instnnce . 720 . 742 . 764 . 70l . 610 . 635 . aeo . 666 . 612 . 939 . 966 520400 Major Medical m-Emp . 55.600 . 59.427 . 63,290 . 67,087 . 71,112 . 75,379 . 79.902 . 64.695 . 89,778 . 95,164 . 100,874 520600 Social SeclJity-EmpIoyee . 9,250 . 9,528 . 9,813 . 10,106 . 10,411 . 10,723 . 11,045 . 11,376 . 11,718 . 12,069 . 12,431 520700 Emp Pension Plan . 43,740 . 53.063 . 55,185 . 69.534 . 72,315 . 75,207 . 78,218 . 81,344 $ 64.596 . 87,962 . 91,501 Ad:litiooal Opebs Accrual . 5,168 . 5,166 . 5,166 . 5,166 . 5,166 . 5,166 . 5,166 . 5,166 $ 5,166 . 5,166 . 5,166 520900 Workmans Compensation . 4.550 . 4,687 . 4.627 . 4,972 . 5,121 . 5,275 . 5.433 . 5.596 . 5,764 . 5.937 . 6,115 521000 Disability nsurance . 330 . 340 . 350 . 361 . 371 . 363 . 394 . 406 . 416 . 431 . 443 521500 Medical Examinations . . . . . . . . . . . TotAl P...1UI1 S.rvic*. $ 518,171 $ .....- . 515,171 . 000,007 $ S25,7H . 561,_ $ 171,056 . 707,418 . 737._ . 717,870 . 800.072 O&M ExDen... 530100 Professional SeNces . . . . . . 530000 Other Contractual Serv 70,000 . 72,100 . 74,263 76,491 78,766 81,149 . 63.564 . 86,091 . 88,674 . 91,334 94,074 540100 Garage SeMces 5,700 . 5.953 . 6,132 6,316 6,505 6,701 . 6.902 . 7,109 . 7,322 . 7.542 7,768 540200 Doc Repro & Print Shop Sy:: 200 . 206 . 212 21. 225 232 . 239 . 246 . 253 $ 261 269 540300 Telephone SeNce Variable 500 . 515 . 530 546 563 500 . "'7 . 615 . 633 . 652 672 540500 Radio S\C-Fixed 500 . 515 . 530 546 563 500 . "'7 . 615 . 633 . 652 672 540700 Postal Ser.ice . . . . . . 540900 Risk Mgnt Ser.ioo 1,970 . 2.029 . 2.090 2,153 2,217 2,284 . 2.352 . 2,423 . 2._ . 2,570 2.646 541000 Info Technology Olarge 29,370 . X),251 . 31,159 32.093 33.056 34.046 . 36.069 . 36,121 . 37,205 . 38,321 39,471 541100BIdg & Maio! [)apt S\C Fx 41,340 . 42.500 . 43.656 45,173 46,529 47,924 . 49.362 . 50.643 . 52.366 . 53.939 55.556 541200 Custodial SaMee 22.060 . 22.m . 23,403 24,106 24,829 25,574 . 26,341 . 27,131 . 27,945 . 28,783 29,647 541:J)() Print Shop S\Cs . . . . . . 541500 Garage Variable 290 . 266 . 2fi7 306 315 325 . 334 . 344 . 355 . 365 376 541000 BIdg & MainlNariable . . . . . . 541700 Radio BeNce-Variable . . . $ . . 541800 A<tninistratiw Olarge . . . . . . 542000 Employee Benefits-Fixed 1.440 . 1.463 . 1.526 1,574 1,621 1.669 . 1,719 . 1,771 . 1,824 . 1,879 1.935 542:J)() Gas,Water & Sanitation UII 30.000 . 30.900 . 31,827 32,782 33,765 34,778 . 35,822 . 36.... . 36.003 . 39,143 40,317 542500 Postage 100 . 103 . 106 "" 113 116 $ 11. . 123 . 127 . 1:<> 134 542800 InIerij Other Serv Chgs 71,230 . 73,367 . 75,568 77.635 00,170 82,575 . 65.062 . 87,604 . 90,232 . 92,939 95,727 542900 Intertl Admin SaMee Chg 138,100 . 142,325 . 146,595 150,993 156,523 160,188 . 164,994 . 169,944 . 175,042 . 180,294 185,702 543600 Taxes 4.500 . 4.635 . 4,774 4,917 5.065 5,217 . 5,373 . 5.534 . 5.700 . 5,871 6.046 544100 Equipt Rental 2.000 . 2.060 . 2,122 2,185 2,251 2,319 . 2.366 . 2.460 . 2.534 . 2,610 2.669 545100Smay muranoo 1.430 . 1.473 . 1,517 1.563 1.009 1.656 . 1,707 . 1,759 . 1,811 . 1.666 1.= 546100 Ole Equip Sy:: & Repair . . . . . . 546200 Other Equip Sy:: & Repair 5.500 . 5.666 . 5.635 6,010 6,190 6,376 . 6,567 . 6,764 . 6,967 . 7,176 7.392 547100 Unilorms-EmplC7fee 2,790 . 2,874 . 2.960 3.049 3,140 3,234 . 3,331 . 3,431 . 3.534 . 3.640 3,750 547200 Trawl EXpe05&-Emp 6.000 . 6,180 . 6.365 6.556 6,753 6.656 . 7,164 . 7,379 . 7,601 . 7.629 6.063 547300 Mile8ge AeimOOrsement 900 . fO.7 . 955 963 1,013 1.043 . 1,075 $ 1,107 . 1,140 . 1,174 1,210 547400 Meals-Employee 130 . 134 . 136 142 146 151 . 155 . "" . 165 . 170 175 S48000 Other SeNces Or Charges 300 . 309 . 316 326 336 346 . 356 . 369 . 360 . 361 403 550100 OIIce SuAJIies 3.000 . 3.090 . 3,183 3,278 3,377 3,478 . 3.562 . 3.690 . 3.600 . 3,914 4.032 550400 Operating Sl4lPIies & Matis 3.500 . 3.605 . 3,713 3,825 3.939 4,057 . 4,179 . 4.305 . 4.434 . 4.567 4.704 561000 Lab Olem Supplies 106,000 . 109,180 . 112,455 115,829 119,:xM 122,883 . 126,570 . 130,367 . 134,278 . 138,306 142,455 561500 Medical SuAJIies . . . . . . 552500 $750-5000 Mach & EqLip 2.000 . 2.060 $ 2,122 2,185 2,251 2,319 . 2.366 . 2.460 . 2.534 . 2,610 2.666 557100 MembershipslSlbsIlic Emp 540 . 556 . 573 590 006 626 . 645 . 664 . 664 . 705 726 557200 OIIcl Recoglilioo-Emp 90 . 93 . 95 96 101 104 . 107 . 111 . 11. $ 117 121 557:J)() Training & Ref Employee 6.300 . 6._ . 6.664 6.664 7,091 7.303 . 7,523 . 7,748 . 7,981 . 8,220 8,467 564000 >$5,000 Machinery & Equip . . . . . . Toul O&M Expense. 167._ $ 674,_ . 1t1,_ ....... 027.... ....794 . 11I,118 . ....'84 $ 700."" . m.ln 748,811 TOTAL LABORATORY DEPARTJIENTAL EXPENSES 1,071,_ . 1,117,030 1,157,078 1,210,472 1,263,764 1,2M,1IO . 1,34&,253 . 1,383,101 . 1.443,m . 1,485,8C2 1,54Cl,D3 Page 4 of 9 I I I I I I I I I I I I I I City of Clearwater Final Report 25 Burton & Associates Utility Economics I I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 5 - CASH OUTFLOWS City of Clearwater Florida Water & W<1stewater System Financial Management Program Summary Cash Outflows I I ...........1 Pre"'abnenl fLI!!I!! fLI!!I!! fllil! flJW = fY.J2l! fLaW fXJ!!I fLaW flJI1I fLaW Pereonrol s.rvi.. 510100 Fullime SaIeories & Wages . 278,m . 286,001 . 297,233 309,122 . 321,<487 . 334.3<6 . 347,720 . 361,629 . 376,aM . 391,138 . 406.784 510500 CMlrtime . 10,000 . 10,250 . 10,660 11,086 . 11,530 . 11,991 . 12,471 . 12,970 . 13,0i88 . 1<4,028 . 14,589 520100 ute Ins $2500 E~ & P.. . '" . 62 . 64 .. . .. . 70 . n . 74 . 76 . 78 . ., 520200 1 % Uil hsurance-Emplovee . I.SIlO . 1.606 . 1,667 1,737 . 1.290 . 1,643 . 1.... . 1.956 . 2,014 . 2,075 . 2,137 520300 Samp lite 1nIlnJ'lC& . 110 . 113 . 117 120 . 124 . 126 . 131 . 135 . 139 . 144 . 146 520400 Major Medical hs-Emp . 37,200 . 39,818 . 42,193 44,725 . 47,408 . 50,253 . 53.266 . 56._ . 68,662 . 63.443 . 67.250 520600 Sooial 5ecLlity-EmpIoyee . 7,630 . .,065 . 8,307 ..556 . 8,813 . e,on . 9,349 . 9,630 . 9,919 . 10,216 . 10,523 520700 Emp Pension P18n . 26,290 . 36,467 . 40.026 SO.433 . 52.450 . 54.546 . 56,730 . 56.... . 61,359 . 63,81<4 . 66.366 Addllional 0peb8 AcclUlll . 3,747 . 3,747 . 3,747 3,747 . 3,747 . 3,747 . 3,747 . 3,747 . 3,747 . 3,747 . 3,747 520900 Wakmans Compensation . 3,570 . 3,677 . 3,7rf1 3,901 . 4,018 . 4,139 . 4.263 . 4,391 . 4.522 . 4,656 . 4.7\l6 521000 Disability Insurance . 290 . 299 . 306 317 . 326 . 336 . 3<6 . 357 . 367 . 378 . 390 521500 Medical Examinations . . . . . . . . . . Teal PereonrolServtce. . m,007 . .1.711 . ....,.. 433,810 . 461,710 . 470,477 . "','" . 110,360 . 1S1,m . 1IS,71' . m,11. l1IIUu!!!!o! 530100 ProIessional Ser.ices 25,000 . 25,750 26.523 . 27,318 28,138 . 28,982 29,861 . 30,747 . 31,669 . 32,619 . 33.... 530300 Other Contractual Serv 25,000 . 25,750 26.523 . 27,318 28,138 . 26,962 29,861 . 30,747 . 31,669 . 32,619 . 33,'" 540100 Garage SeNe. 11,760 . 12,113 . 12,476 . 12,850 13,236 . 13,633 14,042 . 14,463 . 14,897 . 15,344 . 