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Home My WebLink About2013-01-30 RMLD Board of Commissioners Packetto O Q 0 L. C� O cn f6 i 4A O D.. m O N O M i c� Rs � w Gti � � C w 0> w iY sz Z w U Q Q Solar Options and Programs • Solar Resources in RMLD Territory — Renewable technologies resulting in 3.5 MW of local solar within RMLD service territory. • Residential - 14 Customers -84 kW • Commercial - 2 Customers -700 kW • Wholesale - 3 Customers -2,710 kW z D Solar Options and Programs • Residential Program — Up to $5,000 rebate — Net Metering Rate • Commercial Program — Customize Commercial Initiative — Up to $50,000 rebate — Net Metering Rate if 3 RMLD Green Solar Garden • A local community owned solar array • Replaces Green Choice program • Install a N60 kW array on the 218 Ash Street (garage) for customer participants 4 RMLD Green Solar Garden • Potential for 235 panels • $8.50 monthly charge per panel • Duration 60 months • RMLD would aggregate and sell the SRECs • Energy generated would reduce the overall energy requirements • Reduction in peak demand • Estimated each panel would generate 338 kWh /year • In month 61, customer would receive credit on monthly bill for avoided energy and portion of SREC revenue • Program would be evaluated at end of each 5 year period 5 January 4, 2013 Mr. Vincent Cameron General Manager Reading Municipal Light Department 230 Ash Street Reading, Massachusetts 01867 -0250 Dear Mr. Cameron, M ELANSON HEATH & C OIvt PAN Y, I'C CERTIFIED PUBLIC ACCOLINTAN "IS MANAGEMENT ADVISORS 10 New England Business Center Drive, Suite 107 Andover, MA 0 18 10 Tel (978) 749.0005 • Fax (978) 749.01106 www.metansonheach.com This letter is in response to our phone conversation earlier today regarding the Department's treatment of the GASB 45 Other Post - Employment Benefits (OPEB) liability. In May 2010 the Light Board of Commissioners accepted Section 20 of MGL Chapter 32B dealing with OPEB. Subsequently, the Commissioners approved setting cash aside to fund the OPEB liability, however, the Department's attorney opined that these funds were not considered "irrevocable" (as required by GASB 45) because no formal trust document was established. As a result, the OPEB cash was not reported in a separate fiduciary fund in the Department's financial statements, nor was the OPEB liability reduced to reflect the funding. We understand the Town of Reading recently approved Section 20 of MGL Chapter 32B, and is in process of establishing an irrevocable trust document. We recommend the Department also consider establishing a formal irrevocable trust document for its OPEB. This will result in reducing (or eliminating) the OPEB liability that is currently reflected in the Department's financial statements, and wou!d conform more closely to the intent of GASB 45. This presentation would be more consistent with the Town's treatment and may also be viewed favorably by bond rating agencies. I will be happy to discuss this subject further with you and /or the Board of Commissioners if requested. Sincerely, Frank R. Biron, CPA President ATTACHMENT 2 Additimud Offices: Nashtut, NH • Greenfield, MA • Ellsworth, ME • Manchester, NH Diedre T. Lawrence Direct Dial: 617- 330 -7056 E -mail: DLawrence @rubinrudman.com BY EMAIL To: From: Re: Date: MEMORANDUM Kevin Sullivan, Acting General Manager Reading Municipal Light Department Diedre T. Lawrence, Karla Doukas Creation of an Irrevocable OPEB Trust January 24, 2013 INTRODUCTION RUB[NAND RU DMAN UT Attorneys at Law T: 617.330.7000 F: 617.330.7550 50 Rowes Wharf, Boston, MA 02110 We have reviewed the January 4, 2013 letter from Frank Biron, President of Melanson Heath & Company, PC recommending that the Reading Municipal Light Department ( "RMI,D ") establish an irrevocable trust instrument governing its Other Post - Employment Benefits ( "OPEB ") funds. Mr. Biron states that while in 2010 RMLD accepted the OPEB statute (G.L. c. 32B, § 20), because RMLD did not establish a formal trust instrument, RMLD's OPEB cash was not reported in a separate fiduciary fund in RMLD's financial statements. As a result, RMLD's OPEB liability was not reduced to reflect any such OPEB funding. Based on our research, we conclude that G.L. c. 32B, § 20 does not require municipal light plants to establish a formal trust document to place funds in an OPEB Trust once that statute is accepted by the RMLD Board. Once accepted, an OPEB "Trust arises by operation of law, which cannot be rescinded or revoked. Accordingly, a formal trust instrument is not legally necessary to report RMLD's OPEB cash on its financial statements or to reduce RMLD's OPEB liabilities as long as the funds are appropriated and transferred to RMLD's OPEB Trust Fund. This memorandum is being provided to you pursuant to G.L. c. 164, § 56. DISCUSSION As you are aware, G.L. c. 32B, § 20 (as amended in 2011) authorizes cities, towns, and municipal light plants to establish an OPEB Liability Trust Fund and to appropriate amounts to be credited to the fund. For RMLD to establish an OPEB Liability Trust Fund, the statute merely requires the RMLD Board of Commissioners to vote to accept the provisions of the 1345118_1 Kevin Sullivan, Acting General Manager January 24, 2013 Page 2 statute. G.L. c. 32B, § 20 (c). By law, the OPEB funds must be held in a segregated fund, which shall be protected from claims of any of RMLD's general creditors. There is no statutory requirement that RMLD execute any formal documents to create the OPEB Liability Trust Fund. It arises by operation of law. Once RMLD accepts G.L. c. 32B, § 20, its acceptance cannot be rescinded or revoked. See G.L. c. 32B, § 10 ( "[n)otwithstanding the provisions of any general law to the contrary, neither the acceptance of this chapter nor the acceptance of any individual section thereof by a governmental unit shall be revoked or rescinded "). Accordingly, although RMLD is not required to appropriate funds (or any particular amount) to its OPEB Trust Liability Fund, once it does so, such funds only may be used for its OPEB liabilities. Tax Counsel for the Massachusetts Department of Revenue ( "DOR "), Division of Local Services ( "DLS ") has confirmed that a "trust document" is not necessary to place funds in an OPEB Trust under G.L. c. 32B, § 20 as long as that statute has been accepted by the appropriate governing body. (See attached email correspondence from Gary Blau, Tax Counsel, on behalf of DOR DLS Law, dated May 18, 2011). Although DOR Tax Counsel also has confirmed that an OPEB Trust cannot be rescinded, Tax Counsel, however, has not expressed an opinion on whether the creation of the OPEB Trust under G.L. c. 32B, § 20 satisfies GASB requirements. (See attached email correspondence from Christopher Hinchey, Tax Counsel, of DOR DLS I.aw, dated October 5, 2009). From our research, it does not appear that GASB 45 requires a formal written trust document. In many situations, a formal trust instrument will not be necessary given that OPEB Funds typically are managed and invested by the Town Treasurer. To the extent that RMLD appoints an outside custodian as permitted by G.L. c. 32B, § 20(b), then a trust instrument or custodial agreement may be advisable. Nonetheless, because RMLD is operated independently from the Town of Reading ( "Town "), RMLD does not have to follow the same approach as the Town. Please feel free to contact its if you have any further questions. ' As we understand, GASB 45 requires the following: (1) the employer contributions to the trust must be irrevocable; (2) the assets must be dedicated to providing benefits to retirees and their beneficiaries; and (3) the assets must be legally protected from the employer's creditors. See Governmental Accounting Standards Board: Other Postemployment Benefits: A Plain - Language Summary of GASB Statements No. 43 and No. 45, at pp. 4 -5. These requirements are satisfied through G.L. c. 3213, § 20, which provides for the creation of an OPEB Liability Trust Fund upon acceptance of the statute by the municipal light board, which cannot be revoked or rescinded. The statute also protects the OPEB Trust Funds from creditor claims, specifying that "[alll monies held in the fund shall be segregated from other funds and shall not be subject to the claims of any general creditor of the city, town, district, county or municipal lighting plant." Thus, the contributions are irrevocable, dedicated to providing benefits and protected from creditors. 1345118_1 Employment Benefits Liability Trust Fund at their meeting on April 12, 2011. The balance in this trust is currently $2,118,111.19. I have attached a copy of the law, which states they have the ability to do appoint a new custodian. I am currently the custodian of the fund, My question is how I transfer the funds to the new custodian, thru the warrant process? If or when I transfer the funds, how are the funds recorded on the books of the Town if I no longer have custody? Should I require that they show me a bond for the new custodian? I do not believe this Iaw is in the best interest of municipalities. The general manager of the Gas and Electric wants to invest in U.S. Treasuries and I do not agree with him so he has convinced the Gas and Electric Commissioners to appoint him as the custodian. Currently I do the all banking and borrowing for the Gas and Electric department. Are the Gas and Electric commissioners ( they may appoint themselves) or the appointed custodian now allow the have bank accounts with the Towns tax ID number? If you could give me guidance on how to handle this situation I would greatly apprecite it. Thank you in advance for you help. Judy M. Mae Donald Treasurer /Collector Town of Middleborough 20 Centre St. Middleborough, MA 02346 (PIT) 508 - 946 -2421 Fax 508- 947 -5447 imcdnld@middleborough.com Email Response 2011 -589 — Sudbury — OPEB Trust Document From: Blau, Gary on behalf of DOR DLS Law Sent: Wednesday, May 18, 20112:17 PM To: 'Chisholm,; Barbara' Subject: 2011 -589 - Sudbury - OPEB Trust Document Barbara: As we discussed, ,I do not believe it necessary for the town to draft a "trust document" to place money in an OPEB Trust under M.G.L. c. 32B, §20, if that provision has been accepted by the town. But as we also discussed, it appears that Sudbury did not accept that provision but sought a special act to establish a Post Employment Health Insurance Liability Fund, which was enacted in 2006 as Chapter 72 of that year. That act may be found at htta: / /www.malegislature.gov /Laws /SessionLaws /Acts /2006 /Chyter72. You may wish to consult with town counsel and the town manager about the scope of the fund and how the fund may be used in future years to cover the town's legal responsibility to pay for its share of retiree health insurance. For example, both the Chapter 32B, §20 OPEB trust and Sudbury's special act require an actuarial study, which will provide a reasoned estimate of the amounts needed to be appropriated to the fund over a reasonable period of time in order to meet the town's future retiree health insurance obligations, and 71 at least in Sudbury's case limit the appropriations that may be made to the amount of the total actuarial liability. Periodic updates to that study will also need to be made to ccount for actual experience and variances in the factors assumed in conducting the study. I hope this addresses your concerns. Gary A. Blau, Tax Counsel Bureau of Municipal Finance Law PO Box 9569 Boston, MA 02114 -9569 617 -626 -2400 blau@dor,state.ma.us This e -mail response is intended to provide general information about the application of municipal tax and finance laws and Department of Revenue policies and procedures. It is not a public written statement, as defined in 830 CMR 62C.3.1, and does not state the official position of the Department on the interpretation of the laws pertaining to local taxes and finance. It should be considered informational only. From: Chisholm, Barbara [mailto:ChisholmB @sudbury.ma.us] Sent: Wednesday, May 18, 2011 12:00 PM To: DOR DLS Law Subject: RE: OPEB Trust Document Hello, At our ATM this year an article was passed to transfer over a million dollars into OPEB Trust. Do we need trust documents or will the language in 32B s.12 satisfy the trust requirement? Thank you, Barbara Barbara Chisholm Town Accountant Town of Sudbury 278 Old Sudbury Road Sudbury, MA 01776 978 -639 -3319 phone 978 - 443 -8450 fax chisholmb@sudbury, ma. us 72 Email Response 2009 - 1278 -- Retiree Health Insurance Fund From: Hinchey, Christopher M on behalf of DOR DLS Law Sent: Monday, October 05, 2009 8:50 AM To: 'GittstiHingstonCo @aol,com' Subject: 2009 -1278 RE: Retiree Health Insurance Fund GL C.32B §20 (a local acceptance provisions added by 0.479 of the Acts of 2008) authorizes the creation by municipalities of trust funds for their OPEB liabilities. Once the provision has been accepted by a municipality, the acceptance cannot be rescinded (seethe last sentence of C.32B 10 . See also the brief note on C.479 in our Bulletin 2009 -8B, "2008 Legislation." I don't know whether the creation of an OPEB fund under C.3213 §20 would satisfy the GASB criteria or not. Chris Hinchey Tax Counsel Bureau of Municipal Finance Law PO Box 9569 Boston, MA 02114 -9569 617- 626 -2400 dlsiaw@dor.state.ma.us This e -mail response is intended to provide general information about the application of municipal tax and finance laws and Department of Revenue policies and procedures. It is not a public written statement, as defined in 830 CMR 62C.3.1, and does not state the official position of the Department on the interpretation of the laws pertaining to local taxes and finance. It should be considered informational only. From: GiustiHingstonCo @aol.com [ mailto :GiustiHingstonCo@aol.com] Sent: Friday, October 02, 2009 9:10 AM To: DOR DLS Law Subject: Retiree Health Insurance Fund Hi Chris, I hope all is well with you. I have a quick question regarding legislation pertaining to an investment vehicle for retiree health insurance funds. Has anything been passed on that (i.e. irrevocable trust). Is