AGENDA Utility Commission Meeting Waupun Utilities – 817 S Madison St. Waupun, WI P.O. Box 431 Monday, February 10, 2020 AT 4:00 PM There is a regular commission meeting scheduled for Monday, February 10, 2020, at 4:00 PM at the Waupun Utilities Administrative Building located on 817 S. Madison Street, Waupun, Wisconsin. CALL TO ORDER ROLL CALL OF COMMISSIONERS APPROVAL OF PREVIOUS MEETING MINUTES 1. January 13, 2020 Minutes APPROVAL OF PAYMENT - PREVIOUS MONTHS BILLS 2. 01-2020 Accounts Payable GM REPORT / OPERATIONS REPORT 3. General Manager Report 4. Water and Wastewater Report 5. Electric Operations Report FINANCIAL REPORT / APPROVAL OF MONTHLY FINANCIAL RESULTS 6. Finance Director Report 7. December 2019 Financial Report APPEARANCE BY VISITORS AGENDA 8. Appointment of WPPI Energy Board Director and WPPI Energy Board Alternate 9. Resolution recognizing the retirement of Nancy Oosterhouse, Barb Armga, and Randy Posthuma ADJOURNMENT Upon reasonable notice, efforts will be made to accommodate disabled individuals through appropriate aids and services. For additional information, contact the General Manager at 920-324-7920.
Transcript
AGENDA Utility Commission Meeting
Waupun Utilities – 817 S Madison St. Waupun, WI P.O. Box 431
Monday, February 10, 2020 AT 4:00 PM
There is a regular commission meeting scheduled for Monday, February 10, 2020, at 4:00 PM at
the Waupun Utilities Administrative Building located on 817 S. Madison Street, Waupun,
Wisconsin.
CALL TO ORDER ROLL CALL OF COMMISSIONERS APPROVAL OF PREVIOUS MEETING MINUTES
1. January 13, 2020 Minutes APPROVAL OF PAYMENT - PREVIOUS MONTHS BILLS
3. General Manager Report 4. Water and Wastewater Report 5. Electric Operations Report
FINANCIAL REPORT / APPROVAL OF MONTHLY FINANCIAL RESULTS
6. Finance Director Report 7. December 2019 Financial Report
APPEARANCE BY VISITORS
AGENDA 8. Appointment of WPPI Energy Board Director and WPPI Energy Board Alternate 9. Resolution recognizing the retirement of Nancy Oosterhouse, Barb Armga, and Randy Posthuma
ADJOURNMENT
Upon reasonable notice, efforts will be made to accommodate disabled individuals through appropriate aids and services. For additional information, contact the General Manager at 920-324-7920.
Minutes of a Regular Meeting of the
Waupun Utilities Commission
Monday, January 13, 2020
The meeting was called to order by President Heeringa at 4:00 p.m.
Commissioners Heeringa, Homan, Kaczmarski, Mielke, Thurmer, and Westphal were present. Gerritson was
absent with notice.
Motion made by Thurmer, seconded by Homan and unanimously carried, to approve the minutes from the
November 11, 2019, regular meeting.
On motion by Kaczmarski, seconded by Westphal and unanimously carried, bills for the months of
November and December 2019 were approved as presented.
General Manager reported on the new hire for the Customer Billing Representative position and an update
for the position of Accounting Coordinator.
Manager reported on the Public Service Commission public hearing held for the Alliant Purchase Area #4
and are now awaiting final approval from PSC. Following approval from the Public Service Commission,
Waupun Utilities will complete the transfer of customers to our system.
Manager reported on the open house held in December to provide further detail on the wastewater facility
upgrade and coinciding rate impact.
Water & Sewer Maint/Treatment Supervisor reported that level 1 bleeders were turned on. Crane
Engineering has completed their annual preventative maintenance program for all pumps. The program
identifies potential problems prior to mechanical failure saving the Utilities costly repairs. Sanitary crew will
televise sanitary laterals on South Madison St to verify sanitary lateral condition, location and lateral type
prior to summer reconstruction. The remaining group of turbine meters will be replaced with new compound
meters at commercial and industrial locations.
