HomeMy WebLinkAbout2012-10-01 RMLD Board of Commissioners MinutesReading Municipal Light Board of Commissioners
Regular Session
230 Ash Street
4W Reading, MA 01867
October 1, 2012
Start Time of Regular Session: 8:08 p.m.
End Time of Regular Session: 10:45 p.m.
Commissioners:
Philip B. Pacino, Chairman
Robert Soli, Commissioner
John Stempeck, Secretary
Staff:
Gina Snyder, Vice Chair
Marsie West, Commissioner
RECEIVED
TOWN CLERK
READING. MASS.
loll NOV —5 P !., 56
Vinnie Cameron, General Manager Beth Ellen Antonio, Human Resources Manager
Jared Carpenter, Energy Efficiency Engineer Jeanne Foti, Executive Assistant
Robert Fournier, Accounting/Business Manager Jane Parenteau, Energy Services Manager
David Polson, Facilities Manager William Seldon, Senior Energy Analyst
Kevin Sullivan, Engineering and Operations Manager
Citizens' Advisory Board:
Tony Capobianco
Guest: Karen Snow, Melanson, Heath & Company, PC
Opening Remarks/Approval of Meeting Agenda
Chairman Pacino called the meeting to order and stated that the meeting was being videotaped.
sentation of Fiscal Year 2012 Audit - Melanson Heath & Company, PC — Ms. Karen Snow (Attachment 1)
N 12Fournier introduced Ms. Snow from Melanson Heath & Company to present the audited financials for fiscal year (FY)
. Ms. Snow stated that as she mentioned at the Audit Committee meeting there is no formal management letter this year.
While they performed their audit they did not find any issues that were significant deficiencies or material weaknesses in
RMLD's internal controls, the controls were adequate and reasonable. This year they will be giving the RMLD a letter which
tells you there is no management letter because it is a new accounting/auditing standard. As in the past, the RMLD has a
clean audit opinion and it is their opinion that financial statements are fairly presented in accordance with Generally Accepted
Accounting Principles; there are no exceptions in their opinion.
Ms. Snow reported that RMLD's Net Assets were up $4.3 million, total liabilities were up $1.4 million and total assets were
up $2.9 million which represents the overall net income for the year. The only thing that appears in the liability section is due
to the Pension Trust for $1 million which is offset by a transfer made after the end of the fiscal year per Board vote. This
transfer was completed in July. Compensated absences are down $48,000 will decrease as the years go on due to policy
changes. The RMLD is in a very good position there is no long term debt per se on the books as far as bonding, capital needs
are fulfilled with operating revenues. The Other Post Employment Benefit which is for current and future retirees for such
benefits as health care is being funded. As of June 30, 2012, RMLD had fully funded that liability based on an actuarial
valuation. This liability is offset by the Restricted Net Assets.
Ms. Snow stated that the RMLD has a healthy Net Income of $2.9 million, which is not much change from the prior year, the
difference being $147,000. The Operating Income is almost the same as the prior year which is reflective of how the
revenues are being managed. The Operating Revenues were down by 8.4% and operating expenses were down 9 %, sales
were down by 3.3% due the fact that Purchase Power costs were down this year. This is attributable to favorable conditions
in the market such as natural gas and other power costs being lower.
Ms. Snow said that there were no additional costs associated with the environmental remediation of the soil at the Gaw
substation. The project was essentially completed in 2011 with the close out in 2012 with no costs associated with it.
Snow said that $1 million was transferred into the Retirement Trust at year end. The actuary had recommended a
Apoributionof $1.7 million. The Board is considering an additional transfer in fiscal year 2013. Ms. Snow pointed out that
in fiscal year 2015 the pension liability, GASB Statement Number 68 will affect the way that the way pension liabilities are
reported in financial statements.
Regular Session Meeting Minutes
October 1, 2012
Presentation of Fiscal Year 2012 Audit - Melanson Heath & Company, PC — Ms. Karen Snow (Attachment 1)
Ms. Snow stated that there will be a requirement to report the unfunded portion of the liability on the balance sheet.
Currently, the Town of Reading charges you an annual assessment for the Retirement Trust and if this is paid then a liability
does not appear on the balance sheet. However, GASB Statement Number 68 will require you to report the unfunded portion
of the overall pension liability. As of June 30, 2012, this was approximately $12.4 million for the RMLD and is short this
amount based on the actuarial report. Gains and losses as well as interest in the trust will have to be reported as well. Ms.
Snow added that the RMLD is in a healthy position and $12.4 million sounds like a lot, but it is a small liability compared to
most other governmental entities.
Mr. Stempeck asked this is currently $12 million, but by the time the interest rates change, it could drop it, however, Ms.
Snow also pointed out it could raise it. Mr. Stempeck questioned if the actuary extrapolates the present contracts that are
from today into the future. Ms. Snow responded, yes that is part of what they do. Ms. Snow pointed out in the last valuation
the discount rate and salary wage increases were decreased. The valuation has to be performed every two years. The best
case scenario is that the market comes back up to narrow this gap.
Ms. Snow then addressed the Renewable Energy Certificates in which the Board has had much discussion about this. At this
point in time there is Note 19 on Page 27, which has disclosed the Certificates but they are not recognized as assets because
there is no codified accounting. The Financial Accounting Standards Board is working on this because it is new. Reading is
unique because it is not subject to a Renewable Energy Standard Portfolio. There is not a mandate to hold these REC's and
most of the guidance she has seen is for investor owned utilities. IOU's have to meet a certain standard whose treatment of
RECs will differ than the RMLD. Ms. Snow added that there was no adjustments that Mr. Fournier had to make therefore the
numbers will remain the same as in the monthly Financial Report.
Report of Board Committees
Audit Committee — Commissioner West
Ms. West reported that the Audit Committee met before the meeting, reviewed the audit and made a recommendation to
accept the audited financial statements.
Mr. Cameron added that this was another clean audit which is a testament to the employees at the RMLD as well as Mr.
Fournier's recordkeeping. Mr. Soli added that he would second that.
Ms. West made a motion seconded by Mr. Soli to accept the audit as presented.
Motion carried 5:0:0.
Chairman Pacino said that Commissioner Stempeck will be the Secretary for this meeting.
Mr. Soli took a point of order and reported that he attended the Town Clerk's meeting on the Open Meeting Law training.
One of the points that was made that if on the agenda there are times for items then you may not start on those items until
their time has come. A couple of other points made are that RMLD Board and Selectmen's agenda can be changed. Items
may be brought up, but not voted upon. You may go into Executive Session even if it is not listed, but you may not vote on
anything. It did sound like things about committees were going to get restrictive. If you have ad hoc committees or plain
committees they must be sworn in at the Town Clerk's office. Mr. Soli asked about standing committees and was told that
standing committees do not need to be sworn in.
Mr. Cameron asked if times were needed on the agenda. Ms. Snyder responded in the session that she was in attendance at
the Open Meeting Law Training and that this was not discussed. Mr. Cameron said that he will check into this.
Mr. Capobianco reported that the Citizens' Advisory Board (CAB) will be meeting on Wednesday, October 17,
Chairman Pacino introduced, Dave Polson, Facilities Manager. Mr. Polson reported that he has over twenty eight years in the
electric utility business and previously worked for NSTAR. He worked for two years as a Service Center Manager,
responsible for ten cities and towns for 138,000 customers with fifty employees. For six years he worked as a
Project/Contract Manager on major projects for overhead and underground, civil construction as well as vegetation
management for NSTAR and in that role dealt with procurement/contract management issues. He has a graduate certificate
from WPI in organizational leadership, Bachelor's Degree in Management and Associate's Degree in Electrical Mechanical
Technology. Mr. Polson said the RMLD has a great focus on customers and reliability.
Approval of July 25, 2012 and August 29, 2012 Board Minutes
Mr. Stempeck made a motion seconded by Mr. Soli that the RMLD Board of Commissioners approve the Regular Session
meeting minutes of July 25, 2012 with the changes presented by Ms. Snyder and Mr. Soli.
Motion carried 5:0:0.
October 1, 2012
Approval of July 25, 2012 and August 29, 2012 Board Minutes
Mr. Soli pointed out that since his attendance at the training it is fine to send out the draft minutes and send the Secretary
(�`uggested uggested changes, but the changes must come to the meeting and be approved; it cannot be done outside of the meeting. Ms.
nyder added that there was a concern that committees were editing minutes over e-mail which the Board does not do.
changes can go to the Secretary or Ms. Foti then be brought up at the meeting.
Mr. Stempeck made a motion seconded by Ms. West that the RMLD Board of Commissioners approve the Regular Session
meeting minutes of August 29, 2012 with the changes presented by Ms. West and Mr. Soli.
Motion carried 4:0:1. Ms. Snyder abstained; she was not in attendance at the meeting.
Report of Board Committees
General Manager Search Committee — Chairman Pacino
Chairman Pacino reported that the General Manager Search Committee met on September 5 and September 26. They are
working on ,yob description criteria and the ad has gone out and is running. Some resumes are in house, and there is a
meeting on Wednesday, October 3. At this meeting there will be a discussion as to a possible consultant. He has not looked
at the resumes yet. The next step is to move forward see where we go from here.
Budget Committee — Commissioner West
Ms. West stated that the Budget Committee met on September 6 and discussed two proposed transfers, the first was to
transfer $603,995 from the Operating Fund to the Rate Stabilization Fund — the second was a Construction Fund transfer of
$2 million from the Operating Fund to the Construction Fund which would then set up the Capital Fund to have the money
that it needed. Both transfer transactions were recommended by the Budget Committee with a vote of 2:0:0.
Chairman Pacino asked if those needed to be re -voted here. Mr. Cameron replied that if they wanted to formalize them here
that would be fine and that the RMLD had already made the transfers.
Ms. West made a motion seconded by Mr. Stempeck that the RMLD Board of Commissioners to approve the transfer of
$603,995 from the Operating Fund to the Rate Stabilization Fund and the transfer of $2 million from the Operating Fund to
the Construction Fund.
kotion carried 5:0:0.
scussion of the RMLD Board Committees
Chairman Pacino stated that at the last meeting it was discussed to possibly consolidate the subcommittees under the Board
level. Chairman Pacino said that it was his feeling that the subcommittees were really not effective.
Ms. West stated that there was confusion in two different situations this evening, earlier in the evening in the Audit
Committee they had met with the Town Audit Committee which comprised of the Town side and the RMLD and also the
RMLD Budget subcommittee, which then required them to do two of everything at the same time. Ms. West said that it was
not an efficient use of time and extremely confusing to then go into the Board meeting and do it all over again. It was the
same with the Budget Committee where they voted on something and then re -voted on it at the Board level. This is creating
extra work without any benefit.
Mr. Soli stated that the committee system here has worked fairly well, earlier this evening they had met with the Audit
Committee of the Town and the Audit Committee of the Light Department. Some of the members of the RMLD Audit
Committee were able to answer questions that the Audit Committee of the Town asked, that took half an hour, and then a
summary was presented to the full Board where they only spent fifteen minutes on it. In Committee you find out what the
actual issues are and what a motion might be; then after the clarification process has taken place, it becomes pretty easy to
present it to the Board, with qualified members of the Board to answer their questions. Mr. Soli said it is his belief that it
works reasonably well.
Mr. Stempeck asked what the alternative to the Committee system would be. Chairman Pacino stated the alternative would
be for the Budget Committee and some of the other committees to meet at the Board level, where they would have to pre -
schedule and perhaps set up a second meeting during the month; or potentially appoint some type of ad hoc committee if it
was felt that the need was strong enough; or a subset of the members on any particular issue.
Ms. West said that there had been talk of the need to have some less formal discussion and to have it in a different venue so
' the meetings that are scheduled, if they are needed, can be conducted in a less formal situation. If there is not a need to
r those meetings then these additional meetings could be cancelled.
Regular Session Meeting Minutes 4
October 1, 2012
Discussion of the RMLD Board Committees
Ms. West pointed out that since there is a member of the Municipal Light Board on the Town Audit Committee there would
be someone there to answer questions. It doesn't make sense to continue to have committees used in the past, and since she
has been here she does not see that they add anything to the process. Ms. West stated that it probably does make sense to #40)
have some ad hoc committees for those situations where it makes sense. The General Manager Search Committee will be
needed for a short period of time, then it disbands and you have another one when you need it. Ms. West said that Public
Relations (PR) is something that was discussed in Iength when meeting with Mr. Stempeck and other candidates. Ms. West
recommends that they have a PR ad hoc committee that is kept for a period of time up to a year.
Chairman Pacino said that the Power & Rate Committee discussions need to take place on the Board level and it is critical to
power contracts and reiterated his concern that the REC discussion took place at the Power & Rate Committee level and
never got to the Board. It is Chairman Pacino's feeling that some of the problems they had were that the discussions did not
take place soon enough and did not get to the Board level.
Mr. Stempeck asked if his concern was that some of the material is pre - filtered at the committee level and that there are
nuances that might have made a difference in terms of Chairman Pacino's opinion. Chairman Pacino replied, yes that is his
concern.
Mr. Soli stated that the meeting that the Town Clerk conducted and that he had attended said that ad hoc committees need to
be sworn in, so if we have these two ad hoc committees or any more, that is another step that you must go through to get
sworn in. This is not a requirement for standing committees.
Ms. Snyder said that what she heard at the July 25 meeting and what she is hearing now is there was indeed a problem with a
particular issue with one of the committees and the recommendation therefore is to get rid of all committees. There are some
issues that come up within these committees and it doesn't make sense to have the entire Board dealing with the nitty gritty
ironing out the specific language. It just makes more sense to have a subcommittee that will make a specific proposal to the
Board. Ms. Snyder thought was that since she had only been here a short time the committees had worked well, with the
exception of that one issue.
Mr. Soli said that as a possible alternative that the minutes from the Board and also the Committees should at least be in draft
form within ten days. Perhaps in the interest of getting information out they should insist that Committees meet sufficiently
early before Board meetings. This is so that the minutes are out in a timely fashion and the Board has ample time to digest
those minutes and to see that there is a motion that might be coming forward in the Board meeting and to get acquainted with
those issues.
Ms. West said that it is her belief that everyone needs to understand the budget and that it is part of their job here. People on
the Budget Committee hear it twice, once at the Committee level and then at the Board level. Ms. Snyder stated that is an
example of a committee that does not need to be separate.
Mr. Stempeck asked if it was the suggestion that there are certain committees where it does make sense to maintain but others
that we fold into a general meeting, perhaps a separate meeting of the Board. Chairman Pacino replied that was what he was
hearing.
Ms. West said that the detailed discussions of the Power and Rate Committee could lead to the potential that there will not be
the full disclosure of information to the Board when voting. Chairman Pacino stated that something got lost in the
translation.
Ms. West said that her concern was that the one Policy Committee meeting that she participated in there was much less
discussion and less give and take than expected for a smaller group. If you cannot have an open discussion and dialog on
what the policy should be and it is strictly editing, that could be done here as easily as in a smaller subgroup. Ms. Snyder
stated that she agreed that was a terrible example of how the subcommittees perform. If all meetings of the subcommittees
were like that she would also vote to abolish them all.
Chairman Pacino asked if there was a need to look at the definition of what the Policy Committee does and what the purpose
of the committee is. Ms. Snyder moved to abolish the committee and have everything come to the Board. The motion was
withdrawn.
F
October 1, 2012
Discussion of the RMLD Board Committees
Ms. West made a motion seconded by Mr. Stempeck that the RMLD Board of Commissioners streamline and simplify the
committee structure by eliminating all ongoing committees that are not required by Town Charter or Bylaws or by the
wenty Year Agreement and recommend that unique or non - recurring situations be addressed with the appointment of ad hoc
ommittees to address specific issues with the following changes: a) elimination of the following committees; Budget
Committee, Power and Rate Committee, General Manager Committee and the Policy Committee, b) re- establishment of the
following committees on an ad hoc basis with their current representation for a period not to exceed one year•, General
Manager's Search Committee and Public Relations Committee, c) to continue the Audit Committee on an ongoing basis.
Motion carried 3:2:0. Ms. Snyder and Mr. Soli voted against the motion.
Mr. Cameron said that he will check to see if George Hooper who is on the Search Committee and a resident of Wilmington
needs to come to the Town of Reading to get sworn in. Ms. Snyder asked how Mr. Hooper got sworn into the CAB. Ms.
Foti replied that he was sworn in at the Wilmington Town Hall.
Ms. West asked what should have happened with the General Manager Search Committee where it is not an ongoing
committee and could be called an ad hoc Committee.
Ms. Snyder said that at the Town Clerk's meeting there was a lot of talk of taking votes and deliberating and if there is no
vote to be taken that they should get clarification on being sworn in.
Mr. Cameron said that most committees make recommendations to the Board and that the Board must vote on those
recommendations.
Ms. Snyder agreed but said it was not a final decision and wondered if it was a correct interpretation if they have already
been sworn into the Board.
Chairman Pacino asked that the Department get clarification from the Town Clerk on what needs to be done. The Board will
try this approach for six months and then re -visit how it is working.
AM
' —wer Supply Report — August 2012 — Ms. Parenteau (Attachment 2)
. Parenteau reported that RMLD's load for August was approximately 74.7 million kWhs which was approximately a
seven percent increase compared to August 2011. RMLD's energy cost came in at approximately $3.6 million and that is
equivalent to approximately $.048 per kilowatt hour. Ms. Parenteau stated that the Fuel Charge adjustment was set at $.0475
per kilowatt hour for the month of August and the RMLD estimates that the sales totaled 61.3 million kilowatt hours,
preliminarily the RMLD under collected by approximately $712,000 prior to the fiscal year adjustment a Deferred Fuel Cash
Reserve balance of $1.4 million. The Fuel Charge for September remained at $.0475 and it is currently projected to remain at
$.0475 for the balance of the calendar year.
The RMLD purchased about 5% of its energy requirements from the ISO New England Spot Market and that was at an
approximate cost of about $26 per megawatt hour. Ms. Parenteau reported on the Capacity side the RMLD hit a peak
demand of 154 megawatts on August 3, 2012 at 4:00 p.m., the average temperature was about 92 degrees and this compares
to a peak demand last year of 144 megawatts on August 1, 2011 at 2:00 p.m. the average temperature was about 90 degrees.
The RMLD's monthly capacity requirement was set at 210.7 megawatts; the total dollars paid for capacity totaled $1.52
million which is equivalent to approximately $7.22 per kilowatt month.
Ms. Parenteau reported for the months of July and August the RMLD has processed 168 rebates for a total of $8,000. The
residential auditor was approved at the July 25 meeting, an insert went into the September billing for the audit service and
approximately 100 customers have requested audits.
Renewable Energy — Ms. Parenteau (Attachment 3)
Discussion of Renewable Energy Policy and Discussion of Renewable Energy Certificates
Ms. Parenteau reported that Bill Seldon of the Energy Services Department tracks the RECs that are currently being
generated by Swift River and that is the only asset that the RMLD is receiving RECs from. Concord Steam is another power
agreement contract that has been signed but that project is not online as of today.
Ms. Parenteau stated that based on the amount of generation from Swift River from January to June of this year the RMLD
generated 13,192 RECs, those RECs are coming from four different hydro stations; Woronoco, Pepperell, Indian River
MoTumers Falls with an approximate value as of September 27 of $569,000. The value of these RFC's has increased
significantly. These REC's could be traded after June 2012. It is a Supply and Demand Market.
Regular Session Meeting Minutes
October 1, 2012
Renewable Energy — Ms. Parenteau (Attachment 3)
Discussion of Renewable Energy Policy and Discussion of Renewable Energy Certificates
Ms. Parenteau said that the RMLD does not have a Renewable Energy Policy on what to do with these REC's.
Chairman Pacino asked what kind of a policy the Department would like to see the Board to come forward with. The
development of a Renewable Policy was discussed.
Mr. Cameron replied what he recommended last year was to take a look at what is valuable and what is not and believes this
is very important going forward. The Department should look at what is best for the rate payers and if you have great value
and there is still no Renewable Portfolio Standard (RPS) on the municipal light departments by the state of Massachusetts we
should monetize the asset if it has a lot of worth. If there are RECs that do not have a lot of value then why not retire them.
Mr. Cameron said that the Department should also look to see how we can meld retiring RECs with our Green Choice
Program because there is some sort of disconnect there. The Department has asked the Board to solve that problem and it did
not get done last year in the committees.
Mr. Cameron said that we should be able to draft a policy that would satisfy the needs of everybody, you cannot have an
agenda on this issue. It has to be what the rate payers deserve.
Chairman Pacino asked if it was possible to have something for the next meeting. Mr. Cameron replied, yes.
Mr. Capobianco discussed guidelines that the CAB had reviewed. The classification of RECs was discussed.
Ms. Snyder replied if you look at the second page it shows that Woronoco is the only plant that is qualified for Massachusetts
renewable energy credits. Ms. Snyder said that her question had to do with the aspiration to have some renewable in our
portfolio. In the event it becomes a requirement for municipals to have Renewable Credits, only Woronoco would qualify.
Ms. Parenteau stated that one fact that she did want the Committee know was that these hydro facilities are located in
Massachusetts and we are supporting renewable generation in our state and it is the whole picture that we are looking at.
Ms. Parenteau said if you focus just on RECs or an RPS you may perhaps be losing the entire picture of what the RMLD is
trying to accomplish and that is supporting these facilities to continue production and to displace those fossil fuel generators.
Ms. Parenteau said that they are actually running and we are receiving energy from them.
Chairman Pacino stated that we do need some sort of guideline as to what percentage of our portfolio that we want in
renewables. Ms. Snyder said that she agreed entirely with Ms. Parenteau and that was the idea, if it all comes down to cost
the policy gets much narrower.
Chairman Pacino asked that if going forward the Department is going to set up some kind of policy. Mr. Cameron replied
yes that it would be ready for the next meeting.
Engineering and Operations Report — August 2012 - Mr. Sullivan (Attachment 4)
Mr. Sullivan reported that there would be no variance report this month.
Mr. Sullivan reported on Projects for the month of August as noted in Attachment 5: Project 3 — Upgrading Old Lynnfield
Center URD's, Project 4 — RTU Replacement at Station 4. The Meter Upgrade Project is up to approximately 22,000 meters
installed, finishing up North Reading and working in Lynnfield. Mr. Sullivan reported that ten cutouts were replaced this
past month bringing the total to twenty -two fiscal year to date.
Mr. Sullivan reported on the Reliability Report and the Customer Average Interruption Duration Index ( CAIDI) provided to
the Board for the month with a rolling average of 58.50 minutes. Mr. Sullivan pointed out that the average August CAIDI
was 58.97 minutes. The System Average Interruption Frequency Index (SAIFI) on average frequency is trending very low.
The Months Between Interruptions (MBTI) is at 41 months from 35 months between interruptions which is reflective of low
system wide outages for RMLD's customers. Mr. Sullivan stated that there were four transformer failures bringing the total
to twenty.
Financial Report — August 2012 — Mr. Fournier (Attachment 5)
Mr. Fournier reported on the first two months of FY2013 ending August 31, the Net Loss or the negative change in Net
Assets for August was approximately $371,000 decreasing the year to date Net Income to a little less than $500,000; year to
date budgeted Net Income was approximately $526,000 with the resulting Net Income being under budget by $28,000 or
about 5.4 %.
October 1, 2012
Financial Report — August 2012 — Mr. Fournier (Attachment 5)
Mr. Fournier stated that the actual year to date Fuel Expenses exceeded Fuel Revenues by $857,000. Year to date Base
Revenues are under budget by $480,000 or about 5.2 %. Actual Base Revenues are at $8.8 million compared to the budgeted
t4ount of $9.3 million. Year to date Purchase Power Base expense was under budget by $168,000 or about 3.1 %. Actual
rchase Power Base costs were at $5.3 million compared to the budgeted amount of $5.4 million.
Mr. Fournier reported that year to date Operating and Maintenance expenses combined are under budget by $165,000 or
8.2 %. Actual Operating and Maintenance expenses were $1.8 million compared to the budgeted amount of $2 million.
Depreciation Expense and Voluntary Payments to the Towns were on budget. Year to date kilowatt hour sales were
134,898,000 kilowatt hours sold which is 4 million kilowatt hours or 2.85% behind last year's actual figure.
General Manager's Report — Mr. Cameron
Mr. Cameron reported that the NEPPA Conference was September 16 -19 in Sunday River, Maine. There was pretty good
attendance. There were sessions on Renewable Energy and the Legislative update with an overall good response.
Chairman Pacino asked if there was anything on the Legislative update that they should be aware of.
Mr. Cameron replied that the Legislative update was on transmission rates, renewable energy, the Clean Renewable Energy
Bonds (CREBs) Program and generation reporting on a national basis, which has to do with the North American Electric
Reliability Corporation (NERC) Standards. There was discussion about whether Congress wants to get involved with talking
with the EPA on how they place emission standards on different industries.
Mr. Soli added that the D.C. rep was pretty pessimistic about Congress doing anything; there may be some work with FERC
on the transmission and decreasing the rate of return. There was a VP from NERC who indicated that they were trying to
learn from the utility audits and trying to eliminate needless effort for NERC audits and to increase reliability.
Mr. Cameron said that he is working on the Annual Report for the Town Meeting on November 5 and will send this to
Chairman Pacino so that he may give the report.
Alt I G.L. Chapter 30B Bids (Attachment 6)
W2 -26 Engineering Analysis Software
r. Sullivan reported that this bid was sent out to twelve perspective bidders with one respondent. This was also followed up
with an email receiving the following five responses; the bidder does not represent a supplier who can offer the software, the
project is outside the capacity of our firm, cannot provide pricing on this opportunity, outside of scope of our supply, and
intended to quote but did not have enough time or proper solution for the request. The total FYI Capital Budget allocation
for the Engineering Analysis Software was $70,000.
Mr. Stempeck asked if that was unusual to receive only one responsive bidder.
Mr. Sullivan replied that this is not an off the shelf type of software and not something that everyone has readily available.
This is fault current analysis software allowing the RMLD to perform an analysis at the transformer level, from the
transformer to both residences and businesses based on the consumption of customers. The RMLD will be able to provide a
solution by understanding if the transformer is either over or under loaded in size.
Mr. Stempeck asked if the software was demonstrated and seems as though it would work and if training would be an
additional cost. Mr. Sullivan replied that he would have to look into that.
Ms. West made a motion seconded by Mr. Stempeck that bid 2012 -26 for Engineering Analysis Software be awarded to
Milsoft Utility Solutions for a total cost of $73,250.00 on the recommendation of the General Manager.
Motion carried 5:0:0.
2013 -01 Janitorial Services
Mr. Poison reported that this bid was sent out to thirty -one perspective bidders, eight attended the session, but only five
responded.
Chairman Pacino asked who the current contractor is. Mr. Poison replied Advanced Maintenance Solutions has had the
sh&'nt contract since 2009.
C airman Pacino said that today there was a settlement with the Janitor's Union and asked if this is affected by that. Mr.
Poison replied no, Advanced Maintenance Solutions is a non - represented company.
Regular Session Meeting Minutes
October 1, 2012
M.G.L. Chapter 30B Bids (Attachment 6)
2013 -01 Janitorial Services
S.J. Services which is the company that we are recommending and they are represented so fortunately there is no work
stoppage or contract issue. Therefore it will not affect the RMLD.
Chairman Pacino asked if the company has been checked out. Mr. Polson replied that he spoke with four of the five
references who are government agencies with long term contracts that have had very positive words to say about the
company; they do a very good job, are very professional and that their management team is excellent to work with.
Ms. West made a motion seconded by Mr. Soli that bid 2013 -01 for the Janitorial Services be awarded to S.J. Services for
$120,780.00 as the lowest responsive qualified bidder on the recommendation of the General Manager. This is a three year
contract.
Motion carried 5:0:0.
General Discussion
Chairman Pacino said that he would like to see the issues concerning the signing of the Accounts Payable Warrant to go onto
the next meeting's agenda.
Ms. West stated that she had a separate issue with the Indemnity Agreement and wondered what the policy says about where
this needs to be signed.
Mr. Cameron replied that all the commissioners have to do is sign them.
BOARD MATERIAL AVAILABLE BUT NOT DISCUSSED
Rate Comparisons, August and September 2012
E -Mail responses to Account Payable /Payroll Questions
RMLD Board Meetings
Thursday, November 1, 2012 and Wednesday, November 28, 2012
RMLD General Manager Search Committee Meeting, Wednesday, October 3, 2012
Citizens' Advisory Board Meetin¢
Wednesday, October 17, 2012 at RMLD — Chairman Pacino will be covering this meeting.
Budeet Committee Meetings
Wednesday, April 3, 2013 and Wednesday, April 10, 2013
Executive Session
At 10:17 p.m. Ms. Snyder made a motion seconded by Mr. Stempeck that the Board go into Executive Session to approve the
Executive Session meeting minutes of July 25, 2012, to discuss strategy with respect to collective bargaining and return to
Regular Session for the sole purpose of adjournment.
Motion carried by a polling of the Board:
Mr. Stempeck, Aye; Ms. West, Aye; Chairman Pacino, Aye; Ms. Snyder, Aye; and Mr. Soli, Aye.
Motion carried 5:0:0.
Adjournment
At 10:45 p.m. Ms. West made a motion seconded by Mr. Stempeck to adjourn the Regular Session.
Motion carried 5:0:0.
A true copy of the RMLD Board of Commissioners minutes
as approved by a majority of the Commission.
John Stempeck, Secretary
RMLD Board of Commissioners
N
TOWN OF READING, MASSACHUSETTS
READING MUNICIPAL LIGHT DEPARTMENT
Annual Financial Statements
For the Year Ended June 30, 2012
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C�J
ATTACHMENT 1
E
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT 1
MANAGEMENT'S DISCUSSION AND ANALYSIS 3
BASIC FINANCIAL STATEMENTS:
Proprietary Funds:
Statements of Net Assets 7
t
Statements of Revenues, Expenses, and Changes in
Net Assets 8
Statements of Cash Flows 9
Fiduciary Funds:
Statements of Fiduciary Net Assets 10
Statements of Changes in Fiduciary Net Assets 11
Notes to Financial Statements 12
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Funding Progress 29
D
INDEPENDENT AUDITORS' REPORT
To the Municipal Light Board
Town of Reading Municipal Light Department
Reading, Massachusetts
We have audited the accompanying financial statements of the business -type
activities, and the aggregate remaining fund information of the Town of Reading
Municipal Light Department ( "the Department ") (an enterprise fund of the Town of
Reading), as of and for the year ended June 30, 2012 which collectively comprise
the Department's basic financial statements as listed in the table of contents. These
Aa financial statements are the responsibility of the Department's management. Our
responsibility is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant esti-
mates made by management, as well as evaluating the overall financial statement
presentation. We believe our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all mate-
rial respects, the financial position of the business -type activities, and the aggregate
remaining fund information of the Town of Reading Municipal Light Department as of
June 30, 2012, and the respective changes in financial position and cash flows,
where applicable thereof, for the year then ended in conformity with accounting
principles generally accepted in the United States of America.
The management's discussion and analysis, appearing on the following pages,
and the supplementary information, appearing on page 29, are not a required part
of the basic financial statements but are supplementary information required by
accounting principles generally accepted in the United States of America. We have
applied certain limited procedures, which consisted principally of inquiries of
management regarding the methods of measurement and presentation of the
information. H w
required supplementary However, o e e
w id not audit the information and d
express no opinion on it.
The financial statements include certain prior -year summarized comparative infor-
mation. Such information does not include sufficient detail to constitute a presenta-
tion in conformity with generally accepted accounting principles. Accordingly, such
information should be read in conjunction with the Department's financial statements
for the year ended June 30, 2011, from which the summarized information was
derived.
Andover, Massachusetts
, 2012
2
PI
C1
MANAGEMENT'S DISCUSSION AND ANALYSIS
Within this section of the Town of Reading Municipal Light Department's ( "the
Department ") annual financial report, management provides a narrative discussion
and analysis of the financial activities for the year ended June 30, 2012. The
Department's performance is discussed and analyzed within the context of the
accompanying financial statements and disclosures following this section.
A. OVERVIEW OF THE FINANCIAL STATEMENTS
The basic financial statements include (1) the proprietary fund statements of net
assets, (2) the proprietary fund statements of revenues, expenses and changes
in net assets, (3) the proprietary fund statements of cash flows, (4) the fiduciary
fund statements of net assets, (5) the fiduciary fund statements of changes in
fiduciary net assets and (6) notes to financial statements.
The Statements of Net Assets is designed to indicate our financial position as of
a specific point in time. At June 30, 2012, it shows our net worth of $ 96,534,060
which comprises $ 68,670,917 invested in capital assets, $ 2,635,206 restricted
for depreciation fund, $ 1,344,829 restricted for other post- employment benefits
trust and $ 23,883,108 unrestricted.
The Statements of Revenues, Expenses and Changes in Net Assets summarize
our operating results and reveal how much, if any, of a profit was earned for
the year. As discussed in more detail below, our net profit for the year ended
June 30, 2012 was $ 2,930,478.
The Statements of Cash Flows provide information about cash receipts, cash
payments, investing, and financing activities during the accounting period. A
review of our Statements of Cash Flows indicates that cash receipts from oper-
ating activities adequately covered our operating expenses in fiscal year 2012.
The following is a summary of the Department's financial data for the current and
prior fiscal years.
t]
Summary of Net Assets
Current assets
Noncurrent assets
Total assets
Current liabilities
Noncurrent liabilities
Total liabilities
Net assets:
Invested in capital assets,
net of related debt
Restricted for depreciation fund
Restricted for OPEB trust
Unrestricted
Total net assets
Total liabilities and net assets
2012
$ 20,331,949
87,919,610
108,251,559
7,515,556
4,201,943
11,717,499
68,670,917
2,635,206
1,344,829
23,883,108
96,534,060
$ 108,251,559
Summary of Changes in Net Assets
2012
Operating revenues $ 81,764,964
Operating expenses (77,383,674)
Operating income 4,381,290
Non - operating revenues (expenses)
(1,450,812)
Change in net assets
2,930,478
Beginning net assets
93,603,582
Ending net assets
$ 96,534,060
B. FINANCIAL HIGHLIGHTS
2011
$ 17,685,849
86,223,649
103,909,498
6,262,115
4,043,801
10,305,916
67,560,509
4,265,768
1,169,499
20,607,806
93,603,582
$ 103,909,498
2011
$ 89,295,501
(84,943,671)
4,351,830
(1,568,112)
2,783,718
90,819,864
$ 93,603,582
Electric sales (net of discounts) were $ 82,546,941 in fiscal year 2012, a
decrease of 5.7% from the prior year. In fiscal year 2012, kilowatt hours sold
decreased by 3.3% to 685,978,955, compared to 709,213,661 in fiscal year
2011. In fiscal year 2012, ratepayers were credited with $ (785,180) in fuel
charge adjustments, compared to charges of $ 729,113 in fiscal year 2011.
In fiscal year 2012, ratepayers were charged purchase power adjustments of
$ 3,203, compared to $ 1,055,105 in fiscal year 2011. This decrease was due
4
P]
P]
ffff
MW to an adjustment in base rates, which essential) eliminated the necessity for
1 Y Y
purchase power adjustments to customer bills.
Operating expenses were $ 77,383,674 in fiscal year 2012, an overall decrease
of 8.9% from fiscal year 2011. The largest portion of this total, $ 60,361,614 was
for purchase power expenses. Other operating expenses included $ 12,118,162
for general operating and maintenance costs, $1,351,568 for voluntary payments
to Towns, and depreciation expense of $ 3,552,330. In fiscal year 2012, the
depreciation rate was 3.0 %.
In fiscal year 2012, the Department contributed $ 1,000,000 to the Reading
Municipal Light Department Employees' Pension Trust (the "Trust "). In addition,
the Trust contributed $ 1,336,326 to the Town of Reading Contributory Retire-
ment System on behalf of the Department's employees.
In fiscal year 2012, the Department contributed $ 169,289 towards its other
postemployment benefits (OPEB) liability, which was equal to its annual funding
requirement. To date, the Department has set aside OPEB contributions totaling
$ 1,335,089, which is equal to its actuarially determined OPEB liability as of
June 30, 2012. These contributions, along with accumulated investment earn-
ings, are included in the Department's restricted cash and short-term investments
balance at June 30, 2012. Additional information on the Department's OPEB
to liability can be found in Note 16 on pages 21 -22 of this report.
C. CAPITAL ASSET AND DEBT ADMINISTRATION
Capital assets. Total investment in land at year end amounted to $ 1,265,842;
there was no change from the prior year. Total investment in depreciable capital
assets at year end amounted to $ 67,405,075 (net of accumulated depreciation),
an increase of $ 1,110,408 from the prior year. This investment in depreciable
capital assets includes structures and improvements, equipment and furnishings,
and infrastructure assets.
