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HomeMy WebLinkAbout10 Finance Master Plan Agenda Item # Fe. ..........l .. m i w r % TRUCKEE DONNER n/14EWD RIM O To: Board of Directors From: Peter Holzmeister Date: June 25, 2003 Subject: Finance Master Plan WHY THIS MATTER IS BEFORE THE BOARD During the strategic plan workshop last August we discussed the value of creating a Finance Master Plan for use as a planning tool. That became one of our strategic goals for 2003 as adopted by the Board. The plan is now coming before the Board in this workshop setting to introduce it and to determine if it satisfies our original goal. HISTORY During the strategic plan workshop last August we had a long discussion about the overall financial position of the District. We talked at length about our cash position, which had deteriorated because of the investment we were making in water infrastructure and the increasing costs of wholesale power. We recognized the need to manage cash more carefully, and to develop operating and capital reserves over a period of time. We recognized the need for a tool that would allow us to see the impact on rates as we budget money to fund reserves. We retained the services of Muni-Financial to design a Finance Master Plan that would allow us to examine various scenarios. NEW INFORMATION We now have a draft of that tool. A copy is attached for your review. It is set up in an Excel spreadsheet format. As such, it is now easy to review without being live on a computer so you can see the formulas of the various cells and follow the numbers from table to table. However, we will be able to walk through those items at the workshop on Wednesday evening. We will be able to input scenarios and see the rate impacts. RECOMMENDATION This is a workshop, so no formal decision is required from the Board. I am hoping we come to consensus regarding the draft so can begin to use it as we begin work on the budget for2004. From: Bob Spencer[BobS@muni.com] Sent: Tuesday, June 03, 2003 6:40 PM To: Peter Nolzmeister(E-mail); Mary Chapman (E-mail) Subject: Financial Plan (final version) Attached is the final version (relabeled Version 1,0) of the District's financial planning model. Some key changes based on our conversations since the last version: 1. More policy assumptions (blue cells) are shown on the Model Notes sheet, while some still remain as part of individual sheets. All blue cells can be changed even if the sheet is protected. All other cells can not be changed unless the sheet is unprotected. See the Model Notes page for instructions in this regard. Please review the entire Model Notes sheet for guidelines in making changes to the model. 2. The annual increase in customer accounts for Water is now the same as for Electric. 3. No rate increases are included (which is why the Water CIP funds and the Electric General Fund now show negative fund balances). 4. The both the Water and Electric CIP sheets are programmed in a similar manner to allow inputs of project costs and funding with debt and general fund transfers as appropriate. As always, I am available to answer any questions you may have. -Bob rnerro eina=ciai eiaa <<TDPUD Financial Plan v1.0.xls>> °,x s .. ........ ............ SCENARIO: BASE CASE UPDATED:June 3,2003 Description:No rate increases. CIP project costs NOT updated. Update scenario title and date as appropriate IF SHEET IS PROTECTED IT WILL NOT ALLOW CHANGES EXCEPT TO BLUE CELLS. 1) To unprotect a sheet,go to Toots>Protection>Unpratect Sheet 2) To protect a sheet,go to Toots>Protection>Protect Sheet CHECK THE FOLLOWING IN EACH SHEET FOR INFORMATION ON ASSUMPTIONS AND METHODOLOGIES: 1) Cells with comments(red triangle in upper right-hand corner) 2) "Sources&Notes"column at fight-hand side of each table YARMIJUi INW BLUE cells are Policy inputs for scenario planning and can than with each scenario I) Set inflation,interest,and other rate assumptions a)Default inflation rate for various costs and revenues= 100% WaterGashFiow,WanerCIP,ElectricCashFlow,ElectricCIP b)Default interest rate for interest earnings on fund balances= 5.00% WaterReserve,ElectricReseNe c)Donner Lake administrative costs percent of total assessment= 1.00% DonnerLake Note:Donner Lake admin costs limited to I percent of levy (See Assessment District Engineer's Report) 2) Set operating reserve and CIP working capital requirements a)Water Rate Reserve Fund cal.%of Water General Fund Costs= 15.00% WaterReserve b)Elect Rate Reserve Fund bal.