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Home My WebLink AboutDocumentation_Workshop_Tab 06_03/04/2019Memorandum To: Honorable Mayor and Village Council Thru: James M. Weinand, Acting Village Manager From: Lori McWilliams, MMC, Village Clerk Date: 3/4/19 Subject: 2016 Water and Storm Water Rate Study The attached is the old 2016 Water and Storm Water Rate Study for your use as we move forward with discussions on the future Water and Storm Water Rate Study. VILLAGE OF TEQUESTA, FLORIDA WATER SYSTEM REVENUE SUFFICIENCY STUDY January 4, 2016 Public Resources Management Group, Inc. Utility, Rate, Financial and Management Consultants F9Public Resources Management Group, Inc. ('iiliiY, RuIc, financial mid Alanag,erncii! ('nn.�01(1171., December 17, 2015 Mr. Michael R. Couzzo Village Manager Village of Tequesta 345 Tequesta Drive Tequesta, FL 33469-0273 Subject: Water System Financial Forecast and Revenue Sufficiency Analysis Dear Mr. Couzzo: Public Resources Management Group, Inc. (PRMG) has completed our review of the sufficiency of the water monthly user rates for the Village of Tequesta, Florida (the "Village"), and has summarized the results in this letter report for your consideration. This report summarizes the development of proposed rate adjustments for water service that are considered necessary to meet the projected revenue requirements the fiscal year ending September 30, 2016 through the fiscal year ending September 30, 2020 (the "Forecast Period"). The most important objective of this study was to develop proposed and projected utility rates that meet the anticipated water utility expenditure and funding requirements in order to maintain sound financial operations and finance the anticipated capital needs of the water system. Such capital needs include significant system rehabilitation and replacements. Other goals and objectives considered in the study included: • The proposed rates should maintain an acceptable financial position consistent with performance criteria used by credit rating agencies and the utility industry. This guideline entails the following: — Compliance with the rate covenant in the Village's existing loan agreements with Bank of America, N.A. (i.e., the 2004 and 2008 Promissory Notes). — Maintenance of adequate operating reserves. — Maintenance of ongoing capital reinvestment margins to balance equity and debt financing of capital improvements. The proposed rates should be based on full cost recovery principles. KA 1056-08\Rpts12015 RevSuffLetter FY 2016 Mr. Michael R. Couzzo Village of Tequesta December 17, 2015 Page 2 • To the extent practical, any rate adjustments should be phased -in to limit customer "rate shock." • The proposed rates should be consistent with historical rate structures and pricing signals to limit any material rate impacts to the existing water system customers. The proposed rates, to the extent practical, should be comparable with those of neighboring utility systems that have similar characteristics as the Village's water system. Following this letter, we have provided an executive summary that provides an overview of the study results and outlines our recommendations and conclusions. We appreciate the opportunity to be of service to the Village and would like to thank the Village's staff for their assistance and cooperation during the course of this study. Respectfiilly submitted, Public Resources Management Group, Inc. Robert J. Ori President Q Jeffrey M. Wilson Supervising Consultant Attachments KA1056-081Rp1s\2015 requesta RevSufletter Executive Summary 1-4-2016 VILLAGE OF TEQUESTA, FLORIDA WATER SYSTEM REVENUE SUFFICIENCY STUDY TABLE OF CONTENTS Title Page No. Letter of Transmittal Tableof Contents.................................................................................................................. i Listof Tables....................................................................................................................... EXECUTIVESUMMARY................................................................................................1 K\ I056-08\Rpts\2015 RevSuffL.etter 1 VILLAGE OF TEQUESTA, FLORIDA WATER SYSTEM REVENUE SUFFICIENCY STUDY LIST OF TABLES AND FIGURES Table Number Description 1 Historical Water Customer Statistics By Class 2 Projected Water Customer Statistics By Class 3 Development of Estimated Operations and Maintenance Expenses 4 Development of Estimated Escalation Factors 5 Five -Year Estimated Capital Improvements Program 6 Projected Net Revenue Requirements 7 Projected Debt Service Coverage Analysis 8 Analysis of Cash and Investments and Development of Interest Income 9 Comparison of Typical Monthly Residential Bills for Water Service Figure No. Description 1 Comparison of Monthly Charges for Water Service for Residential Customers Using 8,000 Gallons KA 1056-08\Rpts\2015 RevSuffi.etter (1 VILLAGE OF TEQUESTA, FLORIDA WATER SYSTEM REVENUE SUFFICIENCY STUDY EXECUTIVE SUMMARY The Village of Tequesta (the "Village") water system currently provides potable water service to the residents of the Village as well as certain unincorporated areas of Palm Beach County and Martin County. The Village's water system is established as a utility enterprise fund. According to the Governmental