Im
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the Reading
Municipal Light Department's finances for all those with an interest in the govern-
ment's finances. Questions concerning any of the information provided in this
report or requests for additional financial information should be addressed to:
Accounting /Business Manager
Town of Reading Municipal Light Department
230 Ash Street
Reading, Massachusetts 01867
PI
E.
11
Ln
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUSINESS -TYPE PROPRIETARY FUND
STATEMENTS OF NET ASSETS
JUNE 30, 2012 AND 2011
LIABILITIES
Current:
Accounts payable
2012
2011
ASSETS
631,268
561,385
Current:
363,459
255,980
Unrestricted cash and short -term investments
$ 9,957,960
$ 6,596,634
Receivables, net of allowance for uncollectable
8,115,722
8,749,838
Prepaid expenses
762,930
753,132
Inventory
1,495,337
1,586,245
Total current assets
20,331,949
17,685,849
Noncurrent:
Restricted cash and short -term investments
19,187,119
16,385,677
Restricted investments
-
2,200,000
Investment in associated companies
61,574
77,463
Land and construction in progress
1,265,842
1,265,842
Capital assets, net of accumulated depreciation
67,405,075
66,294,667
Total noncurrent assets
87,919,610
86,223,649
TOTAL ASSETS
108,251,559
103,909,498
LIABILITIES
Current:
Accounts payable
4,934,861
4,997,392
Customer deposits
631,268
561,385
Customer advances for construction
363,459
255,980
Accrued liabilities
469,906
390,660
Due to retirement trust
1,000,000
-
Current portion of long -term liabilities:
Accrued employee compensated absences
116,062
56,698
Total current liabilities
7,515,556
6,262,115
Noncurrent:
Accrued employee compensated absences
2,866,854
2,878,001
Other post - employment benefits
1,335,089
1,165,800
Total noncurrent liabilities
4,201,943
4,043,801
TOTAL LIABILITIES
11,717,499
10,305,916
NET ASSETS
Invested in capital assets, net of related debt 68,670,917 67,560,509
Restricted for depreciation fund 2,635,206 4,265,768
Restricted for other post - employment benefits trust 1,344,829 1,169,499
Unrestricted 23, 883,108 20,607, 806
TOTAL NET ASSETS $ 96,534,060 $ 93,603,582
See notes to financial statements
7
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUSINESS -TYPE PROPRIETARY FUND
STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
Operating Expenses:
Purchase power
2012
2011
Operating Revenues:
9,882,934 —
9,762,601
Electric sales, net of discounts of $ 4,229,951
2,235,228—
2,189,310
and $ 4,323,198, respectively
$ 82,546,941
$ 87,511,283
Purchase power and fuel charge adjustments:
3,552,330-
3,452,749
Fuel charge adjustment
(785,180)
729,113
Purchase power adjustment
3,203
1,055,105
Total Operating Revenues
81,764,964
89,295,501
Operating Expenses:
Purchase power
60,361,614
66,822,546
Operating
9,882,934 —
9,762,601
Maintenance
2,235,228—
2,189,310
Environmental remediation (Gaw Substation)
-
1,386,395
Depreciation
3,552,330-
3,452,749
Voluntary payments to towns
1,351,568
1,330,070
Total Operating Expenses
77,383,674
84,943,671
Operating Income
4,381,290
4,351,830
Nonoperating Revenues (Expenses):
Contributions in aid of construction
17,226
65,692
Interest income
88,705
103,765
Interest expense
(1,460)
(2,005)
MMWEC refund
516,183
571,635
FEMA grant
325,007
-
Loss on disposal of capital assets
(563,957)
(371,491)
Return on investment to Town of Reading
(2,205,957)
(2,171,880)
Other
373,441
236,172
Total Nonoperating Revenues (Expenses), Net
(1,450,812)
(1,568,112)
Change in Net Assets
2,930,478
2,783,718
Net Assets at Beginning of Year
93,603,582
90,819,864
Net Assets at End of Year
$ 96,534,060
$ 93,603,582
See notes to financial statements.
r
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUSINESS -TYPE PROPRIETARY FUND
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
Cash Flows From Investina Activ
Investment income
2012
2011
Cash Flows From Operatina Activities:
(585,553)
(1,910,065)
Receipts from customers and users
$ 83,250,940
$ 86,647,569
Payments to vendors and employees
(72,408,534)
(82,392,991)
Customer purchase power and fuel charge adjustments
(781,977)
1,784,218
Net Cash Provided By (Used For) Operating Activities
10,060,429
6,038,796
Cash Flows From Noncapital Financina Activities:
Return on investment to Town of Reading
(2,205,957)
(2,171,880)
MMWEC refund
516,183
571,635
FEMA grant
325,007
-
Other
373,441
236,171
Net Cash Provided By (Used For) Noncapital Financing Activities
(991,326)
(1,364,074)
Cash Flows From Capital and Related Financina Activities:
Acquisition and construction of capital assets
(5,226,695)
(4,503,250)
Interest expense
(1,460)
(2,005)
Contributions in aid of construction
17,226
65,693
Net Cash Provided By (Used For) Capital and Related Financing Activities
(5,210,929)
(4,439,562)
Cash Flows From Investina Activ
Investment income
88,705
103,765
(Increase) decrease in restricted cash and Investments
(585,553)
(1,910,065)
Net Cash Provided By (Used For) Investing Activities
(496,848)
(1,806,300)
Net Change in Cash and Short -Term Investments
3,361,326
(1,571,140)
Unrestricted Cash and Short Term Investments, Beginning of Year
6,596,634
8,167,774
Unrestricted Cash and Short Term Investments, End of Year
$ 9,957,960
$ 6,596,634
Reconciliation of Operatina Income to Net Cash:
Operating income
$ 4,381,290
$ 4,351,830
Adjustments to reconcile operating income to net
cash provided by (used for) operating activities:
Depreciation expense
3,552,330
3,452,749
Other post - employment benefits
169,289
352,339
Changes in assets and liabilities:
Accounts receivable
634,116
(925,903)
Prepaid and other assets
(9,798)
3,822
Inventory
90,908
48,326
Accounts payable
(62,531)
(1,190,866)
Accrued liabilities
127,463
(37,750)
Due to retirement trust
1,000,000
Other liabilities
177,362
(15,751)
Net Cash Provided By (Used For) Operating Activities
$ 10,060,429
$ 6,038,796
See notes to financial statements.
9
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
FIDUCIARY FUND - RETIREMENT TRUST
STATEMENTS OF FIDUCIARY NET ASSETS
JUNE 30, 2012 AND 2011
ASSETS
Cash and short -term investments
Investments
Due from proprietary fund
TOTAL ASSETS
NET ASSETS
Net assets held in trust for pension benefits
See notes to financial statements.
10
2012 2011
$ 4,476,777 $ 4,787,498
1,000,000
1,000,000 -
5,476,777 5,787,498
$ 5,476,777 $ 5,787,498
�L
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
FIDUCIARY FUND - RETIREMENT TRUST
STATEMENTS OF CHANGES IN FIDUCIARY NET ASSETS
FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
Additions:
Contributions from Reading Municipal Light Department
Interest and dividend income
Total additions
Deductions:
Paid to Reading Contributory Retirement System
Total deductions
Net increase (decrease) in net assets
Net Assets Available for Benefits, Beginning of Year
Net Assets Available for Benefits, End of Year
See notes to financial statements.
11
2012 2011
$ 1,000,000 $ 1,000,000
25,605 48,514
1,025,605 1,048,514
1,336,326
1,278,695
1,336,326
1,278,695
(310,721)
(230,181)
5,787,498 6,017,679
$ 5,476,777 $ 5,787,498
so.)
Town of Reading, Massachusetts Municipal Light Department
Notes to Financial Statements
1. Summary of Significant Accounting Policies
The significant accounting policies of the Town of Reading Municipal Light
Department ( "the Department ") (an enterprise fund of the Town of Reading)
are as follows:
A. Business Activity - The Department purchases electricity which it
distributes to consumers within the towns of Reading, North Reading,
Wilmington, and Lynnfield.
B. Regulation and Basis of Accounting - Under Massachusetts General
Laws, the Department's electric rates are set by the Municipal Light Board.
Electric rates, excluding the fuel charge, cannot be changed more often
than once every three months. Rate schedules are filed with the Massa-
chusetts Department of Public Utilities (DPU). While the DPU exercises
general supervisory authority over the Department, the Department's rates
are not subject to DPU approval. The Department's policy is to prepare its
financial statements in conformity with generally accepted accounting
principles.
Proprietary funds distinguish operating revenues and expenses from non -
operating items. Operating revenues and expenses generally result from
providing services and producing and delivering goods in connection with
a proprietary fund's principal ongoing operations. The principal operating
revenues of the enterprise fund are charges to customers for sales and
services. Operating expenses for enterprise funds include the cost of
sales and services, administrative expenses and depreciation on capital
assets. All revenues and expenses not meeting this definition are
reported as nonoperating revenues and expenses.
Private - sector standards of accounting and financial reporting issued prior
to December 1, 1989 generally are followed in the proprietary fund finan-
cial statements to the extent that those standards do not conflict with or
contradict guidance of the Governmental Accounting Standards Board.
Governments also have the option of following subsequent private- sector
guidance for their enterprise funds, subject to this same limitation. The
Department has elected not to follow subsequent private- sector guidance.
C. Concentrations - The Department operates within the electric utility indus-
try which has undergone significant restructuring and deregulation. Legis-
lation was enacted by the Commonwealth of Massachusetts in 1998 which
changed the electric industry. The law introduced competition and pro-
12
1.4 t
vided consumers with choices while assuring continued reliable service.
Municipal utilities are not currently subject to this legislation.
D. Retirement Trust - The Reading Municipal Light Department Employees'
Pension Trust (the "Trust ") was established on December 30, 1966, by the
Town of Reading's Municipal Light Board pursuant to Chapter 164 of the
General Laws of the Commonwealth of Massachusetts.
The Trust constitutes the principal instrument of a plan established by the
Municipal Light Board for the purpose of funding the Department's annual
required contribution to the Town of Reading Contributory Retirement
System (the System), a cost sharing, multi - employer public employee
retirement system.
E. Revenues - Revenues are based on rates established by the Department
and filed with the DPU. Revenues from sales of electricity are recorded on
the basis of bills rendered from monthly meter readings taken on a cycle
basis and are stated net of discounts. Recognition is given to the amount
of sales to customers which are unbilled at the end of the fiscal period.
F. Cash and Short-term Investments - For the purposes of the Statement of
Cash Flows, the Department considers both restricted and unrestricted
cash on deposit with the Town Treasurer to be cash or short-term invest-
ments. For purpose of the Statement of Net Assets, the proprietary funds
consider investments with original maturities of three months or less to be
short-term investments.
G. Investments - State and local statutes place certain limitations on the
nature of deposits and investments available. Deposits in any financial
institution may not exceed certain levels within the financial institution.
Non - fiduciary fund investments can be made in securities issued or
unconditionally guaranteed by the U.S. Government or agencies that
have a maturity of one year or less from the date of purchase and
repurchase agreements guaranteed by such securities with maturity
dates of no more than 90 days from date of purchase.
Investments for the Department and the Trust consist of shares in the
Massachusetts Municipal Depository Trust (MMDT) and money market
mutual funds. Because of their immediate liquidity, these funds are
classified as cash and short-term investments in the accompanying
financial statements.
H. Inventory - Inventory consists of parts and accessories purchased for use
in the utility business for construction, operation, and maintenance pur-
poses and is stated at average cost. Meters and transformers are capi-
talized when purchased.
13
I. Capital Assets and Depreciation - Capital assets, which include property,
plant, equipment, and utility plant infrastructure, are recorded at historical
cost or estimated historical cost when purchased or constructed. Donated
capital assets are recorded at estimated fair market value at the date of
the donation.
The cost of normal maintenance and repairs that do not add to the value
of the asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as they
are acquired or constructed. Interest incurred during the construction phase
of proprietary fund capital assets is included as part of the capitalized value
of the constructed asset. When capital assets are retired, the cost of the
retired asset, less accumulated depreciation, salvage value and any cash
proceeds, is charged to the Department's unrestricted net assets account.
Massachusetts General Laws require utility plant in service to be depre-
ciated at an annual rate of 3 %. To change this rate, the Department must
obtain approval from the DPU. Changes in annual depreciation rates may
be made for financial factors relating to cash flow for plant expansion,
rather than engineering factors relating to estimates of useful lives.
J. Accrued Compensated Absences - Employee vacation leave is vested
annually but may only be carried forward to the succeeding year with
supervisor approval and, if appropriate, within the terms of the applicable
Department policy or union contract. Generally, sick leave may accumu-
late according to union and Department contracts and policy, and is paid
upon normal termination at the current rate of pay. The Department's
policy is to recognize vacation costs at the time payments are made. The
Department records accumulated, unused, vested sick pay as a liability.
The amount recorded is the amount to be paid at termination at the
current rate of pay.
K. Long -Term Obligations - The proprietary fund financial statements report
long -term debt and other long -term obligations as liabilities in the propri-
etary fund statement of net assets.
L. Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosures for contingent assets and liabilities
at the date of the financial statements, and the reported amounts of the
revenues and expenses during the fiscal year. Actual results could vary
from estimates that were used.
M. Rate of Return - The Department's rates must be set such that earnings
attributable to electric operations do not exceed eight percent of the net
cost of plant. The audited financial statements are prepared in accord-
14
ance with auditing standards generally accepted in the United States of
America. To determine the net income subject to the rate of return, the
Department performs the following calculation. Using the net income per
the audited financials, the return on investment to the Town of Reading
is added back, the fuel charge adjustment is added or deducted, and
miscellaneous debits /credits (i.e., gain /loss on disposal of fixed assets,
etc.) are added or deducted, leaving an adjusted net income figure for
rate of return purposes. Investment interest income and bond principal
payments are then deducted from this figure to determine the net income
subject to the rate of return. The net income subject to the rate of return
is then subtracted from the allowable eight percent rate of return, which
is calculated by adding the book value of net plant and the investment in
associated companies less the contributions in aid of construction multi-
plied by eight percent. From this calculation, the Municipal Light Board
will determine what cash transfers need to be made at year end.
2. Cash and Short-Term Investments
Cash and short-term investments as of June 30, 2012 are classified in the
accompanying financial statements as follows:
Statement of net assets:
r Unrestricted cash and short-term investments $ 9,957,960
Restricted cash and short-term investments 19,187,119
Fiduciary funds:
Cash and short-term investments 4,476,777
Total cash and investments $ 33,621,856
Cash and short-term investments at June 30, 2012 consist of the following:
Cash on hand $ 2,024
Deposits with financial institutions 33,619,832
Total cash investments $ 33,621,856
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that the fair value of an investment will be
adversely affected by changes in market interest rates. Generally, the
longer the maturity of an investment, the greater the sensitivity of its fair
value to changes in market interest rates. The Department manages its
exposure to interest rate risk by purchasing a combination of shorter term
and longer term investments and by timing cash flows from maturities so
that a portion of the portfolio is maturing or coming close to maturity evenly
15
over time as necessary to provide the cash flow and liquidity needed for
operations.
As of June 30, 2012, all Department (including the Pension Trust) monies
were held in pooled investments with the Massachusetts Municipal Deposi-
tory Trust (MMDT) and other money market mutual funds. Because of their
immediate liquidity, these funds are classified as cash and short-term invest-
ments in the accompanying financial statements and are not considered to be
exposed to significant interest rate risk.
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that the issuer of an investment will not fulfill
its obligation to the holder of the investment. This is measured by the assign-
ing of a rating by a nationally recognized statistical rating organization. As of
June 30, 2012, none of the Department's (including Pension Trust) short-term
investments were exposed to significant credit risk.
Concentration of Credit Risk
The Department follows the Town of Reading's investment policy, which does
not limit the amount that can be invested in any one issuer beyond that stipu-
lated by Massachusetts General Laws. At June 30, 2012, the Department's
(including Pension Trust) short-term investments were held in MMDT's
investment pool and the Federated Prime Cash Obligations Fund, an open -
end money market fund which invests primarily in a portfolio of short-term,
high - quality, fixed income securities issued by banks, corporations, and the
U.S. government.
Custodial Credit Risk
Custodial Credit Risk for deposits is the risk that, in the event of the failure of
a depository financial institution, the Department will not be able to recover its
deposits or will not be able to recover collateral securities that are in the pos-
session of an outside party. The custodial credit risk for investments is the
risk that, in the event of the failure of the counterparty (e.g., broker - dealer)
to a transaction, the Department will not be able to recover the value of its
investments or collateral securities that are in the possession of another
party. Massachusetts General Laws, Chapter 44, Section 55, limits deposits
"in a bank or trust company or banking company to an amount not exceeding
sixty per cent of the capital and surplus of such bank or trust company or
banking company, unless satisfactory security is given to it by such bank or
trust company or banking company for such excess." The Department
follows the Massachusetts statute as written, as well as the Town of
Reading's deposit policy for custodial credit risk.
16
Because the Department pools its cash with the Town of Reading, the spe-
cific custodial credit risk of the Department's deposits could not be deter-
mined at June 30, 2012.
As of June 30, 2012, none of the Department's (including Pension Trust)
short-term mutual fund investments were exposed to custodial credit risk.
3. Restricted Cash and Investments
Restricted cash and investments consist of the following at June 30, 2012:
The Department maintains the following restricted cash accounts:
- Depreciation fund - The Department is normally required to reserve
3.0% of capital assets each year to fund capital improvements.
- Construction fund — This represents additional funds set aside to fund
capital expenditures.
- Deferred fuel reserve - The Department transfers the difference
between the customers' monthly fuel charge adjustment and actual
fuel costs into this account to be used in the event of a sudden
increase in fuel costs.
- Deferred energy conservation reserve - This account is used to reserve
monies collected from a special energy charge added to customer bills.
Customers who undertake measures to conserve and improve energy
efficiency can apply for rebates that are paid from this account.
- OPEB reserve - This account is used to account for the Department's
contributions to fund its actuarially determined Other Post - Employment
Benefits (OPEB) liability.
17
Cash
Depreciation fund
$ 2,635,206
Construction fund
2,000,000
Deferred fuel reserve
2,270,044
Deferred energy conservation reserve
293,161
OPEB reserve
1,344,829
Rate stabilization
6,679,695
Reserve for uncollectible accounts
200,000
Sick leave benefits
2,982,916
Ar Hazardous waste fund
Customer deposits
150,000
631,268
Total
$ 19,187,119
The Department maintains the following restricted cash accounts:
- Depreciation fund - The Department is normally required to reserve
3.0% of capital assets each year to fund capital improvements.
- Construction fund — This represents additional funds set aside to fund
capital expenditures.
- Deferred fuel reserve - The Department transfers the difference
between the customers' monthly fuel charge adjustment and actual
fuel costs into this account to be used in the event of a sudden
increase in fuel costs.
- Deferred energy conservation reserve - This account is used to reserve
monies collected from a special energy charge added to customer bills.
Customers who undertake measures to conserve and improve energy
efficiency can apply for rebates that are paid from this account.
- OPEB reserve - This account is used to account for the Department's
contributions to fund its actuarially determined Other Post - Employment
Benefits (OPEB) liability.
17
4.
- Rate stabilization - This represents amounts set aside to help stabilize
cost increases resulting from fluctuations in purchase power costs.
- Reserve for uncollectible accounts - This account was set up to offset
a portion of the Department's bad debt reserve.
- Sick leave benefits - This account is used to offset the Department's
actuarially determined compensated absence liability.
- Hazardous waste fund -This reserve was set up by the Board of
Commissioners to cover the Department's insurance deductible in
the event of a major hazardous materials incident.
- Customer deposits - Customer deposits that are held in escrow.
Accounts Receivable
Accounts receivable consists of the following at June 30, 2012:
Customer Accounts:
Billed $ 2,646,502
Less allowances:
Uncollectible accounts (200,000)
Sales discounts (249,097)
Total billed
Unbilled, net
Total customer accounts
Other Accounts:
Merchandise sales 118,886
MMWEC flush 516,183
FEMA grant 325,007
Liens and other 42,304
Total other accounts
Total net receivables
5. Prepaid Expenses
Prepaid expenses consist of the following:
Insurances
Purchase power
PASNY prepayment fund
WC Fuel - Watson
Total
$ 303,507
54,868
241,849
162,706
$ 762,930
18
2,197,405
4,915,937
7,113, 342
1,002,380
$ 8,115, 722
F
6. Inventory
Inventory is comprised of supplies and materials at June 30, 2012, and is
valued using the average cost method.
7. Investment in Associated Companies
Under agreements with the New England Hydro- Transmission Electric Com-
pany, Inc. (NEH) and the New England Hydro- Transmission Corporation
(NHH), the Department has made the following advances to fund its equity
requirements for the Hydro - Quebec Phase II interconnection. The Depart-
ment is carrying its investment at cost, reduced by shares repurchased. The
Department's equity position in the Project is less than one -half of one percent.
Investment in associated companies consists of the following, at June 30, 2012:
New England Hydro- Transmission Electric Company, Inc. $ 2,976
New England Hydro- Transmission Corporation 58,598
Total $ 61,574
8. Capital Assets
1
The following is a summary of fiscal year 2012 activity in capital assets (in
thousands):
Business -Type Activities:
Capital assets, being depreciated:
Structures and improvements
Equipment and furnishings
Infrastructure
Total capital assets, being depreciated
Less accumulated depreciation for:
Structures and improvements
Equipment and furnishings
Infrastructure
Total accumulated depreciation
Total capital assets, being depreciated, net
Capital assets, not being depreciated:
Land
Total capital assets, not being depreciated
Capital assets, net
19
Beginning
Ending
Balance
Increases
Decreases
Balance
$ 13,667
$ 367
$ -
$ 14,034
30,364
252
(145)
30,471
74,662
4,608
1,588
77,682
118,693
5,227
(1,733)
122,187
(7,158)
(391)
-
(7,549)
(17,617)
(969)
145
(18,441)
27,624
(2,192)
1,024
28,792
52,399
3,552
1,169
54,782
66,294
1,675
(564)
67,405
1,266 - - 1,266
1,266 - - 1,266
$ 67,560 $ 1,675 $ 564 $ 68,671
10.
11.
12.
13
14.
15.
Accounts Payable
Accounts payable represent fiscal 2012 expenses that were paid after June 30,
2012.
Customer Deposits
This balance represents deposits received from customers that are held in
escrow.
Customer Advances for Construction
This balance represents deposits received from vendors in advance for work to
be performed by the Department. The Department recognizes these deposits
as revenue after the work has been completed.
Accrued Liabilities
Accrued liabilities consist of the following at June 30, 2012:
Accrued payroll $ 268,823
Accrued sales tax 188,244
Other 12,839
Total $ 469,906
Due to Retirement Trust
This balance represents the Department's fiscal year 2012 contribution to the
Reading Municipal Light Department Employees' Pension Trust, which was a
cash transfer in transit at June 30, 2012.
Accrued Employee Compensated Absences
Department employees are granted sick leave in varying amounts. Upon
retirement, termination, or death, employees are compensated for unused
sick leave (subject to certain limitations) at their then current rates of pay.
Restricted Net Assets
The proprietary fund financial statements report restricted net assets when
external constraints are placed on net assets. Specifically, restricted net
'W,,
assets represent depreciation fund reserves, which are restricted for future
capital costs.
16. Post - Employment Health Care and Life Insurance Benefits
Other Post - Employment Benefits
The Department follows GASB Statement 45, Accounting and Financial
Reporting by Employers for Postemployment Benefits Other Than Pensions.
Statement 45 requires governments to account for other post - employment
benefits (OPEB), primarily healthcare, on an accrual basis rather than on a
pay -as- you -go basis. The effect is the recognition of an actuarially required
contribution as an expense on the Statements of Revenues, Expenses, and
Changes in Net Assets when a future retiree earns their post - employment
benefits, rather than when they use their post- employment benefit. To the
extent that an entity does not fund their actuarially required contribution, a
post - employment benefit liability is recognized on the Statements of Net
Assets over time.
A. Plan Description
In addition to providing the pension benefits described in Note 17, the
G Department provides post - employment health and life insurance benefits
for retired employees through the Town of Reading's Massachusetts Inter -
local Insurance Association (MIIA) Health Benefits Trust. Benefits, benefit
levels, employee contributions and employer contributions are governed
by Chapter 32 of the Massachusetts General Laws. As of June 30, 2011,
the actuarial valuation date, approximately 73 retirees and 50 active
employees meet the eligibility requirements. The plan does not issue
a separate financial report.
B. Benefits Provided
The Department provides post - employment medical, prescription drug,
and life insurance benefits to all eligible retirees and their surviving
spouses. All active employees who retire from the Department and
meet the eligibility criteria will be eligible to receive these benefits.
C. Funding Policy
As of the June 30, 2011, the actuarial valuation date, retirees were
required to contribute 29% of the cost of the medical and prescription
drug plan, as determined by the MIIA Health Benefits Trust. Retirees also
contribute 50% of the premium for a $ 5,000 life insurance benefit. The
Department contributes the remainder of the medical, prescription drug,
and life insurance plan costs on a pay -as- you -go basis
21
D. Annual OPEB Costs and Net OPEB Obligation
The Department's fiscal 2012 annual OPEB expense is calculated based
on the annual required contribution of the employer (ARC), an amount
actuarially determined in accordance with the parameters of GASB State-
ment No. 45. The ARC represents a level of funding that, if paid on an
ongoing basis, is projected to cover the normal cost per year and amortize
the unfunded actuarial liability over a period of twenty years. The follow-
ing table shows the components of the Department's annual OPEB cost
for the year ending June 30, 2012, the amount actually contributed to the
plan, and the change in the Department's net OPEB obligation based on
an actuarial valuation as of June 30, 2011.
Annual Required Contribution (ARC) $ 494,220
Interest on net OPEB obligation 93,725
Annual OPEB cost 587,945
Contributions made (418,656)
Increase in net OPEB obligation 169,289
Net OPEB obligation - beginning of year 1,165,800
Net OPEB obligation - end of year $ 1,335,089
The Department's annual OPEB cost, the percentage of annual OPEB cost
contributed to the plan, and the net OPEB obligation for fiscal year 2012 and
the two preceding fiscal years were as follows:
The Department's net OPEB obligation as of June 30, 2012 is recorded
as a component of the "noncurrent liabilities" line item in the Statements
of Net Assets.
E. Funded Status and Funding Progress
The funded status of the plan as of June 30, 2011, the date of the most
recent actuarial valuation was as follows:
22
Percentage of
Annual OPEB
OPEB
Net OPEB
Fiscal year ended
Cost
Cost Contributed
Obligation
2012
$ 587,945
71.21%
$ 1,335,089
2011
$ 905,981
61.11%
$ 1,165,800
2010
$ 878,668
57.09%
$ 813,461
The Department's net OPEB obligation as of June 30, 2012 is recorded
as a component of the "noncurrent liabilities" line item in the Statements
of Net Assets.
E. Funded Status and Funding Progress
The funded status of the plan as of June 30, 2011, the date of the most
recent actuarial valuation was as follows:
22
t
Actuarial accrued liability (AAL)
$ 8,643,438
Actuarial value of plan assets
1,167,161
Unfunded actuarial accrued liability (UAAL)
$ 7,476,277
Funded ratio (actuarial value of plan assets /AAL)
13.5%
Covered payroll (active plan members)
N/A
UAAL as a percentage of covered payroll
N/A
In fiscal year 2010, the Department's Board of Commissioners voted to
accept the provisions of Massachusetts General Law Chapter 32B §20,
to create an Other Post Employment Benefits Liability Trust Fund as a
mechanism to set aside monies to fund its OPEB liability. In fiscal year
2012, the department contributed $ 169,289 to this fund, which was equal
to its actuarially determined annual contribution. Because these monies
are not held in an irrevocable trust supported by a trust instrument, as
required by GASB 45, they are reported as restricted net assets on the
Department's Statements of Net Assets. However, the monies set aside
by the Department are actuarially considered to be Department plan
assets in the June 30, 2011 OPEB actuarial valuation report.
Actuarial valuations of an ongoing plan involve estimates of the value of
reported amounts and assumptions about the probability of events far into
C the future. Examples include assumptions about future employment,
mortality, and the healthcare cost trend. Amounts determined regarding
the funded status of the plan and the annual required contributions of the
employer are subject to continual revision as actual results are compared
to past expectations and new estimates are made about the future. The
schedule of funding progress, presented as required supplementary
information following the notes to the financial statements, presents multi-
year trend information about whether the actuarial value of plan assets is
increasing or decreasing over time relative to the actuarial accrued liability
for benefits.
F. Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the
plan as understood by the Department and the plan members and include
the types of benefits provided at the time of each valuation and the his-
torical pattern of sharing of benefit costs between the Department and
plan members to that point. The actuarial methods and assumptions
used include techniques that are designed to reduce short-term volatility
in actuarial accrued liabilities and the actuarial value of assets, consistent
with the long -term perspective of the calculations.
In the June 30, 2011 actuarial valuation, the Projected Unit Credit actuarial
cost method was used. The Department's actuarial value of assets was
23
$ 1,167,161. The actuarial assumptions included a 7.75% investment rate
of return and an initial annual health care cost trend rate of 9.0% which
decreases to a 5.0% long -term rate for all health care benefits after seven
years. The amortization costs for the initial UAAL is a level percentage of
payroll amortization, with amortization payments increasing at 2.5% per
year for a period of 20 years.
17. Pension Plan
The Department follows the provisions of GASB Statement No. 27, (as
amended by GASB 50) Accounting for Pensions for State and Local
Government Employees, with respect to the employees' retirement funds.
Chapter 32 of the Massachusetts General Laws assigns the System the
authority to establish and amend benefit provisions of the plan, and the
State legislature has the authority to grant cost -of- living increases. The
System issues a publicly available financial report which can be obtained
through the Town of Reading Contributory Retirement system at Town
Hall, Reading, MA.
A. Plan Description
The Department contributes to the Town of Reading Contributory Retire-
ment System (the System), a cost - sharing, multiple - employer, defined
benefit pension plan administered by a Town Retirement Board. The
System provides retirement, disability and death benefits to plan mem-
bers and beneficiaries. Chapter 32 of the Massachusetts General Laws
assigns the System the authority to establish and amend benefit provi-
sions of the plan, and grant cost -of- living increases.
B. Funding Policy
Plan members are required to contribute to the System at rates ranging
from 5% to 11 % of annual covered compensation. The Department is
required to pay into the System its share of the remaining system wide
actuarially determined contribution plus administration costs which are
apportioned among the employers based on active covered payroll. The
contributions of plan members and the Department are governed by
Chapter 32 of the Massachusetts General Laws. The Department's con-
tributions to the System for the years ended June 30, 2012, 2011, and
2010 were $ 1,336,326, $ 1,278,695, and $ 919,336, respectively, which
were equal to its annual required contributions for each of these years.
24
I
18. Participation in Massachusetts Municipal Wholesale Electric
Company
Im
The Town of Reading, acting through its Light Department, is a participant in
certain Projects of the Massachusetts Municipal Wholesale Electric Company
( MMWEC).
MMWEC is a public corporation and a political subdivision of the Common-
wealth of Massachusetts, created as a means to develop a bulk power supply
for its Members and other utilities. MMWEC is authorized to construct, own
or purchase ownership interests in, and to issue revenue bonds to finance,
electric facilities (Projects). MMWEC has acquired ownership interests in
electric facilities operated by other entities and also owns and operates its
own electric facilities. MMWEC sells all of the capability (Project Capability)
of each of its Projects to its Members and other utilities (Project Participants)
under Power Sales Agreements (PSAs). Among other things, the PSAs
require each Project Participant to pay its pro rata share of MMWEC's costs
related to the Project, which costs include debt service on the revenue bonds
issued by MMWEC to finance the Project, plus 10% of MMWEC's debt ser-
vice to be paid into a Reserve and Contingency Fund. In addition, should a
Project Participant fail to make any payment when due, other Project Partici-
pants of that Project may be required to increase (step -up) their payments
and correspondingly their Participant's share of that Project's Project Capa-
bility to an additional amount not to exceed 25% of their original Participant's
share of that Project's Project Capability. Project Participants have cove-
nanted to fix, revise and collect rates at least sufficient to meet their obliga-
tions under the PSAs.
MMWEC has issued separate issues of revenue bonds for each of its eight
Projects, which are payable solely from, and secured solely by, the reve-
nues derived from the Project to which the bonds relate, plus available funds
pledged under MMWEC's Amended and Restated General Bond Resolution
(GBR) with respect to the bonds of that Project. The MMWEC revenues
derived from each Project are used solely to provide for the payment of the
bonds of any bond issue relating to such Project and to pay MMWEC's cost
of owning and operating such Project and are not used to provide for the
payment of the bonds of any bond issue relating to any other Project.
MMWEC operates the Stony Brook Intermediate Project and the Stony
Brook Peaking Project, both fossil - fueled power plants. MMWEC has a 3.7%
interest in the W.F. Wyman Unit No. 4 plant, which is operated and owned by
its majority owner, FPL Energy Wyman IV, LLC, a subsidiary of NextEra
Energy Resources LLC (formerly FPL Energy LLC), and a 4.8% ownership
interest in the Millstone Unit 3 nuclear unit, operated by Dominion Nuclear
Connecticut, Inc. (DNCI), the majority owner and an indirect subsidiary of
Dominion Resources, Inc. DNCI also owns and operates the Millstone Unit 2
25
nuclear unit. The operating license for the Millstone Unit 3 nuclear unit
extends to November 25, 2045.
A substantial portion of MMWEC's plant investment and financing program
is an 11.6% ownership interest in the Seabrook Station nuclear generating
unit operated by NextEra Energy Seabrook, LLC (NextEra Seabrook)
(formerly FPL Energy Seabrook LLC), the majority owner and an indirect
subsidiary of NextEra Energy Resources LLC (formerly FPL Energy LLC).
The operating license for Seabrook Station extends to March, 2030. NextEra
Seabrook has submitted an application to extend the Seabrook Station
operating license for an additional 20 years.
Pursuant to the PSAs, the MMWEC Seabrook and Millstone Project Partici-
pants are liable for their proportionate share of the costs associated with
decommissioning the plants, which costs are being funded through monthly
Project billings. Also the Project Participants are liable for their proportionate
share of the uninsured costs of a nuclear incident that might be imposed
under the Price - Anderson Act (Act). Originally enacted in 1957, the Act has
been renewed several times. In July 2005, as part of the Energy Policy Act
of 2005, Congress extended the Act until the end of 2025.
Reading Municipal Light Department has entered into PSAs and Power
Purchase Agreements (PPAs) with MMWEC. Under both the PSAs and
PPAs, the Department is required to make certain payments to MMWEC
payable solely from Department revenues. Under the PSAs, each Participant
is unconditionally obligated to make all payments due to MMWEC, whether
or not the Project(s) is completed or operating, and notwithstanding the
suspension or interruption of the output of the Project(s).
MMWEC is involved in various legal actions. In the opinion of MMWEC
management, the outcome of such actions will not have a material adverse
effect on the financial position of the company.
Seven municipal light departments that are Participants under PSAs with
MMWEC have submitted a demand for arbitration of a dispute relating to
charges under the PSAs. MMWEC cannot predict the outcome of the
arbitration demand, but in the opinion of MMWEC management, it will not
have a material adverse effect on the financial position of MMWEC.
Total capital expenditures for MMWEC's Projects amounted to $ 1,586,581,000,
of which $ 113,528,000 represents the amount associated with the Depart-
ment's share of Project Capability of the Projects in which it participates,
although such amount is not allocated to the Department. MMWEC's debt
outstanding for the Projects includes Power Supply Project Revenue Bonds
totaling $ 284,005,000, of which $ 12,913,000 is associated with the Depart-
ment's share of Project Capability of the Projects in which it participates,
although such amount is not allocated to the Department. After the July 1, 2012
principal payment, MMWEC's total future debt service requirement on outstand-
26
Un
Ll-
Im
ing bonds issued for the Projects is $ 308,241,000, of which $ 13,478,000 is
anticipated to be billed to the Department in the future.
The estimated aggregate amount of Reading Municipal Light Department's
required payments under the PSAs and PPAs, exclusive of the Reserve and
Contingency Fund billings, to MMWEC at June 30, 2012 and estimated for
future years is shown below.
For years ended June 30,
In addition, under the PSAs, the Department is required to pay to MMWEC
its share of the Operation and Maintenance (O &M) costs of the Projects in
which it participates. The Department's total O &M costs including debt ser-
vice under the PSAs were $ 12,596,000 and $ 14,350,000 for the years
ended June 30, 2012 and 2011, respectively.
