Jefferson County PUD No. 1 Narrative to Accompany Monthly Financial Statements For the Period Ending September 3, 217 Combined Income Statement Page 1 This report provides an overview of the revenues and expenses from all sources of the PUD for the month of September 217, and for the nine months ended September 3, 217. Overall, the District had a net loss for the month (negative Net Margins) in the amount of $(464)k. The loss is in part due to the receipt of $341k worth of tree-trimming invoices for services taking place in September and earlier. We budgeted $44k in Net Margins for the month. On a year to date basis, Net Margins are $4.6 million, which is $2.7 million better than last year and $3.3 million better than budget. September s financial results are discussed further in the Income Statement Comparison below. Income Statement Comparison Through September 217 Page 2 Line 1. Operating Revenue The current year Operating Revenue of $28.5 million is ahead of last year by $3.6 million, or 14.3%. As of the end of September 217, the expanded low-income program had been in place for over six months and the cost of credits issued under this program is $11k. In addition, we have paid OlyCap $4,485 for their services to qualify program participants. We currently have 34 participants enrolled in the $35 program, 187 participants enrolled in the $2 program, 119 participants enrolled in the Water low income program and 2 participants enrolled in the Sewer low income program. Lines 3. & 4., Cost of Purchased Power and Transmission Expense Included here is demand and kwh purchases from BPA, cost of electricity to run the pumps for the water system, and wholesale water purchased for resale. Because electric sales are up, on a year to date basis the cost to provide wholesale power to the end users is $586k higher in 217 than 216, but remains at about 41% of Operating Revenue. Line 7. Distribution Expense Maintenance - This line represents the costs to prevent a breakdown of utility service or the costs to repair if a breakdown has occurred. Year to date expenses in 217 continue to run less than last year, although the gap closed a bit this month. As mentioned above, September 217 includes $341k worth of tree-trimming invoices. Still, year to date expenses in 217 are $592 below last year or about 19.72% lower. This is due to storm issues and a focus on capital work and less scheduled maintenance. Line 15. Tax Expense Other State B&O Excise Taxes and State Utility Privilege Taxes are both up in 217 because these taxes are based on revenue and revenues are up. Page 1
Line 16 Interest on Long Term Debt Is down because the principal amount on debt has been paid down. See the separate Schedule of Long Term Debt and Notes Payable for details. Operating and Non Operating Margins Year to date Operating Margins for 217 are $2.9 million, which is $3.5 million better than 216. Year to date Non Operating Margins are $1.7 million, which is $777k less than 216. The Non Operating Margin variance is primarily due to debt forgiveness on water loans in 216. Income Statement for September 217 - Electric Utility Page 3 For the Electric utility, Operating and Net Margins through September 217 are $3.2 million and $4.3 million, respectively. Both of these margins are better than in 216 and ahead of the 217 Budget. Year to date for 217, the Times Interest Earned Ratio (TIER) and the Operating TIER (OTIER) are 2.94 and 2.44, respectively. See the TIER and DSC 12 Month Rolling Average Electric report on Page 12 for the twelve-month rolling average TIER and OTIER ratios. Income Statement for September 217 Water Utility Page 4 Year to date Operating Revenues for the Water utility are $1.7 million. This is ahead of budget and last year. For the month of September, revenues were $295k, which is $78k better than budget. Margins for September continued their positive trend, and Operating and Net Water Utility Margins were $66k and $86k, respectively. For the nine months ended September 217, the Water utility had an operating loss of $(77)k, which is lower than the loss in 216 as well as the amount budgeted for 217. Year to date Net Water Utility Margins were $185k, which is ahead of the budgeted loss of $27k but below 216 due to the debt forgiveness on water loans. Income Statement for September 217 General Fund Page 5 This schedule shows the revenues and expenses for the PUD that are to provide governance of the organization. Year to date through September 217, the fund has Net Margins of $15k. Balance Sheet for September 217 Pages 6 &7 The Balance Sheet provides a snapshot of amounts owned, amounts due, and current and previous margins as of the last day of the month. The Variance column compares the balance of each as of September 3, 216 with September 3, 217. Page 2
