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#02 - Utility Financial Management Plan Updates
STAFF REPORT DATE: December 10, 2024 TO: Mayor and Council FROM: Clarissa Hadler, Finance Director Nina Kraemer, Finance Coordinator AGENDA ITEM: Utility Financial Management Plan Updates BACKGROUND: First in 2016, again in 2020, and most recently in 2023 the city contracted with Northland Securities Inc to complete a long-range financial management plan for the water, sewer and storm water funds. This year, with the addition of a Finance Coordinator, we were able to bring that analysis in-house, with the assistance of the Northland model. ISSUE BEFORE THE CITY COUNCIL: 1) What should the utility rate increase be for 2025? DISCUSSION: The financial management plan is an important tool used to set rates and plan for future operations and investments in the utility funds. The plan incorporates the capital improvement projects from the 10-year CIP, an assumption on growth in customers and operations, financing strategies, and fund balance policy to arrive at the rates needed to support each utility fund. The assumptions utilized to draft this plan changed in a few ways since last year. We had to rework our development prediction model as the prior City Administrator had been the one to draft that in the past. Community Development Director Stopa and City Planner Jensen aided in the development of the current model, which is significantly more detailed than in years past. We believe our predictions in near-most- years are fairly accurate, as these are easier to gauge. Far-year are more difficult, and we’ve taken a more conservative approach in estimating those. Another assumption that needed to change was the number of new MPCA-funded connections. The MPCA has halted funding on water extensions paid via the 3M settlement funds, in favor of funding more treatment plants. This change significantly decreased revenues including connection fees and ongoing service charges, in both the water and sewer fund. The results of these changing assumptions are indicative of how highly subsidized our utility operations are by development. Projected revenues in all funds dropped significantly from the prior model when we remove the new connections from the MPCA-funded projects. The final assumption that has an immense impact on the water fund will be the operations and maintenance expenses of the planned treatment plants. The operations of these facilities are expected to almost double the operations expenses of the water fund as a whole. There is the possibility that those expenses will be covered by the MPCA via the 3M Settlement Funds or the 3M Consent Decree for a number of years, but that information will not be available for some time. For now, the utility model reflects a lack of that funding, as it is difficult even to determine the likelihood that it will occur. As we looked at these models, we contemplated what our goals were for the utility funds. Revenue sufficiency, cash balances, debt load, and operating expense recovery were our main points of analysis. Sewer Fund For this internal review we focused most of our attention on the aforementioned goals of revenue- sufficiency and cash balances. In the Northland model from last year, the projected balance of the Sewer Fund was approximately $ 8.5 million after 10 years, so in keeping with that model, we set a loose target of maintaining $ 7 – 10 million in the fund. Given that we don’t project the CIP out more than 10 years, that allows us to complete a $2-3 million project outside our projection range and still have at least $5 – 7 million in that fund. Per on-going conversations regarding the city’s current overall debt load, we also wanted to avoid issuing new debt unless necessary or beneficial. Our current model does not include any new debt. There would be an opportunity to issue up to $3 million in debt for projects in order to manage cash flow or take advantage of low interest rates. The table below projects cash in the sewer fund with a standard rate increase of 3% per year. This model shows continued declines in cash reserves during this period. Those reserves would be below our goal of $7 million by 2029, below the cash reserve policy around 2033, and reaching zero by 2035. 3% for 10 years Again, these projections are all based on assumptions and could change drastically if there is unexpected development, so this particular scenario is maybe unlikely, and future updates to this plan will track that likelihood. In order to reach our goal of $7 million at the end of the 10-year period, there would need to be either unplanned development or a significant rate increase. The below tables show various rate increase implementation options and the resulting cash balances. We examined models that looked at larger increases in the first year or two, and a model that spread the increase evenly over 10 years. Year 1 - 25% / Year 2 - 25% / Consecutive Years - 3% 10% for 10 years Year 1 – 50% / Consecutive Years – 3% The “10% for 10 years” model seemed the most palatable and easy to adjust to changing development trends, so we used that assumption for both sewer and water fund modeling and all charts in the attached Appendices. Appendix E has all of the Sewer Fund reports and charts. Water Fund Using a similar analysis as the Sewer Fund, we set goals of maintaining $ 7 – 10 million in the fund and minimizing debt issuance. For the sake of this model, we took a cautious approach and assumed no MPCA funding for treatment plant operations and maintenance (O & M). This first table shows cash balances with a standard 3% increase each year for 10 years. If we are indeed responsible for the new expenses of the treatment plants, this is clearly not a sustainable option. 3% for 10 years If we incorporate the same 10% increase for 10 years as the sewer fund -- which seems appropriate due simply to the fact the water treatment plants will double the operations expenses -- we see the fund maintain a steady $5 – 7 million for the first six years and start to grow more steadily after that. In this model, there would be debt issued for most capital projects through 2030. Starting in 2031, we expect to be able to pay cash for most capital projects, and as such, the Water Fund could be debt free after 2045. 10% for 10 years Again, this model assumes no outside funding of O&M on the new treatment plants, so if that funding comes through, this model will need to be updated. Appendix D has all of the Water Fund reports and charts. Stormwater Fund With few capital projects on the horizon and relatively low operating expenses, we modeled for stormwater fees to remain generally the same for the foreseeable future. This would help lower the overall percentage increase to a quarterly utility bill. Appendix F has all of the Stormwater Fund reports and charts. No rate increase for 10 years Proposed Fees and Quarterly Bills Appendix A shows the Proposed the Rates for 2025 under this model. Tables in the attachments show an illustration of a low, middle, and high quarterly bill in both Residential and Commercial. A low-volume user will see a change in their quarterly bill of around $10, or a little over $3 per month. Comparisons to Other Cities Appendix B shows the comparisons of fees to other cities. These were the same cities selected in the Northland comparison last year. All but three of those comparable cities have or are planning water treatment plant(s). The charts show 2024 fees, with Lake Elmo 2025 (with 10% increase) ranking is 7th highest in the group, up from Lake Elmo 2024 ranking of 10th. Hastings is currently planning for a water treatment plant, as well, and their fee ranking is expected to increase by at least 3 spots, as well. We do not have 2025 fee data for the remainder of the cities as of the writing of this report. Development / Connection Charges The Water and Sewer Availability and Connection Charges (WAC, WCC, SAC, SCC) have not been changed since 2013; staying at $3000 for availability and $1000 for connection charges for each fund. Staff did not increase those charges for this model, but if it there is interest from Council, we can incorporate rate increases to those fees, which could add millions in revenue in the coming years. This seems appropriate given increasing construction costs in years past. These connection fees vary widely from city-to-city, in both rate and application and it would take a significant amount of staff time to provide a thorough analysis of these. Staff will plan to work this analysis into the next update of this study. Multi-Family Rates To date, a separate Multi-Family rate has not been adopted in any of the funds. This leads to some unclear processes about how to apply those rates, and/or applying a rate that doesn’t align with the property or usage. As such, we are proposing Multi-Family Rates as shown in the attached fee table. Water – A per unit base rate is proposed, which aligns with many other cities’ practices, and acknowledges the large draw of these facilities on the water system. However, a single tier usage rate is recommended in conjunction with that, which acknowledges that the higher-gallon usage on those meters is due to the multiple units and is generally basic residential utilization like cooking, bathing, and laundry. Sewer – Again a per unit base fee and a single tier usage fee that align somewhat with regular residential and commercial rates. Stormwater – It is recommended that Multi-Family Stormwater fees be treated like Commercial, as the stormwater run-off will be similar to commercial with a lower amount of permeable surfaces on each property. Summary The above graphs show simple cash balances and thus short-term revenue sufficiency. The attached tables and charts in Appendices C through F show the more detailed financial projections for each of the funds. To reiterate an earlier point, these models are based on assumptions