HomeMy WebLinkAbout33. 22-538DECEMBER 13, 2022 22-538 RESOLUTION
(CARRIED________LOST________LAID OVER________WITHDRAWN________)
PURPOSE: APPROVE 2023 STORM WATER UTILITY RATE ($19.81 / ERU /
MONTH)
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 2023 shall be $19.81 per ERU
per month ($237.72 per ERU per year).
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, 2023.
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TO: Honorable Mayor and Members of the Common Council
FROM: James Rabe, Director of Public Works
DATE: December 8, 2022
RE: Approve 2023 Storm Water Utility Rate ($19.81 / ERU / Month)
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 $18.60 per ERU per month in 2022. The
Storm Water Utility has funded several major projects to date, including:
Fair Acres Wet Detention Basin and Anchorage Channel Conveyance Upgrades
Tipler Middle School Area Dry Detention Basin and Conveyance Upgrades
North High School Area Wet Detention Basin
Melvin Avenue Storm Water Pump Station
Baldwin Avenue Dry Detention Basin
James Road Area Detention Basin
City Hall Underground Detention and parking lot project
Armory Area Wet Detention Basin
Westhaven Clubhouse Area Detention Basin
Sawyer Creek Dredging and Conveyance Upgrades
9th and Washburn Detention Basin
South Park Lagoon Retrofit
Fernau Watershed North Main Street Detention Basin
Libbey/Nicolet Watershed North Main Street Detention Basin
Stringham Watershed Outfall Reconstruction and Dredging
In addition to major projects, storm sewers are replaced/upgraded with each street reconstruction
project.
The City experienced significant flooding during numerous rain storms between 1990 and 2012.
Localized areas also flood during smaller storm events. Additionally, 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 City has met the 20% total suspended solids (TSS) reduction requirement
within the MS4 Permit.
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The Federal Environmental Protection Agency (EPA), in conjunction with the WDNR, adopted targeted
performance standards within the Total Maximum Daily Load (TMDL) report for the Upper Fox and
Wolf Rivers Watershed. That TMDL report requires an increased TSS reduction of 48% within the
Sawyer Creek Watershed, in addition to City-Wide Phosphorus reduction of 83% as compared to a “no
controls” situation. 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 Common Council is being asked
to approve the update of that plan at the December 13, 2022 meeting. 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 projects 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 $19.81 per ERU per month ($237.72
per ERU per year) is recommended. This rate will allow the City to complete all of the projects listed in
the approved 2023 Capital Improvement Program (CIP) – Storm Sewer Section, and also maintain daily
operations. The rate is proposed to be in effect on April 1, 2023. 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 $19.81 per ERU per month represents a six and one-half percent (6.5%) increase, and is
required to implement all of the projects and operations in the 2023 budgets, and meet required bond
covenants. 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 of $19.81 per
ERU per month ($237.72 per ERU per year) to fund all activities in the approved 2023 CIP Budget and
the proposed 2023 Operating Budget. It is recommended the rate go into effect on April 1, 2023.
Approved:
Mark A. Rohloff
City Manager
Stormwater Utility Long Range Cash Flow Analysis Update
For
The City of Oshkosh
December, 2022
Prepared by:
Jon Cameron
Senior Municipal Advisor
Lisa Trebatoski
Associate Municipal Advisor
Stormwater Utility