Accounting Standards Board, "Enterprise Funds should be used to account for operations that are financed and operated in a manner similar to private business enterprises — where the intent of the governing body is that costs of providing services to the general public on a continuing basis should be financed or recovered primarily through user charges." The goal of this study is to assist the Village in establishing water rates on a prospective basis sufficient to recover the cost of operating, maintaining, repairing, and financing the water system. The Village requested that Public Resources Management Group, Inc. (PRMG) prepare an update to the water rate study completed in 2008. This update was to include a rive -year projection of the System revenue requirements (i.e., the projected expenditures and funding needs of the System) and the determination of the ability of the rate revenues to fund such needs (referred to as the "revenue sufficiency"). Specifically, PRMG was tasked to: i) provide a projection of revenue requirements for the System for the five-year period ending September 30, 2020 (the "Forecast Period); ii) provide a forecast of future rate adjustments necessary to fund the projected revenue requirements; and iii) design a schedule of proposed water rates to meet the projected revenue requirements through the end of Fiscal Year 2020. In our review of the existing water rates, we have relied upon certain information and data collected from the Village including Comprehensive Annual Financial Reports and other financial information prepared by the Village; the Adopted Fiscal Year 2016 Budget; customer statistics; records of operation; and other information and data provided by the Village. To the extent we have performed our analyses using the data and information obtained from the Village and others in the preparation of this report, we have relied upon such information to be accurate and no assurances are intended and no representation or warranties are made with respect thereto or the use made herein. Based on the assumptions identified in this report and as provided by Village management, PRMG made the following observations on behalf of the System: The Village's Water System is approaching build -out with customer growth anticipated to be less than 0.2 percent annually. Cost of operations, which continue to escalate due to inflation, labor costs, insurance, fuel costs, miscellaneous repairs and maintenance, and alternative water issues are anticipated to increase approximately 3.1 percent over the Forecast Period resulting in declining revenue margins for the System. KA1056-08%Rpts\2015 RevSuffi etter The Village has identified significant improvements to the Village's water filtration plant, various water distribution line replacement projects, well field rehabilitation projects, and other improvements over the next five (5) fiscal years; the capital improvement program identified for the Village during this time frame was estimated to approximate $5,540,051. For the purposes of the financial forecast it has been assumed that the Village will need to gradually phase in an increasing level of deposits to the Renewal and Replacement Fund in order to provide funds for pay-as-you-go capital financing from rate revenues for the replacement of assets as they age and begin to reach their average service life or become obsolete. It has assumed for the purposes of the financial forecast that the Village would increase the annual transfer to the Renewal and Replacement Fund from 5.0% to 12.5% of the prior year's rate revenues over the Forecast Period. This is a practice used by many utilities and favored by credit rating agencies. The Village's existing rates for water service are not anticipated to fully fund the projected revenue requirements for the fiscal years ending September 30, 2016 through 2020. PRMG has identified the following rate adjustments for the Forecast Period: Fiscal Year 2016 2017 2018 2019 2020 Estimated System Average Rate Percentage Adjustment Price Indexing Additional Rate Rate Adjustment Adjustment 0.00% 8.00% 2.00% 2.00% 3.00% 3.00% 6.00% 6.00% 0.00% 0.00% Combined Increase 8.00% 8.00% 8.00% 3.00% 3.00% It should be noted that the price indexing adjustment is included in the proposed rate adjustments for Fiscal Years 2016 through 2018. For Fiscal Years 2019 and 2020 the actual price indexing adjustment will vary depending on the actual rate of inflation. 4. Council should consider adopting the proposed rate adjustments for the first 3 (three) Fiscal Years (Fiscal Years 2016 through 2018), and should continue to annual index rates for Fiscal Years 2019 and 2020. The proposed rate adjustments for Fiscal Year 2016 should become effective on January l` 2016 or as soon as practical. The proposed rate adjustments for Fiscal Years 2017 through 2020 should be made effective on October 1, of each Fiscal Year. 6. If adopted, the proposed rate adjustments for Fiscal Years 2016 through 2020 as reflected in the study should be adequate to meet the rate covenant requirements (e.g., debt service coverage) of the Village's Loan Agreements that authorized the issuance of the Village's outstanding utility revenue notes. The proposed rates produce monthly water