CITY OF CLEARWATER FY 2006 STORMWATER REVENUE SUFFICIENCY ANALYSIS - FINAL REPORT
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CITY FeL RWAJ:'R
FY 2006 Storwater
Revenue S" ,ciency A 'lysis
- Final Report -
June 28, 2006
Prepared by:
ll>>r~HnM~~H~lij~~~
Specialists in Water Resources Economics
TABLE OF CONTENTS
TABLE OF CONTENTS..... .......... ....................... ......... ................................ .......... i
Section I - Introduction.......................................................................................... 1
A. Objective and Scope..................... .......................... .... .............. ...... ............ 1
B. Study Procedures.............. ........................... ........... .................... ............ .... 1
Section II - RSA Results ........................................................................................4
A. Description of the Analysis............ ................... ........... ........... ........... ......... 4
B. Assumptions of the Revenue Sufficiency Analysis .................................... 5
1. Revenues and Expenses ........................................................................5
2. Operations & Maintenance Cost Additions .......................................... 5
3. Payment in Lieu of Taxes Calculation.................................................. 6
4. Cost Escalation...................................................................................... 6
5. Borrowing Assumptions ............... .... .... ............... ..... ........................ .... 6
6. Interest Earnings on Invested Funds ..................................................... 7
7. Interest Earnings on Capital Projects Construction Fund..................... 7
8. Capitalized Interest on New Debt Issuances......................................... 7
9. Interim Financing......... ...... ................. ..................... ... ........ ....... ....... .... 7
10. Growth. ............ ........................ ............... ...... ............... ......... ......... ....... 7
11. Minimum Working Capital Balances in Unrestricted Reserves........... 8
12. Capital Projects Funding .................. ..................... ....... ......................... 8
13. Debt Service Coverage .........................................................................8
C. Results......................................................................................................... 8
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Scenario 1.............................................................................................. 9
Scenario 2.............................................................................................. 9
Scenario 3............................................................................................ 1 0
Scenario 4.. ......... ...... ............... ...... ........... .... ......... ..... ........... .... .......... 11
Supporting Analysis............................................................................ 11
Section III - Conclusions and Recommendations ................................................16
A. Revenue Sufficiency Analysis Conclusions ............................................. 16
B. Revenue Sufficiency Analysis Recommendation..................................... 17
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Appendix A - Scenario 1...................................................................................... 18
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Schedule 1A - FAMS-XL @ Control Panel................................................... 19
Schedule 5A - Capital Improvement Plan...................................................... 20
Appendix B - Scenario 2 ......................................................................................21
Schedule 1B - FAMS-XL @ Control Panel................................................... 22
Schedule 5B - Capital Improvement Plan...................................................... 23
Appendix C - Scenario 3 ..... .............. ........................... ........... .............. ............... 24
Schedule 1C - F AMS-XL @ Control Panel................................................... 25
Schedule 5C - Capital Improvement Plan...................................................... 26
Appendix D - Scenario 3 ......................................................................................27
Schedule 1D - FAMS-XL @ Control Pane!.................................................... 28
Schedule 2 - Assumptions.... ............... ............................. ........... .............. ...... 29
Schedule 3 - Beginning Balances................................................................... 30
Schedule 4 - FY 2006 Budget........................................................................ 31
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Schedule 5D - Capital Improvement Plan...................................................... 32
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Schedule 6 - Forecast of Net Revenues and Debt Service Coverage............. 33
Schedule 7 - Summary of Projection of Cash Inflows ...................................34
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Schedule 8 - Summary of Projection of Cash Outflows ................................ 35
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Schedule 9 - Capital Projects Funding Sources .............................................36
Schedule 10 - Future Long-Term Borrowing Projections.............................. 37
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Schedule 11 - Future Interim Financing Projections...................................... 38
Schedule 12 - Funding Summary By Fund ....................................................39
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REVENUE SUFFICIENCY ANALYSIS
SECTION I - INTRODUCTION
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Section I - Introduction
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This report presents the results of the FY 2006 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 200i through FY 2011. 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.
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A. Obiective and Scooe
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The objective of this RSA was to:
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Evaluate the sufficiency of the City's stormwater rates over a five-year planning
period. This evaluation included the development of financial management programs
consisting of plans of annual rate increases and alternative levels of Utility cost
requirements from FY 2007 through FY 2011.
B. Studv Procedures
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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
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1 The analysis begins with FY 2006 data, however, the majority of this information serves as base
data upon which future year projections of revenue and expenses are based. As such, for purposes of this
analysis, FY 2006 is not considered to be part of the planning period.
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SECTION I - INTRODUCTION
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which were up and runnmg and upon which we conducted alternatives analyses
interactively with City staff.
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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 six-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 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.
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All of this information was entered into our proprietary Financial Analysis and
Management System (FAMS-XL @) interactive model. The FAMS-XL @ 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, alternative financial management programs were
developed either in this manner or based upon a specified level of rate increase. The
financial management programs based upon a specific level of rate increase were the
result of FAMS-XL @ being utilized in a revenue limited capacity, where specified
annual rate adjustments were input in order to determine the amount of revenue projected
per year available to the Utility. Then the amount of total capital expenditures per year
was adjusted to levels that could be adequately funded while allowing the Utility to meet
its annual debt service payment and coverage requirements within the confines of the
revenue produced by the specified annual rate adjustments that were input into F AMS-
XL @ model.
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SECTION I - INTRODUCTION
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FAMS-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 capital improvements program.
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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 F AMS-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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SECTION II - RSA RESULTS
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Section II - RSA Results
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This section presents the results of the analysis and the financial management
programs evaluated during the conduct of this RSA. As described previously, this
analysis was performed to determine financial management programs consisting of
annual rate increases and alternative levels of cost requirements for the Stormwater
Enterprise Fund from FY 2007 through FY 2011.
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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 programs evaluated
herein.
