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Home My WebLink About2014-06-12 RMLD Board of Commissioners MinutesReading Municipal Light Board of Commissioners Regular Session 230 Ash Street Reading, MA 01867 June 12, 2014 Start Time of Regular Session: 7:33 p.m. End Time of Regular Session: 9:25 p.m. Commissioners: John Stempeck, Commissioner Robert Soli, Commissioner Thomas O'Rourke, Commissioner Philip B. Pacino, Vice Chair, Secretary David Talbot, Chairman Staff: Coleen O'Brien, General Manager Bob Fournier, AccountingBusiness Manager Hamid Jaffari, Director of E &O Jane Parenteau, Director of Integrated Resources Patricia Mellino, Operational Assistant Priscilla Gottwald, Community Relations Manager Citizens' Advisory Board: David Nelson Public: None Present RECEIVED TOWN CLERK READING. MASS. _0 _U - 3 A 0 316 , Call Meeting to Order Chairman Stempeck called the meeting to order and stated that the meeting was being videotaped, it is live in Reading only. Chairman Stempeck welcomed David Nelson Citizens' Advisory Board (CAB) member. Opening Remarks Chairman Stempeck read the RMLD Board of Commissioners Code of Conduct. Presentation Actuarial Report — Larry Stone, Stone Consulting, Inc. Mr. Stone reported that he had prepared an actuarial evaluation as of January 1, 2014 for the Reading Municipal Light Department Trust. The RMLD Trust acts as an investment vehicle which combined with money that is in the Reading Retirement Trust to pay benefits for current employees and future retirees of the RMLD. Mr. Stone stated that one major result was that there was a very good asset return of the money that was invested in equities in the Reading Retirement system with good rates of return over the years. This has significantly lowered the contribution requirement. Mr. Stone said that it was previously estimated to be $1.7 million where now it is estimated to be between $1.3 million to $1.4 million. There is about $36.7 million allocated in the Reading Retirement system for the benefits of the RMLD people and the RMLD has a trust fund that has almost $3.9 million for a combination of just over $40.5 million to pay for those benefits. Mr. Stone reported that there are a number of assumptions used to derive this. One is the interest rate used to calculate how assets are expected to perform in the future and how you discount future benefits out to the current day. In the past a 7% retirement interest rate assumption has been used. Mr. Stone said that he is recommending that the rate be raised to 7.25% this year based on the fact that the Reading Retirement system which represents over 90% of the assets is expected to earn approximately 7.75% over the long -term. This assumes that the RMLD's assets will probably return 2.5% to 4% per year. Mr. Stone said that this may sound like it is not invested well, but it really is. It reflects a different type of asset. The RMLD's monies are in fixed income and the main goal is not to have an extraordinarily high rate of return but to have preservation of capital. By using a combination of the two we are able to have a discount rate of between 7.25% to about 7.3 %. Mr. Stone stated that either way this lowers the cost by reflecting that instead of 7% you are going to earn 7.25% on your return. You contribute less money and more of the money will come from investment return. Mr. Stone said that they are recommending a Generational Mortality assumption. This reflects the fact that people are living longer. If someone now at the age of 65 will live 18 -19 years on average, but someone who is currently 25, when they are 65, they will live 24 -25 years. We are adopting a methodology called Generational Mortality which would reflect that in each date of birth and each year of birth would get their own separate mortality table reflecting how long people will live. This is costly because this is the time that you are paying benefits for. Mr. Stone stated that to do these two things will somewhat offset the change in the discount rate which decreases the value of the future benefits by $1.7 million. Regular Session Meeting Minutes June 12, 2014 Actuarial Report — Larry Stone, Stone Consulting, Inc. The change in mortality increases the present value of future benefits by $2.4 million. Overall you pay for it over time at $50,000 per year relative to the full contribution. It isn't that much we are just budgeting and the cost of the plan is really the benefits that are paid from it. is N.U"e'l "rec5mmendation is to use that combination which gives you a cost for Fiscal Year 2014 of $1,374,538. Mr. Stone reported that Pension Reform for employees hired after April 1, 2012 have had their benefits significantly cut back. Those who were able to retire with the full percentage at the age of 65 will now have to wait until 67. At one point people were able to retire at the age of 55 with the full benefit but now it is at age 67. They have also cut back any subsidies on early retirement and some other rules. Mr. Stone said that taking that into account and assuming how it will affect people has decreased the present value of future benefits by $127,000 which has also contributed to the lower contribution. Chairman Stempeck asked if we go through this work effort every two years. Mr. Stone replied yes, you make assumptions and look at it each time to see what has changed. Report of the Budget Committee — Commissioner Soli Mr. Soli reported that the Budget Committee met this evening. Mr. Soli made a motion seconded by Mr. O'Rourke that the RMLD Board of Commissioners accept the Pension Trust Actuarial Valuation as of January 1, 2014 from Stone Consulting, Inc. Motion carried 5:0:0. Mr. Soli made a motion seconded by Mr. Talbot that the RMLD Board of Commissioners authorize the General Manager to deposit $1,374,538 into the RMLD's Pension Trust Fund. Motion carried 5:0:0. Approval of RMLD rates to be filed effective July 1, 2014 Chairman Stempeck stated that the recommended motions for the Cost of Service Study were reviewed at the last meeting and then were submitted to the CAB for review. Mr. Pacino asked if there would be multiple motions or one motion that included all. Chairman Stempeck asked if the motion on the handout covers all the motions. Ms. Parenteau replied that these motions are what the CAB voted on and they were provided to the Board in the event that you should vote on similar motions. The last motion that was handed out is reflective of the rates that incorporate all of these changes. Chairman Stempeck said that they would read one combined motion. Mr. Pacino asked that the chart become part of the motion. Mr. Pacino made a motion seconded by Mr. O'Rourke that the Reading Municipal Light Department Board of Commissioners approve the adoption of the rates MDPU numbers #236, 237, 238, 239, 240, 241, 242, 243, 244, 245 dated to be effective July 1, 2014 on the recommendation of the General Manager. Motion carried 4:1:0. Mr. Soli voted against. RATE TARIFF # Purchase Power Capacity and Transmission Charge MDPU #236 Residential Schedule A MDPU #237 Residential Schedule RW MDPU #238 Residential Time -of -Use Schedule A2 MDPU #239 Commercial Schedule C MDPU #240 Industrial Time -of -Use Schedule I MDPU #241 School Schedule SCH MDPU #242 Private Lighting Schedule D MDPU #243 Coo erative Resale Schedule G MDPU #244 Municipal Street Lighting Formula MDPU #245 Report of Board Committees — Vice Chair Pacino Town of Reading Charter Review Committee Mr. Pacino reported that the Charter Review Committee had met several times and are pretty much at the end of any substantial changes that are going to be made to the Charter. The committee is next scheduled to meet on June 16 and then June 30 to • finalize the changes. Mr. Pacino asked that Counsel review the Charter for the changes that have been made to make sure that there are not any conflicts. Mr. Pacino said that he could then bring any concerns to the Committee's attention at the June 30 meeting. Mr. Pacino stated that the changes could be found on the Town of Reading's website. Chairman Stempeck asked offhand if there were any items that would interest the RMLD. Regular Session Meeting Minutes June 12, 2014 Report of Board Committees — Vice Chair Pacino Town of Reading Charter Review Committee Mr. Pacino replied that he did not see any changes that are of a concern and reiterated that Counsel should review it and recommended that the Board also take a look at it to see what changes are being made. Town of Reading Audit Committee — Vice Chair Pacino Mr. Pacino reported that the Town of Reading Audit Committee met and the Melanson Heath annual audit was accepted. Mr. Pacino said that there were questions on the town's end of year cut off and that there were instances where state funded money involved with projects such as with road repair that the contractors were exceeding the actual value of the bid. Mr. Pacino stated that the concern was that if the cost of the bid was exceeded by 20% you would have to get approval prior to doing the work. Mr. Pacino reported that the Town Accountant is taking steps to correct this. Chairman Stempeck asked if the issue was that they had gone over budget by more than 20% or if the cause was that the original estimate was too low. Mr. Pacino replied that it was additional money from the state to pay for repairing the roads. Mr. Talbot asked how this ties into the RMLD. Mr. Pacino replied he was not sure if the RMLD was affected by this 20% rule or not. Chairman Stempeck asked if the RMLD sees federal money. Mr. Pacino replied that in the past there have been reimbursements for storms through FEMA. Ms. O'Brien stated that there could be state funding for certain projects at the RMLD and will look into it. Mr. Pacino noted that for federal money there is an additional audit requirement. Approval of the Board Minutes February 27, 2014 Mr. Pacino made a motion seconded by Mr. Soli that the RMLD Board of Commissioners approve the Regular Session meeting minutes of February 27, 2014 as presented. Motion carried 3:0:2. Mr. O'Rourke and Mr. Talbot abstained. General Manager's Report — Ms. O'Brien — General Manager Northeast Public Power Association Conference Attendance, August 24 -27, Sea Crest Beach Hotel, Falmouth, MA. Ms. O'Brien asked to request the attendance of the Board of Commissioners and the Citizens' Advisory Board to join her as well as for their approval for overnight travel to the New England Public Power Association Conference this year August 24- 27, Falmouth, MA. Seminars will include discussion on Leadership for Board members, Financial Behavioral Strategies, • Federal Energy Policy Updates and the Natural Gas Impact on Electricity in this General Region. Mr. Pacino made a motion seconded by Mr. Soli that the RMLD Board of Commissioners to authorize the General Manager's overnight travel to the NEPPA Conference. Motion carried 5:0:0. Chairman Stempeck stated that this conference is extremely worthwhile. Ms. O'Brien said that she will have Ms. Foti send all the pertinent information to the Board and CAB members. Mr. Pacino commented for those who are attending to book early for onsite accommodations. Ms. O'Brien asked Ms. Gottwald, Public Relations Manager to speak on RMLD's communications effort. Ms. Gottwald reported that they have been working on an updated email list as the best means to communicate to the RMLD's customers all at once. Ms. Gottwald stated that the RMLD is going to host a live cable broadcast Wednesday, June 25, 2014 at 7 pm. in order to prepare its customers for the new look of the bill. Additional discussion will include the changes in the prompt payment discount, the new low income rate, new unbundled format and all will speak to the Responsible Communications Campaign that the RMLD is initiating in order to reach customers regarding outages, peak usage and energy conservation appeals. The RMLD is looking to have the capability to email and text customers by mass electronics. Ms. Gottwald reported that customers and local cable stations will be notified when there are peak updates from ISO. The school superintendents of the four towns have been contacted, Reading and North Reading will allow the RMLD to use the school's parent email list for notification and the RMLD is still waiting to hear from Lynnfield and Wilmington. Ms. Gottwald said there is a contest from June 15 - September 15 to attract customers to sign up for paperless billing and/or auto pay. Those who sign up for paperless billing and/or auto pay are automatically entered to win an iPod Nano, customers that sign up for both will be entered twice. Ms. Gottwald reported that the RMLD is working on a master customer contact list and has approximately 13,000 customer email addresses. Ms. Gottwald stated that on the registration form customers are given the option of how they would like to be contacted and that cellphone numbers are needed in order to text the information. 4 Regular Session Meeting Minutes June 12, 2014 General Manager's Report — Ms. O'Brien — General Manager Ms. Gottwald said another way the RMLD is cutting down on paper is that this year's annual report will be in web design for those who would like to print it and the RMLD will save the expense of printing 400 copies. • Ms. Gottwald reported that on Saturday, June 14 the RMLD will participate in Friends and Family Day at Birch Meadow and at the Annual Fall Street Faire on September 7. Ms. Gottwald stated that planning for the Historical Calendar and the T -Shirt Contest are in the early stages. Ms. O'Brien said that our slogan as part of our responsive communication is "Get Greener", everyone is already going green the RMLD is going to get greener. As part of the paperless effort of the RMLD, the Annual Report Ms. Gottwald spoke of was correct, but for some of the Town Meeting we may be required to supply them with paper copies of the financial pages that will go to the actual Town Meeting which is in accordance with the Town Charter. Ms. O'Brien stated in addition to that she is encouraging that the Board packets be digitally sent and viewed on own personal laptop or there can be further discussion on electronic devices for viewing. The assembling of the Board packets is time consuming, costly and would like to move forward being better for the environment it is part of that "Get Greener ". Mr. O'Rourke stated that he and Ms. Gottwald spoke recently about the importance of the communications process and said that this is a great response to what you are doing and asked in terms of outages does the RMLD have the ability to send out text messages as well as email messages, could this be a vehicle to notify people if there is going to be an outage or if there is an outage. Ms. Gottwald replied that the RMLD does have a master email list and are trying to do exactly that. Mr. O'Rourke asked if the RMLD participates in the school systems or a reverse 911 like the police if you want to send a broadcast. Ms. Gottwald replied that they are in communication with the towns about the reverse 911 to see if reaching the peak demand fits the criteria for using this tool. Mr. O'Rourke asked if the RMLD would have its own system or would we use someone else's system. Ms. O'Brien replied that integrating a voice recognition system similar to a reverse 911 and to have the capability to send out messages for isolated area outages is part of the long term plan. In the interim to address this year's peak or any operating procedure that comes from the ISO such as a power caution or warning, if we do not conserve enough or if they do not gain enough megawatt savings to stabilize the electric grid in New England they could go to a voltage reduction and then lastly a rolling blackout. Ms. O'Brien 0 stated this is something that we do not want to go to, but now that Salem Harbor is shut down we do not know how quickly the ISO can escalate. If the system is starting to escalate and then all of a sudden you loose Millstone or Seabrook it can very quickly go to that operating. Ms. O'Brien said that when we speak to the towns about the reverse 911 in order to use it the right way the RMLD would have to meet the category of emergency. Ms. O'Brien stated that she is meeting with the towns over the next week or so to discuss with the Fire Chief's as to whether or not our criteria would qualify. Appeals might not be considered an emergency the RMLD is still in parallel working on our own system. If we were to appeal to lower the usage then it very quickly goes to a blackout then someone might think that is an emergency but that is for towns to decide. Mr. O'Rourke asked if the value of it was preventing the emergency. Ms. O'Brien replied yes it is preventing the emergency but they do not want to use the system for that means. Ms. O'Brien said that they are going to discuss it a bit more and that they are going to make their decision based on what the RMLD really intends to use it for. Mr. Talbot wanted say great job, the mass communication task that the Department is taking on is not easy to do and anything that we can do to relay the message on to friends, neighbors and civic groups is all good. Mr. Talbot asked if there was strategy to reach the ten biggest customers. Mr. O'Brien replied that there are other programs that the Integrated Resources group is working on as well with the larger customers to help shave the peak or to conserve during any ISO mandated operation. The RMLD wants to conserve on the peak, every megawatt that we save is about $37,000 right now and will double next year. That is conservation for money which is coincident with the stabilization of the generators in the area, so the peak is coincident with actual power cautions then you are talking about a mandate and not about just saving money to keep our rate low, you are talking about electrical stability. Ms. O'Brien said that they are two different things but tied together. Mr. Talbot said that when the school sends out a message everything goes off in his house because the school has every means of reaching them and if that system is being leveraged for the RMLD it would be terrific. Ms. Gottwald asked when Mr. Talbot gave his information to the school did you give your cell phone. Mr. Talbot replied that they asked how you like would to be contacted and was given multiple choices of which you could choose all of them. Regular Session Meeting Minutes June 12, 2014 General Manager's Report — Ms. O'Brien — General Manager Mr. Soli said that he saw the rate package for the first time tonight, the Commercial C -Rate has a distribution demand and distribution energy charge and the Industrial Time -of -Use has a distribution charge but did not see a distribution energy charge and asked if that was correct. Ms. Parenteau replied that was correct based on the Cost of Service Study conducted by Mr. Seavey from PLM there were sufficient funds collected within the main component to equate to the distribution demand charges and there was no distribution energy component. There will be just an on and off peak component for the purchase power cost. Mr. Soli asked if at some point the Board will see this. Ms. Parenteau replied that the Board will be able to see the write up in the Cost of Service. Power Supply Report — April 2014 — Ms. Parenteau Ms. Parenteau reported that the RMLD's load for April was approximately 52.5 million kWh, which is a 0.3% increase from April 2013. RMLD's energy cost was approximately $2.46 million, equivalent to $.047 per kilowatt-hour. Ms. Parenteau stated that the Fuel Charge adjustment was $.06 per kilowatt-hour for April and the RMLD sales totaled 53.5 million kilowatt hours, as a result the RMLD over collected by approximately $653,000 resulting in a Deferred Fuel Cash Reserve balance of a little under $900,000. The May and June Fuel Charge was set at $.065 with a Deferred Fuel Cash Reserve projected to have a year -end fiscal year balance of approximately $2.2 million. The RMLD purchased 17.5% of its energy requirements from the ISO New England Spot Market at the average cost of approximately $55 per megawatt hour. RMLD's peak demand for April was 89 megawatts which occurred on April 7 at 8:00 pm with the temperature at fifty degrees, last year the peak was 91 megawatts which occurred on April 2 at 8:00 pm with a temperature of thirty-five degrees. The monthly capacity requirement was 215 megawatts with the total capacity cost of $1.32 million which is equivalent to $6.14 a kilowatt month. Capacity and energy costs were approximately $.0722 cents per kilowatt hour with 16.4% of the energy purchased from hydro generation. The RMLD has received approximately 7,728 RECs from Purchase Power Agreements for the calendar year 2014 first quarter as of the day of the report the estimated market value is approximately $266,000. Ms. Parenteau reported that the RMLD's total transmission costs for the month of April were $884,000 which is approximately a 1% decrease from March 2014. In March and April the RMLD processed four commercial rebates totaling $50,000 bringing the fiscal year total to $252,000. The RMLD calculates the capacity savings to be approximately 909 kilowatts and the energy savings to be approximately 2,500 megawatt hours. On the residential side the RMLD calculates 200 kilowatts of capacity savings and 104 megawatt hours of energy savings. To date the RMLD has processed 996 residential rebates totaling $66,000 and 326 RMLD residential customers have received energy audits totaling $65,200. Mr. Talbot asked how many people were applying for solar and has this been going up in years. Ms. Parenteau replied that the DOER had just approved their Phase II SREC Program and RMLD is now seeing an increase in the number of calls from people inquiring about the state's incentives both on residential and commercial. Mr. Talbot asked how many projects are actually being applied for and installed. Ms. Parenteau replied that currently we have approximately twenty-five combined residential and commercial solar installations. Within the RMLD service territory we do not allow third party vendors to come in and lease solar systems to our customers because that would open us up to deregulation where they would actually be selling our customers kilowatt hours. If that was to occur then other suppliers could come and take our larger commercial