SR 01-08-2019 9A
City Council
Report
City Council Meeting: January 8, 2019
Agenda Item: 9.A
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To: Mayor and City Council
From: Susan Cline, Director, Public Works, Water Resources
Subject: 2019 Water Rate Adjustment
Recommended Action
Staff recommends that the City Council authorize a 9% water rate increase to go into
effect on January 1, 2019.
Executive Summary
The City of Santa Monica serves as the water utility for residents, businesses and other
utility customers within the city. On February 24, 2015, after consideration of a rate
study, Council approved a series of five annual water rate increases for the period of
March 1, 2015, through December 31, 2019, not to exceed 9% per year. After
implementing a 9% increase for 2015, Council suspended a portion of the annual rate
adjustments from 9% to 5% for calendar years 2016, 2017, and 2018. On November 27,
2018, Council approved an updated Sustainable Water Master Plan to achieve the
City’s goal of water self-sufficiency by 2023 along with dedicating $64.1 million in
pollution settlement funds for Olympic Sub-basin Restoration.
Staff is conscious of the adverse impact of increasing water costs on residential and
business customers, although our water rates continue to be on the lower end of
Southern California water agencies and significantly lower than other nearby agencies,
including Los Angeles, Beverly Hills and Culver City. Ultimately, however, maintaining
safe and reliable drinking water supply is not only essential, but investment now in that
system will be less expensive in the long run than deferring maintenance and continuing
to rely on imported water supplies.
Central to this long-range strategy is the Council’s commitment to achieve water self-
sufficiency through increased conservation and more efficient use of local water
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sources. The Council’s reaffirmation of that policy when it approved the Sustainable
Water Master in November of 2018 is the basis for this year’s rate adjustment
recommendation.
Based on the rate increases previously approved in the 2015 study, and the City’s
updated plan to achieve water self-sufficiency, staff recommends the City Council
implement a full 9% water rate increase previously approved for calendar year 2019,
effective on water bills issued on or about March 1, 2019. This would result in a monthly
increase of $4.33 to the average single-family home customer. The rate increase would
primarily help fund critical water self-sufficiency and resiliency projects, including 1)
preliminary design of water treatment plant capacity and efficiency improvements, 2)
purchase of a new groundwater well, and 3) annual water main replacements to
maintain a 100-year replacement cycle.
This recommendation, if approved, will allow the City’s water utility to:
Maintain safe and reliable water deliveries for Santa Monica customers at a
reasonable cost while meeting federal and state regulations and City water
usage restrictions;
Stay on track to achieve water self-sufficiency by 2023 to reduce reliance on
imported water by immediately implementing some of the water self-sufficiency
projects approved by Council on November 27, 2018;
Improve environmental sustainability by making more efficient use of
groundwater resources and reduce energy costs and greenhouse gases
generated from transporting imported water to Santa Monica;
Insulate ratepayers from Metropolitan Water District imported water cost
increases including those related to the $17 billion California WaterFix project to
construct two tunnels to facilitate water deliveries from the Sacramento-San
Joaquin Delta;
Ensure local control, improving resilience to drought conditions by reducing
reliance on imported water, funding conservation programs to assist Santa
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Monicans to continue to save water, and developing locally sourced potable and
non-potable water supplies; and
Maintain the recommended $7 million Water Fund reserve to ensure continuity of
water system operations and completion of capital projects.
Background
On February 24, 2015 (Attachment A), Council approved the following schedule of
water rate increases via resolution, subject to an annual State of the Water Fund
review, analyzing fiscal performance and projected fund balances:
Calendar Year 2015 2016 2017 2018 2019
Effective Date March 1,
2015
January 1,
2016
January 1,
2017
January 1,
2018
January 1, 2019
Maximum
Authorized
Increase
9% 9% 9% 9% 9%
Actual Increase 9% 5% 5% 5% 9%
recommended
Rate increases go into effect automatically on an annual basis unless suspended, all or
in part, by Council. Due to revenues exceeding forecasts, deferred capital projects, and
Water Fund balances well above the recommended $7 million fund reserve level,
Council suspended a portion of the 9% rate increases for calendar years 2016, 2017,
and 2018. Council approved smaller increases during these years in response to annual
reports provided by staff, projecting that expenditures would exceed revenues without
rate increases.
