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HomeMy WebLinkAboutAgreement_Water Service_10/13/2022_Raftelis Financial Study Update September 21, 2022 Ms. Marjorie G. Craig, P.E. Director, Utilities Department 345 Tequesta Drive Village of Tequesta, FL 33469 Subject: Water Utility Financial Forecast and Capital Recovery Charge Update Study Dear Ms. Craig: Based on our conversations with the Village of Tequesta(the"Village")and as requested,we have prepared the following agreement to provide utility rate and financial consulting services (the "Agreement") on behalf of the Village's water utility enterprise fund (the "Water System"). The services to be provided by Raftelis Financial Consultants, Inc. (Raftelis) includes the preparation of an update to the financial forecast previously prepared for the Water System during Fiscal Year 2022 to evaluate the current near-term fiscal position of such Water System, the continued development of a prospective financing plan to fund the Water System water main replacement program using different capital recovery charge scenarios, projected expenditure requirements, and the evaluation of the overall sufficiency of the rate revenues to meet the Village objectives for sustained utility service (the "Project"). Based on our discussions, the Project would primarily consist of extending and updating the ten-fiscal year financial forecast (current budget year plus an additional nine fiscal years) model to encompass twenty years of projected service needs and expenditures for the Water System,updating the financial management benchmark analysis as part financial model to evaluate the financial position of the Water System, the development of the capital funding plan (including the development of a capital recovery charge to specifically fund the water main replacement program), and the determining the need for the maintenance of or adjustments to the adopted water user rate adjustments(if any)in order to meet the overall financial needs and capital funding requirements of the Water System. Based on our understanding of the Project, Raftelis proposes the following: PROJECT TEAM AND BILLING RATES With respect to the performance of the Project,Mr. Robert J.Ori will be the Technical Advisor for the Project and Mr. Matthew Ori will be the Project Manager for the Project; both will serve as primary contact between the Village and Raftelis. Raftelis may utilize other employees or associates during the Project as needed. Please see Attachment A for a summary of the personnel by title and billing rates for Raftelis staff that may be utilized during this engagement which is made part of this Agreement. 341 NORTH MAITLAND AVENUE — SUITE 300— MAITLAND, FL 32751 Tel: 407-628-2600 • Fax: 407-628-26 I 0 Ms. Marjorie G. Craig, P.E. Village of Tequesta September 21,2022 Page 2 SCOPE OF SERVICES The scope of services to be performed by Raftelis is included in Attachment B, which is made a part of this Agreement. COMPENSATION AND BILLING Based on the scope of services as summarized in Attachment B,we propose to establish a contract budget to perform the Project on behalf of the Village in the amount of$35,750 A cost estimate is shown in Attachment C, which is made a part of this Agreement. This contract budget amount includes the direct cost of personnel anticipated to be assigned to conduct the various tasks of the Project by Raftelis as well as an allowance for other direct costs such as travel,telephone,delivery charges, and sub consulting expenses, if any. The costs incurred by Raftelis for such other direct costs, if any, will be billed based on the actual cost to provide service. It is proposed that Raftelis would bill monthly for services relative to this engagement based on the sum of: i)the hourly amount of time spent by the Project team members; and ii)the other direct costs incurred to provide the financial consulting services; and iii)the subconsulting expenses incurred by Raftelis, if any, as required to assist in Project completion,as adjusted for administrative costs per Attachment A. It should be noted that the proposed contract budget would be billed on an hourly basis predicated on the actual work effort performed by Raftelis and not on a lump-sum basis. To the extent that the Project was completed at a cost less than the contract budget, Raftelis would not invoice the Village for any amounts remaining (unbilled) on such contract except for the provision of any additional services which the Village may request from Raftelis, as mutually agreed between all the parties. PROJECT SCHEDULE Upon notification to proceed as provided by the Village to Raftelis by no later than October 15, 2022, Raftelis would complete Utility Financial Forecast and Capital Recovery Charge Update such that any proposed rate and capital cost recovery plan could be presented to Village Council in February 2023 for approval and in support of the potential adoption of revised rates associated with funding the water main replacement program and meeting the overall expenditure needs of the System.. This rate implementation date recognizes