bills that are comparable with those of neighboring utilities. KA1056-08\Rpts\2015 Tequest NRevSuff The proposed rates and charges are based on the recovery of the total costs anticipated for the Village and cost of service principles applied to such costs. As such, the proposed rates are considered by PRMG to be reasonable and reflect the cost of service for each utility system. K:\1056.08\Rpts\2015 Tequest WRevSuff VILLAGE OF TEQUESTA, FLORIDA WATER SYSTEM REVENUE SUFFICIENCY STUDY LIST OF TABLES AND FIGURES Table Number Description I Historical Water Customer Statistics By Class 2 Projected Water Customer Statistics By Class 3 Development of Estimated Operations and Maintenance Expenses 4 Development of Estimated Escalation Factors 5 Five -Year Estimated Capital Improvements Program 6 Projected Net Revenue Requirements 7 Projected Debt Service Coverage Analysis 8 Analysis of Cash and Investments and Development of Interest Income 9 Comparison of Typical Monthly Residential Bills for Water Service Figure No. Description I Comparison of Monthly Charges for Water Service for Residential Customers Using 8,000 Gallons KA1056-08apts\2015 Tequest WRevSull 4 $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 Figure 1 - Village of Tequesta Water Typical Monthly Bill Comparison Assuming 8,000 Gallons Potable Water Usage Other Utilities' Average: $3925 \ oo�� 000O 4;� o o .�O �G •.R r q wa All, Ro y JaT ,p a� t� Q oo� A, ocli 0� Water -Other Florida Utilities' Average Table 1 Village of Tequesta Water System Historical Customer Statistics By Class Line Historical No. Description 2012 2013 2014 Residential / Multifamily 1 Average Annual Accounts 4,301 4,337 4,346 2 Average Annual ERC's 6,973 7,024 7,036 3 Avg. Monthly use per ERC (Gallons) 7,736 7,853 7,992 4 Annual Consumption (000's) 647,326 661,861 674,772 Commercial 5 Average Annual Accounts 301 311 316 6 Average Annual ERC's 1,019 1,078 1,090 7 Avg. Monthly use per ERC (Gallons) 6,790 6,674 6,600 8 Annual Consumption (000's) 83,032 86,294 86,291 Government / Other 9 Average Annual Accounts 49 52 52 10 Average Annual ERC's 296 301 301 11 Avg. Monthly use per Account (Gallons) 6,668 6,593 7,010 12 Annual Consumption (000's) 23,644 23,776 25,277 Total System 13 Average Annual Accounts 4,651 4,700 4,714 14 Average Annual ERC's 8,288 8,402 8,426 15 Avg. Monthly use per ERC (Gallons) 7,582 7,657 7,777 16 Annual Consumption (000's) 754,002 771,931 786,340 Water Production 17 Gallons Produced (000's) 884,178 927,864 922,802 18 Gallons Purchased (000's) - - - 19 Total Production Gallons (000's) 884,178 927,864 922,802 (Excludes Raw Water) 20 Average Daily Flow (MGD) 2.42 2.54 2.53 21 Maximum Day Flow (MGD) 3.58 3.76 3.74 Page 1 of 1 Table 2 Village of Tequesta Water System Proiected Customer Statistics By C ass Line Projected Fiscal Year Ending September 30, No. Description 2015 2016 2017 2018 2019 2020 Residential / Multifamily 1 Average Annual Accounts 4,354 4,362 4,370 4,378 4,386 4,394 2 Average Annual ERC's 7,044 7,052 7,060 7,068 7,076 7,084 3 Avg. Monthly use per ERC (Gallons) 7,996 7,927 7,894 7,862 7,830 7,798 4 Annual Consumption (000's) 675,907 670,772 668,787 666,806 664,829 662,857 Commercial 5 Average Annual Accounts 318 320 322 324 326 328 6 Average Annual ERC's 1,092 1,094 1,096 1,098 1,100 1,102 7 Avg. Monthly use per ERC (Gallons) 6,592 6,585 6,577 6,570 6,562 6,554 8 Annual Consumption (000's) 86,348 86,406 86,463 86,521 86,578 86,636 Government / Other 9 Average Annual Accounts 52 52 52 52 52 52 10 Average Annual ERC's 301 301 301 301 301 301 11 Avg. Monthly use per ERC (Gallons) 7,010 7,010 7,010 7,010 7,010 7,010 12 Annual Consumption (000's) 25,277 25,277 25,277 25,277 25,277 25,277 Total System 13 Average Annual Accounts 4,724 4,734 4,744 4,754 4,764 4,774 14 Average Annual ERC's 8,436 8,446 8,456 8,466 8,476 8,486 15 Avg. Monthly use per ERC (Gallons) 7,779 7,720 7,692 7,664 7,636 7,608 t6 Annual Consumption (000's) 787,533 782,455 780,527 778,604 776,685 774,770 Water Production 17 Gallons Produced (000's) 885,825 880,114 877,945 875,781 873,623 871,469 18 Gallons Purchased (000's) - - 19 Total Production Gallons (000's) 885,825 880,114 877,945 875,781 873,623 871,469 (Excludes Raw Water) 20 Average Daily Flow (MGD) 2.43 2.41 2.41 2.40 2.39 2.39 21 Maximum Day Flow (MGD) 3.59 3.56 3.56 3.55 3.54 3.53 Page 1 of 1 Table 3 Village of Tequesta Water System Development of Estimated Onerations and Maintenance Expenses Line FY 2016 Adjusted Escalation Fiscal Year Ending September 30, No. Description Budget [11 Adjustments 2016 Reference 2017 2018 2019 2020 OPERATING EXPENSES: 8 9 11 13 15 Water Administration I Regular Salaries and Wages $ 206.200 $ $ 206.200 Salaries $ 210324 $ 214.530 $ 220,966 $ 227,595 2 Additional Personnel (Utilities Director) 0 0 0 Calculated 0 0 0 0 3 Bonus Pay Plan 650 0 650 Salaries 663 676 697 717 4 Clothing and Boots 50 0 50 Salaries 51 52 54 55 5 Auto Allowance 4.450 0 4,450 Inflation 4.552 4,657 4,764 4,879 6 Cell Phone Allowance 600 0 600 Inflation 614 628 642 658 7 Other Allowances 1200 0 1200 Salaries 1.224 1.248 1,286 1325 8 Compensated Absences 8.400 0 9.400 Salaries 8,568 8.739 9,002 9.272 9 FICA Taxes 10,600 0 10.600 Salaries 10.812 11,028 11,359 11,700 10 Medicare Taxes 3200 0 3200 