Kirkwood Meadows Public Utility District Finance Committee REGULAR MEETING NOTICE

Transcription

1 Kirkwood Meadows Public Utility District Finance Committee REGULAR MEETING NOTICE NOTICE IS HEREBY GIVEN that the Finance Committee of the Kirkwood Meadows Public Utility District has called a Special Meeting of the Committee to be held on Tuesday, January 9, 2018 at 2:00pm at the Kirkwood Meadows Public Utility District Community Services Building, Loop Road, Kirkwood, California Finances. Discussion and Possible Action Regarding the District s Financials. AM McBride i. November Financials Pgs ii. Cash Flow Pgs iii. December Preliminaries Pg. 23 iv. Budget Variance Tracking Pg LAIF Account. Discussion and Possible Action on LAIF Account Closure. AM McBride Pgs B8 Loan Rollover. Update on Action Taken. AM McBride Pgs Tier Ratio Treatment of FEMA Reimbursement. Update Regarding Impact of FEMA Reimbursements to USDA Tier Ratios. AM McBride Pg Depreciation. Discussion of Draft Depreciation Policy. AM McBride Pgs Account Write Off. Discussion and Possible Action of Bad Debt Policy. AM McBride\ Pgs Future Topics 8. Next Meeting/Staff Recommendation: Tuesday, February 6, :00pm. Dated: January 2, 2018 Kirkwood Meadows PUD

2 Produced with a Trial Version of PDF Annotator - ASSETS Current Assets - Funds Total Operating Total KVFD Reserve Total Restricted Total Capital Reserve Total Snow Removal Reserve Total COP Reserve Fund Total Current Assets - Funds Current Assets - Other Total Accounts Receivable, net Total Materials & Supplies Total Prepaid Expenses Total Current Assets - Other Capital Assets Total Buildings Total Generation Equipment Total General Plant & Other Total Construction in Progress Total Less: Accumulated Depreciation Total Capital Assets Non-Current Assets Total Capitalized Interest Bond Proceeds Total Restricted Funds Total Unamortized Debt Expenses, net Total Other Non-Current Assets Total Non-Current Assets Deferred Outflows Total Deferred Outflows Total Deferred Outflows Balance Sheet - Consolidated November 30, 2017 Actual Budget November, 2017 November, 2017 Variance 1,480, ,119, , , , , , , , ,197, ,043, , , ,50 (39,178.47) 511, ,00 1, ,963, ,479, , ,160, ,124, , , , , , , , ,449, ,393, , ,654, ,700, (45,952.93) 16,795, ,775, , ,592, ,758,07 (165,281.92) 251, , (2,918.87) (20,041,759.78) (20,123,511.00) 81, ,252, ,365, (112,635.65) (710,049.68) (648,253.00) (61,796.68) (710,049.68) (648,253.00) (61,796.68) 611, , , , Total Assets 71,955, ,590, , Total Assets and Deferred Outflows LIABILITIES Current Liabilities Total Accounts Payable Total Accrued Interest Payable Total Customer Deposits Total Current Portion of Long-Term Debt Total Other Current Liabilities Total Current Liabilities Non-Current Liabilities Total Long-term Debt, less Current Portion Total Installment Loans Total Unearned Revenues Total Net Pension Liability Total Cushion of Credit Total Non-Current Liabilities 72,567, ,590, , , ,35 (106,388.15) 265, ,67 (40,415.28) 877, , (0.39) 647, , , ,981, ,097, (115,825.26) 54,344, ,466, (121,952.61) 3,715, ,643,46 71, , , , , , , (1,395,687.90) (1,237,55) (158,137.90) 57,749, ,740, ,

3 Deferred Inflows Total Deferred Inflows Total Deferred Inflows Balance Sheet - Consolidated November 30, 2017 Actual Budget November, 2017 November, 2017 Variance 77, , , , Total Liabilities 59,731, ,837, (106,028.59) Total Liabilities and Deferred Inflows 59,809, ,837, (28,115.60) EQUITY Net Assets Total Restricted for Debt Service Total Unrestricted Total Net Assets 12,757, ,752, ,004, ,757, ,752, ,004, Total Equity 12,757, ,752, ,004, Total Liabilities, Deferred Inflows, and Equity 72,567, ,590, , Database: Insight Production Parameters: {GlAcct.AcctType} in ["A", "L", "Q"] and {?Period to Post} = {GlAcctBal.PeriodPost} Report:D:\Homedir\PCS\Reports\ClientCustom\Calendar Combined Balance.rpt Last Modified: 10/13/2017 3

