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07-15-2015 ESCOtransfer2015
TOWN OF 1630 WATERTOWN .' �tl,•.r,. Office of the Town Manager Administration Building y 149 Main Street Watertown,MA 02472 Phone:617-972-6465 Michael J. Driscoll www.watertown-ma.gov Town Manager towniiigr@watertown-iiia.gov To: Honorable Town Council From: Michael J. Driscoll, Town Manager f F` �6 Date: July 9, 2015 Re: Agenda Item—Transfer of Funds Request As you recall, on May 14, 2013 the Honorable Town Council approved a Proposed Amendment to the Fiscal Year 2013 Budget related to the establishment of an ESCO Capital Project Stabilization Fund. The establishment of an energy stabilization fund was one of the action items adopted at the October 2, 2012 Special Town Council Meeting. The ESCO Capital Project Stabilization Fund was established to place rebates, grants and funds from departmental energy savings. This energy stabilization fund will be used to pay the debt service on the energy efficiency projects incurred under the ESCO agreement. As a follow-up to the above,the Honorable Town Council approved a transfer of funds from departmental energy savings to the ESCO Capital Project Stabilization Fund at the July 15, 2014 Town Council Meeting (see attached July 8, 2014 agenda item correspondence). Consistent with the above mentioned transfer of funds, attached please find correspondence from Thomas J. Tracy, Town Auditor/Assistant Town Manager for Finance regarding a proposed transfer of$203,214 from various Electricity and Gas accounts to the ESCO Capital Project Stabilization Fund. Therefore, I respectfully request the attached transfer be placed on the July 14, 2015 Town Council Agenda. Thank you for your consideration in this matter. cc: Honorable School Committee Honorable Library Board of Trustees Department Heads Beth S,Greenblatt,Beacon Integrated Solutions Kenneth Thompson,Building Inspector Charles Kellner,Director of Business Services TRANSFER AMOUNT$203,214 FROM: FY 15 TOWN HALL ELECTRICITY $ 10,000 0119252-520211 FY 15 TOWN HALL GAS $ 9,000 0119252-520213 FY 15 POLICE ELECTRICITY $ 7,500 0121052-520211 FY 15 POLICE GAS $ 15,000 0121052-520213 FY 15 FIRE ELECTRICITY $ 8,925 0122052-520211 FY 15 FIRE GAS $ 9,764 0122052-520213 FY 15 DPW STREET LIGHTING $ 10,367 0142452-520210 FY 15 DPW CEMETERY ELECTRICITY $ 438 0149152-520211 FY 15 DPW PROP. & BLDGS ELECTRICITY $ 22,985 0149252-520211 FY 15 DPW PROP. & BLDGS GAS $ 32,050 0149252-520213 FY 15 DPW PARKS GAS $ 7,651 0149552-520213 FY 15 COUNCIL ON AGING ELECTRICITY $ 2,405 0154152-520211 FY 15 COUNCIL ON AGING GAS $ 1,362 0154152-520213 FY 15 LIBRARY ELECTRICITY $ 16,362 0161052-520211 FY 15 LIBRARY GAS $ 7,046 0161052-520213 FY 15 SKATING RINK ELECTRICITY $ 37,569 0163152-520211 FY15 SKATING RINK GAS 0163152-520213 $ 4,790 TO: FY 15 TRANSFER TO ESCO CAP. PROJECT STAB FUND $ 203,214 0194000.596805 1 hereby certify to the availability, authority of funding source, mathematical accuracy and appropriate fiscal year. 46 DATE/ J 0 --TOWN AUDITOR '1V Town OF 1ti30 WATERTOWN Office of the Torun Manager Administration Building 149 Main Street Watertown,MA 02472 Phone:617-972-6465 Fax:617-972-6404 Michael J.Driscoll www.matertown-ma.gov To%yn Manager tavnmgr@%vatertown-ma.gov To: Honorable Town Council From: Michael J. Driscoll,Town Manager Date: July 8,2014 Re: Agenda Item—Transfer of Funds Request As you are aware, one of the top priorities of the Honorable Town Council's Fiscal Year 2014 Budget Policy Guidelines was to implement the ESCO program as recommended at the October 2, 2012 Special Town Council Meeting. The following actions items were adopted by Town Council: • Move forward on the optimized$735M ESCO project. • Negotiate a contract with Johnson Controls for the ESCO project; including the addition of quarterly reports of energy usage in all buildings under agreement. • Review the establishment of an energy stabilization fund in which to place rebates, grants, and funds from departmental energy savings. The energy stabilization fund will be used to pay the debt service on the energy efficiency projects incurred under the ESCO agreement. On February 26,2013, the Honorable Town Council approved a loan order of$7,350,000 to move forward on the optimized ESCO Project(see attached February 7,2013 Agenda Item correspondence). The following is a summary of the ESCO Project: Covers 14 Town and School Buildings • 97 Energy Infrastructure Upgrade Projects • $7.35 Million in Energy Infrastructure Investments • Cashflow: ($144,281)over the first four years;$1.97 million over 20 years. • Utility rebates of approximately$274,000 used to offset cashflow impact in early years • Estimated 22.11% savings of baseline energy usage in electricity • Estimated 32.01 savings of baseline energy usage in natural gas • The Energy Performance and Management Set-vice Agreement with Johnson Controls has been negotiated and executed, The following are some of the highlights of the Agreement: • Creative financing method that leverages existing operating and energy budgets to implement turnkey energy infrastructure solutions, increase building efficiency and reduce operating costs. • Annual realized energy and operational savings are reallocated to pay debt service obligations plus any annual program costs. • Permanent financing payment obligations are met by the guaranteed annual energy savings, The guaranteed annual energy savings is required by both State law and contractual obligations. • The performance contracting program has been properly optimized to result in the proposed implementation of key infrastructure upgrades that will produce long-terns sustainable energy and operational savings, along with key environmental benefits. • The measurement and verification program, as negotiated between Johnson Controls and the Town balances risk with cost and provides for a quarterly review of performance to support the amoral review. • The Notice to Proceed was issued in late June 2013 with an 18 month construction schedule. On May 14,2013,the Honorable Town Council approved a Proposed Amendment to the Fiscal Year 2013 Budget related to the establishment of an ESCO Capital Project Stabilization Fund (see April 18,2013 Agenda Item correspondence), The establishment of an energy stabilization fiord was one of the action items adopted at the October 2,2012 Special Town Council Meeting. The ESCO Capital Project Stabilization Fund was established to place rebates, grants and funds from departmental energy savings. This energy stabilization fund will be used to pay the debt service on the energy efficiency projects incurred under the ESCO agreement. As a follow up to all of the above, attached please find correspondence from Thomas J.Tracy, Town Auditor regarding a proposed transfer of$177,862 from various Electricity and Gas accounts to the ESCO Capital Project Stabilization Fund, Therefore,I respectflilly request the attached transfer be placed on the July 15,2014 Town Council Agenda. Thank you for your consideration in this matter. cc: Honorable School Committee Honorable Library Board of Trustees Department Heads Beth S. Greenblatt,Beacon Integrated Solutions Kenneth Thompson,Building Inspector Charles Kellner,Director of Business Services TRANSFER AMOUNT$177,962 FROMt FY14 TOWN HALL ELECTRICITY $4,038 0119252-520211 FY14 TOWN HALL GAS $3,514 0119252-520213 FY14 POLICE GAS $13,707 0121052.520213 FY14 FIRE ELECTRICITY $9,378 0122052-520211 FY14 FIRE GAS $1,118 0122052-520213 FY14 DPW STREET LIGHTING $28,529 0142452-520210 FY14 DPW CEMETERY ELECTRICITY $1,042 0149152-520211 PY14 DPW PROP.&BLDGS ELECTRICITY $11,809 0149252-520211 FY14 DPW PROP.