customers which would be detrimental to our overall rates that is why it is necessary for our customers to purchase the system and that sometimes is cost prohibitive. Mr. Talbot asked where we are with the school buildings putting up PV (Photovoltaic). Ms. Parenteau replied that she recently received a call from Wilmington, CAB member Dennis Kelly and explained to him how the RMLD could set up a program and potentially sign a PPA and the town could receive the solar. Mr. Kelly was going to take that information back to his committees. Ms. Parenteau reiterated that the SREC -II program just came out in April and customers could not make any decisions without the details of SREC II. Going forward because the value of SREC is part of the cost to fund the projects interest it may pick up now that it has been approved. Mr. Talbot asked if there were any schools or municipal buildings in the four towns that have Photovoltaic. Ms. Parenteau replied not to her knowledge. Mr. Talbot said that it is probably economical to do if done right. Regular Session Meeting Minutes June 12, 2014 Power Supply Report — April 2014 — Ms. Parenteau Ms. Parenteau stated that the cost of solar is coming down, however, it is not economical without the SREC revenue and that is why it was necessary for the state to revise the phase II program. Mr. O'Rourke asked Ms. Parenteau how many rebates so far year to date have been processed. Ms. Parenteau replied for residential 996 and for commercial approximately 20. Mr. O'Rourke asked if there were one or two particular items driving the rebates. Ms. Parenteau replied that on the commercial side it varies. There are a lot of technical HVAC upgrades where those studies take quite a while to perform and by the time the commercial customer installs them and the RMLD verifies the savings it is a long lead time process from the time that they apply to the time the RMLD initiates the rebate. Ms. Parenteau reported that the RMLD is working with both the Towns of Wilmington and North Reading both are building new high schools and both are going towards the LEED certification and RMLD is working towards rebates with those projects. Mr. O'Rourke asked about the residential side. Ms. Parenteau replied that those need to be revisited and that currently there is a vacant position within her department. Those rebates are primarily for refrigerators, air conditioning units, dishwashers and the list goes on. Mr. O'Rourke asked what the cycle time was for the consumer. Ms. Parenteau replied that is a pretty quick turnaround when the customer files the application and provides the proper paperwork Customer Service then processes the rebate at two to four weeks maximum. Engineering & Operations Report — April 2014 — Mr. Jaffari Mr. Jaffari stated that he will be reporting on three categories, System Projects, Station Upgrades and SCADA Projects. Mr. Jaffari reported that System Project 101 — 5W9 Reconductoring — Wildwood Street 25% complete, Project 102 — 4W4 Reconductoring delayed until FYI 6, Project 103 — Upgrading Old Lynnfield Center URDs (Trog Hawley) — Partial Carryover is complete, Project 104 — Upgrading Old Lynnfield Center URDs (Cook's Farm) 5% complete, Project 105 — 4W5 — 4W6 Tie 10% complete, Project 106 — URD Upgrades — All Towns on- going, and Project 107 — Stepdown Area Upgrades — All Towns on- going. Station Upgrades include Project 108 — Relay Replacement Project — Gaw Station (Partial Carryover) delayed to FY15, Project 109 — Gaw Station 35 kv Potential Transformer (PT) Replacement, Project 10 — Station 3 — Replacement of Service Cutouts, Projects 108, 109, and 110 all have been delayed waiting for a UPG to complete performing maintenance and testing of all equipment a substations 3, 4, and 5. Once all substations are tested we can set a baseline followed by setting priorities and developing a cycling program thereafter. Other projects: Project 111 — Station 4 — Getaway Replacement — 4W 13 is complete, Project 125 — Station 5 — Getaway Replacements 5W9 and 5W10 — was idle during March and April. SCADA Project 130 — RTU Replacement — Station 3 is delayed until FYI 5 pending completion of substation maintenance. Mr. Jaffari reported that in March and April the new Customer Service Connections for Commercial/Industrial customers including new service connections, upgrades, and service replacement projects were North Reading Middle and High Schools, and Target in Wilmington. For the months of March and April, the total cost for new Customer Service installations for Residential Customers including new or upgraded overhead and underground services year to date was $1.45 million. With regards to proactive maintenance program: Mr. Jaffari stated that Porcelain cutouts changed out in the month of March totaled four and April totaled three. Cutouts installed new or replaced because of damage were approximately twenty -three (23) in March and thirteen (13) in April. Mr. Jaffari reported on the three reliability indices that the RMLD tracks. SAIDI (System Interruption Duration Index) year to date 2014 is at 6.03 and is lower than the Regional Average of 62.35 and National Average of 85.75. SAIFI (System Average Interruption Frequency) year to date 2014 is at 0.16 and is lower than the Regional Average of 0.55 and National Average of 0.83. CAIDI (Customer Average Interruption Duration Index) year to date 2014 is at 37.72 and is lower than the Regional Average of 105.77 and the National Average of 83.00. Mr. Jaffari stated that the 2010 -2014 Outage Causes Types chart provides a guideline for RMLD to focus on implementing appropriate maintenance plan for its overhead/underground lines and substations. Regular Session Meeting Minutes June 12, 2014 Engineering & Operations Report — April 2014 — Mr. Jaffari Chairman Stempeck asked if there was any way to capture how much of an impact that each one of these outage causes has as well as to corresponding to major outages. Mr. Jaffari replied that the largest number of outages is caused by trees and animal contacts. Both Trees and animal contacts cause major outages for longer durations. The RMLD has intensified its program for protecting the system from wildlife there are still areas that are exposed no matter what you do. Financial Report — April 2014 — Mr. Fournier Mr. Fournier presented the April Financial Report which represents the first ten months of fiscal year 2014; the positive change in Net Assets of $987,101, decreasing the year to date Net Loss to $372,542. Year to date budgeted Net Income was approximately $2.9 million with the resulting Net Income being under budget by approximately $3.3 million. Actual year to day fuel expenses exceeded fuel revenues by about $1.7 million. Year to date base revenues were under budget by $1.2 million or about 3 %, actual base revenues were $38.9 million compared to the budgeted amount of $40.1 million. Year to date purchased power base expenses were over budget by $156,103 or about .65 %, actual purchased power base costs were $24 million compared to the budgeted amount of $23.9 million. Year to date operating and maintenance (O &M) expenses combined were under budget by $273,736 or 2.56 %, actual O &M expenses were $10.4 million compared to the budgeted amount of $10.7 million. Depreciation expense and voluntary payments to the Towns were on budget. Operating Fund was at $12.2 million, Capital Fund $3.9 million, Rate Stabilization Fund $6.7 million, Deferred Fuel Fund $893,586 and the Energy Conservation Fund at $435,713. Year to date kilowatt hour sales were 584,377,258 kilowatt hours sold which is 8.3 million kilowatt hours or 1.41% behind last year's actual figure. Mr. Fournier stated that the auditors will be in on June 18 and 19 to perform preliminary testing and at the end of the month the RMLD staff will perform the physical count in the warehouse and on the trucks. The audit is scheduled for the week of August 18. Mr. Fournier reported that there was a correction to the written amount on the report and that cumulatively the five divisions came in under budget by $270,000 or 1.6 %. Chairman Stempeck asked in terms of being under budget, net income and revenue that these will be captured in the rate increase moving forward. Mr. Fournier replied that as of July 1 the new rates will be going through and the fuel revenue charge being $.065 in May and June should help to offset the variance between the fuel expense and fuel revenue sales. Reorganization of the RMLD Board of Commissioners Chairman Stempeck asked for nominations. Chairman Mr. Stempeck nominated Mr. Talbot for Chairman seconded by Mr. Soli. Mr. Stempeck made a motion to close nominations seconded by Mr. Soli. Motion carried 5:0:0. Mr. Talbot thanked the Board and stated that he would work hard to do his best. Vice Chair Mr. Stempeck nominated Mr. Pacino for Vice Chair seconded by Mr. Soli. Mr. Pacino made a motion to close nominations seconded by Mr. Soli. Motion carried 5:0:0. Secretary This will be performed monthly on a rotating basis by commission members. Regular Session Meeting Minutes June 12, 2014 Reorganization of the RMLD Board of Commissioners Chairman Talbot asked what the Board wanted to do with all the committees. Mr. Pacino replied that in the past Board members would express interest in being on a committee. Chairman Talbot asked if the Board should think about this and then bring it back to the next meeting. Chairman Talbot stated that there are a lot of committees and some of which have not done a lot over the past year and asked if they were ready to do this right now. Mr. Stempeck replied that there are actually four committees listed so maybe they could get a pro forma of a listing of who would like to serve on which committees and then either move it to the next meeting, table it, vote on it or take care of it here. The assignments for Accounts Payable and Payroll are on a rotation and pretty straight forward. Chairman Talbot asked who would like to be on the Audit Committee. Mr. Pacino replied that he would like to stay on the Audit Committee with his training and background as did Mr. Soli. Chairman Talbot commented that he would prefer not to have a Public Relations Committee and that the RMLD is now on track. Chairman Talbot asked if there was a difference of opinion. Ms. O'Brien stated that she tries to convey at the meetings every program or change that would improve, benefit or impact the RMLD. Ms. O'Brien said that if the Board is satisfied with feedback and communication efforts that she is providing then would agree with the Board that the Public Relations Committee can be done away with. Chairman Talbot asked if there was interest in the Budget Committee. Messrs. Stempeck, O'Rourke and Soli replied that they would like to serve on that committee. Mr. Soli stated that Mr. Stempeck would make a good Chairman for that committee. Chairman Talbot asked if there was a need for the Policy Committee. Mr. Stempeck suggested that the Policy Committee be extended until they see what the Town has recommended to make sure that they are in line. Mr. Stempeck stated that there needs to be one addition to the policy and that is the steps that the Board must go through in order for the RMLD to do a rate increase. That was something that was lacking and felt that he was not totally prepared for that and it needs to be formalized, just the process. Ms. O'Brien stated that there has not been a follow -up Policy Committee meeting since they met last fall to discuss the separation of the Governance Policies versus the Operational Policies. There was not a mechanism of where to put the Operational Policies so they all became Board Policies for example, Operational Policies include Drug and Alcohol or how we operate the SCADA Systems. Ms. O'Brien said that they need to be separated and at the last meeting provided the Policy Committee a list of all the policies and recommendations of which policies should go where. Ms. O'Brien stated that she would like to see this committee remain for that reason and after the policies have been separated there would no longer be a need for the committee. Messrs. Stempeck and O'Rourke said that they would like to serve on the Policy Committee and Mr. Pacino stated that he would like to continue as Chair. RMLD Board of Commissioners Committees and Assignments Audit (Including Town of Reading Audit) Phillip Pacino, Robert Soli Public Relations Committee - Eliminate Budget Committee Chair; John Stempeck, Thomas O'Rourke, Robert Soli Policy Committee Chair; Phillip Pacino, John Stempeck, Thomas O'Rourke Assignments Accounts Payable Thomas O'Rourke — July David Talbot — August Robert Soli — September Phillip Pacino — October Thomas O'Rourke — November John Stempeck — December David Talbot — January John Stempeck — February Phillip Pacino — March Thomas O'Rourke — April Robert Soli, (First Back up) Assignments Payroll — Four Month Rotation Phillip Pacino, August — November David Talbot, December — March Thomas O'Rourke, April — July Robert Soli, (First Back up) • • 9 Regular Session Meeting Minutes June 12, 2014 RMLD Board of Commissioners Committees and Assignments Mr. Talbot made a motion seconded by Mr. Stempeck to accept the RMLD Board of Commissioners Committees and Assignments. Motion carried 5:0:0. Chairman Talbot asked if there was a need to always sign off on the payroll every two weeks. Do we still need to do this one of us has to sign off on it every two weeks or could it be something where if we wanted to review it we could. Mr. Stempeck replied it was his thought that this was a requirement. Mr. Pacino stated that one of the Board members signs it. Mr. Stempeck said that the signing of the payables has been reduced from three people to one which was a major step forward. Chairman Talbot stated that it is good to have the review but was questioning the value that might be added. Mr. O'Rourke asked if there had been any issues in the last few years. Mr. Pacino replied that the Department answers the Commission member's questions right away. Mr. Stempeck suggested that it is done by exception, if there is an employee that has an exception such as vacation or is sick, salary or bonus anything that might be involved that a commission member would have to review and accept it otherwise the payroll looks the same every two weeks and trusts the Department to be in charge of what they are doing with their employees. Mr. O'Rourke asked that the exceptions be clarified where there could be quite a few. Mr. Fournier replied that Mr. Kazanjian does provide an exception sheet with the bi- weekly payroll. Mr. Fournier said that it was his understanding that the town wants to see a Commissioner's signature on it. Mr. Pacino stated that he wants to give the appearance that the Board is actually looking over somebody's shoulder. Mr. Stempeck suggested to the Chairman that the Board think about this and bring it up at the next meeting. Mr. Soli suggested that instead of three people on four month rotation have four people on three month rotation. Chairman Talbot stated that they would leave things the way that they are and as they are reorganizing to question some of the assignments and whether or not they still need to do them. Ms. O'Brien said that she would have Mr. Fournier check into the legality of the signature and report back at the next meeting. Mr. O'Rourke asked the staff of the RMLD if this task was viewed as a help or a hindrance in paying RMLD employees and payables. Does this signature process help or hurt the effective operation of the RMLD. Mr. Fournier replied that is was more of a requirement or legality issue. Mr. O'Rourke said putting that aside if we have the decision to do it or not it. Mr. Fournier said that any payable that was questionable would be caught during the approval process because of all the required signatures prior to the Commissioners signing off on it. Mr. O'Rourke asked what the biggest regular sized payable is. Ms. O'Brien replied power bills. Mr. Pacino said the process is to let the Department know that the Board is actually watching over somebody's shoulder. In one of the past administrations there were some issues. Mr. O'Rourke stated that the payables are probably more effective than the payroll. Chairman Talbot said then we are leaving it as it is. General Discussion Mr. Soli stated that he will be moving and that by September or there about the RMLD Board of Commissioners will have a vacant seat. Board Material Available but not discussed RMLD Board Meetings Thursday, July 24, 2014 Thursday, September 25, 2014 Citizens' Advisory Board Meeting Wednesday, August 13, 2014 Executive Session At 9:03 Mr. Pacino made a motion seconded by Mr. Soli that the RMLD Board go into Executive Session to approve the Executive Session meeting minutes of February 27, 2014 and to discuss mediation and union negotiations update, and return to Regular Session for the sole purpose of adjournment. W Motion carried by a polling of the Board. Mr. Stempeck; Aye, Mr. O'Rourke; Aye, Mr. Soli; Aye, Mr. Pacino; Aye, and Chairman Talbot, Aye. Motion carried 5:0:0. Regular Session Meeting Minutes June 12, 2014 10 Adjournment At 9:25 p.m. Mr. Pacino made a motion seconded by Mr. Talbot that the RMLD Board of Commissioners move to adjourn the Regular Session. Motion carried 5:0:0. A true copy of the RMLD Board of Commissioners minutes as approved by a majority of the Commission. 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O n F :, co i N N � ,— cn E m U- �+-� C > CU = N i ^, r ^ N rip � ry Qj a) Q L. fa fa V 00 00 Li) N 00 ct N +� w LO M M O 'bq tq. C N N t (p O O O O C C .� E � � .� � C L- fu (a cy p Ln O^ Q) O %� v N fo •O Q) C C C-0 O C-0 O C O C O .� 4-J fa N '� C O •� C Ln C O C O 0 0� N N O N U tea. w r-� a w �I� Ln 4-J f L V a—+ ' O 4—J E cu cu E � ^^ ,, M co • W Ln W Q) ^ }/ +-j S i Ln a--+ V _ L CU O m un O Q 4-a i O V V L O V 4-J a+0 N z RMLD READING MUNICIPAL LIGHT DEPARTMENT U& RFgARLF ppRTiR FqR OESFRA'f10NR 2014 - Generational Mortality, 7.25% Discount Rate COMPARISON OF JANUARY 1, 2012 AND JANUARY 1, 2014 COSTS Percentage January 1, 2012 January 1, 2014 Change Demographic Information 1. Actives 72 70 -2.8% 2. Annualized Payroll $5,577,892 $5,572,270 -0.1% 3. Retired, Disabled and Beneficiaries 51 70 37.3% 4. Annual Retirement Benefit $2,243,032 $2,608,666 16.3% excluding COLA reimbursed by State ReSU�tS 5. Present Value of Benefits a. Actives $ 28,358,531 $ 27,699,726 -2.3% b. Retirees 23,783,856 27,930,882 17.4% c. Inactives 65,547 165,059 151.8% d. Noncontributory Liability 0 0 e. Total $ 52,207,934 $ 55,795,667 6.9% 6. Assets $ 33,693,088 $ 40,511,889 20.2% 7. Present Value of Future Employee Contributions $ 4,012,714 $ 4,068,939 1.4% 8. Present Value of Future Normal Costs $ 14,502,132 $ 11,214,839 -22.7% (5e.)- (6) -(7) 9. Present Value of Future Salaries $ 44,657,226 $ 44,855,950 0.4% 10. Normal Cost Percentage 32.47% 25.00% -23.0% (8) /(9) 11. Total Salaries of Employees Below $ 5,286,978 $ 5,414,205 2.4x/0 Assumed Retirement Age 12. Greater of Normal Cost (10) x (I I) : and $0 $ 1,716,682 $ 1,353,551 -21.2% 13. Normal Cost Adjusted to end of fiscal year $ 1,741,266 $ 1,374,538 -21.1% 14. Annualized Payroll of Active Members $ 5,688,356 $ 5,682,623 -0.1% 15. Normal Cost as a Percentage of Pay 30.18% 23.36% -22.6% 16. Normal Cost adjusted to end of fiscal year 30.61% 24.19% -21.0% Aft stone(;riii� iiI1m(pri(, PC RMLD READING MUNICIPAL LIGHT DEPARTMENT 2014 - Projected Mortality by 19 years, 7.00% Discount Rate COMPARISON OF JANUARY 1, 2012 AND JANUARY 1, 2014 COSTS Percentage January 1, 2012 January 1, 2014 Change Demographic Information 1. Actives 72 70 -2.8% 2. Annualized Payroll $5,577,892 $5,572,270 -0.1% 3. Retired, Disabled and Beneficiaries 51 70 37.3% 4. Annual Retirement Benefit $2,243,032 $2,608,666 16.3% excluding COLA reimbursed by State Results 5. Present Value of Benefits a. Actives $ 28,358,531 $ 27,738,101 - 2.2x/0 b. Retirees 23,783,856 27,860,846 17.1% c. Inactives 65,547 165,059 151.8% d. Noncontributory Liability 0 0 e. Total $ 52,207,934 $ 55,764,006 6.8% 6. Assets $ 33,693,088 $ 40,511,889 20.2% (Iiiw 7. Present Value of Future Employee Contributions $ 4,012,714 $ 4,137,057 3.1x/0 8. Present Value of Future Normal Costs $ 14,502,132 $ 11,115,060 -23.4% (5e.)- (6) -(7) 9. Present Value of Future Salaries $ 44,657,226 $ 45,588,982 2.1% 10. Normal Cost Percentage 32.47% 24.38% -24.9% (8)/(9) 11. Total Salaries of Employees Below $ 5,286,978 $ 5,414,205 2.4% Assumed Retirement Age 12. Greater of Normal Cost (10) x (11) : and $0 $ 1,716,682 $ 1,319,983 -23.1% 13. Normal Cost Adjusted to end of fiscal year $ 1,741,266 $ 1,338,886 -23.1% 14. Annualized Payroll of Active Members $ 5,688,356 $ 5,682,623 -0.1% 15. Normal Cost as a Percentage of Pay 30.18% 22.78% -24.5% 16. Normal Cost adjusted to end of fiscal year 30.61% 23.56% -23.0% L4+..- °,►.► stoneconsulting,inc �W �i 0 N r M rO 9 c f0 o h y, lO y h � ' � E .O °J C A a w 0 c 0 M .0 yv N_ 0 CO t\ O n lO m M CO N LO O lO m V V O O N m l 0 m lO M I V I M C lD r, n V1 m 00 00 N n n t dA S 00 N1 0 N 0 0 C M N f O M M lD I� r V W m M ' f M m l!1 00 m h lD M lO f (N V N lD N f M ul N In u1 L 69 y to N n-T lO lO m n N N C M N u N N M N N C N M M 0 7 M N — — N 1n M N N Vn It m v m v m v 0) aa m a m a m N N M M IT a Ln Ln LO t` t` m+ 1 O M O vi O� O M pp� O in O M Q C7 N N M M x 7 00 lO lO n n m cO H W 0 c i.+ a 0 Q 'MN 0 a uogesuadwoD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 w w co w ea w aMn w roa 00 C') O � O N C 'r' a E U m V1 � q 41 v1 N d Q V In V W E m M � O My E � N VI N Z ' m o O m lD a N o 00 lD c jagwnN N W 0 c i.