5.2. ERMUSR 05-12-2009
Elk River
Municipal Utilities
13069 Orono Parkway • P.O. Box 430
Elk River, MN 55330-0430
May 5, 2009
To: Elk River Municipal Utilities Commission
John Dietz
Jerry Gumphrey
Daryl Thompson.
From: Theresa Slominski
Subject: Cash. Flow Projections
51
Phone: 763.441.2020
Fax: 763.441.8099
At last months' commission meeting, our auditors presented the results of their annual utility audit.
Historically, the cash flow studies have been reviewed twice annually, once after the audit and again
during the budgeting process. These studies project future revenues and expenses to ensure we have
adequate financial resources to carry on business. Attached for your review are the updated Springstad
cash flow studies for both the electric and water departments.
The result of this study is consistent with past studies, that being; our cash reserve continues to rise with
time for both departments. The trend is in the right direction. If this trend is correct, we will be able to
start funding from cash reserves for some of our larger projects instead of bonding.
Our goal in the electric department is to get our restricted account (line 57) to the $3,500,000 for three
months operating reserves. This does not occur until the 2011 time frame with a number of critical
assumptions which include:
1) Passing on Great River Energy's wholesale rate increases; 10% 2010, and 6% thereafter.
2) Customer growth rate of 5%-6% and projected consumption of data centers.
3) No other unexpected large loads requiring large capital expenditures.
4) No factors specific to commitments with power supply negotiations have been factored in.
This could be as much as 3,500,000 in the next year of which 500,000 would most likely
have to come directly from reserves.
Our goal in the water department is to maintain a $2,000,000 reserves made up of emergency, unrestricted
and cash (line 53). Depending upon the speed of our growth, water production facilities may vary from
the assumed three to four year interval. Water main replacements due to the street rehabilitation projects
are having a significant influence on future cash reserves and must be watched.
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