4 November 30, 2017 Budget Income Statement - Combined Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Produced with a Trial Version of PDF Annotator - Commercial 407, ,43 23, % 983, , , % Residential 152, , (28,993.87) % 603, , (1,437.18) -0.24% KMPUD Internal Usage 19, ,75 4, % 23, ,75 7, % Imbalance Energy Other 77, , (2,293.27) -2.89% 266, , , % Property Taxes 68, , % 340, , % Base Rates 93, , (6,003.21) -6.01% 469, , (30,016.80) -6.01% Other Sales to Public Authorities 52, , (1,629.08) -2.98% 218, , (2,274.66) -1.03% Meter Charges 6, , % 33, , % Operating Revenues 878, , (11,309.19) -1.27% 2,939, ,838, , % Cost of Goods Sold 133, , (6,476.78) -4.64% 332, ,44 (210.02) -0.06% Salaries and Wages 108, , (10,489.05) -8.83% 517, , (36,943.28) -6.67% Payroll Taxes & EE Benefits 61, , , % 295, , , % Operations & Maintenance 78, ,31 9, % 448, , , % Contract Services 6, ,00 4, % 65, ,75 (2,115.69) -3.12% Operating Expenses 41, ,80 2, % 168, ,80 (13,430.97) -7.39% Board of Directors 12, , % 62, , % Depreciation 176, , (6,511.57) -3.55% 887, , (28,721.27) -3.13% G & A Allocations Internal Allocations 48, , (9,106.30) % 157, , (27,551.29) % Operating Expenses 667, , (13,251.58) -1.95% 2,935, ,004, (68,550.13) -2.28% Total Operating 211, , , % 4, (165,763.00) 169, % Investment Income % 21, ,50 4, % Other ,00 (37,975.00) % ,40 (38,275.00) % Contribution Revenues Non-Operating Revenues ,05 (37,727.85) % 21, ,90 (33,414.96) % Interest Expense 152, , (124.55) -0.08% 771, , (513.94) -0.07% Other Amortization 20, ,65 1, % 100, ,25 6, % Non-Operating Expenses 172, , , % 871, , , % GASB 68 Pension Expense GASB 68 Pension Expense Total Non-Operating (172,432.96) (133,435.00) (38,997.96) 29.23% (850,157.34) (810,283.00) (39,874.34) 4.92% 39, , (37,055.57) % (845,977.60) (976,046.00) 130, % 4

5 Produced with a Trial Version of PDF Annotator - November 30, General & Admin Budget Income Statement - General Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Other na Property Taxes 68, , % 340, , % Operating Revenues 68, , % 341, , % Salaries and Wages 42, , (1,479.92) -3.34% 251, ,30 25, % Payroll Taxes & EE Benefits 33, ,10 3, % 199, , , % Operations & Maintenance 2, , % 43, , , % Contract Services 47, ,00 (6,065.79) % Operating Expenses 35, ,50 5, % 152, ,30 2, % Board of Directors 12, , % 62, , % G & A Allocations (124,733.17) (118,268.00) (6,465.17) 5.47% (756,326.26) (678,624.00) (77,702.26) 11.45% Operating Expenses 1, , na ,177.00% Total Operating 66, , (1,415.15) -2.08% 340, , (100.78) -0.03% Investment Income na Other Contribution Revenues Non-Operating Revenues na Interest Expense Amortization Non-Operating Expenses Total Non-Operating na NET INCOME (LOSS) 66, , (1,415.15) -2.08% 340, , % 5

6 November 30, Fire Department Budget Income Statement - General Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Other 5, ,66 (2,243.64) % 86, ,38 25, % Operating Revenues 5, ,66 (2,243.64) % 86, ,38 25, % Salaries and Wages 1, , % 9, , (1,321.18) % Payroll Taxes & EE Benefits % 5, , (1,478.29) % Operations & Maintenance 4, , % 43, ,45 20, % Contract Services Operating Expenses (258.27) % 2, ,50 (551.70) % Depreciation 2, ,30 (40.37) -1.76% 11, ,50 (201.79) -1.75% G & A Allocations 9, , % 60, , , % Internal Allocations 3, ,28 (23.48) -0.72% 3, ,80 (108.88) -2.87% Operating Expenses 22, , % 136, , , % Total Operating (17,372.78) (14,189.00) (3,183.78) 22.44% (49,847.07) (51,476.00) 1, % Other Contribution Revenues Non-Operating Revenues Interest Expense Amortization Non-Operating Expenses Total Non-Operating NET INCOME (LOSS) (17,372.78) (14,189.00) (3,183.78) 22.44% (49,847.07) (51,476.00) 1, % 6

7 November 30, Parks & Recreation Budget Income Statement - General Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Other Operating Revenues Salaries and Wages 1, , (2,662.79) % Payroll Taxes & EE Benefits , (1,762.93) % Operations & Maintenance (525.47) % Operating Expenses Depreciation (13.84) % (69.22) % G & A Allocations 1, , % 7, , % Internal Allocations na na Operating Expenses 1, , % 10, , (4,173.52) % Total Operating (1,346.80) (1,282.00) (64.80) 5.05% (10,313.48) (14,487.00) 4, % Other Contribution Revenues Non-Operating Revenues Interest Expense Amortization Non-Operating Expenses Total Non-Operating NET INCOME (LOSS) (1,346.80) (1,282.00) (64.80) 5.05% (10,313.48) (14,487.00) 4, % 7

8 November 30, Mosquito Control Budget Income Statement - General Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Other Operating Revenues Salaries and Wages (742.00) -10% Payroll Taxes & EE Benefits (494.00) -10% Operations & Maintenance 20 (20) -10% Operating Expenses G & A Allocations 1, , % 7, , % Internal Allocations na na Operating Expenses 1, , % 7, ,22 (589.11) -7.17% Total Operating (1,260.64) (1,182.00) (78.64) 6.65% (7,630.89) (8,22) % Other Contribution Revenues Non-Operating Revenues Interest Expense Amortization Non-Operating Expenses Total Non-Operating NET INCOME (LOSS) (1,260.64) (1,182.00) (78.64) 6.65% (7,630.89) (8,22) % 8