+ a 0 Q 'MN 0 a a 0 N a C A N '^ A EE v O v y C A S L v M M a� IT M to sf Oi D1 t!1 m N IA J N M M a v ton LA 0 r' n J) d to d to d to d to b to o o N M M V V 0 0 W lD 1l n CO F M O N 7 n � m ao N C M M M u1 N t\ M V N N Co R M M w co M {O 1, to N w M Ol tD 1� V to N1 It N — M M to N V O a0 A {MO Q M M V dam' tin M l�D lD r f` d M a v 6 LA 6 LA b n N 1- M M O � V m o v o m o `tnD IR 7 h 1l r O O M 'r N O to M M to N N to 7 N N M N co 7 Ol O ON N {O Dl to V tD rl 00 cc D1 N R M t!1 1, tD M 01 tD n V v W � a E � N to D O 'y d A Ln O C C V MIT M R M IT M R M V M J UW N N M M V IT to to w w I., n r N d L, d to d to d to d to d to c 0 C N N M M -f -T In to tD w 1, 1, f0 F O L H N W O] r- I U t� ,Y i 0 V/ MPDU Motion June 12, 2014 Move that the Reading Municipal Light Department Board of Commissioners approve the adoption of the rates MDPU numbers #236, 237, 238, 239, 240, 241, 242, 243, 244, 245 dated to be effective July 1, 2014 on the recommendation of the General Manager. RATE TARIFF # Purchase Power Capacity and Transmission Charge MDPU #236 Residential Schedule A MDPU #237 Residential Schedule RW MDPU #238 Residential Time -of -Use Schedule A2 MDPU #239 Commercial Schedule C MDPU #240 Industrial Time -of -Use Schedule I MDPU #241 School Schedule SCH MDPU #242 Private Lighting Schedule D MDPU #243 Cooperative Resale Schedule G MDPU #244 Municipal Street Lighting Formula MDPU #245 Town of Reading, Massachusetts Municipal Light Department MDPU # 236 supersedes and cancels MDPU # 219 Purchase Power Capacity and Transmission Charge Applicability: The Purchase Power Capacity and Transmission Charge, or the annual average base power supply base costs, shall be applied to all customers receiving service under any rate schedule of the Department. Power Cost Amount: The Purchase Power Capacity and Transmission Charge amount shall be the total amount of all power and transmission charges incurred by the Department, exclusive of fuel, for electric service to all customers. Such cost shall be computed periodically on actual or estimated power billings and divided by the total kilowatt -hour sales to all customers for that month. The resultant cost shall be rounded to the nearest $.00001/kilowatt -hour. For customers receiving service under the Department's Industrial Time -of -Use Schedule I Rate, the Department will calculate an on -peak and an off -peak Purchase Power Capacity and Transmission Charge that reflects the relative cost of purchased power for those customers during on -peak and off -peak periods. Calculation of the Purchase Power Capacity and Transmission Charge: The Purchase Power Capacity and Transmission Charge shall equal the power cost amount. The resultant charge shall be applied to all bills in the following month. Other Charges and Credits: By order of the Reading Municipal Light Board, the Purchase Power Capacity and Transmission Charge may reflect additional one -time or irregular credits resulting from power refunds, out of period adjustments or reduced power reserve needs. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department Designation: Residential A Rate MDPU # 237 supersedes and cancels MDPU # 228 Residential Schedule A Rate Available in: Reading, Lynnfield Center, North Reading, and Wilmington Applicable to: Individual residential customers for all domestic uses where service is taken through one meter. Incidental commercial use, not exceeding 20% of the total energy used on the same premises is permitted. Character of service: A.C. 60 cycles: single phase. Customer Charge: $3.73 per month Distribution Energy Charge: $.04880 per Kilowatt -hour for all Kilowatt -hours usage Budget Billing: The customers under this rate will have available to them a budget billing program under which the customer is required to pay a levelized amount to the Department each billing period during the calendar year. The specifics of this program are outlined in the Department's General Terms and Conditions. Low Income Discount The Customer Charge under this rate will be waived upon verification of a low - income customer's receipt of any means - tested public benefit, or verification of eligibility for the low - income home energy assistance program, or its successor program, for which eligibility does not exceed 200 percent of the federal poverty level based on a household's gross income. In a program year in which maximum eligibility for LIHEAP exceeds 200 percent of the federal poverty level, a household that is income eligible under LIHEAP shall be eligible for the low - income electric discount. It is the responsibility of the customer to annually certify, by forms provided by the utility, the continued compliance with the foregoing qualifications. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department Farm Discount: MDPU # 237 supersedes and cancels MDPU # 228 Residential Schedule A Rate (cont'd) Customers who meet the eligibility requirements set forth by the Massachusetts Department of Food and Agriculture for being engaged in the business of agriculture or farming, and upon certification to the RMLD by the Massachusetts Department of Food and Agriculture, will be eligible for an additional 10% discount, prior to the RMLD prompt payment discount, on rates and charges applicable on their monthly billing statement. Energy Conservation Charge: The bill for service hereunder may be increased or decreased as provided by the Energy Conservation Charge. Fuel Adjustment: The bill for service hereunder may be increased or decreased as provided by the Standard Fuel Adjustment Clause. Purchase Power Capacity and Transmission Charge: The bill for service hereunder may be increased or decreased as provided by the Purchase Power Capacity and Transmission Charge. Meter Reading and Billing: Bills under this schedule will be rendered monthly. A prompt payment discount of 15% will be allowed on the Customer Charge and Distribution Energy Charge, only if the entire bill is paid -in -full by the discount due date. General Terms and Conditions: Service hereunder is subject to the General Terms and Conditions which are incorporated herein and are a part of this rate schedule. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department Designation: Residential RW Rate MDPU # 238 supersedes and cancels MDPU # 229 Residential Schedule RW Controlled Water Heater Rate Available in: Reading, Lynnfield Center, North Reading, and Wilmington Applicable to: Individual residential customers for all domestic uses where service is taken through one meter. Incidental commercial use, not exceeding 20% of the total energy used on the same premises is permitted. Character of service: A.C. 60 cycles: single phase. Terms of Use: When a customer regularly uses an electric water heater of a type approved by the Department, service to the water heater will be controlled by a Department owned timing device. Customer also needs a customer owned internet connection. Internal wiring will be the responsibility of the customer. Water heater with two elements shall be interlocked to prevent simultaneous operation. Customer Charge: $3.74 per month. Distribution Energy Charge: $.03743 per Kilowatt -hour for all Kilowatt -hours usage Budget Billing: The customers under this rate will have available to them a budget billing program under which the customer is required to pay a levelized amount to the Department each billing period during the calendar year. The specifics of this program are outlined in the Department's General Terms and Conditions. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department Low Income Discount MDPU # 238 supersedes and cancels MDPU # 229 Residential Schedule RW Controlled Water Heater Rate (Contd.) The Customer Charge under this rate will be waived upon verification of a low - income customer's receipt of any means - tested public benefit, or verification of eligibility for the low - income home energy assistance program, or its successor program, for which eligibility does not exceed 200 percent of the federal poverty level based on a household's gross income. In a program year in which maximum eligibility for LIHEAP exceeds 200 percent of the federal poverty level, a household that is income eligible under LIHEAP shall be eligible for the low - income electric discount. It is the responsibility of the customer to annually certify, by forms provided by the utility, the continued compliance with the foregoing qualifications. Farm Discount: Customers who meet the eligibility requirements set forth by the Massachusetts Department of Food and Agriculture for being engaged in the business of agriculture or farming, and upon certification to the RMLD by the Massachusetts Department of Food and Agriculture, will be eligible for an additional 10% discount, prior to the RMLD prompt payment discount, on rates and charges applicable on their monthly billing statement. Energy Conservation Charge: The bill for service hereunder may be increased or decreased as provided by the Energy Conservation Charge. Fuel Adjustment: The bill for service hereunder may be increased or decreased as provided by the Standard Fuel Adjustment Clause. Purchase Power Capacity and Transmission Charge: The bill for service hereunder may be increased or decreased as provided by the Purchase Power Capacity and Transmission Charge Meter Reading and Billing: Bills under this schedule will be rendered monthly. A prompt payment discount of 15% will be allowed on the Customer Charge and Distribution Energy Charge, only if the entire bill is paid -in -full by the discount due date. General Terms and Conditions: Service hereunder is subject to the General Terms and Conditions which are incorporated herein and are a part of this rate schedule. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department Designation: MDPU # 239 supersedes and cancels MDPU # Residential Time -of -Use Schedule A2 Rate Available in: Reading, Lynnfield Center, North Reading, and Wilmington Applicable to: Individual residential customers for all domestic uses where service is taken through one On -Peak and Off -Peak meter. Incidental commercial use, not exceeding 20% of the total energy used on the same premises is permitted. Character of service: A.C. 60 cycles: single phase. Customer Charge: $5.91 per month. Distribution Energy Charge: $.07271 per Kilowatt -hour for all Kilowatt -hours usage during the On -Peak hours. $.01500 per Kilowatt -hour for all Kilowatt -hours usage during the Off -peak hours. Definition of Periods: The On -Peak period is defined as the hours between 12:00 Noon and 7:00 P.M. Monday through Friday except holidays as listed under the "Granted Holidays" paragraph listed below. The Off -Peak period is defined as the hours between 7:00 P.M. and 12:00 Noon Monday through Friday and all hours Saturday, Sunday and granted holidays as listed below. Controlled Water Heater Allowance: When a customer regularly uses an electric water heater of a type approved by the Department, 333 kWh will be credited to usage during the Off -Peak period and will be billed at $.00300 per kWh. All kWh used Off -Peak above 333 kWh will be charged at the regular Off -Peak rate. If less than 333 kWh are used Off -Peak then only that amount of kWh will be billed at $.00300 per kWh. Water heater with two elements shall be interlocked to prevent simultaneous operation. Service to the water heater will be controlled by a Department owned time switch in an approved outdoor socket. Term: A customer electing to be billed under this rate must remain on this rate for a minimum of one year. At the end of one year on this rate a customer may elect to remain on this rate or be billed under the Residential A Rate. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department Budget Billing: MDPU # 239 supersedes and cancels MDPU # Residential Time -of -Use Schedule A2 Rate (cont'd) The customers under this rate will have available to them a budget billing program under which the customer is required to pay a levelized amount to the Department each billing period during the calendar year. The specifics of this program are outlined in the Department's General Terms and Conditions. Low Income Discount The Customer Charge under this rate will be waived upon verification of a low- income customer's receipt of any means - tested public benefit, or verification of eligibility for the low- income home energy assistance program, or its successor program, for which eligibility does not exceed 200 percent of the federal poverty level based on a household's gross income. In a program year in which maximum eligibility for LIHEAP exceeds 200 percent of the federal poverty level, a household that is income eligible under LIHEAP shall be eligible for the low- income electric discount. It is the responsibility of the customer to annually certify, by forms provided by the utility, the continued compliance with the foregoing qualifications. Farm Discount: Customers who meet the eligibility requirements set forth by the Massachusetts Department of Food and Agriculture for being engaged in the business of agriculture or farming, and upon certification to the RMLD by the Massachusetts Department of Food and Agriculture, will be eligible for an additional ten percent discount, prior to the RMLD prompt payment discount, on rates and charges applicable on their monthly billing statement. Energy Conservation Charge: The bill for service hereunder may be increased or decreased as provided by the Energy Conservation Charge. Fuel Adjustment: The bill for service hereunder may be increased or decreased as provided by the Standard Fuel Adjustment Clause. Purchase Power Capacity and Transmission Charge: The bill for service hereunder may be increased or decreased as provided by the Purchase Power Capacity and Transmission Charge. Meter Reading and Billing: Bills under this schedule will be rendered monthly. A prompt payment discount of 15% will be allowed on the Customer Charge, Distribution Demand Charge and Distribution Energy Charge, only if the entire bill is paid -in -full by the discount due date. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department MDPU # 239 supersedes and cancels MDPU # Residential Time -of -Use Schedule A2 Rate (cont'd) Granted Holidays Under the Residential Time -of -Use Schedule A2 Rate the holidays granted for Off -Peak are: New Year's Day, President's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Columbus Day, Veteran's Day and Christmas Day. General Terms and Conditions: Service hereunder is subject to the General Terms and Conditions which are incorporated herein and are a part of this rate schedule. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts MDPU # 240 supersedes Municipal Light Department and cancels MDPU # 231 Commercial Schedule C Rate Designation: Commercial C Rate Available in: Reading, Lynnfield Center, North Reading, and Wilmington Applicable to: Service under this rate is available to industrial or commercial customers who take all their requirements under this rate. All electricity furnished under this rate will be metered through one service unless it is convenient for the Department to do otherwise. Character of service: AC 60 cycles: single phase or three phase. Customer Charge: $6.41 per month. Distribution Demand Charge: $6.71 per Kilowatt for all demand usage. Distribution Energy Charge: $.01424 per Kilowatt -hour for all Kilowatt -hours usage. Budget Billing: The customers under the C Rate may elect the Budget Billing program under which the customer is required to pay the levelized amount to the Department each billing period during the calendar year. This rate is not available to C Rate Customers electing the Contract Demand Rate, or the Non -Firm Demand Rate. The specifics of this program are outlined in the Department's General Terms and Conditions. Energy Conservation Charge: The bill for service hereunder may be increased or decreased as provided by the Energy Conservation Charge. Fuel Adjustment: The bill for service hereunder may be increased or decreased as provided by the Standard Fuel Adjustment Clause. Purchase Power Capacity and Transmission Charge: The bill for service hereunder may be increased or decreased as provided by the Purchase Power Capacity and Transmission Charge. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department MDPU # 240 supersedes and cancels MDPU # 231 Commercial Schedule C Rate (cont'd) Measurement of Billing Demand: The billing demand shall be the highest of the fifteen minute kilowatt demand established during the billing period, but not less than eighty percent of the maximum demand established during the preceding summer season or sixty percent of the maximum demand established during the winter season. Definitions of Seasons: The summer season is defined as the months of June through September and the winter season is defined as the months of October through May. Farm Discount: Customers who meet the eligibility requirements set forth by the Massachusetts Department of Food and Agriculture for being engaged in the business of agriculture or farming, and upon certification to the RMLD by the Massachusetts Department of Food and Agriculture, will be eligible for an additional ten percent discount, prior to the RMLD prompt payment discount, on rates and charges applicable on their monthly billing statement. Customer Transformer Ownership: A customer requiring a minimal transformer capacity of over 2,000 kW will be required to furnish its own transforming and protective equipment, including mat, vault, primary and secondary cables, conduits, etc., which must comply with the specifications of the Department. The following discounts apply when the above is complied with: $.12 per kilowatt of demand when the service is taken at 2,400/4,160 volts. $.25 per Kilowatt of demand when the service is taken at 13,800 volts. $375 per Kilowatt of demand when the service is taken at 34,500 volts. Metering: The Department may, at its option, meter at the customer's utilization voltage or on the high side of the transformers through which the service is furnished. In the latter case, or if the customer's utilization voltage requires no transformation, a discount of 1.8% will be applied to the bill but in no case will such a discount be allowed if the metering voltage is less than 2,400 volts. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department MDPU # 240 supersedes and cancels MDPU # 231 Commercial Schedule C Rate (cont'd) Meter Reading and Billing: Bills under this schedule will be rendered monthly. A prompt payment discount of 15% will be allowed on the Customer Charge, Distribution Demand Charge and Distribution Energy Charge, only if the entire bill is paid -in -full by the discount due date. General Terms: Service hereunder is subject to the General Terms and Conditions which are incorporated herein and are a part of this rate schedule. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department MDPU # 241 supersedes and cancels MDPU # 232 Industrial Time -of -Use Schedule I Rate Designation: Industrial Time -of -Use I Rate Available in: Reading, Lynnfield Center, North Reading, and Wilmington Applicable to: Service under this rate is available to industrial or commercial customers who take all their requirements under this rate. All electricity furnished under this rate will be metered using an electronic meter capable of metering On -Peak and Off -Peak energy as well as kW demand. Character of service: A.C. 60 cycles: single phase or three phase. Customer Charge: $29.56 per month. Distribution Demand Charge: $7.39 per Kilowatt for all demand usage. Definition of Periods: The On -Peak period is defined as the hours between 12:00 Noon and 7:00 P.M., Monday through Friday except holidays as listed below. The Off -Peak period is defined as the hours between 7:00 P.M. and 12:00 Noon, Monday through Friday and all hours Saturday, Sunday and granted holidays as listed below. Term: A customer electing to be billed under this rate must remain on this rate for a minimum of one year. At the end of one year on this rate a customer may elect to remain on this rate or be billed under the Commercial C Rate. Energy Conservation Charge: The bill for service hereunder may be increased or decreased as provided by the Energy Conservation Charge. Fuel Adjustment: The bill for service hereunder may be increased or decreased as provided by the Standard Fuel Adjustment Clause. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department MDPU # 241 supersedes and cancels MDPU # 232 Industrial Time -of -Use Schedule I Rate (cont'd) Purchase Power Capacity and Transmission Charge: The bill for service hereunder may be increased or decreased as provided by the Purchase Power Capacity and Transmission Charge. Measurement of Billing Demand: The Billing demand shall be the highest of the fifteen minute On Peak kilowatt demand established during the billing period, but not less than eighty percent of the maximum On Peak demand established during the preceding summer season or sixty percent of the maximum On Peak demand established during the winter season. Definitions of Seasons: The summer season is defined as the months of June through September and the winter season is defined as the months of October through May. Farm Discount: Customers who meet the eligibility requirements set forth by the Massachusetts Department of Food and Agriculture for being engaged in the business of agriculture or farming, and upon certification to the RMLD by the Massachusetts Department of Food and Agriculture, will be eligible for an additional ten percent discount, prior to the RMLD prompt payment discount, on rates and charges applicable on their monthly billing statement. Customer Transformer Ownership: A customer requiring a minimal transformer capacity of over 2000 kW will be required to furnish its own transforming and protective equipment, including mat, vault, primary and secondary cables, conduits, etc., which must comply with the specifications of the Department. The following discounts apply when the above is complied with: $.12 per Kilowatt of demand when the service is taken at 2,400/4,160 volts. $.25 per Kilowatt of demand when the service is taken at 13,800 volts. $375 per Kilowatt of demand when the service is taken at 34,500 volts. Metering: The Department may, at its option, meter at the customer's utilization voltage or on the high side of the transformer through which the service is furnished. In the latter case, or if the customer's utilization voltage requires no transformation, a discount of 1.8% will be applied to the bill but in no case will such discount be allowed if the metering voltage is less than 2,400 voltage Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department MDPU # 241 supersedes and cancels MDPU # 232 Industrial Time -of -Use Schedule I Rate (cont'd) Meter Reading and Billing: Bills under this schedule will be rendered monthly. A prompt payment discount of 15% will be allowed on the Customer Charge, Distribution Demand Charge and Distribution Energy Charge, only if the entire bill is paid -in -full by the discount due date. Granted Holidays Under the Industrial Time -of -Use Schedule I Rate the holidays granted for Off -Peak are; New Year's Day, President's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Columbus Day, Veteran's Day and Christmas Day. General Terms and Conditions: Service hereunder is subject to the General Terms and Conditions which are incorporated herein and are a part of this rate schedule. