HomeMy WebLinkAbout22. 21-602DECEMBER 14, 2021 21-602 RESOLUTION
(CARRIED___7-0_____LOST________LAID OVER________WITHDRAWN________)
PURPOSE: APPROVE 2022 STORM WATER UTILITY RATE ($223.20 / ERU /
YEAR)
INITIATED BY: DEPARTMENT OF PUBLIC WORKS
WHEREAS, the City of Oshkosh has previously established a Storm Water Utility;
and
WHEREAS, Section 14-4 (B)(2) of the Oshkosh Municipal Code gives the Common
Council authority to establish the Equivalent Runoff Unit (ERU) charge for the Utility.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the Equivalent Runoff Unit (ERU) charge for 2022 shall be $223.20/ERU.
BE IT FURTHER RESOLVED that the appropriate City officials are hereby
authorized and directed to take those steps necessary to implement this charge to become
effective for services provided on and after April 1, 2022.
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TO: Honorable Mayor and Members of the Common Council
FROM: James Rabe, Director of Public Works
DATE: December 9, 2021
RE: Approve 2022 Storm Water Utility Rate ($223.20 / ERU / Year)
BACKGROUND
The City of Oshkosh (City) implemented a Storm Water Utility in 2003 to fund improvements to the
City’s storm water management facilities. Based on the initial Storm Water Utility study completed in
September of 2002, the Common Council implemented a phased introduction of the rates. There have
been periodic subsequent rate increases, the most recent being to $210.60 per ERU per year in 2021. The
Storm Water Utility has funded several major projects to date, including:
Tipler Middle School Area Dry Detention Basin
North High School Area Wet Detention Basin
Melvin Avenue Storm Water Pump Station
James Road Area Detention Basin
City Hall Underground Detention and parking lot project
Armory Area Wet Detention Basin
South Park Lagoon Retrofit
In addition to these major projects, storm sewers are replaced/upgraded with each street reconstruction
project.
The City experienced significant flooding during rain storms between 1990 and 2012. Localized areas
also flood during smaller storm events. In addition, the City is regulated under a Municipal Separate
Storm Sewer System (MS4) permit from the Wisconsin Department of Natural Resources (WDNR), as
mandated by the Federal Clean Water Act, for discharge of storm water to local water bodies. This permit
requires the implementation of practices to reduce the amount of pollutants entering lakes and rivers.
The largest expense item in the permit is reducing the Total Suspended Solids (TSS) generated by the
City as a whole by 20% in 2008. The City of Oshkosh has met that 20% goal. The Federal Environmental
Protection Agency (EPA), in conjunction with the WDNR, recently adopted targeted performance
standards within the Total Maximum Daily Load (TMDL) document for the Upper Fox and Wolf Rivers
Watershed that require TSS reduction of 48% within the Sawyer Creek Watershed and phosphorus
reduction of 83% across the entire municipal system.
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Brown and Caldwell has been retained by the City to update the City-wide plan for pollution reduction
in compliance with the EPA-approved TMDL. The City has also completed several flood studies and is
currently studying several watersheds to develop plans to reduce flooding in combination with pollution
control. City staff, based on information from all studies, developed a schedule of work needed to reduce
flooding and implement pollution control measures. The City is approximately one-third (1/3) of the
way through the original thirty-five (35) year plan to implement these watershed plans, as amended from
time to time. The schedule calls for one (1) to two (2) major projects to be constructed per year, with an
emphasis on flood control. Wherever possible, pollution control measures will be implemented with
flood control measures.
ANALYSIS
The City has worked with Ehlers (Financial Consultant) to perform a rate analysis to provide funding to
implement the projects outlined in the schedule, to implement other Capital Improvement Projects, and
to fund operational costs. In order to support these activities, a rate of $223.20 per ERU per year ($18.60
per ERU per month) is recommended. This rate will allow the City to complete all of the projects listed
in the 2022 Capital Improvement Program (CIP) – Storm Sewer Section, and also maintain daily
operations. The rate is proposed to be in effect on April 1, 2022. The Utility must retain adequate
reserves to maintain favorable bond ratings and meet the operating needs of the Utility.
In the event grants or other monies are secured at more favorable rates than anticipated in the study, the
rate increases for future years can be offset. The intent is to review the rate annually to incorporate
actual construction costs from the previous year and incorporate other funds that become available to
the Utility.
FISCAL IMPACT
The rate of $223.20 per ERU per year represents a six percent (6%) increase, and is required to implement
all of the projects and operations in the 2022 budgets. Failure to adopt this new rate would result in the
delay of other proposed projects within the CIP. Pushing projects to future years will result in less
reduction of flooding during significant rain events prior to project completion and will delay
implementation of water quality improvements.
RECOMMENDATIONS
The Department of Public Works and Finance Department staff recommend a rate increase to $223.20
per ERU per year ($18.60 per ERU per month) to fund all activities in the approved 2022 budgets. It is
recommended the rate go into effect on April 1, 2022.