On November 27, 2018 (Attachment B), Council approved an updated Sustainable
Water Master Plan mapping out the path for the City to achieve its goal of water self-
sufficiency by 2023 through a combination of conservation, alternative/recycled water
supplies, and new potable water production and treatment. As outlined in the
Sustainable Water Master Plan (SWMP), the proposed rate increase of 9% for 2019
would fund the preliminary design of water treatment plant capacity and efficiency
improvements at the City’s Arcadia treatment plant and the purchase of a new
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groundwater well. Beyond 2019, based on the updated SWMP, the Water Fund would
need to fund $34.75 million in capital upgrades to the Arcadia treatment plant to
increase treatment capacity and efficiency, along with development of new wells.
Funding for these projects will be considered during the calendar year 2020–2024
water/wastewater rate study which is currently underway.
Also, as a part of Council’s actions on November 27, 2018, an additional $64.1 million in
pollution settlement funds were dedicated. These “non-ratepayer” funds will be used to
restore the groundwater in the Olympic Sub-basin, allowing additional water production
from that sub-basin to support water self-sufficiency. The Settlement Funds section later
in this report includes a breakdown of these project costs.
Discussion
Water Fund Performance
The Water Fund balance at the end of FY 2017-18 was approximately $34.8 million (not
including $11.1 million in settlement funds previously reserved for Olympic Sub-basin
monitoring and remediation activities). Revenues of $26.6 million in FY 2017-18
exceeded forecasts by $1 million. Expenditures of $23.2 million were $1 million less
than expected, largely due to landscape rebate conservation program savings, which
will be carried over into FY 2018-19 to help reduce water demand. Overall, the Water
Fund operating budget was nearly balanced.
While the FY 2017-18 ending fund balance was $34.8 million, the projected FY 2018-19
ending fund balance will be $11.7 million, which means the City will be getting close to
the recommended $7 million minimum reserve level. This reserve level should be
maintained to accommodate the multi-year nature of capital improvement projects and
the fact that rate studies follow a calendar year schedule, not a fiscal year schedule
The FY 2018-19 decrease in the fund balance will be mostly due to the aggressive
Capital Improvement Program that is anticipated to cost $30 million in FY 2018-19.
Major projects are related to water self-sufficiency, water main replacements, facility
improvements, and technology upgrades (see table in 2019 Rate Adjustment
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Recommendation section below for two-year overview). In addition, operating costs in
FY 2018-19 are projected to be $25 million to maintain the City’s water distribution,
production, and treatment systems. Meanwhile, projected revenues and transfers are
forecast to be $32 million.
2019 Rate Adjustment Recommendation
Staff recommends full implementation of the previously approved 9% water rate
increase for 2019, resulting in an estimated water bill increase of $4.33 per month for
the average single-family home customer and taking effect in March of 2019. The
recommendation is based on: 1) the rate increases approved in the 2015, 2) the water
rate study presented to Council in 2015, and 3) the City’s water self-sufficiency plan. In
addition to funding ongoing operations, this increase would support $38.6 million in
water-related capital projects planned for FY 2018-19 and FY 2019-20, critical to
achieving water self-sufficiency as outlined below.
Project Type FY 18/19 to FY 19/20
Amount Project Summary
Water Main
Replacements
$16.5 million Water main replacements – 2 miles per
year (100-year replacement schedule)
plus paving/sidewalk repair costs and
matching funds for one-time grant funded
water main replacements. Includes funds
rolled over from previous years for
replacements not completed due to
staffing and procurement related issues.
Water Production &
Well Enhancements
$11.6 million Design of Arcadia Water Plant capacity
and efficiency improvements, production
well acquisition, re-drilling and outfitting of
well.
Water Facilities
Improvements
$7.5 million Reservoir water quality upgrades, City
Yards tenant improvement project.
Groundwater
Management
$1.0 million Santa Monica Basin Groundwater
Sustainability Plan development,
groundwater and flow model studies and
2020 Urban Water Management Plan.
Software &
Technology
$0.8 million Computer equipment, control systems,
billing / work order system software
upgrades and smart water meter pilot
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program.
Vehicles $0.8 million Ongoing City vehicle replacements.
