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HomeMy WebLinkAbout2014 - LBWL Lansing Board of Water and Light - Budget FY 2015 W Homv[ n Peapk.Homnwwn P.— June 1, 2014 Electronic Delivery Mr. Chris Swope, City Clerk City of Lansing 124 W. Michigan Avenue, 91" Floor Lansing, MI 48933 Re: Budget for Fiscal Year Ending June 30, 2015 Dear Mr. Swope: In accordance with provisions of the Lansing City Charter, Article 5, Chapter 2, Section 5-203.5, a copy of the Lansing Board of Water and Light Budget for Fiscal year ending June 30, 2014, is filed with your office. The Board of Commissioners adopted the budget at a regular board meeting held May 27, 2014. Respectfully submitted, May 29 2014 X CoSign@) M. Denise Griffin Corporate Secretary cc: J. Peter Lark,General Manager, BWL Susan Devon,Assistant General Manager, BWL Chris Swope, City Clerk,Lansing MI Virgil Bernero, Mayor City of Lansing, MI FY 2015 Income Statement ( by Utility) CHILLED $(000) ELECTRIC WATER STEAM WATER TOTAL SALES (mwh, ccf, mlb, ton-hrs) 3,061 ,060 9,460,006 730,936 10,307,100 Retail 270,106 36,121 15,771 5,532 327,529 Wholesale 38,572 3,551 0 0 42,123 OPERATING REVENUE 308,678 39,672 15,771 5,532 369,652 Operation & Maintenance Expense (248,186) (26,999) (10,971) (2,240) (288,396) Depreciation Expense 30,945 6,941 2,502 1 ,450 41 ,838 TOTAL OPERATING EXPENSE (279,131) (33,940) (13,474) (3,690) (330,235) OPERATING INCOME (LOSS) 29,547 5,732 2,297 1,842 39,417 Payment in lieu of taxes (18,597) (2,384) (952) (337) (22,271) Other Non-Operating Income 318 731 (170) 46 925 Other Non-Operating Expense 10,735 2,083 1 ,989 730 15,537 NET INCOME (LOSS) 532 1,995 (814) 820 2,534 Hometown People.Hometown Power. FY 2015 Cash Flow ( by Utility) CHILLED $(000) ELECTRIC WATER STEAM WATER TOTAL PROJECTED CASH FLOW FY 2015 BEGINNING OPERATING CASH 54,375 12,105 5,040 3,480 75,000 Sources of Cash Net Income 532 1 ,995 (814) 820 2,534 Depreciation 30,945 6,941 2,502 1 ,450 41,838 Loss on Sale of Assets 711 371 260 0 1,342 CSO Project- SRF Bonds 0 0 0 0 0 Construction Reserve 2,900 646 269 186 4,000 Bond Proceeds 12,325 2,744 1,142 789 17,000 Net Environmental 1,587 0 66 0 1,654 CECO Pipeline Refund 2,390 0 455 0 2,845 SOURCES OF CASH 51,390 12,698 3,881 3,244 71,213 Uses of Cash Debt Principal (624) (1 ,479) (1) (1 ,380) (3,484) Net Capital Expenditures (43,089) (16,165) (3,008) (3,151) (65,413) Renewable Energy Plan (969) 0 0 0 (969) Other Uses of Cash 276 26 381 USES OF CASH (44,958) (17,706) (3,034) (4,549) (70,247) Net Cash Increase/(Decrease) 6,432 (5,008) 847 (1,305) 966 ENDING OPERATING CASH 60,807 7,097 5,887 2,175 75,966 Beginning Operating Cash includes O& M Fund and Receiving Fund only, Designated funds and Restricted Bond Funds W not included, ($78.3 and$65.5 million respectively as of March 31, 2014) Hometown People.Hometown Pawer. Annual Capital and Planned Capital Additions Six Year Forecast FY 2015-2020 Board of Water and Light Dollars in(000's) 2015 2016 2017 2018 2019 2020 Six Year Totals ELECTRIC Sub-Total Revenue 4,898 11,528 16,565 17.266 5.807 5,357 63,522 Sub-Total Non-Revenue 25,398 47,910 3G.851 34.960 37.199 43,832 226,148 TOTAL ELECTRIC 30,296 59,439 53,517 52,226 44,006 50,189 289,670 WATER Sub-Total Revenue 1,037 1,465 705 2.396 1.490 275 7,368 Sub-Total Non-Revenue 8,742 11,9Gi 16.528 12.630 11.455 10,765 71,581 TOTAL WATER 9,779 13,42G 17,333 14,426 12,945 11,040 78,949 STEAM Sub-Total Revenue - - - - - - - Sub-Total Non-Revenue 2,135 6,503 3.445 3.445 3,450 3,550 22,528 TOTALSTEAM 2,135 6,503 3,445 3,445 3,450 3,550 22,528 CHILLED WATER Sub-Total Revenue - - - - - - - Sub-Total Non-Revenue 2,020 150 225 150 150 150 2,945 TOTAL CHILLED WATER 2,020 150 225 150 150 150 2,845 COMMON Sub-Total Revenue - - - - - - - Sub-Total Non-Revenue 21,183 10,183 17,225 13,109 3520 3,938 69,159 TOTAL COMMON 21,183 10,183 17,225 13,109 3,520 3,938 69,159 CAPITAL BUDGET SUMMARY Sub-Total Revenue 5,935 12,993 17,371 19,662 8,297 5,632 7(3,890 Sub-Total Non-Revenue 59,478 76,706 74.374 G3.G94 55.774 62,235 392,260 TOTAL BUDGET 65,413 89,699 91,745 83,356 64,071 68,867 463,150 Revenue Projects: Revenue producing, customer driven capital additions and projects justified by a 5 year cost/benefit analysis. Hometown People.Hometown Power.