15,8>4 540200 Doc ABpo & Print Shop S\C 100 . 103 . 106 . 106 113 . 11. 119 . 123 . 127 . "., . 134 540300 Telephone S\C V.-iable 2.200 . 2.266 . 2,334 . 2.404 2,476 . 2.550 2,627 . 2,706 . 2,787 . 2,871 . 2,957 540600 Radio SIC-FIxed 2,440 . 2,513 . 2.569 . 2.... 2,748 . 2.629 2,913 . ~001 . 3,001 . 3,184 . 3,279 540700 Postal Sen.ice 460 . 474 . 466 . 503 51. . 533 549 . 566 . 563 . 600 . .,. 54OlIOO Risk Mgnt Sen.ice 1,~ . 1,576 . 1.623 . 1,672 1.722 . 1,n4 1,827 . 1,662 . 1.636 . 1,996 . 2.056 541000 Irm Tectnology Charge 13,740 . 14,152 . 14,5n . 15,014 15,464 . 15,928 16,406 . 16,898 . 17,405 . 17,928 . 18,465 541500 Garage VariIIbIe . . . . . . . . 542000 Employee BeneIIs-Fll(ed 1,120 . 1,154 . 1,188 . 1,224 1,261 . 1,296 1,337 . un . 1,419 . 1,481 . 1.505 542500 Postage 3lXl . 306 . ". . 326 336 . 3<6 356 . 366 . 360 . 391 . 403 542800 Intertl 0thBr ServChgs 47,490 . 48,915 . SO,362 . 51,894 53,450 . 55.054 56.706 . 56.407 . 60,159 . 61,964 . 63,823 542900 Inert! Admin SeNce Q,;j 92,120 . 94,664 . 97,730 . 100,662 103,882 . 106,792 100,996 . 113,296 . 116,895 . 120,196 . 123,802 543100 Adwrtising 400 . 412 . 424 . 437 450 . _ 47. . 492 . S07 . 522 . 536 543600 TDes . . . . . . . . 544100 E~t Aerul 1,000 . 1,000 . 1,061 . 1.003 1,126 . 1,159 1,194 . 1,230 . 1,267 . 1.306 . 1,344 545100 lr8lnl'lCe 1.290 . 1.329 . 1,366 . 1,410 1.452 . 1,495 1.540 . 1,567 . 1,634 . 1.663 . 1.734 546200 Other Eq.lip S\C & Repair 2.000 . 2.060 . 2,122 . 2,185 2,251 . 2,319 2,366 . 2.460 . 2.534 . 2,610 . 2.... 547100 Unibms-Emplovee 1,660 . 1,916 . 1,973 . 2,032 2.003 . 2,156 2,221 . 2,288 . 2.356 . 2.427 . 2.500 547200 TnMI Expens&-Emp 3.000 . 3.000 . ~163 . 3,278 3.377 . 3,478 3,562 . 3.690 . 3,600 . 3,914 . 4.032 547300 Mileage Reimtusement 600 . .,. . 637 . 656 675 . ... 71. . 736 . 760 . 763 . llO6 547400 MeaIs-Emplovee ISO . 155 . '68 . 164 160 . 174 179 . 164 . 160 . 196 . 202 548000 0thBr SenAe. Or Qwges . . . . . . . . 550100 OIIce Supplies 3,000 . 3.000 . 3,183 . 3,278 3.377 . 3,478 3.562 . 3,690 . 3.600 . 3,914 . 4.032 550400 Operating SLWliee & Matis 5,000 . 5,150 . 5.306 . 5.... 5,628 . 5.7ll6 5,970 . 6,149 . ..334 . 6,524 . .,720 551000 lab a.n SUAllies 2,000 . 2.060 . 2,122 . 2,185 2,251 . 2,319 2.366 . 2,460 . 2.534 . 2,610 . 2.... 552500 $750-5000 M8ch & Eqtip 5,700 . 5,871 . 8,047 . 5.220 6,415 . ..... 6,llO6 . 7,010 . 7,221 . 7.UT . 7,f!iiI) 557100 MembefshlpslSWtJUc Emp 320 . 330 . 339 . 350 360 . 371 362 . 394 . 405 . 41. . 430 557200 0IIc1 Recognition-Emp 60 . 62 . 64 . 56 .. . 70 72 . 74 . 7. . 78 . ., 557300 Training & FIef Emplov_ 1.330 . 1,370 . 1,411 . 1,453 1,497 . 1,542 1,566 . 1.636 . 1.605 . 1,736 . 1,787 584000 M.:h & EQUiIl,,$5000 . . . . . . . . lollll GaY Expe_. .....,. . 28,- . ....... . 274.'" ....... . 200,- _,171 . ....., . 317,121 . 027,_ . 33"'83 TOTAL INJUSTFlAL PRETREATMENT DEPARTIIENTAL. lI2I,'ITT _.215 174,_ . 108,012 734,22tt 711,420 788,117 111,012 ",- .1.177 814,083 Page 5 of 9 I I I I I I I I I I I I I City of Clearwater Final Report 26 Burton & Associates Utility Economics I I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 5 - CASH OUTFLOWS CIty of Clearwater Florida Water & Wastewater System Financial Management Program Summary Cash Outflows I I FY .... fll!!!!! FY 2010 f!.!!!! .E!.im FY2013 ~ FY2011 ~ E!1!U! FY2018 W."rtMllrlbullon P.,....I Service. 510100 Fullllme Salaries & Wages $ 1,503,100 $ 1,540,678 $ 1,602,305 $ 1,666,397 $ 1,733,053 $ 1,802,375 $ 1,874,470 $ 1,949,449 $ 2,027,426 $ 2,106,524 $ 2,192,8&4 510500 CMrtime $ 60.000 $ 61,500 $ 63.960 $ 66,518 $ 69,179 $ 71,M $ 74,824 $ n,S17 $ "'.930 $ 64,167 $ 87.... 520100 Ule Ins $2500 EmpI & Pens $ ;m) $ 381 $ 393 $ 404 $ 416 $ 429 $ ... $ 455 $ "" $ "'" $ 467 520200 1% Ule hs~mplO'fee $ 5.560 $ 5,758 $ 5.930 $ 6,108 $ 6.292 $ ....'" $ 6,675 $ 6.875 $ 7,081 $ 7.294 $ 7,512 520300 5amp ute InslUllCe $ 220 $ 227 $ 233 $ 240 $ 248 $ 255 $ 263 $ 271 $ 279 $ 267 $ 266 520400 M.,.. Medicallns-Emp $ 226.400 $ 244,311 $ 260,191 $ 275,803 $ 292,351 $ ""'.892 $ 326.485 $ 348,196 $ 380.006 $ 391,231 $ 414,705 520600 Social SecLlity-EmpIoyee $ 24,050 $ 24,n2 $ 25,515 $ 26,280 $ 27,068 $ 27,881 $ 28,717 $ 29,576 $ 30.... $ 31,3110 $ 32,321 520700 Emp Pension Plan $ 188,930 $ 206.263 $ 216,614 $ 272,934 $ 283.852 $ 295.206 $ 307,014 $ 319,294 $ 332.006 $ 345.349 $ 359,163 Additional Opeb Accrual $ 20,276 $ 20,276 $ 20,276 $ 20,276 $ 20,276 $ 20,276 $ 20,276 $ 20,276 $ 20,276 $ 20,276 $ 20,276 520900 Workmans Compensation $ 29.no $ 30.663 $ 31,583 $ 32.530 $ 33.506 $ 34,512 $ 35,547 $ 36,613 $ 37,712 $ 38.'" $ "'.008 521000 Disability Insurance $ "nO $ 278 $ 286 $ 295 $ 304 $ 313 $ 322 $ 332 $ 342 $ 352 $ 363 521500 Medical Examinations $ $ $ $ $ $ $ $ $ $ $ Totaol PeNONlI Service_ $ 2.011,178 $ 2,137,126 $ 2,227,288 $ 2,317,7'88 $ 2,_,644 . ......... $ 2,'77,034 $ 2,781,1&6 $ 2,101,133 $ 3,028,185 . 3,156,140 OUl ExH__ 530100 Professional SaNoes $ 92.000 $ 94.760 97,600 $ 100,531 $ 103,547 $ 106,653 $ 100,853 $ 113,148 $ 116,543 $ 120,039 $ 123,640 540100 Garage Senkes $ 296,180 $ 306.065 314,217 $ 323,644 $ 333.353 $ 343.354 $ 353.654 $ _.264 $ 375,192 $ 386..... $ 398,041 540200 Doc Repro & Print Shop Sloe $ aOOO $ 3.<>10 3,183 $ 3,276 $ 3.377 $ 3,476 $ 3.582 $ 3.660 $ 3.300 $ 3,914 $ 4.032 ~ Telephone SaNae Variable $ 10,060 $ 10,352 $ 10,662 $ 10,962 $ 11,311 $ 11,651 $ 12,000 $ 12,360 $ 12,731 $ 13,113 $ 13,506 540400 Messenger SeMce $ 2.430 $ 2.503 $ 2.578 $ 2.655 $ 2.735 $ 2,817 $ 2.lI02 $ 2..... $ 3,078 $ 3,171 $ 3.266 540500 Radio Sloe-Fixed $ 10.530 $ 19,086 $ 19,658 $ 20,248 $ 20.666 $ 21,481 $ 22,126 $ 22.790 $ 23,473 $ 24,ln $ 24,903 540600 Telephone k Fixed $ 4,370 $ 4,501 $ 4.638 $ 4,n5 $ 4,918 $ 5.006 $ 5,218 $ 5,375 $ 5.536 $ 5,702 $ 5,873 540700 Postal Senice $ 650 $ "'0 $ 660 $ 710 $ 732 $ 754 $ 776 $ 7llll $ 823 $ 848 $ 674 540900 Risk Mgnt SaNae $ 8.<>10 $ 8.333 $ 8.583 $ 8.640 $ 9,105 $ 9.379 $ 9.660 $ 9.950 $ 10,248 $ 10,556 $ 10,872 541000 Inb Technology Cha'98 $ 59.960 $ 61,759 $ 63,612 $ 65.520 $ "'.... $ 69,510 $ 71,595 $ 73,743 $ 75,956 $ 78,234 $ 80,581 541500GaI1lQ8VariabIe $ 8.200 $ 8..... $ 8.... $ 8.960 $ 9.226 $ 9.506 $ 9,791 $ 10,085 $ 10,388 $ 10,699 $ 11,020 541600 Bktg & Mailt-Variable $ 1.200 $ 1.236 $ 1,273 $ 1,311 $ 1,351 $ 1,391 $ 1.433 $ 1,476 $ 1.520 $ 1.566 $ 1,613 S41800Altninistrathe Charge $ 300.790 $ 824,814 $ 849.558 $ 875,045 $ 901,296 $ 928,335 $ 956,185 $ 964,871 $ 1,014,417 $ 1,044,849 $ 1,076,195 542000 Employee BeneIits-Fixed $ 5.940 $ 6,118 $ 6.302 $ 6,491 $ 6.686 $ 6.886 $ 7.003 $ 7.306 $ 7,525 $ 7,700 $ 7.983 542100 Telephooe-Uil Chgs $ aOOO $ 3.<>10 $ 3,183 $ 3,278 $ 3.377 $ 3,478 $ 3.582 $ 3.690 $ 3.300 $ 3,914 $ 4.032 542200 Elec-Uti Olarges $ 500 $ 525 $ 551 $ 579 $ 608 $ 638 $ "'0 $ 704 $ 739 $ m $ 814 542500 Postage $ 300 $ "'" $ 318 $ 328 $ 338 $ 348 $ 368 $ 380 $ 380 $ 391 $ 403 542700 InIeltl Sloe Chg<)ther FlSld $ 128,650 $ 132,510 $ 136,485 $ 140,579 $ 144,797 $ 149,141 $ 153,615 $ 158,223 $ 162,970 $ 167,859 $ 172,895 542800 InIeltl Other Serv Chgs $ 292.640 $ 301,625 $ 310,674 $ 319,994 $ 328.594 $ 339.4ll2 $ 349.666 $ 360,156 $ 370,961 $ 382.