19. Renewable Energy Certificates
In 2003, the Massachusetts Department of Energy and Environmental Affairs
adopted the Massachusetts Renewable Energy Portfolio Standard (RPS), a
regulation that requires Investor Owned Utilities (IOUs) to purchase mandated
amounts of energy generated by renewable resources (Green Energy) as a
percentage of their overall electricity sales. The Massachusetts RPS applies
only to IOUs, so the Department is currently exempt from this mandate.
Energy suppliers meet their annual RPS obligations by acquiring a sufficient
quantity of RPS - qualified renewable energy certificates (RECs) that are
created and recorded at the New England Power Pool (NEPOOL) Generation
Information System (GIS). Suppliers can purchase RECs from electricity
generators or from other utilities that have acquired RECs.
As part of its ongoing commitment to Green Energy, the Department has
entered into Purchase Power Agreements (PPAs) with Swift River Hydro LLC
and Concord Steam Corporation to purchase power generated from
renewable energy resources. These PPA's include the Department taking
title to RECs, which certify that the energy produced was the product of a
renewable resource. Because the Department is exempt from the RPS
27
Annual Costs
2013
$ 4,042,000
2014
3,552,000
2015
2,574,000
2016
2,700,000
2017
1,472,000
2018-2020
(862,000)
Total
$ 131478,000
In addition, under the PSAs, the Department is required to pay to MMWEC
its share of the Operation and Maintenance (O &M) costs of the Projects in
which it participates. The Department's total O &M costs including debt ser-
vice under the PSAs were $ 12,596,000 and $ 14,350,000 for the years
ended June 30, 2012 and 2011, respectively.
19. Renewable Energy Certificates
In 2003, the Massachusetts Department of Energy and Environmental Affairs
adopted the Massachusetts Renewable Energy Portfolio Standard (RPS), a
regulation that requires Investor Owned Utilities (IOUs) to purchase mandated
amounts of energy generated by renewable resources (Green Energy) as a
percentage of their overall electricity sales. The Massachusetts RPS applies
only to IOUs, so the Department is currently exempt from this mandate.
Energy suppliers meet their annual RPS obligations by acquiring a sufficient
quantity of RPS - qualified renewable energy certificates (RECs) that are
created and recorded at the New England Power Pool (NEPOOL) Generation
Information System (GIS). Suppliers can purchase RECs from electricity
generators or from other utilities that have acquired RECs.
As part of its ongoing commitment to Green Energy, the Department has
entered into Purchase Power Agreements (PPAs) with Swift River Hydro LLC
and Concord Steam Corporation to purchase power generated from
renewable energy resources. These PPA's include the Department taking
title to RECs, which certify that the energy produced was the product of a
renewable resource. Because the Department is exempt from the RPS
27
provisions, it has the option of holding these RECs until they expire or selling
them through the NEPOOL GIS.
In fiscal year 2012, the Department sold all of its 2011 Connecticut Class I
REC holdings and retired all of its 2011 Connecticut Class II REC holdings,
which expired on June 15, 2012. Proceeds totaling $ 344,470 from the sale
of the Class I REC holdings were netted against the Department's fiscal year
2012 purchased power fuel charge.
At June 30, 2012, the Department held a total of 13,192 additional Class I and
Class II RECs with an estimated market value of $ 401,980. Because there
are no clear accounting guidelines for RECs and the Department does not
have a formal policy for the future disposition of these RECs, they are not
reported as an asset on the Statements of Net Assets.
20. Leases
Related Party Transaction - Property Sub -Lease
The Department is sub - leasing facilities to the Reading Town Employees
Federal Credit Union. The original sub -lease agreement commenced in
December 2000 and was extended by various amendments through
November 30, 2011. An additional amendment, effective December 1, 2011,
extends the lease through November 30, 2014. The following is the future
minimum rental income for the years ending June 30:
2013
$ 8,712
2014
8,712
2015
3,630
Total
$ 21,054
28
NW
READING, MASSACHUSETTS, MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF FUNDING PROGRESS
REQUIRED SUPPLEMENTARY INFORMATION
June 30, 2012
(Unaudited)
Other Post - Employment Benefits
Actuarial
See Independent Auditors' Report.
29
Accrued
UAAL as
Actuarial
Liability
Actuarial
Value of
(AAL) -
Valuation
Assets
Entry Age
Date
u
u
06/30/08
$ -
$ 8,085,388
06/30/11
$ 1,167,161
$ 8,643,438
See Independent Auditors' Report.
29
UAAL as
a Percent -
Unfunded
age of
AAL
Funded
Covered
Covered
(UAAL)
Ratio
Payroll
Payroll
LC-1
b -a /c
$ 8,085,388
0.0%
N/A
N/A
$ 7,476,277
13.5%
N/A
N/A
RMLD Board of Commissioners Committees and Assignments March 2012 to March 2013
August 29, 2012
Budget Committee
flip Pacino, Chair
1,rsie West
•ant
Power & Rate Committee (All Board Members)
Audit (Including Town of Reading Audit)
Marsie West
Robert Soli
General Manager Committee
Philip Pacino, Chair
Gina Snyder
Vacant
General Manager Search Committee
Philip Pacino, Chair
Marsie West
Policy Committee
Robert Soli, Chair
Gina Snyder
l: rsie West
lic Relations Committee
John Stempeck
Marsie West
Recommend Operating and Capital Budgets to the Board.
Recommend actuaries and actuary findings to the Board.
Make recommendation to RMLD Board for legal counsel.
Recommend power contracts to the Board.
Recommend rate changes to the Board.
Recommend audit findings to the Board.
One member of Audit Committee meets at least semiannually with the
Accounting/ Business Manager on RMLD financial issues.
Town of Reading Audit Committee - Sit on the Town of Reading Audit
Committee and select firm that performs annual financial audit or RMLD
pension trust.
This term expires on June 30, 2013.
Review GM evaluation process.
Recommend the RMLD General Manager.
Recommend changes of Board policies to RMLB.
From time to time review press releases and public relations programs.
Joint Committee - Payment to the Town of Reading Recommend to the RMLD Board payment to the Town of Reading.
Philip Pacino
Robert Soli
Two RMLD Board of Commissioners
Two Citizens' Advisory Board Members
One Reading Selectmen
Assignments
Accounts Payable
John Stempeck
Philip Pacino
Marsie West
Gina Snyder (First Backup)
Robert Soli (Second Backup)
Assignments
Payroll - Four Month Rotation
Marsie West, April -July
Philip Pacino, August - November
John Stempeck, December -March
Gina Snyder (First Backup)
Review and approve payables on a weekly basis. This position
is rotational. It requires three primary signers and one back up.
No Commissioner may serve more than three consecutive
years on this Committee and must take a year leave
before returning to this Committee.
Review and approve payroll. This position is rotational every four
months. It requires primary signer and one back -up.
No Commissioner can serve more than three consecutive years
on this Committee and must take a year leave before returning
to this Committee.
ATTACHMENT 2
To: Vincent Cameron
From: Energy Services
Date: September 11, 2012
Subject: Purchase Power Summary — July, 2012
Energy Services Division (ESD) has completed the Purchase Power Summary for the
month of July, 2012.
ENERGY
The RMLD's total metered load for the month was 73,790,509 kwh, which is a 1.75%
decrease from the July, 2011 figures.
Table 1 is a breakdown by source of the energy purchases.
D
TABLE 1
�a
Amount of
Cost of
% of Total
Total $
$ as a
Resource
Energy
Energy
Energy
Costs
%
(kWh)
($ /Mwh)
Millstone #3
3,673,174
$6.99
4.97%
$25,667
0.72%
Seabrook
4,967,044
$8.13
6.72%
$40,362
1.13%
Stonybrook Intermediate
4,547,885
$47.54
6.15%
$216,194
6.04%
JP Morgan
12,749,000
$56.10
17.25%
$715,224
19.97%
NextEra
13,280,000
$46.61
17.97%
$618,988
17.28%
NYPA
1,773,483
$4.92
2.40%
$8,726
0.24%
ISO Interchange
8,535,238
$42.85
11.55%
$365,735
10.21%
NEMA Congestion
0
$0.00
0.00%
- $36,692
-1.02%
Coop Resales
102,036
$131.86
0.14%
$13,455
0.38%
MacQuarie
22,398,000
$66.08
30.31%
$1,480,063
41.32%
Summit Hydro
186,856
$7,920.88
0.25%
$10,410
0.29%
Braintree Watson Unit
1,289,489
$58.03
1.75%
$74,832
2.09%
Swift River Projects
249,535
$97.76
0.34%
$24,395
0.68%
Stonybrook Peaking
140,362
$173.52
0.19%
$24,356
0.68%
Monthly Total
73,892,102
$48.47
100.00%
$3,581,715
100.00%
�a
Table 2 breaks down the ISO interchange between the DA LMP Settlement and the RT
Net Energy for the month of July, 2012.
Table 2
Amount Cost % of Total
Resource of Energy of Energy Energy
(kWh) ($ /Mwh)
ISO DA LMP * 10,235,335 49.42 13.85%
Settlement
RT Net Energy ** - 1,700,098 82.98 -2.30%
Settlement
ISO Interchange 8,535,238 42.85 11.55%
(subtotal)
Independent System Operator Day -Ahead Locational Marginal Price
Real Time Net Energy
CAPACITY
The RMLD hit a demand of 163,785 kW, which occurred on July 17, 2012 at 5 pm. The
RMLD's monthly UCAP requirement for July, 2012 was 210,706 kWs.
Table 3 shows the sources of capacity that the RMLD utilized to meet its requirements
Table 3
Source
Amount (kWs)
Cost ($ /kW month)
Total Cost $
% of Total Cost
Millstone #3
4,991
51.71
$258,076
16.68%
Seabrook
7,742
51.01
$394,926
25.53%
Stonybrook Peaking
24,981
1.95
$48,837
3.16%
Stonybrook CC
42,925
3.85
$165,276
10.68%
NYPA
4,019
3.57
$14,347
0.93%
Hydro Quebec
4,584
4.75
$21,794
1.41%
Nextera
60,000
5.50
$330,000
21.33%
Braintree Watson Unit
10,520
10.98
$115,535
7.47%
ISO -NE Supply Auction
50,944
3.89
$198,283
12.82%
Total
210,706
$7.34
$1,547,074
100.00%
r-,
Table 4 shows the dollar amounts for energy and capacity per source.
Table 5
Current
Table 4
Cost of
Last Month
Last Year
Peak Demand (kW)
163,785
% of
Amt of Energy
Power
Energy (kWh)
Resource
Energy
Capacity
Total cost
Total Cost
(kWh)
($/kWh)
$4,131,397
Millstone #3
$25,667
$258,076
$283,742
5.53%
3,673,174
0.0772
Seabrook
$40,362
$394,926
$435,288
8.49%
4,967,044
0.0876
Stonybrook Intermediate
$216,194
$165,276
$381,470
7.44%
4,547,885
0.0839
Hydro Quebec
$0
$21.794
$21,794
0.42%
-
0.0000
JP Morgan
$715,224
$0
$715,224
13.95%
12,749,000
0.0561
NextEra
$618,988
$330,000
$948,988
18.50%
13,280,000
0.0715
* NYPA
$8,726
$14,347
$23,073
0.45%
1,773,483
0.0130
ISO Interchange
$365,735
$198,283
$564,019
11.00%
8,535,238
0.0661
Nema Congestion
- $36,692
$0
- $36,692
-0.72%
-
0.0000
MacQuarie
$1,480,063
$0
$1,480,063
28.86%
22,398,000
0.0661
* Summit Hydro
$10,410
$0
$10,410
0.20%
186,856
0.0557
Braintree Watson Unit
$74,832
$115,535
$190,367
3.71%
1,289,489
0.1476
* Swift Ricer Projects
$24,395
$0
$24,395
0.48%
249,535
0.0978
Coop Resales
$13,455
$0
$13,455
0.26%
102,036
0.1319
Stonybrook Peaking
$24,356
$48,837
$73,193
1.43%
140,362
0.5215
Monthly Total
$3,581,715
$1,547,074
$5,128,789
100.00%
73,892,102
0.0694
* Renewable Resources
Aw
Aff
TRANSMISSION
The RMLD's total transmission costs for
the month of July
were $1,140,284.
This is a
increase of 76.7% from the June transmission cost
of $645,305.
In July, 2011 the
transmission cost were $855,671.
Table 5
Current
Month
Last Month
Last Year
Peak Demand (kW)
163,785
163,070
170,351
Energy (kWh)
73,892,102
62,753,418
75,197,704
Energy ($)
$3,581,715
$3,017,804
$4,131,397
Capacity ($)
$1,547,074
$1,519,690
$1,391,058
Transmission
($)
$1,140,284
$645,305
$855,671
Total
$6,269,073
$5,182,799
$6,378,125
To: Vincent Cameron
From: Energy Services
Date: September 26, 2012
Subject: Purchase Power Summary — August, 2012
Energy Services Division (ESD) has completed the Purchase Power Summary for the
month of August, 2012.
ENERGY
The RMLD's total metered load for the month was 74,716,651 kwh, which is a 6.9%
increase from the August, 2011 figures.
Table 1 is a breakdown by source of the energy purchases.
Ll
TABLE 1
Amount of
Cost of
% of Total
Total $
$ as a
Resource
Energy
Energy
Energy
Costs
%
(kWh)
($/Mwh)
Millstone #3
3,649,222
$6.99
4.86%
$25,499
0.71%
Seabrook
4,994,451
$8.12
6.66%
$40,577
1.13%
Stonybrook Intermediate
4,387,167
$37.67
5.85%
$165,248
4.62%
JP Morgan
18,380,760
$53.32
24.50%
$980,146
27.39%
NextEra
12,933,000
$47.16
17.24%
$609,904
17.04%
NYPA
1,847,224
$4.92
2.46%
$9,088
0.25%
ISO Interchange
3,523,239
$25.98
4.70%
$91,543
2.56%
NEMA Congestion
0
$0.00
0.00%
- $40,460
-1.13%
Coop Resales
104,841
$131.85
0.14%
$13,823
0.39%
MacOuarie
23,114,000
$66.84
30.81%
$1,545,029
43.17%
Summit Hydro
240,613
$6,421.22
0.32%
$13,539
0.38%
Braintree Watson Unit
1,465,902
$49.96
1.95%
$73,230
2.05%
Swift Ricer Projects
191,251
$96.15
0.25%
$18,389
0.51%
Stonybrook Peaking
189,152
$174.75
0.25%
$33,054
0.92%
Monthly Total
75,020,822
$47.70
100.00%
$3,578.611
10000%
Table 2 breaks down the ISO interchange between the DA LMP Settlement and the RT
Net Energy for the month of August, 2012.
Table 2
Amount Cost % of Total
Resource of Energy of Energy Energy
(kWh) ($ /Mwh)
ISO DA LMP 4,839,306 38.96 6.45%
Settlement
RT Net Energy " -1,316,068 73.70 -1.75%
Settlement
ISO interchange 3,523,239 25.98 4.70%
(subtotal)
' Independent System Operator Day -Ahead Locational Marginal Price
Real Time Net Energy
CAPACITY
The RMLD hit a demand of 153,945 kW, which occurred on August 3, 2012 at 4 pm.
The RMLD's monthly UCAP requirement for August, 2012 was 210,736 kWs.
Table 3 shows the sources of capacity that the RMLD utilized to meet its requirements.
Table 3
Source
Amount (kWs)
Cost (a/kW month)
Total Cost $
% of Total Cost
Millstone #3
4,991
51.70
$258,031
16.97%
Seabrook
7,742
51.02
$394,980
25.97%
Stonybrook Peaking
24,981
1.94
$48,542
3.19%
Stonybrook CC
42,925
3.81
$163,614
10.76%
NYPA
4,019
3.57
$14,347
0.94%
Hydro Quebec
4,584
3.95
$18,116
1.19%
Nextera
60,000
5.50
$330,000
21.70%
Braintree Watson Unit
10,520
10.52
$110,639
7.27%
ISO -NE Supply Auction
50,974
3.58
$182,574
12.00%
Total
210,736
$7.22
$1,520,844
100.00%
p Table 4 shows the dollar amounts for energy and capacity per source.
Current
Table 4
Month
Cost of
Last Year
Peak Demand (kW)
153,945
% of
Amt of Energy
Power
Resource
Energy
Capacity
Total cost
Total Cost
(kWh)
($/kWh)
Millstone #3
$25,499
$258,031
$283,530
5.56%
3,649,222
0.0777
Seabrook
$40,577
$394,980
$435,557
8.54%
4,994,451
0.0872
Stonybrook Intermediate
$165,248
$163,614
$328,863
6.45%
4,387,167
0.0750
Hydro Quebec
$0
$18,116
$18,116
0.36%
-
0.0000
JP Morgan
$980,146
$0
$980,146
19.22%
18,380,760
0.0533
NextEra
$609,904
$330,000
$939,904
18.43°x6
12,933,000
0.0727
* NYPA
$9,088
$14,347
$23,436
0.46%
1,847,224
0.0127
ISO Interchange
$91,543
$182,574
$274,117
5.38%
3,523,239
0.0778
Nema Congestion
- $40,460
$0
- $40,460
-0.79%
-
0.0000
MacQuarie
$1,545,029
$0
$1,545,029
30.30%
23,114,000
0.0668
* Summit Hydro
$13,539
$0
$13,539
0.27°x6
240,613
0.0563
Braintree Watson Unit
$73,230
$110,639
$183,869
3.61%
1,465,902
0.1254
* Swift River Projects
$18,389
$0
$18,389
0.36%
191,251
0.0962
Coop Resales
$13,823
$0
$13,823
0.27%
104,841
0.1318
Stonybrook Peaking
$33,054
$48,542
$81,596
1.60%
189,152
0.4314
Monthly Total
$3,578,611
$1,520,844
$5,099,455
100.00%
75,020,822
0.0680
* Renewable Resources
AW-
TRANSMISSION
The RMLD's total transmission costs for the month of August were $1,065,565. This is a
decrease of 6.55% from the July transmission cost of $1,140,284. In August, 2011 the
transmission cost were $960,534.
Table 5
Current
Month
Last Month
Last Year
Peak Demand (kW)
153,945
163,785
144,051
Energy (kWh)
75,020,822
73,892,102
69,647,480
Energy ($)
$3,578,611
$3,581,715
$3,795,608
Capacity ($)
$1,520,844
$1,547,074
$1,412,039
Transmission
($)
$1,065,565
$1,140,284
$960,534
Total
$6,165,020
$6,269,073
$6,168,181
ENERGY EFFICIENCY
Table 6 shows the comprehensive results from the Energy Conservation program. The amount of savings is broken down by both demand and energy for the
Commercial and Residential sectors.
2013 Preliminary Data:
Tahle 6
Total $ I ITotal I IT,tl $
Commercial
Year
Capacity Saved (kW)
Energy Saved (kwh)
Capacity
$/kW
Energy
$ /kWh
Rebate
Rebate /kWh
Rebate /kW
Cost Benefit
Total to date
FY07 -12
7,597
32,061,914
$ 664,0011
14,597
1873797
1
$ 9.00
$ 1,059,834
$ 0.03
$ 139.52
$ 1,477,965
Current
FY13
288
1,364,189
$ 31,130
1 $ 9.00
54568
$ 0.04
1 $ 79,723
$ 0.06
$ 276.59
$ 5,974
Residential
Washing Machine
Total to date
FY07 -12
1,157
1,104,935
$ 104,014
Thermostat
59,037
Renewable
$ 423,996
$ 0.38
$ 366.41
$ (260,944.83)
Current
FY13
39
14,597
$ 4,249
$ 9.00
584
$ 0.04
$ 8,125
$ 0.56
$ 206.50
$ (3,292)
Total
Washing Machine
Total to date
FY07 -12
8,754
33,166,849
$ 768,016
Thermostat
1,932,834
Renewable
$ 1,508,830
1 $ 0.05
$ 172.37
1 $ 1,192,020.07
Current
FY13
328
1,378,786
$ 35,379
$ 9.00
1 55,151
$ 0.04
1 $ 87,8481$
0.061$
268.17
1 $ 2,683
Table 7 shows the breakdown for residential appliance rebates by type and year.
Table 7
Total 1819 $ 90,950 1466 $ 73,300 1302 $ 65,100 177 $ 4,425 229 $ 22,900 253 $ 6,325 492 $ 4,920 677 $ 98,531 13 $ 52,700 11 $ 2,750 3 $ 30
b V V
Washing Machine
Refrigerator
Dishwasher
Dehumidifier
Central A/C
Window A/C
Thermostat
Audits
Renewable
HP Water Heater
Fan
Year
QTY 113ollars
QTY
Dollars
QTY
Dollars
QTY
Dollars
QTY
Dollars
QTY
Dollars
QTY
Dollars
QTY
Dollars
QTY
Dollars
QTY
Dollars
QTY
Dollars
2007
2008
86
$ 4,300
47
$ 2,350
55
$ 2,750
7
$ 175
17
$ 1,700
10
$ 250
23
$ 230
107
$ 14,940
2009
406
$ 20,300
259
$ 12,950
235
$ 11,750
40
$ 1,000
41
$ 4,100
50
$ 1,250
114
$ 1,140
107
$ 14,940
2010
519
$ 25.950
371
$ 18,550
382
$ 19,100
37
$ 925
64
$ 6,400
49
$ 1,225
1 127
$ 1,270
1 64
$ 8,960
6
$ 20,700
2011
425
$ 21,250
383
$ 19.150
313
$ 15,650
47
$ 1,175
57
$ 5,700
65
$ 1,625
1 118
$ 1,180
1 180
$ 26 9601
4
$ 18,000
2012
339
$ 16,950
354
$ 17.700
289
$ 14,450
38
$ 950
44
$ 4,400
56
$ 1,400
105
$ 1,050
219
$ 32,731
3
$ 14,000
9
$ 2,250
kA
2013
44
$ 2.200
52
$ 2,600
28
$ 1,400
B
$ 200
61$
600
23
$ 575
5
$ 50
0
$
0
$ -
2
$ 500
Total 1819 $ 90,950 1466 $ 73,300 1302 $ 65,100 177 $ 4,425 229 $ 22,900 253 $ 6,325 492 $ 4,920 677 $ 98,531 13 $ 52,700 11 $ 2,750 3 $ 30
b V V
ATTACHMENT I
AW
ENERGY SERVICES DIVISION
TO: \'IN(:1 :Nt' CA\1F1WN 1
FROM: I N1-'.RGY' SFR \'ICI {S /V 1,
SUBJECT: 2012 RI ?NIiVG'. \131.1? I {NI:RG1' (:IiR'l'll i(;. \ "fl:S U11DATI:
DATE: 9/27/2012
The attached spreadsheet summarizes the Renewable Energy Certificates (RECs) currently being
held by RI\ILD (quarter 1, 2012) and RECs which will be transferred to RI\ILD on 10/15/2012
(quarter 2, 2012). All RECs were generated by the Swift River Hydro units currently in the Rl\ILD
power supply portfolio. All of the RECs currently being held by the RNILD are from 2012.
The RECs currently being generated by the Swift River Hydro projects are qualified for sale in
markets in several different states. Woronoco RECs are qualified for sale in Connecticut and
Massachusetts. Pepperell is qualified in Connecticut and Rhode Island. Indian River is qualified in
Connecticut. Turners Falls is only qualified for Connecticut CEO RECs which have no market value.
The Swift River Hydro Projects under agreement with RI\ILD have generated a total of 13,192
RECs through June, 2012. The estimated value of the RECs is $569,854. This amount is based on
the latest market information available for REC sales (9/21/12 attached). The estimated value is a
maximum dollar estimate. Different combinations of sales in different markets would yield a
different dollar outcome.
Q1 & Q2 Rec Summary for RMLD
Total 13,192
$24.75
63.34%
MA
Class I
865
772
815
451
886
537
2,452
1,874
4,326
$107,070
$263,560
$195,010
$111,284
S -
Total
Est. Value $S69,854
$53.00
$0.45
$62.50
100%
Month kWh
Rec
Co- Qualified RECS
CT -CEO
January
43000
37.50%
62.50%
36.66%
Woronoco
0
0
CT
CT
MA
Month
kWh
Rec Total
Class I
Class II
Class I
January
1,365,000
1,365
512
853
500
February
1,219,000
1,219
457
762
447
March
1,287,000
1,287
483
804
472
April 2012
711,926
712
267
445
261
May 2012
1,398,879
1,399
525
874
513
June 2012
848,105
848
318
530
311
Total Q1
3,871,000
3,871
1,452
2,419 0
1,419
Total Q2
2,958,910
2,959
1,110
1,849
1,085
Total
6,829,910
6,830
2,561
4,269
2,504
Est. Value
$135,744
$1,921
$156,490
$53.00
$62.75
$0.63
Co- Qualified RECS
Pepperell
100%
53%
47%
Month
kWh
Rec
CT-1
RI New
RI Existing
January
730,000
730
730
387
343
February
627,000
627
627
332
295
March
703,000
703
703
373
330
April 2012
447,541
448
448
237
210
May 2012
659,656
660
660
350
310
June 2012
512,244
512
512
271
241
Total Q1
2,060,000
2060
2060
1,092
968
Total Q2
1,619,441
1619
1619
858
761
Total
3,679,441
3679
3679
1950
1729
Est. Value
$195,010
$122,369
$1,081
$53.00
Indian River
100%
Month
kWh
Rec
CT -1
January
303,000
303
303
February
332,000
332
332
March
436,000
436
436
April 2012
243,256
243
243
May 2012
480,611
481
481
June 2012
304,824
305
305
Total Q1
1,071,000
1071
1071
Total Q2
1,028,691
1029
1029
Total
2,099,691
2100
2100
Est. Value
$111,284
Total 13,192
$24.75
63.34%
MA
Class I
865
772
815
451
886
537
2,452
1,874
4,326
$107,070
$263,560
$195,010
$111,284
S -
Total
Est. Value $S69,854
Turner's Falls
100%
Month kWh
Rec
CT -CEO
January
43000
43
43
February
0
0
0
March
284000
284
284
April 2012
151,770
152
152
May 2012
104,677
105
105
June 2012
0
0
0
Total Q1
327,000
327
327
Total Q2
256,447
256
256
Total
583,447
583
583
Est. Value
$
Total 13,192
$24.75
63.34%
MA
Class I
865
772
815
451
886
537
2,452
1,874
4,326
$107,070
$263,560
$195,010
$111,284
S -
Total
Est. Value $S69,854
NOA
Emissions
CSAPR Annual Now _
rl
OFF- --A
2012
2013
M
2012
2013
7!fliiJ
2012
2013
M
2012
2013
M
2011
RY 2012
RY 2013
RY 2014
RY 2015
RY 2013.2014
RY 2013 -2015
RY 2014 -2015
RY 2014 -2016
RY 2012
RY 2013
2012
2013
2013.2015
2011
2012
2012.2014
CY 2011
.®'
2010
2012
2013
2014
2015
2012.2014
2012 -2015
2013 -2015
2011
2012
2013.2015
Mflyn M.
2011
2012
FH 2011
IN 2011
CAL 2011
FH 2012
am 2022
CAL 2012
CAL 2013
CAL 2014
2010
2011
2012
10
Aw
10
10
AM
10
Qla.
15
25
10.00
WIL
1.00
o.so
Aid
1.92
1w
2So
0.000
8w
70
90
90
100
as
90
95
9S
M
20
23
160
155
140
AW
300
305
225
160
ISO
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ICAP United,
Ph: 281.340.8
September 21, 2012
Fax: 281.340.8
www.icapenergy.com/us/emissi,
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Thomas Gibson
Rob Law4nce
Susan Cadge
Andrew Carr
a
a
ATTACHMENT 4
%ir Reading Municipal Light Department
Engineering and Operations
Monthly Report
July 2012
FY 2013 Capital Plan
E &O Construction — System Proiects
1. Reconductoring of Essex St. Lynnfield Ctr.— No activity
2. 4W13 OH Reconductoring Project, West St., Wilmington — No activity
3. Upgrading of Old Lynnfield Center URDs — (Continuation of phase 1)
Installed conduit, built riser, terminated wire, and underground manhole work.
5. Shady Lane Drive Area, Wilmington — Reconductoring — No activity
6. Federal Street, Wilmington — Reconductoring — No activity
;"6� Station Up-grades
8. Station 4 Relay Replacement Project — Reading — No activity
9. Station 4 Getaway Replacement — 4W13 — No activity
SCADA Proiects
10. Station 5 RTU Replacement, Wilmington — No activity
4. Station 4 RTU Replacement — No activity
New Customer Service Connections
12. Service Installations — Commercial /Industrial Customers— This item includes new
service connections, upgrades, and service replacements for the commercial and
industrial customers. This represents the time and materials associated with the
replacement of an existing or installation of a new overhead service, the connection
of an underground service, etc. This does not include the time and materials
associated with pole replacements /installations, transformer
replacement/installations, primary or secondary cable replacement/installations etc.
This portion of the project comes under routine construction. Notable: 10 Burlington
Avenue, Wilmington - Temp three -phase service.
13. Service Installations - Residential Customers - This item includes new or
upgraded overhead and underground services, temporary overhead services, and
large underground development.
14. Routine Construction - The drivers of the Routine Construction budget category
YTD are listed. This is not an inclusive list of all items within this category.
Pole Setting/Transfers
Maintenance Overhead/Underground
Projects Assigned as Required
Pole Damage includes knockdowns some reimbursable
Station Group
Hazmat/Oil Spills
Porcelain Cutout Replacement Program
Lighting Street Light Connections
Storm Trouble
Subdivisions
-Underground
Animal Guard Installation
Miscellaneous Capital Costs
TOTAL
Note: End of the year figures are not approved, and FY13 will be reported at a
later date.
*In the month of July zero (0) cutouts were charged under this program.
Approximately 12 cutouts were installed new or replaced because of damage
making a total of 12 cutouts replaced this month.
11
Reliability Report
-to
Two key industry standard metrics have been identified to enable the RMLD to measure
and track system reliability. A rolling 12 -month view is being used for the purposes of this
report.
Customer Average Interruption Duration Index (CAIDI) — Measures how quickly the
RMLD restores power to customers when their power goes out.
CAIDI = Total of Customer Interruption Duration for the Month in Minutes/ Total
number of customers interrupted.
RMLD 12 month system average outage duration — 66.93 minutes
RMLD 4 year average outage (2006 -2009) — 50.98 minutes per outage
On average, RMLD customers that experience an outage are restored in 66.93 minutes.
180.00
09
155
160.00 � -- '__
U)
140.00 -
c
120.00
100.00 - - -
O 80.00 11 65.57 - - 70.61_
0 60.00 i - 4 :90
44.4
3 40.00 VK .98
LW
20.00 ;
1000..72
78.30 /
r
0.00 4 -- -T — -- --,� —
Monthly minutes per outage
- -- RMLD 12 month system average outage duration 66.93
RMLD 4 year average outage duration 50.98 (2006 -2009) 1
3
System Average Interruption Frequency (SAIFI) — Measures how many outages
each customer experiences per year on average.
SAIFI = Total number of customer's interrupted / Total number of customers.
RMLD 12 month system average - .34 outages per year
RMLD 4 year average outage frequency - .82
The graph below tracks the month -by -month SAIFI performance.
0.90 0.82
0.80 --
0.69
U- 0.20 - _ �` - 0.1
.11
0.10
0.00 1 T --, -I - I- -T I I -
le
r —♦ — RMLD monthly outage frequency
- RMLD 12 month system average outage frequency .34
RMLD 4 year average outage frequency .82 (2006 -2009)
Months Between Interruptions (MBTI)
Another view of the SAIFI data is the number of months Reading customers have no
interruptions. At this time, the average RMLD customer experiences an outage
approximately every 35 months.
4
Reading Municipal Light Department
Engineering and Operations
Monthly Report
August 2012
FY 2013 Capital Plan
E &O Construction — System Proiects
1. Reconductoring of Essex St. Lynnfield Ctr.— No activity
2. 4W13 OH Reconductoring Project, West St., Wilmington — No activity
3. Upgrading of Old Lynnfield Center URDs — (Continuation of phase 1)
Installed conduit, built riser, terminated wire, and underground manhole work.
5. Shady Lane Drive Area, Wilmington — Reconductoring — No activity
6. Federal Street, Wilmington — Reconductoring — No activity
t
Station Upgrades
8. Station 4 Relay Replacement Project — Reading — No activity
9. Station 4 Getaway Replacement — 4W13 — No activity
SCADA Projects
10. Station 5 RTU Replacement, Wilmington — No activity
4. Station 4 RTU Replacement — Senior Tech Labor
New Customer Service Connections
12. Service Installations — Commercial /Industrial Customers — This item includes new
service connections, upgrades, and service replacements for the commercial and
industrial customers. This represents the time and materials associated with the
replacement of an existing or installation of a new overhead service, the connection
of an underground service, etc. This does not include the time and materials
associated with pole replacements /installations, transformer
replacement/installations, primary or secondary cable replacement/installations etc.
This portion of the project comes under routine construction. Nothing notable this
6W month.
13. Service Installations —Residential Customers— This item includes new or
upgraded overhead and underground services, temporary overhead services, and
large underground development.
14. Routine Construction — The drivers of the Routine Construction budget category
YTD are listed. This is not an inclusive list of all items within this category.
Pole Setting/Transfers
Maintenance Overhead/Underground
Projects Assigned as Required
Pole Damage includes knockdowns some reimbursable
Station Group
Hazmat/Oil Spills
Porcelain Cutout Replacement Program
Lighting Street Light Connections
Storm Trouble
Underground Subdivisions
Animal Guard Installation
Miscellaneous Capital Costs
TOTAL
Note: End of the year figures are not approved, and FY13 will be reported at a
later date. Mi
*In the month of August zero (0) cutouts were charged under this program.
Approximately ten (10) cutouts were installed new or replaced because of
damage making a total of ten (10) cutouts replaced this month.
2
0
LIN
11
Reliability Report
Two key industry standard metrics have been identified to enable the RMLD to measure
and track system reliability. A rolling 12 -month view is being used for the purposes of this
report.
Customer Average Interruption Duration Index (CAIDI) — Measures how quickly the
RMLD restores power to customers when their power goes out.
CAIDI = Total of Customer Interruption Duration for the Month in Minutes/ Total
number of customers interrupted.
RMLD 12 month system average outage duration — 58.50 minutes
RMLD 4 year average outage (2006 -2009) — 50.98 minutes per outage
On average, RMLD customers that experience an outage are restored in 58.50 minutes.
120.00
100.00
C
80.00
d
R
60.00
O
L
C
40.00
.r
H
.+ 1
11I
--♦— Monthly minutes peroutage
— . - RMLD 12 month system average outage duration 58.50
1 _RMLD 4 year average outage duration -50.98 (2006 - 2009) L
3
System Average Interruption Frequency (SAIFI) — Measures how many outages
each customer experiences per year on average.
SAIFI = Total number of customer's interrupted / Total number of customers.
RMLD 12 month system average - .29 outages per year
RMLD 4 year average outage frequency - .82
The graph below tracks the month -by -month SAIFI performance.
0.90
0.80 --- - - - - -- - -- —
0.69
u) 0.70 - - - -- - - — - - - --
c
;0 0.60 -- - - - - - - - -- ------ - - - - -- - - -- - - -- --
C
0.50
0.50 - - -- -
0
0.40 -- -- - - -- .35 - - -- >% 0.
