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HomeMy WebLinkAbout05/25/1999, 1 - 1999 WATER FUND REVIEW council j acEnaa Repoin I CITY OF SAN LUIS OBISPO FROM: John Moss,Utilities Director Prepared By: Sue Baasch,Administrative Analyst Gary Henderson,Water Division Manager SUBJECT: 1999 WATER FUND REVIEW CAO RECOMMENDATION 1. Review and discuss the 1999 annual water fund financial review•, 2. Adopt a resolution rescinding adopted water rates for 1999-00; and decreasing water service charges by 10%, effective July 1, 1999. REPORT IN BRIEF This report presents the annual review of the water fund and recommends a roll back of water rates by 10%, effective July 1, 1999. Why is staff recommending a roll back of water rates by 10%, when in 1997 staff recommended a series of minor rate increases ending with a recommended 2.5% for 1999-00? There are two primary reasons: continued delays in the timing of the water supply projects, and projected revenue increases from the installation of metron meters on all 1 1/2 inch and larger water services. Within this analysis are two prior years of financial information, an update to projections for the 1998-99 year end, and a forecast for the next five years through 2003-04, based on identified assumptions for future City growth, inflation and water demand patterns. In summary, this analysis confirms that with the recommended rate rollback, the water fund will meet the fiscal policies established by the City and will support the recommended operating budgets and capital improvement plan contained in the preliminary 1999-01 Financial Plan. In addition, this analysis begins to anticipate the revenues required to fund the Salinas project and water master plan improvements. Included in this report is a discussion of monthly utility billing. Staff is requesting Council direction to study this issue further and bring back a recommendation with the water conservation report,tentatively scheduled for fall 1999. DISCUSSION Background In the 1997 water fund rate review, staff presented a multi-year strategy that showed how the City could pay for water from the Nacimiento project or the Salinas Reservoir Expansion Project 1-1 Council Agenda Report — 1999 Water Fund Rate Review Page 2 by 2000-01, as well as fund the Water Reuse project in 1998-99. The analysis showed that with a series of minor(less than 5%) rate increases over a 3 to 4 year time frame, the City could afford to develop the required additional supplies within the projected schedule for completion of the assumed water supply projects. Delay in the timing of the water supply projects, coupled with additional anticipated revenues from the installation of metron meters, has changed the fund analysis significantly. The current analysis and assumptions show that even with a 10% reduction in rates in 1999, followed by no rate increase the following year, the City will still be able to fully fund our water supply projects at the identified costs within the currently projected time frames. Additionally, the 1999 review reflects capital expenditures of$1.5 million in years 3 and 4 for projects identified in the administrative draft of the Water Master Plan. The Water Master Plan is being developed in conjunction with the Airport Area Specific Plan and includes improvements associated with the annexation and development of the Airport Area as well as system wide improvements necessary to accommodate the City's General Plan growth and existing residents. A rate survey of comparable cities was completed as a part of this rate analysis and indicates that the City's rates are higher than the average. While staffs goal is to minimise water expenses and thus required revenues, several factors drive the City's higher water rates: • the City's primary water source is surface water, which is typically more expensive to treat than the lower cost groundwater which serves many of the agencies surveyed; and • the City's careful long-term multi-year financial planning to meet our water supply, infrastructure and CIP program needs. To address the impact of high water rates, staff is recommending a roll back of the rates by 10% and consideration of monthly utility billing. Monthly utility billing The survey indicates that a number of agencies have moved to monthly billing. Monthly billing is the industry standard for other private utilities (electricity, gas, phone, TV, etc.) and better matches the cash flow for most residents. In the survey completed by the Finance Department during the goal setting process, many respondents indicated reduced water and sewer rates as a priority. In reading the responses more closely, it became apparent that many were interpreting the bimonthly water and sewer bill from the City as a monthly bill. Comments such as "$120 per month for water for a couple is too high!" would clearly indicate that they have interpreted the combined bimonthly water and sewer bill as a monthly water bill. In light of the current fiscal health of the water fund and the possibility of moving to monthly billing without requiring an increase in rates solely to support monthly billing, staff would like to reconsider the option of monthly billing as a service to our customers. With Council concurrence, staff.will be providing Council additional information and seeldng direction on the option of monthly billing at a future Council meeting. 