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32
City of Los Angeles 5th Regional Investors Conference March 9, 2020

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Page 1: City of Los Angeles 5th Regional Investors Conference

City of Los Angeles 5th Regional Investors Conference

March 9 2020

2

Legal Disclaimer

The filing of this presentation does not constitute or imply any representation regarding any other financial or operating information about the Department of Water and Power of the City of Los Angeles (the ldquoDepartmentrdquo) or any representation that no other circumstances or events have occurred which may have a bearing on the Departmentrsquos financial condition In accordance with several continuing disclosure certificates entered into by the Department the Department has covenanted to otherwise provide annual financial information and operating data relating to the Department on each Annual Report Date (as defined therein) and in a timely manner notice of certain events This presentation is provided by the Department on a voluntary basis and the information herein is not provided or included pursuant to the Departmentrsquos continuing disclosure certificates or Securities and Exchange Commission Rule 15c2-12 This presentation is provided as of March 6 2020 If you are viewing this presentation after such date there may have been events that occurred subsequent to such date that may have a material adverse effect on any information that is presented herein and the Department has not undertaken any obligation to update the presentation All information provided in this presentation are not warranted as to completeness or accuracy and are subject to change without notice

LADWP is the largest municipal utility in the US

15 million power customers

686000 water customers

Population 4 million

2019 Figures

Includes unrestricted cash of $16 billion for the Power System and $730 million for the Water System

Sales FYI 2018-19

Operating Revenue

FY 2018-19

Total Liquidity As of Dec 31

2019

Power

226M MWh $41B $22B

Water

195M HCF $12B $783M

4

Sustainability Initiatives

100 Renewable Energy by 2045 70 Local Water Supply by 2035

5

Existing LADWP Governance

Mayor City Council

Energy Climate Change amp

Environmental Justice Committee

General Manager

Board of Water and Power Commissioners

Office of Public Accountability

6

Transition to 100 clean energy

Replace aging infrastructure

Build local water supplies

Electrify transportation sector Expand customer facing automation

Improve customer service keep rates competitive

7

Legal and Policy Mandates

State Mandates for GHGs Renewables Wildfire Mitigation Energy Storage Water Quality Once Through Cooling Green New DealSustainable City pLAn

8

Revenue Composition Under Current Rate Structure Power System 49 Pass-Through Water System 67 Pass-Through

Decoupled Base Revenue Pass-Through Costs

Base Rate 33

Automatic Pass-

Throughs 9

Water Supply

Adjustment Factor

30

Total Other Pass

Throughs 28

_______________________________________________________ Revenue composition is for fiscal years 2016 through 2019

ECAF Charges

42

9

Rates Remain Competitive Residential

Sources httpswwwsmudorgenRate-InformationResidential-Rates httpswwwburbankwaterandpowercomelectricrates-and-charge httpsww5cityofpasadenanetwater-and-powerrates httpwwwglendalecagovgovernmentcity-departmentsglendale-water-and-powerrates httpswwwscecomwpsportalhomeregulatorytariff-booksrates-pricing-choices httpswwwpgecomtariffsassetspdftariffbookELEC_SCHEDS_E-1pdf httpswwwsdgecomtotal-electric-rates Rates at other utilities subject to change

Comparative Residential Annualized Power Bills Excluding Tax Based on 500 kWh per Month as of January 2020

10

Rates Remain Competitive Residential

Sources httpswwwgswatercomsan-gabriel httpswwwgswatercomsimi-valley httpswwwebmudcomwaterwater-rates httpswwwsjwatercomcustomer-carehelp-informationrates-regulations httpswwwsandiegogovpublic-utilitiescustomer-servicewater-and-sewer-rateswater httpsfwaterorgmodulesshowdocumentaspxdocumentid=7742 httpswwwsantabarbaracagovgovdeptspwresourcesrateswtrsewerchangesasp Simi Valley and Arcadia Water bills are updated on February 2020 Rates at other utilities subject to change

Comparative Residential Annualized Water Bills Excluding Tax Based on 10 HCF per Month as of January 2020

11

12 Power System

Diverse Generation Mix Diverse mix of resources with net dependable capacity of 123 of peak demand

Department Owned Facilities Jointly Owned Facilities and Contracted Capacity Rights

Net Dependable Net Dependable

Type of Fuel Facilities (MWs) ()1 1 Type of Fuel Facilities (MWs) ()1

Natural Gas 4 3319 412 Coal (IPP) 1 1202 149

Large Hydro 1 1265 157 Natural Gas (Apex) 1 480 60

Renewables 62 300 37 Hydro (Hoover) 1 302 37

Nuclear (PVNGS) 1 380 47

RenewablesDG 40173 813 101

Total 67 4884 606 Total 40177 3177 394

1As a percentage of all facilities May not add due to rounding 2As of September 30 2019 Excludes California Department of Water Resourcesrsquo 120 MW share of net maximum capacity and 53 MW share of net dependable capacity 3 The Net Dependable for RenewablesDG is based on statistical modeling

13

LADWP Transmission System

14

Meeting Green Energy Goals Carbon Neutral Target of 2050

Eliminating Coal

The Department has decommissioned

divested from or has contracts in place to

eliminate coal by 2026

Once-Through Cooling (ldquoOTCrdquo)

Will not repower remaining OTC plants

Evaluating alternatives including but not

limited to transmission energy storage and

other clean energy that will aid in meeting the Departmentrsquos carbon

neutral goals

Energy Efficiency From 2000-2018 the

Department estimates it reduced long-term peak

demand and consumption by 672 MWs (3768 GWh

of energy savings) Goal of reducing usage by 15 by the end of 2020 compared to 2010 levels

Renewable Targets Renewables composed

32 of the Departmentrsquos 2018 energy mix

Targeting 60 renewable by 2030 and 100

renewable and zero carbon by 2045 for energy

sold to retail end-use customers

15

Department 2017 Power Strategic Long-Term Resource Plan1

_______________________________________________________ 1 Based upon 2017 SLTRP (formerly IRP) LADWP is currently working to revise its long-term resource plan that will likely result in increased renewable targets

Meeting Green Energy Goals Carbon Neutral Target of 2050

16

Power System Five-Year Capital Improvements Plan $113 Billion Over 5 years

ladwpcom 17

Summary of Power System 5-Year Capital Improvement Program

The Power System Capital Improvement Plan is focused on system reliability transforming power supply meeting mandates and increasing energy efficiency

1011 835 914 1196 1224

641 1174 1470

1433 1385

-

500

1000

1500

2000

2500

3000

2020 2021 2022 2023 2024

Internally Generated Funds ExternalDebt Financing

FY

5-Year Capital Investments Total ()Power System Reliability Program $3569 3163Supply Transition amp Mandates

Renewable Portfolio Standard 2036 1804Rebuild Local Power Plants 775 687

Infrastructure Improvements 2697 2390

Energy Efficiency 893 791Shared Services

IT Facilities Customer Services Fleet 1313 1164

Total 5-Year Capital Budget $11283 10000Internally Generated Funds $5180 459External Debt Financing $6103 541

_______________________________________________________ Based on fiscal year 2019 capital improvement budget Note Totals may not foot due to rounding 1 Of the $641 million of debt to be issued in fiscal year 2020 $525 million has been issued as of December 31 2019 2 The budget to rebuild local power plants may be materially impacted by the February 2019 announced decision to phase out Los Angeles Basin stations that utilize Once-Through-Cooling

$ in millions

2

1

Funds

Internally Generated Funds

20202021202220232024101183591411961224ExternalDebt Financing

202020212022202320246411174147014331385

millions

Capital

Sheet3

Financial Overview Power System Historical Trends

_______________________________________________________ Note Financial Planning Criteria are subject to ongoing reviews and adjustments by the Board with advice from the Departmentrsquos financial advisors and were last revised on May 20 2014

Debt Service Coverage (Min 225x) Days Cash on Hand (Min 170 days)

Debt to Capitalization Ratio (Max 68) Full Obligation Coverage (Min 17x)

Target Actual Target Actual

Target Actual Target Actual

18

Chart1

euro 172
euro 157
euro 189
euro 165
euro 184
euro 193

Bal_Sheet

ampCampTimes New RomanRegularamp8See accompanying notes to financial statements
GMackereclass reg assetacct 14932x
GMackeper KPMG - need Board letter 12512
Noko Psoarelo Row discription changed in FY 2014-15 from total net position and liabilities to total liabilities and deferred inflows
GMackeadjusted for regulatory asset reclass 52212
GMackerestated 52112 to include regulatory asset reclassacct 3034xx amp 14932x
GMackereclass reg assetacct 14932x
GMackeverify if any new reclass changed this amount- changed by KPMG - need Board Letter 12512
GMackeper KPMG - need Board letter 12512
Bahiru ErmiasLater Restated to $1193971
Bahiru ErmiasLater restated to $13349206
Bahiru ErmiasLater restated to $15613019
Bahiru ErmiasLater restated to $15948409
Bahiru ErmiasLater restated to $260077
Bahiru ErmiasLater restated to $335390
Bahiru ErmiasLater restated to $2548846
Bahiru ErmiasLater restated to $5379174
Bahiru ErmiasLater restated to $1207513
Bahiru ErmiasLater restated to $1318007
Bahiru ErmiasLater restated to $10145917
Bahiru ErmiasLater restated to $246535
Bahiru ErmiasLater restated to $423318
Bahiru ErmiasLater restated to $15948409
Bahiru ErmiasLater restated to $168785
Bahiru ErmiasLater restated to $13864634
Bahiru ErmiasLater restated to $262430
Bahiru ErmiasLater restated to $2484259
Bahiru ErmiasLater restated to $1341588
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $2852807
Bahiru ErmiasRestated to (8088454) in FY 19 financials
Bahiru ErmiasRestated to $10487482 in FY 19 financials
Bahiru ErmiasRestated to 11531030 in FY 19 financials
Bahiru ErmiasRestated to $14818117 in FY 19 financials
Bahiru ErmiasRestated to $17237217 in FY 19 financials
Bahiru ErmiasRestated to $127659 in FY 19 financials
Bahiru ErmiasRestated to $945107 during FY 19 financials
Bahiru ErmiasRestated to $18181324 during FY 19 financials
Bahiru ErmiasAdded to financials starting FY 19 FY 19 financials list this as $281236
Bahiru ErmiasNot included on FY 19 financials
Bahiru ErmiasAdded to financials starting FY 19 FY 19 financials list this as $90551
Bahiru ErmiasRestated to $1737698 during FY 19 financials
Bahiru ErmiasRestated to $372755 during FY 19 financials
Bahiru ErmiasRestated to $991468 during FY 19 financials
Bahiru ErmiasRestated to $18182234 for FY 19 financials

Income_Stm

ampCSee accompanying notes to financial statements
restated
restated 112315GASB 68
Bahiru ErmiasLater restated to $85534
Bahiru ErmiasLater restated to $5244674
Bahiru ErmiasLater restated to $5379174
Bahiru ErmiasRestated to $5106716 for FY 19 financials

CFdirect

ampCSee accompanying notes to financial statements

CF Indirect

ampCSee accompanying notes to financial statements
Bahiru ErmiasLater restated to $4784
Bahiru ErmiasLater restated to ($9172)
Bahiru ErmiasLater restated to ($355499)
Bahiru ErmiasLater restated to $284995
Bahiru ErmiasLater restated to $36840
Bahiru ErmiasLater restated to $436459
Bahiru ErmiasLater restated to $13398
Bahiru ErmiasLater restated to ($2775)
Bahiru ErmiasRestated to $164330 durinf FY 19 financials
Bahiru ErmiasRestated to (12859) during FY 19 financials
Bahiru ErmiasStarted including in FY 19 Listed as $30303 on FY 19 financials
Bahiru ErmiasStarted including in FY 19 Listed as $281236 on FY 19 financials
Bahiru ErmiasRestated to (122603) during FY 19 financials

Operating Info OS

Rev Exp amp DSC_OS

Bahiru ErmiasLater restated to 268 after we stopped including AFUDC
Bahiru ErmiasLater restated to 231 after we stopped including AFUDC
Bahiru ErmiasLater restated to 247 after we stopped including AFUDC
Bahiru ErmiasLater restated to 244 after we stopped including AFUDC
Bahiru ErmiasLater restated to 291 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC

Restricted amp Other Investments

Bahiru ErmiasAt time of 2014 financials this was included with the current portion rather than non-current

JAA Debt Service

Moodys-Networking Capital

Fin Metrics Graphs

Fin Metrics Graphs

Debt Service Coverage (Min 225x)

Power-Actual DWP Metrics

Days Cash on Hand (Min 170 days)

Moodys Wkng Cap Debt Ratio (2)

Debt to Capitalization Ratio (Max 68)

Moodys calcs of LADWP DSCRs

Full Obligation Ratio (Min 17x)

LADWP - 2019 adj net pen liab

2019 Pension and OPEB

Cash-Liquidity

Moodys Wkng Cap Debt Ratio (OLD

Moodys DSC Actual

Hist Fin Perfm Moodys

Hist Fin Perfm Fitch

ampLampZampF

Fitch DSC Actual

Power Actual Data-Ftch 21414

IPA DS 2009-13

IPA DS 2009-13

Debt Service Coverage
Net DSC (after transfer)
Fixed Obligatn Charge Coverage

SCPPA DS 2009-17

Investor Presetation

ladwpcom 19 _______________________________________________________ Note Excludes interest subsidy for BABs and CREBsQECBs Excludes sinking fund established for Power System 2010 Series C Power System 2018 Series B amortized based on anticipated rollover No interest rate swaps or auction rate notes VRDB bank facilities extended with staggered expiration dates from 2020 through 2023 Interest rates assumed for Variable Rate Bonds FY 2020 and thereafter 214 Bond ratings are as of 3320

LADWP Debt Profile (FY ndash in Millions)

Additional $1463 billion of take-or-pay obligations related to jointly-owned and capacity rights for generation and transmission facilities

bull LADWP has pre-paid $3860 million of its IPA debt obligations

Take-or-Pay Obligations Amount SCPPA amp IPA Projects $1463 bn

IPA Prepayment (0386) bn

Net Off BS Debt $1077 bn

Approximately $12 billion in outstanding principal will amortize through 2025

Fixed Rate Bonds 86

Fixed Rate Notes

3

Variable Rate Debt 9

Direct Purchase

2

Debt Composition

$0

$100

$200

$300

$400

$500

$600

$700

$800

2020 2023 2026 2029 2032 2035 2038 2041 2044 2047 2050

Principal

Financial Overview Power System Maintains a Conservative Debt Profile

Outstanding debt of $979 billion as of December 31 2019

Bond Ratings As of 3320

Moodyrsquos Aa2 Fitch AA SampP AA-

20

Water System

Water System

Single Family

Residential

729 373

Other

169

86

Water System FYE 2019 Sales (Millions of Billing Units of 100 cubic feet)

Single Family

Residential 729

373

Multiple Dwelling

Units 614

314

Other 169

86

Commercial amp Industrial

442 226

Total Sales FYE 2019 195 M billing units of 100 CF

21

Single Family

Residential

729 373

Other

169

86

Single Family

Residential 729

373

Multiple Dwelling

Units 614

314

Other 169

86

Year Ended June 30 2019 Customers

Single-Family Residential 491000 716

Multiple Dwelling Units 121000 178

Commercial and Industrial 66000 96

Other 8000 10

Total 686000 1000

22

Water Systemrsquos Goals

Commitment to Financial Stability

Maintain Competitive Rates

Maintain Diverse Water Sources

Sound Management

Principles Management amp Board-adopted financial metrics

Strong cash balances

Consistently strong debt service coverage

Cost adjustment factors designed to recover certain costs

Utilize rate increases as appropriate

Commitment to maintaining affordable rates

Maintain sources from Los Angeles Aqueduct and Metropolitan Water District of Southern California

Increased use of recycled water and stormwater capture

Clean-up and expand use of groundwater

Maintain and upgrade infrastructure

Ensure future reliability

Provide safe high quality water

23

Water Resources

Delta

Sierra Nevada

Mountains

Los Angeles Aqueduct

Colorado River

Aqueduct

State Water Project

Local Groundwater Water Recycling and Conservation

24

Goal Source 70 of Water Locally by 2035

MWD 49

Los Angeles Aqueduct

38

Recycled Water

2

Ground- water 11

Fiscal Year End 2015 - 2019 Average Total Supply 502405 AF

13 Local

Local Supply Groundwater

Recycled Water Stormwater amp

New Conservation 72

25

City of Los Angeles Water Use and Population

188 gallonspersonday

26

Focus on Infrastructure Replacement Summary of Water System 5-Year Capital Improvement Plan

_______________________________________________________ Based on fiscal year 2019 capital improvement budget Note Totals may not foot due to rounding

$ in millions

FY

27

Chart1

Internally Generated Funds
Securitization
ExternalDebt Financing
497
0
335
0
288
0
623
0
349
0
849
0
431
0
756
0
452
0
845
0

Sheet1

Sheet1

Energy Mix

Energy Mix

Water Capital Plan 94

Power Capital Plan 143

Power PA Categories

Power PA Categories

Internally Generated Funds
Securitization
ExternalDebt Financing

Water PA Categories

Water PA Categories

Internally Generated Funds
ExternalDebt Financing
Alex PischalnikovConfirm that this is LESS LOCAL SOLAR
Alex PischalnikovShould this include Fuel too - for both ApexNavajo
Alex PischalnikovAdd footnote - PPA price include DWP admin costs part of the allocation centkWhtrending 15 MMyear
Alex PischalnikovThe projects are capetilized so there is no direct OampM
reduce $25M per Katie
Becerra NancyManually added june (3-6) entry of $15M WREC CapitalPer Final Rate Case 94

Financial Overview Water System Historical Trends

Note Financial Planning Criteria are subject to ongoing reviews and adjustments by the Board with advice from the Departmentrsquos financial advisors and were last revised on May 20 2014 Prior to FY2016 the Board approved financial metric for minimum cash balance was $200 million

Days Cash on Hand (Min 150 days)

Debt to Capitalization Ratio (Max 65)

Target Actual

Target Actual

Target Actual

Debt Service Coverage (Min 17x)

28

Chart1

1
1
1
1
1
1
1
1

BS Data

Bahiru ErmiasLater restated to $565016
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $7137764
Bahiru ErmiasLater restated to $5641
Bahiru ErmiasLater restated to $129062
Bahiru ErmiasLater restated to $167293
Bahiru ErmiasLater restated to $8059629
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $2733549
Bahiru ErmiasLater restated to $583344
Bahiru ErmiasLater restated to $609867
Bahiru ErmiasLater restated to $116375
Bahiru ErmiasLater restated to $8059629

IS Data

Bahiru ErmiasBeginning of the year was restated to $2581117 due to an effect of change in accounting for pensions (GASB 68) of -$6967 End of the year was later restated to $2733549
Bahiru ErmiasLater restated to ($6967)
Bahiru ErmiasLater restated to $2581117

CFDirect

Bahiru ErmiasCash flows from noncapital financing activities was not included in the original FY2017 FS The FY2018 FS did restate this amount to $250000
Bahiru ErmiasProceeds from line of credit was not added as a line item until FY18 This was restated to $142400
Bahiru ErmiasLater restated to ($298081)
Bahiru ErmiasLater restated to $392212
Bahiru ErmiasLater restated to $(150000)
Bahiru ErmiasLater restated to $100000
Bahiru ErmiasThis was later restated to $192437
Bahiru ErmiasThis was later restated to ($500386)

CFIndirect

Bahiru ErmiasFrom FY 17 Financials
Bahiru ErmiasFrom FY 16 Financials
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to ($134703)
Bahiru ErmiasLater restated to $180425
Bahiru ErmiasLater restated to ($162103)
Bahiru ErmiasLater restated to $116375
Bahiru ErmiasLater restated to $20065

Operating Stat-OS

Financial-OS

Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $328106
Bahiru ErmiasLater restated to $414253
Bahiru ErmiasLater restated to $431774
Bahiru ErmiasLater restated to $408507
Bahiru ErmiasLater restated to $471039
Bahiru ErmiasLater restated to 184x
Bahiru ErmiasLater restated to 215x
Bahiru ErmiasLater restated to 211x
Bahiru ErmiasLater restated to 188x
Bahiru ErmiasLater restated to 195x

DS Reserves

Water-Actual DWP Metrics

Water Graphs

Water Graphs

Debt Service Coverage (Min 17x)

Sheet1

Days Cash on Hand (Min 150 days)

For Moodys

Debt to Capitalization Ratio (Max 65)

-

50

100

150

200

250

300

350

400

2020 2024 2028 2032 2036 2040 2044 2048 2052

PrincipalInterest

Financial Overview Water System Maintains a Conservative Debt Profile

Outstanding debt of $588 billion as of December 31 2019

Total Debt outstanding of $588 billion Includes $7290 million of State Loans

No interest rate swaps or auction rate securities VRDB bank facilities extended with staggered expiration dates from 2020 through 2022

Water System Debt Profile (FY ndash in Millions)

_______________________________________________________________________________________________ Note Outstanding debt as of December 31 2019 Excludes interest subsidy for BABs Bond ratings are as of 3320

Debt Composition

Total $588 billion

Fixed Rate Bonds 79

VRDBs 9

State Loans 12

Bond Ratings As of 3320

Moodyrsquos Aa2 Fitch AA SampP AA+

29

Bond Security Legal Protections

30

Power Water

Source of Payment Power and Water revenue funds are separate funds established by City Charter in the City Treasury under the control of Board of Commissioners Rate Covenant Board sets rates and charges subject to approval of City Council as mandated by City Charter to provide revenues that together with other available funds shall be at least sufficient to pay debt service and operating and maintenance expenses

Additional Obligations Adjusted net Income for any 12 consecutive months within 18 consecutive months ending immediately prior to issuance of Additional Parity Obligations shall be at least 125 times the Maximum Annual Adjusted Debt Service on all Parity Obligations including proposed bonds

Transfer to the City May not exceed the net income of the prior fiscal year or increase Power System debt to total capitalization to exceed 75

LADWP Is Committed to Meeting Operational Needs and Financial Goals

bull Diverse power and water sources

bull Meet or exceed all regulatory commitments ndash Power RPS carbon reduction other environmental ndash Water quality safety sustainability environmental

bull Continue investing in Water and Power System reliability bull Maintain competitive retail rates and financial stability bull Improve customer service

