original - edocket - arizona corporation commission

uminmnmumm1rs11a111l11111al1xmORIGINAL II II II II III II IIII I'll I II0000185932

BEFORE THE ARIZONA CORPORATICl

COMMISSIONERSArizonaCoqlolntion Commission

DOCKETED

FEB in 2018

TOM FORESE, ChairmanBOB BURNSANDY TOBINBOYD DUNNJUSTIN OLSON

1".-'";',@Docket No. WS-0 l025A-17-0361

NOTICE OF FILING

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1 2 Docket No. E-01025A-17-0362

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Docket No. WS-01025A-17-03631 7

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IN THE MATTER OF THE APPLICATION OF AJOIMPROVEMENT COMPANY-WASTEWATERDIVISION, FOR AN INCREASE TO ITSAUTHORIZED RATES AND CHARGES, FOR ADETERMINATION OF THE FAIR VALUE OF ITSPROPERTY DEVOTED TO WASTEWATERUTILITY SERVICE IN THE STATE OF ARIZONA,AND FOR OTHER RELATED APPROVALS.IN THE MATTER OF THE APPLICATION OF AJOIMPROVEMENT COMPANY-ELECTRICDIVISION, FOR AN INCREASE TO ITSAUTHORIZED RATES AND CHARGES, FOR ADETERMINATION OF THE FAIR VALUE OF ITSPROPERTY DEVOTED TO ELECTRIC UTILITYSERVICE IN THE STATE OF ARIZONA, AND FOROTHER RELATED APPROVALS.IN THE MATTER OF THE APPLICATION OF AJOIMPROVEMENT COMPANY- WATER DIVISION,FOR AN INCREASE TO ITS AUTHORIZED RATESAND CHARGES, FOR A DETERMINATION OFTHE FAIR VALUE OF ITS PROPERTY DEVOTEDTO WATER UTILITY SERVICE IN THE STATE OFARIZONA, AND FOR OTHER RELATEDAPPROVALS.

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Ajo Improvement Company files the attached revised rate case schedules for its Electric

Division. The revisions reflect the impact of the Tax Cut and Jobs Act.

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RESPECTFULLY SUBMITTED thisM-day ofFebnuary, 2018.

SNELL & WILMER, L.L.P

\ByTimothy J. be400 East Van Buren StreetPhoenix, Arizona 85004Attorneys for Ajo Improvement Company-Electric Division

Original + 13 copies of the foregoingfiled this /Ll*"~day of February, 2018 with:

Docket ControlArizona Corporation Commission1200 West WashingtonPhoenix, Arizona 85007

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12Copies hand delivered/mailed this same date to:

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Elijah AbinahDirector, Utilities DivisionArizona Corporation Commission1200 West WashingtonPhoenix, Arizona 85007

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Andy KvesicDirector, Legal DivisionArizona Corporation Commission1200 West WashingtonPhoenix, Arizona 85007

19 Le alDiv azcc. [email protected] to Service b Email20

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E. Robert Spear, General CounselArizona Water Company3805 North Black Canyon HighwayPhoenix, Arizona 85015-5351

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Meghan Grabel, Esq.Osborn Maledon, PA2929 North Central Avenue, Suite 2100Ph nix, Arizona 850

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ExhibitSchedule A-1Page 1Witness: Bourassa

Ajo Improvement Company - Electric DivisionTest Year Ended December 31, 2016

Computation of Increase in Gross RevenueRequirements As Adjusted

Fair Value Rate Base $ 3,192,848

Adjusted Operating Income

Current Rate of Return

(425,340)

-13.32%

$ 246,386

15.00%

$ 671,727

Required Operating Income

Required Operating Margin

Operating Income Deficiency

Gross Revenue Conversion Factor 1.3310

$Increase in Gross RevenueRequirement 894,098

_13.32%7.72%

Current Rate of ReturnProposed Rate of Return

$$s

Adjusted Test Year RevenuesIncrease in Gross Revenue Revenue RequirementProposed Revenue Requirement% Increase

748,478894,098

1642,576119.46%

DollarIncrease

PercentIncrease

ProposedRates(1 I

PresentRates(1 )

$ $ $

CustomerClassificationResidentialCommercialOtherContract(2)

Subtotal

118.36%118.36%118.36%118.36%118.36%$ $ $

418,270123,283121,62889,066

752,246

495,084145,924143,964105,423890395

913,354269,207265,592194,489

1,642,641

$ 36.99%13,720 $Other Electric Revenues(3)Reconciling AmountTotal of Electric Revenues $

10,015 $

762,261 $ 1656,361 $

3,705(2)

894,098 117.30%

(1) Present and Proposed Rates Include Base Cost of Purchased Power of $0.0500 per kph(2) Sole Contract Customer is FMI's Water Pump(3) Service Charges Plus Unmetered Street Lighting

Line

123456789101112131415161718192021222324252627282930313233343536

3738394041424344454647

SUPPORTING SCHEDULES:B-1C-1C-3H-1

Ago Improvement Company Electric DivisionTest Year Ended December 31 2016

Summary of Results of Operations

ExhibitSchedule A2Page 1Witness: Bourassa

Lineu h e rt son

Gross Revenues

Prior Years Ended12/31/2014

$ 933817 $

Protected YearTest Year Present Proposed

Actual Adjusted Rates Rates12/31/ 1 12/31/2016 12/31/2016 12/31/2017 12/31/2017

1115777 $ 1043315 $ 748478 $ 748478 $ 1642576

1917982 1773199 1665111 1173818 13961891173818Revenue Deductions andOperating Expenses

$Operating Income (984165) $ 246386(621796) $(657422) $ (425340) s (425340) s

Other Income andDeductions

Interest Expense

Net Income $ 984165 $ 657422 $ 621796 $ 425340 $425,340 $ 246386

Common Shares 3920 3920 39203920 39203920

Earned Per AverageCommon Share' 62.85(251 .06) (158.62)(167.71) (108.51) (108.51)

Dividends Paid

Dividends PerCommon Share

Payout Ratio

20.34% 11.84%-12.82% 7.95% 8.10% 4.69%Return on AverageInvested Capital'

20.39% 12.10% 12.26% 4.78%8.26%-7.95%Return on Year EndCapital'

773.59% 231 .83% -205.18%135.44% 148.96% 39.65%Return on AverageCommon Equity'

668.66% 156.54% 124.81% -583.76%7927.70% 33.09%Return on Year EndCommon Equity'

Times Bond Interest EarnedBefore Income Taxes

Times Total Interest andPreferred Dividends EarnedAfter Income Taxes

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PP RT S HEDULES

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C-1E 2F1Work Papers

Ajo Improvement Company - Electric DivisionTest Year Ended December 31 2016

Summary of Consolitated Capital Structure


Prior Years Ended12/31/2014 12/31/2015 Test

Year12/31/2016 Projected

Year12/31 /2017Description;

