HomeMy WebLinkAbout23-119 Approving Water Meter Charge and Water Rate Per Gallon Usage 11-08-2023RESOLUTION NO. 23-119
A RESOLUTION OF THE BOARD OF TRUSTEES OFTHE TOWN OF
FIRESTONE, COLORADO, APPROVING THE TOWN OF "I E T NE'S
WATER METERCHARGE GTE AND WATER RATE PER ALL N USAGE
WHEREAS, , can October 26, 2022�, the Town of Firestone `F e rn,. entered into an
Agreement with f of el s Financial Consultants Inc ("Raf ells") to conduct a Grater Rate Study
for the 'ro wn-, and
WHEREAS, on; January 19, 2023, Raftelis made a presentation to the lard of Trustees
("Board") outlining the Water Rate Study and its components, nents which included a Later Action
Plan Cash glow, Operation Cash Flow. Cost of Service Analysis, and Rate Design-, and
WHEREAS, on June 21 023. Raf elis made a presentation to the Board of its completed
Water Rate Study and presented three Rate Alternatives to the Board for its € sid r tion-, and
WHEREAS, at its Work Session ion of July 19, 2023. the Beard diseased the options, and
selected Alternative 3 as it found that the meter rate was appropriately cast lased and that the
water rate volume fee structure promoted the conservation cif"water `and equitably imposed sed the
greatest cost upon these who use the most water,
NOW. THEREFORE, RE BE IT RESOLVFD BY THE BOARD OFTRUSTEES OF THE
TOWN OF FIRESTONE, COL R DO:
The Board of Trustees does hereby approve the Water Meter Fee and Water Usage Rates,
which are attached hereto and made a part ofthis resolution, to be effective on 12:01ant January
I. 2024 and that at such time all other resolutions establishing or amending water Meter fees and
water usage rates are repeated in their entirety.
KrRODUCE . READ AND ADOPTED I'TE this day ofNovember. 2023,
I`0 fF l"lR 1S,>0N :, CC I-C RIAD
r"
Brew Alan Peterson, rson, fayor
ATTEST:
Kristi I . f ashor, CHIC Town Clem
APPROVE AS T(
..
William P. Hayashi,
R A F , E L
October l5, 2023
AJ Krieger
Town Manager
Town of Firestone
50lark Ave
Firestone„ CO 8050
Subject.- Updated Water Financial Pfau, post of Service, RatFee Stud
Dear Mr. Krieger,
Raftel s is pleased to provide this executive summary report highlighting the key tindin s of'the water financial
plan, cost of service, and rate study Raftelis has completed for the Town of Firestone Town),
The primary purpose of this study was to ensure the financial sustainability ofthe water uti ity and ensure that rates
and fees recovered costs proportionately across all customer classes. This study includes the following for the water
utility;
ltl-year financial plan cash analysis to determine the level of revenues to tneet annual expenditures
Cost of service analysis to allocate costs proportionately to customer classes
Rate design based on the pricing objectives identified by Board of Tr tees
It has been a pleasure working with you, and we thank you and the Town staff for the support provided during this
study.
Sincerely,
Todd Cristiano
Senior Mar (kqe
Table of Contents
Introduction. .. .... ....... ............ . a�w.�..,.�....... 4.......
Assumptions
Study Findings and Recommendations......s�.
FInani l='lit ....... ........ ...e,, r .........., ...... .......... ,....... ,,...... ..,...,,x......... --- ....,.......... r ..,...,b�.
Cost of Service n lysis--, ,......a....m................... ........................... .........
Typical Monthly Bills..... ..,............... ................ 11
Reliance on Town Provided Data .a.. ...... ....... ....... a
List of Tables
Table 1: Water Operating turd Surnm ry .......... ..<, ..,. ..nx .... ...:..... ......... . ...... . ..n. ,.>...... 7
Tbi omparison of Test Year Water Cost of Service to Revenue Under �siing Rates ....... .t„ .—.-.—.. . -9
Table 3: Comparison of Test Year Water r fist of Service to Revenue Under t rsrr`rfy Rates ............... ...... 10
Table 4, Comparison of Test Year 2024 Water Rates Under the Recommended Rate Structure Alternative to
Existingt-...,.... ... ....... .... . . . .a.,........, a ,.......n.a.,. ..........
..