9 Produced with a Trial Version of PDF Annotator Default November 30, 2017 Budget Income Statement - Water Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Commercial 5, , , % 14, , , % Residential 1, , (5,172.12) % 13, , (7,631.19) % KMPUD Internal Usage na na Other (502.87) % 4, , % Base Rates 30, , (3,135.61) -9.23% 154, ,91 (15,678.04) -9.23% Meter Charges 1, , % 8, , % Operating Revenues 39, , (5,400.11) % 195, , (15,019.28) -7.13% Salaries and Wages 6, , % 31, , (1,775.59) -5.30% Payroll Taxes & EE Benefits 3, , % 19, , (1,618.13) -7.50% Operations & Maintenance ,90 (1,407.49) % 3, ,25 (10,163.54) % Contract Services 5, , ,080.69% 9, ,50 7, % Operating Expenses ,10 (387.51) % 3, ,50 (2,115.95) % Depreciation 9, ,60 (1,847.35) % 49, ,00 (8,229.43) % G & A Allocations 21, , , % 128, , , % Internal Allocations 6, , % 18, , (4,875.73) % Operating Expenses 54, , , % 264, , (8,416.99) -3.08% Total Operating (15,031.91) (4,76) (10,271.91) % (68,891.29) (62,289.00) (6,602.29) 10.60% Investment Income na na Other Contribution Revenues Non-Operating Revenues na na Interest Expense 1, , (0.14) -0.01% 7, , (0.70) -0.01% Amortization (79.82) (79.82) na (399.10) (399.10) na Non-Operating Expenses 1, , (79.96) -5.13% 7, , (399.80) -5.13% GASB 68 Pension Expense GASB 68 Pension Expense Total Non-Operating (1,441.15) (1,559.00) % (7,223.76) (7,795.00) % NET INCOME (LOSS) (16,473.06) (6,319.00) (10,154.06) % (76,115.05) (70,084.00) (6,031.05) 8.61% 9

10 Produced with a Trial Version of PDF Annotator Default November 30, 2017 Budget Income Statement - Waste Water Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Commercial 10, , % 51, , % Residential 8, , (968.83) % 53, , , % KMPUD Internal Usage na na Other (443.99) (860.99) % 3, , , % Base Rates 44, ,70 (1,272.88) -2.79% 222, ,50 (6,365.72) -2.79% Meter Charges 1, , % 5, , % Operating Revenues 63, , (2,099.69) -3.18% 336, , , % Salaries and Wages 9, , % 47, , (3,413.88) -6.71% Payroll Taxes & EE Benefits 5, , % 28, , (7,145.51) % Operations & Maintenance 7, , % 61, ,50 19, % Contract Services ,50 (968.80) % 6, ,25 (4,321.72) % Operating Expenses 2, , % 3, ,50 (4,433.97) % Depreciation 27, ,50 (516.62) -1.81% 140, ,50 (1,575.75) -1.11% G & A Allocations 21, , , % 128, , , % Internal Allocations 26, , (6,947.25) % 124, ,64 (8,839.78) -6.61% Operating Expenses 100, , (5,151.25) -4.88% 540, , , % Total Operating (36,551.44) (39,603.00) 3, % (204,385.14) (203,307.00) (1,078.14) 0.53% Investment Income na na Other Contribution Revenues Non-Operating Revenues na na Interest Expense 2, , % 11, , % Amortization (115.24) (115.24) na (576.20) (576.20) na Non-Operating Expenses 2, , (114.41) -5.07% 10, , (572.05) -5.07% GASB 68 Pension Expense GASB 68 Pension Expense Total Non-Operating (2,085.87) (2,255.00) % (10,454.87) (11,275.00) % NET INCOME (LOSS) (38,637.31) (41,858.00) 3, % (214,840.01) (214,582.00) (258.01) 0.12% 10

11 0 - Default November 30, 2017 Budget Income Statement - Employee Housing Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Other 4,60 4,80 (20) -4.17% 21, ,40 3, % Operating Revenues 4,60 4,80 (20) -4.17% 21, ,40 3, % Salaries and Wages 2, , % 2, , % Payroll Taxes & EE Benefits 1, % 1, , (112.00) -7.12% Operations & Maintenance 2, , % 9, ,30 2, % Contract Services Operating Expenses Depreciation 3, ,40 (42.17) -1.24% 16, ,00 (210.83) -1.24% G & A Allocations 3, , % 18, , , % Internal Allocations 3, ,83 (1,517.11) % 4, , (8,785.15) % Operating Expenses 14, , , % 53, , (4,592.83) -7.85% Total Operating (10,374.43) (7,845.00) (2,529.43) 32.24% (31,967.59) (40,083.00) 8, % Investment Income Other Contribution Revenues Non-Operating Revenues Interest Expense Amortization Non-Operating Expenses GASB 68 Pension Expense GASB 68 Pension Expense Total Non-Operating NET INCOME (LOSS) (10,374.43) (7,845.00) (2,529.43) 32.24% (31,967.59) (40,083.00) 8, % 11