Conservation $0.3 million Irrigation controller replacements at City
locations.
Totals: $38.6 million
Proposed and current water and fire line service rates are listed in Attachment C.
Supporting Information
The recommendation for full implementation of the previously approved 9% increase for
2019 is supported by three key factors: 1) maintaining an annual 100-year water main
replacement cycle; 2) acquisition of a new groundwater well; and 3) preliminary design
of water treatment plant capacity improvements.
1) Annual water main replacements – Escalating construction costs over a number
of years has impacted the water main replacement cycle. In 2016, Council
authorized increasing the water main replacement budget from $2 million per
year, as modeled in the 2015 water rate study, to $4 million per year, to return to
a 100-year replacement cycle as recommended in the City’s Sustainable Water
Master Plan. At $400 per linear foot, $4 million would fund replacement of two
miles per year for the City’s 205-mile water main system. However, in the current
high-cost construction environment, recent 2017 and 2018 water main
replacement contract awards have returned bids of $600 to $700 per linear foot,
requiring an increase to $6 million per year to stay on a 100-year replacement
cycle. Maintaining a $4-million-per-year budget would only yield replacement of
1.1 to 1.25 miles of pipeline per year, increasing the replacement cycle to
approximately 160 to 190 years. Staff recommends staying on a 100-year
replacement cycle, consistent with industry standard, to maintain operational
reliability, avoiding water main breaks and associated water losses, and impacts
to property and traffic.
2) Acquisition of a new groundwater well – An additional water well would augment
production and enhance resiliency. Acquisition costs are estimated at $8 million
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total, with $4.75 million from the Water Fund and $3.25 million from the
Wastewater Fund.
3) Preliminary design of water treatment plant capacity improvements –
Enhancements to help the water treatment process at the Arcadia treatment
plant would improve capacity and increase the efficiency of the plant. The project
budget is $30 million; $3.18 million is budgeted in FY 2018-19, to start design to
accommodate increased groundwater production and improve overall plant
efficiency to 90% or greater. This project cost was updated based on results of
recently completed feasibility studies by Black & Veatch and Brown & Caldwell.
Prior plans had less significant infrastructure improvements at the Arcadia
treatment plant based on strategy to construct a separate Olympic treatment
plant, which would both restore the Olympic Sub-basin and produce potable
water. Feasibility studies concluded, however, that constructing an additional
standalone Olympic treatment plant is cost prohibitive. Thus, after further
evaluation, staff recommended expanding the capacity of the existing Arcadia
treatment plant and enhancing its production, instead of constructing a new
Olympic treatment plant.
Based on higher than anticipated revenues and past capital program estimates, Council
was able to suspend a portion of the previously approved 9% water rate increases for
each of the past three years. Due to increased FY 2018-20 capital cost estimates
developed over the past year for water main replacements and updated Arcadia Water
Plant capacity/efficiency upgrades, along with the commitment of all remaining Olympic
settlement funds for groundwater remediation (discussed in the following section), staff
recommends Council adopt a 9% water rate increase for 2019 (monthly increase of
$4.33 to an average single-family home customer).
Settlement Funds
$64.1 million from existing water-contamination settlement funds, allocated by Council
on November 27, 2018, would be used to restore groundwater in the Olympic Sub-
basin, which would allow additional water production from that sub-basin to support
water self-sufficiency. The Olympic Sub-basin restoration cost includes an approximate,
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one-time $20 million capital expenditure for treatment systems and an additional $20
million to fund 30 years of ongoing operation and maintenance of the treatment
systems. Based on current modeling projections, more than 80% of the Olympic Sub-
basin will be remediated within the first 30 years. However, the sub-basin may not be
completely restored at that point. Thus, the remaining balance of settlement funds ($24
million) would be reserved to address any contamination that may still be present after
30 years or any new regulations that may impact use of the Olympic sub-basin in the
future. While these costs will not impact ratepayers, reserving all Olympic Settlement
Funds for remediation and monitoring purposes currently precludes any subsidies from
being applied to water rates.
Alternatives
A full suspension of the 2019 rate increase: This would lead to lowered revenue
resulting in the need for significant reductions and/or delays in the annual water main
replacements and the City’s goal for water self-sufficiency. Implications would need to
be addressed during the 2020–2024 water/wastewater rate study in the form of rate
structure modifications.