Cash Flow and Debt Analysis
Supporting Worksheets
Schedule Page
Storm Water Utility Draft 2023-2032 Capital Improvement Program 1
Storm Water Utility 2023-2032 Debt Sizing Worksheet 3
Storm Water Utility 2023-2032 Projected Revenue Bond Amortization Schedule 4
Storm Water Utility 2023-2032 Cash Flow Analysis Summary 6
Storm Water Utility Operations Cash Flow Analysis – Detailed Historical and Projected 7
Storm Water Utility Statement of Projected Debt Service Coverage 8
City of Oshkosh2023‐2032 Storm Water Utility Capital Improvement PlanProject12023 2024 2025 2026 2027 2028 2029 2030 2031 2032 TotalUI: Asphalt Program (annual)$75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $525,000UI: Oregon St Interceptor Sewer$75,000$75,000UI: Bradley Street Asphalt Paving$1,150,000$1,150,000UI: Anchorage Watershed RR_Libbey Storm Sewer$993,000$993,000UI: Glatz Cir/Gallups-Merrits/Johnson Av Watersheds$1,500,000$1,500,000UI: Sawyer Creek Watershed Detention Basin$9,504,645$9,504,645UI: S Washburn Asphalt Const/W 20th$25,000$25,000UI: S Washburn Asphalt Const-W Waukau$25,000$25,000UI: Osborn Ave Asphalt Const$25,000$25,000UI: Arthur Avenue Reconstruction$337,000$337,000UI: Bauman St Reconstruction$93,000$93,000UI: Coolidge Ave Reconstruction$234,000$234,000UI: McKinley Street Reconstruction$272,000$272,000UI: Mockingbird Way Traffic$10,000$10,000UI: Tyler Avenue Reconstruction$1,072,200$1,072,200UI: West Lincoln Avenue Reconstruction$753,000$753,000UI: Wisconsin St Reconstruction$731,000$731,000UI: Cherry Street Reconstruction$1,283,000$1,283,000UI: Grand St Reconstruction$625,000$625,000UI: Iowa Street Reconstruction$143,700$143,700UI: Johnson Ave Watershed$1,810,000$1,810,000UI: Michigan Street Reconstruction$257,000$257,000UI: Nebraska Sanitary Interceptor$100,000$100,000UI: Stringham Watershed Box Culvert-Phase 2$4,031,000$4,031,000UI: West 5th Ave Reconstruction$380,200$380,200UI: West 7th Ave Reconstruction$215,700$215,700UI: Waugoo Avenue Reconstruction-Bowen$1,029,000$1,029,000UI: Bayshore Drive Reconstruction$377,000$377,000UI: Bay Street Reconstruction$125,000$125,000UI: Bowen Street Reconstruction$454,000$454,000UI: Central Street Reconstruction$563,000$563,000UI: Stringham Watershed Box Culvert-Phase 3$3,300,000$3,300,000UI: Waugoo Avenue Reconstruction- Rosalia$667,500$667,500UI: West 15th Avenue Reconstruction$1,529,000$1,529,000UI: Bowen Street Reconstruction$2,208,700$2,208,700UI: Fernau Watershed Detention Basin$50,000 $5,000,000$5,050,000UI: North Eagle Street Reconstruction$569,000$569,000UI: Ohio St Reconstruction$682,700$682,700UI: Scott Avenue Reconstruction$1,027,200$1,027,200UI: Woodland Avenue Reconstruciton (Cherry St)$429,000$429,000UI: Bowen Street Reconstruction$930,000$930,000UI: Lakeview San Pumps/SW Lift Station Replacement$438,000$2,000,000$2,438,000UI: West 14th Avenue Reconstruction$1,296,000$1,296,000UI: Wright St Reconstruction$470,700$470,700UI: Kirkwood Dr Reconstruction$444,000$444,000UI: Mill Street Reconstruction$444,000$444,000UI: West 16th Ave Reconstruction$1,197,000$1,197,000UI: Merritt Avenue Reconstruction$3,253,200$3,253,2001
City of Oshkosh2023‐2032 Storm Water Utility Capital Improvement PlanProject12023 2024 2025 2026 2027 2028 2029 2030 2031 2032 TotalUI: Oregon St Reconstruction$97,000 $97,000UI: West 9th Avenue Reconstruction$1,298,200 $1,298,200UI: South Main St Reconstruction$3,121,200 $3,121,200UI: Woodland Ave Reconstruction-High St$200,200 $200,200UI: N Sawyer St Reconstruction$1,526,200 $1,526,200ENG: #385 3/4 Ton Van $14,000$14,000WW: #58 Box Van with Sewer Camera Equipment $207,500$207,500WW: Replace 4x4 Pickup Trucks with plow & lift gates $46,000$46,000WW: 101 