CITY OF CLEARWATER FY 2008 STORMWATER REVENUE SUFFICIENCY ANALYSIS - FINAL REPORT
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CITY OF CLEARWATER
FY 20i08 Stormwater
Revenue Sufficiency Analysis
- Final Report -
June 23, 2008
Prepared by:
BURTON Be ASSOCIATES
Specialists in Water Resources Economics
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BURTON Be ASSOCIATES
June 23, 2008
Mr. Keith Bush
Controller
City of Clearwater
100 S. Myrtle A venue, #220
Clearwater, Florida 33756
Re: FY 2008 Stormwater Revenue Sufficiency Analysis - Final Report
Dear Mr. Bush:
Burton & Associates is pleased to present this Final Report of the FY 2008 Revenue
Sufficiency Analysis that we have performed for the City's Stormwater Enterprise Fund.
We appreciate the fine assistance provided by you, your staff and all of the members of
the 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,
AV'vc{ rewJ. B>urV'vVllll VlI1v
Andrew 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: aburnham@burtonandassociates.com
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TABLE OF CONTENTS
TABLE OF CONTENTS......... .............. ....... ........... .......... ............. ................ ......... i
Section I - Introduction........................................ ......... ........... ....... ........ ...... ......... 1
A. Objective and Scope ...... .................... ........... .......... ............. ...... ................. 1
B. Study Procedures..... .... ................ .......... ............... ................ ............. ......... 1
Section II - Analysis........ ............. .................. ......... .................. ........... .................. 3
A. Description.......................... ................ ........................................................ 3
B. Assumptions..... ................... ........ .......... ................... .................... ............... 4
1. Revenues and Expenses ........................................................................ 4
2. Operations & Maintenance Cost Additions .......................................... 4
3. Payment in Lieu of Taxes Calculation.................................................. 4
4. O&M Cost Escalation ........................................................................... 5
5. Borrowing Assumptions .......................................................................5
6. Interest Earnings on Invested Funds ..................................................... 5
7. Interest Earnings on Capital Projects Construction Fund .....................6
8. Debt Service Payment Schedule ........................................................... 6
9. Interim Financing.................................................................................. 6
10. Growth.................................................................................................. 6
11. Minimum Working Capital Balances in Unrestricted Reserves ........... 6
12. Capital Projects Funding ......................... ................... ......... .................. 7
13. Debt Service Coverage .........................................................................7
C. Results......................................................................................................... 7
City of Clearwater
Final Report
Burton & Associates
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Section III - Conclusions and Recommendations ................................................ 10
A. Conclusions............................................................................................... 10
B. Recommendations... .................... .......... ............... ....... ......... ....... ...... ........ 10
Appendix A...... ..... ..... ....... ......... ..................... ......... ...... ......... ......... ....... ...... ........ 12
Schedule 1 - Assumptions............................................................................... 13
Schedule 2 - Beginning Balances................................................................... 14
Schedule 3 - Capital Improvement Plan......................................................... 15
Schedule 4 - FAMS-XL @ Control Panel...................................................... 16
Schedule 5 - Summary of Projected Cash Inflows......................................... 17
Schedule 6 - Summary of Projected Cash Outflows ...................................... 18
Schedule 7 - Forecast of Net Revenue and Debt Service Coverage .............. 20
Schedule 8 - Capital Projects Funding Sources ............................................. 21
Schedule 9 - Future Long-Term Borrowing Projections................................ 22
Schedule 10 - Future Interim Financing Projections...................................... 23
Schedule 11 - Funding Summary by Fund..................................................... 24
City of Clearwater
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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 Stormwater 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 of the RSA and the supporting
schedules, and Section III presents the conclusions and recommendations of the RSA.
A. Obiective and Scope
The objective of this RSA was to:
Evaluate the sufficiency of the City's stormwater revenues over a multi-year
planning period and recommend a plan of annual rate increases, if required, that would
provide sufficient revenues to fully fund the Utility's cost requirements over the entire
planning period.
B. Study Procedures
During this RSA we developed alternative financial management programs
through interactive work sessions with City staff. During these work sessions we
examined the impact of alternative scenarios upon key financial indicators by use of
graphical representations projected on a large screen from our computer rate models
which were up and running and upon which we conducted alternatives analyses
interactively with City staff.
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REVENUE SUFFICIENCY ANAL YSIS
SECTION I - INTRODUCTION
In order to initialize our analysis, we obtained the Utility's historical and
budgeted financial information regarding the operation of the Stormwater Enterprise
Fund. We also obtained the Utility's multi-year capital improvement program (CIP). We
documented the Utility's current debt obligations for the Stormwater Enterprise Fund 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 Stormwater Enterprise Fund such as
additional capital and operations and maintenance expenses outside of the Utility's
budget, required levels of working capital reserves, earnings on invested funds, escalation
rates for operating costs, etc.
All of this information was entered into our proprietary Financial Analysis and
Management System (FAMS-XL @) interactive model. The FAMS-XL @ 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- XL @ also utilizes all available and unrestricted funds in each year of the
planning period to pay for capital projects, in accordance with the rules of cash
application defined with City staff within the model. This produces a detailed summary
of the funding sources to be used for each project in the 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 FAMS-XL @ model
identifies a borrowing requirement to fund those projects, or portions thereof that are
determined to be eligible for borrowing. In this way the FAMS-XL @ model is used to
develop a borrowing 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.
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REVENUE SUFFICIENCY ANAL YSIS
SECTION II - ANAL YSIS
Section II - Analysis
This section presents the results of the analysis and the financial management
program developed during the conduct of this RSA. The first sub-section presents a
description of the RSA, while the second sub-section outlines the assumptions, funding
strategies, and adjustments of the RSA. The third sub-section provides the results of the
RSA, while the Appendices include detailed financial analysis schedules supporting the
financial management program identified herein.
A. Description
The RSA was performed using the Utility's historical and projected information
regarding the operation of the system. The Utility's Comparative Balance Sheet as well
as Restricted Asset Statement for September 30, 2007 was used as sources for historical
financial information in order to establish the beginning balances of various funding
sources. 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. The rate revenue projections from FY 2008 through the
end of the planning period were based upon the Utility's FY 2008 Budget plus annual
growth and assumed rate increases. All other revenue projections were based upon the
Utility's FY 2008 Budget. Expense projections were based upon the Utility's FY 2008
Budget with specific additions and adjustments as described in the next sub-section.
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 the RSA are listed in the next sub-section.
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REVENUE SUFFICIENCY ANALYSIS
SECTION II - ANAL YSIS
B. Assumptions
The key assumptions and parameters reflected in the RSA are listed below:
1. Revenues and Expenses
The FY 2008 rate revenue projections, as well as other operating revenue
projections, 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. Operations & Maintenance Cost Additions
In addition to the FY 2008 Budget amounts of (O&M) expenses, new
costs have been included in the analysis. These are annual costs that are
projected to begin in FY 2009 and are escalated each year based upon the
appropriate cost escalation factor. The additional costs in FY 2009 are for
a new full-time position in the approximate amount of $71,500 and fleet
maintenance charges of approximately $26,500. A second increment of
additional fleet maintenance charges of approximately $80,600 are also
projected to begin in FY 2010 and to escalate each year thereafter based
upon the appropriate cost escalation factors.
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 each year
throughout the planning period.
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REVENUE SUFFICIENCY ANAL YSIS
SECTION II - ANAL YSIS
4. O&M Cost Escalation
Annual cost escalators for the varIOUS types of O&M expenses were
discussed with City staff and applied in each year of the planning period
beginning in FY 2009 and can be seen on Schedule 1 in Appendix A of
this report. Furthermore, the specific additions to the O&M costs not
included in the Utility's FY 2008 Budget were escalated each year based
upon the appropriate cost escalator.
5. Borrowine: Assumptions
To the extent new debt is forecast to be issued during the planning period,
the new debt issued would carry the following terms:
Long: Term Debt:
./ Term: 30 Years
./ Interest Rate: 5.25% in each year of the planning period.
Interim Financing:
./ Term: 20 Years
./ Interest Rate: 4.00% in each year of the planning period.
6. Interest Earnine:s on Invested Funds
It is assumed interest earnings on invested funds will be 4.00% in FY 2008
and each year thereafter throughout the remainder of the planning period.
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REVENUE SUFFICIENCY ANAL YSIS
SECTION II - ANAL YSIS
7. Interest Earnine:s on Capital Proiects Construction Fund
It is assumed interest is earned on funds dedicated for CIP projects based
upon spending of 1/3 of the project cost in years one through three of
construction. Furthermore, it is assumed that the interest rate is the same
as that for invested funds as outlined above.
8. Debt Service Pavment Schedule
It is assumed all new revenue bonds are issued in the fourth quarter and
therefore reflect only three months of interest payment in the fiscal year in
which the bonds are issued. All subsequent years reflect full annual
principal and interest requirements.
9. Interim Financine:
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. This interim borrowing is
refinanced in the subsequent year as part of the proceeds of the long-term
borrowing.
10. Growth
No growth is assumed for this analysis.
11. Minimum Workine: Capital Balances in Unrestricted Reserves
The RSA assumes that the Utility will maintain a minimum Working
Capital Reserve (WCR) fund balance in an amount equal to three months
of O&M expenses.
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REVENUE SUFFICIENCY ANAL YSIS
SECTION II - ANAL YSIS
12. Capital Proiects Fundine:
The capital improvement plan (CIP) budget expense levels are included in
the analysis by project through FY 2014. In FY 2015 and beyond annual
capital expenses were estimated based upon the average annual capital
expenses of the preceding five years.
