FY 2021 Approved Budget - DCWater
FY 2021 Approved BudgetAdopted by the Board of Directors on March 5, 2020District of Columbia Water and Sewer AuthorityDC Water Headquarters from the Anacostia River
AgendaI. Executive Summary .3II. Capital Improvement Program . 13III. Operating Expenditure Budgets . .18IV. Operating Revenue Budgets. . . .23V. Ten Year Financial Plan .32VI. DC Water’s Promise .382
Executive Summary3
The FY 2021 BudgetFully funds the Clean Rivers ProgramDoubles DC Water’s current investment in water and sewer infrastructure by FY 2022 to reach a one percentreplacement cycle, and triples the investment by FY 2027 to reach a1.5 percent replacement cycleAdds five positions for the DC Water Consumer Protection Amendment Act of 2018Increases funds for fleet purchases by 4 million to ensure crews have the equipment they needContinues the shift of a portion of Clean Rivers costs from the Impervious Area Charge to the sewervolumetric rate, bringing more equity to Clean Rivers fundingInvests 0.5 million in the Apprenticeship Program to support fifteen entry level positionsMakes the CAP2 program permanent and expands CAP benefits to 75% of the CRIACAdvances LeadFreeDCTakes advantage of low interest rates and current year savings to deliver rate increases that aresmaller than previously forecastedApplies 13 million in Rate Stabilization Funds over FY 2021 and FY 2022 to benefit customers4
FY 2021: Sources and Uses of Funds in thousandsUses - 733.7 MillionSources - 733.7 MillionWholesale 81,98611.2%Metering Fee 15,4052.1%OtherRevenue 64,6088.8%Residential 130,80317.8%PILOT 17,2722.4%Water SystemReplacementFee 39,7175.4%Commercial 180,58924.6%RateStabilizationFund 2,5000.3%Municipal &Housing 30,3184.1%ROW 5,1000.7%FederalGovernment 77,57110.6%Multi-Family 110,24115.0%Pay-Go,other 115,45715.7%PersonnelServices 153,48220.9%ContractualServices 88,53212.1%CashFinancedCapitalImprovements 30,3554.1%Debt Service 222,26830.3%SmallChemicalsEquipmentUtilities and Supplies 1,030 36,081 27,9110.1%4.9%3.8%WaterPurchases 36,2504.9%5
Public CommunicationComplete Budget Briefing available online ibrary6
Tough ChoicesTo close the budget gap, approximately 13 million was reduced from enhancement requests with toughchoices made to ensure that we continue to deliver the best service to our customersReduced personnelcosts, mainly thenew positionrequests foroperations andrightsized vacancyfundingReviewed chemicalcosts, mademodest reductionto offset increasein maintenancerequirement fornew facilitiesWorked withWashingtonAqueduct toreduce theirrequestAligned overallbudget withhistorical spendingfor core businessfunctionsAcross the boardreview ofcontractual costs,and allocation offunding toprioritizedenhancements7
Approved Operating and Capital BudgetsFY 2021 Operating Budget of 642.7 million, an increase of 28.1 million Operations and Maintenance – 367.7 million, an increase of 19.1 million for personnel and non personnel Debt Service budget of 222.3 million or an increase of 6.9 million and Cash Financed Capital Improvementsbudget of 30.4 million or an increase of 1.8 million PILOT & ROW payments to the District of 22.4 million or an increase of 0.3 million10-year Capital Disbursements of 5.45 billion, an increase of 0.49 billion Capital Projects – Funded at 4.92 billion with increased funding starting FY 2027 to ramp up to 1.5 percent peryear replacements for the small water mains and sewer lines Capital Equipment – Funded at 333 million for planned equipment spending including the procurement ofbackhoes, jet-vacs, catch basin trucks and other aged vehicles to meet operational needs Washington Aqueduct (WAD) – Total of 195.2 million, an increase of 8.1 million for DC Water’s share ofWAD’s capital program8