%of Electric General Fund Costs= 1SX10% ElectricReserve c)Water CIP funds adequate working capital requirement= $3,700,000 WaterCIP d)Electric CIP funds adequate working capital requirement= $ 500,000 ElectricCIP 3) Fund CIP and maintain minimum CIP working capital fund balance a)Input CIP project costs in today's dollars(see BELOW CIP tables) See sheets WaterCIP,ElectricCIP b)Determine facilities fee increases See sheets WaterCIP,ElectricCIP c)Determine borrowing needs See(4)below it)Determine transfers from General Fund and between CIP Funds See sheets WaterCIP,EIecmcCIP 4) Determine borrowing needs a)Determine funding needs(amount and year) See sheets WaterCIP,EIectncCIP b)Enter principal amount in Column C in appropriate"New Issue"line See sheet Debt Note: PRINCIPAL amount(column G)is net amount available for projects, excluding issuance costs,cap.interest,and resolve fund. c)Input debt assumptions(interest,term,issuance costs) See sheet Debt Note: Issuance costs ARE included in calculation of debt service. Capitalized interest must be input manually(see SRF loan for Donner Lake,for example). Reserve funds assumed to be self-funding(interest earnings cover interest costs). di Copy any debt payment formula from another line to this line staffing in See sheet Debt year of issuance a)Link CIP(To/From Bond Funds")at year of issuance to principal See sheets WaterCIR PectricCIP amount in Column C of Debt sheet f)Make sure"Subtotal"of debt serves,by category captures all individual See sheets WaterCashF[ow,WaterCIP,Donner Lake,ElectricCashRow, issues and is linked from appropriate sheet to show funding. ElecalcCIP,Debt 5) Analyze Donner Lake and Glenshime funds a)Estimate Donner Lake costs and fund as needed See sheet DonnerLake Ill Estimate Glenshire costs and fund with rates and asset sales See sheet Glienshire 6) Fund reserves and determine rate increases a)Adequately fund rate and bond reserves with General Fund transfers See sheets WaterReserve,ElectncReseNe b)Determine rate increases needed to maintain positive General Fund See sheets WaterRevenue,ElectricRevenue balances and debt coverage ratios RED cells are inputs of actual data and should be updated annuals 1) Historical data See sheets All sheets 2) Known future revenues and costs such as debt service See sheet Debt VIOLET cells are assumptions and Protections that don't vary among scenarios but should be checked annual) 1) Other assumptions and projection formulas not affected by policy See sheets WaterRevenue,WaterSales,Water CIP,DonnerLake, decisions,such as revenue and cost projection formulas Glenshre,ElectricRevenue,ElectricSates BLACK cells show the results of formulas and are only edited directly to alter modeling methodology Other Notes Model is generally a cash-not accrual-based model. 1) Depreciation costs excluded because they are a non-cash expense. 2) Interest revenues are generally excluded to conservatively estimate revenues and because fund balances are anticipated to remain low to minimize rate 3) Interest revenues are only included in reserve funds because these funds carry significant ongoing fund balances. Columns with historical data can be hidden for printing. Mili,li.1i,ni &2&03.t 3:09 PM Rnn,elivl mim,,,Plin,Te-Pklos&xIvffiktiI Table 1: All Funds Summary Fiscal Year Ending 2003(1) 2004 2005 2006 2007 2008 2009 2010 2011 2012 WATER FUNDS Water General Fund Revenues $ 6,660,400 $ 6,861,043 $ 7,062,086 $ 7,263,543 $ 7,465,425 $ 7,667,747 $ 7,870,519 $ 8,073,757 $ 8,277,474 $ 8,481,685 Costs (5,394,449) (5,464,745) (5,643,776) (5,823,883) (5,994,986) (6,177,404) (6,361,019) (6,545,868) (6,731,987) (6,919,415) Other Revenue/(Expense) (1,360,931) (1,360,181) (1,358,643) (1,461,319) (1,462,943) (1,394,112) (1,244,155) (1,242,963) (1,241,767) (1,240,567) Net Annual Revenue $ (94,980) $ 36,116 $ 59,667 $ (21,659) $ 7,497 $ 96,231 $ 265,345 $ 284,926 $ 303,720 $ 321,703 Ending Fund Balance 22,242 58,359 118,026 96,367 103,863 200,094 465,439 750,365 1,054,086 1,375,788 Donner Lake Fund Revenues $ 842,410 $ 698.787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 Costs (8,424) (652,182) (1,906,988) (6,988) (6,988) (6,988) (6,988) (6,988) (6,988) (6,988) Other Revenue/(Expense) (264,091) (46,605) (691799) (691799) (691799) (691,799) (691,799) (691799) (691,7991 (691,799) Net Annual Revenue $ 569,895 $ (0) $ (1,900,000) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) Ending Fund Balance 1,999,162 1,999,162 99,162 99,161 99,161 99,161 99,161 99,161 99,160 99,160 Glenshire Sinking Fund Revenues $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 Costs - - - - - - - - - - Other Revenue/(Expense) (166,786 (166,786) (166,786) (166,786 (166,786 (166J86) (166,786 (166,786) (166,786) (166,786 Net Annual Revenue $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 Ending Fund Balance 113,161 120,525 127,889 135,253 142,617 149,981 157,345 164,709 172,073 179,437 Water CIP Funds Revenues $ 4,533,929 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 Costs (2,668,850) (2,569,613) (2,798,654) (2,751,049) (2,525,360) (2,677,668) (2,496,166) (2,137,213) (3,080,151) (2,882,335) Other Revenue/(Expense) 58161 58161 58,161 58,161 58,161 58,161 58,161 58,161 58161 58,161 Net Annual Revenue $ 1,923,240 $ (1,486,354) $ (1,715,395) $ (1,667,791) $ 11,442,102) $ (1,594,409) $ (1,412,907) $ (1,053,954) $ (1,996,893) $ (1,799,076) Ending Fund Balance 1,990,878 504,524 (1,210,871) (2,878,662) (4,320,764) (5,915,173) (7,328,080) (8,382,035) (10,378,927) (12,178,004) Rate Reserve Fund Other Revenue/(Expense) $ 100,000 $ 105A00 $ 110250 $ 215,763 $ 226,551 $ 169,047 $ 27.542 $ 27,727 $ 27.918 $ 28,114 Net Annual Revenue $ 100,000 $ 105,000 $ 110,250 $ 215,763 $ 226,551 $ 169,047 $ 27,542 $ 27,727 $ 27,918 $ 28,114 Ending Fund Balance 100,000 205,000 315,250 531,013 757,563 926,611 954,153 981,880 1,009,798 1,037,912 Total Revenue Water Funds $ 2,505,519 $ (1,337,874) $ (3,438,115) $ (1,466,323) $ (1,200,690) $ (1,321,767) $ (1,112,656) $ (733,937) $ (1,657,891) $ (1,441,896) Ending Balance Water Funds 4,225,443 2,887,569 (550,545) (2,016,869) (3,217,559) (4,539,326) (5,651,982) (6,385,919) (8,043,810) (9,485,706) MuniFinancial W5/03 at 3:10 PM Financial Master Plan Template(SumAllFunds) Table 1: All Funds Summary Fiscal Year Ending 2003(1) 2004 2005 2006 2007 2008 2009 2010 2011 2012 ELECTRIC FUNDS General Fund Revenues $15,871,344 $16,144,830 $16,525,987 $16,907,144 $17,288,301 $17,669,458 $18,050,615 $18,431,772 $18,812,929 $19,194,086 Costs (12,012,411) (12,907,390) (13,226,370) (13,695,349) (14,159,262) (14,070,241) (14,710,221) (15,325,201) (15,963,180) (16,565,160) Other Revenuel(Expense) (4,835,203) (3,707,936) (3,615,568) (3,636,126) (3,630,049) (3,542,070) (3,350,638) (3,343,238) (3,343,444) (3,331,855) Net Annual Revenue $ (976,270) $ (470,496) $ (315,950) $ (424,331) $ (501,010) $ 57,146 $ (10,244) $ (236,667) $ (493,695) $ (702,928) Ending Fund Balance 1,122,243 651,747 335,797 (88,534) (589,544) (532,398) (542,642) (779,308) (1,273,003) (1,975,931) Electric CIP Funds Revenues $ 458,587 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633.699 $ 633,699 $ 633,699 $ 633,699 Costs - - - - - - - - - - Other Revenue/(Expense) - - - Net Annual Revenue $ 458,587 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 Ending Fund Balance 694,996 1,328,694 1,962,393 2,596,091 3,229,790 3,863,489 4,497,187 5,130,886 5,764,584 6,398,283 Rate&Bond Reserve Funds Other Revenue/(Expense) $ 2,100,000 $ 451,109 $ 378,597 $ 417,634 $ 434,239 $ 369,531 $ 198,026 $ 199,377 $ 208,184 $ 208,408 Net Annual Revenue $ 2,100,000 $ 451,109 $ 378,597 $ 417,634 $ 434,239 $ 369,531 $ 198,026 $ 199,377 $ 208,184 $ 208,408 Ending Fund Balance 2,100,000 2,551,109 2,929,705 3,347,340 3,781,579 4,151,110 4,349,136 4,548,513 4,756,696 4,965,104 Total Revenue Elect.Funds $ 1,582,317 $ 614,311 $ 696,345 $ 627,002 $ 566,928 $ 1,060,376 $ 821.480 $ 596,409 $ 348,187 $ 139,178 Ending Balance Elect.Funds 3,917,239 4,531,550 5,227,895 5,854,897 6,421,825 7,482,201 8,303,681 8,900,090 9,248,278 9,387,456 WATER&ELECTRIC FUNDS COMBINED Net Annual Revenue $ 4,087,836 $ 1723,563) $ (2,741,769) $ (839,322) $ (633,762) $ (261,391) $ (291,176) $ (137,528) $ (1,309,703) $ (1,302,718) Ending Fund Balance 8,142,682 7,419,120 4,677,350 3,838,028 3,204,266 2,942,875 2,651,699 2,514,171 1,204,467 (98,250) Note:Grand totals for water funds,electric funds,and all funds are"Memorandum Only"because intedund transfers are double-counted. (1)2003 ending fund balances includes beginning balances from 12131/02. Source:MuniFinanraal. Mun,Financiat 6125003 at 3,10 PM Financial Master Plan Template[SumAl(Funds] Table 2:Water General Fund 2002-12 Fiscal Year Ending 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Annual Rate Operating Revenues Residential Sales $ 5,545,377 $ 5,707,579 $ 5,869,781 $ 6,031,983 $ 6,194,185 $ 6,356,387 $ 6,518,589 $ 6,680,791 $ 6,842,992 $ 7,005,194 3.31% Commercial Sales 669,148 694,212 719.276 744,340 769,404 794,468 819,532 844,596 869,660 894,724 3.09% Miscellaneous Revenue(1) 445,876 459,252 473,029 487,220 501,837 516,892 532.399 548,371 564,822 581,767 3.00 Total Revenues $ 600,400 $ 6,861,043 $ 7,062,086 $ 7,263,543 $ 7,465,425 $ 7,667,747 $ 7,870,519 $ 8,073,757 $ 8,277,474 $ 8,481,685 326% Operating Costs Purchased Power $ 1,245,548 $ 1,282,497 $ 11319.446 $ 1,356,395 $ 1,393,343 $ 1,430,292 $ 1,467,241 $ 1,504,190 $ 1,541,138 $ 1,578,087 3.54% Distribution Opr.&Maint.(2) 2,430,031 2,535,587 2,641,142 2,746,697 2,852,253 2,957,808 3,063,364 3,168,919 3,274,474 3,380,030 4.48% Customer Acct&Admin.