<>10 $ 393.552 542900 Inteftl Admin SerAce Chg $ _070 $ 585,112 $ 602.665 $ 620,745 $ 639.368 $ 658.549 $ 676,305 $ ....654 $ 719,614 $ 741,203 $ 763,439 543100 Adlertising $ 500 $ 515 $ 530 $ 546 $ 563 $ 560 $ 597 $ 615 $ 633 $ 652 $ f572 543200 Other Promotion ActMty $ 400 $ 412 $ 424 $ 437 $ 450 $ ..... $ 478 $ 492 $ fl)7 $ 522 $ 538 543300 Freight $ $ $ $ $ $ $ $ $ $ $ 543400 Prilting & Binding $ 300 $ "'" $ 318 $ 328 $ 338 $ 348 $ 368 $ 380 $ 380 $ 391 $ 403 543500 Dump Fee $ 300 $ "'" $ 318 $ 326 $ 338 $ 348 $ 368 $ 380 $ 380 $ 391 $ 403 543600 Taxes $ 350 $ 361 $ 371 $ 382 $ 394 $ 406 $ 418 $ 430 $ 443 $ 457 $ 470 544100 Equipt AentaI $ 500 $ 515 $ 530 $ 546 $ 563 $ 560 $ 597 $ 615 $ 633 $ 652 $ f572 545100 SIRty hsurance $ 127,130 $ 130,944 $ 134,872 $ 138,918 $ 143,<Rl $ 147,379 $ 151,800 $ 156,354 $ 161,044 $ 165,876 $ 170,852 546100 otc E~ Sloe & Aepeir $ $ $ $ $ $ $ $ $ $ $ 546200 Other Equip Sloe & Repair $ 10,000 $ 10,300 $ 10,600 $ 10,927 $ 11,255 . 11,593 $ 11,941 $ 12,299 $ 12,668 $ 13,048 $ 13,439 547100 Uribrms-Emplovee $ 11,470 $ 11,814 $ 12,169 $ 12,534 $ 12,910 $ 13,297 $ 13,696 $ 14,107 $ 14,530 $ 14,966 $ 15,415 547200 TfaWII Expense-Emp $ 35,150 $ 36.206 $ 37,291 $ 38,409 $ 39.562 $ 40,748 $ 41,971 $ 43,230 $ 44,527 $ 45.663 $ 47,239 547300 Mileege Aeimbtnement $ 1.500 $ 1.545 $ 1,591 $ 1.639 $ 1.686 $ 1,739 $ 1,791 $ 1.845 $ 1.900 $ 1.957 $ 2,016 547400 MeaIs-Emplovee $ 1.200 $ 1.236 $ 1,273 $ 1,311 $ 1,351 $ 1,391 $ 1.433 $ 1,476 $ 1.520 $ 1.566 $ 1,613 S48000 Other SerAces Or O\arges $ 1.200 $ 1.236 $ 1,273 $ 1,311 $ 1,351 $ 1,391 $ 1.433 $ 1,476 $ 1.520 $ 1.566 $ 1,613 550100 0fI0e Supples $ 6.500 $ 6.695 $ 0.llll6 $ 7,103 $ 7,316 $ 7.535 $ 7,761 $ 7.... $ 6.234 $ 8,481 $ 8.735 550400 Operatilg S~ies & Matts $ 230.000 $ 236.900 $ 244,007 $ 251,327 $ 258,867 $ 266.633 $ 274,632 $ 282:,871 $ 291,357 $ 300.098 $ 309,101 551500 Medical Supplies $ 2.500 $ 2,575 $ 2.852 $ 2,732 $ 2,814 $ 2..... $ 2.985 $ 3,075 $ 3,167 $ 3.262 $ 3.360 552500 $750-5000 Mach & EQLip $ $ $ $ $ $ $ $ $ $ $ 557100 MembefshipslSlbsIUc Emp $ ~550 $ 3,667 $ 3,766 $ 3,879 $ 3.... $ 4,115 $ 4.239 $ 4.366 $ 4,497 $ 4.632 $ 4,nl 557200 0fIc1 RecogJition-Emp $ ;m) $ 381 $ 393 $ 404 $ 416 $ 429 $ 442 $ 455 $ .... $ "'" $ <97 557300 Training & Ref Employee $ 22,130 $ 22.794 $ 23,478 $ 24,182 $ 24,906 $ 25,655 $ 26,424 $ 27,217 $ 26.034 $ 28,875 $ 29,741 564000 Mach & Eqtip >$5000 $ 5.000 $ 5,150 $ 5.306 $ 5...... $ 5.828 $ 5.'" $ 5,970 $ 6,149 $ 6.334 $ 6,524 $ 6.720 572200 Intenlst Other $ 62,700 $ 64,581 $ 66,518 $ 68,514 $ 70.569 $ n.686 $ 74,967 $ n,113 $ 79.'" $ 81,809 $ 84.264 T'*I 0&11 Expe__ $ 2,127,500 $ 2,112,336 $ 2.....71. $ 3,on.718 . 3,182,421 $ 3,277,_ $ ~S_ $ 3,477,557 $ 3,611,_ $ ~...... $ 3,100,011 TOTAL WATER DI&TRIBUTION DEPARTIIENTAL EXPENBES $ 4,-..u. . 6,041,410 " 1,227,D0:2 &,467,1504 . 50..... $ 1,847,470 $ ..oa,2IO S ',211,712 . ......030 . ',717,H5 . "_,_ Page 6 of 9 I I I I I I I I I I I I I City of Clearwater Final Report 27 Burton & Associates Utility Economics I I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 5 - CASH OUTFLOWS City of Clearwater Flonda Water & Wastewater System Financial Management Program Summary Cash Outflows I I l'taIlLIlIIIlIl fUIIlIl flJ!II!I fl.IIlli fI.J!!l1 = fUm fl.2W fURll fURll fUilZ fI..Zm PerlOftal Service. 510100 Full TIme Salalies & Wages . ....ll2O . 501,041 . 521,082 541,925 . 563,602 . 586,147 . 000,592 . 633,976 . 659.335 . 685,700 . 713,137 510500 o.ertime . 35,000 . 36,875 . 37,310 35,802 . 010,364 . 41,969 . 43,647 . 45,393 . 47,209 . 49,097 . 51,061 520100 Ute Ins $2500 EmpI & Pens . 110 . 113 . 117 120 . 12. . 128 . 131 . 135 . 139 . 144 . 148 S20200 1% UI9 Insurance-Employee . . . . . . . . . . 520300 Samp life InsLnnCe . 110 . 113 . 117 120 . 12. . 128 . 131 . 135 . 139 . 144 . 149 520400 Mater Medicallns-Emp . 68,200 . n,633 . n,364 81,995 . 86,915 . 92,130 . 97,658 . 103,517 . 1()3,728 . 116,312 . 123,291 520600 Social Secmty-EmpIoyee . 9,010 . 9.280 . 9.559 9,845 . 10,141 . 10,446 . 10,758 . 11,061 . 11,414 . 11,756 . 12,109 520700 Emp Pension Plan . 63,.70 . 68.799 . 72,591 91,465 . 95,123 . 98,928 . 102,885 . 107,001 . 111,281 . 115,732 . 120,361 AOitional Opeb Accrual . 6,795 . 6.795 . 6.795 6.795 . 6,795 . 6.795 . 6.795 . 6,795 . 6.795 . 6.795 . 6,795 520900 Workmans Compensation . 5,500 . 5.665 . 5,635 6,010 . 6,190 . 6,376 . 6,567 . 6,764 . 6,967 . 7,178 . 7."'" 521500 Medical Examinatims . . . . . . . . . . Total P...-I ServlCIIS . 177,016 . 70',314 . 730,710 m,078 . BOO,'" I ""044 . 878,111 . 8'4.718 I 063,007 I ....... I 1,034,441 2I!UII!!nI!! 530100 Professional Senices 119,000 . 122,570 . 126,247 . 130,035 . 133,936 . 137,954 . 1-42,092 146,355 . 150,746 155,266 . 159,926 530000 Other Contractual Serv 101,500 . 104,545 . 107,681 . 110,912 . 114,239 . 117,686 . 121,196 124,832 . 128,577 132,434 . 136,-408 540100 Garage SerAces 68.860 . 70,92<l . 73,054 . 75,245 . 77.003 . 79,628 . "'.222 64,668 . 67,230 69,647 . 92:,542 540200 Coo AeJI"o & Print Shop S\C 500 . 515 . 530 . ... . 563 . 580 . 597 615 . 633 652 . 672 540300 Telephone SeNce Variable 21,550 . 22,197 . 22.862 . 23,546 . 24,255 . 24,982 . 25,732 26,504 . 27,299 28,118 . 28,961 540500 Radio &.t:-FlXed 3,410 . 3,512 . 3,618 . 3,726 . 3,638 . a953 . 4,072 4,194 . '.320 ','" . ',563 540600 Telephone S\C Fixed 440 . 453 . 4ffT . 481 . 495 . 510 . 525 541 . 56T 57. . 591 540700 Postal Senice . . . . . . . . 540900 Risk Mgnl BeNce 2,410 . 2,<82 . 2.557 . 2.633 . 2,712 I 2.794 . 2,876 2,964 I 3.053 3,145 . 3.239 541000 Info Tecmologv Charge 70,000 . 72.,100 . 74,263 I 76,491 . 78.798 . 61,149 . "'.564 86,091 . 88,674 91,334 . 94,074 541100 BIdg & MUll 08pl: S\C Fx 128,870 . 132,736 . 136,718 . 140,620 . 145,044 . 149,396 . 153,878 156,494 . 163,249 168,146 . 173,191 541200 Custodial Sankes 6,610 . 6.806 . 7,013 . 7.223 . 7.440 . 7,663 . 7.683 6,129 . 8,373 8,625 . 8,663 541500 Garage Variable . . . . . . . . 541600 BIdg & Maint-Variable 500 . 515 . 530 . ... I 563 . 580 . 597 615 . 633 652 . 672 541600 Aaninistratiw Olarge . . . . . . . . 542000 Employee Benefits-Fixed 1,760 . 1,613 . 1.667 . 1.923 . 1,981 . 2.00l0 . 2,102 2,165 . 2.230 2,296 . 2.365 542200 EIec-Uti Charges 563,000 . 591,150 . 620,708 . 651,743 . 684,330 . 718,547 . 754,474 792,198 . 831,807 873,396 . 917,068 542300 Gas,Water & Sanitation UtI 15,680 . 16,047 . 16,529 . 17,025 . 17,535 . 18,061 . 16,603 19,161 . 19,736 20,328 . 20,938 542500 Postage 300 . 309 . 318 . 328 . 338 . 348 . 358 369 . 360 391 . 403 542700 Intertl &.t: Chg-Other FU'ld 11,520 . 11,866 . 12,222 . 12,588 . 12,966 . la355 . 13,755 14,168 . 14,593 15,031 . 15,462 542600 Intertl Other Serv Chgs 87,060 . 