that can change significantly year-to- year, including development, water usage, interest rates, construction costs, and so on. We use our best guess to estimate how these funds will perform and what adjustments are needed in order to provide revenue sufficiency and long-term financial sustainability. Based on the above, our recommended utility fund fee schedule for 2025 is shown in Appendix A. We are happy to discuss alternatives to these recommendations with Council during the workshop, as well as provide alternative scenarios if requested ahead of time. RECOMMENDATION: Discuss rate study results and provide direction for implementation of rate changes for 2025. ATTACHMENTS: • Appendix A – Rates & Bills • Appendix B – Comp Cities • Appendix C – All Funds Charts • Appendix D – Water Reports & Charts • Appendix E – Sewer Reports & Charts • Appendix F – Stormwater Reports & Charts Appendix A •2025 Proposed Rate Table •Example Quarterly Utility Bill Change – 2024 to 2025 •Example Quarterly Utility Fees Payable by Property Types – Dollar Change •Example Quarterly Utility Fees Payable by Property Types – Percent Change 2025 Proposed Rate Table 2024 Adopted 2025 $ Change % Change WATER RATES Residential quarterly base fee 22.52 24.77 2.25 10% Residential Tier 1: 0-15,000 gal 2.25 2.48 0.23 10% Residential Tier 2: 15,001-30,000 gal 2.71 2.98 0.27 10% Residential Tier 3: 30,001-50,000 gal 3.24 3.56 0.32 10% Residential Tier 4: 50,001-80,000 gal 3.90 4.29 0.39 10% Residential Tier 5: >80,001 gal 4.66 5.13 0.47 10% Multi-Family Residential quarterly base fee (per unit)24.77 new Multi-Family Residential water usage 2.48 new Commercial quarterly base fee 28.15 30.97 2.82 10% Commercial Tier 1: 0-15,000 gallons 3.49 3.84 0.35 10% Commercial Tier 2: 15,001-30,000 gal 3.67 4.04 0.37 10% Commercial Tier 3: 30,001-50,000 gal 4.24 4.66 0.42 10% Commercial Tier 4: 50,001-80,000 gal 5.62 6.18 0.56 10% Commercial Tier 5: >80,001 gal 7.47 8.22 0.75 10% Irrigation quarterly base fee 28.15 30.97 2.82 10% Irrigation Tier 1: 0-30,000 gallons 2.71 2.98 0.27 10% Irrigation Tier 2: 30,001-50,000 gal 3.24 3.56 0.32 10% Irrigation Tier 3: 50,001-80,000 gal 3.90 4.29 0.39 10% Irrigation Tier 4: >80,001 gal 4.66 5.13 0.47 10% Hotel/Motel quarterly base fee 28.15 30.97 2.82 10% Hotel/Motel Tier 1: 0-30,000 gal 3.49 3.84 0.35 10% Hotel/Motel Tier 2: 30,001-50,000 gal 3.67 4.04 0.37 10% Hotel/Motel Tier 3: >50,001 gal 4.49 4.94 0.45 10% Connection charge Per REC Unit 1,000 1,000 - 0% Availability charge Per REC Unit 3,000 3,000 - 0% SEWER RATES Residential quarterly base fee 55.74 61.31 5.57 10% Residential Sanitary Sewer Tier 1 (first 10,000 gallons included in base fee) - - 0% Residential Sanitary Sewer Tier 2 usage per 1,000 gallons (after first 10,000 gal) 4.99 5.49 0.50 10% Multi-Family quarterly base fee (per unit)6.13 new Multi-Family Sanitary Sewer Usage 5.49 new Commercial quarterly - - 0% Commercial Sanitary Sewer - per 1,000 gallons 4.99 5.49 0.50 10% Commercial off-site customer (per quarter)82.01 90.21 8.20 10% Connection charge Per REC Unit 1,000 1,000 - 0% Availability charge Per REC Unit 3,000 3,000 - 0% Availability charge Per REC Unit - Early Incentive Prg (50% of rate)1,500 1,500 - 0% STORMWATER RATES Storm Sewer Annual Basic Charge - Residential 95.00 95.00 - 0% Storm Sewer Annual Basic Charge - Multi-Family - Billed at 3.08X Residential 95.00 new Storm Sewer Annual Equivalent Basic Charge Commercial Billed at 3.08 95.00 95.00 - 0% Storm Sewer Annual Charge - Vacant Land - Per Acre Charge 14.25 14.25 - 0% APPENDIX A Example Quarterly Utility Bill Change - 2024 to 2025 Low Volume Example, 6,000 gallons billed 2024 2025 Quarterly $ Change Monthly $ ChangeResidential Customer Water Bill 36.02 39.62 3.60 1.20 Sanitary Sewer Bill 55.74 61.31 5.57 1.86 Storm Sewer Bill 23.75 23.75 - - Total 115.51 124.69 9.18 3.06 % Change 7.9% Commercial Customer Water Bill 49.09 54.00 4.91 1.64 Sanitary Sewer Bill 99.80 109.78 9.98 3.33 Storm Sewer Bill 73.15 73.15 - - Total 222.04 236.93 14.89 4.96 % Change 6.7% Medium Volume Example, 20,000 gallons billed 2024 2025 Quarterly $ Change Monthly $ Change Residential Customer Water Bill 69.82 76.80 6.98 2.33 Sanitary Sewer Bill 105.64 116.20 10.56 3.52 Storm Sewer Bill 23.75 23.75 - - Total 199.21 216.76 17.55 5.85 % Change 8.8% Commercial Customer Water Bill 98.85 108.74 9.89 3.30 Sanitary Sewer Bill 99.80 109.78 9.98 3.33 Storm Sewer Bill 73.15 73.15 - - Total 271.80 291.67 19.87 6.62 % Change 7.3% High Volume Example, 107,000 gallons billed 2024 2025 Quarterly $ Change Monthly $ Change Residential Customer Water Bill 384.02 422.42 38.40 12.80 Sanitary Sewer Bill 539.77 593.75 53.98 17.99 Storm Sewer Bill 23.75 23.75 - - Total 947.54 1,039.92 92.38 30.79 % Change 9.7% Commercial Customer Water Bill 540.69 594.76 54.07 18.02 Sanitary Sewer Bill 533.93 587.32 53.39 17.80 Storm Sewer Bill 73.15 73.15 - - Total 1,147.77 1,255.23 107.46 35.82 % Change 9.4% Note: 1. City bills the storm water charge on an annual basis. For the purpose of this report it is shown on a quarterly basis. 2. Commercial property, for storm water services, is billed at the equivalent of 3.08X of one residential equivalent unit (REU). APPENDIX A Example Quarterly Utility Fees Payable by Property Types TOTAL DOLLAR AMOUNT 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Low Volume Example, 6,000 gallons billed Residential Customer Water Bill 34.94 36.02 39.62 43.58 47.94 52.74 58.01 63.81 70.19 77.21 84.93 93.43 Sanitary Sewer Bill 55.74 55.74 61.31 67.45 74.19 81.61 89.77 98.75 108.62 119.48 131.43 144.58 Storm Sewer Bill 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 Total 114.43 115.51 124.69 134.78 145.88 158.10 171.53 186.31 202.56 220.45 240.12 261.75 % Change 3.1%0.9%7.9%8.1%8.2%8.4%8.5%8.6%8.7%8.8%8.9%9.0% Commercial Customer Water Bill 47.67 49.09 54.00 59.40 65.34 71.87 79.06 86.97 95.66 105.23 115.75 9.52 Sanitary Sewer Bill 96.00 99.80 109.78 120.76 132.83 146.12 160.73 176.80 194.48 213.93 235.32 12.94 Storm Sewer Bill 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 Total 216.82 222.04 236.93 253.31 271.32 291.14 312.94 336.92 363.29 392.31 424.22 95.61 % Change 4.4%2.4%6.7%6.9%7.1%7.3%7.5%7.7%7.8%8.0%8.1%-77.5% Medium Volume Example, 20,000 gallons billed Residential Customer Water Bill 67.71 69.82 76.80 84.48 92.93 102.22 112.45 123.69 136.06 149.67 164.63 181.10 Sanitary Sewer Bill 103.74 105.64 116.20 127.82 140.61 154.67 170.13 187.15 205.86 226.45 249.09 274.00 Storm Sewer Bill 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 Total 195.20 199.21 216.76 236.06 257.29 280.64 306.33 334.59 365.67 399.86 437.48 478.85 % Change 2.2%2.1%8.8%8.9%9.0%9.1%9.2%9.2%9.3%9.4%9.4%9.5% Commercial Customer Water Bill 95.98 98.85 108.74 119.61 131.57 144.73 159.20 175.12 192.63 211.89 233.08 256.39 Sanitary Sewer Bill 96.00 99.80 109.78 120.76 132.83 146.12 160.73 176.80 194.48 213.93 235.32 258.86 Storm Sewer Bill 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 Total 265.13 271.80 291.67 313.52 337.55 363.99 393.08 425.07 460.26 498.97 541.56 588.40 % Change 3.8%2.5%7.3%7.5%7.7%7.8%8.0%8.1%8.3%8.4%8.5%8.6% High Volume Example, 107,000 gallons billed Residential Customer Water Bill 373.04 384.02 422.42 464.66 511.13 562.24 618.47 680.31 748.35 823.18 905.50 996.05 Sanitary Sewer Bill 521.34 539.77 593.75 653.12 718.43 790.28 869.30 956.24 1,051.86 1,157.04 1,272.75 1,400.02 Storm Sewer Bill 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 23.75 Total 918.13 947.54 1,039.92 1,141.54 1,253.31 1,376.27 1,511.52 1,660.30 1,823.96 2,003.98 2,202.00 2,419.82 % Change 1.3%3.2%9.7%9.8%9.8%9.8%9.8%9.8%9.9%9.9%9.9%9.9% Commercial Customer Water Bill 525.20 540.69 594.76 654.23 719.66 791.62 870.79 957.87 1,053.65 1,159.02 1,274.92 1,402.41 Sanitary Sewer Bill 513.60 533.93 587.32 646.06 710.66 781.73 859.90 945.89 1,040.48 1,144.53 1,258.98 1,384.88 Storm Sewer Bill 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 Total 1,111.95 1,147.77 1,255.23 1,373.44 1,503.47 1,646.50 1,803.84 1,976.90 2,167.28 2,376.69 2,607.05 2,860.44 % Change 1.6%3.2%9.4%9.4%9.5%9.5%9.6%9.6%9.6%9.7%9.7%9.7% Note: 1. City bills the storm water charge on an annual basis. For the purpose of this report it is shown on a quarterly basis. 2. Commercial property, for storm water services, is billed at the equivalent of 3.08X of one residential equivalent unit (REU). Example Quarterly Utility Fees Payable by Property Types ANNUAL PERCENT CHANGE 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Low Volume Example, 6,000 gallons billed Residential Customer Water Bill 1.0%3.1%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0% Sanitary Sewer Bill 1.0%0.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0% Storm Sewer Bill 11.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Total 3.1%0.9%7.9%8.1%8.2%8.4%8.5%8.6%8.7%8.8%8.9%9.0% % Change Commercial Customer Water Bill 1.0%3.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%-91.8% Sanitary Sewer Bill 1.1%4.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%-94.5% Storm Sewer Bill 11.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Total 4.4%2.4%6.7%6.9%7.1%7.3%7.5%7.7%7.8%8.0%8.1%-77.5% % Change Medium Volume Example, 20,000 gallons billed Residential Customer Water Bill 1.0%3.1%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0% Sanitary Sewer Bill 1.0%1.8%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0% Storm Sewer Bill 11.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Total 2.2%2.1%8.8%8.9%9.0%9.1%9.2%9.2%9.3%9.4%9.4%9.5% % Change Commercial Customer Water Bill 1.0%3.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0% Sanitary Sewer Bill 1.1%4.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0% Storm Sewer Bill 11.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Total 3.8%2.5%7.3%7.5%7.7%7.8%8.0%8.1%8.3%8.4%8.5%8.6% % Change High Volume Example, 107,000 gallons billed Residential Customer Water Bill 1.0%2.9%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0% Sanitary Sewer Bill 1.0%3.5%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0% Storm Sewer Bill 11.