In September, we closed $1. million in work orders which transferred the same amount from Construction Work in Progress to Total Utility Plant in Service. Net Utility Plant is $899 less in value over the past 12 months, indicating that the Depreciation Expense is exceeding the rate of new plant constructed or added during the past year. Long-Term Debt and Notes payable have decreased $4. million due to debt service payments made over the last 12 months. Statement of Cash Flows Pages 8 & 9 In September 217 we see some pressure on cash arising from investments in plant plus the payment of debt obligations. Operating activities in September generated $7k in cash. $444k of cash was invested in utility and general plant assets and $943k was used to paydown debt. Overall cash decreased $1.3 million during the month. For the nine months ended September 3, 217, cash increased $2.9 million. TIER and DSC 12 Month Rolling Average Electric Page 12 This chart shows the trends in TIER and Debt Service Coverage (DSC) on a 12-month rolling average from September 216 through September 217 for the Electric utility. The RUS requires that we meet an average TIER and DSC each of 1.25 in the two best years out of the three most recent years. We are also required to meet an average Operating TIER (OTIER) and Operating DSC (ODSC) of 1.1 in the two best out of three recent years. As of September 3, 217, the 12 month rolling average ratios are as follows: TIER = 2.9 OTIER = 2.18 DSC = 2.24 ODSC = 1.89 Page 3
JEFFERSON COUNTY PUD NO 1 General Ledger Financial And Operating Report Unaudited-Subject to Change Page 1 COMBINED INCOME STATEMENT FOR SEPTEMBER 217 ----------------------------------Year - To - Date -------------------------------------- ------------- Period - To - Date ----------------- Item Last Year This Year Budget Current Budget 1. Operating Revenue 24,937,35 28,511,919 27,187,392 2,456,69 2,614,221 2. Power Production Expense 88 1,584 176 3. Cost of Purchased Power 9,842,97 1,57,2 1,389,277 1,31,887 874,276 4. Transmission Expense 1,326,799 1,248,331 1,336,894 96,323 13,816 5. Regional Market Expense 6. Distribution Expense - Operation 933,383 923,443 1,93,363 19,4 133,68 7. Distribution Expense - Maintenance 2,71,47 1,488,924 2,181,645 472,93 241,196 8. Customer Accounts Expense 1,73,31 1,62,391 1,58,553 143,15 119,19 9. Customer Service and Informational Expense 59,87 62,519 12,683 7,269 13,664 1. Sales Expense 11. Administrative and General Expense 1,855,615 1,913,889 2,51,3 27,89 233,21 12. Total Operation & Maintenance Expense (2 thru 11) 17,163,172 17,26,498 18,233,2 2,131,11 1,718,866 13. Depreciation & Amortization Expense 4,267,84 4,324,962 4,2,795 487,718 444,755 14. Tax Expense - Property & Gross Receipts 15. Tax Expense - Other 1,487,7 1,633,234 1,515,417 138, 145,899 16. Interest on Long-Term Debt 2,58,389 2,439,877 2,478,492 28,285 281,653 17. Interest Charged to Construction - Credit 18. Interest Expense - Other 168 19. Other Deductions 7,59 375,3 225 41,667 2. Total Cost of Utility Service (12 thru 19) 25,498,512 25,612,81 26,64,79 3,37,239 2,632,84 21. Operating Margins (1 minus 2) -561,477 2,899,838 582,683-58,549-18,619 22. Non Operating Margins - Interest 127,743 168,487 14,316 16,73 11,265 23. Allowance for Funds Used During Construction 24. Income (Loss) from Equity Investments 25. Non Operating Margins - Other 2,36,41 1,533,545 658,893 99,366 51,557 26. Generation and Transmission Capital Credits 27. Other Capital Credits and Patronage Dividends 11,266 2,14 28. Extraordinary Items - Cumulative Effect of GASB 68 29. Net Margins (21 thru 28) 1,937,942 4,621,884 1,345,892-464,479 44,23 Operating - Margin -561,477 2,899,838 582,683-58,549-18,619 Non Operating - Margin 2,499,419 1,722,46 763,29 116,69 62,822