anything pending. I have a lot of Towns that want to do some funding. Some are putting it in a separate stabilization fund, but since it is not irrevocable and subject to the Town's creditors it is not considered truly funded by the GASB. Our notes to the financial statements will still show zero funding related to the unfunded liability. As usual, thanks Chris. Take care, Dick 73 Email Response 2009 -1278— Retiree Health Insurance Fond From: Hinchey, Christopher M on behalf of DOR DLS Law Sent: Monday, October 05, 2009 8:50 AM To: 'Giustil4ingstonCo @ aol.com' Subject: 2009 -1278 RE: Retiree Health Insurance Fund GL C.3213 §20 (a local acceptance provisions added by C.479 of the Acts of 2008) authorizes the creation by municipalities of trust funds for their OPEB liabilities. Once the provision has been accepted by a municipality, the acceptance cannot be rescinded (see the last sentence of C.3213 §10 . See also the brief note on C.479 in our Bulletin 2009 -8B, "2008 Legislation." I don't know whether the creation of an OPEB fund under C.32B §20 would satisfy the GASB criteria or not. Chris Hinchey Tax Counsel Bureau of Municipal Finance Law PO Box 9569 Boston, MA 02114 -9569 617- 626 -2400 dlslaw(cr�,dor.state.ma.us This e -mail response is intended to provide general information about the application of municipal tax and finance laws and Department of Revenue policies and procedures. It is not a public written statement, as defined in 830 CMR 62C.3.1, and does not state the official position of the Department on the interpretation of the laws pertaining to local taxes and finance. It should be considered informational only. From; GiustiHingstonCo @aol.com [mailto :GiustiHingstonCo @aol,com] Sent: Friday, October 02, 2009 9:10 AM To: DOR DLS Law Subject: Retiree Health Insurance Fund Hi Chris, I hope all is well with you. I have a quick question regarding legislation pertaining to an investment vehicle for retiree health insurance funds. Has anything been passed on that (i.e. irrevocable trust). Is anything pending. I have a lot of Towns that want to do some funding. Some are putting it in a separate stabilization fund, but since it is not irrevocable and subject to the Town's creditors it is not considered truly funded by the GASB. Our notes to the financial statements will still show zero funding related to the unfunded liability. As usual, thanks Chris. Take care, Dick 73 To: Vincent Cameron From: Energy Services Date: January 11, 2013 Subject: Purchase Power Summary - November, 2012 Energy Services Division (ESD) has completed the Purchase Power Summary for the month of November, 2012. ENERGY The RMLD's total metered load for the month was 55,095,031 kwh, which is a 1.30% increase from the November, 2011 figures. Table 1 is a breakdown by source of the energy purchases. TABLE 1 ATTACHMENT 3 % of Amount of Cost of Total Total $ $ as a Resource Energy Energy Energy Costs % (kWh) ($ /Mwh) Millstone #3 3,593,293 $6.99 6.53% $25,108 0.91% Seabrook 5,640,459 $8.12 10.26% $45,825 1.67% Stonybrook Intermediate 1,936,986 $80.45 3.52% $155,836 5.68% JP Morgan 8,731,980 $56.06 15.88% $489,544 17.84% NextEra 5,406,000 $51.41 9.83% $277,912 10.12% NYPA 1,820,383 $4.92 3.31% $8,956 0.33% ISO Interchange 7,960,207 $59.06 14.48% $470,139 17.13% NEMA Congestion 0 $0.00 0.00% $150 0.01% Coop Resales 111,401 $138.92 0.20% $15,476 0.56% MacQuarie 17,780,000 $59.61 32.33% $1,059,787 38.61% Summit Hydro 665,109 $53.44 1.21% $35,541 1.29% Braintree Watson Unit 633,634 $113.37 1.15% $71,836 2.62% Swift River Projects 708,492 $125.18 1.29% $88,692 3.23% Stonybrook Peaking 0 $0.00 0.00% $16 0.00% Monthly Total 54,987,944 $49.92 100.00% $2,744,817 100.00% ATTACHMENT 3 Table 2 breaks down the ISO interchange between the DA LMP Settlement and the RT Net Energy for the month of November, 2012. Table 2 Amount Cost % of Total Resource of Energy of Energy Energy (kWh) ($ /Mwh) ISO DA LMP " 8,668,344 57.59 15.76% Settlement RT Net Energy *' - 708,137 41.02 -1.29% Settlement ISO Interchange 7,960,207 59.06 14.48% (subtotal) Independent System Operator Day -Ahead Locational Marginal Price Real Time Net Energy CAPACITY The RMLD hit a demand of 102,944 kW, which occurred on November 27, at 6 pm. The RMLD's monthly UCAP requirement for November, 2012 was 211,731 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 $258,081 16.71% Seabrook 7,742 51.02 $395,002 25.57% Stonybrook Peaking 24,981 1.99 $49,768 3.22% Stonybrook CC 42,925 3.84 $165,041 10.68% NYPA 4,019 3.57 $14,347 0.93% Hydro Quebec 4,584 5.48 $25,129 1.63% Nextera 60,000 5.50 $330,000 21.36% Braintree Watson Unit 10,520 10.64 $111,951 7.25% ISO -NE Supply Auction 51,969 3.76 $195,553 12.66% Total 211,731 $7.30 $1,544,873 100.00% Table 4 shows the dollar amounts for energy and capacity per source. 6,830 394 7,224 $279,306 Table 4 3679 384 Cost of $215,446 Indian River 2100 92 % of Amt of Energy Power Resource Energy Capacity Total cost Total Cost (kWh) ($ /kWh) Millstone #3 $25,108 $258,081 $283,190 6.60% 3,593,293 0.0788 Seabrook $45,825 $395,002 $440,827 10.28% 5,640,459 0.0782 Stonybrook Intermediate $155,836 $165,041 $320,878 7.48% 1,936,986 0.1657 Hydro Quebec $0 $25,129 $25,129 0.59% - 0.0000 JP Morgan $489,544 $0 $489,544 11.41% 8,731,980 0.0561 NextEra $277,912 $330,000 $607,912 14.17% 5,406,000 0.1125 * NYPA $8,956 $14,347 $23,303 0.54% 1,820,383 0.0128 ISO Interchange $470,139 $195,553 $665,692 15.52% 7,960,207 0.0836 Nema Congestion $150 $0 $150 0.00% - 0.0000 MacQuarie $1,059,787 $0 $1,059,787 24.71% 17,780,000 0.0596 " Summit Hydro $35,541 $0 $35,541 0.83% 665,109 0.0534 Braintree Watson Unit $71,836 $111,951 $183,787 4.28% 633,634 0.2901 * Swift River Projects $88,692 $0 $88,692 2.07% 708,492 0.1252 Coop Resales $15,476 $0 $15,476 0.36% 111,401 0.1389 Stonybrook Peaking $16 $49,768 $49,784 1.16% - 0.0000 Monthly Total $2,744,817 $1,544,873 $4,289,690 100.00% 54,987,944 0.0780 * Renewable Resources 5.81% RENEWABLE ENERGY CERTIFICATES (RECs) The RMLD's Renewable Energy Certificates through the month of September, 2012 have an estimated market value of $610,945, based on market prices as of January 10, 2012. Table 5 shows the amount of banked and projected RECs for the Swift River Hydro Projects, as well as the estimate market value. Table 5 Swift River RECs Summary Period - January - November 2012 Banked Projected Total Est. RECs RECs RECs Dollars Woronoco 6,830 394 7,224 $279,306 Pepperell 3679 384 4063 $215,446 Indian River 2100 92 2192 $116,193 Turners Falls 750 0 750 $0 Grand Total 13,359 870 14,230 $610,945 TRANSMISSION The RMLD's total transmission costs for the month of November were $601,231. This is a decrease of 28.92% from the October transmission cost of $845,905. In November, 2011 the transmission costs were $602,077. Table 6 9 Current Month Last Month Last Year Peak Demand (kW) 102,944 95,568 99,164 Energy (kWh) 54,987,944 56,606,524 54,461,222 Energy ($) $2,744,817 $2,595,375 $2,643,246 Capacity ($) $1,544,873 $1,386,975 $1,424,634 Transmission ($) $601,231 $845,905 $602,077 Total $4,890,921 $4,828,255 $4,669,957 9 To: Vincent Cameron From: Energy Services Date: January 23, 2013 Subject: Purchase Power Summary — December, 2012 Energy Services Division (ESD) has completed the Purchase Power Summary for the month of December, 2012. ENERGY The RMLD's total metered load for the month was 59,255,207 kwh, which is a.37% increase from the December, 2011 figures. Table 1 is a breakdown by source of the energy purchases. TABLE 1 % of Amount of Cost of Total Total $ $ as a Resource Energy Energy Energy Costs % (kWh) ($ /Mwh) Millstone #3 3,710,760 $6.99 6.25% $25,930 0.90% Seabrook 5,819,826 $8.32 9.80% $48,409 1.69% Stonybrook Intermediate 740,281 $66.79 1.25% $49,444 1.72% JP Morgan 9,151,000 $55.77 15.41% $510,342 17.79% NextEra 9,877,000 $59.12 16.64% $583,919 20.35% NYPA 2,108,635 $4.92 3.55% $10,374 0.36% ISO Interchange 7,398,010 $56.40 12.46% $417,265 14.55% NEMA Congestion 0 $0.00 0.00% - $103,172 -3.60% Coop Resales 93,526 $131.80 0.16% $12,327 0.43% MacQuarie 18,080,000 $61.72 30.46% $1,115,962 38.90% Summit Hydro 930,182 $55.31 1.57% $51,446 1.79% Braintree Watson Unit 183,026 $105.32 0.31% $19,277 0.67% Swift River Projects 1,272,665 $99.92 2.14% $127,170 4.43% Stonybrook Peaking 0 $0.00 0.00% $21 0.00% Monthly Total 59,364,911 $48.32 100.00% $2,868,713 100.00% Table 2 breaks down the ISO interchange between the DA LMP Settlement and the RT Net Energy for the month of December, 2012. Table 2 Amount Cost % of Total Resource of Energy of Energy Energy (kWh) ($ /Mwh) ISO DA LMP ' 8,600,742 54.92 14.49% Settlement RT Net Energy •` - 1,202,732 45.81 -2.03% Settlement ISO Interchange 7,398,010 56.40 12.46% (subtotal) ` Independent System Operator Day -Ahead Locational Marginal Price " Real Time Net Energy CAPACITY The RMLD hit a demand of 108,921 kW, which occurred on December 17, at 6 pm. The RMLD's monthly UCAP requirement for December, 2012 was 211,827 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 51.67 $257,900 0 16.87 /o Seabrook 7,742 51.02 $395,023 25.85% Stonybrook Peaking 24,981 1.82 $45,580 2.98% Stonybrook CC 42,925 3.70 $159,016 10.40% NYPA 4,019 3.57 $14,347 0.94% Hydro Quebec 4,584 4.39 $20,139 1.32% Nextera 60,000 5.50 $330,000 21.59% Braintree Watson Unit 10,520 10.40 $109,458 7.16% ISO -NE Supply Auction 52,065 3.78 $196,900 12,88% Total 211,827 $7.22 $1,528,363 100.00% 19 IN Table 4 shows the dollar amounts for energy and capacity per source. 6,830 394 7,224 $279,306 Table 4 3679 384 Cost of $215,446 Indian River 2100 92 % of Amt of Energy Power Resource Energy Capacity Total cost Total Cost (kWh) ($ /kWh) Millstone #3 $25,930 $257,900 $283,830 6.45% 3,710,760 0.0765 Seabrook $48,409 $395,023 $443,432 10.08% 5,819,826 0.0762 Stonybrook Intermediate $49,444 $159,016 $208,460 4.74% 740,281 0.2816 Hydro Quebec $0 $20,139 $20,139 0.46% - 0.0000 JP Morgan $510,342 $0 $510,342 11.61% 9,151,000 0.0558 NextEra $583,919 $330,000 $913,919 20.78% 9,877,000 0.0925 * NYPA $10,374 $14,347 $24,722 0.56% 2,108,635 0.0117 ISO Interchange $417,265 $196,900 $614,165 13.97% 7,398,010 0.0830 Nema Congestion - $103,172 $0 - $103,172 -2.35% - 0.0000 MacQuarie $1,115,962 $0 $1,115,962 25.38% 18,080,000 0.0617 * Summit Hydro $51,446 $0 $51,446 1.17% 930,182 0.0553 Braintree Watson Unit $19,277 $109,458 $128,734 2.93% 183,026 0.7034 * Swift River Projects $127,170 $0 $127,170 2.89% 1,272,665 0.0999 Coop Resales $12,327 $0 $12,327 0.28% 93,526 0.1318 Stonybrook Peaking $21 $45,580 $45,601 1.04% - 0.0000 Monthly Total $2,868,713 $1,528,363 $4,397,075 100.00% 59,364,911 0.0741 * Renewable Resources 7.26% RENEWABLE ENERGY CERTIFICATES (RECs) The RMLD's Renewable Energy Certificates through the month of September, 2012 have an estimated market value of $610,945, based on market prices as of January 10, 2013. Table 5 shows the amount of banked and projected RECs for the Swift River Hydro Projects, as well as the estimate market value. Table 5 Swift River RECs Summary Period - January - December 2012 Banked Projected Total Est. RECs RECs RECs Dollars Woronoco 6,830 394 7,224 $279,306 Pepperell 3679 384 4063 $215,446 Indian River 2100 92 2192 $116,193 Turners Falls 750 0 750 $0 Grand Total 13,359 870 14,230 $610,945 TRANSMISSION The RMLD's total transmission costs for the month of December were $738,628. This is an increase of 23% from the November transmission cost of $601,231. In December, 2011 the transmission costs were $621,443. Table 6 Current Month Last Month Last Year Peak Demand (kW) 108,921 102,944 108,371 Energy (kWh) 59,364,911 54,987,944 59,123,502 Energy ($) $2,868,713 $2,744,817 $2,968,917 Capacity ($) $1,528,363 $1,544,873 $1,397,529 Transmission ($) $738,628 $601,231 $621,443 Total $5,135,703 $4,890,921 $4,987,889 ENERGY El, _NCY Table 7 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. Table 7 Commercial Total to date Current Year Capacity Saved (kW) Energy Saved (kwh) FY07 -12 7,597 32,257,914 FY13 1069 4,487,052 Total $ Capacity $ 664,001 $ 115,504 Total $ /kW Energy 1881637 $ 9.00 179482 $ /kWh $ 0.04 Total $ Rebate Rebate /kWh $ 1,030,984 $ 0.03 $ 324,066 $ 0.07 Rebate /kW $ 135.72 $ 303.01 Cost Benefit $ 1,514,655 $ (29,080) Residential Total to date Current FY07 -12 FY13 1,157 112 1,470,901 1 80,633 $ 104,014 $ 12,144 76,829 $ 9.00 3,225 $ 0.04 $ 423,996 $ $ 82,790 $ 0.29 1.03 $ $ 366.41 736.29 $ (243,152.40) $ (67,421) Total Total to date Current FY07 -12 FY13 8,754 1,182 33,728,815 4,567,685 $ 768,016 $ 127,648 1,958,467 $ 9.00 182,707 $ 0.04 $ 1,479,980 $ $ 406,856 $ 0.04 0.09 $ $ �34423 1,246,502.51 (96,501) Table 8 shows the breakdown for residential appliance rebates by type and year. Table 8 Washing Machine Refrigerator Year QTY Dollars QTY Dollars 2007 Dishwasher QTY Dollars Dehumidifier QTY Dollars Central A/C Window A/C QTY Dollars QTY Dollars Thermostat Audits QTY Dollars QTY Dollars QTY Dollars HP Water Heater Fan QTY Dollars QTY Dollars 2008 86 $ 2009 406 $ 2010 519 $ E2011 425 $ 2O1 2 339 $ 3 1 79 $ Total 1954 $ 4,300 47 $ 2,350 20,300 259 $ 12,950 25,950 371 $ 18,550 21,250 383 $ 19,150 16,950 354 $ 17,700 8,950 226 $ 11,300 97,700 1640 $ 82,000 55 $ 2,750 235 $ 11,750 382 $ 19,100 313 $ 15,650 289 $ 14,450 194 $ 9,700 1468 $ 73,400 7 $ 175 40 $ 1,000 37 $ 925 38 $ 950 19 $ 475 188 $ 4,700 17 $ 41 $ 64 $ 44 $ 16 $ 239 $ 1,700 10 $ 250 4,100 50 $ 1,250 6,400 49 $ 1,225 5,700 65 $ 1,625 4,400 56 $ 1,400 1,600 41 $ 1,025 23,900 271 $ 6,775 23 $ 114 $ 127 $ 118 $ 105 $ 38 $ 525 $ 230 107 $ 1,140 107 $ 1,270 64 $ 1,180 180 $ 1,050 219 $ 380 27 $ 5,250 704 $ 14,940 14,940 8,960 26,960 32,731 5,400 103,931 6 $ 4 $ 3 $ 0 $ 13 $ 20,700 18,000 14,000 52,700 9 $ 2,250 3 $ 30 12 $ 3,000 4 $ 40 READING MUNICIPAL LIGHT DEPARTMENT FY 13 CAPITAL BUDGET VARIANCE REPORT FOR PERIOD ENDING NOVEMBER 30, 2012 # PROJECT DESCRIPTION E &O Construction - System Projects 1 Essex Street - Reconductoring 2 4W13 OH Reconductoring - West Street 3 Upgrading of Old Lynnfield Center URDs (Partial CARRYOVER) 5 Shady Lane Area - Reconductoring 6 Federal Street - Reconductoring Station Upgrades Station #4 8 Relay Replacement