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HomeMy WebLinkAbout2013-09-25 RMLD Board of Commissioners MinutesReading Municipal Light Board of Commissioners Staff Coleen O'Brien, General Manager Regular Session Jeanne Fail, Executive Assistant 230 Ash Street liiiw Reading, MA 01867 Jane Parenteau, Energy Services Manager September 25, 2013 Start Time of Regular Session: 7:31 p.m. End Time of Regular Session: 9:20 p.m. Commissioners: John Stempeck, Chairman - Absent Philip B. Pacing Vice Chair Robert Soli, Commissioner David Talbot, Commissioner David Mancuso, Secretary Staff Coleen O'Brien, General Manager Beth Ellen Antonio, Human Resources Manager Jeanne Fail, Executive Assistant Bob Fournier, AccountingBusiness Manager Priscilla Gottwald, Community Relations Manager Stephen Kazanjian, Accounting Supervisor Jane Parenteau, Energy Services Manager David Poison, Facilities Manager William Seldon, Senior Energy Analyst Kevin Sullivan, Engineering and Operations Manager Citizens' Advise" Board Dave Nelson, Member Reading Climate Advisory Committee: Joan Boegel, Chairman Ron D'Addario, Secretary David Williams, Member Gina Snyder, Member Laurie Ann Sylvia, Member Melanson Heath & PC rank Biron and Karen Snow Call Meeting to Order Vice Chair Parino called the meeting to order and stated that the meeting was being videotaped, it is live in Reading only. Opening Remarks Vice Chair Pacino read the RMLD Board of Commissioners Code of Conduct. The RMLD Board of Commissioners recognizes the importance of hearing public comment, at the discretion of the Char, on items on the official agenda as well as on item(s) not on the official agenda. We ask that all questions or comments from the public be directed to the Chair and that all parties, including members of the RMLD Board, act in a professional and courteous mercer when addressing the Board or responding to comments. Once recognized by the Chair, all persons addressing the Board shall state their name and address prior to speaking. It is the role of the Chair to maintain order in all public comment or ensuing discussion. Vice Char Factor, stated that Chairman Stempeck would not be present at the meeting, as he is away on business. Introductions Vice Chair Pacino asked CAB member Dave Nelson if he had anything. Mr. Nelson said that he was attending the meeting as the Lynntield CAB liaison and is also on the Board of Selectmen in Lynnfield. Vice Chair Pacino commented that Public Comment will be addressed after the Presentations. Presentations (Attachment 1) Presentation of Fiscal Year 2013 Audit - Melanson Heath & PC — Mr. Frank Biron and Ms. Karen Snow Mr. Fournier introduced Ms. Snow from Melanson Heath & Company to present the Audited Financials for fiscal year (FY) 2013. Ms. Snow stated that the BUILD received a clean opinion for the audit for 2013. Ms. Snow reported that on the Balance Sheet as of June 30, 2013 there is one change that the Restricted Cash and nvcstments is down $1.1 million. This is because in fiscal year 2013 the money that the RMLD had set aside m fund its r Post Employment Benefits liability has been moved to a trust fund. It is now reported in a separate financial statement. change in Restricted Cash has been offset by a change in the Other Post Employment Benefits liability. The Board voted to set up a Trust Fund and has fully funded the amount determined by the actuary. Regular Session Meeting Minutes September 25, 2013 Presentations (Attachment l) Presentation of Fiscal Year 2013 Audit - Melanson Heath & PC — Mr. Frank Biron and Ms. Karen Snow • Ms. Snow mentioned that the change in Net Position is a positive $1.783 million. The biggest change was $442,000 in the Operating Expenses due to legal services. Expenses were up 2.1 %, revenues were up 1 %. The Operating Income was $3.2 million. Operating Revenues are covering Operating Costs. Ms. Snow pointed out that what is in this fiscal year that is on last year's statement, is the Purchase Power Refund which is found under Non - Operating Revenues and Expenses $328,000. This is a refund received from Middleton Municipal Electric Department for some overcharges on Purchase Power that were discovered in Fiscal Year 2013. Middleton made good on those overcharges by refunding the money in full in the RMLD. Ms. Snow reported that in Fiscal Year 2013, the RMLD contributed $1 million to the Pension Trust and paid out $1.3 million to the Town of Reading to cover the pension costs for the current retirees. The assets at the end of the year totaled $5.1 million which represents a solid amount of money to offset that obligation over the upcoming years. The RMLD has contributed annually m the Pension Trust. The RMLD has set money aside to fund that liability. Ms. Snow added that at the Audit Committee meeting, the audit results were discussed in more detail. Ms. Snow asked if there were further questions. Mr. Patin asked Ms. Snow what will be the coming attractions. Ms. Snow explained that in fiscal year 2015, the Governmental Accounting Standards (GASH) Number 68 is going to require the RMLD m report on its Balance Sheet its portion of the Town of Reading's unfunded pension liability. As of January 1, 2012, which is when the last actuarial valuation was performed, the unfunded liability that applies to RMLD only was $12.3 million. It is a very large liability that will have to be recognized in full on the Balance Sheet, June 30, 2015. It will increase the liability significantly and decrease net assets significantly. An actuarial valuation will be performed so that liability can either go up or down depending on the return and other factors. It will be very significant. To put it in context, all governmental entities will have to report these unfunded liabilities. Mr. Talbot asked how RMLD's shortfall compares to other agencies. Ms. Snow replied that it is a large number, but compared to most municipalities it is much smaller. The Town of Reading will be higher, most municipalities are facing very large liabilities. Mr. Talbot asked, for RMLD's size, is that small? Ms. Snow responded that she is not sure how RMLD compares to other municipal electric utilities. Reading is unique in that it has been set aside in a Pension Trust, without that additional $5 million it would be $17 million. She is guessing that the liability is smaller than most that have not done that same type of funding. Report of the Audit Committee — Vice Chain Pacino Mr. Pacino reported that the RMLD Board of Commissioners as well as the Town of Reading Audit Committee met before the Board of Commissioner's meeting which was well attended. The Town of Reading Audit Committee recommended that the RMLD Board accept the audit as presented with three adjustments: 1. A chart added with the Renewable Energy Certificates (RECs) 2. Footnote on the Pension Liability for GASH, and 3. Question on one of the numbers in the footnote that is going to be checked. Mr. Pacino and Mr. Soli who are members of the RMLD Board Audit Committee recommend that the RMLD Board of Commissioners accept the Audit with the three additions. Mr. Soli made a motion seconded by Mr. Mancuso that the RMLD Board accept the audit as presented by Melanson Heath & PC with the three revisions on the recommendation of the Town of Reading Audit Committee and the RMLD Board Audit Committee. Motion carried 4:0:0. Presentation of Local Energy Action Plan (Attachment 1) Metropolitan Area Planning Council (MAPC) — Mr. And Krishnan Mr. Pacino introduced Mr. Ani Krishnan, who works for the Metropolitan Area Planning Council (MAPC) as an energy planner. Mr. Krishnan's presentation revolved atimd recommendations to revamp RMLD's current website with the goal of increasing participation in RMLD's energy efficiency programs. MAPC became involved with the RMLD when they participated with the Local Energy Action Plan (LEAP) Program with four towns it serves. Mr. Krishnan indicated that a revamped website could help increase participation in RMLD's energy efficiency programs. One of the barriers on RMLD's website, is difficulty for the average customer to understand what time-of-use is, what demand response is, and what is a smart meter. • Mr. Krislu m demonstrated National Grid's welesite feature for its bill explanation, NSTAR's MassSave explanation page (RMLD does not qualify for this) and Pacific Gas & Electric's (PG&E's) comprehensive home website. Regular Session Meeting Minutes September 25, 2013 Presentation of Local Energy Action Plan (Attachment t) uMetropolitan Area Planning Council (MAPC) — Mr. Ani Krishnan r. Krishnan said that it is not necessary that the RMLD migrate to a massive redesign of its website. The Energy Efficiency page can be redesigned to make it more accessible and user friendly. Another suggestion is to create separate tabs for each product offering - explicitly mention the benefits and provide a link to sign up for such programs. Mr. Talbot asked if there was any dam to support an increase in the use of the efficiency programs based on improved website designs. Mr. Krishnan said that it is a great question. He has not had a chance to research this for a before and after scenario for traffic. Mr. Krishnan cautions about a massive redesign because he does not have the numbers. Mr. Krishnan said that if the information is more presentable then it is common sense that it would increase traffic to the website. Mr. Krishnan suggested putting a bubble on the bills directing customer: to RMLD's website. Mr. Talbot asked about PG&E if they have a page for the super -hot days and code -red days. Mr. Krishnan replied he is not sure if there is a separate page, but PG&E offers a smart grid program with rates for those types of dates. Mr. Soli asked if PG &E can cycle air conditioners remotely with the smart meters. Mr. Krishnan replied, yes. Mr. Talbot said that everyone would like to improve RMLD's web page, with a cleaner reader friendly approach. Mr. Talbot suggested once the changes are made to inform RMLD customers through various communication channels. The traffic to the website will be driven by our effort. Mr. Talbot asked if RMLD's website is mobile enabled. Ms. O'Brien responded that according to Mr. Uvanni, RMLD's MIS Manager, the RMLD is migrating to the same upgrade as the Town of Reading with a mobile application. Mr. Krishnan pointed out that MAPC does not have the specific skills in web design or development. MAPC can assist with the framing of the content in order to communicate more effectively to RMLD's customers. RMLD does have flyers at local appliance stores and that is another avenue to capitalize on this. Mr. Talbot clarified that Mr. Krishuan can provide draft text. Mr. Krishnan agreed. Mr. D'Addario praised the LEAP program. Mr. D'Addario suggested utilizing their Green Senses section of the newspaper ` l encourage participation in RMLD's energy programs. Also another venue that could be utilized is RCTV m promote such ms as the time -of -use. Once the website is redesigned, the question is how you get customers muse the website. 4 Mr. Krishnan said that in working with the other communities, a Board of Selectmen member allowed filming of his home energy audit This is a means of getting people on board. Mr. Talbot said that the programs can be promoted and if someone warm to do a local television program, go for it. Mr. Mancuso said that it is great to get the information out, however if it represents the RMLD there needs to be some control of that information in order that it should be accurate and informative. Mr. Soli suggested utilizing the local cable in all four towns the RMLD serves. Public Comment There was no public comment. Report of the Chairman Consideration of Ad Hoe Power & Rate Committee Commissioner Soli will Chair this Committee with Chairman Slempeck as the second member. Mr. Pacino said that in Chairman Stempeck's absence, he has asked the Board to form an Ad Hoc Power & Rate Committee to address the issue of the NYPA credit. Mr. Soli said that there are a number of questions on the NYPA Credit and Ms. Parenteau will be speaking to this. Mr. Soli commented that it would be good to have an Ad Hoc Committee to address the NYPA credit and report the findings in RMLD Board. Ms. Parenteau said that currently, the RMLD receives preferential power, which is hydro power from New York. This was based on a FERC rating and it only goes to municipals within the New England region Part of the ruling was that any benefit associated with the NYPA power would be retuned back to the residential constituents of the municipal light department. On a monthly basis, the RMLD performs a calculation which uses replacement cost methodology if we did not have this power what would we purchase in its replacement. The calculation is performed and comes up with a sum of illars. Those dollars are allocated based on projected kilowatt hour sales for solely residential customers and it wed up on e after the fact basis. The NYPA Credit is accounted for as contra revenue against our fuel charge. Ms. Parenteau said that is the current methodology the RMLD utilizes. Other municipalities utilize various methodologies and hybrid methodologies. There is not one pure methodology that comes with the mle. Regular Session Meeting Minutes September 25, 2013 Report of the Chairman Consideration of Ad Hoc Power & Rate Committee • Commissioner Soli will Chair this committee with Chairman Stempeck as the second member. Mr. Mancuso asked what would be the purpose of the committee. Mr. Soli responded that it would be to look at the NYPA Credit itself-, there are a couple of algorithms and make a recommendation to the Board. Mr. Soli mad from the 2009 RMLD Annual Report. The Department purchases power from the Power Authority of the State of New York whose power is generated at Niagam, is less expensive than most other purchased power. Federal regulations require that only residential customers get the benefit of this lower cost. Reduction in residential customer bills, compared to nonresidential customers is known m the NYPA credit. Contained within there is a powerful word, only. Only means them is one. If somehow there are a whole bunch of algorithms out there that are computing these credits unless they provide the same answer, then some of them are wrong. The requhement is only the residential customers that benefit and the algorithm RMLD utilizes does not demonstrate that. The Ad Hoc Committee can review this and make its recommendation to the Board. New York Power Authority (NYPA) Credit Ms. O'Brien said that Ms. Paremaim and her group have done a great job in addressing the algorithm that Mr. Soli had proposed. Ms. Panamint explained that Table 1 represents the period January to August 2013, using the current RMLD NYPA calculation that has been used at the RMLD since she has been hem. This algorithm looks at the monthly NYPA war m it comes in and looks at replacement costs. Replacement costs look at the capacity component and its benefit, transmission portion of that, as well as the energy. It takes the difference between the two costs and there is a monthly adjustment for the estimated kilowatt hour sales because this is not known until alter the preceding month. The calculation takes the difference divided by the total kilowatt hours and allocates that pool of dollars. The second methodology on Table 2 looks at RMLD total Fuel Charges for all our resources, which determines the amount of kilowatt hours allocated through RMLD's SCADA system of what RMLD is actual purchasing and arrives at an average dollars per megawatt how. Then the NYPA power is received in the amount of generation for kilowatt hours purchased It looks at the portion of the NYPA fuel dollars associated with that which is taken out of the fuel costs to arrive at the non NYPA Purchase Power and is divided by the non NYPA kilowatt hours generated to get a rate. The overall Purchase Power costs increase because it is inexpensive Purchase Power. The second methodology takes that amount and subtracts the NYPA Power which is approximately $5 per megawatt hour to wrap= to our average which is $45 per megawatt how; it gets the delta, multiplies the delta by the number of kilowatt hours received by NYPA, and that translates into dollars. Ms. Parenteau said that Table 3 compares the current methodology to the alternative methodology. Them are months where the current methodology yields more savings and months it yield fewer savings. In this situation because the residential RMLD kilowatt hours sales represent 36% of RMLD's average sales, 64% would represent non residentials, the delta difference represents what would be made up for that percentage of nonresidential. It is looking at the different methodologies and determining which one is appropriate for the RMLD. Mr. Mancuso clarified that the deciding factor is which method the RMLD would use to bring the best benefit to the customer. Ms. O'Brien answered, as Ms. Parenteau mentioned, a number of utilities use a number of different methodologies and the task at hand was to compare the existing methodology to that of Mr. Soli s. Ms. O'Brien added that the RMLD had not polled every utility; however, a study was performed by Melanson Heath & PC which addressed both of the methodologies as meeting the federal intent of providing the benefit to the residential customer. Ms. O'Brien reiterated that the comparison generated by Ms. Parenteau demonstrated that some months the current method yielded a better benefit and other months the alternative method yielded a better benefit. The summary for the period studied in Ms. Parenteau's presentation indicated that in the 8 month period studied, the alternative method yielded an extra $2 per customer over the eight months. Ms. O'Brien said that the Ad Hoc Committee could go into this. Mr. Pacino asked if there is a problem with forming an Ad Hoc Committee. Ms. O'Brien said that she was under the impression that this issue was heavily reviewed when the MH&PC Report was generated and it had been agreed to continue at that time to utilize the current methodology. Ms. O'Brien said that she has no problem with the Committee, but that it should be created to address Mr. Solis concern specifically without precedence for evaluating every calculation that operations perforrns. Hypothetically, a committee could review transformer load losses, etc. Mr. Pacino said that two of the members sitting on the Board had already looked at this. Mr. Talbot asked that the vote can be deferred until Cba ninsm Stempeck has the opportunity to voice his view. Mr. Talbot • asked Mr. Soli if deferring a vote is problematic. Mr. Soli replied that it could be costing residents money. Mr. Mancuso added that he has a significant enough concern that the algorithm they are using is incorrect. Mr. Soli mitemted as he pointed out only residential customers get the benefit of the NYPA credit, although there were other algorithms presented. Mr. Soli said that the committee will address this. Regular Session Meeting Minutes September 25, 2013 New York Power Authority (NYPA) Credit \4 O'Brien added, to speak to Mr. Talbot's delay request, the sample for eight months, this alternative method is a positive ange to the customer, it was $2 net savings over eight months. It is not representative of a significant difference and there was no guarantee that the alternative method would yield a positive change rather a negative change. Mr. Pacino added that this issue has come up again. Mr. Pacino is in agreement with the methodology the RMLD is using. Mr. Pacino said that this issue once reviewed by the Committee, it will be put in bed once and for all. Mr. Soli made a motion seconded by Mr. Mancuso to establish an Ad Hoc Committee, with the members to be Commissioners Soli and Chairman Stempeck for the sole purpose of studying the NYPA Credit and to report the findings of the study back to the RMLB of Commissioners. Motion carried 4:0:0. General Manager's Report — Ms. O'Brien — General Manager Ms. O'Brien reported that on the following: Public Power Open House at the RMLD — October 10 This will take place on Thursday, October 10, 2 -5 pm at the RMLD's Garage. The focus will be on the education of electric safety, RMLD services and programs. In conjunction with that RMLD is currently working with Home Depot. There will be an incentive through a lottery to win up to $500 of an LED replacement for your home. In addition that working with Home Depot working with other stores to offer discounts on LED bulbs through RMLD. She said that Ms. Gottwald is doing a greatjob. Ms. O'Brien said that in addition to the lottery, customers can for the month of October purchase discounted LEDs from Home Depot as a collaborative effort. Customers can find the discount notice at the store and on the light bulb shelving. The display will also point m the RMLD's website. Policy Committee Meeting Ms. O'Brien is requesting a Policy Committee meeting in October with revisions to the existing Travel Policy and the new Non Commercial Driver's License Alcohol Policy along with a discussion on the separation of all operational policies ` W evemed by Chapter 164 from Board governing policies. Prower Supply Report — August 2013 — Ms. Parenteau (Attachment 2) Ms. Parenteau presented the August Power Supply Report provided in the Commissioner packets covering power supply charges, energy costs, fuel charges and collections, fuel