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department School Schedule SCH Rate Designation: School SCH Rate Available in: Reading, Lynnfield Center, North Reading, and Wilmington Applicable to: MDPU # 242 supersedes and cancels MDPU # 233 Applicable to public or private schools offering kindergarten, regular elementary, middle, and high school as approved by the Department, who take all their requirements under this rate. All electricity furnished under this rate will be metered through one service unless it is convenient for the Department to do otherwise. Character of service: AC 60 cycles: single phase or three phase. Customer Charge: $5.91 per month. Distribution Demand Charge: $6.18 per Kilowatt for all demand usage. Distribution Energy Charge: $.00975 per Kilowatt -hour for all Kilowatt -hours usage. Budget Billing: The customers under the School Rate may elect the Budget Billing program under which the customer is required to pay levelized amount to the Department each billing period during the calendar year. Energy Conservation Charge: The bill for service hereunder may be increased or decreased as provided by the Energy Conservation Charge. Fuel Adjustment: The bill for service hereunder may be increased or decreased as provided by the Standard Fuel Adjustment Clause. ``' Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department MDPU # 242 supersedes and cancels MDPU # 233 School Schedule SCH Rate (cont'd) Purchase Power Capacity and Transmission Charge: The bill for service hereunder may be increased or decreased as provided by the Purchase Power Capacity and Transmission Charge. Measurement of Billing Demand: The billing demand shall be the highest of the fifteen minute Kilowatt demand established during the billing period, but not less than eighty percent of the maximum demand established during the preceding summer season or sixty percent of the maximum demand established during the winter season. Definitions of Seasons: The summer season is defined as the months of June through September and the winter season is defined as the months of October through May. Customer Transformer Ownership: A customer requiring a minimal transformer capacity of over 2000 kW will be required to furnish its own transforming and protective equipment, including mat, vault, primary and secondary cables, conduits, etc., which must comply with the specifications of the Department. The following discounts apply when the above is complied with: $.12 per kilowatt of demand when the service is taken at 2,400/4,160 volts. $.25 per Kilowatt of demand when the service is taken at 13,800 volts. $375 per Kilowatt of demand when the service is taken at 34,500 volts. Metering: The Department may, at its option, meter at the customer's utilization voltage or on the high side of the transformers through which the service is furnished. In the latter case, or if the customer's utilization voltage requires no transformation, a discount of 1.8% will be applied to the bill but in no case will such a discount be allowed if the metering voltage is less than 2,400 volts. Meter Reading and Billing: Bills under this schedule will be rendered monthly. A prompt payment discount of 15% will be allowed on the Customer Charge, Distribution Demand Charge and Distribution Energy Charge, only if the entire bill is paid -in -full by the discount due date. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department MDPU # 242 supersedes and cancels MDPU # 233 School Schedule SCH Rate (cont'd) General Terms: Service hereunder is subject to the General Terms and Conditions which are incorporated herein and are a part of this rate schedule. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department Designation: Street Light D Rate MDPU # 243 supersedes and cancels MDPU # 234 Private Lighting Rate Schedule D Available: Reading, Lynnfield Center, North Reading, and Wilmington Applicable to: Street and Area Light service on all public, private, and unaccepted streets and areas where the Department has facilities for supplying electricity and where the installation work involved is limited to the necessary lighting unit and connection on the same pole. This Schedule does not apply to Public Street Lighting Service supplied directly to the Municipalities. Energy Charge: The rate per year for the standard 4,000 -hour schedule is as follows: Fixture Type Annual Rate Annual kWh 100 Watt Mercury $52.72 500 175 Watt Mercury 58.60 860 f 400 Watt Mercury 97.18 1,900 50 Watt HPS 60.71 240 100 Watt HPS 77.48 500 250 Watt HPS 102.31 1,200 400 Watt HPS 142.11 1,900 25 Watt LED 51.16 110 42 Watt LED 57.09 185 101 Watt LED 92.04 444 93 Watt LED Flood 131.71 409 134 Watt LED Flood 161.26 590 Note: Incandescent and Mercury lamps will no longer be supplied for new installations. Fuel Adjustment: The bill for service hereunder may be increased or decreased as provided by the Standard fuel Adjustment Clause. The Fuel Adjustment will appear on the bill as the monthly fuel charge multiplied by one twelfth of the Annual kWh shown above for each Fixture Type. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department MDPU # 243 supersedes and cancels MDPU # 234 Street Lighting Rate Schedule D (cont'd) Purchase Power Capacity and Transmission Charge: The bill for service hereunder may be increased or decreased as provided by the Purchase Power Capacity and Transmission Charge. The Purchase Power Capacity and Transmission Charge will appear on the bill as the monthly charge multiplied by one twelfth of the Annual kWh shown above for each Fixture Type. Extra Pole Cost When an extra pole is required, specifically for street lighting, there will be an extra cost based upon pole size, including up to 100 feet of secondary. 30 foot or 35 foot Class 4 pole $44.00 per year 40 foot Class 4 pole $48.00 per year Meter Reading and Billing: Bills under this schedule will be rendered monthly. A prompt payment discount of 15% will be allowed on the current bill, excluding Fuel and Purchased Power Capacity and Transmission Charges, only if the entire bill is paid -in -full by the discount due date. General Terms and Conditions: Service hereunder is subject to the General Terms and Conditions which are incorporated herein and are a part of this rate schedule. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department Designation: Cooperative G Rate MDPU # 244 supersedes and cancels MDPU # 235 Cooperative Resale Schedule G Rate Available in: Available to municipal lighting plants and private companies whose service territory is adjacent to the service territory of the Department and for distribution to such customers that cannot be served from the existing distribution lines, provided that the Department has available facilities for furnishing the service Character of Service: A.C. 60 cycles: single phase. Customer Charge: $3.44 per month. Distribution Energy Charge: $.04074 per Kilowatt -hour for all Kilowatt -hours usage. Fuel Adjustment: The bill for service hereunder may be increased or decreased as provided by the Standard Fuel Adjustment Clause. Purchase Power Capacity and Transmission Charge: The bill for service hereunder may be increased or decreased as provided by the Purchase Power Capacity and Transmission. Meter Reading and Billing: Bills under this schedule will be rendered monthly. A prompt payment discount of 15% will be allowed on the Customer Charge and Distribution Energy Charge, only if the entire bill is paid -in -full by the discount due date. General Terms and Conditions: Service hereunder is subject to the General Terms and Conditions which are incorporated herein and are a part of this rate schedule. Rate Filed: June 30, 2014 Effective: On Billings on or After July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department Municipal Street Lighting Formula Rate Designation: Street Light D Rate Available: Reading, Lynnfield Center, North Reading and Wilmington Applicable to: MDPU #245 Public Street Lighting Service supplied directly to the Municipalities where the Department has private facilities for supplying electricity and where the installation work involved is limited to the necessary lighting unit and connection on the same pole. Energy Charge: The rate per kilowatt -hour will be determined annually using the following formula as set forth in Massachusetts General Law Chapter 164 Section 58: Total Operating Expenses & Interest on Outstanding Debt & Depreciation Expense Total kilowatt — hours sold including street lighting This rate will be calculated prior to each Fiscal Year based on budgeted expenses and kilowatt -hours and will be trued up to actual expenses and kilowatt- hours, with any adjustment being carried forward to the next Fiscal Year. For purposes of calculating the kilowatt -hours used by each type of fixture the following values will be used: Fixture Type Annual KWh 58 Watt Incandescent 232 92 Watt Incandescent 368 50 Watt HPS 244 100 Watt HPS 508 100 Watt Mercury 520 175 Watt Mercury 860 250 Watt HPS 1,228 400 Watt Mercury 1,840 400 Watt HPS 1,828 Note: Incandescent and Mercury lamps will no longer be supplied for new installations. Rate Filed: June 30, 2014 Effective: July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Town of Reading, Massachusetts Municipal Light Department General Terms and Conditions: MDPU #245 Service hereunder is subject to the General Terms and Conditions which are incorporated herein and are a part of this rate schedule. i%w Rate Filed: June 30, 2014 Effective: July 1, 2014 Filed By: Coleen M. O'Brien, General Manager Q N N V F 0 E ii 7 N K N oa a` ui Z t It Y C C X m N n m C< .+ n �o t` N pp N N QQ Y a m O t ` O� N N d K C) N C m H�� H N N N O ~~ C N Vf O O 8 N O N V? O O n'1 T N N N N H N N N N w N 3 T m X to 'n ul a lD a+ T X �!1 N 9 g 9 0 0 8 N m O O N N O .-i N .n .n 'n N Vf 1f1 vii ti V1 6 CCO c H N H h 3 c N D n E Y< N D O X OT1 N ry N .ti N oo .+o O �D O ao N N o.Q .N. .. .. �' D ll1 as y� .Ny Eco m.. N Q1 C Vl T .m�.m. N N H N C N N V 1 N h H V N ~ a t0/ f O J fL al O vVO�� a o d a 41 O. 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Whether you are here to unwind or host the social event of the season, you will encounter nothing but personalized service —in a setting that is not only affordable, but adds value to your life. The Sea Crest Beach Hotel, located on gor- geous Old Silver Beach, Cape Cod, has completed their 15 million dollar renovation. Changes include 263 fully renovated guestrooms & suites, public space upgrades including a new Lobby Cafe, ocean view dining room completely renovated to match the beautiful view, new restaurant & lounge- Red's- named after a previous hotel owner and Celtic's legend, Red Auerbach, two pools converted to Saline (one indoor, another out- door), and so much more! For hotel information, please refer to the next page. Spea kern Dr. Paul Powers Dr. Powers is a licensed psychologist, is former chairman of the Massachusetts Board of Psychologists and a member of numerous professional organizations. Paul holds a bach- elor's, master's and doctoral degree in psychology from the University of Massachusetts at Amherst. He helped found 'The Management Corps for the Emerging East' a non -profit initiative to send American business volunteers to work in enterprises of the republics of the former Soviet Union in their transition to a free market economy with hands -on management skills and techniques. Paul is also a former U.S. Marine as well as a former licensed pipefitter. Deborah R. Sliz President and CEO of Morgan Meguire, has more than 25 years of federal policy experience, with expertise in issues affecting the electric utility industry, particularly consumer - owned utilities. Prior to her tenure at Morgan Meguire, she was senior vice president and director of legislative services for APCO Associates. She was director of government rela- tions and preference campaign coordinator for the Ameri- can Public Power Association, and served as counsel to the House Interior and Insular Affairs Committee Chairman, Morris K. Udall (D -AZ) from 1979 to 1985 where she was responsible for legislation affecting federal water and power programs, nuclear power, Native American water rights and natural resources. She holds a B.A. from Emory University and a M.A. and J.D. from the University of Arizona. Monica Schmidt Monica Schmidt leads NRECA's National Consulting Group in delivering value to the membership in the areas of Governance, Strategic Planning, Utilities Management, Executive Search, and Safety and Human Resources process improvement. She has over 25 years of broad -based stra- tegic leadership experience in the electric utility indust specializing in corporate and non -profit governance a e emerging trends likely to impact the cooperative secto . She has trained under John and Miriam Carver at the Policy Governance Academy and holds a certificate in Corporate Governance from Tulane University Law School. She is also a member of the International Policy Governance Association, BoardSource and the National Association of Corporate Directors. Ms. Schmidt earned her Master of Science from the University of Baltimore and her Bachelor of Science from Towson State University. Tim Hebert As the CEO of Atrion, he fights for truth, justice and the Atrion Way. Tim believes that there is more to business than simply "turning a profit" and that every business should be driven by purpose. He has infused Atrion with its core purpose of "Having a Positive Impact" which has created a dynamic culture. An influential role model, community leader, speaker and author, he has been featured in count- less publications from CRN to Processor Magazine. He also serves on the advisory councils for many corpora- tions including Cisco Systems, BlueCoat, and Nimsoft. Tim is President and Chairman of the Board of Tech Collective, on the Board of Directors of the Rhode Island Economic Development Corporation and Thielsch Engineering Member of the Rhode Island Commodores and the l0e Island Public Expenditure Council. Preliminary Program Highlights and Events C*65unday Evening Registration Welcome Wagon Welcoming Reception with Cocktails and Light Refreshments Baseball for the Benevolent Fund! Join us for a "safe bet" on the Red Sox vs. Blue Jays Monday night game. The event is free - the square proceeds will go to the Benevolent Fund, which provides assistance to public power employees or families facing financial difficulties due to accidents or illness. There be a children's program available Monday Morning Leadership Challenges Tim Hebert, Atrion Are Certain Behaviors by Your Board Sending the Wrong Message? Monica Schmidt, NRECA Is your board engaged in certain behaviors or practices that may be sending unintended messages to your CEO? Employees? Board candidates? This interactive session identi- fies strategies to enhance governance practicies. Monday Afternoon Lunch Mastering Behavioral Finance: A Leader's Brain on Money Dr. Paul Powers All human beings are driven by a range of powerful emotions. Intellectually we know that financial decisions affect every aspect of our lives and should be made on a rational basis. But the emerging field of behavioral finance shows us that this is fre quently not true. Annual Business Meeting Mon4ay Evening Reception and Banquet There -will be a children's program available Tuesday Morning Energy Policy and the 114th Congress Deborah Sliz, president & CEO of Morgan Meguire, LLC, will bring her intimate knowledge of the U.S. Congress and federal energy policy to the conference and tell us what's going on behind the scenes, and who is making it happen. Natural Gas /Electricity & the Public Power Market ENE - Tim Hebert, Executive Vice President An update of what's happening in the region and how natural gas is affecting the electric utility industry in the northeast. Tuesday Afternoon Afternoon free for golf and sightseeing. Tuesday Evening Dinner will be followed by dessert with Dr. Paul Powers Love & Money: How to Succeed at Both Dr. Paul Powers Most couples argue about money at some point. Sadly, marriages break up more over money than anything else and it doesn't have to be that way. Sure we all have our NMB's (that's neu rotic money behaviors). They can be kooky, quirky, amusing or destructive depending on how you deal with them. This upbeat presentation will focus on what money means to most couples, what we really fight about when we fight about money, and how common goals, compromise, and understanding can lead to a richer life in every sense of the word. Wei nes�ay Morning Farewell Breakfast E.PPA ANNUAL CONFERENCE 2014 Mail or fax registration to: Northeast Public Power Association, 200 New Estate Road, Littleton, MA 01460; Fax: 978.952.7320 Contact Name Email Address Phone Fax Please indicate below the number of attendees, total cost, and names as they will appear on the name badges. Please note: All children must be registered in order to attend meal functions. Indicate age(s) of children to assist with program planning_ # UTILITY MEMBER @ $600 Total $ Name(s): # FIRST CORPORATE MEMBER (one complimentary registration) Name # ADDITIONAL CORPORATE MEMBERS ca $600 Total $ Name(s): # ASSOCIATE MEMBER @ $650 Total $ Name(s): # NON - MEMBER @ $750 Total $ Name(s): # GUEST OR CHILDREN OVER 17 $200 Total $ Name(s) # CHILDREN (UNDER 17) ca $100 Total $ Name(s): # SINGLE DAY RATE a $300 Total $ Name(s): Total to be billed or charged to company or firm $ ❑ Please Send Invoice for $ (Members Only) ❑ Check Enclosed for $ ❑ Please Charge a Total of $ To My: If you would like to make a separate payment for guests, fill out below. ❑ Check Enclosed for $ ❑ Please Charge a Total of $ ; o My ❑]❑❑ # Print Name Send Credit Card receipt to the following address or email: ❑ AV, ❑ ❑ I Exp. Signed Print Name Exp, Send Credit Card receipt to the following address or email: Hotel reservations must be made directly with the Sea Cancellation Policy: Crest Beach Hotel. Reservation information can be found Conference cancellations received by August 15 will be entitled to on the inside cover. Hotel cancellations are the responsibility of a full refund. Cancellations after August 15 will be subject the individual and must comply with hotel policies. to a prorated refund based on any costs incurred by the • Association. Guests and children must be prepaid. Cancellations �t ' f after August 15 will Any questions, special dietary needs, or accommodations for disabilities, please call Colleen Del Signore at 978.540.2200 or delsignore @neppa.org. To: Coleen O'Brien From: 1,CT Maureen McHugh, Jane Par eau Date: May 12, 2014 Subject: Purchase Power Summary — March, 2014 Energy Services Division (ESD) has completed the Purchase Power Summary for the month of March, 2014. ENERGY The RMLD's total metered load for the month was 59,017,692 kWh, which is an 3.56% increase from the March, 2013 figures. Table I 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) ($ /Mwh) Millstone #3 3,701,668 $7.37 6.27% $27,268 0.80% Seabrook 5,869,249 $8.19 9.94% $48,053 1.40% Stonybrook Intermediate 2,594,422 $180.01 4.40% $467,023 13.65% JP Morgan 6,726,030 $60.98 11.39% $410,120 11.99% NextEra 7,826,000 $52.35 13.26% $409,716 11.98% NYPA 2,360,903 $4.92 4.00% $11,616 0.34% ISO Interchange 11,943,159 $109.98 20.23% $1,313,662 38.40% NEMA Congestion 0 $0.00 0.00% - $323,613 -9.46% Coop Resales 10,881 $142.41 0.02% $1,550 0.05% BP Energy 7,732,150 $48.27 13.10% $373,231 10.91% Summit Hydro /Collins /Pioneer 2,508,607 $65.19 4.25% $163,531 4.78% Braintree Watson Unit 810,490 $210.69 1.37% $170,766 4.99% Swift River Projects 895,205 $100.95 1.52% $90,372 2.64% Exelon 5,970,250 $41.04 10.11% $245,009 7.16% Stonybrook Peaking 80,251 $158.45 0.14% $12,716 0.37% Monthly Total 59,029,265 $57.95 100.00% $3,420,919 100.00% Table 2 breaks down the ISO interchange between the DA LMP Settlement and the RT Net Energy for the month of March, 2014. Table 2 Amount Cost % of Total Resource of Energy of Energy Energy (kWh) ($ /Mwh) ISO DA LMP * 13,515,968 110.54 22.90% Settlement RT Net Energy ** - 1,572,809 96.94 -2.66% Settlement ISO Interchange 11,943,159 109.98 20.23% (subtotal) ' Independent System Operator Day -Ahead Locational Marginal Price " Real Time Net Energy MARCH 2014 ENERGY BY RESOURCE Swift River Projects. Braintrelvsktson t 1.4% Summit Hydro, NYPA, 4JN, 3% ■Mills-one#] ■ Seahrnnk ■ Stonybrook Intermediate 0 IP Morpri tonybrook terrnediate, ■ NextCra 4.4% ■ NYPA • ISO Intcrchmgc • dP t ne rgy • Summit I tydro • Braintree Matson Unit • Swift PivcrPrcjccts • Exelcn Stonybrook Peaking P] CAPACITY The RMLD hit a demand of 104,839 kW, which occurred on March 3, at 7 pm. The RMLD's monthly UCAP requirement for March, 2014 was 215,700 kWs. Table 3 shows the sources of capacity that the RMLD utilized to meet its requirements. Table 3 Source Amount (kWs) Cost ($NW- month) Total Cost $ % of Total Cost Millstone #3 4,950 43.08 $213,229 14.94% Seabrook 7,903 45.10 $356,416 24.98% Stonybrook Peaking 24,980 1.93 $48,332 3.39% Stonybrook CC 42,925 3.51 $150,777 10.57% NYPA 4,019 4.02 $16,172 1.13% Hydro Quebec 4,683 4.37 $20,447 1.43% Nextera 60,000 5.50 $330,000 23.13% Braintree Watson Unit 10,520 10.66 $112,115 7.86% ISO -NE Supply Auction 55,720 3.22 $179,355 12.57% Total 215,700 $6.61 $1,426,844 100.00% Table 4 shows the dollar amounts for energy and capacity per source. OR Table 4 Cost of % of Amt of Energy Power Resource Energy Capacity Total cost Total Cost (kWh) ($ /kWh) Millstone #3 $27,268 $213,229 $240,498 4.96% 3,701,668 0.0650 Seabrook $48,053 $356,416 $404,469 8.34% 5,869,249 0.0689 Stonybrook Intermediate $467,023 $150,777 $617,800 12.74% 2,594,422 0.2381 Hydro Quebec $0 $20,447 $20,447 0.42% - 0.0000 JP Morgan $410,120 $0 $410,120 8.46% 6,726,030 0.0610 NextEra $409,716 $330,000 $739,716 15.26% 7,826,000 0.0945 * NYPA $11,616 $16,172 $27,788 0.57% 2,360,903 0.0118 ISO Interchange $1,313,562 $179,355 $1,492,917 30.80% 11,943,159 0.1250 Nema Congestion - $323,613 $0 - $323,613 -6.68% - 0.0000 BP Energy $373,231 $0 $373,231 7.70% 7,732,150 0.0483 * Summit Hydro /Collins /Pioneer $163,531 $0 $163,531 3.37% 2,508,607 0.0652 Braintree Watson Unit $170,766 $112,115 $282,882 5.84% 810,490 0.3490 * Swift River Projects $90,372 $0 $90,372 1.86% 895,205 0.1010 Coop Resales $1,550 $0 $1,550 0.03% 10,881 0.1424 Constellation Energy $245,009 $0 $245,009 5.05% 5,970,250 0.0410 Stonybrook Peaking $12,716 $48,332 $61,047 1.26% 80,251 0.7607 Monthly Total $3,420,919 $1,426,844 $4,847,763 100.00% 59,029,265 0.0821 * Renewable Resources 9.77% OR RENEWABLE ENERGY CERTIFICATES (RECs) • Table 5 shows the amount of banked and projected RECs for the Swift River Hydro Projects through March, 2014, as well as their estimated market value. TRANSMISSION The RMLD's total transmission costs for the month of March, 2014 were $892,962. This • is a decrease of 2.16% from the February transmission cost of $912,647. In March, 2013 the transmission costs were $875,677. Table 5 Current Month Swift River RECs Summary Last Year Peak Demand (kW) 104,839 Period - January 2013 - April 2014 100.465 Energy (kWh) Banked Projected Total Est. Energy ($) RECs RECs RECs Dollars Woronoco 0 2,084 2,084 $86,486 Pepperell 0 2,142 2,142 $124,236 Indian River 0 954 954 $55,332 Turners Falls 1,441 1,107 2,548 $0 RECs Sold 14,810 $797,616 Grand Total 1,441 6,287 22,538 $1,063,670 TRANSMISSION The RMLD's total transmission costs for the month of March, 2014 were $892,962. This • is a decrease of 2.16% from the February transmission cost of $912,647. In March, 2013 the transmission costs were $875,677. 