Short-Term Debt

Long-Term Debt

Total Debt $ $$ $

Preferred Stock

147185 419975Common Equity 498,202 7,462,216

$ 147,185 $ 419,975 $Total Capital & Debt 498,202 $ 7,462,216

Capitalization Ratios:

0.00% 000% 0.00% 0.00%Long-Term Debt

Total Debt 0.00% 0.00% 0.00% 0.00%

Preferred Stock

100.00% 100.00% 100.00% 100.00%Common Equity

100.00% 100.00% 100.00% 100.00%Total Capital

0.00% 0.00% 0.00% 0.00%

Weighted Cost ofSenior Capital

SUPPORTING SCHEDULES:E-1D-1

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M1233456789

1011121314151617181920212223242526272829303132333435363738394041424344454647484950



Construction Expendituresand Gross Utility Plant in Service

Net PlantPlaced

inService

GrossUtilityPlant

in ServiceConstructionExpenditures

Line

M123

Prior Year Ended 12/31/2014 27075 27,075 6,271,044

Prior Year Ended 12/31/2015 983314 983,314 7,254,358

Test Year Ended 12/31/2016 9,763 9,763 7,264,121

Projected Year Ended 12/31/2017 7,264,121

45678g1011121314

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SUPPORTING SCHEDULES:E-1B-2E-5F-3

34353637383940

Ajo Improvement Company ElectricDivisionTest Year Ended December 31 2016Summary Statements of Cash Flows


PriorYear

Ended12/31/2014

TestYear

Ended12/31 /2016

PriorYear

Ended12/31 /2015

Projected YearPresent ProposedRates Rates

1 1/ 17 12/31/2017

$ (984165) $ 246386(657422) s (621796) $ (425340) $

197200200339 197200240137(33643)

236623(13)

25,60210,25479816

1855781 ,083

49811

(166361)(944)

(2168)

(455800) (477304)(391559)(178342) (563,049)(33,806)

(412,792)(847)

10,980 6404(3549)

$ (1526749) $1

(586064) $(891015) $ (33718)(683940) $

(27,075) (983,314) (9763)

$ $(983314) s(27075) $ (9763) $

942027

$ $ $$ $

$

9302121872239

(2090)1237810 288$

(33718)11448480 766

1532,975t532975

(20849)3322712378 $ $ $

700023700023104,19610,288

114484

(683940)114484569456

LineMQ12345 Cash Flows from Operating Activities6 Net Income7 Adjustments to reconcile net income to net cash8 provided by operating activities:9 Depreciation and Amortization10 Depreciation and Amortization Adjustments11 Changes in Certain Assets and Liabilities:12 Accounts Receivable13 Materials and Supplies Inventory14 Prepaid Expenses15 Deferred Debits/Credits16 Receivables to Associated Co.17 Accounts Payable18 Interest Payable19 Customer Meter and Security Deposits20 Taxes Payable21 Other assets and liabilities22 Rounding23 Net Cash Flow provided by Operating Activities24 Cash Flow From Investing Activities:25 Capital Expenditures26 Plant Held for Future Use27 Changes in debt reserve fund28 Net Cash Flows from Investing Activities29 Cash Flow From Financing Activities30 Change in Restricted Cash31 Proceeds from Long-Term Debt32 Net receipt of contributions in aid of construction33 Net receipts of advances in aid of construction34 Repayments of Long-Term Debt35 Distributions/Dividends paid36 Deferred Financing Costs37 paid in Capital38 Net Cash Flows Provided by Financing Activities39 Increase(decrease) in Cash and Cash Equivalents40 Cash and Cash Equivalents at Beginning of Year41 Cash and Cash Equivalents at End of Year4243444546 SUPPORTING SCHEDULES:47 E348 F24950


Summary of Rate Base

ExhibitSchedule B-1Page 1Witness: Bourassa

Original CostRate base

Fair ValueRate Base

$$Gross Utility Plant in ServiceLess: Accumulated Depreciation

72641202502,421

7,264,1202,502421

$$Net Utility Plant in Service 4,761,699 4761 ,699

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Less:Advances in Aid of Construction iContributions in Aid of Construction 942027 942027 i

i

Accumulated Amortization of CIAC (46,206) (46206)

467,413209,048

Customer Meter DepositsCustmer Security DepositsAccumulated Deferred Income TaxRegulatory Liability - Excess Deferred Depr.

467,413209,048

Plus:

3430 3,430

Deferred Regulatory AssetsPrepaymentsMaterials and SuppliesWorking capital

Total Rate Base $ $3192,848 3,192848

SUPPORTING SCHEDULES:B-2B-3B-5E-1

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1011121314151617181920212223242526272829303132333435363738394041424344454647484950

Ago Improvement Company - Electric DivisionTest Year Ended December 31, 2016

Original Cost Rate Base Proforma Adjustments

IEI

III

II

ExhibitSchedule B-2Page 1Witness: Bourassa

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Actualat

End ofTest Year

Adjustedat end

ofTest Year

ProformaAdjustment

Gross UtilityPlant in Service $ $7264,121 7264120(1)

2,419,235

Less:AccumulatedDepreciation 83,186 2502,421

Net Utility Plantin Service $ 4844,886 $ 4,761699

Less:Advances in Aid ofConstruction

Contributions in Aid ofConstruction - Gross 942027 942,027(0)

Accumulated Amortization of CIAC 9.867(56,073) (46,206)

467413209,048

Customer Meter DepositsCustmer Security DepositsAccumulated Deferred Income TaxRegulatory Liability - Excess Deferred Depr.

467,413209,048

Plus:

3,430 3,430

Deferred Regulatory AssetsPrepaymentsMaterials and SuppliesWorking capital

Total $ 3962362 $ 3192848

RECAP SCHEDULES:B-1

SUPPORTING SCHEDULES:B-2, pages 2E-1

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ExhibitSchedule B2Page 3Witness: Bourassa

Ajo Improvement Company Electric DivisionTest Year Ended December 31 2016

Original Cost Rate Base Proforma AdjustmentsAdjustment Number 1

il

Plant-in-Sewice

AdjustmentsA

ActualOrginai

Cost

AdjustedOriginal

Cost$

Adjustmentsto Reconcile Plantto Reconstruction$ $

667302 667302

491827936965

4918,27936,965

0

(0)

(0)0

(0)

703033665,63617142523,356

703033665,63617142523356

36684 36684(0)

368374,603

368374,eos

(0)(0)

Acct.