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A. Description of the Analvsis
The RSA was performed using the Utility's historical and projected information
regarding the operation ofthe system. The Utility's Comparative Balance Sheet as well
as Restricted Asset Statement for September 30, 2005 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
projects in FY 2006 and the associated capital project costs were included in the capital
improvement plan in FY 2006. Rate revenue projections from FY 2007 through the end
of the planning period were based upon the Utility's FY 2005 actual results plus growth
and the appropriate rate increase. All other revenue projections were based upon the
Utility's FY 2006 Budget. Expense projections were based upon the Utility's FY 2006
Budget with specific additions and adjustments described in the next sub-section.
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SECTION II - RSA RESULTS
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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.
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B.
Assumotions of the Revenue Sufficiencv Analvsis
The assumptions, funding strategies, and adjustments included in the RSA are as
listed below:
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1.
Revenues and Expenses
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The FY 2006 rate revenue projections are based upon the Utility's FY
2005 actual results plus growth and appropriate rate increases. All other
revenue projections are based upon the Utility's FY 2006 Budget. FY
2006 operations and maintenance expenses are based on the Utility's FY
2006 Budget. All FY 2006 revenues and expenses serve as the base year
for future projections.
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2.
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 2010 and are escalated each
year based upon the appropriate escalation factor. The additional costs are
for a new full-time position in the amount of $37,000 and fleet
maintenance charges of $22,000. In addition to these expenses projected to
begin in FY 2010, new costs have also been added to the analysis that are
projected to begin in FY 2011. The costs that are projected to begin in FY
2011 are for another full-time position in the amount of $38,700 as well as
additional fleet maintenance charges of $5,500.
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SECTION II - RSA RESULTS
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.
4.
Cost Escalation
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Annual cost escalators for the various types of O&M expenses were
provided by City staff and applied in each year of the planning period
beginning in FY 2007 and can be seen on Schedule 2 in Appendix D of
this report. Furthermore, the specific additions to the O&M costs not
included in the Utility's FY 2006 Budget were escalated each year based
upon the appropriate cost escalator.
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5.
Borrowini! Assumptions
The RSA assumes that new debt issued during the planning period would
carry the following terms:
Long Term Debt:
./ Term: 30 Years
./ Interest Rate: 5.50% in FY 2006, 5.75% in FY 2007, 6.00% in
FY 2008 and 6.25% in FY 2009 throughout the rest of the
planning period.
Interim Financing
./ Term: 20 Years
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./ Interest Rate: 3.50% in FY 2006 and 4.00% per year in FY
2007 and each year thereafter throughout the remainder of the
planning period.
6.
Interest Earnine:s on Invested Funds
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It is assumed interest earnings on invested funds would be 3.50% in FY
2006 and 4.00% per year in FY 2007 and each year thereafter.
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7.
Interest Earnine:s on Capital Projects Construction Fund
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It is assumed that interest is earned on funds dedicated for elP 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.
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8.
Capitalized Interest on New Debt Issuances
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It is assumed that one year of interest from new long-term debt issuances
is capitalized.
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Interim Financine:
It is assumed that interim financing is utilized in FY 2006, FY 2007 and
every other year thereafter and that long-term debt issuances would occur
in FY 2008 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.
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SECTION II - RSA RESULTS
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Minimum Workine: Capital Balances in Unrestricted Reserves
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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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12. Capital Proiects Fundine:
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The capital improvement plan (CIP) budget expense levels are included in
the analysis by project. The assumed funding levels for each financial
management program evaluated herein are discussed in Section II.C of
this report and are identified on Schedule 5 for each respective scenario.
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Debt Service Coverae:e
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There are two debt service coverage tests in the Utility's outstanding bond
covenants as follows:
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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
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As described earlier, our approach to this RSA was to determine financial
management programs (also referred to as "scenarios" from this point forward) and
corresponding plans of annual rate adjustments and alternative levels of Utility cost
requirements over the planning period. The first financial management programs
identified the annual rate increase requirements calculated by our F AMS- XL ~ model
based upon the revenue and expense data initialized into the F AMS- XL ~ model as
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provided by City staff. The final two alternative financial management programs identify
the amount of annual CIP costs that the Utility can execute based upon the revenue
provided by specified plans of rate increases input into our F AMS- XL @ model for each
of these respective financial management programs. Each of these financial management
programs is described in greater detail below.
1. Scenario 1
Scenario 1 is the financial management program that reflects the currently
approved rate increases through FY 2009 and for the remainder of the projection period
reflects the annual rate increases as identified by our F AMS- XL @ model based upon
100% of the O&M and CIP expenditure data provided by City staff. As a result, this
scenario supports the funding of approximately $48.8 million of capital improvement
costs over the planning period ofFY 2007 through FY 2011 (or $9.75 million per year on
average). The specific rate increases required as identified by FAMS-XL @ in each year
as well as a summary of the results of this scenario can be seen on Schedule 1A included
in Appendix A of this report. Similarly the corresponding CIP is included on Schedule
5A of Appendix A as well.
2. Scenario 2
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Scenario 2 is the financial management program that reflects the annual rate
increases as identified by our F AMS- XL @ model based upon 100% of the O&M and
CIP expenditure data provided by City staff in all years of the projection period. As a
result, this scenario also supports the funding of approximately $48.8 million of capital
improvement costs over the planning period of FY 2007 through FY 2011 (or $9.75
million per year on average). The specific rate increases required as identified by FAMS-
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XL @ in each year as well as a summary of the results of this scenario can be seen on
Schedule IB included in Appendix B of this report. Similarly the corresponding CIP is
included on Schedule 5B of Appendix B as well.
3. Scenario 3
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This financial management program reflects the financial results to the Utility of
specifying an annual rate adjustment plan. This particular scenario is based upon the
extension of the currently approved 3.00% annual rate increase throughout the projection
period. Based upon the revenues provided by the 3.00% annual rate increase and 100%
of the Utility's CIP Budget, there would not be sufficient revenues to satisfy the Utility's
system requirements over the projection period; specifically, the Utility would not have
adequate net income to satisfy debt service coverage requirements of its bondholders or
be able to maintain a working capital reserve balance.