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Total 1.3%3.2%9.7%9.8%9.8%9.8%9.8%9.8%9.9%9.9%9.9%9.9% % Change Commercial Customer Water Bill 1.0%2.9%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0% Sanitary Sewer Bill 1.1%4.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0% Storm Sewer Bill 11.8%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Total 1.6%3.2%9.4%9.4%9.5%9.5%9.6%9.6%9.6%9.7%9.7%9.7% % Change Note: 1. City bills the storm water charge on an annual basis. For the purpose of this report it is shown on a quarterly basis. 2. Commercial property, for storm water services, is billed at the equivalent of 3.08X of one residential equivalent unit (REU). Appendix B • Comparison of Fees to Other Cities o 6,000 Gallons Quarterly Volume - Residential o 20,000 Gallons Quarterly Volume - Residential o 107,000 Gallons Quarterly Volume - Residential $0$50$100$150$200$250Rosemount Hastings Farmington Stillwater Hastings 2025 Woodbury Victoria Lake Elmo Hugo Oakdale Lake Elmo 2025 Prior Lake Chaska Minnetonka Ramsey Carver Corcoran Comparison of Fees to Other Cities 6,000 Gallons Quarterly Volume -Residential Estimated Based on Published Fees and Rates and Interpretation of Schedules for Year 2024. Cities have different billing cycles. For comparison billing is shown as quarterly. Sewer Water Stormwater Disclaimer: Bill amounts are calculated based on published fee schedules. While the information presented in this chart is believed to be accurate, the interpretation of a city fee schedule may have not been correct and therefore the information presented for a city may not be correct. No water treatment information found for Hugo, Farmington, or Rosemount. $0$50$100$150$200$250$300$350$400Stillwater Ramsey Hugo Hastings Woodbury Rosemount Oakdale Hastings 2025 Farmington Lake Elmo Victoria Lake Elmo 2025 Prior Lake Minnetonka Corcoran Chaska Carver Comparison of Fees to Other Cities 20,000 Gallons Quarterly Volume -Residential Estimated Based on Published Fees and Rates and Interpretation of Schedules for Year 2024. Cities have different billing cycles. For comparison billing is shown as quarterly. Sewer Water Stormwater Disclaimer: Bill amounts are calculated based on published fee schedules. While the information presented in this chart is believed to be accurate, the interpretation of a city fee schedule may have not been correct and therefore the information presented for a city may not be correct. $0$200$400$600$800$1,000$1,200$1,400$1,600$1,800$2,000Stillwater Hugo Ramsey Oakdale Woodbury Hastings Corcoran Hastings 2025 Lake Elmo Rosemount Lake Elmo 2025 Farmington Minnetonka Victoria Chaska Prior Lake Carver Comparison of Fees to Other Cities 107,000 Gallons Quarterly Volume -Residential Estimated Based on Published Fees and Rates and Interpretation of Schedules for Year 2024. Cities have different billing cycles. For comparison billing is shown as quarterly. Sewer Water Stormwater Disclaimer: Bill amounts are calculated based on published fee schedules. While the information presented in this chart is believed to be accurate, the interpretation of a city fee schedule may have not been correct and therefore the information presented for a city may not be correct. Appendix C All Funds • Chart 1 – Year Ending Cash – All Funds • Chart 2 – Estimated Debt Outstanding – Existing vs New • Chart 3 – Estimated Debt Outstanding by Fund • Chart 4 – Estimated Annual Debt Service by Fund • Chart 5 – Estimated Annual Debt Service Interest & Principal • Chart 8 – Projected Volume Billed – Water & Sewer $0 $5 $10 $15 $20 $25 20242025202620272028202920302031203220332034MillionsChart 1 Year Ending Cash is projected to be sufficient to meet cash objectives, including cash available for debt service payments, pay-go capital, and reserves Storm Sewer Fund Sanitary Sewer Fund Water Fund $0 $5 $10 $15 $20 $25 $30 20242025202620272028202920302031203220332034MillionsChart 2 Estimated Debt Outstanding for Existing and Planned New Debt Supported by Utility Revenues Existing Debt New Debt $0 $5 $10 $15 $20 $25 $30 20242025202620272028202920302031203220332034MillionsChart 3 Estimated Debt Outstanding by Fund Including Existing and Planned New Debt Supported by Utility Revenues Water Fund Sanitary Sewer Fund Storm Sewer Fund $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 20242025202620272028202920302031203220332034MillionsChart 4 Estimated Annual Debt Service by Fund Includes Existing and Planned New Debt Storm Sewer Fund Sanitary Sewer Fund Water Fund $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 20242025202620272028202920302031203220332034MillionsChart 5 Estimated Annual Debt Service for Utility Funds Includes Existing and Planned New Debt Interest Principal 0 100 200 300 400 500 600 700 2022202320242025202620272028202920302031203220332034Thousands of GallonsChart 8 Projected Volume of Water and Sanitary Sewer Subject to Billing Volume billed is projected to increase with addition of new customers Water Volume Sewer Volume Appendix D Water Charts & Reports • Charts o Ending Cash by Year o Revenues & Expenses o Customers & Annual Water Volume Billed • Reports o Summary of Key Financial Information o Pro Forma o Projected Year End Cash Balance o Capital Improvement Plan o Customers / Usage & Rates o Change in Net Capital Assets o Water Billing – Residential o Water Billing – Commercial $0 $2 $4 $6 $8 $10 $12 $14 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034MillionsWater Fund Ending Cash by Year $0 $1 $2 $3 $4 $5 $6 $7 $8 2024202520262027202820292030203120322033MillionsChart 11 Water Fund Revenues and Expenses Revenues fluctuate with timing of private development and collection of development related revenues including connection and availability charges and special assessments Revenues Expenses 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2024202520262027202820292030203120322033Total Customer Units (ERU)Volume Billed (1,000 Gal)Chart 12 Water Fund Customers and Annual Water Volume Billed is projected to continue to increase Water Volume Billed Total Customer Units Table 1Water FundSummary of Key Financial InformationAmounts are Estimated2024 2025 2026 2027 2028 2029 2030 2031 2032 2033Revenues4,452,239 5,454,809 2,975,260 4,463,097 3,592,055 4,479,661 5,474,753 5,341,960 6,289,540 7,123,239 Expenses3,814,995 3,790,525 4,283,796 4,805,516 4,973,914 5,087,861 5,221,593 5,331,404 5,342,406 5,410,854 Ending Cash by PurposeCash for next year planned capital 596,475 370,800 307,661 - - 57,964 2,214,414 258,274 1,710,140 500,000 Cash for next year debt service 1,573,630 1,657,973 1,762,721 2,029,571 2,158,607 2,292,298 1,948,254 1,873,994 1,618,819 1,501,750 Restricted availability charges 2,296,092 4,296,190 3,349,894 3,692,693 2,973,363 2,885,677 1,917,822 2,782,856 3,335,506 5,980,541 Unrestricted cash 593,585 814,202 1,018,878 1,049,444 1,080,928 1,113,356 1,146,756 1,181,159 1,216,594 1,253,092 Ending Cash 5,059,782 7,139,165 6,439,154 6,771,708 6,212,898 6,349,294 7,227,247 6,096,283 7,881,058 9,235,383 Net PositionEnding Unrestricted Net Position 5,180,973 7,278,508 6,596,591 6,951,551 6,415,146 6,574,344 7,472,124 6,357,903 8,152,859 9,513,951 Ending Unrestricted Net Position as % of Expenses137% 170% 137% 140% 126% 126% 140% 119% 151% 175%Total Customer Units3,823 4,754 4,975 5,231 5,520 5,917 6,281 6,638 6,951 7,249 Annual Increase in Customer Units263 932 221 256 289 397 364 357 313 298 Water Volume Billed324,117 374,737 397,215 422,383 453,354 488,581 520,971 549,628 574,765 597,901 Average Annual Change in Residential Rates (Average Volume 20,000 gallons per quarter)3.1% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% Table JWater FundPro FormaPrior Year Actual Prior Year Actual2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033RevenuesCharges for services 1,647,656 1,809,432 1,962,564 1,855,679 2,173,130 2,541,967 2,958,925 3,513,531 4,132,623 4,832,830 5,605,410 6,473,109 Investment income (66,764) 172,199 32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000 Other operating revenue 400,075 5,671 2,000 33,455 33,455 33,455 33,455 33,455 33,455 33,455 33,455 33,455 Water meter sales 113,708 123,176 155,675 155,675 155,675 155,675 155,675 155,675 155,675 155,675 155,675 155,675 Other revenues - - - - - - - - - - - - Availability charges 685,000 550,000 1,695,000 2,577,000 378,000 1,476,000 150,000 375,000 786,000 - 219,000 210,000 Capital assets contributions non-cash 1,503,597 2,164,179 - - - - - - - - - - Intergovernmental revenue 8,164,179 2,666,737 - - - - - - - - - - Special assessments 73,461 18,013 - 320,000 - - - - - - - - Lateral Benefit Fee 12,400 17,200 - - - - - - - - - - Connection charges 383,000 299,000 605,000 481,000 203,000 224,000 262,000 370,000 335,000 288,000 244,000 219,000 Total Revenues 12,916,312 7,825,607 4,452,239 5,454,809 2,975,260 4,463,097 3,592,055 4,479,661 5,474,753 5,341,960 6,289,540 7,123,239 ExpensesPersonal services 453,262 449,930 517,395 469,367 533,448 600,951 618,980 637,549 656,675 676,376 696,667 717,567 Materials and supplies 204,340 367,469 241,800 121,600 179,368 236,249 243,337 250,637 258,156 265,900 273,877 282,094 Professional services 109,490 266,161 247,624 331,702 349,229 364,855 375,801 387,075 398,687 410,648 422,967 435,656 Repairs and maintenance 84,958 73,786 57,000 104,500 316,260 500,848 515,873 531,349 547,290 563,709 580,620 598,038 Utilities 17,606 176,693 193,850 160,000 250,100 334,853 344,899 355,246 365,903 376,880 388,186 399,832 Depreciation expense 1,868,224 2,148,531 2,183,065 2,224,726 2,261,729 2,338,379 2,383,454 2,425,661 2,479,277 2,534,638 2,541,094 2,583,848 Interest and fees on long-term debt 346,637 352,740 374,262 358,630 372,973 377,721 454,571 468,607 477,298 503,254 438,994 393,819 Transfer out to Capital Fund 3,261,225 - - - - - - - - - - - Other