reserve balance, spot market purchases, capacity costs, as well as the percentage of RMLD's hydro projects and energy efficiency measures installed. Ms. Parenteau reported that RMLD's load for August was 67.3 million kilowatt hours which was approximately a 11% decrease compared to August 2012. RMLD's energy cost came in at approximately $2.8 million that is equivalent to approximately $.040 per kilowatt how. Ms. Parenteau stated that the Fuel Charge adjustment was set at $.050 per kilowatt how for the month of August; the sales totaled 68 million kilowatt hours, the RMLD over collected by approximately $583,000 which resulted in a Deferred Fuel Cash Reserve balance of $2.6 million The Fuel Charge for September went down to $.045 per kilowatt how. The Fuel Charge is projected to decrease to $.040 for the remainder of the year in order in keep the Deferred Fuel Cash Reserve at the $2.5 to $3.0 million level. On the Spot Market, the RMLD purchased about 9.5% of its energy requirements from the ISO New England Spot Market at an average cost of about $42 per megawatt how. Ms. Pmenteau reported on the capacity side, the RMLD hit a peak demand of 140 megawatts on August 21, 2013 at 5:00 p.m. the peak demand for last year of 150 megawatts August 3 at 4:00 p.m. The RMLD's monthly capacity requirement which is based on the prior yew peak was set at 214 megawatts; the total dollars paid for capacity totaled $1.49 million which is equivalent to approximately a little less than $7.00 per kilowatt month. Ms. Parentcau reported that the month of August, 4% of energy came from hydro genemtion. The RMLD receives Renewable Energy Certificates (RECs) from four hydro projects. For the that quarter there were approximately 4,800 banked RECs m well as projected 9,400 for quarters two and three for 2013. The current market value of the RECs is approximately $693,000. Quarter one RECs were sold to EDF Trading for $246,000, pricing out at $53 per REC. Transmission costs for the month of August were $1 million, which is a 3% increase from July. ngmeering and Operations Report — August 2013 — Mr. Sullivan (Attachment 3) . Sullivan presented the report included in the Commissioner packets covering the monthly capital projects, an update on the metering project, and reliability reporting. Regular Session Meeting Minutes September 25, 2013 Engineering and Operations Report — August 2013 — Mr. Sullivan (Attachment 3) Mr. Sullivan provided a synopsis in Fiscal Year 2013 that were time detractors from the capital plan projects: • Hurricane Sandy presented challenges due to 4 days storm prep, 4 days restoration and 12 days of clean -up which included temp to perm work. • Thirty poles needed replacing, 8 struck in September 2012 and 4 in June 2013. • Eighteen days of ninety plus weather. • Reduction of one First Class Lineman for 9.5 months While the work is tracked, they like to complete what they start. Project 11 which currendy reads 4W9 will be carried into Fiscal Year 2014 and work will be completed on Project 9 from fiscal year 2013. The cable was purchased in Fiscal Year 2013, for a savings of $80,000. This was also reported at the Citizen's Advisory Board meeting. Mr. Sullivan added that there are two commercial services involving Dunkin Donuts Salem Street and Walkers Brook Drive in Reading. North Reading High School was also worked un. Mr. Sullivan reported the Customer Average Interruption Duration Index (CAIDI) for July; monthly average value was down to 35.78 minutes compared to 70 minutes for June. The CAIDI rolling average shows stability at approximately 60 minutes of outage. In August, data from 2008 -2012 was used because it was levelized. The average System Average Interruption Frequency (SAIFI) is considerably lower than the rolling average. The average July SAIFI is aligned with the average July SAIFI. Months Between Interruptions (MBTI) is at 28.6 months for July. Mr. Sullivan reported the Customer Average Interruption Duration Index (CAIDI) for August; monthly average value was 10 minutes above the average due to a tree contact at 6:00 a.m., Sunday August 25, Andover Street, Wilmington. Two crews had to be called in with repays made to overhead wires prior to restoration. There are six factors that impact CAIDL cause of • outage, time of outage, weather, crew availability, number of daylight hours and the nature of the work. The average System Average Interruption Frequency (SAIFI) is considerably lower than the rolling average due to the low number of customers out .506. The average August SAIFI is aligned with the average August SAIFI. Months Between Interruptions (MBTI) is at 27 months for August. Considerations for optimum placement of the fixed network repeaters are continuing. Commercial meters 80% have been replaced; commercial billing of Lynnfield will take place in November. Residential reads from the fixed network is at 99.5 %. Mr. Sullivan provided a comparison of the outage Tuesday, August 13, 12:30 p.m. there was an outage a tree that broke a pole with Verizon involvement in which power was restored in 108 minutes due to crews being onsite. The August 25 outage 109 minutes power was restored which demonstrates the differeace of what the day can make on restoration time when crews are already at the RMLD. Mr. Patin asked about the tree contact outage on August 25. Mr. Sulivan replied that it was due to a vine that had grown into a phase. Financial Report — June 2013 — Mr. Fournier (Attachment 4) Mr. Fournier wanted to thank the managers for all their assistance during the audit with thew timely cutoffs and getting things ready for the auditors. Mr. Fournier thanked Mr. Kazi njian for his extra assistance during an employee absence during the audit timefiame. Mr. Fournier said that be has already addressed the June numbers on the Financial Report and would like to move on to the next report. Vice Chair Pacino polled the Board if discussion was required on the June Financials. The sense of the Board there was none. BerryDuan Report on RMLD's Power Supply • Mr. Founder reported that in January 2013, RMLD was informed by Middleton Municipal Electric Department that they had been overcharging the RMLD on their bills for several years. Regular Session Meeting Minutes September 25, 2013 Financial Report —June 2013 —Mr. Fournier (Attachment 4) ;gerryDunn Report on RMLD's Power Supply . Fournier informed the auditors who strongly urged having a separate evaluation done where this was the second instance in three years in order to get a clean audit opinion. Mr. Fournier stated that BerryDum was hired to review purchase power expenses. They checked the contracts and reconciled one month. They found no further discrepancies. They made some suggestions and the RMLD has a good baseline going forward. Mr. Mancuso commented that there was some discussion at the Board level, not sure if this part of the organizational planning, to look at the operations of the organization in ensure that we do not find ourselves in a similar situation in the future. Mr. Mancuso said that there was discussion on the root cause. While the audit came in that we came clean, and we we where we should be, he did not hear what happened in our system to what caused the situation in the first place. Will this be part of the organizational study? Ms. O'Brien responded that the organizational study will look at RMLD's job positions and organizational structure to determine suitability for current and future utility operational functions. As well, that each of the positions is properly trained or provides input to development of career training paths. The study will look at overall processes as a function of jobs. While the study will not be looking at specific calculations, it will help to support the inherent shared responsibility that overlapping Divisions like energy services and engineering should have. Mr. Mancuso said that he wants to look at this organizationally; this error was not caught so we do not find ourselves in this situation again because we have a clean slate. Mr. Fournier added that one thing that came out as a result of the Middleton situation is that there was a lack of back up for the invoices from Middleton. One of the first things the RMLD did was to supply back up documentation to verify the numbers. Why it happened, it was unfornmate, it was an error. The good thing is that the RMLD was made whole. Mr. Mancuso wanted to ensure that systems were put in place so this does not happen again. Mr. Fournier said that BeryDUm read the contracts and made sue that they came back clean. They had a recommendation on Hydro Quebec. � ey reconciled everything. Purchase Power is one of the biggest expenses; it is clean and good to go. New contracts going rward, the same principles will be applied, to provide backup in order that this does not happen again. Mr. Mancuso asked there is no change in the process. Mr. Fournier said that additional back up is on the invoices that the RMLD may have taken for granted. Middleton was the exception Them is more back up that support the contracts. Ms. O'Brien stated that the RMLD obtained additional data which makes it easier for staff to verify that the charge is appropriate. Mr. Pacino said that the report is addressed to the Board of Commissioners. He would like a letter of response from the Department on what steps have been taken so there is something on record. Mr. Mancuso will be the Secretary for this meeting. M.G.L. Chapter 30B Bids (Attachment 5) 2014 -05 Pickup Truck with Bed Cover Mr. Polson reported that 13 companies were sent the bid, 2 submitted bids. The 11 ran responders were contacted, 3 companies responded, 1 illness, 1 too busy and 1 did not want to participate in the bid process. Mr. Mancuso made a motion seconded by Mr. Soli that bid 2014 -05 for one Pick Up Truck with Bed Cover be awarded on Stoneham Motor Co., Inc. for $29,965.00 as the lowest qualified and responsive bidder on the recommendation of the General Manager. Motion carried 4:0:0. 2014 -06 Pickup Truck with Tool Boxes Mr. Poison reported that 13 companies were sent the bid, 2 submitted bids. The 11 non responders were contacted, 3 companies responded, 1 illness, 1 too busy and 1 did not want to participate in the bid process. Cr. Mancuso made a motion seconded by Mr. Soli that bid 2014-06 for one Pick Up Truck with Tool Boxes be awarded to oneham Motor Co., Inc. for $30,397.00 as the lowest qualified and responsive bidder on the recommendation of the General Manager. Motion carried 4:0:0. Regular Session Meeting Minutes September 25, 2013 M.G.L. Chapter 30B Bids (Attachment 5) 2014 -06 Pickup Truck with Tool Boxes Mr. Poison pointed out that when these vehicles are purchased, two vehicles will be retired due to age and high maintenance costs. Mr. Talbot asked isn't there a State program for the routine purchase of vehicles with a discount. Mr. Poison responded that the State has a couple of sites, however, limited vendors which have been explored in die pest with not much success. Some of the bidders sent the bids, are in fact on the state bidders list, and did not respond. The state bid is limited; it is geared more towards public safety, fire and police vehicles. Mr. Poison added drat Mr. Soli suggested exploring the state contracts. The RMLD is exploring them as well as using them. General Discussion There was none. BOARD MATERIAL AVAILABLE BUT NOT DISCUSSED Rate Comparisons, August and September 1013 E -Mail responses to Account Payable/Payroll Questions RMLD Board Meetinea Wednesday, October 30, 2013 Monday, November 12, 2013 — Town of Reading, Subsequent Town Meeting Vice Chair Patine said that Chairman Stempeck will be making that presentation. Wednesday, December 11, 2013 Thursday, January 14, 2014 — T -Shirt Award Ceremony Citizens' Advisory Board Meetne Wednesday, October 23, 2013 Fiscal Year 2015 Budget Meetings April 2, 2014 — Lynnfield — April 9, 2014 Executive Session At 9:05 pm. Mr. Mancuso made a motion seconded by Mr. Soli that the Board go into Executive Session to discuss mediation and union negotiations and return to Regular Session for the sole purpose of adjournment. Vice Chair Pacino polled the Board. Motion carried by a polling of the Board: Mr. Mancuso Aye; Mr. Soli, Aye; Mr. Pacino; Aye; and Mr. Talbot; Aye. Motion carried 4:0:0. Adjournment At 9:20 p.m. Mr. Mancuso made a motion seconded by Mr. Soli to adjourn the Regular Session. A true copy of the RMLD Board of Commissioners minutes as approved by a majority of the Commission. David Mancuso, Secretary RMLD Board of Commissioners • V 3) TOWN OF READING, MASSACHUSETTS READING MUNICIPAL LIGHT DEPARTMENT Annual Financlal Statements For the Year Ended June 30 I? Attachment 1 En Reading Municipal Light Department TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 1 MANAGEMENT'S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS: Proprietary Funds: Statements of Net Position //�\ 6 fate en of ev nu , E enL,, an Ch ng in + t Po iti n 7 I S is en of ash ws S Fiduciary Funds: Statements of Fiduciary Net Position 9 Statements of Changes in Fiduciary Net Position 10 Notes to Financial Statements 11 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Funding Progress 27 J INDEPENDENT AUDITORS' REPORT To the Municipal Light Board Town of Reading Municipal Light Department Report on the Financial Statements We have audited the accompanying financial statements of the business activities and the aggregate remaining fund information of the Tow Municipal Light Department ( "the Department") (an enter d of the Reading, Massachusetts), as of and for the year a June ar related notes to the financial statemen ch coil ctiv y comprise tie Department's basic financiaLstateme s as li ted in the e f Conti int, iep rtm t' Jni am: i re onsibr the preparation and fair presents- me th se f a to me ccordance with accounting principles generally in a Sta es o f America; this includes the design, implementation, lain ance of internal control relevant to the preparation and fair presentation ial statements that are free from material misstatement, whether due to or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial state- ments are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assess- ments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that V) are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by manage- ment, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business -type activities and the aggregate remaining fund information of the Town of Reading Municipal Ligh Department as of June 30, 2013, and the respective changes in fin ositi and, where applicable, cash flows thereof for the year the in actor with accounting principles generally accepted in thel­Un�ited §jak me a. Other Matters � / Q \ uiRlea reed S�u vle en nfo atidln V %cc4untirig p c lea oral ace "wed in ttr�IInited States of America require hat an ge en's D cu slon alysis and Schedule of Funding Progress be res d to up le nt t e basic financial statements. Such information, although of a part the asic financial statements, is required by the Govemmental mg Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of manage- ment about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the infor- mation because the limited procedures do not provide us with evidence sufficient to express an opinion or provide any assurance. Andover, Massachusetts 2013 • MANAGEMENT'S DISCUSSION AND ANALYSIS Within this section of the Town of Reading Municipal Light Department's ( "the Department") annual financial report, management provides a narrative discussion and analysis of the Department's financial activities for the year ended June 30, 2013. The Department's performance is discussed and analyzed within the context of the accompanying financial statements and disclosures following this section. A. OVERVIEW OF THE FINANCIAL STATEMENTS The basic financial statements include (1) the Proprietary Fund Statements of Net Position, (2) the Proprietary Fund Statements of Revenues, Expenses and Changes in Net Position, (3) the Proprietary Fund Statements of Cash Flows, (4) the Fiduciary Funds Statements of Net Position, (5) the Fiduciary Funds Statements of Changes in Fiduciary Net Position, and (6) Notes to Financial Statements. The Proprietary Fund Statements of Net Position' gne 01 icat our financial position as of a specific point i time. Jun , it ho sour net worth of $98,317,179 which compr' as $ 0,194 18 n d in ca ital ssets, $2,733,147 restricte�t4w*precia onJun and $25.389. 4 unrP. n;�r d s and ChingA in Net much, if any, of a profit w, our net profit for the I bp.Pro ietab�Elnd Statements of Cash Flows provide information about cash race jpWcash payments, investing, and financing activities during the accounting Iod. A review of our Statements of Cash Flows indicates that cash receipts from operating activities adequately covered our operating expenses in fiscal year 2013. The following is a summary of the Department's financial data for the current and prior fiscal years. (continued) Summary of Net Position 2013 2012 Current assets $ 19,793,703 $ 20,331,949 Noncurrent assets 88.266,629 87.919,610 Total assets $ 10810606332 $—.10-862.51 ,559 Current liabilities $ 6,996,149 $ 7,515,556 Noncurrent liabilities 2.747,004 4,201,943 Total liabilities $ 9,743,153 $ 11,717,499 (continued) (writhed) Net position: Net investment in capital assets 70,194,418 68,670,917 Restricted for depreciation fund 2,733,147 2,635,206 Restricted for OPEB trust - 1,344,829 Unrestricted 25,389,614 23,883,108 Total net position 98,317,179 96,534,060 Total liabilities and net position $ 108,060,332 $ 108,251,559 Summary of Changes in Net Position 2013 2012 Operating revenues $ 82,294,531 $ 81,764 Operating expenses (79,045,634) 3674 Operating income 3,24S%g7 J452 Non - operating revenues (ex pen a 148 Change FnMot sdlo 1,78 nm sill n 5 060 :% din dion i t $ 179 $ 96,534,060 0ec sales (net of discounts) were $80,816,527 in fiscal year 2013, a decrease of 2.1% from the prior year. In fiscal year 2013, kilowatt hours sold increased by 2.3% to 701,896,340, compared to 685,978,955 in fiscal year 2012. In fiscal year 2013, customers were charged $339,810 in fuel charge adjustments, compared to credits of $(785,180) in fiscal year 2012. In fiscal year 2013, customers were charged purchase power adjustments of $1,138,194, compared to $3,203 in fiscal year 2012. Operating expenses were $79,045,634 in fiscal year 2013, an overall increase of 2.1% from fiscal year 2012. The largest portion of this total, $61,423,332, was for purchase power expenses. Other operating expenses included $12,580,772 for general operating and maintenance costs, $1,375,900 for voluntary payments to Towns, and depreciation expense of $3,665,630. In fiscal year 2013, the depre- ciation rate was 3.0 %. In fiscal year 2013, the Department contributed $1,000,000 to the Reading Municipal Light Department Employees' Pension Trust (the "Pension Trust') and - the Pension Trust contributed $1,288,076 to the Town of Reading Contributory Retirement System on behalf of the Department's employees. In fiscal year 2013, the Department contributed $1,483,007 to an Other Post - Employment Benefits Trust (the "OPEB Trust), which was equal to its actuarially determined liability at June 30, 2013. As a result, the Department had no OPEB liability at June 30, 2013. Additional information on the Department's OPEB contributions can be found in Note 15 on pages 20-22 of this report. C. CAPITAL ASSET AND DEBT ADMINISTRATION Capital assets. Total investment in land at year end amounted to $1,265,842; there was no change from the prior year. Total investment in depreciable capital assets at year end amounted to $68,928,575 (net of accumulated depreciation), an increase of $1,523,500 from the prior year. This investment in depreciable capital assets includes structures and improvements, equipment and furnishings, and infrastructure assets. Long -term debt At the end of the current fiscal year, the Departm o outstanding bonded debt. Additional information on capital asse nd Ion -te can be fou in the Notes to Financial Statements. D D This financial report is designed to provide a general overview of the Town of Reading Municipal Light Department's finances for all those with an interest in the Department's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to: Accounting /Business Manager Town of Reading Municipal Light Department 230 Ash Street Reading, Massachusetts 01867 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENTS OF NET POSITION JUNE 30, 2013 AND 2012 ASSETS Current: Unrestricted cash and short -term investments $ 9,151,851 Receivables, net of allowance for uncollectable 8,381,377 Prepaid expenses 691,445 Inventory 1,569,030 Total current assets 19,793,703 Noncurrent: Restricted cash and short-term investments 18,035,438 Investment in associated companies 36,774 Land and construction in progress 1,265,84 Capital assets, net of accumulated depredation 575 Total noncurrent assets 88, TOTAL ASSETS Q 08,080, LIABI D want: C ed r bi Is 8 700,021 C sto r n for ns n 405,154 Cu Rion of long -term liabilities: Accrued employee compensated absences 384,518 Total current liabilities 6,996,149 Noncurrent: Accrued employee compensated absences 2,747,004 Other post-employment benefits Total noncurrent liabilities 2,747,004 TOTAL LIABILITIES 9,743,153 NET POSITION Net investment in capital assets 70,194,418 