19 Table 6 Current Month Last Month Last Year Peak Demand (kW) 104,839 104,480 100.465 Energy (kWh) 59,029,265 55,023,648 56,991,111 Energy ($) $3,420,919 $3,381,465 $2.393.560 Capacity ($) $1,426,844 $1,473,369 $1,466,915 Transmission($) $892,962 $912,647 $875.677 Total $5,740,725 $5,767,482 $4.736.152 19 To: Coleen O'Brien From: I Maureen McHugh, Jane Parentea Date: June 3, 2014 Subject: Purchase Power Summary — April, 2014 Energy Services Division (ESD) has completed the Purchase Power Summary for the month of April, 2014. ENERGY The RMLD's total metered load for the month was 52,479,600 kWh, which is an .03% increase from the April, 2013 figures. Table 1 is a breakdown by source of the energy purchases. Table 1 �i Amount of Cost of % of Total Total S $ as a Resource Energy Energy Energy Costs % (kWh) ($ /Mwh) Millstone #3 3,578,393 $7.37 6.82% $26,360 1.07% Seabrook 926,579 $8.18 1.77% $7,584 0.31% Stonybrook Intermediate 217,662 $99.29 0.42% $21,612 0.88 % JP Morgan 6,460,400 $61.35 12.32% $396,339 16.11% NextEra 7,907,000 $50.09 15.08% $396,036 16.10% NYPA 2,055,625 $4.92 3.92% $10,114 0.41 % ISO Interchange 9,160,826 $54.57 17.47% $499,900 20.32% NEMA Congestion 0 $0.00 0.00% - $113,871 - 4.63% Coop Resales 8,386 $135.31 0.02% $1,135 0.05% BP Energy 7,900,400 $48.27 15.07% $381,352 15.50% Summit Hydro /Collins /Pioneer 3,710,342 $66.66 7.08% $247,324 10.05% Braintree Watson Unit 221,543 $98.57 0.42% $21,838 0.89% Swift River Projects 2,814,017 $102.41 5.37% $288,191 11.71% Exelon 7,480,000 $36.92 14.26% $276,168 11.23% Stonybrook Peaking 0 $0.00 0.00 % $0 0.00% Monthly Total 52,441,173 $46.91 100.00% $2,460,081 100.00% �i Table 2 breaks down the ISO interchange between the DA LMP Settlement and the RT Net Energy for the month of April 2014. Table 2 Amount Cost % of Total Resource of Energy of Energy Energy (kWh) ($ /Mwh) ISO DA LMP 14,159,299 50.06 27.00% Settlement RT Net Energy " - 4,998,472 41.80 -9.53% Settlement ISO Interchange 9,160,826 54.57 17.47% (subtotal) ` Independent System Operator Day -Ahead Locational Marginal Price " Real Time Net Energy APRIL 2014 ENERGY BY RESOURCE Swif River Projects, 5.4% Brain.ree Watson Unh 0.4X Stonybrook Peaking, MillMnna X3 F R -/- ■ Ml:s:one H3 ■ Seabrook ik 0.4% ■ Stonybrook Intermediate ■ 1P Morgan ■ NerftEra ■ WPA ■ 60Interch3nee • SP Energy, • Summt Hydro • Braintree Watson Unit • Swilt RiverPrcjects • Erekn Stonvbrook Pealing PC CAPACITY The RMLD hit a demand of 89,095 kW, which occurred on April 7, at 8 pm. The RMLD's monthly UCAP requirement for March, 2014 was 215,566 kWs. Table 3 shows the sources of capacity that the RMLD utilized to meet its requirements. Table 3 Source Amount (kWs) Cost ($ &W- month) Total Cost $ % of Total Cost Millstone #3 4,950 42.54 $210,594 15.90% Seabrook 7,903 30.02 $237,247 17.92% Stonybrook Peaking 24,981 2.00 $50,065 3.78% Stonybrook CC 42,925 3.55 $152,496 11.52% NYPA 4,019 4.02 $16,172 1.22% Hydro Quebec 4,683 4.14 $19,406 1.47% Nextera 60,000 5.50 $330,000 24.92% Braintree Watson Unit 10,520 11.33 $119,170 9.00% ISO -NE Supply Auction 55,585 3.40 $189,018 14.27% Total 215,566 $6.14 $1,324,168 100.00% Table 4 shows the dollar amounts for energy and capacity per source. Table 4 Cost of % of Amt of Energy Power Resource Energy Capacity Total cost Total Cost (kWh) ($ /kWh) Millstone #3 $26,360 $210,594 $236,954 6.26% 3,578,393 0.0662 Seabrook $7,584 $237,247 $244,831 6.47% 926,579 0.2642 Stonybrook Intermediate $21,612 $152,496 $174,109 4.60% 217,662 0.7999 Hydro Quebec $0 $19,406 $19,406 0.51% - 0.0000 JP Morgan $396,339 $0 $396,339 10.47% 6,460,400 0.0613 NextEra $396,036 $330,000 $726,036 19.19% 7,907,000 0.0918 " NYPA $10,114 $16,172 $26,286 0.69% 2,055,625 0.0128 ISO Interchange $499,900 $189,018 $688,918 18.20% 9,160,826 0.0752 Nema Congestion - $113,871 $0 - $113,871 -3.01% - 0.0000 BP Energy $381,352 $0 $381,352 10.08% 7,900,400 0.0483 " Summit Hydro /Collins /Pioneer $247,324 $0 $247,324 6.54% 3,710,342 0.0667 Braintree Watson Unit $21,838 $119,170 $141,008 3.73% 221,543 0.6365 " Swift River Projects $288,191 $0 $288,191 7.62 %0 2,814,017 0.1024 Coop Resales $1,135 $0 $1,135 0.03 0/0 8,386 0.1353 Constellation Energy $276,168 $0 $276,168 7.30% 7,480,000 0.0369 Stonybrook Peaking $0 $50,065 $50,065 1.32% - 0.0000 Monthly Total $2,460,081 $1,324,168 $3,784,249 100.00% 52,441,173 0.0722 * Renewable Resources 16.36% RENEWABLE ENERGY CERTIFICATES (RECs) Table 5 shows the amount of banked and projected RECs for the Swift River Hydro Projects through April, 2014, as well as their estimated market value. TRANSMISSION The RMLD's total transmission costs for the month of April, 2014 were $884,256. This is a decrease of .97% from the March transmission cost of $892,962. In April, 2013 the transmission costs were $716,410. Table 6 Current Month Table 5 Last Year Peak Demand (kW) 89,095 Swift River RECs Summary 91,391 Energy (kWh) 52,441,173 Period - January 2014 - April 2014 52,896,791 Energy ($) Banked Projected Total Est. Capacity ($) RECs RECs RECs Dollars Woronoco 0 2,084 2,084 $86,486 Pepperell 0 2,142 2,142 $124,236 Indian River 0 954 954 $55,332 Turners Falls 1,441 1,107 2,548 $0 RECs Sold 0 $0 Grand Total 1,441 6,287 7,728 $266,054 TRANSMISSION The RMLD's total transmission costs for the month of April, 2014 were $884,256. This is a decrease of .97% from the March transmission cost of $892,962. In April, 2013 the transmission costs were $716,410. Table 6 P] Current Month Last Month Last Year Peak Demand (kW) 89,095 104,839 91,391 Energy (kWh) 52,441,173 59,029,265 52,896,791 Energy ($) $2,460,081 $3,420,919 $2,220,542 Capacity ($) $1,324,168 $1,426,844 $1,423,167 Transmission($) $884,256 $892,962 $716,410 Total $4,668,506 $5,740,725 $4,360,119 P] U Z w u LL- w W w Z w v 0 dA L C QI C c L O .Q T .Q C 3 0 c v O i In .N bA C (6 O C C0 C v i E �]D O L CL C O .y i v O U T ao v C W cu Ln i O Ln LJ vi L v O > ✓ •N U C � L l0 CQ O C O v N v CC 3 f6 o J u VI L v E E U N C f9 N Q 4J QJ v U C .Q Q (>3 f0 4 C Q) N L O C 3 Y v Q) L 3 0 En N 00 v ro r CD M CD N N o0 V CO CD V O O N O O W O C M � m N co N O U cn n n V) cn O M M O M Co ) V D) Y CO M CD V l� 0 N N N M D V CO D1 N M M � (n L M O CD CD 'V > O M N O r Y O O O O O m Q, V) (n C13 V� 60 U) Q O N 00 (D I� Q1 Ln � N L c m N M O l0 V N CD LO M e— V' O Co M cz @ O L N O O V3 En Cl) M U) V) LO L O O O O O O Y M V V V O V O N C M O O N M 19 41 T N 1- N c6 O O C rq N � N H- W V V V > Y c LO cD O M V m N N I-. LO O 1` M CD o0 I� N M CD N N t0 O N m IM a H ° U n cn cn V) cn cn 10 1-- Q) M 1` O V L I� Co O co O 1` YM- 6 O M CO O V V m N W Co O � O O j V � O) O V Y M 0 Ili m co _T U O_ U M M M } } r W c U- LL LL W Q) U D D 6 r a) o c c c E WE E w @ F H m U Fes- U Fes- U U N C f9 N Q 4J QJ v U C .Q Q (>3 f0 4 C Q) N L O C 3 Y v Q) L 3 0 En N 00 v ro READING MUNICIPAL LIGHT DEPARTMENT FY 14 CAPITAL BUDGET VARIANCE REPORT FOR PERIOD ENDING MARCH 31, 2014 14 Routine Construction Various Total Construction Projects Other Projects 16 Transformers 17A Meter Purchases 17C AMR High- Powered ERT Comm. Meter Upgrade Project (Partial Carryover) 17D AMR High- Powered ERT 500 Club Meter Upgrade Project 18 Purchase New Pick -up Trucks 19 Purchase Two New Line Department Vehicles 20 Build Covered Storage (Multi -year Project) 21 HVAC System Upgrade (Multi -year Project) 22 Engineering Analysis Software and Data Conversion (Partial Carryover) 23 New Radio System (Multi -year Project) 24 Repairs - 226 Ash Street, Station 1 (Multi -year Project) 26 Communication Equipment 27 Hardware Upgrades 28 Software and Licensing 29 Master Site Plan and Photovoltaic Generation Installation Total Other Projects TOTAL CAPITAL BUDGET ALL 113,641 1,350,980 1,014,306 (336,674) 187,733 1,876,545 3,309,414 1,432,869 341,226 341,226 284,000 ACTUAL YTD COST 21,386 138,000 116,614 163,433 COST THRU ANNUAL REMAINING PROJECT DESCRIPTION TOWN MAR MAR 2014 BUDGET BALANCE E80 Construction - System Projects 400,000 215,206 150,000 1 5W9 Reconductoring - Wildwood Street W 6,030 37,890 169,494 131,604 2 4W4 Reconductoring W 95,235 100,000 166,340 166,340 3 Upgrading Old Lynnfield Center URDs (Trog Hawley) (Partial Carryover) LC 2,222 71,284 140,827 69,543 4 Upgrading Old Lynnfield Center URDs (Cook's Farm) LC 76,944 12,274 410,983 410,983 5 4W5 - 4W6 Tie R 150,000 9,960 96,596 86,636 6 URD Upgrades -All Towns ALL 1,060,412 22,396 210,005 187,609 7 Stepdown Area Upgrades - All Towns ALL 30,444 30,444 232,817 202,373 $ 555,805 Total System Projects 6,102,008 3,165,052 Station Upgrades 8 Relay Replacement Project - Gaw Station (Carryover) R 117,181 117,181 9 Gaw Station 35 kv Potential Transformer (PT) Replacement R 40,288 40,288 10 Station 3 - Replacement of Service Cutouts NR 30,126 30,126 11 Station 4 Getaway Replacement - 4W13 R 10,533 148,156 245,147 96,991 15 Station 5 - Getaway Replacements 5W9 and 5W10 W 95,343 95,343 Total Station Projects SCADA Projects 30 RTU Replacement - Station 3 NR 84,109 84,109 Total SCADA Projects New Customer Service Connections 12 Service Installations - Commercial /Industrial ALL 19,401 46,693 55,549 8,856 13 Service Installations - Residential Customers ALL 7,685 158,742 200,302 41,560 Total Service Connections 14 Routine Construction Various Total Construction Projects Other Projects 16 Transformers 17A Meter Purchases 17C AMR High- Powered ERT Comm. Meter Upgrade Project (Partial Carryover) 17D AMR High- Powered ERT 500 Club Meter Upgrade Project 18 Purchase New Pick -up Trucks 19 Purchase Two New Line Department Vehicles 20 Build Covered Storage (Multi -year Project) 21 HVAC System Upgrade (Multi -year Project) 22 Engineering Analysis Software and Data Conversion (Partial Carryover) 23 New Radio System (Multi -year Project) 24 Repairs - 226 Ash Street, Station 1 (Multi -year Project) 26 Communication Equipment 27 Hardware Upgrades 28 Software and Licensing 29 Master Site Plan and Photovoltaic Generation Installation Total Other Projects TOTAL CAPITAL BUDGET ALL 113,641 1,350,980 1,014,306 (336,674) 187,733 1,876,545 3,309,414 1,432,869 341,226 341,226 284,000 (57,226) 335 21,386 138,000 116,614 163,433 114,601 (48,832) 92,713 92,713 700 61,062 70,000 8,938 184,794 400,000 215,206 150,000 150,000 275,000 275,000 17,850 37,081 19,231 620 95,235 100,000 4,765 520,000 520,000 2,222 9,193 100,000 90,807 10,695 104,056 181,000 76,944 12,274 62,177 180,200 118,023 150,000 150.000 $ 368,072 1,060,412 2,792,594 1,732,182 $ 555,805 2,936,957 6,102,008 3,165,052 S/23/2014 8:47 AM READING MUNICIPAL LIGHT DEPARTMENT FY 14 CAPITAL BUDGET VARIANCE REPORT FOR PERIOD ENDING APRIL 30, 2014 (W PROJECT DESCRIPTION E&O Construction - System Projects 1 5W9 Reconductoring - Wildwood Street 2 4W4 Reconductoring 3 Upgrading Old Lynnfield Center URDs (Trog Hawley) (Partial Carryover) 4 Upgrading Old Lynnfield Center URDs (Cook's Farm) 5 4W5 - 4W6 Tie 6 URD Upgrades -All Towns 7 Stepdown Area Upgrades - All Towns Total System Projects Station Upgrades 8 Relay Replacement Project - Gaw Station (Carryover) 9 Gaw Station 35 kv Potential Transformer (PT) Replacement 10 Station 3 - Replacement of Service Cutouts 11 Station 4 Getaway Replacement - 4W13 15 Station 5 - Getaway Replacements 5W9 and SW 10 SCADA Projects 30 RTU Replacement - Station 3 New Customer Service Connections 12 Service Installations - Commercial /Industrial 13 Service Installations - Residential Customers 14 Routine Construction Various Total Station Projects Total SCADA Projects R ACTUAL YTD COST R 40 288 40,288 COST THRU ANNUAL REMAINING TOWN APR APR 2014 BUDGET BALANCE W 36.928 74 818 169.494 94.676 W 92 713 166 340 166.340 LC 70 000 71 284 140 827 69.543 LC 955 955 410 983 410,028 R 9.960 96.596 86.636 ALL 1.482 23.878 210 005 186 127 ALL 20.143 50.587 232 817 182.230 R 117,181 117 181 R 40 288 40,288 NR 30126 30,126 R 10,470 158.626 245.147 86,521 W 95 343 95 343 NR 84.109 84.109 ALL 3,080 49.773 55.549 5.776 ALL 14.492 173.234 200.302 27 068 Total Service Connections ALL 99,558 1.450,538 1.014.306 (436,232) Total Construction Projects Other Projects 16 Transformers 17A Meter Purchases 17C AMR High- Powered ERT Comm Meter Upgrade Project (Partial Carryover) 17D AMR High- Powered ERT 500 Club Meter Upgrade Project 18 Purchase New Pick -up Trucks 19 Purchase Two New Line Department Vehicles 20 Build Covered Storage (Multi -year Project) 21 HVAC System Upgrade (Multi -year Project) 22 Engineering Analysis Software and Data Conversion (Partial Carryover) 23 New Radio System (Multi -year Project) 24 Repairs - 226 Ash Street Station 1 (Multi -year Project) 26 Communication Equipment 27 Hardware Upgrades 28 Software and Licensing 29 Master Site Plan and Photovoltaic Generation Installation Total Other Projects TOTAL CAPITAL BUDGET 187,109 2,063,653 3,309,414 1,245,761 341.226 284 000 (57.226) 12 324 33.710 138.000 104,290 163 433 114.601 (48.832) 92 713 92.713 61.062 70 000 8 938 1,460 186 254 400.000 213.746 150 000 150.000 275 000 275.000 17 850 37 081 19 231 95 235 100 000 4 765 520.000 520.000 9193 100.000 90.807 104.056 181.000 76.944 20 377 82.554 180.200 97.646 150.000 150.000 $ 34,161 1,094,573 2,792,594 1,698,021 $ 221,270 3,158,226 6,102,008 2,943,783 Reading Municipal Light Department Engineering and Operations Monthly Report March /April 2014 FY 2014 CAPITAL PLAN - CONSTRUCTION May 23, 2014 % Complete System Projects: 101 5W9 Reconductoring - Wildwood Street: 25% 102 4W4 Reconductoring: Delayed - FY16 103 Upgrading of Old Lynnfield Center URDs (Trog Hawley - Partial 100% Carryover): 104 Upgrading of Old Lynnfield Center URDs (Cook's Farm): 5% 105 4W5 -4W6 Tie: 10% 106 URD Upgrades - All Towns: On -going 107 Stepdown Area Upgrades - All Towns On -going Station Upgrades; 108 Station 4 (Gaw) Relay Replacement Project (Partial Carryover) Delayed FY15 Station 4 (Gaw) 35kv Potential Transformer Replacement 109 110 Station 3 - Replacement of Service Cutouts: 111 Station 4 (Gaw) Getaway Replacement - 4W13: 100% 125 Station 5 - Getaway Replacements 5W9 and 5W10: Idle SCADA Projects: 130 Station 3 - RTU Replacement: Delayed FY15 May 23, 2014 New Customer Service Connections: • 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 drop and 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. These aspects of a project are captured under Routine Construction (as outlined below). Commercial projects for March and April include North Reading Middle and High Schools, and Target in Wilmington • Service Installations - Residential Customers: This item includes new or upgraded overhead and underground services. Routine Construction: (1) Cutouts changed under this program for March were (4) and April (3). Cutouts installed new or replaced because of damage were approximately: March (23) and April (13). May 23. 2014 PE lk Mar Apr YTD Pole Setting/Transfers 51,131 15,216 322,565 Overhead/U nderg round 27,617 21,461 352,268 Projects Assigned as Required Pole Damage /Knockdowns - Some Reimburseable 4,252 1,859 8,561 9,664 334,063 63,866 Station Group 0 0 2,067 Hazmat/Oil Spills 0 0 51,786 Porcelain Cutout Replacement Program 1,251 1,328 3,075 Lighting Street Light Connections 704 4,222 38,373 Storm Trouble 7,810 391 22,403 Underground Subdivisions (new construction ) 1,684 382 14,607 Animal Guard Installation 4,592 2,013 29,892 Miscellaneous Capital Costs 12,741 36,319 215,573 TOTAL: $113,641 $99,558 $1,450,538 (1) Cutouts changed under this program for March were (4) and April (3). Cutouts installed new or replaced because of damage were approximately: March (23) and April (13). May 23. 2014 PE lk SYSTEM RELIABILITY Key industry standard metrics have been identified to enable the RMLD to measure and track system reliability. SAIDI (System Average Interruption Duration Index) is defined as the average interruption duration (in minutes) for customers served by the utility system during a specific time period. SAIDI = the sum of all customer interruption durations within the specified time frame by the average number of customers served during that period. 100.00 80.00 60.00 40.00 20.00 0.00 SAIDI 2010 -2014 85.75 -- -- - - -- 6235 2010 - 2011 - 2012 - 2013 - 2014 Average SAIDI � 2010 � 2011 ® 2012 s 2013 11111M 2014 YTD = - =- -Region Average National Average SAIFI (System Average Interruption Frequency) is defined as the average number of instances a customer on the utility system will experience an interruption during a specific time period. SAIFI = the total number of customer interruptions _ average number of customers served during that period. SAIFI 2010 -2014 1.00 0.80 0.72 0.60 0.43 0.40 0.32 0.35 0- 0.16 .20 0.00 L __ 2010 - 2011 - 2012 - 2013 - 2014 Average SAIFI May 23. 2014 O g3 2010 2011 0.55 � 2012 � 2013 2014 YTD Region Average National Average 3 CAIDI (Customer Average Interruption Duration Index) is defined as the average duration (in minutes) of an interruption experienced by customers during a specific time frame. CAIDI = the sum of all customer interruption durations during that time period _ the number of customers that experienced one or more interruptions during that time period This matric reflects the average customer experience (minutes of duration) during an outage. CAIDI 2010 -2014 { 120.00 100.00 _ . 105.77 � 2010 80.00 83.00 2011 f 60.00 2012 40.00 � 2013 20.00 � 2014 YTD 0.00 Region Average 2010 - 2011 - 2012 - 2013 - 2014 National Average Average CAIDI Note: Since SAIDI, SAIR and CAIDI are sustained interruption indices; only outages lasting longer than one minute are included in the calculations. r 2010 -2014 Outage Causes Types Storm/ Lightning, _ 10, 4% Distr Tran! Equipm 10, 4% Unknown, nent .able, 16, 6% May 23, 2014 4 is • Dt: May 13, 2014 To: RMLB, Coleen O'Brien, Jeanne Foti Fr: Bob Fournier Sj: March 31, 2014 Report The results for the first nine months ending March 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 March, the net loss or the negative change in net assets was . $428,660, increasing the year to date net loss $1,359,644. The year to date budgeted net income was $2,707,425, resulting in net income being under budget by $4,067,069 or 150 %. Actual year to date fuel expenses exceeded fuel revenues by $2,367,646. 2) Revenues: (Page 11B) Year to date base revenues were under budget by $1,308,414 or 3.58 %. Actual base revenues were $35.2 million compared to the budgeted amount of $36.5 million. 3) Expenses: (Page 12A) *Year to date purchased power base expense was over budget by $143,200 or .66 %. Actual purchased power base costs were $21.8 million compared to the budgeted amount of $21.7 million. *Year to date operating and maintenance (O &M) expenses combined were under budget by $188,813 or 1.96 %. Actual O &M expenses were $9.4 million compared to the budgeted amount of $9.6 million. *Depreciation expense and voluntary payments to the Towns were on budget. 4) Cash: (Page 9) *Operating Fund was at $13,890,614. * Capital Fund balance was at $4,137,612. * Rate Stabilization Fund was at $6,709,447. * Deferred Fuel Fund was at $241,841. * Energy Conservation Fund was at $450,005. 5) General Information: Year to date kwh sales (Page 5) were 530,892,811 which is 7.8 million kwh or 1.45 %, behind last year's actual figure. GAW revenues collected ytd were $489,669 bringing the total collected since inception to $2,482,896. 