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Proposed Rates, Fees and ChargesBoard approved a multi-year rate proposal covering FY 2021 and FY 2022 Cost of Service Study advanced to align with rate proposalCombined rate increase for average household customer lowered from 8.1% forecastedlast year to 6.6% for FY 2021 and from 6.9% to 6.7% for FY 2022 (calculated at 5.42Ccf) Proposed annual water and sewer rate increase of 9.9% for FY 2021 and 7.8% FY 2022 Continue Shift of Clean Rivers Impervious Area Charge (CRIAC) to sewer volumetric of 28% and 37% for FY2021 and FY 2022 respectively Proposed CRIAC of 19.52 per ERU in FY 2021 and 18.40 per ERU in FY 2022 Water System Replacement Fee (WSRF) will remain the same as in FY 2020 Customer Metering Fee for 5/8” meters will increase from 3.86 to 4.96 in FY 2021 and to 7.75 for FY 2022 PILOT Fee for FY 2021 and FY 2022 will increase by 0.03 and 0.02 per Ccf respectively Right-of-Way Fee will remain the same at 0.19 per Ccf CAP2 Program made permanent11
FY2021 Budget, Rates, CIP, and Financial PlanDC Water’s operating and capital budgets relyon the rates that we charge retail andwholesale estmentsFinancial Policiesand MetricsRatesDC Water does not make a profit – all fundspay for operations and infrastructureimprovementsFinancial Metrics and Policies ensure that DCWater can borrow to fund infrastructureprojects, like the Clean Rivers program, at verylow rates12
Capital Improvement Program13
Ten-Year Capital Improvement ProgramApproved ten-year CIP comprises of the following budgets - Capital Disbursements – Total of 5.45 billion begins the implementation of the “Modified Baseline”, adds additional fundsto reach 1.5% replacement plans for water and sewer infrastructure starting FY 2027, balancing infrastructure renewal andaffordability; and includes funding requirements for capital equipment and the Washington Aqueduct’s capital projects Lifetime Project – Total of 12.39 billion represents the historical spending prior to, during and beyond the ten-year periodfor projects active during the ten-year window, including the in-house labor costsService Area ( in thousands)FY 2020NON PROCESS FACILITIES WASTEWATER TREATMENTFY 202142,066 FY 202231,849 FY 202320,665 FY 20246,831 FY 202511,058 FY 202610,396 FY 20273,901 FY 20283,553 FY 20293,560 10-Yr Total3,600 Lifetime Budget137,479 924,6604,2014,3066,8695,05758,690122,404SANITARY ,00033,00033,00033,00033,000333,015333,015COMBINED SEWER OVERFLOWSTORMWATERCAPITAL PROJECTSCAPITAL EQUIPMENTWASHINGTON AQUEDUCTADDITIONAL CAPITAL 8,193LABORTOTAL CAPITAL BUDGETS409,370 452,223 507,590 611,008 531,323 438,195 461,193 580,092 589,978 628,404 650,006 5,450,013 12,390,59614
The CIP BudgetThe approved 10-year capital program begins the implementation of the“Modified Baseline”, and includes additional investments to balanceinfrastructure renewal and affordabilityFully funds the Clean Rivers program to meet all consent decree deadlinesFunds non-process facilities including the new Fleet and Sewer Facilities, renovations tothe Historic Main Pump Station, and restoration of the Main & O campus seawallAt Blue Plains funds upgrades to Screens, Grit and Primary Facilities, and ProcessControl Computer System, Efficiency Improvements, and Long-term ConcreteRehabilitation projectsScreens, Grit & Primary Facilities UpgradesAdvances major rehabilitation