1.1'st of Figures
gUr ' CWCWD Pass -Through lncrem:�;e f'rojectt rr =.,.v ...... ...... .. „ .,.,.MAR .......a,.fy
Figure , Water Cost of Servicer r s ........... ...:............................. .,,.
FigUre 1 Typical Monthly Residential r t r. Brits Under Propr spd Rates-- ......... „ ...., ., .., ....................... t
List
Appendix, Water Utility Financial Plan, Cost of Service, and Rate Design y naly r
Introduction
The Town ofFirestone Town provides service to approximately 4,400 water customers, The Town is financially
self-sufficient, with funding for capital and operating requirements derived primarily from rate revenues and system
development fees. The Town authorized this study to ensure that an adequate level of"income from water rues is
maintained to finance daily operations, tap :fees are sufficient to fund growth -related capital, and that rates are fair
and aligned with the Ti wn's goals and community values. Tics"s study included the development of:
water financial plan for the llf-year study period, d, if through 2032,
• A east of service analysis to determine the cost to provide service to each customer glass
• Rate design to reflect the pricing objectives identified by the Board rd of Trustees
a#telis used industry standard methodologies supported by the American hater Works Association A
Principles `Wafer Rates, Fees, and Charges M1 manual.
Appendix A details the development of the water financial plan cost of service analysis, and rate design,
This study is based on numerous us assumptions, ns, Changes in these assumptions could materially affect the study
findings. Raftelis incorporated the following key assumptions into the study.
0 The test year, or the year new rates will be in effect, is 2024
The study period forecast is for 2024 through 20321
The Town provided growth projections for the study period based on the anticipated number of new
Building permits
* 024- g3
* fl : 33
* 2026: f,fl3ff
* 2037:1,055
* 028: 1,054
Usage per account will be constant based on historical data. Residential water usage per account is
approximately 9,500 00 gallons per month. residential customers represent a majority of'the utilities`
customers
Costs will change as follows:
o Capital costs provided by the Town include an inflation allowance, and sufficient contingency has
been included for most projects
Most operation and maintenance (O&M) expenses will increase by % through 2023 and 3. +%
from 2026 to 2032,
o Central Weld Conservation Water District (CWCWD) anticipates rate increases of % throughout
the study period
Proposed minimum reserve levels are as follows':
o Operating fund: 90 days annual O&M
The cash flow tables include 2023 as the lase year, or the year in which the model was developed, and is based on a combination of
budgetaryinformation and estimated values. The study forecast is for -1024 through 2032
r The "T"own's current reserve policy is 25% of General Fund operating expenditures, They Water Fund does not have a specific reserve
pi fic . Rafteiis proposes an operating resei°ve and a crpirat reserve,
o _ Capital fiend: equal to I -year depreciation expense, plus additional reserve for the Saint Frain
Water Treatment plant TP) when it comes online in 2027
10 Debt service:.
• Coverage requirement is 1,2 a: delft service
• Bond terms; 4,2 % interest rate, 0-year terra, January I issue date
Findings
WaterFINANCIAL PLAN
. ion Plan Fund
The Water Action Plan fund' tracks financial activities associated with funding growth -related capital projects,
water rights purchases, and payments on proposed debt service. Revenue from tap fees, cash in lieu water sales,
native water credit fees, carry-over reserves, projected loans, and as -needed transfers from the operating fund
provide sufficient funding for the growth -related capital improvement program and payments on proposed debt
service, The growth -related capital improvement program totals $130.9 million. It is funded by $76,8 million in
proposed loans in throughout the study period„ and tyre rernainder financed by tap fees, other growth related funds,
transfers from the operating fund, and capital reserves.
Operating Furs
The operating fund tracks activities associated with operating and maintaining the water utility on a daily basis,
Operating revenues primarily consist of rate revenue, with a small portion from miscellaneous sources, Revenue
from existing rates is projected to increase from $6.6 rnallion in 2022 to $12.6 million in 2022 based on the growth
in customer accounts. In addition, the Town collects pass -through revenue that is associated with CWCWD costs
for bath CWCWD tape fees and Cy C WD treated water purchase rate increases. More detail on CWCWD Pass -
through charges is detailed in the "Projected CWCWD Revenue Adjustments" section below.
