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HomeMy WebLinkAbout2014-02-27 RMLD Board of Commissioners MinutesReading Municipal Light Board of Commissioners Regular Session 230 Ash Street RECEIVED Reading, MA 01867 TOWN CLERK f February 27, 2014 ',FADING, MASS. Start Time of Regular Session: 7:30 p.m. End Time of Regular Session: 8:55 p.m. .,r, a i 4 JUN 18 A C� 21 Commissioners: John Stempeck, Chairman - Absent Philip B. Pacino, Vice Chair Robert Soli, Commissioner David Talbot, Commissioner - Absent David Mancuso, Secretary Staff: Coleen O'Brien, General Manager Jeanne Foti, Executive Assistant Bob Fournier, Accounting/Business Manager Hamid Jaffari, Director of Engineering and Operations William Seldon, Senior Energy Analyst Citizens' Advisory Board: Tony Capobianco, Member Public: Peter Brown, Member of Town Meeting, Reading In the absence of Chairman Stempeck, Vice Chair Pacino was Chairman. Call Meeting to Order Chairman Pacino called the meeting to order and stated that the meeting was being videotaped; it is live in Reading only. 1pening Remarks I hairman Pacino read the RMLD Board of Commissioners Code of Conduct. Introductions Chairman Pacino welcomed CAB Member, Tony Capobianco and asked if there was anything to report on. Mr. Capobianco responded that there was nothing to report on at this time. Public Comment Chairman Pacino welcomed and had an individual from the public identify himself. Mr. Peter Brown introduced himself as a Town Meeting Member, Town of Reading Precinct Ten. Chairman Pacino reported that Commissioner Mancuso will be the Secretary this evening. Mr. Brown asked, since he is interested in coming to the meetings, when can he ask questions? Chairman Pacino replied that one of the first things on the agenda is public comment. Mr. Brown then clarified if he could ask a question at the end of the meeting? Chairman Pacino explained that he could ask questions on the discretion of the Chair when it is appropriate at meetings. Mr. Brown's second question related to the Executive Session Board meeting minutes on RMLD's website, he noticed in the past those minutes have been posted, but not recently. He wanted to know if the intention was to continue to do that. Ms. Foti responded that the RMLD Board of Commissioners 2012 Executive Session minutes are posted to RMLD's website. Historically, in March the Board does a review on the prior year's Executive minutes. Chairman Pacino added that the Executive Session minutes are checked because if there are issues that are still ongoing, such minutes cannot be released until the issue is complete. Mr. Brown commented that he looked on the Reading Public Access schedule for Board meetings, the RMLD Board is not listed for this evening, and it may be a good idea to get in contact with RCTV. Ms. Foti explained that the RMLD Board meetings are posted on RMLD's website, Town of Reading's website and RCTV receives an e-mail of RMLD's upcoming meeting. The RMLD will follow up with RCTV. Chairman Pacino stated that Chairman Stempeck and Commissioner Talbot will not be in attendance at the meeting this vening. Regular Session Meeting Minutes February 27, 2014 Report of the Chairman Update on Charter Committee Chairman Pacino reported that the Charter for the Town of Reading is being updated, there has been very little going on since the last report. The Committee has suspended their meetings at this point, due to a medical issue with the Town Clerk. The next meeting will be March 17 General Manager's Report — Ms. O'Brien — General Manager Introduction of Hamid Jaffari, Director of Engineering and Operations Ms. O'Brien introduced Mr. Jaffari, as the new Director of Engineering and Operations. Ms. O'Brien stated that Doctor Jaffari possesses an EED in electrical engineering power systems which is above masters, below PhD as well as a PhD in Organizational Leadership. Mr. Jaffari is recognized throughout the industry in utility design planning, reliability, and power engineering. He comes to us after fifteen years at Danvers Electric where he was critical in developing and implementing a successful reliability plan which took Danvers from the lowest in reliability indices to receiving APPA's prestigious RP3 award for reliability, accountability and safety. He also spearheaded the Smart Grid grant program from the DOE, designed, implemented and integrated a smart system into the Danvers electric system. The smart system resulted in reduced losses, reduced outage durations, improved feeder efficiencies and provided advanced customer information systems. He completed a comprehensive engineering accurate GIS system. This system successfully integrated into the smart system enabling engineering analysis and system modeling for demand response and demand management capabilities. He is active in the industry associations as well as a professor, instructor at APPA, NEPPA, ECNE and area universities as well as universities abroad. Prior, Mr. Jaffari worked for NSTAR and South Norwalk Municipal. His credentials are a perfect match to help the RMLD to develop its long term reliability plans to include improved system reliability, flexibility, to incorporate demand response for RMLD as well as demand management. Mr. Jaffari will mentor and help develop the staff skill sets to ensure that RMLD's system and division interfaces, possesses the capabilities and flexibilities to remain competitive in the future, through peak shaving, customer information systems and distribution reliability. Mr. Jaffari will speak on a monthly basis on the Engineering and Operations Report. Mr. Jaffari said that he is glad to be joining the RMLD team. He is looking forward to a great start. He is reviewing operational plans, policies, procedures and he is getting to know the staff. The RMLD has talented employees and he is looking forward to working with them. The past practice has been presenting reliability indices comparing the RMLD to itself which does not meet the intent of the industry performance evaluations. Moving forward, he will be providing the RMLD's reliability indices benchm rked against the regional and national indices, which is more meaningful. It is also beneficial to use the New England area comparing reliability and frequency of outages. The data will be used to create indices to track, and manage assets. The indices provide information about overall system reliability performance. The ability to appropriate trend outage duration and frequency enables us to develop appropriate proactive maintenance programs. Mr. Jaffari reported that RMLD will be performing a twenty year planning study to provide a road map for system improvements and develop maintenance programs. The key to reliability is proactive maintenance. Preventive maintenance ensures having a reliable system, which will be the strategy moving forward. Mr. Jaffari thanked the RMLD for the opportunity. Chairman Pacino stated that he welcomes Mr. Jaffari on behalf of the commission to the Department and is glad to see him on board. Mr. Mancuso welcomed Mr. Jaffari. Mr. Mancuso asked about the new indices moving forward for outages, stating most folks are generally satisfied with the current numbers. Mr. Mancuso questioned if Mr. Jaffari anticipated that the numbers will improve with the new comparison measurement methodology so that the RMLD is shown to be even better than it thought it was. Mr. Jaffari replied, yes and no. Yes, because the numbers really look good comparing RMLD to itself. No, because the numbers fluctuate depending on uncertain weather related outages. However, moving forward with the proper planning and proper preventive maintenance plan, it could get better. Mr. Jaffari cautioned that one big storm can create a spike in the numbers. Mr. Mancuso added that is the case no matter how you measure it. Mr. Jaffari agreed. Mr. Jaffari said that the trend should be going towards steady and stabilized factors. Mr. Mancuso commented the customer may see with the new indices some fluctuation that may suggest that the quality of service is not as reliable as in the past, but in reality it is only a change in measurement. Mr. Jaffari stated that the RMLD will assess the statistics based on the situation, the numbers will be continually benchmarked; the annual average should be within the acceptable industry standard with respect to the duration and frequency of outages when compared to the regional and national indices. These comparisons are a good indicator on how the RMLD's system is performing. This will be a tool for engineers to assess and track down the problem areas to determine what type of preventive maintenance programs need to be initiated. Mr. Mancuso stated that he is concerned about the public misperception due to the change in measurement on the reliability • indices that have been explained. Ms. O'Brien said that what is