JEFFERSON COUNTY PUD NO 1 General Ledger Financial And Operating Report Unaudited-Subject to Change Page 2 INCOME STATEMENT COMPARISON THROUGH SEPTEMBER 217 -----------------------------------------------Year - To - Date --------------------------------------------------- Item Last Year This Year Amount Change Percent Change 1. Operating Revenue 24,937,35 28,511,919 3,574,884 14.3% 2. Power Production Expense 88-88.% 3. Cost of Purchased Power 9,842,97 1,57,2 664,32 6.8% 4. Transmission Expense 1,326,799 1,248,331-78,468-5.9% 5. Regional Market Expense.% 6. Distribution Expense - Operation 933,383 923,443-9,94-1.1% 7. Distribution Expense - Maintenance 2,71,47 1,488,924-582,483-28.1% 8. Customer Accounts Expense 1,73,31 1,62,391-1,64-1.% 9. Customer Service and Informational Expense 59,87 62,519 3,432 5.8% 1. Sales Expense.% 11. Administrative and General Expense 1,855,615 1,913,889 58,274 3.1% 12. Total Operation & Maintenance Expense (2 thru 11) 17,163,172 17,26,498 43,327.3% 13. Depreciation & Amortization Expense 4,267,84 4,324,962 57,878 1.4% 14. Tax Expense - Property & Gross Receipts.% 15. Tax Expense - Other 1,487,7 1,633,234 145,534 9.8% 16. Interest on Long-Term Debt 2,58,389 2,439,877-14,512-5.5% 17. Interest Charged to Construction - Credit.% 18. Interest Expense - Other 168-168.% 19. Other Deductions 7,59 7,59.% 2. Total Cost of Utility Service (12 thru 19) 25,498,512 25,612,81 113,569.5% 21. Operating Margins (1 minus 2) -561,477 2,899,838 3,461,315-616.5% 22. Non Operating Margins - Interest 127,743 168,487 4,744 31.9% 23. Allowance for Funds Used During Construction.% 24. Income (Loss) from Equity Investments.% 25. Non Operating Margins - Other 2,36,41 1,533,545-826,865-35.% 26. Generation and Transmission Capital Credits.% 27. Other Capital Credits and Patronage Dividends 11,266 2,14 8,748.% 28. Extraordinary Items.% 29. Net Margins (21 thru 28) 1,937,942 4,621,884 2,683,942 138.5% Operating - Margin -561,477 2,899,838 3,461,315 Non Operating - Margin 2,499,419 1,722,46-777,373
JEFFERSON COUNTY PUD NO 1 General Ledger Financial And Operating Report Unaudited-Subject to Change Page 3 ELECTRIC DIVISION INCOME STATEMENT FOR SEPTEMBER 217 ----------------------------------Year - To - Date -------------------------------------- ------------- Period - To - Date ----------------- Item Last Year This Year Budget Current Budget 1. Operating Revenue 2. Power Production Expense 3. Cost of Purchased Power 4. Transmission Expense 5. Regional Market Expense 6. Distribution Expense - Operation 7. Distribution Expense - Maintenance 8. Customer Accounts Expense 9. Customer Service and Informational Expense 1. Sales Expense 11. Administrative and General Expense 12. Total Operation & Maintenance Expense (2 thru 11) 13. Depreciation & Amortization Expense 14. Tax Expense - Property & Gross Receipts 15. Tax Expense - Other 16. Interest on Long-Term Debt 17. Interest Charged to Construction - Credit 18. Interest Expense - Other 19. Other Deductions 2. Total Cost of Electric Service (12 thru 19) 21. Operating Margins (1 minus 2) 22. Non Operating Margins - Interest 23. Allowance for Funds Used During Construction 24. Income (Loss) from Equity Investments 25. Non Operating Margins - Other 26. Generation and Transmission Capital Credits 27. Other Capital Credits and Patronage Dividends 28. Extraordinary Items 29. Net Electric Utility Margins (21 thru 28) Operating - Margin Non Operating - Margin Times Interest Earned Ratio - Operating Times Interest Earned Ratio - Net Times Interest Earned Ratio - Modified 23,295,75 9,739,342 1,326,799 578,224 1,831,983 95,997 59,77 1,38,752 15,867,175 3,733,65 1,44,949 2,286,129 168 23,292,25 3,68 27,69 521,824 9,35 562,464 3,68 558,784 1. 1.25 1.24 26,773,51 1,415,799 1,248,331 56,29 1,299,628 958,439 62,46 1,493,978 16,38,843 3,79,868 1,547,868 2,212,57 7,59 23,597,596 3,175,95 57,466 1,36,937 16,611 4,286,92 3,175,95 1,111,15 2.44 2.94 2.93 25,496,831 1,33, 1,336,894 739,143 2,3,62 935,463 99,424 1,466,946 16,883,932 3,5,172 1,43,125 2,213,178 375,3 24,42,41 1,94,421 19,458 258,975 1,372,854 1,94,421 278,433 2,161,376 1,19,644 96,323 69,466 451,812 126,947 7,269 199,931 1,971,392 427,735 123,635 253,732 225 2,776,719-615,343 9,3 74,284-532,56-615,343 83,287 2,396,827 863, 13,816 93,737 221,427 15,16 11,261 162,533 1,56,934 388,98 134,928 252,716 41,667 2,379,153 17,674 2,162 28,775 48,611 17,674 3,937
