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WATER AND WASTEWATER FY 2004 REVENUE SUFFICIENCY ANALYSIS - FINAL REPORT " ." . " ,C,::_, ',,: C,. " ".", ,,~,,' '. ' '. .'-," , .. ~ ,,:' .' '. . .' "",' , .. . ," , .,. '. . . ... ,. ':.," , " . .' ~ '. ,," ~ I '. ,', ' . . ,,:. -. 'J " ",.-: - ..~' , '\.', ~ :,~'. ,,;: , . . ., ., . ,', ' '. . " ,". '. I~ ~ ~ ':" '.~ : . ".'- \:".. " . , ,,' . ',., " ,- '-. . .'. . ' . ','CITY ~OFCLEARWATE'R", , . . , ' , , ' , ),1,. , , t. October 22, 2()()4 ..... ..'''.'','.,1..,.,,'',.... ':~'i j; ti':~ '",,, ""--'-'-"....,,..... :. Prepared Bv: J}HttBll~~~~BEiit~~ I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I llH[fBDM~~Bfjilt~~ October 22, 2004 Mr. Andrew M. Neff, P.E. Public Utilities Director City of Clearwater 1650 N. Arturas Avenue Building C Clearwater, Florida 33765 Re: 2004 Water and Wastewater Revenue Sufficiency Analysis - Final Report Dear Mr. Neff: Burton & Associates is pleased to present this Final Report of the FY 2004 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 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, .JItl.icfzaJ. E.. 9Jwtfun 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 I I I I I I I I I I I I I I I I I I I " c'r I... r. ... ,. .V... ,'. ~D ." ,'. . . .... ... . 'Y"V.tD ",.r.~lTY O...~,.. ... ",/ZEAR WA~'D,Ix' Water and Wastewater F.. '..'Y'.' '.2..0.0... .4..... "'f,,,. ,.....;. '" ^' ,,,' 0'" 0"0',, ....., .__,,^' ...,.' Revenue Su 'lciency Antilysis -.::' · " R .. ~y;'''aeport wt October 22, 2004 Prepared by: ~HrtBll~~~~Bfi~t~~ Specialists in Water Resources Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY TABLE OF CONTENTS Table of Contents Section I. Introduction Pa2:e 1 1 1 A. Objective and Scope B. Study Procedures II. Study Results 4 A. Description of the Analysis 4 B. Assumptions of the Revenue Sufficiency Analysis 6 1. Additional Revenue Sources 6 2. Revenues and Expenses 6 3. O&M Cost Additions 7 4. Payment in Lieu of Taxes Calculation 7 5. Cost Escalation 7 6. Increases in Pinellas County Water Rates 7 7. Borrowing Assumptions 8 8. Interest Earnings on Invested Funds 8 9. Interest Earnings on Capital Projects Construction Fund 8 10. Capitalized Interest on New Debt Issuances 8 11. Interim Financing 8 12. Total Demand and Purchased Water Expenses 9 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 UTILITY RATE STUDY TABLE OF CONTENTS 13. Price Elasticity 9 14. Reclaimed Water Use Revenue Impacts 10 15. Weather Normalization 10 16. Growth 11 17. Minimum Working Capital Balance 11 18. Capital Projects Funding 11 19. Debt Service Coverage 12 C. Scenarios Analyzed 12 1. Meter Reclaimed Water Customers 12 2. Do Not Meter Reclaimed Water Customers 21 3. Comparative Tables of Results 22 D. Supporting Analysis for the Alternative Scenarios 24 1. Basis for the Analysis 24 2. Financial Results of Operations and Sources and Uses of Funds 25 E. Water & Wastewater Rate Survey Results 28 III. Conclusions and Recommendations 30 A. Revenue Sufficiency Analysis Conclusions 30 B. Revenue Sufficiency Analysis Recommendations 31 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 UTILITY RATE STUDY TABLE OF CONTENTS Appendix FMP #1: Financial Analysis Schedules FMP #2: Financial Analysis Schedules Water & Wastewater Rate Survey Results Reclaimed Water Supporting Documents 32 33 47 61 63 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 UTILITY RATE STUDY 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 Water and Wastewater Utility System (Utility). This RSA was based upon a planning period of FY 2004 through FY 2009. This section presents the objective and scope of the Study and the procedures employed in the conduct of the Study, while Section II presents the results and supporting schedules and Section III presents the conclusions and recommendations of the Study. A. Obiective and Scooe The objective ofthis Study was to: Evaluate the sufficiency of the City's water and wastewater rates, including currently approved rate increases, over a six-year planning period. This evaluation included development of two alternative financial management plans (FMP's) that identify the annual rate revenue adjustments that will allow the Utility to satisfy its requirements while recognizing the effects of abnormal weather conditions, price elasticity, increasing reclaimed water usage, and increasing purchased water costs. B. Studv Procedures During this RSA we developed two recommended six-year financial management plans (FMP's) that recognized the impacts of various factors such as weather, price elasticity, increasing reclaimed water usage, increased purchased water costs, as well as additional expenses and alternative capital spending levels. We accomplished this 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. In this way we identified the two FMP's presented in this 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 UTILITY RATE STUDY SECTION I - INTRODUCTION report that allow the Utility to meet its system requirements. The first FMP, referred to in the report as FMP #1, assumes that the approved water and wastewater rate increase of 7% is implemented in FY 2005 and extended for FY 2006, and a 6% per year increase is implemented in FY 2007 through FY 2009. This plan also assumes that the City increases its existing reclaimed water rates by 29.4% in FY 2006, in FY 2007 begins to meter its reclaimed water customers and implements the proposed reclaimed water rates identified in Section ILC.1.c that are approximately equal to the application of 24% of the water and wastewater rates to the average reclaimed water customer, and applies the 6% per year water and wastewater rate increase to reclaimed water rates in FY 2008 and FY 2009. The second FMP, referred to in this report as FMP #2, assumes that the approved water and wastewater rate increase of 7% in FY 2005 is implemented and is extended annually from FY 2006 through FY 2009. FMP #2 assumes that the annual rate increases beginning in FY 2006 throughout the planning period applicable to water and wastewater are also applied to reclaimed water rates. In order to initialize 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 six-year capital improvement program, including annual renewal and replacement requirements. We documented the Utility's current debt obligations for the water and wastewater 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 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. City of Clearwater Final Report 2 Burton & Associates Utility Economics I I I I I I I I I I I I :1 I I I I I I UTILITY RATE STUDY SECTION I - INTRODUCTION All of this information was entered into our Financial Analysis and Management System (FAMS) interactive model. The FAMS 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 (FY 2004 and FY 2005). Therefore, for those years, F AMS-XL (Q was utilized in a revenue limited capacity, where the approved rate increase of 7% per year