Sewer Utility Cash Flow and Debt Analysis No Phosphorus Improvements Option
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1 September 11, 2015 Utility Cash Flow and Debt Analysis No Phosphorus Improvements Option City of Oshkosh, Wisconsin Prepared by: Jon Cameron Municipal Advisor And Todd Taves, CIPMA Senior Municipal Advisor/Principal
2 & Water Utilities Cash Flow and Debt Analysis Supporting Worksheets Schedule Page Utility Capital Improvement Plan 1 Utility Debt Sizing Worksheet 2 Utility Projected Amortization Schedule 3 Utility Cash Flow Analysis Summary 6 Utility Operations Cash Flow Analysis Detailed Historical and Projected 7 Utility Statement of Projected Debt Service Coverage 8
3 CITY OF OSHKOSH WASTEWATER UTILITY CAPITAL IMPROVEMENT IMPLEMENTATION PROGRAM NOTE: ALL COSTS REPORTED IN 2015 DOLLARS YEAR DESCRIPTION Comprehensive Streets/Utilty Improvements $2,547,200 $5,564,800 $4,959,700 $5,369,300 $3,419,000 $4,372,000 $4,590,600 $4,820,130 $5,061,137 $5,314,193 Comprehensive Streets New Development $2,800 $560 $588 $617 $648 $681 $250,000 $253,000 $100,600 $105,630 $110,912 $116,457 $122,280 Public Infrastructure Improvements Other Streets $4,946,200 $251,500 $250,000 $1,089,540 $1,144,017 $1,201,218 $1,261,279 $1,324,343 Public Infrastructure Improvements Other Utilities $370,000 $74,000 $77,700 $81,585 $85,664 $89,947 Public Infrastructure Improvements Wastewater Utility $3,969,000 $1,567,100 $2,350,900 $1,650,000 $9,074,400 $3,722,280 $3,908,394 $4,103,814 $4,309,004 $4,524,455 Public Property Improvements Utility $30,000 $1,105,000 $1,815,000 $26,420,000 $25,480,000 Major Equipment $1,200,000 $4,800,000 $4,743,000 $30,000 $415,000 Major Equipment Vehicles $85,000 $45,000 $418,000 Tax Increment Financing (TIF) District Improvements Reduction in Capital cost due to Operating Cash Contribution $678,000 $750,000 $850,000 $900,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 Sub Total $12,387,200 $12,623,400 $13,313,600 $33,237,300 $37,841,400 $8,558,980 $9,026,929 $9,518,275 $10,034,189 $10,575,899 MISCELLANEOUS WASTEWATER PROJECTS Phosphorus compliance upgrades $25,000,000 $25,000,000 Replace truck 971 $50,000 Broad Street make up air unit #1 $15,000 Final clarifer #3, #4 floor replacement $400,000 Grit blowers replacement $650,000 Repalce truck 970 $50,000 Lift stations soft start replacement $40,000 Bowen Street station upgrade $750,000 $2,750,000 Prairie Court Panel $25,000 Clean Digester #2 $70,000 Lift Station replacement $250,000 $1,250,000 Clean Digester #3 $70,000 WWTP UPS $50,000 Clean Digester #1 $70,000 New Lakeview lift station $250,000 $2,225,000 Primary effluent pump replacement $60,000 Sub Total $0 $0 $0 $0 $0 $25,465,000 $26,490,000 $3,095,000 $1,620,000 $2,355,000 OPERATING EXPENSES secap & CMOM Program /Future studies $100,000 $100,000 $100,000 $100,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 WWTP & Lift Station Asset Management Plan $150,000 Phosphorus Compliance