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Home My WebLink About33. 17-619 DECEMBER 12, 2017 17-619 RESOLUTION (CARRIED 7-0 LOST LAID OVER WITHDRAWN ) PURPOSE: ESTABLISH 2018 STORM WATER UTILITY RATE TO $172.04 PER YEAR INITIATED BY: DEPARTMENT OF PUBLIC WORKS WHEREAS, the City of Oshkosh has previously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 2018 shall be $172.04/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, 2018. Citof� Oshkosh MEMORANDUM TO: Honorable Mayor and Members of the C o Council FROM: James Rabe, Director of Public Works ---- DATE: December 7, 2017 RE: Establish 2018 Storm Water Utility Rate to $172.04 / ERU BACKGROUND The City of Oshkosh 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. The rate was initially set at $19.10 per Equivalent Runoff Unit (ERU) per year for one half of 2003. There have been ten (10) subsequent rate increases, the most recent being to $160.04 per ERU per year in 2017. The Storm Water Utility has funded several major projects to date, including the Fair Acres Area Detention Basin, Anchorage Channel Construction, the Baldwin Avenue Area Dry Detention Basin, the Tipler School Area Dry Detention Basin, the North High School Area Wet Detention Basin, the Oakwood Road Wet Detention Basin, the Melvin Avenue Storm Water Pump Station, the Westhaven Clubhouse Area Wet Detention Basin, the James Road Area Detention Basin, the City Hall Underground Detention and parking lot project, the Armory Area Wet Detention Basin, the 9th & Washburn Area Wet Detention Basin, and the Fernau Watershed North Main Street Area Wet Detention Basin. In addition to these major projects, storm sewers are replaced/upgraded with each street reconstruction project. The City experienced significant flooding during rain storms in 1990, 1993, 1996, 1999, 2001, 2004, 2008, 2010, and 2012. Localized areas also flood during smaller storm events. In addition, the City is now 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 and previous requirements for a reduction of 40% by 2013. The City of Oshkosh has met the 20% goal. The State legislature has since removed the 40% requirement. The Federal Environmental Protection Agency (EPA), in conjunction with the WDNR, is currently developing targeted performance standards that are anticipated to require TSS reduction of 40% or more. It is anticipated that these targeted performance standards will be implemented in the next couple of years. 1:\ Engineering\ Storm Water Information\2018 rate study memo_12-7-17.docx Page 1 of 2 AECOM was hired by the City to develop a City-wide plan for pollution reduction. 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 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 $172.04 per ERU per year is recommended. This rate will allow the City to complete all of the projects listed in the 2018 Capital Improvement Program (CIP) — Storm Sewer Section, and also maintain daily operations. The rate is proposed to be in effect on April 1, 2018. 