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In order for 3.00% rate increases per year to generate enough revenue to satisfy
the Utility's requirements, the Utility would have to only execute the basic renewal and
replacement component of its CIP on an annual basis, which is equal to 20.00% of its CIP
each year on average (less than $2 million per year on average, for a total of $9.75
million over the entire planning period). By executing only 20% of the CIP, the Utility
would only be able to fix remedial problems or failures with the system and would not be
able to significantly improve the efficiency of the system or expand the capabilities of the
system. Furthermore, if the Utility were to only execute 20.00% of its current CIP, the
Utility would lose its grant status, and as a result may have difficulty acquiring grants on
future projects. A summary of the results of this scenario can be seen on Schedule lC
included in Appendix C of this report. Similarly the corresponding CIP is included on
Schedule 5C of Appendix C as well.
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4. Scenario 4
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The final scenario identified an annual plan of rate adjustments that would allow
the Utility to fund its portion of projects for which it will receive matching grants in
addition to the renewal and replacement costs identified in Scenario 3. Through
discussions with City staff, it was determined that executing 75% of the Utility's current
CIP would allow the Utility to fund its portion of grant-related projects (and subsequently
allow the Utility to continue to qualify for and receive grant funding in the future) as well
as execute the renewal and replacement projects in its CIP that are necessary to maintain
the system. As such, it was determined that 75% of the CIP budget ($7.3 million per
year on average, or $36.6 million over the entire planning period) could be funded in
each year with the revenue resulting from an annual rate adjustment plan of 6.00% per
year beginning in FY 2007 through FY 2011. A summary of the results of the rate
adjustment plan utilized in Scenario 4 can be seen on Schedule ID included in Appendix
D of this report. Similarly the corresponding CIP is included on Schedule 5D of
Appendix D as well.
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5. Supporting Analysis
The supporting analysis for the development of the financial management
programs or scenarios presented in the prior sub-section is presented below.
a. Basis for the Analvsis
The scenarios presented in this report were developed by preparing a six-year
projection ofthe financial results of the Utility, starting with the current rates in FY 2006.
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For Scenario 2 (and for Scenario 1 beginning in FY 2010 instead of FY 2007),
this baseline projection determined the minimum level of rate revenue required in FY
2007, the first projected year, and compared that to the projected rate revenue in FY 2007
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with current rates. 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. 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.
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For Scenarios 2, 3 & 4 (and for Scenario 1 from FY 2007 through FY 2009) the
model applied a specified annual rate increase to the base revenues utilized in the
analysis. For example, in Scenario 3, the same level of rate increase, 3.00% per year, was
applied in each year of the planning period (FY 2007 through FY 2011) as well as for the
entire projection period (FY 2007 through FY 2016) for illustrative purposes. After the
annual amount of rate increase was input for each respective scenario, it was determined
that the levels of annual rate increases would not generate enough revenue for the Utility
to execute 100% of its CIP in either scenario. Through interactive work sessions with
City staff, it was then determined what portion of the Utility's CIP could be executed
based upon the revenues produced within each respective scenario.
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b. Financial Results of Ooerations and Sources and Uses of Funds
Appendix A of this report presents Schedule 1A for Scenario 1, which assumes
the approved 3% per year rate increases through FY 2009 and the just-in-time rate
increases described earlier for the remainder of the projection period are implemented in
order to fund 100% of the Utility's CIP. Schedule 1A contains the Control Panel that
presents a summary of the results of the financial management program, including the
annual rate increases, debt service coverage ratios, capital improvement spending levels,
customer impacts, and fund balances. Schedule 5A presents a project listing of the
capital improvement plan assumed to be funded in this scenario.
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SECTION II - RSA RESULTS
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Appendix B presents Schedules IB and 5B for Scenario 2, which reflects the just-
in-time rate increases described earlier that are necessary to fund 100% of the Utility's
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CIP.
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Appendix C presents Schedules 1 C and 5C for Scenario 3, which reflects a
3.00% annual rate increase and funding of 20% of the Utility's annual CIP (only the
renewal and replacement portion of the CIP).
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Appendix D presents Schedule ID through Schedule 12 for Scenario 4, which
assumes a 6.00% annual rate increase and funding of 75% of the CIP each year
(representing only grant-related projects and the renewal and replacement portion of the
CIP).
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It is important to note that although the planning period in this RSA is from FY
2007 though FY 2011, the schedules presented in the Appendices extend for a ten-year
projection period (FY 2007 through FY 2016) so that any significant revenue deficiencies
outside of the planning period may be identified and potentially addressed in this RSA to
the extent necessary.
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Schedules 2 through 4 of Appendix D present detailed schedules of the inputs and
assumptions that are applicable to all of the financial management programs developed in
this RSA. Schedule 2 contains many of the assumptions described in Section ILB.
Schedule 3 contains the end of FY 2005 fund balances that serve as the beginning
balances of our analysis. Schedule 4 contains the detailed operating expense
departmental budget for FY 2006 provided by City staff.
As mentioned previously, Schedule 5D provides a listing of the CIP projects and
funding amounts assumed for Scenario 4 only.
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Schedules 6 through 8 are summary level financial schedules that correspond to
only Scenario 4 of this RSA. Schedule 6 is the Pro Forma schedule that presents a
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SECTION II - RSA RESULTS
projected income statement, debt servIce coverage analysis, and cash flow analysis.
Schedule 7 contains a detailed list of all projected cash inflows from FY 2006 through
FY 2016. Schedule 8 contains a detailed list of all projected cash outflows from FY 2006
through FY 2016.
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Schedules 9 through 12 present detailed financial results of the analysis for
Scenario 4 only. Schedule 8 shows the funding sources utilized to pay for the total
capital improvement plan spending levels identified on Schedule 5D. Schedules 10 and
11 contain the calculation of annual long-term borrowing and interim financing amounts
respectively. Schedule 12 presents a 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.
