HomeMy WebLinkAbout11 Power Point Mid-Year Financial Update 2021 (2)
August 18, 2021 Year Review-2021 Mid-Financial Performance WORKSHOP ITEM # 11
•BACKGROUND / HISTORYBACKGROUND / HISTORY Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -Financial Performance 2022cycle review March -of-end / end-Year•(tonight)FY21
August 18, 2021 review year -Mid•actual resultsannual budget report comparison to -District code requires semi•FY 20 & FY 21 Budget approved November 6, 2019
Financial Performance BACKGROUND / HISTORYBACKGROUND / HISTORY Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -
Financial Performance BACKGROUND / HISTORYBACKGROUND / HISTORY Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -
Financial Performance Reserve DepositsCapital ExpendiutresDebt ServiceAll Other OpExpRent ExpenseWater Op Exp Uses-WATER -2021 Budget 8%1,295,697 13%2,008,954 19%3,087,521 20%3,266,118
3%536,536 37%5,991,981 BACKGROUND / HISTORYBACKGROUND / HISTORY Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -
Financial Performance (PY $50)MWh$68 / -May 2021 •(PY $56)MWh$80 / -June 2021 •notably higher than prior year; UAMPS:Texas impact in February and recent costs trending •$0.2m or 101%
of Annual Budget•$13.1m Forecast for 2021•51% of Annual Budget•$6.6m YTD 6/30/2021•Purchased Power-yrBudget assumed 1.0% growth rate per •Up 1.5% to 2020 and up 3.3% to 2019•YTD Average
# of customers of 14,352•YTD’21 484,958 (+6.5% v’20 / +2.7%v’19)•Q2’21 426,849 (+4.7% v’20 / +2.5% v’19)•Q1’21 543,388 (+8.1% v’20 / +3.5% v’19)•KWH billed per billing day average
(vs 2 PYs)•demand and usage over budget•Favorable variance$1.1m •104% of Annual Budget•$28.8m Forecast for 2021•55% of Annual Budget•$15.4m YTD 6/30/2021•Operating Revenues 1 of 2-Operating
Income Components -New InformationNew Information Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -
MS1
Slide 6
MS1 Month of July KWH / billing day is up 4% to 2020 and up 10% to 2019
Michael Salmon, 8/16/2021
Financial Performance 1%-(0.2m) operating expenses, •1%-(0.2m) purchased power, •$1.1m operating revenue, +4%•Favorable $0.7m•121% of Annual Budget•$4.2m Forecast for 2021•88% of Annual
Budget of $3.5m•$3.1m YTD 6/30/2021•= Operating Income wildfire costs effortsannual budget due to timing and 58% of ytd•defensible space costs over BudgetForecast includes $500,000
in wildfire •Unfavorable $.2m•101% of Annual Budget••50% of Annual Budget•$5.6m YTD 6/30/2021•Operating Expenses-2 of 2-Operating Income Components -New InformationNew Information Year
Review-Mid2021 -Financial Performance Year Review-Mid2021 -
Financial Performance Transfers to Reserves: $215k to Vehicle Reserve & $257k to Capital Reserve (excludes $490k Rate Reserve Capital expenditures under budget due to timing of projects
between yearsInvestment Income off due to current yields (~0.3%) compared to budget yield assumption of 2%Substation $898,000 (2020 Budgeted project, 2021 Actual project)Fees for
Truckee FacTransfers in from Reserves adjusted for capital expenditures related impacts, including New InformationNew Information Year Review-Mid2021 -Financial Performance Year Review-Mid2021
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Financial Performance Summary Recap New InformationNew Information Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -
Financial Performance yrBudget assumed 1.0% growth rate per •Up 1.0% to 2020 and up 1.9% to 2019•YTD Average # of customers of 13,350•Up 9.8% to 2020•customer per billing day 168 gallons,
average billed gallons per •up 14% to prior yearCommercial 151.8m gallons,•up 7% to prior yearResidential 254.4m gallons•2021 th Billed Gallons YTD June 30•greater than 3.0% assumed
in Budget9%) is --Favorable $.8m•105% of Annual Budget••50% of Annual Budget•$7.1m YTD 6/30/2021•Operating Revenues 1 of 2-Operating Income Components -Water Utility New InformationNew
Information Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -
MS1
Slide 10
MS1 Month of July KWH / billing day is up 4% to 2020 and up 10% to 2019
Michael Salmon, 8/16/2021
Financial Performance $0.268m operating expenses, 3%•$0.762m operating revenue, 5%•Forecast favorable $1.0m or 23% to Budget•$5.4m Forecast for 2021, Budget $4.4m•61% of Annual Budget•$2.7m
YTD 6/30/2021•= Operating Income Favorable $.3m•97% of Annual Budget•$9.5m Forecast for 2021•45% of Annual Budget•$4.4m YTD 6/30/2021•Operating Expenses-2 of 2-Operating Income Components
-Water Utility New InformationNew Information Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -
Financial Performance Transfers to Reserves @ Budget: $280k to Vehicle Reserve, $1.016m to Capital ReserveCapital expenditures adjusted to Forecast, over budget due to primarily to
pipeline replacement projectadjusted $3.4m for DLAD SRF loan early payoff Debt Service Investment Income off due to current yields (~0.3%) compared to budget yield assumption of 2%related
impactsTransfers in from Reserves adjusted $3.4m for DLAD SRF loan early payoff and $0.136m for capital expenditures Annual Forecast notes:New InformationNew Information Year Review-Mid2021
-Financial Performance Year Review-Mid2021 -
Financial Performance Summary Recap New InformationNew Information Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -
Financial Performance New InformationNew Information Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -
Financial Performance New InformationNew Information Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -
•FISCAL IMPACTFISCAL IMPACT Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -Financial Performance current financial performance.projections for FY 2021 serve as Board’s
review of the District’s This financial review of actual to budget activity and year end
•RECOMMENDATIONRECOMMENDATION Year Review-Mid2021 -Financial Performance Year Review-Mid2021 -Financial Performance Receive this report and provide comments