31

Upcoming Financing Transactions Power System

Week of April 6 2020 ndash Approximately $394 Million Power System 2020 Series A

Refunding Bonds

Week of June 15 2020 ndash Approximately $356 Million Power System 2020 Series B

RefundingNew Money Bonds

Water System

Week of May 26 2020 ndash Approximately $300 Million Water System 2020 Series A

RefundingNew Money Bonds Preliminary Subject to change 32

  • Slide Number 1
  • Slide Number 2
  • Slide Number 3
  • 2019 Figures
  • Sustainability Initiatives
  • Existing LADWP Governance
  • Slide Number 7
  • Legal and Policy Mandates
  • Revenue Composition Under Current Rate Structure
  • Rates Remain Competitive Residential
  • Rates Remain Competitive Residential
  • Slide Number 12
  • Diverse Generation MixDiverse mix of resources with net dependable capacity of 123 of peak demand
  • LADWP Transmission System
  • Meeting Green Energy GoalsCarbon Neutral Target of 2050
  • Meeting Green Energy GoalsCarbon Neutral Target of 2050
  • Power System Five-Year Capital Improvements Plan$113 Billion Over 5 years
  • Financial Overview Power System Historical Trends
  • Slide Number 19
  • Slide Number 20
  • Slide Number 21
  • Slide Number 22
  • Water Systemrsquos Goals
  • Water Resources
  • Goal Source 70 of Water Locally by 2035
  • Slide Number 26
  • Focus on Infrastructure Replacement
  • Financial Overview Water System Historical Trends
  • Financial Overview Water System Maintains a Conservative Debt ProfileOutstanding debt of $588 billion as of December 31 2019
  • Bond Security Legal Protections
  • LADWP Is Committed to Meeting Operational Needs and Financial Goals
  • Upcoming Financing Transactions
Water System - Audited Financials
fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues $783964 $812360 $756605 $811897 $1042228 $1141823 $1082581 $1131777 $1118547 $1190181 $1253503
OampM
Purchased Water 215864 (163248) (125301) (161039) (280438) (339380) (273132) (261971) (194699) (184957) (155603)
OampM 365723 (421134) (414740) (383785) (392024) (430988) (460151) (473798) (505910) (500937) (612123)
Total OampM 581587 (584382) (540041) (544824) (672462) (770368) (733283) (735769) (700609) (685894) (767726)
Operating Income $202377 $227978 $216564 $267073 $369766 $371455 $349298 $396008 $417938 $504287 $485777
CIAC $30603 $24099 $48946 $27482 $16711 $28252 $34390 $46752 $31183 $33155 $25810
Non Operating Revenues Net 8593 16221 24411 33551 27776 32067 24819 28279 34977 25357 40689
Cash Available for Debt Service $241573 $268298 $289921 $328106 $414253 $431774 $408507 $471039 $484098 $562799 $552276
Interest Expense $92032 $108017 $136846 $149508 $160995 $171070 $186664 $195519 $217521 $231522 $231522
Principal Repayment 23994 26089 30525 28960 31890 33322 30123 45604 61391 78303 78303
Total Debt Service $116026 $134106 $167371 $178468 $192885 $204392 $216787 $241123 $278912 $309825 $309825
Debt Service Coverage Ratio (x) 208 200 173 184 215 211 188 195 174 182 178
Liquidity ($ 000)
Unrestricted Cash $120375 $170685 $207631 $296725 $415786 $336419 $342742 $312009 $317198 $344773 $573702
Expense Stabilization Fund 32678 32680 32915 33078 33159 33390 33511 33706 50011 50558 51981
Total Liquidity $153053 $203365 $240546 $329803 $448945 $369809 $376253 $345715 $367209 $395331 $625683
Days Cash on Hand 96 127 163 221 244 175 187 172 191 206 326
Debt to Capitalization Ratio 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018
LT Debt 2193338 2708150 3171562 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Current Portion of LTD 58512 63018 61612 63401 65646 59670 71535 87190 101251 103846 109510
Total Debt Outstanding 2251850 2771168 3233174 3258511 3630523 4174670 4568497 5249600 5569165 5786412 6139382
Total Net Position 2268349 2335651 2376604 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Debt to Capitalization Ratio 50 54 58 57 58 60 62 64 64 66 66
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 20 20 20 17 17 17 17 17
Minimum Operating Cash Target $200 M $200 M $200 M $200 M $200 M $200 M 150 days 150 days 150 days 150 days 150 days
Capitalization Ratio of less than 60 60 60 60 60 60 65 65 65 65 65
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217
Financial Performance 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018
Debt Service Coverage 21 20 17 18 22 21 19 20 17 18 18
Oper Cash Target ($ 000) $153053 $203365 $240546 $329803 $448945 $369809 187 days 172 days 191 days 206 days 206 days
Capitalization Ratio 50 54 58 57 58 60 62 64 64 66 66
Minimum Debt Service Coverage was 20 times until FY2015 reduced to 17 times
Minimum Operating Cash Target was $200 million until FY 2015 changed to 150 days
Maximum Capitalization Ratio was at 60 until FY2015 which raised to 65
W a t e r S y s t e m
FY DSC Days Cash Cap Ratio
2012 18 221 57
2013 22 244 58
2014 21 175 60
2015 19 187 62
2016 20 172 63
2017 17 191 64
2018 18 210 65
P o w e r S y s t e m
FY DSC Days Cash Cap Ratio Full Obl
2012 29 151 57 195
2013 24 178 60 167
2014 25 200 61 172
2015 23 243 62 157
2016 27 269 62 189
2017 24 223 62 165
Water System Actual Financial Performance
DSC
2012 18
2013 22
2014 21
2015 19
2016 20
2017 174
2018 18
2019 17
Days Cash
2012 221
2013 244
2014 175
2015 187
2016 172
2017 191
2018 210
2019 297
Cap Ratio
2012 5705
2013 5822
2014 6037
2015 6165
2016 6343
2017 6370
2018 6544
2019 6554
Goals
fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Operating Revenues $783964 $812360 $756605 $811897 $1042228 $1141823 $1082581 $1131777 $1118547 $1190181 $1253503
Purchased Water 215864 163248 125301 -161039 -280438 -339380 -273132 -261971 -194699 -184957 -155603
OampM 365723 421134 414740 -383785 -392024 -430988 -460151 -473798 -505910 -500937 -612123
Operating Income $202377 $227978 $216564 $267073 $369766 $371455 $349298 $396008 $417938 $504287 $485777
Non Operating Revenues Net 8593 16221 24411 33551 27776 32067 24819 28279 34977 25357 40689
Capital Contributions 30603 24099 48946 27482 16711 28252 34390 46752 31183 33155 25810
Cash Available for Debt Service $241573 $268298 $289921 $328106 $414253 $431774 $408507 $471039 $484098 $562799 $552276
Interest Expense $92032 $108017 $136846 $149508 $160995 $171070 $186664 $195519 $217521 $231522 $243730
Principal Repayment 23994 26089 30525 28960 31890 33322 30123 45604 61391 $78303 $80556
Total Debt Service $116026 $134106 $167371 $178468 $192885 $204392 $216787 $241123 $278912 $309825 $324286
Debt Service Coverage Ratio (x) 208 200 173 184 215 211 188 195 174 182 170 ge 200 ge 170
Liquidity 43018
Unrestricted Cash $120375 $170685 $207631 $296725 $415786 $336419 $342742 $312009 $317198 $344773 $573702 $457559
Expense Stabilization Fund 32678 32680 32915 33078 33159 33390 33511 33706 50011 50558 51981 50403
Total Liquidity $153053 $203365 $240546 $329803 $448945 $369809 $376253 $345715 $367209 $395331 $625683 ge 200000 $507962
Days Cash on Hand 96 127 163 221 244 175 187 172 191 210 297 ge 150 days -265
Debt to Capitalization Ratio 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
LT Debt 2193338 2708150 3171562 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Current Portion of LTD 58512 63018 61612 63401 65646 59670 71535 87190 101251 103846 109510
BRampI - Principal portion (42064) (55243) (57895) (63831)
State Loan Reserve (11256) (11256) (13905) (16052)
Total Debt Outstanding 2251850 2771168 3233174 3258511 3630523 4174670 4568497 5196280 5502666 5714612 6059498 le 60 le 65
Total Net Position 2268349 2335651 2376604 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Debt to Capitalization Ratio 50 54 58 5705 5822 6037 6165 6343 6370 6544 6554
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 20 20 20 17 17 17 17 17
Minimum Operating Cash Target $200 M $200 M $200 M $200 M $200 M $200 M 150 days 150 days 150 days 150 days 150 days 30161
Capitalization Ratio of less than 60 60 60 60 60 60 65 65 65 65 65 57864
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217 06573587049
Financial Performance 2009 2010 2011 2012 2013 2014 2015 2016 2017 3-6 2018 2019
Debt Service Coverage 21 20 17 18 22 21 19 20 17 18 17
Oper Cash Target ($ 000) $153053 $203365 $240546 $329803 $448945 $369809 187 days 172 days 191 days 210 days 297 days 913 1507
Capitalization Ratio 50 54 58 57 58 60 62 63 64 654 655 756 1716
1669 3223
Minimum Debt Service Coverage was 20 times until FY2015 reduced to 17 times 2088 3210
Minimum Operating Cash Target was $200 million until FY 2015 changed to 150 days -419 13
Maximum Capitalization Ratio was at 60 until FY2015 which raised to 65
976
719
1695
Water System
BRampI and State Loan DS Reserve
June 30 2016 2017 2018 2019
State Loan Reserve
Interest 220023
Principal 14373496
Excess - Principal 1678816
16272335
Bond Redemption amp Interest
Interest 89766673 100638475 112668698 122081445
Principal 41675000 55215000 57200000 62730000
Excess - Principal 388846 28169 695142 1101264
131830519 155881644 170563840 185912709
Power System
June 30 2016 2017 2018 2019
Bond Redemption amp Interest
Interest 168218363 181083679 187553308 209256698
Principal 90640000 126540000 153615000 171905630
Excess - Principal 3572098 3585719 4433271 3363045
262430461 311209398 345601579 384525373
Water System
Summary of Revenues Expenses and Debt Service Coverage1
(Dollars in Thousands)
(Unaudited)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues
Single-family Residential $ 329551 $ 428318 $ 475867 $ 431944 $ 457961 $ 450384 $ 509614 $ 515176
Multiple Dwelling Units 243093 310709 342437 331238 339787 338623 352123 396035
Commercial and Industrial 187289 239078 269415 268971 277786 264690 254734 262276
Other 51964 64123 54104 50428 56243 64850 73710 80016
Total Operating Revenues5 $ 811897 $ 1042228 $ 1141823 $ 1082581 $ 1131777 $ 1118547 $ 1190181 $ 1253503
Operating Expenses
Purchased Water $ 161039 $ 280438 $ 339380 $ 273132 $ 261971 $ 194699 $ 184957 $ 155603
OampM 383785 392024 430988 460151 473798 505910 500937 612123
Total Operating Expenses (Excluding Depreciation5) $ 544824 $ 672462 $ 770368 $ 733283 $ 735769 $ 700609 $ 685894 $ 767726
Operating Income Before Depreciation $ 267073 $ 369766 $ 371455 $ 349298 $ 396008 $ 417938 $ 504287 $ 485777
Allowance for Funds Used During Const 6 $ 2979 $ 4995 $ 4419 $ 9565 $ 8661
Nonoperating Revenues Net 33551 27776 32067 24819 28279 34977 25357 40689
Capital Contributions 27482 16711 28252 34390 46752 31183 33155 25810
Change In Fund Net Position
Before Depreciation and Amortization 6 $ 331085 $ 419248 $ 436193 $ 418072 $ 479700 $ 484098 $ 484098 $ 484098
Debt Service
Interest2 $ 149508 $ 160995 $ 171070 $ 186664 $ 195519 $ 217521 $ 231522 $ 243730
Principal 28960 31890 33322 30123 45604 61391 78303 80556
Total Debt Service on Bonds5 $ 178468 $ 192885 $ 204392 $ 216787 $ 241123 $ 278912 $ 309825 $ 324286
Depreciation and Amortization $ 106160 $ 112677 $ 123337 $ 136559 $ 144186 $ 156809 $ 156809 $ 176634
Debt Service Coverage34 186x6 217x6 213x 6 193x 6 199x 6 174x 182x 170x
484098 562799 552276
1736 1817 1703
1 Derived from the Water System Financial Statements
2 Excludes amortization of debt expensespremiums
3 Change in Fund Net Position Before Depreciation and Interest divided by Total Debt Service on Bonds
4 Between Fiscal Years 2017-18 and 2021-22 the Department expects approximately $39 billion of the costs of its capital improvement program will be paid with external financing sources including the Series A Bonds previously issued Bonds and Additional Parity Obligations (consisting of additional Water System Revenue Bonds and additional loans from the State Water Resources Control Board) The issuance of any Additional Parity Obligations may result in a decline in the debt service coverage ratio See ldquoWATER RATESmdashBoard Adopted Financial Planning Criteriardquo
5 Totals may not add up due to rounding
6 Beginning with the Fiscal Year ended June 30 2017 Allowance for Funds Used During Construction was not accounted for in Change in Fund Net Position Before Depreciation and Interest and the figures for the Fiscal Years ended June 30 2013 through 2016 have been restated to also reflect this change
Any highlighted items relate to eliminating the Allowance for Funds Used During Construction All highlighted numbers were restated in future periods
Water System Selected Operating Information
Unaudited
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018
Operating Statistics
Water Supply (Millions of
Billing Units of 100 cu Ft)
Local Underground Supply 266 249 346 394 344 223
Los Angeles Aqueduct 1161 494 266 251 223 926
Deliveries From
Metropolitan 914 1692 1925 1679 1506 957
Recycled Water 30 30 44 45 43 35
Total Supply4 2371 2465 2581 2369 2116 2141
Less
Transfers and Diversions To
(From) Storage 13 (08) 25 100 (10) 34
System Uses and Losses 70 84 186 69 143 183
Total Water Sold4 2288 2389 2370 2200 1983 1924
Water Sales (Millions of
Billing Units of 100 cu Ft)
Single-family Residential 903 952 944 826 726 726
Multiple Dwelling Units 728 736 704 654 622 612
Commercial and Industrial 484 507 526 500 473 450
Other 155 180 188 182 172 172
Total4 2270 2375 2362 2162 1992 1960
Average Number of Customers
(In Thousands)
Single-family Residential 4790 480 483 483 484 487
Multiple Dwelling Units 1230 124 122 121 121 121
Commercial and Industrial 640 64 66 65 65 65
Other 80 8 8 7 8 7
Total4 676 679 676 678 680
Operating Revenues (In
Thousands)
Single-family Residential $ 329551 $ 428318 $ 475867 $ 431943 $ 457961 $ 450384
Multiple Dwelling Units 243093 310709 342437 331238 339787 338623
Commercial and Industrial 187289 239078 269415 268971 277786 264690
Other 51964 64123 54104 50428 56243 64850
Total4 $ 811897 $ 1042228 $ 1141823 $ 1082581 $ 1131777 $ 1118547
Average Revenue Per Hundred
Cubic Feet Sold
Single-family Residential $ 3649 $ 4499 $ 5039 $ 5231 $ 6304 $ 6207
Multiple Dwelling Units 3338 4222 4862 5063 5462 5536
Commercial and Industrial 3873 4716 5118 5380 5879 5885
Other 3352 3562 2885 2773 3279 3766
Average Consumption Per
Person Per Day (Gallons)3 NA NA NA 113 104 102
Average Metered Consumption
Per Person Per Day (Gallons)3 123 129 131 NA NA NA
1 Based on interim reports and subject to change based on the allocation of sales and revenues including delayed billing resulting from the full implementation of the new customer information and billing system as described under ldquoWATER RATESmdashBilling and Collectionsrdquo
2 Water supply numbers for Fiscal Years 2016-17 and 2015-16 reflect changes to the Departmentrsquos supply volume tracking methodology pursuant to the Departmentrsquos Water Loss and Component Analysis Study
3 Beginning in Fiscal Year 2014-15 the Department replaced Average Metered Consumption Per Person Per Day with Average Consumption Per Person Per Day Average Consumption Per Person Per Day is a better measure of water consumption because it measures all water consumed not just metered water consumed
4 Totals may not add up due to rounding
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Cash Flows
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019 2004
Reconciliation of operating income to net cash provided by
operating activities
Operating income $ 160913 $ 257089 $ 248118 $ 212739 $ 251822 $ 261129 $ 338997 $ 309143 $ 96952
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation and amortization 106160 112677 123337 136559 144186 156809 165290 176634 74069
Provision for losses on customer and other receivables 10446 8142 17818 10436 12853 13637 3866 2084 2439
Changes in assets and liabilities
Customer and other accounts receivable 19319 (17090) (18034) 9822 (7452) (14733) (22756) 24084 (2096)
Accrued unbilled revenue (4972) (9406) (9438) 18956 (23206) (4384) (12480) 15011 (2360)
Underrecovered costs - - (45031) (34224) (154475) (32501) 134837 36968 -
Due from Power System (64978) 64978 - - - - (37415)
Due to Power System (3267) 24059 16255 (36415) 4019 684 1244 (7585)
Materials and supplies (672) 2925 554 221 (440) (4269) (2389) (1171) (1008)
Regulatory assets (5157) (38729) (13780) (39781) (52073) (17816) (31344) 7345
Regulatory assets - OPEB (199489) 20399
Net pension asset 9583 11486 9680 - - - - 2775
Accounts payable and accrued expenses for operating 12605 13335 (12377) 973 (16487) (169282) (29405) 5062
Prepayment and other current assets 9228 (3288) 156 (1612) (767) (1414) (1692) (2780) -
Net postemployment asset (19197) (9856) (7529) (3752) (6931) 2258 - -
Customer deposits (191) 14808 21717 24508 24265 27078 16269 29662
Accrued employee expenses 2451 (513) 3923 2733 1196 6325 3733 4586 6322
Over-recovered costs (2727) (94992) (28443) - - - 73766
Deferred outflows - pensions and OPEB (130056) 33823 (269993) 137298 67259
Regulatory asset - pensions 115013 129522 27269 63761 78606
Net pension liability (171859) (38461) 325854 (272434) (133997)
Net OPEB liability 176148 (15456)
Deferred inflows - pensions and OPEB 209473 (124884) (83130) 94716 (16809)
Accrued workers compensation claims and other 8555 11639 10379 1057 7952 18691 1509 (3523) 8150
Net cash provided by operating activities $ 238099 $ 347264 $ 317305 $ 324791 $ 184462 $ 242212 $ 565679 $ 595522 221594
Supplemental disclosure of noncash capital and related financing
activities
Capital contributions $ 166 (278011)
See accompanying notes to financial statements
During the year ended June 30 2017 the Water System
issued revenue bonds to finance capital improvements and
refund previously issued debt The $2768 million of the total
proceeds of $61190 million including an $8163 million premium
were deposited immediately into an irrevocable trust for the
defeasance of $2752 million of debt Additionally $1424 milion of
the proceeds were remitted directly to Wells Fargo for repayment
of the outstaning line of credit The net gain on refunding after the
write-off of previously were deposited immediately into an recorded
unamortized premiums resulted in $25 million which will be
amortized over the debt repayment period
During the year ended June 30 2016 the Water System
issued revenue bonds to finance capital improvements and
refund previously issued debt The $3831 million of
proceeds were deposited immediately into an irrevocable
trust for the defeasance of $3822 million of debt The net
gain on refunding after the write-off of previously recorded
unamortized premiums resulted in $133 million which
will be amortized over the debt repayment period
Accounts payable related to capital expenditures $ 13722 $ 2591 $ 6035 $ 28729
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
Per this statement
Per balance sheet 415786 211691 112272
6156853
(31087601)
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Cash Flows
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019 2005
Cash flows from operating activities
Cash receipts
Cash receipts from customers $ 900054 $ 987990 $ 1113917 $ 1171266 $ 1016864 $ 1147285 $ 1318635 $ 1392677 $ 738774
Cash receipts from customers for other agency services 449750 514013 488581 500423 559405 550778 549443 608903 284848
Cash receipts from interfund services provided 307293 432592 443798 492144 509994 489925 585288 691571 302374
Other cash receipts - - - 2537 5250 27839 - -
Cash disbursements
Cash payment to employees (236955) (244838) (261930) (243931) (271899) (286551) (324057) (340716) (224169)
Cash payment to suppliers (228281) (322929) (337504) (423518) (407096) (448081) (259390) (287623) (227969)
Cash payment for interfund services used (492462) (498767) (632985) (663180) (669916) (664030) (775876) (808270) (284847)
Cash payment to other agencies for fees collected (452430) (514416) (487970) (510950) (547023) (552364) (556203) (621149) (378431)
Other cash payments (8870) (6381) (8602) (5867) (39871) (451)
Net cash provided by operating activities 238099 347264 317305 324791 184462 242212 565679 595522 210129
Cash flows from noncapital financing activities
Proceeds from line of credit for operations - -
Payments on line of credit for operations (250000) -
Net cash (used in) provided by noncapital financing activities - (250000) -
Cash flows from capital and related financing activities
Additions to plant and equipment net (429239) (429269) (636635) (687360) (614382) (687490) (618001) (565707) (278011)
Capital contributions 27482 16711 28252 33685 40072 31183 33155 25810
Principal payments and maturities on long-term debt (24068) (25890) (26061) (19650) (29032) (43295) (55215) (57230)
Payments for Notes - - -
Proceeds from line of credit for capital - -
Proceeds from issuance of bonds and line of credit - 372454 425299 310171 831631 584837 273403 348929
Proceeds from California Department of Water Resources loan 54752 29507 129249 128187 73365 71511 49687 115257
Payments of California Department of Water Resources loan (4892) (6000) (7261) (10472) (16572) (18096) (23088) (23356)
Debt interest payments (152105) (149459) (158963) (179770) (200876) (206288) (219592) (234072)
Line of credit payments
Federal bond subsidies 18530 17724 17196 17178 17270 17252 17307 17381
Net cash used in capital and related financing activities (509540) (174222) (228924) (408031) 101476 (250386) (542344) (372988)
Cash flows from investing activities
Purchases of investment securities (96064) (75663) (79237) (62313) (86676) (83622) (92099) (86281)
Sale of investment securities 95879 75496 79116 62140 86751 67233 91486 85257
Investment income 8241 2618 6521 5580 8293 3180 5063 26978
Net cash provided by investing activities 8056 2451 6400 5407 8368 (13209) 4450 25954
Net increase (decrease) in cash and cash equivalents (263385) 175493 94781 (77833) 294306 (21383) (222215) 248488
Cash and cash equivalents
Cash and cash equivalents at July 1 (including $353228 $179080 $122648
and $475127 reported in restricted accounts 2015 2014 2013 and 2012 respectively) 682758 419373 594866 689647 611814 906120 884737 662522
Cash and cash equivalents at June 30 (including $269072 $353228 $179080
and $122648 reported in restricted accounts 2015 2014 2013 and 2012 respectively) $ 419373 $ 594866 $ 689647 $ 611814 $ 906120 $ 884737 $ 662522 $ 911010
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
Per this statement 594866 419373 -
Per balance sheet 415786 211691 112272
179080 207682
6156853
(31087601)
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Revenues Expenses and Changes in Net Position
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating revenues
Residential $ 329551 $ 428318 $ 475867 $ 431944 $ 457961 $ 450384 $ 509614 $ 515176
Multiple-dwelling units 243093 310709 342437 331238 339787 338623 352123 396035
Commercial and industrial 187289 239078 269415 268971 277786 264690 254734 262276
Other 62410 72265 71922 60864 69096 78487 77576 82100
Uncollectible accounts (10446) (8142) (17818) (10436) (12853) (13637) (3866) (2084)
811897 1042228 1141823 1082581 1131777 1118547 1190181 1253503
Operating expenses
Purchased water 161039 280438 339380 273132 261971 194699 184957 155603
Maintenance and other operating expenses 383785 392024 430988 460151 473798 505910 500937 612123
Depreciation and amortization 106160 112677 123337 136559 144186 156809 165290 176634
Loss on asset impairment and abandoned projects - - -
Total operating expenses 650984 785139 893705 869842 879955 857418 851184 944360
Operating income 160913 257089 248118 212739 251822 261129 338997 309143
Nonoperating revenues (expenses)
Investment income 7960 2529 6673 5530 8564 3262 5171 26830
Federal bond subsidies 18530 17724 17196 17178 17270 17252 17307 17381
Gain on sale of land 1701 - 90 - - 141 - -
Other nonoperating income 9034 11467 11548 5936 6653 19513 8242 2260
37225 31720 35507 28644 32487 40168 30720 46471
Other nonoperating expenses (3674) (3944) (3440) (3825) (4208) (5191) (5363) (5782)
33551 27776 32067 24819 28279 34977 25357 40689
Debt expenses
Interest on debt 147896 155006 160424 173550 181343 194501 205280 214472
Allowance for funds used during construction (2979) (4995) (4419) (9565) (8661) (7713) (8044) (5979)
144917 150011 156005 163985 172682 186788 197236 208493
Income before capital contributions 49547 134854 124180 73573 107419 109318 167118 141339
Capital contributions 27482 16711 28252 34390 46752 31183 33155 25810
Increase in net position 77029 151565 152432 107963 154171 140501 200273 167149
Net position
Beginning of year 2376604 2453633 2588084 2733549 2841512 2995683 3136184 3018252
Effect of change in accounting for pensions (adoption of GASB Statement No 68)
Cumulative effect of change in accounting for postemployment benefits other than
pensions effective July 1 2017 (318205) -
Beginning of period as restated 2733549 2841512 2995683
End of year $ 2453633 $ 2605198 $ 2740516 $ 2841512 $ 2995683 $ 3136184 $ 3018252 $ 3185401
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM Water System
Statement of Net Position Balance Sheets
June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Assets
Noncurrent assets
Utility Plant
Source of water supply $ 1224050 $ 1304003 $ 1429479 $ 1576514 $ 1939935 $ 1975048 $ 2337848 $ 2392901
Pumping 254408 258309 263278 268816 284509 290584 297070 403987
Purification 532641 582718 745043 786730 804492 818277 835044 867481
Distribution 3840049 4066843 4277205 4476970 4815614 5069620 5364668 5586714
General 565015 577469 662351 704764 721050 760627 793334 856475
6416163 6789342 7377356 7813794 8565600 8914156 9627964 10107558
Accumulated depreciation (2128281) (2232065) (2350965) (2482031) (2613961) (2762711) (2925891) (3078050)
4287882 4557277 5026391 5331763 5951639 6151445 6702073 7029508
Construction work in progress 800677 854655 923813 1182001 1061382 1402561 1330975 1407309
5088559 5411932 5950204 6513764 7013021 7554006 8033048 8436817
Investments 33078 33159 33390 33511 33706 50011 50558 51981
Cash and cash equivalents - restricted - 42932 212244 110255 447658 406237 141299 144508
Regulatory assets - other 14621 53350 67130 106911 158984 176800 195892 175534
Regulatory assets - pensions 450003 320481 293212 229451 150845
Regulatory assets - OPEB 199489 179090
Net pension asset 28133 16647 6967 - -
Net other postemployment asset 292395 302251 309780 313532 320463 318205 - -
Total noncurrent assets 5456786 5860271 6579715 7527976 8294313 8798471 8849737 9138775
Current assets
Cash and cash equivalents - unrestricted 296725 415786 336419 342742 312009 317198 344773 573702
Cash and cash equivalents - restricted 122648 136148 140984 158817 146453 161302 176450 192800
Cash collateral received from securities lending transactions - 1929 576 4180 7486 3779 7650 7564
Customer and other accounts receivable net of $61200 $50283$41000 $33000 $10500
and $9500 allowance for losses for 2017 2016 2015 2014 2013 and 2012 respectively 96729 105674 105932 85676 80458 81721 100785 74071
Under-recovered costs - - 45031 79255 233730 266231 131394 94426
Due from Power System 64978 - - - - -
Accrued unbilled revenue 69154 78560 87998 69042 92248 96632 109112 94101
Materials and supplies 23043 20118 19564 19343 19784 24053 26442 27613
Prepayments and other current assets 31644 35338 18068 19680 20447 21861 23552 26332
Total current assets 704921 793553 754572 778735 912615 972777 920158 1090609
Total assets 6161707 6653824 7334287 8306711 9206928 9771248 9769895 10229384
Deferred outflows on debt refunding 32590 30505 28420 26335 24252 22183
Deferred outflows - changes in pension assumptions 141130 112511 373459 188361 121972
Deferred outflows -OPEB 297 3774
Deferred outflows - pensions contributions made after measurement date 123629 118425 127470 140957 134172
Deferred outflows - OPEB contributions made after measurement date 34017 36455
Total deferred outflows 32590 295264 259356 527264 387884 318556
Total assets and deferred outflows $ 6161707 $ 6653824 $ 7366877 $ 8601975 $ 9466284 $ 10298512 $ 10157779 $ 10547940
Net Position and Liabilities
Net position
Net investment in capital assets $ 1830049 $ 1824341 $ 2020368 $ 2086028 $ 2203533 $ 2367436 $ 2359417 $ 2408413
Restricted
Debt service 24997 33485 26191 36919 51200 66005 71340 79673
Other postemployment benefits 292395 302251 309780 313532 320463 318205 - -
Pension benefits 28133 16647 6967
Other purposes 24167 25167 26167 27167 28171 29171 30636 32636
Unrestricted 253892 403307 351043 377866 392316 355367 556859 664679
Total net position 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Long-term debt net of current portion 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Other noncurrent liabilities
Net other postemployment benefit obligation - - - -
Accrued workers compensation claims 20226 24342 26523 25468 29329 32021 33530 33530
Net pension liabilities 411485 373024 698878 426444 292447
Net OPEB liability 176148 160692
Total other noncurrent liabilities 20226 24342 26523 436953 402353 730899 636122 486669
Current liabilities
Current portion of long-term debt 63401 65646 59670 71535 87190 101251 103846 109510
Accounts payable and accrued expenses 107212 122333 130511 133973 131390 114699 88450 89216
Line of Credit - - - - 150000 250000 - -
Due to Power System - 24059 40314 3899 7918 8602 9846 2261
Accrued employee expenses 48442 47929 51852 54585 55781 62106 65839 70425
Accrued interest 73419 77431 88561 94666 89767 101068 113069 122453
Obligations under securities lending transactions - 1929 576 4180 7486 3779 7650 7564
Due to the reserve fund of the City of Los Angeles - - - - - -
Over-recovered costs 123435 28443 - - - -
Customer deposits 76829 91637 113354 137862 162127 189205 205474 235136
Total current liabilities 492738 459407 484838 500700 691659 830710 594174 636565
Total liabilities 3708074 4048626 4626361 5434615 6256422 7029523 6912862 7153106
Deferred inflows on debt refunding 13215 14971 14115 13691
Deferred inflows - pension 325848 200964 117834 154895 137114
Deferred inflows -OPEB 57655 58628
Total deferred inflows - - - 325848 214179 132805 226665 209433
Total net position liabilities and deferred inflows $ 6161707 $ 6653824 $ 7366877 $ 8601975 $ 9466284 $ 10298512 $ 10157779 $ 10547940
this line is not included in the published financial statements but included here to verify in balance
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
2012
2013
2014
2015
2016
2017
2018
2019
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
DEMAND SIDE MANAGEMENT
(11) 28204 WATER CONSRVTN-WTR FUNDED 1469160 3342020 2551650 3751660 3859860 3879830 3955200 4028120 4098460 4165100 4167220 4241800
DEMAND SIDE MANAGEMENT TOTAL 1469160 3342020 2551650 3751660 3859860 3879830 3955200 4028120 4098460 4165100 4167220 4241800
WATER QUALITY PROGRAM
(41) 28850 TOOLS amp EQUIPMENT 2563 889 3177 318 3258 3341 3425 3512 3589 367 3747 3825
(43) 23222 WQIP TRUNKLINE IMPRVEMNTS 6396050 5219590 6412270 14227440 11244300 7934420 6733360 4724360 761190 0 0 2032
(43) 24130 CHLOR STATION INSTALLATNS 1681040 470190 1653610 1081550 1095040 431290 445200 328700 388540 506000 840740 758930
(43) 24315 GROUNDWATER MGMT 269030 1846640 373200 873650 754650 2413580 2302300 2696260 1843220 6090030 2771240 188260
(43) 26505 CEMENT LINING-WATER MAINS 12 04 0 0 0 0 0 0 0 0 0 0
(43) 29130 WQIP RESV IMPRVTS 12947160 5967510 4788890 9735150 13615820 6160570 1207680 6851 2673 162830 281 2913
(45) 24310 WTR TREATMENT IMPRVTS 1333570 2139220 1484300 2814560 1996130 1946120 1733320 1929020 3232540 3445250 3187080 1919510
(45) 29153 WSO INFO TECHNOLOGY 0 0 0 144580 141680 145980 147640 149090 157660 161280 164220 195850
(48) 24316 GRNDWTR REMEDTN amp CLEANUP 1349890 1574740 2714320 3982910 4185590 4393720 7335310 6701360 36960020 39574050 16438760 878590
WATER QUALITY PROGRAM TOTAL 24003570 17226820 17458360 32891640 33065790 23459090 19939060 16632420 43405790 49976140 23467610 4028840
WATER RECLAMATION PROGRAM
(41) 24318 WATERSHED-STRMWTR CAPTURE 1629460 2186340 1082380 3265020 3109810 4533000 3565920 3512300 3589800 3611200 2538900 123400
(43) 23150 WATER RECYCLING - CAP 2101770 2037980 2908290 4777870 7545640 6262440 8348530 23821650 24372850 11883850 2839490 389830
WATER RECLAMATION PROGRAM TOTAL 3731230 4224320 3990670 8042890 10655450 10795440 11914450 27333950 27962650 15495050 5378390 513230
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR
(43) 22403 SUPPLMNTL DUST CNTRL DEVT 6817170 16877080 20132260 15120120 7015740 0 0 0 0 0 0 0
(45) 21146 OWENS LAKE MASTER PROJECT 0 0 342690 1728390 2703080 8891320 13686640 20087120 20278800 19261780 12996280 6618390
(45) 22402 OWENS VALLEY DUST MITIGAT 894880 1195460 1440770 2357800 4213550 2957420 1206710 1941690 1609250 1518530 1101050 1476200
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR TOTAL 7712050 18072540 21915720 19206310 13932370 11848740 14893350 22028810 21888050 20780310 14097330 8094590
LAWSDACSCADA
(45) 29153 WSO INFO TECHNOLOGY 157320 102760 203950 0 0 0 0 0 0 0 0 0
LAWSDACSCADA TOTAL 157320 102760 203950 0 0 0 0 0 0 0 0 0
SECURITY COMPONENTS TO REMOVING OPEN RESERVOIR
(43) 29130 WQIP RESV IMPRVTS 3943670 2262460 1299300 0 0 0 0 0 0 0 0 0
SECURITY COMPONENTS TO REMOVING OPEN RESERVOIR TOTAL 3943670 2262460 1299300 0 0 0 0 0 0 0 0 0
SECURITY FOR CRITICAL FACILITIES
(16) 28871 CYBER SECURITY-WTR FUNDED 1377 16 0 0 0 0 0 0 0 0 0 0
(41) 28857 OTHER WSO CAP PROJECTS 216570 103610 364890 0 0 0 0 0 0 0 0 0
SECURITY FOR CRITICAL FACILITIES TOTAL 230340 103770 364890 0 0 0 0 0 0 0 0 0
Infrastructure Pass Thru
(43) 23220 PUMP STATIONS 327990 416060 749560 1317350 1029760 2092610 2282060 1458250 905870 736510 822600 849270
(43) 23290 SEISMIC IMPROVEMENTS 5376 5021 1081 0 0 0 0 0 0 0 0 2045
(43) 24150 REGULATOR STATIONS 380380 267310 422580 405830 352780 360670 520080 745320 520740 410190 420420 431630
(43) 26220 TRUNK LINE amp MAJ SYS CONN 519790 579180 1190390 3284720 7207650 7043220 17250340 20350640 28638980 17698130 12073370 6098570
(43) 29140 INFR RESV IMPVTS 896210 1667400 2232430 2666140 4188120 2992320 3551450 3751100 4746670 9055020 11265460 3603
(43) 29328 GRIFFITH PRK WTR DIST SYS 0 05 0 400 101800 206920 510730 797270 1119560 737400 8678 1992
101415 1444 Page 1 of 6
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
(44) 26331 DISTRIBUTION MAINS 6881370 7437400 7676240 8635100 10554550 12007960 14846340 16017610 16328220 16796220 19813650 21637980
(44) 27210 SRVCS METERS amp HYDRANTS 4871090 5113620 4646850 4589540 4625520 4810340 4947950 5056170 5209730 5714520 6008530 6260740
Infrastructure Pass Thru TOTAL 13930590 15531230 16928860 20938680 28060180 29514040 43908950 48176360 57469770 51147990 50490810 35354590
REGULAR
(11) 28183 ENERGY CNSRVTN-WTR FUNDED 4724 1678 76 75 76 78 8 102 103 107 0 0
(16) 28862 PC EQUIPMENT WATER- JOINT 374 379 1008 928 962 1002 955 792 899 1259 1279 2569
(16) 28871 CYBER SECURITY-WTR FUNDED 0 0 0 2342 2399 2461 2522 2586 2643 2703 276 2817
(16) 28892 PC EQUIPMENT - WATER SERV 168970 116080 125580 101690 9883 233780 139070 106170 109640 110910 113300 102170
(16) 28971 PEOPLESOFT-HRMS 22 21 0 0 0 0 0 0 0 0 0 0
(31) 28140 ADDS amp BTTRMTS-WTR FN CAO 525 5126 609 132020 7227 8057 125810 159870 164760 8196 8856 8665
(31) 28761 TOOLS amp EQUIP - CSO 2266 849 1209 1548 1586 1629 1669 1712 1753 1791 1829 1873
(31) 28780 CAFETERIA EQUIPMENT 163 261 36 36 36 37 39 4 41 42 43 45
(31) 28898 INDUSTRIAL GRAPHICS EQUIP 202 48 758 1077 1983 84 617 63 656 667 683 716
(33) 28184 JFB CAPITAL 188270 8622 125270 9494 8271 -7574 415 -126870 -132600 -124500 -1358 4843
(33) 28833 ERGO amp NEW FURNITURE-WTR 872 1152 6106 9688 112800 588 161 1649 1693 1727 1768 158
(35) 28863 WATER SECURITY SYSTEMS 05 0 0 223450 228890 0 0 0 0 0 0 0
(37) 28181 FLEET CONSTR PROJECTS 1914 492 59 535290 106900 219 217 216 229 373 384 24
(37) 28561 FLEET EQUIP REPLS amp ADDNS -484320 5548 237750 324520 331790 253120 259750 266020 271680 277770 284020 277620
(37) 29701 FUELING STATION INFRASTRC 93 256 303 290 338 2774 2563 355 354 363 374 356
(39) 28770 TOOLS amp EQUIPMNT-ISS SHPS 3216 1211 3648 3542 3639 3762 387 3965 4108 418 4279 4489
(41) 24318 WATERSHED-STRMWTR CAPTURE 01 5 0 500 334080 107800 0 0 0 0 1000000 3000000
(41) 28850 TOOLS amp EQUIPMENT 5885 969 915 8928 9165 9452 9723 9959 103030 105520 108040 112910
(41) 28857 OTHER WSO CAP PROJECTS 139 156100 1457130 637930 441330 651760 1033950 1169590 2005130 6020700 9667750 4290270
(41) 29010 JOINT CAPITAL-WTR SHARE 4898770 4318120 3325970 5220260 5499270 4511060 3621200 3246760 3619260 3110010 1446000 430970
(43) 23222 WQIP TRUNKLINE IMPRVEMNTS 0 0 0 8573 138240 186720 407190 2352580 2324120 2390650 2454160 2507960
(43) 24130 CHLOR STATION INSTALLATNS 0 02 0 0 0 0 0 0 0 0 0 0
(43) 28201 WSO FACILITIES 2857390 516430 769090 1368170 3684530 3037020 2777850 1656520 434170 512740 812700 871720
(43) 29130 WQIP RESV IMPRVTS 563530 58 448600 664890 -377000 1946560 5431270 5471910 4505 9197 3724 195
(45) 22130 LA AQUEDUCT SYS-AampB SOUTH 1193260 1272220 1162040 1126810 1127570 1018630 1043260 956870 1086280 1239130 1690170 1915960
(45) 22140 LA AQUEDUCT SYS-AampB NORTH 572920 497850 446620 429100 529960 517860 529260 551640 579940 597840 667670 688320
(45) 22150 E SIERRA ENVNMTL CAPITAL 647400 312070 397200 695020 764470 655690 215090 224640 228440 233150 157230 162970
(45) 22160 RESOURCE DEVELOPMENT 1258630 2778870 149170 433 0 0 0 0 0 0 0 0
(45) 24310 WTR TREATMENT IMPRVTS 4764 0 556430 678650 1396300 1252320 780990 285550 2918 0 0 0
(45) 29153 WSO INFO TECHNOLOGY 721670 679450 692240 620880 714880 591490 747010 715700 657270 587430 603710 427080
(61) 28602 MISC CAPITAL PROJECTS 22 386 845 291 299 309 517 529 549 558 571 60
REGULAR TOTAL 12885610 11049760 10191280 13307230 15492650 15253070 17397020 17262300 11655630 15372980 19256670 15093220
ADJUSTMENTS
(WATER ADJUSTMENTS) Capital In Expense 0 0 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000
(WATER ADJUSTMENTS) Expense In Capital 0 0 -300 -300 -300 -300 -300 -300 -300 -300 -300 -300
(WATER ADJUSTMENTS) Under(Over) Applied Allocations 0 0 -8755 1094 1199 1125 1117 1365 1684 1519 1417 545
101415 1444 Page 2 of 6
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
ADJUSTMENTS TOTAL 0 0 3245 130940 131990 131250 131170 133650 136840 135190 134170 125450
CAPITAL TOTAL 68063540 71915680 74937130 98269350 105198290 94881460 112139200 135595610 166617190 157072760 116992200 67451720
101415 1444 Page 3 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
P W
(41) 3012224 PURCHASED WATER 33595270 27015530 28944810 24535376 15461654 15000626 16754090 15952850 16881387 16183240 14767380 14767380 per SalePW forecast
P W TOTAL 33595270 27015530 28944810 24535376 15461654 15000626 16754090 15952850 16881387 16183240 14767380 14767380
DEMAND SIDE MANAGEMENT
(41) 3051000 WATER CONSERVATION 967280 775990 1654410 2135010 2180540 2225830 1281770 1306850 1330500 1355040 1414830 1443450
DEMAND SIDE MANAGEMENT TOTAL 967280 775990 1654410 2135010 2180540 2225830 1281770 1306850 1330500 1355040 1414830 1443450
NET WATER QUALITY OampM
(06) 4010602 COMMUNITY OUTREACH-WATER 2502 1327 2427 2436 2524 2558 262 2668 2718 2787 2542 2661
(45) 3212520 DISTRIB TREATMENT OPNS 1354440 1268700 1933090 1967860 2046210 2130650 2251260 2242650 2334730 2402270 2994020 2856430
(45) 3212540 FILTER PLANT OPNS 1342860 1343010 1598900 1575360 1651940 1776900 1907990 1918440 1982120 2063070 2307020 2394540
(45) 3352200 DISTR RESERVOIR OampM 1152540 1260280 1322690 2500320 2560580 2668630 2719940 2737880 2850430 2890740 3162860 3259520
(48) 3212500 WQ CONTROL 0 0 0 1834280 1888010 2021110 2102840 2133780 2174090 2265980 2346140 2464910
(48) 3212530 WATER QUALITY REGULATORY 417370 441750 436840 451760 561750 579930 625300 645410 652400 724250 745420 790010
(48) 3233150 SYSTEM FLUSHING 49 99 5367 5402 5486 3691 3775 3841 3916 4021 4188 4365
NET WATER QUALITY OampM TOTAL 4292720 4328000 5369460 8407960 8788590 9239710 9671280 9743250 10060110 10414390 11622760 11835670
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR
(45) 3022002 LOWER OWENS RIVER OampM 372010 244970 304650 365900 368160 377110 381100 385990 398830 425230 405860 417600
(45) 4013006 OWENS LAKE OampM 4443390 2707720 2860380 3525530 4156420 4238230 4355920 4391370 4414660 4504770 4548050 4615090
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR TOTAL 4815400 2952690 3165030 3891430 4524580 4615340 4737020 4777360 4813490 4930000 4953910 5032690
WATER RECYCLING OampM
(41) 3022037 STORMWATER MANAGEMENT OampM 310250 246640 252760 188230 182140 205010 211150 227280 202410 210710 234600 243090
(45) 3052000 WATER RECYCLING - OampM 540400 524960 671560 595950 685100 665740 697860 647510 576410 601580 218410 105630
WATER RECYCLING OampM TOTAL 850650 771600 924320 784180 867240 870750 909010 874790 778820 812290 453010 348720
IN CITY PUMPING
(45) 3112200 LA GNDWTR PUMP amp SRCE FAC 1064060 1366670 1335300 1324470 1407410 1469720 1546820 1609430 1678960 1807390 1884850 2015890
(45) 3122240 PUMP BOOSTER OampM 2781960 3303050 2794600 2813940 2892390 2980200 3026440 3080600 3155510 3277540 3448610 3558100
IN CITY PUMPING TOTAL 3846020 4669720 4129900 4138410 4299800 4449920 4573260 4690030 4834470 5084930 5333460 5573990
GROUND BASED PATROL
(45) 3022001 LA AQUED SYS OPER NORTH 347710 254180 208250 0 0 0 0 0 0 0 0 0
(45) 3022005 LA AQUED SYS OPER SOUTH 186400 325470 196760 0 0 0 0 0 0 0 0 0
GROUND BASED PATROL TOTAL 534110 579650 405010 0 0 0 0 0 0 0 0 0
IN CITY SECURITY PATROLS
(44) 3532202 OPER BLDG amp YARD OampM 995 9271 6045 0 0 0 0 0 0 0 0 0
(45) 3352200 DISTR RESERVOIR OampM 931140 1106360 1047710 0 0 0 0 0 0 0 0 0
IN CITY SECURITY PATROLS TOTAL 1030640 1199070 1108160 0 0 0 0 0 0 0 0 0
JFB SECURITY
(31) 3011001 FACILITIES MGMT SVCS 148830 214410 190290 0 0 0 0 0 0 0 0 0
JFB SECURITY TOTAL 148830 214410 190290 0 0 0 0 0 0 0 0 0
WATER QUALITY SAMPLING
(48) 3212500 WQ CONTROL 1595650 1690700 1513710 0 0 0 0 0 0 0 0 0
101415 1444 Page 4 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
WATER QUALITY SAMPLING TOTAL 1595650 1690700 1513710 0 0 0 0 0 0 0 0 0
WATER SECURITY OampM
(45) 4013004 WATER INFORMATION TECH 4534 8924 160640 0 0 0 0 0 0 0 0 0
WATER SECURITY OampM TOTAL 4534 8924 160640 0 0 0 0 0 0 0 0 0
REGULAR
(02) 4010200 WTR DIRECT LEGAL SERVICES 619620 1617990 676870 649280 664970 655560 672020 689140 704550 720510 735840 751210
(20) 3911000 CUST ACCTG - WATER ALLOC 4908310 5464040 5892820 6545640 6592210 6617060 6753260 6911990 6963760 7121560 7320760 0
(20) 3951000 MARKETING - WTR ALLOC 305640 314550 353660 363020 373010 379020 387240 408540 422280 419910 427140 0
(20) 4011300 CORPORATE AampG - WATER 1760230 1946420 2278590 2294470 2415070 2464780 2555580 2625700 2542060 2635270 2699920 1800730
(21) 4010550 DEBT MANAGEMENT - WATER 194730 161680 209570 295050 294910 329470 332750 325710 372740 374930 362290 397220
(25) 4093010 INSURANCE - WATER 303290 371520 321510 372570 381650 391450 401260 411430 420500 429950 439030 448100
(31) 3011001 FACILITIES MGMT SVCS 771 8851 -8231 112150 122560 129500 137320 140920 154880 167510 185010 432510
(33) 3011000 LEED FACILITY DESIGN 1672 2069 1729 1673 1769 1869 1644 1937 1954 2136 2102 219
(35) 4093725 EMERGENCY MANAGEMENT 3866 3955 5261 5625 5701 4679 4293 4374 4537 4639 4777 155670
(36) 4010710 REAL ESTATE 3511 5019 121990 112850 113860 112640 115140 117320 119090 121970 125580 131000
(41) 3022036 WORKERS COMP - WTR SVCS 407550 336950 384690 383420 383420 383420 383420 383420 383420 383420 383420 6542
(41) 3022037 STORMWATER MANAGEMENT OampM 0 05 0 0 0 0 0 0 0 0 0 0
(41) 3055040 WATER IampC WORK 118 3621 0 0 0 0 0 0 0 0 1866 5341
(41) 3222507 HAZ SUBS MGMT PGM-WSO 7899 7287 5453 5898 8119 8759 9187 119210 127030 141670 195830 202810
(41) 4013002 DISASTER RECOVERY OampM-WTR 6512 134710 154040 149190 3119 3271 321 3389 332 3524 3485 513
(41) 4053010 GROUNDWATER OampM 162690 373960 137800 231800 190020 180020 242390 210730 214900 223090 236880 223470
(41) 4093008 WATER RESOURCES DEVELOPMT 330300 352590 315940 382190 389100 373200 393340 401780 400760 393140 404540 421260
(43) 3353200 SEISMIC EVALUATION OampM 8617 186 782 2665 2714 2811 2857 2905 297 3105 3244 3403
(43) 3522207 DISTR MAPS amp RCDS-WTR ENG 140970 158330 141480 143690 145670 148050 150720 152830 155960 159330 163770 170950
(43) 4052102 GENERAL ENGINEERING 406380 182000 283540 280440 300500 301330 307800 328300 322600 330970 340370 354270
(44) 3222506 HAZ SUBS MGMT - WTR DISTR 1519 1514 112 116 1211 1239 128 1301 1338 1372 1324 1368
(44) 3302200 LARGE MAINS OampM-20IN amp UP 198270 622740 260020 290300 293570 302010 310870 314950 322980 341070 370190 385360
(44) 3312200 DISTRIBUTION MAINS OampM 3469410 3892720 3513690 3615590 3643820 3744320 3843770 3943250 4069170 4215030 4317450 4472820
(44) 3322200 FIRE HYDRANT MAINT 356260 395050 376830 390220 397370 406710 417190 426460 436820 463240 479450 495630
(44) 3332200 SERVICE CONNECTION OampM 1636630 1746830 1628950 1685940 1703980 1739190 1799760 1836800 1883400 1940050 2095100 2180670
(44) 3532202 OPER BLDG amp YARD OampM 1051250 535330 530580 593850 619730 644250 675070 664220 658440 702730 832930 869540
(44) 3542200 DISTRIBUTION OampM SUPPORT 413200 476050 369190 388440 392720 397430 406540 412150 419770 430600 451400 470980
(44) 3912215 METERS OampM 439010 505160 522470 445590 450190 457360 565070 574830 586780 602910 630650 655490
(45) 3022001 LA AQUED SYS OPER NORTH 380630 284750 312520 609450 603570 615010 649970 664190 665370 701270 720790 744840
(45) 3022005 LA AQUED SYS OPER SOUTH 2332 2661 2418 260780 271100 278810 290190 300190 310610 321020 319330 330690
(45) 3022015 LA AQUED SYS MAINT SOUTH 444900 481640 433840 457200 448960 468820 558330 576890 595900 590080 565060 584150
(45) 3022025 LA AQUED SYS MAINT NORTH 913370 1342520 1063690 856730 851930 862900 942350 966090 983900 1034230 1153300 1193480
(45) 3022035 RESOURCES MGMT - OampM 799490 763210 792190 1004690 896630 905040 895960 982340 987710 994530 1016580 1028150
(45) 3112009 GRNDWTR PUMP OampM NORTH 421240 152950 282190 283030 288460 294670 301550 308850 312700 320540 312460 320800
(45) 3112300 WELL MONITORING OampM 0 0 207 1957 1944 2052 2111 2207 2361 2456 2541 2635
101415 1444 Page 5 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
(45) 3212560 WASTEWATER COMPLIANCE-OampM 8621 8802 5177 5783 5972 6418 6554 6633 6841 7023 7215 7443
(45) 3212570 REGULATOR STATION-OampM 785950 808240 701150 686280 687920 703020 720120 733100 752970 778330 801460 822210
(45) 4013004 WATER INFORMATION TECH 831990 1004360 1051710 1035430 1105630 1222790 1183070 1290620 1441770 1347980 1283680 1017980
(45) 4013005 EAST SIERRA ENVIRONMENTAL 214340 282260 269390 300410 283480 289730 287620 293460 298850 328230 337590 349850
(45) 4091604 OV DIST OFF ADMIN OampM 136140 9065 6645 6182 6256 6407 6786 674 693 710 7056 7336
(45) 4092023 SOUTHERN DIST ENG amp OPER 146870 189880 182440 111820 118010 124070 130030 134110 143350 7564 149590 152380
(48) 3232510 WQ SCIENCE amp RESEARCH 8424 8339 153680 308630 303610 201840 206530 211000 214840 245360 252090 316150
(61) 4011003 EMPLOYEE HLTH amp BENEFITS 112530 114040 122550 135220 137570 139910 141650 144710 164260 167830 172420 557810
(61) 4011007 YOUTH SERVICE ACADEMY-WTR 171 1203 887 881 897 92 946 97 995 1026 1053 3388
(61) 4011010 HRMS OampM 4538 5417 4919 3024 3045 3084 3152 3198 421 4297 4431 3752
(61) 4030210 DOT-SUBSTANCE TESTNG PROG 663 653 1208 1227 1242 1258 1287 131 1333 1363 1401 4567
(61) 4067070 MEDICAL SRVCS 125150 144680 129110 133560 135450 137690 140880 143720 146870 150040 154080 498280
(61) 4067071 WORKERS COMPENSATION 228200 227640 230030 217660 211130 214090 218970 223330 227210 232000 238530 246400
(69) 4067066 CORPORATE SAFETY 4986 5136 5364 5567 5887 5711 6117 5957 636 6194 6675 209630
(69) 4067067 PRESSURE VESSEL 28 37 0 0 0 0 0 0 0 0 0 0
(69) 4067068 SAFETY 3677 3897 3562 3695 3726 3766 3868 3943 4008 4094 4219 4375
(69) 4067069 INDUSTRIAL HYGIENE 704 711 5129 5863 5913 5987 6124 6247 6356 6495 6689 6724
REGULAR TOTAL 23489590 26249800 24704030 26638580 26786930 27197470 28111890 28883390 29463330 30154180 31255290 23988260
ADJUSTMENTS
(WATER ADJUSTMENTS) Capital In Expense 0 0 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000
(WATER ADJUSTMENTS) Expense In Capital 0 0 300 300 300 300 300 300 300 300 300 300
(WATER ADJUSTMENTS) Under(Over) Applied Allocations 0 0 -310090 1127 1578 1331 1277 1562 1711 1464 155 1154
ADJUSTMENTS TOTAL 0 0 -430090 -108730 -104220 -106690 -107230 -104380 -102890 -105360 -104500 -108460
OampM TOTAL 75211500 70536400 71839680 73036770 65299720 66094520 67851860 65749060 66502850 68828710 69696140 62881700
WATER TOTAL 143275040 142452080 146776810 173806130 170498010 160975980 179991060 201344670 233120040 225901470 186688340 130333420
101415 1444 Page 6 of 6
Financial Plan Category Actual Restimate
Capital By Category FY13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21
WATER CONSERVATION 15 33 26 38 39 39 40 40 41
WATER QUALITY PROGRAM 240 172 175 329 331 235 199 166 434
WATER RECLAMATION PROGRAM 37 57 40 80 107 108 119 273 280
WATER SECURITY 43 25 19 - 0 - 0 - 0 - 0 - 0 - 0
OWENS VALLEY 77 181 219 192 139 118 149 220 219 30 31 32
INFRASTRUCTURE - PASS THRU 139 155 169 209 281 295 439 482 575
INFRASTRUCTURE - BASS 129 110 102 134 156 154 175 174 118
Total CAPITAL 681 734 749 983 1052 949 1121 1356 1666 30 31 32
OampM By Category
WATER CONSERVATION 10 8 17 21 22 22 13 13 13
WATER QUALITY PROGRAM 43 43 54 84 88 92 97 97 101
WATER RECLAMATION PROGRAM 9 8 9 8 9 9 9 9 8
OWENS VALLEY 48 30 32 39 45 46 47 48 48 21 23 24
IN-CITY PUMPING 38 47 41 41 43 44 46 47 48 425 406 418
WATER SECURITY 34 38 34 0 0 0 0 0 0 202 212 226
INFRASTRUCTURE 235 262 243 265 267 271 280 288 294
pw 336 270 289 245 155 150 168 160 169 0 0 0
TOTAL OampM 752 705 718 704 628 635 659 661 681
Actual Restimate
New Structure FY13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21
Capital By Category
WSCA - LA Aqueduct 24 21 20 23 24 22 18 17 19 605 850 891 originally included in Regular
WSCA - Groundwater 16 34 31 49 49 68 96 94 388 originally included in Water Quality
WSCA - Conservation 15 33 26 38 39 39 40 40 41
WSCA - Recycled 21 20 29 48 75 63 83 238 244
WSCA - Stormwater 16 22 11 33 31 45 36 35 36 originally included in Rclaimed
WATER QUALITY PROGRAM 224 138 144 280 281 167 103 72 46
WATER SECURITY 43 25 19 0 0 0 0 0 0
OWENS VALLEY 77 181 219 192 139 118 149 220 219 originally included in Regular
INFRASTRUCTURE - Pass Thru 139 155 169 209 281 295 439 482 575 originally included in Regular
INFRASTRUCTURE - Base 105 90 82 112 132 132 157 157 99
Total Capital 681 719 749 983 1052 949 1121 1356 1666
OampM By Category
WSCA - Purchased Water 336 270 289 245 155 150 168 160 169 162 148 148
WSCA - LA Aqueduct 35 36 35 40 39 40 42 44 45 45 48 49 originally included in Regular
WSCA - Groundwater 40 50 43 44 45 46 48 49 50 53 56 58 FI 4053010 originally included in Regular
WSCA - Conservation 10 8 17 21 22 22 13 13 13 14 14 14
WSCA - Recycled 5 5 7 6 7 7 7 6 6 6 2 1
WSCA - Stormwater 3 2 3 2 2 2 2 2 2 2 2 2 originally included in Rclaimed
WATER QUALITY PROGRAM 43 43 54 84 88 92 97 97 101 104 116 118
WATER SECURITY 34 38 34 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
OWENS VALLEY 48 30 32 39 45 46 47 48 48 49 50 50
INFRASTRUCTURE - Pass Thru 9 10 11
INFRASTRUCTURE - Base 198 223 206 223 226 230 236 242 247 253 261 187
Total OampM 752 705 718 704 628 635 659 661 681 697 707 640
check 704 628 635 659 661 681 70528 73946 70468
(0) (0) 0 0 0 (0)
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Average Average Total
Infrastruction Replacement
Capex 321 413 427 596 638 479 0 0 0 2396
OampM 223 226 230 236 242 231 262 271 198 1157
Total 545 639 657 832 880 711 262 271 198 3553
Supply Transition
Capex 189 219 237 273 425 268 1342
OampM 113 114 117 112 115 114 570
Total 302 333 354 385 539 382 - 0 0 0 1912
Water Quality
Capex 280 281 167 103 72 181 903
OampM 84 88 92 97 97 92 459
Total 364 369 259 200 170 272 1362
Owens Valley
Capex 192 139 118 149 220 164 164 819
OampM 39 45 46 47 48 45 45 225
Total 231 185 165 196 268 209 209 0 0 1045
Total Capex and OampM
Capex 983 1052 949 1121 1356 1092 1092 5461
OampM 459 473 485 492 502 482 482 2411
Total 1442 1525 1434 1613 1858 1574 1574 0 0 7872
32 POWER SUPPLY TRANSFORMATION
1000
Figure 31 Power Supply Transformation Expenditures
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total Per PA Grouping Capex
Rebuild Local Power Plants (Repowering) Capital 60 1897 3598 2292 3427 2754 907 204 1469 2899 1729 7209 IRP PSRP 42489 25681
OampM - - - - - - - Supply Trn 51959 18442
PPA - - - - - - - EE 13066 10686
RPS less than Local Solar Capital 858 123 167 645 722 1678 3055 2399 1420 1271 3087 11233 RPS 13129 107513 54809
OampM 316 454 596 263 261 283 228 249 369 405 420 1671
PPA 1098 2963 2511 2609 3106 2176 3813 5103 5610 5772 5835 26133
Coal Transition Capital 00 00 00 05 07 04 00 00 00 00 00 00
OampM 379 363 344 339 392 484 404 02 02 02 02 412
PPA 534 630 729 748 1155 1983 1839 1093 1012 1012 1032 1025 4275
Customer Opportunity Programs Capital 43 108 1917 1285 1166 1180 2142 2250 2191 2139 1964 10686 See Below 56234
OampM 451 464 104 -52 00 - - - - - - -
PPA 00 05 07 08 00 21 161 341 490 625 763 2380
Total Capital 961 2128 5683 4228 5322 5616 6104 4854 5080 6310 6781 29128
OampM 695 817 940 602 653 767 632 251 371 407 422 2083
PPA 1631 3598 3248 3364 4261 4180 5813 6537 7112 7409 7629 34500
Total 6901 9069 65711
PSRP Capital 4195 3867 2173 2565 3182 4093 4772 5876 5529 5412 25681 PSRP
OampM 3917 3720 2825 2946 3206 3092 3178 3365 3463 3709 16808
4998 5511
Fuel amp PP Fuel 481 436 403 442 410 337 290 235 220 214 215 1174
PP 829 854 910 895 977 1022 1190 1259 1366 1411 1447 6672
Emissions 0 0 0 5 26 24 15 (16) (33) (34) (25) (94)
Figure 46 Customer Opportunities Program Expenditures
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total
Energy Efficiency Capital 00 00 373 499 768 785 1449 1779 1939 1903 1720 8790 DSM
OampM 451287 463774 104 -52 00 - - - - - - -
PPA - - - - - - -
Local Solar Capital 43 108 1544 787 399 395 692 471 251 236 244 1895 RPS
OampM - - - - - - -
PPA 00 05 07 08 00 21 161 341 490 625 763 2380
Total 494 577 2028 1242 1167 1201 2302 2591 2681 2764 2727 13066
65495
77369
Figure 51 Budgeted Program Expenditures for Local Solar Programs -11874
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total
Solar Incentive Program (SIP) Capital 0 01536 673956 486626 317457 269 478 268 43 36 39 865
OampM - - - - - - -
Feed In Tarriff (FiT) Capital - - - - - - -
OampM - - - - - - -
PPA 0011 05122 07348 07897 0023 21 161 341 490 625 763 2380
Utility Built Solar (UBS) Capital 42815 106838 870181 300031 81138 127 215 202 208 200 205 1031
OampM - - - - - - -
Total 416 853 812 742 862 1007 4275
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Reliablity 00 8112 7587 4998 5511 6388 7184 7950 9241 8992 9121
Fuel 1310 1290 1313 1342 1414 1384 1495 1477 1552 1591 1636
EE 451 464 476 447 768 785 1449 1779 1939 1903 1720
Repowering 60 1897 3598 2292 3427 2754 907 204 1469 2899 1729
RPS less Local Solar 2272 3541 3274 3518 4089 4137 7096 7752 7399 7448 9342
Local Solar 43 113 1551 795 399 416 853 812 742 862 1007
Coal 912 993 1074 1091 1553 2471 2243 1095 1013 1014 1034
Customer Opportunities 494 577 2028 1242 1167 1201 2302 2591 2681 2764 2727
36987 36957 40007 41789 43043
Case 143
Power System Capex 2016 2017 2018 2019 2020 Total
DSM 144938 177916 193949 190268 171960 879031
Gas Drilling 5130 5255 5390 5525 5665 26965 Not Core
Other Infrastructure 339956 362357 337537 330229 365997 1736076 Not Core
IRP 98315 22809 147218 290261 173264 731867
Operating Support 113339 132234 101526 72736 62145 481980 Not Core
PSRP 409275 477185 587565 552930 541182 2568137
RPS 374734 287036 167134 150788 333169 1312861
1485687 1464792 1540318 1592738 1653383 7736917 2245021 5491896
Power Financing Plan 2016 2017 2018 2019 2020 Total
Revenue Bonds 428473 836299 874379 887070 931108 3957329
029 057 057 056 056 051
2016 2017 2018 2019 2020 Total
Internally Generated Funds 1057 628 666 706 722 3779588
ExternalDebt Financing 428 836 874 887 931 3957329
Capital Program 1486 1465 1540 1593 1653 7736917
Power System Reliablity Program 4092753 4771851 5875646 5529299 5411823 2568137
Suppy Transition amp Mandates
Renenwable Portfolio Std 3054958 2399455 1420109 1271415 3087302 1123324 131286
Rebuild Local Power Plants 907 204471 1468932 2899344 172931 720906
Customer Opportunities Programs
Energy Efficiency 1449378 1779157 1939489 1902684 1719599 879031
Local Solar 692383 470905 251227 236464 244389 189537
Other Infrastructure Invesmtens 34509 36761 34293 33575 37166 1763041
Operating Support 120949 134594 101846 73066 62475 492930
14856822 14647897 15403133 15927408 16533794 77369054
Reconciliation 297136 292958 308063 318548 330676 1547381
148568 146479 154031 159274 165338 (773689)
5-Year Capital Investments Total
Power System Reliablity Program $2568 33
Suppy Transition amp Mandates
Renenwable Portfolio Std 1123 15
Rebuild Local Power Plants 721 9
Customer Opportunities Programs
Energy Efficiency 879 11
Local Solar 190 3
Other Infrastructure Invesmtens 1763 23
Operating Support 493 6
Total 5-Year Capital Budget $7737 100
Case 94
Water System Capex 2016 2017 2018 2019 2020 Total
Water Conservation 37517 38599 38798 39552 40281 194747
Water Quality 328916 330658 234591 199391 166324 1259880
Water Reclamation 80429 106555 107954 119145 273340 687422
Water Security - 0 - 0 - 0 - 0 - 0 - 0
Owens Valley 192063 139324 118487 148934 220288 819096
Infrastructure - Pass Through 209387 280602 295140 439090 481764 1705982
Infrastructure - Base 134382 156246 153843 175282 173960 793713
982694 1051983 948815 1121392 1355956 5460839
Water Financing Plan 2016 2017 2018 2019 2020 Total
Revenue Bonds 598013 253851 287893 515783 669681 2325221 055
State Loan Program 151441 80531 71500 52750 33548 389770 009
Securitization - 0 428049 320377 335126 393346 1476897 035
749454 762431 679769 903660 1096575 4191889
076 072 072 081 081 077
PA Water System Capex 2016 2017 2018 2019 2020 Total
Infrastructure Replacement 321259 412628 427062 596495 638392 2395836
Supply Transition 189020 218776 236748 272949 424928 1342421 5-Year Capital Investments Total
Water Quality 280351 281256 166518 103015 72348 903487 Infrastructure Replacement $2396 44
Owens Valley 192063 139324 118487 148934 220288 819096 Supply Transition 1342 24
Total 982694 1051983 948815 1121392 1355956 5460839 Water Quality 903 17
Owens Valley 819 15
Total $5461 100
2020 2021 2022 2023 2024 Total
Internally Generated Funds 497 288 349 431 452 2017000 0371797235
Securitization - 0 - 0 - 0 - 0 - 0 - 0
ExternalDebt Financing 335 623 849 756 845 3408000 0628202765
- 0 - 0 - 0 - 0 - 0 - 0
Capital Program 832 911 1198 1187 1297 5425000
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Average Average Total
Infrastruction Replacement
Capex 321 413 427 596 638 479 0 0 0 2396
OampM 223 226 230 236 242 231 262 271 198 1157
Total 545 639 657 832 880 711 262 271 198 3553
Supply Transition
Capex 189 219 237 273 425 268 1342
OampM 113 114 117 112 115 114 570
Total 302 333 354 385 539 382 - 0 0 0 1912
Water Quality
Capex 280 281 167 103 72 181 903
OampM 84 88 92 97 97 92 459
Total 364 369 259 200 170 272 1362
Owens Valley
Capex 192 139 118 149 220 164 164 819
OampM 39 45 46 47 48 45 45 225
Total 231 185 165 196 268 209 209 0 0 1045
Total Capex and OampM
Capex 983 1052 949 1121 1356 1092 1092 5461
OampM 459 473 485 492 502 482 482 2411
Total 1442 1525 1434 1613 1858 1574 1574 0 0 7872
2002
Renewable 3
Natural Gas 24
Coal 50
Nuclear 13
Hydro 10
100
2010
Renewable 20
Natural Gas 22
Coal 39
Nuclear 11
Hydro 3
Generic Power 5
100
2030
Renewable 33
Energy Efficiency 13
Natural Gas 42
Nuclear 8
Hydro 4
100
Power 2013 2012 2011 2010 2009 2008 2013 2012 2011 2010 2009 2008
LT Debt 7494766 6354469 6497714 5711209 5241853 4801728
Current 249245 246582 178885 240235 217882 175455 Total Cash 1087850 908339 1047023 953193 991958 918517
Total Debt 7744011 6601051 6676599 5951444 5459735 4977183 OampM 2266249 2235522 2308188 2287434 2043192 2176056
OampMDay 6209 6125 6324 6267 5598 5962
Surplus 5191221 5054738 4936552 4878911 4557311 4407540 Days Cash 17521 14831 16557 15210 17721 15407
Debt to Total Capitalization Ratio 60 57 57 55 55 53 Day Cash on Hand
Water 2012 2012 2011 2010 2009 2008 2013 2012 2011 2010 2009 2008
LT Debt 3564877 3195110 3171562 2708150 2193338 2097721
Current 65646 63401 61612 63018 58512 59849 Total Cash 448945 329803 240546 203365 153053 123105
Total Debt 3630523 3258511 3233174 2771168 2251850 2157570 OampM 672462 544824 540041 584382 581587 523657
OampMDay 1842 1493 1480 1601 1593 1435
Surplus 2605198 2453633 2376604 2335651 2268349 2138528 Days Cash 24368 22095 16258 12702 9606 8581
Debt to Total Capitalization Ratio 58 57 58 54 50 50
Ratings by Moodys Standard amp Poors Fitch Ratings
1823 398 Power System Aa3 AA- AA-
25 277 Water System Aa2 AA AA
1848 675 1454 3977
Fixed Rate 5789164 80
VRDOs 9693 13
Fixed Rate Note 300 4
Commercial Paper 200 3
Total 7258464
2020 2020 2020 2020
2021 2021 2021 2021
2022 2022 2022 2022
2023 2023 2023 2023
2024 2024 2024 2024
Fiscal Year Ending June 30 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
Operating Revenues $3125957 $3081680 $3162502 $3319820 $3336963
Operating Expenses $2308188 $2235522 $2266249 $2363857 $2445058
Operating Income $817769 $846158 $896253 $955963 $891905
Other Income net AFUDC Contributions $162521 $185999 $180084 $175911 $205264
Change in Fund Net Assets $980290 $1032157 $1076337 $1131874 $1097169
Total Debt Service $400846 $343093 $426825 $451253 $457933
Debt Service Coverage Ratio 245x 301x 252x 251x 240x
Days Cash on Hand 166 days 148 days 175 days 197 days 240 days
Transfers to City General Fund $258815 $250077 $246534 $253000 $265586
Fiscal Year Ending June 30 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
Operating Revenues $3125957 $3081680 $3162502 $3319820 $3336963
Operating Expenses $2308188 $2235522 $2266249 $2363857 $2445058
Operating Income $817769 $846158 $896253 $955963 $891905
Other Income net AFUDC Contributions $162521 $185999 $180084 $175911 $205264
Change in Fund Net Assets $980290 $1032157 $1076337 $1131874 $1097169
Total Debt Service $400846 $343093 $426825 $451253 $457933
Debt Service Coverage Ratio 245x 301x 252x 251x 240x
Transfers to City General Fund $258815 $250077 $246534 $253000 $265586
Unrestricted Cash $561414 $417895 $597525 $775890 $1106651
Debt Restricted Trust Fund $485609 $490444 $490325 $496841 $500017
Total Liquidity $1047023 $908339 $1087850 $1272731 $1606668
Days Cash on Hand 166 148 175 197 240
Debt to Capitalization Ratio 57 57 60 61 62
LADWP
Share of SCPPAs Debt
Summary
Unaudited
2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Linden Wind - 0 - 0 6316722 8304828 8361090 9091800 9076253 9072900 9139073
Mead-Adelanto 5578327 7863977 7828028 7770774 2211002 8656179 8166634 7970382 10623661
Mead-Phoenix 983136 1778776 1922329 1909843 505284 2063608 1666928 1670032 3878657
Milford 1 - 0 4114703 17048629 17017986 17101829 17312300 17284781 17291950 18869550
Milford 2 - 0 - 0 - 0 10362179 12173838 12135711 12108714 12107181 12232725
Palo Verde 6295063 6762149 7206244 7288966 7445254 7540850 7727110 7911360 8371482
STS 42084886 40627595 45895595 56009452 46987196 48701345 48928040 47416145 47317359
Windy Point - 0 - 0 30486831 37529155 37573261 37606800 37529484 37576308 37925534
Apex 9631931 21923000 21972158
GRAND TOTAL 54941412 61147201 116704377 146193184 132358754 143108593 152119876 162939258 170330198
Based on entitlement excludes layoffs
For details see complete SCPPA Debt Service LADWP 2009-13
LADWP
Share of SCPPAs Debt
Summary
Including Layoffs
2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Linden Wind - 0 - 0 7018580 9227587 9290100 10102000 10084726 10081000 10081000
Mead-Adelanto 5578327 7863977 7828028 7770774 2211002 8656179 8166634 7970382 8566883
Mead-Phoenix 983136 1778776 1922329 1909843 505284 2063608 1666928 1670032 2197283
Milford 1 - 0 4114703 17048629 17017986 17101829 17312300 17284781 17291950 17252175
Milford 2 - 0 - 0 - 0 10896087 12801091 12761000 12732613 12731000 12729000
Palo Verde 6295063 6762149 7206244 7288966 7445254 7540850 7727110 7911360 8145860
STS 42084886 40627595 45895595 56009452 46987196 48701345 48928040 47416145 52503990
Windy Point - 0 - 0 33137860 40792560 40840501 40700000 40616325 40667000 40594000
Apex 9631931 21923000 21912000
GRAND TOTAL 54941412 61147201 120057264 150913256 137182257 147837282 156839087 167661869 173982191
- 0 - 0 3352887 4720072 4823504 4728689
IPA Debt Service
Allocated to LADWP
Fiscal Years 2009 - 2013
FY 2008-09 FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14 FY 2014-15 FY 2015-16 FY 201-17
Total IPA Net Debt Service $ 260806691 $ 310299616 $ 290993164 $ 308483919 $ 283583594 $ 267678027 $ 261571711 $ 21734710431 $ 15419000000
LADWPs Actual Received 5706 5891 5977 6250 6856 6914 7062 7175 6448
LADWPs Share of Debt Service 148816298 182797504 173926614 192802449 194424912 185067234 184716711 155942200 99417086
LADWPs IPA Sub Note Principal Received $14032083 $31165834 $78190000 $102307083 $65592917 $73759167 $69837917 $87241667 $21746667
LADWPs IPA Sub Note Interest Received $62093252 $57571658 $56225062 $47825768 $39554988 $36822080 $21806125 $23347489 $23805057
Total IPA Sub Notes Payments Received $76125335 $88737491 $134415062 $150132851 $105147905 $110581247 $91644042 $110589156 $45551724
Note LADWPs IPA Contract Share is 44617 and UPampL share is 40 for a total of 48617
The actual percentages received are based on total IPA power delivered to LADWP and include power delivered under the excess power sales
agreements and seasonal adjustments
Entitlement + UPL 48617 48617 48617 48617 48617 48617 48617 48617 48617
Adjusted to exclude excess power agreement 126796389 150858364 141472147 149975627 137869836 130137026 127168319 105667642 74962552
Amounts in M euro 200900 euro 201000 euro 201100 euro 201200 euro 201300
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734
Operating Income 419504 609893 430832 452139 477768
Adjustments (Depreciation + NonOper Income) 430498 469300 509669 521100 518037
Funds Available for DS 850002 1079193 940501 973239 995805
Total Annual DS 270357 309349 400846 343093 426825
City Transfer 222506 220475 258815 250077 246534
Debt Service Coverage 314 349 235 284 233
Adjusted DS with City Transfer 232 278 170 211 176
Full Obligation Debt Service 192 231 164 192 159
Gross Off-BS DS ($MM) 204 224 309 333 336
IPA Subordinated Notes ($ MM)
Interest Received (62) (57) (57) (46) (40)
Principal Maturities (12) (33) (82) (104) (66)
Total Income amp Mat from IPA (75) (90) (140) (150) (105)
Net Off-BS Debt Service ($ MM) 130 134 169 183 231
Funds Available for DS 850 1079 941 973 996
City Transfer (223) (220) (259) (250) (247)
627 859 682 723 749
Gross Off-BS DS ($MM) 204 224 309 333 336
Less IPA- Interest from Notes (62) (57) (57) (46) (40)
Adjusted - Funds Available for Full DS 769 1025 933 1010 1046
Direct Debt Service 270 309 401 343 427
Off-Balance Sheet DS Net 130 134 169 183 231
Full Obligation Debt Service 400 443 570 526 657
Full Obligation Debt Service 192 231 164 192 159
Amounts in M 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Operating Income 419504 609893 430832 452139 477768 489437 395717 524628 611726 725259 512310
Adjustments (Depreciation + NonOper Income) 430498 469300 509669 521100 518037 578562 596354 659744 635260 647013 824443
Funds Available for DS 850002 1079193 940501 973239 995805 1067999 992071 1184372 1246986 1372272 1336753
Total Annual DS 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Debt Service Coverage 314 349 235 284 233 237 217 253 231 251 230
Adjusted DS with City Transfer 232 278 170 211 176 181 159 196 182 207 190
Full Obligation Debt Service 193 225 164 190 159 165 148 179 161 179 189
SCPPA DS Actual 5494 6115 12006 15091 13718 14784 15780 16766 17398 17127 16229
IPA DS - Actual Share 14882 18280 17393 19280 19442 18507 18472 15594 9942 14867 12489
204 244 294 344 332 333 343 324 273 320 287
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 287
IPA Subordinated Notes ($ MM)
Interest Received (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Principal Maturities (14) (31) (78) (102) (66) (74) (70) (87) (22) (49) (124)
Total Income amp Mat from IPA (76) (89) (134) (150) (105) (111) (92) (111) (46) (62) (141)
Net Off-BS Debt Service ($ MM) 128 155 160 194 226 222 251 213 228 258 146
Funds Available for DS 850 1079 941 973 996 1068 992 1184 1247 1372 1337
City Transfer (223) (220) (259) (250) (247) (253) (266) (267) (264) (242) (233)
627 859 682 723 749 815 726 917 983 1130 1104
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 287
Less IPA- Interest from Notes (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Adjusted - Funds Available for Full DS 769 1045 919 1019 1041 1111 1047 1218 1232 1437 1374
Direct Debt Service 270 309 401 343 427 451 458 467 539 546 580
Off-Balance Sheet DS Net 128 155 160 194 226 222 251 213 228 258 146
Full Obligation Debt Service 398 465 560 537 653 674 709 680 767 805 727
Full Obligation Debt Service 193 225 164 190 159 165 148 179 161 179 189
Fitch
Goals
(Amounts in thousands) fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Financial Results
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Gross Revenues and Income 2893194 3366627 3248689 3208761 3262054 3431856 3437129 3636306 3811964 3896880 4310142
OampM excluding Deptn amp Amort 2043192 2287434 2308188 2235522 2266249 2363857 2445058 2451934 2564978 2524608 2973389
Net Revenues 850002 1079193 940501 973239 995805 1067999 992071 1184372 1246986 1372272 1336753
Annual Debt Service 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Total Liquidty 1016998 956435 1047152 908607 1088137 1273023 1606884 1785641 1448014 1217143 1637956 ge 300000
Key Financial Ratios
Debt Service Coverage (x) 314 349 235 284 233 237 217 253 231 251 230 ge 225 ge 225
Net Debt Service Coverage (after transfer) (x) 232 278 170 211 176 181 159 196 182 207 190
Fixed Charge Coverage (x) 193 225 164 190 159 165 148 179 161 179 189 ge 170
Days Cash on Hand 183 154 168 151 178 200 243 269 223 193 0 ge 170 days
Debt to Capitalization Ratio 55 55 57 57 60 61 62 62 62 64 65 le 68 le 68
MOODYs
Goals
(Amounts in thousands) fiscal year ended June 30 euro 200900 2010 2011 2012 2013 2014 Prior New
Financial Results
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820
Gross Revenues and Income 2910018 3379696 3276672 3235492 3308914 3477095
OampM excluding Deptn amp Amort 2043192 2287434 2308188 2235522 2266249 2363857
Net Revenues 866826 1092262 968484 999970 1042665 1113238
Annual Debt Service 270357 309349 400846 343093 426825 451253
City Transfer 222506 220475 258815 250077 246534 253000
Total Liquidty 1126392 1064319 1161045 1032504 1222036 1416823 ge 300000
Key Financial Ratios
Debt Service Coverage (x) 314 349 242 291 244 247 ge 225 ge 225
Net Debt Service Coverage (after transfer) (x) 232 278 177 219 187 191
Fixed Obligation Charge Coverage (x) 193 225 169 195 167 172 ge 170
Days Cash on Hand 203 171 186 172 200 222 ge 170 days
Debt to Capitalization Ratio 55 55 57 57 60 61 le 68 le 68
Board approved on May 20 2014
euro 201000 euro 201100 euro 201200 euro 201300 euro 201400
Debt Service Coverage 349 235 284 233 237
Net DSC (after transfer) 278 170 211 176 181
Fixed Obligatn Charge Coverage 225 164 190 159 165
Debt to Capitalization Ratio 55 57 57 60 61
Days Cash on Hand 171 186 172 200 222
Amounts in thousands 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
OampM excluding Deptn amp Amort (2043192) (2287434) (2308188) (2235522) (2266249) (2363857) (2445058) (2451934) (2564978) (2524608) (2973389)
Nuclear Fuel amp Nat Gas Amort Adj
Operating Income 712743 947759 817769 846158 896253 955963 891905 1065106 1132946 1279613 1097541
Other nonoperating income and expenses net 137259 131434 122732 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in aid of construction 16824 13069 27983 26731 46860 45239 66988 65896 32177 42460 58373 Moodys exclude CIAC
AFUDC 32187 33672 18636 38110 32200 9373 7924 5042 Excluded from DSC Calc
Net Revenues 850002 1079193 968484 999970 1042665 1113238 1059059 1250268 1279163 1414732 1395126
Debt Service
Interest 211295 207700 277026 280935 297576 318871 346900 353725 384899 414722 426577
Principal 59062 101649 123820 62158 129249 132382 110943 113526 153915 131756 153664
Total debt service 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Debt Service Coverage 314 349 242 291 244 247 231 268 237 259 240
Net DSC (City Transfer) 232 278 177 219 187 191 173 210 188 215 200
Full Obligation Debt Service 193 225 169 195 167 172 157 189 165 184 193
Off Balance-Sheet Debt Service ($ MM)
SCPPA DS Actual 5494 6115 12006 15091 13718 14784 15780 16766 17398 17127 16229
IPA DS - Actual Share 14882 18280 17393 19280 19442 18507 18472 15594 9942 14867 15766
204 244 294 344 332 333 343 324 273 320 320
Gross Off-BS DS ($ MM) 204 244 294 344 332 333 343 324 273 320 320
IPA Subordinated Notes ($ MM)
Interest Received (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Principal Maturities (14) (31) (78) (102) (66) (74) (70) (87) (22) (49) (124)
Total Income amp Mat from IPA (76) (89) (134) (150) (105) (111) (92) (111) (46) (61604) (140882)
Net Off-BS Debt Service ($ MM) 128 155 160 194 226 222 251 213 228 258 179
Funds Available for DS 850 1079 968 1000 1043 1113 1059 1250 1279 1415 1395
City Transfer (223) (220) (259) (250) (247) (253) (266) (267) (264) (242) (233)
627 859 710 750 796 860 793 983 1015 1173 1163
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 320
Less IPA- Interest from Notes (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Adjusted - Funds Available for Full DS 769 1045 947 1046 1088 1156 1114 1284 1264 1480 1465
Direct Debt Service 270 309 401 343 427 451 458 467 539 546 580
Off-Balance Sheet DS Net 128 155 160 194 226 222 251 213 228 258 179
Full Obligation Debt Service 398 465 560 537 653 674 709 680 767 805 759
Full Obligation Debt Service 193 225 169 195 167 172 157 189 165 184 193
Average 4-Yr Full Obligation DS 189 176 173 171 171 174 183
Power System
Moodys-Debt Ratio
($ in thousands) euro 200900 euro 201000 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands)
Debt Ratio
LTD 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812
Current Assets 1770611 2233654 1846753 1683934 1991595 2263813 2446200
Less Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880)
1567361 2004432 1651767 1412606 1711125 1993540 2158320
Adjustmts to Under-Collection (130367) (250381) (294226) (312373) (273839) (244712) (215585)
Current Liability 651258 693907 838155 916745 853715 890730 898240
Current Portion of LTD (217882) (240235) (178885) (246582) (249245) (227575) (230165)
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896)
331655 352065 529396 530291 459132 503508 497179
Calc Net Working Capital 1105339 1401986 828145 569942 978154 1245320 1445556
Moodys calculation 1172368 1301195 1140353
Difference (67029) 100791 (312208)
Gross Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165
Gross Debt 5459735 5951444 6676599 6601051 7744011 8164755 8798446
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) 7894482
Accrued Interest
DRTF (547282) (529338) (485609) (490444) (490325) (496841) (500017)
Net Debt Outstanding 4709203 5192884 5996004 5839279 6973216 7397641 8010549
Plant Assets net 6616642 6978755 7430988 8113664 8620790 9212597 9925900
Net Working Capital 1105339 1401986 828145 569942 978154 1245320 1445556
7721981 8380741 8259133 8683606 9598944 10457917 11371456
Calculated Debt Ratio 610 620 726 672 726 707 704
Moodys calculation 6238 6258 6370 6460 7120 6980 7210
Difference -14 -06 89 26 14 09 -17
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812
CWIP 609115 431491 685485 1211851 884378 1235945 1720822
Nuclear Fuel 36904 44295 44328 49687 44686 42931 39469
Gas Resreve 223617 231397 256622 293006 272157 248923 228797
Adjusted Plant Assets -Net 6616642 6978755 7430988 8113664 8620790 9212597 9925900
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896)
Power System euro 200900 euro 201000 euro 201100 euro 201200 euro 201300 euro 201400 euro 201400
Debt to Capitalization Ratio
LT Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165
Total Debt Outstanding 5459735 5951444 6676599 6601051 7744011 8164755 8798446
Total Net Position 4557311 4878911 4936552 5054738 5191221 5293640 5415775
Debt to Capitalization Ratio 55 55 57 57 60 61 62
- 0
Power System
Total Liquidity
($ in thousands) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unrestricted Cash 444676 423855 561414 417895 597525 775890 1106651 1331543 991182 751164 1142128
Debt Reduction Trust Fund 547282 529338 485609 490444 490325 496841 500017 453883 456482 460613 474814
Natural Gas Trust Fund 25040 3242 129 268 287 292 216 215 350 5366 21014
Rate Stabilization Fund 100000 100000 100000
Insurance Fund 109394 107884 113893 123897 133899 143799 153802 163779 180575 182000 192000
Revolving Credit Agreement $500M
Total Liquidity 1126392 1064319 1161045 1032504 1222036 1416823 1760686 1949420 1728589 1499143 1929956
Moodys calculation 888246 1123708 1161200
Difference 238146 (59389) (155)
Per Audited Financials 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Less Depreciation amp Amortization (293239) (337866) (386937) (394019) (418485) (466526) (496188) (540478) (521220) (554354) (585231)
Depletion Expense (5074) (6821) (14398) (29064) (26176) (23564) (20035) (15131) (15617) (16618) (15439)
Amortization of Nuclear Fuel (8709) (6717) (11974) (13248) (13859) (13934) (13621) (14181) (13610) (13185) (12143)
Adjusted OampM (excludes Noncash Charges) 2029409 2273896 2281816 2193210 2226214 2326359 2411402 2422622 2535751 2494805 2945807
Total Liquidity 1126392 1064319 1161045 1032504 1222036 1416823 1760686 1949420 1728589 1499143 1929956
(13783) (13538) (26372) (42312) (40035) (37498) (33656) (29312) (29227) (29803) (27582)
Adjusted Days Liquidity on Hand 203 171 186 172 200 222 267 294 249 219 23913
(Total Liquiduity Adjusted OampM365 days)
Data Provided to Moodys rounded to $MM
Audited Financial Data in millions 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unrestricted Cash 4447 4239 5614 4179 5975 7759 11067 13315 9912 7512 11421
Debt Reduction Trust Fund 5473 5293 4856 4904 4903 4968 5000 4539 4565 4606 4748
Natural Gas Trust Fund 250 32 01 03 03 03 02 02 04 54 210
Rate Stabilization Fund 1000 1000 1000
Insurance Fund (only apply to Moodys) 1094 1079 1141 1806 1820 1920
Revolving Credit Agreement
Total Liquidity 11264 10643 11612 9086 10881 12730 16069 17856 17287 14992 19299
Total Operating Expenses 2336 26253 26951 26295 26847 28304 29412 29924 30862 30790 35586
Less Deptn amp Amortiztn 293 3379 3869 3940 4185 4665 4962 5405 5212 5544 5852
Deleption Expense 5 68 144 291 262 236 200 151 156 166 154
Amortn of Nuclear Fuel 9 67 120 155 139 139 136 142 136 132 121
OampM excludes Noncash Charges 20294 22739 22818 21909 22262 23264 24114 24226 25358 24948 29459
OampM Days Cash on hand 203 171 186 151 178 200 243 269 249 219 239
Total Liquidity Excl Insurance Fnd amp RCA 1016998 956435 1047152 908607 1088137 1273023 1606884 1785641 1548014 1317143 1737956
OampM per day 5560 6230 6252 6009 6099 6374 6607 6637 6947 6835 8071
Fitchs Days Cash on Hand 183 154 168 151 178 200 243 269 223 193 215
2019 2018 2018 (from PS Case 36 file)
PENSION PORTION
Change in Net pension liabilitiy $ (298748) $ 618010 916758 ltlt from audit 917000 ltlt from PS Case 36 file From GASB 68
Plus Change in Pension Deferred inflows $ (36639) $ 287735 324374 ltlt from audit 324000 ltlt from PS Case 36 file From GASB 68
Less Change in Pension Deferred Outflows $ (154474) $ 248836 403310 ltlt from audit 700000 ltlt from PS Case 36 file From GASB 68
Moodys Pension Adjustment $ (180913)
2019 2018
OPEB GASB 75
Change in net liability $ (39098) $ 339581 $ 378679 ltlt from audit 379000 ltlt from PS Case 36 file From Statement of Net Position
Plus Change in Deferred inflows $ 2672 $ 122341 $ 119669 ltlt from audit 120000 ltlt from PS Case 36 file From Statement of Net Position
Less Change in Deferred outflows $ 2899 $ 5525 $ 2626 ltlt from audit 68000 ltlt from PS Case 36 file From Statement of Net Position
Reconcile $ (39325)
Pension + OPEB 75 Adjustment $ (220238)
Increase from expense to contributions $ 220238
$000s
Multi-Employer Cost Sharing Plan
Measurement Date 63018
Reported Single-Equivalent Discount Rate 725
Citigroup Pension Liability Index 414
Total Pension Liability $8951572 $8951572 Not sure how Moodys calculates this number Our calculation includes the total pension liability from GASB 68 ($13187542730) multiplied by the proportionate share (67879) of the power system from GASB 68 Past Moodys calculations have been very close to this number but not exact
Plan Fiduciary Net Position $8333563 $8333563 Same method as above Plan Fiduciary Net Position from GASB 68 is $12277085263
Net Pension Liability $618009 $618009
NPL 1 increase -$380973 From GASB 68 Report
NPL 1 decrease $1826112 From GASB 68 Report
Estimated Liability Duration 1350
Moodys Adj Liability $13319058 $13319058
Moodys Adj Net Pension Liability $4985496 $4985496
LADWP Metrics Calculations 2016 2017 2018 2019
Operating Revenues ($000)
Residential 1126690 1179514 1265713 1376341
Commercial and Industrial 2308194 2331599 2429323 2560098
Sales for resale 72936 88099 91351 111542
other 45586 133559 50830 50911
Uncollectible accounts (36366) (34847) (32996) (27962)
Total Operating Revenues ($000) 3517040 3697924 3804221 4070930
Nonoperating Revenues ($000)
Investment income 65475 21848 32135 94217
Federal Bond subsidies 33508 33472 33580 33723
other nonoperating income 23025 60955 29646 113498
Capital Contributions 65896 32177 42460 58373 Excluded from DSCR
Gross Revenues available for Debt Service ($000) 3704944 3846376 3942042 4370741
Nonoperating Expenses ($000)
Other nonoperating expenses 2742 2235 2702 2226
Allowance for funds used during construction 32200 9373 7924 5042
Transfers to City of LA (PILOT) 266957 264427 241848 232557
Total Nonoperating Expenses ($000) 269699 266662 244550 234783
GROSS REVENUES 3337149 3538164 3647108 4077585 excludes capital contributions above
Operating Expenses ($000)
Fuel for generation 318749 292557 268610 296506
Purchased Power 1037471 1165303 1143535 1264133
Maintenance and Other Operating Expenses 1095714 1107118 1112463 1337750
Depreciation and Amortization 540478 521220 554354 585231
ARO decommissioning non-cash 75000
Total Operating Expenses ($000) 2992412 3086198 3078962 3558620
Moodys Pension and OPEB Adjustment 280921 (47472) 292448 220238 See tabs titled 2018 Pension and OPEB 2017 Pension and OPEB 2016 Pension and OPEB
Moodys Total Operating Expenses (excluding depreciation) 2732855 2517506 2817056 3118627
Moodys Net Operating Revenues ($000) 604294 1020658 830052 958958
Debt Service Payments
Senior Lien Debt Service ($000) 467251 538814 546478 580241 Offering statement
Aggregate Annual Debt Service ($000) 467251 538814 546478 580241
JAA Debt Payment ($000) - used for FOCC only 211907 227574 319443 287182
Gross Revenue (no change) 3337149 3538164 3647108 4077585
Adjusted operating expenses (JAA debt payment removed) 2520948 2289932 2497613 2831445
Adjusted Net Revenues 816201 1248232 1149495 1246140
Adjuted Debt Service (JAA debt payment added) 679158 766388 865921 867423
3-Year avg
Senior lien DSCR post PILOT before JAA adjustment 129 189 152 165 157
Fixed Obligation Charge Coverage (FOCC) 120 163 140 160 141
Days Cash on Hand 2016 2017 2018 2019
Liquidity
Unrestricted Cash and Cash Equivalents 1331543 991182 751164 1142128
Debt Reduction funds 453883 456482 460613 474814
Natural Gas fund 215 350 5366 21014
Rate stabilization fund+Self Insurance Fund 0 100000 100000 100000
Total Available unrestricted liqudity ($000) 1785641 1548014 1317143 1737956
Adjusted Operating Expenses Excluding JAA debt payment 2520948 2289932 2497613 2831445
3-Year avg
Days Cash on Hand 259 247 192 224 233
Debt Ratio 2016 2017 2018 2019
Debt and Debt Service Reserve Funds
Long Term Debt (Total Principal Amount) from Note 9 8334507 8630405 8812411 9458013 Does this already include current portion of long-term debt
Revenue Certificates from Note 9 200000 200000 200000 0
Total Debt 8534507 8830405 9012411 9458013 is this missing anything
Debt Service fund (redemption) 262430 311209 345602 384525
Total Capital Assets
Plant Property and Equipment ($000) 17491787 17677729 18575936 19723337
Accumulated Depreciation ($000) (8289312) (7803778) (8242031) (8434447)
Construction in Progress ($000) 866434 658992 820472 676237
Total Capital Assets (Net of Depreciation) 10068909 10532943 11154377 11965127
Net Working Capital 2009240 1754679 1445045 1965778
3-Year avg
Debt Ratio () 685 693 688 651 69
Adjusted Net Pension Liabiilty 4137366 6521898 5617373 4985496
Adjusted Debt Ratio with ANPL () 1027 1224 1134 1009 113
Fixed Obligation Ratio Adjusted for Notes
Power System
Moodys-Debt Ratio
($ in thousands) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Moodys Debt Ratio
LTD 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
Current Assets 1770611 2233654 1846753 1683934 1991595 2263813 2446200 2489259 2448602 2419100 2943323
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) (262430) (350256) (345602) (384525)
Materials amp Fuel (153218) (158003) (154490) (169839) (163088) (163484) (165564) (218544) (170065) (176122) (184988)
Prepayments amp Others (126243) (93820) (150265) (109293) (114320) (106850) (107263) (106444) (110731) (119814) (134564)
Cash amp Cash Eq in noncurrnt - 0 552704 20730 448184 193701 85272 6 16569 - 0 72061
Adjusted Current Assets 1287900 1752609 1899716 1154204 1881901 1916907 1970765 1901847 1834119 1777562 2311307
Current Liability 651258 693907 838155 916745 853715 890730 898240 864218 979664 1059815 1062211
Current Portion of LTD (217882) (240235) (178885) (246582) (249245) (227575) (230165) (211133) (243049) (265005) (263296)
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896) (169358) (182192) (188662) (209257)
Adjusted Current Liab 331655 352065 529396 530291 459132 503508 497179 483727 554423 606148 589658
Calc Net Working Capital 956245 1400544 1370320 623913 1422769 1413399 1473586 1418120 1279696 1171414 1721649
Moodys calculation 1172368 1301195 1140353
Difference (216123) 99349 229967
Gross Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165 211133 243049 265005 263296
Gross Debt 5459735 5951444 6676599 6601051 7744011 8164755 8798446 9154509 9519279 9772261 10370078
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) (262430) (350256) (345602) (384525)
Bond Sinking Fund QECB (5000) (15123) (25569) (36198)
Debt Reduction Trust Fund (547282) (529338) (485609) (490444) (490325) (496841) (500017) (453883) (456482) (460613) (474814)
Net Debt Outstanding 4709203 5192884 5996004 5839279 6973216 7397641 8010549 8433196 8697418 8940477 9474541
Total Plant Assets net 6616642 6978755 7430988 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Net Working Capital 956245 1400544 1370320 623913 1422769 1413399 1473586 1418120 1754679 1445045 1965778
7572887 8379299 8801308 8737577 10043559 10625996 11399486 11740668 12527232 12822498 14139610
Moodys Debt Ratio 622 620 681 668 694 696 703 718 694 697 670
Moodys calculation 6238 6258 6370 6460 7120 6980 7030 6930 6870 6480
Difference -02 -06 44 22 -18 -02 -00 718 01 10 22
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
CWIP 609115 431491 685485 1211851 884378 1235945 1720822 866434 658992 820472 676237
Nuclear Fuel 36904 44295 44328 49687 44686 42931 39469 39948 41465 41528 42406
Gas Resreve 223617 231397 256622 293006 272157 248923 228797 213691 198145 181548 166299
Adjusted Plant Assets -Net 6616642 6978755 7430988 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Power System 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Debt to Capitalization Ratio
LT Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165 211133 243049 265005 263296
Total Debt Outstanding 5459735 5951444 6676599 6601051 7744011 8164755 8798446 9154509 9519279 9772261 10370078
Total Net Position 4557311 4878911 4936552 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Debt to Capitalization Ratio 545 550 575 566 599 607 619 621 623 645 649
- 0
Avail DS $ 127916300
$ 725
Moodys Debt Ration = Net Funded Debt (Total Current amp LT Debt minus Debt Service amp DS Reserve Funds)
Net Working Capital and Net Fixed Assets
Net Working Capital = Includes both restricted amp unrestricted cash amp cash equiv receivables but exculde funds set aside for DS nor non-cash current assets such as inventories prepaid expenses
Current liab Excludes DS pmts
Fitch - Debt to FADS 2017
Oper Income 524628 611726
Deptn 521220
Amort 15617
Depletion 13610
Interet Incom 21848
1184021
Debt Outstd 9519279
804
Goals
fiscal year ended June 30 euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Operating Revenues $783964 $812360 $756605 $3081680 $3162502 $3319820 $3336963 $3517040 $3697924 $3804221 $4070930
Fuel For Generation 215864 163248 125301 (403406) (446450) (436643) (377343) (318749) (292557) (268610) (296506)
Purchased Power (909910) (895092) (977187) (1022271) (1037471) (1165303) (1143535) (1264133)
OampM 365723 421134 414740 (922206) (924707) (950027) (1045444) (1095714) (1107118) (1112463) (1412750)
Adjusted Operating Income $202377 $227978 $216564 $846158 $896253 $955963 $891905 $1065106 $1132946 $1279613 $1097541
8593 16221 24411
Other Nonoperating Income and Expenses 30603 24099 48946 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in Aid of Construction 26731 46860 45239 66988 65896 32177 42460 58373
Cash Available for Debt Service $241573 $268298 $289921 $999970 $1042665 $1113238 $1059059 $1250268 $1279163 $1414732 $1395126
Interest Expense $92032 $108017 $136846 280935 297576 318871 346900 353725 384899 414722 426577
Principal Repayment 23994 26089 30525 62158 129249 132382 110943 113526 153915 131756 153664
Total Debt Service $116026 $134106 $167371 $343093 $426825 $451253 $457843 $467251 $538814 $546478 $580241
Debt Service Coverage Ratio (x) 208 200 173 291 244 247 231 268 237 259 240 ge 225 ge 225
Liquidity
Unrestricted Cash $120375 $170685 $207631 $417895 $597525 $775890 $1106651 $1331543 $991182 $751164 $1142128
Debt Reduction Trust Fund 490444 490325 496841 500017 453883 456482 460613 474814
Natural Gas Trust Fund 268 287 292 216 215 350 5366 21014
Rate Stabilization Fund 32678 32680 32915 100000 100000 100000
Total Liquidity $153053 $203365 $240546 $908607 $1088137 $1273023 $1606884 $1785641 $1548014 $1317143 $1737956 ge 200000
Total Operating Expenses $2629541 $2684734 $2830383 $2941246 $2992412 $3086198 $3078962 $3558620
Depreciation amp Amortization (394019) (418485) (466526) (496188) (540478) (521220) (554354) (585231)
Depletion Expense (29064) (26176) (23564) (20035) (15131) (15617) (16618) (15439)
Amortization of Nuclear Fuel (13248) (13859) (13934) (13621) (14181) (13610) (13185) (12143)
Adjusted OampM (excludes Noncash Charges) $ 2193210 $ 2226214 $ 2326359 $ 2411402 $ 2422622 $ 2535751 $ 2494805 $ 2945807
Days Cash on Hand 96 127 163 151 178 200 243 269 223 193 215 ge 150 days
Debt to Capitalization Ratio euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 2018 2019
LT Debt 2193338 2708150 3171562 $6354469 $7494766 $7937180 $8568281 $8943376 $9276230 $9507256 $10106782
Current Portion of LTD 58512 63018 61612 246582 249245 227575 230165 211133 243049 265005 263296
BRampI - Principal portion (90940) (126540) (153615) (173041)
Bond Sink Fund - QECBs (15123) (25569) (36198)
Total Debt Outstanding 2251850 2771168 3233174 6601051 7744011 8164755 8798446 9063569 9377616 9593077 10160839 le 60 le 65
120193 116509 111390
Total Net Position 2268349 2335651 2376604 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Debt to Capitalization Ratio 50 54 58 5663 5987 6067 6190 6185 6192 6405 6442
Off-Balance Sheet Debt Service (in Millions)
SCPAA Actual Debt Service 15091 13718 14784 15780 16766 17398 17127 16229
IPA Actual Debt Service 19280 19442 18507 18472 15594 9942 14867 12489
Gross Off-Balance Sheet Debt Service 34372 33161 33290 34252 32360 27340 31994 28718
IPA Subordinated Notes (in Millions)
Interest Received (4783) (3955) (3682) (2181) (2335) (2381) (1309) (1734)
Principal Maturities (10231) (6559) (7376) (6984) (8724) (2175) (4851) (12355)
Total Income and Maturity (IPA) (15013) (10515) (11058) (9164) (11059) (4555) (6160) (14088)
Net Off-Balance Sheet DS (in Millions) 19358 22646 22232 25087 21301 22785 25833 14630
Funds Available for Debt Service (in Millions) 99997 104267 111324 105906 125027 127916 141473 139513
(Less) City Transfer (25008) (24653) (25300) (26559) (26696) (26443) (24185) (23256)
Gross Off-Balance Sheet Debt Service 34372 33161 33290 34252 32360 27340 31994 28718
(Less) IPA Interest Received (4783) (3955) (3682) (2181) (2335) (2381) (1309) (1734)
Adjusted Funds Available for Full Debt Service 104578 108818 115632 111419 128357 126433 147973 143241
Direct Debt Service 34309 42683 45125 45784 46725 53881 54648 58024
Net Off-Balance Sheet Debt Service 19358 22646 22232 25087 21301 22785 25833 14630
Full Obligation Debt Service 53668 65328 67358 70872 68027 76666 80481 72654
Full Obligation Debt Service Coverage Ratio 195 167 172 157 189 165 184 197
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 225 225 225 225 225 225 225 225
Minimum Operating Cash Target $200 M $200 M $200 M $300 M $300 M $300 M 170 days 170 days 170 days 170 days 170 days
Capitalization Ratio of less than 60 60 60 68 68 68 68 68 68 68 68
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217
Financial Performance euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 3-6 2018 2018
Debt Service Coverage 21 20 17 29 24 25 23 27 24 26 24
Oper Cash Target ($ 000) $153053 $203365 $240546 $908607 $1088137 $1273023 187 days 172 days
Capitalization Ratio 50 54 58 57 60 61 62 62 62 64 64
Power System Actual Financial Performance
DSC
2012 291
2013 244
2014 247
2015 231
2016 268
2017 237
2018 259
2019 240
Days Cash
2012 151
2013 178
2014 200
2015 243
2016 269
2017 223
2018 193
2019 215
Cap Ratio
2012 5663
2013 5987
2014 6067
2015 6190
2016 6185
2017 6192
2018 6405
2019 6442
Full Obl
2012 195
2013 167
2014 172
2015 157
2016 189
2017 165
2018 184
2019 193
Financial Performance 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Debt Service Coverage 349 242 291 244 247 231 268 237 259 240
Full Obligation Coverae 22 17 19 17 17 16 19 17 18 20
Oper Cash Target ($ 000) $ 423855 $ 561414 $ 417895 $ 597525 $ 775890 $ 1106651 269 days 249 days 0 0
Capitalization Ratio 55 57 57 60 61 62 62 62 64 64
Minimum Debt Service Coverage 225 times
Full Obligation Coverage effective FY 2016 17 times
Minimum Operating Cash Target was $300 million until FY 2016 changed to 170 days
Maximum Capitalization Ratio at 68
Moodys
Days Cash
2012 172
2013 200
2014 222
2015 267
2016 294
2017 249
2018 219
2019 239
2016 2017 2018 2019
Current Assets included in Net Working Capital
Unrestricted Cash 1331543 991182 751164 1142128
Cash colateral received from securities lending transactions 31101 11397 24114 17605
Discretionary Reserves (rate stabilization fund Self-insurance Natural gas fund debt reduction fund) 617877 737407 747979 787828
Contruction Funds 6 16569 - 0 72061
Accounts Receivable and Due from Water System 504522 543945 518090 533553
Due from other funds 7918 8602 9846 2261
Total Current Assets 2492967 2309102 2051193 2555436
Current Liabilities included in Net Working Capital
Accounts Payable 332211 412963 441102 420592
Accrued Salaries Benefits and Compensated Absences 120371 130063 140932 151461
Other Current Liabilities 31145 11397 24114 17605
Total Current Liabilities 483727 554423 606148 589658
Net Working Capital 2009240 1754679 1445045 1965778
Please see actual DS for FY2019 below
Total Debt Service Total Debt Service Total Debt Service Total Debt Service LA Share ONLY LA Share ONLY LA Share ONLY LA Share ONLY
2016 2017 2018 2019 2016 2017 2018 2019
Entity Agency LADWP Interest Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service
Southern Transmission Project SCPPA 595 79691 88242 77893 76855 47416 52504 46346 45729
Milford Wind I SCPPA 925 17292 18651 18637 18630 15995 17252 17239 17233
Milford Wind II SCPPA 100 12731 12729 12711 12716 12731 12729 12711 12716
Windy Point SCPPA 100 40667 40594 40558 40535 40667 40594 40558 40535
Apex Power Project SCPPA 100 21923 21912 21888 21861 21923 21912 21888 21861
Linden Wind Project SCPPA 100 10081 10081 10055 10073 10081 10081 10055 10073
Palo Verde Project SCPPA 67 11808 12158 12428 - 0 7911 8146 8327 - 0
Mead-Adelanto Transmission Project SCPPA 357 22763 22183 22016 21248 8126 7919 7860 7586
Mead-Phoenix Transmission Project SCPPA 248 6866 6638 6596 6426 1703 1646 1636 1594
Mead-Adelanto Transmission Project (LADWP interest) SCPPA 100 - 0 444 2163 2737 - 0 444 2163 2737
Mead-Phoenix Transmission Project (LADWP interest) SCPPA 100 - 0 481 1994 2230 - 0 481 1994 2230
223822 234113 226939 213311 166554 173709 170777 162293
Actual 61375
Intermountain Power Project (IPP) IPA 48617 217347 154190 226173 256884 155942 99417 148666 124889
Agmt 48617
Notes Receivable - Income and Principal Maturity (110589) (45552) (61604) (140882)
Net Debt Service - IPP 45353 53865 87062 (15993)
Net Off Balance Sheet JAA Debt Service 211907 227574 257839 146300
Debt Service Included in Purchased Power Expense 322496 273126 319443 287182
Notes Receivable (IPP Prepayment Notes)
Interest 23347 23805 13092 17337 Updated
Principal 87242 21747 48512 123545 Updated
Notes Receivable - Income and Principal Maturity 110589 45552 61604 140882
211907 227574 257839 146300
Power System Cash Cash Equivalents and Investments
From Notes to Financial Statements 7 (In thousands)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Restricted and Other Investments
Restricted Investments
Debt Reduction Funds $ 490444 $ 490325 $ 496841 $ 500017 $ 453883 $ 456482 $ 460613 $ 474814
Nuclear Decommissioning Funds 123627 122584 126521 129347 133372 133805 134004 140699
Natural Gas Fund 268 287 292 216 215 350 5366 21014
Hazardous Waste Treatment Fund 2177 2182 2204 2217 2241 2250 2275 2334
SCPPA Palo Verde Investment 22605 18525 14236 9724 4987
Total Restricted Investments 639121 633903 640094 641521 594698 592887 602258 638861
Power System Cash and Cash Equivalents
From Notes to Financial Statements 1 (J) (In thousands)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Cash And Cash Equivalents
Bond Redemption and Interest Funds 271328 280470 270273 287902 267430 311209 345602 384525
Other Restricted Funds - GHG 39047 39046 42615
Cash and Cash Equiv - Current 271328 280470 270273 287902 267430 350256 384648 427140
Self-Insurance Funds 123897 133899 143799 153780 163779 180575 182000 192000
Rate Stabilization Fund 100000 100000 100000
Bond Redemption Fund - QECBs 15123 25569 36198
Construction Funds 20730 448184 193701 85272 6 16569 0 72061
Cash and Cash Equiv - Noncurrent 144627 582083 337500 239052 163785 312267 307569 400259
Total Restricted Cash and Cash Equiv 415955 862553 607773 526954 431215 662523 692217 827399
BRampI Breakdown from John
Principal 90940 126540 153615 173041
Interest 168218 181084 187553 209256
VRDO + Bearer Adj 3572 3536 4433 2228
262730 311159 345602 384525
Power System
Summary of Revenues Expenses and Debt Service Coverage1
(Dollars in Thousands)
(Unaudited)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues
Sales of Electric Energy
Residential 976820 1019656 1042641 1034127 1126690 1179514 1265713 1376341
Commercial and Industrial 2039522 2061637 2232878 2201124 2308194 2331599 2429323 2560098
Sales for resale 36136 67764 42809 93867 72936 88099 91351 111542
Other (2) 29202 13445 1492 7845 9220 98712 17834 22949
Total Operating Revenues 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Operating Expenses
Production
Fuel for Generation 403406 446450 436643 377343 318749 292557 268610 296506
Purchased Power 909910 895092 977187 1022271 1037471 1165303 1143535 1264133
Energy Cost 1313316 1341542 1413830 1399614 1356220 1457860 1412145 1560639
Maintenance and Other Operating Expenses 922206 924707 950027 1045444 1095714 1107118 1112463 1412750
Adjusted Operating Expenses (3)(6) 2235522 2266249 2363857 2445058 2451934 2564978 2524608 2973389
Adjusted Income from Operations (3)(6) 846158 896253 955963 891905 1065106 1132946 1279613 1097541
Allowance for Funds Used During Construction 32187 33672 18636 38110 32200
Other Nonoperating RevenuesExpenses Net 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in Aid of Construction 26731 46860 45239 66988 65896 32177 42460 58373
Adjusted Change in Fund Net Position (4)(6) 1032157 1076337 1131874 1097169 1282468 1279163 1414732 1395126
Debt Service
Interest (7) 280935 297576 318871 346900 353725 384899 414722 426577
Principal 62158 129249 132382 110943 113526 153915 131756 153664
Total Debt Service 343093 426825 451253 457843 467251 538814 546478 580241
Debt Service Coverage Ratio 301 252 251 240 274 237 259 240
Depreciation Amortization and Accretion 394019 418485 466526 496188 540478 521221 554354 585231
Transfers to the Reserve Fund of the City 250077 246534 253000 265586 266957 264427 241848 232557
(1) Derived from the Power System Financial Statements
(2) Net of Uncollectible Accounts
(3) Represents total operating expenses and operating income excluding depreciation amortization accretion and loss on asset impairment and abandoned projects
(4) Represents change in net position before depreciation amortization accretion interest extraordinary loss and the Power transfer
(5) This amount includes revenue recognized due to the reduction of the incremental rate stabilization account balance
(6) Adjusted indicates measurements of financial andor operating performance that are not specifically disclosed in the Power System Financial Statements Adjustments reflect the impact of the implementation of new accounting standards particularly GASB No 75 which resulted in the recording of certain OPEB liabilities and a corresponding reduction in net position
(7) Interest Expense excluding amortization of debt premium
Power System Selected Operating Information
Unaudited
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018
Net Energy Load (1) 26559 27147 26765 26688 26731 26460 25857
Net Hourly Peak Demand (MWs) 5907 5782 5862 6343 6234 5762 6432
Annual Load Factor () 5119 5360 5212 4803 4881 5242 4589
Electric Energy Generation Purchases and Interchanges (1)
Generation (2)(3) 16043 15787 15373 15009 14380 14589 13993
Purchases (3) 11193 11295 12793 12893 13081 12168 12297
Miscellaneous Energy Receipts 2
Total Energy (1) 27238 27082 28166 27902 27461 26757 26290
Less
Miscellaneous Energy Deliveries (1)(4) 151 346 149 129 279 136 68
Losses and System Uses (1) 2771 1893 2653 3300 2832 3668 3420
On-System Sales (1) 24316 24843 25364 24474 24350 22954 22801
Sales of Energy (1)
Residential 7316 7568 7819 7311 7482 7285 7258
Commercial and Industrial 15456 15717 15778 15741 15938 15311 15210
All Other 1843 2964 2593 2330 1880 1426 532
Total 24616 26249 26189 25382 25300 24022 23000
Number of Customers - (Average in thousands)
Residential 1332 1338 1368 1363 1370 1378 1385
Commercial and Industrial 134 133 127 123 123 123 124
All Other 8 8 8 7 7 7 7
Total 1474 1479 1503 1493 1500 1508 1516
(1) Thousands of MWhs
(2) Does not include energy generated at Hoover Power Plant for plant use and for the use of the Bureau of Reclamation and the cities of Boulder City Nevada Burbank California Glendale California and Pasadena California
(3) Purchases from SCPPA are classified as Generation for quarterly results and Purchases for Fiscal Year end results
(4) Deliveries include transmission loss energy paybacks and control area inadvertent interchange
LOS ANGELES DEPARTMENT OF WATER AND POWER
POWER SYSTEM
Statements of Cash Flows
Indirect Method
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
2012 2013 2014 2015 2016 2017 2018 2019
Reconciliation of operating income to net cash provided by
operating activities
Operating income 452139 477768 489437 $ 395717 524628 $ 611725 $ 725259 $ 512310
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation and amortization 394019 418485 466526 496188 540480 521221 554354 585231
Depletion expense 29064 26176 23564 20035 15131 15617 16618 15439
Amortization of nuclear fuel 13248 13859 13934 13621 14181 13610 13185 12143
Provision for losses on customer and other accounts
receivables 23834 22884 57891 24851 36366 34847 32996 27962
Changes in assets and liabilities
Customer and other accounts receivable (36155) (68780) (76621) 29466 5414 (81393) (7768) (22906)
Accrued unbilled revenue (17154) (2402) 473 3920 (25290) 1699 (2978) (19976)
Under recovered costs (18147) 38534 29127 29127 29979 29979 29979 29979
Current portion under recovered costs 0 (27218) (87072) 114290 - (213912) (97734) (30129)
Materials and fuel (15349) 6751 (396) (2080) (52990) 48489 (6168) (8755)
Regulatory assets (117061) (82529) (113352) 198765 170209 (53052) (511058) 138907
Due from Water System 3267 (24059) (16254) 36415 (4018) (684) (1244) 7585
Deferred outflows - (280852) 83609 (597275) 291989 264361
Net pension asset 14386 0
Accounts payable and accrued expenses 81921 12883 96211 (51378) (12322) 70102 17444 64311
Deferred credits (58014) (22655)
Overrecovered energy cost - 31343 (31299) (44) -
Due to Water Services 64978 (64978)
Net pension liability 18209 32564 34761 (346764) (89627) 721387 (575750) (298748)
Net OPEB liability 378679 (39098)
Other noncurrent liability 25580
Deferred inflows 38461 436234 (261762) (179686) 202497 (37535)
Net other postemployment benefit asset (40793) (20959) (16012) (1441) (4596) 13259 -
Asset retirement obligation (14551)
Prepayments and other 59218 24753 2079 14164 34329 1175 30974 107052
Net cash provided by operating activities $ 851610 $ 761077 942757 $ 1161620 972422 $ 957064 $ 1091274 $ 1319162
Supplemental disclosure of noncash capital and related financing activities
During the year ended June 30 2017 the Power System issued capital bonds to refund
previously issued debt The $3997 million of proceeds were deposited immediately into
an irrevocable trust for the defeasance of $3956 million of debt The net gain on refunding
after the write-off of previously recorded unamortized premiums resulted in $761 million
which will be amortized over the debt repayment period
During the year ended June 30 2016 the Power System issued capital bonds to refund
previously issued debt The $38446 million of proceeds were deposited immediately into
an irrevocable trust for the defeasance of $38057 million of debt The net gain on refunding
after the write-off of previously recorded unamortized premiums resulted in $135 million
which will be amortized over the debt repayment period
Accounts payable related to capital expenditures 4532 10652 10695 16474
During the year ended June 30 2013 the Power System issued capital bonds to refund previously
issued debt The $75576 million of proceeds were deposited immediately into an irrevocable trust for the
defeasance of $74424 million of debt The net loss on refunding after the write-off of previously recorded
unamortized discounts resulted in $1672 million which will be amortized over the debt repayment period
During the year ended June 30 2012 the Power System did not refund any capital bonds
LOS ANGELES DEPARTMENT OF WATER AND POWER
POWER SYSTEM
Statements of Cash Flows
direct Method
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
FINAL
2012 2013 2014 2015 2016 2017 2018 2019
Cash flows from operating activities
Cash receipts
Cash receipts from retail customers 3010270 $ 3168084 $ 3353723 $ 3658234 $ 3717797 $ 3684977 $ 3961723 $ 4380251
Cash receipts from retail customers for other
agency services 593026 620256 601332 636357 677838 648050 679562 711477
Cash receipts from interfund services provided 476406 484169 589327 644338 629369 621693 677655 834997
Other cash receipts - 0 18458
Cash disbursements
Cash payments to employees (547522) (565396) (548956) (605291) (599620) (555045) (687098) (762631)
Cash payments to suppliers (1471947) (1581590) (1668524) (1721316) (1917907) (2005772) (1931532) (2113161)
Cash payments for interfund services used (572341) (710161) (733801) (773758) (792298) (807059) (909214) (1004569)
Cash payments to other agencies for fees collected (591684) (616206) (603596) (639346) (672221) (648238) (675764) (711280)
Other operating cash payments (44598) (38079) (46748) (37598) (70536) - 0 (24058) (15921)
Net cash provided by operating activities 851610 761077 942757 1161620 972422 957064 1091274 1319163
Cash flows from noncapital financing activities
Payments to the reserve fund of the City of Los Angeles (250077) (246534) (253000) (265586) (266957) (264427) (241848) (232557)
Interest paid on noncapital revenue bonds - (589) (233) (167) (406) (4697) (5946) (6323)
Net cash used in noncapital financing activities (250077) (247123) (253233) (265753) (267363) (269124) (247794) (238880)
Cash flows from capital and related financing activities
Additions to plant and equipment net (1093491) (953376) (1112681) (1207813) (929706) (980433) (1100185) (1182204)
Capital contributions 25167 47728 65485 63624 68254 36888 44579 57791
Principal payments and maturities on long-term debt (62157) (129250) (132382) (110943) (113526) (153915) (131756) (153615)
Proceeds from issuance of bonds and revenue certificates - 1294185 566419 793661 524063 588322 445126 828123
Debt interest payments (270936) (291439) (303394) (332314) (354857) (374183) (399872) (399553)
Federal bond subsidies 35143 33614 33417 33328 33508 33472 33580 33723
Net cash provided by (used in) capital and related
financial activities (1366275) 1462 (883136) (760457) (772264) (849849) (1108528) (815735)
Cash flows from investing activities
Purchases of investment securities (1224872) (872717) (698514) (950597) (1096021) (885835) (758995) (741483)
Sales and maturities of investment securities 1220159 870251 697696 949621 1145543 884926 746712 713425
Proceeds from notes receivable 64300 68260 66919 83451 84212 21747 48512 123545
Investment income 116008 45018 51096 32057 62624 32018 29381 94190
Net cash provided by investing activities 175595 110812 117197 114532 196358 52856 65610 189677
Net increase (decrease) in cash and cash equivalents (589147) 626228 (76415) 249942 129153 (109053) (199438) 454225
Cash and cash equivalents
Cash and cash equivalents at July 1 (including $431215 $526954 $607772 $862553 $415955 and
$861582 reported in restricted accounts at June 30 2017 2016 2015 2014 2013 and 2012 respectively) 1422997 833850 1460078 1383663 1633605 1762758 1653705 1454267
Cash and cash equivalents at June 30 (including $662523 $431215 $526952 $607772 $862553 and
$415955 reported in restricted accounts at June 30 2017 2016 2015 2014 2013 and 2012 respectively) 833850 $ 1460078 1383663 1633605 1762758 1653705 1454267 1908492
Los Angeles Department of Water and Power UNAUDITED
Power System
Statements of Revenues Expenses and Changes in Net Position
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
2012 2013 2014 2015 2016 2017 2018 2019
Operating revenues
Residential $ 976820 $ 1019656 $ 1042641 $ 1034127 $ 1126690 $ 1179514 $ 1265713 $ 1376341
Commercial and industrial 2039522 2061637 2232878 2201124 2308194 2331599 2429323 2560098
Sales for resale 36136 67764 42809 93867 72936 88099 91351 111542
Other 53036 36329 59383 32696 45586 133559 50830 50911
Uncollectible accounts (23834) (22884) (57891) (24851) (36366) (34847) (32996) (27962)
Total operating revenues 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Operating expenses
Fuel for generation 403406 446450 436643 377343 318749 292557 268610 296506
Purchased power 909910 895092 977187 1022271 1037471 1165303 1143535 1264133
Maintenance and other operating expenses 922206 924707 950027 1045444 1095714 1107118 1112463 1412750
Depreciation and amortization 394019 418485 466526 496188 540478 521220 554354 585231
Total operating expenses 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Operating income 452139 477768 489437 395717 524628 611726 725259 512310
Nonoperating revenues (expenses)
Investment income 77747 46076 58099 50348 65475 21848 32135 94217
Federal bond subsidies 35143 33614 33417 33328 33508 33472 33580 33723
Other nonoperating income 17571 22342 23033 19094 23025 60955 29646 113498
Total nonoperating revenues 130461 102032 114549 102770 122008 116275 95361 241438
Other nonoperating expenses (3380) (2480) (2513) (2604) (2742) (2235) (2702) (2226)
Total nonoperating revenues net 127081 99552 112036 100166 119266 114040 92659 239212
Debt expenses
Interest on debt 269875 274835 277848 298794 299728 326023 348264 355433
Allowance for funds used during construction (32187) (33672) (18636) (38110) (32200) (9373) (7924) (5042)
Total debt expenses 237688 241163 259212 260684 267528 316650 340340 350391
Income before capital contributions and transfers 341532 336157 342261 235199 376366 409116 477578 401131
Capital contributions 26731 46860 45239 66988 65896 32177 42460 58373
Transfers to the reserve fund of the City of Los Angeles (250077) (246534) (253000) (265586) (266957) (264427) (241848) (232557)
Increase in net position 118186 136483 134500 36601 175305 176866 278190 226947
Net position
Beginning of period 4936552 5054738 5159140 5379174 5415775 5591080 5767946 5384906
Effect of accounting for adoption of GASB Statement No 68 -
Beginning of period as restated 5379174
Cumulative effect of change in accounting for postemployment
other than pensions effective July 1 2017 (661230)
End of year 5054738 $ 5191221 $ 5293640 $ 5415775 $ 5591080 $ 5767946 $ 5384906 $ 5611853
- -
Los Angeles Department of Water and Power
Power System
Statements of Net Position Balance Sheets
Years ended June 30 2012 2013 2014 2015 2016 2017 2018 and 2019
(Amounts in thousands)
Original Original Original Original Original Original Original Original
2012 2013 2014 2015 2016 2017 2018 2019
Assets and Deferred Outflows
Noncurrent assets
Utility plant
Generation 4318819 $ 5158303 $ 5313866 $ 5495985 $ 6584145 $ 5793242 $ 5987567 $ 6090845
Transmission 1046800 1089835 1095472 1135172 1300427 1658924 1727489 2026678
Distribution 6338353 6659814 7031862 7416426 7861812 8467796 9012299 9579922
General 1318063 1365206 1541640 1649586 1745403 1757767 1848581 2025892
Total 13022035 14273158 14982840 15697169 17491787 17677729 18575936 19723337
Accumulated depreciation (6462915) (6853589) (7298042) (7760357) (8289312) (7803778) (8242031) (8434447)
Total utility plant net 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
Construction work in progress 1211851 884378 1235945 1720822 866434 658992 820472 676237
Nuclear fuel at amortized cost 49687 44686 42931 39469 39948 41465 41528 42406
Natural gas field net 293006 272157 248923 228797 213691 198145 181548 166299
Total 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Restricted investments 639121 633903 640094 641521 594698 592887 602258 638861
Cash and cash equivalents - restricted 20730 448184 193701 85272 163785 312267 318455 339126
Long-term notes and other receivables net of current portion 838755 770495 703576 620125 601409 546160 429764 262027
Under recovered costs 312373 273839 244712 215585 185607 155628 125649 95670
Regulatory assets - other 296223 378752 492104 549105 646674 755303 898696 885901
Regulatory assets - pension - 938205 670425 614850 482193 315185
Regulatory assets - OPEB 430072 386123
Net postemployment asset 631479 652439 668451 669892 674488 661229
Total noncurrent assets 10852345 11778402 12155235 13645605 13859634 14410877 14664540 15096725
Current assets
Cash and cash equivalents - unrestricted 417895 597525 775890 1106651 1331543 991182 751164 1142128
Cash and cash equivalents - restricted 395225 414369 414072 441682 267430 350256 384648 427140
Cash collateral received from securities lending transactions - 3164 1419 10680 31101 11397 24114 17605
Customer and other accounts receivable net of $208933 $182500 $148303 $114000 $90000 352856 398458
$18900 and $20000 allowance for losses for 2017 2016 2015 2014 2013 and 2012 respectively 402494 351977 307990 349112 320279 315766
Current portion of long-term notes receivable 65593 73759 69838 87242 21747 48512 123545 159309
Current portion of under recovered costs - 27218 114290 - - 213912 311646 341775
Due from Water System - 24059 40314 3899 7918 8602 9846 2261
Accrued unbilled revenue 173233 175635 175162 171242 196532 194833 197811 217787
Materials and fuel 169839 163088 163484 165564 218554 170065 176122 184988
Prepayments and other current assets 109293 114320 106850 107263 106444 110731 119814 134564
Total current assets 1683934 1991595 2263813 2446200 2489259 2448602 2419100 2943323
Total assets 12536279 13769997 14419048 16091805 16348893 16859479 17083640 18040048
Deferred outflows on derivative instruments 91296 67275 48517 43244 23379 14640 22206 7015
Deferred outflows on debt refunding 26796 30199 27674 23728 27363 21759
Deferred outflows - Asset Retirement Obligation 29989
Deferred outflows - pension 287599 217131 793045 403310 243002
Deferred outflows - OPEB 2626 5525
Deferred outflows - pension contributions made after
measurement date - 258603 245462 266824 296294 282388
Deferred outflows - OPEB contributions made after
measurement date 65649 70274
Total deferred outflows 75313 619645 513646 1098237 817448 659952
Total assets and deferred outflows 12627575 $ 13837272 $ 14494361 $ 16711450 $ 16862539 $ 17957716 $ 17901088 $ 18700000
Net Position and Liabilities
Net position
Net investment in capital assets 1533344 $ 1324962 1268339 $ 1235431 1188643 1432808 1772899 1841227
Restricted
Debt service 620688 624468 606509 616042 550975 600623 643121 686280
Capital projects 123627 122584 126521 129347 133372 0
Other postemployment benefits 631479 652439 668451 669892 674488 661230
Pension benefits - -
Other purposes 148949 154891 160508 165937 171222 222220 239575 268819
Unrestricted 1996651 2311877 2463312 2599126 2852807 2851065 2729311 2815527
Total net position 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Long-term debt net of current portion 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Other noncurrent liabilities
Accrued liabilities 8767 7047 5327 3607 1887 -
Deferred credits 139876 120254
Accrued workers compensation claims 43475 52221 56650 54508 61945 67410 70474 70474
Asset Retirement Obligation 266685
Derivative instrument liabilities 91296 67275 48517 43244 23379 14640 22204
Net OPEB liability 378679 339581
Net pension liability 18209 50773 85534 860748 771122 1492508 916758 618010
Other noncurrent liability 100942
Total other noncurrent liabilities 301623 297570 196028 962107 858333 1574558 1388115 1395692
Current liabilities
Current portion of long-term debt 246582 249245 227575 230165 211133 243049 265005 263296
Accounts payable and accrued expenses 341942 333422 394150 339997 332211 412963 441102 420592
Accrued interest 139872 145338 159647 170896 169358 182192 188662 209257
Accrued employee expenses 102271 104477 107939 115159 120371 130063 140932 151461
Deferred credits 21100 18069
Due to Water Services 64978 - 31343
Overrecovered energy cost - 44 -
Obligations under securities lending transactions - 3164 1419 10680 31101 11397 24114 17605
Total current liabilities 916745 853715 890730 898240 864218 979664 1059815 1062211
Total liabilities 7572837 8646051 9023938 10428628 10665927 11830452 11955186 12564685
Deferred inflows on debt refunding - 7495 7075 14144 13233 14348
Deferred inflows - pension - 682995 421232 241547 324374 281901
Deferred inflows - OPEB 119669 122341
Deferred inflows from regulated business activities 176783 176557 177225 103627 103720 104872
Total deferred inflows 423318 867047 605532 359318 560996 523462
Total net position liabilities and deferred inflows 12627575 $ 13837272 $ 14949361 $ 16711450 $ 16862539 $ 17957716 $ 17901088 $ 18700000
2014
2015
2016
2017
2018
2019
5-Year Capital Investments Total ()
Power System Reliability Program $3569 3163
Supply Transition amp Mandates
Renewable Portfolio Standard 2036 1804
Rebuild Local Power Plants 775 687
Infrastructure
Various Generation Station Improvements 2697 2390
Energy Efficiency 893 791
Shared Services
IT Facilities Customer Services Fleet 1313 1164
Total 5-Year Capital Budget $11283 10000
Internally Generated Funds $5180 459
External Debt Financing $6103 541
As of P2019C Official statement
Internally Generated Funds ExternalDebt Financing Total
2020 1011 641 1652
2021 835 1174 2009
2022 914 1470 2384
2023 1196 1433 2629
2024 1224 1385 2609
5180 6103 11283
Page 2: City of Los Angeles 5th Regional Investors Conference