(3) 1,182,101 1,217,564 1,254,091 1,291,714 1,330,465 1,370,379 1,411,491 1,453,835 1,497,450 1,542,374 3.00% Interdepartmental Rent 321,973 214,302 214,302 214,302 214,302 214,302 214,302 214,302 214,302 214,302 (3.63%) Installment Loans(4) 66,886 66,886 66,886 66,866 56,713 56,713 56,713 56,713 56,713 56,713 0.00% Internal Loans 147.909 147,909 147,909 147,909 147,909 147,909 147.909 147,909 147.909 147,909 13,00 Total Costs $ 5,394.449 $ 5,464,745 $ 5,643,776 $ 5,823,883 $ 5,994,986 $ 6,177,404 $ 6,361,019 $ 6,545,868 $ 6,731,987 $ 6,919,415 3.61% Net Operating Income $ 1,265,951 $ 1,396,297 $ 1,418,310 $ 1,439,660 $ 1,470,440 $ 1,490,343 $ 1,509,500 $ 1,527,889 $ 1,545,487 $ 1,562,270 Other Revenue/(Expense) Debt Service (1,260T931) (1,260,181) (1,258,643) (1,261,319) (1,262,943) (1,262,943) (1,262,943) (1,262,943) (1,262,943) (1,262,943) 1102% To/From Facilities Fee Fund - - - - - - - - - - To/From Repl.&Rehab Fund - - - - - - - - - To/From Donner Lake - - - - - - - - - To/From Rate Reserve (t00A00) (100.000) (100000) (200,000) (200,000) (131J69) 18,788 19,980 21176 22.376 Total Other $ (1.360,931) $ (1,360,181) $ (1,358,643) $ (1,461,319) $ (1,462,943) $ (1,394,112) $ (1,244,155) $ (1,242,963) $ (1,241,767) $ (1,240,567) (0,16%) Net Annual Revenue $ (94,980) $ 36,116 $ 59,667 $ (21,659) $ 7,497 $ 96,231 $ 265,345 $ 284,926 $ 303,720 $ 321,703 Ending Fund Balance 22,242 58,359 118,026 96,367 103,863 200,094 465,439 750,365 1,054,086 1,375,788 Debt Service Coverage(5) 1.00 1.11 1.13 1.14 1.16 1.18 120 121 122 1.24 Reserve%of Opr.Costs 2% 4% 6% 9% 13% 15% 15% 15% 15% 15% Note,Depreciation expense are excluded to model cash flow. Interest income is excluded because it is not material as king as fund balances remain low. (1)Includes interdepartmental sales,miscellaneous operating revenue,standby fees,hydrant revenue,and miscellaneous rent. (2)Includes distribution operations and distribution maintenance. (3)Includes customer accounting,administration and general,and other operating expenses. (4)Installment bans secured by vehicles and equipment. (5)Debt requires a coverage ratio of at least 1,10. Coverage ratio equals(net operating income+debt service)t debt service. Source:MunrRnancial. MuraFeanclal 6125103 at 3:f0 PM Financial Master Plan TemplatelIvaterCas rFlow] Table 3:Water Sales Revenue 200242 Fiscal Year Ending 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Annual Rate Residential Accounts 10,523 10,831 11,139 11,447 11,755 12.062 12,370 12,678 12,986 13,294 303 Monthly Charge $ 43,91 $ 43.91 $ 43.91 $ 43.91 $ 43.91 $ 43.91 $ 43.91 $ 43,91 $ 43,91 $ 43.91 1,13% Revenue $ 5,545,377 $ 5,707,579 $ 5,869,781 $ 6,031,983 $ 6,194,185 $ 6,356,387 $ 6,518,589 $ 6,680,791 $ 6,842,992 $ 7,005,194 3,77% Commercial Accounts 560 581 602 623 644 665 686 707 728 749 20 Monthly Demand(100 gals) 636 636 636 636 636 636 636 636 636 636 0.00 Charge per Gallon $ 0.15664 $ 0,15664 $ 0.15664 $ 0.15664 $ 0.15664 $ 0.15664 $ 0.15664 $ 0.15664 $ 0.15664 $ 0.15664 1.05% Revenue $ 669,148 $ 694,212 $ 719,276 $ 744,340 $ 769,404 $ 794,468 $ 819,532 $ 844,596 $ 869,660 $ 894,724 4.25% Rate Increase Residential 11.84% 0,00% 0.00% 0,00°% 0,00% 0.00°% 0,00°% 0.00% 0.00°% 0.00°% 1.13°% Commercial 11.00% 0.00% 0.00% 0.00% 0,00% 0.00% 0,00°% 0.00% 0.00°% 0.00°% 1.05% Debt Service Coverage 1.00 1.11 1.13 1.14 1.16 1.18 1.20 1.21 1.22 1.24 Source:MuniFinancial. Morl" aacial 6/25103st3:f0PM Financial Master Plan TenlplatefWaterRevereal Table 4:Water CIP Funds Fiscal Year Ending 2003 2004 2005 2006 2007 200E 2009 2010 2011 2012 Total Facilities Fee Fund Revenues Residential New EDUs(accounts) 255 308 308 308 308 308 308 308 308 308 Facilities Fee(per EDU) 3.120 3,120 3,120 3120 3,120 3,120 3.120 3120 3120 3120 Subtotal $ 796,657 $ 960,358 $ 960,358 $ 960,358 $ 960,358 $ 960,358 $ 960,358 $ 960,358 $ 96U58 $ 96U58 9,439,882 Commercial New EDUs(accounts) 12 21 21 21 21 21 21 21 21 21 Facilities Fee(per EDU) $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 Subtotal $ 37,272 $ 64 740 $ 64 740 1 64,740 1 64 740 $ 64 740 1 64,74 1 64,740 $ 64,74 $ 64,740 619„931 Total Revenues $ 833,929 $ 1,025,098 $ 1,025,098 $ 1,026,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 10,059,813 Costs CIP Projects(inflated$) 2,668,850 2,569,613 2,798,654 2,751,049 2,525,360 2,677,668 2,496,166 2,137,213 3,080,151 2,882,335 26,587,062 Other Revenuel(Expense) To/From Debt Funds 58,161 58,161 58,161 58,161 58,161 58,161 58,161 58,161 58,161 58,161 581,607 To/From General Fund - - - - - - - - - - - To/From Project Fund - - - - - $ 58,161 $ 58,161 $ 58,161 $ 58,161 $ 58,161 $ 58,161 $ 58,161 $ 58,161 $ 58,161 $ 58,161 $ 581,607 Net Annual Revenue $ (1776,760) $ (1,486,354) $ (1,715,395) $ (1,667791) $ (1,442102) $ (1,594,409) $ (1,412,907) $ (1,053.954) $ (1,996,893) $ (1,799,076) $(15,878,004) Ending Fund Balance (1709,122) (3,195,476) (4,910,871) (6,578,662) (8,020,764) (9,615,173) (11.028,080) (12,082,035) (14,078,927) (15,878,004) Facilities Fee Increase Residential 9,09% 0,00% 