Approved:
Mark A. Rohloff
City Manager
JER/tlt
Stormwater Utility Long Range Cash Flow Analysis Update
For
The City of Oshkosh
November, 2021
Prepared by:
Jon Cameron
Senior Municipal Advisor
Stormwater Utility
Cash Flow and Debt Analysis
Supporting Worksheets
Schedule Page
Storm Water Utility Draft 2022-2031 Capital Improvement Program 1
Storm Water Utility 2022-2031 Debt Sizing Worksheet 3
Storm Water Utility 2022-2031 Projected Revenue Bond Amortization Schedule 4
Storm Water Utility 2022-2031 Cash Flow Analysis Summary 7
Storm Water Utility Operations Cash Flow Analysis – Detailed Historical and Projected 8
Storm Water Utility Statement of Projected Debt Service Coverage 10
City of Oshkosh2022‐2031 Storm Water Utility Capital Improvement PlanProject12022 2023 2024 2025 2026 2027 2028 2029 2030 2031 TotalENG: Asphalt Program (annual)$75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $675,000ENG: Bradley Street Asphalt Paving$1,150,000$1,150,000ENG: Glatz Cir/Gallups-Merrits/Johnson Av Watersheds$1,500,000$1,500,000ENG: Anchorage Watershed RR_Libbey Storm Sewer$2,179,000 $993,000$3,172,000ENG: Sawyer Creek Watershed Detention Basin$300,000 $5,000,000$5,300,000ENG: Vegetation Planting$185,000 $95,000 $169,000 $169,000 $169,000 $169,000 $169,000 $169,000 $169,000 $169,000 $1,632,000Oregon St Interceptor Sewr$75,000$75,000$150,000UI: East 9th Avenue Reconstruction$2,543,800$2,543,800UI: East Lincoln Avenue$480,000$480,000UI: Rosalia Street Reconstruction$810,000$810,000STR: Replace Leaf Blowers$65,000$70,000 $70,000 $70,000$70,000$345,000SW: New Forestry Cutter Skid Steer$38,000$38,000SW: Replace Trailered Water Pipes$49,000$49,000Vine Avenue Reconstruction$482,500$482,500Bauman Street Reconstruction$122,300$122,300#385 3/4 Ton Van$13,000$13,000Algoma Blvd Reconstruction$2,155,000$2,155,000UI: Bowen St Interceptor Sewer$1,200,000$1,200,000Grand St Reconstruction$553,000$553,000McKinley Street Reconstruction$261,000$261,000ENG: Mockingbird Way Traffic$10,000$10,000Stringham Watershed Box Culvert-Phase 2$400,000 $3,980,000$4,380,000Replace Street Sweepers$285,000$285,000West Lincoln Avenue Reconstruction$745,000$745,000#58 Box Van with Sewer Camera Equipment$95,000$95,000Replace 4x4 Pickup Trucks with plow & lift gates$46,000$46,000Central Street Reconstruction$570,000$570,000Cherry Street Reconstruction$1,211,000$1,211,000Mill Street Reconstruction$497,000$497,000Nebraska Sanitary Interceptor$100,000$100,000Waugoo Avenue Reconstruction-Bowen$940,000$940,000Arthur Avenue Reconstruction$320,000$320,000Bayshore Drive Reconstruction$371,000$371,000Bowen Street Reconstruction$50,000$2,168,700$2,218,700Bay Street Reconstruction$207,000$207,000Ripon Ln Utility Installation & Ashpalt paving$96,000$96,000Stringham Watershed Box Culvert-Phase 3$3,257,000$3,257,000West 15th Avenue Reconstruction$1,446,000$1,446,000Fernau Watershed Detention Basin$50,000 $5,000,000$5,050,000North Eagle Street Reconstruction$500,500$500,500Scott Avenue Reconstruction$1,126,200$1,126,200Bowen Street Reconstruction$898,200$898,200Iowa Street Reconstruction$142,700$142,700Lakeview San Pumps/SW Lift Station Replacement$438,000$1,850,000$2,288,000Michigan Street Reconstruction$255,000$255,000SW 101 Trailered Wood Chipper$90,000$90,000Woodland Avenue Reconstruciton (Cherry St)$405,700$405,700Wisconsin St Reconstruction$693,000$693,000Page 1
City of Oshkosh2022‐2031 Storm Water Utility Capital Improvement PlanProject12022 2023 2024 2025 2026 2027 2028 2029 2030 2031 TotalBowen Street Reconstruction$438,000$438,000Tyler Avenue Reconstruction $1,051,200$1,051,200Waugoo Avenue Reconstruction- Rosalia $701,000$701,000West 5th Ave Reconstruction$360,200 $360,200West 7th Ave Reconstruction$213,700 $213,700West 16th Ave Reconstruction$1,082,000 $1,082,000West 14th Avenue Reconstruction$1,273,000 $1,273,000South Main St Reconstruction$1,506,000 $1,506,000West 9th Avenue Reconstruction$988,000 $988,000Woodland Ave Reconstruction-High St$164,200 $164,200Ohio St Reconstruction$1,155,200 $1,155,200Merritt Avenue Reconstruction$2,839,200 $2,839,200Total CIP Storm Water for Revenue Bond Borrowing $8,383,300 $14,593,500 $8,660,000 $6,830,000 $4,565,100 $7,711,800 $2,481,200 $6,276,200 $1,232,000 $1,914,200 $62,647,300Project12022 