13. Debt Service Coverae:e
There are two debt service coverage tests in the Utility's outstanding bond
covenants as follows:
1) Rate Covenant - Net income must be at least 1.15 times annual
debt service
2) 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
The supporting analysis for the development of the financial management
program presented in this report is detailed below.
a. Basis for the Analysis
The financial management program presented in this report was developed by
preparing a multi-year projection of the financial results of the Utility, starting with the
current rates in FY 2008. This baseline projection determined the minimum level of rate
revenue required in FY 2009, the first projected year, and compared that to the projected
rate revenue in FY 2009 with current rates. To the extent that an increase in rate revenue
was needed in FY 2009, the model determined the amount of additional rate revenue
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REVENUE SUFFICIENCY ANAL YSIS
SECTION II - ANAL YSIS
required in FY 2009 and determined the percentage increase in rate revenue that 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.
As one might expect, the amount of increase required from year to year varied.
Therefore, a more regular plan of annual rate increases was determined that would satisfy
all financial requirements of the Utility in each year of the planning period while
recognizing the City's previously approved plan of 6.00% annual rate increases through
FY 2011. As such, it was determined that the approved 6.00% annual increases through
FY 2011 and a level plan of 4.25% each year thereafter should serve to provide sufficient
revenues to fund the Utility's requirements over the entire planning period.
b. Financial Results of Operations and Sources and Uses of Funds
Appendix A presents Schedules 1 though 11 for the financial management plan
identified in this report.
Schedules 1 through 3 present detailed schedules of the inputs and assumptions
utilized in this analysis. Schedule 1 contains many of the assumptions described in
Section II.B. Schedule 2 contains the end of FY 2007 Stormwater Enterprise Fund
balances that serve as the beginning balances of our analysis. Schedule 3 provides a
listing of the CIP projects and associated costs included in the analysis.
Schedules 4 through 7 are summary level financial schedules. Schedule 4
contains the Control Panel that presents a summary of the results of the financial
management program contained in this report including annual rate increase, debt service
coverage ratios, capital improvement spending levels, customer impacts, and fund
balances. Schedule 5 presents a summary of all cash inflows from FY 2008 through FY
2018. Schedule 6 presents a summary of all cash outflows from FY 2008 through FY
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REVENUE SUFFICIENCY ANAL YSIS
SECTION II - ANAL YSIS
2018. Schedule 7 is the Pro Forma schedule that presents a projected income statement,
debt service coverage analysis, and cash flow analysis.
Schedules 8 through 11 present detailed financial results of the analysis.
Schedule 8 shows the funding sources utilized to pay for the total capital improvement
plan spending levels identified on Schedule 3. Schedule 9 presents the calculation of
annual long-term borrowing. Schedule 10 presents the calculation of annual interim
financing. Schedule 11 presents the fund level cash flow reconciliation, providing the
beginning balance in each year, the amount utilized for project funding, interest
calculations, and the end of year fund balance.
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REVENUE SUFFICIENCY ANALYSIS
SECTION III - CONCLUSIONS AND RECOMMENDATIONS
Section III - Conclusions and Recommendations
This section presents the fundamental conclusions and recommendations of the
RSA.
A. Conclusions
We have reached the following conclusions regarding the sufficiency of the City's
stormwater rates over the planning period from FY 2008 through FY 2018:
. Based upon the assumptions and supporting data described in Section II.B, the
financial management program presented in this report would satisfy 100% of
the O&M and CIP cost requirements of the Utility during the planning period.
B. Recommendations
Based upon the analysis presented herein and the conclusions presented in the
previous sub-section, we recommend the following:
. The City should adopt the identified rate increases presented in this report
from FY 2009 through FY 2013, recognizing that the City should continue
to implement the already approved rate increases of 6.00% per year
through FY 2011 and consider implementing the level annual plan of
4.25% each year thereafter.
. The City should perform annual revenue sufficiency updates to
incorporate revised expense projections (both operational and capital) so
that any necessary adjustments can be made to the recommended financial
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REVENUE SUFFICIENCY ANALYSIS
SECTION III - CONCLUSIONS AND RECOMMENDATIONS
management program included in this report in order to allow the Utility
to meet its requirements during this time period to avoid significant rate
increases to the Utility customers as a result of circumstances occurring
differently than as currently projected.
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REVENUE SUFFICIENCY ANAL YSIS
APPENDIX A
Almendix A
Supporting Financial Analysis Schedules for the
Revenue Sufficiency Analysis
City of Clearwater
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REVENUE SUFFICIENCY ANAL YSIS
APPENDIX A
SCHEDULE 1 - ASSUMPTIONS
CITY OF CLEARWATER. FLORIDA
Stormwater System Financial Management Program Summary
~
I FY 2009 II FY 2010 II FY 2011 II FY 2012 I FY 2013 - FY 2018
DescrIDtlon: 07 URS I Update 07 URS I Update 07 URS I Update 07 URS I Update 07 URS UDdate
Intemal Service Charges 3.00% No Chanae 3.00% No Chanae 3.00% No Chanae 3.00% No Chanae 3.00% No Chanae
Annual Inflation Component No Chanae No Chanae No Chanae No Chanae No Chanae No Chanae 3.1ll% No Chanae 3.00% No Chanae
Pay Increases 4.00% No Chanae 4.00% No Chanae 4.00% No Chanae 4.00% No Chanae 4.00% No Chanae
Add For Health Insurance 6.00% No Chanae 6.1ll% No Chanae 6.1ll% No Chanae 6.00% No Chanae 6.00% No Chanae
City Pension Contribution - % Of Pay 13.00% No Chanae 15.75% No Chanae 15.75% No Chanae 15.75% No Chanae 15.75% No Chanae
% Of Yr Increase Is Effective No Change No Change No Change No Change No Chanae No Change 100.lll% No Change 100 .Ill % No Change
Interest Eaming Rates:
Revenue Account No Change No Chanae No Change No Change No Chanae I No Chanae 4.1ll% I No Change 4.00% I No Change
Water Impact/Sewer Tap NlA for Stormwater N1A for Stormwater N1A for Stormwater NlA for Stormwater NlA for Stormwater
Renewal & Replacmnt Acct NlA for Stormwater N1A for Stormwater N1A for Stormwater NlA for Stormwater NlA for Stormwater
Bond Funds (New Issues) 4.1ll% No Change 4.00% No Change 4.00% I No Change 4.00% I No Chanae 4.00% I No Chanae
Rate Of Expend. From Cap Funds: I I No ~~nge I I I No fh~nge I I I No fh~nge I I I No fh~nge I I I No fh~nge I
Stormwater - Cip And Bond Funds 33% 33% 33% 33% 33%
Payment In Ueu Of Taxes (pILOT) 5.50% 5.50% 5.50% 5.50% 5.50%
Other AssumDtlons: I 07 URS II Update I INTERNAL SERVICE CHARGE CODES SUBJECT
Debt Issuance: TO 3.0% INFLATION RATE FOR FY 21119 THRU FY
Dbt Svc Reserve Surety N1A No Change 2018
Dbt Svc Reserve Fund 1 Year Of Debt Svc No Chanae 540100 5402llJ S403II 5404llJ
Capitalized Int. To Bond Sinking Fund 1 Year Of Interest No Chanae 5405llJ 54lEOO 540700 54CRD
Underwriters Discount Combine Into One Item No Change 5409llJ 541 (D) 541100 541200
Costs Of Issuance At 2.5%
Other Costs Of Issuance: 541400 541500 541600 541700
Cost Of Bond Insurance: 541 Ern 542lDJ 542700 542lDl
Term Of Issuance 3J Years No Chanae 542900 5479JJ
Annual Interest Rate 0.055 0.0525
Debt Service Levelized No Change
Working Capital Above Required Reserves 25% Of O&M EXDense No Chanae
Required Coverages: I II I
Parity Test 1.2 No Chan:e
Rate Covenant 1.15 No Chan e
City of Clearwater
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REVENUE SUFFICIENCY ANAL YSIS
APPENDIX A
SCHEDULE 2 - BEGINNING BALANCES
CITY OF CLEARWATER. FLORIDA
Stormwater System Financial Management Program Summary
~~@I!ces
FUND TInE I 10/112007 I
04 Bond Construction Fund 357 $ 1 ,687,992
99 Bond Construction Fund 375 $
02 Bond Construction Fund 377 $ 465 ,908
Capital Improvement Fund 315 $
Revenue Fund $ 9,900 ,372
Restricted Reserves $ 2 ,472 ,654
Total Consolidated Fund Balance $ 14,526 ,926
REVENUE FUND DETAIL
Current Unrestricted Assets
Cash on Hand & In Banks $
Equity in Pooled Cash & Investments $ 9,231,824
Accounts & Contracts Receivable, Net of Un billed Charges Est. $ 7fiJ,775
Due From Other Funds $
Due From Other Governmental Entities $ 212,517
Inventories $
Prepaid Items $
Total Current Unrestricted Assets $ 10,195,116
Less: Accounts and Contracts Payable $ (28 ,009)
Less: Accrued Payroll $ (67,178)
Less: Compensated Absences $ (19,632)
Less: Accrued Interest Payable $
Less: Current Potion of LT Liabilities $ (179,925)
Less: Current Liabilities $
Total Unrestricted Working Caphal $ 9,900,372
Less: Inventories $
Net Unrestricted Working Caphal Available $ 9,900,372
RESTRICTED RESERVE FUND DETAIL
Restricted Reserve Assets
04 Bond Debt Service Fund 230
04 Bond Debt Service Requirements Fund 244
99 Bond Debt Service Fund 274
02 Bond Debt Service Fund 276
05 Bond Debt Service Fund 277
Total Noncurrent Restricted Reserve Assets
Less: Accrued Interest Payable
Less: Current Portion of LT Liabilities - Revenue Bonds
Net Restricted Reserve Balance
Restricted Reserves Available For CIP
04 Bond Construction Fund 357
99 Bond Construction Fund 375
02 Bond Construction Fund 377
Capital Improvement Fund 315
T otel Restricted Reserves Available For CIP
$
$
$
$
$
$
$
$
$
537,640
2,470,969
148 ,253
859,940
159 ,568
4,176,370
(173,299)
(930 ,417)
2,472,654
$
$
$
$
$
1 ,007,992
465~
2,153,900
City of Clearwater
Final Report
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REVENUE SUFFICIENCY ANAL YSIS
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APPENDIX A
SCHEDULE 3 - CAPITAL IMPROVEMENT PLAN
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CITY OF CLEARWATER. FLORIDA
Stormwater System Financial Management Program Summary
(,,7fJltal PfOpJCr Spendmg By Year
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',olect D..crlDdon
'ifZlfi1 . B.ach Walk
'ifZlfi1 - B.ach Walk
92269 - Downtown Streetscape
92269 - Downtown Streetscap.