was input in order to determine the amount of revenue projected per year available to the Utility. Then, beginning in FY 2006, F AMS-XL (Q determined the appropriate level of rate increase necessary in each remaining year of the planning period 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 rules of cash application defined with City staff within the model. This produces a detailed summary ofthe 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 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 program that includes the required borrowing amount by year and the resultant annual debt service obligations ofthe 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS Section II - Study Results This section presents the results of the RSA and the FMP's evaluated during the conduct of this RSA. As described previously, this analysis was performed to determine the annual rate increases over the planning period that would generate sufficient revenues to fund all of the requirements of the Utility over the next six years under two scenarios, assuming that the approved rate increase of 7% for FY 2005 is implemented. 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 describes the scenarios evaluated in the RSA and compares the results of the two scenarios. The fourth sub-section provides the supporting analysis and basis for the study, while the fifth sub-section presents the results of the rate survey of neighboring communities. The Appendix includes detailed financial analysis schedules supporting the FMP's evaluated and a chart containing the results of the rate survey. A. Description of the Analvsis 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 2003 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 2004 and the associated capital project costs were included in the capital improvement plan in FY 2004. Water and wastewater user fee revenue projections were based upon actual FY 2003 amounts adjusted to reflect a full fiscal year City of Clearwater Final 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS of revenues resulting from implementation of the 7% rate increase on January 1, 2003, and extrapolated to FY 2004 based upon growth and the implementation of the 7% rate increase effective October 1, 2003. The projection of all other revenues (excluding reclaimed water revenues) was based upon the City's FY 2004 budget amounts. The City's proposed FY 2005 budget expense amounts were included in the analysis and serve as the basis for future projections. 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 ')ust-in-time" rate revenue increases in each year, beginning in FY 2006 through FY 2009 and, as might be expected, the increases required from year to year varied, some years smaller and some years larger, based upon the specific requirements in each year under each scenario. 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, while recognizing the approved 7% rate increase for FY 2005 for each scenario. Based upon the financial information and assumptions provided by City staff, extending the approved water and wastewater rate increase of 7% per year from FY 2006 through FY 2009 and applying the annual rate increase to reclaimed water rates beginning in FY 2006 would provide sufficient revenues to fund the Utility's requirements. Similarly, the combination of extending the approved water and wastewater rate increase to FY 2006 and implementing a 6% per year water and wastewater rate increase in FY 2007 through FY 2009, while City of Clearwater Pinal Report 5 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS increasing the existing reclaimed water rates by 29.4% in FY 2006, implementing the reclaimed water rates proposed in Section H.C.1.c in FY 2007 that are approximately equal to the application of 24% of the water and wastewater rates to the average reclaimed water customer, and applying the water and wastewater annual rate increases to reclaimed water rates in FY 2008 and FY 2009 would provide sufficient revenue to meet the Utility's requirements. 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 water and wastewater rates, fees and charges and conclude that there are no additional revenue sources that could be implemented that would affect the financial management plans recommended in this report. 2. Revenues and Expenses - Projected FY 2004 revenues serve as the basis for projecting the user fee revenues subject to the rate increase identified in each of the respective financial management plans identified in this report. The actual FY 2003 user fee revenue was adjusted to reflect a full year of revenue based upon the 7% rate increase implemented on January 1, 2003 and was extrapolated to FY 2004 based upon growth and the implementation of a 7% rate increase effective on October I, 2003. All other revenues (excluding reclaimed water revenue) are based upon the City's FY 2004 budget. Operations and maintenance (O&M) expense projections (excluding reclaimed water expenses) are based upon the City's proposed FY 2005 City of Clearwater Pinal Report 6 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS budget amounts. Reclaimed water revenue and expense projections are calculated based upon data provided in the City's Report on Reclaimed Water Cost and Usage prepared by McKim & Creed. 3. O&M Cost Additions - In addition to the budgeted amounts of O&M expenses, incremental costs have been included in this analysis, mainly relating to specific capital projects. The complete list of all additional O&M costs not included in the City's FY 2005 proposed budget that were included in this analysis are shown on Figure 7. 4. Payment 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 in each year ofthe planning period beginning in FY 2006. 5. Cost Escalation - Annual cost escalators for the various types of operations and maintenance expenses were provided by City staff and applied in each year of the planning period beginning in FY 2006. 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. 6. Increases in Pinellas County Water Rates - Pinellas County has indicated that its wholesale water rates will increase approximately 10% per year in FY 2005 through FY 2007. Furthermore, for the purposes of this analysis, it is assumed that Pinellas County wholesale water rates assessed to the City increase 7% per year beginning in FY 2008 and each year thereafter. 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS 7. Borrowing Assumptions - The RSA assumes that new debt issued during the planning period would carry the following terms: Short Term Financing: ./ Term: 5 Years ./ Interest Rate: 3.00% in FY 2004, 3.50% in FY 2005, and 4.00% each year thereafter Long Term Debt: ./ Term: 30 Year ./ Interest Rate: 5.50% 8. Interest Earnings on Invested Funds - It is assumed interest earnmgs on invested funds would be 3.00% in FY 2004, 3.50% in FY 2005, and 4.00% 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 30% in years one through three and 10% 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. Capitalized Interest on New Debt Issuances - It is assumed that one year of interest from new long-term debt issuances is capitalized. 