DuPage Water Gommi$sion - DuPAGE WATER COMMISSION

Transcription

DuPage Water Gommi$sion - DuPAGE WATER COMMISSION
DuPage Water Gommi$sion
600 E. Butterfield Road, Elmhurst, lL 601?6-4642
(630) 834-0100 Fax: (630) 834-0120
AGENDA
FINANCE COMMITTEE
THURSDAY, NOVEMBER 15, 2012
6:00 P.M.
COMMITTEE MEMBERS
P. Suess, Chair
C. Janc
J. Pruyn
D. Russo
600 EAST BUTTERFIELD ROAD
ELMHURST, IL 60126
Roll Call
.
Approval of Minutes for Regular Committee Meeting of October 18, 2012 Finance
Committee Meeting DuPage Water Commission
lll.
lV.
V.
Vl.
Vll.
Approval of Reconciliations
Vlll.
lX.
X.
Xl.
Xll.
Xlll,
Hnvironmental Liability Insurance
Treasurer's Report
-
Financial Statements
October 2012
-
October 2Q12
Quarterly Budget and Investment Review
Ordinance No. O-13-12: An Ordinance Transferring Appropriations Within Certain
Funds for the Fiscal Year Commencing May 1 , 2012 and Ending April 30, 2013
Workers'Compensationand Employer'sLiabilitylnsurance
Update on Treasurer SuretY Bond
Update on Request for Proposals from Auditors
Update on Recommendation for Bond Counsel
Update on Recommendation for Underwriter
XlV.
Update on Refunding Process with PFM
XV,
Election of Interest Period under Northern Trust Certificate of Debt
XVl.
Accounts Payable
XVll,
Other
XVlll.
Adjournment
Board\,Agendas\Finance\201 2\FC 20 1 2-1 1 .docx
All visitors must present a valid driver's license or other government-issued photo identification, sign in at the
reception area and wear a visitor badge while at the DuPage Pumping $tation,
MINUTES OF A MEETING OF THE
FINANCE COMMITTEE
OF THE DUPAGE WATER COMMISSION
HELD ON THURSDAY, OCTOBER {8, 2012
600 EAST BUTTERFIELD ROAD
ELMHURST, ILLINOI$
The meeting was called to order at 6:03 P.M.
Committee members in attendance: P. Suess, J. Pruyn, D. Russo, and J' Zay
Committee members absent: C. Janc
Also in attendance: J. Spatz, T. McGhee, C. Peterson and S. Lux of Baker Tilly
Minutes
Commissioner Pruvn moved to approve the Reqular Committee Meetinq of September 20,
2012 Finance Committee Meetinq. Seconded by Commissioner Zay and unanimously
approved by a Voice Vote.
Allvoted aye. Motion carried
Approval of Reconciliations
Mr. Lux noted that the reconciliations had been reviewed and approved.
Treasurer's Report
-
September ?012
Mr. Lux provided the Committee with a summary of the September Treasurer's Report.
Mr. Lux noted that cash and investment increased by $3.4M in the month. He also
discussed the new investment line item for the money market account at BMO Harris
bank. BMO Harris is now being used as the lockbox account, so the balances there are
increasing as the balance in the lL Funds accounts decreases. Also, the amount
invested in Treasury Bonds increased as we continue to fund principal and interest
accounts. Overall the portfolio is earning 53 basis points and remains well diversified.
Commissioner Pruyn asked about the difference in cash in the balance sheet and the
cash on the Treasurer's Report schedule titled Summary of Cash and Investments.
Financial Administrator Peterson stated that the difference is the balance in the
checking account at BMO Harris that is currently being shown as an investment account
on the balance sheet and will need to be reclassified.
Cash flows from operating activities remain negative through the first five months, but
are closer to breakeven. Mr. Lux noted that $15.1M of debt and $1.8M of interest had
been paid year-to-date,
Finance Committee Minutes October 18,2012
Page 2
Mr. Lux noted the that total cash and investments was $73 million and targeted amount
in the O&M Account had decreased from the prior month again and by over $3.3M since
July. All targeted and required cash balances had been met.