of sanitary collection sewers, upgrades to sewer pumpstations, rehabilitation of the Potomac Interceptor and increased funding to ramp up to 1.5percent replacements per year starting FY 2027 and onwards for the small diameterwater mains and small sewer linesIncreases funds for fleet purchases to reduce the backlog by investing 12 million over twoyears to help ensure that crews have the equipment that they needIncludes carryover from prior year to complete the Enterprise Resource Planning (ERP)and Advanced Meter Infrastructure (AMI) projectsLarge Equipment15
Washington Aqueduct Capital Projects 000’sWashingtonAqueductDC Water’sShareFY 2020 21,095 15,515FY 2021 22,115 16,266FY 2022 25,251 18,572FY 2023 51,449 37,841FY 2024 17,266 12,699FY 2025 46,057 33,875FY 2026 12,927 9,508FY 2027 17,489 12,863FY 2028 32,723 24,068FY 2029 18,995 13,971 265,368 195,178TotalWashington Aqueduct (WAD) – Total ten-yearbudget of 265.4 million Presented a risk-based asset management CIPusing decision-making tools to prioritize and gradeprojects to achieve established service levels Major projects include the Old ConduitRehabilitation, North Clearwell Replacement, andDalecarlia Back-up Power Generation Budget proposal excludes the Federally OwnedWater Mains, Travilah Quarry Acquisition &Outfitting and Advanced Treatment FacilitiesDC Water’s Share – Total of 195.2 millionrepresents 73.6% of WAD’s capital programs16
Capital EquipmentTen-year disbursements of 333 million for capital equipment includes The approved FY 2020 budget includes the carryover of 5 million from prior year for the Enterprise Resource Planning (ERP) and AdvancedMeter Infrastructure (AMI) projects Recurring Capital Equipment – This covers the purchase/replacement of pumps, motors, HVACs, roof, laptops, computers, servers, fire hydrantsand includes the Authority-wide reserves for future facilities and other equipment needs Meter Replacement – Funding requirement for equipment, labor and installation of small and large meters including completion of the AMIproject Information Technology (IT) Projects – Funds new and upgrades to various Authority-wide technology systems such as the ERP, Maximo,VertexOne, GIS, Facilities Mobility, and Third Party Portal Enhancements Fleet Equipment – increases funds for procurement of backhoes, jet-vacs, catch basin trucks and other aged vehicles to meet operational needs millions 50.0 40.0 30.0 20.0 10.0 -Historical & Projected Capital Equipment Trends (Cash Disbursements) 28.9FY 2018 21.4FY 2019Actual 26.8FY 2020AdoptedRecurring Capital Equipment & Reserves 31.7FY 2020ApprovedMeter Replacement 37.2 33.8 32.3FY 2021FY 2022FY 2023IT ProjectsFleet Equipment17
Operating Expenditures18
FY 2020 vs. FY 2021 Expenditure Budgets in thousandsApproved FY 2021 642,663Approved FY 2020 614,523Cash FinancedCapitalImprovements 28,5564.6%PILOT 16,9342.8%ROW 5,1000.8%PersonnelServices* 170,68027.8%Debt Service 215,34035.0%SmallEquipment 9890.2%Utilities 26,9534.4%ContractualServices 81,88613.3%Chemicals and Supplies 33,1575.4%WaterPurchases 34,9295.7%Cash FinancedCapitalImprovements 30,3554.7%PILOT 17,2722.7%PersonnelServices* 177,86327.7%Debt Service 222,26834.6%SmallEquipment 1,0300.2%Utilities 27,9114.3%* Personnel Services includes capital labor chargesROW 5,1000.8%ContractualServices 88,53313.8%Chemicals and Supplies 36,0815.6%WaterPurchases 36,2505.6%19