Implementing a 7% or 5% 2019 rate increase: This $3.36 or $2.44 respective monthly
increase to an average single-family home customer would result in $3.2 million (7%
rate increase) or $6.3 million (5% rate increase) in lower revenue over a five-year
period. While less disruptive than the “no increase” alternative, this approach would
likely leading to either a backlog of needed capital investment or a need to catch up in
the form of double digit annual increases in the future. Any reduction n in rate increases
would impact the necessary funding to help achieve water self-sufficiency. Further, a
5% rate increase would also leave the projected fund balance at $2.1 million in FY
2023-24 compared to $8.4 million with a 9% rate increase. The 4% difference between
the two rates is approximately $6.3 million by FY 2024-25. This almost equates to
funding for two self-sufficiency projects approved by Council on November 27, 2018, for
acquisition of a new groundwater well for $3.25 million and the preliminary design of
enhancements at the Arcadia treatment plant for $3.18 million. Attachment D provides
Water Fund forecasts through Fiscal Year 2023-24 with 9%, 7% and 5% rate increases
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for 2019.
Water Bill Comparison with Neighboring Water Agencies
Comparing rates with 15 other Metropolitan Water District (MWD) member water
agencies, Santa Monica’s tiered rate structure currently offers close to the lowest costs
in the region for the average single-family home account. A 2019 rate increase of 9%
(monthly increase of $4.33 to an average single-family home customer) would place
Santa Monica in the middle of the range, raising bi-monthly bills by $8.65 to $104.92
(average cost of $0.0056 per gallon). By comparison, a 5% increase would raise bills by
$4.88 to $101.15 per billing period, while a 7% increase would lead to a rise of $6.71 to
$102.98. The City of Anaheim currently offers the lowest pricing at $89, followed by the
City of Fullerton at $91, and the City of San Marino at $95, as indicated in the following
figure:
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Implementation of the previously approved 2019 rate increase would go into effect for
water consumption beginning on January 1, 2019, effective on water bills prepared on
or after March 1, 2019, as water meters are read approximately every two months (e.g.,
a bill issued for a meter read on March 1, 2019 would reflect water usage from January
1 to February 28, 2019).
Next Steps
A water/wastewater rate study is currently underway to set water and sewer bill rates for
calendar years 2020–2024. As part of the rate study, funding options will be developed
for Council approval with input from the public and advisory groups to meet the City’s
water and wastewater revenue requirements. Considerations will include:
Financing mechanism for water self-sufficiency projects, including Arcadia
treatment plant upgrades and acquisition of a new groundwater well ($34.75
million) via a water bond, grants and loans from restricted funds, or a
combination thereof;
Increasing the water main replacement budget from $4 million per year to an
average of $6 million per year to remain on the recommended 100-year
replacement cycle;
Maintaining a $5-million-per-year budget for imported water through 2023
(increase of approximately $8.7 million from 2020 to 2023) for purchase of
approximately 3,500 acre-feet per year until water self-sufficiency is achieved;
Construction of a Closed Circuit Reverse Osmosis System at the Arcadia
treatment plant that would increase the operating budget by $2 million per year
starting in FY 22-23 to increase treatment efficiency from 82% to 90% or more;
and
Additional items identified by the public, advisory groups, staff, and Council.
Staff will return to Council by mid-2019 for a study session on water/wastewater rates.
Notices will be issued, as required by Proposition 218, in August 2019 and a public
hearing for adoption of calendar year 2020 to 2024 water/wastewater rate in October
2019.
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Task Force on the Environment / Water Advisory Committee Review
Rate adjustment recommendations were presented for review and discussion to the
Water Advisory Committee on November 5, 2018, to the Task Force on the
Environment Water Subcommittee on November 19, 2018. While both groups
expressed support for the staff recommendations during their meetings, due to lack of
quorums, neither Committee was able to take formal action with regard to the rate
recommendation.