Resmded for depreciation fund 2,733,147 Restncted for other post - employment benefits - Unrestricted 25,389,614 TOTAL NET POSITION $ 98,317,179 The accompanying notes are an integral part of these financial statements. C Rim 3 9,957,960 8,115,722 762,930 1,495,337 20,331,949 H j 4,934,861 469,906 631,268 363,459 1,000,000 116,062 7,515,556 2,866,854 1,335,089 4,201,943 11,717,499 68,670,917 2,635,206 1,344,829 23,883,108 $ 96,534,060 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION FOR THE YEARS ENDED JUNE 30, 2013 AND 2012 2013 ZIN Operating Revenues: Electric sales, net of discounts of $4,380,927 and $4,229,951, respectively $ 80,816,527 $ 82,548,941 Purchase power and fuel charge adjustments: Fuel charge adjustment 339,810 (78 0) Purchase power adjustment 1,138,194 32 3 Total Operating Revenues 82,2 81 ,964 Operating Expenses: Purchase power 1,4 60 1,814 Operating Q 0,32 9 2,934 Maintenance 2, ,706 35,228 3, ,630 3,552,330 VD to 1 ,900 1,351,588 To O n 79,045,634 77,393,674 O tin Ina me 3,248,897 4,381,290 Ming Revenue* (Expenses) Interest income 24,435 88,705 Contributions in aid of construction 30,965 17,226 MMWEC surplus 445,278 516,183 Purchased power refunds 327,297 - Intergovemmental grants 53,074 325,007 Return on investment to Town of Reading (2,265,427) (2,205,957) Lose on disposal of capital assets (385,199) (563,957) Other 303,799 371,981 Total Nonoperating Revenues (Expenses), Net (1,465,778) (1,450,812) Change in Net Position 1,783,119 2,930,478 Net Position at Beginning of Year 98,534,060 93,603,582 Net Position at End of Year $_98,317,179 $ 96,534,060 The w=nWWWV notes are an integral part of these Mandel statements TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS-TYPE PROPRIETARY FUND STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2013 AND 2012 C Cash Flows From Operatina Activllift Receipts from customers and users $ 80,619,625 $ 83,250,940 Payments to vendors and employees (77,467,008) (72,408,534) Customer purchase power and fuel charge adjustments 1,478,004 (781,977) Net Cash Provided By (Used For) Operating Activities 4,830,823 10,060,429 Cash Flows From Noncaohal Financina Activities: Return on investment to Town of Reading (2,265,427) (2,205,957) MMWEC surplus 445,278 18,183 Intergovernmental revenues 53 25,007 Other 1096 71,981 Net Cash Provided By (Used For) Noncapital Financing Activities 9 (992,786) Cash Flo" From Capital n R it FI n n Acquisition and consWcho meta ,574,329 (5,228,895) Contributions In aid, sWction 7268) 17,226 Provi By Used or ape and tat ancin cti fibs (5,501,669) (5,209,469) C F In v Inc, 88,705 ase dg-1 se In of and a nts 1,176,481 (585,553) Na rovi By In U or) Investing Activities 1,200,918 (496,848) ngri m Cash and Short-Tenn Investments (806,109) 3,361,326 Unrestricted Cash and Short Tenn Investments, Beginning of Year 9,957,950 8,598,834 Unrestricted Cash and Short Term Investments, End of Year $ 9,151,851 $ 9,957,960 Reconciliation of Ooeratina Income to Net Cash: Operating income $ 3,248,897 S 4,381,290 Adjustments to reconcile operating income to net cash provided by (used for) operating activities: Depredation expense 3,885,630 3,552,330 (Increase) decrease in: Accounts receivable (265,655) 634,116 Prepaid and other assets 71,485 (9,798) Inventory (73,693) 90,908 Accounts payable and accrued liabilities 250,295 64,932 Due to pension trust (1,000,000) 1,000,000 Other post <mploymenf benefits (1,335,089) 169,289 Other liabilities 68,753 177,382 Net Cash Provided By (Used For) Operating Activities $ 4.630,623 It 10,060,429 The accompanying notes are an integral part of thew financial statements. 8 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT FIDUCIARY FUNDS STATEMENTS OF FIDUCIARY NET POSITION JUNE 30, 2013 AND 2012 Pension OPEB Trust Trust ASSETS Cash and short-term investments $ 5,197,092 Due from proprietary fund - TOTAL ASSETS IIBIN $ 4,476,777 5 76 $ 5,476,777 The accompanying notes are an integral part of these financial statements. 2013 $ 1,495,511 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT FIDUCIARY FUNDS STATEMENTS OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEARS ENDED JUNE 30, 2013 AND 2012 Deductions: ✓ Paid to Reading Co Retirem nt Sys Q 1, 88 07 1 338, is ottldedu n D 1, B80 8 1,338,328 - N incre (d re )ir(rR(pocitl (279,885) (310,721) 1,495,511 86ginni Of Year Pension 5,476,777 OPEB 5,787498 NMI Trust $ 121 jQ1j 2013 Additions: 1,495,511 Contributions from Reading Municipal Light Department $ 1,000,000 $ 1,000,000 1,483,007 Interest and dividend Income 8,391 2 12,504 Total additions 1. W01---j 1,495,511 Deductions: ✓ Paid to Reading Co Retirem nt Sys Q 1, 88 07 1 338, is ottldedu n D 1, B80 8 1,338,328 - N incre (d re )ir(rR(pocitl (279,885) (310,721) 1,495,511 86ginni Of Year 5,476,777 5,787498 End of Year $ 5,197,092 $ 5,476,777 $ 1,495,511 The accompanying notes are an integral part of these financial statements. • 10 Town of Reading, Massachusetts Municipal Light Department Notes to Financial Statements Summary of Significant Accounting Policies The significant accounting policies of the Town of Reading Municipal Light Department ( "the Department') (an enterprise fund of the Town of Reading, Massachusetts) are as follows: A. Business Activity - The Department purchases electricity which it dis- tributes to consumers within the towns of Reading, North Reading, Wilmington, and Lynnfield. B. Regulation and Basis of Accountina - Under Massachusetts a Laws, the Department's electric rates are set by th icipal Li and Electric rates, excluding the fuel charge, e c mo often than once every three months. to sch dule sled wit the assa- chusetts Department of Pu is Util lea (D U). the DP ex rcises general s uthor Byer e D partm a Dep rim nt's rates _ � a r re e no subje o D ap ro�/at. Th De art ent's policy i to epare its "hi(nci I st a nts n c fo wit g era ly accepted a counting rro ri tary un s dis' operating revenues and expenses from non - op rat g it ms. rating revenues and expenses generally result from vidi ervices and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the enterprise fund are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Private - sector standards of accounting and financial reporting issued prior to December 1, 1989 generally are followed in the proprietary fund finan- cial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. Governments also have the option of following subsequent private - sector guidance for their enterprise funds, subject to this same limitation. The Department has elected not to follow subsequent private- sector guidance. C. Concentrations - The Department operates within the electric utility indus- try which has undergone significant restructuring and deregulation. Legis- lation was enacted by the Commonwealth of Massachusetts in 1998 which + changed the electric industry. The law introduced competition and pro - 11 vided consumers with choices while assuring continued reliable service. Municipal utilities are not currently subject to this legislation. D. Retirement Trust - The Reading Municipal Light Department Employees' Pension Trust (the "Pension Trust") was established on December 30, 1966, by the Reading Municipal Light Board pursuant to Chapter 164 of the General Laws of the Commonwealth of Massachusetts. The Pension Trust constitutes the principal instrument of a plan estab- lished by the Municipal Light Board for the purpose of funding the Department's annual required contribution to the Town of Reading Contributory Retirement System (the System), a cost sharing, multi - employer public employee retirement system. E. Other Post - Employment Benefits Trust - The Other Post - Employment Benefits Liability Trust Fund (the "OPEB Trust ") was established b Reading Municipal Light Board pursuant to Chapter 3Tetts. 0 f the General Laws of the Commonwealth Festblished The OPEB Trust constitutes incipal blished by the Municipal ' ht Boar for th purp ment's annual ally d ermi d//pp�\PE con . F. R an e - Fje en as balsad on r to by the Department and fil d with the U. ev en fro s icity are recorded on Dthe a is o s ran er d f mm meter readings taken on a cycle bas nd a as ted discounts. Recognition is given to the amount of ale to usto ers which are unbilled at the end of the fiscal period. Cash and Short-term Investments - For the purposes of the Statement of Cash Flows, the Department considers both restricted and unrestricted cash on deposit with the Town Treasurer to be cash or short-term invest- ments. For purpose of the Statement of Net Position, the proprietary funds consider investments with original maturities of three months or less to be short-term investments. H. Investments - State and local statutes place certain limitations on the nature of deposits and investments available. Deposits in any financial institution may not exceed certain levels within the financial institution. Non - fiduciary fund investments can be made in securities issued or unconditionally guaranteed by the U.S. Government or agencies that have a maturity of one year or less from the date of purchase and repurchase agreements guaranteed by such securities with maturity dales of no more than 90 days from date of purchase. Investments for the Department and the Trust consist of shares in the Massachusetts Municipal Depository Trust (MMDT). Because of their .% 12 4W immediate liquidity, these funds are classified as cash and short-term investments in the accompanying financial statements. I. Inventory - Inventory consists of parts and accessories purchased for use in the utility business for construction, operation, and maintenance pur- poses and is stated at average cost. Meters and transformers are capi- talized when purchased. J. Capital Assets and Depreciation - Capital assets, which include property, plant, equipment, and utility plant infrastructure, are recorded at historical cost or estimated historical cost when purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of the donation. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not caI italized Major outlays for capital assets and impraveme hey are acquired or constructed. Interest incur durin n phase of proprietary fund capital as inclu d a part f ed value of the constructed asset. W en ca ital a sets e r i of the retired ass a umu t�ep ecia on, a ny cash FD)bes, I�eh�rge to t D rim nt' unr stricted ccount. a husetts era[ aws ire it nt in service to be depre- d tan a nual t of /e. To ange this rate, the Department must n ppr va rom U. Changes in annual depreciation rates may a e f fina cial factors relating to cash flow for plant expansion, r an engineering factors relating to estimates of useful lives. K. Accrued Compensated Absences - Employee vacation leave is vested annually but may only be carried forward to the succeeding year with supervisor approval and, if appropriate, within the terms of the applicable Department policy or union contract. Generally, sick leave may accumu- late according to union and Department contracts and policy, and is paid upon normal termination at the current rate of pay. The Department's policy is to recognize vacation costs at the time payments are made. The Department records accumulated, unused, vested sick pay as a liability. The amount recorded is the amount to be paid at termination at the current rate of pay. L. Long -Term Obligations - The proprietary fund financial statements report long -term debt and other long -term obligations as liabilities in the Propri- etary Fund Statement of Net Position. M. Use of Estimates - The preparation of financial statements In conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of 13 2. assets and liabilities and disclosures for contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenues and expenses during the fiscal year. Actual results could vary from estimates that were used. N. Rate of Return - The Department's rates must be set such that earnings attributable to electric operations do not exceed eight percent of the net cost of plant. The audited financial statements are prepared in accordance with auditing standards generally accepted in the United States of America. To determine the net income subject to the rate of return, the Department performs the following calculation. Using the net income per the audited financials, the return on investment to the Town of Reading is added back, the fuel charge adjustment is added or deducted, and miscellaneous debits/credits (i.e., gain /loss on disposal of fixed assets, etc.) are added or deducted, leaving an adjusted net income figure for rate of return purposes. Investment interest income and bond princi I payments are then deducted from this figure to determin inc me subject to the rate of return. The net income su ' he rate o rn is then subtracted from the allowable eig ercen turn which is calculated by adding the lue of net ant d the Les ment in associated comp nies less he co ributi ns i const ctio multi- plied b perce .Fro th{!� ca ulati n, t nicipal Ight oard will _deter ine whatcash tran fersl r%ad b ma eat year en c. r tN Finaf+ ial f m or - T jinarrbial statements include cert in pno ar co ref ie info a ion. Such information does not incl d su cie det onstitute a presentation in conformity with ge erally ca pt accounting principles. Accordingly, such information ouId a read in conjunction with the Department's financial statements for the year ended June 30, 2012, from which the summarized information was derived. Cash and Short -Term Investments Cash and short-term investments as of June 30, 2013 are classified in the accompanying financial statements as follows: Statements of net position: Unrestricted cash and short-term investments $ 9,151,851 Restricted cash and short-term investments 18,035,438 Fiduciary funds: Cash and short-term investments - Pension Trust 5,197,092 Cash and short-term investments - OPEB Trust 1.495,511 Total cash and investments $ 33,879,892 14 0 J Cash and short-term investments at June 30, 2013 consist of the following Cash on hand $ 3,000 Deposits with financial institutions 33,876 892 Total cash and investments $ 33,879,892 Disclosures Relating to Interest Rate Risk Interest rate risk is the risk that the fair value of an investment will be adversely affected by changes in market interest rates. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. The Department manages its exposure to interest rate risk by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to vide the cash flow and liquidity needed for operations. As of June 30, 2013, all Department (includitra-Gie Pelasibh -Trui t anti OPEB Trust) investments were held inpodrdo in ve tme prei-r the M ssa husetts Municipal Deposito rust (M DT), cau of media liq idity, these fun c assn as sty�nd hort term ments th accom- paayin g fi ancipFstg to nts nd a no co side e exp 4seeRo LOene Ily, cr it risk is the risk that the issuer of an investment will not fulfill its of to the holder of the investment. This is measured by the assign- ing of a rating by a nationally recognized statistical rating organization. As of June 30, 2013, none of the Department's (including Pension Trust and OPEB Trust) short-term investments were exposed to significant credit risk. Concentration of Credit Risk The Department follows the Town of Reading's investment policy, which does not limit the amount that can be invested in any one issuer beyond that stipu- lated by Massachusetts General Laws. At June 30, 2013, the Department's (including Pension Trust and OPEB Trust) short-term investments were held in MMDT's investment pool. Custodial Credit Risk Custodial Credit Risk for deposits is the risk that, in the event of the failure of a depository financial institution, the Department will not be able to recover its deposits or will not be able to recover collateral securities that are in the pos- session of an outside party. The custodial credit risk for investments is the 15 3. Depreciation fund - The Department is normally required to reserve 3.0% of capital assets each year to fund capital improvements. Construction fund — This represents additional funds set aside to fund capital expenditures. Deferred fuel reserve - The Department transfers the difference between the customers' monthly fuel charge adjustment and actual fuel costs into this account to be used in the event of a sudden J increase in fuel costs. 16 risk that, in the event of the failure of the counterparty (e.g., broker - dealer) to a transaction, the Department will not be able to recover the value of its investments or collateral securities that are in the possession of another party. Massachusetts General Laws, Chapter 44, Section 55, limits deposits "in a bank or trust company or banking company to an amount not exceeding sixty per cent of the capital and surplus of such bank or trust company or banking company, unless satisfactory security is given to it by such bank or trust company or banking company for such excess." The Department follows the Massachusetts statute as written, as well as the Town of Reading's deposit policy for custodial credit risk. Because the Department pools its cash with the Town of Reading, the spe- cific custodial credit risk of the Department's deposits could not be deter- mined at June 30, 2013. As of June 30, 2013, none of the Department's (including Pension Tru nd OPEB Trust) short-term investments were exposed to custo ' it ris . Restricted Cash and Invests Restricted ca n stme is gpnsi t oft a foil at Jun 30 2013: U sh )n fund 3,147 cti n fu d 1,500,000 ))Ddati f el r ery 2,609,487 d conservation reserve 319,022 abilization 6,692,239 Reserve for uncollectible accounts 200,000 Sick leave benefits 3,131,522 Hazardous waste fund 150,000 Customer deposits 700,021 Total $ 18,035,438 The Department maintains the following restricted cash accounts: Depreciation fund - The Department is normally required to reserve 3.0% of capital assets each year to fund capital improvements. Construction fund — This represents additional funds set aside to fund capital expenditures. Deferred fuel reserve - The Department transfers the difference between the customers' monthly fuel charge adjustment and actual fuel costs into this account to be used in the event of a sudden J increase in fuel costs. 16 • - Deferred energy conservation reserve - This account is used to reserve monies collected from a special energy charge added to customer bills. Customers who undertake measures to conserve and improve energy efficiency can apply for rebates that are paid from this account. - Rate stabilization - This represents amounts set aside to help stabilize cost increases resulting from fluctuations in purchase power costs. - Reserve for uncolle tible accounts - This account was set up to offset a portion of the Department's bad debt reserve. - Sick leave benefits - This account is used to offset the Department's actuarially determined compensated absence liability. Hazardous waste fund -This reserve was set up by the Board of Commissioners to cover the Department's insurance deductible in the event of a major hazardous materials incident. - Customer deposits - Customer deposits that are held in escrow. 4. Accounts Receivable Accounts receivable consists o llowin at J ne , 2013: Customer Ac C Billed &1 ,8 all s: cc so"' is (200, 0 ) S e dl Is To I bit 3,609,005 Un led net 4.158,023 To I customer accounts 7,767,028 Other Accounts: Merchandise sales 121,089 MMWEC surplus 433,900 Intergovernmental grants 21,536 Liens and other 37,824 Total other accounts 614,349 Total net receivables $ 8,381,377 5. Prepaid Expenses Prepaid expenses consist of the following: Insurance and other $ 295,899 Purchase power 10,474 NYPA prepayment fund 242,261 WC Fuel - Watson 142.811 Total $ 691,445 17 11 7 EM Inventory Inventory is comprised of supplies and materials at June 30, 2013, and is valued using the average cost method. Investment In Associated Comoanles Under agreements with the New England Hydro- Transmission Electric Com- pany, Inc. (NEH) and the New England Hydro- Transmission Corporation (NHH), the Department has made the following advances to fund its equity requirements for the Hydro - Quebec Phase II interconnection. The Depart- ment is carrying its investment at cost, reduced by shares repurchased. The Department's equity position in the Project is less than one -half of one percent. Investment in associated companies consists of the following, at June 30, 2013 New England Hydro- Transmission (NEH & NH!�J� 6,774 Ca ital As I - iF:l,n� nn i I m ry /ffiLvea \20 3 a Ivity in capita assets (in , Structures and improvements Equipment and furnishings Infrastructure Total capital assets, being depreciated Less accumulated depreciation for Structures and improvements Equipment and furnishings Infrastructure Total accumulated depreciation Total capital assets, being depreciated, net Capital assets, not being depreciated: Land Total capital assets, not being depreciated Capital assets, net 18 leginning Ending Balance In re s Decreases Balance $ 13,847 $ 332 $ - $ 14,179 30,471 1,290 (402) 31,359 77,682 3,952 (1,185) 80,449 122,000 5,574 (1,587) 125,987 (7,362) (386) - (7.748) (18,441) (920) 402 (18,959) (28,792) (2,360) 800 (30,352) (54,595) (3,666) 1,202 57059 67,405 1,908 (385) 68,928 11266 1,266 1266 1,266 $ 68,671 $ 1 ®908 $ (385) $ 70,194 0 rW J 10. 11. 