Electric Operations Supervisor reported on work being completed for greater clearances between the
American Transmission Company owned transmission line and Waupun Utilities owned under build
distribution line as requested by ATC. The annual line clearance program will begin near end of January.
Work will continue in 2020 for replacement of HPS street lights with LED light fixtures.
On motion by Thurmer, seconded by Mielke and unanimously carried, the year-to-date financial reports
through November 2019 were approved as presented. Electric operating income was $246,400 or $31,800
above budget on higher margins and lower expense. Water operating income was $744,200 or $128,500
above budget on higher revenues and lower operating expenses. Sewer operating income was $249,500 or
$88,700 above budget on higher revenues.
Utilities’ Energy Service Representative Eric Kostecki presented a summary on 2019 Energy Services and
plans for 2020 Energy Services. Waupun Utilities customers received $123,574 in Focus on Energy
incentives during 2019. The 2020 Energy Services plans include a continued focus on LED upgrades and
efficiency upgrades for industrial and commercial customers, apply for the Smart Energy Provider
designation, and continue community relation programs.
Motion made by Thurmer, seconded by Homan, to adjourn in closed session under Section 19.85 (1) (c)
(e) of the WI Statutes. Motion carried unanimously.
Motion made by Westphal, seconded by Thurmer, and unanimously carried to reconvene in open session
under Section 19.85 (2) of WI Statutes. No further action in open session.
On motion by Homan, seconded by Mielke and unanimously carried, the meeting was adjourned at 6:01 p.m.
The next commission meeting is scheduled on February 10, 2020, at 4:00 p.m.
Total WAUPUN UTILITIES (Refund Acct): 302.81 302.81
Grand Totals: 62,753.54 62,753.54
WAUPUN UTILITIES ACH and TRANSFER PAYMENTS Page: 1
CASH DISBURSEMENTS (CD) Feb 07, 2020 10:27AM
Period: 1/31/2020 (01/20)
Reference Account Debit Credit
Date Number Payee or Description Number Account Title Amount Amount
CD
1
12/31/2019 1 Huntington Monthly Transfer of P&I 1-1125-1251-00 SINKING FUNDS BOND REDEM 16,546.00
Huntington Monthly Transfer of P&I 2-1125-1251-00 SINKING FUNDS BOND INT RE 62,435.00
Huntington Monthly Transfer of P&I 9-1131-0000-00 COMBINED CASH 78,981.00-
2
.00*
01/10/2020 2 Record Dec's ACH Credit Card Paymt 1-2232-0000-00 ACCOUNTS PAYABLE - ELECTR 69.97
01/10/2020 2 Record Dec's ACH Credit Card Paymt 2-2232-0000-00 ACCOUNTS PAYABLE - WATER 31.00
Record Dec's ACH Credit Card Paymt 3-2232-0000-00 ACCOUNTS PAYABLE - WASTE 664.87
Record Dec's ACH Credit Card Paymt 9-1131-0000-00 COMBINED CASH 765.84-
3
-69.97*
01/03/2020 3 Record ON-LINE ACH payment for period ending 1-5921-0000-24 OFC SUP & EXP COMPUTER R 9.15
Record ON-LINE ACH payment for period ending 2-5921-0000-24 OFC SUP & EXP-COMPUTER R 7.27
Record ON-LINE ACH payment for period ending 3-5851-0000-24 OFC SUP & EXP-COMPUTER R 7.03
4
23.45*
01/28/2020 4 Record Dec's Power Bill & Shared Savings Loan A 1-2232-0000-00 ACCOUNTS PAYABLE - ELECTR 546,429.33
5
01/08/2020 5 Record Dec's ACH Sales & Use Tax Payment 1-2241-2416-00 TAX COLL PAY - SALES TAX 11,180.91
99001
01/03/2020 99001 TOTAL CHECKS & OTHER CHARGES - COMBIN 9-1131-0000-00 COMBINED CASH 23.45-
99002
01/28/2020 99002 TOTAL CHECKS & OTHER CHARGES - COMBIN 9-1131-0000-00 COMBINED CASH 546,429.33-
99003
01/28/2020 99003 Record WPPI Support ACH Paymt - Util/City 1-2232-0000-00 ACCOUNTS PAYABLE - ELECTR 2,641.07
01/28/2020 99003 Record WPPI Support ACH Paymt - Util 2-2232-0000-00 ACCOUNTS PAYABLE - WATER 1,887.61
Record WPPI Support ACH Paymt - Util 3-2232-0000-00 ACCOUNTS PAYABLE - WASTE 1,711.55
3,599.16*
01/28/2020 99003 Record WPPI Support ACH Paymt - Util/City 9-1131-0000-00 COMBINED CASH 6,240.23-
99004
01/08/2020 99004 TOTAL CHECKS & OTHER CHARGES - COMBIN 9-1131-0000-00 COMBINED CASH 11,180.91-
99005
01/10/2020 99005 Record Monthly ACH Vehicle Payment 1-2232-0000-00 ACCOUNTS PAYABLE - ELECTR 129.43
Record Monthly ACH Vehicle Payment 2-2232-0000-00 ACCOUNTS PAYABLE - WATER 37.06