2023 2024 2025 2026 2027 2028 2029 2030 2031 TotalENG: Concrete Pavement Repairs $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $750,000ENG: Mini Storm Sewers/Storm Laterals$650,000 $650,000 $650,000 $650,000 $650,000 $650,000 $650,000 $650,000 $650,000 $650,000 $6,500,000ENG: Up-Front Engineering Services$90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $900,000Total CIP for Cash Funded Projects$815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $8,150,000Source of Funding12022 2023 2024 2025 2026 2027 2028 2029 2030 2031 TotalStorm Water Revenue Bonds$8,383,300 $14,593,500 $8,660,000 $6,830,000 $4,565,100 $7,711,800 $2,481,200 $6,276,200 $1,232,000 $1,914,200 $62,647,300Utility Cash on Hand$815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $8,150,000Total Water Utility Projects$9,198,300 $15,408,500 $9,475,000 $7,645,000 $5,380,100 $8,526,800 $3,296,200 $7,091,200 $2,047,000 $2,729,200 $70,797,300Notes:1. Source: City of Oshkosh 2022-2031 Capital Improvement Plan, November, 2021.Page 2
Stormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue Bonds2022 2023 2024 2025 2026 2027 2028 2029 2030Capital ProjectsTax‐Exempt Tax‐Exempt Tax‐Exempt Tax‐Exempt Tax‐Exempt Tax‐Exempt Tax‐ExemptTax‐ExemptTax‐ExemptConstruction9,198,300 15,408,500 9,475,000 7,645,000 5,380,1008,526,8003,296,2007,091,2004,776,200Less Funds on Hand/Grants Applied(815,000) (815,000)(815,000)(815,000) (815,000)(815,000)(815,000)(815,000)(1,630,000)Subtotal Capital Projects8,383,300 14,593,500 8,660,000 6,830,000 4,565,1007,711,8002,481,2006,276,2003,146,200Reserve Fund AdjustmentsNew Reserve Fund Requirement18,137,836 9,263,230 9,934,339 10,338,099 10,692,38911,290,84911,487,22911,590,56810,632,562Less Current Reserve Requirement(7,535,318.78) (8,137,836.28) (9,263,230.03) (9,934,339.41) (10,338,099.40) (10,692,389.40) (11,290,849.40) (11,487,229.40) (11,590,568.15)Net Deposit to Reserve Fund Required602,518 1,125,394671,109403,760354,290598,460196,380103,339(958,006)Estimated Issuance Expenses198,400307,300203,775168,050131,875187,93890,675154,63882,825Ehlers & Associates (Financial Advisor)44,80054,20045,80039,70032,90042,90026,70037,10025,100Chapman & Cutler (Bond Counsel)20,00025,00020,00017,00017,00020,00015,00017,00015,000Paying Agent US Bank if terms850850850850850850850850850Underwriter's Discount @ 1.25%114,750200,250119,12592,50063,125106,18834,62581,68828,375Moody's Investors Service (Rating Fee)18,00027,00018,00018,00018,00018,00013,50018,00013,500TOTAL TO BE FINANCED9,184,218 16,026,194 9,534,884 7,401,810 5,051,2658,498,1982,768,2556,534,1762,271,019Estimated Interest Earnings2(5,240)(9,121)(5,413)(4,269)(2,853)(4,820)(1,551)(3,923)(1,966)Rounding1,0222,9275282,4591,5881,6223,2964,746948NET BOND SIZE9,180,000 16,020,000 9,530,000 7,400,000 5,050,0008,495,0002,770,0006,535,0002,270,000NOTES:1 Stormwater bond covenants require Maximum Annual Debt Service Test.2 Assumes temporary investment of available proceeds for 90 days at 0.015%.City of Oshkosh, WIRevenue Bond Sizing WorksheetFOR DISCUSSION ONLYPrepared by EhlersLeaders in Public Finance11/22/2021File: Oshkosh SW Utility Cash Flow Analysis 11‐15‐21/Storm CIP SizingPage 3
Schedule of Storm Water Utility Revenue Debt Outstanding Plus Estimated New IssuesSchedule of Storm Water Utility Revenue Debt AmountDatedCallableCallable AmtRate/Term1.25‐3.2 2022‐2042 2.00‐3.95 2023‐20432.00‐3.95 2024‐2044 2.00‐3.95 2025‐2045YearPrincipal Interest Total Prin (5/1) Est. Rate1Interest Total Prin (5/1) Est. Rate1Interest Total Prin (5/1) Est. Rate1Interest Total Prin (5/1) Est. Rate1Interest Total20214,370,000 2,705,146 7,075,14620224,775,000 2,752,789 7,527,78920235,040,000 2,493,519 7,533,519 325,0001.250%278,241 603,24120245,235,000 2,294,359 7,529,359 385,0001.300%217,653 602,653 485,0002.000%640,775 1,125,77520255,435,000 2,100,319 7,535,319 390,0001.350%212,518 602,518 625,0002.050%500,394 1,125,394 290,0002.000%381,109 671,10920265,400,000 1,914,213 7,314,213 395,0001.450%207,021 602,021 635,0002.100%487,320 1,122,320 370,0002.050%297,615 667,615 225,0002.000%295,891 520,89120275,630,000 1,722,447 7,352,447 400,0001.600%200,958 600,958 650,0002.200%473,503 1,123,503 380,0002.100%289,833 669,833 290,0002.050%231,040 521,04020285,820,000 