JEFFERSON COUNTY PUD NO 1 General Ledger Financial And Operating Report Unaudited-Subject to Change Page 4 WATER DIVISION INCOME STATEMENT FOR SEPTEMBER 217 ----------------------------------Year - To - Date -------------------------------------- ------------- Period - To - Date ----------------- Item Last Year This Year Budget Current Budget 1. Operating Revenue 1,641,133 1,738,135 1,69,372 295,314 217,394 2. Power Production Expense 88 1,584 176 3. Cost of Wholesale Water and Power 13,628 91,23 86,277 12,243 11,276 4. Transmission Expense 5. Regional Market Expense 6. Distribution Expense - Operation 355,158 363,234 354,22 39,933 39,871 7. Distribution Expense - Maintenance 239,424 189,296 178,583 2,281 19,769 8. Customer Accounts Expense 122,34 13,952 123,9 16,23 13,949 9. Customer Service and Informational Expense 1 6 21,259 2,43 1. Sales Expense 11. Administrative and General Expense 233,77 273,565 312,72 45,314 34,43 12. Total Operation & Maintenance Expense (2 thru 11) 1,54,211 1,21,31 1,77,715 133,974 121,874 13. Depreciation & Amortization Expense 533,479 534,94 52,623 59,983 55,847 14. Tax Expense - Property & Gross Receipts 15. Tax Expense - Other 82,751 85,366 85,292 14,365 1,971 16. Interest on Long-Term Debt 236,542 174,46 212,565 2,796 23,76 17. Interest Charged to Construction - Credit 18. Interest Expense - Other 19. Other Deductions 2. Total Cost of Water Service (12 thru 19) 1,96,983 1,814,816 1,878,195 229,118 211,768 21.Operating Margins (1 minus 2) -265,85-76,68-187,823 66,196 5,626 22. Non Operating Margins - Interest 93,374 93,983 79,74 5,231 8,86 23. Allowance for Funds Used During Construction 24. Income (Loss) from Equity Investments 25. Non Operating Margins - Other 1,498,92 164,456 8,847 14,85 8,983 26. Generation and Transmission Capital Credits 27. Other Capital Credits and Patronage Dividends 1,915 3,42 28. Extraordinary Items 29.Net Water Utility Margins (21 thru 28) 1,328,341 185,161-27,236 86,231 23,469 Operating - Margin -265,85-76,68-187,823 66,196 5,626 Non Operating - Margin 1,594,191 261,842 16,587 2,36 17,843
JEFFERSON COUNTY PUD NO 1 General Ledger Financial And Operating Report Unaudited-Subject to Change Page 5 GENERAL FUND DIVISION INCOME STATEMENT FOR SEPTEMBER 217 ----------------------------------Year - To - Date -------------------------------------- ------------- Period - To - Date ----------------- Item Last Year This Year Budget Current Budget 1. Operating Revenue 2. Power Production Expense 3. Cost of Purchased Power 4. Transmission Expense 5. Regional Market Expense 6. Distribution Expense - Operation 7. Distribution Expense - Maintenance 196 282 189 8. Customer Accounts Expense 9. Customer Service and Informational Expense 1. Sales Expense 11. Administrative and General Expense 241,786 146,345 271,356 25,646 36,58 12. Total Operation & Maintenance Expense (2 thru 11) 241,786 146,345 271,356 25,646 36,58 13. Depreciation & Amortization Expense 14. Tax Expense - Property & Gross Receipts 15. Tax Expense - Other 16. Interest on Long-Term Debt 57,718 53,324 52,749 5,756 5,861 17. Interest Charged to Construction - Credit 18. Interest Expense - Other 19. Other Deductions 2. Total Cost of General Fund (12 thru 19) 299,54 199,669 324,15 31,42 41,919 21. Operating Margins (1 minus 2) -299,37-199,387-323,916-31,42-41,919 22. Non Operating Margins - Interest 6,76 17,38 5,118 2,47 243 23. Allowance for Funds Used During Construction 24. Income (Loss) from Equity Investments 25. Non Operating Margins - Other 339,685 332,152 319,71 1,277 13,799 26. Generation and Transmission Capital Credits 27. Other Capital Credits and Patronage Dividends 28. Extraordinary Items 29. Net General Fund Margins (21 thru 28) 47,137 149,83 273-18,655-27,877 Operating - Margin -299,37-199,387-323,916-31,42-41,919 Non Operating - Margin 346,445 349,19 324,189 12,747 14,42
JEFFERSON COUNTY PUD NO 1 Financial And Operating Report BALANCE SHEET FOR SEPTEMBER 217 Unaudited-Subject to Change Page 6 Last Year This Year Variance ASSETS AND OTHER DEBITS 1. Total Utility Plant in Service 182,855,928 192,43,64 9,574,676 2. Construction Work in Progress 6,575,48 3,128,368-3,447,4 3. Total Utility Plant (1 + 2) 189,431,336 195,558,972 6,127,636 4. Accum. Provision for Depreciation and Amort. 