Expenditures include operation and maintenance expenses O&M which consist of administrative, ollect on, and
distribution costs to run the utility and payments to C "C D for treated water purchases. O&M is projected to
increase from $6.9 million in 2023 to $11.6 million in 2032, Most of this increase is anticipated from increasing
Ater treatment costs fTom CWCWD and O&M associated with SVWTP. Capital repair and replacement projects
are necessary for maintaining the current level of service in the system and are not associated with meeting growth -
related requirements. Capital R&R costs average $2,0 annually, Two large Capital R R prcfjects, the C 11CW
Flow Control/Meter Vaults and Non -Potable Irrigation System Infrastructure require borrowing $4A million iron
the Water Action Ilan fund balance, However, this amount is paid back in following years, as transfers to the
Water fiction flan fund must meet any intermittent cash flow deficiencies, No transfers to the eater Action flan
fund to maintain a positive cash flow balance are anticipated until 2027.
Reserves
The Towrn's current reserve policy is specific to the General Fund and requires a minimum fund balance of 2 %cat
annual General Fund operating expenditures, There is no reserve target specific to the °water Fund, Raftelis
proposes an operating reserve balance equal to 90 days of ivl: This reserve tracks and adjusts based on changes
it O&M The primary goal of the operating reserve is to absorb cash flax fluctuations due to the variability in
monthly expenditures and the inflow of revenues, Raftelis proposes transitioning to a tar et operating reserve over
tern years from S1. illion in 2023 to L8 million in 2022.
Capital repair and replacement projects are funded through rates in the operating fund,
nd,
In addition, l a telis recommends the "Town maintain a capital reserve equal to 1-years" depreciation eatpcnse that
tracks and adjusts based on changes in annual depreciation on capital assets. Like the operating; reserve, tie capital
reserve is to be used to offset fluctuations in the capital program due to unanticipated;cost increases or emergencies.
Raf"telis proposes transitioning to a target capital reserve over ter years from $820,000 in 2023 to 1.9 million in
2032. Combined, these reserves strengthen the utility's financial health and ability to weather unexpected operating
costs or Capital interruptions, Maintaining dequate funds also prevents the utility from reactively having to adjust
rates in response to unforeseen events.
Indicated Revenue Adjustments
Projected water sales revenue under existing rates is insufficient to meet annual operation and maintenance
expertise (O&M), payments on existing debt > service, capital repair and replacement costs, proposed target operating
reserves, and debt service coverage targets. Annual revenue adjustments of 5 are required to meet the
expenditures or the operating hind, satisfy reserves and meet dent service coverage requirements. appendix A
contains the detailed financial playa cash flow analysis tables. Table I below summarizes the operating; fund results.
`able : Water Operating Fund Surnmar 4
Description 2023 2624 2US ZD26 2027 2= 2Q29
Beginning Fund Salance $3, $3.29 $2,79 $4,3 V 7,24 $ ,17 $1142 $16.93 $20.73
Sources artFund 7,66 13,6710,a3 12107 1410 15A9 1763 18,63 20.39 22,26
Uses of funds 815 14,0& 74 9,29 14Cl3 13,76 14,38 15,02 15,69 16.41
Annual SurpiusfiDeicWncy) (0,49) tGi4i1 1,60 2,78 0,07 L93 3,26 3,62 4,70 SIS
Ending Fund Salance 3.20 2.79 4,39 7JI 7,24 9J7 12. 2 16.93 20.73 Z&59
Target Reserve (Op + Capital(, _2,20 2.37 235 2,42 3.19 3,23 3,34 147 3.60 3,73
Over/jUnder)Torget 07.49) fO,41) WL60 Z 78 i7:52 1,93 326 3,61 4,70 5;115
Annual Revenue Adustment 7, 5. r 5. Y. S, OY. 5,0 6 01 S,(K 5,0% 5, ,r
i7 C mdu ng Growth Fees 3,9S 1,31 2,U2 L75 1.63 1,83 1,61 127 1129 133
DSC Cxdudi g Growth fees 010 Fl 31 ii 40 0,50 0,57 0,72 0,86 9,99 0.99 1,09
Projected CWCWD Revenue Adjustments
The Town adjusts rates to recover incremental increases front CWCWD, CWCWD anticipates significant
increases during the study period. Thee increases are a result of the ci3ange it the rate structure used to assess
charges and an, overall increase in operating costs. "These incremental annual changes are shown. in Figure 1.