1,523,869 7,343,869 405,0001.750%194,214 599,214 665,0002.350%458,539 1,123,539 390,0002.200%281,553 671,553 295,0002.100%224,970 519,97020296,065,000 1,318,353 7,383,353 415,0001.900%186,728 601,728 685,0002.500%442,163 1,127,163 395,0002.350%272,621 667,621 300,0002.200%218,573 518,57320306,315,000 1,110,747 7,425,747 420,0002.050%178,480 598,480 700,0002.650%424,325 1,124,325 405,0002.500%262,918 667,918 310,0002.350%211,630 521,63020315,025,000 924,050 5,949,050 430,0002.200%169,445 599,445 720,0002.800%404,970 1,124,970 415,0002.650%252,356 667,356 315,0002.500%204,050 519,05020325,195,000 753,484 5,948,484 440,0002.300%159,655 599,655 740,0002.950%383,975 1,123,975 430,0002.800%240,838 670,838 325,0002.650%195,806 520,80620334,910,000 586,978 5,496,978 450,0002.750%148,408 598,408 765,0003.050%361,394 1,126,394 440,0002.950%228,328 668,328 330,0002.800%186,880 516,88020343,965,000443,8004,408,800 465,0002.800%135,710 600,710 790,0003.500%335,903 1,125,903 455,0003.050%214,899 669,899 340,0002.950%177,245 517,24520353,505,000 328,641 3,833,641 480,0002.850%122,360 602,360 815,0003.550%307,611 1,122,611 470,0003.500%199,735 669,735 355,0003.050%166,816 521,81620362,860,000 233,694 3,093,694 495,0002.900%108,343 603,343 845,0003.600%277,935 1,122,935 485,0003.550%182,901 667,901 365,0003.500%155,015 520,01520372,600,000 153,113 2,753,113 505,0002.950%93,716 598,716 880,0003.650%246,665 1,126,665 505,0003.600%165,203 670,203 375,0003.550%141,971 516,97120381,970,000 86,569 2,056,569 520,0003.000%78,468 598,468 910,0003.700%213,770 1,123,770 520,0003.650%146,623 666,623 390,0003.600%128,295 518,29520391,295,000 42,306 1,337,306 540,0003.050%62,433 602,433 945,0003.750%179,216 1,124,216 540,0003.700%127,143 667,143 405,0003.650%113,884 518,8842040745,000 17,859 762,859 555,0003.100%45,595 600,595 980,0003.800%142,878 1,122,878 565,0003.750%106,559 671,559 420,0003.700%98,723 518,7232041450,000 4,781 454,781 575,0003.150%27,936 602,936 1,020,0003.850%104,623 1,124,623 585,0003.800%84,850 669,850 435,0003.750%82,796 517,7962042000 590,0003.200%9,440 599,440 1,060,0003.900%64,318 1,124,318 605,0003.850%62,089 667,089 455,0003.800%65,995 520,99520431,105,0003.950%21,824 1,126,824 630,0003.900%38,158 668,158 470,0003.850%48,303 518,3032044655,0003.950%12,936667,936490,0003.900%29,700 519,7002045510,0003.950%10,073 520,073204620472048204920502051TOTALS 99,585,000 33,139,076 132,724,076 9,180,0002,837,318 12,017,318 16,020,0006,472,098 22,492,098 9,530,0003,848,263 13,378,263 7,400,0002,987,654 10,387,654 = Callable MaturitiesNOTES:1 Estimated rates are taken from City of Oshkosh 2020C Stormwater Revenue Bond sale results plus 75‐basis points for 2022 issue and plus 100‐basis points for 2023‐2030 issues.$4,315,000Proposed Storm Water Utility Revenue Bonds$7,400,00001‐Aug‐2501‐May‐35$5,175,000$9,350,000Proposed Storm Water Utility Revenue Bonds$9,530,00001‐Aug‐2401‐May‐34$5,560,000Proposed Storm Water Utility Revenue Bonds$16,020,00001‐Aug‐2301‐May‐33IssueExisting Stormwater Revenue Debt Proposed Storm Water Utility Revenue Bonds$9,180,00001‐Aug‐2201‐May‐32Prepared by EhlersLeaders in Public Finance11/22/2021File: Oshkosh SW Utility Cash Flow Analysis 11‐15‐21/Storm CIP StructurePage 4
AmountDatedCallableCallable AmtRate/TermYear2021202220232024202520262027202820292030203120322033203420352036203720382039204020412042204320442045204620472048204920502051TOTALSNOTES:1 Estimated rateIssueOutstanding Plus Estimated New Issues2.00‐3.952026‐2046 2.00‐3.952027‐2047 2.00‐3.952028‐2048 2.00‐3.952029‐2049Prin (5/1) Est. Rate1Interest Total Prin (5/1) Est. Rate1Interest Total Prin (5/1) Est. Rate1Interest Total Prin (5/1) Est. Rate1Interest Total155,0002.000%202,003 357,003195,0002.050%157,744 352,744 255,0002.000%339,819 594,819200,0002.100%153,645 353,645 330,0002.050%265,413 595,413 85,0002.000%110,659 195,659205,0002.200%149,290 354,290 340,0002.100%258,460 598,460 110,0002.050%86,380 196,380 200,0002.000%261,347 461,347210,0002.350%144,568 354,568 345,0002.200%251,095 596,095 110,0002.100%84,098 194,098 255,0002.050%204,064 459,064215,0002.500%139,413 354,413 355,0002.350%243,129 598,129 115,0002.200%81,678 196,678 260,0002.100%198,720 458,720220,0002.650%133,810 353,810 360,0002.500%234,458 594,458 