Record Monthly ACH Vehicle Payment 3-2232-0000-00 ACCOUNTS PAYABLE - WASTE 37.07
Record Monthly ACH Vehicle Payment 9-1131-0000-00 COMBINED CASH 203.56-
Documents: 13 Transactions: 23
Total CD: 643,824.32 643,824.32-
Grand Totals: 643,824.32 643,824.32-
TO: Waupun Utilities Commissioners FROM: Randy Posthuma, General Manager DATE: Feb. 10, 2020 SUBJECT: General Manager Report
Waupun Utilities Joins in Support of Low-Income Home Energy Assistance Program: Attached to my report is a letter written by the National Energy and Utility Affordability Coalition (NEUAC) urging Congress to fully fund the Low-Income Home Energy Assistance Program (LIHEAP) for fiscal year 2021. American Public Power Association (APPA) has partnered with NEUAC to gather support for the letter and LIHEAP from APPA member utilities. The Trump administration’s budget for both 2018 and 2019 eliminated funding for LIHEAP, but Congress disagreed and allocated LIHEAP funding in the budget President Trump eventually signed. Nearly all WPPI Energy member communities signed an NEUAC letter supporting LIHEAP in the past and it continues to be a crucially important program for the less fortunate in all WPPI Energy member communities. Accounting Coordinator Update: Barb Armga has announced her retirement effective February 20, 2020. Barb will have completed 30 years of service as our accounting coordinator. As I had mentioned during our prior commission meetings, we anticipated the likelihood of this position opening up in 2020. Following Barb’s retirement announcement, we have advertised and accepted applications for the accounting coordinator position. Jared and I spent the last part of December and the first part of January conducting interviews. I’m pleased to announce that Christina Keller has been hired as our new accounting coordinator. Christina brings a wealth of knowledge to this position from her prior experience as Mayville’s utility accountant and deputy clerk. Christina’s first day on the job was January 29th. Christina will be job shadowing the accounting coordinator position for the next several weeks until Barb’s retirement. Boundary Agreement Update: The PSC has authorized the 4th and final sale and transfer of customers to Waupun Utilities from Alliant Energy. I’ve been working with Alliant Energy’s Distribution Manager to set a transfer date for the effected customers. The tentative date to make the transfer is set for March 2nd. MEUW Electric Utility Joint Superintendents Conference & Expo: Steve Brooks and I attended the annual Joint Superintendents Conference held this past January. This conference is a coordinated effort between MEUW and the Wisconsin Electric Cooperatives Association. One of the major highlights of the event was the Electric Line Technician Apprentice Graduation Ceremony. This ceremony recognizes the graduates from the State Indentured Lineman
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Apprentice Program. Chris Jahn along with other Municipal Electric Apprentice were honored during the graduation ceremony. WWTP Upgrade to Meet New Phosphorus Effluent Limits: Leo Kucek and Jim Smith from Applied Technology along with Jared and I, made a presentation to the City Council on January 14th, to recommend an ordinance change to set new sewer rates. This requirement was the result of the recommended phosphorus removal upgrade at the Wastewater Plant recently approved by the Utility Commission. The City Council was given a presentation about the new stringent phosphorus requirements mandated by the EPA and DNR regarding new phosphorus removal limits. The Council was also made aware of the compliance options that were considered for technical feasibility, and life cycle cost resulting in the recommended ABNR treatment process. Following the power point presentation and open question period, the Council voted to approve the sewer rate change as presented. This concludes my report for February 2020. Please contact me at 324-7920 or [email protected], with any questions or concerns.
