HomeMy WebLinkAboutDocumentation_Regular_Tab 13_4/08/2021Agenda Item #13.
Regular Council
STAFF MEMO '
t
.4
Meeting: Regular Council -Apr 08 2021
Staff Contact: Matthew Hammond, Utilities Department: Utilities
Director
RESOLUTION NO. 19-21, A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, ADOPTING A REVISED SCHEDULE OF FEES AND CHARGES FOR THE
PROVISION OF WATER SERVICES RENDERED BY THE VILLAGE OF TEQUESTA FOR ITS
CITIZENS AND OTHER MEMBERS OF THE PUBLIC; PROVIDING THAT THIS REVISED
SCHEDULE OF FEES AND CHARGES SHALL BE AVAILABLE FOR INSPECTION AT ALL TIMES
AT THE VILLAGE HALL DURING REGULAR BUSINESS HOURS; PROVIDING AND EFFECTIVE
DATE; AND FOR OTHER PURPOSES.
The Utilities Department began a Revenue Sufficiency &Rate Analysis Study (Rate Study) for the
Water Enterprise Fund in January 2020. Enterprise funds are a separate accounting and financial
reporting mechanism for municipal and county services where a fee is charged in exchange for goods
or services, such as a publicly owned water utility. The Water Enterprise Fund is run on a business
model and follows Governmental Accounting Standards Board (GASB) accounting standards.
Rate studies perform an in-depth analysis to ensure that revenues earned, expenses incurred, and
net income are adequate for the capital maintenance, infrastructure reinvestment, public policy (level
of service, health and safety), management, etc. required to run a utility. These analyses are typically
recommended to be completed every 3 - 5 years. The last Rate Study for the Water Enterprise Fund
was completed in 2015 by Public Resource Management Group, Inc., which is now part of Raftelis
Financial Consultants, and forecasted through September 30, 2020. As a result, an updated analysis
is required for the upcoming forecast period. Note that no rate increases were implemented in Fiscal
Year 21.
The goals of the study were to 1) fully fund the projected to operate the water system (operational,
debt -service, and capital), 2) provide fair, predictable &competitive rates, 3) promote the efficient use
of resources (conservation), and 4) provide a legal and defensible rate justification. A major challenge
of the study was to fully fund the large capital needs within the system outlined in the long-term
capital improvements (CIP) program, particularly the water main replacement program.
The results of the Rate Study recommend a 5-year proposed schedule of rates and fees (Exhibit A to
the resolution) that achieves the major goals outlined. The significant changes to the schedule are as
follows:
One-time upward adjustment to the Monthly Service Fees followed by 3.5% annual increases
• One-time decrease to Quantity Charges followed by 3.5% annual increases
• One-time downward adjustment to step schedule (gallons for each step rate)
• 3.5% annual increases to Fire Protection and Capacity Reservation Fees
Page 124 of 406
Agenda Item #13.
• Other smaller modifications to clean up miscellaneous other fees and charges
This document and any attachments may be reproduced upon request in an alternative format by completing
our Accessibility Feedback Form, sending an e-mail to the Village Clerk or calling 561-768-0443.
Approve Resolution 19-21 amending the water rates
Proposed Resolution 19-21.ada
Water Revenue Suffciency Study.ada
Page 125 of 406
Agenda Item #13.
The following documenti*s presented in a non=
ADA compliant format. Please contact the
Village Clerk's office if you would like to
receive an ADA compliant version of this
document.
Page 126 of 406
Agenda Item #13.
RESOLUTION NO. 19-21
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, ADOPTING A REVISED SCHEDULE OF FEES
AND CHARGES FOR THE PROVISION OF WATER SERVICES
RENDERED BY THE VILLAGE OF TEQUESTA FOR ITS CITIZENS
AND OTHER MEMBERS OF THE PUBLIC; PROVIDING THAT THIS
REVISED SCHEDULE OF FEES AND CHARGES SHALL BE
AVAILABLE FOR INSPECTION AT ALL TIMES AT THE VILLAGE
HALL DURING REGULAR BUSINESS HOURS; PROVIDING AND
EFFECTIVE DATE; AND FOR OTHER PURPOSES.
WHEREAS, the Village Council of the Village of Tequesta, Florida, desires to adopt a
revised schedule of fees and charges relating to the provision of water services rendered by the
Village of Tequesta for the citizens of the Village of Tequesta, Unincorporated Martin County,
Unincorporated Palm Beach County, and the Town of Jupiter Inlet Colony and for other members
of the public; and
WHEREAS, the Village Council desires to incorporate all such fees and charges
assessed in accordance with Section 74-61 of the Code of Ordinances into one comprehensive
fee schedule; and
WHEREAS, the Village Council desires to make certain the schedule of fees and
charges are available for inspection such that any member of the public may be aware of the cost
of each and every service provided by the Village of Tequesta's Utility Department.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1: The Village Council of the Village of Tequesta, Florida, hereby officially adopts
the Schedule of Fees and Charges attached hereto as "Exhibit A" which is hereby made part hereof
as if fully set forth herein. The revisions adopted herein incorporate the recommendations of a
Water Utility Revenue Sufficiency and Rate Adequacy Study and other miscellaneous updates.
Section 2: This duly adopted Schedule of Fees and Charges shall be available at the Village
Hall for inspection by the public during normal business hours.
Section 3: This Resolution shall take effect beginning October 1, 2021.
Page 127 of 406
Agenda Item #13.
EXHIBIT A
WATER UTILITIES SCHEDULE OF CHARGES
1. Monthly Customer Charges
A. Monthly Service Fee
The Monthly Service Fee is the minimum monthly fee for service availability based on meter size.
Base Facility Fee
Meter Size
Effective
October 1,
2022
Effective
October 1,
2023
Effective
October 1,
2024
Effective
October 1,
2025
Effective
October 1,
2026
5/8" or 3/4"
$21.50
$22.25
$23.03
$23.84
$24.67
1"
$53.68
$55.56
$57.50
$59.51
$61.60
1.5"
$107.50
$111.26
$115.16
$119.19
$123.36
2"
$172.00
$178.02
$184.25
$190.70
$197.37
3"
$322.50
$333.79
$345.47
$357.56
$370.08
4"
$537.50
$556.31
$575.78
$595.94
$616.79
6"
$1,075.00
$1,112.63
$1,151.57
$1,191.87
$1,233.59
*Includes Automatic Annual Rate Adjustment
B. Metering of Multi -Family Buildings (M.F.)
Where a single meter is installed in a water connection serving amulti-family structure, the minimum
monthly service charge shall be the greater of i) an amount equal to the number of dwelling units
multiplied by the minimum charge fora 3/4-inch meter, or ii) the base facilities charge for the installed
meter size.
In the event there is a single meter measuring quantities of water for two (2) or more residential units,
the gallons measured and charged pursuant to the terms of this section shall be prorated by dividing the
total number of gallons metered by the number of units included on the single meter.
C. Metering of Multi -Unit Buildings - Non -Residential
In the case of any non- residential multi -unit building housing more than one (1) business or entity,
each business or entity therein shall be metered individually. Monthly minimum service charges shall
be based on the established charge by meter size. Where an existing single meter is installed in a water
connection serving two (2) or more businesses or entities, the minimum monthly service charge shall
also be based on the established charge by meter size. Fire protection charges for fire lines shall be
separately included; see paragraph number 2 herein below.
Page 128 of 406
Agenda Item #13.
D. Quantity Rate Charges for Residential and Non -Residential Rate Schedule
Applicable to all quantities of water shown by meter readings to have been delivered as follows:
Quantity Step Rate Table per 1,000 gallons of water used*
Step
Effective
October 1,
2022
Effective
October 1,
2023
Effective
October 1,
2024
Effective
October 1,
2025
Effective
October 1,
2026
Ste 1
$2.75
$2.85
$2.95
$3.05
$3.16
Ste 2
$4.25
$4.40
$4.5 5
$4.71
$4.8 8
Step 3
$6.00
$6.21
$6.43
$6.65
$6.89
Step 4
$8.00
$8.28
$8.57
$8.87
$9.18
*Includes Automatic Annual Rate Adjustment
Gallonage Allowance per Quantity Step Rate Table
Meter Size
Step 1
Step 2
Step 3
Step 4
5/8" or 3/4"
1
- 600
601 - 151000
1501 -
301000
Above 30,000
1"
1
- 1500
151001 -
371000
371001 -
751000
Above 50,000
1.5"
1
- 3000
3001 -
751000
7501 -
1501000
Above 120,000
2"
1
- 48,000
4801 -
1201000
1201001
- 2401000
Above 150,000
3"
1
- 90,000
9001 -
2251000
22501
- 4501000
Above 400,000
4"
1
- 1501000
15001
- 37500
37501
- 7501000
Above 750,000
6"
1
- 3001000
30001
- 7501000
7501001
- 115001000
Above 1,500,000
E. Fire Protection Charges
1) Monthly Fire Protection Charge
Applies to all accounts. See Section 74.63, Village Code of Ordinances
Effective
Effective
Effective
Effective
Effective
October 1,
October 1,
October 1,
October 1,
October 1,
2022
2023
2024
2025
2026
Monthly Fire
$1.3 5
$1.3 9
$1.44
$1.49
$1.54
Protection Charge
2) Monthly Fire Protection Charge
Apply to private fire lines for sprinkling systems or other fire protection systems:
Fire Protection Charge
Meter Size
Effective
October 1,
2022
Effective
October 1,
2023
Effective
October 1,
2024
Effective
October 1,
2025
Effective
October 1,
2026
2"
$12.93
$13.38
$13.85
$14.33
$14.83
3"
$29.54
$30.57
$31.64
$32.75
$33.90
4"
$53.54
$55.41
$57.35
$59.36
$61.44
6"
$129.26
$133.79
$138.47
$143.31
$148.33
8"
$221.54
$229.30
$237.32
$245.63
$254.22
10"
$288.84
$298.95
$309.41
$320.24
$331.45
*Includes Automatic Annual Rate Adjustment
No taps will be allowed which may be used for other than fire protection purposes; and there shall be
no connection with any other source of water.
Page 129 of 406
Agenda Item #13.
F. Emergency Bulk Water Service Rate
Billed at the Step 1 Quantity Rate Charge.
G. Capacity Reservation Fee
Capacity Reservation Fee
Effective
Effective
Effective
Effective
Effective
October 1,
October 1,
October 1,
October 1,
October 1,
2022
2023
2024
2025
2026
Capacity
$12.34
$12.77
$13.22
$13.68
$14.16
Reservation Fee
2. New or Upgraded Service Charges
A. Meter Installation Charge
All water meters shall be installed by the Village of Tequesta, and the charge for making such meter
installations or replacement of a meter of a different size upon request of the customer shall be as
follows (all meters installed remain the property of the Village):
1) Meter Installation Onlv
Meter Size
Charge
5/8" or 3/4"
$500.00
1"
$640.00
1.5"
$100.00
2"
$ L3 80.00
Above 2"
*Actual cost plus 10%
2) Meter Installation with Water Main Tap*
Meter Size
Charge
5/8" or 3/4"
$1,270.00
1 "
$1,460.00
1.5"
$1,980.00
2"
$2,370.00
Above 2"
*Includes up to 50' of service line
* * Actual cost plus 10%
B. Capital Connection Charge
Capital Connection Charges
Meter Size
Charge
5/8" or 3/4"
$31470.86
1"
$81677.06
1.5"
$171354.14
2"
$271766.59
3"
$521062.90
4"
$861771.48
6"
$1731542.97
Page 130 of 406
Agenda Item #13.
C. Special Distribution Line Charge — Harbor Road North
New service connections on Harbor Road North in unincorporated Palm Beach County shall be required
to pay a Special Distribution Line Charge of $2,462.27 per connection. This special charge shall be in
addition to any other new services charges required.
3. Security Deposits &Customer Service Fees
A. Security Deposits
1) Schedule of Security Deposits
Security Deposits
Meter Size
Security Deposit
5/8" or 3/4"
$100
1 "
$200
1.5"
$400
2"
$640
3"
$1,200
4"
$2,000
6"
$4,000
Residential Master Meter
$100 per unit
2) Interest on Deposits
See Section 74-68, Village Code of Ordinances.
B. Miscellaneous Customer Services Fees
Customer Service Fees
Service
Business -Hours
New Account Activation
$40
Transfer of Service
$20
Late Payment
1 % of outstanding balance with a minimum charge of $15
Returned Check
Up to $50
$25
$50.01 to $300
$30
$300.01 to $800
$40
$800.01 and above
5% of check amount
4. Development Fees &Charges
Development Fees & Charges
Service
Charge
Plan Review Fee — Residential
$100 per dwelling unit
Plan Review Fee — Non-residential
$100 per ERC
Construction Inspection Fee
5% of construction cost
Reins ection Fee after failed test
$100
Page 131 of 406
Agenda Item #13.
5. Temporary Meter Service
Temporary Meter Service Fees & Charges
Service
Charge
Security Deposit
3/4" Hydrant Meter
$450
2" Hydrant Meter
$11000
Installation / Relocation
$40
Quantity Rate Charge
Step 1 Quantity Rate
6. Miscellaneous Fees &Charges
A. Customer Requested Services
Customer Requested Service Fees
Service
Business -Hours
After -Hours
Field Premise Visit
$20
$75
Meter Turn-On/Turn Off
$20
$75
Meter Re -read
$20
N/A
Transfer of Service
$20
N/A
Line Location Services
Bench -test Meter (3/4" and smaller)
$50***
N/A
Bench -test Meter (1" and larger)
* * * *
N/A
Meter or Hydrant Relocation
* * * *
N/A
Downsizing Meter
* * * *
N/A
Upsizing Meter
* * * * *
N/A
*No Field Premise Visit fee will be charged if the reason is found to be on the Village's
side of the water meter.