68,672 . 92.382 . 95,133 . m,967 . 100,926 . 100,954 107,073 . 110,285 113,594 . 117,001 542900 1nIert:l Admin Serke Chg 168,890 . 173,967 . 179,175 . 184,551 . 190,007 . 195,700 . 201,663 207,713 . 213,945 220.363 . 226,m4 543100 AcMlrtising 500 . 515 . 530 . ... . 563 . 580 . 597 615 . 633 652 . 672 543400 Printing & Binding 250 . 258 . 265 . 273 . 281 . 290 . 299 3IJ7 . 317 328 . 336 543500 Otmp Fee 5,000 . 5,150 . 5.305 . 5._ . 5,626 . 5.798 . 5,970 6,149 . 6.334 6,524 . 6,720 543600 Taxes 600 . 618 . 637 . 656 . 675 . 696 . 716 738 . ". 783 . 806 544100EWABntal 500 . 515 . 530 . ... . 563 . 580 . 597 615 . 633 652 . 672 545100 Slnliy hsurance 67,550 . 68,577 . 71,664 . 73,814 . 76,026 . 78,300 . 00,656 83,076 . 85,570 88,137 . 90.782 546200 Other E~ S\C & Flepair 5.000 . 5,150 . 5.305 . 5,_ . 5,626 . 5.798 . 5,mO 6,149 . 6,334 6,524 . 6,720 546400 BIdg Repair MUltenance ',000 . 4,120 . 4,244 . 4,371 . '.502 . 4.637 I 4,ne 4,919 . 5,067 5,219 . 5,376 547100 Unibrms-Emplovee 3,410 . 3,512 . 3,618 . 3,726 . 3,638 . 3.953 I '.072 4,194 . '.320 ..... . ',583 547200 Tra\lllI Expense-Emp 6,400 . 6.592 . 6.790 . 6,990 . 7.203 . 7,419 . 7,642 7,871 . 6,107 ~351 . 8,601 547300 Mileege Reimbursement 200 . 21J6 . 212 . 219 I 225 . 232 . 239 246 . 253 261 . 261l 547400 Meals-Employee 200 . 21J6 . 212 . 219 I 22' . 232 . 239 246 . 253 261 . 261l 548000 Other SeMces Or Charges 1,500 . 1,545 . 1,591 . 1.639 I 1,698 . 1,739 . 1,791 1.845 . 1.900 1,957 . 2,016 550100 0fIce Supplies 2,700 . 2,781 . 2.684 . 2.950 I 3.039 . 3,130 . 3,224 3,321 . 3,420 3.523 . 3.628 550400 Operating $...,pies & Matis 225,000 . 231,750 . 238,703 . 245,864 . 253,239 . "".837 . 268,662 276,722 . 285,023 293,574 . 302,381 551000 Lab Chern Supplies 375,000 . 386.250 . 397,838 . "".773 I 422.066 . 434,728 . 447,770 461,200 . 475,039 ....290 . 500,969 551500 Medical Supplies 1,000 . 1.030 . 1,061 . 1,093 . 1,126 . 1,159 . 1,194 1,230 . 1,267 1.305 . 1,344 552500 $75().5000 Mach & EqLip 2,000 . 2,060 I 2,122 . 2,185 . 2,251 . 2,319 . 2,388 2.480 . 2,534 2,610 . 2.686 557100 MemberstWpslSlbsILic Emp 93IJ . ll58 . 987 . 1,016 . 1,047 . 1,078 . 1,110 1,144 . 1,178 1,213 . 1,250 557200 OfIcl Aecog1ition-Emp 110 . 113 . 117 . 120 . 12' . 128 . 131 135 . 139 144 . 148 557300 T rairing & Ref Employee 12,240 . 12,607 . 12,985 . 13,375 . 13,n6 . 14,190 . 14,615 15,054 . 15,505 15,970 . 16,450 564000 >$5 000 Machi'lerv & ECJlip . 5,000 . 5150 . 5305 . 5,_ . 5,628 . 5,796 . 5,mO . 6149 . 6,334 . 6,524 . 6,720 Total 0&11 Ex,.,.... I ......... . "''''- S 2,241.804 I 2.321,2ef I ..__ I 2,..,743 I ..m.187 I 2,171,_ . 2,717,242 . ..-- . 2.'70.370 TOTAL WATER&WPLY DEPARnIENTAL EXPENSES . 2,7W7,_ I 2,-'150 , 2,t72,313 I 3...."'" I 3,213,307 I 3,332,788 I 3,4&e,W3 I 3,-._ I 3,720,250 I 3,116I,711 . 4,004,811 Page 7 of 9 I I I I I I I I I I I I I City of Clearwater Final Report 28 Burton & Associates Utility Economics I I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 5 - CASH OUTFLOWS City of Clearwater Florida Water & Wastewater System Financial Management Program Summary Cash OutfloLVS I I .ELlI!IIl! fI..ZlII!I .EI..aIl2 EI..Z!!l1 fUW EI..Z!!l1 fUW fl.l!lli fURl! fl.IIlZ fURl! Rec&.lmad W..r P__I lkrvl__ 510100 Full lime Salaries & Wages $ 571,760 $ 586,044 $ 609,486 633,865 $ 658,220 6115.5llll 713,012 741,532 771,194 $ 802,041 834,123 510500 CMlrtime $ 21,000 $ 21,525 $ 22,386 23,281 $ 24,213 25,181 26,188 27,236 28,325 $ 29.458 30,637 520100 Life ns $2500 Empl & Pens $ '''' $ 165 $ 170 175 $ 180 185 191 197 203 $ 209 215 520200 1% UIiB Rurance-Employee $ 890 $ 917 $ 944 973 $ 1.<lO2 1.032 1,063 1,095 1,127 $ 1,161 1,196 520000 Samp Life InsllllOC8 $ 110 $ 113 $ 117 120 $ 124 128 131 135 139 $ 144 148 520400 Major Medicallns-Emp $ 88.800 $ 92.442 $ 98,451 104,358 $ 110,619 117,256 124,292 131,749 139,654 $ 148,033 156,916 520600 Social Seemty-EmpIoyee $ 7.580 $ 7,787 $ ll.O'O 8261 $ 8,509 6,764 9,027 9.2llll 9.>7l $ 9,864 10,160 520700 Emp Pension Plan $ 74,040 $ 83.665 $ 94,5<2 109,432 $ 126,668 1-46,618 169,710 196,439 227,378 $ 263,191 304,643 Additional OpebAccrual $ 7.... $ 7.889 $ 7.... 7.... $ 7,'" 7,'" 7,889 7.... 7.... $ 7,'" 7,'" 5209OOWorkers~tion $ 6,720 $ 6,922 $ 7,129 7.343 $ 7.563 7,700 8,024 8,265 8,513 $ 8,768 9,001 521500 Medical Extwninations $ $ $ $ $ To.... P...-I Service. $ 77t.,7UI $ 007.... $ ....103 806,407 $ ....781 1.000.232 1,0&8,327 1,123,136 1,113.800 $ 1.270._ 1,3&4,757 l!III.Ilu!!DIu 530100 Professional Ser.ices 35.000 $ 36.050 $ 37,132 38,245 39.393 $ 40,575 $ 41,792 $ 43.048 $ 44,337 $ 45,667 $ 47,007 540100 Garage Senkes 103,830 $ 106,945 $ 110,153 113,458 116,862 $ 120,367 $ 123,978 $ 127,698 $ 131,529 $ 135,475 $ 139,539 540200 Doc: Repro & Print Shop S~ 7.000 $ 7,210 $ 7,426 7.646 7,879 $ 8,115 $ 8.358 $ 8.609 $ 8,867 $ 9,133 $ 9,407 540300 Telephone Ser.ice Variable 1,5()() $ 1,545 $ 1,591 1,639 1,666 $ 1,739 $ 1,791 $ 1,845 $ 1,900 $ 1.957 $ 2,016 540500 Radio Sw-Fixed 4.390 $ 4.522 $ 4.657 4,797 4,941 $ 5,089 $ 5,242 $ 5.369 $ 5,561 $ 5,128 $ 5.1100 540600 Telephone S~ Rxed 280 $ 280 $ 30fl 317 326 $ 336 $ 346 $ 351 $ 367 $ 378 $ 390 540900 Risk Mgnt Ser.ice 2,840 $ 2,925 $ 3,013 3,103 3,196 $ 3.2l12 $ 3,391 $ 3,490 $ 3.598 $ 3.706 $ 3,817 541000 Inb Tectwlology Charge 21,920 $ 22,578 $ 23,255 23,953 24,671 $ 25,411 $ 26,174 $ 26.959 $ 27.768 $ 28,601 $ 29,459 541500 Garage V.,abIe $ $ $ $ $ $ $ $ 541800 Admi1istrlillhe Charge 200,200 $ 206,206 $ 212,392 218,764 225,327 $ 232,087 $ 239,049 $ 246,221 $ 253,607 $ 261,216 $ 260,052 542000 Employee BenefiIs-Fixed 2,000 $ 2,153 $ 2,217 2,284 2.352 $ 2,423 $ 2,496 $ 2,570 $ 2.64ll $ 2,727 $ 2,609 542500 Postage 150 $ 155 $ 159 164 159 $ 174 $ 179 $ 164 $ 190 $ H16 $ 202 542800 1nIert1 Other Serv Chgs 134,550 $ 138,587 $ 142,744 147,026 151,437 $ 155,geO $ 160,660 $ 165,"" $ 170,444 $ 175,557 $ 111),824 542900 lnIerfd Admin Senke Chg 261,010 $ 26Il.840 $ 276,906 265,213 293,769 $ m.5ll2 $ 311,660 $ 321,000 $ 330.840 $ 340,550 $ 350,n6 543400 Printing & Binding 400 $ 412 $ 424 437 450 $ 464 $ 47. $ 4112 $ 507 $ 522 $ 530 543600 Taxes 210 $ 216 $ 223 229 236 $ 243 $ 251 $ 258 $ 26Il $ 274 $ 202 545100 lrel.l'lilnce 1~580 $ 16,027 $ 16,508 17,003 17,513 $ 18,038 $ 18,579 $ 19,137 $ 19,711 $ 2O.m $ 20,911 546200 Other EqJip S~ & ABpair $ $ $ $ $ $ $ $ 547100 Unitxms-Employee 5.270 $ 5,428 $ 5,591 5,759 5,931 $ 6,109 $ 6.293 $ 6,481 $ 6,676 $ 6,876 $ 7.052 547200 T nMlI Expense-Emp 1,800 $ 1,654 $ 1,910 1,967 2."'" $ 2,087 $ 2,149 $ 2,214 $ 2.280 $ 2,349 $ 2,419 547:J)() MNeage Asimbursemeot 300 $ 369 $ 318 320 330 $ 340 $ 358 $ 369 $ 360 $ 391 $ 403 547400 Meals-Employee 320 $ 330 $ 339 350 360 $ 371 $ 302 $ 394 $ 405 $ 418 $ 430 548000 Other SeNces Or Charges 100 $ 103 $ 106 109 113 $ 116 $ 119 $ 123 $ 127 $ "" $ 134 550100 0IIce St.wIies 1,000 $ 1,000 $ 1,061 1,093 1,126 $ 1,159 $ 1,194 $ 1,230 $ 1,267 $ 1,305 $ 1,344 550400 Openiting St4'JlIies & Matis 30,000 $ 30,800 $ 31,827 32,782 33,765 $ 34,778 $ 35,622 $ 36.ll96 $ 36.003 $ 39,143 $ 40,317 552500 $750-5000 Mach & Eqlip $ $ $ $ $ $ $ $ 557100 MembershipslSl.b8ILic Emp 250 $ 258 $ 265 273 281 $ 280 $ 280 $ 307 $ 317 $ 320 $ 336 557200 0fIcl F\ecogJition-Emp 17() $ 175 $ 180 1116 191 $ 197 $ 203 $ 209 $ 215 $ 222 $ "8 557:J)() Training & ReI Employee 5.400 $ 5,502 $ 5,729 5,901 6,078 $ 6.260 $ 6.44ll $ 6,641 $ 6,841 $ 7.048 $ 7,251 564000 >$5,000 Machinery & E(JJip $ $ $ $ $ $ $ $ T.., 0&11 Expe~. ....... $ 810,'17 $ ...... .,.."'" MO,41' $ ......, $ "'.