An Open Letter to Congressional Appropriations Committees In Support of the Low Income Home Energy Assistance Program (LIHEAP) Dear House and Senate Appropriators: The Low Income Home Energy Assistance Program (LIHEAP) is the cornerstone federal grant program designed to protect and assist vulnerable households in preserving uninterrupted utility service and maintaining safe temperatures inside their homes. LIHEAP supported approximately 6 million American households with energy affordability last year. In light of the crucial safety net function of this program in protecting our nation’s elders, individuals with disabilities, and families with very young children, the National Energy and Utility Affordability Coalition (NEUAC) and the supporters below respectfully request Congress defend and improve LIHEAP funding for FY21. This will send a strong message of support for the health and well-being of those fragile households struggling to maintain energy security. LIHEAP serves a vital life-saving role, protecting households from the risks associated with dangerous indoor air temperatures during heat waves and deep freezes. In 2018, a deadly polar vortex stalled over parts of America resulting in the deaths of 22 people. Heatwaves also can be extremely dangerous, causing dehydration, distress, and heatstroke. The Centers for Disease Control and Prevention (CDC) reported that 3,442 deaths resulted from exposure to extreme heat during 1999-2003. The CDC also noted that air conditioning is the primary protective factor against heat-related illness and death. The flexibility of LIHEAP as a block grant allows for repair and replacement of HVAC systems, a growing need according to the 2018 National Energy Assistance Survey of LIHEAP recipients (NEAS). Nearly one third of respondents reported they were unable to use their main source of heat because of utility disconnect, inability to pay for fuel delivery, or a damaged heating system. Elders, young children, and the disabled are most vulnerable to extreme temperatures and thus are targeted by LIHEAP. The NEAS survey reported that 92% of LIHEAP recipient households contain at least one vulnerable person. Nearly half of NEAS respondents reported that one or more persons in the household were age 60 or older. George, a veteran of the armed forces from Maine, said LIHEAP assistance allowed him to focus on paying for other basic needs. He said LIHEAP is an important resource for the senior citizen community: Winter in Maine is very hard no matter how you cut it…I need help now when I’m old. I didn’t need it when I was younger because I could take care of myself. One in three LIHEAP recipients reported they went without food for at least one day in the prior 12 months. Carol, a LIHEAP recipient from Missouri, wrote to NEUAC: I work in a community action agency outreach office and have seen the LIHEAP program help many clients, but the need for LIHEAP became real to me when my husband was unable to work and we were reduced to one income. We were struggling to buy groceries and pay bills. (LIHEAP) was a godsend. Despite a growing economy, 40.6 million Americans lived in poverty in 2017 according to U.S. Census data. The Federal Reserve reports that nearly half of American families would struggle to pay emergency expenses of just $400. LIHEAP relieves the pressure to choose between heating and eating, cooling or
rent. The program can help maintain continuous utility service or restore service after a utility disconnect. LIHEAP eases the energy burden of those in need while also improving the energy efficiency of households through weatherization services. LIHEAP is an administratively efficient and effective targeted health and safety program that works to bring fuel costs within a manageable range for eligible families. When people are unable to afford their home energy bills, the implications are deadly serious. One in three NEAS respondents reported using their kitchen stove to heat their home, posing a serious carbon monoxide and fire risk. No one should be forced to resort to such dangerous and drastic means to survive. LIHEAP keeps families safe. It prevents children from having to do their homework in the dark. It relieves financial pressure on families and improves stability in the home. The NEAS also reported that 82 percent of LIHEAP recipients have an annual income of less than $20,000. With such inadequate resources, even basic needs are likely to go unmet. Many low-wage workers, single parents, and other struggling households are eligible for LIHEAP, but are deprived of a benefit because the funding is quickly exhausted for crises during times of high need. LIHEAP is only able to serve a fraction of those eligible – one in five – at current funding levels. NEUAC and its national coalition of more than 200 member organizations representing thousands of individuals, along with the hundreds of stakeholders who have signed this letter to support LIHEAP, strongly urge Congress to defend and improve LIHEAP funding in FY21. Adequate resources are vitally important to make energy affordable and help maintain safe indoor air temperatures for the most vulnerable members of our communities. Thank you for your support of LIHEAP and your consideration for your neighbors, the members of your district assisted by this funding.
