NORTH TAHOE PUBLIC UTILITY DISTRICT
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- Carmel Chambers
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1 NORTH TAHOE PUBLIC UTILITY DISTRICT FEBRUARY 14, 2017 REVIEW FINANCIAL DATA Financial Update for Board 1
2 WHERE DID WE COME FROM? WHERE ARE WE HEADED? Financial Update for Board 2
3 Financial Update for Board 3
4 POINTS TO MAKE 1) DISTRICT HAS RESERVES 2) OPERATING RATES NOT ADEQUATE TO SUSTAIN FINANCIAL SECURITY 3) OPERATING DEFICITS WILL ERODE RESERVES IF NO ACTION IS TAKEN 4) EVENT CENTER PROPOSED CHANGES APPEAR TO IMPROVE RECREATION FUTURE 5) SYSTEM REPLACEMENT FEES PLUS CONNECTION FEES PROVIDE FOR CIP a) SEWER = $600,000 b) WATER = $900,000 c) IF MORE CAN BE ACCOMPLISHED AND MORE IS DESIRED 1) GRANTS 2) ISSUE DEBT 6) DISTRICT HAS BEEN ABLE TO BUDGET WELL ALLOWING FORECASTING ALBEIT: a) DISTRICT HAS HISTORICALLY MODESTLY OUTPERFORMED BUDGET, STAVING OFF RATE INCREASES b) DISTRICT HAS RECEIVED REDEVELOPMENT RESIDUAL PASS THROUGH, PROVIDING UNBUDGETED REVENUES, FUTURE AMOUNTS MAY BE VERY HELPFUL IS NOT RELIABLE OR ABLE TO BE BUDGETED Financial Update for Board 4
5 QUESTION; WHERE ARE WE HEADED? HOW MUCH OF THE CIP [CAPITAL IMPROVEMENT PLAN] CAN DISTRICT ACCOMPLISH: WITHIN 1YEAR, WITHIN 3 YEARS DESIGN PROJECTS TO FIT WITHIN FUNDING; OR DESIGN FUNDING TO FIT PROJECTS? PRIORITIZATION INCLUDING RISK OF FAILURE AND CONSEQUENCE OF FAILURE PAY-AS-YOU-GO; OR ISSUE DEBT? FUTURE RDA RESIDUAL PASS THROUGH AMOUNTS? FUTURE PROPERTY TAX REVENUE Financial Update for Board 5
6 OVERALL [CONSOLIDATED] THE DISTRICT IS IN GREAT SHAPE DISTRICT HAS CASH DISTRICT HAS RESERVES RESTRICTED DESIGNATED UNRESTRICTED AND UNDESIGNATED SEWER OPERATING FUND IS RUNNING AT A LOSS WATER OPERATING FUND IS RUNNING AT A LOSS RECREATION AND PARKS IS OPERATING AT A LOSS Financial Update for Board 6
7 DISTRICT HAS 14 OPERATING FUNDS 12 ARE OK 2 ARE NOT OK, SEWER OPERATING FUND IS RUNNING AT A LOSS EQUATING TO 48% OF RATES SUGGESTING A $4.52 PER MONTH RATE INCREASE. WATER OPERATING FUND IS RUNNING AT A LOSS EQUATING TO 14% OF RATES SUGGESTING A $5.88 PER MONTH RATE INCREASE RECREATION WAS OPERATING AT A LOSS EQUATING TO 71% OF THE MONTHLY SEWER FEE OF $9.50 = $6.72. ASSUMING EVENT CTR MANAGEMENT IS CONTRACTED OUT, RECREATION CAN CONTRIBUTE TO RESERVES. IF REVENUE DOES NOT INCREASE, DEFICITS WILL ERODE RESERVES Financial Update for Board 7
8 Cash and Investments Statement Date Institution/Account Number Market Value Description Bank of the West 11/30/ $464, General Checking 11/30/ , Payroll 11/30/ , Utility Billing Deposit Account 11/30/ , Event Center Deposit Account 11/30/ , Event Center Vendor Acct. 11/30/ , Administrative Vendor Acct. 11/30/ , Parks Dept. Sweep Account 521, Total Bank of the West Local Agency Investment Fund 11/30/ ,560, General Investment Acct. net of Reserve UBS Financial Services Inc. 11/30/16 OG ,108, Cash Balance " 3,541, Certificates of Deposit " Asset Backed Securities " 21, Mutual Funds " 0.00 U.S. Government Securities " 9, Accrued Interest 4,681, Total UBS Financial Services Inc. Total Unrestricted Cash and Investments: $8,763, Restricted Statement Date Institution/Account Number Market Value Description Bank of the West 11/30/ $6, FSA 11/30/ , HRA 11/30/16 49, Deposit re; Agreement to Negociate Bank of the West 11/30/16 Reserve Fund for 2010 B of A Install Sale , Building Corp - Install.Payment Fund US bank 11/30/ Building Corp - Install.Payment Fund 11/30/ Building Corp - Reserve Fund Bank of the West Financial Update for Board 8 10/03/16 Various 180, TRPA C.D.'s Total Restricted Cash and Investments: $905, Total Cash and Investments: Total Cash and Investments: $9,668,418.01