92269 - Downtown Streetscap.
94510 - AlC R.plac.m.nt
94517 - Painting F acil~i.s
94519 - Flooring of Facil~i.s
94831 . Evaluetion & Appraisal R.port
96124 - Storm Pipa Syst.m Improvem.nts
96124 . Storm Pip. Syst.m Improvem.nts
96124 - Storm Pip. Syst.m Improvements
96124 - Storm Pip. System Improvem.nts
96125 - Town Lak.
96129 - Stevensons Creek Est Rest
96137 - FDEP Compll.nc.
96141 - K.pok Flood R.solution
96141 . Kapok Flood R.solution
96144 - Stevenson's Cr..k Improvem.nt Proj.cts
96144 - Stevenson's Cr..k Improvem.nt Proj.cts
96144 . Stevenson's Creek ImprlMlm.nt Proj.cts
96144 - Stevenson's Cre.k ImprlMlm.nt Proj.cts
96149 - Storm Systam Expansion
96149 . Storm Syst.m Exp.nsion
96150 . MomingsideIM.odows
96152 - Lak. B.II..... Stormwa1.r Improvemonts
96152 - Lak. B.II..... Stormwat.r ImprlMlm.nts
96152 - Lak. Bell""e Stormwater Improvements
96154 - Alligotor Cre.k Dreinago ImprlMlments
96154 - Alligotor Creek Dr.inago Improvements
96154 - Alligotor Cre.k Drainego Improvements
96154 . Alligotor Craek Drainago Improvem.nts
96158 - Transfer Y.rd Upgrade
96158 - Trensfer Yard Upgrade
96158. Transfer Yard Upgrade
96160 - Coope(s PI
96160 - Coop.r's PI
96161 - Coastal Basino ImprlMlmant
96161 - Coastal Besins Improvement
96161 - Coestal Bosins Improvement
96162 - Chonnellmprovemenls
96164 - Aliens Creek Improvement Proj.cts
96164 - Aliens Creek Improvement Proj.cts
96165 - Exotic end Invasive Speci.s Control
96516 - C~ywid. Aerial Photogrephy
96521 - PW Inli'aslruclure Manag.m.nl Syst.m
Unsp.cifiad FutUlll Stormwat.r Projacts m
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T 0181 CJP
I I % of Budget.d CIP Proj.ct.d 10 b. Executed
Projected CIP Cosllo b. Funded
Project.d CIP R.duclion from Budget
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(1) Unspecified Future Stormwat.r Proj.ct. are c.lcuteted a. . 5-yr rolling _age of all budgeted Slormwater CIP axp.nd~ures.
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City of Clearwater
Final Report
15
Burton & Associates
Utility Economics
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REVENUE SUFFICIENCY ANAL YSIS
APPENDIX A
SCHEDULE 5 - SUMMARY OF PROJECTED CASH INFLOWS
CITY OF CLEARWATER. FLORIDA
Stormwater System Financial Management Program Summary
~io" o(Cashl"f/ows
Stormw...r Revenues .E:llQl!l ffZl!lIi Ei..Ztm Et..2l!11 Ei.Zrn. EYm1 EY.2!m ~ E'l..ZtJi fflt1l ff.2tJl
Proiection AssumDlions
Growth NlA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Annual Stormwater Rate Increase Assumed 0.00% 6.00% 6.00% 6.00% -4.25% -4.25% -4.25% -4.25% -4.25% -4.25% 0.65%
Stormwater Rate R.....nue Subject To Growth & Rate Increases S 12,358,OJ S 13,099.936 S 13,8B5,932 S 1-4,719,lllB $ 15,344,6.49 $ 15,996,797 $ 16,676,661 S 17.385.-419 S 18,12-4.299 $ 18,89-4,582 S 19,017.201
Other ODeralino R.....nue
Other Stormwaler Opning RlMInue $ 15,lXXl $ 15,lXXl S 15,lXXl S 15,lXXl 15,lXXl 15,lXXl S 15,lXXl 15,em $ 15,lXXl S 15,lXXl S 15,lXXl
Contribution. Developers $ $ . S - S - - $ - $ - S - S -
Contribution - Other Gov'l Units S $ - S S $ - $ - S S -
Late Payment Fee $ -47,lXXl $ -47,lXXl $ -47,lXXl $ -47,lXXl -47,lXXl 47,lXXl $ -47,lXXl -47,lXXl $ 47,lXXl $ 47,lD) $ 47,lXXl
Prospect Lake Retainage Assessment S - $ - S - $ . - . $ . - $ - S . S -
Sale - Surplus Vehicles S $ - $ - S - - - $ - - S - S - S -
Sale - Scrap S -4 ,lXXl $ -4 ,lXXl S -4 ,lXXl S -4 ,lXXl -4 ,lXXl -4 ,em S -4 ,lXXl -4 ,lXXl S -4 ,lXXl S 4,lD) S -4 ,lXXl
Misc. - Capital labor S 6,lXXl $ 6,lXXl $ 6,lXXl S 6,lD) 6,lXXl 6,lXXl S 6,lXXl 6,lXXl $ 6,lXXl S 6,lXXl S 6,lXXl
Misc. - Parking Oper Fund Transfer S 56,981 $ 56,981 S 56,981 S 56,981 56,981 56 ,98) S 56,981 56 ,98) $ 56,98) S 56,981 S 56,981
Misc. - Other General RlMInue S - $ - S - S - - - S - $ - S - S
Misc. - Workers Comp Reimburse S 1 ,500 $ 1,500 S 1,500 S 1 ,500 1 ,500 1,500 $ 1 ,500 1,500 $ 1,500 S 1,500 S 1 ,500
Total Other Operating R.....nue $ 133,400 $ 133 ,-400 S 133,400 S 133 ,400 133 ,400 133 ,400 $ 133 ,400 133,400 $ 133 ,400 S 133 ,400 $ 133,400
Non-Oaendino RlMInuel Other Sources Of Funds
Interest eamed On Irwested Funds S 001$79 $ -459 ;zZ2 S 37-4,6(1l S 49:1,159 $ 541,933 $ 511,253 S 520 ,525 S 559 ,727 S 595 .538 S 618,593 S 635 ,388
Capitalized Interest From New Borrowing S S 786,605 $ - S 759 ,981 S - $ 8-42,336 S - S 795 ,321 $ - S 873 ,827 S -
Less: Projected Annual Interim Financing Interest Payments S (-487,863) S - $ (201 ,569) S - $ (3Of,96-4) $ - S (272 ,-429) $ $ (319,375) S S (334 ,269)
School Board Liability S - $ - $ - S - $ - S - $ - $ $ - S - S -
School Board Arrearage ~ - (9) S . $ - S - S . $ - S . $ - $ $ - $ - S -
Total Non-Operating RlMInue I Other Sources Of Funds S 31-4.016 S 1 ,2-45 ,827 S 173,039 S 1,250,139 $ 183 ,969 S 1 ,353,589 $ 2-48,096 S 1 ,355 ,0-48 $ 276,163 S 1 ,-492 ,420 S 331,118
Tet.1 Stermw...r R_.. $ 12.802.926 $ 1U76.2.f3 $ 14.189.-451 $ 16.099.707 $ 15.659.098 $ 17.480.866 $ 17.055.236 $ 18.870.947 $ 18.530.942 $ 20.517.482 $ 19.",.799
Note: FY 2008 Stormwster Rate Re\I9nue and Other Operating Revenu88 are based upon FY 2008 Budget 8mOUI'Ite.
City of Clearwater
Final Report
17
Burton & Associates
Utility Economics
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REVENUE SUFFICIENCY ANAL YSIS
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APPENDIX A
SCHEDULE 6 - SUMMARY OF PROJECTED CASH OUTFLOWS
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CITY OF CLEARWATER FLORIDA
Storrnwater System FI'la"::la ~a'1a~er"e'1' Prc.g a", Su'Y1'T1ary
<;!)flllf~!fY III l'fI we,,, n ,Ff \~nl1 'Jlllfl, b~
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0&11.. T..-.Iat& 0... r__lt.. o.d_ & Debt S.rvae. F..........._ fUIIl FUIIl EUIll EUU1 EXllW. fXllIU fX..ZI1! fial1 El..lIli FlJIll EllUl
(JUI Fk.......