12 Produced with a Trial Version of PDF Annotator Default November 30, 2017 Budget Income Statement - Electricity Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Commercial 311, , , % 758, , , % Residential 86, , (17,978.48) % 383, , (1,956.56) -0.51% Imbalance Energy Other 3, ,00 2, % 6, ,00 1, % Base Rates 15, , (1,430.32) -8.58% 76, , (7,151.59) -8.58% Other Sales to Public Authorities 52, , (1,629.08) -2.98% 218, , (2,274.66) -1.03% Meter Charges 2, , (23.40) -1.04% 11, ,29 (116.22) -1.03% Operating Revenues 472, , (2,729.37) -0.57% 1,454, ,386, , % Cost of Goods Sold 58, , (2,983.30) -4.85% 187, , , % Salaries and Wages 17, , (4,170.37) % 108, , (32,305.91) % Payroll Taxes & EE Benefits Operations & Maintenance 47, ,79 4, % 222, , (37,349.25) % Contract Services Operating Expenses (92.48) % 3, ,00 (462.40) % Depreciation 123, , (2,375.57) -1.89% 616, , (11,049.45) -1.76% G & A Allocations 24, , , % 151, , , % Internal Allocations 4, ,25 (1,065.14) % (161.14) 5,25 (5,411.14) % Operating Expenses 276, , (4,633.74) -1.65% 1,290, ,350, (60,681.78) -4.49% Total Operating 195, , , % 164, , , % Investment Income % 20, ,50 3, % Other ,00 (37,975.00) % ,40 (38,275.00) % Contribution Revenues Non-Operating Revenues ,05 (37,922.95) % 20, ,90 (34,421.43) % Interest Expense 144, , (126.15) -0.09% 732, , (521.94) -0.07% Amortization 20, ,65 1, % 102, ,25 8, % Non-Operating Expenses 165, , , % 834, , , % GASB 68 Pension Expense GASB 68 Pension Expense Total Non-Operating (165,197.32) (125,605.00) (39,592.32) 31.52% (814,010.11) (771,133.00) (42,877.11) 5.56% NET INCOME (LOSS) 30, , (37,687.95) % (649,487.31) (735,441.00) 85, % 12

13 0 - Default November 30, 2017 Budget Income Statement - Cable TV Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Other 1,35 1,35 % 6,75 6,75 % Operating Revenues 1,35 1,35 % 6,75 6,75 % Salaries and Wages na na Payroll Taxes & EE Benefits na na Operations & Maintenance na Operating Expenses Depreciation G & A Allocations 1, , % 7, , % Internal Allocations na na Operating Expenses 1, , % 8, , , % Total Operating (111.17) (279.17) % (1,631.55) (34.00) (1,597.55) 4,698.68% Investment Income Other Contribution Revenues Non-Operating Revenues Interest Expense Amortization Non-Operating Expenses GASB 68 Pension Expense GASB 68 Pension Expense Total Non-Operating NET INCOME (LOSS) (111.17) (279.17) % (1,631.55) (34.00) (1,597.55) 4,698.68% 13

14 0 - Default November 30, 2017 Budget Income Statement - Snow Removal Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent KMPUD Internal Usage 15,75 15,75 % 15,75 15,75 % Other 62, , % 133, , , % Operating Revenues 78, , % 149, , , % Salaries and Wages 24, , (5,397.59) % 31, , (15,514.92) % Payroll Taxes & EE Benefits 13, , (1,948.77) % 20, , (7,252.65) % Operations & Maintenance 10, ,40 4, % 29, ,00 6, % Contract Services na na Operating Expenses 2, ,00 (2,939.36) % 2, ,00 (7,939.36) % Depreciation 5, ,60 (1,093.64) % 27, ,00 (5,468.12) % G & A Allocations 12, , % 75, , , % Internal Allocations (56.86) % (273.61) % Operating Expenses 69, , (6,220.60) -8.22% 188, ,10 (20,913.38) -1% Total Operating 8, , , % (38,774.98) (68,838.00) 30, % Investment Income na na Other Contribution Revenues Non-Operating Revenues na na Interest Expense Amortization Non-Operating Expenses GASB 68 Pension Expense GASB 68 Pension Expense Total Non-Operating na na NET INCOME (LOSS) 8, , , % (38,732.61) (68,838.00) 30, % 14

15 Produced with a Trial Version of PDF Annotator Default November 30, 2017 Budget Income Statement - Propane Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Commercial 80, , , % 155, , , % Residential 45, , (5,125.46) % 102, ,10 1, % KMPUD Internal Usage 3, , na 7, , na Other ,00 (870.16) % 2, ,00 (2,540.63) % Base Rates 3, , (164.40) -4.55% 17, ,08 (821.45) -4.54% Meter Charges 1, , (16.76) -1.14% 7, , (82.57) -1.12% Operating Revenues 135, , , % 291, , , % Cost of Goods Sold 74, , (3,493.48) -4.48% 144, , (10,568.14) -6.80% Salaries and Wages 2, , (3,084.86) % 25, , (5,845.12) % Payroll Taxes & EE Benefits 2, , (849.77) % 16, , (3,179.48) % Operations & Maintenance ,09 (808.49) % 18, ,45 9, % Contract Services na Operating Expenses (15.22) -7.61% ,00 (76.10) -7.61% Depreciation 4, ,10 (585.89) % 23, ,50 (1,936.06) -7.59% G & A Allocations 23, ,88 1, % 139, , , % Internal Allocations 1, , (18.25) -1.14% 3, , % Operating Expenses 109, , (7,660.32) -6.56% 373, , , % Total Operating 25, , , % (81,110.53) (86,846.00) 5, % Investment Income na na Other Contribution Revenues Non-Operating Revenues na na Interest Expense 4, , % 20, , % Amortization (205.80) (205.80) na (1,029.00) (1,029.00) na Non-Operating Expenses 3, , (204.89) -5.10% 19, ,08 (1,024.45) -5.10% GASB 68 Pension Expense GASB 68 Pension Expense Total Non-Operating (3,713.59) (4,016.00) % (18,613.75) (20,08) 1, % NET INCOME (LOSS) 22, , , % (99,724.28) (106,926.00) 7, % 15