54,8,64 61,17,89 7,26,485 5. Net Utility Plant (3-4) 135,35,732 134,451,883-898,849 6. Non-Utility Property (Net) 2,225, 2,227,22 2,22 7. Invest. in Subsidiary Companies 8. Invest. in Assoc. Org. - Patronage Capital 9. Invest. in Assoc. Org. - Other - General Funds 7,886 22,895 15,9 1. Invest. in Assoc. Org. - Other - Nongeneral Funds 11. Invest. in Economic Development Projects 12. Other Investments 13. Special Funds 1,493,2 1,594,842 11,642 14. Total Other Property & Investments (6 thru 13) 3,726,86 3,844,957 118,871 15. Cash - General Funds 2,318,322 4,33,648 1,985,326 16. Cash - Construction Funds - Trustee 17. Special Deposits 18. Temporary Investments 11,423,516 12,116,62 692,546 19. Notes Receivable (Net) 2. Accounts Receivable - Sales of Energy (Net) 1,254,899 1,98,995 654,96 21. Accounts Receivable - Other (Net) 1,896,964 1,628,414-268,55 22. Renewable Energy Credits 23. Material and Supplies - Electric & Other 1,58,188 1,839,187 33,999 24. Prepayments 94,143 94,143 25. Other Current and Accrued Assets 2,147,39 2,285,313 138,4 26. Total Current and Accrued Assets (15 thru 25) 2,549,198 24,175,762 3,626,564 27. Regulatory Assets 28. Other Deferred Debits 476,576 753,343 276,767 29. Total Assets and Other Debits (5 + 14 + 26 thru 28) 16,12,592 163,225,945 3,123,353
JEFFERSON COUNTY PUD NO 1 Financial And Operating Report BALANCE SHEET FOR SEPTEMBER 217 Unaudited-Subject to Change Page 7 Last Year This Year Variance LIABILITIES AND OTHER CREDITS 3. Memberships 31. Patronage Capital 32. Operating Margins - Prior Years 33. Operating Margins - Current Year -561,477 2,899,838 3,461,315 34. Non-Operating Margins 2,499,419 1,722,46-777,373 35. Other Margins and Equities 31,221,26 34,843,315 3,622,289 36. Total Margins & Equities (3 thru 35) 33,158,968 39,465,199 6,36,231 37. Long-Term Debt - RUS (Net) 11,218,89 17,13,568-3,115,322 38. Long-Term Debt - FFB - RUS Guaranteed 39. Long-Term Debt - Other - RUS Guaranteed 4. Long-Term Debt - Other (Net) 8,238,87 7,53,42-78,387 41. Long-Term Debt - RUS Econ. Devel. (Net) 42. Payments - Unapplied 43. Total Long-Term Debt (37 thru 41-42) 118,457,696 114,633,988-3,823,78 44. Obligations Under Capital Leases - Noncurrent 45. Accumulated Operating Provisions 2,381,676 3,176,777 795,11 46. Total Other Noncurrent Liabilities (44 + 45) 2,381,676 3,176,777 795,11 47. Notes Payable 1,642,781 1,442,681-2,1 48. Accounts Payable 2,676,493 2,876,54 199,561 49. Consumers Deposits 121,8 115,65-6,15 5. Current Maturities Long-Term Debt 51. Current Maturities Long-Term Debt - Econ. Devel. 52. Current Maturities Capital Leases 53. Other Current and Accrued Liabilities 1,295,935 1,458,393 162,458 54. Total Current & Accrued Liabilities (47 thru 53) 5,737,9 5,892,778 155,769 55. Regulatory Liabilities 56. Other Deferred Credits 367,243 57,23-31,4 57. Total Liab. & Other Credits (36+43+46+54 thru 56) 16,12,592 163,225,945 3,123,353 Current Assets To Current Liabilities 3.58 to 1 4.1 to 1 Margins and Equities To Total Assets 2.71 % 24.18 % Long-Term Debt To Total Utility Plant 62.53 % 58.62 %
Jefferson County PUD No. 1 STATEMENT OF CASH FLOWS September 3, 217 Page 8 Unaudited and subject to change CASH FLOW FROM OPERATING ACTIVITIES: Operating Revenue $2,456,69 Accounts Receivable - Electric & Water Utility Service (Net) (13,1) Accounts & Notes Receivable - Other (Net) 13,846 CASH RECEIVED FROM CUSTOMERS $2,457,526 Non Operating Margins-Interest $16,73 Non Operating Margins-Other 99,367 Deferred Debits 423 CASH RECEIVED FROM OTHERS $116,493 CASH RECEIVED FROM OPERATING ACTIVITIES $2,574,19 Total Operating & Maintenance Expense ($2,131,11) Prepayments 9,659 Accounts Payable 547,26 Material & Supplies/Electric & Other (13,22) CASH PAID (-) TO SUPPLIERS & EMPLOYEES ($1,677,546) Tax Expense, Other ($138,) Interest Long Term Debt (28,285) Other Deductions (225) Other Current & Accrued Liabilities (47,44) CASH PAID (-) FOR INTEREST, TAXES & OTHER ($825,95) CASH DISBURSED (-) FOR OPERATING ACTIVITIES (2,53,496) NET CASH - OPERATING ACTIVITIES $7,523 CASH FLOW FROM INVESTING ACTIVITIES: Investment in Utility and General Plant ($444,329) Special Funds (24,274) NET CASH - INVESTING ACTIVITIES ($468,63) CASH FLOW FROM FINANCING ACTIVITIES: Long Term Debt ($884,79) Notes Payable ($58,573) Consumer Deposits (8) CHANGE IN LIABILITIES/DEBT (943,452) NET CASH - FINANCING ACTIVITIES ($943,452) NET INCREASE (DECREASE) IN CASH FOR THE MONTH ($1,341,532) PRIOR MONTH'S ENDING CASH BALANCE $17,761,242 CURRENT MONTH'S ENDING CASH BALANCE: Cash - General Funds $4,33,648 Cash- Construction Fund Temporary Investments 12,116,62 TOTAL - CURRENT MONTH'S ENDING CASH BALANCE $16,419,71