1) System Revenues
Revenues can be considered as 1) rate revenues subject to rate increases,
and 2) all other categories of revenue. Rate revenue for FY 2006 was projected
based upon the Utility's FY 2005 actual results plus growth and appropriate rate
increases. Rate revenue for the fiscal years after FY 2006 were projected based
upon additional rate revenue from the rate increase assumed in each year for each
respective scenario. All other non-rate revenues were projected in subsequent
years, by category of revenue, to be the same as the FY 2006 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 (interest income is shown by fund on Schedule
12 for Scenario 4 only).
2) Revenue Requirements
The annual revenue requirements used in the projection of required rate
revenues were based upon budgeted O&M expenses, miscellaneous other
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SECTION II - RSA RESULTS
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expenses such as transfers out or payment in lieu of taxes, capital costs of the
Utility for FY 2006, and the cost additions described in Section H.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 H.B. Annual capital costs were adjusted to reflect the corresponding
level of execution described in each scenario. Schedules 5A, 5B, 5C, and 5D
contain the Utility's CIP that was utilized as a basis for developing each
respective scenario presented in this report.
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SECTION III - CONCLUSIONS AND RECOMMENDATIONS
Section III - Conclusions and Recommendations
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This section presents the fundamental conclusions and recommendations of the
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RSA.
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A. Revenue Sufficiencv Analvsis Conclusions
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We have reached the following conclusions regarding the sufficiency of the City's
stormwater rates over the planning period from FY 2007 through FY 2011:
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. Based upon the assumptions described above in Section II.B, Scenario 1
(consisting of the approved annual 3% increases through FY 2009 and 'just-
in-time" rate increases as calculated by FAMS-XL <<;;) each year thereafter)
would satisfy 100% of the capital requirements of the Utility during the
planning period2.
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. Based upon the assumptions described above in Section ILB, Scenario 2
(consisting of "just-in-time" rate increases as calculated by FAMS-XL <<;;))
would satisfy 100% of the capital requirements of the Utility during the
planning period.
2 For Scenario 1, there is one year of the planning period (FY 2009) in which the
debt service coverage is 1.14 versus a requirement of 1.15. However, given the Utility's
historical capital spending at levels less than the annual CIP budget as well as annual
operational performance better than budgeted/forecasted, it is unlikely that the debt
service coverage will actually be below the requirement for this scenario. Nevertheless,
to the extent this Scenario were adopted, the City will perform a revenue sufficiency
analysis update in FY 2008 and if at that time it appears that the debt service coverage
will be less than the requirement, adjustments will be made in other areas of the financial
plan for this scenario.
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Burton & Associates
Utility Economics
..
REVENUE SUFFICIENCY ANALYSIS
.1l4l
SECTION III - CONCLUSIONS AND RECOMMENDATIONS
,;j
. Based upon the assumptions described above in Section Ll.B, Scenario 3
(consisting of 3.00% annual rate increases beginning in FY 2007 through FY
2011) would only allow the Utility to fund 20% of its CLP on an annual basis,
representing only the renewal and replacement component of its CLP.
""
"i
N!If
. Based upon the assumptions described above in Section Ll.B, Scenario 4
(consisting of 6.00% annual rate increases beginning in FY 2007 through FY
2011) would allow the Utility to fund 75% of its CLP on an annual basis,
representing the Utility's portion of grant-related projects and the renewal and
replacement component of its CLP.
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B.
Revenue Sufliciencv Analvsis Recommendation
<II
1
Based upon the analysis presented herein and the conclusions presented in the
previous sub-section, we recommend the following:
.,
. The City should adopt Scenario 4, with annual rate increases of 6.00%
beginning in FY 2007 through FY 2011 in order to maintain its grant
status and subsequently be able to execute the grant-related projects in its
CLP as well as perform the minimal annual renewal and replacement
necessary to maintain the system.
. 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 scenario
and corresponding rate plan in order to allow the Utility to meet its
requirements during this time period.
...
City of Clearwater
Pinal Report
17
Burton & Associates
Utiliry Economics
,49
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REVENUE SUFFICIENCY ANALYSIS
APPENDIX D
SCHEDULE 3 - BEGINNING BALANCES
CITY OF CLEARWATER
Stormwater Financial Management Program Summary
~
FUND TInE
04 Bond Construction Fund 3Sl
99 Bond Construction Fund 375
02 Bond Construction Fund 3n
Capital Improvements Fund 315
Revenue Fund
Restricted Reserves
Total Consolidated Fund Balance
101112005
7.001,102
754,515
4,641.013
871
6.965 ,200
2,472 ,452
21.835,153
s
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REVENUE FUHD DETAIL
aJRREHT UNRESTRICTED ASSETS
Equity in Pooled Cash & Investments
Accounts & Contracts Receivable, Net of Unbilled Charges Est.
Due From Other Funds
Prepaid Items
Total Current Unrestricted Assets
Less: Accounts and Contracts Payable
Less: Accrued Payroll
Less: Current Potion of LT Uabilities
Total Unrestricted Working Capital
Plus/(Less): Working Capital Adjustment
Het Unrestricted Worklna CaDital Available
EOY - FY 2005
2,262 ,ll59
535 JXJ7
4,716,502
136
7,514,614
(200 ,226)
(70,921 )
(278 ,267)
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Restricted Assets
04 Bond Debt Service Fund 2lJ
99 Bond Debt Service Fund 274
02 Bond Debt Service Fund 276
05 Bond Debt Service Fund 2n
Total Noncurrent Restricted Atsets
Less: Accrued Interest Payable
Less: Current Portion of LT Uabilities - Revenue Bonds
Het Restricted Balance
s
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S
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139 ,848
2,414,923
121,845
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(847,152)
2,472,452
Reserved Or Restricted Reserves Available For Capital Funding
04 Bond Construction Fund 3Sl
99 Bond Construction Fund 375
02 Bond Construction Fund 3n
Capital Improvements Fund 315
Total Restricted Reserves Available For OP
s
s
s
s
s
7.001,102
754.515
4,641.013
871
12,397.501
City of Clearwater
Pinal Report
30
Burton & Associates
Utility Economics
I
REVENUE SUFFICIENCY ANALYSIS
I
APPENDIX D
II
II
I
!I
SCHEDULE 4 - FY 2006 BUDGET
CITY OF CLEARWATER
Stormwater Financial Management Program Summary
~
Op.r.do... .nd ..hlt.n.nce Exp._
Intem.' Dt3t15 EntI-
S.rvlce D2tlID "'* Ser.
