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06.a. Financial Planning and Policy Workshop
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E (D (D C) C ,e ) 0 (D 0 0 E c: Cl) o C\j U) (D W (n la Z o cu Jc' 0 Co =3 Co c E ka a,,, E l cz 4-� o (D oj -00-0 W% nm 0 1- C 2) � - 0 c CO E 0 0 U) o 'T 0 CZ co =3 CD 0 C: E M C) CM > 0 U (n a) 0 (n E as cd E > 0 C151 f.) o o 0-0 cz o itt (D IN Cn o -a 11, CENTRAL CONTRA COSTA SANITARY DISTRICT APPENDIX 1 WHITE PAPER TO In this section of the report, staff discusses various topics that have . an impact on rate setting. If necessary, more detailed position papers will be presented to the Board at a later date.. The following topics are discussed individually and are arranged in alphabetical order. • current and potential Issues and the Economy • Fees & charges • Self-Insurance Fund • significant Liabilities (GASB45/OPEB — Retiree Medical and Dental premiums, CCCEl A UAAL — Retirement Unfunded Actuarial Accrued Liability, Debt outstanding, and Accrued compensation Absence — Terminal Pay) • Regulatory Impacts • Utilities & Chemicals The last 3 years of financial forecasting have been challenging due to the turbulent economy. The following bulleted list attempts to capture issues that impact financial planning and rate - setting. Predictions were made and used in the model; the list is meant to draw attention to possible outcomes and District operations impact. some of these. items are discussed in more detail in subsequent sections. Review of Contra Costa County Emj2lo yees' Retirement Association's CCC�f�.4 12oiicies: Amortization: A robing amortization period was implemented to help smooth unprecedented 2098 market losses Depooling: our rates will now be calculated solely on our number of employees and retirees and their associated retirement benefit obligation, and rates increased by 5.12% of salary Enhanced Retirement: Public pressure to reduce final year salary enhancements that are in addition to those specified in the Ventura and Paulson decisions may reduce retirement obligation Unfunded Liability: The bullets above all impact the size of, and increase or decrease our unfunded liability for pension obligation The District's portion of the UAAL increased from $39.3 million to $71 million largely due to depooling of rates and 5 -year smoothing of market losses -39- Approximatel 39.8% of the 201 rate and 523% of the 2011-12 rate g oes to pa down -the unfUnded I'labilit GA,SB'451OPEB' Fedel,al Govemment • Trickle-down effect from th�e U.S. econom in g eneral • Lacklu,s,ter economic �rec�over i • Impact of National: Healthcare and other new pro • Stimulus funds State Giovemment Trickle-down implact f rom the State fiscal crisis Mousing Market Impacts the number of new connections and associated capacity fee and permit fee revenue ® Foreclosures still on the horizon More rigorous loan process for new homebuyers —.delays sales on new homes Lower housing values is lowering property tax to some degree homeowners are requesting Contra costa county (C CC) to reassess their property value Interest Rates • Currently interest earnings continue at an all-time low, below 1 % • Interest earnings on our Funds Available will suffer if rates remain low Infla tionlDe fla tion • Impacts cost of supplies and capital .project bids • Models assume 3% inflation per year for most O &M expenses, but also include a discount factor to mirror our annual actual expenses being less than budget in most years • Capital projects may continue to cost considerably less than what was expected in the projections due to the weak economy and annual inflation assumptions were reduced in 2011 -12 through 2015-16 Model reflects flat energy costs from 2010 -11 to 2011 -12 rj2lo _ B enefi ts • It is expected that health insurance premiums will continue to increase • National Healthcare will have an impact — currently too soon to know to what degree A ttrition 0 we have an aging workforce and anticipate a large number of retirements in the near future ® Management is working on a plan to retain job knowledge during the transition New employees cost less Initially as they start lower in the salary range and don't receive longevity pay (lower GASB45 /OPEB cost also) New Prog or IncreasedlDecreased Service Levels Any new program or service the District considers will have a cost impact Programs or participation from partner agencies may change Newer programs area pharmaceutical drop -off, Household Hazardous Waste six -day operation, deferred collection of connection fees No rate increase in 2000 -10 and 2010 -11 have an impact on service. levels; no rate increase in 2011 -12 will result in the need for program and service cuts Re g ulato !y fj-e j2 os See "Re Impacts" section of t White Paper Drou A continued drou could lead to an increase in the use of our rec water if we have the means to provide it Drou conditions lowered commercial SSC income in 2010-11 due to commercial rates bein dri b water consumption Natural Disaster Some t of financial impact will occur if there is a natural disaster (earth and flood insurance are too costl for the District). The District will appl for Federal Emer Mana Association ( FEMA) reimbursement, but there is a time dela in receivin reimbursement Cost of trainin e and staffin to doe prepared Process Im It should be noted that the District continuall asks for emplo input on cost savin and potential improvements and evaluates ideas and su to reduce costs, oversees the capital pro and explores additional revenue sources. District Code Title 6, Fees and Char contains 12 Chapt that define our fees, rates and char Of these, the 6 that follow ma re periodic updatin Chapter 6.08 — Annexation Char Chapter 6.12 — Capacit Fee Pro Chapter 6.30 — Schedule of Environmental and Development- Related Rates and Char Chapter 6.34 — sewer .service Char Chapter 6..38 — Rec Water Char — Landscape Irri Chapter 6.40 — Hazardous Waste Handlin and Disposal Char for Conditionall Exempt Small Quantit Generators. The focus of the March 3, 2011 Financial Plannin Workshop for which this document is bein prepared will be on the Sewer Service Char (SSC), our lar source of revenueR However, our other fees,' rates and char should also be updated periodicall to en s ure ade cost recover The followin is a discussion of staff's recommendation for updatin these 6 cate of fees, rates and char for 2010-11. -42- les Chapter 6.66 Annexation Char Annexation Charges are intended to recover the administrative and related costs associated with adding new territory to the District. These costs include fees paid to the Contra costa County Local Agency Formation Commission (LAFCO) and the State Board of REqualization (SBE), as well as staff time to receive annexation petitions, prepare annexation packages (including neaps and parcel descriptions), and administer the process. Based on the staff level of effort and these other costs, Annexation charges are currently $392 per parcel. These charges generally apply to infill parcels being annexed. Annexations of new subdivisions are billed at cost, by setting up an account and tracking and billing the costs separate.1y. A deposit fee of $2,400 is charged up front for these large annexations. Work on processing the backlog of annexations is essentially complete and staff is now working on metering the remaining annexations to LAFCO one at a time so LAFCO has adequate time to review and process them. It is expected that the backlog will be eliminated by the end of 2011. Staff tracks annexation related costs and has concluded that a 2% increase in the Annexation charge (to $400 per parcel) is appropriate. Cha ter 6.12 -- CapacitV Fee Program Capacity fees, rates and charges are applied to all new connections and for added burdens at existing connections. These fees are called "capital capacity fees" throughout much of this document to reflect the fact that they are dedicated to financing the capital program. The District last updated the Schedule of Capacity Fees, Rates and Charges effective July 1, 2010. The gravity capacity fee is currently $5,451 per residential. unit equivalent (RUE). Parcels in pumped zones currently pay an additional $1,541 per RISE for a total of $7,092 per. RUE. The capacity fees are based on.the total asset value of District facilities, property, and fund balances. The value of appropriate contributed facilities, and assets constructed through our Capital Improvement. Program are added to the total asset value each year. Based on this new asset value (net of depreciation and escalation) new capacity fees are calculated. In years when the capital Program expenditures are reduced, the subsequent Increase in capacity fees will be less than in years following large expenditures in the Capital Program. It has been Board policy to annually adjust the capacity fees to ensure that new connections are paying their fair share to buy into District assets. Staff has calculated capacity fee adjustments for. 2011-12 and recommends a 0.3% increase in the gravity capacity fee to $5,455 per residential unit equivalent (RIDE) and a 1.3% reduction in the additional fee for the pumped zone to $1,506, which would result in a total capacity fee in pumped service areas of $7,071 per RUE (a decrease on .o.3 %). Chapter 6.30 Schedule of Environmental and De ielo rnent- Belated Rates and char es The Schedule of Environmental and Development Belated Bates and charges was last updated in 2010. Environmental Rates and charges — The Environmental Bates and Charges are those that apply to our source Control