- $ 1,0127,121 $ 1,0&8,460 . '........ $ 1,122._ TOTAL RECLAIMED WAnR DEPARTIIEHTAL EXPBISES 1,'12,211I $ 1,11I7,_ $ 1,736,_ 1,-'626 1,_'- $ 1._ $ 2,057,017 $ 2,161,211 $ ......... S 2.3lIO,712 S 2.477,117 Purchs.d ..isr CoD INV PURCHo'.SE-RESALE $ 9,283,060 $ 9,738,882 $ 9,217,166 $ 9,819,047 $ 9,126,067 S 9,721,999 $ 7,202,967 $ 7,673.321 $ 8,174,389 $ 8,708,176 $ 9,276,820 T..I PwdMI.d W..r CoD . ',283,GIG $ 1,738,~ $ ',217,1. $ ',811,047 $ 1,1218,017 S ',721,_ $ 7,202,117 S 7,873,321 $ 8,174,_ S 8,708,171 $ 0,""'" Page B of 9 I I I I I I I I I I I I I City of Clearwater Final Report 29 Burton & Associates Utility Economics I I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 5 - CASH OUTFLOWS City of Clearwater Flonda Water & Waste\'Jater System FinanCial Management Program Summary Cash OutflolVS I I FY2000 FY2000 FY 2010 FY2011 FY 2012 FY 2013 FY201. FY 2016 FY201. FY 2017 FY2018 BondIDebl SeMCII CoD Debt Senice a-. Existing Rewnua Bonds $ 10,955,916 S 11,027,341 $ 11,CJ004,296 $11,000,561 S 11,043,686 $ 11 ,034,294 S 10,996,404 $10,958,561 S 11,010,228 S 11,015,954 $11,015,451 New CalcUated Paymeris br UP Protects S S S S S S S S S S S New Debt SeNce S S 919.24' S 4,686,689 S 5,202,176 S 7,31<4,863 S 7,990,436 S 10,75S,225 $11,549,211 $14,786,917 S 15,751,480 S 19,704,616 Total BondIDebl S.rvice CoD S10,""" I 11....112 $ 15,IIO,t17 51',202,731 $'8,368.641 S ".024.730 S 21,7II,m $22.107,773 $25,717,145 $: 21,717,434 $10,720.127 Tra......OUt R&RTransl9r WalerPoIutionControl 1,435,020 1,551,453 1,611,228 1,717,256 1,798,055 1,936,824 S 2,034,964 S 2,191,767 S 2,292,824 S 2,4n,896 S 2.599,702 lobua'"", S S S S S WalerDislribution 1,271,040 1,374,168 1,427,113 1,521,025 1,592.591 1,715,503 S 1,802,446 S 1,941,314 S 2,000,823 S 2,194.748 S 2,302,634 Reclaimed Water S S S S S PLOT Water PoItJion Control S 1,145,860 S 1,2-43,52<4 S 1,312,978 S 1,388,305 S 1,<471,<428 S 1,560,631 S 1,&56,321 S 1,758,766 S 1,868,398 S 1,985,680 S 2,111,112 lobua'"", S 202.220 S 219,-456 S 231,713 S 2<45,006 S 259,676 S 275,<418 S 292,,,," S 310,385 S 329,733 S 350,430 S 372,566 Water Dsbibutioo S 1,172,830 S 1,272,793 S 1,343,882 S 1,420,982 S 1,506,061 S 1,597,363 S 1,695,306 S 1,800,162 S 1,912,37<4 S 2,032,<417 S 2,160,801 WaterSu~ S 175,240 S 190,176 S 200.7llB S 212,318 S 225.000 S 238,672 S 253,306 S 268,97<4 S 285,7040 S 303,676 S =,859 fOUlI Tra"""OUt S 5,402,210 S 5,851,_ $ ',127,712 S ........, S ......... S 7,324.412 S 7,734,_ $ 1,271,317 $ 8.71',.1 S ',344,860 S ,,_,.,4 C......IOUIIn WaslewaterCollection Principal-leued Eq.lipment 59,'" 50,120 24,880 Interest-lBasedEqLipl: 4,160 2.060 400 lobuatay Principal-leued Eq.liprnent 9,199 9,618 10,056 S 10,515 8.200 Interest-Leased EqLipl: ','" 1,561 1,122 S 664 ,.. WalerDistribulion PrincipeJ-leued Equipment S '1,303 15,004 S 14,300 9,187 S S S S S S S Interest-leased EqLipl: S 2,194 1.473 S 837 2'. S S S S S S S Water Cons_lion OlNces S 60.000 S 60,000 60,000 S 60.000 S 60.000 S 60.000 S 60.000 S 60.000 S 60.000 S 60.000 Water Supply Principal-Leesed Equipment 61,090 63._ 40.000 3,651 7,524 7,'" 8,148 8,479 '.368 InIerest-LeasedEqLipl: 5.350 3,010 670 7'" '.342 1,036 719 388 66 Reclaimed Waler PrincipaH..eued Equipment 13,716 20,916 S 25,134 26.402 35.866 18,429 10,760 7,361 3,789 In:erest-LeasedEqLipl 2,405 3,264 S 6,112 3,520 2,_ '.266 664 329 56 TOUIICapibllOUltay 171,077 ...... S 113,101 110,&04 101,714 ...". 10,210 71,'" 72,712 "'817 ...... IYOUII 0&'" Debt .rvI~, Yre....,., & C.pibll OUIIay $ A,1Z2, 123 ....521,711 $11,030,'10 $ 13,711,371 $16,71"861 $ 10,122,244 $ 71,483,421 $ 74,132,522 $10,114._ $ 83,142,487 $ 10,146,7211 Page 9 of 9 I I I I I I I I I I I I I City of Clearwater Pinal Report 30 Burton & Associates Utility Economics I I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 6 - INCREMENTAL O&M EXPENDITURES City of Clearwater, FlOrida Water & Wastewater System Financial Management Program Summary ~ I fll!!!!! FY 2000 FY 2010 FY2011 FY2012 FY 2013 FY2014 FY 201" fll!!! f!.!!!!Z fU21! Incremenbll 0 I. M Exoendituftla 96624 - Uquid Disinfection 966XX- WPC W Disirtection 403,_ -424,090 96739 . Reclaimed Water Distribution System 56,900 59,500 62.800 66,100 69,500 73,100 76,700 BO,_ ",300 ",300 95757 - Water Pick Up Trucks .,370 9,270 9,270 16,760 18,760 9,490 9,490 9,490 .,490 9,490 96758 - Flouride n Wat8f System 17,364 18,233 19,144 96760 - ElelAded Water Terl<s Upgrade 35,280 37,044 38,6Q6 40,841 42,883 45,027 47,279 49,643 52,125 54,731 96764 . RD Plant ExplWlSion Res. " 498,400 523,820 550,536 578,615 808,126 639,143 671,741 96767 . RO Plan: 0 Res. t2 2.299,870 2.368,866 2.439,932 2.513,130 2,688,524 RD Plant Pick-lJp Tna::ks 12,691 13,072 13,464 13,868 14,284 Additional Wells in FY 2010 66,150 69,458 72,930 76,Sn BO,406 ",'" 88,647 03,0B0 97,734 Thermal Dryenl 426,615 447,946 Engineering SeMces Reallocation 333,333 676,667 1,030,300 1,081,209 1,093,045 1,125,837 1.159,612 1,194,400 1,230,232 1,267,139 1m-llnereme.1 0 & III Expenditure. 434.113 848,631 S 1,210,724 S 1,758,240 1,824,585 4,186,857 4,338,058 4,501,487 S 5,414,110 S 5,883,123 I I I I I I I I I I I I I I City of Clearwater Final Report 31 Burton & Associates Utility Economics I ~p:~ - - .Ii 1\ = f \ t:: :!! a :!! f :! e !:! ;: co ~ ! ~ 8 1 .:l ! ! ~ ~iUal t ! tit .uOflM !~ -1ft ~~ ~~ - - -1ft "'::"": - - j oJij~~...._~_ ell. ..::!a:~il5il5il5!il5l!'"l! ~! l!;;;!f:!i~i~"2~dl I ~~ B~~~i'S.5~ a: 0.. ~cc .:I~~J .. Ull l&JSS a:"C~ ; 0-5 0..55 f ~ ~; u~~ s- ol t:. :s ! c3r ~ 8 a a ~ a .. -- ~ ~ .S Os ~ <::i ~ ~ ~~ ~o~ ==~ ~S 1: ~ ~ l'.l "" ;... ~ ~ ~ ;... ~ ~ ~~ ~ ~~ -O~ .... oS U~ I I REVENUE SUFFICIENCY ANAL YSIS APPENDIX A I SCHEDULE 8 - FORECAST OF NET REVENUES AND DEBT SERVICE COVERAGE I City of Clearwater Florida Water & Wastewater System Fmanclal Management Program Summary I Revenue R........ SLbject to Rate Increuee Water, Lawn lnigation & Sewer Rate Aewnue Rate Rewnue from Growth Normalization & Elasticity Adjustments Proposed Rale tnc,.... Rate A8'M'lue from Rat. Inctel.8 ToIaI Wat.... lawn Irrigation & Sewer Rate Rewnue Other Operating R6wnJe 10 Other ti Rewnue 1 11 Total Operaang Revenue I 12 Expen._ 13 Purchased Water Expense '4 Operations and Maint-.ance Expense 15 Nel Operating Income I 18 PlUI: Non ope...ang Income (Ex,....) 17 Non Opem.ting Fkr.Mnu. 18 Int....., on Rwarue FlI'lCI Balaoc.. 