Salaries 3.264 3,329 3.429 3532 11 PR6 Contributions 0 0 0 Salaries 0 0 0 0 12 VOT Pension Contributions 15,500 0 15,500 Salaries 15,810 16,126 16,610 17.108 13 Life/HealthInsurance 22.900 0 22.900 Insurance 25,190 27,709 30.480 33,528 14 Retiree Health Care Expense 0 0 0 Insurance 0 0 0 0 15 Workers' Compensation 250 0 250 Salaries 255 260 268 276 16 Employee Assistance Program 2700 0 2.700 Salaries 2,754 2,809 2.893 2,980 17 ICMA-Def Comp Plan 10.700 0 10,700 Salaries 10,914 11.132 11,466 11,810 18 Personnel Training 0 0 0 Inflation 0 0 0 0 19 Legal Services -Encom 2.000 0 2,000 Inflation 2.046 2,093 2,141 2,193 20 Engineering Services 75.000 (37.500) 37,500 Engineering 39,375 41,344 43,411 43AlI 21 Accounting and Audit 29200 0 29.200 Inflation 29,872 30,559 31261 32,012 22 Other Contractual Service 30.000 0 30,000 Inflation 30.690 31.396 32,118 32,889 23 Communication 3.050 0 3.050 Inflation 3,120 3,192 3265 3,344 24 FEC Lease 13.000 0 13.000 Inflation 13,299 13,605 13,918 14,252 25 Insurance 45.300 0 45.300 Inflation 46.342 47,408 48,498 49,662 26 Admin Management Fees 514,800 0 514.800 Admin 530.244 546,151 562,536 579412 27 Licenses. Fees & Permits 0 0 0 Inflation 0 0 0 0 28 Office Lease 800 0 800 Inflation 818 837 856 877 29 Other 0 0 0 Inflation 0 0 0 0 30 Total Water Administration S 1,000.550 $ (37500) $ 963,050 S 1,051.921 $ 1,083.485 S 990,801 $ 1,019.510 Page l of 4 Table 3 Village of Tequesta Water System Development of Estimated Operations and Maintenance Expenses Line No. Description FY 2016 Budget [II Adjustments Adjusted 2016 Escalation Reference 2017 Fiscal Year Ending September 2018 30, 2019 2020 Water Production 31 Regular Salaries and Wages $ 528,800 $ $ 528,800 Salaries $ 539,376 $ 550.164 $ 566,668 $ 583.668 32 Additional Personnel 0 0 0 Salaries 0 0 0 0 33 Overtime 10.000 0 10,000 Salaries 10.200 10,404 10.716 11,038 34 Overtime Computer Services 0 0 0 Salaries 0 0 0 0 35 Holiday Pay 5.200 0 5,200 Salaries 5,304 5,410 5,572 5,740 36 Standby Pay 6.000 0 6,000 Salaries 6,120 6,242 6,430 6.623 37 Bonus Pay Plan 500 0 500 Salaries 510 520 536 552 38 Clothing and Boot 800 0 800 Salaries 816 832 857 883 39 Part Time 0 0 0 Salaries 0 0 0 0 40 Auto Allowance 6.000 0 6.000 Salaries 6,120 6.242 6.430 6,623 41 Cell Phone Allowaned 1200 0 1200 Salaries 1224 1248 1286 1,325 42 Compensated Abscences 5.000 0 5.000 Salaries 5,100 5202 5,358 5519 43 Compensated Abscences - HAS 0 0 0 Salaries 0 0 0 0 44 FICA Taxes 33.500 0 33.500 Salaries 34.170 34.853 35,899 36,976 45 Medicare Taxes 7,900 0 7,900 Salaries &058 8,219 8.466 8,720 46 FRS Contributions 5.300 0 5.300 Salaries 5A06 5,514 5,680 5,850 47 VOT Pension Contributions 34.300 0 34,300 Salaries 34,986 35,686 36,756 37,859 48 Life/HealthInsurance 118,900 0 118,900 Insurance 130,790 143,869 158256 174,081 49 HAS Heatlth Savings 0 0 0 Salaries 0 0 0 0 50 Retiree Health Care 0 0 0 Insurance 0 0 0 0 51 Workers'Compensation 9.950 0 9,950 Salaries 10,149 10,352 10,663 10.982 52 Personnel Training 4.000 0 4.000 Inflation 4.092 4,186 4.282 4,385 53 Water Analysis and Sampling 50.000 0 50,000 Inflation 51.150 52326 53,530 54,815 54 Travel Per Diem 4,000 0 4,000 Inflation 4.092 4,186 4,282 4,385 55 Communication Services 9.500 0 9,500 Inflation 9,719 9,942 10.171 10.415 56 Postage 2.000 0 2.000 Inflation 2.040 2,093 2.141 2.193 57 Utility Services 357.000 (10.000) 347,000 Power 363,452 380,684 398,733 417,638 58 Operating Leases 10.000 0 10,000 Inflation 10,230 10,465 10,706 10,963 59 Vehicle Repair 8.050 0 8,050 Inflation 8235 8425 8,618 8,825 60 Building Repair 50.000 0 50,000 Inflation 5L150 52.326 53,530 54,815 61 Landscape and Irrigation 10.000 0 10,000 Inflation 10.230 10,465 10,706 10,963 62 Equipment Repair & Maint 75.000 0 75,000 Inflation 76,725 78A90 80,295 82 222 63 Computer System Maintenance 22.650 0 22,650 Inflation 23,171 23,704 24,249 24,831 64 Water System Maintenance 100.000 0 100,000 Inflation 102.300 104,653 107,060 109,629 65 Well Redevelopment 0 0 0 Inflation 0 0 0 0 66 Printing and Binding 3.000 0 3,000 Inflation 3,069 3,140 3,212 3289 67 Other Misc. Charges and Obiligations 2.000 0 2,000 Inflation 2,046 2,093 2,141 2.193 68 Licenses 30.000 0 30,000 Inflation 30,690 31,396 32,118 32,889 69 Office Supplies 4.000 0 4,000 Inflation 4,092 4,186 4,282 4.385 70 Gas and Oil 5,000 0 5,000 Inflation 5.115 5,233 5,353 5.481 71 Small Tools 5.000 0 5.000 Inflation 5.115 5 233 5,353 5,481 72 Diesel Fuel 15,000 0 15,000 Inflation 15,345 15.698 16.059 16.444 73 Uniforms 3.000 0 3,000 Inflation 3,069 3,140 3,212 3.289 74 Water Purchases 30.000 0 30,000 Inflation 30,690 31,396 32.118 32,889 75 Water Chemicals 185,000 (25.000) 160.000 Chemicals 167,586 175,532 183,854 192571 Page 2 of 4 Table 3 Village of Tequesta Water System Development of Estimated Operations stud Maintenance Expenses Line FY 2016 Adjusted Escalation Fiscal Year Ending September 30, No. Description Budget C11 Adjustments 2016 Reference 2017 2018 2019 2020 76 Laboratory Supplies 15.000 0 15.000 Inflation 15,345 15,698 16.059 16.444 77 Books, Publications 1,600 0 1,600 Inflation 1,637 1,674 1,713 1,754 78 Budget Cost Savings 0 0 0 Inflation 0 0 0 0 79 Capital Outlay 0 0 0 Inflation 0 0 0 0 80 Total Water Production $ 1,774.150 $ (35.000) $ 1.739.150 $ 