Program. I n early 2006, it became apparent that one of the necessary steps to allow us to meet our ever tightening permit requirements would be permitting of a large number of small businesses. For example, the District recently implemented a mandatory amalgam separator program for all dentists who use or remove amalgam. As part of our new local limits, we will be attempting to reduce the copper in our effluent by regulating the discharge of vehicle maintenance facilities. In recognition of the benefit to all District rate - payers from the increased cost of compliance for these businesses, the Industrial User Permit Application Fees and Permit Fees for Class I I 1 Industrial Dischargers were set to zero by the Board effective July 1, 2006. Source Control staff review fees for class II Industries, Special Discharge Permits and Trucked Waste Haulers annually to determine if any adjustments are warranted. No changes in these fees will be recommended this year. Development-Related Rates and charges -- Each year, Development- Belated Bates and charges are reassessed based on the tracking of labor, overhead and other costs required for plan review, - construction inspection, and CSC- provided, right -of -way and miscellaneous services. For the past several years, a review of the level of effort for these tasks was undertaken and changes to the fee structure were implemented. Typically, rates and charges may increase, decrease, or be newly established or eliminated. This year, staff has recalculated rates and charges based on current levels of effort and overhead and will recommend that 40 fees be increased from 0.2 to 2.3 percent, and 10 fees would remain unchanged. Over the past two years, the Board approved a three -year phase -in of increases for 0 other fees where more significant increases affecting a small number of customers were needed. In 200010, increases for 4 of these fees (between 12.7 and 13.3 percent per year) were approved, and so this year's increase is the third (and last) of the 3 annual increases. In 2010 -11, increases for 2 fees (0.2 and 13.6 percent per year) were approved, and se this year's increase is the second of the 3.annual increases. Chapter 6.34 - sewer Service char e This year a new SSC proposal will need to be considered by the Board. The strategy for future adjustments of sewer service charges is discussed in detail in other portions of this report and will be further discussed with the Board in the January Financial Planning workshop. Chapter 6.38 --- Recycled cled Water Char es — Landscape lrrl atloh. On July 1, 2002, a revised recycled water rate structure was put in place to increase the cost recovery for the Recycled Water Program while maintaining. rates competitive with users' alternative water supply sources, whether canal or potable water. Further, a 3% escalation clause was incorporated such that rates are automatically increased by 3% on July 1 of each year to attempt to cover the increasing costs of the program. This rate of increase matches. that of the contra Costa water District and has kept our recycled water rates positioned at approximately 80% of those for canal and potable water, depending on what alternate source of water is available to the recycled water customer. This rate structure will remain in place, with no need for annual updates, until staff or the Board determines that changes would be beneficial to the District. Chapter 6.40 — hazardous Taste . Handling and Dis posal char es for ConditionallZ Exempt Small Quantity Generators LCESO The CESQG. charges were updated in March of 2004 to more fairly recover costs from small business participants by adding a $20 dollar drop -off fee per visit to cover administrative posts. In September 2007 the Philips Services Corporation contract for providing hauling, disposal and contract labor expired. However, after a rigorous selection process, they were again selected to continue their services to the District. The terms and conditions of the new contract did not represent a - significant increase over the old contract. Staff has evaluated the cost of the CESQG program in light of the new contract as well as other factors to determine if any fee increases are appropriate. Eased on current costs, the fees recover approximately 50 %.of the cost of the CESQG program. However, in order to encourage the use of the CESQG program by small businesses, which have been in many cases severely impacted by the current cconornIc climate, staff recommends that the fees be left as is. The program will then be subsidized by the general rate payer base. This is justifiable as the CESQG program is important in preventing illegal dumping to the sewer which can increase costs for treatment to all rate payers. Treatment Plant The treatment plant must comply with many regulatory requirements, some of which include water quality standards, air quality standards,. and. safe working requirements. Historically, these requirements have not substantially changed on a year -to -year basis. Since our last financial plan, however, the implementation of State of California legislation to reduce greenhouse gas emissions, a change in how the dean Air act regulates our incinerator emissions and a new focus on ammonia and nutrient removal in the Suisun Say will drive substantial increases in our capital and operating costs over the .next 10 years. The g reenhouse g as. emission. le will be implemented throu cap and trade re that were j ust recentl released. Under these re an facilit emittin over 25,000 metric tons per y ear of carbon dioxide g enerated b non-bio fuels will need to take. corrective actions. In our case, these actions could be shuttin down our co s to avoid burnin natural . or bu 'allowances on the cap and trade market. For the purposes of the financial plan, plant operations has done an anal of shuttin down co and bu PG&E power at hi rates to replace the power historicall supplied b the co s These increased costs are incorporated in the plan. These .costs are similar to the cost of bu allowances which was discussed as part of the Capital Improvement Bud and Plan Workshop held on December 16, 2010. Staff has cautioned the Board that future air emissions re could re incinerator retrofit, new purchase, or a new slud process/disposal method. That possibilit almost became a.realit with the release of the draft re developed b Environm ental Protection A (EPA) to respond to a Sierra Club lawsuit to compel the re of sewa slud incinerators under the Clean Air Act Section 129 instead of section 112 of the Clean Water Act. However, the current re appear to not re si investment in new scrubber technolo for the multiple hearth incinerators althou it is anticipated that our O&M cost will increase. The call for ammonia and/or nutrient removal from wastewater treatment efflu is escalatin with a number of different g roups and interests encoura increased re of wastewater dischar It be in November of 2007 when the National Resources Defense Council petitioned the EPA to include Nutrient Removal in secondar treatment standards. This petition is still under review.. In. the meantime, Dr. Du did some g roundbreakin g research that su that. ammonia from wastewater treatment plants ma pose a threat to the. Delta food chain.. In Ma of 2009 the ammonia from all 99 ..wastewater treatment plants was added as an other stressor"to be studied as part of the Ba Delta Conservation Plan. More recentl the Central Valle a interests have mounted a campai to ur the re a to. stop the dischar of ammonia in wastewater to the Delta. And most recentl the NPDES permit for Sacramento Re Sanitation District was adopted b the Central Valle Re Qualit Control Bo a rd with new re to remove ammonia and nitro to ver low levels. The reason for this re was that detrimental impact. of their effluent on Suisun Ba where our District also dischar Based on this latest development, staff has become more concerned that are for ammonia removal as a minimum, could become a realit within the ten y ear plannin horizon. Therefore, we have included an expense of $71 million in the out y ears of the financial plan to finance an ammonia removal pro and have added dollars to the bud for the. plant to finance its operation. .. Collection S The re environment with re to sanitar sewer. overflows (SSOs) has become much more strin in recent y ears. The San Francisco Ba Re Water Qualit Control Board .