CWLP FINANCIAL PRESENTATION FY2020 Quarter 4 Financial Update - - PowerPoint PPT Presentation

CWLP FINANCIAL PRESENTATION FY2020 Quarter 4 Financial Update

Unaudited Data Through February 29, 2020

June 15, 2020

CASH POSITION - SH POSITION - FEBR EBRUAR ARY FY2020 Y FY2020

 Electric F Electric Fund W nd Working Cash: ing Cash: $ $ 38.7 million 38.7 million

• Cash/Investments

: $ 31.4 million

• Renewal (Capital)

: $ 7.3 million

• Up $6.9 million from February FY2019
• Da

Days of Cash: ys of Cash: 79 da 79 days ys

• Moody’s Da

Moody’s Days of Cash: ys of Cash: 136 da 136 days ys

• Includes Restricted ERIRF of $20.8M

ELECTRIC FUND - FINANCES

ELECTRIC FUND CASH BY MONTH

60 DAYS CASH = $29.3 MILLION

ELECTRIC FUND DAYS OF CASH

ELECTRIC FUND REVENUE BUDGET

THROUGH FEBRUARY FY2020

• Retail Electric Revenues
• Budget To Date

$201.1 million

• Actual To Date

$200.0 million

• Variance ($1.1 million) ~ (0.6%)
• Wholesale Electric Revenues
• Budget To Date

$ 30.8 million

• Actual To Date

$ 6.8 million

• Variance ($24.0 million) ~ (78%)
• Total Electric Operating Revenues are $25 Million or 10.5% Under Budget

ELECTRIC FUND REVENUE COMPARISON

ELECTRIC FUND EXPENSE BUDGET

NON-BOND EXPENSES THROUGH FEBRUARY FY2020

• Budget To Date

$ 237.3 million

• Expense To Date

$ 199.6 million

• Variance

$ 37.7 million ~ 15.9%

ELECTRIC FUND EXPENSE COMPARISON

ELECTRIC FUND DEBT COVERAGE RATIO

AS OF AS OF FEBR FEBRUARY FY2020 FY2020

Funds A nds Available F ailable For r Debt Debt Ser Service ice $72,0 $72,015,05 15,054 Debt Ser Debt Service ice $36,582,7 $36,582,775 Debt Ser Debt Service ice Co Coverage rage (Y (Year End ear End 1.25x) 25x) 1. 1.97x Debt Ser Debt Service ice Co Coverage rage (Including PIL (Including PILOT) T) 1.73x 73x

ELECTRIC FUND DEBT COVERAGE RATIO BY MONTH WITH PILOT INCLUDED

ELECTRIC FUND DEBT COVERAGE RATIO HISTORY YEAR END

ENVIRONMENTAL AND REGULATORY INITIATIVES AND REBATE FUND (ERIRF)

CASH POSITION - CASH POSITION - FEBR EBRUAR ARY FY2020 Y FY2020  Water F r Fund W nd Working Cash: rking Cash: $7 $7.1 million .1 million

• Cash/Investments

: $ 0.2 million

• Renewal (Capital)

: $ 6.9 million

• Up $509,667 from February FY2019
• Da

Days of cash: ys of cash: 11 112 da 2 days ys

• Moody’s Da

Moody’s Days of Cash: ys of Cash: 89 da 89 days ys

WATER FUND - FINANCES

WATER FUND CASH BY MONTH

60 DAYS CASH = $3.8 MILLION

WATER FUND DAYS OF CASH

*Prio *Prior t r to FY20 FY2017, built up high , built up high cash cash balances due t balances due to all all planned rat planned rate increases being implem increases being implement ented while able d while able to dela delay second bon y second bond issu issuanc ance f for r Water W r Works rks Infrastru Infrastructure re Impr Improvements Projects. ements Projects.

WATER FUND REVENUES AND EXPENSES

THROUGH FEBRUARY FY2020 THROUGH FEBRUARY FY2020

• Water Revenues

Water Revenues

• Budget To Date

Budget To Date $ $ 31.2 million 31.2 million

• Actual

Actual Revenue To Date Revenue To Date $ 30.7 million $ 30.7 million

• Revenue

Revenue Variance Variance ($0.5) ($0.5) million million ~ (1.5%) ~ (1.5%)

• Water Non-Bond Expenses

Water Non-Bond Expenses

• Budget To Date

Budget To Date $ $ 36.1 million 36.1 million

• Actual

Actual Expense To Date Expense To Date $ 29.9 million $ 29.9 million

• Expense

Expense Varian Variance $ 6.2 million 6.2 million ~ 17.3% ~ 17.3%

WATER FUND REVENUE COMPARISON

WATER FUND EXPENSE COMPARISON

AS OF AS OF FEBR FEBRUARY FY2020 FY2020

WATER FUND DEBT COVERAGE RATIO

Funds A nds Available F ailable For Debt Ser ebt Servic ice $12,533,58 2,533,584 Debt Ser Debt Service ice $6, $6,15 157,6 7,610 Debt Ser Debt Service Co ice Coverage rage (Y

(Year End 1 ear End 1.25x) 25x)

2.04x 2.04x Debt Ser Debt Service Co ice Coverage rage (Aft

fter A Auxiliary ry S Serv rvices)

1.78x .78x

WATER FUND DEBT COVERAGE RATIO BY MONTH AFTER AUXILIARY SERVICES

WATER FUND DEBT COVERAGE RATIO HISTORY YEAR END

CWLP LABOR BUDGET

LABOR COSTS THROUGH FEBRUARY FY2020

(INCLUDING IMRF and FICA)

• Water Fund
• Budget To Date

$ 12.0 million

• Expense To Date

$ 11.3 million

• Variance

$ 0.7 million ~ 5.7%

• Electric Fund
• Budget To Date

$ 48.5 million

• Expense To Date

$ 46.1 million

• Variance

$ 2.4 million ~ 5.0%

• CWLP TOTAL LABOR COSTS ARE $3.1 MILLION OR 5.1% UNDER BUDGET

CO COVID & W VID & Weather Impacts ather Impacts March thr March through Ma ugh May FY2 FY21 / FY20 Chang / FY20 Change

Revenues nues Expenses Expenses Ne Net Change t Change

Water r

• $8
• $812k

2k +$1 +$145k 45k

• $95
• $957k

7k

• 1
• 13%

3% +4.9% +4.9%

• 1
• 13%

3% Electric Electric

• $2.6m
• $2.6m +$1

+$1.6m .6m

• $4.2m

$4.2m

• 6%
• 6%

+13%

• 11%

11%

 Electric e Electric excludes F cludes Fuel Adjustment & el Adjustment & Taxes  Expenses Expenses increased mostly f increased mostly for Unit r Unit 33 repair 33 repairs

REVENUES-EXPENSES - RECENT

 Disconnections Suspended through Phase 3 and 30 days past June 26 (into Phase 4)  Increase of ~16% in past due bills from FY20 to FY21  Payment Plans Encouraged  New Bill Assistance & Financial Resources

• CWLP website & City Website
• LIHEAP extended and expanded
• New Financial Resources for Residential & Commercial

 myCWLP.com; 789-2030; cwlp.customer@cwlp.com  Energy Services Office @CWLP.com or 789-2070

FINANCIAL ASSISTANCE-COVID 19

CWLP FINANCIAL PRESENTATION

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