**Charged at the Field Technician rate specified in the Personnel & Equipment Charges.
***No fee is charged if meter is found to be inaccurate
*Actual cost plus 10%
* * * * * Current New Service Fees for the upsized meter, less a credit for Capital Connection Fee for the
original meter size.
B. Personnel & Equipment Charges
The following charges will be used for field activities performed by Village personnel:
Personnel & Equipment Charges
Service
Fee
Field Technician*
$40/hour
Lead Technician*
$50/hour
Medium Equipment
$45/hour
Heavy Equipment
$60/hour
Materials
*Includes use of pickup truck, hand tools and small equipment.
"Actual cost plus 10%
All labor charges incurred outside of Regular Business Hours will be charged at 1.5 times the hourly
rate.
Page 132 of 406
Agenda Item #13.
C. Enforcement or Correction Actions
Fees for Enforcement or Correction Actions
Action
Fee
Backflow Testing (per test
$50
Meter Turn -On Due to Non-payment — During Business Hours
$50
Meter Turn -On Due to Non-payment — After -Hours
$75
Reread Meter Due to Customer Obstruction
$20
Tampering / Theft of Service — 1 St Offense
$250
Tampering / Theft of Service — 2nd Offense
$500
Meter Removal Charge for Theft of Service
$50
Meter Reinstallation Charge for Theft of Service
$50
Destruction of Utility Equipment
At Cost plus 10%
7. Taxes &Surcharge
A. Surcharge for Customers Outside of the Village
A 25% surcharge shall be applied to those customers in unincorporated Martin and Palm Beach
Counties unless otherwise prohibited by agreement.
B. Utility Tax
See Section 70-121, Village Code of Ordinances.
8. Automatic Annual Rate Adjustment
See Sections 74-72 and 74-73, Village Code of Ordinances.
9. Water Restriction Surcharge Adjustment
See Section 74-74, Village Code of Ordinances.
lO.Excessive Variance Step Adjustment
The Utility Director may approve an excessive usage credit (EUC) to a water bill, which, due to
circumstances beyond the customer' s control (e.g. leaks on the customer' s side of the meter), reflects
consumption in an amount that is at least two times the customer's average monthly usage over the
previous three (3) month period No customer shall be eligible for such an adjustment more than once
per two (2) calendar year period. No such adjustment shall be granted in the event that the adjustment
would cause a violation of Village Code Section 74-78 regarding prohibited free service, or Village
Code Section 74-81 regarding the provision of adequate revenue to cover all costs of operation,
maintenance and debt service. Any downward adjustment shall be made based on the Village's then
current step rates. The lowest step rate that results in an adjusted water bill commensurate with the
customer's average water bill over the previous three (3) months of billing shall be applied. In the event
that application of the lowest step rate results in an adjustment that continues to exceed an amount that
is double the customer' s average water bill over the previous three (3) months of billing, then an
adjustment equal to an amount equivalent to double the customer's average water bill over the previous
three (3) months of billing shall be made. The Utility Director shall determine that the customer meets
each of the following criteria prior to approving any EUC:
• Customer notifies the Village of Tequesta's Customer Service Department of an excessive
water bill that may be related to a leak or other circumstance beyond the customer's control.
Page 133 of 406
Agenda Item #13.
• Water consumption exceeds two times the customer's average monthly usage over the previous
three (3) month period.
• Customer acted promptly to remediate excessive water use (e.g. had leak on Customer's side
of the meter repaired as soon as practicable) as documented by repair receipts or other
acceptable methods.
• The request for EUC was made within 1-month of the remedial action.
No EUC may be approved where any of the following circumstances exist:
• Excessive consumption is due to seasonal usage such as watering of sod, gardening, or usage
from filling swimming pools and hot tubs/whirlpools, or washing vehicles, etc.
• A leak resulting in excessive consumption was caused by a third party from whom the customer
is able to recover their costs. Examples include. but are not limited to, theft, vandalism,
negligence and construction damage, including unoccupied or vacant properties.
• When excessive consumption continues for three (3) or more months, there will be no
adjustment for the third or subsequent months.
• The meter has been accessed, tampered with, or turned on/off by anyone other than a Village
of Tequesta Utility employee and that action results in excessive consumption.
• The EUC would violate Village Code Sections 74-78 or 74-81.
• A EUC was approved within the past two (2) calendar years at the same property.
Notwithstanding the above provisions of this Excessive Variance Step Adjustment policy, the Village
Manager may, from time to time, allow for step adjustments in excess of once per two (2) calendar
years at the same property when extenuating circumstances exist that warrant the granting of relief. All
such requests shall be reviewed on a case- by -case basis. Any relief granted by the Village Manager
pursuant to this provision shall be limited to the same relief that would otherwise be available pursuant
to the above EUC policy.
Page 134 of 406
Agenda Item #13.
The following documenti*s presented in a non=
ADA compliant format. Please contact the
Village Clerk's office if you would like to
receive an ADA compliant version of this
document.
Page 135 of 406
Agenda Item #13.
VILLAGE OF
0 IIFM(:ItJIFM ;M 14fl,
Water Utility Revenue Sufficiency and Rate
Adequacy Study
Final Report / March 30, 2021
Page 136 of 406
Agenda Item #13.
R A F T E L I S
March 30, 2021
Mr. Matthew Hammond, P.E.
Utility Director
Village of Tequesta
345 Tequesta Drive
Tequesta, FL 33469
Subject: 2021 Water Utility Revenue Sufficiency and Financial Forecast Evaluation
Dear Mr. Hammond:
Raftelis Financial Consultants, Inc. ("Raftelis") is pleased to submit this report for your review and
consideration regarding the preparation of a ten (10) year financial forecast update (the "Financial
Forecast") for the water utility enterprise fund (the "System") operations on behalf of the Village of
Tequesta (the "Village"). The primary purpose of the development of the financial forecast update was
to identify the ability of the System operating revenues (derived essentially from monthly rates for
service) to adequately fund the expenditure requirements of the System, including the funding of the
identified capital improvements or needs as identified by the Village with assistance from its consulting
engineers and to propose adjusted rates to fully fund the cost of providing service and to promote a
favorable fiscal position for the System to minimize financial risk (the "Financial Forecast").
Specifically, the Financial Forecast focuses on the sufficiency of the existing rate revenues to fund the
operation and maintenance expenses and the capital improvement plan and provide additional
information to the Village with respect to the anticipated sources of available funding (i.e., anticipated
indebtedness, increased operating margins from future rate adjustments, etc.) for the capital project
and major maintenance expenditures identified for the Fiscal Year 2021 (the current budget year and
referred to as the "Test year") and the projected Fiscal Years 2022 through 2030 (the "Projection
Period" and including the Test Year, the "Forecast Period").
This attached report includes: i) a summary of the customer and billing statistics and rates for service;
ii) a discussion of the significant assumptions used in the development of the Financial Forecast; iii) an
analysis of the ability of revenues of the System to meet the estimated operating and capital
expenditure requirements; iv) the presentation of the identified financing plan for the identified ten-
year capital program; and v) proposed rates for service and a comparison of the proposed rates for the
first year of the Projection Period. The analysis is based on detailed financial information provided by
Village staff, including but not limited to, historical customer billing statistics, financial and operating
records, and engineering reports. To the extent we have performed our analyses using data and
information obtained from the Village, we have relied upon such information to be accurate, no
assurances are intended, and no representation or warranties are made with respect thereto.
341 N. Maitland Ave., Suite 300
Maitland, FL 32751
www.raftelis.com
Page 137 of 406
Agenda Item #13.
Mr. Matthew Hammond. P.E.
Village of Tequesta
March 30, 2021
Page 2
It should be noted that the adopted rate tariff or resolution includes the ability to annually index the
rates for inflation and in order to provide a mechanism to maintain operating margins. As discussed
in this report, the application of the index has been in effect for a number of years and is a rate strategy
used by many other local utilities and the Florida Public Service Commission. Based upon the
assumptions and findings of our analysis, it is anticipated that the current rates for service will not be
sufficient to fund the projected costs of the System and maintain minimum financial targets for the
Forecast Period. The following is a summary of the estimated Price Index Adjustments (which we
recommend being continued throughout the Forecast Period) and proposed additional rate
adjustments (above the price index estimates) recognized in the development of the Financial Forecast
for the projected period:
Table 1: Recommended Total Rate Adjustments — Effective October 1st of Each Fiscal Year
Fiscal Year
Price Index
Additional Rate Adj .
Total Adjustments
2022
1.85%
0.00%
0.00%
2023
1.21 %
2.29%
3.50%
2024
1.43%
2.07%
3.50%
2025
1.50%
2.00%
3.50%
2026
1.50%
2.00%
3.50%
2027
1.60%
1.90%
3.50%
2028
1.50%
2.00%
3.50%
2029
1.50%
2.00%
3.50%
2030
1.51%
1.99%
3.50%
As can be seen above, Raftelis is recommending annual increases of 3.5% annually, which includes
the application of the annual inflationary Price Index Adjustment (results in anticipated additional
rate adjustments of approximately 2.0% annually). The primary need for the identified rate
adjustments are to offset the projected increase in the cost of operations and maintenance primarily
due to inflation, maintain sufficient cash flows to fund the capital improvement plan on a balanced
approach which recognizes a blend of both a pay-as-you-go (cash funding) and debt financing to
minimize System increases yet fully fund the capital plan, and to maintain a favorable fiscal position
during the Forecast Period. The following provides a summary of the principal issues affecting the
Financial Forecast and identified rate adjustments:
1. The Village is essentially at a "built -out" position and there is limited future growth anticipated
for the Forecast Period (new account growth assumed at less than one percent (1%) annually
based on known development as discussed with the Village), which places the need for increased
future expenditure funding on the existing customer base of the System.
2. The estimated effects of continued inflation on the cost of operation and maintenance of the
System is outpacing System growth, thus reducing revenue margins (annual amounts available
for capital financing after the payment of the cost of operation and maintenance); the estimated
341 N. Maitland Ave., Suite 300
Maitland, FL 32751
www.raftelis.com
Page 138 of 406
Agenda Item #13.
Mr. Matthew Hammond. P.E.
Village of Tequesta
March 30, 2021
Page 3
change in the cost of operation and maintenance was estimated to average approximately 3% or
$196,000 a year during the Forecast Period, which is comparable to the expenses increases being
experienced by other public utilities.
3. The capital improvement plan (the "CIP") is estimated total approximately $27.6 million which
consists of the construction of renewals, replacements, and improvements to existing
infrastructure. This represents an annual increase in capital funding when compared to prior
periods and it is indicative of the need for increased capital due to the assets beginning to reach,
or having already reached, their service lives. Funding for the CIP is derived from existing cash
reserves, future rate revenues from operations, as well as the issuance of additional debt secured
from the net revenues of the System. Based on discussions with Village staff a portion of the CIP
associated with the replacement of water mains totaling approximately $16.5 million is
anticipated to be debt financed through i) a low -interest State Revolving Fund (SRF) loan to
fund capital projects for the Village; and ii) use of Operating Reserves of the Village to fund the
engineering and design of the replacements;
4. The proposed Fiscal Year 2022 rates for water service were compared with neighboring and peer
communities and it is expected that the Village's rates will remain competitive and that this
position will continue during the Projection Period; and
5. Based on the assumptions regarding the expenditure requirements as delineated in this report,
which should be read in its entirety, and assuming that the Village implements the price index
and additional rate increases as recommended, the System is projected to fully fund the
identified net revenue requirements of the System, provides for an attainable finance plan that
promotes a positive fiscal credit, and should allow for the ability to secure debt financing to fund
a portion of its capital improvement plan, which will promote long-term Utility rate and service
sustainability and affordability.
(Remainder of page intentionally left blank)
341 N. Maitland Ave., Suite 300
Maitland, FL 32751
www.raftelis.com
Page 139 of 406
Agenda Item #13.
Mr. Matthew Hammond. P.E.
Village of Tequesta
March 30, 2021
Page 4
We appreciate the opportunity to be of service to the Village in meeting its financial goals and
objectives and would like to thank the Village and its staff for the invaluable assistance and cooperation
provided in the development of this report.
Very truly yours,
Raftelis Financial Consultants, Inc.
Robert J. Ori
Executive Vice President
Matthew N. Ori
Senior Consultant
RJO/dlc
Attachments
341 N. Maitland Ave., Suite 300
Maitland, FL 32751
www.raftelis.com
Page 140 of 406
Agenda Item #13.
TABLE OF CONTENTS
Title Page No.
Letter of Transmittal
Tableof Contents..................................................................................................... i
Listof Tables............................................................................................................ ii
Introduction.............................................................................................................1
Methodology............................................................................................................
l
ExistingWater Rates................................................................................................
2
CustomerStatistics...................................................................................................
4
ProjectedRevenues..................................................................................................6
Projected Revenue Requirements.............................................................................
11
Projected System Operation and Maintenance Expenses..........................................12
Summary of Forecasted Capital Improvement Program (CIP) ..................................
15
Projected Existing and Anticipated Annual Debt Service..........................................18
Projected Reserve Fund Transfers............................................................................19
Projected Net Revenue Requirements and Identified Rate Adjustments ....................
21
Sufficiency of Rate Revenues...................................................................................
21
Projected Ending Cash Balances..............................................................................
24
Customer Impact Analysis.......................................................................................
27
Conclusions and Rate Recommendations.................................................................
