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HomeMy WebLinkAboutBradley Lake PMC Meeting-Telecon.-Special Meeting-June 26, 2007 2BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE MEETING MINUTES Special Meeting — Held Via Teleconference at AIDEA/AEA Board Room - Anchorage, Alaska Tuesday, June 26, 2007 — 10:00 a.m. 45; CALL TO ORDER Chair Stewart called the meeting of the Bradley Lake Hydroelectric Project Management Committee to order at 10:00 a.m. on Tuesday, June 26, 2007, via teleconference to conduct the business of the Committee per the public notice. 2: ROLL CALL Roll was called by Shauna Howell. The following members were present: Bill Stewart Chugach Electric Association (teleconference) Steve Haagenson Golden Valley Electric Association (teleconference) Bradley Janorschke Homer Electric Association (teleconference) Rick Miller Anchorage Municipal Light & Power (teleconference) Karl Reiche Alaska Energy Authority 3. PUBLIC ROLL CALL Linda MacMillan, Alaska Energy Authority Jenny Trieu, AterWynne (teleconference) Mike Cunningham, Chugach Electric Association (teleconference) Bob Day, Homer Electric Association (teleconference) Henri Dale, Golden Valley Electric Association (teleconference) 4. NEW BUSINESS 4A. FY07 Budget Amendment Linda MacMillan MOTION #07-03: Mr. Janorschke motioned the Bradley Lake Project Management Committee approve to reduce the FY07 budget by $548,000 and request the bond trustee to refund the surplus to the utilities by June 30, 2007. Seconded by Mr. Haagenson. A voice vote was taken and the motion passed unanimously. Page 1 of 2 5. ADJOURNMENT The meeting was adjourned at 10:10 a.m. BY: Bill Stewart, Chairman ATTEST: Zz Alaska Energy A rity, Secretary Page 2 of 2 Agendaltem: YA MOTION: Move the Bradley Lake Project Management Committee approve to 407-03 reduce the FY07 budget by $548,000 and request the bond trustee to refund the surplus to the utilities by June 30, 2007. Move: vod upseldle Second: Stet eee Discussion : a Voice vk = Lens mous agp pele dl a [ctisn Appr d — RECAP OF FY07 BUDGET REDUCTION AND REFUND AMOUNTS Budget Changes Schedule A-Increased Estimate of Interest Income 400,000.00 Schedule B-Insurance cost less than budget 48,000.00 Schedule B-Contingency not needed 100,000.00 Total Budget Reduction 548,000.00 Refund to Utilities CHUGACH ELECTRIC 30.4% 166,592.00 MUNICIPALITY OF ANCHORAGE 25.9% 141,932.00 AEG&T-HEA 12.0% 65,760.00 AEG&T-MEA 13.8% 75,624.00 GOLDEN VALLEY ELECTRIC 16.9% 92,612.00 CITY OF SEWARD 1.0% 5,480.00 Rounding 100.0% 548,000.00 BRADLEY LAKE HYDROELECTRIC PROJECT Schedule A "AMENDED. FYo4 FY05 FYO6 FY2007 INC(DEC) ACTUALS ACTUALS ACTUALS BUDGET | FROMPY REVENUES, EXPENSES & CHANGES IN SURPLUS REVENUES UTILITY CONTRIBUTIONS 14,759,083 16,030,048 14,448,825 15,847,818 | 1,398,993 INTEREST INCOME 1,850,365 1,770,986 1,896,353 1,713,710} (182,643) SALE OF VEHICLE 0 0 0 0 0 FEMA GRANT REVENUE 0 293,170 0 0 0 16,609,448 78,094,204 16,345,178 17,561,528 | 1,216,350 EXPENSES OPERATIONS 3,299,790 