0131l6E~"'"'-""""
510100 Full Time Salaries & Wag.. 61,900 .73,158 m,005 51',n;e 532.239 553.528 575,670 598,696 622.6<< ~7fBJ 673,452
5104Dl PM Tme SalariIlS & Wage. :lll,lDl 21,632 'Z2,W 23;397 2.,333 25,D; 26~'9 N;91 28,& 29,61J5 3:1.7ll9
510<<11 SpociaI Poy
510fD) CMrtimll 1llD 1,93.1 2m2 21J92 2,176 2,21;3 2,363 2MB 2,5ol6 2,61.7 2,753
51(6)) Vacation Lell'tt
511J11JlSM:l<u-
51(8]) OIher Paid Leave
512!DJ Ju')' Holiday
512700 Hoiday Tim.
5:lll100 Ufo Ins fl5D] EmpI & Pana lIJ 82 B5 f!1 90 93 96 !l8 '0' 10. 1[8
5XJD) 1% L.le Insurance-Employee 1,!U1 ll161 2~16 2Jl76 2,1311 2,203 2.269 2;m 2,6 2~19 2.553
~ Sarnp Lifllnsurance 7<<1 7112 7B5 lIJ9 833 858 IBl 910 rm !l66 9!M
g)OJ "Ijar Medical I,.Emp ~.6lIl 62!i16 55,731 99fIl. 62,619 66,376 70,359 7.!HJ 79/156 83;798 BB,826
52IBD Social Security-Employee 10)l2O 11,2e 11,585 11,933 12.291 12.669 13,039 13.aJ 13,933 '.,2e '.,676
52D7OO Emp Pension Plan ~.2/0 61.611 77!J1J lIJ.603 83,826 f!1,IBl 90,668 ~,296 !l8.l1i6 101,989 l00,lll9
5DID Work.. Compens.ion 3.B60 3,976 .,005 .,216 .~ 4,.75 .,609 U.7 ..BBO 5,lJ311 5,1BB
521110 Disability lnlurlncl <<Xl .'2 m IJ1 ol5O 4s. .78 m 5IJ1 522 5311
521100 ~)'1Mf'lI Com,ensation
5297IIJ Net Pension Asset Adj
Additional OPEBS Act:ruaI 12JIT7 12JIT7 12fIl7 12JIT7 12JIT7 12JIT7 12JIT7 12JIT7 12JIT7 12JIT7 12JIT7
530100 Profnlion.t SeMclI lU,lDl 96.B:lll 98,725 102,716 106,798 1[8,972 112,2.' 115,609 119)176 1'Z2,649 126.328
S3JD) Other Contractual Set\' 35B,!UI Elf>>! PJ,757 392,ll1J .m,945 .,6,(1;3 al,5E "',402 61.6<< &,283 482,332
5ot2D) EIec.tJtil Charges 7,1:lll 7,3301 7,66l 7,7lIJ 6p,. 8~ B,5ll2 8,757 9~19 9,2!1O 9.!6B
542D) Gas,Water &. Sanitation Uti e:JJ llEi5 BB1 'im 930l 962 981 1,021 l.l151 l.l1l3 1,115
5ot25W Post. 19J 166 170 175 ll1J 185 191 197 :m Dl 215
salOl ....rti.ing 160 783 ED; e:JJ B55 981 'im 935 963 !l82 1,021
M3D) OIher Promotion ActMty
5"100 Equip!: Rantal 1m 103 100 109 113 116 119 123 127 13:1 1~
546100 Ofc Equip ~ & Rlplir 1m 103 100 109 113 116 119 123 127 13:1 1~
546D) Othe, Equip Sve &. Rlp.it ,2!10 25Il 265 273 :Ill 290 299 'SIT 317 326 336
SOlO) l.Jnifi:mns-Employ.. 720 71.'2 760l 7ff1 810 B35 Il60 IlB6 912 939 9lIl
54nD Trawl EKpana.Emp 8,900 9.219 9,_ 9,7lIJ 10.D73 10,376 10,687 11,1XJ7 11,338 11,678 12,O21l
5t7DJ MiInge Reimbursement 510 fi2!i ~1 551 57. 991 Q!l DO 646 66!i 6Il5
wa Meal..EmpIoyee 1m 103 100 109 113 116 119 123 127 13:1 1~
58JJJ Other SeMCIi Or Charge. 1m 103 100 109 113 116 119 123 127 13:1 1~
5<<J7IX) RlIoeation Explfl"
5!ll100 otIce Supplies 720 71.'2 760l 7ff1 Bl0 B35 Il60 IlB6 912 939 9lIl
59J.tOO Operating Supplies &. Matis .,!ilD ..635 .,77. .~17 6.l1i5 5,217 5.373 5~ 6,700 6,871 6,ll48
557100 MembtrshipslSubaJl.ic Emp .,100 ..B41 .1lB6 5,136 5,2!1O 5,"9 5,612 5,7lll 5~ 6,132 6~16
5673XJ oticl RlcogniUon-Emp lIJ 82 85 f!1 90 93 96 !l8 101 10. 1[8
5S7D) Training & Ref Employ.. 12,!ilD 12,876 13261 13.669 '.,lIl9 1.,~1 U,926 15;93 15,1l35 16,310 16,199
5<<1100 Garage SeMen 5~10 5,778 5,952 6,13:1 6~1. 6,5lM 6,699 6,!U1 7,107 7;m 7,699
54lDXJ Doc Repro &. Print Shop Svc 2A60 2~ 2~10 2.6B11 2,7li9 2.852 2!m 3,025 3,116 3,210 3,D;
540Dl Telephont Smicl Variable 2;D1 2;266 2,3301 2,<<U 2,.76 2fBJ 2fi1J 2,706 2,7f1l 2,871 21*i1
5<<BD TelephonI SYc Fixed 1.<<11 1~ 1,699 1,66l 1,632 1,681 1,731 1,783 lf15l 1,892 1,!N9
5407m Postll SeMce
5<<BJ) Risk Mgmt Service 1,79) 1,l1l3 1~ 1~12 1,970 2,029 2,ll9O 2,152 2.217 2,283 2,362
541(JlJ Info Technology Chtrgt ~,lDl B5)l2O 67.ll98 691135 72)J33 74,llU 76,419 78,712 B1.D73 83,&1; OOP,1
5t1600 BIdg &. M,int.V.n.bfe !lXl 616 63J 546 563 560 rm 615 633 6S2 672
5t2lDl Employ.. eenefb.Fixed l.l11l 1~18 1.358 1,399 1,"." 1,4lU 1,528 1,57. 1,621 1,670 1,7:lll
02090 Pub Ser-StOffl'lWlltef Util
510100 FuR Time Salaries & Wages lA60.6:lll 1,699,7.' 1,601.33l 1.SE6,36.1 1.731,989 1,601,279 1.B73.33l 1,948,283 2,026,1~ 2,107.21.'2 2,191.631
510<<11 Specie! Pay
51051X1 CNlltime '9.2/0 :lll.lMl :lll,B1.'2 21,678 'Z2.643 23,.w; 2-4,383 25,368 26;372 N,I.'21 28,5lo1
SUBD v.e.ion U1fM1
511J11Jl SM:l< 1.0_
51lBXJ Other Paid Ui....
512Dl Inpoy Tme
51ZDl Funeral Time
512!DJ Ju')' Holiday
51210l HoIidlY Tim.
520100 Ufe Ins S2500 Empt & Pens PJ 391 .m .,5 al "' 4501 W .e1 &; 611
520DJ 1 % Ufa msuf1lnc.Employee 5,3Sl 6.611 6,678 5/146 6,021 6,202 6,3118 8!HJ 6m 6,981 7,190
5203IJ s.mp ur. Insurance 241 2-47 256 262 27ll 27B '1fI1 295 :1M 313 323
52D<<ll Mljor Medicllln.Emp 235.6l1l 2-49,7311 2601,720 200.603 297 MIl 315;266 ~,203 ~.255 375,511 39B.lMl 1.'2',!12-4
5:DDl SocieI Securily-Empfoyee 25:m 26,7IJl NfDJ 28,3301 :29,1EU 3:1,080 3:1,962 31,B91 32,lM7 33,933 ~,Il4B
gJ7(IJ Emp Pension Pbtn ll1J,3Sl m,l66 252,210 2622!l1l m,7!lO 283,701 295,lWll 306,851 319,126 331,1191 346,166
&UDJ Wolters Compensation 121,7lll 125,433 129,196 133fIl2 137~ 141,176 145,.n2 1~,77. 1~,267 1611,1196 163,662
521(0) OiIebility Insurlnc, 540 sa; 573 590 600 626 e.5 6601 6B4 105 726
521&1) MedicII Examinations
52971D Net Pension Ass. Adj
Additional OPEBS Accrual '3l1J23 '3l1J23 '3l1J23 371J23 '3l1J23 371J23 371J23 '3l1J23 '3l1J23 '3l1J23 '3l1J23
5::JJ100 Profnsionll Semc..