11. Interim Financing - It is assumed that interim financing is utilized in FY 2005 and every other year thereafter and that long-term debt issuances would occur 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS in FY 2006 and every other year thereafter as appropriate. This short-term borrowing is refinanced in the subsequent year as part of the proceeds of the long-term borrowing. 12. Total Demand and Purchased Water Expenses - The total forecasted demand and the amount of such demand that is purchased by the City is predicted by an econometric model that incorporates price elasticity, reclaimed water usage, weather normalization, and growth. Essentially, the forecasted total demand less the amount of demand projected to be produced by the City equals the amount of demand that has to be purchased. This amount is then multiplied against the wholesale water rate of Pinellas County in order to determine the annual purchased water expense that is incorporated into the F AMS model. It is important to note that the econometric model assumes that average daily city production is 4 million gallons per day ("MOD") in FY 2004 and FY 2005, 4.5 MOD in FY 2006, and 5 MOD in FY 2007 and each year thereafter. 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 .3 elasticity multiplier. For example, the reduction to water, wastewater, and lawn irrigation usage revenue attributable to price elasticity based upon the approved rate increase of 7% for FY 2005 is 2.1 %. City of Clearwater Pinal Report 9 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS 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 to total demand on the system and a corresponding reduction in the amount of demand 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. The adjustment for reclaimed water is a reduction to the water and wastewater usage revenues equal to the product of the annual rate increase and a .1 multiplier as determined by the econometric model. For example, the reduction to usage revenue attributable to reclaimed water based upon the approved rate increase of 7% for FY 2005 is approximately 0.7%. The reduction in usage revenues for lawn irrigation is captured in the application of a negative growth percentage (determined by the econometric demand model) in each year of the planning period. It is important to note that a specific reduction was made to the City's lawn irrigation revenues in FY 2006 in the amount of $390,000 to reflect the provision of reclaimed water service by Pinellas County in the Sand Key development area that will eliminate lawn irrigation revenue of the City. 15. Weather Normalization - This adjustment to revenues and total demand on the system (which subsequently impacts purchased water expenses) is necessary to reflect normal weather conditions over the planning period. This is important to prevent revenue and expense projections from being based upon periods of abnormal weather and to avoid over/under-stating the rate increase needed over the planning period. 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS Because the City's service area has been expenencmg abnormally wet weather, and thus abnormally low water usage, the net effect of normalizing for weather by use of our econometric modeling causes projected rate increases to be lower, as the adjustments to revenue for normal increased usage more than offset the increased purchased water costs for that additional usage. Once the weather normalization adjustment is made in FY 2005, all usage revenues and consumption from that point forward are based upon normal weather conditions. The weather normalization adjustment factor for water and wastewater was determined to be an additional 1.2% of usage revenue and for lawn irrigation is an additional12% of usage revenue. 16. Growth - Water and wastewater growth is assumed to be 0.9% 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 lawn irrigation revenue is -5.98% in FY 2004, -6.36% in FY 2005, -17.90% in FY 2006, -7.28% in FY 2007, and -7.85% in FY 2008 and thereafter. 17. Minimum Working Capital- 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 and purchased water expenses. 18. Capital Proiects Funding - The capital improvement plan (CIP) amounts to be submitted in the City's proposed budget request were included in the F AMS analysis. These amounts are based upon very recent master planning initiatives completed for the City's water, wastewater, and reclaimed water systems. 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS 19. Debt Service Coverage - 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. Scenarios Analvzed 1. Meter Reclaimed Water Customers As described earlier, our approach to this RSA included the development of two alternative financial management plans (FMP's) that would allow the Utility to satisfy all of its system requirements. The first FMP (FMP #1) assumes that the approved water and wastewater rate increase of 7% is implemented in FY 2005 and extended for FY 2006, and a 6% per year increase is implemented in FY 2007 through FY 2009. FMP #1 also assumes that existing reclaimed water rates are increased by 29.4% in FY 2006, in FY 2007 the City begins metering its reclaimed water customers and implements the reclaimed water rates proposed in Section II.C.1.c that are approximately equal to the application of 24% of the combined water and wastewater rates to the average reclaimed water customer (an approximately 29.4% increase to the average reclaimed water customer), and in FY 2008 and FY 2009 reclaimed water rates are subject to the identified water and wastewater rate increases. The percentage of water and wastewater rates that the proposed reclaimed water rates will collect from the average customer is 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS generally based on a retrospective equivalent escalation of the existing reclaimed water rates at the rate increases applied to water and wastewater rates that were not applied to reclaimed water rates. a. Merits From a financial and rate making perspective, FMP #1 has many benefits. First of all it is important to note that the reclaimed water rates for service within the City have not increased for some time as water and wastewater rates have escalated at 7% per year for several years. The lack of increases to the reclaimed water rates has perpetuated a subsidy of the reclaimed water system costs within the water and wastewater rates. Therefore, by implementing the 29.4% rate increase in FY 2006 and the proposed rates identified in Section ILC.1.c in FY 2007, as well as subjecting reclaimed water rates to the same annual rate increases applicable to water and wastewater each year thereafter, the reclaimed water