HomeMy WebLinkAboutBUDGET & FINANCE AGENDA 12-01-08
Central Contra Costa Sanitary District
(975) 228-9500 . wwwcen ra san OIg
5019 Imhoff Place, Martlllez, CA 94553-4392 _
BUDGET AND FINANCE COMMITTEE
Chair McGill
Member Nejedly
Monday, December 1, 2008
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
INFORMATION FOR THE PUBLIC
ADDRESSING THE COMMITTEE ON AN ITEM ON THE AGENDA
Anyone wishing to address the Committee on an item listed on the agenda will be heard when the
Committee Chair calls for comments from the audience. The Chair may specify the number of minutes
each person will be permitted to speak based on the number of persons wishing to speak and the time
available. After the public has commented, the item is closed to further public comment and brought to the
Committee for discussion. There is no further comment permitted from the audience unless invited by the
Committee.
ADDRESSING THE COMMITTEE ON AN ITEM NOT ON THE AGENDA
In accordance with state law, the Committee is prohibited from discussing items not calendared on the
agenda. You may address the Committee on any items not listed on the agenda, and which are within their
jurisdiction, under PUBLIC COMMENTS. Matters brought up which are not on the agenda may be
referred to staff for action or calendared on a future agenda.
AGENDA REPORTS
Supporting materials on Committee agenda items are available for public review at the Reception, 5019
Imhoff Place, Martinez. Reports or information relating to agenda items distributed within 72 hours of the
meeting to a m~ority of the Committee are also available for public inspection at the Reception. During
the meeting, information and supporting materials are available in the Conference Room.
AMERICANS WITH DISABILITIES ACT
In accordance with the Americans With Disabilities Act and California Law, it is the policy of the Central
Contra Costa Sanitary District to offer its public meetings in a manner that is readily accessible to
everyone, including those with disabilities. If you are disabled and require special accommodations to
participate, please contact the Secretary of the District at least 48 hours in advance of the meeting at (925)
229-7303.
A
,., Recyded Paper
Budget and Finance Committee
December 1, 2008
Page 2
1. CALL MEETING TO ORDER
2. PUBLIC COMMENTS
3. OLD BUSINESS
a. Tracking of Legal Fees
4. CLAIMS MANAGEMENT
*a. Review Outstanding Claims
5. REPORTS/ANNOUNCEMENTS
*a. Update on AIG
b. GASB 45 Trust
*c. Ten Year Plan Assumptions
6. REVIEW EXPENDITURES (Item 5.a. in Board Binder)
7. REVIEW OCTOBER FINANCIAL STATEMENTS (Item 5.b. in Board Binder)
8. ADJOURNMENT
*
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China Investment Fund Leads Talks for A.LG. Unit, Report Says - Mergers, Acquisitions,... Page 1 of2
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Friday, November 21, 2008
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China Investment Fund Leads Talks for A.I.G. Unit,
Report Says
NOVEMBER 21. 2008. 6:25 AM
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TOPICS
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Private Equity
Financial Services
A consortium led by the China Investment Corporation is in talks to buy a stake of
up to 49 percent in the American Life Insurance Company, a unit of U.s. insurance
company American International Group, the Nikkei financial daily reported.
Nikkei, citing sources familiar with the matter, reported that A.I.G. was holding
preferential talks with the C.I.C.-Ied consortium, which includes Chinese insurance
companies, with a year-end deadline.
The report said a deal could open the way for China to become a major player in the
global insurance market. It said American Life Insurance Co. has operations in more than
55 countries, including Japan.
The report said A.I.G. was said to be considering a sale on condition that it keeps more
than 50 percent of voting rights in the unit. Based on American Life's business value, the
acquisition of a 49 percent stake would likely cost the Chinese investors between 500
billion yen ($5.24 billion) and 1 trillion yen, Nikkei reportlxl.
A1ico Japan, a branch of Ameri('an Life Insurance, accounts for 60 percent to 70 percent
of the company's insurance premium revenue, the report said, noting that A.I.G. had said
in October that it would sell.Japanese subsidiaries AIG Edison Life Insurance Co. and
AIG Star Life Insurance Co. along with Alico Japan.
A.l.G. has recently received billions of dollars in financial assistance from the u.s.
government.
gQJJ.:u\rtid(,' fmmJkllte.rs vi!iThJ:..N~w York J'jm~~L'!.