53O:DJ OIh.r Cont,.ctu.1 Serv 78.6l1l 95,B5ll 1:1l1137 132,702 136,683 140,783 1.l5,1XJ7 1~.357 163.B3B 1611,63 163.3l7
53l<<Il 1.o1 Mowing
54ZDJ Gls,Wller &. S.nitetion Uti
5I.'2!m _ago !O 62 53 55 66 611 9J 61 63 66 67
St2100 /nt.rfd EM: Chg-Other Fund l,al 1,.463 1~ 1,552 1.598 1,646 1,696 1,7~ 1,199 1,853 1,!11l
5QD) lnI,rfd OIh.r Serv Chgs lP,6.6l1l 9461lB6 97.~ 1,(1l3.67. 1)J33,681 1~,892 1.ll96.633 1,129,632 1,163~18 l,l!lB;m 1~.2/0
5C2!IXJ Int.rfd Admin S.I'IIic. Chg 551,310 57.,029 6111250 6OO,!lIlB DO;J51 646fIl5 6&6,457 666,1.'21 105,9lM 727,163 7el/lB
SCXI) Oth.r PfomOlion ActMI:y 1m 103 100 109 113 116 119 123 1N 13:1 1~
Sl3Q) Printing & Bmdmg 1m 1m 100 109 113 118 119 123 1N 13:1 1~
643!lJl Dump F.. 186,lDl lliJfBJ 196.267 ;m,I~ Xll,219 21._ 2lO,SOO 'ZZ7$Z7 :a.,362 :Ml,3113 2<18,625
SU100 EquipI Rtntal 12,<<11 12,772 13,155 13fBJ 13,856 U;95 '.,fD; 15250 15,71Jl 16,119 16.685
~100 InlUf1lnc. 83,100 85,693 BB,161 9O,fD; 93,530 96,336 98,226 102,203 105.269 1[8,1.'21 111,679
SED) OIMir Equip Svc & Repair 3;D1 3,296 3.395 3A97 3,602 3,710 3,821 3,936 .,IlSl .,175 .,3]1
546EOJ R &. R Inhetructul'I
541100 Unlorrns-Employtt 12,3Sl 12,721 13.102 13,_ 13,!ilD '.~17 '4,141 15,lBB 15,61.8 16,1'. 16,587
54nIXJ TrtveI Exptns.emp 5.6l1l 6,768 5,!Ul 6,119 6,3]3 6~92 6fBl 6,5B7 7~ 7;JJ7 7~
5413JJ MiIeIgt Reimbursement :m 319 318 32B :Bl 3411 35B El PJ 391 .m
547. Meal.EmpIoy.. 330 340 3!0 361 371 383 394 406 .'8 ~ <<3
58Dl Othtr Servic.. Or ctl..s 900 <m 95!i !l83 1m3 1,043 1.075 1,107 1,140 l,lU 1,210
5!i0100 otIe. SUJlpliH 3.610 3,616 3,72-4 3,936 3,951 .,lIl9 .,191 .,317 .MB .!HJ .,717
!6O<<IJ Operlling SufIpIies & MatIs m,lDl Xll,lDl 212,1l1J 21B,5E 225,102 231.SE6 238,810 245,975 253~ :BJ,856 2lIl,783
552!iOO I7Ql.61lXJ Mleh & Equip 3,080 3,162 3,2046 3~ 3,4.4-4 3,61.7 3.664 3,763 3.876 3,!l1lB 4.112
551100 M.mb....hipllSubsJlJc Emp ',!ilD l1*i1 2~16 2Jl76 2,139 2,203 2.269 2;m 2~ 2~~ 2.553
5572lIl 0IIcI R.cognIIioft.Emp PJ 391 .m .'5 428 "' 61 IEi1 .e1 &; 511
557DJ Training & Rot Employ.. 6,530 6.726 6.92B 7,136 7;3!ll 7,570 7,7f1l 8,031 8.m 8.6:lll 8.776
City of Clearwater 18 Burton & Associates
Final Report Utility Economics
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REVENUE SUFFICIENCY ANAL YSIS
APPENDIX A
SCHEDULE 6 - SUMMARY OF PROJECTED CASH OUTFLOWS
CITY OF CLEARWATER FLORIDA
Sto'rrwat'" Sys.e""'" - l"lar::lal ""araqer'rlent Program Summary
)""'Ifl.."I"'. ,/1'1 J",r",,,,fl 1'/' (Jurll<w,
0&11 Tr.....,. 011II........... 011II... & Dald ,..Nld F.......... El..B fUIII El2Ill EUI11 EUm EUW FUIH E:Um EUIJi EUIlI fIJIlI
5<<)100 Glrag. Services I 1.D33~20 l,0;4A2l I 1.D96;l5S 1,129~<16 I 1,163,123 I 1,198.017 I 1,233,9!1l1 1,270.976 1,D1,1116 I 1,3ol8,379 1,31l1l,83ll
S<<I2OO Doc Rlpro & Flint Shop SYc I lDl 1m I 1149 874 I !lOJ I om I 955 I 984 1.013 I Ill" 1,075
5<<JDJ rllephone SllViel Varilble I 1,!i1l 1,545 I 1,591 1,639 I 1,lBl 1,739 I 1,791 I 1110I5 1,!lOl I 1,957 2,016
5<<l5lXI Rldio Svc-Fixed I 16,l16O 16,542 I 17,l1'l8 17.549 I 18,076 181118 I 19,176 I 19,752 20.3<< I 20,965 21,583
5<<&li Tel.phon, S\'C Fixed I 1.010 1,lJ.lO I l.on 1,1lW I 1,137 1,171 I 1,2ll6 I 1~2 1,279 I 1,318 1,357
540900 Ri,k Mgmt SllViel I 8,310 8!BiJ I 8,816 9.001 I 9,353 9,634 I 9,923 I 10,2JJ 10,527 I 10,llO 11 ,tEll
541tlXl Info Technology Ch_ge I 96,960 99.1l!9 I 102,8&1 1116.9<<l I 109,118 112,392 I 115,763 I 119.236 122,813 I 116,81 1:11.293
Sf1100 Bldg & Maint DlpI Svc F. I 970 999 I 1,029 1,l16O I 1,ll92 1,12" I 1,111I I 1,193 1,229 I ';l66 103M
541500 GIl'Igt Vlrilble I 13,IDJ ",2'" I 14,6<<1 15,l16O I 15,532 15,!Ql I 16,478 I 16,972 17,4ll1 I 18,00; 18.5'6
541EOl SleIg & Mllint-V,ri.b!e I 410 4211 Q5 ..e I <161 475 I 81 I !llo\ 519 I 516 55'
&lllDl Administ_ Charge I 369,l16O 369,852 I 3IIl,3ol8 392,376 I 0104,1018 416,272 I ol2ll,n;o I <<1,623 ~,872 I ol681l18 1Bl1il3
sa:m Employ.. Benefits-Find I 6,l16O 6,273 I 6,<161 6,665 I 6,8&1 7,l16O I 7,272 I 7,81 7115 I 7,9<16 8,11M
660Xl >$6,OXl Mechinlf)' & Equip I 20,700 21,321 I 21,961 I 221119 I 23,298 23!H7 I 24,717 I 25,458 16,222 I 'lJJm 27,819
565BXl Cost MItI & SeMels I m <<3 I <l66 I 470 I ol8?I 498 I 513 I 529 5016 I $1 518
"- O&M Ir.ma
Addition,1 FTE . Payroll Salary I I 48,169 I 5ll.D96 I 52,100 I &I,11M I 56,351 I 1II,1Di I llJ,!M9 I 63,357 I 65,923 I 68,560
Addition,1 FTC . Misc. B.nefits I I m I 829 I Il62 I f1i11 I 932 I 970 I lJm I 1,049 I 1,091 I 1,134
AddiUonal FTE . Medicalln....nc. I I 6~ I 6,965 I 7,31lo1 I 71m I 8,297 I 8,796 I 9,323 I 9,882 I lOPS I 11,103
Addittonll FTE . C~y'i P,ntion Contribution I I 8,374 I 7/l1lO I 8,2ll6 I 8,534 I 8,875 I 9,2:IJ I 91i99 I 9,963 I 10.3113 I 10198
UP OlM Adjustments:
Addition,1 FIHt Charge.: Veccon Sewer Cluner I I I 16 ,470 I 27)t>1o I 28,l1l2 I 28,924 I 29,792 I :11,686 I 31,6ll7 I 32,51;5 I 33,531
Additional Fleet Charge.: lVTNd: lea"*,, I I I I 7,DJ I 7,519 I 7,71,!; I 7!1T7 I 8216 I 8,<163 I 8.717 I 8.976
New Hire Uniforms & Training I I I I 1,600 I 1,6.l8 I 1,697 I 1.7018 I l,lJJl I 1,865 I 1,910 I 1,!Ql
S"'ry I I I I 33,<<1) I 34,736 I 36,125 I :r1!JO I 39,073 I 010,636 I 42,l62 I 43,952
Ptn.ton I I I I 4~1O I 5,.c71 I 6,333 I 7;5SJ I 8,ol8?I I 9,921 I ll;El1 I 13,158
M,dtClllnsunmce I I I I 6,200 I 6~ I 6,966 I 7,384 I 71m I 8,297 I 8.795 I 9,323
Other aan,filt I I I I 590 I 614 I 638 I E64 I 890 I 718 I 14'1 I m
New S1onnwa1er Engil'lHr. ~n EllC... of Budglt)
Salary I I 5,9!lO I 6,2:IJ I 6,479 I 6.738 I 7fBJ I 7;1l1a I 7fBJ I 7,8ll3 I 8,198 I 8.626
P.sion I I 85ll I 9Il1 I l,02ll I 1.001 I 1,1(w I 1,1018 I 1,1!W I 1~42 I 1;!91 I 1,343
Other Bends I I 710 I 73Il I 76ll I 799 I 831 I E64 I 698 I 934 I 972 I 1,011
T.t.1 0&11 Ex...... ""'.4 Ft........ I 7.I1U1t I 7 .2A.I2l' I 7.631.1", I 1oN1.841 I ..221,2. I '."1.11' I ....3MZ I ,........ I 1,421.1" I 'JSI.- I.""