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 $172.04 per ERU per year is required to implement all of the projects and operations in the 2018 budgets. Reduction of the 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 $172.04 per ERU per year to fund all activities in the approved 2018 budgets. It is recommended the rate go into effect on April 1, 2018. The effect of the increase equates to a total cost of $169.04 per ERU for 2018. Approved: Mark A. Rohloff City Manager JER/tlt 1AEngineering\Storm Water Information\2018 rate study memo_12-7-17.docx Page 2 of 2 FREERS LEADERS IN PUBLIC FINANCE October 27, 2017 Storm Water Utility Cash Flow and Debt Analysis City of Oshkosh, Wisconsin Idw Oshkosh Prepared by: Jon Cameron, CIPMA Municipal Advisor And Todd Taves, CIPMA Senior Municipal Advisor/Principal 1-800-552-1171 1 www.ehlers-inc.com Storm Water Utility Cash Flow and Debt Analysis Supporting Worksheets 14r Oshkosh Schedule 0 Storm Water Utility Draft 2018-2027 Capital Improvement Program 1 Storm Water Utility 2018-2027 Debt Sizing Worksheet 2 Storm Water Utility 2018-2027 Projected Revenue Bond Amortization Schedule 3 Storm Water Utility 2017-2027 Cash Flow Analysis Summary 5 Storm Water Utility Operations Cash Flow Analysis — Detailed Historical and Projected 6 Storm Water Utility Statement of Projected Debt Service Coverage 7 EHLERS LEADERS IN PUBLIC FINANCE City of Oshkosh Storm Water Utility Capital Improvement Implementation Program Note: All Costs Reported In 2017 Dollars Description 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Comprehensive Streets/Utilty Improvements $2,915,000 $1,725,000 $4,652,200 $4,046,300 $3,591,200 $3,500,000 $3,500,000 $3,500,000 $3,500,000 $3,500,000 Comprehensive Streets - New Development $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Public Infrastructure Improvements - Other Streets $230,000 $225,000 $225,000 $235,000 $225,000 $225,000 $225,000 $225,000 $225,000 $225,000 Public Infrastructure Improvements - Other Utilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Public Infrastructure Improvements- Water Utility $7,441,800 $5,710,000 $4,975,000 $7,225,000 $2,675,000 $3,400,000 $5,250,000 $5,000,000 $5,500,000 $4,200,000 Public Property Improvements - Utility $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Major Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Major Equipment - Vehicles $0 $0 $285,000 $0 $0 $0 $0 $0 $0 $0 Tax Increment Financing (TIF) District Improvements $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Capital Budget $10,586,800 $7,660,000 $10,137,200 $11,506,300 $6,491,200 $7,125,000 $8,975,000 $8,725,000 $9,225,000 $7,925,000 Total Operating Budget $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Yearly Budget $10,586,800 $7,660,000 $10,137,200 $11,506,300 $6,491,200 $7,125,000 $8,975,000 $8,725,000 $9,225,000 $7,925,000 Total Yearly Budget Inflated to Future Year's Dollars (2% annually) 1 $10,798,5361 $7,969,4641 $10,757,6781 $12,454,7891 $7,166,8091 $8,023,9071 $10,309,4541 $10,222,7281 $11,024,7291 $9,660,531 ISI ` City of Oshkosh, WI EHLERS Oshkosh Revenue Bond Sizing Worksheet EHLERS s.. sro m U,st.-te, st.-te, st.-te, st.-te, st-te, st-te, St.-te, St.