1-2 Council Agenda Report — 1999 Water Fund Rate Review Page 3 1999-01 Financial Plan • Operating Budgets The total operating budget for the Water Division indicates a large increase in 1999-00 and a subsequent decrease in the 2000-01 fiscal year. This anomaly is the result of funding the Whale Rock pipeline capital improvement project in 1999-00, costs of which are shown in the "Source of Supply" budget. The project to relocate the Whale Rock pipeline from a landslide area is estimated to cost $1,090,000. The comparison of the overall water fund operating budgets without this major capital project indicates very minor budget changes from the current financial period to the 1999-01 financial period. The only significant operating change request is to implement a school water education program with a local emphasis for grade school children. This is projected to cost$13,000 in 1999-00 and $10,800 in 2000-01. • Capital Improvement Plan The total capital improvement plan for the Water Fund (excluding the Whale Rock and Salinas capital projects) is $2,852,000 for 1999-00. The major projects in the 1999-00 budget are water distribution system improvements (pipeline replacements) at $1,210,000, Metron meter replacements at $950,000, polybutylene water service replacements at $250,000, and additional studies for Salinas Reservoir Expansion Project at$240,000. The 2000-01 capital improvement plan for the Water Fund totals $11,266,100. The large increase in the budget over the previous year is due to the Water Reuse Project which is estimated to cost $8.9 million. Other large capital projects for 2000-01 include an additional $930,000 for studies and design for the Salinas Reservoir Expansion Project, $1,080,000 for water pipeline replacement projects,and$250,000 for polybutylene water service replacements. Future Major Capital Projects There are two major areas which have been identified which will have a potential impact to future capital improvement plan budgets. The first is the Salinas Reservoir Expansion Project(or Nacimiento Project).. The water rate analysis assumes that the Salinas Project would be built in 2002 at a cost of$20,110,000. It is assumed that this project would be debt financed and debt service payments would begin in 2003. The second area for potential major capital projects relates to improvements identified in the Water Master Plan. The Water Master Plan is currently being prepared in conjunction with the Airport Area Specific Plan. The Water Master Plan includes an entire city-wide evaluation and not just the improvements necessary to serve the Airport Area. The initial draft of the Water Master Plan has been reviewed by staff, but the recommended improvements and associated costs have not been formalized at this time. Based on the draft, there are a number of system improvements likely to be required which are not related to the Airport Area annexation. 1-3 Council Agenda Report — 1999 Water Fund Rate Review Page 4 Accordingly, based on the preliminary list of recommended improvements, $1.5 million has been reserved in the water fund for master plan implementation in years 2000-02 and 2002-03. Metron Meter Replacement Project Included in the 1999/00 Capital Improvement Plan is a request to replace all 1%x" and larger water meters throughout the city with new"Metron"meters. Metron meters are manufactured in France and are extremely accurate over a wide range of flow rates. Larger meters currently installed throughout the city water system do not accurately record low flow rates and therefore can significantly under estimate the water actually used by the customer. In addition, the Metron meters have a 15 year warranty which is the best in the industry and will likely reduce maintenance costs associated with the older meters. Many other agencies throughout the United States have initiated similar replacement programs to insure accurate water billing to customers. Several years ago the Water Distribution Section implemented a pilot program to evaluate the effectiveness of the Metron meters for use within our system. The study replaced thirteen old water meters with new Metron meters and monitored