12. r' 14. Accounts Payable Accounts payable represent fiscal 2013 expenses that were paid after June 30, 2013. Accrued Liabilities Accrued liabilities consist of the following at June 30, 2013: Accrued payroll $ 289,204 Accrued sales tax 174,374 Other 64,060 Total $ 527,638 Customer Deposits This balance represents deposits escrow. r— to be p¢rf¢rmi by the held in ive frbRr Vendors in advance for work epartment recognizes these has been completed. Department employees are granted sick leave in varying amounts. Upon retirement, termination, or death, employees are compensated for unused sick leave (subject to certain limitations) at their then current rates of pay. Restricted Net Assets The proprietary fund financial statements report restricted net assets when external constraints are placed on net assets. Specifically, restricted net assets represent depreciation fund reserves, which are restricted for future capital costs. 19 15. Post - Employment Health Care and life Insurance Benefits Other Post - Employment Benefits The Department follows GASS Statement 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. Statement 45 requires governments to account for other post - employment benefits (OPEB), primarily healthcare, on an accrual basis rather than on a pay- as- you-go basis. The effect is the recognition of an actuarially required contribution as an expense on the Statements of Revenues, Expenses, and Changes in Net Position when a future retiree earns their post - employment benefits, rather than when they use their post - employment benefit. To the extent that an entity does not fund their actuarially required contribution, a post - employment benefit liability is recognized on the Statements of Net Position over time. A. Plan Description In addition to providing the pension Department provides post -em for retired employees throu the local lnsur s ciatio (M IA) levels, mplQM co ribu on nd the is Inter - benefit aws. As of Jr 30, 2011 etirees and 50 active The plan does not issue The Department provides post - employment medical, prescription drug, and life insurance benefits to all eligible retirees and their surviving spouses. All active employees who retire from the Department and meet the eligibility criteria will be eligible to receive these benefits. C. Funding Policy As of the June 30, 2011, the actuarial valuation date, retirees were required to contribute 29% of the cost of the medical and prescription drug plan, as determined by the MIIA Health Benefits Trust. Retirees also contribute 50% of the premium for a $5,000 life insurance benefit. The Department contributes the remainder of the medical, prescription drug, and life insurance plan costs on a pay -as- you -go basis. D. Annual OPEB Costs and Net OPEB Obligation The Department's fiscal 2013 annual OPES expense is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with the parameters of GASB State- 20 0 W j �► ment No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover the normal cost per year and amortize the unfunded actuarial liability over a period of twenty years. The following table shows the components of the Department's annual OPEB cost for the year ending June 30, 2013, the amount actually contributed to the plan, and the change in the Department's net OPEB obligation based on an actuarial valuation as of June 30, 2011. Annual Required Contribution (ARC) $ 506,576 Interest on net OPEB obligation 98,411 Annual OPEB cost 604,987 Projected benefit payments (457,069) Increase in net OPEB obligation 147,918 Net OPEB obligation - beginning of year 1,335 0 Contributions to OPEB Trust (1) Net OPEB obligation - end of (1) See PM E for addiWal info.m DI \---y Annual Percentage of iscal V E. Funded Status and Funding Progress 148;3 0 th per entage of an PEB pt PE obligation for fiscal year as follows: The funded status of the plan as of June 30, 2011, the date of the most recent actuarial valuation was as follows: Actuarial accrued liability (AAL) Actuarial value of plan assets Unfunded actuarial accrued liability (UAAL) Funded ratio (actuarial value of plan assets/AAL) Covered payroll (active plan members) UAAL as a percentage of covered payroll 21 $ 8,643,438 1,167,161 $ 764766277 13.5% N/A N/A OPEB OPEB NstOPEB Year Ended Cost Cost Contributed Obligation 2013 $ 804,987 100.00% $ - 2012 $ 587,945 75.55% $ 1,335,089 2011 $ 905,981 61.11 °k $ 1,165,800 The funded status of the plan as of June 30, 2011, the date of the most recent actuarial valuation was as follows: Actuarial accrued liability (AAL) Actuarial value of plan assets Unfunded actuarial accrued liability (UAAL) Funded ratio (actuarial value of plan assets/AAL) Covered payroll (active plan members) UAAL as a percentage of covered payroll 21 $ 8,643,438 1,167,161 $ 764766277 13.5% N/A N/A In fiscal year 2010, the Department's Board of Commissioners voted to • accept the provisions of Massachusetts General Law Chapter 32B §20, to create an Other Post - Employment Benefits Liability Trust Fund as a mechanism to set aside monies to fund its OPEB liability. In fiscal year 2013, the Board of Commissioners voted to create an OPEB trust instru- ment in alignment with the Town of Reading. In fiscal year 2013, the Department contributed $1,483,007 to this trust, which was equal to all of its actuarially determined annual contributions through June 30, 2013. The assets and net position of this trust are reported in the Department's Statement of Fiduciary Net Position. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions the employer are subject to continual revision as actual resul omp red to past expectations and new estimates are ma 14 he Tutu e schedule of funding progress, presented ss menl ary information following the no he fine ncialf9fia—itepients, F rese its multi- year trend inform ion abo whet r the actuiffaTv lue of 1 0an i issets is increas ecrea ing o er a tali to uarial ecru d liability for be fits � ar I h d nd ss m- V Pro' c ions t refit uncial reporting purposes are based on the pI a and rat y the Department and the plan members and include t typ o benefits provided at the time of each valuation and the his- torical pattern of sharing of benefit costs between the Department and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long -term perspective of the calculations. In the June 30, 2011 actuarial valuation, the Projected Unit Credit actuarial cost method was used. The Department's actuarial value of assets was $1,167,161. The actuarial assumptions included a 7.75% investment rate of return and an initial annual health care cost trend rate of 9.0% which decreases to a 5.0% long -term rate for all health care benefits after seven years. The amortization costs for the initial UAAL is a level percentage of payroll amortization, with amortization payments increasing at 2.5% per year for a period of 20 years. J 22 • 16. Pension Plan The Department follows the provisions of GASB Statement No. 27, (as amended by GASB 50) Accounting for Pensions for State and Local Government Employees, with respect to the employees' retirement funds. Chapter 32 of the Massachusetts General Laws assigns the System the authority to establish and amend benefit provisions of the plan, and the State legislature has the authority to grant cost -of- living increases. The System issues a publicly available financial report which can be obtained through the Town of Reading Contributory Retirement system at Town Hall, Reading, MA. A. Plan Description The Department contributes to the Town of Reading Contributory Retire- ment System (the System), a cost - sharing, multiple - employer, defined benefit pension plan administered by a Town Retirement Board. The System provides retirement, disability and death benefits to e - bers and beneficiaries. Chapter 32 of the Massac eneral s assigns the System the authority to esta nd am nefit provi- sions of the plan, and grant cif- living incr B. Fundin Po n mb rs re r quir d t�c ntri to o JthSystern at r ranging fro 5 to o nnu I covered co p nn. The Department is req it to int he ys s remaining system wide act ri Ily et ine n ibution plus administration costs which are ap rt ne am employers based on active covered payroll. The c trib ' of plan members and the Department are governed by hapter 32 of the Massachusetts General Laws, The Department's con- tributions to the System for the years ended June 30, 2013, 2012, and 2011 were $1,288,076, $1,336,326, and $1,278,695, respectively, which were equal to its annual required contributions for each of these years. 17. Participation in Massachusetts Municipal Wholesale Electric Company The Town of Reading, acting through its Light Department, is a participant in certain Projects of the Massachusetts Municipal Wholesale Electric Company ( MMWEC). MMWEC is a public corporation and a political subdivision of the Common- wealth of Massachusetts, created as a means to develop a bulk power supply for its Members and other utilities. MMWEC is authorized to construct, own or purchase ownership Interests in, and to issue revenue bonds to finance, f electric facilities (Projects). MMWEC has acquired ownership interests in (` electric facilities operated by other entities and also owns and operates its 23 24 • own electric facilities. MMWEC sells all of the capability (Project Capability) of each of its Projects to its Members and other utilities (Project Participants) under Power Sales Agreements (PSAs). Among other things, the PSAs require each Project Participant to pay its pro rata share of MMWEC's costs related to the Project, which costs include debt service on the revenue bonds issued by MMWEC to finance the Project, plus 10% of MMWEC's debt ser- vice to be paid into a Reserve and Contingency Fund. In addition, should a Project Participant fail to make any payment when due, other Project Partici- pants of that Project may be required to increase (step -up) their payments and correspondingly their Participant's share of that Project's Project Capa- bility to an additional amount not to exceed 25% of their original Participant's share of that Project's Project Capability. Project Participants have cove- nanted to fix, revise and collect rates at least sufficient to meet their obliga- tions under the PSAs. MMWEC has issued separate issues of revenue bonds for each of its t Projects, which are payable solely from, and secured solely reve- nues derived from the Project to which the bands r us avaiIs nds pledged under MMWEC's Amended and Re ad Ge d R solution (GBR) with respect to the bond t Pro, ct. T the e M WEC van es derived from each Pr are sect solely to prov o the pa men of the bonds of a ping issu relat' gu Pr act pay M nd ting suc Pr , t a ar no used to provi WE 's cost the bo sue I ing any other Project. paym t f thuds an M per a the o y Book In ediate Project and the Stony Br k eking Pro ct, ssil- fueled power plants. MMWEC has a 3.7% ' ere in he .F. man Unit No. 4 plant, which is operated and owned by to jori owner, FPL Energy Wyman IV, LLC, a subsidiary of NextEra nergy Resources LLC, and a 4.8% ownership interest in the Millstone Unit 3 nuclear unit, operated by Dominion Nuclear Connecticut, Inc. (DNCI), the majority owner and an indirect subsidiary of Dominion Resources, Inc. DNCI also owns and operates the Millstone Unit 2 nuclear unit. The operating license for the Millstone Unit 3 nuclear unit extends to November 25, 2045. A substantial portion of MMWEC's plant investment and financing program is an 11.6% ownership interest in the Seabrook Station nuclear generating unit operated by NextEra Energy Seabrook, LLC (NextEra Seabrook), the majority owner and an indirect subsidiary of NextEra Energy Resources LLC. The operating license for Seabrook Station extends to March, 2030. NextEra Seabrook has submitted an application to extend the Seabrook Station operating license for an additional 20 years. Pursuant to the PSAs, the MMWEC Seabrook and Millstone Project Partici- pants are liable for their proportionate share of the costs associated with decommissioning the plants, which costs are being funded through monthly Project billings. Also the Project Participants are liable for their proportionate share of the uninsured costs of a nuclear incident that might be imposed 24 under the Price- Anderson Act (Act). Originally enacted in 1957, the Act has been renewed several times. In July 2005, as part of the Energy Policy Act of 2005, Congress extended the Act until the end of 2025. Reading Municipal Light Department has entered into PSAs and Power Purchase Agreements (PPAs) with MMWEC. Under both the PSAs and PPAs, the Department is required to make certain payments to MMWEC payable solely from Department revenues. Under the PSAs, each Participant is unconditionally obligated to make all payments due to MMWEC, whether or not the Project(s) is completed or operating, and notwithstanding the suspension or interruption of the output of the Project(s). MMWEC is involved in various legal actions. In the opinion of MMWEC management, the outcome of such actions will not have a material adverse effect on the financial position of the company. Total capital expenditures for MMWEC's Projects amounted rtheepart- I 1,000, of which $114,471,000 represents the amount ass it ment's share of Project Capability of the Pro' s in w ' although such amount is not all to the Dep me I. MM outstanding for the P o'ects in udes war upp ro ct Rds totaling $2 00, whi $ 91 ,00 is a ed wits sh re o ect ap ili the ro ds n which it p altho h uch mint no allo d to a Dep rtmenl. After the July 1, 2013 ap I yment, WE s tot ure a ice requirement on outstand- in bon s issu or th P je s is $ 40,000, of which $10,488,000 is an 'cip to to b ed t apartment in the future. Th stim ed aggregate amount of Reading Municipal Light Department's equired payments under the PSAs and PPAs, exclusive of the Reserve and Contingency Fund billings, to MMWEC at June 30, 2013 and estimated for future years is shown below. Annual Costs For years ended June 30, 2014 $ 3,552,000 2015 2,574,000 2018 2,700,000 2017 1,472,000 2018 190,000 Total $ 10,488,000 In addition, under the PSAs, the Department is required to pay to MMWEC its share of the Operation and Maintenance (O &M) costs of the Projects in which it participates. The Department's total O &M costs including debt service under the PSAs were $12,353,000 and $12,598,000 for the years ended June 30, 2013 and 2012, respectively. 25 18. Renewable Energy CertlFlCates In 2003, the Massachusetts Department of Energy and Environmental Affairs adopted the Massachusetts Renewable Energy Portfolio Standard (RPS), a regulation that requires Investor Owned Utilities (IOUs) to purchase mandated amounts of energy generated by renewable resources (Green Energy) as a percentage of their overall electricity sales. The Massachusetts RPS applies only to IOUs, so the Department is currently exempt from this mandate. Energy suppliers meet their annual RPS obligations by acquiring a sufficient quantity of RPS - qualified renewable energy certificates (RECs) that are created and recorded at the New England Power Pool (NEPOOL) Generation Information System (GIS). Suppliers can purchase RECs from electricity generator; or from other utilities that have acquired RECs. As part of its ongoing commitment to Green Energy, the Department has entered into Purchase Power Agreements (PPAs) with Swift River Hydro LLC on- cord Steam Corporation to purchase power generated from able en rgy resources. These PPAs include the Department i I o RECs, ich certify that the energy produced was the pro ct of a reso rce. Because the Department is exe r the I PS ro ons, it as t e option of holding these RE 'I they piirr�e o ellin them thro gh the NEP OL GIS. cal y ar 2", he epa m�hr\sol 16, 37 c lender year RECs. Proce ds otalibq,V7 77 o sale of hes RECs were netted against the De a ment's fis yea 2013 er fuel charge. At punq 3 , 20 3, e D nt held 7,555 RECs (4,024 MA Class 2 RECs Z72 CT las s) with an estimated market value of $286,581. In a a 30, 2013 RMLD was in the process of selling 4,606 Quarter RECs with an estimated value of $286,581. Because there are no clear accounting guidelines for RECs and the Department does not have a formal policy for the future disposition of these RECs, they are not reported as an asset on the Statements of Net Position. 19. Leases Related Party Transaction - Property Sub -Lease The Department is sub - leasing facilities to the Reading Town Employees Federal Credit Union. The original sub -lease agreement commenced in December 2000 and was extended by various amendments through November 30, 2011. An additional amendment, effective December 1, 2011, extends the lease through November 30, 2014. The following is the future minimum rental income for the years ending June 30: 2014 $ 8,712 2015 3,630 Total $ 12,342 26 rii� TOWN OF READING, MASSACHUSETTS, MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF FUNDING PROGRESS REQUIRED SUPPLEMENTARY INFORMATION June 30, 2013 (Unaudited) Actuarial Accrued Actuarial Liability Actuarial V o AAL) Val sset9� try e Date Ia1 v b 06/ 0/08 $ 5,3 8 O6/ 0/1 1 167, 61 ,438 See Independent Auditors Report . 27 UAAL as a Percent - age of VAALU d C Ver Covered Payroll LC b-a /c $ 8,085,388 0.0% N/A N/A $ 7,476,277 13.5% N/A N/A L • VU a a WW. 0 N Lr N i (D E a) Q N l L C� Y -- Y C� O � � 6 V 4 a QLn E IVf �f aRi v'—^ Q V vu! , r— a: .� o �o Q� 0 c E a oin a 01 c V v 15 v 2 Cl- V C_ Q ~a t C m d T v d J E N O t � O Q rn N W T C W N O 0 N 2 v v 4 OW T C C E E o w C W V O 3 � v � CO OTC c Jj — V Q N a 15 v V C_ N a 5 N t C 3 � v � c a V Q v E v C v � L a v V c � � o O v T C W rri R V O J N C 3 H O LL J N i F- C fd C O V Q T 6) N C W c 3 0 0 N O d O D. T c w O v T W N C v V d L. V m a E v m v c N m N N T C v • N d W O a p N M (O N W N N E U V m a E v m v c N m N N T C v • N U) O E N O U .. j N C7 2 J U U N m O z 0 Q ` m c0 W W rn 0 V -o E E N °' 2 'o O O a z pTj N N L N E C • 0 Q Q E U W N w � (7 V m a E v m v c N m N N T C v • 0 A O Y C c v c c Jam' I t I C O C N E O N 7 R 'Pal N O1 7 6 Y 7 Q v c w N N Q E O V N a Q T O C O U N N T N N V Ln Ln N N K O N E 0 m v n b 0 G�7 � a r 1i N L I, 3 O C T C v N N E O N 7 T V C N V_ N � T 2) v c O v 7 O O v � y -0 +N E O C C O V CN G N i Cif O L a Q) t Y O N N 3 O i N O N 7 A .y 7 Z T N w O mp cl Ei L is 0 CL O v ro 3 O C v i E O 7 IN 4 C iN+ O V J 02 Fl OC p - C b C p n w_ K Q E 2 c y Me & s F C s F < o U V 2 W g < O > W j m 3 3 O C T C v N N E O N 7 T V C N V_ N � T 2) v c O v 7 O O v � y -0 +N E O C C O V CN G N i Cif O L a Q) t Y O N N 3 O i N O N 7 A .y 7 Z T N w O mp cl Ei L is 0 CL O v ro 3 O C v i E O 7 IN 4 C iN+ O V J 02 Fl C, I• C O (6 C Q X W Val ILn V 76 c O Z C O (6 �6 Q X W 41 M V) Ln N N c� G c`a N N N O C S Q E O V w Cd 0 v O L O N L W 61 T - a N O d C T w V > � L N v L N L O N N O 0 W � � Q N � W Qj N Q L CC C N V u 0 O E y m m Q N N a% Y 00 v ,� � E 0 O _0 N N 6 > O oc u Q a � O O ! Y y U 7 0 n c m c 42 c O V c O W 'yf' >g a G C d c _ .0 a� ` — 11 5' 11-moo d K F F 2 W C 2 61 T - v L N O d C T w V > � L N v L N L O N N O 0 W � � Q N � W Qj N Q L CC C N V u 0 O E y m m Q N N a% Y 00 v ,� � E 0 O _0 N N 6 > O oc u Q a v L C 'c 0 T V .Q X N vi N Q • 11 El 0 C 11 C A C L N Y L v a v C C a T N C w 0 m m rn `o u C N C r Y m • To: Coleen O'Brien From: Maureen McHugh, Jane Parenteau Date: September 12, 2013 Subject: Purchase Power Summary — July, 2013 Energy Services Division (ESD) has completed the Purchase Power Summary for the month of July, 2013. ENERGY The RMLD's total metered load for the month was 78,729,610 kWh, which is a 6.3% increase from the July, 2012 figures. Table 1 is a breakdown by source of the energy purchases. Table 1 Amount of Cost of %of Total Total $ $ as a Resource ® Energy Energy Energy Costs % (kWh) (s/M orI) Millstone 93 3,672,042 $6.99 4.66% $25,659 0.74% Seabrook 5,886,340 $8.22 7.471, $48,368 1.401/6 Stonybmok Intermediate 4,508,341 $66.65 5 .72% $300,463 8.67% JP Morgan 10,538,000 $59.15 13.38% $623,346 17.99% NextEra 11,972,400 $49.13 15.20% $588,151 16.98% NVPA 1,593,593 $4.92 2.02% $7,840 D.M. ISO lnterehange 10,843,247 $52.88 13.76% $573,339 16.55% NEMA Congestion 0 Saw 0.00% - $138,253 -3.W1 Coop Resales 21,917 $135.91 0.03% $2,979 0.09% MacOuane 11,488,000 $41.78 14.58% $479,937 13.85% Summit Hydro 794,068 $59.68 1.01% $47,393 1.37% Braintree Watson Unit 1,511,760 $67.39 1.92% $101,878 2.941/6 Sv4N RWer Projects 1,400,912 $101.76 1.78% $142,555 4.11% Exelon 14,352,400 $43.77 18.22% $628,157 18.13% Stonybrook Peaking 198,442 $163.96 0.25% $32,537 0.94% Monthly Total 78,781,462 $43.97 100.00% $3,464,349 100.00% u Attachment 2 Table 2 breaks down the ISO interchange between the DA LMP Settlement and the RT Net Energy for the month of July, 2013. Table 2 Amount Cost %of Total Resource of Energy of Energy Energy (kWh) ($ /Mwh) ISO DA LMP 14,503,454 63.40 18.41% Settlement RT Net Energy " - 3,660,207 86.58 -4.65% Settlement ISO Interchange 10,843,247 52.90 13.76% (subtotal) ' Independent System Operator Day -Ahead Localional Marginal Prim " Real Time Net Energy JULY 2013 ENERGY BY RESOURCE Bra.rtree Watson Stonybrook Stonybrook !rmPdiaTP, 57% • Millstone R3 ■Seabrook • 5tulrybmuk Inlernruiale ■JPMDrgan ■ NexLEle ■ NYPA • ISO lnterrhaogP • Macquarie • 5ummn Hydra • Braintree Watson Unit • Swift Rk er Projects • Exelon • Stonybrook Peaking NYPA, 2.0% LC �s GCAPACITY The RMLD hit a demand of 167,759 kW, which occurred on July 19, at 4 pm. The RMLD's monthly UCAP requirement for July, 2013 was 214,413 Ms. Table 3 shows the sources of capacity that the RMLD utilized to meet its requirements. Table 3 Source Amount (kWa) Cost ($IkW -month) Total Cost $ %of Total Cost Millstone #3 4,950 49.21 $243,569 16.39% Seabrook 7,903 46.99 $371,349 24.98% Stonybrook Peaking 24,981 2.00 $49,910 3.361/6 Stonybrook CC 42,925 3.22 $138,298 9.30% NYPA 4,019 4.02 $16,172 1.09% Hydro Quebec 4,683 4.45 $20,829 1.40% Nextera 60,000 5.50 $330,000 22.20% Braintree Watson Unit 10,520 10.99 $115,647 7.78% ISO-NE Supply Auction 54,432 3.69 $200,723 13.50% Total 214,413 $6.93 $1,486,497 100.00% Table 4 shows the dollar amounts for energy and capacity per source. Table 4 Cost of %of Amt of Energy Power Resource Energy Capacity Total cost Total Cost (kWh) ($IkWh) Millstone #3 $25.659 $243,569 $269,228 5.44% 3,672,042 0.0733 Seabrook $48,368 $371,349 $419,717 8.48% 5,886,340 0.0713 Stanybrook Intermediate $300,463 $138,298 $438,761 8.86% 4,508,341 0.0973 Hydro Quebec $0 $20,829 $20,829 0.42% - 0.0000 JP Morgan $623,346 $0 $623,346 12.59% 10,538,000 0.0592 N"Era $588,151 $330,000 $918,151 18.55% 11,972,400 0.0767 NYPA $7,840 $16,172 $24,013 0.49% 1,593,593 0.0151 ISO Interchange $573,339 $200,723 $774,062 15.63% 10,843,247 0.0714 Name Congestion - $138.253 $0 - $138,253 -2.79% - 0.0000 MacQuane $479,937 $0 $479,937 9.69% 11,488,000 0.0418 e Summit Hydro $47,393 $0 $47,393 0.96% 794,068 0.0597 Braintree Walson Unit $101,878 $115,647 $217,524 4.39% 1,511,760 0.1439 Swift River Projects $142,555 $0 $142,555 2.68% 1,400,912 0.1018 Coop Resales $2,979 $0 $2,979 0.06% 21,917 0.1359 Constellation Energy $628,157 $0 $628,157 12.69% 14,352,400 0.0438 Stonybrook Peaking $32,537 $49,910 $82,447 1.67% 198,442 0.4155 Monthly Tmlel $3,464,349 $1,486,497 $4,950.846 100.00% 78,781,462 0.0628 Renewable Resources 4.81% RENEWABLE ENERGY CERTIFICATES (RECs) • Table 5 shows the amount of banked and projected RECs for the Swift River Hydro Projects through August, 2013, as well as their estimated market value. The RMLD's total transmission costs for the month of July were $1,183,000. This is an • increase of 14.8% from the June transmission cost of $1,030,696. In July, 2012 the transmission costs were $1,140,284. Table 5 Current Month Swift River RECs Summary Last Year Peak Demand (kW) 167,759 Period - January 2013 - August 2013 163,785 Energy (kWh) Ranked projected Total Est. Energy ($) REC, li RECs Dollars Woronoco 3.018 4,275 7,293 $397,469 Pepperell 434 2263 2717 $146,077 Indian River 1152 1561 2713 $147,859 Turners Falls 194 1,248 1442 $0 Grand Total 4,796 9,367 14,165 $693,400 The RMLD's total transmission costs for the month of July were $1,183,000. This is an • increase of 14.8% from the June transmission cost of $1,030,696. In July, 2012 the transmission costs were $1,140,284. • Table 6 Current Month Last Month Last Year Peak Demand (kW) 167,759 162,059 163,785 Energy (kWh) 78,781,462 64,889,690 73,892,102 Energy ($) $3,464,349 $2.465,567 $3,581,715 Capadty($) $1,486,497 $1,472,596 $1,647,074 Transmission($) $1,183,000 $1,030,696 $1,140,284 Total $6,133,846 $4,968,858 $6.269,073 • � 0 k ( k\ ,) !z !. !