1,798,720 $ 1,861A22 $ 1,933350 $ 2,009,625 Water Distribution 81 Regular Salaries and Wages $ 394300 $ S 394,300 Salaries $ 402,186 $ 410,230 $ 422,537 $ 435,213 82 Additional Personnel 0 0 0 Salaries 0 0 0 0 83 Overtime 5.100 0 5,I00 Salaries 5,202 5306 5.465 5.629 84 Overtime Computer Services 0 0 0 Salaries 0 0 0 0 85 Standby Pay 10,200 0 10.200 Salaries 10,404 10,612 10.930 11258 86 Bonus Pay Plan L000 0 1.000 Salaries 1,020 L040 1.072 1.104 87 Clothing and Boot 500 0 500 Salaries 510 520 536 552 88 Part Time 0 0 0 Salaries 0 0 0 0 89 Auto Allowance 0 0 0 Inflation 0 0 0 0 90 Cell Phone Allowance 0 0 0 Inflation 0 0 0 0 91 Compensated Absences 5.100 0 5.100 Salaries 5202 5,306 5,465 5,629 92 Compensated Absences - KA.S 0 0 0 Salaries 0 0 0 0 93 FICA Taxes 25A00 0 25,400 Insurance 27,940 30,734 33,807 37,188 94 Medicare Taxes 6.000 0 6.000 Salaries 6,120 6.242 6.430 6,623 95 FRS Contributions 10.800 0 10,800 Salaries IL016 11236 11,573 11,921 96 VOT Pension Contributions 18.800 0 18,800 Salaries 19.176 19.560 20,146 20.751 97 Life/Health Insurance 79.700 0 79.700 Insurance 87-670 96A37 106,081 116,689 98 HAS Headth Savings 0 0 0 Insurance 0 0 0 0 99 Retiree Health Care 0 0 0 Insurance 0 0 0 0 100 Workers'Compensation 8.800 0 8,800 Salaries 8,976 9,156 9A30 9.713 101 Personnel Training 3,000 0 3,000 Inflation 1069 3,140 3212 3289 102 Travel Per Diem 1.000 0 1,000 Inflation 1,023 1,047 1,071 1,096 103 Communication Services 6,000 0 6,000 Inflation 6,138 6,279 6,424 6,578 104 Postage 23,000 1.600 24,600 Grow/Inflation 25.195 25,804 26,428 27,094 105 Operating Leases 3200 0 3200 Inflation 3274 3,349 3.426 3,508 106 Office Equip 1.200 0 1,200 Inflation 1,228 1256 1285 1,316 107 Vehicle Repair 10,400 0 10,400 Inflation 10,639 10,884 11,134 11A01 108 Building Repair 6.000 0 6.000 Inflation 6,138 6,279 6A24 6,578 109 Landscape and Irrigation 1.000 0 1.000 Inflation 1,023 1,047 1,071 1.096 110 Equipment Repair S Maint 5.000 0 5,000 Inflation 5,115 5.233 5,353 5.481 III Computer System Maintenance 12.000 0 12,000 Inflation 12276 12,558 12,847 13,156 112 Water System Maintenance 40,000 0 40,000 Inflation 40,920 41,861 42.824 43,852 113 Printing and Binding 3.000 0 3.000 Inflation 3,069 3.140 3212 3289 114 Other Misc. Charges and Obiligations 2.500 0 2,500 Inflation 2.558 2,616 2,676 2.741 115 Licenses 1.700 0 1,700 Inflation 1.739 1.779 1.820 1.864 116 Office Supplies 1,500 0 1,500 Inflation 1,535 1.570 1,606 1.644 117 Gas and Oil 14,000 0 14,000 Inflation 14,322 14.651 14.988 15.348 118 Small Tools 5.000 0 5,000 Inflation 5,115 5,233 5,353 5.481 119 Uniforms 4.400 0 4,400 Inflation 4,501 4,605 4,711 4,824 120 Budget Cost Savings 0 0 0 Inflation 0 0 0 0 121 Capital Outlay 0 0 0 Inflation 0 0 0 0 122 Total Water Distribution $ 709,600 $ 1,600 $ 711200 $ 734.298 S 758.709 S 789,336 $ 82L904 Page 3of4 Table 3 Village of Tequesta Water System Development of Estimated Onerations and Maintenance Expenses Line No. Description FY 2016 Budget [1] Adjustments Adjusted 2016 Escalation Reference 2017 Fiscal Year Ending 2018 September 30 2019 2020 Other Operating Expenses 123 Engineering Services $ - $ $ - Inflation $ - $ $ 124 R&M Pump and Motor 0 0 0 Inflation 0 _ 0 _ _ 125 Well Rehabilitation 100,000 (100.000) 0 Inflation 0 0 0 0 0 126 Water Mains 0 0 0 Inflation 0 0 0 0 0 127 R&M JC Engineering 93.300 (93300) 0 Inflation 0 0 0 128 R&M JC Construction 1.245.000 (1,245,000) 0 Inflation 0 0 0 0 129 Misc. Renewal and Replacement 115,000 (115.000) 0 Inflation 0 0 0 130 Meters and Valves & Hydrants 60,000 (60,000) 0 Inflation 0 0 0 0 131 Filter Cartridges / ROP 7.000 (7,000) 0 Inflation 0 0 0 0 132 Spare Pump and Motors 5.000 (5.000) 0 Inflation 0 0 0 0 0 133 Capital Outlay 0 0 0 Inflation 0 0 0 0 134 Misc. Renewal and Replacement 0 0 0 Inflation 0 0 135 Mach and Equipment 0 0 0 Inflation 0 0 0 0 0 136 Computer Equipment 10,000 (10.000) 0 Inflation 0 0 0 0 0 137 Vehicles 0 0 0 Inflation 0 0 0 0 0 138 Principal 2004 BOA Note 33,000 (33.000) 0 Inflation 0 0 139 Principal 2008 BOA Note 300,400 (300A00) 0 Inflation 0 0 0 0 0 140 Interest 2004 BOA Note 1 L100 (11.100) 0 Inflation 0 0 0 0 141 Interest 2008 BOA Note 180,800 (180,800) 0 Inflation 0 0 0 0 142 Other Debt Service Costs 23,000 (23.000) 0 Inflation 0 0 0 0 143 Depreciation 707550 (707,550) 0 Inflation 0 0 0 0 0 144 145 Bank Charges Credit Card Fees I I.000 0 11.000 Inflation 11,253 I1512 11,777 12,059 146 Gain/Loss on Investments 7,000 0 500 7,500 Inflation 7.673 7,849 8.029 8,222 147 Allocated to Fund Balance 0 0 0 0 Inflation 0 0 0 0 148 Suspense 0 0 0 Inflation 0 0 0 0 149 Suspense AP 0 0 0 Inflation 0 0 0 0 150 Reserve for Contingency 0 103.582 0 103,582 Inflation Calculated 0 106,907 0 114,249 0 114,456 0 118,682 151 Other Reserve for Contingency 0 0 0 Inflation 0 152 Bad Debt 0 20.845 20.845 Calculated 20.829 0 20.802 0 20,786 0 20,770 153 Capital Projects Reclassified to Operating Expei 0 0 0 Calculated 0 128,800 0 0 154 Total Other Costs $ 1909,150 $ (2-766,223) $ 142.927 $ 146,661 $ 283,212 $ 155,048 $ 159,734 155 Total Operating Expenses $ 6,393,450 $ (2,837,123) $ 3,556,327 $ 3,670,480 $ 3,922.554 S 3,929.656 $ 4,074349 Footnote: [1] FY 2016 amount shown based on Villages Department Requested Budget. P.Se 4 of 4 Table 4 Village of Tequesta