FY 2021 Approved Operating BudgetTotal operating expenditure is projected to increase by 28.1 million or 4.6 percentTotal O&M expenditure is projected to increase by 19.1 million or 5.5 percent( 000's)FY 2019ApprovedFY 2019ActualRegular PayBenefitsOvertimeTotal Personnel ServicesChemicals & SuppliesUtilitiesContractual ServicesWater PurchasesSmall EquipmentTotal Non-Personnel ServicesTotal Operations & MaintenanceDebt ServicePILOT & ROWCash Financed Capital ImprovementsTotal Non-O&MTotal Operating ExpenditureCapital Labor ChargesNet Operating Expenditure 118,90936,1377,575 162,62032,08226,91581,67930,5201,240172,435 335,055199,02521,70226,999247,726 582,781(18,259) 564,522 115,73534,0738,171 157,97934,97925,77876,20632,430731170,125 328,104193,03521,70226,999241,736 569,839(17,588) 552,251FY 2019VarianceFY 2020ApprovedFY 2021Approved 106,9515,99005,99012,942(671)12,271 22,748)591,775 3(24,382)618,281(Increase)/Decrease .2%-4.5%20
FY 2020 vs. FY 2021: O&M Budget DriversPersonnel Services – 7.2 million increase mainly for salaries, employee health benefits and overtime costs. Thisincludes five new positions to support the DC Water Consumer Protection Amendment Act of 2018Chemicals & Supplies – 2.9 million increase in fixed cost for major chemicals (methanol, sodium bisulfite andferric chloride) used in the wastewater treatment process and for the maintenance requirements of the TunnelDewatering Pump Station (TDPS)Utilities – 1 million increase includes the impacts of the Clean Energy DC Omnibus Act for increased renewableportfolio standards, and telecommunication costs for data network circuits, skype connectivity, backup internet andother technology solutionsWater Purchase – 1.3 million increase funds DC Water’s responsibility of approximately 75 percent ofWashington Aqueduct’s operating budgetContracts – 6.6 million increase is mainly for the Pay for Success based on the performance of the GreenInfrastructure (GI) project, mandatory software maintenance, equipment maintenance and repairs, fire suppressionand detection system, security guards for new facilities, credit card fees, insurance and other professional servicesSmall Equipment – Budget is relatively flat and is mainly for the purchase of small items such as office equipment,cameras, small appliances and tools and rental of postage machines21
FY 2020 vs. FY 2021: Non O&M Budget DriversDebt Service – Increase of 6.9 million due to existing debt and anticipated FY 2020 new moneyissuance Refunded Series 2013A bonds for 300 million in FY 2020; total Present Value (PV) savings of 50.8 million andannual cash flow savings of 2.4 to 2.7 million through FY 2048 compared to the previous financial planPayment-in-Lieu of Taxes (PILOT) – Increase of 0.3 million consistent with MOUs for payments tothe DistrictRight-of-Way (ROW) – Remains at the FY 2020 level for payments to the DistrictCash Financed Capital Improvements – Increase of 1.8 million mainly for PAYGO fundingCapital Labor Charges – Increase of 1.6 million funds personnel costs incurred on capital projects22
Operating Revenue23
FY 2020 vs. FY 2021 Operating RevenuesApproved FY 2020 693,979 in thousandsOther RevenueWholesale 61,8879.1% 82,539Residential 124,35317.9%11.9%Wholesale 81,98611.2%OtherRevenue 64,6088.8%Metering Fee 15,4052.1%Metering Fee 10,7761.6%Residential 130,80317.8%Water SystemReplacementFee 39,7175.4%Water SystemReplacement Fee 39,7175.7%MunicipalHousing 28,1104.1%Proposed FY 2021 733,738Commercial 173,82625.0%FederalGovernment 71,88710.4%Multi-family 100,88414.5%RateStabilizationFund 2,5000.3%FederalMunicipal &Housing Government 77,571 30,31810.6%4.1%Commercial 180,58924.6%Multi-Family 110,24115.0%24