(RWQCB) has made sewer overflow reduction a top priorit The State Water Resources Control Board (SWRCB) has adopted statewide g eneral waste dischar re for sanitar sewer s alon with amended monitorin and reportin re to address the issue of sewer overflows. The SWRCB be a process of reviewin the SSO Waste Dischar Re (wDR in Au of 2009 with informal public hearin The SWRCB intends to revise the WDR within the next 6 months. The specific items in the revision have not y et been released to the public. There has been a recent discussion from SWRCB representatives about. mandator minimum penalties for overflows dependin on volume. In addition, the WDR ma re information about the Districts capital pro . and investment in renovation to prevent future overflows. If the .SWRCB or the RWQCB establishes. more strin overflow standards, an even more a approach to reducin sewer overflows could require additional staff in Collection S Operations to clean, inspect, and rehabilitate sewers. It could also become prudent to increase the investment in sewer renovation. For the purposes of this y ear's 10 -Year Plan, no increase in the financial investment in these pro has been assumed above recent levels. The District has self-insured most of its liabilit and some of its propert risks since Jul 1, 1986, when the Board approved the establishment of the Self- Insurance Fund (SIF). The SIF has effectivel funded District losses for over 20 y ears. In 1994, Government Accountin Standards Board Statement No. 10 (GASB_ 1 ) set forth re on how public a must fund their self-insured risks. To assure compliance with GASB-10, the District restructured the SIF into -three s ub-. funds Each of the three sub . -funds were established for fundin specific risks and are defined, under "Sub-Fund D.Iscussion" below. Financial Im The General Fund has been supportin the SIF b transferrin funds into Sub- fund C which then. redistributes funds to Sub-funds A and B to meet regulatory and financial re In 2010-11, $850,000 was transferred from the General Fund to the SIF. -47- Accordin to the District's October 2010 actuarial report, the District must reserve a minimum of $528,000 in Sub -.fund A to fund unpaid losses throu June 30, 2011 in order to compl with AS13-10. However, additional funds wer allocated to Sub-fund A for chan in the District's risk profile. As of Jul 1, 2007, the Board increased the District's self-insured retention (SIR) for liabilit losses from $500,000 to $1, 000,000 per occurrence. The Sub -fund B reserve Is maintained at $2,400,000 and is for emplo related and pollution- related risks. T claims related to pollution or emplo practices are costl There are no claims for either t pendin The District is re to. maintain an ade reserv for an emplo related and pollution related. claims as ma b GASB-10. However, there. is no specific fundin level re Funds drawn on Sub-funds A and B. are. replenished from sub -fund C.. The board has adopted a strate to increase the Sub-fund C reserve in order to miti periodic fluctuations in Sub-fund A claims and expenses and Sub-fund B reserve re Because of favorable loss experience over the last 2 y ears, the balance of Sub- fund C is unusuall hi This 10 -Year Financial Plan stabilizes annual O&M contributions while drawin down the balance of Sub-f und C over the 10 y ears. In keepin with the Board's strate and as shown in current and prior financial plans, staff recommends transferrin $850,000 from the General Fund to the SIF in 2010-11 in order to meet. reserve expectations. Sub-Fund Discussion SUB-FUND A. G B-10 Actuarial b ased risks. These include g eneral liabilit and automobile liabilit risks and claims. -Sub-Fund A insures these risks based on the District havin a $15,000,000 excess liabilit polic with a $1,000,000 self insured retention (SIR). The District obtains an actuarial review of these self- ins risks ever two y ears to pro losses and fundin re as mandated b GAS -10.. The October 2010 actuarial report estimates an expected unpaid liabilit of $528,000 for Sub-fund A risks as of June 30, 2011. However, chan to the District's risk profile warranted an increase in this rose rve.to $1,000,000. SUB-FUND B.: GASB-10 Non-actuariall risks. These include emplo and pollution risks. GASB-10 re that all potential risks, includin emplo and pollution risks, be ade funded even thou these risks are not actuariall reviewed. These t of losses occur less often than those addressed in Sub-f.und A. Additionall loss valuations var widel from claim to claim but ma result in extremel hi costs and losses. Since these two factors make accurate loss forecastin difficult, an actuarial stud is not re for these risks. However, with g uidance from risk mana and insurance specialists, the District has maintained Sub-Fund B at $2,400,000 to fund emplo related and pollution related risks based on the purchase of the WMIM, above :mentioned excess liabilit insurance polic and supplemental g ap covera where financiall advanta These liabilit policies pro improved covera in the areas of pollution and emplo related risks but are still sub to underl polic deduc SUB-FUND C: Non-GASB-1 0 risks. This Sub-Fund covers risk mana pro insurance premiums, retained propert risks, potential losses from unin risks, and the costs of initiatin claims and lawsuits a others who have dama the District. The District established this Sub-Fund to finance non-GASB-10 risks under our risk mana pro Specific costs in insurance premiums for excess liabilit policies and insurance premiums for propert dama (i. e. fire, explosion, water dama etc.) for losses above $250,000. This Sub-Fund's reserves are used to offset increases in premiums or claims costs and maintain Sub-Fund A's GASB 10 re mi nimurn reserve level. SIGNIFICANT LIABILITIES. The District has 4 si liabilities that must be planned for: 1 Accrued Compensated Absence (Terminal Pa 2. GASB45/OPEB R Medical, Dental and Life Insurance premiums, present and future 3. Contra Costa Count Emplo Retirement Association (CCCERA) Unfunded Actuarial Accrued Liabilit (UAAL) 4. Outstandin Debt Each liabilit .is discussed identif the correspondin future liabilit and the impact to the sewer ser char and is s ummarized in the table on pa 15 of the Financial Report, 1. Accrued ComDensated Absence (Terminal Pa Accrued Compensated Absence, estimated at approximatel $5.2 million for 20.11-2012, is the value of emplo accruals -that will be paid to emplo upon termination. These accruals include vacation, sick leave, compensator time earned and holida compensator time earned. Each y ear, the total liabilit is adjusted up or down dependin on the activit for the y ear. This balance g oes up as emplo continue to accrue unused hours and is reduced b emplo that either use their -hours, or retire and receive pa Staff predicts that the liabilit will decrease in future y ears as Tier 1 emplo g enerall y with lar sick leave accruals paid at 85% of pa will retire. Emplo ca accrue up to two times their annual vacation allowance ba on their y ears of service and can accrue an unlimited number of unused sick leave hours. At termination or retirement, b law, all unused vacation must be paid to the emplo Sick leave is paid to Tier 1 emplo at an 85% level. Tier 2 & 3 emplo are paid on a slidin scale based on y ears of service with a maximum pa of 40%. ELOR 2. GASB451OPEB retiree Medical, Dental and Life Insurance -premiums GAS B 45 was implemented re public sector emplo to make % transparent in financial statements an unfunded. future liabilities for medical, dental and life i n surance premiums, present and future. The District hired an Actuar (Aon), prior to the implementation date, to perform the District's first calculation (2005) of the unfunded liabilit at $92 million in thirt (30) y ears. It was recalculated in 2007, a b Aon, at $68 million in thirt (30) y ears, based upon pa because a trust fund had not y et been established. In 2008, the District established a trust fund and in March 2009, be monthl , contributions towards the GASB 45 unfunded liabilit The Board instructed staff to. make monthl pa over 20 months to invest the prior three fiscal y ear's contributions (FY 2007-2009). This approach was in direct response to the volatilit in the stock market. An A nnual Re Contribution of $5.2 million was calculated b AON for fiscal y ear 2008 and $4.7 million for fiscal y ear 2009 to .be the annual c necessar to continue to full fund the trust for the retiree health premiums and to address the unfunded .liabilit over 30 y ears. The District contracted in Ma 2009 with Public Pension Pro (P3) to perform the third actuarial stud throu June 30, 2009. The actuarial report calculates the District's unfunded liabilit at approximatel $66 million with annual contributions totalin $6.9 million. The District ne its labor contracts in the be of 2009, A Tier 3 for health benefits was a to, reducin re health and life insurance premiums. Staff contracted with Aon to calculate the financial impact to the District for the chan Aon used the previous Actuarial Valuation Report, dated December 12, 2007. A new. valuation estimate and report was prepared usin the December 2007 report with data as of J 1$ 2007 usin a 5 rate of return and the followin Tier 3 benefits 1. -,Rule of 70 (minirn.urn of 50 y ears old and 15 y ears of service). This y ielded a 15% reduction in liabilit 2. Eliminate Medicare B premium pa This y ielded a 12% reduction in liabilit 3. Eliminate dependent covera (children, not spo us This y i e lded a ne decrease in liabilit to the small number of dependents after retirement.. 40 Reduce covera to onl pa for the least. expensive. HMO. This y ielded an 11 % reduction in liabilit 5. Benefit reduction of 50% premiu pa for the lowest HMO for Pre-65 retirees. -50- C I entraFSan Retiree Medical Optians ( assumini g ARC contributed W GASiB Trust RME MIMI, HIM Mw ...... - ---------------- - - ---------- - ---------------------------- - - - - - -- ------------- . . . ..... . . ...... . ................ .. Current Plan ReduIced Benefits Pre-65 50% Premium i e The District's, UAAL si increased from approximI atel $36 million to $71 million for the followi�n reasons. Depoolin $20,000,000 2008 Investment loss $ 3Y700,000 2009 Investment loss .$1071001000 Demo update $ 210009-000 9 Me The CCCERA Board adopted depoolin at its October 14, 2009 meetin At that time CCCERA staff and Actuar Se Compan were directed to depool retroactive to December 31, 2002. CCCERA's decision to depool b emplo has incr the District's UAA b approximatel $20 million. The District hired its own Actuar Mr. John Bartel, to anal the financi impact to the District from depoolin b emplo Mr. B concluded that the work done b the Se Compan staff was actuariall correct. However, the District Board of Directors has raised le q uestions re the CCCERA Board's le authorit to retroactivel depool taken on October 14, 2009 and their dela action to reduce the final annual salar calculation taken on March 10, 2010. The Board's ob and concerns have not been concluded at the time this report was prepared. 