Alternatives Plan $200,000 Lateral Asset Management $150,000 Phosphorus Compliance Progress Report $50,000 Capital Projects Cash Contribution $678,000 $750,000 $850,000 $900,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 Sub Total (Operating Expenses) $1,128,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 GRAND TOTAL CAPITAL WITH PHOSPHORUS COMPLIANCE $12,387,200 $12,623,400 $13,313,600 $33,237,300 $37,841,400 $34,023,980 $35,516,929 $12,613,275 $11,654,189 $12,930,899 GRAND TOTAL CAPITAL WITHOUT PHOSPHORUS COMPLIANCE $12,387,200 $12,623,400 $13,313,600 $8,237,300 $12,841,400 $9,023,980 $10,516,929 $12,613,275 $11,654,189 $12,930,899 YEARLY TOTAL WITH PHOSPHORUS COMPLIANCE $13,515,200 $13,623,400 $14,313,600 $34,237,300 $38,841,400 $35,023,980 $36,516,929 $13,613,275 $12,654,189 $13,930,899 YEARLY TOTAL WITHOUT PHOSPHORUS COMPLIANCE $13,515,200 $13,623,400 $14,313,600 $9,237,300 $13,841,400 $10,023,980 $11,516,929 $13,613,275 $12,654,189 $13,930,899 CUMULATIVE TOTAL WITH PHOSPHORUS COMPLIANCE $13,515,200 $27,138,600 $41,452,200 $75,689,500 $114,530,900 $149,554,880 $186,071,809 $199,685,084 $212,339,274 $226,270,172 CUMULATIVE TOTAL WITHOUT PHOSPHORUS COMPLIANCE $13,515,200 $27,138,600 $41,452,200 $50,689,500 $64,530,900 $74,554,880 $86,071,809 $99,685,084 $112,339,274 $126,270,172 Total Amount for Borrowing Inflated to Future Dollars $12,387,200 $13,262,460 $14,337,291 $9,092,438 $14,528,865 $10,465,050 $12,501,324 $15,368,051 $14,554,485 $16,552,644 Total Capital Improvement Projects in Future Dollars $13,065,200 $14,050,428 $15,252,648 $10,085,870 $15,433,992 $11,392,805 $13,452,272 $16,342,774 $15,553,576 $17,576,711 Page 1
4 City of Oshkosh, WI Utility Capital Improvments Financing Plan For Discussion Only Revenue Bond Dated Dated Dated Dated Dated Dated Dated Dated Dated Dated CIP Projects 1 13,065,200 14,050,428 15,252,648 10,085,870 15,433,992 11,392,805 13,452,272 16,342,774 15,553,576 17,576,711 Less Other Available Revenues Utility Cash On Hand (678,000) (787,969) (915,357) (993,432) (905,127) (927,755) (950,949) (974,722) (999,090) (1,024,068) Net Borrowing Requirement 12,387,200 13,262,460 14,337,291 9,092,438 14,528,865 10,465,050 12,501,324 15,368,051 14,554,485 16,552,644 Debt Service Reserve Existing Reserve Fund (2,736,898) (3,835,686) (5,001,031) (6,289,517) (7,009,791) (8,076,528) (8,853,322) (9,683,934) (10,777,207) (11,689,450) New Debt Service Reserve Requirement 3,835,686 5,001,031 6,289,517 7,009,791 8,076,528 8,853,322 9,683,934 10,777,207 11,689,450 12,746,925 Subtotal Reserve Fund Requirement 1,098,788 1,165,345 1,288, ,274 1,066, , ,612 1,093, ,243 1,057,475 Estimated Issuance Expenses 235, , , , , , , , , ,505 TOTAL TO BE FINANCED 13,721,953 14,674,304 15,889,107 9,995,259 15,858,365 11,448,360 13,565,938 16,736,275 15,727,003 17,900,624 Estimated Interest Earnings (3,097) (3,316) (3,584) (2,273) (3,632) (2,616) (3,125) (3,842) (3,639) (4,138) Rounding 1,144 4,011 4,477 2, ,257 2,187 2,567 1,635 3,514 NET BOND SIZE 13,720,000 14,675,000 15,890,000 9,995,000 15,855,000 11,450,000 13,565,000 16,735,000 15,725,000 17,900,000 NOTES: Prepared by Ehlers Leaders in Public Finance Page 2 9/11/2015 File: Revised Alt Scen No Phosphorus Oshkosh Utilities Cash Flow Analysis / CIP Sizing