JEFFERSON COUNTY PUBLIC UTILITY DISTRICT #1 STATEMENT OF CASH FLOWS January - September 217 Page 9 Unaudited and subject to change CASH FLOW FROM OPERATING ACTIVITIES: Operating Revenue $28,511,917 Accounts Receivable - Electric & Water Utility Service (Net) 525,584 Accounts & Notes Receivable - Other (Net) 399,393 CASH RECEIVED FROM CUSTOMERS $29,436,894 Non Operating Margins-Interest $31,951 Non Operating Margins-Other 1,533,546 Other Capital Credits 2,14 Deferred Debits 1,21 CASH RECEIVED FROM OTHERS $1,865,712 CASH RECEIVED FROM OPERATING ACTIVITIES $31,32,66 Total Operating & Maintenance Expense ($17,26,496) Prepayments (66,728) Accounts Payable (467,611) Material & Supplies/Electric & Other (314,5) CASH PAID (-) TO SUPPLIERS & EMPLOYEES ($18,54,84) Tax Expense, Other ($1,633,234) Interest Long Term Debt (2,439,878) Other Deductions (7,58) Other Current & Accrued Liabilities 79,798 CASH PAID (-) FOR INTEREST, TAXES & OTHER ($4,,822) CASH DISBURSED (-) FOR OPERATING ACTIVITIES ($22,55,662) NET CASH - OPERATING ACTIVITIES $9,246,944 CASH FLOW FROM INVESTING ACTIVITIES: Investment in Utility and General Plant ($3,152,647) Investment in Assoc. Organizations-Patronage Capital (14,9) Special Funds (99,291) NET CASH - INVESTING ACTIVITIES ($3,265,947) CASH FLOW FROM FINANCING ACTIVITIES: Payments on Long Term Debt ($2,998,778) Notes Payable (13,33) Consumer Deposits (6,5) CHANGE IN LIABILITIES / DEBT (3,18,68) NET CASH - FINANCING ACTIVITIES ($3,18,68) NET INCREASE (DECREASE) IN CASH DURING THE PERIOD $2,872,389 PRIOR YEAR'S ENDING CASH BALANCE $13,547,321 CURRENT MONTH'S ENDING CASH BALANCE: Cash - General Funds $4,33,648 Cash - Construction Fund Temporary Investments 12,116,62 TOTAL - CURRENT MONTH'S ENDING CASH BALANCE $16,419,71
Jefferson County PUD No. 1 SCHEDULE OF CASH, LIQUID INVESTMENTS, AND SPECIAL FUNDS September 3, 217 Page 1 Current YTD Interest Account Description Balance Income Operating Account - Jefferson Co. Treasurer $3,782,713 $49,642 Operating Depository Account - Bank of America 412,62 $ 1996 Bond LUD #8 - Jefferson Co. Treasurer 5,12 $196 DOT Permit #U5-24 Account - Bank of America 29,342 $4 1996 Bond LUD #6 - Jefferson Co. Treasurer 15,941 $2,548 29 Bond LUD #14 - Jefferson Co. Treasurer 8,946 $72,764 Working Funds - Petty Cash and CSR Drawers 1,75 $ 1999 Bond LUD #11 - Jefferson Co. Treasurer 1,655 $1,83 Payroll Clearing Account - Bank of America 5 $ 28 Bond LUD #15 - Jefferson Co. Treasurer 452 $12,59 Cash Held in Trust by Property Manager 15 $ 1997 Bond LUD #13 - Jefferson Co. Treasurer 26 $168 Payroll Clearing Account - 1st Security Bank 9 TOTAL LINE 15. BALANCE SHEET-CASH-GENERAL FUNDS $4,33,648 $139,741 Operating Account Related Investment - Jefferson Co. Treasurer $5,866,876 LUD #14 Bond Investment - Jefferson Co. Treasurer 2,298,693 Tax Revenue Investment Fund - Jefferson Co. Treasurer 1,925, Tax Revenue Fund - Jefferson Co. Treasurer 1,64,915 15,99 LUD #15 Bond Investment - Jefferson Co. Treasurer 363,992 LUD #11 Bond Investment - Jefferson Co. Treasurer 35,847 LUD #13 Bond Investment - Jefferson Co. Treasurer 2,739 TOTAL LINE 18. BALANCE SHEET-TEMPORARY INVESTMENTS $12,116,62 $15,99 TOTAL CASH AND LIQUID INVESTMENTS $16,419,71 $155,731 RUS Bond Reserve Investment Fund - Jefferson Co. Treasurer $1,9,785 LUD #11 Water Reserve Investment Fund - Jefferson Co. Treasurer 224,24 Tri Area Bond Reserve Investment Fund - Jefferson Co. Treasurer 172,955 Other Special Funds 15,197 RUS Bond Reserve Fund - Jefferson Co. Treasurer 1,376 8,868 LUD #11 Water Reserve Fund - Jefferson Co. Treasurer 278 1,81 Tri Area Bond Reserve Fund - Jefferson Co. Treasurer 215 1,397 LUD #13 Reserve Fund - Jefferson Co. Treasurer 13 TOTAL LINE 13. BALANCE SHEET-RESTRICTED FUNDS $1,594,842 $12,74
Jefferson County PUD No. 1 SCHEDULE OF LONG TERM DEBT and NOTES PAYABLE September 3, 217 Page 11 12/31/216 Y-T-D Y-T-D Current Y-T-D Y-T-D Interest Maturity Principal Principal Principal Principal Interest P&I Description Note Name/Number Rate Date Balance Borrowings Payments Balance Expense Payments RUS/FFB loan for PSE acquisition H1 2.728%* Dec-41 $18,743,895 ($2,353,879) $16,39,16 $2,194,14 $4,547,894 RUS/FFB loan for PSE acquisition H15 3.433%* Dec-41 727,96 (14,354) 713,552 18,493 32,847 LINE 37 BALANCE SHEET-RUS DEBT $19,471,81 $ ($2,368,233) $17,13,568 $2,212,57 $4,58,741 USDA Tri Area 23 Revenue Bond 4.5% Apr-43 $2,534,212 ($25,361) $2,58,851 $85,54 $82,381 LUD #14-Marrowstone Island Water System 29 Revenue Bond 4.15% - 6.75% Mar-26 1,353, (16,) 1,247, 57,384 185,728 LUD #14-Marrowstone Island Water System PW-5-691-25.5% Jul-25 979,257 (18,86) 87,451 3,899 113,73 SRF Loan-Sparling Water Treatment Plant DM13-952-177 1.% Oct-37 81,183 (41,94) 759,279 6,94 5,179 SRF Loan-Treatment Sparling Well/Quimper System DM1-952-18 1.% Oct-44 752,839 (26,887) 725,952 6,274 34,416 SRF Loan-Kala Pt Acquisition, Upgrade, Consolid. DM12-952-91 1.