2008 and 2009 Investment Loss The CCCERA retirement plan has a five (5) y ear avera of g ains and losses to smooth contribution rate ad The loss of investment income for 2008 of $1..8 billion is deferred, representin a loss and UAAL impact of $3.7 million in 2008 and $10.1 million loss and UAAL impact in 2009 to the District. Demo Update CCCERA has the Actuar anal the demo data and actual results and adjusts the various assumptions used to calculate anticipated member b pa Life expectanc annual salar rate of return and other assumptions continue to be refined ever 3 y ears to more closel reflect actual results of the members and econom over time. When the Actuar applied the increases and decreases, the..:.:net result was a $2 million increase to the District's UAAL- In 2008, the CCCERA Board adopted a modification to the amortization of UAAL. Each additional amount of UAAL is amortorized over 18 y ears. This polic is referred to as an 18 y ear la practice. The 2008 investment loss is now for 17 y ears while the 2009 investment loss is. 18 y ears. Terminal Pa Enhancement In late 2009, the CCCERA's Attorne called into q uestion the le to include pa made. to emplo not earned and pa in their hi 12-month period. The CCCERA Board ultimatel decided that effective Januar 1, 2011 onl compensation earned . and pa in the hi 12-months can be included in the final annual salar (FAS) for retirement calculation. For District emplo hired prior to Januar 1, 2011, base pa for retirement calculation can be -52- increased approximatel 30 percent. Emplo hired after this date have the abilit to increase their base pa b 10 percent. This action b QCCERA has reduced terminal pa enhancements b approximatel 2.0 percent. The District has q uestioned t he CCCERA Board re the time to implement this chan It is the District's understandin that the chan could have been done in 2004.. Se Compan is currentl attemptin to q uantif y the reduction in emplo and emplo costs. 4. O Debt In. November and December, the District sold a total of $54 million in both taxable and non-taxable bonds. The purpose of the sale was to refund the 1998 and 2002 outstandin bonds due to ver favorable interest rates and to issue new debt to help fund several lar projects included in the Capital Bud A total.of $36,538,264 was issued i tax-exempt bonds. These funds will be used to refund the 1998 and 2002 issues as well as raise $12.7 million in new debt for capital pro The refundin of the District's current outstandin debt will produce a $1.3 million net present value savin The interest rates on the tax- exempt bonds ran from .4% to 3.79%. The District also issued taxable Build America Bonds in the amount of $19,268,522 which have a direct 35% subsid from the Federal g overnment with y ields ran from 3.45% to 3.78%. net of the subsid These funds will also be used to fund capital projects. Debt Service pa will be $5.4 million each y ear for the first 5 y ears droppin to $3.6 million for the next 9 y ears and $2.4 million for the remainin 6 y ears. UTILITIES & CHEMICALS Utilities Ener costs represent more than 20 percent of the treat plant's operatin bud District staff continuousl monitors treatment plant ener usa to ensure efficient and cost-effective operations. The on search for ener cost savin has resulted in several ener studies over the last 5 y ears. These studies have identified ener opportunities, evaluated alternative ener sources, and have considered new re for g as emissions. The District maintains a leadership position in the use of renewable ener sources b utilizin landfill g as in the District's multiple-hearth furnaces. The District operates a hi co s that procedures approximatel 90 percent of the treatment plant electrical ener needs. B incorporatin ener technolo into - 53 - capital improvement projects, the amount of imported electrical power has been greatly red uced a The 2010-11 budgeted arnou nt for Hato ral gas is $2,848,000. The largest component of the budget is for natural gas use in the cogeneration system. blear -term natural gas prices have dropped considerably, and are expected to remain low through 2010 -11. when economic conditions improve, natural gas prices will likely increase to the levels experienced over the past couple of years. Over the next 10 years, gas prices are projected to escalate by 5 percent with periods of high -price volatility. Chomlr:;glq Chemical costs. represent approximately 5 percent of the operations and maintenance budget for the treatment plant. Plant Operations .uses chemicals to condition sludge, control odors, and produce recycled water, The major chemical costs are for lime ($225,000), polymer ($450,000), sodium hypochlorite ($420,000), and hydrogen peroxide ($08,000). Over the past 10 years, l i m e costs have increased at about . 0.5 percent per year, hypochlorite about 3.0 percent per year, polymer 1.5 percent per year, and the other Chemicals account, which is mainly hydrogen peroxide, 4 percent per year. chemical production and delivery to the customer are energy intensive. As the world economies recover from the economic slowdown, it is expected that the increased energy demands, along with limited supplies, will again create up -side pressure on chemical prices. As such, the overall chemical cost escalation is projected to be approximately 5. percent. WIM In Central Gontra Costa Sanitar District .......... December 2, 2010 TO" BOARD OF DIRECTORS 411011140F MIJ9510; RECOMMENDATION Staff recommends that the BoariidSILI the, preliminar expenditures for th u and Planas proposed in this merno., Settin a conceptual bUd capital expenditures res,olvies one variable of the rate settin process. Thiese fi ar en used as District, staff moA ull develops and refines the rate pll ios based on current information on operations and i-naintenance costs,,, � d I. I — Finall on a aiore positive: rilote, it appears that we ma be able tio alivoid an s , i I , g n, ij f , icant expenditui e � iti g reen house, g ases b operatin our co s such that we sta under the 25,0100 metric: tons. of CO2 per- cap that woulid P LJsh us, into the re sector, Therefore, for the purploses of this y ear's plarivve are assurzlin 1110, expend ituries 'for the next ten y ears on g relen house g as related pro RECYCLED WATER EXPENDITURES ESTIMATED CAPITAL REVENUE P at e I bpi nt odpuce )i �, t e:is f if oJe to increase capacity or a���ddres chan re or construct rielc water projects should be Ivilewed as in addition to the b udget or renovation' and replacement. For sleverial years in the r past bud geted e end ur s for needed tDapacty and regLflatory projects were nc a advan of criaas revenues otn, a number of sources principle n o ng hem be Atthis point in tirnel, capital revenues, such as c-.,apacit fees an interest on invelstments are si reduced. Thesle �reductions were anticipatieedwhen'thile bud was prepared, bUt m . . .... "IF Afo' ,,, 61 04 len 19 A llrl..� , rl Il 10 1 W"IN, it 9 , *MAO O Jif 4e r t sr JO . . .. . ......... .. ... . ... . 40 profected revenues w �pected to be even liess than bLjd A tablie of bijld and projected ca� ital revenue for FY'20,10,1 1 folliows. ip I FY 2101 0-11 CAPITAL, REVENUES i,t Fees !q �� 'q j� y ........... . .... .. m eld Zone Fees mmmm„ Intlerest on Sewer Construction Fund Balance eeeew Prop . . ... ! � qy' .Taxles Sewer Service .. Cha 1 ca ital com ponent . ... .... .. . . . . .......... .. ....... .. .. ..... ............... . . ..... .. . . ............. .. .. .. ... . .. ... . . .. . ........... . .. ........ .. ....... . . ............ ... eimbursements from Others . . .. .. .... . . ...... . . .............. of Cond f clorl ""-11111-lilii .. . . ....... Re Watlieir Salles wre ew� x ......... . . . . . . ........ . .. .. Developer Fieles/Other .. - . .. . ...... . . . . . . . ... .... . ....... ..... . ..... Alhambra Via lle www - - — ------- -.1-11-11ii'll-111- . .... . ..... a .. -11111-111 . . . .......... 'TOTAL BUDGETED ... . .. ......... $5�731,0010 $853�000 $1850,000 . . ......... ... . . ...... .. $6$873,000 $11856,0010 $2,429,0&0 .... ...... . . ... . ......... . ......... .. . . $2�8711&00 $175"'000 ........ $175tOOO $445,000 �ew . . wre..ww� $28T000 . ......... $193,000 $19,669,000 $1,61529,000 PROJECTED $3 816,01 0 0 $4931,000 $31Z000 $16,570,1000 $l'i,81Z000 ANNUAL SERVICE CHARGE PER, RUE . 201"Ill ..... ... .. .... . .. . .. Fisila-al Yea — r70jTe ratio �n s P�.a" I Com nent i RUE, 2000-101 S'185 .. . .. ..... .. . . ...... . . . ... . ........ .. .. $15 .. . ......... . . .. ..... . ..... . . .. ...... . $200 .... . ............... . .... 2001-02 $210141 $20 ..... ...... . . . ........... . . - . . . ..... . . .. . .. .... . .. ...... . $224 IJ 21002-03 S207 $141 $248 .. . .. ... . ........... ,. .. ........... . ..... - .... .... 2003-04 S218 ...... .. ..... .... . - . . - ....... . . . ..... - - - - --------- .... ..... . .. .. ...... ...... ............ . . ..... . ... $54 ... $272 2004-05 S204 . .. ..... .... . ........ . .............. $76 $280 2005-06 $234 ... ... ..... ... .. ....... . ... ....... ........... . . - - - — ------- - . . .... .. $280 . .. .. . . . ... 213 $76 ........... . ....... ... ... . . ......... - ...... ...... $289 .... . ..... -'-- .... ... . ...... - — -- ----- ... .. . ..... . . . .... 