&BLDGS.GAS $39,587 0149252-520213 FY14 DPW PARKS ELECTRICITY $4,455 0149552-520211 FY14 DPW PARKS GAS $5,302 0149552-520213 FY14 COUNCIL ON AGING ELECTRICITY $2,098 01541S2-520211 FY14 COUNCIL ON AGING GAS $66 0154152-520213 FY14 LIBRARY ELECTRICITY $7,847 0161052-520211 FY14 LIBRARY GAS $5,249 0161052-520213 FY 14 SKATING RINK ELECTRICITY $40,063 0163152-520211 TO: FY14 TRANSFER TO ESCO CAP.PROJ.STAB.FUND $177,862 1 hereby certify to the availability,authority of funding source mathematical accuracy and appropriate fiscal year. /�/r CWWN AU r � DATE TODITO 1 TOWN OF 1630 WATERTOWN Office of the Toton Manager Adn6otatradou Building 149 Main Street Watertown,MA 02472 Phonei 617-972.6465 Michael J.Driscoll Pax:617-972.6404 www.watettown•ma.gov Town Manager towntngr nCkvatertotvn•:nn.gov To: Honorable Town Council From; Michael J.Driscoll,Town `Manager Date; Fcbruary7, 2013 Re: AGENDA ITEM—PROPOSED LOAN ORDER Attached please find correspondence 11'om Phyllis L. Marshall, Txcasurpr/collector regarding ESCO Project Funding, As you are aware,Fiscal Ycor 2014 Budget Policy Ouldellne IC reads as follows; Implement fire Energy Services Company(ESCO)program as recommended by the Town Council on October 2,2012: * Move forward on the optimized$735M ESCO project, • Negotiate a contract with Johnson Controls for the ESCO project;Including the addition of quarterly reports of energy usage in all buildings under agreement. • Review the establishment of an energy stabilization fund In which to place rebates,grants, and Ainds from departmental energy savings, The energy stabilization fund will be used to pay the debt service on the energy efficiency projects incurred under the ESCO agreement, Therefore, in accordance with policy guidance from the Honorable Town Council, I respect&dly request the'attaehed Loan Order of$7,350,000 be placed on the February 12, 2013 Town Council Agenda as a First Reading, Thank you for your consideration hr this matter. cc; Honorable School Committee Honorable Library Board of Trustees Dep ntutent Heads John T.Loughran,Director of➢uslncss Scrvlees Beth S.areenblau,Beacon Integrated Solutions Davit)J.Doneski,Esquire,Kopehnon and Paigo,P.C. Mark R,Reich,Mquh•e,Kopehnan and Paige,P.C. V A EDWARDS VALOMAN PAMER LQI I I HUNUNOTON AYFNUE p A qp y� I?S 1 617 227 4 02199 ���YgNRAnN9�p ♦I6172890100meinitdT N, fox adwordmildmoo.<om Richard A.Manloy,IT, 611,239.0384 fne 866,6",1046 rma n1oy©adwardsw1 Idmamom Pebrttary 6,2013 Peter B.Frazior,Senior Vice President First Southwest Company MHnioipal Advisory Group 54 Canal Street,Suite 320 Boston,Massachusetts 02114 DearPetor; (Town of Watertown—EneJgyEfficienoyProjeotsLoanOrdet) As requested I suggest the following forth of loan order to approve the issuance of bonds or notes for making energy officlenoy Improvements to various Town buildings; Ordered; that,$7,350,000 is appropriated to pay costs of energy efliolenoy improvements to various Town,buildings,as more dilly described In the presentation by Boacon Ihtegrated Solutions presented to this Council on October 2,2012,iuohtding the payment of all costs Incidental and related thereto,and that to meet this appropriation,the Treasurer with the approval of the TOWn Manager,Is authorized to borrow said amount under and pursuant to G.L.c,44,§7(3B),or pursuant to any other enabling authority,and to Issue bonds or notes of the Town therefor,and that the Town Manager and tilt Treasurer are each authorized to take any and all other action necessary to oarry out the purposes of this Order, Tho order must be published at least S days prior to the holding of a publio hearing with respcat to tho order and Its final passage and require at least a two-thirds vole,as in the case of any other loan order for bonds, Please call no if there are any questions about the suggested proceedings, Y Irs faiilhaillly, V" ichard A.Manley,Jr. RAM AM 18162743,1 BOSTON MA I FT,LAUDERDALE FL I HARTTORD CT I MADISON NJ I NEW Yom NY mwpoar BEACH CA I moYIDENCE RI BYAALFORo or WASELINOToN DC I WEST PALM BEACH PL I WILMINGTON DE I LONDON OF I HONG YONU(ASSOCIATED WHO) MEMORANDUM Date: February 6, 2013 To: Michael J, Driscoll, Town Manager From: Phyllis L, Marshall,Treasurer—Collector Subjeot: ESCO Project Funding Attached Is a copy of the form of loan order for funding of the proposed Energy Services Contract(ESCO)Project as presented at the Special Town Council Meeting on October 2, 2012, In accordance with the recommended action In the attached copy of the Special Town Council Meeting, "...that the Town Council move forward on the optimized$7,350,000 ESCO Project,.,", negotiation of the Contract with Johnson Controls Inc, has been ongoing with Ms. Beth Greenblatt of Beacon Integrated Solutions and Mr, David Donesid of Kopelman&Paige coordinating with Ms. parsons for the Town of Watertown. It Is expected that the contract and atfachments will be finalized this month. The proposed form of Loan Order Includes only the costs for the Contract with Johnson Controls Incorporated for the Energy Conservation Measures. It does not Include funding of Owner's Agent Services, project management or contingency for the project installation. Please contact me If you have any questions or need additional information regarding this matter. Attachments(4) Watertown Town Counall Adminislrallon SuIldino 140 Main street Watertown,MA 02472 Phono:017.072.6470 ELNOTED OFFICIALS; ksark S.Sldoas, Council Nosldent staphon P.Cotbell, SPECIAL TOWN COUNCIL MRRTINO moo Prosidont TUESDAY,OCTOBER 2a 2012 AT 600PIVI dohnA Donohue, RICHARD B.MASTRANORLO COUNCIL CHAIYW13R CovndtofAl Lorge ADMINISTRATION 13UILDB40 Susan O.Folkvff, CovndlorAt Largo Pursuant to file Call of the Counoli Proskieat and In accordance with Seotlon 2.6(c)(11) Anthony Polombe, of the Home Rule Charter authorizing Ilia council President to call spednl lueethlgs, CounulorAl Lorgo (he members of Ole Town Council of(Ito City known as the Town of Watortown are Angollno B.KOen039, hereby noff led of a Special lyleeting for(Ito purpose of discussion and notion oil(Ito Dlst(MACoundlor below potent matto•8, Caclga Lenk, Dislrtci n Covndtar vincont d.Pi"iglii,dr., IVIINUTRS Dlslrtct C Councilor Kenneth M,Woodland, I. ROLL CALL: A Speolal Town Counoll meeting was called to order at 6;30 pm in Dlsirtd D councuor the Richard B,Mastrargolo Coanoi)Chamber,Administration Buildbig, Prosont for the meeting were Counellors Johu A.Donohtte,Susan O.Fa(koff,,Anthony Palomba, Angeline B,Kounoifs,Ceoflla Look, Vincent J.Piccldill,Jr„Kenueth M,Woodland, Vice Prosidont Stephen P,Corbett dad Couroil ProsidentMork S,Sktoris, Also presort were the Tovn Mauagm•Mtehnol J.nrisco(i and Couuefl Clok Vaterte Papas, 2, INFORMATIONAL PRESENTATION: a) Intbrinational Presonlption and action on lino BSCO project, The Chair recogulzed Ms,Phyllis Marshall who provided bnckgromid oil liteIISCO project process whioh was titillated 1n 2003, Ms.Beth Greenblatt Boacon Integrated Solutions provided a power point prosentation on file fblal budget rcub•al project and twenty ycnr 0011(mol, Following the presentation,the chair opened up tho meeting to Colmollors for questions and of,comments, 1 Vice Prosident Corbett asked;who Is tine gneral eantraetor aild what Is Ilse thnet}ame of(Ito project, Nis,Oreonbinth indicated that ilia general contractor will be Johnson Controls who will provide most of ilia work In-house and will suboontract small portions, all according to prevailing wago laws,She noted that tho project will begin lit ilia spring of2013 with Ilglntiog projects which will generate rebates that will offsot Ilia negative anti Bow, Much of the work In schools will