Trailered Wood Chipper$207,500$207,500$207,500 $622,500SW: Replace Street Sweepers$295,000$295,000$295,000$590,000$1,475,000SW: Replace Leaf Blowers$75,000 $75,000 $75,000$75,000$75,000 $375,000SW: Replace Trailered Water Pipes$45,000$45,000SW: 57 Vac All Catch Basin Cleaner$285,000$285,000SW 101 Trailered Wood Chipper$35,000 $35,000Total CIP Storm Water for Revenue Bond Borrowing $14,769,345 $12,442,600 $7,593,000 $5,116,600 $8,832,200 $2,445,000 $5,500,200 $1,398,200 $3,986,400 $1,918,700 $64,002,245Project12023 2024 2025 2026 2027 2028 2029 2030 2031 2032 TotalENG: Concrete Pavement Repairs $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $600,000ENG: Mini Storm Sewers/Storm Laterals$625,000 $625,000 $625,000 $625,000 $625,000 $625,000 $625,000 $625,000 $625,000 $650,000 $6,275,000ENG: 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$790,000 $715,000 $715,000 $790,000 $790,000 $790,000 $790,000 $790,000 $790,000 $815,000 $7,775,000Source of Funding12023 2024 2025 2026 2027 2028 2029 2030 2031 2032 TotalStorm Water Revenue Bonds$14,769,345 $12,442,600 $7,593,000 $5,116,600 $8,832,200 $2,445,000 $5,500,200 $1,398,200 $3,986,400 $1,918,700 $64,002,245Use Cash on Hand Reduce Borrowing($9,000,000) ($4,000,000) ($2,500,000) ($2,000,000) ($4,000,000) ($2,445,000) ($3,000,000) ($1,398,200) ($3,986,400) ($1,918,700) ($34,248,300)Utility Cash on Hand$790,000 $715,000 $715,000 $790,000 $790,000 $790,000 $790,000 $790,000 $790,000 $815,000 $7,775,000Total Water Utility Projects$15,559,345 $13,157,600 $8,308,000 $5,906,600 $9,622,200 $3,235,000 $6,290,200 $2,188,200 $4,776,400 $2,733,700 $71,777,245Notes:1. Source: City of Oshkosh 2023-2032 Capital Improvement Plan, June 30, 2022.2
Stormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue BondsStormwater Utility Revenue Bonds2023 2024 2025 2026 2027 2029Capital Projects Tax‐Exempt Tax‐Exempt Tax‐Exempt Tax‐Exempt Tax‐Exempt Tax‐ExemptConstruction15,559,345 13,157,600 8,308,000 5,906,6009,622,2006,290,200Less Funds on Hand/Grants Applied(9,790,000) (4,715,000) (3,215,000)(2,790,000)(4,790,000)(3,790,000)Subtotal Capital Projects5,769,345 8,442,600 5,093,000 3,116,6004,832,2002,500,200Reserve Fund AdjustmentsNew Reserve Fund Requirement18,697,794 9,422,393 9,756,522 10,033,45210,457,33410,517,867Less Current Reserve Requirement(7,727,306) (8,697,794) (9,422,393) (9,756,522) (10,033,452) (10,457,334)Net Deposit to Reserve Fund Required970,487724,599334,129276,930423,88360,533Estimated Issuance Expenses165,663202,613141,575115,525141,28897,700Ehlers & Associates (Financial Advisor)39,50046,70036,10035,80035,00028,600Chapman & Cutler (Bond Counsel)20,00020,00017,00017,00020,00017,000Paying Agent US Bank if terms850850850850850850Underwriter's Discount @ 1.25%86,313117,06369,62543,87567,43833,250Moody's Investors Service (Rating Fee)19,00018,00018,00018,00018,00018,000TOTAL TO BE FINANCED6,905,495 9,369,812 5,568,704 3,509,0555,397,3702,658,433Estimated Interest Earnings2(3,606)(5,277)(3,183)(1,948)(3,020)(1,563)Rounding3,1114654,4792,8936503,130NET BOND SIZE6,905,000 9,365,000 5,570,000 3,510,0005,395,0002,660,000NOTES: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 ONLY3