an initial completion date of the analyses by January 18, 2023, to i) allow for notification to the Village utility customers of any potential change in rates as required by Florida Statutes, Chapter 180; and ii)provide sufficient time to present the proposed capital recovery charges to the Village Council at a public workshop/hearing by April 1,2023.The completion of the analysis would be subject to the availability of information provided to Raftelis from the Village that would be necessary to conduct the rate analysis and the ultimate implementation requirements of the Village. Ms. Marjorie G. Craig,P.E. Village of Tequesta September 21, 2022 Page 3 DISCLOSURE As a registered Municipal Advisor under the Dodd-Frank Act, Raftelis is required to inform our clients of any existing or potential conflicts of interest that may be relevant to any proposed scope of services that may include providing"advice"as that term is defined in the Dodd-Frank Act. As of the date of this engagement letter,no conflicts of interest are known to exist. Under the Dodd-Frank Act the definition of"advice"includes providing any opinion, information or assumptions related to the size, timing and terms of possible future debt issues or borrowing. This type of information may be integrated into the capital and financial planning components of a rate model and financial forecast update. This definition is applicable regardless of whether this information is developed and used solely for planning and decision-making purposes. For the services addressed in the scope of work identified for this engagement, any information that is developed by Raftelis that falls under this definition of municipal advice is not intended to represent a recommendation that the Village should issue debt based on the terms and assumptions used to develop the financial plan or forecast, or that the Village will, in fact,be able to issue debt under the exact terms and conditions assumed and used to develop the financial plan or forecast. The information developed as part of this rate model update, including any related municipal advice, is intended only to provide information useful in evaluating the potential impact on the utility and future rate adjustments of one potential course of action for the Village. If the Village decides at some future date to issue debt, then at that time the Village will need to engage an independent, registered Financial Advisor to assist in evaluating the availability of different types of debt, and the specific terms and conditions for issuing debt, which will be affected by market conditions and the Village's credit rating at the time of issuance. At that time, as a registered Municipal Advisor, Raftelis can also provide additional assistance related to a specific bond or debt issue, such as preparing a bond feasibility report or financial forecast for inclusion in bond documents, without requiring additional oversight or supervision by the Financial Advisor. By signing this engagement letter indicating its approval and acceptance of the of the proposed scope of work and fees,the Village is also explicitly acknowledging that Raftelis has provided the necessary disclosures addressing conflicts of interest and any limitations on the scope of Municipal Advisory services to be provided by Raftelis as part of this engagement. The Municipal Securities Rulemaking Board (MSRB) provides significant protections for municipal entities and obligated persons that are clients of a municipal advisor. To understand the protections provided and how to file a complaint with an appropriate regulatory authority,visit the MSRB web site at www.msrb.org. INSURANCE PROVISIONS AND STANDARD TERMS AND CONDITIONS Included on Attachment D is a general insurance certificate for Raftelis that summarizes the levels of insurance coverage carried by Raftelis. As a condition of approval of this Agreement, Raftelis will have our insurance carrier forward an insurance certificate to the Village. Ms. Marjorie G. Craig, P.E. Village of Tequesta September 21,2022 Page 4 (Remainder of page intentionally left blank) r Ms. Marjorie G. Craig,P.E. Village of Tequesta September 21, 2022 Page 5 We appreciate the opportunity to submit this Agreement to the Village to provide utility consulting services on behalf of the Village's Water System. We have enclosed two (2) copies of this Agreement for the Village's consideration and authorization. If this Agreement, including the cost estimate and scope of services, is acceptable to the Village,please execute both copies and return one to Raftelis;the other copy is for the Village's files and records. Very truly yours, ACCEPTED BY: Raftelis Financial Consultants, Inc. Village of Tequesta, Florida Robert J. On Name MD11 Executive Vice President D!' Title Title September 21,2022 1 O -13 .oa-1 Date Date RJO/dlc Attachments ATTACHMENT A PUBLIC RESOURCES MANAGEMENT GROUP, INC. SCHEDULE OF DIRECT LABOR HOURLY RATES AND STANDARD COST RATES DIRECT LABOR HOURLY RATES Direct Labor Project Team Title Hourly Rates[*] Principal $250.00 Associate $210.00 Managing Consultant $1 