STORMWATER FY 2004 REVENUE - SUFFICIENCY ANALYSIS - FINAL REPORTO.�'� �.�.�'�
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JUIy 1, 2004
Mr. Keith Bush
Controller
City of Clearwater
100 S. Myrtle Avenue, #220
Clearwater, Florida 33756
Re: 2004 Stormwater Revenue Sufficiency Analysis — Final Report
Dear Mr. Bush:
Burton & Associates is pleased to present this Final Report of the FY 2004 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
City staff who participated in the Study.
It is a pleasure to continue to be of assistance to the City. If you have any questions,
please do not hesitate to call me at (904) 247-0787.
Very truly yours,
.1L__1_�_�� _1__c 1.
Michael E. Burton
President
MEB/cs
Enclosure
Burton & Associates
2902 Isabella Blvd, Suite 20 • Jacksonville Beach, Florida 32250 • Phone (904) 247-0787 • Fax (904) 241-7708
E-mail: mburton@burtonandassociates.com
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Pr�epaned by:
Specialists in Water Resources Economics
LITILITY RATE STLIDY
TABLE OF CONTENTS
Table of Contents
Section Page
I. Introduction 1
A. Objective and Scope 1
B. Study Procedures 1
II. Analysis and Results
A. Description of the Analysis
B. Assumptions of the Revenue Sufficiency Analysis
1. Additional Revenue Sources
2. Revenues and Expenses
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5.
6.
7.
8.
9.
10.
11.
12.
Operations & Maintenance Cost Additions
Below the Line Capital Cost Additions
Payment in Lieu of Taxes Calculation
Cost Escalation
Borrowing Assumptions
Interest Earnings on Invested Funds
Interest Earnings on Capital Projects
Construction Fund
Capitalized Interest on New Debt Issuances
Interim Financing
Growth
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City of Clearwater 1 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
TABLE OF CONTENTS
13. Minimum Working Capital Balances in
Unrestricted Reserves
14. Capital Projects Funding
15. Debt Service Coverage
C. Results
1. Capital Improvements Program
2. Supporting Analysis
III. Conclusions and Recommendations
A. Revenue Suffciency Analysis Conclusions
B. Revenue Suffciency Analysis Recommendations
Appendix Supporting Financial Analysis Schedules
for the Revenue Sufficiency Analysis
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City of Clearwater 11 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION I — INTRODUCTION
Section I — Introduction
This report presents the results of the FY 2004 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 2004 through FY 2009. This section
presents the obj ective and scope of the Study and the procedures employed in the conduct
of the Study, while Section II presents the results of the Study and the supporting
schedules and Section III presents the conclusions and recommendations of the Study.
A. Obiective and Scope
The objective of this Study was to:
Evaluate the sufficiency of the City's stormwater rates over a six-year planning
period. This evaluation included development of a financial management
program that identifies annual rate increases that would provide sufficient
revenues to fund all of the Utility's requirements from FY 2005 through FY 2009.
B. Studv Procedures
During this RSA we developed a six-year financial management programs
through interactive work sessions with City staf£ During these work sessions we
examined the impact of various alternatives 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 staf£ In this way we identified the financial management plan
presented in this report that allows the Utility to fund its system requirements.
In order to initialize our analysis, we obtained the Utility's historical and
City of Clearwater 1 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION I - INTRODUCTION
budgeted financial information regarding the operation of the stormwater enterprise fund.
We also obtained the Utility's five-year capital improvement program, including annual
renewal and replacement requirements. 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 alternative levels of payments in lieu of
taxes, additional capital and operations and maintenance expenses outside of the City'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 0) interactive model. The FAMS-XL 0 model
produces a ten-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. In this instance, the first two years of the planning period have annual rate
increases that have already been approved by the City. Therefore, for those years,
FAMS-XL 0 was utilized in a revenue limited capacity, where the approved annual rate
increase of 8.00% per year for FY 2005 and FY 2006 was input in order to determine the
amount of revenue projected per year available to the Utility. Then, beginning in FY
2007, FAMS-XL 0 determined the appropriate level of rate increase necessary in each
remaining year of the planning period to fund all of the Utility's requirements.
FAMS-XL 0 also utilizes all available and unrestricted funds in each year of the
planning period to pay for capital proj ects, in accordance with the rules of cash
application defined with City staff within the model. This produces a detailed summary
City of Clearwater 2 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION I - INTRODUCTION
of the funding sources to be used for each project in the capital improvements program.
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 0 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, 0 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.