� ) -- -- -- *q \], )\ kG §G .■ -- § | \ ■. ■° #° )[ t§[ k }) )/) OTo: Colmn O'Brien From: Maureen McHugh, Jane Parenteau Date: September 19, 2013 Subject: Purchase Power Summary - August, 2013 Energy Services Division (ESD) has completed the Purchase Power Summary for the month of August, 2013. ENERGY The RMLD's total metered load for the month was 67,344,668 kWh, which is a 11% decrease from the August, 2012 figures. Table 1 is a breakdown by source of the energy purchases. J Table 1 Amount of Cost of %of Total Total $ $ as a Resource Energy Energy Energy Costs % (kWh) ($T4wh) Millstone u3 3,038,210 $6.99 4.51% $21,230 0.77% Seabrook 5,893,305 $8.22 8.75% $48,421 1.75% Stonybmk Intermediate 594,595 $54.38 0.88% $32,336 1.17% JP Morgan 10,538,000 $59.15 15.64% $623,346 22.53% NextEra 11,999,000 $49.25 17.81% $591,006 21.36% NYPA 1,722,875 $4.92 2.56% $6,477 0.31% ISO Interchange 6,425,791 $41.91 9.54% $269,317 9.73% NEMA Congestion 0 $0.00 0.00% - $32,123 -1.16% Coop Resales 18,441 $13640 0.03% $2,519 0.09% MacOuarie 11,488,000 $40.13 17.05% $461,059 16.66% Summit Hydro 385,623 $58.15 0.57% $22,423 0.81% Braintree Watson Unit 319,532 $78.47 0.47% $25,074 0.91% Smft River Projects 600,801 $100.4 0.89% $60,346 2.18% Exelon 14,296,600 $43.80 21.22% $626,145 22.63% Stonybrook Peaking 42,936 $178.74 0.08% $7,674 0.28% Monthly Total 67,363,709 $41.08 100.00% $2,767,250 100.00% J Table 2 breaks down the ISO interchange between the DA LMP Settlement and the RT Net Energy for the month of August, 2013. is ISO DA LIMP Table 2 Amount Cost % of Total Resource of Energy of Energy Energy (kWh) ($/Mwh) ISO DA LIMP 6,805,567 44.76 10.10% Settlement RT Net Energy" - 379,775 71.69 .0.56% Settlement ISO Interchange 6,425,791 41.91 9.54% (subtotal) ' Independent System Operator Day -Ahead Locational Marginal Price " Real Time Net Energy AUGUST 2013 ENERGY BY RESOURCE Sw Bn HI Stonybrock NYPA, 2 6% ■ Millstone tt3 aok ■Seabrook ete. • Stonybmok Intermediate ■ JP Morgan ■NeatEra a NYPA ■ISOlnterchange ■ MacQuarlc • Summit Hydro • eramtree Watson Unit ■ Swift River Projects ■Exelon • Stonybrook Peaking ® CAPACITY The RMLD hit a demand of 140,045 M, which occurred on August 21, at 5 pm. The RMLD's monthly UCAP requirement for August, 2013 was 214,413 Ms. Table 3 shows the sources of capacity that the RMLD utilized to meet its requirements. Table 3 Souris Amount (kWa) Cost ($IIcW- month) Total Cost $ %of Total Cost Millstone #3 4,950 49.21 $243,575 16.38% Seabrook 7,903 46.99 $371,345 24.97% Stonybrook Peaking 24,981 2.02 $50,389 3.39% Stonybrook CC 42,925 3.30 $141,455 9.51% NYPA 4,019 4.02 $16,172 1.09% Hydro Quebec 4,683 5.17 $24,202 1.63% Ne#era 60,000 5.50 $330,000 22.19% Braintree Watson Unit 10,520 10.76 $113,246 7.62% ISO -NE Supply Auction 54,432 3.61 $196,754 13.23% Total 214,413 $6.94 $1,487,138 100.00% Table 4 shows the dollar amounts for energy and capacity per source. Table Cost of %of Amt of Energy Po ver Resource Energy Capacity Total cost Total Cost (kWh) ($/kWh) Millstone #3 $21,230 $243,575 $264,805 6.22% 3.038,210 0.0872 Seabrook $48,421 $371,345 $419,767 9.87% 5,893,305 0.0712 Stonybrook Intermediate $32,336 $141,455 $173,791 4.08% 594,595 0.2923 Hydro Quebec $0 $24,202 $24,202 0.57% - 0.0000 JP Morgan $623,346 $0 $623,346 14.65% 10,538,000 0.0592 NedEra $591,006 $330,000 $921,006 21.65% 11,999,000 0.0768 ` NYPA $8,477 $16,172 $24,649 0.58% 1,722,875 0.0143 ISO Interchange $269,317 $196,754 $466,072 10.96% 6,425,791 0.0725 Name Congestion 432,123 $0 - $32,123 -0.76% - 0.0000 MacQuarie $461,059 $0 $461,059 10.84% 11,488,000 0.0401 Summit Hydro $22,423 $0 $22,423 0.53% 385,623 0.0581 Braintree Watson Unit $25,074 $113,246 $138,320 3.25% 319,532 0.4329 ' Swit River Projects $60,346 $0 $60,346 1.42% 600,801 0.1004 Coop Resales $2,519 $0 $2,519 0.069/. 18,441 0.1366 Constellation Energy $626,145 $0 $626,145 14.72% 14,296,600 0.0438 Stonybrook Peaking $7,674 $50,389 $58,063 1.36% 42.936 1.3523 Monthly Total $2,767,250 $1,487,138 $4,254,388 100.00% 67,363,709 0.0632 e Renewable Resources 4.02% RENEWABLE ENERGY CERTIFICATES (RECs) • I Table 5 shows the amount of banked and projected RECs for the Swift River Hydro Projects through August, 2013, as well as their estimated market value. TRANSMISSION The RMLD's total transmission Costs for the month of August were $1,223,588. This is an increase of 3.4% from the July transmission Cost of $1,183,000. In August, 2012 the transmission costs were $1,065,565. Table 6 Current Month Table 5 Last year Peak Demand (kW) 140,045 Swift River RECs Summary 153,945 Energy (kWh) 67,363,709 Period- January 2013 - August 2013 75,020,822 Energy ($) Banked Projected Total Est. Capacity ($) RECs RECs RECs Dollars woronoco 3,018 4,275 7,193 $397,469 Pepperell 434 2283 2717 $148,077 Indian River 1152 1561 2713 $147,859 Turners Falls 194 1,248 1442 $0 Grand Total 4,798 9,367 14,165 $693,404 TRANSMISSION The RMLD's total transmission Costs for the month of August were $1,223,588. This is an increase of 3.4% from the July transmission Cost of $1,183,000. In August, 2012 the transmission costs were $1,065,565. Table 6 • Current Month Last Month Last year Peak Demand (kW) 140,045 167,759 153,945 Energy (kWh) 67,363,709 78,781,462 75,020,822 Energy ($) $2,767,250 $3,464,349 $3,578,611 Capacity ($) $1,487,138 $1,486,497 $1,520,844 Transmission($) $1,223,588 $1,183,000 $1,065,565 Total $5,477,977 $6,133,846 $6,165,020 • 11 G N k \ - - -- _! \\ � \ \ )/ §' \§ |) | !■! #.4 )/ ® � )5 - .....,.2 }) \. ,° ;!K ■K!!K # <f #[ # 7 k 7 §' � §!!!4 § ( f� r� -- -. - - -- § 4§ # # # � �§}� ![[ [[ 43:m ![ ;; | ; ; ; ;! - - -- _! \\ � \ \ )/ :` !■! #.4 )/ � .....,.2 ,° ;!K ■K!!K §!! §!!!4 r� -- -. - - -- § 4§ # # # � �§}� 43:m ;; | ; ; ; ;! • Energy Services Division To: Coleen O'Brien From: Jane Parcnteau Bill Seldon Date: September 24, 2013 Subject: New York Power Authority (NYPA) Credit The NYPA Credit is a Federal Power Commission mandate and is related to the allocation of Preference Power to the neighboring states of New York. RMLD calculates the monthly NYPA credit by comparing the actual cost of the NYPA power ( capacity, transmission and energy) and the Replacement Power Costs (RPC). The RPC represents what RMLD would replace the NYPA power if the RMLD did not receive its NYPA allocation ( capacity, transmission, energy). The difference between these two cost structures result in a pool of dollars that is allocated to the residential customers on a per kWh basis. The NYPA credit only applies to RMLD's residential customers. ® Table 1 summaries the RMLD's current monthly NYPA credit for the January, 2013 - August, 2013. CURRENT NYPA Credit Calculation Summary Replacement Cost Methodology 3013 NYPA Replacement Monthly NYPA Month Cost• Cost" Adjustment •`• Credit January $31,378 $112,486 $488 $80,620 February 555,414 $109,470 $6,000 $48,056 March $60,186 $181,412 $5,289 $115,936 April $92,684 $214,302 $14,910 $106,708 May $143,428 $170,227 $7,376 $19,423 June $57,175 $96,860 $13,703 $25,982 July $45,116 $99,935 ($1,719) $56,537 August $43,817 $77,607 $2,956 $30,833 Total $529,200 $1,062,299 $49,003 $484,096 * NYPA Con- Actual Costs from Monthly NYPA Invoice Replacement Cost - Calculated Monthly Using NYPA Credit Calculation procedure. e is Adjustment - Determined by truing up Estimated kWh Bales vs Actual kWh Sales. In February, 2009, Melanson Heath & Co. reviewed RMLD's procedures for the • calculation and recording of NYPA credits. The report is attached to this memo. The Melanson Heath report indicates that other municipal utilities use the cost per kWh of actual non -NYPA purchase power, instead of replacement power. This would result in a different NYPA credit, depending on whether the replacement power (ISO -NE) is more or less expensive than the average of all purchased non -NYPA power. A legitimate argument could be made for calculating the NYPA credit by either alternative. Table 2 represents an alternative methodology that removes the NYPA fuel costs from the purchase power cost to determine the NYPA Credit for the same period, January, 2013 — August, 2013. ALTERNATIVE NYPA Credit Calculation Summary: Non -NYPA Purchase Cost Methodology Table 2 removes the NYPA Fuel dollars from the fuel expense as well as the kWhs generated from NYPA from the kWh purchase. The NYPA credit is calculated by taking the difference between the non -NYPA Fuel Expense and cost of NYPA multiplied by the amount of generation received from NYPA. The alternative methodology defines the RMLD's benefit of receiving NYPA power by taking into account only the energy portion of the NYPA power costs. The monthly NYPA costs include, in addition to the energy cost, a capacity component that represents the cost of generating NYPA Power and a transmission component that represents the cost of transmitting the NYPA Power from New York to Massachusetts. Table 3 shows the impact of the Fuel Revenue with both the current replacement cost methodology as well as the alternative methodology. • Tmel 1.1 Eeism» Fuel Extent. NYPA Full EVFenm Myth NYPA Fuel Eyem. kWM1 JyPA gXertna Month IIrcIWIne NYPA) (SAM) Fuel l$1 minus WPA PumNss kWh Pumhum kWh NYPA minus NYPA sales (VkWh) NYPAGMIt ISAwhl anuery $ 2:23,167 O."s SIA47 2513,619 solike 1. 1,940,647 58,926,021 5 002" 55,932,366 %O J $0033)4 $ 73,235 hMUary 5 3,39],]20 006302 54941 3,3N,]69 53,918,]]5 1,7.,545 52,209,230 5 006695 00,0%. $0.0%(6 $0.06(89 5 IOf,W] Merth 5 1393,560 0.042W $1011. 3,383,383 56,9911\11 2,069,825 54,922,286 $ 0.04360 56,245,355 $0.00492 $0.03868 5 "A" Apil $ 1330,543 0."I" $9,601 3,31L.l 52,896,791 1,910,706 SO.W6,M $ 0.0633] 54,O1L62fi $O.W492 $0.03845 $ ,4,465 May $ 3289,286 0.06058 $9,868 2,279,438 56,418,457 1W1$69 54,416869 $ 0.04189 50,LW,742 $0.00492 $0.03697 $ 73,995 June $ 2,465,567 0.03800 $7.941 3,.7,.. 64,"6690 1,614,. fis,7],ki $ 0.038& 58.949,817 $0=02 $0.(YuS. $ 54,750 July $ 3,600,389 0..17 $7,800 3,416,5(9 $781,462 1.593$93 77,187,869 $ O.)4478 65,"1459 $0.00692 $OA3986 $ 63$31 Aun. $ 2,767,250 0.1. $8,07 2,759, ,44 67,30.X9 1,731875 65, 640,834 $ 004203 67, 6111752 S0.00493 $0.:33711 $ 63,933 • $ 21521.432 Osutm $]0,1]4 $ 31.451,258 893,116,663 14,561,928 477.564,735 $ 0.00892 467,293,231 $0.00681 50.01010 $ 586,586 Table 2 removes the NYPA Fuel dollars from the fuel expense as well as the kWhs generated from NYPA from the kWh purchase. The NYPA credit is calculated by taking the difference between the non -NYPA Fuel Expense and cost of NYPA multiplied by the amount of generation received from NYPA. The alternative methodology defines the RMLD's benefit of receiving NYPA power by taking into account only the energy portion of the NYPA power costs. The monthly NYPA costs include, in addition to the energy cost, a capacity component that represents the cost of generating NYPA Power and a transmission component that represents the cost of transmitting the NYPA Power from New York to Massachusetts. Table 3 shows the impact of the Fuel Revenue with both the current replacement cost methodology as well as the alternative methodology. • ® 2013 Comparison Current Alternative 2013 Net Fuel Revenue Net Fuel Revenue NYPACredlt Month Fuel Revenue NYPA Credit Fuel Rev -NYPA Uedit Fuel Revenue NYPA Credit Fuel Rev - NYPA Crude OBhsence January $ 2,318,620 $80,620 $ 2,238,000 $ 2,311,236 $ 73,235 $ 2,238,000 ($7,384) February $ 3,820,309 $48,056 $ 3,772,254 $ 3,826,341 $ 104,087 $ 3,772.254 $56,031 March $ 2,278,242 $115,936 $ 2,162,305 $ 2,241,95 $ 79,599 $ 2,162,305 ($36,337) April $ 2,267,342 $106708 $ 2,160,633 $ 2,234,59 $ 73,465 $ 2,160,633 ($33,243) May $ 2,037,153 $19,423 $ 2,017,730 $ 2,51,725 $ 73,995 $ 2,017,730 $54,572 June $ 2,239,874 $25.982 $ 2,213,891 $ 2,268,641 $ 54,750 $ 2,213,891 $28768 July $ 2,886,94 556,537 5 2,830,57 $ 2,893,558 $ 63,521 $ 2,830,037 $6,984 AWust $ 2,780,315 $30,933 $ 2,749,482 5 2,813,415 $ 63,933 $ 2,749,482 $33,100 $ 20,628,429 $ 484,06 $ 20,14,333 $ 20,730,919 $ 586,586 $ 20,144,333 $ 102,490 Residential $ 7,692,268 $ 484,56 $ 7,25,172 $ 7,730,486 $ 586,586 $ 7,143,95 $ (64.272) Other $ 12,936,161 $ - $ 12,936,161 $ 13,50,433 $ - $ 13,5,433 $ 64,272 Total $ 20,628,429 $ 484.56 $ 20,144,333 $ 20,730,919 $ 20,144,333 RMLD's Fuel Revenue less the NYPA credit represents RMLD's Net Fuel Revenue. It should be noted that this alternative methodology could result in an increased or decreased NYPA credit compared to the current methodology depending on whether the replacement power cost is more or less expensive than the average of all non -NYPA power. This NYPA credit would in turn increase or decrease the fuel revenue p requirement. Since all customer classes are charged the Fuel Charge Adjustment (FCA), the net effect of any differential will impact all customers. For the period January, 2013 — August, 2013, the alternative methodology increases the NYPA credit by approximately 21 %. This increase would need to be recovered by the Fuel Charge Adjustment (FCA). The residential customer sales are equivalent to approximately 36% of RMLD's total sales, with 64% representing the nonresidential sales. Since the net fuel revenue remains constant, any increase or decrease in the NYPA credit results in an equivalent increase or decrease in Fuel Revenue. The net effect of any differential will be approximately 64% of the calculated difference. Utilizing the alternative methodology to calculate the NYPA credit, for the period of January, 2013 — August 2013, a residential customer with an average monthly usage of 700 kWh, would have realized a $2.00 net savings over the 8 month period. This takes into account the increase in the FCA as well as the increase in the NYPA credit. It should be noted that the NYPA credit differential between the Replacement Pricing methodology and the alternative methodology will result in either an increase or decrease depending on the replacement cost pricing. 0 Attachment: Melanson Heath Report (2/20/09) ❑" READING MUNICIPAL LIGHT DEPARTMENT Agreed -Upon Procedures for the Calculation and Recording of PASNY Credits February 20, 2009 * TABLE OF CONTENTS PAGE REPORT ON AGREED -UPON PROCEDURES BACKGROUND RMLD CALCULATION OF RESIDENTIAL RATE 1. Fuel Charge Rate 2. PASNY Credit CONCLUSION 0 3 i ® NfELANS0N HEATH C1)11IrANY,r(: r 1, J...... 14N. ..... ei .,�., 'vn YLp 44e n�..ilh. ni INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED -UPON PROCEDURES Mr. Vinnie Cameron General Manager Reading Municipal Light Department 230 Ash Street Reading, MA 01867 -0250 Dear Mr. Cameron: We have n the Reading MPerformed c pal Light Department (RMLD) solely to Provide specific services to the Department related to the calculation and recording of the PASNY credit. The Department's management is responsible for the Department's records and Procedures. This agreed -upon procedures engagement was conducted in accord- ance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in the Agreed -Upon Procedures report. Consequently, we make no representations regarding the sufficiency of the procedures described below either for the purpose of which this report has been requested or for any purpose. other Our procedures were as follows: 1. We reviewed the process and calculations used by RMLD to determine the residential PASNY credit. 2. We reviewed the methodology for recording the PASNY credit in the RMLD's accounting records and annual Massachusetts Department report. of Public Utilities We were not engaged to, and did not, conduct an audit, the objective of which would be the expression of an opinion on the financial statements of the RMLD. J Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the information and use of the RMLD and is not intended to be and should not be used by anyone other than this specified party. We are presenting for your consideration the results of our agreed -upon procedures and our recommendations. The recommendations were developed during the course of our performing these agreed -upon procedures. After you have had an opportunity to consider our recommendations, we would be pleased to discuss them with you. Andover, Massachusetts February 20, 2009 i. J BACKGROUND RMLD purchases power from the Power Authority of the State of New York (PASNY). This power, which is generated at Niagara, is less expensive than most 1 other purchased power. Federal regulations require that only residential customers J get the benefit of this lower cost. The reduction in residential customer bills, com- pared to non - residential customers is known as the PASNY credit. The calculation of this benefit is not specified in the Federal regulations, therefore, it tends to be calculated differently by various utilities. The important point is that the residential rate payers get the benefit of the lower power costs from PASNY. 1� RMLD CALCULATION OF RESIDENTIAL RATE RMLD calculates the residential rate (including the PASNY credit) as follows: 1. Fuel charge rate 2. - PASNY credit • = Residential rate 1. Fuel Charge Rate RMLD calculates a single fuel charge rate for all (residential and non- residential customers). The rafe attempts to recover the cost of all purchased Power (including power from PASNY and all other suppliers) as well as recovering the cost of the PASNY credit. It is calculated by dividing the cost of all purchased power, plus the amount of the PASNY credit, by the KWH's purchased. This fuel charge rate is the same for residential and non - residential customers. Including the PASNY credit as a power cost component is necessary so that RMLD does not lose money as a result of the PASNY credit given to resi- dential customers. If it were not included, the rates would not recover the cost of the PASNY credit offered to residential customers. Although it may appear that residential customers are being back - charged for a portion of the PASNY credit, in reality, it results in the same residential rates (after the PASNY credit) as if RMLD had instead calculated separate fuel charge rates for residential (including PASNY power costs) and non - residential customers (not including PASNY power costs), 2. PASNY Credit The PASNY credit, which reduces residential customer bills, is calculated by comparing the KWH cost of power from PASNY to the cost of replacement power that would have been needed if PASNY power was not available. RMLD uses the ISO -NE market cost for this replacement cost. It should be noted that other utilities use the cost per KWH of actual non- PASNY purchased power, instead of replacement power. This would result in a different PASNY credit, depending on whether the replacement power (ISO -NE) is more of less expensive than the average of all purchased non - PASNY power. A legitimate argument could be made for calculating the PASNY credit by either alternative. Accounting for PASNY Credit RMLD records the PASNY credit as a purchase power cost in its accounting records and in the Massachusetts Department of Public Utilities annual report. This classification does not appear to be appropriate since the PASNY credit is not actually a purchase power cost. We instead recom- mend the PASNY credit be recorded as a contra - revenue account, similar to the treatment of other customer discounts and refunds. CONCLUSION RMLD's calculation of the fuel rates achieves two benefits: 1) the residential customers get the benefit of the lower PASNY power costs, and 2) rates are suffi- cient to cover overall power costs. As a result, we believe the current calculation is reasonable and appropriate. However, we recommend RMLD amend its accounting chart of accounts to report the PASNY credit as a contra- revenue in its financial reports, budget, and DPU report, instead of a purchase power cost. This will be more appropriate accounting treatment. 