2007-08 . . ..... S242 . .. ..... .............. . . ....... ..... .... ......... .... . .............. .............. . . . . .... ......... $58 . .. ...... ....... . .... ... . ...... ....... . ..... —.-i .................. r. $300 210018-09 .... . . .. ... $51 $311 .. .. .... ..... . .... ... 2009 -10 29�1 . S 2 ........ . ..... .. ......... 3 . �' 201 0-11 eou -7 . ........ . S'13 0 0 . ..... .. 71-- . ... .......... .. -.7 . . ....... ..... ..... . .. . ....... $1 . . . ...... ................ 3,11 .. . . ..... - .......... . ............ ....... . . .... P�.a" I ' capi t o al cmponent would n ee dto �be alse rd pro fi of $14.7 million witho -ie w. tl to about $85 pe,r RUE. ... ........... 2010-11 CAPITAL RECOMMENDED . ...... "7" BUDGETED PROJECTED PROGRAM (WITH $16 SSC ( ADJUSTED FOR NO INCREAS SSC INCREASE) . ........ . ... . ........... . ...... . ... . ...... ... Total le X itures �2. 5 �m o n $28.5 �million . ...... .... . $28.2 millilon Total revienue $22A million 19.7million $16.6 million Variance -$6.1 million -$8.8 million -$11.6 million ,SCF Balance 6/30/11 $159.5 million $56',18' million $54.0 million (Be biala,nce 61310/1 10 $65.16 rriilion w/$30 M bond $54 millian which is onl approxiiratel $19,to 24 millioii g reater thzn "'the r"'T-dr-iimurn fUnds re meet District casfi, flaw needs, V, REC01MMENDED 2011 CAPITAL IMPROVEMENT PLAN FY 21011-12TO FY 2020-21 � l �> l I 0 % 1 ----7 -------- 7- 0 C4 0 n CD C) 0, UO 0 0 ;7�! LAO C7I' Cn' C� 0- CD CD Ic:) Ln, m�. 0 CL � � �i lid lo I 0 0 0 C> 0 CD cn In cn . ......... C� 10 Co 0 0 LO T CD Clq Ln C> 0 -0 41 l 1� 10 C4 IS ol CD 10 4= C> 06 LO CN4 M 0 v- 10 c . .... . . ...... 0 C) co C114 0 c n C� 10 CD C> <D C> T- Ir-1 � c) CD 10 IC%ll I C7 Ci 4 CD CO I IX) C> 00 0 CD 0 0 10 cc, CN 11 C � if 1 0 , 15 0 0 i (7j, E E > 0 0 C) CID M It C Z cz ct 0 LLI X 0 Li 7 1U) Cn, Ct �W U) COO >1 01) U., IV) x CN IC) W Lo M I 0 E 0 E ICU m 0 Ul") C II 1, M-Afl ///wo (mw 40 �wmam, aw"111 it . ..... .. . "', N mo INIIII/Orl"'I'll/ "Flow, // p / m/ "f" , m opffomov, ""W"A Asom" Oil: y 1plafam, oml �,, � wm MONAW410 fox"WO / /rrnr 74r /H lflf NOW f ff IMIA,111-f� O f 4k, A0 'v OP i P-1/ .01 ell A j I 19 10", 112; (ni C4 Co 'p. 1 0. LU z 1-i 0. LLS, > cc LU LU J 1, M-Afl ///wo (mw 40 �wmam, aw"111 it . ..... .. . "', N mo INIIII/Orl"'I'll/ "Flow, // p / m/ "f" , m opffomov, ""W"A Asom" Oil: y 1plafam, oml �,, � wm MONAW410 fox"WO / /rrnr 74r /H lflf NOW f ff IMIA,111-f� O f 4k, A0 'v OP i P-1/ .01 ell A j I 19 RECOMMENDED FISCAL YEAR 2011 -12 CAPITAL IMPROVEMENT BUDGET The followin tiablie br�e�aks idlown the expeni�dituresi bl pro . . . ....... .. ..... . . ........... . .. ...... ............ FY 201 11 1-112 CAPITAL IMPROVEMENT 'I'll 'TOTAL BUDGET . . . . . . . . . .............. . . . . ........ . . . . ..... . ... . . ........... . ... . .. . Treatment Plant ffW�eGn S 6.9 � mppM. . . . . on . . .. . ...... .. .... .. . ... . . ... . . " ......... . . .. -" . ..... .. . . . .. ... . . ............. ............... . �rove 10 million Collection S e�m Blasi,eline, S,13." million . .......... --- — — ------- - - - ------ . . . . . ................ . General Im rovements Baseline $ 4.1 m ilhion Rec 0.6 million ",_� lin leid Water Baseie Concord R, VVatier $1.2 million .. . ....... .... . .. ...... I'Total Baseline $25.,5 million ..... .. . . . . . . ........ . $28.5 million L otal Baseline Incinerator Im riov,ements .. . .............. . . . ..... . . ...... . . ....... . .. . . ......... . . ..... . . ....... .. .. ....... .... . ..... . ... . ... . . ....... ..... Total Baseline + Incinerator + Concor�d REW $297 million ,A review ofthe preliminar 2011-12 Capital Improver"nen't BLId for ma pro and areas of'emphasis folliows. TREATMENT PLANT PROGRAM Each ofthle major pro is described briefl after thetable., ... . . ..... . .... FY 2011-12 TREATMENT PLANT PROGRAM CATEGORY PROJECT ANNUAL EXPENSE k 1-1-1-1-11— I.I�-�,���1--l-�1.1-11�-��-111--l""�,-�1-11--l"-'',"",-",�'ll-I'll'-� --- I'l-l��'ll,��... ll-�,�������-�-1--��L".w_.,.-��� .... ..... . ... .. . . ..... One Time RLimp & Blowle uildin Seismic [nip, $1,000,0010 Renovation .. . ........ . ......... P . rima. Treatment Reno l vration 75OtOOO . . . . . ........ . - — - --- - ----- Auxi'�lia Boiler Burner 750,000 .. . .. ......... . ........ . .. . ................... . . .... . ....... . ........ . . ..... . .. . ... . ..... . . .... ....... ..... . .... . .. ...... . ... ......... . ........ . . ...... . ....... ... ... . ......... . . .. ... . utfall In and Rienoviation 7100.�000 . . . . . .. . ... ...... .............. . ...... .. . .... .. . . . ........ ........ . ... . . ..... . ....... . . . . . - .... ... .... — -- - - - - ---- ----- . ... . .. . . ...... . Recurrin Piplin Renovation Phase �6 $1,01M&DO . v . ation . . . ..... . R . ..... . . .. . ..... . eno .......... . . . ...... .. ..... ... ....... . . . ... ........ Treatment Plant Coatin_ Phasie 4 $ 7'50,0010 A,ll Ot k �977,000 . ................. $61927,000 Rile u a 5-eg—1 y Inicineratior Air Emissions IM velments $3 �000,0010 ' p . .. . ....... . . . . . .. ....... .. ........ . ........ Total Baseline + $91927',000 Incinerator I ............. . Auxi"filar Boler Burner Up Re on NOx emissions impleImented b the BAAQMD re NOx emissions to be reldixed from the, current permit le'viel of'30 ppmv to 15 ppr-nv b Januar 2013. In order, to tic these limits, t wo existin auxiliar boillers will be fie d b replacin the exis th new to -NOx burniers and other emission control, devilices., f s I 1 r r des cription g � of is follows the tabile s. FY'20111-�12 COLLECTION SYS'TEM PROGRAM CATEGORY PROJECT ANNUAL EXPENSE R,enlovation pro Walnut C reek, , Capacit le ill o d i� e r — 2 1 4 00 1 0 T Lafa s it � .�..�.. ....�� � �...�,,,� ����.��� ��,� �,���,,, aMw � . �. �. m,. e.w.e..�nnn.. �� ,. .. . . rr �.. � ....w� �r...w � n.. n. � s .a�. rr os.. w �,.o. Pumpin Sta Ram a Lion ` 850 f U d es/ --- -- oe�o-.,.w.wwww.wnn ao.. n nnn..n.. w w� nor. nnnmrw .,.,n....�.�wa mm oww :aww.n.w..w, wrw.w nnmw mw mmmw..Mwww rant mr�wmwnrnn mnn .. . ..n.uu +.ro- r.wcorvve yf��gAw u y! e .. ee w.w.a mwwr n�mmmri m a�ew�m�w.wmmnemm.Mm w.vww.r�.rnnmmwwrvn rvrvmw wx.maw Uiw�w a .w waiammaw�we naeamamww� om oe m�...v- ✓w�wow +on oa nn nnmmmn nnn nnnnnmww: u�mx mnnnww,wxww m- www.w�000wommemrn moo wµrv� i e e i e I l -. ,�..w..�a u... n oww�wcu ... on owowmwwmwwmm:w�u,.........- .s�.a.. n.�.nwa �..,. "m�w,.rmm. a. �w oo�.rwoowwsmem iiewww.w� .. .wwn. a ew.. wwwwwwwuuwmwewxruwowuo woo ... ter,- wm000ee oei e,� ��� r �� �r oo•uwn»e�r.. o ro. u. 000r� orw;w,mrmomw or. xoo vwnaomw van. oxxnna reran k sewmmw 11 Contractual aa� mw eFF;wx:. �a.ow.w. +� � nr«n. �ow �a .,�wew went CADs Vista Del Orin ' � A ssessmen t D istricts � I w .�. �nan .. . n.�w wa �w w A III others �o a oNaossosmowaa assoo n a �.. . . . . ��waw�a f 7 76 , 000 E To ta l n... ,ww D S e r vices,* la � 4 f ii i r d esig n , 1 cons f ins I contri m ain f� in FY 2 r � Co nt r a c tua l s f r, o T ! �, ( i V N f G ( pro mechanism for propert owners ito extend public seiwers into areasi whicih are currentl seried b se tanks, GENERAL IMPROVEMENTS PROGRAM Pa 11 RECYCLEDWATER PROGRAM F."zi g e 'l 4 i ncreases line with capital expenditUre needs. The initial fundin for the incinerator ernissilons P roject; howelver this results in the tei-i y ear increase b �i c antly nioreto cover the inter expen i one The preliminan/ bud and plan �and fundin scenahos will be fUrther discussed with'the Capital, Pro Ciommi'ttee on December 8 and w ith the full Board the l e t RECOMMENDATION l a e '15 f C a pit al '/` r I � "i r/ i i l r / j l / r d r I /0" V III ----- - .... . . . . . ............ .......... .... . . . ......... .. .... . ---- . 11,11,1111 I'll " �11- "I 2010-11 CAPITAL RECOMMENDED BUDGETED IIy■�I +I i PROGRAM (WITH $116 SSC (ADJUSTED I� � imp INCREASE) FOiR NO I L L SC INCREASE) Total expenditures $28.5 milllion $28.5 I mi�lIlion $28.2 milllion Total revenue $,22.4 million $19.7 million $16.6 million Variance -$6.1 mI illion . . . . . . . . ... . .............. -$8.,8 million -$11 .,6 million SCF Bal it on $,561.8, m,illion $200 6/30/11 — $15 $204 $20 W mi ion ( Be g iinnin g balance 2002-03 $207 $41 6/30/10 $65.6 million, $248 2003-04 $218 w/$,30 M bonds. $272 2004-05 ANNUAL SERVICE CHARGE PER RUE Fiscal Operations Capital Total Sewer Service Year Component Component Char per RUE 2000-011 $185 $200 2001 -02 — $15 $204 $20 $224 2002-03 $207 $41 $248 2003-04 $218 $54 $272 2004-05 $204 $76 $280 2005-06 $234 $46 2006-07 1$213 $76* $289 2007-08 $242 $58 $300 2008-09 $260 $311 2009-10 — $51 $2912 .... . ..... $19 $311 2010-11 $300 $11 $311 *$65 reducition in Capital Component represeints $10.8 million per y ea,r Assurnin 166,000 coinn,ections (RUE's) 0 Sewer Service Char Revenues Diverted from Capital Pro to Balance District O&M Bud $300 $250 $200 $150 $ 100 $50 $0 W are _FY201 0-11 Revenues Less Than d i FY 2010-11 CAPITAL REVENUES BUDGETED PROJECTED FFacilit Capacit Fees $57317000 $31,816,000 Fpurnpped Zone Fees $853,000 $493,000 Interest Sewer, Construction Fund $8501000 $31 2OOO r Propert Taxes* $61,8737000 $,6,75707000 r Sewer Service Char ($11 capital �$11,8569000 $118129000** component) .............. Reimbursements from Others Cit of Concord $214,299000, $27871,000 Rec Water Sales $1751,0010 $175,0100 Developer Fees,/Other $4451000 $2877000 Alhambra Valle Assessments $457,000 $193tOOO 'TOTAL $19,,669,0010 $16 Remaindeir afteir first pa for annual debt service of -$6milliorl! Need $84, capital componeritto f u�ll f un�d $128.21 M pro expenditures. I 11 Te�n Year Expenditures at a Glance On g oiin g - $29 million y ea,r 201 dollars renovation replacement infill capacit Years 1-2 Concord Landscape Irri expenditures $3.2 million District share funded b SU'loan paid b REW reivenue so fittle impact on riates. lr Years 2-61 $50 millionincinerator air, emiss,ions 9 A impirovements and $1 million per y ear increased O&M when operational Assume start 2012 - $2501000i - $1 million per ar, to bu GHG1 allowances if exceed 25 metric ton�s, C6 per y ear, M TABLE I CAPITAL BU,DGET I PLAN SCENARIOS FOR 2011 %awhop sirknano a1r y has 4 m4lion fDr a wet scrubber rep4mwil M d. I h addifion, $500,0010 is spient in 2101 bOini lie tally to $50 rni1lion , I Total For Fiscal Year 20111,12 2012M 2013114 2014115 20151'16 2016M7 2017118 20181119 20,19120 20 10121 2011112- 20-21 Treatment Plant 6,927,000 8,752,0001 9,362,000 LL,432,000 8,227,000 9,9501,000 6,745000 6,035,000 61 , 95,000 6,100,000 75,725,000 CoRection . 