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http://dealbook.blogs.nytimes.com/2008/11/21/china-investment-fund-leads-talks- for-aig-... 11/21/2008
Pressure Grows for Bank Execs to Give Up Bonuses - NYTimes.com
Page 1 of3
f!J,t Nrwllork limt$
nytimes.com
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November 17,2008
Pressure Grows for Bank Execs to Give Up Bonuses
By THE ASSOCIATED PRESS
Filed at 6:59 p.m. ET
NEW YO RK CAP) -- Better to be a broker than a baron on Wall Street if you're expecting a big bonus this year.
The decision by top Goldman Sachs executives to forgo bonuses in 2008 is forcing other investment bank
bosses to consider following suit. But thousands of lower-tier brokers will still collect hefty bonuses as firms
try to keep their top talent from bolting for boutique firms or other industries.
Wall Street employees often receive up to 80 percent of their total compensation from year-end bonuses.
Now those payments are attracting more scrutiny from lawmakers and consumer groups because taxpayers
are footing the bill for the government's $700 billion financial bailout.
"Nobody is going to be stupid enough to pay their CEO an outlandish amount of money in this climate," said
Alan Johnson, managing director of New York-based compensation consulting firm Johnson Associates.
He estimates Wall Street CEOs will see their bonuses reduced by up to 70 percent this year.
Goldman Sachs Group Inc. announced Sunday that seven executives, including Chief Executive Uoyd
Blankfein, would get no cash or stock bonuses for 2008.
Blankfein received total compensation of $54 million last year, according to calculations by The Associated
Press, making him the sixth-highest-paid CEO of a Standard & Poor's 500 company in 2007.
It's the first time top Goldman executives have not received bonuses since the 139-year-old investment bank
went public in 1999. The executives decided to forgo the payments this time "because they believe it's the
right thing to do," Goldman spokesman Michael DuVally said.
The move wasn't entirely unexpected. Goldman's earnings have been hammered during the economic crisis,
cutting into its compensation pool. Last month, it received a $10 billion capital injection from the
government. That money is part of $125 billion being given to nine major banks in exchange for federal
ownership stakes.
The huge payouts have raised questions among officials on Capitol Hill and in New York state about whether
any bailout money will be used to pay employees. Banks say that won't happen -- even though the terms of
the bailout do not expressly prohibit it.
Other banks are feeling pressure to follow Goldman's lead. New York Attorney General ,bndre:w..c!lomQ on
http://www.nytimes.com/aponline/us/AP-Meltdown- Bonus- Backlash.html ?sq==aig&st=ny... 11/18/2008
Pressure Grows for Bank Execs to Give Up Bonuses - NYTimes.com
Page 2 of3
Monday urged Citigroup Inc. executives to forgo their bonuses this year -- hours after the company
announced it would layoff 50,000 workers.
"It would send exactly the wrong message for Citigroup's top brass to collect bonuses while investors,
taxpayers, and now Citigroup's own employees suffer," said Cuomo, who is probing the use of bailout money
by New York-based firms.
Citigroup officials did not immediately comment. But speaking to the AP earlier in the day, Citigroup
Chairman Win Bischoff did not rule out the idea that Citigroup's leaders would forgo bonuses this year.
"Watch this space," Bischoff said at a conference in Dubai, United Arab Emirates.
Bank of America said last week that its bonus-compensation pool for senior managers is expected to be
reduced by more than 50 percent, though final decisions on pay have not been made.
Though it's unusual for Wall Street executives to turn down bonuses, it has happened before. Morgan Stanley
CEO John Mack took no bonus last year. A company spokesman said no decision has been made for this year.
Even if top executives give up bonuses, that won't mean the end of eye-popping Wall Street paydays this year
or next. Though some top executives may "humble themselves" and take little or no bonus, Johnson said
"thousands of other people will get paid millions."
"There won't be a lot eight-figure bonuses, but there's going to be lots of sevens," Johnson said.
A major reason is that firms that don't pay bonuses risk losing high-performing workers. These workers
count on their bonuses to pay mortgage bills and other expenses.
Despite the credit crisis, "you're going to find pockets of these companies that are doing very well, and those
people are going to get a bonus," said David Schmidt, a senior consultant on ~~~Cytiv~pay at James F. Reda
& Associates in New York. "If they don't get paid, they're going to be angry, and they're going to leave" for
smaller, more specialized firms or other professions entirely.