system will begin to collect more revenues from the users of the reclaimed water system. The increase in reclaimed water revenue would reduce the reliance upon water and wastewater rates to recover the costs of the reclaimed water system, which would reduce the upward pressure on water and wastewater rates. Furthermore, the metering of customers would provide an opportunity for the utility to change its rate structure to include a variable charge as well as receive additional grant funding for reclaimed water capital investments. To the extent there are adjustments to the reclaimed water rate structure (as proposed in Section ILC.1.c), conversion from a fixed monthly charge to a rate structure that has both fixed and variable charges (such as the City's water and wastewater rates) will more appropriately allocate cost responsibility proportionate to each customer's use of the reclaimed water system. In regards to additional funding, although there would be additional capital and City of Clearwater Pinal 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS O&M costs associated with the metering of reclaimed water customers, such as installation, meter reading, replacement, etc., the incremental amount of grant reimbursements and revenue the City would receive would be sufficient to offset the additional projected expenses through FY 2014. It is clearly warranted to increase the reclaimed water rates to recover more of the reclaimed water costs of service from reclaimed water customers and thus reduce the subsidy currently being provided in the water and wastewater rates. However, FMP #1 may present issues relative to public acceptability among current reclaimed water customers, given the effects of converting from a monthly reclaimed water bill of $15 to a monthly bill of approximately $19.50 in FY 2006 (a 29.44% increase) and approximately $25 in FY 2007 (another 29.4% increase) b. Additional Cost & Sources of Funds Fundamentally, the same assumptions, operating and maintenance costs and capital costs included in this analysis are applicable to each FMP included in this report. However, there are a few specific adjustments to the capital improvement plan, operating and maintenance expenses, and grant reimbursements unique to FMP # 1. The CIP was adjusted to include annual capital costs associated with the installation and renewal and replacement of reclaimed water meters beginning in FY 2007 through FY 2014. These capital costs are contained on Page A-I of Appendix A of the City's Report on Reclaimed Water Cost and Usage (which has been included as Reclaimed Water Supporting Document 1 to this Report) and can be identified on Line 27 of Figure 6. City of Clearwater Pinal 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS The operating and maintenance expense projections were adjusted to include additional operating costs associated with the metering of reclaimed water customers beginning in FY 2007 through FY 2014. These incremental O&M costs are contained on Page C-6 of Appendix C of the City's Report on Reclaimed Water Cost and Usage (which has been included as Reclaimed Water Supporting Document 2 to this Report) and identified on Line 13 of Figure 7. Finally, the annual amounts of grant reimbursements received are larger in FMP #1 than in FMP #2. This is due to the fact that City staff forecasts that the amount of grant reimbursements the City receives under the assumptions ofFMP#1 (metering of reclaimed water) will be based upon 50% of total project costs, as opposed to only the transmission and storage cost components of each respective project) under the assumptions of FMP#2 (continue not metering reclaimed water). The annual amount of grant reimbursements projected from FY 2004 through FY 2014 can be seen on Line 21 of Figure 2. c. Reclaimed Water Rate Desi2D The design of reclaimed water rates in FMP #1 had two main objectives. One objective was to recover a greater amount of reclaimed water system costs from the reclaimed water user fees and reduce the reliance upon water and sewer rates to subsidize reclaimed water costs. This objective was achieved by designing rates that would produce a monthly bill for the average reclaimed water customer approximately equal to a monthly bill produced by applying the prior water and wastewater rate increases to the existing reclaimed water rates from FY 2000 through FY 2007. The other fundamental objective was to provide a rate structure that more appropriately allocates cost responsibility proportionate to each reclaimed water customer's use. City of Clearwater Final 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS In order to design reclaimed water rates we first established the target level of revenue to be collected in FY 2007. The revenue targets were apportioned between the City's current reclaimed water rates, which are comprised of an availability charge and a usage charge. The availability charge is applied to all customers in areas where reclaimed water distribution lines have been installed who have the ability to connect to the reclaimed water system regardless of whether they choose to or not. Customers who choose to connect (Connected Customers) pay the monthly reclaimed water availability charge and also pay a flat usage charge for the reclaimed water used each month. Customers who choose not to connect to the reclaimed water system (Not Connected Customers) pay the monthly reclaimed water availability charge, but do not pay the flat usage charge. In determining the availability charge and usage charge revenue targets, we relied upon 1) the projected number of total customers (excluding bulk customers under existing contracts) identified in the City's Report on Reclaimed Water Cost and Usage on Appendix D-7 (which is included in this report as Reclaimed Water Supporting Document 3), 2) the percent of total the customers who are Connected Customers (an estimated weighted average of the ratio of current and projected Connected Customers to the total number of customers), and 3) the existing reclaimed water rates adjusted to reflect application of the historical rate increases applied to water and wastewater user fees. This analysis identified that had the water and wastewater rate increases since FY 2000 been applied to the existing reclaimed water availability and usage charges the monthly reclaimed water bill would be slightly in excess of $25 by FY 2007. Based upon the total number of customers proj ected in FY 2007, the weighted average percent of the total customers who are projected to be Connected Customers, and the adjusted monthly City of Clearwater Pinal Report 16 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS reclaimed water rates, the target revenue to be collected by the availability charge and usage charge were established as $1,004,203 and $522,016 respectively. By determining the target revenue for the rate design analysis in this manner, the