29
-1-
Page 141 of 406
Agenda Item #13.
LIST OF TABLES
Table No.
Title
1 Historical and Projected Customer Statistics
2 Projected Water System Rate Revenues
3 Development of Other Operating Revenues
4 Development of Projected Connection Charge Revenues
5 Projected Fund Cash Balances and Interest Income
6 Development of Projected Escalation Factors
7 Summary of Historical Operating Expenses
8 Summary Projected Operating Expenses
9 Ten- (10) Year Projected Capital Improvement Program
10 Existing and Proposed Debt Service Summary
11 Projected Water System Net Revenue Requirements and Rate Adjustments
12 Projected Debt Service Coverage and Rate Covenant Requirements
13 Comparison of Typical Monthly Residential Bills for Water Service
-11-
Page 142 of 406
Agenda Item #13.
VILLAGE OF TEQUESTA, FLORIDA
2021 WATER UTILITY REVENUE SUFFICIENCY AND
FINANCIAL FORECAST EVALUATION
Introduction
On behalf of the Village of Tequesta's (the "Village") water utility enterprise fund (the "System"),
Raftelis Financial Consultants, Inc. ("Raftelis") was retained to prepare a ten- (10) year financial
forecast update (the "Financial Forecast") of the System operations. Specifically, Raftelis was tasked
with analyzing the customer billing attributes and corresponding revenue requirements (expenditure
needs) of the System, develop a capital expenditure and corresponding funding plan, and identify the
necessary rate adjustments for the ten fiscal year period of 2021 to 2030 and evaluate the corresponding
estimated financial position of the System.
The analysis included in this report recognizes a forward -looking projection over the next ten years,
comprising the Fiscal Years ending September 30, 2021 to 2030 (the "Forecast Period"). The
remainder of this report provides a discussion of the Financial Forecast analysis methodology, the
current water rates for service, historical and projected customer statistics or billing determinates,
identification of the revenue requirements and estimated sufficiency of the existing rates and provides
a summary of the financial trends and position of the System.
Methodology
In developing the Financial Forecast, the rate revenue requirements are based on an approach that is
commonly used by public utilities throughout the industry (referred to as the "cash -needs" approach).
The approach generally supports the budget / cash flow determination needs of the System and
included:
1. An evaluation of the service area water demands and the associated finished water treatment
requirements for the System. This included a review of recent historical customers served and
their corresponding billed water usage or sales requirements in order to develop projections of
System rate revenues and to assist in the escalation of operating expenses.
2. A projection of the net revenue requirements from rates, which equates to the expenditure
requirements funded from monthly water user charges, as summarized below:
+ Cost of Operation and Maintenance
+ Debt Service Payments (Senior and Subordinate)
+ Other Transfers Out and General Fund Payments
+ Capital Project Financing (from Operations — "Pay -As -You -Go Funding"
+/— Operating and Capital Reserves
Other Operating Revenue and Other Transfers In
Interest Income
Net Revenue Requirements (Funded from Rates)
Page 143 of 406
Agenda Item #13.
3. The funding of capital improvements from rate revenues. The capital funding program
recognized: i) the use of any available cash balances as a first priority based on the purpose of
the expenditure (asset replacements, expansion, etc.); ii) issuance of debt to fund major
improvements with long service lives to provide a better match of the use of the asset to the
System cash flow derived from rates from customers benefiting from the capital investment; and
iii) the recognition of an increasing pay-as-you-go program funded from ongoing System
operations for renewal and replacement needs.
4. A review and projection of the Village's enterprise fund and account cash balances to maintain
adequate operating reserves to provide funds for unexpected expenditures (say due to a storm
event), to economically attract external funds to finance the capital program, and to minimize
the overall financial risk of the System.
5. An evaluation of compliance with internal financial targets and rate covenants associated with
any assumed additional debt requirements, if applicable during the Forecast Period.
6. A summary of the identified and projected annual rate adjustments required to fund the Net
Revenue Requirements and financial needs of the Utility.
The remainder of this report provides a discussion of the rates currently in effect for the System the
assumptions and projections of customer statistics (i.e., account growth, water demand, etc.), gross
revenues by major components, expenditure requirements by major component, and an evaluation of
the projected revenue sufficiency from the adopted Fiscal Year 2021 rates.
Existing Water Rates
The existing water rates became effective on October 1, 2019 and was the result of the application of
an automatic rate adjustment associated with the application of the price index rate adjustment as
provided by Section 74-72 of the Village's Code of Ordinances (the "Index Ordinance"). It should be
noted that although the Index Ordinance provides for the annual price index of the monthly water
rates, the Index was deferred for Fiscal Year 2021 and therefore have remained unchanged since
October 1, 2019. The water rates were last formally reviewed by the Village in 2016, which resulted
in the Village adopting a three-year rate phasing plan with the adoption of Resolution No. 34-18 by
the Village Council affirming the last year of the rate phasing plan (i.e., the Fiscal Year 2019 being the
last year of the rate phasing program) (collectively, Resolution No. 34-18 and the Index Ordinance
referred to as the "Rate Tariff'). . The existing water rates that are currently in effect for the Fiscal Year
2021 are summarized below:
(Remainder of Page Intentionally Left Blank)
2
Page 144 of 406
Agenda Item #13.
Monthly Service Charge:
Residential (Single- and Multi -
Family) and Commercial
Service: [ 1 ] [2]
Meter Size
5/8"
3/4"
1"
1-1/2"
2"
3"
4"
6"
Consumption Charge:
(per 1,000 Gallons of Metered
Water): [2] [3]
Table 2: Monthly Water Rate Schedule
Tequesta Existing
Monthly Service
Charge [2]
$19.67
19.67
49.11
98.46
157.21
294.77
491.23
982.50
Block 1 Block 2 Block 3 Block 4
$3.12 $5.25 $7.13 $9.14
[ 1 ] Metering of multi -family accounts where a single meter is installed in a water connection serving a multi -family structure, the minimum
monthly service charge shall be not less than an amount equal to the number of dwelling units multiplied by the minimum charge for a
5/8"x 3/4" monthly or the base facilities charge associated with the installed meter size, whichever is greater.
[2] The Village imposes a 25% surcharge on monthly rates, fees, and charges on all customers located outside the Village; rates shown
above are for inside Village service.
[3] Consumption Block parameters (expressed in thousands of gallons) as follows:
Block 1 Block 2 Block 3 Block 4
Residential and Multi-
0-12
12-25
25-40
Above 40
Family Service (per Unit)
Commercial
Meter Size:
5/8" x 3/4"
0-12
12-25
25-40
Above 40
1 "
0-30
30-62
62-100
Above 100
1-1 /2"
0-60
60-125
125-200
Above 200
2"
0-96
96-200
200-320
Above 320
3"
0-180
180-375
375-600
Above 600
4"
0-300
300-625
625-1,000
Above 1,000
6"
0-600
600-1,250
1,250-2,000
Above 2,000
As shown above, the Village has a conservation -promoting water rate structure. This initiative taken
by the Village is consistent with the water use policies of the South Florida Water Management
District (the "SFWMD") to encourage water conservation efforts.
In addition to the rates for service and as provided in the Index Ordinance, the Village has the ability
to annually increase the monthly rates for service and the other miscellaneous fees by applying a price
index factor to recover estimated inflationary impacts on the cost of providing service with the
objective of maintaining operating margins for capital re -investment into the System (the "Price
Index"). Pursuant to the Index Ordinance, the rates are adjusted by the Village annually on October 1st
and shall be applied based on the uniform application of the consumer price index as published by
Bureau of Labor Statistics Southeastern Regional Office as of May of each and every year.
3
Page 145 of 406
Agenda Item #13.
The Village has historically adopted and implemented the annual price index adjustments based on
the formula contained in the Index Ordinance; as previously mentioned the Village decided to forgo
the annual adjustment in Fiscal Year 2021.
Customer Statistics
The projection of the number of customer accounts served by location and the corresponding metered
and billed water use (i.e., customer demands) are referred to as the "customer statistics" and serve as
the basis for developing the projected rate revenues for the Forecast Period. The customer statistics
consist of two main components, which include: i) the number of individual meters in active service
(customers); and ii) their respective demand (metered or billed use) for water service per consumption
block or usage range. An updated projection of the Village's customer service area demands and
growth was developed based on discussions with Village staff, recognition of recent historical trends
in customers served, the amount of metered water consumption per account and by customer class,
and recognition of current economic conditions.
The water system has experienced marginal customer growth since the utility service area for the
Village is essentially in a "build -out" condition. Due to billing issues, Raftelis utilized historical Fiscal
Year 2018 and 2019 customer statistics and trends as the baseline for the projection of the System
customer and usage (demand) statistics. The following is a summary of the historical customer
statistics for the Fiscal Years 2018 through 2019 (the last two most recently completed fiscal years and
referred to as the "Historical Period") as derived from Table 1 at the end of this report based on reports
provided by Village staff:
Table 3: Historical Water System Customer Statistics by Class [1][2]
Fiscal Year
Fiscal Year
Estimated Fiscal
Estimated Fiscal
Ended
Ended
Year Ended
Year Ended
9/30/2018
9/30/2019
9/30/2020
9/30/2021
Residential and Multi -Family Customers:
Average Annual Accounts
4, 522
4, 565
41569
41576
Average Annual ERCs [2]
6, 964
7, 009
71015
7, 025
Annual Consumption (000s Gallons)
670,075
667,620
642,648
651,266
Average Monthly Use per Account
81019
71938
7,634
7,726
Irrigation Customers:
Average Annual Accounts 79 93 93 93
Average Annual ERCs [2] 137 160 160 160
Annual Consumption (000s Gallons) 40,900 44,921 37,308 40,188
Average Monthly Use per Unit 241848 231396 19,431 201931
Table continued on following page.
Page 146 of 406
Agenda Item #13.
Commercial Customers:
Average Annual Accounts
Average Annual ERCs [2]
Annual Consumption (000s Gallons)
Average Monthly Use per Account
Government / Other Customers:
Average Annual Accounts
Average Annual ERCs [2]
Annual Consumption (000s Gallons)
Average Monthly Use per Account
Total Water System:
Average Annual Accounts
Average Annual ERCs [2]
Annual Consumption (000s Gallons)
Average Monthly Use per ERC
Average Monthly Use per Account
Finished Water Produced (000s Gallons)
Unbilled (Non -revenue) as Percent of
Production [4]
Fiscal Year
Fiscal Year
Estimated Fiscal
Estimated Fiscal
Ended
Ended
Year Ended
Year Ended
9/30/2018
9/30/2019
9/30/2020
9/30/2021
349
369
371
372
600
634
637
639
93,392
82,713
81,155
84,300
121982
10,872
10,617
10, 994
32
33
33
33
127
129
129
129
10,052
16, 787
151214
151214
6, 613
101844
9, 828
9, 828
41982
5, 060
51066
5, 074
71827
7,932
7,941
71953
814,420
812, 041
776, 324
790, 968
8,671
8,531
8,147
8,288
13,623
13,374
12,770
12,991
ERC = Equivalent Residential Connection
927,864
13.93°
922,802
13.64°
879,650
13.31°
[ 1 ] Amounts shown derived from Table 1 at the end of this Report and were based on detailed customer billing data as
provided by Village staff.
[2] The customer base for the Village is comprised of multiple service areas, which are presented in more detail on Table 1
at the end of this report.
[3] ERCs were calculated based on meter / unit equivalency factors based on information published by the American Water
Works Association and used by several utilities, including the Village, in the establishment of monthly service charge
(fixed rates) for service.
[4] Non -Revenue Water (sometimes referred to as "unbilled water") represents water that is not billed for service and is
attributable to water that may be lost due to leaks, the flushing of lines to maintain proper disinfection levels (regulations),
meter inaccuracies, unbilled authorized consumption, and other related factors.
896,243
13.31°
As identified above, the System provided service to approximately 5,060 average annual retail water
accounts during the Fiscal Year 2019 and experienced marginal customer account growth when
compared to service provided in the prior year. Additionally, total Fiscal Year 2019 water sales have
decreased by approximately 0.29% when compared to the prior year, which we believe may be due to
a combination of the continued installation of more accurate water meters by the Village, continued
conservation efforts by customers, and changes in rainfall events that may affect outdoor irrigation
demands. Overall, water sales were fairly constant when comparing the two years and such customer
use relationships are anticipated to continue for the Forecast Period. Based on discussions with Village
staff, the forecast assumes slightly declining water sales based on customer trends following the
installation of AMI meters. The following water customer account and demands projections were
recognized for the Forecast Period:
5
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Agenda Item #13.
Table 4: Summary of Projected Water System Customer Statistics [1]
Average
Average
Average
Billed Water
Monthly Use
Water
Annual
Annual
Flows (000s
Per ERC
Production
Fiscal Year
Accounts
ERCs [2]
Gallons)
(Gallons)
(000s Gallons)
Historical Period:
2018
4,982
71827
814,420
81671
9271864
2019
5,060
71932
812,041
81531
9221802
Forecast Period:
Est. 2020
5,066
7,941
7761324
8,147
879,650
2021
5,074
71953
790,968
81288
896,243
2022
5,103
8,016
796,861
8,284
902,919
2023
5,129
8,054
801,487
8,293
908,161
2024
51152
81088
805,623
8,301
912,848
2025
5,167
81110
808,316
81306
9151899
2026
51169
81113
808,683
8,306
916,315
2027
5,171
81116
809,050
81307
916,731
2028
5,173
8,119
809,417
8,308
917,148
2029
5,173
8,119
809,417
8,308
917,148
2030
5,175
8,122
809,785
8,309
917,564
Growth [3]
0.32%
0.31 %
(0.05%)
(0.36%)
(0.09%)
ERCs = Equivalent Residential Connection
[ 1 ] Amounts are derived from Table 1 at the end of this report.