.Nil301302303360361362363364365366367368369370371372373374389390391392393394395396397398399

399. 1

DescriptionOrganizationFranchiseMisc Intangible PlantLandStructures & ImprovementsStation EquipmentStorage Battery EquipmentPoles Towers FixturesOverhead Conductors and DeviUnderground ConduitUnderground Conductors and DLine TransformersServicesMetersInstallations on Customer Pre miLeased Property on Customer FStreet Lighting and Signal SysteAsset Retirement Costs for DistiLand and Land RightsStructures and ImprovementsOffice Furniture & EquipmentTransportation EquipmentStores EquipmentTools Shop And Garage EquipLaboratory EquipPower Operated EquipmentCommunication EquipMisc EquipmentOther Tangible plantAsset Retirement Costs for Gen

SUBTOTAL $ $7264121 $ 7,264,t20(1)

$903904940

940.1947

Land and Land RightsStructures and ImprovementsOffice Furniture and FixturesComputers and SoftwareMiscellaneous EquipmentSUBTOTAL

TOTAL$$

$$7,264121

$$ 7264120(1)

$ 7,264121

$ (1)

Plant-in-Service per Books

Increase (decrease) in Plant-inSewice

Adjustment to Plant-in-Sewice $ 1

SUPPORTING SCHEDULESB-2, pages 3.1 to 3.6

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55565758

ExhibitSchedule B2Page 3.1Witness: Bourassa


Original Cost Rate Base Proforma AdjustmentsAdjustment Number 1 A

Reconciliation of Plant to Plant Reqonstrurnion

Line

MY123 Adjusted

OrginalCost

Orginalst

B2Adjustments

PlantPer

Recon r i n DQ M Q Q

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0

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(0)(0)

And.

M301302303360361362363364365366367368369370371372373374389390391392393394395396397398399

399.1 DescriptionOrganizationFranchiseMisc Intangible PlantLandStructures & ImprovementsStation EquipmentStorage Battery EquipmentPoles Towers. FixturesOverhead Conductors and DevicesUnderground ConduitUnderground Conductors and DevicesLine TransformersServicesMetersInstallations on Customer PremisesLeased Property on Customer PremisesStreet Lighting and Signal SystemsAsset Retirement Costs for Distribution PlantLand and Land RightsStructures and ImprovementsOffice Furniture & EquipmentTransportation EquipmentStores EquipmentTools Shop And Garage EquipLaboratory EquipPower Operated EquipmentCommunication EquipMisc EquipmentOther Tangible PlantAsset Retirement Costs for General Plant

TOTALS s 7264121 S $ 7264121 $ 7264120 s (1)

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ExhibitSchedwe B2Page 4Witness Bourassa

Ajo Improvement Company . Electric DivisionTest Year Ended December 31 2016

Original Cost Rate Base Proforma AdjustmentsAdjustment Number 2

Accumulated Depreciation

Adjustments

A

Per BooksAcc um.

E924

Adjustmentsto Reconcile A/D

s g s m n a m ms

Adjusl8dAcc um.Depr.

s s

422825 657477234852

1 52949336588

149657521053

(32917)(15535)

252993570894704923356

214.807496924563523016

(38186)(7397)(1414)

(34<>)

36.684

13.067292

(505)(505)

(4721)(451 )(451)

(900)(900)

2373226

(505)(505)

(41 405)(451)(451 )(900)(900)

(10694)

(he)

Acct.

301302303360361362sea384365366367368369370r m372373874389390391392393394395ass397398399

399.1

DescriptionOrganizationFranchiseMisc Intangible Plan!LandStructures & ImprovementsStation EquipmentStorage Battery Equipmentpoles Towers FixturesOverhead Conductors and DevicesUnderground ConduitUnderground Conductors and DeucesLine TransformersServicesMetersInstallations on Customer PremisesLeased Properly on Customer premiseStreet Lighting and Signal SystemsAsset Retirement Costs for DistibutiorLand and Land RightsStructures and ImprovementsOffice Furniture & EquipmentTransportation EquipmentStores EquipmentTools Shop And Garage EqulpLaboratory EquipPower Operated EquipmentCommunication EquipMisc EquipmentOther Tangible PlantAsset Retirement Costs for Geneiat P

lt

SUBTOTAL s s2419235 83186 s 2502420

903904940

940. 1947

Land and Land RightsStructures and ImprovementsOffioe Fumitmxe and FixturesComputers and SoftwareMiscellaneous EquipmentSUBTOTAL

TOTALss

$s

s$2419235 88186 2502420

s 2419235

83 186s

s 83.186

Accumulated Depreciation per Books

Increase (decease) in ttccumulated Depreciation

Adjustment to Accumulated Depreciation

Line

123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354

555657

PP T NB2. pages 4.1 to 4.e

ExhibitSchedule B2Page 4. 1Witness: Bourassa


Original Cost Rate Base Proforma AdjustmentsAdjustment Number 2 A

cons i nR II f R construction

Difference

AIDPer

Reconstruction

AdjustedOrginalCost

B2Adjustments

Orginalo t

422625 234.852657477422625

1 52949336588

152949336588

149657521053

(32917)(15535)

252993570894704923356

252993570894704923356

214807496924563523016

(38 1 se)(7397)(1414)

(340)

36.684 36684

W13067

292

(505)(505)

(4721)(451)(451)(900)(900)

2.373226

13067292

(505)(505)

(41 405)(451)(451)(900)(900)

(10694)

(66)

Acct.

M301302303360361362363364365366367368369370371372373374389390391392393394395398397398399

399.1 DescriptionOrganizationFranchiseMisc Intangible PlantLandStructures & ImprovementsStation EquipmentStorage Battery EquipmentPoles. Towers. FixturesOverhead Conductors and DevicesUnderground ConduitUnderground Conductors and DevicesLine TransformersServicesMetersInstallations on Customer PremisesLeased Property on Customer PremisesStreet Lighting and Signal SystemsAsset Retirement Costs for Distribution PlantLand and Land RightsStructures and ImprovementsOffice Furniture & EquipmentTransportation EquipmentStores EquipmentTools, Shop And Garage EquipLaboratory EquipPower Operated EquipmentCommunication EquipMisc EquipmentOther Tangible PlantAsset Retirement Costs for General Plant

TOTALS $ 2419235 $ $ 2419235 $ 2502420 $ 83186

HSUPPORTIN

Line

me12345678g

10111213141516171819202122232425262728293031323334353637383940414243444546

B2 pages 4.1 to 4.5B2 pages 3.2 through 3.20

Original Cost Rate Base Proforma AdjustmentsAdjustment 3

ContributionsinAid of Construction (CIAC) and Accumulated Amortization

Line

M1234

$

AccumulatedAmortization

$ 46206

GrossCIAC

942,027Computed balance at End of Test Year

Book balance at End of Test Year $ $942,027 56073

$ $Increase (decrease) (0) (9,867)

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Original Cost Rate Base Proforma AdjustmentsAdjustment 5

Excess Deferred Depreciation

Accumulated Derferred Income Taxes at 2016 Tax Rates $ (6055876)

Accumulated Derferred Income Taxes at 2018 and forward Tax Rates s (3816939)

$Excess Deferred Depreciation (2238936)

Allocation Factor Water Division 0.0934

$Excess Deferred Depreciation - Water Division (209048)

$ 209048Increase (decrease) in Regulatory Liability Excess Deferred Depreication

$UPPORTING SCHEDULESB2 page 7Work papers

Line

M12345678g1011121314151617181920212223242526272829303132333435

i

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Computation of Working Capital