Financial Impacts and Budget Actions
Staff anticipates FY 2018-19 Water – Commercial Sales revenues to remain at
$24,842,077, based on a 9% 2019 water rate increase and water usage in line with the
current Sustainable Water Master Plan estimate (approximately 11,600 acre-feet per
year / per capita usage of 110 gallons per day). Should a lower 2019 rate increase be
implemented, or observed water usage fluctuate, this revenue account would be
adjusted accordingly.
Prepared By: Alex Nazarchuk, Water Resources Manager
Approved
Forwarded to Council
Attachments:
A. February 24, 2015 Staff Report - Public Hearing to Adopt Water Rates (Item 9-A)
- WEBLINK
B. November 27, 2018 Staff Report - Sustainable Water Master Plan Update and
Pathway to Water Self-Sufficiency (Item 8.C) - WEBLINK
C. 2019 Water Rate Adjustment Options
D. Water Fund Forecasts with 2019 Rate Options
Tier
Full Suspension /
0% Adjustment
(per HCF)
Partial Suspension
+5% Adjustment
(per HCF)
Partial Suspension
+7% Adjustment
(per HCF)
No Suspension
With 9% Adjustment
(per HCF)
Usage Range
per Billing Period
(HCF's)
Tier 13 . 1 6$ 3.32$ 3.38$ 3.44$ 0 to 14
Tier 24 . 7 3$ 4.97$ 5.06$ 5.16$ 15 to 40
Tier 37 . 1 0$ 7.46$ 7.60$ 7.74$ 41 to 148
Tier 4 11.10$ 11.66$ 11.88$ 12.10$ 149+
Tier 13 . 1 6$ 3.32$ 3.38$ 3.44$ 0 to 4 per dwelling unit
Tier 24 . 7 3$ 4.97$ 5.06$ 5.16$ 5 to 9 per dwelling unit
Tier 37 . 1 0$ 7.46$ 7.60$ 7.74$ 10 to 20 per dwelling unit
Tier 4 11.10$ 11.66$ 11.88$ 12.10$ 21+ per dwelling unit
Tier 14 . 4 8$ 4.70$ 4.79$ 4.88$ Depends on meter size*
Tier 2 11.06$ 11.61$ 11.83$ 12.06$ Depends on meter size*
Recycled Water 4.03$ 4.23$ 4.31$ 4.39$ All usage
Meter Size
Full Suspension
Fixed Charge
per Billing Period
Partial Suspension
+5% Adjustment
Fixed Charge
Partial Suspension
+7% Adjustment
(per HCF)
No Suspension
With 9% Adjustment
Fixed Charge
1‐1/2" meter 45.20$ 47.46$ 48.36$ 49.27$
2" meter 72.52$ 76.15$ 77.60$ 79.05$
3" meter 124.81$ 131.05$ 133.55$ 136.04$
4" meter 199.49$ 209.46$ 213.45$ 217.44$
6" meter 386.10$ 405.41$ 413.13$ 420.85$
8" meter 610.04$ 640.54$ 652.74$ 664.94$