5 Year City of Oshkosh Projected System Revenue Proposed System s, Series 2016 Proposed System s, Series 2017 Proposed System s, Series 2018 $13,720,000 $14,675,000 $15,890,000 Dated Dated Dated Proposed System s, Series 2019 $9,995,000 Dated Prin (5/1) Est. Rate 1 Interest Total Prin (5/1) Est.Rate 2 Interest Total Prin (5/1) Est.Rate 3 Interest Total Prin (5/1) Est.Rate 3 Interest Total , % 663,447 1,068, , % 521,944 1,066, , % 768,440 1,128, , % 510,993 1,065, , % 604,146 1,129, , % 936,705 1,281, , % 498,412 1,068, , % 590,878 1,130, , % 736,306 1,281, , % 589, , , % 484,051 1,069, , % 575,895 1,130, , % 719,777 1,279, , % 463, , , % 467,687 1,067, , % 559,095 1,129, , % 701,325 1,281, , % 452, , , % 449,394 1,064, , % 540,172 1,130, , % 680,751 1,280, , % 441, , , % 429,335 1,069, , % 519,102 1,129, , % 657,800 1,277, , % 428, , , % 407,487 1,067, , % 496,090 1,131, , % 632,424 1,277, , % 413, , , % 383,565 1,068, , % 471,086 1,131, , % 604,725 1,279, , % 398, , , % 357,505 1,067, , % 443,802 1,128, , % 574,629 1,279, , % 380, , , % 329,609 1,064, , % 414,147 1,129, , % 541,815 1,276, , % 361, , , % 299,444 1,064, , % 382,200 1,132, , % 506,053 1,281, , % 340, , , % 266,805 1,066, , % 347,491 1,132, , % 467,527 1,277, , % 318, , , % 231,889 1,066, , % 310,006 1,130, , % 425,713 1,280, , % 294, , , % 194,757 1,064, , % 269,928 1,129, , % 380,335 1,280, , % 267, , , % 155,549 1,065, , % 227,074 1,132, , % 331,575 1,281, , % 239, , , % 114,142 1,069, , % 181,577 1,131,577 1,000, % 279,355 1,279, , % 208, , , % 70,458 1,065, , % 133,531 1,128,531 1,055, % 223,815 1,278, , % 175, , ,045, % 24,035 1,069,035 1,050, % 82,605 1,132,605 1,115, % 164,785 1,279, , % 140, , ,105, % 28,178 1,133,178 1,175, % 102,033 1,277, , % 103, , ,245, % 34,860 1,279, , % 64, , , % 21, , Total 14,480,000 6,860,504 21,340,504 14,665,000 7,945,439 22,610,439 15,890,000 9,702,305 25,592,305 9,995,000 6,105,742 16,100,742 NOTES: 1 Estimated rates are based on the planning estimates for the City's August, 2015 Sale plus 50 basis points 2 Estimated rates are taken from 2016 sale estimates plus 50 basis points. 2 Estimated rates are taken from 2017 sale estimates plus 50 basis points. Prepared by Ehlers Leaders in Public Finance Page 3 9/11/2015 File: Revised Alt Scen No Phosphorus Oshkosh Utilities Cash Flow Analysis / Rev CIP Plan