City will achieve its objective of collecting more of the reclaimed water system costs from reclaimed water customers and reducing the reliance upon water and wastewater rates to subsidize the reclaimed water system. After establishing the target revenue, we analyzed how to allocate costs of the reclaimed water system between an availability charge and usage charge as well as how to appropriately collect usage charges from Connected Customers through a usage charge based upon metered reclaimed water usage. In reviewing the allocation of costs between availability and usage charges, we analyzed the composition of reclaimed water costs between fixed and variable costs and compared that to the availability and usage charge revenue targets. Standard cost allocation guidelines and ratemaking principles provide that no more than 100% of the fixed costs of the system should be recovered from a fixed monthly charge (such as an availability charge). In fact, most utility system fixed charges/rates recover only a fraction of the fixed system costs due to customer impact considerations and conservation rate structures, which place more of the responsibility for recovery of fixed costs in the usage charge components of the rate structure. Through this analysis it was determined that the revenue target for the availability charge is in fact less than the total fixed costs of the reclaimed water system, and subsequently there was no adjustment or reallocation of the respective usage and availability charge revenue targets. Since there was no adjustment to the availability charge revenue target of $1,004,203, it was divided by the total number of projected customers in FY 2007 of 5,550 and then divided by 12 to determine the monthly availability fee of$15.08 per customer for FY 2007. City of Clearwater Pinal Report 17 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS Next we reviewed how the usage charge target revenue should be collected. The most appropriate method for collecting usage charge revenue would be based upon actual water use as opposed to the existing flat monthly customer charge for usage. The conversion to a charge or charges assessed upon monthly water use can only be accomplished if the City installs meters for its reclaimed water customers as recommended in FMP #1 to measure monthly water use. Such a conversion would more appropriately allocate costs based upon actual use of the system as opposed to the existing flat usage charge that is assessed to each customer per month regardless of the amount of reclaimed water used. Specifically, this FMP assumes that the City converts from its current flat usage charge per customer to a uniform usage charge per 1,000 gallons assessed against all reclaimed water usage. In developing the uniform reclaimed water usage charge per 1,000 gallons assessed based upon actual metered reclaimed water use, the reclaimed water usage charge target revenue was divided by the projected monthly metered reclaimed water consumption per Connected Customer. The monthly un-metered projected consumption per customer (Connected & Not Connected Customers) of980 gallons per day (gpd) was provided in the City's Report on Reclaimed Water Cost and Usage and is contained on Reclaimed Water Supporting Document 3. Based upon the projected amount of Connected Customers, this resulted in a projected monthly un-metered consumption per Connected Customer of approximately 1,258 gpd. In order to estimate what the City's average monthly demand per Connected Customer would be after metering, we examined the ratio of the average reclaimed water City of Clearwater Final Report 18 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS demand per residential customer in metered systems to the average reclaimed water demand per residential customer of flat rate systems in surrounding areas. The average demands of the surrounding communities was identified in Table 2-7 on page 22 of the City's Report on Reclaimed Water Cost and Usage page, which has been included with this report as Reclaimed Water Supporting Document 4. When dividing the metered system average consumption per residential customer of 508gpd by the flat rate system average consumption per residential customer of 927gpd, the result is a ratio of approximately 55%. Therefore, we estimated that the City's metered consumption per Connected Customer would be a comparable percentage of its projected un-metered reclaimed water consumption per Connected Customer of 1,258 gpd, resulting in an estimated metered reclaimed water consumption per Connected Customer of 703 gpd. In FY 2007 there are projected to be 4,328 Connected Customers. Therefore multiplying the 703 gpd by 365 to determine annual usage per Connected Customer and then multiplying it by 4,328, we are able to determine the total expected metered reclaimed water volume in FY 2007 of 1,109,727,000 gallons. Dividing the revenue target of $522,016 by the annual volume results in the usage charge proposed for every thousand gallons of reclaimed water of $0.47. The proposed reclaimed water availability and usage rates for each year of the planning period are identified on Reclaimed Water Supporting Document 5 for FMP # 1. d. Results As described earlier in this report, the annual water and wastewater rate increases for FMP # 1 would be 7% per year in FY 2005 and FY 2006 and 6% per year each year thereafter. Reclaimed water rates would increase by 29.4% in FY 2006, and the City would implement the proposed rates in Section H.C.l.c that are approximately equal to City of Clearwater Final Report 19 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS the application of 24% of the water and wastewater rates to the average reclaimed water customer in FY 2007. Furthermore, reclaimed water rates would increase each year beginning in FY 2008 at the same annual percentage as water and wastewater. Therefore, the increases in the reclaimed water rates under this FMP would collect more revenues from the users of the reclaimed water system. The annual increases in reclaimed water revenue would reduce the reliance upon water and wastewater rates to recover the costs of the reclaimed water system, which would reduce the upward pressure on water and wastewater rates. In fact, as part of this analysis, we input all of the assumptions, reclaimed water system O&M and capital costs, and allocations of existing debt service and beginning fund balances for the reclaimed water system into a separate F AMS Model. Based upon the assumptions and allocations, as well as the revenue and expense information provided by City staff, the reclaimed water system would likely be self-sufficient by FY 2014 under this FMP. Evidence of the reduction of the pressure on water and wastewater rates can be quantified by comparing the water and wastewater rate adjustment plans of the two FMP's included in the report. FMP #1 identifies water and wastewater rates