C
0.31 033- _ - - - - - -- --
3 0.30 -- — - - -- - - - - - --
4 .21
U- 0 17
0.20 - - - - - - -- -- -- — -- -- -- — - - -- - 01 - - - - -- - --
.11
0.10 - -- - -- - - - -- - - - - -- - - - - -- - -- - - -- - - --
0.00
�� � � )"I- �ti
I
- --- - -- - - - -- - --
—r—RMLD monthly outage frequency
RMLD 12 month system average outage frequency .29
RMLD 4 year average outage frequency .82 (2006 -2009)
Months Between Interruptions (MBTI)
Another view of the SAIFI data is the number of months Reading customers have no
interruptions. At this time, the average RMLD customer experiences an outage
approximately every 41 months.
rd
D
DRAFT
ATTACHMENT 5
FINANCIAL REPORT
IL JUNE 30 2012
L ISSUE DATE: AUGUST 15, 2012
ASSETS
CURRENT
UNRESTRICTED CASH
RESTRICTED CASH
RESTRICTED INVESTMENTS
RECEIVABLES, NET
PREPAID EXPENSES
INVENTORY
TOTAL CURRENT ASSETS
NONCURRENT
INVESTMENT IN ASSOCIATED CO
CAPITAL ASSETS, NET
TOTAL NONCURRENT ASSETS
TOTAL ASSETS
TOWN OF READING, MASSACHUSETTS DRAFT
MUNICIPAL LIGHT DEPARTMENT
BUSINESS -TYPE PROPRIETARY FUND
STATEMENT OF NET ASSETS
6/30/12
PREVIOUS YEAR CURRENT YEAR
(SCH A
P.9)
6,596,634.36
12,561,955.29
(SCH A
P.9)
16,385,677.05
16,583,123.66
(SCH A
P.9)
2,200,000.00
0.00
(SCH B
P.10)
8,749,837.53
8,115,722.20
(SCH B
P.10)
753,131.81
762,930.57
1,586,245.50
1,495,336.70
36,271,526.25
39 519 068.42
(SCH C P.2)
(SCH C P.2)
LIABILITIES
CURRENT
ACCOUNTS PAYABLE
CUSTOMER DEPOSITS
CUSTOMER ADVANCES FOR CONSTRUCTION
ACCRUED LIABILITIES
TOTAL CURRENT LIABILITIES
NONCURRENT
ACCRUED EMPLOYEE COMPENSATED ABSENCES
TOTAL NONCURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT
RESTRICTED FOR DEPRECIATION FUND (P.9)
UNRESTRICTED
TOTAL NET ASSETS (P.3)
TOTAL LIABILITIES AND NET ASSETS
Lm
(1)
77,462.71 61,574.36
67,560,509.59 68,670,916.71
67,637,972.30 68,732,491.07
103,909,498.55 108,251,559.49
5,168,511.21 6,401,494.17
561,385.03 631,268.04
255,979.94 363,459.17
1,385,341.32 1,338,362.36
7,371,217.50 8,734,583.74_
2,934,698.58 2,982,915.76
2,934,698.58 2,982,915.76
10,305,916.08 11,717,499.50
67,560,509.59 68,670,916.71
4,297,944.13 2,635,205.70
21,745,128.75 25,227,937.58
93,603,582.47 96,534,059.99
103,909,498.55 108,251,559.49_
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
NONCURRENT ASSET SCHEDULE
6/30/12
PREVIOUS YEAR
SCHEDULE OF INVESTMENTS IN ASSOCIATED COMPANIES
NEW ENGLAND HYDRO ELECTRIC 15,747.64
NEW ENGLAND HYDRO TRANSMISSION 61,715.07
TOTAL INVESTMENTS IN ASSOCIATED COMPANIES 77,462.71
SCHEDULE OF CAPITAL ASSETS
LAND 1,265,842.23
STRUCTURES AND IMPROVEMENTS 6,508,872.34
EQUIPMENT AND FURNISHINGS 12,747,396.84
INFRASTRUCTURE 47,038,398.18
TOTAL CAPITAL ASSETS, NET 67,560,509.59
TOTAL NONCURRENT ASSETS
(2)
67, 637, 9'r2.30
DRAFT,
SCHEDULE C
CURRENT YEAR
12,631.19
48,943.17
61,574.36
1,265,842.23
6,484,964.13
12,030,469.52
48,889,640.83
68,670,916.71
68,732,491.07
PI
PI
TOWN OF RZADING, MASSACHUSETTS Q .
MUNICIPAL LIGHT DRPARTMIXT
BVBINZSS -TYPE PROPRIZTARY FOND
STATZNZNT OF RXVWMS, ZXPZNSZS AND CHANOZS IN FUND NZT ASSETS
6/30/12
MONTH MONTH LAST TZAR CURRENT YZAR YTD %
LAST YZAR CURRENT YZAR TO DATZ TO DATZ CHANGZ
OPERATING RZVZNUZS: (SCS D P.11)
BASE RZVIMM
4,239,816.66
3,966,217.51
45,869,025.88
44,840,877.02
-2.24%
FUZZ RZVZNOZ
3,991,248.66
2,672,286.86
40,977,048.75
35,325,693.31
- 13.79%
PURCHASED POIRR CAPACITY
(263,583.72)
122,211.09
1,OSS,104.64
3,203.09
- 99.70%
FORFZITZD DISCOUNTS
77,706.97
71,526.78
1,012,284.31
900,930.15
- 11.00%
ENERGY CONSERVATION RZVZNUZ
40,512.69
73,343.05
500,567.71
630,594.39
25.98%
GAN RZVZNUZ
96,431.82
63,111.42
607,175.64
689,910.25
13.63%
NYPA CREDIT
(42,914.14)
(30,059.41)
(725,705.81)
(626,243.95)
- 13.71%
TOTAL OPERATING REVENUES 8,139,218.96 6,940,697.30 89,295,501.12 81,764,964.26 -8.43%
OPERATING ZZPENSZS: (SCH Z P.12)
PURCHASED POWER BASE
2,118,845.13
2,169,002.71
27,300,316.76
24,876,984.89
-8.88%
PURCHASED PONER FUEL
3,185,276.88
3,017,804.27
39,522,230.25
35,484,629.66
- 10.22%
OPERATING
1,515,985.70
1,481,696.26
9,290,513.09
9,328,204.60
0.41%
NAINTn1ANCZ
455,767.70
259,758.60
4,047,792.77
2,789,957.37
- 31.07%
DEPRECIATION
287,729.00
296,027.41
3,452,748.55
3,552,329.58
2.88%
VOLUNTARY PAYNZNTS TO TOWNS
124,185.00
112,382.00
1,330,070.00
1,351,568.00
1.62%
TOTAL OPERATING ZXPZNSES 7,687,789.41 7,336,671.25 84,943,671.42 77,383,674.10 -8.90%
OPERATING INCOME
451,429.55
(395,973.95)
4,351,829.70
4,381,290.16
0.68%
PIRATING RZVZNUES (EXPZNSZS)
CONTRIBUTIONS IN AID OF CONST
634,864.23
879,587.27
696,748.89
934,552.81
34.13%
RETURN ON INVZSTNZNT TO RRADING
(SS2,480.77)
(747,786.21)
(2,543,370.77)
(2,769,913.52)
8.91%
INTZRZST INCOME
5,485.78
11,569.09
103,764.43
88,704.74
- 14.51%
IMTSRZST EXPENSE
11,306.42
5,774.19
(2,004.69)
(1,460.31)
- 27.16%
OTHER (MDSZ AND AMORT)
(2,522.12)
(15,923.09)
176,750.30
297,303.64
68.21%
TOTAL NONOPERATING RZV (ZXP)
96,653.54
133,221.19
(1,568,111.84)
(1,450,012.64)
CHANGE IN NZT ASSETS
NET ASSETS AT SEOINNING OF YEAR
NET ASSETS AT ZND OF JUNZ
C
548,083.09 (262,752.76) 2,783,717.86 2,930,477.52 5.27%
777
90,819,864.61 93,603,582.47
93,603,582.47 96,534,059.99
3.07%
3.13%
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGST DEPARTMENT
BUSINESS -TYPE PROPRIETARY FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
6/30/12
ACTUAL BUDGET
YEAR TO DATE YEAR TO DATE VARIANCE•
OPERATING REVENUES: (SCH P P.11B)
j r"T
AMC
CHANGE
BASE REVENUE
44,840,877.02
46,996,126.00
(2,155,248.98)
-4.59%
FUEL REVENUE
35,325,693.31
40,368,819.00
(5,043,125.69)
- 12.49%
PURCHASED POWER CAPACITY
3,203.09
(133,400.00)
136,603.09
- 102.40%
FORFEITED DISCOUNTS
900,930.15
1,033,915.00
(132,984.85)
- 12.86%
ENERGY CONSERVATION REVENUE
630,594.39
520,321.00
110,273.39
21.19%
GAN REVENUE
689,910.25
693,761.00
(3,850.75)
-0.56%
NYPA CREDIT
(626.243.95 )
_ (600 000.001_
(26,243.95)
4.37%
TOTAL OPERATING REVENUES 81,764,964.26 88,879,542.00 (7,114,577.74) -8.00%
OPERATING EXPENSES: (SCH G P.12A)
PURCHASED POWER BASE
24,876,984.89
27,402,177.00
(2,525,192.11)
-9.22%
PURCHASED POWER FUEL
35,404,629.66
39,768,817.00
(4,284,187.34)
- 10.77%
OPERATING
9,328,204.60
8,823,105.00
505,099.60
S.72%
MAINTENANCE
2,789,957.37
2,817,401.00
(27,443.63)
-0.97%
DEPRECIATION
3,552,329.58
3,600,000.00
(47,670.42)
-1.32%
VOLUNTARY PAYMENTS TO TOWNS
1,351,568.00
1,356,000.00
(4,432.00)
-0.33%
TOTAL OPERATING EXPENSES
77,383,674.10
83,767,500.00
(6, 383, 825.90)
-7.629b
OPERATING INCOME
4,381,290.16
5,112,042.00
(730,751.84)
- 14.29%
NONOPERATING REVENUES (EXPENSES)
CONTRIBUTIONS IN AID OF CONST
934,552.81
800,000.00
134,552.81
16.82%
RETURN ON INVESTMENT TO READING
(2,769,913.52)
(2,270,000.00)
(499,913.52)
22.02%
INTEREST INCOME
88,704.74
180,000.00
(91,295.26)
- 50.72%
INTEREST EXPENSE
(1,460.31)
(61000.00)
4,539.69
- 7S.66%
OTHER (MDSE AND AMORT)
297,303.64
120,000.00
177,303.64
147.75%
TOTAL NONOPERATING REV (EXP)
(1,450.812.64)
(1,176,000.00)
(274,812.64)
23.37%
CHANGE IN NET ASSETS
2,930,477.52
3,936,042.00
(1,005,564.48)
- 2S.SS%
NET ASSETS AT BEGINNING OF YEAR
93,603,582.47
93,603,582.47
0.00
0.00%
NET ASSETS AT END OF JUNE
96,534,059.99
97,539,624.47
(1,005,564.48)
-1.03%
• ( ) - ACTUAL UNDER BUDGET
(31%)
C�
0171_�
LA
Lm
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
RECONCILIATION OF CAPITAL FUNDS
6/30/12
SOURCE OF CAPITAL FUNDS:
DEPRECIATION FUND BALANCE 7/1/11
CONSTRUCTION FUND BALANCE 7/1/11
INTEREST ON DEPRECIATION FUND FY 12
DEPRECIATION TRANSFER FY 12
FORCED ACCOUNTS REIMBURSEMENT
GAW SUBSTATION (FY 12)
TOTAL SOURCE OF CAPITAL FUNDS
USE OF CAPITAL FUNDS:
PAID ADDITIONS TO PLANT THRU JUNE
PAID ADDITIONS TO GAW THRU JUNE
TOTAL USE OF CAPITAL FUNDS
GENERAL LEDGER CAPITAL FUNDS BALANCE 6/30/12
PAID ADDITIONS TO
PAID ADDITIONS TO
PAID ADDITIONS TO
PAID ADDITIONS TO
PAID ADDITIONS TO
TOTAL
GAW
GAW
GAW
GAW
GAW
FROM FY 12
FROM FY 11
FROM FY 10
FROM FY 09
FROM FY 08
c��
5,241,695.21
(15,000.00)
4,297,944.13
0.00
11,627.20
3,552,329.58
0.00
0.00
7,861,900.91
5,226,695.21
21635,205.70
(15,000.00)
531,784.00
1,372,876.00
3,136,764.00
1,895,975.00
6,922,399.00
TOWN OF READING, MASSACHUSETTS l
MUNICIPAL LIGHT DEPARTMENT
SALES OF KILOWATT HOURS
6/30/12 vl)
MUNICIPAL SALES:
STREET LIGHTING
MUNICIPAL BUILDINGS
TOTAL MUNICIPAL CONSUMERS
SALES FOR RESALE
SCHOOL
TOTAL KILOWATT HOURS SOLD
239,052
MONTH
MONTH
LAST YEAR
CURRENT YEAR
YTD 1
SALES OF ELECTRICITY:
LAST YEAR
CURRENT YEAR
TO DATE
TO DATE
CHANGE
RESIDENTIAL SALES
20,315,820
19,752,189
260,162,737
247,978,766
-4.681
COMM. AND INDUSTRIAL SALES
34,806,223
36,793,064
416,495,791
407,234,396
-2.221
PRIVATE STREET LIGHTING
72,739
72,793
865,495
877,001
1.331
TOTAL PRIVATE CONSUMERS
55,194,782
56,618,046
677,524,023
656,090,165
-3.161
MUNICIPAL SALES:
STREET LIGHTING
MUNICIPAL BUILDINGS
TOTAL MUNICIPAL CONSUMERS
SALES FOR RESALE
SCHOOL
TOTAL KILOWATT HOURS SOLD
239,052
237,586
2,666,675
2,863,449
791,409
796,277
9,929,182
9,536,658
1,030,461
1,033,863
12,795,857
12,400,107
1,111,696
279,759
4,284,194
3,239,961
1,254,086
1,298,649
14,609,587
14,248,722
_58,591,025
_ 5992309317
709,213,661
685 978,955
(5)
-0.111
-3.951
-3.091
- 24.371
-2.471
-3.281
PI
Ic
TOWN OF READING, MASSACHUSETTS DRAFT
MUNICIPAL LIGHT DEPARTMENT
KILOWATT HOURS SOLD BY TOWN
6/30/12
MONTH TOTAL READING LYNNFIELD NO.READING WILMINGTON
RESIDENTIAL
19,752,189
6,191,138
3,043,369
4,291,630
6,226,052
COMM & IND
36,793,064
4,380,923
277,351
5,437,988
26,696,802
PVT ST LIGHTS
72,793
13,433
1,360
21,296
36,704
PUB ST LIGHTS
237,586
80,536
32,480
40,043
84,527
MUNI BLDGS
796,277
174,688
138,449
171,387
311,753
SALES /RESALE
279,759
279,759
0
0
0
SCHOOL
1,298,649
480,339
280,949
165,040
372,321
TOTAL
59 230,317
it 6009816
3,773,958
10,127,384
33,728,159
YEAR TO DATE
RESIDENTIAL
247,978,766
78,053,511
35,004,848
57,596,528
77,323,879
COMM & IND
407,234,398
51,319,564
3,239,951
62,750,459
289,924,424
PVT ST LIGHTS
877,001
166,160
16,320
258,712
435,809
PUB ST LIGHTS
2,863,449
965,932
389,502
479,215
1,028,800
MUNI BLDGS
9,536,658
2,449,582
1,629,604
1,868,560
3,588,912
SALES /RESALE
3,239,961
3,239,961
0
0
0
SCHOOL
14,248,722
5,100,183
3,089,312
1,827,240
4,231,987
TOTAL
685,978,955
141,2949893
43,369,537
124,780,714
376,533,811
LAST YEAR
TO DATE
RESIDENTIAL
260,162,737
81,452,319
36,936,826
60,316,437
81,457,155
COMM & IND
416,495,791
50,979,171
3,349,856
63,219,153
298,947,611
PVT ST LIGHTS
865,495
168,210
16,320
253,889
427,076
PUB ST LIGHTS
2,866,675
965,232
389,396
477,047
1,035,000
MUNI BLDGS
9,929,182
2,659,252
1,714,484
1,993,058
3,562,388
SALES /RESALE
4,284,194
4,284,194
0
0
0
SCHOOL
14,609,587
5,179,566
3,119,600
1,924,520
4,385,901
TOTAL
709,213,661
145 687,944
45,526,482
128,184,104
389,815,131
KILOWATT HOURS SOLD TO TOTAL
TOTAL
READING
LYNNFIELD
NO.READING
WILMINGTON
MONTH
RESIDENTIAL
33.364
10.45%
5.144
7.25%
10.524
COMM & IND
62.124
7.404
0.474
9.184
45.074
PVT ST LIGHTS
0.124
0.024
0.004
0.044
0.064
PUB ST LIGHTS
0.404
0.144
0.054
0.074
0.144
MUNI BLDGS
1.344
0.294
0.234
0.294
0.534
SALES /RESALE
0.474
0.474
0.004
0.004
0.004
SCHOOL
2.194
0.814
0.474
0.284
0.634
TOTAL
100.004
19.584
6.364
17.114
56.954
YEAR TO DATE
RESIDENTIAL
36.154
11.384
5.104
8.404
11.274
COMM & IND
59.364
7.484
0.474
9.154
42.264
PVT ST LIGHTS
0.134
0.024
0.004
0.044
0.074
PUB ST LIGHTS
0.424
0.144
0.064
0.074
0.154
MUNI BLDGS
1.394
0.364
0.244
0.274
0.524
SALES /RESALE
0.474
0.474
0.004
0.004
0.004
SCHOOL
2.084
0.744
0.454
0.274
0.624
TOTAL
100.004
20.594
6.324
18.204
54.894
LAST YEAR
TO DATE
RESIDENTIAL
36.684
11.484
5.214
8.504
11.494
COMM & IND
58.734
7.194
0.474
8.914
42.164
PVT ST LIGHTS
PUB ST LIGHTS
0.124
0.414
0.024
0.144
0.004
0.054
0.044
0.074
0.064
0.154
MUNI BLDGS
1.404
0.374
0.244
0.284
0.514
SALES /RESALE
0.604
0.604
0.004
0.004
0.004
SCHOOL
2.064
0.734
0.444
0.274
0.624
TOTAL
100.004
20.534
6.414
18.074
54.994
(6)
.. .
TORN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
FORMULA INCOME
6/30/12
TOTAL OPERATING REVENUES (P.3)
ADD:
LESS:
POLE RENTAL
INTEREST INCOME ON CUSTOMER DEPOSITS
OPERATING EXPENSES (P.3)
CUSTOMER DEPOSIT INTEREST EXPENSE
FORMULA INCOME (LOSS)
17>
81,764,964.26
79,277.23
1,483.44
(77,383,674.10)
(1,460.31)
4,460,590.52
PI
9
[�J
SALE OF KWH (P.5)
KWH PURCHASED
AVE BASE COST PER KWH
AVE BASE SALE PER KWH
AVE COST PER KWH
AVE SALE PER KWH
FUEL CHARGE REVENUE (P.3)
LOAD FACTOR
-->,AK LOAD
14
DRAFT
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
GENERAL STATISTICS
6/30/12
MONTH OF
MONTH OF
% CHANGE
YEAR
THRU
JUNE 2011
JUNE 2012
2011
2012
JUNE 2011
JUNE 2012
58,591,025
59,230,317
3.63 %
-3.28%
709,213,661
685,978,955
62,221,830
62,753,418
2.60 %
-2.51%
733,695,140
715,297,247
0.034053
0.034564
-3.71%
-6.53%
0.037209
0.034779
0.072363
0.066996
13.19%
1.07%
0.064676
0.065368
0.085245
0.082654
-4.24%
-7.35%
0.091077
0.084387
0.140483
0.112113
3.91%
-4.56%
0.122454
0.116864
3,991,248.66
2,672,286.86
-1.75%
- 13.79%
40,977,048.75
35,325,693.31
57.44%
52.72%
148,391
163,070
(e)
$0.085
$0.070
$0.055
!, $0.040
$0.025 t
kwh analysis
-� base cost
-fuel cost
--fuel revenue
-x base revenue I
$0.010 -T -r-
a a e a a a
le O a P o 0 0 0 0 0 0 10Q 0 0 0 0 0
Q`)0G�,O J e )�Q�O�P� �J`'PJO OCI '10J
(WOO (6, c,
IFAM
Lm
UNRESTRICTED CASH:
CASH - OPERATING FUND
CASH - PETTY CASH
TOTAL UNRESTRICTED CASH
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF CASH AND INVESTMENTS
6/30/12
RESTRICTED CASH:
CASH - DEPRECIATION FUND
CASH - DEFERRED FUEL RESERVE
CASH - RATS STABILIZATION FUND
CASH - UNCOLLSCTIBLE ACCTS RESERVE
CASH - SICK LEAVE BENEFITS
CASH - HAZARD WASTE RESERVE
CASH - CUSTOMER DEPOSITS
CASH - ENERGY CONSERVATION
CASH - OPEB
TOTAL RESTRICTED CASH
RESTICTED INVESTMENTS:
RATS STABILIZATION
SICK LEAVE BUYBACK ++
OPEB •a•
TOTAL RESTRICTED INVESTMENTS
TOTAL CASH BALANCE
.TUNS 2011•
• FREDDIE MAC
+• FREDDIE MAC
+ +• FREDDIE MAC
C4
PREVIOUS YEAR
6,593,634.36
3,000.00
6,596,634.36
4,297,944.13
3,055,224.78
5,046,137.19
200,000.00
1,934,698.58
150,000.00
561,385.03
170,788.28
969,499.06
16 385,677.05
1,000,000.00
1,000,000.00
200,000.00
2,200,000.00
25,182,311.41
low" w Alc
SCHEDULE A
CURRENT YEAR
12,559,930.85
2,024.44
__12 561 955.29
2,635,205.70
2,270,044.48
6,075,699.92
200,000.00
2,982,915.76
150,000.00
631,268.04
293,161.03
1, 344, 828.73
16,583,123.66
0.00
0.00
0.00
0.00
29,145,078.95
1,000,000.001 DTD 09/10/10; INT 2.00 %; MATURITY 09/15/20
1,000,000.001 DTD 09/10/101 INT 2.00 %; MATURITY 09/15/20
200,000.00; DTD 09/10/101 INT 2.00%1 MATURITY 09/15/20
(9)
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF ACCOUNTS RECEIVABLE
6/30/12
SCHEDULE B
ACCOUNTS RECEIVABLE AGING JUNE 2012:
RESIDENTIAL AND COMMERCIAL 2,646,502.46
LESS: SALES DISCOUNT LIABILITY (249,097.09)
GENERAL LEDGER BALANCE 2,397,405.37
CURRENT 1,263,833.32 79.05%
30 DAYS 206,918.02 12.94%
60 DAYS 47,951.00 3.00%
90 DAYS 14,219.51 0.89%
OVER 90 DAYS 65,925.84 4.121
TOTAL 1,598,847.69 100.00%
tio�
PREVIOUS YEAR
CURRENT YEAR
SCHEDULE OF ACCOUNTS RECEIVABLE
RESIDENTIAL AND COMMERCIAL
3,607,974.10
2,646,502.46
ACCOUNTS RECEIVABLE - OTHER
722,738.09
973,101.80
ACCOUNTS RECEIVABLE - LIENS
84,405.83
28,386.06
ACCOUNTS RECEIVABLE - EMPLOYEE ADVANCES
892.14
892.14
SALES DISCOUNT LIABILITY
(296,467.02)
(249,097.09)
RESERVE FOR UNCOLLECTIBLE ACCOUNTS
(200,000.00)
(200,000.00)
TOTAL ACCOUNTS RECEIVABLE BILLED
3,919,543.14
3,199,785.37
UNBILLED ACCOUNTS RECEIVABLE
4,830,294.39
4,915,936.83
TOTAL ACCOUNTS RECEIVABLE, NET
8,749,837.53
8,115,722.20
SCHEDULE OF PREPAYMENTS
PREPAID INSURANCE
277,479.11
303,507.05
PREPAYMENT PURCHASED POWER
82,487.02
40,344.56
PREPAYMENT PASNY
238,330.65
241,849.32
PREPAYMENT WATSON
140,311.33
162,705.94
PURCHASED POWER WORKING CAPITAL
14,523.70
14,523.70
TOTAL PREPAYMENT
7534131.81
762,930.57
ACCOUNTS RECEIVABLE AGING JUNE 2012:
RESIDENTIAL AND COMMERCIAL 2,646,502.46
LESS: SALES DISCOUNT LIABILITY (249,097.09)
GENERAL LEDGER BALANCE 2,397,405.37
CURRENT 1,263,833.32 79.05%
30 DAYS 206,918.02 12.94%
60 DAYS 47,951.00 3.00%
90 DAYS 14,219.51 0.89%
OVER 90 DAYS 65,925.84 4.121
TOTAL 1,598,847.69 100.00%
tio�
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF OPERATING REVENUE
6/30/12
w
SCHEDULE D
MONTH
MONTH
LAST YEAR
CURRENT YEAR
YTD %
SALES OF ELECTRICITY:
LAST YEAR
CURRENT YEAR
TO DATE
TO DATE
CHANGE
RESIDENTIAL SALES
2,903,450.90
2,572,078.33
34,668,682.31
32,376,072.60
-6.61%
COMM AND INDUSTRIAL SALES
4,877,695.44
3,729,064.53
47,996,063.13
44,155,862.56
-8.00%
PRIVATE STREET LIGHTING
12,201.47
2,749.63
128,543.62
73,962.56
- 42.46%
TOTAL PRIVATE CONSUMERS
7,793,347.81
6,303,892.49
82 793 289.06
76,605,897.72
-7.47%
MUNICIPAL SALES:
STREET LIGHTING
51,382.30
17,384.84
560,891.14
357,668.44
- 36.23%
MUNICIPAL BUILDINGS
114,167.66
87,739.00
1,233,096.09
1,138,809.67
-7.65%
TOTAL MUNICIPAL CONSUMERS
105,123.84
1,793.987.23
1,496,478.11
- 16.58%
165,549.96
SALES FOR RESALE
109,566.01
98,280.20
502,243.45
457,720.16
-8.86%
SCHOOL
162,601.56
133,207.84
1,756,554.89
1,606,474.34
-8.54%
SUB -TOTAL
8,231,065.34
6,640,504.37
86,846,074.63
80,166,570.33
-7.69%
FORFEITED DISCOUNTS
77,706.97
71,526.78
1,012,284.31
900,930.15
- 11.00%
PURCHASED POWER CAPACITY
(263,583.72)
122,271.09
1,055,104.64
3,203.09
- 99.70%
ENERGY CONSERVATION - RESIDENTIAL
16,424.44
26,074.42
151,631.25
230,978.28
52.33%
ENERGY CONSERVATION - COMMERCIAL
24,088.25
47,268.63
348,936.46
399,616.11
14.52%
GAW REVENUE
96,431.82
63,111.42
607,175.64
689,910.25
13.63%
NYPA CREDIT
(42,914.14)
(30,059.41)
(725,705.81)
(626,243.95)
- 13.71%
TOTAL REVENUE
-8.43%
81,764 964.26
89,295,501.12
6,940,697.30_
8,139,218.96
C�J
(ll)
TOWN OF READING, MASSACHUSETTS DRAFT
MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF OPERATING REVENUE BY TOWN
6/30/12
LAST YEAR TO DATE
RESIDENTIAL
TOTAL
READING
LYNNFIELD
NO.READING
WILMINGTON
MONTH
49,229,159.22
6,684,254.99
626,767.09
7,693,618.55
34,224,518.59
RESIDENTIAL
2,572,078.33
811,885.61
359,168.36
599,516.81
801,507.55
INDUS /MUNI BLDG
3,816,803.52
527,071.76
48,621.35
608,799.06
2,632,311.35
PUB.ST.LIGHTS
17,384.84
5,585.93
2,170.60
3,142.40
6,485.91
PRV.ST.LIGHTS
2,749.63
510.89
50.14
851.57
1,337.03
CO -OP RESALE
98,280.20
98,280.20
0.00
0.00
0.00
SCHOOL
133,207.85
47,933.18
28,392.25
17,537.71
39,344.71
TOTAL
READING
1,491,267.57_
438,402.70__
1,229,847.55
3,480,986.55
6,640,504.37
THIS YEAR TO DATE
38.73%
12.23%
5.41%
9.03%
12.06%
RESIDENTIAL
32,376,072.60
10,219,621.71
4,521,036.84
7,546,426.37
10,088,987.68
INDUS /MUNI BLDG
45,294,672.22
6,254,852.41
576,998.05
7,224,724.47
31,238,097.29
PUB.ST.LIGHTS
357,668.44
114,922.63
44,657.04
64,650.33
133,438.44
PRV.ST.LIGHTS
73,962.56
13,742.59
1,348.76
22,906.34
35,964.87
CO -OP RESALE
457,720.16
457,720.16
0.00
0.00
0.00
SCHOOL
1,606,474.35
578,069.78
342,407.88
211,503.12
474,493.57
TOTAL
17 638 929.28
5 486,448.55
15,070,210.64
41,970,981.86
80,166,570.33
LAST YEAR TO DATE
RESIDENTIAL
34,668,682.31
10,946,948.21
4,826,110.87
8,103,989.04
10,791,634.19
INDUS /MUNI BLDG
49,229,159.22
6,684,254.99
626,767.09
7,693,618.55
34,224,518.59
PUB.ST.LIGHTS
560,891.14
196,263.72
68,329.79
92,520.19
203,777.44
PRV.ST.LIGHTS
128,543.62
24,255.05
2,407.47
39,755.58
62,125.52
CO -OP RESALE
502,243.45
502,243.45
0.00
0.00
0.00
SCHOOL
1,756,554.89
624,581.94
366,831.25
236,279.69
528,862.01
TOTAL
86,846,074.63.