Project - (Partial CARRYOVER) 9 Station 4 Getaway Replacement - 4W13 Total System Projects Total Station Projects R R SCADA Proiects 10 Station 5 RTU (Remote Terminal Unit) Replacement W 4 Station 4 RTU (Remote Terminal Unit) Replacement (Partial CARRYOVER) R Total SCADA Projects New Customer Service Connections 12 Service Installations - Commercial /Industrial Customers ALL 13 Service Installations - Residential Customers ALL Total Service Connections Routine Construction Various Routine Contruction ALL Total Construction Projects Other Proiects 15 GIS 16 Transformers /Capacitors Annual Purchases 17A Meter Annual Purchases 17B Meter Upgrade Project - (Partial CARRYOVER) 17C Meter Upgrade Project - Commercials 18 Purchase Vehicles 19 Purchase Line Department Vehicles 20 Purchase New Pole Dolly 21 Automated Building Systems 22 Engineering Analysis software & data conversion - (CARRYOVER) 23 Gaw Station Generator 24 Capital Repairs - Station One 25 New Carpeting 26 Water Heater Demand Response Technology 27 Hardware Upgrades 28 Software and Licensing Total Other Projects TOTAL FY 13 CAPITAL PROJECT EXPENDITURES 119,309 119,309 4,430 161,779 157,349 56,163 56,163 4,487 23,196 80,653 57,457 478 6,574 63,074 56,500 19,602 90,063 207,923 117,860 226,365 937,349 988,211 50,862 278,717 ACTUAL YTD ACTUAL ANNUAL COST COST BUDGET REMAINING TOWN NOVEMBER THRU 11/30/12 AMOUNT BALANCE LC 200 197,855 197,655 W 2,231 7,653 188,193 180,540 LC 15,813 121,155 492,143 370,988 W 9,740 9,924 199,042 189,118 W 863 175,565 174,702 R R SCADA Proiects 10 Station 5 RTU (Remote Terminal Unit) Replacement W 4 Station 4 RTU (Remote Terminal Unit) Replacement (Partial CARRYOVER) R Total SCADA Projects New Customer Service Connections 12 Service Installations - Commercial /Industrial Customers ALL 13 Service Installations - Residential Customers ALL Total Service Connections Routine Construction Various Routine Contruction ALL Total Construction Projects Other Proiects 15 GIS 16 Transformers /Capacitors Annual Purchases 17A Meter Annual Purchases 17B Meter Upgrade Project - (Partial CARRYOVER) 17C Meter Upgrade Project - Commercials 18 Purchase Vehicles 19 Purchase Line Department Vehicles 20 Purchase New Pole Dolly 21 Automated Building Systems 22 Engineering Analysis software & data conversion - (CARRYOVER) 23 Gaw Station Generator 24 Capital Repairs - Station One 25 New Carpeting 26 Water Heater Demand Response Technology 27 Hardware Upgrades 28 Software and Licensing Total Other Projects TOTAL FY 13 CAPITAL PROJECT EXPENDITURES 119,309 119,309 4,430 161,779 157,349 56,163 56,163 4,487 23,196 80,653 57,457 478 6,574 63,074 56,500 19,602 90,063 207,923 117,860 226,365 937,349 988,211 50,862 278,717 1,201,408 2,929,910 1,728,502 7,506 39,845 97,495 57,650 142,924 284,000 141,076 49,710 49,710 58,831 419,946 564,416 144,469 551,853 551,853 65,000 65,000 474,861 570,000 95,139 12,000 12,000 150,000 150,000 76,789 76,789 55,000 55,000 400,000 400,000 35,000 35,000 189,990 336,611 146,621 27,273 52,049 126,629 74,580 48,569 119,002 70,433 93,610 1,368,184 3,493,505 2,125,321 372,327 2,569,592 6,423,416 3,853,823 ATTACHMENT 4 Reading Municipal Light Department Engineering and Operations Monthly Report November 2012 FY 2013 Capital Plan E &O Construction - System Projects Reconductoring of Essex Street, Lynnfield Center - No Activity. 2 4W13 OH Reconductoring Project, West Street, Wilmington - Engineering Labor: Checking upgrade. 3 Upgrading of Old Lynnfield Center URDs - (Phase 1 Completed) Engineering Labor: Work on plans for next area. Materials received. 5 Shady Lane Drive Area, Wilmington - Reconductoring - Engineering Labor: Area upgrade and redesign. Line Department: Framing and make -ready work for new 1/0 primary and 410 secondary cable. 6 Federal Street, Wilmington - Reconductoring - No activity. 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: cut in wiring. 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 replacements /installations, primary or secondary cable replacements /installations, etc. This portion of the project comes under routine construction. Engineering Labor: Two new commercial locations. January 14, 2013 13 Service Installations — Residential Customers — This item includes new or upgraded overhead and underground services, temporary overhead services, and large underground development. Routine Construction: 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 $148,873 Maintenance Overhead/Underground $205,113 Projects Assi gned as Required $152,321 Pole Dama e includes knockdowns some reimbursable $59,394 Station Group $14,199 Hazmat/Oil Spills $0 Porcelain Cutout Replacement Program* $0 Lighting Street Light Connections $13,418 Storm Trouble $106,187 Underground Subdivisions $42,470 Animal Guard Installation $27,849 Miscellaneous Capital Costs $167,525 TOTAL $937,349 *In the month of November, zero (0) cutouts were charged under this program. Approximately 9 cutouts were installed new or replaced because of damage making a total of 9 cutouts replaced this month. January 14, 2013 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: 64.05 minutes RMLD 4 year average outage (2006- 2009): 50.98 minutes per outage On average, RMLD customers that experience an outage are restored in 64.05 minutes. 120.00 N a' 100.00 C 80.00 a> c� :3 60.00 O L Q) E 40.00 0 N U 20.00 13M 100.72 88.89 78.30 �� A .84 (/�� - 2 lea mat PQt �� J� PJO; �� Ova '�oAl • Monthly minutes per outage • RMLD 12 month system average outage duration 64.05 RMLD 4 year average outage duration 50.98 (2006 -2009) January 14, 2013 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: 0.33 outages per year RMLD 4 year average outage frequency: 0.82 iit-, y-pl, uciuw UauKS Ine monin -ay -month 5AIF1 pertormance 0.90 M1 c 0.70 a� 0.60 C c 0.50 a 0.40 a� 0.30 a� "- 0.20 0.10 MW �zV —+— RMLD monthly outage frequency • RMLD 12 month system average outage frequency .33 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 36 months. January 14, 2013 4 1/24/2013 10:51 AM READING MUNICIPAL LIGHT DEPARTMENT FY 13 CAPITAL BUDGET VARIANCE REPORT FOR PERIOD ENDING DECEMBER 31, 2012 Total Construction Projects Other Prolects 15 GIS 16 Transformers /Capacitors Annual Purchases 17A Meter Annual Purchases 17B Meter Upgrade Project - (Partial CARRYOVER) 17C Meter Upgrade Project - Commercials 18 Purchase Vehicles 19 Purchase Line Department Vehicles 20 Purchase New Pole Dolly 21 Automated Building Systems 22 Engineering Analysis software & data conversion - (CARRYOVER) 23 Gaw Station Generator 24 Capital Repairs - Station One 25 New Carpeting 26 Water Heater Demand Response Technology 27 Hardware Upgrades 28 Software and Licensing 234,626 1,436,034 2,929,910 1,493,876 TOTAL FY 13 CAPITAL PROJECT EXPENDITURES 443,997 3,013,590 6,423,416 3,409,82! 6,366 46,211 ACTUAL YTD ACTUAL ANNUAL 142,924 284,000 141,076 54,141 COST COST BUDGET REMAINING # PROJECT DESCRIPTION TOWN DECEMBER THRU 12/31/12 AMOUNT BALANCE E &O Construction - System Prolects 65,000 65,000 474,861 570,000 1 Essex Street - Reconductoring LC 12,000 200 197,855 197,655 2 4W13 OH Reconductoring - West Street W 5,042 12,695 188,193 175,498 3 Upgrading of Old Lynnfield Center URDs (Partial CARRYOVER) LC 121,155 492,143 370,988 5 Shady Lane Area - Reconductoring W 23,608 33,532 199,042 165,510 6 Federal Street - Reconductoring W 126,629 863 175,565 174,702 119,002 Total System Projects Station Upgrades Station #4 8 Relay Replacement Project - (Partial CARRYOVER) R 119,309 119,309 9 Station 4 Getaway Replacement - 4W13 R 4,430 161,779 157,349 Total Station Projects SCADA Proiects 10 Station 5 RTU (Remote Terminal Unit) Replacement W 56,163 56,163 4 Station 4 RTU (Remote Terminal Unit) Replacement (Partial CARRYOVER) R 95,537 118,733 80,653 (38,080) Total SCADA Projects New Customer Service Connections 12 Service Installations - Commercial /Industrial Customers ALL 6,574 63,074 56,500 13 Service Installations - Residential Customers ALL 18,572 108,635 207,923 99,288 Total Service Connections r -14 Routine Construction Various Routine Contruction ALL 91,867 1,029,216 988,211 (41,005, Total Construction Projects Other Prolects 15 GIS 16 Transformers /Capacitors Annual Purchases 17A Meter Annual Purchases 17B Meter Upgrade Project - (Partial CARRYOVER) 17C Meter Upgrade Project - Commercials 18 Purchase Vehicles 19 Purchase Line Department Vehicles 20 Purchase New Pole Dolly 21 Automated Building Systems 22 Engineering Analysis software & data conversion - (CARRYOVER) 23 Gaw Station Generator 24 Capital Repairs - Station One 25 New Carpeting 26 Water Heater Demand Response Technology 27 Hardware Upgrades 28 Software and Licensing 234,626 1,436,034 2,929,910 1,493,876 TOTAL FY 13 CAPITAL PROJECT EXPENDITURES 443,997 3,013,590 6,423,416 3,409,82! 6,366 46,211 97,495 51,284 142,924 284,000 141,076 54,141 54,141 49,710 (4,431 13,136 433,082 564,416 131,333 118,871 118,871 551,853 432,982 65,000 65,000 474,861 570,000 95,139 12,000 12,000 150,000 150,OOC 76,789 76,785 55,000 55,OOC 400,000 400,OOC 35,000 35,OOC 624 190,614 336,611 145,997 52,049 126,629 74,580 16,234 64,803 119,002 54,19 Total Other Projects 209,371 1,577,556 3,493,505 1,915,941 TOTAL FY 13 CAPITAL PROJECT EXPENDITURES 443,997 3,013,590 6,423,416 3,409,82! Reading Municipal Light Department Engineering and Operations Monthly Report December 2012 FY 2013 Capital Plan E &O Construction - System Projects Reconductoring of Essex Street, Lynnfield Center - No Activity. 2 4W13 OH Reconductoring Project, West Street, Wilmington - Engineering Labor: Checking upgrade. Line Department: Poles delivered and set. 3 Upgrading of Old Lynnfield Center URDs - (Phase 1 Completed). No Activity. 5 Shady Lane Drive Area, Wilmington - Reconductoring - Line Department: Continued make -ready work. Installed poles, and primary and secondary cable 6 Federal Street, Wilmington - Reconductoring - No activity. 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 - Engineering and 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 replacements /installations, primary or secondary cable replacements /installations, etc. This portion of the project comes under routine construction. No Activity. January 24, 2013 13 Service Installations — Residential Customers — This item includes new or upgraded overhead and underground services, temporary overhead services, and large underground development. Routine Construction: 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 $188,739 Maintenance Overhead/Underground $204,596 Projects Assi gned as Required $187,526 Pole Damage includes knockdowns some reimbursable $59,971 Station Group $14 199 Hazmat/Oil Spills $0 Porcelain Cutout Replacement Program* $0 Lighting Street Light Connections $15,791 Storm Trouble $121,580 Underground Subdivisions $43,068 Animal Guard Installation $30,304 Miscellaneous Capital Costs $163,441 TOTAL $1,029,216 *In the month of December, zero (0) cutouts were charged under this program. Approximately 18 cutouts were installed new or replaced because of damage making a total of 18 cutouts replaced this month. January 24, 2013 N%dw_ 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: 60.68 minutes RMLD four -year average outage (2006- 2009): 50.98 minutes per outage On average, RMLD customers that experience an outage are restored in 60.68 minutes. 120.00 100.00 C 80.00 a� 60.00 O W 40.00 0 U 20.00 0.00 January 24, 2013 0 minutes per outage • RMLD 12 month system average outage duration 60.68 RMLD 4 year average outage duration 50.98 (2006 -2009) 3 System Average Interruption Frequency (SAIFI) - Measures how many outages each customer experiences per year on average. SAIFI = Total Number of Customers Interrupted _ Total Number of Customers RMLD 12 -month system average: 0.32 outages per year RMLD four -year average outage frequency: 0.82 The graph below tracks the month -by -month SAIFI performance. i •/ 1:/ c 0.70 m .° 0.60 U C 0 0.50 3+ 0.40 m 0.30 m L U- 0.20 0.10 M 0.84 t 0.69 0 0.39 0.21 0.23 7 01 .19 .11 —t- RMLD monthly outage frequency • RMLD 12 month system average outage frequency .32 RMLD 4 year average outage frequency .82 (2006 -2009) Months Between Interruptions (MBTI) Another view of the SAIFI data is the number of months RMLD customers have no interruptions. At this time, the average RMLD customer experiences an outage approximately every 38 months. January 24, 2013 4 [P] 9 Dt: January 4, 2013 To: RMLB, Vincent F. Cameron, Jr., Jeanne Foti Fr: Bob Fournier Sj: November 30, 2012 Report The results for the first five months ending November 30, 2012, for the fiscal year 2013 will be summarized in the following paragraphs. 1) Change in Net Assets: (Page 3A) For the month of November, the net loss or the negative change in net assets was $143,065, decreasing the year to date net income to $1,684,348. The year to date budgeted net income was $1,683,855, resulting in net income being over budget by $493 or .03 %. Actual year to date fuel expenses exceeded fuel revenues by $347,279. 2) Revenues: (Page 11B) Year to date base revenues were under budget by $618,846 or 2.97 %. Actual base revenues were $20.2 million compared to the budgeted amount of $20.8 million. 3) Expenses: (Page 12A) *Year to date purchased power base expense was under budget by $1,104,269 or 8.32 %. Actual purchased power base costs were $12.2 million compared to the budgeted amount of $13.3 million. *Year to date operating and maintenance (O &M) expenses combined were over budget by $104,728 or 2.1 %. Actual O &M expenses were $5.1 million compared to the budgeted amount of $5.0 million. *Depreciation expense and voluntary payments to the Towns were on budget. 4) Cash: (Page 9) *Operating Fund was at $10,590,145. * Capital Fund balance was at $3,596,243. * Rate Stabilization Fund was at $6,685,766. * Deferred Fuel Fund was at $1,922,765. * Energy Conservation Fund was at $187,067. 5) General Information: Year to date kwh sales (Page 5) were 313.616,870 which is 3.4 million kwh or 1.1 %, ahead last year's actual figure. GAVV revenues collected ytd were $313,475 bringing the total collected since inception to $1,610,560. 