Water System Development of Estimated Escalation Factors Line No. Description Escalation Reference 2016 2017 Escalation Factors 2018 2019 2020 1 Constant Factor Constant 1.0000 1.0000 1.0000 1.0000 1.0000 2 CPIIndex Inflation 1.0170 1.0230 1.0230 1.0230 1.0240 3 Customer Growth + CPI Grow/Inflation 1.0182 1.0242 1.0242 1.0242 1.0252 4 Insurance Escalator Insurance 1.1000 1.1000 1.1000 1.1000 1.1000 5 Customer Growth Growth 1.0012 1.0012 1.0012 1.0012 1.0012 6 Sales Revenues Revenues 1.0466 1.1066 1.0786 1.0311 1.0292 7 Power Power 1.0184 1.0474 1.0474 1.0474 1.0474 8 Chemicals Chemicals 1.0283 1.0474 1.0474 1.0474 1.0474 9 Engineering Engineering 1.0500 1.0500 1.0500 1.0500 1.0000 10 Marginal Marginal 1.0100 1.0100 1.0100 1.0100 1.0100 11 Administration Transfer Admin 1.0300 1.0300 1.0300 1.0300 1.0300 12 Salaries Salaries 1.0200 1.0200 1.0200 1.0300 1.0300 Page 1 of 1 Line No. Description Water Treatment Plant 1 Engineering Services 2 Filter Valves 3 New Filter Panel 4 MCC in old Control Building 5 HVAC in New MCC Room 6 SCADA Upgrade 7 Acid i Caustic Bulk and Day Tanks 8 R.O Train 1 Membrane Replacement 9 R.O Train 2 Membrane Replacement 10 R.O Train 3 Membrane Replacement I 1 Plant Painting of Tanks and R.O. Building 12 Abuninum Cover @ Filter Gallery 13 Total Water Plant Table 5 Village of Tequesta Water System Five -Year Estimated Capital Improvements Proeram Funding Inflation Fiscal Year Ending September 30, Source Factor 2016 2017 2018 2019 2020 Totals W-RR ENR $ 75.000 $ 125,000 $ 103,000 $ 106,100 $ 109300 $ 518,400 W-OR None - 266,000 - - - 266,000 W-OR None 210,000 210,000 W-OR None 546,000 546.000 W-OR None 25,000 - 25,000 W-OR ENR - - 149,400 149,400 W-OR ENR 115,000 - - 115.000 W-RR ENR - - 21 200 212,200 W-RR ENR 206,000 - - 206,000 W-RR ENR - 219,500 218500 OpE.x ENR 128.800 - - 128,800 W-OR ENR - - 106,100 - 106,100 $ 190.000 $ 1,172,000 $ 587.200 $ 424,400 $ 327,800 $ 2,701,400 Distribution 14 New Meter replacement W-RR Low 60,000 181,800 183,618 185,454 10,406 621,278 15 Large Valve Replaement W-RR Low - 5,050 5,101 5,152 5203 20,506 16 Fire Hydrants W-RR Low 10,100 10201 10.303 10,406 41.010 17 AC Pipe Replacements AC Pipe Low _ _ _ - - - 18 Total Distribution System $ 60,000 $ 196,950 $ 198,920 $ 200.909 $ 26,015 $ 682,794 Renewal, & Replacement 19 R&M Pump and Motor (Transfer pumpshLS. pumps) W-RR 20 R&M Pump and Motor (Dist. High Service Pumps) W-RR 21 RO Well Pumps and Motors W_RR 22 Well Rehabilitation (new pump and redevelopment) W-RR 23 R&M JC Engineering W-OR 24 R&M JC Construction W-OR 25 R&M JC Construction W_RR 26 Contingency (Mist. Renewal and Replacement) W-OR 27 Contingency (Mist. Renewal and Replacement) W-RR 28 Filter Cartridge /ROP W_RR 29 Vehicles W_RR 30 Total Planning, Renewal & Replacement Other Non -Recurring Expenditures 31 Other W-OR 32 TOTAL WATER SYSTEM CAPITAL IMPROVEMENTS Low 15,000 15,200 15,300 15,500 15.600 76,600 Low 5.000 25,300 25,500 15,500 - 71,300 Low - - 40,800 - 41,600 82,400 Low 100.000 101,000 102.000 103,000 104,100 510,100 None 93,257 - - - - 93257 None 1.421.000 1,42000 None - None None None None - 30.000 - - - 30000 $ 1,634,257 $ 171.500 S 183,600 $ 134,000 $ 161,300 $ 2284,657 None _ _ _ - $ 1,884.257 $ 1.540,450 S 969,720 $ 759,309 $ 515,115 $ 5,668,851 Page I of 2 Table 5 Village of Tequesta Water System Five -Year Estimated Capital Improvements Program Line No. Description Funding Inflation Source Factor 2016 Fiscal Year Ending September 30, 0017 2018 2019 2020 Totals WATER FUNDING SOURCES 33 Operating Reserves W-OR S 1,629,257 $ 1,047,000 $ 149.400 S 106,100 S $ 2,931,757 34 Water Capital Connection Charges W-Confee _ - _ 35 Rate Revenues W-REV 36 AC Pipe Replacements AC Pipe 37 Grants Grant 38 Future Debt 1 Future Debt I 39 Future Debt 2 Future Debt 2 40 Capital Reclassified to Operating Expenses OpEx - - 128,800 - 12800 41 Renewal and Replacement Account W-RR 255,000 493,450 691,520 653,209 515,I15 2,608,294 42 TOTAL WATER FUNDING SOURCES S 1.884,257 $ 1,540,450 S 969,720 $ 759,309 $ 515,115 $ 5,668,85I Pape 2of2 Table 6 Village of Tequesta Financial Forecast Projected Net Revenue Requirements Line Fiscal Year Ending September 30 No. Description 2016 2017 2018 2019 2020 Operating Expenses: I Water Administration S 963,050 $ 990,801 $ 1,019,510 $ 1,051,921 $ 1,083,485 2 Water Distribution 711,200 734,298 758,709 789,336 821,904 3 Water Production 1,739,150 1,798,720 1,861,122 1,933,350 2,009,625 4 Other Operating Expenses 142,927 146,661 283,212 155,048 159,734 5 Total Operating Expenses S 3,556,327 S 3,670,480 $ 3,922,554 $ 3,929,656 S 4,074,749 Other Revenue Requirements: 6 Existing Debt Service S 513,339 S 513,787 $ 513,748 $ 512,747 S 511,587 7 Proposed Debt Service _ 8 Capital Funded From Rates _ _ 9 Programmed Transfer to R&R Fund 338.851 623,109 670,892 691,658 711,598 10 Additional Transfer to R&R Fund 11 Programmed Transfer to AC Pipe Replacement Fund _ _ _ 12 Transfer to Operating Reserves 109,493 177,493 259,945 399,202 394,846 13 Total Other Revenue Requirements S 961,682 S 1,314,389 $ 1,444.585 $ 1,603,607 $ I,618,032 14 Gross Revenue Requirements S 4,518,010 $ 4,984.869 S 5,367,138 $ 5,533,263 S 5,692,781 Less Income and Funds from Other Sources: 15 Other Revenues S 133,066 S 133,093 $ 133,121 S 