6 Proposed System s, Proposed System s, Proposed System s, Proposed System s, Series 2020 Series 2021 Series 2022 Series 2023 $15,855,000 $11,450,000 $13,565,000 $16,735,000 Dated Dated Dated Dated Prin (5/1) Est.Rate 3 Interest Total Prin (5/1) Est.Rate 3 Interest Total Prin (5/1) Est.Rate 3 Interest Total Prin (5/1) Est.Rate 3 Interest Total 340, % 934,918 1,274, , % 735,024 1,275, , % 675, , , % 718,567 1,278, , % 530, , , % 799,879 1,089, , % 700,199 1,275, , % 518, , , % 628,828 1,093, , % 986,783 1,346, , % 679,709 1,279, , % 505, , , % 614,692 1,094, , % 775,782 1,345, , % 656,758 1,276, , % 490, , , % 598,912 1,093, , % 758,428 1,348, , % 631,382 1,276, , % 474, , , % 581,390 1,091, , % 739,006 1,349, , % 603,683 1,278, , % 456, , , % 561,823 1,091, , % 717,386 1,347, , % 573,587 1,278, , % 436, , , % 540,159 1,090, , % 693,209 1,348, , % 540,773 1,275, , % 414, , , % 516,552 1,091, , % 666,430 1,346, , % 505,131 1,275, , % 390, , , % 490,927 1,090, , % 637,262 1,347, , % 466,725 1,276, , % 364, , , % 462,896 1,092, , % 605,529 1,350, , % 425,039 1,275, , % 337, , , % 432,346 1,092, , % 570,894 1,345, , % 379,789 1,279, , % 306, , , % 399,409 1,094, , % 533,238 1,348, , % 331,162 1,276, , % 274, , , % 363,624 1,093, , % 492,645 1,347,645 1,000, % 279,075 1,279, , % 239, , , % 324,839 1,094, , % 448,572 1,348,572 1,055, % 223,535 1,278, , % 201, , , % 283,196 1,093, , % 400,737 1,350,737 1,115, % 164,505 1,279, , % 161, , , % 238,607 1,093,607 1,000, % 349,342 1,349,342 1,175, % 101,753 1,276, , % 118, , , % 191,175 1,091,175 1,055, % 294,309 1,349,309 1,240, % 34,720 1,274, , % 73, , , % 140,850 1,090,850 1,110, % 235,796 1,345, , % 25, ,060 1,005, % 87,278 1,092,278 1,175, % 173,638 1,348,638 1,065, % 29,820 1,094,820 1,240, % 107,460 1,347,460 1,310, % 36,680 1,346,680 15,855,000 9,686,032 25,541,032 11,450,000 6,995,872 18,445,872 13,565,000 8,287,198 21,852,198 16,735,000 10,223,123 26,958,123 Prepared by Ehlers Leaders in Public Finance Page 4 9/11/2015 File: Revised Alt Scen No Phosphorus Oshkosh Utilities Cash Flow Analysis / Rev CIP Plan
7 Proposed System s, Series 2024 $15,725,000 Dated Proposed System s, Series 2025 $17,900,000 Dated Total Annual Principal Payment Total Annual Interest Payment Total Annual P&I Prin (5/1) Est.Rate 3 Interest Total Prin (5/1) Est.Rate 3 Interest Total , ,447 1,068, ,000 1,290,384 2,195, ,425,000 2,051,844 3,476, ,870,000 2,414,931 4,284, ,380,000 3,177,967 5,557, ,890,000 3,591,281 6,481, ,410,000 4,160,900 7,570, ,050,000 4,869,389 8,919, , % 927,211 1,267,211 4,735,000 5,453,074 10,188, , % 728,930 1,263, , % 1,055,523 1,440,523 5,480,000 6,146,925 11,626, , % 712,623 1,267, , % 829,821 1,439,821 5,905,000 5,725,179 11,630, , % 694,417 1,264, , % 811,271 1,441,271 6,130,000 5,491,845 11,621, , % 674,191 1,264, , % 790,554 1,440,554 6,390,000 5,236,420 11,626, , % 651,518 1,266, , % 767,450 1,442,450 6,670,000 4,957,371 11,627, , % 626,343 1,266, , % 741,582 1,441,582 6,970,000 4,653,793 11,623, , % 598,853 1,268, , % 712,895 1,442,895 7,315,000 4,324,673 11,639, , % 568,975 1,268, , % 681,630 1,441,630 7,660,000 3,969,436 11,629, , % 536,390 1,266, , % 647,717 1,442,717 8,050,000 3,587,261 11,637, , % 500,984 1,265, , % 610,687 1,440,687 8,450,000 3,177,036 11,627, , % 462,821 1,267, , % 