[2] ERCs were calculated based on meter / unit equivalency factors based on information published by the American Water Works
Association.
[3] Represents the average annual compound growth rate as projected from the Fiscal Year 2018.
As can be seen above, it is assumed that the service area would experience minimal additional
customer growth beyond the Fiscal Year 2020. The reduced growth is characteristic of a mature utility
system and also represents the transition of the utility from system expansion to more emphasis on
system maintenance and capital re -investment and will place more importance on the continued
application of the annual price index rate adjustment as previously discussed to maintain reliable
operating margin levels. Additionally, the reduction in new customer growth will also have an effect
of reducing the receipt of connection fees and any other growth -related fees from new development
which may have a financial effect on the operations of the System.
Projected Revenues
The projection of sales revenues from the existing rates for service include the continued application
of the approved annual price index to existing rates for monthly water service to the forecast of
customer and sales forecasts and are exclusive of any additional identified rate adjustments that have
not yet been approved by the Village Council. After discussions with Village staff, a rate structure
change has been proposed, which will provide additional funds equal to the assumed price index adjust
0
Page 148 of 406
Agenda Item #13.
for the Fiscal Year 2022. As more fully discussed later in this report, changes in the rate structure are
being recommended to increase fixed rate cost recovery (revenue stability), price water use that more
closely corresponds to water use requirements dealing with indoor (essential), discretionary, and high
water use, and to provide a change in water use pricing to promote increased water conservation. The
water sales revenue for the Forecast Period, which is predicated on the new water rate structure, is
projected as follows
(Remainder of Page Intentionally Left Blank)
7
Page 149 of 406
Agenda Item #13.
Table 5: Projection of Water System Sales Revenues under Existing and Indexed Rates ($000s) [1]
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Customer Class
9/30/21
9/30/22
9/30/23
9/30/24
9/30/25
9/30/26
9/30/27
9/30/28
9/30/29
9/30/30
Projected Price Index
0.00%
1.85%
1.21%
1.43%
1.50%
1.50%
1.60%
1.50%
1.50%
1.51%
Water System:
Residential Single -Family
Base Revenue
$11157
$1,273
$1,295
$1,321
$1,345
$1,366
$11388
$1,410
$1,431
$1,453
Use Revenue
2,327
2,437
2,486
2,541
21591
2,632
21676
2,718
2,758
2,762
Total Revenue
$3,484
$3,709
$3,781
$3,862
$3,936
$3,997
$4,064
$4,128
$4,188
$4,215
Residential Multi -Family
Base Revenue
$480
$530
$536
$544
$552
$560
$569
$578
$587
$595
Use Revenue
465
431
436
442
449
456
463
470
477
478
Total Revenue
$945
$961
$973
$986
$1,001
$1,016
$1,033
$1,048
$1,064
$1,073
Irrigation
Base Revenue
$46
$50
$51
$51
$52
$53
$54
$55
$55
$56
Use Revenue
209
197
199
202
205
208
212
215
218
218
Total Revenue
$254
$247
$250
$253
$257
$261
$265
$269
$273
$274
Commercial
Base Revenue
$168
$184
$186
$188
$191
$194
$197
$200
$203
$206
Use Revenue
438
435
440
447
454
460
468
475
482
482
Total Revenue
$605
$619
$626
$635
$645
$655
$665
$675
$685
$689
Government / Other
Base Revenue
$34
$38
$38
$39
$39
$40
$40
$41
$42
$42
Use Revenue
67
67
67
68
69
70
72
73
74
74
Total Revenue
$102
$104
$105
$107
$109
$110
$112
$114
$115
$116
Surcharge Revenue
$586
$601
$608
$617
$627
$636
$646
$656
$666
$670
Total Water System
Base Revenue
$1,885
$2,074
$2,106
$2,143
$2,179
$2,213
$21249
$2,283
$21318
$2,353
Use Revenue
3,506
3,566
3,629
3,701
3,768
3,827
31891
3,950
4,008
4,013
Surcharge Revenue
586
601
608
617
627
636
646
656
666
670
Total Rate Revenue
$5,976
$6,241
$6,344
$6,461
$6,575
$6,676
$6,786
$6,890
$6,992
$7,036
[1] Amounts shown in thousands
of dollars ($1,000s). Derived from Table
2 at the end of this report;
amounts
shown reflect estimated rate
revenues under
existing and
indexed rates applied to
projections
of assumed customer account and metered water
sales (demand)
projections.
0
Page 150 of 406
Agenda Item #13.
The System sales revenues are projected to increase at approximately 1.8% per year, which is
consistent with the assumed annual application of the price index.
The following table below identifies the recent historical trends in other operating revenue for the
Historical Period:
Table 6: Summary of Historical Other Operating Revenues ($000s) [1]
Description
Water System:
Miscellaneous
Fire Protection (Hydrants)
Penalty Charges
Other
Water Conservation and Resources
Martin Tropic V- Construction
Portion
Insurance Reimbursement
Total System Other Revenues
FY Ending FY Ending
9/30/2018 9/30/2019
$37
$23
80
83
0
97
0
3
46
49
1
7
0
0
$164 $262
[1] Amounts shown are in thousands of dollars ($1,000s) and are based on reports provided
by Village staff.
Recognizing the uncertainty in the receipt of other revenues, which is based on customer requirements,
service area growth and re -development attributes, and other factors and based on discussions with
the Village, which assumes a more improved economy when compared to the Historical Period, it
was assumed for the financial forecast that the amount of other miscellaneous fee, penalty charges,
and insurance reimbursement revenues would be projected either maintaining current fee level
receipts, changes for customer growth, where applicable, and the application of the price index
adjustment based on Village precedent in indexing the rates for service. Based on these trends and
discussions with Village staff, other operating revenues were projected as follows:
(Remainder of Page Intentionally Left Blank)
0
Page 151 of 406
Agenda Item #13.
Description
Water System
Miscellaneous Service Charges
Fire Protection (Hydrants)
Fire Line
Penalty Charges
Other Fees
Martin Tropic Vista
Construction Portion [2]
Administrative Fees on
Assessments
Other Miscellaneous Revenue
Insurance Reimbursement
Total Other Revenues
Table 7: Summary of Projected Other Operating Revenues [ 1 ]
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
9/30/21
9/30/22
9/30/23
9/30/24
9/30/25
9/30/26
9/30/27
9/30/28
9/30/29
9/30/30
$15 7150
$15 7199
$15 7243
$15 7271
$157275
$15,278
$15 7282
$15,286
$15 7290
$15 7293
871000
881601
891673
901955
921319
931704
951203
961631
9800
991561
961772
981552
991744
1011170
1021688
1041228
1051896
1071484
1091096
1101743
301000
307000
301000
301000
301000
301000
301000
301000
301000
301000
932
932
932
932
-
-
-
-
-
-
100
100
100
100
100
100
100
100
100
100
[ 1 ] Amounts from Table 3.
[2] The principal component of the Martin Tropic Vista water line construction assessment is being directly deposited into the Renewal and Replacement
Account as repayment of principal used in the initial funding of the capital improvement and is not considered an additional revenue source. The interest
component is being directly deposited into the interest earnings of the System.
As can be seen above, the projection of other operating revenues is anticipated to gradually increase
over the Forecast Period. The fire protection and fire line revenues were escalated based on the
application of the price index consistent with the Village's historical precedent of annually adjusting
the rates for service. Based on discussions with staff, the principal component of the Martin Tropic
Vista Construction Portion is being directly transferred to the Renewal and Replacement Account as
repayment of principal is not considered an additional revenue source. Overall, other operating
revenues are anticipated to average approximately $247,000 or 4.0% of the total Gross Revenues
during the Forecast Period.
Connection Fee revenues do provide a financial resource to the System but are recognized as non-
recurring growth -related revenues since they represent one-time fees. Based on anticipated customer
growth, the following Connection Fee collections are projected for the Forecast Period:
Table 8: Summary of Projected Connection Fee Revenue [1]
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Description
9/30/21
9/30/22
9/30/23
9/30/24
9/30/25
9/30/26
9/30/27
9/30/28
9/30/29
9/30/30
Connection Fee Revenues
Capital Connection Revenue
$45,989
$2277106
$136,839
$1241281
$817028
$11,215
$117394
$11,565
$117739
$11,916
Meter Installation Revenue
8,984
447365
261732
241278
151829
21191
27226
2,259
27293
21328
Total Connection Fee
$541973
$2717471
$163,571
$1481560
$961857
$131406
$131620
$131825
$147032
$14,244
Revenues
[1] Amounts shown in thousands of dollars ($1,000s)
and derived
from Table 4 at the end of this report.
The forecasted collections were developed based on discussions with Village staff regarding the
remaining projected development within the System service area. The Connection Fee collections are
10
Page 152 of 406
Agenda Item #13.
anticipated to be used to finance expansions to the Water Treatment Plant and any expansion -related
capital projects the Village may have to undergo in the future. Detailed calculations of the projected
Impact Fee collections are presented in Table 4 at the end of this report.
Projected Revenue Requirements
The foundation of the study and the primary objective of the utility rates are to reasonably recover the
cost of providing service, cost of infrastructure investment and compliance with covenants of the
outstanding loans and identified or adopted fiscal policies / targets (referred to as the "revenue
sufficiency" evaluation). The various components of costs associated with operating and maintaining
a utility system, the costs of financing the renewals and replacements of existing facilities and the
capital improvements for upgrades and expansions, and compliance with policies and covenants,
which would include the maintenance of adequate cash reserves, are generally considered as the
revenue requirements of a public utility such as the Village's System. The sum of these costs, after
adjusting for other income and other operating revenues available to the utility, represents the net
revenue requirements of a utility system required to be funded from monthly user charges or rates.
The following figure provides an overview of the net revenue requirement derivation:
Gross Revenues
and Inflows
F1
Debt /Capital
The net revenue requirements signify a minimum level of expenditures required to be recovered from
monthly user fees or rates. The development of the net revenue requirements of the System is a critical
component of the study since water utility rates should be designed to fully recover the projected cost
of providing service. The estimates of the revenue requirements associated with the Village's potable
water system are consistent with methods generally employed by publicly owned utilities that rely on
revenue bond financing to fund capital investment needs. The projection of revenue requirements for
the Village's System can be categorized into four main categories: i) System operation and
maintenance expenses (does not include capital, depreciation, debt service, or transfers); ii) annual
11
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Agenda Item #13.
debt service payments on existing and future debt issued to finance major capital additions and
improvements; iii) capital improvements funded directly from rates; and iv) transfers to other
departments /cost centers and for the maintenance of reserves for the System. The sum of these items
represents the gross revenue requirements of the System and are discussed below.
Projected System Operation and Maintenance Expenses
The development of the projected operation and maintenance (operating) expenses for the Village's
water system was based upon: i) a review of recent cost escalation trends in expenses for the System;
ii) the Fiscal Year 2021 operating budget, which represents the most recent financial forecast as
prepared by the Village and approved by the Village Council; iii) expense cost trends based on actual
results for the Historical Period; iii) historical cost indices as published by the Bureau of Labor
Statistics, the Florida Public Service Commission (used in regulation of private utilities), and in the
Engineering News Record associated with the change in construction costs, iv) the forecast of the
Consumer Price Index as prepared by the Congressional Budget Office and published in the Apri12020
Economic and Budget Outlook; and v) certain other assumptions and considerations as identified within
this report.
The most recent historical trend in operating expenses for the System has been an increase of
approximately 8.8% from Fiscal Year 2018 to 2020. Below is a summary of historical operating
expenses based on detailed operating results as provided by Village staff for the Historical Period:
Table 9: Summary of Historical Period Operating Expenses ($000s) [11
Estimated
Description 2018 2019 2020
2021 [21
Fund 401 — Water
Water Administration $1,164 $1,284 $1,418
$1,437
Water Production 1,669 1,760 1,697
1,960
Water Distribution 812 910 918
774
Customer Service 0 0 0
250
Other / R&R 83 42 22
125
Total $3,728 $3,996 $4,055
$4,547
[1] Unless otherwise noted, amounts shown derived from Table 7 at the end of this report and based
on detailed historical general ledger reporting, which excludes depreciation and other non -cash
expenses and therefore varies with reported expenses reported in the Comprehensive Annual
Financial Reports. The sum of amounts shown may vary due to rounding.
[2] Other / R&R includes $110 of contingency as well as $15 for bad debt expense.
The increase in operating expenses for the Historical Period is mainly due to increases associated with
maintenance and increased personnel expenses.
As previously discussed, the operating expense projections were based on the current Fiscal Year 2021
operating budget and historical trends in expenses over the past several years, including discussions
with Village staff. The following is a summary of the projected operating expenses recognized for the
Forecast Period:
12
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Agenda Item #13.
Table 10: Summary of Projected Operating Expenses ($000s) [1]
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Description
9/30/21
9/30/22
9/30/23
9/30/24
9/30/25
9/30/26
9/30/27
9/30/28
9/30/29
9/30/30
Operating Expenses:
Water Administration
$1,437
$1,560
$1,550
$107
$1,666
$1,793
$1,792
$1,859
$1,929
$2,001
Water Production
1,960
2,023
2,092
2,163
2,235
2,311
2,390
2,473
2,558
2,648
Water Distribution
774
805
838
872
908
945
985
1,026
1,070
1,115
Customer Service
250
259
270
280
291
303
315
328
342
356
Other / R&R
23
23
23
24
24
24
26
26
26
27
Reserve for Contingency [2]
126
133
136
140
145
152
141
160
166
172
Total Operating Expenses
$4,570
$4,803
$4,909
$5,086
$5,269
$5,528
$5,649
$5,872
$6,091
$6,319
[1] Amounts shown in
thousands of dollars ($1,000s) and derived from Table 8 at the end of this section.