2

Legal Disclaimer

The filing of this presentation does not constitute or imply any representation regarding any other financial or operating information about the Department of Water and Power of the City of Los Angeles (the ldquoDepartmentrdquo) or any representation that no other circumstances or events have occurred which may have a bearing on the Departmentrsquos financial condition In accordance with several continuing disclosure certificates entered into by the Department the Department has covenanted to otherwise provide annual financial information and operating data relating to the Department on each Annual Report Date (as defined therein) and in a timely manner notice of certain events This presentation is provided by the Department on a voluntary basis and the information herein is not provided or included pursuant to the Departmentrsquos continuing disclosure certificates or Securities and Exchange Commission Rule 15c2-12 This presentation is provided as of March 6 2020 If you are viewing this presentation after such date there may have been events that occurred subsequent to such date that may have a material adverse effect on any information that is presented herein and the Department has not undertaken any obligation to update the presentation All information provided in this presentation are not warranted as to completeness or accuracy and are subject to change without notice

LADWP is the largest municipal utility in the US

15 million power customers

686000 water customers

Population 4 million

2019 Figures

Includes unrestricted cash of $16 billion for the Power System and $730 million for the Water System

Sales FYI 2018-19

Operating Revenue

FY 2018-19

Total Liquidity As of Dec 31

2019

Power

226M MWh $41B $22B

Water

195M HCF $12B $783M

4

Sustainability Initiatives

100 Renewable Energy by 2045 70 Local Water Supply by 2035

5

Existing LADWP Governance

Mayor City Council

Energy Climate Change amp

Environmental Justice Committee

General Manager

Board of Water and Power Commissioners

Office of Public Accountability

6

Transition to 100 clean energy

Replace aging infrastructure

Build local water supplies

Electrify transportation sector Expand customer facing automation

Improve customer service keep rates competitive

7

Legal and Policy Mandates

State Mandates for GHGs Renewables Wildfire Mitigation Energy Storage Water Quality Once Through Cooling Green New DealSustainable City pLAn

8

Revenue Composition Under Current Rate Structure Power System 49 Pass-Through Water System 67 Pass-Through

Decoupled Base Revenue Pass-Through Costs

Base Rate 33

Automatic Pass-

Throughs 9

Water Supply

Adjustment Factor

30

Total Other Pass

Throughs 28

_______________________________________________________ Revenue composition is for fiscal years 2016 through 2019

ECAF Charges

42

9

Rates Remain Competitive Residential

Sources httpswwwsmudorgenRate-InformationResidential-Rates httpswwwburbankwaterandpowercomelectricrates-and-charge httpsww5cityofpasadenanetwater-and-powerrates httpwwwglendalecagovgovernmentcity-departmentsglendale-water-and-powerrates httpswwwscecomwpsportalhomeregulatorytariff-booksrates-pricing-choices httpswwwpgecomtariffsassetspdftariffbookELEC_SCHEDS_E-1pdf httpswwwsdgecomtotal-electric-rates Rates at other utilities subject to change

Comparative Residential Annualized Power Bills Excluding Tax Based on 500 kWh per Month as of January 2020

10

Rates Remain Competitive Residential

Sources httpswwwgswatercomsan-gabriel httpswwwgswatercomsimi-valley httpswwwebmudcomwaterwater-rates httpswwwsjwatercomcustomer-carehelp-informationrates-regulations httpswwwsandiegogovpublic-utilitiescustomer-servicewater-and-sewer-rateswater httpsfwaterorgmodulesshowdocumentaspxdocumentid=7742 httpswwwsantabarbaracagovgovdeptspwresourcesrateswtrsewerchangesasp Simi Valley and Arcadia Water bills are updated on February 2020 Rates at other utilities subject to change

Comparative Residential Annualized Water Bills Excluding Tax Based on 10 HCF per Month as of January 2020

11

12 Power System

Diverse Generation Mix Diverse mix of resources with net dependable capacity of 123 of peak demand

Department Owned Facilities Jointly Owned Facilities and Contracted Capacity Rights

Net Dependable Net Dependable

Type of Fuel Facilities (MWs) ()1 1 Type of Fuel Facilities (MWs) ()1

Natural Gas 4 3319 412 Coal (IPP) 1 1202 149

Large Hydro 1 1265 157 Natural Gas (Apex) 1 480 60

Renewables 62 300 37 Hydro (Hoover) 1 302 37

Nuclear (PVNGS) 1 380 47

RenewablesDG 40173 813 101

Total 67 4884 606 Total 40177 3177 394

1As a percentage of all facilities May not add due to rounding 2As of September 30 2019 Excludes California Department of Water Resourcesrsquo 120 MW share of net maximum capacity and 53 MW share of net dependable capacity 3 The Net Dependable for RenewablesDG is based on statistical modeling

13

LADWP Transmission System

14

Meeting Green Energy Goals Carbon Neutral Target of 2050

Eliminating Coal

The Department has decommissioned

divested from or has contracts in place to

eliminate coal by 2026

Once-Through Cooling (ldquoOTCrdquo)

Will not repower remaining OTC plants

Evaluating alternatives including but not

limited to transmission energy storage and

other clean energy that will aid in meeting the Departmentrsquos carbon

neutral goals

Energy Efficiency From 2000-2018 the

Department estimates it reduced long-term peak

demand and consumption by 672 MWs (3768 GWh

of energy savings) Goal of reducing usage by 15 by the end of 2020 compared to 2010 levels

Renewable Targets Renewables composed

32 of the Departmentrsquos 2018 energy mix

Targeting 60 renewable by 2030 and 100

renewable and zero carbon by 2045 for energy

sold to retail end-use customers

15

Department 2017 Power Strategic Long-Term Resource Plan1

_______________________________________________________ 1 Based upon 2017 SLTRP (formerly IRP) LADWP is currently working to revise its long-term resource plan that will likely result in increased renewable targets

Meeting Green Energy Goals Carbon Neutral Target of 2050

16

Power System Five-Year Capital Improvements Plan $113 Billion Over 5 years

ladwpcom 17

Summary of Power System 5-Year Capital Improvement Program

The Power System Capital Improvement Plan is focused on system reliability transforming power supply meeting mandates and increasing energy efficiency

1011 835 914 1196 1224

641 1174 1470

1433 1385

-

500

1000

1500

2000

2500

3000

2020 2021 2022 2023 2024

Internally Generated Funds ExternalDebt Financing

FY

5-Year Capital Investments Total ()Power System Reliability Program $3569 3163Supply Transition amp Mandates

Renewable Portfolio Standard 2036 1804Rebuild Local Power Plants 775 687

Infrastructure Improvements 2697 2390

Energy Efficiency 893 791Shared Services

IT Facilities Customer Services Fleet 1313 1164

Total 5-Year Capital Budget $11283 10000Internally Generated Funds $5180 459External Debt Financing $6103 541

_______________________________________________________ Based on fiscal year 2019 capital improvement budget Note Totals may not foot due to rounding 1 Of the $641 million of debt to be issued in fiscal year 2020 $525 million has been issued as of December 31 2019 2 The budget to rebuild local power plants may be materially impacted by the February 2019 announced decision to phase out Los Angeles Basin stations that utilize Once-Through-Cooling

$ in millions

2

1

Funds

Internally Generated Funds

20202021202220232024101183591411961224ExternalDebt Financing

202020212022202320246411174147014331385

millions

Capital

Sheet3

Financial Overview Power System Historical Trends

_______________________________________________________ Note Financial Planning Criteria are subject to ongoing reviews and adjustments by the Board with advice from the Departmentrsquos financial advisors and were last revised on May 20 2014

Debt Service Coverage (Min 225x) Days Cash on Hand (Min 170 days)

Debt to Capitalization Ratio (Max 68) Full Obligation Coverage (Min 17x)

Target Actual Target Actual

Target Actual Target Actual

18

Chart1

euro 172
euro 157
euro 189
euro 165
euro 184
euro 193

Bal_Sheet

ampCampTimes New RomanRegularamp8See accompanying notes to financial statements
GMackereclass reg assetacct 14932x
GMackeper KPMG - need Board letter 12512
Noko Psoarelo Row discription changed in FY 2014-15 from total net position and liabilities to total liabilities and deferred inflows
GMackeadjusted for regulatory asset reclass 52212
GMackerestated 52112 to include regulatory asset reclassacct 3034xx amp 14932x
GMackereclass reg assetacct 14932x
GMackeverify if any new reclass changed this amount- changed by KPMG - need Board Letter 12512
GMackeper KPMG - need Board letter 12512
Bahiru ErmiasLater Restated to $1193971
Bahiru ErmiasLater restated to $13349206
Bahiru ErmiasLater restated to $15613019
Bahiru ErmiasLater restated to $15948409
Bahiru ErmiasLater restated to $260077
Bahiru ErmiasLater restated to $335390
Bahiru ErmiasLater restated to $2548846
Bahiru ErmiasLater restated to $5379174
Bahiru ErmiasLater restated to $1207513
Bahiru ErmiasLater restated to $1318007
Bahiru ErmiasLater restated to $10145917
Bahiru ErmiasLater restated to $246535
Bahiru ErmiasLater restated to $423318
Bahiru ErmiasLater restated to $15948409
Bahiru ErmiasLater restated to $168785
Bahiru ErmiasLater restated to $13864634
Bahiru ErmiasLater restated to $262430
Bahiru ErmiasLater restated to $2484259
Bahiru ErmiasLater restated to $1341588
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $2852807
Bahiru ErmiasRestated to (8088454) in FY 19 financials
Bahiru ErmiasRestated to $10487482 in FY 19 financials
Bahiru ErmiasRestated to 11531030 in FY 19 financials
Bahiru ErmiasRestated to $14818117 in FY 19 financials
Bahiru ErmiasRestated to $17237217 in FY 19 financials
Bahiru ErmiasRestated to $127659 in FY 19 financials
Bahiru ErmiasRestated to $945107 during FY 19 financials
Bahiru ErmiasRestated to $18181324 during FY 19 financials
Bahiru ErmiasAdded to financials starting FY 19 FY 19 financials list this as $281236
Bahiru ErmiasNot included on FY 19 financials
Bahiru ErmiasAdded to financials starting FY 19 FY 19 financials list this as $90551
Bahiru ErmiasRestated to $1737698 during FY 19 financials
Bahiru ErmiasRestated to $372755 during FY 19 financials
Bahiru ErmiasRestated to $991468 during FY 19 financials
Bahiru ErmiasRestated to $18182234 for FY 19 financials

Income_Stm

ampCSee accompanying notes to financial statements
restated
restated 112315GASB 68
Bahiru ErmiasLater restated to $85534
Bahiru ErmiasLater restated to $5244674
Bahiru ErmiasLater restated to $5379174
Bahiru ErmiasRestated to $5106716 for FY 19 financials

CFdirect

ampCSee accompanying notes to financial statements

CF Indirect

ampCSee accompanying notes to financial statements
Bahiru ErmiasLater restated to $4784
Bahiru ErmiasLater restated to ($9172)
Bahiru ErmiasLater restated to ($355499)
Bahiru ErmiasLater restated to $284995
Bahiru ErmiasLater restated to $36840
Bahiru ErmiasLater restated to $436459
Bahiru ErmiasLater restated to $13398
Bahiru ErmiasLater restated to ($2775)
Bahiru ErmiasRestated to $164330 durinf FY 19 financials
Bahiru ErmiasRestated to (12859) during FY 19 financials
Bahiru ErmiasStarted including in FY 19 Listed as $30303 on FY 19 financials
Bahiru ErmiasStarted including in FY 19 Listed as $281236 on FY 19 financials
Bahiru ErmiasRestated to (122603) during FY 19 financials

Operating Info OS

Rev Exp amp DSC_OS

Bahiru ErmiasLater restated to 268 after we stopped including AFUDC
Bahiru ErmiasLater restated to 231 after we stopped including AFUDC
Bahiru ErmiasLater restated to 247 after we stopped including AFUDC
Bahiru ErmiasLater restated to 244 after we stopped including AFUDC
Bahiru ErmiasLater restated to 291 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC

Restricted amp Other Investments

Bahiru ErmiasAt time of 2014 financials this was included with the current portion rather than non-current

JAA Debt Service

Moodys-Networking Capital

Fin Metrics Graphs

Fin Metrics Graphs

Debt Service Coverage (Min 225x)

Power-Actual DWP Metrics

Days Cash on Hand (Min 170 days)

Moodys Wkng Cap Debt Ratio (2)

Debt to Capitalization Ratio (Max 68)

Moodys calcs of LADWP DSCRs

Full Obligation Ratio (Min 17x)

LADWP - 2019 adj net pen liab

2019 Pension and OPEB

Cash-Liquidity

Moodys Wkng Cap Debt Ratio (OLD

Moodys DSC Actual

Hist Fin Perfm Moodys

Hist Fin Perfm Fitch

ampLampZampF

Fitch DSC Actual

Power Actual Data-Ftch 21414

IPA DS 2009-13

IPA DS 2009-13

Debt Service Coverage
Net DSC (after transfer)
Fixed Obligatn Charge Coverage

SCPPA DS 2009-17

Investor Presetation

ladwpcom 19 _______________________________________________________ Note Excludes interest subsidy for BABs and CREBsQECBs Excludes sinking fund established for Power System 2010 Series C Power System 2018 Series B amortized based on anticipated rollover No interest rate swaps or auction rate notes VRDB bank facilities extended with staggered expiration dates from 2020 through 2023 Interest rates assumed for Variable Rate Bonds FY 2020 and thereafter 214 Bond ratings are as of 3320

LADWP Debt Profile (FY ndash in Millions)

Additional $1463 billion of take-or-pay obligations related to jointly-owned and capacity rights for generation and transmission facilities

bull LADWP has pre-paid $3860 million of its IPA debt obligations

Take-or-Pay Obligations Amount SCPPA amp IPA Projects $1463 bn

IPA Prepayment (0386) bn

Net Off BS Debt $1077 bn

Approximately $12 billion in outstanding principal will amortize through 2025

Fixed Rate Bonds 86

Fixed Rate Notes

3

Variable Rate Debt 9

Direct Purchase

2

Debt Composition

$0

$100

$200

$300

$400

$500

$600

$700

$800

2020 2023 2026 2029 2032 2035 2038 2041 2044 2047 2050

Principal

Financial Overview Power System Maintains a Conservative Debt Profile

Outstanding debt of $979 billion as of December 31 2019

Bond Ratings As of 3320

Moodyrsquos Aa2 Fitch AA SampP AA-

20

Water System

Water System

Single Family

Residential

729 373

Other

169

86

Water System FYE 2019 Sales (Millions of Billing Units of 100 cubic feet)

Single Family

Residential 729

373

Multiple Dwelling

Units 614

314

Other 169

86

Commercial amp Industrial

442 226

Total Sales FYE 2019 195 M billing units of 100 CF

21

Single Family

Residential

729 373

Other

169

86

Single Family

Residential 729

373

Multiple Dwelling

Units 614

314

Other 169

86

Year Ended June 30 2019 Customers

Single-Family Residential 491000 716

Multiple Dwelling Units 121000 178

Commercial and Industrial 66000 96

Other 8000 10

Total 686000 1000

22

Water Systemrsquos Goals

Commitment to Financial Stability

Maintain Competitive Rates

Maintain Diverse Water Sources

Sound Management

Principles Management amp Board-adopted financial metrics

Strong cash balances

Consistently strong debt service coverage

Cost adjustment factors designed to recover certain costs

Utilize rate increases as appropriate

Commitment to maintaining affordable rates

Maintain sources from Los Angeles Aqueduct and Metropolitan Water District of Southern California

Increased use of recycled water and stormwater capture

Clean-up and expand use of groundwater

Maintain and upgrade infrastructure

Ensure future reliability

Provide safe high quality water

23

Water Resources

Delta

Sierra Nevada

Mountains

Los Angeles Aqueduct

Colorado River

Aqueduct

State Water Project

Local Groundwater Water Recycling and Conservation

24

Goal Source 70 of Water Locally by 2035

MWD 49

Los Angeles Aqueduct

38

Recycled Water

2

Ground- water 11

Fiscal Year End 2015 - 2019 Average Total Supply 502405 AF

13 Local

Local Supply Groundwater

Recycled Water Stormwater amp

New Conservation 72

25

City of Los Angeles Water Use and Population

188 gallonspersonday

26

Focus on Infrastructure Replacement Summary of Water System 5-Year Capital Improvement Plan

_______________________________________________________ Based on fiscal year 2019 capital improvement budget Note Totals may not foot due to rounding

$ in millions

FY

27

Chart1

Internally Generated Funds
Securitization
ExternalDebt Financing
497
0
335
0
288
0
623
0
349
0
849
0
431
0
756
0
452
0
845
0

Sheet1

Sheet1

Energy Mix

Energy Mix

Water Capital Plan 94

Power Capital Plan 143

Power PA Categories

Power PA Categories

Internally Generated Funds
Securitization
ExternalDebt Financing

Water PA Categories

Water PA Categories

Internally Generated Funds
ExternalDebt Financing
Alex PischalnikovConfirm that this is LESS LOCAL SOLAR
Alex PischalnikovShould this include Fuel too - for both ApexNavajo
Alex PischalnikovAdd footnote - PPA price include DWP admin costs part of the allocation centkWhtrending 15 MMyear
Alex PischalnikovThe projects are capetilized so there is no direct OampM
reduce $25M per Katie
Becerra NancyManually added june (3-6) entry of $15M WREC CapitalPer Final Rate Case 94

Financial Overview Water System Historical Trends

Note Financial Planning Criteria are subject to ongoing reviews and adjustments by the Board with advice from the Departmentrsquos financial advisors and were last revised on May 20 2014 Prior to FY2016 the Board approved financial metric for minimum cash balance was $200 million

Days Cash on Hand (Min 150 days)

Debt to Capitalization Ratio (Max 65)

Target Actual

Target Actual

Target Actual

Debt Service Coverage (Min 17x)

28

Chart1

1
1
1
1
1
1
1
1

BS Data

Bahiru ErmiasLater restated to $565016
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $7137764
Bahiru ErmiasLater restated to $5641
Bahiru ErmiasLater restated to $129062
Bahiru ErmiasLater restated to $167293
Bahiru ErmiasLater restated to $8059629
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $2733549
Bahiru ErmiasLater restated to $583344
Bahiru ErmiasLater restated to $609867
Bahiru ErmiasLater restated to $116375
Bahiru ErmiasLater restated to $8059629

IS Data

Bahiru ErmiasBeginning of the year was restated to $2581117 due to an effect of change in accounting for pensions (GASB 68) of -$6967 End of the year was later restated to $2733549
Bahiru ErmiasLater restated to ($6967)
Bahiru ErmiasLater restated to $2581117

CFDirect

Bahiru ErmiasCash flows from noncapital financing activities was not included in the original FY2017 FS The FY2018 FS did restate this amount to $250000
Bahiru ErmiasProceeds from line of credit was not added as a line item until FY18 This was restated to $142400
Bahiru ErmiasLater restated to ($298081)
Bahiru ErmiasLater restated to $392212
Bahiru ErmiasLater restated to $(150000)
Bahiru ErmiasLater restated to $100000
Bahiru ErmiasThis was later restated to $192437
Bahiru ErmiasThis was later restated to ($500386)

CFIndirect

Bahiru ErmiasFrom FY 17 Financials
Bahiru ErmiasFrom FY 16 Financials
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to ($134703)
Bahiru ErmiasLater restated to $180425
Bahiru ErmiasLater restated to ($162103)
Bahiru ErmiasLater restated to $116375
Bahiru ErmiasLater restated to $20065

Operating Stat-OS

Financial-OS

Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $328106
Bahiru ErmiasLater restated to $414253
Bahiru ErmiasLater restated to $431774
Bahiru ErmiasLater restated to $408507
Bahiru ErmiasLater restated to $471039
Bahiru ErmiasLater restated to 184x
Bahiru ErmiasLater restated to 215x
Bahiru ErmiasLater restated to 211x
Bahiru ErmiasLater restated to 188x
Bahiru ErmiasLater restated to 195x

DS Reserves

Water-Actual DWP Metrics

Water Graphs

Water Graphs

Debt Service Coverage (Min 17x)

Sheet1

Days Cash on Hand (Min 150 days)

For Moodys

Debt to Capitalization Ratio (Max 65)

-

50

100

150

200

250

300

350

400

2020 2024 2028 2032 2036 2040 2044 2048 2052

PrincipalInterest

Financial Overview Water System Maintains a Conservative Debt Profile

Outstanding debt of $588 billion as of December 31 2019

Total Debt outstanding of $588 billion Includes $7290 million of State Loans

No interest rate swaps or auction rate securities VRDB bank facilities extended with staggered expiration dates from 2020 through 2022

Water System Debt Profile (FY ndash in Millions)

_______________________________________________________________________________________________ Note Outstanding debt as of December 31 2019 Excludes interest subsidy for BABs Bond ratings are as of 3320

Debt Composition

Total $588 billion

Fixed Rate Bonds 79

VRDBs 9

State Loans 12

Bond Ratings As of 3320

Moodyrsquos Aa2 Fitch AA SampP AA+

29

Bond Security Legal Protections

30

Power Water

Source of Payment Power and Water revenue funds are separate funds established by City Charter in the City Treasury under the control of Board of Commissioners Rate Covenant Board sets rates and charges subject to approval of City Council as mandated by City Charter to provide revenues that together with other available funds shall be at least sufficient to pay debt service and operating and maintenance expenses

Additional Obligations Adjusted net Income for any 12 consecutive months within 18 consecutive months ending immediately prior to issuance of Additional Parity Obligations shall be at least 125 times the Maximum Annual Adjusted Debt Service on all Parity Obligations including proposed bonds

Transfer to the City May not exceed the net income of the prior fiscal year or increase Power System debt to total capitalization to exceed 75

LADWP Is Committed to Meeting Operational Needs and Financial Goals

bull Diverse power and water sources

bull Meet or exceed all regulatory commitments ndash Power RPS carbon reduction other environmental ndash Water quality safety sustainability environmental

bull Continue investing in Water and Power System reliability bull Maintain competitive retail rates and financial stability bull Improve customer service

