City Water Light and Power
FY2015
CWLP Monthly Financial Presentation
Fourth Quarter Results
Data Through February 28, 2015
April 21, 2015
Summary Points
February, FY2015
•
•
•
•
•
Electric Fund Cash Is Positive at $0.35 million
$33.9 million Would Represent 60 Days Cash (Rating Agency Target)
Electric Fund Owes the Water Fund $6.6 million
The Electric Fund Owes Nothing on the Line of Credit
Estimated Year End Debt Coverage = 1.17x… (1.25x Required)
• Water Fund Cash is $7.2 million ~ 117 Days Cash
• Water has an $6.6 million Receivable from the Electric Fund
• Labor Expenses are Under Budget for CWLP ~ 2.8%
• PILOT Payment to the Corporate Fund is Over Budget ~ 18.1%
Electric Fund - Finances
FEBRUARY FY2015 CASH POSITION
• Electric Fund Working Cash: $ 346,182
o
Cash On Hand
: $ 6.95 million
o
Line of Credit Owed
Water Fund Payable
: $ 0.00 million
: ($ 6.60 million)
o
Electric Fund Cash By Month
60 Days Cash = $33.9 Million
Electric Fund Revenue Budget
REVENUES THROUGH FEBRUARY FY2015
(COMPARED TO BUDGET TO DATE)
•
Retail Electric Revenues
Budget To Date
o Actual To Date
o Variance
o
•
Wholesale Electric Revenues
Budget To Date
o Actual To Date
o Variance
o
•
$ 223.88 million
$ 221.05 million
($ 2.83 million) ~ (1.3)%
$ 23.69 million
$ 22.95 million
($ 0.74 million) ~ (3.1)%
TOTAL ELECTRIC REVENUES ARE $3.57 MILLION or 1.4% UNDER BUDGET
Electric Fund Expense Budget
NON-BOND EXPENSES THROUGH FEBRUARY FY2015
o Budget
To Date
o Expense
o Variance
To Date
$ 259.72 million
$ 252.32 million
$
7.4 million ~ 2.8%
Electric Fund
Debt Coverage Ratio
AS OF FEBRUARY, FY2015
FUNDS AVAILABLE FOR DEBT SERVICE
MONTHLY PRORATED DEBT SERVICE
$ 51,710,352
42,459,380
ESTIMATED DEBT SERVICE COVERAGE
(YEAR END 1.25x)
1.17x
(SHORTFALL) EXCESS IN COVERAGE
(0.08)
Electric Fund
Debt Coverage Ratio By Month
Electric Fund – Debt
•
•
•
Bonds Outstanding : $570,535,000
Moody’s Rating: A3 ~ Standard & Poor’s Rating: A
Annual Principal and Interest Payments +/- $42.5 million
$45,000,000
$40,000,000
$35,000,000
$30,000,000
$25,000,000
$20,000,000
ELECTRIC FUND ANNUAL DEBT SERVICE
Water Fund - Finances
FEBRUARY FY2015 CASH POSITION
• Water Fund Working Cash:
$7,202,490
• Receivable from Electric Fund:
$6,600,000
Water Fund Cash By Month
60 Days Cash = $3.7 Million
Water Fund
Revenues and Expenses
THROUGH FEBRUARY FY2015
•
Water Sales Revenues
Budget To Date
o Actual Revenue To Date
o Revenue Variance
o
•
$ 32.04 million
$ 30.02 million
($ 2.02 million) ~ (6.3)%
Water Non-Bond Expenses
Budget To Date
o Actual Expense To Date
o Expense Variance
o
$ 38.06 million
$ 32.90 million
$ 5.16 million ~ 13.6%
Water Fund
Debt Coverage Ratio
AS OF FEBRUARY, FY2015
FUNDS AVAILABLE FOR DEBT SERVICE
MONTHLY PRORATED DEBT SERVICE
DEBT SERVICE COVERAGE (YEAR END 1.25x)
$10,786,828
6,885,654
1.57x
Water Fund - Debt
•
•
•
Bonds and IEPA Loans Outstanding : $90,094,501
Moody’s Rating: Aa2, Standard’s & Poor’s Rating: AA,
Annual Principal and Interest Payments +/- $7.0 million ... +/- $6.3 million in 2020
CWLP FY2015 Labor Budget
LABOR COSTS THROUGH FEBRUARY FY2015
(INCLUDING IMRF and FICA)
•
Water Fund
Budget To Date
o Expense To Date
o Variance
o
•
Electric Fund
Budget To Date
o Expense To Date
o Variance
o
•
$ 12.84 million
$ 12.73 million
$ 111,159 ~ 0.9%
$ 49.98 million
$ 48.23 million
$ 1.75 million ~ 3.5%
CWLP TOTAL LABOR COSTS ARE $1,827,356 or 2.9% UNDER BUDGET
PILOT Performance FY2015
PILOT PAYMENT - WATER FUND
FEBRUARY FY2015 TO DATE
Projected
Actual
Difference
Difference %
$
$
$
447,426
420,215
(27,211)
6.1%
PILOT Performance FY2015
PILOT PAYMENT - ELECTRIC FUND
FEBRUARY FY2015 TO DATE
Projected Total
$ 6,688,000
Actual Total
Difference
Difference %
$ 8,004,981
$ 1,316,981
19.7%
Projected Retail
Actual Retail
Difference
Difference %
$ 5,814,000
$ 5,684,712
$ (129,288)
(2.2%)
Projected Wholesale
Actual Wholesale
Difference
Difference %
$ 874,000
$ 2,320,269
$ 1,446,269
165.5%
City Water Light and Power
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