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Home My WebLink About2024 - Budget for Fiscal Year 2025 and Capital Forecast for FY 2025-2030 9VV1 Hometown People. Hometown Power: Electronic Delivery June 3, 2024 Chris Swope, City Clerk City of Lansing 124 W. Michigan Avenue, 9th Floor Lansing, MI 48933 RE: Budget for Fiscal Year Ending June 30, 2025 Capital Forecast for Fiscal Years 2025-2030 Dear Mr. Swope: In accordance with provisions of the Lansing City Charter, Article 5, Chapter 2, Section 5-203.5, and Section 5-203.6, a copy of the Lansing Board of Water and Light Budget for Fiscal Year ending June 30, 2025, and a copy of the Lansing Board of Water and Light Capital Improvement Plan for Fiscal Years 2025-2030 are attached for filing with your office. The Board of Commissioners adopted the Budget and accepted the Capital Forecast for Fiscal Years 2025-2030 at a regular board meeting held May 21, 2024. Respectfully submitted, LaVella J. Todd Corporate Secretary PDF Attachment Electronic Copy: Dick Peffley, General Manager Heather Shawa, Chief Financial Officer Andy Schor, Mayor City of Lansing, MI LBWL Commissioners Lansing City Council President, Jeremy Garza, and Council members 091 1201 S.Washington Ave. 1, PO Box 13007 1 Lansing,MI 1 48910-1650 1517-702-6000 1 www.lbwl.com i% Operating Flf =5 In oom a sta tom en t Told Forecast Sales(MWh,CCF,MLB,MTH R) 3,705,161 8,278,622 538,859 9,697 • _ operdng Revenue Statement by R e-40 errt iol S 99,357.4918 S 25,072.6 27 $ 18,110 S - S 124,478,235 Commercial $ 147,055,800 $ 21.914,349 $ 10,792,404 $ 6.480,543 $ 186,243.096 nousvial $ 55,985,61A $ 1,406,836 S 2.650,174 $ - $ 60,042,624 Nholesale $ 67,785,651 $ 4,997,912 S - $ - $ 72,783,563 Consolidated • • 01-ef $ 26,335,4.54 $ 5,172,497 $ 63,506 $ - S 31,571,457, Total Operating R even u e $ 396,550,046 $ 58,564,221 $ 13,524,195 $ 6A 80,543 $ 475.119,006 Operdng Bgmtses Fuel 8 P u rena sea Power $ 1147.4913.991) $ 15,751.691) $ 12.924,355) $ 12,104.741) $ 1158,274,778j Depreciations $ 152.211.211) S 18,974,033) $ 12.957,317) $ 11.119.012) $ 165.261.573) 01MefOp era fir,g E)per,ses $ 1135,010.717) $ 138,503,938) $ 15,013,519) $ 11,667.103) $ 1180,215,276) Total Operating Expenses $ (334.715,918) $ (53,229,662) $ (10,895,192) $ (4,910AU) $ (403.751,427) Total Operating Income $ 61.834.128 $ 5,334.560 $ 2,629,003 $ 1,569,688 $ 71.347,378 Nan aperaing Incame/(Bcpemes) Returr. on EWhrtyio Crt, S 123,417.418) $ 13,458,385) $ 1798,642) S 052.695) $ 128,057,140j Inlefesl EADer,se $ 138.812.325) $ 11,564,095) S 11 ,720,5471 $ 153.227) $ 142,180,194'1 01nefNOr, OPefalira ncome/(EAper,ses) S 9,267,364 $ 1,709,355 $ 563,126 $ 1110,211) $ 11,429,634 Total Non Operating Income/(Expenses) $ (52,942,379) $ (3,313.125) $ (1,956,063) $ (574,133) $ (S8,807,700) Total Net Income $ 8,871,749 $ 2,021.435 $ 672,940 $ 993,555 $ 12,559,678 Proposed Rate Increase 7DM 9.5096 9.75% 2.00?6 Return on Assets 3.47?6 0.96?5 2.02?6 4.90?6 2.9m TaFgetReium on Assets 3.97% 3.97% 3.97% 3.97% 3.97% 1 Operating Budget & 6-Year Cash Flow FY 2025 1114 Forecast Beginning Cash (O&M & Receiving Fund) $ 57 734 652 • - Net Income $ 12,559,678 Statement by Depreciation $ 65,261 ,573 Loss on Disposal of Assets $ 4,108,717 CB and VEBA $ (4,252,599) Consolidated • • Borrowing $ 131 ,576,459 Commodity Cost Adjustment $ 22,365,612 Gas Pipeline Payment Refunds $ 6,769,54�i Grants / Tax Credits $ 13,076,211 Total Sources of Cash $ 251 A65.192 Principal Payments on Bends $ (13,495,000) Environmental Prejeets $ (4,120,966) Capital Ex.re-nditures $ (184,642,012) Other 