31

Upcoming Financing Transactions Power System

Week of April 6 2020 ndash Approximately $394 Million Power System 2020 Series A

Refunding Bonds

Week of June 15 2020 ndash Approximately $356 Million Power System 2020 Series B

RefundingNew Money Bonds

Water System

Week of May 26 2020 ndash Approximately $300 Million Water System 2020 Series A

RefundingNew Money Bonds Preliminary Subject to change 32

  • Slide Number 1
  • Slide Number 2
  • Slide Number 3
  • 2019 Figures
  • Sustainability Initiatives
  • Existing LADWP Governance
  • Slide Number 7
  • Legal and Policy Mandates
  • Revenue Composition Under Current Rate Structure
  • Rates Remain Competitive Residential
  • Rates Remain Competitive Residential
  • Slide Number 12
  • Diverse Generation MixDiverse mix of resources with net dependable capacity of 123 of peak demand
  • LADWP Transmission System
  • Meeting Green Energy GoalsCarbon Neutral Target of 2050
  • Meeting Green Energy GoalsCarbon Neutral Target of 2050
  • Power System Five-Year Capital Improvements Plan$113 Billion Over 5 years
  • Financial Overview Power System Historical Trends
  • Slide Number 19
  • Slide Number 20
  • Slide Number 21
  • Slide Number 22
  • Water Systemrsquos Goals
  • Water Resources
  • Goal Source 70 of Water Locally by 2035
  • Slide Number 26
  • Focus on Infrastructure Replacement
  • Financial Overview Water System Historical Trends
  • Financial Overview Water System Maintains a Conservative Debt ProfileOutstanding debt of $588 billion as of December 31 2019
  • Bond Security Legal Protections
  • LADWP Is Committed to Meeting Operational Needs and Financial Goals
  • Upcoming Financing Transactions
Water System - Audited Financials
fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues $783964 $812360 $756605 $811897 $1042228 $1141823 $1082581 $1131777 $1118547 $1190181 $1253503
OampM
Purchased Water 215864 (163248) (125301) (161039) (280438) (339380) (273132) (261971) (194699) (184957) (155603)
OampM 365723 (421134) (414740) (383785) (392024) (430988) (460151) (473798) (505910) (500937) (612123)
Total OampM 581587 (584382) (540041) (544824) (672462) (770368) (733283) (735769) (700609) (685894) (767726)
Operating Income $202377 $227978 $216564 $267073 $369766 $371455 $349298 $396008 $417938 $504287 $485777
CIAC $30603 $24099 $48946 $27482 $16711 $28252 $34390 $46752 $31183 $33155 $25810
Non Operating Revenues Net 8593 16221 24411 33551 27776 32067 24819 28279 34977 25357 40689
Cash Available for Debt Service $241573 $268298 $289921 $328106 $414253 $431774 $408507 $471039 $484098 $562799 $552276
Interest Expense $92032 $108017 $136846 $149508 $160995 $171070 $186664 $195519 $217521 $231522 $231522
Principal Repayment 23994 26089 30525 28960 31890 33322 30123 45604 61391 78303 78303
Total Debt Service $116026 $134106 $167371 $178468 $192885 $204392 $216787 $241123 $278912 $309825 $309825
Debt Service Coverage Ratio (x) 208 200 173 184 215 211 188 195 174 182 178
Liquidity ($ 000)
Unrestricted Cash $120375 $170685 $207631 $296725 $415786 $336419 $342742 $312009 $317198 $344773 $573702
Expense Stabilization Fund 32678 32680 32915 33078 33159 33390 33511 33706 50011 50558 51981
Total Liquidity $153053 $203365 $240546 $329803 $448945 $369809 $376253 $345715 $367209 $395331 $625683
Days Cash on Hand 96 127 163 221 244 175 187 172 191 206 326
Debt to Capitalization Ratio 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018
LT Debt 2193338 2708150 3171562 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Current Portion of LTD 58512 63018 61612 63401 65646 59670 71535 87190 101251 103846 109510
Total Debt Outstanding 2251850 2771168 3233174 3258511 3630523 4174670 4568497 5249600 5569165 5786412 6139382
Total Net Position 2268349 2335651 2376604 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Debt to Capitalization Ratio 50 54 58 57 58 60 62 64 64 66 66
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 20 20 20 17 17 17 17 17
Minimum Operating Cash Target $200 M $200 M $200 M $200 M $200 M $200 M 150 days 150 days 150 days 150 days 150 days
Capitalization Ratio of less than 60 60 60 60 60 60 65 65 65 65 65
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217
Financial Performance 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018
Debt Service Coverage 21 20 17 18 22 21 19 20 17 18 18
Oper Cash Target ($ 000) $153053 $203365 $240546 $329803 $448945 $369809 187 days 172 days 191 days 206 days 206 days
Capitalization Ratio 50 54 58 57 58 60 62 64 64 66 66
Minimum Debt Service Coverage was 20 times until FY2015 reduced to 17 times
Minimum Operating Cash Target was $200 million until FY 2015 changed to 150 days
Maximum Capitalization Ratio was at 60 until FY2015 which raised to 65
W a t e r S y s t e m
FY DSC Days Cash Cap Ratio
2012 18 221 57
2013 22 244 58
2014 21 175 60
2015 19 187 62
2016 20 172 63
2017 17 191 64
2018 18 210 65
P o w e r S y s t e m
FY DSC Days Cash Cap Ratio Full Obl
2012 29 151 57 195
2013 24 178 60 167
2014 25 200 61 172
2015 23 243 62 157
2016 27 269 62 189
2017 24 223 62 165
Water System Actual Financial Performance
DSC
2012 18
2013 22
2014 21
2015 19
2016 20
2017 174
2018 18
2019 17
Days Cash
2012 221
2013 244
2014 175
2015 187
2016 172
2017 191
2018 210
2019 297
Cap Ratio
2012 5705
2013 5822
2014 6037
2015 6165
2016 6343
2017 6370
2018 6544
2019 6554
Goals
fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Operating Revenues $783964 $812360 $756605 $811897 $1042228 $1141823 $1082581 $1131777 $1118547 $1190181 $1253503
Purchased Water 215864 163248 125301 -161039 -280438 -339380 -273132 -261971 -194699 -184957 -155603
OampM 365723 421134 414740 -383785 -392024 -430988 -460151 -473798 -505910 -500937 -612123
Operating Income $202377 $227978 $216564 $267073 $369766 $371455 $349298 $396008 $417938 $504287 $485777
Non Operating Revenues Net 8593 16221 24411 33551 27776 32067 24819 28279 34977 25357 40689
Capital Contributions 30603 24099 48946 27482 16711 28252 34390 46752 31183 33155 25810
Cash Available for Debt Service $241573 $268298 $289921 $328106 $414253 $431774 $408507 $471039 $484098 $562799 $552276
Interest Expense $92032 $108017 $136846 $149508 $160995 $171070 $186664 $195519 $217521 $231522 $243730
Principal Repayment 23994 26089 30525 28960 31890 33322 30123 45604 61391 $78303 $80556
Total Debt Service $116026 $134106 $167371 $178468 $192885 $204392 $216787 $241123 $278912 $309825 $324286
Debt Service Coverage Ratio (x) 208 200 173 184 215 211 188 195 174 182 170 ge 200 ge 170
Liquidity 43018
Unrestricted Cash $120375 $170685 $207631 $296725 $415786 $336419 $342742 $312009 $317198 $344773 $573702 $457559
Expense Stabilization Fund 32678 32680 32915 33078 33159 33390 33511 33706 50011 50558 51981 50403
Total Liquidity $153053 $203365 $240546 $329803 $448945 $369809 $376253 $345715 $367209 $395331 $625683 ge 200000 $507962
Days Cash on Hand 96 127 163 221 244 175 187 172 191 210 297 ge 150 days -265
Debt to Capitalization Ratio 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
LT Debt 2193338 2708150 3171562 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Current Portion of LTD 58512 63018 61612 63401 65646 59670 71535 87190 101251 103846 109510
BRampI - Principal portion (42064) (55243) (57895) (63831)
State Loan Reserve (11256) (11256) (13905) (16052)
Total Debt Outstanding 2251850 2771168 3233174 3258511 3630523 4174670 4568497 5196280 5502666 5714612 6059498 le 60 le 65
Total Net Position 2268349 2335651 2376604 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Debt to Capitalization Ratio 50 54 58 5705 5822 6037 6165 6343 6370 6544 6554
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 20 20 20 17 17 17 17 17
Minimum Operating Cash Target $200 M $200 M $200 M $200 M $200 M $200 M 150 days 150 days 150 days 150 days 150 days 30161
Capitalization Ratio of less than 60 60 60 60 60 60 65 65 65 65 65 57864
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217 06573587049
Financial Performance 2009 2010 2011 2012 2013 2014 2015 2016 2017 3-6 2018 2019
Debt Service Coverage 21 20 17 18 22 21 19 20 17 18 17
Oper Cash Target ($ 000) $153053 $203365 $240546 $329803 $448945 $369809 187 days 172 days 191 days 210 days 297 days 913 1507
Capitalization Ratio 50 54 58 57 58 60 62 63 64 654 655 756 1716
1669 3223
Minimum Debt Service Coverage was 20 times until FY2015 reduced to 17 times 2088 3210
Minimum Operating Cash Target was $200 million until FY 2015 changed to 150 days -419 13
Maximum Capitalization Ratio was at 60 until FY2015 which raised to 65
976
719
1695
Water System
BRampI and State Loan DS Reserve
June 30 2016 2017 2018 2019
State Loan Reserve
Interest 220023
Principal 14373496
Excess - Principal 1678816
16272335
Bond Redemption amp Interest
Interest 89766673 100638475 112668698 122081445
Principal 41675000 55215000 57200000 62730000
Excess - Principal 388846 28169 695142 1101264
131830519 155881644 170563840 185912709
Power System
June 30 2016 2017 2018 2019
Bond Redemption amp Interest
Interest 168218363 181083679 187553308 209256698
Principal 90640000 126540000 153615000 171905630
Excess - Principal 3572098 3585719 4433271 3363045
262430461 311209398 345601579 384525373
Water System
Summary of Revenues Expenses and Debt Service Coverage1
(Dollars in Thousands)
(Unaudited)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues
Single-family Residential $ 329551 $ 428318 $ 475867 $ 431944 $ 457961 $ 450384 $ 509614 $ 515176
Multiple Dwelling Units 243093 310709 342437 331238 339787 338623 352123 396035
Commercial and Industrial 187289 239078 269415 268971 277786 264690 254734 262276
Other 51964 64123 54104 50428 56243 64850 73710 80016
Total Operating Revenues5 $ 811897 $ 1042228 $ 1141823 $ 1082581 $ 1131777 $ 1118547 $ 1190181 $ 1253503
Operating Expenses
Purchased Water $ 161039 $ 280438 $ 339380 $ 273132 $ 261971 $ 194699 $ 184957 $ 155603
OampM 383785 392024 430988 460151 473798 505910 500937 612123
Total Operating Expenses (Excluding Depreciation5) $ 544824 $ 672462 $ 770368 $ 733283 $ 735769 $ 700609 $ 685894 $ 767726
Operating Income Before Depreciation $ 267073 $ 369766 $ 371455 $ 349298 $ 396008 $ 417938 $ 504287 $ 485777
Allowance for Funds Used During Const 6 $ 2979 $ 4995 $ 4419 $ 9565 $ 8661
Nonoperating Revenues Net 33551 27776 32067 24819 28279 34977 25357 40689
Capital Contributions 27482 16711 28252 34390 46752 31183 33155 25810
Change In Fund Net Position
Before Depreciation and Amortization 6 $ 331085 $ 419248 $ 436193 $ 418072 $ 479700 $ 484098 $ 484098 $ 484098
Debt Service
Interest2 $ 149508 $ 160995 $ 171070 $ 186664 $ 195519 $ 217521 $ 231522 $ 243730
Principal 28960 31890 33322 30123 45604 61391 78303 80556
Total Debt Service on Bonds5 $ 178468 $ 192885 $ 204392 $ 216787 $ 241123 $ 278912 $ 309825 $ 324286
Depreciation and Amortization $ 106160 $ 112677 $ 123337 $ 136559 $ 144186 $ 156809 $ 156809 $ 176634
Debt Service Coverage34 186x6 217x6 213x 6 193x 6 199x 6 174x 182x 170x
484098 562799 552276
1736 1817 1703
1 Derived from the Water System Financial Statements
2 Excludes amortization of debt expensespremiums
3 Change in Fund Net Position Before Depreciation and Interest divided by Total Debt Service on Bonds
4 Between Fiscal Years 2017-18 and 2021-22 the Department expects approximately $39 billion of the costs of its capital improvement program will be paid with external financing sources including the Series A Bonds previously issued Bonds and Additional Parity Obligations (consisting of additional Water System Revenue Bonds and additional loans from the State Water Resources Control Board) The issuance of any Additional Parity Obligations may result in a decline in the debt service coverage ratio See ldquoWATER RATESmdashBoard Adopted Financial Planning Criteriardquo
5 Totals may not add up due to rounding
6 Beginning with the Fiscal Year ended June 30 2017 Allowance for Funds Used During Construction was not accounted for in Change in Fund Net Position Before Depreciation and Interest and the figures for the Fiscal Years ended June 30 2013 through 2016 have been restated to also reflect this change
Any highlighted items relate to eliminating the Allowance for Funds Used During Construction All highlighted numbers were restated in future periods
Water System Selected Operating Information
Unaudited
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018
Operating Statistics
Water Supply (Millions of
Billing Units of 100 cu Ft)
Local Underground Supply 266 249 346 394 344 223
Los Angeles Aqueduct 1161 494 266 251 223 926
Deliveries From
Metropolitan 914 1692 1925 1679 1506 957
Recycled Water 30 30 44 45 43 35
Total Supply4 2371 2465 2581 2369 2116 2141
Less
Transfers and Diversions To
(From) Storage 13 (08) 25 100 (10) 34
System Uses and Losses 70 84 186 69 143 183
Total Water Sold4 2288 2389 2370 2200 1983 1924
Water Sales (Millions of
Billing Units of 100 cu Ft)
Single-family Residential 903 952 944 826 726 726
Multiple Dwelling Units 728 736 704 654 622 612
Commercial and Industrial 484 507 526 500 473 450
Other 155 180 188 182 172 172
Total4 2270 2375 2362 2162 1992 1960
Average Number of Customers
(In Thousands)
Single-family Residential 4790 480 483 483 484 487
Multiple Dwelling Units 1230 124 122 121 121 121
Commercial and Industrial 640 64 66 65 65 65
Other 80 8 8 7 8 7
Total4 676 679 676 678 680
Operating Revenues (In
Thousands)
Single-family Residential $ 329551 $ 428318 $ 475867 $ 431943 $ 457961 $ 450384
Multiple Dwelling Units 243093 310709 342437 331238 339787 338623
Commercial and Industrial 187289 239078 269415 268971 277786 264690
Other 51964 64123 54104 50428 56243 64850
Total4 $ 811897 $ 1042228 $ 1141823 $ 1082581 $ 1131777 $ 1118547
Average Revenue Per Hundred
Cubic Feet Sold
Single-family Residential $ 3649 $ 4499 $ 5039 $ 5231 $ 6304 $ 6207
Multiple Dwelling Units 3338 4222 4862 5063 5462 5536
Commercial and Industrial 3873 4716 5118 5380 5879 5885
Other 3352 3562 2885 2773 3279 3766
Average Consumption Per
Person Per Day (Gallons)3 NA NA NA 113 104 102
Average Metered Consumption
Per Person Per Day (Gallons)3 123 129 131 NA NA NA
1 Based on interim reports and subject to change based on the allocation of sales and revenues including delayed billing resulting from the full implementation of the new customer information and billing system as described under ldquoWATER RATESmdashBilling and Collectionsrdquo
2 Water supply numbers for Fiscal Years 2016-17 and 2015-16 reflect changes to the Departmentrsquos supply volume tracking methodology pursuant to the Departmentrsquos Water Loss and Component Analysis Study
3 Beginning in Fiscal Year 2014-15 the Department replaced Average Metered Consumption Per Person Per Day with Average Consumption Per Person Per Day Average Consumption Per Person Per Day is a better measure of water consumption because it measures all water consumed not just metered water consumed
4 Totals may not add up due to rounding
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Cash Flows
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019 2004
Reconciliation of operating income to net cash provided by
operating activities
Operating income $ 160913 $ 257089 $ 248118 $ 212739 $ 251822 $ 261129 $ 338997 $ 309143 $ 96952
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation and amortization 106160 112677 123337 136559 144186 156809 165290 176634 74069
Provision for losses on customer and other receivables 10446 8142 17818 10436 12853 13637 3866 2084 2439
Changes in assets and liabilities
Customer and other accounts receivable 19319 (17090) (18034) 9822 (7452) (14733) (22756) 24084 (2096)
Accrued unbilled revenue (4972) (9406) (9438) 18956 (23206) (4384) (12480) 15011 (2360)
Underrecovered costs - - (45031) (34224) (154475) (32501) 134837 36968 -
Due from Power System (64978) 64978 - - - - (37415)
Due to Power System (3267) 24059 16255 (36415) 4019 684 1244 (7585)
Materials and supplies (672) 2925 554 221 (440) (4269) (2389) (1171) (1008)
Regulatory assets (5157) (38729) (13780) (39781) (52073) (17816) (31344) 7345
Regulatory assets - OPEB (199489) 20399
Net pension asset 9583 11486 9680 - - - - 2775
Accounts payable and accrued expenses for operating 12605 13335 (12377) 973 (16487) (169282) (29405) 5062
Prepayment and other current assets 9228 (3288) 156 (1612) (767) (1414) (1692) (2780) -
Net postemployment asset (19197) (9856) (7529) (3752) (6931) 2258 - -
Customer deposits (191) 14808 21717 24508 24265 27078 16269 29662
Accrued employee expenses 2451 (513) 3923 2733 1196 6325 3733 4586 6322
Over-recovered costs (2727) (94992) (28443) - - - 73766
Deferred outflows - pensions and OPEB (130056) 33823 (269993) 137298 67259
Regulatory asset - pensions 115013 129522 27269 63761 78606
Net pension liability (171859) (38461) 325854 (272434) (133997)
Net OPEB liability 176148 (15456)
Deferred inflows - pensions and OPEB 209473 (124884) (83130) 94716 (16809)
Accrued workers compensation claims and other 8555 11639 10379 1057 7952 18691 1509 (3523) 8150
Net cash provided by operating activities $ 238099 $ 347264 $ 317305 $ 324791 $ 184462 $ 242212 $ 565679 $ 595522 221594
Supplemental disclosure of noncash capital and related financing
activities
Capital contributions $ 166 (278011)
See accompanying notes to financial statements
During the year ended June 30 2017 the Water System
issued revenue bonds to finance capital improvements and
refund previously issued debt The $2768 million of the total
proceeds of $61190 million including an $8163 million premium
were deposited immediately into an irrevocable trust for the
defeasance of $2752 million of debt Additionally $1424 milion of
the proceeds were remitted directly to Wells Fargo for repayment
of the outstaning line of credit The net gain on refunding after the
write-off of previously were deposited immediately into an recorded
unamortized premiums resulted in $25 million which will be
amortized over the debt repayment period
During the year ended June 30 2016 the Water System
issued revenue bonds to finance capital improvements and
refund previously issued debt The $3831 million of
proceeds were deposited immediately into an irrevocable
trust for the defeasance of $3822 million of debt The net
gain on refunding after the write-off of previously recorded
unamortized premiums resulted in $133 million which
will be amortized over the debt repayment period
Accounts payable related to capital expenditures $ 13722 $ 2591 $ 6035 $ 28729
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
Per this statement
Per balance sheet 415786 211691 112272
6156853
(31087601)
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Cash Flows
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019 2005
Cash flows from operating activities
Cash receipts
Cash receipts from customers $ 900054 $ 987990 $ 1113917 $ 1171266 $ 1016864 $ 1147285 $ 1318635 $ 1392677 $ 738774
Cash receipts from customers for other agency services 449750 514013 488581 500423 559405 550778 549443 608903 284848
Cash receipts from interfund services provided 307293 432592 443798 492144 509994 489925 585288 691571 302374
Other cash receipts - - - 2537 5250 27839 - -
Cash disbursements
Cash payment to employees (236955) (244838) (261930) (243931) (271899) (286551) (324057) (340716) (224169)
Cash payment to suppliers (228281) (322929) (337504) (423518) (407096) (448081) (259390) (287623) (227969)
Cash payment for interfund services used (492462) (498767) (632985) (663180) (669916) (664030) (775876) (808270) (284847)
Cash payment to other agencies for fees collected (452430) (514416) (487970) (510950) (547023) (552364) (556203) (621149) (378431)
Other cash payments (8870) (6381) (8602) (5867) (39871) (451)
Net cash provided by operating activities 238099 347264 317305 324791 184462 242212 565679 595522 210129
Cash flows from noncapital financing activities
Proceeds from line of credit for operations - -
Payments on line of credit for operations (250000) -
Net cash (used in) provided by noncapital financing activities - (250000) -
Cash flows from capital and related financing activities
Additions to plant and equipment net (429239) (429269) (636635) (687360) (614382) (687490) (618001) (565707) (278011)
Capital contributions 27482 16711 28252 33685 40072 31183 33155 25810
Principal payments and maturities on long-term debt (24068) (25890) (26061) (19650) (29032) (43295) (55215) (57230)
Payments for Notes - - -
Proceeds from line of credit for capital - -
Proceeds from issuance of bonds and line of credit - 372454 425299 310171 831631 584837 273403 348929
Proceeds from California Department of Water Resources loan 54752 29507 129249 128187 73365 71511 49687 115257
Payments of California Department of Water Resources loan (4892) (6000) (7261) (10472) (16572) (18096) (23088) (23356)
Debt interest payments (152105) (149459) (158963) (179770) (200876) (206288) (219592) (234072)
Line of credit payments
Federal bond subsidies 18530 17724 17196 17178 17270 17252 17307 17381
Net cash used in capital and related financing activities (509540) (174222) (228924) (408031) 101476 (250386) (542344) (372988)
Cash flows from investing activities
Purchases of investment securities (96064) (75663) (79237) (62313) (86676) (83622) (92099) (86281)
Sale of investment securities 95879 75496 79116 62140 86751 67233 91486 85257
Investment income 8241 2618 6521 5580 8293 3180 5063 26978
Net cash provided by investing activities 8056 2451 6400 5407 8368 (13209) 4450 25954
Net increase (decrease) in cash and cash equivalents (263385) 175493 94781 (77833) 294306 (21383) (222215) 248488
Cash and cash equivalents
Cash and cash equivalents at July 1 (including $353228 $179080 $122648
and $475127 reported in restricted accounts 2015 2014 2013 and 2012 respectively) 682758 419373 594866 689647 611814 906120 884737 662522
Cash and cash equivalents at June 30 (including $269072 $353228 $179080
and $122648 reported in restricted accounts 2015 2014 2013 and 2012 respectively) $ 419373 $ 594866 $ 689647 $ 611814 $ 906120 $ 884737 $ 662522 $ 911010
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
Per this statement 594866 419373 -
Per balance sheet 415786 211691 112272
179080 207682
6156853
(31087601)
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Revenues Expenses and Changes in Net Position
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating revenues
Residential $ 329551 $ 428318 $ 475867 $ 431944 $ 457961 $ 450384 $ 509614 $ 515176
Multiple-dwelling units 243093 310709 342437 331238 339787 338623 352123 396035
Commercial and industrial 187289 239078 269415 268971 277786 264690 254734 262276
Other 62410 72265 71922 60864 69096 78487 77576 82100
Uncollectible accounts (10446) (8142) (17818) (10436) (12853) (13637) (3866) (2084)
811897 1042228 1141823 1082581 1131777 1118547 1190181 1253503
Operating expenses
Purchased water 161039 280438 339380 273132 261971 194699 184957 155603
Maintenance and other operating expenses 383785 392024 430988 460151 473798 505910 500937 612123
Depreciation and amortization 106160 112677 123337 136559 144186 156809 165290 176634
Loss on asset impairment and abandoned projects - - -
Total operating expenses 650984 785139 893705 869842 879955 857418 851184 944360
Operating income 160913 257089 248118 212739 251822 261129 338997 309143
Nonoperating revenues (expenses)
Investment income 7960 2529 6673 5530 8564 3262 5171 26830
Federal bond subsidies 18530 17724 17196 17178 17270 17252 17307 17381
Gain on sale of land 1701 - 90 - - 141 - -
Other nonoperating income 9034 11467 11548 5936 6653 19513 8242 2260
37225 31720 35507 28644 32487 40168 30720 46471
Other nonoperating expenses (3674) (3944) (3440) (3825) (4208) (5191) (5363) (5782)
33551 27776 32067 24819 28279 34977 25357 40689
Debt expenses
Interest on debt 147896 155006 160424 173550 181343 194501 205280 214472
Allowance for funds used during construction (2979) (4995) (4419) (9565) (8661) (7713) (8044) (5979)
144917 150011 156005 163985 172682 186788 197236 208493
Income before capital contributions 49547 134854 124180 73573 107419 109318 167118 141339
Capital contributions 27482 16711 28252 34390 46752 31183 33155 25810
Increase in net position 77029 151565 152432 107963 154171 140501 200273 167149
Net position
Beginning of year 2376604 2453633 2588084 2733549 2841512 2995683 3136184 3018252
Effect of change in accounting for pensions (adoption of GASB Statement No 68)
Cumulative effect of change in accounting for postemployment benefits other than
pensions effective July 1 2017 (318205) -
Beginning of period as restated 2733549 2841512 2995683
End of year $ 2453633 $ 2605198 $ 2740516 $ 2841512 $ 2995683 $ 3136184 $ 3018252 $ 3185401
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM Water System
Statement of Net Position Balance Sheets
June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Assets
Noncurrent assets
Utility Plant
Source of water supply $ 1224050 $ 1304003 $ 1429479 $ 1576514 $ 1939935 $ 1975048 $ 2337848 $ 2392901
Pumping 254408 258309 263278 268816 284509 290584 297070 403987
Purification 532641 582718 745043 786730 804492 818277 835044 867481
Distribution 3840049 4066843 4277205 4476970 4815614 5069620 5364668 5586714
General 565015 577469 662351 704764 721050 760627 793334 856475
6416163 6789342 7377356 7813794 8565600 8914156 9627964 10107558
Accumulated depreciation (2128281) (2232065) (2350965) (2482031) (2613961) (2762711) (2925891) (3078050)
4287882 4557277 5026391 5331763 5951639 6151445 6702073 7029508
Construction work in progress 800677 854655 923813 1182001 1061382 1402561 1330975 1407309
5088559 5411932 5950204 6513764 7013021 7554006 8033048 8436817
Investments 33078 33159 33390 33511 33706 50011 50558 51981
Cash and cash equivalents - restricted - 42932 212244 110255 447658 406237 141299 144508
Regulatory assets - other 14621 53350 67130 106911 158984 176800 195892 175534
Regulatory assets - pensions 450003 320481 293212 229451 150845
Regulatory assets - OPEB 199489 179090
Net pension asset 28133 16647 6967 - -
Net other postemployment asset 292395 302251 309780 313532 320463 318205 - -
Total noncurrent assets 5456786 5860271 6579715 7527976 8294313 8798471 8849737 9138775
Current assets
Cash and cash equivalents - unrestricted 296725 415786 336419 342742 312009 317198 344773 573702
Cash and cash equivalents - restricted 122648 136148 140984 158817 146453 161302 176450 192800
Cash collateral received from securities lending transactions - 1929 576 4180 7486 3779 7650 7564
Customer and other accounts receivable net of $61200 $50283$41000 $33000 $10500
and $9500 allowance for losses for 2017 2016 2015 2014 2013 and 2012 respectively 96729 105674 105932 85676 80458 81721 100785 74071
Under-recovered costs - - 45031 79255 233730 266231 131394 94426
Due from Power System 64978 - - - - -
Accrued unbilled revenue 69154 78560 87998 69042 92248 96632 109112 94101
Materials and supplies 23043 20118 19564 19343 19784 24053 26442 27613
Prepayments and other current assets 31644 35338 18068 19680 20447 21861 23552 26332
Total current assets 704921 793553 754572 778735 912615 972777 920158 1090609
Total assets 6161707 6653824 7334287 8306711 9206928 9771248 9769895 10229384
Deferred outflows on debt refunding 32590 30505 28420 26335 24252 22183
Deferred outflows - changes in pension assumptions 141130 112511 373459 188361 121972
Deferred outflows -OPEB 297 3774
Deferred outflows - pensions contributions made after measurement date 123629 118425 127470 140957 134172
Deferred outflows - OPEB contributions made after measurement date 34017 36455
Total deferred outflows 32590 295264 259356 527264 387884 318556
Total assets and deferred outflows $ 6161707 $ 6653824 $ 7366877 $ 8601975 $ 9466284 $ 10298512 $ 10157779 $ 10547940
Net Position and Liabilities
Net position
Net investment in capital assets $ 1830049 $ 1824341 $ 2020368 $ 2086028 $ 2203533 $ 2367436 $ 2359417 $ 2408413
Restricted
Debt service 24997 33485 26191 36919 51200 66005 71340 79673
Other postemployment benefits 292395 302251 309780 313532 320463 318205 - -
Pension benefits 28133 16647 6967
Other purposes 24167 25167 26167 27167 28171 29171 30636 32636
Unrestricted 253892 403307 351043 377866 392316 355367 556859 664679
Total net position 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Long-term debt net of current portion 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Other noncurrent liabilities
Net other postemployment benefit obligation - - - -
Accrued workers compensation claims 20226 24342 26523 25468 29329 32021 33530 33530
Net pension liabilities 411485 373024 698878 426444 292447
Net OPEB liability 176148 160692
Total other noncurrent liabilities 20226 24342 26523 436953 402353 730899 636122 486669
Current liabilities
Current portion of long-term debt 63401 65646 59670 71535 87190 101251 103846 109510
Accounts payable and accrued expenses 107212 122333 130511 133973 131390 114699 88450 89216
Line of Credit - - - - 150000 250000 - -
Due to Power System - 24059 40314 3899 7918 8602 9846 2261
Accrued employee expenses 48442 47929 51852 54585 55781 62106 65839 70425
Accrued interest 73419 77431 88561 94666 89767 101068 113069 122453
Obligations under securities lending transactions - 1929 576 4180 7486 3779 7650 7564
Due to the reserve fund of the City of Los Angeles - - - - - -
Over-recovered costs 123435 28443 - - - -
Customer deposits 76829 91637 113354 137862 162127 189205 205474 235136
Total current liabilities 492738 459407 484838 500700 691659 830710 594174 636565
Total liabilities 3708074 4048626 4626361 5434615 6256422 7029523 6912862 7153106
Deferred inflows on debt refunding 13215 14971 14115 13691
Deferred inflows - pension 325848 200964 117834 154895 137114
Deferred inflows -OPEB 57655 58628
Total deferred inflows - - - 325848 214179 132805 226665 209433
Total net position liabilities and deferred inflows $ 6161707 $ 6653824 $ 7366877 $ 8601975 $ 9466284 $ 10298512 $ 10157779 $ 10547940
this line is not included in the published financial statements but included here to verify in balance
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
2012
2013
2014
2015
2016
2017
2018
2019
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
DEMAND SIDE MANAGEMENT
(11) 28204 WATER CONSRVTN-WTR FUNDED 1469160 3342020 2551650 3751660 3859860 3879830 3955200 4028120 4098460 4165100 4167220 4241800
DEMAND SIDE MANAGEMENT TOTAL 1469160 3342020 2551650 3751660 3859860 3879830 3955200 4028120 4098460 4165100 4167220 4241800
WATER QUALITY PROGRAM
(41) 28850 TOOLS amp EQUIPMENT 2563 889 3177 318 3258 3341 3425 3512 3589 367 3747 3825
(43) 23222 WQIP TRUNKLINE IMPRVEMNTS 6396050 5219590 6412270 14227440 11244300 7934420 6733360 4724360 761190 0 0 2032
(43) 24130 CHLOR STATION INSTALLATNS 1681040 470190 1653610 1081550 1095040 431290 445200 328700 388540 506000 840740 758930
(43) 24315 GROUNDWATER MGMT 269030 1846640 373200 873650 754650 2413580 2302300 2696260 1843220 6090030 2771240 188260
(43) 26505 CEMENT LINING-WATER MAINS 12 04 0 0 0 0 0 0 0 0 0 0
(43) 29130 WQIP RESV IMPRVTS 12947160 5967510 4788890 9735150 13615820 6160570 1207680 6851 2673 162830 281 2913
(45) 24310 WTR TREATMENT IMPRVTS 1333570 2139220 1484300 2814560 1996130 1946120 1733320 1929020 3232540 3445250 3187080 1919510
(45) 29153 WSO INFO TECHNOLOGY 0 0 0 144580 141680 145980 147640 149090 157660 161280 164220 195850
(48) 24316 GRNDWTR REMEDTN amp CLEANUP 1349890 1574740 2714320 3982910 4185590 4393720 7335310 6701360 36960020 39574050 16438760 878590
WATER QUALITY PROGRAM TOTAL 24003570 17226820 17458360 32891640 33065790 23459090 19939060 16632420 43405790 49976140 23467610 4028840
WATER RECLAMATION PROGRAM
(41) 24318 WATERSHED-STRMWTR CAPTURE 1629460 2186340 1082380 3265020 3109810 4533000 3565920 3512300 3589800 3611200 2538900 123400
(43) 23150 WATER RECYCLING - CAP 2101770 2037980 2908290 4777870 7545640 6262440 8348530 23821650 24372850 11883850 2839490 389830
WATER RECLAMATION PROGRAM TOTAL 3731230 4224320 3990670 8042890 10655450 10795440 11914450 27333950 27962650 15495050 5378390 513230
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR
(43) 22403 SUPPLMNTL DUST CNTRL DEVT 6817170 16877080 20132260 15120120 7015740 0 0 0 0 0 0 0
(45) 21146 OWENS LAKE MASTER PROJECT 0 0 342690 1728390 2703080 8891320 13686640 20087120 20278800 19261780 12996280 6618390
(45) 22402 OWENS VALLEY DUST MITIGAT 894880 1195460 1440770 2357800 4213550 2957420 1206710 1941690 1609250 1518530 1101050 1476200
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR TOTAL 7712050 18072540 21915720 19206310 13932370 11848740 14893350 22028810 21888050 20780310 14097330 8094590
LAWSDACSCADA
(45) 29153 WSO INFO TECHNOLOGY 157320 102760 203950 0 0 0 0 0 0 0 0 0
LAWSDACSCADA TOTAL 157320 102760 203950 0 0 0 0 0 0 0 0 0
SECURITY COMPONENTS TO REMOVING OPEN RESERVOIR
(43) 29130 WQIP RESV IMPRVTS 3943670 2262460 1299300 0 0 0 0 0 0 0 0 0
SECURITY COMPONENTS TO REMOVING OPEN RESERVOIR TOTAL 3943670 2262460 1299300 0 0 0 0 0 0 0 0 0
SECURITY FOR CRITICAL FACILITIES
(16) 28871 CYBER SECURITY-WTR FUNDED 1377 16 0 0 0 0 0 0 0 0 0 0
(41) 28857 OTHER WSO CAP PROJECTS 216570 103610 364890 0 0 0 0 0 0 0 0 0
SECURITY FOR CRITICAL FACILITIES TOTAL 230340 103770 364890 0 0 0 0 0 0 0 0 0
Infrastructure Pass Thru
(43) 23220 PUMP STATIONS 327990 416060 749560 1317350 1029760 2092610 2282060 1458250 905870 736510 822600 849270
(43) 23290 SEISMIC IMPROVEMENTS 5376 5021 1081 0 0 0 0 0 0 0 0 2045
(43) 24150 REGULATOR STATIONS 380380 267310 422580 405830 352780 360670 520080 745320 520740 410190 420420 431630
(43) 26220 TRUNK LINE amp MAJ SYS CONN 519790 579180 1190390 3284720 7207650 7043220 17250340 20350640 28638980 17698130 12073370 6098570
(43) 29140 INFR RESV IMPVTS 896210 1667400 2232430 2666140 4188120 2992320 3551450 3751100 4746670 9055020 11265460 3603
(43) 29328 GRIFFITH PRK WTR DIST SYS 0 05 0 400 101800 206920 510730 797270 1119560 737400 8678 1992
101415 1444 Page 1 of 6
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
(44) 26331 DISTRIBUTION MAINS 6881370 7437400 7676240 8635100 10554550 12007960 14846340 16017610 16328220 16796220 19813650 21637980
(44) 27210 SRVCS METERS amp HYDRANTS 4871090 5113620 4646850 4589540 4625520 4810340 4947950 5056170 5209730 5714520 6008530 6260740
Infrastructure Pass Thru TOTAL 13930590 15531230 16928860 20938680 28060180 29514040 43908950 48176360 57469770 51147990 50490810 35354590
REGULAR
(11) 28183 ENERGY CNSRVTN-WTR FUNDED 4724 1678 76 75 76 78 8 102 103 107 0 0
(16) 28862 PC EQUIPMENT WATER- JOINT 374 379 1008 928 962 1002 955 792 899 1259 1279 2569
(16) 28871 CYBER SECURITY-WTR FUNDED 0 0 0 2342 2399 2461 2522 2586 2643 2703 276 2817
(16) 28892 PC EQUIPMENT - WATER SERV 168970 116080 125580 101690 9883 233780 139070 106170 109640 110910 113300 102170
(16) 28971 PEOPLESOFT-HRMS 22 21 0 0 0 0 0 0 0 0 0 0
(31) 28140 ADDS amp BTTRMTS-WTR FN CAO 525 5126 609 132020 7227 8057 125810 159870 164760 8196 8856 8665
(31) 28761 TOOLS amp EQUIP - CSO 2266 849 1209 1548 1586 1629 1669 1712 1753 1791 1829 1873
(31) 28780 CAFETERIA EQUIPMENT 163 261 36 36 36 37 39 4 41 42 43 45
(31) 28898 INDUSTRIAL GRAPHICS EQUIP 202 48 758 1077 1983 84 617 63 656 667 683 716
(33) 28184 JFB CAPITAL 188270 8622 125270 9494 8271 -7574 415 -126870 -132600 -124500 -1358 4843
(33) 28833 ERGO amp NEW FURNITURE-WTR 872 1152 6106 9688 112800 588 161 1649 1693 1727 1768 158
(35) 28863 WATER SECURITY SYSTEMS 05 0 0 223450 228890 0 0 0 0 0 0 0
(37) 28181 FLEET CONSTR PROJECTS 1914 492 59 535290 106900 219 217 216 229 373 384 24
(37) 28561 FLEET EQUIP REPLS amp ADDNS -484320 5548 237750 324520 331790 253120 259750 266020 271680 277770 284020 277620
(37) 29701 FUELING STATION INFRASTRC 93 256 303 290 338 2774 2563 355 354 363 374 356
(39) 28770 TOOLS amp EQUIPMNT-ISS SHPS 3216 1211 3648 3542 3639 3762 387 3965 4108 418 4279 4489
(41) 24318 WATERSHED-STRMWTR CAPTURE 01 5 0 500 334080 107800 0 0 0 0 1000000 3000000
(41) 28850 TOOLS amp EQUIPMENT 5885 969 915 8928 9165 9452 9723 9959 103030 105520 108040 112910
(41) 28857 OTHER WSO CAP PROJECTS 139 156100 1457130 637930 441330 651760 1033950 1169590 2005130 6020700 9667750 4290270
(41) 29010 JOINT CAPITAL-WTR SHARE 4898770 4318120 3325970 5220260 5499270 4511060 3621200 3246760 3619260 3110010 1446000 430970
(43) 23222 WQIP TRUNKLINE IMPRVEMNTS 0 0 0 8573 138240 186720 407190 2352580 2324120 2390650 2454160 2507960
(43) 24130 CHLOR STATION INSTALLATNS 0 02 0 0 0 0 0 0 0 0 0 0
(43) 28201 WSO FACILITIES 2857390 516430 769090 1368170 3684530 3037020 2777850 1656520 434170 512740 812700 871720
(43) 29130 WQIP RESV IMPRVTS 563530 58 448600 664890 -377000 1946560 5431270 5471910 4505 9197 3724 195
(45) 22130 LA AQUEDUCT SYS-AampB SOUTH 1193260 1272220 1162040 1126810 1127570 1018630 1043260 956870 1086280 1239130 1690170 1915960
(45) 22140 LA AQUEDUCT SYS-AampB NORTH 572920 497850 446620 429100 529960 517860 529260 551640 579940 597840 667670 688320
(45) 22150 E SIERRA ENVNMTL CAPITAL 647400 312070 397200 695020 764470 655690 215090 224640 228440 233150 157230 162970
(45) 22160 RESOURCE DEVELOPMENT 1258630 2778870 149170 433 0 0 0 0 0 0 0 0
(45) 24310 WTR TREATMENT IMPRVTS 4764 0 556430 678650 1396300 1252320 780990 285550 2918 0 0 0
(45) 29153 WSO INFO TECHNOLOGY 721670 679450 692240 620880 714880 591490 747010 715700 657270 587430 603710 427080
(61) 28602 MISC CAPITAL PROJECTS 22 386 845 291 299 309 517 529 549 558 571 60
REGULAR TOTAL 12885610 11049760 10191280 13307230 15492650 15253070 17397020 17262300 11655630 15372980 19256670 15093220
ADJUSTMENTS
(WATER ADJUSTMENTS) Capital In Expense 0 0 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000
(WATER ADJUSTMENTS) Expense In Capital 0 0 -300 -300 -300 -300 -300 -300 -300 -300 -300 -300
(WATER ADJUSTMENTS) Under(Over) Applied Allocations 0 0 -8755 1094 1199 1125 1117 1365 1684 1519 1417 545
101415 1444 Page 2 of 6
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
ADJUSTMENTS TOTAL 0 0 3245 130940 131990 131250 131170 133650 136840 135190 134170 125450
CAPITAL TOTAL 68063540 71915680 74937130 98269350 105198290 94881460 112139200 135595610 166617190 157072760 116992200 67451720
101415 1444 Page 3 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
P W
(41) 3012224 PURCHASED WATER 33595270 27015530 28944810 24535376 15461654 15000626 16754090 15952850 16881387 16183240 14767380 14767380 per SalePW forecast
P W TOTAL 33595270 27015530 28944810 24535376 15461654 15000626 16754090 15952850 16881387 16183240 14767380 14767380
DEMAND SIDE MANAGEMENT
(41) 3051000 WATER CONSERVATION 967280 775990 1654410 2135010 2180540 2225830 1281770 1306850 1330500 1355040 1414830 1443450
DEMAND SIDE MANAGEMENT TOTAL 967280 775990 1654410 2135010 2180540 2225830 1281770 1306850 1330500 1355040 1414830 1443450
NET WATER QUALITY OampM
(06) 4010602 COMMUNITY OUTREACH-WATER 2502 1327 2427 2436 2524 2558 262 2668 2718 2787 2542 2661
(45) 3212520 DISTRIB TREATMENT OPNS 1354440 1268700 1933090 1967860 2046210 2130650 2251260 2242650 2334730 2402270 2994020 2856430
(45) 3212540 FILTER PLANT OPNS 1342860 1343010 1598900 1575360 1651940 1776900 1907990 1918440 1982120 2063070 2307020 2394540
(45) 3352200 DISTR RESERVOIR OampM 1152540 1260280 1322690 2500320 2560580 2668630 2719940 2737880 2850430 2890740 3162860 3259520
(48) 3212500 WQ CONTROL 0 0 0 1834280 1888010 2021110 2102840 2133780 2174090 2265980 2346140 2464910
(48) 3212530 WATER QUALITY REGULATORY 417370 441750 436840 451760 561750 579930 625300 645410 652400 724250 745420 790010
(48) 3233150 SYSTEM FLUSHING 49 99 5367 5402 5486 3691 3775 3841 3916 4021 4188 4365
NET WATER QUALITY OampM TOTAL 4292720 4328000 5369460 8407960 8788590 9239710 9671280 9743250 10060110 10414390 11622760 11835670
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR
(45) 3022002 LOWER OWENS RIVER OampM 372010 244970 304650 365900 368160 377110 381100 385990 398830 425230 405860 417600
(45) 4013006 OWENS LAKE OampM 4443390 2707720 2860380 3525530 4156420 4238230 4355920 4391370 4414660 4504770 4548050 4615090
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR TOTAL 4815400 2952690 3165030 3891430 4524580 4615340 4737020 4777360 4813490 4930000 4953910 5032690
WATER RECYCLING OampM
(41) 3022037 STORMWATER MANAGEMENT OampM 310250 246640 252760 188230 182140 205010 211150 227280 202410 210710 234600 243090
(45) 3052000 WATER RECYCLING - OampM 540400 524960 671560 595950 685100 665740 697860 647510 576410 601580 218410 105630
WATER RECYCLING OampM TOTAL 850650 771600 924320 784180 867240 870750 909010 874790 778820 812290 453010 348720
IN CITY PUMPING
(45) 3112200 LA GNDWTR PUMP amp SRCE FAC 1064060 1366670 1335300 1324470 1407410 1469720 1546820 1609430 1678960 1807390 1884850 2015890
(45) 3122240 PUMP BOOSTER OampM 2781960 3303050 2794600 2813940 2892390 2980200 3026440 3080600 3155510 3277540 3448610 3558100
IN CITY PUMPING TOTAL 3846020 4669720 4129900 4138410 4299800 4449920 4573260 4690030 4834470 5084930 5333460 5573990
GROUND BASED PATROL
(45) 3022001 LA AQUED SYS OPER NORTH 347710 254180 208250 0 0 0 0 0 0 0 0 0
(45) 3022005 LA AQUED SYS OPER SOUTH 186400 325470 196760 0 0 0 0 0 0 0 0 0
GROUND BASED PATROL TOTAL 534110 579650 405010 0 0 0 0 0 0 0 0 0
IN CITY SECURITY PATROLS
(44) 3532202 OPER BLDG amp YARD OampM 995 9271 6045 0 0 0 0 0 0 0 0 0
(45) 3352200 DISTR RESERVOIR OampM 931140 1106360 1047710 0 0 0 0 0 0 0 0 0
IN CITY SECURITY PATROLS TOTAL 1030640 1199070 1108160 0 0 0 0 0 0 0 0 0
JFB SECURITY
(31) 3011001 FACILITIES MGMT SVCS 148830 214410 190290 0 0 0 0 0 0 0 0 0
JFB SECURITY TOTAL 148830 214410 190290 0 0 0 0 0 0 0 0 0
WATER QUALITY SAMPLING
(48) 3212500 WQ CONTROL 1595650 1690700 1513710 0 0 0 0 0 0 0 0 0
101415 1444 Page 4 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
WATER QUALITY SAMPLING TOTAL 1595650 1690700 1513710 0 0 0 0 0 0 0 0 0
WATER SECURITY OampM
(45) 4013004 WATER INFORMATION TECH 4534 8924 160640 0 0 0 0 0 0 0 0 0
WATER SECURITY OampM TOTAL 4534 8924 160640 0 0 0 0 0 0 0 0 0
REGULAR
(02) 4010200 WTR DIRECT LEGAL SERVICES 619620 1617990 676870 649280 664970 655560 672020 689140 704550 720510 735840 751210
(20) 3911000 CUST ACCTG - WATER ALLOC 4908310 5464040 5892820 6545640 6592210 6617060 6753260 6911990 6963760 7121560 7320760 0
(20) 3951000 MARKETING - WTR ALLOC 305640 314550 353660 363020 373010 379020 387240 408540 422280 419910 427140 0
(20) 4011300 CORPORATE AampG - WATER 1760230 1946420 2278590 2294470 2415070 2464780 2555580 2625700 2542060 2635270 2699920 1800730
(21) 4010550 DEBT MANAGEMENT - WATER 194730 161680 209570 295050 294910 329470 332750 325710 372740 374930 362290 397220
(25) 4093010 INSURANCE - WATER 303290 371520 321510 372570 381650 391450 401260 411430 420500 429950 439030 448100
(31) 3011001 FACILITIES MGMT SVCS 771 8851 -8231 112150 122560 129500 137320 140920 154880 167510 185010 432510
(33) 3011000 LEED FACILITY DESIGN 1672 2069 1729 1673 1769 1869 1644 1937 1954 2136 2102 219
(35) 4093725 EMERGENCY MANAGEMENT 3866 3955 5261 5625 5701 4679 4293 4374 4537 4639 4777 155670
(36) 4010710 REAL ESTATE 3511 5019 121990 112850 113860 112640 115140 117320 119090 121970 125580 131000
(41) 3022036 WORKERS COMP - WTR SVCS 407550 336950 384690 383420 383420 383420 383420 383420 383420 383420 383420 6542
(41) 3022037 STORMWATER MANAGEMENT OampM 0 05 0 0 0 0 0 0 0 0 0 0
(41) 3055040 WATER IampC WORK 118 3621 0 0 0 0 0 0 0 0 1866 5341
(41) 3222507 HAZ SUBS MGMT PGM-WSO 7899 7287 5453 5898 8119 8759 9187 119210 127030 141670 195830 202810
(41) 4013002 DISASTER RECOVERY OampM-WTR 6512 134710 154040 149190 3119 3271 321 3389 332 3524 3485 513
(41) 4053010 GROUNDWATER OampM 162690 373960 137800 231800 190020 180020 242390 210730 214900 223090 236880 223470
(41) 4093008 WATER RESOURCES DEVELOPMT 330300 352590 315940 382190 389100 373200 393340 401780 400760 393140 404540 421260
(43) 3353200 SEISMIC EVALUATION OampM 8617 186 782 2665 2714 2811 2857 2905 297 3105 3244 3403
(43) 3522207 DISTR MAPS amp RCDS-WTR ENG 140970 158330 141480 143690 145670 148050 150720 152830 155960 159330 163770 170950
(43) 4052102 GENERAL ENGINEERING 406380 182000 283540 280440 300500 301330 307800 328300 322600 330970 340370 354270
(44) 3222506 HAZ SUBS MGMT - WTR DISTR 1519 1514 112 116 1211 1239 128 1301 1338 1372 1324 1368
(44) 3302200 LARGE MAINS OampM-20IN amp UP 198270 622740 260020 290300 293570 302010 310870 314950 322980 341070 370190 385360
(44) 3312200 DISTRIBUTION MAINS OampM 3469410 3892720 3513690 3615590 3643820 3744320 3843770 3943250 4069170 4215030 4317450 4472820
(44) 3322200 FIRE HYDRANT MAINT 356260 395050 376830 390220 397370 406710 417190 426460 436820 463240 479450 495630
(44) 3332200 SERVICE CONNECTION OampM 1636630 1746830 1628950 1685940 1703980 1739190 1799760 1836800 1883400 1940050 2095100 2180670
(44) 3532202 OPER BLDG amp YARD OampM 1051250 535330 530580 593850 619730 644250 675070 664220 658440 702730 832930 869540
(44) 3542200 DISTRIBUTION OampM SUPPORT 413200 476050 369190 388440 392720 397430 406540 412150 419770 430600 451400 470980
(44) 3912215 METERS OampM 439010 505160 522470 445590 450190 457360 565070 574830 586780 602910 630650 655490
(45) 3022001 LA AQUED SYS OPER NORTH 380630 284750 312520 609450 603570 615010 649970 664190 665370 701270 720790 744840
(45) 3022005 LA AQUED SYS OPER SOUTH 2332 2661 2418 260780 271100 278810 290190 300190 310610 321020 319330 330690
(45) 3022015 LA AQUED SYS MAINT SOUTH 444900 481640 433840 457200 448960 468820 558330 576890 595900 590080 565060 584150
(45) 3022025 LA AQUED SYS MAINT NORTH 913370 1342520 1063690 856730 851930 862900 942350 966090 983900 1034230 1153300 1193480
(45) 3022035 RESOURCES MGMT - OampM 799490 763210 792190 1004690 896630 905040 895960 982340 987710 994530 1016580 1028150
(45) 3112009 GRNDWTR PUMP OampM NORTH 421240 152950 282190 283030 288460 294670 301550 308850 312700 320540 312460 320800
(45) 3112300 WELL MONITORING OampM 0 0 207 1957 1944 2052 2111 2207 2361 2456 2541 2635
101415 1444 Page 5 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
(45) 3212560 WASTEWATER COMPLIANCE-OampM 8621 8802 5177 5783 5972 6418 6554 6633 6841 7023 7215 7443
(45) 3212570 REGULATOR STATION-OampM 785950 808240 701150 686280 687920 703020 720120 733100 752970 778330 801460 822210
(45) 4013004 WATER INFORMATION TECH 831990 1004360 1051710 1035430 1105630 1222790 1183070 1290620 1441770 1347980 1283680 1017980
(45) 4013005 EAST SIERRA ENVIRONMENTAL 214340 282260 269390 300410 283480 289730 287620 293460 298850 328230 337590 349850
(45) 4091604 OV DIST OFF ADMIN OampM 136140 9065 6645 6182 6256 6407 6786 674 693 710 7056 7336
(45) 4092023 SOUTHERN DIST ENG amp OPER 146870 189880 182440 111820 118010 124070 130030 134110 143350 7564 149590 152380
(48) 3232510 WQ SCIENCE amp RESEARCH 8424 8339 153680 308630 303610 201840 206530 211000 214840 245360 252090 316150
(61) 4011003 EMPLOYEE HLTH amp BENEFITS 112530 114040 122550 135220 137570 139910 141650 144710 164260 167830 172420 557810
(61) 4011007 YOUTH SERVICE ACADEMY-WTR 171 1203 887 881 897 92 946 97 995 1026 1053 3388
(61) 4011010 HRMS OampM 4538 5417 4919 3024 3045 3084 3152 3198 421 4297 4431 3752
(61) 4030210 DOT-SUBSTANCE TESTNG PROG 663 653 1208 1227 1242 1258 1287 131 1333 1363 1401 4567
(61) 4067070 MEDICAL SRVCS 125150 144680 129110 133560 135450 137690 140880 143720 146870 150040 154080 498280
(61) 4067071 WORKERS COMPENSATION 228200 227640 230030 217660 211130 214090 218970 223330 227210 232000 238530 246400
(69) 4067066 CORPORATE SAFETY 4986 5136 5364 5567 5887 5711 6117 5957 636 6194 6675 209630
(69) 4067067 PRESSURE VESSEL 28 37 0 0 0 0 0 0 0 0 0 0
(69) 4067068 SAFETY 3677 3897 3562 3695 3726 3766 3868 3943 4008 4094 4219 4375
(69) 4067069 INDUSTRIAL HYGIENE 704 711 5129 5863 5913 5987 6124 6247 6356 6495 6689 6724
REGULAR TOTAL 23489590 26249800 24704030 26638580 26786930 27197470 28111890 28883390 29463330 30154180 31255290 23988260
ADJUSTMENTS
(WATER ADJUSTMENTS) Capital In Expense 0 0 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000
(WATER ADJUSTMENTS) Expense In Capital 0 0 300 300 300 300 300 300 300 300 300 300
(WATER ADJUSTMENTS) Under(Over) Applied Allocations 0 0 -310090 1127 1578 1331 1277 1562 1711 1464 155 1154
ADJUSTMENTS TOTAL 0 0 -430090 -108730 -104220 -106690 -107230 -104380 -102890 -105360 -104500 -108460
OampM TOTAL 75211500 70536400 71839680 73036770 65299720 66094520 67851860 65749060 66502850 68828710 69696140 62881700
WATER TOTAL 143275040 142452080 146776810 173806130 170498010 160975980 179991060 201344670 233120040 225901470 186688340 130333420
101415 1444 Page 6 of 6
Financial Plan Category Actual Restimate
Capital By Category FY13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21
WATER CONSERVATION 15 33 26 38 39 39 40 40 41
WATER QUALITY PROGRAM 240 172 175 329 331 235 199 166 434
WATER RECLAMATION PROGRAM 37 57 40 80 107 108 119 273 280
WATER SECURITY 43 25 19 - 0 - 0 - 0 - 0 - 0 - 0
OWENS VALLEY 77 181 219 192 139 118 149 220 219 30 31 32
INFRASTRUCTURE - PASS THRU 139 155 169 209 281 295 439 482 575
INFRASTRUCTURE - BASS 129 110 102 134 156 154 175 174 118
Total CAPITAL 681 734 749 983 1052 949 1121 1356 1666 30 31 32
OampM By Category
WATER CONSERVATION 10 8 17 21 22 22 13 13 13
WATER QUALITY PROGRAM 43 43 54 84 88 92 97 97 101
WATER RECLAMATION PROGRAM 9 8 9 8 9 9 9 9 8
OWENS VALLEY 48 30 32 39 45 46 47 48 48 21 23 24
IN-CITY PUMPING 38 47 41 41 43 44 46 47 48 425 406 418
WATER SECURITY 34 38 34 0 0 0 0 0 0 202 212 226
INFRASTRUCTURE 235 262 243 265 267 271 280 288 294
pw 336 270 289 245 155 150 168 160 169 0 0 0
TOTAL OampM 752 705 718 704 628 635 659 661 681
Actual Restimate
New Structure FY13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21
Capital By Category
WSCA - LA Aqueduct 24 21 20 23 24 22 18 17 19 605 850 891 originally included in Regular
WSCA - Groundwater 16 34 31 49 49 68 96 94 388 originally included in Water Quality
WSCA - Conservation 15 33 26 38 39 39 40 40 41
WSCA - Recycled 21 20 29 48 75 63 83 238 244
WSCA - Stormwater 16 22 11 33 31 45 36 35 36 originally included in Rclaimed
WATER QUALITY PROGRAM 224 138 144 280 281 167 103 72 46
WATER SECURITY 43 25 19 0 0 0 0 0 0
OWENS VALLEY 77 181 219 192 139 118 149 220 219 originally included in Regular
INFRASTRUCTURE - Pass Thru 139 155 169 209 281 295 439 482 575 originally included in Regular
INFRASTRUCTURE - Base 105 90 82 112 132 132 157 157 99
Total Capital 681 719 749 983 1052 949 1121 1356 1666
OampM By Category
WSCA - Purchased Water 336 270 289 245 155 150 168 160 169 162 148 148
WSCA - LA Aqueduct 35 36 35 40 39 40 42 44 45 45 48 49 originally included in Regular
WSCA - Groundwater 40 50 43 44 45 46 48 49 50 53 56 58 FI 4053010 originally included in Regular
WSCA - Conservation 10 8 17 21 22 22 13 13 13 14 14 14
WSCA - Recycled 5 5 7 6 7 7 7 6 6 6 2 1
WSCA - Stormwater 3 2 3 2 2 2 2 2 2 2 2 2 originally included in Rclaimed
WATER QUALITY PROGRAM 43 43 54 84 88 92 97 97 101 104 116 118
WATER SECURITY 34 38 34 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
OWENS VALLEY 48 30 32 39 45 46 47 48 48 49 50 50
INFRASTRUCTURE - Pass Thru 9 10 11
INFRASTRUCTURE - Base 198 223 206 223 226 230 236 242 247 253 261 187
Total OampM 752 705 718 704 628 635 659 661 681 697 707 640
check 704 628 635 659 661 681 70528 73946 70468
(0) (0) 0 0 0 (0)
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Average Average Total
Infrastruction Replacement
Capex 321 413 427 596 638 479 0 0 0 2396
OampM 223 226 230 236 242 231 262 271 198 1157
Total 545 639 657 832 880 711 262 271 198 3553
Supply Transition
Capex 189 219 237 273 425 268 1342
OampM 113 114 117 112 115 114 570
Total 302 333 354 385 539 382 - 0 0 0 1912
Water Quality
Capex 280 281 167 103 72 181 903
OampM 84 88 92 97 97 92 459
Total 364 369 259 200 170 272 1362
Owens Valley
Capex 192 139 118 149 220 164 164 819
OampM 39 45 46 47 48 45 45 225
Total 231 185 165 196 268 209 209 0 0 1045
Total Capex and OampM
Capex 983 1052 949 1121 1356 1092 1092 5461
OampM 459 473 485 492 502 482 482 2411
Total 1442 1525 1434 1613 1858 1574 1574 0 0 7872
32 POWER SUPPLY TRANSFORMATION
1000
Figure 31 Power Supply Transformation Expenditures
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total Per PA Grouping Capex
Rebuild Local Power Plants (Repowering) Capital 60 1897 3598 2292 3427 2754 907 204 1469 2899 1729 7209 IRP PSRP 42489 25681
OampM - - - - - - - Supply Trn 51959 18442
PPA - - - - - - - EE 13066 10686
RPS less than Local Solar Capital 858 123 167 645 722 1678 3055 2399 1420 1271 3087 11233 RPS 13129 107513 54809
OampM 316 454 596 263 261 283 228 249 369 405 420 1671
PPA 1098 2963 2511 2609 3106 2176 3813 5103 5610 5772 5835 26133
Coal Transition Capital 00 00 00 05 07 04 00 00 00 00 00 00
OampM 379 363 344 339 392 484 404 02 02 02 02 412
PPA 534 630 729 748 1155 1983 1839 1093 1012 1012 1032 1025 4275
Customer Opportunity Programs Capital 43 108 1917 1285 1166 1180 2142 2250 2191 2139 1964 10686 See Below 56234
OampM 451 464 104 -52 00 - - - - - - -
PPA 00 05 07 08 00 21 161 341 490 625 763 2380
Total Capital 961 2128 5683 4228 5322 5616 6104 4854 5080 6310 6781 29128
OampM 695 817 940 602 653 767 632 251 371 407 422 2083
PPA 1631 3598 3248 3364 4261 4180 5813 6537 7112 7409 7629 34500
Total 6901 9069 65711
PSRP Capital 4195 3867 2173 2565 3182 4093 4772 5876 5529 5412 25681 PSRP
OampM 3917 3720 2825 2946 3206 3092 3178 3365 3463 3709 16808
4998 5511
Fuel amp PP Fuel 481 436 403 442 410 337 290 235 220 214 215 1174
PP 829 854 910 895 977 1022 1190 1259 1366 1411 1447 6672
Emissions 0 0 0 5 26 24 15 (16) (33) (34) (25) (94)
Figure 46 Customer Opportunities Program Expenditures
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total
Energy Efficiency Capital 00 00 373 499 768 785 1449 1779 1939 1903 1720 8790 DSM
OampM 451287 463774 104 -52 00 - - - - - - -
PPA - - - - - - -
Local Solar Capital 43 108 1544 787 399 395 692 471 251 236 244 1895 RPS
OampM - - - - - - -
PPA 00 05 07 08 00 21 161 341 490 625 763 2380
Total 494 577 2028 1242 1167 1201 2302 2591 2681 2764 2727 13066
65495
77369
Figure 51 Budgeted Program Expenditures for Local Solar Programs -11874
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total
Solar Incentive Program (SIP) Capital 0 01536 673956 486626 317457 269 478 268 43 36 39 865
OampM - - - - - - -
Feed In Tarriff (FiT) Capital - - - - - - -
OampM - - - - - - -
PPA 0011 05122 07348 07897 0023 21 161 341 490 625 763 2380
Utility Built Solar (UBS) Capital 42815 106838 870181 300031 81138 127 215 202 208 200 205 1031
OampM - - - - - - -
Total 416 853 812 742 862 1007 4275
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Reliablity 00 8112 7587 4998 5511 6388 7184 7950 9241 8992 9121
Fuel 1310 1290 1313 1342 1414 1384 1495 1477 1552 1591 1636
EE 451 464 476 447 768 785 1449 1779 1939 1903 1720
Repowering 60 1897 3598 2292 3427 2754 907 204 1469 2899 1729
RPS less Local Solar 2272 3541 3274 3518 4089 4137 7096 7752 7399 7448 9342
Local Solar 43 113 1551 795 399 416 853 812 742 862 1007
Coal 912 993 1074 1091 1553 2471 2243 1095 1013 1014 1034
Customer Opportunities 494 577 2028 1242 1167 1201 2302 2591 2681 2764 2727
36987 36957 40007 41789 43043
Case 143
Power System Capex 2016 2017 2018 2019 2020 Total
DSM 144938 177916 193949 190268 171960 879031
Gas Drilling 5130 5255 5390 5525 5665 26965 Not Core
Other Infrastructure 339956 362357 337537 330229 365997 1736076 Not Core
IRP 98315 22809 147218 290261 173264 731867
Operating Support 113339 132234 101526 72736 62145 481980 Not Core
PSRP 409275 477185 587565 552930 541182 2568137
RPS 374734 287036 167134 150788 333169 1312861
1485687 1464792 1540318 1592738 1653383 7736917 2245021 5491896
Power Financing Plan 2016 2017 2018 2019 2020 Total
Revenue Bonds 428473 836299 874379 887070 931108 3957329
029 057 057 056 056 051
2016 2017 2018 2019 2020 Total
Internally Generated Funds 1057 628 666 706 722 3779588
ExternalDebt Financing 428 836 874 887 931 3957329
Capital Program 1486 1465 1540 1593 1653 7736917
Power System Reliablity Program 4092753 4771851 5875646 5529299 5411823 2568137
Suppy Transition amp Mandates
Renenwable Portfolio Std 3054958 2399455 1420109 1271415 3087302 1123324 131286
Rebuild Local Power Plants 907 204471 1468932 2899344 172931 720906
Customer Opportunities Programs
Energy Efficiency 1449378 1779157 1939489 1902684 1719599 879031
Local Solar 692383 470905 251227 236464 244389 189537
Other Infrastructure Invesmtens 34509 36761 34293 33575 37166 1763041
Operating Support 120949 134594 101846 73066 62475 492930
14856822 14647897 15403133 15927408 16533794 77369054
Reconciliation 297136 292958 308063 318548 330676 1547381
148568 146479 154031 159274 165338 (773689)
5-Year Capital Investments Total
Power System Reliablity Program $2568 33
Suppy Transition amp Mandates
Renenwable Portfolio Std 1123 15
Rebuild Local Power Plants 721 9
Customer Opportunities Programs
Energy Efficiency 879 11
Local Solar 190 3
Other Infrastructure Invesmtens 1763 23
Operating Support 493 6
Total 5-Year Capital Budget $7737 100
Case 94
Water System Capex 2016 2017 2018 2019 2020 Total
Water Conservation 37517 38599 38798 39552 40281 194747
Water Quality 328916 330658 234591 199391 166324 1259880
Water Reclamation 80429 106555 107954 119145 273340 687422
Water Security - 0 - 0 - 0 - 0 - 0 - 0
Owens Valley 192063 139324 118487 148934 220288 819096
Infrastructure - Pass Through 209387 280602 295140 439090 481764 1705982
Infrastructure - Base 134382 156246 153843 175282 173960 793713
982694 1051983 948815 1121392 1355956 5460839
Water Financing Plan 2016 2017 2018 2019 2020 Total
Revenue Bonds 598013 253851 287893 515783 669681 2325221 055
State Loan Program 151441 80531 71500 52750 33548 389770 009
Securitization - 0 428049 320377 335126 393346 1476897 035
749454 762431 679769 903660 1096575 4191889
076 072 072 081 081 077
PA Water System Capex 2016 2017 2018 2019 2020 Total
Infrastructure Replacement 321259 412628 427062 596495 638392 2395836
Supply Transition 189020 218776 236748 272949 424928 1342421 5-Year Capital Investments Total
Water Quality 280351 281256 166518 103015 72348 903487 Infrastructure Replacement $2396 44
Owens Valley 192063 139324 118487 148934 220288 819096 Supply Transition 1342 24
Total 982694 1051983 948815 1121392 1355956 5460839 Water Quality 903 17
Owens Valley 819 15
Total $5461 100
2020 2021 2022 2023 2024 Total
Internally Generated Funds 497 288 349 431 452 2017000 0371797235
Securitization - 0 - 0 - 0 - 0 - 0 - 0
ExternalDebt Financing 335 623 849 756 845 3408000 0628202765
- 0 - 0 - 0 - 0 - 0 - 0
Capital Program 832 911 1198 1187 1297 5425000
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Average Average Total
Infrastruction Replacement
Capex 321 413 427 596 638 479 0 0 0 2396
OampM 223 226 230 236 242 231 262 271 198 1157
Total 545 639 657 832 880 711 262 271 198 3553
Supply Transition
Capex 189 219 237 273 425 268 1342
OampM 113 114 117 112 115 114 570
Total 302 333 354 385 539 382 - 0 0 0 1912
Water Quality
Capex 280 281 167 103 72 181 903
OampM 84 88 92 97 97 92 459
Total 364 369 259 200 170 272 1362
Owens Valley
Capex 192 139 118 149 220 164 164 819
OampM 39 45 46 47 48 45 45 225
Total 231 185 165 196 268 209 209 0 0 1045
Total Capex and OampM
Capex 983 1052 949 1121 1356 1092 1092 5461
OampM 459 473 485 492 502 482 482 2411
Total 1442 1525 1434 1613 1858 1574 1574 0 0 7872
2002
Renewable 3
Natural Gas 24
Coal 50
Nuclear 13
Hydro 10
100
2010
Renewable 20
Natural Gas 22
Coal 39
Nuclear 11
Hydro 3
Generic Power 5
100
2030
Renewable 33
Energy Efficiency 13
Natural Gas 42
Nuclear 8
Hydro 4
100
Power 2013 2012 2011 2010 2009 2008 2013 2012 2011 2010 2009 2008
LT Debt 7494766 6354469 6497714 5711209 5241853 4801728
Current 249245 246582 178885 240235 217882 175455 Total Cash 1087850 908339 1047023 953193 991958 918517
Total Debt 7744011 6601051 6676599 5951444 5459735 4977183 OampM 2266249 2235522 2308188 2287434 2043192 2176056
OampMDay 6209 6125 6324 6267 5598 5962
Surplus 5191221 5054738 4936552 4878911 4557311 4407540 Days Cash 17521 14831 16557 15210 17721 15407
Debt to Total Capitalization Ratio 60 57 57 55 55 53 Day Cash on Hand
Water 2012 2012 2011 2010 2009 2008 2013 2012 2011 2010 2009 2008
LT Debt 3564877 3195110 3171562 2708150 2193338 2097721
Current 65646 63401 61612 63018 58512 59849 Total Cash 448945 329803 240546 203365 153053 123105
Total Debt 3630523 3258511 3233174 2771168 2251850 2157570 OampM 672462 544824 540041 584382 581587 523657
OampMDay 1842 1493 1480 1601 1593 1435
Surplus 2605198 2453633 2376604 2335651 2268349 2138528 Days Cash 24368 22095 16258 12702 9606 8581
Debt to Total Capitalization Ratio 58 57 58 54 50 50
Ratings by Moodys Standard amp Poors Fitch Ratings
1823 398 Power System Aa3 AA- AA-
25 277 Water System Aa2 AA AA
1848 675 1454 3977
Fixed Rate 5789164 80
VRDOs 9693 13
Fixed Rate Note 300 4
Commercial Paper 200 3
Total 7258464
2020 2020 2020 2020
2021 2021 2021 2021
2022 2022 2022 2022
2023 2023 2023 2023
2024 2024 2024 2024
Fiscal Year Ending June 30 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
Operating Revenues $3125957 $3081680 $3162502 $3319820 $3336963
Operating Expenses $2308188 $2235522 $2266249 $2363857 $2445058
Operating Income $817769 $846158 $896253 $955963 $891905
Other Income net AFUDC Contributions $162521 $185999 $180084 $175911 $205264
Change in Fund Net Assets $980290 $1032157 $1076337 $1131874 $1097169
Total Debt Service $400846 $343093 $426825 $451253 $457933
Debt Service Coverage Ratio 245x 301x 252x 251x 240x
Days Cash on Hand 166 days 148 days 175 days 197 days 240 days
Transfers to City General Fund $258815 $250077 $246534 $253000 $265586
Fiscal Year Ending June 30 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
Operating Revenues $3125957 $3081680 $3162502 $3319820 $3336963
Operating Expenses $2308188 $2235522 $2266249 $2363857 $2445058
Operating Income $817769 $846158 $896253 $955963 $891905
Other Income net AFUDC Contributions $162521 $185999 $180084 $175911 $205264
Change in Fund Net Assets $980290 $1032157 $1076337 $1131874 $1097169
Total Debt Service $400846 $343093 $426825 $451253 $457933
Debt Service Coverage Ratio 245x 301x 252x 251x 240x
Transfers to City General Fund $258815 $250077 $246534 $253000 $265586
Unrestricted Cash $561414 $417895 $597525 $775890 $1106651
Debt Restricted Trust Fund $485609 $490444 $490325 $496841 $500017
Total Liquidity $1047023 $908339 $1087850 $1272731 $1606668
Days Cash on Hand 166 148 175 197 240
Debt to Capitalization Ratio 57 57 60 61 62
LADWP
Share of SCPPAs Debt
Summary
Unaudited
2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Linden Wind - 0 - 0 6316722 8304828 8361090 9091800 9076253 9072900 9139073
Mead-Adelanto 5578327 7863977 7828028 7770774 2211002 8656179 8166634 7970382 10623661
Mead-Phoenix 983136 1778776 1922329 1909843 505284 2063608 1666928 1670032 3878657
Milford 1 - 0 4114703 17048629 17017986 17101829 17312300 17284781 17291950 18869550
Milford 2 - 0 - 0 - 0 10362179 12173838 12135711 12108714 12107181 12232725
Palo Verde 6295063 6762149 7206244 7288966 7445254 7540850 7727110 7911360 8371482
STS 42084886 40627595 45895595 56009452 46987196 48701345 48928040 47416145 47317359
Windy Point - 0 - 0 30486831 37529155 37573261 37606800 37529484 37576308 37925534
Apex 9631931 21923000 21972158
GRAND TOTAL 54941412 61147201 116704377 146193184 132358754 143108593 152119876 162939258 170330198
Based on entitlement excludes layoffs
For details see complete SCPPA Debt Service LADWP 2009-13
LADWP
Share of SCPPAs Debt
Summary
Including Layoffs
2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Linden Wind - 0 - 0 7018580 9227587 9290100 10102000 10084726 10081000 10081000
Mead-Adelanto 5578327 7863977 7828028 7770774 2211002 8656179 8166634 7970382 8566883
Mead-Phoenix 983136 1778776 1922329 1909843 505284 2063608 1666928 1670032 2197283
Milford 1 - 0 4114703 17048629 17017986 17101829 17312300 17284781 17291950 17252175
Milford 2 - 0 - 0 - 0 10896087 12801091 12761000 12732613 12731000 12729000
Palo Verde 6295063 6762149 7206244 7288966 7445254 7540850 7727110 7911360 8145860
STS 42084886 40627595 45895595 56009452 46987196 48701345 48928040 47416145 52503990
Windy Point - 0 - 0 33137860 40792560 40840501 40700000 40616325 40667000 40594000
Apex 9631931 21923000 21912000
GRAND TOTAL 54941412 61147201 120057264 150913256 137182257 147837282 156839087 167661869 173982191
- 0 - 0 3352887 4720072 4823504 4728689
IPA Debt Service
Allocated to LADWP
Fiscal Years 2009 - 2013
FY 2008-09 FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14 FY 2014-15 FY 2015-16 FY 201-17
Total IPA Net Debt Service $ 260806691 $ 310299616 $ 290993164 $ 308483919 $ 283583594 $ 267678027 $ 261571711 $ 21734710431 $ 15419000000
LADWPs Actual Received 5706 5891 5977 6250 6856 6914 7062 7175 6448
LADWPs Share of Debt Service 148816298 182797504 173926614 192802449 194424912 185067234 184716711 155942200 99417086
LADWPs IPA Sub Note Principal Received $14032083 $31165834 $78190000 $102307083 $65592917 $73759167 $69837917 $87241667 $21746667
LADWPs IPA Sub Note Interest Received $62093252 $57571658 $56225062 $47825768 $39554988 $36822080 $21806125 $23347489 $23805057
Total IPA Sub Notes Payments Received $76125335 $88737491 $134415062 $150132851 $105147905 $110581247 $91644042 $110589156 $45551724
Note LADWPs IPA Contract Share is 44617 and UPampL share is 40 for a total of 48617
The actual percentages received are based on total IPA power delivered to LADWP and include power delivered under the excess power sales
agreements and seasonal adjustments
Entitlement + UPL 48617 48617 48617 48617 48617 48617 48617 48617 48617
Adjusted to exclude excess power agreement 126796389 150858364 141472147 149975627 137869836 130137026 127168319 105667642 74962552
Amounts in M euro 200900 euro 201000 euro 201100 euro 201200 euro 201300
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734
Operating Income 419504 609893 430832 452139 477768
Adjustments (Depreciation + NonOper Income) 430498 469300 509669 521100 518037
Funds Available for DS 850002 1079193 940501 973239 995805
Total Annual DS 270357 309349 400846 343093 426825
City Transfer 222506 220475 258815 250077 246534
Debt Service Coverage 314 349 235 284 233
Adjusted DS with City Transfer 232 278 170 211 176
Full Obligation Debt Service 192 231 164 192 159
Gross Off-BS DS ($MM) 204 224 309 333 336
IPA Subordinated Notes ($ MM)
Interest Received (62) (57) (57) (46) (40)
Principal Maturities (12) (33) (82) (104) (66)
Total Income amp Mat from IPA (75) (90) (140) (150) (105)
Net Off-BS Debt Service ($ MM) 130 134 169 183 231
Funds Available for DS 850 1079 941 973 996
City Transfer (223) (220) (259) (250) (247)
627 859 682 723 749
Gross Off-BS DS ($MM) 204 224 309 333 336
Less IPA- Interest from Notes (62) (57) (57) (46) (40)
Adjusted - Funds Available for Full DS 769 1025 933 1010 1046
Direct Debt Service 270 309 401 343 427
Off-Balance Sheet DS Net 130 134 169 183 231
Full Obligation Debt Service 400 443 570 526 657
Full Obligation Debt Service 192 231 164 192 159
Amounts in M 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Operating Income 419504 609893 430832 452139 477768 489437 395717 524628 611726 725259 512310
Adjustments (Depreciation + NonOper Income) 430498 469300 509669 521100 518037 578562 596354 659744 635260 647013 824443
Funds Available for DS 850002 1079193 940501 973239 995805 1067999 992071 1184372 1246986 1372272 1336753
Total Annual DS 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Debt Service Coverage 314 349 235 284 233 237 217 253 231 251 230
Adjusted DS with City Transfer 232 278 170 211 176 181 159 196 182 207 190
Full Obligation Debt Service 193 225 164 190 159 165 148 179 161 179 189
SCPPA DS Actual 5494 6115 12006 15091 13718 14784 15780 16766 17398 17127 16229
IPA DS - Actual Share 14882 18280 17393 19280 19442 18507 18472 15594 9942 14867 12489
204 244 294 344 332 333 343 324 273 320 287
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 287
IPA Subordinated Notes ($ MM)
Interest Received (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Principal Maturities (14) (31) (78) (102) (66) (74) (70) (87) (22) (49) (124)
Total Income amp Mat from IPA (76) (89) (134) (150) (105) (111) (92) (111) (46) (62) (141)
Net Off-BS Debt Service ($ MM) 128 155 160 194 226 222 251 213 228 258 146
Funds Available for DS 850 1079 941 973 996 1068 992 1184 1247 1372 1337
City Transfer (223) (220) (259) (250) (247) (253) (266) (267) (264) (242) (233)
627 859 682 723 749 815 726 917 983 1130 1104
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 287
Less IPA- Interest from Notes (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Adjusted - Funds Available for Full DS 769 1045 919 1019 1041 1111 1047 1218 1232 1437 1374
Direct Debt Service 270 309 401 343 427 451 458 467 539 546 580
Off-Balance Sheet DS Net 128 155 160 194 226 222 251 213 228 258 146
Full Obligation Debt Service 398 465 560 537 653 674 709 680 767 805 727
Full Obligation Debt Service 193 225 164 190 159 165 148 179 161 179 189
Fitch
Goals
(Amounts in thousands) fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Financial Results
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Gross Revenues and Income 2893194 3366627 3248689 3208761 3262054 3431856 3437129 3636306 3811964 3896880 4310142
OampM excluding Deptn amp Amort 2043192 2287434 2308188 2235522 2266249 2363857 2445058 2451934 2564978 2524608 2973389
Net Revenues 850002 1079193 940501 973239 995805 1067999 992071 1184372 1246986 1372272 1336753
Annual Debt Service 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Total Liquidty 1016998 956435 1047152 908607 1088137 1273023 1606884 1785641 1448014 1217143 1637956 ge 300000
Key Financial Ratios
Debt Service Coverage (x) 314 349 235 284 233 237 217 253 231 251 230 ge 225 ge 225
Net Debt Service Coverage (after transfer) (x) 232 278 170 211 176 181 159 196 182 207 190
Fixed Charge Coverage (x) 193 225 164 190 159 165 148 179 161 179 189 ge 170
Days Cash on Hand 183 154 168 151 178 200 243 269 223 193 0 ge 170 days
Debt to Capitalization Ratio 55 55 57 57 60 61 62 62 62 64 65 le 68 le 68
MOODYs
Goals
(Amounts in thousands) fiscal year ended June 30 euro 200900 2010 2011 2012 2013 2014 Prior New
Financial Results
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820
Gross Revenues and Income 2910018 3379696 3276672 3235492 3308914 3477095
OampM excluding Deptn amp Amort 2043192 2287434 2308188 2235522 2266249 2363857
Net Revenues 866826 1092262 968484 999970 1042665 1113238
Annual Debt Service 270357 309349 400846 343093 426825 451253
City Transfer 222506 220475 258815 250077 246534 253000
Total Liquidty 1126392 1064319 1161045 1032504 1222036 1416823 ge 300000
Key Financial Ratios
Debt Service Coverage (x) 314 349 242 291 244 247 ge 225 ge 225
Net Debt Service Coverage (after transfer) (x) 232 278 177 219 187 191
Fixed Obligation Charge Coverage (x) 193 225 169 195 167 172 ge 170
Days Cash on Hand 203 171 186 172 200 222 ge 170 days
Debt to Capitalization Ratio 55 55 57 57 60 61 le 68 le 68
Board approved on May 20 2014
euro 201000 euro 201100 euro 201200 euro 201300 euro 201400
Debt Service Coverage 349 235 284 233 237
Net DSC (after transfer) 278 170 211 176 181
Fixed Obligatn Charge Coverage 225 164 190 159 165
Debt to Capitalization Ratio 55 57 57 60 61
Days Cash on Hand 171 186 172 200 222
Amounts in thousands 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
OampM excluding Deptn amp Amort (2043192) (2287434) (2308188) (2235522) (2266249) (2363857) (2445058) (2451934) (2564978) (2524608) (2973389)
Nuclear Fuel amp Nat Gas Amort Adj
Operating Income 712743 947759 817769 846158 896253 955963 891905 1065106 1132946 1279613 1097541
Other nonoperating income and expenses net 137259 131434 122732 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in aid of construction 16824 13069 27983 26731 46860 45239 66988 65896 32177 42460 58373 Moodys exclude CIAC
AFUDC 32187 33672 18636 38110 32200 9373 7924 5042 Excluded from DSC Calc
Net Revenues 850002 1079193 968484 999970 1042665 1113238 1059059 1250268 1279163 1414732 1395126
Debt Service
Interest 211295 207700 277026 280935 297576 318871 346900 353725 384899 414722 426577
Principal 59062 101649 123820 62158 129249 132382 110943 113526 153915 131756 153664
Total debt service 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Debt Service Coverage 314 349 242 291 244 247 231 268 237 259 240
Net DSC (City Transfer) 232 278 177 219 187 191 173 210 188 215 200
Full Obligation Debt Service 193 225 169 195 167 172 157 189 165 184 193
Off Balance-Sheet Debt Service ($ MM)
SCPPA DS Actual 5494 6115 12006 15091 13718 14784 15780 16766 17398 17127 16229
IPA DS - Actual Share 14882 18280 17393 19280 19442 18507 18472 15594 9942 14867 15766
204 244 294 344 332 333 343 324 273 320 320
Gross Off-BS DS ($ MM) 204 244 294 344 332 333 343 324 273 320 320
IPA Subordinated Notes ($ MM)
Interest Received (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Principal Maturities (14) (31) (78) (102) (66) (74) (70) (87) (22) (49) (124)
Total Income amp Mat from IPA (76) (89) (134) (150) (105) (111) (92) (111) (46) (61604) (140882)
Net Off-BS Debt Service ($ MM) 128 155 160 194 226 222 251 213 228 258 179
Funds Available for DS 850 1079 968 1000 1043 1113 1059 1250 1279 1415 1395
City Transfer (223) (220) (259) (250) (247) (253) (266) (267) (264) (242) (233)
627 859 710 750 796 860 793 983 1015 1173 1163
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 320
Less IPA- Interest from Notes (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Adjusted - Funds Available for Full DS 769 1045 947 1046 1088 1156 1114 1284 1264 1480 1465
Direct Debt Service 270 309 401 343 427 451 458 467 539 546 580
Off-Balance Sheet DS Net 128 155 160 194 226 222 251 213 228 258 179
Full Obligation Debt Service 398 465 560 537 653 674 709 680 767 805 759
Full Obligation Debt Service 193 225 169 195 167 172 157 189 165 184 193
Average 4-Yr Full Obligation DS 189 176 173 171 171 174 183
Power System
Moodys-Debt Ratio
($ in thousands) euro 200900 euro 201000 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands)
Debt Ratio
LTD 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812
Current Assets 1770611 2233654 1846753 1683934 1991595 2263813 2446200
Less Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880)
1567361 2004432 1651767 1412606 1711125 1993540 2158320
Adjustmts to Under-Collection (130367) (250381) (294226) (312373) (273839) (244712) (215585)
Current Liability 651258 693907 838155 916745 853715 890730 898240
Current Portion of LTD (217882) (240235) (178885) (246582) (249245) (227575) (230165)
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896)
331655 352065 529396 530291 459132 503508 497179
Calc Net Working Capital 1105339 1401986 828145 569942 978154 1245320 1445556
Moodys calculation 1172368 1301195 1140353
Difference (67029) 100791 (312208)
Gross Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165
Gross Debt 5459735 5951444 6676599 6601051 7744011 8164755 8798446
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) 7894482
Accrued Interest
DRTF (547282) (529338) (485609) (490444) (490325) (496841) (500017)
Net Debt Outstanding 4709203 5192884 5996004 5839279 6973216 7397641 8010549
Plant Assets net 6616642 6978755 7430988 8113664 8620790 9212597 9925900
Net Working Capital 1105339 1401986 828145 569942 978154 1245320 1445556
7721981 8380741 8259133 8683606 9598944 10457917 11371456
Calculated Debt Ratio 610 620 726 672 726 707 704
Moodys calculation 6238 6258 6370 6460 7120 6980 7210
Difference -14 -06 89 26 14 09 -17
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812
CWIP 609115 431491 685485 1211851 884378 1235945 1720822
Nuclear Fuel 36904 44295 44328 49687 44686 42931 39469
Gas Resreve 223617 231397 256622 293006 272157 248923 228797
Adjusted Plant Assets -Net 6616642 6978755 7430988 8113664 8620790 9212597 9925900
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896)
Power System euro 200900 euro 201000 euro 201100 euro 201200 euro 201300 euro 201400 euro 201400
Debt to Capitalization Ratio
LT Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165
Total Debt Outstanding 5459735 5951444 6676599 6601051 7744011 8164755 8798446
Total Net Position 4557311 4878911 4936552 5054738 5191221 5293640 5415775
Debt to Capitalization Ratio 55 55 57 57 60 61 62
- 0
Power System
Total Liquidity
($ in thousands) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unrestricted Cash 444676 423855 561414 417895 597525 775890 1106651 1331543 991182 751164 1142128
Debt Reduction Trust Fund 547282 529338 485609 490444 490325 496841 500017 453883 456482 460613 474814
Natural Gas Trust Fund 25040 3242 129 268 287 292 216 215 350 5366 21014
Rate Stabilization Fund 100000 100000 100000
Insurance Fund 109394 107884 113893 123897 133899 143799 153802 163779 180575 182000 192000
Revolving Credit Agreement $500M
Total Liquidity 1126392 1064319 1161045 1032504 1222036 1416823 1760686 1949420 1728589 1499143 1929956
Moodys calculation 888246 1123708 1161200
Difference 238146 (59389) (155)
Per Audited Financials 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Less Depreciation amp Amortization (293239) (337866) (386937) (394019) (418485) (466526) (496188) (540478) (521220) (554354) (585231)
Depletion Expense (5074) (6821) (14398) (29064) (26176) (23564) (20035) (15131) (15617) (16618) (15439)
Amortization of Nuclear Fuel (8709) (6717) (11974) (13248) (13859) (13934) (13621) (14181) (13610) (13185) (12143)
Adjusted OampM (excludes Noncash Charges) 2029409 2273896 2281816 2193210 2226214 2326359 2411402 2422622 2535751 2494805 2945807
Total Liquidity 1126392 1064319 1161045 1032504 1222036 1416823 1760686 1949420 1728589 1499143 1929956
(13783) (13538) (26372) (42312) (40035) (37498) (33656) (29312) (29227) (29803) (27582)
Adjusted Days Liquidity on Hand 203 171 186 172 200 222 267 294 249 219 23913
(Total Liquiduity Adjusted OampM365 days)
Data Provided to Moodys rounded to $MM
Audited Financial Data in millions 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unrestricted Cash 4447 4239 5614 4179 5975 7759 11067 13315 9912 7512 11421
Debt Reduction Trust Fund 5473 5293 4856 4904 4903 4968 5000 4539 4565 4606 4748
Natural Gas Trust Fund 250 32 01 03 03 03 02 02 04 54 210
Rate Stabilization Fund 1000 1000 1000
Insurance Fund (only apply to Moodys) 1094 1079 1141 1806 1820 1920
Revolving Credit Agreement
Total Liquidity 11264 10643 11612 9086 10881 12730 16069 17856 17287 14992 19299
Total Operating Expenses 2336 26253 26951 26295 26847 28304 29412 29924 30862 30790 35586
Less Deptn amp Amortiztn 293 3379 3869 3940 4185 4665 4962 5405 5212 5544 5852
Deleption Expense 5 68 144 291 262 236 200 151 156 166 154
Amortn of Nuclear Fuel 9 67 120 155 139 139 136 142 136 132 121
OampM excludes Noncash Charges 20294 22739 22818 21909 22262 23264 24114 24226 25358 24948 29459
OampM Days Cash on hand 203 171 186 151 178 200 243 269 249 219 239
Total Liquidity Excl Insurance Fnd amp RCA 1016998 956435 1047152 908607 1088137 1273023 1606884 1785641 1548014 1317143 1737956
OampM per day 5560 6230 6252 6009 6099 6374 6607 6637 6947 6835 8071
Fitchs Days Cash on Hand 183 154 168 151 178 200 243 269 223 193 215
2019 2018 2018 (from PS Case 36 file)
PENSION PORTION
Change in Net pension liabilitiy $ (298748) $ 618010 916758 ltlt from audit 917000 ltlt from PS Case 36 file From GASB 68
Plus Change in Pension Deferred inflows $ (36639) $ 287735 324374 ltlt from audit 324000 ltlt from PS Case 36 file From GASB 68
Less Change in Pension Deferred Outflows $ (154474) $ 248836 403310 ltlt from audit 700000 ltlt from PS Case 36 file From GASB 68
Moodys Pension Adjustment $ (180913)
2019 2018
OPEB GASB 75
Change in net liability $ (39098) $ 339581 $ 378679 ltlt from audit 379000 ltlt from PS Case 36 file From Statement of Net Position
Plus Change in Deferred inflows $ 2672 $ 122341 $ 119669 ltlt from audit 120000 ltlt from PS Case 36 file From Statement of Net Position
Less Change in Deferred outflows $ 2899 $ 5525 $ 2626 ltlt from audit 68000 ltlt from PS Case 36 file From Statement of Net Position
Reconcile $ (39325)
Pension + OPEB 75 Adjustment $ (220238)
Increase from expense to contributions $ 220238
$000s
Multi-Employer Cost Sharing Plan
Measurement Date 63018
Reported Single-Equivalent Discount Rate 725
Citigroup Pension Liability Index 414
Total Pension Liability $8951572 $8951572 Not sure how Moodys calculates this number Our calculation includes the total pension liability from GASB 68 ($13187542730) multiplied by the proportionate share (67879) of the power system from GASB 68 Past Moodys calculations have been very close to this number but not exact
Plan Fiduciary Net Position $8333563 $8333563 Same method as above Plan Fiduciary Net Position from GASB 68 is $12277085263
Net Pension Liability $618009 $618009
NPL 1 increase -$380973 From GASB 68 Report
NPL 1 decrease $1826112 From GASB 68 Report
Estimated Liability Duration 1350
Moodys Adj Liability $13319058 $13319058
Moodys Adj Net Pension Liability $4985496 $4985496
LADWP Metrics Calculations 2016 2017 2018 2019
Operating Revenues ($000)
Residential 1126690 1179514 1265713 1376341
Commercial and Industrial 2308194 2331599 2429323 2560098
Sales for resale 72936 88099 91351 111542
other 45586 133559 50830 50911
Uncollectible accounts (36366) (34847) (32996) (27962)
Total Operating Revenues ($000) 3517040 3697924 3804221 4070930
Nonoperating Revenues ($000)
Investment income 65475 21848 32135 94217
Federal Bond subsidies 33508 33472 33580 33723
other nonoperating income 23025 60955 29646 113498
Capital Contributions 65896 32177 42460 58373 Excluded from DSCR
Gross Revenues available for Debt Service ($000) 3704944 3846376 3942042 4370741
Nonoperating Expenses ($000)
Other nonoperating expenses 2742 2235 2702 2226
Allowance for funds used during construction 32200 9373 7924 5042
Transfers to City of LA (PILOT) 266957 264427 241848 232557
Total Nonoperating Expenses ($000) 269699 266662 244550 234783
GROSS REVENUES 3337149 3538164 3647108 4077585 excludes capital contributions above
Operating Expenses ($000)
Fuel for generation 318749 292557 268610 296506
Purchased Power 1037471 1165303 1143535 1264133
Maintenance and Other Operating Expenses 1095714 1107118 1112463 1337750
Depreciation and Amortization 540478 521220 554354 585231
ARO decommissioning non-cash 75000
Total Operating Expenses ($000) 2992412 3086198 3078962 3558620
Moodys Pension and OPEB Adjustment 280921 (47472) 292448 220238 See tabs titled 2018 Pension and OPEB 2017 Pension and OPEB 2016 Pension and OPEB
Moodys Total Operating Expenses (excluding depreciation) 2732855 2517506 2817056 3118627
Moodys Net Operating Revenues ($000) 604294 1020658 830052 958958
Debt Service Payments
Senior Lien Debt Service ($000) 467251 538814 546478 580241 Offering statement
Aggregate Annual Debt Service ($000) 467251 538814 546478 580241
JAA Debt Payment ($000) - used for FOCC only 211907 227574 319443 287182
Gross Revenue (no change) 3337149 3538164 3647108 4077585
Adjusted operating expenses (JAA debt payment removed) 2520948 2289932 2497613 2831445
Adjusted Net Revenues 816201 1248232 1149495 1246140
Adjuted Debt Service (JAA debt payment added) 679158 766388 865921 867423
3-Year avg
Senior lien DSCR post PILOT before JAA adjustment 129 189 152 165 157
Fixed Obligation Charge Coverage (FOCC) 120 163 140 160 141
Days Cash on Hand 2016 2017 2018 2019
Liquidity
Unrestricted Cash and Cash Equivalents 1331543 991182 751164 1142128
Debt Reduction funds 453883 456482 460613 474814
Natural Gas fund 215 350 5366 21014
Rate stabilization fund+Self Insurance Fund 0 100000 100000 100000
Total Available unrestricted liqudity ($000) 1785641 1548014 1317143 1737956
Adjusted Operating Expenses Excluding JAA debt payment 2520948 2289932 2497613 2831445
3-Year avg
Days Cash on Hand 259 247 192 224 233
Debt Ratio 2016 2017 2018 2019
Debt and Debt Service Reserve Funds
Long Term Debt (Total Principal Amount) from Note 9 8334507 8630405 8812411 9458013 Does this already include current portion of long-term debt
Revenue Certificates from Note 9 200000 200000 200000 0
Total Debt 8534507 8830405 9012411 9458013 is this missing anything
Debt Service fund (redemption) 262430 311209 345602 384525
Total Capital Assets
Plant Property and Equipment ($000) 17491787 17677729 18575936 19723337
Accumulated Depreciation ($000) (8289312) (7803778) (8242031) (8434447)
Construction in Progress ($000) 866434 658992 820472 676237
Total Capital Assets (Net of Depreciation) 10068909 10532943 11154377 11965127
Net Working Capital 2009240 1754679 1445045 1965778
3-Year avg
Debt Ratio () 685 693 688 651 69
Adjusted Net Pension Liabiilty 4137366 6521898 5617373 4985496
Adjusted Debt Ratio with ANPL () 1027 1224 1134 1009 113
Fixed Obligation Ratio Adjusted for Notes
Power System
Moodys-Debt Ratio
($ in thousands) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Moodys Debt Ratio
LTD 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
Current Assets 1770611 2233654 1846753 1683934 1991595 2263813 2446200 2489259 2448602 2419100 2943323
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) (262430) (350256) (345602) (384525)
Materials amp Fuel (153218) (158003) (154490) (169839) (163088) (163484) (165564) (218544) (170065) (176122) (184988)
Prepayments amp Others (126243) (93820) (150265) (109293) (114320) (106850) (107263) (106444) (110731) (119814) (134564)
Cash amp Cash Eq in noncurrnt - 0 552704 20730 448184 193701 85272 6 16569 - 0 72061
Adjusted Current Assets 1287900 1752609 1899716 1154204 1881901 1916907 1970765 1901847 1834119 1777562 2311307
Current Liability 651258 693907 838155 916745 853715 890730 898240 864218 979664 1059815 1062211
Current Portion of LTD (217882) (240235) (178885) (246582) (249245) (227575) (230165) (211133) (243049) (265005) (263296)
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896) (169358) (182192) (188662) (209257)
Adjusted Current Liab 331655 352065 529396 530291 459132 503508 497179 483727 554423 606148 589658
Calc Net Working Capital 956245 1400544 1370320 623913 1422769 1413399 1473586 1418120 1279696 1171414 1721649
Moodys calculation 1172368 1301195 1140353
Difference (216123) 99349 229967
Gross Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165 211133 243049 265005 263296
Gross Debt 5459735 5951444 6676599 6601051 7744011 8164755 8798446 9154509 9519279 9772261 10370078
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) (262430) (350256) (345602) (384525)
Bond Sinking Fund QECB (5000) (15123) (25569) (36198)
Debt Reduction Trust Fund (547282) (529338) (485609) (490444) (490325) (496841) (500017) (453883) (456482) (460613) (474814)
Net Debt Outstanding 4709203 5192884 5996004 5839279 6973216 7397641 8010549 8433196 8697418 8940477 9474541
Total Plant Assets net 6616642 6978755 7430988 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Net Working Capital 956245 1400544 1370320 623913 1422769 1413399 1473586 1418120 1754679 1445045 1965778
7572887 8379299 8801308 8737577 10043559 10625996 11399486 11740668 12527232 12822498 14139610
Moodys Debt Ratio 622 620 681 668 694 696 703 718 694 697 670
Moodys calculation 6238 6258 6370 6460 7120 6980 7030 6930 6870 6480
Difference -02 -06 44 22 -18 -02 -00 718 01 10 22
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
CWIP 609115 431491 685485 1211851 884378 1235945 1720822 866434 658992 820472 676237
Nuclear Fuel 36904 44295 44328 49687 44686 42931 39469 39948 41465 41528 42406
Gas Resreve 223617 231397 256622 293006 272157 248923 228797 213691 198145 181548 166299
Adjusted Plant Assets -Net 6616642 6978755 7430988 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Power System 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Debt to Capitalization Ratio
LT Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165 211133 243049 265005 263296
Total Debt Outstanding 5459735 5951444 6676599 6601051 7744011 8164755 8798446 9154509 9519279 9772261 10370078
Total Net Position 4557311 4878911 4936552 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Debt to Capitalization Ratio 545 550 575 566 599 607 619 621 623 645 649
- 0
Avail DS $ 127916300
$ 725
Moodys Debt Ration = Net Funded Debt (Total Current amp LT Debt minus Debt Service amp DS Reserve Funds)
Net Working Capital and Net Fixed Assets
Net Working Capital = Includes both restricted amp unrestricted cash amp cash equiv receivables but exculde funds set aside for DS nor non-cash current assets such as inventories prepaid expenses
Current liab Excludes DS pmts
Fitch - Debt to FADS 2017
Oper Income 524628 611726
Deptn 521220
Amort 15617
Depletion 13610
Interet Incom 21848
1184021
Debt Outstd 9519279
804
Goals
fiscal year ended June 30 euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Operating Revenues $783964 $812360 $756605 $3081680 $3162502 $3319820 $3336963 $3517040 $3697924 $3804221 $4070930
Fuel For Generation 215864 163248 125301 (403406) (446450) (436643) (377343) (318749) (292557) (268610) (296506)
Purchased Power (909910) (895092) (977187) (1022271) (1037471) (1165303) (1143535) (1264133)
OampM 365723 421134 414740 (922206) (924707) (950027) (1045444) (1095714) (1107118) (1112463) (1412750)
Adjusted Operating Income $202377 $227978 $216564 $846158 $896253 $955963 $891905 $1065106 $1132946 $1279613 $1097541
8593 16221 24411
Other Nonoperating Income and Expenses 30603 24099 48946 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in Aid of Construction 26731 46860 45239 66988 65896 32177 42460 58373
Cash Available for Debt Service $241573 $268298 $289921 $999970 $1042665 $1113238 $1059059 $1250268 $1279163 $1414732 $1395126
Interest Expense $92032 $108017 $136846 280935 297576 318871 346900 353725 384899 414722 426577
Principal Repayment 23994 26089 30525 62158 129249 132382 110943 113526 153915 131756 153664
Total Debt Service $116026 $134106 $167371 $343093 $426825 $451253 $457843 $467251 $538814 $546478 $580241
Debt Service Coverage Ratio (x) 208 200 173 291 244 247 231 268 237 259 240 ge 225 ge 225
Liquidity
Unrestricted Cash $120375 $170685 $207631 $417895 $597525 $775890 $1106651 $1331543 $991182 $751164 $1142128
Debt Reduction Trust Fund 490444 490325 496841 500017 453883 456482 460613 474814
Natural Gas Trust Fund 268 287 292 216 215 350 5366 21014
Rate Stabilization Fund 32678 32680 32915 100000 100000 100000
Total Liquidity $153053 $203365 $240546 $908607 $1088137 $1273023 $1606884 $1785641 $1548014 $1317143 $1737956 ge 200000
Total Operating Expenses $2629541 $2684734 $2830383 $2941246 $2992412 $3086198 $3078962 $3558620
Depreciation amp Amortization (394019) (418485) (466526) (496188) (540478) (521220) (554354) (585231)
Depletion Expense (29064) (26176) (23564) (20035) (15131) (15617) (16618) (15439)
Amortization of Nuclear Fuel (13248) (13859) (13934) (13621) (14181) (13610) (13185) (12143)
Adjusted OampM (excludes Noncash Charges) $ 2193210 $ 2226214 $ 2326359 $ 2411402 $ 2422622 $ 2535751 $ 2494805 $ 2945807
Days Cash on Hand 96 127 163 151 178 200 243 269 223 193 215 ge 150 days
Debt to Capitalization Ratio euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 2018 2019
LT Debt 2193338 2708150 3171562 $6354469 $7494766 $7937180 $8568281 $8943376 $9276230 $9507256 $10106782
Current Portion of LTD 58512 63018 61612 246582 249245 227575 230165 211133 243049 265005 263296
BRampI - Principal portion (90940) (126540) (153615) (173041)
Bond Sink Fund - QECBs (15123) (25569) (36198)
Total Debt Outstanding 2251850 2771168 3233174 6601051 7744011 8164755 8798446 9063569 9377616 9593077 10160839 le 60 le 65
120193 116509 111390
Total Net Position 2268349 2335651 2376604 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Debt to Capitalization Ratio 50 54 58 5663 5987 6067 6190 6185 6192 6405 6442
Off-Balance Sheet Debt Service (in Millions)
SCPAA Actual Debt Service 15091 13718 14784 15780 16766 17398 17127 16229
IPA Actual Debt Service 19280 19442 18507 18472 15594 9942 14867 12489
Gross Off-Balance Sheet Debt Service 34372 33161 33290 34252 32360 27340 31994 28718
IPA Subordinated Notes (in Millions)
Interest Received (4783) (3955) (3682) (2181) (2335) (2381) (1309) (1734)
Principal Maturities (10231) (6559) (7376) (6984) (8724) (2175) (4851) (12355)
Total Income and Maturity (IPA) (15013) (10515) (11058) (9164) (11059) (4555) (6160) (14088)
Net Off-Balance Sheet DS (in Millions) 19358 22646 22232 25087 21301 22785 25833 14630
Funds Available for Debt Service (in Millions) 99997 104267 111324 105906 125027 127916 141473 139513
(Less) City Transfer (25008) (24653) (25300) (26559) (26696) (26443) (24185) (23256)
Gross Off-Balance Sheet Debt Service 34372 33161 33290 34252 32360 27340 31994 28718
(Less) IPA Interest Received (4783) (3955) (3682) (2181) (2335) (2381) (1309) (1734)
Adjusted Funds Available for Full Debt Service 104578 108818 115632 111419 128357 126433 147973 143241
Direct Debt Service 34309 42683 45125 45784 46725 53881 54648 58024
Net Off-Balance Sheet Debt Service 19358 22646 22232 25087 21301 22785 25833 14630
Full Obligation Debt Service 53668 65328 67358 70872 68027 76666 80481 72654
Full Obligation Debt Service Coverage Ratio 195 167 172 157 189 165 184 197
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 225 225 225 225 225 225 225 225
Minimum Operating Cash Target $200 M $200 M $200 M $300 M $300 M $300 M 170 days 170 days 170 days 170 days 170 days
Capitalization Ratio of less than 60 60 60 68 68 68 68 68 68 68 68
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217
Financial Performance euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 3-6 2018 2018
Debt Service Coverage 21 20 17 29 24 25 23 27 24 26 24
Oper Cash Target ($ 000) $153053 $203365 $240546 $908607 $1088137 $1273023 187 days 172 days
Capitalization Ratio 50 54 58 57 60 61 62 62 62 64 64
Power System Actual Financial Performance
DSC
2012 291
2013 244
2014 247
2015 231
2016 268
2017 237
2018 259
2019 240
Days Cash
2012 151
2013 178
2014 200
2015 243
2016 269
2017 223
2018 193
2019 215
Cap Ratio
2012 5663
2013 5987
2014 6067
2015 6190
2016 6185
2017 6192
2018 6405
2019 6442
Full Obl
2012 195
2013 167
2014 172
2015 157
2016 189
2017 165
2018 184
2019 193
Financial Performance 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Debt Service Coverage 349 242 291 244 247 231 268 237 259 240
Full Obligation Coverae 22 17 19 17 17 16 19 17 18 20
Oper Cash Target ($ 000) $ 423855 $ 561414 $ 417895 $ 597525 $ 775890 $ 1106651 269 days 249 days 0 0
Capitalization Ratio 55 57 57 60 61 62 62 62 64 64
Minimum Debt Service Coverage 225 times
Full Obligation Coverage effective FY 2016 17 times
Minimum Operating Cash Target was $300 million until FY 2016 changed to 170 days
Maximum Capitalization Ratio at 68
Moodys
Days Cash
2012 172
2013 200
2014 222
2015 267
2016 294
2017 249
2018 219
2019 239
2016 2017 2018 2019
Current Assets included in Net Working Capital
Unrestricted Cash 1331543 991182 751164 1142128
Cash colateral received from securities lending transactions 31101 11397 24114 17605
Discretionary Reserves (rate stabilization fund Self-insurance Natural gas fund debt reduction fund) 617877 737407 747979 787828
Contruction Funds 6 16569 - 0 72061
Accounts Receivable and Due from Water System 504522 543945 518090 533553
Due from other funds 7918 8602 9846 2261
Total Current Assets 2492967 2309102 2051193 2555436
Current Liabilities included in Net Working Capital
Accounts Payable 332211 412963 441102 420592
Accrued Salaries Benefits and Compensated Absences 120371 130063 140932 151461
Other Current Liabilities 31145 11397 24114 17605
Total Current Liabilities 483727 554423 606148 589658
Net Working Capital 2009240 1754679 1445045 1965778
Please see actual DS for FY2019 below
Total Debt Service Total Debt Service Total Debt Service Total Debt Service LA Share ONLY LA Share ONLY LA Share ONLY LA Share ONLY
2016 2017 2018 2019 2016 2017 2018 2019
Entity Agency LADWP Interest Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service
Southern Transmission Project SCPPA 595 79691 88242 77893 76855 47416 52504 46346 45729
Milford Wind I SCPPA 925 17292 18651 18637 18630 15995 17252 17239 17233
Milford Wind II SCPPA 100 12731 12729 12711 12716 12731 12729 12711 12716
Windy Point SCPPA 100 40667 40594 40558 40535 40667 40594 40558 40535
Apex Power Project SCPPA 100 21923 21912 21888 21861 21923 21912 21888 21861
Linden Wind Project SCPPA 100 10081 10081 10055 10073 10081 10081 10055 10073
Palo Verde Project SCPPA 67 11808 12158 12428 - 0 7911 8146 8327 - 0
Mead-Adelanto Transmission Project SCPPA 357 22763 22183 22016 21248 8126 7919 7860 7586
Mead-Phoenix Transmission Project SCPPA 248 6866 6638 6596 6426 1703 1646 1636 1594
Mead-Adelanto Transmission Project (LADWP interest) SCPPA 100 - 0 444 2163 2737 - 0 444 2163 2737
Mead-Phoenix Transmission Project (LADWP interest) SCPPA 100 - 0 481 1994 2230 - 0 481 1994 2230
223822 234113 226939 213311 166554 173709 170777 162293
Actual 61375
Intermountain Power Project (IPP) IPA 48617 217347 154190 226173 256884 155942 99417 148666 124889
Agmt 48617
Notes Receivable - Income and Principal Maturity (110589) (45552) (61604) (140882)
Net Debt Service - IPP 45353 53865 87062 (15993)
Net Off Balance Sheet JAA Debt Service 211907 227574 257839 146300
Debt Service Included in Purchased Power Expense 322496 273126 319443 287182
Notes Receivable (IPP Prepayment Notes)
Interest 23347 23805 13092 17337 Updated
Principal 87242 21747 48512 123545 Updated
Notes Receivable - Income and Principal Maturity 110589 45552 61604 140882
211907 227574 257839 146300
Power System Cash Cash Equivalents and Investments
From Notes to Financial Statements 7 (In thousands)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Restricted and Other Investments
Restricted Investments
Debt Reduction Funds $ 490444 $ 490325 $ 496841 $ 500017 $ 453883 $ 456482 $ 460613 $ 474814
Nuclear Decommissioning Funds 123627 122584 126521 129347 133372 133805 134004 140699
Natural Gas Fund 268 287 292 216 215 350 5366 21014
Hazardous Waste Treatment Fund 2177 2182 2204 2217 2241 2250 2275 2334
SCPPA Palo Verde Investment 22605 18525 14236 9724 4987
Total Restricted Investments 639121 633903 640094 641521 594698 592887 602258 638861
Power System Cash and Cash Equivalents
From Notes to Financial Statements 1 (J) (In thousands)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Cash And Cash Equivalents
Bond Redemption and Interest Funds 271328 280470 270273 287902 267430 311209 345602 384525
Other Restricted Funds - GHG 39047 39046 42615
Cash and Cash Equiv - Current 271328 280470 270273 287902 267430 350256 384648 427140
Self-Insurance Funds 123897 133899 143799 153780 163779 180575 182000 192000
Rate Stabilization Fund 100000 100000 100000
Bond Redemption Fund - QECBs 15123 25569 36198
Construction Funds 20730 448184 193701 85272 6 16569 0 72061
Cash and Cash Equiv - Noncurrent 144627 582083 337500 239052 163785 312267 307569 400259
Total Restricted Cash and Cash Equiv 415955 862553 607773 526954 431215 662523 692217 827399
BRampI Breakdown from John
Principal 90940 126540 153615 173041
Interest 168218 181084 187553 209256
VRDO + Bearer Adj 3572 3536 4433 2228
262730 311159 345602 384525
Power System
Summary of Revenues Expenses and Debt Service Coverage1
(Dollars in Thousands)
(Unaudited)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues
Sales of Electric Energy
Residential 976820 1019656 1042641 1034127 1126690 1179514 1265713 1376341
Commercial and Industrial 2039522 2061637 2232878 2201124 2308194 2331599 2429323 2560098
Sales for resale 36136 67764 42809 93867 72936 88099 91351 111542
Other (2) 29202 13445 1492 7845 9220 98712 17834 22949
Total Operating Revenues 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Operating Expenses
Production
Fuel for Generation 403406 446450 436643 377343 318749 292557 268610 296506
Purchased Power 909910 895092 977187 1022271 1037471 1165303 1143535 1264133
Energy Cost 1313316 1341542 1413830 1399614 1356220 1457860 1412145 1560639
Maintenance and Other Operating Expenses 922206 924707 950027 1045444 1095714 1107118 1112463 1412750
Adjusted Operating Expenses (3)(6) 2235522 2266249 2363857 2445058 2451934 2564978 2524608 2973389
Adjusted Income from Operations (3)(6) 846158 896253 955963 891905 1065106 1132946 1279613 1097541
Allowance for Funds Used During Construction 32187 33672 18636 38110 32200
Other Nonoperating RevenuesExpenses Net 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in Aid of Construction 26731 46860 45239 66988 65896 32177 42460 58373
Adjusted Change in Fund Net Position (4)(6) 1032157 1076337 1131874 1097169 1282468 1279163 1414732 1395126
Debt Service
Interest (7) 280935 297576 318871 346900 353725 384899 414722 426577
Principal 62158 129249 132382 110943 113526 153915 131756 153664
Total Debt Service 343093 426825 451253 457843 467251 538814 546478 580241
Debt Service Coverage Ratio 301 252 251 240 274 237 259 240
Depreciation Amortization and Accretion 394019 418485 466526 496188 540478 521221 554354 585231
Transfers to the Reserve Fund of the City 250077 246534 253000 265586 266957 264427 241848 232557
(1) Derived from the Power System Financial Statements
(2) Net of Uncollectible Accounts
(3) Represents total operating expenses and operating income excluding depreciation amortization accretion and loss on asset impairment and abandoned projects
(4) Represents change in net position before depreciation amortization accretion interest extraordinary loss and the Power transfer
(5) This amount includes revenue recognized due to the reduction of the incremental rate stabilization account balance
(6) Adjusted indicates measurements of financial andor operating performance that are not specifically disclosed in the Power System Financial Statements Adjustments reflect the impact of the implementation of new accounting standards particularly GASB No 75 which resulted in the recording of certain OPEB liabilities and a corresponding reduction in net position
(7) Interest Expense excluding amortization of debt premium
Power System Selected Operating Information
Unaudited
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018
Net Energy Load (1) 26559 27147 26765 26688 26731 26460 25857
Net Hourly Peak Demand (MWs) 5907 5782 5862 6343 6234 5762 6432
Annual Load Factor () 5119 5360 5212 4803 4881 5242 4589
Electric Energy Generation Purchases and Interchanges (1)
Generation (2)(3) 16043 15787 15373 15009 14380 14589 13993
Purchases (3) 11193 11295 12793 12893 13081 12168 12297
Miscellaneous Energy Receipts 2
Total Energy (1) 27238 27082 28166 27902 27461 26757 26290
Less
Miscellaneous Energy Deliveries (1)(4) 151 346 149 129 279 136 68
Losses and System Uses (1) 2771 1893 2653 3300 2832 3668 3420
On-System Sales (1) 24316 24843 25364 24474 24350 22954 22801
Sales of Energy (1)
Residential 7316 7568 7819 7311 7482 7285 7258
Commercial and Industrial 15456 15717 15778 15741 15938 15311 15210
All Other 1843 2964 2593 2330 1880 1426 532
Total 24616 26249 26189 25382 25300 24022 23000
Number of Customers - (Average in thousands)
Residential 1332 1338 1368 1363 1370 1378 1385
Commercial and Industrial 134 133 127 123 123 123 124
All Other 8 8 8 7 7 7 7
Total 1474 1479 1503 1493 1500 1508 1516
(1) Thousands of MWhs
(2) Does not include energy generated at Hoover Power Plant for plant use and for the use of the Bureau of Reclamation and the cities of Boulder City Nevada Burbank California Glendale California and Pasadena California
(3) Purchases from SCPPA are classified as Generation for quarterly results and Purchases for Fiscal Year end results
(4) Deliveries include transmission loss energy paybacks and control area inadvertent interchange
LOS ANGELES DEPARTMENT OF WATER AND POWER
POWER SYSTEM
Statements of Cash Flows
Indirect Method
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
2012 2013 2014 2015 2016 2017 2018 2019
Reconciliation of operating income to net cash provided by
operating activities
Operating income 452139 477768 489437 $ 395717 524628 $ 611725 $ 725259 $ 512310
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation and amortization 394019 418485 466526 496188 540480 521221 554354 585231
Depletion expense 29064 26176 23564 20035 15131 15617 16618 15439
Amortization of nuclear fuel 13248 13859 13934 13621 14181 13610 13185 12143
Provision for losses on customer and other accounts
receivables 23834 22884 57891 24851 36366 34847 32996 27962
Changes in assets and liabilities
Customer and other accounts receivable (36155) (68780) (76621) 29466 5414 (81393) (7768) (22906)
Accrued unbilled revenue (17154) (2402) 473 3920 (25290) 1699 (2978) (19976)
Under recovered costs (18147) 38534 29127 29127 29979 29979 29979 29979
Current portion under recovered costs 0 (27218) (87072) 114290 - (213912) (97734) (30129)
Materials and fuel (15349) 6751 (396) (2080) (52990) 48489 (6168) (8755)
Regulatory assets (117061) (82529) (113352) 198765 170209 (53052) (511058) 138907
Due from Water System 3267 (24059) (16254) 36415 (4018) (684) (1244) 7585
Deferred outflows - (280852) 83609 (597275) 291989 264361
Net pension asset 14386 0
Accounts payable and accrued expenses 81921 12883 96211 (51378) (12322) 70102 17444 64311
Deferred credits (58014) (22655)
Overrecovered energy cost - 31343 (31299) (44) -
Due to Water Services 64978 (64978)
Net pension liability 18209 32564 34761 (346764) (89627) 721387 (575750) (298748)
Net OPEB liability 378679 (39098)
Other noncurrent liability 25580
Deferred inflows 38461 436234 (261762) (179686) 202497 (37535)
Net other postemployment benefit asset (40793) (20959) (16012) (1441) (4596) 13259 -
Asset retirement obligation (14551)
Prepayments and other 59218 24753 2079 14164 34329 1175 30974 107052
Net cash provided by operating activities $ 851610 $ 761077 942757 $ 1161620 972422 $ 957064 $ 1091274 $ 1319162
Supplemental disclosure of noncash capital and related financing activities
During the year ended June 30 2017 the Power System issued capital bonds to refund
previously issued debt The $3997 million of proceeds were deposited immediately into
an irrevocable trust for the defeasance of $3956 million of debt The net gain on refunding
after the write-off of previously recorded unamortized premiums resulted in $761 million
which will be amortized over the debt repayment period
During the year ended June 30 2016 the Power System issued capital bonds to refund
previously issued debt The $38446 million of proceeds were deposited immediately into
an irrevocable trust for the defeasance of $38057 million of debt The net gain on refunding
after the write-off of previously recorded unamortized premiums resulted in $135 million
which will be amortized over the debt repayment period
Accounts payable related to capital expenditures 4532 10652 10695 16474
During the year ended June 30 2013 the Power System issued capital bonds to refund previously
issued debt The $75576 million of proceeds were deposited immediately into an irrevocable trust for the
defeasance of $74424 million of debt The net loss on refunding after the write-off of previously recorded
unamortized discounts resulted in $1672 million which will be amortized over the debt repayment period
During the year ended June 30 2012 the Power System did not refund any capital bonds
LOS ANGELES DEPARTMENT OF WATER AND POWER
POWER SYSTEM
Statements of Cash Flows
direct Method
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
FINAL
2012 2013 2014 2015 2016 2017 2018 2019
Cash flows from operating activities
Cash receipts
Cash receipts from retail customers 3010270 $ 3168084 $ 3353723 $ 3658234 $ 3717797 $ 3684977 $ 3961723 $ 4380251
Cash receipts from retail customers for other
agency services 593026 620256 601332 636357 677838 648050 679562 711477
Cash receipts from interfund services provided 476406 484169 589327 644338 629369 621693 677655 834997
Other cash receipts - 0 18458
Cash disbursements
Cash payments to employees (547522) (565396) (548956) (605291) (599620) (555045) (687098) (762631)
Cash payments to suppliers (1471947) (1581590) (1668524) (1721316) (1917907) (2005772) (1931532) (2113161)
Cash payments for interfund services used (572341) (710161) (733801) (773758) (792298) (807059) (909214) (1004569)
Cash payments to other agencies for fees collected (591684) (616206) (603596) (639346) (672221) (648238) (675764) (711280)
Other operating cash payments (44598) (38079) (46748) (37598) (70536) - 0 (24058) (15921)
Net cash provided by operating activities 851610 761077 942757 1161620 972422 957064 1091274 1319163
Cash flows from noncapital financing activities
Payments to the reserve fund of the City of Los Angeles (250077) (246534) (253000) (265586) (266957) (264427) (241848) (232557)
Interest paid on noncapital revenue bonds - (589) (233) (167) (406) (4697) (5946) (6323)
Net cash used in noncapital financing activities (250077) (247123) (253233) (265753) (267363) (269124) (247794) (238880)
Cash flows from capital and related financing activities
Additions to plant and equipment net (1093491) (953376) (1112681) (1207813) (929706) (980433) (1100185) (1182204)
Capital contributions 25167 47728 65485 63624 68254 36888 44579 57791
Principal payments and maturities on long-term debt (62157) (129250) (132382) (110943) (113526) (153915) (131756) (153615)
Proceeds from issuance of bonds and revenue certificates - 1294185 566419 793661 524063 588322 445126 828123
Debt interest payments (270936) (291439) (303394) (332314) (354857) (374183) (399872) (399553)
Federal bond subsidies 35143 33614 33417 33328 33508 33472 33580 33723
Net cash provided by (used in) capital and related
financial activities (1366275) 1462 (883136) (760457) (772264) (849849) (1108528) (815735)
Cash flows from investing activities
Purchases of investment securities (1224872) (872717) (698514) (950597) (1096021) (885835) (758995) (741483)
Sales and maturities of investment securities 1220159 870251 697696 949621 1145543 884926 746712 713425
Proceeds from notes receivable 64300 68260 66919 83451 84212 21747 48512 123545
Investment income 116008 45018 51096 32057 62624 32018 29381 94190
Net cash provided by investing activities 175595 110812 117197 114532 196358 52856 65610 189677
Net increase (decrease) in cash and cash equivalents (589147) 626228 (76415) 249942 129153 (109053) (199438) 454225
Cash and cash equivalents
Cash and cash equivalents at July 1 (including $431215 $526954 $607772 $862553 $415955 and
$861582 reported in restricted accounts at June 30 2017 2016 2015 2014 2013 and 2012 respectively) 1422997 833850 1460078 1383663 1633605 1762758 1653705 1454267
Cash and cash equivalents at June 30 (including $662523 $431215 $526952 $607772 $862553 and
$415955 reported in restricted accounts at June 30 2017 2016 2015 2014 2013 and 2012 respectively) 833850 $ 1460078 1383663 1633605 1762758 1653705 1454267 1908492
Los Angeles Department of Water and Power UNAUDITED
Power System
Statements of Revenues Expenses and Changes in Net Position
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
2012 2013 2014 2015 2016 2017 2018 2019
Operating revenues
Residential $ 976820 $ 1019656 $ 1042641 $ 1034127 $ 1126690 $ 1179514 $ 1265713 $ 1376341
Commercial and industrial 2039522 2061637 2232878 2201124 2308194 2331599 2429323 2560098
Sales for resale 36136 67764 42809 93867 72936 88099 91351 111542
Other 53036 36329 59383 32696 45586 133559 50830 50911
Uncollectible accounts (23834) (22884) (57891) (24851) (36366) (34847) (32996) (27962)
Total operating revenues 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Operating expenses
Fuel for generation 403406 446450 436643 377343 318749 292557 268610 296506
Purchased power 909910 895092 977187 1022271 1037471 1165303 1143535 1264133
Maintenance and other operating expenses 922206 924707 950027 1045444 1095714 1107118 1112463 1412750
Depreciation and amortization 394019 418485 466526 496188 540478 521220 554354 585231
Total operating expenses 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Operating income 452139 477768 489437 395717 524628 611726 725259 512310
Nonoperating revenues (expenses)
Investment income 77747 46076 58099 50348 65475 21848 32135 94217
Federal bond subsidies 35143 33614 33417 33328 33508 33472 33580 33723
Other nonoperating income 17571 22342 23033 19094 23025 60955 29646 113498
Total nonoperating revenues 130461 102032 114549 102770 122008 116275 95361 241438
Other nonoperating expenses (3380) (2480) (2513) (2604) (2742) (2235) (2702) (2226)
Total nonoperating revenues net 127081 99552 112036 100166 119266 114040 92659 239212
Debt expenses
Interest on debt 269875 274835 277848 298794 299728 326023 348264 355433
Allowance for funds used during construction (32187) (33672) (18636) (38110) (32200) (9373) (7924) (5042)
Total debt expenses 237688 241163 259212 260684 267528 316650 340340 350391
Income before capital contributions and transfers 341532 336157 342261 235199 376366 409116 477578 401131
Capital contributions 26731 46860 45239 66988 65896 32177 42460 58373
Transfers to the reserve fund of the City of Los Angeles (250077) (246534) (253000) (265586) (266957) (264427) (241848) (232557)
Increase in net position 118186 136483 134500 36601 175305 176866 278190 226947
Net position
Beginning of period 4936552 5054738 5159140 5379174 5415775 5591080 5767946 5384906
Effect of accounting for adoption of GASB Statement No 68 -
Beginning of period as restated 5379174
Cumulative effect of change in accounting for postemployment
other than pensions effective July 1 2017 (661230)
End of year 5054738 $ 5191221 $ 5293640 $ 5415775 $ 5591080 $ 5767946 $ 5384906 $ 5611853
- -
Los Angeles Department of Water and Power
Power System
Statements of Net Position Balance Sheets
Years ended June 30 2012 2013 2014 2015 2016 2017 2018 and 2019
(Amounts in thousands)
Original Original Original Original Original Original Original Original
2012 2013 2014 2015 2016 2017 2018 2019
Assets and Deferred Outflows
Noncurrent assets
Utility plant
Generation 4318819 $ 5158303 $ 5313866 $ 5495985 $ 6584145 $ 5793242 $ 5987567 $ 6090845
Transmission 1046800 1089835 1095472 1135172 1300427 1658924 1727489 2026678
Distribution 6338353 6659814 7031862 7416426 7861812 8467796 9012299 9579922
General 1318063 1365206 1541640 1649586 1745403 1757767 1848581 2025892
Total 13022035 14273158 14982840 15697169 17491787 17677729 18575936 19723337
Accumulated depreciation (6462915) (6853589) (7298042) (7760357) (8289312) (7803778) (8242031) (8434447)
Total utility plant net 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
Construction work in progress 1211851 884378 1235945 1720822 866434 658992 820472 676237
Nuclear fuel at amortized cost 49687 44686 42931 39469 39948 41465 41528 42406
Natural gas field net 293006 272157 248923 228797 213691 198145 181548 166299
Total 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Restricted investments 639121 633903 640094 641521 594698 592887 602258 638861
Cash and cash equivalents - restricted 20730 448184 193701 85272 163785 312267 318455 339126
Long-term notes and other receivables net of current portion 838755 770495 703576 620125 601409 546160 429764 262027
Under recovered costs 312373 273839 244712 215585 185607 155628 125649 95670
Regulatory assets - other 296223 378752 492104 549105 646674 755303 898696 885901
Regulatory assets - pension - 938205 670425 614850 482193 315185
Regulatory assets - OPEB 430072 386123
Net postemployment asset 631479 652439 668451 669892 674488 661229
Total noncurrent assets 10852345 11778402 12155235 13645605 13859634 14410877 14664540 15096725
Current assets
Cash and cash equivalents - unrestricted 417895 597525 775890 1106651 1331543 991182 751164 1142128
Cash and cash equivalents - restricted 395225 414369 414072 441682 267430 350256 384648 427140
Cash collateral received from securities lending transactions - 3164 1419 10680 31101 11397 24114 17605
Customer and other accounts receivable net of $208933 $182500 $148303 $114000 $90000 352856 398458
$18900 and $20000 allowance for losses for 2017 2016 2015 2014 2013 and 2012 respectively 402494 351977 307990 349112 320279 315766
Current portion of long-term notes receivable 65593 73759 69838 87242 21747 48512 123545 159309
Current portion of under recovered costs - 27218 114290 - - 213912 311646 341775
Due from Water System - 24059 40314 3899 7918 8602 9846 2261
Accrued unbilled revenue 173233 175635 175162 171242 196532 194833 197811 217787
Materials and fuel 169839 163088 163484 165564 218554 170065 176122 184988
Prepayments and other current assets 109293 114320 106850 107263 106444 110731 119814 134564
Total current assets 1683934 1991595 2263813 2446200 2489259 2448602 2419100 2943323
Total assets 12536279 13769997 14419048 16091805 16348893 16859479 17083640 18040048
Deferred outflows on derivative instruments 91296 67275 48517 43244 23379 14640 22206 7015
Deferred outflows on debt refunding 26796 30199 27674 23728 27363 21759
Deferred outflows - Asset Retirement Obligation 29989
Deferred outflows - pension 287599 217131 793045 403310 243002
Deferred outflows - OPEB 2626 5525
Deferred outflows - pension contributions made after
measurement date - 258603 245462 266824 296294 282388
Deferred outflows - OPEB contributions made after
measurement date 65649 70274
Total deferred outflows 75313 619645 513646 1098237 817448 659952
Total assets and deferred outflows 12627575 $ 13837272 $ 14494361 $ 16711450 $ 16862539 $ 17957716 $ 17901088 $ 18700000
Net Position and Liabilities
Net position
Net investment in capital assets 1533344 $ 1324962 1268339 $ 1235431 1188643 1432808 1772899 1841227
Restricted
Debt service 620688 624468 606509 616042 550975 600623 643121 686280
Capital projects 123627 122584 126521 129347 133372 0
Other postemployment benefits 631479 652439 668451 669892 674488 661230
Pension benefits - -
Other purposes 148949 154891 160508 165937 171222 222220 239575 268819
Unrestricted 1996651 2311877 2463312 2599126 2852807 2851065 2729311 2815527
Total net position 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Long-term debt net of current portion 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Other noncurrent liabilities
Accrued liabilities 8767 7047 5327 3607 1887 -
Deferred credits 139876 120254
Accrued workers compensation claims 43475 52221 56650 54508 61945 67410 70474 70474
Asset Retirement Obligation 266685
Derivative instrument liabilities 91296 67275 48517 43244 23379 14640 22204
Net OPEB liability 378679 339581
Net pension liability 18209 50773 85534 860748 771122 1492508 916758 618010
Other noncurrent liability 100942
Total other noncurrent liabilities 301623 297570 196028 962107 858333 1574558 1388115 1395692
Current liabilities
Current portion of long-term debt 246582 249245 227575 230165 211133 243049 265005 263296
Accounts payable and accrued expenses 341942 333422 394150 339997 332211 412963 441102 420592
Accrued interest 139872 145338 159647 170896 169358 182192 188662 209257
Accrued employee expenses 102271 104477 107939 115159 120371 130063 140932 151461
Deferred credits 21100 18069
Due to Water Services 64978 - 31343
Overrecovered energy cost - 44 -
Obligations under securities lending transactions - 3164 1419 10680 31101 11397 24114 17605
Total current liabilities 916745 853715 890730 898240 864218 979664 1059815 1062211
Total liabilities 7572837 8646051 9023938 10428628 10665927 11830452 11955186 12564685
Deferred inflows on debt refunding - 7495 7075 14144 13233 14348
Deferred inflows - pension - 682995 421232 241547 324374 281901
Deferred inflows - OPEB 119669 122341
Deferred inflows from regulated business activities 176783 176557 177225 103627 103720 104872
Total deferred inflows 423318 867047 605532 359318 560996 523462
Total net position liabilities and deferred inflows 12627575 $ 13837272 $ 14949361 $ 16711450 $ 16862539 $ 17957716 $ 17901088 $ 18700000
2014
2015
2016
2017
2018
2019
5-Year Capital Investments Total ()
Power System Reliability Program $3569 3163
Supply Transition amp Mandates
Renewable Portfolio Standard 2036 1804
Rebuild Local Power Plants 775 687
Infrastructure
Various Generation Station Improvements 2697 2390
Energy Efficiency 893 791
Shared Services
IT Facilities Customer Services Fleet 1313 1164
Total 5-Year Capital Budget $11283 10000
Internally Generated Funds $5180 459
External Debt Financing $6103 541
As of P2019C Official statement
Internally Generated Funds ExternalDebt Financing Total
2020 1011 641 1652
2021 835 1174 2009
2022 914 1470 2384
2023 1196 1433 2629
2024 1224 1385 2609
5180 6103 11283
Page 3: City of Los Angeles 5th Regional Investors Conference

LADWP is the largest municipal utility in the US

15 million power customers

686000 water customers

Population 4 million

2019 Figures

Includes unrestricted cash of $16 billion for the Power System and $730 million for the Water System