$ 75,255

Line

1

2

3

Cash Working Capital (1/8 of AllowanceOperation and Maintenance Expense)

Purchased Power (1/24 of Pumping Power)

$ 75255Total Working Capital Allowance

$Working Capital Requested

Adjusted Test Year$ 1,173818

$

Total Operating ExpenseLess:Income TaxProperty TaxDepreciationPurchased Power

(140806)53,391

197,200461 996

$$

602,03875,255

Allowable Expenses1/8 of allowable expenses

SUPPORTING SCHEDULES:E-1

RECAP SCHEDULES:B-1

l

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Income Statement

ExhibitSchedule C-1Page 1Witness; Bourassa

Test YearBook

Results

Adjustedwith RateIncrease

ProposedRate

Increase

Test YearAdjustedResults

LineML Adjustment

s $957364 741594 $ 894098 $ 1635691(215770) $Revenues

Metered Water RevenuesUnmetered Water RevenuesOther Water Revenues

s$ $6885

74847885952

1043315 894098 $6885

1642576(79067)

(294,837) $Operating Expenses

$ $(423,418) $135575

278861139397

278861139397

7022793822

461 996534143 461996(72147)

8.3075687

8,30721630

8.3075,687(15943)

260647413

260647413

260647413

83711 67293 67,293(16418)

5,788 5788 5788

10,61134.073(7,413)a,242

3661240137

10,61134073

8293,661

197,200

1061134073

8293661

197200(42937)

1405553391

Salaries and WagesPensions and BenefitsPurchased WaterPurchased PowerChemicalsFuel for Power ProductionRepairs and MaintenanceOffice Supplies and ExpenseContractual Services EngineeringContractual Sewices- AccountingContractual Sewices- LegalContractual Services Management FeesContractual Services TestingContractual Services OtherRentsTransportationInsurance - General LiabilityInsurance Health and LifeRegulatory Commission ExpenseMiscellaneousBad Debt ExpenseDepreciationDeferred Asset AmortizationTaxes Other Than IncomeProperty TaxesIncome Tax 222371

140555339181565(140806)

14,05553,391

(140806)

$$

$$

$$

$$

222,371671727 1,396189246386

(491293) $196,456 $

1665111(621 ,796)

1173818(425340)

Total Operating ExpensesOperating IncomeOther Income (Expense)

Interest and Dividend IncomeAFUDC IncomeMiscellaneous Non~Utility ExpensesInterest Expense

671 727$$

$$

s$

$$

$$

Total Other Income (Expense)Net Profit (Loss) 196456 425,340(621796) 246386

PP TIN H S: RECAP SCHEDULES:A1C1 page 2

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I

Ago Improvement Company - Electric DivisionTest Year Ended December 31 2016

Adjustments to Revenues and Expenses

ExhibitSchedule C2Page 1Witness: Bourassa

X nnv nR

1 Q 3

RevenueAnnualization Subtotal

QTrueup

Health & LifeInsurance

RateCase ExpenseQenfesialmn

§TrueUp

Salaries &Waqes

Ad sum n d E

ZIntentionally

Left

4149!$Revenues

27775 10611Expenses (42937) (273788) (278339)

OperatingIncome 42937 273788 278339(27775) (10.611)

InterestExpense

OtherIncome /Expense

Net Income 27378842937 27775 _ 8_78339(10.611)

Z LEIntentionally

LeftBlank

ReclassifyEx n

ReclassifyExpenses

1 1Remove

NonRecurringB§!§nu§§

Revenues

PurchasedPower

(215770) Adjustments to Revenues and Expenses

§ 2 LTTrueup

CorporateAll i n

(79067)Subtotal

(294837)

(72147)Expenses (350486)

OperatingIncome 55649(143623) (79067)

I

9

InterestExpense


Net Income 55649___( 343e23) . . . 79.067

A n t Revenues and Ex uses

L1 ;Intentionally

LeftBlank

Lintentionally

LeftBlank

LIntentionally

LeftBlank

. 8intentionally

LeftBlank

IncomeT x

i iIntentionally

LeftI nk

RevenuesT I(294837)

(140.806)Expenses (491 293)

OperatingIncome 140.806 196456

l

InterestExpense


Line

M123456789

1011121314151617

181920212223242526272829303132333435363738

394041424344454647484950515253545556575859 Net Income 140806 196456

ExhibitSchedule C-2Page 2Witness: Bourassa


Adjustments to Revenues and ExpensesAdjustment Number 1

Depreciation Expense

Acct. ProposedRates

DepreciableOriginal

CostDepreciation

Expense

AdjustedOriginal

c t

NonDepr.and Fully

DQPI2 PlantDescriptionOrganizationFranchiseMisc Intangible Plant

667302 21821667302

491827936965

1608281209

491827936965

22989217665,606

764i

703.03366563617142523356

70303366563617142523356

1W1l

i!

36684 120036684 W3

l

l

l9

1205151

36.8374603

36.8374503

i

301302303360361362363364365366367368369370371372373374389390391392393394395396397398399

399.1 LandStructures & ImprovementsStation EquipmentStorage Battery EquipmentPoles Towers FixturesOverhead Conductors and DevicesUnderground ConduitUnderground Conductors and DevicesLine TransformersSemitesMetersInstallations on Customer PremisesLeased Property on Customer PremisesStreet Lighting and Signal SystemsAsset Retirement Costs for Distribution PlanLand and Land RightsStructures and ImprovementsOffice Furniture & EquipmentTransportation EquipmentStores EquipmentTools Shop And Garage EquipLaboratory EquipPower Operated EquipmentCommunication EquipMisc EquipmentOther Tangible plantAsset Retirement Costs for General Plant

l

0.00%0.00%0.00%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%3.27%

Subtotal 23753772641207264120PAllocated Cor o

\

l

ll

0.00%0.00%0.00%0.00%0.00%

903904940

940.1947

i

Land and Land RightsStructures and ImprovementsOffice Furniture and FixturesComputers and SoftwareMiscellaneous EquipmentSubtotal

TOTALSss

$$

ss 237537

$$ 72641207264120

l

Amory. RateGross CIAC Net CIACnonAgon. OrFuIIV Amortized

sLess: Amortization of Contributions

368 Line Transformers369 Services

316116625911

316116625911

(10337)(20467)

3.27%3.27%3.27%3.27%

TOTALS sss 942.027 $ 942027 (30804)

4.56% sBalance

$ 209048 (9533)Amortization of Excess Deferred Depreciation

1l$ 197200Total Depreciation Expense

l

240.137Adjusted Test year Depreciation Expense:

42937Increase (decrease) in Depreciation Expense

I$Adjustment to Revenues and/or Expenses (42:937)

SUPPORTING SCHEDULE

Line

M1234567a9

101112131415161718192021222324252827282930313233343536373839404142434445

46474849505152535455565758596061

6263

6465

Exhibit

Schedule C2

Page 3

Witness: Bourassa

Ajo Improvement Company - Electric Division

Test Year Ended December 31 2016

Adjustment to Revenues and Expenses

Adjustment Number 2

intentionally Left Blank

Line

M1

2

3

1

1

4

5

6

7

8

g

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

ExhibitSchedule C-2page 4Witness: Bourassa


Adjustment to Revenues and ExpensesAdjustment Number 3

Rate Case Expense

$

Total Estimated Rate Case ExpenseAllocation FactorEstimated Rate Case Expense

250,00033.33%83325

Estimated Amortization Period in Years 3

$ 27,775

$

Line

12345678g

1011

IIE!