interesting, as Mr. Jaffari has indicated, that when you compare yourself to yourself, you may not be doing that well. Ms. O'Brien pointed out that in benchmarking the RMLD against itself, the reporting translates into — next month I did better than last month, but last month I was not doing that well. Regular Session Meeting Minutes February 27, 2014 General Manager's Report — Ms. O'Brien — General Manager troduction of Hamid Jaffari, Director of Engineering and Operations Ws. O'Brien pointed out that last July; Mr. Capobianco was astute when he asked about the transformer failures and fuses in . there was a big spike. Compared to the previous month, it looked like the RMLD did terrible; however, if you compared this to other utilities they would have also had some level of transformer fuser melting, in over loaded situations so the spike would have been softened. Ms. O'Brien pointed out that if there was an analysis of what happened in July and August that would have been better because it would have clearly demonstrated the reason for the increase. As Mr. Jaffari said, although these indices are compared to regional and national levels what the information is used for is to track and trend what is happening. If you are starting to see fuse failures you want to get on a transformer fuse maintenance program, identify them and change them out before the summer. That is what the indices are used for. Ms. O'Brien said that she will be glad to provide what were last month's indices for the RMLD. Mr. Mancuso said that it makes sense, but is sensitive to any perceptual change. Ms. O'Brien said that the overall current reliability shows that the RMLD is within standards. RMLD now has the ETracker from the American Public Power Association. She wants to be realistic to the public. The other thing that is also important when doing the presentation it will show that the RMLD is taking into account blips, blinks, dips and any other kind of outages. Other utilities will not decrease their indices values for minor outages. However, the indices are meant to be used as a planning tool for engineering system reliability. Because the RMLD is going to use that data to be proactive and preventative all data will be shown. There is a need to transparent. Mr. Soli welcomed Mr. Jaffari. Mr. Soli explained that with his attendance at Northeast Public Power Association meetings, he was impressed with the presentation from Groton. Mr. Soli explained that Groton recently installed smart meters and combined with their GIS system they are doing well with fault isolation, therefore customers did not have to call in an outage. Also, Groton is able to see the load on circuits, which provided them with the information for transformer upgrades. Mr. Soli asked if the RMLD is heading in this direction. Mr. Jaffari responded that a transformer load management program is something that has to be created and planned at RMLD. As a result of tracking this data, a proper maintenance program can be instituted. He had a transformer management program in place at Danvers Electric with life cycle analysis based on e cyclic load of the transformer and peak load, which was provided, in part by AMR data and GIS data. When these two ,Wmponents are combined, you can get the true peaking cycling for seasonal and the life cycle analysis for twenty years to replace transformers. This program will be developed. Mr. Capobianco asked how do you validate the integrity of the data such as the blips that others do not report on so that we are confident that the information is consistent or are people underreporting or is there room to use the numbers. Mr. Jaffari replied that the Survalent outage management system will be installed and implemented at the RMLD. The AMR will pick up blips in the system with the computer picking up that data. Mr. Capobianco is not concerned with the internal data sets, is there a standard that everyone follows. Mr. Jaffari replied that every two years APPA performs a reliability study not everyone is publishing those number and there are benchmarking standards, but not all blips are tracked by systems. RMLD wants to know what causes the momentary outage work to correct the issue, not just report acceptable indices. Fiscal Year 2015 Budget Process Ms. O'Brien reported that the RMLD is preparing the Fiscal Year 2015 Capital and Expense Budgets. The Boards can expect to see some improvements in the budget formats accountability. While the FY 15 budget vote will focus on that year, it will also show the previous and next five year budgets. The change will include the year to date spending on the Fiscal Year 2014 budget as well as Fiscal Year 2015 -2019 plan. This methodology provides a clear understanding of projects including their total costs, the budget year's cost, the timeframe and any barriers to their success. The capital layout will be presented relative to the depreciation fund for the same six years to provide an adequate justification to funding schedules. Ms. O'Brien said that the Board has been accustomed to seeing the budget only for the fiscal year without knowing how it ended in the prior year and what it would be doing in future years. Ms. O'Brien stated that she is going to show how the RMLD is doing towards the end of that year, what you are voting on and the next five years with the depreciation fund. The FY 15 Capital Budget is being done based on current reliability information in the absence of the reliability study which will be integral to the organizational study. Ms. O'Brien said that Mr. Jaffari will be performing a study of the critical assets to ensure that there are no smoking guns outside of the system projects we are proposing. The reliability study will be looking at twenty years to ensure adequate substation capacity, integrity of assets, feeder optimization, system flexibility to accommodate peak shaving, and the demand response programs. This study will provide recommendations to system provements with prioritization, timelines and funding. Focus areas for FY 15 will include developing a road map to bring e GIS system into a fully accurate and functional tool that the RMLD can use for system modeling. Collecting more data and making it as built is critical in order to make the GIS functional. The other focus area for FY 15 is the development of a substation maintenance group. Currently, only normal reactive maintenance is performed. A comprehensive predictive and preventive maintenance program will be developed. Regular Session Meeting Minutes February 27, 2014 General Manager's Report — Ms. O'Brien — General Manager Fiscal Year 2015 Budget Process • Ms. O'Brien said that this will involve a two crew compliment in which each technician will require 5.5 to 7 years to be fully qualified journeymen technicians. Currently, the maintenance is performed reactively. A consultant called in like UPG to come in on a full time basis to change the oil timely would cost $2,800 to $3,200 daily. That is why it has not shifted from reactive to proactive. In order to do it in a manner that would ensure that you have a predictive and preventive maintenance program that everything is done on schedule with transformers being inspected, all the assets are being inspected which would have mitigated the transformer spill in Wilmington being prevented. This however, will take time in order to provide training with the technicians in relaying, circuit breakers as well as transformers. Those are the two big items that will be in this upcoming year's budget to focus on and the foundations to ensuring stable reliability, present and future. Ms. O'Brien stated that those are the foundations to your reliability. Also being looked at is tree trimming and training employees for underground to phase out the underground contractor. They are looking at a lot of ways of becoming efficient by using the in house expertise handling the majority of your maintenance. Chairman Pacino asked what the timetable for the presentation of these is. Ms. O'Brien replied that the budgets are due to the Citizens' Advisory Board (CAB) on March 31. There have been meeting and reviews with Mr. Jaffari added to the process. Ms. O'Brien stated that Mr. Jaffari will be performing a system assessment to check to make sure nothing critical has been omitted. The reliability study will come in late summer or early fall. The recommendations from the report will be prioritized as well as time lined so it can be integrated into the budget process. Chairman Pacino added that the Board's Budget Committee has met at the same time that the CAB Board has met. Ms. O'Brien added the same process will be followed. Mr. Capobianco commented that the budget meetings are already scheduled, since he has been on the Board it has been joint meetings, it is easier to do that way. CAB Chairman Norton will be contacted to see if the