[2] Amounts shown reflect operating
expense contingency of 2.50%
of overall
expenses and
bad debt expense
allowance of 0.25% of rate revenues.
As shown above, the total operating expenses are projected to increase at approximately 3.7% growth
rate per year, which is less than recent historical trends but is considered consistent based the rate of
growth in expenses being experienced by other public utilities. Generally, the rate of change for water
utility service operating expenses has outpaced inflation due to variety of factors (increasing
maintenance due to asset age, higher proportionality of labor costs to total costs, increases in other
costs such as insurance, and other expenses that have exceeded inflation over time).
The projected System revenue requirements, as shown on Table 11 at the end of this report, were
based upon certain assumptions, considerations and analyses. The major assumptions, considerations,
and analyses that are included in the development of the projected revenue requirements for the study
period are as:
1. The adopted Fiscal Year 2021 Operating Budget associated with the operations of the System
as provided by the Village serve as the basis for the water system expenditure projections, and
such amounts are shown in Table 3 at the end of this this report. These budgetary amounts are
incorporated into the revenue requirement component of the study, except for any adjustments
and assumptions as noted hereunder.
2. Projected operating expenses associated with operation and maintenance of the System were
escalated from estimated Fiscal Year 2021 adjusted levels based upon several assumptions and
the nature of the expense. A summary of the projected operating expenses for the Forecast
Period is included on Table 8 at the end of this Report. These projected expenditures were
escalated for the Forecast Period as follows:
a. Based on discussions with the Village, the escalation of wages and salaries above Fiscal
Year 2021 budgeted amounts were increased by 4.00% annually for the Forecast Period to
reflect increases due to inflation and allowances for salary adjustments such as merit
increases and cost of living adjustments. With the exception of medical insurance (escalated
at 7.5% annually), personnel benefits (i.e., contributions toward retirement, FICA, etc.)
13
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Agenda Item #13.
were projected to remain at the same percentage relationship to total salaries as was
reflected in Fiscal Year 2020 Budget based on discussions with the Village.
b. Other expenses, exclusive of personnel costs, were assumed to increase above Fiscal Year
2021 estimates on average by approximately 3.7% annually for the Forecast Period to
account for inflationary allowances. Assumptions for inflation were based on a variety of
assumptions, including the Consumer Price Index 2021 as projected by the Congressional
Budget Office as contained in 4pril2020 Economic and Budget Outlook: 2020 to 2030 published
in April 2020 (the most recent update published at the time of the analysis, referred to as
the "2020 CBO Report"), which for the remainder of the Forecast Period, was assumed to
average approximately 1.74% annually.
c. The projection of variable costs for the System would include such expenses as electricity
and chemicals and were based on the projected growth in finished water production plus
an allowance for inflationary unit price increases. It was assumed that the variable costs
will increase at levels slightly than the estimated general inflation rate based on a review of
the Bureau of Labor Statistics as of June 2020. The following was assumed for the variable
expenses:
i. Current period System electrical expenses were increased during the Forecast Period
by a general or base inflation allowance of 1.50% based on ten-year average change in
the Consumer Price Index for All Urban Consumers for Electricity
(CUSROOOOSEFHO 1) as published by the Bureau of Labor Statistics as of June 2020.
Based on these assumptions, the increase in System electric expenses for the Water
System was projected to average approximately 1.7% annually after Fiscal Year 2021
for the Forecast Period.
ii. Current period System chemical expenses were increased during the Forecast Period
by a general or base inflation allowance ranging from 2.10% to 3.30% based on twenty-
year average change in the Consumer Price Index for All Urban Consumers for
Industrial Chemicals (WPU06 1) as published by the Bureau ofLabor Statistics as of May
2020 plus an allowance for System growth. Based on these assumptions, the increase
in System chemical expenses was projected to average approximately 3.0% annually
after Fiscal Year 2020 for the Forecast Period.
d. Repair and Maintenance operating expenses were escalated subsequent to the budget
period based upon an inflationary or cost factor ranging from approximately 3.0% to 4.0%
over the Forecast Period, reflecting in part the observed twenty-year trend (as of June 2020)
in the construction cost index as published by the Engineering News Record, which was
assumed to relate to the cost of materials and labor used in the repair and maintenance of
water and wastewater utility plant.
e. A component of the operating expenses includes a transfer to the General Fund for
expenses accounted for in the General Fund that is allocable to the System. Examples of
expenses accounted for in the General Fund that benefit the System include, but are not
14
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Agenda Item #13.
limited to, Village management, finance, human resources, purchasing, legal, and other
administrative functions. The forecast for this expense was based on the preliminary budget
for Fiscal Year 2021 and increased annually thereafter at four percent (4%) consistent with
the assumed labor escalator since the majority of the allocated expenses were assumed to
be personnel related.
f. In the projection of the estimated annual operating expense requirements, a contingency
allowance has been included in the financial forecast of two and one-half percent (2.50%)
of the total operating expenses was recognized for each year of the Forecast Period. The
allowance has been included to recognize unknown or unplanned expenditures that may
occur throughout the year and to recognize potential changes in revenues, which may occur
due to changes in development, weather, increased conservation, customers adjusting
water use as a result of more accurate meter readings due to new meter installations, and
other factors. The annual contingency allowance recognized during the Forecast Period
averaged approximately $130,900. To the extent the contingency allowance is not required
to meet the projected operating expenses or provide funds for ongoing System operations,
such monies would accrue to the benefit of the System and could be used for other purposes
such as providing increased funds for deposit to the Renewal and Replacement Account to
finance renewals, replacements, and upgrades to the System over time or to reduce potential
rate adjustments that may be required in the future.
g. An allowance for bad debt expense has been made to recognize a certain amount of
revenues that will be considered as uncollectible and written off throughout the year. This
expenditure item has been included as an operating expense and was projected based on
trends incurred by utilities statewide and discussions with Village staff. A bad debt expense
ratio estimated at 0.25% of sales revenues was assumed for the Forecast Period and was
projected to average $16, 500 per year.
h. Although considered a System operating expense for financial reporting purposes,
depreciation and amortization expenses have not been recognized as an Operating Expense
for the purposes of this report. Pursuant to the Bond Resolution, which authorized the
issuance by the Village of the Water Promissory Note (2008), such expenses are not
recognized as an operating expense since it represents a non -cash expense for flow of fund
purposes.
Summary of Forecasted Capital Improvement Program (CIP)
A major driver in the evaluation of the sufficiency of the revenues derived from rates is associated with
the funding of the capital improvement plan ("CIP"). As shown on Table 9 at the end of this report,
the Village has identified approximately $27.6 million in capital improvements to be completed during
the Forecast Period. The following is a summary of forecasted CIP projects reflected in the
development of the financial forecast:
(Remainder of Page Intentionally Left Blank)
15
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Agenda Item #13.
Table 11: Summary of Capital Improvement Program ($000s) [1]
FY FY FY FY FY FY FY
FY
FY
FY
Ending Ending Ending Ending Ending Ending Ending
Ending
Ending
Ending
Description 9/30/21 9/30/22 9/30/23 9/30/24 9/30/25 9/30/26 9/30/27
9/30/28
9/30/29
9/30/30 Total
Capital Projects:
Water Production Well
Improvements 217 2,022 785 808 832 776 122
288
298
723 6,871
Water Treatment Plant
Improvements 554 278 524 1,531 0 0 0-
0-
0-
160 3,046
Water Main Replacement
Program 258 3,437 1,863 0- 302 3,188 4,083
232
21190
974 16,526
Other Capital and
Departmental [2] 150 110 207 62 61 98 308
21
67
70 1,155
Total Capital Projects 11179 5,846 3,379 21402 11,195 4,061 4,513
542
2,555
1,927 27,599
[ 1 ] Amounts shown are in thousands of dollars ($1, OOOs) and derived from Table 9 at the end of this report.
[2] Departmental capital includes General Plant (assets with short service lives) such as vehicles, equipment and machinery that is generally budgeted
in the operating budget but is capitalized for financial reporting purposes; such amounts are included in the CIP
since they represent capital
assets.
The CIP is anticipated to be funded from a mix of internal sources including existing cash reserves
and projected rate revenues (operations) along with the issuance of new indebtedness to minimize
impacts to customers and to better match future asset utilization to asset funding (i.e., amortized cost
recovery). The CIP is primarily required for the rehabilitation and replacement of existing
infrastructure that benefits the existing users of the System.
In development of the capital funding plan, certain assumptions were recognized to maximize the use
of existing and projected cash balances aimed at minimizing rate impacts to customers of the Village
while maintaining adequate cash reserves and are as follows:
1. Based on discussions with Village staff and to ensure long-term rate competitiveness it was
determined that the CIP program would be funded with a pay-as-you-go methodology, where
possible, for recurring projects associated with the renewal, upgrade, or replacement of existing
system infrastructure. Funding projects on a pay-as-you-go basis refers to using revenues
annually generated from System operations (i.e., programmed deposits to the Renewal and
Replacement Account and would be similar to the recognition of a depreciation equivalent) to
finance the ongoing renewal and replacement needs.
2. The capital funding plan relies upon available and projected unencumbered cash balances based
on projected operating results that would be in addition to the maintenance of adequate
operating and capital reserves to provide a hedge against unknown events (e.g., COVID-19,
storm events, etc.) and to maintain a strong fiscal position to attract external capital at reduced
borrowing costs. Such projections recognized, among other significant assumptions, the
adoption of rate increases.
3. The financial forecast does recognize the annual deposit to a Renewal and Replacement
Account (capital account) that is programed annually in order to accrue funds for asset
replacement and to provide a balanced funding plan with internal cash (from operations) and
external cash (from debt). For the Forecast Period, an annual deposit to the fund ranging from
10.0% (beginning of Forecast Period) to 15.0% (end of Forecast Period) of the System Gross
16
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Agenda Item #13.
Revenues was recognized. This will allow the Village a predictable and recurring source of funds
(capital re -investment) to continue to fund facility renewals, replacements and improvements
and limit the need to issue future debt over the long-term, which will support long-term rate
sustainability. The following annual deposits to the Renewal and Replacement Account from
rates (i.e., included as a component of the revenue requirements) was recognized in the
development of the capital funding pan and the financial forecast.
Table 12: Summary of Deposits to Renewal and Replacement Account ($000s)
FY FY FY FY FY FY FY FY FY FY
Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending
Description 9/30/21 9/30/22 9/30/23 9/30/24 9/30/25 9/30/26 9/30/27 9/30/28 9/30/29 9/30/30
Total Gross Revenues [1] $6,245 $6,509 $6,748 $71007 $7,264 $7,516 $7,779 $8,053 $8,326 $81538
Programmed Funding Percentage 10.00% 11.00% 11.00% 11.00% 12.00% 12.00% 13.00% 14.00% 14.00% 15.00%
Total Recognized Deposits from Rates $531 $716 $742 $841 $872 $977 $1,011 $1,127 $1,166 $1,281
[ 1 ] Amounts shown include projected System rate adjustments.
4. After the use of available reserves and funds to be generated from future operations as programed
in the rates for service (i.e., deposits to the Renewal and Replacement Account), the remainder
of the capital plan was assumed to be funded from the issuance of additional indebtedness. The
determination of the assumption of the issuance of additional debt was determined with Village
staff and was based on the timing of the projected capital improvement needs, the type of projects
being financed (generally would finance assets with long service lives), and targeting a debt issue
size (i.e., principal amount of bonds issued) that provided ability to access the credit market at
a lower issuance costs. A discussion of the estimated additional debt assumed for the forecast
follows this section.
Based on CIP needs of the System and the funding strategy as referenced above, the following is a
summary of the capital funding plan recognized in the development of the financial forecast.
Table 13: Summary of Capital Improvement Program ($000s)[11
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Description
9/30/21
9/30/22
9/30/23
9/30/24
9/30/25
9/30/26
9/30/27
9/30/28
9/30/29
9/30/30
Total
Total Capital Funding Needs:
$1,179
$5,846
$3,379
$2,402
$1,195
$4,061
$4,513
$542
$2,555
$1,927
$27,599
Estimated Capital Funding Sources:
Operating Reserves
$768
$2,248
$902
$62
$363
$681
$507
$21
$67
$230
$5,849
Renewal and Replacement
Account
411
446
425
1,246
832
776
122
521
2,488
11697
81964
Proposed Additional Debt
0
3,152
2,052
1,094
0
2,604
3,884
0
0
0
12,786
Total Capital Funding Sources
$1,179
$5,846
$3,379
$2,402
$1,195
$4,061
$4513
$542
$2555
$1,927
$27599
[ 1 ] Amounts shown are in thousands
of dollars
($1, OOOs) and derived from Table
9 at the end of this report.
(Remainder of Page Intentionally Left Blank)
17
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Agenda Item #13.