Schedule of Storm Water Utility Revenue Debt Outstanding Plus Estimated New IssuesAmountDatedCallableCallable AmtRate/Term2.00‐3.95 2023‐2043 2.00‐3.95 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 Total20224,775,000 2,752,789 7,527,78920235,180,000 2,995,569 8,175,56920245,510,000 2,664,447 8,174,447 160,0003.750%361,859 521,85920255,720,000 2,456,406 8,176,406 240,0003.750%281,388 521,388 210,0003.950%514,599 724,59920265,700,000 2,255,675 7,955,675 250,0003.750%272,200 522,200 320,0003.950%400,383 720,383 115,0004.150%320,336 435,33620275,945,000 2,048,534 7,993,534 260,0003.750%262,638 522,638 335,0003.950%387,446 722,446 190,0004.150%249,463 439,46320286,155,000 1,833,706 7,988,706 270,0003.750%252,700 522,700 350,0003.950%373,918 723,918 195,0004.150%241,474 436,47420296,415,000 1,611,066 8,026,066 280,0003.800%242,318 522,318 360,0003.950%359,895 719,895 205,0004.150%233,174 438,17420306,685,000 1,385,459 8,070,459 295,0003.850%231,319 526,319 375,0004.000%345,285 720,285 215,0004.150%224,459 439,45920315,410,000 1,179,888 6,589,888 305,0003.900%219,693 524,693 390,0004.050%329,888 719,888 220,0004.200%215,378 435,37820325,600,000 989,572 6,589,572 315,0003.950%207,524 522,524 410,0004.100%313,585 723,585 230,0004.250%205,870 435,87020335,340,000 802,191 6,142,191 330,0004.000%194,703 524,703 425,0004.150%296,361 721,361 240,0004.300%195,823 435,82320344,415,000 637,013 5,052,013 345,0004.050%181,116 526,116 445,0004.200%278,198 723,198 255,0004.350%185,116 440,11620353,975,000 501,203 4,476,203 355,0004.150%166,764 521,764 465,0004.250%258,971 723,971 265,0004.400%173,740 438,74020363,350,000 387,056 3,737,056 370,0004.250%151,535 521,535 485,0004.350%238,541 723,541 275,0004.450%161,791 436,79120373,110,000286,4753,396,475 390,0004.350%135,190 525,190 505,0004.450%216,756 721,756 290,0004.550%149,075 439,07520382,500,000 198,800 2,698,800 405,0004.450%117,696 522,696 530,0004.550%193,463 723,463 300,0004.650%135,503 435,50320391,850,000 131,813 1,981,813 425,0004.550%99,016 524,016 555,0004.650%168,501 723,501 315,0004.750%121,046 436,04620401,320,000 83,353 1,403,353 445,0004.600%79,113 524,113 580,0004.750%141,823 721,823 330,0004.850%105,563 435,56320411,055,000 45,200 1,100,200 465,0004.650%58,066 523,066 610,0004.800%113,408 723,408 350,0004.950%88,898 438,8982042630,000 13,781 643,781 490,0004.700%35,740 525,740 640,0004.850%83,248 723,248 365,0005.000%71,110 436,11020430510,0004.750%12,113 522,113 670,0004.900%51,313 721,313 385,0005.050%52,264 437,2642044705,0004.950%17,449 722,449 405,0005.100%32,215 437,2152045425,0005.150%10,944 435,9442046204720482049205020512052205320542055TOTALS 108,440,000 37,597,964 146,037,964 6,905,0003,562,688 10,467,688 9,365,0005,083,028 14,448,028 5,570,0003,173,238 8,743,238 = Callable MaturitiesNOTES:1 Estimated rates are taken from Columbus 2022A sale results plus 45‐basis points for 2023 issue, plus 65‐basis points for 2024 issue, plus 85 2025‐2032 issues.$3,440,000Proposed Storm Water Utility Revenue Bonds$5,570,00001‐Aug‐2501‐May‐35$4,200,000Proposed Storm Water Utility Revenue Bonds$9,365,00001‐Aug‐2401‐May‐34$5,745,000Proposed Storm Water Utility Revenue Bonds$6,905,00001‐Aug‐2301‐May‐33IssueExisting Stormwater Revenue Debt4
AmountDatedCallableCallable AmtRate/TermYear2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049205020512052205320542055TOTALSNOTES:1 Estimated rateIssue2.00‐3.952026‐2046 2.00‐3.952027‐2047 2.00‐3.952029‐2049Prin (5/1) Est. Rate1Interest Total Prin (5/1) Est. Rate1Interest Total Prin (5/1) Est. Rate1Interest Total Total P&IRev P&I G.O. P&I Total Year00 1,033,609 1,033,60907,527,789 7,527,789 851,224 8,379,01320228,175,569 8,175,569 579,782 8,755,35120238,696,306 8,696,306 473,599 9,169,90520249,422,393 9,422,393 457,877 9,880,27020259,633,593 9,633,593 444,490 10,078,084202675,0004.150%201,819 276,8199,954,899 9,954,899 431,128 10,386,0272027115,0004.150%157,201 272,201 115,0004.150%310,198 425,19810,369,197 10,369,197 417,466 10,786,6632028125,0004.150%152,221 277,221 180,0004.150%241,560 421,56010,405,233 10,405,233 17,232 10,422,4652029130,0004.150%146,930 276,930 190,0004.150%233,883 423,883 55,0004.150%153,043 208,043 