Still, Norton acknowledged, there's "nothing" to stop employees from taking the money and then quitting.
Fear oflosing top employees goes beyond Wall Street. Troubled insurer American International Group Inc.,
which is receiving around $150 billion in bailout money, said Friday it will pay about $500 million in
deferred compensation to employees and independent agents.
The money represents earned income, not bonuses, and is intended to encourage employees whose savings
were wiped out from abandoning the firm, AIG spokesman Joe Norton said.
"It's a risk we're willing to take. It's their money," he said.
Companies usually make decisions about bonuses in December and make payments in January. Workers
who do get bonuses will almost certainly receive much less than they did last year.
http://www.nytimes.com/aponline/us/AP-Meltdown- Bonus- Backlash.html ?sq=aig&st=ny... 11/18/2008
Pressure Grows for Bank Execs to Give Up Bonuses - NYTimes.com
Page 3 of3
No decision has been made on the size of bonuses to be paid to Goldman employees, DuVally said. That will
depend on the company's year-end performance and on how much money is allocated to the employee-
compensation pool, he said.
Whatever companies pay to midlevel employees, much of it will be distributed under the radar. Unlike
bonuses for top executives, those paid to midlevel employees don't have to be disclosed in public filings.
"It's only the people at the very top who have to say what they're getting" in bonuses, said Mark Borges, a
principal with Compensia Inc., a Northern California compensation consulting firm. "The real largesse of
these arrangements has really gone unnoticed."
AP Business Writer Adam Schreck in Dubai, United Arab Emirates, contributed to this report.
Copyright 2008 The Associated Press
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http://www.nytimes.com/aponline/us/ AP- Meltdown-Bonus-Backlash.html ?sq=aig&st=ny... 11/18/2008
S.c..
Central Contra Costa Sanitary District
November 26, 2008
FROM:
HONORABLE MEMBERS OF THE BOARD
JAMES KELLY, GENERAL MANAGER r
10-YEAR FINANCIAL PLAN INFORMATION FOR THE 12/1/08 BOARD
BUDGET AND FINANCE COMMITTEE MEETING
TO:
SUBJECT:
The Budget and Finance Committee requested 10-Year Plan assumptions and related
data prior to the submission of the final binder to the Board in January, 2009.
Staff considers items such as economic conditions, financial condition of the State, and
regulatory requirements. This year proves to be challenging due to the current
unprecedented economic events. The 1 O-year plan model will include the moderate
CIB spending alternative presented at the November 13, 2008 Board Workshop; which
included retaining property tax income. Staff is currently considering asking for a two-
year rate ordinance.
The 1 O-year financial plan will provide the following scenarios:
. Prior January 2008 Workshop Recommended Scenario
. January 2009 Recommended Scenario
. Quick Economic Recovery
. Slower Economic Recovery with deflation
Provided with this memo are the following items:
. Rate-Setting Rules of Thumb
. January 2009 assumptions to be used in the Recommended financial plan model
. January 2009 compared to January 2008 Recommended Scenario assumptions
. January 2009 alternative assumptions for quick versus slow economic recovery
. Expense Trend spreadsheet looking back at 10 years of actual expense, and
looking forward 10 years using current assumptions.
. Drop in funds available chart
RATE SETTING "RULES OF THUMB"
Updated November 20, 2008
· A $1 per year rate increase to the SSC equals about $168,400 for the 2009-10 fiscal year.
The amount increases as our connections increase.
· Every $1.0 million dollars of change (up or down) to revenue or expense equates to
approximately $6 per year on the SSC.
· There are exceptions to the above rule due to reimbursement from Concord. An increase in
treatment plant projects costs and/or an increase to treatment plant O&M expenses nets to
only 70% of the total expense since Concord reimburses us the other 30% based on their
flow into our plant. Increases to Administrative expense are also reimbursed by Concord,
but have minimal impact. (Example: $1.0 million more in treatment plant utility expense
nets to only $700,000 due to the Concord reimbursement.)
· The funds required amount we calculate is the amount needed, without any short-term
borrowing, on July 1 of any given year to pay for all District expenditures until the first
installment of our SSC and property tax is posted to our account by the County in mid-
December. Based on cash flow analyses, the calculation is 32% of the following year's
O&M expenses plus 30% of the following year's Capital costs plus 100% of debt service.