133,148 S 133,175 16 Interest Income 7,500 7,800 9,200 12,600 I4,800 17 Transfer From Operating Reserves _ _ 18 Net Revenue Requirements S 4,377,444 S 4,843,975 S 5.224,818 $ 5,387,515 S 5,544,806 19 Revenue From Existing Rates: $ 4,168,994 $ 4,165,748 S 4,160,472 $ 4,157,253 S 4,154,048 20 Prior Year Rate Adjustments - 333,300 692,300 1,079,700 1,235,800 21 Adjusted Revenue 54,168,994 $4,499,048 $4,852,772 $5,236,953 55,389,848 Annual Revenue Surplus/(Deficiency): 22 Amount S (208.450 $ (34 27 $ 2, (37_ $ (I50,5 $ (15.87%) 23 Percent of Rate Revenue o) (5.00%) 6 0) ( ) 7%) ( ) %) � ( ) (2.37%) RATE RECOMMENDATIONS: Effective Increase 24 Projected Increase 8.00% 8.00% 8.00% 3.00% 3.00% 25 Months Rate Increase in Effect 7.50 11.50 11.50 11.50 11.50 Revenue From Rates: 26 Current Year Rate Adjustment 208,450 344,927 372,046 150,562 154,958 27 Prior Year Rate Adjustment - 333,300 692,300 1,079,700 1,235,800 28 Adjusted Rate Revenue 54,377,444 $4,843,975 55,544,806 $5,224,818 $5,387,515 29 Revenue Surplus / (Deficency) Under Proposed Rate Adjustments $0 SO $0 s0 s0 30 As Percent of Existing Revenue 0.00% 0.00% 0.00% 0.00% 0.00% Page 1 of I Table 7 Village of Tequesta Financial Forecast Proiected Debt Service Coverage Analvsis Line No. Description 2016 Fiscal Year Ending September 30, 2017 2018 2019 2020 System Revenues: 1 Rate Revenue $ 4,377,444 $ 4,843,975 $ 5,224,818 $ 5,387,515 $ 5,544,806 2 Other Operating Revenue 133,066 133,093 133,121 133,148 133,175 3 Unrestricted Interest Income 7,500 7,800 9,200 12,600 14,800 4 Total Gross System Revenues $ 4,518,010 $ 4,984,869 $ 5,367,138 $ 5,533 263 $ 5 692 781 5 Operating Expenses: 6 Net Revenues Annual Debt Service - Senior Lien Debt: 7 Existing Debt Payments 8 Proposed Debt Payments 9 Total Senior Lien Indebtedness Senior Lien Coverage 10 Coverage Ratio - Calculated 11 Coverage Ratio - Required Annual Debt Service - Subordinate Lien Debt: 12 Existing Debt Payments 13 Proposed Debt Payments 14 Total Subordinate Lien Indebtedness Subordinate Lien Coverage 15 Coverage Ratio - Calculated 16 Coverage Ratio - Required 17 Net Available after Payment of Debt Service Required Transfers 18 Other Required Transfer 19 Available for Other System Purposes $ 3,556 327 $ 3,670,480 $ 3,922,554 $ 3,929,656 $ 4,074,749 $ 961,682 $ 1,314,389 $ 1,444,585 $ 1,603,607 $ 1,618,032 $ 471,673 $ 472,121 $ 472,081 $ 471,081 $ 469,921 $ 471,673 $ 472,121 S 472,081 $ 471,081 $ 469,921 204% 278% 306% 340% 344% 120% 120% 120% 120% 120% $ 41,666 $ 41,666 $ 41,666 $ 41,666 $ 41,666 $ 41,666 $ 41,666 S 41,666 $ 41,666 $ 41,666 187% 256% 281% 313% 316% 100% 100% 100% 100% 100% $ 448,344 $ 800,602 S 930,837 $ 1,090,860 $ 1,106,444 $ 448,344 $ 800,602 $ 930,837 $ 1,090,860 $ 1,106,444 Page 1 of 1 Table 8 Village of Tequesta Financial Forecast Analysis of Cash and Investments and Development of Interest Income Line Fiscal Year Ending September 30, No. Description 2016 2017 2018 2019 2020 ENDING CASH BALANCE SUMMARY: 1 OPERATING RESERVES $ 2,831.034 $ 1,961,527 $ 2,072,072 $ 2,365,174 $ 2,760,020 2 CUSTOMER DEPOSITS 32,031 32,031 32,031 32,031 32,031 3 RENEWAL AND REPLACEMENT FUND 83,851 213,510 192,882 231,331 427,814 4 AC PIPE REPLACEMENT FUND _ _ _ 5 DEBT SERVICE RESERVE SUBACCOUNT - - _ _ 6 WATER CAPTIAL CONTRIBUTION FEE ACCOUNT 69,301 104,201 139,301 174,701 210,302 7 CONSTRUCTION FUND - _ _ 8 TOTAL PROJECTED END OF YEAR BALANCES $ 3,016,216 $ 2,311,268 $ 2,436,286 $ 2,803,237 $ 3,430,166 OPERATING RESERVES 9 Beginning Balance $ 4,350,798 $ 2,831,034 $ 1,961,527 $ 2,072,072 $ 2,365,174 10 Transfers In - Operations 109,493 177,493 259,945 399,202 394,846 11 Transfers In - Debt Maturity _ _ _ _ _ 12 Total Funds Available 4,460,291 3,008,527 2,221,472 2,471,274 2,760,020 13 Transfers Out - CIP 1,629,257 1,047,000 149,400 106,100 0 14 Transfers Out - Operating 0 0 0 0 0 15 Transfers Out - R&R Fund 0 0 0 0 0 16 Total Transfers Out of Funds 1,629,257 1,047,000 149,400 106,100 0 17 Transfers In - End of Ycar Surplus 0 0 0 0 0 18 Transfers Out - End of Year Deficiency 0 0 0 0 0 19 Interest Rate 0.20% 0.30% 0.40% 0.50% 0.50% 20 Interest Income on Fund 7,200 7,200 8,100 11,100 12,800 21 Ending Balance 2,831,034 1,961,527 2,072,072 2,365,174 2,760,020 22 Target - Days of Operating Expenses 120 120 120 120 120 23 Target Minimum Available Cash 1,169,204 1,206,733 1,289,607 1,291,942 1,339,643 Target Minimum Cash Balance Met - Yes or No Yes Yes Yes Yes Yes Page 1 of 3 Table 8 Village of Tequesm Financial Forecast Analysis of Cash and Investments and Development of Interest Income Line Fiscal Year Ending September 30, No. Description 2016 2017 2018 2019 2020 CUSTOMER DEPOSITS 24 Beginning Balance $32,031 $32,031 $32,031 $32,031 $32,031 25 Transfers In 0 0 0 0 0 26 Transfers Out 0 0 0 0 0 27 Interest Rate 0.20% 0.30% 0.40% 0.50% 0.50% 28 Interest Income on Fund 100 100 100 200 200 29 Use of Interest Income to Fund Revenue Requriements 100 100 100 200 200 30 Ending Balance 32.031 32,031 32,031 32,031 32,031 RENEWAL AND REPLACEMENT FUND 31 Beginning Balance $0 $83,851 $213,510 $192,882 $231,331 32 Transfers In - Operations 338,851 623,109 670,892 691,658 711,598 33 Transfers In - Operating Reserves 0 0 0 0 0 34 Transfers Out - CIP 255,000 493,450 691,520 653,209 515,115 35 Interest Rate 