-te, St-te, FOR DISCUSSION ONLY Utility Revenue Utility Revenue Utility Revenue Utility Revenue Utility Revenue Utility Revenue Utility Revenue Utility Revenue Utility Revenue Utility Revenue Bonds Bonds Bonds Bonds Bonds Bonds Bonds Bonds Bonds Bonds Capital Projects Construction Less Funds - Hand/Grants Applied Subtotal Capital Projects Reserve Fund Adjustments New Reserve Fund Requirement Less Current R -le Requirement Net Deposit to Reserve Fund Required Estimated Issuance Expenses Ehlers &Associates(Fi nancial Advisor) Chapman &Cutler ( Fond Counsel) Paying Agent US -k if terms Underwriter's Discount @ 1.25% Moody', Investors Service (Rating Fee) TOTAL TO BE FINANCED Estimated Interest Earnings' Rounding NET BOND SUE NOTES: 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Tax -Exempt Tax -Exempt Tax -Exempt Tax -Exempt Tax -Exempt Tax -Exempt Tax -Exempt Tax -Exempt Tax -Exempt Tax -Exempt 10,799,536 7,969,464 10,757,679 12,454,789 7,166,909 9,023,907 10,309,454 10,222,729 11,024,729 9,660,531 (1,099,790) (750,000) (1,000,000) (2,500,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) (2,000,000) 9,698,746 7,219,464 9,757,678 9,954,789 5,166,809 6,023,907 8,309,454 8,222,728 9,024,729 7,660,531 6,302,696 6,967,996 7,649,652 9,442,625 9,955,446 9,335,740 10,001,721 10,503,467 11,224,092 11,939,973 (5,564,960) (6,302,696) (6,967,996) (7,649,652) (9,442,625) (9,955,446) (9,335,740) (10,001,721) (10,503,467) (11,224,092 737,726 565,300 780,666 793,973 412,821 480,294 665,981 501,746 720,626 614,881 196,556 153,252 197,929 201,6)) 124,036 136,784 170,100 166,759 180,824 160,799 29,991 27,264 29,941 29,064 25,923 26,494 27,997 27,934 29,461 27,561 12,000 10,000 12,000 13,000 10,000 10,500 11,000 11,000 11,000 11,000 Foo Foo Foo Foo Foo Foo Foo Foo Foo Foo 132,875 99,199 134,199 136,913 71,313 93,000 114,313 111,125 124,063 105,438 22,000 16,000 22,000 22,000 16,000 16,000 16,000 16,000 16,500 16,000 10,633,028 7,938,015 10,)36,2)2 10,950,439 5,703,665 6,640,985 9,145,535 8,891,233 9,926,1)8 BA36,210 (6,062) (4,512) (6,099) (6,222) (3,229) (3,765) (5,193) (5,139) (5,640) (4,799 3,034 1,497 4,926 793 4,564 2,790 4,659 3,906 4,463 3,579 10,630,000 ),935,000 10,)35,000 10,945,000 5,)05,000 6,640,000 9,145,000 8,890,000 9,925,000 8,435,000 Prepared by Ehlers pagan 10/27/2017 Leaders in Public Finance File: Oshkosh SW Utility Cash Flow Analysis 9-13-2017/Storm CIP Sizing Schedule of Storm Water Utility Revenue Debt Outstanding Plus 2018 - 2027 Issues Prepared by Ehlers Page 3 10/27/2017 Leadersm Public Finance File: Oshkosh SW Utility Cash Fl.. Analysis 9-13-2017/St.— C p St,,a,,, Schedule of Storm Water Utility Revenue Debt Outstanding Plus 2017 - 2026 Issues EHLERS LE FOR DISCUSSION ONLY Prepared by Ehlers Page 4 10/27/2017 Leaders m Public Finance File: Oshkosh SW Utility Cash Fl— A,,Iy,i, 9-13-2017/St,,m C1 P St,,a,,, Storm Water Utility Cash Flow Analysis $1,173,210 - Projected 2018-2028 ($1,046,313) ($559,092) $137,123 $539,402 $585,000 $1,020,007 $891,726 Unrestricted Cash Balance E H LE RS City of Oshkosh Balance at first of year $10,509,107 $10,774,871 $11,948,081 $12,564,520 $13,042,695 $11,996,382 $11,437,290 $11,574,413 $12,113,816 $12,698,816 $13,718,823 Net Annual Cash Flow Addition/(subtraction) $265,764 $1,173,210 $616,439 LEADERS IN PUBLIC FINANCE Discussion Only $539,402 $585,000 $1,020,007 $891,726 Balance at end ofyear $10,774,871 $11,948,081 $12,564,520 $13,042,695 $11,996,382 $11,437,290 $11,574,413 Estimated Budget $13,718,823 $14,610,549 Projected 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Revenues Total Revenues from User Rates $9,160,900 $9,780,800 $10,781,180 $11,535,862 $12,343,372 $13,207,409 $14,131,927 $15,013,410 $15,799,998 $16,589,998 $17,293,574 Percent Increase to User Rates Required 7.50% 7.50% 7.00% 7.00% 7.00% 7.00% 7.00% 6.00% 5.00% 5.00% 4.001Y. Dollar Amount Increase to Revenues Required $413,457 $619,900 $1,000,380 $754,683 $607,510 $864,036 $924,519 $881,483 $786,588 $790,000 $703,576 Other Revenues Interest Income $100,000 $100,000 $83,398 $86,480 $88,871 $83,640 $80,844 $81,530 $84,227 $174,304 $184,504 BAB Credit 2010E Rev Bonds $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Intergovernmental Revenues $0 $1,099,790 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Income $25,000 $25,000 $25,500 $26,010 $26,530 $27,061 $27,602 $28,154 $28,717 $29,291 $29,877 Total Other Revenues $125,000 $1,224,790 $108,898 $112,490 $115,401 $110,701 $108,446 $109,684 $112,944 $203,595 $214,381 Total Revenues $9,285,900 $11,005,590 $10,890,078 $11,648,353 $12,458,774 $13,318,109 $14,240,373 $15,123,094 $15,912,942 $16,793,593 $17,507,955 Expenses Operating and Maintenance $2,138,600 $2,369,700 $2,440,174 $2,512,750 $2,587,491 $2,664,461 $2,743,727 $2,825,357 $2,909,423 $2,995,997 $3,085,154 Net Before Debt Service and Capital Expenditures $7,147,300 $8,635,890 $8,449,904 $9,135,603 $9,871,283 $10,653,649 $11,496,647 $12,297,737 $13,003,519 $13,797,596 $14,422,800 Debt Service Existing GO Bond P&I $947,801 $937,058 $907,397 $895,784 $858,528 $851,224 $579,782 $473,599 $457,877 $444,490 $431,128 Existing Revenue Bond P&I $4,723,735 $5,425,832 $5,438,275 $5,460,363 $5,475,663 $5,481,738 $5,489,156 $5,508,122 $5,523,881 $5,251,225 $5,291,984 New (2016-2025) Debt Service P&I $0 $0 $737,793 $1,301,282 $2,083,406 $2,879,779 $3,290,586 $3,776,614 $4,436,761 $5,081,873 $5,807,962 Total Debt Service $5,671,536 $6,362,890 $7,083,464 $7,657,429 $8,417,596 $9,212,741 $9,359,524 $9,758,335 $10,418,519 $10,777,589 $11,531,074 Transfer Out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Cash on Hand/Prior Issue Bond Proceeds/Grants $1,210,000 $1,099,790 $750,000 $1,000,000 $2,500,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 Net Annual Cash Flow $265,764 $1,173,210 $616,439 $478,174 ($1,046,313) ($559,092) $137,123 $539,402 $585,000 $1,020,007 $891,726 Unrestricted Cash Balance Balance at first of year $10,509,107 $10,774,871 $11,948,081 $12,564,520 $13,042,695 $11,996,382 $11,437,290 $11,574,413 $12,113,816 $12,698,816 $13,718,823 Net Annual Cash Flow Addition/(subtraction) $265,764 $1,173,210 $616,439 $478,174 ($1,046,313) ($559,092) $137,123 $539,402 $585,000 $1,020,007 $891,726 Balance at end ofyear $10,774,871 $11,948,081 $12,564,520 $13,042,695 $11,996,382 $11,437,290 $11,574,413 $12,113,816 $12,698,816 $13,718,823 $14,610,549 Page s Prepared by Ehlers T.