CWLP FINANCIAL PRESENTATION FY2020 Quarter 4 Financial Update Unaudited Data Through February 29, 2020 June 15, 2020
ELECTRIC FUND - FINANCES CASH POSITION - SH POSITION - FEBR EBRUAR ARY FY2020 Y FY2020 Electric F Electric Fund W nd Working Cash: ing Cash: $ $ 38.7 million 38.7 million Cash/Investments : $ 31.4 million Renewal (Capital) : $ 7.3 million Up $6.9 million from February FY2019 • Da Days of Cash: ys of Cash: 79 da 79 days ys • Moody’s Da Moody’s Days of Cash: ys of Cash: 136 da 136 days ys Includes Restricted ERIRF of $20.8M
ELECTRIC FUND CASH BY MONTH 60 DAYS CASH = $29.3 MILLION
ELECTRIC FUND DAYS OF CASH
ELECTRIC FUND REVENUE BUDGET THROUGH FEBRUARY FY2020 • Retail Electric Revenues Budget To Date $201.1 million Actual To Date $200.0 million Variance ($1.1 million) ~ (0.6%) • Wholesale Electric Revenues Budget To Date $ 30.8 million Actual To Date $ 6.8 million Variance ($24.0 million) ~ (78%) • Total Electric Operating Revenues are $25 Million or 10.5% Under Budget
ELECTRIC FUND REVENUE COMPARISON
ELECTRIC FUND EXPENSE BUDGET NON-BOND EXPENSES THROUGH FEBRUARY FY2020 • Budget To Date $ 237.3 million • Expense To Date $ 199.6 million • Variance $ 37.7 million ~ 15.9%
ELECTRIC FUND EXPENSE COMPARISON
ELECTRIC FUND DEBT COVERAGE RATIO AS OF AS OF FEBR FEBRUARY FY2020 FY2020 Funds A nds Available F ailable For r Debt Debt Ser Service ice $72,0 $72,015,05 15,054 Debt Ser Debt Service ice $36,582,775 $36,582,7 Debt Ser Debt Service ice Co Coverage rage (Y (Year End ear End 1.25x) 25x) 1.97x 1. Debt Ser Debt Service ice Co Coverage rage (Including PIL (Including PILOT) T) 1.73x 73x
ELECTRIC FUND DEBT COVERAGE RATIO BY MONTH WITH PILOT INCLUDED
ELECTRIC FUND DEBT COVERAGE RATIO HISTORY YEAR END
ENVIRONMENTAL AND REGULATORY INITIATIVES AND REBATE FUND (ERIRF)
WATER FUND - FINANCES CASH POSITION - FEBR CASH POSITION - EBRUAR ARY FY2020 Y FY2020 Water F r Fund W nd Working Cash: rking Cash: $7 $7.1 million .1 million Cash/Investments : $ 0.2 million Renewal (Capital) : $ 6.9 million Up $509,667 from February FY2019 • Da Days of cash: ys of cash: 11 112 da 2 days ys • Moody’s Da Moody’s Days of Cash: ys of Cash: 89 da 89 days ys
WATER FUND CASH BY MONTH 60 DAYS CASH = $3.8 MILLION
WATER FUND DAYS OF CASH *Prio *Prior t r to FY20 FY2017, built up high , built up high cash cash balances due t balances due to all all planned rat planned rate increases being implem increases being implement ented while able d while able to dela delay second bon y second bond issu issuanc ance f for r Water W r Works rks Infrastru Infrastructure re Impr Improvements Projects. ements Projects.
WATER FUND REVENUES AND EXPENSES THROUGH FEBRUARY FY2020 THROUGH FEBRUARY FY2020 • Water Revenues Water Revenues Budget To Date Budget To Date $ 31.2 million $ 31.2 million Actual Actual Revenue To Date Revenue To Date $ 30.7 million $ 30.7 million Revenue Revenue Variance Variance ($0.5) million ($0.5) million ~ (1.5%) ~ (1.5%) • Water Non-Bond Expenses Water Non-Bond Expenses Budget To Date Budget To Date $ $ 36.1 million 36.1 million Actual Actual Expense To Date Expense To Date $ 29.9 million $ 29.9 million Expense Expense Varian Variance $ 6.2 million 6.2 million ~ 17.3% ~ 17.3%
WATER FUND REVENUE COMPARISON
WATER FUND EXPENSE COMPARISON
WATER FUND DEBT COVERAGE RATIO AS OF AS OF FEBR FEBRUARY FY2020 FY2020 Funds A nds Available F ailable For Debt Ser ebt Servic ice $12,533,58 2,533,584 Debt Ser Debt Service ice $6, $6,15 157,6 7,610 Debt Ser Debt Service Co ice Coverage rage (Y 2.04x 2.04x (Year End 1 ear End 1.25x) 25x) Debt Service Co Debt Ser ice Coverage rage (Aft 1.78x .78x fter A Auxiliary ry S Serv rvices)
WATER FUND DEBT COVERAGE RATIO BY MONTH AFTER AUXILIARY SERVICES
WATER FUND DEBT COVERAGE RATIO HISTORY YEAR END
CWLP LABOR BUDGET LABOR COSTS THROUGH FEBRUARY FY2020 (INCLUDING IMRF and FICA) • Water Fund o Budget To Date $ 12.0 million o Expense To Date $ 11.3 million o Variance $ 0.7 million ~ 5.7% • Electric Fund o Budget To Date $ 48.5 million o Expense To Date $ 46.1 million o Variance $ 2.4 million ~ 5.0% CWLP TOTAL LABOR COSTS ARE $3.1 MILLION OR 5.1% UNDER BUDGET •
REVENUES-EXPENSES - RECENT COVID & W CO VID & Weather Impacts ather Impacts March through Ma March thr ugh May FY2 FY21 / FY20 Chang / FY20 Change Revenues nues Expenses Expenses Ne Net Change t Change Water r -$8 -$812k 2k +$1 +$145k 45k -$95 -$957k 7k -1 -13% 3% +4.9% +4.9% -13% -1 3% Electric Electric -$2.6m -$2.6m +$1 +$1.6m .6m -$4.2m $4.2m -6% -6% +13% -11% 11% Electric e Electric excludes F cludes Fuel Adjustment & el Adjustment & Taxes Expenses Expenses increased mostly f increased mostly for Unit r Unit 33 repair 33 repairs
FINANCIAL ASSISTANCE-COVID 19 Disconnections Suspended through Phase 3 and 30 days past June 26 (into Phase 4) Increase of ~16% in past due bills from FY20 to FY21 Payment Plans Encouraged New Bill Assistance & Financial Resources CWLP website & City Website LIHEAP extended and expanded New Financial Resources for Residential & Commercial myCWLP.com; 789-2030; cwlp.customer@cwlp.com Energy Services Office @CWLP.com or 789-2070
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