6) Budget Variance: Cumulatively, the five divisions were over budget by $111,457 or 1.38 %. ATTACHMENT 5 FINANCIAL REPORT NOVEMBER 30, 2012 ISSUE DATE: JANUARY 4, 2013 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF NET ASSETS 11/30/12 PREVIOUS YEAR CURRENT YEAR ASSETS CURRENT UNRESTRICTED CASH (SCH A P.9) 8,537,194.46 10,593,145.63 RESTRICTED CASH (SCH A P.9) 17,807,457.72 19,233,556.45 RESTRICTED INVESTMENTS (SCH A P.9) 2,200,000.00 0.00 RECEIVABLES, NET (SCH B P.10) 7,975,189.04 7,533,324.38 PREPAID EXPENSES (SCH B P.10) 841,012.40 1,983,182.81 INVENTORY 1,534,156.84 1,459,589.10 TOTAL CURRENT ASSETS 38,895,010.46 40,802,798.37 NONCURRENT INVESTMENT IN ASSOCIATED CO (SCH C P.2) 73,765.66 46,958.35 CAPITAL ASSETS, NET (SCH C P.2) 67,501,511.59 69,713,164.08 TOTAL NONCURRENT ASSETS 67,575,277.25 69,760,122.43 TOTAL ASSETS 106,470,287.71 110,562,920.80 LIABILITIES CURRENT ACCOUNTS PAYABLE 5,687,361.29 6,934,635.38 CUSTOMER DEPOSITS 592,778.89 645,740.42 CUSTOMER ADVANCES FOR CONSTRUCTION 328,075.54 394,781.15 ACCRUED LIABILITIES 1,220,183.70 1,386,439.86 TOTAL CURRENT LIABILITIES 7,828,399.42 9,361,596.81 NONCURRENT ACCRUED EMPLOYEE COMPENSATED ABSENCES 2,934,698.58 2,982,915.76 TOTAL NONCURRENT LIABILITIES 2,934,698.58 2,982,915.76 TOTAL LIABILITIES 10,763,098.00 12,344,512.57 NET ASSETS INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT 57,501,511.59 69,713,164.08 RESTRICTED FOR DEPRECIATION FUND (P.9) 4,361,383.89 3,596,243.51 UNRESTRICTED 23,844,294.23 24,909,000.64 TOTAL NET ASSETS (P.3) 95,707,189.71 98,218,408.23 TOTAL LIABILITIES AND NET ASSETS 106,470,287.71 110,562,920.80 1. TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT NONCURRENT ASSET SCHEDULE 11/30/12 SCHEDULE C PREVIOUS YEAR SCHEDULE OF INVESTMENTS IN ASSOCIATED COMPANIES NEW ENGLAND HYDRO ELECTRIC 15,747.64 NEW ENGLAND HYDRO TRANSMISSION 58,018.02 TOTAL INVESTMENTS IN ASSOCIATED COMPANIES 73,765.66 SCHEDULE OF CAPITAL ASSETS LAND 1,265,842.23 STRUCTURES AND IMPROVEMENTS 6,537,440.54 EQUIPMENT AND FURNISHINGS 12,895,774.69 INFRASTRUCTURE 46,802,454.13 TOTAL CAPITAL ASSETS, NET 67,501,511.59 TOTAL NONCURRENT ASSETS 67,575,277.25 CURRENT YEAR 2,975.74 43,982.61 46,958.35 1,265,842.23 6,730,277.16 12,941,555.41 48,775,489.28 69,713,164.08 69,760,122.43 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 11/30/12 OPERATING REVENUES: (SCH D P.11) BASE REVENUE FUEL REVENUE PURCHASED POWER CAPACITY FORFEITED DISCOUNTS ENERGY CONSERVATION REVENUE GAW 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 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) CHANGE IN NET ASSETS NET ASSETS AT BEGINNING OF YEAR NET ASSETS AT END OF NOVEMBER MONTH MONTH LAST YEAR CURRENT YEAR LAST YEAR CURRENT YEAR TO DATE TO DATE 3,340,804.88 3,519,192.64 20,093,195.92 20,246,274.78 2,544,526.70 2,740,129.47 16, 538, 329 .12 15, 023, 848 .86 (9,670.44) 166,053.44 (58,930.78) 949,631.67 81,065.45 62,571.53 412,653.17 437,768.75 50,109.19 53,950.53 245,757.17 308,777.55 50,909.40 54,816.73 310,203.82 313,475.42 (47,451.31) (22,566.16) (282,947.29) (224,298.94) 6,010,293.87 6,574,148.18 37,258,261.13 37,055,478.09 YTD % CHANGE 0.76% -9.16% - 1711.44% 6.09% 25.64% 1.05% - 20.73% -0.54% 1, 619, 641. 67 2,141,608.94 30,859.74 10, 940, 249 .03 12, 175, 141.90 11.29% 2,643,246.46 2,744,817.28 2.70% 16,440,519.05 2,419.24 15,146,828.53 -7.87% 833,317.66 985,894.88 (257.71) 3,698,569.91 (1,290.12) 4,101,459.72 10.89% 373,465.90 247,131.65 52,567.63 1, 292, 102.41 (140,943.97) 1,018,989.98 - 21.14% 296,027.47 305,469.18 1,480,137.35 1,527,345.90 3.19% 113.000.00 114,000.00 1,684,348.24 565,000.00 570,000.00 0.88% 5,878,699.16 6,538,921.93 34,416,577.75 34,539,766.03 0.36% 131,594.71 35,226.25 2,841,683.38 2,515,712.06 - 11.47% 6,754.75 6,131.20 30,859.74 46,478.95 50.61% (183,829.75) (188,785.58) (919,148.75) (943,927.90) 2.70% 2,933.54 2,419.24 40,874.43 14,807.62 - 63.77% (511.51) (257.71) (2,539.91) (1,290.12) - 49.21% 33,709.00 2,202.00 111,878.35 52,567.63 - 53.01% (140,943.97) (178,290.85) (738, 076 .14) (831, 363 .82) 12.64% (9,349.26) (143,064.60) 2,103, 607 .24 1,684,348.24 - 19.93% 3 93,603,582.47 96,534,059.99 3.13% 95,707,189.71 98,218,408.23 2.62% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 11/30/12 OPERATING REVENUES: (SCH F P.11B) BASE 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 NOVEMBER • ( ) = ACTUAL UNDER BUDGET ACTUAL BUDGET YEAR TO DATE YEAR TO DATE VARIANCE- 20,246,274.78 20,865,121.00 (618,846.22) 15,023,848.86 13,947,674.00 1,076,174.86 949,631.67 954,253.00 (4,621.33) 437,768.75 459,032.00 (21,263.25) 308,777.55 315,013.00 (6,235.45) 313,475.42 315,013.00 (1,537.58) (224,298.9.4) (291,665.00) 67,366.06 37,055,478.09 36,564,441.00 491,037.09 CHANGE -2.97% 7.72% -0.48% -4.63% -1.98% -0.49% - 23.10% 1.34% 12,175,141.90 13,279,411.00 (1,104,269.10) -8.32% 15,146,828.53 13,841,284.00 1,305,544.53 9.43% 4,101,459.72 3,961,162.00 140,297.72 3.54% 1,018,989.98 1,054,559.00 (35,569.02) -3.37% 1,527,345.90 1,520,835.00 6,510.90 0.43% 570,000.00 570,000.00 0.00 0.00% 34,539,766.03 34,227,251.00 312,515.03 0.91% 2,515,712.06 2,337,190.00 178,522.06 7.64% 46,478.95 200,000.00 (153,521.05) - 76.76% (943,927.90) (943,750.00) (177.90) 0.02% 14,807.62 41,665.00 (26,857.38) - 64.46% (1,290.12) (1,250.00) (40.12) 3.21% 52,567.63 50,000.00 2,567.63 5.14% (831,363.82) (653,335.00) (178,028.82) 27.25% 1,684,348.24 1,683,855.00 493.24 96,534,059.99 96,534,059.99 0.00 98,218,408.23 98,217,914.99 493.24 3 A 0.03% 0.00% 0.00% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT RECONCILIATION OF CAPITAL FUNDS 11/30/12 SOURCE OF CAPITAL FUNDS: DEPRECIATION FUND BALANCE 7/1/12 CONSTRUCTION FUND BALANCE 7/1/12 INTEREST ON DEPRECIATION FUND FY 13 DEPRECIATION TRANSFER FY 13 TOTAL SOURCE OF CAPITAL FUNDS USE OF CAPITAL FUNDS: LESS PAID ADDITIONS TO PLANT THRU NOVEMBER GENERAL LEDGER CAPITAL FUNDS BALANCE 11/30/12 2,635,205.70 2,000,000.00 3,285.18 1,527,345.90 6,165,836.78 2,569,593.27 3,596,243.51 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SALES OF KILOWATT HOURS 11/30/12 MUNICIPAL SALES: STREET LIGHTING MUNICIPAL BUILDINGS TOTAL MUNICIPAL CONSUMERS SALES FOR RESALE SCHOOL TOTAL KILOWATT HOURS SOLD 239,112 720,028 MONTH MONTH LAST YEAR CURRENT YEAR YTD % SALES OF ELECTRICITY: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE RESIDENTIAL SALES 17,709,644 18,340,649 114,849,081 117,165,382 2.02% COMM. AND INDUSTRIAL SALES 30,773,857 33,790,759 182,810,854 183,974,179 0.64% PRIVATE STREET LIGHTING 72,667 73,305 364,130 365,855 0.47% TOTAL PRIVATE CONSUMERS 48,556,168 52,204,713 298,024,065 301,505,416 1.17% MUNICIPAL SALES: STREET LIGHTING MUNICIPAL BUILDINGS TOTAL MUNICIPAL CONSUMERS SALES FOR RESALE SCHOOL TOTAL KILOWATT HOURS SOLD 239,112 720,028 238,739 781,469 1,195,380 4,072,777 1,189,123 4,036,325 959,140 1,020,208 5,268,157 5,225,448 195,436 245,977 1,562,615 1,577,547 1,191,688 1,327,069 5,364,596 5,308,459 50,902,432 54,797,967 310,219,433 313,616,870 3.111 -0.52% -0.90% -0.81% 0.96% -1.05% 1.10% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT KILOWATT HOURS SOLD BY TOWN 11/30/12 TOTAL READING LYNNFIELD MONTH NO.READING WILMINGTON RESIDENTIAL 18,340,649 5,688,968 2,720,401 4,024,961 5,906,319 COMM & IND 33,790,759 4,222,132 256,979 4,794,648 24,517,000 PVT ST LIGHTS 73,305 13,585 1,360 21,358 37,002 PUB ST LIGHTS 238,739 80,536 32,500 41,176 84,527 MUNI BLDGS 781,469 194,385 139,629 144,416 303,039 SALES /RESALE 245,977 245,977 0 0 0 SCHOOL 1,327,069 471,564 296,537 166,000 392,968 TOTAL 54,797,967 10,917,147 3,447,406 9,192,559 31,240,855 0.15% MUNI BLDGS 1.43% 0.35% YEAR TO DATE 0.26% 0.55% SALES /RESALE 0.45% RESIDENTIAL 117,165,382 36,131,364 17,289,625 27,208,043 36,536,350 COMM & IND 183,974,179 22,723,388 1,402,335 28,063,647 131,784,809 PVT ST LIGHTS 365,855 67,925 6,800 106,562 184,568 PUB ST LIGHTS 1,189,123 402,680 162,460 201,348 422,635 MUNI BLDGS 4,036,325 916,057 722,236 840,998 1,557,034 SALES /RESALE 1,577,547 1,577,547 0 0 0 SCHOOL 5,308,459 1,890,053 1,162,069 653,720 1,602,617 TOTAL 313,616,870 63,709,014 20,745,525 57,074,318 172,088,013 LAST YEAR TO DATE RESIDENTIAL 114,849,081 35,668,697 16,610,026 27,114,358 35,456,000 COMM & IND 182,810,854 22,835,014 1,475,343 28,100,003 130,400,494 PVT ST LIGHTS 364,130 70,101 6,800 106,208 181,021 PUB ST LIGHTS 1,195,380 402,180 162,185 199,400 431,615 MUNI BLDGS 4,072,777 944,975 702,529 851,137 1,574,136 SALES /RESALE 1,562,615 1,562,615 0 0 0 SCHOOL 5,364,596 1,934,606 1,212,060 678,240 1,539,690 TOTAL 310,219,433 63,418,188 20,168,943 57,049,346 169,582,956 KILOWATT HOURS SOLD TO TOTAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 33.47% 10.38% 4.96% 7.35% 10.78% COMM 6 IND 61.66% 7.70% 0.47% 8.75% 44.74% PVT ST LIGHTS 0.13% 0.02% 0.00% 0.04% 0.07% PUB ST LIGHTS 0.44% 0.15% 0.06% 0.08% 0.15% MUNI BLDGS 1.43% 0.35% 0.25% 0.26% 0.55% SALES /RESALE 0.45% 0.45% 0.00% 0.00% 0.00% SCHOOL 2.42% 0.86% 0.54% 0.30% 0.72% TOTAL 100.00% 19.92% 6.29% 16.78% 57.01% YEAR TO DATE RESIDENTIAL 37.36% 11.52% S.51% 8.68% 11.65% COMM & IND 58.66% 7.25% 0.45% 8.95% 42.01% PVT ST LIGHTS 0.13% 0.02% 0.00% 0.03% 0.07% PUB ST LIGHTS 0.38% 0.13% 0.05% 0.06% 0.14% MUNI BLDGS 1.29% 0.29% 0.23% 0.27% 0.50% SALES /RESALE 0.50% 0.50% 0.00% 0.00% 0.00% SCHOOL 1.69% 0.60% 0.37% 0.21% 0.51% TOTAL 100.00% 20.31% 6.61% 18.20% 54.88% LAST YEAR TO DATE RESIDENTIAL 37.02% 11.50% 5.35% 8.74% 11.43% COMM & IND 58.93% 7.36% 0.48% 9.06% 42.03% PVT ST LIGHTS 0.12% 0.02% 0.00% 0.03% 0.07% PUB ST LIGHTS 0.39% 0.13% 0.05% 0.06% 0.15% MUNI BLDGS 1.31% 0.30% 0.23% 0.27% 0.51% SALES /RESALE 0.50% 0.50% 0.00% 0.00% 0.00% SCHOOL 1.73% 0.62% 0.39% 0.22% 0.50% TOTAL 100.00% 20.43% 6.50% 18.38% 54.69% 5i TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT FORMULA INCOME 11/30/12 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) tai 37,055,478.09 0.00 625.35 (34,539,766.03) (1,290.12) 2,515,047.29 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT GENERAL STATISTICS 11/30/12 MONTH OF MONTH OF % CHANGE YEAR THRU NOV 2011 NOV 2012 2011 2012 NOV 2011 NOV 2012 SALE OF KWH (P.5) 50,902,432 54,797,967 -2.58% 1.10% 310,219,433 313,616,870 KWH PURCHASED 54,461,222 54,987,944 -2.14% 1.34% 314,905,945 319,140,868 AVE BASE COST PER KWH 0.029739 0.038947 -6.82% 9.81% 0.034741 0.038150 AVE BASE SALE PER KWH 0.065632 0.064221 4.89% -0.33% 0.064771 0.064557 AVE COST PER KWH 0.078274 0.088864 -4.98% -1.54% 0.086948 0.085611 AVE SALE PER KWH 0.115620 0.114225 -0.97% -4.76% 0.118083 0.112462 FUEL CHARGE REVENUE (P.3) 2,544,526.70 2,740,129.47 -9.65% -9.16% 16,538,329.12 15,023,848.86 LOAD FACTOR 64.13% 68.15% PEAK LOAD 116,342 110,524 kwh analysis X0.070 $0.055 $0.040 A-r Al t,' � .,yam � $0.025 base cost fuel cost —fuel revenue -<-- base revenue $0.010 r- r--- r--- T- r-- r-- - -, - -T - -. 1 7 ,_ Coll (W., TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF CASH AND INVESTMENTS 11/30/12 SCHEDULE A PREVIOUS YEAR CURRENT YEAR UNRESTRICTED CASH CASH - OPERATING FUND 8,534,194.46 10,590,145.63 CASH - PETTY CASH 3,000.00 3,000.00 TOTAL UNRESTRICTED CASH 8,537,194.46 10,593,145.63 RESTRICTED CASH CASH - DEPRECIATION FUND 4,361,383.89 3,596,243.51 CASH - TOWN PAYMENT 1,490,000.00 1,513,927.50 CASH - DEFERRED FUEL RESERVE 2,870,087.56 1,922,765.87 CASH - RATE STABILIZATION FUND 5,060,547.41 6,685,766.16 CASH - UNCOLLECTIBLE ACCTS RESERVE 200,000.00 200,000.00 CASH - SICR LEAVE BENEFITS 1,946,604.57 2,985,870.01 CASH - HAZARD WASTE RESERVE 150,000.00 150,000.00 CASH - CUSTOMER DEPOSITS 592,778.89 645,740.42 CASH - ENERGY CONSERVATION 163,623.22 187,067.49 CASH - OPEB 972,432.18 1,346,175.49 TOTAL RESTRICTED CASH 17,807,457.72 19,233,556.45 RESTRICTED INVESTMENTS + RATE STABILIZATION 1,000,000.00 0.00 +* SICR LEAVE BENEFITS 1,000,000.00 0.00 + +• OPEB 200,000.00 0.00 TOTAL RESTRICTED INVESTMENTS 2,200,000.00 0.00 TOTAL CASH BALANCE 28,544,652.18 29,826,702.08 NOV 2011 * FREDDIE MAC 1,000,000.00; DTD 09/10/10; INT 2.00 %; MATURITY 09/15/20 •+ FREDDIE MAC 1,000,000.00; DTD 09/10/10; INT 2.00 %; MATURITY 09/15/20 ••• FREDDIE MAC 200,000.00; DTD 09/10/10; INT 2.00 %; MATURITY 09/15/20 m TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF ACCOUNTS RECEIVABLE 11/30/12 SCHEDULE OF ACCOUNTS RECEIVABLE RESIDENTIAL AND COMMERCIAL ACCOUNTS RECEIVABLE - OTHER ACCOUNTS RECEIVABLE - LIENS ACCOUNTS RECEIVABLE - EMPLOYEE ADVANCES SALES DISCOUNT LIABILITY RESERVE FOR UNCOLLECTIBLE ACCOUNTS TOTAL ACCOUNTS RECEIVABLE BILLED UNBILLED ACCOUNTS RECEIVABLE TOTAL ACCOUNTS RECEIVABLE, NET SCHEDULE OF PREPAYMENTS PREPAID INSURANCE PREPAYMENT PURCHASED POWER PREPAYMENT PASNY PREPAYMENT WATSON PURCHASED POWER WORKING CAPITAL TOTAL PREPAYMENT ACCOUNTS RECEIVABLE AGING NOVEMBER 2012: RESIDENTIAL AND COMMERCIAL LESS: SALES DISCOUNT LIABILITY GENERAL LEDGER BALANCE CURRENT 30 DAYS 60 DAYS 90 DAYS OVER 90 DAYS TOTAL PREVIOUS YEAR 3,546,372.84 131,138.34 52,314.95 892.14 (301,797.72) (284,025.88) 3,144,894.67 4,830,294.37 7,975,189.04 396,949.51 27,764.05 238,330.65 163,444.49 14,523.70 841,012.40 2,927,924.64 (267,190.23) 2,660,734.41 2,310,043.05 86.82% 188,754.20 7.09% 79,173.52 2.98% 14,659.70 0.55% 68,103.94 2.56% 2,660,734.41 100.00% SCHEDULE B CURRENT YEAR 2,927,924.64 162,743.97 38,066.03 892.14 (267,190.23) (245,049.00) 2,617,387.55 4,915,936.83 7,533,324.38 1,528,643.32 (47,247.49) 241,849.32 245,413.96 14,523.70 1,983,182.81 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING REVENUE 11/30/12 SCHEDULE D MUNICIPAL SALES: STREET LIGHTING 29,238.94 MUNICIPAL BUILDINGS 87,438.71 TOTAL MUNICIPAL CONSUMERS 116,677.65 SALES FOR RESALE 23,289.80 SCHOOL 133,174.21 28,123.10 165,553.31 139,785.30 - 15.56% 91,249.34 494,619.26 461,887.27 -6.62% 119,372.44 660,172.57 601,672.57 -8.86% 29,217.86 MONTH MONTH LAST YEAR CURRENT YEAR YTD % SALES OF ELECTRICITY: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE RESIDENTIAL SALES 2,281,854.12 2,356,162.73 15,099,501.05 14,703,735.59 -2.62% COMM AND INDUSTRIAL SALES 3,324,417.21 3,603,265.81 20,019,803.38 19,160,402.89 -4.29% PRIVATE STREET LIGHTING 5,918.59 5,885.53 35,068.05 28,663.57 - 18.26% TOTAL PRIVATE CONSUMERS 5,612,189.92 