9 District has reserves North Tahoe Public Utility District November 2016 Cash and Investments : Unrestricted and Undesignated Reserves Description Sewer Water Recreation Total Sub Total at 6/30/2016 ESTIMATED - From June Report $ 5,781,909 $ 2,642,574 $ 556,880 $ 8,981,363 Transfer from Admin. to fund 95% of Event Center est. loss (118,000) 118, Transfer from Sewer to fund 50% of Regional Park est. loss (37,590) 37,590 0 Transfer from Sewer re: Park Maint. Building (262,284) 262,284 0 Sub Total at 6/30/2016 ESTIMATED - From June Report 5,364,035 2,642, ,754 8,981,363 Adjustment to June 2016 ESTIMATED 1,108,173 (8,339) (110,727) 989,107 Revised Total ESTIMATED at June 30, ,472,208 2,634, ,027 9,970, ed Income (Loss) YTD 138,219 (36) (583,201) (445,018) 2017 Transfers (177,000) 177, Principal Payments on Debt (304,555) (304,555) 2017 Depreciation YTD 940, , ,000 2,400, Capital - net of Grants (263,875) (103,180) 0 (367,055) Sub Total at 6/30/2017 ESTIMATED 7,109,552 3,126,464 1,017,826 11,253,842 Less Amt for CIP - Syst 6/30/2016 (1,152,827) (1,633,023) (2,785,850) Less Amt for CIP - Syst Replace 2017 (337,033) (698,375) (1,035,408) Less Amount Restricted for Federal/State Mandates (790,304) (532,530) (1,322,834) Less Capital Carryovers Less Grants 5,779 5,779 Less Adjustments for Capital (27,280) (27,280) Financial Update for Board Less Designated for Vehicle Replacement (1,000,000) (1,000,000) 9 Estimated Reserves June 30, ,829, , ,325 5,088,249 Less Board Policy - Minimum Reserve (1,349,464) (674,732) (337,366) (2,361,562) Estimated Reserves June 30, 2017 Greater (Less) Than Board Goal $ 2,479,924 $ (412,196) $ 658,959 $ 2,726,687
10 DISTRICT SERVES 5,524 SEWER CONNECTIONS 3,828 WATER CONNECTIONS POPULATION PER 2010 CENSUS 6, Financial Update for Board 10
11 Single Family Residential Rates Monthly 2017 Annually Sewer Base Charge $ 9.50 $ System Replacement Fee $ 8.15 $ Federal & State Mandate Fee $ 1.41 $ $ $ Water Base Charge $ $ Metered Water System Replacement Fee $ $ Federal & State Mandate Fee $ 1.41 $ $ $ Total Sewer and Water $ $ 1, Recreation Community Facilities District 94 1 $ 7.86 $ District Total $ $ 1, Financial Update for Board 11
12 $ $ $ Water (assuming 6,000 gal of consumption) Sewer Water and Sewer Fee Comparison January 2017 $ $ $39.25 $45.00 $32.59 $82.90 $53.75 $80.00 $60.00 $19.06 $19.06 $19.06 $65.73 $19.00 $37.46 $40.00 $20.00 $65.27 $52.55 $67.09 $79.99 $87.91 $34.76 $77.76 $54.11 $82.23 $74.00 $96.46 $ North Tahoe Public Utility District Agate Bay Fulton Water Tahoe City Public Utility District Squaw Valley County Service District Incline General Improvement District Town of Truckee South Tahoe Public Utility District Alpine Meadows Water District North Star Community Facility District Kingsbury Financial Update for Board 12
13 WHERE DID WE COME FROM? $25 $20 Sewer Rate History Monthly rates $15 $10 $5 $ Monthly Sewer Charge System Replacement Fee Federal and State Mandate Fee Financial Update for Board 13
14 WHERE DID WE COME FROM? Water Rate History $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $ Base Charge System Replacement Fee Federal and State Mandate Fee Financial Update for Board 14
15 Financial Update for Board 15
16 Financial Update for Board 16
17 Financial Update for Board 17
18 Financial Update for Board 18
19 Some Revenue is Restricted Operating Revenue is $9,550, Financial Update for Board 19
20 Financial Update for Board 20
21 BUDGETS AND RATES ASSUME ADMINISTRATIVE COST ALLOCATION ADMINISTRATIVE COSTS ARE ALLOCATED USING THE MARGINAL COST METHOD IF A DIFFERENT METHOD IS USED RATES WOULD NEED TO BE DIFFERENT $3,500,000 $3,000,000 $2,500,000 $2,000,000 Administrative Cost Allocation 2017 $3,026,420 $1,500,000 $1,000,000 $805,230 $500,000 $ $58,350 Sewer Water Rec Financial Update for Board 21