$

Annual Rate Case Expense

Test Year Rate Case Expense

increase(decrease) Rate Case Expense 27775i

I

$Adjustment to Revenue and/or Expense 27,775

ReferenceTestimony

1213

14151617181920 I

I

ExhibitSchedule C-2page 5Witness: Bourassa

Ajo Improvement Company - Electric DivisionTest Year Ended December 31 2016Adjustment to Revenues and Expenses

Adjustment Number 4

Intentionally Left BlankI

i

Line

.uh12345878g

1011121314151617181920

ExhibitSchedule C~2Page 6Witness: Bourassa

Ajo Improvement Company - Electric DivisionTest Year Ended December 31, 2016Adjustment to Revenues and Expenses

Adjustment Number 5

True-up Salaries and Waqes. Benefits

Line

M

$

$

pro forma Wages and SalariesTest Year Salaries and WagesIncrease(decrease) in Salaries and Wages

278,861702,279(423418) 1

11111

$1

1

1234

5678 $

Pro forma Pensions and BenefitsTest Year Pensions and BenefitsIncrease(decrease) in Pensions and Benefits

139,3973.822

135,575 11

$ 14,055 111$ 14055

Pro forma Payroll TaxesTest Year Payroll TaxesIncrease(decrease) in Taxes Other Than Income

1

1

$Adjustment to Revenue and/or Expense (273,788)

ReferenceTestimonyWork Papers

g101112

1314151617181920

1I l


Ago Improvement Company - Electric DivisionTest Year Ended December 31, 2016Adjustment to Revenues and Expenses

Adjustment Number 6

True-up Health and Life Insurance

Line

M L123

$

$

10611

10,611

Pro forma Health and Life InsuranceTest Year Health and Life InsuranceIncrease(decrease) in Salaries and Wages

$ 10,611Adjustment to Revenue and/or Expense


4

5678g101112131415161718192021222324




Purchased Power

461,761677,531

Pro forma Purchased Power RevenuesTest Year Purchased Power Revenueincrease(decrease) in Purchased Power Expense

$

$ 215,770

$

$

Pro forma Purchased Power ExpenseTest year Purchased Power ExpenseIncrease(decrease) in Purchased Power Expense

461 ,996534,143(72,147)

$Adjustment to Revenue and/or Expense (143623)


Line

M1234

5678

91011121314151617181920

ExhibitSchedule C2Page 9Witness: Bourassa


Adjustment Number 8

R I l E x r e s

$ (15943)15943(7413)7413

(32,361)6,298

26064

Office Supplies and ExpenseContractual Services - OtherMiscellaneous ExpenseContractual Services - LegalContractual Services - OtherRegulatory Commission ExpenseContractual Services - Accounting

$Increase(decrease) in Expenses

$Adjustment to Revenue and/Or Expense

Line

M12345678g1011121314151617181920212223242526

ReferenceTestimonyWork papers





l

Line

M12345678g10111213

ReferenceTestimony

14151617181920

1

W1

lExhibitSchedule C2Page 11Witness: Bourassa


Adjustment Number 10

Remove NonRecurrinq Revenues

Labor Reimbursements $

$increase(derease) in Other Revenues

(79067)

(79,067)

Adjustment to Revenue and/or Expense $ 79,067

11

1

Reference

Testimony

Line

123456

7891011121314151617181920 1

11

111

1

1

1

1

1

1

ExhibitSchedule C~2Page 12Witness: Bourassa



I intentionally Left Blank

Line

12345

678g10111213141516171819202122232425262728

II





Line

DLC;1234

5678g

1011121314151617181920

il

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Ii

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Ajo Improvement Company - Electric DivisionTest Year Ended December 31, 2016Adjustment to Revenues and Expenses

Adjustment Number 13

Line

M123

45678g

1011121314151617181920

I

1i

11



Adjustment to Revenues and/or ExpensesAdjustment Number 14

Income TaxesTest Year

at Present Rates$ (140806)

Test Yearat Proposed Rates

$Computed Income TaxTest Year Income tax ExpenseAdjustment to Income Tax Expense $ (140806) $

81565(140806)222371

SUPPORTING SCHEDULEC3 page 2

Line

M123456

78g

1011121314

15161718192021222324252627282930


Computation of Gross Revenue Conversion Factor

ExhibitSchedule C~3Page 1Witness: BourassaI

I

n

Line

M123

Percentageof

IncrementalGross

Revenues24.8710%0.0000%0.0000%

DescriptionCombined Federal and State Effective Income Tax RateUncollectible Revenue Effective RateProperty Taxes Effective Rate

24.87100/,Total Tax Percentage

75.1290%Operating Income % = 100% - Tax Percentage

= Gross Revenue Conversion Factor1.331044

1Operating Income %

1

1

1

1

RECAP SCHEDULES:A 1

SUPPORTING SCHEDULES:C3, page 2

45678g

10111213141516171819202122232425262728293031323334353637383940

I

Ala Improvement company Electric quinnTut Yoac Ended December 31. 2016

ExnbllSdmouule C3Page 2Whness: Bourassa

GROSS REVENUE CONVERSION FACTOR

(A) (C)(8) (D) IF]IE!Line

NO. ngaanmnn

. 41.41 u J d . ]%l nu1

2

3

I

5

6

100.0000%0.0000%

100.0000%24.87109675 1290*1831044

RevenueUncollectible Favor (Ums 11)Revenues (Ll . LE)Combined Federal and Stale Income Tux and Pf°9°f*v Tax Rate (Line 23)Subtotal (La LE)Revenue Conversion Factor (Ll ILL)

1000000$24.87109875129098

0900096

789

1011 0.0000ss

aenl4manu4mu¢¢naJ:,»Q_qaUnityComblnod Foams ma Slate Tax Rate (L 17)Ono Minus Comhmed Income Tax Rate (L7 La )'Jncolodlnle R*¢U 11G0110C11Dk FQc10f (LE L 10 )

:

I

I

1 o0000o%4.9000A

9s1oao%21 uoooss19.971094

12131415LG17 24.a7Ioss

Operuling Income Belove Taxes (Alizonl Taxable Income)Arlzona State Income Tax RueFederal Taxable Income (L 12 . L13)Applicable Federal Income Tax Rate (L55 Col F)Efledive Federal Income Tax Rate (L14 x L15)Combined Feama and Sine Income Tax Rule (L13 +.Io)

