city water light and power...water fund revenues and expenses through february fy2019 • water...

City Water Light and Power

FY2019

CWLP Financial PresentationQuarter 4 Financial Update

Data Through February 28, 2019 (unaudited)

April 30, 2019

Electric Fund - Finances

FEBRUARY FY2019 CASH POSITION

• Electric Fund Working Cash: $ 31.9 million

o Electric Light Revenue : $ 22.2 million

o Renewal : $ 9.7 million

o Line of Credit Owed : $ 0.0 million

o Days of Cash : 59 days

o Cash increase from FY18 : $ 7.7 millionMoody’s days of cash is 89 – Includes restricted ERIRF of $17.6M.

Electric Fund Cash By Month60 Days Cash = $32.5 Million

Electric Fund Revenue Budget

REVENUES THROUGH FEBRUARY FY2019(COMPARED TO BUDGET TO DATE)

• Retail Electric Revenues

o Budget To Date $ 226.2 million

o Actual To Date $ 212.7 million

o Variance ($ 13.5 million) ~ (6.0)%

• Wholesale Electric Revenues

o Budget To Date $ 28.2 million

o Actual To Date $ 23.2 million

o Variance ($ 5.0 million) ~ (17.8)%

• TOTAL ELECTRIC OPERATING REVENUES ARE $19.4 MILLION or 7.5% UNDER BUDGET

Electric Fund Revenue

Comparison

Electric Fund Expense Budget

NON-BOND EXPENSES THROUGH FEBRUARY FY2019

oBudget To Date $ 255.7 million

oExpense To Date $ 228.4 million

oVariance $ 27.3 million ~ 10.7%

Electric Fund Expense

Comparison

Electric Fund

Debt Coverage Ratio

AS OF FEBRUARY FY2019

FUNDS AVAILABLE FOR DEBT SERVICE $ 73,829,994

DEBT SERVICE $ 35,250,275

DEBT SERVICE COVERAGE (YEAR END 1.25x) 2.09x

(SHORTFALL) EXCESS IN COVERAGE 0.84x

DEBT SERVICE COVERAGE (INCLUDING CORPORATE PAYMENT) 1.86x

Electric Fund

Debt Coverage Ratio By Month

With PILOT Included

Environmental and Regulatory Initiatives

and Rebate Fund (ERIRF)

Water Fund - Finances

FEBRUARY FY2019 CASH POSITION

• Water Fund Cash Balance Summary:

$5.6M Renewal (Capital)

$1.0M Electric Light Revenue

$6.6M Total Water Working Cash Balance

• Days of cash: 103

• Prior Year (FY18) Cash Balance: $6.0M

5.5M Renewal and $0.5M Electric Light Revenue

Water Fund Cash By Month60 Days Cash = $3.9 Million

Water Fund Cash History

Water Fund

Revenues and Expenses

THROUGH FEBRUARY FY2019

• Water Revenues

o Budget To Date $ 31.6 million

o Actual Revenue To Date $ 31.7 million

o Revenue Variance $ 0.1 million ~ 0.3%

• Water Non-Bond Expenses

o Budget To Date $ 35.8 million

o Actual Expense To Date $ 30.3 million

o Expense Variance $ 5.5 million ~ 15.2%

Water Fund

Revenue Comparison

Water Fund

Expense Comparison

Water Fund

Debt Coverage Ratio

AS OF FEBRUARY FY2019

FUNDS AVAILABLE FOR DEBT SERVICE $13,109,226

DEBT SERVICE 6,873,648

DEBT SERVICE COVERAGE (YEAR END 1.25x) 1.91x

DEBT SERVICE COVERAGE 1.69x

(After Auxiliary Services)

Water Fund

Debt Coverage Ratio History

Before Auxiliary Services

CWLP FY2019 Labor Budget

LABOR COSTS THROUGH FEBRUARY FY2019 (INCLUDING IMRF and FICA)

• Water Fund

o Budget To Date $ 11.9 million

o Expense To Date $ 11.6 million

o Variance $ 0.3 million ~ 2.4%

• Electric Fund

o Budget To Date $ 48.8 million

o Expense To Date $ 47.6 million

o Variance $ 1.2 million ~ 2.5%

• CWLP TOTAL LABOR COSTS ARE $1.5 million or 2.5% UNDER BUDGET

City Water Light and Power

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