18,978,547.36
5,890,446.47
16,166,163.05
45,810,917.75
PERCENTAGE OF OPERATING INCOME TO TOTAL
TOTAL
READING
LYNNFIELD
NO.READING
WILMINGTON
MONTH
RESIDENTIAL
38.73%
12.23%
5.41%
9.03%
12.06%
INDUS /MUNI BLDG
57.48%
7.94%
0.73%
9.17%
39.64%
PUB.ST.LIGHTS
0.26%
0.08%
0.03%
0.05%
0.10%
PRV.ST.LIGHTS
0.04%
0.01%
0.00%
0.01%
0.02%
CO -OP RESALE
1.48%
1.48%
0.00%
0.00%
0.00%
SCHOOL
2.01%
0.72%
0.43%
0.26%
0.60%
TOTAL 100.00% 22.46% 6.60% 18.52% 52.42%
THIS YEAR TO DATE
RESIDENTIAL
40.39%
12.75%
5.64%
9.41%
12.59%
INDUS /MUNI BLDG
56.50%
7.80%
0.72%
9.01%
38.97%
PUB.ST.LIGHTS
0.45%
0.14%
0.06%
0.08%
0.17%
PRV.ST.LIGHTS
0.09%
0.02%
0.00%
0.03%
0.04%
CO -OP RESALE
0.57%
0.57%
0.00%
0.00%
0.00%
SCHOOL
2.00%
0.72%
0.43%
0.26%
0.59%
TOTAL
100.00%
22.00%
6.84%
18.80%
52.35%
LAST YEAR TO DATE
RESIDENTIAL
39.92%
12.61%
5.56%
9.33%
12.42%
INDUS /MUNI BLDG
56.69%
7.70%
0.72%
8.86%
39.41%
PUB.ST.LIGHTS
0.65%
0.23%
0.0894
0.11%
0.2'-
PRV.ST.LIGHTS
0.15%
0.03%
0.00%
0.05%
O.0
CO -OP RESALE
0.58%
0.58%
0.00%
0.00%
0.0
SCHOOL
2.01%
0.72%
0.42%
0.27%
0.60%
TOTAL 100.00% 21.87% 6.78% 18.62% 52.73%
I11A)
+ ( ) . ACTUAL UNDER BUDGET
(118)
L "
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUDGETED REVENUE VARIANCE
REPORT
6/30/12
SCHEDULE F
ACTUAL
BUDGET
YEAR TO DATE
YEAR TO DATE
VARIANCE
CHANGE
SALES OF ELECTRICITY:
RESIDENTIAL
19,558,341.42
20,601,455.00
(1,043,113.58)
-5.06%
COMM AND INDUSTRIAL SALES
PRIVATE STREET LIGHTING
23,913,408.81
24,697,499.00
(784,090.19)
-3.17%
MUNICIPAL BUILDINGS
PUBLIC STREET LIGHTING
211,261.50
514,496.00
(303,234.50)
- 58.94%
SALES FOR RESALE
276,139.58
276,928.00
(788.42)
-0.28%
SCHOOL
881,725.71
905,748.00
(24,022.29)
-2.65%
TOTAL BASE SALES
44,840,877.02
46,996,126.00
(2,155,248.98)
-4.59%
TOTAL FUEL SALES
35,325,693.31
40,368,819.00
(5,043,125.69)
- 12.49%
TOTAL OPERATING REVENUE
80,166,570.33
87,364,945.00
(7,198,374.67)
-8.24%
FORFEITED DISCOUNTS
900,930.15
1,033,915.00
(132,984.85)
- 12.86%
PURCHASED POWER CAPACITY
3,203.09
(133,400.00)
136,603.09
- 102.40%
ENERGY CONSERVATION - RESIDENTIAL
230,978.28
191,293.00
39,685.28
20.75%
ENERGY CONSERVATION - COMMERCIAL
399,616.11
329,028.00
70,588.11
21.45%
GAW REVENUE
689,910.25
693,761.00
(3,850.75)
-0.56%
NYPA CREDIT
(626,243.95)
(600,000.00)
(26,243.95)
4.37%
TOTAL OPERATING REVENUES
819764,964.26
-8.00%
(7,114,577.74)_
88,879,542.00
+ ( ) . ACTUAL UNDER BUDGET
(118)
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF OPERATING EXPENSES
6/30/12
SCHEDULE E
DEPRECIATION EXPENSE
PURCHASED POWER FUEL EXPENSE
VOLUNTARY PAYMENTS TO TOWNS
TOTAL OPERATING EXPENSES
287,729.00
3,185,276.88
124,185.00
296,027.41
3,017,804.27
112,382.00
3,452,748.55 3,552,329.58
2.88%
39,522,230.25 35,484,629.66 - 10.22%
1,330,070.00 1,351,568.00 1.62%
7,687,789.41 7,336,671.25 84,943,671.42 77,383,674.10 -8.90%
PE
MONTH
MONTH
LAST YEAR
CURRENT YEAR
YTD %
OPERATION EXPENSES:
LAST YEAR
CURRENT YEAR
TO DATE
TO DATE
CHANGE
PURCHASED POWER BASE EXPENSE
2,118,845.13
2,169,002.71
27,300,316.76
24,876,984.89
-8.88%
OPERATION SUPER AND ENGIN -TRANS
0.00
0.00
0.00
0.00
0.00%
OPERATION SUP AND ENGINEERING EXP
46,512.64
38,726.93
458,910.29
512,405.47
11.6694
STATION SUP LABOR AND MISC
1,328.52
6,356.63
102,280.25
110,505.93
8.04%
LINE MISC LABOR AND EXPENSE
54,524.93
61,000.95
629,473.96
704,157.68
11.86%
STATION LABOR AND EXPENSE
43,294.97
33,790.24
453,587.79
459,683.42
1.34%
STREET LIGHTING EXPENSE
7,306.26
7,288.69
91,738.67
117,220.36
27.78%
METER EXPENSE
25,672.25
13,993.65
309,371.25
232,324.46
- 24.90%
MISC DISTRIBUTION EXPENSE
33,040.11
37,578.91
333,707.63
349,937.87
4.86%
METER READING LABOR & EXPENSE
6,953.43
6,003.62
72,071.55
90,457.24
25.51%
ACCT & COLL LABOR & EXPENSE
115,954.78
107,171.10
1,282,901.03
1,413,955.12
10.22%
UNCOLLECTIBLE ACCOUNTS
(128,272.22)
(72,104.21)
36,727.78
103,895.79
182.88%
ENERGY AUDIT EXPENSE
48,896.67
45,514.78
402,481.41
447,682.76
11.23%
ADMIN & GEN SALARIES
66,934.48
49,796.83
704,330.48
747,309.18
6.10%
OFFICE SUPPLIES & EXPENSE
32,440.71,
34,605.73
282,334.18
237,267.70
- 15.96%
OUTSIDE SERVICES
131,154.85
120,505.12
370,503.38
481,157.74
29.87%
PROPERTY INSURANCE
31,705.43
31,678.42
374,593.70
386,560.47
3.19%
INJURIES AND DAMAGES
30,002.46
13,332.46
70,436.03
35,229.58
- 49.98%
EMPLOYEES PENSIONS & BENEFITS
894,042.45
881,705.42
2,334,831.51
2,026,825.65
- 13.19%
MISC GENERAL EXPENSE
8,533.08
9,583.33
155,476.29
166,650.35
7.19%
RENT EXPENSE
1,456.43
12,864.36
186,094.02
196,756.19
5.73%
ENERGY CONSERVATION
64,503.47
42,303.30
636,661.89
508,221.64
- 20.42%
TOTAL OPERATION EXPENSES
1,515,985.70
1,481,696.26
9,290,513.09
9 328 204 60
O
j
MAINTENANCE EXPENSES:
"_
MAINT OF TRANSMISSION PLANT
227.10
227.10
2,725.02
2,725.00
0.00%
MAINT OF STRUCT AND EQUIPMT
(3,876.21)
4,942.27
145,089.55
219,062.68
50.98%
MAINT OF LINES - OR
231,509.29
157,916.17
1,500,129.08
1,617,433.33
7.82%
MAINT OF LINES - UG
29,130.20
40,044.45
176,329.52
207,203.54
17.51%
MAINT OF LINE TRANSFORMERS
112,158.87
7,897.13
1,447,447.52
55,348.74
- 96.18%
MAINT OF ST LT & SIG SYSTEM
16.66
14.53
(145.69)
(346.85)
138.07%
MAINT OF GARAGE AND STOCKROOM
71,530.71
43,055.71
632,316.62
522,478.89
- 17.37%
MAINT OF METERS
4,254.98
2,981.81
33,821.22
77,591.87
129.42%
MAINT OF GEN PLANT
10,816.10
2,679.43
110,079.93
88,460.17
- 19.64%
TOTAL MAINTENANCE EXPENSES
455,767.70
259,758.60
4,047,792.77
- 31.07%
2,789,957.37
DEPRECIATION EXPENSE
PURCHASED POWER FUEL EXPENSE
VOLUNTARY PAYMENTS TO TOWNS
TOTAL OPERATING EXPENSES
287,729.00
3,185,276.88
124,185.00
296,027.41
3,017,804.27
112,382.00
3,452,748.55 3,552,329.58
2.88%
39,522,230.25 35,484,629.66 - 10.22%
1,330,070.00 1,351,568.00 1.62%
7,687,789.41 7,336,671.25 84,943,671.42 77,383,674.10 -8.90%
PE
TOWN OF READING, MASSACHUSETTS`
f MUNICIPAL LIGHT DEPARTMENT
BUDGETED OPERATING EXPENSE VARIANCE REPORT
6/30/12
SCHEDULE G
ACTUAL BUDGET
OPERATION EXPENSES: YEAR TO DATE YEAR TO DATE VARIANCE CHANGE
PURCHASED POWER BASE EXPENSE 24,876,984.89 27,402,177.00 (2,525,192.11) -9.22%
DEPRECIATION EXPENSE
PURCHASED POWER FUEL EXPENSE
VOLUNTARY PAYMENTS TO TOWNS
TOTAL OPERATING EXPENSES
( ) a ACTUAL UNDER BUDGET
3,552,329.58 3,600,000.00 (47,670.42) -1.32%
35,484,629.66 39,768,817.00 (4,284,187.34) - 10.77%
1,351,568.00 1,356,000.00 (4,432.00) -0.33%
77 383,674.10 83,767,500.00 (6,383,825.90)
(12A)
-7.62%
OPERATION SUPER AND ENGIN -TRANS
0.00
0.00
0.00
0.00%
OPERATION SUP AND ENGINEERING EXP
512,405.47
438,974.00
73,431.47
16.73%
STATION SUP LABOR AND MISC
110,505.93
62,909.00
47,596.93
75.66%
LINE MISC LABOR AND EXPENSE
704,157.68
692,484.00
11,673.68
1.69%
STATION LABOR AND EXPENSE
459,683.42
441,924.00
17,759.42
4.02%
STREET LIGHTING EXPENSE
117,220.36
85,338.00
31,882.36
37.36%
METER EXPENSE
232,324.46
152,130.00
80,194.46
52.71%
MISC DISTRIBUTION EXPENSE
349,937.87
352,508.00
(2,570.13)
-0.73%
METER READING LABOR & EXPENSE
90,457.24
76,220.00
14,237.24
18.68%
ACCT & COLL LABOR & EXPENSE
1,413,955.12
1,427,255.00
(13,299.88)
-0.93%
UNCOLLECTIBLE ACCOUNTS
103,895.79
192,000.00
(88,104.21)
- 45.89%
ENERGY AUDIT EXPENSE
447,682.76
414,098.00
33,584.76
8.11%
ADMIN & GEN SALARIES
747,309.18
745,939.00
1,370.18
0.18%
OFFICE SUPPLIES & EXPENSE
237,267.70
265,700.00
(28,432.30)
- 10.70%
OUTSIDE SERVICES
481,157.74
454,250.00
26,907.74
5.92%
PROPERTY INSURANCE
386,560.47
465,000.00
(78,439.53)
- 16.87%
INJURIES AND DAMAGES
35,229.58
55,859.00
(20,629.42)
- 36.93%
EMPLOYEES PENSIONS & BENEFITS
2,026,825.65
1,441,637.00
585,188.65
40.59%
MISC GENERAL EXPENSE
166,650.35
203,091.00
(36,440.65)
- 17.94%
RENT EXPENSE
196,756.19
212,000.00
(15,243.81)
-7.19%
ENERGY CONSERVATION
508,221.64
643,789.00
(135,567.36)
- 21.06%
TOTAL OPERATION EXPENSES
9,328,204.60
8,823,105.00
5.72%
505,099.60
MAINTENANCE EXPENSES:
MAINT OF TRANSMISSION PLANT
2,725.00
3,000.00
(275.00)
-9.17%
MAINT OF STRUCT AND EQUIPMENT
219,062.68
107,072.00
111,990.68
104.59%
MAINT OF LINES - ON
1,617,433.33
1,419,953.00
197,480.33
13.91%
MAINT OF LINES - UG
207,203.54
214,037.00
(6,833.46)
-3.19%
MAINT OF LINE TRANSFORMERS
55,348.74
188,500.00
(133,151.26)
- 70.64%
MAINT OF ST LT & SIG SYSTEM
(346.85)
9,636.00
(9,982.85)
- 103.60%
MAINT OF GARAGE AND STOCKROOM
522,478.89
662,139.00
(139,660.11)
- 21.09%
MAINT OF METERS
77,591.87
85,444.00
(7,852.13)
-9.19%
MAINT OF GEN PLANT
88,460.17
127,620.00
(39,159.83)
- 30.68%
TOTAL MAINTENANCE EXPENSES
2,789,957.37
2,817,401.00
-0.97%
(27,443.63)
DEPRECIATION EXPENSE
PURCHASED POWER FUEL EXPENSE
VOLUNTARY PAYMENTS TO TOWNS
TOTAL OPERATING EXPENSES
( ) a ACTUAL UNDER BUDGET
3,552,329.58 3,600,000.00 (47,670.42) -1.32%
35,484,629.66 39,768,817.00 (4,284,187.34) - 10.77%
1,351,568.00 1,356,000.00 (4,432.00) -0.33%
77 383,674.10 83,767,500.00 (6,383,825.90)
(12A)
-7.62%
(12B)
TOWN OF
MUNICIPAL
READING, MASSACHUSETTS
LIGHT DEPARTMENT
DRAFT
BUDGETED OPERATING EXPENSE VARIANCE
REPORT
6/30/12
RESPONSIBLE
REMAINING
SENIOR
2012
ACTUAL
BUDGET REMAINING
OPERATION EXPENSES:
MANAGER
ANNUAL BUDGET
YEAR TO DATE
BALANCE BUDGET %
PURCHASED POWER BASE EXPENSE
JP
27,402,177.00
24,876,984.89
2,525,192.11
9.22%
OPERATION SUPER AND ENGIN -TRANS
KS
0.00
0.00
0.00
0.00%
OPERATION SUP AND ENGINEERING EXP
KS
438,974.00
512,405.47
(73,431.47)
- 16.73%
STATION SUP LABOR AND MISC
KS
62,909.00
110,505.93
(47,596.93)
- 75.66%
LINE MISC LABOR AND EXPENSE
KS
692,484.00
704,157.68
(11,673.68)
-1.69%
STATION LABOR AND EXPENSE
KS
441,924.00
459,683.42
(17,759.42)
-4.02%
STREET LIGHTING EXPENSE
KS
85,338.00
117,220.36
(31,882.36)
- 37.36%
METER EXPENSE
KS
152,130.00
232,324.46
(80,194.46)
- 52.71%
MISC DISTRIBUTION EXPENSE
JD
352,508.00
349,937.87
2,570.13
0.73%
METER READING LABOR & EXPENSE
KS
76,220.00
90,457.24
(14,237.24)
- 18.68%
ACCT & COLL LABOR & EXPENSE
RF
1,427,255.00
1,413,955.12
13,299.88
0.93%
UNCOLLECTIBLE ACCOUNTS
RF
192,000.00
103,895.79
88,104.21
45.89%
ENERGY AUDIT EXPENSE
JP
414,098.00
447,682.76
(33,584.76)
-8.11%
ADMIN & GEN SALARIES
VC
745,939.00
747,309.18
(1,370.18)
-0.18%
OFFICE SUPPLIES & EXPENSE
VC
265,700.00
237,267.70
28,432.30
10.70%
OUTSIDE SERVICES
VC
454,250.00
481,157.74
(26,907.74)
-5.92%
PROPERTY INSURANCE
JD
465,000.00
386,560.47
78,439.53
16.87%
INJURIES AND DAMAGES
JD
55,859.00
35,229.58
20,629.42
36.93%
EMPLOYEES PENSIONS & BENEFITS
JD
1,441,637.00
2,026,825.65
(585,188.65)
- 40.59%
MISC GENERAL EXPENSE
VC
203,091.00
166,650.35
36,440.65
17.94%
RENT EXPENSE
JD
212,000.00
196,756.19
15,243.81
7.19%
ENERGY CONSERVATION
JP
643,789.00
508,221.64
135,567.36
21.06%
TOTAL OPERATION EXPENSES
8,823,105.00
9,328,204.60
(505,099.60)
-5.72
MAINTENANCE EXPENSES:
MAINT OF TRANSMISSION PLANT
KS
3,000.00
2,725.00
275.00
9.17%
MAINT OF STRUCT AND EQUIPMT
KS
107,072.00
219,062.68
(111,990.68)
- 104.59%
MAINT OF LINES - OH
KS
1,419,953.00
1,617,433.33
(197,480.33)
- 13.91%
MAINT OF LINES - UG
KS
214,037.00
207,203.54
6,833.46
3.19%
MAINT OF LINE TRANSFORMERS
KS
188,500.00
55,348.74
133,151.26
70.64%
MAINT OF ST LT & SIG SYSTEM
JD
9,636.00
(346.85)
9,982.85
103.60%
MAINT OF GARAGE AND STOCKROOM
JD
662,139.00
522,478.89
139,660.11
21.09%
MAINT OF METERS
KS
85,444.00
77,591.87
7,852.13
9.19%
MAINT OF GEN PLANT
RF
127,620.00
88,460.17
39,159.83
30.68%
TOTAL MAINTENANCE EXPENSES
2,817,401.00
2,789,957.37
27,443.63
0.97%
DEPRECIATION EXPENSE
RF
3,600,000.00
3,552,329.58
47,670.42
1.32%
PURCHASED POWER FUEL EXPENSE
JP
39,768,817.00
35,484,629.66
4,284,187.34
10.77%
VOLUNTARY PAYMENTS TO TOWNS
RF
1,356,000.00
1,351,568.00
4,432.00
0.33%
TOTAL OPERATING EXPENSES
6,383,825.90
7.62%
77,383,674.10
83,767,500.00
(12B)
PROFESSIONAL SERVICES BY PROJECT
ITEM
1 RMLD AND PENSION TRUST AUDIT FEES
2 PENSION ACTUARIAL EVALUATION
3 LEGAL- FERC /ISO ISSUES
4 LEGAL- POWER SUPPLY ISSUES
5 PROFESSIONAL SERVICES
6 NERC COMPLIANCE
7 LOAD CAPACITY STUDY /GIS
8 LEGAL SERVICES- GENERAL
9 LEGAL SERVICES- GENERAL
10 LEGAL SERVICES - NEGOTIATIONS
11 LEGAL GENERAL
12 SURVEY RIGHT OF WAY
13 ENVIRONMENTAL
14 STATION 1 STRUCTURAL FEASABILITY
15 DEMOLITION OF CONTROL CENTER
16 INSURANCE CONSULTANT
17 LEGAL
18 LEGAL
TOTAL
Lm
PROFESSIONAL SERVICES BY VENDOR
ROMARRE INSURANCE
RUBIN AND RUDMAN
UTILITY SERVICES INC.
MELANSON HEATH & COMPANY
DUNCAN AND ALLEN
CHOATE HALL AND STEWART
WILLIAM F. CROWLEY ATTORNEY AT LAW
PROFESSIONAL ENVIRONMENTAL SERVICES
CMEEC
STONE CONSULTING INC.
FRANCESCO DEMOLITION INC.
MENDERS, TORREY & SPENCER INC.
COVINO ENVIRONMENTAL ASSOCIATION
TOTAL
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
PROFESSIONAL SERVICES
06/30/2012
DEPARTMENT
ACCOUNTING
ACCOUNTING
ENERGY SERVICE
ENERGY SERVICE
ENERGY SERVICE
B & 0
ENGINEERING
GM
HR
HR
BLDG. MAINT.
BLDG. MAINT.
BLDG. MAINT.
BLDG. MAINT.
BLDG. MAINT.
GEN. BENEFIT
GEN. BENEFIT
BUSINESS DIV.
ACTUAL BUDGET VARIANCE
34,940.00
32,250.00
2,690.00
3,380.00
6,000.00
(2,620.00)
0.00
16,000.00
(18,000.00)
94,810.90
45,000.00
49,810.90
7,484.32
24,000.00
(16,515.68)
20,354.90
15,000.00
5,354.90
0.00
15,000.00
(15,000.00)
111,576.57
50,000.00
61,576.57
85,642.03
42,000.00
43,642.03
16,037.52
10,500.00
5,537.52
6,845.90
1,500.00
5,345.90
0.00
5,000.00
(51000.00)
7,350.69
5,000.00
2,350.69
27,800.08
75,000.00
(47,199.92)
57,982.50
100,000.00
(42,017.50)
6,458.33
5,000.00
1,458.33
0.00
5,000.00
(51000.00)
494.00
0.00
494.00
481,157.74
454,250.00
26,907.74
ACTUAL
6,041.66
196,895.03
19,669.17
44,153.62
9,847.87
101,679.55
2,175.75
2,240.00
4,169.32
3,000.00
56,800.00
27,135.08
7,350.69
481,157.74
RMLD
BUDGET VARIANCE REPORT
FOR FISCAL YEAR ENDING JUNE 30, 2012
DIVISION
ENGINEERING AND OPERATIONS
ENERGY SERVICES
GENERAL MANAGER
FACILITY MANAGER
BUSINESS DIVISION
SUB -TOTAL
PURCHASED POWER - BASE
PURCHASED POWER - FUEL
ACTUAL
4,622,076
1,058,280
821,966
3,701,469
9,589,663
BUDGET
4,205,861
1,145,387
717,922
3,489,524
9,313,811
VARIANCE
416,215
(87, 108)
104,043
211,946
275,852
CHANGE
9.90%
-7.61%
14.49%
6.07%
2.96%
4.88%
24,876,985 27,402,177 (2,525,192) -9.22%
35,484,630 39,768,817 (4,284,187) - 10.77%
TOTAL An ias nr,7 8A n4a 40o (S AAA 417) -6.84%
PI
C�
GROSS
DATE CHARGES
Jun -11
Jul -11
4,131,396.83
Aug -11
3,795,607.97
Sep -11
2,914,869.40
Oct -11
2,955,398.39
Nov -11
2,643,246.46
Dec -11
2,968,917.38
Jan -12
3,338,331.18
Feb -12
2,879,936.88
Mar -12
2,585,840.21
Apr -12
2,154,729.79
May -12
2,098,550.90
Jun -12
3,017,804.27
IF m
LIMA
RMLD L
DEFERRED FUEL CASH RESERVE ANALYSIS
06/30/12
MONTHLY
TOTAL
REVENUES
NYPA CREDIT
DEFERRED
DEFERRED
3,055,224.78
4,049,745.45
(79,163.65)
(160,815.03)
2,894,409.75
3,924,541.80
(52,328.74)
76,605.09
2,971,014.84
3,166,562.64
(58,869.90)
192,823.34
3,163,838.18
2,852,952.53
(45,133.69)
(147,579.55)
3,016,258.63
2,544,526.70
(47,451.31)
(146,171.07)
2,870,087.56
2,889,822.54
(63,455.95)
(142,550.79)
2,727,536.77
3,114,395.49
(51,411.30)
(275,346.99)
2,452,189.78
2,594,141.71
(62,465.74)
(348,260.91)
2,103,928.87
2,644,228.46
(62,960.97)
(4,572.72)
2,099,356.15
2,528,368.89
(39,924.10)
333,715.00
2,433,071.15
2,344,120.24
(33,019.19)
212,550.15
2,645,621.30
2,672,286.86
(30,059.41)
(375,576.82)
2,270,044.48
0
RMLD
STAFFING REPORT
FOR FISCAL YEAR ENDING JUNE, 2012
12 BUD JUNE
TOTAL 12
GENERAL MANAGER
GENERAL MANAGER
2.00
2.00
HUMAN RESOURCES
1.00
1.00
COMMUNITY RELATIONS
1.00
1.00
TOTAL
4.00
4.00
BUSINESS
ACCOUNTING
2.00
2.00
CUSTOMER SERVICE *
7.75
7.75
MGMT INFORMATION SYS *
6.25
6.00
MISCELLANEOUS
1.00
1.00
TOTAL
17.00
16.75
ENGINEERING & OPERATIONS
AGM E &O
2.00
2.00
ENGINEERING
5.00
5.00
LINE
21.00
21.00
METER
4.00
4.00
STATION
8.00
7.00
TOTAL
40.00
39.00
PROJECT
BUILDING
2.00
2.00
GENERAL BENEFITS
2.00
1.00
TRANSPORTATION
-
-
MATERIALS MGMT
4.00
3.00
TOTAL
8.00
6.00
ENERGY SERVICES
ENERGY SERVICES *
5.50
4.50
TOTAL
5.50
4.50
RMLD TOTAL
74.50
70.25
CONTRACTORS
UG LINE 2.00 2.00
TOTAL 2.00 2.00
GRAND TOTAL 76.50 72.25
* part time employee
*# part time employee and a coop student
*" part time employee and a temp
DRAFT
j
Ic
F11
PARTIAL
FINANCIAL REPORT
I-C JULY 31, 2012
�, ISSUE DATE: AUGUST 30, 2012
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUSINSSS -TYPE PROPRIETARY FUND
Aw STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
7/31/12
MONTH MONTH LAST YEAR CURRENT YEAR YTD %
LAST YEAR CURRENT YEAR TO OATS TO DATE CHANGE
OPERATING REVENUES: (SCH D P.11)
BASE REVENUE
4,371,583.69
4,673,267.11
4,371,583.69
4,673,267.11
6.90%
FUEL REVENUE
4,049,745.45
3,492,843.61
4,049,745.45
3,492,843.61
- 13.75%
PURCHASED POWER CAPACITY
(12,624.73)
222,789.26
(12,824.73)
222,789.26
- 1837.18%
FORFEITED DISCOUNTS
68,144.18
80,220.08
68,144.18
80,220.08
17.72%
ENERGY CONSERVATION REVENUE
46,563.16
72,583.71
46,563.18
72,583.71
55.88%
GAN REVENUE
67,510.59
73,547.15
67,510.59
73,547.15
100.00%
NYPA CREDIT
(79,163.65)
(61,106.90)
(79,163.65)
(61,106.90)
- 22.81%
TOTAL OPERATING REVENUES 8,511,558.71 8,554,144.02 8,511,558.71 8,554,144.02 0.50%
OPERATING EXPENSES: (SCE E P.12)
PURCHASED POWER BASE
2,249,492.04
2,692,174.01
2,249,492.04
2,692,174.01
19.68%
PURCHASED POWER FUEL
4,131,396.83
3,581,715.28
4,131,396.83
3,581,715.28
- 13.30%
OPERATING
719,532.80
714,757.20
719,532.80
714,757.20
-0.66%
MAINTENANCE
123,703.06
110,035.51
123,703.06
110,035.51
- 11.05%
DEPRECIATION
296,027.47
305,469.18
296,027.47
305,469.18
3.19%
VOLUNTARY PAYMENTS TO TOWNS
113,000.00
114,000.00
113,000.00
114,000.00
0.88%
TOTAL OPERATING EXPENSES 7,633,152.20 7,518,151.18 7,633,152.20 7,518,151.18 -1.51%
OPERATING INCOME 878,406.51 1,035,992.84 878,406.51 1,035,992.84 17.94%
ERATING REVENUES (EXPENSES)
CONTRIBUTIONS IN AID OF CONST
120.00
16,479.98
120.00
16,479.98
13633.32%
RETURN ON INVESTMENT TO READING
(185,000.00)
(188,785.58)
(185,000.00)
(188,785.58)
2.05%
INTEREST INCOME
2,478.89
3,366.38
2,478.89
3,366.36
35.80%
INTEREST EXPENSE
(503.71)
(259.15)
(503.71)
(259.15)
- 48.55%
OTHER (NOSE AND ANORT)
2,363.00
2,268.00
2,363.00
2,268.00
-4.02%
TOTAL NONOPBRATING REV (EXP)
(180,541.82)
(166,930.37)
(180,541.82)
(166,930.37)
-7.54%
CHANGE IN NET ASSETS
NET ASSETS AT BEGINNING OF YEAR
NET ASSETS AT END OF JULY
14
697,864.69 869 062.47 697,864.69 869,062.47 24.53%
11
90,819,864.61 93,603,582.47
91,517,729.30 94,472,644.94
3.07%
3.23%
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUSINESS -TYPE PROPRIETARY FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
7/31/12
OPERATING REVENUES: (SCH F P.11B)
BASE REVENUE
FUEL REVENUE
PURCHASED POWER CAPACITY
FORFEITED DISCOUNTS
ENERGY CONSERVATION REVENUE
GAN REVENUE
NYPA CREDIT
TOTAL OPERATING REVENUES
OPERATING EXPENSES: (SCH 0 P.12A)
PURCHASED POWER BASE
PURCHASED POWER FUEL
OPERATING
MAINTENANCE
DEPRECIATION
VOLUNTARY PAYMENTS TO TOWNS
TOTAL OPERATING EXPENSES
OPERATING INCOME
NONOPERATING REVENUES (EXPENSES)
CONTRIBUTIONS IN AID OF CONST
RETURN ON INVESTMENT TO READING
INTEREST INCOME
INTEREST EXPENSE
OTHER (MDSE AND AMORT)
TOTAL NONOPERATING REV (EXP)
ACTUAL BUDGET
YEAR TO DATE YEAR TO DATE VARIANCE*
4,673,267.11
4,492,499.00
180,768.11
3,492,843.61
3,015,550.00
477,293.61
222,789.26
206,314.00
16,475.26
80,220.08
98,835.00
(16,614.92)
72,583.71
68,107.00
4,476.71
73,547.15
68,107.00
5,440.15
(61.106.90)
(58,333.00)
(2,773.90)
6,554,144.02 7,891,079.00 663,065.02
CHANGE
4.02%
15.83%
7.99%
- 18.83%
6.57%
7.99%
4.76%
8.40%
2,692,174.01
2,819,076.00
(126,901.99)
-4.50%
3,581,715.28
3,667,101.00
(85,385.72)
-2.33%
714,757.20
843,973.00
(129,215.80)
- 15.31%
110,035.51
223,926.00
(113,890.49)
- 50.86%
305,469.18
304,167.00
1,302.18
0.43%
114,000.00
114,000.00
0.00
0.00%
7,518,151.18 7,972,243.00 (454,091.82) -5.70%
1,035,992.84 (81,164.00) 1,117,156.84 - 1376.42% j
16,479.98
100,000.00
(83,520.02)
- 83.52%
(188,785.58)
(188,750.00)
(35.58)
0.02%
3,366.38
8,333.00
(4,966.62)
- 59.60%
(259.15)
(250.00)
(9.15)
3.66%
2,268.00
10,000.00
(7,732.00)
- 77.32%
(166,930.37)
(70,667.00)
(96,263.37)
136.22%
CHANGE IN
NET ASSETS
869,062.47
(151,831.00)
1,020,893.47
- 672.39%
NET ASSETS AT
BEGINNING OF YEAR
93,603,582.47
93,603,582.47
0.00
0.00%
NET ASSETS AT
END OF JULY
94,472,644.94
93 4S1 751.47
1,020,893.47
1.09%
* ( ) - ACTUAL UNDER BUDGET
( 311)
PI
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF OPERATING REVENUE
r 7/31/12
SCHEDULE D
MONTH MONTH LAST YEAR CURRENT YEAR YTD %
SALES OF ELECTRICITY:
LAST YEAR
CURRENT YEAR
TO DATE
TO DATE
CHANGE
RESIDENTIAL SALES
3,516,789.59
3,540,097.64
3,516,789.59
3,540,097.64
0.66%
COMM AND INDUSTRIAL SALES
4,558,320.47
4,350,004.65
4,558,320.47
4,350,004.65
-4.57%
PRIVATE STREET LIGHTING
10,995.30
5,704.62
10,995.30
5,704.62
- 48.12%
TOTAL PRIVATE CONSUMERS
8,086,105.36
7,895,806.91
8,086,105.36
-2.35%
7,895,806.91
MUNICIPAL SALES:
STREET LIGHTING
47,420.59
27,914.05
47,420.59
27,914.05
- 41.14%
MUNICIPAL BUILDINGS
112,075.89
96,263.97
112,075.89
96,263.97
- 14.11%
TOTAL MUNICIPAL CONSUMERS
159,496.48
124,178.02
159,496.48
124,178.02
- 22.14%
SALES FOR RESALE
46,015.95
38,629.59
46,015.95
38,629.59
- 16.05%
SCHOOL
129,711.35
107,496.20
129,711.35
107,496.20
- 17.13%
SUB -TOTAL
8,421,329.14
8,166,110.72
8,421,329.14
8,166,110.72
-3.03%
FORFEITED DISCOUNTS
68,144.18
80,220.08
68,144.18
80,220.06
17.72%
PURCHASED POWER CAPACITY
(12,824.73)
222,789.26
(12,824.73)
222,789.26
- 1837.18%
ENERGY CONSERVATION - RESIDENTIAL
17,875.21
28,432.36
17,875.21
28,432.36
59.06%
ENERGY CONSERVATION - COMMERCIAL
28,687.97
44,151.35
28,687.97
44,151.35
53.90%
GAW REVENUE
67,510.59
73,547.15
67,510.59
73,547.15
8.94%
NYPA CREDIT
(79,163.65)
(61,106.90)
(79,163.65)
(61,106.90)
- 22.81%
TOTAL REVENUE
8,554,144.02
8,554,144.02
0.50%
8,511,558.71
8,511,558.71
L
(11)
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF OPERATING REVENUE BY TOWN
7/31/12
LAST YEAR TO DATE
RESIDENTIAL
TOTAL
READING
LYNNFIELD
NO.READING
WILMINGTON
MONTH
INDUS /MUNI BLDG
4,670,396.36
630,754.92
55,956.96
759,634.77
RESIDENTIAL
3,540,097.64
873,288.23
640,992.75
683,881.56
1,341,935.10
INDUS /MUNI BLDG
4,446,268.62
560,924.38
47,628.96
683,669.14
3,154,046.14
PUB.ST.LIGHTS
27,914.05
8,976.30
3,548.79
5,229.50
10,159.46
PRV.ST.LIGHTS
5,704.62
1,041.47
104.25
1,718.62
2,840.28
CO -OP RESALE
38,629.59
38,629.59
0.00
0.00
0.00
SCHOOL
107,496.20
38,201.22
23,258.94
13,651.47
32,384.57
TOTAL
1,521,061.19
715,533.69
1,388,150.29
4,541,365.55
89166,110.72_
THIS YEAR TO DATE
RESIDENTIAL
3,540,097.64
873,288.23
640,992.75
683,881.56
1,341,935.10
INDUS /MUNI BLDG
4,446,268.62
560,924.38
47,628.96
683,669.14
3,154,046.14
PUB.ST.LIGHTS
27,914.05
8,976.30
3,548.79
5,229.50
10,159.46
PRV.ST.LIGHTS
5,704.62
1,041.47
104.25
1,718.62
2,840.28
CO -OP RESALE
38,629.59
38,629.59
0.00
0.00
0.00
SCHOOL
107,496.20
38,201.22
23,258.94
13,651.47
32,384.57
TOTAL
8,166,110.72
1,521,061.19
715,533.67
1,388,150.30
4,541,365.56
LAST YEAR TO DATE
RESIDENTIAL
3,516,789.59
1,019,576.61
571,011.96
733,916.98
1,192,284.04
INDUS /MUNI BLDG
INDUS /MUNI BLDG
4,670,396.36
630,754.92
55,956.96
759,634.77
3,224,049.71
0.34%
PUB.ST.LIGHTS
47,420.59
16,557.30
5,782.59
7,848.88
17,231.82
0.01%
PRV.ST.LIGHTS
10,995.30
2,070.71
204.00
3,375.13
5,345.46
0.00%
CO -OP RESALE
SCHOOL
46,015.95
129,711.35
46,015.95
47,594.38
0.00
29,377.02
0.00
16,726.41
0.00
36,013.54
0.17%
TOTAL
8,4214329.14
1,762,569.87
662,332.53
1,521,502.17
4,474,924.57
55.64%
PERCENTAGE OF OPERATING INCOME TO TOTAL
TOTAL READING LYNNFIELD NO.READING WILMINGTON
MONTH
RESIDENTIAL
43.35%
10.69%
7.85%
8.37%
16.44%
INDUS /MUNI BLDG
54.45%
6.87%
0.58%
8.37%
38.63%
PUB.ST.LIGHTS
0.34%
0.11%
0.04%
0.06%
0.13%
PRV.ST.LIGHTS
0.07%
0.01%
0.00%
0.02%
0.04%
CO -OP RESALE
0.47%
0.47%
0.00%
0.00%
0.00%
SCHOOL
1.32%
0.47%
0.28%
0.17%
0.40%
TOTAL
100.00%
18.62%
8.75%
16.99%
55.64%
THIS YEAR TO DATE
RESIDENTIAL
43.35%
10.69%
7.85%
8.37%
16.44%
INDUS /MUNI BLDG
54.45%
6.87%
0.58%
8.37%
38.63%
PUB.ST.LIGHTS
0.34%
0.11%
0.04%
0.06%
0.13%
PRV.ST.LIGHTS
0.07%
0.01%
0.00%
0.02%
0.04%
CO -OP RESALE
0.47%
0.47%
0.00%
0.00%
0.00%
SCHOOL
1.32%
0.47%
0.28%
0.17%
0.40%
TOTAL
100.00%
18.62%
8.75%
16.99%
55.64%
LAST YEAR TO DATE
RESIDENTIAL
41.76%
12.11%
6.78%
8.71%
14.16%
INDUS /MUNI BLDG
55.46%
7.49%
0.66%
9.02%
38.29%
PUB.ST.LIGHTS
0.56%
0.20%
0.07%
0.09%
0.20
PRV.ST.LIGHTS
0.13%
0.02%
0.00%
0.04%
0.07,
CO -OP RESALE
0.55%
0.55%
0.00%
0.00%
0.00
SCHOOL
1.54%
0.57%
0.35%
0.20%
0.42%
TOTAL 100.00% 20.94% 7.86% 18.06% 53.14%
(11A)
• ( ) - ACTUAL UNDER BUDGET
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUDGETED REVENUE VARIANCE REPORT
7/31/12
SCHEDULE F
ACTUAL
SALES OF ELECTRICITY:
RESIDENTIAL
YEAR TO DATE
COMM AND INDUSTRIAL SALES
VARIANCE •
PRIVATE STREET LIGHTING
2,190,172.02
MUNICIPAL BUILDINGS
127,698.02
PUBLIC STREET LIGHTING
2,381,854.69
SALES FOR RESALE
65,949.69
SCHOOL
16,628.65
TOTAL BASE SALES
(255.35)
TOTAL FUEL SALES
22,840.05
TOTAL OPERATING REVENUE
(6,236.95)
FORFEITED DISCOUNTS
61,771.70
PURCHASED POWER CAPACITY
(6,387.30)
ENERGY CONSERVATION - RESIDENTIAL
ENERGY CONSERVATION - COMMERCIAL
4,673,267.11
GAW REVENUE
180,768.11
PASNY CREDIT
3,492,843.61
TOTAL OPERATING REVENUES
• ( ) - ACTUAL UNDER BUDGET
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUDGETED REVENUE VARIANCE REPORT
7/31/12
SCHEDULE F
ACTUAL
BUDGET
%
YEAR TO DATE
YEAR TO DATE
VARIANCE •
CHANGE
2,190,172.02
2,062,474.00
127,698.02
6.19%
2,381,854.69
2,315,905.00
65,949.69
2.85%
16,628.65
16,884.00
(255.35)
-1.51%
22,840.05
29,077.00
(6,236.95)
- 21.45%
61,771.70
68,159.00
(6,387.30)
-9.37%
4,673,267.11
4,492,499.00
180,768.11
4.02%
3,492,843.61
3,015,550.00
477,293.61
15.83%
8,166,110.72
7,508,049.00
658,061.72
8.76%
80,220.08
98,835.00
(18,614.92)
- 18.83%
222,789.26
206,314.00
16,475.26
7.99%
28,432.36
25,766.00
2,666.36
10.35%
44,151.35
42,341.00
1,810.35
4.28%
73,547.15
68,107.00
5,440.15
7.99%
(61,106.90)
(58,333.00)
(2,773.90)
4.76%
8.40%
663,065.02
8,554,144.02
7,891,079.00
(119)
OPERATION EXPENSES:
PURCHASED POWER BASE EXPENSE
OPERATION SUPER AND ENGIN -TRANS
OPERATION SUP AND ENGINEERING EXP
STATION SUP LABOR AND MISC
LINE MISC LABOR AND EXPENSE
STATION LABOR AND EXPENSE
STREET LIGHTING EXPENSE
METER EXPENSE
MISC DISTRIBUTION EXPENSE
METER READING LABOR & EXPENSE
ACCT & COLL LABOR & EXPENSE
UNCOLLECTISLE ACCOUNTS
ENERGY AUDIT EXPENSE
ADMIN & GEN SALARIES
OFFICE SUPPLIES & EXPENSE
OUTSIDE SERVICES
PROPERTY INSURANCE
INJURIES AND DAMAGES
EMPLOYEES PENSIONS & BENEFITS
MISC GENERAL EXPENSE
RENT EXPENSE
ENERGY CONSERVATION
TOTAL OPERATION EXPENSES
MAINTENANCE EXPENSES:
MAINT OF TRANSMISSION PLANT
MAINT OF STRUCT AND EQUIPMT
MAINT OF LINES - OR
MAINT OF LINES - UG
MAINT OF LINE TRANSFORMERS
MAINT OF ST IT & SIG SYSTEM
MAINT OF GARAGE AND STOCKROOM
MAINT OF METERS
MAINT OF GEN PLANT
TOTAL MAINTENANCE EXPENSES
DEPRECIATION EXPENSE
PURCHASED POWER FUEL EXPENSE
VOLUNTARY PAYMENTS TO TOWNS
TOTAL OPERATING EXPENSES
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF OPERATING EXPENSES
7/31/12
SCHEDULE E
MONTE
MONTH
LAST YEAR
CURRENT YEAR
YTD %
LAST YEAR
CURRENT YEAR
TO DATE
TO DATE
CHANGE
2,249,492.04
2,692,174.01
2,249,492.04
2,692,174.01_
19.68%
0.00
0.00
0.00
0.00
0.00%
39,648.01
43,962.16
39,648.01
43,962.16
10.88%
10,634.70
6,887.81
10,634.70
6,887.81
- 35.23%
43,476.57
50,245.76
43,476.57
50,245.76
15.57%
35,375.09
38,012.69
35,375.09
38,012.69
7.46%
61019.00
5,023.60
61019.00
5,023.60
- 16.54%
15,701.29
10,199.47
15,701.29
10,199.47
- 35.04%
24,224.88
20,553.76
24,224.88
20,553.76
- 15.15%
7,773.33
9,467.67
7,773.33
9,467.67
21.80%
88,234.98
116,579.63
88,234.98
116,579.63
32.12%
16,000.00
8,333.33
16,000.00
8,333.33
- 47.92%
36,610.79
30,480.08
36,610.79
30,480.08
- 16.75%
54,467.07
49,841.94
54,467.07
49,841.94
-8.49%
5,800.08
5,876.57
51800.08
5,878.57
1.35%
416.67
(115.00)
416.67
(115.00)
- 127.60%
31,794.75
31,678.42
31,794.75
31,678.42
-0.37%
729.39
3,940.15
729.39
3,940.15
440.20%
211,606.36
185,058.22
211,606.36
185,056.22
- 12.55%
8,165.03
15,077.85
8,165.03
15,077.85
84.66%
26,891.26
34,754.29
26,891.26
34,754.29
29.24%
55,963.55
46,896.80
55,963.55
48,896.80
- 12.63%
227.10
227.10
227.10
227.10
0.00%
13,102.07
6,324.81
13,102.07
6,324.81
- 51.73%
71,789.65
61,773.56
71,789.65
61,773.56
- 13.95%
14,213.99
(1,063.59)
14,213.99
(1,063.59)
- 107.48%
0.00
0.00
0.00
0.00
0.00%
(120.93)
(96.40)
(120.93)
(96.40)
- 20.28%
11,880.40
29,049.19
11,880.40
29,049.19
144.51%
4,878.54
1,573.02
4,878.54
1,573.02
- 67.76%
7,732.24
12,247.82
7,732.24
12,247.82
58.40%
123,703.06
110,035.51
123,703.06
110,035.51
- 11.05%
296,027.47
305,469.18
296,027.47
305,469.18
3.19%
4,131,396.83
3,581,715.28
4,131,396.83
3,581,715.28
- 13.30%
113,000.00
114,000.00
113,000.00
114,000.00
0.88%
71633,152.20
7,5189151.18
-1.51%
7,518,151.18
7,633,152.20
(12)
91
D
Lm
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUDGETED OPERATING EXPENSE VARIANCE REPORT
7/31/12
SCHEDULE G
• ( ) - ACTUAL UNDER BUDGET
(12A)
ACTUAL
BUDGET
%
OPERATION EXPENSES:
YEAR TO DATE
YEAR TO DATE
VARIANCE •
CHANGE
PURCHASED POWER BASE EXPENSE
2,692,174.01
2,819,076.00
-4.50%
(126,901.99)
OPERATION SUPER AND ENGIN -TRANS
0.00
0.00
0.00
0.00%
OPERATION SUP AND ENGINEERING EXP
43,962.16
39,293.00
4,669.16
11.88%
STATION SUP LABOR AND MISC
6,887.81
8,127.00
(1,239.19)
- 15.25%
LINE MISC LABOR AND EXPENSE
50,245.76
55,884.00
(5,638.24)
- 10.09%
STATION LABOR AND EXPENSE
38,012.69
36,971.00
1,041.69
2.82%
STREET LIGHTING EXPENSE
5,023.60
6,513.00
(1,489.40)
- 22.87%
METER EXPENSE
10,199.47
9,746.00
453.47
4.65%
MISC DISTRIBUTION EXPENSE
20,553.76
28,496.00
(7,942.24)
- 27.87%
METER READING LABOR & EXPENSE
9,467.67
8,479.00
988.67
11.66%
ACCT & COLL LABOR & EXPENSE
116,579.63
105,544.00
11,035.63
10.46%
UNCOLLECTIBLE ACCOUNTS
8,333.33
8,333.00
0.33
0.00%
ENERGY AUDIT EXPENSE
30,480.08
37,783.00
(7,302.92)
- 19.33%
ADMIN & GEN SALARIES
49,841.94
58,442.00
(8,600.06)
- 14.72%
OFFICE SUPPLIES & EXPENSE
5,878.57
21,282.00
(15,403.43)
- 72.38%
OUTSIDE SERVICES
(115.00)
36,469.00
(36,584.00)
- 100.32%
PROPERTY INSURANCE
31,678.42
39,293.00
(7,614.58)
- 19.38%
INJURIES AND DAMAGES
3,940.15
5,163.00
(1,222.85)
- 23.68%
EMPLOYEES PENSIONS & BENEFITS
185,058.22
240,426.00
(55,367.78)
- 23.03%
MISC GENERAL EXPENSE
15,077.85
21,076.00
(5,998.15)
- 28.46%
RENT EXPENSE
34,754.29
17,667.00
17,087.29
96.72%
ENERGY CONSERVATION
48,896.80
58,986.00
(10,089.20)
- 17.10%
TOTAL OPERATION EXPENSES
714,757.20
843,973.00
- 15.31%
(129,215.80)
MAINTENANCE EXPENSES:
MAINT OF TRANSMISSION PLANT
227.10
250.00
(22.90)
-9.16%
MAINT OF STRUCT AND EQUIPMENT
6,324.81
11,445.00
(5,120.19)
- 44.74%
MAINT OF LINES - OH
61,773.56
95,892.00
(34,118.44)
- 35.58%
MAINT OF LINES - UG
(1,063.59)
13,704.00
(14,767.59)
- 107.76%
MAINT OF LINE TRANSFORMERS
0.00
31,957.00
(31,957.00)
- 100.00%
MAINT OF ST LT & SIG SYSTEM
(96.40)
754.00
(850.40)
- 112.79%
MAINT OF GARAGE AND STOCKROOM
29,049.19
53,188.00
(24,138.81)
- 45.38%
MAINT OF METERS
1,573.02
5,810.00
(4,236.98)
- 72.93%
MAINT OF GEN PLANT
12,247.82
10,926.00
1,321.82
12.10%
TOTAL MAINTENANCE EXPENSES
110,035.51
223,926.00
- 50.86%
(113,890.49)
DEPRECIATION EXPENSE
305,469.18
304,167.00
1,302.18
0.43%
PURCHASED POWER FUEL EXPENSE
3,581,715.28
3,667,101.00
(85,385.72)
-2.33%
VOLUNTARY PAYMENTS TO TOWNS
114,000.00
114,000.00
0.00
0.00%
TOTAL OPERATING EXPENSES
(454,091.82)
-5.70%
7,518,151.18
7,972,243.00
• ( ) - ACTUAL UNDER BUDGET
(12A)
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUDGETED OPERATING EXPENSE VARIANCE REPORT
7/31/12
R
w1l
(12B)
RESPONSIBLE
REMAINING
SENIOR
2013
ACTUAL
BUDGET
REMAINING
OPERATION EXPENSES:
MANAGER
ANNUAL BUDGET
YEAR TO DATE
BALANCE
BUDGET %
PURCHASED POWER BASE EXPENSE
JP
30,102,742.00
2,692,174.01
27,410,567.99
91.06%
OPERATION SUPER AND ENGIN -TRANS
KS
0.00
0.00
0.00
0.00%
OPERATION SUP AND ENGINEERING EXP
KS
468,949.00
43,962.16
424,986.84
90.63%
STATION SUP LABOR AND MISC
KS
79,813.00
6,887.81
72,925.19
91.37%
LINE MISC LABOR AND EXPENSE
KS
671,309.00
50,245.76
621,063.24
92.52%
STATION LABOR AND EXPENSE
KS
448,249.00
38,012.69
410,236.31
91.52%
STREET LIGHTING EXPENSE
KS
83,106.00
5,023.60
78,082.40
93.96%
METER EXPENSE
KS
197,329.00
10,199.47
187,129.53
94.83%
MISC DISTRIBUTION EXPENSE
JD
366,489.00
20,553.76
345,935.24
94.39%
METER READING LABOR & EXPENSE
KS
69,946.00
9,467.67
60,478.33
86.46%
ACCT & COLL LABOR & EXPENSE
RF
1,385,210.00
116,579.63
1,268,630.37
91.58%
UNCOLLECTIBLE ACCOUNTS
RF
100,000.00
8,333.33
91,666.67
91.67%
ENERGY AUDIT EXPENSE
JP
479,013.00
30,480.08
448,532.92
93.64%
ADMIN & GEN SALARIES
VC
761,068.00
49,841.94
711,226.06
93.45%
OFFICE SUPPLIES & EXPENSE
VC
253,950.00
5,878.57
248,071.43
97.69%
OUTSIDE SERVICES
VC
507,125.00
(115.00)
507,240.00
100.02%
PROPERTY INSURANCE
JD
471,500.00
31,678.42
439,821.58
93.28%
INJURIES AND DAMAGES
JD
56,619.00
3,940.15
52,678.85
93.04%
EMPLOYEES PENSIONS & BENEFITS
JD
1,889,623.00
185,058.22
1,704,564.78
90.21%
MISC GENERAL EXPENSE
VC
200,785.00
15,077.85
185,707.15
92.49%
RENT EXPENSE
JD
212,000.00
34,754.29
177,245.71
83.61%
ENERGY CONSERVATION
JP
697,983.00
48,896.80
649,086.20
92.99%
TOTAL OPERATION EXPENSES
8,823,105.00
714,757.20
8,685,308.80
98.44%
MAINTENANCE EXPENSES:
MAINT OF TRANSMISSION PLANT
KS
3,000.00
227.10
2,772.90
92.43%
MAINT OF STRUCT AND EQUIPMT
KS
114,120.00
6,324.81
107,795.19
94.46%
MAINT OF LINES - OH
KS
1,250,421.00
61,773.56
1,188,647.44
95.06%
MAINT OF LINES - UG
KS
285,371.00
(1,063.59)
286,434.59
100.37%
MAINT OF LINE TRANSFORMERS
KS
188,500.00
0.00
188,500.00
100.00%
MAINT OF ST LT & SIG SYSTEM
JD
9,684.00
(96.40)
9,780.40
101.00%
MAINT OF GARAGE AND STOCKROOM
JD
672,589.00
29,049.19
643,539.81
95.68%
MAINT OF METERS
KS
47,392.00
1,573.02
45,818.98
96.68%
MAINT OF GEN PLANT
RF
131,320.00
12,247.82
119,072.18
90.67%
TOTAL MAINTENANCE EXPENSES
2,817,401.00
110,035.51
2,592,361.49
92.01%
DEPRECIATION EXPENSE
RF
3,650,000.00
305,469.18
3,344,530.82
91.63%
PURCHASED POWER FUEL EXPENSE
JP
30,500,000.00
3,581,715.28
26,918,284.72
88.26%
VOLUNTARY PAYMENTS TO TOWNS
RF
1,368,000.00
114,000.00
1,254,000.00
91.67%
TOTAL OPERATING EXPENSES
83.81%
70,205,053.82
7,518,151.18
83,767,500.00
w1l
(12B)
Dt: September 28, 2012
To: RMLB, Vincent F. Cameron, Jr., Jeanne Foti
Fr: Bob Fournier
g
Sj: August 31, 2012 Report
The partial results for the first two months ending August 31, 2012, for the fiscal
year 2013 will be summarized in the following paragraphs.
