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City Water Light and Power...Water Fund Revenues and Expenses THROUGH FEBRUARY FY2019 • Water...
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City Water Light and Power FY2019 CWLP Financial Presentation Quarter 4 Financial Update Data Through February 28, 2019 (unaudited) April 30, 2019
Transcript of City Water Light and Power...Water Fund Revenues and Expenses THROUGH FEBRUARY FY2019 • Water...
City Water Light and Power
FY2019
CWLP Financial PresentationQuarter 4 Financial Update
Data Through February 28, 2019 (unaudited)
April 30, 2019
Electric Fund - Finances
FEBRUARY FY2019 CASH POSITION
• Electric Fund Working Cash: $ 31.9 million
o Electric Light Revenue : $ 22.2 million
o Renewal : $ 9.7 million
o Line of Credit Owed : $ 0.0 million
o Days of Cash : 59 days
o Cash increase from FY18 : $ 7.7 millionMoody’s days of cash is 89 – Includes restricted ERIRF of $17.6M.
Electric Fund Cash By Month60 Days Cash = $32.5 Million
Electric Fund Revenue Budget
REVENUES THROUGH FEBRUARY FY2019(COMPARED TO BUDGET TO DATE)
• Retail Electric Revenues
o Budget To Date $ 226.2 million
o Actual To Date $ 212.7 million
o Variance ($ 13.5 million) ~ (6.0)%
• Wholesale Electric Revenues
o Budget To Date $ 28.2 million
o Actual To Date $ 23.2 million
o Variance ($ 5.0 million) ~ (17.8)%
• TOTAL ELECTRIC OPERATING REVENUES ARE $19.4 MILLION or 7.5% UNDER BUDGET
Electric Fund Revenue
Comparison
Electric Fund Expense Budget
NON-BOND EXPENSES THROUGH FEBRUARY FY2019
oBudget To Date $ 255.7 million
oExpense To Date $ 228.4 million
oVariance $ 27.3 million ~ 10.7%
Electric Fund Expense
Comparison
Electric Fund
Debt Coverage Ratio
AS OF FEBRUARY FY2019
FUNDS AVAILABLE FOR DEBT SERVICE $ 73,829,994
DEBT SERVICE $ 35,250,275
DEBT SERVICE COVERAGE (YEAR END 1.25x) 2.09x
(SHORTFALL) EXCESS IN COVERAGE 0.84x
DEBT SERVICE COVERAGE (INCLUDING CORPORATE PAYMENT) 1.86x
Electric Fund
Debt Coverage Ratio By Month
With PILOT Included
Environmental and Regulatory Initiatives
and Rebate Fund (ERIRF)
Water Fund - Finances
FEBRUARY FY2019 CASH POSITION
• Water Fund Cash Balance Summary:
$5.6M Renewal (Capital)
$1.0M Electric Light Revenue
$6.6M Total Water Working Cash Balance
• Days of cash: 103
• Prior Year (FY18) Cash Balance: $6.0M
5.5M Renewal and $0.5M Electric Light Revenue
Water Fund Cash By Month60 Days Cash = $3.9 Million
Water Fund Cash History
Water Fund
Revenues and Expenses
THROUGH FEBRUARY FY2019
• Water Revenues
o Budget To Date $ 31.6 million
o Actual Revenue To Date $ 31.7 million
o Revenue Variance $ 0.1 million ~ 0.3%
• Water Non-Bond Expenses
o Budget To Date $ 35.8 million
o Actual Expense To Date $ 30.3 million
o Expense Variance $ 5.5 million ~ 15.2%
Water Fund
Revenue Comparison
Water Fund
Expense Comparison
Water Fund
Debt Coverage Ratio
AS OF FEBRUARY FY2019
FUNDS AVAILABLE FOR DEBT SERVICE $13,109,226
DEBT SERVICE 6,873,648
DEBT SERVICE COVERAGE (YEAR END 1.25x) 1.91x
DEBT SERVICE COVERAGE 1.69x
(After Auxiliary Services)
Water Fund
Debt Coverage Ratio History
Before Auxiliary Services
CWLP FY2019 Labor Budget
LABOR COSTS THROUGH FEBRUARY FY2019 (INCLUDING IMRF and FICA)
• Water Fund
o Budget To Date $ 11.9 million
o Expense To Date $ 11.6 million
o Variance $ 0.3 million ~ 2.4%
• Electric Fund
o Budget To Date $ 48.8 million
o Expense To Date $ 47.6 million
o Variance $ 1.2 million ~ 2.5%
• CWLP TOTAL LABOR COSTS ARE $1.5 million or 2.5% UNDER BUDGET
City Water Light and Power
Questions