expenses 37,158 62,638 - - - - - - - - - - Cost of bond issuance - - - 20,000 20,690 51,660 37,000 31,737 38,307 - - - Total Expenses 6,382,900 3,897,948 3,814,995 3,790,525 4,283,796 4,805,516 4,973,914 5,087,861 5,221,593 5,331,404 5,342,406 5,410,854 Change in Net Position 6,533,412 3,927,659 637,244 1,664,284 (1,308,536) (342,419) (1,381,860) (608,200) 253,160 10,556 947,134 1,712,384 Ending net position 46,607,056 50,534,715 51,171,959 52,836,242 51,527,706 51,185,287 49,803,428 49,195,228 49,448,388 49,458,944 50,406,078 52,118,463 AssetsCash and investments 5,897,784 5,787,696 5,059,782 7,139,165 6,439,154 6,771,708 6,212,898 6,349,294 7,227,247 6,096,283 7,881,058 9,235,383 Cash and investments held in escrow - - - - - - - - - - - - Special assessments receivable 533,521 501,348 473,748 449,799 427,010 407,314 387,618 368,315 349,012 329,709 310,406 291,103 Other current assets / receivables 243,557 37,433 209,105 209,105 209,105 209,105 209,105 209,105 209,105 209,105 209,105 209,105 Due from other governmental units 1,429,117 157,547 - - - - - - - - - - Capital assets 65,601,629 72,596,436 73,977,780 75,644,255 77,124,365 80,190,366 81,993,366 83,681,629 85,826,286 88,040,700 88,298,973 90,009,113 Less Accumulated depreciation (11,665,199) (13,813,730) (15,996,795) (18,221,521) (20,483,250) (22,821,630) (25,205,084) (27,630,745) (30,110,022) (32,644,659) (35,185,754) (37,769,602) Deferred outflows 109,550 73,095 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 Total Assets and Deferred Outflows 62,149,959 65,339,825 63,738,620 65,235,803 63,731,384 64,771,864 63,612,903 62,992,598 63,516,628 62,046,137 61,528,788 61,990,102 LiabilitiesOther current liabilities / payables 835,631 787,724 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Bonds payable 13,375,000 12,670,000 11,990,000 11,865,000 11,710,000 13,135,000 13,400,000 13,430,000 13,740,000 12,295,000 10,860,000 9,635,000 Unamortized bond premium 432,861 429,402 418,662 376,561 335,678 293,577 251,475 209,370 170,239 134,193 104,710 78,639 Other non-current liabilities 318,367 253,428 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 Unearned revenues 575,000 575,000 - - - - - - - - - - Deferred inflows 6,044 89,556 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 Total Liabilities and Deferred Inflows 15,542,903 14,805,110 12,566,662 12,399,561 12,203,678 13,586,577 13,809,475 13,797,370 14,068,239 12,587,193 11,122,710 9,871,639 Total Liabilities, Deferred Inflows, and Net Position62,149,959 65,339,825 63,738,620 65,235,803 63,731,384 64,771,864 63,612,903 62,992,598 63,516,628 62,046,137 61,528,788 61,990,102 Projected Table KWater FundProjected Year End Cash BalanceCurrent Year2024 2025 2026 2027 2028 2029 2030 2031 2032 2033Use of CashOperations & Maintenance 1,257,669 1,187,169 1,628,404 2,037,756 2,098,889 2,161,856 2,226,711 2,293,513 2,362,318 2,433,188 Capital Acquisition 1,381,344 1,686,475 1,500,800 3,117,661 1,840,000 1,720,000 2,182,964 2,214,414 258,274 1,710,140 Interfund Transfers Out - - - - - - - - - - Debt Service (includes transfers for debt) 1,524,262 1,573,630 1,657,973 1,762,721 2,029,571 2,158,607 2,292,298 1,948,254 1,873,994 1,618,819 Total Use of Cash 4,163,275 4,447,274 4,787,177 6,918,138 5,968,460 6,040,463 6,701,973 6,456,181 4,494,585 5,762,146 Source of CashRevenues 4,452,239 5,454,809 2,975,260 4,463,097 3,592,055 4,479,661 5,474,753 5,341,960 6,289,540 7,123,239 Bond Proceeds 470,000 1,090,000 1,130,000 2,810,000 1,840,000 1,720,000 2,125,000 - - - Interfund Transfers In - - - - - - - - - - Total Source of Cash 4,922,239 6,544,809 4,105,260 7,273,097 5,432,055 6,199,661 7,599,753 5,341,960 6,289,540 7,123,239 Net Change in Other Assets and Liabilities (1,486,878) (18,152) (18,094) (22,405) (22,405) (22,802) (19,828) (16,743) (10,180) (6,768) Change in Cash Balance (727,914) 2,079,383 (700,011) 332,554 (558,810) 136,396 877,953 (1,130,964) 1,784,775 1,354,325 Beginning Cash Balance 5,787,696 5,059,782 7,139,165 6,439,154 6,771,708 6,212,898 6,349,294 7,227,247 6,096,283 7,881,058 Ending Cash5,059,782 7,139,165 6,439,154 6,771,708 6,212,898 6,349,294 7,227,247 6,096,283 7,881,058 9,235,383 Ending Cash by PurposeCash for next year planned capital 596,475 370,800 307,661 - - 57,964 2,214,414 258,274 1,710,140 500,000 Cash for next year debt service 1,573,630 1,657,973 1,762,721 2,029,571 2,158,607 2,292,298 1,948,254 1,873,994 1,618,819 1,501,750 Restricted availability charges 2,296,092 4,296,190 3,349,894 3,692,693 2,973,363 2,885,677 1,917,822 2,782,856 3,335,506 5,980,541 Unrestricted cash 593,585 814,202 1,018,878 1,049,444 1,080,928 1,113,356 1,146,756 1,181,159 1,216,594 1,253,092 Ending Cash 5,059,782 7,139,165 6,439,154 6,771,708 6,212,898 6,349,294 7,227,247 6,096,283 7,881,058 9,235,383 Net PositionEnding Unrestricted Net Position 5,180,973 7,278,508 6,596,591 6,951,551 6,415,146 6,574,344 7,472,124 6,357,903 8,152,859 9,513,951 Subsequent Year's Expenses 3,790,525 4,283,796 4,805,516 4,973,914 5,087,861 5,221,593 5,331,404 5,342,406 5,410,854 5,443,927 Ending Unrestricted Net Position as % of Expenses 136.7% 169.9% 137.3% 139.8% 126.1% 125.9% 140.2% 119.0% 150.7% 174.8%Projected Table E-1Water FundCapital Improvement PlanProject Description 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034Use of FundsW-001 - W1 - Water 1 - Portable Generator - - 106,090 - - - - - - - W-002 - W2 - Water 2 - F-550 Service Truck - - - - - - 155,227 - - - W-003 - W3 - Water 3 - RAM 3500 Van - - - - - - 53,180 - - - W-004 - W4 - Water 4 - F-250 Service Truck - - - - - - - - - 85,853 W-011 - T1 - Tower 1 - Langly Ct 50,000 - - - - - - - - - W-012 - T2 - Tower 2 - Ideal Ave - - 848,720 - - - - - - - W-014 - T4 - Tower 4 - Inwood Ave - - - - - - - - 1,013,416 - W-017 - WL2 - Well 2 - 55th St 60,000 - - - - - - - - - W-019 - WL4 - Well 4 - 50th St - - - - - - 59,703 - - - W-020 - WL5 - Well 5 - Lilly Ave - - - - - 57,964 - - - - W-021 - WL6 - Well 6 - Future Well & Site Acquisition 750,000 - - - - - - - - - W-022 - WL7 - Well 7 (or 3) - Test Well & Site Acquisition - 772,500 - - - - - - - - W-041 - TP1 - Treatment Plant 1 - - - - - - - - - - W-042 - TP2 - Treatment 2 - Well 2 - GAC Filter System - - - - - - - - - - W-100 - 2025 Street & Utility Improvements - Water portion 320,000 - - - - - - - - - W-101 - 2026 Street & Utility Improvements - Water portion - 336,810 - - - - - - - - W-103 - 2028 Street & Utility Improvements - Water portion - - - 163,909 - - - - - - W-105 - 2030 Street & Utility Improvements - Water portion - - - - - 115,927 - - - - W-106 - 2031 Street & Utility Improvements - Water portion - - - - - - 155,227 - - - W-107 - 2032 Street & Utility Improvements - Water portion - - - - - - - 258,274 - - W-108 - 2033 Street & Utility Improvements - Water portion - - - - - - - - 696,724 - W-120 - Village East Trunk Watermain & PRV 336,000 236,900 - - - - - - - - W-122 - Hudson Blvd - Trunk Watermain Extension - - 1,909,620 - - - - - - - W-124 - 5th St N - Keats to Lake Elmo Ave - Water Portion - - - - - 1,970,766 - - - - W-130 - Trunk Watermain Extensions - - - 1,639,091 1,688,263 - 1,791,078 - - - W-160 - Watermain Oversizing 150,475 133,900 201,571 - - - - - - - Placeholder - - - - - - - - - - Placeholder - - - - - - - - - - Placeholder - - - - - - - - - - Cost of Issuance 20,000 20,690 51,660 37,000 31,737 38,307 - - - - Total Use of Funds 1,686,475 1,500,800 3,117,661 1,840,000 1,720,000 2,182,964 2,214,414 258,274 1,710,140 85,853 Source of FundsPar Amount of Bonds 1,090,000 1,130,000 2,810,000 1,840,000 1,720,000 2,125,000 - - - - Special assessments 320,000 - - - - - - - - - Other revenues - - - - - - - - - - Use of cash from fund 276,475 370,800 307,661 - - 57,964 2,214,414 258,274 1,710,140 85,853 Total Source of Funds 1,686,475 1,500,800 3,117,661 1,840,000 1,720,000 2,182,964 2,214,414 258,274 1,710,140 85,853 Projected Table GWater FundCustomers/Usage and RatesCurrent Year2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034Customers, Volume Billed (in 1,000 of gallons), and RECResidential customers 3,439 3,522 3,613 3,735 3,971 4,204 4,399 4,508 4,573 4,603 4,627 Residential Tier 1: 0-15,000 gal 146,448 151,416 156,864 164,232 178,360 192,332 204,072 210,612 214,512 216,312 217,752 Residential Tier 2: 15,001-30,000 gal 50,334 51,990 53,806 56,262 60,971 65,629 69,542 71,722 73,022 73,622 74,102 Residential Tier 3: 30,001-50,000 gal 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 33,000 Residential Tier 4: 50,001-80,000 gal 20,391 20,391 20,391 20,391 20,391 20,391 20,391 20,391 20,391 20,391 20,391 Residential Tier 5: >80,001 gal 17,494 17,494 17,494 17,494 17,494 17,494 17,494 17,494 17,494 17,494 17,494 Residential Volume Billed Total 267,667 274,291 281,555 291,379 310,216 328,846 344,499 353,219 358,419 360,819 362,739 Multi-Family Residential customers - 241 336 406 406 517 628 740 851 962 962 Multi-Family Residential Tier 1: 0-15,000 gal - 9,676 13,490 16,301 16,301 20,766 25,230 29,695 34,160 38,624 38,624 Multi-Family Residential Tier 2: 15,001-30,000 gal - - - - - - - - - - - Multi-Family Residential Tier 3: 30,001-50,000 gal - - - - - - - - - - - Multi-Family Residential Tier 4: 50,001-80,000 gal - - - - - - - - - - - Multi-Family Residential Tier 5: >80,001 gal - - - - - - - - - - - Multi-Family Residential Volume Billed Total - 9,676 13,490 16,301 16,301 20,766 25,230 29,695 34,160 38,624 38,624 Commercial customers 151 455 472 504 530 557 585 654 722 801 879 Commercial Tier 1: 0-15,000 gallons 4,701 22,941 23,991 25,891 27,491 29,091 30,795 34,899 39,003 43,707 48,411 Commercial Tier 2: 15,001-30,000 gal 2,846 8,926 9,276 9,909 10,443 10,976 11,544 12,912 14,280 15,848 17,416 Commercial Tier 3: 30,001-50,000 gal 2,490 2,490 2,490 2,490 2,490 2,490 2,490 2,490 2,490 2,490 2,490 Commercial Tier 4: 50,001-80,000 gal 6,898 6,898 6,898 6,898 6,898 6,898 6,898 6,898 6,898 6,898 6,898 Commercial Tier 5: >80,001 gal 10,926 10,926 10,926 10,926 10,926 10,926 