570,427 1,440,427 8,905,000 2,737,103 11,642, , % 421,386 1,266, , % 527,038 1,442,038 8,275,000 2,291,289 10,566, , % 376,525 1,266, , % 479,825 1,444,825 7,570,000 1,869,392 9,439, , % 328,292 1,268,292 1,015, % 428,629 1,443,629 6,675,000 1,484,984 8,159, , % 276,608 1,266,608 1,070, % 373,676 1,443,676 6,210,000 1,135,144 7,345, ,045, % 221,608 1,266,608 1,125, % 314,895 1,439,895 5,245, ,477 6,067, ,105, % 163,122 1,268,122 1,190, % 252,327 1,442,327 4,600, ,729 5,152, ,165, % 100,918 1,265,918 1,255, % 185,817 1,440,817 3,730, ,414 4,053, ,230, % 34,440 1,264,440 1,325, % 115,118 1,440,118 2,555, ,558 2,704, ,405, % 39,340 1,444,340 1,405,000 39,340 1,444, ,725,000 9,606,152 25,331,152 17,900,000 10,936,216 28,836, ,260,000 86,348, ,608,583 Year Discussion Only Prepared by Ehlers Leaders in Public Finance Page 5 9/11/2015 File: Revised Alt Scen No Phosphorus Oshkosh Utilities Cash Flow Analysis / Rev CIP Plan
8 Utility Cash Flow Analysis Projected City of Oshkosh Discussion Only Revenues Total Revenues from User Rates $11,632,532 $12,795,785 $14,075,364 $15,482,900 $16,721,532 $18,059,255 $19,503,995 $21,064,315 $22,749,460 $24,341,922 $25,559,018 Percent Increase to User Rates Required 0% 10% 10% 10% 8% 8% 8% 8% 8% 7% 5% Cumulative Percent Rate Increase 0% 10% 21% 31% 41% 49% 61% 69% 83% 90% 99% Dollar Amount Increase to Revenues Required $0 $1,163,253 $1,279,579 $1,407,536 $1,238,632 $1,337,723 $1,444,740 $1,560,320 $1,685,145 $1,592,462 $1,217,096 Other Revenues Interest Income $125,239 $138,545 $143,142 $149,289 $156,079 $161,569 $172,866 $185,958 $206,058 $231,248 $257,876 Other Income $545,000 $545,900 $546,818 $547,754 $548,709 $549,683 $550,677 $551,691 $552,725 $553,780 $554,856 Total Other Revenues $670,239 $684,445 $689,960 $697,043 $704,788 $711,252 $723,543 $737,649 $758,783 $785,028 $812,732 Total Revenues $12,302,771 $13,480,230 $14,765,324 $16,179,943 $17,426,320 $18,770,506 $20,227,538 $21,801,964 $23,508,243 $25,126,950 $26,371,750 Expenses Operating and Maintenance $6,623,893 $7,282,407 $7,286,967 $7,395,062 $7,559,375 $7,897,173 $8,131,353 $8,372,498 $8,620,816 $8,876,520 $9,139,831 Net Before Debt Service and Capital Expenditures $5,678,878 $6,197,823 $7,478,357 $8,784,880 $9,866,945 $10,873,334 $12,096,186 $13,429,466 $14,887,427 $16,250,430 $17,231,919 Debt Service Existing GO Bond P&I $1,504,448 $1,452,819 $1,397,198 $1,389,815 $1,245,504 $1,154,193 $907,034 $905,252 $833,188 $729,702 $575,419 Existing P&I $2,843,844 $3,607,276 $3,610,105 $3,605,312 $3,602,182 $3,399,305 $3,394,276 $3,081,997 $2,989,578 $2,939,490 $2,623,095 New ( ) Debt Service P&I $0 $1,068,447 $2,195,384 $3,476,844 $4,284,931 $5,557,967 $6,481,281 $7,570,900 $8,919,389 $10,188,074 Total Debt Service $4,348,292 $5,060,096 $6,075,750 $7,190,511 $8,324,529 $8,838,430 $9,859,276 $10,468,530 $11,393,666 $12,588,582 $13,386,587 Transfer Out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Cash Funded Capital Improvements $0 $678,000 $787,969 $915,357 $993,432 $905,127 $927,755 $950,949 $974,722 $999,090 $1,024,068 Net Annual Cash Flow $1,330,586 $459,727 $614,639 $679,013 $548,985 $1,129,778 $1,309,155 $2,009,987 $2,519,039 $2,662,758 $2,821,264 Restricted and Unrestricted Cash Balance Balance at first of year $12,523,913 $13,854,499 $14,314,226 $14,928,865 $15,607,878 $16,156,862 $17,286,640 $18,595,794 $20,605,782 $23,124,820 $25,787,578 Net Annual Cash Flow Addition/(subtraction) $1,330,586 $459,727 $614,639 $679,013 $548,985 $1,129,778 $1,309,155 $2,009,987 $2,519,039 $2,662,758 $2,821,264 Balance at end of year $13,854,499 $14,314,226 $14,928,865 $15,607,878 $16,156,862 $17,286,640 $18,595,794 $20,605,782 $23,124,820 $25,787,578 $28,608,842 Page 6 Prepared by Ehlers T:\Wisaccts\Oshkosh\Financial Planning\Rate Studies\2015 & Water Cash Flow Analysis\Draft Workpapers\Revised Alt Scen No Phosphorus Oshkosh Utilities Cash Flow Analysis
9 City of Oshkosh Utility Operations Cash Flow Analysis Discussion Only Actual Draft Audit Budget Projected Rates % Increase 0.00% 10.00% 10.00% 10.00% 8.00% 8.00% 8.00% 8.00% 8.00% 7.00% 5.00% 2 Revenue growth assumption - non-usage 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 3 Investment income yield 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 4 Expense growth - Operations 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 5 Expense growth - Maintenance 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 6 Expense growth - General and Administrative 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 10 Beginning net assets 52,237,747 54,479,308 56,274,660 58,568,221 59,773,629 61,105,463 62,855,108 65,036,253 67,322,468 70,066,932 73,044,983 76,746,939 81,082,756 85,784, Operating Revenues 13 charges 10,589,404 10,078,534 11,632,532 11,632,532 12,795,785 14,075,364 15,482,900 16,721,532 18,059,255 19,503,995 21,064,315 22,749,460 24,341,922 25,559, Miscellaneous 14,798 2, ,754 45,000 45,900 46,818 47,754 48,709 49,683 50,677 51,691 52,725 53,780 54, Total Operating Revenues 10,604,202 10,080,804 11,753,286 11,677,532 12,841,685 14,122,182 15,530,654 16,770,241 18,108,938 19,554,672 21,116,006 22,802,185 24,395,702 25,613, Operating Expenses 18 Operating & maintenance 5,227,829 5,170,187 5,742,234 6,478,650 6,673,010 6,873,200 7,079,396 7,291,778 7,510,531 7,735,847 7,967,922 8,206,960 8,453,169 8,706, Additional O&M from CIP 461, , , , , , , , , , Taxes 139, , , , , , , , , , , , , , Depreciation - 2,840,348 2,864,559 2,962,483 3,020,805 3,235,595 3,558,026 3,906,057 4,225,619 4,515,813 4,849,858 5,141,821 5,490,690 5,875,814 6,267, Total Operating Expenses 8,207,960 8,166,754 8,847,112 9,644,698 10,518,002 10,844,993 11,301,119 11,784,994 12,412,986 12,981,211 13,514,319 14,111,506 14,752,334 15,407, Net Operations 2,396,242 1,914,050 2,906,174 2,032,834 2,323,683 3,277,189 4,229,535 4,985,247 5,695,952 6,573,461 7,601,687 8,690,679 9,643,368 10,206, Non operating revenues (expenses) 26 Interest Income 44,246 36,709 35, , , , , , , , , , , , Interest Expense - Existing Debt (987,835) (1,110,183) (1,171,653) (1,452,665) (1,630,394) (1,507,239) (1,407,295) (1,303,268) (1,198,125) (1,090,310) (994,407) (900,019) (803,737) (708,977) 28 Interest Expense - New Rev Bond Debt ( ) (663,447) (1,290,384) (2,051,844) (2,414,931) (3,177,967) (3,591,281) (4,160,900) (4,869,389) (5,453,074) 29 Amortization-Grant Other Total non operating revenue (expenses) (943,589) (1,073,474) (1,136,559) (1,327,426) (1,491,849) (2,027,544) (2,548,390) (3,199,033) (3,451,487) (4,095,410) (4,399,731) (4,854,862) (5,441,878) (5,904,175) Net increase (decrease) in resources 1,452, ,576 1,769, , ,834 1,249,645 1,681,145 1,786,215 2,244,464 2,478,051 3,201,956 3,835,817 4,201,490 4,302, Operating Transfer In (Out) Capital Contributions 966, , , , , , , , , , , , , , Cumulative effect of change in accting prin (178,035) Ending Net Assets 54,479,308 56,274,660 58,568,221 59,773,629 61,105,463 62,855,108 65,036,253 67,322,468 70,066,932 73,044,983 76,746,939 81,082,756 85,784,246 90,586, CIP Funding 40 Purchase of Capital Assets - (4,085,032) (5,301,909) (7,252,168) (6,480,200) (13,065,200) (14,050,428) (15,252,648) (10,085,870) (15,433,992) (11,392,805) (13,452,272) (16,342,774) (15,553,576) (17,576,711) 41 Bond Issuance\DS Reserve Adjustments (599,800) (1,332,800) (1,412,540) (1,552,709) (902,562) (1,326,135) (984,950) (1,063,676) (1,366,949) (1,170,515) (1,347,356) 42 Principal Payments on Existing revenue bonds (2,433,416) (2,556,996) (6,799,937) (1,797,903) (2,357,279) (2,442,585) (2,498,283) (2,559,385) (2,423,650) (2,490,117) (2,246,875) (2,218,931) (2,236,292) (1,987,322) 43 Principal paid on Existing general obligation debt (1,133,216) (1,077,365) (1,098,443) (1,097,725) (1,072,422) (1,057,479) (1,089,548) (985,033) (931,724) (720,883) (745,966) (703,815) (629,163) (502,214) 44 s Issued 6,270,000 4,175,000 11,686,185 7,080,000 13,720,000 14,675,000 15,890,000 9,995,000 15,855,000 11,450,000 13,565,000 16,735,000 15,725,000 17,900, General obligation debt issued , Cash received from other funds 1,005, Cash paid to other funds 0 (337,396) (2,446,546) Capital contributions 966, , , , , , , , , , , , , , Future Principal ( ) (405,000) (905,000) (1,425,000) (1,870,000) (2,380,000) (2,890,000) (3,410,000) (4,050,000) (4,735,000) Beginning Cash 10,704,106 15,036,787 13,275,749 12,523,913 13,854,499 14,314,226 14,928,865 15,607,878 16,156,862 17,286,640 18,595,794 20,605,782 23,124,820 25,787, Add net operations (line 24) 2,396,242 1,914,050 2,906,174 2,032,834 2,323,683 3,277,189 4,229,535 4,985,247 5,695,952 6,573,461 7,601,687 8,690,679 9,643,368 10,206, Add back depreciation (line 23) 2,840,348 2,864,559 2,962,483 3,020,805 3,235,595 3,558,026 3,906,057 4,225,619 4,515,813 4,849,858 5,141,821 5,490,690 5,875,814 6,267, Add net non operating (line 