o.arg. ~. ~.... fatal
Cod. Daecrlpden .....'-
510100 Full Time Salaries & Wages Qi,nJ l,E,I3J 1,819,36lJ
51 D500 Overtime 1,7!(l 9,970 11,760
520100 Ufe Ins S2500 Empl & Pens III 3lIl -
520200 1 % Life Insurance-Employee 3 .2lXl 6,Z2lJ 9,420
520300 Semp Life Insurance 73J 220 ~
520400 Major Medicallns-Emp 51 .2lXl 243.2lXl 294,400
52lBXl Social Security-Employee 3,B3J 21 ,D7O 2.,900
5207DO Emp Pension Plan 43,470 129,160 1n,630
520900 Workmans Compenution 5 ,lJ3J 75,470 10,500
521000 Disabil~y Insurance 520 5ZO
53)100 Professional SeMces ~.ooo 16.000 7O,IJOO
53J3JO Other Contractual Serv 339 ,500 78,600 .18,100
~loo Gerage SeMcn 1,73J nl,410 m,140
~ Doc Repro & Print Shop SYC 640 640
540300 Telephone SeMce Variable 2,100 1 .6lIl 3,780
~ Radio SYC-Fixed 13,210 S 13,210
~ Telephone SYC Fixed 1,560 2,100 S 3,660
~oo Postal SeMce I S
~ Risk Mgml SeMce I 1,610 I 7,6'!JJ S 9,l6O
~looo Info Technology Charge I 46,63) 82,260 S 128,890
~15OO Garage Variable 15,900 S 15,900
541l1lO Administrative Charge 342,nJ S 342,l3O
542000 Employee Benefits-Fixed BIll 4 .2lXl S 5,11l1O
542500 Postage 1!ll !ll I ZOO
~2700 Interfd S'fC Ch~Other Fund 3,lm S 3,690
542l1lO Interfd Other Serv Chgs 902 ,<<0 S 9OZ,<<D
542900 Interfd Admin SeMce Chg 448,6'!JJ S <<8.6'0
543200 Other Promotion Activity 100 S 100
543400 Printing & Binding 100 S 100
~ Dump Fee 111I.000 S 11O,IJOO
5<< 100 Equip! Rental 100 12,400 S 12,500
~51oo Insurance 51,540 S 51,540
546100 O1Iice Equip S'fC & Repair 100 S 100
546200 Other Equip SYC & Repair 500 3.000 S 3,500
547100 Uniforms-Employee I 700 12,350 S 13,D50
~7200 Travel Expense-Emp I 7,700 5 .2lXl S 12,900
5473)0 Mileage Reimbursement I 500 300 S 8lIO
547400 Meals-Employee 100 310 S .10
54lIlOO Other SeMces Or Charges 100 S 100
5!llloo O1Iice Supplies 700 600 S 1,300
550400 Operating Supplies & Malls 5,320 200.000 S Z05,3Z0
552500 S750-!llOO Mach & Equip S
552600 Flee. Cap~al Tracking S
557100 MembershipslSubslUc Emp 4,700 1 ,lIlO S 6,500
557200 O1Iicl Recogn~io....Emp III 3lIl S -
557300 Training & Ref Employee 11,500 I 5,93J S 17,430
564000 >55.000 Machinery & Equip I 9.000 S 9,1JOO
565lIlO Cost Mall & SeMces I 410 S .10
T....I Op.r.d.... and ..hltenance Expe_ l ,lJ25,820 I 5,Q43,470 S 6,116!1,l9O
Traner... Out
590200 Interfund Transfer I 521 ,910 I S 521,910
592100 Princ- T 8fT 0 Skg Fund I I S
592200 Int-TsfTo Skg Fund I I S
T..... Tr.nera.. Out I 521 ,910 I S 521,910
Capltel Outlay
571300 Principa~Leased Equipment I I 220 ,760 S 220,760
572300 Interest-Leased Equip! I I '.,9,0 S 1.,910
500DJ Contribution To Cip Fd I I S
591000 Contrib To GmQe Fund I S S
T..... Capital Outlay S S 235 ,670 S 235,670
TOTAL OPfRATlIlG AlII) CAPITAL EXPENDITURES S
City of Clearwater 31 Burton & Associates
pz'nal Report U tilz"ty Economics
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REVENUE SUFFICIENCY ANALYSIS
APPENDIX D
SCHEDULE 6 - FORECAST OF NET REVENUES AND DEBT SERVICE COVERAGE
CITY OF CLEARWATER
Stormwater Financial Management Program Summary
~
- rt.- ELlIIIl Fl.lIa D'.llIII. FUIlI EllIl11 a:mz EI.llID FUll! EUm EX.lIli
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Propolld R., 1nert,,1 8.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
RIt. Revenue tom RIt. Incr.... 8"~ , 659,936 I !B9,53f I W,5lE I 785.996 I lID 156 I 883.1<<; I 9361301 I 992~ I 1.D5'.B<<I I l11f,951
T.... StennwaIer RMe Revenu. 1.0,988,962 I 1l.658.9IXJ I 12,358.4301 I 13,l!l9,!J.lO I 13,9l5,936 I ",719,ll92 I '5.6lJ2,238 I 16,538,372 I 17 fJJPl. I 18.582,515 I 19,697,.166
Ocher 0,...... Rnw....