Projected Existing and Anticipated Annual Debt Service
A major revenue requirement for most water utilities is associated with the payment of debt service
on borrowed funds used to finance major or significant capital improvements of the utility. Currently
the Village has the following debt outstanding payable from the Net Revenues (defined as the total
revenues less the operating expenses) of the System:
Table 14: Summary of Outstanding Debt Allocable to the System
Principal
Final Average Annual
Outstanding as of
Maturity Debt Payment
Issue October 1, 2020
Date from Rates
Series 2004 Note Payable (Bank of America) [ 1 ] $77, 895
May 1,2021 $44, 864
Series 2008 Promissory Note (Bank of America) [2] 27721,115
March 12028 4727083
Total for Notes (Debt) Outstanding $27799,010
$5167647
[ 1 ] The Series 2004 Note maturities that were scheduled to be paid during Fiscal Years 2022 through 2024 have been prepaid and no longer
are considered as an outstanding liability. The note repayment for the Fiscal Year 2021
reflects only eight (8) months of payments and
is less than the average annual debt payment shown.
[2] The Series 2008 Note payment for the Fiscal Year 2028 is less than the average amount
shown since it matures prior to the end of the
fiscal year.
Recognizing a net plant investment (fixed assets in service to provide service) of approximately
$15, 964, 000, the Debt to Net Plant Ratio (measures how much of the net plant in service is financed
by debt) is only 17.5%, which is very manageable; we do not consider the System to be highly
leveraged.
Based on the capital funding plan as discussed earlier in this report as developed with Village staff and
as previously mentioned, the financial forecast does recognize the need to issue additional
indebtedness to fully fund the identified capital improvement plan. Specifically, the financial forecast
recognizes the issuance of in an aggregate principal amount of approximately $13.5 million in
additional indebtedness during the Forecast Period to fund the ongoing water main replacement
program. The additional debt assumes borrowing funds through the State Revolving Fund (SRF) loan
program as administered by the Florida Department of Environmental Protection (FDEP). This
program is very favorable for infrastructure replacement projects such as that being planned by the
Village. Advantages include: i) low market interest rates; ii) the payment of the loan does not begin
until project completion or three years after construction begins which allows the project to be built
prior to debt repayment; and iii) the ability to capitalize interest (defer payments) based only on the
reimbursable draws made on the loans by the Village (similar to a line of credit). Concerns for the use
of this type of borrowing include i) the need to obtain approval from the FDEP for any senior lien
bonds that maybe issued by the Village associated with the financing of future capital needs that has
a pledge on the net revenues of the System; ii) the loan application process can be somewhat
cumbersome (the financial forecast does assume a professional services allowance or cost to assist the
Village with securing the loans on an efficient basis) which could delay the receipt of funds; and iii)
the general covenants for the loan require a "budget to appropriate" provision from the Village's
General Fund to the extent System net revenues are insufficient for repayment of the loan (considered
as a low risk since rates should fully recover the cost of providing service). The timing, sizing, and the
type of debt will be determined by the Village when the need to borrow funds is needed.
W
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Agenda Item #13.
The following is a summary of the assumed terms and assumptions associated with the issuance of
the additional debt to finance a portion of the CIP :
Table 15: Summary of Assumptions — Issuance of Additional Debt [ 1 ]
Term Average
Capital First Average (Yrs.)/ Annual
Principal Projects Year of Annual Assumed Debt
Amount Being Debt Interest Year of Payment
Issue Issued Financed Issue Date Payment Rate Maturity from Rates
2022 SRF Water Loan [1] $6,724,316 $6,297,603 October 2024 2025 2.5% 20 / 2044 $429,299
2026 SRF Water Loan [2] 6,770,954 6,488,505 October 2027 2028 2.5% 20 / 2047 4321277
Total for Additional Bonds $13,495,271 $121786,108 $8617576
[1] The first series of debt was assumed to be a low -interest loan derived from the State Revolving Fund (SRF) loan program as administered
by the Florida Department of Environmental Protection (FDEP) since this project was assumed to be a "stand-alone" financing (not
part of a larger Village financing). It is assumed that the loan would be secured in Fiscal Year 2022 with construction completed by
Fiscal Year 2024 when repayment of the loan would then begin. The timing and structure of this debt will be determined by the Village's
Financial Advisor at the time that the bonds are intended to be issued by the Village
[2] The second series of debt was assumed to be a low -interest loan derived from the SRF loan program as administered by the FDEP since
this project was assumed to be a "stand-alone" financing (not part of a larger Village financing). It is assumed that the loan would be
secured in Fiscal Year 2026 with construction completed by Fiscal Year 2027 when repayment of the loan would then begin. The timing
and structure of this debt will be determined by the Village's Financial Advisor at the time that the bonds are intended to be issued by
the Village
Projected Reserve Fund Transfers
In the development of the System revenue requirements, projected fund transfers to operating and
capital funds were assumed to provide: i) sufficient operating reserves to provide a hedge against
unknown events (e.g., COVID-19, storm events, etc.), to maintain a strong fiscal position to attract
external capital at reduced borrowing costs, and to provide for the stabilization of rates in the event
any short-term deficiencies occur in net revenue requirements; and ii) dedicated transfers to provide
for the re -investment of capital into the System and to provide funds for any unknown or extraordinary
event that may occur (whether regulatory or an asset failure / mortality). We would recommend that
the two separate reserve account balances be maintained since they are for different purposes with
operating reserves providing a funds for annual cash flow considerations (i.e., expenses, fluctuation in
rate revenues, general liquidity, etc.) and capital reserves providing for plant investment and long-term
utility service (asset replacement, major maintenance, etc.) .
To provide adequate levels of cash reserves for operations the financial forecast assumes an internal
reserve target of one hundred and twenty (120) days of operating expenses was recognized. The
minimum targeted level of operating reserves is generally consistent with recommended policy by the
Government Finance Officers Association (GFOA) and credit rating agencies and serve to: i) mitigate
current and future risks regarding revenue shortfalls and unanticipated expenses; and ii) ensure stable
services and rates. The following chart provides a projection of ending cash balances for operating
reserves:
(Remainder of Page Intentionally Left Blank)
19
Page 161 of 406
Agenda Item #13.
Operating Reserves Ending Cash Balances
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
2021 2022 2023 2024 2025 2026 2027 2028 2029 20.30
Year End Cash Balances Operating Reserves-Minirntini 120 Days of O&M
Assuming the continued implementation of the identified price index and the implementation of the
identified additional rate adjustments as identified in this study to fund the revenue requirements,
including the capital plan of the System as presented later in this report, it is expected based on the
assumptions recognized in the development of the financial forecast that the System will meet or
exceed the minimum operating reserve target which is considered favorable by Raftelis.
With respect to the capital -related funds (e.g., Renewal and Replacement Account) of the System, it
is recommended that the utility target a minimum cash reserve equal to the annual depreciation
expense. Depreciation expense represents a non -cash expense for purposes of financial reporting and
accounting based on the original cost to acquire a capital asset relative to its use in terms of an assumed
service life. While depreciation is not intended to be a perfect proxy for the annual repair and
maintenance costs for a utility, it is considered a reasonable target for purposes of this analysis since
it links to the use of assets that have been constructed to provide potable water service. The purpose
to maintain such a capital reserve at this level is to: i) mitigate risks regarding unanticipated capital
expenditures or increases in materials, labor, or other costs from on -going or planned capital projects;
ii) provide for changes in capital expenditure priorities resulting in the advancement or addition of
certain capital projects; iii) promote the availability of funds for capital reinvestment for the existing
infrastructure intended to limit outages and inability to provide service from equipment or
infrastructure failures or as a result of force maj eure incidents due to weather events and other
occurrences; and iv) to ensure reliable service and ameliorate the effects to monthly service rates from
unanticipated costs. The following chart provides a projection of capital related fund ending cash
balances relative to assumed capital reserve targets:
20
Page 162 of 406
Agenda Item #13.
1,000 NO
$?,000,000
$1,500,000
$1,000,000
500.000
$0
Renewal and Replacement Capital Funding
2021 2022 2.02) 2024 2025 2026 2027 2029 20292030
Year End Cash Balances - R&R Deposits R .R iExpenditlires R R
As shown in the above figure, the capital re -investment allowance recommended to be funded
annually from rates recognizes average deposits to Renewal and Replacement (capital) of
approximately $926,000 annually to provide dedicated funding resources for the future capital needs
of the System.
Projected Net Revenue Requirements and Identified
Rate Adjustments
Sufficiency of Rate Revenues
The revenue sufficiency of the System's existing rates are determined through the: i) ability of the
System's cash flows derived from the revenues to fund the revenue requirements; and ii) the ability of
the net revenues to meet the funding requirements and reserve targets established with the Village and
any rate covenants as defined in the various loan agreements that authorized the issuance of the
outstanding bonds and bank loans (also referred to as the "debt coverage" requirement). Based on the
assumptions as made and discussed within prior sections of this report, the following rate adjustments
have been identified for consideration by the Village and assumed to be implemented during the
Forecast Period:
21
Page 163 of 406
Agenda Item #13.
Table 16: Summary of Projected Rate Adjustments — for the Forecast Period
Estimated
Fiscal
Price Index
Additional
Total Rate
Year
Adjustment
Adjustment
Adjustments
2022
1.85%
0.00%
1.85%
2023
1.22%
2.28%
3.50%
2024
1.44%
2.06%
3.50%
2025
1.51%
1.99%
3.50%
2026
1.51%
1.99%
3.50%
2027
1.61%
1.89%
3.50%
2028
1.51%
1.99%
3.50%
2029
1.52%
1.98%
3.50%
2030
1.52%
1.98%
3.50%
The following figure summarizes the projected net revenue requirements and corresponding System
revenues under current and projected rates (as shown on the table above) for the Forecast Period.
$9,000,000
$81000,000
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
2021 2022
Transfer to Operating Reserves
Total Debt Service
Existing Rate Revenues
System Revenue Requirements
2023 2024 2025 2026 2027 2028 2029 2030
Capital Funded From Rates Transfer to R&R Fund - Other
Total Operating Expenses ®` Total Revenues with Proposed Rates
As can be seen on the figure above, the projected revenues derived primarily from the existing rates
are not projected to be sufficient to meet the projected revenue requirements of the System during the
Forecast Period. Assuming the implementation of the estimated price index and additional rate
adjustments as previously discussed, it is anticipated that the revenue requirements will be fully funded
and the System will be in a favorable financial position, which will promote rate sustainability. A
detailed summary of the revenue requirements and funding analysis is shown on Table 11 at the end
of this report and summarized below for the Village's consideration.
22
Page 164 of 406
Agenda Item #13.
Table 17: Projected Water System Net Revenue Requirements ($000s) [1]
FY FY FY FY FY FY FY FY FY
FY
Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending
Description 9/30/21 9/30/22 9/30/23 9/30/24 9/30/25 9/30/26 9/30/27 9/30/28 9/30/29 9/30/30
Operating Expenses $47571 $4,803 $4,908 $57086 $5,270 $57529 $5,650 $5,873 $67091
$6,319
Other Revenue Requirements:
Debt Service $509 $472 $473 $473 $900 $901 $903 $11057 $862
$862
Capital Funded from Rates 0 0 0 0 0 0 0 0 0
0
To Renewal and Replacement Account 530 716 742 841 871 977 11011 11127 11166
1,281
Transfer to Operating Reserves 0 0 0 0 0 0 0 0 0
0
Gross Revenue Requirements $51610 $51991 $61123 $61400 $71041 $71407 $71564 $81057 $81119
$8462
Less Income and Funds from Other Sources:
Other Revenues $234 $238 $240 $243 $245 $248 $251 $254 $257
$260
Interest Income 34 30 24 23 23 22 22 26 24
20
Net Revenue Requirements $51342 $51723 $51859 $6,134 $61773 $71137 $71291 $71777 $7,838
$8,182
Identified Price Index Adjustments 2.98% 1.85% 1.21% 1.43% 1.50% 1.50% 1.60% 1.50% 1.50%
1.51%
Revenue Under Existing/ Indexed Rates $51976 $61241 $61344 $61461 $61575 $61676 $61786 $61890 $61992
$7,036
Revenue Surplus / (Deficiency) Under Indexed $634 $518 $485 $327 ($198) ($461) ($505) ($887) ($846)
($1,146)
Rates
Identified Add'l Rate Adjustments N/A 0.00% 2.29% 2.07% 2.00% 2.00% 1.90% 2.00% 2.00%
1.99%
Effective Months of Rate Adjustment N/A 11 11 11 11 11 11 11 11
11
Additional Revenue from Identified Rate
Adjustments:
Current Year Adjustments $0 $0 $139 $131 $132 $136 $134 $146 $151
$155
Cumulative Prior Period Adjustment 0 0 0 148 290 434 585 737 902
1,067
Total Additional Revenue $0 $0 $139 $279 $422 $570 $719 $883 $11053
$1,222
Revenue Surplus Deficiency After Identified Rate $634 $518 $624 $606 $224 $109 $214 ($4) $207
$76
Adjustments
[ 1 ] Amounts shown in thousands of dollars ($1, OOOs) and derived from Table 11 at the end of this section.
As can be seen from the prior table, it is anticipated that the Village will meet the projected funding
requirements of the System recognizing continued application of the adopted price index during the
Forecast Period as well as other additional rate adjustments. The primary reasons for the proposed
increased in potable water rates are due to: i) continued increases in the cost of operation and
maintenance due to inflation, System growth and other factors; ii) the funding of budgeted
departmental capital outlays and the CIP recognized primarily for the renewal and replacement of
existing assets; iii) as part of the funding of the capital plan, the funding of the issuance of additional
debt to finance the capital plan as identified by the Village; and iv) increase the operating reserves and
establish an programmed capital re -investment plan to further promote pay-as-you-go capital
financing and to establish capital reserves to promote the going concern of the System.
23
Page 165 of 406
Agenda Item #13.