6) Budget Variance: Cumulatively, the five divisions were under budget by $186,057, or 1.2 %. FINANCIAL REPORT MARCH 31, 2014 ISSUE DATE: MAY 13, 2014 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF NET ASSETS 3/31/14 PREVIOUS YEAR CURRENT YEAR ASSETS CURRENT UNRESTRICTED CASH (SCH A P.9) 10,913,067.17 13,893,614.38 RESTRICTED CASH (SCH A P.9) 18,615,555.42 15,191,576.82 INVESTMENTS (SCH A P.9) 0.00 1,250,000.00 RECEIVABLES, NET (SCH B P.10) 8,399,705.45 6,005,915.12 PREPAID EXPENSES (SCH B P.10) 1,122,245.62 943,553.46 INVENTORY 1,483,275.62 1,453,723.81 TOTAL CURRENT ASSETS 40,533,849.28 38,738,383.59 NONCURRENT INVESTMENT IN ASSOCIATED CO (SCH C P.2) 46,958.35 31,379.32 CAPITAL ASSETS, NET (SCH C P.2) 70,397,286.67 70,296,648.63 TOTAL NONCURRENT ASSETS 70,444,245.02 70,328,027.95 TOTAL ASSETS 109,066,411.54 110,978,094.30 LIABILITIES CURRENT ACCOUNTS PAYABLE 6,287,891.86 7,901,585.69 CUSTOMER DEPOSITS 676,900.53 731,657.83 CUSTOMER ADVANCES FOR CONSTRUCTION 434,025.95 399,624.15 ACCRUED LIABILITIES 1,388,860.36 190,641.25 TOTAL CURRENT LIABILITIES 8,787,678.70 9,223,508.92 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 12,108,876.80 11,774,038.91 NET ASSETS INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT 70,397,286.67 70,296,648.63 RESTRICTED FOR DEPRECIATION FUND (P.9) 2,913,997.27 4,137,612.78 UNRESTRICTED 25,892,771.45 22,523,273.33 TOTAL NET ASSETS (P.3) 99,204,055.39 96,957,534.74 TOTAL LIABILITIES AND NET ASSETS 110,978,094.30 109,066,411.54 (1) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT NONCURRENT ASSET SCHEDULE 3/31/14 SCHEDULE C PREVIOUS YEAR CURRENT YEAR SCHEDULE OF INVESTMENTS IN ASSOCIATED COMPANIES NEW ENGLAND HYDRO ELECTRIC 2,975.74 3,261.87 NEW ENGLAND HYDRO TRANSMISSION 43,982.61 28,117.45 TOTAL INVESTMENTS IN ASSOCIATED COMPANIES 46,958.35 31,379.32 SCHEDULE OF CAPITAL ASSETS LAND 1,265,842.23 STRUCTURES AND IMPROVEMENTS 6,792,724.53 EQUIPMENT AND FURNISHINGS 13,097,181.31 INFRASTRUCTURE 49,241,538.60 TOTAL CAPITAL ASSETS, NET 70,397,286.67 TOTAL NONCURRENT ASSETS 70,444,245.02 (2) 1,265,842.23 6,430,639.92 12,977,665.88 49,622,500.60 70,296,648.63 70,328,027.95 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 3/31/14 TOTAL OPERATING REVENUES 6,714,866.00 6,947,568.73 64,855,451.73 60,869,050.87 -6.15% OPERATING EXPENSES: (SCH E P.12) PURCHASED POWER BASE MONTH MONTH LAST YEAR CURRENT YEAR YTD % PURCHASED POWER FUEL LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE OPERATING REVENUES: (SCH D P.11) 913,479.50 820,478.90 7,393,272.84 7,314,220.74 -1.07% BASE REVENUE 3,507,589.44 3,890,772.46 34,871,638.11 35,242,208.28 1.06% FUEL REVENUE 2,979,311.50 3,049,133.54 27,097,366.84 24,255,077.82 - 10.49% PURCHASED POWER CAPACITY 164,132.52 170,209.37 1,631,463.68 509,434.06 - 68.77% FORFEITED DISCOUNTS 73,059.56 90,400.98 744,575.31 709,048.71 -4.77% ENERGY CONSERVATION REVENUE 53,326.09 54,551.61 530,383.52 522,540.03 -1.48% GAW REVENUE 54,181.85 14,415.68 538,556.53 489,669.08 -9.08% NYPA CREDIT (116,734.96) (321,914.91) _(558 532.26) (858,927.11) 53.78% TOTAL OPERATING REVENUES 6,714,866.00 6,947,568.73 64,855,451.73 60,869,050.87 -6.15% OPERATING EXPENSES: (SCH E P.12) PURCHASED POWER BASE 2,290,711.93 2,324,599.04 21,346,162.35 21,837,118.16 2.30% PURCHASED POWER FUEL 2,393,560.37 3,420,919.01 26,329,977.97 25,763,796.92 -2.15% OPERATING 913,479.50 820,478.90 7,393,272.84 7,314,220.74 -1.07% MAINTENANCE 291,097.47 244,128.37 2,040,007.99 2,144,643.09 5.13% DEPRECIATION 305,469.18 314,969.55 2,749,222.62 2,834,725.95 3.11% VOLUNTARY PAYMENTS TO TOWNS 114,000.00 116,666.67 1,019,383.00 1,048,517.01 2.86% TOTAL OPERATING EXPENSES 6,308,318.45 7,241,761.54 60,878,026.77 60,943,021.87 0.11% OPERATING INCOME 406,547.55 (294,192.81) 3,977,424.96 (73,971.00) - 101.86% NONOPERATING REVENUES (EXPENSES) 11 CONTRIBUTIONS IN AID OF CONST 7,471.88 1,918.87 112,771.77 33,102.73 - 70.65% RETURN ON INVESTMENT TO READING (188,785.58) (191,768.42) (1,699,070.24) (1,725,915.76) 1.58% INTEREST INCOME 2,280.43 10,469.72 23,352.71 46,253.54 98.06% INTEREST EXPENSE (253.88) (251.77) (3,363.12) (3,440.89) 2.31% OTHER (MDSE AND AMORT) 5,971.93 45,164.06 258,879.32 364,327.33 40.73% TOTAL NONOPERATING REV (EXP) (173,315.22) (134,467.54) (1,307,429.56) (1,285,673.05) -1.66% CHANGE IN NET ASSETS NET ASSETS AT BEGINNING OF YEAR NET ASSETS AT END OF MARCH 233,232.33 (428,660.35) (3) 2,669,995.40 (1,359,644.05) - 150.92% 96,534,059.99 98,317,178.79 1.85% 99,204,055.39 96,957,534.74 -2.26% PI TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 3/31/14 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* 35,242,208.28 36,550,623.00 (1,308,414.72) 24,255,077.82 25,231,180.00 (976,102.18) 509,434.06 813,686.00 (304,251.94) 709,048.71 804,114.00 (95,065.29) 522,540.03 547,645.00 (25,104.97) 489,669.08 547,644.00 (57,974.92) (858,927.11) (524,997.00) (333,930.11) 60,869,050.87 63,969,895.00 (3,100,844.13) CHANGE -3.58% -3.87% - 37.39% - 11.82% -4.58% - 10.59% 63.61% -4.85% 21,837,118.16 21,693,918.00 143,200.16 0.66% 25,763,796.92 24,678,534.00 1,085,262.92 4.40% 7,314,220.74 7,224,047.00 90,173.74 1.25% 2,144,643.09 2,423,630.00 (278,986.91) - 11.51% 2,834,725.95 2,831,400.00 3,325.95 0.12% 1.048.517.01 1,049,994.00 (1,476.99) -0.14% 60,943,021.87 59,901,523.00 1,041,498.87 1.74% (73,971.00) 4,068,372.00 (4,142,343.00) - 101.82% 33,102.73 150,000.00 (116,897.27) - 77.93% (1,725,915.76) (1,726,200.00) 284.24 -0.02% 46,253.54 37,503.00 8,750.54 23.33% (3,440.89) (2,250.00) (11190.89) 52.93% 364,327.33 180,000.00 184,327.33 102.40% (1,285,673.05) (1,360,947.00) 75,273.95 -5.53% CHANGE IN NET ASSETS (1,359,644.05) 2,707,425.00 (4,067,069.05) - 150.22% NET ASSETS AT BEGINNING OF YEAR 98,317,178.79 98,317,178.79 0.00 0.00% NET ASSETS AT END OF MARCH 96,957,534.74 101,024,603.79 (4,067,069.05) -4.03% * ( ) = ACTUAL UNDER BUDGET 01 (3A) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT RECONCILIATION OF CAPITAL FUNDS 3/31/14 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 MARCH GENERAL LEDGER CAPITAL FUNDS BALANCE 3/31/14 (4) 2,733,146.78 1,500,000.00 6,697.02 2,834,725.95 7,074,569.75 2,936,956.97 4,137,612.78 9 PE 1 v TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SALES OF KILOWATT HOURS 3/31/14 (5) MONTH MONTH LAST YEAR CURRENT YEAR YTD % SALES OF ELECTRICITY: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE RESIDENTIAL SALES 19,228,009 20,848,488 201,487,139 202,363,496 0.43% COMM. AND INDUSTRIAL SALES 32,162,730 31,768,994 313,611,078 304,897,175 -2.78% PRIVATE STREET LIGHTING 73,415 76,479 659,301 675,927 2.52% TOTAL PRIVATE CONSUMERS 51,464,154 52,693,961 515,757,518 507,936,598 -1.52% MUNICIPAL SALES: STREET LIGHTING 238,921 240,064 2,144,401 2,158,478 0.66% MUNICIPAL BUILDINGS 981,517 884,289 7,553,774 7,350,967 -2.68% TOTAL MUNICIPAL CONSUMERS 1,220,438 1,124,353 9,698,175 9,509,445 -1.95% SALES FOR RESALE 247,255 284,914 2,555,131 2,591,545 1.43% SCHOOL 1,313,508 1,341,677 10,719,330 10,855,223 1.27% TOTAL KILOWATT HOURS SOLD 54,245,355 55,444,905 538,730,154 530,892,811 -1.45% (5) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT KILOWATT HOURS SOLD BY TOWN 3/31/14 LAST YEAR TO DATE TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH COMM & IND 313,611,078 39,487,763 2,447,179 RESIDENTIAL 20,848,488 6,777,229 2,588,902 4,711,730 6,770,627 COMM & IND 31,768,994 4,422,568 254,571 4,946,679 22,145,176 PVT ST LIGHTS 76,479 12,977 1,470 23,794 38,238 PUB ST LIGHTS 240,064 80,702 32,500 42,175 84,687 MUNI BLDGS 884,289 307,644 165,174 125,522 285,949 SALES /RESALE 284,914 284,914 0 0 0 SCHOOL 1,341,677 481,359 285,224 172,000 403,094 TOTAL 55,444,905 12,367,393 3,327,841 10,021,900 29,727,771 YEAR TO DATE RESIDENTIAL 202,363,496 64,089,035 28,385,340 46,971,337 62,917,784 COMM & IND 304,897,175 38,581,340 2,483,314 47,824,019 216,008,502 PVT ST LIGHTS 675,927 118,009 12,680 204,680 340,558 PUB ST LIGHTS 2,158,478 726,138 292,500 377,757 762,083 MUNI BLDGS 7,350,967 2,054,108 1,445,389 1,289,327 2,562,143 SALES /RESALE 2,591,545 2,591,545 0 0 0 SCHOOL 10,855,223 3,873,370 2,445,386 1,351,200 3,185,267 TOTAL 530,892,811 112,033,545 35,064,6_09 98 018,320 285,776,337_ LAST YEAR TO DATE RESIDENTIAL 201,487,139 63,057,051 28,856,017 46,176,699 63,397,372 COMM & IND 313,611,078 39,487,763 2,447,179 48,627,072 223,049,064 PVT ST LIGHTS 659,301 122,113 12,240 192,108 332,840 PUB ST LIGHTS 2,144,401 724,824 292,460 366,134 760,98 MUNI BLDGS 7,553,774 1,975,087 1,403,661 1,406,618 2,768,40 SALES /RESALE 2,555,131 2,555,131 0 0 SCHOOL 10,719,330 3,770,557 2,336,832 1,378,680 3,233,261 TOTAL 538,730,154 111,692,526 35,348,389 98,147,311 293,541,928 KILOWATT HOURS SOLD TO TOTAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 37.60% 12.22% 4.67% 8.50% 12.21% COMM & IND 57.30% 7.98% 0.46% 8.92% 39.94% PVT ST LIGHTS 0.13% 0.02% 0.00% 0.04% 0.07% PUB ST LIGHTS 0.44% 0.15% 0.06% 0.08% 0.15% MUNI BLDGS 1.60% 0.55% 0.30% 0.23% 0.52% SALES /RESALE 0.51% 0.51% 0.00% 0.00% 0.00% SCHOOL 2.42% 0.87% 0.51% 0.31% 0.73% TOTAL 100.00% 22.30% 6.00% 18.08% 53.62% YEAR TO DATE RESIDENTIAL 38.12% 12.07% 5.35% 8.85% 11.85% COMM & IND 57.43% 7.27% 0.47% 9.01% 40.68% PVT ST LIGHTS 0.13% 0.02% 0.00% 0.04% 0.07% PUB ST LIGHTS 0.41% 0.14% 0.06% 0.07% 0.14% MUNI BLDGS 1.38% 0.39% 0.27% 0.24% 0.48% SALES /RESALE 0.49% 0.49% 0.00% 0.00% 0.00% SCHOOL 2.04% 0.73% 0.46% 0.25% 0.60% TOTAL 100.00% 21.11% 6.61% 18.46% 53.82% LAST YEAR TO DATE RESIDENTIAL 37.40% 11.70% 5.36% 8.57% 11.77% COMM & IND 58.21% 7.33% 0.45% 9.03% 41.40% PVT ST LIGHTS 0.12% 0.02% 0.00% 0.04% 0.06% PUB ST LIGHTS 0.40% 0.13% 0.05% 0.07% 0.1G" MUNI BLDGS 1.40% 0.37% 0.26% 0.26% 0.� SALES /RESALE 0.47% 0.47% 0.00% 0.00% 0.0 SCHOOL 2.00% 0.70% 0.44% 0.26% 0.60% TOTAL 100.00% 20.72% 6.56% 18.23% 54.49% (6) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT FORMULA INCOME is 3/31/14 TOTAL OPERATING REVENUES (P.3) ADD: LESS: POLE RENTAL INTEREST INCOME ON CUSTOMER DEPOSITS OPERATING EXPENSES (P.3) CUSTOMER DEPOSIT INTEREST EXPENSE FORMULA INCOME (LOSS) • 2 (7) 60,869,050.87 77,296.08 1,798.98 (60,943,021.87) (3,440.89) 1,683.17 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT GENERAL STATISTICS 3/31/14 MONTH OF MAR 2013 SALE OF KWH (P.5) 54,245,355 KWH PURCHASED 56,991,111 AVE BASE COST PER KWH 0.040194 AVE BASE SALE PER KWH 0.064662 AVE COST PER KWH 0.082193 AVE SALE PER KWH 0.119584 FUEL CHARGE REVENUE (P.3) 2,862,576.54 LOAD FACTOR 77.71% PEAK LOAD 100,465 MONTH OF % CHANGE YEAR THRU MAR 2014 2013 2014 MAR 2013 MAR 2014 55,444,905 2.78% -1.45% 538,730,154 530,892,811 59,029,265 2.01% -0.49% 554,659,300 551,961,652 0.039380 11.39% 2.80% 0.038485 0.039563 0.070174 -0.66% 2.56% 0.064729 0.066383 0.097333 -0.56% 0.33% 0.085956 0.086240 0.125168 -2.65% -2.57% 0.115028 0.112070 2,727,218.63 -2.46% - 11.84% 26,538,834.58 23,396,150.71 77.13% 104,839 (8) • • v v v N �N C t Y hb Q' L JO P ,ti's Jam' h P �Py V O,titi h titi JO P ,tit. Jam' � titi �Py P 0 O�Oti OJ = titi JO S' � titi ti P ti~ P� On O N O W L N VO? t4 VOf A. 4^ TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF CASH AND INVESTMENTS 3/31/14 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 SICK LEAVE BUYBACK TOTAL CASH BALANCE SCHEDULE A PREVIOUS YEAR CURRENT YEAR (9) 10,910,067.17 13,890,614.38 3,000.00 3,000.00 10,913,067.17 13,893,614.38 2,913,997.27 908,356.50 2,478,901.09 6,689,233.79 200,000.00 2,987,557.34 150,000.00 676,900.53 263,663.84 1,346,945.06 4,137,612.78 925,305.27 241,841.17 6,709,447.36 200,000.00 1,645,706.94 150,000.00 731,657.83 450,005.47 0.00 18,615,555.42 15,191,576.82 0.00 1,250,000.00 29,528,622.59 30,335,191.20 • SCHEDULE OF ACCOUNTS RECEIVABLE TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF ACCOUNTS RECEIVABLE 3/31/14 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 MARCH 2014: RESIDENTIAL AND COMMERCIAL LESS: SALES DISCOUNT LIABILITY GENERAL LEDGER BALANCE 21 CURRENT 30 DAYS 60 DAYS 90 DAYS OVER 90 DAYS TOTAL (ion PREVIOUS YEAR 3,721,674.62 278,065.62 41,347.58 892.14 (299,659.60) (258,551.74) 3,483,768.62 4,915,936.83 8,399,705.45 986,045.51 (308,556.70) 241,849.32 188,383.79 14,523.70 1,122,245.62 2,167,663.98 (220,754.60) 1,946,909.38 1,560,762.95 80.17% 276,766.37 14.22% 50,131.49 2.57% 14,829.46 0.76% 44,419.11 2.28% 1,946,909.38 100.00% SCHEDULE B CURRENT YEAR 2,167,663.98 75,136.50 37,169.47 892.14 (220,754.60) (212,214.87) 1,847,892.62 4,158,022.50 6,005,915.12 1,018,637.22 (606,229.13) 242,260.90 274,360.77 14,523.70 943,553.46 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING REVENUE 3/31/14 (ii) SCHEDULE D MONTH MONTH LAST YEAR CURRENT YEAR YTD $ SALES OF ELECTRICITY: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE RESIDENTIAL SALES 2,564,040.07 2,895,802.39 25,801,868.91 25,311,684.49 -1.90% COMM AND INDUSTRIAL SALES 3,590,950.55 3,700,746.74 33,473,582.95 31,577,868.74 -5.66% PRIVATE STREET LIGHTING 6,268.84 6,657.81 53,360.53 51,714.40 -3.08% TOTAL PRIVATE CONSUMERS 6,161,259.46 6,603,206.94 59,328,812.39 56,941,267.63 -4.02% MUNICIPAL SALES: STREET LIGHTING 29,343.26 30,676.78 255,906.69 247,385.70 -3.33% MUNICIPAL BUILDINGS 114,951.07 109,418.66 877,198.62 832,026.41 -5.15% TOTAL MUNICIPAL CONSUMERS 144,294.33 140,095.44 1,133,105.31 1,079,412.11 -4.74% SALES FOR RESALE 30,567.53 36,669.33 303,729.07 300,347.00 -1.11% SCHOOL 150,779.62 159,934.29 1,203,358.18 1,176,259.36 -2.25% SUB -TOTAL 6,486,900.94 6,939,906.00 61,969,004.95 59,497,286.10 -3U% FORFEITED DISCOUNTS 73,059.56 90,400.98 744,575.31 709,048.71. -4.77% PURCHASED POWER CAPACITY 164,132.52 170,209.37 1,631,463.68 509,434.06 - 68.77% ENERGY CONSERVATION - RESIDENTIAL 19,244.77 20,863.23 201,611.24 202,475.22 0.43% ENERGY CONSERVATION - COMMERCIAL 34,081.32 33,688.38 328,772.28 320,064.81 -2.65% GAW REVENUE 54,181.85 14,415.68 538,556.53 489,669.08 -9.08% NYPA CREDIT (116,734.96) (321,914.91) (558,532.26) (858,927.11) 53.78% TOTAL REVENUE -6.15% 6,714,866.00 6,947,568.73 64,855,451.73 60,869,050.87 (ii) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING REVENUE BY TOWN 3/31/14 TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 2,895,802.39 944,345.89 358,921.25 653,954.22 938,581.03 INDUS /MUNI BLDG 3,810,165.40 577,276.35 51,797.31 611,548.49 2,569,543.25 PUB.ST.LIGHTS 30,676.78 9,981.95 3,947.46 5,464.52 11,282.85 PRV.ST.LIGHTS 6,657.81 1,121.76 125.26 2,131.93 3,278.86 CO -OP RESALE 36,669.33 36,669.33 0.00 0.00 0.00 SCHOOL 159,934.29 57,458.58 33,635.24 21,083.83 47,756.64 TOTAL 6,939,906.00 1,626,853.86 448,426.52 1,294,182.99 3,570,442.63 THIS YEAR TO DATE RESIDENTIAL 25,311,684.49 8,051,844.14 3,529,042.12 5,874,286.60 7,856,511.63 INDUS /MUNI BLDG 32,409,895.15 4,515,300.10 442,633.04 5,252,830.41 22,199,131.60 PUB.ST.LIGHTS 247,385.70 80,418.06 31,758.49 43,976.63 91,232.52 PRV.ST.LIGHTS 51,714.40 8,934.69 950.56 16,203.51 25,625.64 CO -OP RESALE 300,347.00 300,347.00 0.00 0.00 0.00 SCHOOL 1,176,259.36 422,015.66 260,088.96 151,411.05 342,743.69 TOTAL 59,497,286.10 13,378,859.65 4,264,473.15 11,338,708.21 30,515,245.09 LAST YEAR TO DATE RESIDENTIAL 25,801,868.91 8,107,280.66 3,672,058.44 5,908,238.23 8,114,291.58 INDUS /MUNI BLDG 34,350,781.57 4,720,523.84 445,022.63 5,496,504.62 23,688,730.48 PUB.ST.LIGHTS 255,906.69 83,001.34 32,853.81 46,254.73 93,796.81 PRV.ST.LIGHTS 53,360.53 9,742.27 975.60 16,100.79 26,541.87 CO -OP RESALE 303,729.07 303,729.07 0.00 0.00 0.00 SCHOOL 1,203,358.18 426,663.71 258,911.32 159,064.89 358,718.26 TOTAL 61,969,004.95 13,650,940.89 4,409,821.80 11 626 163.26 32,282,079.00 PERCENTAGE OF OPERATING INCOME TO TOTAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 41.73% 13.61% 5.17% 9.42% 13.53% INDUS /MUNI BLDG 54.90% 8.32% 0.75% 8.81% 37.02% PUB.ST.LIGHTS 0.44% 0.14% 0.06% 0.08% 0.16% PRV.ST.LIGHTS 0.10% 0.02% 0.00% 0.03% 0.05% CO -OP RESALE 0.53% 0.53% 0.00% 0.00% 0.00% SCHOOL 2.30% 0.83% 0.48% 0.30% 0.69% TOTAL 100.00% 23.45% 6.46% 18.64% 51.45% THIS YEAR TO DATE RESIDENTIAL 42.54% 13.53% 5.93% 9.87% 13.21% INDUS /MUNI BLDG 54.47% 7.59% 0.74% 8.83% 37.31% PUB.ST.LIGHTS 0.42% 0.14% 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 1.98% 0.71% 0.44% 0.25% 0.58% TOTAL 100.00% 22.49% 7.16% 19.05% 51.30% LAST YEAR TO DATE RESIDENTIAL 41.64% 13.08% 5.93% 9.53% 13.10% INDUS /MUNI BLDG 55.43% 7.62% 0.72% 8.87% 38.22% PUB.ST.LIGHTS PRV.ST.LIGHTS 0.41% 0.09% 0.13% 0.02% 0.05% 0.00% 0.07% 0.03% 0.16% 0.04% CO -OP RESALE 0.49% 0.49% 0.00% 0.00% 0.00% SCHOOL 1.94% 0.69% 0.42% 0.26% 0.57% TOTAL 100.00% 22.03% 7.12% 18.76% 52.09% (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 3/31/14 SCHEDULE F ACTUAL BUDGET % YEAR TO DATE YEAR TO DATE VARIANCE * CHANGE 16,031,039.33 16,472,493.00 (441,453.67) -2.68% 18,198,555.22 19,052,347.00 (853,791.78) -4.48% 149,054.53 149,969.00 (914.47) -0.61% 181,560.37 212,620.00 (31,059.63) - 14.61% 681,998.83 663,194.00 18,804.83 2.84% 35,242,208.28 36,550,623.00 (1,308,414.72) -3.58% 24,255,077.82 25,231,180.00 (976,102.18) -3.87% 59,497,286.10 61,781,803.00 (2,284,516.90) -3.70% 709,048.71 804,114.00 (95,065.29) - 11.82% 509,434.06 813,686.00 (304,251.94) - 37.39% 202,475.22 204,176.00 (1,700.78) -0.83% 320,064.81 343,469.00 (23,404.19) -6.81% 489,669.08 547,644.00 (57,974.92) - 10.59% (858,927.11) (524,997.00) (333,930.11) 63.61% 63,969,895.00 -4.85% 60,869,050.87 (3,100,844.13) (11B) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF P R/A4ING EXPENSES SCHEDULE E TOTAL OPERATION EXPENSES 913,479.50 820,478.90 7,393,272.84 7,314,220.74 -1.07% MAINTENANCE EXPENSES: MONTH MONTH LAST YEAR CURRENT YEAR YTD % OPERATION EXPENSES: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE PURCHASED POWER BASE EXPENSE 2,290,711.93 2,324,599.04 21,346,162.35 21,837,118.16 2.30% 106,593.18 131,345.76 23.22% MAINT OF OPERATION SUP AND ENGINEERING EXP 47,468.68 38,661.63 381,541.37 382,927.55 0.36% STATION SUP LABOR AND MISC 5,080.47 9,668.87 56,032.53 87,038.79 55.34% LINE MISC LABOR AND EXPENSE 52,724.38 46,730.27 497,413.71 594,599.52 19.54% STATION LABOR AND EXPENSE 32,702.52 33,834.44 381,051.25 365,713.98 -4.02% STREET LIGHTING EXPENSE 6,818.22 6,420.58 60,444.46 57,585.48 -4.73% METER EXPENSE 14,890.47 16,931.59 139,940.31 162,546.89 16.15% MISC DISTRIBUTION EXPENSE 34,282.96 33,911.39 258,115.99 278,301.52 7.82% METER READING LABOR & EXPENSE 5,331.11 310.37 62,952.69 17,521.50 - 72.17% ACCT & COLL LABOR & EXPENSE 129,714.92 138,704.45 1,115,179.36 1,145,146.28 2.69% UNCOLLECTIBLE ACCOUNTS 8,333.33 10,500.00 74,999.97 94,500.00 26.00% ENERGY AUDIT EXPENSE 68,289.48 26,733.31 396,802.58 280,146.84 - 29.40% ADMIN & GEN SALARIES 70,715.55 83,389.67 579,345.53 662,654.63 14.38% OFFICE SUPPLIES & EXPENSE 21,988.91 27,853.77 189,755.30 212,238.70 11.85% OUTSIDE SERVICES 72,658.99 18,462.14 392,314.75 304,504.17 - 22.38% PROPERTY INSURANCE 29,926.00 28,463.75 280,095.43 259,441.76 -7.37% INJURIES AND DAMAGES 2,137.31 3,389.53 33,168.68 31,336.26 -5.52% EMPLOYEES PENSIONS & BENEFITS 229,519.26 236,418.17 1,651,958.25 1,701,007.77 2.97% MISC GENERAL EXPENSE 7,500.24 15,308.53 125,423.26 132,025.62 5.26% RENT EXPENSE 18,177.14 17,853.12 151,136.71 153,427.26 1.52% ENERGY CONSERVATION 55,219.56 26,933.32 565,600.71 391,556.22 - 30.77% TOTAL OPERATION EXPENSES 913,479.50 820,478.90 7,393,272.84 7,314,220.74 -1.07% MAINTENANCE EXPENSES: DEPRECIATION EXPENSE PURCHASED POWER FUEL EXPENSE VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES 305,469.18 2,393,560.37 114,000.00 314,969.55 3,420,919.01 116,666.67 2,749,222.62 2,834,725.95 3.11% 26,329,977.97 25,763,796.92 -2.15% 1,019,383.00 1,048,517.01 2.86% 6,308,318.45 7,241,761.54 60,878,026.77 60,943,021.87 (12) 0.11% KINT OF TRANSMISSION PLANT 227.08 227.08 2,043.74 2,043.74 0.00% MAINT OF STRUCT AND EQUIPMT 15,592.93 11,974.30 106,593.18 131,345.76 23.22% MAINT OF LINES - OH 136,501.12 151,586.98 1,149,905.14 1,223,040.55 6.36% MAINT OF LINES - UG 29,107.51 16,287.00 139,320.89 152,114.83 9.18% MAINT OF LINE TRANSFORMERS 27,371.50 0.00 120,931.17 87,218.31 - 27.88% MAINT OF ST LT & SIG SYSTEM 291.29 (52.84) 2.48 (457.28) 100.00% MAINT OF GARAGE AND STOCKROOM 65,744.17 50,975.23 408,324.52 428,743.44 5.00% MAINT OF METERS 3,737.98 206.71 25,477.23 11,495.05 - 54.88% MAINT OF GEN PLANT 12,523.89 12,923.91 87,409.64 109,098.69 24.81% TOTAL MAINTENANCE EXPENSES 291,097.47 244,128.37 2,040,007.99 2,144,643.09 5.13% DEPRECIATION EXPENSE PURCHASED POWER FUEL EXPENSE VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES 305,469.18 2,393,560.37 114,000.00 314,969.55 3,420,919.01 116,666.67 2,749,222.62 2,834,725.95 3.11% 26,329,977.97 25,763,796.92 -2.15% 1,019,383.00 1,048,517.01 2.86% 6,308,318.45 7,241,761.54 60,878,026.77 60,943,021.87 (12) 0.11% OPERATION EXPENSES: PURCHASED POWER BASE EXPENSE TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED OPERATING EXPENSE VARIANCE REPORT 3/31/14 ACTUAL BUDGET YEAR TO DATE YEAR TO DATE SCHEDULE G VARIANCE * 21,837,118.16 21,693,918.00 143,200.16 CHANGE 0.66% OPERATION SUP AND ENGINEERING EXP 382,927.55 350,506.00 32,421.55 9.25% STATION SUP LABOR AND MISC 87,038.79 67,207.00 19,831.79 29.51% LINE MISC LABOR AND EXPENSE 594,599.52 566,663.00 27,936.52 4.93% STATION LABOR AND EXPENSE 365,713.98 335,041.00 30,672.98 9.15% STREET LIGHTING EXPENSE 57,585.48 68,228.00 (10,642.52) - 15.60% METER EXPENSE 162,546.89 159,827.00 2,719.89 1.70% MISC DISTRIBUTION EXPENSE 278,301.52 296,683.00 (18,381.48) -6.20% METER READING LABOR & EXPENSE 17,521.50 34,663.00 (17,141.50) - 49.45% ACCT & COLL LABOR & EXPENSE 1,145,146.28 1,180,739.00 (35,592.72) -3.01% UNCOLLECTIBLE ACCOUNTS 94,500.00 94,500.00 0.00 0.00% ENERGY AUDIT EXPENSE 280,146.84 313,846.00 (33,699.16) - 10.74% ADMIN & GEN SALARIES 662,654.63 594,698.00 67,956.63 11.43% OFFICE SUPPLIES & EXPENSE 212,238.70 201,150.00 11,088.70 5.51% OUTSIDE SERVICES 304,504.17 315,781.00 (11,276.83) -3.57% PROPERTY INSURANCE 259,441.76 345,375.00 (85,933.24) - 24.88% INJURIES AND DAMAGES 31,336.26 43,772.00 (12,435.74) - 28.41% EMPLOYEES PENSIONS & BENEFITS 1,701,007.77 1,436,072.00 264,935.77 18.45% MISC GENERAL EXPENSE 132,025.62 182,735.00 (50,709.38) - 27.75% RENT EXPENSE 153,427.26 159,003.00 (5,575.74) -3.51% ENERGY CONSERVATION 391,556.22 477,558.00 (86,001.78) - 18.01% TOTAL OPERATION EXPENSES 7,314,220.74 7,224,047.00 90,173.74 1.25% MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT 2,043.74 2,250.00 (206.26) -9.17% MAINT OF STRUCT AND EQUIPMENT 131,345.76 79,142.00 52,203.76 65.96% MAINT OF LINES - OH 1,223,040.55 1,198,496.00 24,544.55 2.05% MAINT OF LINES - UG 152,114.83 364,090.00 (211,975.17) - 58.22% MAINT OF LINE TRANSFORMERS 87,218.31 121,453.00 (34,234.69) - 28.19% MAINT OF ST LT & SIG SYSTEM (457.28) 7,888.00 (8,345.28) - 105.80% MAINT OF GARAGE AND STOCKROOM 428,743.44 505,988.00 (77,244.56) - 15.27% MAINT OF METERS 11,495.05 35,495.00 (23,999.95) - 67.62% MAINT OF GEN PLANT 109,098.69 108,828.00 270.69 0.25% TOTAL MAINTENANCE EXPENSES 2,144,643.09 2,423,630.00 (278,986.91) - 11.51% DEPRECIATION EXPENSE 2,834,725.95 2,831,400.00 3,325.95 0.12% PURCHASED POWER FUEL EXPENSE 25,763,796.92 24,678,534.00 1,085,262.92 4.40% VOLUNTARY PAYMENTS TO TOWNS 1,048,517.01 1,049,994.00 (1,476.99) -0.14% TOTAL OPERATING EXPENSES 1,041,498.87 1.74% 60,943,021.87 59,901,523.00 * ( ) = ACTUAL UNDER BUDGET (12A) •INTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT TOWN OF READING, MASSACHUSETTS 2,043.74 956.26 31.88% MUNICIPAL LIGHT DEPARTMENT HJ 105,738.00 131,345.76 BUDGETED OPERATING EXPENSE VARIANCE REPORT MAINT OF LINES - OH HJ 1,604,829.00 1,223,040.55 3/31/14 23.79% MAINT OF LINES - UG HJ 485,432.00 RESPONSIBLE 333,317.17 68.66% REMAINING HJ 160,000.00 SENIOR 2014 ACTUAL BUDGET REMAINING OPERATION EXPENSES: MANAGER ANNUAL BUDGET YEAR TO DATE BALANCE BUDGET % PURCHASED POWER BASE EXPENSE JP 29,123,336.00 21,837,118.16 7,286,217.84 25.02% 41,160.00 11,495.05 OPERATION SUP AND ENGINEERING EXP HJ 467,978.00 382,927.55 85,050.45 18.17% STATION SUP LABOR AND MISC HJ 90,088.00 87,038.79 3,049.21 3.38% LINE MISC LABOR AND EXPENSE HJ 729,521.00 594,599.52 134,921.48 18.49% STATION LABOR