95.00 Principal Consultant $175.00 Supervising Consultant $155.00 Senior Consultant S135.00 Rate Consultant $125.00 Consultant $115.00 Senior Rate Analyst $105.00 Rate Analyst $90.00 Analyst $75.00 Assistant Analyst $60.00 Administrative $70.00 [*] Direct labor hourly rates effective twelve months after the date of execution of the Proposal;rates will be adjusted by not more than the net percentage change(but not less than 0%)in the Consumer Price Index— Urban Consumers per annum(rounded to the nearest dollar)or as mutually agreed between parties for invoices rendered after each anniversary date of each year thereafter until project completion or termination of the Proposal between the parties. STANDARD COST RATES Expense Description Standard Rates[*] Mileage Allowance—Personal Car Use Only IRS Standard Mileage Rate Reproduction(Black and White)(In-House) $0.05 per Page Reproduction(Color)(In-House) $0.25 per Page Reproduction(Contracted) Actual Cost Computer Time $0.00 per Hour Telephone Charges Actual Cost Delivery Charges Actual Cost Lodging/Other Travel Costs Actual Cost Meals Not-to-Exceed per PRMG Employee: $8.00—Breakfast $12.00—Lunch $25.00—Dinner Subconsultant Services Actual Cost plus 5.0% Other Costs for Services Rendered Actual Cost [*] Standard cost rates effective twelve months after the date of execution of the Proposal;where applicable, rates will be adjusted by not more than the net percentage change(but not less than 0%)in the Consumer Price Index—Urban Consumers per annum(rounded to the nearest dollar)or as mutually agreed between parties for invoices rendered after each anniversary date of each year thereafter until project completion or termination of the Proposal between the parties.Any Standard Rate adopted by policy by Client will be substituted for the rates shown above. A-1 ATTACHMENT B RAFTELIS FINANCIAL CONSULTANTS, INC. UTILITY FINANCIAL FORECAST AND CAPITAL RECOVERY CHARGE UPDATE STUDY SCOPE OF SERVICES The scope of services to be performed by Raftelis associated with the development of an update to the Village's water utility enterprise fund (the "Water System") financial forecast and revenue sufficiency model to identify trends and to estimate if the approved rates are still sufficient to meet the needs of the Water System and to develop a capital recovery charge proposal to expedite the funding of the water main replacement program that has been identified by the Village and its consulting engineers in previous studies and master plans. The analysis to be conducted on behalf of the Water System will be based on the work effort and financial model initially developed for the Water Utility Revenue Sufficiency and Rate Adequacy Study dated March 30, 2021 and as supplemented through the initial water main replacement cost evaluation presented to the Village Council on August 1,2022 (collectively,the"2022 Study")and will include the following tasks: Task 1 — Data Acquisition and Review: To perform the study within the estimated schedule, it will be necessary to collect as much additional information as possible at the beginning of the study process in order to update and extend the financial forecast. A detailed data request will be prepared by Raftelis to assist the Village staff with compiling specific information about the operation of the System. The information be compiled and provided by the Village will include, but not be limited to, budgetary, financial and billing data, customer usage profiles, existing and future plant in-service requirements to meet capacity needs, and historical system demand requirements. Information to be requested from the Village will include,but not be limited to: i. Year-to-date Customer statistical information as it relates to the service area needs by specific service area(franchise)component; ii. Updated(Fiscal Year 2022)bill frequency information detailed customer usage relationships (number of bills rendered per water use parameter) required to develop a detailed revenue model for rate estimation purposes; iii. Year-to-date 2022, approved 2023 Budget, and other supplemental information regarding the operating expenses of the Water System; iv. Information regarding the availability of funds(cash balances)by type of fund or account; v. Information regarding potential changes in service area needs due to the redevelopment of the service area as well as extension of service to other areas where applicable; B-1 vi. Capital improvement program cost and construction timing estimates as provided by the Village and its consulting engineers, including any update to the projects that have been approved in prior years that arc still on-going(i.e.,construction-work-in-progress); and vii. Other relevant information (e.g., consumer price index for price index rate adjustments, current utility rate resolution, most recent Comprehensive Annual Financial Reports and other financial records and reports, etc.) as deemed necessary by Raftelis to prepare the financial evaluation of the System. Raftelis will prepare a data request for response by the Village to initiate the data compilation efforts