5,965,314.07 35,154,372.48 33,892,802.05 -3.59% MUNICIPAL SALES: STREET LIGHTING 29,238.94 MUNICIPAL BUILDINGS 87,438.71 TOTAL MUNICIPAL CONSUMERS 116,677.65 SALES FOR RESALE 23,289.80 SCHOOL 133,174.21 28,123.10 165,553.31 139,785.30 - 15.56% 91,249.34 494,619.26 461,887.27 -6.62% 119,372.44 660,172.57 601,672.57 -8.86% 29,217.86 191,562.84 183,965.47 -3.97% 145,417.74 625,417.15 591,683.55 -5.39% SUB -TOTAL 5,885,331.58 6,259,322.11 36,631,525.04 35,270,123.64 -3.72% lvaw FORFEITED DISCOUNTS 81,065.45 62,571.53 412,653.17 437,768.75 6.09% PURCHASED POWER CAPACITY (9,670.44) 166,053.44 (58,930.78) 949,631.67 - 1711.44% ENERGY CONSERVATION - RESIDENTIAL 17,717.05 18,355.30 91,477.97 117,226.19 28.15% ENERGY CONSERVATION - COMMERCIAL 32,392.14 35,595.23 154,279.20 191,551.36 24.16% GAW REVENUE 50,909.40 54,816.73 310,203.82 313,475.42 1.05% NYPA CREDIT (47,451.31) (22,566.16) (282,947.29) (224,298.94) - 20.73% TOTAL REVENUE 37,055,478.09 -0.54% 6,010,293.87 6,574,148.18 37,258,261.13 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING REVENUE BY TOWN 11/30/12 PERCENTAGE OF OPERATING INCOME TO TOTAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL INDUS /MUNI BLDG PUB.ST.LIGHTS PRV.ST.LIGHTS CO -OP RESALE SCHOOL TOTAL THIS YEAR TO DATE RESIDENTIAL INDUS /MUNI BLDG PUB.ST.LIGHTS PRV.ST.LIGHTS CO -OP RESALE SCHOOL TOTAL LAST YEAR TO DATE RESIDENTIAL INDUS /MUNI BLDG PUB.ST.LIGHTS PRV.ST.LIGHTS CO -OP RESALE SCHOOL TOTAL 37.64% TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH 0.73% 8.78% 41.50% 0.46% 0.15% RESIDENTIAL 2,356,162.73 734,188.81 347,137.40 517,263.39 757,573.13 INDUS /MUNI BLDG 3,694,515.15 501,424.26 45,933.65 549,256.72 2,597,900.52 PUB.ST.LIGHTS 28,123.10 9,177.62 3,633.03 4,941.70 10,370.75 PRV.ST.LIGHTS 5,885.53 1,075.40 107.64 1,769.99 2,932.50 CO -OP RESALE 29,217.86 29,217.86 0.00 0.00 0.00 SCHOOL 145,417.74 51,833.59 31,964.30 18,842.28 42,777.57 TOTAL 6,259,322.11 ___I, 326, 917.54 428,776.02 1,092,074.08 3,411,554.47 THIS YEAR TO DATE 0.02% 0.05% 0.52% 0.52% 0.00% RESIDENTIAL 14,703,735.59 4,551,896.17 2,157,372.50 3,410,328.68 4,584,138.24 INDUS /MUNI BLDG 19,622,290.16 2,634,574.69 240,916.97 3,104,000.00 13,642,798.50 PUB.ST.LIGHTS 139,785.30 45,082.82 17,834.19 25,859.70 51,008.59 PRV.ST.LIGHTS 28,663.57 5,248.88 524.64 8,651.20 14,238.85 CO -OP RESALE 183,965.47 183,965.47 0.00 0.00 0.00 SCHOOL 591,683.55 212,658.75 128,048.19 75,188.12 175,788.49 TOTAL 35,270,123.64 7,633,426.78 2,544,696.47 6,624,027.71 18,467,972.68 LAST YEAR TO DATE RESIDENTIAL 15,099,501.05 4,699,256.43 2,179,672.33 3,553,239.42 4,667,332.87 INDUS /MUNI BLDG 20,514,422.64 2,773,988.18 259,115.34 3,259,127.82 14,222,191.30 PUB.ST.LIGHTS 165,553.31 53,712.56 20,486.58 29,324.89 62,029.28 PRV.ST.LIGHTS 35,068.05 6,598.04 643.20 10,759.27 17,067.54 CO -OP RESALE 191,562.84 191,562.84 0.00 0.00 0.00 SCHOOL 625,417.15 227,692.73 138,372.40 81,064.34 178,287.68 TOTAL 36,631,525.04 7,952,810.78 2,598,289.85 6,933,515.74 19,1461908.67 PERCENTAGE OF OPERATING INCOME TO TOTAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL INDUS /MUNI BLDG PUB.ST.LIGHTS PRV.ST.LIGHTS CO -OP RESALE SCHOOL TOTAL THIS YEAR TO DATE RESIDENTIAL INDUS /MUNI BLDG PUB.ST.LIGHTS PRV.ST.LIGHTS CO -OP RESALE SCHOOL TOTAL LAST YEAR TO DATE RESIDENTIAL INDUS /MUNI BLDG PUB.ST.LIGHTS PRV.ST.LIGHTS CO -OP RESALE SCHOOL TOTAL 37.64% 11.73% 5.55% 8.26% 12.10% 59.02% 8.01% 0.73% 8.78% 41.50% 0.46% 0.15% 0.06% 0.08% 0.17% 0.09% 0.02% 0.00% 0.03% 0.04% 0.47% 0.47% 0.00% 0.00% 0.00% 2.32% 0.83% 0.51% 0.30% 0.68% 100.00% 21.21% 6.85% 17.45% 54.49% 18.93% 41.70% 12.91% 6.12% 9.67% 13.00% 55.63% 7.47% 0.68% 8.80% 38.68% 0.39% 0.13% 0.05% 0.07% 0.14% 0.08% 0.01% 0.00% 0.02% 0.05% 0.52% 0.52% 0.00% 0.00% 0.00% 1.68% 0.60% 0.36% 0.21% 0.51% 100.00% 21.64% 7.21% 18.77% 52.38% 41.22% 12.83% 5.95% 9.70% 12.74% 56.00% 7.57% 0.71% 8.90% 38.82% 0.45% 0.15% 0.06% 0.08% 0.16% 0.10% 0.02% 0.00% 0.03% 0.05% 0.52% 0.52% 0.00% 0.00% 0.00$ 1.71% 0.62% 0.38% 0.22% 0.49% 100.00% 21.71% 7.10% 52.26% 18.93% (11A) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED REVENUE VARIANCE REPORT 11/30/12 SCHEDULE F ( ) = ACTUAL UNDER BUDGET m (118) ACTUAL BUDGET % YEAR TO DATE YEAR TO DATE VARIANCE • CHANGE SALES OF ELECTRICITY: RESIDENTIAL 9,092,669.18 9,375,558.00 (282,888.82) -3.02% COHN AND INDUSTRIAL SALES PRIVATE STREET LIGHTING 10,626,269.75 10,930,171.00 (303,901.25) -2.78% MUNICIPAL BUILDINGS PUBLIC STREET LIGHTING 82,704.85 84,428.00 (1,723.15) -2.04% SALES FOR RESALE 108,416.93 127,668.00 (19,251.07) - 15.08% SCHOOL 336,214.07 347,296.00 (11,081.93) -3.19% TOTAL BASE SALES 20,246,274.78 20,865,121.00 (618,846.22) -2.97% TOTAL FUEL SALES 15,023,848.86 13,947,674.00 1,076,174.86 7.72% TOTAL OPERATING REVENUE 35,270,123.64 34,812,795.00 457,328.64 1.31% FORFEITED DISCOUNTS 437,768.75 459,032.00 (21,263.25) -4.63% PURCHASED POWER CAPACITY 949,631.67 954,253.00 (4,621.33) -0.48% ENERGY CONSERVATION - RESIDENTIAL 117,226.19 116,383.00 843.19 0.72% ENERGY CONSERVATION - COMMERCIAL 191,551.36 198,630.00 (7,078.64) -3.56% GAW REVENUE 313,475.42 315,013.00 (1,537.58) -0.49% PASNY CREDIT (224,298.94) (291,665.00) 67,366.06 - 23.10% TOTAL OPERATING REVENUES 37,055,478.09 36,564,441.00 491,037.09 1.34% ( ) = ACTUAL UNDER BUDGET m (118) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING EXPENSES 11/30/12 SCHEDULE E PURCHASED POWER FUEL EXPENSE VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES 2,643,246.46 2,744,817.28 16,440,519.05 15,146,828.53 -7.87% 113,000.00 114,000.00 565,000.00 570,000.00 0.88% 5,878,699.16 6,538,921.93 34,416,577.75 34,539,766.03 m 0.36% MONTH MONTH LAST YEAR CURRENT YEAR YTD % OPERATION EXPENSES: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE PURCHASED POWER BASE EXPENSE 1,619,641.67 2,141,608.94 10,940,249.03 12,175,141.90 11.29% OPERATION SUP AND ENGINEERING EXP 57,802.28 36,762.78 231,841.26 222,897.80 -3.86% STATION SUP LABOR AND MISC 11,943.73 4,545.17 57,127.01 34,289.23 - 39.98% LINE MISC LABOR AND EXPENSE 54,857.82 62,040.47 283,872.40 274,034.43 -3.47% STATION LABOR AND EXPENSE 48,766.96 49,071.59 206,729.24 235,796.51 14.06% STREET LIGHTING EXPENSE 7,373.57 6,576.97 40,731.77 30,939.66 - 24.04% METER EXPENSE 35,018.50 11,478.64 120,040.54 78,003.73 - 35.02% MISC DISTRIBUTION EXPENSE 28,128.72 27,533.24 137,108.61 142,877.25 4.21% METER READING LABOR & EXPENSE 6,111.91 6,325.28 39,422.11 38,418.69 -2.55% ACCT & COLL LABOR & EXPENSE 165,369.18 104,181.35 563,152.13 618,471.59 9.82% UNCOLLECTIBLE ACCOUNTS 16,000.00 8,333.33 80,000.00 41,666.65 - 47.92% ENERGY AUDIT EXPENSE 35,252.38 42,890.00 175,066.60 198,999.20 13.67% ADMIN & GEN SALARIES 57,991.90 59,562.77 301,299.55 314,514.71 4.39% OFFICE SUPPLIES & EXPENSE 7,286.94 36,634.90 76,430.33 98,423.44 28.78% OUTSIDE SERVICES 60,047.89 58,198.45 175,236.11 183,011.62 4.44% PROPERTY INSURANCE 31,778.71 31,678.42 158,929.59 158,639.10 -0.18% INJURIES AND DAMAGES 16,524.35 3,940.15 9,697.29 19,262.14 98.63% EMPLOYEES PENSIONS & BENEFITS 115,303.27 143,111.01 650,244.08 823,825.73 26.69% MISC GENERAL EXPENSE 22,570.71 33,633.45 77,775.54 82,594.13 6.20% RENT EXPENSE 27,599.16 13,809.94 83,463.03 89,923.02 7.74% ENERGY CONSERVATION 27,589.68 245,586.97 230,402.72 414,871.09 80.06% TOTAL OPERATION EXPENSES 833,317.66 985,894.88 3,698,569.91 4 101 459 72 10.89% MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT 227.10 227.10 1,135.50 1,135.50 0.00% MAINT OF STRUCT AND EQUIPMT 30,583.54 8,846.89 95,273.78 54,395.44 - 42.91% MAINT OF LINES - OH 279,071.11 144,196.74 806,176.86 628,414.27 - 22.05% MAINT OF LINES - UG 11,545.28 30,387.17 84,337.57 59,232.39 - 29.77% MAINT OF LINE TRANSFORMERS 8,393.02 7,584.76 32,416.62 19,503.83 - 39.83% MAINT OF ST LT & SIG SYSTEM (40.34) (42.08) (277.08) (244.40) - 11.79% MAINT OF GARAGE AND STOCKROOM 34,207.86 45,545.81 205,732.01 195,720.58 -4.87% MAINT OF METERS 3,228.91 2,210.77 31,971.08 17,790.61 - 44.35% MAINT OF GEN PLANT 6,249.42 8,174.49 35,336.07 43,041.76 21.81% TOTAL MAINTENANCE EXPENSES 373,465.90 247,131.65 - 21.14% 1,292,102.41 1,018,989.98 DEPRECIATION EXPENSE 296,027.47 305,469.18 1,480,137.35 1,527,345.90 3.19% PURCHASED POWER FUEL EXPENSE VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES 2,643,246.46 2,744,817.28 16,440,519.05 15,146,828.53 -7.87% 113,000.00 114,000.00 565,000.00 570,000.00 0.88% 5,878,699.16 6,538,921.93 34,416,577.75 34,539,766.03 m 0.36% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED OPERATING EXPENSE VARIANCE REPORT 11/30/12 OPERATION EXPENSES: PURCHASED POWER BASE EXPENSE 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 UNCOLLECTIBLE 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 EQUIPMENT MAINT OF LINES - OH MAINT OF LINES - UG MAINT OF LINE TRANSFORMERS MAINT OF ST LT & 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 • ( ) = ACTUAL UNDER BUDGET SCHEDULE G ACTUAL BUDGET % YEAR TO DATE YEAR TO DATE VARIANCE • CHANGE 12,175,141.90 13,279,411.00 (1,104,269.10) -8.32% 222,897.80 190,192.00 32,705.80 17.20% 34,289.23 33,214.00 1,075.23 3.24% 274,034.43 260,846.00 13,188.43 5.06% 235,796.51 180,898.00 54,898.51 30.35% 30,939.66 34,078.00 (3,138.34) -9.21% 78,003.73 58,020.00 19,983.73 34.44% 142,877.25 148,060.00 (5,182.75) -3.50% 38,418.69 41,603.00 (3,184.31) -7.65% 618,471.59 555,811.00 62,660.59 11.27% 41,666.65 41,665.00 1.65 0.00% 198,999.20 189,704.00 9,295.20 4.90% 314,514.71 305,983.00 8,531.71 2.79% 98,423.44 105,885.00 (7,461.56) -7.05% 183,011.62 298,495.00 (115,483.38) - 38.69% 158,639.10 196,465.00 (37,825.90) - 19.25% 19,262.14 23,875.00 (4,612.86) - 19.32% 823,825.73 802,330.00 21,495.73 2.68% 82,594.13 107,970.00 (25,375.87) - 23.50% 89,923.02 88,335.00 1,588.02 1.80% 414,871.09 297,733.00 117,138.09 39.34% 4,101,459.72 3,961,162.00 140,297.72 3.54% 1,135.50 1,250.00 (114.50) -9.16% 54,395.44 48,847.00 5,548.44 11.36% 628,414.27 490,382.00 138,032.27 28.15% 59,232.39 68,917.00 (9,684.61) - 14.05% 19,503.83 86,035.00 (66,531.17) - 77.33% (244.40) 3,953.00 (4,197.40) - 106.18% 195,720.58 270,106.00 (74,385.42) - 27.54% 17,790.61 30,439.00 (12,648.39) - 41.55% 43,041.76 54,630.00 (11,588.24) - 21.21% 1,018, 989 .98 1,054,559.00 (35,569.02) -3.37% 1,527,345.90 1,520,835.00 6,510.90 0.43% 15,146,828.53 13,841,284.00 1,305,544.53 9.43% 570,000.00 570,000.00 0.00 0.00% 0.91% 34,539,766.03 34,227,251.00 312,515.03 :: A TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED OPERATING EXPENSE VARIANCE REPORT 11/30/12 DEPRECIATION EXPENSE PURCHASED POWER FUEL EXPENSE VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES RF 3,650,000.00 1,527,345.90 2,122,654.10 58.15% JP RF 30,500,000.00 15,146,828.53 15,353,171.47 50.34% 1,368,000.00 570,000.00 798,000.00 58.33% 83,767,500.00 34,539,766.03 43,183,438.97 1 2B� 51.55% 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 12,175,141.90 17,927,600.10 59.55% OPERATION SUP AND ENGINEERING EXP KS 468,949.00 222,897.80 246,051.20 52.47% STATION SUP LABOR AND MISC KS 79,813.00 34,289.23 45,523.77 57.04% LINE MISC LABOR AND EXPENSE KS 671,309.00 274,034.43 397,274.57 59.18% STATION LABOR AND EXPENSE KS 448,249.00 235,796.51 212,452.49 47.40% STREET LIGHTING EXPENSE KS 83,106.00 30,939.66 52,166.34 62.77% METER EXPENSE KS 197,329.00 78,003.73 119,325.27 60.47% MISC DISTRIBUTION EXPENSE KS 366,489.00 142,877.25 223,611.75 61.01% METER READING LABOR & EXPENSE KS 69,946.00 38,418.69 31,527.31 45.07% ACCT & COLL LABOR & EXPENSE RF 1,385,210.00 618,471.59 766,738.41 55.35% UNCOLLECTIBLE ACCOUNTS RF 100,000.00 41,666.65 58,333.35 58.33% ENERGY AUDIT EXPENSE JP 479,013.00 198,999.20 280,013.80 58.46% ADMIN & GEN SALARIES VC 761,068.00 314,514.71 446,553.29 58.67% OFFICE SUPPLIES & EXPENSE VC 253,950.00 98,423.44 155,526.56 61.24% OUTSIDE SERVICES VC 507,125.00 183,011.62 324,113.38 63.91% PROPERTY INSURANCE KS 471,500.00 158,639.10 312,860.90 66.35% INJURIES AND DAMAGES KS 56,619.00 19,262.14 37,356.86 65.98% EMPLOYEES PENSIONS & BENEFITS KS 1,889,623.00 823,825.73 1,065,797.27 56.40% MISC GENERAL EXPENSE VC 200,785.00 82,594.13 118,190.87 58.86% RENT EXPENSE KS 212,000.00 89,923.02 122,076.98 57.58% ENERGY CONSERVATION JP 697,983.00 414,871.09 283,111.91 40.56% TOTAL OPERATION EXPENSES 8,823,105.00 4,101,459.72 60.05% 5,298,606.28 MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT KS 3,000.00 1,135.50 1,864.50 62.15% MAINT OF STRUCT AND EQUIPMT KS 114,120.00 54,395.44 59,724.56 52.33% MAINT OF LINES - OH KS 1,250,421.00 628,414.27 622,006.73 49.74% MAINT OF LINES - UG KS 285,371.00 59,232.39 226,138.61 79.24% MAINT OF LINE TRANSFORMERS KS 188,500.00 19,503.83 168,996.17 89.65% MAINT OF ST LT & SIG SYSTEM KS 9,684.00 (244.40) 9,928.40 102.52% MAINT OF GARAGE AND STOCKROOM KS 672,589.00 195,720.58 476,868.42 70.90% MAINT OF METERS KS 47,392.00 17,790.61 29,601.39 62.46% MAINT OF GEN PLANT RF 131,320.00 43,041.76 88,278.24 67.22% TOTAL MAINTENANCE EXPENSES 2,817,401.00 1,018,989.98 59.75% 1,683,407.02 DEPRECIATION EXPENSE PURCHASED POWER FUEL EXPENSE VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES RF 3,650,000.00 1,527,345.90 2,122,654.10 58.15% JP RF 30,500,000.00 15,146,828.53 15,353,171.47 50.34% 1,368,000.00 570,000.00 798,000.00 58.33% 83,767,500.00 34,539,766.03 43,183,438.97 1 2B� 51.55% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT PROFESSIONAL SERVICES 11/30/2012 PROFESSIONAL SERVICES BY PROJECT PROFESSIONAL SERVICES BY VENDOR ACTUAL MELANSON HEATH & COMPANY ITEM DEPARTMENT ACTUAL BUDGET VARIANCE 1 RMLD AND PENSION TRUST AUDIT FEES ACCOUNTING 32,750.00 32,250.00 500.00 2 PENSION ACTUARIAL EVALUATION ACCOUNTING 3,750.00 0.00 3,750.00 3 LEGAL- FERC /ISO ISSUES ENERGY SERVICE 0.00 7,500.00 (7,500.00) 4 LEGAL- POWER SUPPLY ISSUES ENERGY SERVICE 10,142.10 18,750.00 (8,607.90) 5 PROFESSIONAL SERVICES ENERGY SERVICE 9,939.80 10,000.00 (60.20) 6 NERC COMPLIANCE AND AUDIT E & 0 5,820.00 4,200.00 1,620.00 7 LOAD CAPACITY STUDY ENGINEERING 0.00 7,500.00 (7,500.00) 8 STROM HARDENING STUDY ENGINEERING 0.00 50,000.00 (50,000.00) 9 LEGAL - GENERAL, MMWEC AUDIT GM 36,102.39 62,500.00 (26,397.61) 10 LEGAL SERVICES - GENERAL HR 44,574.15 33,600.00 10,974.15 11 LEGAL SERVICES - NEGOTIATIONS HR 13,457.96 27,600.00 (14,142.04) 12 LEGAL GENERAL BLDG. MAINT. 