% Oct-36 517,275 (27,225) 49,5 4,311 32,398 LUD #15-Beckett Pt Large On-Site Sewage System PW-5-691-24.5% Jul-25 456,982 (5,776) 46,26 1,819 53,61 LUD #11-Bywater Way & Shine 1999 Revenue Bond 5.25% May-19 415, (5,) 365, 15,466 6,894 Transfer from City of Port Townsend PW-2-691-66 1.% Jun-18 139,614 (69,87) 69,87 931 71,23 Snow Creek Ranch Water System Improvements PW--6512-8 2.5% Oct-21 41,36 (8,272) 33,88 862 9,36 LUD #15-Beckett Point 28 Revenue Bond 3.99% May-25 14,653 (82,299) 22,354 (1,376) 86,59 Kala Point Water Reservoir & Meters 98-78898-21 3.35% Oct-19 33,154 (11,51) 22,12 926 12,162 Sound View Villa Emergency Loan PW-99-691-ELP-31 5.% Jul-19 15,421 (5,14) 1,28 557 5,911 LINE 4 BALANCE SHEET-OTHER LTD $8,143,948 $ ($613,528) $7,53,42 $174,46 $797,85 Peterson Lake B. Peterson Family LP 6.% Mar-26 $1,21,78 ($67,396) $1,142,681 $53,324 $114,629 Kala Point Eric Thomas Note.% Oct-24 35, (5,) 3, 5, LINE 47 BALANCE SHEET-NOTES PAYABLE $1,56,78 $ ($117,396) $1,442,681 $53,324 $164,629 TOTAL LONG TERM DEBT AND RELATED EXPENDITURES $119,175,827 $ ($3,99,158) $116,76,669 $2,439,877 $5,543,22 WEIGHTED COST OF DEBT 2.7657% *Interest rate includes 1/8% for Section 9 Fee
JEFFERSON COUNTY PUBLIC UTILITY DISTRICT #1 Page 12 3.25 3. TIER AND DSC - 12 MONTH ROLLING AVERAGE-ELECTRIC TIER DSC Operating TIER Operating DSC 2.91 2.93 2.9 2.75 2.59 2.5 2.25 2. 1.75 1.5 1.25 1..75 2.45 2.34 2.24 2.26 2.24 2.13 2.9 2.2 2.23 1.97 2.19 2.18 1.92 1.87 1.9 1.81 1.75 1.77 1.64 1.67 1.89 1.92 1.89 1.58 1.73 1.75 1.49 1.69 1.71 1.45 1.64 1.38 1.56 1.38 1.31 1.5 1.42 1.37 1.38 1.32 1.29 1.25 1.21 1.7 1.11.98.91 S E P - 16 O C T - 16 NOV-16 D E C - 16 J A N - 17 FEB-17 M A R - 17 A P R - 17 M A Y - 17 J U N - 17 J U L - 17 A U G - 17 SEP-17 TIER: Net Margins + Interest on LTD Interest on LTD RUS TIER & DSC Requirement = 1.25 RUS OTIER & ODSC Requirement = 1.1 DSC: Net Margins + Interest on LTD + Depreciation Principal & Interest Payments on LTD
Financial Analysis and Ratios JEFFERSON COUNTY PUBLIC UTILITY DISTRICT #1 September 3, 217 Page 13 216 217 Times Interest Earned Ratio (TIER) - Electric - YTD: Net Margins + Interest on Long Term Debt 1.25 2.94 Interest on Long Term Debt Measures the PUD's ability to repay interest on long-term debt for the electric division. Minimum is 1.25 for the year but strive for higher. *-*-*-*-*-* Operating Times Interest Earned Ratio (OTIER) - Electric - YTD: Operating Margins + Interest on Long Term Debt 1. 2.44 Interest on Long Term Debt Measures the PUD's ability to repay interest on long-term debt for the electric division. Minimum is 1.1 for the year. *-*-*-*-*-* Debt Service Coverage (DSC) - Electric - YTD: Net Margins + Interest on Long Term Debt + Depreciation/Amortization 1.44 2.25 Total Long-Term Debt Service Billed Measures the PUD's ability to generate sufficient funds from net margins to cover the annual debt service payments on the electric division. Minimum is 1.25 for the year. *-*-*-*-*-* Operating Debt Service Coverage (ODSC) - Electric - YTD: Operating Margins + Interest on Long Term Debt + Depreciation/Amortization 1.31 2. Total Long-Term Debt Service Billed Measures the PUD's ability to generate sufficient funds from operating margins to cover the annual debt service payments on the electric division. Minimum is 1.1 for the year. *-*-*-*-*-* Quick Ratio: Cash and Accounts Receivable 1.33 1.66 Current Liabilities Reveals the protection afforded short-term creditors by the most liquid current assets. The larger the ratio (and it should be above 1.), the greater the liquidity. *-*-*-*-*-* 9 Days of Cash for Operations 12 Months of Expenditures 4 Per Financial Policy, required to keep 9 days of available cash based on planned year's budget. $9,599,819 $9,878,334 Surplus / (Deficit) in Funds $1,56,642 $3,81,876 *-*-*-*-*-*
JEFFERSON COUNTY PUBLIC UTILITY DISTRICT #1 Financial Analysis and Ratios September 3, 217 Page 14 216 217 Average Accounts Receivable Collection Period: 365 2 23 Accounts Receivable Turnover Expresses the effectiveness of collections in days. Represents the number of days it takes for customers to pay their bill after it has been sent out. *-*-*-*-*-* Accounts Payable to Average Daily Purchases: Average Accounts Payable 44 42 Average Daily Purchases Indicates the number of days required to pay creditors. *-*-*-*-*-* Days in Inventory 365 41 285 Inventory Turnover Indicates the average number of days that units are kept in inventory before being used.