4 Reading Municipal Light Department • Engineering and Operations Monthly Report July 2013 - Revised I(W FY 2014 Capital Plan E &O Construction — System Proiects 1 5 W 9 Reconductoring — W ildwood Street: Project not yet scheduled. 2 4W4 Reconductoring: Project not yet scheduled. 3 Upgrading of Old Lynnfield Center URDs (Trog Hawley - Partial Carryover): Install load break elbows for temp feed. Put up cable racks in manhole and install lugs. Rack primary cables and splice on new primary upgrade. Paint transformers and switches. Padmount change out. Pull in section of service cable for new upgrade. Replace transformer. Install URD secondary cable. 4 Upgrading of Old Lynnfield Center URDs (Cook's Farm): Project not yet scheduled. 5 4W5 -4W6 Tie: Project not yet scheduled. 6 URD Upgrades — All Towns: No charges in July. 7 Stepdown Area Upgrades — All Towns: No charges in July. Station Upgrades 8 Station 4 (Gaw) Relay Replacement Project (Partial Carryover): Project not yet scheduled. 9 Station 4 (Gaw) 35kv Potential Transformer Replacement: Project not yet scheduled. 10 Station 3 — Replacement of Service Cutouts: Project not yet scheduled. 11 Station 4 (Gaw) Getaway Replacement — 4W9: Project not yet scheduled. 15 Station 5 —Getaway Replacements 5W9 and 5W10: Project not yet scheduled. SCADA Projects 30 Station 3 - RTU Replacement: Project not yet scheduled. September 16. 2011 Attachment 1 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. Projects of note include Dunkin Donuts (2 locations) on Salem Street and on Walkers Brook Drive in Reading, and North Reading Middle and High School. 13 Service Installations —Residential Customers —This item includes new or upgraded overhead and underground services, temporary overhead services. 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 10,971.38 Maintenance Overhead/Underground 75,250.59 Projects Assigned as Required 40,838.78 Pole Damage/Knockdowns - Some Reimburseable 7,193.64 Station Group 2,042.66 Hazmat/Oil Spills 17,150.56 Porcelain Cutout Replacement Program 1 Lighting Street Light Connections 1,022.52 Storm Trouble 6,421.36 Underground Subdivisions new construction 2,102.99 Animal Guard Installation Miscellaneous Capital Costs 10,408.44 'YTD TOTAL: $173.402 94 *Preliminary number. (1) In July (0) cutouts were charged under this program. Approximately 25 cutouts were installed new or replaced because of damage making a total of 25 cutouts replaced this month. 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. September 16, 2013 Liu is E 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: 54.59 minutes RMLD four -year average outage (2006- 2009): 50.98 minutes per outage On average, RMLD customers that experience an outage are restored in 54.59 minutes. September 16, 2013 3 10000 90.00 80.00 78.82 7000 u 60.00 0 50.00 C_ 35.78 B 30.00 20.00 10.00 m 0.00 m O `w E 0 7 U Mm1My minutes per outage — RMLD 12 month system average outage duration 54.59 —RWQA eerevere Dote duration 50.98 200&2009 September 16, 2013 3 ea � 90.00 80.00 78.82 7000 60.00 50.00 40.00 35.78 B 30.00 20.00 10.00 0.00 September 16, 2013 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: 0.42 outages per year RMLD four -year average outage frequency: 0.62 The graph below tracks the month -by -month SAIFI performance. 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 28.6 months. September 16, 2013 4 M I Reading Municipal Light Department Engineering and Operations Monthly Report August 2013 FY 2014 Capital Plan E &O Construction — System Proiects 1 5W9 Reconductoring — Wildwood Street: Project not yetscheduled. 2 4W4 Reconductoring: Project not yet scheduled. 3 Upgrading of Old Lynnfield Center URDs (Trog Hawley - Partial Carryover): Underground crew changed out underground padmount transformer. Installed load break elbows on primary. Installed new 1/0 primary. Line crew installed new URD primary cable, jet lined new primary conduit. 4 Upgrading of Old Lynnfield Center URDs (Cook's Farm): Project not yet scheduled. 5 41115 -41016 Tie: Project not yet scheduled. 6 URD Upgrades — All Towns: No charges for the month. 7 Stepdown Area Upgrades — All Towns: No charges for the month. Station Upgrades 8 Station 4 (Gaw) Relay Replacement Project (Partial Carryover): Project not yet scheduled. 9 Station 4 (Gaw) 35kv Potential Transformer Replacement: Project not yet scheduled. 10 Station 3 — Replacement of Service Cutouts: Project not yet scheduled. 11 Station 4 (Gaw) Getaway Replacement — 4W9: Project not yet scheduled. 15 Station 5 — Getaway Replacements 5W9 and 5W10: Project not yet scheduled. SCADA Proiects 30 Station 3- RTU Replacement: Project not yet scheduled. New Customer Service Connections September 19, 2013 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. Projects of note include 235 Andover Street, Wilmington, and 72 Main Street, North Reading. 13 Service Installations —Residential Customers —This item includes new or upgraded overhead and underground services, temporary overhead services. 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 SettingfTransfers 43,527.41 Maintenance Overhead/Underground 95,432.16 Projects Assigned as Required 60,311.36 Pole Damage/Knockdowns - Some Reimbursable 7,745.75 Station Group 2,042.66 Hazmat/Oil Spills 39,786.56 Porcelain Cutout Replacement Program 1 Lighting Street Light Connections 3,266.61 Storm Trouble 6,421.38 Underground Subdivisions new construction 2,102.99 Animal Guard Installation 549.54 Miscellaneous Capital Costs 16,891.93 •YTD TOTAL: $276.076.35 'Preliminary number. (1) In August (0) cutouts were charged under this program. Approximately 12 cutouts were installed new or replaced because of damage making a total of 12 cutouts replaced this month. September 19, 2013 r L • 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 a Total Number of Customers Interrupted. RMLD 12 -month system average outage duration: 56.65 minutes RMLD five -year average outage (2008 -12): 52.6 minutes per outage On average, RMLD customers that experience an outage are restored in 56.65 minutes September 19, 2013 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: 0.44 outages per year RMLD five -year average outage frequency (2008 -12): 0.62 The graph below tracks the month -by -month SAIFI performance. 1.60 152 1.40 a m 1.20 D 99 1.00 084 0.80 u � 0.60 LL 0.40 7 0.19 20 0.20 0.00 RMLD monthly outage trequengy • RMLD 12 month system average outage frequency 44 —RMLD 5 year average outage frequency 82(2008 -2012) 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 27 months. September 19, 2013 4 • • Dt: September l9, 2013 To: RMLB, Coleen O'Brien, Jeanne Foti Fr: Bob Fournier Sj: June 30, 2013 Report The results for the month of June, 2013, and for the fiscal year 2013 will be summarized in the following paragraphs. 1) Change in Net Assets: (Page 3A) For the month of June, the net loss or the negative change in net assets was $652,318, decreasing the year to date net income to $1,783,119. The year to date budgeted net income was $3,280,715 resulting in net income being under budget by $1,497,596 or 45.7 %. Actual year to date fuel revenues exceeded fuel expenses by $339,443. 2) Revenues: (Page 11B) Year to date base revenues were under budget by $2,108,762 or 4.5 %. Actual base revenues were $45.2 million compared to the budgeted amount of $47.3 million. 3) Expenses: (Page 12A) *Year to date purchased power base expense was under budget by $1,984,783 or 6.6 %. Actual purchased power base costs were $28.1 million compared to the budgeted amount of $30.1 million. *Year to date operating and maintenance (O &M) expenses combined were over budget by $478,314 or 4.0 %. Actual O &M expenses were $12.6 million compared to the budgeted amount of $12.1 million. *Depreciation expense and voluntary payments to the Towns were on budget. 4) Cash: (Page 9) *Operating Fund was at $9,148,851. • Capital Fund balance was at $4,233,147. • Rate Stabilization Fund was at $6,692,239. • Deferred Fuel Fund was at $2,609,487. • Energy Conservation Fund was at $319,021. 5) General Information: Year to date kwh sales (Page 5) were 701,896,339 which is 15.9 million kwh or 2.3 %, ahead last year's actual figure. GAW revenues collected ytd were $696,142, bringing the total collected since inception to $1,993,225. ® 6) Budget Variance: Cumulatively, the five divisions were over budget by $854,724or 4.4 %. Attachrt nt 4 FINANCIAL REPORT JUNE 30, 2013 ISSUE DATE: SEPTEMBER 19, 2013 A8Bif8 COPUNRl UNREBT=31)C CASH RESTRICTED CABs RRCNIVADLY, NR PRNPALD NI➢ENBtB INVStI'MRT TOTAL CORREDT ASSETS NONCORRpIT INYESTNENI IN ABSOCIATID CO CAPITAL AHBRB, NtT TOTAL NONCORRCTI Mans TOTAL ASSETS TORN OR READING, NA89ACHOS S HOIITCIPAL LIONT OEPARTWJWT BOBINEBB -TYPt PROPRIETARY YOM STATRMENI 09 NET ABBRTt 6/30/13 PREVIOUS YEAR CURRENS YEAR (SCH A P.9) 9,957,960.19 9,151,651.11 (B® A P.9) 19,167,116.66 18,035,636.15 (B® B P.10) 6,115,711.10 8,381,376.55 (SCH B P.10) )61,930.5] 106.060.111.66 691,666.96 1,695,336.70 1,569,019.60 39,519,068 61 37.619,160.68 (B® C P.1) 61,576.36 36,]]6.35 (BCH C P.1) 68,6)0,916.)1 )0,196,61].61 68.]3],6 107 70.131,191.96 106,151.559.69 108.060.331.66 LIABILITINS CURRENT ACMUMS PAYABLt COBTOKER DtPOSITS CUSTOMER ADVANCES MR CONSTRUCTION ACCRORO LIABILITIES TOTAL CORREDT LIABILITIES NONCORRKWI ACCROSD RWPWYEE COKPNNSATND ABSMCNS TOTAL NONCDRRpiT' LIABILITIES TOTAL LIABILITINS NNT ASSETS IN9t6TRD IN CAPITAL ASSETS, NEI OF RBLATEO OUT RRRTRICIm FOR ORPRRCIATION POND (P.9) UNRESTRICTED TDTAL NtT ASSETS (P. 3) TOTAL LIABILITIES AND NNT ABBRB Ill 6,601,696.17 5,655,911.]6 . 631,168.06 )00,011.16 363,659.17 605,156.15 1,338,361.36 50,566.11 6,734,503.74 6.611.631.36 1,98],915.)6 3,131,511.31 SS Al] 699.50 9.]63.151 65 68,6]0,916.]1 )0,196,61).61 1,635,105.70 1,)33,166.)8 15,11],93).58 15,389,616.60 96 536 059 99 98.117.176.79 106.151.559.69 106.060.111.66 j L TOM 09 RRMING, N08SAC8UBRTT6 MUNICIPAL LI= DNPMINNN, NONmIRRpl ASSET 6C®UL2 6/30/13 SCRIDULR OF INVRS7UNNIR IN MSOCIAT= MWMIBS NRN RRQLANp =RO SLSCIRIC NNN RNOLRND NTORO TMNSNISSION IOTM INVRSTMaTB IN MSOCIATM CONPMIM SCSNDULN OF WIT" MSsrs LAND STRUCIURIS AND IXPROPRIDOrIS ■DUIPNaT ANO PURNIBRINUS IMRMTRUCIUYR TOTM WIT" MS6IS, XNr TOTAL MONCONN NI MSfIB 1]I SCl ®OLN C PREVIOUS TYR CURRIX[ YZAR 11,631.19 1,9)5.]6 68,963.17 33,798.61 61.5]6.36 36.))6.39 1.365,861.13 6,686,966.13 13,030,169.53 68,889,660.83 68.6)0.916.]1 68.)33.691.0) 1,165,663.13 6,630,606.91 13,600,633.36 50,097,536.19 )0.196.61].61 70.331.191.96 OPMArxro agiesu UCE R P.12) POICNASER POMER WE ],169,00].11 2,508,966.0 39,016,986.89 29,117,954.33 13.03% PURCMAER PONIR 9023 3.017,004.21 3,465,566.94 35,484,639.66 33,305,373.99 -6.14% OPERATING 1,901,696.26 962,032.09 9,3]9,]04.60 9,013,591.25 5.19% XMJ! ARCE 259,750.60 315,616.91 3,10,937.37 1,718,330.90 -0.78% DNIRWIATIGH 396,037.41 305,469.]] 3,55],3]9.58 3,665,630.20 3.19% WLUNTART PAIMGH9IS M IYIMNB 113.303 00 128.517.00 1,35Z,569.00 1.37 .900.00 1.80% TOTAL OPERATING difSMA 7,336,671.25 6,645,948.59 17,363,614.10 79,045,634.70 1.13% OlZMATING INNO ISINN OS READING, RMMCroSMTfA (730,]5].03) 4,361,390.16 MUNICIPAL LIGHT DIPAITMEXIl 3,340,895.99 - 33.05% M,UAIERME -rPRI PROPRIETARY FUND PTArOmT OF REVEINEP, WENSES AND CIANOM IN PODp FET Amem 4) NIIVERATING REVpOfs Illfaefl 6/30/13 WHIN MINIM LAST YEAR C3"IEI3 YMAR TTD \ LMT YWI CpMQI TEAM, TO "IN 1O DA" CEANOW oPEllArxro REVEROIe� IeQ p v.11) 1.23% REVID R ON INVMATN>rP r0 RLADING (761,786.27) (693,100.33) We RNS•UM 3,965,117.51 3,535,132.61 69,660,817.02 45,304,159.39 0.32% FUZZ. AEYIMUR 1,612,236.86 2,298,694.08 35,325.613.31 34,351,756.0 -2 PERCMAW POWER CAPACIw 112,271.09 (39,081.90) 3,203.09 11138,193.86 .76% 35134.25% WRPEITW DISCOVNIS 71,526.18 0,311.16 500,00.15 911,639.26 2.30% I9EROT CWIAMYATION REVERUM 73,363.05 52,332.51 630,596.39 665,680.70 9.70% MN REVINUR 63,111.62 53,415.91 689,110.15 696,161.26 0.90% MA CRERIT (30,05t.41) U7,574,39) 16]6.]0 151 (706.160.01 11.69% 2OTAL OPEMMM REVINMS 6,960,691.80 5,915,696.56 91,766,966.26 6],]96,530.0 0.65% OPMArxro agiesu UCE R P.12) POICNASER POMER WE ],169,00].11 2,508,966.0 39,016,986.89 29,117,954.33 13.03% PURCMAER PONIR 9023 3.017,004.21 3,465,566.94 35,484,639.66 33,305,373.99 -6.14% OPERATING 1,901,696.26 962,032.09 9,3]9,]04.60 9,013,591.25 5.19% XMJ! ARCE 259,750.60 315,616.91 3,10,937.37 1,718,330.90 -0.78% DNIRWIATIGH 396,037.41 305,469.]] 3,55],3]9.58 3,665,630.20 3.19% WLUNTART PAIMGH9IS M IYIMNB 113.303 00 128.517.00 1,35Z,569.00 1.37 .900.00 1.80% TOTAL OPERATING difSMA 7,336,671.25 6,645,948.59 17,363,614.10 79,045,634.70 1.13% OlZMATING INNO (395,913.95) (730,]5].03) 4,361,390.16 3,340,895.99 - 33.05% 4) NIIVERATING REVpOfs Illfaefl NNSRIM,OTIML IN AID OF C011T 019,501.21 791,169.91 934,552.61 946,040.42 1.23% REVID R ON INVMATN>rP r0 RLADING (761,786.27) (693,100.33) (2,769,913.32) (1,769,741.73) M TIIEST INCOME 11,569.09 (1,709.94) 80.704.74 24,04.64 -0.01% - 11.45% INIIIEMT MAINE 5114.19 ],1]9.50 (1,460.31) (1,145.29) - 21.57% OrMER IWeE AND AWRT) 1151923.091 (15.991.06) 297,303.64 334,634.11 12.96% 7VIAL DOROPMTING RN (Mf) 139 ]]i If ]t. Oi 0 11.450.811 _ 64) 11.465.111 191 1.03% CHANGE IN MIT MSMB 1]6].75].161 165].81.948 ],930,411.5] 1,763,118.80 - 39.15% RR MARTS AT REOIIRING 09 IMR 93,603,502.47 96,534,059.99 3.13% NR MSETS AT EW O9 .TUNE 95534.051.99 98.311.118.79 1.05% 131 l.J 4 TOWN OF ROAUINO, NABBACRBRTa MUNICIPAL LSGRT DRARTImR 90aIRBa -TYPI PROPRIWMY PUIR BTA2pmNI OP R"NUMB, QPBNBRB AND CRAMOER IN POND NBT A98NTB 6/30/13 OPERATING REVRNUOB: (a® P P.11O) NARK RNOEINUE FOIL RIVONUM PORCNAam POLAR CAPACITY PORYNITLD DIBCOONTB INKROT CONSERVATION RBVaN,, GAN RETINUE NTPA CREDIT TOTAL OPERATING RNVINONB OPERATIM RPRBNNt (B® 0 P.13A) PRCRAem PONR NAPE PURCHASES) PARR ML OPERATING NAIRTNN NLR DEPRICUTION VOLORTART PAVImTIa TO TORN TOTAL OPIMTINO QPRNR OPRMIING INCOR NOROPERATINO RETEROIa (RPREER) CONTRIBOTIONB IN AID OF CONBT RETURN OR IRVIRTICERT TO REAOINO IWIMST INCOR INTIREaT EXPIRE OMM (RRI AND AMORT) TOTAL NOROPaRATINO RN (ER) CNANOE IN NET MaETB NR Aa6E39 AT NEOIRING OP YRR NOT AB8WI9 AT AND OF 30 NI • ( ) • ACIGBL UNDER WIDGET ACSTlAL BODGRT 4 TZAR TO MIN IRAN TO DATE VARIANCR, CRANOB 45,208,15B.39 4],31],010.00 (1,108,]61.]11 -4.464 34,351,756.83 31,100,000.00 3,151,756.83 10.104 1,138,193.86 1,134,600.00 (996,406.14) - 46.684 911,639.16 1,040,974.00 1119,334.74) - 11.464 665,400.70 704,661.00 (19,180.30) -1.714 696,141.14 _ 704,660.00 (8,51].]6) -1.22% (]06 940.49) (700.000.00) (6.940.49) 0,994 81,194,530.69 81,401,915.00 (10],394 .31) -0.134 30,117,958.63 30,101,743.00 (1,964,783.17) -6.51% 33,305,373.44 30,500,000.00 3,805,373.44 9.304 9,813,541.35 91400,061.00 413,460.35 4.394 2,768,330.9B 3,]03,39].00 65,633.98 3.444 31665,630.30 3,650,000.00 15,630.30 0.434 1.375. 900.00 _ 1.368.000.00 7.900.00 0.584 ]9,045,634.]0 77,713,300.00 1,313,434.70 1.704 3,348,895.99 4,6]8,]15.00 (1,419,819.01) - 30.564 946,040.41 8001000.00 146,040.41 18.364 (3,]69,]41.]3) (1,415,000.00) (354,]41.]3) 14.691 34,434.64 100,000.00 (75,565.36) - ]5.5]4 (1,145.39) (3,000.00) 1,854.71 - 61.82% 334,634.]] 110,000.00 314,634.]] 17a.86% 11.46S.777 191 (1.398 000.001 (6].]]].191 4.854 1,783,118.60 3,260,715.00 (1,49],596.10) 96,534,059.99 96,534,059.99 0.00 98.317.178.79 99.914.]]4.99 (1.497.596.10) 11.1 - 45.654 0.004 -1.504 TOM 09 RNADIM, NASRACMSRTIS NONICIPAL LIORT DRPARTN>MT RRCONCILIATIOR OF CAPITAL PONDS 6/30/13 60DRM OF CAPITAL PDNDI� DRPRICIATION POND ML M 7/1/13 3,6]5,]05.70 CON972DCTION POND IALANCR 7/1/13 3,000,000.00 INTO6ST ON DRPRRCIATION POND FY 13 6,660.76 DIPRICIATION TRANSPn n 13 3,665,630.30 CONSTROCLION POND YRAR ND TRANSPRR 6/30/13 1.500.000.00 TOTAL SOORCR OF CAPITAL PONDS 9,907,676.66 UPS OF CAPITAL PONDS, LRSI PAID ADDITIONS TO PLANT TMO .IOM 5,576.339.96 OQIRML LEDGM CAPITAL PONDS PALANCR 6/30/13 6.3]3.396.79 i J llow TOWN Or RRADLNO• RA38ACNUIR]TS NONlciru LimT DNrAR2 BALR6 or BlLONATT HOUR, 6/30/13 MRS Or RLRCIRICITY, MINTS WHT YLJ{ NORTH CURRM TRAR WT YiAR CORRRNT YRAR YTD \ 761,996 9,5361658 9,862,610 TO DATR TO DATR CHANOR RRSIDRNTIAL MRS CORK. AND INDUSTRIAL MRS 19,752,189 20.601,161 ]6),978,766 257,311,706 3.76\ PRIYATR STRRRT LIGRTINO 36,793,066 72,793 35,716,215 607.236,398 613,298,060 1.69\ 1.22\ 39.]30.317 73,615 877,001 879,850 0.32\ TOTAL PRTvATR c4N6oN6R3 56.618,066 56.390.79] 656.090, 16Z 671.689.598 1,35\ MUNICIPAL BALKS, BTR3R LIGHTING NORICIPAL BUILDINGS TOTAL MUNICIPAL CONSUNAR3 MRS FOR RMBALM SCHOOL TOTAL RILONATT HOOAS SOLO 237,SB6 796,277 239,695 2,863,669 3,062,332 -0.06\ 761,996 9,5361658 9,862,610 3.629 1 033.863 L 001.691 _ 1].600 107 12,72t.742 2.63% 279,759 287,709 3,239,961 3,]59,]99 0.60\ 11298,669 11]69,8]5 16,263,7]] 16,122,700 1.22\ 39.]30.317 33.969.817 665.970.955 701.896.339 2.329 Q�.eYJ YEAR TO OATH LAST YEAR TO GATE TORN O9 RNADIND, NA88ACe0eBPre RRRCIPAL LI=T DNPARTlWCWY KILOWATT MOORS BOLD BY TOWN J 6/30/1] TOTAL READING LYNWINLD NO.RBADINO NIUMIN0TON RNBID69YIAL ]0,601,16] 51996,063 3,486,235 4,596,583 6,522,281 0010 R IND 35,]16,]15 4,4]9,]61 245,672 5,]60,93] ]5,]]],345 PVT BY LIGHTS 73,415 13,585 1,360 21,944 36,516 PUB BY LIGETS 339.495 80,662 32,500 41,666 84,667 N U SLOGS 761,996 169,032 146,597 154,856 291,511 BALES /RESALE 287,709 207,709 0 0 0 SCHOOL 1,]69,8]5 453,730 2]6,8]5 155,240 384,030 TOT" 58,949.87 13430.042 4.189,119 30.]39.]]6 31.091.160 RESIDCITIAL ]5],311,708 00,499,011 36,95],6]6 59,156,811 80,703,300 00101 6 IND 413,298,040 51,6]0,4]1 3,206,190 63,]31,31] ]94,690,10] PVT BY LIMTS 079,850 161,564 16,310 257,636 443,330 PUE ST LIOBTS 2,862,332 966,684 389,960 490,]]4 1,014,964 MOIL BUGS 9,861,410 2,562,320 1,830,007 1,05],6]0 3,616,655 BALES /RESALE 3,159,299 3,]59,]99 0 0 0 SCHOOL 14,422,700 5,079,014 3,169,548 1,050,120 4,324,018 TOTAL ]016096.339 144,199.3]1 45,565.501 1]],339,348 304.]92.269 RESIDCTTIAL 14],9]8,766 78,053,511 35,004,646 57,594,520 ]],3]3,8]9 COMM 6 IND 407,234,396 51,319,564 3,239,951 6],]50,459 289,924,434 PVT ST LIGNTB 6]],001 166,160 16,320 258,713 435,809 FOR ST LIGHTS 21863,449 965,932 389,502 4]9,]15 1,026,800 MUNI SLOGS 9,536,656 ],449,58] 1,629,604 11868,560 3,580,91] RALEE /EABALB 3,239,961 3,239,961 0 0 0 SCHOOL 14,]46,]22 51100,183 3,009,312 1,6]],240 41]31,98] TOTAL 685.9]8.955 161.]96.89] 43.369.53] 124.760.714 376.533.811 KILOWATT BOORS BOLD TO TOTAL 36.61% 11.47% 5.26% 0.43% 11.50% TOTAL REAOINO LYNNPIELD M.RBADINO WILMINGTON BONTB PVT BY LI08T8 0.13% 0.01% 0.00% RBBIDBRTIAL 34.95% 10.17% 5.91\ 7.806 11.07% COME A IMO 60.59% 7.51% 0.42% 8.94% 43.73% PVT BY LIOBTS 0.12% 0.02% 0.00% 0.04% 0.06% PON BY LIOBTS 0.41% 0.14% 0.06% 0.07% 0.14% MUSI BUMS 1.29% 0.19% 0.256 0.26% 0.49% SALES /RERALN 0.49% 0.49% 0.00% 0.00% 0.00% SCHOOL 2.15% 0.]]% 0.47% 0.16% 0.65% TOTAL 100.01\ 19.19\ 7.116 1].37\ 56.13\ YEAR TO DAYS REBIDNNTIAL 36.15% RBSIDINTIAL 36.61% 11.47% 5.26% 0.43% 11.50% CMU A IND 58.88% 7.36% 0.46% 9.08% 41.98% PVT BY LI08T8 0.13% 0.01% 0.00% 0.04% 0.07% PUB BY LIOBTS 0.41% 0.14% 0.06% 0.07% 0.14% MUST BLDOS 1.41% 0.37% 0.26% 0.16% 0.52% BALES /RBR.V,N 0.46% 0.46% 0.00% 0.00% 0.00% SCHOOL 2.05% 0.72% 0.45% 0.26% 0.62% TOTAL 100.008 10.54\ 6.49\ 18.11\ 54.03\ LAST YEAR TO DAYS REBIDNNTIAL 36.15% 11.38% 5.10% 8.40% 11.37% COMM A ISO 59.36% 7.46% 047% 9.15% 42.16% PVT MT LIarTS 0.13% 0.02% 0.00% 0.04% 0.07% PON ST LIORSS 0.42% 0.14% 0.04% 0.07% 0.15\ N M SLOGS 1.39% 0.36% 0.24% 0.]]