0,00% 0,00% 0,00% OAO% 0,00% 0.00% 0,00% 0,00% 0,87% Commercial 9.09% 0,00% 0,00% 0.00% 0,00% 000% 0,00% 0,00% 0,00% 0,00% 087% Replacement 8 Rehabilitation Fund Revenues Proceeds from land sale $ 3,700,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - 3,700,000 Costs CIP Projects(inflated - OlherRevenuei(Expense) To/From Debt Funds - - - - - - - - - - - To/From General Fund - - - - - - - - - - To/From Facilities Fees Fund _ Total Other $ - $ - $ - $ - $ - $ _ $ _ $ _ $ _ $ Net Annual Revenue $ 3,700,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - 3,700,000 Ending Fund Balance 3,700,000 3,700,000 3,700.000 3,700,000 3,700,000 3,700,000 3,700,000 3.700,000 3,700,000 3,700,000 Combined CIP Funds Revenues $ 4,533,929 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 $ 1,025,098 13,759,813 Costs 2,668,850 2,569,613 2,798,654 2,751,049 2,525.360 2,677,668 2,496,166 2,137,213 3,080,151 2,882,335 26,587,062 Other Revenue/(Expense) 58,161 58.161 58181 58161 58,161 58161 58,161 58,161 58,161 56161 581607 Net Annual Revenue $ 1,923,240 $ (1,486,354) $ (1,715,395) $ (1,667,791) $ (1,442,102) $ (1,594,409) $ (1,412,907) $ (1,053,954) $ (1,996,893) $ (1,799,076) $(12,178,004) Ending Fund Balance 1,990,878 504,524 (1,210,871) (2,878,662) (4,320,764) (5.915,173) (7,328,080) (8,382,035) (10,378,927) (12,178,004) Adequate Working Capital?(1) No No No No No No No No No No (1)Adequate working carcal= 8 3J04tN10 9auree.MunlF.oal. Mwignendei W!VV3 of 311 MA FOanclef Masrer Man Tempiere(WafwoF] Table 5: Donner Lake Fund (Assessment District and Other Funding Sources) Fiscal Year Ending 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Revenues Rate Surcharge Accounts - - - - - - - - - - Monthly Surcharge $ $ $- $ $ Subtotal $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Assessment Levy $ 842,410 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 Equalization Fees - - Total Revenues $ 842,410 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 $ 698,787 Costs Administrative Expenses(1) $ 8,424 $ 6,988 $ 6,988 $ 6,988 $ 6,988 $ 6,988 $ 6,988 $ 6,988 $ 6,988 $ 6,988 Capital Projects - 645,194 1,900,000 - - - Total Costs $ 8,424 $ 652,182 $ 1,906,988 $ 6,988 $ 6,988 $ 6,988 $ 6,988 $ 6,988 $ 6,988 $ 6,988 Net Income $ 833,986 $ 46,605 $ (1,208,201) $ 691,799 $ 691,799 $ 691,799 $ 691,799 $ 691,799 $ 691,799 $ 691,799 Other Revenuel(Exoense) Debt Service $ (264,091) $ (691,799) $ (691,799) $ (691,799) $ (691,799) $ (691,799) $ (691,799) $ (691,799) $ (691,799) $ (691,799) To/From Debt Funds - 645,194 - - - - - - - - To/From General Fund Total Other $ (264,091) $ (46,605) $ (691,799) $ (691,799) $ (691,799) $ (691,799) $ (691,799) $ (691,799) $ (691,799) $ (691,799) Net Annual Revenue $ 569,895 $ (0) $ (1,900,000) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) Ending Fund Balance(2) 1,999,162 1,999,162 99,162 99,161 99,161 99,161 99,161 99,161 99,160 99,160 Surcharge Increase 0.00% 0.00% 0,00% 0,00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% (1)Administrative expenses as a percent of total assessment revenue= 1 00% (Maximum rate is 1.0 percent of total levy.) (2)Includes any reserve required for State Revolving Fund ban. Source:MuniFinancial. ManiFinancial 6125103 at 3:11 PM Financial Master Plan 7emplate(Donned-aked Table 6: Glenshire Sinking Fund Fiscal Year Ending 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Revenues Rate Surcharge Accounts 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 1,350 Monthly Surcharge $ 10.75 $ 10,75 $ 10.75 $ %75 $ 10.75 $ 10.75 $ 10.75 $ 10,75 $ 10.75 $ 10.75 Subtotal $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 Asset Sales(1) -Total Revenues $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 Costs Costs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Net Operating income $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 $ 174,150 Other Revenue/i(Expense) Debt Service $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) Total Other $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) $ (166,786) Net Annual Revenue $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 $ 7,364 Ending Fund Balance 113,161 120,525 127,889 135,253 142,617 149,981 157,345 164,709 172,073 179,437 Surcharge Increase 0,00% 0.00°% 0,00% 0.00°% 0.00% 0.00% 0.00% 0.00% 0.00% 0,00% (1) Revenue from sale of former Glenshire Water District assets. Source:MuniNnancial. Mumi'mancial 612W3 at 3-11 PM Financial Master Plan Template(Glenshire] Table 7: Water Rate Reserve Fund Fiscal Year Ending 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Other Revenue/(Expense) Interest Earnings na $ 5,000 $ 10,250 $ 15,763 $ 26,551 $ 37,878 $ 46,331 $ 47,708 $ 49,094 $ 50,490 To/From General Fund 100,000 100,000 100,000 200,000 200,000 131,169 (18,788 (19,980) (21,176) (22,376) Total Other $ 100,000 $ 105,000 $ 110,250 $ 215,763 $ 226,551 $ 169,047 $ 27,542 $ 27,727 $ 27,918 $ 28,114 Net Annual Revenue $ 100,000 $ 105,000 $ 110,250 $ 215,763 $ 226,551 $ 169,047 $ 27,542 $ 27,727 $ 27,918 $ 28,114 Ending Fund Balance 100,000 205,000 315,250 531,013 757,563 926,611 954,153 981,880 1,009,798 1,037,912 Reserve%of Opr.Costs(1) 2°% 4% 6% 9% 13°% 15% 15% 15°% 15% 15% (1)Goal for rate reserve fund balance as a percent of total general fund operating costs equals: 15.00% Source:MuniRcancial. MuniFinanciat 6125103 at 3:11 PM Financial Master Nan Template(WaterReson e) Table 8: Electric General Fund 2002.12 Fiscal Year Ending 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Annual Rate Operating Revenues(1) Residential Sales $ 8,369,566 $ 8,613,056 $ 8,856,547 $ 9,100,037 $ 9,343,528 $ 9,587,018 $ 9,830,509 $10,073,999 $10,317,490 $10,560,980 3.36% Commercial Sales 5,741,380 5,845,303 5,949,225 6,053,148 6,157,071 6,260,994 6,364,916 6,468,839 6,572,762 6,676,685 2,33% Interdepartmental Sales 1,245,548 1,282,497 1,319,446 1,356,395 1,393,343 1,430,292 1,467,241 1,504,190 1,541,138 1,578,087 3.54% Miscellaneous Revenue(2) 192,877 189,672 186,467 183,262 180,057 176,852 173,647 170,442 167,237 164,032 (1.52%) Interdepartmental Rent 321,973 214302 214302 214,302 214,302 214,302 214,302 214,302 214,302 214302 f3.63% Total Revenues $15,871,344 $16,144,830 $16,525,987 $16,907,144 $17,288,301 $17,669,458 $18,050,615 $18,431,772 $18,812,929 $19,194,086 2.84% Operating Costs Purchased Power $ 7,479,000 $ 8,051,000 $ 8,047,000 $ 8,193,000 $ 8,351,000 $ 7,939,000 $ 8,256,000 $ 8,548,000 $ 8,863,000 $ 9,142,000 11.92%) Operations&Maint.(3) 1,964,202 2,116,536 2,268,869 2,421,203 2,573,536 2,725,869 2,878,203 3,030,536 3,182,870 3,335.203 5,38% Customer Svcs&Admin.(4) 2,487,905 2,658,551 2,829,198 2,999,844 3,170,490 3,341,136 3,511,782 3,682,428 3,853,074 4,023,721 5.24% Installment loans(5) 81,303 81303 81,303 81,303 64236 64,236 64,236 64,236 64,236 64,236 1( 04%) Total Costs $121012,411 $12,907,390 $13,226,370 $13,695,349 $14,159,262 $14,070,241 $14,710,221 $15,325,201 $15,963,180 $16,565,160 0.63% Net Operating Income $ 3,858,933 $ 3,237,440 $ 3,299,617 $ 3,211,795 $ 3,129,039 $ 3,599,217 $ 3,340,394 $ 3,106,572 $ 2,849,749 $ 2,628,927 Other Revenue/(Expense) Debt Service $ (2,735,203) $ (3,361,827) $ (3,364,526) $ (3,364,977) $ (3,363,177) $ (3,361,618) $ (3,360,168) $ (3,361,318) $ (3,362,686) $ (3,361,282) 26.44% To/From Facilities Fee Fund - - - - - - - - - - To/From Repl.&Rehab.Fund - - - - - - - - - - To/From Rate Reserve (1,800,000) (46,109) 48,958 28,851 33,128 119,548 9,630 18,080 19,242 29,427 To/From Idacorp Bond Res. (300,000) (300.000) (300,000 (300,000) (300,000) (300,000 Total Other $ (4,835,203) $ (3,707,936) $ (3,615,568) $ (3,636,126) $ (3,630,049) $ (3,542,070) $ (3,350,638) $ (3,343,238) $ (3,343,444) $ (3,331,855) 26.33% Net Annual Revenue $ (976,270) $ (470,496) $ (315,950) $ (424,331) $ (501,010) $ 57,146 $ (10,244) $ (236,667) $ (493,695) $ (702,928) Ending Fund Balance 1,122,243 651,747 335,797 (88,534) (589,544) (532,398) (542,642) (779,308) (1,273,003) (1,975,931) Debt Service Coverage(6) 1,41 0.96 0.98 0,95 0.93 1.07 0.99 0.92 0.85 0,78 Reserve%of Opr.Costs 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% Note'.Depreciation expense are excluded because this is a cash flow model. Interest income is excluded because it is not material.. (1)Historical revenues exclude gain an sale of property,a relatively rare and small item. Revenues also exclude contributed capital because it is assumed to be included as part of project costs in the Electric CIP Projects Fund. (2)Includes miscellaneous operating revenue,miscellaneous rents,and standby revenue. (3)Includes distribution operators and distribution maintenance. (4)Includes customer accounting,customer services and information,and administration and general. di)Installment loans secured by vehicles and equipment. (6)Debt requires a coverage ratio of at least 120. Coverage ratio equals(cet operating income+debt service)/debt service. Source:MuniFinancial. MurnFinanciai 525r03 at 3,11 PM Financial Maser Plan 7emvlafefElectdcCashFlow] Table 9: Electric Sales Revenue 2002-12 Fiscal Year Ending 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Annual Rate Residential Accounts 10,580 10,888 11,196 11,504 11,812 12,119 12,427 12,735 13,043 13,351 303 Usage per Account(kwh) 6,500 6.500 6,50 6 500 6,500 6,500 6,500 6,500 6,500 6 500 0.14% Demand(kwh) 68,772,203 70,772,949 72,773,696 74,774,442 76,775,188 78,775,935 80,776,681 82,777,428 84,778,174 86,778,921 2.46% Average Rate per Kwh $ 0.122 $ 0.122 $ 0.122 $ 0,122 $ 0.122 $ 0.122 $ 0.122 $ 0,122 $ 0.122 $ 0.122 0.87% Revenue $ 8,369,566 $ 8,613,056 $ 8,856,547 $ 9,100,037 $ 9,343,528 $ 9,587,018 $ 9,830,509 $10,073,999 $10,317,490 $10,560,980 3,36% Commercial Accounts 1,159 1,180 1,201 1,222 1,243 1,264 1,285 1,306 1,327 1,348 20 Usage per Account(kwh) 40,690 40,690 40,690 40,690 40,690 40,690 40,690 40,690 40,690 40,690 0( 18%) Demand(kwh) 47,159,865 48,013,490 48,867,115 49,720,740 50,574,365 51,427,990 52,281,615 53,135,240 53,988,865 54,842,490 1.45% Average Rate per Kwh $ 0,122 $ 0,122 $ 0.122 $ 0.122 $ 0.122 $ 0.122 $ 0.122 $ 0.122 $ 0.122 $ 0.122 0.87% Revenue $ 5,741,380 $ 5,845,303 $ 5,949,225 $ 6,053,148 $ 6,157,071 $ 6,260,994 $ 6,364,916 $ 6,468,839 $ 6,572,762 $ 6,676,685 2.33% Interdepartmental Sales 1,245,548 1,282,497 1,319,446 1,356,395 1,393,343 1,430,292 1,467,241 1,604,190 1,541,138 1,578,087 3,54% Rate Increase Residential 9.10% 0.00% 0.00% 0.00% 0,00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Commercial 9.10% 0.00% 0.00% 0,00% 0.00% 0.00% 0.00% 0,00% 0.00% 0.00% 0.00% Debt Service Coverage 1.41 0.96 0.98 0.95 0.93 1.07 0.99 0.92 0.85 0.78 Source:Mun,Rnancial. M iaAcancfal 6125103 at 3,12 PM Financial Master Plan Fanplate[ElectncRev nue} Table 10: Electric CIP Funds 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Total Facilities Fee Fund Revenues Residential New EDUs(accounts) 255 308 308 308 308 308 308 308 308 308 Facilities Fee(per EDU) $ 1,200 $ 1,200 $ 1,200 $ 1,200 $ 1,200 $ 1,200 $ 1,200 $ 1,200 $ 1,200 $ 1,200 Subtotal $ 306,407 $ 369,369 $ 369,369 $ 369,369 $ 369,369 $ 369,369 $ 369,369 $ 369,369 $ 369,369 $ 369,369 3,630,724 Commercial New EDUs(amounts) 12 21 21 21 21 21 21 21 21 21 Facilities Fee(per EDU) $ 12.600 $ 12.600 $ 12,600 $ 12.60 $ 12,600 $ 12,600 $ 12.600 $ 12,600 $ 12,600 $ 12,600 Subtotal $ 152,180 $ 264,330 $ 264,330 $ 264,330 $ 264,330 $ 264,330 $ 264,330 $ 264,330 $ 264,330 $ 264,330 2531150 Costs Total Revenues $ 458,587 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 6,161,874 CIP Projects(inflated$) 156,300 156,045 512,309 439,276 408,447 1,053.432 406,455 347,562 626,418 699,228 4,805,473 Other Revenue/(Expense) To/From Debt Funds - - _ _ To/From General Fund To/From Project Fund Total Other $ Net Annual Revenue $ 302,287 $ 477,654 $ 121,390 $ 194,422 $ 225,251 $ (419,734) $ 227,243 $ 286,136 $ 7,281 $ (65,529) $ 1,749,110 Ending Fund Balance 694,996 1,172,649 1,294,039 1,488,462 1,713,713 1,293,979 1,521,222 1,807,359 1,814,639 1,749,110 Facilities Fee Increase Residential 9.09% 0,00% 0.00% 0.00% 0.00% 0.00% 0,00% 0.00% 0,00% 0.00% 0.87% Commercial 9,09% 0.00% 0.00% 0,00% 0.00% 0.00% 0.00°!0 0.00% 0.00% 0.00% 0.87% Replacement B Rehabilitation Fund Costs CIP Projects(inflated Other Revenue/(Expense) To/From Debt Funds To/From General Fund To/From Facilities Fees Total Other $ - $ _ $ _ $ - $ _ $- $ $ - $ - $ _ Net Annual Revenue $ _ $ Ending Fund Balance - - - _ _ _ - - - - Combined CIP Funds Revenues $ 458,587 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 6,161,874 Costs - Other Revenue/(Expense) - - Net Annual Revenue $ 458,587 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 633,699 $ 6,398,283 Ending Fund Balance 694,996 1,328,694 1,962,393 2,596,091 3,229,790 3,863,489 4,497,187 5,130.886 5,764,584 6,398,283 Adequate Working Capital?(1) Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes (1)Adequate working rapltai= $ 500,000 Source:M.dhrancial. Mwifir�ancr'al f &03 at 3,12 PM Flnanaal Masfer Plen Te plare/ElacMcGP) Table 11: Electric Reserve Funds Fiscal Year Ending 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Electric Rate Reserve Fund Other Revenue/(Expense) Interest Earnings na $ 90,000 $ 96,805 $ 99,198 $ 102,715 $ 106,194 $ 105,527 $ 110,327 $ 114,939 $ 119,724 To/From General Fund 1,800,000 46,109 (48,958) (28,851) (33,128) (119,548) (9,530) (18,080) (19,242 (29,427} Total Other $ 1,800,000 $ 136,109 $ 47,847 $ 70,347 $ 69,587 $ (13,353) $ 95,997 $ 92,247 $ 95,697 $ 90,297 Net Annual Revenue $ 1,800,000 $ 136,109 $ 47,847 $ 70,347 $ 69,587 $ (13,353) $ 95,997 $ 92,247 $ 95,697 $ 90,297 Ending Fund Balance 1,800,000 1,936,109 1,983,955 2,054,302 2,123,889 2,110,536 2,206,533 2,298,780 2,394,477 2,484,774 Reserve%of Opr. Costs(1) 15% 15% 15% 15% 15% 15°% 15% 15% 15% 15% Idacorn Contract Buvout Bond Reserve Fund Other Revenue/(Expense) Interest Earnings na $ 15,000 $ 30,750 $ 47,288 $ 64,652 $ 82,884 $ 102,029 $ 107,130 $ 112,487 $ 118,111 To/From General Fund 300,000 300,000 300,000 300,000 300,000 300,000 Total Other $ 300,000 $ 315,000 $ 330,750 $ 347,288 $ 364,652 $ 382,884 $ 102,029 $ 107,130 $ 112.487 $ 118,111 Net Annual Revenue $ 300,000 $ 315,000 $ 330,750 $ 347,288 $ 364,652 $ 382,884 $ 102,029 $ 107,130 $ 112,487 $ 118,111 Ending Fund Balance 300,000 615,000 945,750 1,293,038 1,657,689 2,040,574 2,142,603 2,249,733 2,362,219 2,480,330 