10" meter 871.29$ 914.85$ 932.28$ 949.71$
*Non‐Residential Accounts ‐ Tier Designations by Meter Size and Usage Range
Meter Size Tier 1 Usage
(HCF's)
Tier 2 Usage
(HCF's)
3/4" meter 0 to 210 211+
1" meter 0 to 210 211+
1‐1/2" meter 0 to 465 466+
2" meter 0 to 870 871+
3" meter 0 to 1,700 1,701+
4" meter 0 to 2,550 2,551+
6"+ meter 0 to 5,280 5,281+
ATTACHMENT C
Each billing period is approximately 61 days (~6 billing periods per year)
Fireline Service Rates
2019 Water Rate Options by Account Type, Tier and Meter Size
Single Family Accounts
Multi‐Family Accounts
Non‐Residential Accounts
1 HCF = 1 Hundred Cubic Feet of water = 748 gallons
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E
N
D
A
T
I
O
N
-
9
%
2
0
1
9
W
A
T
E
R
R
A
T
E
I
N
C
R
E
A
S
E
FO
R
E
C
A
S
T
Wa
t
e
r
F
u
n
d
-
5
0
Fi
n
a
n
c
i
a
l
S
t
a
t
u
s
U
p
d
a
t
e
FY
2
0
1
8
-
1
9
t
o
F
Y
2
0
2
3
-
2
4
FY
1
8
\
1
9
F
Y
1
9
\
2
0
F
Y
2
0
\
2
1
F
Y
2
1
\
2
2
F
Y
2
2
\
2
3
F
Y
2
3
\
2
4
BE
G
I
N
N
I
N
G
F
U
N
D
B
A
L
A
N
C
E
(N
o
t
I
n
c
l
u
d
i
n
g
R
e
s
t
r
i
c
t
e
d
C
a
s
h
a pp
ro
p ri
a
t
e
d
f
o
r
u
s
e
)
34
,
8
2
0
,
7
9
6
1
1
,
5
0
9
,
3
9
1
3
3
,
4
5
5
,
4
7
0
2
1
,
9
8
1
,
2
5
0
6
,
6
6
3
,
7
3
3
5
,
2
5
3
,
5
3
8
Re
v
e
n
u
e
s
2
7
,
8
0
7
,
6
6
7
3
1
,
0
8
3
,
2
7
5
3
3
,
6
0
6
,
0
1
3
3
5
,
9
2
2
,
3
3
0
3
7
,
7
0
3
,
2
8
2
3
9
,
1
1
8
,
8
2
4
Ex
p
e
n
d
i
t
u
r
e
s
(
2
5
,
0
3
3
,
7
7
6
)
(
2
3
,
7
1
2
,
2
2
2
)
(
2
4
,
2
7
2
,
9
4
2
)
(
2
4
,
9
4
0
,
0
0
5
)
(
2
7
,
8
3
1
,
2
7
4
)
(
2
4
,
7
6
6
,
4
6
3
)
No
n
-
D
e
p
t
.
T
r
a
n
s
a
c
t
i
o
n
s
3
,
7
3
8
,
6
9
8
3
1
,
1
0
4
,
9
6
0
8
5
6
,
3
1
3
9
,
8
9
3
,
5
5
8
(
4
,
2
6
2
,
7
8
9
)
(
4
,
3
1
9
,
5
5
3
)
Ca
p
i
t
a
l
I
m
p
r
o
v
e
m
e
n
t
P
r
o
g
r
a
m
(
C
I
P
)
(
2
9
,
8
2
3
,
9
9
3
)
(
1
6
,
5
2
9
,
9
3
4
)
(
2
1
,
6
6
3
,
6
0
2
)
(
3
6
,
1
9
3
,
4
0
0
)
(
7
,
0
1
9
,
4
1
4
)
(
1
0
,
0
1
3
,
0
2
3
)
PR
O
J
E
C
T
E
D
E
N
D
I
N
G
F
U
N
D
B
A
L
A
N
C
E
11
,
5
0
9
,
3
9
1
3
3
,
4
5
5
,
4
7
0
2
1
,
9
8
1
,
2
5
0
6
,
6
6
3
,
7
3
3
5
,
2
5
3
,
5
3
8
5
,
2
7
3
,
3
2
2
MI
N
I
M
U
M
R
E
C
O
M
M
E
N
D
E
D
R
E
S
E
R
V
E
(7
,
0
0
0
,
0
0
0
)
(
7
,
0
0
0
,
0
0
0
)
(
7
,
0
0