16 0 - Default November 30, 2017 Budget Income Statement - Solid Waste Fund Month Totals Year to Date Totals This Year Budget Variance Variance This Year Budget Variance Variance November November Dollar Percent YTD YTD Dollar Percent Commercial ,00 (806.46) % 3, ,00 (1,012.78) % Residential 10, , % 50, , % Other (97.61) % (21.28) -4.26% Operating Revenues 10, ,21 (653.05) -5.83% 55, ,05 (620.21) -1.11% Salaries and Wages 1, , % 7, , % Payroll Taxes & EE Benefits % 4, , (504.65) % Operations & Maintenance 3, ,28 (587.71) % 17, ,40 (4,229.48) % Contract Services Operating Expenses Depreciation % % G & A Allocations 4, , % 30, , , % Internal Allocations 2, , % 2, , % Operating Expenses 13, , % 61, , (805.45) -1.29% Total Operating (2,885.25) (1,847.00) (1,038.25) 56.21% (6,362.76) (6,548.00) % Investment Income Other Contribution Revenues Non-Operating Revenues Interest Expense Amortization Non-Operating Expenses GASB 68 Pension Expense GASB 68 Pension Expense Total Non-Operating NET INCOME (LOSS) (2,885.25) (1,847.00) (1,038.25) 56.21% (6,362.76) (6,548.00) % 16

17 Balance Sheet Comparison November ASSETS Actual November, 2017 Actual November, 2016 Variance Current Assets - Funds Total Operating Total KVFD Reserve Total Restricted Total Capital Reserve Total Snow Removal Reserve Total COP Reserve Fund Total Current Assets - Funds Current Assets - Other 1,480, , , ,197, , , ,963, ,406, , , ,239, , , ,023, , , (41,946.61) (110,519.98) 1, (60,269.06) Total Accounts Receivable, net Total Materials & Supplies Total Prepaid Expenses Total Current Assets - Other Capital Assets 1,160, , , ,449, ,123, , , ,350, , , , , Total Buildings Total Generation Equipment Total General Plant & Other Total Construction in Progress Total Less: Accumulated Depreciation Total Capital Assets Non-Current Assets 12,654, ,795, ,592, , (20,041,759.78) 67,252, ,700, ,775, ,614, , (17,939,452.75) 69,405, (45,952.87) 19, (21,733.25) (2,918.42) (2,102,307.03) (2,153,144.34) Total Capitalized Interest Bond Proceeds Total Restricted Funds Total Unamortized Debt Expenses, net Total Other Non-Current Assets Total Non-Current Assets Deferred Outflows (710,049.68) (710,049.68) (426,336.07) (426,336.07) (283,713.61) (283,713.61) Total Deferred Outflows Total Deferred Outflows Total Assets Total Assets and Deferred Outflows 611, , ,955, ,567, , , ,353, ,620, , , (2,398,243.79) (2,052,877.79) LIABILITIES Current Liabilities Total Accounts Payable Total Accrued Interest Payable Total Customer Deposits Total Current Portion of Long-Term Debt Total Other Current Liabilities Total Current Liabilities Non-Current Liabilities 191, , , , ,981, , , , , ,900, (9,913.39) (6,081.31) 79, , , Total Long-term Debt, less Current Portion Total Installment Loans Total Unearned Revenues Total Net Pension Liability Total Cushion of Credit Total Non-Current Liabilities Deferred Inflows 54,344, ,715, , , (1,395,687.90) 57,749, ,553, ,276, , , (961,304.64) 59,817, (1,209,247.45) (560,917.40) 18, , (434,383.26) (2,067,684.50) Total Deferred Inflows Total Deferred Inflows Total Liabilities Total Liabilities and Deferred Inflows 77, , ,731, ,809, , , ,718, ,933, (137,339.01) (137,339.01) (1,986,624.52) (2,123,963.53) EQUITY Net Assets Total Restricted for Debt Service Total Unrestricted Total Net Assets Total Equity 12,757, ,757, ,757, ,686, ,686, ,686, , , , Total Liabilities, Deferred Inflows, and Equity 72,567, ,620, (2,052,877.79) 17

18 Budget Income Statement Comparison Nov Nov-17 Nov-16 Variance YTD YTD Dollar Commercial 983, , , Residential 603, , , KMPUD Internal Usage 23, , , Imbalance Energy Other 266, , , Property Taxes 340, ,30 3, Base Rates 469, , , Other Sales to Public Authorities 218, , (417.86) Meter Charges 33, , Operating Revenues 2,939, ,776, , Cost of Goods Sold 332, , , Salaries and Wages 517, , , Payroll Taxes & EE Benefits 295, , , Operations & Maintenance 448, , , Contract Services 65, , , Operating Expenses 168, , , Board of Directors 62, , , Depreciation 887, , (22,442.58) G & A Allocations Internal Allocations 157, , , Operating Expenses 2,935, ,718, , Total Operating 4, , (54,059.08) Investment Income 21, , (11,789.10) Other , (1,177.00) Contribution Revenues Non-Operating Revenues 21, , (12,966.10) Interest Expense 771, , (11,683.99) Other Amortization 100, , , Non-Operating Expenses 871, , (3,482.12) GASB 68 Pension Expense GASB 68 Pension Expense Total Non-Operating (850,157.34) (840,673.36) (9,483.98) Net Income/(Loss) (845,977.60) (782,434.54) (63,543.06) 18