22 FOR COMPARISON ADMINISTRATIVE COSTS - MARGINAL COST METHOD ADMINISTRATIVE COSTS - OPERATING COST METHOD IF A DIFFERENT METHOD IS USED RATES WOULD NEED TO BE DIFFERENT Sewer Water Rec Net Marginal Cost Method Administrative Cost $ 3,026,420 $ 805,230 $ 58,350 $ 3,890,000 Administrative Cost as a % of the total 78% 21% 2% 100% Operating Cost Method Operating Expenses (2017 ) $ 7,171,856 $ 3,737,265 $ 1,966,138 $ 12,875,259 Operating Expenses as a % of the total 56% 29% 15% 100% Administrative Cost $ 2,166,832 $ 1,129,139 $ 594,029 $ 3,890,000 Difference $ (859,588) $ 323,909 $ 535,679 $ CONCLUSION RECREATION CAN T AFFORD AN ADDITIONAL ADMINISTRATIVE FEE WITHOUT ADDITIONAL REVENUE WATER CAN T AFFORD AN ADDITIONAL ADMINISTRATIVE FEE WITHOUT AN ADDITIONAL RATE INCREASE Financial Update for Board 22
23 Financial Update for Board 23
24 $3,500,000 Water Revenue and Expense History $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $ Expense Total Revenue Total Financial Update for Board 24
25 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 Recreation and Parks Revenue and Expense History Revenue Transfers Expenses Financial Update for Board 25
26 WHERE DID WE COME FROM? $9,000,000 $8,000,000 North Tahoe Public Utility District Revenue History vs. Actual $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $ Operating Revenue Non Operating Revenue Actual Operating Revenue Actual Non Operating Revenue Financial Update for Board 26
27 WHERE DID WE COME FROM? $10,000,000 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $ North Tahoe Public Utility District Expense History vs. Actual Actual Financial Update for Board 27
28 WHERE DID WE COME FROM? Financial Update for Board 28
29 WHERE DID WE COME FROM? WHERE ARE WE HEADED? North Tahoe Public Utility District Unrestricted Reserves and Projected Undesignated Reserves $10,000,000 $8,000,000 Audited $6,000,000 Projected $4,000,000 $2,000,000 $ Sewer Undesignated Water Undesignated Sewer Min. Water Min. Recreation Undesignated Rec Minimum Vehicle Replacement Sewer Designated and Undesignated Water Designated and Undesignated $(2,000,000) Financial Update for Board 29
30 WHERE ARE WE HEADED? Rate Change 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Tax increase % 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% COLA 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Inflation 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Five -Year History Actual Actual Actual Actual Sewer Operating $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $ FY2013 Actual FY2014 Actual Expenses Revenue Reserves FY2015 Actual FY2016 Actual FY2017 FY2018 FY2019 FY2020 FY2021 FY Financial Update for Board 30 $ Transfers Prop Tax Minimum Reserves
31 WHERE ARE WE HEADED? Rate Change 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Tax increase % 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% COLA 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Inflation 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Five -Year History FY2013 Actual FY2014 Actual FY2015 Actual FY2016 Actual FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Water Operations Fund $4,000,000 $4,000,000 $3,500,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $ $(500,000) FY2013 Actual FY2014 Actual FY2015 Actual FY2016 Actual FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 $500,000 $ Expense Principal Revenue Transfers In Minimum Reserves Reserves Financial Update for Board 31