AND EXPENSE HJ 446,308.00 365,713.98 80,594.02 18.06% STREET LIGHTING EXPENSE HJ 90,729.00 57,585.48 33,143.52 36.53% METER EXPENSE HJ 218,064.00 162,546.89 55,517.11 25.46% MISC DISTRIBUTION EXPENSE HJ 396,379.00 278,301.52 118,077.48 29.79% METER READING LABOR & EXPENSE HJ 46,322.00 17,521.50 28,800.50 62.17% ACCT & COLL LABOR & EXPENSE RF 1,570,864.00 1,145,146.28 425,717.72 27.10% UNCOLLECTIBLE ACCOUNTS RF 126,000.00 94,500.00 31,500.00 25.00% ENERGY AUDIT EXPENSE JP 416,982.00 280,146.84 136,835.16 32.82% ADMIN & GEN SALARIES CO 794,002.00 662,654.63 131,347.37 16.54% OFFICE SUPPLIES & EXPENSE CO 268,000.00 212,238.70 55,761.30 20.81% OUTSIDE SERVICES CO 419,150.00 304,504.17 114,645.83 27.35% PROPERTY INSURANCE HJ 460,600.00 259,441.76 201,158.24 43.67% INJURIES AND DAMAGES HJ 58,206.00 31,336.26 26,869.74 46.16% EMPLOYEES PENSIONS & BENEFITS HJ 1,870,479.00 1,701,007.77 169,471.23 9.06% MISC GENERAL EXPENSE CO 219,695.00 132,025.62 87,669.38 39.91% RENT EXPENSE HJ 212,000.00 153,427.26 58,572.74 27.63% ENERGY CONSERVATION JP 636,761.00 391,556.22 245,204.78 38.51% TOTAL OPERATION EXPENSES 9,538,128.00 7,314,220.74 2,223,907.26 23.32% •INTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT HJ 3,000.00 2,043.74 956.26 31.88% MAINT OF STRUCT AND EQUIPMT HJ 105,738.00 131,345.76 (25,607.76) - 24.22% MAINT OF LINES - OH HJ 1,604,829.00 1,223,040.55 381,788.45 23.79% MAINT OF LINES - UG HJ 485,432.00 152,114.83 333,317.17 68.66% MAINT OF LINE TRANSFORMERS HJ 160,000.00 87,218.31 72,781.69 45.49% MAINT OF ST LT & SIG SYSTEM HJ 10,487.00 (457.28) 10,944.28 104.36% MAINT OF GARAGE AND STOCKROOM HJ 668,507.00 428,743.44 239,763.56 35.87% MAINT OF METERS HJ 41,160.00 11,495.05 29,664.95 72.07% MAINT OF GEN PLANT RF 145,480.00 109,098.69 36,381.31 25.01% TOTAL MAINTENANCE EXPENSES 3,224,633.00 2,144,643.09 1,079,989.91 33.49% DEPRECIATION EXPENSE RF 3,775,200.00 2,834,725.95 940,474.05 24.91% PURCHASED POWER FUEL EXPENSE JP 31,789,470.00 25,763,796.92 6,025,673.08 18.95% VOLUNTARY PAYMENTS TO TOWNS RF 1,400,000.00 1,048,517.01 351,482.99 25.11% TOTAL OPERATING EXPENSES 78,850,767.00 60,943,021.87 17,907,745.13 22.71% C` (12B) PROFESSIONAL SERVICES BY PROJECT ITEM 1 RMLD AND PENSION TRUST AUDIT FEES 2 PENSION ACTUARIAL EVALUATION 3 LEGAL- FERC /ISO ISSUES 4 LEGAL- POWER SUPPLY ISSUES 5 PROFESSIONAL SERVICES 6 NERC COMPLIANCE AND AUDIT 7 LEGAL 8 LEGAL - GENERAL 9 LEGAL SERVICES- OTHER 10 LEGAL SERVICES - NEGOTIATIONS 11 LEGAL SERVICES - ARBITRATION 12 LEGAL GENERAL 13 SURVEY RIGHT OF WAY 14 ENVIRONMENTAL 15 INSURANCE CONSULTANT 16 LEGAL 17 LEGAL MATS MGMT 18 DSA BASIC CLIENT SERVICE 19 ORGANIZATIONAL STUDY TOTAL PROFESSIONAL SERVICES BY VENDOR MELANSON HEATH & COMPANY UTILITY SERVICES, INC. DUNCAN AND ALLEN RUBIN AND RUDMAN DOBLE ENGINEERING CHOATE HALL & STEWART JAMES COLLINS- ARBITRATOR WILLIAM CROWLEY ENERGY NEW ENGLAND BERRYDUNN PLM HUDSON RIVER ENERGY GROUP KEYSTONE PARTNERS LLC CUSHING, JAMMALLO & WHEELER COTTE MANAGEMENT CONSULTING LLC TOTAL TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT PROFESSIONAL SERVICES 03/31/2014 DEPARTMENT ACTUAL BUDGET VARIANCE ACCOUNTING 32,500.00 32,250.00 250.00 ACCOUNTING 0.00 0.00 0.00 ENERGY SERVICE 12,738.31 13,500.00 (761.69) ENERGY SERVICE 60,825.24 33,750.00 27,075.24 ENERGY SERVICE 13,945.00 18,000.00 (4,055.00) E & 0 13,194.50 10,000.00 3,194.50 ENGINEERING 0.00 11,250.00 (11,250.00) GM 108,897.91 112,500.00 (3,602.09) HR 11,838.09 31,500.00 (19,661.91) HR 20,472.79 0.00 20,472.79 HR 6,318.68 21,900.00 (15,581.32) BLDG. MAINT. 0.00 1,125.00 (1,125.00) BLDG. MAINT. 0.00 3,753.00 (3,753.00) BLDG. MAINT. 405.00 3,753.00 (3,348.00) GEN. BENEFIT 0.00 7,497.00 (7,497.00) GEN. BENEFIT 64.60 3,753.00 (3,688.40) GEN. BENEFIT 950.00 11,250.00 (10,300.00) ENGINEERING 1,875.00 0.00 1,875.00 GM 20,479.05 0.00 20,4 304,504.17 315,781.00 (11,2e ) (13) ACTUAL 32,500.00 11,842.50 29,657.12 147,381.52 1,875.00 31,025.41 600.00 2,080.00 8,900.00 6,445.00 19,140.00 2,249.72 5,000.00 405.00 5,402.90 304,504.17 PI • C RMLD DEFERRED FUEL CASH RESERVE ANALYSIS 3/31/14 GROSS DATE CHARGES REVENUES Jun -13 MONTHLY TOTAL Jul -13 3,464,349.32 2,953,072.91 Aug -13 2,767,250.13 3,385,440.39 Sep -13 2,168,234.24 3,096,134.62 Oct -13 1,994,534.42 2,147,543.67 Nov -13 1,738,646.02 2,201,768.18 Dec -13 3,666,453.24 2,053,822.16 Jan -14 3,161,945.22 2,487,172.37 Feb -14 3,381,465.32 2,880,989.98 Mar -14 3,420,919.01 3,049,133.54 (14) MONTHLY TOTAL NYPA CREDIT DEFERRED DEFERRED 2,609,487.38 (53,841.00) (565, 117 .41) 2,044,369.97 (33,645.12) 584,545.14 2,628,915.11 (61,811.13) 866,089.25 3,495,004.36 (23,964.99) 129,044.26 3,624,048.62 (53,708.49) 409,413.67 4,033,462.29 (45,701.57) (1,658,332.65) 2,375,129.64 (88,308.33) (763,081.18) 1,612,048.46 (176,031.57) (676,506.91) 935,541.55 (321,914.91) (693,700.38) 241,841.17 (14) RMLD BUDGET VARIANCE REPORT FOR PERIOD ENDING MARCH 31, 2014 DIVISION ACTUAL BUDGET VARIANCE CHANGE ENGINEERING AND OPERATIONS 3,478,760 3,568,176 (89,416) -2.51% ENERGY SERVICES 757,343 856,657 (99,314) - 11.59% GENERAL MANAGER 627,353 659,531 (32,178) -4.88% FACILITY MANAGER 2,991,467 2,933,022 58,445 1.99% BUSINESS DIVISION 7,216,539 7,240,134 (23,594) -0.33% SUB -TOTAL 15,071,463 15,257,520 (186,057) -1.22% PURCHASED POWER - BASE 21,837,118 21,693,918 143,200 0.66% PURCHASED POWER - FUEL 25,763,797 24,678,534 1,085,263 4.40% TOTAL 62,672,378 61,629,972 1,042,406 1.69% (15) RMLD STAFFING REPORT FOR FISCAL YEAR ENDING JUNE, 2014 (16) 14 BUD JUL AUG SEP OCT NOV DEC JAN FEB MAR TOTAL 13 13 13 13 13 13 14 14 14 GENERAL MANAGER GENERAL MANAGER 2.00 2.00 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 1.00 1.00 COMMUNITY RELATIONS 1.00 1.00 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 4.00 4.00 BUSINESS ACCOUNTING 2.00 2.00 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 7.75 7.75 MGMT INFORMATION SYS 6.00 6.00 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 1.00 1.00 TOTAL 16.75 16.75 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 2.00 2.00 ENGINEERING 5.00 5.00 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 20.00 20.00 METER 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 STATION 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 TOTAL 40.00 39.00 39.00 39.00 39.00 39.00 39.00 37.00 38.00 38.00 PROJECT BUILDING 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 GENERAL BENEFITS 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 TRANSPORTATION - - - - - - - - - - MATERIALS MGMT 4.00 4.00 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 8.00 8.00 GY SERVICES NERGY SERVICES C 4.50 3.50 3.50 3.50 3.50 3.50 3.50 4.50 4.50 4.50 TOTAL 4.50 3.50 3.50 3.50 3.50 3.50 3.50 4.50 4.50 4.50 RMLD TOTAL 73.25 71.25 71.25 71.25 71.25 71.25 71.25 70.25 71.25 71.25 CONTRACTORS UG LINE 2.00 2.00 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 2.00 2.00 GRAND TOTAL 75.25 73.25 73.25 73.25 73.25 73.25 73.25 72.25 73.25 73.25 (16) Dt: June 2, 2014 To: RMLB, Coleen O'Brien Jeanne Foh Fr: Bob Fournier Sj: April 30, 2014 Report The results for the first ten months ending April 30, 2014, for the fiscal year 2014 will be summarized in the following paragraphs. 1) Change in Net Assets: (Page 3A) For the month of April, the net income or the positive change in net assets was $987,101, decreasing the year to date net loss to $372,542. The year to date budgeted net income was $2,962,820, resulting in net income being under budget by $3,335,362 or 112 %. Actual year to date fuel expenses exceeded fuel revenues by $1,715,900. 2) Revenues: (Page IIB) Year to date base revenues were under budget by $1,201,510 or 2.99 %. Actual base revenues were $38.9 million compared to the budgeted amount of $40.1 million. 3) Expenses: (Page 12A) *Year to date purchased power base expense was over budget by $156,103 or .65 %. Actual purchased power base costs were $24.0 million compared to the budgeted amount of $23.9 million. *Year to date operating and maintenance (O &M) expenses combined were under budget by $273,736 or 2.56 %. Actual O &M expenses were $10.4 million compared to the budgeted amount of $10.7 million. *Depreciation expense and voluntary payments to the Towns were on budget. 4) Cash: (Page 9) *Operating Fund was at $12,236,690. * Capital Fund balance was at $3,919,364. * Rate Stabilization Fund was at $6,716,036. * Deferred Fuel Fund was at $893,586. * Energy Conservation Fund was at $435,713. 5) General Information: Year to date kwh sales (Page 5) were 584,377,258 which is 8.3 million kwh or 1.41 %, behind last year's actual figure. 6) Budget Variance: Cumulatively, the five divisions were over budget by $156,104, or .65 %. FINANCIAL REPORT APRIL 30, 2014 ISSUE DATE: JUNE 23 2014 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF NET ASSETS 4/30/14 NET ASSETS INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT RESTRICTED FOR DEPRECIATION FUND (P.9) UNRESTRICTED TOTAL NET ASSETS (P.3) TOTAL LIABILITIES AND NET ASSETS (1) 70,397,286.67 70,204,879.70 2,913,871.77 3,916,364.20 26,197,971.55 23,823,392.27 99,509,129.99 97,944,636.17 110,510,558.35 108,954,666.49 PREVIOUS YEAR CURRENT YEAR ASSETS CURRENT UNRESTRICTED CASH (SCH A P.9) 10,116,339.57 12,239,690.51 RESTRICTED CASH (SCH A P.9) 19,312,857.99 15,933,474.29 INVESTMENTS (SCH A P.9) 0.00 1,250,000.00 RECEIVABLES, NET (SCH B P.10) 7,925,011.36 5,638,832.69 PREPAID EXPENSES (SCH B P.10) 1,194,150.54 2,224,005.68 INVENTORY 1,521,221.56 1,432,404.30 TOTAL CURRENT ASSETS 40,069,581.02 38,718,407.47 NONCURRENT INVESTMENT IN ASSOCIATED CO (SCH C P.2) 43,074.63 31,379.32 CAPITAL ASSETS, NET (SCH C P.2) 70,397,902.70 70,204,879.70 TOTAL NONCURRENT ASSETS 70,440,977.33 70,236,259.02 TOTAL ASSETS 110,510,558.35 108,954,666.49 LIABILITIES CURRENT 40 ACCOUNTS PAYABLE 5,502,176.60 6,816,252.61 CUSTOMER DEPOSITS 680,425.24 740,232.83 CUSTOMER ADVANCES FOR CONSTRUCTION 443,355.95 393,303.98 ACCRUED LIABILITIES 1,389,110.36 174,873.02 TOTAL CURRENT LIABILITIES 8,015,068.15 8,124,662.44 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 11,001,428.36 11,010,030.32 NET ASSETS INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT RESTRICTED FOR DEPRECIATION FUND (P.9) UNRESTRICTED TOTAL NET ASSETS (P.3) TOTAL LIABILITIES AND NET ASSETS (1) 70,397,286.67 70,204,879.70 2,913,871.77 3,916,364.20 26,197,971.55 23,823,392.27 99,509,129.99 97,944,636.17 110,510,558.35 108,954,666.49 (2) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT NONCURRENT ASSET SCHEDULE 4/30/14 SCHEDULE C PREVIOUS YEAR CURRENT YEAR SCHEDULE OF INVESTMENTS IN ASSOCIATED COMPANIES NEW ENGLAND HYDRO ELECTRIC 2,975.74 3,261.87 NEW ENGLAND HYDRO TRANSMISSION 40,098.89 28,117.45 TOTAL INVESTMENTS IN ASSOCIATED COMPANIES 43,074.63 31,379.32 SCHEDULE OF CAPITAL ASSETS LAND 1,265,842.23 1,265,842.23 STRUCTURES AND IMPROVEMENTS 6,799,247.31 6,430,639.92 EQUIPMENT AND FURNISHINGS 13,166,185.46 12,998,342.79 INFRASTRUCTURE 49,166,627.70 49,510,054.76 TOTAL CAPITAL ASSETS, NET 70,397,902.70 70,204,879.70 TOTAL NONCURRENT ASSETS 70,440,977.33 70,236,259.02 (2) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 4/30/14 MONTH MONTH LAST YEAR LAST YEAR CURRENT YEAR TO DATE 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 7OPERATING 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 APRIL 3,525,290.99 3,731,060.01 2,695,077.57 3,208,299.37 (178,509.08) 206,440.65 76,503.07 97,369.46 53,116.54 52,653.58 53,925.07 0.00 (113,103.56) (96,472.23 6,112,300.60 7,199,350.84 CURRENT YEAR TO DATE 38,396,929.10 38,973,268.29 29,792,444.41 27,463,377.19 1,452,954.60 715,874.71 821,078.38 806,418.17 583,500.06 575,193.61 592,481.60 489,669.08 (671,635.82) (955,399.34) 70,967,752.33 68,068,401.71 YTD % CHANGE 1.50% -7.82% - 50.73% -1.79% -1.42% - 17.35% 42.25% -4.09% 2,140,306.01 2,210,299.75 23,486,468.36 24,047,417.91 2.39% 2,220,542.42 2,460,081.44 28,550,520.39 28,223,878.36 -1.14% 651,388.18 769,156.96 8,044,661.02 8,083,377.70 0.48% 204,554.98 178,980.27 2,244,562.97 2,323,623.36 3.52% 305,469.18 314,969.55 3,054,691.80 3,149,695.50 3.11% 114.000.00 116.666.67 1,133,383.00 1,165,183.68 2.81% 5,636,260.77 6,050,154.64 66,514,287.54 66,993,176.51 0.72% 476,039.83 1,149,196.20 4,453,464.79 1,075,225.20 - 75.86% 7,791.33 16,880.17 120,563.10 49,982.90 - 58.54% (188,785.58) (191,768.42) (1,887,655.82) (1,917,684.18) 1.58% 6,334.78 11,139.69 29,687.49 57,393.23 93.32% (252.38) (251.84) (3,615.50) (3,692.73) 2.14% 3,946.62 1,905.63 262,825.94 366,232.96 39.34% (170,965.23) (162,094.77) (1,478,394.79) (1,447,767.82) -2.07% 305,074.60 987,101.43 2,975,070.00 (372,542.62) - 112.52% (3) 96,534,059.99 98,317,178.79 1.85% 99,509,129.99 97,944,636.17 -1.57% TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUSINESS -TYPE PROPRIETARY FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS 4/30/14 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 ;�770i 7 VOlp,rem e[ofi)wo 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* 38,973,268.29 40,174,779.00 (1,201,510.71) 27,463,377.19 27,684,368.00 (220,990.81) 715,874.71 892,560.00 (176,685.29) 806,418.17 883,845.00 (77,426.83) 575,193.61 600,730.00 (25,536.39) 489,669.08 600,729.00 (111,059.92) (955,399.34) (583,330.00) (372,069.34) 68,068,401.71 70,253,681.00 (2,185,279.29) CHANGE -2.99% -0.80% - 19.80% -8.76% -4.25% - 18.49% 63.78% -3.11% 24,047,417.91 23,891,314.00 156,103.91 0.65% 28,223,878.36 26,927,319.00 1,296,559.36 4.82% 8,083,377.70 7,987,228.00 96,149.70 1.20% 2,323,623.36 2,693,510.00 (369,886.64) - 13.73% 3,149,695.50 3,146,000.00 3,695.50 0.12% 1,165,183.68 1,166,660.00 (1,476.32) -0.13% 66,993,176.51 65,812,031.00 1,181,145.51 1.79% 1,075,225.20 4,441,650.00 (3,366,424.80) - 75.79% 49,982.90 200,000.00 (150,017.10) - 75.01% (1,917,684.18) (11918,000.00) 315.82 -0.02% 57,393.23 41,670.00 15,723.23 37.73% (3,692.73) (2,500.00) (1,192.73) 47.71% 366,232.96 200,000.00 166,232.96 83.12% (1,447,767.82) (1,478,830.00) 31,062.18 -2.10% CHANGE IN NET ASSETS (372,542.62) 2,962,820.00 (3,335,362.62) - 112.57% NET ASSETS AT BEGINNING OF YEAR 98,317,178.79 98,317,178.79 0.00 0.00% NET ASSETS AT END OF APRIL 97,944,636.17 101,279,998.79 (3,335,362.62) -3.29% * ( ) = ACTUAL UNDER BUDGET (3A) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT RECONCILIATION OF CAPITAL FUNDS 4/30/14 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 APRIL GENERAL LEDGER CAPITAL FUNDS BALANCE 4/30/14 (4) 2,733,146.78 1,500,000.00 8,649.06 2.834.725.95 7,076,521.79 3,160,157.59 3,916,364.20 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SALES OF KILOWATT HOURS 4/30/14 MUNICIPAL SALES: STREET LIGHTING MUNICIPAL BUILDINGS TOTAL MUNICIPAL CONSUMERS SALES FOR RESALE SCHOOL TOTAL KILOWATT HOURS SOLD 238,941 MONTH MONTH LAST YEAR CURRENT YEAR YTD % SALES OF ELECTRICITY: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE RESIDENTIAL SALES 19,294,243 18,735,974 220,781,382 221,099,470 0.14% COMM. AND INDUSTRIAL SALES 32,100,155 31,992,137 345,711,233 336,889,312 -2.55% PRIVATE STREET LIGHTING 73,435 76,175 732,736 752,102 2.64% TOTAL PRIVATE CONSUMERS 51,467,833 50,804,286 567,225,351 558,740,884 -1.50% MUNICIPAL SALES: STREET LIGHTING MUNICIPAL BUILDINGS TOTAL MUNICIPAL CONSUMERS SALES FOR RESALE SCHOOL TOTAL KILOWATT HOURS SOLD 238,941 240,064 2,383,342 2,398,542 803,851 828,207 8,357,625 8,179,174 1,042,792 1,068,271 10,740,967 10,577,716 213,923 238,124 2,769,054 2,829,669 1,287,078 1,373,766 12,006,408 12,228,989 54,011,626 53,484,447 592,741,780 584,377,258 (5) 0.64% -2.14% -1.52% 2.19% 1.85% -1.41% i] TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT KILOWATT HOURS SOLD BY TOWN is 4/30/14 TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 18,735,974 5,889,825 2,351,425 4,300,440 6,194,284 COMM & IND 31,992,137 3,990,732 252,790 4,828,594 22,920,021 PVT ST LIGHTS 76,175 12,977 1,470 23,794 37,934 PUB ST LIGHTS 240,064 80,702 32,500 42,175 84,687 MUNI BLDGS 828,207 258,137 168,359 124,007 277,704 SALES /RESALE 238,124 238,124 0 0 0 SCHOOL 1,373,766 467,175 306,702 182,160 417,729 TOTAL 53,484,447 10,937,672 3,113,246 9,501,170 29,932,359 YEAR TO DATE RESIDENTIAL 221,099,470 69,978,860 30,736,765 51,271,777 69,112,068 COMM & IND 336,889,312 42,572,072 2,736,104 52,652,613 238,928,523 PVT ST LIGHTS 752,102 130,986 14,150 228,474 378,492 PUB ST LIGHTS 2,398,542 806,840 325,000 419,932 846,770 MUNI BLDGS 8,179,174 2,312,245 1,613,748 1,413,334 2,839,847 SALES /RESALE 2,829,669 2,829,669 0 0 0 SCHOOL 12,228,989 4,340,545 2,752,088 1,533,360 3,602,996 TOTAL 584,377,258 122,971,217 38,177,855 107,519,490 315,708,696 LAST YEAR TO DATE RESIDENTIAL 220,781,382 69,021,496 31,468,577 50,815,412 69,475,897 COMM & IND 345,711,233 43,363,572 2,719,656 53,326,792 246,301,213 PVT ST LIGHTS 732,736 135,546 13,600 213,768 369,822 PUB ST LIGHTS 2,383,342 805,360 324,960 407,392 845,630 MUNI BLDGS 8,357,625 2,209,892 1,549,842 1,543,527 3,054,364 SALES /RESALE 2,769,054 2,769,054 0 0 0 SCHOOL 12,006,408 4,221,988 2,635,580 1,544,240 3,604,600 TOTAL 592,741,780 122,526,908 38,712,215 107,851,131 323,651,526 KILOWATT HOURS SOLD TO TOTAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 35.03% 11.01% 4.40% 8.04% 11.58% COMM & IND 59.81% 7.46% 0.47% 9.03% 42.85% PVT ST LIGHTS 0.14% 0.02% 0.00% 0.04% 0.08% PUB ST LIGHTS 0.45% 0.15% 0.06% 0.08% 0.16% MUNI BLDGS 1.55% 0.48% 0.31% 0.23% 0.53% SALES /RESALE 0.45% 0.45% 0.00% 0.00% 0.00% SCHOOL 2.57% 0.87% 0.57% 0.34% 0.79% TOTAL 100.00% 20.44% 5.81% 17.76% 55.99% YEAR TO DATE RESIDENTIAL 37.84% 11.97% 5.26% 8.77% 11.84% COMM & IND 57.65% 7.29% 0.47% 9.01% 40.88% PVT ST LIGHTS 0.13% 0.02% 0.00% 0.04% 0.07% PUB ST LIGHTS 0.41% 0.14% 0.06% 0.07% 0.14% MUNI BLDGS 1.40% 0.40% 0.28% 0.24% 0.48% SALES /RESALE 0.48% 0.48% 0.00% 0.00% 0.00% SCHOOL 2.09% 0.74% 0.47% 0.26% 0.62% TOTAL 100.00% 21.04% 6.54% 18.39% 54.03% LAST YEAR TO DATE RESIDENTIAL 37.26% 11.64% 5.31% 8.57% 11.74% COMM & IND 58.32% 7.32% 0.46% 9.00% 41.54% 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 1.41% 0.37% 0.26% 0.26% 0.52% SALES /RESALE 0.47% 0.47% 0.00% 0.00% 0.00% SCHOOL 2.02% 0.71% 0.44% 0.26% 0.61% TOTAL 100.00% 20.67% 6.52% 18.20% 54.61% (6) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT FORMULA INCOME 4/30/14 TOTAL OPERATING REVENUES (P.3) ADD: LESS: POLE RENTAL INTEREST INCOME ON CUSTOMER DEPOSITS OPERATING EXPENSES (P.3) CUSTOMER DEPOSIT INTEREST EXPENSE FORMULA INCOME (LOSS) (7) 68,068,401.71 77,296.08 2,334.35 (66,993,176.51) (3,692.73) 1,151,162.90 El • SALE OF KWH (P.5) KWH PURCHASED AVE BASE COST PER KWH AVE BASE SALE PER KWH AVE COST PER KWH AVE SALE PER KWH FUEL CHARGE REVENUE (P.3) LOAD FACTOR .AK LOAD TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT GENERAL STATISTICS 4/30/14 MONTH OF APR 2013 54,011,626 52,896,791 0.040462 0.065269 0.082441 0.115167 2,581,974.01 79.29% 91,391 MONTH OF APR 2014 53,484,447 52,441,173 0.042148 0.069760 0.089059 0.129745 3,111,827.14 80.63% 89,095 (8) % CHANGE YEAR THRU 2013 2014 APR 2013 APR 2014 2.66% -1.41% 592,741,780 584,377,258 2.23% -0.52% 607,556,091 604,402,825 10.69% 2.92% 0.038657 0.039787 -0.63% 2.95% 0.064779 0.066692 -0.44% 0.97% 0.085650 0.086484 -2.25% -1.18% 0.115041 0.113688 -1.71% -8.97% 29,120,808.59 26,507,977.85 v v o o v v v v 1 o- • • • • 1r� u TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF CASH ANND INVESTMENTS 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 SICK LEAVE BUYBACK TOTAL CASH BALANCE SCHEDULE A PREVIOUS YEAR CURRENT YEAR 10,113,339.57 12,236,690.51 3,000.00 3,000.00 10,116,339.57 12,239,690.51 (9) 2,913,871.77 1,211,142.00 2,840,332.68 6,690,230.29 200,000.00 2,987,998.45 150,000.00 680,425.24 291,703.80 1,347,153.76 3,916,364.20 1,233,740.36 893,586.87 6,716,036.42 200,000.00 1,647,654.67 150,000.00 740,378.28 435,713.49 0.00 19,312,857.99 15,933,474.29 0.00 1,250,000.00 29,429,197.56 29,423,164.80 TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF ACCOUNTS RECEIVABLE 4/30/14 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 APRIL 2014: RESIDENTIAL AND COMMERCIAL LESS: SALES DISCOUNT LIABILITY GENERAL LEDGER BALANCE CURRENT 30 DAYS 60 DAYS 90 DAYS OVER 90 DAYS TOTAL (10) PREVIOUS YEAR 3,289,544.58 224,539.19 40,717.62 892.14 (278,328.70) (268,290.30) 3,009,074.53 4,915,936.83 7,925,011.36 758,095.82 1,526.37 241,849.32 178,155.33 14,523.70 1,194,150.54 1,824,428.27 (169,686.99) 1,654,741.28 1,318,723.15 79.69% 225,536.03 13.63% 52,711.47 3.19% 15,347.79 0.93% 42,422.84 2.56% 1,654,741.28 100.00% SCHEDULE B CURRENT YEAR 1,824,428.27 10,993.38 37,169.47 892.14 (169,686.99) (222,986.08) 1,480,810.19 4,158,022.50 5,638,832.69 766,338.54 902,854.27 242,260.90 298,028.27 14,523.70 2,224,005.68 SALES OF ELECTRICITY: RESIDENTIAL SALES COMM AND INDUSTRIAL SALES PRIVATE STREET LIGHTING TOTAL PRIVATE CONSUMERS MUNICIPAL SALES: STREET LIGHTING MUNICIPAL BUILDINGS TOTAL MUNICIPAL CONSUMERS SALES FOR RESALE SCHOOL TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING REVENUE 4/30/14 28,302.94 31,864.38 284,209.63 SCHEDULE D -1.75$ MONTH MONTH LAST YEAR CURRENT YEAR YTD $ LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE 2,487,460.89 2,701,064.47 28,289,329.80 28,012,748.96 -0.98$ 3,447,095.88 3,888,938.86 36,920,678.83 35,466,807.60 -3.94$ 5,951.70 7,010.34 59,312.23 58,724.74 -0.99$ 5,940,508.47 6,597,013.67 65,269,320.86 63,538,281.30 -2.65$ 28,302.94 31,864.38 284,209.63 279,250.08 -1.75$ 83,296.50 108,554.11 960,495.12 940,580.52 -2.07$ 111,599.44 140,418.49 1,244,704.75 1,219,830.60 -2.00$ 25,523.57 31,823.59 329,252.64 332,170.59 0.89$ 142.737.08 170,103.63 1,346,095.26 1,346,362.99 0.02% SUB -TOTAL 6,220,368.56 6,939,359.38 68,189,373.51 66,436,645.48 -2.57$ FORFEITED DISCOUNTS 76,503.07 97,369.46 821,078.38 806,418.17 -1.79$ PURCHASED POWER CAPACITY (178,509.08) 206,440.65 1,452,954.60 715,874.71 - 50.73$ ENERGY CONSERVATION - RESIDENTIAL 19,310.60 18,743.08 220,921.84 221,218.30 0.13% ENERGY CONSERVATION - COMMERCIAL 33,805.94 33,910.50 362,578.22 353,975.31 -2.37$ GAW REVENUE 53,925.07 0.00 592,481.60 489,669.08 - 17.35$ NYPA CREDIT (113,103.56) (96,472.23) (671,635.82) (955,399.34) 42.25$ TOTAL REVENUE 6,112,300.60 7,199,350.84 70,967,752.33 68,068,401.71 -4.09$ • (u) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING REVENUE BY TOWN 4/30/14 THIS YEAR TO DATE RESIDENTIAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH 54.80% 7.62% 0.75% 8.85% 37.58% RESIDENTIAL 2,701,064.47 853,020.02 338,344.50 619,299.78 890,400.17 INDUS /MUNI BLDG 3,997,492.97 550,261.32 54,459.40 625,978.13 2,766,794.12 PUB.ST.LIGHTS 31,864.38 