10,926 10,926 10,926 10,926 10,926 Commercial Volume Billed Total 27,861 52,181 53,581 56,114 58,248 60,381 62,653 68,125 73,597 79,869 86,141 Irrigation customers 230 534 552 583 610 637 665 733 802 880 959 Irrigation Tier 1: 0-30,000 gallons 2,507 8,507 14,507 20,507 26,507 32,507 38,507 44,507 50,507 56,507 62,507 Irrigation Tier 2: 30,001-50,000 gal 1,487 1,487 1,487 1,487 1,487 1,487 1,487 1,487 1,487 1,487 1,487 Irrigation Tier 3: 50,001-80,000 gal 1,942 5,942 9,942 13,942 17,942 21,942 25,942 29,942 33,942 37,942 41,942 Irrigation Tier 4: >80,001 gal 20,104 20,104 20,104 20,104 20,104 20,104 20,104 20,104 20,104 20,104 20,104 Irrigation Volume Billed Total 26,040 36,040 46,040 56,040 66,040 76,040 86,040 96,040 106,040 116,040 126,040 Hotel/Motel customers 3 3 3 3 3 3 3 3 3 3 3 Hotel/Motel Tier 1: 0-30,000 gal 120 120 120 120 120 120 120 120 120 120 120 Hotel/Motel Tier 2: 30,001-50,000 gal 80 80 80 80 80 80 80 80 80 80 80 Hotel/Motel Tier 3: >50,001 gal 2,349 2,349 2,349 2,349 2,349 2,349 2,349 2,349 2,349 2,349 2,349 Hotel/Motel Volume Billed Total 2,549 2,549 2,549 2,549 2,549 2,549 2,549 2,549 2,549 2,549 2,549 Total Customers Billed 3,823 4,754 4,975 5,231 5,520 5,917 6,281 6,638 6,951 7,249 7,430 Total Volume Billed 324,117 374,737 397,215 422,383 453,354 488,581 520,971 549,628 574,765 597,901 616,093 Total Connection REC 605 481 203 224 262 370 335 288 244 219 102 Total Water Availability REC 565 859 126 492 50 125 262 - 73 70 71 Projected Table GWater FundCustomers/Usage and RatesCurrent Year2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034ProjectedCustomer Rates for Fees and Charges (Dollars)Residential quarterly base fee22.52 24.77 27.25 29.97 32.97 36.27 39.90 43.89 48.27 53.10 58.41 Residential Tier 1: 0-15,000 gal 2.25 2.48 2.72 2.99 3.29 3.62 3.99 4.38 4.82 5.31 5.84 Residential Tier 2: 15,001-30,000 gal 2.71 2.98 3.28 3.61 3.97 4.36 4.80 5.28 5.81 6.39 7.03 Residential Tier 3: 30,001-50,000 gal 3.24 3.56 3.92 4.31 4.74 5.22 5.74 6.31 6.95 7.64 8.40 Residential Tier 4: 50,001-80,000 gal 3.90 4.29 4.72 5.19 5.71 6.28 6.91 7.60 8.36 9.20 10.12 Residential Tier 5: >80,001 gal 4.66 5.13 5.64 6.20 6.82 7.50 8.26 9.08 9.99 10.99 12.09 Multi-Family Residential quarterly base fee22.52 24.77 27.25 29.97 32.97 36.27 39.90 43.89 48.27 53.10 58.41 Multi-Family Residential Tier 1: 0-15,000 gal 2.25 2.48 2.72 2.99 3.29 3.62 3.99 4.38 4.82 5.31 5.84 Multi-Family Residential Tier 2: 15,001-30,000 gal 2.71 2.98 3.28 3.61 3.97 4.36 4.80 5.28 5.81 6.39 7.03 Multi-Family Residential Tier 3: 30,001-50,000 gal 3.24 3.56 3.92 4.31 4.74 5.22 5.74 6.31 6.95 7.64 8.40 Multi-Family Residential Tier 4: 50,001-80,000 gal 3.90 4.29 4.72 5.19 5.71 6.28 6.91 7.60 8.36 9.20 10.12 Multi-Family Residential Tier 5: >80,001 gal 4.66 5.13 5.64 6.20 6.82 7.50 8.26 9.08 9.99 10.99 12.09 Commercial quarterly base fee 28.15 30.97 34.06 37.47 41.21 45.34 49.87 54.86 60.34 66.38 73.01 Commercial Tier 1: 0-15,000 gallons 3.49 3.84 4.22 4.65 5.11 5.62 6.18 6.80 7.48 8.23 9.05 Commercial Tier 2: 15,001-30,000 gal 3.67 4.04 4.44 4.88 5.37 5.91 6.50 7.15 7.87 8.65 9.52 Commercial Tier 3: 30,001-50,000 gal 4.24 4.66 5.13 5.64 6.21 6.83 7.51 8.26 9.09 10.00 11.00 Commercial Tier 4: 50,001-80,000 gal 5.62 6.18 6.80 7.48 8.23 9.05 9.96 10.95 12.05 13.25 14.58 Commercial Tier 5: >80,001 gal 7.47 8.22 9.04 9.94 10.94 12.03 13.23 14.56 16.01 17.61 19.38 Irrigation quarterly base fee 28.15 30.97 34.06 37.47 41.21 45.34 49.87 54.86 60.34 66.38 73.01 Irrigation Tier 1: 0-30,000 gallons 2.71 2.98 3.28 3.61 3.97 4.36 4.80 5.28 5.81 6.39 7.03 Irrigation Tier 2: 30,001-50,000 gal 3.24 3.56 3.92 4.31 4.74 5.22 5.74 6.31 6.95 7.64 8.40 Irrigation Tier 3: 50,001-80,000 gal 3.90 4.29 4.72 5.19 5.71 6.28 6.91 7.60 8.36 9.20 10.12 Irrigation Tier 4: >80,001 gal 4.66 5.13 5.64 6.20 6.82 7.50 8.26 9.08 9.99 10.99 12.09 Hotel/Motel quarterly base fee 28.15 30.97 34.06 37.47 41.21 45.34 49.87 54.86 60.34 66.38 73.01 Hotel/Motel Tier 1: 0-30,000 gal 3.49 3.84 4.22 4.65 5.11 5.62 6.18 6.80 7.48 8.23 9.05 Hotel/Motel Tier 2: 30,001-50,000 gal 3.67 4.04 4.44 4.88 5.37 5.91 6.50 7.15 7.87 8.65 9.52 Hotel/Motel Tier 3: >50,001 gal 4.49 4.94 5.43 5.98 6.57 7.23 7.95 8.75 9.62 10.59 11.65 Connection charge Per REC Unit 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 Availability charge Per REC Unit 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 Table GWater FundCustomers/Usage and RatesCurrent Year2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034ProjectedRevenue by Fee Type (Dollars)Residential quarterly base fee309,785 348,968 393,762 447,861 523,702 609,856 702,066 791,407 883,098 977,780 1,081,166 Residential Tier 1: 0-15,000 gal 329,508 374,755 427,062 491,834 587,558 696,943 813,433 923,452 1,034,607 1,147,618 1,270,783 Residential Tier 2: 15,001-30,000 gal 136,405 154,982 176,435 202,938 241,917 286,435 333,866 378,766 424,194 470,447 520,866 Residential Tier 3: 30,001-50,000 gal 106,920 117,612 129,373 142,311 156,542 172,196 189,415 208,357 229,193 252,112 277,323 Residential Tier 4: 50,001-80,000 gal 79,525 87,477 96,225 105,848 116,432 128,076 140,883 154,972 170,469 187,516 206,267 Residential Tier 5: >80,001 gal 81,522 89,674 98,642 108,506 119,356 131,292 144,421 158,863 174,750 192,225 211,447 Total Residential 1,043,665 1,173,469 1,321,499 1,499,297 1,745,507 2,024,797 2,324,086 2,615,816 2,916,311 3,227,698 3,567,852 Multi-Family Residential quarterly base fee- 23,880 36,623 48,678 53,546 75,033 100,281 129,830 164,285 204,333 224,766 Multi-Family Residential Tier 1: 0-15,000 gal - 95,794 146,910 195,268 214,795 300,989 402,273 520,803 659,018 819,667 901,633 Multi-Family Residential Tier 2: 15,001-30,000 gal - - - - - - - - - - - Multi-Family Residential Tier 3: 30,001-50,000 gal - - - - - - - - - - - Multi-Family Residential Tier 4: 50,001-80,000 gal - - - - - - - - - - - Multi-Family Residential Tier 5: >80,001 gal - - - - - - - - - - - Total Multi-Family - 119,674 183,533 243,946 268,341 376,021 502,554 650,633 823,302 1,023,999 1,126,399 Commercial quarterly base fee 16,946 56,294 64,308 75,485 87,430 101,008 116,774 143,460 174,316 212,563 256,717 Commercial Tier 1: 0-15,000 gallons 16,406 88,070 101,312 120,269 140,471 163,511 190,398 237,349 291,786 359,675 438,224 Commercial Tier 2: 15,001-30,000 gal 10,445 36,034 41,192 48,405 56,111 64,874 75,055 92,344 112,340 137,143 165,784 Commercial Tier 3: 30,001-50,000 gal 10,558 11,613 12,775 14,052 15,457 17,003 18,703 20,574 22,631 24,894 27,384 Commercial Tier 4: 50,001-80,000 gal 38,767 42,643 46,908 51,599 56,758 62,434 68,678 75,545 83,100 91,410 100,551 Commercial Tier 5: >80,001 gal 81,617 89,779 98,757 108,633 119,496 131,445 144,590 159,049 174,954 192,449 211,694 Total Commercial 174,739 324,435 365,251 418,441 475,723 540,277 614,198 728,321 859,128 1,018,135 1,200,353 Irrigation quarterly base fee 25,898 66,141 75,140 87,400 100,536 115,425 132,633 160,905 193,505 233,671 279,935 Irrigation Tier 1: 0-30,000 gallons 6,794 25,359 47,570 73,969 105,172 141,876 184,869 235,043 293,402 361,082 439,364 Irrigation Tier 2: 30,001-50,000 gal 4,818 5,300 5,830 6,413 7,054 7,759 8,535 9,389 10,328 11,360 12,496 Irrigation Tier 3: 50,001-80,000 gal 7,574 25,491 46,916 72,372 102,449 137,817 179,236 227,559 283,755 348,914 424,268 Irrigation Tier 4: >80,001 gal 93,685 103,053 113,358 124,694 137,164 150,880 165,968 182,565 200,821 220,903 242,994 Total Irrigation 138,768 225,345 288,814 364,847 452,374 553,758 671,241 815,460 981,810 1,175,931 1,399,058 Hotel/Motel quarterly base fee 338 372 409 450 495 544 598 658 724 797 876 Hotel/Motel Tier 1: 0-30,000 gal 419 461 507 557 613 674 742 816 898 988 1,086 Hotel/Motel Tier 2: 30,001-50,000 gal 294 323 355 391 430 473 520 572 629 692 762 Hotel/Motel Tier 3: >50,001 gal 10,547 11,602 12,762 14,038 15,442 16,986 18,685 20,553 22,608 24,869 27,356 Total Hotel/Motel 11,597 12,757 14,033 15,436 16,979 18,677 20,545 22,600 24,860 27,346 30,080 Connection charges 605,000 481,000 203,000 224,000 262,000 370,000 335,000 288,000 244,000 219,000 102,000 Availability charges 1,695,000 2,577,000 378,000 1,476,000 150,000 375,000 786,000 - 219,000 210,000 213,000 Total Revenue by Fee Type3,668,770 4,913,679 2,754,130 4,241,967 3,370,925 4,258,531 5,253,623 5,120,830 6,068,410 6,902,109 7,638,743 Total Charges for Services, Capital Contribution, and Connection Charges (Dollars)Charges for services 1,368,770 1,855,679 2,173,130 2,541,967 2,958,925 3,513,531 4,132,623 4,832,830 5,605,410 6,473,109 7,323,743 Connection charges 605,000 481,000 203,000 224,000 262,000 370,000 335,000 288,000 244,000 219,000 102,000 Availability charges 1,695,000 2,577,000 378,000 1,476,000 150,000 375,000 786,000 - 219,000 210,000 213,000 Total3,668,770 4,913,679 2,754,130 4,241,967 3,370,925 4,258,531 5,253,623 5,120,830 6,068,410 6,902,109 7,638,743 Table 11Water FundChange in Net Capital AssestsPrior Year Actual Prior Year Actual Current Year2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034Balance of Capital Assets and DepreciationCapital assets 65,601,629 72,596,436 73,977,780 75,644,255 77,124,365 80,190,366 81,993,366 83,681,629 85,826,286 88,040,700 88,298,973 90,009,113 90,094,966 Less allowance for depreciation 11,665,199 13,813,730 15,996,795 18,221,521 20,483,250 22,821,630 25,205,084 27,630,745 30,110,022 32,644,659 35,185,754 37,769,602 40,355,596 Net capital assets 53,936,430 58,782,706 57,980,985 57,422,734 56,641,115 57,368,736 56,788,282 56,050,884 55,716,264 55,396,041 53,113,220 52,239,511 49,739,370 Acquisition of capital assets 10,199,783 6,994,807 1,381,344 1,666,475 1,480,110 3,066,001 1,803,000 1,688,263 2,144,657 2,214,414 258,274 1,710,140 85,853 Less allowance for depreciation on current assets 1,868,224 2,148,531 2,148,531 2,183,065 2,224,726 2,261,729 2,338,379 2,383,454 2,425,661 2,479,277 2,534,638 2,541,094 2,583,848 Less allowance for depreciation on new assets 34,534 41,662 37,003 76,650 45,075 42,207 53,616 55,360 