0.20% 0.30% 0.40% 0.50% 0.50% 36 Interest Income on Fund 100 400 800 1,100 1,600 37 Use of Interest Income to Fund Revenue Requriements 100 400 g00 1,100 1,600 38 Ending Balance 83,851 $ 213,510 $ 192,882 $ 231,331 $ 427,814 AC PIPE REPLACEMENT FUND 39 Beginning Balance $0 $0 $0 $0 $0 40 Transfers In - Operations 0 0 0 0 0 41 Transfers Out - CIP 0 0 0 0 0 42 Interest Rate 0.20% 0.30°/a 0.40% 0.50% 0.50% 43 Interest Income on Fund 0 0 0 0 0 44 Use of Interest Income to Fund Revenue Requriements 0 0 0 0 0 45 Ending Balance $ _ $ - $ - $ - $ DEBT SERVICE RESERVE SUBACCOUNT 46 Beginning Balance $0 $0 $0 $0 $0 47 Transfers In - Senior Lien Bond Proceed Funded Reserve 0 0 0 0 0 48 Transfers Out - Existing 0 0 0 0 0 49 Transfers Out - Debt 1 0 0 0 0 0 50 Transfers Out - Debt 2 0 0 0 0 0 51 Transfers Out - Debt 3 0 0 0 0 0 Page 2 of 3 Table 8 Village of Tequesta Financial Forecast Analysis of Casb and Investments and Development of Interest Income Line Fiscal Year Ending September 30, No. Description 2016 2017 2018 2019 2020 52 Interest Rate 0.20% 0.30% 0.40% 0.50% 0.50% 53 Interest Income on Fund 0 0 0 0 0 54 Use of Interest Income to Fund Revenue Requriements 0 0 0 0 0 55 Ending Balance 0 0 0 0 0 a WATER CAPTIAL CONTRIBUTION FEE ACCOUNT 56 Beginning Balance $34,600 $69,301 $104,201 $139,301 $174,701 57 Transfers In - Capital Contribution Fee Revenue 34,600 34,600 34,600 34,600 34,600 O 58 Transfers Out -CIP 0 0 0 0 0 59 Transfers Out -Payment of Debt Service 0 0 0 0 0 60 Interest Rate 0.20% 0.30% 0.40% 0.50% 0.50% 61 Interest Income on Fund 100 300 500 800 1,000 62 Use of Interest Income to Fund Revenue Requriements 0 0 0 0 0 63 Ending Balance 210,302 69,301 104,201 139,301 174,701 CONSTRUCTION FUND 64 Beginning Balance $0 $0 $0 $0 $0 65 Transfers In - New Debt Proceeds 0 0 0 0 0 66 Transfer Out - CIP Draw Down 0 0 0 0 0 67 Interest Rate 0.00% 0.00% 0.00% 0.00% 0.00% 68 Interest Income on Fund 0 0 0 0 0 69 Use of Interest Income to Fund Revenue Requriemems 0 0 0 0 0 70 Ending Balance 0 0 0 0 0 SINKING FUND ACCOUNT ❑ 71 Sinking Fund Deposit $513,339 $513,787 $513,748 $512,747 $511,587 72 Average Balance (1/12th of Annual Debt Service) 42,778 42,816 42,812 42,729 42,632 73 Interest Rate 0.20% 0.30% 0.40% 0,50% 0.50% 74 Interest Income on Fund 100 100 200 200 200 75 Use of Interest Income to Fund Revenue Requriements 100 100 200 200 200 INTEREST INCOME SUMMARY Unrestricted Interest Income 76 Total U $7.500 $7,800 $9,200 $12,600 $14,800 Restricted Interest Income 77 Total $100 $300 $500 $800 $1,000 Total Interest Income Page 3 of 3 78 Total $7,600 $8,100 $9,700 $13,400 $15,800 Table 9 Village of Tequesta Water Revenue Sufficiency Analysis Comparison of Typical Monthly Residential Bills for Water Service (1) Residential Service for a 518" or 3/4" Meter Line 0 2,000 3,000 5,000 8,000 10,000 15,000 20,000 No. Description Gallons Gallons Gallons Gallons Gallons Gallons Gallons Gallons Village of Tequesta I Current Rates $14.58 $19.20 $21.51 $26.13 $33.06 $37.68 $53.97 $73.42 2 Proposed Rates- FY 2016 $15.75 $20.74 $23.23 $28.22 $35.70 $40.69 $58.29 $79.29 Other Florida Utilities: 3 Brevard County $14.24 $14.24 $14.24 $23.16 $36.54 $49.48 $81.83 $125.78 4 Brevard County - Barefoot Bay District 12.97 19.37 22.57 28.97 38.57 44.97 60.97 76.97 5 Cityof Melbourne 8.00 17.14 21.71 30.85 44.56 53.70 76.55 99.40 6 City of Port St. Lucie [2] 9.75 17.53 21.42 29.20 44.44 54.60 83.51 114.76 7 Riviera Beach Utility District [2] 13.24 18.68 21.40 26.84 35.00 41.12 58.80 79.88 8 City of Stuart [21 13.49 18.67 21.26 26.56 34.69 44.03 69.72 96.97 9 City of West Pahn Beach 20.91 27.38 30.62 37.09 48.44 56.54 78.98 102.84 10 Fort Pierce Utilities Authority [2] 13.48 23.83 23.83 30.73 41.08 47.98 69.53 95.43 l 1 Indian River County 9.05 13.45 15.65 20A9 29.18 36.88 63.83 102.33 12 Martin County 16.57 20.83 22.96 27.22 33.61 37.87 52.87 72.12 13 Okeechobee Utility Authority 19.44 27.64 31.74 44.06 62.54 74.86 105.66 136.46 14 Pahn Beach County 13.28 15.96 17.30 21.60 30.48 36.40 73.70 111.00 15 Reserve Community Development District 14.84 20.28 23.00 28.44 36.60 42.04 55.64 69.24 16 Seacoast Utility Authority 19.70 21.70 22.70 24.70 33.56 41.42 61.07 80.72 17 South Martin Regional Utility 19.82 21.60 22.49 26.65 32.89 37.05 52.65 68.25 18 St. Lucie County 22.25 29.15 32.60 39.50 57.98 70.30 111.35 159.25 19 St. Lucie West Services District 15.42 22.36 25.83 32.77 43.18 50.12 67A7 84.82 20 Town of Jupiter 20.14 22.50 23.68 26.04 30.44 33.66 42.94 57.14 21 Village of Wellington 18.22 22.34 24.40 28.52 36.72 42.86 58.21 78.81 22 Other Florida Utilities' - Average 15.52 20.77 23.13 29.13 39.25 47.15 69.75 95.38 (1) Unless otherwise noted, amounts shown reflect residential rates believed to be in effect September 2015 and are exclusive of taxes or franchise fees, if any, and reflect rates charged for inside the city service. All rates are as reported by the respective utility. This comparison is intended to show comparable charges for similar service for comparison purposes only and is not intended to be a complete listing of all rates and charges offered by each listed utility. (2) Utility currently has a rate study in progress or anticipates conducting a rate evaluation in the near future. RateComp2015, Water 91141201e