10,665,378 10,665,378 17,717 10,683,0942030135,0004.150%141,431 276,431 200,0004.150%225,790 425,790 90,0004.150%119,198 209,198 9,181,264 9,181,264 18,216 9,199,4802031140,0004.200%135,690 275,690 205,0004.150%217,386 422,386 95,0004.150%115,359 210,359 9,179,986 9,179,986 18,734 9,198,7202032145,0004.250%129,669 274,669 215,0004.200%208,618 423,618 95,0004.150%111,416 206,416 8,728,779 8,728,779 19,249 8,748,0292033150,0004.300%123,363 273,363 225,0004.250%199,321 424,321 100,0004.150%107,370 207,370 7,646,496 7,646,496 19,794 7,666,2902034160,0004.350%116,658 276,658 235,0004.300%189,488 424,488 105,0004.200%103,090 208,090 7,069,913 7,069,9137,069,9132035165,0004.400%109,548 274,548 245,0004.350%179,106 424,106 110,0004.250%98,548 208,548 6,326,125 6,326,1256,326,1252036175,0004.450%102,024 277,024 255,0004.400%168,168 423,168 115,0004.300%93,738 208,738 5,991,425 5,991,4255,991,4252037180,0004.550%94,035 274,035 265,0004.450%156,661 421,661 120,0004.350%88,655 208,655 5,284,813 5,284,8135,284,8132038190,0004.650%85,523275,523280,0004.550%144,395 424,395 125,0004.400%83,295 208,295 4,573,589 4,573,5894,573,5892039200,0004.750%76,355 276,355 290,0004.650%131,283 421,283 130,0004.450%77,653 207,653 3,990,141 3,990,1413,990,1412040210,0004.850%66,513 276,513 305,0004.750%117,296 422,296 140,0004.550%71,575 211,575 3,695,955 3,695,9553,695,9552041220,0004.950%55,975 275,975 320,0004.850%102,293 422,293 145,0004.650%65,019 210,019 3,237,165 3,237,1653,237,1652042230,0005.000%44,780 274,780 335,0004.950%86,241 421,241 150,0004.750%58,085 208,085 2,584,795 2,584,7952,584,7952043240,0005.050%32,970 272,970 355,0005.000%69,075 424,075 160,0004.850%50,643 210,643 2,067,351 2,067,3512,067,3512044255,0005.100%20,408 275,408 375,0005.050%50,731 425,731 165,0004.950%42,679 207,679 1,344,761 1,344,7611,344,7612045270,0005.150%6,953 276,953 390,0005.100%31,318 421,318 175,0005.000%34,220 209,220 907,490907,490907,4902046415,0005.150%10,686 425,686 185,0005.050%25,174 210,174 635,860635,860635,8602047195,0005.100%15,530 210,530 210,530210,530210,5302048205,0005.150%5,279 210,279 210,279210,279210,279204900 0205000 0205100 0205200 020533,510,0002,000,063 5,510,063 5,395,0003,073,496 8,468,496 2,660,0001,519,566 4,179,566174,792,219 4,625,036 179,417,255$3,330,000Proposed Storm Water Utility Revenue Bonds$5,395,00001‐Aug‐2701‐May‐37Proposed Storm Water Utility Revenue Bonds$2,660,00001‐Aug‐2901‐May‐39$1,650,000Proposed Storm Water Utility Revenue Bonds$3,510,00001‐Aug‐2601‐May‐36$2,170,000FOR DISCUSSION ONLYTotal Utility DebtExisting + Future Issues5
Storm Water Utility Cash Flow Analysis ‐ Projected 2023‐2032City of OshkoshDiscussion OnlyAudit Estimated Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032RevenuesTotal Revenues from User Rates $12,321,058 $13,002,900 $13,949,972$14,856,721 $15,313,224 $15,619,488 $16,167,325 $16,324,289 $16,569,153 $16,650,775 $16,650,775 $16,650,775Percent Increase to User Rates Required 7.00% 6.00% 6.50% 6.50% 2.00% 2.00% 4.00% 0.00% 2.00% 0.00% 0.00% 0.00%Cumulative Percent Rate Increase 0.00% 6.00% 12.89% 19.39% 21.78% 24.21% 29.18% 29.18% 31.77% 31.77% 31.77% 31.77%Dollar Amount Increase to Revenues Required $769,733 $681,842 $947,072 $906,748 $456,503 $306,264 $547,836 $156,964 $244,864 $81,621$0$0Other RevenuesInterest Income-$16,991 -$590,200 $161,410 $125,851 $117,627 $230,499 $231,474 $214,158 $209,059 $203,342 $210,969 $206,832Other Income$37,227 $51,000 $52,020 $53,060 $54,121 $55,203 $56,307 $57,433 $58,582 $59,754 $60,949 $62,168Total Other Revenues$20,236 -$539,200 $213,430 $178,911 $171,748 $285,702 $287,781 $271,591 $267,641 $263,096 $271,918 $269,000Total Revenues$12,341,294 $12,463,700 $14,163,402 $15,035,632 $15,484,972 $15,905,191 $16,455,106 $16,595,880 $16,836,795 $16,913,871 $16,922,693 $16,919,774ExpensesOperating and Maintenance$2,225,997 $2,695,200 $2,762,204 $2,830,876 $2,901,256 $2,973,389 $3,047,316 $3,123,084 $3,200,738 $3,280,324 $3,361,892 $3,445,490Net Before Debt Service and Capital Expenditures $10,115,297 $9,768,500 $11,401,198 $12,204,756 $12,583,716 $12,931,802 $13,407,790 $13,472,796 $13,636,057 $13,633,546 $13,560,801 $13,474,285Debt ServiceExisting GO Bond P&I$819,775 $820,269 $547,369 $438,194 $421,869 $410,694 $394,513 $378,475 $12,581 $17,259 $16,856 $16,425Existing Revenue Bond P&I$7,075,146 $7,527,789 $8,175,569 $8,174,447 $8,176,406 $7,955,675 $7,993,534 $7,988,706 $8,026,066 $8,070,459 $6,589,888 $6,589,572New (2021-2030) Debt Service P&I$0$0$0 $521,859 $1,245,987 $1,677,918 $1,961,365 $2,380,491 $2,379,168 $2,594,918 $2,591,376 $2,590,414Total Debt Service$7,894,921 $8,348,057 $8,722,938 $9,134,500 $9,844,262 $10,044,287 $10,349,412 $10,747,672 $10,417,814 $10,682,637 $9,198,120 $9,196,411Cash on Hand/Prior Issue Bond Proceeds/Grants $3,919,099 $815,000$9,790,000 $4,715,000 $3,215,000 $2,790,000 $4,790,000 $3,235,000 $3,790,000 $2,188,200 $4,776,400 $2,733,700Net Annual Cash Flow($1,701,623)$605,443($7,111,740) ($1,644,744) ($475,546)$97,515($1,731,622) ($509,876) ($571,758)$762,709($413,719)$1,544,174Unrestricted Cash Balance:Balance at first of year$23,711,829 $24,317,272 $17,205,532 $15,560,788 $15,085,242 $15,182,757 $13,451,135 $12,941,259 $12,369,501 $13,132,211 $12,718,491Net Annual Cash Flow Addition/(subtraction)$605,443($7,111,740) ($1,644,744) ($475,546)$97,515($1,731,622) ($509,876) ($571,758)$762,709($413,719)$1,544,174Balance at end of year$23,711,829 $24,317,272 $17,205,532 $15,560,788 $15,085,242 $15,182,757 $13,451,135 $12,941,259 $12,369,501 $13,132,211 $12,718,491 $14,262,6656
City of OshkoshStorm Water Utility Operations Cash Flow AnalysisDiscussion Only12345678910ActualActual Estimated20202021202220232024202520262027202820292030203120321 Rates % Increase7.00%7.00%6.00% 6.50% 6.50% 2.00% 2.00% 4.00% 0.00% 2.00% 0.00% 0.00% 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% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%4 Expense growth - Operations2.50%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 - Maintenance2.50%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 assets55,928,178 60,639,712 65,758,422 70,297,865 75,605,366 81,265,663 86,815,994 92,729,386 99,228,641 105,784,641 112,843,761 120,020,547 127,414,1041112 Operating Revenues13 Storm Water charges11,551,325 12,321,058 13,002,900 13,949,972 14,856,721 15,313,224 15,619,488 16,167,325 16,324,289 16,569,153 16,650,775 16,650,775 16,650,77514 Miscellaneous48,12837,22751,000 52,020 53,060 54,121 55,203 56,307 57,433 58,582 59,754 60,949 62,16815 Total Operating Revenues11,599,45312,358,285 13,053,900 14,001,992 14,909,781 15,367,345 15,674,691 16,223,632 16,381,722 16,627,735 16,710,529 16,711,724 16,712,9431617 Operating Expenses18 Operating & maintenance2,229,197 2,155,373 2,620,000 2,685,500 2,752,638 2,821,453 2,891,990 2,964,290 3,038,397 3,114,357 3,192,216 3,272,021 3,353,82219 Taxes68,95870,62475,200 76,704 78,238 79,803 81,399 83,027 84,687 86,381 88,109 89,871 91,66820 Depreciation - Storm Water2,346,232 2,459,072 2,512,300 3,025,758 3,459,959 3,734,123 3,734,123 3,734,123 3,734,123 3,734,123 3,734,123 3,734,123 3,734,12321 Total Operating Expenses4,644,387 4,685,069 5,207,500 5,787,962 6,290,835 6,635,379 6,707,512 6,781,440 6,857,207 6,934,861 7,014,448 7,096,015 7,179,6132223 Net Operations6,955,066 7,673,216 7,846,400 8,214,030 8,618,946 8,731,965 8,967,179 9,442,192 