% 0.5]\ SALES /R18ALE 0.47% 0.47% 0.00% 0.00% 0.00% SCHOOL 2.08% 0.74% 0.45% 0.27% 0.62% TOTAL 100.001 10.598 6.11% 18.30\ 54.89\ 10 A TOWN OF READING, NABSACEUSMS NONIMM LIONT DEPART3EWIT 6/30/13 TOTAL OPERATING REVENDE6 (P. 3) 82,294,530.69 ADD, INTEREST INCOME OF CUSTOMER DEPOSITS 1,261.49 LESS, OPERATING MESSES (P.3) (79,045,634.70) CUSTOMER DEPOSIT INTEREST EXPENSE (1,145.29) FORMULA INCOME (LOBS) 1 3.249.038.19 9ALB or A11f (P.51 Kr PURCHASED AVA BABE COOT PPR RNH A" RASH FAIR PRR RNH AVA COOT FAA SMH AVE SALR PAR WK FOAL CHARGE RNEHUE (P. 3) LOAD FACTOR PRAR LOAD TOMN OF READING, NAASAMSSITS MUNICIPAL LIGHT DEPARTfERT GENIRAL STATISTICS 6/30/13 MONTH Or JON 2012 59,230,317 62,753,610 0.036566 0.066996 0.052656 0.112113 2,672,286.66 52.729 153.070 • NOWTK or 9 CHANGE TASK TURN X011 2013 2012 2013 JGH 2012 JON 2013 50,969,917 4.28% 2.329 685,978,955 701,896,339 66.089,690 -2.51% 1.90% 715,297,261 738,066.238 0.038665 -6.53% 10.869 0.031799 0.038579 0.059799 1.019 -1.67% 0.065368 0.066609 0.076661 -7.35% -0.166 0.086387 0.086273 0.098793 -6.566 -3.016 0.116966 0.113350 2,298,696.00 - 13.79% -2.76% 35,325,693.31 36,351,756.83 56.836 162,059 j TOMH Or RRADINO, MA88ACH08HITB MOIrCIPAL LS®T DRPARr6001T SCIDDOLI or CASH NOD IMPBSTUMNTS 6/30/13 BCRRDDLR A DNARBTRICTRD MON CASH - OPIRATINO PDHD CASH - P1 CASH TOTAL ONRRaMI,,W CASH MMICTRD CASH CARS - DRPRICIATION POND CASH - CONSTROCTIOM r016D CASH - D371RAm r RRBtZPI CASH - RATR STABILIZATION FOND CASH - oNCOLLICTIBLI ACCTS RZOU" CASH - BICH LRAYR BMN1rITS CASH - HAZARD WASTE RRBRRVR CASH - CUBTONMR DBPOBITB CASH - RNRROY CON9RRPATION cue - OPo TOTAL R1SrRICTID CASH TOTAL CABS BALANCB c PRMO08 YZAR 91955,935.85 3,036.68 9.957.960.39 1,635,305.70 1,000,000.00 1.27a,066.68 6,679,696.91 100,000.00 1,981,915.76 150,000.00 631,168.06 193,161.03 1.366,818.73 19.187.118.66 19.165.078.95 CDRRRMT YRAR 9,168,851.33 3,000.00 9.151,851.33 2,733,166.78 11500,000.00 1,609,687.36 6,691,338.78 100,000.00 3,131,531.31 150,000.00 700,011.16 319,011.66 0.00 18.035.638.15 37.187.389.37 TONS OF READING, MABaACN08RTE MUNICIPAL LIGHT DEPARTMENT SCNIDOLR OF A=00MYTR RRCRIVYLX 6/30/13 SCHEDULE B SCHEDULE OP PRRPAYYNNTS PREPAID INSURANCE PREVI0O8 YEAR MARKET YEAR SCHEDULE OF ACCOUNTS RECEIVABLE 60,366.36 (6,050.00) 3.809.005.59 RABIDIXIIAL AND COMMERCIAL ],666,50].66 6,107,036.60 3,636,379.55 ACCOUNTS RSCSIVABLR - OINKS 913,101.80 30 DAYS 585,323.97 ACCOUNTS AECRIVABLI - LIENS 15,306.06 67,933.23 18,132.35 1.756 ACCOUNTS RECEIVABLI - MNPLOYIR ADVANCES 092.16 892.16 OVER 90 DAYS BALES DISCOUNT LIABILITY (169,097.09) 1.16% (195,028.61) ].009.005.59 RASINVI NOR UMLbLLRCIIBLR ACCOUNTS (]00.000.00) (100,000.00) TOTAL ACCOUNTS RRCBIVASLR BILLED 3,199,785.37 6,123,356.05 UNBILLED ACCOUNT/ RECEIVABLE 6,915,936.03 6,156,0]].50 TOTAL ACCOUNTS RECEIVABLE, NET 0,115.7]].10 0,3016376.55 SCHEDULE OP PRRPAYYNNTS PREPAID INSURANCE 303,507.05 295,899.30 LESS, BALES DISCOUNT LIABILITY PREPAYMENT PmC w FORMS, 60,366.36 (6,050.00) 3.809.005.59 PREPAYMENT SYPA ]61,869.3] 36],]60.90 3,636,379.55 PREPAYMENT WATSON 163,705.96 30 DAYS 162,611.06 PURCHABED PONES SOAKING CAPITAL 16,533.70 67,933.23 16,523.70 1.756 TOTAL PREPAYMENT 763,930.57 6916666.96 OVER 90 DAYS ACCOUNTS RECEIVABLN AGING DUNS 2013, RESIDENTIAL AND COMMERCIAL 6,107,836.60 LESS, BALES DISCOUNT LIABILITY 1]98.8]6.611 GENEUL LEGGIN BALANCE 3.809.005.59 CURRENT 3,636,379.55 90.161 30 DAYS 260,756.00 6.53% 60 DAYS 67,933.23 1.756 90 DATE 13,163.96 0.35% OVER 90 DAYS 66.775.63 1.16% TOTAL ].009.005.59 100.00\ J C J i It TONE OF READIND, N9JMCHOSETTS NOMICIPAL Lrm DEPARMw SCHEDULE OF OPERATING REVC6U8 6/30/13 SC ULN D 809 -TOTAL 6 BOWS 11ONTN LAST 9 CORRZW MR YID \ MRS OF ■LSCIRICIIY, LAEI YEAR CORRRm YEAR TO DATR TO MIN =KON NISIDENTIAL SALES 2,572,078.33 ],4]1,])0.90 3],3]6,0)].60 32,701,962.02 1.01\ CONE AND INDOBSRIAL SALS9 3,719,064.53 3,030,]]6.43 44,155,862.56 43,250,135.99 -1.05\ PRIVATE BMW LIGHTING 2,749.63 5,270.43 73,962.56 70,206.40 -5.08\ TOTAL PRIVATE CONBONERS 6.30].89].49 5.464,775.76 76.605,897.71 76.0]].304 41 -0.764 MUNICIPAL BALES, BMW LIGNTINE 17,384.84 25,639.75 357,668.44 337,058.62 -5.76\ M CIPA4 BUILDINGS 07,739.00 79,742.46 1,138,809.67 1,124,561.87 -1.251 TOTAL NONICIPAL CON9040018 109.1]1.84 105.38] 11 1.496.476.11 1.461,620.49 -1.33\ MSS MR "MR 98,]80.]0 113,648.08 457,730.16 476,102.93 4.02\ SCHOOL 133,107.84 130,030.64 1,606,474.34 1,599,907.39 -0.40\ 809 -TOTAL 6 6,640,504.37 5 5,8]3,8]6.69 8 80,166,570.33 7 79.560,015.13 - -0.76\ ` Ill] IOM16 OF READING, EBEEBC00BB'Ra MUNICIPAL LIM DOARTI®IT S0ERDMZ OF OPEEATISO REIERTS BY TCNN 6/30/13 NON]'9 TOTAL READING READING NO.REMINO LYNNBINLD RSSIOINTIAL INDDB /NUNS BLDG VO5.BT.LlM9 VRV.ST.LIOBTS CO-OP RESALE SCHOOL NO. READING NILYINGTON REBIDBNSIAL 2,421,270.90 13.04% 35.97% 0.16% 0.04\ 0.00% 0.66% 764,918.00 340,352.46 557,469.58 7SS.530.86 INDM /10011 BLDG 3,117,968.89 TOT" 426,894.60 . 39,791.20 498.554.95 7 2,152,720.06 PUE.9T.LIGRT8 25.639.75 8,322.57 41.10% 5S.74% 0.42% 0.09% 0.60% 2.01% 3,293.75 5.79% 0.71% 0.05% 0.00% 0.00% 0.4E 4,614.49 12.87% 39.51% 0.15% 0.04% 0.00% 0.59% 9,408.94 PRV.ST.LIMS 5.278.43 961.20 96.41 TOTAL 1,S97.27 22,10\ 2,623.53 18,76\ CO -OP EABALE 113,648.08 LAST YEAR TO DATE 123,640.08 0.00 0.00 0.00 40.39% 56.49% 0.65\ 0.09% 0.57% 2.01% SCHOOL 130,020.64 9.41% 9.01% 0.08\ 0.03% 0.00% 0.27% 46,103.48 28,173.45 17,215.10 38,526.33 TOTAL 5,823.826,69 100,00% 1,370,848.01 411.]0).29 Sl.lSt 1 ,0]9.451,4] 2,961.819.92 u lAl =19 YEAR TO MTN RESIDENTIAL 32,701,962.02 10,331,070.01 4,596,839.26 7,529,248.07 10,244,804.67 INDUS /NONI BLDG 44,3)4,69).86 6,075,532.B1 566,305.40 7,099,396.40 30,637,463.25 FOR. ST. LIGHTS 337,056.62 109,408.03 43,299.38 60,661.86 123,689.35 FRY. ST. LIMB 70,206.40 12,784.59 1,282.50 21,244.71 34,694.52 CO -OP RESALE 476,102.93 476,102.93 0.00 0.00 0.00 SCHOOL 1,599,987.29 567,332.88 346,692.40 211,843.75 474,119.26 TOTAL ]9,560.015.1] 1).572.331.]6 51554,419.00 14.918.394.80 41,516.9]0.06 MST YEAR TO MTE RESIDENTIAL IND09 /10252 BLDG PON.ST.LIMS PRV.ST.LIMZ CO -OP RNSALR SCHOOL 32,376,072.60 45,294,672.22 357,668.44 73,962.56 45].)20.16 1,606,474.35 READING 10,219,611.71 6,254,852.41 114,912.63 13,742.59 457,720.16 5)8,069.)8 NO.REMINO 4,521,036.84 576,998.05 44,657.04 1,348.76 0.00 142,407.88 RSSIOINTIAL INDDB /NUNS BLDG VO5.BT.LlM9 VRV.ST.LIOBTS CO-OP RESALE SCHOOL ),546,426.3) 7,224,714.47 64,650.33 12,906.34 0.00 211,503.11 13.13% 7.33% 0.14% 0.02% 2.12% 0.79% 10,080,967.68 31,230,097.29 133,439.44 35,964.87 0,00 4]4,493.5) J 13.04% 35.97% 0.16% 0.04\ 0.00% 0.66% TOTAL 1p0.00t TOT" . . _ 1 _ 7 7 Q.970.981,85 PERCENTAGE OF OVZI TINO INCOM TO TOTAL 110N1Y TOTAL READING LYNNPIELD NO.REMINO NILIRNGTON RSSIOINTIAL INDDB /NUNS BLDG VO5.BT.LlM9 VRV.ST.LIOBTS CO-OP RESALE SCHOOL 41.59% 53.54% 0.44% 0.09% 2.12% 2.23% 13.13% 7.33% 0.14% 0.02% 2.12% 0.79% 5.64% 0.68% 0.06% 0.00% 0.00\ 0.48% 9.57% 8.56% 0.08% 0.03% 0.00% 0.30% 13.04% 35.97% 0.16% 0.04\ 0.00% 0.66% TOTAL 1p0.00t 23.53\ ].061 18.54\ _ SO.B)\ THIS YEAR TO DATE RESIDENTIAL INDUS /MOMS BLDG PM.ST.LIONTB FRV.ST.LIMS CO -OP RESALE SCHOOL 41.10% 5S.74% 0.42% 0.09% 0.60% 2.01% 12.99% 7.64% 0.14% 0.02% 0.60% 0.71% 5.79% 0.71% 0.05% 0.00% 0.00% 0.4E 9.46% 8.92% 0.08% 0.03% 0.00% 0.27% 12.87% 39.51% 0.15% 0.04% 0.00% 0.59% TOTAL 100,00% 22,10\ 6,98\ 18,76\ 52,16\ LAST YEAR TO DATE RESIDENTIAL INDUS /MUMS BLDG P➢B.BS.LI®'T8 PRV.ST.LI(BITTS CO -OP ASSALE SCHOOL 40.39% 56.49% 0.65\ 0.09% 0.57% 2.01% 12.75% 7.80% 0,1 4\ 0.02% 0.57% 0.72% 5.64% 0.72% 0.06\ 0.00% 0.00% 0,43% 9.41% 9.01% 0.08\ 0.03% 0.00% 0.27% 12.59% 30.16% 0.17% 0,04\ 0.00% 0.59% TOTAL 100,00% 22,00% 11.80% Sl.lSt u lAl TORN or RBADINO, MABBAC80BN3TB MON3CIPAL LI® DBPASTMEDT' SO RTED REVSI6OR VARIARCR "PORT ` 6/30/13 9CMDOLE I KIM sALEB OF BLECTRICITY� RESIDENTIAL CONY AND INDOBTETAL BALES PRIVATB STRAIN LIGRTING MOIIIC3PAL BDILDIROB POBLIC STUST LIOBTINO 9ALBH MR RESALB SCHOOL TOTAL BARS SALBs TOTAL r SALES TOTAL OPBRATING REVISITS rORUITED DISCOORTS PORCBASED PORE, CAPACITY IMMOY COBSBRVATIOB - RSBIDRMSAL ENERGY CONSERVATION - COMMERCIAL MN UTUOB NYPA CREDIT TOTAL OPERATING RNQIOIS ( 1 - ACSOAL ITRDER BOOOET ACTUAL SODGST % USA TO DATI YEAR TO DATE VARIANCs • CBAIIOS 20,030,704.54 20,690,161.00 (659,537.66) -3.19% 13,803,631.30 25,155,302.00 (1,651,670.70) -5.759 195,783.23 101,066.00 (6,160.77) -3.109 293,721.56 273,109.00 10,511.58 7.519 806.617 66 896,323.00 (11.605.36) -1.19% 65,100,258.19 67,317,010.00 (1,108,761.71) -6.669 36.351.756 03 31.200 000 00 3.151.756.03 10.109 79,560,015.12 78,517,010.00 1,061,995.11 1.339 921,639.16 1,060,976.00 (119,336.76) - 11.669 1,138,193.66 2,136,600.00 (996,606.14) - 66.689 156,789.26 255,075.00 1,716.16 0.679 618,691.66 669,506.00 (10,096.56) -6.659 696,141.26 706,660.00 (8,517.76) -1.119 1706,960.691 (700,000.00) (6,960.49) 0.999 -0.139 61 d. . 1107.304.311 7o11s or w.DIND. MBSACRUMrs NDNICIPAL LIOM DEPMTNM SCRIDULS Or OPRATINO EXPENSES 6/30/13 SC9IDULE ■ I.6/ "1I NDNTN HOM11 LAST YEM CMKWF TEAR TTD \ OPEUTIOD AXPENSR8, LMT YEM CORRM IIAA TO DATE TO DATE CSANON PURCHASED POWER SABA BXPENSR ],169.00].71 3,500.966.37 26.876.989.89 39.117.958.83 13.03\ OPERATION SUP AND ENGINCERIED MP 38,726.93 37,936.83 512,905.97 503,570.32 -1.721 STATION SUP LABOR EE MEC 6,386.63 7,780.30 110,505.93 76,028.77 -31.10\ LINE Mae LABOR AND SSPOSI 61,000.95 56,260.06 706,157.60 699,657.87 -0.69\ STATION LLNOR AND =PENSR 33,790.26 31,117.56 959,683.93 678,]86.8] 6.05\ FIRM LIMING SIPEN8R 7,198.69 6,]85.]6 117,]]0.36 75.667.82 - 35.69\ Mn MPRBE 13,993.65 16,6]3.]9 232,326.66 187,867.79 - 19.16\ NISC DISTRIMIOX EXPYSR 37,578.91 33,798.82 369,937)1 351,66].]8 0.69\ NETR RXADINO LABOR a MYRSB 6,003.62 3,130.19 90,657.26 74,751.62 - 17.36\ ACCT A COLL LABOR 4 RPRBS 107,171.10 123,938.94 1,413,955.12 1,991,101.81 5.66\ UNCOLLOMIBLZ ACCOUMS (7],106.]1) (53,746.53) 103,895.79 37,920.10 - 63.50\ ENXRGY AUDIT MPRBE 65,514.78 56992.17 967,681.76 552,916.45 23.51\ ADNIN 4 OR SALMIM 69,796.03 76,263.63 767,309.16 768,287.64 2.81\ OFFICE SUPPLIBS 6 MPENSR 36,605.73 39,650.15 ]37,]67.70 276,073.87 16.361 OUTSIDX SEWICS9 1]0,505.1] 146,947.55 601.157.74 633,341.56 31.631 PROPER" IN99RNNCR 31,678.92 29,915.95 386.560.47 369,073.38 -6 .311 INJURIES AND DARAORB 13,332.96 6,562.11 35,]]9.50 43,691.97 29.70\ RRWTRB PRMOSS 6 EMPITS 891,705.92 257,863.13 ],016,8]5.65 ],174,071.7] 7.161 M8C GENRAL MPRSR 9,503.33 9,552.31 166,630.35 159,956.76 -4.021 RM MPRBE 11,566.36 612.61 196,756.19 196,422.65 -0.178 RNEIGT CONSMATION 62,303.30 52,750.00 508.]]1.66 659,620.07 29.79\ T Al. OPERATION MPMBRB 1.981.696.16 96] 031.09 9 3]8 '01 60 9 81] !41 5.19\ RIWTENMCR MPRSR, • RIM or T MSSIDN PLM 127.10 327.10 2.715.00 ],7]5.00 0.005 RIM OP BTRUCT AND RDUIPM 4,96].]7 11,061.00 219.061.69 161,374.19 - 35.66\ MIM Or LIMB - 09 157,916.17 155.538.17 1,617.433.33 1,561,167.92 -4.72\ MIM Or LIMB - UG 60,066.65 31,966.71 107.203.56 204,673.71 -1.]]\ MINT Or LIM TRENSPORNRS 7.097.13 10.547.91 55,348.74 145,386.32 161.67\ MINT OF ST IT A SIG STSTR 16.53 (20.08) (346.55) (123.41) - 64.91\ MINT or GARGX AND STGC6ROOW 43,055.71 53,818.19 512,476.59 571,395.52 9.391 MINT Or METERS 2,901.81 3,504.32 77,591.57 62,496.16 - 45.131 MIM or GR PLM ],679.63 8,772.99 58.460.17 119,236.04 34.011 1tlTAG MIMINMCX MPRSEH 239 758.60 ])5 616 17 ].)89.95) l) 1.768,230.98 -0.75\ DSPMCIATION MPRSR 296,017.41 305,669.]] 3.551,329.50 3,665,630.20 3.19\ PURCeMED PONSR rUN4 RIPENER 3,017,806.27 2,965,566.96 35,984,629.66 33,305.373.44 -6.191 VOLGMMY PAYNEMS TO TOWNS 112,351.00 128.517.00 1,351,568.00 1.375,900.00 1.001 TOTAL OPERSISO MPENSRS 7,336.671.]5 66615.998659 77.10.676.10 79.0956639670 1.15\ "1I TONE Of RBNIIR. NABaACH98EITS NONICIPAL LIORT URARTIONPT BOOOBIBD OpRATING RPRBR VARIASCR "PORT 6/30/13 SCRIDVLR 0 OPRAi2ON RipRBEB� Amn BUDGET \ YBAR TO DATR YRKR TO MTN VARIA13Ca • CRANOR pORCRBR POBtR BABE RPRat ]8.11].951 8] 30,10].]4] 00 (1,984.)8) 171 -6.39\ Op RATION GOP AND pmINERINO RP 503,5]0.3] STATION SUP LABOA A QSC 468,950.00 34,6]0.3] 7.H\ LINN NIC OR ND M ag 99,66].9] 79,813.00 (3,)34]3) -{.)4A STATION LABOR lm {6,0]8.)) 78,286.82 671,311.00 28,356..47 4.]]\ aRS LI MME 75,447.82 40.246.00 30,0408] 6.70\ NER Rma 18],86].)9 83,106.00 (7.638.181 -4.23\ NSW pIBTRZBpSION tiY8118E 151,642.28 19],3]4.00 (9,460.]1) -4.09\ RTR RRRDINO LABOR 6 ®Rai )4,]51.6] 366,49].00 (14,849.)]) -6.05\ ACR a CULL LABOR 6 RRRaE 1,491,101.83 69,946.00 5,)65,206.00 4,805.62 6.67\ ACCOONTB 17,920.10 305,895.81 7.64\ ZNIRGYBCTT84i ADKIK AUDIT BRRBR $5],916.45 99,996.00 (6],0]5.90) - 62.08\ a OR BALRIR )68,]07.64 09,030.00 73,906.45 15.43\ OFFICE OPRCR SOpPLIR1 a RRRBI 276,0]3.8) )61,0)1.00 ),]16.64 0.95\ OOTpIDE BRVLCEB 633,341.56 353,950.00 ]],1]3.8) 6. >1\ PROpRTY INBORANCB 369,873.38 507,1]5.00 126,216.56 24.89\ INJRTR AND DAIOIOEI 45,691.97 4)1,500.00 (101,6]6.6]) - 21.SS\ tRIAYER PRSIONI i BERPITB ]11)4,0]1.7] 56,619.00 (10,9]7.03) - 19.30\ Mae aENRAL RRRSB 159,956.74 1,889,623.00 284,448.)] 15.05\ ART EEPRBE 196,4]].65 ]00,)84.00 (40,8]].]61 - 20.33\ ENRGY CONaERVATION 659,420.0] ]1].000.00 135,577.3) --7.35% 697, 9p5.00 (18,364.991) -5.30\ TOTAL OPRATION ZMNSR 9.81].541.2.4 9.400.061.00 41],480.]3 4.39\ RINTOIANCE WPMIB� RINT or TEANSNISSION PLANT 2.)]5.00 3,000.00 NAINT OF ERUCT AND ■ODIPNENT 141.374.]4 114,120.00 (]]5.00) -9.17\ OF LINR - ON 1,541,10.42 1,]50,4]0.00 37,234.]4 290,727.42 13.88\ MIST MIST OF LINE - 00 RIMS OF YRANBIODONIB ]04,673.)1 285,372.00 (80,698.29) 33.256 - 28.29\ ST I MINT OF ST IT i BIG BYBTR 145,386.32 (123.41) 1881500.00 (43,113.68) - 22.87\ BINS OF OARAON AND BTOCJmOON 5)1,]95.5] 91660.00 (9,603.41) - 101.])\ RIMT OI RTRa 42,496.34 0],591.00 (101,295.48) - 15.06\ KIST OI DR PLANT 119,336.04 0,394.00 14,99].a6) - 10.33\ 131,320.00 (12,063.96) -9.19\ TOTAL NAINPBNA(CR BEPRBEa ].768,230 .98 ].)0].39) 00 65.431 96 2.44\ DEPRCIATION ERRaE 3,665,630.20 31650,000.00 15,630.20 0.43\ PRCSABR POKER MR. BEPRaR 33,305,373.44 30,500,000.00 ],805,3)3.44 9.20\ VOLUNTARY PAMWS TO IONS 1,375,900.00 1,368,000.00 7,900.00 0.58\ TOTAL OPERATING RPQ49E8 )9.045.614.)0 )22.04.)0 1.70\ ( ) • A=" ONOR BOxIaET \I ("A) TOM OF RANGING, MABRACNGBATTD NONCIPAL LIGHT DEPARTMENT BODGETEN OPERATING ERBENER VARIANCE REPORT 6/30/13 J RESPONSIBLE 668,969.00 2,768. 230.98 ROIAINING SENIOR 2013 ACTUAL BOOOET RHYINNG OPERATION EIRMBU( NANAGER AMOAL sa00ET YEAR TO DATE RALANCE BBDGET % PORCHNBER POKER SAM AERENas OP 6.76% J• 30,500,000.00 ER 6.59% 30, 102,762.00 28,117,956.63 1.986,703.17 OBVIATION SOP AND ERGINHERING ERP STATION BOB LABOR AND MIEC LIM NISC LABOR AM ERPEN9a STATION LABOR AM ERPENBs STRAIT LI®TING EHPENOR ]CHINA VIPMSE NISC DISTRIBaTI011 MMSE UTIR SHADING LABOR 6 MUSS ACCT A COLL LABOR 6 MERSA ONCOLLHCTIBLH ACCOONTS ANKSGY AMIT QPRNBA BONIN 6 am SALARIES OBRICS SDYPLIES A MUSS OOTSID3 aERVICE6 PROPERTY INSOVANCE INJORISO AND DAHAGa9 SHOWINGS PENSIONS 6 BENEFITS NISC GINUAL HY wsa SHOT ERPENSE HNERGY CONSERVATION TOTAL OPERATION MMOSIS MAINTENANCE aYPBNSEH, YIN OP TRANBBIBBION PLANT YIN OF STRUCT AND EQOIPM YIN OP LIMA - ON YIN OF LIMA - GO YIN OF LIM TPANSIORMRS YIN OF DT IT 6 BIG BYRTp YIN OF MAAOa AND STOCKROOM Y3N OI mns PINT OI OEN PLANT TOTAL YINTUNKCH ==BOB DHPRHCIATION MUSS PORCHAMD BOOM POOL EIPENBN VOLONARY PAYUNTS TO TOMS TOTAL OPAYTING MWSZS U 668,969.00 2,768. 230.98 503,570.33 (16,611.33) -7.30% E9 79,913.00 76,016.73 (15,630.20) 3,706.23 -0.63% 6.76% J• 30,500,000.00 ER 671,309.00 (2,005,373.66) 699,667.87 -9.20% (26,358.07) -6.11% ER 668,169.00 676,266.81 (30,037.81) -6.70% IS 83,106.00 75,667.81 7,6SS.1B 9.21% ER 197,319.00 187,867.79 9,661.11 6.79% He 366,689.00 351,661.39 16,866.71 6.05% U 69,966.00 76,751.61 (61605.62) -6.87% RI 1,385,210.00 1,691,101.01 (105,891.81) -7.66% NI 100,000.00 37,910.10 61,079.90 61.08% Jo 679,013.00 551,916.65 (73,903.65) - 15.63% ER 761,068.00 768,187.66 (7,119.66) -0.95% ER 353,950.00 176,073.57 (21,113.87) -8.71% ER 507,125.00 633,361.56 (116,116.56) - 16.59% ER 671,500.00 369,873.38 101,626.62 21.55% ER 56,619.00 65,691.97 10,937.03 19.30% ER 11009,613.00 1,176,071.71 (186,668.71) - 15.05% q 200,785.00 159,956.76 40.a2a.26 30.33% ER 113.000.00 195,611.65 15,577.35 7.35% JP 697,963.00 659,610.07 36,363.93 5.50% 0.823. 105.00 9.812. 561.15 (612.675.351 -6.67% So 3,000.00 2.715.00 175.00 9.17% SB 116,120.00 161.376.16 (27,156.16) - 13.88% AB 1,150,621.00 1,561,167.61 (290,716.61) - 13.25% AB 305.371.00 306,673.71 80,697.19 10.28% A31 1881500.00 165,386.31 63,113.68 12.87% ER 91686.00 (113.61) 9,907.61 101.27% IB 672,589.00 571,195.52 101,293.60 15.06% IB 67,391.00 62,696.16 6,095.86 10.33% NO 131,320.00 119,156.06 11,063.96 9.19% 3.817,601.00 2,768. 230.98 (65,633.98) -2.36% RI 3,650,000.00 3,665,630.20 (15,630.20) -0.63% J• 30,500,000.00 33,305,373.68 (2,005,373.66) -9.20% N 11368,000.00 1,375,900.00 (7,900.00) -0.50% 83.763.500.00 79.065.636.70 (1.323.619.70) -1.58% j TOM o9 M 96ING, HAUNA BETTS MUNICIPAL LIGHT OO,LLTKND PMOMSMIONAL auvicu 1/30 /]012 1R09E99IONAL SRVICEA SY VNttlflOR PROPSOBIONN, 92mVICNA by PNOJNCT ACTOM "CA" MALL S OTR 229,900.98 OOMCAN 6 ALLEN 199,999.32 ITd OVAITSOpIT A=AL BUDGMT VAAIANCN 33, 500.00 1 AMW AMD PNNAION TRUST AUDIT 9NRA ACCOONIim 32,790.00 19,250.00 161195.55 NCILIT9 SRv9CMM INC. 15,082.50 9 PSMOZON ACTSARIAL EVALUATION ACCOUNTING 1,950.00 CMEEC I, 099.00 500.00 SCSO 61000.00 WILLIAM 9. CRONLR ATIONeMY 31955.56 1,675.00 3,350.00 2,235.00 MODMOM AIVR ENRGT Oa0U9 2.995.00 3 LEGAL- PRC /TAO I6AUNA OSpGT ARVICN 0.00 181000.00 2,710.00 (18,000.00) MICMAML Sao. Au ITRTOR 2,53839 6 LEGAL- 9ONQ SUPPLY ISSUNA omGT ANavics 69,661.18 65.000.00 2,056.23 26,063.18 SNRaZE TMYAWE WxTRA OE 11931.00 5 PROSEASIONAL AERvxCNa 0591oT ARVICA 9,919.00 96,000.00 625.00 (16,060.90) TOTAL OI.361.5{ 6 NNC CORLIANC3 AND AUDIT N 6 O 15,089.50 15,000.00 3 LOAD CNAC3TT STOGY pN12YRRINO 0.00 151000.00 09.50 (15,000.00) 6 STOW NAADRING STUDY pIGINSRIINJ 0.00 50.000.00 (50.000.00) 9 L[WL- GENRAL, N101EC AUDIT ON 133.593.33 150,000.00 13.599.93 10 LEGAL BRV2CEB -GRWL SR 156.361.91 56.600.00 100,161.83 11 LEGAL NRVICES- Na00TSATIONS MR 05.035.66 26,900.00 12 LROAL GENERAL S1DG. SAINT. 10,100.90 11500.00 69,035.66 01800.90 11 SRVET RIOET OS NAY BLDG. SAINT. 0.00 51000.00 (51000.00) 26 ENVIROMICENT,L a1OU. SAINT. 61000.00 3,000.00 11000.00 15 ENOxYRR211G SERVICES BLDG. SAINT. 16,110.05 61500.00 51616.05 16 RRAIR RAY AND DECE AMR SL00. SAINT. 0.00 10,000.00 (30,000.00) 13 INSURASCS CONSULTANT OR. SENEPIT 0.00 9.996.00 (91996.00) 26 LEGAL OR. BYENIT 1,996.20 5,006.00 (3,239.00) 19 aITE MaEAAYQP POR SNTOR MoAmmE ACCCUNTIM 2,056.13 0.00 2,036.29 20 005RAL NAmmCmWyCY ACCOUN IM 1,119.56 0.00 9.119.56 21 ERCOT3VS SNMCN. GS GS 96,060.00 0.00 4 99 OSA SASIC CLIENT SRVICE 23 SWRANN FACILITY ppIYRING BLOC. SAINT. 625.00 11000.00 0.00 0.00 96.060.00 625.00 31000.00 26 SAFNR SOLUTIONS ENGIRRING 3,609.05 0.00 3,609.03 25 REAND MSSUNICATION PLAN BLOO. SAINT. 9.369.25 0.00 9.966.25 TTAL 611.]6136 1]5 GG 1]6 ]16 66 1R09E99IONAL SRVICEA SY VNttlflOR ACTOM "CA" MALL S OTR 229,900.98 OOMCAN 6 ALLEN 199,999.32 an IN ANO ROONAN 122,126.09 NN.SON SEA" A COYANT 33, 500.00 vACRI A MRCIATEM I= 29,500.00 SANDMAN TOIU1W9 A SPENCR 161195.55 NCILIT9 SRv9CMM INC. 15,082.50 RAIR6 UTILITY S"M SOLUTIONS 71601.05 CMEEC I, 099.00 SCSO 61000.00 WILLIAM 9. CRONLR ATIONeMY 31955.56 STOWS CONSULTING INC. 3,350.00 MODMOM AIVR ENRGT Oa0U9 2.995.00 GAMY NOOTRM ANN ITNATOR 2,912.00 NICIVJD HIGGINS .W ITRTOR 2,710.00 MICMAML Sao. Au ITRTOR 2,53839 CUSHIw, dAMSU.LLO A RRLR 2,388.25 GOGSDALN 2,056.23 SNRaZE TMYAWE WxTRA OE 11931.00 JN Am CCII"a Lm.so OOaW ENOIRRIR 625.00 TOTAL OI.361.5{ (0) RMLD DSYEREED 9011. CA88 "Sun AMALY8I8 6/30/13 J a (16) GROSS MONTHLY TOTAL DAIS CHARGES REVEMURG MY9A a IT DEYQ11Jm DE9<DRED Tun -12 2,270,064.66 T 1 -12 3,561,715.28 3,692,663.61 (61,106.90) (169,978.57) 2,120,065.91 Aug -12 3,578,611.20 2,916,978.35 (66.365.60) (707,998.65) 1,612.067.26 Sep-12 2,666,309.32 3,696,769.65 (67,476.80) 792,961.33 2,205,028.59 Oct -12 2,595,375.65 2,389,167.98 (69,781.28) (255,008,75) 11930,019.86 HO, 12 2,766,817.26 2,760,129.67 (22,566.16) (27,253.97) 1,922,763.67 Dec -12 2,868,712.69 2,987,105.82 (68.965.36) 69,627.77 1,972,193.66 Jan -13 2,523,166.59 3,076,267.65 (70,691.63) 682,609.23 2,656,602.87 Fob-13 3,397,709.79 3,030,833.21 (77.861.37) (666,717.95) 2,009,886.92 M.,13 2,393,560.37 2,979,311.50 (116,736.96) 669,016.17 2,678,901.09 Apr -13 2,220,562.62 2,695,077.57 (113,103.56) 361,611.59 2,860,332.66 May -13 2,289,296.11 2,260,616.36 (17,730.28) (66,398.03) 2,793,936.63 Tun -13 21665,565.96 2,298,596.08 (17,576.39) (186,667.25) 2,609,687.38 J a (16) ft•wYa fONf ro vevf aro rove .�. uu a.m•e Haan u ro Nfu a.a v ro v ro u v - u ac we ro a ro eN 13 .n sa u aiDDU. .me .ewom N.ev1T .v.fTm s. ee 1.N s. e• r .• s.w 1 e. s.N r.0 a.w s.0 a.N s.w f.w s. e• a. o• s.ee a.w s.ea f. e• r.w s.w r. e• f.N s. e. I N 1 evamu f•'� °a �9 ^O° •°'ry ea.mumw o. •r• f.w +.v f.w i.e. a.N naa ..N r.N a.ae soa •.0 a N a.N vn •.w r • a.w aef ..0 a.N aea •.N a..e nn ..0 a.a a. as •.N a. o. •.n CO. a. e. aea •.0 a.N •.n •.ee f.w aef .. o• a.w a. ra .. e• fa..e w.•• _ w f o. a rowmma_fee.fum w aw > ®m °}p fva.r. f.n f.n as. o. •. e. _L w.w a. e. a.0 u.n .. ae •. e. a.w a.o ua• a. e. . e• r.e• a.0 aa. o• Boa a •• vw e.w u.v f.N w s.n •.w v.w a.0 All" a.w a.N u.v a. e• a.w •.w v.N a.w f.n .. e• v.a. a.N f.N a.0 v.o• >.e. a.N a.a v.o• a.0 ase a.e• u.n f.N a. ee u.oe a.N aaeme owe emTV o. ee a. ea f.w s. e. a. e. a. oe f.0 a.N a. o• f. o• f.w a.N a.n f. e. a. e. a. e• f.ee a.w a. ee a. so a. e. a. o• f.N a. e• a.N a. e. aoau ama avuve %ee• •• °°a* ...Tm rono a. a� —� •.fe • v • N • a. n mve®u aaw. .3.m +awe f. o. =.e• a�.ae a.ee •a.n a .. n.a. a o• T.af a e a e as a. a o0 a. ee .a a.