City of Clearwater 3 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION II — ANALYSIS AND RESULTS
Section II —Analysis and Results
This section presents the results of the Revenue Sufficiency Analysis (RSA) and
the financial management plan evaluated during the conduct of this RSA. As described
previously, this analysis was performed to determine the annual rate increases necessary
to generate sufficient revenues to fund all of the requirements of the stormwater
enterprise fund from FY 2005 through FY 2009, recognizing that for the first two years,
the rate increases have already been approved at 8.00% per year.
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 Appendix includes detailed
financial analysis schedules supporting the financial management plan evaluated herein.
A. Description of the Analvsis
The RSA was performed using the Utility's historical and projected information
regarding the operation of its stormwater system. The Utility's Un-audited Comparative
Balance Sheet as well as Restricted Asset Statement for September 30, 2003, were 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 proj ects in FY 2004 and the associated capital proj ect costs were
included in the capital improvement plan in FY 2004. Revenue and expense proj ections
from FY 2005 through the end of the planning period were based upon the City's FY
2004 budget with specific additions and adjustments described in the next sub-section.
City of Clearwater 4 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION II — ANALYSIS AND 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 next 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
beginning in FY 2007 through FY 2009 and, as might be expected, the increases required
from year to year varied, based upon the specific requirements in each year.
These "just-in-time" rate revenue increases were then used to develop an
alternative rate revenue adjustment plan that will provide for a more regular plan of rate
revenue adjustments while providing sufficient revenues in each year of the planning
period, recognizing that the City has already approved annual rate increases of 8.00% per
year in FY 2005 and FY 2006. Based upon the financial information and assumptions
provided by City staff, the level of annual rate increase necessary to fund the Utility's
requirements is 3.00% per year from FY 2007 through FY 2009 in addition to the
approved rate increases in FY 2005 and FY 2006.
B. Assumptions of the Revenue Sufficiencv Analvsis
The assumptions, funding strategies, and adjustments included in our revenue
sufficiency analysis are as listed below:
1. Additional Revenue Sources — We have evaluated all of the City's current
stormwater rates, fees and charges and conclude that there are no additional
City of Clearwater 5 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION II — ANALYSIS AND RESULTS
revenue sources that could be implemented that would affect the financial
management plan recommended in this report.
2. Revenues and Expenses — The FY 2004 revenue and expenses are based on
the City's budget, and serve as the base year for future projections.
3. Operations & Maintenance Cost Additions — In addition to the budgeted
amounts of operations and maintenance (O&M) expenses, new costs have
been included in the analysis. These are annual costs that are projected to
begin in FY 2005 and are escalated each year based upon the appropriate
escalation factor. The additional costs are for new full-time exempt positions
in the amount of $235,060, contractual services relating to post construction
maintenance and annual system attribute analysis in the amount of $147,000
and the net estimated impact from expense transfers between City enterprise
funds in the amount of $25,000.
4. Liability to the Pinellas County School Board — An additional one-time
liability of $450,000 has been added in FY 2004 as part of this analysis.
5. Pavment in Lieu of Taxes Calculation — The annual calculation of the
Payment in Lieu of Taxes transfer is based upon 4.50% of the current year's
total operating revenue in FY 2005 and 5.50% of the current year's total
operating revenues each year beginning in FY 2006 throughout the projection
period.
6. Cost Escalation — Annual cost escalators for the various types of operations
and maintenance expenses were provided by City staff and applied in each
City of Clearwater 6 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION II — ANALYSIS AND RESULTS
year of the planning period beginning in FY 2005. 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.
7. Borrowin� Assumptions — The RSA assumes that new debt issued during the
planning period would carry the following terms:
Lon� Term Debt:
✓ Term: 30 Year
✓ Interest Rate: 5.50% in each year of the planning period.
8. Interest Earnin�s on Invested Funds - It is assumed interest earnings on
invested funds would be 3.00% in FY 2004, 3.50% in FY 2005, and 4.00%
per year in FY 2006 and each year thereafter.
9. Interest Earnin�s on Capital Projects Construction Fund — It is assumed that
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.
10. Capitalized Interest on New Debt Issuances — It is assumed that one year of
interest from new long-term debt issuances is capitalized.
11. Interim Financin� — It is assumed that interim financing is utilized in FY 2005
and every other year thereafter and that long-term debt issuances would occur
in FY 2004 and every other year thereafter as appropriate. This short-term
City of Clearwater ' Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION II — ANALYSIS AND RESULTS
borrowing is refinanced in the subsequent year as part of the proceeds of the
long-term borrowing.
12. Growth — No growth is assumed for this analysis.
13. Minimum Workin� Capital Balances in Unrestricted Reserves — The plan
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.