increases of 7% in FY 2005 and FY 2006, and 6% per year each year thereafter. FMP #2 identifies annual rate increase of 7% per year from FY 2005 through FY 2014 for water and wastewater rates. Therefore, the reclaimed water rate increase in FY 2006 (29.4%) and conversion to the proposed reclaimed water rate structure in FY 2007 (also a 29.4% increase to the average customer) identified in Section H.C.l.c would provide enough additional revenue to reduce the amount of the annual water and wastewater rate increase by 1 % per year from FY 2007 through FY 2014. City of Clearwater Final Report 20 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS 2. Do Not Meter Reclaimed Water Customers As described earlier, our approach to this RSA included the development of two alternative FMP's that would allow the Utility to satisfy all of its system requirements. FMP #2 assumes that the approved water and wastewater rate increase of 7% is implemented in FY 2005 and extended each year thereafter. FMP #2 also assumes that the City does not install meters for its reclaimed water customers and applies the annual water and wastewater rate increase to reclaimed water rates in each year beginning in FY 2006. a. Effects From a financial and practical perspective, FMP #2 has certain benefits as well as inefficiencies. This FMP would provide sufficient revenues to satisfy the requirements of this Utility in each year of the planning period. Also, FMP #2 would allow the City to maintain the same schedule of rate increases as well as the same reclaimed water rate structure. Since there are no proposed changes to the reclaimed water rate structure in FMP #2, current reclaimed water customers may be more receptive to this FMP than FMP #1. However, this plan does not raise reclaimed water rates to a level that would eliminate the subsidy of the reclaimed water system costs within the water and wastewater rates by FY 2014. Therefore, the reclaimed water system will continue to be reliant upon water and wastewater revenue to recover the increasing costs of the reclaimed water system, which maintains a degree of upward pressure on water and wastewater rates. Furthermore, by not metering reclaimed water customers, the utility could not change its reclaimed water rate structure to include a variable charge based upon usage City of Clearwater Final Report 21 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS and would not likely be able to receive additional grant reimbursements for reclaimed water capital investments above the transmission and storage cost components. Therefore, the reclaimed water rate structure would continue to lack a relationship between cost recovery and actual use of the reclaimed water system. In regards to additional funding reimbursements, although FMP #2 avoids additional capital and O&M costs for the metering of reclaimed water, such as installation, reading, replacement, etc., the incremental amount of grant reimbursements and revenue the City would not receive is greater than the avoided additional metering costs that would be incurred through FY 2014. b. Results As described earlier in this report, the annual water and wastewater rate increases in FMP #2 would be 7% per year from FY 2005 through FY 2014, and reclaimed water rates would be subject to the annual rate increase each year beginning in FY 2006. As described earlier, the cost of not metering reclaimed water customers and not implementing the proposed reclaimed water rate structure and rate increases identified in FMP #1 effectively causes the amount of the annual water and wastewater rate increase to be 1 % greater per year from FY 2007 through FY 2014. 3. Comparative Tables of Results Below are two tables comparIng the cumulative water and wastewater rate increases for each period, amount of reclaimed water bill for an average reclaimed water customer at the end of each period, total O&M and capital adjustments, and total amount of grant reimbursements. The first table encompasses FY 2005 through FY 2009, while the second table is from FY 2005 through FY 2014. City of Clearwater Final Report 22 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS Description F.M.P. 2 Cumulative Water & Sewer Rate Increase Reclaimed A vg. Monthly Bill Cumulative Grant Reimbursements (millions) Metering Cost Adjustments Cumulative O&M (millions) Cumulative Capital (millions) F.M.P. 1 36.36% $28.24 $15.48 $0.53 $1.91 40.26% $19.66 $10.65 $0.00 $0.00 Description F.M.P. 2 Cumulative Water & Sewer Rate Increase Reclaimed A vg. Monthly Bill Cumulative Grant Reimbursements (millions) Metering Cost Adjustments Cumulative O&M (millions) Cumulative Capital (millions) F.M.P. 1 82.48% $37.79 $29.69 $2.29 $2.78 96.72% $27.58 $16.69 $0.00 $0.00 23 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 UTILITY RATE STUDY SECTION II - STUDY RESULTS D. SUlJlJortinf! Analvsis for the Alternative Scenarios The supporting analysis for the development of the FMP's presented in the prior sub-section is presented below. 1. Basis for the Analysis The rate revenue plans presented in this report were developed by preparing a six- year projection of the financial results of the Utility, starting with the rates inFY 2004, and the approved rate increase of 7% in FY 2005. This baseline projection was used to determine the level of rate revenue produced in FY 2005 and the minimum level of rate revenue required in FY 2006. FAMS-XL @ calculated the projected rate revenue in FY 2006 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 2006. To the extent that an increase in rate revenue was needed in FY 2006, the model determined the amount of additional rate revenue required in FY 2006 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. Once the model determined the required rate increase adjustment in each year from FY 2006 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 2006 throughFY 2009 that would produce sufficient revenue to meet the Utility's costs and debt coverage requirements. It was determined that for FMP #1 an extension of the approved 7% rate City of Clearwater Final Report 24 Burton & Associates Utility Economics I I I II I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS increase for FY 2006 was required prior to conversion to the recommended levelized annual increase of 6% per year from FY 2007 through FY 2009. In FMP #2, it was determined that the approved 7% increase in FY 2005 should serve as the annual levelized rate increase for FY 2006 through FY 2009 in order to provide sufficient revenues to fund the Utility's system requirements. 