\Wisaccts\Oshkosh\Financial Planning\Rate Studies\2017 Water, Sewer & Storm Cash Flow Analysis\Draft Workpapers\Oshkosh SW Utility Cash Flow Analysis 9-13-2017 City of Oshkosh Storm Water U01ity Operafions Cash Flow Analysis Discussion Only 1 Rates%Increase 2 Revenue growth assumption -non-usage 3 ffi a nent income yield 4 Expense growth - Operations 5 Expense growth - Maintenance 6 Expense growth - General antl Admi d.t- 10 Beginning net assets 1 12 Operating Revenues 13 Storm Water 0.,g- 1 4 harges14 Miscellaneous 15 Total Operating R-..- 1 6 evenues16 1 Operating Expenses 18Operating&maintenance 19 T.- 20 0epmciation-Stolen Water 21 Total Operating Expenses 22 23 Net Operations 24 Non operating revenues (expenses) 25 Interest Income 26 Interest Expense-Existit 27 Intemst Expense -New Rev R-B.Bond Oebt (20162025) 28 Amod¢alion-Grant 29 Intergo✓ernmental Revenues 30 Total non cperating revenue(expenses) 31 32 Net incmase (dm--) in resources 33 34 Operating Transfer in (Out) 35 Capital Conbbutions 36 Cumulative ef.t d change in a dn,g prin 37 Endng Net Assets 38 UP Funding 39 Purchase of GnpAal Assets 40 Bond lssuancelUS Reserve Adlushnents 41 Principal Payments on Existing revenue bonds 42 Prindpal pakt on Existing general oblgation debt 43 BAB Qodt on 2010E Rev Uebt 44 Revenue Bonds Issued 45 Gensal obligation debt issued 46 Cash mceiolf-otherfunds 47 Cash paid to other funds 48 Capital contributions 49 Premium Receved on Debt issuetl 50 Future Revenue Bond Principal(201&202]) 56 5]. A .t Cash Add 58 net operations (line 23) 59 Add back depreciation (line 20) 60 Add net non operating (line 30) 61 Add capital antl bond (lines 39-55) 62 Add transfer in (out) (line 34) 63 Net change in balance sheet d- 64 End "g Cash 65 Reslnctetl Cash W Unrestnctetl Cash 67 68 End ng Net Assets 69 70 Target minimum working capital (note 2) 71 Actual working cV,t.1-h balance 72 Over (Under) target working capital EHLERS LEADERS IN PUBLIC FINANCE ]3 88 Note 2 Target rapAal eguaLs 6 mos of operating expenses, including depreciation, plus 1 W % of next years debt. Prepared by Ehlers Page 6 T:\W isaccts\Oshkosh\Financial Planning\Rate Studies12017 Water, Sewer & Storm Cash Flow AnaysisU.ft W orkpapersl0 hk.h SW Utility Cash Flow Anaysis 9-13201] Actual Estimate Butl el Pro'ectsd 2014 2016 2016 2017 2018 2019 2020 2021 2022 2023 202! 2025 2026 2027 2028 ].50% 700% 700% 700% ].00% 700% 600% 500% 500% 4.00% 000% 200% 2(10% 200% 200% 200% 200% 200% 2(10% 200% 200% 200% 025% 0.50% a.50% a.50% 0.50% 0.50% 0.50% 050% 100% 100% 100% 300% 300% 300% 300% 300% 300% 3aa% 300% 300% 300% 300% 3.00% 300% 300% 300% 300% 300% 300% 300% 300% 300% 300% 200% 200% 200% 200% 200% 200% 200% 200% 200% 200% 200% 28,314,071 32639012 35 133800 40,26],802 43,3108 64 4],3]6,364 50814586 544]511150200,1121.257j% 62,25],]99 866939,]28 ]2044454 173] 5982 83,393,345 89893,314 7229299 8,00(1,]20 8,]4],443 9,160,900 9,]80,800 10,]81180 11535,862 12,343,3]2 13,20],409 14,13192] 15,013,410 15,]999 16589,998 1],2935]4 1]293,5]4 3155 ] 521 14944 25000 25 000 25 SOD 26 010 26 530 2] 061 