2 y! t m 13,897,0010 17,889,0001 17,770,0010 16,771,0010 16,717,000 16 17,253,0100 18,747,000 18,797,000 1 b 4, 1, 345,ODO General I 4 — 89,000 — 3�,446,000 �3000 1,883,000 — i,508,00,0 1- 508�, 000 1,508,0100 1,507,000 1,432,000, 1,508,000 20,032,000 _B� Water 565,000 550,000 ......... . . . 550,000 5510,000 550,000 550,000 550,000 550,000 550,000 550,0001 5,535,0010 Base Me scenaho for 2011 11 — 5 „41 8,000 -- 0,6�7 , Ok _�� _ 293250 , ,00 -- 216a1536,0 00 . . . . 27,002,000 . .... . ......... 28,765,000, . 26,0156,000 . . . .......... . 26,839,0100_, 89, 4 ,.000 26,9,000 05 . .... . 't �L T, � ” i n — id. n - e, r MY . . ........ 31,000,.00,0 15,,M,1000 20,006, 7,500,000 49,&000 45,637,000 49 3,25,000 ,000 27,002,DDD 28,765,0001 26,¢05 0100 26,839,0100, 26, 9174,000 26,9105,000 320,137,000 Plus Indnerator Corwd R. 1,200,000 2,0001,000 '29,698,000 47,6371,000 49,1.25,,00,0 34,236,000 27002,000 28,765�,000 26, 0. 0100 — _L26 8 3 9 0 2. 0,0 4,000 323,337,000 3,000'000 5,0001,000 15,000,0100 23,5010,000 23,500,100101 1,0001'0011 29,698,000 4,7,637,000 49 325,000 L34 )kt3 _0 02 ,0 _�3,265 000 , 00 339LOQ 50 47 0 _ �Q 27,905,000 394,337,00,0 %awhop sirknano a1r y has 4 m4lion fDr a wet scrubber rep4mwil M d. I h addifion, $500,0010 is spient in 2101 bOini lie tally to $50 rni1lion , I TABLE 2 ASSUMPTIONS USED TO CALCULATE CASH FLOW TABLES FOR 10-YEAR CAPITAL, IMPROVEMENT PLAN Fiscal Year 201 201 - 2,012- 20 2014- 2015 2016- 2017- 2018- 2019- 2020- 20,11 2012, 2�013 2014 2015 2016 2017 2018 2019 2020 20,21 Interest % 0150% M0% 0.75% t00% L50% MO% 2.50% 3,00% 150% 4M91�" I riflati n % 01,010% ,00% 1.001% 1. % 2,0101% 3,00% 3.001% 3.010% 3,00% 1 3,010 100% # of New 700, 800 900 1,000 1,000 1,000, 1,000 1, 1,0010 1,0100 1,000 Connections Ad Valoirem -1,00% .00,0 % 1.00% 2,00% 2,00% 100% 3.00% 100% 3.00% 3,00 Tax i Escalation, *Debt Service is funded first and the remainin g oes to Capital 'TABLE 3 P R E L � f 1 ['4 A I a J S ! 3 F`Tj"�",") CENTRAL CONTRA COSTASANITARY DISTINCT ALTEARATIVES - CAKTAL PROGAAM .12,01 10 ±LA Y m 0 � 4. "Pto , I 14, 6, 17 'o e rful sal'o S'( W�� A 1�41 5 14 S 57 li "Al 1 ; 4 S"M I'll, s 3 ' i� 4 'w 7 4 4"� 7 4 u jow aul Bond Flrurw N.W10 !tl–r—lk YV _0 m! '51 Vits Z 11 51 10`43 "Axkiff PEW � kute PA&PA to Ftwvot awl 5,Pf Loww 0 1 V1111101 ixiPM V? Ti 411 11127 ("I'MA - Add Ulgrok a0on Dom'$ F*0"m *w" 11 i 5149 171 14 3. 7 6 111 , 4 It Cf'18P A41 Nftz IMka AddA len'%A s Eknd Ff inz mem" S 11 A 5, ro �p 7 1; M. j' ("wl � dil V 0" s c'r vtc 4 " w, o", i v< Ir e A C I it it M o, e smell ft �base'f'fj cf'r'�� �'- ai'i'f','�"A ""ifr�""�"' f""'A' ikl�,r"""""O .II lr Yr I �j, �,'j y . A a I ��p e d �1 ��j a s e s c" "�I" e (f t ir 't, V """t I for C Y4 P F e L'i, Ii` i" �i a i y i i,'i'i 11, P a n J g 1,/"fJ' o 1� k S I o TOTAL ... ................ 2*,Il 1 , M'21-113 S IX „„ , N444S m f r 'm?. ' 4 of MIL. olcuvi* L LNiL CW? , Add kwkm Aw And 8-oad! Fmmm,* jz4 J 13 CWIA,AddftW-Z,rmWfr*��� Lo�mi 46 ('ZV.% , -A4d MW P.Ainde Alates to Fmnd and W to�m' 14 *4 $-v . ..... Add V*'*kfAW", A4dkk**4 SwW fkum 19 "to flio 0#1 xi 41" C'm 38 to I& sutolmsiw W Aft husk-4,00" in 361" 3 v ow I 1kAxSonvk,*c*,%t% N Capital Component of Sewer Service Charge Fiscal Year 10-11 11 -12 12-13 13-14 20-21 Base Scenario $111 $18 $25 $33 $57 Add Incinerators No $11 $47 $81 $110 $57 Bonds Add $11 $,45 $79 $116 $102 Incinerators/Nitrification No Bonds, Add Incinerators Bond $11 1$21 $31 $42 $76 Finance Add $22 $33 $46 $75 Incinerators/Nitrification Bond Finance D 0 a iscussion of Rate Setting Scenarios 0 Advanta to debt financin in miti rate increases — Allows for more moderate rate increases but over extenclet., period of fime — Those who benefit.....1e. fu�turie usersi.,..,..pa for facilities What are our total unfunded I liabillities as of June 30, 201 *,SE'W'ER CONSTRUCTION FUND BALANCE 6-30-11 $54 MILLION I What "is our bionding capacityr? * DIepends oIn willin to raise rates to repa CUrrentl we have niol uncommitted capital revenue an I are under-if undin the capital pro b about $10 0 9 mii 11 ion ier y ear foir baseline renovation p investment. Wei need to, as a minimurn, raise rates, to coveir $1 �7 million capital revenue shortfall. I Therefore, practicall speakin we have NO avallable 0, bondin capacnil unless we raise rates si Ificantl UL 11 '1 "RE11- 1110"ItMl R111", f IU��� UWE Guidiekne 1 0% of revenue g oin g to debt service. Current reIvenue -- $81 million therefore debit seIrvice $8.1 million. Current debt service $5.7 million per y ear vs. $8.1 million per y ear g uideline. ei B spreadin debit from 20-30 ears and restructurin can maximize bond proceeds ro rin rininiMUM $ 56 to maximum $78 millio In. Total Net Bond R,evenu�e neeIded over 10 y ear Plan under scenanos presented if bond fUnd both Incinerator a improverneints, and Nitrification is $111 million. A I DebIt, (:,"apaclt�llll Estimated Based, on, Existin and Proposed Debt Service FY 21010,4 1 Net Revenues of $19,,.�46 lUillion 30 Yens. Te ,A $84 million aim= in 0 Boad Yean Ending CCC'SD Debt Capacit Estin-iated llased on Existin awid Propo"Psed Debi Service F'V' 2010/11 Net Revenues ol'$19.346 Nlilfion 20 YearTerm Aa2/AAA Maximum Arintsal Debt Ser�vice Approximmatel $8.1 million 3 V", N/b I I io I fil I A ipywlR c F'V 20 I 2 0J)1 O J,q) 0 1. Ml k Net Rrvemw 10,000,000 I ------- - - . ......... . ........... . - - - . . . - - ------- - - - - - -------------- �s j 7� , 10i Bond Veal-% Ulidin .............. . . ...... I ................ I ........................... . ...... ................. .. . . . .. . ....... . ......... �Tcc,- -- -4*-- ' 011 NO R r - - - j 1 - 1 , x i st i Alv, Dc bi "-wl v i v o tMMff= 1 1, s cp 1 wised, De bt S* v i I DebIt, (:,"apaclt�llll Estimated Based, on, Existin and Proposed Debt Service FY 21010,4 1 Net Revenues of $19,,.�46 lUillion 30 Yens. Te ,A $84 million aim= in 0 Boad Yean Ending "iat is down side of not funding Capital Program? Sewer S Overflows s,ub to si fines up to $10 pier g allon a NPEES dischar violations sub to mandator min,imum penalties of $3000 up to $25,0010i per da pier violation Air q ualit y violations under Clean Air Act up to $25,000 pier da per violatioln Total exposure si if icant......for example Cit of Pacifica $2.13 million in fines TVihat do EPA and RWQCB's consider affordable? E A g uldellne 2% of mean householdincome (MHI)i for wiater and 2% for wastewater MHI for central Contra, Costa Count - $810,0100 per, y ear, Affordable wastewater rate $1600 per y ear per household ....compared to current rate of $311 per y ear per h�ousehold Sacramento Re perm:it (CVRWQCB) will result in increase to $720 peir y ear per household ill'' a Conclusion oif Rate Sett�in�g D o a iscuss ion Raisin rateis to pa fior capital improvements is essential to maintain eixi,stin� a,s,sets and meeit new re mandates �Rais,in rates more in, earl y ears of 10 y ear: window and pla as y ou g o is, least cost lon term alternative Bond financin allows, more g radual rate increases but si increases total cost I Bondin capacit limited and prudent mana woul presierve some capacit for future unidentified necessities J Propoised FY201 Capiltal Improvement Pro FY 2011-12 CIB Total Cost Program/Prollect Treatment Plant Baseli ne �lili $6 9 mion Incinerator Improvements, . ......... .......... . $ 3.0 million Coill�ection S B,aseline $1�3.9 million . . . . ................. . General Improvements �Baseline $ 4A million rRec Water Baselin�e $ 0.6 million Conc led Water $1.2 million . .......... . . .. . ..... . . ....... FToatal Basefine $25.51 r-nillion i Total Baseline + Incinerator $28,.5 million Improvements Total Baseline + Incinerator $29.7 million Concord REW In FY 2011-12 CAPITAL REVENUE PRELIMINARY BUDGET Facilit Capacit Fees ....... . ......... $415007000 Pumped Zone Fees . . . . .......... . .... . ........ $59310100 Ind nstruction Fain 1000 Propert . . . .......... $616301000 Sew,er Service Char ($ 18 - 47 capital $3,060,00IO - $7,520,000 component dependin on scenIa,rio) — -------- Reim bu rsernents, f'rom Others (ConIcord - - ------- - --------------- $39,4071000 - $4,6577000 30%, depends on scenario) $ 7501000 TOTAL (w/o R,E,W Loan) $11895001000 - $24 FY 2011-12 B�ud Expenditures, $28,500,000 w/o, REW FY 20,""1'1-12 Bud 11,kJe Varialr'we -- $011- $10FV1 . . ......... .. .. ..... ....... ... ............ . ...... . . .... . ........... ....... . .. ....... ... .... . ........ I I 1�11'i CATEGORY ..... ........ - PROJECT ANNUAL EXPENSE One Ti , me Purnp, & Blower Buildin Seismic X01 000 Renovation Plrimar Treatment Renovation* $ 7501000 Auxiliar Boiler Burner Up $ 75010100 Oui tfall Inspection and Renovation* $ 700,000 Recurrin Pipin Renovation Phase 6 $1 jooaXo Renovation IN Usin Asset Mana Techni to Sc ope Treatment Plant Renovation Projects Condition Assess,iment Business RisK5LxposurejBRE I -Remainin u nse of failure (criticalft -Deficiencies? -Likelihood of faflure? Determine Pro & GrOLI Appropriatel — b Location "'Primar Renovation" or b AssietT "P in Renovation Condition Assessments colmipleted on.- E Primary Treatment Renovations f f f r r �, r% I �r ✓ f � � � � r i ,, t r II r Y * Last Inspection Summer 2003 Flooldin of Ad Properfies, resulted j ifoi sand ba * Capacit strained even with dr weather flows Need for a,lternate method of b outfall became New structure complete in time for Outfall Inspect Summer 2011 im << +� : . f` m� �m,a.' °«.'#`.2 ;1Z» ;(IIJf�� <t° «�. . .. . . ... . .. Capac ` ,\existing \ d rain drainage \ \itches \6 f treatment p a $\ / \\\ \\ s « � y ..w.. \\ �� � . are 40 \n-fite\{ b a t mgd, ©\\ `ill ƒt r s i\\\ flooding o adjac :� t, proper 7 . ' . � � / \ � w. In r � r t. W e i a th e i r B ypas s f r� r% % Il �,�. j I' f � >( r,, ( 1 f 4. � f j allow dischar dir t o i W v ° MJ NUAKIN mores i ~ri it 9.- p° uu i who � �u � M�M.I �• � ""�" ' aaa m�. � �� � �� � ,� hI L`� b" T� f r�� tl � �+�� f �r^�`' r;�,uu m d „awe' r !h �waw , * .... " s o K7 �I r� M %a KIM 7 11. A01 ME R IRWIN s rowmv WjPv W, WA ROAD LAN °a w W as�r.�i � �� �MM.. �!GM�VAk C AMMAIkM�J Dr / Wet Weather B Impr Pro M. " Draft State Capi and Trade Regulations 'for GHG's CCC,SD can sta below capped sector initiall b controllin co operationi..... <25,000 �metric tons CO2 per y ea,r As liandfill g as runs out will need to burn m�oire na,tural g as in incinerators and will i c tons CO2 per y ear CAP Will then have to purch�a,se allowances at $10-40 pier metricton per y eari for O&M cosit of $2501,000 - $11 Million per y ea,r oir shut down co Earliest implementation F'Y 2012-1 un�der worst case landfill g as scenario In jc Sewa Slud Incinerators (SSI's) re ori undeir Section 11 2 domesiti�c sewa slud exclusion ol the Clean Air Act (CAA) jf Sierra Club suit in 2001 sou to compel EPA to re SiSI's under Section 129 of the CAA which EPA is currentl implementin I Proposed re are far more restrictive foir mercur emissions than aniticipated.... IM11 MHF Mod�'ifi'cation Schemat'I'c t MHF Modification F"c Fialbric 7 FV* \ � \ � � \ r , ° La Schematic rower ;� \ \*� \� � � �r . , � \ � . . .. y < . , \ /� :: 060C .. >� / � . .. : � .. .... .... a i re v loo „ ( r / l wi n t en y e a r win i p l t he � f CIPI is What s Conventional Nitrification (69,000 lbis per da vs. 80,0001 lbs per da m VA 4 Preliminar Capitai Clost for Nitrification FIY 2011-12 COLLECTION SYSiTEM PROGRAM CATEGORY PROJECT ANNUAL EXPENSE Renovation f ro ram* Walnut Creek 8, South 1 $ 878717000 Ori'nda 5, Lafa inspection and others Capacit Pleasant Hill Road Tr 1400,000 Sewer — Lafa , Gra Creek Trunk in Pleasant Hill Fp Stations Sian Ramon Pump Station $ 8501000 Up pump Developer ser r Services $ 50101000 Contractual Current, CA,Dis — Vista Del $ 5007000 Assessment Dis,tricts Orinda All others $ 776,10,00 Total 1 $13�118971000 NN Points g iven for structural Iefects,, sa fre overflows,, root mass 6 Use actual data, not predictive moM, Renovation Pro prioritizes, b point score and scheduleis renovation b g roupin g g eo g raphicall y La,fa 7, Walnut; Creek 8, First round of'TV pro completed in November 201 O.....currentl deivelopin scope for continuation —se s--- i nI i s ric TV'd as of Nov 2010 MI Pipe Renovated to Date The followin table reflects the miles of pipe ('6, 8 &10 Inch) �renovated to date. FISCAL YEAR PIPE RENOVATED 2005/07 M"Hes, 8.1 Miles 2007'/08 N' p e 5.,6 Miles 2008/09 �Renov. In 6.3, Miles 2009/10 Next 10 7.5 Miles 201 0/11 Yrs* 2.6 miles TOTAL 301.1 Kliles Completed Renovation Renovation Pro Y'r Bud M"Hes, percent o, f f'o�r N' p e Known rn Renovaltion �Renov. In Defects, ( mil'11"lons ) " Next 10 Ren,ov. in Yrs* 10 Yrs Based on TV inspection of 99, percenit of 6, 8 and 10 inch mains I Provides $33.6 million in FY 18/19 to 20/21 foir liines currentl not identified b TV pro Estimated at $280/ft w M MEN I , I N Lafa I, �Pleasa,nt Hi 1 11 Relief Trunk Sew�er el Combination oif tunnelin opien cut and GIPP construction methods e, Wolrkin closel with Cit of Lafa Construction within Pleasant Hill �Road durin schools' summer vacation complete in 8-9 weeks Special wolrkin hours (9 am to 6 p1m) durin construction on Pleasant Hill Road W IE �PROJECT ANNUAL, EXPENSE Vehicles and E $5001000 Information Technolo $500,000 CS,OD Faci�lit Improvements* 7$ Seismic Improvements HOB $760,000 and 4,737 Imhoff Pl�ace All Other $17390'10,00 Total $4 1 9 , 0 JO PROJECT i ANNUAL, EXPENSE Baseline t Hill 9 and REW Plannin Total Concord Landscape Irrigation* """ . .......... . ........ . .......... 9 (assumes 25% Titl 16 Grant) Total 1 , r Concord Landscape Irri Pro a - ec Water Pro Expansi I on Deplendent on, Fundin Partners Concord Irri Pro h�as some likelihilood of flundin� a G next y ear or two.....therefore a scenario includin expien�ditures for, this, pro with a, 25% Title 16 g rant and ,SRF Lolan has been deiveloped and is self fundin with REM re The Refiner REW Pro is speculative, therefore it has not been included in an 10 y ear pla,n scenario. 'The $100 4 mi 11 cost represents approximatel $200 mill i on, over 20 y ears if bond funded for an ann�ual cost of $10 million or, about a $63 increase in the sewer service char N I• Vote on Rate Increase in June Food for Thou Ralsin rates hi in earl y ears of plan to fund re re without bonds resulted in si lower rates over the ten y ear term of the plan and si lower tota,l cosit of pro 0-10" What do we need from the Boa,rd toda Concurrence that proposed preliminar expenditure fi for FY2011-12 and the subse 9 y ears are acceptable for inclusion in financial plannin docuIments to be reviewed b Board in Februa,r 20,11 Concurrence that relative emphasis and allocation of expenditures between the four pro is acceptable for development of the detailed FY 201 -1 2 Capital Improvernent Bud and "ren-Yea,r Capital Plan El GLOSSARY OF FINANCIAL TERMS For use with the 10 -year planning documents Accrual Basis of Accounting - The basis of accounting under which transactions are recognized when the occur, regardless of the timing of related cash flows. An example g Y g g of accrual basis is when an invoice is sent out for services, a receivable is booked and revenue is recorded even though no cash has been received at the time the invoice is mailed to the customer. Ad Valorem Tax (Property Tax) - A tax based on the assessed value of taxable property (also referred to as Property Tax). Arbitrage - Borrowing in one market (such as bonds) at one interest rate and investing in another market (such as certificates of deposit) at a higher interest rate. Such activities are highly restricted by the federal government and any excess interest earned in this manner is not tax exempt. Asset - An economic resource owned by the entity that is expected to benefit future operations. Examples of assets are: cash, investments, receivables, and capital or fixed assets. Balance Sheet - See Statement of Net Assets, the current term. Bonds - A written promise to pay a sum of money (principal or face value) at a future date (maturity date) along with periodic interest amount paid at a specified percentage of the principal (interest rate). Bonds are typically used to finance long -term capital improvements. Budget - A plan of financial operation, embodying an estimate of proposed expenditures for a given period (typically a fiscal year) and the proposed means of financing those expenditures (revenue estimates). CAFR (Comprehensive Annual Financial Report) -- A report prepared at the close of each fiscal year to show the actual audited condition of the Agency's funds and serves as the official public record of the Agency's financial status and activities. Capital The term refers to the Sewer Construction (S /C) Fund. Capital Assets - Assets such as land, improvements to land, easements, buildings, building improvements, vehicles, machinery, equipment, works of art and historical 9 p ry treasures, infrastructure, and all other- tangible or intangible assets that are used in operations and that have initial useful lives extending beyond a single reporting period. Capital Budget - A plan of proposed capital expenditures and the means of financing those expenditures. The capital budget is usually enacted as a part of the complete p g annual budget, which includes both operating and capital outlays. The capital budget should be based on a capital improvement program (CIP). GLOSSARY OF FINANCIAL TERMS For use with the 10 -year . planning documents Capital Improvement Program (CIP) - A plan for capital expenditures to be incurred each year over a fixed period of several future ears setting forth each capital project, Y g p p J identifying the expected beginning and ending date for each project, the amount to be expended in. each year, and the method of financing those expenditures. Cash Basis of Accounting - A basis of accounting under which transactions are recognized only when cash changes hands. Revenue is recognized when cash is received and expenses are recognized when paid. Cash Reserves (Funds Regui,red /Funds Available) - The amount of cash and investments that is easily liquidated and available to meet the District's operating, capital, self - insurance, and debt service obligations. Reserves may be restricted or unrestricted. The operations