10,381.19 4,108.24 5,673.16 11,701.79 PRV.ST.LIGHTS 7,010.34 1,186.01 132.55 2,249.78 3,442.00 CO -OP RESALE 31,823.59 31,823.59 0.00 0.00 0.00 SCHOOL 170,103.63 58,349.03 37,202.40 23,223.73 51,328.47 TOTAL 6,939,359.38 1,505,021.16 434,247.09 1,276,424.58 3,723,666.55 THIS YEAR TO DATE 9.54% 13.05% INDUS /MUNI BLDG 55.56% 7.62% RESIDENTIAL 28,012,748.96 8,904,864.16 3,867,386.62 6,493,586.38 8,746,911.80 INDUS /MUNI BLDG 36,407,388.12 5,065,561.42 497,092.44 5,878,808.54 24,965,925.72 PUB.ST.LIGHTS 279,250.08 90,799.25 35,866.73 49,649.79 102,934.31 PRV.ST.LIGHTS 58,724.74 10,120.70 1,083.11 18,453.29 29,067.64 CO -OP RESALE 332,170.59 332,170.59 0.00 0.00 0.00 SCHOOL 1,346,362.99 480,364.69 297,291.36 174,634.78 394,072.16 TOTAL 66,436,645.48 14,883,880.81 4,698,720.24 12,615,132.79 34,238,911.64 LAST YEAR TO DATE RESIDENTIAL 28,289,329.80 8,879,944.08 4,007,405.90 6,504,742.31 8,897,237.51 INDUS /MUNI BLDG 37,881,173.95 5,196,999.05 483,752.72 6,037,985.22 26,162,436.96 PUB.ST.LIGHTS 284,209.63 92,229.95 36,507.41 51,232.80 104,239.47 PRV.ST.LIGHTS 59,312.23 10,814.96 1,084.13 17,918.29 29,494.85 CO -OP RESALE 329,252.64 329,252.64 0.00 0.00 0.00 SCHOOL 1,346,095.26 477,197.20 291,363.16 177,933.52 399,601.3P 68,189,373.51 14,986,437.88 4,820,113.32 12,789,812.14 _�jTOTAL 35,593,010.1 PERCENTAGE OF OPERATING INCOME TO TOTAL TOTAL READING LYNNFIELD NO.READING WILMINGTON MONTH RESIDENTIAL 38.92% 12.29% 4.88% 8.92% 12.83% INDUS /MUNI BLDG 57.61% 7.93% 0.78% 9.02% 39.88% PUB.ST.LIGHTS 0.46% 0.15% 0.06% 0.08% 0.17% PRV.ST.LIGHTS 0.10% 0.02% 0.00% 0.03% 0.05% CO -OP RESALE 0.46% 0.46% 0.00% 0.00% 0.00% SCHOOL 2.45% 0.84% 0.54% 0.33% 0.74% TOTAL 100.00% 21.69% 6.26% 18.38% 53.67% THIS YEAR TO DATE RESIDENTIAL 42.16% 13.40% 5.82% 9.77% 13.17% INDUS /MUNI BLDG 54.80% 7.62% 0.75% 8.85% 37.58% PUB.ST.LIGHTS 0.42% 0.14% 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 2.03% 0.72% 0.45% 0.26% 0.60% TOTAL 100.00% 22.40% 7.07% 18.98% 51.55% LAST YEAR TO DATE RESIDENTIAL 41.49% 13.02% 5.88% 9.54% 13.05% INDUS /MUNI BLDG 55.56% 7.62% 0.71% 8.85% 38.38% PUB.ST.LIGHTS 0.42% 0.14% 0.05% 0.08% 0.1 PRV.ST.LIGHTS 0.09% 0.02% 0.00% 0.03% 0. " CO -OP RESALE 0.48% 0.48% 0.00% 0.00% 0.0 SCHOOL 1.96% 0.70% 0.43% 0.26% 0.57% TOTAL 100.00% 21.98% 7.0796 18.76% 52.19% (11A) • * ( ) = ACTUAL UNDER BUDGET TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED REVENUE VARIANCE REPORT 4/30/14 SCHEDULE F ACTUAL SALES OF ELECTRICITY: RESIDENTIAL YEAR TO DATE COMM AND INDUSTRIAL SALES VARIANCE * PRIVATE STREET LIGHTING 17,608,712.37 MUNICIPAL BUILDINGS (348,814.63) PUBLIC STREET LIGHTING 20,229,207.65 SALES FOR RESALE (843,495.35) SCHOOL 166,515.07 TOTAL BASE SALES (38.93) TOTAL FUEL SALES 199,156.70 TOTAL OPERATING REVENUE (33,669.30) FORFEITED DISCOUNTS 769,676.50 PURCHASED POWER CAPACITY 24,507.50 ENERGY CONSERVATION - RESIDENTIAL ENERGY CONSERVATION - COMMERCIAL 38,973,268.29 GAW REVENUE (1,201,510.71) PASNY CREDIT 27,463,377.19 TOTAL OPERATING REVENUES * ( ) = ACTUAL UNDER BUDGET TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED REVENUE VARIANCE REPORT 4/30/14 SCHEDULE F ACTUAL BUDGET % YEAR TO DATE YEAR TO DATE VARIANCE * CHANGE 17,608,712.37 17,957,527.00 (348,814.63) -1.94% 20,229,207.65 21,072,703.00 (843,495.35) -4.00% 166,515.07 166,554.00 (38.93) -0.02% 199,156.70 232,826.00 (33,669.30) - 14.46% 769,676.50 745,169.00 24,507.50 3.29% 38,973,268.29 40,174,779.00 (1,201,510.71) -2.99% 27,463,377.19 27,684,368.00 (220,990.81) -0.80% 66,436,645.48 67,859,147.00 (1,422,501.52) -2.10% 806,418.17 883,845.00 (77,426.83) -8.76% 715,874.71 892,560.00 (176,685.29) - 19.80% 221,218.30 222,232.00 (1,013.70) -0.46% 353,975.31 378,498.00 (24,522.69) -6.48% 489,669.08 600,729.00 (111,059.92) - 18.49% (955,399.34) (583,330.00) (372,069.34) 63.78% -3.11% (2,185,279.29) 70,253,681.00 68,068,401.71 (11B) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT SCHEDULE OF OPERATING EXPENSES 4/30/14 SCHEDULE E DEPRECIATION EXPENSE PURCHASED POWER FUEL EXPENSE VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES 305,469.18 2,220,542.42 114,000.00 314,969.55 3,054,691.80 3,149,695.50 3.11% 2,460,081.44 116,666.67 28,550,520.39 28,223,878.36 -1.14% 1,133,383.00 1,165,183.68 2.81% 5,636,260.77 6,050,154.64 66,514,287.54 66,993,176.51 0.72% (12) MONTH MONTH LAST YEAR CURRENT YEAR YTD % OPERATION EXPENSES: LAST YEAR CURRENT YEAR TO DATE TO DATE CHANGE PURCHASED POWER BASE EXPENSE 2,140,306.01 2,210,299.75 23,486,468.36 24,047,417.91 2.39% OPERATION SUP AND ENGINEERING EXP 36,587.26 37,350.96 418,128.63 420,278.51 0.51% STATION SUP LABOR AND MISC 6,034.97 9,683.26 62,067.50 96,722.05 55.83% LINE MISC LABOR AND EXPENSE 59,545.27 66,392.13 556,958.98 660,991.65 18.68% STATION LABOR AND EXPENSE 30,680.55 36,530.64 411,731.80 402,244.62 -2.30% STREET LIGHTING EXPENSE 4,745.01 2,593.08 65,189.47 60,178.56 -7.69% METER EXPENSE 14,248.71 17,937.78 154,189.02 180,484.67 17.05% MISC DISTRIBUTION EXPENSE 28,300.65 27,111.55 286,416.64 305,413.07 6.63% METER READING LABOR & EXPENSE 4,705.79 681.63 67,658.48 18,203.13 - 73.10% ACCT & COLL LABOR & EXPENSE 124,859.95 110,435.35 1,240,039.31 1,255,581.63 1.25% UNCOLLECTIBLE ACCOUNTS 8,333.33 10,500.00 83,333.30 105,000.00 26.00% ENERGY AUDIT EXPENSE 40,131.14 24,915.39 436,933.72 305,062.23 - 30.18% ADMIN & GEN SALARIES 51,836.67 64,407.71 631,182.20 727,062.34 15.19% OFFICE SUPPLIES & EXPENSE 24,581.08 25,221.90 214,336.38 237,460.60 10.79% OUTSIDE SERVICES 41,466.15 43,170.52 433,780.90 347,674.69 - 19.85% PROPERTY INSURANCE 29,926.00 29,863.75 310,021.43 289,305.51 -6.68% INJURIES AND DAMAGES 3,945.06 4,147.03 37,113.74 35,483.29 -4.39% EMPLOYEES PENSIONS & BENEFITS 83,048.80 165,313.80 1,735,007.05 1,866,321.57 7.57% MISC GENERAL EXPENSE 18,652.33 8,020.94 144,075.59 140,046.56 -2.80% RENT EXPENSE 20,402.88 17,933.98 171,539.59 171,361.24 -0.10% ENERGY CONSERVATION 19,356.58 66,945.56 584,957.29 458,501.78 - 21.62% TOTAL OPERATION EXPENSES 651,388.18 769,156.96 8,044,661.02 8,083,377.70 0.48% MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT 227.08 227.08 2,270.82 2,270.82 0'i MAINT OF STRUCT AND EQUIPMT 12,605.03 12,932.16 119,198.21 144,277.92 21.04% MAINT OF LINES - OH 108,349.57 108,636.46 1,258,254.71 1,331,677.01 5.84% MAINT OF LINES - UG 15,504.72 10,924.89 154,825.61 163,039.72 5.31% MAINT OF LINE TRANSFORMERS 7,179.11 0.00 128,110.28 87,218.31 - 31.92% MAINT OF ST LT & SIG SYSTEM (23.22) 9.62 (20.74) (447.66) 100.00% MAINT OF GARAGE AND STOCKROOM 46,831.57 32,412.85 455,156.09 461,156.29 1.32% MAINT OF METERS 5,209.76 150.62 30,686.99 11,645.67 - 62.05% MAINT OF GEN PLANT 8,671.36 13,686.59 96,081.00 122,785.28 27.79% TOTAL MAINTENANCE EXPENSES 204,554.98 178,980.27 2,244,562.97 2,323,623.36 3.52% DEPRECIATION EXPENSE PURCHASED POWER FUEL EXPENSE VOLUNTARY PAYMENTS TO TOWNS TOTAL OPERATING EXPENSES 305,469.18 2,220,542.42 114,000.00 314,969.55 3,054,691.80 3,149,695.50 3.11% 2,460,081.44 116,666.67 28,550,520.39 28,223,878.36 -1.14% 1,133,383.00 1,165,183.68 2.81% 5,636,260.77 6,050,154.64 66,514,287.54 66,993,176.51 0.72% (12) * ( ) = ACTUAL UNDER BUDGET (12A) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT BUDGETED OPERATING EXPENSE 4/30/14 VARIANCE REPORT SCHEDULE G ACTUAL BUDGET % OPERATION EXPENSES: YEAR TO DATE YEAR TO DATE VARIANCE * CHANGE PURCHASED POWER BASE EXPENSE 24,047,417.91 23,891,314.00 156,103.91 0.65% OPERATION SUP AND ENGINEERING EXP 420,278.51 389,973.00 30,305.51 7.77% STATION SUP LABOR AND MISC 96,722.05 74,070.00 22,652.05 30.58% LINE MISC LABOR AND EXPENSE 660,991.65 622,318.00 38,673.65 6.21% STATION LABOR AND EXPENSE 402,244.62 370,951.00 31,293.62 8.44% STREET LIGHTING EXPENSE 60,178.56 75,370.00 (15,191.44) - 20.16% METER EXPENSE 180,484.67 178,665.00 1,819.67 1.02% MISC DISTRIBUTION EXPENSE 305,413.07 328,452.00 (23,038.93) -7.01% METER READING LABOR & EXPENSE 18,203.13 38,468.00 (20,264.87) - 52.68% ACCT & COLL LABOR & EXPENSE 1,255,581.63 1,301,558.00 (45,976.37) -3.53% UNCOLLECTIBLE ACCOUNTS 105,000.00 105,000.00 0.00 0.00% ENERGY AUDIT EXPENSE 305,062.23 344,667.00 (39,604.77) - 11.49% ADMIN & GEN SALARIES 727,062.34 656,290.00 70,772.34 10.78% OFFICE SUPPLIES & EXPENSE 237,460.60 223,500.00 13,960.60 6.25% OUTSIDE SERVICES 347,674.69 356,740.00 (9,065.31) -2.54% PROPERTY INSURANCE 289,305.51 383,750.00 (94,444.49) - 24.61% INJURIES AND DAMAGES 35,483.29 48,580.00 (13,096.71) - 26.96% EMPLOYEES PENSIONS & BENEFITS 1,866,321.57 1,581,080.00 285,241.57 18.04% MISC GENERAL EXPENSE 140,046.56 200,703.00 (60,656.44) - 30.22% RENT EXPENSE 171,361.24 176,670.00 (5,308.76) -3.00% ENERGY CONSERVATION 458,501.78 530,423.00 (71,921.22) - 13.56% TOTAL OPERATION EXPENSES 8,083,377.70 7,987,228.00 96,149.70 1.20% MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT 2,270.82 2,500.00 (229.18) -9.17% MAINT OF STRUCT AND EQUIPMENT 144,277.92 87,883.00 56,394.92 64.17% MAINT OF LINES - OH 1,331,677.01 1,327,327.00 4,350.01 0.33% MAINT OF LINES - UG 163,039.72 404,420.00 (241,380.28) - 59.69% MAINT OF LINE TRANSFORMERS 87,218.31 143,470.00 (56,251.69) - 39.21% MAINT OF ST LT & SIG SYSTEM (447.66) 8,708.00 (91155.66) - 105.14% MAINT OF GARAGE AND STOCKROOM 461,156.29 560,859.00 (99,702.71) - 17.78% MAINT OF METERS 11,645.67 37,373.00 (25,727.33) - 68.84% MAINT OF GEN PLANT 122,785.28 120,970.00 1,815.28 1.50% TOTAL MAINTENANCE EXPENSES 2,323,623.36 2,693,510.00 (369,886.64) - 13.73% DEPRECIATION EXPENSE 3,149,695.50 3,146,000.00 3,695.50 0.12% PURCHASED POWER FUEL EXPENSE 28,223,878.36 26,927,319.00 1,296,559.36 4.82% VOLUNTARY PAYMENTS TO TOWNS 1,165,183.68 11166,660.00 (1,476.32) -0.13% TOTAL OPERATING EXPENSES 66,993,176.51 65,812,031.00 1,181,145.51 1.79% * ( ) = ACTUAL UNDER BUDGET (12A) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT 9 (i2B) BUDGETED OPERATING EXPENSE VARIANCE REPORT 4/30/14 RESPONSIBLE REMAINING SENIOR 2014 ACTUAL BUDGET REMAINING OPERATION EXPENSES: MANAGER ANNUAL BUDGET YEAR TO DATE BALANCE BUDGET % PURCHASED POWER BASE EXPENSE JP 29,123,336.00 24,047,417.91 5,075,918.09 17.43% OPERATION SUP AND ENGINEERING EXP HJ 467,978.00 420,278.51 47,699.49 10.19% STATION SUP LABOR AND MISC HJ 90,088.00 96,722.05 (6,634.05) -7.36% LINE MISC LABOR AND EXPENSE HJ 729,521.00 660,991.65 68,529.35 9.39% STATION LABOR AND EXPENSE HJ 446,308.00 402,244.62 44,063.38 9.87% STREET LIGHTING EXPENSE HJ 90,729.00 60,178.56 30,550.44 33.67% METER EXPENSE HJ 218,064.00 180,484.67 37,579.33 17.23% MISC DISTRIBUTION EXPENSE HJ 396,379.00 305,413.07 90,965.93 22.95% METER READING LABOR & EXPENSE HJ 46,322.00 18,203.13 28,118.87 60.70% ACCT & COLL LABOR & EXPENSE RF 1,570,864.00 1,255,581.63 315,282.37 20.07% UNCOLLECTIBLE ACCOUNTS RF 126,000.00 105,000.00 21,000.00 16.67% ENERGY AUDIT EXPENSE JP 416,982.00 305,062.23 111,919.77 26.84% ADMIN & GEN SALARIES CO 794,002.00 727,062.34 66,939.66 8.43% OFFICE SUPPLIES & EXPENSE CO 268,000.00 237,460.60 30,539.40 11.40% OUTSIDE SERVICES CO 419,150.00 347,674.69 71,475.31 17.05% PROPERTY INSURANCE HJ 460,600.00 289,305.51 171,294.49 37.19% INJURIES AND DAMAGES HJ 58,206.00 35,483.29 22,722.71 39.04% EMPLOYEES PENSIONS & BENEFITS HJ 1,870,479.00 1,866,321.57 4,157.43 0.22% MISC GENERAL EXPENSE CO 219,695.00 140,046.56 79,648.44 36.25% RENT EXPENSE HJ 212,000.00 171,361.24 40,638.76 19.17% ENERGY CONSERVATION JP 636,761.00 458,501.78 178,259.22 27.99% TOTAL OPERATION EXPENSES 9,538,128.00 8,083,377.70 1,454,750.30 15.25% MAINTENANCE EXPENSES: MAINT OF TRANSMISSION PLANT HJ 3,000.00 2,270.82 729.18 24.31% MAINT OF STRUCT AND EQUIPMT HJ 105,738.00 144,277.92 (38,539.92) - 36.45% MAINT OF LINES - OH HJ 1,604,829.00 1,331,677.01 273,151.99 17.02% MAINT OF LINES - UG HJ 485,432.00 163,039.72 322,392.28 66.41% MAINT OF LINE TRANSFORMERS HJ 160,000.00 87,218.31 72,781.69 45.49% MAINT OF ST LT & SIG SYSTEM HJ 10,487.00 (447.66) 10,934.66 104.27% MAINT OF GARAGE AND STOCKROOM HJ 668,507.00 461,156.29 207,350.71 31.02% MAINT OF METERS HJ 41,160.00 11,645.67 29,514.33 71.71% MAINT OF GEN PLANT RF 145,480.00 122,785.28 22,694.72 15.60% TOTAL MAINTENANCE EXPENSES 3,224,633.00 2,323,623.36 901,009.64 27.94% DEPRECIATION EXPENSE RF 3,775,200.00 3,149,695.50 625,504.50 16.57% PURCHASED POWER FUEL EXPENSE JP 31,789,470.00 28,223,878.36 3,565,591.64 11.22% VOLUNTARY PAYMENTS TO TOWNS RF 1,400,000.00 1,165,183.68 234,816.32 16.77% TOTAL OPERATING EXPENSES 11,857,590.49 15.04% 78,850,767.00 66,993,176.51 9 (i2B) TOWN OF READING, MASSACHUSETTS MUNICIPAL LIGHT DEPARTMENT PROFESSIONAL SERVICES 04/30/2014 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 2,850.00 6,000.00 (3,150.00) 3 LEGAL- FERC /ISO ISSUES ENERGY SERVICE 17,505.05 15,000.00 2,505.05 4 LEGAL- POWER SUPPLY ISSUES ENERGY SERVICE 80,143.39 37,500.00 42,643.39 5 PROFESSIONAL SERVICES ENERGY SERVICE 22,812.19 20,000.00 2,812.19 6 NERC COMPLIANCE AND AUDIT E & 0 14,984.50 11,000.00 3,984.50 7 LEGAL ENGINEERING 0.00 12,500.00 (12,500.00) 8 LEGAL - GENERAL GM 108,897.91 125,000.00 (16,102.09) 9 LEGAL SERVICES- OTHER HR 15,150.59 35,000.00 (19,849.41) 10 LEGAL SERVICES - NEGOTIATIONS HR 21,694.73 3,500.00 18,194.73 11 LEGAL SERVICES - ARBITRATION HR 7,362.68 21,900.00 (14,537.32) 12 LEGAL GENERAL BLDG. MAINT. 0.00 1,250.00 (1,250.00) 13 SURVEY RIGHT OF WAY BLDG. MAINT. 0.00 4,170.00 (4,170.00) 14 ENVIRONMENTAL BLDG. MAINT. 405.00 4,170.00 (3,765.00) 15 INSURANCE CONSULTANT GEN. BENEFIT 0.00 8,330.00 (8,330.00) 16 LEGAL GEN. BENEFIT 64.60 4,170.00 (4,105.40) 17 LEGAL MATS MGMT GEN. BENEFIT 950.00 15,000.00 (14,050.00) 18 DSA BASIC CLIENT SERVICE ENGINEERING 1,875.00 0.00 1,875.00 19 ORGANIZATIONAL STUDY GM 20,479.05 0.00 20,479.05 TOTAL 347,674.69 356,740.00 (9,065.31) PROFESSIONAL SERVICES BY VENDOR ACTUAL MELANSON HEATH & COMPANY 32,500.00 UTILITY SERVICES, INC. 13,632.50 DUNCAN AND ALLEN 34,423.86 RUBIN AND RUDMAN 170,357.92 DOBLE ENGINEERING 1,875.00 CHOATE HALL & STEWART 32,945.60 JAMES COLLINS- ARBITRATOR 600.00 WILLIAM CROWLEY 2,080.00 ENERGY NEW ENGLAND 8,900.00 BERRYDUNN 6,445.00 PLM 20,670.00 HUDSON RIVER ENERGY GROUP 2,249.72 KEYSTONE PARTNERS LLC 5,000.00 CUSHING, JAMMALLO & WHEELER 405.00 CMEEC 7,337.19 STONE CONSULTING INC. 2,850.00 COTTE MANAGEMENT CONSULTING LLC 5,402.90 TOTAL 347,674.69 (13) RMLD DEFERRED FUEL CASH RESERVE ANALYSIS 4/30/14 F It (14) GROSS MONTHLY TOTAL DATE CHARGES REVENUES NYPA CREDIT DEFERRED DEFERRED Jun -13 2,609,487.38 Jul -13 3,464,349.32 2,953,072.91 (53,841.00) (565,117.41) 2,044,369.97 Aug -13 2,767,250.13 3,385,440.39 (33,645.12) 584,545.14 2,628,915.11 Sep -13 2,168,234.24 3,096,134.62 (61,811.13) 866,089.25 3,495,004.36 Oct -13 1,994,534.42 2,147,543.67 (23,964.99) 129,044.26 3,624,048.62 Nov -13 1,738,646.02 2,201,768.18 (53,708.49) 409,413.67 4,033,462.29 Dec -13 3,666,453.24 2,053,822.16 (45,701.57) (1,658,332.65) 2,375,129.64 Jan -14 3,161,945.22 2,487,172.37 (88,308.33) (763,081.18) 1,612,048.46 Feb -14 3,381,465.32 2,880,989.98 (176,031.57) (676,506.91) 935,541.55 Mar -14 3,420,919.01 3,049,133.54 (321,914.91) (693,700.38) 241,841.17 Apr -14 2,460,081.44 3,208,299.37 (96,472.23) 651,745.70 893,586.87 F It (14) RMLD BUDGET VARIANCE REPORT FOR PERIOD ENDING APRIL 30, 2014 DIVISION ACTUAL BUDGET VARIANCE CHANGE ENGINEERING AND OPERATIONS 3,800,614 3,958,675 (158,061) -3.990 ENERGY SERVICES 882,156 947,593 (65,437) -6.910 GENERAL MANAGER 673,760 729,555 (55,795) -7.65% FACILITY MANAGER 3,281,870 3,241,709 40,161 1.24% BUSINESS DIVISION 8,004,858 8,036,366 (31,508) -0.39% SUB -TOTAL 16,643,258 16,913,898 (270,640) -1.60% PURCHASED POWER - BASE 24,047,418 23,891,314 156,104 0.65% PURCHASED POWER - FUEL 28,223,878 26,927,319 1,296,559 4.82% TOTAL 68,914,554 67,732,531 1,182,023 1.75% (15) RMLD STAFFING REPORT FOR FISCAL YEAR ENDING JUNE, 2014 ic (16) 14 BUD JUL AUG SEP OCT NOV DEC JAN FEB MAR TOTAL 13 13 13 13 13 13 14 14 14 14 GENERAL MANAGER GENERAL MANAGER 2.00 2.00 2.00 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 1.00 1.00 1.00 COMMUNITY RELATIONS 1.00 1.00 1.00 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 4.00 4.00 4.00 BUSINESS ACCOUNTING 2.00 2.00 2.00 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 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 6.00 6.00 6.00 MISCELLANEOUS 1.00 1.00 1.00 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 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 2.00 2.00 2.00 ENGINEERING 5.00 5.00 5.00 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 20.00 20.00 20.00 METER 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 STATION 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 TOTAL 40.00 39.00 39.00 39.00 39.00 39.00 39.00 37.00 38.00 38.00 38.00 PROJECT BUILDING 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 GENERAL BENEFITS 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 TRANSPORTATION - - - _ - - _ MATERIALS MGMT 4.00 4.00 4.00 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 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 4.50 4.50 4.50 TOTAL 4.50 3.50 3.50 3.50 3.50 3.50 3.50 4.50 4.50 4.50 4.50 RMLD TOTAL 73.25 71.25 71.25 71.25 71.25 71.25 71.25 70.25 71.25 71.25 5 CONTRACTORS UG LINE 2.00 2.00 2.00 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 2.00 2.00 2.00 GRAND TOTAL 75.25 73.25 73.25 73.25 73.25 73.25 73.25 72.25 73.25 73.25 73.25 ic (16) RMLD Board of Commissioners Committees and Assignments August 14, 2013 Audit (Including Town of Reading Audit) Recommend audit findings to the Board. Philip Pacino Robert Soli One member of Audit Committee meets at least semiannually with the Accounting/ Business Manager on RMLD financial issues. Town of Reading Audit Committee - Sit on the Town of Reading Audit Committee and select firm that performs annual financial audit or RMLD pension trust. Public Relations Committee From time to time review press releases and public Not To Exceed One Year relations programs. John Stempeck David Talbot Budget Committee Recommend Operating and Capital Budgets to the Board. Robert Soli, Chair Philip Pacino Recommend actuaries and actuary findings to the Board. David Talbot Make recommendation to RMLD Board for legal counsel. Policy Committee Recommend changes of Board policies to RMLB. Philip Pacino, Chair David Mancuso David Talbot Assignments Review and approve payables on a weekly basis. Accounts Payable David Talbot - August This position is rotational. It requires one signature. David Mancuso - September John Stempeck - October No Commissioner may serve more than three consecutive Philip Pacino - First Back Up years on this Committee and must take a year leave before returning to this Committee. Assignments Payroll - Four Month Rotation David Talbot, August - November Robert Soli, December - March John Stempeck, April - July IR Review and approve payroll. This position is rotational every four months. It requires primary signer and one back -up. No Commissioner can serve more than three consecutive years on this Committee and must take a year leave before returning to this Committee. Jeanne Foti rom: Jeanne Foti Sent: Tuesday, June 03, 2014 1:57 PM To: Bob Soli; David Talbot; John Stempeck; Phil Pacino; Tom O'Rourke Subject: Account Payable Warrant and Payroll Good afternoon. In an effort to save paper, the following timeframes had no Account Payable and Payroll questions. Account Payable Warrant— No Questions March 21, April 4, April 11, April 18, April 25, May 9, May 16, May 23 and May 30. Please note that on March 28 and May 2 there were questions on the Account Payable Warrant that will be in the Board Book. Payroll — No Questions March 24, April 7, April 22 (holiday on Monday), May 5, May 19 and June 2. pis e-mail will be printed for the Board Book for the RMLD Board meeting on June 12, 2014. 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. Jeanne Foti From: Coleen O'Brien Sent Monday, May 05, 2014 3:42 PM To: RMLD Board Members Group Cc: Bob Fournier, Jeanne Foti Subject: FW: Account Payable Questions - May 2 1. The invoice has been signed. 2. The P -Card is limited to $2000. When you consider that we have a number of vendors that will not take PO's, e.g. travel, software, registration fees for training, etc., the $2000 maximum can be prohibitive. Unless the maximum were to be elevated, we must count on those employees willing to utilize their own personal cards for the purpose of continued operation. Based on Bob Fournier, the maximum allowed was set by the Town; the card is maintained and controlled by Bob Fournier. Thank you, Cole.ew M. O'Brce vv General Manager Reading Municipal Light Department 230 Ash Street Reading, NIA 01867 • From: Jeanne Fob Sent: Monday, May 05, 2014 7:07 AM To: Coleen O'Brien Subject: Account Payable Questions - May 2 Soli 1. CDT — Needs a signature. 2. Foti — I thought we had a town credit card. Jeanne Foti Reading Municipal Light Department Executive Assistant 230 Ash Street Reading, MA 01867 781 - 942 -6434 Phone • 781 - 942 -2409 Fax Jeanne Foti From: Coleen O'Brien .`,,Sent: Monday, March 31, 2014 1:57 PM To: john stempeck oohn.stempeck @gmail.com) Cc: Jeanne Foti; Dave Polson; Paula O'Leary; David Mancuso; David Talbot; Bob Soli; Phil Pacino Subject: FW: Account Payable Warrant Question - March 28 ,2014 Good afternoon John: Regarding P.O. 14- E00525, Image Technology Specialists, the printer copy cartridge costs are integral to the contract, however the freight is an extra charge. When the P.O. was first created, RMLD calculated $1000 as the projected freight cost, but was short so $100 was added. The PO system only allows a new line to be added, not to revise an existing line, thus $1000 and then another $100. This acts as a blanket PO, so each cartridge is debited off the total amount, otherwise a new purchase requisition and PO would need to be generated for every invoice received for freight. Dave Poison was asked why the contract did not also integrate freight? As the administrative paperwork, such as this, could be avoided as well. Dave said that they would look into rolling the cost in under the next contract. As well, he will look at where we have freight costs outside of other contracts. Thank you, ,`.olee vt. M. 0'13Y- e vt. General Manager Reading Municipal light Department 230 Ash Street Reading, NIA 01867 From: Jeanne Foti Sent: Monday, March 31, 2014 6:42 AM To: Coleen O'Brien Subject: Account Payable Warrant Question - March 28 ,2014 Stempeck 1. Image Tech — Just curious — why is freight /cartridge listed @ $1 with total $1,000? 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