the increase in water registered at each location over a two to three year period. The results of the study reveal that the Metron meters are very effective in reading flows over a wide range with estimated increases of 7% to 200%. Based on this study and discussions with other agencies that have implemented similar programs, an overall increase of 15% for accounts retrofit with the new meters is anticipated. The majority of the locations which have 1'/:" or larger meters are commercial accounts. Since the sewer bill for commercial accounts is based on the amount of water used, this program will also increase revenues in the sewer fund(discussed in the 1999 Sewer Fund Rate Review staff report). The program implementation schedule anticipates the actual meter replacements to begin in the spring of 2000 and to be completed by fall of 2000. The first year increases in revenues for the water fund are projected to be $125,000 and subsequent years are expected to see a$250,000 per year increase. The meter replacement project is estimated to cost $950,000. Based on the increased water and sewer revenues,the payback period is estimated to be less than three years. Rate Review Exhibits Financial schedules providing detail for the water fund analysis are provided in Exhibits A.1 through A.3. These include an analysis showing changes in fund balance from 1996-97 to 2003- 04; summary of key assumptions by year for fund projections; and the proposed four year capital improvement plan. Rate Setting Methodology In determining water revenue requirements and setting recommended rates,the following general methodology is used: Step 1: Determine Water Fund revenue requirements for: — Operations and maintenance — Capital improvements and replacements 1-4 Council Agenda Report — 1999 Water Fund Rate Review Page 5 Debt service obligations(existing and projected) Step 2: Subtract from this amount"non-rate revenues" such as: — Interest earnings — Connection fees and meter sales — Revenues from other agencies (Cal Poly) — Other service charges(service start-up fees, late charges, etc.) Step 3: Identify water rate requirements: — Revenue needed to be generated from water rates is the difference between water revenue requirements(Step 1) and"non-rate" revenues(Step 2) Step 4: Determine new rates: — Model the rate base (consumption and customer account assumptions) against the existing rate structure and rate requirements identified in Step 3. Because this analysis is performed over a multi-year period, other factors are considered, such as working capital available to support capital projects, debt service requirements, and minimum working capital policy. Summary of Key Assumptions The following is a summary of key assumptions for expenditures and revenues: ■ Operations and maintenance costs are based on the 1999-01 Financial Plan with an inflation rate of 3%thereafter. ■ Sales to Cal Poly are based on historic use and a percentage of the commercial rate, which varies according to approved rate adjustments. The 1998 Agreement set the proportion (53%) of the commercial rate the University pays to account for the University's difference from other customers (own water supply and ownership percentage at the treatment plant). ■ Water customer growth rate is projected at 0.5% in 1999-00; 0.5% in 2000-01; 0.7% in 2001-02; 1.0%in 2002-03; and 1,0%in 2003-04. ■ An anticipated$55,100 per year will be saved beginning 1999-00 through the refinancing of the 1998 water COPS. Debt service is further reduced by an additional $50,000 in 2000-01 when the 1960 Whale Rock Series B bonds mature. ■ Debt Service is increased by$623,000 in 2001-02 to pay for the construction of the water reuse project. It is further increased by $1,407,700 in 2003-04 to pay for the Salinas Reservoir Expansion Project. ■ Capital improvement charges (development impact fees) are estimated based on 1-5 Council Agenda Report — 1999 Water Fund Rate Review Page 6 inflationary and customer growth adjustments to the base year (1997-98) projection of $677,000, which assumed annual growth of 1% in the City. The adjusted 1999-00 base is $725,400. This analysis assumes 50% collection of these fees in 1999-00, based upon a growth rate of/z of one percent, increasing as identified in A.2. ■ Additional water revenue due to the installation of metron water meters for customers having meters 1%x inch and larger has been assumed at $250,000 per year. As implementation will begin in 2000-01, only half of the revenue is assumed in that year. The full$250,000 per year of additional revenue is assumed beginning in 2001-02. ■ Master Plan implementation reserves are established in 2001-02 ($1,500,000) and 2002- 03 ($1,500,000) to fund system improvements, such as an additional clear well at the Water