32 WHERE ARE WE HEADED? Rate Change 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Tax increase % 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% COLA 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Inflation 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Five -Year History FY2013 Actual FY2014 Actual FY2015 Actual FY2016 Actual FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 Recreation and Parks Available for Deferred Maintenance $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $ FY2013 Actual FY2014 Actual FY2015 Actual FY2016 Actual FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 $0 Expense Capital less Grants Revenue CFD 94 1 Transfers In Reserves Board Minimum Financial Update for Board 32
33 WHERE ARE WE HEADED? Sewer Capital Improvement Plan - Five Year Focus Actual Total Five Year Focus Total Actual + Total Funding Sewer System Replacement Fee 4,804, , , , , ,908 2,879,542 7,684,148 Sewer Fed/State Mandate Fee (see F&S Mandate CIP) Connection Fees 443,868 25,000 25,000 25,000 25,000 25, , ,869 Grant Revenue 257, ,907 Southwest Gas/Arizona Pipeline 110, ,021 Reserves (to be determined) Total Revenue 5,616, , , , , ,909 3,004,543 8,620,945 Sewer CIP Projects Completed 4,552,772-4,552,772 Work In Process (89,198) - (89,198) Carryover - 305, , ,795 Five Year Focus - 12,400 2,000, ,000-2,419,400 2,419,400 Total Sewer CIP Projects 4,463, ,195 2,000, ,000-2,725,195 7,188,770 Fiscal Year Fund Balance (Over) Under 1,152, ,713 (1,399,092) 193, , , ,348 1,432,175 Running Accumulated Balance (Deficit) - 1,435,540 36, , ,265 1,432,175 1,432, Financial Update for Board 33
34 WHERE ARE WE HEADED? Sewer Capital Improvement Plan - Five Year Focus Actual Total Five Year Focus Total Actual + Total Detail by Project Sewer - budget Carryover per 2017 CFO Report 1311 KB Watershed Improvements - SWR 20,795 20,795 20, Gateway to Kings Beach Commercial Core Sewer Relocations 35,000 35,000 35, Carnelian Pump Station Rehabilitation 250, , , , , ,795 Sewer - budget per 2017 / 2021 Five Year Focus Amounts 1614 Gateway to Kings Beach Commercial Core Sewer Relocations 12,400 12,400 12, Carnelian Pump Station Rehabilitation - 2,000,000 2,000,000 2,000,000 FUTURE N-1 Sewer Pump Station Electrical Modifications 157, , ,000 FUTURE National Sewer Pump Station Rehabilitation - Design 100, , ,000 FUTURE D-5 Satellite rehab 150, , ,000 12,400 2,000, , ,419,400 2,419, Financial Update for Board 34
35 WATER CIP BALANCE AT JUNE 30, 2016 $1,633, SYSTEM REPLACEMENT FEES $1,040, CONNECTION FEES (EST.) $80,000 SUB TOTAL $2,753,000 LESS DEBT SERVICE - $223,000 AVAILABLE THRU JUNE 30, 2017 $2,530, Financial Update for Board 35
36 Water Capital Improvement Plan - Five Year Focus Actual Total WHERE ARE WE HEADED? - Five Year Focus Water System Replacement Fee ,781,905 1,040,000 1,040,000 1,040,000 1,040,000 1,040,000 5,200,000 13,981,905 Connection Fees and ,221 80,110 80,110 80,110 80,110 80, , ,771 Grant Revenue 1,944, ,944,189 Total 11,264,314 1,120,110 1,120,110 1,120,110 1,120,110 1,120,110 5,600,550 16,864,864 Proceeds of Debt Financing - B of A Loan 4,500,000 4,500,000 15,764,314 1,120,110 1,120,110 1,120,110 1,120,110 1,120,110 5,600,550 21,364,864 Water CIP Projects Actual Projects 13,562,955 13,562,955 Construction In Progress (100,569) (100,569) Debt Service 668, , , , , ,968 1,114,840 1,783,744 Carryover of Prior Year 1,011,174 1,011,174 1,011,174 Current Year 89,180 1,500,000 1,635,000-3,224,180 3,224,180 Current Year Adjustments - - Total Water CIP Projects 14,131,291 1,323,322 1,722,968 1,857, , ,968 5,350,194 19,481,485 Fiscal Year Fund Balance (Over) Under 1,633,023 (203,212) (602,858) (737,858) 897, , ,356 1,883,379 Water CIP Funding Running Balance 1,429, ,953 89, ,237 1,883,379 1,883, Financial Update for Board 36