14. Capital Projects Fundin� — The capital improvement plan (CIP) budget
expense levels are included in the analysis by project. It is important to note
that upon input into the model, two additional proj ects and associated expense
estimates have been included in the analysis. The first project is the
construction of a new scale/weigh station in FY 2005 estimated to cost
approximately $240,000, and the second is the estimated share of expense for
a new public works building projected to be constructed in FY 2007 in the
amount of $75,000 in FY 2006, and $675,000 in FY 2007. Furthermore, it is
important to note that the costs of a specific proj ect were re-allocated within
the CIP budget based upon a revised project completion schedule, and the
costs of another project were reduced to reflect project savings. The re-
allocation entailed the removal of the total project cost of $6,490,584 from FY
2004 and the addition of $1,000,000 in FY 2005 and $5,490,584 in FY 2006.
The reduction was for the amount of $860,000 in FY 2004.
15. Debt Service Covera�e - There are two debt service coverage tests in the
Utility's outstanding bond covenants as follows:
City of Clearwater g Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION II — ANALYSIS AND RESULTS
1) Rate Covenant — Net income must be at least 1.15 times annual
debtservice
2) Paritv Test — Net income must be at least 1.20 times maximum
annual debt service (only in years when revenue bonds are issued)
C. Results
1. Capital Improvements Program
As described earlier, our approach to this RSA was to first determine the annual
rate increase projection calculated by our FAMS-XL 0 model based upon the revenue
and expense data initialized into the FAMS-XL 0 model and the already approved annual
rate increases of 8.00% per year in FY 2005 and FY 2006. Once the FAMS-XL OO model
identified the "just-in-time" rate increases each year from FY 2007 through FY 2009, we
determined a levelized annual rate plan (3.00% per year) for that time period that would
be sufficient to cover the Utility's costs in each year of the planning period.
Based upon the revenue and expense information, beginning fund balances
(including encumbered/restricted funds for projects that subsequently have been included
in the CIP for the purposes of this analysis) and the assumptions described above, it was
determined that the entire CIP budget, including the additions and re-allocation described
above in Section II.B.14 as well as all prior encumbrances/carry-over balances could be
funded each year, with the annual rate adjustment plan of 3.00% per year from FY 2007
through FY 2009. These rate increases would be in addition to the already approved rate
increases of 8.00% per year in FY 2005 and FY 2006. The total annual CIP expenditures
City of Clearwater 9 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION II — ANALYSIS AND RESULTS
(including project carry-over balances) utilized in the FAMS model for which funding is
available over the planning period are as follows:
FY 2004: $31,884,317
FY 2005: $7,070,000
FY 2006: $8,635,584
FY 2007: $6,275,000
FY 2008: $5,606,000
FY 2009: $6,850,000
2. SupportingAnalysis
The supporting analysis for the development of the rate plan presented in the prior
sub-section is presented below.
a. Basis for the Analysis
The rate revenue plan presented in this report was developed by preparing a six-
year proj ection of the financial results of the Utility, starting with the current rates in FY
2004, and the approved annual rate increases of 8.00% per year in FY 2005 and FY 2006.
This baseline projection was used to determine the level of rate revenue produced in FY
2005 and FY 2006, and the minimum level of rate revenue required in FY 2007. FAMS-
XL, 0 calculated the projected rate revenue in FY 2007 based upon the rates that would
be in place in FY 2006 and compared that to the minimum level of rate revenue required
in FY 2007. To the extent that an increase in rate revenue was needed in FY 2007, the
model determined the amount of additional rate revenue required in FY 2007 and
determined the percentage increase in rate revenue that that represented.
City of Clearwater 10 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION II — ANALYSIS AND RESULTS
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 adjustment in each year from FY 2007 to FY 2009, a conversion to
a levelized rate adjustment plan was examined. In this approach, the same level of rate
increase was identified and applied in each year from FY 2007 through FY 2009 that
would produce sufficient revenue to meet the Utility's costs and debt coverage
requirements. It was determined that an appropriate annual levelized rate increase from
FY 2007 through FY 2009 was 3.00% per year.
b. Financial Results of Operations and Sources and Uses of Funds
The Appendix presents Figures 1 through 10 for the rate adjustment plan
developed in this RSA which assumes that the approved rate increase of 8.00% per year
in FY 2005 and FY 2006 is implemented as well as an annual rate increase of 3.00% per
year in FY 2007 through FY. Although the planning period in this RSA is from FY 2004
though FY 2009, the Figures presented in the Appendix extend through FY 2014 so that
any significant revenue insufficiencies outside of the planning period may be identified
and potentially addressed in the current RSA.
Figures 1 through 3 present detailed schedules of the inputs and assumptions that
are applicable to the rate plan developed in this analysis. Figure 1 contains many of the
assumptions described in Section II.B. Figure 2 contains the end of FY 2003 fund
balances that serve as the beginning balances of our analysis. Figure 3 provides a listing
of the CIP proj ects and associated cost included in the analysis.