19 Five Year Operating Cash Waterfall With RUS Loan Rollover FYE 2018 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Revenue/Expenses AR Revenue $451,384 $358,813 $331,430 $500,708 $550,120 $730,766 $1,039,695 $1,032,033 $918,914 $863,314 $671,724 $439,243 Snow Removal Revenue $141,000 $89,600 $89,600 $89,600 $88,246 Property Tax Revenue $35,000 $75,000 $337,860 $75,000 $294,760 Operating Expenses (w/out depreciation) ($406,211) ($376,333) ($340,261) ($340,201) ($439,534) ($539,980) ($510,959) ($493,433) ($469,650) ($414,664) ($394,860) ($327,147) Capital Expense ($55,000) Transfer to Reserve for Swtich Station ($1,000,000) Loans COP Interest ($72,225) ($65,100) COP Principal ($475,000) RUS Interest ($463,160) ($454,518) ($442,489) ($443,092) RUS Principal ($275,502) ($286,041) ($296,646) ($294,424) Bank of the West Loan ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) Transfer to Cushion of Credit ($500,000) Net Changes $73,073 ($571,845) ($15,931) $153,407 ($255,514) $348,286 ($50,904) $556,000 ($263,725) $516,550 $269,764 ($337,760) Updated Operating Forecast $1,992,319 $1,580,583 $1,604,794 $1,807,331 $1,474,759 $2,158,155 $2,107,251 $2,663,251 $3,108,340 $3,624,891 $3,894,654 $3,556,894 $1,578,317 $1,578,317 $895,688 $895,688 $1,395,688 $708,814 $708,814 $708,814 $3,570,636 $3,158,900 $2,500,482 $2,703,019 $2,870,447 $2,866,969 $2,816,065 $3,372,065 $3,108,340 $3,624,891 $3,894,654 $3,556,894 Budget $3,550,036 $3,014,790 $2,177,239 $2,351,003 $2,356,694 $1,937,774 $2,341,352 $2,736,571 $2,297,747 $2,475,434 $2,462,643 $2,144,409 Variance to Budget $20,600 $144,110 $323,243 $352,016 $513,753 $929,195 $474,713 $635,494 $810,593 $1,149,457 $1,432,011 $1,412,485 Reserve Fund Switch Station Expense Transfer in from Operating Cash $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $0 $0 $0 Capital Expenses Reserve Fund Balance Updated Reserve Forecast $1,173,438 $1,173,438 $1,173,438 $1,173,438 $1,159,316 $1,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 19

20 Five Year Operating Cash Waterfall With RUS Loan Rollover FYE 2019 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Revenue/Expenses AR Revenue $441,305 $439,854 $411,399 $401,529 $414,860 $694,143 $1,091,424 $1,027,212 $928,641 $911,205 $715,583 $445,386 Snow Removal Revenue $142,410 $90,496 $90,496 $90,496 $89,128 Property Tax Revenue $35,000 $75,000 $337,860 $75,000 $302,936 Operating Expenses (w/out depreciation) ($417,962) ($364,051) ($363,596) ($382,068) ($526,289) ($658,296) ($592,902) ($568,724) ($559,207) ($474,306) ($431,053) ($355,775) PG&E CalPERS Side Fund Payment ($55,000) Transfer to Reserve for Switch Station Loans COP Interest ($65,100) ($55,300) COP Principal ($490,000) RUS Interest ($403,941) ($401,777) ($397,253) ($395,074) RUS Principal ($290,780) ($291,973) ($289,490) ($291,576) Bank of the West Loan ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) CAT Payment Transfer to Cushion of Credit Net Changes $51,243 ($486,397) ($654,018) $12,362 $23,882 ($499,507) $919,778 $486,584 ($290,280) $504,798 $277,430 ($301,203) Updated Operating Forecast $3,608,137 $3,121,740 $2,467,722 $2,480,084 $2,503,966 $2,004,459 $2,924,237 $3,410,821 $3,120,541 $3,625,339 $3,902,769 $3,601,565 Cusion of Credit Total Operating Cash $3,608,137 $3,121,740 $2,467,722 $2,480,084 $2,503,966 $2,004,459 $2,924,237 $3,410,821 $3,120,541 $3,625,339 $3,902,769 $3,601,565 Budget Variance to Budget $3,608,137 $3,121,740 $2,467,722 $2,480,084 $2,503,966 $2,004,459 $2,924,237 $3,410,821 $3,120,541 $3,625,339 $3,902,769 $3,601,565 Reserve Fund Switch Station Expense Transfer in from Operating Cash Capital Expenses Reserve Fund Balance Updated Reserve Forecast $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 20

21 Five Year Operating Cash Waterfall With RUS Loan Rollover FYE 2020 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Revenue/Expenses AR Revenue $449,807 $448,328 $419,325 $409,265 $422,853 $707,516 $1,112,451 $1,047,001 $946,532 $928,759 $729,369 $453,966 Snow Removal Revenue $143,834 $91,401 $91,401 $91,401 $90,020 Property Tax Revenue $35,000 $83,258 $337,860 $75,000 $302,936 Operating Expenses (w/out depreciation) ($421,967) ($367,539) ($367,080) ($385,728) ($531,331) ($664,603) ($598,583) ($574,173) ($564,565) ($478,851) ($435,183) ($359,184) PG&E CalPERS Side Fund Payment Transfer to Reserve for Switch Station Loans COP Interest ($55,300) ($45,100) COP Principal ($510,000) RUS Interest ($392,880) ($394,316) ($385,431) ($382,402) RUS Principal ($293,678) ($289,768) ($293,593) ($295,724) Bank of the West Loan ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) CAT Payment Transfer to Cushion of Credit Net Changes $55,740 ($491,611) ($641,413) $160,271 ($24,177) ($473,612) $936,029 $510,648 ($304,157) $517,809 $287,085 ($287,508) Updated Operating Forecast $3,657,305 $3,165,694 $2,524,281 $2,684,552 $2,660,374 $2,186,762 $3,122,791 $3,633,439 $3,329,282 $3,847,090 $4,134,175 $3,846,668 Cusion of Credit Total Operating Cash $3,657,305 $3,165,694 $2,524,281 $2,684,552 $2,660,374 $2,186,762 $3,122,791 $3,633,439 $3,329,282 $3,847,090 $4,134,175 $3,846,668 Budget Variance to Budget $3,657,305 $3,165,694 $2,524,281 $2,684,552 $2,660,374 $2,186,762 $3,122,791 $3,633,439 $3,329,282 $3,847,090 $4,134,175 $3,846,668 Reserve Fund Switch Station Expense Transfer in from Operating Cash Capital Expenses Reserve Fund Balance Updated Reserve Forecast $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 21

