proposed annual operating budget fiscal year 2017 fy17 gru...• revenue projections adjusted to...
TRANSCRIPT
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Proposed Annual Operating Budget Fiscal Year 2017
City Commission July 14, 2016
Item #160153
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Agenda
• Budget Overview • Budget Highlights • Proposed Budget and Financial
Metrics • Forecasts • Rates and Charges
2
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Strategic Initiatives • ERP (Enterprise Resource Plan) Integration: Work to develop
an IT infrastructure to serve as a reliable, value-added platform to manage GRU's informational requirements.
• Eliminate Barriers to Efficiencies: Identify areas affecting
GRU's ability to operate efficiently, such as joint support departments with the city, and work to mitigate, reduce or otherwise eliminate those barriers.
• Increase Competitiveness: Use elements of entrepreneurship, Continuous Improvement and other private-industry efficiency models to identify alternatives to current operational, administrative and construction activities through which GRU can reduce system revenue requirements and rates, lower debt or otherwise increase available resources to the organization.
3
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Overview • Striving for competitive electric rates
– City Commission adopted goal of rates at ½ of one standard deviation above the mean of FMEA surveyed utilities ($119.51, GRU currently $130.40)
• Ongoing regulatory pressure in all systems • Desire to maintain/improve system reliability • Excellent customer value/customer service • Maintain financial strength • Continue to improve employee engagement
4
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Budget Highlights Personnel • Deleted 2 of the FTEs unfunded in FY16 • Operating areas deleted unfunded positions and
vacancies to allow others to add positions needed to best serve our customers
• Included funding for 2 percent employee pay increase
• Increased vacancy factor from 3% to 6% to reflect current staffing
• Planned overfills to allow knowledge transfer prior to staff retirements
5
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Budget Highlights • Included costs for SAP reimplementation (both Financial
and Billing Systems) – Approximately $5.2M in O&M 2016-2018 – Approximately $23M in Capital 2016-2018
• Lowered Combined Reserve Target by $10M • Used Commercial Paper for debt in 2017 and issue
Bonds in 2018 • Will seek to expand cost effective Commercial Paper
capacity to $100M in 2017 • Optimizing use of equity to minimize borrowing • Use excess UPIF toward debt service payment in
electric system
6
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Electric System • No increase in revenue requirement
– During 2016 budget process, projected 2.0% increase in FY17
– Increased expense allocation beginning in FY16 – Operations’ expense projection consistent with FY16
budget – Use remainder of CR3 settlement – Use UPIF for debt service in FY17 & FY18
• Maintain Fuel Adjustment (FA) at 70 mills • No impact to any residential bill
7
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Gas System • 9.0% percent increase to revenue requirement
– During 2016 budget process projected 4.75% increase in FY17
– FY16 sales and revenue projections to approximately 8% and 5.7% below forecast, respectively, due to mild winter
– Modified classification of expenses as Operation & Maintenance (O&M) instead of Capital where appropriate
– Increased expense allocation beginning in FY16 • Purchased Gas Adjustment (PGA) to remain at $0.23 per
therm. Fuel costs are rising and we will continue to monitor for appropriate time to revise
• Net impact to 25 therm residential bill of $2.25
8
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Water System • 3.0% percent increase to revenue requirement
– During FY16 budget process projected 3.75% increase
– FY16 sales and revenue projections approximately 4.1% and 1.5% below forecast, respectively
– Increased expense allocation beginning in FY16 – Operations’ expense projection consistent with FY16
budget • Net impact to 7 kgal residential bill of 65¢
9
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Wastewater System • 3.0% increase to revenue requirement
– During FY16 budget process projected 4.85% increase for FY17