19 Lees: Interim Financing tnternt Payments 20 Water Expansion Fees 21 Sewer Expansion Fees 22 Grant Fining Reirmuraements 23 TI8Il8fer81n 24 Tot.' Non OpeFlltlng Income 25 NetlnCOfM 26 l...: Water & SewerEx~ion Fees 27 Lee.: 0,.-,1 Funding Reimbursements 28 Lees: Tmn81er81n 29 Ne. Income Available tor o.bt hrvlce 30 Senior Uen o.bt hrvlce eowr1lOl : ~:~ti~i~t=~~:: Debt 33 New S.-wor lien Debt-Input 34 CurooIatiw New Senior lien Debt lor Additional Borrowings 36 ToIIIl S.n~r Uen Dtbt Service S6 S.vorUenDebtSer.icaCowrage 1.1511.20 Req'd 37 Parity 1.2 Req'd I I I 38 Net Income Awlllable tor Debt Service ag Add: 40 Transfers In 41 Leea: 42 Total Senior lien Debt San4ca 43 State RlMNng Loene 44 Payment of Debt SeNice With Water Impact Fees 45 Payment of Debt SenAee With Sewer Impact Fees 46 Transf8rOut 47 Short-TIKTTl Debt Senice 48 Capital OUtlay 48 RenewaJ & acement 50 NetClllhFlow 51 l.knetrlctMl ResBrw Find - ~ming of YINU B8JarK:. 52 MmnOOJ Wodr' ''8IIIWeww r. t 53 RNM'8 FII'Id 8aJance in E~. of WorlrinQ CspitBJ Tatpet' 54 Leu; RNsrne Fund Balance,.MI for Cuh Flow ReMrve Fund a.1.nce In beeM of Wortdng Capita' T.rget NIIt 56 of Curnnt V..r Cath Row I I I 56 NIII Cath Flow AftIr u.. of ReMrve Funde 51 u.-I: C1P Projeets Oe8ipted to be Paid v.Uh CUh 58 NIII Cath Flow to Unr....1c111d FIe_rw Fund 59 Unr....tclltd FleMrve Fund - a.ginnlng of V..r a.1.nce 60 Calh In(Oul) from Rate RlMl"IUfI8 61 L...: Res_ Fund &JJ.nc. utled for Cash Row 62 PlutI: R&R Cod.ribution 63 LNS: Peets Paid with Aeeerw Funds Non S ltied Fundi 64 Un...tricted Res8M Fund - End of Year Balance es Min. World . Res. T. O&M, PW 3 . of Moe. 66 Exee. Iclllncy) of Working Capital Re.rv..ta T....t I FY .... FY .... FY 2010 FY 2011 FY 2012 FY 201' FY2014 FY 2015 FY 2011 FY 2017 FY 2011 $ 49,701,170 $ 49,765,518 $ 52,713,919 $ 55,844,914 $ 59,383.863 $ 82,798,479 $ 68,461,252 $ 70,347,736 $ 74,500,044 $ 78,923,270 $ 83,833,538 $ 64,348 $ (87,387) $ (124,407) $ 39,094 $ 178,836 $ 203,388 $ 215,289 $ 228,002 $ 241,576 $ 256,061 $ 271,512 $ $ (412,7815) $ (398,003) $ (385,070) $ (320,538) $ (310,007) $ (300,752) $ (292,6m $ (285,704) $ (279,767) $ (274,811) 0.00"10 7.00% 7.00% 7.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 8.00% $ $ 3,448,574 $ 3,653,406 $ 3,884.926 $ 3,554,518 $ 3,761,392 $ 3,DB1,947 $ 4,216,984 $ 4,467,365 $ 4,733,974 $ 5,017,814 $ 49,785,518 $ 52,713,919 $ 55,844,914 $ 59,383,863 $ 82,796,479 $ 66,451,252 $ 70,347,736 $ 74,500,044 $ 78,923,270 $ 83,633,538 $ 88,648,054 $ 3,433,543 $ 3,677,239 $ 4.020,129 $ 4,323,820 $ 4,498,693 $ 4,675,909 $ 4,863,849 $ 5,063,196 $ 5,274,679 $ 5,499,075 $ 5,737,210 $ 53,199,061 $ 56,391,158 59,865,044 $ 63,707,683 67,295,172 71,127,161 $ 75,211,584 $ 79,563,239 $ 84,197,949 89,132,613 $ liJ4,385,264 $ 9,283,060 $ 9,738,882 $ 9,217,166 $ 9,819,047 $ 9,126,067 $ 9,721,999 $ 7,202,967 $ 7,673,321 $ 8,174,369 $ 8,708,176 $ 9,276,820 $ 27,702,560 $ 29,164,173 $ 30,632,525 $ 32,304,747 $ 33,997,84.2 $ 35,255,893 $ 38,868,290 $ 40,300,071 $ 41,807,300 $ 44,189,575 $ 45,846,&83 $ 16,213,441 $ 17,488,104 $ 20,015,353 $ 21,583,889 $ 24,171,263 $ 26,149,269 $ 29,140,327 $ 31,589,848 $ 34,216,2eO $ 36,234,861 $ 39,261,582 $ $ $ $ $ $ $ 2,~,563 $ 2,341,706 2,009,558 $ 1,823,312 $ 2,091,858 $ 2,193,425 2,201,718 $ 2,722,758 $ 3,129,961 $ 3,132,929 $ 3,114,640 $ (1,819,344) $ (e26,132) $ $ (1,035,829) $ (696,549) $ $ (1,836,649) $ $ (1,187,371) $ 79,968 $ 80,288 80,609 $ 80,931 $ 81,255 $ 81,580 81,907 $ 82,234 $ 82,563 $ 82,893 $ 83,225 $ 140,940 $ 141,504 142,070 $ 142,638 $ 143,209 $ 143,781 144,357 $ 144,934 $ 145,514 $ 146,096 $ 146,680 $ $ $ $ $ $ $ $ $ $ $ 3,6804,033 $ 1,989,094 $ $ 2,645,968 $ 3,163,366 $ $ 3,949,407 $ $ 868,126 $ 6,227,530 1,606,104 $ 4,035,975 $ 1,280,492 $ 5,064,754 1,731,432 $ 6,113,292 $ 1,721,389 $ 7,311,326 $ 2,157,174 $ 17,081,567 $ 23,715,833 $ 21,821,457 $ 25,619,864 $ 25,451,756 $ 31,214,023 $ 30,871,760 $ 37,703,140 $ 35,937,648 $ 43,546,187 $ 41,418,736 $ (220,900) $ (221,7112) $ (222,679) $ (223,570) $ (224._) $ (225,382) $ (226,263) $ (227.168) $ (228,077) $ (228,_) $ (22"'05) $ $ $ $ $ $ $ $ $ $ $ $ $ 3,664,033 $ $ (1,989,094) $ $ (2,&45,968 $ $ (3,163,366) $ $ 3,949,4(7) $ 16,860,669 $ 19,829,809 21,398,778 $ 23,407,200 $ 25,227,292 $ 28,342,694 30,646,497 $ 34,312,605 $ 35,709,571 39,367,791 $ 41,188,831 $ 10,965,916 $ 11,027,341 $ 11,004,298 $11,000,561 $ 11,043,686 $ 11,034,294 $ 10,996,404 $ 10,958,561 $ 11,010,228 $ 11,015,954- $ 11,015,451 $ 10,965,916 $ 11,027,341 $ 11,004,298 $ 11,000,561 $ 11,043,686 $ 11,034,294 $ 10,996,404 $ 10,958,561 $ 11,010,228 $ 11,015,954 $ 11,015,461 $ $ $ $ $ $ $ $ $ $ $ $ $ 916,006 $ 4,670,206 $ 5,167,480 $ 7,205,522 $ 7,867,014 $ 10,578,095 $ 11,368,937 $ 14,610,148 $ 15,597,500 $ 19,644,095 $ 10,955,916 $ 11,943,349 $ 15,674,504 $16,188,041 $ 18,249,208 $ 18,901,308 $ 21,574,499 $ 22,327,498 $ 25,820,376 $ 26,613,454 $ 30,659,546 1.54 1.68 1.37 1.45 1.38 1.50 1.42 1.54 1.39 1.48 1.34 NA 1.68 1.41 1.45 1.44 1.50 1.45 1.54 1.46 1.48 1.38 $ 18,860,659 $ 19,829,809 $ 21,398,778 $ 23,407,200 $ 25,227,292 $ 28,342,694 $ 30,645,497 $ 34,312,605 S 35,709,571 $ 39,367,791 $ 41,188,831 $ 3,664,033 $ $ 1,989,094 $ $ 2,645,968 $ $ 3,163,366 $ $ 3,949,407 $ $(10,965,916) $(11,943,349) $(15,874,504) $(16,168,041) $(18,249,208) $(18,901,308) $(21,574,499) $(22,327,498) $(25,620,376) $(26,613,454) $(3O,659,546) $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ (2,896,150) $ (2,925,948) $ (3,101,514) $ (3,292,577) $ (3,503,923) $ (3,701,234) $ (3,911,994) $ (4,136,637) $ (4,375,978) $ (4,630,887) $ (4,902,294) $ $ $ $ $ $ $ $ $ $ $ $ (178,377) $ (170,~) $ (123,601) $ (50,504) $ (46,714) $ (24,128) $ (2O,2UO) $ (16,556) $ (12,712) $ (8,867) $ (4,434) $ 2,706,060 $ ,936,643 $ 3,062,423 $ 3,276,550 $ 3,417,560 $ 3,666,029 $ 3,835,838 $ 4,114,300 $ 4,284,563 $ 4,613, $ 4,815, 324,156 $ 5,517,436 (563,283) $ 2,608.623 9,887 4,695,96.2 1,302,878 6,880,981 $ 1,415,943 $ 7,450,713 $ 806,930 $ 33,886,132 $ 9,246,406 9,725,764 $ 9,182,500 $ 10,530,949 $ 10,540,836 $ 11,244,473 $ 11,517,814 $ 11,993,348 $ 12,4&5,422 $ 13,224.438 $ 9,2-46,-405 $ 9,725,764 9,962,423 $ 10,530,949 $ 10,780,977 $ 11,244,473 $ 11,517,814 $ 11,993,348 $ 12,4&5,422 $ 13,224,438 $ 13,780,926 24,839,727 $ $ $ $ $ $ $ $ $ $ $ $ $ (1) Other operating IW8llUe8 Includet specltic leNice charge rwlll"IJes, reclaimed 1'WIilf'lUe, Safely Halbor payments, collection fM charges, rentsJleaaes and other misctllaneoua operating 1"8'oIIllI"lJM. I I I I City of Clearwater Final Report I 33 Burton & Associates Utility Economics - - - - - - - - - - - - - - - - - - - REVENUE SUFFICIENCY ANAL YSIS APPENDIX A SCHEDULE 9 - CAPITAL PROJECTS FUNDING SOURCES City of Clearwater, Florida Water & Wastewater System Financial Management Program Summary ~ FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Sources Water Impact Fees $ 1,115,137 