Jefferson County PUD No. 1 Comparative Sales - Electric Division Page15 September 3, 217 CUSTOMER/REVENUE DATA YEAR-TO-DATE MONTHLY AVERAGE # AVERAGE # REVENUE REVENUE REVENUE NUMBER NUMBER REVENUE REVENUE REVENUE LAST YEAR THIS YEAR LAST YEAR THIS YEAR BUDGET LAST YEAR THIS YEAR LAST YEAR THIS YEAR BUDGET 1. RESIDENTIAL 16,847 17,5 $14,589,893 $17,172,77 $15,991,772 16,937 17,133 $1,121,858 $1,155,352 $1,377,481 2. RESIDENTIAL SEASONAL 3. IRRIGATION 2 1 2,861 2,829 3,265 2 3 84 97 596 4. SM. COMMERCIAL 2,111 2,217 4,694,589 5,296,14 5,442,987 2,117 2,239 467,776 49,456 564,576 5. LG. COMMERCIAL 17 18 3,668,88 4,95,83 3,627,324 18 18 389,126 487,916 421,13 6. STREET LIGHTING 199 212 118,891 128,569 124,518 199 213 13,542 14,233 14,222 7. PUBLIC AUTHORITIES 8. TOTAL SALES 19,176 19,498 $23,75,4 $26,695,291 $25,189,866 19,273 19,66 $1,993,15 $2,148,927 $2,377,978 9. OTHER REVENUE 22,665 78,21 36,965 7,694 12,45 18,849 TOTAL (8+9) $23,295,75 $26,773,51 $25,496,831 $2,,799 $2,161,376 $2,396,827 PURCHASES/SALES DATA YEAR-TO-DATE kwh LAST YEAR THIS YEAR BUDGET MONTHLY kwh CURRENT VS BUDGET LAST YEAR THIS YEAR BUDGET CURRENT VS BUDGET PURCHASES 262,45,4 282,871,655 258,855,86 9.28% 24,7,452 24,288,74 26,19,473-7.26% 1. RESIDENTIAL 144,57,62 158,545,475 149,11,773 6.4% 11,22,843 1,155,21 12,754,454-2.38% 2. RESIDENTIAL SEASONAL.%.% 3. IRRIGATION 39,77 39,458 4,815-3.32% 11,85 13,539 7,45 81.73% 4. SMALL COMMERCIAL 48,45,984 51,99,265 49,981,516 4.2% 4,851,342 4,687,122 5,184,353-9.59% 5. LARGE COMMERCIAL 71,747,964 75,213,672 61,48,68 22.34% 7,157,568 7,847,944 7,137,339 9.96% 6. STREET LIGHTING 421,943 394,138 518,825-24.3% 49,387 38,64 59,258-35.77% 7. PUBLIC AUTHORITIES.%.% 8. TOTAL SALES 265,168,281 286,183,8 261,32,997 9.63% 23,92,99 22,741,879 25,142,854-9.55% 9. OFFICE USE.%.% 1. UNACCOUNTED (3,122,881) (3,311,353) (2,177,137) 52.1% 914,462 1,546,195 1,47,619 47.59% 11. PERCENT LOSS -1.19% -1.17% -.84% 39.29% 3.81% 6.37% 4.% 12. COINCIDENT DEMAND (kw) 93,442 12,92 51,254 47,154 13. MONTH OF MAXIMUM kw January January YEAR-TO-DATE REVENUE - CENTS PER kwh MONTHLY REVENUE - CENTS PER kwh CURRENT VS CURRENT VS REVENUE PER kwh DATA LAST YEAR THIS YEAR BUDGET BUDGET LAST YEAR THIS YEAR BUDGET BUDGET 1. RESIDENTIAL 1.1 1.83 1.73.93% 1.18 11.38 1.8 5.34% 2. RESIDENTIAL SEASONAL....%....% 3. IRRIGATION 7.19 7.17 8. -1.38% 6.78 7.16 8. -1.44% 4. SMALL COMMERCIAL 9.69 1.19 1.89-6.46% 9.64 1.46 1.89-3.91% 5. LARGE COMMERCIAL 5.11 5.44 5.9-7.72% 5.44 6.22 5.9 5.37% 6. STREET LIGHTING 28.18 32.62 24. 35.92% 27.42 37.39 24. 55.8% 7. PUBLIC AUTHORITIES....%....% 8. OVERALL 8.7 9.33 9.65-3.34% 8.63 9.45 9.46 -.9%