115,0002.350%79,061 194,061 265,0002.200%193,075 458,075225,0002.800%127,745 352,745 370,0002.650%225,055 595,055 120,0002.500%76,210 196,210 270,0002.350%186,988 456,988235,0002.950%121,129 356,129 380,0002.800%214,833 594,833 120,0002.650%73,120 193,120 280,0002.500%180,315 460,315240,0003.050%114,003 354,003 395,0002.950%203,686 598,686 125,0002.800%69,780 194,780 285,0002.650%173,039 458,039250,0003.500%105,968 355,968 405,0003.050%191,684 596,684 130,0002.950%66,113 196,113 295,0002.800%165,133 460,133260,0003.550%96,978 356,978 420,0003.500%178,158 598,158 130,0003.050%62,213 192,213 300,0002.950%156,578 456,578265,0003.600%87,593 352,593 435,0003.550%163,086 598,086 135,0003.500%57,868192,868310,0003.050%147,425 457,425275,0003.650%77,804 352,804 450,0003.600%147,265 597,265 140,0003.550%53,020 193,020 320,0003.500%137,098 457,098285,0003.700%67,513 352,513 465,0003.650%130,679 595,679 145,0003.600%47,925 192,925 335,0003.550%125,551 460,551300,0003.750%56,615 356,615 485,0003.700%113,220 598,220 150,0003.650%42,578 192,578 345,0003.600%113,395 458,395310,0003.800%45,100 355,100 500,0003.750%94,873 594,873 155,0003.700%36,973 191,973 360,0003.650%100,615 460,615320,0003.850%33,050 353,050 520,0003.800%75,618 595,618 165,0003.750%31,011 196,011 370,0003.700%87,200 457,200335,0003.900%20,358 355,358 540,0003.850%55,343 595,343 170,0003.800%24,688 194,688 385,0003.750%73,136 458,136350,0003.950%6,913 356,913 560,0003.900%34,028 594,028 175,0003.850%18,089 193,089 400,0003.800%58,318 458,318585,0003.950%11,554 596,554 185,0003.900%11,113 196,113 415,0003.850%42,729 457,729190,0003.950%3,753 193,753 435,0003.900%26,258 461,258450,0003.950%8,888 458,8885,050,0002,041,237 7,091,237 8,495,0003,431,451 11,926,451 2,770,0001,116,326 3,692,573 6,535,0002,639,868 9,174,868$4,960,000Proposed Storm Water Utility Revenue Bonds$8,495,00001‐Aug‐2701‐May‐37Proposed Storm Water Utility Revenue Bonds$2,770,00001‐Aug‐2801‐May‐38$1,610,000Proposed Storm Water Utility Revenue Bonds$6,535,00001‐Aug‐2901‐May‐39$3,815,000Proposed Storm Water Utility Revenue Bonds$5,050,00001‐Aug‐2601‐May‐36$2,950,000Prepared by EhlersLeaders in Public Finance11/22/2021File: Oshkosh SW Utility Cash Flow Analysis 11‐15‐21/Storm CIP StructurePage 5
AmountDatedCallableCallable AmtRate/TermYear2021202220232024202520262027202820292030203120322033203420352036203720382039204020412042204320442045204620472048204920502051TOTALSNOTES:1 Estimated rateIssue2.00‐3.952030‐2050Prin (5/1) Est. Rate1Interest Total Total P&IRev P&I G.O. P&I Total Year00 1,033,609 1,033,60907,075,146 7,075,146 858,528 7,933,67420217,527,789 7,527,789 851,224 8,379,01320228,136,759 8,136,759 579,782 8,716,54120239,257,787 9,257,787 473,599 9,731,38620249,934,339 9,934,339 457,877 10,392,216202510,227,059 10,227,059 444,490 10,671,550202610,624,783 10,624,783 431,128 11,055,910202711,205,706 11,205,706 417,466 11,623,172202811,443,154 11,443,154 17,232 11,460,38620290 11,948,576 11,948,576 17,717 11,966,293203070,0002.000%90,784 160,784 10,624,479 10,624,479 18,216 10,642,696203190,0002.050%70,865 160,865 10,632,562 10,632,562 18,734 10,651,296203290,0002.100%68,998 158,998 10,166,388 10,166,388 19,249 10,185,638203390,0002.200%67,063 157,063 9,080,616 9,080,616 19,794 9,100,410203495,0002.350%64,956 159,956 8,514,516 8,514,5168,514,516203595,0002.500%62,653 157,653 7,771,048 7,771,0487,771,0482036100,0002.650%60,140 160,140 7,434,704 7,434,7047,434,7042037100,0002.800%57,415 157,415 6,725,064 6,725,0646,725,0642038105,0002.950%54,466 159,466 6,010,419 6,010,4196,010,4192039110,0003.050%51,240 161,240 5,438,039 5,438,0395,438,0392040110,0003.500%47,638 157,638 5,129,291 5,129,2915,129,2912041115,0003.550%43,671 158,671 4,676,320 4,676,3204,676,3202042120,0003.600%39,470 159,470 4,075,314 4,075,3144,075,3142043125,0003.650%35,029 160,029 2,949,544 2,949,5442,949,5442044130,0003.700%30,343 160,343 2,283,939 2,283,9392,283,9392045135,0003.750%25,406 160,406 1,762,753 1,762,7531,762,7532046140,0003.800%20,215 160,215 1,410,610 1,410,6101,410,6102047145,0003.850%14,764 159,764 814,774814,774814,7742048150,0003.900%9,048 159,048 617,935617,935617,9352049155,0003.950%3,061 158,061 158,061158,061158,06120502,270,000917,2231,593,579203,499,411 4,625,036 208,124,447FOR DISCUSSION ONLYTotal Utility DebtExisting + Future Issues$1,325,000Proposed Storm Water Utility Revenue Bonds$2,270,00001‐Aug‐3001‐May‐28Prepared by EhlersLeaders in Public Finance11/22/2021File: Oshkosh SW Utility Cash Flow Analysis 11‐15‐21/Storm CIP StructurePage 6