9,524,515 9,692,874 9,696,081 9,615,709 9,533,33024 Non operating revenues (expenses)25 Interest Income235,949(16,991) (590,200)161,410 125,851 117,627 230,499 231,474 214,158 209,059 203,342 210,969 206,83226 Interest Expense - Existing Debt(2,842,362) (2,590,772) (2,848,057) (3,067,938) (2,722,641) (2,503,275) (2,291,369) (2,073,047) (1,847,181) (1,613,647) (1,387,719) (1,181,744) (990,997)27 Interest Expense - New Rev Bond Debt 000(361,859) (795,987) (992,918) (1,101,365) (1,335,491) (1,229,168) (1,334,918) (1,251,376) (1,195,414)28 Amortization-Grant362,8815,9054,00029 Intergovernmental Revenues000000000000030 Total non operating revenue (expenses)(2,243,532) (2,601,858) (3,434,257) (2,906,528) (2,958,649) (3,181,635) (3,053,788) (2,942,937) (2,968,514) (2,633,755) (2,519,295) (2,222,151) (1,979,579)3132 Net increase (decrease) in resources4,711,534 5,071,358 4,412,143 5,307,502 5,660,297 5,550,331 5,913,392 6,499,255 6,556,001 7,059,119 7,176,786 7,393,558 7,553,7513334 Operating Transfer In (Out)0(2,900)000000000035 Capital Contributions050,252127,30000000036 Cumulative effect of change in accting prin00000000037Ending Net Assets60,639,712 65,758,422 70,297,865 75,605,366 81,265,663 86,815,994 92,729,386 99,228,641 105,784,641 112,843,761 120,020,547 127,414,104 134,967,85538 CIP Funding39 Purchase of Capital Assets (8,134,763) (3,240,901) (9,198,300) (15,559,345) (13,157,600) (8,308,000) (5,906,600) (9,622,200) (3,235,000) (6,290,200) (2,188,200) (4,776,400) (2,733,700)40 Bond Issuance\DS Reserve Adjustments41 Principal Payments on Existing Revenue Debt(3,923,253) (4,370,000) (4,775,000) (5,180,000) (5,510,000) (5,720,000) (5,700,000) (5,945,000) (6,155,000) (6,415,000) (6,685,000) (5,410,000) (5,600,000)42 Principal Payments on Existing GO Debt(731,747) (700,000) (725,000) (475,000) (380,000) (375,000) (375,000) (370,000) (365,000) (10,000) (15,000) (15,000) (15,000)43 BAB Credit on 2010E Rev Debt44 Revenue Bonds Issued4,770,000 7,160,000 8,383,300 5,769,345 8,442,600 5,093,000 3,116,600 4,832,2000 2,500,20000045 General obligation debt issued000000000000046 Cash received from other funds000000000000047 Cash paid to other funds000000000000048 Capital contributions050,252 0000000000049 Premium Received on Debt Issued289,274 454,104411,12450 Future Revenue Bond Principal000(160,000) (450,000) (685,000) (860,000) (1,045,000) (1,150,000) (1,260,000) (1,340,000) (1,395,000)5657Beginning Cash25,483,985 24,787,578 31,261,393 32,281,960 25,170,220 23,525,476 23,049,930 23,147,445 21,415,823 20,905,947 20,334,189 21,096,899 20,683,17958 Add net operations 6,955,066 7,673,216 7,846,400 8,214,030 8,618,946 8,731,965 8,967,179 9,442,192 9,524,515 9,692,874 9,696,081 9,615,709 9,533,33059 Add back depreciation2,346,232 2,459,072 2,512,300 3,025,758 3,459,959 3,734,123 3,734,123 3,734,123 3,734,123 3,734,123 3,734,123 3,734,123 3,734,12360 Add net non operating (2,243,532) (2,601,858) (3,434,257) (2,906,528) (2,958,649) (3,181,635) (3,053,788) (2,942,937) (2,968,514) (2,633,755) (2,519,295) (2,222,151) (1,979,579)61 Add capital and bond (7,730,489) (646,545) (5,903,876) (15,445,000) (10,765,000) (9,760,000) (9,550,000) (11,965,000) (10,800,000) (11,365,000) (10,148,200) (11,541,400) (9,743,700)62 Add transfer in (out)0(2,900)0000000000063 Net change in balance sheet items(23,684) (407,170)000064Ending Cash24,787,578 31,261,393 32,281,960 25,170,220 23,525,476 23,049,930 23,147,445 21,415,823 20,905,947 20,334,189 21,096,899 20,683,179 22,227,35365Restricted Cash7,594,925 7,549,564 7,549,564 7,549,564 7,549,564 7,549,564 7,549,564 7,549,564 7,549,564 7,549,564 7,549,564 7,549,564 7,549,56466Unrestricted Cash17,192,653 23,711,829 