37 WHERE ARE WE HEADED? Carryover NAWTP Phase II 34,824 34,824 34, KB Comm Core Waterline Relocat 256, , , KB Watershed Improvements WTR Kings Beach Water Storage Tank Rehabilitation 2,500 2,500 2, Gateway to Kings Beach Commercial WTR Relocations 145, , , Dolly Varden Water Main Replacement Project 447, , , National Avenue Water Treatment Plant Imp Phase 3 50,000 50,000 50, Northside Salmon Services 75,000 75,000 75,000 1,011, ,011, , NAWTP Phase II Gateway to Kings Beach Commercial - WTR Relocations 89,180 89,180 89, National Avenue Water Treatment Plant Improvements Phase 3 125, , ,000 National Avenue Water Treatment Plant Third Booster Pump 25, , , ,000 Carnelian Woods #1 Water Storage Tank Rehabilitation 350, , ,000 Canterbury Water Main Replacement Project Phase 2 485, , ,000 Carnelian to Watson Creek Water Main Replacement Project 1,000,000 1,000,000 1,000,000 Loch Levon Water Main Replacement Project 1,000,000 1,000,000 1,000,000 89,180 1,500,000 1,635,000-3,224, Financial Update for Board 37
38 WHERE ARE WE HEADED? WATER CIP DECISIONS: 1. Continue pay as you go? 2. Borrow and do more projects Financial Update for Board 38
39 WATER - CIP DEBT BANK OF AMERICA LEASING PRINCIPAL OUTSTANDING AT 1/1/2017 $3,503,868 SEMI ANNUAL PAYMENTS $222,968 INTEREST RATE 3.95% TERM 15 YEARS WITH LAST PAYMENT 2/1/ Financial Update for Board 39
40 WATER CIP DECISION WHERE ARE WE HEADED? PROS CONS PAY AS YOU GO ZERO INTEREST SAVING $7,281,000 OVER 25 YEAR NOTE OF $9,544,000. LIMITED TO $1,120,000 LESS DEBT SERVICE OF $222,968 ON B OF A NOTE, BORROW ACCOMPLISH 5-10 TIMES AS MUCH IN A SINGLE YEAR PAY DEBT WITH CHEAPER DOLLARS (INFLATION) BENEFIT S COST IS SPREAD OVER LIFE OF ASSET DEBT EQUALIZES EVERYONE S PAYMENT AS THEY COME AND GO OFF THE SYSTEM. LOWER CONSTRUCTION COSTS AS CONSTRUCTION COSTS EXPECTED TO RISE INTEREST RATES ARE EXPECTED TO RISE LIMITED TO $1,120,000 LESS DEBT SERVICE OF $222,968 ON B OF A NOTE, LESS COVERAGE = $ 673,032 PER YEAR AVAILABLE FOR DEBT SERVICE WHICH PROVIDES $9,500,000 ON 25 YEAR NOTE AT 5% INTEREST EXPENSE (IE: $7,281,000 ON $9,500,000 LOAN OVER 25 YEARS AT 5%) COST OF ISSUANCE ATTORNEY FINANCIAL ADVISOR BANKS ATTORNEY Financial Update for Board 40 NOT MUCH IF ANY LEFT FOR ADDITIONAL PROJECTS UNTIL DEBT IS PAID OFF, END OF TERM
41 WATER CIP WHERE ARE WE GOING? Borrowing Capacity Years Rate (Annual) 3.00% $ 5,777,521 $ 8,081,714 $ 10,067,160 $ 11,777,955 $ 13,252, % $ 5,502,519 $ 7,536,766 $ 9,205,556 $ 10,574,546 $ 11,697, % $ 5,246,003 $ 7,043,378 $ 8,447,485 $ 9,544,372 $ 10,401, % $ 5,006,508 $ 6,595,862 $ 7,778,491 $ 8,658,477 $ 9,313, % $ 4,782,701 $ 6,189,218 $ 7,186,324 $ 7,893,190 $ 8,394, Financial Update for Board 41
42 WHERE ARE WE GOING? Federal & State Mandate Plan - Five Year Focus Actual - Five Year Focus Total Total Funding Sewer Fed/State Mandate Fee 838,668 57, , ,946 Water Fed/State Mandate Fee 529,530 36, , ,744 Grant Revenue - 150, , ,000 Total Revenue 1,368, , ,492 1,611,690 Eligible Projects Expended 53,164-53,164 1,064,763-1,064,763 Carryover 200, , ,000 Total Sewer CIP Projects 1,117, , ,000 1,317,928 Fiscal Year Fund Balance (Over) Under 250,270 43, , ,763 Running Accumulated Balance (Deficit) 250, , , , , , , Financial Update for Board 42
43 $5,000,000 $4,000,000 Poperty Tax + Measure C Allocation by Department $3,000,000 $2,000,000 $1,000,000 $ Sewer Water Recreation Financial Update for Board 43
44 Financial Update for Board 44
45 Property Tax and RDA Residual Distribution $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $ Property Tax Rev Prop tx ABX1 26 Residual Distr Financial Update for Board 45
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