6,457 42,753 2,146 Total increase in allowance for depreciation 1,868,224 2,148,531 2,183,065 2,224,726 2,261,729 2,338,379 2,383,454 2,425,661 2,479,277 2,534,638 2,541,094 2,583,848 2,585,994 Change in net capital assets 8,331,559 4,846,276 (801,721) (558,251) (781,619) 727,622 (580,455) (737,398) (334,620) (320,223) (2,282,821) (873,708) (2,500,141) * Number of years new assets depreciated over: 40 Projected Appendix E Sewer Charts & Reports •Charts o Ending Cash by Year o Revenues & Expenses o Customers & Annual Sewer Volume Billed •Reports o Summary of Key Financial Information o Pro Forma o Projected Year End Cash Balance o Capital Improvement Plan o Customers / Usage & Rates o Change in Net Capital Assets $0 $2 $4 $6 $8 $10 $12 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034MillionsSanitary Sewer Fund Ending Cash by Year ΨϬΨϭΨϭΨϮΨϮΨϯΨϯΨϰΨϰΨϱϮϬϮϰ ϮϬϮϱ ϮϬϮϲ ϮϬϮϳ ϮϬϮϴ ϮϬϮϵ ϮϬϯϬ ϮϬϯϭ ϮϬϯϮϮϬϯϯ DŝůůŝŽŶƐŚĂƌƚϭϱ^ĂŶŝƚĂƌLJ^ĞǁĞƌ&ƵŶĚZĞǀĞŶƵĞƐĂŶĚ džƉĞŶƐĞƐZĞǀĞŶƵĞƐĨůƵĐƚƵĂƚĞǁŝƚŚƚŝŵŝŶŐŽĨƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚĐŽůůĞĐƚŝŽŶŽĨĚĞǀĞůŽƉŵĞŶƚƌĞůĂƚĞĚƌĞǀĞŶƵĞƐŝŶĐůƵĚŝŶŐĐŽŶŶĞĐƚŝŽŶĂŶĚĂǀĂŝůĂďŝůŝƚLJĐŚĂƌŐĞƐĂŶĚƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐZĞǀĞŶƵĞƐ džƉĞŶƐĞƐ Ϭϭ͕ϬϬϬϮ͕ϬϬϬϯ͕ϬϬϬϰ͕ϬϬϬϱ͕ϬϬϬϲ͕ϬϬϬͲϮϬ͕ϬϬϬϰϬ͕ϬϬϬϲϬ͕ϬϬϬϴϬ͕ϬϬϬϭϬϬ͕ϬϬϬϭϮϬ͕ϬϬϬϮϬϮϰ ϮϬϮϱ ϮϬϮϲ ϮϬϮϳ ϮϬϮϴ ϮϬϮϵ ϮϬϯϬ ϮϬϯϭ ϮϬϯϮϮϬϯϯdŽƚĂůƵƐƚŽŵĞƌhŶŝƚƐ; ZhͿsŽůƵŵĞŝůůĞĚ;ϭ͕ϬϬϬ'ĂůͿŚĂƌƚϭϲ^ĂŶŝƚĂƌLJ^ĞǁĞƌ&ƵŶĚƵƐƚŽŵĞƌƐĂŶĚŶŶƵĂůsŽůƵŵĞŝůůĞĚsŽůƵŵĞŝůůĞĚdŽƚĂůƵƐƚŽŵĞƌhŶŝƚƐ Table 2Sanitary Sewer FundSummary of Key Financial InformationAmounts are Estimated2024 2025 2026 2027 2028 2029 2030 2031 2032 2033Revenues3,135,721 3,913,309 2,412,469 4,046,602 1,815,589 2,568,830 3,246,675 2,723,331 3,227,778 3,624,120 Expenses2,667,979 2,635,882 2,706,047 2,810,880 2,865,607 2,982,981 3,057,652 3,138,497 3,263,829 3,369,837 Ending Cash by PurposeCash for next year planned capita25,920 1,071,200 2,280,935 - 2,009,033 115,927 - 1,229,874 - - Cash for next year debt service 1,311,225 1,304,013 1,295,913 1,291,625 1,286,122 1,279,363 1,214,550 1,184,775 1,127,838 899,688 Restricted availability charges 6,835,945 7,490,622 5,364,404 7,070,989 4,445,460 4,357,064 4,985,450 3,814,658 2,952,163 2,150,313 Unrestricted cash 544,432 582,230 622,685 667,192 718,518 772,784 859,550 892,793 2,286,070 4,115,822 Ending Cash 8,717,522 10,448,064 9,563,937 9,029,807 8,459,133 6,525,138 7,059,550 7,122,100 6,366,070 7,165,822 Net PositionEnding Unrestricted Net Position 13,462,811 14,898,538 13,721,186 12,895,422 12,034,852 9,821,339 10,077,989 9,876,741 8,856,913 9,392,867 Ending Unrestricted Net Position as % of Expenses511% 551% 488% 450% 403% 321% 321% 303% 263% 269%Total Customer Units 2,600 3,228 3,431 3,618 3,838 4,157 4,440 4,677 4,907 5,116 Annual Increase in Customer Units96 628 204 187 221 319 283 236 230 209 Volume Billed76,730 83,005 85,040 86,907 89,112 92,299 95,133 97,497 99,801 101,895 Average Annual Change in Residential Rates (Average Volume 20,000 gallons per quarter)0.9% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% Table LSanitary Sewer FundPro FormaPrior Year ActualPrior Year Actual2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033RevenuesCharges for services 671,474 760,781 843,721 1,044,809 1,206,669 1,381,636 1,593,089 1,872,196 2,175,175 2,483,831 2,829,278 3,202,620 Investment income (138,866) 387,540 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 Other revenues 26,819 33,126 - - - - - - - - - - Availability charges477,500 385,500 1,678,500 2,385,000 - 1,476,000 - 375,000 786,000 - 165,000 210,000 Capital assets contributions non-cash 1,272,767 2,060,698 - - - - - - - - - - Intergovernmental revenue544 11 - - - - - - - - - - Special assessments 2,250,585 519,527 - - 1,000,000 1,000,000 - - - - - - Refunds and reimbursements- - - - - - - - - - - - Lateral Benefit Fee13,100 13,700 - - - - - - - - - - Connection charges 310,500 249,500 611,000 481,000 203,300 186,467 220,000 319,133 283,000 237,000 231,000 209,000 Transfer in - - - - - - - - - - - - Total Revenues 4,884,423 4,410,383 3,135,721 3,913,309 2,412,469 4,046,602 1,815,589 2,568,830 3,246,675 2,723,331 3,227,778 3,624,120 ExpensesPersonal services 211,488 242,151 231,965 102,214 105,280 108,439 111,692 115,043 118,494 122,049 125,710 129,482 Materials and supplies26,354 23,370 29,900 30,797 31,721 32,673 33,653 34,662 35,702 36,773 37,876 39,013 Professional services 61,544 117,318 143,272 147,570 151,997 156,557 161,254 166,092 171,074 176,206 181,493 186,937 Repairs and maintenance25,283 28,718 5,500 5,665 5,835 6,010 6,190 6,376 6,567 6,764 6,967 7,176 Utilities 26,466 27,145 30,000 30,900 31,827 32,782 33,765 34,778 35,822 36,896 38,003 39,143 Depreciation expense960,729 1,121,402 1,185,146 1,185,794 1,212,574 1,269,597 1,269,597 1,319,823 1,322,721 1,322,721 1,353,468 1,353,468 Interest and fees on long-term debt306,946 356,724 397,870 361,225 329,013 295,913 261,625 226,122 189,363 154,550 124,775 97,838 Transfer out to Capital Fund - 420,482 - - - - - - - - - - Intergovernmental payments (MCES) 421,859 526,216 644,326 771,717 837,800 908,910 987,830 1,080,086 1,177,909 1,282,537 1,395,536 1,516,780 Other expenses 31,189 65,446 - - - - - - - - - - Cost of bond issuance - - - - - - - - - - - - Total Expenses 2,071,858 2,928,972 2,667,979 2,635,882 2,706,047 2,810,880 2,865,607 2,982,981 3,057,652 3,138,497 3,263,829 3,369,837 Change in Net Position 2,812,565 1,481,411 467,742 1,277,427 (293,578) 1,235,722 (1,050,018) (414,152) 189,022 (415,166) (36,051) 254,283 Ending net position 25,298,195 26,779,606 27,247,348 28,524,774 28,231,196 29,466,918 28,416,900 28,002,749 28,191,771 27,776,605 27,740,554 27,994,837 AssetsCash and investments 12,045,074 10,796,214 8,717,522 10,448,064 9,563,937 9,029,807 8,459,133 6,525,138 7,059,550 7,122,100 6,366,070 7,165,822 Special assessments receivable5,054,729 4,816,024 4,789,289 4,494,474 4,201,249 3,909,615 3,619,719 3,340,201 3,062,439 2,798,641 2,534,843 2,271,045 Other current assets / receivables174,669 222,703 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 90,000 Due from other governmental units- - - - - - - - - - - - Capital assets 26,714,376 30,685,246 33,235,002 33,260,922 34,332,122 36,613,057 36,613,057 38,622,090 38,738,018 38,738,018 39,967,891 39,967,891 Less Accumulated depreciation (4,283,616) (5,405,018) (6,590,164) (7,775,958) (8,988,532) (10,258,129) (11,527,726) (12,847,549) (14,170,271) (15,492,992) (16,846,460) (18,199,928) Deferred outflows 45,920 29,201 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 Total Assets and Deferred Outflows39,751,152 41,144,370 40,256,649 40,532,503 39,213,776 39,399,350 37,269,183 35,744,880 34,794,736 33,270,767 32,127,345 31,309,830 LiabilitiesOther current liabilities / payables566,880 370,630 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 Bonds payable 13,207,623 13,255,000 12,305,000 11,355,000 10,380,000 9,380,000 8,350,000 7,290,000 6,200,000 5,140,000 4,080,000 3,050,000 Unamortized bond premium542,623 604,025 555,301 503,728 453,580 403,431 353,283 303,131 253,965 205,162 157,791 115,993 Other non-current liabilities133,291 99,508 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 Deferred inflows 2,540 35,601 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000 Total Liabilities and Deferred Inflows14,452,957 14,364,764 13,009,301 12,007,728 10,982,580 9,932,431 8,852,283 7,742,131 6,602,965 5,494,162 4,386,791 3,314,993 Total Liabilities, Deferred Inflows, and Net Position39,751,152 41,144,370 40,256,649 40,532,503 39,213,776 39,399,350 37,269,183 35,744,880 34,794,736 33,270,767 32,127,345 31,309,830 Projected Table MSanitary Sewer FundProjected Year End Cash BalanceCurrent Year2024 2025 2026 2027 2028 2029 2030 2031 2032 2033Use of CashOperations & Maintenance 1,084,963 1,088,863 1,164,461 1,245,371 1,334,385 1,437,036 1,545,569 1,661,226 1,785,586 1,918,532 Capital Acquisition 2,549,756 25,920 1,071,200 2,280,935 - 2,009,033 115,927 - 1,229,874 - Interfund Transfers Out - - - - - - - - - - Debt Service (includes transfers for debt) 1,347,870 1,311,225 1,304,013 1,295,913 1,291,625 1,286,122 1,279,363 1,214,550 1,184,775 1,127,838 Total Use of Cash 4,982,589 2,426,008 3,539,673 4,822,218 2,626,010 4,732,191 2,940,858 2,875,776 4,200,235 3,046,369 Source of CashRevenues 3,135,721 3,913,309 2,412,469 4,046,602 1,815,589 2,568,830 3,246,675 2,723,331 3,227,778 3,624,120 Bond Proceeds - - - - - - - - - - Interfund Transfers In - - - - - - - - - - Total Source of Cash 3,135,721 3,913,309 2,412,469 4,046,602 1,815,589 2,568,830 3,246,675 2,723,331 3,227,778 3,624,120 Net Change in Other Assets and Liabilities (231,824) 243,243 243,077 241,486 239,748 229,367 228,596 214,996 216,427 222,001 Change in Cash Balance (2,078,692) 1,730,543 (884,128) (534,130) (570,674) (1,933,995) 534,412 62,550 (756,030) 799,752 Beginning Cash Balance 10,796,214 8,717,522 10,448,064 9,563,937 9,029,807 8,459,133 6,525,138 7,059,550 7,122,100 6,366,070 Ending Cash8,717,522 10,448,064 9,563,937 9,029,807 8,459,133 6,525,138 7,059,550 7,122,100 6,366,070 7,165,822 Ending Cash by PurposeCash for next year planned capital 25,920 1,071,200 2,280,935 - 2,009,033 115,927 - 1,229,874 - - Cash for next year debt service 1,311,225 1,304,013 1,295,913 1,291,625 1,286,122 1,279,363 1,214,550 1,184,775 1,127,838 899,688 Restricted availability charges 6,835,945 7,490,622 5,364,404 7,070,989 4,445,460 4,357,064 4,985,450 3,814,658 2,952,163 2,150,313 Unrestricted cash 544,432 582,230 622,685 667,192 718,518 772,784 859,550 892,793 2,286,070 4,115,822 Ending Cash 8,717,522 10,448,064 9,563,937 9,029,807 8,459,133 6,525,138 7,059,550 7,122,100 6,366,070 7,165,822 Net PositionEnding Unrestricted Net Position 13,462,811 14,898,538 13,721,186 12,895,422 12,034,852 9,821,339 10,077,989 9,876,741 8,856,913 9,392,867 Projected Table E-2Sanitary Sewer FundCapital Improvement PlanCurrent YearProject Description 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034Use of FundsS-093 - Future - DL/SP/For Street & Util Imp - Sewer - - - - - - - - - - 495,814 S-104 - 2029 Street Improvements - - - - - 1,896,482 - - - - - S-107 - Tapestry Sanitary Sewer Collection System Upgrades - - - - - - - - 1,229,874 - - S-108 - I-94 Lift Station and Forcemain Upgrade - - - 954,810 - - - - - - - S-109 - SE-5 Lift Station & Oversize - - - - - - 115,927 - - - - S-110 - SE-6 Lift Station & Oversize - - - - - 112,551 - - - - - S-120 - Sewer Oversizing - 25,920 41,200 53,045 - - - - - - - S-121 - Sewer Oversizing for Sect 16 Extension - - - 212,180 - - - - - - - S-125 - Lake Jane Trail/Jane Road Sanitary Sewer Extension - - 1,030,000 1,060,900 - - - - - - - Cost of Issuance - - - - - - - - - - - Total Use of Funds - 25,920 1,071,200 2,280,935 - 2,009,033 115,927 - 1,229,874 - 495,814 Source of FundsPar Amount of Bonds - - - - - - - - - - - Special assessments - - 1,000,000 1,000,000 - - - - - - 380,000 Use of cash from fund - 25,920 71,200 1,280,935 - 2,009,033 115,927 - 1,229,874 - 115,814 Total Source of Funds - 25,920 1,071,200 2,280,935 - 2,009,033 115,927 - 1,229,874 - 495,814 Projected Table HSanitary Sewer FundCustomers/Usage and RatesCurrent Year2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034Customers and UsageResidential quarterly base fee Customer Count 2,515 2,839 3,025 3,180 3,374 3,666 3,921 4,089 4,251 4,382 4,406 Residential Sanitary Sewer Tier 1 (first 10,000 gallons included in base fee) Volume Billed 76,730 79,970 81,830 83,380 85,319 88,239 90,789 92,469 94,089 95,399 95,639 Residential Sanitary Sewer Tier 2 usage per 1,000 gallons (after first 10,000 gal) Volume Billed 34,022 35,642 36,572 37,347 38,316 39,776 41,051 41,891 42,701 43,356 43,476 Commercial quarterly Customer Count 85 389 406 438 464 491 519 588 656 735 813 Commercial Sanitary Sewer Tier 1 Volume Billed - 3,035 3,210 3,527 3,793 4,060 4,344 5,028 5,712 6,496 7,280 Commercial Sanitary Sewer Tier 2 usage per 1,000 gallons Volume Billed 23,301 27,854 28,116 28,591 28,991 29,391 29,817 30,843 31,869 33,045 34,221 Total Customers Billed2,600 3,228 3,431 3,618 3,838 4,157 4,440 4,677 4,907 5,116 5,219 Total Volume Billed (includes first tier billed) 134,053 146,501 149,728 152,845 156,419 161,466 166,001 170,231 174,371 178,296 180,616 Total Connection REC611 481 203 186 220 319 283 237 231 209 102 Total Sewer Availability REC560 795 - 492 - 125 262 - 55 70 71 Total Sewer Availability REC - Early Incentive Program - - - - - - - - - - - Total Sewer lateral benefit units- - - - - - - - - - - Customer Rates for Fees and Charges (Dollars)Residential quarterly base fee55.74 61.31 67.45 74.19 81.61 89.77 98.75 108.62 119.48 131.43 144.58 Residential Sanitary Sewer Tier 1 (first 10,000 gallons included in base fee) - - - - - - - - - - - Residential Sanitary Sewer Tier 2 usage per 1,000 gallons (after first 10,000 gal) 4.99 5.49 6.04 6.64 7.31 8.04 8.84 9.72 10.70 11.77 12.94 Commercial quarterly- - - - - - - - - - - Commercial Sanitary Sewer Tier 1- - - - - - - - - - - Commercial Sanitary Sewer Tier 2 usage per 1,000 gallons 4.99 5.49 6.04 6.64 7.31 8.04 8.84 9.72 10.70 11.77 12.94 Connection charge Per REC Unit1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Availability charge Per REC Unit3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 Availability charge Per REC Unit - Early Incentive Prg (50% of rate) 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 Revenue by Fee Type (Dolllars)Residential quarterly base fee 560,744 696,282 816,089 943,696 1,101,351 1,316,337 1,548,692 1,776,555 2,031,636 2,303,670 2,547,916 Residential Sanitary Sewer Tier 1 (first 10,000 gallons included in base fee) - - - - - - - - - - - Residential Sanitary Sewer Tier 2 usage per 1,000 gallons (after first 10,000 gal) 169,770 195,639 220,818 248,047 279,934 319,660 362,897 407,355 456,755 510,138 562,704 Total Residential730,514 891,921 1,036,907 1,191,743 1,381,284 1,635,997 1,911,590 2,183,911 2,488,391 2,813,808 3,110,621 Commercial quarterly- - - - - - - - - - - Commercial Sanitary Sewer Tier 1- - - - - - - - - - - Commercial Sanitary Sewer Tier 2 usage per 1,000 gallons 116,272 152,888 169,762 189,893 211,804 236,199 263,585 299,920 340,887 388,813 442,915 Total Commercial116,272 152,888 169,762 189,893 211,804 236,199 263,585 299,920 340,887 388,813 442,915 Connection charges611,000 481,000 203,300 186,467 220,000 319,133 283,000 237,000 231,000 209,000 102,400 Availability charges1,680,000 2,385,000 - 1,476,000 - 375,000 786,000 - 165,000 210,000 213,600 Availability charges - early incentive program - - - - - - - - - - - Total Revenue by Fee Type3,137,786 3,910,809 1,409,969 3,044,102 1,813,089 2,566,330 3,244,175 2,720,831 3,225,278 3,621,620 3,869,535 Total Charges for Services, Capital Contribution, and Connection Charges (Dollars)Charges for services846,786 1,044,809 1,206,669 1,381,636 1,593,089 1,872,196 2,175,175 2,483,831 2,829,278 3,202,620 3,553,535 Connection charges611,000 481,000 203,300 186,467 220,000 319,133 283,000 237,000 231,000 209,000 102,400 Availability charges1,680,000 2,385,000 - 1,476,000 - 375,000 786,000 - 165,000 210,000 213,600 Total3,137,786 3,910,809 1,409,969 3,044,102 1,813,089 2,566,330 3,244,175 2,720,831 3,225,278 3,621,620 3,869,535 Projected Table 17Sanitary Sewer FundChange in Net Capital AssetsPrior Year Actual Prior Year Actual Current Year2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034Balance of Capital Assets and DepreciationCapital assets 26,714,376 30,685,246 33,235,002 33,260,922 34,332,122 36,613,057 36,613,057 38,622,090 38,738,018 38,738,018 39,967,891 39,967,891 40,463,705 Less allowance for depreciation 4,283,616 5,405,018 6,590,164 7,775,958 8,988,532 10,258,129 11,527,726 12,847,549 14,170,271 15,492,992 16,846,460 18,199,928 19,565,792 Net capital assets 22,430,760 25,280,228 26,644,838 25,484,964 25,343,590 26,354,928 25,085,331 25,774,541 24,567,747 23,245,026 23,121,431 21,767,963 20,897,914 Acquisition of capital assets4,368,681 3,970,870 2,549,756 25,920 1,071,200 2,280,935 - 2,009,033 115,927 - 1,229,874 - 495,814 Less allowance for depreciation on current assets960,729 1,121,402 1,121,402 1,185,146 1,185,794 1,212,574 1,269,597 1,269,597 1,319,823 1,322,721 1,322,721 1,353,468 1,353,468 Less allowance for depreciation on new assets63,744 648 26,780 57,023 - 50,226 2,898 - 30,747 - 12,395 Total increase in allowance for depreciation960,729 1,121,402 1,185,146 1,185,794 1,212,574 1,269,597 1,269,597 1,319,823 1,322,721 1,322,721 1,353,468 1,353,468 1,365,863 Change in net capital assets3,407,952 2,849,468 1,364,610 (1,159,874) (141,374) 1,011,338 (1,269,597) 689,210 (1,206,794) (1,322,721) (123,594) (1,353,468) (870,050) * Number of years new assets depreciated over:40 Projected Appendix F Stormwater Charts & Reports •Charts o Ending Cash by Year o Revenues & Expenses o Customers & Annual Stormwater Volume Billed •Reports o Summary of Key Financial Information o Pro Forma o Projected Year End Cash Balance o Capital Improvement Plan o Customers / Usage & Rates o Change in Net Capital Assets $0.0$0.5$1.0$1.5$2.0$2.5$3.02024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034MillionsStormwater FundEnding Cash by Year Table 3Storm Water FundSummary of Key Financial InformationAmounts are Estimated2024 2025 2026 2027 2028 2029 2030 2031 2032 2033Revenues638,072 606,716 625,245 644,439 667,686 701,250 730,988 752,199 769,231 783,230 Expenses1,095,935 1,017,570 1,019,813 1,050,790 1,071,223 1,067,803 1,068,691 1,069,614 1,070,554 1,073,591 Ending Cash by PurposeCash for next year planned capital 685,405 82,400 218,545 54,636 56,275 57,964 59,703 61,494 63,339 63,339 Cash for next year debt service 259,463 259,713 254,913 308,729 308,513 312,400 311,113 309,625 105,013 87,550 Restricted availability charges 366,941 458,925 433,085 531,375 646,179 783,500 823,888 545,375 464,988 397,450 Unrestricted cash 82,208 84,674 87,214 89,831 92,526 95,301 218,745 676,276 1,154,196 1,644,978 Ending Cash 1,394,017 885,711 993,757 984,572 1,103,492 1,249,165 1,413,448 1,592,770 1,787,534 2,193,316 Net PositionEnding Unrestricted Net Position 1,573,257 1,070,689 1,184,473 1,186,026 1,310,684 1,462,095 1,632,116 1,817,179 2,013,080 2,419,682 Ending Unrestricted Net Position as % of Expenses155% 105% 113% 111% 123% 137% 153% 170% 188% 225%Total Customer Units (ERU)5,264 5,592 5,781 5,976 6,215 6,562 6,871 7,092 7,269 7,412 Average Annual Change in Rates Charged0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,0002024 2025 2026 2027 2028 2029 2030 2031 20322033 Equivalent Residential UnitsChart 20Storm Sewer FundTotal Customer (Equivalent Residential Unit) Billed Annually Table 3Storm Water FundSummary of Key Financial InformationAmounts are Estimated2024 2025 2026 2027 2028 2029 2030 2031 2032 2033Revenues638,072 606,716 625,245 644,439 667,686 701,250 730,988 752,199 769,231 783,230 Expenses1,095,935 1,017,570 1,019,813 1,050,790 1,070,990 1,067,603 1,068,491 1,069,414 1,070,354 1,073,391 Ending Cash by PurposeCash for next year planned capital 685,405 82,400 218,545 54,636 56,275 57,964 59,703 61,494 63,339 63,339 Cash for next year debt service 259,463 259,713 254,913 308,496 308,313 312,200 310,913 309,425 104,813 87,350 Restricted availability charges 366,941 458,925 433,085 531,609 646,612 784,133 819,088 540,575 460,188 392,650 Unrestricted cash 82,208 84,674 87,214 89,831 92,526 95,301 224,379 682,109 1,160,229 1,651,211 Ending Cash 1,394,017 885,711 993,757 984,572 1,103,726 1,249,598 1,414,081 1,593,603 1,788,567 2,194,549 Net PositionEnding Unrestricted Net Position 1,573,257 1,070,689 1,184,473 1,181,026 1,305,918 1,457,528 1,627,749 1,813,012 2,009,113 2,415,915 Ending Unrestricted Net Position as % of Expenses155% 105% 113% 110% 122% 136% 152% 169% 187% 224%Total Customer Units (ERU)5,264 5,592 5,781 5,976 6,215 6,562 6,871 7,092 7,269 7,412 Average Annual Change in Rates Charged0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Table NStorm Sewer FundPro FormaPrior Year