Sales FYI 2018-19

Operating Revenue

FY 2018-19

Total Liquidity As of Dec 31

2019

Power

226M MWh $41B $22B

Water

195M HCF $12B $783M

4

Sustainability Initiatives

100 Renewable Energy by 2045 70 Local Water Supply by 2035

5

Existing LADWP Governance

Mayor City Council

Energy Climate Change amp

Environmental Justice Committee

General Manager

Board of Water and Power Commissioners

Office of Public Accountability

6

Transition to 100 clean energy

Replace aging infrastructure

Build local water supplies

Electrify transportation sector Expand customer facing automation

Improve customer service keep rates competitive

7

Legal and Policy Mandates

State Mandates for GHGs Renewables Wildfire Mitigation Energy Storage Water Quality Once Through Cooling Green New DealSustainable City pLAn

8

Revenue Composition Under Current Rate Structure Power System 49 Pass-Through Water System 67 Pass-Through

Decoupled Base Revenue Pass-Through Costs

Base Rate 33

Automatic Pass-

Throughs 9

Water Supply

Adjustment Factor

30

Total Other Pass

Throughs 28

_______________________________________________________ Revenue composition is for fiscal years 2016 through 2019

ECAF Charges

42

9

Rates Remain Competitive Residential

Sources httpswwwsmudorgenRate-InformationResidential-Rates httpswwwburbankwaterandpowercomelectricrates-and-charge httpsww5cityofpasadenanetwater-and-powerrates httpwwwglendalecagovgovernmentcity-departmentsglendale-water-and-powerrates httpswwwscecomwpsportalhomeregulatorytariff-booksrates-pricing-choices httpswwwpgecomtariffsassetspdftariffbookELEC_SCHEDS_E-1pdf httpswwwsdgecomtotal-electric-rates Rates at other utilities subject to change

Comparative Residential Annualized Power Bills Excluding Tax Based on 500 kWh per Month as of January 2020

10

Rates Remain Competitive Residential

Sources httpswwwgswatercomsan-gabriel httpswwwgswatercomsimi-valley httpswwwebmudcomwaterwater-rates httpswwwsjwatercomcustomer-carehelp-informationrates-regulations httpswwwsandiegogovpublic-utilitiescustomer-servicewater-and-sewer-rateswater httpsfwaterorgmodulesshowdocumentaspxdocumentid=7742 httpswwwsantabarbaracagovgovdeptspwresourcesrateswtrsewerchangesasp Simi Valley and Arcadia Water bills are updated on February 2020 Rates at other utilities subject to change

Comparative Residential Annualized Water Bills Excluding Tax Based on 10 HCF per Month as of January 2020

11

12 Power System

Diverse Generation Mix Diverse mix of resources with net dependable capacity of 123 of peak demand

Department Owned Facilities Jointly Owned Facilities and Contracted Capacity Rights

Net Dependable Net Dependable

Type of Fuel Facilities (MWs) ()1 1 Type of Fuel Facilities (MWs) ()1

Natural Gas 4 3319 412 Coal (IPP) 1 1202 149

Large Hydro 1 1265 157 Natural Gas (Apex) 1 480 60

Renewables 62 300 37 Hydro (Hoover) 1 302 37

Nuclear (PVNGS) 1 380 47

RenewablesDG 40173 813 101

Total 67 4884 606 Total 40177 3177 394

1As a percentage of all facilities May not add due to rounding 2As of September 30 2019 Excludes California Department of Water Resourcesrsquo 120 MW share of net maximum capacity and 53 MW share of net dependable capacity 3 The Net Dependable for RenewablesDG is based on statistical modeling

13

LADWP Transmission System

14

Meeting Green Energy Goals Carbon Neutral Target of 2050

Eliminating Coal

The Department has decommissioned

divested from or has contracts in place to

eliminate coal by 2026

Once-Through Cooling (ldquoOTCrdquo)

Will not repower remaining OTC plants

Evaluating alternatives including but not

limited to transmission energy storage and

other clean energy that will aid in meeting the Departmentrsquos carbon

neutral goals

Energy Efficiency From 2000-2018 the

Department estimates it reduced long-term peak

demand and consumption by 672 MWs (3768 GWh

of energy savings) Goal of reducing usage by 15 by the end of 2020 compared to 2010 levels

Renewable Targets Renewables composed

32 of the Departmentrsquos 2018 energy mix

Targeting 60 renewable by 2030 and 100

renewable and zero carbon by 2045 for energy

sold to retail end-use customers

15

Department 2017 Power Strategic Long-Term Resource Plan1

_______________________________________________________ 1 Based upon 2017 SLTRP (formerly IRP) LADWP is currently working to revise its long-term resource plan that will likely result in increased renewable targets

Meeting Green Energy Goals Carbon Neutral Target of 2050

16

Power System Five-Year Capital Improvements Plan $113 Billion Over 5 years

ladwpcom 17

Summary of Power System 5-Year Capital Improvement Program

The Power System Capital Improvement Plan is focused on system reliability transforming power supply meeting mandates and increasing energy efficiency

1011 835 914 1196 1224

641 1174 1470

1433 1385

-

500

1000

1500

2000

2500

3000

2020 2021 2022 2023 2024

Internally Generated Funds ExternalDebt Financing

FY

5-Year Capital Investments Total ()Power System Reliability Program $3569 3163Supply Transition amp Mandates

Renewable Portfolio Standard 2036 1804Rebuild Local Power Plants 775 687

Infrastructure Improvements 2697 2390

Energy Efficiency 893 791Shared Services

IT Facilities Customer Services Fleet 1313 1164

Total 5-Year Capital Budget $11283 10000Internally Generated Funds $5180 459External Debt Financing $6103 541

_______________________________________________________ Based on fiscal year 2019 capital improvement budget Note Totals may not foot due to rounding 1 Of the $641 million of debt to be issued in fiscal year 2020 $525 million has been issued as of December 31 2019 2 The budget to rebuild local power plants may be materially impacted by the February 2019 announced decision to phase out Los Angeles Basin stations that utilize Once-Through-Cooling

$ in millions

2

1

Funds

Internally Generated Funds

20202021202220232024101183591411961224ExternalDebt Financing

202020212022202320246411174147014331385

millions

Capital

Sheet3

Financial Overview Power System Historical Trends

_______________________________________________________ Note Financial Planning Criteria are subject to ongoing reviews and adjustments by the Board with advice from the Departmentrsquos financial advisors and were last revised on May 20 2014

Debt Service Coverage (Min 225x) Days Cash on Hand (Min 170 days)

Debt to Capitalization Ratio (Max 68) Full Obligation Coverage (Min 17x)

Target Actual Target Actual

Target Actual Target Actual

18

Chart1

euro 172
euro 157
euro 189
euro 165
euro 184
euro 193

Bal_Sheet

ampCampTimes New RomanRegularamp8See accompanying notes to financial statements
GMackereclass reg assetacct 14932x
GMackeper KPMG - need Board letter 12512
Noko Psoarelo Row discription changed in FY 2014-15 from total net position and liabilities to total liabilities and deferred inflows
GMackeadjusted for regulatory asset reclass 52212
GMackerestated 52112 to include regulatory asset reclassacct 3034xx amp 14932x
GMackereclass reg assetacct 14932x
GMackeverify if any new reclass changed this amount- changed by KPMG - need Board Letter 12512
GMackeper KPMG - need Board letter 12512
Bahiru ErmiasLater Restated to $1193971
Bahiru ErmiasLater restated to $13349206
Bahiru ErmiasLater restated to $15613019
Bahiru ErmiasLater restated to $15948409
Bahiru ErmiasLater restated to $260077
Bahiru ErmiasLater restated to $335390
Bahiru ErmiasLater restated to $2548846
Bahiru ErmiasLater restated to $5379174
Bahiru ErmiasLater restated to $1207513
Bahiru ErmiasLater restated to $1318007
Bahiru ErmiasLater restated to $10145917
Bahiru ErmiasLater restated to $246535
Bahiru ErmiasLater restated to $423318
Bahiru ErmiasLater restated to $15948409
Bahiru ErmiasLater restated to $168785
Bahiru ErmiasLater restated to $13864634
Bahiru ErmiasLater restated to $262430
Bahiru ErmiasLater restated to $2484259
Bahiru ErmiasLater restated to $1341588
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $2852807
Bahiru ErmiasRestated to (8088454) in FY 19 financials
Bahiru ErmiasRestated to $10487482 in FY 19 financials
Bahiru ErmiasRestated to 11531030 in FY 19 financials
Bahiru ErmiasRestated to $14818117 in FY 19 financials
Bahiru ErmiasRestated to $17237217 in FY 19 financials
Bahiru ErmiasRestated to $127659 in FY 19 financials
Bahiru ErmiasRestated to $945107 during FY 19 financials
Bahiru ErmiasRestated to $18181324 during FY 19 financials
Bahiru ErmiasAdded to financials starting FY 19 FY 19 financials list this as $281236
Bahiru ErmiasNot included on FY 19 financials
Bahiru ErmiasAdded to financials starting FY 19 FY 19 financials list this as $90551
Bahiru ErmiasRestated to $1737698 during FY 19 financials
Bahiru ErmiasRestated to $372755 during FY 19 financials
Bahiru ErmiasRestated to $991468 during FY 19 financials
Bahiru ErmiasRestated to $18182234 for FY 19 financials

Income_Stm

ampCSee accompanying notes to financial statements
restated
restated 112315GASB 68
Bahiru ErmiasLater restated to $85534
Bahiru ErmiasLater restated to $5244674
Bahiru ErmiasLater restated to $5379174
Bahiru ErmiasRestated to $5106716 for FY 19 financials

CFdirect

ampCSee accompanying notes to financial statements

CF Indirect

ampCSee accompanying notes to financial statements
Bahiru ErmiasLater restated to $4784
Bahiru ErmiasLater restated to ($9172)
Bahiru ErmiasLater restated to ($355499)
Bahiru ErmiasLater restated to $284995
Bahiru ErmiasLater restated to $36840
Bahiru ErmiasLater restated to $436459
Bahiru ErmiasLater restated to $13398
Bahiru ErmiasLater restated to ($2775)
Bahiru ErmiasRestated to $164330 durinf FY 19 financials
Bahiru ErmiasRestated to (12859) during FY 19 financials
Bahiru ErmiasStarted including in FY 19 Listed as $30303 on FY 19 financials
Bahiru ErmiasStarted including in FY 19 Listed as $281236 on FY 19 financials
Bahiru ErmiasRestated to (122603) during FY 19 financials

Operating Info OS

Rev Exp amp DSC_OS

Bahiru ErmiasLater restated to 268 after we stopped including AFUDC
Bahiru ErmiasLater restated to 231 after we stopped including AFUDC
Bahiru ErmiasLater restated to 247 after we stopped including AFUDC
Bahiru ErmiasLater restated to 244 after we stopped including AFUDC
Bahiru ErmiasLater restated to 291 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC

Restricted amp Other Investments

Bahiru ErmiasAt time of 2014 financials this was included with the current portion rather than non-current

JAA Debt Service

Moodys-Networking Capital

Fin Metrics Graphs

Fin Metrics Graphs

Debt Service Coverage (Min 225x)

Power-Actual DWP Metrics

Days Cash on Hand (Min 170 days)

Moodys Wkng Cap Debt Ratio (2)

Debt to Capitalization Ratio (Max 68)

Moodys calcs of LADWP DSCRs

Full Obligation Ratio (Min 17x)

LADWP - 2019 adj net pen liab

2019 Pension and OPEB

Cash-Liquidity

Moodys Wkng Cap Debt Ratio (OLD

Moodys DSC Actual

Hist Fin Perfm Moodys

Hist Fin Perfm Fitch

ampLampZampF

Fitch DSC Actual

Power Actual Data-Ftch 21414

IPA DS 2009-13

IPA DS 2009-13

Debt Service Coverage
Net DSC (after transfer)
Fixed Obligatn Charge Coverage

SCPPA DS 2009-17

Investor Presetation

ladwpcom 19 _______________________________________________________ Note Excludes interest subsidy for BABs and CREBsQECBs Excludes sinking fund established for Power System 2010 Series C Power System 2018 Series B amortized based on anticipated rollover No interest rate swaps or auction rate notes VRDB bank facilities extended with staggered expiration dates from 2020 through 2023 Interest rates assumed for Variable Rate Bonds FY 2020 and thereafter 214 Bond ratings are as of 3320

LADWP Debt Profile (FY ndash in Millions)

Additional $1463 billion of take-or-pay obligations related to jointly-owned and capacity rights for generation and transmission facilities

bull LADWP has pre-paid $3860 million of its IPA debt obligations

Take-or-Pay Obligations Amount SCPPA amp IPA Projects $1463 bn

IPA Prepayment (0386) bn

Net Off BS Debt $1077 bn

Approximately $12 billion in outstanding principal will amortize through 2025

Fixed Rate Bonds 86

Fixed Rate Notes

3

Variable Rate Debt 9

Direct Purchase

2

Debt Composition

$0

$100

$200

$300

$400

$500

$600

$700

$800

2020 2023 2026 2029 2032 2035 2038 2041 2044 2047 2050

Principal

Financial Overview Power System Maintains a Conservative Debt Profile

Outstanding debt of $979 billion as of December 31 2019

Bond Ratings As of 3320

Moodyrsquos Aa2 Fitch AA SampP AA-

20

Water System

Water System

Single Family

Residential

729 373

Other

169

86

Water System FYE 2019 Sales (Millions of Billing Units of 100 cubic feet)

Single Family

Residential 729

373

Multiple Dwelling

Units 614

314

Other 169

86

Commercial amp Industrial

442 226

Total Sales FYE 2019 195 M billing units of 100 CF

21

Single Family

Residential

729 373

Other

169

86

Single Family

Residential 729

373

Multiple Dwelling

Units 614

314

Other 169

86

Year Ended June 30 2019 Customers

Single-Family Residential 491000 716

Multiple Dwelling Units 121000 178

Commercial and Industrial 66000 96

Other 8000 10

Total 686000 1000

22

Water Systemrsquos Goals

Commitment to Financial Stability

Maintain Competitive Rates

Maintain Diverse Water Sources

Sound Management

Principles Management amp Board-adopted financial metrics

Strong cash balances

Consistently strong debt service coverage

Cost adjustment factors designed to recover certain costs

Utilize rate increases as appropriate

Commitment to maintaining affordable rates

Maintain sources from Los Angeles Aqueduct and Metropolitan Water District of Southern California

Increased use of recycled water and stormwater capture

Clean-up and expand use of groundwater

Maintain and upgrade infrastructure

Ensure future reliability

Provide safe high quality water

23

Water Resources

Delta

Sierra Nevada

Mountains

Los Angeles Aqueduct

Colorado River

Aqueduct

State Water Project

Local Groundwater Water Recycling and Conservation

24

Goal Source 70 of Water Locally by 2035

MWD 49

Los Angeles Aqueduct

38

Recycled Water

2

Ground- water 11

Fiscal Year End 2015 - 2019 Average Total Supply 502405 AF

13 Local

Local Supply Groundwater

Recycled Water Stormwater amp

New Conservation 72

25

City of Los Angeles Water Use and Population

188 gallonspersonday

26

Focus on Infrastructure Replacement Summary of Water System 5-Year Capital Improvement Plan

_______________________________________________________ Based on fiscal year 2019 capital improvement budget Note Totals may not foot due to rounding

$ in millions

FY

27

Chart1

Internally Generated Funds
Securitization
ExternalDebt Financing
497
0
335
0
288
0
623
0
349
0
849
0
431
0
756
0
452
0
845
0

Sheet1

Sheet1

Energy Mix

Energy Mix

Water Capital Plan 94

Power Capital Plan 143

Power PA Categories

Power PA Categories

Internally Generated Funds
Securitization
ExternalDebt Financing

Water PA Categories

Water PA Categories

Internally Generated Funds
ExternalDebt Financing
Alex PischalnikovConfirm that this is LESS LOCAL SOLAR
Alex PischalnikovShould this include Fuel too - for both ApexNavajo
Alex PischalnikovAdd footnote - PPA price include DWP admin costs part of the allocation centkWhtrending 15 MMyear
Alex PischalnikovThe projects are capetilized so there is no direct OampM
reduce $25M per Katie
Becerra NancyManually added june (3-6) entry of $15M WREC CapitalPer Final Rate Case 94

Financial Overview Water System Historical Trends

Note Financial Planning Criteria are subject to ongoing reviews and adjustments by the Board with advice from the Departmentrsquos financial advisors and were last revised on May 20 2014 Prior to FY2016 the Board approved financial metric for minimum cash balance was $200 million

Days Cash on Hand (Min 150 days)

Debt to Capitalization Ratio (Max 65)

Target Actual

Target Actual

Target Actual

Debt Service Coverage (Min 17x)

28

Chart1

1
1
1
1
1
1
1
1

BS Data

Bahiru ErmiasLater restated to $565016
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $7137764
Bahiru ErmiasLater restated to $5641
Bahiru ErmiasLater restated to $129062
Bahiru ErmiasLater restated to $167293
Bahiru ErmiasLater restated to $8059629
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $2733549
Bahiru ErmiasLater restated to $583344
Bahiru ErmiasLater restated to $609867
Bahiru ErmiasLater restated to $116375
Bahiru ErmiasLater restated to $8059629

IS Data

Bahiru ErmiasBeginning of the year was restated to $2581117 due to an effect of change in accounting for pensions (GASB 68) of -$6967 End of the year was later restated to $2733549
Bahiru ErmiasLater restated to ($6967)
Bahiru ErmiasLater restated to $2581117

CFDirect

Bahiru ErmiasCash flows from noncapital financing activities was not included in the original FY2017 FS The FY2018 FS did restate this amount to $250000
Bahiru ErmiasProceeds from line of credit was not added as a line item until FY18 This was restated to $142400
Bahiru ErmiasLater restated to ($298081)
Bahiru ErmiasLater restated to $392212
Bahiru ErmiasLater restated to $(150000)
Bahiru ErmiasLater restated to $100000
Bahiru ErmiasThis was later restated to $192437
Bahiru ErmiasThis was later restated to ($500386)

CFIndirect

Bahiru ErmiasFrom FY 17 Financials
Bahiru ErmiasFrom FY 16 Financials
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to ($134703)
Bahiru ErmiasLater restated to $180425
Bahiru ErmiasLater restated to ($162103)
Bahiru ErmiasLater restated to $116375
Bahiru ErmiasLater restated to $20065

Operating Stat-OS

Financial-OS

Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $328106
Bahiru ErmiasLater restated to $414253
Bahiru ErmiasLater restated to $431774
Bahiru ErmiasLater restated to $408507
Bahiru ErmiasLater restated to $471039
Bahiru ErmiasLater restated to 184x
Bahiru ErmiasLater restated to 215x
Bahiru ErmiasLater restated to 211x
Bahiru ErmiasLater restated to 188x
Bahiru ErmiasLater restated to 195x

DS Reserves

Water-Actual DWP Metrics

Water Graphs

Water Graphs

Debt Service Coverage (Min 17x)

Sheet1

Days Cash on Hand (Min 150 days)

For Moodys

Debt to Capitalization Ratio (Max 65)

-

50

100

150

200

250

300

350

400

2020 2024 2028 2032 2036 2040 2044 2048 2052

PrincipalInterest

Financial Overview Water System Maintains a Conservative Debt Profile

Outstanding debt of $588 billion as of December 31 2019

Total Debt outstanding of $588 billion Includes $7290 million of State Loans

No interest rate swaps or auction rate securities VRDB bank facilities extended with staggered expiration dates from 2020 through 2022

Water System Debt Profile (FY ndash in Millions)

_______________________________________________________________________________________________ Note Outstanding debt as of December 31 2019 Excludes interest subsidy for BABs Bond ratings are as of 3320

Debt Composition

Total $588 billion

Fixed Rate Bonds 79

VRDBs 9

State Loans 12

Bond Ratings As of 3320

Moodyrsquos Aa2 Fitch AA SampP AA+

29

Bond Security Legal Protections

30

Power Water

Source of Payment Power and Water revenue funds are separate funds established by City Charter in the City Treasury under the control of Board of Commissioners Rate Covenant Board sets rates and charges subject to approval of City Council as mandated by City Charter to provide revenues that together with other available funds shall be at least sufficient to pay debt service and operating and maintenance expenses

Additional Obligations Adjusted net Income for any 12 consecutive months within 18 consecutive months ending immediately prior to issuance of Additional Parity Obligations shall be at least 125 times the Maximum Annual Adjusted Debt Service on all Parity Obligations including proposed bonds

Transfer to the City May not exceed the net income of the prior fiscal year or increase Power System debt to total capitalization to exceed 75

LADWP Is Committed to Meeting Operational Needs and Financial Goals

bull Diverse power and water sources

bull Meet or exceed all regulatory commitments ndash Power RPS carbon reduction other environmental ndash Water quality safety sustainability environmental

bull Continue investing in Water and Power System reliability bull Maintain competitive retail rates and financial stability bull Improve customer service