The Town purchases treated water from Central Weld Conservation Water District. In 2019, CWCWD notified
the "Town that water rates would be increasing, after remaining fiat since ipgl, Currently, the Town pays a
wholesale base service charge that includes a basic > water allotment per tap, and then a volumetric charge for every
kilogallon above the systemwide allotment. CWCWD has indicated that the included water allotment will taper'
down from 4,000 gallons per tap equivalent in 2023 to fl gallons per tap equivalent in 2027, effectively assessing; all
usage at the volurnetrii: rate, Simultaneously, the rate of the monthly service charge and the volurnetrie rate
charged per kilogallon will be increasing, 1 af"telis has projected both the service charge: and volurnetric charge
increasing; at % annually while the monthly allotment simultaneously decreases through 2127,
The Town will recover the increases in treatment costs from CWCWD through an additional pass -through rate
increase. The projections are shown in Figure i below, but will be determined annually depending on they actual
increases. The relative rate increase is lower than %, as it is spread as a percentage across Firestone`s rate base,
rather than as a percentage of CWCWD costs,
4 shown in million
Figure 1: CWCWD Pass -Through Increase Projections
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COST OF SERVICE ANALYSIS
Raftelis completed this comprehensive cost of service analysis by standard rnethnds supp orted by the American
Water Works Association WWA) in its M1 manual,Principles of hates, fees, aand "`bar es. This analysis
deteranines the cast of providing water service to each tta er class and guides the design of the proposed rates.
Figure 2 below ustraites the cost allocation process for the water utility.
Figure Water Cost of Service Process
* O&M Source ofi pp3 y �Average Day Demands RvsidentW
Carat Service � Tveastrrerr Max stay # klulthrndy
ransrratssirsrt
a"-tt€radd rd�alcri#Max &ir~atar 0 C;srrrarrterrs,s€
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The cast of service process is described in further detail below,
L Revenue Requirement. Determine the level f revenue required from rates The reven ue requireme it
includes expenditures in the operating, fan& &M, capital repair and -replacement coasts, reserves, and
changes its fund balance.
2, Costfittictionalization. Assign the detailed crests in the revenue requirements ents to functional l areas in the
stern, Functional areas include water treatment, transmission and distribution, storage, sc.)urce of supply,
,
pump stations meters and services, and billing and administrative ousts. Costs are f`irnctionali ed based on
the facility that has the most influence on that expense, For example, chemical costs are most influenced
by treatment proc csses so those costs would be allocated to the water treatment category,
I , enta ndpara r eters and customer characteristics. Functional costs can be allocated to demand parameters
and customer characteristics. Demand parameters include average day demands and peak demands.
Customer characteristics include the number of accounts by meter size and hilts. Each facility is designed
to meet specific design requirements in the system, Water treatment facilities are designed and operated t
meet maximum clay demands, As a result, a portion of water treatment costs would be allocated to the
average day demand category and a portion to the peak demand category.
4. flints of ier� The units of service capture the demand and customer characteristics for each customer
class. These characteristics include average day demand, peak demand, number of accounts by meter size,
and the number of bills.
5, DistributionDisttibution of casts to customer classes. Because customer er classes are defined by their demand parameters
{average day and peak demands) and the account makeup meters by ureter sizes), the allocated casts can
be proportionately distributed to each class based on their specific de and and customer characteristics,
For example, if the residential customer class represents fly of total peak day demands, they would be
allocated r l% of the allocated peak day demand casts.
The cost of service tables are included in Appendix A, Table 2 compares the cost of service by customer class to
revenue Lander existing rates.
Table 2. Comparison of Test Year Water Cost of Service to Revenue Under Existing Rates
2024 Cost of 2024 Revenue t
Customer Class _Setvicelstin t+ s Change
Residential $5,709,863 $5,331,416 $378,448
Commercial/industrial 683,070 674,539 8,530
Mobile Home 296,118 304,185 (8,066)
Multifamily 199,461 271, (71,546
Irrigation 560,967 513,596 47,371
Total System $7,449,480 $7,094,7433 737
"Town staff provided direction that the cast of service for each class should be a4justed to keen cost recovery at least
equal to existing; rates. After this policy adjustment, the teat year cost of'service rates are shown below in Table 3.