ActualPrior Year Actual2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033RevenuesCharges for services 510,061 580,896 597,622 602,316 620,845 640,039 663,286 696,850 726,588 747,799 764,831 778,830 Investment income (15,423) 44,496 4,400 4,400 4,400 4,400 4,400 4,400 4,400 4,400 4,400 4,400 Other revenues 33,835 30,329 36,050 - - - - - - - - - Availability charges - - - - - - - - - - - - Capital assets contributions non-cash 1,994,356 2,402,156 - - - - - - - - - - Intergovernmental revenue - - - - - - - - - - - - Special assessments 253 7,363 - - - - - - - - - - Total Revenues 2,523,082 3,065,240 638,072 606,716 625,245 644,439 667,686 701,250 730,988 752,199 769,231 783,230 ExpensesPersonal services 118,674 106,356 123,971 30,007 30,907 31,834 32,789 33,773 34,786 35,830 36,905 38,012 Materials and supplies 10,885 9,453 9,850 10,146 10,450 10,763 11,086 11,419 11,761 12,114 12,478 12,852 Professional services 37,021 46,110 93,144 95,938 98,816 101,781 104,834 107,979 111,219 114,555 117,992 121,532 Repairs and maintenance 35,370 49,132 27,500 28,325 29,175 30,050 30,951 31,880 32,836 33,822 34,836 35,881 Utilities 572 422 - - - - - - - - - - Depreciation expense 691,840 791,557 796,557 813,692 815,752 836,466 837,832 839,239 840,688 842,181 843,718 845,301 Interest and fees on long-term debt 45,005 40,562 44,113 39,463 34,713 29,913 53,496 43,313 37,200 30,913 24,425 19,813 Transfer out to Capital Fund - - - - - - - - - - - - Other expenses 13,432 9,791 800 - - - - - - - - - Cost of bond issuance - - - - - 9,983 - - - - - - Total Expenses 952,799 1,053,383 1,095,935 1,017,570 1,019,813 1,050,790 1,070,990 1,067,603 1,068,491 1,069,414 1,070,354 1,073,391 Change in Net Position 1,570,283 2,011,857 (457,863) (410,854) (394,568) (406,351) (403,304) (366,353) (337,504) (317,215) (301,123) (290,161) Ending net position 12,767,271 14,779,128 14,321,266 13,910,411 13,515,843 13,109,492 12,706,188 12,339,835 12,002,332 11,685,117 11,383,994 11,093,833 AssetsCash and investments 1,256,301 1,421,000 1,394,017 885,711 993,757 984,572 1,103,726 1,249,598 1,414,081 1,593,603 1,788,567 2,194,549 Cash and investments held in escrow - - - - - - - - - - - - Special assessments receivable 33,460 43,281 - - - - - - - - - - Other current assets / receivables 307,271 319,378 310,000 310,000 310,000 310,000 310,000 310,000 310,000 310,000 310,000 310,000 Due from other governmental units - - - - - - - - - - - - Capital assets 16,123,229 18,525,385 18,725,385 19,410,790 19,493,190 20,321,753 20,376,389 20,432,665 20,490,628 20,550,331 20,611,825 20,675,163 Less Accumulated depreciation (2,414,262) (3,205,819) (4,002,376) (4,816,068) (5,631,820) (6,468,286) (7,306,119) (8,145,358) (8,986,046) (9,828,226) (10,671,944) (11,517,246) Deferred outflows 26,010 14,242 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Total Assets and Deferred Outflows 15,332,009 17,117,467 16,452,026 15,815,433 15,190,127 15,173,038 14,508,996 13,871,905 13,253,664 12,650,708 12,063,448 11,687,467 LiabilitiesOther current liabilities / payables 32,999 33,646 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 Bonds payable 2,400,000 2,190,000 1,975,000 1,755,000 1,530,000 1,925,000 1,670,000 1,405,000 1,130,000 850,000 565,000 480,000 Unamortized bond premium 55,236 49,498 43,760 38,022 32,284 26,546 20,808 15,070 9,332 3,591 2,454 1,634 Other non-current liabilities 75,071 48,029 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 Unearned revenues - - - - - - - - - - - - Deferred inflows 1,432 17,166 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 Total Liabilities and Deferred Inflows 2,564,738 2,338,339 2,130,760 1,905,022 1,674,284 2,063,546 1,802,808 1,532,070 1,251,332 965,591 679,454 593,634 Total Liabilities, Deferred Inflows, and Net Position15,332,009 17,117,467 16,452,026 15,815,433 15,190,127 15,173,038 14,508,996 13,871,905 13,253,664 12,650,708 12,063,448 11,687,467 Projected Table OStorm Sewer FundProjected Year End Cash BalanceCurrent Year2024 2025 2026 2027 2028 2029 2030 2031 2032 2033Use of CashOperations & Maintenance 255,265 164,416 169,348 174,429 179,662 185,051 190,603 196,321 202,211 208,277 Capital Acquisition 200,000 685,405 82,400 838,545 54,636 56,275 57,964 59,703 61,494 63,339 Interfund Transfers Out - - - - - - - - - - Debt Service (includes transfers for debt) 259,113 259,463 259,713 254,913 308,496 308,313 312,200 310,913 309,425 104,813 Total Use of Cash 714,378 1,109,283 511,461 1,267,887 542,794 549,639 560,767 566,936 573,129 376,428 Source of CashRevenues 638,072 606,716 625,245 644,439 667,686 701,250 730,988 752,199 769,231 783,230 Bond Proceeds - - - 620,000 - - - - - - Interfund Transfers In - - - - - - - - - - Total Source of Cash 638,072 606,716 625,245 1,264,439 667,686 701,250 730,988 752,199 769,231 783,230 Net Change in Other Assets and Liabilities49,322 (5,738) (5,738) (5,738) (5,738) (5,738) (5,738) (5,741) (1,137) (820) Change in Cash Balance (26,984) (508,305) 108,046 (9,186) 119,154 145,873 164,483 179,522 194,964 405,982 Beginning Cash Balance 1,421,000 1,394,017 885,711 993,757 984,572 1,103,726 1,249,598 1,414,081 1,593,603 1,788,567 Ending Cash1,394,017 885,711 993,757 984,572 1,103,726 1,249,598 1,414,081 1,593,603 1,788,567 2,194,549 Ending Cash by PurposeCash for next year planned capital 685,405 82,400 218,545 54,636 56,275 57,964 59,703 61,494 63,339 63,339 Cash for next year debt service 259,463 259,713 254,913 308,496 308,313 312,200 310,913 309,425 104,813 87,350 Restricted availability charges366,941 458,925 433,085 531,609 646,612 784,133 819,088 540,575 460,188 392,650 Unrestricted cash 82,208 84,674 87,214 89,831 92,526 95,301 224,379 682,109 1,160,229 1,651,211 Ending Cash 1,394,017 885,711 993,757 984,572 1,103,726 1,249,598 1,414,081 1,593,603 1,788,567 2,194,549 Net PositionEnding Unrestricted Net Position 1,573,257 1,070,689 1,184,473 1,181,026 1,305,918 1,457,528 1,627,749 1,813,012 2,009,113 2,415,915 Projected Table E-3Storm Water FundCapital Improvement PlanCurrent YearProject Description 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034Use of FundsSW-001 - Phase 2 Regional Drainage Impr. - Northstar Pond- 285,405 - - - - - - - - - SW-002 - Phase 3 Regional Drainage Impr - Lions Park Pond - - - 610,018 - - - - - - - SW-003 - Stormwater Reuse - Development Irrigation Systems- - 41,200 42,436 - - - - - - - SW-004 - Stormwater Reuse - Lions & VFW Park Irrigation - - - 80,628 - - - - - - - SW-005 - Stormwater Reuse - Irrigation Systems- - 41,200 42,436 - - - - - - - SW-006 -Hudson Boulevard Culvert Repair - 400,000 - - - - - - - - - SW-TBD - Future Unidentified Stormwater Projects- - - 53,045 54,636 56,275 57,964 59,703 61,494 63,339 - Placeholder - - - - - - - - - - - Placeholder - - - - - - - - - - - Cost of Issuance - - - 9,983 - - - - - - - Total Use of Funds- 685,405 82,400 838,545 54,636 56,275 57,964 59,703 61,494 63,339 - Source of FundsPar Amount of Bonds- - - 620,000 - - - - - - - Special assessments - - - - - - - - - - - Use of cash from fund - 685,405 82,400 218,545 54,636 56,275 57,964 59,703 61,494 63,339 - Total Source of Funds- 685,405 82,400 838,545 54,636 56,275 57,964 59,703 61,494 63,339 - Projected Table IStorm Water FundCustomer/Usage and RatesCurrent Year2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034Customers (Residential Equivalent)Residential REC4,924 5,248 5,434 5,626 5,862 6,206 6,513 6,733 6,909 7,050 7,074 Commercial REC340 344 347 350 353 356 358 359 360 362 363 Vacant property (acres)219 219 219 219 219 219 219 219 219 219 219 Customer Rates for Fees and Charges (Dollars)Storm Sewer Annual Basic Charge - Residential 95.00 95.00 95.00 95.00 95.00 95.00 95.00 95.00 95.00 95.00 95.00 Storm Sewer Annual Equivalent Basic Charge Commercial Billed at 3.08X Residential 95.00 95.00 95.00 95.00 95.00 95.00 95.00 95.00 95.00 95.00 95.00 Storm Sewer Annual Charge - Vacant Land - Per Acre Charge 14.25 14.25 14.25 14.25 14.25 14.25 14.25 14.25 14.25 14.25 14.25 Revenue by Fee Type (Dolllars)Storm Sewer Annual Basic Charge - Residential 467,780 498,541 516,192 534,508 556,877 589,564 618,716 639,635 656,374 669,788 672,068 Storm Sewer Annual Equivalent Basic Charge Commercial Billed at 3.08X Residential99,484 100,654 101,532 102,410 103,288 104,166 104,751 105,043 105,336 105,921 106,214 Storm Sewer Annual Charge - Vacant Land - Per Acre Charge3,121 3,121 3,121 3,121 3,121 3,121 3,121 3,121 3,121 3,121 3,121 Total Revenue by Fee Type 570,385 602,316 620,845 640,039 663,286 696,850 726,588 747,799 764,831 778,830 781,403 Projected Table 24Storm Water FundChange in Net Capital AssetsPrior Year Actual Prior Year Actual Current Year2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034Balance of Capital Assets and DepreciationCapital assets16,123,229 18,525,385 18,725,385 19,410,790 19,493,190 20,321,753 20,376,389 20,432,665 20,490,628 20,550,331 20,611,825 20,675,163 20,675,163 Less allowance for depreciation 2,414,262 3,205,819 4,002,376 4,816,068 5,631,820 6,468,286 7,306,119 8,145,358 8,986,046 9,828,226 10,671,944 11,517,246 12,362,547 Net capital assets13,708,967 15,319,566 14,723,009 14,594,722 13,861,370 13,853,466 13,070,271 12,287,307 11,504,583 10,722,105 9,939,880 9,157,917 8,312,616 Acquisition of capital assets1,994,355 2,402,156 200,000 685,405 82,400 828,563 54,636 56,275 57,964 59,703 61,494 63,339 - Less allowance for depreciation on current assets691,840 791,557 791,557 796,557 813,692 815,752 836,466 837,832 839,239 840,688 842,181 843,718 845,301 Less allowance for depreciation on new assets5,000 17,135 2,060 20,714 1,366 1,407 1,449 1,493 1,537 1,583 - Total increase in allowance for depreciation 691,840 791,557 796,557 813,692 815,752 836,466 837,832 839,239 840,688 842,181 843,718 845,301 845,301 Change in net capital assets1,302,515 1,610,599 (596,557) (128,287) (733,352) (7,903) (783,196) (782,964) (782,724) (782,478) (782,224) (781,963) (845,301) * Number of years new assets depreciated over: 40 Projected