and Maintenance (O &M) and Capital Funds Available are unrestricted cash reserves, made up of cash and investments of the District (See definitions of Funds Available and Funds Required). Connection Fees (Capacity Fees, Facility Capacity Fees - A fee charged when new or additional Residential Unit Equivalents (RUE) connect to the sewer to contribute their fair share of service and facility costs. (Also see Pumping Capacity Fees). Debt service - The amount of principal and interest that a local government must pay each year on its long -term debt. Defeasement -The act of relieving an Agency of a particular liability (such as a specific bond series) by refunding the liability through an escrow or trust fund. Legally defeased liabilities do not need to be appropriated each year as the trust fund is removed from the control of the Agency. (The District defeased its 1994 debt using 1998 Revenue Refunding Bonds.) Deficit - (1) The excess of an entity's liabilities over its assets; (2) The excess of expenditures or expenses over revenues during a single accounting period. District Code - A system of rules, which are complied and arranged by a municipal corporation, and are adopted and used to regulate the conduct of its inhabitants and government. Facility_Capacity Fees - see Connection Fees above. FASB (Financial Accounting Standards Board} - An independent body responsible for establishing and interpreting the GAAP mainly for use in the North America. The District follows FASB's standards in areas not specifically covered by GASB. GLOSSARY OF FINANCIAL TERMS For use with the 10 -year planning documents Fund - An independent fiscal and accounting entity with a self - balancing set of accounts, recording cash and/or resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives. One type of government fund is an enterprise fund and is the only type of government fund used by the District. Enterprise Funds - Accounts for District, self- sustaining activities that derive the or maJ j portion of their revenue from user fees. Enterprise Fund Accounting is used for self - sufficient government operations financed and operated in a manner similar to business enterprises, and for which preparation of an income statement is desirable. The District uses "sub - funds" to better manage internal finances. The funds are as follows: Running Expense (also referred to as Operations and Maintenance, O &M, or R /E) - A sub -fund that accounts for the general operations of the District. Operating revenues and expenses are accounted for in this sub -fund. Sewer Construction (also referred.to as Capital or SIC) - A sub -fund that accounts for non - operating revenues that are to be used for acquisition or construction of plant, property, and equipment. Self- Insurance (S /I) - A sub -fund that accounts for interest earnings on cash balances and cash allocations from other funds, temporary investments, and costs of insurance premiums and claims not covered by the District's insurance policies. Debt Service - A sub -find that accounts for activity associated with the payment of the District's long -term bonds and loans. Funds Available (CCCSD term for Cash Reserves on hand - The amount of cash and investments available in the O &M and S/C funds on June 301h of any fiscal year using the Funds Required definition above. Fund Balance Net Assets - The net worth of a fund, measured by total assets minus total liabilities. Funds Re uired CCCSD term for Cash Reserves Guideline - Used in the 1 0-year planning process, this is the amount of money held in cash and investments (liquid assets) that is needed on June 30th of any fiscal year to meet our cash flow needs through mid - December, when we receive our first sewer service charge and property tax payment from Contra costa County. This includes O &M and S/C Fund cash and temporary investments; it does not include OPEB payments /accruals, Debt Service cash or reserve investments and Self -- Insurance Fund cash and investments. 3 GLOSSARY OF FINANCIAL TERMS For use with the 10 -year planning documents GAAP (Generally Acce ted Accounting Principles - A widely accepted set of rules, conventions, standards, and procedures for reporting financial information, as established by the Financial Accounting Standards Board (FASB). GASB Governmental Accounting Standards Board - Established in 1984, it is the ultimate authoritative accounting and financial reporting standard - setting body for state and local governments. The Board issues GASB statements that can require significant changes to an agency's financial reporting. Goal - The long -term continuing mission of a department, division, or program. Goals define the strategic results to be achieved and therefore indicate the relevance, importance, scope, and effectiveness of that outcome. Internal control - The plan of organization and all other coordinated methods and procedures adopted to safeguard assets; to check the operations data; to promote operational efficiency, economy, and effectiveness, and to encourage adherence to prescribed managerial policies that will accomplish the objectives of the organization. Liabili - A debt of the business; an amount owed to creditors, employees, government bodies, others; a claim against assets. Modified Accrual Basis of Accounting - The accrual basis of accounting adapted to the government fund type under which revenues are recognized when they become both "measurable" and "available to finance expenditures .of the current period." Expenditures are generally recognized when the related fund liability is incurred. Net Assets - See Fund Balance O &M (Operations and Maintenance) -The Running Expense Fund. One -Time Revenue - Revenue that cannot reasonably be expected to continue, such as a single- purpose federal grants, an inter -fund transfer, or use of a reserve. Continual use of one -time revenues to balance the annual budget can indicate that the revenue base is not strong enough to support current service levels. O PEB (Other Post - Employment Benefi - Benefits received by an employee when the y g retire, including medical, dental, and life insurance — but it does not include pension benefits. Qperating Deficit - The amount by which current expenditures exceed current revenues. 4 GLOSSARY OF FINANCIAL TERMS For use with the 10 -year planning documents Overhead (Administrative Overhead and Non -Work Hours} - Administrative overhead and Non -Work Hours include indirect costs and the value of time off (holidays, sick leave, vacation, etc.) These costs are expressed as a percent of salary. For District accounting, salaries and benefits are separate from overhead (whereas consulting firms typically view employee benefits in "overhead "). Indirect costs are costs that are incurred for a common or joint purpose benefiting more. than one cost objective or task and that are not readily assignable. Pa -As- You -Go - A term used to describe paying expenses as they are incurred, as opposed to prepaying, pre - funding, or setting money aside for future expenses. Performance Measures - The specific, quantitative measures of work performed within an activity or program (e.g., total miles of pipes cleaned). Also, a specific, quantitative measure of results obtained through a program or activity (e.g., reduced incidence of overflows due to a new maintenance program). Pumping PuMping Ca acit Fees - A component of connection fees for units that are located in areas tributary to one or more of the District's Sewer Pumping Stations. (See Connection Fees.) Reserves - See Funds Required or Funds Available. Reserve Policy CCCSD uses cash Reserve Guidelines - A document outlining minimum reserve thresholds, identifying current and potential reserves, and explaining what the reserves are, or how the reserves will be used. Residential . Unit_ Equivalent ( RUE) - A measure of sewage volume and strength equivalent to a typical residential household. Restricted Revenue - Revenue that is legally earmarked for a specific use, as may be required by state law, bond covenants, or grant requirements. For instance, capacity fees must be used within the SIC Fund; the revenue cannot be transferred to O &M. Sinking Fund - A method by which a government may set aside money over time to pay for a project or obligation. Statement of Net Assets 113alance Sheet prior to GAS B 34} - A statement reporting the - resent financial position of an entity b disclosing p Y Y g the value of its assets, liabilities, and equities as of a specified date. Assets minus liabilities equal fund balance (also called Net Assets) Strategic Plan - A comprehensive plan, normally covering a 5 -10 year period, developed to guide delivery of specific services, identify future needs and challenges, and identify future infrastructure needs. 9 GLOSSARY OF FINANCIAL TERMS For use with the 10 -year planning documents U AL (Unfunded Actuarial Accrued Liability} - A term used in connection with pension plans, it is the amount of excess of the actuarial accrued liability over the actuarial value of assets. The value may also be negative; a negative unfunded actuarial accrued liability is the excess of the actuarial value of assets over the actuarial accrued liability, or the funding excess. Unfunded Liabilit - A liability that has been incurred during the current or a prior year, that does not have to be paid until a future year, and for which reserves have not been set aside to meet this obligation. It is similar to a long -term debt in that it represents a legal commitment to pay at some time in the future. u