22 Five Year Operating Cash Waterfall With RUS Loan Rollover FYE 2021 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Revenue/Expenses AR Revenue $449,749 $448,270 $419,271 $409,212 $422,799 $707,425 $1,112,308 $1,046,867 $946,411 $928,640 $729,275 $453,908 Snow Removal Revenue $145,272 $92,315 $92,315 $92,315 $90,920 Property Tax Revenue $35,000 $83,258 $346,201 $75,000 $302,936 Operating Expenses (w/out depreciation) ($380,343) ($331,285) ($330,871) ($347,680) ($478,920) ($599,046) ($539,538) ($517,536) ($508,876) ($431,616) ($392,256) ($323,754) PG&E Payment To Vail/Chair 1 Billing CalPERS Side Fund Payment Transfer to Reserve for Switch Station Loans COP Interest ($45,100) ($34,500) COP Principal ($530,000) RUS Interest ($383,705) ($378,514) ($369,815) ($369,892) RUS Principal ($293,908) ($291,803) ($300,210) ($298,481) Bank of the West Loan ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) ($7,100) CAT Payment Transfer to Cushion of Credit Net Changes $97,306 ($465,214) ($596,313) $199,705 $29,094 ($393,465) $1,004,187 $578,651 ($239,590) $564,924 $329,919 ($242,383) Updated Operating Forecast $3,943,973 $3,478,759 $2,882,447 $3,082,152 $3,111,246 $2,717,781 $3,721,967 $4,300,618 $4,061,028 $4,625,952 $4,955,871 $4,713,489 Cusion of Credit Total Operating Cash $3,943,973 $3,478,759 $2,882,447 $3,082,152 $3,111,246 $2,717,781 $3,721,967 $4,300,618 $4,061,028 $4,625,952 $4,955,871 $4,713,489 Budget Variance to Budget $3,943,973 $3,478,759 $2,882,447 $3,082,152 $3,111,246 $2,717,781 $3,721,967 $4,300,618 $4,061,028 $4,625,952 $4,955,871 $4,713,489 Reserve Fund Switch Station Expense Transfer in from Operating Cash Capital Expenses Reserve Fund Balance Updated Reserve Forecast $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 $2,159,316 22

23 December 17 Preliminary Income Statement Month Totals Year to Date Totals December 31, 2017 This Year Budget Variance This Year Budget Variance December December Dollar P YTD YTD Dollar ced with a Trial Version of PDF Annotator - Commercial 641, , , ,625, ,492, , Residential 221, , (79,551.45) 825, , (80,988.63) KMPUD Internal Usage 20, ,75 4, , ,50 12, Imbalance Energy Other 127, , , , , , Property Taxes 68, , ,81 408,81 Base Rates 93, , (6,110.28) 563, , (36,127.08) Other Sales to Public Authorities 57, , (8,901.68) 276, , (11,176.34) Meter Charges 6, , , , Operating Revenues 1,236, ,234, , ,176, ,072, , Cost of Goods Sold 224, , , , (210.02) Salaries and Wages 130, , , , (36,943.28) Payroll Taxes & EE Benefits 59, , , , , Operations & Maintenance 71, , , , , Contract Services 2,00 2,00 67, ,75 (2,115.69) Operating Expenses 39,80 39,80 208, ,60 (13,430.97) Board of Directors 12,42 12,42 75, , Depreciation 183, , ,070, ,099,41 (28,721.27) G & A Allocations Internal Allocations 66, , , , (27,551.29) Operating Expenses 789, , ,725, ,793,80 (68,550.13) Total Operating 447, , , , , , Investment Income 15, ,30 (1,120.77) 36, ,80 3, Other 294, , , ,50 256, Contribution Revenues Non-Operating Revenues 310, ,40 293, , ,30 260, Interest Expense 152, , (187.25) 924, , (701.19) Other Amortization 18,65 18,65 118, ,90 (12,292.76) Non-Operating Expenses 171, , (187.25) 1,042, ,036, , GASB 68 Pension Expense GASB 68 Pension Expen Total Non-Operating 138, (155,085.00) 293, (711,314.86) (965,368.00) 254, , , , (260,043.15) (686,624.00) 426,

24 KNOWN BUDGET VARIANCES FOR FYE 2018 Annual Impact 1. Base Rate EDU Calculation Error $72, GM Recruitment Consulting $16, Centrifuge Repair Centrysis $30, ipad App Development Corey Jackson (through December 17) $4, Well Testing WET Lab $4,825 TOTAL ANNUAL IMPACT $127,746 24