24,732,396 17,620,656 15,975,912 15,500,366 15,597,881 13,866,259 13,356,383 12,784,625 13,547,335 13,133,615 14,677,7896768Ending Net Assets 60,639,712 65,758,422 70,297,865 75,605,366 81,265,663 86,815,994 92,729,386 99,228,641 105,784,641 112,843,761 120,020,547 127,414,104 134,967,8556970 Target minimum working capital (note 2)10,003,307 10,951,807 11,616,919 12,279,917 13,161,952 13,398,043 13,740,132 14,176,276 13,885,245 14,189,861 12,746,128 12,786,217 12,382,32571 Actual working capital-cash balance24,787,578 31,261,393 32,281,960 25,170,220 23,525,476 23,049,930 23,147,445 21,415,823 20,905,947 20,334,189 21,096,899 20,683,179 22,227,35372 Over (Under) target working capital14,784,272 20,309,586 20,665,040 12,890,302 10,363,524 9,651,887 9,407,313 7,239,547 7,020,702 6,144,329 8,350,771 7,896,962 9,845,02873 Over (Under) target working capital - Unrestricted7,189,347 12,760,022 13,115,476 5,340,738 2,813,960 2,102,323 1,857,749(310,017) (528,862) (1,405,235)801,207 347,398 2,295,46488 Note 2: Target capital equals 6 mos of next year's operating expenses, including depreciation, plus 100% of next year's debt.ProjectedT:\Wisaccts\Oshkosh\Financial Planning\Rate Studies\2022 Water, Sewer & Storm Cash Flow Analysis\Draft Workpapers\Oshkosh SW Utility Cash Flow Analysis I use COH - updated O&M v27
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 202112,341,294(2,225,997)10,115,2977,075,146 - 7,075,146 1.43 202212,463,700(2,695,200)9,768,5007,527,789 - 7,527,789 1.30 202314,163,402(2,762,204)11,401,1988,175,569 - 8,175,569 1.39 202415,035,632(2,830,876)12,204,7568,174,447 521,859 8,696,306 1.40 202515,484,972(2,901,256)12,583,7168,176,406 1,245,987 9,422,393 1.34 202615,905,191(2,973,389)12,931,8027,955,675 1,677,918 9,633,593 1.34 202716,455,106(3,047,316)13,407,7907,993,534 1,961,365 9,954,899 1.35 202816,595,880(3,123,084)13,472,7967,988,706 2,380,491 10,369,197 1.30 202916,836,795(3,200,738)13,636,0578,026,066 2,379,168 10,405,233 1.31 203016,913,871(3,280,324)13,633,5468,070,459 2,594,918 10,665,378 1.28 203116,922,693(3,361,892)13,560,8016,589,888 2,591,376 9,181,264 1.48 203216,919,774(3,445,490)13,474,2856,589,572 2,590,414 9,179,986 1.47 Notes:*Coverage requirement of 1.2Coverage using projected year revenue and expensesDiscussion Only8
City of OshkoshStorm Water UtilityStatement of Projected Coverage-Previous YearYearOperating RevenuesLess: Operating ExpensesAmount Available for Debt Service Year Total Existing Revenue Bond P&I Future Revenue Bond P&I Total Debt Service Coverage* 2019 11,933,518(2,425,564)9,507,954 2020 6,749,218 - 6,749,218 1.41 2020 11,835,402(2,298,155)9,537,247 2021 7,075,146 - 7,075,146 1.35 2021 12,341,294(2,225,997)10,115,297 2022 7,527,789 - 7,527,789 1.34 2022 12,463,700(2,695,200)9,768,500 2023 8,175,569 - 8,175,569 1.19 2023 14,163,402(2,762,204)11,401,198 2024 8,174,447 521,859 8,696,306 1.31 2024 15,035,632(2,830,876)12,204,756 2025 8,176,406 1,245,987 9,422,393 1.30 2025 15,484,972(2,901,256)12,583,716 2026 7,955,675 1,677,918 9,633,593 1.31 2026 15,905,191(2,973,389)12,931,802 2027 7,993,534 1,961,365 9,954,899 1.30 2027 16,455,106(3,047,316)13,407,790 2028 7,988,706 2,380,491 10,369,197 1.29 2028 16,595,880(3,123,084)13,472,796 2029 8,026,066 2,379,168 10,405,233 1.29 2029 16,836,795(3,200,738)13,636,057 2030 8,070,459 2,594,918 10,665,378 1.28 2030 16,913,871(3,280,324)13,633,546 2031 6,589,888 2,591,376 9,181,264 1.48 203116,922,693(3,361,892)13,560,801 2032 6,589,572 2,590,414 9,179,986 1.48 Notes:*Coverage requirement of 1.2Using previous year operating revenues less expenses and current year's debtDiscussion OnlyCoverage using previous year revenue and expenses9