· A small contingency amount is automatically built into this calculation since we only make
the first installment of debt service in September, but we use 100% of debt service in the
calculation.
· Currently, each year we are using our reserves to "subsidize" our rate increases. When
funds available meet funds required. there will no lonqer be any rate subsidy and annual
rate increases will be hiaher. all other thinas beina equal.
· Regular annual increases will allow for smoothing of rates so long as funds available stay
above funds required.
· Due to the time value of money, larger increases in current years take advantage of
increased interest earnings. Using the 10-year plan scenarios, when we display small
increases in current years, we need larger increases in the future. Overall, if you total the
rate increases in the 10-year period, generally, the second option (larger increases in the
future) has collectively larger rate increases when comparing the two methods.
-
DRAFT
CENTRAL CONTRA COSTA SANITARY DISTRICT
JANUARY, 2009 BOARD FINANCIAL WORKSHOP SCENARIO ASSUMPTIONS
January 2008 Workshop to January 2009 Preliminary Staff Recommendation
11/26/2008
January 2008 WorkshOp
Recommended lo-year plan Scenario
Revenue:
Sustainability - Moderate Rate Increases
$11-$12 Rate Increases/Year
PROPERTY TAX REVENUE
ear thereafter.
" ~ ~ ,\ \\\~ 1~\:~0
, \ h
"
Moderate Rate Increases DUring EconomIc Uncertalnty-
PrelImInary Staff RecommendatIon
. ,
-., "'4: ,~\ ~/ ~
$12.35 million in 2008-09 through 2009-10. Then return to
4% er ear inflation.
End of Year Actual Connections 2005-2006
New Connections each year
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
2015-2016
2016-2017
2017-2018
2018-2019
162,500
162,500
Connections below do not include Naval Weapons Station
Jan 09 to Jan 08
Notes
Interest Income
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
2015-2016
2016-2017
2017-2018
2018-2019
District 19-year Average LAIF rate $5.50% (1988-2007)
3.85%
5.00%
5.25%
5.00%
5.25%
5.25%
5.50%
5.50%
5.75%
5.75%
5.75%
5.75%
5.75%
N/A
2,095
1,748
1,600
1,350
1,300
1,300
1,300
1,300
1,250
1,025
900
700
700
N/A
2,095
1,748
1,647
1,250
1,250
1,250
1,200
1,200
1,100
900
800
700
700
700
Higher fees offset loss in # of connections - Total change=
District 20-yeer Average LAIF rate $5.2% (1988-2008)
3.85% (Actual)
5.11 % (Actual)
4.38% (actual)
2.50%
3.50%
4.50%
5.00%
5.50%
5.75%
5.75%
6.00%
6.00%
6.00%
6.00%
47
(100)
(50)
(50)
(100)
(100)
(150)
(125)
(100)
700
28
Jan 09 to Jan 08
0.00%
0.11%
-0.87%
-2.50%
-1.75%
-0.75%
-0.50%
0.00%
0.00%
0.00%
0.25%
0.25%
0.25%
6.00%
COnnection Fee Increases
New BOnd Financin
1.6%-2.3% annual increases
$27.5 million in 2017-18
enditures:
General Group Salaty Survey Included
& Merit Increases Combined
4.50%
New: In-depth detailed review and impact of possible
retirements in the 10- ear window
4.50%
Detailed review and impact of possible retirements and new
hires in the 10- ear window
Benefits:
Workers' Com ensation
Medical
Dental
Benefit cost increases b SO/C ear
10% in 08-09; 9% 09-10; 8% 10-11; 7% thereafter per actue
4% ear per actue
Now sala driven calc, inflated b 2O/c ear assumed rate increase
9% in 09-10; 8% in 10-11; 7% in 11-12; 6% thereafter er actue
09-1012% actual rate; 40/01 ear thereafter er actue
Retirement
Deferred Com ensation/Medicare
All Other Benefits
Benefit Vacanc
Retirees:
Medical
Dental
Life Combined with all other above
-1 % in 2008-09 based on rate decrease; 8o/oIyear thereafter (8% increase to
benefit assumes approx 2% rate increase.)