Table 3.: Comparison of Test Year Water Cost of Service to Revenue Under Existing Rates
2024 Cost Policy Revenue rider
Customer Class of ServiceAdjustment Adjusted COS Existing Rates s Change
Residential $5,7 t9,863-$79,612 $5,630,252 $5, 31,41.6 $298,836
Commercial/industrial 683,070 m 693,070 674,539 8,530
Mobile Horne 296,118 8,066 304,185 304,185
Multifamily 199,461 71,546 271,006 271,
Irrigation 560,967 - 560,967 5.3,596 47,371
Total System $7,449,480 $0 $7,449,4807, ,74 $ 5 ,7317
Fate Structure v to mea
R,aftelis worked with Town Staff and the Board to develop several rate structures and alternatives, incorporating
the results of the Cost of Service stud.
Recommended end d 024 Rates
The rate structure alte atives presented to the hoard are based on the industry -accepted cost of service principles.
This means that each rate structure developed below recovers the cost to provide service for each customer class.
Each alternative is based on monthly fixed charge and a volumerate. These two components are adjusted in each
scenario to incorporate the pricing objectives identified by the Board. It is important to note that the selection of
these rate structures involved quantitative analysis and qualitative review. In other words, there is no `silver bullet'
rate structure. The proposed structures include a monthly fixed fee (base rate) and a volume rate. The monthly base
rate is assessed by meter size for all classes, and is held at the same rate as the 2023 service charge. The monthly
base rate includes billing, ureter and services costs, and the crest of the CWCWD service charge to be passed
through to customers. Billing, meter and services casts recovers the cost to read meters, prepare bills, frtnd
custorner service and customer field service operations, The CWCWD service charge recovers tire base rate
charged by CWCWD for treated water purchases. For a 5 5» meter, the total service charges $39.40. These
components increase as the size of the meter increases, Table 4 summarizes the recommended 2024 rates which
include the necessary revenue adjustment required to meet the water enterprise financial ;goals.
`fable, 4: Comparison of Test Year 2024 Water Rates Under the Recommended Rate Structure
Alternative to Existing Rates
Service Charge
5/8
11 $39.40 $39. C1 $0.9
Y4, 60A1 _ 60.41
101 99.78 99.73
1 y21" 19&92 _ 196.92
210 317.71 317.71
311 593.40 593.40
6" 2,346.30 2,346.30 m
Volume tar
MOM
r$3.71
eldrrtlal
Residential
S,
$ .73 t - 5, 00
5,000 20,000
$6.57 00 - 10,000
20,00 - 40,000
$10. 2 10,001 - 20,000 $ .34
Above 40,000
$13.14 20,001 - 30,000 $1.2.50
>30,000 $18.75
Comm & Ind
$5.79 Comte & lard
Mobile Home
$7.09 Mobile Home $7.09
Irrigation
$8.80 Irrigation $9.82
Multifamily
$538 Multifamily 55.73
is m Bills
Figure 3 shrews a monthly bill for a trial residential us rrer under existing and proposed rate structure
alternative. The proposed rates used in this
comparison are based on 2024 cost of service rates. This chart
compares a customer with essential water usage, average water usage, and high or summer water usage.
Figure 3. Typical Monthly Residential Water Bills fader Proposed Rate
$169
$1.57
i 4it iY'{
$58 $5
G {
}tt)4)ftfrptx {its
si{ ifti
{tf i{sir° ) r
is
Low usage Kgal)
Summer Usage 2 KgalHigh Summer visage (20 Kgal
is Adapted 2023 Rates
Alt 3: Adjusted COS with Existing Service Charge/5 `hers
Reliance on Town Provided Data
During this project, the Town (and/or its representatives) provided Raftelis with a variety of technical infortnation,
including cost and revenue data. Raftelis did not independently assess or test for the accuracy of such data -
historic or projected, Raftelis has relied on this data in the formulation of our findings and subsequent
recommendations, as well as in the preparation of this report, Raftelis also relied on cost allocation data provided
by the Town needed to complete the cost -of -service analysis.
There are often differences between actual and projected data. Some of the assumptions used for projections in this
report will not be realized, and unanticipated events and circumstances may occur, Therefore, there are likely to be
differences between the data or results projected in this report and actual results achieved, and those diflerences
may be material. As a result, Raftelis takes no responsibility for the accuracy of data or projections provided by or
prepared on behalf of the Town, not do we have any responsibility for updating this report for events occurring
after the date of this report,
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