OIher Opefltina R....nut l108I l108I l108I llO.81 'lO.81 llO fBO llO.fBO llO fBO llOA80 llO.fBO llO fBO
T.... 0,.,...... Revell'" 11,129."2 11,789,3m 12,oee~1. 13,230.f20 ".016..'6 ..,e.g,5n 15.732,718 16,668,852 17,661.15f 18,712,995 19.B27~
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O..r..... eM..~ h..... 6.D59290 6;!ST,668 6 763~1 7 lf2.3C 7,536;1'19 7,936J5/l 8,31.0.6.9 87Q;,262 9120 f07 9,667;8> lD,017,ll93
Met Op.,... ..."'. 5.D50.152 5,391.m 5,72.,923 6,l!l9,ll73 6.81.137 6~1.,222 7.m,l!l9 7,963,590 8,5fO,7.7 9.155138 9,81.0,853
"-= .... Oper..... htco.... (f.,.'-'
Noo Opoming R...nue I I I I I I I I
tnterett on RI'ietlUfI Fln:I B,11IflC1I f62,829 I 1,3f7.791 I .,ou.I99 I E96.m 633,589 I m.f5B I B915,683 I 863,591 I B5f ..28 B9fPlO I 9f9~1l
u..: Interim FiNncing 1ft...... P.yrnentt (200,333) I (<<6,;u;] I I (135,1]36) I (3012.U3l I I (2llJ,2.2) I (327~70) I
Tranaf,,.1n I I 1,llf57C I 703 718 I I 1.287.225 I I 1,ll3O<<O I 117f,258
T__Ooo__. 25fG I 901,563 I 2,l!l9.9f5 I 561.056 1.337,307 I Cl,ol6 I 21B2!1fB I 583,3f9 I 1,BBf,868 566.699 I 212. 169
...- 5,3",6fB I 6,292,97. I 7,8",868 I 6,6fB,529 7,817..... I 7,3f5,238 I 9flX;fJJ7 I 8,5<<;,936 I 1O.f25.615 9,722,03 I 11,936,ll22
L..: T,..,.,.... I I C1,Oot5,7A7) . (703,718) I I (1,287,225) I I ~ 03J UOl I (1.17A,2SB)
N.t Income Ani18bl. b Debt StA'iCI 5,3",6fB I 6,292,97. I 6169.122 I 6,649,529 7.113,726 I 7,3f5,238 I 8,317182 I 8,5<<;,936 I 9.395.175 9l22,03 I lD,760,76f
S....., Un Dftf: Senlke c.w......
ExistinG Seniol' Uen Debt 21E91B1 2,9Sf,633 2,951.D53 2,955,lWS 2,951,383 2,9Sff07 2,9Sf 114 2,955715 2~,948 2,953,297 2,953,839
T.... hilt.... S.Rlor IJH DeItC 21E91B1 2,9Sf,633 2,951.D53 2,955,lWS 2,951,383 2,9Sf.f07 2,9Sf.1I. 2,955,7.5 2~,948 2~,297 2,9S3,839
,.... Senior Lien O.bt ~ Inpul
Ctmutal:hre New Senior Utln Debt fof AdcMionll BorrowinG' 1,266,206 ',266,206 2.106196 2106 196 3.6f2.6B5 3.6f2.6B5 ..972 fH> ..972 fH> 6,274,313
T.... s..Ier Un 0.... SetwIce 21E91B1 2,9Sf ,633 .,217,266 .,221,251 5.D57.579 5.D50.6lJ2 6,596,799 6,598,fOO 7,826.61. 7,825,953 9,226.152
_L1..__C-~ 1.15 R,q'd 1.85 2.13 1.61 1.58 ...1 ...5 1.26 1.lO 1.20 1.2. 1.17
p..... 1.20 R'q'd 1.85 NA 1.61 NA 1.4' NA 1.26 NA 1.20 NA 1.17
.ol _ __lor 00.. S...... 5,31.,6fB 6,292,97. 6.769.122 6,6f9,529 7.113.726 7,3f5,238 8,317182 8,5<<;,936 9.395.175 9l22.CB lD,760,76f
Add
TfWlaf.rs In 1,llf5,7C 103,718 1.287.225 1,ll3O,<<O 1.17.,258
l...:
Tot. Senior Uen Deb! SeMe. (21E9 /BI) I (2,9Sf.633) (',2'7,258) I ('.221,251) I (5.D57~1 (5.D50.602) I (6,596,799) I (5,598.<100) I (7,826.614) I (7,82511fi3l1 (9,226.152)
5181. RewMng to.ls 01 o I 01 - I I I I - I I
Interim Financing ~'rI" P.ymenl' - I - I - I - I - I - I I I I
P.ymenl: of Debt SeMe. Wrth 51orn'Ji11Wt1er aa.c 01 I - I . I I . I I I I
Tqnafw Oue t521~10) I (612.119) (6.C8."6) I (6lIi,B9O) I (727.673) I (77O)lO3) I (616.726) I [005,258) I (916.787) I (971,363) I (1029,215)
Short.Term Debt Service 01 - I I (68.D59) I (136.138) I (136.138) I (136.138) I ~36.138) I (6B.D59) I
CapillOl.cI.y (235.670) I (2<3,918) (252.f56) I (260,ll29) I r;;E7.633) I (275.a;5) I (2Bf."') I (292,665) I (301....5) I (31.0.<189) I (319,803)
R'n... & ReoIlcem.nI I I I I I I I I I
... CooIo ~ 1,6B7~ I 2.fB2,300 2.696.738 I 1.f81,358 I 1.696.293 I 1.1.01,730 I 1.m,202 65f.C6 I 1,2<<,631 I S<<;,66f I 1,357,852
UrnS1rid:.d Ae""" Fund ~ Btginning rlV.. Ballra 6,965,200 I 1,517,323 l.599.m I 1.690,988 I 1.785,587 I 1,BBf,ll7\l I 1,963,837 2.on.655 I 2.176,316 I 2,2BO.102 I 2,389,3"
Minimum Wotkina Cacrittl R.serve Tnet 1,517,323 I 1.599.m 1.690.696 I 1785,587 I ',BBfJl7O I 1,383,837 I 2.on.655 2176,316 I 2,211)102 I 2,399,314 I 2,51l.\,273
Rd.M fund Balance in Ezc... ofWomng Capitll Terget 5.<<7,876 I I I I I I I I
t....: RnlM Fund Ballf'lC' und for Cnh Flow I I I I I I I I
_ FoM _10 Eo... ofW...... eo,.... T..... 5.<<7,878 I I I I I I I I