1) Change in Net Assets: (Page 3A)
For the month of August, the net loss or the negative change in net assets was
$371,004, decreasing the year to date net income to $498,058. The year to date
budgeted net income was $526,234, resulting in net income being under budget
by $28,176 or 5.35 %. Actual year to date fuel expenses exceeded fuel revenues
by $857,977.
2) Revenues: (Page 1113)
Year to date base revenues were under budget by $480,485 or 5.18 %. Actual
base revenues were $8.8 million compared to the budgeted amount of $9.3
million.
to 3) Expenses: (Page 12A)
*Year to date purchased power base expense was under budget by $168,731 or
3.1 %. Actual purchased power base costs were $5.3 million compared to the
budgeted amount of $5.4 million.
*Year to date operating and maintenance (O &M) expenses combined were under
budget by $165,352 or 8.22 %. Actual O &M expenses were $1.8 million
compared to the budgeted amount of $2.0 million.
*Depreciation expense and voluntary payments to the Towns were on budget.
4) General Information:
Year to date kwh sales (Page 5) were 134,898,313 which is 4.0 million kwh or
2.85 %, behind last year's actual figure. GAW revenues collected ytd were
$134,928 bringing the total collected since inception to $1,432,014.
Dt: September 28, 2012
To: RMLB, Vincent F. Cameron, Jr., Jeanne Foti
Fr: Bob Fournier
B
Sj: August 31, 2012 Report
The partial results for the first two months ending August 31, 2012, for the fiscal
year 2013 will be summarized in the following paragraphs.
1) Change in Net Assets: (Page 3A)
For the month of August, the net loss or the negative change in net assets was
$371,004, decreasing the year to date net income to $498,058. The year to date
budgeted net income was $526,234, resulting in net income being under budget
by $28,176 or 5.35 %. Actual year to date fuel expenses exceeded fuel revenues
by $857,977.
2) Revenues: (Page 11 B)
Year to date base revenues were under budget by $480,485 or 5.18 %. Actual
base revenues were $8.8 million compared to the budgeted amount of $9.3
million.
3) Expenses: (Page 12A)
*Year to date purchased power base expense was under budget by $168,731 or
3.1 %. Actual purchased power base costs were $5.3 million compared to the
budgeted amount of $5.4 million.
*Year to date operating and maintenance (O &M) expenses combined were under
budget by $165,352 or 8.22 %. Actual O &M expenses were $1.8 million
compared to the budgeted amount of $2.0 million.
*Depreciation expense and voluntary payments to the Towns were on budget.
4) General Information:
Year to date kwh sales (Page 5) were 134,898,313 which is 4.0 million kwh or
2.85 %, behind last year's actual figure. GAW revenues collected ytd were
$134,928 bringing the total collected since inception to $1,432,014.
D
PARTIAL
FINANCIAL REPORT
AUGUST 31, 2012
IL ISSUE DATE: SEPTEMBER 28, 2012
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
P BUSINESS -TYPE PROPRIETARY FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
8/31/12
OPERATING REVENUES: (SCH D P.11)
BASE REVENUE
FUEL REVENUE
PURCHASED POWER CAPACITY
FORFEITED DISCOUNTS
ENERGY CONSERVATION REVENUE
GAN REVENUE
NYPA CREDIT
TOTAL OPERATING REVENUES
OPERATING EXPENSES: (SCH E P.12)
PURCHASED POWER BASE
PURCHASED POWER FUEL
OPERATING
MAINTENANCE
DEPRECIATION
VOLUNTARY PAYMENTS TO TOWNS
TOTAL OPERATING EXPENSES
OPERATING INCOME
Ar
PERATING REVENUES (EXPENSES)
CONTRIBUTIONS IN AID OF CONST
RETURN ON INVESTMENT TO READING
INTEREST INCOME
INTEREST EXPENSE
OTHER (MDSE AND AMORT)
TOTAL NONOPERATING REV (EXP)
MONTH MONTH LAST YEAR CURRENT YEAR
LAST YEAR CURRENT YEAR TO DATE TO DATE
4,635,891.43
4,118,808.89
9,007,475.12
8,792,076.00
3,924,541.80
2,914,978.35
7,974,287.25
6,407,821.96
(13,558.46)
185,944.21
(26,383.19)
408,733.47
100,479.75
105,341.07
166,623.93
185,561.15
49,245.10
60,359.50
95,808.28
132,943.21
71,367.85
61,381.54
138,878.44
134,928.69
(52,328.74)
(44,365.80)_
(131,492.39)
(105.472.70)
8,715,638.73 7,402,447.76 17,227,197.44 15,956,591.78
YTD %
CHANGE
-2.39%
- 19.64%
- 1649.22%
10.04%
38.76%
-2.84%
- 19.79%
-7.38%
2,470,472.10
2,587,580.40
4,719,964.14
5,279,754.41
11.86%
3,795,607.97
3,578,611.20
7,927,004.80
7,160,326.48
-9.67%
780,688.60
830,900.32
1,500,221.40
1,545,657.52
3.03%
316,881.59
190,701.03
440,584.65
300,736.54
- 31.74%
296,027.47
305,469.18
592,054.94
610,938.36
3.19%
113,000.00
114,000.00
226,000.00
228,000.00
0.88%
7,772,677.73 7,607,262.13 15,405,829.93 15,125,413.31 -1.82%
942,961.00 (204,814.37) 1,821,367.51 831,178.47 - 54.37%
3,566.00
4,837.60
3,686.00
21,317.58
478.34%
(182,659.50)
(188,785.58)
(367,659.50)
(377,571.16)
2.70%
2,512.27
3,275.93
4,991.16
6,642.31
33.08%
(506.83)
(260.11)
(1,010.54)
(519.26)
- 48.62%
3,435.00
14,742.34
5,798.00
17,010.34
193.38%
(173,653.06)
(166,189.82)
(354,194.88)
(333,120.19)
-5.95%
CHANGE IN NET ASSETS
769,307.94 (371,004.19) 1,467,172.63
498,058.28
- 66.05%
NET ASSETS AT BEGINNING OF YEAR
93,603,582.47
93,603,582.47
0.00%
NET ASSETS AT END OF AUGUST
95,070,755.10
94 101,640.75
-1.02%
Im
WE
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUSINESS -TYPE PROPRIETARY FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS
8/31/12
OPERATING REVENUES: (SCH F P.11B)
BASS REVENUE
FUEL REVENUE
PURCHASED POWER CAPACITY
FORFEITED DISCOUNTS
ENERGY CONSERVATION REVENUE
GAW REVENUE
NYPA CREDIT
TOTAL OPERATING REVENUES
OPERATING EXPENSES: (SCH G P.12A)
PURCHASED POWER BASE
PURCHASED POWER FUEL
OPERATING
MAINTENANCE
DEPRECIATION
VOLUNTARY PAYMENTS TO TOWNS
TOTAL OPERATING EXPENSES
OPERATING INCOME
NONOPERATING REVENUES (EXPENSES)
CONTRIBUTIONS IN AID OF CONST
RETURN ON INVESTMENT TO READING
INTEREST INCOME
INTEREST EXPENSE
OTHER (MDSE AND AMORT)
TOTAL NONOPERATING REV (EXP)
CHANGE IN NET ASSETS
NET ASSETS AT BEGINNING OF YEAR
NET ASSETS AT END OF AUGUST
* ( ) : ACTUAL UNDER BUDGET
ACTUAL BUDGET
YEAR TO DATE YEAR TO DATE VARIANCE*
8,792,076.00
9,272,561.00
(480,485.00)
6,407,821.96
6,203,533.00
204,288.96
408,733.47
424,425.00
(15,691.53)
185,561.15
203,996.00
(18,434.85)
132,943.21
140,109.00
(7,165.79)
134,928.69
140,109.00
(5,180.31)
(105.472.70)
(116,666.00)
11,193.30
15,956,591.78 16,268,067.00 (311,475.22)
CHANGE
-5.18%
3.29%
-3.70%
-9.04%
-5.11%
-3.70%
-9.59%
-1.91%
5,279,754.41
5,448,486.00
(168,731.59)
-3.10%
7,160,326.48
7,203,933.00
(43,606.52)
-0.61%
1,545,657.52
1,586,434.00
(40,776.48)
-2.57%
300,736.54
425,312.00
(124,575.46)
- 29.29%
610,938.36
608,334.00
2,604.36
0.43%
228.000.00
228,000.00
0.00_
0.00%
15,125,413.31 15,500,499.00 (375,085.69) -2.42%
P,
831,178.47 767,568.00 63,610.47 8.29% 1?
21,317.58
100,000.00
(78,682.42)
- 78.68%
(377,571.16)
(377,500.00)
(71.16)
0.02%
6,642.31
16,666.00
(10,023.69)
- 60.14%
(519.26)
(500.00)
(19.26)
3.85%
17,010.34
20,000.00
(2,989.66)
- 14.95%
(333,120.19)
(241,334.00)
(91,786.19)
38.03%
498,058.28 526,234.00 (28,175.72)
93,603,582.47 93,603,582.47 0.00
94,101,640.75 94 129 816.47 (28,175.72)
(3A)
-5.35%
0.00%
-0.03%
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
SALES OF KILOWATT HOURS
8/31/12
(5i
MONTH
MONTH
LAST YEAR
CURRENT YEAR
YTD %
SALES OF ELECTRICITY:
LAST YEAR
CURRENT YEAR
TO DATE
TO DATE
CHANGE
RESIDENTIAL SALES
26,745,853
25,199,927
54,281,938
53,617,529
-1.22%
COMM. AND INDUSTRIAL SALES
40,107,331
33,838,249
79,473,872
76,493,721
-3.75%
PRIVATE STREET LIGHTING
72,799
73,097
145,578
146,345
0.53%
TOTAL PRIVATE CONSUMERS
68,925,983
59,111,273
133,901,388
130,257,595
-2.72%
MUNICIPAL SALES:
STREET LIGHTING
239,052
237,586
478,104
475,172
-0.61%
MUNICIPAL BUILDINGS
900,447
819,320
1,786,999
1,671,978
-6.44%
TOTAL MUNICIPAL CONSUMERS
1,139,499_
11056,906
2,265,103
2,147,150
-5.21%
SALES FOR RESALE
392,652
403,854
749,286
736,265
-1.74%
SCHOOL
900,987
794,682
1,942,712
1,757,303
-9.54%
TOTAL KILOWATT HOURS SOLD
71,359,121
61,366,715
138,858,489
134,898,313
-2.85%
(5i
MONTH
8,558,876
3,284,328
RESIDENTIAL
6,841,617
COMM 4 IND
4,805,439
PVT ST LIGHTS
5,694,105
PUB ST LIGHTS
73,097
MUNI BLDGS
1,360
SALES /RESALE
36,704
SCHOOL
80,536
TOTAL
YEAR TO DATE
84,527
819,320
RESIDENTIAL
149,809
COMM & IND
309,868
PVT ST LIGHTS
403,854
PUS ST LIGHTS
0
MUNI BLDGS
794,682
SALES /RESALE
168,543
SCHOOL
229,567
TOTAL
LAST YEAR
3,932,722
TO DATE
30,544,786
53,617,529
RESIDENTIAL
8,466,695
COMM & IND
17,655,828
PVT ST LIGHTS
9,734,741
PUB ST LIGHTS
11,973,982
MUNI BLDGS
146,345
SALES /RESALE
2,720
SCHOOL
73,711
TOTAL
KILOWATT HOURS SOLD TO TOTAL
MONTH
80,086
169,054
RESIDENTIAL
374,772
COMM & IND
364,111
PVT ST LIGHTS
736,265
PUB ST LIGHTS
0
MUNI BLDGS
0
SALES /RESALE
644,672
SCHOOL
206,600
TOTAL
YEAR TO DATE
27,184,182
9,780,734
RESIDENTIAL
73,276,358
COMM & IND
16,575,944
PVT ST LIGHTS
12,098,109
PUB ST LIGHTS
79,473,872
MUNI BLDGS
645,164
SALES /RESALE
56,466,707
SCHOOL
28,162
TOTAL
LAST YEAR
72,140
TO DATE
160,872
64,874
RESIDENTIAL
172,598.;
COMM 6i IND
394,507
PVT ST LIGHTS
384,917
PUB ST LIGHTS
749,286
MUNI BLDGS
0
SALES /RESALE
0
SCHOOL
705,988
TOTAL
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
KILOWATT HOURS SOLD BY TOWN
8/31/12
TOTAL READING LYNNFIELD NO.READING WILMINGTON
25,199,927
8,558,876
3,284,328
6,515,106
6,841,617
33,838,249
4,805,439
296,202
5,694,105
23,042,503
73,097
13,585
1,360
21,448
36,704
237,586
80,536
32,480
40,043
84,527
819,320
189,603
149,809
170,040
309,868
403,854
403,854
0
0
0
794,682
309,212
168,543
87,360
229,567
61,366,715
14,361,105
3,932,722
12,528,102
30,544,786
53,617,529
15,505,490
8,466,695
11,989,516
17,655,828
76,493,721
9,734,741
575,518
11,973,982
54,209,480
146,345
27,170
2,720
42,744
73,711
475,172
161,072
64,960
80,086
169,054
1,671,978
374,772
292,556
364,111
640,539
736,265
736,265
0
0
0
1,757,303
644,672
378,285
206,600
527,746
134,898,313
27,184,182
9,780,734
24,657,039
73,276,358
54,281,938
16,575,944
8,333,721
12,098,109
17,274,164
79,473,872
9,973,869
645,164
12,388,132
56,466,707
145,578
28,162
2,720
42,556
72,140
478,104
160,872
64,874
79,760
172,598.;
1,786,999
394,507
312,029
384,917
695,546'.<
749,286
749,286
0
0
0
1,942,712
705,988
458,340
234,280
544,104
138,858,489
28,588,628
9,816,848
25,227,754
75,225,259
TOTAL
READING
LYNNFIELD
NO.READING
WILMINGTON
41.06%
13.95%
5.35%
10.62%
11.14%
55.14%
7.83%
0.48%
9.28%
37.55%
0.12%
0.02%
0.00%
0.03%
0.07%
0.39%
0.13%
0.05%
0.07%
0.14%
1.34%
0.31%
0.24%
0.28%
0.51%
0.66%
0.66%
0.00%
0.00%
0.00%
1.29%
0.50%
0.27%
0.14%
0.38%
100.00%
23.40%
6.39%
20.42%
49.79%
39.75%
11.49%
6.28%
8.89%
13.09%
56.70%
7.22%
0.43%
8.88%
40.17%
0.11%
0.02%
0.00%
0.03%
0.06%
0.35%
0.12%
0.05%
0.06%
0.12%
1.24%
0.28%
0.22%
0.27%
0.47%
0.55%
0.55%
0.00%
0.00%
0.00%
1.30%
0.48%
0.28%
0.15%
0.39%
100.00%
20.16%
7.26%
18.28%
54.30%
39.09%
11.94%
6.00%
8.71%
12.44%
57.23%
7.18%
0.46%
8.92%
40.67%
0.10%
0.02%
0.00%
0.03%
0.05%
0.36%
0.12%
0.05%
0.06%
0.13
1.28%
0.28%
0.22%
0.28%
0.50'
0.54%
0.54%
0.00%
0.00%
0.00 %"
1.40%
0.51%
0.33%
0.17%
0.39%
100.00%
20.59%
7.06%
18.17%
54.18%
(6)
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF OPERATING REVENUE
8/31/12
SCHEDULE D
SUB -TOTAL 8,560,433.23 7,033,787.24 16,981,762.37 15,199,897.96 - 10.49%
FORFEITED DISCOUNTS
MONTH
MONTH
LAST YEAR
CURRENT YEAR
YTD %
SALES OF ELECTRICITY:
LAST YEAR
CURRENT YEAR
TO DATE
TO DATE
CHANGE
RESIDENTIAL SALES
3,806,148.25
3,148,073.59
7,322,937.84
6,688,171.23
-8.67%
COMM AND INDUSTRIAL SALES
4,450,916.14
3,620,534.33
9,009,236.61
7,970,538.98
- 11.53%
PRIVATE STREET LIGHTING
6,287.79
5,705.10
17,283.09
11,409.72
- 33.98%
TOTAL PRIVATE CONSUMERS
8,263,352.18
6,774,313.02
16,349,457.54
14,670,119.93
- 10.27%
MUNICIPAL SALES:
7,402,447.76
15,956,591.78
-7.38%
STREET LIGHTING
30,425.08
27,914.05
77,845.67
55,828.10
- 28.28%
MUNICIPAL BUILDINGS
109,257.10
93,693.07
221,332.99
189,957.04
- 14.18%
TOTAL MUNICIPAL CONSUMERS
139,682.18
121,607.12
299,178.66
245,785.14
- 17.85%
SALES FOR RESALE
48,694.01
46,919.59
94,709.96
85,549.18
-9.67%
SCHOOL
108,704.86
90,947.51
238,416.21
198,443.71
- 16.77%
SUB -TOTAL 8,560,433.23 7,033,787.24 16,981,762.37 15,199,897.96 - 10.49%
FORFEITED DISCOUNTS
100,479.75
105,341.07
168,623.93
185,561.15
10.04%
PURCHASED POWER CAPACITY
(13,558.46)
185,944.21
(26,383.19)
408,733.47
- 1649.22%
ENERGY CONSERVATION - RESIDENTIAL
20,120.83
25,218.26
37,996.04
53,650.62
41.20%
ENERGY CONSERVATION - COMMERCIAL
29,124.27
35,141.24
57,812.24
79,292.59
37.16%
GAW REVENUE
71,367.85
61,381.54
138,878.44
134,928.69
-2.84%
NYPA CREDIT
(52,328.74)
(44,365.80)
(131,492.39)
(105,472.70)
- 19.79%
TOTAL REVENUE
7,402,447.76
15,956,591.78
-7.38%
8,715,638.73
17,227,197.44
(ii)
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
SCHEDULE OF OPERATING REVENUE BY TOWN .41
8/31/12
(iiA)
TOTAL
READING
LYNNFIELD
NO.READING
WILMINGTON
MONTH
RESIDENTIAL
3,148,073.59
1,070,359.03
409,430.07
811,278.28
857,006.21
INDUS /MUNI BLDG
3,714,227.40
556,343.22
51,148.29
633,032.53
2,473,703.36
PUB.ST.LIGHTS
27,914.05
8,976.30
3,548.79
5,229.50
10,159.46
PRV.ST.LIGHTS
5,705.10
1,049.07
104.25
1,733.24
2,818.54
CO -OP RESALE
46,919.59
46,919.59
0.00
0.00
0.00
SCHOOL
90,947.51
35,044.62
19,146.97
10,582.55
26,173.37
TOTAL
7,033,787.24
1,718,691.83
483,378.37
1,461,856.10
3,369,860.94
THIS YEAR TO DATE
RESIDENTIAL
6,688,171.23
1,943,647.26
1,050,422.82
1,495,159.84
2,198,941.31
INDUS /MUNI BLDG
8,160,496.02
1,117,267.60
98,777.25
1,316,701.67
5,627,749.50
PUB.ST.LIGHTS
55,828.10
17,952.60
7,097.58
10,459.00
20,318.92
PRV.ST.LIGHTS
11,409.72
2,090.54
208.50
3,451.86
5,658.82
CO -OP RESALE
85,549.18
85,549.16
0.00
0.00
0.00
SCHOOL
198,443.71
73,245.84
42,405.91
24,234.02
58,557.94
TOTAL
15,199,897.96
3,239,753.02
1,198,912.04
2,850,006.40
7,911,226.50
LAST YEAR TO DATE
RESIDENTIAL
7,322,937.84
2,240,812.91
1,120,664.76
1,630,210.45
2,331,249.72
INDUS /MUNI BLDG
9,230,569.60
1,244,441.98
116,222.44
1,481,976.06
6,387,929.12
PUB.ST.LIGHTS
77,845.67
26,147.75
9,580.23
13,367.44
28,750.25
PRV.ST.LIGHTS
17,283.09
3,261.02
318.90
5,303.78
8,399.39
CO -OP RESALE
94,709.96
94,709.96
0.00
0.00
0.00
SCHOOL
238,416.21
87,513.60
54,761.67
29,716.35
66,424.59'
TOTAL
3,696,887.22
1,301,548.00
3,160,574.08
8,822,753.07 R
16,981,762.37
PERCENTAGE OF OPERATING
INCOME TO TOTAL
TOTAL
READING
LYNNFIELD
NO.READING
WILMINGTON
MONTH
RESIDENTIAL
44.75%
15.22%
5.82%
11.53%
12.18%
INDUS /MUNI BLDG
52.81%
7.91%
0.73%
9.00%
35.17%
PUB.ST.LIGHTS
0.40%
0.13%
0.05%
0.07%
0.15%
PRV.ST.LIGHTS
0.08%
0.01%
0.00%
0.02%
0.05%
CO -OP RESALE
0.67%
0.67%
0.00%
0.00%
0.00%
SCHOOL
1.29%
0.50%
0.27%
0.15%
0.37%
TOTAL
100.00%
24.44%
6.87%
20.77%
47.92%
THIS YEAR TO DATE
RESIDENTIAL
43.99%
12.79%
6.91%
9.84%
14.45%
INDUS /MUNI BLDG
53.69%
7.35%
0.65%
8.66%
37.03%
PUB.ST.LIGHTS
0.37%
0.12%
0.05%
0.07%
0.13%
PRV.ST.LIGHTS
0.08%
0.01%
0.00%
0.02%
0.05%
CO -OP RESALE
0.56%
0.56%
0.00%
0.00%
0.00%
SCHOOL
1.31%
0.48%
0.28%
0.16%
0.39%
TOTAL
21.31%
7.89%
18.75%
52.05%
100.00%
LAST YEAR TO DATE
RESIDENTIAL
43.12%
13.20%
6.60%
9.60%
13.72% .