36) (943,589) (1,073,474) (1,136,559) (1,327,426) (1,491,849) (2,027,544) (2,548,390) (3,199,033) (3,451,487) (4,095,410) (4,399,731) (4,854,862) (5,441,878) (5,904,175) 55 Add capital and bond (lines 44-48) 590,739 (4,143,890) (4,686,499) (2,395,627) (3,607,702) (4,193,032) (4,908,189) (5,462,849) (5,630,500) (6,018,755) (6,333,790) (6,807,469) (7,414,546) (7,748,604) 56 Add transfer in (out) Net change in balance sheet items (551,059) (1,322,283) (797,435) Ending Cash 15,036,787 13,275,749 12,523,913 13,854,499 14,314,226 14,928,865 15,607,878 16,156,862 17,286,640 18,595,794 20,605,782 23,124,820 25,787,578 28,608, Restricted Cash 9,656,376 8,491,655 8,491,655 8,491,655 8,491,655 8,491,655 8,491,655 8,491,655 8,491,655 8,491,655 8,491,655 8,491,655 8,491,655 8,491, Unrestricted Cash 5,380,411 4,784,094 4,032,258 5,362,844 5,822,571 6,437,210 7,116,223 7,665,207 8,794,985 10,104,139 12,114,127 14,633,165 17,295,923 20,117, Ending Net Assets 54,479,308 56,274,660 58,568,221 59,773,629 61,105,463 62,855,108 65,036,253 67,322,468 70,066,932 73,044,983 76,746,939 81,082,756 85,784,246 90,586, Target minimum working capital (note 2) 8,848,524 13,153,410 8,771,848 9,882,445 11,334,750 12,613,007 13,975,089 14,730,926 16,065,769 16,959,135 18,150,825 19,644,334 20,762,754 20,762, Actual working capital-cash balance 15,036,787 13,275,749 12,523,913 13,854,499 14,314,226 14,928,865 15,607,878 16,156,862 17,286,640 18,595,794 20,605,782 23,124,820 25,787,578 28,608, Over (Under) target working capital 6,188, ,339 3,752,065 3,972,054 2,979,475 2,315,858 1,632,789 1,425,936 1,220,870 1,636,659 2,454,956 3,480,486 5,024,824 7,846, Note 2: Target capital equals 6 mos of operating expenses, including depreciation, plus 100% of next year's debt. Page 7 Prepared by Ehlers T:\Wisaccts\Oshkosh\Financial Planning\Rate Studies\2015 & Water Cash Flow Analysis\Draft Workpapers\Revised Alt Scen No Phosphorus Oshkosh Utilities Cash Flow Analysis
10 City of Oshkosh Utility Statement of Projected Coverage Year Operating Revenues Less: Operating Expenses Amount Available for Debt Service Total Existing P&I Revenue Bond P&I Total Debt Service Coverage ,302,771 (6,623,893) 5,678,878 2,843,844-2,843, ,480,230 (7,282,407) 6,197,823 3,607,276-3,607, ,765,324 (7,286,967) 7,478,357 3,610,105 1,068,447 4,678, ,179,943 (7,395,062) 8,784,880 3,605,312 2,195,384 5,800, ,426,320 (7,559,375) 9,866,945 3,602,182 3,476,844 7,079, ,770,506 (7,897,173) 10,873,334 3,399,305 4,284,931 7,684, ,227,538 (8,131,353) 12,096,186 3,394,276 5,557,967 8,952, ,801,964 (8,372,498) 13,429,466 3,081,997 6,481,281 9,563, ,508,243 (8,620,816) 14,887,427 2,989,578 7,570,900 10,560, ,126,950 (8,876,520) 16,250,430 2,939,490 8,919,389 11,858, ,371,750 (9,139,831) 17,231,919 2,623,095 10,188,074 12,811, Discussion Only Prepared by Ehlers T:\Wisaccts\Oshkosh\Financial Planning\Rate Studies\2015 & Water Cash Flow Analysis\Draft Workpapers\Revised Alt Scen No Phosphorus Oshkosh Utilities Cash Flow Analysis
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