... C8I'- fIewo.... U. .. Rewrwe F-* 1,6B7,668 I 2,fB2;m 2.696.738 I 1,<<11,358 I '.696.293 I 1.101 ,730 I 1171,202 65f,03 I 1,2...,631 I S<<;,66f I 1,357,852
Le..: CP Pro;.c1' o..iQnlllild 10 be Paid wilh CQh I I I I I I I I
~ c..tI F.... ~ "-'fft Full 1,6B7,668 I 2,fB2,300 2.696.738 I ',0101,358 I 1.696.293 I 1.1.01,730 I 1.m,202 65f,C6 I 1,2...,631 I S<<;,66f I 1,357,852
~......,.... _........ ..V.......... 6,965,200 I 1,517,323 1.599,6/ I 1.690,988 I 1185,587 I 1,BBf,ll7\l I 1,383,837 2.on .655 I 2.176,316 I 2,211).102 I 2,389,314
Cash 1n{OIA) tom Rile RlVIftUn 1,6B7~ I 2,.m,300 2.696138 I 1,<<11,358 I 1.696.293 I 1,101 ,730 I 1.m ,202 65f.C6 I 1,2...,631 I S<<;,66f I 1,357,852
t....: Rn.m Fund Salance us,d for Cnh Flow I I I I I I I I I
Plus: R&R ConIribulion I I I I I I I I I
len: Proi.tt. P_d wilh R,.e,... Fundi (No" Sltt'dfted FundinQ) (7.1351f;6J I (2.00133) I (2~,232)1 ~,3B67el) I (1~810) I ~.ooI~1 ~ 677 3B5) I [555 n5) I ~ 140/l<5l1 (<37,3f2) I (1,242.893l
Urnstnct,d R.UM Fund - End of v.. SlIarlCt 1,517,323 I 1.599,6/ I 1.690,988 I 1185,587 I 1,BBf,ll7\l I 1,383,837 I 2.on.655 I 2.176,316 I 2,2BO.102 I 2,389,31. I 2,51l.\,273
Minimum Wortc:ina CIPit.1 Res,"" Teroet 3 MOl OLM 1,517,323 , l.599m I 1.690,988 I 1785,587 I I,BBfJl7O I 1,383,837 I 2.on.655 I 2176,316 I 2,2BO.102 I 2,389,31. I 2,51l.\,273
Eo... ~ ofW...... CopIloI_. T..... I - I o I 01 - I - I - I - I I I
('I) .......l... P.,...e F--. ..... 5.......... 0,....... ........, aM SeIe .. Sa.,.
City of Clearwater
Pinal Report
33
Burton & Associates
Utility Economics
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REVENUE SUFFICIENCY ANALYSIS
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APPENDIX D
SCHEDULE 12 - FUNDING SUMMARY BY FUND
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CITY OF CLEARWATER
Stormwater Financial Management Program Summary
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E:UIIIi EnIaZ fl:2IIII EDIm EY.lIlI EllIll azm azm FUll! fnm EX..2Ui
IW _C...-.aIon Fund 167
Beginning Balanct 7.ID1,102 I 122,519 2,8 I ~ 1 I I I I
Additional FiNs I I I I I I
Less: Plyment of Debt Serwiee I I I I I I
Net Addition,1 Funds I I I I I I
Subtotal 7.ID1,102 I 122,519 2,8 I ~ 1 I I I I
Restrict.d Arnotn I I I I I I
Amourl: Available fot' Project. 7.ID1,102 I 122,519 2,8 I ~ 1 I I I I
Amcut Paid for Proietti 7.ID1,102 I 122,519 2,8 I ~ 1 I I I I
Subtotal I I I I I I
Add eack Restricted Amolr'II I I I I I I
Plus: Intensl Earned During 1'- Year 122,519 I 2,fi1 ~ I 1 I I I I
Less Interest to Casn Flow I I I I I I
Ending Balance 122,519 I 2,fi1 ~ I 1 I I I I
.. 1Innd~...-.aIon Fund .l7~
Beginning Balane. 754,515 13,3W I 164 I 5 I I I I I I
AdditionalFl.Wldt I I I I I I I I
Lns: Payment of D,bt Servic. I I I I I I I I
Nit Addrtlon~ Fund. I I I I I I I I
Subtotal 754,515 13,3W I 164 I 5 I I I I I I
R.stricted.Arnotn: I I I I I I I I
_ _Iabl.!of Projod. 754,515 13.lll4 I 164 I 5 I I I I I I
Amour'll Paid b' Prot.ct. 754,515 13.lll4 I 164 I 5 I I I I I I
Subtotal I I I I I I I I
Add Back Rnlrictad Arnol.n I I I I I I I I
Plus: Interest e.,.,d During In. VI. 13.lll4 164 I 5 I I I I I I I
leIS Intern! 10 Cash Flow I I I I I I I I
Ending e,lanct 13.lll4 164 I 5 I I I I I I I
n, Rnnd ~onftn.dhn Fund .IT7
B,ginning Balancl I 4,641jl13 I 81,218 I 1.624 I 32 I 1 I I I I I I
Nit Additional Funds I I I I I I I I I I I
Subtotal I 4,641jl13 I 81,218 I 1.624 I 32 I 1 I I I I I I
Restricted Amot.n I I I I I I I I I I I
Amounl _Iabl. !of Projod. I 4,641,013 I 81,218 I 1.624 I 32 I 1 I I I I I I
AmOlrll P,ld for Project, I 4,641,013 I 81,218 I 1.624 I 32 I 1 I I I I I I
Subtotal I I I I I I I I I I I
Add Back Restricted AmoooI I I I I I I I I I I I
Plus: tnte,...t Ewned Duringlhe VUt I 81.218 I 1.624 I 32 I 1 I I I I I I I
Less Inttrnt to Cash Flow I I I I I I I I I I I
Ending Balwtce I 81.218 I 1.624 I 32 I 1 I I I I I I I
~flPbl''''''''- Fund 1f~
Beginning Ballnce I 871 I 15 I I . I I I I I I
NI1 Additional Funds I I I I I I I I I I I
Subtotal I 871 I 15 I I I I I I I I .