Mr. Lux also reminded the Committee that interest payments for both debt certificates
and the Revenue Bonds will be coming due over the next couple of months. General
Spatz then discussed the possibility of additional principal payments to reduce the debt
certificate balance outstanding in December.
Financial Statements
-
September 2012
General Manager Spatz noted that the Meter Testing and Repairs account (60-6623) may
be going over the management budget this year, but not the appropriation budget.
Additional repair work may be needed on meters to further improve readings. ln addition,
General Manager $patz discussed the Commission has staded its next year budget
process,
Financial Administrator Peterson provided
September Financial Statements.
the Committee with a summary of
the
Revenue over expenditures increased to $10.1M as of September 30, 2012 driven by
strong water sales and Sales Tax collections that continue to trend positively over the prior
year. Water usage has returned to levels more in line with historical averages.
Financial Administrator Peterson noted that the all the reserve accounts are fully funded
and compliant. lt was noted that the General Account balance is currently $9M higher
than the required $13M.
FinancialAdministrator Peterson discussed the improvement of cash on the balance sheet
compared to the prior year. Also reviewed was the accounts receivable balance which
remained consistent with prior month.
Commissioner Suess inquired about the increase in the deferred revenue account versus
the prior year. Mr. Lux noted that account increased due to the early settlement of a
receivable with DuPage County. The amount initially related to the County's buy in costs.
Financial Administrator Peterson reviewed certain accounts for budget versus actual
activity that may change later in the year including personnel benefits and repair and
maintenance accounts. Contribution income has increased due to further progress at the
Steeple Run location.
Propertv and Liabilitv lnsurance
Mr- Nugent stated that his firm issued a coverage insurance request for proposal to two
firms, his recommendation was to renew with Marsh. He talked about the pressure on
and rate increases in propefty insurance. Overall there is a slight increase in rates but
still are a reasonable deal. General Manager Spatz noted that even with the increase
Finance Committee Minutes October 18, 2012
Page 3
rates are still betow what was paid in the 201012011 and also below what was approved
last year.
Commissioner Pruyn asked to explain the pollution policy line. Mr. Nugent
recommended the 3 year pollution policy to remain with Gallagher. The rates remained
relatively unchanged from the prior 3 year policy.
Chairman Zay asked what the Commission largest liability is. Mr. Nugent stated that
was the Commission's property insurance. Mr. Nugent also stated that due to the
Commission complex underground pipe structure that only two insurance companies
offer the type of property insurance that is needed. Mr. McGhee noted that the
Commission has continued to review other possible options, but that the competitive bid
process has worked the best for the Commission so far.
Commissioner Pruyn made a motion recommending the insurance proposal as
recommended by the Commission's consultant. Seconded by Commissioner Russo and
unanimously approved by a Voice Vote.
Chairman Suess recused himself from this vote. All others voted aye. Motion carried
Workers' Compensation and Emplover's Liabilitv lnsurance
Mr. McGhee informed the committee that the Workers' Compensation liability insurance
will be presented next month.
Update on Treasurer Position
General Manager Spatz stated that the candidate for Treasurer was to be interviewed by
the whole committee at the meeting of the whole later that evening. General Manager
Spatz also noted that the Commission had Mr. Nugent look into bonding costs and it
should not be an issue. Mr. Nugent noted there was difficulty in prior years, but things
have turned around enough that the desired amount of coverage should not be an issue.
Commissioner Zay noted that the Commission should review the amount of coverage
needed based upon historical coverage and the review other local treasurers. General
Manager Spatz stated the number is at the Commissions discretion and not based upon
on an ordinance. Chairman Suess recommended the decision of the amount of coverage
needed be an agenda topic for the next meeting.
Commissioner Zay, General Manager Spatz and Mr. McGhee leave the meeting.