10,300.90 625.00 9,675.90 13 SURVEY RIGHT OF WAY BLDG. MAINT. 0.00 2,085.00 (2,085.00) 14 ENVIRONMENTAL BLDG. MAINT. 0.00 2,085.00 (2,085.00) 15 ENGINEERING SERVICES BLDG. MAINT. 14,118.05 3,550.00 10,568.05 16 REPAIR RAMP AND DECK AREA BLDG. MAINT. 0.00 30,000.00 (30,000.00) 17 INSURANCE CONSULTANT GEN. BENEFIT 0.00 4,165.00 (4,165.00) 18 LEGAL GEN. BENEFIT 0.00 2,085.00 (2,085.00) 19 SITE ASSESSMENT FOR MAJOR UPGRADE ACCOUNTING 2,056.27 0.00 2,056.27 TOTAL 183,011.62 298,495.00 (115,483.38) PROFESSIONAL SERVICES BY VENDOR ACTUAL MELANSON HEATH & COMPANY 32,750.00 HUDSON RIVER ENERGY GROUP 2,895.80 STONE CONSULTING INC. 3,750.00 RUBIN AND RUDMAN 25,853.91 UTILITY SERVICES INC. 5,820.00 DUNCAN & ALLEN 30,691.48 CHOATE HALL & STEWART 53,260.11 MENDERS TORREY & SPENCER 12,385.55 RICHARD HIGGINS ARBITRATOR 2,710.00 GARRY WOOTERS ARBITRATOR 2,062.00 CMEEC 7,044.00 JM ASSOCIATES 1,732.50 COGSDALE 2,056.27 TOTAL 183,011.62 m RMLD BUDGET VARIANCE REPORT FOR PERIOD ENDING NOVEMBER 30, 2012 DIVISION ACTUAL BUDGET VARIANCE CHANGE ENGINEERING AND OPERATIONS 1,754,623 1,672,782 81,840 4.89% ENERGY SERVICES 635,127 523,898 111,229 21.23% GENERAL MANAGER 367,250 400,606 (33,356) -8.33% FACILITY MANAGER 1,511,016 1,616,149 (105,133) -6.51% BUSINESS DIVISION 3,894,998 3,838,121 56,877 1.48% SUB -TOTAL 8,163,013 8,051,556 111,457 1.38% PURCHASED POWER - BASE 12,175,142 13,279,411 (1,104,269) -8.32% PURCHASED POWER - FUEL 15,146,829 13,841,284 1,305,545 9.43% TOTAL 35,484,984 35,172,251 312,733 0.89% RMLD DEFERRED FUEL CASH RESERVE ANALYSIS 11/30/12 GROSS MONTHLY TOTAL DATE CHARGES REVENUES NYPA CREDIT DEFERRED DEFERRED Jun -12 2,270,044.48 Jul -12 3,581,715.28 3,492,843.61 (61,106.90) (149,978.57) 2,120,065.91 Aug -12 3,578,611.20 2,914,978.35 (44,365.80) (707,998.65) 1,412,067.26 Sep -12 2,646,309.32 3,486,749.45 (47,478.80) 792,961.33 2,205,028.59 Oct -12 2,595,375.45 2,389,147.98 (48,781.28) (255,008.75) 1,950,019.84 Nov -12 2,744,817.28 2,740,129.47 (22,566.16) (27,253.97) 1,922,765.87 RMLD STAFFING REPORT FOR FISCAL YEAR ENDING JUNE, 2013 13 BUD JUL AUG SEP OCT NOV TOTAL 12 12 12 12 12 (RNFRAi. MANA GER GENERAL MANAGER 2.00 2.00 2.00 2.00 2.00 2.00 HUMAN RESOURCES 1.00 1.00 1.00 1.00 1.00 1.00 COMMUNITY RELATIONS 1.00 1.00 1.00 1.00 1.00 1.00 TOTAL 4.00 4.00 4.00 4.00 4.00 4.00 BUSINESS ACCOUNTING 2.00 2.00 2.00 2.00 2.00 2.00 CUSTOMER SERVICE ** 7.75 7.75 7.75 7.75 7.75 7.75 MGMT INFORMATION SYS * 6.25 6.00 6.00 6.00 6.00 6.00 MISCELLANEOUS 1.00 1.00 1.00 1.00 1.00 1.00 TOTAL 17.00 16.75 16.75 16.75 16.75 16.75 ENGINEERING & OPERATIONS AGM E &O 2.00 2.00 1.00 1.00 1.00 1.00 ENGINEERING 5.00 5.00 5.00 5.00 5.00 5.00 LINE 21.00 21.00 21.00 21.00 21.00 21.00 METER 4.00 3.00 3.00 3.00 3.00 3.00 STATION 8.00 8.00 8.00 8.00 8.00 8.00 TOTAL 40.00 39.00 38.00 38.00 38.00 38.00 PROJECT BUILDING 2.00 2.00 2.00 2.00 2.00 2.00 GENERAL BENEFITS 2.00 1.00 2.00 2.00 2.00 2.00 TRANSPORTATION - - - _ - _ MATERIALS MGMT 4.00 3.00 4.00 4.00 4.00 4.00 TOTAL 8.00 6.00 8.00 8.00 8.00 8.00 ENERGY SERVICES ENERGY SERVICES * 5.50 4.50 4.50 4.50 4.50 4.50 TOTAL 5.50 4.50 4.50 4.50 4.50 4.50 RMLD TOTAL 74.50 70.25 71.25 71.25 71.25 71.25 CQNTRACTQF,S UG LINE 2.00 2.00 2.00 2.00 2.00 2.00 TOTAL 2.00 2.00 2.00 2.00 2.00 2.00 GRAND TOTAL 76.50 72.25 73.25 73.25 73.25 73.25 ' part time employee '# part time employee and a coop student '^ part time employee and a temp Dt: January 29, 2013 To: RMLB, Vincent F. Cameron, Jr., Jeanne Foti Fr: Bob Fournier Sj: December 31, 2012 Report The results for the first six months ending December 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 December, the net income or the positive change in net assets was $5,691, increasing the year to date net income to $1,690,040. The year to date budgeted net income was $883,008, resulting in net income being over budget by $807,032 or 91.4 %. Actual year to date fuel expenses exceeded fuel revenues by $297,850. 2) Revenues: (Page 11B) Year to date base revenues were under budget by $740,503 or 3.02 %. Actual base revenues were $23.8 million compared to the budgeted amount of $24.5 million. 3) Expenses: (Page 12A) *Year to date purchased power base expense was under budget by $1,246,684 or 7.95 %. Actual purchased power base costs were $14.4 million compared to the budgeted amount of $15.7 million. *Year to date operating and maintenance (O &M) expenses combined were over budget by $114,525 or 1.88 %. Actual O &M expenses were $6.2 million compared to the budgeted amount of $6.1 million. *Depreciation expense and voluntary payments to the Towns were on budget. 4) Cash: (Page 9) *Operating Fund was at $11,171,080. * Capital Fund balance was at $3,458,260. * Rate Stabilization Fund was at $6,686,773. * Deferred Fuel Fund was at $1,972,193. * Energy Conservation Fund was at $218,231. 5) General Information: Year to date kwh sales (Page 5) were 367,927,359 which is 5.1 million kwh or 1.4 %, ahead last year's actual figure. GAW revenues collected ytd were $367,799 bringing the total collected since inception to $1,664,883. 6) Budget Variance: Cumulatively, the five divisions were over budget by $117,042 or 1.2 %. FINANCIAL REPORT DECEMBER 31, 2012 ISSUE DATE: JANUARY 29, 2013 ASSETS CURRENT UNRESTRICTED CASH RESTRICTED CASH 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 MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF NET ASSETS 12/31/12 PREVIOUS YEAR CURRENT YEAR (SCH A P.9) 8,846,998.72 11,174,080.97 (SCH A P.9) 18,451,783.01 17,677,388.65 (SCH B P.10) 7,935,677.21 7,923,202.02 (SCH B P.10) 1,987,283.95 11989,659.10 1,435,377.82 1,456,654.48 38,657,120.71 40,220,985.22 (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 (1) 73,765.66 46,958.35 67,738,272.59 69,851,692.15 67,812,038.25 69,898,650.50 106,469,158.96 110,119,635.72 5,858,461.48 6,467,113.58 600,918.69 659,170.42 324,606.36 394,781.15 1,220,683.70 1,388,110.36 8,004,670.23 8,909,175.51 2,934,698.58 2,986,360.21 2,934,698.58 2,986,360.21 10,939,368.81 11,895,535.72 57,501,511.59 69,851,692.15 4,125,756.98 3,458,260.56 23,844,294.23 24,914,147.29 95,529,790.15 98,224,100.00 106,469,158.96 110,119,635.72 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT NONCURRENT ASSET SCHEDULE 12/31/12 SCHEDULE C PREVIOUS YEAR CURRENT YEAR SCHEDULE OF INVESTMENTS IN ASSOCIATED COMPANIES NEW ENGLAND HYDRO ELECTRIC 15,747.64 2,975.74 NEW ENGLAND HYDRO TRANSMISSION 58,018.02 43,982.61 TOTAL INVESTMENTS IN ASSOCIATED COMPANIES 73,765.66 46,958.35 SCHEDULE OF CAPITAL ASSETS LAND 1,265,842.23 STRUCTURES AND IMPROVEMENTS 6,561,433.34 EQUIPMENT AND FURNISHINGS 12,915,112.14 INFRASTRUCTURE 46,995,884.88 TOTAL CAPITAL ASSETS, NET 67,738,272.59 TOTAL NONCURRENT ASSETS 67,812,038.25 (2) 1,265,842.23 6,762,569.28 13,008,885.40 48,814,395.24 69,851,692.15 69,898,650.50 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 12/31/12 MONTH MONTH LAST YEAR CURRENT YEAR OPERATING REVENUES: (SCH D P.11) LAST YEAR CURRENT YEAR TO DATE TO DATE BASE REVENUE FUEL REVENUE 3,442,544.04 3,553,437.52 23,535,739.96 23,799,712.30 PURCHASED POWER CAPACITY 2,889,822.54 (9,983.48) 2,987,105.82 19,428,151.66 18,010,954.68 FORFEITED DISCOUNTS 65,913.06 164,559.67 73,051.41 (68,914.26) 1,114,191.34 ENERGY CONSERVATION REVENUE 51,738.57 53,466.50 478,566.23 297,495.74 510,820.16 362,244.05 GAW REVENUE NYPA CREDIT 52,561.03 54,323.79 362,764.85 367,799.21 (63,455.95) (68,965.36) _ (346,403.24) (293,264.30) TOTAL OPERATING REVENUES 6,429,139.81 6,816,979.35 43,687,400.94 43,872,457.44 OPERATING EXPENSES: (SCH E P.12) PURCHASED POWER BASE 2,023,700.87 2,268,056.90 12,963,949.90 14,443,198.80 PURCHASED POWER FUEL 2,968,917.38 2,868,712.69 19,409,436.43 18,015,541.22 OPERATING MAINTENANCE 817,614.11 842,340.12 4,516,184.02 4,943,799.84 DEPRECIATION 225,953.12 233,815.92 1,518,055.53 1,252,805.90 VOLUNTARY PAYMENTS TO TOWNS 296,027.47 109,186.00 305,469.18 1,776,164.82 1,832,815.08 107,383.00 674,186.00 677,383.00 TOTAL OPERATING EXPENSES 6,441,398.95 6,625,777.81 40,857,976.70 41,165,543.84 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 DECEMBER (12,259.14) 191,201.54 2,829,424.24 2,706,913.60 2,794.00 0.00 33,653.74 46,478.95 (183,829.75) (188,785.60) (1,102,978.50) (1,132,713.50) 15,817.19 2,466.56 56,691.62 17,274.18 (2,186.86) (1,317.73) (4,726.77) (2,607.85) 2,265.00 2,127.00 114,143.35 54,694.63 (165.140.42) (185,509.77) (903,216.56) (1,016,873.59) YTD $ CHANGE 1.12% -7.29% - 1716.78% 6.74% 21.76% 1.39% - 15.34% 0.42% 11.41% -7.18% 9.47% - 17.47% 3.19% 0.47% 0.75% -4.33% 38.11% 2.70% - 69.53% - 44.83$ - 52.08% 12.58% - (177,399.56) 5.691.77 1,926,207.68 1,690,040.01 - 12.26% m 93,603,582.47 96,534,059.99 3.13% 95,529,790.15 98,224,100.00 2.82% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 12/31/12 OPERATING REVENUES: (SCH F P.11B) BASE 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 DECEMBER ( ) = ACTUAL UNDER BUDGET ACTUAL BUDGET YEAR TO DATE YEAR TO DATE VARIANCE- 23,799,712.30 24,540,216.00 (740,503.70) 18,010,954.68 16,383,330.00 1,627,624.68 1,114,191.34 1,120,892.00 (6,700.66) 510,820.16 539,884.00 (29,063.84) 362,244.05 370,023.00 (7,778.95) 367,799.21 370,023.00 (2,223.79) (293,264.30) (349,998.00) 56,733.70 43,872,457.44 42,974,370.00 898,087.44 CHANGE -3.02% 9.93$ -0.60$ -5.38% -2.10% -0.60% - 16.21% 2.09% 14,443,198.80 15,689,883.00 (1,246,684.20) -7.95% 18,015,541.22 16,986,395.00 1,029,146.22 6.06% 4,943,799.84 4,800,822.00 142,977.84 2.98% 1,252,805.90 1,281,258.00 (28,452.10) -2.22% 1,832,815.08 1,825,002.00 7,813.08 0.43% 677.383.00 684,000.00 (6,617.00) -0.97% 41,165,543.84 41,267,360.00 (101,816.16) -0.25% 2,706,913.60 1,707,010.00 999,903.60 58.58% 46,478.95 200,000.00 (153,521.05) - 76.76% (1,132,713.50) (1,132,500.00) (213.50) 0.02% 17,274.18 49,998.00 (32,723.82) - 65.45% (2,607.85) (1,500.00) (1,107.85) 73.86% 54,694.63 60,000.00 (5,305.37) -8.84% (1,016,873.59) (824,002.00) (192,871.59) 23.41% 1,690,040.01 883,008.00 807,032.01 91.40$ 96,534,059.99 96,534,059.99 0.00 0.00% 98,224,100.00 97 417,067.99 807,032.01 0.83% i3A) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT RECONCILIATION OF CAPITAL FUNDS 12/31/12 SOURCE OF CAPITAL FUNDS: DEPRECIATION FUND BALANCE 7/1/12 CONSTRUCTION FUND BALANCE 7/1/12 INTEREST ON DEPRECIATION FUND FY 13 DEPRECIATION TRANSFER FY 13 TOTAL SOURCE OF CAPITAL FUNDS USE OF CAPITAL FUNDS: LESS PAID ADDITIONS TO PLANT THRU DECEMBER GENERAL LEDGER CAPITAL FUNDS BALANCE 12/31/12 (4) 2,635,205.70 2,000,000.00 3,830.30 1,832,815.08 6,471,851.08 3,013,590.52 3,458,260.56 9 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SALES OF KILOWATT HOURS 12/31/12 MONTH MONTH LAST YEAR CURRENT YEAR YTD % SALES OF ELECTRICITY: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE RESIDENTIAL SALES 19,083,072 20,523,493 133,932,153 137,688,875 2.80% COMM. AND INDUSTRIAL SALES 30,982,722 31,171,712 213,793,576 215,145,891 0.63% PRIVATE STREET LIGHTING 73,011 73,981 437,141 439,836 0.62% TOTAL PRIVATE CONSUMERS 50,138,805 51,769,186 348,162,870 353,274,602 1.47% MUNICIPAL SALES: STREET LIGHTING 239,252 238,739 1,434,632 1,427,862 -0.47% MUNICIPAL BUILDINGS 735,068 774,496 4,807,845 4,810,821 0.06% TOTAL MUNICIPAL CONSUMERS 974,320 1,013,235 6,242,477 6,238,683 -0.06% SALES FOR RESALE 204,255 230,686 1,766,870 1,808,233 2.34% SCHOOL 1,219,625 1,297,362 6,584,221 6,605,841 0.33% TOTAL KILOWATT HOURS SOLD 52,537,005 54,310,489 362,756,438 367,927,359 1.43% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT KILOWATT HOURS SOLD BY TOWN 12/31/12 TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 20,523,493 6,563,015 2,740,876 4,724,170 6,495,432 COMM & IND 31,171,712 3,898,672 244,938 5,048,440 21,979,662 PVT ST LIGHTS 73,981 13,585 1,360 21,730 37,306 PUB ST LIGHTS 238,739 80,536 32,500 41,176 84,527 MUNI BLDGS 774,496 225,694 135,763 150,282 262,757 SALES /RESALE 230,686 230,686 0 0 0 SCHOOL 1,297,382 446,232 283,521 175,080 392,549 TOTAL 54,310,489 11,458,420 3,438,958 10,160,878 29,252,233 YEAR TO DATE RESIDENTIAL 137,688,875 42,694,379 20,030,501 31,932,213 43,031,782 COMM & IND 215,145,891 26,622,060 1,647,273 33,112,087 153,764,471 PVT ST LIGHTS 439,836 81,510 8,160 128,292 221,874 PUB ST LIGHTS 1,427,862 483,216 194,960 242,524 507,162 MUNI BLDGS 4,810,821 1,141,751 857,999 991,280 1,819,791 SALES /RESALE 1,808,233 1,808,233 0 0 0 SCHOOL 6,605,841 2,336,285 1,445,590 828,800 1,995,166 TOTAL 367,927,359 75,167,434 24,184,483 67,235,196 201,340,246 LAST YEAR TO DATE RESIDENTIAL 133,932,153 41,766,956 19,324,409 31,034,039 41,806,749 COMM & IND 213,793,576 26,819,659 1,720,888 33,201,774 152,051,255 PVT ST LIGHTS 437,141 83,838 8,160 127,708 217,435 PUB ST LIGHTS 1,434,632 482,716 194,622 239,320 517,974 MUNI BLDGS 4,807,845 1,146,340 829,116 989,999 1,842,390 SALES /RESALE 1,766,870 1,766,870 0 0 0 SCHOOL 6,584,221 2,343,730 1,477,978 844,800 1,917,713 TOTAL 362,756,438 74,410,109 23,555,173 66,437,640 198,353,516 KILOWATT HOURS SOLD TO TOTAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 37.79$ 12.08% 5.05% 8.70% 11.96% COMM & IND 57.40% 7.18% 0.45% 9.30% 40.47% PVT ST LIGHTS 0.14% 0.03% 0.00% 0.04% 0.07% PUB ST LIGHTS 0.44% 0.15% 0.06% 0.08% 0.15% MUNI BLDGS 1.43% 0.42% 0.25% 0.28% 0.48% SALES /RESALE 0.42% 0.42% 0.00% 0.00% 0.00% SCHOOL 2.38% 0.82% 0.52% 0.32% 0.72% TOTAL 100.00% 21.10% 6.33% 18.72% 53.85% YEAR TO DATE RESIDENTIAL 37.42% 11.60% 5.44% 8.68% 11.70% COMM & IND 58.48% 7.24% 0.45% 9.00% 41.79% PVT ST LIGHTS 0.11% 0.02% 0.00% 0.03% 0.06% PUB ST LIGHTS 0.39% 0.13% 0.05% 0.07% 0.14% MUNI BLDGS 1.31% 0.31% 0.23% 0.27% 0.50% SALES /RESALE 0.49% 0.49% 0.00% 0.00% 0.00% SCHOOL 1.80% 0.63% 0.39% 0.23% 0.55% TOTAL 100.00% 20.42% 6.56% 18.28% 54.74% LAST YEAR TO DATE RESIDENTIAL 36.92% 11.51% 5.33% 8.56% 11.52% COMM & IND 58.93% 7.39% 0.47% 9.15% 41.92% PVT ST LIGHTS 0.12% 0.02% 0.00% 0.04% 0.06% PUB ST LIGHTS 0.39% 0.13% 0.05% 0.07% 0.14% MUNI BLDGS 1.33% 0.32% 0.23% 0.27% 0.51% SALES /RESALE 0.49% 0.49% 0.00% 0.00% 0.00% SCHOOL 1.82% 0.65% 0.41% 0.23% 0.53% TOTAL 100.00% 20.51$ 6.49$ 18.32$ 54.68$ (6) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT FORMULA INCOME 12/31/12 TOTAL OPERATING REVENUES (P.3) ADD: POLE RENTAL INTEREST INCOME ON CUSTOMER DEPOSITS LESS: OPERATING EXPENSES (P.3) CUSTOMER DEPOSIT INTEREST EXPENSE FORMULA INCOME (LOSS) (7) 43,872,457.44 0.00 406.54 (41,165,543.84) (2,607.85) 2,704,712.29 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT GENERAL STATISTICS 12/31/12 MONTH OF MONTH OF $ CHANGE YEAR THRU DEC 2011 DEC 2012 2011 2012 DEC 2011 DEC 2012 SALE OF KWH (P.5) 52,537,005 54,310,489 -2.72% 1.43% 362,756,438 367,927,359 KWH PURCHASED 59,123,502 59,364,911 -2.55$ 2.37% 374,029,447 382,882,746 AVE BASE COST PER KWH 0.034228 0.038205 -5.94% 8.84% 0.034660 0.037722 AVE BASE SALE PER KWH 0.065526 0.065428 3.88% -0.30% 0.064880 0.064686 AVE COST PER KWH 0.084444 0.086529 -5.55% -2.05% 0.086553 0.084775 AVE SALE PER KWH 0.120532 0.120429 -1.43% -4.05% 0.118437 0.113638 FUEL CHARGE REVENUE (P.3) 2,889,822.54 2,987,105.82 -9.71% -7.29% 19,428,151.66 18,010,954.68 LOAD FACTOR 74.74% 74.66% PEAK LOAD 108,371 108,921 9 (8) $0.085 $0.070 $0.055 $0.040 $0.025 kwh analysis • base cost fuel cost fuel revenue base revenue $0.010 j 0 4 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF CASH AND INVESTMENTS 12/31/12 UNRESTRICTED CASH CASH - OPERATING FUND CASH - PETTY CASH TOTAL UNRESTRICTED CASH RESTRICTED CASH CASH - DEPRECIATION FUND CASH - TOWN PAYMENT CASH - DEFERRED FUEL RESERVE CASH - RATE STABILIZATION FUND CASH - UNCOLLECTIBLE ACCTS RESERVE CASH - SICK LEAVE BENEFITS CASH - HAZARD WASTE RESERVE CASH - CUSTOMER DEPOSITS CASH - ENERGY CONSERVATION CASH - OPEB TOTAL RESTRICTED CASH TOTAL CASH BALANCE 8ID PREVIOUS YEAR 8,843,998.72 3,000.00 8,846,998.72 4,125,756.98 298,000.00 2,727,536.77 6,066,873.15 200,000.00 2,952,113.09 150,000.00 600,918.69 157,897.30 1,172,687.03 18,451,783.01 27,298,781.73 SCHEDULE A CURRENT YEAR 11,171,080.97 3,000.00 11,174,080.97 3,458,260.56 0.00 1,972,193.64 6,686,773.58 200,000.00 2,986,360.21 150,000.00 659,170.42 218,231.21 1,346,399.03 17,677,388.65 28 851,469.62 9 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF ACCOUNTS RECEIVABLE 12/31/12 SCHEDULE OF ACCOUNTS RECEIVABLE RESIDENTIAL AND COMMERCIAL ACCOUNTS RECEIVABLE - OTHER ACCOUNTS RECEIVABLE - LIENS ACCOUNTS RECEIVABLE - EMPLOYEE ADVANCES SALES DISCOUNT LIABILITY RESERVE FOR UNCOLLECTIBLE ACCOUNTS TOTAL ACCOUNTS RECEIVABLE BILLED UNBILLED ACCOUNTS RECEIVABLE TOTAL ACCOUNTS RECEIVABLE, NET SCHEDULE OF PREPAYMENTS PREPAID INSURANCE PREPAYMENT PURCHASED POWER PREPAYMENT PASNY PREPAYMENT WATSON PURCHASED POWER WORKING CAPITAL TOTAL PREPAYMENT ACCOUNTS RECEIVABLE AGING DECEMBER 2012: RESIDENTIAL AND COMMERCIAL LESS: SALES DISCOUNT LIABILITY GENERAL LEDGER BALANCE CURRENT 30 DAYS 60 DAYS 90 DAYS OVER 90 DAYS TOTAL m PREVIOUS YEAR 3,541,093.21 89,069.88 69,806.61 892.14 (295,579.77) (299,899.23) 3,105,382.84 4,830,294.37 7,935,677.21 1,324,999.52 254,014.23 238,330.65 155,415.85 14,523.70 1,987,283.95 3,355,859.22 (278,023.29) 3,077,835.93 2,682,720.68 87.16% 254,428.48 8.27% 50,823.25 1.65% 23,294.92 0.76% 66,568.60 2.16% 3,077,835.93 100.00% SCHEDULE B CURRENT YEAR 3,355,859.22 136,408.86 46,198.20 892.14 (278,023.29) (254,069.94) 3,007,265.19 4,915,936.83 7,923,202.02 1,317,946.94 230,424.89 241,849.32 184,914.25 14,523.70 1,989,659.10 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING REVENUE 12/31/12 (ii) SCHEDULE D SALES OF ELECTRICITY: MONTH LAST YEAR MONTH CURRENT YEAR LAST YEAR CURRENT YEAR YTD $ TO DATE TO DATE CHANGE RESIDENTIAL SALES 2,545,649.80 2,729,606.47 17,645,150.85 17,433,342.06 -1.20% COMM AND INDUSTRIAL SALES 3,491,277.64 3,503,166.95 23,511,081.02 22,663,569.84 -3.60% PRIVATE STREET LIGHTING 6,312.50 6,312.61 41,380.55 34,976.18 - 15.48% TOTAL PRIVATE CONSUMERS 6,043,239.94 6,239,086.03 41,197,612.42 -2.59% 40,131,888.08 MUNICIPAL SALES: STREET LIGHTING 30,456.68 29,316.83 196,009.99 169,102.13 - 13.73% MUNICIPAL BUILDINGS 91,235.04 94,302.63 585,854.30 556,189.90 -5.06% TOTAL MUNICIPAL CONSUMERS 121,691.72 123,619.46 -7.24% 781,864.29 725,292.03 SALES FOR RESALE 25,359.33 28,558.73 216,922.17 212,524.20 -2.03% SCHOOL 142,075.59 149,279.12 767,492.74 740,962.67 -3.46% SUB -TOTAL 6,332,366.58 6,540,543.34 42,963,891.62 41,810,666.98 -2.68% FORFEITED DISCOUNTS 65,913.06 73,051.41 478,566.23 510,820.16 6.74% PURCHASED POWER CAPACITY (9,983.48) 164,559.67 (68,914.26) 1,114,191.34 - 1716.78% ENERGY CONSERVATION - RESIDENTIAL 19,067.96 20,537.34 110,545.93 137,763.53 24.62% ENERGY CONSERVATION - COMMERCIAL 32,670.61 32,929.16 186,949.81 224,480.52 20.08% GAW REVENUE 52,561.03 54,323.79 362,764.85 367,799.21 1.39% NYPA CREDIT (63,455.95) (68,965.36) (346,403.24) (293,264.30) - 15.34% TOTAL REVENUE 6,429,139.81 43,687,400.94 0.42% 6,816,979.35 43,872,457.44 (ii) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING REVENUE BY TOWN 12/31/12 LAST YEAR TO DATE RESIDENTIAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH 24,096,935.32 3,275,568.26 304,845.34 3,856,690.00 16,659,831.72 RESIDENTIAL 2,729,606.47 875,503.33 363,300.08 627,719.73 863,083.33 INDUS /MUNI BLDG 3,597,469.58 495,752.23 46,108.35 595,297.06 2,460,311.94 PUB.ST.LIGHTS 29,316.83 9,580.30 3,795.53 5,147.59 10,793.41 PRV.ST.LIGHTS 6,312.61 1,143.34 114.44 1,913.21 3,141.62 CO -OP RESALE 28,558.73 149,279.12 28,558.73 51,780.94 0.00 32,093.00 0.00 20,529.64 0.00 44,875.54 SCHOOL 2.28% 0.79% 0.49% 0.31% 0.69% TOTAL 19462,318.87 445,411.40 1,250,607.23 3,382,205.84 6,540,543.3.4 THIS YEAR TO DATE RESIDENTIAL 17,433,342.06 5,427,399.50 2,520,672.58 4,038,048.41 5,447,221.57 INDUS /MUNI BLDG 23,219,759.74 3,130,326.92 287,025.32 3,699,297.06 16,103,110.44 PUB.ST.LIGHTS 169,102.13 54,663.12 21,629.72 31,007.29 61,802.00 PRV.ST.LIGHTS 34,976.18 6,392.22 639.08 10,564.41 17,380.47 CO -OP RESALE 212,524.20 212,524.20 264,439.69 0.00 160,141.19 0.00 95,717.76 0.00 220,664.03 SCHOOL 740,962.67 TOTAL 9,095,745.65 2,990,107.87 7,874,634.94 21,850,178.52 41,810,666.98 LAST YEAR TO DATE RESIDENTIAL 17,645,150.85 5,515,974.62 2,538,956.71 4,077,936.03 5,512,283.49 INDUS /MUNI BLDG 24,096,935.32 3,275,568.26 304,845.34 3,856,690.00 16,659,831.72 PUB.ST.LIGHTS 196,009.99 63,318.81 24,284.22 34,849.77 73,557.19 PRV.ST.LIGHTS 41,380.55 7,757.86 758.10 12,712.64 20,151.95 CO -OP RESALE 216,922.17 767,492.74 216,922.17 276,272.32 0.00 168,673.67 0.00 100,725.43 0.00 221,821.32 SCHOOL 0.10% 0.02% 0.00% 0.03% 0.05% TOTAL 42,963,891.62 9,355,814.04 3,037.518.04 8,082,913.87 22,487,645.67 PERCENTAGE OF OPERATING INCOME TO TOTAL TOTAL 100.00% 22.37% 6.80$ 19.12% 51.71% THIS YEAR TO DATE RESIDENTIAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH 55.54% 7.49% 0.69% 8.85% 38.51% RESIDENTIAL 41.73% 13.39% 5.55% 9.60% 13.19% INDUS /MUNI BLDG 55.00% 7.58% 0.70% 9.10% 37.62% PUB.ST.LIGHTS 0.45% 0.15% 0.06% 0.08% 0.16% PRV.ST.LIGHTS 0.10% 0.02% 0.00% 0.03% 0.05% CO -OP RESALE 0.44% 0.44% 0.00% 0.00% 0.00% SCHOOL 2.28% 0.79% 0.49% 0.31% 0.69% TOTAL 100.00% 22.37% 6.80$ 19.12% 51.71% THIS YEAR TO DATE RESIDENTIAL 41.70% 12.98% 6.03% 9.66% 13.03% INDUS /MUNI BLDG 55.54% 7.49% 0.69% 8.85% 38.51% PUB.ST.LIGHTS 0.40% 0.13% 0.05% 0.07% 0.15% 0.03% PRV.ST.LIGHTS 0.08% 0.02% 0.00% 0.03% 0.00% CO -OP RESALE 0.51% 0.51% 0.00% 0.00% 0.53% SCHOOL 1.77% 0.63% 0.38% 0.23% TOTAL 100.00$ 21.76% 7.15% 18.84% 52.25% LAST YEAR TO DATE RESIDENTIAL 41.07% 12.84% 5.91% 9.49% 12.83% INDUS /MUNI BLDG 56.09% 7.62% 0.71% 8.98% 38.78% PUB.ST.LIGHTS 0.46% 0.15% 0.06% 0.08% 0.17% PRV.ST.LIGHTS 0.10% 0.02% 0.00% 0.03% 0.05% 0.00% CO -OP RESALE 0.50% 0.50% 0.00% 0.00% 0.23% 0.52% SCHOOL 1.78% 0.64% 0.39% TOTAL 100.00% 21.77% 7.07% 18.81% 52.35% (11]11 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 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED REVENUE VARIANCE REPORT 12/31/12 SCHEDULE F ACTUAL BUDGET % YEAR TO DATE YEAR TO DATE VARIANCE * CHANGE 10,693,389.26 10,985,575.00 (292,185.74) -2.66% 12,469,006.97 12,884,428.00 (415,421.03) -3.22% 98,891.00 101,326.00 (2,435.00) -2.40% 124,287.91 145,488.00 (21,200.09) - 14.57% 414,137.16 423,399.00 (9,261.84) -2.19% 23,799,712.30 24,540,216.00 (740,503.70) -3.02% 18,010,954.68 16,383,330.00 1,627,624.68 9.93% 41,810,666.98 40,923,546.00 887,120.98 2.17% 510,820.16 539,884.00 (29,063.84) -5.38% 1,114,191.34 1,120,892.00 (6,700.66) -0.60% 137,763.53 136,138.00 1,625.53 1.19% 224,480.52 233,885.00 (9,404.48) -4.02% 367,799.21 370,023.00 (2,223.79) -0.60% (293,264.30) (349,998.00) 56,733.70 - 16.21% 43,872,457.44 42,974,370.00 898,087.44 2.09% (11B) c TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING EXPENSES 12/31/12 SCHEDULE E MONTH MONTH LAST YEAR CURRENT YEAR YTD % OPERATION EXPENSES: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE PURCHASED POWER BASE EXPENSE 2,023,700.87 2,268,056.90 12,963,949.90 14,443,198.80 11.41% OPERATION SUP AND ENGINEERING EXP 45,354.17 36,686.24 277,195.43 259,584.04 -6.35% STATION SUP LABOR AND MISC 2,051.26 2,107.19 59,178.27 36,396.42 - 38.50% LINE MISC LABOR AND EXPENSE 62,562.63 63,980.57 346,435.03 338,015.00 -2.43% STATION LABOR AND EXPENSE 46,456.58 38,082.30 253,185.82 273,878.81 8.17% STREET LIGHTING EXPENSE 13,172.07 8,139.05 53,903.84 39,078.71 - 27.50% METER EXPENSE 22,205.05 14,166.04 142,245.59 92,169.77 - 35.20% MISC DISTRIBUTION EXPENSE 32,063.94 28,025.96 169,172.55 170,903.21 1.02% METER READING LABOR & EXPENSE 7,454.59 6,867.90 46,876.70 45,286.59 -3.39% ACCT & COLL LABOR & EXPENSE 135,912.02 136,721.81 699,064.15 755,193.40 8.03% UNCOLLECTIBLE ACCOUNTS 16,000.00 8,333.33 96,000.00 49,999.98 - 47.92% ENERGY AUDIT EXPENSE 56,799.74 35,891.84 231,866.34 234,891.04 1.30% ADMIN & GEN SALARIES 80,791.15 65,415.46 382,090.70 379,930.17 -0.57% OFFICE SUPPLIES & EXPENSE 31,041.88 19,916.46 107,472.21 118,339.90 10.11% OUTSIDE SERVICES 12,118.74 16,089.47 187,354.85 199,101.09 6.27% PROPERTY INSURANCE 36,373.12 31,678.32 195,302.71 190,317.42 -2.55% INJURIES AND DAMAGES (5,739.24) 3,940.15 3,958.05 23,202.29 486.21% EMPLOYEES PENSIONS & BENEFITS 94,238.97 272,348.48 744,483.05 1,096,174.21 47.24% MISC GENERAL EXPENSE 34,040.04 17,819.61 111,815.58 100,413.74 - 10.20% RENT EXPENSE 14,733.40 13,827.16 98,196.43 103,750.18 5.66% ENERGY CONSERVATION 79,984.00 22,302.78 310,386.72 437,173.87 40.85% TOTAL OPERATION EXPENSES 817,614.11 842 340.12 4,516,184.02 4 943 799.84 9.47% MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT MAINT OF STRUCT AND EQUIPMT MAINT OF LINES - OH MAINT OF LINES - UG MAINT OF LINE TRANSFORMERS MAINT OF ST LT & 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 227.00 227.00 1,362.50 1,362.50 0.00% 16,403.91 10,836.54 111,677.69 65,231.98 - 41.59% 123,437.52 135,935.15 929,614.38 764,349.42 - 17.78% 21,543.60 19,639.61 105,881.17 78,872.00 - 25.51% 7,160.00 14,483.32 39,576.62 33,987.15 - 14.12% (25.40) (5.67) (302.48) (250.07) - 17.33% 43,146.76 43,061.80 248,878.77 238,782.38 -4.06% 8,182.38 1,106.94 40,153.46 18,897.55 - 52.94% 5,877.35 8,531.23 41,213.42 51,572.99 25.14% 225,953.12 233,815.92 1,518,055.53_ 1,252,805.90 - 17.47% 296,027.47 305,469.18 1,776,164.62 1,832,815.08 3.19% 2,968,917.38 2,868,712.69 19,409,436.43 18,015,541.22 -7.18% 109,186.00 107,383.00 674,186.00 677,383.00 0.47% 6,441,398.95 6,625,777.81 40,857,976.70 41,165,543.84 IE� 0.75% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED OPERATING EXPENSE VARIANCE REPORT 12/31/12 SCHEDULE G * ( ) - ACTUAL UNDER BUDGET (12A) ACTUAL BUDGET % OPERATION EXPENSES: YEAR TO DATE YEAR TO DATE VARIANCE * CHANGE PURCHASED POWER BASE EXPENSE 14,443,198.80 15,689,883.00 (1,246,684.20) -7.95% OPERATION SUP AND ENGINEERING EXP 259,584.04 235,949.00 23,635.04 10.02% STATION SUP LABOR AND MISC 36,396.42 41,120.00 (4,723.58) - 11.49% LINE MISC LABOR AND EXPENSE 338,015.00 328,256.00 9,759.00 2.97% STATION LABOR AND EXPENSE 273,878.81 223,269.00 50,609.81 22.67% STREET LIGHTING EXPENSE 39,078.71 41,921.00 (2,842.29) -6.78% METER EXPENSE 92,169.77 74,162.00 18,007.77 24.28% MISC DISTRIBUTION EXPENSE 170,903.21 183,936.00 (13,032.79) -7.09% METER READING LABOR & EXPENSE 45,286.59 51,159.00 (5,872.41) - 11.48% ACCT & COLL LABOR & EXPENSE 755,193.40 689,215.00 65,978.40 9.57% UNCOLLECTIBLE ACCOUNTS 49,999.98 49,998.00 1.98 0.00% ENERGY AUDIT EXPENSE 234,891.04 241,915.00 (7,023.96) -2.90% ADMIN & GEN SALARIES 379,930.17 382,373.00 (2,442.83) -0.64% OFFICE SUPPLIES & EXPENSE 118,339.90 126,992.00 (8,652.10) -6.81% OUTSIDE SERVICES 199,101.09 339,164.00 (140,062.91) - 41.30% PROPERTY INSURANCE 190,317.42 235,758.00 (45,440.58) - 19.27% INJURIES AND DAMAGES 23,202.29 28,553.00 (5,350.71) - 18.74% EMPLOYEES PENSIONS & BENEFITS 1,096,174.21 942,756.00 153,418.21 16.27% MISC GENERAL EXPENSE 100,413.74 118,599.00 (18,185.26) - 15.33% RENT EXPENSE 103,750.18 106,002.00 (2,251.82) -2.12% ENERGY CONSERVATION 437,173.87 359,725.00 77,448.87 21.53% TOTAL OPERATION EXPENSES 4,943,799.84 4,800,822.00 142,977.84 2.98% MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT 1,362.50 1,500.00 (137.50) -9.17% MAINT OF STRUCT AND EQUIPMENT 65,231.98 60,088.00 5,143.98 8.56% MAINT OF LINES - OH 764,349.42 603,446.00 160,903.42 26.66% MAINT OF LINES - UG 78,872.00 83,007.00 (4,135.00) -4.98% MAINT OF LINE TRANSFORMERS 33,987.15 94,242.00 (60,254.85) - 63.94% MAINT OF ST LT & SIG SYSTEM (250.07) 4,880.00 (5,130.07) - 105.12% MAINT OF GARAGE AND STOCKROOM 238,782.38 330,893.00 (92,110.62) - 27.84% MAINT OF METERS 18,897.55 37,646.00 (18,748.45) - 49.80% MAINT OF GEN PLANT 51,572.99 65,556.00 (13,983.01) - 21.33% TOTAL MAINTENANCE EXPENSES 1,252,805.90 1,281,258.00 (28,452.10) -2.22% DEPRECIATION EXPENSE 1,832,815.08 1,825,002.00 7,813.08 0.43% PURCHASED POWER FUEL EXPENSE 18,015,541.22 16,986,395.00 1,029,146.22 6.06% VOLUNTARY PAYMENTS TO TOWNS 677,383.00 684,000.00 (6,617.00) -0.97% TOTAL OPERATING EXPENSES (101,816.16) -0.25% 41,165,543.84 41,267,360.00 * ( ) - ACTUAL UNDER BUDGET (12A) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED OPERATING EXPENSE VARIANCE REPORT 12/31/12 RESPONSIBLE REMAINING SENIOR 2013 ACTUAL BUDGET OPERATION EXPENSES: MANAGER ANNUAL BUDGET YEAR TO DATE BALANCE PURCHASED POWER BASE EXPENSE JP 30,102,742.00 14,443,198.80 15 659 543.20 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 