and will also attend a kick-off/data review meeting with both parties to evaluate trends of the Water System as well as review the compiled data necessary for project completion. Task 2 — Customer Statistical and System Demand Forecast: Based on an up-to-five-year historical trend of customer statistics by primary service area as provided by the Village, Raftelis will prepare a twenty-year customer and finished water demand forecast of the Water System (represents an extension to the current financial forecast model of an additional live years). The Test Year for the forecast will be the Fiscal Year 2023 and the projection period will consist of the Fiscal Years ending September 30, 2023 through 2042 (collectively, the Test Year and the subsequent twenty-year forecast is referred to as "Forecast Period"). Raftelis will work with the Village to identify potential growth or changes in water demands I use in the existing Water System service area,changes in the service area due to incremental utility extensions required of the Water System, as well as any change in service area due any existing and supplemental service agreements that may outstanding during the Forecast Period. Task 3—Development of Revenue Projections from Existing Rates: This task involves the update of projections of utility rate revenues for the Forecast Period from existing rates recognizing: i)the results of the customer and sales forecast performed in Task 2; and ii) the Village's existing and approved rates for service, including the continued application of the price index rate adjustment as provided in the Village's rate resolution as appropriate. Additionally, this task will involve a rate-revenue "reasonableness" test (reconcile model results to reported amounts on the Village most recently available financial statements) to ensure that the revenue model and billing determinants arc reasonable relative to the modeling process. Raftelis will prepare a forecast of the utility rate revenues from existing rates based on the customer forecast delineated above, recognizing increases rates due to the application of the annual price index rate adjustment as currently allowed by utility ordinance.The customer and corresponding revenue forecast will serve as the basis for the review of net margins and availability of funds associated with the overall fiscal evaluation of the Water System. This task will also involve the projection of other operating revenues, interest income earned on unrestricted fund balances as defined in the bond resolution/ governing loan agreements lbr the utility system and revenues derived from other utility transactions (e.g., miscellaneous customer service charges). Task 4 — Development of Operating Expense Projections: This task involves the update of the estimated amount of operating expenses required to be funded from water rates for the Forecast Period. Raftelis will work with the Village to identify changes in utility operations that may result B-2 when compared to the assumptions contained in the 2022 Study. The Raftelis projection of Operating Expenses will consider recent historical trends and changes in cost of providing service, estimates provided by the Village as it relates to ongoing operations,and changes in operation due to new regulations or the implementation of the capital improvement plan, and the recognition of inflationary allowances for the general cost of operations.The operating expense analysis will be performed to identify the net revenue margins to the utility that are critical in meeting the debt compliance requirements of the Water System as well as identification of fund availability for repayment of existing and any future debt and capital funding. Finally, other operating expenses such as inter-fund transfers,administrative allocations,contingency reserves,insurance needs,and other expenses will be evaluated to ensure that the full recovery of costs are reflected in the rate sufficiency analysis. Task 5—Capital Improvement and Funding Analysis: This task involves a detailed review of the Village's current Fiscal Year 2023 budget and subsequent fourteen-year or applicable capital improvement program and other engineering planning documents, and the performance of a funding analysis to identify available sources of funds for financing of the capital improvement program and the estimated impact on utility rate revenues associated with the capital funding program for the Forecast Period. This task will include the development of the estimated fund balance by individual fund!account and the development of a flow of funds analysis for liquidity evaluation purposes. Raftelis will work with the Village to develop a capital plan that is fully funded yet meets the overall needs of the Village from an affordability basis. As a component of the capital funding plan and based on the identified water main replacement program needs and construction timing,Raftelis will prepare up to three(3)capital recovery charge rate scenarios to help expedite the water main replacement program of the Village. Working with Village staff, Raftelis