I % of Budgeted QIoM PnIj.e18d I. b. Exec:ut.d 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% I
Projected O&M Co.- to be Funded I 7.019,870 I 7;JBJ!J27 I 7,5.11,9ll9 I 7,!M711011 I 8,223~16 I B,5llIl,118 I 8,lJJ3,<l62 I 9.109,661 I 9,421,158 I 9,7S6,G! 110,097,967
Project.d O&M Rlductlon from Budget I I I I I I I I I I I -
~
013115 Eng-Sl....-..~
6I902lXIInl:lrfundTranefer I 611,790 I 1ll6/l1lO I TZ11il3 I 77O.BlI3 I 816,716 I 861,132 I 8Il7,lDJ I 924.3113 I 963,374 I ',ID4,013 I 1,0<16,378
05 Bonds. Cash Debt RnlMl (1) I I t I I I I I I I I
Tot.1 T.llllftrs 0- 611.nt ..... 121$13 I nu" I '16.126 I m.m 111'- '24.1" ,".314 1,IN,,1l 1.N6.Jl1
~
020110 Pub s.r~.,UliI
511D:! Prinelpll-LAlsed Equipment I 95,340 I 63~0I0 I 32,236 I 83,819 I 115,158 I 119,834 I 124,700 I 96,347 I 321g I I
57ZDJ IntI,.It.LAased EquipI I 4,O:1J I 1,322 I 5,964 I 15,929 I 17,839 I 13.163 I B,297 I 3,G! I m I I
59UXXl COnlrib To GaraGe Fund I I I I I I I I I I 6
Tot_I C...... OHllay I ".37lI I 6"'67 I ]8,", I ".14' I m.m I llU97 I 137.917 ".747 >>.ut I
R.-.O.M S.Nke FI(........
Exilling Senklr Uln 0ebI: SeMc. I 2,951,053 I 2,965,lM5 I 2,951.3113 I 2,964,W I 2,964,114 I 2,965.715 I 2,953,9018 I 2,953,297 I 2,953,839 I 2,953,839 I 2,953,839
Short.Term Debt s.Mc, I I I I I I I I I I I 92,901
Proiected Cumulalrw. AnnUlI! RtwenUI Bond Debt SaMe, I I 196.651 I 1lll21l13 I 1192.8l16 I 1,971~ I 2181.874 I 31l".93ll I 3~43,769 I 4.l168~ I ;~~ I 5172Ao18
Tot.1 BM41)ellt ktvkt EKp..... I 2.t51.r.11 I 1,15U97 I 1.t5l.tt? I 4,141.015 I 4.175_ 5 5.Ul' .519 5."....7 6,1t?_ 1"'2 5 1.21",.
I "of ..4....4 0&11 "....4 It .. ex._4 lit'. lit'. .... 101~. "~I lOll" .'" ....... *" ." *"
Tot~1 0.... T......." 011I. C..... 0tIhy. & OeM S.Nk. C... 111.6.2..3 I l1,m,on 512.351.m 117.965.507 514.198,143 I u,62t,136 5 15.172.* 111.33...70 517....212 117 -"1.3i9 11t.363">>
Projected o&M Reduction from Budglt I I I I I I I I I I I
(1) . MBIA rating i. nlduced. it it 1I....",ld lhate will be . OM-time cllh lranslir to Rntrict,d R....... of ss.5,lDl in FY 2lYB in tieu of bond in.uranc. for ths Series ~ and S1ri111999 Rl\IMue Bonds.
City of Clearwater
Final Report
19
Burton & Associates
Utility Economics
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REVENUE SUFFICIENCY ANAL YSIS
APPENDIX A
SCHEDULE 7 - FORECAST OF NET REVENUE AND DEBT SERVICE COVERAGE
CITY OF CLEARWATER. FLORIDA
Storm water System Financial Management Program Summary
f on r l~' rd N. r Ui'Vf'fljH '" _mil Dr bf '\f'rvu [' (CJv(,[rif)('
R__ & Exp_ EUIII EY..Zl!lI! EUI1l EUlU fi1IU. E:alU fiZI1! EUtn EY.ZlIB. fl.lI1l. fi.ZtJl
R....... Subject to RII. Inc......
St_erRel. R_ I 12,358,al I 12,358,01 I 13.1l99.936 I 13.BB5.932 I l4,119,lBl I 15,U1,649 115,996,797 I 16,676,661 117,385,419 118,124,299 118,89.4,582
,o,ddit_ Rei. _. From Port. Py ReI.lne..... I I 0 I I I I I I I I I
,o,dditionel ReI. _. tom Gnlwlh I I I I I I I I I I I
WId. Iloerege Propo..d Rete inc..... 0.00"- 6.00"- 6.00% 6.00"- 4.25% 4.25"- 4.25"- 4.25"- 4.25"- 4.25"- 0.66"-
ReI. R__ tom Rei. Inero... I I 741 ,!ill I 785,996 I 833,156 I 625,661 I 652,148 I 679,864 I 71ll,758 I T.lII,fBJ I 770,283 I 122,619
Prie. Eleelicily I\diUsIIlMIfll I I I I I I I I I I I
T_It... It__ S..,. Ie Gt..... & R... ......_ I 12,358,01 I 13.1l99.936 I 13.BB5.932 114,719,lBl I 15.3<<.649 I 15,996,797 I 16,676,661 111,385,419 118,124,299 118,89.4,582 119.011,201
Plus: 0Iher ()pereting R....... I 13J.8l I 13J,oIlIl I 13J,oIlIl I 13J,oIlIl I 13J,m I 13J,oIlIl I 13J,m I 13J,oIlIl I 13J,m I 13J,m I 13J,m
T_ 0,..-, Re_ I 12,0188,910 113,23J,416 I 14,016,412 114,8.49,568 I 15,475,129 I 16,121 ,211 I 16,lIl7,141 111,515,899 118,254,119 I 19,025,lE2 119,141,681
Leo.: P...onnet S_.. I (2,714,3!iO) I (2,919,241) I (3,1)95,283) I (3,266,196) I (3,0101,121) I (3,541,360) I (3,681,702) I (3,840,431) I (3,999,8.48) I (4,166,210) I (4,340,lJ33)
Leos: O&M Expon... I (4.:JJ5.52Ol I (4.349,686) I (4,536,6.46) I (4,681.646) I (4,822,095) I (4,966,158) S 15,115,761) S l!i.269,Zl3) I l!i,m ,310) S l!i,5![J,13ll I 15,151 ,831)
Met 0,.,-, Irrc._ I 5,El,D<<l S 5,961,489 S 6,334,503 I 6,901,121 S 1,251,914 I 1,619,159 I 8,lXl3,618 I 8,4lE,235 I 8,821,621 I 9,268,662 I 9,lJo19,814
PM: lie" 0,.._, _. lEx,_.
N....Op_ing R........ I I I I I I I
Int..... Earned On Fund BeIanc.. I 11111519 459 ,222 I 374,6l1l 490,159 I 541,933 I 511,253 I 520 ,525 559,121 595,538 I 618,593 I 635,388
Leo.: Projoc1od Annuallnt.rim Finsneing Inl..... Payment. I (481 ,863) I (201 ,569) I (351,960\) I I (212 ,429) (319,315) I I (334 ,269)
C8!Iilelized lnIere.. From New B_. I 786.6ll5 I 159 ,9lIl I I Il42 ,336 I 195,321 I 813,821 I
T.... M.. 0..._. 1Re_ I 314.016 1 ,245.821 I 113.ll3l 1,250,139 I 183.969 I 1 .353,589 I 248 ,096 1,355,048 216,163 I 1,492,420 I 3Jl,118
HM ..c..... I 5,183,ll56 1,201,316 S 6,551,5012 8,151,866 S 7,435,882 I 8,972,148 I B,251,n4 9,761,282 9,103,184 I 10,161 ,!Il2 I 9,350,933
Le..: Cfll>ilelized Intere.. From New B_.. I (7lI).605l I (159.9l1ll I I l842.336l I (195,321) I (813,827) I
Met Inc_. _. fer D." Servlc. I 5,183,ll56 6,420,111 I 6,551 ,542 1,391 .BB5 I 1,435,882 I 8,13J,412 I B,251,n4 8.965 ,962 9,103,184 I 9,881,255 I 9,350,933
S_, Uero DHI S.nIIe. e__
Existing Senior Lien Oebt I 2,951,1)53 2,955 ,ll45 I 2,951,383 2,9501 ,0101 I 2,9501,114 I 2,955,715 I 2,953,9.48 2,953;E7 2,953 ,839 I 2 ,953,839 I 2,953,839
New Senior lien O.b! - Input I I I I I I I
Cum.....ioo New Senior Lion Oeb! for Additional Borrowi...s I 196,651 S 1 ,002,613 1 ,192.6OB S 1.911 ,290 I 2,181 ,814 S 3,04.4,938 3,243,769 4.D58 ,661 I 4,211,118 I 5,172,0148
T""" S..... L1.. DHI S.nIIe. I 2,951,1)53 3,151,691 I 3,953 ,997 4,141.015 I 4,925,0104 I 5,137,589 I 5JJ1J6,881 6,197 ,006 1,012,500 I 1,23J!J57 I 8,126,287
Senior Lion Oebl S_. e_: T...t BE R.q'd 1.96 204 1.66 1.18 1.51 1.58 1.38 1.45 1.3J 1.37 1.15
Psrity Tset 1.20 R.q'd NA. 2.04 1.66 1.18 1.51 1.58 1.38 1.45 1.3J 1.37 1.15
Met ....... ,.,....,. fer D." S.NI.. I 5,183,ll56 I 6,420,111 6.557 ,542 1 ,391 .BB5 7,0\35,882 8,13J,412 I 8,251,n4 I 8.965,962 9,103,184 9,881 ,255 I 9,350,933
Plus: C.pileliz.d Inl._ FI\IIfI New Bo""",.... I I 786.6ll5 759,980 Il42 ,336 I I 795,321 673.821 I