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 119,211 $ 81,907 $ 82,234 $ 82,563 $ 82,893 $ 83,225 Sewer Impact Fees $ 3,218,998 $ 575,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 443,183 $ 145,514 $ 146,096 $ 146,680 Reclaimed Grant Funding $ $ $ $ $ $ $ $ $ $ $ Renewal & Replacement $ 2,706,060 $ 2,936,643 $ 3,062,423 $ 3,276,550 $ 3,417,560 $ 3,666,029 $ 3,835,838 $ 4,114,300 $ 4,284,563 $ 4,613,2n $ 4,815,627 Re\9/1ue Fund $ 24,963,883 $ 5,038,076 $ $ 1,240,174 $ $ 3,992,325 $ 1,029,535 $ 6,405,447 $ 913,868 $ 6,721,698 $ 250,442 Interim Financing $ 45,483,611 $ $ 15,653,297 $ $ 25, 895, 730 $ $ 17,413,721 $ $ 40,916,227 $ $ 29,684,268 Debt Proceeds $ $14,228,471 $ $ 16,762,616 $ $17,225,135 $ $34,139,092 $ $ 23,446,556 $ CIP Projects Designated to be Paid with Cash $ $ $ $ $ $ $ $ $ $ $ Total Projects Paid $ n,487,689 $23,028,190 $ 19,465,720 $ 22,029,340 $30,063,290 $25,502,700 $ 22,861,000 $45,184,256 $ 46,342,735 $ 35,010,520 $ 34,980,242 Total CIP Input $ n,487,689 $23,028,190 $ 19,465,720 $ 22,029,340 $30,063,290 $25,502,700 $ 22,861,000 $45,184,256 $ 46,342,735 $ 35,010,520 $ 34,980,242 Variance $ $ $ $ $ $ $ $ $ $ $ City of Clearwater Final Report 34 Burton & Associates Utility Economics - - - - - - - - - - - - - - - - - - - REVENUE SUFFICIENCY ANAL YSIS APPENDIX A SCHEDULE 10 - PROJECTED REVENUE BONDS City of Clearwater, Florida Water & Wastewater System Financial Management Program Summary ~ Revenue Bond Borrowing Projections FY 2008 FY 200Il FY 201 0 FY 2011 FY 2012 FY 2013 FY2014 FY 2015 FY2018 FY 2017 FY 2018 Term Interest Sources of Funds Par Amount $ $ 69.791.097 $ $ 37.887.511 $ $ 50,399,391 $ $ 60,254.597 $ $ 75.226.808 $ Interest During Construction $ $ $ $ $ $ $ $ $ $ $ Total Sources $ $ 69.791.097 $ $ 37.887.511 $ $ 50.399.391 $ $ 60.254.597 $ $ 75.226.808 $ Uses of Funds Current Year Project Proceeds $ $ 14.228.471 $ $ 16.762.616 $ $ 17.225.135 $ $ 34.139.092 $ $ 23.446.556 $ Refinanced Interim Financing Principal $ $ 45.483.611 $ $ 15.653.297 $ $ 25.895.730 $ $ 17.413.721 $ $ 40.916.227 $ Cost of Issuance 2.50% of Per $ $ 1.744.m $ $ 947.188 $ $ 1.259.985 $ $ 1.506.365 $ $ 1.880.670 $ Underwriter's Discount $ per $1.000 $ $ $ $ $ $ $ $ $ $ $ Bond Insurance o times total OS $ $ $ $ $ $ $ $ $ $ $ Capitalized Interest 1 Years Interest $ $ 3.664.033 $ $ 1.989.094 $ $ 2.645.968 $ $ 3.163.366 $ $ 3.949.407 $ Debt SeNce Reserve 1 Years Debt BeNce $ $ 4.670.206 $ $ 2.535.316 $ $ 3,372,573 $ $ 4,032.053 $ $ 5.033,947 $ Accrued Interest on Interim Financing $ $ $ $ $ $ $ $ $ $ $ Total Uses $ $ 69,791.097 $ $ 37.887,511 $ $ 50,399,391 $ $ 60,254.597 $ $ 75.226,808 $ 1 Year Interest $ $ 3.664.033 $ $ 1.989.094 $ $ 2,645,968 $ $ 3,163.366 $ $ 3.949.407 $ Annual Debt SeNce $ $ 4.670.206 $ $ 2.535.316 $ $ 3,372,573 $ $ 4,032.053 $ $ 5.033.947 $ Tolm Debt SeNce $ $ 140.106.180 $ $ 76.059.480 $ $101,177.190 $ $ 120,961.590 $ $ 151.018.410 $ Interest During Construction Calculation Beginning Construction Fund Balance $ $ 69.791.097 $ $ 37,887.511 $ $ 50.399,391 $ $ 60,254.597 $ $ 75.226,808 $ Less: Use of Proceeds $ $ (69,791.097) $ $ (37.687,511) $ $ (50,399,391) $ $ (60,254,597) $ $ (75,226.808) $ Ending Fund Balance $ $ $ $ $ $ $ $ $ $ $ A_ege BeJance $ $ 34.895,549 $ $ 18,943.756 $ $ 25.199._ $ $ 30,127.299 $ $ 37.613.404 $ Interest Earnings Rate I 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.000/0 4.00% 4.00% 4.00%1 Tenn of Awrage Balance Months $ $ $ $ $ $ $ $ $ $ $ Total Proceeds Excludng Accrued Interest 1$ $ 59.712,082 $ $ 32.415.913 $ $ 43.120,865 $ $ 51,552.813 $ $ 64,362.783 $ Interim Rnancing Refinanced Each Year wI Accrued Int. $ 47.302.955 $ $ 16,930.606 $ $ 28.008,822 $ $ 18,834.681 $ $ 44,254.991 $ Cumulatiw tnterim Financing Re-financed $ $ 45.483.611 $ 45.483.611 $ 61.138.908 $ 61.138,908 $ 87.032.638 $ 87.032.638 $ 104,446.359 $ 104,446,359 $ 145,362.586 $ 145.362,586 Unfunded Project Amounts 1$ $ 14.228.471 $ $ 16,762.616 $ $ 17,225,135 $ $ 34,139.092 $ $ 23,446.556 $ I Interim Financing Proceeds $ 45,483,611 $ $ 15.653.297 $ $ 25.895,730 $ $ 17.413.721 $ $ 40,916,227 $ $ 29.684.268 Cumulatiw Interim Financing $ 45.483.611 $ 45.463.611 $ 81.138.908 $ 61,138.908 $ 87.032,638 $ 87,032,638 $ 104.446.359 $ 104,446.359 $ 145,362,586 $ 145,362.588 $ 175.046.854 Cumulatiw Interim Financing Not Re-Financed to date $ 45,483,611 $ $ 15.653.297 $ $ 25.895,730 $ $ 17.413.721 $ $ 40,916,227 $ $ 29.684.268 4th Querter Interest $ 916,008 $ $ 497.274 $ $ 681,492 $ $ 790.842 $ $ 987.352 $ Cumulative FY Debt Service Payrnent* $ 916,00B $ 4.670,_ $ 5,187._ $ 7.205.522 $ 7,867.014 $ 10,578._ $ 11,368.937 $ 14,610,146 $ 15,597.500 $ 19.644.095 * Note: The FAMS->l. Model assumes that for each new bond issuance an interest on ment is made for the interest accrued duri the 4th nci and interest ment is made. City of Clearwater Pinal Report 35 Burton & Associates Utility Economics - - - - - - - - - - - - - - - - - - - REVENUE SUFFICIENCY ANAL YSIS APPENDIX A SCHEDULE 11 - PROJECTED INTERIM FINANCING City of Clearwater, Florida Water & Wastewater System Financial Management Program Summary ~ Interim Financinq Proiections FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY2016 FY2017 FY 2018 Term (Years) Interest Rate Sources of Funds Par Amount $ 45,483,611 $ $ 15,653,297 $ $ 25,895,730 $ $ 17,413,721 $ $ 40,916,227 $ $ 29,684,268 Interest During Construction $ $ $ $ $ $ $ $ $ $ $ Total Sources $ 45,483,611 $ $ 15,653,297 $ $ 25,895,730 $ $ 17,413,721 $ $ 40,916,227 $ $ 29,684,268 Uses of Funds Proceeds $ 45,483,611 $ $ 15,653,297 $ $ 25,895,730 $ $ 17,413,721 $ $ 40,916,227 $ $ 29,684,268 Cost of Issuance 0.00% of Par $ $ $ $ $ $ $ $ $ $ $ Underwriters Discount $ - per $1,000 $ $ $ $ $ $ $ $ $ $ $ Bond Insurance o times total DS $ $ $ $ $ $ $ $ $ $ $ Capitalized Interest o Vears Interest $ $ $ $ $ $ $ $ $ $ $ Debt SeNce ReseM o Years Debt SeNce $ $ $ $ $ $ $ $ $ $ $ Other Costs $ $ $ $ $ $ $ $ $ $ $ Total Uses $ 45,483,611 $ $ 15,653,297 $ $ 25,895,730 $ $ 17,413,721 $ $ 40,916,227 $ $ 29,684,268 1 Vear Interest $ 1,819,344 $ $ 626,132 $ $ 1,035,829 $ $ 696,549 $ $ 1,636,649 $ $ 1,187,371 IAnnual Debt SeNce $ 1,819,344 $ $ 626,132 $ $ 1,035,829 $ $ 696,549 $ $ 1,636,649 $ $ 1,187,3711 Total Debt SeNce $ 1,819,344 $ $ 626,132 $ $ 1,035,829 $ $ 696,549 $ $ 1,636,649 $ $ 1,187,371 Interest During Construction Calculation Beginning Construction Fund Balance $ 45,483,611 $ $ 15,653,297 $ $ 25,895,730 $ $ 17,413,721 $ $ 40,916,227 $ $ 29,684,268 Less: USe of Proceeds $ (45,483,611) $ $(15,653,297) $ $(25.895,730) $ $ (17,413,721) $ $ (40,916,227) $ $ (29,684,268) Ending Fund Balance $ $ $ $ $ $ $ $ $ $ $ A..erage Balance $ 22,741,806 $ $ 7,826,649 $ $ 12,947,865 $ $ 8,706,861 $ $ 20,458,114 $ $ 14,842,134 Interest Earnings Rate 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% Term of A..erage Balance 0 Months $ $ $ $ $ $ $ $ $ $ $ Proceeds $ 45,483,611 $ $ 15,653,297 $ $ 