TO: Waupun Utilities Commissioners FROM: Steve Schramm DATE: February 6, 2020 SUBJECT: Monthly Operation Report
Water Treatment Facility:
There are no call-ins to report this month.
Operations were shifted to on-peak time (6am-10pm) for the backwashing of filters. This was due to trouble shooting valve issues and blower failures during the backwash cycle. Staff diagnosed a limiting switch failure. Repairs were made and operations have now returned to normal.
Wastewater Treatment Facility:
There are no call-ins to report this month.
Crane Engineering has completed replacement of (2) grit pump rotating assemblies. These “hardened” assemblies have lasted nearly 12 years in this abrasive environment, double the life of standard assemblies.
Restoration of the ferrous chloride room is near completion. This is well overdue, following years of abuse from acid fumes, which deteriorated and pitted all metal and concrete surfaces. The enclosure which houses the ferrous chloride has been moved to an outside containment structure.
Water/Sewer Crew:
There are no call-ins to report this month.
Staff has begun televising the sanitary sewer. Pipe conditions are recorded and used to establish a pipe priority grade. A sanitary sewer priority grading system offers the Utilities a proactive approach to eliminating sanitary sewer overflows (SSOs). This system allows staff to pinpoint areas within the sanitary sewer system that need a more thorough investigation due to the critical nature of the location, physical attributes of a pipe section, structural integrity of the pipe, and operation and maintenance needs of the pipe.
Staff has completed replacement of turbine meters with new compound meters for commercial and industrial customers. Now all large meter customers have been switched over to the new compound meters.
This concludes my report. Please do not hesitate to contact me with your questions or concerns at
TO: Waupun Utilities Commissioners FROM: Steve Brooks, Electric Operations Supervisor DATE: February 10, 2020 SUBJECT: Electric Operations Report
Electric Department Update: One power outage to report
On Feb. 3rd at 10:59 a.m. the meter at 315 N. Grove St. reported a power outage. A squirrel came in contact with the H1 bushing of a distribution transformer causing the overcurrent device to operate. Overcurrent device was refused and the power was restored at 11:36 a.m.
Street light damage
On Feb. 4th at 7:15 a.m. we received a call that a car struck a street light pole at 810 W. Main St. The street light was knocked down and needed to be repaired. The electric crew replaced the breakaway street light base, light fixture, and reinstalled the pole.
Ongoing work for ATC
The electric crew completed the work requested for greater clearances between the American Transmission Company (ATC) transmission line and Waupun Utilities distribution line. The work on the last pole was conducted during a scheduled power outage on Y-306, the 69KV transmission line that loops around the city.
We are working on a plan with ATC to address poles that do not meet the current NESC (National Electric Safety Code) standards. Some of the poles on the list will require ATC to replace or reframe the transmission poles to achieve the required clearances.
Main substation
Work on the Waupun Main substation is now complete. The electric crew worked with Alliant Energy, M.J. Electric, and ATC to complete the project on time. New controls were installed for the 69KV circuit switcher owned by ATC, allowing it to be operated from the new ATC substation. The crew worked to remove the controls from the Waupun Main substation control house.
New poles, insulators, arrestors, and conductors were installed from the new ATC substation to the Waupun Main substation.