Treatment Plant. FISCAL EM PACT The recommended changes to the approved rate schedule are as follows: CLIrrellL Rates Proposed Inside the City ■ 1 —5 ccf's $2.79 1 $2.51 Outside the City $5.58 1 $5.02 Inside the City ■ More than 5 ccf s $3.50 1 $3.15 Outside the City $7.00 $6.30 This is a reduction from 1998-99 rates of$.28 per ccf at the 1-5 ccf tier(inside City) and $.35 per ccf at the more than 5 ccf tier(inside City). ATTACHIIHNT Resolution adopting Water Service Rates EXIMIBTTS A. Water Fund Review 1. Changes in financial position 2. Assumptions for fiord projections 3. Capital improvement plan B. Water and Sewer Rate Survey Results 1-6 ATTACHMENT RESOLUTION NO. (1999 Series) A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO ESTABLISHING WATER SERVICE RATES WHEREAS, IT IS THE POLICY OF THE City of San Luis Obispo to review enterprise fund fees and rates on an ongoing basis and to adjust them as required to ensure that they remain equitable and adequate to fully cover the cost of providing services; and WHEREAS, a comprehensive analysis of water fund operating, capital and debt service needs has been performed for fiscal years 1999-00 through 2003-04 with the goal of ensuring the Water Fund's ability to pay for the full amount of water established by the City's adopted General Plan; and WHEREAS, the Council has reviewed the water service rates necessary to meet system operating, capital and debt service requirements, and has determined that rates can be decreased by ten percent. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo as follows: SECTION 1. Resolution No. 8677 (1997 series)is hereby rescinded,effective July 1, 1999. SECTION 2. The rates set forth in the exhibit are hereby adopted,rescinding adopted rates for July 1, 1999,and setting new rates for July 1, 1999. Upon motion of , seconded by , and on the following roll call vote: AYES: NOES: ABSENT: the foregoing resolution was adopted this day of , 1999. Mayor Allen Settle ATTEST: Lee Price, City Clerk APPROVED AS TO FORM: *G. ge n, C' Attorney 1_7 EXIIIBIT to Resolution MONTHLY WATER SERVICE RATES Monthly water service charges per hundred cubic feet of water(ccf)used per dwelling unit for accounts classified as residential by the Director of Finance and per account for all other users, are as follows: r`: CommacUty Cl es CC j Effective Juh, 1, 1999 Inside City Outside City Construction Meters 1 ccf $2.51 $5.02 In excess of 1 ccf thereafter $163.97 $327.94 All others 1 to 5 ccf $2.51 $5.02 More than 5 ccf $3.15 $6.30 1-8 Exhibit at CO 0 00 0 0 0 0 O O COC O 00 00 00 00 O C O o p nCD C eon N V N N O n n O O In 10 -n O n m N N O — O 0 tri 0 O O V O O 7 to 7 N — O N 00 10 R o O en 10 10 S tp n O O0 0 0 0 0 0 0 O O O O p p O O O O O O O O O 0 0 0 0 0 0 0 O 0 0 0 0 0 0 O O O O — .+ O 7 en N V1 en R N e, t1 m �o O to T O O O 00 00 0 O r ri O N r — oo O n N 0� en 10 O O O O 01 00 00 O to en — N O O N 1O to — 10 en en 0 en 10 m oo — — en c h v co 00 N N .� — O 0 0 0 0 0 0 0 O O 0 0 0 0 0 0 O O O O O C O O 10 000 O 10 0 0 0 0 0 0 O O V en .� O O to V i It _ CN! . �D Ov1 O cn 00 O O %0 - 00 O en tai eri N a co 00 10 en O O vi OC ee'e n en C N O O N Rn n W5 to N G O 1D N in N to h 00 to O '7 n m O V1 en 10 n O go v ti v v — O 0 0 0 0 0 0 0 O O 0 0 0 0 0 0 O O O O O O O O O h O O O O h O O 0 0 0 0 co O V'e O to O O h m 00 R V ? n oo Q N — M ICL to O t%, 00 \D R 0 16 cn en — 00 r Q oo OoN N [n 16 cn a 0% o o cc en to co en n N O P N 01 en v O 10 0o h O le V N N N O to n — to to — en � T 00 7 r 00 to — v — — b 00 00 .. — wr O 0 0 0 0 0 0 0 O O 0 0 0 0 0 0 O O O O O O 0 0 0 0 00 0 O O O C O O O O O O O O C W en n N ? en 10 n h T V O l- ' V 'ef, QD %C O n M N — OD eri \O H 0� n r N 10 10 ri n tn O — en 10 N 01 01 N in N — qe en to h N N N 01 n to O. en en to O e•1 00 O N 10 00 7 — W N N .i v 00 0 0 0 0 0 0 0 0 0 0 000000 O O O O O O O O O O O O O O O O O O O O O O O O O O W O [- 0o en 0o \o kn V 00 .w N cn n \D O .i n t t W; en N O en O en 10 to en O 01 m n epi 10 n m 10 n V — cn Q cn N 01 V — C C1 000 001 ONO N a OD v .... a M n `W n c tel c a 01 N r a o 0 0 0 0 0 0 o cc o e c o o O C o O o D o e 0 0 O O O O O 00 0 0 O 0 0 $ 0 vO O CD Z t O en O O T [: m en N — to rn O 16 epi ..: Oo 10 to O fv 0�v m 7 0\ 10 r O� 10 C � N m 7hN wvl N N h � vN O r m en _ .. r N r Ot r O O O O O O O O O O O O O O O O O N D O O O O O O A a N o0 eq 001 C t�f r OIL N Y1 O n e i n en N In ii in � N Pf 001 tM+'1 n a O 001 N VO1! < Q t- %en n'1 N Q to N — O N N v_ b v en r 01 to — K) y N 4 n _ vy 'O Z d cn L a _ i d y 7 H c op pOp tp p �' Z co v H N ca o A U o a r ew " U 2 a e d d ° L iE y L o ar z ° U Q d m u to 6 d E e ao —�. .. w e clf e v C7 d d > d U y H a a"i d E d a 0 a v _ CO W W r s a ems > g > d 7` E y d o dJ o0 o U ? 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