2. Financial Results of Operations and Sources and Uses of Funds The Appendix presents Figures I through 13 for the FMP's identified in this report. Although the planning period in this RSA is from FY 2004 through FY 2009, the Figures presented in the Appendix extend through FY 2014. Our analysis extends beyond the planning period so that any significant costs or revenue shortfalls outside of the planning period may be identified and potentially addressed in the current RSA to avoid future financial harm and adverse rate impacts to customers. Figures 1 through 3 are summary level schedules. Figure 1 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 2 is the Pro Forma schedule that presents a projected income statement, debt service coverage analysis, and cash flow analysis. Figure 3 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 4 through 12 present detailed schedules of inputs and specific results of the analysis. Figure 4 contains many of the assumptions described in Section ILB. Figure 5 contains the end of FY 2003 fund balances that serve as the beginning balances of our analysis. Figure 6 provides a listing of the CIP, allocated between water and City of Clearwater Final Report 25 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS wastewater. Figure 7 presents the additional O&M expenses outside of the budget that were included in the analysis. Figure 8 shows the funding sources utilized to pay for the total capital improvement plan spending levels identified on Figure 6. Figure 9 shows specific capital projects that are to be funded with short-term debt and the calculation of the annual debt service expense during the planning period. Figures 10 and 11 contain the calculations of annual interim financing amounts and long-term borrowing amounts respectively. Figure 12 presents the calculation of the annual interest earned on funds reserved for capital projects. Figure 13 presents a cash flow reconciliation for the system by fund. For each fund, Figure 13 shows the beginning balance in each fiscal year, the amount utilized for project funding, interest calculations, and the end of year fund balance. a. System Revenues The basis for the revenues used in this analysis was the actual FY 2003 user fee revenue, the City's FY 2004 budget, as well as projections and information contained within the City's Report on Reclaimed Water Cost and Usage. Revenues can be considered as 1) user fee revenues subject to rate increases, and 2) all other categories of revenue. The FY 2003 user fee revenue was adjusted to reflect a full year of revenue based upon the 7% rate increase implemented on January 1, 2003 and was then extrapolated to FY 2004 based upon growth and the implementation of a 7% rate increase effective on October 1, 2003. For the fiscal years after FY 2004, user fee revenue was projected based upon assumed annual growth in customers, price elasticity, reclaimed water use, and weather normalization as described in Section 11.B, plus additional rate revenue from the rate increase assumed in each year of the rate revenue plan. All other non-user fee revenues (excluding reclaimed water revenues) were projected in subsequent years, by category of revenue, to be the same as the FY 2004 budgeted revenue for those City of Clearwater Pinal Report 26 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS 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 12. The amount of projected reclaimed water revenues was based upon information provided in the City's Report on Reclaimed Water Cost and Usage. In FMP #1, the annual proj ected reclaimed water revenues were calculated based upon the total number of customers identified on Reclaimed Water Supporting Document 3, the estimate of projected Connected Customers, and the estimate of projected metered consumption per Connect Customer. The City's existing reclaimed water rates were used in FY 2004 through FY 2006, and no rate increases were assumed in FY 2004 and FY 2005. However, in FY 2006, the reclaimed water rates were adjusted to reflect the proposed reclaimed water rate increase of 29.4%. Beginning in FY 2007, the proposed rate structure was utilized to calculate revenue, and was adjusted in subsequent years to reflect the application of the water and wastewater rate increase beginning in FY 2008. For FMP #2, the annual revenue projections were calculated based upon the total number of customers identified on Reclaimed Water Supporting Document 3, the estimate of projected Connected Customers, the estimate of projected metered consumption per Connect Customer, and the existing reclaimed water rates. No reclaimed water rate increases were assumed in FY 2004 and FY 2005. In FY 2006 and each year thereafter, however, the reclaimed water rates were adjusted to reflect application of the proposed 7% annual water and wastewater increases to reclaimed water rates. City of Clearwater Final Report 27 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS b. Revenue ReQuirements The annual revenue requirements used in the projection of required rate revenues were based upon budgeted O&M expenses (excluding purchased water), projected purchased water expenses based upon projected water demand 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 2004. In subsequent years of the planning period, all O&M costs (excluding purchased water) were adjusted for estimated escalation of costs based upon an assumed cost escalation factor, as described in Section ILB. Capital costs reflect the CIP that is to be submitted for formal approval. For FMP #1, the O&M and capital costs were adjusted to reflect additional costs associated with the metering of reclaimed water customers. E. Water & Wastewater Rate Survey Results As part of this Rate Study, we performed a comparative survey of other utilities' residential water & wastewater rates in the City's surrounding area. This survey included Pasco County, Pinellas County, Hillsboro County, the City of Tampa, the City of St. Petersburg, the City of New Port Richey, and the City of Tarpon Springs. This survey included monthly residential water, wastewater, and combined bill calculations based upon the rates in effect for each community's service area in FY 2004 and various amounts of monthly usage. It is important to note that this survey did not result in a detailed analysis of the City's current rate structure. Such an analysis was outside the scope of this Rate Study; however, Burton & Associates is currently conducting a thorough analysis of the City's current water and wastewater rate structure and the results of that analysis will be completed next year. City of Clearwater Pinal Report 28 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY SECTION II - STUDY RESULTS The results of the survey indicate that for low monthly use (3,000 gallons per month), the City of Clearwater has one of the lowest combined water & wastewater bills of those utilities surveyed. However, at larger volumes of monthly usage (11,000 gallons per month) the City of Clearwater has the highest monthly bill of the utilities surveyed, indicating that the City's current rate structure provides a significant incentive for water conservation in the higher ranges of use. Perhaps the most relevant calculation was for a residential customer using 