2] 6D2 28154 28 ]1 729 291 29 81/ 3D 4]5 ]232454 8008241 8]6238] 9185900 9805800 10806680 115618]2 12369902 132344]0 14159529 15041564 15828]15 16619289 1]323451 17324049 2049,110 1,941,3]1 2117,352 20]0115 2300005 2317245 2440563 25220211 259],680 26]5 611 2,75 879 2830555 2923,]12 3,011,423 3101,7W 56,682 54,0]9 60,485 860,485 61695 62,929 64,18] 65,4]1 66,]80 68,116 69,4]8 ]0,8868 ]2,285 ]3,]31 75,205 1 504491 1621555 1 ] 6 023 1 921 600 2 0]6400 2 339 392 2 694 396 3105404 3 341 908 3 60669] 3 946909 4 284 259 4284 259 4284 259 4 284259 3610283 A7005 39538860 4060200 4446100 4]]9566 520]146 569 894 6006369 6350424 6772267 7193683 ]28025] 7369414 7461231 3622171 4391236 48085N 5125700 5359700 6027113 6354726 661/008 7228101 78D9105 8269298 8635032 9339032 9954037 9862818 34199 (8,096) 86840 100000 100000 83,398 WAD 80871 83,640 80,844 81530 84,22] 174,304 184504 193,421 (1,800,450) (2191,]94) (2,. ,203) (21828638) (2493,989) (2269,49]) (2139,400) (2001,813) (1,849935) (1,682434) (1,519,488) (1,365970) (1,224100) (1,080,611) (1,365,970) a 0 002,793) (641,282) (1,0304086) (1,404,]]9) (1,525586) (1,]26614) (2021,761) (22]1,8]3) (255],962) (2021,761) 0 0 a a 0 0 0 a 0 0 0 o a a o 0 22 535 431]5 a 1 099 790 0 0 0 0 0 0 0 a 0 0 1766251 211/355 2228188 2082 8638 12941% 2588891 2694202 2951348 31]10]4 312]1]6 3164572 3303504 3321669 3454068 3194310 1855920 2213881 2580339 3043062 4065501 3438222 38860525 37258660 405]02] 4681929 5104725 5331528 6017363 6493969 68668508 0 0 a a o 0 a 0 D o 0 o a a o 2,209,136 280,90] 2,553,8663 0 0 0 0 0 0 0 0 0 0 0 500,000 D a a a o 0 0 0 0 0 0 0 a a 32 3]912] 35133 800 40,267,802 43 310 8U 4] 316 364 50 814 5886 U,475,111 58,200,n2 fit 25] ]99 686 939128 12 044 456 n,375,982 83,393'345 89 80 314 97,01,11M (58608,727) (9,M3, 860) (9,996109) (11,522000) (10,]90536) [7969,464) (10]5],6]8) (12454]89) (7,1.,809) (0023,90]) (10,309454) (10,222]28) (11 024,]29) (9,M0, 531) 0 (134882) (160000) (931254) (]15,536) (9]7322) (990211) (5M, 191) (616,093) (835,546) (66],2]2) (900,2]1) (]14,469) (1,6]0000) (4,990000) (18,570,000) (27]0000) (3,1 40,0 (3,355,000) (3,485000) (3615000) (3,]50000) (3,900000) (4065000) (4220000) (40]5000) (4,245,000) (2101,356) (M,014) [/46844) (1145866) (]10898) (]28,900) (]21,1]5) l]31 ]47) (/17,31/) (133,02]) (486,504) (397232) (395,]88) (396,615) (39],502) (174,W2) 8,300000 13,115,000 20,470,000 10,480,000 10,630,000 7935,000 10735,000 10,945,000 5]05,000 6,640,000 9,145,000 8,890,000 9,925,000 8,435,000 217682 0 0 0 11 0 0 a 0 0 0 4,397068a a D 0 0 0 a 0 0 0 0 0 0 (44]6506) 0 (49402]) 0 a 0 0 0 0 D 0 0 2,209136 280,90] 2,553,8663 a 0 0 0 0 0 0 0 0 0 5]1008 826,2]0 0 0 a 0 (335,000) (86860000) (1045,000) (1,475,000) (1,765,000) (2050000) (2415,000) (2810,000) (3250000) (3,425000) 9,726,400 11,166,]04 1],940,211 15,240,8684 15,5086,448 168619,8658 1]296,09] 17,142]2 16,]2],959 16,168,86 186,305,9911 10845,393 1],430,393 18,450,400 19,342,126 3,6221]1 4,391236 4,808,52] 5125]00 5,359,]00 6,02],113 6,354]26 6,6]],008 ],228,101 7,809,105 8,269,298 8,635,032 9,339,032 9,95403] 9,862818 1 504,491 1 621,555 1, TI6,023 1 921 600 2,0]6,400 2,339,392 2,694396 