– Increased expense allocation beginning in FY16 – Continued expenses related to regulatory changes
• Ongoing management expenses for Sweetwater Wetlands Park
• Biosolids Dewatering and Reuse to comply with City/County agreement
• Net impact to 7 kgal residential bill of 80¢
10
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GRUCom
• SBAC Fiber Optic System Expansion • Revenue projections adjusted to market
– Increased expense allocation beginning in FY16
• Right-sizing and Right-Placing GRUCom – Asset Reallocation
11
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Projected Future Revenue Requirement Increases
12
2017 2018 2019 2020 2021 2022
Electric 0.00% 2.00% 2.00% 2.00% 3.00% 3.00%
Gas 9.00% 3.00% 3.00% 5.00% 5.00% 5.00%
Water 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Wastewater 3.00% 3.00% 3.00% 3.00% 4.00% 4.00%
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PROPOSED BUDGET AND FINANCIAL METRICS
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Combined System Total Non-Fuel O&M
14
Budget 2016 Projection 2016 Budget 2017 Budget 2018
$105,274,411 $116,829,775 $120,580,558 $125,290,926
Budget 2016 Projection 2016 Budget 2017 Budget 2018
$93,626,410 $84,000,000 $78,588,285 $72,597,012
Combined System Total Capital
Budget Overview
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Proposed Residential Rate Summary – Standard Usage
System Usage July 2016
Bill Base Rate
Change Fuel
Change Proposed FY17 Bill
Electric 1000 kWh $130.40 $0.00 $0.00 $130.40
Gas 25 therms $ 30.39 $2.25 $0.00 $ 32.64
Water 7 kgal $ 29.85 $0.65 $0.00 $ 30.50
Wastewater 7 kgal $ 52.40 $0.80 $0.00 $ 53.20
Total $243.04 $3.70 $0.00 $246.74
15 Assumes FA of $0.070/kWh and PGA of $0.23/therm
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Proposed Residential Rate Summary – Average Usage
System Usage July 2016
Bill Base Rate
Change Fuel
Change Proposed FY17 Bill
Electric 789 kWh $103.41 $0.00 $0.00 $103.41
Gas 18 therms $24.60 $1.63 $0.00 $26.23
Water 4,000 gallons $18.60 $0.65 $0.00 $19.25
Wastewater 4,000 gallons $33.80 $0.50 $0.00 $34.30
Total $180.41 $2.78 $0.00 $183.19
16 Assumes FA of $0.070/kWh and PGA of $0.23/therm
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O&M and Capital to Change Revenue Requirement for Rates
System Electric Gas Water Wastewater
O&M 1.1M 124K 280K 350K
Capital 20M 2M 5M 6M
17
To decrease requirement by 1 percent, O&M or Capital would need to decrease by:
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FY17 Revenue Classification Dollars in Thousands
18 18
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FY17 Expense Classification Dollars in Thousands
19 19
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FY17 Non-Labor Expense Detail
20 20
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21
FY16 Sales Results Through May Actual
October – May FY2016 Budget
Absolute Difference
Percentage Difference
Electric - Retail MWh 1,075,731 1,047,911 27,819 2.7% Electric - Wholesale MWh 138,031 134,888 3,143 2.3% Electric - Total (Native) MWh 1,213,762 1,182,799 30,962 2.6%
Electric - Retail Base Rate Revenue ($000) $78,354 $77,288 $1,066 1.4% Electric - Wholesale Base Rate Revenue ($000) $2,443 $2,570 -$127 -4.9%
Electric - Total Base Rate Revenue ($000) $80,796 $79,857 $939 1.2%
Natural Gas - Retail Therms 15,120,704 16,442,107 -1,321,403 -8.0% Natural Gas - Base Rate Revenue ($000) $9,451 $10,024 $573 -5.7%
Water - Total kGal 4,336,555 4,523,963 -187,408 -4.1% Water - Total Revenue ($000) $21,030 $21,358 -$328 -1.5%
Wastewater - Total kGal 3,038,251 3,131,426 -93,175 -3.0% Wastewater - Total Revenue ($000) $25,560 $26,124 -$564 -2.2%
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FINANCIAL METRICS
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Debt Service Coverage
23
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Fixed Charge Coverage
24
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Days Cash on Hand
25
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Days Liquidity on Hand with proposed additional Commercial Paper capacity
26
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Reserves – Combined
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28
Reserves – Combined Excluding GRUCom
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Reserves – Electric
29
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Reserves – Gas