City of Clearwater 11 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION II — ANALYSIS AND RESULTS
Figures 4 through 6 are summary level financial schedules. Figure 4 contains the
Control Panel that presents a summary of the results of the rate plan, including the annual
rate increase, debt service coverage ratios, capital improvement spending levels,
customer impacts, and fund balances. Figure 5 is the Pro Forma schedule that presents a
projected income statement, debt service coverage analysis, and cash flow analysis.
Figure 6 presents a summary of all sources and uses of funds including beginning
balances and balance carry forwards in each year of the planning period.
Figures 7 through 10 present detailed financial results of the analysis. Figure 7
shows the funding sources utilized to pay for the total capital improvement plan spending
levels identified on Figure 3. Figures 8 and 9 contain the calculation of annual long-term
borrowing and interim financing amounts respectively. Figure 10 presents a fund level
cash flow reconciliation, providing the beginning balance in each year, the amount
utilized for proj ect funding, interest calculations, and the end of year fund balance.
1) Svstem Revenues
The basis for the revenues used in this analysis was the FY 2004 budget.
Revenues can be considered as 1) rate revenues subject to rate increases, and 2)
all other categories of revenue. Rate revenue for the fiscal years after FY 2004
was projected based upon additional rate revenue from the rate increase assumed
in each year of the rate revenue plan. All other non-rate revenues were projected
in subsequent years, by category of revenue, to be the same as the FY 2004
budgeted revenue for those revenue categories, except that budgeted interest
revenue was not used as an input to the rate model. The model calculates interest
earnings each year based upon average fund balances and interest income is
shown by fund on Figure 10.
City of Clearwater 12 Burton � Associates
Final Report Utility Economics
2)
LITILITY RATE STLIDY
SECTION II — ANALYSIS AND RESULTS
Revenue Requirements
The annual revenue requirements used in the proj ection of required rate
revenues were based upon budgeted O&M expenses, miscellaneous other
expenses such as transfers out or payment in lieu of taxes, capital costs of the
Utility for FY 2004, and the cost additions described in Section II.B. In
subsequent years of the planning period, individual O&M costs were adjusted
based upon the appropriate cost escalation factor provided by City staff described
in Section II.B. Annual capital costs were adjusted as described to include
additional projects not currently reflected in the CIP budget. Figure 3 presents the
fundable CIP for each year of the planning period.
City of Clearwater 13 Burton � Associates
Final Report Utility Economics
RSA.
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LITILITY RATE STLIDY
SECTION III — CONCLUSIONS AND RECOMMENDATIONS
Section III — Conclusions and Recommendations
This Section presents the fundamental conclusions and recommendations of the
Revenue Sufficiencv Analvsis Conclusions
We have reached the following conclusions regarding the sufficiency of the City's
stormwater rates over the planning period from FY 2004 through FY 2009:
• Based upon the implementation of the approved annual rate increase of 8.00%
per year in FY 2005 and FY 2006, the assumptions described above in Section
II.B, the CIP described in II.C.1, and the revenue and expense projections
described in Sections II.C.2.b.1 and II.C.2.b.2 respectively, an annual rate
increase of 3.00% per year from FY 2007 through FY 2009 would be
sufficient to cover the requirements of the Utility during the planning period.
• Based upon the expense projections included in this analysis and adoption of
the rate plan identified above, future rate increases between 5.00% and 8.00%
per year may be required in FY 2010 through FY 2014 for the Utility to meet
its requirements during that time period.
B. Revenue Sufficiencv Analvsis Recommendation
Based upon the analysis presented herein and the conclusions presented in the
previous subsection, we recommend the following:
City of Clearwater 14 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
SECTION III — CONCLUSIONS AND RECOMMENDATIONS
• The City should implement the approved 8.00% per year rate increase in
FY 2005 and FY 2006 and adopt annual rate increases of 3.00% per year
for FY 2007 through FY 2009.
• The City should perform annual revenue sufficiency updates to
incorporate revised expense projections from FY 2010 through FY 2014
as they evolve so that any necessary adjustments can be made to the
recommended rate plan in order to allow the Utility to meet its
requirements during this time period.
City of Clearwater 15 Burton � Associates
Final Report Utility Economics
LITILITY RATE STLIDY
APPENDIX
Appendix
Supportin� Financial Analysis Schedules for
the Revenue Sufficiency Analysis
City of Clearwater
Final Report
�6
Burton � Associates
Utility Economics
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LITILITY RATE STLIDY
APPENDIX
Figure 2
City of Clearwater
Stormwater System Financial Management Program Summary
Be_qinnin_q Balances
Source: Burton & Associates
City of Clearwater 18 Burton � Associates
Final Report Utility Economics
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