31

Upcoming Financing Transactions Power System

Week of April 6 2020 ndash Approximately $394 Million Power System 2020 Series A

Refunding Bonds

Week of June 15 2020 ndash Approximately $356 Million Power System 2020 Series B

RefundingNew Money Bonds

Water System

Week of May 26 2020 ndash Approximately $300 Million Water System 2020 Series A

RefundingNew Money Bonds Preliminary Subject to change 32

  • Slide Number 1
  • Slide Number 2
  • Slide Number 3
  • 2019 Figures
  • Sustainability Initiatives
  • Existing LADWP Governance
  • Slide Number 7
  • Legal and Policy Mandates
  • Revenue Composition Under Current Rate Structure
  • Rates Remain Competitive Residential
  • Rates Remain Competitive Residential
  • Slide Number 12
  • Diverse Generation MixDiverse mix of resources with net dependable capacity of 123 of peak demand
  • LADWP Transmission System
  • Meeting Green Energy GoalsCarbon Neutral Target of 2050
  • Meeting Green Energy GoalsCarbon Neutral Target of 2050
  • Power System Five-Year Capital Improvements Plan$113 Billion Over 5 years
  • Financial Overview Power System Historical Trends
  • Slide Number 19
  • Slide Number 20
  • Slide Number 21
  • Slide Number 22
  • Water Systemrsquos Goals
  • Water Resources
  • Goal Source 70 of Water Locally by 2035
  • Slide Number 26
  • Focus on Infrastructure Replacement
  • Financial Overview Water System Historical Trends
  • Financial Overview Water System Maintains a Conservative Debt ProfileOutstanding debt of $588 billion as of December 31 2019
  • Bond Security Legal Protections
  • LADWP Is Committed to Meeting Operational Needs and Financial Goals
  • Upcoming Financing Transactions
Water System - Audited Financials
fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues $783964 $812360 $756605 $811897 $1042228 $1141823 $1082581 $1131777 $1118547 $1190181 $1253503
OampM
Purchased Water 215864 (163248) (125301) (161039) (280438) (339380) (273132) (261971) (194699) (184957) (155603)
OampM 365723 (421134) (414740) (383785) (392024) (430988) (460151) (473798) (505910) (500937) (612123)
Total OampM 581587 (584382) (540041) (544824) (672462) (770368) (733283) (735769) (700609) (685894) (767726)
Operating Income $202377 $227978 $216564 $267073 $369766 $371455 $349298 $396008 $417938 $504287 $485777
CIAC $30603 $24099 $48946 $27482 $16711 $28252 $34390 $46752 $31183 $33155 $25810
Non Operating Revenues Net 8593 16221 24411 33551 27776 32067 24819 28279 34977 25357 40689
Cash Available for Debt Service $241573 $268298 $289921 $328106 $414253 $431774 $408507 $471039 $484098 $562799 $552276
Interest Expense $92032 $108017 $136846 $149508 $160995 $171070 $186664 $195519 $217521 $231522 $231522
Principal Repayment 23994 26089 30525 28960 31890 33322 30123 45604 61391 78303 78303
Total Debt Service $116026 $134106 $167371 $178468 $192885 $204392 $216787 $241123 $278912 $309825 $309825
Debt Service Coverage Ratio (x) 208 200 173 184 215 211 188 195 174 182 178
Liquidity ($ 000)
Unrestricted Cash $120375 $170685 $207631 $296725 $415786 $336419 $342742 $312009 $317198 $344773 $573702
Expense Stabilization Fund 32678 32680 32915 33078 33159 33390 33511 33706 50011 50558 51981
Total Liquidity $153053 $203365 $240546 $329803 $448945 $369809 $376253 $345715 $367209 $395331 $625683
Days Cash on Hand 96 127 163 221 244 175 187 172 191 206 326
Debt to Capitalization Ratio 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018
LT Debt 2193338 2708150 3171562 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Current Portion of LTD 58512 63018 61612 63401 65646 59670 71535 87190 101251 103846 109510
Total Debt Outstanding 2251850 2771168 3233174 3258511 3630523 4174670 4568497 5249600 5569165 5786412 6139382
Total Net Position 2268349 2335651 2376604 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Debt to Capitalization Ratio 50 54 58 57 58 60 62 64 64 66 66
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 20 20 20 17 17 17 17 17
Minimum Operating Cash Target $200 M $200 M $200 M $200 M $200 M $200 M 150 days 150 days 150 days 150 days 150 days
Capitalization Ratio of less than 60 60 60 60 60 60 65 65 65 65 65
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217
Financial Performance 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018
Debt Service Coverage 21 20 17 18 22 21 19 20 17 18 18
Oper Cash Target ($ 000) $153053 $203365 $240546 $329803 $448945 $369809 187 days 172 days 191 days 206 days 206 days
Capitalization Ratio 50 54 58 57 58 60 62 64 64 66 66
Minimum Debt Service Coverage was 20 times until FY2015 reduced to 17 times
Minimum Operating Cash Target was $200 million until FY 2015 changed to 150 days
Maximum Capitalization Ratio was at 60 until FY2015 which raised to 65
W a t e r S y s t e m
FY DSC Days Cash Cap Ratio
2012 18 221 57
2013 22 244 58
2014 21 175 60
2015 19 187 62
2016 20 172 63
2017 17 191 64
2018 18 210 65
P o w e r S y s t e m
FY DSC Days Cash Cap Ratio Full Obl
2012 29 151 57 195
2013 24 178 60 167
2014 25 200 61 172
2015 23 243 62 157
2016 27 269 62 189
2017 24 223 62 165
Water System Actual Financial Performance
DSC
2012 18
2013 22
2014 21
2015 19
2016 20
2017 174
2018 18
2019 17
Days Cash
2012 221
2013 244
2014 175
2015 187
2016 172
2017 191
2018 210
2019 297
Cap Ratio
2012 5705
2013 5822
2014 6037
2015 6165
2016 6343
2017 6370
2018 6544
2019 6554
Goals
fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Operating Revenues $783964 $812360 $756605 $811897 $1042228 $1141823 $1082581 $1131777 $1118547 $1190181 $1253503
Purchased Water 215864 163248 125301 -161039 -280438 -339380 -273132 -261971 -194699 -184957 -155603
OampM 365723 421134 414740 -383785 -392024 -430988 -460151 -473798 -505910 -500937 -612123
Operating Income $202377 $227978 $216564 $267073 $369766 $371455 $349298 $396008 $417938 $504287 $485777
Non Operating Revenues Net 8593 16221 24411 33551 27776 32067 24819 28279 34977 25357 40689
Capital Contributions 30603 24099 48946 27482 16711 28252 34390 46752 31183 33155 25810
Cash Available for Debt Service $241573 $268298 $289921 $328106 $414253 $431774 $408507 $471039 $484098 $562799 $552276
Interest Expense $92032 $108017 $136846 $149508 $160995 $171070 $186664 $195519 $217521 $231522 $243730
Principal Repayment 23994 26089 30525 28960 31890 33322 30123 45604 61391 $78303 $80556
Total Debt Service $116026 $134106 $167371 $178468 $192885 $204392 $216787 $241123 $278912 $309825 $324286
Debt Service Coverage Ratio (x) 208 200 173 184 215 211 188 195 174 182 170 ge 200 ge 170
Liquidity 43018
Unrestricted Cash $120375 $170685 $207631 $296725 $415786 $336419 $342742 $312009 $317198 $344773 $573702 $457559
Expense Stabilization Fund 32678 32680 32915 33078 33159 33390 33511 33706 50011 50558 51981 50403
Total Liquidity $153053 $203365 $240546 $329803 $448945 $369809 $376253 $345715 $367209 $395331 $625683 ge 200000 $507962
Days Cash on Hand 96 127 163 221 244 175 187 172 191 210 297 ge 150 days -265
Debt to Capitalization Ratio 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
LT Debt 2193338 2708150 3171562 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Current Portion of LTD 58512 63018 61612 63401 65646 59670 71535 87190 101251 103846 109510
BRampI - Principal portion (42064) (55243) (57895) (63831)
State Loan Reserve (11256) (11256) (13905) (16052)
Total Debt Outstanding 2251850 2771168 3233174 3258511 3630523 4174670 4568497 5196280 5502666 5714612 6059498 le 60 le 65
Total Net Position 2268349 2335651 2376604 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Debt to Capitalization Ratio 50 54 58 5705 5822 6037 6165 6343 6370 6544 6554
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 20 20 20 17 17 17 17 17
Minimum Operating Cash Target $200 M $200 M $200 M $200 M $200 M $200 M 150 days 150 days 150 days 150 days 150 days 30161
Capitalization Ratio of less than 60 60 60 60 60 60 65 65 65 65 65 57864
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217 06573587049
Financial Performance 2009 2010 2011 2012 2013 2014 2015 2016 2017 3-6 2018 2019
Debt Service Coverage 21 20 17 18 22 21 19 20 17 18 17
Oper Cash Target ($ 000) $153053 $203365 $240546 $329803 $448945 $369809 187 days 172 days 191 days 210 days 297 days 913 1507
Capitalization Ratio 50 54 58 57 58 60 62 63 64 654 655 756 1716
1669 3223
Minimum Debt Service Coverage was 20 times until FY2015 reduced to 17 times 2088 3210
Minimum Operating Cash Target was $200 million until FY 2015 changed to 150 days -419 13
Maximum Capitalization Ratio was at 60 until FY2015 which raised to 65
976
719
1695
Water System
BRampI and State Loan DS Reserve
June 30 2016 2017 2018 2019
State Loan Reserve
Interest 220023
Principal 14373496
Excess - Principal 1678816
16272335
Bond Redemption amp Interest
Interest 89766673 100638475 112668698 122081445
Principal 41675000 55215000 57200000 62730000
Excess - Principal 388846 28169 695142 1101264
131830519 155881644 170563840 185912709
Power System
June 30 2016 2017 2018 2019
Bond Redemption amp Interest
Interest 168218363 181083679 187553308 209256698
Principal 90640000 126540000 153615000 171905630
Excess - Principal 3572098 3585719 4433271 3363045
262430461 311209398 345601579 384525373
Water System
Summary of Revenues Expenses and Debt Service Coverage1
(Dollars in Thousands)
(Unaudited)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues
Single-family Residential $ 329551 $ 428318 $ 475867 $ 431944 $ 457961 $ 450384 $ 509614 $ 515176
Multiple Dwelling Units 243093 310709 342437 331238 339787 338623 352123 396035
Commercial and Industrial 187289 239078 269415 268971 277786 264690 254734 262276
Other 51964 64123 54104 50428 56243 64850 73710 80016
Total Operating Revenues5 $ 811897 $ 1042228 $ 1141823 $ 1082581 $ 1131777 $ 1118547 $ 1190181 $ 1253503
Operating Expenses
Purchased Water $ 161039 $ 280438 $ 339380 $ 273132 $ 261971 $ 194699 $ 184957 $ 155603
OampM 383785 392024 430988 460151 473798 505910 500937 612123
Total Operating Expenses (Excluding Depreciation5) $ 544824 $ 672462 $ 770368 $ 733283 $ 735769 $ 700609 $ 685894 $ 767726
Operating Income Before Depreciation $ 267073 $ 369766 $ 371455 $ 349298 $ 396008 $ 417938 $ 504287 $ 485777
Allowance for Funds Used During Const 6 $ 2979 $ 4995 $ 4419 $ 9565 $ 8661
Nonoperating Revenues Net 33551 27776 32067 24819 28279 34977 25357 40689
Capital Contributions 27482 16711 28252 34390 46752 31183 33155 25810
Change In Fund Net Position
Before Depreciation and Amortization 6 $ 331085 $ 419248 $ 436193 $ 418072 $ 479700 $ 484098 $ 484098 $ 484098
Debt Service
Interest2 $ 149508 $ 160995 $ 171070 $ 186664 $ 195519 $ 217521 $ 231522 $ 243730
Principal 28960 31890 33322 30123 45604 61391 78303 80556
Total Debt Service on Bonds5 $ 178468 $ 192885 $ 204392 $ 216787 $ 241123 $ 278912 $ 309825 $ 324286
Depreciation and Amortization $ 106160 $ 112677 $ 123337 $ 136559 $ 144186 $ 156809 $ 156809 $ 176634
Debt Service Coverage34 186x6 217x6 213x 6 193x 6 199x 6 174x 182x 170x
484098 562799 552276
1736 1817 1703
1 Derived from the Water System Financial Statements
2 Excludes amortization of debt expensespremiums
3 Change in Fund Net Position Before Depreciation and Interest divided by Total Debt Service on Bonds
4 Between Fiscal Years 2017-18 and 2021-22 the Department expects approximately $39 billion of the costs of its capital improvement program will be paid with external financing sources including the Series A Bonds previously issued Bonds and Additional Parity Obligations (consisting of additional Water System Revenue Bonds and additional loans from the State Water Resources Control Board) The issuance of any Additional Parity Obligations may result in a decline in the debt service coverage ratio See ldquoWATER RATESmdashBoard Adopted Financial Planning Criteriardquo
5 Totals may not add up due to rounding
6 Beginning with the Fiscal Year ended June 30 2017 Allowance for Funds Used During Construction was not accounted for in Change in Fund Net Position Before Depreciation and Interest and the figures for the Fiscal Years ended June 30 2013 through 2016 have been restated to also reflect this change
Any highlighted items relate to eliminating the Allowance for Funds Used During Construction All highlighted numbers were restated in future periods
Water System Selected Operating Information
Unaudited
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018
Operating Statistics
Water Supply (Millions of
Billing Units of 100 cu Ft)
Local Underground Supply 266 249 346 394 344 223
Los Angeles Aqueduct 1161 494 266 251 223 926
Deliveries From
Metropolitan 914 1692 1925 1679 1506 957
Recycled Water 30 30 44 45 43 35
Total Supply4 2371 2465 2581 2369 2116 2141
Less
Transfers and Diversions To
(From) Storage 13 (08) 25 100 (10) 34
System Uses and Losses 70 84 186 69 143 183
Total Water Sold4 2288 2389 2370 2200 1983 1924
Water Sales (Millions of
Billing Units of 100 cu Ft)
Single-family Residential 903 952 944 826 726 726
Multiple Dwelling Units 728 736 704 654 622 612
Commercial and Industrial 484 507 526 500 473 450
Other 155 180 188 182 172 172
Total4 2270 2375 2362 2162 1992 1960
Average Number of Customers
(In Thousands)
Single-family Residential 4790 480 483 483 484 487
Multiple Dwelling Units 1230 124 122 121 121 121
Commercial and Industrial 640 64 66 65 65 65
Other 80 8 8 7 8 7
Total4 676 679 676 678 680
Operating Revenues (In
Thousands)
Single-family Residential $ 329551 $ 428318 $ 475867 $ 431943 $ 457961 $ 450384
Multiple Dwelling Units 243093 310709 342437 331238 339787 338623
Commercial and Industrial 187289 239078 269415 268971 277786 264690
Other 51964 64123 54104 50428 56243 64850
Total4 $ 811897 $ 1042228 $ 1141823 $ 1082581 $ 1131777 $ 1118547
Average Revenue Per Hundred
Cubic Feet Sold
Single-family Residential $ 3649 $ 4499 $ 5039 $ 5231 $ 6304 $ 6207
Multiple Dwelling Units 3338 4222 4862 5063 5462 5536
Commercial and Industrial 3873 4716 5118 5380 5879 5885
Other 3352 3562 2885 2773 3279 3766
Average Consumption Per
Person Per Day (Gallons)3 NA NA NA 113 104 102
Average Metered Consumption
Per Person Per Day (Gallons)3 123 129 131 NA NA NA
1 Based on interim reports and subject to change based on the allocation of sales and revenues including delayed billing resulting from the full implementation of the new customer information and billing system as described under ldquoWATER RATESmdashBilling and Collectionsrdquo
2 Water supply numbers for Fiscal Years 2016-17 and 2015-16 reflect changes to the Departmentrsquos supply volume tracking methodology pursuant to the Departmentrsquos Water Loss and Component Analysis Study
3 Beginning in Fiscal Year 2014-15 the Department replaced Average Metered Consumption Per Person Per Day with Average Consumption Per Person Per Day Average Consumption Per Person Per Day is a better measure of water consumption because it measures all water consumed not just metered water consumed
4 Totals may not add up due to rounding
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Cash Flows
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019 2004
Reconciliation of operating income to net cash provided by
operating activities
Operating income $ 160913 $ 257089 $ 248118 $ 212739 $ 251822 $ 261129 $ 338997 $ 309143 $ 96952
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation and amortization 106160 112677 123337 136559 144186 156809 165290 176634 74069
Provision for losses on customer and other receivables 10446 8142 17818 10436 12853 13637 3866 2084 2439
Changes in assets and liabilities
Customer and other accounts receivable 19319 (17090) (18034) 9822 (7452) (14733) (22756) 24084 (2096)
Accrued unbilled revenue (4972) (9406) (9438) 18956 (23206) (4384) (12480) 15011 (2360)
Underrecovered costs - - (45031) (34224) (154475) (32501) 134837 36968 -
Due from Power System (64978) 64978 - - - - (37415)
Due to Power System (3267) 24059 16255 (36415) 4019 684 1244 (7585)
Materials and supplies (672) 2925 554 221 (440) (4269) (2389) (1171) (1008)
Regulatory assets (5157) (38729) (13780) (39781) (52073) (17816) (31344) 7345
Regulatory assets - OPEB (199489) 20399
Net pension asset 9583 11486 9680 - - - - 2775
Accounts payable and accrued expenses for operating 12605 13335 (12377) 973 (16487) (169282) (29405) 5062
Prepayment and other current assets 9228 (3288) 156 (1612) (767) (1414) (1692) (2780) -
Net postemployment asset (19197) (9856) (7529) (3752) (6931) 2258 - -
Customer deposits (191) 14808 21717 24508 24265 27078 16269 29662
Accrued employee expenses 2451 (513) 3923 2733 1196 6325 3733 4586 6322
Over-recovered costs (2727) (94992) (28443) - - - 73766
Deferred outflows - pensions and OPEB (130056) 33823 (269993) 137298 67259
Regulatory asset - pensions 115013 129522 27269 63761 78606
Net pension liability (171859) (38461) 325854 (272434) (133997)
Net OPEB liability 176148 (15456)
Deferred inflows - pensions and OPEB 209473 (124884) (83130) 94716 (16809)
Accrued workers compensation claims and other 8555 11639 10379 1057 7952 18691 1509 (3523) 8150
Net cash provided by operating activities $ 238099 $ 347264 $ 317305 $ 324791 $ 184462 $ 242212 $ 565679 $ 595522 221594
Supplemental disclosure of noncash capital and related financing
activities
Capital contributions $ 166 (278011)
See accompanying notes to financial statements
During the year ended June 30 2017 the Water System
issued revenue bonds to finance capital improvements and
refund previously issued debt The $2768 million of the total
proceeds of $61190 million including an $8163 million premium
were deposited immediately into an irrevocable trust for the
defeasance of $2752 million of debt Additionally $1424 milion of
the proceeds were remitted directly to Wells Fargo for repayment
of the outstaning line of credit The net gain on refunding after the
write-off of previously were deposited immediately into an recorded
unamortized premiums resulted in $25 million which will be
amortized over the debt repayment period
During the year ended June 30 2016 the Water System
issued revenue bonds to finance capital improvements and
refund previously issued debt The $3831 million of
proceeds were deposited immediately into an irrevocable
trust for the defeasance of $3822 million of debt The net
gain on refunding after the write-off of previously recorded
unamortized premiums resulted in $133 million which
will be amortized over the debt repayment period
Accounts payable related to capital expenditures $ 13722 $ 2591 $ 6035 $ 28729
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
Per this statement
Per balance sheet 415786 211691 112272
6156853
(31087601)
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Cash Flows
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019 2005
Cash flows from operating activities
Cash receipts
Cash receipts from customers $ 900054 $ 987990 $ 1113917 $ 1171266 $ 1016864 $ 1147285 $ 1318635 $ 1392677 $ 738774
Cash receipts from customers for other agency services 449750 514013 488581 500423 559405 550778 549443 608903 284848
Cash receipts from interfund services provided 307293 432592 443798 492144 509994 489925 585288 691571 302374
Other cash receipts - - - 2537 5250 27839 - -
Cash disbursements
Cash payment to employees (236955) (244838) (261930) (243931) (271899) (286551) (324057) (340716) (224169)
Cash payment to suppliers (228281) (322929) (337504) (423518) (407096) (448081) (259390) (287623) (227969)
Cash payment for interfund services used (492462) (498767) (632985) (663180) (669916) (664030) (775876) (808270) (284847)
Cash payment to other agencies for fees collected (452430) (514416) (487970) (510950) (547023) (552364) (556203) (621149) (378431)
Other cash payments (8870) (6381) (8602) (5867) (39871) (451)
Net cash provided by operating activities 238099 347264 317305 324791 184462 242212 565679 595522 210129
Cash flows from noncapital financing activities
Proceeds from line of credit for operations - -
Payments on line of credit for operations (250000) -
Net cash (used in) provided by noncapital financing activities - (250000) -
Cash flows from capital and related financing activities
Additions to plant and equipment net (429239) (429269) (636635) (687360) (614382) (687490) (618001) (565707) (278011)
Capital contributions 27482 16711 28252 33685 40072 31183 33155 25810
Principal payments and maturities on long-term debt (24068) (25890) (26061) (19650) (29032) (43295) (55215) (57230)
Payments for Notes - - -
Proceeds from line of credit for capital - -
Proceeds from issuance of bonds and line of credit - 372454 425299 310171 831631 584837 273403 348929
Proceeds from California Department of Water Resources loan 54752 29507 129249 128187 73365 71511 49687 115257
Payments of California Department of Water Resources loan (4892) (6000) (7261) (10472) (16572) (18096) (23088) (23356)
Debt interest payments (152105) (149459) (158963) (179770) (200876) (206288) (219592) (234072)
Line of credit payments
Federal bond subsidies 18530 17724 17196 17178 17270 17252 17307 17381
Net cash used in capital and related financing activities (509540) (174222) (228924) (408031) 101476 (250386) (542344) (372988)
Cash flows from investing activities
Purchases of investment securities (96064) (75663) (79237) (62313) (86676) (83622) (92099) (86281)
Sale of investment securities 95879 75496 79116 62140 86751 67233 91486 85257
Investment income 8241 2618 6521 5580 8293 3180 5063 26978
Net cash provided by investing activities 8056 2451 6400 5407 8368 (13209) 4450 25954
Net increase (decrease) in cash and cash equivalents (263385) 175493 94781 (77833) 294306 (21383) (222215) 248488
Cash and cash equivalents
Cash and cash equivalents at July 1 (including $353228 $179080 $122648
and $475127 reported in restricted accounts 2015 2014 2013 and 2012 respectively) 682758 419373 594866 689647 611814 906120 884737 662522
Cash and cash equivalents at June 30 (including $269072 $353228 $179080
and $122648 reported in restricted accounts 2015 2014 2013 and 2012 respectively) $ 419373 $ 594866 $ 689647 $ 611814 $ 906120 $ 884737 $ 662522 $ 911010
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
Per this statement 594866 419373 -
Per balance sheet 415786 211691 112272
179080 207682
6156853
(31087601)
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Revenues Expenses and Changes in Net Position
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating revenues
Residential $ 329551 $ 428318 $ 475867 $ 431944 $ 457961 $ 450384 $ 509614 $ 515176
Multiple-dwelling units 243093 310709 342437 331238 339787 338623 352123 396035
Commercial and industrial 187289 239078 269415 268971 277786 264690 254734 262276
Other 62410 72265 71922 60864 69096 78487 77576 82100
Uncollectible accounts (10446) (8142) (17818) (10436) (12853) (13637) (3866) (2084)
811897 1042228 1141823 1082581 1131777 1118547 1190181 1253503
Operating expenses
Purchased water 161039 280438 339380 273132 261971 194699 184957 155603
Maintenance and other operating expenses 383785 392024 430988 460151 473798 505910 500937 612123
Depreciation and amortization 106160 112677 123337 136559 144186 156809 165290 176634
Loss on asset impairment and abandoned projects - - -
Total operating expenses 650984 785139 893705 869842 879955 857418 851184 944360
Operating income 160913 257089 248118 212739 251822 261129 338997 309143
Nonoperating revenues (expenses)
Investment income 7960 2529 6673 5530 8564 3262 5171 26830
Federal bond subsidies 18530 17724 17196 17178 17270 17252 17307 17381
Gain on sale of land 1701 - 90 - - 141 - -
Other nonoperating income 9034 11467 11548 5936 6653 19513 8242 2260
37225 31720 35507 28644 32487 40168 30720 46471
Other nonoperating expenses (3674) (3944) (3440) (3825) (4208) (5191) (5363) (5782)
33551 27776 32067 24819 28279 34977 25357 40689
Debt expenses
Interest on debt 147896 155006 160424 173550 181343 194501 205280 214472
Allowance for funds used during construction (2979) (4995) (4419) (9565) (8661) (7713) (8044) (5979)
144917 150011 156005 163985 172682 186788 197236 208493
Income before capital contributions 49547 134854 124180 73573 107419 109318 167118 141339
Capital contributions 27482 16711 28252 34390 46752 31183 33155 25810
Increase in net position 77029 151565 152432 107963 154171 140501 200273 167149
Net position
Beginning of year 2376604 2453633 2588084 2733549 2841512 2995683 3136184 3018252
Effect of change in accounting for pensions (adoption of GASB Statement No 68)
Cumulative effect of change in accounting for postemployment benefits other than
pensions effective July 1 2017 (318205) -
Beginning of period as restated 2733549 2841512 2995683
End of year $ 2453633 $ 2605198 $ 2740516 $ 2841512 $ 2995683 $ 3136184 $ 3018252 $ 3185401
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM Water System
Statement of Net Position Balance Sheets
June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Assets
Noncurrent assets
Utility Plant
Source of water supply $ 1224050 $ 1304003 $ 1429479 $ 1576514 $ 1939935 $ 1975048 $ 2337848 $ 2392901
Pumping 254408 258309 263278 268816 284509 290584 297070 403987
Purification 532641 582718 745043 786730 804492 818277 835044 867481
Distribution 3840049 4066843 4277205 4476970 4815614 5069620 5364668 5586714
General 565015 577469 662351 704764 721050 760627 793334 856475
6416163 6789342 7377356 7813794 8565600 8914156 9627964 10107558
Accumulated depreciation (2128281) (2232065) (2350965) (2482031) (2613961) (2762711) (2925891) (3078050)
4287882 4557277 5026391 5331763 5951639 6151445 6702073 7029508
Construction work in progress 800677 854655 923813 1182001 1061382 1402561 1330975 1407309
5088559 5411932 5950204 6513764 7013021 7554006 8033048 8436817
Investments 33078 33159 33390 33511 33706 50011 50558 51981
Cash and cash equivalents - restricted - 42932 212244 110255 447658 406237 141299 144508
Regulatory assets - other 14621 53350 67130 106911 158984 176800 195892 175534
Regulatory assets - pensions 450003 320481 293212 229451 150845
Regulatory assets - OPEB 199489 179090
Net pension asset 28133 16647 6967 - -
Net other postemployment asset 292395 302251 309780 313532 320463 318205 - -
Total noncurrent assets 5456786 5860271 6579715 7527976 8294313 8798471 8849737 9138775
Current assets
Cash and cash equivalents - unrestricted 296725 415786 336419 342742 312009 317198 344773 573702
Cash and cash equivalents - restricted 122648 136148 140984 158817 146453 161302 176450 192800
Cash collateral received from securities lending transactions - 1929 576 4180 7486 3779 7650 7564
Customer and other accounts receivable net of $61200 $50283$41000 $33000 $10500
and $9500 allowance for losses for 2017 2016 2015 2014 2013 and 2012 respectively 96729 105674 105932 85676 80458 81721 100785 74071
Under-recovered costs - - 45031 79255 233730 266231 131394 94426
Due from Power System 64978 - - - - -
Accrued unbilled revenue 69154 78560 87998 69042 92248 96632 109112 94101
Materials and supplies 23043 20118 19564 19343 19784 24053 26442 27613
Prepayments and other current assets 31644 35338 18068 19680 20447 21861 23552 26332
Total current assets 704921 793553 754572 778735 912615 972777 920158 1090609
Total assets 6161707 6653824 7334287 8306711 9206928 9771248 9769895 10229384
Deferred outflows on debt refunding 32590 30505 28420 26335 24252 22183
Deferred outflows - changes in pension assumptions 141130 112511 373459 188361 121972
Deferred outflows -OPEB 297 3774
Deferred outflows - pensions contributions made after measurement date 123629 118425 127470 140957 134172
Deferred outflows - OPEB contributions made after measurement date 34017 36455
Total deferred outflows 32590 295264 259356 527264 387884 318556
Total assets and deferred outflows $ 6161707 $ 6653824 $ 7366877 $ 8601975 $ 9466284 $ 10298512 $ 10157779 $ 10547940
Net Position and Liabilities
Net position
Net investment in capital assets $ 1830049 $ 1824341 $ 2020368 $ 2086028 $ 2203533 $ 2367436 $ 2359417 $ 2408413
Restricted
Debt service 24997 33485 26191 36919 51200 66005 71340 79673
Other postemployment benefits 292395 302251 309780 313532 320463 318205 - -
Pension benefits 28133 16647 6967
Other purposes 24167 25167 26167 27167 28171 29171 30636 32636
Unrestricted 253892 403307 351043 377866 392316 355367 556859 664679
Total net position 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Long-term debt net of current portion 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Other noncurrent liabilities
Net other postemployment benefit obligation - - - -
Accrued workers compensation claims 20226 24342 26523 25468 29329 32021 33530 33530
Net pension liabilities 411485 373024 698878 426444 292447
Net OPEB liability 176148 160692
Total other noncurrent liabilities 20226 24342 26523 436953 402353 730899 636122 486669
Current liabilities
Current portion of long-term debt 63401 65646 59670 71535 87190 101251 103846 109510
Accounts payable and accrued expenses 107212 122333 130511 133973 131390 114699 88450 89216
Line of Credit - - - - 150000 250000 - -
Due to Power System - 24059 40314 3899 7918 8602 9846 2261
Accrued employee expenses 48442 47929 51852 54585 55781 62106 65839 70425
Accrued interest 73419 77431 88561 94666 89767 101068 113069 122453
Obligations under securities lending transactions - 1929 576 4180 7486 3779 7650 7564
Due to the reserve fund of the City of Los Angeles - - - - - -
Over-recovered costs 123435 28443 - - - -
Customer deposits 76829 91637 113354 137862 162127 189205 205474 235136
Total current liabilities 492738 459407 484838 500700 691659 830710 594174 636565
Total liabilities 3708074 4048626 4626361 5434615 6256422 7029523 6912862 7153106
Deferred inflows on debt refunding 13215 14971 14115 13691
Deferred inflows - pension 325848 200964 117834 154895 137114
Deferred inflows -OPEB 57655 58628
Total deferred inflows - - - 325848 214179 132805 226665 209433
Total net position liabilities and deferred inflows $ 6161707 $ 6653824 $ 7366877 $ 8601975 $ 9466284 $ 10298512 $ 10157779 $ 10547940
this line is not included in the published financial statements but included here to verify in balance
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
2012
2013
2014
2015
2016
2017
2018
2019
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
DEMAND SIDE MANAGEMENT
(11) 28204 WATER CONSRVTN-WTR FUNDED 1469160 3342020 2551650 3751660 3859860 3879830 3955200 4028120 4098460 4165100 4167220 4241800
DEMAND SIDE MANAGEMENT TOTAL 1469160 3342020 2551650 3751660 3859860 3879830 3955200 4028120 4098460 4165100 4167220 4241800
WATER QUALITY PROGRAM
(41) 28850 TOOLS amp EQUIPMENT 2563 889 3177 318 3258 3341 3425 3512 3589 367 3747 3825
(43) 23222 WQIP TRUNKLINE IMPRVEMNTS 6396050 5219590 6412270 14227440 11244300 7934420 6733360 4724360 761190 0 0 2032
(43) 24130 CHLOR STATION INSTALLATNS 1681040 470190 1653610 1081550 1095040 431290 445200 328700 388540 506000 840740 758930
(43) 24315 GROUNDWATER MGMT 269030 1846640 373200 873650 754650 2413580 2302300 2696260 1843220 6090030 2771240 188260
(43) 26505 CEMENT LINING-WATER MAINS 12 04 0 0 0 0 0 0 0 0 0 0
(43) 29130 WQIP RESV IMPRVTS 12947160 5967510 4788890 9735150 13615820 6160570 1207680 6851 2673 162830 281 2913
(45) 24310 WTR TREATMENT IMPRVTS 1333570 2139220 1484300 2814560 1996130 1946120 1733320 1929020 3232540 3445250 3187080 1919510
(45) 29153 WSO INFO TECHNOLOGY 0 0 0 144580 141680 145980 147640 149090 157660 161280 164220 195850
(48) 24316 GRNDWTR REMEDTN amp CLEANUP 1349890 1574740 2714320 3982910 4185590 4393720 7335310 6701360 36960020 39574050 16438760 878590
WATER QUALITY PROGRAM TOTAL 24003570 17226820 17458360 32891640 33065790 23459090 19939060 16632420 43405790 49976140 23467610 4028840
WATER RECLAMATION PROGRAM
(41) 24318 WATERSHED-STRMWTR CAPTURE 1629460 2186340 1082380 3265020 3109810 4533000 3565920 3512300 3589800 3611200 2538900 123400
(43) 23150 WATER RECYCLING - CAP 2101770 2037980 2908290 4777870 7545640 6262440 8348530 23821650 24372850 11883850 2839490 389830
WATER RECLAMATION PROGRAM TOTAL 3731230 4224320 3990670 8042890 10655450 10795440 11914450 27333950 27962650 15495050 5378390 513230
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR
(43) 22403 SUPPLMNTL DUST CNTRL DEVT 6817170 16877080 20132260 15120120 7015740 0 0 0 0 0 0 0
(45) 21146 OWENS LAKE MASTER PROJECT 0 0 342690 1728390 2703080 8891320 13686640 20087120 20278800 19261780 12996280 6618390
(45) 22402 OWENS VALLEY DUST MITIGAT 894880 1195460 1440770 2357800 4213550 2957420 1206710 1941690 1609250 1518530 1101050 1476200
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR TOTAL 7712050 18072540 21915720 19206310 13932370 11848740 14893350 22028810 21888050 20780310 14097330 8094590
LAWSDACSCADA
(45) 29153 WSO INFO TECHNOLOGY 157320 102760 203950 0 0 0 0 0 0 0 0 0
LAWSDACSCADA TOTAL 157320 102760 203950 0 0 0 0 0 0 0 0 0
SECURITY COMPONENTS TO REMOVING OPEN RESERVOIR
(43) 29130 WQIP RESV IMPRVTS 3943670 2262460 1299300 0 0 0 0 0 0 0 0 0
SECURITY COMPONENTS TO REMOVING OPEN RESERVOIR TOTAL 3943670 2262460 1299300 0 0 0 0 0 0 0 0 0
SECURITY FOR CRITICAL FACILITIES
(16) 28871 CYBER SECURITY-WTR FUNDED 1377 16 0 0 0 0 0 0 0 0 0 0
(41) 28857 OTHER WSO CAP PROJECTS 216570 103610 364890 0 0 0 0 0 0 0 0 0
SECURITY FOR CRITICAL FACILITIES TOTAL 230340 103770 364890 0 0 0 0 0 0 0 0 0
Infrastructure Pass Thru
(43) 23220 PUMP STATIONS 327990 416060 749560 1317350 1029760 2092610 2282060 1458250 905870 736510 822600 849270
(43) 23290 SEISMIC IMPROVEMENTS 5376 5021 1081 0 0 0 0 0 0 0 0 2045
(43) 24150 REGULATOR STATIONS 380380 267310 422580 405830 352780 360670 520080 745320 520740 410190 420420 431630
(43) 26220 TRUNK LINE amp MAJ SYS CONN 519790 579180 1190390 3284720 7207650 7043220 17250340 20350640 28638980 17698130 12073370 6098570
(43) 29140 INFR RESV IMPVTS 896210 1667400 2232430 2666140 4188120 2992320 3551450 3751100 4746670 9055020 11265460 3603
(43) 29328 GRIFFITH PRK WTR DIST SYS 0 05 0 400 101800 206920 510730 797270 1119560 737400 8678 1992
101415 1444 Page 1 of 6
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
(44) 26331 DISTRIBUTION MAINS 6881370 7437400 7676240 8635100 10554550 12007960 14846340 16017610 16328220 16796220 19813650 21637980
(44) 27210 SRVCS METERS amp HYDRANTS 4871090 5113620 4646850 4589540 4625520 4810340 4947950 5056170 5209730 5714520 6008530 6260740
Infrastructure Pass Thru TOTAL 13930590 15531230 16928860 20938680 28060180 29514040 43908950 48176360 57469770 51147990 50490810 35354590
REGULAR
(11) 28183 ENERGY CNSRVTN-WTR FUNDED 4724 1678 76 75 76 78 8 102 103 107 0 0
(16) 28862 PC EQUIPMENT WATER- JOINT 374 379 1008 928 962 1002 955 792 899 1259 1279 2569
(16) 28871 CYBER SECURITY-WTR FUNDED 0 0 0 2342 2399 2461 2522 2586 2643 2703 276 2817
(16) 28892 PC EQUIPMENT - WATER SERV 168970 116080 125580 101690 9883 233780 139070 106170 109640 110910 113300 102170
(16) 28971 PEOPLESOFT-HRMS 22 21 0 0 0 0 0 0 0 0 0 0
(31) 28140 ADDS amp BTTRMTS-WTR FN CAO 525 5126 609 132020 7227 8057 125810 159870 164760 8196 8856 8665
(31) 28761 TOOLS amp EQUIP - CSO 2266 849 1209 1548 1586 1629 1669 1712 1753 1791 1829 1873
(31) 28780 CAFETERIA EQUIPMENT 163 261 36 36 36 37 39 4 41 42 43 45
(31) 28898 INDUSTRIAL GRAPHICS EQUIP 202 48 758 1077 1983 84 617 63 656 667 683 716
(33) 28184 JFB CAPITAL 188270 8622 125270 9494 8271 -7574 415 -126870 -132600 -124500 -1358 4843
(33) 28833 ERGO amp NEW FURNITURE-WTR 872 1152 6106 9688 112800 588 161 1649 1693 1727 1768 158
(35) 28863 WATER SECURITY SYSTEMS 05 0 0 223450 228890 0 0 0 0 0 0 0
(37) 28181 FLEET CONSTR PROJECTS 1914 492 59 535290 106900 219 217 216 229 373 384 24
(37) 28561 FLEET EQUIP REPLS amp ADDNS -484320 5548 237750 324520 331790 253120 259750 266020 271680 277770 284020 277620
(37) 29701 FUELING STATION INFRASTRC 93 256 303 290 338 2774 2563 355 354 363 374 356
(39) 28770 TOOLS amp EQUIPMNT-ISS SHPS 3216 1211 3648 3542 3639 3762 387 3965 4108 418 4279 4489
(41) 24318 WATERSHED-STRMWTR CAPTURE 01 5 0 500 334080 107800 0 0 0 0 1000000 3000000
(41) 28850 TOOLS amp EQUIPMENT 5885 969 915 8928 9165 9452 9723 9959 103030 105520 108040 112910
(41) 28857 OTHER WSO CAP PROJECTS 139 156100 1457130 637930 441330 651760 1033950 1169590 2005130 6020700 9667750 4290270
(41) 29010 JOINT CAPITAL-WTR SHARE 4898770 4318120 3325970 5220260 5499270 4511060 3621200 3246760 3619260 3110010 1446000 430970
(43) 23222 WQIP TRUNKLINE IMPRVEMNTS 0 0 0 8573 138240 186720 407190 2352580 2324120 2390650 2454160 2507960
(43) 24130 CHLOR STATION INSTALLATNS 0 02 0 0 0 0 0 0 0 0 0 0
(43) 28201 WSO FACILITIES 2857390 516430 769090 1368170 3684530 3037020 2777850 1656520 434170 512740 812700 871720
(43) 29130 WQIP RESV IMPRVTS 563530 58 448600 664890 -377000 1946560 5431270 5471910 4505 9197 3724 195
(45) 22130 LA AQUEDUCT SYS-AampB SOUTH 1193260 1272220 1162040 1126810 1127570 1018630 1043260 956870 1086280 1239130 1690170 1915960
(45) 22140 LA AQUEDUCT SYS-AampB NORTH 572920 497850 446620 429100 529960 517860 529260 551640 579940 597840 667670 688320
(45) 22150 E SIERRA ENVNMTL CAPITAL 647400 312070 397200 695020 764470 655690 215090 224640 228440 233150 157230 162970
(45) 22160 RESOURCE DEVELOPMENT 1258630 2778870 149170 433 0 0 0 0 0 0 0 0
(45) 24310 WTR TREATMENT IMPRVTS 4764 0 556430 678650 1396300 1252320 780990 285550 2918 0 0 0
(45) 29153 WSO INFO TECHNOLOGY 721670 679450 692240 620880 714880 591490 747010 715700 657270 587430 603710 427080
(61) 28602 MISC CAPITAL PROJECTS 22 386 845 291 299 309 517 529 549 558 571 60
REGULAR TOTAL 12885610 11049760 10191280 13307230 15492650 15253070 17397020 17262300 11655630 15372980 19256670 15093220
ADJUSTMENTS
(WATER ADJUSTMENTS) Capital In Expense 0 0 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000
(WATER ADJUSTMENTS) Expense In Capital 0 0 -300 -300 -300 -300 -300 -300 -300 -300 -300 -300
(WATER ADJUSTMENTS) Under(Over) Applied Allocations 0 0 -8755 1094 1199 1125 1117 1365 1684 1519 1417 545
101415 1444 Page 2 of 6
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
ADJUSTMENTS TOTAL 0 0 3245 130940 131990 131250 131170 133650 136840 135190 134170 125450
CAPITAL TOTAL 68063540 71915680 74937130 98269350 105198290 94881460 112139200 135595610 166617190 157072760 116992200 67451720
101415 1444 Page 3 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
P W
(41) 3012224 PURCHASED WATER 33595270 27015530 28944810 24535376 15461654 15000626 16754090 15952850 16881387 16183240 14767380 14767380 per SalePW forecast
P W TOTAL 33595270 27015530 28944810 24535376 15461654 15000626 16754090 15952850 16881387 16183240 14767380 14767380
DEMAND SIDE MANAGEMENT
(41) 3051000 WATER CONSERVATION 967280 775990 1654410 2135010 2180540 2225830 1281770 1306850 1330500 1355040 1414830 1443450
DEMAND SIDE MANAGEMENT TOTAL 967280 775990 1654410 2135010 2180540 2225830 1281770 1306850 1330500 1355040 1414830 1443450
NET WATER QUALITY OampM
(06) 4010602 COMMUNITY OUTREACH-WATER 2502 1327 2427 2436 2524 2558 262 2668 2718 2787 2542 2661
(45) 3212520 DISTRIB TREATMENT OPNS 1354440 1268700 1933090 1967860 2046210 2130650 2251260 2242650 2334730 2402270 2994020 2856430
(45) 3212540 FILTER PLANT OPNS 1342860 1343010 1598900 1575360 1651940 1776900 1907990 1918440 1982120 2063070 2307020 2394540
(45) 3352200 DISTR RESERVOIR OampM 1152540 1260280 1322690 2500320 2560580 2668630 2719940 2737880 2850430 2890740 3162860 3259520
(48) 3212500 WQ CONTROL 0 0 0 1834280 1888010 2021110 2102840 2133780 2174090 2265980 2346140 2464910
(48) 3212530 WATER QUALITY REGULATORY 417370 441750 436840 451760 561750 579930 625300 645410 652400 724250 745420 790010
(48) 3233150 SYSTEM FLUSHING 49 99 5367 5402 5486 3691 3775 3841 3916 4021 4188 4365
NET WATER QUALITY OampM TOTAL 4292720 4328000 5369460 8407960 8788590 9239710 9671280 9743250 10060110 10414390 11622760 11835670
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR
(45) 3022002 LOWER OWENS RIVER OampM 372010 244970 304650 365900 368160 377110 381100 385990 398830 425230 405860 417600
(45) 4013006 OWENS LAKE OampM 4443390 2707720 2860380 3525530 4156420 4238230 4355920 4391370 4414660 4504770 4548050 4615090
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR TOTAL 4815400 2952690 3165030 3891430 4524580 4615340 4737020 4777360 4813490 4930000 4953910 5032690
WATER RECYCLING OampM
(41) 3022037 STORMWATER MANAGEMENT OampM 310250 246640 252760 188230 182140 205010 211150 227280 202410 210710 234600 243090
(45) 3052000 WATER RECYCLING - OampM 540400 524960 671560 595950 685100 665740 697860 647510 576410 601580 218410 105630
WATER RECYCLING OampM TOTAL 850650 771600 924320 784180 867240 870750 909010 874790 778820 812290 453010 348720
IN CITY PUMPING
(45) 3112200 LA GNDWTR PUMP amp SRCE FAC 1064060 1366670 1335300 1324470 1407410 1469720 1546820 1609430 1678960 1807390 1884850 2015890
(45) 3122240 PUMP BOOSTER OampM 2781960 3303050 2794600 2813940 2892390 2980200 3026440 3080600 3155510 3277540 3448610 3558100
IN CITY PUMPING TOTAL 3846020 4669720 4129900 4138410 4299800 4449920 4573260 4690030 4834470 5084930 5333460 5573990
GROUND BASED PATROL
(45) 3022001 LA AQUED SYS OPER NORTH 347710 254180 208250 0 0 0 0 0 0 0 0 0
(45) 3022005 LA AQUED SYS OPER SOUTH 186400 325470 196760 0 0 0 0 0 0 0 0 0
GROUND BASED PATROL TOTAL 534110 579650 405010 0 0 0 0 0 0 0 0 0
IN CITY SECURITY PATROLS
(44) 3532202 OPER BLDG amp YARD OampM 995 9271 6045 0 0 0 0 0 0 0 0 0
(45) 3352200 DISTR RESERVOIR OampM 931140 1106360 1047710 0 0 0 0 0 0 0 0 0
IN CITY SECURITY PATROLS TOTAL 1030640 1199070 1108160 0 0 0 0 0 0 0 0 0
JFB SECURITY
(31) 3011001 FACILITIES MGMT SVCS 148830 214410 190290 0 0 0 0 0 0 0 0 0
JFB SECURITY TOTAL 148830 214410 190290 0 0 0 0 0 0 0 0 0
WATER QUALITY SAMPLING
(48) 3212500 WQ CONTROL 1595650 1690700 1513710 0 0 0 0 0 0 0 0 0
101415 1444 Page 4 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
WATER QUALITY SAMPLING TOTAL 1595650 1690700 1513710 0 0 0 0 0 0 0 0 0
WATER SECURITY OampM
(45) 4013004 WATER INFORMATION TECH 4534 8924 160640 0 0 0 0 0 0 0 0 0
WATER SECURITY OampM TOTAL 4534 8924 160640 0 0 0 0 0 0 0 0 0
REGULAR
(02) 4010200 WTR DIRECT LEGAL SERVICES 619620 1617990 676870 649280 664970 655560 672020 689140 704550 720510 735840 751210
(20) 3911000 CUST ACCTG - WATER ALLOC 4908310 5464040 5892820 6545640 6592210 6617060 6753260 6911990 6963760 7121560 7320760 0
(20) 3951000 MARKETING - WTR ALLOC 305640 314550 353660 363020 373010 379020 387240 408540 422280 419910 427140 0
(20) 4011300 CORPORATE AampG - WATER 1760230 1946420 2278590 2294470 2415070 2464780 2555580 2625700 2542060 2635270 2699920 1800730
(21) 4010550 DEBT MANAGEMENT - WATER 194730 161680 209570 295050 294910 329470 332750 325710 372740 374930 362290 397220
(25) 4093010 INSURANCE - WATER 303290 371520 321510 372570 381650 391450 401260 411430 420500 429950 439030 448100
(31) 3011001 FACILITIES MGMT SVCS 771 8851 -8231 112150 122560 129500 137320 140920 154880 167510 185010 432510
(33) 3011000 LEED FACILITY DESIGN 1672 2069 1729 1673 1769 1869 1644 1937 1954 2136 2102 219
(35) 4093725 EMERGENCY MANAGEMENT 3866 3955 5261 5625 5701 4679 4293 4374 4537 4639 4777 155670
(36) 4010710 REAL ESTATE 3511 5019 121990 112850 113860 112640 115140 117320 119090 121970 125580 131000
(41) 3022036 WORKERS COMP - WTR SVCS 407550 336950 384690 383420 383420 383420 383420 383420 383420 383420 383420 6542
(41) 3022037 STORMWATER MANAGEMENT OampM 0 05 0 0 0 0 0 0 0 0 0 0
(41) 3055040 WATER IampC WORK 118 3621 0 0 0 0 0 0 0 0 1866 5341
(41) 3222507 HAZ SUBS MGMT PGM-WSO 7899 7287 5453 5898 8119 8759 9187 119210 127030 141670 195830 202810
(41) 4013002 DISASTER RECOVERY OampM-WTR 6512 134710 154040 149190 3119 3271 321 3389 332 3524 3485 513
(41) 4053010 GROUNDWATER OampM 162690 373960 137800 231800 190020 180020 242390 210730 214900 223090 236880 223470
(41) 4093008 WATER RESOURCES DEVELOPMT 330300 352590 315940 382190 389100 373200 393340 401780 400760 393140 404540 421260
(43) 3353200 SEISMIC EVALUATION OampM 8617 186 782 2665 2714 2811 2857 2905 297 3105 3244 3403
(43) 3522207 DISTR MAPS amp RCDS-WTR ENG 140970 158330 141480 143690 145670 148050 150720 152830 155960 159330 163770 170950
(43) 4052102 GENERAL ENGINEERING 406380 182000 283540 280440 300500 301330 307800 328300 322600 330970 340370 354270
(44) 3222506 HAZ SUBS MGMT - WTR DISTR 1519 1514 112 116 1211 1239 128 1301 1338 1372 1324 1368
(44) 3302200 LARGE MAINS OampM-20IN amp UP 198270 622740 260020 290300 293570 302010 310870 314950 322980 341070 370190 385360
(44) 3312200 DISTRIBUTION MAINS OampM 3469410 3892720 3513690 3615590 3643820 3744320 3843770 3943250 4069170 4215030 4317450 4472820
(44) 3322200 FIRE HYDRANT MAINT 356260 395050 376830 390220 397370 406710 417190 426460 436820 463240 479450 495630
(44) 3332200 SERVICE CONNECTION OampM 1636630 1746830 1628950 1685940 1703980 1739190 1799760 1836800 1883400 1940050 2095100 2180670
(44) 3532202 OPER BLDG amp YARD OampM 1051250 535330 530580 593850 619730 644250 675070 664220 658440 702730 832930 869540
(44) 3542200 DISTRIBUTION OampM SUPPORT 413200 476050 369190 388440 392720 397430 406540 412150 419770 430600 451400 470980
(44) 3912215 METERS OampM 439010 505160 522470 445590 450190 457360 565070 574830 586780 602910 630650 655490
(45) 3022001 LA AQUED SYS OPER NORTH 380630 284750 312520 609450 603570 615010 649970 664190 665370 701270 720790 744840
(45) 3022005 LA AQUED SYS OPER SOUTH 2332 2661 2418 260780 271100 278810 290190 300190 310610 321020 319330 330690
(45) 3022015 LA AQUED SYS MAINT SOUTH 444900 481640 433840 457200 448960 468820 558330 576890 595900 590080 565060 584150
(45) 3022025 LA AQUED SYS MAINT NORTH 913370 1342520 1063690 856730 851930 862900 942350 966090 983900 1034230 1153300 1193480
(45) 3022035 RESOURCES MGMT - OampM 799490 763210 792190 1004690 896630 905040 895960 982340 987710 994530 1016580 1028150
(45) 3112009 GRNDWTR PUMP OampM NORTH 421240 152950 282190 283030 288460 294670 301550 308850 312700 320540 312460 320800
(45) 3112300 WELL MONITORING OampM 0 0 207 1957 1944 2052 2111 2207 2361 2456 2541 2635
101415 1444 Page 5 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
(45) 3212560 WASTEWATER COMPLIANCE-OampM 8621 8802 5177 5783 5972 6418 6554 6633 6841 7023 7215 7443
(45) 3212570 REGULATOR STATION-OampM 785950 808240 701150 686280 687920 703020 720120 733100 752970 778330 801460 822210
(45) 4013004 WATER INFORMATION TECH 831990 1004360 1051710 1035430 1105630 1222790 1183070 1290620 1441770 1347980 1283680 1017980
(45) 4013005 EAST SIERRA ENVIRONMENTAL 214340 282260 269390 300410 283480 289730 287620 293460 298850 328230 337590 349850
(45) 4091604 OV DIST OFF ADMIN OampM 136140 9065 6645 6182 6256 6407 6786 674 693 710 7056 7336
(45) 4092023 SOUTHERN DIST ENG amp OPER 146870 189880 182440 111820 118010 124070 130030 134110 143350 7564 149590 152380
(48) 3232510 WQ SCIENCE amp RESEARCH 8424 8339 153680 308630 303610 201840 206530 211000 214840 245360 252090 316150
(61) 4011003 EMPLOYEE HLTH amp BENEFITS 112530 114040 122550 135220 137570 139910 141650 144710 164260 167830 172420 557810
(61) 4011007 YOUTH SERVICE ACADEMY-WTR 171 1203 887 881 897 92 946 97 995 1026 1053 3388
(61) 4011010 HRMS OampM 4538 5417 4919 3024 3045 3084 3152 3198 421 4297 4431 3752
(61) 4030210 DOT-SUBSTANCE TESTNG PROG 663 653 1208 1227 1242 1258 1287 131 1333 1363 1401 4567
(61) 4067070 MEDICAL SRVCS 125150 144680 129110 133560 135450 137690 140880 143720 146870 150040 154080 498280
(61) 4067071 WORKERS COMPENSATION 228200 227640 230030 217660 211130 214090 218970 223330 227210 232000 238530 246400
(69) 4067066 CORPORATE SAFETY 4986 5136 5364 5567 5887 5711 6117 5957 636 6194 6675 209630
(69) 4067067 PRESSURE VESSEL 28 37 0 0 0 0 0 0 0 0 0 0
(69) 4067068 SAFETY 3677 3897 3562 3695 3726 3766 3868 3943 4008 4094 4219 4375
(69) 4067069 INDUSTRIAL HYGIENE 704 711 5129 5863 5913 5987 6124 6247 6356 6495 6689 6724
REGULAR TOTAL 23489590 26249800 24704030 26638580 26786930 27197470 28111890 28883390 29463330 30154180 31255290 23988260
ADJUSTMENTS
(WATER ADJUSTMENTS) Capital In Expense 0 0 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000
(WATER ADJUSTMENTS) Expense In Capital 0 0 300 300 300 300 300 300 300 300 300 300
(WATER ADJUSTMENTS) Under(Over) Applied Allocations 0 0 -310090 1127 1578 1331 1277 1562 1711 1464 155 1154
ADJUSTMENTS TOTAL 0 0 -430090 -108730 -104220 -106690 -107230 -104380 -102890 -105360 -104500 -108460
OampM TOTAL 75211500 70536400 71839680 73036770 65299720 66094520 67851860 65749060 66502850 68828710 69696140 62881700
WATER TOTAL 143275040 142452080 146776810 173806130 170498010 160975980 179991060 201344670 233120040 225901470 186688340 130333420
101415 1444 Page 6 of 6
Financial Plan Category Actual Restimate
Capital By Category FY13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21
WATER CONSERVATION 15 33 26 38 39 39 40 40 41
WATER QUALITY PROGRAM 240 172 175 329 331 235 199 166 434
WATER RECLAMATION PROGRAM 37 57 40 80 107 108 119 273 280
WATER SECURITY 43 25 19 - 0 - 0 - 0 - 0 - 0 - 0
OWENS VALLEY 77 181 219 192 139 118 149 220 219 30 31 32
INFRASTRUCTURE - PASS THRU 139 155 169 209 281 295 439 482 575
INFRASTRUCTURE - BASS 129 110 102 134 156 154 175 174 118
Total CAPITAL 681 734 749 983 1052 949 1121 1356 1666 30 31 32
OampM By Category
WATER CONSERVATION 10 8 17 21 22 22 13 13 13
WATER QUALITY PROGRAM 43 43 54 84 88 92 97 97 101
WATER RECLAMATION PROGRAM 9 8 9 8 9 9 9 9 8
OWENS VALLEY 48 30 32 39 45 46 47 48 48 21 23 24
IN-CITY PUMPING 38 47 41 41 43 44 46 47 48 425 406 418
WATER SECURITY 34 38 34 0 0 0 0 0 0 202 212 226
INFRASTRUCTURE 235 262 243 265 267 271 280 288 294
pw 336 270 289 245 155 150 168 160 169 0 0 0
TOTAL OampM 752 705 718 704 628 635 659 661 681
Actual Restimate
New Structure FY13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21
Capital By Category
WSCA - LA Aqueduct 24 21 20 23 24 22 18 17 19 605 850 891 originally included in Regular
WSCA - Groundwater 16 34 31 49 49 68 96 94 388 originally included in Water Quality
WSCA - Conservation 15 33 26 38 39 39 40 40 41
WSCA - Recycled 21 20 29 48 75 63 83 238 244
WSCA - Stormwater 16 22 11 33 31 45 36 35 36 originally included in Rclaimed
WATER QUALITY PROGRAM 224 138 144 280 281 167 103 72 46
WATER SECURITY 43 25 19 0 0 0 0 0 0
OWENS VALLEY 77 181 219 192 139 118 149 220 219 originally included in Regular
INFRASTRUCTURE - Pass Thru 139 155 169 209 281 295 439 482 575 originally included in Regular
INFRASTRUCTURE - Base 105 90 82 112 132 132 157 157 99
Total Capital 681 719 749 983 1052 949 1121 1356 1666
OampM By Category
WSCA - Purchased Water 336 270 289 245 155 150 168 160 169 162 148 148
WSCA - LA Aqueduct 35 36 35 40 39 40 42 44 45 45 48 49 originally included in Regular
WSCA - Groundwater 40 50 43 44 45 46 48 49 50 53 56 58 FI 4053010 originally included in Regular
WSCA - Conservation 10 8 17 21 22 22 13 13 13 14 14 14
WSCA - Recycled 5 5 7 6 7 7 7 6 6 6 2 1
WSCA - Stormwater 3 2 3 2 2 2 2 2 2 2 2 2 originally included in Rclaimed
WATER QUALITY PROGRAM 43 43 54 84 88 92 97 97 101 104 116 118
WATER SECURITY 34 38 34 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
OWENS VALLEY 48 30 32 39 45 46 47 48 48 49 50 50
INFRASTRUCTURE - Pass Thru 9 10 11
INFRASTRUCTURE - Base 198 223 206 223 226 230 236 242 247 253 261 187
Total OampM 752 705 718 704 628 635 659 661 681 697 707 640
check 704 628 635 659 661 681 70528 73946 70468
(0) (0) 0 0 0 (0)
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Average Average Total
Infrastruction Replacement
Capex 321 413 427 596 638 479 0 0 0 2396
OampM 223 226 230 236 242 231 262 271 198 1157
Total 545 639 657 832 880 711 262 271 198 3553
Supply Transition
Capex 189 219 237 273 425 268 1342
OampM 113 114 117 112 115 114 570
Total 302 333 354 385 539 382 - 0 0 0 1912
Water Quality
Capex 280 281 167 103 72 181 903
OampM 84 88 92 97 97 92 459
Total 364 369 259 200 170 272 1362
Owens Valley
Capex 192 139 118 149 220 164 164 819
OampM 39 45 46 47 48 45 45 225
Total 231 185 165 196 268 209 209 0 0 1045
Total Capex and OampM
Capex 983 1052 949 1121 1356 1092 1092 5461
OampM 459 473 485 492 502 482 482 2411
Total 1442 1525 1434 1613 1858 1574 1574 0 0 7872
32 POWER SUPPLY TRANSFORMATION
1000
Figure 31 Power Supply Transformation Expenditures
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total Per PA Grouping Capex
Rebuild Local Power Plants (Repowering) Capital 60 1897 3598 2292 3427 2754 907 204 1469 2899 1729 7209 IRP PSRP 42489 25681
OampM - - - - - - - Supply Trn 51959 18442
PPA - - - - - - - EE 13066 10686
RPS less than Local Solar Capital 858 123 167 645 722 1678 3055 2399 1420 1271 3087 11233 RPS 13129 107513 54809
OampM 316 454 596 263 261 283 228 249 369 405 420 1671
PPA 1098 2963 2511 2609 3106 2176 3813 5103 5610 5772 5835 26133
Coal Transition Capital 00 00 00 05 07 04 00 00 00 00 00 00
OampM 379 363 344 339 392 484 404 02 02 02 02 412
PPA 534 630 729 748 1155 1983 1839 1093 1012 1012 1032 1025 4275
Customer Opportunity Programs Capital 43 108 1917 1285 1166 1180 2142 2250 2191 2139 1964 10686 See Below 56234
OampM 451 464 104 -52 00 - - - - - - -
PPA 00 05 07 08 00 21 161 341 490 625 763 2380
Total Capital 961 2128 5683 4228 5322 5616 6104 4854 5080 6310 6781 29128
OampM 695 817 940 602 653 767 632 251 371 407 422 2083
PPA 1631 3598 3248 3364 4261 4180 5813 6537 7112 7409 7629 34500
Total 6901 9069 65711
PSRP Capital 4195 3867 2173 2565 3182 4093 4772 5876 5529 5412 25681 PSRP
OampM 3917 3720 2825 2946 3206 3092 3178 3365 3463 3709 16808
4998 5511
Fuel amp PP Fuel 481 436 403 442 410 337 290 235 220 214 215 1174
PP 829 854 910 895 977 1022 1190 1259 1366 1411 1447 6672
Emissions 0 0 0 5 26 24 15 (16) (33) (34) (25) (94)
Figure 46 Customer Opportunities Program Expenditures
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total
Energy Efficiency Capital 00 00 373 499 768 785 1449 1779 1939 1903 1720 8790 DSM
OampM 451287 463774 104 -52 00 - - - - - - -
PPA - - - - - - -
Local Solar Capital 43 108 1544 787 399 395 692 471 251 236 244 1895 RPS
OampM - - - - - - -
PPA 00 05 07 08 00 21 161 341 490 625 763 2380
Total 494 577 2028 1242 1167 1201 2302 2591 2681 2764 2727 13066
65495
77369
Figure 51 Budgeted Program Expenditures for Local Solar Programs -11874
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total
Solar Incentive Program (SIP) Capital 0 01536 673956 486626 317457 269 478 268 43 36 39 865
OampM - - - - - - -
Feed In Tarriff (FiT) Capital - - - - - - -
OampM - - - - - - -
PPA 0011 05122 07348 07897 0023 21 161 341 490 625 763 2380
Utility Built Solar (UBS) Capital 42815 106838 870181 300031 81138 127 215 202 208 200 205 1031
OampM - - - - - - -
Total 416 853 812 742 862 1007 4275
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Reliablity 00 8112 7587 4998 5511 6388 7184 7950 9241 8992 9121
Fuel 1310 1290 1313 1342 1414 1384 1495 1477 1552 1591 1636
EE 451 464 476 447 768 785 1449 1779 1939 1903 1720
Repowering 60 1897 3598 2292 3427 2754 907 204 1469 2899 1729
RPS less Local Solar 2272 3541 3274 3518 4089 4137 7096 7752 7399 7448 9342
Local Solar 43 113 1551 795 399 416 853 812 742 862 1007
Coal 912 993 1074 1091 1553 2471 2243 1095 1013 1014 1034
Customer Opportunities 494 577 2028 1242 1167 1201 2302 2591 2681 2764 2727
36987 36957 40007 41789 43043
Case 143
Power System Capex 2016 2017 2018 2019 2020 Total
DSM 144938 177916 193949 190268 171960 879031
Gas Drilling 5130 5255 5390 5525 5665 26965 Not Core
Other Infrastructure 339956 362357 337537 330229 365997 1736076 Not Core
IRP 98315 22809 147218 290261 173264 731867
Operating Support 113339 132234 101526 72736 62145 481980 Not Core
PSRP 409275 477185 587565 552930 541182 2568137
RPS 374734 287036 167134 150788 333169 1312861
1485687 1464792 1540318 1592738 1653383 7736917 2245021 5491896
Power Financing Plan 2016 2017 2018 2019 2020 Total
Revenue Bonds 428473 836299 874379 887070 931108 3957329
029 057 057 056 056 051
2016 2017 2018 2019 2020 Total
Internally Generated Funds 1057 628 666 706 722 3779588
ExternalDebt Financing 428 836 874 887 931 3957329
Capital Program 1486 1465 1540 1593 1653 7736917
Power System Reliablity Program 4092753 4771851 5875646 5529299 5411823 2568137
Suppy Transition amp Mandates
Renenwable Portfolio Std 3054958 2399455 1420109 1271415 3087302 1123324 131286
Rebuild Local Power Plants 907 204471 1468932 2899344 172931 720906
Customer Opportunities Programs
Energy Efficiency 1449378 1779157 1939489 1902684 1719599 879031
Local Solar 692383 470905 251227 236464 244389 189537
Other Infrastructure Invesmtens 34509 36761 34293 33575 37166 1763041
Operating Support 120949 134594 101846 73066 62475 492930
14856822 14647897 15403133 15927408 16533794 77369054
Reconciliation 297136 292958 308063 318548 330676 1547381
148568 146479 154031 159274 165338 (773689)
5-Year Capital Investments Total
Power System Reliablity Program $2568 33
Suppy Transition amp Mandates
Renenwable Portfolio Std 1123 15
Rebuild Local Power Plants 721 9
Customer Opportunities Programs
Energy Efficiency 879 11
Local Solar 190 3
Other Infrastructure Invesmtens 1763 23
Operating Support 493 6
Total 5-Year Capital Budget $7737 100
Case 94
Water System Capex 2016 2017 2018 2019 2020 Total
Water Conservation 37517 38599 38798 39552 40281 194747
Water Quality 328916 330658 234591 199391 166324 1259880
Water Reclamation 80429 106555 107954 119145 273340 687422
Water Security - 0 - 0 - 0 - 0 - 0 - 0
Owens Valley 192063 139324 118487 148934 220288 819096
Infrastructure - Pass Through 209387 280602 295140 439090 481764 1705982
Infrastructure - Base 134382 156246 153843 175282 173960 793713
982694 1051983 948815 1121392 1355956 5460839
Water Financing Plan 2016 2017 2018 2019 2020 Total
Revenue Bonds 598013 253851 287893 515783 669681 2325221 055
State Loan Program 151441 80531 71500 52750 33548 389770 009
Securitization - 0 428049 320377 335126 393346 1476897 035
749454 762431 679769 903660 1096575 4191889
076 072 072 081 081 077
PA Water System Capex 2016 2017 2018 2019 2020 Total
Infrastructure Replacement 321259 412628 427062 596495 638392 2395836
Supply Transition 189020 218776 236748 272949 424928 1342421 5-Year Capital Investments Total
Water Quality 280351 281256 166518 103015 72348 903487 Infrastructure Replacement $2396 44
Owens Valley 192063 139324 118487 148934 220288 819096 Supply Transition 1342 24
Total 982694 1051983 948815 1121392 1355956 5460839 Water Quality 903 17
Owens Valley 819 15
Total $5461 100
2020 2021 2022 2023 2024 Total
Internally Generated Funds 497 288 349 431 452 2017000 0371797235
Securitization - 0 - 0 - 0 - 0 - 0 - 0
ExternalDebt Financing 335 623 849 756 845 3408000 0628202765
- 0 - 0 - 0 - 0 - 0 - 0
Capital Program 832 911 1198 1187 1297 5425000
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Average Average Total
Infrastruction Replacement
Capex 321 413 427 596 638 479 0 0 0 2396
OampM 223 226 230 236 242 231 262 271 198 1157
Total 545 639 657 832 880 711 262 271 198 3553
Supply Transition
Capex 189 219 237 273 425 268 1342
OampM 113 114 117 112 115 114 570
Total 302 333 354 385 539 382 - 0 0 0 1912
Water Quality
Capex 280 281 167 103 72 181 903
OampM 84 88 92 97 97 92 459
Total 364 369 259 200 170 272 1362
Owens Valley
Capex 192 139 118 149 220 164 164 819
OampM 39 45 46 47 48 45 45 225
Total 231 185 165 196 268 209 209 0 0 1045
Total Capex and OampM
Capex 983 1052 949 1121 1356 1092 1092 5461
OampM 459 473 485 492 502 482 482 2411
Total 1442 1525 1434 1613 1858 1574 1574 0 0 7872
2002
Renewable 3
Natural Gas 24
Coal 50
Nuclear 13
Hydro 10
100
2010
Renewable 20
Natural Gas 22
Coal 39
Nuclear 11
Hydro 3
Generic Power 5
100
2030
Renewable 33
Energy Efficiency 13
Natural Gas 42
Nuclear 8
Hydro 4
100
Power 2013 2012 2011 2010 2009 2008 2013 2012 2011 2010 2009 2008
LT Debt 7494766 6354469 6497714 5711209 5241853 4801728
Current 249245 246582 178885 240235 217882 175455 Total Cash 1087850 908339 1047023 953193 991958 918517
Total Debt 7744011 6601051 6676599 5951444 5459735 4977183 OampM 2266249 2235522 2308188 2287434 2043192 2176056
OampMDay 6209 6125 6324 6267 5598 5962
Surplus 5191221 5054738 4936552 4878911 4557311 4407540 Days Cash 17521 14831 16557 15210 17721 15407
Debt to Total Capitalization Ratio 60 57 57 55 55 53 Day Cash on Hand
Water 2012 2012 2011 2010 2009 2008 2013 2012 2011 2010 2009 2008
LT Debt 3564877 3195110 3171562 2708150 2193338 2097721
Current 65646 63401 61612 63018 58512 59849 Total Cash 448945 329803 240546 203365 153053 123105
Total Debt 3630523 3258511 3233174 2771168 2251850 2157570 OampM 672462 544824 540041 584382 581587 523657
OampMDay 1842 1493 1480 1601 1593 1435
Surplus 2605198 2453633 2376604 2335651 2268349 2138528 Days Cash 24368 22095 16258 12702 9606 8581
Debt to Total Capitalization Ratio 58 57 58 54 50 50
Ratings by Moodys Standard amp Poors Fitch Ratings
1823 398 Power System Aa3 AA- AA-
25 277 Water System Aa2 AA AA
1848 675 1454 3977
Fixed Rate 5789164 80
VRDOs 9693 13
Fixed Rate Note 300 4
Commercial Paper 200 3
Total 7258464
2020 2020 2020 2020
2021 2021 2021 2021
2022 2022 2022 2022
2023 2023 2023 2023
2024 2024 2024 2024
Fiscal Year Ending June 30 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
Operating Revenues $3125957 $3081680 $3162502 $3319820 $3336963
Operating Expenses $2308188 $2235522 $2266249 $2363857 $2445058
Operating Income $817769 $846158 $896253 $955963 $891905
Other Income net AFUDC Contributions $162521 $185999 $180084 $175911 $205264
Change in Fund Net Assets $980290 $1032157 $1076337 $1131874 $1097169
Total Debt Service $400846 $343093 $426825 $451253 $457933
Debt Service Coverage Ratio 245x 301x 252x 251x 240x
Days Cash on Hand 166 days 148 days 175 days 197 days 240 days
Transfers to City General Fund $258815 $250077 $246534 $253000 $265586
Fiscal Year Ending June 30 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
Operating Revenues $3125957 $3081680 $3162502 $3319820 $3336963
Operating Expenses $2308188 $2235522 $2266249 $2363857 $2445058
Operating Income $817769 $846158 $896253 $955963 $891905
Other Income net AFUDC Contributions $162521 $185999 $180084 $175911 $205264
Change in Fund Net Assets $980290 $1032157 $1076337 $1131874 $1097169
Total Debt Service $400846 $343093 $426825 $451253 $457933
Debt Service Coverage Ratio 245x 301x 252x 251x 240x
Transfers to City General Fund $258815 $250077 $246534 $253000 $265586
Unrestricted Cash $561414 $417895 $597525 $775890 $1106651
Debt Restricted Trust Fund $485609 $490444 $490325 $496841 $500017
Total Liquidity $1047023 $908339 $1087850 $1272731 $1606668
Days Cash on Hand 166 148 175 197 240
Debt to Capitalization Ratio 57 57 60 61 62
LADWP
Share of SCPPAs Debt
Summary
Unaudited
2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Linden Wind - 0 - 0 6316722 8304828 8361090 9091800 9076253 9072900 9139073
Mead-Adelanto 5578327 7863977 7828028 7770774 2211002 8656179 8166634 7970382 10623661
Mead-Phoenix 983136 1778776 1922329 1909843 505284 2063608 1666928 1670032 3878657
Milford 1 - 0 4114703 17048629 17017986 17101829 17312300 17284781 17291950 18869550
Milford 2 - 0 - 0 - 0 10362179 12173838 12135711 12108714 12107181 12232725
Palo Verde 6295063 6762149 7206244 7288966 7445254 7540850 7727110 7911360 8371482
STS 42084886 40627595 45895595 56009452 46987196 48701345 48928040 47416145 47317359
Windy Point - 0 - 0 30486831 37529155 37573261 37606800 37529484 37576308 37925534
Apex 9631931 21923000 21972158
GRAND TOTAL 54941412 61147201 116704377 146193184 132358754 143108593 152119876 162939258 170330198
Based on entitlement excludes layoffs
For details see complete SCPPA Debt Service LADWP 2009-13
LADWP
Share of SCPPAs Debt
Summary
Including Layoffs
2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Linden Wind - 0 - 0 7018580 9227587 9290100 10102000 10084726 10081000 10081000
Mead-Adelanto 5578327 7863977 7828028 7770774 2211002 8656179 8166634 7970382 8566883
Mead-Phoenix 983136 1778776 1922329 1909843 505284 2063608 1666928 1670032 2197283
Milford 1 - 0 4114703 17048629 17017986 17101829 17312300 17284781 17291950 17252175
Milford 2 - 0 - 0 - 0 10896087 12801091 12761000 12732613 12731000 12729000
Palo Verde 6295063 6762149 7206244 7288966 7445254 7540850 7727110 7911360 8145860
STS 42084886 40627595 45895595 56009452 46987196 48701345 48928040 47416145 52503990
Windy Point - 0 - 0 33137860 40792560 40840501 40700000 40616325 40667000 40594000
Apex 9631931 21923000 21912000
GRAND TOTAL 54941412 61147201 120057264 150913256 137182257 147837282 156839087 167661869 173982191
- 0 - 0 3352887 4720072 4823504 4728689
IPA Debt Service
Allocated to LADWP
Fiscal Years 2009 - 2013
FY 2008-09 FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14 FY 2014-15 FY 2015-16 FY 201-17
Total IPA Net Debt Service $ 260806691 $ 310299616 $ 290993164 $ 308483919 $ 283583594 $ 267678027 $ 261571711 $ 21734710431 $ 15419000000
LADWPs Actual Received 5706 5891 5977 6250 6856 6914 7062 7175 6448
LADWPs Share of Debt Service 148816298 182797504 173926614 192802449 194424912 185067234 184716711 155942200 99417086
LADWPs IPA Sub Note Principal Received $14032083 $31165834 $78190000 $102307083 $65592917 $73759167 $69837917 $87241667 $21746667
LADWPs IPA Sub Note Interest Received $62093252 $57571658 $56225062 $47825768 $39554988 $36822080 $21806125 $23347489 $23805057
Total IPA Sub Notes Payments Received $76125335 $88737491 $134415062 $150132851 $105147905 $110581247 $91644042 $110589156 $45551724
Note LADWPs IPA Contract Share is 44617 and UPampL share is 40 for a total of 48617
The actual percentages received are based on total IPA power delivered to LADWP and include power delivered under the excess power sales
agreements and seasonal adjustments
Entitlement + UPL 48617 48617 48617 48617 48617 48617 48617 48617 48617
Adjusted to exclude excess power agreement 126796389 150858364 141472147 149975627 137869836 130137026 127168319 105667642 74962552
Amounts in M euro 200900 euro 201000 euro 201100 euro 201200 euro 201300
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734
Operating Income 419504 609893 430832 452139 477768
Adjustments (Depreciation + NonOper Income) 430498 469300 509669 521100 518037
Funds Available for DS 850002 1079193 940501 973239 995805
Total Annual DS 270357 309349 400846 343093 426825
City Transfer 222506 220475 258815 250077 246534
Debt Service Coverage 314 349 235 284 233
Adjusted DS with City Transfer 232 278 170 211 176
Full Obligation Debt Service 192 231 164 192 159
Gross Off-BS DS ($MM) 204 224 309 333 336
IPA Subordinated Notes ($ MM)
Interest Received (62) (57) (57) (46) (40)
Principal Maturities (12) (33) (82) (104) (66)
Total Income amp Mat from IPA (75) (90) (140) (150) (105)
Net Off-BS Debt Service ($ MM) 130 134 169 183 231
Funds Available for DS 850 1079 941 973 996
City Transfer (223) (220) (259) (250) (247)
627 859 682 723 749
Gross Off-BS DS ($MM) 204 224 309 333 336
Less IPA- Interest from Notes (62) (57) (57) (46) (40)
Adjusted - Funds Available for Full DS 769 1025 933 1010 1046
Direct Debt Service 270 309 401 343 427
Off-Balance Sheet DS Net 130 134 169 183 231
Full Obligation Debt Service 400 443 570 526 657
Full Obligation Debt Service 192 231 164 192 159
Amounts in M 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Operating Income 419504 609893 430832 452139 477768 489437 395717 524628 611726 725259 512310
Adjustments (Depreciation + NonOper Income) 430498 469300 509669 521100 518037 578562 596354 659744 635260 647013 824443
Funds Available for DS 850002 1079193 940501 973239 995805 1067999 992071 1184372 1246986 1372272 1336753
Total Annual DS 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Debt Service Coverage 314 349 235 284 233 237 217 253 231 251 230
Adjusted DS with City Transfer 232 278 170 211 176 181 159 196 182 207 190
Full Obligation Debt Service 193 225 164 190 159 165 148 179 161 179 189
SCPPA DS Actual 5494 6115 12006 15091 13718 14784 15780 16766 17398 17127 16229
IPA DS - Actual Share 14882 18280 17393 19280 19442 18507 18472 15594 9942 14867 12489
204 244 294 344 332 333 343 324 273 320 287
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 287
IPA Subordinated Notes ($ MM)
Interest Received (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Principal Maturities (14) (31) (78) (102) (66) (74) (70) (87) (22) (49) (124)
Total Income amp Mat from IPA (76) (89) (134) (150) (105) (111) (92) (111) (46) (62) (141)
Net Off-BS Debt Service ($ MM) 128 155 160 194 226 222 251 213 228 258 146
Funds Available for DS 850 1079 941 973 996 1068 992 1184 1247 1372 1337
City Transfer (223) (220) (259) (250) (247) (253) (266) (267) (264) (242) (233)
627 859 682 723 749 815 726 917 983 1130 1104
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 287
Less IPA- Interest from Notes (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Adjusted - Funds Available for Full DS 769 1045 919 1019 1041 1111 1047 1218 1232 1437 1374
Direct Debt Service 270 309 401 343 427 451 458 467 539 546 580
Off-Balance Sheet DS Net 128 155 160 194 226 222 251 213 228 258 146
Full Obligation Debt Service 398 465 560 537 653 674 709 680 767 805 727
Full Obligation Debt Service 193 225 164 190 159 165 148 179 161 179 189
Fitch
Goals
(Amounts in thousands) fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Financial Results
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Gross Revenues and Income 2893194 3366627 3248689 3208761 3262054 3431856 3437129 3636306 3811964 3896880 4310142
OampM excluding Deptn amp Amort 2043192 2287434 2308188 2235522 2266249 2363857 2445058 2451934 2564978 2524608 2973389
Net Revenues 850002 1079193 940501 973239 995805 1067999 992071 1184372 1246986 1372272 1336753
Annual Debt Service 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Total Liquidty 1016998 956435 1047152 908607 1088137 1273023 1606884 1785641 1448014 1217143 1637956 ge 300000
Key Financial Ratios
Debt Service Coverage (x) 314 349 235 284 233 237 217 253 231 251 230 ge 225 ge 225
Net Debt Service Coverage (after transfer) (x) 232 278 170 211 176 181 159 196 182 207 190
Fixed Charge Coverage (x) 193 225 164 190 159 165 148 179 161 179 189 ge 170
Days Cash on Hand 183 154 168 151 178 200 243 269 223 193 0 ge 170 days
Debt to Capitalization Ratio 55 55 57 57 60 61 62 62 62 64 65 le 68 le 68
MOODYs
Goals
(Amounts in thousands) fiscal year ended June 30 euro 200900 2010 2011 2012 2013 2014 Prior New
Financial Results
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820
Gross Revenues and Income 2910018 3379696 3276672 3235492 3308914 3477095
OampM excluding Deptn amp Amort 2043192 2287434 2308188 2235522 2266249 2363857
Net Revenues 866826 1092262 968484 999970 1042665 1113238
Annual Debt Service 270357 309349 400846 343093 426825 451253
City Transfer 222506 220475 258815 250077 246534 253000
Total Liquidty 1126392 1064319 1161045 1032504 1222036 1416823 ge 300000
Key Financial Ratios
Debt Service Coverage (x) 314 349 242 291 244 247 ge 225 ge 225
Net Debt Service Coverage (after transfer) (x) 232 278 177 219 187 191
Fixed Obligation Charge Coverage (x) 193 225 169 195 167 172 ge 170
Days Cash on Hand 203 171 186 172 200 222 ge 170 days
Debt to Capitalization Ratio 55 55 57 57 60 61 le 68 le 68
Board approved on May 20 2014
euro 201000 euro 201100 euro 201200 euro 201300 euro 201400
Debt Service Coverage 349 235 284 233 237
Net DSC (after transfer) 278 170 211 176 181
Fixed Obligatn Charge Coverage 225 164 190 159 165
Debt to Capitalization Ratio 55 57 57 60 61
Days Cash on Hand 171 186 172 200 222
Amounts in thousands 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
OampM excluding Deptn amp Amort (2043192) (2287434) (2308188) (2235522) (2266249) (2363857) (2445058) (2451934) (2564978) (2524608) (2973389)
Nuclear Fuel amp Nat Gas Amort Adj
Operating Income 712743 947759 817769 846158 896253 955963 891905 1065106 1132946 1279613 1097541
Other nonoperating income and expenses net 137259 131434 122732 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in aid of construction 16824 13069 27983 26731 46860 45239 66988 65896 32177 42460 58373 Moodys exclude CIAC
AFUDC 32187 33672 18636 38110 32200 9373 7924 5042 Excluded from DSC Calc
Net Revenues 850002 1079193 968484 999970 1042665 1113238 1059059 1250268 1279163 1414732 1395126
Debt Service
Interest 211295 207700 277026 280935 297576 318871 346900 353725 384899 414722 426577
Principal 59062 101649 123820 62158 129249 132382 110943 113526 153915 131756 153664
Total debt service 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Debt Service Coverage 314 349 242 291 244 247 231 268 237 259 240
Net DSC (City Transfer) 232 278 177 219 187 191 173 210 188 215 200
Full Obligation Debt Service 193 225 169 195 167 172 157 189 165 184 193
Off Balance-Sheet Debt Service ($ MM)
SCPPA DS Actual 5494 6115 12006 15091 13718 14784 15780 16766 17398 17127 16229
IPA DS - Actual Share 14882 18280 17393 19280 19442 18507 18472 15594 9942 14867 15766
204 244 294 344 332 333 343 324 273 320 320
Gross Off-BS DS ($ MM) 204 244 294 344 332 333 343 324 273 320 320
IPA Subordinated Notes ($ MM)
Interest Received (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Principal Maturities (14) (31) (78) (102) (66) (74) (70) (87) (22) (49) (124)
Total Income amp Mat from IPA (76) (89) (134) (150) (105) (111) (92) (111) (46) (61604) (140882)
Net Off-BS Debt Service ($ MM) 128 155 160 194 226 222 251 213 228 258 179
Funds Available for DS 850 1079 968 1000 1043 1113 1059 1250 1279 1415 1395
City Transfer (223) (220) (259) (250) (247) (253) (266) (267) (264) (242) (233)
627 859 710 750 796 860 793 983 1015 1173 1163
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 320
Less IPA- Interest from Notes (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Adjusted - Funds Available for Full DS 769 1045 947 1046 1088 1156 1114 1284 1264 1480 1465
Direct Debt Service 270 309 401 343 427 451 458 467 539 546 580
Off-Balance Sheet DS Net 128 155 160 194 226 222 251 213 228 258 179
Full Obligation Debt Service 398 465 560 537 653 674 709 680 767 805 759
Full Obligation Debt Service 193 225 169 195 167 172 157 189 165 184 193
Average 4-Yr Full Obligation DS 189 176 173 171 171 174 183
Power System
Moodys-Debt Ratio
($ in thousands) euro 200900 euro 201000 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands)
Debt Ratio
LTD 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812
Current Assets 1770611 2233654 1846753 1683934 1991595 2263813 2446200
Less Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880)
1567361 2004432 1651767 1412606 1711125 1993540 2158320
Adjustmts to Under-Collection (130367) (250381) (294226) (312373) (273839) (244712) (215585)
Current Liability 651258 693907 838155 916745 853715 890730 898240
Current Portion of LTD (217882) (240235) (178885) (246582) (249245) (227575) (230165)
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896)
331655 352065 529396 530291 459132 503508 497179
Calc Net Working Capital 1105339 1401986 828145 569942 978154 1245320 1445556
Moodys calculation 1172368 1301195 1140353
Difference (67029) 100791 (312208)
Gross Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165
Gross Debt 5459735 5951444 6676599 6601051 7744011 8164755 8798446
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) 7894482
Accrued Interest
DRTF (547282) (529338) (485609) (490444) (490325) (496841) (500017)
Net Debt Outstanding 4709203 5192884 5996004 5839279 6973216 7397641 8010549
Plant Assets net 6616642 6978755 7430988 8113664 8620790 9212597 9925900
Net Working Capital 1105339 1401986 828145 569942 978154 1245320 1445556
7721981 8380741 8259133 8683606 9598944 10457917 11371456
Calculated Debt Ratio 610 620 726 672 726 707 704
Moodys calculation 6238 6258 6370 6460 7120 6980 7210
Difference -14 -06 89 26 14 09 -17
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812
CWIP 609115 431491 685485 1211851 884378 1235945 1720822
Nuclear Fuel 36904 44295 44328 49687 44686 42931 39469
Gas Resreve 223617 231397 256622 293006 272157 248923 228797
Adjusted Plant Assets -Net 6616642 6978755 7430988 8113664 8620790 9212597 9925900
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896)
Power System euro 200900 euro 201000 euro 201100 euro 201200 euro 201300 euro 201400 euro 201400
Debt to Capitalization Ratio
LT Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165
Total Debt Outstanding 5459735 5951444 6676599 6601051 7744011 8164755 8798446
Total Net Position 4557311 4878911 4936552 5054738 5191221 5293640 5415775
Debt to Capitalization Ratio 55 55 57 57 60 61 62
- 0
Power System
Total Liquidity
($ in thousands) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unrestricted Cash 444676 423855 561414 417895 597525 775890 1106651 1331543 991182 751164 1142128
Debt Reduction Trust Fund 547282 529338 485609 490444 490325 496841 500017 453883 456482 460613 474814
Natural Gas Trust Fund 25040 3242 129 268 287 292 216 215 350 5366 21014
Rate Stabilization Fund 100000 100000 100000
Insurance Fund 109394 107884 113893 123897 133899 143799 153802 163779 180575 182000 192000
Revolving Credit Agreement $500M
Total Liquidity 1126392 1064319 1161045 1032504 1222036 1416823 1760686 1949420 1728589 1499143 1929956
Moodys calculation 888246 1123708 1161200
Difference 238146 (59389) (155)
Per Audited Financials 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Less Depreciation amp Amortization (293239) (337866) (386937) (394019) (418485) (466526) (496188) (540478) (521220) (554354) (585231)
Depletion Expense (5074) (6821) (14398) (29064) (26176) (23564) (20035) (15131) (15617) (16618) (15439)
Amortization of Nuclear Fuel (8709) (6717) (11974) (13248) (13859) (13934) (13621) (14181) (13610) (13185) (12143)
Adjusted OampM (excludes Noncash Charges) 2029409 2273896 2281816 2193210 2226214 2326359 2411402 2422622 2535751 2494805 2945807
Total Liquidity 1126392 1064319 1161045 1032504 1222036 1416823 1760686 1949420 1728589 1499143 1929956
(13783) (13538) (26372) (42312) (40035) (37498) (33656) (29312) (29227) (29803) (27582)
Adjusted Days Liquidity on Hand 203 171 186 172 200 222 267 294 249 219 23913
(Total Liquiduity Adjusted OampM365 days)
Data Provided to Moodys rounded to $MM
Audited Financial Data in millions 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unrestricted Cash 4447 4239 5614 4179 5975 7759 11067 13315 9912 7512 11421
Debt Reduction Trust Fund 5473 5293 4856 4904 4903 4968 5000 4539 4565 4606 4748
Natural Gas Trust Fund 250 32 01 03 03 03 02 02 04 54 210
Rate Stabilization Fund 1000 1000 1000
Insurance Fund (only apply to Moodys) 1094 1079 1141 1806 1820 1920
Revolving Credit Agreement
Total Liquidity 11264 10643 11612 9086 10881 12730 16069 17856 17287 14992 19299
Total Operating Expenses 2336 26253 26951 26295 26847 28304 29412 29924 30862 30790 35586
Less Deptn amp Amortiztn 293 3379 3869 3940 4185 4665 4962 5405 5212 5544 5852
Deleption Expense 5 68 144 291 262 236 200 151 156 166 154
Amortn of Nuclear Fuel 9 67 120 155 139 139 136 142 136 132 121
OampM excludes Noncash Charges 20294 22739 22818 21909 22262 23264 24114 24226 25358 24948 29459
OampM Days Cash on hand 203 171 186 151 178 200 243 269 249 219 239
Total Liquidity Excl Insurance Fnd amp RCA 1016998 956435 1047152 908607 1088137 1273023 1606884 1785641 1548014 1317143 1737956
OampM per day 5560 6230 6252 6009 6099 6374 6607 6637 6947 6835 8071
Fitchs Days Cash on Hand 183 154 168 151 178 200 243 269 223 193 215
2019 2018 2018 (from PS Case 36 file)
PENSION PORTION
Change in Net pension liabilitiy $ (298748) $ 618010 916758 ltlt from audit 917000 ltlt from PS Case 36 file From GASB 68
Plus Change in Pension Deferred inflows $ (36639) $ 287735 324374 ltlt from audit 324000 ltlt from PS Case 36 file From GASB 68
Less Change in Pension Deferred Outflows $ (154474) $ 248836 403310 ltlt from audit 700000 ltlt from PS Case 36 file From GASB 68
Moodys Pension Adjustment $ (180913)
2019 2018
OPEB GASB 75
Change in net liability $ (39098) $ 339581 $ 378679 ltlt from audit 379000 ltlt from PS Case 36 file From Statement of Net Position
Plus Change in Deferred inflows $ 2672 $ 122341 $ 119669 ltlt from audit 120000 ltlt from PS Case 36 file From Statement of Net Position
Less Change in Deferred outflows $ 2899 $ 5525 $ 2626 ltlt from audit 68000 ltlt from PS Case 36 file From Statement of Net Position
Reconcile $ (39325)
Pension + OPEB 75 Adjustment $ (220238)
Increase from expense to contributions $ 220238
$000s
Multi-Employer Cost Sharing Plan
Measurement Date 63018
Reported Single-Equivalent Discount Rate 725
Citigroup Pension Liability Index 414
Total Pension Liability $8951572 $8951572 Not sure how Moodys calculates this number Our calculation includes the total pension liability from GASB 68 ($13187542730) multiplied by the proportionate share (67879) of the power system from GASB 68 Past Moodys calculations have been very close to this number but not exact
Plan Fiduciary Net Position $8333563 $8333563 Same method as above Plan Fiduciary Net Position from GASB 68 is $12277085263
Net Pension Liability $618009 $618009
NPL 1 increase -$380973 From GASB 68 Report
NPL 1 decrease $1826112 From GASB 68 Report
Estimated Liability Duration 1350
Moodys Adj Liability $13319058 $13319058
Moodys Adj Net Pension Liability $4985496 $4985496
LADWP Metrics Calculations 2016 2017 2018 2019
Operating Revenues ($000)
Residential 1126690 1179514 1265713 1376341
Commercial and Industrial 2308194 2331599 2429323 2560098
Sales for resale 72936 88099 91351 111542
other 45586 133559 50830 50911
Uncollectible accounts (36366) (34847) (32996) (27962)
Total Operating Revenues ($000) 3517040 3697924 3804221 4070930
Nonoperating Revenues ($000)
Investment income 65475 21848 32135 94217
Federal Bond subsidies 33508 33472 33580 33723
other nonoperating income 23025 60955 29646 113498
Capital Contributions 65896 32177 42460 58373 Excluded from DSCR
Gross Revenues available for Debt Service ($000) 3704944 3846376 3942042 4370741
Nonoperating Expenses ($000)
Other nonoperating expenses 2742 2235 2702 2226
Allowance for funds used during construction 32200 9373 7924 5042
Transfers to City of LA (PILOT) 266957 264427 241848 232557
Total Nonoperating Expenses ($000) 269699 266662 244550 234783
GROSS REVENUES 3337149 3538164 3647108 4077585 excludes capital contributions above
Operating Expenses ($000)
Fuel for generation 318749 292557 268610 296506
Purchased Power 1037471 1165303 1143535 1264133
Maintenance and Other Operating Expenses 1095714 1107118 1112463 1337750
Depreciation and Amortization 540478 521220 554354 585231
ARO decommissioning non-cash 75000
Total Operating Expenses ($000) 2992412 3086198 3078962 3558620
Moodys Pension and OPEB Adjustment 280921 (47472) 292448 220238 See tabs titled 2018 Pension and OPEB 2017 Pension and OPEB 2016 Pension and OPEB
Moodys Total Operating Expenses (excluding depreciation) 2732855 2517506 2817056 3118627
Moodys Net Operating Revenues ($000) 604294 1020658 830052 958958
Debt Service Payments
Senior Lien Debt Service ($000) 467251 538814 546478 580241 Offering statement
Aggregate Annual Debt Service ($000) 467251 538814 546478 580241
JAA Debt Payment ($000) - used for FOCC only 211907 227574 319443 287182
Gross Revenue (no change) 3337149 3538164 3647108 4077585
Adjusted operating expenses (JAA debt payment removed) 2520948 2289932 2497613 2831445
Adjusted Net Revenues 816201 1248232 1149495 1246140
Adjuted Debt Service (JAA debt payment added) 679158 766388 865921 867423
3-Year avg
Senior lien DSCR post PILOT before JAA adjustment 129 189 152 165 157
Fixed Obligation Charge Coverage (FOCC) 120 163 140 160 141
Days Cash on Hand 2016 2017 2018 2019
Liquidity
Unrestricted Cash and Cash Equivalents 1331543 991182 751164 1142128
Debt Reduction funds 453883 456482 460613 474814
Natural Gas fund 215 350 5366 21014
Rate stabilization fund+Self Insurance Fund 0 100000 100000 100000
Total Available unrestricted liqudity ($000) 1785641 1548014 1317143 1737956
Adjusted Operating Expenses Excluding JAA debt payment 2520948 2289932 2497613 2831445
3-Year avg
Days Cash on Hand 259 247 192 224 233
Debt Ratio 2016 2017 2018 2019
Debt and Debt Service Reserve Funds
Long Term Debt (Total Principal Amount) from Note 9 8334507 8630405 8812411 9458013 Does this already include current portion of long-term debt
Revenue Certificates from Note 9 200000 200000 200000 0
Total Debt 8534507 8830405 9012411 9458013 is this missing anything
Debt Service fund (redemption) 262430 311209 345602 384525
Total Capital Assets
Plant Property and Equipment ($000) 17491787 17677729 18575936 19723337
Accumulated Depreciation ($000) (8289312) (7803778) (8242031) (8434447)
Construction in Progress ($000) 866434 658992 820472 676237
Total Capital Assets (Net of Depreciation) 10068909 10532943 11154377 11965127
Net Working Capital 2009240 1754679 1445045 1965778
3-Year avg
Debt Ratio () 685 693 688 651 69
Adjusted Net Pension Liabiilty 4137366 6521898 5617373 4985496
Adjusted Debt Ratio with ANPL () 1027 1224 1134 1009 113
Fixed Obligation Ratio Adjusted for Notes
Power System
Moodys-Debt Ratio
($ in thousands) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Moodys Debt Ratio
LTD 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
Current Assets 1770611 2233654 1846753 1683934 1991595 2263813 2446200 2489259 2448602 2419100 2943323
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) (262430) (350256) (345602) (384525)
Materials amp Fuel (153218) (158003) (154490) (169839) (163088) (163484) (165564) (218544) (170065) (176122) (184988)
Prepayments amp Others (126243) (93820) (150265) (109293) (114320) (106850) (107263) (106444) (110731) (119814) (134564)
Cash amp Cash Eq in noncurrnt - 0 552704 20730 448184 193701 85272 6 16569 - 0 72061
Adjusted Current Assets 1287900 1752609 1899716 1154204 1881901 1916907 1970765 1901847 1834119 1777562 2311307
Current Liability 651258 693907 838155 916745 853715 890730 898240 864218 979664 1059815 1062211
Current Portion of LTD (217882) (240235) (178885) (246582) (249245) (227575) (230165) (211133) (243049) (265005) (263296)
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896) (169358) (182192) (188662) (209257)
Adjusted Current Liab 331655 352065 529396 530291 459132 503508 497179 483727 554423 606148 589658
Calc Net Working Capital 956245 1400544 1370320 623913 1422769 1413399 1473586 1418120 1279696 1171414 1721649
Moodys calculation 1172368 1301195 1140353
Difference (216123) 99349 229967
Gross Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165 211133 243049 265005 263296
Gross Debt 5459735 5951444 6676599 6601051 7744011 8164755 8798446 9154509 9519279 9772261 10370078
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) (262430) (350256) (345602) (384525)
Bond Sinking Fund QECB (5000) (15123) (25569) (36198)
Debt Reduction Trust Fund (547282) (529338) (485609) (490444) (490325) (496841) (500017) (453883) (456482) (460613) (474814)
Net Debt Outstanding 4709203 5192884 5996004 5839279 6973216 7397641 8010549 8433196 8697418 8940477 9474541
Total Plant Assets net 6616642 6978755 7430988 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Net Working Capital 956245 1400544 1370320 623913 1422769 1413399 1473586 1418120 1754679 1445045 1965778
7572887 8379299 8801308 8737577 10043559 10625996 11399486 11740668 12527232 12822498 14139610
Moodys Debt Ratio 622 620 681 668 694 696 703 718 694 697 670
Moodys calculation 6238 6258 6370 6460 7120 6980 7030 6930 6870 6480
Difference -02 -06 44 22 -18 -02 -00 718 01 10 22
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
CWIP 609115 431491 685485 1211851 884378 1235945 1720822 866434 658992 820472 676237
Nuclear Fuel 36904 44295 44328 49687 44686 42931 39469 39948 41465 41528 42406
Gas Resreve 223617 231397 256622 293006 272157 248923 228797 213691 198145 181548 166299
Adjusted Plant Assets -Net 6616642 6978755 7430988 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Power System 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Debt to Capitalization Ratio
LT Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165 211133 243049 265005 263296
Total Debt Outstanding 5459735 5951444 6676599 6601051 7744011 8164755 8798446 9154509 9519279 9772261 10370078
Total Net Position 4557311 4878911 4936552 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Debt to Capitalization Ratio 545 550 575 566 599 607 619 621 623 645 649
- 0
Avail DS $ 127916300
$ 725
Moodys Debt Ration = Net Funded Debt (Total Current amp LT Debt minus Debt Service amp DS Reserve Funds)
Net Working Capital and Net Fixed Assets
Net Working Capital = Includes both restricted amp unrestricted cash amp cash equiv receivables but exculde funds set aside for DS nor non-cash current assets such as inventories prepaid expenses
Current liab Excludes DS pmts
Fitch - Debt to FADS 2017
Oper Income 524628 611726
Deptn 521220
Amort 15617
Depletion 13610
Interet Incom 21848
1184021
Debt Outstd 9519279
804
Goals
fiscal year ended June 30 euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Operating Revenues $783964 $812360 $756605 $3081680 $3162502 $3319820 $3336963 $3517040 $3697924 $3804221 $4070930
Fuel For Generation 215864 163248 125301 (403406) (446450) (436643) (377343) (318749) (292557) (268610) (296506)
Purchased Power (909910) (895092) (977187) (1022271) (1037471) (1165303) (1143535) (1264133)
OampM 365723 421134 414740 (922206) (924707) (950027) (1045444) (1095714) (1107118) (1112463) (1412750)
Adjusted Operating Income $202377 $227978 $216564 $846158 $896253 $955963 $891905 $1065106 $1132946 $1279613 $1097541
8593 16221 24411
Other Nonoperating Income and Expenses 30603 24099 48946 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in Aid of Construction 26731 46860 45239 66988 65896 32177 42460 58373
Cash Available for Debt Service $241573 $268298 $289921 $999970 $1042665 $1113238 $1059059 $1250268 $1279163 $1414732 $1395126
Interest Expense $92032 $108017 $136846 280935 297576 318871 346900 353725 384899 414722 426577
Principal Repayment 23994 26089 30525 62158 129249 132382 110943 113526 153915 131756 153664
Total Debt Service $116026 $134106 $167371 $343093 $426825 $451253 $457843 $467251 $538814 $546478 $580241
Debt Service Coverage Ratio (x) 208 200 173 291 244 247 231 268 237 259 240 ge 225 ge 225
Liquidity
Unrestricted Cash $120375 $170685 $207631 $417895 $597525 $775890 $1106651 $1331543 $991182 $751164 $1142128
Debt Reduction Trust Fund 490444 490325 496841 500017 453883 456482 460613 474814
Natural Gas Trust Fund 268 287 292 216 215 350 5366 21014
Rate Stabilization Fund 32678 32680 32915 100000 100000 100000
Total Liquidity $153053 $203365 $240546 $908607 $1088137 $1273023 $1606884 $1785641 $1548014 $1317143 $1737956 ge 200000
Total Operating Expenses $2629541 $2684734 $2830383 $2941246 $2992412 $3086198 $3078962 $3558620
Depreciation amp Amortization (394019) (418485) (466526) (496188) (540478) (521220) (554354) (585231)
Depletion Expense (29064) (26176) (23564) (20035) (15131) (15617) (16618) (15439)
Amortization of Nuclear Fuel (13248) (13859) (13934) (13621) (14181) (13610) (13185) (12143)
Adjusted OampM (excludes Noncash Charges) $ 2193210 $ 2226214 $ 2326359 $ 2411402 $ 2422622 $ 2535751 $ 2494805 $ 2945807
Days Cash on Hand 96 127 163 151 178 200 243 269 223 193 215 ge 150 days
Debt to Capitalization Ratio euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 2018 2019
LT Debt 2193338 2708150 3171562 $6354469 $7494766 $7937180 $8568281 $8943376 $9276230 $9507256 $10106782
Current Portion of LTD 58512 63018 61612 246582 249245 227575 230165 211133 243049 265005 263296
BRampI - Principal portion (90940) (126540) (153615) (173041)
Bond Sink Fund - QECBs (15123) (25569) (36198)
Total Debt Outstanding 2251850 2771168 3233174 6601051 7744011 8164755 8798446 9063569 9377616 9593077 10160839 le 60 le 65
120193 116509 111390
Total Net Position 2268349 2335651 2376604 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Debt to Capitalization Ratio 50 54 58 5663 5987 6067 6190 6185 6192 6405 6442
Off-Balance Sheet Debt Service (in Millions)
SCPAA Actual Debt Service 15091 13718 14784 15780 16766 17398 17127 16229
IPA Actual Debt Service 19280 19442 18507 18472 15594 9942 14867 12489
Gross Off-Balance Sheet Debt Service 34372 33161 33290 34252 32360 27340 31994 28718
IPA Subordinated Notes (in Millions)
Interest Received (4783) (3955) (3682) (2181) (2335) (2381) (1309) (1734)
Principal Maturities (10231) (6559) (7376) (6984) (8724) (2175) (4851) (12355)
Total Income and Maturity (IPA) (15013) (10515) (11058) (9164) (11059) (4555) (6160) (14088)
Net Off-Balance Sheet DS (in Millions) 19358 22646 22232 25087 21301 22785 25833 14630
Funds Available for Debt Service (in Millions) 99997 104267 111324 105906 125027 127916 141473 139513
(Less) City Transfer (25008) (24653) (25300) (26559) (26696) (26443) (24185) (23256)
Gross Off-Balance Sheet Debt Service 34372 33161 33290 34252 32360 27340 31994 28718
(Less) IPA Interest Received (4783) (3955) (3682) (2181) (2335) (2381) (1309) (1734)
Adjusted Funds Available for Full Debt Service 104578 108818 115632 111419 128357 126433 147973 143241
Direct Debt Service 34309 42683 45125 45784 46725 53881 54648 58024
Net Off-Balance Sheet Debt Service 19358 22646 22232 25087 21301 22785 25833 14630
Full Obligation Debt Service 53668 65328 67358 70872 68027 76666 80481 72654
Full Obligation Debt Service Coverage Ratio 195 167 172 157 189 165 184 197
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 225 225 225 225 225 225 225 225
Minimum Operating Cash Target $200 M $200 M $200 M $300 M $300 M $300 M 170 days 170 days 170 days 170 days 170 days
Capitalization Ratio of less than 60 60 60 68 68 68 68 68 68 68 68
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217
Financial Performance euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 3-6 2018 2018
Debt Service Coverage 21 20 17 29 24 25 23 27 24 26 24
Oper Cash Target ($ 000) $153053 $203365 $240546 $908607 $1088137 $1273023 187 days 172 days
Capitalization Ratio 50 54 58 57 60 61 62 62 62 64 64
Power System Actual Financial Performance
DSC
2012 291
2013 244
2014 247
2015 231
2016 268
2017 237
2018 259
2019 240
Days Cash
2012 151
2013 178
2014 200
2015 243
2016 269
2017 223
2018 193
2019 215
Cap Ratio
2012 5663
2013 5987
2014 6067
2015 6190
2016 6185
2017 6192
2018 6405
2019 6442
Full Obl
2012 195
2013 167
2014 172
2015 157
2016 189
2017 165
2018 184
2019 193
Financial Performance 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Debt Service Coverage 349 242 291 244 247 231 268 237 259 240
Full Obligation Coverae 22 17 19 17 17 16 19 17 18 20
Oper Cash Target ($ 000) $ 423855 $ 561414 $ 417895 $ 597525 $ 775890 $ 1106651 269 days 249 days 0 0
Capitalization Ratio 55 57 57 60 61 62 62 62 64 64
Minimum Debt Service Coverage 225 times
Full Obligation Coverage effective FY 2016 17 times
Minimum Operating Cash Target was $300 million until FY 2016 changed to 170 days
Maximum Capitalization Ratio at 68
Moodys
Days Cash
2012 172
2013 200
2014 222
2015 267
2016 294
2017 249
2018 219
2019 239
2016 2017 2018 2019
Current Assets included in Net Working Capital
Unrestricted Cash 1331543 991182 751164 1142128
Cash colateral received from securities lending transactions 31101 11397 24114 17605
Discretionary Reserves (rate stabilization fund Self-insurance Natural gas fund debt reduction fund) 617877 737407 747979 787828
Contruction Funds 6 16569 - 0 72061
Accounts Receivable and Due from Water System 504522 543945 518090 533553
Due from other funds 7918 8602 9846 2261
Total Current Assets 2492967 2309102 2051193 2555436
Current Liabilities included in Net Working Capital
Accounts Payable 332211 412963 441102 420592
Accrued Salaries Benefits and Compensated Absences 120371 130063 140932 151461
Other Current Liabilities 31145 11397 24114 17605
Total Current Liabilities 483727 554423 606148 589658
Net Working Capital 2009240 1754679 1445045 1965778
Please see actual DS for FY2019 below
Total Debt Service Total Debt Service Total Debt Service Total Debt Service LA Share ONLY LA Share ONLY LA Share ONLY LA Share ONLY
2016 2017 2018 2019 2016 2017 2018 2019
Entity Agency LADWP Interest Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service
Southern Transmission Project SCPPA 595 79691 88242 77893 76855 47416 52504 46346 45729
Milford Wind I SCPPA 925 17292 18651 18637 18630 15995 17252 17239 17233
Milford Wind II SCPPA 100 12731 12729 12711 12716 12731 12729 12711 12716
Windy Point SCPPA 100 40667 40594 40558 40535 40667 40594 40558 40535
Apex Power Project SCPPA 100 21923 21912 21888 21861 21923 21912 21888 21861
Linden Wind Project SCPPA 100 10081 10081 10055 10073 10081 10081 10055 10073
Palo Verde Project SCPPA 67 11808 12158 12428 - 0 7911 8146 8327 - 0
Mead-Adelanto Transmission Project SCPPA 357 22763 22183 22016 21248 8126 7919 7860 7586
Mead-Phoenix Transmission Project SCPPA 248 6866 6638 6596 6426 1703 1646 1636 1594
Mead-Adelanto Transmission Project (LADWP interest) SCPPA 100 - 0 444 2163 2737 - 0 444 2163 2737
Mead-Phoenix Transmission Project (LADWP interest) SCPPA 100 - 0 481 1994 2230 - 0 481 1994 2230
223822 234113 226939 213311 166554 173709 170777 162293
Actual 61375
Intermountain Power Project (IPP) IPA 48617 217347 154190 226173 256884 155942 99417 148666 124889
Agmt 48617
Notes Receivable - Income and Principal Maturity (110589) (45552) (61604) (140882)
Net Debt Service - IPP 45353 53865 87062 (15993)
Net Off Balance Sheet JAA Debt Service 211907 227574 257839 146300
Debt Service Included in Purchased Power Expense 322496 273126 319443 287182
Notes Receivable (IPP Prepayment Notes)
Interest 23347 23805 13092 17337 Updated
Principal 87242 21747 48512 123545 Updated
Notes Receivable - Income and Principal Maturity 110589 45552 61604 140882
211907 227574 257839 146300
Power System Cash Cash Equivalents and Investments
From Notes to Financial Statements 7 (In thousands)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Restricted and Other Investments
Restricted Investments
Debt Reduction Funds $ 490444 $ 490325 $ 496841 $ 500017 $ 453883 $ 456482 $ 460613 $ 474814
Nuclear Decommissioning Funds 123627 122584 126521 129347 133372 133805 134004 140699
Natural Gas Fund 268 287 292 216 215 350 5366 21014
Hazardous Waste Treatment Fund 2177 2182 2204 2217 2241 2250 2275 2334
SCPPA Palo Verde Investment 22605 18525 14236 9724 4987
Total Restricted Investments 639121 633903 640094 641521 594698 592887 602258 638861
Power System Cash and Cash Equivalents
From Notes to Financial Statements 1 (J) (In thousands)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Cash And Cash Equivalents
Bond Redemption and Interest Funds 271328 280470 270273 287902 267430 311209 345602 384525
Other Restricted Funds - GHG 39047 39046 42615
Cash and Cash Equiv - Current 271328 280470 270273 287902 267430 350256 384648 427140
Self-Insurance Funds 123897 133899 143799 153780 163779 180575 182000 192000
Rate Stabilization Fund 100000 100000 100000
Bond Redemption Fund - QECBs 15123 25569 36198
Construction Funds 20730 448184 193701 85272 6 16569 0 72061
Cash and Cash Equiv - Noncurrent 144627 582083 337500 239052 163785 312267 307569 400259
Total Restricted Cash and Cash Equiv 415955 862553 607773 526954 431215 662523 692217 827399
BRampI Breakdown from John
Principal 90940 126540 153615 173041
Interest 168218 181084 187553 209256
VRDO + Bearer Adj 3572 3536 4433 2228
262730 311159 345602 384525
Power System
Summary of Revenues Expenses and Debt Service Coverage1
(Dollars in Thousands)
(Unaudited)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues
Sales of Electric Energy
Residential 976820 1019656 1042641 1034127 1126690 1179514 1265713 1376341
Commercial and Industrial 2039522 2061637 2232878 2201124 2308194 2331599 2429323 2560098
Sales for resale 36136 67764 42809 93867 72936 88099 91351 111542
Other (2) 29202 13445 1492 7845 9220 98712 17834 22949
Total Operating Revenues 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Operating Expenses
Production
Fuel for Generation 403406 446450 436643 377343 318749 292557 268610 296506
Purchased Power 909910 895092 977187 1022271 1037471 1165303 1143535 1264133
Energy Cost 1313316 1341542 1413830 1399614 1356220 1457860 1412145 1560639
Maintenance and Other Operating Expenses 922206 924707 950027 1045444 1095714 1107118 1112463 1412750
Adjusted Operating Expenses (3)(6) 2235522 2266249 2363857 2445058 2451934 2564978 2524608 2973389
Adjusted Income from Operations (3)(6) 846158 896253 955963 891905 1065106 1132946 1279613 1097541
Allowance for Funds Used During Construction 32187 33672 18636 38110 32200
Other Nonoperating RevenuesExpenses Net 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in Aid of Construction 26731 46860 45239 66988 65896 32177 42460 58373
Adjusted Change in Fund Net Position (4)(6) 1032157 1076337 1131874 1097169 1282468 1279163 1414732 1395126
Debt Service
Interest (7) 280935 297576 318871 346900 353725 384899 414722 426577
Principal 62158 129249 132382 110943 113526 153915 131756 153664
Total Debt Service 343093 426825 451253 457843 467251 538814 546478 580241
Debt Service Coverage Ratio 301 252 251 240 274 237 259 240
Depreciation Amortization and Accretion 394019 418485 466526 496188 540478 521221 554354 585231
Transfers to the Reserve Fund of the City 250077 246534 253000 265586 266957 264427 241848 232557
(1) Derived from the Power System Financial Statements
(2) Net of Uncollectible Accounts
(3) Represents total operating expenses and operating income excluding depreciation amortization accretion and loss on asset impairment and abandoned projects
(4) Represents change in net position before depreciation amortization accretion interest extraordinary loss and the Power transfer
(5) This amount includes revenue recognized due to the reduction of the incremental rate stabilization account balance
(6) Adjusted indicates measurements of financial andor operating performance that are not specifically disclosed in the Power System Financial Statements Adjustments reflect the impact of the implementation of new accounting standards particularly GASB No 75 which resulted in the recording of certain OPEB liabilities and a corresponding reduction in net position
(7) Interest Expense excluding amortization of debt premium
Power System Selected Operating Information
Unaudited
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018
Net Energy Load (1) 26559 27147 26765 26688 26731 26460 25857
Net Hourly Peak Demand (MWs) 5907 5782 5862 6343 6234 5762 6432
Annual Load Factor () 5119 5360 5212 4803 4881 5242 4589
Electric Energy Generation Purchases and Interchanges (1)
Generation (2)(3) 16043 15787 15373 15009 14380 14589 13993
Purchases (3) 11193 11295 12793 12893 13081 12168 12297
Miscellaneous Energy Receipts 2
Total Energy (1) 27238 27082 28166 27902 27461 26757 26290
Less
Miscellaneous Energy Deliveries (1)(4) 151 346 149 129 279 136 68
Losses and System Uses (1) 2771 1893 2653 3300 2832 3668 3420
On-System Sales (1) 24316 24843 25364 24474 24350 22954 22801
Sales of Energy (1)
Residential 7316 7568 7819 7311 7482 7285 7258
Commercial and Industrial 15456 15717 15778 15741 15938 15311 15210
All Other 1843 2964 2593 2330 1880 1426 532
Total 24616 26249 26189 25382 25300 24022 23000
Number of Customers - (Average in thousands)
Residential 1332 1338 1368 1363 1370 1378 1385
Commercial and Industrial 134 133 127 123 123 123 124
All Other 8 8 8 7 7 7 7
Total 1474 1479 1503 1493 1500 1508 1516
(1) Thousands of MWhs
(2) Does not include energy generated at Hoover Power Plant for plant use and for the use of the Bureau of Reclamation and the cities of Boulder City Nevada Burbank California Glendale California and Pasadena California
(3) Purchases from SCPPA are classified as Generation for quarterly results and Purchases for Fiscal Year end results
(4) Deliveries include transmission loss energy paybacks and control area inadvertent interchange
LOS ANGELES DEPARTMENT OF WATER AND POWER
POWER SYSTEM
Statements of Cash Flows
Indirect Method
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
2012 2013 2014 2015 2016 2017 2018 2019
Reconciliation of operating income to net cash provided by
operating activities
Operating income 452139 477768 489437 $ 395717 524628 $ 611725 $ 725259 $ 512310
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation and amortization 394019 418485 466526 496188 540480 521221 554354 585231
Depletion expense 29064 26176 23564 20035 15131 15617 16618 15439
Amortization of nuclear fuel 13248 13859 13934 13621 14181 13610 13185 12143
Provision for losses on customer and other accounts
receivables 23834 22884 57891 24851 36366 34847 32996 27962
Changes in assets and liabilities
Customer and other accounts receivable (36155) (68780) (76621) 29466 5414 (81393) (7768) (22906)
Accrued unbilled revenue (17154) (2402) 473 3920 (25290) 1699 (2978) (19976)
Under recovered costs (18147) 38534 29127 29127 29979 29979 29979 29979
Current portion under recovered costs 0 (27218) (87072) 114290 - (213912) (97734) (30129)
Materials and fuel (15349) 6751 (396) (2080) (52990) 48489 (6168) (8755)
Regulatory assets (117061) (82529) (113352) 198765 170209 (53052) (511058) 138907
Due from Water System 3267 (24059) (16254) 36415 (4018) (684) (1244) 7585
Deferred outflows - (280852) 83609 (597275) 291989 264361
Net pension asset 14386 0
Accounts payable and accrued expenses 81921 12883 96211 (51378) (12322) 70102 17444 64311
Deferred credits (58014) (22655)
Overrecovered energy cost - 31343 (31299) (44) -
Due to Water Services 64978 (64978)
Net pension liability 18209 32564 34761 (346764) (89627) 721387 (575750) (298748)
Net OPEB liability 378679 (39098)
Other noncurrent liability 25580
Deferred inflows 38461 436234 (261762) (179686) 202497 (37535)
Net other postemployment benefit asset (40793) (20959) (16012) (1441) (4596) 13259 -
Asset retirement obligation (14551)
Prepayments and other 59218 24753 2079 14164 34329 1175 30974 107052
Net cash provided by operating activities $ 851610 $ 761077 942757 $ 1161620 972422 $ 957064 $ 1091274 $ 1319162
Supplemental disclosure of noncash capital and related financing activities
During the year ended June 30 2017 the Power System issued capital bonds to refund
previously issued debt The $3997 million of proceeds were deposited immediately into
an irrevocable trust for the defeasance of $3956 million of debt The net gain on refunding
after the write-off of previously recorded unamortized premiums resulted in $761 million
which will be amortized over the debt repayment period
During the year ended June 30 2016 the Power System issued capital bonds to refund
previously issued debt The $38446 million of proceeds were deposited immediately into
an irrevocable trust for the defeasance of $38057 million of debt The net gain on refunding
after the write-off of previously recorded unamortized premiums resulted in $135 million
which will be amortized over the debt repayment period
Accounts payable related to capital expenditures 4532 10652 10695 16474
During the year ended June 30 2013 the Power System issued capital bonds to refund previously
issued debt The $75576 million of proceeds were deposited immediately into an irrevocable trust for the
defeasance of $74424 million of debt The net loss on refunding after the write-off of previously recorded
unamortized discounts resulted in $1672 million which will be amortized over the debt repayment period
During the year ended June 30 2012 the Power System did not refund any capital bonds
LOS ANGELES DEPARTMENT OF WATER AND POWER
POWER SYSTEM
Statements of Cash Flows
direct Method
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
FINAL
2012 2013 2014 2015 2016 2017 2018 2019
Cash flows from operating activities
Cash receipts
Cash receipts from retail customers 3010270 $ 3168084 $ 3353723 $ 3658234 $ 3717797 $ 3684977 $ 3961723 $ 4380251
Cash receipts from retail customers for other
agency services 593026 620256 601332 636357 677838 648050 679562 711477
Cash receipts from interfund services provided 476406 484169 589327 644338 629369 621693 677655 834997
Other cash receipts - 0 18458
Cash disbursements
Cash payments to employees (547522) (565396) (548956) (605291) (599620) (555045) (687098) (762631)
Cash payments to suppliers (1471947) (1581590) (1668524) (1721316) (1917907) (2005772) (1931532) (2113161)
Cash payments for interfund services used (572341) (710161) (733801) (773758) (792298) (807059) (909214) (1004569)
Cash payments to other agencies for fees collected (591684) (616206) (603596) (639346) (672221) (648238) (675764) (711280)
Other operating cash payments (44598) (38079) (46748) (37598) (70536) - 0 (24058) (15921)
Net cash provided by operating activities 851610 761077 942757 1161620 972422 957064 1091274 1319163
Cash flows from noncapital financing activities
Payments to the reserve fund of the City of Los Angeles (250077) (246534) (253000) (265586) (266957) (264427) (241848) (232557)
Interest paid on noncapital revenue bonds - (589) (233) (167) (406) (4697) (5946) (6323)
Net cash used in noncapital financing activities (250077) (247123) (253233) (265753) (267363) (269124) (247794) (238880)
Cash flows from capital and related financing activities
Additions to plant and equipment net (1093491) (953376) (1112681) (1207813) (929706) (980433) (1100185) (1182204)
Capital contributions 25167 47728 65485 63624 68254 36888 44579 57791
Principal payments and maturities on long-term debt (62157) (129250) (132382) (110943) (113526) (153915) (131756) (153615)
Proceeds from issuance of bonds and revenue certificates - 1294185 566419 793661 524063 588322 445126 828123
Debt interest payments (270936) (291439) (303394) (332314) (354857) (374183) (399872) (399553)
Federal bond subsidies 35143 33614 33417 33328 33508 33472 33580 33723
Net cash provided by (used in) capital and related
financial activities (1366275) 1462 (883136) (760457) (772264) (849849) (1108528) (815735)
Cash flows from investing activities
Purchases of investment securities (1224872) (872717) (698514) (950597) (1096021) (885835) (758995) (741483)
Sales and maturities of investment securities 1220159 870251 697696 949621 1145543 884926 746712 713425
Proceeds from notes receivable 64300 68260 66919 83451 84212 21747 48512 123545
Investment income 116008 45018 51096 32057 62624 32018 29381 94190
Net cash provided by investing activities 175595 110812 117197 114532 196358 52856 65610 189677
Net increase (decrease) in cash and cash equivalents (589147) 626228 (76415) 249942 129153 (109053) (199438) 454225
Cash and cash equivalents
Cash and cash equivalents at July 1 (including $431215 $526954 $607772 $862553 $415955 and
$861582 reported in restricted accounts at June 30 2017 2016 2015 2014 2013 and 2012 respectively) 1422997 833850 1460078 1383663 1633605 1762758 1653705 1454267
Cash and cash equivalents at June 30 (including $662523 $431215 $526952 $607772 $862553 and
$415955 reported in restricted accounts at June 30 2017 2016 2015 2014 2013 and 2012 respectively) 833850 $ 1460078 1383663 1633605 1762758 1653705 1454267 1908492
Los Angeles Department of Water and Power UNAUDITED
Power System
Statements of Revenues Expenses and Changes in Net Position
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
2012 2013 2014 2015 2016 2017 2018 2019
Operating revenues
Residential $ 976820 $ 1019656 $ 1042641 $ 1034127 $ 1126690 $ 1179514 $ 1265713 $ 1376341
Commercial and industrial 2039522 2061637 2232878 2201124 2308194 2331599 2429323 2560098
Sales for resale 36136 67764 42809 93867 72936 88099 91351 111542
Other 53036 36329 59383 32696 45586 133559 50830 50911
Uncollectible accounts (23834) (22884) (57891) (24851) (36366) (34847) (32996) (27962)
Total operating revenues 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Operating expenses
Fuel for generation 403406 446450 436643 377343 318749 292557 268610 296506
Purchased power 909910 895092 977187 1022271 1037471 1165303 1143535 1264133
Maintenance and other operating expenses 922206 924707 950027 1045444 1095714 1107118 1112463 1412750
Depreciation and amortization 394019 418485 466526 496188 540478 521220 554354 585231
Total operating expenses 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Operating income 452139 477768 489437 395717 524628 611726 725259 512310
Nonoperating revenues (expenses)
Investment income 77747 46076 58099 50348 65475 21848 32135 94217
Federal bond subsidies 35143 33614 33417 33328 33508 33472 33580 33723
Other nonoperating income 17571 22342 23033 19094 23025 60955 29646 113498
Total nonoperating revenues 130461 102032 114549 102770 122008 116275 95361 241438
Other nonoperating expenses (3380) (2480) (2513) (2604) (2742) (2235) (2702) (2226)
Total nonoperating revenues net 127081 99552 112036 100166 119266 114040 92659 239212
Debt expenses
Interest on debt 269875 274835 277848 298794 299728 326023 348264 355433
Allowance for funds used during construction (32187) (33672) (18636) (38110) (32200) (9373) (7924) (5042)
Total debt expenses 237688 241163 259212 260684 267528 316650 340340 350391
Income before capital contributions and transfers 341532 336157 342261 235199 376366 409116 477578 401131
Capital contributions 26731 46860 45239 66988 65896 32177 42460 58373
Transfers to the reserve fund of the City of Los Angeles (250077) (246534) (253000) (265586) (266957) (264427) (241848) (232557)
Increase in net position 118186 136483 134500 36601 175305 176866 278190 226947
Net position
Beginning of period 4936552 5054738 5159140 5379174 5415775 5591080 5767946 5384906
Effect of accounting for adoption of GASB Statement No 68 -
Beginning of period as restated 5379174
Cumulative effect of change in accounting for postemployment
other than pensions effective July 1 2017 (661230)
End of year 5054738 $ 5191221 $ 5293640 $ 5415775 $ 5591080 $ 5767946 $ 5384906 $ 5611853
- -
Los Angeles Department of Water and Power
Power System
Statements of Net Position Balance Sheets
Years ended June 30 2012 2013 2014 2015 2016 2017 2018 and 2019
(Amounts in thousands)
Original Original Original Original Original Original Original Original
2012 2013 2014 2015 2016 2017 2018 2019
Assets and Deferred Outflows
Noncurrent assets
Utility plant
Generation 4318819 $ 5158303 $ 5313866 $ 5495985 $ 6584145 $ 5793242 $ 5987567 $ 6090845
Transmission 1046800 1089835 1095472 1135172 1300427 1658924 1727489 2026678
Distribution 6338353 6659814 7031862 7416426 7861812 8467796 9012299 9579922
General 1318063 1365206 1541640 1649586 1745403 1757767 1848581 2025892
Total 13022035 14273158 14982840 15697169 17491787 17677729 18575936 19723337
Accumulated depreciation (6462915) (6853589) (7298042) (7760357) (8289312) (7803778) (8242031) (8434447)
Total utility plant net 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
Construction work in progress 1211851 884378 1235945 1720822 866434 658992 820472 676237
Nuclear fuel at amortized cost 49687 44686 42931 39469 39948 41465 41528 42406
Natural gas field net 293006 272157 248923 228797 213691 198145 181548 166299
Total 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Restricted investments 639121 633903 640094 641521 594698 592887 602258 638861
Cash and cash equivalents - restricted 20730 448184 193701 85272 163785 312267 318455 339126
Long-term notes and other receivables net of current portion 838755 770495 703576 620125 601409 546160 429764 262027
Under recovered costs 312373 273839 244712 215585 185607 155628 125649 95670
Regulatory assets - other 296223 378752 492104 549105 646674 755303 898696 885901
Regulatory assets - pension - 938205 670425 614850 482193 315185
Regulatory assets - OPEB 430072 386123
Net postemployment asset 631479 652439 668451 669892 674488 661229
Total noncurrent assets 10852345 11778402 12155235 13645605 13859634 14410877 14664540 15096725
Current assets
Cash and cash equivalents - unrestricted 417895 597525 775890 1106651 1331543 991182 751164 1142128
Cash and cash equivalents - restricted 395225 414369 414072 441682 267430 350256 384648 427140
Cash collateral received from securities lending transactions - 3164 1419 10680 31101 11397 24114 17605
Customer and other accounts receivable net of $208933 $182500 $148303 $114000 $90000 352856 398458
$18900 and $20000 allowance for losses for 2017 2016 2015 2014 2013 and 2012 respectively 402494 351977 307990 349112 320279 315766
Current portion of long-term notes receivable 65593 73759 69838 87242 21747 48512 123545 159309
Current portion of under recovered costs - 27218 114290 - - 213912 311646 341775
Due from Water System - 24059 40314 3899 7918 8602 9846 2261
Accrued unbilled revenue 173233 175635 175162 171242 196532 194833 197811 217787
Materials and fuel 169839 163088 163484 165564 218554 170065 176122 184988
Prepayments and other current assets 109293 114320 106850 107263 106444 110731 119814 134564
Total current assets 1683934 1991595 2263813 2446200 2489259 2448602 2419100 2943323
Total assets 12536279 13769997 14419048 16091805 16348893 16859479 17083640 18040048
Deferred outflows on derivative instruments 91296 67275 48517 43244 23379 14640 22206 7015
Deferred outflows on debt refunding 26796 30199 27674 23728 27363 21759
Deferred outflows - Asset Retirement Obligation 29989
Deferred outflows - pension 287599 217131 793045 403310 243002
Deferred outflows - OPEB 2626 5525
Deferred outflows - pension contributions made after
measurement date - 258603 245462 266824 296294 282388
Deferred outflows - OPEB contributions made after
measurement date 65649 70274
Total deferred outflows 75313 619645 513646 1098237 817448 659952
Total assets and deferred outflows 12627575 $ 13837272 $ 14494361 $ 16711450 $ 16862539 $ 17957716 $ 17901088 $ 18700000
Net Position and Liabilities
Net position
Net investment in capital assets 1533344 $ 1324962 1268339 $ 1235431 1188643 1432808 1772899 1841227
Restricted
Debt service 620688 624468 606509 616042 550975 600623 643121 686280
Capital projects 123627 122584 126521 129347 133372 0
Other postemployment benefits 631479 652439 668451 669892 674488 661230
Pension benefits - -
Other purposes 148949 154891 160508 165937 171222 222220 239575 268819
Unrestricted 1996651 2311877 2463312 2599126 2852807 2851065 2729311 2815527
Total net position 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Long-term debt net of current portion 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Other noncurrent liabilities
Accrued liabilities 8767 7047 5327 3607 1887 -
Deferred credits 139876 120254
Accrued workers compensation claims 43475 52221 56650 54508 61945 67410 70474 70474
Asset Retirement Obligation 266685
Derivative instrument liabilities 91296 67275 48517 43244 23379 14640 22204
Net OPEB liability 378679 339581
Net pension liability 18209 50773 85534 860748 771122 1492508 916758 618010
Other noncurrent liability 100942
Total other noncurrent liabilities 301623 297570 196028 962107 858333 1574558 1388115 1395692
Current liabilities
Current portion of long-term debt 246582 249245 227575 230165 211133 243049 265005 263296
Accounts payable and accrued expenses 341942 333422 394150 339997 332211 412963 441102 420592
Accrued interest 139872 145338 159647 170896 169358 182192 188662 209257
Accrued employee expenses 102271 104477 107939 115159 120371 130063 140932 151461
Deferred credits 21100 18069
Due to Water Services 64978 - 31343
Overrecovered energy cost - 44 -
Obligations under securities lending transactions - 3164 1419 10680 31101 11397 24114 17605
Total current liabilities 916745 853715 890730 898240 864218 979664 1059815 1062211
Total liabilities 7572837 8646051 9023938 10428628 10665927 11830452 11955186 12564685
Deferred inflows on debt refunding - 7495 7075 14144 13233 14348
Deferred inflows - pension - 682995 421232 241547 324374 281901
Deferred inflows - OPEB 119669 122341
Deferred inflows from regulated business activities 176783 176557 177225 103627 103720 104872
Total deferred inflows 423318 867047 605532 359318 560996 523462
Total net position liabilities and deferred inflows 12627575 $ 13837272 $ 14949361 $ 16711450 $ 16862539 $ 17957716 $ 17901088 $ 18700000
2014
2015
2016
2017
2018
2019
5-Year Capital Investments Total ()
Power System Reliability Program $3569 3163
Supply Transition amp Mandates
Renewable Portfolio Standard 2036 1804
Rebuild Local Power Plants 775 687
Infrastructure
Various Generation Station Improvements 2697 2390
Energy Efficiency 893 791
Shared Services
IT Facilities Customer Services Fleet 1313 1164
Total 5-Year Capital Budget $11283 10000
Internally Generated Funds $5180 459
External Debt Financing $6103 541
As of P2019C Official statement
Internally Generated Funds ExternalDebt Financing Total
2020 1011 641 1652
2021 835 1174 2009
2022 914 1470 2384
2023 1196 1433 2629
2024 1224 1385 2609
5180 6103 11283
Page 4: City of Los Angeles 5th Regional Investors Conference

2019 Figures

Includes unrestricted cash of $16 billion for the Power System and $730 million for the Water System

Sales FYI 2018-19

Operating Revenue

FY 2018-19

Total Liquidity As of Dec 31

2019

Power

226M MWh $41B $22B

Water

195M HCF $12B $783M

4

Sustainability Initiatives

100 Renewable Energy by 2045 70 Local Water Supply by 2035

5

Existing LADWP Governance

Mayor City Council

Energy Climate Change amp

Environmental Justice Committee

General Manager

Board of Water and Power Commissioners

Office of Public Accountability

6

Transition to 100 clean energy

Replace aging infrastructure

Build local water supplies

Electrify transportation sector Expand customer facing automation

Improve customer service keep rates competitive

7

Legal and Policy Mandates

State Mandates for GHGs Renewables Wildfire Mitigation Energy Storage Water Quality Once Through Cooling Green New DealSustainable City pLAn

8

Revenue Composition Under Current Rate Structure Power System 49 Pass-Through Water System 67 Pass-Through

Decoupled Base Revenue Pass-Through Costs

Base Rate 33

Automatic Pass-

Throughs 9

Water Supply

Adjustment Factor

30

Total Other Pass

Throughs 28

_______________________________________________________ Revenue composition is for fiscal years 2016 through 2019

ECAF Charges

42

9

Rates Remain Competitive Residential

Sources httpswwwsmudorgenRate-InformationResidential-Rates httpswwwburbankwaterandpowercomelectricrates-and-charge httpsww5cityofpasadenanetwater-and-powerrates httpwwwglendalecagovgovernmentcity-departmentsglendale-water-and-powerrates httpswwwscecomwpsportalhomeregulatorytariff-booksrates-pricing-choices httpswwwpgecomtariffsassetspdftariffbookELEC_SCHEDS_E-1pdf httpswwwsdgecomtotal-electric-rates Rates at other utilities subject to change