UNCOLLECTIBLE 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 - OH MAINT OF LINES - UG MAINT OF LINE TRANSFORMERS MAINT OF ST LT & 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 KS 468,949.00 259,584.04 209,364.96 KS 79,813.00 36,396.42 43,416.58 KS 671,309.00 338,015.00 333,294.00 KS 448,249.00 273,878.81 174,370.19 KS 83,106.00 39,078.71 44,027.29 KS 197,329.00 92,169.77 105,159.23 KS 366,489.00 170,903.21 195,585.79 KS 69,946.00 45,286.59 24,659.41 RF 1,385,210.00 755,193.40 630,016.60 RF 100,000.00 49,999.98 50,000.02 JP 479,013.00 234,891.04 244,121.96 VC 761,068.00 379,930.17 381,137.83 VC 253,950.00 118,339.90 135,610.10 VC 507,125.00 199,101.09 308,023.91 KS 471,500.00 190,317.42 281,182.58 KS 56,619.00 23,202.29 33,416.71 KS 1,889,623.00 1,096,174.21 793,448.79 VC 200,785.00 100,413.74 100,371.26 KS 212,000.00 103,750.18 108,249.82 JP 697,983.00 437,173.87 260,809.13 REMAINING BUDGET % 52.02% 44.65% 54.40% 49.65% 38.90% 52.98% 53.29% 53.37% 35.25% 45.48% 50.00% 50.96% 50.08% 53.40% 60.74% 59.64% 59.02% 41.99% 49.99% 51.06% 37.37% 8,823,105.00 4,943,799.84 4,456,266.16 50.51% KS 3,000.00 1,362.50 1,637.50 54.58% KS 114,120.00 65,231.98 48,888.02 42.B4% KS 1,250,421.00 764,349.42 486,071.58 38.87% KS 285,371.00 78,872.00 206,499.00 72.36% KS 188,500.00 33,987.15 154,512.85 81.97% KS 9,684.00 (250.07) 9,934.07 102.58% KS 672,589.00 238,782.38 433,806.62 64.50% KS 47,392.00 18,897.55 28,494.45 60.13% RF 131,320.00 51,572.99 79,747.01 60.73% 2,817,401.00 1,252,805.90 1,449,591.10 51.45% RF 3,650,000.00 1,832,815.08 1,817,184.92 49.79% JP 30,500,000.00 18,015,541.22 12,484,458.78 40.93% RF 1,368,000.00 677,383.00 690,617.00 50.48% 83,767,500.00 41,165,543.84 36,557,661.16 43.64% (12e; TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT PROFESSIONAL SERVICES 12/31/2012 PROFESSIONAL SERVICES BY PROJECT ITEM DEPARTMENT ACTUAL BUDGET VARIANCE 1 RMLD AND PENSION TRUST AUDIT FEES ACCOUNTING 32,750.00 32,250.00 500.00 2 PENSION ACTUARIAL EVALUATION ACCOUNTING 3,750.00 0.00 3,750.00 3 LEGAL- FERC /ISO ISSUES ENERGY SERVICE 0.00 9,000.00 (91000.00) 4 LEGAL- POWER SUPPLY ISSUES ENERGY SERVICE 10,142.10 22,500.00 (12,357.90) 5 PROFESSIONAL SERVICES ENERGY SERVICE 9,939.80 12,000.00 (2,060.20) 6 NERC COMPLIANCE AND AUDIT E & 0 6,870.00 10,000.00 (3,130.00) 7 LOAD CAPACITY STUDY ENGINEERING 0.00 7,500.00 (7,500.00) 8 STROM HARDENING STUDY ENGINEERING 0.00 50,000.00 (50,000.00) 9 LEGAL - GENERAL, MMWEC AUDIT GM 51,141.86 75,000.00 (23,858.14) 10 LEGAL SERVICES - GENERAL HR 44,574.15 36,600.00 7,974.15 11 LEGAL SERVICES - NEGOTIATIONS HR 13,457.96 36,800.00 (23,342.04) 12 LEGAL GENERAL BLDG. MAINT. 10,300.90 750.00 9,550.90 13 SURVEY RIGHT OF WAY BLDG. MAINT. 0.00 2,502.00 (2,502.00) 14 ENVIRONMENTAL BLDG. MAINT. 0.00 2,502.00 (2,502.00) 15 ENGINEERING SERVICES BLDG. MAINT. 14,118.05 4,260.00 9,856.05 16 REPAIR RAMP AND DECK AREA BLDG. MAINT. 0.00 30,000.00 (30,000.00) 17 INSURANCE CONSULTANT GEN. BENEFIT 0.00 4,998.00 (4,998.00) 18 LEGAL GEN. BENEFIT 0.00 2,502.00 (2,502.00) 19 SITE ASSESSMENT FOR MAJOR UPGRADE ACCOUNTING 2,056.27 0.00 2,056.27 TOTAL 199,101.09 339,164.00 (140,062.91) PROFESSIONAL SERVICES BY VENDOR ACTUAL MELANSON HEATH & COMPANY 32,750.00 HUDSON RIVER ENERGY GROUP 2,895.80 STONE CONSULTING INC. 3,750.00 RUBIN AND RUDMAN 25,853.91 UTILITY SERVICES INC. 6,870.00 DUNCAN & ALLEN 45,730.95 CHOATE HALL & STEWART 53,260.11 MENDERS TORREY & SPENCER 12,385.55 RICHARD HIGGINS ARBITRATOR 2,710.00 GARRY WOOTERS ARBITRATOR 2,062.00 CMEEC 7,044.00 JM ASSOCIATES 1,732.50 COGSDALE 2,056.27 TOTAL 199,101.09 (13) DIVISION ENGINEERING AND OPERATIONS ENERGY SERVICES GENERAL MANAGER FACILITY MANAGER BUSINESS DIVISION SUB -TOTAL RMLD BUDGET VARIANCE REPORT FOR PERIOD ENDING DECEMBER 31, 2012 ACTUAL 2,122,590 693,322 436,221 1,915,704 4,674,288 BUDGET 2,049,740 645,393 479,194 1,928,028 4,622,727 9,842,124 9,725,082 VARIANCE CHANGE 72,850 3.55% 47,929 7.43% (42,973) -8.97% (12,324) -0.64% 51,561 1.12% 117,042 1.20% PURCHASED POWER - BASE 14,443,199 15,689,883 (1,246,684) -7.95% PURCHASED POWER - FUEL 18,015,541 16,986,395 1,029,146 6.06% TOTAL 42,300,864 42,401,360 (100,496) -0.24% RMLD DEFERRED FUEL CASH RESERVE ANALYSIS 12/31/12 GROSS MONTHLY TOTAL DATE CHARGES REVENUES NYPA CREDIT DEFERRED DEFERRED Jun -12 2,270,044.48 Jul -12 3,581,715.28 3,492,843.61 (61,106.90) (149,978.57) 2,120,065.91 Aug -12 3,578,611.20 2,914,978.35 (44,365.80) (707,998.65) 1,412,067.26 Sep -12 2,646,309.32 3,486,749.45 (47,478.80) 792,961.33 2,205,028.59 Oct -12 2,595,375.45 2,389,147.98 (48,781.28) (255,008.75) 1,950,019.84 Nov -12 2,744,817.28 2,740,129.47 (22,566.16) (27,253.97) 1,922,765.87 Dec -12 2,868,712.69 2,987,105.82 (68,965.36) 49,427.77 1,972,193.64 RMLD STAFFING REPORT FOR FISCAL YEAR ENDING JUNE, 2013 13 BUD JUL AUG SEP OCT NOV DEC TOTAL 12 12 12 12 12 12 GENERAL MANAGER GENERAL MANAGER 2.00 2.00 2.00 2.00 2.00 2.00 2.00 HUMAN RESOURCES 1.00 1.00 1.00 1.00 1.00 1.00 1.00 COMMUNITY RELATIONS 1.00 1.00 1.00 1.00 1.00 1.00 1.00 TOTAL 4.00 4.00 4.00 4.00 4.00 4.00 4.00 B175INE2S ACCOUNTING 2.00 2.00 2.00 2.00 2.00 2.00 2.00 CUSTOMER SERVICE ** 7.75 7.75 7.75 7.75 7.75 7.75 7.75 MGMT INFORMATION SYS * 6.25 6.00 6.00 6.00 6.00 6.00 6.00 MISCELLANEOUS 1.00 1.00 1.00 1.00 1.00 1.00 1.00 TOTAL 17.00 16.75 16.75 16.75 16.75 16.75 16.75 ENGINMERING-k _OPERAT IONS AGM E &O 2.00 2.00 1.00 1.00 1.00 1.00 2.00 ENGINEERING 5.00 5.00 5.00 5.00 5.00 5.00 5.00 LINE 21.00 21.00 21.00 21.00 21.00 21.00 21.00 METER 4.00 3.00 3.00 3.00 3.00 3.00 3.00 STATION 8.00 8.00 8.00 8.00 8.00 8.00 8.00 TOTAL 40.00 39.00 38.00 38.00 38.00 38.00 39.00 PROJECT BUILDING 2.00 2.00 2.00 2.00 2.00 2.00 2.00 GENERAL BENEFITS 2.00 1.00 2.00 2.00 2.00 2.00 2.00 TRANSPORTATION - - - - - MATERIALS MGMT 4.00 3.00 4.00 4.00 4.00 4.00 4.00 TOTAL 8.00 6.00 8.00 8.00 8.00 8.00 8.00 ENERGY SERVICES ENERGY SERVICES * 5.50 4.50 4.50 4.50 4.50 4.50 4.50 TOTAL 5.50 4.50 4.50 4.50 4.50 4.50 4.50 RMLD TOTAL 74.50 70.25 71.25 71.25 71.25 71.25 72.25 CONTRACTORS UG LINE 2.00 2.00 2.00 2.00 2.00 2.00 2.00 TOTAL 2.00 2.00 2.00 2.00 2.00 2.00 2.00 GRAND TOTAL 76.50 72.25 73.25 73.25 73.25 73.25 74.25 part time employee *# part time employee and a coop student *^ part time employee and a temp RMLD CO)RELIA91.1 Reading Municipal Light Department POWER FOR GENERATIONS 230 AEh Strew P.O. Box 150 Reading, MAO 1867-0250 Tel: (781) 944 -1340 Fax: (781) 942 -2409 Web: www.rmld.com January 22, 2013 Town of Reading Municipal Light Board Subject: Concrete Steps, Walkway & Railing Maintenance and Repair Work On November 26, 2012 a bid invitation was placed as a legal notice in the Reading Chronicle requesting proposals for Concrete Steps, Walkway & Railing Maintenance and Repair Work for the Reading Municipal Light Department. An invitation to bid was sent to the following 36 companies: A.D Construction, Inc. Accurate Masonry Architect Paving & Stone BC Construction Co., Inc. Brandy Masonry Ciano Development Corp., LLC CSI Concrete JB Mohler Masonry Lighthouse Masonry, Inc. Macauley New Age Masonry RBL Masonry, Inc. A.H. Harris & Sons, Inc. Affordable Masonry Services Arthur Masonry Bennett Masonry Capuano Masonry Coomey Restoration Inc. Grove Construction, Inc. Lanzillo & Sons, Inc. M. DeBlasio Co. Majestic Masonry Newport Construction Corp. RS Hurford Co., Inc. ABCO Masonry Alexander Masonry- Concrete Bautista Masonry Boone's American Masonry CCI Costa Brothers Masonry J. Truscott Masonry Lee Masonry & Stone Scape M.J. Brigugho Masonry & Tile Minnock Masonry PCM Construction Tim Zanelli Excavating Bids were received from eight companies; BC Construction Co., Inc., Contracting Specialists, East Coast Development, Infrastructure, NELM Corp., RS Hurford Co., Inc., Tim Zanelli Construction and US Pavement. The bids were publicly opened and read aloud at 11:00 a.m. December 19, 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 Interim General Manager and the staff. Move that bid 2013 -15 for: Concrete Steps, Walkway & Railing Maintenance and Repair Work be awarded to: Infrastructure for $17,760.00 as the lowest qualified and responsive bidder on the recommendation of the Interim General Manager. The FY2013 Operating Budget amount for this item is $30,000.00. K in S van David Poison ! r,144;! , " Paula O'Leary /,-' - -- ATTACHMENT 6 Concrete Steps, Walkway & Railing Maintenance and Repair Work Bid 2013 -15 Bidder Total Property 230 Ash St. Station 3 Station 4 Station 5 Bid Form Responsive Cost Bidder Infrastructure $17,760 $11,460 $3,800 $1,650 $850 Yes Yes East Coast Development $23,950 $17,750 $4,200 $1,000 $1,000 Yes No' US Pavement $26,400 $11,800 $8,000 $3,300 $3,300 Yes Noe Tim Zanelli $27,500 $15,450 $9,000 $1,850 $1,200 Yes NO3 NELM Corp. $28,500 $17,500 $5,000 $2,000 $4,000 Yes No° BC Construction Co., Inc. $36,500 $16,400 $12,050 $3,750 $4,300 Yes Yes Contracting Specialists $38,206 $22,632 $11,796 $2,355 $1,423 Yes Yes RS Hurford $41,550 $25,300 $8,350 $4,000 $3,900 Yes Nos Notes: 1: Contractor did not include suppliers list or submit evidence of insurance 2: Contractor did not acknowledge addendum section or submit evidence of insurance 3: Price sheet filled out incorrectly 4: Contractor did not acknowledge addendum section 5: Contractor did not submit FLSA Compliance or submit evidence of insurance 2013 -15 Concrete Steps, Walkway & Railino Maintenance and Repair Work.xls 1 f TOWN OF READING MUNICIPAL LIGHT DEPARTMENT December RATE COMPARISONS READING & SURROUNDING TOWNS -12 RESIDENTIAL 750 kWh's RESIDENTIAL -TOU 1500 kWh's 75/25 Split RES. HOT WATER 1000 kWh's COMMERCIAL 7,300 kWh's 25.000 kW Demand SMALL COMMERCIAL 1,080 kWh's 10.000 kW Demand SCHOOL RATE 35000 kWh's INDUSTRIAL - TOU 109,500 kWh's 250.000 kW Demand READING MUNICIPAL LIGHT DEPT. 130.5 kW Demand 80/20 Split TOTAL BILL PER KWH CHARGE $101.71 $0.13562 $180.90 $0.12060 $118.73 $0.11873 $91262 $0.12624 $176.36 $4,286.37 $11,831.27 $0.16330 $0.12247 7 $0.10805 NATIONAL GRID TOTAL BILL PER KWH CHARGE % DIFFERENCE $109.03 $0.14537 7.19% $203.55 $0.13570 12.52% $145.36 $0.14536 22.43% $1,043.86 $0.14300 13.28% $149.06 $0.13802 15.48% $4,414.02 $0.12611 $12,279.97 $0.11215 - 2.98% 3.79% NSTAR COMPANY TOTAL BILL PER KWH CHARGE DIFFERENCE $118.91 $0.15854 16.91% $216.22 $0.14414 19.52% $156.40 $0.15640 31.73% $1,072.09 $0.14686 16.34°/ $161.44 $0.14948 -8.46% $5,973.40 $0.17067 39.36% $14,256.00 $0.13019 20.49% PEABODY MUNICIPAL LIGHT PLANT TOTAL BILL PER KWH CHARGE % DIFFERENCE $89.79 $0.11972 - 11.72% $173.91 $0.11594 -3.86% $117.83 $0.11783 -0.76% $91267 $0.12679 0.44% $ .1362 $0.13622 - 16.58% $4,784.83 $0.13671 11.63% $10,996.97 $0.10043 - 7.05% MIDDLETON MUNICIPAL LIGHT DEPT. TOTAL BILL PER KWH CHARGE DIFFERENCE $99.77 $0.13303 - 1.91% $198.39 $0.13226 9.67% $132.64 $0.13264 11.72% $959.51 $0.13144 4.12% $168.44 $0.15596 - 4.49% $4,762.93 $0.13608 1112% $13,330.75 $0.12174 12.67% WAKEFIELD MUNICIPAL LIGHT DEPT. TOTAL BILL PER KWH CHARGE DIFFERENCE $104.99 $0.13998 3.22% $203.67 $0.13578 12.59% $137.88 $013788 1613% $1,045.84 $0.14327 13.49% $168.46 $0.15599 - 4.48% $4,895.58 $013987 14.21% $13,519.62 $0.12347 14 770/ PEABODY MUNICIPAL LIGHT PLANT $6,099.05 INDUSTRIAL - TOU TOTAL BILL TOTAL BILL TOWN OF READING MUNICIPAL LIGHT DEPARTMENT $183.15 $122.39 January-13 RATE COMPARISONS READING 8 SURROUNDING TOWNS $0.12210 $0.12239 % DIFFERENCE -8.55% RESIDENTIAL RESIDENTIAL -TOU RES. HOT WATER COMMERCIAL $0.16330 750 kWh's 1500 kWh's 1000 kWh's 7,300 kWh's 12,67% $1,045.84 75125 Split $4,895.58 25.000 kW Demand READING MUNICIPAL LIGHT DEPT. $0.15599 $0.13987 $0.12347 13.49% TOTAL BILL $101.79 $181.06 $118.84 $921.53 PER KWH CHARGE $0.13573 $0.12071 $0.11884 $0.12624 NATIONAL GRID TOTAL BILL $109.03 $203.55 $145.36 $1,043.86 PER KWH CHARGE $0.14537 $0.13570 $0.14536 $014300 %DIFFERENCE 7.10% 12.42% 22.31% 13.28% NSTAR COMPANY TOTAL BILL $121.38 $221.15 $159.69 $1,098.30 PER KWH CHARGE $0.16183 $0.14743 $0.15969 $0.15045 % DIFFERENCE 19.24% 22.14% 34.37% 19.18% PEABODY MUNICIPAL LIGHT PLANT $6,099.05 INDUSTRIAL - TOU TOTAL BILL TOTAL BILL $93.09 $183.15 $122.39 PER KWH CHARGE $0.12412 $0.12210 $0.12239 % DIFFERENCE -8.55% 1.15% 2.99% MIDDLETON MUNICIPAL LIGHT DEPT. $6,099.05 INDUSTRIAL - TOU TOTAL BILL $99.77 $198.39 $132.64 PER KWH CHARGE $0.13303 $0.13226 $0.13264 %DIFFERENCE -1.99% 9.57% 11.61% WAKEFIELD MUNICIPAL LIGHT DEPT. TOTAL BILL $104.99 $203.67 $137.88 PER KWH CHARGE $0.13998 $0.13578 $013788 % DIFFERENCE 3.13% 12.49% 16.02% $149.06 $4,414.02 $12,279.97 $0.13802 $0.12611 $0.11215 -15.48% 2.98% 3.79% $165.32 $6,099.05 INDUSTRIAL - TOU SMALL COMMERCIAL SCHOOL RATE 109,500 kWh's 1,080 kWh's 35000 kWh's 250.000 kW Demand 10.000 kW Demand 130.5 kW Demand 80/20 Split $959.51 $168.44 $4,762.93 $176.36 $4,286.37 $11,831.27 $0.16330 $0.12247 $0.10805 $149.06 $4,414.02 $12,279.97 $0.13802 $0.12611 $0.11215 -15.48% 2.98% 3.79% $165.32 $6,099.05 $15,957.63 $0.15307 $0.17426 $0.14573 -6.26% 42.29% 34.88% $970.56 $153.77 $4,889.83 $11,325.47 $0.13295 $0.14238 $0.13971 $0.10343 5,32% -12.81% 14.08% -4,28% $959.51 $168.44 $4,762.93 $13,330.75 $0.13144 $0.15596 $0.13608 $0.12174 4.12% -4.49% 11.12% 12,67% $1,045.84 $168.46 $4,895.58 $13,519.62 $0.14327 $0.15599 $0.13987 $0.12347 13.49% -448% 14.21% 14,27% Jeanne Foti •om: Sent: To: Cc: Subject: Tracking Good afternoon. Jeanne Foti Tuesday, January 22, 2013 3:30 PM RMLD Board Members Group Kevin Sullivan Account Payable and Payroll Questions Recipient RMLD Board Members Group Kevin Sullivan Delivery Delivered: 1/22/2013 3:31 PM Read Read: 1/22/2013 5:45 PM Since the RMLD Board meeting Wednesday, November 28, 2012 there were no Account Payable and Payroll questions. This includes the following: Account Payable Warrant November 23, November 30, December 7, December 14, December 21, there was no AP December 28, January 4, January 11, January 18. ')ayroll December 3, December 17, December 31, January 14. In an effort to save paper, this e -mail will appear in the "E -Mail responses to Account Payable /Payroll Questions" for the RMLD Board meeting, Wednesday, January 30, 2013. 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. 1