Len: Trentfe.. Out I (811,191) I (686,890) em 513l (770,003) (816,126) (851,132) I (EIl1,CQl) I (924 ,393) (963,374) (1,lXlo1,OI3) S (1,048,318)
Leo.: Totol Senior Usn Debt SoMel
Exi..ing Senior Uen Debt I (2,951,1)53) I (2,955,045) (2,951,383) (2,9501 ,<<11) (2,9501,114) (2,955,115) I (2,953,9018) I (2,953,297) (2,953,839) (2,953,839) I (2,953,839)
New Senior lien Oeb! . Input I I I I I
Cumultlioo New Senior Uen Debt for Addition" B_go I I (196,661) (1,002,613) (1,192,608) (1.911 ,290) (2,181,814) I (3,04.4,938) I (3,243,769) (4,058,661) (4,211,118) I 15,172,4018)
Leo.: Shorl-TOIfIl Debt Sor<ic. I I I I I (92 ,901 )
Leoe: CfII>iIll 0UI1e'/ I 199.31ll) I (601.562) t38 ,199) 199,7018) (132 .997l (132,997) I (132 .997l I 199 .147) (,l3,2491 I
!let CasIo FIftr S 2,120,843 I 3,3J04,161 1 ,837 ,613 3,1301,Dl 1,560,755 2,851 ,03J I 1 ,232,890 I 2,540 1117 1,rs.4,661 2.526,112 I 85,J61
Urnstrictod R.nNO Fund - Beginning 01 V... Belene. I 9,900,372 I 1,754,968 1,811,232 1l1Jl ,917 1 ,986,980 2,ll55,1ll4 I 2,127,03J I 2,Dl,866 2,211 ,416 2,356 ,700 $ 2,439,100
_ Wortdnt C_oI Re_ T_ I 1 ,754,968 I 1 ,811,232 1l1Jl ,917 1 ,986,960 2,ll55,1ll4 2,127 ,03J I 2,Dl,866 I 2,2n ,416 2,356,190 2,439,100 I 2,524,ol61
R_ Fund Bel..... in Ex.... oIWorking CapiloI Tsrget I 8,145,0105 I I S I
Leo.: Rn_ Fund BeIanc. und for C.sh Flow I S I S I I
R_ ~ B_" Ex_ efW.-, ClIpIr.t T..... I B,145,0I05 S S S I I
MOl ef e..... V... CasIo Flew
MOl CasIo F_ _ Uoo eflt__ I 8,145,<<15 I I I I I I I I I I
Leo.: CII' Ploiect. D..igneted to be Poid with C.sh I S I I I I I I I I I
!let CasIo F_.. Uror_. R_ F_ I B,145,<<15 I I I I I I I I I I
lIror_.1teMtYe _ . B.,......, efV... B".c. I 9,900,312 I 1,154,968 S 1,811,232 I 1l1Jl ,917 I 1,966,980 S 2,ll55,1ll4 I 2,121,03J I 2,Dl,866 I 2,211 ,416 I 2,356 ,700 S 2,439,100
Plus: C.sh Flow Suri*J. I 2,120,843 I 3,3J04,161 I l,fm,613 I 3,1301,Dl I 1,560,155 I 2,851,1m I 1 ,232,890 I 2,540,fJl1 I 1,094,661 I 2.526,112 I 85,J61
Leo.: Res_ Fund B...... used for Cosh Flow I I I I I I I I I I I
Leo.: Project. Oesignelld to be Peid with C.sh I S I S I S I S S I S
Leos: Pn>iect. Poid with R.._ Fund. (Non Specihd Funding) I (10,266,2018l I (.3,241,903) S (1,146,928) I (.3,ll55,217) I (1,0191 ,911) I (2,119,1ll4) I (1,I59,lJ501) I (2,<163,526) I (1,OI5,2l17) I (2,<<3.1ll2l I 0)
Urnetricl.d R...... Fund. End of V... BoI.... I 1 ,154,968 I 1,811,232 I l.'m ,917 I 1,986,960 I 2,ll55,1ll4 I 2 ,121 ,1m I 2,Dl,ll66 I 2,2n,416 I 2,356,700 I 2,439,100 I 2,524,ol61
_Workina CODiIoIRe_T_ rJ.OOlMo. O&M I 1 ,1501,968 S 1,811 ,232 I 1l1Jl ,917 I 1 ,986,960 I 2,ll55,8Oo1 I 2,121,03J I 2,Dl,866 I 2,211,416 S 2,356.790 I 2,439,100 S 2,524,ol61
Exc_ tDotldorocyI ef WetlIInt CophIltnervn Ie T..... I I I I I I S I I I ~ S ~
City of Clearwater
Final Report
20
Burton & Associates
Utility Economics
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REVENUE SUFFICIENCY ANAL YSIS
APPENDIX A
SCHEDULE 8 - CAPITAL PROJECTS FUNDING SOURCES
CITY OF CLEARWATER. FLORIDA
Stormwater System Financial Management Program Summary
Q!~ 1--'Jfl~liflg Sources
hmu El..ZIII Et..Zim EY.Ztm El2W D:lQ.12 Et..Z!lll .EY.2W ~ Ei.2t1i El.2m EY.Zm
Q.4 Bond Construction Fund 351 $ 1,687,992 $ 33 ,760 $ 675 $ 14 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
99 Bond Construction Fund 375 $ $ $ $ $ $ $ $ $ $ $
02 Bond Construction Fund 377 $ 465 ,!DI $ 9,318 $ 186 $ 4 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Capilallmpl'OY8ment Fund 315 $ $ $ $ $ $ $ $ $ $ $
RlMlnue Fund $ 10,266,248 $ 3,241,003 $ 1,746,928 $ 3,055,217 $ 1 ,491 ,911 $ 2,779,004 $ 1,159,Q54 $ 2,463,526 $ 1.015,287 $ 2,443,002 $
Senior Uen Debt SeMce Proceeds $ $ 678,319 $ $ 7,534 ,766 $ $ 4,920,196 $ $ 6,317,234 $ $ 6,429,421 $
Interim Financing Proceeds $ 12,440,503 $ $ 5,140,011 $ $ 9,128,ll38 $ $ 6,946 ,946 $ $ 8,144,ll35 $ $ 8,523 ,ffi7
Projects Designsted To Be Paid Wllh Casl $ $ $ $ $ $ $ $ $ $ $
Total Projects Paid $ 24,860,651 $ 3,963,DJ $ 6,887 ,lOJ $ 10,5ro,em $ 10 ,620 ,em $ 7,700 ,em $ 8,1fl5,em $ 8,7aJ,760 $ 9,159,352 $ 8,873,222 $ 8,523 ,867
Total CIP $ 24,860,651 $ 3 .963,3X1 $ 6 ,ff37 ,lOJ $ 1 0,590 ,em $ 10,620,em $ 7 ,700.em $ 8,1fl5,em $ 8 ,7a:J ,760 $ 9,159,352 $ 8 ,873,222 $ 8 ,523 ,ffi7
Variance $ $ $ $ $ $ $ $ $ $ $
City of Clearwater
Final Report
21
Burton & Associates
Utility Economics
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REVENUE SUFFICIENCY ANALYSIS
APPENDIX A
SCHEDULE 9 - FUTURE LONG-TERM BORROWING PROJECTIONS
CITY OF CLEARWATER. FLORIDA
Stormwater System Financial Management Program Summary
f<eveoue Homl Horrowl1I!1 ProlectlOns
R_ B.... B.ff........ P......... EIZlIlll EUm a:.zt:Il El.2I11 El..Zm fllW ELZI1! EUm El..2m EY.mI D:2m
Tlrm 3:1
Interest 5.25%
Sour.,.. of Funds
Par Amount $ 14 ,9ll2,955 14,475,813 16,o.u ,490 15,1.48,968 16,644,320
Interest During Cons1nlclion $ 299,669 289,516 320,890 E[!l9 332,l1l6
Total Sourc.. of Funds $ 15,282,614 14,765,329 16,:E5,300 15,451 !J47 16,977 ,2lE
u... of F undo
Cumin! Vlar Project Proceeds $ $ 678,319 $ $ 7,53.4 ,766 $ $ 4,920,196 $ $ 6,317,234 $ $ 6,429,421 $
Rdneneed Commercill Peper Principal $ $ 12,<<0,503 $ $ 5,1.40,011 $ $ 9,128,lllll $ $ 6,9.46 ,946 $ $ B,I4.4,t65 $
Cost ofl.1UlII'lC1 2.&1% Of Per $ $ '3l4f34 $ $ :Jil,ll95 $ $ 401,112 $ $ 37B ,n4 $ $ 416,100 $
Und8lWril.... Discount m.m Per $1 ,IDJ $ $ $ $ $ $ $ S $ $ $
Bond In.uranc. o TII'llt. Total Debt S"";CI $ $ S $ $ S $ $ $ $ $
Clpilalized Int.rest 1 V.... Int.rest $ $ 786,lilJ5 S S 759,9lll $ $ 842 ,3:Ji $ $ 795,321 $ $ fI73$Z1 $
Debt SeNicI Surely 0.00% Of Debt SIr;ic1 $ S S $ $ $ $ S $ S S
Debt S.Nic. R........ 1 V.n Of Debt SoMc. $ $ 1,lXl2,613 $ $ fBJ f5l7 $ $ 1 ,073,648 S $ 1 ,013,722 $ $ 1,113,787 S
Other Costs $ $ $ $ $ $ $ $ $ $ $
Totl! Us.. of Fund. $ $ 15,282 ,614 $ $ 1.4 ,765,329 $ $ 16,365 ;m $ $ 15,451 !J47 $ $ 16,977 ,207 $
1 V lar Interest $ 786,lilJ5 $ 759 ,9lll $ 842,3:Ji 795,321 $ fI73$Z1 $
Annual Debt SeNic. S 1,lXl2,613 $ fBJ ,677 $ 1 ,073,648 1,013,722 $ 1,113,787 S
Total Debt SINic. $ 3:1,078,402 S 29,060 ,310 S 32;m,<<2 3:1,411,675 S 33 ,413 ,600 S
NOTE: As.um.s fourth quarter iSSUlncl Ind thll8fore retlecls only live. months of interest plymenl in lhe fiscal year in which the bonds are issued. All .ubSequlnt y,"rs refteet full InnuaI d.bt s.rvic. requirem.nts.