meetings will be held jointly this year. Ms. O'Brien said that this all integrates into the Cost of Service Study to get the preliminary capital and operating budgets completed, at the least the rough numbers to integrate them into the Cost of Service Study as early as the end of next week. There is the possibility that the Cost of Service Study could be completed before the end of March with meetings within the last week of March to go over the results, a draft rate design by the end of March the meeting to go over the rate design the week of April 4 and a presentation to the Board in April which is the tentative schedule. Mr. Mancuso added that if the organizational study will be completed after the initial rate study it could have an impact on how we want to approach the rate structure. Mr. Mancuso said that hypothetically, from an organizational perspective, we could fundamentally need a different kind of organization and costs could go up or down, impacting the rate study. If we are trying to create a rate structure that can be used as a model going forward. That model will be predicated on some assumptions about the organization. Mr. Mancuso questioned if once the organizational study is completed, is it possible that it will affect the rate design model? Ms. O'Brien responded that there could be an impact. The reliability study is integral to the organizational study which could signal major system changes, which would be reflected in the capital budget and depreciation fund. Unless therefore, there is a recommendation to change the depreciation expense from three to five percent, there would not be an impact. Ms. O'Brien added that if Mr. Jaffari does not find any further smoking guns other than said maintenance and GIS issues the plan would be then simply laid out for long term stability. From the organizational structure of adding employees or reorganizing those types of things, consolidating jobs or succession planning any thoughts of early separation ideas, she is not seeing that will be a huge impact. The numbers for all the vacancies are being carried right now. The organizational study may show impacts for years one, five or ten. Ms. O'Brien currently does not see any smoking guns. If the organizational structure has an impact on rates in the first year or so we would have to put in this Cost of Service Study. Mr. Mancuso suggested that the commission should think about an approval of rates changes in the context of the possibility of change that may be suggested by the organizational study. However, with what Ms. O'Brien has stated she is pretty comfortable with what gets approved can sit for a year, the model will still hold true even though there may be some organizational changes down the road. Mr. Soli said that on the Cost of Service Study, what he is concerned about is a more detailed break out of the power costs on the operating budget. In the past, we have seen a $42 million number for power supply. Mr. Soli would like to see a detailed breakout of the power costs for the capacity costs from ISO New England, which is different from the capacity costs of NYPA. Ms. O'Brien stated that we have that data and Ms. Parenteau's presentation does not get into that level of detail, but the information is available now. The Cost of Service presentation there can be two presentations, one being an overall summary and one for more detail. We want to be transparent, but do not want to be at such a level of detail that it precludes productive movement to ensure recovery of production costs. Mr. Soli said that his concern is that you have to project next year's cost though difficult those costs have to be allocated to the customer classes. Mr. Soli stated that he has been to APPA classes on Cost of Service Study and they say in all these classes there is never enough data. Finally, with RMLD's new metering it should have pretty good data; this is what the peak is based on. Regular Session Meeting Minutes February 27, 2014 eneral Manager's Report — Ms. O'Brien — General Manager iscal Year 2015 Budget Process Mr. Soli said that the ISO New England capacity cost is spread one way, the other capacity costs are spread other ways. NYPA should be spread a different way, those breakouts are important. Ms. O'Brien clarified with Mr. Seldon that will there be sufficient breaks outs in Mr. Seavey presentation. Mr. Seldon responded that we have a lot of data and can accommodate any commission member's requests. There is a lot of information available. Chairman Pacino suggested that Chairman Stempeck concur with Mr. Norton if the Budget Committee will meet with the CAB and potential reorganization. Policy Committee Meetings Ms. O'Brien reported that the Policy Committee met several months ago, all RMLD policies were lumped under the Board of Commissioners because there was no other mechanism when they clearly fell under Massachusetts General Laws Chapter 164 as operational policies and governing policies. Ms. O'Brien presented a spreadsheet separating them the Policy Committee voted on the concept going forward; however, another meeting is required. Ms. O'Brien has the Drug & Alcohol policy as well as other policies that need to be signed and put into action. Chairman Pacino suggested having a Policy Committee meeting scheduled some morning with Mr. Mancuso's concurrence. Power Supply Report — January 2014 — Mr. Seldon (Attachment 1) Mr. Seldon reported that the RMLD's load for January was approximately 61.8 million kWhs, which is a 1.8% increase from January 2013. RMLD's energy cost was approximately $3.19 million, approximately equivalent to $.052 per kilowatt -hour. Mr. Seldon stated that the Fuel Charge adjustment was $.045 per kilowatt -hour for January and the RMLD sales totaled 55.24 million kilowatt hours, as a result the RMLD under collected by approximately $763,000 resulting in a Deferred Fuel Cash Reserve balance of $1.6 million. The February Fuel Charge was set at $.05 and is projected in March to go to $.055 per kilowatt -hour which results in a projected Deferred Fuel Cash balance of $1.1 million. By slowly increasing the Deferred Fuel charge due to the expense for three months due the more expensive winter power, there will be a gradual increase in the Mind by the end of March. The target for the Deferred Fuel fund is $2.5 million by fiscal year end. Mr. Seldon reported that the RMLD purchased about 1.1% of its energy requirements from the ISO New England Spot Market at the average cost of $370 per megawatt hour. The StonyBrook unit has been running a lot as well as the Braintree Watson Unit which have replaced those costs. RMLD's peak demand for January was 112.2 megawatts which occurred on Thursday, January 2 at 6:00 pm with the temperature at six degrees, last year the peak was 109 megawatts which occurred on Wednesday, January 23 at 7:00 pm. The monthly capacity requirement was 215.7 megawatts with the total capacity cost of $1.653 million which is equivalent to $6.33 a kilowatt month. Capacity and energy costs were approximately 7.47 cents per kilowatt hour with 6.8% of the energy from hydro purchases which include NYPA, Swift River, Collins and Summit. The RMLD has four hydro projects it receives RECs from. Through the first three quarters of 2013 and the month of January 2014, the RMLD has sold 13,392 RECs for $727,000. The RMLD estimates that it will receive an additional $134,000 from the projected sales of 26,044 RECs for quarter four. The total 2013 REC revenue is estimated to come in at $861,000. Transmission costs in January were $989,607 which is a 35% increase compared to last year. This increase is attributable to the higher increase of what the RMLD is carrying for capacity however; most of this is due to the increase in capacity costs. Mr. Soli had a comment on Table 1, the ISO Interchange reflects almost $1.5 million that they paid the RMLD, is that correct. Mr. Seldon responded that is correct. In January, the RMLD sold more expensive power than the power it purchased through the ISO. The ISO paid the RMLD, however the fuel bills for StonyBrook and Watson are not reflected. Those billings are received after the fact with those monies going out to pay for the units that have been running on oil for January and part of February. Mr. Soli clarified that it appears in the Financials, the NYPA credit does it run a month behind. Mr. Seldon responded typically, yes. Mr. Soli added that the Financials do not reflect this table. Mr. Seldon responded that is correct. Mr. Soli said that he will e very interested to see next month what happens to the NYPA credit. Mr. Soli pointed out the RMLD auditor has said that zere are two ways to calculate that. One way is the cost allocation method and the second, which he has been recommending, which has not happened is the cost replacement. In the next meeting, Mr. Soli would like to see the