10090001624.87109875.1290160 0 0 0 0 *

0000016

l a1920212223 24.8710*

§uaImanLeam¢¢mmmLzufm¢unitCombined Federal and Slate Income Tax Rate (L17)One Minus Combined Income Tax Role (L16LI9)Properly Tax FactorEflhdive Property Tax Fodor (L20\21)Combined Federal and Stan Income Tax and Plvwenv Tax Rug (LlI+L22)

ss

24aaos(425340)

s

24 Required Opennling Income25 Aalusaeafesl Year Opening Income (Loss)t o Requlred lnanase in oneraling 1m:om¢ (L24 L25) 671 .727

ss

o1 .scs(140808)

272629

Income Taxes on Reeommendcd Rcvoouo (Col (F). L52)meme Taxes on Test Year Revenue (Col. (C). L52)Required Increase in Revenue to Provide lot lnoome Taxes (L21 us) s 222.371

1 6425760.000q*

s

ss

30 Recommended Revenue Requhemenl31 uneol leaibu Rate (Line lo)32 UncoNediule Expense on Recommended Revenue (L24 L25)ea Aapusuea Test year unmleaiole Expense

Required lnaeese in Revenue to Provide la Uneoledible Exe. s

ss

53.39153.391

34

3536a7

Property Tax win Rerammended Rovomnpmgerty Tax on Test year RevenueInaoase in Properly Tax Due to lnaeaso in Revonue (L35L38)

l

l38 Total Required Incense i t Revenue (L26 L29 + L37)

3 .

s B94 O98

A c lE

In!!!Tolal

s

TAU

ss s748.4781.314.625

7484781.314625

1.642.5761.a14.625

16425781314825

s

safmuumzmmnlaa;RevenueUPGMW Expenses Exoludmg Income TaxesSyndwunizod Inlorosl (L47)Arizona Taxable Income (L39 L40 . LAI)Arizona Stale El lodive Income Tax RaeArizona income Tax (L42 x L43)Federal Taxable Income (t.42 Lu)Federal Income Tax RateFederico Taxes

ss

s

s

ss

s

s

ss

s

s

ss

s

(508147)4.900096(27741)

(530405)2 1 0 0 0 0 *(113055)

¢sea.14n4.900098(27741)

638.405)21.000044(11a.0ss)

327952u o o o ss

16070a11 .eat

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3279514.9000ss

16070311ee2

21 ggg0*65495

moss as 495 as 49ss113 M5m e n

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ss

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as szsznaesusn Appl icable Feama Income Tax Rate IcaI. 1v1. Lea . Col. IAN Lea / (cu. M. L45 . ca. IAN. L4sla s$7 1818158 Anprkaable Federal Income Tax Rl ls ICon. IF] Lea . Cd. [Cl L53] I (Col. [Fl . L45 Col [Cl. L45]

Wlefs 3102a4s

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so Ra t e B a a59 Welghlod Average cos al Detulso Syndwunlzni Inlenst (L59 x Lao)

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Cost of Preferred Stock

ExhibitSchedule D-3Page 1Witness: Bourassa

End of Test Year End of Protected Year

AmountDescriptionof Issue

DividendRequirement

SharesOutstanding

SharesOutstanding

DividendAmount Requirement

Line

1234567 NOT APPLICABLE NO PREFERRED STOCK ISSUED OR OUTSTANDING


RECAP SCHEDULES:D-1

8g10111213141516171819202122232425262728293031323334353637383940


Cost of Common Equity

ExhibitSchedule D-4Page 1Witness: Bourassa

7.72%The Company is proposing an operating margin approach which results in a return on equity of

RECAP ES:D-1

i

SUPPORTING H S:E-1D-4.1 to D-4.16

Line

HQ.,123456789

1011121314151617181920


Comparative Balance Sheets

ExhibitSchedule E1Page 1VWtness: Bourassa

YearEnded

12/31/2014

YearEnded

12/31 /2015

TestYear

Ended12/ 1/2 1

$ $ s7264121 62710447254358

Line

NO*1223

I

ASSETSPLANT

Plant In ServiceNonUtility PlantConstruction Work in ProgressProperty Held for Future UseLess: Accumulated DepreciationNet Plant $ s

(2419235)4844886 $

(2179097)5075261

(1920.057)4350987

l

$ s $114484 10288 12378

106979 292557 318159

3430

34456789

1011121314

14767129627

4.51349811

CURRENT ASSETSCash and EquivalentsRestricted CashCustomer Accounts Receivable NetInter-Company ReceivableNotes ReceivablePlant Materials and SupplesPrepaymentsOther Current AssetsTotal Current Assets $ s224.893 $357169 474931

OTHER ASSETSDeferred Finance CostsOther Deferred DebitsOther NonCurrent AssetsDeferred Debits s s s

TOTAL ASSETS $ s5069779 5432 430 s 4825918

ND STOCK D

$Stockholder's Equity 498202 $ s419975 147185

LongTerm Debt

15161718192021222324

252627282930313233

s s $2590 3437 37243

3,608013 4020805 4583854

75020 68616 57636

CURRENT LIABILITIESAccounts PayableCurrent Portion of LongTerm DebtPayables to Associated CompaniesSecurity DepositsCustomer Meter Deposits CurrentCurrent Portion of AIACAcaued TaxesAccrued InterestOther Current LiabilitiesTotal Current Liabilities s $3.685.623 4092858 $ 4678733

942027(56073)

942027(22430)

DEFERRED CREDITSCustomer Meter Deposits less currentAdvances in Aid of ConstructionAdvances in ProgressAccumulated Deferred Income TaxesContributions In Aid of ConstructionAccumulated AmortizationContributions in ProgressOther DeferiTed CreditsTotal Deferred Credits s 885.954 $$ 919597

s s5.069.779 5432430Total Liabilities & Common Equity $ 4 825918

TING SCHED : RECAP HED :A-3

3435363738394041424344454647484950515253545556

5758596061628364


Comparative Income Statements

.Ig

ExhibitSchedule E-2Page 1Witness: Bourassa

I

i

I TestYear

Ended12/31 /2016

PriorYear

Ended12/31/2014

PriorYear

Ended12/31/2015

Line

M

$ 957364 $ 9338171115,777 $

$ $85952

1043315 1115,777 $ 933817

RevenuesMetered Electric RevenuesUnmetered RevenuesOther Revenues

Total RevenuesOperating Expenses

$ $ $1,1464804126

7022793822

8610996146

534143 229,561 250686i

830721630 564613,826

1178815480 3

l

83711 51 446 399953

5788 9.822 12632

15842 415398,2423.661

240137 236,623 200,339

53391 11832060027

Salaries and WagesPensions and BenefitsPurchased WaterPurchased PowerChemicalsFuel for Power ProductionRepairs and MaintenanceOffice Supplies and ExpenseContractual Services EngineeringContractual Services AccountingContractual Sewices- LegalContractual Services- Management FeesContractual Services - TestingContractual Services - OtherRentsTransportationInsurance General LiabilityInsurance - Health and LifeRegulatory Commission ExpenseMiscellaneousBad Debt ExpenseDepreciationDeferred Asset AmortizationTaxes Other Than IncomeProperty TaxesIncome Tax

$$

1,665,111 $(621796) $

1,773199 $(657,422) $

1917982(984165)


