HomeMy WebLinkAboutF-1.1 Fiscal Year 2018-19 4th Qtr Budget Reports for Electric and Water Funds_APPROVEDUB-83
Approved
Utility Board
09/23/2019
4th Quarter Water Sales/Billings
FY CCF Sales Billings* Billed Accounts
09-10 7,853,732 $15,303,213 23,036
10-11 7,384,003 $16,600,100 23,100
11-12 7,598,788 $17,199,870 23,104
12-13 8,094,910 $18,043,742 23,302
13-14 8,020,459 $17,933,551 23,597
14-15 7,094,934 $17,209,924 23,871
15-16 6,215,491 $16,877,625 23,934
16-17 6,598,143 $17,698,854 24,156
17-18 7,095,830 $18,912,360 24,284
18-19 6,612,342 $20,517,490 24,453
*Excludes unbilled receivables
Year-end operations resulted in $1.3 million decrease in cash reserves to a total of $23.4 million,
and an estimated debt service coverage ratio of 1.34, which is above the 1.2 minimum required
by bond covenants. Overall, fiscal year end revenues and operating expenses were 104% and
94% of budget, respectively.
ELECTRIC
Sales of electricity through fiscal year end 2018-19 were 1.8% lower than prior fiscal year. The
decrease is primarily due to milder weather and lower demand from medium and large business
consumers. The table below shows a 10-year trend of fiscal year-end sales, billings, and number
of billed accounts for the Electric Utility:
4th Quarter Electric Sales/Billings
FY kWh Sales Billings* Billed Accounts
09-10 245,616,149 $30,099,992 15,276
10-11 238,728,205 $32,829,429 15,362
11-12 236,527,153 $35,315,430 15,567
12-13 247,422,942 $36,270,465 15,749
13-14 250,280,276 $36,415,546 15,955
14-15 257,361,329 $38,763,711 16,226
15-16 253,655,020 $36,343,584 16,740
16-17 255,975,406 $36,843,301 16,555
17-18 252,892,628 $33,329,648 16,695
18-19 248,413,138 $36,005,653 16,854
*Excludes unbilled receivables.
UB-84
FY 18-19 retail revenues through fiscal year end increased by about $2.7 million compared to
prior fiscal year, mainly due to lower cost of purchasing energy after the retirement of San Juan
Power Plant. Fiscal year end revenues and operating expenses were 101% and 93% of budget,
respectively. Cash/Reserves increased by $3.8 million by fiscal year end and totaled
approximately $28.6 million. The Utility’s minimum reserve policy target is $12.6 million and
additional reserves are necessary for deployment of AMI meters upon completion of functional
acceptance testing.
Positive operating results and low debt service requirements have resulted in the Electric Utility
exceeding the minimum debt coverage requirement of 1.10 with estimated debt coverage ratio of
13.22 for the period ended.
FISCAL IMPACT:
There is no fiscal impact associated with the recommended action.
Prepared by: Reviewed and Approved:
Judy B. Tran Manny Robledo
Utilities Admin & Financial Director of Utilities
Services Manager
Reviewed and Approved:
Sergio Gonzalez
City Manager
Attachments:
1)Fiscal Year End Water Utility Operating Budget Report
2)Fiscal Year End Electric Utility Operating Budget Report
UB-85