~lstriet.dAmotn I I I I I I I I I I I
Arnouf'i AYailabl, for F>>roject. I 871 I 15 I I I I I I I I I
Amounl Paid for Proiect. I 871 I 15 I I I I I I I I I
Subtotal I I I I I I I I I I .
Add aack Restricted .Arnoun; I I I I I I I I I I I
Plu.: tnt.,lIt En.d During In. Vu, I 15 I I I I I I I I I I
less Interest 10 Cash Flow I I I I I I I I I I I
Ending ealane. I 15 I I I I I I I I I I
Go_Fund/rw
aeginning Sllanee I I I I I I I I I I I
Net Additiona' Fund. I 4 .4A8l1l5 I I I I I I I I . I
Subtotli I 4,4.l8l1l5 I I I I I I I I I I
Restricted AmounI I I I . I I I I I I I
Amounl _Iabl. !of Projod. I 4.4A8l1l5 I I I I I I I I I I
Amouf'i Paid b Proiect. I ',4.l8l1l5 I I I . I I I I I I
Subtot,l I I I I l I I I I I I
Add eack Restricted AmounI I I I I I I I I I I I
Plu.: Int...... ewned During the Year I I I I I I I I . I I
LAss Interest 10 Cash Flow I I I I I I I I I I I
Ending BaIMlC' I I I l I I I l I . I
R.1MnIM Fund
aeginning e,l,nee I 6,965,;m I 1,517.323 I 1 ,599,492 I 1,690,998 I 1,785.587 I 1,1l84,lJ7O I 1~1W I 2 j)77 fH> I 2,176,316 I 2,29J,102 I 2,389~14
Net Addition" Funds I l1H1.911l I 2.482 ,3J3 I 2!B6,738 I 1 <8t ,358 I 1!B6 .293 I 1,ID1,m I I,m ,202 I 1'6l,0; I 1,2",631 I ~,5501 I 1 ,]57 .852
Subtoltl I 8,653,100 I 3,999,625 I 4.296,23] I 3,172,356 I 3.'81,lBl I 2,965Jm I 3156,ll4O I 2132/l91 I 3,4:!0 ,946 I 21DF>fBl I 3147,IEE
Restricted Amoun: I 1 ,517.323 I 1,599 m I 1,690,998 I 1,785,587 I 1,1l84,lJ7O I 1~,837 I 2 j)77 fH> I 2 176~16 I ~:~ I 2,389~14 I 2.&l4 ,273
Arnot.d AvaiItibI, for Projeet. I 7,136.lDi I 2,<<11,133 I 2,605,232 I 1.386.769 I 1.597,810 I 1.1D1.962 I lPTl;3iJ6 I 555,n5 I I 437 ,342 I 1,242,893
~ P~d b Projects I 7136.lDi I 2 <<II 133 I 2,605 ,232 I 1.386 769 I 1.597,810 I 1.ID1.962 I 1m ;3iJ6 I 555775 I l1<O.Il45 I 437,342 I 1 ,242,893
Subtot.1 I I I I I I I I I I I
Add B.ck Restric1td Amot.wJI I 1,517.323 I 1 ,599,492 I 1,69lJ,998 I 1,785.587 I 1.81l4,lJ7O I 1 ~,837 I 2 j)77 fH> . 2,176~16 I 2,29J,I02 I 2,389,314 I 2.&l4 ,273
Piu.: Internt Eern" During In. Va... I 148..... I 62;ll6 I 65,810 I 69.532 I 73,393 I n,358 I 81,23] I 85j)79 I 89,llS I 93,l88 I 97W2
less Interesllo Cash Flow I (U8 444) I !62.>EJS 11Xi810) I (69,532)1 (73393)1 (77.358l1 i81,23J) I 185)179)1 189 1281 I 193;Bll1 m872l
Ending B,.. I 1.517.323 I 1 ,999,492 I 1,690,998 I 1l85.587 I 1,81l4,lJ7O I 1~1W I 2 j)77 fH> I 2,176~16 I 2,29J,I02 I 2,389~14 I 2.&l4 ,273
~R........
Beginning B.IIfICI I 2,472,452 I 2,472,452 I 2,472,452 I 3,738.658 I 3,738.658 I 4.578,648 I 4.578,648 I 6,115,137 I 6,115,137 I 7.345,118 I 7.345,118
Addition. F.m.:
Oebt Service Reserve on New DebI: I I I 1.21i6,D; I I 839.9I'J I I 1 ,536,490 I I 1.229,9l1l I I 1,401.6411
IntmstEamingl I 86,536 I 98,898 I 124,222 I 1~,546 I lEE,346 I 183,146 I 213,876 I 2",605 I 269,lll1 I 293Jm I 321,838
U!ss: Interest Interest to Cash Flow I 186,533)1 i9Il.89llll (124222) I n<9,546l I (lEE~ I n831461 I (213)l76) I 12<<.6Il5l I 1269 .205l I 1293.61l5l I 1'321833)
Ending B....,c. I 2,472,452 I 2,472,452 I 3.738.658 I 3.738.658 I 4,578,648 I 4.578,648 I 6,115,137 I 6,115,137 I 7,345,118 I 7.345,118 I 8,746,765
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City of Clearwater
Pinal Report
39
Burton & Associates
Utiliry Economics