Benefit cost increases b 6%/ ear
5%/ ear
<4%>/ ear
Assumes separate trust is established: $5.0 in 2007-08, $5.2 miillon in
2008-09, $5.0 million In 2009-10; $5.5 million in 2010-11 and $6.0 million
Assumes separate trust is established: $5.0 -$6.5 million per year (includes per year in all future years. (Includes retiree costs above plus amount
retiree costs above plus amount needed to fund future costs) needed to fund future costs)
3%/ ear 3%1 ear
Vacancy lowered to <1%> because we budgeted a <3%> salary vacancy in
2007-08 that is the basis for future projections <1%>
Jan 09 to Jan 08
$ 52,000 $ 52,000 $
55,900 55,200 $ (700)
57,900 58,800 $ 900
60,000 60,800 $ 800
63,100 64,000 $ 900
65,600 67,700 $ 2,100
69,100 70,800 $ 1,700
72,100 73,900 $ 1,800
76,100 77,700 $ 1,600
79,900 81,200 $ 1,300
84,300 85,100 $ 800
88,200 88,900 $ 700
N/A 93,700 $ 93,700
Total below is 2008-09 - 2017-18 Total below is 2009-10 - 2018-19
$ 716,300 $ 763,800 $ 47,500
$ 39,700 $ 39,700 $
41,600 33,400 $ (8,200)
38,300 42,800 $ 4,500
41,900 42,500 $ 600
49,700 42,700 $ (7,000)
30,000 31,300 $ 1,300
29,600 28,500 $ (1,100)
30,000 29,800 $ (200)
31,100 31,600 $ 500
32,700 32,400 $ (300)
45,000 44,600 $ (400)
52,900 52,700 $ (200)
NIA 35,900 $ 35,900
Total below is 2008-09 - 2017-18 Total below is 2009-10 - 2018-19
$ 381,200 $ 372,000 $ 9,200
modified
O&M discount factor
O&M Expenses (In millions)
2006-2007
2007-2008
2008-2009 .
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
2015-2016
2016-2017
2017-2018
2018-2019
Capital Expenditures (In millions)
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
2015-2016
2016-2017
2017-2018
2018-2019
FUNDS REQUIRED ASSUMPTION
32% of next year's O&M + 30% of next year's Capital costs + 32% of next year's O&M + 30% of next year's Capital costs +
100% of debt service 100% of debt service
3
-
DRAFT
CENTRAL CONTRA COSTA SANITARY DISTRICT
JANUARY, 2009 BOARD FINANCIAL WORKSHOP
SCENARIO ASSUMPTIONS - ALTERNATIVE SCENARIOS
11/2612008
January 2009 Workshop '1\ '<i *\\* ~~\I
Board Budget & Finance Committee Meetlllg \ ",,~
QUick Recovery Slower Economic Recovery
Revenue: To Be Delernllned \ \\f!<'"
, ,\ \'!il
HOLD FLAT ONE YEAR - $12.35 million in 2008-09 ONLY. HOLD FLAT 3 YEARS - $12.35 million in 2008-09, 2009-10
PROPERTY TAX REVENUE Then return to 4% oer year inflation. and 2010-11. Then return to 4% per year inflation. Notes
End of Year Actual Connections 2005-2006 162,500 162,500
New Connections each year Used January 2008 Assumptions Below Jan 09 10 Jan 08
2005-2006 2,095 2,095 -
2006-2007 1,748 1,748 -
2007-2008 1,600 1,647 47
2008-2009 1,350 1,250 (100)
2009-2010 1,300 1,250 (50)
2010-2011 1,300 1,250 (50)
2011-2012 1,300 1,200 (100)
2012-2013 1,300 1,200 (100)
2013-2014 1,250 1,100 (150)
2014-2015 1,025 900 (125)
2015-2016 900 800 (100)
2016-2017 700 700 -
2017-2018 700 700 -
2018-2019 700 700 -
(728
Interest Income District 20-year Average LAIF rate $5.4% (1988-2008) District 20-year Average LAIF rate $5.2% (1988-2008) Jan 09 to Jan 08
2005-2006 3.85% (Actual) 3.85% (Actual) 0.00%
2006-2007 5.11 % (Actual) 5.11 % (Actual) 0.11%
2007-2008 4.38% (actual) 4.38% (actual) -0.87%
2008-2009 2.50% 1.75% -0.75%
2009-2010 4.00% 1.00% -3.00%
2010-2011 5.00% 1.00% -4.00%
2011-2012 5.50% 5.00% -0.50%
2012-2013 5.75% 5.50% -0.25%
2013-2014 6.00% 5.75% -0.25%
2014-2015 6.00% 5.75% -0.25%
2015-2016 6.25% 6.00% -0.25%
2016-2017 6.25% 6.00% -0.25%
2017-2018 6.50% 6.00% -0.50%