3,105,404 3,341,908 3,60669] 3,946909 4,284259 4,284259 4,284,259 4,284259 (1,]866251) (2117355) (2220188) (20828638) (1,294199) (2580891) (2694202) (2951,348) (3,1]1,0]4) (3,12],1]6) (31645]2) (3,303,504) (3,321669) (3454068) (3,194310) (1,]]1,429) 31344]9 (6,059,651) (4,698,898) (4,%8,6W) (5,161,175) (5,8]6]4]) (78]73]]) (],958,02]) (0151,504) (8,512232) (9,030,]88) (9,281,615) (9,892502) (5,]00,]18) 0 0 D o 0 0 0 0 0 0 a 0 0 0 0 148678 1986.408 996238 0 0 0 0 0 0 0 0 0 111866]04 17940211 152408684 155086448 18686]98658 1]298609] 1]]]42]2 ifi ]2]959 161868 867 16,305,990 186845393 17,430,393 18,450,400 193421 6 6215941786 9,1%,D24 109179]4 4,731,51/ 4,731,577F--477-31,577 4,]31,5]] 4,131,511 4,131,511 4,731,577 4,731,577 4,731,577 4,731,577 4,731,57 4,131,511 4,]31,5]] 1,997,8680 6962,23] 10,50910] 10,]]4,8]1 11,948,081 12,564,520 13,042,8695 11,996,382 11,437,290 11,574,413 12,113,816 12,698,816 13,718,823 14,8610,549 19,8862,599 32,3]9,12] 35,133,800 40,286],802 43,3108864 4],3]6364 50,814,586 54475,111 58,200,]]2 862,25],]99 866939,728 72,044454 77,375,982 83,393,345 89,893,314 970861,822 9]33]80 23,451,272 7.M, 6 8,392990 9,306514 10,04],212 11,021,169 12,059,188 12362]08 12933,54] 13,804652 13,804,652 79]0,]39 8,015,318 8,521,586 11,116]04 1],940211 15,240684 11.1. 48 16,6]9,658 1],29609] 17]]4,212 16,]2],959 16,16086] 16,305,990 16,845,393 1],430,393 18,450400 1%%2,126 245941]6 1432925 (5,51106 ],592218 7113,458 ],3]3,144 ],240886 6]53,103 4,8668,]11 3,806159 3,3]2,444 3,040,]40 3,625,]40 10,479,8661 11,326,809 16,072590 ]3 88 Note 2 Target rapAal eguaLs 6 mos of operating expenses, including depreciation, plus 1 W % of next years debt. Prepared by Ehlers Page 6 T:\W isaccts\Oshkosh\Financial Planning\Rate Studies12017 Water, Sewer & Storm Cash Flow AnaysisU.ft W orkpapersl0 hk.h SW Utility Cash Flow Anaysis 9-13201] City of Oshkosh Storm Water Utility E H L E RS Statement of Projected Coverage 0 LEADERS IN PUBLIC FINANCE Year Operating Revenues BAB Credit Less: Operating Expenses Amount Available for Debt Service Total Existing Revenue Bond P&I 2016-2025 Revenue Bond P&I Total Sewer Debt Service Coverage 2017 9,285,900 (2,138,600) 7,147,300 4,723,735 - 4,723,735 1.51 2018 11,005,590 (2,369,700) 8,635,890 5,425,832 - 5,425,832 1.59 2019 10,890,078 (2,440,174) 8,449,904 5,438,275 737,793 6,176,068 1.37 2020 11,648,353 (2,512,750) 9,135,603 5,460,363 1,301,282 6,761,645 1.35 2021 12,458,774 (2,587,491) 9,871,283 5,475,663 2,083,406 7,559,068 1.31 2022 13,318,109 (2,664,461) 10,653,649 5,481,738 2,879,779 8,361,516 127 2023 14,240,373 (2,743,727) 11,496,647 5,489,156 3,290,586 8,779,742 1.31 2024 15,123,094 (2,825,357) 12,297,737 5,508,122 3,776,614 9,284,736 1.32 2025 15,912,942 (2,909,423) 13,003,519 5,523,881 4,436,761 9,960,642 1.31 2026 16,793,593 (2,995,997) 13,797,596 5,251,225 5,081,873 10,333,098 1.34 2027 17,507,955 (3,085,154) 14,422,800 5291,984 5,807,962 11,099,946 1.30 Discussion Only Page 7 Prepared by Ehlers T.\Wisaccts\Oshkosh\Financial Planning\Rate Studies\2017 Water, Sewer & Storm Cash Flow Analysis\Draft Workpapers\Oshkosh SW Utility Cash Flow Analysis 9-13-2017