25 Finance Committee Meeting 1/9/2017 Agenda Item 2 Requested Action: STAFF REPORT Local Agency Investment Fund (LAIF) Account That the Board choose either to close or keep the LAIF account open. Background: Originally the LAIF account was opened as our main operating/revenue account due to a good interest rate. Over the years the District chose to change banking institutions and went with US Bank then in 2013 the District changed our main banking institution to Bank of the West. Fiscal Impact: We currently earn a minimal amount of interest totaling around $200 to $400 per year on the balance left in the LAIF account. Reviewed by Committee: Finance Prepared By: Kelly McBride 25

26 26

27 27

28 28

29 29

30 30

31 TIER - Times Interest Earned Ratio Calculation Minimum Level Per RUS A + B / A 1.05 A = Interest Expense on Total Long-Term Debt - Line 16 B = Patronage Capital and Operating Margin - Line 29 DSC - Debt Service Coverage Ratio Calculation A+B+C / D 1 A = Depreciation and Amortization - Line 13 B = Interest Expense on Total Long-Term Debt - Line 16 C = Patronage Capital or Margin - Line 29 D = Debt Service Billed - Part N Total P&I ODSC - Operating Debt Service Coverage Calculation A+B+C+D / E 1 A = Depreciation and Amortization Expense - Line 13 B = Interest Expense on Total Long-Term Debt - Line 16 C = Patronage Capital & Operating Margins - Line 21 D = Non-Operating Margins - Property Tax Revenue Only - Line 25 E = Debt Service Billed - Part N Total P&I OTIER - Operating Times Interest Earned Ratio Calculation A + B + C / A 1 A = Interest Expense on Total Long-Term Debt - Line 16 B = Patronage Capital & Operating Margins - Line 21 C = Non-Operating Margins - Property Tax Revenue Only - Line 25 31

32 Finance Committee Meeting 1/9/2017 Agenda Item 5 Requested Action: STAFF REPORT Official Depreciation/Capitalization Policy That the District create an Official Policy on Depreciation and Capitalization. Background: Currently the District has a procedure in place for capitalizing and depreciating fixed assets and large projects though there is not an official written policy specifically related to capitalization and depreciation. Our auditors have suggested in past audits that we create an official policy and a draft policy was produced but was never actually approved and made official. Fiscal Impact: Having an official written policy will make it clear what our procedures are and help to ensure that the procedures are followed. Reviewed by Committee: Finance Prepared By: Kelly McBride 32

33 Drafted: 06/20/17 Enacted: Modified: Repealed: POLICY STATEMENT NO. 370 KIRKWOOD MEADOWS PUBLIC UTILITY DISTRICT FIXED ASSET AND CWIP CAPITALIZATION POLICY A. PURPOSE This policy statement defines the procedure for fixed asset and construction work in progress (CWIP) capitalization. B. FIXED ASSET CAPITALIZATION When a new asset is purchased with a value of $1,000 or more and has a useful life of more than 3 years it will be initially posted to the fixed asset pass through account #39999 in the respective fund that asset belongs to. The AP administrator will then fill out a capitalization form and give that form along with a copy of the invoice to the General Manager. The General Manager will also determine if the asset may be assigned an id in the Fixed Asset module of the accounting system and depreciation of that asset may begin. C. CONSTRUCTION WORK IN PROGRESS (CWIP) CAPITALIZATION When a new CWIP project begins an account is created in the general ledger that all costs associated with the project will be posted to. This includes vendor invoices as well as any payroll and overhead costs. When the project is completed a capitalization form is filled out by the Staff Accountant and this form along with all the backup associated with all the costs posted to CWIP account is given to the General Manager. The General Manager then assigns a useful life and signs the form to close the project. The Staff Accountant will then assign an id to that project in the Fixed Asset module and begin depreciation. D. ASSET LIFE The General Manager will utilize the Asset Life Schedule (attached) for normally recurring assets and assign a useful life accordingly. For new assets not defined under the Asset Life Schedule, the General Manger will assign a useful life, based upon industry standards and generally recognized useful life expectancies for the particular asset. Page 1 of 1 33

34 KMPUD Asset Life Schedule Facilities Useful Life Water Treatment Plant 40 Wastewater Treatment Plant 40 Powerhouse 50 General Building/Structures 40 Water and Wastewater Pipelines 75 Propane Pipelines 35 Electric Transmission Facilities 30 Pump/Lift Station 40 Pressure Reducing Station 40 Transformers/Switchgear/Substations 25 Groundwater Wells 50 Monitoring Wells 60 Water Storage Tanks 50 Wastewater Tanks 40 Propane Tanks 30 Propane Vaporizer/Water Bath 15 lndividual ltems Sewer Manhole 30 Shop/Field Tools 10 Water Meters 10 Fire Hydrants 40 Lab Equipment 10 Office Furniture/Equipment 15 Emergency Generators 25 Backhoe, Loaders, Heavy Equipment 15 Service Trucks 7 Vacuum Soil Removal Equipment 12 Electronic Equipment SCADA Servers 5 PLC/Equipment 5 Office/Back-Up Servers 5 Office Computers 5 Security Equipment 5 1/5/

35 Finance Committee Meeting 1/9/2017 Agenda Item 6 Requested Action: STAFF REPORT Account Write Offs/Bad Debt That the District create an official procedure on uncollectible accounts. Background: Currently the District has several accounts that have been disconnected for several years due to the property being sold and the previous owner of the property not paying final balances on the account. These accounts that have unpaid balances are seemingly uncollectible as demonstrated by the age of the balance. We would like to create a procedure that clearly states when the account is deemed uncollectible and can be written off to bad debt. Fiscal Impact: Having a specific procedure in place would allow the District to write off uncollectible accounts in a timelier fashion. Reviewed by Committee: Finance Prepared By: Kelly McBride 35