2018-2019 6.50% 6.00% 6.00%
Connection Fee Increases 8.8% annual increase in 2008-09; 1.4-1.9% in future years 8.8% annual increase in 2008-09; 1.4-1.9% in future years
New Bond Financina $35.5 million ($32 million nell in 2017-18 $35.5 million ($32 million net) in 2017-18
ExpensesJExpenditures:
Salaries: General Group SalalY Survey Included General Group SalalY Survey Included
Cost of Livino & Merit Increases Combined 4.50% 4.50%
Detailed review and impact of possible retirements and new Detailed review and impact of possible retirements and new
Benefits: hires in the 10-vear window hires in the 1 O-year window
Workers' Compensation Now salarv driven calc, inflated by 2%/vear assumed rate Increase Now salary driven calc, inflated by 2o/oIyeer assumed rate Increase
Medical 9% in 09-10; 8% in 10-11; 7% in 11-12; 6% thereafter per actual"! 9% in 09-10; 8% in 1 0-11 ; 7% in 11-12; 6% thereafter per actual"!
Dental 09-1012% actual rate; 4%/year thereafter per actualY 09-1012% actual rate; 4o/oIyear thereafter per actualY
Rate times assumed salalY. 2009-1037%; 2010-1139%; 2011-12 43%;
Rate times assumed salary. 2009-1037%; 2010-1139%; 2011-12 41%; 2012-1349%; 2013-14 55%, out years to be determined based on
Retirement 2012-1343%; added 1% per year rate increase in all future years. CCCERA info.
Deferred Comoensation/Medicare No rate increase; inflated salarv times rate No rate increase; inflated salarv times rate
All Other Benefits 4%/year 4 %/year
Benefit Vacancv <4%>/vear <4%>/vear
Retirees:
Medical 9% in 09-10; 8% in 10-11; 7% in 11-12: 6% thereafter per actuary 9% in 09-10; 8% in 10-11; 7% in 11-12: 6% thereafter per actuE!rY
Dental 09-1012% actual rate; 4%/yearthereafter per actuary 09-10 12% actual rate; 4%/year thereafter per actualY
Life (Combined with all other above) 4%/vear 4%/vear
Assumes separate trust is established: $5.0 in 2007-08, $5.2 million in 2008 Assumes separate trust is established: $5.0 in 2007-08, $5.2 million in
09, $5.0 million in 2009-10; $5.5 million in 2010-1 1 and $6.0 million per 2008-09, $5.0 million in 2009-10; $5.5 million in 2010-11 and $6.0 million
Trust Account Contribution for Retiree Costs year in all future years. (Includes retiree costs above plus amount needed to per year in aU future years. (Includes retiree costs above plus amount
IIOPEB) fund future costs) needed to fund future costs)
O&M inflation uniess soecificallv modified 3%/year 3%/vear
O&M discount factor <1%> <1%>
O&M Expenses (In millions) Jan 09 to Jan 08
2006-2007 $ 52,000 $ 52,000 $ -
2007-2008 55,200 $ 55,200 $ -
2008-2009 58,700 To be determined
2009-2010 60,700 To be determined
2010-2011 64,000 To be determined
2011-2012 67,100 To be determined
2012-2013 70,100 To be determined
2013-2014 73,200 To be determined
2014-2015 76,900 To be determined
2015-2016 80,400 To be determined
2016-2017 84,300 To be determined
2017-2018 88,000 To be determined
2018-2019 92,700 To be determined
Total below is 2009-10 - 2018-19
Total 10 year period (2008-09 - 2017-18) $ 757,400 $ -
Capital Expenditures (In millions)
2006-2007 $ 39,700 $ 39,700 $ -
2007-2008 33,400 33,400 $ -
2008-2009 42,800 42,800 $ -
2009-2010 42,500 42,500 $ -
2010-2011 42,700 41,387 $ (1,313)
2011-2012 31,300 29,438 $ (1,862)
2012-2013 28,500 26,783 $ (1,717)
2013-2014 29,800 28,062 $ (1,738)
2014-2015 31,600 29,740 $ (1,860)
2015-2016 32.400 30,478 $ (1,922)
2016-2017 44,600 41,974 $ (2,626)
2017-2018 52,700 49,649 $ (3,051)
2018-2019 35,900 33,822 $ 33,822