bo to kite heating find cooling systems and will take place ill tho sununer wbon school Is closed, Tho project will be completed by spring of 201 d. An Cotton,Johnson Controls confirmed and elaborated on the IbneOmne,scope of work,rebate program and complodon date, Vice President Corbolt stated flint estimating onergy savings can be dffficult duo to wefititer and human behavlor and asked Mr.Cotton to elaborate, Mr,Cattail stated!tint some of ilia savings are pretty straight forward and thereforo fire guaren(eed because they era calculated by usfug(he current consumption level versus ilia Italy energy equipment, Councilor Leak asked how(Ito baseline changes over rho(wentyyeve contract Mr.COUOn stated that there Is a provision In Ilia contract to deaf with rho baseline. Councilor Palombo asked if ilia rebates aro a onetime benefit. Mr,Cotton indicated yes. Councilor Kounells stated(flat because ofilte humran elonlont involved;that silo would like quarterly reports, Mr,Ce((om slated(hat(boy lmvo removed Its tnuah of(Ito huulal element as possible with automated systems and controls that will generate trend reports which cal bo rend by ilia building inanagers and are rovlewed quarterly by ' Johnson Controls, Coune110r Ploab'1111$filled that Ihis)nOJeot has boon it long little canting;going back to 2008, He noted tho b•emlomdons vnluo In the project And spoke it)support of using all LtSCO in order to get the proJeot done and realize tho savings as soon as possible, He flu9lter noted that ilia twenty year contract places file burden oil Johnson Controls, Councilor Falkoff spoke to support of(ha program, The Chair(flanked nil those involved in tills project;especially Ito Budget and Fiscal Oversight Colunilttee and noted that the project will not only achfavo savings; bill also a better hosting and eoolfug comfort level for all those in town buildings and schools flbrn employees to students, Tho Manager also thanked all thoso involved In tho project and elaborated on the Commfttce's action Items which Included establishing an energy stability Nnd gild the need for seed monies In the aanouaf of$Gd,000 which he will bring forward oil October23'd. VOTR ONE: Conucilor PlcoldIll read and moved:Recommend that thoTown Connell ntovo forward on fire optimized 57,35M VSCO Project,seconded by Connollor Kounolis and adopted by unanhnens Poll call veto with Councilors John A.Donohue,Susan 0.Palkoff,Anthony Palombn,Angeline A.Kounelis,Cecilia Lcnk, Vincent J, PicolrHtt,Jr„Kenneth M Woodland, Vica Presient Stephen P. Corbett find Council President Mark S.Sideris voting in tho afilrnnativo. VOTE TWO: Councilor Piccirilli read and moved Recommond that fire Town Council direct 1ho Town Manager to negotiate a contract with Johnson Controls for(Ito ESCO project), Including the addition of quarterly reports of onorgy usagelu all buildings underagroement,seconded by Councilor Koanolls and adopted by unanlmoas roll call vote with Councilors John A. Donohuo, Susan 0,Pnikoff,Anthony Palomba,Angeline 13.Kotmelis,Cecilin Look,VincentJ.Pleolrflll,Jr.,Kemtetlt M. Woodland,Vice President Stephen A Corbett and Council President Mark S.Sideris voting in tho affirmative. �j VOTE THREE: Councilor PlooldIlt read and moved Recommend that(Ito Town Couuotl reviow file establishment of an energy stabilization Haul in which to place rebates,grouts,and Rands front departmental energy savhtgs, Tho emergoney stobil)zatlon hind will be used to tiny fito debt soreloe on file onorgy effleloney projects Incurred undor tine ESCO ngreomouf,seconded by Comteltor Woodland find adopted by unan)mous roll call vote with Councilors John A.Donohuo,Susan O.Palkoff,Anthony Palombn,Angeline R.Kmutolis, Cecilin Lenk,Vhncent7.Ploohvllll,Jr.,Kenneth M,Woodland,Vice President. Stephen P,Corbett and Comfaq Proshleut ivlark S,Sidorls voting In file affirmative. 3, MOTIONS,ORD}3RS AND RESOLUTIONS: a) auislderaflon and notion on the Commifteo on Personnel and Town Organization's ecoommendntlon to proceed will)a Staffing and Operational Assessment of tiro Publlo Works Doparhnertt, Tho Chair noted that the Personnel Committee provided a report at tho last meeting and tabled any action on tire matter so that Counotfors could have addltlonat time to look over the revised Collins Contor proposal, The Manager provided a brief overview of ihoDPW study avid rotated h'ansfor of Ponds, 3 Counollor Donohoe moved to adopt the Committee's reconuuondatlon to trove forward with tine revised Collins¢eutor proposai,seconded by Counollor Kouuoils and adopted by onaulmous voice veto with Cottuollors John A. Douohuo,'Sosmt 0.Falkoff,,Anthony Palombn,Angeline A,Kouuelis,Ceolua Lonk,Viucout J.Pleoln'llil,Jr.,Kometh M.Woodloud,Vice PresidentStopheu P. Corbett and Connell President ivfark S.Skleris voting In file affirmative. Vice President Corbett moved the$21,000 transfer to fiord the study,seconded by Councilor Lonk and adopted by unathnous roll call vote whit Counollors Joint A. Donohtto,Susan 0,ralkoff,Anthony Palombn,Angeline B,Kounoffs,Cecilia Lonk,Vincent J.Plooldili,Jr„Kenneth M, Woodland,Vice President Stophcn P. Corbett and Connell President Mark S.Skieris voting in the affirmative. Tho Cltair asked for a motion to Suspend the Rules for a Into agenda Itom, So moved by Counollor Plcolrilll,seconded by Counollor Woodland mid Adopted by unnuimous voice vote with Cootioilors John A.Donohue,Susan 0.ralkoff, AnthonyPalombo,Angellue H. Kounalls,Cecilia Lonk,VhtcontJ.PleelrIlll,Jn, Kenneth b1, Woodland,Vice President Stephen P.Corbett and Councll President Mark S,Sidoris voting In the affirmative; The Chnir asked for a motion to sand a letter of support for AindrAlsing efforts to restore the Soldier's Monument at Saitoustall Park. So moved by Counollor Woodland,seconded by Counollor Palkoffend adopted by unnuimous voice voto with,Counollors Joint A.Donohue,Susmt 0,Pnikoff,Anfhony Palombn,Angeline B, Konnolls,Collin Lonk,Vincent J.PicoldIli,Jr.,Kenneth M. Woodland,Vice President Stephen P,Corbett and Courted President Mark S,Sklcrfs voting in file nfflrmative; it, ADJOURNMENT; 'There being no fitrthor business to come before the Town Connell,Counollor Douohtte moved to adjourn the meeting at 8:15 pm,seconded by Cotuellor Woodland and Adopted by unanimous voice veto, ld ten c t t 1 hereby certify flint at a rogolar meeting of the Town Connell for witch a quorum was present,tho above mi n nos worn adopted by mmuimous voloc vote on November 17,2012. MArk S.Sidoris,Counoll President 4 ,roWn of W2Ltert"Vn -progra3n Review and- Tjpaate October Z, 2012 Performance Contracting Overview General Approach Design-build energy efficiency project that leverages existing operating and energy budgets to implement turnkey energy efficiency and renewable energy solutions: o Upgrade building infrastructure and increase building efficiency u Reduce operating and maintenance costs o Enhance operating staff productivity ca Implement renewable energy strategies • Improve indoor air quality • Enhance core curriculum by integrating innovative technologies with educational objectives ,�s f'M1CV.NT9 WiA}lYQ\\ Performance Contracting Overview Mustraave .Example - 25961 Operating Cost savings 100 Savings used to pay debt obligation W (� a 25 --. ------ Before Program During Program After Program �- SAnnual Operating Budget nAnnual Carrying Cost of Program - � ACO i�7 gown 6f B�°�EMUM f Program optimization. Wzanowmg Process to Achieve Best Value '�V: � n^y'���"�'• y'Yi �•,�� ` , r�� y, ryy+r�y�yh r'ii Ha K v '°'' '^.w •y �' `""• '° n �'-ems,.V aAk`r" ' �G'' �`�,�. n. Jx;�, : , 7',, ��4`fs- �'x. ,: 'P' �a�.^:.•% . A°„ yFyi'.. i %7v •�'�""...x.:1'.�.,'�'^,�:� '4. ..r` c::c. .