City of Clearwater
Final Report
22
Burton & Associates
Utility Economics
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REVENUE SUFFICIENCY ANAL YSIS
APPENDIX A
SCHEDULE 10 - FUTURE INTERIM FINANCING PROJECTIONS
CITY OF CLEARWATER. FLORIDA
Stormwater System Financial Management Program Summary
Inter"" f Illancmg ProjectIOns
_ FIa_ P.......... EY.l.IIl fi..ZlIIl EQl1t EUW fUtJl. EUm a:2IH ElllIn n:.zm Er.lI1I EY.ZIJJ.
T..rm
Interest
Sourc.. of F......
P., Amount 12,196,572 5 ,ll39 ,226 $ 8,9.49 ,100 6,810,731 7 ~$17 8,356,732
Int.rest Durina Construction 243,931 100,785 $ 17B.9B2 l:E,215 159 ,IBl 167,135
Totlll Sourc.. of Fund. 12,4.40 ,!ill3 5,UO,o11 $ 9,128,l1lll 6~~ 8,144,lJ36 8,523 ,867
Uus of Fund.
CUfNI1I V.er Plojec1 Proc.od. 12,4.40,!ill3 $ $ 5,1"'.011 $ 9,128,l1lll $ 6~~ $ $ 8,1<< ,lJ36 $ 8,523,867
Cost of Is.uenc. 0.00% Of p., $ $ $ $ $ $ $
lJntteMer'. Discount $ Per $1,lXXl $ $ $ $ $ $ $
Bond In.uranc. o Tome. Total Debt SINicI $ $ $ $ $ $ $
Clpilalizod Int.rest o Viars Int8fllst $ $ $ $ $ $ $
Debt S.NicI SonIy 0.00% Of Debt Semel $ $ $ $ $ $ $
Debt SINic. R.._ o V..", Of Debt S'MC' $ $ $ $ $ $ $
Other Cost. $ $ $ $ $ $ $
Totlll Us.. of Funds 12,<<O,!ill3 $ $ 5,1"',D11 $ 9,128,l1lll $ 6~~ $ $ 8,144,lJ36 $ 8,523f*,7
1 Y ler lnt8fllst 4fIf fB3 $ 201$3 357 ,964 272,429 319,375 334 ,269
Mnual Debt SINicI 4fIf fB3 $ 201 ,$9 357 ,964 272 ,429 319,375 334 ,269
Total Deb! Senoic. 9,751 ;;sr $ 4,ll31,381 7,159,285 5,4.48,585 6,387 tm 6,685,386
City of Clearwater
Final Report
23
Burton & Associates
Utility Economics
I
REVENUE SUFFICIENCY ANALYSIS
I
I
APPENDIX A
SCHEDULE 11- FUNDING SUMMARY BY FUND
CITY OF CLEARWATER. FLORIDA
Storm...at., System 0 nanclal Management Program Summary
/ /JfH.J,nq ~ IJtr/fflrlry liy f Ulld
I
EY2IIl
It Bond Construction Fad 157
B.ginning B.I.ne.
Not Add~ional Funds
Subtotal
La..: R.llriet.d Amount
Amount Availabl. for Projects
Amount Paid for Projects
Subtot.1
Plus: R.strict.d Amount
PIu.: Int...st Earn.d During Ih. Y..r
La.s: Into..st to Cosh Flow
Ending Balance
$ 1 .687,992 $
$ $
$ 1 .687,992 $
$ $
$ 1 .687,992 $
, (U87,992) $
, $
$ $
$ 33,7lj()'
, ,
, 33,7lj()'
I
I
99 Ron. Conmudion F...d 175
Beginning Bolonee
NeI Additionol Funds
Subtotol
L.ss: R.stricted Amount
Amount Availobl. for Projects
Amount Paid for Project.
Subtotol
Plus: Rastrictod Amount
Plus: Int...st Earn.d During Iho Y.ar
La..: Inl...a1 10 C..h Flow
Ending BoIone.
,
,
,
,
,
,
,
,
,
,
,
I
I
I
82 B.... C.MllUcdon FlII1Id m
Boginning Baloneo
Not Additionol Funds
Subtot.1
Lass: Roslricted Amount
Amount Avail.bl. for Projects
Amount Paid for Projects
Sublotol
Plus: R.llrictod Amount
Plus: Int.rest Earnod During Ih. Y.ar
L.ss: Inter.st 10 Cash Flow
Ending BoIone.
, fii,!Dl'
, ,
, fii,!Dl'
, ,
, fii,!Dl'
, (465,!Dl)'
, $
, ,
, 9,318'
, ,
, 9,318'
I
I
c._ .....r_ _4 315
Beginning Bol.nce
NeI Additional Funds
Subtotal
La..: Rollrict.d ~
Amount Avail.blo for Projects
Amount Paid for Proiects
Sulltot.1
Plus: R.strictod Amount
Plus: Int...1I Eam.d During Ih. Yoar
Lao.: Into..a1 10 Cooh Flow
Ending Balane.
I
I
R.v.n.. Fun.
Beginning Bolance
Net Addition.1 Fund.
Sulltotol
La..: Rostricted Amounl
Amount .....il.bl. for Projocls
Amount Poid for Projects
Sulltolol
Plus: R.strictod Amount
Plus: Int...st Eamad During Iho Yoor
La..: Into..a1 10 C.oh Flow
Ending BoIone.
9,900 .372
2,12O.ll43
12,021,215
(1.754.9lill
10,2li6,2~
(10,2li6,2481
1,754 ,9Ql
233,107
1233.107)
1,754 ,9Ql
1,754,9Ql , 1,817.232 , 1:?fJl fJl7 , 1,91l6,9llO '2,D55,ID1 '2,127,IBJ
3,3)4,167 $ 1.837.673 '3.134;b:X1 $ 1.560,755 '2.851,IBJ , 1 .232.l19O
5,lJ59,135 '3,664.905 '5,042,tn '3,547,715 '4,900,834 '3,359,920
(1.817.232l '(I:?fJl.977l '(1 ,9Il6,9llO) '(2,D55,ID1) '(2,I27.tml '(2;b:X1.B66l
3,241,903 , 1,7<46.928 '3,D55,217 ",019'.9'1 '2.779,ID1 $ 1,159,0501
(3,241,903) '(1,7<46,928) '(3,D55217) '(1.0191.911) '(2'779,ID1) '(1.159,0501)
, , , , ,
1.817.232 , 1:?fJl fJl7 , 1,91l6,9llO '2,D55,ID1 $ 2,127,IBJ '2;b:X1.866
71,4<< $ 74,ID1 $ n {!Ii13 $ 1IO,ll5!i' 83,657' 86,566
(71,<<.() $ (74,ID1) , (77 J!S9l $ (lIO.855l $ (83,657)' (86.!i5lll
1.817.232 , 1 :?fJl.9n , 1,91l6,9llO $ 2,D55,ID1 '2.127,IBJ '2;b:X1.866
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I
R.....leted R"'rH.
Boginning Bolone.
Additional Funds:
Debt SoNieo R.o_ on New Debt $
05 Bonds - Cash Debt R...... $
Int...st Earnings ,
La..: Into..a1 Earnings Transferred 10 ~UI Fund ,
Ending BoIone. $
$ 1.lXl2,613 $ $ 'iSdfil7 $ $ 1.073,6.48 , S 1.013,722 S $ 1,113,787 $
, , , , , , S , , ,
9ll,!Dl' 118,958 $ 139.011 $ 158,38.1' tn,758' 199,231 , 220.704 $ 240,978' 261,253 , 283,528 , 315,ID1
(9ll,!Dl)' (118,958)' (139.011)' (158,38.1) $ (tn,758l $ (199,231)' (220,704) S l2<<l.978l' C261.253l' C283.52lll S CIl5,ID1)
2,472,664 S 3,475,267 $ 3.475,267 S 4,443,944 $ 4,443,944 S 5,517,592 '5,517,592 S 6,531,315 S 6,531,315 '7,645,1(12 S 7,545,102
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33,760 $
,
33,760 ,
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$
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2;b:X1.866 '2;07"'16 , 2,356.79J S 2,439,100
2!i401JT7 , 1 ,0901.661 '2.526,112' 85,367
4,740,943 S 3.3721JT7 $ 4,llB2,!m S 2J:;24.e
(2;07,416) S (2,356.790) '(2,439,ll1ll S (2J:;24,.167l
2,463,526 S 1.015,267 '2,443.tm S (II)
(2.463,526) S (1.015.287) '(2.443.l102l S
S , (II) , (II)
2;07 "'16 $ 2,356,79J '2,439,100 '2524Mi1
89,566' 92,6lW' 95.918' 99,271
(89,566) S (92,6lW)' l!l5.918)' S9,271l
2;07,416 , 2,356,79J '2,439.100 '2J:;24.e
, 2,472,664 '2,472,664 , 3.475,267 '3,475,267 S 4,443,944 S 4,443,944 '5,517,592 $ 5,517,592 S 6,531,315 '6,531.315 , 7.645.102
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I
I
City of Clearwater
Final Report
I
24
Burton & Associates
Utility Economics