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Reserves – Water
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Reserves – Wastewater
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Reserves – GRUCom
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FORECASTS
34
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Forecast Overview • Econometric approach used to develop projections
of number of customers, unit sales, and revenues. • GRU Billing Records and System Logs • Demographics: Bureau of Economic and
Business Research • Economics: IHS Global Insight • Temperatures and Rainfall: National Weather
Service – Gainesville Regional Airport • Uses of the Forecasts: Budgeting, Facilities
Planning, and Regulatory Reporting 35
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36
0
20,000
40,000
60,000
80,000
100,000
120,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Fiscal Year
Electric Customers
Residential Non-Residential 2016 Forecast
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37
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Fiscal Year
Electric Energy SalesMegaWatt-hours
Residential Non-Residential Sales for Resale 2016 Forecast
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38
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Fiscal Year
Natural Gas Energy SalesTherms
Residential Non-Residential 2016 Forecast
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39
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Fiscal Year
Water SalesThousand Gallons (kgal)
Residential Non-Residential University of Florida 2016 Forecast
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40
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Fiscal Year
Wastewater BillingsThousand Gallons (kgal)
Residential Non-Residential 2016 Forecast
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RATES AND CHARGES
41
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Fuel Adjustment
42
• Proposed FY17 fuel adjustment rate $0.070/kWh • Levelization balance as of May 31, 2016 $ 14.8M • Projected balance as of September 30, 2016 $ 14.5M • Projected balance as of September 30, 2017 $ 9.75M • 10% of FY16 Electric fuel budget $ 15.1M • -5% of FY16 Electric fuel budget ($ 7.6M)
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43
$9.8M
-$10.0M
-$5.0M
$0.0M
$5.0M
$10.0M
$15.0M
$20.0M
$25.0M
0
20
40
60
80
100
120
140
Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17
Leve
lizat
ion
Bala
nce
FA ($
/MW
h)
Levelization Balance FY15 and FY16 Actual/Projections with +10%/-5% Band
And Levelized & Unlevelized Fuel Adjustment Rate
Levelization Balance
FA Unlevelized
FA Levelized
+10 of budget
+5 of budget
-5% of budget
Actuals Projection
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Residential Electric 1,000 KWh – Standard Usage Comparison
With FMEA Comparison Target June 2016
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Residential Electric 789 KWh – Average Usage Comparison
June 2016
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General Service Non-Demand Electric Bill Comparison
1,500 KWh June 2016
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General Service Demand Electric Bill Comparison
30,000 KWh, 75 KW June 2016
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Large Power Electric Bill Comparison 430,000 KWh, 1,000 KW
June 2016
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Proposed Residential Natural Gas Rates
49
Billing Component 2016 Rate Proposed
2017 Monthly Customer Charge $9.75 No Change
Energy Charge ($/therm) $0.540 $0.63
MGPCRF (Depot Park) ($/therm) $0.0556 No Change
PGA ($/therm) $0.23 No Change
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Residential Natural Gas Bill Comparison 25 Therms June 2016
50
$30.39 $32.10 $32.64
$38.31
$43.71 $44.91 $46.50 $48.66
$51.60 $53.17
$57.96
$0
$10
$20
$30
$40
$50
$60
$70
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Residential Natural Gas Bill Comparison 18 Therms – Average Use
June 2016
51
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Proposed Small Commercial Natural Gas Rates
52
Billing Component 2016 Rate Proposed
2017 Monthly Customer Charge $20.00 No Change
Energy Charge ($/therm) $0.540 $0.620
MGPCRF (Depot Park) ($/therm) $0.0556 No Change
PGA ($/therm) $0.23 No Change
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Small Commercial Natural Gas Bill Comparison 50 Therms June 2016