will create different cost recovery(rate)options to present levels of funding utilizing a fixed capital recovery charge added to the monthly utility bill. These scenarios will focus on varying dollar amounts and time frames in which to complete the water main replacement program at an expedited rate. The scenarios will then be included in a presentation to Village Council. Task 6 — Other Revenue Requirement Identification and Management Dashboard: In order to evaluate the financial position of the Village's Water System,Raftelis will update the"management dashboard" to allow for the review of the financial position of the utility and the ability to perform sensitivity analyses in order to finalize the financial forecast. As part of this task, Raftelis will work with the Village to identify or update any financial performance targets that will provide guidelines and support for the financial forecast and revenue sufficiency fiscal policies necessary to address the need for goals related to financial performance indicators, such as debt service coverage ratios and reserve fund levels which the Village may deem necessary. Task 7—Compliance Analysis: This task will include a review of compliance to the rate covenant requirements and the flow of fund requirements as defined in the governing bond resolution/ loan documents that authorized the issuance of the outstanding utility system revenue bonds and System indebtedness. The compliance analyses will be performed for the Forecast Period to maintain the financial integrity of the utility system. B-3 Task 8 —Rate Comparisons with Neighboring Utilities: Raftelis will prepare a rate comparison of the Village's existing water rates with other neighboring utilities and illustrate the potential customer impact on any recommended rate adjustments associated with the development of the financial forecast and rate evaluation. Task 9 — Development of Net Revenue Requirements and Rate Impact Analyses and Staff Presentation: Based on the aforementioned tasks, Raftelis will prepare a summary of the total net revenue requirements of the Water System and the accompanying rate impact requirements for each fiscal year of the Forecast Period. A virtual meeting with representatives of Raftelis and the Village staff will be held in order to present the results of the initial study findings and observations. Based on the results of the Village staff meeting, Raftelis will make modifications to the analysis prior to the presentation of the utility rate and financial evaluation to the Village Council. Raftelis will attend i) a Village Council workshop to assist staff in the presentation of the water main replacement program and financial forecast/ rate analysis plan for consideration and ii) a Village Council public hearing to approve any change in rates associated with the water main replacement program and the financial forecast/rate analysis. Task 10 — Technical Memorandum Preparation: Raftelis will prepare a limited technical memorandum documenting all our analyses, assumptions, and considerations in support of the Village Council presentations. This task will also include the development of a presentation briefing document in support of the Village Council Workshop and Public Hearing on-site meetings. Task 11 —Meetings: During the course of this project, it is anticipated that Raftelis will attend a total of two (2) on-site meetings with the Village and attend three (3) virtual (e.g., Teams' ) off- site meetings to present ongoing results with Village staff and Council. The virtual meetings will include,but not be limited to,discussions regarding assumption development,forecast and analysis review, and project status meetings which are necessary to allow for the ongoing preparation of the utility rate evaluation and financial forecast. For the purposes of preparing the cost estimate included on Attachment C,it has been assumed that the on-site meetings would have a duration of eight (8) hours per meeting, which includes travel and meeting preparation, and the virtual meetings would have a duration of two (2)hours per meeting. ADDITIONAL SERVICES During the course of this engagement, the Village may request that Raftelis perform additional services on behalf of the Water System.Although no additional services are anticipated by Raftelis at this time,any additional services as requested by the Village will be performed by Raftelis upon written authorization by the Village and as mutually agreed between the parties. Examples of additional services that could be performed by Raftelis may include, but not be limited to, the following activities. 1. Attendance of additional meetings to what is contemplated in the scope of services. 2. Performance of a detailed utility cost of service allocation study to design proposed rates to meet the financial requirements of the Water System. B-4 3. Development of a project or bond feasibility report associated with any financing activities (debt service issuance) necessary to fund the identified capital improvement program or attending discussions with credit rating agencies or other related parties associated with the possible sale of bonds. 