5,000 gallons per month, which is approximately equal to the average residential customer's monthly use in the City of Clearwater. At this level of usage the City of Clearwater had a monthly bill that was approximately equal to the average of the utilities surveyed. At the end of the Appendix to this report is Figure 14, which contains the specific calculation of water, wastewater, and combined bills by community at 5,000 gallons per month. City of Clearwater Final Report 29 Burton & Associates Utility Economics I I I I I I I I I 'I I I I I I I I I I UTILITY RATE STUDY SECTION III - CONCLUSIONS AND RECOMMENDATIONS Section III - Conclusions and Recommendations This Section presents the conclusions and recommendations of the RSA. A. Revenue Sufficiencv Analvsis Conclusions We have reached the following conclusions regarding the sufficiency of the City's water and wastewater rates over the planning period from FY 2004 through FY 2009: · Based upon the assumptions, O&M costs (budgeted and incremental), and capital costs described above in Section 11.B, the additional cost resulting from the metering of reclaimed water customers in Section II.C.I.b, and the revenue and expense projections described in Sections II.D.2.a. and 11.D.2.b respectively, FMP # I will provide sufficient revenues to satisfy the Utility's requirements. FMP # I assumes that the approved water and wastewater rate increase of 7% is implemented in FY 2005 and extended for FY 2006, and a 6% per year increase is implemented in FY 2007 through FY 2009. This FMP also assumes that a 29.4% rate increase is implemented for reclaimed water rates in FY 2006, that the City begins metering its reclaimed water customers in FY 2007 and implements the proposed rates in Section II.C.I.c that would collect amounts approximately equal to the application of 24% of the combined water and wastewater rates to the average reclaimed water customer, and that the annual water and wastewater rate increases of 6% are applied to reclaimed water rates in FY 2008 and FY 2009, the last two years of the projection period. City of Clearwater Pinal Report 30 Burton & Associates Utility Economics I I I I I I I I II I I I I I I I I I I UTILITY RATE STUDY SECTION III - CONCLUSIONS AND RECOMMENDATIONS · 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.D.2.a. and II.D.2.b respectively, FMP # 2 will provide sufficient revenues to satisfy the Utility's requirements. FMP # 2 assumes that the approved water and wastewater rate increase of 7% is implemented in FY 2005 and extended for FY 2006 through FY 2009. This FMP also assumes that reclaimed water customers are not metered and that there is no change to the reclaimed water rate structure. It is also assumed in this FMP that the annual water and wastewater rate increase is applied to reclaimed water rates each year beginning in FY 2006. B. Revenue Sufficiencv Analvsis Recommendations Based upon the analysis presented herein and the conclusions presented in the previous subsection, we recommend the following: The City should implement the approved rate increase in FY 2005 and adopt the rate plans of either FMP #1 or FMP #2. It is also recommended that the City perform annual revenue sufficiency updates in order to monitor actual performance of the Utility. This recommendation is contingent upon City staff confirming that the CIP and O&M expense levels are adequate to satisfy all appropriate requirements and that any increases to wholesale water rates beyond the levels anticipated in this analysis (10% per year through FY 2007, and 7% per year thereafter) will be recovered as a pass through to customers above and beyond the rate increases included in the FMP's provided in this report. 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CIl '-' Cl c: :>2 o s: M..ql/)(Or--..oomo'l"'"" NC"')..q LOW,.... ......................,....,.........NNNN NNNN ~ ~ ~ 'S .S! c:l ~ ;:: ~ 8 ~~ ~,c ~~ ~~ :: ~ == ~ t"- M a.. ~ ~ ~ ~"!ooo U ~ ~& c~ ~~ .- ,., C~ I I I I I I I I I I I I I I I I I I I UTILITY RATE STUDY APPENDIX - FINANCIAL ANALYSIS SCHEDULES: FMP #1 City of Clearwater Water & Sewer System Financial Management Program Summary Beainnina Balances Figure 5 Watlllr Impact . Fees Sewer ImpactF-.. Rev....ueFund . Re~trICtsaResrv~~ ..' Equit~jn .P()Qlli~ct'~as~~ iJ;1v,estments L~ss,:\lVater.lmpactFae$ Less: Sewer Impact Fees Due From Other Funds Due From Other Govemmental.e,ntitles Deferred Charges Net Pension Asset Advances to Other Funds Less: Amount Available for CIP Total Restricted Reserves $38.219.391 ($799,712) ($3,497,166) $5,037.015 $0 $0 $0 $0 $30 785 760 8.173,768 City of Clearwater Pinal Report 38 Burton & Associates Utility Economics I I I I I I I I I I I I I I I I I I I ~i Q~ O~ ~cn C'1 ~~ ~ Ol ~~ <0 ~~ Jooooo( ~~ ~~ ~~ ~Jooooo( Ou ~ Jooooo( ~ HUU~U illHU~~ u :;:;; 8.~"8.U:all ~!iiUa~ ;; f;j- :. B uuun - nilln~a !!HHI!il ~. UU!~U i · ~i i h a ~ ~ I lllHUiUi 111 . ~.l:I ~ I i! uu m ! ~ p~ . Ililli ~IU i =:;1;; Ii; Htl ~ i ! 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OJ) 0- ft '. :' ~ f: f: ~ ~ iiii iiii ~ fl fl I I I I I I I I I I I 1 1 I I I I 1 _I UTILITY RATE STUDY APPENDIX - RECLAIMED WATER SUPPORTING DOCUMENT 4 McKim & Creed Report on Reclaimed Water Cost and Usage: Page 22 Table 2-7 2002 Average Reclaimed Water Flows and Rates for Residential Customers in Pinellas, Pasco, and Hillsborough Counties Usage (gpd per Charge residential customer) 467 1 $6.38/month 497 $0.29/1000 01 927 $10.36/month 508 2 $0.25/1 000 01 1164 3 $9.00/month 548 4 $9.00/month 802 5 $0.50/1000 01 1524 $10.00/month 1047 $15.00/month 305 6 $0.95/1 000 01 s * 516 $0.95/1000 01 870 7 $7.50/month 870 7 $7.50/month 567 8 $1.79/1000 01 365 9 $0.05/1 000 01 508 $0.68/1 000 al 927 $9.34/month 1 Pasco Co. limited residential reclaimed water irrigation to one/two days per week via planned interruptions in 2002. 2 2002 Utilization via District phone survey 2003 (City of Pinellas Park) 3 Includes St. Pete Beach System and Pinellas Co. Utilities beach community customers. 4 Pinellas Co. Utilities limited North system residential reclaimed water irrigation via planned interruptions in 2002. 5 2002 Utilization revised from 2002 FDEP reported amount (City of Dunedin) 6 Lower than anticipated reclaimed water usage attributed to upwards of 92" of rain in 2002 (City of Oldsmar). 7 Utilization via Hillsborough Co. 2000 Reuse Report (Hillsborough Co.) 2002 Revision Pending 8 Utilization estimated for City of Tampa Star I and Star II projects (City of Tampa). 9 Residential customers are in a manufactured home community with very small turf areas (City of Plant City). Information obtained via 2002 Reuse Inventory (FDEP) unless otherwise specified. SWFWMD-ANDRADE 9/19/2003 NOTE A: The gpd/account in some cases appears to include large recreation/institution space irrigation such as golf courses and parks while others are for Residential Users only. 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