53
$57.29 $61.28
$65.28
$79.06 $79.63 $85.87 $87.34 $88.00
$93.27
$101.70
$112.48
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
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Proposed Commercial Natural Gas Rates
54
Billing Component 2016 Rate Proposed
2017 Monthly Customer Charge $45.00 No Change
Energy Charge ($/therm) $0.380 $0.440
MGPCRF (Depot Park) ($/therm) $0.0556 No Change
PGA ($/therm) $0.23 No Change
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Commercial Natural Gas Bill Comparison 300 Therms June 2016
55
$244.68 $258.61 $262.68
$305.62
$369.84 $378.39 $378.95 $390.68 $403.00
$478.07
$517.81
$0
$100
$200
$300
$400
$500
$600
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Proposed Commercial Large Volume Natural Gas Rates
56
Billing Component 2016 Rate Proposed
2017 Monthly Customer Charge $400.00 No Change
Energy Charge ($/therm) $0.230 $0.270
MGPCRF (Depot Park) ($/therm) $0.0556 No Change
PGA ($/therm) $0.23
No Change
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Large Volume Natural Gas Bill Comparison 30,000 Therms
June 2016
57
$15,809 $15,868 $17,068 $17,431
$18,774 $21,064 $21,079
$23,350 $24,388
$31,169
$38,863
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
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Proposed Water Monthly Customer Charges
Based on Meter Size
58
Meter Size 2016 Rates Proposed
FY17 5/8” and 3/4” $9.20 $9.45
1” $9.40 $9.65
1.5” $12.25 $12.50
2” $19.50 $20.00
3” $74.00 No change
4” $100.00 No change
6” $140.00 No change
8” $200.00 No change
10” $275.00 No change
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Proposed Residential Water Rates
59
Billing Component 2016 Rate Proposed 2017 Monthly Customer Charge (5/8” or 3/4” meter)
$9.20 $9.45
Usage Charge ($/1,000 Gallons) Tier 1 (0-4,000 Gallons) Tier 2 (5,000-16,000 Gallons) Tier 3 (over 16,000 Gallons)
$2.35 $3.75 $6.00
$2.45
No Change No Change
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Proposed Residential Irrigation Rates
60
Billing Component 2016 Rate Proposed 2017
Monthly Customer Charge (5/8” or 3/4” meter) $9.20 $9.45
Usage Charge ($/1,000 Gallons) Tier 1 (0-12,000 Gallons) Tier 2 (over 12,000 Gallons)
$3.75 $6.00
No change No change
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Residential Water Bill Comparison 7,000 Gallons
June 2016
61
$13.71 $15.81 $16.41
$20.87 $21.04 $21.54 $21.83 $23.28 $23.31 $23.37
$27.35 $29.85 $30.50
$32.07 $33.60
$38.73 $40.35
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
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Residential Water Bill Comparison 4,000 Gallons – Average Use
June 2016
62
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Proposed Multi-Family Water Rates
63
Billing Component 2016 Rate Proposed 2017
Monthly Customer Charge Based on Meter Size
Based on Meter Size
Usage Charge ($/1,000 Gallons)
$3.45
$3.75
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Proposed Commercial Water Rates
64
Billing Component 2016 Rate Proposed 2017
Monthly Customer Charge Based on Meter Size
Based on Meter Size
Usage Charge ($/1,000 Gallons) $4.60 No Change
Billing Component 2016 Rate Proposed 2017
Monthly Customer Charge Based on Meter Size
Based on Meter Size
Usage Charge ($/1,000 Gallons) $3.85 No Change
Commercial Irrigation
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$47.18
$61.70 $63.93 $68.40 $74.39
$83.06 $91.60
$109.22 $113.57 $115.35
$122.24 $124.70 $124.95
$135.94 $137.95
$155.81 $165.41
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
Commercial Water Bill Comparison 30,000 Gallons
June 2016
65 Based on 5/8” or 3/4” meter
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Proposed Residential and Commercial Wastewater Rates
66
Billing Component 2016 Rate Proposed 2017
Monthly Customer Charge $9.00 $9.10
Billing Charge ($/1,000 Gallons) $0.85 $0.95
Billing Component 2016 Rate Proposed 2017
Monthly Customer Charge $9.00 $9.10
Billing Charge ($/1,000 Gallons) $6.20 $6.30
Reclaimed Water
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$32.76
$40.70 $43.44 $43.95 $44.08 $45.02 $45.56 $45.81 $46.33 $47.71 $48.82 $50.37
$52.40 $53.20 $53.73 $55.11 $56.72
$60.35
$0
$10
$20
$30
$40
$50
$60
$70
Residential Wastewater Bill Comparison 7,000 Gallons
June 2016
67
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Residential Wastewater Bill Comparison 4,000 Gallons – Average Use