Projected Ending Cash Balances
With respect to the estimated cash balances in the various funds and accounts of the System and based
on the assumptions recognized for the financial forecast and assumed implementation of the identified
rate adjustments, projected ending cash balances in the various accounts and funds maintained by the
Village for the System were evaluated in order to determine the availability of funds for capital
financing, calculate interest income earned on such accounts and funds, and to maintain a positive
credit position. The projection of ending cash balances is shown in greater detail on Table 6 at the end
of this report and is summarized below:
Table 18: Projected Water System Ending Cash Balances ($000s) [1]
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
Ending
9/30/21
9/30/22
9/30/23
9/30/24
9/30/25
9/30/26
9/30/27
9/30/28
9/30/29
9/30/30
Ending Cash Balances:
Operating Reserves
$5,691
$3,961
$3,684
$4,228
$4,087
$3,514
$3,222
$3,196
$3,337
$3,184
Customer Deposits
40
40
40
40
40
40
40
40
40
40
Renewal and Replacement Account
147
446
793
421
460
661
1,551
2,158
835
419
(R&R)
Debt Service Reserve Account
0
0
0
0
0
0
0
0
0
0
Contribution Fee Account
55
328
493
644
745
762
779
797
815
834
Bond Proceeds (Construction Fund)
0
0
0
0
0
0
0
0
0
0
Total Ending Cash Balances
$5,933
$4,775
$5,010
$51333
$5,332
$4,977
$5,592
$6,191
$5,027
$4,477
[ 1 ] Derived from Table 5; amounts shown in thousands of dollars ($1,000s). Assumes identified rate adjustments are implemented
by the Village.
As can be seen above, the ending cash balances are projected to gradually decrease during the Forecast
Period with: i) operating reserves being relatively stable and ii) capital reserves remaining relatively
stable which includes the use of cash balances to fund a portion of the ongoing capital needs of the
System while allowing additional funds to accrue in anticipation of expected future capital needs
(e.g., continued major water treatment plant improvements). Overall cash balances are forecasted to
maintain compliance with minimum recommended reserve targets assumed for the development of
the financial forecast.
Proposed Rates for Service
The Village's current water rates include two separate rate structure (cost recovery) components. These
components are: i) a monthly flat rate (minimum) charge that serves as a readiness -to -serve charge that
recovers a portion on the revenue requirements considered as being fixed (links to capacity); and ii) a
volumetric or flow charge which includes an inverted block rate structure to promote water conservation.
The fixed costs represent expenses that are consistent and do not vary based on the water use or the
customer demands of the system. Fixed costs generally would include, but are not limited to, debt service
and capital facility funding, certain employee salaries and other employee benefits, insurance on utility
plant, and other related costs. The variable costs represent expenses that are incurred based on actual water
use. Items that would be considered being variable -related would include, but are not limited to, electricity
and chemicals, operating supplies, and certain salaries and other employee benefits.
24
Page 166 of 406
Agenda Item #13.
The monthly flat rate (readiness -to -serve) charge is billed based on the number of ERCs assigned to the
account based on a review of the detailed customer billing data provided by the Village. As previously
mentioned, all customers are billed the same flat rate based on the number of ERCs serving the property —
this promotes a consistent application of the readiness -to -serve charge among all customers. An ERC is
generally representative of the average daily capacity or demands of asingle-family residential unit and
generally represents the lowest level and the most common level of use and is used to evaluate the size and
capacity needs of a utility system. Since multi -family (master -metered condominiums and apartments) and
commercial customers may be served by a larger -sized meter than the standard residential customers and
generally have different (higher) water usage per account /meter requirements, it is useful to equate such
customers on an equivalent basis to the single-family residential class to provide a more consistent
presentation of the total customer base served. Approximately 34.3% of the total revenues derived from
rates are generated from the application of the water flat rate charge and it is proposed that this cost recovery
strategy be maintained as it promotes a favorable level of revenue stability.
The water conservation blocks for the billing of water consumption is based on the number of ERCs
recognized for each account which also promotes consistency to the capacity allocation. If a customer has
more ERCs assigned to the account which results in higher readiness -to -serve charges, it is fair to match
the water use to the capacity allocation and all the consumption blocks should have the same usage
characteristics per ERC. Currently the rate structure the Village has in place follows this rate design
principle, it is proposed that Village continue this block structure pricing for each block.
Based on discussions with the Village, a review of other neighboring utilities in terms of conservation
pricing, a review of South Florida Water Management District (SFWMD) general irrigation application
criteria, and to increase the pricing for water to promote conservation at the higher water use levels (use
per ERC), it is recommended that the water usage tiered structure be modified as follows:
The first block should continue to be structured to reflect "essential use" water demands
(i.e., indoor use such as bathing, cooking, cleaning, etc.) and the first block is recommended to be
reduced to 6,000 gallons to promote water conservation based on average monthly usage of
customers. Based on studies performed for the industry, the average indoor water use per capita
generally ranges from 60 to 75 gallons per day per person. Based on an average household size of
2.26 persons per household (reported by the U.S. Census Bureau), this would equate to a range in
indoor use of 4,100 to 5,100 gallons per month. The 6,000-gallon usage block allows for some
diversity in household size yet links to typical indoor use for single-family residences.
To increase water conservation incentives yet recognize differences in discretionary and excessive
use, it is recommended that a stronger pricing signal be recognized based on our understanding of
the conservation objectives of the water management districts and a review of rate structures for
other jurisdictions. The proposed water use tier adjustments would include i) having a second tier
that provides a usage range that would link to effective outdoor irrigation use (referred to as
discretionary use) which provides an expanded usage block when compared to the first tier which
is also consistent with the allocated capacity allocated to an equivalent residential connection per
the Village's utility Code of Ordinances (equal to the average daily flow per ERC at 350 gallons of
water per day); ii) having the third tier rate with the same usage range as the second block that
would also generally link to the capacity of an ERC but would be priced higher to reflect a water
25
Page 167 of 406
Agenda Item #13.
use considered as being excessive; and iii) a fourth block that would further promote water
conservation. The proposed rates for water service are summarized below:
Table 19: Proposed Monthly Water Rate Schedule
Monthly Service Charge:
Residential (Single- and Multi -Family) and Commercial Service: [1] [2]
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
Meter Size
2022
2023
2024
2025
2026
5/8"
$21.50
$22.25
$23.03
$23.84
$24.67
3/4"
$21.50
$22.25
$23.03
$23.84
$24.67
1"
$53.68
$55.56
$57.50
$59.51
$61.59
1-1/2"
$107.50
$111.26
$115.15
$119.18
$123.35
2"
$172.00
$178.02
$184.25
$190.70
$197.37
3"
$322.50
$333.79
$345.47
$357.56
$370.07
4"
$537.50
$556.31
$575.78
$595.93
$616.79
6"
$11075.00
$11112.63
$1,151.57
$11191.87
$11233.59
Consumption Charge:
(per 1,000 Gallons of
Metered Water): [2] [3]
Block 1
Block 2
Block 3
Block 4
Block 4
Block 1
$2.75
$2.85
$2.95
$3.05
$3.16
Block 2
$4.25
$4.40
$4.55
$4.71
$4.87
Block 3
$6.00
$6.21
$6.43
$6.66
$6.89
Block 4
$8.00
$8.28
$8.57
$8.87
$9.18
[ 1 ] Metering of multi -family accounts where a single meter is installed in a water connection serving a multi -family structure, the minimum
monthly service charge shall be not less than an amount equal to the number of dwelling units multiplied by the minimum charge for a
5/8"x 3/4" monthly or the base
facilities charge
associated with the installed meter size, whichever is greater.
[2] The Village imposes a 25% surcharge on monthly
rates, fees, and charges on all customers located outside the corporate boundaries of
the Village; rates shown above are for inside Village
service.
[3] Consumption Block parameters
(expressed in thousands of gallons) as follows:
Block 1
Block 2
Block 3
Block 4
Residential and Multi-
0-6
6-15
15-30
Above 30
Family Service (per Unit)
Commercial
Meter Size:
5/8" x 3/4"
0-6
6-15
15-30
Above 30
1"
0-15
15-37
37-50
Above 50
1-1/2))
0-30
30-75
75-120
Above 120
2"
0-48
48-120
120-240
Above 240
3"
0-90
90-225
225-450
Above 450
4"
0-150
150-375
375-750
Above 750
6"
0-300
300-750
750-1,500
Above 1,500
(Remainder of Page Intentionally Left Blank)
26
Page 168 of 406
Agenda Item #13.
Customer Impact Analysis
It should be noted that a change in rate structure will affect customers differently than a change based
on a uniform application of a rate increase (i.e., all customers get the same percentage rate adjustment).
Based on the rate objectives discussed with the Village as it relates to revenue stability (zero use to
very low water users are charged a higher fee to fund the System being in a "state -of -readiness" to
meet the customer needs at any time), limit the rate increase for the average residential customer
(generally uses between 6,000 to 8,000 gallons), to promote increased conservation awareness for large
users through pricing incentives, and implement a price index rate adjustment of approximately 1.85%
beginning in Fiscal Year 2022 (note that index was applied in Fiscal Year 2021) to improve cost
recovery, the proposed rates meet these objectives. This can be seen on the table below relative to the
anticipated change in bills for the single-family residential class:
Table 20: Summary of Customer Bill Impacts - Proposed Rates - Fiscal Year 2022
Monthly
Water User Proposed Bill Difference in Difference in
per Account Existing Bill - Fiscal Year Bills - Bills - Water Use
(Gallons) for Service 2022 [2] Amount Percentage [3] Identification
0 [ 1 ]
$19.67
$21.50
$1.80
9.30%
1, 000
22.79
24.25
1.46
6.41 %
2,000
25.91
27.00
1.09
4.21%
3,000
29.03
29.75
0.72
2.48%
4,000
32.15
32.50
0.35
1.09%
5,000
35.27
35.25
(0.02)
(0.06)%
6,000
38.39
38.00
(0.29)
(1.02)%
7,000
41.51
42.25
0.74
1.78%
8,000
44.63
46.50
1.87
4.19%
9,000
47.75
50.75
3.00
6.28%
101000
50.87
55.00
4.13
8.12%
11, 000
53.99
59.25
5.26
9.74%
12,000
57.11
63.50
6.39
11.19%
13,000
62.36
69.50
7.14
11.45%
14,000
67.61
75.50
7.89
11.67%
15,000
72.86
81.50
8.64
11.86%
16,000
78.11
87.50
9.39
12.02%
17,000
83.36
93.50
10.14
12.16%
18,000
88.61
99.50
10.89
12.29%
19, 000
93.86
105.50
11.64
12.40%
201000
99.11
111.50
12.39
12.50%
Indoor
- Essential
Indoor
- Essential
Indoor
- Essential
Indoor
- Essential
Indoor -
Essential
Indoor -
Essential
Indoor
- Essential
Outdoor - Discretionary
Outdoor - Discretionary
Outdoor - Discretionary
Outdoor - Discretionary
Outdoor - Discretionary
Outdoor - Discretionary
Outdoor - Discretionary
Outdoor - Discretionary
Outdoor - Discretionary
Outdoor - Discretionary (high)
Outdoor - Discretionary (high)
Outdoor - Discretionary (high)
Outdoor - Discretionary (high)
Outdoor - Discretionary (high)
[ 1 ] Represents the Minimum Monthly Bill charged for service.
[2] Reflects estimated monthly bills based on the proposed rate structure as presented in this report.
[3] The System rate adjustment (increase in rate revenues) was targeted at 1.85% which was referred to as a price
index rate adjustment; rates were last adjusted on October 1, 2019.
In order to provide additional information to the Village regarding the competitiveness of the Village's
current and identified Fiscal Year 2022 rate adjustment, a comparison of neighboring utilities average
27
Page 169 of 406
Agenda Item #13.
bills charged to residential customer with 5/8" x 3/4" individually metered accounts was prepared
and is shown as follows:
Table 20: Inside -the -Village Residential Service Assuming 8,000 Gallons of Utility Service [1]
Water
Village of Tequesta:
Existing Rates (2021) $44.63
Proposed Rates (Effective 10/ 1 /2022) 46.50
Monthly Change in Rates $1.8 7
Other Local Utilities (as of January 2021):
Town of Jupiter [2]
33.63
South Martin Regional Utility [2]
35.87
Palm Beach County [2]
35.93
Martin County [2]
36.51
Seacoast Utility Authority
37.62
Village of Wellington [2]
41.73
Riviera Beach Utility District [2]
41.89
Town of Lake Clarke Shores [2]
43.18
St. Lucie West Services District
43.18
City of Stuart
44.84
Fort Pierce Utilities Authority [2]
45.46
City of Port St. Lucie [2]
52.29
City of West Palm Beach [2]
54.82
City of Lake Worth
64.25
St. Lucie County [2]
64.25
Okeechobee Utility Authority
67.02
Other Local Utilities' Average $47.84
[1] Amounts shown derived from Table 13 at the end of this report and assume service through a 5/8" x 3/4"
meter; other neighboring utilities represent utilities located in the southeast portion of the state in general
proximity to the Village's utility service area. For municipal systems, rates reflect service for customers located
inside -the -city; many jurisdictions charge an outside -the -city surcharge for service outside corporate city limits
similar to the policy of the Village.
[2] Utility is involved in a rate study, is planning to conduct a rate study, or is planning to implement a rate revision
within the next 12 months.