detailed calculation for that NYPA credit. He computed the cost allocation which resulted in $106,180. He would like to see that before the next meeting. Regular Session Meeting Minutes February 27, 2014 Financial Report — January 2014 — Mr. Fournier (Attachment 2) Mr. Fournier presented the January Financial Report provided in the Commissioner packets for the first seven months of this 1J fiscal year; the negative change in Net Assets or Net Loss for January was $881,000, making the year to date Net Loss a little less than $700,000. Fuel Expenses have exceeded Fuel Revenues by approximately $1 million with the Fuel Charge increasing over the next several months and with the recent base rate increase, the RMLD should be able to turn that loss around and finish the year strong. Year to date base revenues were under budget by $1.4 million or about 5 %, actual base revenues were $27.3 million. Year to date purchased power base expenses were over budget by $43,000 or 1.4 %. Actual purchased power base costs were $17.1 million. Year to date Operating and Maintenance (O &M) expenses combined were under budget by $232,000 or 3 %. Actual O &M expenses were $7.3 million. Depreciation expense and voluntary payments to the Towns were on budget. Operating Fund is at $10.9 million; Capital Fund $4.5 million; Rate Stabilization Fund $6.7 million; Deferred Fuel Fund $1.6 million and the Energy Conservation Fund at $437,000. Year to date kilowatt hours sales are 417 million kilowatt hours, which is 1.4% behind last year. Gaw revenues collected year to date are $417,000 which brings the total collected since inception to $2.4 million. Based on the projections of February revenues, the month of March will be the last month for the Gaw charge in customers' billings. Chairman Pacino clarified that the rate increase put in place should make up some of this deficit. Mr. Fournier replied that is correct. General Discussion There was none. BOARD MATERIAL AVAILABLE BUT NOT DISCUSSED Rate Comparisons, February 2014 E -Mail responses to Account Payable /Payroll Questions RMLD Board Meetings Thursday, March 27, 2014 Thursday, May 1, 2014 Citizens' Advisory Board Meeting Fiscal Year 2015 Budget Meetings April 2, 2014 — Lynnfield — April 9, 2014 Executive Session At 8:29 p.m. Mr. Mancuso made a motion seconded by Mr. Soli that the Board go into Executive Session to discuss mediation and union negotiations update, and return to Regular Session for the sole purpose of adjournment. Chairman Pacino polled the Board. Motion carried by a polling of the Board: Mr. Mancuso; Aye, Mr. Pacino; Aye, and Mr. Soli; Aye. Motion carried 3:0:0. Adjournment At 8:55 p.m. Mr. Mancuso made a motion seconded by Mr. Soli move to adjourn the Regular Session to adjourn. 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 C� To: Coleen O'Brien From: (T <aureen McHugh, Jane Parenteau -36 b� /U(s Date: February 24, 2014 Subject: Purchase Power Summary - January, 2014 Energy Services Division (ESD) has completed the Purchase Power Summary for the month of January, 2014. ENERGY The RMLD's total metered load for the month was 62,341,467 kWh, which is an 2.59% increase from the January, 2013 figures. Table 1 is a breakdown by source of the energy purchases. Table 1 ATTACHMENT 1 Amount of Cost of % of Total Total $ $ as a Resource Energy Energy Energy Costs % (kWh) ($ /Mwh) Millstone #3 3,700,833 $7.37 5.99% $27,262 0.86% Seabrook 5,891,985 $8.19 9.54% $48,240 1.51% Stonybrook Intermediate 7,696,433 $177.75 12.46% $1,368,067 42.92% JP Morgan 8,458,000 $61.67 13.69% $521,576 16.36% NextEra 10,468,000 $69.84 16.95% $731,111 22.94% NYPA 2,193,985 $4.92 3.55% $10,794 0.34% ISO Interchange 691,140 - $1,458.77 1.12% - $1,008,217 - 31.63% NEMA Congestion 0 $0.00 0.00% $6,955 0.22% Coop Resales 20,855 $139.57 0.03% $2,911 0.09% BP Energy 9,619,600 $48.27 15.57% $464,338 14.57% Summit Hydro /Collins /Pioneer 601,505 $137.67 0.97% $82,806 2.60% Braintree Watson Unit 1,551,141 $53.93 2.51% $83,647 2.62% Swift River Projects 1,405,540 $102.17 2.28% $143,607 4.51% Exelon 8,027,200 $60.22 12.99% $483,426 15.17% Stonybrook Peaking 1,448,578 $152.38 2.34% $220,739 6.93% Monthly Total 61,774,795 $51.59 100.00% $3,187,262 100.00% ATTACHMENT 1 Table 2 breaks down the ISO interchange between the DA LMP Settlement and the RT Net Energy for the month of January, 2014. Table 2 Amount Cost % of Total Resource of Energy of Energy Energy (kWh) ($ /Mwh) ISO DA LMP * - 2,433,271 889.32 - 3.94% Settlement RT Net Energy ** 3,124,410 369.90 5.06% Settlement ISO Interchange 691,140 - 1458.77 1.12% (subtotal) " Independent System Operator Day -Ahead Locational Marginal Price " Real Time Net Energy JANUARY 2014 ENERGY BY RESOURCE Swift River BraintreeWat Sumn ■ Millstone#31 ■ Seabrook 05tonybrock Intemeediate IMP Morgan ■ Ne *tEra ■ NYPA ■ 150 Interchange ■ SP Energy u Summit Hydro n Braintree Watson Unit ■Swift River Projects e Exelan Stcnybrock peaking d' A T A &' TrVX7 The RMLD hit a demand of 112,204 kW, which occurred on January 2, at 6 pm. The RMLD's monthly UCAP requirement for January, 2014 was 215,701 kWs. Table 3 shows the sources of capacity that the RMLD utilized to meet its requirements. Table 3 Source Amount (kWs) Cost ($ /kW- month) Total Cost $ % of Total Cost Millstone #3 4,950 41.08 $203,367 14.90% Seabrook 7,903 40.33 $318,708 23.34% Stonybrook Peaking 24,981 1.95 $48,762 3.57% Stonybrook CC 42,925 3.08 $132,284 9.69% NYPA 4,019 4.02 $16,172 1.18% Hydro Quebec 4,683 5.74 $26,898 1.97% Nextera 60,000 5.50 $330,000 24.17% Braintree Watson Unit 10,520 10.08 $106,084 7.77% ISO -NE Supply Auction 55,720 3.28 $183,025 13.41% Total 215,701 $6.33 $1,365,300 100.00% Table 4 shows the dollar amounts for energy and capacity per source. Table 4 Cost of % of Amt of Energy Power Resource Energy Capacity Total cost Total Cost (kWh) ($ /kWh) Millstone #3 $27,262 $203,367 $230,629 5.07% 3,700,833 0.0623 Seabrook $48,240 $318,708 $366,948 8.06% 5,891,985 0.0623 Stonybrook Intermediate $1,368,067 $132,284 $1,500,351 32.96% 7,696,433 0.1949 Hydro Quebec $0 $26,898 $26,898 0.59% - 0.0000 JP Morgan $521,576 $0 $521,576 11.46% 8,458,000 0.0617 NextEra $731,111 $330,000 $1,061,111 23.31% 10,468,000 0.1014 * NYPA $10,794 $16,172 $26,966 0.59% 2,193,985 0.0123 ISO Interchange - $1,008,217 $183,025 - $825,192 - 18.13% 691,140 - 1.1940 Nema Congestion $6,955 $0 $6,955 0.15% - 0.0000 BP Energy $464,338 $0 $464,338 10.20% 9,619,600 0.0483 Summit Hydro /Collins /Pioneer $82,806 $0 $82,806 1.82% 601,505 0.1377 Braintree Watson Unit $83,647 $106,084 $189,731 4.17% 1,551,141 0.1223 " Swift River Projects $143,607 $0 $143,607 3.15% 1,405,540 0.1022 Coop Resales $2,911 $0 $2,911 0.06% 20,855 0.1396 Constellation Energy $483,426 $0 $483,426 10.62% 8,027,200 0.0602 Stonybrook Peaking $220,739 $48,762 $269,501 5.92% 1,448,578 0.1860 Monthly Total $3,187,262 $1,365,300 $4,552,562 100.00% 61,774,795 0.0737 * Renewable Resources 6.80% RENEWABLE ENERGY CERTIFICATES (RECs) Table 5 shows the amount of banked and projected RECs for the Swift River Hydro Projects through January, 2014, as well as their estimated market value. TRANSMISSION The RMLD's total transmission costs for the month of January were $989,607. This is an increase of 24.82% from the December transmission cost of $792,851. In January, 2013 the transmission costs were $638,899. Table 6 Current Month Table 5 Last Year Peak Demand (kW) 112,204 Swift River RECs Summary 108,799 Energy (kWh) 61,774,795 Period - January 2013 - January 2014 59,550,250 Energy ($) Banked Projected Total Est. Capacity ($) RECs RECs RECs Dollars Woronoco 0 1,154 1,154 $47,891 Pepperell 0 1,006 1,006 $58,348 Indian River 0 484 484 $28,072 Turners Falls 1,441 685 2,126 $0 RECs Sold 13,392 $726,871 Grand Total 1,441 3,329 18,162 $861,182 TRANSMISSION The RMLD's total transmission costs for the month of January were $989,607. This is an increase of 24.82% from the December transmission cost of $792,851. In January, 2013 the transmission costs were $638,899. Table 6 9 Current Month Last Month Last Year Peak Demand (kW) 112,204 115,912 108,799 Energy (kWh) 61,774,795 60,851,135 59,550,250 Energy ($) $3,187,262 $3,666,453 $3,338,331 Capacity ($) $1,365,300 $1,497,443 $1,337,348 Transmission($) $989,607 $792,851 $638,899 Total $5,542,168 $5,956,748 $5,314,578 9 Dt: February 26, 2014 To: RMLB, Coleen O'Brien, Jeanne Foti Fr: Bob Fournier Sj: January 31, 2014 Report The results for the first seven months ending January 31, 2014, for the fiscal year 2014 will be summarized in the following paragraphs. 1) Change in Net Assets: (Page 3A) For the month of January, the net loss or the negative change in net assets was $881,809, making the year to date net loss $695,180. The year to date budgeted net income was $2,612,977, resulting in net income being under budget by $3,308,157 or 126 %. Actual year to date fuel expenses exceeded fuel revenues by $997,438. 