�� �`�.�'d'..u`".,.,•w:.`�`�'vntl";;:.a f c•Wtl v�r. � ,,�_p •e:' '� •�� __ri_r i:•«-:mow' 3., M1.. "'y�' �"�F �$ 'F'�,��• h ran y` i.:�; r :.. •v •'�w-,row+rrt�,.��.and„; C'�rr •a'. 8 •P„'SN' ; '`,- .� ""�"„�••'- �^+' c. .•9 ..�'! �v ....._ ., :t�:•M�., �.sz.,;x�,� ., n�,..�ww � e• ,o•; � a �'�esa�. Seca ca .,,. 01� ��C> � Lip `�. of ect ox�•;`ei�a�"" es's�'� B ACO�7 'ram ofI ereM SEW A@. Program Optimization Wi=oWM9 Process Results �.� Total Technical Potential — Original. Proposal o 16 Town and School Buildings o 145 Energy Infrastructure Upgrade Projects o $10.6 Million in Energy Infrastructure Investments ❑ Cashflow: -$1.22 million during first 11 years; -$61,000 over 20 years. -o� Winnowing — Initial Scope Refinement o 15 Town and School Buildings (removed Old Police Station) o 118 Energy Infrastructure Upgrade Projects o $8 Million in Energy Infrastructure Investments o Cashflow: -$278,000 during first 6 years; $1.9 million over 20 years. ' SS,A.CON" S�de� Program Optimization .Recommended Project — Optbnzuzed h Depai-Lment Staff �.� Recommended Project o 14 Town and School Buildings o 97 Energy Infrastructure Upgrade Projects o $7.35 -Million in Energy Infrastructure Investments. o Cashflow_ -$144,281 over the first four years; $1.97 million over 20 years_ Utility rebates of approximately $274,000 used to offset casbflow impact in early years_ S ACO Odd fi sNaojy�;���gna}o:;uaiu.�a�tlaQ: ?3a;,';`-r,` �uo�;e}s e.�1�:41a,!.�N ::•<i ' S`i S`i 4i 1j �.I�t ,i i jll}i,rf�l ,I Jl 1 t , ?�2,.`•l�i��:Yu•�'fn�O�,L UMO}:}@��UMj.' � � �7 � � � � �/ ri Io !i- .;u?u1al f ?� �}{i Ilk w�." i �� ;j90ij�S`A•!�{Noiijgk��aii'so�-jr Qj S) `�I �`r "v Si � �? �`i NO- .AK P ..i;:�6�ii•.lsiu L`S:h:1ex'il:$:".'i;�4 :7 o :i4<"i:)).��l= ril�:t?. :j�b� li•.i•v.-, � CG } '•'`' ;.�`y., �+_Lf'Iti�Y`Iia4i''.j�,��^{2;� O 25 cn v v m Y} w rb ccu � {l.?.+?:i c-.nti•�J::::`a�i:f�`::i'i', .. •C + N 0. O. N OV ut :. it;4i, rl,:....•'' ; � �^ R vim- �. � a toa. m5 o a ++ :.::ti:: :•t i,c: :. a, R a a o c E E E m Z v u }�(•;' �34';.". ;yi��T l.i�'+'�:r'r:'�':i;.3,,�+; N N b : a � � C1 T ,� -8 � � Ol C t Y :i't'�:1: "}. 4;,.:: :lf •. ',p. �C rC > �iC a M � y� O O 'CI , y 1��� :is:�:ij`y' S•>,,y. -ee's,k.t'.1,: i.!<'fi li �i. C W U C a T L/1 f0 V 3 E f-1 '` �ik,1•�i i:!n :7 _>il. '+).;' 1 I w Q (n N �lQ W LLJ�li•�',ll...�i: • it' '.:' by Q � � �� � � QO[ c +� c c c>.y;... �ic,''`-7.•1 : ..l•;c.b �a s N a ED gun a g :1 p� x 0) aw 0) v *° ro c CJ Q T x a w SL w h m �Q m - JCT Proposed Program Recommended Optz=ed Project N r.Hw "'.w.'^' \ ,y�V:�l: '^f -�CrTi':b�" � :"an,a4 •..c. -.-...t+r"'"=f"^ 4^y'cYron"�?`•.^"- �'tK• t-'ti '.;Cw.w"��� n i�aw:n'.w✓�G„"', wvr a b =e��'•;:+,�'vM•M;�+k. ,,,,,.h� ,:`y";i, y: o,"�"ie'„�,�.�"-%;$+-',,�t".'7<�.,. -r�:w`J ',�y'� .,+: �a-'-.m,.,u'g�,,"��: -+°.�-•''ev� lrc^^�` M a'; y„'`xc'w,s..0 r,.nn ^c.�(,..w^.7:'�•� _ ,,,,• k...,v. C r ..: rt�'r ,t.;S', sr-r u",.,x „� �4r^rC- � ar: ..r .�^"FA 'ca•4Y .:�.dyt"�y',wM1",r `` ' •�v'r•=:t'��.;c: "J- .x�: G ,u� .'�S`�-�" a'i.�^r.k = °"�S-�M>�. 2T,,".LL^'��..��..�.;'•,-,J ',.� '.E � . 7'm �,Pa�F two'--":.• -'S�.'w:�; � .h :'� '.oC ':•.',c;��i:':('r .y '1, :.'.�'...`, u.m...•�� � %'�> .YJ�,m,� ,Y - �V-C��•� us;+ '^'° .•�:./NLhr"-'l"¢�,.'`^~ti.".�?�" a �;Gms^.•^ 'S➢.'b-.Yf��:m7`� u'.-"' rr•'u"C' "r-M-� `.� �y^y �• .,. ^iG'+ ,r,: Gy,'.r4 ' o '"9Y�•K, �.w 1'h .w 'M V.• y.,.., vcfi' "•'= v. g231„wlLa41. '2Vi17 "uS:•.' �'"%" t' •"•--e.^ FS [Watertown High School $1,959,803 $131,333 $48,992 14.51 Watertown Middle School $689,791 $58,925 $52,090 10.81 Hosmer Elementary School $870,227 $74,727 $33,976 112 Lowell Elementary School $1,024,666 $55,721 $38,171 17.7 lCunniff Elementary School $807,959 $27,324 $18,002 28.9 Phillips Elementary School $440,149 $26,602 $2,397 16.51 Watertown Town Hall $415,289 $10,822 $14,350 37.0 Watertown Library $107,030 $16,372 $11,324 5-8 Main Fire Station $260,089 $6,952 $10,166 35.9 INorth Fire Station $20,842 $1,974 $25 10-S (East Fire Station $M,367 $1,662 $3,522 70.9 IFepartmentofPubiicWorks $211,303 $27,949 $7,257 7.3 Ice Rink $307,539 $31,225 $31,833 8.8 ISeniorcenter $91,624 $1,627 $1,961 55.1 Investment Grade Audit Cost $37,565 - - - . >-•...-::;�::..:.. -. '- -;:Totai °-�. '" - '365'245 73'� 274�066 . -15.Q i ' $3✓ACOI Town of waater€m Slide a JCI Proposed Program CashflowAnalysis at 3.19966 Net Interest Cost x''"�.wd y�.^-c^ ;;K+L��1 •�w^.e.'"' > :3ec.„-�`' r� xs�:�,. A13 L1•`L�,,v._,�'% ,;''� ^�e✓,,.�".;a."^�x.��sc^,�E;OcTtA_Y'Lii/A`[f1�UA COS. '�^�:,:'„',�;�y" N w ,,er-.;,�;. 1SFA ' ;: Debt'Sery ce ".`: :.:`IVl&�/:•' Total"_`:'`..i-.:>, : :..-'' Total :. A�k�FCOW 1 $512,175 $19,800 $531,975 $473,215 $58,760 2 $510,175 $20,394 $5$0,569 $487,411 $43,158 3 $508,050 $21,006 $529,056 $502,034 $27,022 4 $510,800 $21,636 $532,436 $517,095 $15,341 5 $508,300 $72,285 $530,585 $532,608 $2,023 6 $510,675 52.2,954 $533,629 $548,586 $14,957 7 $512,800 $23,642 $536,442 $565,043 $28,601 8 $509,675 $24,352 $534,027 $581,995 $47,968 9 $510,600 $25,082 $535,682 $599,455 $63,773 10 $510,825 $25,835 1$536,560 $617,438 $80,779 11 $508,575 $26,610 $535,185 $635,981 $100,777 12 $510,976 $27,408 $538,383 $655,040 $116,657 13 $512,850 $28,230 $541,080 $674,691 $133,611 14 $509,200 $29,077 $538,277 $694,932 $156,665 15 $510,200 $29,949 $640,149 $715,780 $175,631 16 $510,675 $30,848 $541,523 $737,254 $195,731 17 $510,625 $31,773 $542,398 $759,371 $216,973 18 $510,050 $32,728 $542,776 $782,152 $239,376 19 $508,950 $33,708 $542,658 $805,617 $262,959 20 $512,325 $34,719 $647,044 $829,785 $282,741 b,�'�'J"0:208�JVV; RIu*r a.W-•+32 ,1J�J ..u�.p��'�"YV�Jr33�C.�a:l`itu"V$1"GSJ:;'.+Ur;:4.CW,e�i%:kfc":4u4'.¢�4v+^Inn���`W3.1:;.?��%^. Debt service is based on assumption of level payments with a net interest cost of 3.19%- Total principal borrowed of$7,365,000 includes the cost of the investment Grade Energy Audit. Debt service is before rebates of$274,066 which will be used to offset early year oashflow impacts. BEACON �i5 E2C� eII®L � Me-4 JC1 Proposed Program CashflowAnalysrs at 3.59161 Net Interest Cost ,N'�tl�\ Debt Service` is Cotal .: Total-:j..--s;;,'',; a �ASE11= '0111F x 1 $517,775 $19,800 $537,575 $473,215 $64,360 2 $518,675 $20,394 $539,069 $487,411 $51,658 3 $519,225 $21,006 $540,231 $502,034 $38,197 4 $519,425 $21,636 $541,061 $617,095 $23,966 5 $519,275 $22,285 $541,560 $532,608 $8,952 6 $518,775 $22,954 $541,729 $548,586 $6,857 7 $517,925 $23,642 $541,567 $565,043 $23,476 8 $516,725 $24,352 $541,077 $581,995 $40,918 9 $520,175 $25,082 $645,257 $599,456 $54,198 10 $518,100 $25,835 $543,935 $617,438 $73,504 11 $515,675 $26,610 $542,285 $635,961 $93,677 12 $517,900 $27,408 $545,308 $655,040 $109,732 13 $519,600 $28,230 $547,830 $874,691 $126,861 14 $515,775 $29,077 $544,352 $694,932 $150,080 15 $516,600 $29,949 $546,649 $716,780 $169,231 16 $616,900 $30,848 $547,748 $737,254 $189,506 17 $516,675 S31,773 $548,448 $759,371 $210,923 18 $520,925 $32,726 $553,651 $782,152 $228,501 19 $519,475 $33,708 $553,183 $805,617 $252,434 20 $517,600 $34,719 $652,219 $829,785 $277,566 Debtservice is based on assumption of level payments with a net interest cost of3.5%. Total principal borrowed of$7,385,000 includes the cost of the Investment Grade Energy Audit. ! Debt service is before rebates of$274,066 which will be used to offset early year cashflow impacts_ S�ACO�T '€6LA,�€&&Eft��6HES9i9Ee arrcunnaaocmoe. ��I���® ,�,r� JCI Proposed Pro . . GrasAgowAvalysis at 3.5966 1iIC with 6liilozz li Ba�zzµ .�:'�� i�jC���c.Y'h.%��" "]L'�•iS"i'Y��IkV�I'.::.1^/S�+J'='itiw"�s`��1 �i'v'�ff%",V'{� AV;rNO3::iP/'i[.`::,.1:�]�LYil�v`::•.•::.v Zvi/w,. '!^ JYli lwl!✓2'.J�i::Ni • L Debt 3enncefll M&V Tota[ Total ll2 ryOiSL�TN?