Revenue Comparison by Customer ClassTotal revenue is projected to increase by 39.7 million or 5.7% for FY 2021 and 32.6 million or 4.4% for FY 2022mainly due to rate increasesRetail revenue is projected to increase by 35.1 million or 6.4% for FY 2021 and 23.0 million or 3.9% for FY 2022due to rate increases for both yearsWholesale revenue is projected to decrease by 0.6 million or -0.7% for FY 2021due to low flows and increase by 2.5 million or 3.0% for FY 2022 due to 3.0 percent escalation in thousandsApproved ProposedFY 2020Retail RevenueWholesale RevenuePotomac Interceptor (PI)Loudoun County Sanitation Authority (LCSA)Washington Suburban Sanitary Commission (WSSC)Fairfax CountyTotal Wholesale RevenueOther RevenueRate Stabilization FundTotal RevenuesFY 2021ProposedFY 2022FY 2021 vsFY 2020Incr/(Decr) %FY 2022 vsFY 2021Incr/(Decr) % 549,553 584,644 607,652 35,0916.4% 23,0083.9%2,7157,75857,28414,782 82,53961,887 693,9793,5477,64855,95214,839 81,98664,6082,500 733,7383,5477,98357,63015,285 84,44563,70110,500 766,298832-110-1,33257- 5532,7212,500 39,75930.6%-1.4%-2.3%0.4%-0.7%4.4%5.7%3351,678446 2,459-9078,000 32,5604.4%3.0%3.0%3.0%-1.4%320.0%4.4%25
Customer Metering FeeIn FY 2019, the Metering Fee recovered 11.6 million In FY 2003, established Metering Fee at 2.01 for 5/8” meter In FY 2011, increased Metering Fee to 3.86 for 5/8” meter Originally fee amount set to cover the capital costs of the original Automated Meter Infrastructure(AMI) system and meter purchase and installation (debt service) plus about 4 million of CustomerService costsCurrent Cost of Service Study recommends recovering 24.1 million in FY 2022,consistent with independent rate review recommendation Includes costs associated with metering and billing Customer assistance, shutoff/restore, and leak adjustment etc. remain in the volumetric charges Proposed FY 2021 fee recovers 15.4 million, all the debt service and coverage plus about half of thefull Customer Service O&M allocation ( 4.96 for a 5/8” meter) Proposed FY 2022 fee adds the additional half of Customer Service allocation for a total of about 24.1 million ( 7.75 for a 5/8” meter)26
Historical and Projected Combined Rate Increasesfor Average Residential Customer14.0%12.2%Residential Bill 3.4% 4.1% 3.4%4.0%5.2% 6.6%8.8%8.3%6.7% 6.7%4.4%5.2%4.5%4.5%5.6%3.5%2.0%0.0%6.1% 6.2%5.7% FY2019FY2020FY2021Last Year's Financial Plan (FY 2019 - FY 029FY 2021 Approved Financial Plan (FY 2020 - FY 2029)27
Customer Assistance Program ExpansionCAP is being expanded to increase the CRIAC discount from 50% to 75% Reduces bill for customers with average household consumption to 1.7% of Area MedianIncome (AMI) Change consistent with Independent Rate Review recommendationCAP2 to be made permanentDC Water requested District Government to keep the CAP3 and CRIAC NonProfit Relief programs28
Rate Stabilization FundBudget proposes 13 million withdrawal over FY 2021 and FY 2022 8 million in debt service savings in the current fiscal year, plus remaining 5 millionwithdrawal from Rate Stabilization Fund to be deposited in FY 2020 Budget makes CAP2 program permanentApply 2.5 million in FY 2021 and 10.5 million in FY 2022Management recommends a Rate Stabilization Fund target that is tenpercent of overall revenues During the last recession, from 2007 through 2011, there was a 41.8 millionreduction in Rate Stabilization Fund balance as the Board drew funds to reduce theimpact of rising rates29
