FY 2018-19 1st Draft Budget Administration & Finance Committee Municipal Water District of Orange County February 14, 2018.

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Presentation transcript:

FY 2018-19 1st Draft Budget Administration & Finance Committee Municipal Water District of Orange County February 14, 2018

MWDOC FY 2018-19 Budget - Schedule February 2018 First Draft Budget @ A&F Committee (2-14) Initial Member Agency Choice Participation Confirmation (2-15) Member Agency Managers Meeting (2-22) March 2018 Second Draft Budget @ A&F Committee (3-14) CHOICE Program Discussions Member Agency Managers Meeting (3-22) Member Agency Formal Comments (3-28) April 2018 Elected Officials Meeting (4-5) Third Daft Budget @ A&F Committee Meeting (4-11) Board Approval of Final Budget & Rates (4-18) June 2018 Member Agencies Confirm Final Choice participation (6-15) August 2018 Reconciliation of FY 2017-18 WUE & Choice Programs September 2018 Revised Final Choice Budget @ A&F Committee (9-12) Board Approval of Revised Final Choice Budget (9-19)

Unfunded Reserve Balance C7 – F7 = $28,368 A B C D E F 1 Designated Reserves # Days Cash FY 2018-19 Target Reserve* FY 2017-18 Current Balance FY 2017-18 Projected Year End Reclass to Reserves FY 2018-19 Projected Reserve Balance 2 General Operations 90-180 $ 3,377,754 $ 3,156,569 $ 221,185 3 Grant & Project Cash Flow 1,500,000 - 4 Building Reserve 10-15 406,479 350,407 27,704 378,111 5 Election Reserve N/A 608,000 304,000 6 OPEB Reserve est.9/2016 209,006 7 TOTALS $ 6,101,239 $ 5,519,982 $ 552,889 $ 6,072,871

MWDOC FY 2018-19 Budget RATES REVENUES RESERVES EXPENSES Fixed Meter Charge @ $12.25 – Increase of 2.9% or $0.35 OCWD Contribution @ $499,014 – Increase of 6.5% or $30,339 REVENUES Core Revenues @ $8,589,019 – Increase of 6.6% or $531,621 (45% from interest) RESERVES Budgeted Draw of $84 Reserves Fully Funded CalPERS Unfunded Liability Payment of $207,000 EXPENSES Core Expenses @ $8,589,103 – Increase of 4.8% or $393,234

Core Expense by Line Item

Budget Summary – FY 2018-19 CONSOLIDATED Total Expenses: $ 217,209,596 Water Purchases: $ 205,393,716 (19.9%) Operating Expenses: CORE $ 8,589,103 $ 393,234 CHOICE $ 1,277,245 $ 30,626 CONSOLIDATED $ 9,866,349 $ 423,861 Revenue $ 9,866,265 $ 562,246 Reserves $ <84> FY2017-18 Rates Connection Charge $ 12.25/meter $0.35 (2.9%) Groundwater Charge $499,014 $30,448 (6.5%) or (-10.4%)

CORE Budget Summary – FY 2018-19 Operating Expenses: Election Reserve $ 304,000 CalPERS Liability $ 207,000 Building Expense $ 175,427 Professional Fees $ <195,252> WEROC $ <244,279> CORE Revenue: $ 9,866,349 $ 531,620 (6.6%) Retail Meter Charge $ 261,172 Groundwater Charge $ 30,448 Interest Revenue $ 240,000 (45%)

Specific Committee Decision Items MWDOC FY2018-19 Budget Specific Committee Decision Items Middle School Water Education Program One-Day College Education/Career Event Participation in UCI Water Research Center Southern California Water Coalition WaterFix Outreach Program District Participation Costs (Exhibit D - pg. 125) Each $0.05 Rate Increase = $37,535 = 0.42% Rate Increase

MET Key Budget Assumptions Adopted Proposed Fiscal Year Ending 2018 2019 2020 Overall increase January 4.0% 3.0% Total Water Transactions* 1.70 MAF 1.65 MAF 1.75 MAF State Water Project Allocation 50% Colorado River Aqueduct Diversions 1.04 MAF 0.84 MAF 0.92 MAF Capital Investment Plan (CIP) $200 M PAYGo (60% of CIP) $120 M * Includes water sales, exchanges, and wheeling

Rates & Charges Effective Jan. 1 Proposed MET Rates & Charges Rates & Charges Effective Jan. 1 2018 (Current) 2019 % Change 2020 Tier 1 Supply Rate ($/AF) $209 0% $208 0.5% Tier 2 Supply Rate ($/AF) $295 0.0% System Access Rate ($/AF) $299 $326 9.0% $346 6.1% Water Stewardship Rate ($/AF) $55 $69 25.5% $65 (5.8%) System Power Rate ($/AF) $132 $127 (3.8%) $136 7.1% Full Service Untreated Volumetric Costs ($/AF) Tier 1 $695 $731 5.2% $755 3.3% Tier 2 $781 $817 4.6% $842 3.1% Treatment Surcharge ($/AF) $320 $319 (0.3%) $323 1.3% Full Service Treated Volumetric Costs ($/AF) $1,015 $1,050 3.4% $1,078 2.7% $1,101 $1,136 3.2% $1,165 2.6% Readiness-to-Serve Charge ($M) $140 $133 (5.0%) 2.3% Capacity Charge ($/cfs) $8,700 $8,600 (1.1%) $8,800 Overall Rate Increase 3.0% +$36 & +$24 +$35 & +$28

Discussion

Specific Committee Decision Items MWDOC FY2018-19 Budget Specific Committee Decision Items Middle School Water Education Program One-Day College Education/Career Event Participation in UCI Water Research Center Southern California Water Coalition WaterFix Outreach Program District Participation Costs (Exhibit D - pg. 125) Each $0.05 Rate Increase = $37,535 = 0.42% Rate Increase