2) Revenues: (Page 11B) Year to date base revenues were under budget by $1,449,834 or 5.04 %. Actual base revenues were $27.3 million compared to the budgeted amount of $28.7 million. 3) Expenses: (Page 12A) *Year to date purchased power base expense was over budget by $43,823 or .26 %. Actual purchased power base costs were $17.1 million compared to the budgeted amount of $17.1 million. *Year to date operating and maintenance (O &M) expenses combined were under budget by $232,632 or 3.1 %. Actual O &M expenses were $7.3 million compared to the budgeted amount of $7.5 million. *Depreciation expense and voluntary payments to the Towns were on budget. 4) Cash: (Page 9) *Operating Fund was at $10,938,912. * Capital Fund balance was at $4,568,442. * Rate Stabilization Fund was at $6,702,132. * Deferred Fuel Fund was at $1,612,048. * Energy Conservation Fund was at $437,487. 5) General Information: Year to date kwh sales (Page 5) were 417,824,344 which is 6.0 million kwh or 1.4 %, behind last year's actual figure. GAW revenues collected ytd were $417,615, bringing the total collected since inception to $2,410,843. 6) Budget Variance: Cumulatively, the five divisions were under budget by $230,558, or 1.9 %. ATTACHMENT 2 E-1- FINANCIAL REPORT JANUARY 31, 2014 ISSUE DATE: FEBRUARY 25, 2014 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF NET ASSETS 1/31/14 (1) PREVIOUS YEAR CURRENT YEAR ASSETS CURRENT UNRESTRICTED CASH (SCH A P.9) 11,246,242.08 10,941,912.04 RESTRICTED CASH (SCH A P.9) 18,078,265.04 16,727,989.33 INVESTMENTS (SCH A P.9) 0.00 850,000.00 RECEIVABLES, NET (SCH B P.10) 7,452,830.39 6,203,587.62 PREPAID EXPENSES (SCH B P.10) 1,581,926.88 1,432,221.97 INVENTORY 1,559,620.98 1,484,913.45 TOTAL CURRENT ASSETS 39,918,885.37 37,640,624.41 NONCURRENT INVESTMENT IN ASSOCIATED CO (SCH C P.2) 46,958.35 31,379.32 CAPITAL ASSETS, NET (SCH C P.2) 70,267,391.29 69,863,386.54 TOTAL NONCURRENT ASSETS 70,314,349.64 69,894,765.86 TOTAL ASSETS 110,233,235.01 107,535,390.27 LIABILITIES CURRENT ACCOUNTS PAYABLE 5,798,865.28 5,862,730.00 IOU CUSTOMER DEPOSITS 678,775.42 713,375.92 CUSTOMER ADVANCES FOR CONSTRUCTION 401,932.15 399,624.15 ACCRUED LIABILITIES 1,527,360.54 52,294.21 TOTAL CURRENT LIABILITIES 8,406,933.39 7,028,024.28 NONCURRENT ACCRUED EMPLOYEE COMPENSATED ABSENCES 2,986,360.21 2,885,367.88 TOTAL NONCURRENT LIABILITIES 2,986,360.21 2,885,367.88 TOTAL LIABILITIES 9,913,392.16 11,393,293.60 NET ASSETS INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT 70,267,391.29 69,863,386.54 RESTRICTED FOR DEPRECIATION FUND (P.9) 3,043,039.84 4,568,442.83 UNRESTRICTED 25,529,510.28 23,190,168.74 TOTAL NET ASSETS (P.3) 98,839,941.41 97,621,998.11 TOTAL LIABILITIES AND NET ASSETS 110,233,235.01 107,535,390.27 (1) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT NONCURRENT ASSET SCHEDULE 1/31/14 SCHEDULE C PREVIOUS YEAR SCHEDULE OF INVESTMENTS IN ASSOCIATED COMPANIES NEW ENGLAND HYDRO ELECTRIC 2,975.74 NEW ENGLAND HYDRO TRANSMISSION 43,982.61 TOTAL INVESTMENTS IN ASSOCIATED COMPANIES 46,958.35 SCHEDULE OF CAPITAL ASSETS LAND 1,265,842.23 STRUCTURES AND IMPROVEMENTS 6,792,724.53 EQUIPMENT AND FURNISHINGS 13,051,889.95 INFRASTRUCTURE 49,156,934.58 TOTAL CAPITAL ASSETS, NET 70,267,391.29 TOTAL NONCURRENT ASSETS 70,314,349.64 (2) CURRENT YEAR 3,261.87 28,117.45 31,379.32 1,265,842.23 6,430,835.66 12,719,213.58 49,447.495.07 69,863,386.54 69,894,765.86 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 1/31/14 OPERATING REVENUES: (SCH D P.11) BASE REVENUE FUEL REVENUE PURCHASED POWER CAPACITY FORFEITED DISCOUNTS ENERGY CONSERVATION REVENUE GAW REVENUE NYPA CREDIT TOTAL OPERATING REVENUES OPERATING EXPENSES: (SCH E P.12) PURCHASED POWER BASE PURCHASED POWER FUEL OPERATING MAINTENANCE DEPRECIATION VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES OPERATING INCOME OPERATING REVENUES (EXPENSES) CONTRIBUTIONS IN AID OF CONST RETURN ON INVESTMENT TO READING INTEREST INCOME INTEREST EXPENSE OTHER (MDSE AND AMORT) TOTAL NONOPERATING REV (EXP) CHANGE IN NET ASSETS NET ASSETS AT BEGINNING OF YEAR NET ASSETS AT END OF JANUARY MONTH MONTH LAST YEAR CURRENT YEAR YTD % LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE 3,658,287.70 3,710,000.73 27,458,000.00 27,306,136.67 -0.55% 3,076,267.45 2,487,172.37 21,087,222.13 18,324,954.30 - 13.10% 169,473.07 70,193.46 1,283,664.41 234,927.19 - 81.70% 96,411.86 91,316.20 607,232.02 552,684.56 -8.98% 55,052.68 54,410.15 417,296.73 411,264.98 -1.45% 55,945.06 55,283.59 423,744.27 417,615.74 -1.45% (70,691.63) (88,308.33 (363,955.93) (360,980.63) -0.82% 7,040,746.19 6,380,068.17 50,913,203.63 46,886,602.81 -7.91% 2,313,125.74 2,347,561.30 16,756,324.54 17,122,667.90 2.19% 2,523,166.59 3,161,945.22 20,538,707.81 18,961,412.59 -7.68% 821,500.47 863,006.66 5,765,300.31 5,638,642.09 -2.20% 278,918.45 276,902.81 1,531,724.35 1,669,338.60 8.98% 305,469.18 314,969.55 2,138,284.26 2,204,786.85 3.11% 114,000.00 116,666.67 791,383.00 815,183.67 3.01% 6,356,180.43 7,081,052.21 47,521,724.27 46,412,031.70 -2.34% 684,565.76 (700,984.04) 3,391,479.36 474,571.11 - 86.01% 708.84 3,361.74 47,187.79 26,428.62 - 43.99% (188,785.58) (191,768.42) (1,321,499.08) (1,342,378.92) 1.58% 2,194.31 2,384.73 19,468.49 25,765.51 32.34% (250.50) (251.19) (2,858.35) (2,937.10) 2.76% 117,408.58 5,447.43 172,103.21 123,370.10 - 28.32% (68,724.35) (180,825.71) (1,085,597.94) (1,169,751.79) 7.75% 615,841.41 (881,809.75) 2,305,881.42 (695,180.68) - 130.15% (3) 96,534,059.99 98,317,178.79 1.85% 98,839,941.41 97,621,998.11 -1.23% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 1/31/14 OPERATING REVENUES: (SCH F P.11B) BASE REVENUE FUEL REVENUE PURCHASED POWER CAPACITY FORFEITED DISCOUNTS ENERGY CONSERVATION REVENUE GAW REVENUE NYPA CREDIT TOTAL OPERATING REVENUES OPERATING EXPENSES: (SCH G P.12A) PURCHASED POWER BASE PURCHASED POWER FUEL OPERATING MAINTENANCE DEPRECIATION VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES OPERATING INCOME NONOPERATING REVENUES (EXPENSES) CONTRIBUTIONS IN AID OF CONST RETURN ON INVESTMENT TO READING INTEREST INCOME INTEREST EXPENSE OTHER (MDSE AND AMORT) TOTAL NONOPERATING REV (EXP) ACTUAL BUDGET YEAR TO DATE YEAR TO DATE VARIANCE* 27,306,136.67 28,755,971.00 (1,449,834.33) 18,324,954.30 19,909,123.00 (1,584,168.70) 234,927.19 642,249.00 (407,321.81) 552,684.56 632,632.00 (79,947.44) 411,264.98 432,260.00 (20,995.02) 417,615.74 432,260.00 (14,644.26) (360,980.63) (408,331.00) 47,350.37 46,886,602.81 50,396,164.00 (3,509,561.19) CHANGE -5.04% -7.96% - 63.42% - 12.64% -4.86% -3.39% - 11.60% -6.96% 17,122,667.90 17,078,844.00 43,823.90 0.26% 18,961,412.59 19,119,687.00 (158,274.41) -0.83% 5,638,642.09 51650,590.00 (11,947.91) -0.21% 1,669,338.60 1,890,023.00 (220,684.40) - 11.68% 2,204,786.85 2,202,200.00 2,586.85 0.12% 815,183.67 816,662_._0.0 (1,478.33) -0.18% 46,412,031.70 46,758,006.00 (345,974.30) -0.74% 474,571.11 3,638,158.00 (3,163,586.89) - 86.96% 26,428.62 150,000.00 (123,571.38) - 82.38% (1,342,378.92) (1,342, 600. 00) 221.08 -0.02% 25,765.51 29,169.00 (3,403.49) - 11.67% (2,937.10) (1,750.00) (1,187.10) 67.83% 123,370.10 140,000.00 (16,629.90) - 11.88% (1,169,751.79) (1,025,181.00) (144,570.79) 14.10% CHANGE IN NET ASSETS (695,180.68) 2,612,977.00 (3,308,157.68) - 126.60% NET ASSETS AT BEGINNING OF YEAR 98,317,178.79 98,317,178.79 0.00 0.00% NET ASSETS AT END OF JANUARY 97,621,998.11 100,930,155.79 (3,308,157.68) -3.28% * ( ) - ACTUAL UNDER BUDGET (3A) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT RECONCILIATION OF CAPITAL FUNDS 1/31/14 SOURCE OF CAPITAL FUNDS: DEPRECIATION FUND BALANCE 7/1/13 CONSTRUCTION FUND BALANCE 7/1/13 INTEREST ON DEPRECIATION FUND FY 14 DEPRECIATION TRANSFER FY 14 TOTAL SOURCE OF CAPITAL FUNDS USE OF CAPITAL FUNDS: LESS PAID ADDITIONS TO PLANT THRU JANUARY GENERAL LEDGER CAPITAL FUNDS BALANCE 1/31/14 (4) 2,733,146.78 11500,000.00 4,264.98 2,204,786.85 6,442,198.61 1,873,755.78 4,568,442.83 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SALES OF KILOWATT HOURS 1/31/14 (5) MONTH MONTH LAST YEAR CURRENT YEAR YTD % SALES OF ELECTRICITY: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE RESIDENTIAL SALES 21,750,213 23,543,268 159,439,088 159,621,466 0.11% COMM. AND INDUSTRIAL SALES 31,468,422 29,157,811 246,614,313 240,358,620 -2.54% PRIVATE STREET LIGHTING 72,807 76,611 512,643 522,817 1.98$ TOTAL PRIVATE CONSUMERS 53,291,442 52,777,690 406,566,044 400,502,903 -1.49% MUNICIPAL SALES: STREET LIGHTING 238,739 240,064 1,666,601 1,678,350 0.70% MUNICIPAL BUILDINGS 846,690 833,573 5,657,511 5,555,240 -1.81% TOTAL MUNICIPAL CONSUMERS 1,085,429 1,073,637 7,324,112 7,233,590 -1.24$ SALES FOR RESALE 258,032 248,102 2,066,265 2,033,042 -1.61% SCHOOL 1,297,463 1,171,117 7,903,304 8,054,809 1.92% TOTAL KILOWATT HOURS SOLD 55,932,366 55,270,546 423,859,725 417,824,344 -1.42% (5) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT KILOWATT HOURS SOLD BY TOWN !E 1/31/14 TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 23,543,268 8,266,689 3,001,813 5,263,042 7,011,724 COMM & IND 29,157,811 3,939,720 249,678 4,814,413 20,154,000 PVT ST LIGHTS 76,611 13,129 1,470 23,794 38,218 PUS ST LIGHTS 240,064 80,702 32,500 42,175 84,687 MUNI BLDGS 833,573 270,620 162,523 125,862 274,568 SALES /RESALE 248,102 248,102 0 0 0 SCHOOL 1,171,117 405,761 255,042 148,080 362,234 TOTAL 55,270,546 13,224,723 3,703,026 10,417,366 27,925,431 YEAR TO DATE RESIDENTIAL 159,621,466 50,631,452 22,579,896 36,816,392 49,593,726 COMM & IND 240,358,620 29,771,228 1,968,350 37,235,744 171,383,298 PVT ST LIGHTS 522,817 91,903 9,740 157,092 264,082 PUB ST LIGHTS 1,678,350 564,734 227,500 293,407 592,709 MUNI BLDGS 5,555,240 1,442,815 1,109,454 1,015,956 1,987,015 SALES /RESALE 2,033,042 2,033,042 0 0 0 SCHOOL 8,054,809 2,883,359 1,837,664 972,440 2,361,346 TOTAL 417,824,344 87,418,533 27,732,604 76,491,031 226,182,176 LAST YEAR TO DATE RESIDENTIAL 159,439,088 49,642,047 23,043,007 36,882,566 49,871,468 COMM & IND 246,614,313 30,814,223 1,897,354 38,033,748 175,868,988 PVT ST LIGHTS 512,643 95,095 9,520 149,152 258,876 PUB ST LIGHTS 1,666,601 563,752 227,460 283,700 591,689 MUNI BLDGS 5,657,511 1,410,833 999,495 1,116,764 2,130,419 SALES /RESALE 2,066,265 2,066,265 0 0 0 SCHOOL 7,903,304 2,792,527 1,713,651 1,000,320 2,396,806 TOTAL 423,859,725 87,384,742 27,890,487 77,466,250 231,118,246 KILOWATT HOURS SOLD TO TOTAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 42.60% 14.96% 5.43% 9.52% 12.69% COMM & IND 52.75% 7.13% 0.45% 8.71% 36.46% PVT ST LIGHTS 0.14% 0.02% 0.00% 0.04% 0.08% PUB ST LIGHTS 0.43% 0.15% 0.06% 0.08% 0.14% MUNI BLDGS 1.51% 0.49% 0.29% 0.23% 0.50% SALES /RESALE 0.45% 0.45% 0.00% 0.00% 0.00% SCHOOL 2.12% 0.73% 0.46% 0.27% 0.66% TOTAL 100.00% 23.93% 6.69% 18.85% 50.53% YEAR TO DATE RESIDENTIAL 38.20% 12.12% 5.40% 8.81% 11.87% COMM & IND 57.53% 7.13% 0.47% 8.91% 41.02% PVT ST LIGHTS 0.12% 0.02% 0.00% 0.04% 0.06% PUB ST LIGHTS 0.40% 0.14% 0.05% 0.07% 0.14% MUNI BLDGS 1.33% 0.35% 0.27% 0.24% 0.47% SALES /RESALE 0.49% 0.49% 0.00% 0.00% 0.00% SCHOOL 1.93% 0.69% 0.44% 0.23% 0.57% TOTAL 100.00% 20.94% 6.63% 18.30% 54.13% LAST YEAR TO DATE RESIDENTIAL 37.62% 11.71% 5.44% 8.70% 11.77% COMM & IND 58.20% 7.27% 0.45% 8.97% 41.51% PVT ST LIGHTS 0.12% 0.02% 0.00% 0.04% 0.06% PUB ST LIGHTS 0.39% 0.13% 0.05% 0.07% 0.14% MUNI BLDGS 1.33% 0.33% 0.24% 0.26% 0.50% -AV SALES /RESALE 0.49% 0.49% 0.00% 0.00% 0.00% SCHOOL 1.85% 0.66% 0.40% 0.24% 0.55% TOTAL 100.00$ 20.61% 6.58$ 18.2896 54.53% (6) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT FORMULA INCOME 1/31/14 Is TOTAL OPERATING REVENUES (P.3) 46,886,602.81 ADD: POLE RENTAL 77,296.08 INTEREST INCOME ON CUSTOMER DEPOSITS 1,093.87 LESS: OPERATING EXPENSES (P.3) (46,412,031.70) CUSTOMER DEPOSIT INTEREST EXPENSE (2,937.10) FORMULA INCOME (LOSS) 550,023.96 8 u SALE OF RWH (P.5) RWH PURCHASED AVE BASE COST PER RWH AVE BASE SALE PER RWH AVE COST PER RWH AVE SALE PER RWH FUEL CHARGE REVENUE (P.3) LOAD FACTOR '?AK LOAD '%w TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT GENERAL � 4ISTICS MONTH OF JAN 2013 55,932,366 60,866,668 0.038003 0.063531 0.079457 0.116937 3,005,575.82 76.64% 108,799 MONTH OF JAN 2014 55,270,546 61,774,795 0.038002 0.067124 0.089187 0.112124 2,398,864.04 75.42% 112,204 (e) % CHANGE YEAR THRU 2013 2014 JAN 2013 JAN 2014 1.06% -1.42% 423,859,725 417,824,344 2.35% -1.32% 443,749,414 437,908,739 9.63% 3.55% 0.037761 0.039101 -0.41% 0.88% 0.064781 0.065353 -3.30% -1.96% 0.084045 0.082401 -3.59% -4.64% 0.114531 0.109211 -6.46% - 13.31% 20,723,266.20 17,963,973.67 N N 0, d z C i Y 0 ` � u � �P2y V y O PJti S' l y'� i QQ '� Q 0 �c4'y'ti 411 'I �Oy� cy� yti t PJti Y ,J y�• i �Ph 1P�yy L O;yy y y�Q yy 0 PJti S' �J�yy i y P 41 0 P� 1 O O O C O O 4 N N An N N IE TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF CASH AND INVESTMENTS 1/31/14 UNRESTRICTED CASH CASH - OPERATING FUND CASH - PETTY CASH TOTAL UNRESTRICTED CASH RESTRICTED CASH CASH - DEPRECIATION FUND CASH - TOWN PAYMENT CASH - DEFERRED FUEL RESERVE CASH - RATE STABILIZATION FUND CASH - UNCOLLECTIBLE ACCTS RESERVE CASH - SICK LEAVE BENEFITS CASH - HAZARD WASTE RESERVE CASH - CUSTOMER DEPOSITS CASH - ENERGY CONSERVATION CASH - OPEB TOTAL RESTRICTED CASH INVESTMENTS SICR LEAVE BUYBACK TOTAL CASH BALANCE (9) SCHEDULE A PREVIOUS YEAR CURRENT YEAR 11,243,242.08 10,938,912.04 3,000.00 3,000.00 11,246,242.08 10,941,912.04 3,043,039.84 302,785.50 2,454,602.87 6,687,657.73 200,000.00 2,986,790.43 150,000.00 678,775.42 228,018.09 1,346,595.16 4,568,442.83 308,435.09 1,612,048.46 6,702,132.09 200,000.00 2,035,867.88 150,000.00 713,575.92 437,487.06 0.00 18,078,265.04 16,727,989.33 0.00 850,000.00 29,324,507.12 28,519,901.37 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF ACCOUNTS RECEIVABLE 1/31/14 SCHEDULE OF ACCOUNTS RECEIVABLE RESIDENTIAL AND COMMERCIAL ACCOUNTS RECEIVABLE - OTHER ACCOUNTS RECEIVABLE - LIENS ACCOUNTS RECEIVABLE - EMPLOYEE ADVANCES SALES DISCOUNT LIABILITY RESERVE FOR UNCOLLECTIBLE ACCOUNTS TOTAL ACCOUNTS RECEIVABLE BILLED UNBILLED ACCOUNTS RECEIVABLE TOTAL ACCOUNTS RECEIVABLE, NET SCHEDULE OF PREPAYMENTS PREPAID INSURANCE PREPAYMENT PURCHASED POWER PREPAYMENT NYPA PREPAYMENT WATSON PURCHASED POWER WORKING CAPITAL TOTAL PREPAYMENT ACCOUNTS RECEIVABLE AGING JANUARY 2014: RESIDENTIAL AND COMMERCIAL LESS: SALES DISCOUNT LIABILITY GENERAL LEDGER BALANCE CURRENT 30 DAYS 60 DAYS 90 DAYS OVER 90 DAYS TOTAL PREVIOUS YEAR 2,724,477.21 251,276.04 44,306.27 892.14 (247,159.94) (236,898.16) 2,536,893.56 4,915,936.83 7,452,830.39 1,388,592.26 (251,422.19) 241,849.32 188,383.79 14,523.70 1,581,926.88 2,390,003.10 (224,197.44) 2,165,805.66 1,811,073.14 83.62% 229,689.54 10.61% 51,714.57 2.39% 17,387.95 0.80% 55,940.46 2.58% 2,165,805.66 100.00% SCHEDULE B CURRENT YEAR 2,390,003.10 81,174.01 37,169.47 892.14 (224,197.44) (239,476.16) 2,045,565.12 4,158,022.50 6,203,587.62 1,376,413.77 (437,058.23) 242,260.90 236,081.83 14,523.70 1,432,221.97 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING REVENUE 1/31/14 SCHEDULE D MONTH MONTE LAST YEAR CURRENT YEAR YTD $ SALES OF ELECTRICITY: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE RESIDENTIAL SALES 2,889,149.37 2,890,566.06 20,322,491.43 19,487,125.62 -4.11% COMM AND INDUSTRIAL SALES 3,526,727.37 3,027,825.03 26,190,297.21 24,222,617.63 -7.51% PRIVATE STREET LIGHTING 6,220.70 5,768.87 41,196.88 38,765.85 -5.90% TOTAL PRIVATE CONSUMERS 6,422,097.44 5,924,159.96 46,553,985.52 43,748,509.10 -6.03% MUNICIPAL SALES: STREET LIGHTING 29,316.83 27,103.76 198,418.96 187,220.01 -5.64% MUNICIPAL BUILDINGS 101,903.38 91,793.96 658,093.28 614,291.81 -6.66% TOTAL MUNICIPAL CONSUMERS 131,220.21 118,897.72 856,512.24 801,511.82 -6.42% SALES FOR RESALE 31,937.02 28,240.80 244,461.22 229,803.05 -6.00% SCHOOL 149,300.48 125,874.62 890,263.15 851,267.00 -4.38% SUB -TOTAL 6,734,555.15 6,197,173.10 48,545,222.13 45,631,090.97 -6.00% FORFEITED DISCOUNTS 96,411.86 91,316.20 607,232.02 552,684.56 -8.98% PURCHASED POWER CAPACITY 169,473.07 70,193.46 1,283,664.41 234,927.19 - 81.70% ENERGY CONSERVATION - RESIDENTIAL 21,763.78 23,554.34 159,527.31 159,705.06 0.11% ENERGY CONSERVATION - COMMERCIAL 33,288.90 30,855.81 257,769.42 251,559.92 -2.41% GAW REVENUE 55,945.06 55,283.59 423,744.27 417,615.74 -1.45% NYPA CREDIT (70,691.63) (88,308.33) (363,955.93) (360,980.63) -0.82% TOTAL REVENUE 46,886,602.81 -7.91% 7,040,746.19 6,380,068.17 50,913,203.63 (ii) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING REVENUE BY TOWN 1/31/14 THIS YEAR TO DATE RESIDENTIAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH 54.43% 7.42% 0.74% 8.73% 37.54% RESIDENTIAL 2,890,566.06 1,015,415.59 367,734.99 645,901.96 861,513.52 INDUS /MUNI BLDG 3,119,618.99 463,431.91 46,267.80 526,552.10 2,083,367.18 PUB.ST.LIGHTS 27,103.76 8,806.89 3,476.25 4,833.94 91986.68 PRV.ST.LIGHTS 5,768.87 978.27 107.69 1,844.51 2,838.40 CO -OP RESALE 28,240.80 28,240.80 0.00 0.00 0.00 SCHOOL 125,874.62 43,897.76 26,988.27 16,586.57 38,402.02 TOTAL 6,197,173.10 1,560,771.22 444,575.00 1,195,719.08 13.09% 2,996,107.80 THIS YEAR TO DATE 7.54% 0.69% 8.82% 38.26% PUB.ST.LIGHTS RESIDENTIAL 19,487,125.62 6,209,263.78 2,742,397.42 4,494,522.29 6,040,942.13 INDUS /MUNI BLDG 24,836,909.44 3,383,964.02 338,426.72 3,984,142.57 17,130,376.13 PUB.ST.LIGHTS 187,220.01 60,853.47 24,024.38 33,256.28 69,085.88 PRV.ST.LIGHTS 38,765.85 6,743.84 707.32 12,057.48 19,257.21 CO -OP RESALE 229,803.05 229,803.05 0.00 0.00 0.00 SCHOOL 851,267.00 306,691.52 190,629.70 106,567.18 247,378.60 TOTAL 45,631,090.97 10,197,319.68 3,296,185.52 8,630,545.81 23,507,039.96 LAST YEAR TO DATE RESIDENTIAL 20,322,491.43 6,352,961.92 2,919,089.95 4,695,143.55 6,355,296.01 INDUS /MUNI BLDG 26,848,390.49 3,661,072.17 334,160.58 4,282,082.04 18,571,075.70 PUB.ST.LIGHTS 198,418.96 64,243.42 25,425.25 36,154.88 72,595.41 PRV.ST.LIGHTS 41,196.88 7,535.56 753.52 12,409.78 20,498.02 CO -OP RESALE 244,461.22 244,461.22 0.00 0.00 0.00 SCHOOL 890,263.15 317,217.32 190,737.90 115,908.20 266,399.73 TOTAL 48,545,222.13 10,647,491.61 3,470,167.20 9,141,698.45 25,285,864.87 PERCENTAGE OF OPERATING INCOME TO TOTAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 46.64% 16.39% 5.93% 10.42% 13.90% INDUS /MUNI BLDG 50.34% 7.48% 0.75% 8.50% 33.62% PUB.ST.LIGHTS 0.44% 0.14% 0.06% 0.08% 0.16% PRV.ST.LIGHTS 0.09% 0.02% 0.00% 0.03% 0.05% CO -OP RESALE 0.46% 0.46% 0.00% 0.00% 0.00% SCHOOL 2.03% 0.71% 0.44% 0.27% 0.62% TOTAL 100.00% 25.19% 7.17% 19.29% 48.35% THIS YEAR TO DATE RESIDENTIAL 42.71% 13.61% 6.01% 9.85% 13.24% INDUS/MUNI BLDG 54.43% 7.42% 0.74% 8.73% 37.54% PUB.ST.LIGHTS 0.41% 0.13% 0.05% 0.07% 0.15% PRV.ST.LIGHTS 0.08% 0.01% 0.00% 0.03% 0.04% CO -OP RESALE 0.50% 0.50% 0.00% 0.00% 0.00% SCHOOL 1.87% 0.67% 0.42% 0.23% 0.54% TOTAL 100.00% 22.35% 7.22% 18.91% 51.52% LAST YEAR TO DATE RESIDENTIAL 41.86% 13.09% 6.01% 9.67% 13.09% INDUS /MUNI BLDG 55.31% 7.54% 0.69% 8.82% 38.26% PUB.ST.LIGHTS 0.41% 0.13% 0.05% 0.07% 0.16, PRV.ST.LIGHTS 0.09% 0.02% 0.00% 0.03% 0.04 CO-OP RESALE 0.50% 0.50% 0.00% 0.00% 0.00% SCHOOL 1.83% 0.65% 0.39% 0.24% 0.55% TOTAL 100.00% 21.93% 7.14% 18.83% 52.10% (11A) SALES OF ELECTRICITY: RESIDENTIAL COMM AND INDUSTRIAL SALES PRIVATE STREET LIGHTING MUNICIPAL BUILDINGS PUBLIC STREET LIGHTING SALES FOR RESALE SCHOOL TOTAL BASE SALES TOTAL FUEL SALES TOTAL OPERATING REVENUE FORFEITED DISCOUNTS PURCHASED POWER CAPACITY ENERGY CONSERVATION - RESIDENTIAL ENERGY CONSERVATION - COMMERCIAL GAW REVENUE PASNY CREDIT TOTAL OPERATING REVENUES * ( ) . ACTUAL UNDER BUDGET TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED REVENUE VARIANCE REPORT 1/31/14 SCHEDULE F ACTUAL BUDGET % YEAR TO DATE YEAR TO DATE VARIANCE * CHANGE 12,447,501.62 13,082,444.00 (634,942.38) -4.85% 14,100,535.51 14,888,612.00 (788,076.49) -5.29% 114,095.59 116,662.00 (2,566.41) -2.20% 140,268.39 170,681.00 (30,412.61) - 17.82% 503,735.56 497,572.00 6,163.56 1.24% 27,306,136.67 28,755,971.00 (1,449,834.33) -5.04% 18,324,954.30 19,909,123.00 (1,584,168.70) -7.96% 45,631,090.97 48,665,094.00 (3,034,003.03) -6.23% 552,684.56 632,632.00 (79,947.44) - 12.64% 234,927.19 642,249.00 (407,321.81) - 63.42% 159,705.06 162,439.00 (2,733.94) -1.68% 251,559.92 269,821.00 (18,261.08) -6.77% 417,615.74 432,260.00 (14,644.26) -3.39% (360,980.63) (408,331.00) 47,350.37 - 11.60% (3,509,561.19) -6.96% 46,886,602.81 50,396,164.00 (llB) OPERATION EXPENSES: PURCHASED POWER BASE EXPENSE OPERATION SUP AND ENGINEERING EXP STATION SUP LABOR AND MISC LINE MISC LABOR AND EXPENSE STATION LABOR AND EXPENSE STREET LIGHTING EXPENSE METER EXPENSE MISC DISTRIBUTION EXPENSE METER READING LABOR & EXPENSE ACCT & COLL LABOR & EXPENSE UNCOLLBCTIBLE ACCOUNTS ENERGY AUDIT EXPENSE ADMIN & GEN SALARIES OFFICE SUPPLIES & EXPENSE OUTSIDE SERVICES PROPERTY INSURANCE INJURIES AND DAMAGES EMPLOYEES PENSIONS & BENEFITS MISC GENERAL EXPENSE RENT EXPENSE ENERGY CONSERVATION TOTAL OPERATION EXPENSES MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT MAINT OF STRUCT AND EQUIPMT MAINT OF LINES - OH MAINT OF LINES - UG MAINT OF LINE TRANSFORMERS MAINT OF ST LT & SIG SYSTEM MAINT OF GARAGE AND STOCKROOM MAINT OF METERS MAINT OF GEN PLANT TOTAL MAINTENANCE EXPENSES DEPRECIATION EXPENSE PURCHASED POWER FUEL EXPENSE VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING EXPENSES 1/31/14 SCHEDULE 8 MONTH MONTH LAST YEAR CURRENT YEAR YTD % LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE 2,313,125.74 2,347,561.30 16,756,324.54 17,122,667.90 2.19% 39,914.20 40,891.03 299,498.24 298,055.94 -0.48% 7,696.39 10,239.83 44,092.81 64,538.00 46.37% 62,418.80 104,572.60 400,433.80 485,784.93 21.31% 43,335.68 39,766.62 317,214.49 289,483.75 -8.74% 9,748.55 6,906.53 48,827.26 43,509.39 - 10.89% 18,345.70 20,293.55 110,515.47 124,167.60 12.35% 30,326.14 32,036.79 201,229.35 206,788.42 2.76% 7,115.70 1,505.38 52,402.29 16,742.36 - 68.05% 125,758.47 114,625.47 880,951.87 874,747.30 -0.70% 8,333.33 10,500.00 58,333.31 73,500.00 26.00% 53,563.94 25,837.91 288,454.98 212,529.80 - 26.32% 77,020.95 64,648.11 456,951.12 495,013.22 8.33% 25,443.87 24,663.81 143,783.77 161,890.92 12.59% 52,961.81 51,730.30 252,062.90 260,247.00 3.25% 22,936.17 21,558.27 213,253.59 201,114.26 -5.69% 4,849.05 2,838.89 28,051.34 22,642.04 - 19.28% 164,706.93 236,738.23 1,260,881.14 1,295,814.23 2.77% 6,445.08 10,747.29 106,858.82 109,003.58 2.01% 15,313.91 14,434.09 119,064.09 110,269.77 -7.39% 45,265.80 28,471.96 482,439.67 292,799.58 - 39.31% 821,500.47 863,006.66 5,765,300.31 5 638 642 09 -2.20% 227.08 227.08 1,589.58 1,589.58 0.01w 16,067.16 13,441.16 81,299.14 105,294.10 29.51% 141,717.47 142,129.76 906,066.89 941,448.98 3.91% 18,675.63 29,761.23 97,547.63 120,434.50 23.46% 43,739.35 1,420.78 77,726.50 87,218.31 0.00% (8.23) 46.14 (258.30) (358.27) 38.70% 42,085.56 77,194.56 280,867.94 319,811.02 13.87% 2,125.44 867.67 21,022.99 11,288.34 - 46.30% 14,288.99 11,814.43 65,861.98 82,612.04 25.43% 278,918.45 276,902.81 1,531,724.35 1,669,338960 8.98% 305,469.18 314,969.55 2,138,284.26 2,204,786.85 3.11% 2,523,166.59 3,161,945.22 20,538,707.81 18,961,412.59 -7.68% 114,000.00 116,666.67 791,383.00 815,183.67 3.01% 7,081,052.21 46,412,031.70 -2.34% 6,356,180.43 47,521,724.27 1121 OPERATION EXPENSES: PURCHASED POWER BASE EXPENSE TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED OPERATING EXPENSE VARIANCE REPORT 1/31/14 ACTUAL BUDGET YEAR TO DATE YEAR TO DATE SCHEDULE G VARIANCE * 17,122,667.90 17,078,844.00 43,823.90 CHANGE 0.26% OPERATION SUP AND ENGINEERING EXP 298,055.94 272,509.00 25,546.94 9.37% STATION SUP LABOR AND MISC 64,538.00 51,181.00 13,357.00 26.10% LINE MISC LABOR AND EXPENSE 485,784.93 434,998.00 50,786.93 11.68% STATION LABOR AND EXPENSE 289,483.75 259,691.00 29,792.75 11.47% STREET LIGHTING EXPENSE 43,509.39 52,901.00 (9,391.61) - 17.75% METER EXPENSE 124,167.60 120,213.00 3,954.60 3.29% MISC DISTRIBUTION EXPENSE 206,788.42 228,997.00 (22,208.58) -9.70% METER READING LABOR & EXPENSE 16,742.36 26,819.00 (10,076.64) - 37.57% ACCT & COLL LABOR & EXPENSE 874,747.30 911,442.00 (36,694.70) -4.03% UNCOLLECTIBLE ACCOUNTS 73,500.00 73,500.00 0.00 0.00% ENERGY AUDIT EXPENSE 212,529.80 241,530.00 (29,000.20) - 12.01% ADMIN & GEN SALARIES 495,013.22 456,984.00 38,029.22 8.32% OFFICE SUPPLIES & EXPENSE 161,890.92 156,450.00 5,440.92 3.48% OUTSIDE SERVICES 260,247.00 260,363.00 (116.00) -0.04% PROPERTY INSURANCE 201,114.26 268,625.00 (67,510.74) - 25.13% INJURIES AND DAMAGES 22,642.04 34,156.00 (11,513.96) - 33.71% EMPLOYEES PENSIONS & BENEFITS 1,295,814.23 1,146,456.00 149,358.23 13.03% MISC GENERAL EXPENSE 109,003.58 158,869.00 (49,865.42) - 31.39% RENT EXPENSE 110,269.77 123,669.00 (13,399.23) - 10.83% ENERGY CONSERVATION 292,799.58 371,237.00 (78,437.42) - 21.13% TOTAL OPERATION EXPENSES 5,638,642.09 5,650,590.00 (11,947.91) -0.21% MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT 1,589.58 1,750.00 (160.42) -9.17% MAINT OF STRUCT AND EQUIPMENT 105,294.10 61,296.00 43,998.10 71.78% MAINT OF LINES - OH 941,448.98 930,035.00 11,413.98 1.23% MAINT OF LINES - UG 120,434.50 283,120.00 (162,685.50) - 57.46% MAINT OF LINE TRANSFORMERS 87,218.31 104,919.00 (17,700.69) - 16.87% MAINT OF ST LT & SIG SYSTEM (358.27) 6,109.00 (6,467.27) - 105.86% MAINT OF GARAGE AND STOCKROOM 319,811.02 386,540.00 (66,728.98) - 17.26% MAINT OF METERS 11,288.34 31,710.00 (20,421.66) - 64.40% MAINT OF GEN PLANT 82,612.04 84,544.00 (1,931.96) -2.29% TOTAL MAINTENANCE EXPENSES 1,669,338.60 1,890,023.00 (220,684.40) - 11.68% DEPRECIATION EXPENSE 2,204,786.85 2,202,200.00 2,586.85 0.12% PURCHASED POWER FUEL EXPENSE 18,961,412.59 19,119,687.00 (158,274.41) -0.83% VOLUNTARY PAYMENTS TO TOWNS 815,183.67 816,662.00 (1,478.33) -0.18% TOTAL OPERATING EXPENSES -0.74% (345, 974. 