Projected Average Residential Customer BillProjected average monthly residential customer bill ranges from 104 in FY 2020 to 180 in FY 2029 180Average ResidentialCustomerMonthly Bill ( ) 160 140 120 104 111 118 126 137 143 151 160 170 180 100 80 60Clean RiversIACWater & SewerChargesDistrict ofColumbia Fees(PILOT, ROW& Stormwater)CustomerMetering Fee 40Water SystemReplacementFee 20 0FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029* Assumes average residential consumption of 5.42 Ccf, or 4,054 gallons, per month. Ccf hundred cubic feet, or 748 gallons30
Low Income CAP Customer Monthly BillDistrict of Columbia Water & Sewer AuthorityAverage CAP Customer Monthly BillFY 2017 - FY 2022UnitsDC Water Water and Sewer Retail Rates(1)CcfFY 2018FY 2017 49.63 52.13CurrentFY 2020FY 2019 59.18 66.25ProposedFY 2021 73.30ProposedFY 2022 78.92DC Water Clean Rivers IACDC Water Customer Metering 24.9618.407.75DC Water Water System Replacement Fee5/8"6.306.306.306.306.306.30Subtotal DC Water Rates & Charges 82.03 87.47 92.34 97.35 104.08 111.37Increase / Decrease 4.26 5.44 4.87 5.01 6.73 7.29 2.660.972.67 2.710.982.67 2.761.032.67 2.931.032.67 2.610.872.673.041.032.67Subtotal District of Columbia Charges 6.15 6.30 6.36 6.46 6.63 6.74Total AmountLess: CAP Discount (4 Ccf per month) (1), (2)Water System Replacement Fee (WSRF) (3)Clean Rivers IAC (5) 88.18 (38.33)(6.30)(11.12)93.77 (40.24)(6.30)(12.59)98.70 (45.36)(6.30)(11.50)Total Amount Appearing on DC Water Bill 32.4334.6435.54Increase / Decrease Over Prior YearCAP Customer Discount as a Percent of Total Bill (8.50) -63.2%(1)District of Columbia PILOT FeeDistrict of Columbia Right-of-Way Fee (1)District of Columbia Stormwater Fee (4)CcfCcfERU 2.21 -63.0% 0.90 -64.0%103.81 (50.60)(6.30)(10.47)36.44 0.90 -64.9%110.71 (55.96)(6.30)(14.64)33.81 (2.63) -69.5%118.11(60.08)(6.30)(13.80)37.934.12-67.9%(1) Assumes average monthly consumption of 5.42 Ccf, or (4,054 gallons)(2) Expansion of CAP program in FY 2009 assumes discount to first 4 Ccf of Water and Sewer and to first 4 Ccf of PILOT and ROW in FY 2011(3) Assumes 100 percent discount for Water System Replacement Fee (WSRF) to CAP customers effective October 1, 2015(4) District Department of the Environment stormwater fee of 2.67 effective November 1, 2010(5) Assumes 50 percent discount for FY2020 and 75% discount for FY 2021 and FY 2022 for the Clean Rivers IAC31
Financial Plan32
Ten-Year Financial Plan AssumptionsMaintain Debt Service as a percentage of revenue equal to 33.0 percent or lessMaintain combined coverage of 160 percentMaintain 250 days of cash including Rate Stabilization FundFY 2019 actual consumption declined by 1.8 percent. Assumed 1.5 percentconservation each for FY 2020 and FY 2021 and 1.0 percent in FY 2022 and onwardsFY 2019 Debt Service was lower as compared to budget due to deferring bond issuanceas well as achieving lower interest than projected. The new plan assumed lower interestrates with slightly lower Debt Service projections33
Board-Approved Ten-Year Financial Plan in thousandsOPERATINGFY 2020Retail*Wholesale*OtherRSFOperating Receipts(1)FY 2021FY 2022FY 2023FY 2024FY 2025FY 2026FY 2027FY 2028FY 2029 571,66682,53944,774- 607,10781,98642,1452,500 630,49584,44540,85810,500 669,84886,97844,081- 723,65789,58846,959- 752,22492,27551,637- 791,98895,04454,692- 833,50397,89554,970- 879,616100,83256,935- 928,122103,85757,752- 698,979 733,738 766,298 800,907 860,204 896,136 941,724 986,368 1,037,383 1,089,731Operating bt h Financed Capital Improvement Net Revenues After Debt Service Operating Reserve-Beg BalanceOther Misc (Disbursements)/ReceiptsWholesale/Federal True UpProject Billing RefundsTransfers To RSFPay-Go FinancingOperating Reserve - Ending BalanceRate Stabilization Fund