Comparative Residential Annualized Power Bills Excluding Tax Based on 500 kWh per Month as of January 2020

10

Rates Remain Competitive Residential

Sources httpswwwgswatercomsan-gabriel httpswwwgswatercomsimi-valley httpswwwebmudcomwaterwater-rates httpswwwsjwatercomcustomer-carehelp-informationrates-regulations httpswwwsandiegogovpublic-utilitiescustomer-servicewater-and-sewer-rateswater httpsfwaterorgmodulesshowdocumentaspxdocumentid=7742 httpswwwsantabarbaracagovgovdeptspwresourcesrateswtrsewerchangesasp Simi Valley and Arcadia Water bills are updated on February 2020 Rates at other utilities subject to change

Comparative Residential Annualized Water Bills Excluding Tax Based on 10 HCF per Month as of January 2020

11

12 Power System

Diverse Generation Mix Diverse mix of resources with net dependable capacity of 123 of peak demand

Department Owned Facilities Jointly Owned Facilities and Contracted Capacity Rights

Net Dependable Net Dependable

Type of Fuel Facilities (MWs) ()1 1 Type of Fuel Facilities (MWs) ()1

Natural Gas 4 3319 412 Coal (IPP) 1 1202 149

Large Hydro 1 1265 157 Natural Gas (Apex) 1 480 60

Renewables 62 300 37 Hydro (Hoover) 1 302 37

Nuclear (PVNGS) 1 380 47

RenewablesDG 40173 813 101

Total 67 4884 606 Total 40177 3177 394

1As a percentage of all facilities May not add due to rounding 2As of September 30 2019 Excludes California Department of Water Resourcesrsquo 120 MW share of net maximum capacity and 53 MW share of net dependable capacity 3 The Net Dependable for RenewablesDG is based on statistical modeling

13

LADWP Transmission System

14

Meeting Green Energy Goals Carbon Neutral Target of 2050

Eliminating Coal

The Department has decommissioned

divested from or has contracts in place to

eliminate coal by 2026

Once-Through Cooling (ldquoOTCrdquo)

Will not repower remaining OTC plants

Evaluating alternatives including but not

limited to transmission energy storage and

other clean energy that will aid in meeting the Departmentrsquos carbon

neutral goals

Energy Efficiency From 2000-2018 the

Department estimates it reduced long-term peak

demand and consumption by 672 MWs (3768 GWh

of energy savings) Goal of reducing usage by 15 by the end of 2020 compared to 2010 levels

Renewable Targets Renewables composed

32 of the Departmentrsquos 2018 energy mix

Targeting 60 renewable by 2030 and 100

renewable and zero carbon by 2045 for energy

sold to retail end-use customers

15

Department 2017 Power Strategic Long-Term Resource Plan1

_______________________________________________________ 1 Based upon 2017 SLTRP (formerly IRP) LADWP is currently working to revise its long-term resource plan that will likely result in increased renewable targets

Meeting Green Energy Goals Carbon Neutral Target of 2050

16

Power System Five-Year Capital Improvements Plan $113 Billion Over 5 years

ladwpcom 17

Summary of Power System 5-Year Capital Improvement Program

The Power System Capital Improvement Plan is focused on system reliability transforming power supply meeting mandates and increasing energy efficiency

1011 835 914 1196 1224

641 1174 1470

1433 1385

-

500

1000

1500

2000

2500

3000

2020 2021 2022 2023 2024

Internally Generated Funds ExternalDebt Financing

FY

5-Year Capital Investments Total ()Power System Reliability Program $3569 3163Supply Transition amp Mandates

Renewable Portfolio Standard 2036 1804Rebuild Local Power Plants 775 687

Infrastructure Improvements 2697 2390

Energy Efficiency 893 791Shared Services

IT Facilities Customer Services Fleet 1313 1164

Total 5-Year Capital Budget $11283 10000Internally Generated Funds $5180 459External Debt Financing $6103 541

_______________________________________________________ Based on fiscal year 2019 capital improvement budget Note Totals may not foot due to rounding 1 Of the $641 million of debt to be issued in fiscal year 2020 $525 million has been issued as of December 31 2019 2 The budget to rebuild local power plants may be materially impacted by the February 2019 announced decision to phase out Los Angeles Basin stations that utilize Once-Through-Cooling

$ in millions

2

1

Funds

Internally Generated Funds

20202021202220232024101183591411961224ExternalDebt Financing

202020212022202320246411174147014331385

millions

Capital

Sheet3

Financial Overview Power System Historical Trends

_______________________________________________________ Note Financial Planning Criteria are subject to ongoing reviews and adjustments by the Board with advice from the Departmentrsquos financial advisors and were last revised on May 20 2014

Debt Service Coverage (Min 225x) Days Cash on Hand (Min 170 days)

Debt to Capitalization Ratio (Max 68) Full Obligation Coverage (Min 17x)

Target Actual Target Actual

Target Actual Target Actual

18

Chart1

euro 172
euro 157
euro 189
euro 165
euro 184
euro 193

Bal_Sheet

ampCampTimes New RomanRegularamp8See accompanying notes to financial statements
GMackereclass reg assetacct 14932x
GMackeper KPMG - need Board letter 12512
Noko Psoarelo Row discription changed in FY 2014-15 from total net position and liabilities to total liabilities and deferred inflows
GMackeadjusted for regulatory asset reclass 52212
GMackerestated 52112 to include regulatory asset reclassacct 3034xx amp 14932x
GMackereclass reg assetacct 14932x
GMackeverify if any new reclass changed this amount- changed by KPMG - need Board Letter 12512
GMackeper KPMG - need Board letter 12512
Bahiru ErmiasLater Restated to $1193971
Bahiru ErmiasLater restated to $13349206
Bahiru ErmiasLater restated to $15613019
Bahiru ErmiasLater restated to $15948409
Bahiru ErmiasLater restated to $260077
Bahiru ErmiasLater restated to $335390
Bahiru ErmiasLater restated to $2548846
Bahiru ErmiasLater restated to $5379174
Bahiru ErmiasLater restated to $1207513
Bahiru ErmiasLater restated to $1318007
Bahiru ErmiasLater restated to $10145917
Bahiru ErmiasLater restated to $246535
Bahiru ErmiasLater restated to $423318
Bahiru ErmiasLater restated to $15948409
Bahiru ErmiasLater restated to $168785
Bahiru ErmiasLater restated to $13864634
Bahiru ErmiasLater restated to $262430
Bahiru ErmiasLater restated to $2484259
Bahiru ErmiasLater restated to $1341588
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $2852807
Bahiru ErmiasRestated to (8088454) in FY 19 financials
Bahiru ErmiasRestated to $10487482 in FY 19 financials
Bahiru ErmiasRestated to 11531030 in FY 19 financials
Bahiru ErmiasRestated to $14818117 in FY 19 financials
Bahiru ErmiasRestated to $17237217 in FY 19 financials
Bahiru ErmiasRestated to $127659 in FY 19 financials
Bahiru ErmiasRestated to $945107 during FY 19 financials
Bahiru ErmiasRestated to $18181324 during FY 19 financials
Bahiru ErmiasAdded to financials starting FY 19 FY 19 financials list this as $281236
Bahiru ErmiasNot included on FY 19 financials
Bahiru ErmiasAdded to financials starting FY 19 FY 19 financials list this as $90551
Bahiru ErmiasRestated to $1737698 during FY 19 financials
Bahiru ErmiasRestated to $372755 during FY 19 financials
Bahiru ErmiasRestated to $991468 during FY 19 financials
Bahiru ErmiasRestated to $18182234 for FY 19 financials

Income_Stm

ampCSee accompanying notes to financial statements
restated
restated 112315GASB 68
Bahiru ErmiasLater restated to $85534
Bahiru ErmiasLater restated to $5244674
Bahiru ErmiasLater restated to $5379174
Bahiru ErmiasRestated to $5106716 for FY 19 financials

CFdirect

ampCSee accompanying notes to financial statements

CF Indirect

ampCSee accompanying notes to financial statements
Bahiru ErmiasLater restated to $4784
Bahiru ErmiasLater restated to ($9172)
Bahiru ErmiasLater restated to ($355499)
Bahiru ErmiasLater restated to $284995
Bahiru ErmiasLater restated to $36840
Bahiru ErmiasLater restated to $436459
Bahiru ErmiasLater restated to $13398
Bahiru ErmiasLater restated to ($2775)
Bahiru ErmiasRestated to $164330 durinf FY 19 financials
Bahiru ErmiasRestated to (12859) during FY 19 financials
Bahiru ErmiasStarted including in FY 19 Listed as $30303 on FY 19 financials
Bahiru ErmiasStarted including in FY 19 Listed as $281236 on FY 19 financials
Bahiru ErmiasRestated to (122603) during FY 19 financials

Operating Info OS

Rev Exp amp DSC_OS

Bahiru ErmiasLater restated to 268 after we stopped including AFUDC
Bahiru ErmiasLater restated to 231 after we stopped including AFUDC
Bahiru ErmiasLater restated to 247 after we stopped including AFUDC
Bahiru ErmiasLater restated to 244 after we stopped including AFUDC
Bahiru ErmiasLater restated to 291 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC
Bahiru ErmiasLater restated to $0 after we stopped including AFUDC

Restricted amp Other Investments

Bahiru ErmiasAt time of 2014 financials this was included with the current portion rather than non-current

JAA Debt Service

Moodys-Networking Capital

Fin Metrics Graphs

Fin Metrics Graphs

Debt Service Coverage (Min 225x)

Power-Actual DWP Metrics

Days Cash on Hand (Min 170 days)

Moodys Wkng Cap Debt Ratio (2)

Debt to Capitalization Ratio (Max 68)

Moodys calcs of LADWP DSCRs

Full Obligation Ratio (Min 17x)

LADWP - 2019 adj net pen liab

2019 Pension and OPEB

Cash-Liquidity

Moodys Wkng Cap Debt Ratio (OLD

Moodys DSC Actual

Hist Fin Perfm Moodys

Hist Fin Perfm Fitch

ampLampZampF

Fitch DSC Actual

Power Actual Data-Ftch 21414

IPA DS 2009-13

IPA DS 2009-13

Debt Service Coverage
Net DSC (after transfer)
Fixed Obligatn Charge Coverage

SCPPA DS 2009-17

Investor Presetation

ladwpcom 19 _______________________________________________________ Note Excludes interest subsidy for BABs and CREBsQECBs Excludes sinking fund established for Power System 2010 Series C Power System 2018 Series B amortized based on anticipated rollover No interest rate swaps or auction rate notes VRDB bank facilities extended with staggered expiration dates from 2020 through 2023 Interest rates assumed for Variable Rate Bonds FY 2020 and thereafter 214 Bond ratings are as of 3320

LADWP Debt Profile (FY ndash in Millions)

Additional $1463 billion of take-or-pay obligations related to jointly-owned and capacity rights for generation and transmission facilities

bull LADWP has pre-paid $3860 million of its IPA debt obligations

Take-or-Pay Obligations Amount SCPPA amp IPA Projects $1463 bn

IPA Prepayment (0386) bn

Net Off BS Debt $1077 bn

Approximately $12 billion in outstanding principal will amortize through 2025

Fixed Rate Bonds 86

Fixed Rate Notes

3

Variable Rate Debt 9

Direct Purchase

2

Debt Composition

$0

$100

$200

$300

$400

$500

$600

$700

$800

2020 2023 2026 2029 2032 2035 2038 2041 2044 2047 2050

Principal

Financial Overview Power System Maintains a Conservative Debt Profile

Outstanding debt of $979 billion as of December 31 2019

Bond Ratings As of 3320

Moodyrsquos Aa2 Fitch AA SampP AA-

20

Water System

Water System

Single Family

Residential

729 373

Other

169

86

Water System FYE 2019 Sales (Millions of Billing Units of 100 cubic feet)

Single Family

Residential 729

373

Multiple Dwelling

Units 614

314

Other 169

86

Commercial amp Industrial

442 226

Total Sales FYE 2019 195 M billing units of 100 CF

21

Single Family

Residential

729 373

Other

169

86

Single Family

Residential 729

373

Multiple Dwelling

Units 614

314

Other 169

86

Year Ended June 30 2019 Customers

Single-Family Residential 491000 716

Multiple Dwelling Units 121000 178

Commercial and Industrial 66000 96

Other 8000 10

Total 686000 1000

22

Water Systemrsquos Goals

Commitment to Financial Stability

Maintain Competitive Rates

Maintain Diverse Water Sources

Sound Management

Principles Management amp Board-adopted financial metrics

Strong cash balances

Consistently strong debt service coverage

Cost adjustment factors designed to recover certain costs

Utilize rate increases as appropriate

Commitment to maintaining affordable rates

Maintain sources from Los Angeles Aqueduct and Metropolitan Water District of Southern California

Increased use of recycled water and stormwater capture

Clean-up and expand use of groundwater

Maintain and upgrade infrastructure

Ensure future reliability

Provide safe high quality water

23

Water Resources

Delta

Sierra Nevada

Mountains

Los Angeles Aqueduct

Colorado River

Aqueduct

State Water Project

Local Groundwater Water Recycling and Conservation

24

Goal Source 70 of Water Locally by 2035

MWD 49

Los Angeles Aqueduct

38

Recycled Water

2

Ground- water 11

Fiscal Year End 2015 - 2019 Average Total Supply 502405 AF

13 Local

Local Supply Groundwater

Recycled Water Stormwater amp

New Conservation 72

25

City of Los Angeles Water Use and Population

188 gallonspersonday

26

Focus on Infrastructure Replacement Summary of Water System 5-Year Capital Improvement Plan

_______________________________________________________ Based on fiscal year 2019 capital improvement budget Note Totals may not foot due to rounding

$ in millions

FY

27

Chart1

Internally Generated Funds
Securitization
ExternalDebt Financing
497
0
335
0
288
0
623
0
349
0
849
0
431
0
756
0
452
0
845
0

Sheet1

Sheet1

Energy Mix

Energy Mix

Water Capital Plan 94

Power Capital Plan 143

Power PA Categories

Power PA Categories

Internally Generated Funds
Securitization
ExternalDebt Financing

Water PA Categories

Water PA Categories

Internally Generated Funds
ExternalDebt Financing
Alex PischalnikovConfirm that this is LESS LOCAL SOLAR
Alex PischalnikovShould this include Fuel too - for both ApexNavajo
Alex PischalnikovAdd footnote - PPA price include DWP admin costs part of the allocation centkWhtrending 15 MMyear
Alex PischalnikovThe projects are capetilized so there is no direct OampM
reduce $25M per Katie
Becerra NancyManually added june (3-6) entry of $15M WREC CapitalPer Final Rate Case 94

Financial Overview Water System Historical Trends

Note Financial Planning Criteria are subject to ongoing reviews and adjustments by the Board with advice from the Departmentrsquos financial advisors and were last revised on May 20 2014 Prior to FY2016 the Board approved financial metric for minimum cash balance was $200 million

Days Cash on Hand (Min 150 days)

Debt to Capitalization Ratio (Max 65)

Target Actual

Target Actual

Target Actual

Debt Service Coverage (Min 17x)

28

Chart1

1
1
1
1
1
1
1
1

BS Data

Bahiru ErmiasLater restated to $565016
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $7137764
Bahiru ErmiasLater restated to $5641
Bahiru ErmiasLater restated to $129062
Bahiru ErmiasLater restated to $167293
Bahiru ErmiasLater restated to $8059629
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $2733549
Bahiru ErmiasLater restated to $583344
Bahiru ErmiasLater restated to $609867
Bahiru ErmiasLater restated to $116375
Bahiru ErmiasLater restated to $8059629

IS Data

Bahiru ErmiasBeginning of the year was restated to $2581117 due to an effect of change in accounting for pensions (GASB 68) of -$6967 End of the year was later restated to $2733549
Bahiru ErmiasLater restated to ($6967)
Bahiru ErmiasLater restated to $2581117

CFDirect

Bahiru ErmiasCash flows from noncapital financing activities was not included in the original FY2017 FS The FY2018 FS did restate this amount to $250000
Bahiru ErmiasProceeds from line of credit was not added as a line item until FY18 This was restated to $142400
Bahiru ErmiasLater restated to ($298081)
Bahiru ErmiasLater restated to $392212
Bahiru ErmiasLater restated to $(150000)
Bahiru ErmiasLater restated to $100000
Bahiru ErmiasThis was later restated to $192437
Bahiru ErmiasThis was later restated to ($500386)

CFIndirect

Bahiru ErmiasFrom FY 17 Financials
Bahiru ErmiasFrom FY 16 Financials
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to ($134703)
Bahiru ErmiasLater restated to $180425
Bahiru ErmiasLater restated to ($162103)
Bahiru ErmiasLater restated to $116375
Bahiru ErmiasLater restated to $20065

Operating Stat-OS

Financial-OS

Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $0
Bahiru ErmiasLater restated to $328106
Bahiru ErmiasLater restated to $414253
Bahiru ErmiasLater restated to $431774
Bahiru ErmiasLater restated to $408507
Bahiru ErmiasLater restated to $471039
Bahiru ErmiasLater restated to 184x
Bahiru ErmiasLater restated to 215x
Bahiru ErmiasLater restated to 211x
Bahiru ErmiasLater restated to 188x
Bahiru ErmiasLater restated to 195x

DS Reserves

Water-Actual DWP Metrics

Water Graphs

Water Graphs

Debt Service Coverage (Min 17x)

Sheet1

Days Cash on Hand (Min 150 days)

For Moodys

Debt to Capitalization Ratio (Max 65)

-

50

100

150

200

250

300

350

400

2020 2024 2028 2032 2036 2040 2044 2048 2052

PrincipalInterest

Financial Overview Water System Maintains a Conservative Debt Profile

Outstanding debt of $588 billion as of December 31 2019

Total Debt outstanding of $588 billion Includes $7290 million of State Loans

No interest rate swaps or auction rate securities VRDB bank facilities extended with staggered expiration dates from 2020 through 2022

Water System Debt Profile (FY ndash in Millions)

_______________________________________________________________________________________________ Note Outstanding debt as of December 31 2019 Excludes interest subsidy for BABs Bond ratings are as of 3320

Debt Composition

Total $588 billion

Fixed Rate Bonds 79

VRDBs 9

State Loans 12

Bond Ratings As of 3320

Moodyrsquos Aa2 Fitch AA SampP AA+

29

Bond Security Legal Protections

30

Power Water

Source of Payment Power and Water revenue funds are separate funds established by City Charter in the City Treasury under the control of Board of Commissioners Rate Covenant Board sets rates and charges subject to approval of City Council as mandated by City Charter to provide revenues that together with other available funds shall be at least sufficient to pay debt service and operating and maintenance expenses

Additional Obligations Adjusted net Income for any 12 consecutive months within 18 consecutive months ending immediately prior to issuance of Additional Parity Obligations shall be at least 125 times the Maximum Annual Adjusted Debt Service on all Parity Obligations including proposed bonds

Transfer to the City May not exceed the net income of the prior fiscal year or increase Power System debt to total capitalization to exceed 75

LADWP Is Committed to Meeting Operational Needs and Financial Goals

bull Diverse power and water sources

bull Meet or exceed all regulatory commitments ndash Power RPS carbon reduction other environmental ndash Water quality safety sustainability environmental

bull Continue investing in Water and Power System reliability bull Maintain competitive retail rates and financial stability bull Improve customer service