Combined Reserve Funds Other Revenue/(Expense) $ 2,100000 $ 451109 $ 378597 $ 417,634 $ 434239 $ 369,531 $ 198026 $ 199,377 $ 208,184 $ 208,408 Net Annual Revenue 2,100,000 451,109 378,597 417,634 434,239 369,531 198,026 199,377 208,184 208,408 Ending Fund Balance 2,100,000 2,551,109 2,929,705 3,347,340 3,781,579 4,151,110 4,349,136 4,548,513 4,756,696 4,965,104 (i)Goal for rate reserve fund balance as a percent of total general fund operating costs $ 500,000 Source:MuniFinancial, ManiFinancial 612.5/03 at 3,12 PM Financiat Master Plan TemplatefElectricResenrej Table 12:Debt Service and Loan Repayment Schedules GL# Type of Loan Principal 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 201T Last Fort Wa er RevenueSecured Debt 221.80-20 Refunding 7996-Water System imps 10,205,000 804.817 804,855 804,105 802,567 $05,243 806,867 806,867 806,867 806,867 806,867 806,867 ? 221,94-20 DWR Prop 55 Water System imps 5,250,000 305,918 305,918 305,918 305,918 305,918 305,918 305,918 305,918 305,918 305,918 305,918 ? 224.85-20 MSG-1551-Tank Loan 11500,000 150,158 150,158 150,158 150,158 150,158 150,158 150,158 150,158 160,158 150,158 150,158 9 NA New CIP Issue _ NA New CIP issue _ _ _ _ - - - 2029 NA New CIP Issue - - 2030 Subtotal 17,655,000 1,260,893 1,260,931 1,260,181 1,258,643 1,261,319 1,262,943 1,262,943 1,262,943 1,262,943 1,262,943 1,262,943 2037 Installment Loans 224.79-20 MSG#5-Vehicles 35,538 8,327 8,327 8,327 8,327 8,327 8,327 8,327 8,327 8,327 8,327 8,327 indefinite 224,81-20 MSG#6-Vehicles 165,000 38,214 38,214 38,214 38,214 38,214 38,214 38,214 38,214 38,214 38,214 38,214 Indefinite 22ubtot0 MSG#8-Vehicles 88.584 10172 20.345 20.345 20,345 20,325 10172 10172 10.172 10,172 10,172 11172 Indefinite Subtotal 289,122 56,713 66,886 66,886 66,886 66,866 56,713 56,713 56,713 56,713 56,713 56,713 Internal General Fund Borrowing NA Reserve for Future Meters Fund 519,966 43,556 43,556 43,556 43,556 43,556 43,556 43,556 43,556 43,556 43,556 43,556 ? NA Facilities Fees Fund 694,319 - 58,161 58,161 58,161 58,161 58,161 58,161 58,161 58,161 58,161 58,161 2018 NA Reserve for Future Meters Fund Subtotal 551446 _ - 46193 46,193 61193 46,193 46,193 46,193 46,193 46,193 46,193 46,193 2018 Donner Lake Water Assessment District 1,765,731 43,556 147,909 147,909 147,909 147,909 147,909 147,909 147,909 147,909 147,909 147,909 221.82-20 $6,98 M LOC-Replace Water System 6,980,000 188,465 205,561 221,84-20 $3,00 M LOC-Replace Water System 3,000,000 29,529 58,530 no NA SRF-Levy funded 10,625,194 - na 69t,799 697,799 691,799 69t,799 69t,799 691,799 691,799 691,799 691,799 2024 NA SRF-Rate Surcharge funded Subtotal 20,605,194 217,994 264,091 691,799 691,799 691,799 691,799 691,799 691,799 691,799 691,799 691,799 2024 Gienshire Water System 224Water Mtem Tot Gienshire Water System 1.740000 - 166786 166786 166786 166786 166,786 166.786 166.786 166,786 166786 166.786 ? Waters stem Total 42,055,047 1,579,156 1,906,603 2,333,562 2,332,024 2,334,680 2,326,151 2,326,151 2,326,151 2,326,151 2,326,151 2,326,151 E(BCMc Revenue-Secured Debt 221.40-10 Refunding 1993-Armin HQ Bldg 3,245,000 262,839 212,137 - 224.80-10 Everen Securities-Transformers 803,174 58,928 56,419 58,929 58,928 58929 58,929 56,420' 56,420 56,42- 56,420 56,42- n? NA IdaCoNew Issuect Buyout COPS 26,000,000 - 2,466,647 3,302,898 3,305,598 3,306,048 3,304,248 3,305,198 3,303,748 3,304.898 3,306,266 3,304,862 2012 NA New CIP Issue Subtotal 30,048,174 321,767 2,735,203 3,361,827 3,364,526 3,364,977 3,363,177 3,361,618 3,360,168 3,361,318 3,362,686 3,361,282 Installment Loans 224.78-10 MSG#4-Vehcle Loan 164,950 38,175 38,175 38,175 38,176 38,175 38,175 38,175 38,175 38,175 38,175 38,175 Indefinite 224.79-10 MSG#5-Vehice Loan 68,648 16,084 16,085 16,085 16,085 16,085 16,085 16,085 16,085 76,085 38,175 38,175 Indefinite 224.82-10 MSG#7-Equipment loan 61,974 10,637 14,183 14,183 14,183 14,183 3,546 3,546 3,546 3,546 3,546 3,546 indefinite 220 MSG#8-Vehicle Loan 55996 6,430 12860 12.860 12.8 Subtotal 60 12.860 6.430 430 6,430 6430 6.430 6,430 Indefinite 351.568 71.326 81 303 81,303 81,30 81,303 64,23 64,23 64 236 64.236 64.236 64236 Electric5 stem Total 30,399,742 393,093 2,816,506 3,443,130 3,445,829 3,446,280 3,427,413 3,425,854 3,424,404 3,425,554 3,426,922 3,464,518 23 Grand Total 72,454,789 1,972,249 4,723,109 5,776,692 5,777,853 5,780,960 5,753,564 5,752,005 5,750,555 5,751,705 5,753,073 5,751,669 Nole'. Prinrvpat amounts pn new deM issues represertl net amount available for pmjeote,net of Issuance costs,capilaliietl interest,reserve tuna. Issuance costs ird ded in calwlation of tlebt service. Roserve fuss assumed to be,sett-turMing with neutral eNilrage. Sources_TDPUD deft service scbeaui M ,rimro.i Mun,R,ancrar( 625/QA a(312 PM Finartolal Master Plan Temp(a(e(Dab(( -