Balance RSF (2) (28,556)117,405 (30,355) 7)(3,184)(4,000)(103,272)180,000(74,450) 185,000 (37,830) 111,668 185,000(5,490)(97,178) 194,000 (46,889) 109,005 (50,656) 139,161 (60,178) 138,101 (71,279) 147,535 (75,015) 159,912 (79,165) 176,202 (149,912)(166,202)(185,183)201,000 205,000 215,000 220,000 230,000 240,000 (71,950) (61,450) (61,450) (61,450) (61,450) (61,450) (61,450) (61,450) 250,000(61,450)Senior Debt Service mbined Debt Service tual/Projected Water/Sewer Rate *Operating Receipts 3.0%5.5%3.0%5.5%3.0%*Operating Receipts % Increase/DecreaseRetailWholesale(1)(2)Includes interest earnings on senior lien revenue bonds' debt service reserve fundFY 2021 planned transfers of 0.0 million to Rate Stabilization Fund and 2.5 million utilization will bring the total fund balance to 71.95 million34
Financial ementTargetDays of Cash on Hand 125.5 million or120 Days250 DaysCombined Coverage Ratio1.6XSenior Coverage1.2X1.4XSubordinate Coverage1.0X1.0XDebt Service as a % of Revenue33% of Revenue orLessRate Stabilization Fund10% of Revenue35
Value of Robust Credit RatingsUpgrades beyond current credit ratings unlock significant value given size and scope of new money capitalplan and potential refinancings20-year average life for 2 billion of capital borrowingIndividual Bond Sale( 200 million)Annual CostDifferential( 200 million)Aggregate Capital Program( 2 billion)Total CostDifferential(Through Maturity)RatingAAA-AA ,1585,000,000100,000,00056,751,201A 016,250,78012,000,000240,000,000136,202,883 - -Annual Cost( 2 billion)Total CostPV at 3.50%Differential( 200MM Issued(Through Maturity)Annually)Yield Differentialvs. AAA RatingPV at 3.50% - - -Note: for demonstrative purposes only. Assumes 20-year average credit spreads as of January 2020. Each 100 million issue assumed structured as a 20-year bullet maturity at par. -36
Select Peer GroupSelected PeerAtlanta, GACharlotte, NCDallas, TXDC WaterTypeWater &SewerWater &SewerWater &SewerWater ngRevenues(Senior)( 000s)AverageTotalDS as a %Bill as % ofAnnualLong Term Total DebtDaysof TotalMedianDebtDebt RatioDebtServiceCash onOperatingEffectiveService( 000s) CoverageHandRevenuesBuying( 2x26.1%2801.6%Louisville MSD, 831.3%1Metro St. LouisSewer District, 161.2%1NE Ohio RegionalSewer DistrictSewerAa1AA AA 691,046152,44244.2%2,843,0302.5x22.1%5391.9%NYC WaterSan Antonio, TXWater &SewerWater &SewerSource: Moody’s Financial Ratio Analysis database, as of January 31, 2020. Various S&P Reports for Bills as a % of Monthly EBI. All data as of FY2018 for San Antonio, DC Water, Dallas and NE Ohio. All other data as of FY20191: Calculated based on S&P methodology. Not available from S&P37
DC Water’s Promise to Our CustomersDC Water is committed to providing superior service, ingenuity and stewardshipto our customersWe are efficient with our ratepayers moneyWe are devoted to improving water qualityWe provide opportunity to small and minority businessesWe continue to invest in our aging infrastructure for the benefit of our customers and the communityWe are a great place to workSaint Elizabeth Water TowerBoat Skimmers to Clean the Anacostia RiverAnacostia River Tunnel38
Approved Operating and Capital Budgets FY 2021 Operating Budget of 642.7 million, an increase of 28.1 million Operations and Maintenance - 367.7 million, an increase of 19.1 million for personnel and non personnel Debt Service budget of 222.3 million or an increase of 6.9 million and Cash Financed Capital Improvements budget of 30.4 million or an increase of 1.8 million
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