=: 1 S1SS.800 $'19.800 S2O'5,600 $118,304 $85,296 2 S524,560 $20,394 $544,954 $487,411 $57,543 3 ; $527,812 S2.11006 SS4S,S1S S50ZO34 $46,784 4 $532,575 $21,6a6 $653.536 $517,095 $36,441 5 ; S531.900 322,285 $55a,160 $532,60S $20,552 6 S�-0.375 $22,954 $552,454 $548,586 $3,86S 7 $529,500 $23,642 $551,417 $565.04S $13,626 • 3 $627,775 $24>352 $554,964 $581,995 $27,031 9 $530,613 • $25,012 S55a,O95 S599,455 $46.380 10 $528,013 $25,835 $555,510 $617,438 $61,629 11 S529,975 $26,610 S558,022 S635,961 sTl,939 12 $531,413 $27,408 S559,7--<> $865,040 $95,$07 1a SS321325 $28,2ao $556,030 $674,691 S118,661 14 $527.800 $29c ,077 $S56,914 $694,932 S138.018 15 $527.838 $29,S49 $50^2,212 $715.780 $153.568 16 $532.263 $30,845 $569,923 $737,254 $175,3a1 17 S531,075 $31,773 S561,238 S759,371 S19S.235 18 $529.a6S $32,726 $664,764 $787,152 5217,388 19 S53 2,038 $33,708 $562,808 S$05,617 $242,809 20 $529.100 SS4,719 $563.819 S829.785 S265.966 :;'<'',a.�'LA:2S0':69'/.3o?`i:!d•�ia�/ 2:�4aa��,�:r't' .t.-w'/W"d'At'%17.9Y'.1."SaS?r.;;it.",tll5S7R6O:�$k=:.�%^%�i=', ..$�I:•58xC85.:.,.... . [17 Ysar1 reflects debtsenhoe and energysavings during construction. Debt ssennce is based on$rn oath BAN at1S% net interest costa nd 19S yr 6ond at a net interesicosi of3S'/o.Savings in Yr_1 reflects 25%ofthe annual performance guarantee of energy savings during the construction period Yrs 2 20 reflect annual debt service. annual costs and guaranteed energy savings, post project construction. '* Total principal borrowed of$7,a65.000 includes the cost of the investment Grade Energy Audit. "' Debt service is before rebates of S274,066 which w'rI l be used to offset early year coshiiow impacts. JCI Proposed Program Optimized Project Savmgs as a Perce-at ofBaseAne Usage ' ;;� F•• .10 �:�c-rx• N'��'.' ,o, ,s^ :+�- k� ' �ii�".,�.y..�.w:, a•_vrk:tS�.w`b tF••.....r _,.r��,{ a`s�m�. Mr,%f65- 911M �,�'osf� Elecuic�y Naf'uralGas= :-Electucity ` NanualGas=:.: Eiectrxcity:;•: . :Natisial.Gas ° a it (kWh) Q&MBM) CKW h) O&VM* Wh) WBOW) lEgh School 1,264,920 13,123 307,738 4,166 24.33% 31.75% Mille School 691,248 4,389 251,014 1,346 36.31% 30.67% Hosrner ES 759,410 7,937 178,734 2,728 23.54% 34.37% IT.oweRES 354,720 6,282 103,157 2,751 29.08% 43.790/61 Cumiff ES 284,400 3,184 87,555 878 30.79% 27580/oi Phiffps ES 175,424 3,926 15,352 1,357 8.75% 34.56%l TownHaR 297,640 1,134 38,079 313 1324% 27.600/64 Mary 595,560 1,637 61,444 327 10.32% 19.980/. IVIamFn;e Station 125,880 1,002 19,961 248 15.86% 24.75% North Fire Station 41,239 475 116 125 0.28% 26.32% East Fire Station 56,34- 471 101 108 0.180/0 22.930/o 'DPW 423,780 5,431 49,258 1,349 11.62% 24.840/o I ice Pink 617,084 1,961 142,694 630 23.120/81 32.130/ol 1Seniorcenter 26,784 195 5,835 48 21.79%1 24.62% .,...s'::?w s : �'^`�:;. '. 'M-m^:'+„',`^.:.."" .T..r.c,. � w.'rm... w v ,-.y.,,Y ;. '•r ry�,.M1.. 'J;�N''i"N ♦_1..._.._.._...n.._.�...'f..�r.:..n'�ti�'�_..w._� ._ >:.....N.._.,Y�a'm 'y`.",fe'.v _._ �li GvE�YJ��'�3�•,rolYw'.G�".�.a .�.^r�'-:1'✓O`�"'''. .`,r'�. k}" .. :!{�TL.�� S�.ACON ��t�E&®I�4mtds8€9 S�4ERe 14 Next Steps o, Contract negotiations ❑ Kopelman and Paige, supported by Beacon will negotiate with JCI: Terms and conditions Final scope of work m Measurement and Verification plan Commissioning plan Training plan c Final draft agreement for Council consideration in December 2012 n Anticipated execution in January 2013 n Loan order in February 2013 73�A.Cdi�T �'m�9&6€6�a'�§'ffiE3�€E �T4E�e82 Questions Thank You Beacon Integrated. Solutions P.O_ Box 320325 Boston, MA 02132 bgreenblatt@beacon-Re_com www.beacon-llc_com 73EACOI�F TOM effwmriavm weu '� r:cuaa+ovvno:c TOWN OF 1630 WATERTOWN Office of tite Town Manager 5 V Administration Building 149 Main Street Watertown,MA 02472 Phone:617-972.6465 Michael J.Driscoll 'Fax:617-972-6404 Town Manager v .watertown-ma.gov [OlVhlnotr�VafPr[OAVh•ina any To: Honorable Town Council From: Michael J.Driscoll,Town Manager Date: April 18,2013 RE: Proposed Amendment to the Fiscal Year 2013 Budget Enclosed please find, for your review and consideration a Proposed Amendment to the Fiscal Year 2013 Budget, The Proposed Amendment is related to the establishment of an ESCO capital projects stabilization fiord. The Fiscal Year 2014 Budget Policy Guideline IC reads as follows: Implement the Energy Services Company(ESCO)program as recommended by the Town Council on October 2,2012: • Move forward on the optimized$735M ESCO project, • Negotiate a contract with Johnson Controls for the ESCO project; including the addition of quarterly reports of energy usage in all buildings under agreement. Review the establishment of an energy stabilization fiord in which to place rebates, grants, and funds from departmental energy savings, The energy stabilization fiend will be used to pay the debt service on the energy efficiency projects incurred under the ESCO agreement, As you are aware,on February 26, 2013 the Honorable Town Council approved a Loan Order of $7,350,000 to move forward on the optimized ESCO project. The Energy Performance and Management Services Agreement with Johnson Controls has been negotiated and executed. Therefore, in order to move forward with an energy stabilization fiord in accordance with policy guidance from the Honorable Town Council, I respectfully request the attached Amendment be placed on the April 23,2013 Town Council Agenda as a First Reading amending the Fiscal Year 2013 Budget. Given this Amendment, the Fiscal Year 2013 Revenues and Expenditures will be each increased by $473,215, Therefore, the revised Fiscal Year 2013 Revenues and Expenditures are $103,020,480, cc: Honorable School Committee Honorable Library Board of Trustees Department Heads FISCAL YEAR 2013 BUDGET AMENDMENT INCREASE REVENUE (DECREASE) TO READ UTILIZATION OF OVERLAY SURPLUS $ 473,216 $ 473,215 00145840.484400 TOTAL REVENUE ADJUSTMENT $ 47$,215 INCREASE EXPENDITURES (DECREASE) TO READ TRANSFER TO ESCO CAPITAL PROJECT STABILIZATION FD. $ 473,215 $ 473,215 0194000-596805 TOTAL.EXPENDITURE ADJUSTMENT $ 473,216 TOWN OF WATERTOWN 1630 Auditor Z, , A Administration Building ,.f `'.• t 149 Main Street a N%tertown, MA 02472 Phone: 617.972.6460 Pax: 617.972.6563 WW%Watcmown-uta.gov Thomas J.Tracy Town Auditor TO: Michael J. Driscoll,Town Manager FROM: Thomas J.Tracy,Town Auditor DATE: July 3,2014 RE: FY14 ESCO Transfer Pursuant to your request I have reviewed the Electricity and Gas accounts for all Departments. Attached Is a proposed transfer In the amount of$177,862 from various Town Electricity and Gas accounts. The transfer, if approved by the Town Council,along with a transfer of$114,000 from available balances within the School Department's FY14 Electricity and Gas accounts would total$291,862. The current balance in the ESCO Capital Project Stabilization Fund Is$242,294. The proposed transfer of$177,862 along with the above mentioned School transfer of $114,000 would increase the existing ESCO Capital Project Stabilization Fund to $534,156. As you know the FY15 Debt Service related to the ESCO Project is$528,651 and the FY15 General Fund Revenue budget Includes a transfer in from the ESCO Capital Project Stabilization Fund of$528,651. Therefore, the attached transfer of$177,862 is necessary In order to have sufficient Funding for the ESCO related planned activity within FY15. TRANSFER AMOUNT$177,862 FROM: FY14 TOWN HALL ELECTRICITY $4,038 0119252-520211 FY14 TOWN HALL GAS $3,514 0119252.520213 FY14 POLICE GAS $13,707 0121052-520213 FY14 FIRE ELECTRICITY $9,378 0122052-520211 FY14 FIRE GAS $1,118 0122052-520213 FY14 DPW STREET LIGHTING $28,529 0142452.520210 FY14 DPW CEMETERY ELECTRICITY $1,042 0149152-520211 FY14 DPW PROP.