5.2. ERMUSR 11-12-2003 Elk River
Municipal Utilities
322 King Avenue phone: 763.441.2020
Elk River,MN 55330 Fax:763.4413099
November 3, 2003
To: Elk River Municipal Utilities Commission
John Dietz
Jerry Takle
James Tralle
From: Bryan Adams
Subject: Electric & Water Income Statement
Springstad Studies
As you may recall, Springstad helped us develop income statement projections for the
water department. Your staff in turn used this water department model and developed an
electric department income statement projection. Due to the fast growth in our utility
services area, we need to keep an eye on our projected revenues, expenses and cash
balance to ensure we have the financial resources necessary to adequately serve our
customers with no large unexpected rate changes. Your staff uses these financial models
to project the effects of growth rates and rate changes.
Enclosed are the electric and water income statement projections using the 2004 budget
assumptions. Future critical assumptions and results are as follows. The electric income
statement projections include one with a $750,000 bond and one without.
Electric
a) Projected sales growth at 5% may be conservative, depending upon economy.
b) No power cost increases beyond 2004, have been considered because the dollar
value of power cost increase will be passed on in rate increases so the net effect
is zero.
c) Assumed expense increase shown in column P. Capital expenses are reflected on
line 48. Bonding requirements are shown in lines 39 through 46.
d) Electric rate increase as per section 5.6 of this agenda and as we discussed at our
October 2003 meeting.
e) This study continues to show that we may not need to pass on the entire electric
wholesale rate increase in future years to maintain adequate cash reserves.
f) The current goal in the electric department is to retain approximately $2,000,000
in cash balance. Industry experts recommend adequate cash balance of 3 months
operation expenses or approximately $3,000,000 in our case. The gross margin
(line 36) has been declining the last number of years but will level off in the 6%
area. Line 63, indicates the total cash balance. With no revenue bond in 2004,
our cash reserves are well below $2,000,000 for years 2004, 2006 and 2007.
Water
a) Projected sales growth at 6%, may be conservative depending upon economy and
weather. The WAC units are projected to remain relatively constant.
b) Revenue from sales (line 13), reflect an approximate 3.5%rate increase annually
along with a WAC fee increase in 2006 and 2010.
c) Assumed expense increases shown in column Q. Capital expenses are reflected
on lines 11 and 57 on second page. Debt service payments are shown on line 45
on second page.
d) The goal in the water department is to retain approximately $2,000,000 in cash
balance. Line 51, indicates the cash balance is approximately $1,400,000 to
$2,300,000.
In conclusion, these studies indicate both departments can accommodate the anticipated
growth and maintain close to the desired cash balances. Due to the large capital projects,
the electrical department will be doing the next couple of years, bonding in 2004, should
be seriously considered. The expenditures to accommodate the Co. Rd. 39 and Co. Rd.
42 overpasses on Hwy 101 are not included in these studies due to the unknown extent of
these projects. Bonding will be required to finance these projects. By utilizing peaking
wells instead of a full water production facility, future cash requirements become less,
and by 2009±we will be in a position to reduce our bonding needs and pay for part of our
water production needs from cash reserves. In the interim, the water department
continues to carry significant debt with annual principal and interest payments
approaching $760,000.
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