Work on the new ATC substation is complete. All Waupun Utilities substations are now fed from Y-24 through the new ATC substation. The alternate transmission line Y-25 is also back in service.
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Line Clearance
The electric crew started the annual line clearance program.
Makovsky Brush Service crew that will be assisting with the line clearance work has been rescheduled to start near the end of February.
Transformer Sale
Waupun Utilities requested bids for the purchase of used transformers in December 2019. The Solomon Corporation won the bid with $2.37 per KVA. A total of 7,757 KVA is being sold for a sum of $18,384.09. Any transformers not stamped non-PCB on the name plate will require oil testing at a cost of $20.00 per test. Waupun Utilities is responsible for the cost of the tests. The Solomon Corporation is responsible for the shipping cost. We have started to ship some of the transformers and will continue to work with the Solomon Corporation to schedule shipment for remaining transformers when trucks are available.
This concludes my report for February 2020. Please contact me at 324-7920 or [email protected] with any questions or concerns.
TO: Waupun Utilities Commissioners FROM: Jared Oosterhouse, Finance Director DATE: February 5, 2020 SUBJECT: December 2019 Financial Report
This month’s report contains the December YTD 2019 financial report. The Utilities audit fieldwork is scheduled for February 5-7, however I don’t anticipate any changes to the statements. 2019 financial highlights will be presented during Monday’s meeting.
Financial Items to Note:
Sales and Revenues Dashboard o Electric, Water, and Sewer sales were all above budget primarily on additional
billing days from the residential class
Sales by Customer Class o Electric Large Power and Industrial Power ended the year below budget from the
loss of a customer and from overall lower usage o Sewer Public Authority sales continue to be strong
Electric Utility o Pg 4 – Regulatory Operating Income decreased $142,000 resulting in the Rate of
Return to decrease from 5.48 to 3.86. This is a result of lower operating margins and from higher operating expenses.
Operating margins are primarily lower from customers shifting to different classes that yielded lower electric costs for the customers (i.e. switching to time-of-day or general service changing to large power)
Operating expenses were higher on general maintenance from blacktop sealing and office renovations including LED lighting upgrades, removing wall paper, and painting. Additionally, less hours were charged to construction in 2019 compared to previous years due to more hours recorded to voltage conversion work.
o Pg 10 – Balance Sheet (comparison to December 2018) Cash and investments increased $187,000 Final payment was made to sewer utility paying off $114,000
Water Utility o Pg 6 - Regulatory Operating Income increased $134,000 resulting in the Rate of
Return to increase from 5.10 to 6.17. This is a result of higher revenues and lower operating expenses.
Revenues were higher on strong residential sales from additional billing days
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Operating expenses were lower due to no major expense for wells (source of supply) and with lower water treatment expenses due to less water pumped. Additionally, lower maintenance expenses were incurred due to less repairs required for main and service leaks.
o Pg 10 – Balance Sheet (comparison to December 2018) Cash and investments increased $42,000 Net Plant increased $728,000 from the Madison St project Debt increased $35,000 from the new $700,000 in debt for the Madison
St project, less payments made
Sewer Utility o Pg 8 - Regulatory Operating Income increased $57,000 resulting in the Rate of
Return to increase from 2.36 to 2.83. This is a result of higher revenues from the 2019 rate increase and higher residential and public authority sales.
o Pg 10 – Balance Sheet (comparison to December 2018) Cash and investments decreased $1,046,000 from the Madison St project
and the WWTP engineering. The $661,000 spent for WWTP engineering will be reimbursed from the interim financing in 2021
Net Plant increased $1.4 million from the Madison St project and the WWTP engineering fees
Other Noncash Items o 2019 Revenue Debt Refunding – Electric & Water
Debt issuance costs of $121,200 Required the write off of Deferred Inflow Resource – Loss on Advanced
Refunding from the 2014 Revenue Bonds. The write off totaled $371,000 o WRS Pension Expense
The pension liability or pension asset related to the WRS pension plan lags by one year. The entry recorded this year is based on the 12/31/2018 actuary report for the entire WRS pension plan. The 2018 plan year was not a strong year which resulted in a higher than expected expense adjustment for plan participants.