Interest and Dividend IncomeAFUDC IncomeGains(Iosses) From Write Down of PPEInterest Expense

$$

$$

Total Other Income (Expense)Net Profit (Loss)

$$621,796 657422 984,165

SUPPORTING SCHEDULES:

12345678g10111213141516171819202122232425262728293031323334353637383940414243

444546474849

I


Comparative Statements of Cash Flows

ExhibitSchedule E-3Page 1Witness; Bourassa

PriorYear

Ended12/31/2015

TestYear

Ended12/31 /2016

PriorYear

Ended12/31/2014

$ (621796) $ (657422) $ (984165)

200339240137(33643)

236623

(13)

256021025479816

1855781083

49811

(166361)

(944)(2,168)

(412792)(847)

(563049)(33806)

(391 559)(178342)

6404 10980 (3549)I

I

I

II $

1(586,064) $

(9763) (27075)

(891,015) $ (1,526749)

(983314)

$ (9,763) $ (983314) $ (27075)

942,027l

ll

Line

.N.L123456789101112131415161718192021222324252627282930313233

$$

$ $

700,023700,023104,19610,288

114484

Cash Flows from Operating ActivitiesNet IncomeAdjustments to reconcile net income to net cashprovided by operating activities:

Depreciation and AmortizationDepreciation and Amortization AdjustmentsChanges in Certain Assets and Liabilities:

Accounts ReceivableMaterials and Supplies inventoryPrepaid ExpensesDeferred Debits/CreditsPayables/Receivables to Associated Co.Accounts PayableInterest PayableCustomer Meter and Security DepositsTaxes PayableOther assets and liabilitiesRounding

Net Cash Flow provided by Operating Ac:tivitiesCash Flow From investing Activities:

Capital ExpendituresPlant Held for Future UseChanges in Special Funds

Net Cash Flows from Investing ActivitiesCash Flow From Financing Activities

Change in Restricted CashProceeds from LongTerm DebtNet receipt of contributions in aid of constructionNet receipts of advances in aid of constructionRepayments of LongTerm DebtDistributionsDeferred Financing CostsPaid in Capital

Net Cash Flows Provided by Financing ActivitiesIncrease(decrease) in Cash and Cash EquivalentsCash and Cash Equivalents at Beginning of YearCash and Cash Equivalents at End of Year

1532975$ 1532,975

(20849)33227

$ 12378

9302121,872239

(2090)1237810288

RECAP SCHEDULES:A 5

SUPPORTING SCHEDULES?Workpapers

343536373839

4041424344

i

ii\


Statement of Changes in Stockholders Equity

ExhibitSchedule E4Page 1Witness: Bourassa

\

il

CommonStock TotalPaidinCapital

RetainedEaminqs W

$ 392000 $ $ (25068668) $ (401 625)1 532975

24,275,0431 532975 i

\W

Balance, December 31, 2013Add fl Paid In Capital AdjustmentDistributionsRoundingNet Income

1(984165)

1(984165)

l1ll

l$ 392,000 $ $ (26,052832) $25,808018930212

147,186930,212

1W

Balance, December 31, 2014Add fl Paid In Capital AdjustmentDistributionsRoundingNet Income

(1)(657,422)

<1)(657422)

$ 392000 s $ (26,710,255) $ 419,975700023

26,738,230700,023

Balance, December 31 2015Add fl paid In Capital AdjustmentDistributionsRoundingNet Income l

LineM12345678g10111213141516171819202122 $Balance December, 2016

(621 796)

498202

(621,796)

392,000 $ 27438,253 $ (27,332051) $

SUPPORTING SCHEDULES: RECAP SCHEDULES:E-1

I

:

I

232425262728293031323334353837383940


Detail of Plant in Service


PlantBalance

at12/31/2016

PlantBalance

at12/31/2015

$

PlantAdditionsReclass-

ications oror

Retirements$

Line

1234

667,302 667,302

4,918,27936965

4,918,27936965

703,033665636171,425

23,356

703033665,636171,425

23,356

36.684 36684

9,76227,0754,603

36,8374,603

Acct.M301302303360361362363364365366367368369370371372373374389390391392393394395396397398399

399. 1

Plant DescriptionOrganizationFranchiseMisc Intangible PlantLandStructures 81 ImprovementsStation EquipmentStorage Battery EquipmentPoles, Towers, FixturesOverhead Conductors and DevicesUnderground ConduitUnderground Conductors and DevicesLine TransformersServicesMetersInstallations on Customer PremisesLeased Property on Customer PremisesStreet Lighting and Signal SystemsAsset Retirement Costs for Distribution PlantLand and Land RightsStructures and ImprovementsOffice Furniture & EquipmentTransportation EquipmentStores EquipmentTools Shop And Garage EquipLaboratory EquipPower Operated EquipmentCommunication EquipMisc EquipmentOther Tangible PlantAsset Retirement Costs for General Plant

RoundingTOTAL WATER PLANT 9,762 $s 7,254,358 $ 7,264,121

RE AP H S:A-4E-1

SUPPORTING SCHEDULESWork PapersB-2 pages 3.1 to 3.4

5678910111213141516171819202122232425262728293031323334

3536373839


Operating Statistics


1

111

31

TestYear

Ended12/31/2016

PriorYear

Ended

12/31/2015 PriorYear

Ended12/31/2014

ELECTRIC STATISTICS:

Total Kwh Sold 10197,2539,504,086 11232,756

Electric Revenues from Customers: 910,868$ 938,687 $ 1,003,752 $

Year End Number of Customers 978 984 1 ,026

Annual KwhSold Per Year End Customer 190 199 200

$ 887.79959.80 $Annual Revenue per Year End Customer 1,020.07 $

Line

M12345678910111213141516171819202122232425

sI|


Taxes Charged to Operations

ExhibitSchedule E-8Page 1Witness:Bourassa

i!i

I

TestYear

Ended


Ended


Ended12/31/2014

Description

Line

M123 $ $$State Income Taxes

Federal Income TaxesPayroll TaxesProperty Taxes 53391 60,027 118320

Totals $ 53,391 s 60027 $ 118.320

i

T

45678g

10111213141516171819202122232425262728293031323334353637383940


Notes To Financial Statements

ExhibitSchedule E9Page 1Witness: Bourassa

LineM123

The Company does not conduct independent audits reviews and/or compilations. Accordingly there are nonotes which are typically associated with these financial statements. Management makes the followingnotations to the finanical statements contained herein:

Significant Accounting Policies - The Company prepares its financial statements in accordance withaccounting principles generally accepted in the United States of America and the accounting records of the areare maintained in accordance with the uniform system of accounts as prescribed by Title 18 Code of FederalRegulations Uniform System of Accounts (USOA). Significant accounting policies are as follows:.