31

Upcoming Financing Transactions Power System

Week of April 6 2020 ndash Approximately $394 Million Power System 2020 Series A

Refunding Bonds

Week of June 15 2020 ndash Approximately $356 Million Power System 2020 Series B

RefundingNew Money Bonds

Water System

Week of May 26 2020 ndash Approximately $300 Million Water System 2020 Series A

RefundingNew Money Bonds Preliminary Subject to change 32

  • Slide Number 1
  • Slide Number 2
  • Slide Number 3
  • 2019 Figures
  • Sustainability Initiatives
  • Existing LADWP Governance
  • Slide Number 7
  • Legal and Policy Mandates
  • Revenue Composition Under Current Rate Structure
  • Rates Remain Competitive Residential
  • Rates Remain Competitive Residential
  • Slide Number 12
  • Diverse Generation MixDiverse mix of resources with net dependable capacity of 123 of peak demand
  • LADWP Transmission System
  • Meeting Green Energy GoalsCarbon Neutral Target of 2050
  • Meeting Green Energy GoalsCarbon Neutral Target of 2050
  • Power System Five-Year Capital Improvements Plan$113 Billion Over 5 years
  • Financial Overview Power System Historical Trends
  • Slide Number 19
  • Slide Number 20
  • Slide Number 21
  • Slide Number 22
  • Water Systemrsquos Goals
  • Water Resources
  • Goal Source 70 of Water Locally by 2035
  • Slide Number 26
  • Focus on Infrastructure Replacement
  • Financial Overview Water System Historical Trends
  • Financial Overview Water System Maintains a Conservative Debt ProfileOutstanding debt of $588 billion as of December 31 2019
  • Bond Security Legal Protections
  • LADWP Is Committed to Meeting Operational Needs and Financial Goals
  • Upcoming Financing Transactions
Water System - Audited Financials
fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues $783964 $812360 $756605 $811897 $1042228 $1141823 $1082581 $1131777 $1118547 $1190181 $1253503
OampM
Purchased Water 215864 (163248) (125301) (161039) (280438) (339380) (273132) (261971) (194699) (184957) (155603)
OampM 365723 (421134) (414740) (383785) (392024) (430988) (460151) (473798) (505910) (500937) (612123)
Total OampM 581587 (584382) (540041) (544824) (672462) (770368) (733283) (735769) (700609) (685894) (767726)
Operating Income $202377 $227978 $216564 $267073 $369766 $371455 $349298 $396008 $417938 $504287 $485777
CIAC $30603 $24099 $48946 $27482 $16711 $28252 $34390 $46752 $31183 $33155 $25810
Non Operating Revenues Net 8593 16221 24411 33551 27776 32067 24819 28279 34977 25357 40689
Cash Available for Debt Service $241573 $268298 $289921 $328106 $414253 $431774 $408507 $471039 $484098 $562799 $552276
Interest Expense $92032 $108017 $136846 $149508 $160995 $171070 $186664 $195519 $217521 $231522 $231522
Principal Repayment 23994 26089 30525 28960 31890 33322 30123 45604 61391 78303 78303
Total Debt Service $116026 $134106 $167371 $178468 $192885 $204392 $216787 $241123 $278912 $309825 $309825
Debt Service Coverage Ratio (x) 208 200 173 184 215 211 188 195 174 182 178
Liquidity ($ 000)
Unrestricted Cash $120375 $170685 $207631 $296725 $415786 $336419 $342742 $312009 $317198 $344773 $573702
Expense Stabilization Fund 32678 32680 32915 33078 33159 33390 33511 33706 50011 50558 51981
Total Liquidity $153053 $203365 $240546 $329803 $448945 $369809 $376253 $345715 $367209 $395331 $625683
Days Cash on Hand 96 127 163 221 244 175 187 172 191 206 326
Debt to Capitalization Ratio 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018
LT Debt 2193338 2708150 3171562 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Current Portion of LTD 58512 63018 61612 63401 65646 59670 71535 87190 101251 103846 109510
Total Debt Outstanding 2251850 2771168 3233174 3258511 3630523 4174670 4568497 5249600 5569165 5786412 6139382
Total Net Position 2268349 2335651 2376604 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Debt to Capitalization Ratio 50 54 58 57 58 60 62 64 64 66 66
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 20 20 20 17 17 17 17 17
Minimum Operating Cash Target $200 M $200 M $200 M $200 M $200 M $200 M 150 days 150 days 150 days 150 days 150 days
Capitalization Ratio of less than 60 60 60 60 60 60 65 65 65 65 65
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217
Financial Performance 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018
Debt Service Coverage 21 20 17 18 22 21 19 20 17 18 18
Oper Cash Target ($ 000) $153053 $203365 $240546 $329803 $448945 $369809 187 days 172 days 191 days 206 days 206 days
Capitalization Ratio 50 54 58 57 58 60 62 64 64 66 66
Minimum Debt Service Coverage was 20 times until FY2015 reduced to 17 times
Minimum Operating Cash Target was $200 million until FY 2015 changed to 150 days
Maximum Capitalization Ratio was at 60 until FY2015 which raised to 65
W a t e r S y s t e m
FY DSC Days Cash Cap Ratio
2012 18 221 57
2013 22 244 58
2014 21 175 60
2015 19 187 62
2016 20 172 63
2017 17 191 64
2018 18 210 65
P o w e r S y s t e m
FY DSC Days Cash Cap Ratio Full Obl
2012 29 151 57 195
2013 24 178 60 167
2014 25 200 61 172
2015 23 243 62 157
2016 27 269 62 189
2017 24 223 62 165
Water System Actual Financial Performance
DSC
2012 18
2013 22
2014 21
2015 19
2016 20
2017 174
2018 18
2019 17
Days Cash
2012 221
2013 244
2014 175
2015 187
2016 172
2017 191
2018 210
2019 297
Cap Ratio
2012 5705
2013 5822
2014 6037
2015 6165
2016 6343
2017 6370
2018 6544
2019 6554
Goals
fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Operating Revenues $783964 $812360 $756605 $811897 $1042228 $1141823 $1082581 $1131777 $1118547 $1190181 $1253503
Purchased Water 215864 163248 125301 -161039 -280438 -339380 -273132 -261971 -194699 -184957 -155603
OampM 365723 421134 414740 -383785 -392024 -430988 -460151 -473798 -505910 -500937 -612123
Operating Income $202377 $227978 $216564 $267073 $369766 $371455 $349298 $396008 $417938 $504287 $485777
Non Operating Revenues Net 8593 16221 24411 33551 27776 32067 24819 28279 34977 25357 40689
Capital Contributions 30603 24099 48946 27482 16711 28252 34390 46752 31183 33155 25810
Cash Available for Debt Service $241573 $268298 $289921 $328106 $414253 $431774 $408507 $471039 $484098 $562799 $552276
Interest Expense $92032 $108017 $136846 $149508 $160995 $171070 $186664 $195519 $217521 $231522 $243730
Principal Repayment 23994 26089 30525 28960 31890 33322 30123 45604 61391 $78303 $80556
Total Debt Service $116026 $134106 $167371 $178468 $192885 $204392 $216787 $241123 $278912 $309825 $324286
Debt Service Coverage Ratio (x) 208 200 173 184 215 211 188 195 174 182 170 ge 200 ge 170
Liquidity 43018
Unrestricted Cash $120375 $170685 $207631 $296725 $415786 $336419 $342742 $312009 $317198 $344773 $573702 $457559
Expense Stabilization Fund 32678 32680 32915 33078 33159 33390 33511 33706 50011 50558 51981 50403
Total Liquidity $153053 $203365 $240546 $329803 $448945 $369809 $376253 $345715 $367209 $395331 $625683 ge 200000 $507962
Days Cash on Hand 96 127 163 221 244 175 187 172 191 210 297 ge 150 days -265
Debt to Capitalization Ratio 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
LT Debt 2193338 2708150 3171562 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Current Portion of LTD 58512 63018 61612 63401 65646 59670 71535 87190 101251 103846 109510
BRampI - Principal portion (42064) (55243) (57895) (63831)
State Loan Reserve (11256) (11256) (13905) (16052)
Total Debt Outstanding 2251850 2771168 3233174 3258511 3630523 4174670 4568497 5196280 5502666 5714612 6059498 le 60 le 65
Total Net Position 2268349 2335651 2376604 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Debt to Capitalization Ratio 50 54 58 5705 5822 6037 6165 6343 6370 6544 6554
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 20 20 20 17 17 17 17 17
Minimum Operating Cash Target $200 M $200 M $200 M $200 M $200 M $200 M 150 days 150 days 150 days 150 days 150 days 30161
Capitalization Ratio of less than 60 60 60 60 60 60 65 65 65 65 65 57864
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217 06573587049
Financial Performance 2009 2010 2011 2012 2013 2014 2015 2016 2017 3-6 2018 2019
Debt Service Coverage 21 20 17 18 22 21 19 20 17 18 17
Oper Cash Target ($ 000) $153053 $203365 $240546 $329803 $448945 $369809 187 days 172 days 191 days 210 days 297 days 913 1507
Capitalization Ratio 50 54 58 57 58 60 62 63 64 654 655 756 1716
1669 3223
Minimum Debt Service Coverage was 20 times until FY2015 reduced to 17 times 2088 3210
Minimum Operating Cash Target was $200 million until FY 2015 changed to 150 days -419 13
Maximum Capitalization Ratio was at 60 until FY2015 which raised to 65
976
719
1695
Water System
BRampI and State Loan DS Reserve
June 30 2016 2017 2018 2019
State Loan Reserve
Interest 220023
Principal 14373496
Excess - Principal 1678816
16272335
Bond Redemption amp Interest
Interest 89766673 100638475 112668698 122081445
Principal 41675000 55215000 57200000 62730000
Excess - Principal 388846 28169 695142 1101264
131830519 155881644 170563840 185912709
Power System
June 30 2016 2017 2018 2019
Bond Redemption amp Interest
Interest 168218363 181083679 187553308 209256698
Principal 90640000 126540000 153615000 171905630
Excess - Principal 3572098 3585719 4433271 3363045
262430461 311209398 345601579 384525373
Water System
Summary of Revenues Expenses and Debt Service Coverage1
(Dollars in Thousands)
(Unaudited)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues
Single-family Residential $ 329551 $ 428318 $ 475867 $ 431944 $ 457961 $ 450384 $ 509614 $ 515176
Multiple Dwelling Units 243093 310709 342437 331238 339787 338623 352123 396035
Commercial and Industrial 187289 239078 269415 268971 277786 264690 254734 262276
Other 51964 64123 54104 50428 56243 64850 73710 80016
Total Operating Revenues5 $ 811897 $ 1042228 $ 1141823 $ 1082581 $ 1131777 $ 1118547 $ 1190181 $ 1253503
Operating Expenses
Purchased Water $ 161039 $ 280438 $ 339380 $ 273132 $ 261971 $ 194699 $ 184957 $ 155603
OampM 383785 392024 430988 460151 473798 505910 500937 612123
Total Operating Expenses (Excluding Depreciation5) $ 544824 $ 672462 $ 770368 $ 733283 $ 735769 $ 700609 $ 685894 $ 767726
Operating Income Before Depreciation $ 267073 $ 369766 $ 371455 $ 349298 $ 396008 $ 417938 $ 504287 $ 485777
Allowance for Funds Used During Const 6 $ 2979 $ 4995 $ 4419 $ 9565 $ 8661
Nonoperating Revenues Net 33551 27776 32067 24819 28279 34977 25357 40689
Capital Contributions 27482 16711 28252 34390 46752 31183 33155 25810
Change In Fund Net Position
Before Depreciation and Amortization 6 $ 331085 $ 419248 $ 436193 $ 418072 $ 479700 $ 484098 $ 484098 $ 484098
Debt Service
Interest2 $ 149508 $ 160995 $ 171070 $ 186664 $ 195519 $ 217521 $ 231522 $ 243730
Principal 28960 31890 33322 30123 45604 61391 78303 80556
Total Debt Service on Bonds5 $ 178468 $ 192885 $ 204392 $ 216787 $ 241123 $ 278912 $ 309825 $ 324286
Depreciation and Amortization $ 106160 $ 112677 $ 123337 $ 136559 $ 144186 $ 156809 $ 156809 $ 176634
Debt Service Coverage34 186x6 217x6 213x 6 193x 6 199x 6 174x 182x 170x
484098 562799 552276
1736 1817 1703
1 Derived from the Water System Financial Statements
2 Excludes amortization of debt expensespremiums
3 Change in Fund Net Position Before Depreciation and Interest divided by Total Debt Service on Bonds
4 Between Fiscal Years 2017-18 and 2021-22 the Department expects approximately $39 billion of the costs of its capital improvement program will be paid with external financing sources including the Series A Bonds previously issued Bonds and Additional Parity Obligations (consisting of additional Water System Revenue Bonds and additional loans from the State Water Resources Control Board) The issuance of any Additional Parity Obligations may result in a decline in the debt service coverage ratio See ldquoWATER RATESmdashBoard Adopted Financial Planning Criteriardquo
5 Totals may not add up due to rounding
6 Beginning with the Fiscal Year ended June 30 2017 Allowance for Funds Used During Construction was not accounted for in Change in Fund Net Position Before Depreciation and Interest and the figures for the Fiscal Years ended June 30 2013 through 2016 have been restated to also reflect this change
Any highlighted items relate to eliminating the Allowance for Funds Used During Construction All highlighted numbers were restated in future periods
Water System Selected Operating Information
Unaudited
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018
Operating Statistics
Water Supply (Millions of
Billing Units of 100 cu Ft)
Local Underground Supply 266 249 346 394 344 223
Los Angeles Aqueduct 1161 494 266 251 223 926
Deliveries From
Metropolitan 914 1692 1925 1679 1506 957
Recycled Water 30 30 44 45 43 35
Total Supply4 2371 2465 2581 2369 2116 2141
Less
Transfers and Diversions To
(From) Storage 13 (08) 25 100 (10) 34
System Uses and Losses 70 84 186 69 143 183
Total Water Sold4 2288 2389 2370 2200 1983 1924
Water Sales (Millions of
Billing Units of 100 cu Ft)
Single-family Residential 903 952 944 826 726 726
Multiple Dwelling Units 728 736 704 654 622 612
Commercial and Industrial 484 507 526 500 473 450
Other 155 180 188 182 172 172
Total4 2270 2375 2362 2162 1992 1960
Average Number of Customers
(In Thousands)
Single-family Residential 4790 480 483 483 484 487
Multiple Dwelling Units 1230 124 122 121 121 121
Commercial and Industrial 640 64 66 65 65 65
Other 80 8 8 7 8 7
Total4 676 679 676 678 680
Operating Revenues (In
Thousands)
Single-family Residential $ 329551 $ 428318 $ 475867 $ 431943 $ 457961 $ 450384
Multiple Dwelling Units 243093 310709 342437 331238 339787 338623
Commercial and Industrial 187289 239078 269415 268971 277786 264690
Other 51964 64123 54104 50428 56243 64850
Total4 $ 811897 $ 1042228 $ 1141823 $ 1082581 $ 1131777 $ 1118547
Average Revenue Per Hundred
Cubic Feet Sold
Single-family Residential $ 3649 $ 4499 $ 5039 $ 5231 $ 6304 $ 6207
Multiple Dwelling Units 3338 4222 4862 5063 5462 5536
Commercial and Industrial 3873 4716 5118 5380 5879 5885
Other 3352 3562 2885 2773 3279 3766
Average Consumption Per
Person Per Day (Gallons)3 NA NA NA 113 104 102
Average Metered Consumption
Per Person Per Day (Gallons)3 123 129 131 NA NA NA
1 Based on interim reports and subject to change based on the allocation of sales and revenues including delayed billing resulting from the full implementation of the new customer information and billing system as described under ldquoWATER RATESmdashBilling and Collectionsrdquo
2 Water supply numbers for Fiscal Years 2016-17 and 2015-16 reflect changes to the Departmentrsquos supply volume tracking methodology pursuant to the Departmentrsquos Water Loss and Component Analysis Study
3 Beginning in Fiscal Year 2014-15 the Department replaced Average Metered Consumption Per Person Per Day with Average Consumption Per Person Per Day Average Consumption Per Person Per Day is a better measure of water consumption because it measures all water consumed not just metered water consumed
4 Totals may not add up due to rounding
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Cash Flows
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019 2004
Reconciliation of operating income to net cash provided by
operating activities
Operating income $ 160913 $ 257089 $ 248118 $ 212739 $ 251822 $ 261129 $ 338997 $ 309143 $ 96952
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation and amortization 106160 112677 123337 136559 144186 156809 165290 176634 74069
Provision for losses on customer and other receivables 10446 8142 17818 10436 12853 13637 3866 2084 2439
Changes in assets and liabilities
Customer and other accounts receivable 19319 (17090) (18034) 9822 (7452) (14733) (22756) 24084 (2096)
Accrued unbilled revenue (4972) (9406) (9438) 18956 (23206) (4384) (12480) 15011 (2360)
Underrecovered costs - - (45031) (34224) (154475) (32501) 134837 36968 -
Due from Power System (64978) 64978 - - - - (37415)
Due to Power System (3267) 24059 16255 (36415) 4019 684 1244 (7585)
Materials and supplies (672) 2925 554 221 (440) (4269) (2389) (1171) (1008)
Regulatory assets (5157) (38729) (13780) (39781) (52073) (17816) (31344) 7345
Regulatory assets - OPEB (199489) 20399
Net pension asset 9583 11486 9680 - - - - 2775
Accounts payable and accrued expenses for operating 12605 13335 (12377) 973 (16487) (169282) (29405) 5062
Prepayment and other current assets 9228 (3288) 156 (1612) (767) (1414) (1692) (2780) -
Net postemployment asset (19197) (9856) (7529) (3752) (6931) 2258 - -
Customer deposits (191) 14808 21717 24508 24265 27078 16269 29662
Accrued employee expenses 2451 (513) 3923 2733 1196 6325 3733 4586 6322
Over-recovered costs (2727) (94992) (28443) - - - 73766
Deferred outflows - pensions and OPEB (130056) 33823 (269993) 137298 67259
Regulatory asset - pensions 115013 129522 27269 63761 78606
Net pension liability (171859) (38461) 325854 (272434) (133997)
Net OPEB liability 176148 (15456)
Deferred inflows - pensions and OPEB 209473 (124884) (83130) 94716 (16809)
Accrued workers compensation claims and other 8555 11639 10379 1057 7952 18691 1509 (3523) 8150
Net cash provided by operating activities $ 238099 $ 347264 $ 317305 $ 324791 $ 184462 $ 242212 $ 565679 $ 595522 221594
Supplemental disclosure of noncash capital and related financing
activities
Capital contributions $ 166 (278011)
See accompanying notes to financial statements
During the year ended June 30 2017 the Water System
issued revenue bonds to finance capital improvements and
refund previously issued debt The $2768 million of the total
proceeds of $61190 million including an $8163 million premium
were deposited immediately into an irrevocable trust for the
defeasance of $2752 million of debt Additionally $1424 milion of
the proceeds were remitted directly to Wells Fargo for repayment
of the outstaning line of credit The net gain on refunding after the
write-off of previously were deposited immediately into an recorded
unamortized premiums resulted in $25 million which will be
amortized over the debt repayment period
During the year ended June 30 2016 the Water System
issued revenue bonds to finance capital improvements and
refund previously issued debt The $3831 million of
proceeds were deposited immediately into an irrevocable
trust for the defeasance of $3822 million of debt The net
gain on refunding after the write-off of previously recorded
unamortized premiums resulted in $133 million which
will be amortized over the debt repayment period
Accounts payable related to capital expenditures $ 13722 $ 2591 $ 6035 $ 28729
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
Per this statement
Per balance sheet 415786 211691 112272
6156853
(31087601)
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Cash Flows
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019 2005
Cash flows from operating activities
Cash receipts
Cash receipts from customers $ 900054 $ 987990 $ 1113917 $ 1171266 $ 1016864 $ 1147285 $ 1318635 $ 1392677 $ 738774
Cash receipts from customers for other agency services 449750 514013 488581 500423 559405 550778 549443 608903 284848
Cash receipts from interfund services provided 307293 432592 443798 492144 509994 489925 585288 691571 302374
Other cash receipts - - - 2537 5250 27839 - -
Cash disbursements
Cash payment to employees (236955) (244838) (261930) (243931) (271899) (286551) (324057) (340716) (224169)
Cash payment to suppliers (228281) (322929) (337504) (423518) (407096) (448081) (259390) (287623) (227969)
Cash payment for interfund services used (492462) (498767) (632985) (663180) (669916) (664030) (775876) (808270) (284847)
Cash payment to other agencies for fees collected (452430) (514416) (487970) (510950) (547023) (552364) (556203) (621149) (378431)
Other cash payments (8870) (6381) (8602) (5867) (39871) (451)
Net cash provided by operating activities 238099 347264 317305 324791 184462 242212 565679 595522 210129
Cash flows from noncapital financing activities
Proceeds from line of credit for operations - -
Payments on line of credit for operations (250000) -
Net cash (used in) provided by noncapital financing activities - (250000) -
Cash flows from capital and related financing activities
Additions to plant and equipment net (429239) (429269) (636635) (687360) (614382) (687490) (618001) (565707) (278011)
Capital contributions 27482 16711 28252 33685 40072 31183 33155 25810
Principal payments and maturities on long-term debt (24068) (25890) (26061) (19650) (29032) (43295) (55215) (57230)
Payments for Notes - - -
Proceeds from line of credit for capital - -
Proceeds from issuance of bonds and line of credit - 372454 425299 310171 831631 584837 273403 348929
Proceeds from California Department of Water Resources loan 54752 29507 129249 128187 73365 71511 49687 115257
Payments of California Department of Water Resources loan (4892) (6000) (7261) (10472) (16572) (18096) (23088) (23356)
Debt interest payments (152105) (149459) (158963) (179770) (200876) (206288) (219592) (234072)
Line of credit payments
Federal bond subsidies 18530 17724 17196 17178 17270 17252 17307 17381
Net cash used in capital and related financing activities (509540) (174222) (228924) (408031) 101476 (250386) (542344) (372988)
Cash flows from investing activities
Purchases of investment securities (96064) (75663) (79237) (62313) (86676) (83622) (92099) (86281)
Sale of investment securities 95879 75496 79116 62140 86751 67233 91486 85257
Investment income 8241 2618 6521 5580 8293 3180 5063 26978
Net cash provided by investing activities 8056 2451 6400 5407 8368 (13209) 4450 25954
Net increase (decrease) in cash and cash equivalents (263385) 175493 94781 (77833) 294306 (21383) (222215) 248488
Cash and cash equivalents
Cash and cash equivalents at July 1 (including $353228 $179080 $122648
and $475127 reported in restricted accounts 2015 2014 2013 and 2012 respectively) 682758 419373 594866 689647 611814 906120 884737 662522
Cash and cash equivalents at June 30 (including $269072 $353228 $179080
and $122648 reported in restricted accounts 2015 2014 2013 and 2012 respectively) $ 419373 $ 594866 $ 689647 $ 611814 $ 906120 $ 884737 $ 662522 $ 911010
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
Per this statement 594866 419373 -
Per balance sheet 415786 211691 112272
179080 207682
6156853
(31087601)
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM
Statements of Revenues Expenses and Changes in Net Position
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating revenues
Residential $ 329551 $ 428318 $ 475867 $ 431944 $ 457961 $ 450384 $ 509614 $ 515176
Multiple-dwelling units 243093 310709 342437 331238 339787 338623 352123 396035
Commercial and industrial 187289 239078 269415 268971 277786 264690 254734 262276
Other 62410 72265 71922 60864 69096 78487 77576 82100
Uncollectible accounts (10446) (8142) (17818) (10436) (12853) (13637) (3866) (2084)
811897 1042228 1141823 1082581 1131777 1118547 1190181 1253503
Operating expenses
Purchased water 161039 280438 339380 273132 261971 194699 184957 155603
Maintenance and other operating expenses 383785 392024 430988 460151 473798 505910 500937 612123
Depreciation and amortization 106160 112677 123337 136559 144186 156809 165290 176634
Loss on asset impairment and abandoned projects - - -
Total operating expenses 650984 785139 893705 869842 879955 857418 851184 944360
Operating income 160913 257089 248118 212739 251822 261129 338997 309143
Nonoperating revenues (expenses)
Investment income 7960 2529 6673 5530 8564 3262 5171 26830
Federal bond subsidies 18530 17724 17196 17178 17270 17252 17307 17381
Gain on sale of land 1701 - 90 - - 141 - -
Other nonoperating income 9034 11467 11548 5936 6653 19513 8242 2260
37225 31720 35507 28644 32487 40168 30720 46471
Other nonoperating expenses (3674) (3944) (3440) (3825) (4208) (5191) (5363) (5782)
33551 27776 32067 24819 28279 34977 25357 40689
Debt expenses
Interest on debt 147896 155006 160424 173550 181343 194501 205280 214472
Allowance for funds used during construction (2979) (4995) (4419) (9565) (8661) (7713) (8044) (5979)
144917 150011 156005 163985 172682 186788 197236 208493
Income before capital contributions 49547 134854 124180 73573 107419 109318 167118 141339
Capital contributions 27482 16711 28252 34390 46752 31183 33155 25810
Increase in net position 77029 151565 152432 107963 154171 140501 200273 167149
Net position
Beginning of year 2376604 2453633 2588084 2733549 2841512 2995683 3136184 3018252
Effect of change in accounting for pensions (adoption of GASB Statement No 68)
Cumulative effect of change in accounting for postemployment benefits other than
pensions effective July 1 2017 (318205) -
Beginning of period as restated 2733549 2841512 2995683
End of year $ 2453633 $ 2605198 $ 2740516 $ 2841512 $ 2995683 $ 3136184 $ 3018252 $ 3185401
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
LOS ANGELES DEPARTMENT OF WATER AND POWER
WATER SYSTEM Water System
Statement of Net Position Balance Sheets
June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
Original Original Original Original Original Original Original
FY Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Assets
Noncurrent assets
Utility Plant
Source of water supply $ 1224050 $ 1304003 $ 1429479 $ 1576514 $ 1939935 $ 1975048 $ 2337848 $ 2392901
Pumping 254408 258309 263278 268816 284509 290584 297070 403987
Purification 532641 582718 745043 786730 804492 818277 835044 867481
Distribution 3840049 4066843 4277205 4476970 4815614 5069620 5364668 5586714
General 565015 577469 662351 704764 721050 760627 793334 856475
6416163 6789342 7377356 7813794 8565600 8914156 9627964 10107558
Accumulated depreciation (2128281) (2232065) (2350965) (2482031) (2613961) (2762711) (2925891) (3078050)
4287882 4557277 5026391 5331763 5951639 6151445 6702073 7029508
Construction work in progress 800677 854655 923813 1182001 1061382 1402561 1330975 1407309
5088559 5411932 5950204 6513764 7013021 7554006 8033048 8436817
Investments 33078 33159 33390 33511 33706 50011 50558 51981
Cash and cash equivalents - restricted - 42932 212244 110255 447658 406237 141299 144508
Regulatory assets - other 14621 53350 67130 106911 158984 176800 195892 175534
Regulatory assets - pensions 450003 320481 293212 229451 150845
Regulatory assets - OPEB 199489 179090
Net pension asset 28133 16647 6967 - -
Net other postemployment asset 292395 302251 309780 313532 320463 318205 - -
Total noncurrent assets 5456786 5860271 6579715 7527976 8294313 8798471 8849737 9138775
Current assets
Cash and cash equivalents - unrestricted 296725 415786 336419 342742 312009 317198 344773 573702
Cash and cash equivalents - restricted 122648 136148 140984 158817 146453 161302 176450 192800
Cash collateral received from securities lending transactions - 1929 576 4180 7486 3779 7650 7564
Customer and other accounts receivable net of $61200 $50283$41000 $33000 $10500
and $9500 allowance for losses for 2017 2016 2015 2014 2013 and 2012 respectively 96729 105674 105932 85676 80458 81721 100785 74071
Under-recovered costs - - 45031 79255 233730 266231 131394 94426
Due from Power System 64978 - - - - -
Accrued unbilled revenue 69154 78560 87998 69042 92248 96632 109112 94101
Materials and supplies 23043 20118 19564 19343 19784 24053 26442 27613
Prepayments and other current assets 31644 35338 18068 19680 20447 21861 23552 26332
Total current assets 704921 793553 754572 778735 912615 972777 920158 1090609
Total assets 6161707 6653824 7334287 8306711 9206928 9771248 9769895 10229384
Deferred outflows on debt refunding 32590 30505 28420 26335 24252 22183
Deferred outflows - changes in pension assumptions 141130 112511 373459 188361 121972
Deferred outflows -OPEB 297 3774
Deferred outflows - pensions contributions made after measurement date 123629 118425 127470 140957 134172
Deferred outflows - OPEB contributions made after measurement date 34017 36455
Total deferred outflows 32590 295264 259356 527264 387884 318556
Total assets and deferred outflows $ 6161707 $ 6653824 $ 7366877 $ 8601975 $ 9466284 $ 10298512 $ 10157779 $ 10547940
Net Position and Liabilities
Net position
Net investment in capital assets $ 1830049 $ 1824341 $ 2020368 $ 2086028 $ 2203533 $ 2367436 $ 2359417 $ 2408413
Restricted
Debt service 24997 33485 26191 36919 51200 66005 71340 79673
Other postemployment benefits 292395 302251 309780 313532 320463 318205 - -
Pension benefits 28133 16647 6967
Other purposes 24167 25167 26167 27167 28171 29171 30636 32636
Unrestricted 253892 403307 351043 377866 392316 355367 556859 664679
Total net position 2453633 2605198 2740516 2841512 2995683 3136184 3018252 3185401
Long-term debt net of current portion 3195110 3564877 4115000 4496962 5162410 5467914 5682566 6029872
Other noncurrent liabilities
Net other postemployment benefit obligation - - - -
Accrued workers compensation claims 20226 24342 26523 25468 29329 32021 33530 33530
Net pension liabilities 411485 373024 698878 426444 292447
Net OPEB liability 176148 160692
Total other noncurrent liabilities 20226 24342 26523 436953 402353 730899 636122 486669
Current liabilities
Current portion of long-term debt 63401 65646 59670 71535 87190 101251 103846 109510
Accounts payable and accrued expenses 107212 122333 130511 133973 131390 114699 88450 89216
Line of Credit - - - - 150000 250000 - -
Due to Power System - 24059 40314 3899 7918 8602 9846 2261
Accrued employee expenses 48442 47929 51852 54585 55781 62106 65839 70425
Accrued interest 73419 77431 88561 94666 89767 101068 113069 122453
Obligations under securities lending transactions - 1929 576 4180 7486 3779 7650 7564
Due to the reserve fund of the City of Los Angeles - - - - - -
Over-recovered costs 123435 28443 - - - -
Customer deposits 76829 91637 113354 137862 162127 189205 205474 235136
Total current liabilities 492738 459407 484838 500700 691659 830710 594174 636565
Total liabilities 3708074 4048626 4626361 5434615 6256422 7029523 6912862 7153106
Deferred inflows on debt refunding 13215 14971 14115 13691
Deferred inflows - pension 325848 200964 117834 154895 137114
Deferred inflows -OPEB 57655 58628
Total deferred inflows - - - 325848 214179 132805 226665 209433
Total net position liabilities and deferred inflows $ 6161707 $ 6653824 $ 7366877 $ 8601975 $ 9466284 $ 10298512 $ 10157779 $ 10547940
this line is not included in the published financial statements but included here to verify in balance
See accompanying notes to financial statements
Any information highlighted was restated in later periods All information comes from the published financials of each specific fiscal year
2012
2013
2014
2015
2016
2017
2018
2019
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
DEMAND SIDE MANAGEMENT
(11) 28204 WATER CONSRVTN-WTR FUNDED 1469160 3342020 2551650 3751660 3859860 3879830 3955200 4028120 4098460 4165100 4167220 4241800
DEMAND SIDE MANAGEMENT TOTAL 1469160 3342020 2551650 3751660 3859860 3879830 3955200 4028120 4098460 4165100 4167220 4241800
WATER QUALITY PROGRAM
(41) 28850 TOOLS amp EQUIPMENT 2563 889 3177 318 3258 3341 3425 3512 3589 367 3747 3825
(43) 23222 WQIP TRUNKLINE IMPRVEMNTS 6396050 5219590 6412270 14227440 11244300 7934420 6733360 4724360 761190 0 0 2032
(43) 24130 CHLOR STATION INSTALLATNS 1681040 470190 1653610 1081550 1095040 431290 445200 328700 388540 506000 840740 758930
(43) 24315 GROUNDWATER MGMT 269030 1846640 373200 873650 754650 2413580 2302300 2696260 1843220 6090030 2771240 188260
(43) 26505 CEMENT LINING-WATER MAINS 12 04 0 0 0 0 0 0 0 0 0 0
(43) 29130 WQIP RESV IMPRVTS 12947160 5967510 4788890 9735150 13615820 6160570 1207680 6851 2673 162830 281 2913
(45) 24310 WTR TREATMENT IMPRVTS 1333570 2139220 1484300 2814560 1996130 1946120 1733320 1929020 3232540 3445250 3187080 1919510
(45) 29153 WSO INFO TECHNOLOGY 0 0 0 144580 141680 145980 147640 149090 157660 161280 164220 195850
(48) 24316 GRNDWTR REMEDTN amp CLEANUP 1349890 1574740 2714320 3982910 4185590 4393720 7335310 6701360 36960020 39574050 16438760 878590
WATER QUALITY PROGRAM TOTAL 24003570 17226820 17458360 32891640 33065790 23459090 19939060 16632420 43405790 49976140 23467610 4028840
WATER RECLAMATION PROGRAM
(41) 24318 WATERSHED-STRMWTR CAPTURE 1629460 2186340 1082380 3265020 3109810 4533000 3565920 3512300 3589800 3611200 2538900 123400
(43) 23150 WATER RECYCLING - CAP 2101770 2037980 2908290 4777870 7545640 6262440 8348530 23821650 24372850 11883850 2839490 389830
WATER RECLAMATION PROGRAM TOTAL 3731230 4224320 3990670 8042890 10655450 10795440 11914450 27333950 27962650 15495050 5378390 513230
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR
(43) 22403 SUPPLMNTL DUST CNTRL DEVT 6817170 16877080 20132260 15120120 7015740 0 0 0 0 0 0 0
(45) 21146 OWENS LAKE MASTER PROJECT 0 0 342690 1728390 2703080 8891320 13686640 20087120 20278800 19261780 12996280 6618390
(45) 22402 OWENS VALLEY DUST MITIGAT 894880 1195460 1440770 2357800 4213550 2957420 1206710 1941690 1609250 1518530 1101050 1476200
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR TOTAL 7712050 18072540 21915720 19206310 13932370 11848740 14893350 22028810 21888050 20780310 14097330 8094590
LAWSDACSCADA
(45) 29153 WSO INFO TECHNOLOGY 157320 102760 203950 0 0 0 0 0 0 0 0 0
LAWSDACSCADA TOTAL 157320 102760 203950 0 0 0 0 0 0 0 0 0
SECURITY COMPONENTS TO REMOVING OPEN RESERVOIR
(43) 29130 WQIP RESV IMPRVTS 3943670 2262460 1299300 0 0 0 0 0 0 0 0 0
SECURITY COMPONENTS TO REMOVING OPEN RESERVOIR TOTAL 3943670 2262460 1299300 0 0 0 0 0 0 0 0 0
SECURITY FOR CRITICAL FACILITIES
(16) 28871 CYBER SECURITY-WTR FUNDED 1377 16 0 0 0 0 0 0 0 0 0 0
(41) 28857 OTHER WSO CAP PROJECTS 216570 103610 364890 0 0 0 0 0 0 0 0 0
SECURITY FOR CRITICAL FACILITIES TOTAL 230340 103770 364890 0 0 0 0 0 0 0 0 0
Infrastructure Pass Thru
(43) 23220 PUMP STATIONS 327990 416060 749560 1317350 1029760 2092610 2282060 1458250 905870 736510 822600 849270
(43) 23290 SEISMIC IMPROVEMENTS 5376 5021 1081 0 0 0 0 0 0 0 0 2045
(43) 24150 REGULATOR STATIONS 380380 267310 422580 405830 352780 360670 520080 745320 520740 410190 420420 431630
(43) 26220 TRUNK LINE amp MAJ SYS CONN 519790 579180 1190390 3284720 7207650 7043220 17250340 20350640 28638980 17698130 12073370 6098570
(43) 29140 INFR RESV IMPVTS 896210 1667400 2232430 2666140 4188120 2992320 3551450 3751100 4746670 9055020 11265460 3603
(43) 29328 GRIFFITH PRK WTR DIST SYS 0 05 0 400 101800 206920 510730 797270 1119560 737400 8678 1992
101415 1444 Page 1 of 6
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
(44) 26331 DISTRIBUTION MAINS 6881370 7437400 7676240 8635100 10554550 12007960 14846340 16017610 16328220 16796220 19813650 21637980
(44) 27210 SRVCS METERS amp HYDRANTS 4871090 5113620 4646850 4589540 4625520 4810340 4947950 5056170 5209730 5714520 6008530 6260740
Infrastructure Pass Thru TOTAL 13930590 15531230 16928860 20938680 28060180 29514040 43908950 48176360 57469770 51147990 50490810 35354590
REGULAR
(11) 28183 ENERGY CNSRVTN-WTR FUNDED 4724 1678 76 75 76 78 8 102 103 107 0 0
(16) 28862 PC EQUIPMENT WATER- JOINT 374 379 1008 928 962 1002 955 792 899 1259 1279 2569
(16) 28871 CYBER SECURITY-WTR FUNDED 0 0 0 2342 2399 2461 2522 2586 2643 2703 276 2817
(16) 28892 PC EQUIPMENT - WATER SERV 168970 116080 125580 101690 9883 233780 139070 106170 109640 110910 113300 102170
(16) 28971 PEOPLESOFT-HRMS 22 21 0 0 0 0 0 0 0 0 0 0
(31) 28140 ADDS amp BTTRMTS-WTR FN CAO 525 5126 609 132020 7227 8057 125810 159870 164760 8196 8856 8665
(31) 28761 TOOLS amp EQUIP - CSO 2266 849 1209 1548 1586 1629 1669 1712 1753 1791 1829 1873
(31) 28780 CAFETERIA EQUIPMENT 163 261 36 36 36 37 39 4 41 42 43 45
(31) 28898 INDUSTRIAL GRAPHICS EQUIP 202 48 758 1077 1983 84 617 63 656 667 683 716
(33) 28184 JFB CAPITAL 188270 8622 125270 9494 8271 -7574 415 -126870 -132600 -124500 -1358 4843
(33) 28833 ERGO amp NEW FURNITURE-WTR 872 1152 6106 9688 112800 588 161 1649 1693 1727 1768 158
(35) 28863 WATER SECURITY SYSTEMS 05 0 0 223450 228890 0 0 0 0 0 0 0
(37) 28181 FLEET CONSTR PROJECTS 1914 492 59 535290 106900 219 217 216 229 373 384 24
(37) 28561 FLEET EQUIP REPLS amp ADDNS -484320 5548 237750 324520 331790 253120 259750 266020 271680 277770 284020 277620
(37) 29701 FUELING STATION INFRASTRC 93 256 303 290 338 2774 2563 355 354 363 374 356
(39) 28770 TOOLS amp EQUIPMNT-ISS SHPS 3216 1211 3648 3542 3639 3762 387 3965 4108 418 4279 4489
(41) 24318 WATERSHED-STRMWTR CAPTURE 01 5 0 500 334080 107800 0 0 0 0 1000000 3000000
(41) 28850 TOOLS amp EQUIPMENT 5885 969 915 8928 9165 9452 9723 9959 103030 105520 108040 112910
(41) 28857 OTHER WSO CAP PROJECTS 139 156100 1457130 637930 441330 651760 1033950 1169590 2005130 6020700 9667750 4290270
(41) 29010 JOINT CAPITAL-WTR SHARE 4898770 4318120 3325970 5220260 5499270 4511060 3621200 3246760 3619260 3110010 1446000 430970
(43) 23222 WQIP TRUNKLINE IMPRVEMNTS 0 0 0 8573 138240 186720 407190 2352580 2324120 2390650 2454160 2507960
(43) 24130 CHLOR STATION INSTALLATNS 0 02 0 0 0 0 0 0 0 0 0 0
(43) 28201 WSO FACILITIES 2857390 516430 769090 1368170 3684530 3037020 2777850 1656520 434170 512740 812700 871720
(43) 29130 WQIP RESV IMPRVTS 563530 58 448600 664890 -377000 1946560 5431270 5471910 4505 9197 3724 195
(45) 22130 LA AQUEDUCT SYS-AampB SOUTH 1193260 1272220 1162040 1126810 1127570 1018630 1043260 956870 1086280 1239130 1690170 1915960
(45) 22140 LA AQUEDUCT SYS-AampB NORTH 572920 497850 446620 429100 529960 517860 529260 551640 579940 597840 667670 688320
(45) 22150 E SIERRA ENVNMTL CAPITAL 647400 312070 397200 695020 764470 655690 215090 224640 228440 233150 157230 162970
(45) 22160 RESOURCE DEVELOPMENT 1258630 2778870 149170 433 0 0 0 0 0 0 0 0
(45) 24310 WTR TREATMENT IMPRVTS 4764 0 556430 678650 1396300 1252320 780990 285550 2918 0 0 0
(45) 29153 WSO INFO TECHNOLOGY 721670 679450 692240 620880 714880 591490 747010 715700 657270 587430 603710 427080
(61) 28602 MISC CAPITAL PROJECTS 22 386 845 291 299 309 517 529 549 558 571 60
REGULAR TOTAL 12885610 11049760 10191280 13307230 15492650 15253070 17397020 17262300 11655630 15372980 19256670 15093220
ADJUSTMENTS
(WATER ADJUSTMENTS) Capital In Expense 0 0 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000
(WATER ADJUSTMENTS) Expense In Capital 0 0 -300 -300 -300 -300 -300 -300 -300 -300 -300 -300
(WATER ADJUSTMENTS) Under(Over) Applied Allocations 0 0 -8755 1094 1199 1125 1117 1365 1684 1519 1417 545
101415 1444 Page 2 of 6
WATER REVENUE FUND BY FI
CAPITAL REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
ADJUSTMENTS TOTAL 0 0 3245 130940 131990 131250 131170 133650 136840 135190 134170 125450
CAPITAL TOTAL 68063540 71915680 74937130 98269350 105198290 94881460 112139200 135595610 166617190 157072760 116992200 67451720
101415 1444 Page 3 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
P W
(41) 3012224 PURCHASED WATER 33595270 27015530 28944810 24535376 15461654 15000626 16754090 15952850 16881387 16183240 14767380 14767380 per SalePW forecast
P W TOTAL 33595270 27015530 28944810 24535376 15461654 15000626 16754090 15952850 16881387 16183240 14767380 14767380
DEMAND SIDE MANAGEMENT
(41) 3051000 WATER CONSERVATION 967280 775990 1654410 2135010 2180540 2225830 1281770 1306850 1330500 1355040 1414830 1443450
DEMAND SIDE MANAGEMENT TOTAL 967280 775990 1654410 2135010 2180540 2225830 1281770 1306850 1330500 1355040 1414830 1443450
NET WATER QUALITY OampM
(06) 4010602 COMMUNITY OUTREACH-WATER 2502 1327 2427 2436 2524 2558 262 2668 2718 2787 2542 2661
(45) 3212520 DISTRIB TREATMENT OPNS 1354440 1268700 1933090 1967860 2046210 2130650 2251260 2242650 2334730 2402270 2994020 2856430
(45) 3212540 FILTER PLANT OPNS 1342860 1343010 1598900 1575360 1651940 1776900 1907990 1918440 1982120 2063070 2307020 2394540
(45) 3352200 DISTR RESERVOIR OampM 1152540 1260280 1322690 2500320 2560580 2668630 2719940 2737880 2850430 2890740 3162860 3259520
(48) 3212500 WQ CONTROL 0 0 0 1834280 1888010 2021110 2102840 2133780 2174090 2265980 2346140 2464910
(48) 3212530 WATER QUALITY REGULATORY 417370 441750 436840 451760 561750 579930 625300 645410 652400 724250 745420 790010
(48) 3233150 SYSTEM FLUSHING 49 99 5367 5402 5486 3691 3775 3841 3916 4021 4188 4365
NET WATER QUALITY OampM TOTAL 4292720 4328000 5369460 8407960 8788590 9239710 9671280 9743250 10060110 10414390 11622760 11835670
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR
(45) 3022002 LOWER OWENS RIVER OampM 372010 244970 304650 365900 368160 377110 381100 385990 398830 425230 405860 417600
(45) 4013006 OWENS LAKE OampM 4443390 2707720 2860380 3525530 4156420 4238230 4355920 4391370 4414660 4504770 4548050 4615090
OWENS VALLEY REGULATORY ADJUSTMENT FACTOR TOTAL 4815400 2952690 3165030 3891430 4524580 4615340 4737020 4777360 4813490 4930000 4953910 5032690
WATER RECYCLING OampM
(41) 3022037 STORMWATER MANAGEMENT OampM 310250 246640 252760 188230 182140 205010 211150 227280 202410 210710 234600 243090
(45) 3052000 WATER RECYCLING - OampM 540400 524960 671560 595950 685100 665740 697860 647510 576410 601580 218410 105630
WATER RECYCLING OampM TOTAL 850650 771600 924320 784180 867240 870750 909010 874790 778820 812290 453010 348720
IN CITY PUMPING
(45) 3112200 LA GNDWTR PUMP amp SRCE FAC 1064060 1366670 1335300 1324470 1407410 1469720 1546820 1609430 1678960 1807390 1884850 2015890
(45) 3122240 PUMP BOOSTER OampM 2781960 3303050 2794600 2813940 2892390 2980200 3026440 3080600 3155510 3277540 3448610 3558100
IN CITY PUMPING TOTAL 3846020 4669720 4129900 4138410 4299800 4449920 4573260 4690030 4834470 5084930 5333460 5573990
GROUND BASED PATROL
(45) 3022001 LA AQUED SYS OPER NORTH 347710 254180 208250 0 0 0 0 0 0 0 0 0
(45) 3022005 LA AQUED SYS OPER SOUTH 186400 325470 196760 0 0 0 0 0 0 0 0 0
GROUND BASED PATROL TOTAL 534110 579650 405010 0 0 0 0 0 0 0 0 0
IN CITY SECURITY PATROLS
(44) 3532202 OPER BLDG amp YARD OampM 995 9271 6045 0 0 0 0 0 0 0 0 0
(45) 3352200 DISTR RESERVOIR OampM 931140 1106360 1047710 0 0 0 0 0 0 0 0 0
IN CITY SECURITY PATROLS TOTAL 1030640 1199070 1108160 0 0 0 0 0 0 0 0 0
JFB SECURITY
(31) 3011001 FACILITIES MGMT SVCS 148830 214410 190290 0 0 0 0 0 0 0 0 0
JFB SECURITY TOTAL 148830 214410 190290 0 0 0 0 0 0 0 0 0
WATER QUALITY SAMPLING
(48) 3212500 WQ CONTROL 1595650 1690700 1513710 0 0 0 0 0 0 0 0 0
101415 1444 Page 4 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
WATER QUALITY SAMPLING TOTAL 1595650 1690700 1513710 0 0 0 0 0 0 0 0 0
WATER SECURITY OampM
(45) 4013004 WATER INFORMATION TECH 4534 8924 160640 0 0 0 0 0 0 0 0 0
WATER SECURITY OampM TOTAL 4534 8924 160640 0 0 0 0 0 0 0 0 0
REGULAR
(02) 4010200 WTR DIRECT LEGAL SERVICES 619620 1617990 676870 649280 664970 655560 672020 689140 704550 720510 735840 751210
(20) 3911000 CUST ACCTG - WATER ALLOC 4908310 5464040 5892820 6545640 6592210 6617060 6753260 6911990 6963760 7121560 7320760 0
(20) 3951000 MARKETING - WTR ALLOC 305640 314550 353660 363020 373010 379020 387240 408540 422280 419910 427140 0
(20) 4011300 CORPORATE AampG - WATER 1760230 1946420 2278590 2294470 2415070 2464780 2555580 2625700 2542060 2635270 2699920 1800730
(21) 4010550 DEBT MANAGEMENT - WATER 194730 161680 209570 295050 294910 329470 332750 325710 372740 374930 362290 397220
(25) 4093010 INSURANCE - WATER 303290 371520 321510 372570 381650 391450 401260 411430 420500 429950 439030 448100
(31) 3011001 FACILITIES MGMT SVCS 771 8851 -8231 112150 122560 129500 137320 140920 154880 167510 185010 432510
(33) 3011000 LEED FACILITY DESIGN 1672 2069 1729 1673 1769 1869 1644 1937 1954 2136 2102 219
(35) 4093725 EMERGENCY MANAGEMENT 3866 3955 5261 5625 5701 4679 4293 4374 4537 4639 4777 155670
(36) 4010710 REAL ESTATE 3511 5019 121990 112850 113860 112640 115140 117320 119090 121970 125580 131000
(41) 3022036 WORKERS COMP - WTR SVCS 407550 336950 384690 383420 383420 383420 383420 383420 383420 383420 383420 6542
(41) 3022037 STORMWATER MANAGEMENT OampM 0 05 0 0 0 0 0 0 0 0 0 0
(41) 3055040 WATER IampC WORK 118 3621 0 0 0 0 0 0 0 0 1866 5341
(41) 3222507 HAZ SUBS MGMT PGM-WSO 7899 7287 5453 5898 8119 8759 9187 119210 127030 141670 195830 202810
(41) 4013002 DISASTER RECOVERY OampM-WTR 6512 134710 154040 149190 3119 3271 321 3389 332 3524 3485 513
(41) 4053010 GROUNDWATER OampM 162690 373960 137800 231800 190020 180020 242390 210730 214900 223090 236880 223470
(41) 4093008 WATER RESOURCES DEVELOPMT 330300 352590 315940 382190 389100 373200 393340 401780 400760 393140 404540 421260
(43) 3353200 SEISMIC EVALUATION OampM 8617 186 782 2665 2714 2811 2857 2905 297 3105 3244 3403
(43) 3522207 DISTR MAPS amp RCDS-WTR ENG 140970 158330 141480 143690 145670 148050 150720 152830 155960 159330 163770 170950
(43) 4052102 GENERAL ENGINEERING 406380 182000 283540 280440 300500 301330 307800 328300 322600 330970 340370 354270
(44) 3222506 HAZ SUBS MGMT - WTR DISTR 1519 1514 112 116 1211 1239 128 1301 1338 1372 1324 1368
(44) 3302200 LARGE MAINS OampM-20IN amp UP 198270 622740 260020 290300 293570 302010 310870 314950 322980 341070 370190 385360
(44) 3312200 DISTRIBUTION MAINS OampM 3469410 3892720 3513690 3615590 3643820 3744320 3843770 3943250 4069170 4215030 4317450 4472820
(44) 3322200 FIRE HYDRANT MAINT 356260 395050 376830 390220 397370 406710 417190 426460 436820 463240 479450 495630
(44) 3332200 SERVICE CONNECTION OampM 1636630 1746830 1628950 1685940 1703980 1739190 1799760 1836800 1883400 1940050 2095100 2180670
(44) 3532202 OPER BLDG amp YARD OampM 1051250 535330 530580 593850 619730 644250 675070 664220 658440 702730 832930 869540
(44) 3542200 DISTRIBUTION OampM SUPPORT 413200 476050 369190 388440 392720 397430 406540 412150 419770 430600 451400 470980
(44) 3912215 METERS OampM 439010 505160 522470 445590 450190 457360 565070 574830 586780 602910 630650 655490
(45) 3022001 LA AQUED SYS OPER NORTH 380630 284750 312520 609450 603570 615010 649970 664190 665370 701270 720790 744840
(45) 3022005 LA AQUED SYS OPER SOUTH 2332 2661 2418 260780 271100 278810 290190 300190 310610 321020 319330 330690
(45) 3022015 LA AQUED SYS MAINT SOUTH 444900 481640 433840 457200 448960 468820 558330 576890 595900 590080 565060 584150
(45) 3022025 LA AQUED SYS MAINT NORTH 913370 1342520 1063690 856730 851930 862900 942350 966090 983900 1034230 1153300 1193480
(45) 3022035 RESOURCES MGMT - OampM 799490 763210 792190 1004690 896630 905040 895960 982340 987710 994530 1016580 1028150
(45) 3112009 GRNDWTR PUMP OampM NORTH 421240 152950 282190 283030 288460 294670 301550 308850 312700 320540 312460 320800
(45) 3112300 WELL MONITORING OampM 0 0 207 1957 1944 2052 2111 2207 2361 2456 2541 2635
101415 1444 Page 5 of 6
WATER REVENUE FUND BY FI
OampM REPORT BY CATEGORY FI JOB - EXCLUDES CIAC - EXCLUDES AFUDC - EXCLUDES REV
DATA AS OF APRIL 22 2015
FY 13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Actuals Proj Act ESTIMATES
(45) 3212560 WASTEWATER COMPLIANCE-OampM 8621 8802 5177 5783 5972 6418 6554 6633 6841 7023 7215 7443
(45) 3212570 REGULATOR STATION-OampM 785950 808240 701150 686280 687920 703020 720120 733100 752970 778330 801460 822210
(45) 4013004 WATER INFORMATION TECH 831990 1004360 1051710 1035430 1105630 1222790 1183070 1290620 1441770 1347980 1283680 1017980
(45) 4013005 EAST SIERRA ENVIRONMENTAL 214340 282260 269390 300410 283480 289730 287620 293460 298850 328230 337590 349850
(45) 4091604 OV DIST OFF ADMIN OampM 136140 9065 6645 6182 6256 6407 6786 674 693 710 7056 7336
(45) 4092023 SOUTHERN DIST ENG amp OPER 146870 189880 182440 111820 118010 124070 130030 134110 143350 7564 149590 152380
(48) 3232510 WQ SCIENCE amp RESEARCH 8424 8339 153680 308630 303610 201840 206530 211000 214840 245360 252090 316150
(61) 4011003 EMPLOYEE HLTH amp BENEFITS 112530 114040 122550 135220 137570 139910 141650 144710 164260 167830 172420 557810
(61) 4011007 YOUTH SERVICE ACADEMY-WTR 171 1203 887 881 897 92 946 97 995 1026 1053 3388
(61) 4011010 HRMS OampM 4538 5417 4919 3024 3045 3084 3152 3198 421 4297 4431 3752
(61) 4030210 DOT-SUBSTANCE TESTNG PROG 663 653 1208 1227 1242 1258 1287 131 1333 1363 1401 4567
(61) 4067070 MEDICAL SRVCS 125150 144680 129110 133560 135450 137690 140880 143720 146870 150040 154080 498280
(61) 4067071 WORKERS COMPENSATION 228200 227640 230030 217660 211130 214090 218970 223330 227210 232000 238530 246400
(69) 4067066 CORPORATE SAFETY 4986 5136 5364 5567 5887 5711 6117 5957 636 6194 6675 209630
(69) 4067067 PRESSURE VESSEL 28 37 0 0 0 0 0 0 0 0 0 0
(69) 4067068 SAFETY 3677 3897 3562 3695 3726 3766 3868 3943 4008 4094 4219 4375
(69) 4067069 INDUSTRIAL HYGIENE 704 711 5129 5863 5913 5987 6124 6247 6356 6495 6689 6724
REGULAR TOTAL 23489590 26249800 24704030 26638580 26786930 27197470 28111890 28883390 29463330 30154180 31255290 23988260
ADJUSTMENTS
(WATER ADJUSTMENTS) Capital In Expense 0 0 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000 -150000
(WATER ADJUSTMENTS) Expense In Capital 0 0 300 300 300 300 300 300 300 300 300 300
(WATER ADJUSTMENTS) Under(Over) Applied Allocations 0 0 -310090 1127 1578 1331 1277 1562 1711 1464 155 1154
ADJUSTMENTS TOTAL 0 0 -430090 -108730 -104220 -106690 -107230 -104380 -102890 -105360 -104500 -108460
OampM TOTAL 75211500 70536400 71839680 73036770 65299720 66094520 67851860 65749060 66502850 68828710 69696140 62881700
WATER TOTAL 143275040 142452080 146776810 173806130 170498010 160975980 179991060 201344670 233120040 225901470 186688340 130333420
101415 1444 Page 6 of 6
Financial Plan Category Actual Restimate
Capital By Category FY13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21
WATER CONSERVATION 15 33 26 38 39 39 40 40 41
WATER QUALITY PROGRAM 240 172 175 329 331 235 199 166 434
WATER RECLAMATION PROGRAM 37 57 40 80 107 108 119 273 280
WATER SECURITY 43 25 19 - 0 - 0 - 0 - 0 - 0 - 0
OWENS VALLEY 77 181 219 192 139 118 149 220 219 30 31 32
INFRASTRUCTURE - PASS THRU 139 155 169 209 281 295 439 482 575
INFRASTRUCTURE - BASS 129 110 102 134 156 154 175 174 118
Total CAPITAL 681 734 749 983 1052 949 1121 1356 1666 30 31 32
OampM By Category
WATER CONSERVATION 10 8 17 21 22 22 13 13 13
WATER QUALITY PROGRAM 43 43 54 84 88 92 97 97 101
WATER RECLAMATION PROGRAM 9 8 9 8 9 9 9 9 8
OWENS VALLEY 48 30 32 39 45 46 47 48 48 21 23 24
IN-CITY PUMPING 38 47 41 41 43 44 46 47 48 425 406 418
WATER SECURITY 34 38 34 0 0 0 0 0 0 202 212 226
INFRASTRUCTURE 235 262 243 265 267 271 280 288 294
pw 336 270 289 245 155 150 168 160 169 0 0 0
TOTAL OampM 752 705 718 704 628 635 659 661 681
Actual Restimate
New Structure FY13-14 FY 14-15 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21
Capital By Category
WSCA - LA Aqueduct 24 21 20 23 24 22 18 17 19 605 850 891 originally included in Regular
WSCA - Groundwater 16 34 31 49 49 68 96 94 388 originally included in Water Quality
WSCA - Conservation 15 33 26 38 39 39 40 40 41
WSCA - Recycled 21 20 29 48 75 63 83 238 244
WSCA - Stormwater 16 22 11 33 31 45 36 35 36 originally included in Rclaimed
WATER QUALITY PROGRAM 224 138 144 280 281 167 103 72 46
WATER SECURITY 43 25 19 0 0 0 0 0 0
OWENS VALLEY 77 181 219 192 139 118 149 220 219 originally included in Regular
INFRASTRUCTURE - Pass Thru 139 155 169 209 281 295 439 482 575 originally included in Regular
INFRASTRUCTURE - Base 105 90 82 112 132 132 157 157 99
Total Capital 681 719 749 983 1052 949 1121 1356 1666
OampM By Category
WSCA - Purchased Water 336 270 289 245 155 150 168 160 169 162 148 148
WSCA - LA Aqueduct 35 36 35 40 39 40 42 44 45 45 48 49 originally included in Regular
WSCA - Groundwater 40 50 43 44 45 46 48 49 50 53 56 58 FI 4053010 originally included in Regular
WSCA - Conservation 10 8 17 21 22 22 13 13 13 14 14 14
WSCA - Recycled 5 5 7 6 7 7 7 6 6 6 2 1
WSCA - Stormwater 3 2 3 2 2 2 2 2 2 2 2 2 originally included in Rclaimed
WATER QUALITY PROGRAM 43 43 54 84 88 92 97 97 101 104 116 118
WATER SECURITY 34 38 34 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
OWENS VALLEY 48 30 32 39 45 46 47 48 48 49 50 50
INFRASTRUCTURE - Pass Thru 9 10 11
INFRASTRUCTURE - Base 198 223 206 223 226 230 236 242 247 253 261 187
Total OampM 752 705 718 704 628 635 659 661 681 697 707 640
check 704 628 635 659 661 681 70528 73946 70468
(0) (0) 0 0 0 (0)
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Average Average Total
Infrastruction Replacement
Capex 321 413 427 596 638 479 0 0 0 2396
OampM 223 226 230 236 242 231 262 271 198 1157
Total 545 639 657 832 880 711 262 271 198 3553
Supply Transition
Capex 189 219 237 273 425 268 1342
OampM 113 114 117 112 115 114 570
Total 302 333 354 385 539 382 - 0 0 0 1912
Water Quality
Capex 280 281 167 103 72 181 903
OampM 84 88 92 97 97 92 459
Total 364 369 259 200 170 272 1362
Owens Valley
Capex 192 139 118 149 220 164 164 819
OampM 39 45 46 47 48 45 45 225
Total 231 185 165 196 268 209 209 0 0 1045
Total Capex and OampM
Capex 983 1052 949 1121 1356 1092 1092 5461
OampM 459 473 485 492 502 482 482 2411
Total 1442 1525 1434 1613 1858 1574 1574 0 0 7872
32 POWER SUPPLY TRANSFORMATION
1000
Figure 31 Power Supply Transformation Expenditures
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total Per PA Grouping Capex
Rebuild Local Power Plants (Repowering) Capital 60 1897 3598 2292 3427 2754 907 204 1469 2899 1729 7209 IRP PSRP 42489 25681
OampM - - - - - - - Supply Trn 51959 18442
PPA - - - - - - - EE 13066 10686
RPS less than Local Solar Capital 858 123 167 645 722 1678 3055 2399 1420 1271 3087 11233 RPS 13129 107513 54809
OampM 316 454 596 263 261 283 228 249 369 405 420 1671
PPA 1098 2963 2511 2609 3106 2176 3813 5103 5610 5772 5835 26133
Coal Transition Capital 00 00 00 05 07 04 00 00 00 00 00 00
OampM 379 363 344 339 392 484 404 02 02 02 02 412
PPA 534 630 729 748 1155 1983 1839 1093 1012 1012 1032 1025 4275
Customer Opportunity Programs Capital 43 108 1917 1285 1166 1180 2142 2250 2191 2139 1964 10686 See Below 56234
OampM 451 464 104 -52 00 - - - - - - -
PPA 00 05 07 08 00 21 161 341 490 625 763 2380
Total Capital 961 2128 5683 4228 5322 5616 6104 4854 5080 6310 6781 29128
OampM 695 817 940 602 653 767 632 251 371 407 422 2083
PPA 1631 3598 3248 3364 4261 4180 5813 6537 7112 7409 7629 34500
Total 6901 9069 65711
PSRP Capital 4195 3867 2173 2565 3182 4093 4772 5876 5529 5412 25681 PSRP
OampM 3917 3720 2825 2946 3206 3092 3178 3365 3463 3709 16808
4998 5511
Fuel amp PP Fuel 481 436 403 442 410 337 290 235 220 214 215 1174
PP 829 854 910 895 977 1022 1190 1259 1366 1411 1447 6672
Emissions 0 0 0 5 26 24 15 (16) (33) (34) (25) (94)
Figure 46 Customer Opportunities Program Expenditures
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total
Energy Efficiency Capital 00 00 373 499 768 785 1449 1779 1939 1903 1720 8790 DSM
OampM 451287 463774 104 -52 00 - - - - - - -
PPA - - - - - - -
Local Solar Capital 43 108 1544 787 399 395 692 471 251 236 244 1895 RPS
OampM - - - - - - -
PPA 00 05 07 08 00 21 161 341 490 625 763 2380
Total 494 577 2028 1242 1167 1201 2302 2591 2681 2764 2727 13066
65495
77369
Figure 51 Budgeted Program Expenditures for Local Solar Programs -11874
($M) Cost Type FY14-15 Actuals Proposed Rate Period
(Fiscal Year)
FY2010 FY2011 FY2012 FY2013 FY2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total
Solar Incentive Program (SIP) Capital 0 01536 673956 486626 317457 269 478 268 43 36 39 865
OampM - - - - - - -
Feed In Tarriff (FiT) Capital - - - - - - -
OampM - - - - - - -
PPA 0011 05122 07348 07897 0023 21 161 341 490 625 763 2380
Utility Built Solar (UBS) Capital 42815 106838 870181 300031 81138 127 215 202 208 200 205 1031
OampM - - - - - - -
Total 416 853 812 742 862 1007 4275
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Reliablity 00 8112 7587 4998 5511 6388 7184 7950 9241 8992 9121
Fuel 1310 1290 1313 1342 1414 1384 1495 1477 1552 1591 1636
EE 451 464 476 447 768 785 1449 1779 1939 1903 1720
Repowering 60 1897 3598 2292 3427 2754 907 204 1469 2899 1729
RPS less Local Solar 2272 3541 3274 3518 4089 4137 7096 7752 7399 7448 9342
Local Solar 43 113 1551 795 399 416 853 812 742 862 1007
Coal 912 993 1074 1091 1553 2471 2243 1095 1013 1014 1034
Customer Opportunities 494 577 2028 1242 1167 1201 2302 2591 2681 2764 2727
36987 36957 40007 41789 43043
Case 143
Power System Capex 2016 2017 2018 2019 2020 Total
DSM 144938 177916 193949 190268 171960 879031
Gas Drilling 5130 5255 5390 5525 5665 26965 Not Core
Other Infrastructure 339956 362357 337537 330229 365997 1736076 Not Core
IRP 98315 22809 147218 290261 173264 731867
Operating Support 113339 132234 101526 72736 62145 481980 Not Core
PSRP 409275 477185 587565 552930 541182 2568137
RPS 374734 287036 167134 150788 333169 1312861
1485687 1464792 1540318 1592738 1653383 7736917 2245021 5491896
Power Financing Plan 2016 2017 2018 2019 2020 Total
Revenue Bonds 428473 836299 874379 887070 931108 3957329
029 057 057 056 056 051
2016 2017 2018 2019 2020 Total
Internally Generated Funds 1057 628 666 706 722 3779588
ExternalDebt Financing 428 836 874 887 931 3957329
Capital Program 1486 1465 1540 1593 1653 7736917
Power System Reliablity Program 4092753 4771851 5875646 5529299 5411823 2568137
Suppy Transition amp Mandates
Renenwable Portfolio Std 3054958 2399455 1420109 1271415 3087302 1123324 131286
Rebuild Local Power Plants 907 204471 1468932 2899344 172931 720906
Customer Opportunities Programs
Energy Efficiency 1449378 1779157 1939489 1902684 1719599 879031
Local Solar 692383 470905 251227 236464 244389 189537
Other Infrastructure Invesmtens 34509 36761 34293 33575 37166 1763041
Operating Support 120949 134594 101846 73066 62475 492930
14856822 14647897 15403133 15927408 16533794 77369054
Reconciliation 297136 292958 308063 318548 330676 1547381
148568 146479 154031 159274 165338 (773689)
5-Year Capital Investments Total
Power System Reliablity Program $2568 33
Suppy Transition amp Mandates
Renenwable Portfolio Std 1123 15
Rebuild Local Power Plants 721 9
Customer Opportunities Programs
Energy Efficiency 879 11
Local Solar 190 3
Other Infrastructure Invesmtens 1763 23
Operating Support 493 6
Total 5-Year Capital Budget $7737 100
Case 94
Water System Capex 2016 2017 2018 2019 2020 Total
Water Conservation 37517 38599 38798 39552 40281 194747
Water Quality 328916 330658 234591 199391 166324 1259880
Water Reclamation 80429 106555 107954 119145 273340 687422
Water Security - 0 - 0 - 0 - 0 - 0 - 0
Owens Valley 192063 139324 118487 148934 220288 819096
Infrastructure - Pass Through 209387 280602 295140 439090 481764 1705982
Infrastructure - Base 134382 156246 153843 175282 173960 793713
982694 1051983 948815 1121392 1355956 5460839
Water Financing Plan 2016 2017 2018 2019 2020 Total
Revenue Bonds 598013 253851 287893 515783 669681 2325221 055
State Loan Program 151441 80531 71500 52750 33548 389770 009
Securitization - 0 428049 320377 335126 393346 1476897 035
749454 762431 679769 903660 1096575 4191889
076 072 072 081 081 077
PA Water System Capex 2016 2017 2018 2019 2020 Total
Infrastructure Replacement 321259 412628 427062 596495 638392 2395836
Supply Transition 189020 218776 236748 272949 424928 1342421 5-Year Capital Investments Total
Water Quality 280351 281256 166518 103015 72348 903487 Infrastructure Replacement $2396 44
Owens Valley 192063 139324 118487 148934 220288 819096 Supply Transition 1342 24
Total 982694 1051983 948815 1121392 1355956 5460839 Water Quality 903 17
Owens Valley 819 15
Total $5461 100
2020 2021 2022 2023 2024 Total
Internally Generated Funds 497 288 349 431 452 2017000 0371797235
Securitization - 0 - 0 - 0 - 0 - 0 - 0
ExternalDebt Financing 335 623 849 756 845 3408000 0628202765
- 0 - 0 - 0 - 0 - 0 - 0
Capital Program 832 911 1198 1187 1297 5425000
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Average Average Total
Infrastruction Replacement
Capex 321 413 427 596 638 479 0 0 0 2396
OampM 223 226 230 236 242 231 262 271 198 1157
Total 545 639 657 832 880 711 262 271 198 3553
Supply Transition
Capex 189 219 237 273 425 268 1342
OampM 113 114 117 112 115 114 570
Total 302 333 354 385 539 382 - 0 0 0 1912
Water Quality
Capex 280 281 167 103 72 181 903
OampM 84 88 92 97 97 92 459
Total 364 369 259 200 170 272 1362
Owens Valley
Capex 192 139 118 149 220 164 164 819
OampM 39 45 46 47 48 45 45 225
Total 231 185 165 196 268 209 209 0 0 1045
Total Capex and OampM
Capex 983 1052 949 1121 1356 1092 1092 5461
OampM 459 473 485 492 502 482 482 2411
Total 1442 1525 1434 1613 1858 1574 1574 0 0 7872
2002
Renewable 3
Natural Gas 24
Coal 50
Nuclear 13
Hydro 10
100
2010
Renewable 20
Natural Gas 22
Coal 39
Nuclear 11
Hydro 3
Generic Power 5
100
2030
Renewable 33
Energy Efficiency 13
Natural Gas 42
Nuclear 8
Hydro 4
100
Power 2013 2012 2011 2010 2009 2008 2013 2012 2011 2010 2009 2008
LT Debt 7494766 6354469 6497714 5711209 5241853 4801728
Current 249245 246582 178885 240235 217882 175455 Total Cash 1087850 908339 1047023 953193 991958 918517
Total Debt 7744011 6601051 6676599 5951444 5459735 4977183 OampM 2266249 2235522 2308188 2287434 2043192 2176056
OampMDay 6209 6125 6324 6267 5598 5962
Surplus 5191221 5054738 4936552 4878911 4557311 4407540 Days Cash 17521 14831 16557 15210 17721 15407
Debt to Total Capitalization Ratio 60 57 57 55 55 53 Day Cash on Hand
Water 2012 2012 2011 2010 2009 2008 2013 2012 2011 2010 2009 2008
LT Debt 3564877 3195110 3171562 2708150 2193338 2097721
Current 65646 63401 61612 63018 58512 59849 Total Cash 448945 329803 240546 203365 153053 123105
Total Debt 3630523 3258511 3233174 2771168 2251850 2157570 OampM 672462 544824 540041 584382 581587 523657
OampMDay 1842 1493 1480 1601 1593 1435
Surplus 2605198 2453633 2376604 2335651 2268349 2138528 Days Cash 24368 22095 16258 12702 9606 8581
Debt to Total Capitalization Ratio 58 57 58 54 50 50
Ratings by Moodys Standard amp Poors Fitch Ratings
1823 398 Power System Aa3 AA- AA-
25 277 Water System Aa2 AA AA
1848 675 1454 3977
Fixed Rate 5789164 80
VRDOs 9693 13
Fixed Rate Note 300 4
Commercial Paper 200 3
Total 7258464
2020 2020 2020 2020
2021 2021 2021 2021
2022 2022 2022 2022
2023 2023 2023 2023
2024 2024 2024 2024
Fiscal Year Ending June 30 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
Operating Revenues $3125957 $3081680 $3162502 $3319820 $3336963
Operating Expenses $2308188 $2235522 $2266249 $2363857 $2445058
Operating Income $817769 $846158 $896253 $955963 $891905
Other Income net AFUDC Contributions $162521 $185999 $180084 $175911 $205264
Change in Fund Net Assets $980290 $1032157 $1076337 $1131874 $1097169
Total Debt Service $400846 $343093 $426825 $451253 $457933
Debt Service Coverage Ratio 245x 301x 252x 251x 240x
Days Cash on Hand 166 days 148 days 175 days 197 days 240 days
Transfers to City General Fund $258815 $250077 $246534 $253000 $265586
Fiscal Year Ending June 30 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
Operating Revenues $3125957 $3081680 $3162502 $3319820 $3336963
Operating Expenses $2308188 $2235522 $2266249 $2363857 $2445058
Operating Income $817769 $846158 $896253 $955963 $891905
Other Income net AFUDC Contributions $162521 $185999 $180084 $175911 $205264
Change in Fund Net Assets $980290 $1032157 $1076337 $1131874 $1097169
Total Debt Service $400846 $343093 $426825 $451253 $457933
Debt Service Coverage Ratio 245x 301x 252x 251x 240x
Transfers to City General Fund $258815 $250077 $246534 $253000 $265586
Unrestricted Cash $561414 $417895 $597525 $775890 $1106651
Debt Restricted Trust Fund $485609 $490444 $490325 $496841 $500017
Total Liquidity $1047023 $908339 $1087850 $1272731 $1606668
Days Cash on Hand 166 148 175 197 240
Debt to Capitalization Ratio 57 57 60 61 62
LADWP
Share of SCPPAs Debt
Summary
Unaudited
2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Linden Wind - 0 - 0 6316722 8304828 8361090 9091800 9076253 9072900 9139073
Mead-Adelanto 5578327 7863977 7828028 7770774 2211002 8656179 8166634 7970382 10623661
Mead-Phoenix 983136 1778776 1922329 1909843 505284 2063608 1666928 1670032 3878657
Milford 1 - 0 4114703 17048629 17017986 17101829 17312300 17284781 17291950 18869550
Milford 2 - 0 - 0 - 0 10362179 12173838 12135711 12108714 12107181 12232725
Palo Verde 6295063 6762149 7206244 7288966 7445254 7540850 7727110 7911360 8371482
STS 42084886 40627595 45895595 56009452 46987196 48701345 48928040 47416145 47317359
Windy Point - 0 - 0 30486831 37529155 37573261 37606800 37529484 37576308 37925534
Apex 9631931 21923000 21972158
GRAND TOTAL 54941412 61147201 116704377 146193184 132358754 143108593 152119876 162939258 170330198
Based on entitlement excludes layoffs
For details see complete SCPPA Debt Service LADWP 2009-13
LADWP
Share of SCPPAs Debt
Summary
Including Layoffs
2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017
Linden Wind - 0 - 0 7018580 9227587 9290100 10102000 10084726 10081000 10081000
Mead-Adelanto 5578327 7863977 7828028 7770774 2211002 8656179 8166634 7970382 8566883
Mead-Phoenix 983136 1778776 1922329 1909843 505284 2063608 1666928 1670032 2197283
Milford 1 - 0 4114703 17048629 17017986 17101829 17312300 17284781 17291950 17252175
Milford 2 - 0 - 0 - 0 10896087 12801091 12761000 12732613 12731000 12729000
Palo Verde 6295063 6762149 7206244 7288966 7445254 7540850 7727110 7911360 8145860
STS 42084886 40627595 45895595 56009452 46987196 48701345 48928040 47416145 52503990
Windy Point - 0 - 0 33137860 40792560 40840501 40700000 40616325 40667000 40594000
Apex 9631931 21923000 21912000
GRAND TOTAL 54941412 61147201 120057264 150913256 137182257 147837282 156839087 167661869 173982191
- 0 - 0 3352887 4720072 4823504 4728689
IPA Debt Service
Allocated to LADWP
Fiscal Years 2009 - 2013
FY 2008-09 FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14 FY 2014-15 FY 2015-16 FY 201-17
Total IPA Net Debt Service $ 260806691 $ 310299616 $ 290993164 $ 308483919 $ 283583594 $ 267678027 $ 261571711 $ 21734710431 $ 15419000000
LADWPs Actual Received 5706 5891 5977 6250 6856 6914 7062 7175 6448
LADWPs Share of Debt Service 148816298 182797504 173926614 192802449 194424912 185067234 184716711 155942200 99417086
LADWPs IPA Sub Note Principal Received $14032083 $31165834 $78190000 $102307083 $65592917 $73759167 $69837917 $87241667 $21746667
LADWPs IPA Sub Note Interest Received $62093252 $57571658 $56225062 $47825768 $39554988 $36822080 $21806125 $23347489 $23805057
Total IPA Sub Notes Payments Received $76125335 $88737491 $134415062 $150132851 $105147905 $110581247 $91644042 $110589156 $45551724
Note LADWPs IPA Contract Share is 44617 and UPampL share is 40 for a total of 48617
The actual percentages received are based on total IPA power delivered to LADWP and include power delivered under the excess power sales
agreements and seasonal adjustments
Entitlement + UPL 48617 48617 48617 48617 48617 48617 48617 48617 48617
Adjusted to exclude excess power agreement 126796389 150858364 141472147 149975627 137869836 130137026 127168319 105667642 74962552
Amounts in M euro 200900 euro 201000 euro 201100 euro 201200 euro 201300
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734
Operating Income 419504 609893 430832 452139 477768
Adjustments (Depreciation + NonOper Income) 430498 469300 509669 521100 518037
Funds Available for DS 850002 1079193 940501 973239 995805
Total Annual DS 270357 309349 400846 343093 426825
City Transfer 222506 220475 258815 250077 246534
Debt Service Coverage 314 349 235 284 233
Adjusted DS with City Transfer 232 278 170 211 176
Full Obligation Debt Service 192 231 164 192 159
Gross Off-BS DS ($MM) 204 224 309 333 336
IPA Subordinated Notes ($ MM)
Interest Received (62) (57) (57) (46) (40)
Principal Maturities (12) (33) (82) (104) (66)
Total Income amp Mat from IPA (75) (90) (140) (150) (105)
Net Off-BS Debt Service ($ MM) 130 134 169 183 231
Funds Available for DS 850 1079 941 973 996
City Transfer (223) (220) (259) (250) (247)
627 859 682 723 749
Gross Off-BS DS ($MM) 204 224 309 333 336
Less IPA- Interest from Notes (62) (57) (57) (46) (40)
Adjusted - Funds Available for Full DS 769 1025 933 1010 1046
Direct Debt Service 270 309 401 343 427
Off-Balance Sheet DS Net 130 134 169 183 231
Full Obligation Debt Service 400 443 570 526 657
Full Obligation Debt Service 192 231 164 192 159
Amounts in M 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Operating Income 419504 609893 430832 452139 477768 489437 395717 524628 611726 725259 512310
Adjustments (Depreciation + NonOper Income) 430498 469300 509669 521100 518037 578562 596354 659744 635260 647013 824443
Funds Available for DS 850002 1079193 940501 973239 995805 1067999 992071 1184372 1246986 1372272 1336753
Total Annual DS 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Debt Service Coverage 314 349 235 284 233 237 217 253 231 251 230
Adjusted DS with City Transfer 232 278 170 211 176 181 159 196 182 207 190
Full Obligation Debt Service 193 225 164 190 159 165 148 179 161 179 189
SCPPA DS Actual 5494 6115 12006 15091 13718 14784 15780 16766 17398 17127 16229
IPA DS - Actual Share 14882 18280 17393 19280 19442 18507 18472 15594 9942 14867 12489
204 244 294 344 332 333 343 324 273 320 287
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 287
IPA Subordinated Notes ($ MM)
Interest Received (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Principal Maturities (14) (31) (78) (102) (66) (74) (70) (87) (22) (49) (124)
Total Income amp Mat from IPA (76) (89) (134) (150) (105) (111) (92) (111) (46) (62) (141)
Net Off-BS Debt Service ($ MM) 128 155 160 194 226 222 251 213 228 258 146
Funds Available for DS 850 1079 941 973 996 1068 992 1184 1247 1372 1337
City Transfer (223) (220) (259) (250) (247) (253) (266) (267) (264) (242) (233)
627 859 682 723 749 815 726 917 983 1130 1104
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 287
Less IPA- Interest from Notes (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Adjusted - Funds Available for Full DS 769 1045 919 1019 1041 1111 1047 1218 1232 1437 1374
Direct Debt Service 270 309 401 343 427 451 458 467 539 546 580
Off-Balance Sheet DS Net 128 155 160 194 226 222 251 213 228 258 146
Full Obligation Debt Service 398 465 560 537 653 674 709 680 767 805 727
Full Obligation Debt Service 193 225 164 190 159 165 148 179 161 179 189
Fitch
Goals
(Amounts in thousands) fiscal year ended June 30 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Financial Results
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Gross Revenues and Income 2893194 3366627 3248689 3208761 3262054 3431856 3437129 3636306 3811964 3896880 4310142
OampM excluding Deptn amp Amort 2043192 2287434 2308188 2235522 2266249 2363857 2445058 2451934 2564978 2524608 2973389
Net Revenues 850002 1079193 940501 973239 995805 1067999 992071 1184372 1246986 1372272 1336753
Annual Debt Service 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Total Liquidty 1016998 956435 1047152 908607 1088137 1273023 1606884 1785641 1448014 1217143 1637956 ge 300000
Key Financial Ratios
Debt Service Coverage (x) 314 349 235 284 233 237 217 253 231 251 230 ge 225 ge 225
Net Debt Service Coverage (after transfer) (x) 232 278 170 211 176 181 159 196 182 207 190
Fixed Charge Coverage (x) 193 225 164 190 159 165 148 179 161 179 189 ge 170
Days Cash on Hand 183 154 168 151 178 200 243 269 223 193 0 ge 170 days
Debt to Capitalization Ratio 55 55 57 57 60 61 62 62 62 64 65 le 68 le 68
MOODYs
Goals
(Amounts in thousands) fiscal year ended June 30 euro 200900 2010 2011 2012 2013 2014 Prior New
Financial Results
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820
Gross Revenues and Income 2910018 3379696 3276672 3235492 3308914 3477095
OampM excluding Deptn amp Amort 2043192 2287434 2308188 2235522 2266249 2363857
Net Revenues 866826 1092262 968484 999970 1042665 1113238
Annual Debt Service 270357 309349 400846 343093 426825 451253
City Transfer 222506 220475 258815 250077 246534 253000
Total Liquidty 1126392 1064319 1161045 1032504 1222036 1416823 ge 300000
Key Financial Ratios
Debt Service Coverage (x) 314 349 242 291 244 247 ge 225 ge 225
Net Debt Service Coverage (after transfer) (x) 232 278 177 219 187 191
Fixed Obligation Charge Coverage (x) 193 225 169 195 167 172 ge 170
Days Cash on Hand 203 171 186 172 200 222 ge 170 days
Debt to Capitalization Ratio 55 55 57 57 60 61 le 68 le 68
Board approved on May 20 2014
euro 201000 euro 201100 euro 201200 euro 201300 euro 201400
Debt Service Coverage 349 235 284 233 237
Net DSC (after transfer) 278 170 211 176 181
Fixed Obligatn Charge Coverage 225 164 190 159 165
Debt to Capitalization Ratio 55 57 57 60 61
Days Cash on Hand 171 186 172 200 222
Amounts in thousands 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Revenues 2755935 3235193 3125957 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
OampM excluding Deptn amp Amort (2043192) (2287434) (2308188) (2235522) (2266249) (2363857) (2445058) (2451934) (2564978) (2524608) (2973389)
Nuclear Fuel amp Nat Gas Amort Adj
Operating Income 712743 947759 817769 846158 896253 955963 891905 1065106 1132946 1279613 1097541
Other nonoperating income and expenses net 137259 131434 122732 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in aid of construction 16824 13069 27983 26731 46860 45239 66988 65896 32177 42460 58373 Moodys exclude CIAC
AFUDC 32187 33672 18636 38110 32200 9373 7924 5042 Excluded from DSC Calc
Net Revenues 850002 1079193 968484 999970 1042665 1113238 1059059 1250268 1279163 1414732 1395126
Debt Service
Interest 211295 207700 277026 280935 297576 318871 346900 353725 384899 414722 426577
Principal 59062 101649 123820 62158 129249 132382 110943 113526 153915 131756 153664
Total debt service 270357 309349 400846 343093 426825 451253 457843 467251 538814 546478 580241
City Transfer 222506 220475 258815 250077 246534 253000 265586 266957 264427 241848 232557
Debt Service Coverage 314 349 242 291 244 247 231 268 237 259 240
Net DSC (City Transfer) 232 278 177 219 187 191 173 210 188 215 200
Full Obligation Debt Service 193 225 169 195 167 172 157 189 165 184 193
Off Balance-Sheet Debt Service ($ MM)
SCPPA DS Actual 5494 6115 12006 15091 13718 14784 15780 16766 17398 17127 16229
IPA DS - Actual Share 14882 18280 17393 19280 19442 18507 18472 15594 9942 14867 15766
204 244 294 344 332 333 343 324 273 320 320
Gross Off-BS DS ($ MM) 204 244 294 344 332 333 343 324 273 320 320
IPA Subordinated Notes ($ MM)
Interest Received (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Principal Maturities (14) (31) (78) (102) (66) (74) (70) (87) (22) (49) (124)
Total Income amp Mat from IPA (76) (89) (134) (150) (105) (111) (92) (111) (46) (61604) (140882)
Net Off-BS Debt Service ($ MM) 128 155 160 194 226 222 251 213 228 258 179
Funds Available for DS 850 1079 968 1000 1043 1113 1059 1250 1279 1415 1395
City Transfer (223) (220) (259) (250) (247) (253) (266) (267) (264) (242) (233)
627 859 710 750 796 860 793 983 1015 1173 1163
Gross Off-BS DS ($MM) 204 244 294 344 332 333 343 324 273 320 320
Less IPA- Interest from Notes (62) (58) (56) (48) (40) (37) (22) (23) (24) (13) (17)
Adjusted - Funds Available for Full DS 769 1045 947 1046 1088 1156 1114 1284 1264 1480 1465
Direct Debt Service 270 309 401 343 427 451 458 467 539 546 580
Off-Balance Sheet DS Net 128 155 160 194 226 222 251 213 228 258 179
Full Obligation Debt Service 398 465 560 537 653 674 709 680 767 805 759
Full Obligation Debt Service 193 225 169 195 167 172 157 189 165 184 193
Average 4-Yr Full Obligation DS 189 176 173 171 171 174 183
Power System
Moodys-Debt Ratio
($ in thousands) euro 200900 euro 201000 euro 201100 euro 201200 euro 201300 euro 201400 euro 201500
($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands) ($ in thousands)
Debt Ratio
LTD 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812
Current Assets 1770611 2233654 1846753 1683934 1991595 2263813 2446200
Less Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880)
1567361 2004432 1651767 1412606 1711125 1993540 2158320
Adjustmts to Under-Collection (130367) (250381) (294226) (312373) (273839) (244712) (215585)
Current Liability 651258 693907 838155 916745 853715 890730 898240
Current Portion of LTD (217882) (240235) (178885) (246582) (249245) (227575) (230165)
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896)
331655 352065 529396 530291 459132 503508 497179
Calc Net Working Capital 1105339 1401986 828145 569942 978154 1245320 1445556
Moodys calculation 1172368 1301195 1140353
Difference (67029) 100791 (312208)
Gross Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165
Gross Debt 5459735 5951444 6676599 6601051 7744011 8164755 8798446
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) 7894482
Accrued Interest
DRTF (547282) (529338) (485609) (490444) (490325) (496841) (500017)
Net Debt Outstanding 4709203 5192884 5996004 5839279 6973216 7397641 8010549
Plant Assets net 6616642 6978755 7430988 8113664 8620790 9212597 9925900
Net Working Capital 1105339 1401986 828145 569942 978154 1245320 1445556
7721981 8380741 8259133 8683606 9598944 10457917 11371456
Calculated Debt Ratio 610 620 726 672 726 707 704
Moodys calculation 6238 6258 6370 6460 7120 6980 7210
Difference -14 -06 89 26 14 09 -17
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812
CWIP 609115 431491 685485 1211851 884378 1235945 1720822
Nuclear Fuel 36904 44295 44328 49687 44686 42931 39469
Gas Resreve 223617 231397 256622 293006 272157 248923 228797
Adjusted Plant Assets -Net 6616642 6978755 7430988 8113664 8620790 9212597 9925900
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896)
Power System euro 200900 euro 201000 euro 201100 euro 201200 euro 201300 euro 201400 euro 201400
Debt to Capitalization Ratio
LT Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165
Total Debt Outstanding 5459735 5951444 6676599 6601051 7744011 8164755 8798446
Total Net Position 4557311 4878911 4936552 5054738 5191221 5293640 5415775
Debt to Capitalization Ratio 55 55 57 57 60 61 62
- 0
Power System
Total Liquidity
($ in thousands) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unrestricted Cash 444676 423855 561414 417895 597525 775890 1106651 1331543 991182 751164 1142128
Debt Reduction Trust Fund 547282 529338 485609 490444 490325 496841 500017 453883 456482 460613 474814
Natural Gas Trust Fund 25040 3242 129 268 287 292 216 215 350 5366 21014
Rate Stabilization Fund 100000 100000 100000
Insurance Fund 109394 107884 113893 123897 133899 143799 153802 163779 180575 182000 192000
Revolving Credit Agreement $500M
Total Liquidity 1126392 1064319 1161045 1032504 1222036 1416823 1760686 1949420 1728589 1499143 1929956
Moodys calculation 888246 1123708 1161200
Difference 238146 (59389) (155)
Per Audited Financials 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total Operating Expenses 2336431 2625300 2695125 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Less Depreciation amp Amortization (293239) (337866) (386937) (394019) (418485) (466526) (496188) (540478) (521220) (554354) (585231)
Depletion Expense (5074) (6821) (14398) (29064) (26176) (23564) (20035) (15131) (15617) (16618) (15439)
Amortization of Nuclear Fuel (8709) (6717) (11974) (13248) (13859) (13934) (13621) (14181) (13610) (13185) (12143)
Adjusted OampM (excludes Noncash Charges) 2029409 2273896 2281816 2193210 2226214 2326359 2411402 2422622 2535751 2494805 2945807
Total Liquidity 1126392 1064319 1161045 1032504 1222036 1416823 1760686 1949420 1728589 1499143 1929956
(13783) (13538) (26372) (42312) (40035) (37498) (33656) (29312) (29227) (29803) (27582)
Adjusted Days Liquidity on Hand 203 171 186 172 200 222 267 294 249 219 23913
(Total Liquiduity Adjusted OampM365 days)
Data Provided to Moodys rounded to $MM
Audited Financial Data in millions 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Unrestricted Cash 4447 4239 5614 4179 5975 7759 11067 13315 9912 7512 11421
Debt Reduction Trust Fund 5473 5293 4856 4904 4903 4968 5000 4539 4565 4606 4748
Natural Gas Trust Fund 250 32 01 03 03 03 02 02 04 54 210
Rate Stabilization Fund 1000 1000 1000
Insurance Fund (only apply to Moodys) 1094 1079 1141 1806 1820 1920
Revolving Credit Agreement
Total Liquidity 11264 10643 11612 9086 10881 12730 16069 17856 17287 14992 19299
Total Operating Expenses 2336 26253 26951 26295 26847 28304 29412 29924 30862 30790 35586
Less Deptn amp Amortiztn 293 3379 3869 3940 4185 4665 4962 5405 5212 5544 5852
Deleption Expense 5 68 144 291 262 236 200 151 156 166 154
Amortn of Nuclear Fuel 9 67 120 155 139 139 136 142 136 132 121
OampM excludes Noncash Charges 20294 22739 22818 21909 22262 23264 24114 24226 25358 24948 29459
OampM Days Cash on hand 203 171 186 151 178 200 243 269 249 219 239
Total Liquidity Excl Insurance Fnd amp RCA 1016998 956435 1047152 908607 1088137 1273023 1606884 1785641 1548014 1317143 1737956
OampM per day 5560 6230 6252 6009 6099 6374 6607 6637 6947 6835 8071
Fitchs Days Cash on Hand 183 154 168 151 178 200 243 269 223 193 215
2019 2018 2018 (from PS Case 36 file)
PENSION PORTION
Change in Net pension liabilitiy $ (298748) $ 618010 916758 ltlt from audit 917000 ltlt from PS Case 36 file From GASB 68
Plus Change in Pension Deferred inflows $ (36639) $ 287735 324374 ltlt from audit 324000 ltlt from PS Case 36 file From GASB 68
Less Change in Pension Deferred Outflows $ (154474) $ 248836 403310 ltlt from audit 700000 ltlt from PS Case 36 file From GASB 68
Moodys Pension Adjustment $ (180913)
2019 2018
OPEB GASB 75
Change in net liability $ (39098) $ 339581 $ 378679 ltlt from audit 379000 ltlt from PS Case 36 file From Statement of Net Position
Plus Change in Deferred inflows $ 2672 $ 122341 $ 119669 ltlt from audit 120000 ltlt from PS Case 36 file From Statement of Net Position
Less Change in Deferred outflows $ 2899 $ 5525 $ 2626 ltlt from audit 68000 ltlt from PS Case 36 file From Statement of Net Position
Reconcile $ (39325)
Pension + OPEB 75 Adjustment $ (220238)
Increase from expense to contributions $ 220238
$000s
Multi-Employer Cost Sharing Plan
Measurement Date 63018
Reported Single-Equivalent Discount Rate 725
Citigroup Pension Liability Index 414
Total Pension Liability $8951572 $8951572 Not sure how Moodys calculates this number Our calculation includes the total pension liability from GASB 68 ($13187542730) multiplied by the proportionate share (67879) of the power system from GASB 68 Past Moodys calculations have been very close to this number but not exact
Plan Fiduciary Net Position $8333563 $8333563 Same method as above Plan Fiduciary Net Position from GASB 68 is $12277085263
Net Pension Liability $618009 $618009
NPL 1 increase -$380973 From GASB 68 Report
NPL 1 decrease $1826112 From GASB 68 Report
Estimated Liability Duration 1350
Moodys Adj Liability $13319058 $13319058
Moodys Adj Net Pension Liability $4985496 $4985496
LADWP Metrics Calculations 2016 2017 2018 2019
Operating Revenues ($000)
Residential 1126690 1179514 1265713 1376341
Commercial and Industrial 2308194 2331599 2429323 2560098
Sales for resale 72936 88099 91351 111542
other 45586 133559 50830 50911
Uncollectible accounts (36366) (34847) (32996) (27962)
Total Operating Revenues ($000) 3517040 3697924 3804221 4070930
Nonoperating Revenues ($000)
Investment income 65475 21848 32135 94217
Federal Bond subsidies 33508 33472 33580 33723
other nonoperating income 23025 60955 29646 113498
Capital Contributions 65896 32177 42460 58373 Excluded from DSCR
Gross Revenues available for Debt Service ($000) 3704944 3846376 3942042 4370741
Nonoperating Expenses ($000)
Other nonoperating expenses 2742 2235 2702 2226
Allowance for funds used during construction 32200 9373 7924 5042
Transfers to City of LA (PILOT) 266957 264427 241848 232557
Total Nonoperating Expenses ($000) 269699 266662 244550 234783
GROSS REVENUES 3337149 3538164 3647108 4077585 excludes capital contributions above
Operating Expenses ($000)
Fuel for generation 318749 292557 268610 296506
Purchased Power 1037471 1165303 1143535 1264133
Maintenance and Other Operating Expenses 1095714 1107118 1112463 1337750
Depreciation and Amortization 540478 521220 554354 585231
ARO decommissioning non-cash 75000
Total Operating Expenses ($000) 2992412 3086198 3078962 3558620
Moodys Pension and OPEB Adjustment 280921 (47472) 292448 220238 See tabs titled 2018 Pension and OPEB 2017 Pension and OPEB 2016 Pension and OPEB
Moodys Total Operating Expenses (excluding depreciation) 2732855 2517506 2817056 3118627
Moodys Net Operating Revenues ($000) 604294 1020658 830052 958958
Debt Service Payments
Senior Lien Debt Service ($000) 467251 538814 546478 580241 Offering statement
Aggregate Annual Debt Service ($000) 467251 538814 546478 580241
JAA Debt Payment ($000) - used for FOCC only 211907 227574 319443 287182
Gross Revenue (no change) 3337149 3538164 3647108 4077585
Adjusted operating expenses (JAA debt payment removed) 2520948 2289932 2497613 2831445
Adjusted Net Revenues 816201 1248232 1149495 1246140
Adjuted Debt Service (JAA debt payment added) 679158 766388 865921 867423
3-Year avg
Senior lien DSCR post PILOT before JAA adjustment 129 189 152 165 157
Fixed Obligation Charge Coverage (FOCC) 120 163 140 160 141
Days Cash on Hand 2016 2017 2018 2019
Liquidity
Unrestricted Cash and Cash Equivalents 1331543 991182 751164 1142128
Debt Reduction funds 453883 456482 460613 474814
Natural Gas fund 215 350 5366 21014
Rate stabilization fund+Self Insurance Fund 0 100000 100000 100000
Total Available unrestricted liqudity ($000) 1785641 1548014 1317143 1737956
Adjusted Operating Expenses Excluding JAA debt payment 2520948 2289932 2497613 2831445
3-Year avg
Days Cash on Hand 259 247 192 224 233
Debt Ratio 2016 2017 2018 2019
Debt and Debt Service Reserve Funds
Long Term Debt (Total Principal Amount) from Note 9 8334507 8630405 8812411 9458013 Does this already include current portion of long-term debt
Revenue Certificates from Note 9 200000 200000 200000 0
Total Debt 8534507 8830405 9012411 9458013 is this missing anything
Debt Service fund (redemption) 262430 311209 345602 384525
Total Capital Assets
Plant Property and Equipment ($000) 17491787 17677729 18575936 19723337
Accumulated Depreciation ($000) (8289312) (7803778) (8242031) (8434447)
Construction in Progress ($000) 866434 658992 820472 676237
Total Capital Assets (Net of Depreciation) 10068909 10532943 11154377 11965127
Net Working Capital 2009240 1754679 1445045 1965778
3-Year avg
Debt Ratio () 685 693 688 651 69
Adjusted Net Pension Liabiilty 4137366 6521898 5617373 4985496
Adjusted Debt Ratio with ANPL () 1027 1224 1134 1009 113
Fixed Obligation Ratio Adjusted for Notes
Power System
Moodys-Debt Ratio
($ in thousands) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Moodys Debt Ratio
LTD 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
Current Assets 1770611 2233654 1846753 1683934 1991595 2263813 2446200 2489259 2448602 2419100 2943323
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) (262430) (350256) (345602) (384525)
Materials amp Fuel (153218) (158003) (154490) (169839) (163088) (163484) (165564) (218544) (170065) (176122) (184988)
Prepayments amp Others (126243) (93820) (150265) (109293) (114320) (106850) (107263) (106444) (110731) (119814) (134564)
Cash amp Cash Eq in noncurrnt - 0 552704 20730 448184 193701 85272 6 16569 - 0 72061
Adjusted Current Assets 1287900 1752609 1899716 1154204 1881901 1916907 1970765 1901847 1834119 1777562 2311307
Current Liability 651258 693907 838155 916745 853715 890730 898240 864218 979664 1059815 1062211
Current Portion of LTD (217882) (240235) (178885) (246582) (249245) (227575) (230165) (211133) (243049) (265005) (263296)
Accrued Interest (101721) (101607) (129874) (139872) (145338) (159647) (170896) (169358) (182192) (188662) (209257)
Adjusted Current Liab 331655 352065 529396 530291 459132 503508 497179 483727 554423 606148 589658
Calc Net Working Capital 956245 1400544 1370320 623913 1422769 1413399 1473586 1418120 1279696 1171414 1721649
Moodys calculation 1172368 1301195 1140353
Difference (216123) 99349 229967
Gross Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165 211133 243049 265005 263296
Gross Debt 5459735 5951444 6676599 6601051 7744011 8164755 8798446 9154509 9519279 9772261 10370078
Bond Redemption Fund (203250) (229222) (194986) (271328) (280470) (270273) (287880) (262430) (350256) (345602) (384525)
Bond Sinking Fund QECB (5000) (15123) (25569) (36198)
Debt Reduction Trust Fund (547282) (529338) (485609) (490444) (490325) (496841) (500017) (453883) (456482) (460613) (474814)
Net Debt Outstanding 4709203 5192884 5996004 5839279 6973216 7397641 8010549 8433196 8697418 8940477 9474541
Total Plant Assets net 6616642 6978755 7430988 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Net Working Capital 956245 1400544 1370320 623913 1422769 1413399 1473586 1418120 1754679 1445045 1965778
7572887 8379299 8801308 8737577 10043559 10625996 11399486 11740668 12527232 12822498 14139610
Moodys Debt Ratio 622 620 681 668 694 696 703 718 694 697 670
Moodys calculation 6238 6258 6370 6460 7120 6980 7030 6930 6870 6480
Difference -02 -06 44 22 -18 -02 -00 718 01 10 22
Plant Assets net 5747006 6271572 6444553 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
CWIP 609115 431491 685485 1211851 884378 1235945 1720822 866434 658992 820472 676237
Nuclear Fuel 36904 44295 44328 49687 44686 42931 39469 39948 41465 41528 42406
Gas Resreve 223617 231397 256622 293006 272157 248923 228797 213691 198145 181548 166299
Adjusted Plant Assets -Net 6616642 6978755 7430988 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Power System 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Debt to Capitalization Ratio
LT Debt 5241853 5711209 6497714 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Current Portion of LTD 217882 240235 178885 246582 249245 227575 230165 211133 243049 265005 263296
Total Debt Outstanding 5459735 5951444 6676599 6601051 7744011 8164755 8798446 9154509 9519279 9772261 10370078
Total Net Position 4557311 4878911 4936552 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Debt to Capitalization Ratio 545 550 575 566 599 607 619 621 623 645 649
- 0
Avail DS $ 127916300
$ 725
Moodys Debt Ration = Net Funded Debt (Total Current amp LT Debt minus Debt Service amp DS Reserve Funds)
Net Working Capital and Net Fixed Assets
Net Working Capital = Includes both restricted amp unrestricted cash amp cash equiv receivables but exculde funds set aside for DS nor non-cash current assets such as inventories prepaid expenses
Current liab Excludes DS pmts
Fitch - Debt to FADS 2017
Oper Income 524628 611726
Deptn 521220
Amort 15617
Depletion 13610
Interet Incom 21848
1184021
Debt Outstd 9519279
804
Goals
fiscal year ended June 30 euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 2018 2019 Prior New
Operating Revenues $783964 $812360 $756605 $3081680 $3162502 $3319820 $3336963 $3517040 $3697924 $3804221 $4070930
Fuel For Generation 215864 163248 125301 (403406) (446450) (436643) (377343) (318749) (292557) (268610) (296506)
Purchased Power (909910) (895092) (977187) (1022271) (1037471) (1165303) (1143535) (1264133)
OampM 365723 421134 414740 (922206) (924707) (950027) (1045444) (1095714) (1107118) (1112463) (1412750)
Adjusted Operating Income $202377 $227978 $216564 $846158 $896253 $955963 $891905 $1065106 $1132946 $1279613 $1097541
8593 16221 24411
Other Nonoperating Income and Expenses 30603 24099 48946 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in Aid of Construction 26731 46860 45239 66988 65896 32177 42460 58373
Cash Available for Debt Service $241573 $268298 $289921 $999970 $1042665 $1113238 $1059059 $1250268 $1279163 $1414732 $1395126
Interest Expense $92032 $108017 $136846 280935 297576 318871 346900 353725 384899 414722 426577
Principal Repayment 23994 26089 30525 62158 129249 132382 110943 113526 153915 131756 153664
Total Debt Service $116026 $134106 $167371 $343093 $426825 $451253 $457843 $467251 $538814 $546478 $580241
Debt Service Coverage Ratio (x) 208 200 173 291 244 247 231 268 237 259 240 ge 225 ge 225
Liquidity
Unrestricted Cash $120375 $170685 $207631 $417895 $597525 $775890 $1106651 $1331543 $991182 $751164 $1142128
Debt Reduction Trust Fund 490444 490325 496841 500017 453883 456482 460613 474814
Natural Gas Trust Fund 268 287 292 216 215 350 5366 21014
Rate Stabilization Fund 32678 32680 32915 100000 100000 100000
Total Liquidity $153053 $203365 $240546 $908607 $1088137 $1273023 $1606884 $1785641 $1548014 $1317143 $1737956 ge 200000
Total Operating Expenses $2629541 $2684734 $2830383 $2941246 $2992412 $3086198 $3078962 $3558620
Depreciation amp Amortization (394019) (418485) (466526) (496188) (540478) (521220) (554354) (585231)
Depletion Expense (29064) (26176) (23564) (20035) (15131) (15617) (16618) (15439)
Amortization of Nuclear Fuel (13248) (13859) (13934) (13621) (14181) (13610) (13185) (12143)
Adjusted OampM (excludes Noncash Charges) $ 2193210 $ 2226214 $ 2326359 $ 2411402 $ 2422622 $ 2535751 $ 2494805 $ 2945807
Days Cash on Hand 96 127 163 151 178 200 243 269 223 193 215 ge 150 days
Debt to Capitalization Ratio euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 2018 2019
LT Debt 2193338 2708150 3171562 $6354469 $7494766 $7937180 $8568281 $8943376 $9276230 $9507256 $10106782
Current Portion of LTD 58512 63018 61612 246582 249245 227575 230165 211133 243049 265005 263296
BRampI - Principal portion (90940) (126540) (153615) (173041)
Bond Sink Fund - QECBs (15123) (25569) (36198)
Total Debt Outstanding 2251850 2771168 3233174 6601051 7744011 8164755 8798446 9063569 9377616 9593077 10160839 le 60 le 65
120193 116509 111390
Total Net Position 2268349 2335651 2376604 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Debt to Capitalization Ratio 50 54 58 5663 5987 6067 6190 6185 6192 6405 6442
Off-Balance Sheet Debt Service (in Millions)
SCPAA Actual Debt Service 15091 13718 14784 15780 16766 17398 17127 16229
IPA Actual Debt Service 19280 19442 18507 18472 15594 9942 14867 12489
Gross Off-Balance Sheet Debt Service 34372 33161 33290 34252 32360 27340 31994 28718
IPA Subordinated Notes (in Millions)
Interest Received (4783) (3955) (3682) (2181) (2335) (2381) (1309) (1734)
Principal Maturities (10231) (6559) (7376) (6984) (8724) (2175) (4851) (12355)
Total Income and Maturity (IPA) (15013) (10515) (11058) (9164) (11059) (4555) (6160) (14088)
Net Off-Balance Sheet DS (in Millions) 19358 22646 22232 25087 21301 22785 25833 14630
Funds Available for Debt Service (in Millions) 99997 104267 111324 105906 125027 127916 141473 139513
(Less) City Transfer (25008) (24653) (25300) (26559) (26696) (26443) (24185) (23256)
Gross Off-Balance Sheet Debt Service 34372 33161 33290 34252 32360 27340 31994 28718
(Less) IPA Interest Received (4783) (3955) (3682) (2181) (2335) (2381) (1309) (1734)
Adjusted Funds Available for Full Debt Service 104578 108818 115632 111419 128357 126433 147973 143241
Direct Debt Service 34309 42683 45125 45784 46725 53881 54648 58024
Net Off-Balance Sheet Debt Service 19358 22646 22232 25087 21301 22785 25833 14630
Full Obligation Debt Service 53668 65328 67358 70872 68027 76666 80481 72654
Full Obligation Debt Service Coverage Ratio 195 167 172 157 189 165 184 197
Board Approved Financial Metrics
Minimum Debt Service Coverage 20 20 20 225 225 225 225 225 225 225 225
Minimum Operating Cash Target $200 M $200 M $200 M $300 M $300 M $300 M 170 days 170 days 170 days 170 days 170 days
Capitalization Ratio of less than 60 60 60 68 68 68 68 68 68 68 68
Resolution Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion Verbal Motion 014-217 014-217 014-217 014-217 014-217
Financial Performance euro 200900 euro 201000 euro 201100 2012 2013 2014 2015 2016 2017 3-6 2018 2018
Debt Service Coverage 21 20 17 29 24 25 23 27 24 26 24
Oper Cash Target ($ 000) $153053 $203365 $240546 $908607 $1088137 $1273023 187 days 172 days
Capitalization Ratio 50 54 58 57 60 61 62 62 62 64 64
Power System Actual Financial Performance
DSC
2012 291
2013 244
2014 247
2015 231
2016 268
2017 237
2018 259
2019 240
Days Cash
2012 151
2013 178
2014 200
2015 243
2016 269
2017 223
2018 193
2019 215
Cap Ratio
2012 5663
2013 5987
2014 6067
2015 6190
2016 6185
2017 6192
2018 6405
2019 6442
Full Obl
2012 195
2013 167
2014 172
2015 157
2016 189
2017 165
2018 184
2019 193
Financial Performance 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Debt Service Coverage 349 242 291 244 247 231 268 237 259 240
Full Obligation Coverae 22 17 19 17 17 16 19 17 18 20
Oper Cash Target ($ 000) $ 423855 $ 561414 $ 417895 $ 597525 $ 775890 $ 1106651 269 days 249 days 0 0
Capitalization Ratio 55 57 57 60 61 62 62 62 64 64
Minimum Debt Service Coverage 225 times
Full Obligation Coverage effective FY 2016 17 times
Minimum Operating Cash Target was $300 million until FY 2016 changed to 170 days
Maximum Capitalization Ratio at 68
Moodys
Days Cash
2012 172
2013 200
2014 222
2015 267
2016 294
2017 249
2018 219
2019 239
2016 2017 2018 2019
Current Assets included in Net Working Capital
Unrestricted Cash 1331543 991182 751164 1142128
Cash colateral received from securities lending transactions 31101 11397 24114 17605
Discretionary Reserves (rate stabilization fund Self-insurance Natural gas fund debt reduction fund) 617877 737407 747979 787828
Contruction Funds 6 16569 - 0 72061
Accounts Receivable and Due from Water System 504522 543945 518090 533553
Due from other funds 7918 8602 9846 2261
Total Current Assets 2492967 2309102 2051193 2555436
Current Liabilities included in Net Working Capital
Accounts Payable 332211 412963 441102 420592
Accrued Salaries Benefits and Compensated Absences 120371 130063 140932 151461
Other Current Liabilities 31145 11397 24114 17605
Total Current Liabilities 483727 554423 606148 589658
Net Working Capital 2009240 1754679 1445045 1965778
Please see actual DS for FY2019 below
Total Debt Service Total Debt Service Total Debt Service Total Debt Service LA Share ONLY LA Share ONLY LA Share ONLY LA Share ONLY
2016 2017 2018 2019 2016 2017 2018 2019
Entity Agency LADWP Interest Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service Debt Service
Southern Transmission Project SCPPA 595 79691 88242 77893 76855 47416 52504 46346 45729
Milford Wind I SCPPA 925 17292 18651 18637 18630 15995 17252 17239 17233
Milford Wind II SCPPA 100 12731 12729 12711 12716 12731 12729 12711 12716
Windy Point SCPPA 100 40667 40594 40558 40535 40667 40594 40558 40535
Apex Power Project SCPPA 100 21923 21912 21888 21861 21923 21912 21888 21861
Linden Wind Project SCPPA 100 10081 10081 10055 10073 10081 10081 10055 10073
Palo Verde Project SCPPA 67 11808 12158 12428 - 0 7911 8146 8327 - 0
Mead-Adelanto Transmission Project SCPPA 357 22763 22183 22016 21248 8126 7919 7860 7586
Mead-Phoenix Transmission Project SCPPA 248 6866 6638 6596 6426 1703 1646 1636 1594
Mead-Adelanto Transmission Project (LADWP interest) SCPPA 100 - 0 444 2163 2737 - 0 444 2163 2737
Mead-Phoenix Transmission Project (LADWP interest) SCPPA 100 - 0 481 1994 2230 - 0 481 1994 2230
223822 234113 226939 213311 166554 173709 170777 162293
Actual 61375
Intermountain Power Project (IPP) IPA 48617 217347 154190 226173 256884 155942 99417 148666 124889
Agmt 48617
Notes Receivable - Income and Principal Maturity (110589) (45552) (61604) (140882)
Net Debt Service - IPP 45353 53865 87062 (15993)
Net Off Balance Sheet JAA Debt Service 211907 227574 257839 146300
Debt Service Included in Purchased Power Expense 322496 273126 319443 287182
Notes Receivable (IPP Prepayment Notes)
Interest 23347 23805 13092 17337 Updated
Principal 87242 21747 48512 123545 Updated
Notes Receivable - Income and Principal Maturity 110589 45552 61604 140882
211907 227574 257839 146300
Power System Cash Cash Equivalents and Investments
From Notes to Financial Statements 7 (In thousands)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Restricted and Other Investments
Restricted Investments
Debt Reduction Funds $ 490444 $ 490325 $ 496841 $ 500017 $ 453883 $ 456482 $ 460613 $ 474814
Nuclear Decommissioning Funds 123627 122584 126521 129347 133372 133805 134004 140699
Natural Gas Fund 268 287 292 216 215 350 5366 21014
Hazardous Waste Treatment Fund 2177 2182 2204 2217 2241 2250 2275 2334
SCPPA Palo Verde Investment 22605 18525 14236 9724 4987
Total Restricted Investments 639121 633903 640094 641521 594698 592887 602258 638861
Power System Cash and Cash Equivalents
From Notes to Financial Statements 1 (J) (In thousands)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Cash And Cash Equivalents
Bond Redemption and Interest Funds 271328 280470 270273 287902 267430 311209 345602 384525
Other Restricted Funds - GHG 39047 39046 42615
Cash and Cash Equiv - Current 271328 280470 270273 287902 267430 350256 384648 427140
Self-Insurance Funds 123897 133899 143799 153780 163779 180575 182000 192000
Rate Stabilization Fund 100000 100000 100000
Bond Redemption Fund - QECBs 15123 25569 36198
Construction Funds 20730 448184 193701 85272 6 16569 0 72061
Cash and Cash Equiv - Noncurrent 144627 582083 337500 239052 163785 312267 307569 400259
Total Restricted Cash and Cash Equiv 415955 862553 607773 526954 431215 662523 692217 827399
BRampI Breakdown from John
Principal 90940 126540 153615 173041
Interest 168218 181084 187553 209256
VRDO + Bearer Adj 3572 3536 4433 2228
262730 311159 345602 384525
Power System
Summary of Revenues Expenses and Debt Service Coverage1
(Dollars in Thousands)
(Unaudited)
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018 2019
Operating Revenues
Sales of Electric Energy
Residential 976820 1019656 1042641 1034127 1126690 1179514 1265713 1376341
Commercial and Industrial 2039522 2061637 2232878 2201124 2308194 2331599 2429323 2560098
Sales for resale 36136 67764 42809 93867 72936 88099 91351 111542
Other (2) 29202 13445 1492 7845 9220 98712 17834 22949
Total Operating Revenues 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Operating Expenses
Production
Fuel for Generation 403406 446450 436643 377343 318749 292557 268610 296506
Purchased Power 909910 895092 977187 1022271 1037471 1165303 1143535 1264133
Energy Cost 1313316 1341542 1413830 1399614 1356220 1457860 1412145 1560639
Maintenance and Other Operating Expenses 922206 924707 950027 1045444 1095714 1107118 1112463 1412750
Adjusted Operating Expenses (3)(6) 2235522 2266249 2363857 2445058 2451934 2564978 2524608 2973389
Adjusted Income from Operations (3)(6) 846158 896253 955963 891905 1065106 1132946 1279613 1097541
Allowance for Funds Used During Construction 32187 33672 18636 38110 32200
Other Nonoperating RevenuesExpenses Net 127081 99552 112036 100166 119266 114040 92659 239212
Contributions in Aid of Construction 26731 46860 45239 66988 65896 32177 42460 58373
Adjusted Change in Fund Net Position (4)(6) 1032157 1076337 1131874 1097169 1282468 1279163 1414732 1395126
Debt Service
Interest (7) 280935 297576 318871 346900 353725 384899 414722 426577
Principal 62158 129249 132382 110943 113526 153915 131756 153664
Total Debt Service 343093 426825 451253 457843 467251 538814 546478 580241
Debt Service Coverage Ratio 301 252 251 240 274 237 259 240
Depreciation Amortization and Accretion 394019 418485 466526 496188 540478 521221 554354 585231
Transfers to the Reserve Fund of the City 250077 246534 253000 265586 266957 264427 241848 232557
(1) Derived from the Power System Financial Statements
(2) Net of Uncollectible Accounts
(3) Represents total operating expenses and operating income excluding depreciation amortization accretion and loss on asset impairment and abandoned projects
(4) Represents change in net position before depreciation amortization accretion interest extraordinary loss and the Power transfer
(5) This amount includes revenue recognized due to the reduction of the incremental rate stabilization account balance
(6) Adjusted indicates measurements of financial andor operating performance that are not specifically disclosed in the Power System Financial Statements Adjustments reflect the impact of the implementation of new accounting standards particularly GASB No 75 which resulted in the recording of certain OPEB liabilities and a corresponding reduction in net position
(7) Interest Expense excluding amortization of debt premium
Power System Selected Operating Information
Unaudited
Fiscal Year Ended June 30 2012 2013 2014 2015 2016 2017 2018
Net Energy Load (1) 26559 27147 26765 26688 26731 26460 25857
Net Hourly Peak Demand (MWs) 5907 5782 5862 6343 6234 5762 6432
Annual Load Factor () 5119 5360 5212 4803 4881 5242 4589
Electric Energy Generation Purchases and Interchanges (1)
Generation (2)(3) 16043 15787 15373 15009 14380 14589 13993
Purchases (3) 11193 11295 12793 12893 13081 12168 12297
Miscellaneous Energy Receipts 2
Total Energy (1) 27238 27082 28166 27902 27461 26757 26290
Less
Miscellaneous Energy Deliveries (1)(4) 151 346 149 129 279 136 68
Losses and System Uses (1) 2771 1893 2653 3300 2832 3668 3420
On-System Sales (1) 24316 24843 25364 24474 24350 22954 22801
Sales of Energy (1)
Residential 7316 7568 7819 7311 7482 7285 7258
Commercial and Industrial 15456 15717 15778 15741 15938 15311 15210
All Other 1843 2964 2593 2330 1880 1426 532
Total 24616 26249 26189 25382 25300 24022 23000
Number of Customers - (Average in thousands)
Residential 1332 1338 1368 1363 1370 1378 1385
Commercial and Industrial 134 133 127 123 123 123 124
All Other 8 8 8 7 7 7 7
Total 1474 1479 1503 1493 1500 1508 1516
(1) Thousands of MWhs
(2) Does not include energy generated at Hoover Power Plant for plant use and for the use of the Bureau of Reclamation and the cities of Boulder City Nevada Burbank California Glendale California and Pasadena California
(3) Purchases from SCPPA are classified as Generation for quarterly results and Purchases for Fiscal Year end results
(4) Deliveries include transmission loss energy paybacks and control area inadvertent interchange
LOS ANGELES DEPARTMENT OF WATER AND POWER
POWER SYSTEM
Statements of Cash Flows
Indirect Method
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
2012 2013 2014 2015 2016 2017 2018 2019
Reconciliation of operating income to net cash provided by
operating activities
Operating income 452139 477768 489437 $ 395717 524628 $ 611725 $ 725259 $ 512310
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation and amortization 394019 418485 466526 496188 540480 521221 554354 585231
Depletion expense 29064 26176 23564 20035 15131 15617 16618 15439
Amortization of nuclear fuel 13248 13859 13934 13621 14181 13610 13185 12143
Provision for losses on customer and other accounts
receivables 23834 22884 57891 24851 36366 34847 32996 27962
Changes in assets and liabilities
Customer and other accounts receivable (36155) (68780) (76621) 29466 5414 (81393) (7768) (22906)
Accrued unbilled revenue (17154) (2402) 473 3920 (25290) 1699 (2978) (19976)
Under recovered costs (18147) 38534 29127 29127 29979 29979 29979 29979
Current portion under recovered costs 0 (27218) (87072) 114290 - (213912) (97734) (30129)
Materials and fuel (15349) 6751 (396) (2080) (52990) 48489 (6168) (8755)
Regulatory assets (117061) (82529) (113352) 198765 170209 (53052) (511058) 138907
Due from Water System 3267 (24059) (16254) 36415 (4018) (684) (1244) 7585
Deferred outflows - (280852) 83609 (597275) 291989 264361
Net pension asset 14386 0
Accounts payable and accrued expenses 81921 12883 96211 (51378) (12322) 70102 17444 64311
Deferred credits (58014) (22655)
Overrecovered energy cost - 31343 (31299) (44) -
Due to Water Services 64978 (64978)
Net pension liability 18209 32564 34761 (346764) (89627) 721387 (575750) (298748)
Net OPEB liability 378679 (39098)
Other noncurrent liability 25580
Deferred inflows 38461 436234 (261762) (179686) 202497 (37535)
Net other postemployment benefit asset (40793) (20959) (16012) (1441) (4596) 13259 -
Asset retirement obligation (14551)
Prepayments and other 59218 24753 2079 14164 34329 1175 30974 107052
Net cash provided by operating activities $ 851610 $ 761077 942757 $ 1161620 972422 $ 957064 $ 1091274 $ 1319162
Supplemental disclosure of noncash capital and related financing activities
During the year ended June 30 2017 the Power System issued capital bonds to refund
previously issued debt The $3997 million of proceeds were deposited immediately into
an irrevocable trust for the defeasance of $3956 million of debt The net gain on refunding
after the write-off of previously recorded unamortized premiums resulted in $761 million
which will be amortized over the debt repayment period
During the year ended June 30 2016 the Power System issued capital bonds to refund
previously issued debt The $38446 million of proceeds were deposited immediately into
an irrevocable trust for the defeasance of $38057 million of debt The net gain on refunding
after the write-off of previously recorded unamortized premiums resulted in $135 million
which will be amortized over the debt repayment period
Accounts payable related to capital expenditures 4532 10652 10695 16474
During the year ended June 30 2013 the Power System issued capital bonds to refund previously
issued debt The $75576 million of proceeds were deposited immediately into an irrevocable trust for the
defeasance of $74424 million of debt The net loss on refunding after the write-off of previously recorded
unamortized discounts resulted in $1672 million which will be amortized over the debt repayment period
During the year ended June 30 2012 the Power System did not refund any capital bonds
LOS ANGELES DEPARTMENT OF WATER AND POWER
POWER SYSTEM
Statements of Cash Flows
direct Method
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
FINAL
2012 2013 2014 2015 2016 2017 2018 2019
Cash flows from operating activities
Cash receipts
Cash receipts from retail customers 3010270 $ 3168084 $ 3353723 $ 3658234 $ 3717797 $ 3684977 $ 3961723 $ 4380251
Cash receipts from retail customers for other
agency services 593026 620256 601332 636357 677838 648050 679562 711477
Cash receipts from interfund services provided 476406 484169 589327 644338 629369 621693 677655 834997
Other cash receipts - 0 18458
Cash disbursements
Cash payments to employees (547522) (565396) (548956) (605291) (599620) (555045) (687098) (762631)
Cash payments to suppliers (1471947) (1581590) (1668524) (1721316) (1917907) (2005772) (1931532) (2113161)
Cash payments for interfund services used (572341) (710161) (733801) (773758) (792298) (807059) (909214) (1004569)
Cash payments to other agencies for fees collected (591684) (616206) (603596) (639346) (672221) (648238) (675764) (711280)
Other operating cash payments (44598) (38079) (46748) (37598) (70536) - 0 (24058) (15921)
Net cash provided by operating activities 851610 761077 942757 1161620 972422 957064 1091274 1319163
Cash flows from noncapital financing activities
Payments to the reserve fund of the City of Los Angeles (250077) (246534) (253000) (265586) (266957) (264427) (241848) (232557)
Interest paid on noncapital revenue bonds - (589) (233) (167) (406) (4697) (5946) (6323)
Net cash used in noncapital financing activities (250077) (247123) (253233) (265753) (267363) (269124) (247794) (238880)
Cash flows from capital and related financing activities
Additions to plant and equipment net (1093491) (953376) (1112681) (1207813) (929706) (980433) (1100185) (1182204)
Capital contributions 25167 47728 65485 63624 68254 36888 44579 57791
Principal payments and maturities on long-term debt (62157) (129250) (132382) (110943) (113526) (153915) (131756) (153615)
Proceeds from issuance of bonds and revenue certificates - 1294185 566419 793661 524063 588322 445126 828123
Debt interest payments (270936) (291439) (303394) (332314) (354857) (374183) (399872) (399553)
Federal bond subsidies 35143 33614 33417 33328 33508 33472 33580 33723
Net cash provided by (used in) capital and related
financial activities (1366275) 1462 (883136) (760457) (772264) (849849) (1108528) (815735)
Cash flows from investing activities
Purchases of investment securities (1224872) (872717) (698514) (950597) (1096021) (885835) (758995) (741483)
Sales and maturities of investment securities 1220159 870251 697696 949621 1145543 884926 746712 713425
Proceeds from notes receivable 64300 68260 66919 83451 84212 21747 48512 123545
Investment income 116008 45018 51096 32057 62624 32018 29381 94190
Net cash provided by investing activities 175595 110812 117197 114532 196358 52856 65610 189677
Net increase (decrease) in cash and cash equivalents (589147) 626228 (76415) 249942 129153 (109053) (199438) 454225
Cash and cash equivalents
Cash and cash equivalents at July 1 (including $431215 $526954 $607772 $862553 $415955 and
$861582 reported in restricted accounts at June 30 2017 2016 2015 2014 2013 and 2012 respectively) 1422997 833850 1460078 1383663 1633605 1762758 1653705 1454267
Cash and cash equivalents at June 30 (including $662523 $431215 $526952 $607772 $862553 and
$415955 reported in restricted accounts at June 30 2017 2016 2015 2014 2013 and 2012 respectively) 833850 $ 1460078 1383663 1633605 1762758 1653705 1454267 1908492
Los Angeles Department of Water and Power UNAUDITED
Power System
Statements of Revenues Expenses and Changes in Net Position
Years ended June 30 2012 2013 2014 2015 2016 2017 and 2018
(Amounts in thousands)
2012 2013 2014 2015 2016 2017 2018 2019
Operating revenues
Residential $ 976820 $ 1019656 $ 1042641 $ 1034127 $ 1126690 $ 1179514 $ 1265713 $ 1376341
Commercial and industrial 2039522 2061637 2232878 2201124 2308194 2331599 2429323 2560098
Sales for resale 36136 67764 42809 93867 72936 88099 91351 111542
Other 53036 36329 59383 32696 45586 133559 50830 50911
Uncollectible accounts (23834) (22884) (57891) (24851) (36366) (34847) (32996) (27962)
Total operating revenues 3081680 3162502 3319820 3336963 3517040 3697924 3804221 4070930
Operating expenses
Fuel for generation 403406 446450 436643 377343 318749 292557 268610 296506
Purchased power 909910 895092 977187 1022271 1037471 1165303 1143535 1264133
Maintenance and other operating expenses 922206 924707 950027 1045444 1095714 1107118 1112463 1412750
Depreciation and amortization 394019 418485 466526 496188 540478 521220 554354 585231
Total operating expenses 2629541 2684734 2830383 2941246 2992412 3086198 3078962 3558620
Operating income 452139 477768 489437 395717 524628 611726 725259 512310
Nonoperating revenues (expenses)
Investment income 77747 46076 58099 50348 65475 21848 32135 94217
Federal bond subsidies 35143 33614 33417 33328 33508 33472 33580 33723
Other nonoperating income 17571 22342 23033 19094 23025 60955 29646 113498
Total nonoperating revenues 130461 102032 114549 102770 122008 116275 95361 241438
Other nonoperating expenses (3380) (2480) (2513) (2604) (2742) (2235) (2702) (2226)
Total nonoperating revenues net 127081 99552 112036 100166 119266 114040 92659 239212
Debt expenses
Interest on debt 269875 274835 277848 298794 299728 326023 348264 355433
Allowance for funds used during construction (32187) (33672) (18636) (38110) (32200) (9373) (7924) (5042)
Total debt expenses 237688 241163 259212 260684 267528 316650 340340 350391
Income before capital contributions and transfers 341532 336157 342261 235199 376366 409116 477578 401131
Capital contributions 26731 46860 45239 66988 65896 32177 42460 58373
Transfers to the reserve fund of the City of Los Angeles (250077) (246534) (253000) (265586) (266957) (264427) (241848) (232557)
Increase in net position 118186 136483 134500 36601 175305 176866 278190 226947
Net position
Beginning of period 4936552 5054738 5159140 5379174 5415775 5591080 5767946 5384906
Effect of accounting for adoption of GASB Statement No 68 -
Beginning of period as restated 5379174
Cumulative effect of change in accounting for postemployment
other than pensions effective July 1 2017 (661230)
End of year 5054738 $ 5191221 $ 5293640 $ 5415775 $ 5591080 $ 5767946 $ 5384906 $ 5611853
- -
Los Angeles Department of Water and Power
Power System
Statements of Net Position Balance Sheets
Years ended June 30 2012 2013 2014 2015 2016 2017 2018 and 2019
(Amounts in thousands)
Original Original Original Original Original Original Original Original
2012 2013 2014 2015 2016 2017 2018 2019
Assets and Deferred Outflows
Noncurrent assets
Utility plant
Generation 4318819 $ 5158303 $ 5313866 $ 5495985 $ 6584145 $ 5793242 $ 5987567 $ 6090845
Transmission 1046800 1089835 1095472 1135172 1300427 1658924 1727489 2026678
Distribution 6338353 6659814 7031862 7416426 7861812 8467796 9012299 9579922
General 1318063 1365206 1541640 1649586 1745403 1757767 1848581 2025892
Total 13022035 14273158 14982840 15697169 17491787 17677729 18575936 19723337
Accumulated depreciation (6462915) (6853589) (7298042) (7760357) (8289312) (7803778) (8242031) (8434447)
Total utility plant net 6559120 7419569 7684798 7936812 9202475 9873951 10333905 11288890
Construction work in progress 1211851 884378 1235945 1720822 866434 658992 820472 676237
Nuclear fuel at amortized cost 49687 44686 42931 39469 39948 41465 41528 42406
Natural gas field net 293006 272157 248923 228797 213691 198145 181548 166299
Total 8113664 8620790 9212597 9925900 10322548 10772553 11377453 12173832
Restricted investments 639121 633903 640094 641521 594698 592887 602258 638861
Cash and cash equivalents - restricted 20730 448184 193701 85272 163785 312267 318455 339126
Long-term notes and other receivables net of current portion 838755 770495 703576 620125 601409 546160 429764 262027
Under recovered costs 312373 273839 244712 215585 185607 155628 125649 95670
Regulatory assets - other 296223 378752 492104 549105 646674 755303 898696 885901
Regulatory assets - pension - 938205 670425 614850 482193 315185
Regulatory assets - OPEB 430072 386123
Net postemployment asset 631479 652439 668451 669892 674488 661229
Total noncurrent assets 10852345 11778402 12155235 13645605 13859634 14410877 14664540 15096725
Current assets
Cash and cash equivalents - unrestricted 417895 597525 775890 1106651 1331543 991182 751164 1142128
Cash and cash equivalents - restricted 395225 414369 414072 441682 267430 350256 384648 427140
Cash collateral received from securities lending transactions - 3164 1419 10680 31101 11397 24114 17605
Customer and other accounts receivable net of $208933 $182500 $148303 $114000 $90000 352856 398458
$18900 and $20000 allowance for losses for 2017 2016 2015 2014 2013 and 2012 respectively 402494 351977 307990 349112 320279 315766
Current portion of long-term notes receivable 65593 73759 69838 87242 21747 48512 123545 159309
Current portion of under recovered costs - 27218 114290 - - 213912 311646 341775
Due from Water System - 24059 40314 3899 7918 8602 9846 2261
Accrued unbilled revenue 173233 175635 175162 171242 196532 194833 197811 217787
Materials and fuel 169839 163088 163484 165564 218554 170065 176122 184988
Prepayments and other current assets 109293 114320 106850 107263 106444 110731 119814 134564
Total current assets 1683934 1991595 2263813 2446200 2489259 2448602 2419100 2943323
Total assets 12536279 13769997 14419048 16091805 16348893 16859479 17083640 18040048
Deferred outflows on derivative instruments 91296 67275 48517 43244 23379 14640 22206 7015
Deferred outflows on debt refunding 26796 30199 27674 23728 27363 21759
Deferred outflows - Asset Retirement Obligation 29989
Deferred outflows - pension 287599 217131 793045 403310 243002
Deferred outflows - OPEB 2626 5525
Deferred outflows - pension contributions made after
measurement date - 258603 245462 266824 296294 282388
Deferred outflows - OPEB contributions made after
measurement date 65649 70274
Total deferred outflows 75313 619645 513646 1098237 817448 659952
Total assets and deferred outflows 12627575 $ 13837272 $ 14494361 $ 16711450 $ 16862539 $ 17957716 $ 17901088 $ 18700000
Net Position and Liabilities
Net position
Net investment in capital assets 1533344 $ 1324962 1268339 $ 1235431 1188643 1432808 1772899 1841227
Restricted
Debt service 620688 624468 606509 616042 550975 600623 643121 686280
Capital projects 123627 122584 126521 129347 133372 0
Other postemployment benefits 631479 652439 668451 669892 674488 661230
Pension benefits - -
Other purposes 148949 154891 160508 165937 171222 222220 239575 268819
Unrestricted 1996651 2311877 2463312 2599126 2852807 2851065 2729311 2815527
Total net position 5054738 5191221 5293640 5415775 5591080 5767946 5384906 5611853
Long-term debt net of current portion 6354469 7494766 7937180 8568281 8943376 9276230 9507256 10106782
Other noncurrent liabilities
Accrued liabilities 8767 7047 5327 3607 1887 -
Deferred credits 139876 120254
Accrued workers compensation claims 43475 52221 56650 54508 61945 67410 70474 70474
Asset Retirement Obligation 266685
Derivative instrument liabilities 91296 67275 48517 43244 23379 14640 22204
Net OPEB liability 378679 339581
Net pension liability 18209 50773 85534 860748 771122 1492508 916758 618010
Other noncurrent liability 100942
Total other noncurrent liabilities 301623 297570 196028 962107 858333 1574558 1388115 1395692
Current liabilities
Current portion of long-term debt 246582 249245 227575 230165 211133 243049 265005 263296
Accounts payable and accrued expenses 341942 333422 394150 339997 332211 412963 441102 420592
Accrued interest 139872 145338 159647 170896 169358 182192 188662 209257
Accrued employee expenses 102271 104477 107939 115159 120371 130063 140932 151461
Deferred credits 21100 18069
Due to Water Services 64978 - 31343
Overrecovered energy cost - 44 -
Obligations under securities lending transactions - 3164 1419 10680 31101 11397 24114 17605
Total current liabilities 916745 853715 890730 898240 864218 979664 1059815 1062211
Total liabilities 7572837 8646051 9023938 10428628 10665927 11830452 11955186 12564685
Deferred inflows on debt refunding - 7495 7075 14144 13233 14348
Deferred inflows - pension - 682995 421232 241547 324374 281901
Deferred inflows - OPEB 119669 122341
Deferred inflows from regulated business activities 176783 176557 177225 103627 103720 104872
Total deferred inflows 423318 867047 605532 359318 560996 523462
Total net position liabilities and deferred inflows 12627575 $ 13837272 $ 14949361 $ 16711450 $ 16862539 $ 17957716 $ 17901088 $ 18700000
2014
2015
2016
2017
2018
2019
5-Year Capital Investments Total ()
Power System Reliability Program $3569 3163
Supply Transition amp Mandates
Renewable Portfolio Standard 2036 1804
Rebuild Local Power Plants 775 687
Infrastructure
Various Generation Station Improvements 2697 2390
Energy Efficiency 893 791
Shared Services
IT Facilities Customer Services Fleet 1313 1164
Total 5-Year Capital Budget $11283 10000
Internally Generated Funds $5180 459
External Debt Financing $6103 541
As of P2019C Official statement
Internally Generated Funds ExternalDebt Financing Total
2020 1011 641 1652
2021 835 1174 2009
2022 914 1470 2384
2023 1196 1433 2629
2024 1224 1385 2609
5180 6103 11283
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