0
,
0
0
0
)
(
7
,
0
0
0
,
0
0
0
)
(
7
,
0
0
0
,
0
0
0
)
(7,000,000)
PR
O
J
E
C
T
E
D
E
N
D
I
N
G
F
U
N
D
B
A
L
A
N
C
E
LE
S
S
R
E
C
O
M
M
E
N
D
E
D
R
E
S
E
R
V
E
4,
5
0
9
,
3
9
1
2
6
,
4
5
5
,
4
7
0
1
4
,
9
8
1
,
2
5
0
(3
3
6
,
2
6
7
)
(
1
,
7
4
6
,
4
6
2
)
(
1
,
7
2
6
,
6
7
8
)
AT
T
A
C
H
M
E
N
T
D
OP
T
I
O
N
2
-
7
%
2
0
1
9
W
A
T
E
R
R
A
T
E
I
N
C
R
E
A
S
E
FO
R
E
C
A
S
T
Wa
t
e
r
F
u
n
d
-
5
0
Fi
n
a
n
c
i
a
l
S
t
a
t
u
s
U
p
d
a
t
e
FY
2
0
1
8
-
1
9
t
o
F
Y
2
0
2
3
-
2
4
FY
1
8
\
1
9
F
Y
1
9
\
2
0
F
Y
2
0
\
2
1
F
Y
2
1
\
2
2
F
Y
2
2
\
2
3
F
Y
2
3
\
2
4
BE
G
I
N
N
I
N
G
F
U
N
D
B
A
L
A
N
C
E
(N
o
t
I
n
c
l
u
d
i
n
g
R
e
s
t
r
i
c
t
e
d
C
a
s
h
a pp
ro
p ri
a
t
e
d
f
o
r
u
s
e
)
34
,
8
2
0
,
7
9
6
1
1
,
2
9
9
,
6
8
4
3
2
,
7
3
9
,
6
8
9
2
0
,
7
1
8
,
9
1
1
4
,
8
0
5
,
2
0
7
2
,
7
6
4
,
6
0
4
Re
v
e
n
u
e
s
2
7
,
5
9
7
,
9
6
0
3
0
,
5
7
7
,
2
0
1
3
3
,
0
5
9
,
4
5
3
3
5
,
3
2
6
,
1
4
3
3
7
,
0
7
2
,
8
7
4
3
8
,
4
6
3
,
0
1
1
Ex
p
e
n
d
i
t
u
r
e
s
(
2
5
,
0
3
3
,
7
7
6
)
(
2
3
,
7
1
2
,
2
2
2
)
(
2
4
,
2
7
2
,
9
4
2
)
(
2
4
,
9
4
0
,
0
0
5
)
(
2
7
,
8
3
1
,
2
7
4
)
(
2
4
,
7
6
6
,
4
6
3
)
No
n
-
D
e
p
t
.
T
r
a
n
s
a
c
t
i
o
n
s
3
,
7
3
8
,
6
9
8
3
1
,
1
0
4
,
9
6
0
8
5
6
,
3
1
3
9
,
8
9
3
,
5
5
8
(
4
,
2
6
2
,
7
8
9
)
(
4
,
3
1
9
,
5
5
3
)
Ca
p
i
t
a
l
I
m
p
r
o
v
e
m
e
n
t
P
r
o
g
r
a
m
(
C
I
P
)
(
2
9
,
8
2
3
,
9
9
3
)
(
1
6
,
5
2
9
,
9
3
4
)
(
2
1
,
6
6
3
,
6
0
2
)
(
3
6
,
1
9
3
,
4
0
0
)
(
7
,
0
1
9
,
4
1
4
)
(
1
0
,
0
1
3
,
0
2
3
)
PR
O
J
E
C
T
E
D
E
N
D
I
N
G
F
U
N
D
B
A
L
A
N
C
E
11
,
2
9
9
,
6
8
4
3
2
,
7
3
9
,
6
8
9
2
0
,
7
1
8
,
9
1
1
4
,
8
0
5
,
2
0
7
2
,
7
6
4
,
6
0
4
2
,
1
2
8
,
5
7
6
MI
N
I
M
U
M
R
E
C
O
M
M
E
N
D
E
D
R
E
S
E
R
V
E
(7
,
0
0
0
,
0
0
0
)
(
7
,
0
0
0
,
0
0
0
)
(
7
,
0
0
0
,
0
0
0
)
(
7
,
0
0
0
,
0
0
0
)
(
7
,
0
0
0
,
0
0
0
)
(7,000,000)
PR
O
J
E
C
T
E
D
E
N
D
I
N
G
F
U
N
D
B
A
L
A
N
C
E
LE
S
S
R
E
C
O
M
M
E
N
D
E
D
R
E
S
E
R
V
E
4,
2
9
9
,
6
8
4
2
5
,
7
3
9
,
6
8
9
1
3
,
7
1
8
,
9
1
1
(2
,
1
9
4
,
7
9
3
)
(
4
,
2
3
5
,
3
9
6
)
(
4
,
8
7
1
,
4
2
4
)
AT
T
A
C
H
M
E
N
T
D
OP
T
I
O
N
3
-
5
%
2
0
1
9
W
A
T
E
R
R
A
T
E
I
N
C
R
E
A
S
E
FO
R
E
C
A
S
T