Storm Water Utility Cash Flow Analysis ‐ Projected 2022‐2031City of OshkoshDiscussion Only Audit Estimated Budget Projected Projected Projected Projected Projected Projected Projected Projected Projected2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031RevenuesTotal Revenues from User Rates $11,551,325 $12,216,000 $13,237,900$13,900,092 $14,734,097 $15,506,051 $16,281,354 $16,477,514 $16,786,468 $17,206,130 $17,206,130 $17,206,130Percent Increase to User Rates Required 7.00% 7.00% 6.00% 6.00% 6.00% 5.00% 5.00% 0.00% 2.50% 2.50% 2.50% 0.00%Cumulative Percent Rate Increase 14% 22% 28% 36% 42% 49% 56% 56% 60% 64% 68% 68%Dollar Amount Increase to Revenues Required $846,067 $664,675 $1,021,900 $662,192 $834,005 $771,954 $775,303 $196,161 $308,953 $419,662 $0$0Other RevenuesInterest Income $235,949 $369,000 $369,000 $141,379 $150,221 $157,859 $331,478 $353,213 $372,545 $388,728 $410,122 $427,704Other Income$48,128 $74,900 $90,600 $92,412 $94,260 $96,145 $98,068 $100,029 $102,030 $104,071 $106,152 $108,275Total Other Revenues$284,077 $443,900 $459,600 $233,791 $244,481 $254,004 $429,546 $453,242 $474,575 $492,799 $516,274 $535,979Total Revenues$11,835,402 $12,659,900 $13,697,500 $14,133,883 $14,978,578 $15,760,055 $16,710,900 $16,930,757 $17,261,043 $17,698,929 $17,722,403 $17,742,109ExpensesOperating and Maintenance$2,298,155 $2,640,200 $2,765,300 $2,834,074 $2,904,560 $2,976,801 $3,050,840 $3,126,723 $3,204,495 $3,284,203 $3,365,896 $3,449,623Net Before Debt Service and Capital Expenditures $9,537,247 $10,019,700 $10,932,200 $11,299,809 $12,074,018 $12,783,255 $13,660,060 $13,804,034 $14,056,548 $14,414,726 $14,356,507 $14,292,486Debt ServiceExisting GO Bond P&I$895,784 $858,528 $851,224 $579,782 $473,599 $457,877 $444,490 $431,128 $417,466 $17,232 $17,717 $18,216Existing Revenue Bond P&I$6,692,471 $7,075,146 $7,527,789 $7,533,519 $7,529,359 $7,535,319 $7,314,213 $7,352,447 $7,343,869 $7,383,353 $7,425,747 $5,949,050New (2021-2030) Debt Service P&I$0$0$0 $603,241 $1,728,428 $2,399,021 $2,912,847 $3,272,336 $3,861,838 $4,059,801 $4,339,801 $4,339,801Total Debt Service$7,588,255 $7,933,674 $8,379,013 $8,716,541 $9,731,386 $10,392,216 $10,671,550 $11,055,911 $11,623,172 $11,460,386 $11,783,264 $10,307,067Cash on Hand/Prior Issue Bond Proceeds/Grants -$3,364,763 $790,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000 $815,000Net Annual Cash Flow$5,313,755 $1,296,026 $1,738,187 $1,768,268 $1,527,633 $1,576,038 $2,173,510 $1,933,124 $1,618,376 $2,139,340 $1,758,243 $3,170,419Unrestricted Cash Balance:Balance at first of year$17,192,653 $18,488,679 $20,226,867 $21,995,135 $23,522,767 $25,098,806 $27,272,316 $29,205,440 $30,823,816 $32,963,156 $34,721,399Net Annual Cash Flow Addition/(subtraction)$1,296,026 $1,738,187$1,768,268 $1,527,633 $1,576,038 $2,173,510 $1,933,124 $1,618,376 $2,139,340 $1,758,243 $3,170,419Balance at end of year$17,192,653 $18,488,679 $20,226,867 $21,995,135 $23,522,767 $25,098,806 $27,272,316 $29,205,440 $30,823,816 $32,963,156 $34,721,399 $37,891,818Prepared by EhlersT:\Wisaccts\Oshkosh\Financial Planning\Rate Studies\2021 Water, Sewer & Storm Cash Flow Analysis\Draft Workpapers\Oshkosh SW Utility Cash Flow Analysis 11-15-21Page 7
City of OshkoshStorm Water Utility Operations Cash Flow AnalysisDiscussion Only1234567891011Actual Actual Projected2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 20311 Rates % Increase7.00% 7.00% 7.00% 6.00% 6.00% 6.00% 5.00% 5.00% 0.00% 2.50% 2.50% 2.50% 0.00%2 Revenue growth assumption - non-usage2.00% 2.00% 2.00% 2.00% 2.00%2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%3 Investment income yield0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%4 Expense growth - Operations3.00% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%5 Expense growth - Maintenance3.00% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%6 Expense growth - General and Administrative2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%10 Beginning net