25,895,730 $ $ 17,413,721 $ $ 40,916,227 $ $ 29,684,268 City of Clearwater Pinal Report 36 Burton & Associates Utility Economics I REVENUE SUFFICIENCY ANAL YSIS I APPENDIX A I SCHEDULE 12 - FUNDING SUMMARY BY FUND I City of Clearwater Flonda Water & Wastewater System Fmanclal Management Program Summary ~ fll!!!!!! FY200Il FY 2010 f!..i[ll ~ FY2013 f!1!!!! FY 2015 fll!U! FY2017 f..!..2!ll! Wa.,ImDllc:l FIIIIII Beginning Balance $ 1,749,716 $ 714,547 $ 544,835 $ 375,444 $ 206,375 $ 37,631 $ $ $ $ $ Additional Funds $ 79,968 $ 80,288 $ 80,609 $ 80,931 $ 81,255 $ 81,580 $ 81,907 $ 82,234 $ 82,563 $ 82,093 $ 83,225 Less: Payment of Debt SenAce $ $ $ $ $ $ $ $ $ $ $ Net Additional Funds $ 79,968 $ 80,288 $ 80,609 $ 80,931 $ 81,255 $ 81,580 $ 81,907 $ 82,234 $ 82,563 $ 82,093 $ 83,225 Subtotal $ 1,829,684 $ 794,835 $ 625,444 $ 456,375 $ 287,631 $ 119,211 $ 61,907 $ 82,234 $ 82,563 $ 82,893 $ 83,225 Restricted Amount $ $ $ $ $ $ $ $ $ $ $ Amount Awilable br Projects $ 1,829.684 $ 794,835 $ 625,444 $ 456,375 $ 287,631 $ 119,211 $ 81,907 $ 82,234 $ 82,563 $ 82,093 $ 83,225 Amount Paid 'for Projects $ 1,115,137 $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 119,211 $ 81,907 $ 82,234 $ 82,563 $ 82,093 $ 83,225 Subtotal $ 714,547 $ 544,835 $ 375,444 $ 206,375 $ 37,631 $ $ $ $ $ $ Add Back Restricted Amount $ $ $ $ $ $ $ $ $ $ $ Pius: Interest Eamect During the Year $ 49,285 $ 25,188 $ 18,406 $ 11.636 $ 4,BOO $ 753 $ $ $ $ $ Less Interest to Cash Flow $ (49,285) $ (25,188) $ (18,406) $ (11,836) $ (4,BOO) $ (753) $ $ $ $ $ Ending Balance $ 714.547 $ 544,835 $ 375,444 $ 206,375 $ 37,631 $ $ $ $ $ $ SAwIN' Imnsct FINIS Beginning Balance $ 5,593,749 $ 2,515,691 $ 2,082,195 $ 1,724,265 $ 1,366,903 $ 1,010,111 $ 653,893 $ 298,249 $ $ $ Additional Funds $ 140,940 $ 141,504 $ 142,070 $ 142,638 $ 143,209 $ 143,781 $ 144,357 $ 144,934 $ 145,514 $ 146,096 $ 146,680 Less: Payment of Debt SeNce $ $ $ $ $ $ $ $ $ $ $ Net Additional Funds $ 140,940 $ 141,504 $ 142,070 $ 142,638 $ 143,209 $ 143,781 $ 144,357 $ 144,934 $ 145,514 $ 146,096 $ 146,680 Subtotal $ 5,734,889 $ 2,657,195 $ 2,224,265 $ 1,866,903 $ 1,510,111 $ 1,153,893 $ 798,249 $ 443,183 $ 145,514 $ 146,096 $ 146,680 Restricted Amount $ $ $ $ $ $ $ $ $ $ $ Amount Aw.liable tor Projects $ 5,734,689 $ 2,657,195 $ 2,224,265 $ 1,866,903 $ 1,510,111 $ 1,153,893 $ 798,249 $ 443,183 $ 145,514 $ 146,096 $ 146,680 Amourt Paid tor Projects $ 3,218,998 $ 575,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 443,183 $ 145,514 $ 146,096 $ 146,680 Subtotal $ 2,515,691 $ 2,082,195 $ 1,724,265 $ 1,366,903 $ 1,010,111 $ 653,893 $ 298,249 $ $ $ $ Add Back Restricted Amount $ $ $ $ $ $ $ $ $ $ $ Plus: Interest Eamed During the Year $ 162,189 $ 91,958 $ 76,129 $ 61,823 $ 47,540 $ 33,280 $ 19,043 $ 5,965 $ $ $ Less Interest to Cash Flow" $ (162,188) $ (91,958) $ (76,129) $ (61,823) $ (47,540) $ (33,280) $ (18,043) $ (5,965) $ $ $ Ending Balance $ 2,515,691 $ 2,002,195 $ 1,724,265 $ 1,366,903 $ 1,010,111 $ 653,893 $ 298,249 $ $ $ $ Aar.laimAd Grant Fund'V} Beginning Balance $ $ $ $ $ $ $ $ $ $ $ Net Additional Funds $ $ $ $ $ $ $ $ $ $ $ Subtotal $ $ $ $ $ $ $ $ $ $ $ Restricted Amount $ $ $ $ $ $ $ $ $ $ $ Amount A\Gilable br Projects $ $ $ $ $ $ $ $ $ $ $ Amourt Paid br Projects $ $ $ $ $ $ $ $ $ $ $ Subtotal $ $ $ $ $ $ $ $ $ $ $ Add Back Restricted Amount $ $ $ $ $ $ $ $ $ $ $ Plus: Interest Earned During the Year $ $ $ $ $ $ $ $ $ $ $ Less interest to Cash Flow $ $ $ $ $ $ $ $ $ $ $ Ending Balance $ $ $ $ $ $ $ $ $ $ $ AllnllWa' & RIIlJIaC1lJlrllJnt Fund Beginning Balance $ $ $ $ $ $ $ $ $ $ $ Net Additional Funds $ 2,706,060 $ 2,936,643 $ 3,062,423 $ 3,276,550 $ 3,417,560 $ 3,666,029 $ 3,835,838 $ 4,114,300 $ 4,2&4,563 $ 4,613,277 $ 4,815,627 Subtotal $ 2,706,060 $ 2,936,643 $ 3,062,423 $ 3.276,550 $ 3,417,560 $ 3,666,029 $ 3,835,838 $ 4,114,300 $ 4,2&4,563 $ 4,613,277 $ 4,815,627 Restricted Amount $ $ $ $ $ $ $ $ $ $ $ Amount A\Gllable for Projects $ 2.706,060 $ 2,936,643 $ 3,062,423 $ 3,276,550 $ 3,417,560 $ 3,666,029 $ 3,835,838 $ 4,114,300 $ 4,2&4,563 $ 4,613,277 $ 4,815,627 Amount Paid fof' Projects $ 2,706,060 $ 2,936.643 $ 3,062,423 $ 3,276,550 $ 3,417,560 $ 3,666,029 $ 3,835,838 $ 4,114,300 $ 4,2&4,563 $ 4,613,277 $ 4,815,627 Sli:Jl:otal $ $ $ $ $ $ $ $ $ $ $ Add Back Restricted Amount $ $ $ $ $ $ $ $ $ $ $ Plus: Interest Earned During the Year $ $ $ $ $ $ $ $ $ $ $ L9SS Interest to Cash Flow $ $ $ $ $ $ $ $ $ $ $ Ending Balance $ $ $ $ $ $ $ $ $ $ $ RllvllnulI Fund BeginnIng Balance $ 33,886,132 $ 9,246,405 $ 9,725,764 $ 9,162,500 $ 10,530,949 $ 10,540,836 $ 11,244,473 $ 11,517,814 $ 11,993,348 $ 12,495,422 $ 13,224,438 Net Additional Funds $ 324,156 $ 5,517,435 $ (563,263) $ 2,608,623 $ 9,887 $ 4,695,962 $ 1,302,876 $ 6,880,981 $ 1,415,943 $ 7,450,713 $ 808,930 Subtotal $ 34,210,288 $ 14,763,840 $ 9,162,500 $ 11,n1,123 $ 10,540,836 $ 15,236,798 $ 12,547,349 $ 18,398,795 $ 13,409,291 $ 19,946.136 $ 14,031,368 Restricted Amount $ 9,246,405 $ 9,725,764 $ 9,162,500 $ 10.530,949 $ 10,540,836 $ 11,244,473 $ 11,517,814 $ 11,993,348 $ 12,495,4.22 $ 13,224,438 $ 13,780,926 Amount A\9Ilable for Projects $ 24,963,883 $ 5,038,076 $ $ 1,240,174 $ $ 3,992,325 $ 1,029,535 $ 6,405,447 $ 913,868 $ 6,721,698 $ 250,442 Amount Paid fof' Projects $ 24,963,883 $ 5,038,076 $ $ 1,240,174 $ $ 3,992,325 $ 1,029,535 $ 6,405,447 $ 913,868 $ 6,721,698 $ 250,442 Subtotal $ $ $ $ $ $ $ $ $ $ $ Add Back Restricted Amount $ 9,246,405 $ 9,725.764 $ 9,162,500 $ 10,530,949 $ 10,540,836 $ 11,244,473 $ 11,517,814 $ 11,993,348 $ 12,495,422 $ 13,224,438 $ 13,780,926 Plus: Interest Earned During the Year $ 862,651 $ 379.443 $ 377,765 $ 393,869 $ 421,436 $ 435,706 $ 455,246 $ 470,223 $ 489,n5 $ 514,397 $ 540,107 Less Interest to Cash Flow $ (862,851) $ (378,443) $ (377,785) $ (393,889) $ (421,436) $ (435,708) $ (455,246) $ (470,2Zl) $ (488,775) $ (514,397) $ (540,107) Ending Balance $ 9,246,405 $ 9,725.764 $ 9,162,500 $ 10,530,949 $ 10,540,836 $ 11,244,473 $ 11,517,814 $ 11,993,348 $ 12,495,422 $ 13,224,438 $ 13,780,926 RlHltridIJd RIMiHVfIIJ Beginning Balance $ 8,715,287 $ 8,715,287 $ 13,385,493 $ 13,385,493 $ 15,920,809 $ 15,920,809 $ 19,293,382 $ 19,293,382 $ 23,325,435 $ 23,325,435 $ 28,359,382 Additional Funds: Debt SeNlce Reserve on New Debt $ $ 4,670,206 $ $ 2,535,316 $ $ 3,372,573 $ $ 4,032,053 $ $ 5,033,947 $ Interest Earnings $ 348,811 $ 442,016 $ 535,420 $ 586,126 $ 836,832 $ 704,284 $ n1,735 $ 852,376 $ 933,017 $ 1,033,696 $ 1,134,375 Less: Interest Earnings Transierrecl to F4ewnue Fund $ (348,611) $ (442,016) $ (535,420) $ (586,126) $ (836,832) $ (704,284) $ (771,735) $ (852,376) $ (933,017) S (1,033,696) $ (1,134,375) Ending Balance $ 8,715,287 $ 13,385,493 $ 13,385,493 $ 15,920,809 $ 15,920,809 $ 19,293,382 $ 19,293,382 $ 23,325,435 $ 23,325,435 $ 28,359,382 $ 28,359,382 I I I I I I I I I I I I I I City of Clearwater Final Report 37 Burton & Associates Utility Economics I