112,392 Total Uses of Cash S (202.145.586) Net Cash Increase (Decrease) S 49.319.606 Ending Cash (O&M & Receiving Fund) S 107,054.258 Days Cash on Hand 160 Minimum Cash Reserve Requirement 1 149 2 Capital Portfolio FY 2025 Budget utility EIectr c S 49,292,50- rY 2025 Capital Budget Water S 21,056,15E ummary Steam S 4,123,722 Ch- led Water $ 2,225,609 Capital I • • — — Common S 11,093,53C Plan Total Capital Portfolio $ 87,791,518 Clean Energy • - • • Plan Location REO Plant 750,000 Delta Energy Park 450,000 Water Production $ 6,163,353 Electric T&D $ 47,493,341 WaterT&D $ 14,892,803 Steam T&D S 4,123,722 Chi I led Water T&D - Other S 13,918,299 Total Capital Portfolio $ 87,791,518 Ji Regular ClPprojects.Does notinclude Clean Energy Projects. Total Capital Expenditures are shown net ofanygrant funding AL Capital Portfolio Budget i Forecast 6-Year Capital by Utility and Location Capital B • • FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 Forecast Total —..S. ummary Utility FARM Electric $ 49,292,501 $ 44,482,948 $ 50,989,545 $ 30,277,777 $ 39,847,857 $ 31,700,000 $ 246,590,628 Water $ 21,056,156 $ 21,228,761 $ 17,412,501 $ 18,913,157 $ 24,900,457 $ 25,723,098 $ 129,234,130 • • • • • Steam $ 4,123,722 $ 2,957,277 $ 2,641,546 $ 2,686,292 $ 3,650,561 $ 368,000 S 16,427,398 F • n Chilled Water $ 2,225,609 $ 50,574 $ 52,008 $ 53,069 $ 54,594 $ 54,594 S 2,490,448 Common $ 11,093,530 $ 8,938,266 $ 9,793,090 $ 12,769,453 $ 8,739,648 $ 16,126,600 5 67,460,587 Clean Total Capital Portfolio $ 87,791,518 $ 77,657,826 $ 80,888,690 $ 64,699,748 $ 77,193,117 $ 73,972,292 $ 462,203,191 Energy • ' • • Plan Location REO Plant $ 750,000 $ 6,000,000 $ 6,750,000 Delta Energy Park $ 450,000 2,000,000 10,000,000 $ 12,450,000 Water Production $ 6,163,353 $ 4,698,773 3,356,454 $ 2,790,325 $ 2,802,491 2,815,016 $ 22,626,412 Electric T&D $ 47,493,341 $ 44,482,948 48,989,545 $ 24,277,777 $ 39,847,857 S 21,700,000 $ 226,791,468 Water T&D $ 14,892,803 $ 16,529,988 14,056,047 $ 16,122,832 $ 22,097,966 22,908,082 $ 106,607,718 Steam T&D $ 4,123,722 $ 2,957,277 2,641,546 $ 2,686,292 $ 3,650,561 S 368,000 $ 16,427,398 Chilled Water T&D $ 50,574 52,008 $ 53,069 $ 54,594 54,594 $ 264,839 Other $ 13,918,299 $ 8,938,266 9,793,090 $ 12,769,453 $ 8,739,648 $ 16,126,600 $ 70,285,356 Total Capital Portfolio $ 87,791,518 $ 77,657,826 $ 80,888,690 $ 64,699,748 $ 77,193,117 $ 73,972,292 $ 462,203,191 regular CIP projects. Does not include Clean energy projects Total Capital Expenditures are shown net of any grant funding 4 Capital Portfolio Budget i Forecast FY 2025 Capital BudgeSummt Clean Energy Projects Mir Project FY 2025 FY 2026 FY 2027 FY 2028 Forecast Total Current Project Capital I • • - - Budget P • Dynamic RICE 5 43,565,000 $ 71,000,000 $ 43,000,000 $ 12,000.000 $ 169,565,000 $ 171,20Q000 ' Clean • Dynamic Storage > 21,526,899 $ 6,757,596 $ - $ - $ 28,284,496 $ 34,000,000 Dynamic Solar 7,759,258 $ 7,759,258 $ 3,316,683 $ - $ 18,835,199 $ 24,682,640 Energy • • • Plan Comfort Landfill Solar ` 4,498,328 $ - $ - $ - $ 4,498,328 $ 8,922,650 North Lansing Landfill Solar S 5,693,064 $ 1,571,294 $ - $ - $ 7,264,357 $ 14,589,726 North East Solar ` 10,822,666 $ 10,,822,666 $ 5,426,833 $ $ 27,072,165 $ 32,440,000 NorthWest Solar Larsen 5 2.559,215 $ 5,001,,421 - $ 7,560,636 $ 11,893,000 North West Solar Franchino I 5 31340,107 6,605,211 S - C� - 9945317 15,667,500 Total $ 99,764,537 $ 109,517,446 $ 51,743,516 $ 12,000,000 $ 273,025,498 $ 313,395,516 'Gross capital spend, not including any Contribution in Aid of Construction 1a AQ cr to CrEJit;