&BLOGS ELECTRICITY $11,809 0149252-520211 FY14 DPW PROP.&BLDGS.GAS $39,587 0149252-520213 FY14 DPW PARKS ELECTRICITY $4,455 0149552.520211 FY14 DPW PARKS GAS $5,302 0149552-520213 FY14 COUNCIL ON AGING ELECTRICITY $2,098 0154152-520211 FY14 COUNCIL ON AGING GAS $66 0154152-520213 FY14 LIBRARY ELECTRICITY $7,847 0161052-520211 FY14 LIBRARY GAS $5,249 0161052-520213 FY 14 SKATING RINK ELECTRICITY $40,063 0163152.520211 TO: FY14 TRANSFER TO ESCO CAP.PRO).STAB.FUND $177,862 I hereby certify to the availability,authority of funding source mathematical accuracy and appropriate fiscal year. DATE ` TOWNAUDITO ;�' �./ i REVENUE FORECAST .ASSUMPTIONS: Real Estate and Personal Property taxes are increased 2.5%per year. New growth is projected to be$2,000,000 annually from FY 2016 through FY 2018. Funding for the Optional Tax Exemption forhomeowners at 100%over the statutory level is included in the overlay adjustment. Proposition 2'/z debt exclusion override is based on bond costs and school construction reimbursements. FY 2018 is-the last year for school construction reimbursements related to the 1995 Debt Exclusion Override. i State Aid iS based upon the recommendations contained in the.House Ways and Means Committee Budget(HWM). In subsequent fiscal years,State Aid is level funded at the projected FY 2015 amount. The majority of Local Receipts are projected to remain constant or increase 2.5%annually. Motor Vehicle Excise is projected at $3,300,000 annually through FY 2018. Other Excise(Hotel)is projected to increase$50,000 in FY 2016 and$300,000 in FY 2017. Investment income is projected at$65,000 annually through FY 2018. Other Financing Sources reflect transfers from the Parking Meter Fund to partially offset the Parking Lots and Meters Budget,from the Cemetery Perpetual Care Expendable Trust Fund and the Sale of Lots Fund to partially offset the Department of Publie Works Cemetery Budget,and from the Water and Sewer Enterprise Funds to cover applicable indirect costs. Utilization of Free Cash is recommended at a level of$7,000,000 annually through FY 2018,which includes$250,000 annually for the Special Education Stabilization Fund- Transfer from the Capital Projects Stabilization Fund is projected at$500,000 annually through FY 2017,which represents the balance of the Fund Transfer from the Unfunded Pension Liability Stabilization Fund is projected at$250,000 annually through FY 2018. —j Transfer from the ESCO Capital Project Stabilization Fund includes projected fiords from departmental energy savings,rebates and grants. ' i REVENUE FORECAST _ FY2014 FY2015 _ FY2016 FY2017 FY2018 _ TAXES: - Prior Year Adjusted Levy Limit $ 78,070,91$ $ 82,314,931 $ 86,372,804 $ 90,532,124 $ 94,795,427 Add2.5% $ 1,951,773 $ 2,057,873 .$ 2,159,320 $ 2,263,303 S 2,369,886 New Growth $ 2,292,240 $ 2,000,000 $ 2.000,000 $ 2,000,000 $ 2,000.000 Adjusted Levy Limit $ 82,314,931 $ 86,372,804 $ 90,532,124 $ 94,795,427 $ 99,165,313 Overlay S (950,000) S (950,000) $ (1,050,000) S (950,000) $ (950,000) Debt Exclusion(FY 2018 Last Year) S 278.050 $ 226,620 S 176,600 $ 125,204 S 72,480 NET LEVY LIMIT S 81,642,981 $ 85,649,424 $ 89,658,724 S 93,970,631 $ 98,287,793 STATE AID: Cherry Sheet Receipts $ 9,921,563 $ 10,528,071 $ 10,528,071 S 10,528.071 $ 10,528,071 Sch.Constr.Reimb.(Lowell,Cuniff&MS) $ 913208 $ 913,208 $ 913,208 $ 913.208 $ 913,208 TOTAL STATE AID ' $ 10,834.771 $ 11,441,279 $ 11,441279 $ 11,441279 S 11,441279 LOCAL RECEIPTS: Motor Vehicle Excise $ 3,250,000 $ 3,300,000 $ 3,300,000 $ 3,300,000 $ 3,300,000 Other Excise $ 540,000 $ 545,000 $ 595,000 S 895,000 $ $95,000 Penalties&Interest $ 195,000 $ 250,000 $ 250,000 $ 250.000 $ 250,000 PILOT $ 872,374 $ 895,328 $ 918,970 $ 943,322 $ 968,404 Commercial Trash $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000 Fees $ 1,531,006 $ 1,956,000 $ 2,004,900 $ 2,055,023 $ 2,106,398 Rentals $ 156,676 $ 156,218 $ 130,748 $ 130,266 $ 131,908 DR-Cemetery $ 75,000 $ 75,000 $ 75,000 $ 75,000 $ 75,000 DR-Recreation $ 390,000 $ 425,000 $ 425,000 $ 425,000 $ 425,000 Licenses&Permits $ 205,000 $ 205,000 $ 205,000 $ 205,000 $ 205,000 Fines&Forfeits $ 885,000 $ $85,000 $ 885,000 $ 885,000 $ 885,000 Investment Income $ 65,000 $ 65,000 $ 65,000 $ 65,000 $ 65,000 Sale of Town Property $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 Belmont Reimbursement $ 67,473 $ 69,124 $ 70,124 $ 71.124 $ 72,124 GranUEmployee Reimbursements $ 40,000 $ 40,000 $ 40,000 $ 40.000 $ 40,000 Advertising Bus Shelters $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 Medicaid Reimbursements $ 365,000 S 326,000 $ 326,000 $ 326,000 $ 326,000 Wheelabrator Service Agreement Incentive $ 112,500 TOTAL LOCAL RECEIPTS S 8,967,523 S 9,335,470 $ 9,320,743 $ 9,695,735 $ 9,774,834 OTHER FINANCING SOURCES: Transfer from Sale of Lots Fund $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000 Transfer from Parking Meter Fund $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 Transfer from Cemetery Perpetual Care Fund $ 10,000 $ 10-'000 $ 10,000 $ 10,000 $ 10,000 Transfer from Capital Projects Stabiltzation Fund $ 500.000 $ 500,000 $ 500,000 $ 500,000 S - Transfer from Unfunded Pension flab.Stab_Fd. $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 -----f Transfer from ESCO Capital Project Stab.Fd. $ 473,215 $ 528,651 $ 525,738 $ 522,038 $ 522,738 Utilization of Free Cash $ 1,500,000 S 1,750,000 S 1,750,000 $ 1,750:000 S 1,750,000 Utirmation of Free Cash-SPED $ 790,000 $ - $ 260,000 $ 250,000 $ 250,000 , Utir¢ation of Free Cash-1 Time Curiculum S 210,000 $ 250,000 $ - $ - $ - UbT¢ation of Overlay Surplus-1 Time Curriculum $ - $ 500,000 $ - $ - $ - Transfer from Water Fund $ 1,430,435 $ 1,491,355 $ 1,528,639 $ 1,566,855 $ 1,606,026 Transfer from Sewer Fund S 1,232,446 $ 1,278,821 S 1,310,792 $ 1,343,561 $ 1,377,150 I TOTAL OTHER FINANCING SOURCES $ 6,761,096 S 6,923,827 $ 6,490,168 $ 6,557,454 $ 6,130,915 I TOTAL REVENUES $ 108,206,371 S 113,350,000 $ 116,910.914 $ 121,665,099 $ 126,634,821 I EXPENDITURE FORECAST ASSUMI?'l' ONS: Departmental expenditures are projected to increase 2.5%annually from FY 2016 through FY 20IS. The Education appropriation is projected to increase 5.0%annually from FY 2016 through FY 2018. Snow and lee Removal is projected at$1,165,000 through FY 2018 which is the current eight year average expenditure level The Waste Disposal appropriation is projected to increase 3%annually from FY 2015 through FY 2019 and includes funding of the Service Agreement with Wheelabrator North Andover. State Assessments,exclusive of the MBTA Assessment,are projected to increase 2.5%annually. The MBTA Assessment is projected to increase 2.75%annually. Pension costs are projected to increase$1,550,000 annually from FY 2016 through FY 2018 while utilizing an annual$250,000 appropriation from the Unfunded Pension Liability Stabilization Fund. The Watertown Contributory Retirement Board adopted a Funding Schedule which has been approved by the Public Employee Retirement Administration Commission that has the Retirement System fully funded in FY 2019. Health Insurance costs,included within Insurance&Employee Benefits,are projected to increase 5%annually from FY 2016 through FY 2018, Debt figures are from current and projected future debt as listed in the FY 2015-2019 CIP/Debt Projection Table of the Capital Improvement Program. The level of projected debt may change pending decisions on various projects that are listed within the Proposed FY 2015-2019 Capital Improvement Program,the Roadway Management Study and the Facilities Assessment Study. i Street and Sidewalk Improvements are projected to increase 5%annually. Town and School Capital