assets51,174,820 55,928,178 60,639,712 65,677,415 71,353,630 76,767,621 82,279,030 88,220,116 95,044,501 102,109,386 109,380,449 117,237,209 125,243,9151112 Operating Revenues13 Storm Water charges10,705,258 11,551,325 12,216,000 13,237,900 13,900,092 14,734,097 15,506,051 16,281,354 16,477,514 16,786,468 17,206,130 17,206,130 17,206,13014 Miscellaneous47,792 48,128 74,900 90,600 92,412 94,260 96,145 98,068 100,029 102,030 104,071 106,152 108,27515 Total Operating Revenues10,753,050 11,599,453 12,290,900 13,328,500 13,992,504 14,828,357 15,602,196 16,379,422 16,577,543 16,888,498 17,310,201 17,312,282 17,314,4051617 Operating Expenses18 Operating & maintenance2,361,539 2,229,197 2,569,863 2,693,556 2,760,895 2,829,917 2,900,665 2,973,182 3,047,511 3,123,699 3,201,792 3,281,837 3,363,88219 Taxes64,025 68,958 70,337 71,744 73,179 74,642 76,135 77,658 79,211 80,795 82,411 84,059 85,74120 Depreciation - Storm Water2,183,877 2,346,232 2,263,000 2,512,300 3,020,781 3,333,456 3,585,741 3,585,741 3,585,741 3,585,741 3,585,741 3,585,741 3,585,74121 Total Operating Expenses4,609,441 4,644,387 4,903,200 5,277,600 5,854,854 6,238,015 6,562,541 6,636,580 6,712,463 6,790,235 6,869,943 6,951,636 7,035,3642223 Net Operations6,143,609 6,955,066 7,387,700 8,050,900 8,137,649 8,590,342 9,039,655 9,742,841 9,865,080 10,098,263 10,440,257 10,360,645 10,279,04124 Non operating revenues (expenses)25 Interest Income511,276 235,949 369,000369,000 141,379 150,221 157,859 331,478 353,213 372,545 388,728 410,122 427,70426 Interest Expense - Existing Debt(2,574,719) (2,842,362) (2,846,297) (2,870,986) (2,586,797) (2,370,726) (2,162,408) (1,962,088) (1,756,073) (1,542,907) (1,322,425) (1,114,260) (926,959)27 Interest Expense - New Rev Bond Debt 00(278,241) (858,428) (1,094,021) (1,287,847) (1,397,336) (1,656,838) (1,649,801) (1,649,801) (1,649,801)28 Amortization-Grant4,000 362,88129 Intergovernmental Revenues000000000000030 Total non operating revenue (expenses)(2,059,443) (2,243,532) (2,477,297) (2,501,986) (2,723,658) (3,078,932) (3,098,569) (2,918,456) (2,800,195) (2,827,200) (2,583,498) (2,353,939) (2,149,056)3132 Net increase (decrease) in resources4,084,166 4,711,534 4,910,403 5,548,914 5,413,991 5,511,410 5,941,086 6,824,385 7,064,885 7,271,063 7,856,760 8,006,707 8,129,9853334 Operating Transfer In (Out)000000000000035 Capital Contributions669,1920 127,300 127,30000000036 Cumulative effect of change in accting prin000000000037Ending Net Assets55,928,178 60,639,712 65,677,415 71,353,630 76,767,621 82,279,030 88,220,116 95,044,501 102,109,386 109,380,449 117,237,209 125,243,915 133,373,90038 CIP Funding39 Purchase of Capital Assets (8,021,279) (8,134,763) (3,065,000) (9,198,300) (15,408,500) (9,475,000) (7,645,000) (5,380,100) (8,526,800) (3,296,200) (7,091,200) (2,047,000) (2,729,200)40 Bond Issuance\DS Reserve Adjustments41 Principal Payments on Existing Revenue Debt(7,033,682) (3,923,253) (4,370,000) (4,775,000) (5,040,000) (5,235,000) (5,435,000) (5,400,000) (5,630,000) (5,820,000) (6,065,000) (6,315,000) (5,025,000)42 Principal Payments on Existing GO Debt(721,175) (731,747) (717,377) (733,027) (486,504) (397,232) (395,788) (396,615) (397,502) (398,428) (13,160) (14,204) (15,307)43 BAB Credit on 2010E Rev Debt44 Revenue Bonds Issued11,340,000 4,770,000 2,275,000 8,383,300 14,593,500 8,660,000 6,830,000 4,565,100 7,711,800 2,481,200 6,276,200 1,232,000 1,914,20045 General obligation debt issued000000000000046 Cash received from other funds000000000000047 Cash paid to other funds(420,780)000 00 0000 00048 Capital contributions669,19200000000000049 Premium Received on Debt Issued770,210 289,274 454,10450 Future Revenue Bond Principal00(325,000) (870,000) (1,305,000) (1,625,000) (1,875,000) (2,205,000) (2,410,000) (2,690,000) (2,690,000)5657Beginning Cash22,079,955 25,483,985 24,787,578 26,537,708 28,275,896 30,044,164 31,571,796 33,147,835 35,321,345 37,254,469 38,872,845 41,012,185 42,770,42858 Add net operations 6,143,609 6,955,066 7,387,700 8,050,900 8,137,649 8,590,342 9,039,655 9,742,841 9,865,080 10,098,263 10,440,257 10,360,645 10,279,04159 Add back depreciation2,183,877 2,346,232 2,263,000 2,512,300 3,020,781 3,333,456 3,585,741 3,585,741 3,585,741 3,585,741 3,585,741 3,585,741 3,585,74160 Add net non