Record $116,400 in noncash pension expense. Actual pension contributions for 2019 totaled $93,700
Waupun UtilitiesConstruction and Plant Additions Summary
DefinitionsRate of Return - Return on investment in capital infrastructure. Should be near authorized rate of return.Current Ratio - measure of liquidity or ability to pay obligations. Should be > 1.Months of Unrestricted Cash on Hand - measure of reserves. Should be at least 2-3 months.Debt vs. Equity - Percent of infrastucture financed by operations. 50% is a good benchmark.Asset Utilization - Illustrates the relative age of the system. Ratio of 1 indicates a system at full life expectancy.Debt Coverage - Earnings coverage of annual debt service. Must exceed 1.25
WAUPUN UTILITIESIncome Statement and Financial Ratios
Electric UtilityFor the 12 Months Ending:
Page 4 of 11
Last 12 Months YTD 2019 YTD Budget DifferenceELECTRIC
Total other operating expenses 914,855 924,610 914,276
Operating Income 671,502 674,340 794,048
Other Income (Expense)Capital contributions from customers and municipal 387,241 67,178 - Interest expense (148,440) (133,762) (142,899) Amortization of debt-related costs (55,719) (52,798) (365,192) Other 3,584 22,237 27,735
Total other income (expense) 186,666 (97,145) (480,356)
Net Income 858,169$ 577,194$ 313,692$
Regulatory Operating Income 729,392 720,201 854,359 Rate of Return 5.36 5.10 6.17 Authorized Rate of Return 6.50 6.50 6.50
Current Ratio 12.96 11.96 9.80
Months of Unrestricted Cash on Hand 7.60 9.06 9.06
Debt vs Equity (39.08) (21.20) (25.55)
Asset Utilization 0.32 0.33 0.35
Note 1 - Water rates increased May 2012.
DefinitionsRate of Return - Return on investment in capital infrastructure. Should be near authorized rate of return.Current Ratio - measure of liquidity or ability to pay obligations. Should be > 1.Months of Unrestricted Cash on Hand - measure of reserves. Should be at least 2-3 months.Debt vs. Equity - Percent of infrastucture financed by operations. 50% is a good benchmark.Asset Utilization - Illustrates the relative age of the system. Ratio of 1 indicates a system at full life expectancy.
WAUPUN UTILITIESIncome Statement and Financial Ratios
Water UtilityFor the 12 Months Ending:
Page 6 of 11
Last 12 Months YTD 2019 YTD Budget DifferenceWATER
Total operating expenses 1,369,435 1,433,019 1,426,679
Other Operating ExpensesDepreciation expense 681,643 666,644 668,644
Total other operating expenses 681,643 666,644 668,644
Operating Income 203,458 303,423 342,047
Other Income (Expense)Interest expense (85,556) (69,314) (52,489) Capital contributions 349,606 63,390 - Other 50,281 79,850 149,121
Total other income (expense) 314,332 73,926 96,632
Net Income 517,790$ 377,349$ 438,679$
Operating Income (excluding GASB 68 & 75) 234,578 323,169 380,250 Rate of Return 1.57 2.36 2.83
Current Ratio 37.22 32.43 5.17
Months of Unrestricted Cash on Hand 23.90 23.79 15.70
Debt vs Equity (11.59) (5.13) (4.51)
Asset Utilization 0.47 0.48 0.50
Note 1 - Sewer rates increased January 2019.
DefinitionsRate of Return - Return on investment in capital infrastructure. Current Ratio - measure of liquidity or ability to pay obligations. Should be > 1.Months of Unrestricted Cash on Hand - measure of reserves. Should be at least 2-3 months.Debt vs. Equity - Percent of infrastucture financed by operations. 50% is a good benchmark.Asset Utilization - Illustrates the relative age of the system. Ratio of 1 indicates a system at full life expectancy.
WAUPUN UTILITIESIncome Statement and Financial Ratios
Sewer UtilityFor the 12 Months Ending:
Page 8 of 11
Last 12 Months YTD 2019 YTD Budget DifferenceSEWER