Update on Request for Proposals from Auditors
Financial Administrator Peterson noted that the Commission received four proposals from
audit firms, The Committee then chose to delay further decisions regarding the timing of
interuiews with the auditors untilthe November meeting.
Finance Committee Minutes October
18,?012
Page 4
Update on Request for Proposals for Bond Counsel
FinancialAdministrator Peterson stated that the Commission received seven proposals for
bond counsel. The Committee decided that the top candidate would be recommended at
the November General Board Meeting. In addition, it was decided that the request for
the top three
proposal for Underwriters should be sent out immediately so
Underwriters could be interviewed on the prior to the November General Board Meeting.
th{
Election of lnterest Period under Northern Trust Certificate of Debt
Financial Administrator Peterson stated that the Libor rate for one month is 0.21% which
down slightly from last month, which was .2?o/o.
The committee members agreed to reset the interest period to one month.
Accounts Pavable
Financial Administrator Peterson presented the Accounts Payable to the committee
members. The estimates number originally included in the package had been revised.
The revised numbers below Were to be presented in the General Meeting.
Sept 12,2012 to Oct 9,
2012
Estimated
Total
$ 6,169,620.14
$
999,569'76
$
7,169,189.90
Other
Financial Administrator Peterson discussed the issuance of
Auditors within the next week.
a
Request for Proposal for
Adiournment
Commissioner Russo moved to adiourn the meeting at 7:00P.M. Seconded by
Commissioner Pruyn and unanimously approved by a Voice Vote.
Board\Minutes\Finance\2O1 2\Fc 201 2-09.docx
DuPage Water Commission
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
John Spatz, General Manager
Cheryl Peterson, Financial Administrator
November 6,2012
Financial Report - October 31 ,2Q12
Water sales to Commission customers for October were 3.6 million gallons (0.2%) less than
October 2011, and declined by 274.3 million gallons compared to September 2012. Year to
date water sold to customers is 10.8% more than the prior year. Water billings to customers
were $6.01 million and water purchases from the City of Chicago was $5,64 million.
October sales tax collections (July) were $2.797 million or 2.73o/o more than the same period
last fiscal year. Cumulatively, sales tax is $520,089 more a$ compared to prior year (3,34%).
Water billing receivables at the October month end ($9.95 million) increased from the prior
month ($9.80 million) by $0.15 million. This increase is due timing of collections, partially offset
by reductions in water usage. In October, billings to customers decreased by $0.75 million
compared to September,
The Commission is six months or 50% into the fiscal year. Excluding water billings, 42.4% ol
the expenditure budget has been realized year-to-date. The Commission's year to date
balances for revenues and expenditures are higher than the expected amounts due to
increased water usage throughout the summer months. As of October 31, 2012, $67.2 million
of the $119.6 million revenue budget has been realized, Therefore,56.20/o of the revenue
budget has been accounted for within the first half of the current fiscal year. For the same
period, $55.0 million of the $100.9 million expenditure budget has been realized, and this
accounts for 54.5% of the expenditure budget'
Adjusted for seasonality based on a monthly trend for the last three fiscal years impacting
water service, sales tax revenues, water billing from Chicago, electricity and pumping
operations, year to date revenues are 104.8% percent of the current budget and expenses are
gg.9% of the current budget, Excluding water billings, expenses through October 31 were
83,5% of the current budget.
The Operations and Maintenance, Operations and Maintenance Reserve, and Depreciation
Accounts are fully funded as of October 31,2012.
r
The General Account and the Sales Tax Subaccount have balances of $23.7 million and $9,2
million, respectively,
cc: Chairman and Commissioners
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gAbE:
DUPAGE WATER COMMISSION
f
BAI,ANCE SHEET
AS
01
OF;
31ST,
OCTOBER
20]"?
-WATER FUND
20Lr.-201?
CURRENT
BAI,AI'TCE
659,t75.0?