• a• v f.w a. oe a. e. f. e. f.N a. ea uo RNLD • BUDGET VARIANCE REPORT FOR PERIOD ENDING JUNE 30, 2013 DIVISION ACTUAL BUDGET VARIANCE CHANGE ENGINEERING AND OPERATIONS 4,363,087 4,199,712 163,375 3.89% -6.59% ENERGY SERVICES 1,293,640 1,264,496 29,144 2.30% 2,805,373 GENERAL MANAGER 1,027,331 864,461 162,870 18.84% FACILITY MANAGER 3,897,546 3,838,762 58,784 1.53% BUSINESS DIVISION 9,811,585 9,371,033 440,551 4.70% SUB -TOTAL 20,393,188 19,538,464 854,724 4.37% PURCHASED POWER - BASE 28,117,959 30,102,742 (1,984,783) -6.59% PURCHASED POWER - FUEL 33,305,373 30,500,000 2,805,373 9.20% TOTAL 81,816,520 2.09% 80,141,206 1,675,314 F, IL 12:08 PM 9/19/2013 BMW ENGINEERING AND OPERATIONS DIVISION BUDGET 2013 BUDGET SUMMARY R&O MGR 55 01 -55- 5920 -101 LABOR AEG 01-55- 5920 -102 LABOR OT 01 -55 -5921 -000 OFFICE SUPPLIES 01 -55 -5930 -103 HE EDUCATION 01 -55- 5930 -106 VEHICLE 01 -55 -5923 -000 OUTSIDE SERVICES 01 -55- 5930 -105 RISC GENERAL SUB -TOTAL ENGINEERING 65 O1 -65- 5580 -101 LABOR REG 01- 65- 5580 -102 LABOR OT 01 -65 -5580 -103 BE EDUCATION 01 -65 -5580 -105 SUPPLIES 01 -65- 5560 -106 VEHICLE 01 -65 -5921 -000 OFFICE SUPPLIES 01 -65 -5923 -000 OUTSIDE SERVICES SUB -TOTAL LINE 66 01- 66 -SSSS -109 MAINT OF TRANS REP 01 -66- 5581 -101 LABOR Mac 01 -66 -5581 -109 GENERAL MP 01 -66 -5581 -103 EE EDUCATION O1 -66 -5585 -109 STREET LIGHT REP 01 -66- 5585 -101 LABOR REG ST LIGHT 01- 66- 5585 -102 LABOR OT ST LIGHT 01 -66- 5585 -106 VEHICLE ST LIGHT 01- 66- 5593 -109 MAIM OF LIMB 01- 66- 5593 -101 LABOR REG N11INT LINE 01 -66- 5593 -102 LABOR OT MAINT LING 01 -66- 5593 -106 VEHICLE MAINZ OR LIN 01 -76- 5593 -110 TREK TRIMMING 01 -66- 5594 -109 NAINT 00 LINE O1 -66- 5594 -101 LABOR REG DO LINES 01 -66- 5594 -102 LABOR OT 00 LINE 01 -66- 5594 -106 VEHICLE UG LINE 01 -66 -5596 -109 ST IT 6 SIG ESP 01 -66- 5596 -101 LABOR REG ST LT /SG 01- 66- 5596 -102 LABOR OT ST LT /SG 01 -66- 5596 -106 VEHICLE ST LT /SG 01 -66 -5921 -000 OFFICE SUPPLIES SUB -TOTAL ACT TOTAL BUD TOTAL VAR 586,060 165,638 167,497 - 11.66% 89,505 632 11000 - 36.85% 24.102 436 500 - 12.84% 23,711 4,299 61000 - 28.34% 31,369 (61800) 4,775 - 242.43% 6,076 15,923 15,000 6.15% 14,292 1,153 500 130.611% 191,756 181,280 215,272 - 15.79% 426,699 398,174 7.16% 586,060 57,336 40,000 43.34% 89,505 12,615 20,000 - 36.93% 24.102 12,374 61000 106.23% 23,711 (5,454) 4,775 - 214.22% 31,369 704 11000 - 29.60% 6,076 7,394 65,000 - 88.62% 14,292 511,666 534,949 -4.35% 2,725 3,000 -9.17% 586,060 541.309 8.27% 89,505 80,000 11.88% 24.102 50,000 - 51.80% 23,711 25,000 -5.16% 31,369 26,233 19.58% 6,076 81000 - 24.05% 14,292 23,674 - 40.14% 191,756 71,000 170.08% 526,875 322,274 53.49% 402,749 260,000 54.90% 12,215 162,342 - 92.4814 407,553 434,805 -6.27% 206,375 258,203 - 19.30% 1,875 15,293 - 87.74% 404 51000 - 91.91% (5,980) 6,675 - 186.99% a 250 - 100.00% 0 6,797 - 100.00% 0 250 - 100.00% (123) 2,387 - 105.17% 28 500 - 94.36% 2,523,567 2,303 392 Page 1 9.56% 12:08 PM 9/19/2013 RMLD ENGINEERING AND OPERATIONS DIVISION BUDGET 2013 BUDGET SUMMIT MRTER READING 80 ACT TOTAL BUD TOTAL VAR 01 -60- 5902 -101 LABOR REG 54,657 60,784 - 10.00% 01- 80- 5902 -102 LABOR OT 1,248 1,000 24.83% 01 -80- 5902 -105 SUPPLIES 40 1,000 - 95.20% 01 -80- 5902 -106 VEHICLE 18,798 7,162 162.47% SUB -TOTAL OFFICE SUPPLIES 74,752 250 6.87% 69,946 NITER TECHNICIANS 67 01 -67- 5586 -109 METER TECH EEP 8,830 15,000 - 41.13% 01 -67 -5586 -101 LABOR REG 161,754 155,691 3.76% 01 -67- 5566 -102 LABOR OT 25,606 9,113 183.17% 01 -67- 5586 -103 HE EDUCATION 0 31000 - 100.00% 01 -67- 5586 -106 VEHICLE (8,450) 14,324 - 158.99% 01 -67 -5921 -000 OFFICE SUPPLIES 95 250 - 62.00% SOB -TOTAL VEHICLE 188,036 197,579 -4.53% C•1 STATION 68 • 01 -68 -5581 -109 STATION OF 5,439 5,500 -1.10% 01 -68- 5581 -101 LABOR RIG SUP 70,589 74,313 -5.01% 01 -68 -5582 -109 STATION SUPPLIES (5,847) 4,000 - 246.17% 01 -68- 5582 -101 LABOR REG 339,751 316,861 7.22% 01 -68- 5582 -102 LABOR OT 146,197 120,000 21.83% 01 -68 -5582 -103 EE EDUCATION 223 5,000 - 95.54% 01 -68- 5582 -106 VEHICLE (2,037) 2,387 - 185.32% SOB -TOTAL 4.97% 554,316 528.062 01 -68 -5590 -109 SENIOR IBM BEP 2,095 7,500 - 72.06% 01 -68- 5590 -101 LABOR REG 110,267 93,733 17.64% 01 -68- 5590 -102 LABOR OT 16,451 5.000 229.0114 01 -68 -5590 -103 BE EDUCATION 2,769 2,500 10.78% 01 -68 -5590 -105 SUPPLIES 3,806 3,000 26.87% 01 -68- 5590 -106 VEHICLE 5,912 2,387 147.65% 01 -68 -5595 -000 TRANSFORMER MAINT 145,366 188,500 - 22.87% O1 -68- 5597 -109 MAINE METERS 5,365 2,500 114.61% 01 -68- 5597 -101 LABOR REG 1,378 27,409 - 94.97% O1 -68- 5597 -102 LABOR OT 35,753 17,484 104.49% 01 -68 -5921 -000 OFFICE SUPPLIES 285 500 - 43.00% SVS -TOTAL -6.00% 329,468 350,513 GRAND TOTAL 4,363,087 4,199,712 3.89% Page , 12:05 PM 9/19/2013 E RNLD ENERGY SERVICES DIVISION BUDGET 2013 BUDGET SUNNARY ENERGY eERVICEe 75 01 -75- 5916 -000 ENERGY SERV EXP 01 -75- 5916 -101 LABOR PRO 01 -75- 5916 -102 LABOR OT 01 -75 -5916 -103 86 EDUCATION 01 -75- 5916 -109 XEY ACCOUNT ACT TOTAL BUD TOTAL VAR 79,652 24,000 231.89% 500 465,000 437,514 6.284 87,000 3,391 0 100.004 0 3,062 16,000 - 80.864 0 271,903 11811 1,500 20.724 21,324 552,916 479,014 15.434 355,000 01 -75 -5921 -000 OFFICE SUPPLIES 1,321 500 01 -75 -5923 -000 OUTSIDE SERVICES 79,783 87,000 0 01 -75- 5916 -402 RE8 CONSERVE PROD 184,909 0 271,903 01 -75 -5916 -403 RES CONSERVE OTNE) (0) 21,324 01 -75 -5916 -502 COMM CONSERVE PRO( 432,935 355,000 01 -75 -5916 -503 CONK CONSERVE OTB) 41,776 49,756 659,620 697,983 GRAND TOTAL 101 11 _11,293,640 1,264,496 Page 3 164.154 -8.304 - 31.994 100.004 21.954 - 16.04% -5.504 2.304 12:06 PM 9/19/2013 RWMM GENERAL NABAOER DIVISION BUDGET 2013 BUDGET SUMMARY GENERAL MANAGER 51 01 -51- 5920 -101 LABOR RHO 01- 51- 5920 -102 LABOR OT 01 -51 -5921 -000 OPPICE SUPPLIES 01 -51 -5923 -000 OW91DR SERVICES 01- 51- 5930 -103 HE EDUCATION 01- 51- 5930 -105 MISC GENERAL 01- 51- 5930 -106 VEHICLE SUB -TOTAL HUMAN RESOURCES 52 01- 52- 5920 -101 LABOR REG 01 -52- 5920 -102 LABOR OT 01 -52 -5921 -000 OPPICE SUPPLIES 01 -52 -5923 -000 OUTSIDE SERVICES 01 -52- 5930 -103 BR EDUCATION 01 -52 -5930 -105 SUPPLIES 01 -52 -5930 -109 MISC GENERAL SUP -TOTAL COMMUNITY RNLATIONS 54 01 -54- 5920 -101 LABOR RHO 01 -54 -5921 -000 OPTICS SUPPLIES 01 -54 -5930 -109 MISC GENERAL 01 -54 -5930 -103 BE EDUCATION 01 -54 -5930 -105 SUPPLIES SUB -TOTAL CAB 56 01 -56- 5920 -101 LABOR REG 01 -56- 5920 -102 LABOR OT 01 -56 -5930 -109 MISC G SHE PAL SUB -TOTAL BOARD 58 01 -58 -5930 -109 MISC GENERAL SUE -TOTAL GRAND TOTAL �T i�[F9 i>�7�i•i 4•YL! 230,340 255,384 1,532 0 1,343 2,500 207,278 150,000 3,486 7,500 64,911 55,000 (6,800) 4,775 501,989 475,159 106,987 105,565 567 0 217 200 244,652 91,400 6,100 3,900 2,072 900 13,745 13,540 376,340 215,505 VAR -9.65% 100.00% - 46.27% 38.19% - 53.52% 18.02% - 242.43% 5.65% 3.24% 100.00% 8.61% 167.67% 100.00% 130.22% 1.51% 74.63% 74,132 74,307 -0.24% 0 500 - 100.00% 66,811 68,750 -2.82% 0 2,000 - 100.00% 4,249 5,740 - 25.98% 7,500 145,191 151,297 -4.04% 322 5,345 - 93.98% 236 1,200 - 60.34% 1,754 8,455 - 79.26% 2,311 - 84.59% 15.000 1,499 7,500 - 80.01% 1.499 - 80.01% 7,500 1,027,331 864.461 18.84% Page 4 • Cl �•nI 12:08 PM 9/19/2013 D FACILITY MANAGER ER DIVISION BODGES 2013 BUDGET SUMMARY BUILDING MAINTENANCE 64 GENERAL BENEFITS 53 ACT TOTAL BUD TOTAL VAR - 25.94% 01 -53 -5920 -101 LABOR REG 143,809 93,391 53.99% - 30.79% 01 -S3 -5921 -000 OF►ICR SUPPLIES 273 11000 22,838 17.47% 01- 53- 5930 -103 BE EDUCATION 2,367 220 - 72.71% 01 -53- 5930 -105 SUPPLIES SUPPLIES 5,000 - 52.65% - 89.00% 01- 53- 5923 -000 OUTSIDE SERVICES 40 1,280 11000 - 95.99% - 12.17% 01 -53 -5924 -000 PROPERTY INSURANCE 369,873 15,000 471,500 - 91.47% - 15.81% 01 -53 -5925 -000 INJURIES A DAMAGES 45,692 56,619 - 21.55% MATERIALS NAMAGEMENT 60 01 -53 -5926 -000 EE PENN A BENEFIT 2,174,072 1,889,623 - 19.30% 15.05% NISC DIET BEP 56,551 01 -53 -5930 -109 NISC DENSER, 836 01- 60- 5580 -101 LABOR REG 271,626 01- 53 -S931 -000 REST 3,050 - 72.60% LABOR OT 10,891 4,240 -7.10% 196,423 212,000 -7.35% BE EDUCATION 1,369 SOB -TOTAL 156.85% 2,934,664 2,740,283 6.79% SUPPLIES 11,206 TRANSPORTATION 63 01 -60 -5558 -104 RFP EEPSNSEB 01 -63 -5933 -109 NISC GENERAL 801 (226,020) - 100.35% OPFICR SUPPLIES 0 2,912 01 -63- 5933.101 LABOR REG 66,662 61,238 12.12% 01 -63- 5933 -102 LABOR OT 9,296 8,400 10.67% 01 -63 -5933 -103 BE EDUCATION 0 354,554 367,989 01 -63 -5933 -105 LESS SUPPLIES ALLOCATION "CLASS (407,284) 21000 393,120 - 100.00% - 203.60% 1.53% 328,525 (238,738) - 237.61% SoB -� 0 0 0.00% BUILDING MAINTENANCE 64 Page S 01 -64 -5923 -000 OUTSIDE SERVICES 37,032 50,000 - 25.94% 01 -64- 5932 -101 LABOR RBO 91,678 132,471 - 30.79% 01- 64- 5932 -102 LABOR OT 26,827 22,838 17.47% 01 -64 -5932 -103 EE EDUCATION 220 01 -64 -5932 -105 SUPPLIES 452,571 2,000 - 89.00% 515,280 - 12.17% SOB -TOTAL - 15.81% 608,327 722,589 MATERIALS NAMAGEMENT 60 01 -60 -5588 -109 NISC DIET BEP 56,551 50,280 12.47% 01- 60- 5580 -101 LABOR REG 271,626 292,369 01 -60- 5588 -102 LABOR OT 10,891 4,240 -7.10% 01- 60- 5588 -103 BE EDUCATION 1,369 156.85% 01 -60 -5588 -105 SUPPLIES 11,206 2,100 - 34.81% 01 -60 -5558 -104 RFP EEPSNSEB 16,500 - 32.08% 01 -60 -5921 -000 OPFICR SUPPLIES 0 2,912 11000 - 100.00% 11500 94.11% SUS -TOTAL -3.65% 354,554 367,989 LGRAND TOTAL 3.897.546 3.638.762 1.53% Page S 12:06 PM 9/19/2013 RM LD 1) BUSINESS DIVISION BUDGET 2013 BUDGET SUMMARY ACCOUNTING 59 LABOR RICO ACT TOTAL BUD TOTAL VAR 01 -59- 5903 -101 LABOR REG 207,401 201,328 3.02% 01 -S9 -5903 -102 LABOR OT 719 400 79.85% 01 -59 -5903 -103 BE EDUCATION 0 1,000 - 100.00% 01 -59 -5903 -105 SUPPLIES 304,841 291,400 4.61% 01 -59 -5921 -000 OFFICE SUPPLIES 2S9,046 231,000 12.14% 01 -59 -5923 -000 OUTSIDE SERVICES 40,000 33,725 18.61% SOB -TOTAL UNCOLLECT ACCOUNTS 812,006 758,853 7.00% CUSTOMER SERVICE 62 01- 62- 5903 -101 LABOR RICO 461,842 417,289 10.68% 01- 62- 5903 -102 01- 62- 5903 -102 LABOR OT 7,998 2,000 299.89%' 01 -61- 5903 -103 BE EDUCATION 01 -62 -5903 -103 BE EDUCATION 3,307 4,000 - 17.32 %', 12,325 01 -62 -5903 -105 SUPPLIES 33,183 18,000 84.35% 119,206 �'.. 01- 62- 5903 -106 VEHICLE (4,737) 4,775 - 220.15% 12,000 - 29.03% 01 -62- 5904 -000 UNCOLLECT ACCOUNTS 37,920 100,000 - 62.08% 2.69% 01 -62 -5921 -000 OFFICE SUPPLIES 897 2,000 - 55.14% • SUB -TOTAL 539,410 548,064 -1.58% NIS 61 01- 61- 5903 -101 LABOR AEG 450,171 412,218 9.21% 01- 62- 5903 -102 LABOR OT 5,049 800 531.07% 01 -61- 5903 -103 BE EDUCATION 10,003 8,000 23.04% 01 -61 -5903 -105 SUPPLIES 12,325 24,000 - 48.65% 01- 61- 5935 -000 MAINT GIN PLANT 119,206 131,320 -9.19% 01 -61 -5921 -000 OFFICR SUPPLIES 81516 12,000 - 29.03% SOB -TOTAL 605,320 588,338 2.69% MISCELLANEOUS DEDUCTIONS 57/77 01 -77 -5403 -000 DEPRECIATION REP 3,665,630 3,650,000 0.43% 01 -77 -5408 -000 VOLUNTARY PAYMENTS 1,375,900 1,368,000 0.58% 01 -77 -5419 -000 INTEREST SEP 1,145 3,000 - 61.82% 01 -77 -5426 -000 OTHER DEDUCTIONS 2,769,742 2,415,000 14.69% 01 -57 -5920 -101 AC /BUS MGR LABOR REG 42,430 37,319 13.51% 01 -57 -5930 -109 AC /BUS MGR MISC GEN 0 2,400 - 100.00% SUBTOTAL 7,854,847 7,475,779 5.07% J GRAND TOTAL 9,811,585 9,371,033 4.70% Page 6 L " BerryDunn Reading Electric Light Department Board of Commissioners Reading, MA BerryDunn was engaged by Reading Municipal Light Department (RMLD) to provide consulting services related to RMLD's internal process of approving and paying purchase power for the month of May 2013. As part of this engagement, BerryDunn was to understand the controls implemented by RMLD and provide any recommendations for improvements. This engagement was not designed to express an opinion on internal controls and accordingly, we do not express such an opinion We were not engaged to and did not conduct an audit of financial statements or control efficiency of RMLD. Power Invoices Reviewed • Massachusetts Municipal Wholesale Electric Company (MMWEC) • Power Authority of the State of New York (PASNY) • Macquarie • JP Morgan • Hydro Quebec Vermont, New England • National Grid (NE Hydro) • o • ISO New England Summit Hydro • REMVEC (Rhode Island - Eastem Massachusetts - Vermont Energy Control) • Exelon • NStar • Pepperell Hydro • Turner's Falls • Woronoco Hydro • Indian River Hydro • Braintree Electric Light Department (BELD) • NextEra • Middleton Procedures and Findings Our procedures and findings are as follows: We agreed the billed amounts from the power invoices received from vendors to related tariffs and contracts for the month of May 2013. As part of our testing, we verified the usage (kilowatt hours) amounts that were being billed to either contracts or the usages provided by the Connecticut Municipal Electric Energy Cooperative CMARS SMD wholesale load forecast. • We agreed the power producer listing provided by RMLD's Energy Services department which lists the power vendor and the amount that was billed for the month to the power invoice reconciliation prepared by the Accounting department noting the one month timing difference of the power generation invoices from MMWEC. The reconciliation is used to record revenues for © the Company as well as used to agree monthly invoices received from power vendors. Bangor, ME • Podlend, ME • Manchester, NH • Charleston, M wanv.berrydunn.com Reading Electric Light Department Board of Commissioners Page 2 • • We traced all kwh rates and usage on the power invoices to contracts and agreements with no exceptions. • We traced the percentage allocations of MMWEC, PASNY, Hydro Quebec and NE Hydro to the related contracts. We recalculated the percentage allocations to the base amounts billed by the vendors and noted no variances. • We specifically reviewed the Middleton invoices and agreed the billed amount to the invoice provided by RMLD. The Middleton invoices showed billed usage of 19,167 kwh and RMLD provided related customer invoices that agreed to the kwh usage amount in total. • We verified with the Engineering department and the Energy Services department that there were no facility circuits such as those that were erroneously being billed by NStar in service or billed during the period of 1/1/2013 to 5131/2013. We reviewed the process used by RMLD personnel to approve and pay the power invoices by: • Inspecting all of the invoices for the month of May and noted that personnel from the Energy Services department had signed off as approvers of the rates paid and usage amounts. • Inspecting the BELD invoice and noted the Business Manager's approval and his recalculation of the debt service costs to be recorded in energy expense on an accrual basis. • Inspected the Middleton invoices related to RMLD customers and agreed the account numbers • and usage amounts that were being sent by RMLD to be billed by Middleton. • We recalculated the May 2013 Purchase Power Billing Summary prepared by the Energy Services department which is used as a check against invoices recorded in accounts payable, with no exceptions. Recommendations BerryDunn has the following suggestions. • The Engineering department should meet with the Energy Services department on a least a quarterly to discuss any network changes that could affect billing. • The Energy Services department should confirm with other partners associated with Hydro Quebec to verify the basis of allocated costs to determine that billed amounts are reasonable and consistent among users. • The Energy Services department should request audited financial statements from the managing operators of Hydro Quebec to use as a basis of determining if the expenses being billed are reasonably correct. • The Energy Services department should request Statement on Standards for Attestation Engagements No. 16, Reporting on Controls at a Service Organization, report from ISO NE (ISO) which is a test of the controls of its operations. This report can help document what controls are in place to ensure that information received from the ISO is reasonably correct as • asserted to by management of the ISO and attested to by independent auditors. Reading Electric Light Department Board of Commissioners Page 3 • The Energy Services department should use the budget to actual for the Middleton and investigate any significant differences as predetermined by the Company. This consulting report is intended solely for the information and use of RMLD Board of Commissioners and management, and is not intended to be and should not be used by anyone other than these specified parties. It is our understanding that RMLD will share the results of our procedures with the Company's external financial statement auditors. Sincerely, Q Clifford C. Abbott, Jr. MBA, CPA, CGMA Principal • 11 Om RMLD O J September 18, 2013 Retdiee Mvoiaod L'ek Depa u issue eov a ro• enrunovs 230 Arh sm,a P.O. Box 150 Rvadivg. MA 0186742,50 lbl:(781) 944.1300 Fu: (781) 942 -2409 Web: v .mddcom Town of Reading Municipal Light Board Subject Pick Up Truck with Bed Cover On August 7, 2013 a bid invitation was placed as a legal notice in the Middlesex East requesting proposals for one Pick Up Truck with Bed Cover for the Reading Municipal Light Department. An invitation to bid was sent to the following 13 companies: Hornell Motors, Inc. Central Dodge, Inc. Colonial Automotive Imperial Municipal Partners Inter -State Ford Truck Sales, Inc. Lannon Chevrolet Liberty Chevrolet Inc. MHQ Municipal Vehicles Moore GMC Truck, Inc. Place Motor, Inc. Sentry Ford Stoneham Motor Co., Inc, Woburn Foreign Motors Bids were received from two companies: Liberty Chevrolet Inc., and Stoneham Motor Co., Inc. The bids were publicly opened and read aloud at 11:00 a.m. September 11, 2013 in the Town of Reading Municipal Light Department's Transmission and Distribution Room, 230 Ash Street, Reading, Massachusetts. The bids were reviewed, analyzed and evaluated by the General Manager and the staff. Move that bid 2014- 05 for: one Pick Up Truck with Bed Cover be awarded to: Stoneham Motor Co., Inc. for $291%s.0o as lowest qualified and responsive bidder on the recommendation of the General Manager. the The FY2014 Capital Budget amount for this item is $35,000.00. ✓iO.V- Coleen rien David PoLvon�� /(�� T�L� Ird O.s.✓ Paula O'Leary Attachment5 3 �a a f °�--? 5 U E w a e a f °�--? 5 U E w RMLD \ J September 18, 2013 Reading Moeici0d L:gh aDlDert avuuu rope• so c nnoxs 230 Aeh Sue P.O. Ror ?so Reeding. MA 01867-02M hl: (781) 9"i310 Fex:(781)942 -2409 Web: ww oaldmm Town of Reading Municipal Light Board Subject: Pick Up Truck with Tool Boxes On August 7, 2013 a bid invitation was placed as a legal notice in the Middlesex East requesting proposals for one Pick Up Truck with Tool Boxes for the Reading Municipal Light Department. An invitation to bid was sent to the following 13 companies: Bonnell Motors, Im. Imperial Municipal Partners Liberty Chevrolet Inc. Place Motors, Inc. Woburn Foreign Moto, Central Dodge, Inc Inter -State Ford Truck Sales, Inc. MHQ Municipal Vehicles Sentry Ford Colonial Automotive Lannon Chevrolet Moore GMC Truck Inc. Stoneham Motor Co., Inc. Bids were received from two companies: Liberty Chevrolet Inc., and Stoneham Motor Co., Inc. The bids were publicly opened and read aloud at 11:00 a.m. September 11, 2013 in the Town of Reading Municipal Light Department's Transmission and Distribution Room, 230 Ash Street, Reading, Massachusetts. The bids were reviewed, analyzed and evaluated by the General Manager and the staff. Move that bid 2014 06 for: one Pick Up Truck with Tool Boxes be awarded to: Stoneham Motor Co., Inc. for 530,397.00 m the lowest qualified and responsive bidder on the recommendation of the General Manager. The FY201 Budget amount for this item is 835.000.00. Col�een CY Briefenn) / U—id Polson Paula O'Leary u d u 5 0 N 75 U J i �g m 2 0 > > N C' R d d S 8 u d u 5 0 N 75 U J i �g m 2 0 > > N C' R 0 ; ;• ...! ;;,.. ;l. � ,,�; ' :`. ,! ; .; I ,E�■ `,! °! ■',�`•!`!° ■ ; | 10 1E -!� •_ ,,_ .,t ,!! .,, ; §$ ! §; )!! ) )(k )10 W §§ | ;| .| )� . ■� �/ !| ,§ )/ }§ !| §)§ |�; ) \ \ § ,§ )/ }§ !| §)§ |�; I G 10 K� ,. .. ;l•� ;!•! ;�•• ) §� ) §/§ § { ( \ \ ( ' § §I ! ■ ,!! § =t- ,.i # T V "; �■, | |§ i/| )!2 r= ' §k � (( .. r| *�� | ) §| � 2 ; ;( : |!! .!- ;) r= ' §k � (( .. r| *�� | ) §| � 2 ; ;( : |!! From: Jeanne Foti Thursday, September 19, 2013 11:43 AM To: RMLD Board Members Group Subject Account Payable Warrant and Payroll - No Questions Good morning. In an effort to save paper, the following timeframes had no Account Payable Warrant and Payroll questions. This e-mail will be printed for the Board Book for the RMLD Board meeting on September 25, 2013, Account Payable Warrant— No Questions August 9, August 16, August 30, September 6, September 13 Payroll — No Questions August 12, August 26 and September 9 Jeanne Foti C ingMunicipal Light Department ding Assistant 230 Ash Street Reading, MA 01867 781- 942 -6434 Phone 781 - 942 -2409 Fax Please consider the environment before printing this e-mail. C Jeanne From: Kevin Sullivan Sent: Monday, August 26, 2013 12:31 PM To: RMLD Board Members Group Cc: Coleen O'Brien; Patricia Mellino; Accounting Group; Jeanne Foti Subject RE: Account Payable Questions - August 23, 2013 Attachments: AP Removal Sheet - August 23, 2013.pdf Payables Questions 1. Global Knowledge —The Middleton address on the invoice was the employee's old address. 2. Itron — Bob Fournier and Kevin Sullivan performed an audit of the invoice in question ($67,361) within the past two weeks. .�.ir c�iu�wr Reading Municipal Light Department Engineering & Operations Manager From: Jeanne Fob Sent: Monday, August 26, 2013 7:12 AM To: Accounting Group Cc: Coleen O'Brien; Kevin Sullivan; Patricia Mellino Subject: Account Payable Questions - August 23, 2013 Good morning, Attached are the Account Payable Questions for August 23, 2013. Thanks. Jeanne Foti Reading Municipal Light Department Executive Assistant 230 Ash Street Reading, MA 01867 781- 942 -6434 Phone 781 - 942 -2409 Fax Please consider the environment before printing this e-mail. • WM ® Reading Municipal Light Department Accounts Payable Removal Sheet Date Commissioner Account Payable Comment rte" r //�' Vendor Name �oW �I ' 11,s Oil 5 ✓lovS GI - MAf s r U1 0 Pt, w< Ow If f 4cSP raa'l/ i..ovr(� I��rn�1S - Io-hnl�l�� — 7,3sc7