32L 46,758,006.00 46,412,031.70 * ( ) . ACTUAL UNDER BUDGET (12A) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED OPERATING EXPENSE VARIANCE REPORT MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT RESPONSIBLE 3,000.00 11589.58 REMAINING 47.01% MAINT OF STRUCT AND EQUIPMT SENIOR 2014 ACTUAL BUDGET REMAINING OPERATION EXPENSES: MANAGER ANNUAL BUDGET YEAR TO DATE BALANCE BUDGET % PURCHASED POWER BASE EXPENSE JP 29,123,336.00 17,122,667.90 364,997.50 41.21% 12,000,668.10 KS 160,000.00 87,218.31 OPERATION SUP AND ENGINEERING EXP KS 467,978.00 298,055.94 169,922.06 36.31% STATION SUP LABOR AND MISC KS 90,088.00 64,538.00 25,550.00 28.36% LINE MISC LABOR AND EXPENSE KS 729,521.00 485,784.93 243,736.07 33.41% STATION LABOR AND EXPENSE KS 446,308.00 289,483.75 156,824.25 35.14% STREET LIGHTING EXPENSE KS 90,729.00 43,509.39 47,219.61 52.04% METER EXPENSE KS 218,064.00 124,167.60 93,896.40 43.06% MISC DISTRIBUTION EXPENSE KS 396,379.00 206,788.42 189,590.58 47.83% METER READING LABOR & EXPENSE KS 46,322.00 16,742.36 29,579.64 63.86% ACCT & COLL LABOR & EXPENSE RF 1,570,864.00 874,747.30 696,116.70 44.31% UNCOLLECTIBLE ACCOUNTS RF 126,000.00 73,500.00 52,500.00 41.67% ENERGY AUDIT EXPENSE JP 416,982.00 212,529.80 204,452.20 49.03% ADMIN & GEN SALARIES CO 794,002.00 495,013.22 298,988.78 37.66% OFFICE SUPPLIES & EXPENSE CO 268,000.00 161,890.92 106,109.08 39.59% OUTSIDE SERVICES CO 419,150.00 260,247.00 158,903.00 37.91% PROPERTY INSURANCE KS 460,600.00 201,114.26 259,485.74 56.34% INJURIES AND DAMAGES KS 58,206.00 22,642.04 35,563.96 61.10% EMPLOYEES PENSIONS & BENEFITS KS 1,870,479.00 1,295,814.23 574,664.77 30.72% MISC GENERAL EXPENSE CO 219,695.00 109,003.58 110,691.42 50.38% RENT EXPENSE KS 212,000.00 110,269.77 101,730.23 47.99% ENERGY CONSERVATION JP 636,761.00 292,799.58 343,961.42 54.02% TOTAL OPERATION EXPENSES 9,538,128.00 5,638,642.09 40.88% 3,899,485.91 MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT KS 3,000.00 11589.58 11410.42 47.01% MAINT OF STRUCT AND EQUIPMT KS 105,738.00 105,294.10 443.90 0.42% MAINT OF LINES - OH KS 1,604,829.00 941,448.98 663,380.02 41.34% MAINT OF LINES - UG KS 485,432.00 120,434.50 364,997.50 75.19% MAINT OF LINE TRANSFORMERS KS 160,000.00 87,218.31 72,781.69 45.49% MAINT OF ST LT & SIG SYSTEM KS 10,487.00 (358.27) 10,845.27 103.42% MAINT OF GARAGE AND STOCKROOM KS 668,507.00 319,811.02 348,695.98 52.16% MAINT OF METERS KS 41,160.00 11,288.34 29,871.66 72.57% MAINT OF GEN PLANT RF 145,480.00 82,612.04 62,867.96 43.21% TOTAL MAINTENANCE EXPENSES 3,224,633.00 1,669,338.60 48.23% 1,555,294.40 DEPRECIATION EXPENSE RF 3,775,200.00 2,204,786.85 1,570,413.15 41.60% PURCHASED POWER FUEL EXPENSE JP 31,789,470.00 18,961,412.59 12,828,057.41 40.35% VOLUNTARY PAYMENTS TO TOWNS RF 1,400,000.00 815,183.67 584,816.33 41.77% TOTAL OPERATING EXPENSES 78,850,767.00 46,412,031.70 32,438,735.30 (128) 41.14% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT PROFESSIONAL SERVICES 01/31/2014 PROFESSIONAL SERVICES BY PROJECT PROFESSIONAL SERVICES BY VENDOR ACTUAL MELANSON HEATH & COMPANY ITEM DEPARTMENT ACTUAL BUDGET VARIANCE 1 RMLD AND PENSION TRUST AUDIT FEES ACCOUNTING 32,500.00 32,250.00 250.00 2 PENSION ACTUARIAL EVALUATION ACCOUNTING 0.00 0.00 0.00 3 LEGAL- FERC /ISO ISSUES ENERGY SERVICE 10,722.02 10,500.00 222.02 4 LEGAL- POWER SUPPLY ISSUES ENERGY SERVICE 58,604.59 26,250.00 32,354.59 5 PROFESSIONAL SERVICES ENERGY SERVICE 13,945.00 14,000.00 (55.00) 6 NERC COMPLIANCE AND AUDIT E & 0 8,364.50 8,000.00 364.50 7 LEGAL ENGINEERING 0.00 8,750.00 (8,750.00) 8 LEGAL - GENERAL GM 89,239.11 87,500.00 1,739.11 9 LEGAL SERVICES- OTHER HR 4,456.56 24,500.00 (20,043.44) 10 LEGAL SERVICES - NEGOTIATIONS HR 16,937.63 0.00 16,937.63 11 LEGAL SERVICES- ARBITRATION HR 5,229.73 21,900.00 (16,670.27) 12 LEGAL GENERAL BLDG. MAINT. 0.00 875.00 (875.00) 13 SURVEY RIGHT OF WAY BLDG. MAINT. 0.00 2,919.00 (2,919.00) 14 ENVIRONMENTAL BLDG. MAINT. 0.00 2,919.00 (2,919.00) 15 INSURANCE CONSULTANT GEN. BENEFIT 0.00 5,831.00 (5,831.00) 16 LEGAL GEN. BENEFIT 64.60 2,919.00 (2,854.40) 17 LEGAL MATS MGMT GEN. BENEFIT 950.00 11,250.00 (10,300.00) 18 DSA BASIC CLIENT SERVICE ENGINEERING 1,458.31 0.00 1,458.31 19 ORGANIZATIONAL STUDY GM 17,774.95 0.00 17,774.95 TOTAL 260,247.00 260,363.00 (116.00) PROFESSIONAL SERVICES BY VENDOR ACTUAL MELANSON HEATH & COMPANY 32,500.00 UTILITY SERVICES, INC. 7,012.50 DUNCAN AND ALLEN 27,640.83 RUBIN AND RUDMAN 135,525.42 DOBLE ENGINEERING 1,458.31 CHOATE HALL & STEWART 26,023.92 JAMES COLLINS- ARBITRATOR 600.00 WILLIAM CROWLEY 2,080.00 ENERGY NEW ENGLAND 8,900.00 BERRYDUNN 6,445.00 PLM 6,804.00 HUDSON RIVER ENERGY GROUP 2,249.72 COTTE MANAGEMENT CONSULTING LLC 3,007.30 TOTAL 260,247.00 (13) RMLD DEFERRED FUEL CASH RESERVE ANALYSIS 1/31/14 (14) MONTHLY DEFERRED (565,117.41) 584,545.14 866,089.25 129,044.26 409,413.67 (1,658,332.65) (763,081.18) 1-1 TOTAL DEFERRED 2,609,487.38 2,044,369.97 2,628,915.11 3,495,004.36 3,624,048.62 4,033,462.29 2,375,129.64 1,612,048.46 GROSS DATE CHARGES REVENUES NYPA CREDIT Jun -13 Jul -13 3,464,349.32 2,953,072.91 (53,841.00) Aug -13 2,767,250.13 3,385,440.39 (33,645.12) Sep -13 2,168,234.24 3,096,134.62 (61,811.13) Oct -13 1,994,534.42 2,147,543.67 (23,964.99) Nov -13 1,738,646.02 2,201,768.18 (53,708.49) Dec -13 3,666,453.24 2,053,822.16 (45,701.57) Jan -14 3,161,945.22 2,487,172.37 (88,308.33) (14) MONTHLY DEFERRED (565,117.41) 584,545.14 866,089.25 129,044.26 409,413.67 (1,658,332.65) (763,081.18) 1-1 TOTAL DEFERRED 2,609,487.38 2,044,369.97 2,628,915.11 3,495,004.36 3,624,048.62 4,033,462.29 2,375,129.64 1,612,048.46 RMLD BUDGET VARIANCE REPORT FOR PERIOD ENDING JANUARY 31, 2014 DIVISION ENGINEERING AND OPERATIONS ENERGY SERVICES GENERAL MANAGER FACILITY MANAGER BUSINESS DIVISION SUB -TOTAL PURCHASED POWER - BASE PURCHASED POWER - FUEL ACTUAL BUDGET VARIANCE CHANGE 2,729,708 2,775,607 (45,899) 586,733 663,520 (76,787) 494,332 525,687 (31,355) 2,264,774 2,307,751 (42,977) 5,597,721 5,631,260 (33,539) 11,673,267 11,903,824 (230,558) 17,122,668 17,078,844 43,824 18,961,413 19,119,687 (158,274) TOTAL 47,757,347 48,102,355 (345,008) (15) -1.65% - 11.57% -5.96% -1.86% -0.60% -1.94% 0.26% -0.83% -0.72% RMLD STAFFING REPORT FOR FISCAL YEAR ENDING JUNE, 2014 (16) Is 14 BUD JUL AUG SEP OCT NOV DEC JAN TOTAL 13 13 13 13 13 13 14 GENERAL MANAGER GENERAL MANAGER 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 HUMAN RESOURCES 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 COMMUNITY RELATIONS 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 TOTAL 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 BUSINESS ACCOUNTING 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 CUSTOMER SERVICE 7.75 7.75 7.75 7.75 7.75 7.75 7.75 7.75 MGMT INFORMATION SYS 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 MISCELLANEOUS 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 TOTAL 16.75 16.75 16.75 16.75 16.75 16.75 16.75 16.75 ENGINEERING & OPERATIONS AGM E &O 2.00 2.00 2.00 2.00 2.00 2.00 2.00 1.00 ENGINEERING 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 LINE 22.00 21.00 21.00 21.00 21.00 21.00 21.00 20.00 METER 3.00 3.00 3.00 3.00 3.00 3.00 3.00 + 3.00 I STATION 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 !I TOTAL 40.00 39.00 39.00 39.00 39.00 39.00 39.00 37.00 PROJECT BUILDING 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2 GENERAL BENEFITS 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2 TRANSPORTATION - _ _ MATERIALS MGMT 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 TOTAL 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 ENERGY SERVICES ENERGY SERVICES 4.50 3.50 3.50 3.50 3.50 3.50 3.50 4.50 TOTAL 4.50 3.50 3.50 3.50 3.50 3.50 3.50 4.50 RMLD TOTAL 73.25 71.25 71.25 71.25 71.25 71.25 71.25 70.25 CONTRACTORS UG LINE 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 TOTAL 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 GRAND TOTAL 75.25 73.25 73.25 73.25 73.25 73.25 73.25 72.25 (16) v -4 F m0D , °v -A ; mO O a m�-V m 0 m .° -a -4 z m0n v1z m0D p S� A T X m O M� m O S -1 D T x O O S -i -4 m r, A D m -i 1 r x 0 ?i 2 Co m 2� rD- S m W z r A O S O A S CO T Z S r C z x r Z S r C z x r z x r C) 3 A D 3 (Zj D D D M Z m Z m� m C) Z m G O O { m n m n m D m m D r D r r r 1., V N W co CO r co O- O r r G) o O W o A N Q x C s x � A N A V 0 0 o v+ N m m m z W O O 0 01 N j Na W 0 bo W N O W V rj O0 f fA 0 m 98M fA O EA O M di j A O EA M O W A N W A - O (p W O N w L, m 00 � J O w ' O V o O0) o CO A J N OD W 00 (n Cl) J N (n O A OO P N A N O J W N to A W OD N V p) to :• N o J N A O 07 V ca o � N tj (O W N 0 . co 0 (O O -' O V O N) N V' O J cy) m o m m Q o w 0D a j V V W J A o- N CD OO O A A W (T O1 N ffi W O fA cT O (!) Cn O fA N W O O fA W O O A U to O (A J to -4 JO W J N (On 1WD .W. O N o A N J V A (O W w CO V Q fA C) W O M A O p M O) ) O (P V .� O1 W cn 00 U U A W O J -' co A J 01 A -� V N Q) N t0 In A co p W j U o T o ONi A o (Nn N (D O tn 4A O A it O 4A 61 O A C) 4A 61 a O p 4bo 61 W O N A 0o OJ OWO A N— V CO A 0) N J— -4 (00 � N 1., V N W co CO r co O- O 0 0 0 o O (O o A o O W o A N J OD Oo („) (D w A N A V Fn En v+ N O W O W Q) O O W O O 0 01 N j Na W 0 bo W N O W V rj O0 f N (T c OD 0 0 W v O V V N 0o A w m O m O R D D m Z r = 0 O x Co O O m 2 r c ° m z z o GI CI N O m z D z ) r y ; r s C C) m z x o n 4 o Z m c� (/) G7 C 2 A 1 A O � O V m z D 0 N y O 0 0 P w 9° m 3 O) _i 1 Z to u O � r z Z U) m m y_ O 0 0 V N p Z N F A D co v � w c r ^ N � O C .ti m EA . y O o S o O N -i N O it N N m N y 0 T o" O N N x m p) o � W L7 3 . a m r A CL CL U) 0 3 D o r O V o O O) 0o x ; A O 0 ; p N 3 u7 m A 7 C) a y r w y o w 0 to fR y y S N f ° O O r A 9D 00 tn d N -4 a m N O Z -+ O CA -4 oo A O v L O ID '� r A O N 3 N a C Jeanne Foti .om: Jeanne Foti Sent: Tuesday, February 18, 2014 11:12 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 February 27, 2014. Account Payable Warrant— No Questions January 24, January 31, February 7 and February 14. Payroll — No Questions January 27 and February 10. 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.