operating (2,059,443) (2,243,532) (2,477,297) (2,501,986) (2,723,658) (3,078,932) (3,098,569) (2,918,456) (2,800,195) (2,827,200) (2,583,498) (2,353,939) (2,149,056)61 Add capital and bond (3,417,514) (7,730,489) (5,423,273) (6,323,027) (6,666,504) (7,317,232) (7,950,788) (8,236,615) (8,717,502) (9,238,428) (9,303,160) (9,834,204) (8,545,307)62 Add transfer in (out)000000000000063 Net change in balance sheet items553,501(23,684)00 00 064Ending Cash25,483,985 24,787,578 26,537,708 28,275,896 30,044,164 31,571,796 33,147,835 35,321,345 37,254,469 38,872,845 41,012,185 42,770,428 45,940,84765Restricted Cash6,438,083 7,594,925 7,594,925 7,594,925 7,594,925 7,594,925 7,594,925 7,594,925 7,594,925 7,594,925 7,594,925 7,594,925 7,594,92566Unrestricted Cash19,045,902 17,192,653 18,942,783 20,680,971 22,449,239 23,976,871 25,552,910 27,726,420 29,659,544 31,277,920 33,417,260 35,175,503 38,345,9226768Ending Net Assets 55,928,178 60,639,712 65,677,415 71,353,630 76,767,621 82,279,030 88,220,116 95,044,501 102,109,386 109,380,449 117,237,209 125,243,915 133,373,900Prepared by EhlersT:\Wisaccts\Oshkosh\Financial Planning\Rate Studies\2021 Water, Sewer & Storm Cash Flow Analysis\Draft Workpapers\Oshkosh SW Utility Cash Flow Analysis 11-15-21Page 8
City of OshkoshStorm Water Utility Operations Cash Flow AnalysisDiscussion Only1234567891011Actual Actual Projected2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 20311 Rates % Increase7.00% 7.00% 7.00% 6.00% 6.00% 6.00% 5.00% 5.00% 0.00% 2.50% 2.50% 2.50% 0.00%2 Revenue growth assumption - non-usage2.00% 2.00% 2.00% 2.00% 2.00%2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%3 Investment income yield0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%4 Expense growth - Operations3.00% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%5 Expense growth - Maintenance3.00% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%6 Expense growth - General and Administrative2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%10 Beginning net assets51,174,820 55,928,178 60,639,712 65,677,415 71,353,630 76,767,621 82,279,030 88,220,116 95,044,501 102,109,386 109,380,449 117,237,209 125,243,9156970 Target minimum working capital (note 2)9,802,083 10,255,867 10,830,613 11,355,341 12,658,813 13,511,224 13,511,224 6,949,363 6,987,305 7,143,025 7,167,397 7,280,078 7,134,64171 Actual working capital-cash balance25,483,985 24,787,578 26,537,708 28,275,896 30,044,164 31,571,796 33,147,835 35,321,345 37,254,469 38,872,845 41,012,185 42,770,428 45,940,84772 Over (Under) target working capital15,681,903 14,531,711 15,707,096 16,920,555 17,385,351 18,060,573 19,636,611 28,371,982 30,267,164 31,729,820 33,844,788 35,490,350 38,806,2067388 Note 2: Target capital equals 6 mos of operating expenses, including depreciation, plus 100% of next year's debt.Prepared by EhlersT:\Wisaccts\Oshkosh\Financial Planning\Rate Studies\2021 Water, Sewer & Storm Cash Flow Analysis\Draft Workpapers\Oshkosh SW Utility Cash Flow Analysis 11-15-21Page 9
City of OshkoshStorm Water UtilityStatement of Projected CoverageYearOperating RevenuesLess: Operating ExpensesAmount Available for Debt Service Total Existing Revenue Bond P&I Future Revenue Bond P&I Total Debt Service Coverage 2020 11,835,402(2,298,155)9,537,2476,749,218 - 6,749,218 1.41 2021 12,659,900(2,640,200)10,019,7007,075,146 - 7,075,146 1.42 2022 13,697,500(2,765,300)10,932,2007,527,789 - 7,527,789 1.45 2023 14,133,883(2,834,074)11,299,8097,533,519 603,241 8,136,759 1.39 2024 14,978,578(2,904,560)12,074,0187,529,359 1,728,428 9,257,787 1.30 2025 15,760,055(2,976,801)12,783,2557,535,319 2,399,021 9,934,339 1.29 2026 16,710,900(3,050,840)13,660,0607,314,213 2,912,847 10,227,059 1.34 2027 16,930,757(3,126,723)13,804,0347,352,447 3,272,336 10,624,783 1.30 2028 17,261,043(3,204,495)14,056,5487,343,869 3,861,838 11,205,706 1.25 2029 17,698,929(3,284,203)14,414,7267,383,353 4,059,801 11,443,154 1.26 2030 17,722,403(3,365,896)14,356,5077,425,747 4,339,801 11,765,548 1.22 2031 17,742,109(3,449,623)14,292,4865,949,050 4,339,801 10,288,851 1.39 Prepared by EhlersT:\Wisaccts\Oshkosh\Financial Planning\Rate Studies\2021 Water, Sewer & Storm Cash Flow Analysis\Draft Workpapers\Oshkosh SW Utility Cash Flow Analysis 11-15-21Page 10