4. Negotiations with third parties associated with franchise agreements,provisions for services, or other related activities. 5. Performance of substantial changes in the financial forecast due to the receipt of inaccurate information as provided by the Village or due to delays in the Project that were not caused by Raftelis. 6. Performance of any anticipated update to the overall financial forecast after substantial completion of such forecast at the request of the Village, including the preparation of additional financial forecast scenarios. B-5 I Attachment C Village of Tequesta,Florida Page 1 of 1 Preliminary Job Cost Estimate for Utility Financial Forecast and Capital Recovery Charge Update Study Line Task Supervising Senior Clerical No. Activity Reference Principal Associate Consultant Consultant Rate Analyst Rate Analyst &Admin. Totals I Project Billing Rates($IHr.) $250.00 $210.00 $155.00 $115.00 $105.00 $90.00 $70.00 2 Data Acquisition and Review I 1 - 4 - - - - 5 Customer Statistical and System Demand Forecast 3 Historical Customer and Financial Compilation 2 1 - 10 - 12 - - 23 4 Customer and Sales Forecast 2 1 - 12 - - - - 13 5 Rate Revenue Forecast 3 1 - 7 - - - - 8 Revenue Requirements 6 Development of Operating Expense Projections 4 2 - 12 - 6 - - 20 7 Capital Improvement and Funding Analysis 5 3 - 16 - 4 - - 23 8 Capital Recovery Charge Scenarios 5 2 - 10 - - - - 12 9 Other Revenue Requirement Identification&Management Dashboard 6 2 - 6 - - - 8 10 Compliance Analysis 7 1 - 4 - - - - 5 11 Rate Comparison with Neighboring Utilities 8 - - I - 4 - 5 12 Development of Net Revenue Requirements and Rate Impact Analysis 9 1 - 6 - - - - 7 13 Technical Memorandum Preparation 10 6 - 12 - - - 4 22 14 Village Council Presentation Documents(for two meetings) 10 3 - 8 - - - 4 15 15 On-site Meetings(2 Meetings-Council Workshop and Final Rate Hearing) 11 16 - 16 - - - - 32 16 Off-site Virtual Meetings(3 meetings) 11 6 - 6 - - - - 12 17 Project Management Allowance All 1 - - - - - 2 3 18 Total Project Hours 47 - 130 - 22 4 10 213 19 Total Direct Labor Cost-All Tasks $ 11,750 $ S 20,150 $ - S 2,310 $ 360 $ 700 $ 35,270 20 Average Hourly Billing Rate $165.59 Allowance for Other Direct Costs 21 Telephone Allowance S 50 22 Travel(2 Trip x 325 miles x$0.625/Mile) 406 23 Miscellaneous Expense Allowance 24 24 Total Allowance for Other Direct Costs $ 480 25 Total Estimated Project Cost $ 35.750 / C-1 Client#: 1722483 RAFTEFIN DATE(MM/DD/YYYY) ACORD,. 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PRODUCER CON Andrew Little Cameron M Harris &Co, LLC PHONE 980-495 0832 FAX (A/C,No,EA): (A/C,No): Div USI Ins ADD 6100 andrew.little@usi.com 6100 Fairview Road Ste 1400 INSURER(S)AFFORDING COVERAGE NAIC# Charlotte,NC 28210 INSURER A:National Fire Insurance Co.of Hartford 20478 INSURED INSURER B:Continental Insurance Company 35289 Raftelis Financial Consultants, Inc. American CasualtyCompany of ReadingPA 20427 INSURER C: P Y 227 West Trade Street,Ste. 1400 Continental CasualtyCompany20443 Charlotte, NC 28202 INSURER D: INSURER E: INSURER F: COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, 1 EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. LTR TYPE OF INSURANCE INSR WVD POLICY NUMBER POLICY EFF POLICY EXP LIMITS (MOLIC YEFF (POLIC YYYY) A X COMMERCIAL GENERAL LIABIUTY 6076000011 01/21/2022 01/21/2023 EACH qOCCURRENCE $1,000,000 __ CLAIMS-MADE X OCCUR PREMi, EaEoc rrrence) $500,000 MED EXP(Any one person) $15,000 PERSONAL&ADV INJURY $1,000,000 GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $2,000,000 PRO- v POLICY JECT X LOC PRODUCTS-COMP/OPAGG $2,000,000 - OTHER: $ D AUTOMOBILE UABILITY I BUA6076000025 01/21/2022 01/21/2023 EDS BIN COMBININGLELIMIT COMED $1,000,000 ANY AUTO BODILY INJURY(Per person) $ OWNED SCHEDULED BODILY INJURY(Per accident) $ AUTOS ONLY AUTOS X HIIJRE D ONLY X NON-0WNED PROPERTY DAMAGE $ _ AUTOS ONLY (Per accident) B X UMBRELLA LIAR X OCCUR CUE6076000039 01/21/2022 01/21/2023 EACH OCCURRENCE :5,000,000 EXCESS UAB CLAIMS-MADE AGGREGATE S,000,OOO DED I X RETENTION$10000 C WORKERS COMPENSATION WC676305637 01/21/2022 01/21/2023 X PER ER AND EMPLOYERS'LIABILITY Y/N STATUTE ER _. ANY PROPRIETOR/PARTNER/EXECUTIVE WC676000042-CA 01/21/2022 01/21/202 ]E.L.EACH ACCIDENT $1,000,000 OFFICER/MEMBER EXCLUDED? N N/A (Mandatory In NH) E.L.DISEASE-EA EMPLOYEE $1,000,000 If yes,describe under -- DESCRIPTION OF OPERATIONS below E.L.DISEASE-POLICY LIMIT $1,000,000 D Professional 652071235 01/21/2022101/21/202 $5,000,000 Aggregate $5,000,000 Occurrence DESCRIPTION OF OPERATIONS I LOCATIONS I VEHICLES(ACORD 101,Additional Remarks Schedule,may be attached if more space is required) ICERTIFICATE HOLDER CANCELLATION Raftelis Financial Consultants, Inc. SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN 227 W.Trade Street Suite 1400 ACCORDANCE WITH THE POLICY PROVISIONS. 0 Charlotte, NC 28202-0000 AUTHORIZED REPnRESENTATIVEL ©1988-2015 ACORD CORPORATION.All rights reserved. ACORD 25(2016/03) 1 of 1 The ACORD name and logo are registered marks of ACORD #S34794605/M34770098 BXCE4