INDUS /MUNI BLDG
54.36%
7.33%
0.68%
8.73%
37.629
PUB.ST.LIGHTS
0.46%
0.15%
0.06%
0.08%
0.17
PRV.ST.LIGHTS
0.10%
0.02%
0.00%
0.03%
0.051 `
CO-OP RESALE
0.56%
0.56%
0.00%
0.00%
0.00t,
SCHOOL
1.40%
0.52%
0.32%
0.17%
0.39%
TOTAL
21.78%
7.66%
18.61%
51.95%
100.00%
(iiA)
Ll
SALES OF ELECTRICITY:
RESIDENTIAL
COMM AND INDUSTRIAL SALES
PRIVATE STREET LIGHTING
MUNICIPAL BUILDINGS
PUBLIC STREET LIGHTING
SALES FOR RESALE
SCHOOL
TOTAL BASE SALES
TOTAL FUEL SALES
TOTAL OPERATING REVENUE
FORFEITED DISCOUNTS
PURCHASED POWER CAPACITY
ENERGY CONSERVATION - RESIDENTIAL
ENERGY CONSERVATION - COMMERCIAL
GAW REVENUE
PASNY CREDIT
TOTAL OPERATING REVENUES
• ( ) = ACTUAL UNDER BUDGET
rl
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUDGETED REVENUE VARIANCE REPORT
8/31/12
SCHEDULE F
ACTUAL
BUDGET
%
YEAR TO DATE
YEAR TO DATE
VARIANCE •
CHANGE
4,140,978.50
4,367,919.00
(226,940.50)
-5.20%
4,452,291.83
4,681,878.00
(229,586.17)
-4.90%
33,257.30
33,768.00
(510.70)
-1.51%
50,576.55
60,823.00
(10,246.45)
- 16.85%
114,971.82
128,173.00
(13,201.18)
- 10.30%
8,792,076.00
9,272,561.00
(480,485.00)
-5.18%
6,407,821.96
6,203,533.00
204,288.96
3.29%
15,199,897.96
15,476,094.00
(276,196.04)
-1.78%
185,561.15
203,996.00
(18,434.85)
-9.04%
408,733.47
424,425.00
(15,691.53)
-3.70%
53,650.62
54,771.00
(1,120.38)
-2.05%
79,292.59
85,338.00
(6,045.41)
-7.08%
134,928.69
140,109.00
(5,180.31)
-3.70%
(105,472.70)
(116,666.00)
11,193.30
-9.59%
16,268,067.00
(311,475.22)
-1.91%
15,956,591.78
I11B)
9
�izi
TOWN OF READING, MASSACHUSETTS
MUNICIPAL
LIGHT DEPARTMENT
SCHEDULE OF
OPERATING EXPENSES
8/31/12
SCHEDULE E
MONTH
MONTE
LAST YEAR
CURRENT YEAR
YTD %
OPERATION EXPENSES:
LAST YEAR
CURRENT YEAR
TO DATE
TO DATE
CHANGE
PURCHASED POWER BASE EXPENSE
2,470,472.10
2,587,580.40
4,719,964.14
5,279,754.41
11.86%
OPERATION SUPER AND ENGIN -TRANS
0.00
0.00
0.00
0.00
0.00%
OPERATION SUP AND ENGINEERING EXP
59,163.62
45,227.41
98,811.63
89,189.57
-9.74%
STATION SUP LABOR AND MISC
12,670.96
6,206.81
23,305.66
13,094.62
- 43.81%
LINE MISC LABOR AND EXPENSE
64,480.84
46,385.73
107,957.41
96,631.49
- 10.49%
STATION LABOR AND EXPENSE
44,153.54
42,374.79
79,528.63
80,387.48
1.08%
STREET LIGHTING EXPENSE
8,570.00
8,082.21
14,589.00
13,105.81
- 10.17%
METER EXPENSE
31,136.28
16,582.78
46,837.57
26,782.25
- 42.82%
MISC DISTRIBUTION EXPENSE
32,164.04
31,550.67
56,388.92
52,104.43
-7.60%
METER READING LABOR & EXPENSE
10,588.52
9,363.44
18,361.85
18,831.11
2.56%
ACCT & COLL LABOR & EXPENSE
132,563.58
130,969.11
220,798.56
247,548.74
12.12%
UNCOLLECTIBLE ACCOUNTS
16,000.00
8,333.33
32,000.00
16,666.66
- 47.92%
ENERGY AUDIT EXPENSE
45,436.78
44,985.13
80,207.57
75,465.21
-5.91%
ADMIN & GEN SALARIES
74,049.78
67,932.65
128,516.85
117,774.59
-8.36%
OFFICE SUPPLIES & EXPENSE
17,165.72
22,539.10
22,965.80
28,417.67
23.74%
OUTSIDE SERVICES
32,853.14
30,524.72
33,269.81
30,409.72
-8.60%
PROPERTY INSURANCE
31,778.71
31,678.42
63,573.46
63,356.84
-0.34%
INJURIES AND DAMAGES
744.29
2,436.14
1,473.68
6,376.29
332.68%
EMPLOYEES PENSIONS & BENEFITS
103,019.13
207,617.48
314,625.49
392,675.70
24.81%
MISC GENERAL EXPENSE
22,135.78
9,648.41
30,300.81
24,726.26
- 18.40%
RENT EXPENSE
780.89
13,747.40
27,672.15
48,501.69
75.27%
ENERGY CONSERVATION
41,233.00
54,714.59
99,036.55
103,611.39
4.62%
TOTAL OPERATION EXPENSES
780,688.60
830,900.32
1,500,221.40
1,545,657.52
3
MAINTENANCE EXPENSES:
MAINT OF TRANSMISSION PLANT
227.10
227.10
454.20
454.20
0.00%
MAINT OF STRUCT AND EQUIPMT
22,316.09
6,119.58
35,418.16
12,444.39
- 64.86%
MAINT OF LINES - OH
203,891.02
106,557.57
275,680.67
168,331.13
- 38.94%
MAINT OF LINES - UG
(171.86)
15,298.11
14,042.13
14,234.52
1.37%
MAINT OF LINE TRANSFORMERS
635.03
4,152.55
635.03
4,152.55
0.00%
MAINT OF ST LT & SIG SYSTEM
(17.44)
(40.87)
(138.37)
(137.27)
-0.79%
MAINT OF GARAGE AND STOCKROOM
74,838.55
45,150.90
86,718.95
74,200.09
- 14.44%
MAINT OF METERS
7,892.75
51181.15
12,771.29
6,754.17
- 47.11%
MAINT OF GEN PLANT
7,270.35
8,054.94
15,002.59
20,302.76
35.33%
TOTAL MAINTENANCE EXPENSES
316,881.59
190,701.03
440,584.65
300,736.54
- 31.74%
DEPRECIATION EXPENSE
296,027.47
305,469.18
592,054.94
610,938.36
3.19%
PURCHASED POWER FUEL EXPENSE
3,795,607.97
3,578,611.20
7,927,004.80
7,160,326.48
-9.67%
VOLUNTARY PAYMENTS TO TOWNS
113,000.00
114,000.00
226,000.00
228,000.00
0.88%
TOTAL OPERATING EXPENSES
7,772,677.73
-1.82%
15,125,413.31
7,607,262.13
15,405,829.93
9
�izi
TOWN OF READING, MASSACHUSETTS
F MUNICIPAL LIGHT DEPARTMENT
BUDGETED OPERATING EXPENSE VARIANCE REPORT
8/31/12
SCHEDULE G
+ ( ) = ACTUAL UNDER BUDGET
(12A)
ACTUAL
BUDGET
%
OPERATION EXPENSES:
YEAR TO DATE
YEAR TO DATE
VARIANCB +
CHANGE
PURCHASED POWER BASE EXPENSE
5,279,754.41
5,448,486.00
(168,731.59)
-3.10%
OPERATION SUPER AND ENGIN -TRANS
0.00
0.00
0.00
0.00%
OPERATION SUP AND ENGINEERING EXP
89,189.57
73,696.00
15,493.57
21.02%
STATION SUP LABOR AND MISC
13,094.62
13,854.00
(759.38)
-5.48%
LINE MISC LABOR AND EXPENSE
96,631.49
99,268.00
(2,636.51)
-2.66%
STATION LABOR AND EXPENSE
80,387.48
71,497.00
8,890.46
12.43%
STREET LIGHTING EXPENSE
13,105.81
13,576.00
(470.19)
-3.46%
METER EXPENSE
26,782.25
21,460.00
5,322.25
24.80%
MISC DISTRIBUTION EXPENSE
52,104.43
56,992.00
(4,887.57)
-8.58%
METER READING LABOR & EXPENSE
18,831.11
16,373.00
2,458.11
15.01%
ACCT & COLL LABOR & EXPENSE
247,548.74
214,216.00
33,332.74
15.56%
UNCOLLECTIBLE ACCOUNTS
16,666.66
16,666.00
0.66
0.00%
ENERGY AUDIT EXPENSE
75,465.21
73,066.00
2,399.21
3.28%
ADMIN & GEN SALARIES
117,774.59
116,634.00
1,140.59
0.98%
OFFICE SUPPLIES & EXPENSE
28,417.67
42,389.00
(13,971.33)
- 32.96%
OUTSIDE SERVICES
30,409.72
100,313.00
(69,903.28)
- 69.69%
PROPERTY INSURANCE
63,356.84
78,586.00
(15,229.16)
- 19.38%
INJURIES AND DAMAGES
6,376.29
9,841.00
(3,464.71)
- 35.21%
EMPLOYEES PENSIONS & BENEFITS
392,675.70
380,852.00
11,823.70
3.10%
MISC GENERAL EXPENSE
24,726.26
33,849.00
(9,122.74)
- 26.95%
RENT EXPENSE
48,501.69
35,334.00
13,167.69
37.27%
ENERGY CONSERVATION
103,611.39
117,972.00
(14,360.61)
- 12.17%
TOTAL OPERATION EXPENSES
i
1,545,657.52
1,586,434.00
(40,776.48)
-2.57%
MAINTENANCE EXPENSES:
MAINT OF TRANSMISSION PLANT
454.20
500.00
(45.80)
-9.16%
MAINT OF STRUCT AND EQUIPMENT
12,444.39
19,195.00
(6,750.61)
- 35.17%
MAINT OF LINES - ON
168,331.13
193,024.00
(24,692.87)
- 12.79%
MAINT OF LINES - UG
14,234.52
27,518.00
(13,283.48)
- 48.27%
MAINT OF LINE TRANSFORMERS
4,152.55
40,164.00
(36,011.45)
- 89.66%
MAINT OF ST LT & SIG SYSTEM
(137.27)
1,563.00
(1,700.27)
- 108.78%
MAINT OF GARAGE AND STOCKROOM
74,200.09
109,876.00
(35,675.91)
- 32.47%
MAINT OF METERS
6,754.17
11,620.00
(4,865.83)
- 41.87%
MAINT OF GEN PLANT
20,302.76
21,852.00
(1,549.24)
-7.09%
TOTAL MAINTENANCE EXPENSES
300,736.54
425,312.00
(124,575.46)
- 29.29%
DEPRECIATION EXPENSE
610,938.36
608,334.00
2,604.36
0.43%
PURCHASED POWER FUEL EXPENSE
7,160,326.48
7,203,933.00
(43,606.52)
-0.61%
VOLUNTARY PAYMENTS TO TOWNS
228,000.00
228,000.00
0.00
0.00%
TOTAL OPERATING EXPENSES
(375,085.69)
-2.42%
15,500,499.00
15,125,413.31
+ ( ) = ACTUAL UNDER BUDGET
(12A)
TOWN OF READING, MASSACHUSETTS
MUNICIPAL LIGHT DEPARTMENT
BUDGETED OPERATING EXPENSE VARIANCE REPORT
8/31/12
9
(12B)
RESPONSIBLE
REMAINING
SENIOR
2013
ACTUAL
BUDGET
REMAINING
OPERATION EXPENSES:
MANAGER
ANNUAL BUDGET
YEAR TO DATE
BALANCE
BUDGET %
PURCHASED POWER BASE EXPENSE
JP
30,102,742.00
5,279,754.41
24,822,987.59
82.46%
OPERATION SUPER AND ENGIN -TRANS
KS
0.00
0.00
0.00
0.00%
OPERATION SUP AND ENGINEERING EXP
KS
468,949.00
89,189.57
379,759.43
80.98%
STATION SUP LABOR AND MISC
KS
79,813.00
13,094.62
66,718.38
83.59%
LINE MISC LABOR AND EXPENSE
KS
671,309.00
96,631.49
574,677.51
85.61%
STATION LABOR AND EXPENSE
KS
448,249.00
80,387.48
367,861.52
82.07%
STREET LIGHTING EXPENSE
KS
83,106.00
13,105.81
70,000.19
84.23%
METER EXPENSE
KS
197,329.00
26,782.25
170,546.75
86.43%
MISC DISTRIBUTION EXPENSE
KS
366,489.00
52,104.43
314,384.57
85.78%
METER READING LABOR & EXPENSE
KS
69,946.00
18,831.11
51,114.89
73.08%
ACCT & COLL LABOR & EXPENSE
RP
1,385,210.00
247,548.74
1,137,661.26
82.13%
UNCOLLECTIBLE ACCOUNTS
RP
100,000.00
16,666.66
83,333.34
83.33%
ENERGY AUDIT EXPENSE
JP
479,013.00
75,465.21
403,547.79
84.25%
ADMIN & GEN SALARIES
VC
761,068.00
117,774.59
643,293.41
84.53%
OFFICE SUPPLIES & EXPENSE
VC
253,950.00
28,417.67
225,532.33
88.81%
OUTSIDE SERVICES
VC
507,125.00
30,409.72
476,715.28
94.00%
PROPERTY INSURANCE
KS
471,500.00
63,356.84
408,143.16
86.56%
INJURIES AND DAMAGES
KS
56,619.00
6,376.29
50,242.71
88.74%
EMPLOYEES PENSIONS & BENEFITS
KS
1,889,623.00
392,675.70
1,496,947.30
79.22%
MISC GENERAL EXPENSE
VC
200,785.00
24,726.26
176,058.74
87.69%
RENT EXPENSE
KS
212,000.00
48,501.69
163,498.31
77.12%
ENERGY CONSERVATION
JP
697,983.00
103,611.39
594,371.61
85.16%
TOTAL OPERATION EXPENSES
8,823,105.00
1,545,657.52
7,854,408.48
89.0;1
MAINTENANCE EXPENSES:
MAINT OF TRANSMISSION PLANT
KS
3,000.00
454.20
2,545.80
84.86%
MAINT OF STRUCT AND EQUIPMT
KS
114,120.00
12,444.39
101,675.61
89.10%
MAINT OF LINES - OH
KS
1,250,421.00
168,331.13
1,082,089.87
86.54%
MAINT OF LINES - UG
KS
285,371.00
14,234.52
271,136.48
95.01%
MAINT OF LINE TRANSFORMERS
KS
188,500.00
4,152.55
184,347.45
97.80%
MAINT OF ST LT & SIG SYSTEM
KS
9,684.00
(137.27)
9,821.27
101.42%
MAINT OF GARAGE AND STOCKROOM
KS
672,589.00
74,200.09
598,388.91
88.97%
MAINT OF METERS
KS
47,392.00
6,754.17
40,637.83
85.75%
MAINT OF GEN PLANT
RF
131,320.00
20,302.76
111,017.24
84.54%
TOTAL MAINTENANCE EXPENSES
2,817,401.00
300,736.54
2,401,660.46
85.24%
DEPRECIATION EXPENSE
RF
3,650,000.00
610,938.36
3,039,061.64
83.26%
PURCHASED POWER FUEL EXPENSE
JP
30,500,000.00
7,160,326.48
23,339,673.52
76.52%
VOLUNTARY PAYMENTS TO TOWNS
RF
1,368,000.00
228,000.00
1,140,000.00
83.33%
TOTAL OPERATING EXPENSES
62,597,791.69
74.73%
83,767,500.00
15,125,413.31
9
(12B)
RMLD
4 -
August 15, 2012
Reading Municipal Light Department
RELIABLE POWER FOR GENERATIONS
230 Ash Street
P.O. Box 150
Reading, MAO 1867-0250
Tel: (781) 944 -1340
Fax: (781) 942 -2409
Web: www.rmid.com
Town of Reading Municipal Light Board
Subject: Engineering Analysis Software
ATTACHMENT 6
On May 7, 2012 a bid invitation was placed as a legal notice in the Reading
Chronicle requesting proposals for Engineering Analysis Software for the Reading
Municipal Light Department.
An imitation to bid was emailed to the following:
Yale Electric
Stuart C. Irby
Power Tech UPSC
Robinson Sales
Wesco Distribution
J.F. Gray
Shamrock Power
E.L. Flowers
AW A bid was received from Milsoft Utility Solutions.
Graybar Electric
Power Sales
Hasgo Power
HD Supply
The bids were publicly opened and read aloud at moo a.m. ,June 6, 2012 in the
Town of Reading Municipal Light Department's Board Room, 23o Ash Street,
Reading, Massachusetts.
The bids were reviewed, analyzed and evaluated by the General Manager and the
staff.
Move that bid 2012 -26 for Engineering Analysis Software be awarded to:
Milsoft Utility Solutions for a total cost of $73,250.00
Item (desc.) Manufacturer Total Net Cost
1 Engineering Analysis Tool Milsoft 18,250.00
2 Database Conversion Tool Milsoft 25,000.00
3 GIS Milsoft 30,000.00
Total
73,250.00
as the lowest qualified bidder on the recommendation of the General Manager.
I iIc: Rini/ IA 1212012 2h IxMware
RMLD `o:
Reading Municipal Light Department
RELI ARV.E POWER FIIR GENERATION'
330 ,ash Street, P.O. Box 150
Reading, MA 01 R67 -0250
The total FY12 Capital Budget allocation for "Engineering Analysis Software" was
$70,000.
F. C Wneron Jr.
09
Peter
I ile: Bid/ FV12 /2012- 2hlxittware
PI
Ri(T T Reading Municipal Light Department
��f�LL RELIABLE POWER FOR GENERATIONS
230 Ash Street
P.O. Box 150
Reading, MAO 1867-0250
Tel: (781) 944 -1340
Fax: (781) 942-2409
Web: www.rmid.com
September 27, 2012
Town of Reading Municipal Light Board
Subject: Janitorial Services
On August 1, 2012 a bid invitation was placed as a legal notice in the Reading Chronicle requesting proposals
for Janitorial Services for the Reading Municipal Light Department.
An invitation to bid was mailed to 31 companies, listed below:
A.C.P. Cleaning, Inc. ABM Janitorial Advanced All -Pro Cleaning American Cleaning
Northeast, Inc. Maintenance Systems Company, Inc.
Solutions, Inc.
AhIPM Facility
Boston Cleaning
Clean Link
Compass Facility
Consolidated
Services
Company, Inc.
Services, Inc.
Service Corp.
Coverall
AANW
CSI International,
Empire Cleaning,
Facilities Mgmt. &
FMN Services, Inc.
t
Inc.
Inc.
Maintenance, Inc.
G Associates
JC Zampell
Jani -King of
Janitronics
McGarr Services
Corp.
Boston, Inc.
Building Services
Corp.
National Cleaning
NECC Corp.
Peace
Peace Plus
ResourceOne
Corp.
Maintenance
Maintenance, Inc.
S.J. Services
SEC Industrial
ServiceMaster
State Cleaning
Swilley Commercial
and Commercial
Service, Inc.
Cleaning
Services
The Cleaning Crew
Five bids were received from Advanced Maintenance Solutions, Empire Cleaning Inc., Jani -King of Boston,
Inc., MP Building Services and S.J. Services.
Fhe bids were publicly opened and read aloud at 11:00 a.m. September 5, 2012 in the Town of Reading
Municipal Light Department's Audio Visual /Spurr Room, 230 Ash Street, Reading, Massachusetts.
The bids were reviewed, analyzed and evaluated by the General Manager and the staff.
ra
2013 -01 Janitorial Services.doc
RMLD i())
Reading Municipal Light Department
RELI ABLE POWER FOR GENERA! IONS
230 Ash Street, P.O. Box 150 ,
Reading, MA 0 1867 -0250
Move that bid 2013 -01 for the Janitorial Services be awarded to:
S.J. Services for $120,780.00
Janitorial Services $120,780.00
as the lowest responsive qualified bidder on the recommendation of the General Manager. (This is a three
year contract.)
The 2013 Operating Budget amount for this item is $58,000.00.
David Polson
2013 -01 Janitorial Services.doc
Janitor ices
Bid 201
Combined 3
Responsive
Bidder Year 1 Year 2 Year 3
Year Total
Bid Form
to Bid
Advanced Maintenance Solutions,
Inc. $49,680.00 $50,184.00 $50,676.00
$150,540.00
Yes
No
Empire Cleaning, Inc.
$47,148.00 $49,428.00 $51,756.00
$148,332.00
Yes
2 N
Jani -King of Boston, Inc.
$42,000.00 342,000.00 $44,100.00
$128,100.00
Yes
3 N
MP Building Services
$54,000.00 $55,200.00 $56,400.00
$165,600.00
Yes
4 N
S.J. Services
$38,496.00 $39,996.00 $42,288.00
$120,780.00
Yes
Yes
1 Advanced Maintenance Soluiions. Inc. - Missing comirwanent loam for 50% Perromance Bond. Detailed Plan of Services, Scheduled Post Cleaning Services
2 Empire Cleaning, Inc - Nosing schedule ot PrerJeanirq services. Tax Certifiaaon, Non - Collusion, FLSA Cent, Cori ficate of Vote
3 Jani-King of eosion. Inc - Mrsung schedule ot pre- deanng sermes - 'Exceptions: Three nww. 1 major - I -9k and phob IDs
4 MP Building Services - Missing two addendums, pricing for 0a1y, senr -/Wwy and rather services, Nan - Collusion Cart, FLSA Cart
2013 -01 Janitorial Services Analysis.xls Page 1
TOWN OF READING MUNICIPAL LIGHT DEPARTMENT
August -12
RATE COMPARISONS READING & SURROUNDING TOWNS
INDUSTRIAL - TOU
RESIDENTIAL
RESIDENTIAL -TOU
RES. HOT WATER
COMMERCIAL
SMALL COMMERCIAL
SCHOOL RATE
109,500 kWh's
750 kWh's
1500 kWh's
1000 kWh's
7,300 kWh's
1,080 kWh's
35000 kWh's
250.000 kW Demand
75125 Split
25.000 kW Demand
10.000 kW Demand
130.5 kW Demand
80120 Split
READING MUNICIPAL LIGHT DEPT.
TOTAL BILL
$97.29
$172.05
$112.83
$866.78
$168.26
$4,023.87
$11,010.02
PER KWH CHARGE
$0.12972
$0.11470
$0.11283
$0.11874
$0.15580
$0.11497
$010055
NATIONAL GRID
TOTAL BILL
$116.16
$194.61
$139.40
$1,037.29
$148.09
$3,650.32
$9,914.57
PER KWH CHARGE
$0.15488
$0.12974
$0.13940
$0.14210
$0.13712
$010429
S009054
%DIFFERENCE
19.40%
13.11%
23.55%
19.67%
- 11.99%
-9.28%
-995%
NSTAR COMPANY
TOTAL BILL
$118.91
$216.22
$156.40
$1,072.09
5161.44
$5,973.40
$21,730.47
PER KWH CHARGE
$ 0.15854
$0.14414
$0.15640
$0.14686
$0.14948
$017067
$019845
% DIFFERENCE
22.22%
25.67%
38.62%
23.69%
-4.05%
4845%
9737%
PEABODY MUNICIPAL LIGHT PLANT
TOTAL BILL
$85.40
$164.61
$111.80
$885.21
$149.31
$4,315.54
$10,400.20
PER KWH CHARGE
$011386
$010974
$0.11180
$012126
$0.13825
$012330
$009498
% DIFFERENCE
- 12.22%
-4.32%
-0.91%
2.13%
- 1116%
725%
-554%
MIDDLETON MUNICIPAL LIGHT DEPT.
TOTAL BILL
$99.77
$198.39
$132.64
$959.51
$168.44
$4,762.93
$13.330.75
PER KWH CHARGE
$0.13303
$0.13226
$0.13264
$013144
$0.15596
$013608
$0 12174
%DIFFERENCE
2.55%
15.31%
17.56%
10.70%
0.10%
1837%
2108%
WAKEFIELD MUNICIPAL LIGHT DEPT.
TOTAL BILL
$104.31
$202.32
$136.98
$1,039.27
$167.49
$4,864.08
$13,421.07
PER KWH CHARGE
$0.13908
$0.13488
$0.13698
$014237
$0.15509
S013897
$0 12257
% DIFFERENCE
722%
1760%
21.40%
19.90%
-046%
20.88%
2190%
J J J
TOWN OF READING MUNICIPAL LIGHT DEPARTMENT
September -12
RATE COMPARISONS READING 3 SURROUNDING TOWNS
INDUSTRIAL - TOU
RESIDENTIAL
RESIDENTIAL -TOU
RES. HOT WATER
COMMERCIAL
SMALL COMMERCIAL
SCHOOL RATE
109,500 kWh's
750 kWh's
1500 kWh's
1000 kWh's
7,300 kWh's
1,000 kWh's
35000 kWh's
250.000 kW Demand
75125 Split
25.000 kW Demand
10.000 kW Demand
130.5 kW Demand
80120 Split
READING MUNICIPAL LIGHT DEPT.
TOTAL BILL
$97.36
$172.20
$112.93
$866.78
$166.26
$4,023.87
511,010.02
PER KWH CHARGE
$012982
$0.11480
50.11293
$0.11874
$0.15580
$011497
$010055
NATIONAL GRID
TOTAL BILL
$116.16
$194.61
$139.40
$1,037.29
$148.09
$3,650.32
$9,914.57
PER KWH CHARGE
50.15488
$012974
$0.13940
50.14210
$013712
SO 10429
$009054
%DIFFERENCE
19.31%
13.01%
23.44%
19.67%
- 11.99%
-928%
-9.95%
NSTAR COMPANY
TOTAL BILL
$118.91
$216.22
$156.40
$1,072.09
$161.44
$5,973.40
$13,580.39
PER KWH CHARGE
$0.15854
$0.14414
50.15640
$0.14686
$0.14948
50.17067
$012402
% DIFFERENCE
22.13%
25.56%
3849%
23.69%
- 4.05%
48.45%
23.35%
PEABODY MUNICIPAL LIGHT PLANT
TOTAL BILL
$85.40
$164.61
$111.80
5885.21
$149.31
54,315.54
$10,400.20
PER KWH CHARGE
$011386
$0.10974
$011180
$0.12126
$013825
$012330
$009498
%DIFFERENCE
- 1219 %
-4.41%
-1.00%
2.13%
- 11.26%
725%
-554%
MIDDLETON MUNICIPAL LIGHT DEPT.
TOTAL BILL
$99.77
$198.39
5132.64
$959.51
$168.44
$4,762.93
$13,330.75
PER KWH CHARGE
$013303
$0.13226
$013264
$0.13144
$015596
$013608
$0 12174
% DIFFERENCE
247%
15.21%
1745%
10.70%
0.10%
1837%
2108%
WAKEFIELD MUNICIPAL LIGHT DEPT.
TOTAL BILL
$104.31
$202.32
$136.98
$1,039.27
$167.49
$4,864.08
$13,421.07
PER KWH CHARGE
$0.13908
$013488
50.13698
$0.14237
$015509
$013897
$0 12257
% DIFFERENCE
7 14%
17.49%
2130%
19.90%
- 0.46%
2088%
2190%
e,� V U
Account Payable Warrant - July 20
Account Payable Warrant - July 20
Vincent Cameron
WEERM
Sent: Wednesday, July 25, 2012 2:08 PM
To: RMLD Board Members Group
Cc: Bob Fournier; Jeanne Foti; Steve Kazanjian; Wendy Markiewicz
Categories: Red Category
Snyder
Page 1 of 2
1. Eagle - Noted sprinklers spraying onto pavement upon arrival, although billing notes they were adjusted.
I will look into the direction of the sprinkler spray and see if it needs further adjustment.
2. Mass Communication - It's hard to tell how this bill lines up with the PO? e.g. set up laser print, machine
fold, insert. Are we getting charged for items not on PO?
The amount being charged to the RMLD for these services is in accordance with the approved bid. The PO
represents the annual charge for each of the three years. Since the activity varies month to month, each invoice
is received against the total bid amount for that year.
West
1. Century Bank - Why are fees dated 6/12 on one page and 7/12 on the other? What are these fees for
multiple have same description without details.
The dates were not changed from last month's payments spreadsheet. The total dollar amount paid is
correct. These fees represent credit card fees, bounced check fees, eft fees, a -bill fees for RMLD's monthly
website activity.
2. Mass Communications - Why is invoice dated 6/2/12 for cycles 01 -06 - June 2012 in FY 13 while
invoice dated 6/21/12 for cycles 07 -09 +12 June 12 in FY 12. This appears reversed? Shouldn't all June dates be
in FY 12?
this pertains to the postage wire payment for $21,000.00, the June dated invoices were only being used as
backup to justify the postage used in June and the $21,000.00 postage monies represent the postage expense to
https: /'owa.nnid.com/owa/ ?ae =ltem &t =IPM. Note& id= RgAAAACOkZlrlkKLQ6uBL6Pvd... 7/25/2012
Account Payable Warrant - July 20
be used in July and August (FY13).
Page 2 of 2
N]
3. Hannaford + Dumas - Why are we mailing In Brief to Leominster? How many copies were sent for $75.00?
Mass Communications is in Leominster and the In Brief is inserted in the bills and mailed to our customers.
P]
F�
June 2 and May 25 - Payables Questions
June 2 and May 25 - Payables Questions
-rr Vincent Cameron
Sent: Wednesday, July 25, 2012 5:11 PM
To: RMLD Board Members Group
Cc: Bob Fournier; Jeanne Foti; Jane Parenteau; Kevin Sullivan
Categories: Red Category
Responses:
Page 1 of 3
1. The RMLD received a copy of NStar's energy conservation program. It is a
very large file on a CD. I will put the CD in the GM Conference Room and you can
view it on the RMLD Board laptop. I also put a hard copy of the CD content next to
the mail slots.
2. The RMLD sent the outside mail service $10,500 per month for the first two
months for mailings to cover the monthly mailing costs. The RMLD recharged the
franking machine in $9,000 increments when we did the in -house billings. The per
unit postage cost is the same for the mailing service company as it was for the RMLD
when it was done in house. The RMLD is saving on maintenance on the mailing
machines and in -house labor used to get the bills out.
3. Yes. It should read December, 2011. As stated in the response there were
two separate bids. The first was in November, 2011, which were received in
December, 2011. The second bid was done in May, 2012 and paid for in May, 2012. We
purchased the second set of relays in May because we had time to complete the relay
replacement in FY12. We didn't think we could get to it until FY13.
4 . No comment.
- - - -- Original Message---- -
From: Bo or Gina [mailto:bogina03 @earthlink.net]
Sent: Sunday, July 08, 2012 9:09 PM
To: Vincent Cameron
Cc: Phil Pacino; Bob Soli; Marsie West; Bob Fournier; Jeanne Foti
Subject: Re: June 2 and May 25 - Payables Questions
Some clarification please on:
1. Rubin Rudman: The NStar activity had to do with information on their
conservation programs.
Please attach the results of the NStar activity.
2. Please clarify Mass Communications as the bill indicates it is an estimate of
quantity at $10,250 and if I recall past postage bills ran $9,000 a month.
3. !'an you also clarify, the Schweitzer purchase was in December, 2012 (I assume
you mean 2011) and we're paying just now?
4. For the HVAC, thank you for the information, it's a bit confusing. I'd like to
have a clearer indication of why the RMLD facilities do so poorly when compared to
other office buildings, which is broader than HVAC.
Thank you,
Tina
n 6/6%2012 11:51 AM, Vin,.ent --ameron wrote:
> J,:r.e 2, 2012
https: / /owa.nnld.com/owa/ ?ae= Item& t = IPM. Note& id= RgAAAACOkZIrlkKLQ6uBL6Pyd... 7/25/2012
June 2 and May 25 - Payables Questions Page 2 of 3
> Snyder
> 1. Rubin Rudman - Pls have detail on NSTAR + Hydro Quebec.
> This work was performed relating to developing the contracts for the power supply
bid on May 18, 2012 and some energy conservation information. The RMLD went out for
bid on May 18, 2012 and the bidders contracts have to be in place prior to going out
to bid. One of the bidders was Hydro Quebec was one of the bidders.
> The NStar activity had to do with information on their conservation programs.
> 2. Nat Grid + NE Power - Are #'s switched on list? 16,485 is NE, 23,625 is
NGrid. (Also noted by Commissioner West.)
> No, they are correct. The invoice for $16,485.43 lists New England Hydro -Trans
Corp on the invoice but the instructions on the bill states "checks should be made
payable to National Grid ". The invoice for $23,625.56 is from National Grid but the
instructions on the invoice states that "payment by check should go to New England
Power Co. ".
> 3. Postage wire form Mass Communications - Where's the bill with this?
> Attached is the bill from Mass Communication for the postage. It will be attached
to the wire.
> 4. HD Supply + Schweitzer - These look like the exact same equipment, w12 bills
from 2 companies for the same thing. Please explain.
> The Schweitzer bid was awarded in November, 2011 and the relays were purchased in
December, 2012.
> The HD supply was bid was awarded in May and the relays were purchased in May,
2012. Two separate bids.
> The relay replacement work was not going to be performed at the same
> time do to substation maintenance scheduling, so we did two separate
> bids
> 5. Kathleen Good - Please explain.
> This is for a court reporter service for an union arbitration. The RMLD splits
the cost with the union.
> 6. Healthy Air + DNS Alpha Mechanical - Please provide an overview of all the
HVAC + what the various contractors do with it. Maintenance, breakdowns versus
replacement of the units. I'm interested in cost of O +M whether we'd save $ in the
long term if replaced.
> The roof top units that were replaced were 17 years old and in needs of
replacement.
I will get the information you requested with regard to HVAC maintenance,
replacement, etc.
> ` ay 25, 2012
> O' `lei 11
> 1. Bryan - Lodging lis *_ed Th /Fri on internal form; should be :a /Th.
juuc; c auu iviay t.j - Cayaoics questions
> Yes. The notation has been made on the forms.
> 2. Evans - Dates
through the RMLD?
prior approval for
Page 3 of 3
not listed on internal form. We are not able to book flights
We were not able to get an invoice, draw up a PO and get
conference.
> The dates are now on the form. The flights were paid for by the employee. There
was no PO because the conference, flight, and hotel were paid for by the employee.
The Engineering and Operations Manager gave prior approval for the trip and signed a
travel authorization form prior to the trip.
> 3. Rubin and Rudman - I thought we had already paid them for DPU PowerPoint, etc.
This is for work done in Jan /Feb. Please double check.
> There were two meetings with the Commonwealth of Massachusetts state officials.
The first meeting occurred on December 12, 2012 with Bobbi Garnick Gates who is the
Executive Director of was Executive Office of the Energy and Environmental Affairs
(EOEEA). The RMLD, Braintree Electric Light Department (BELD), and Energy New
England (ENE) set up a meeting through Rubin and Rudman to present the three systems
energy conservation and renewable energy programs. The three systems wanted to also
obtain some insight as to how the EOEEA viewed municipals with respect to energy
conservation and renewable energy. The RMLD paid $1,500 for Rubin and Rudman's role
in setting up the meeting and discussing the presentation content. The meeting was
very worthwhile in educating Ms. Garnick Gates where the municipal sector is with
respect to energy conservation and renewable energy programs.
> The Mass. Department of Public Utilities (MDPU) Commissioners, upon hearing about
our meeting with Ms. Garnick Gates, asked the RMLD, BELD, and ENE to attend a
meeting with them to discuss our energy conservation and renewable energy programs
and also discuss the municipalization bill. We were surprised that the MDPU asked
us to come before them, which was a signal that they are very interested in the
content of the information we provided.
> This MDPU meeting created a good amount of up front work by Rubin and Rudman work
to ensure that our presentation and message to the MDPU Commissioners was
appropriate. The meeting took place on February 14, 2012 and lasted for about an
hour and fifteen minutes. The meeting was very informative for the MDPU
Commissioners and they asked many probing questions about our energy conservation
and renewable energy activities. They also asked some very direct questions
relating to the municipalization bill.
> I reported on these meetings at the February Board meetings.
> In researching this issue I noticed that I wrote on the first Rubin and Rudman
Meeting invoice "meeting with Mass DPU Commissioners ". This was incorrect and
should been noted as "meeting with EOEEA ". My error.
> a. Please provide a copy of the PowerPoint mentioned in Rubin & Rudman invoice.
> It is attached.
LM
https:; 'owa.rm[d.comlowai ?ae= Item &t =[PM. Note& id= RgAAAACOkZ[r[kKLQ6uBL6Pyd... 7/25/2012
Account Payable Warrant and Payroll
Account Payable Warrant and Payroll
Jeanne Fob
Sent: Tuesday, July 31, 2012 7:00 AM
To: Accounting Group
Cc: Vincent Cameron; Patricia Mellino
Good morning.
There are no questions for the Account Payable Warrant for July 27 nor the Payroll put out on July 30.
Thanks.
Jeanne Fob
Executive Assistant
Reading Municipal Light Department
781 -942 -6434 Phone
781 - 942 -2409 Fax
Please consider the environment before pnnting this a -mail.
Page 1 of I
t.,. ^� ! • ,-,,,Id ,,.m /ilwq/n:,e= ltemXrt= IPM. Note& id= RaAAAACOkZlrlkKLO6uBL6Pyd... 8/8/2012
PI
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Account Payable Warrant - August 3, 2012
Jeanne Fod
Sent: Monday, August 06, 2012 7:07 AM
To: Accounting Group
Cc: Vincent Cameron; Patricia Mellino
Good morning.
There were no questions for the Account Payable Warrant - August 3, 2012.
Thanks.
Jeanne Foti
Executive Assistant
Reading Municipal Light Department
781 -942 -6434 Phone
781 - 942 -2409 Fax
Please consider the environment before printing this e-mail.
D
Page I of I
https:i'owa.rmld.com/owai ?ae= Item &t =IPM. Note &id= RgAAAACOkZIrlkKLQ6uB L6Pyd... 8/8/2012
Account Payable Warrant August 10 and Payroll August 13
Account Payable Warrant August 10 and Payroll August 13
Jeanne FoU
Sent: Tuesday, August 14, 2012 6:42 AM
To: Accounting Group
Cc: Vincent Cameron; Patricia Mellino
Good morning.
There were no questions for the Account Payable Warrant August 10 and Payroll August 13.
Thanks.
Jeanne Foti
Executive Assistant
Reading Municipal Light Department
781 -942 -6434 Phone
781 - 942 -2409 Fax
Please consider the environment before printing this e-mail.
Page 1 of 1
P]
httnv -L/nwn rmid enm/ ow.O ae= Item & t = IPM. Note& id= Ri!AAAACOkZIrlkKL06uBL6Pvd... 8/14%2012
r%ccuun[ rayabie Warrant - August 17
Account Payable Warrant - August 17
Jeanne Fob
Sent: Monday, August 20, 2012 7:27 AM
To: Accounting Group
Cc: Vincent Cameron; Patricia Mellino
Good morning.
There were no questions for the Account Payable Warrant - August 17.
Thanks.
Jeanne Foti
Executive Assistant
Reading Municipal Light Department
781 - 942 -6434 Phone
16781-942-2409 Fax
Please consider the enviiwmeut before printing this c-mad.
Page 1 of (
https:.'owa.rmid.como%vj/ "ae= item &t =IPM. Note& id= RgAAAACOkZ(r(kKLQbuBL6Pvd - -- 8/100011
FW:
FW:
Vincent Cameron
Sent: Tuesday, August 28, 2012 11:36 AM
To: RMLD Board Members Group
Cc: Bob Fournier; Steve Kazanjian; Wendy Markiewia; Jeanne Fob
Categories: Red Category
Attachments: DOC.PDF (1019 KS)
West
Page 1 of l
1. Rubin + Rudman - Please send copy of memos on warrants /Board signatures from
7/27 - 30.
The information attached is related to the Warrant Signature payment. It includes a
memo from Rubin and Rudman to me and a memo from me to the Board, which Rubin and
Rudman researched and reviewed.
Also included in the attachment are the minutes of a Selectmen's meeting in 2000,
the Rubin and Rudman opinion and, the Department of Revenue opinion.
2. Town of Reading
a. Why are we paying $1,132,713.50 due 12/12 now?
9
The RMLD should have paid only 112 the amount (July, 2012.) We will void it and
redo the payable amount to reflect the July payment.
b. Why do we pay for checks + postage + envelopes in FY 13 budget + why are there Ij
diff. quantities?
The Town of Reading pays all the bills incurred by all Town of Reading departments
(RMLD, School Dept., Water and Sewer, DPW, etc) and they bill out the costs
proportionately.
httn -- !ow,q rmiri,•,)M!,11V!, IDNA A A A A.�ni_ �. •, ••• ^• - -
PRIVILEGED /CONFIDENTIAI. /ATTORNEY WORK PRODUCT
RU B I NAN L)
RUDMAN11P
Attorneys at LIN
T: 617.330.7000 F: 617.330.7550
50 Rowes Wharf, Boston, MA 02110
MEMORANDUM
By Email
To: Vincent Cameron, General Manager
Reading Municipal Light Plant
From: Kenneth Barna, Diedre Lawrence, Karla Doukas
Re: Signatures Required on Warrants
Date: July 30, 2012
Attached please find a proposed mark -up of your submission to the Board concerning the
issue of the required signatures on warrants. Before finalizing the submission, we need to verify
the DOR's conclusion in its letter ruling. Our 2000 memo indicates that the DOR determined
that the signature of the General Manager and only one Board member is required. If that is the
case, we would suggest additional changes to the second paragraph and second bullet. We have
not been able to readily locate the DOR ruling. If you have a copy, we would appreciate it if you
could forward it to us for review. In addition, we note that G. L. c. 41, § 41 and G. L. c. 41, § 56
do not require a certain number of signatures from hoards.
Morcovcr, please explain the process that the Board follows for approving warrants. For
instance, does the Board approve the warrants in an open meeting and the individual Board
members sign at their convenience, or sloes the act of signing constitute approval? There could
he open meeting issues involved. If that is the case, then we may suggest further edits to the
second to the last bullet.
i,,,,," 1
Please feel free to call if you have any questions or comments.