As shown in greater detail within Table 13 at the end of this report, the recommended Water System
rates for the Village generate bills that are generally a little higher than the average of other comparable
utilities for the typical residential customer using 8,000 gallons of monthly service but are considered
competitive and reasonable. The determination of bills for the other neighboring Florida utilities was
calculated based on rates in effect as of the billing month of January 2021. It should also be noted that
most of the surveyed utilities included in the comparison are anticipated to implement rate
W
Page 170 of 406
Agenda Item #13.
adjustments in 2022. Additionally, the comparison is exclusive of outside city surchargesM that may
be charged to customers receiving service from municipally owned utilities outside the respective City
limits.
Conclusions and Rate Recommendations
Based on assumptions and analyses as presented in this report and shown in more detail in the tables
at the end of this report relative to the determination of the Financial Forecast and revenue sufficiency
analysis for the System, the following conclusions and recommendations are made:
I . The existing rates, including the continued application of the annual price index is anticipated
to not to be sufficient to meet the forecasted financial needs of the System, including: i) the
funding of the ongoing operation and maintenance expenses; ii) the capital improvement
program primarily for the renewal and replacements of the System utility infrastructure; and
iii) the issuance of additional debt to fund a portion of the identified capital plan, including the
initiation of the water main replacement program included in the capital plan.
2. Based upon the assumptions as disclosed herein and the findings of this analysis, which includes
the implementation and recognition of the price index and additional rate adjustments, the
Village's financial operating targets and goals are anticipated to be generally achieved:
a. The revenue requirements of the Utility are fully funded;
b. The projected capital needs of the Utility are fully funded; and
c. Targeted ending cash balances are met throughout the Forecast Period.
3. In order to promote i) increased revenue stability; ii) comparability to the rates charged by others
in the South Florida area; and iii) a higher degree of water conservation which is a requirement
of the Village's consumptive use permit issued by the SFWMD, it is recommended that the
Village adjust the rate structure. The projected rates for water service were compared with
neighboring and peer communities. It is expected that the Village's rates will remain competitive
recognizing implementation of the identified rate implementation plan; and
4. Recognizing that actual results may vary from projections, it is recommended that the Village
periodically perform updates to this revenue sufficiency evaluation in order meet the capital,
rate and financial objectives and best management practices as discussed in this report.
(Remainder of page intentionally left blank)
[ 1 ] Pursuant to Florida Statutes Section 180.191, municipally owned and operated utilities may charge an Outside
City surcharge from 25% to 50% of the total bill.
29
Page 171 of 406
Agenda Item #13.
LIST OF TABLES
Table No.
Title
1 Historical and Projected Customer Statistics
2 Projected Water System Rate Revenues
3 Development of Other Operating Revenues
4 Development of Projected Connection Charge Revenues
5 Projected Fund Cash Balances and Interest Income
6 Development of Projected Escalation Factors
7 Summary of Historical Operating Expenses
8 Summary Projected Operating Expenses
9 Ten- (10) Year Projected Capital Improvement Program
10 Existing and Proposed Debt Service Summary
11 Projected Water System Net Revenue Requirements and Rate Adjustments
12 Projected Debt Service Coverage and Rate Covenant Requirements
13 Comparison of Typical Monthly Residential Bills for Water Service
30
Page 172 of 406
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Page 181 of 406
Agenda Item #13.
Table 7
Village of Tequesta
Water System
Summary of Historical Operating Expenses
Line
No. Description
OPERATING EXPENSES:
Water Administration
Personal Services
1 Regular Salaries and Wages
2 Additional Personnel (Utilities Director)
3 Overtime - Disaster
4 Bonus Pay Plan
5 Clothing and Boots
6 Part -Time Salaries
7 Auto Allowance
8 Cell Phone Allowance
9 Other Allowances
10 Compensated Absences
11 FICA Taxes
12 Medicare Taxes
13 PR6 Contributions
14 VOT Pension Contributions
15 Life/Health Insurance
16 Retiree Health Care Expense
17 Workers' Compensation
18 Employee Assistance Program
19 ICMA-Def Comp Plan
20 Total Personal Services
Operating Expenses
21 Personnel Training
22 Legal Services
23 Engineering Services
24 Legal Services - Personnel
25 Accounting and Audit
26 Other Contractual Service
27 Communication
28 FEC Lease
29 Insurance
30 Computer System Maint & Supply
31 Other Miscellaneous Charges & Obligations
32 Admin Management Fees
33 Licenses, Fees & Permits
34 Office Lease
35 Other
36 Total Operating Expenses
37 Total Water Administration
Water Production
Personal Services
38
Regular Salaries and Wages
39
Additional Personnel
40
Overtime
41
Overtime - Disaster
42
Holiday Pay
Fiscal Year Ending September 30,
Actual Actual Actual
$ 2661592 $
277,435
$ 3251253
725
39190
755
-
19325
4,175
-
609
24
4,495
1,819
5,763
1,172
680
248
1,200
-
-
(16,029)
81132
371288
149737
155913
201023
4,081
49313
4,704
281776
22,423
421535
241012
25,366
471186
(655)
1,140
(10,351)
8,227
12,079
31795
111451 3,024
12,264
4,365
221095
1321546
93,337
501948
-
69,165
14903 8
30,352
32,850
31,964
18,000
30,563
85,958
21387
2,100
21100
14,122
15,122
15,162
43,423
46,054
11309
3,138
38,970
-
2,146
129
-
556,200
5721900
5981596
781
781
781
-
-
1,287
$ 500,727 $ 542,458 $ 573,295
21,799 181387 16,227
- 59818 2,772
605 7,662 81923
Page 1 of 4
Page 182 of 406
Agenda Item #13.
Table 7
Village of Tequesta
Water System
Summary of Historical Operating Expenses
Line
No. Description
43 Standby Pay
44 Bonus Pay Plan
45 Clothing and Boot
46 Part Time
47 Auto Allowance
48 Cell Phone Allowance
49 Compensated Absences
50 FICA Taxes
51 Medicare Taxes
52 FRS Contributions
53 VOT Pension Contributions
54 Life/Health Insurance
55 HSA Health Savings
56 Retiree Health Care
57 Workers' Compensation
58 Unemployment Compensation
59 Total Personal Services
Operating Expenses
60 Personnel Training
61 Water Analysis and Sampling
62 Other Contractual Services
63 Travel Per Diem
64 Communication Services
65 Postage
66 Utility Services
67 Operating Leases
68 Vehicle Repair
69 Building Repair
70 Landscape and Irrigation
71 Equipment Repair & Maint
72 Computer System Maintenance
73 Water System Maintenance
74 Well Redevelopment
75 Printing and Binding
76 Other Misc. Charges and Obligations
77 Licenses
78 Office Supplies
79 Gas and Oil
80 Small Tools
81 Diesel Fuel
82 Uniforms
83 Water Purchases
84 Water Chemicals
85 Laboratory Supplies
86 Books, Publications
87 Budget Cost Savings
88 Capital Outlay
89 Total Operating Expenses
90 Total Water Production
Fiscal Year Ending September 30,
Actual Actual Actual
8,164
8,826
9,889
500
-
500
975
19100
975
1,846
-
-
369
-
-
23,185
49678
-
32,856
35,360
3607
7,684
8,270
8,580
71920
12,796
121457
111774
54,586
551871
981836
114,067
1251786
-
-
810
(1,733)
3,018
(22,441)
161501
23,906
211840
282
395
878
$ 1,471 $
2,397
$ 1,255
36,117
37,437
35,205
27,671
-
-
852
1,860
651
16,167
17,895
191198
19469
2,004
11
377,835
4109225
3701298
1,953
29496
2,503
71467
129678
39227
39,220
31,765
231123
301074
10,450
121682
251423
675
56
16,731
-
-
70,971
108,961
127,533
4,275
2,367
922
41598
209
31400
301045
161164
231650
71820
61959
61250
3,666
3,452
21777
7,277
6,901
4,475
10,153
39602
4,752
4,114
3,994
2,737
175,389
215,372
180,548
28,676
17,541
17,205
1,659
11137
1,796
$ 1,669,463 $ 11760,466 $ 1,6971303
Page 2 of 4
Page 183 of 406
Agenda Item #13.
Table 7
Village of Tequesta
Water System
Summary of Historical Operating Expenses
Line
No. Description
Water Distribution
Personal Services
91
Regular Salaries and Wages
92
Additional Personnel
93
Overtime
94
Overtime - Disaster
95
Standby Pay
96
Bonus Pay Plan
97
Clothing and Boot
98
Part Time
99
Auto Allowance
100
Cell Phone Allowance
101
Compensated Absences
102
FICA Taxes
103
Medicare Taxes
104
FRS Contributions
105
VOT Pension Contributions
106
Life/Health Insurance
107
Retiree Health Care
108
Workers' Compensation
109 Total Personal Services
110
Personnel Training
III
Education Reimbursement Program
112
Other Contractual Services
113
Travel Per Diem
114
Communication Services
115
Postage
116
Operating Leases
117
Office Equip
118
Vehicle Repair
119
Building Repair
120
Landscape and Irrigation
121
Equipment Repair & Maint
122
Computer System Maintenance
123
Water System Maintenance
124
Printing and Binding
125
Other Misc. Charges and Obligations
126
Licenses
127
Office Supplies
128
Gas and Oil
129
Small Tools
130
Uniforms
131
Budget Cost Savings
132
Capital Outlay
133 Total Operating Expenses
134 Total Water Distribution
Fiscal Year Ending September 30,
Actual Actual Actual
$ 4421872 464,728 $ 496,425
9,630
9,557
7,492
-
2,246
65
23,230
289406
31,333
1,000
1,750
500
687
687
687
99880
33,270
-
29,092
30,900
321482
61804
7,227
71597
171191
12,428
141281
491790
4400
191025
859795
105,417
1161260
(1,540)
200
(13,321)
111825
15,215
131990
$ 686,255 $
759,312
$ 7261816
$ 1,150
2,294
$ 1,104
-
-
15,265
128
19121
131
105301
139651
149488
27,239
26,205
309635
39231
1,384
15330
509
-
-
8,650
11,392
151089
11962
49831
300
692
758
231
5,251
12,646
81849
6,304
-
-
23,029
34,023
551331
139519
10,200
149782
59051
85226
41600
944
19363
29624
19368
39180
39565
91325
101848
91037
4,479
5,719
7,636
2,759
3,162
3,762
Page 3 of 4
Page 184 of 406
Agenda Item #13.
Table 7
Village of Tequesta
Water System
Summary of Historical Operating Expenses
Fiscal Year Ending September 30,
Line
Actual
Actual Actual
No.
Description
2018
2019 2020
Other Operating Expenses
Renewal and Replacement
135
R&M Pump and Motor
$ 121451
$ 1,717 $ -
136
Other Debt Service Costs
44,934
229467 0
137
Bank Charges
10,710
19518 533
138
Credit Card Fees
14,827
169407 219768
139
Bad Debt
0
0 0
140 Total Other Costs and Renewal and Replacen $ 82,922 $ 42,109 $ 22,301
141 Total Operating Expenses $ 3,728,674 $ 3,99609 $ 4,056,155
Page 4 of 4
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Page 195 of 406
Agenda Item #13. Table13
Village of Tequesta
Water System
Comparison of Typical Monthly Residential Bills for Water Service (1)
Residential Service for a 5/8" or 3/4" Meter
Page 1 of 1
Line 0 200 31000 61000 8,000 101000 1500 201000
No. Description Gallons Gallons Gallons Gallons Gallons Gallons Gallons Gallons
Village of Tequesta
1 Current Rates
2 Proposed Rates - FY 2022
Other Florida Utilities:
3 City of Port St. Lucie [2]
4 Riviera Beach Utility District
5 City of Lake Worth
6 Town of Lake Clarke Shores [2]
7 City of Stuart
8 City of West Palm Beach [2]
9 Fort Pierce Utilities Authority [2]
10 Martin County [2]
11 Okeechobee Utility Authority
12 Palm Beach County
13 Seacoast Utility Authority
14 South Martin Regional Utility [2]
15 St. Lucie County [2]
16 St. Lucie West Services District
17 Town of Jupiter [2]
18 Village of Wellington
19 Other Florida Utilities'- Average
$19.67
$25.91
$29.03
$38.39
$44.63
$50.87
$72.86
$99.11
$21.50
$27.00
$29.75
$38.00
$46.50
$55.00
$76.25
$106.25
11.48
20.64
25.22
40.35
52.29
64.23
98.22
134.97
18.13
23.35
25.96
34.75
41.89
49.03
72.53
96.03
21.14
27.96
31.37
45.28
55.78
70.00
121.54
183.74
25.69
37.91
44.02
62.35
74.57
86.79
117.34
147.89
17.44
24.12
27.46
37.82
44.84
56.92
90.12
125.32
23.66
30.99
34.65
45.65
54.82
64.00
89.40
116.40
14.90
26.36
26.36
37.82
45.46
53.10
77.00
105.65
18.03
22.65
24.96
31.89
36.51
41.13
57.53
78.48
20.85
29.63
34.02
53.82
67.02
80.22
113.22
146.22
16.37
19.41
20.93
29.19
35.93
42.67
85.12
127.57
22.08
24.32
25.44
28.80
37.62
46.44
68.49
90.54
21.61
23.55
24.52
31.33
35.87
40.41
57.41
74.41
24.33
32.09
35.97
50.57
64.25
77.93
123.28
176.18
15.42
22.36
25.83
36.24
43.18
50.12
67.47
84.82
22.21
24.83
26.14
30.07
33.63
37.19
47.45
63.15
20.71
25.39
27.73
34.75
41.73
48.71
66.16
89.56
19.63
25.97
28.79
39.42
47.84
56.81
84.52
115.06
(1) Unless otherwise noted, amounts shown reflect residential rates believed to be in effect January 2021 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.
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