June 2016
68
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$0
$50
$100
$150
$200
$250
$300
Commercial Wastewater Bill Comparison 30,000 Gallons
June 2016
69
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Proposed Revision to Methodology for Multi-family Wastewater
• Currently Wastewater volume billed is based on residential winter max method
• Proposing billing wastewater based on 95% of water use each month, as commercial wastewater is billed
• More accurate billing and revenues
70
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WATER AND WASTEWATER FEES
71
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Proposed Water & Wastewater Inspection Fees
72
Water Wastewater
2016 Proposed
2017 2016 Proposed
2017
Flat Fee $710 $730 $1,280 $1,320
$/LF (Linear Foot)
$2.31 $2.38 $5.69 $5.86
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Proposed Tapping Fees
73
Size 2016 Proposed
2017
1.5” $940 $970
2” $940 $970
4” $4,750 $4,890
6” $5,110 $5,270
8” $5,920 $6,100
12” $9,430 $9,710
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STREET LIGHTING RATES
74
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Proposed Lighting Rate Changes Fixture Description Current FY16 Rate Proposed FY17 Rate
100W High Pressure Sodium $7.75 $8.37
150W High Pressure Sodium $8.25 $9.18
250W High Pressure Sodium $10.25 $11.80
50W alternative LED - general use $19.35 $14.95
100W alt LED - general use $20.83 $16.88
150W alt LED - general use $24.01 $20.55
50W alt LED - mass change out $6.29
100W alt LED - mass change out $8.06
150W alt LED – mass change out $10.46
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FIT CHARGES
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Current FIT Charges • Two registers (1 meter) for every FIT Installation
– Register 1 measures on-site consumption – Register 2 measures energy delivered to GRU system
• FIT systems are compensated for energy placed on GRU system based on Register 2’s reading
• Currently FIT systems are charged a monthly fee based on system size and customer type (4 different rates)
– Exception are systems installed 2009 and 2010 which are not currently billed a customer charge
• Although minimal, FIT systems have not been charged for their consumption
77
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Proposed FIT Charges
• Two rates for administrative fees – Based on size of system (not customer type)
• Systems ≤10KW (Small FIT) - $14.25/Mo • Systems >10kW (Large FIT) - $29.50/Mo
• Rates for consumption will be assigned to Register 1 that will mirror GSND pricing & taxing
• All FIT systems will be charged fees
78
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Residential Basket of Services Standard Usage
79 1,000 kWh of Electricity, 25 Therms of Gas, 7,000 Gallons of Water, & 7,000 Gallons of Wastewater
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Residential Basket of Services Average Usage
80 789 kWh of Electricity, 18 Therms of Gas, 4,000 Gallons of Water, & 4,000 Gallons of Wastewater
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Residential Basket of Services Customer Charge
81 Tampa does not have a customer charge for water and wastewater.
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Proposed Residential Rate Summary
System Usage July 2016
Bill Base Rate
Change Fuel
Change Proposed FY17 Bill
Electric 1000 kWh $130.40 $0.00 $0.00 $130.40
Gas 25 therms $ 30.39 $2.25 $0.00 $ 32.64
Water 7 kgal $ 29.85 $0.65 $0.00 $ 30.50
Wastewater 7 kgal $ 52.40 $0.80 $0.00 $ 53.20
Total $243.04 $3.70 $0.00 $246.74
82 Assumes FA of $0.070/kWh and PGA of $0.23/therm
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Proposed Residential Rate Summary – Average Usage
83 Assumes FA of $0.070/kWh and PGA of $0.23/therm
System Usage July 2016
Bill Base Rate
Change Fuel
Change Proposed FY17 Bill
Electric 789 kWh $103.41 $0.00 $0.00 $103.41
Gas 18 therms $24.60 $1.63 $0.00 $26.23
Water 4,000 gallons $18.60 $0.65 $0.00 $19.25
Wastewater 4,000 gallons $33.80 $0.50 $0.00 $34.30
Total $180.41 $2.78 $0.00 $183.19
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Recommendation
• The City Commission direct the City Attorney to draft, and the Clerk of the Commission to advertise an ordinance to adopt the recommended rates, fees and charges for Electric, Water, Wastewater and Gas.
84