Utility Plant - Property plant and equipment is stated at cost less accumulated depreciation provided on astraight-line basis.

45678g

1011121314 Depreciation rates for asset classes of utility property, plant and equipment are established by the

Commission. The cost of additions including betterments and replacements of units of utility fixed assets arecharged to utility property, plant and equipment. When units of utility property are replaced, renewed orretired, less salvage proceeds is charged to accumulated deprecation. Costs of removal and salvage are record toasset retirement costs.

Revenue Recognition - Revenues are recognized on the accrual method. Under this method revenue isrecognized when earned rather than when collected, and expenses are recognized when incurred rather thanwhen paid.

Contributions in Aid of Construction - Contributions in aid of construction (CIAC) are nonrefundable contributionsby developers and customers for plant expansion. In addition this amount includes the remaining balance if anyof advances in aid of construction at the end of the repayment period. The contributions in aid of construction arebeing amortized at a rate equal to the rate allowed for depreciation, as a reduction of depreciation expense

15161718192021222324252627282930313233

Advances in Aid of Construction - Customer advances for construction are subject to refund in accordance withagreements approved by the Arizona Corporation Commission. Agreements provide for refunds which are typicallyequal to 10 percent of annual water revenue generated from the expansion. The repayments are for a maximumagreed upon period or until repaid in full. Any balance remaining at the end of the agreed-upon period for repaymentbecomes a contribution in aid of construction.

34353637383940


Projected Income Statements - Present 8 Proposed Rates

ExhibitSchedule F~1Page 1Witness: Bourassa

At ProposedRatesYear

Ended12/31 /2017

Test YearActualResults

At PresentRatesYear

Ended12/31 /2017

$ 741594 $ 1635691957364 $Revenues

Metered Water RevenuesUnmetered Water RevenuesOther Water Revenues

$ $$6,885

1 6425766.885

74847885,952

1,043315Operating Expenses

$ $$702,2793.822

278861139397

278861139397

534143 461,996 461996

83075687

830721 630

83075687

260647413

260647413

88711 87,29367293

5788 57885,788

02423661

240137

1061134.073

8293661

197200

1061134073

8293661

197200

53391

Salaries and WagesPensions and BenefitsPurchased WaterPurchased PowerChemicalsFuel for Power ProductionRepairs and MaintenanceOffice Supplies and ExpenseContractual Services - EngineeringContractual Services- AccountingContractual Services- LegalContractual Services- Management FeesContractual Services TestingContractual Services OtherRentsTransportationInsurance General LiabilityInsurance Health and LifeRegulatory Commission ExpenseMiscellaneousBad Debt ExpenseDepreciationDeferred Asset AmortizationTaxes Other Than IncomeProperty TaxesIncome Tax

140555339181 565

1405553,391

(140806)

$$

1396,189246386

1173818 $(425340) $

1665111 $(621796) $

246 386$$

$$

$$


Interest IncomeOther incomeInterest ExpenseOther ExpenseGain/Loss Sale of Fixed Assets

Total Other Income (Expense)Net Profit (Loss) 621 796 425340

PP ULES:C-1

Line

m .12345678g1011121314151617181 g20212223242526272829303132333435363738394041424344454647484950

iI!

E

ExhibitSchedule F2Page 1Witness: Bourassa


Projected Statements of Changes in Financial PositionPresent and Proposed Rates

iI

I Line

M

i

At ProposedRatesYear

Ended12/31 /2017

Test YearEnded

12/31 /2016

At PresentRatesYear

Ended12/31 /2017

$ 246,386(621796) $ (425340) $i

197200 197200240137(33643)

i185578

108349811

(455800) (477304)(412792)

(847)

6404I

$1

(586064) $ (33,718)(683940) $I

(9763)I

IiI

$ $(9763) $

II

I

$ $$

$$

70002370002310419610,288

114,484 $

(683,940)114484569456

Cash Flows from Operating ActivitiesNet IncomeAdjustments to reconcile net income to net cashprovided by operating activities:

Depreciation and AmortizationDepreciation AdjustmentsChanges in Certain Assets and Liabilities:

Accounts ReceivableMaterials and Supplies InventoryPrepaid ExpensesDeferred Debits/CreditsPayables/Receivables to Associated Co.Accounts PayableInterest payableCustomer Meter and Security DepositsTaxes payableOther assets and liabilitiesRounding

Net Cash Flow provided by Operating ActivitiesCash Flow From Investing Activities:

Capital ExpendituresPlant Held for Future UseChanges in debt reserve fund

Net Cash Flows from Investing ActivitiesCash Flow From Financing Activities

Change in Restricted CashChange in net amounts due to parent and affiliatesNet Receipt contributions in aid of constructionNet receipts of advances in aid of constructionRepayments of Long-Term DebtDividends PaidDeferred Financing CostsPaid in Capital

Net Cash Flows Provided by Financing ActivitiesIncrease(decrease) in Cash and Cash EquivalentsCash and Cash Equivalents at Beginning of YearCash and Cash Equivalents at End of Year

(33,718)11448480,766

n


1234567891011121314151617181920212223242526272829303132333435363738394041

424344454647484950

i

Ajo Improvement Company - Electric DivisionTest year Ended December 31 2016Projected Construction Requirements

ExhibitSchedule F-3Page 1Witness: Bourassa

2017 2018 2019Test Year$ $$ $

9762

AccountNumber

301302303360361362363364365366367368369370371372373374389390391392393394395396397398399

399.1 Plant Asset:OrganizationFranchiseMisc Intangible PlantLandStructures 8r ImprovementsStation EquipmentStorage Battery EquipmentPoles, Towers FixturesOverhead Conductors and DevicesUnderground ConduitUnderground Conductors and DevicesLine TransformersServicesMetersInstallations on Customer PremisesLeased Property on Customer PremisesStreet Lighting and Signal SystemsAsset Retirement Costs for Distribution PlantLand and Land RightsStructures and ImprovementsOffice Furniture & EquipmentTransportation EquipmentStores EquipmentTools, Shop And Garage EquipLaboratory EquipPower Operated EquipmentCommunication EquipMisc EquipmentOther Tangible PlantAsset Retirement Costs for General Plant

Total $ $9762 $ $

LineNo.12345678g

10111213141516171819202122232425262728293031323334353637

383940


Assumptions Used in Rate Filing

ExhibitSchedule F4Page 1Witness: Bourassa

Property Taxes were computed using the method used by the Arizona Departmentof Revenue modified for ratemaking.

Projected construction expenditures are shown on Schedule A-4.

Expense adjustments are shown on Schedule C2, and are explained in the testimony.

Income taxes were computed using statutory state and federal income tax rates.

Line

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10111213141516171819202122232425262728293031323334353637383940

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