Projects are listed in the Capital Improvement Program. i Transfer to the Special Education Stabilization Fund is projected at$250,000 annually through FY 2018. i i EXPENDITURE FORECAST FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 DEPARTMENTAL EXPENDITURES: General Government $ 4,442,154 $ 4,503,009 S 4,616,584 $ 4,730,974 $ 4,849,248 Public Safety $ 15,368,445 $ 15,981,900 $ 16,381,448 $ 16,790,984 $ 17,210,758 ! Pubic Works $ 4,700,682 $ 4,827,350 $ 4,948,034 $ 5,071,735 $ 5,198,528 Snow&Ice Removal $ 1,656,265 $ 1,165,000 $ 1,165,000 $ 1,165,000 $ 1,165,000 Waste Disposal $ 2,957,740 $ 3,008,335 $ 3,098,585 $ 3,191,543 S 3,287,289 Health&Human Services $ 1,000,818 $ 1,008,734 S 1,033,953 $ 1,059,801 $ 1,086,296 Ubrary $ 2,378,287 $ 2,475,486 $ 2,537,376 $ 2,600,810 $ 2,665,330 Recreation $ 615,318 $ 622261 S 637,818 $ 653,763 $ 670,107 Education $ 36,675,000 $ 38,942,000 $ 40,889,100 $ 42,933,555 $ 46,080,233 TOTALS $ 59,794,709 $ 72434,077 $ 75,306,896 $ 78,198,164 $ 81,213,290 STATE ASSESSMENTS $ 2253,730 S 2,413,680 $ 2,458,143 $ 2,524,994 $ 2,593,565 PENSION COSTS $ 10,683,126 $ 12,309,391 $ 13,861,233 $ 15,408,24$ $ 16,955253 INSURANCE&EMPLOYEE BENEFITS $ 13,881,480 $ 13,954,440 $ 14,618,512 $ 15,315,336 $ 16,046,535 DEBT AND INTEREST: Permanent DebHlnterest $ 5,193,514 S 5,639,112 $ 5,259,696 $ 4,731,145 $ 4,431,734 ESCO $ 517,775 $ 528,651 $ 525,738 $ 522.038 $ 522,738 Street and Sidewalk $ 626,000 S 625,000 $ 1,225.000 $ 1,800,000 $ 2,350,000 Other $ 644,700 S 686,165 $ 1,295,475 $ 1,928,990 $ 2,339,411 Cost of Certifying Bonds $ 30,000 S 30,000 $ 30,000 $ 30,000 $ 30,000 TOTALS $ 7,010,989 $ 7,408,928 $ 8,335,909 $ 9,012,173 $ 9,673,833 CAPITAL PROJECTS: Town Capital Projects $ 482,395 $ 210,000 $ 210,000 $ 260,000 $ 285,000 School Capital Projects $ 434,000 $ 459,500 $ 469200 $ 485,000 $ 488,700 ! Street&Sidewalk Improvements $ 792,146 S 831,753 S 873,341 $ 917,008 $ 962,858 TOTALS $ 1,708,541 S 1,501,253 S 1,552,541 $ 1,662,008 $ 1,736,558 TOTAL EXPENDITURES $105,332,575 $110,121,769 $ 116.133,234 $12ZI20,917 $ 128,219,183 OTHER FINANCING USES&MISC: Town Council Reserve $ 1,465,596 $ 2,050,000 $ 2,050,000 $ 2.050.000 $ 2,050,000 Transfers to Enterprise Funds $ 280,900 S 294,731 $ 302,099 $ 309,652 $ 317,393 Transfer to SPED Stabiization Fund $ 790,0D0 $ - $ 250.000 $ 250,000 $ 250,000 Education One Time Curriculum Initiatives $ 210,000 $ 750,000 $ - $ - $ - ! Miscellaneous $ 127,300 $ 133.500 $ 134,706 $ 135,336 $ 135,336 TOTAL OTHER FINANCING USES $ 2,873,796 $ 3,228,231 $ 2,736,805 $ 2,744,988 $ 2,752,729 TOTAL EXP.&OTH.FIN.USES $108,206,371 $113,350,000 $ 118,870,039 $124,865,905 $ 130,971,912 ! TOTAL REVENUES $108206,371 $113,350,000 $ 116,910,914 $121.666,099 $ 125,634,821 SURPLUSf(DEFICIT) $ (0) $ (0) $ (1,959.125) $ (3200,806) $ (5,337,092) PRIOR YEAR BALANCED BUDGET ASSUMPTION $ - $ 0 $ 0 $ 1,959,125 $ 3200,806 REMAINING SURPLUSI(DEFIC[q $ (0) $ (0) $ (1,959,125) $ (1,241,681) $ (2,136,286) TO: Michael J. Driscoll, Town Manager FROM: Thomas J. Tracy, Town Auditor DATE: July 2, 2015 RE: FY 15 ESCO Transfer Pursuant to your request I have reviewed the Electricity and Gas accounts for all Departments. Attached is a proposed transfer in the amount of$203,214 from various Town Electricity and Gas accounts. The transfer, if approved by the Town Council, along with a transfer of approximately $337,000 from available balances within the School Department's FY 15 Electricity and Gas accounts would total $540,214. The current balance in the ESCO Capital Project Stabilization Fund is $103,436. The proposed transfer of$203,214 along with the above mentioned School transfer of approximately $337,000 would increase the existing ESCO Capital Project Stabilization Fund to $643,650, As you know the FY 16 Debt Service related to the ESCO Project is $525,738 and the FY 16 General Fund Revenue budget includes a transfer in from the ESCO Capital Project Stabilization Fund of$525,738. Therefore, the attached transfer of$203,214 is necessary in order to have sufficient funding for the ESCO related planned activity within FY 16. TRANSFER AMOUNT$203,214 FROM: FY 15 TOWN HALL ELECTRICITY $ 10,000 0119252-520211 FY 15 TOWN HALL GAS $ 9,000 0119252-520213 FY 15 POLICE ELECTRICITY $ 7,500 0121052-520211 FY 15 POLICE GAS $ 15,000 0121052-520213 FY 15 FIRE ELECTRICITY $ 8,925 0122052-520211 FY 15 FIRE GAS $ 9,764 0122052-520213 FY 15 DPW STREET LIGHTING $ 10,367 0142452-520210 FY 15 DPW CEMETERY ELECTRICITY $ 438 0149152-520211 FY 15 DPW PROP. & BLDGS ELECTRICITY $ 22,985 0149252-520211 FY 15 DPW PROP. & BLDGS GAS $ 32.050 0149252-520213 FY 15 DPW PARKS GAS $ 7,651 0149552-520213 FY 15 COUNCIL ON AGING ELECTRICITY $ 2,405 0154152-520211 FY 15 COUNCIL ON AGING GAS $ 1,362 0154152-520213 FY 15 LIBRARY ELECTRICITY $ 16,362 0161052-520211 FY 15 LIBRARY GAS $ 7,046 0161052.520213 FY 15 SKATING RINK ELECTRICITY $ 37,569 0163152-520211 FYI SKATING RINK GAS 0163152-520213 $ 4,790 TO: FY 15 TRANSFER TO ESCO CAP. PROJECT STAB FUND $ 203,214 0194000-596805 I hereby certify to the availability, authority of funding source, mathematical accuracy and appropriate fiscalyear. ., i�,�TOWN AUDITOR REVENUE ]FORECAST ASSUMPTIONS: Real Estate and Personal Property taxes are increased 2.5%per year. New growth is projected to be$2,500,000 in FY 2017, $2,250,000 in FY 2018 and$2,000,000 in FY 2019. Funding for the Optional Tax Exemption for homeowners at 100%over the statutory level is included in the overlay adjustment. Proposition 2 '/z debt exclusion override is based on bond costs and school construction reimbursements. FY 2018 is the last year for school construction reimbursements related to the 1995 Debt Exclusion Override. State Aid is based upon the recommendations contained in the House Ways and Means Committee Budget(HWM). In subsequent fiscal years, State Aid is level funded at the projected FY 2016 amount. The majority of Local Receipts are projected to remain constant or increase 2.5%annually. Motor Vehicle Excise is projected at $3,475,000 annually through FY 2019. Inspection Fees are projected to increase$850,000 in FY 2016 and decrease by the same amount in FY 2018. Other Excise(Hotel) is projected to increase$300,000 in FY 2017 and$60,000 in FY 2018. Investment income is projected at$65,000 annually through FY 2019. Other Financing Sources reflect transfers from the Parking Meter Fund to partially offset the Parking Lots and Meters Budget,from the Cemetery Perpetual Care Expendable Trust Fund and the Sale of Lots Fund to partially offset the Department of Public Works Cemetery Budget,and from the Water and Sewer Enterprise Funds to cover applicable indirect costs. Utilization of Free Cash is recommended at a level of$2,000,000 annually through FY 2019,which includes$250,000 annually for the Special Education Stabilization Fund. Transfer from the Capital Projects Stabilization Fund is projected at$500,000 annually through FY 2018,which represents the balance of the Fund. Transfer from the Unfunded Pension Liability Stabilization Fund is projected at$250,000 annually through FY 2019. Transfer from the ESCO Capital Project Stabilization Fund includes projected funds from departmental energy savings,rebates and grants. REVENUE FORECAST FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 TAXES: Prior Year Adjusted Levy Limit $ 82,314,931 $ 86,488,678 $ 90,800,895 $ 95,570,917 $ 100,210,190 Add2.5% $ 2,067,873 $ 2,162,217 $ 2,270,022 $ 2,389,273 $ 2,505,255 New Growth $ 2,115,874 $ 2,150,000 $ 2,500,000 $ 2,250,000 $ 2,000,000 Adjusted Levy Limit $ 86,488,678 $ 90,800,895 $ 95,570,917 $ 100,210,190 $ 104,715,445 Overlay $ (950,000) $ (1,050,000) $ (950,000) $ (950,000) $ (1,050,000) Debt Exclusion(FY 2018 Last Year) $ 226,620 $ 176,600 $ 125,204 $ 72,480 $ - NET LEVY LIMIT $ 85,765,298 $ 89,927,495 $ 94,746,121 $ 99,332,670 $ 103,665,445 STATE AID: Cherry Sheet Receipts $ 10,521,919 $ 10,804,106 $ 10,804,106 $ 10,804,106 $ 10,804,106 Sch. Constr. Reimb. (Lowell,Cuniff&MS) $ 913,208 $ 913,208 $ 913,208 $ 913,208 $ - TOTAL STATE AID $ 11,435,127 $ 11,717,314 $ 11,717,314 $ 11,717,314 $ 10,804,106 LOCAL RECEIPTS: Motor Vehicle Excise $ 3,300,000 $ 3,475,000 $ 3,475,000 $ 3,475,000 $ 3,475,000 Other Excise $ 545,000 .