Total below is 2009-10 - 2018-19 Total below is 2009-10 - 2018-19
Total 10 year oeriod (2008-09 - 2017-18) $ 372 000 $ 353,833 $ 118,167
32% of next year's O&M + 30% of next year's Capital costs + 32% of next year's O&M + 30% of next year's Capital costs +
FUNDS REQUIRED ASSUMPTION 100% of debt service 100% of debt service
,I
CENTRAL CONTRA COSTA SANITARY DISTRICT
JANUARY 2009 BOARD FINANCIAL WORKSHOP
PRELIMINARY SCENARIO ASSUMPTIONS FOR RECOMMENDED SCENARIO
November 26, 2008
Scenario Premise:
· Project assumptions use the moderate scenario for the Capital Soard workshop. Most current
economic assumptions are embedded. Smooth rate increases with the goal of staying above
funds required.
Revenue/Rates:
· The beginning rates are higher than last year's recommended 10-year plan scenario, but are close
to what was used in last year's CIS.
· $35.5 million ($32 million net) debt issuance in 2017-18 for the Plant Sedimentation project.
· New connection data: the number of connections was reduced, but connection fees are higher
than last year - minimal difference between this year and last.
· Assumptions for interest rates were lowered based on current economics; they are lower than
what was used in CIS scenarios for the November 13, 2008 Workshop.
· Property tax is held flat for 2 years (2008-09 and 2009-10) and then returns to 4%/year escalation.
. Alhambra Valley Revenue estimates included
Expense/Expend itu res/Debt:
. New Capital Spending estimates from Engineering - Moderate scenario with no additional
spending on recycled water.
. Includes detailed staffing and retirement changes from Directors' review, and expense account
assumption changes if significant.
. Includes General Group Salary Survey increase, including changes to MSCG employees
· The O&M discount factor remains at 1 %.
GASS 45:
· The beginning Funds Available amount does not include the $6.0 million booked as an
OPES/GASS 45 liability in 2006-07 and 2007-08, as if cash has been set aside.
. The OPES/GASS 45 contribution, including retiree premiums, in future years is based on the
estimates provided in the AON actuarial report for 2008-09; 2009-10 is $5.0 million, 2010-11 is
$5.5 million and is then inflated to $6.0 in all future years.
Funds Required/Available:
· The Funds Required calculation remains the same: 32% of next year's O&M + 30% of next year's
Capital costs + 100% of Debt Service.
o FILENAME \p N:\ACCOUNTING\GMTEMPl\2009-20IO Projections\Budget & Finance Comm Mtg\Assumptions.docD
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$0
-$5,000,000
-$10,000,000
-$15,000,000
-$20,000,000
-$25,000,000
-$30,000,000
-$35,000,000
-$40,000,000
July 1 to November 30
24,710,019
21,575,757
22,067,722
21,609,051
21,123,998
27,639,060
22,744,726
32,381,716
CCCSD
Change in Funds Available
June 30 to Mid-December
Estimate 11/30 - 12/15
2,471,002
2,157,576
2,206,772
2,160,905
2,112,400
2,763,906
2,274,473
3,238,172
Average $
July 1- Dee 15 Spendin9
$ (27,181,021)
$ (23,733,333)
$ (24,274,494)
$ (23,769,956)
$ (23,236,398)
$ (30,402,966)
$ (25,019,199)
$ (35,619,887)
(25,533,847)
10-Year Plan
Funds Required
29,600,000
29,100,000
29,200,000
27,100,000
30,400,000
33,500,000
34,100,000
36,025,000
Total Reduction in Funds Available - June 30 to Mid-December
Average drop is $25.5 million
?'
Gap
2,418,979
5,366,667
4,925,506
3,330,044
7,163,602
3,097,034
9,080,801
405,113
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