READING MUNICIPAL LIGHT DEPARTMENT
To: RAIL 1) Board ,,t Commissiur rs jolt. �I ,ttl,
I•r,mi: \'innie Cameron
,,uhjc•rt: .\ccount I'avahlr Warrant `;it'llature IsIuc
At the Itilb 21, '_01_" RNII 1) 13ciard meetilIg, the R%II I) Board adohtc•d the• t% of
Hie licrard Policv ( ommith,e to refer the AL(ilLult I'avable Warrant tiit;naturr isuc to the
�1as�achusctts Attorney Grneral'� (A(.) Ottice ter a dch, nil ination. I did not conlutlent on this
action at the RMI D Board sleeting Ix,cause I nc•c•ded to analvic the ramifications (,t this
decision. I locvever, after considering the proposed action, I after the follotvinl;.
What happened in the past with respect to this issue?
In [994, the RNLI) hroadWil the sane issue (one signature on the Account Pavahly Warrant)
with the Iotvn of l:eadin,'. In Ic)c)7, the Department of Reventre (I)l)R) had rend, red an
opinion for West Bovlston, stating; that municipal light plant. need a majority ut their Board
Memt-lrs to sig the :1imm�t I'avablc Warrant. In 2(1111), the RNII1) asked Rubin .Ind
Rudman for an opinion on this issue, which stated that only the General Manager's ;ignaturr
was rc•quirctii on the Account Pavables Warrant. (You cti•ere sent cupid of both the DOR opinion
(7/ 12/ 12) and Rubin and Rudman opinion (7/'1/ 12) by c- mail.)
At the 1-wpternber ;, 2000 Reading tic•lectmen's sleeting (minutes attached), the RMI.r) Board
Nerllber� and the Fowr. of Rcadillg 'N-10 ttllcn disiussc(I the Account I'ayable Warrant
sigi mlurc issue and it ryas igrcecl that one RMI.I) Board kIember would sign the Account
I'avable Warrant and the l nNn Charter would be amended to retlect the( hangv. According; to
Chairman Pacino, tilt- issue lost traction before it went hcforc lows Necting;.
What is happening presently?
I hate discus• +ed the \(count I'atable Warrant dig; nature 11111e with the RladillL; lown Manager
anci it is his contention that the Rcaciin,, Iown C harter reciuin•s that a majority of the RAII 1)
Board is rc•cluircd to sign the A(c,anit 1'avahlc 1\ ar ,nits
ltc• R \11 1) Polict ( (•nuttittot, -ctcr my tltc• I() the \(, .Inca dic NMI I ) N ,11-d
(011elil'lVd lvlth thls 'I'tion. It 1G rlot (1:•ar to Ill,• th.lt the \(, lm. ,1111 ol,or
muni( il,al light the \(, ". „tflce dean %\101 . itc• ,Ines h,tvns wo,lydin,4 the Ir le,e,ll laN\,
anci , barb r�.
l h,lptcr I1) i I-- tilt 1.1%\ (\I( .1 I th.lt ",,cull slunk ll,vl 11 glit I,Llnh In
hJ;`tcr hl, doc'l, t -pc, Itle.11l\ �ul,ln••• h,�1\ I1L,I I\ �1L;11,)tt,li•• .Ir,.
rckill -d ,,[I silt \cc,'unt I,,tt,Ihlr Walr,ml.
the 19971X)R in it, n ft,i the town (It Wc-;t Bot I,ton r0circd 1t, aho�\'e Is still out there lild I
doll 't Lno%% that .ill\ Ma.,.uhu,ett, l 4r1er01 i .na, ha\ e , hanf;ed \\ 111( h would Att-1. th.lt
(il \'cm tile' tot t, above there orea tl'\% limit,\\ "i•rckl ♦ltwstllm, �11rroRUldlllg 11111 I„U�'. 1
retunrinend that the I\'\11 D 134 ,1 rd rer(msider Its dot. i.itm to go tt) the A(: �%ith thi-, i,,ue. 11u•
RMI I) Boo rd slit mId mcct %\ith the tnlen •u'd di,iu" till, I,tiue N-ft ,rc ming iler
a\ nut < of relief,
U9
WFIN
LIM
I °luc I ut
Vincent Cameron
From: Bo or G1ra (boglna03 @earthlink net)
Sent: Sunday July 08 2012 9 36 PNI
To: Vincent Cameron
Cc: Phil Pactno, Bcb Soli, Marsie West Bob Fournier Jeanne Fctl
Subject: Account Payable S,gn,ng from 2000
I'll li,ll\m. 6r un the yuCNtiun 01',I000Unt ra\ahlc,. it apllc.u", hom the minute hclo%\ that the i„6e \\a:
to uo to 141w) \teetinu in -,000 - did this happen and \\hat \\a, the,,ulcome.'
Il also, appears That IhCre \\as a brief Irum i, that ;i\ailahlc'
Reading Municipal Light Board
Joint .Nl -ith.Toisn of Reading Selectmen and RMLD Board of Commissioncrs
on the Issue of Signatures on RMI.D Warrants and Pavrolls
ReadingT•oHn Ilall
16 Lowell Street, Reading, M.\ 111867
September 5, 2000
Start Time of Mecting: 7 :45 p.m.
Find *rime of `letting: 8:211 p.m.
Attendees:
('ommissioncrs: Messrs. ,kmes, llughes, Pacino, lllurditt and S%sN ter
RMLD Staff. Mr. Rucker and Ms. ('a%agnaro
(•AR Mcmher: Mr. Roger Lessard
Guests: ,\t1orn"-% Ken Harna, Diedre I.a%s rencc, and "fed ( )hen
Selcctmcn: Messrs. Ncstur, [lines, Cumming.0, Mces. Ilo%t and ,\nthom
"Mr. ('tnnmings arri%ed at the end of the Warrant Signature l%sue
roN n titan: Messrs. I lechenhleikoer and Folc %, Ms. Schena
Mr. Nestor noted the Reading Municipal I Ighl flom-d had their cuunwi, prc,Cnt a, \\ ell a, Io\\11
('uttrt,CI I Cd ('uhCII. I le nutCd 111.0 Peter and he had lalkcd ahvul the item un the a>_Cnda. and Ilad
included intonli itiun in the p6Ckauc. Currc:rundcnce. and a IC'_al hricl' l "runs 1611111 :Ind Rudman. \1r.
\c,tur a,kcd
Mr. I ICLI1011110kncr lu ,unur.ariiC III: i,•uc heturC Ilse SO xillicn.
\Ir. IICChCnhlciknCl ,1 Itrd th ;u 'hC I !LItl 146:6,1 ha\I lu IIWC1 \\1111 IhC 11(,11.11 ,11 �rlr�tnlCn. and
11411 IIIC i „tic i, the pr0k:C„ kA1L1irCd h\ the I ()\\I) ur .:phru\ al ul I ht I tchnrtt,lCnl hill” :Ind 11 ;I\ 1,111..
\Ir. I IccIic thl:iknci !iotcd h\ order 1,1 Ille I k1\\ ti ( 11,11 let-. III,- I „ \\ II \1,111 ;IL'el' I 'll . ,111 Illi 1111'• r,'1! !1 1" II1:
l u\\n iii\ l6din!- ,r11-,1, ;Ind ;1_111 delvi- tnl.nl \f- I ICS Iicnl'ICIkii:r 1,1'Cd the i,vC:v •,I i, in IhC 11:. 111
ICrarinl:nt !1;1� Ina:, ,nnll:lr, ;hi it\, that i,. i nmrC limited .inn ,111 ralhci (11.111 11,n in,-, III, 11111
mQ110'Cr, hip of lhC I i1!I11 Iir.lyd \It I I:: hCnhlCikncr. I Cn 1:11. k:. I ckl
t uhCtl :Illd ItlClmrd I 'd'.\ Ilad '11, t .I I11,1t1111 .)I' MO 1'1 \il,il!„ CIC I,,IIC ( )11: \\.I% 111 ;L'�\11111�11,11 \`,hal
rC,l1W "ICd is .61 ;nt1Cn\Ir \ nt it, 111C 1C.Idin12 I lunlC 1:111: t Il ::f 1.r \h I IC�h.nhl\ii.nCr n11tC,.l IhC I: ;:I
111e111of, d Im, 111,111 I \1111111 .111,1 11IdIU.111 .If1d I W C,1 'l r;ll\ IIII:r` IwIll :Ile I tt IIZ , Ild 111\• III! IIIi'I
,I .,II,
Ilhnll r,llldlllll ! I\ Itl`� Ihclr 41111Moll Ihat it Stllliman ItIdLcm,:nt h\ a court MMI(I delllllleI\ .clue the
isslre,
%fr. I "acllltl e \prcS,,cd the Con1 ws-,1o11 posit11111. \Ir. I'avillo nosed the t *,11111111,;Slon \\ollld Ilke 111 peI 1,)
the point \\Isere the ( t1111I11tSSioner rotate '1111oriv one the hills completel\ Cllr the p;lher
re\ c %% c :lch little.
\Ir. Rucker pointed out that the l owi and the R \II I) rellllrt to dillercm rc`_ dator\ agencies \\ith
dif'li:rcm perspccti\cs and the limy that go\cm the t1\o entities are some\\hat (il,lcrcnt. \It-. Rucker
noted the Important factor is logistics. Whcrca, it \\cck dcla% in aj1pro\,dN might h: %c hecn :Icrchlahle
pr:lctle'e 111 the past. 111 the eolllpllter aLe mch dcla\s are Illlael'eplahle'. I he ( omllllssloncr> hioc ioh,
and li\cS and arc not al\\a\s a\ailahlc to RMI 1)
l-Atcn.i\e Board and Selectmen diseu,sions ensued.
NIr. IfecllcnhIelkncr noted the issue is not of Icgaht\, the issue it Is a dil6crcnce of opinion hct\\ccn
RNAI D'S e't111nSel. I o\\n ( ournel and the DOR. Mr. I leehenhleikncr noted thcly could he it charter
change or it declaratory judgement through the court.
N,tr. I Cities asked \\hat had chanted to brim, the issue all at this tII11c.
Mr. Ames c\plained that the rcceilt AlCSt I3o\Iston decision cl'tccti\ct\ Stripped the 1 irhi Boards
rxmcr to pre\cnt a pa\ mcnt that had been uppro\ed h\ the light department Inanager. so that the Iull\
reason for rc\ lok ol' hills :Ind pa) roll h\ Light Boards 1\as one ol' husincss prudcnee.
Mr. I lechcnhleikner noted that het;lrc the charter change the Selectmen all had to sign the um"rants.
ti1r. I fechcnhleikner allot noted that the warrant closes Septemhcr 20th lOr I all fo\\n \Meeting.
Mr. Nestor asked hole \\c get Irons here to there.
Mr. Nestor timdc it Motion Seconded h\ GIs. Ilo\t that the Board of Scicltlnen rellncst I(MI) \ ilmiger
Mid I o\\n t'omiscl and l mli Accountalt to dc\elop I:rl1,�,lc I -or the Sul,SCqucnt o \\n \ceting to
achicc
the chyme required to allow the ti9111licipal I Ight Board to 11,1\C ()Ile ntenlhcr and the ( 1010-,11
\lall.wC1 III alnhoriic pa} mcm of hills and pa\ roll.
\lotion carried 4:111:11. Mr. Cummings ,thstained from this vote, as he 1% as not present for the full
discussion.
\ irtle cull\ ut the R\11 1) ltoi .l of ( otllllll"follct" :1?
111111111e� 11hpr ,1 C d h\ Ole majo1'11`. oI 1110 ( ,1l111111""Wil.
\11;111 I \Isle,
`cclvlar\. RNII 1) Bo;Ird A Corvl �1��•I��!li!•.
i
RUBIN AND RUDMAN LLP
CCUNSEL:CRS AT LAW
• SO ROwes WHARF • SCSION. MASSACMV5E -TS 02110.3319 '.
TCic ;woNC. Iei7i 330.7oo0 • FACSIMILES (6 1) 139.9666 • EMAIL rIRMORLININFUCMAN.COM
r
MEMORANDUM
By ecoDiCL
To: Leonard Rucker, General Manager
Linda Bernat, Assistant Manager
Reading Municipal Light Department
From: Kenneth M. Bama, Diedre T. Lawrence, Karla J. Doukas
Re: Process for Payment of Payroll Warrants
Date: February 14, 2000
INTRODUCTION
On behalf of the Reading Municipal Light Department ( "RMLD "), you have asked us to
render an opinion on the process that R.MLD must follow for the payment of payroll and other
light plant expenses. On June 16, 1997, the Department of Revcnue ( "DOW') issued an opinion
on this very matter, in which the DOR concluded that the signature of both the Manager and a
designated commissioner are required to authorize the payment of warrants for the light plant.
We have researched all relevant statutes and caselaw, and we have reviewed the opinion
issued by the DOR as well as the Reading Town Charter with regard to the powers of the
• municipal light board. Based on our research and our know :edge of the mechanics of municipal
Light plants, we respectfully disagree with the DCR opinion and conc;ude that only the
r Manager's signature is required to authorize :he payment of warrants for payroll and other
P]
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RUSIN AND RUOMAN LLP
expenses on behalf of R-MLD. We believe that the DOR opinion is not binding on KMLD. The
DORbas no autho= over, murucipal light plants. bV + )a '�``"1 •_ 1�,.,
This Memorandum is being rendered pursuant to G.L. c. 164, § 56.
DISCU SIGN
1. Authority and Responsibilities Under G.L. c. 164
Municipal light plants operate pursuant to authority found in G.L. c. 164, §§ 34 -69, not
• under the laws governing towns and other town departments. The Supreme Judicial Court
go
1 , ( "SJC ") has recognized G.L. c. 164 as the primary and, in most instances, exclusive statutory
authority governing municipal light plant operations. See. ems;, Municipal Light Commission of
" Taunton v. City of Taunton, 323 Mass. 79, 84 (1948); MacRae v. Concord, 296 Mass. 394
(1937). G.L. c. 164, § 56 expressl assigns the plant manager the obligation to attest to expenses
submitted for payment. Here, the statute states. "The manager shall at any time, when required
by the mayor, selectmen, municipal light board, if any, or department, make a statement to such
officers of his doings, business, receipt s, disbursements, balances, and of the indebtedness of the
town in his department." G.L. c. 164, § 56 (emphas)s added). Although G.L. c. 164, § 56 refers
• to G.L. c. 41, it does not invoke all of the requirements of G.L. c. 41. Section 56 only keeps
tact the power of town accountants under G.L. c. 41, §§ 55 - 61. As described below, the
1,
statutes governing the powers of town accountants 3o not require the signatures of light plant
commissioners or otherwise divest the Manager of any of its authority granted under G.L. c. 164,
§ 56 over the management of the pant. :accordingly, because G L c 164, § 56 designates the
Manager as the person responsible to account for receipts and disbursements, and other financial
4c44"_l 2
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RUBIN ^No RUDMAN 1-LP
matters, we conclude that only the Manager is required to sign warrants for payroll and usher t/
expensed.
In further support, the special statutes creating municipal light plants and the statutory
• scheme of G.L. c. 164 grant light plant Managers and light plant Commissions exclusive and ' •
Aq
f unrestricted managerial power. See, t.L, Municipal Light Commission of Peabody v. City of
Pcab 348 Mass. 266, 268 (1964); Municipal Light Commission of Taunton, 323 Mass. at 84;
CM=v. Taunton. 196 Mass. 41 (1907). In particular, G.L. c. 164, § 56 places the day -to -day
operations of the plant into the hands of the Manager, including the hiring of employees,
collection of bills, and keg of accounts. T1ie statute provides in pertinent part:
The mayor of a city, or the selectmen or municipal light board, if any, of a town acquiring
a gas or electric plant shall appoint a manager of municipal lighting who shall, under the
direction and control of the mayor, selectmen or municipal light board, if any, and subject
to this chapter, have full charge of the operation and management oLLhe plant, the �.
tn_an_ufacture and distribution o.QLglectricity die_purchase d4uppli,ti;i,.the
• enn oent of attorneys and of agents and servants. the method, time price. lualgity_and A
quality of the supplyLthe collection of bills, and the keeping of accounts ....
X' The Court of Appeals in Golubek v. We tfield Gas & Elec. l3d., recognized that this
provision expressly allocates the administrative functions of operating the plant to the Manager
andnot to the Commission. 321vlass.App.Ct. 954, 955 (1992). In this regard, the court
concluded that G.L. c. 164, § 56 only grants the Commission the power to give the Manager
general directions. Id. at 955 -56. Consequently, ,xhcn a Commission undertakes a responsibility
i
specifically granted to the Manager, the commission exceeds its authority. Id. "
As stated above, G.L. c. 164, § 56 cxpre331y subjects the Manager to the attestation
process. Thus, under Goiuhek, only the sigrature oCthc tMailager is required for payment on a
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1 warrant.
2. The Manager's Authority Under G.L. c. 41
The court's decision in Goliube. also strand for the proposition that the Ms =mis the
appropriate person to attest to payrolls and bills under G.L. c. 41, § 41. That statute
provides that:
No treasurer or other fiscal officer of any town or
city shall pay any salary or compensation to any person
in the service or employment of the town or city unless
the payroll, bill or account for such salary or
compensation shall be swom to by the.head.aCsh&
MISL eAl or the person immediately responsible for
Iwo the appointment, employment, promotion, or transfer of
1 the persons named therein...
G.L. c. 41, § 41. This provision allows either the department head or person directly responsible
for the employees to attest to the payroll. Golubek clearly establishes that the Manager is
responsible for hiring employees under G.L. c. 164, § 56. 32 Mass.App.Ct. at 955. Moreover,
the ;Manager's duties and the lack of the Commission's direct administrative authority over
RMLD also establish the M-a -na&er as the d!partment head. Thus, the Man>a¢er's sigmature is_
sufficient, and in fact all that is required, to release the payment of payroll expenses under G.L. c.
41, § 41. Glen that the Manager . is the department head of RMLD, only his signature is required
under G.L. c. 41, § 56. That statute states in relevant part:
K' The selectmen and all boards, committees, heads of 1
departments and officers authorized to expend money
shall approve and transmit to the town account as often
as once each month all hills. drafts, orders and pay
rolls chargeable to the respective appropriations of
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wbich they have the expenditure. The town accountant
:nay disallow and refuse to approve for payment, in
whole or in part, any claim as fraudulent, unlawful or
excessive, and in such case he shall file with the town
treasurer a written statement of the reasons for such
retRisal...
. Jb
G.L. c. 41, § 56. Nowhere does this statute require the signatures of any GstmrnislIgAer. At best,
ittoaly would require their approval. Such approval by the light plant "shall be given only
after an examination :o determine that the charges are correct and that the goods, materials or
services charged for were ordered and that such goods and materials were delivered and that the
services were actually rendered to or for [the light plant)." G.L. c. 41, § 56.
The Commissioners initially grant their approval for such expenses when they vote on the
budget, which includes employee salaries. Municipal tight plants, such as R,wiLD, are not
regulated by Town Meeting or town officials as are other town departments. See _ is
Light Comm'n of Peabody. 348 Mass. at 273. G.L. c. 164, § 57 provides, in relevant part; that
R-MI.D's Manager is to submit, each year, to the Municipal Light Board:
an estimate of the income from sales of... electricity to private
customers and of the expense of plant meaning the gross expenses of
operation, maintenance and repair, the interest on the bonds, notes of
certificates of indebtedness issued to pay for the plant, an amount of
depreciation equal to three per cent of the cost of the plant exclusive of
land and any water power appurtenant thereto, or such smal:er or larger
amount as the department of public utilities may approve, the
requirements of the sinking fund or debt incurred for the plant, and the
loss, if any, in the operation of:hc plant during :Fe preceding year, and
of the cost, as defined in section fifty - eight, of the... --lectricity to be
used by the town.
The appropr,ations necessary to authorize the Town Treasurer to .ise RLMLD funds for the
"expense o: plant," as defined in G.L. c. ;64, 4 57, therefore, are made by vote of the R.MLD
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Board upon the budget submitted by R.NILD's Manager, artd not by Town Meeting vote pursuent
- to the provisions G.L. c. 44. Icy. After such expenses are i:tcurrcd, the implied approval of the ' •
s~
Commissioners should satisfy the requirements of G.L. c. 41, § 56. Even the DOR concedes that
the commissioners need not approve each and .very requisition: the DOR concluded that the
statutory requisites would be satisfied if the Commissioners designate the manager to initiate
payment of the light plant payroll.
3. Role of the Selectmen
In any event, the auditor, treasurer, or selectmen cannot deny payment under this section
for lack of the commissioner's "signature." Payment only may be d;.nied in the cast of fraud,
illegal or excessive expenses. See G.L. c. 164, t 56; G.L. c. 41, g 56. The Selectmen's role in the
warrant process for a municipal light plant is sct forth as follows:
X�
...the selectmen... shall approve the payment of all bills or payrolls of
such plants before they are paid by the treasurer, and may disallow and
refuse to approve for payment, in whole or in part, any claim as
fraudulent, unlawful or excessive; and in that case the... selectmen, shall
file with the... town treasurer a written statement of the reasons for the
refusal; and the treasurer shall not pay any claim or bill so refused.
Although the payment of bills and payrolls of the light department is subject to the prior approval
of the Selectmen, the nature or exercise of that powe- must be consistent with the very restricted
role that chapter 164 permits the municipality to play in the affairs of its light department.
Chapter 164 effectively separates Iigh1 departments from the Seiectmen's general authority over
`A
the appropriations for town departments under G L. c. 41, § 56. See, , Taunton, 323 Mass. at A
34. Thus, the Selectren may not make indeperdent evaluations of the recessiry or wisdom of '
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RUOIN ANN RUDMAN LLP
1,
any such payments, or in any way exercise a business judgment with respect to such payments.
uicipal Light Comm'n of Peabody, supra. Any other interpretation would render the SJC
decisions in Taunto and Peabod , and the authority confeCfed by G.L. c. 164, 156 upon the
commission and manager a nullity. under this statutory framework, the Selectmen's function
clearly is limited to evaluating a request for payment for evidence of fraud or illegality. They are
not authorized to mandate procedures for payment more stringcnt than the statute provides.
In addition, the Selectmen's authonty to disapprove payment also is subject to the
• procedural prerequisite that it be accompanied by a written statemcnt of reasons. Speci-ically, the
• statute employs the mandatory "shall" in describing the accountant's obligation to provide such a
1 , statement. S-u City Bank and Trust Co. v. Board of Bank Ittcomoration, 364 Mass. 29, 31
(1963); Brennan v. Election Commissioners of Boston, 310 Mass. 784, 786 (1942); IA Sands,
Sutherland Statutory Construction, §24.04 (4th ed. 1972). Thus, the Selectmen cannot withhold
their approval of the warrant without providing a statement of rcasons showing illegality or
fraud. The failure to obtain the signatures of a majority of the Commissioners or a designated
Commissioner is not sufficient under the statute.
4. School Departments Differ From Municipal Light Plants
Finally, the DOR's comparison of municipal light plants to school departments :n
reaching its conclusion is misplaced. Municipal light departments and school departments differ
r¢ several important respects. First, unlike with schools, towns have no inherent authority to
1
operate light piants. The authority of a municipality to operate an clecsic light plant Li. s conferred
generally by G.L a 164, 34, which novices that a city or 'own. "nay, in accordance with this
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chapter, construct, purchase or lease and maintain within its limits, one or more plants tor the
manuLeture or distribution of gas or electricity... for municipal use or for the use of its
inhabitants." 5M also G.L. c. 164, § 35 (city may not acquire such plant until authorized by vote
of its Council or Commission, as specified in the statute). Under G.L. c. 164, § 55, a municipality
which has established or votes to establish a light plant "may elect a municipal light board..."
d!L. e. 164, $ 55. Municipalities were divested, early on, of control over the management of light
plant operations. Capron v. Taunton, 196 Mass. 41 (1907); Whiting v. Mayor of Holyoke, 272
Mass. 116 (1930).
Under the statutory scheme of Chapter 164, municipal light departments such as RMLD
operate and are managed as commercial enterprises, separate and independent from general town
governmental departments and subject to regulatory oversight by the Department of
Telecommunications and Energy ( "DTE ").' Taunton, 323 Mass. at 84. As such, municipal light
plant officials act under the legislative mandate of G.L. c. 164 and not as agents of the towns. LL
Municipal light plants are " ico�r merrijLl" entities created by special act; municipalities
themselves have no inherent rights to own and 2perate a business in the absence of special
I _ legislation and the enablingrstatuW, Found at G.L. c. 164, §634 ;;. IQ. See L.& MacRae, 296
Mass. at 396; Spauldina v. Peabody, 153 Mass. 129, 137 (1891). Thus, without G.L. c. 164, a
p„��'ay'r" tows would not have the r. t to o�crate a municipal light plant. MacRae, 296 Mass. at 397
R< Second, unlike schools, municipal light plants are financially- distincl et1_titi;s. See
Mi dleborou¢h v. Middleborough Gas & E ec. Dot., 422 Mass. at 588. Municipal light plants
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generate revenues from rates, not taxes and :he S1C distinguishes these two types of income.
_ A
Income from sales to private customers is not subject to the appropriations procedures of G.L. c.
41Tor the control of the Selectmen. Municipal Light Comrn'n of Peabody, 348 Mass. at 271.
Although school departments have some degree of autonomy with respect to fiscal matters, the
relationship between towns and school departments is much more intertwined. See generally
Board,of Ed. v. Bc5ton, 386 Mass. 103 (1982).
Accordingly, simply because school departments retain some measure of freedom. that
freedom does not equate to that possessed by municipal light plants, nor does it support the
proposition that the light plant commissionets should be considered department heads. School
departments and light plants operate under two distinct statutory schemes.
S. Reading Town Charter N D-f-
We also note that the Reading Town Charter does not require the signatures of any of the b y . •
Commissioners to authorize payment of RMLD's warrants. Section 3 -5 expressly gives the
municipal light board authority over "all real estate, facilities, rsonnel and_cN ipment of the
- -- - --
Town pertaining to the production and transmission of electrical power." That section also
acknowledges the powers given to municipal light boards under G.L. c. 164, § 34 et se g. The
Town Charter in no way abridges, nor could it, those powers or the powers of the Manager. As
such, the Manager remains the "depamr.ent head," that person in charge of the day -to day
operations of the plant, especially with regard ;o the administration of accounts, payroll, and
F1
The DTE's 9uperv!sory authunty over municipal %ght plaIu al3o trdica:co .h.et Ute DOR has no authority !o dictate
e warrant procedwes :o be rollowed by HNtLD or anv ouhcr municipal. 1ii:ht plant
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other light plant finances. Accordingly, RMLD would not need to seek a modification to the
Town Charter to give the Manager the sole authority to sight warrants.
CONCLUSION
In sum, we conclude that only the Manager's signature is required to obtain payment of
payroll and other expenses. Our conclusion is supported by G.L. c. 164, § 56, as well as the
• specific requirements under G.L. c. 41. • ,
1 - Please let us know if you have any questions on this matter.
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13.58 F.aL A17 A2A 2JJ0 DIY OF 1AC.1L SERYIas_._ X002
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Massachusetts arbrtent of Revenue Division of Loud Services
MRChrMA�Um C.W*W V Deis h J. Mue2w, T ury Commft aver
d
June 16, 1997
Gary D. Suter, Town Accountant
120 Prescott Street
West Boylston, MA 01583
Re: Approval of Municipal Light Department Expenditures
Our File No. 97506
Dear Mr. Suter.
You have asked for a legal opinion concerning the neemary signatures on the municipal
U& departrnent's "weekly warrant ". We asaurne the expenditures on this warrant include both
payroll and odw bills payable. While not completely free from doubt, we conclude that the
signature of the light deparbmalt manager and a majority of the municipal light board on bills
payable vouchers would be required for the knvn accountant to draw a warrant and for the board
of selectmen to approve it, under GJL. Ch. 164, 5% and G.L Ch. 44 5s6. With respect to light
department payrolls, however, we think the board may designate one of tts members to sign, as
permitted by G.L Ch. 41, §41, along with the light manager. Such a designation does not limit the
responsibility of each light board member in the event of an improper payment
In pertinent part, G.L Ch. 164, &56 and G.L. CIL 41, §56 require only the board of selectmen
to approve warrants prepared by the town accountant
...All accounts rendered to or kept in the gas or electric plant..- sh&U be subject to the
inspection of the selectmen. The... selectmen ... may requwe any person printing for
settlement an account or claim. against such plant to make oath before... them, in such
form as... flWy may prescribe, as to the accuracy of such account or claim- - ,
are -paid ) _ treasum and may disallow and refine to approve for payment in whole
or in part, any claim as fraudulent, unlawful or excessive, and in that case the...
selectmen ... shall file with the ... town treasurer a written statement of the reasons for the
refusal; and the treasurer shall not pay any damn or bill so disallowed. tia_n_,$ha(
not A rid$g t .suers conferred orb zacaountanb f1* sectiaas f -6ve to siyw-
one. inclusive, of oter orty- one.... G.L. Ch. 164,556 (emphasis added) .
... The rown accountant shall examn-w all such bills, drafts, orders and pay rolls and, if
found correct and appmveSd as hErein provided, shall draw a warrant upon the treasury
for the payment of the same, and the treasurer shall pay no money from the treasury
except upon such warrant approved by the selecbmn ... G.L Ch 41, §56.
Pzf Cfte Boo 9655, C1orW% MA 02111 *%, Tip 617 -626 300: Ff7C a 1 T ,6,233p
I'�Ulo Ln. -, b •:f4rJnji TJWN IT READING PAGE -3
` O1 `11•`00 13.38 F.0 817 026 2030 _ R DIV OF LOCAL SERVICUr 4003
awry o. Suter
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(In the original act authorizing muWdpal light departments the light manager was given
sole aud-tority to expend and approve warrants for payment of fight department bills. St. 1891, Ch.
370, §8 ( and the payment of all bills incurred [by the light department] shall be intrusted ... to
one officer ... Such officer shall be known as manager ...). in 1893 towns were authorized to elect
light boards which were empowered to appoint light managers. St. 1893, Ch. 454, §10. By St 1905,
Ch. 410, §3 the pertinesrt statute provided that " [a]ll bills chargeable to the plant or the
appropriations therefor shall be paid by the treasures on requisition by the manager or municipal
light board, if any " This language remained in St. 1914, Ch. 747, §113 but was eliminated and
replaced with the current clause by St. 1929, Ch. 266.1
Nothing in Chapter 164 currently provides for any sped8c approval of warrants by the
municipal light board or the municipal light manager. However, G-L. Cb. 41, §s6 also provides:
... all kQAW6. conunittens, heads of ft is and offig= authorized to gm=d mma
AA approve and transmit to the town accountant... all bills, drafts, orders and pay rolls
chargeable to the respective appropriations of which they have the expenditure. Such
approval shall be given only after an a rrunawn to deaf m-dre that the, cbarges are
correct and that the goods, materials or services charged for were ordered and that such
goods and materials were delivered and that the services were actually rendered to or
i
for the town as the case may be; ... (emphasis added).
We believe the municipal light board should be considered the tread of the municipal light
departmenL G.L. CL 164, §65 provides that the light board is o town which has established such
an elected body, "ahall have authority to construct, purchase or tease a gas or electric plant in
accordance with the vote of the town and to maintain and operate the same." However, G.L. Ch.
164, §S6 requim that the light board act through a light manager which tt must appoint, but who
will be under the direction and control of the board. The light manager is an officer authorized to
make contracts for the day to day operation of the plant and is therefor authorized to expend
money. See Golubek v Westfield Gas & E1echicjA8M Bogrd 32 Mass. App. Ct 954, 955 (1992);
Cam V. T aunton 196 Mass. 41,43-44 (1907).
This organizational structure is sizri to that of a gchoot committee /superintendent in
which the school committee retains statutory authority to establish educational policy and to
allocate and transfer funds for specific spending purposes. Based on such retained authority, we
have 'indicated that a majority of the school committee must sign requisitions for payment of bills
under G.L Ch. 41, §56, as well as the superintendent and principals when they have been given
separate statutory authority to make contracts for the school department. We therefore conclude
that the municipal tight board as well as the light manager must sign payrolls and bill requisihmis
in order to irdttate orpenditures.
Under G.L. Ch. 4, §6, whin Joint authority is given to a group of officers, a majonty of the
entire group must vote in order to take action. Thus, a majority of the light board must sign to
initiate payment of light department expenditures. An exception to diie requirement has been
given to municipal commissions, crornmittees or board of trustees when signing a payroll. G.L. (1L
41,,§41 authorizes such a body to designate one of its memben to make oath to a payroll. It is not
Q., ii /L '31010 IL: 2J 61;9429937 TOWN OF RENDING
0111 e0 13.59 FAX 017 82A 2330 DIV OF LOCAL SERVICEs PA(iE N
Gary O. Suter
Pag! 3
completely clear whether such authority would apply to a municipal light board, given that in
some rases the light department is considered a municipal department but not in others. We note
also that G.L Ch. 41, §41 is not incorporated in Chapter 164 as is the case with G.L. Ch. 41, §56,
.vhich is incorporated by reference under G.L. Ch. 164, §56. Nevertheless, we believe the
meduniwn provided in G.L. C L 41, §41 provides sufficient protection of light department funds in
light of the other safeguards otherwise provided in G.L Ch. 164, §56 and G.L. Ch. 41, §56. Thus, to
the extent the light board specifically votes to designate one of its members to make oath to the
payroll. we think the signature of that designee, when combined with that of the light manager, is
sufficient to initiate payment of the light department payroll.
We hope this addresses your concerns. If we may be of further service, please do not
hesitate to contact us again.
j S' e ,
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1,%,�WLAII< < ayauic memovai questions - August 31
Account Payable Removal Questions - August 31
Vincent Cameron
Sent: Thursday, September 06, 2012 2:32 PM
To: RMLD Board Members Group
Cc: Bob Fournier; Steve Kazanjian; Wendy Markiewicz; Jeanne Fob
Categories: Red Category
Stempeck
1. Century Bank - How often does RMLO review cost of banking, ACH services, etc.?
Page I of 1
RMLD uses the same bank as selected by the Town Treasurer. Reviews of banking services and costs are done
occasionally by the Town.
2. Itron - Where is $2,290.66 called out? No explicit number.
Hardware maintenance sub -total of $1,113.26 ($1,021.99 for Mobile Collector and $91.27 for Time of Use Probe)
and software maintenance of $1,127.40 equals $2,240.66.
3. Police Details - Why are police details considered capital?
Some police details are connected with capital project, therefore, are capitalized. Police details for maintenance
projects are expensed. The RMLD auditors agree with that procedure.
West
Daily Times Chronicle - How many subscriptions do we have and what is the annual timing for each renewal',
The RMLD has three subscriptions. One for Purchasing, one for Community Relations, and one for Customer Ser
They use it for different information in the their departments. We have annual subscriptions.
I1ttps: / /owa.rmld.comiowa/ ?ae= Item &t =I PM. Note &id= RgAAAACOkZlrIkKLQ6uB L6Pyd... 9/6/2012
Account Payable Warrant - September 7
Account Payable Warrant - September 7
Jeanne Fob
Sent: Monday, September 10, 2012 6;57 AM
To: Accounting Group
Cc: Vincent Cameron; Patricia Mellino
Good morning.
There were no questions for the Account Payable Warrant - September 7.
Thanks.
Jeanne Foti
Executive Assistant
Reading Municipal Light Department
781 -942 -6434 Phone
781 - 942 -2409 Fax
Please consider the environment before printing this e-mail.
Page 1 of 1
.. ,. . .. . . . -11- .. ... i -- ] n i I n i n n 1 'l
F I
Account Payable Question - September 14
Account Payable Question - September 14
Vincent Cameron
Sent: Thursday, September 20, 2012 3:25 PM
To: Phil Pacino; Bob Soll; Gina Snyder; Marsie West; John Stempeck
Cc: Bob Fournier; Jane Parenteau; William Seldon; Steve Kazanjian; Wendy Markiewicz; Jeanne r-oti
Categories: Red Category
((r
Stempeck
1. JP Morgan - Why are we paying Venture Energy?
Page 1 of I
JP Morgan Ventures Energy Corp. is JP Morgans Wholesale Supplier subsidiary, which is the entity
that we signed our wholesale agreement with.
httpsJ;'owa.rmld.corn / owa/')ae= Item& t = IPM .Note &id =RvAAAACOk7IrIL, V r nA.,Rr Ao..a
Account Payable Warrant - September 21
Account Payable Warrant - September 21
Jeanne Fold
Sena: Monday, September 24, 2012 6:57 AM
To: Accounting Group
Cc: Vincent Cameron; Patricia Mellino
Good morning.
There were no questions for the Account Payable Warrant - September 21.
Thanks.
Jeanne Foti
Executive Assistant
Reading Municipal Light Department
781 -942 -6434 Phone
781 - 942 -2409 Fax
Please consider the environment before printing this e- inail.
Page I of 1
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