64
INVESTMENTS
ACCOUNTS RECEIVABLE
WATER SALES
INTEREST RECEIVABI,E
SAI,ES TAX RECHIVABI,E
OTHER RECEIVAB],E
INVENTORY
TOTAI, ASSETS
82 , 425
,45
74,581,953.88
86 . 1L
9, 953 , ?64 ,44
7
109,680.33
,346,181,00
7,405,000,00
r29,768.00
167,080.00
16?, 080 . 00
226 ,4r5 ,20
g7 ,029 .?7
1, 931, 976,44
9L, 53? .58
r.37, 869 . 85
UNAMORTTAED ISSUANCE COST
TOTAL CURRENT ASSET$
NoNCURRENT AqEErq
FIXED ASSETS
I,ESS : ACCIJMUI*ATED DEPRECIATION
CONSTRUCTION WORK IN PROGRESS
I,ONG TERM RECEIVABI,ES
TOTAI, NONCURRHNT ASSETS
,28r ,5
32,I14.80
tsKD tsAI !D
!rADr!l
ZUIT-4WLJ
BAI,ANCE
ASSETS
83
92,748,616.57
,151 , O84::!:!
410,299,873,00
(r.23,s03,r53.95)
498, 353, 643 . 98
\aJv,o
lat
-^^
tav,Jll 5r\
396, 231. ?0
63?, 558 . s4
,99? .45
537, 568 1q4
371 , 0'l3 12,3!: l!
358, 720,
460,230,364.81
461,469,269.91
4,77?,789.38
1,506,28L.6s
6,342,58s.26
29 , 638
q!!rl!
I l&o
CURRENT I,IAE]LIIfEE
ACCOUNTS PAYABI]E
ACCOUNTS PAYABI,E CAPITAI,
A,CCRUED PAYROI,L LI.ABII,ITIES
NOTES PAYABLE
NOTES PAYABI,E DISCOUNT
BONDS PAYABI,E
ACCRUED INTEREST
CONTRACT RETENTION
DEFERRED REVENUE
TOTAI, CURRENT ],IABII,ITIES
NONCURRENT
244, 069.00
s7, 000, 000. oo
(
89,999.98)
T,782,926.12
BONDS
UNA]VIORTIZED PREMIUM
OTHER POST EMPLOYMENT BENEFITS I,IAB.
TOTAI. NONCURRENT I,IABII,ITIES
T^TAT, T,TApTT,TTTFS
721, 366 . 08
1, 943, 509 ,6L
1, 7ll. ?q!.!!
LTABILTII!E
(
69,999.94)
lt , 645, 000 . 00
L ,40? ,96 I . 1o
r.1, 090, 000 , 00
CAPITAI, I,EASE PAYABI,E
REVENUE
(
333,433 , L8
263 ,428 .95
45, 000, 000 .00
?o oa? ?Eq ?a
4, 011. a1e.!!
69, 670, 031.99
3s, 967 .35
s0, 375, 0oo . oo
I,13r,313 .90)
38,730,000.00
29
(
,5L3 ,47
1, 023, ].76 ,321
4!,-Z-E-E -q-q
1!, il!. !9
r28,709,719.I8
107,455,245.t4
48, ?26,419.4q
1L-06-2012 02:49
PM
DUPAGE WATER COMMIS$ION
!AUEi
4
BAI,A}.ICE SHEET
AS
01
OFr
OCTOBER
31ST,
20LZ
_WATER FUND
BEGINNING EQUITY/RESERVES
TOTAI, REVENUE
TOTAI, EXPENSES
NET CHANGE
2011-2012
20r.2-2013
BATJANCE
BALANCE
11!'81!' 0!!.
3?!, !l!,ll!.1
51, 153 , 006 . s3
12'5!l'12!.]!
8,505,207.39
67
19
,I74,052.93
51, 9?q,
qql.ll
1?,!q1,9q9.14
TOTAI, EQUITY/RESERVES
331, s2QLqryr
i!
354, 014, 0?L qi
NET ASSETS
450, 230, 364 . 8]
46r , 469 , 269 ,9'7
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