$ 575,000 $ 875,000 $ 935,000 $ 935,000 Penalties&Interest $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 PILOT $ 895,328 $ 918,970 $ 943,322 $ 968,404 $ 994,238 Commercial Trash $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000 Fees $ 1,966,000 $ 2,836,000 $ 2,906,900 $ 2,108,323 $ 2,161,031 Rentals $ 156,218 $ 129,160 $ 128.638 $ 128,105 $ 127,557 DR-Cemetery $ 75,000 $ 95,000 $ 95,000 $ 95,000 $ 95,000 DR-Recreation $ 425,000 $ 435,000 $ 435,000 $ 435,000 $ 435,000 Licenses&Permits $ 205,000 $ 205,000 $ 205,000 $ 205,000 $ 205,000 Fines&Forfeits $ 885,000 $ 885,000 $ 885,000 $ 885,000 $ 885,000 Investment Income $ 65,000 $ 65,000 $ 65,000 $ 65,000 $ 65,000 Sale of Town Property $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 Belmont Reimbursement $ 69,124 $ 70,110 $ 71,110 $ 72,110 $ 73,110 GrantlEmployee Reimbursements $ 40,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 Medicaid Reimbursements $ 326,000 $ 326,000 $ 326,000 $ 326,000 $ 326,000 Wheelabrator Service Agreement I ncentive $ 112,800 $ - $ - $ - $ - TOTAL LOCAL RECEIPTS $ 9,335,470 $ 10,335,240 $ 10,730,970 $ 10,017,941 $ 10,096,936 OTHER FINANCING SOURCES: Transfer from Sale of Lots Fund $ 15,000 $ 20,000 $ 20,000 $ 20,000 $ 20,000 Transfer from Parking Meter Fund $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 Transfer from Cemetery Perpetual Care Fund $ 10,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000 Transfer from Library Fundraising Fund $ - $ 59,000 $ - $ - $ - Transfer from Election Reimbursement Revolving $ - $ 17,600 $ - $ - $Transfer from Capital Projects Stabilization Fund $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ - Transferfrom Unfunded Pension Liab.Stab. Fd. $ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 250,000 -- Transfer from ESCO Capital Project Stab. Fd. $ 528,651 $ 525,738 $ 522,038 $ 522,738 $ 517,233 Transfer from Water Fund $ 1,491,355 $ 1,594,219 $ 1,634,074 $ 1,674,926 $ 1,716,799 Transferfrom Sewer Fund $ 1,278,821 $ 1,333,644 $ 1,366,985 $ 1,401,160 $ 1,436,189 Utilization of Free Cash(1) $ 2,530,000 $ 2,470,000 $ 2,000,000 $ 2,000,000 $ 2,000,000 Utilization of Overlay Surplus-1 Time Curriculum $ 500,000 $ $ - $ - $ - TOTAL OTHER FINANCING SOURCES $ 7,453,827 $ 7,135,201 $ 6,658,098 $ 6,733,824 $ 6,305,226 TOTAL REVENUES $ 113,989,722 $ 119,115,250 $ 123,852,503 $ 127,801,749 $ 130,871,713 (1) See Detail of Utilization of Free Cash&Overlay Surplus EXPENDITURE FORECAST ASSUWTIONS: Departmental expenditures are projected to increase 2.5%annually from FY 2017 through FY 2019. The Education appropriation is projected to increase 5.0%annually from FY 2017 through FY 2019. Snow and fee Removal is projected at$1,165,000 through FY 2019. The Waste Disposal appropriation is projected to increase 3%annually from FY 2017 through FY 2019 and includes funding of the Service Agreement with Wheelabrator North Andover. State Assessments,exclusive of the MBTA Assessment,are projected to increase 2.5%annually. The MBTA Assessment is projected to increase 2.75%annually. Pension costs are projected to increase$1,550,000 annually in FY 2017 and FY 2018;and$500,000 in FY 2019. The Watertown Contributory Retirement Board adopted a Funding Schedule which has been approved by the Public Employee Retirement Administration Commission that has the Retirement System fully funded in FY 2019. Health Insurance costs,included within Insurance&Employee Benefits, are projected to increase 6%annually from FY 2017 through FY 2019. Debt figures are from current and projected future debt as listed in the FY 2016-2020 CIP/Debt Projection Table of the Capital Improvement Program. The level of projected debt may change pending decisions on various projects that are listed within the Proposed FY 2016-2020 Capital Improvement Program,the Roadway Management Study and the Facilities Assessment Study. Street and Sidewalk Improvements are projected to increase 5%annually. Town and School Capital Projects are listed in the Capital Improvement Program. Transfer to the Special Education Stabilization Fund is projected at$250,000 annually through FY 2019. EXPENDITURE FORECAST FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 DEPARTMENTAL EXPENDITURES: General Government $ 4,667,113 $ 4.838,344 $ 4,959,303 $ 5,083,286 $ 5,210,368 Public Safety $ 15,761,979 $ 17,619,285 $ 18,359,767 $ 18,818,761 $ 19,289,230 Public Works $ 4,860,593 $ 5,012,249 $ 5,137,556 $ 5,265,994 $ 5,397,644 Snow&Ice Removal $ 2,206,518 $ 1,165,000 $ 1,165,000 $ 1,155,000 $ 1,165,000 Waste Disposal $ 3,008,335 $ 2,967,835 $ 3,056,870 $ 3,148,576 $ 3,243,033 Health&Human Services $ 1,038,127 $ 1,067,305 $ 1,093,939 S 1,121,339 $ 1,149,372 Library $ 2,584,018 $ 2,636,095 $ 2,701,997 $ 2,769,547 $ 2,838,786 Recreation $ 635,230 $ 651,203 $ 667,483 $ 684,170 $ 701,274 Education $ 39,232,000 $ 41,452,000 $ 43,524,600 $ 45.700,830 $ 47,985,872 TOTALS $ 73,993,913 $ 77,409,317 $ 80,665,565 $ 83,757,503 $ 86,980,579 STATE ASSESSMENTS $ 2,435,346 $ 2,432,293 $ 2,498,400 $ 2,566,305 $ 2,636,057 PENSION COSTS $ 12,309,391 $ 13,851,481 $ 15,408,243 $ 16,955,253 $ 17,463,378 INSURANCE&EMPLOYEE BENEFITS $ 13,859,690 $ 14,815,919 $ 15,433,203 $ 16,308,676 $ 17,230,187 DEBT AND INTEREST: Permanent Debt(Interest $ 5,639,112 $ 5,259,696 $ 4,731,145 $ 4,431,734 $ 2,635,139 -� ESCO $ 528,651 $ 525,738 $ 522,038 $ 522,738 $ 517,238 Street and Sidewalk $ 625,000 $ 1,225,000 $ 1,792,500 $ 2,337.500 $ 2,860,000 Other $ 507,415 $ 845,700 $ 1,691,089 $ 2,254,868 $ 2,901,390 Cost of Certifying Bonds $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 TOTALS S 7,330,178 5 7,886,134 $ 8.766,772 $ 9,576,840 $ 8,943,767 CAPITAL PROJECTS: Town Capital Projects $ 210,000 $ 210,000 $ 210.000 $ 240,000 $ 240,000 School Capital Projects $ 459,500 S 450,500 $ 420,000 $ 498,700 $ 232,000 Street&Sidewalk Improvements $ 831,753 S 873,341 $ 917,008 $ 962,858 $ 1,011,001 ' TOTALS $ 1,501,253 $ 1,543.841 $ 1,547,008 .$ 1,701,558 $ 1,483,001 TOTAL EXPENDITURES $111,429,771 $117,738,985 $ 123,444,551 $130,056,065 $ 135,370,039 OTHER FINANCING USES&MISC: Town Council Reserve $ 816,720 $ 575,000 $ 1,250,000 $ 1,250.000 $ 1,250,000 Transfers to Enterprise Funds $ 294.731 $ 271,465 $ 278,252 $ 285,208 $ 292,333 Transferto SPED Stabilization Fund $ - $ - $ 250,000 $ 250,000 $ 250,000 Education One Time Curriculm Initiatives S 750,000 $ 375,000 $ - $ - $ - Transportation&Comp.Plan Implementation Services $ 130,000 $ - $ - $ - $Transfer to Collective Bargaining Stabilization Fund $ 400,000 $ - $ - $ - $ - Miscellaneous $ 168,500 $ 154.800 $ 134,706 $ 135,336 $ 135,336 TOTAL OTHER FINANCING USES $ 2,559,951 $ 1,376,265 $ 1,912.958 $ 1,920,544 $ 1,927,674 TOTAL EXP.&OTH.FIN.USES $113,989,722 $119,115,250 $ 125,357,609 $131,976,609 $ 137,297,713 TOTAL REVENUES $113,989,722 $119,115,250 $ 123,852,503 $127,801,749 $ 130,871,713 SURPLUS/(DEFICIT) $ (0) $ (0) $ (1,505,006) $ (4,174,860) $ (6,426,000) PRIOR YEAR BALANCED BUDGET ASSUMPTION $ - $ 0 $ 0 $ 1,505.006 $ 4,174,860 REMAINING SURPLUS/(DEFICIT) S (0) $ 0 $ (1,505.006) $ (2,669,854) $ (2,251,139)