2,977,028 3,212,203 3,280,343] 68,140 RENEWALS/REPLACEMENTS (R&C FUND REPAYMENT 784,571 1,896,543 614,936 1,482,234] 867,298 CULVERT REPAIRS 0 0 0 50,000] 50,000 HELICOPTER PAD REPAIRS 0 0 0 200,000 | 200,000 PURCHASE NEW VEHICLE 11,067 0 0 0 0 TRANSFER TO OPERATING RESERVE 111,400 15,000 0 25,000] — 25,000 DEBT SERVICE (net of Capital Reserve Reductions) 12,273,400 12,273,050 12,276,325 12,273,950 (2,375) ARBITRAGE TRANSFER 202,711 227,782 241,714 250,000 8,286 PRIOR YEARS SURPLUS (DEFICIT) 2,013,381 (73,492) 704,801 oO] (704,801) 78,696,321 17,315,911 17,049,979 17,561,527] 511,548 CURRENT YEAR SURPLUS (DEFICIT) (2,086,873) 778,293 (704,801 BEGINNING SURPLUS (DEFICIT) 2,013,380 (73,492) 704,801 ENDING SURPLUS (DEFICIT) (73,493) 704,801_ 0 ESS eR ES BALANCE SHEET ASSETS REVENUE FUND - 524,902 457,899 OPERATING FUND 294,998 650,866 534,187 RECEIVABLE FROM UTILITIES 73,492 70,648 PREPAID EXPENSES 20,525 RECEIVABLE-FEMA GRANT - 293,170 368,490 7,468,938 7,083,259 LIABILITIES & SURPLUS LIABILITIES 368,490 416,102 670,840 PREPAID UTILITY CONTRIBUTION 348,035 PAYABLE TO UTILITIES 704,801 R&C REPAYMENT 412,419 —_ 1,468,938 7,083,259 OTHER INFORMATION OPERATING RESERVE * 646,400 661,402 #REF! 686,400 MONTHLY CONTRIBUTIONS 1,594,243 1,335,836 1,204,069 1,320,652 * Required to be 20% of budgeted operating expense 6/26/2007 1:30 PMC:\Documents and Settings\kreiche\Local Settings\Temporary Internet Files\Content.Outlook\PJNN1PKI\2007BradleyBdgt-finalbudget.xisSchedule A-Budget Summary BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B FY06 31-Mar-07 FY2005 FY2005 AMENDED FY2007 FY2007 BUDGET ACTUAL VARIANCE BUDGET YTD ACTUAL BUDGET SUMMARY (A) HEA Annual Operations & Maintenance 1,166,649 1,383,486 (216,837) 1,273,714 858,184 1,494,965 (B) CEA Dispatch and Substation/SVC Maintenance 70,000 120,570 (50,570) 105,200 57,988 130,000 (C) Other O&M and Maintenance Projects 766,162 478,911 287,251 437,131 328,869 444,521 (D) Insurance Costs 725,000 654,490 70,510 588,503 597,431 605,357 (E) Regulatory Costs 182,500 75,141 107,359 316,500 125,384 331,000 (H) Contingencies 100,000 0 100,000 100,000 0 0 3,010,311 2,712,598 297,713 2,821,048 1,967,856 3,005,843 (F) Administrative Costs 274,500 264,431 10,069 274,500 229,698 274,500 3,284,811 2,977,029 307,782 3,095,548 2,197,554 3,280,343 (G) BUDGET ADJUST ESTIMATE 0 0 0 0 0 0 3,284,811 2,977,029 307,782 3,095,548 2,197,554 3,280,343 6/26/2007 1:30 PM PageG\fdtuments and Settings\kreiche\Local Settings\Temporary Internet Files\Content.Outlook\PUNN1PKI\2007BradleyBdgt-finalbudget.xlsSchedule B-Budget Detail BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B FY06 31-Mar-07 FY2005 FY2005 AMENDED FY2007 FY2007 BUDGET ACTUAL VARIANCE BUDGET YTD ACTUAL BUDGET FERC 535 - Operation Supervision & Engineering (A) HEA O&M Contract 122,828 147,460 (24,632) 185,214 119,866 125,569 (C) HEA On-Site Civil Project Manager 0 0 0 (C) HEA Digitize & Control Project Drawings 0 0 0 122,828 147,460 (24,632) 185,214 119,866 | 125,569 FERC 537 - Hydraulic Expenses (A) HEA O&M Contract 35,730 3,950 31,780 58,300 59,705 49,200 35,730 3,950 31,780 58,300 59,705 49,200 | a FERC 538 - Electric Expenses (A) HEA O&M Contract 99,365 206,246 (106,881) 94,200 124,226 222,000 (C) SOA BOILIER INSPECTION ik 0 0 0 0 0 0 99,365 206,246 (106,881) 94,200 124,226 222,000 FERC 539 - Misc. Hydraulic Power Generation Expenses (A) HEA O&M Contract 234,321 165,027 69,294 253,100 213,337 331,625 (C) Replace Two Way Radios 10,000 0 10,000 10,000 0 3,000 (C) HEA Circuits and Radio - To Bernice Lake 90,000 90,000 0 90,000 67,500 90,000 (C) CEA Circuits -Bernice Lake to Anchorage 28,746 28,746 0 28,740 21,559 28,740 363,067 283,773 79,294 381,840 302,396 | 453,365 FERC 540 - Rents (C) Bradley Lake FERC land use fees (5% increase bi 74,000 66,115 7,885 74,000 62,623 74,000 74,000 66,115 7,885 74,000 62,623 74,000 FERC 541 - Maintenance Supervision & Engineering | (A) HEA O&M Contract 0 0 0 0 25,861 | | 82,451 0 0 0 0 25,861 82,451 ———| FERC 542 - Maintenance of Structures (A) HEA O&M Contract 19,278 50,231 (30,953) 53,500 74,806 90,400 (C) Other 0 0 0 0 0 0 19,278 50,231 (30,953) 53,500 74,806 90,400 | FERC 543 - Maintenance of Reservoirs, Dams & Waterways (A) HEA O&M Contract 10,278 0 10,278 15,400 2,312 10,440 (C) Bradley Lake Dam Repair 0 0 0 0 0 6/26/2007 1:30 PM PageGt\ofdtuments and Settings\kreiche\Local Settings\Temporary Internet Files\Content.Outlook\PJNN1 PKI\2007BradleyBdgt-finalbudget.xisSchedule B-Budget Detail BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B (C) Nuka Diversion (C) Middle Fork Diversion (C) Kachemak Creek Gauging Station (C) Other O&M FERC 544 - Maintenance of Electric Plant (A) HEA O&M Contract (A) HEA O&M Contract-Runner Repairs FERC 545 - Maintenance of Misc. Hydraulic Plant (A) HEA O&M Contract (C) Penstock Drain Clean-out FERC 556 - System Control & Load Dispatching (A) HEA O&M Contract (C) NOAA Weather Service (C) SCS Snow Measurement (C) UAA Seismic monitoring and reporting (C) USGS Streamguaging (C) State of Alaska Permits FERC 562 - Station Expenses (B) CEA SVC/Substation Maintenance Contract (C) SVC Condition Assessment/Staff Training FERC 571 - Maintenance of Overhead Lines (A) HEA Overhead Line Maintenance (H) Contingencies FERC 920 - Administrative Expense (F) AEA Admin Fee FY06 31-Mar-07 FY2005 FY2005 AMENDED FY2007 FY2007 BUDGET ACTUAL VARIANCE BUDGET YTD ACTUAL BUDGET 0 0 0 0 15,000 11,145 3,855 0 0 26,000 0 26,000 0 0 0 0 0 0 51,278 11,145 40,133 15,400 2,312 10,440 276,741 540,304 (263,563) 295,000 164,341 280,200 0 0 0 0 0 0 276,741 540,304 (263,563) 295,000 164,341 280,200 282,169 158,048 124,121 274,000 50,826 213,000 30,000 15,923 14,077 0 0 0 312,169 173,971 138,198 274,000 50,826 213,000 23,315 16,651 6,664 9,000 17,438 20,080 0 0 0 0 0 30,000 (8,482) 38,482 9,000 3,724 9,000 56,500 56,500 0 56,500 36,175 56,500 205,916 174,017 31,899 168,791 137,088 183,281 0 100 (100 100 200 0 315,731 238,786 76,945 243,391 194,625 268,861 70,000 120,570 (50,570) 105,200 57,988 130,000 200,000 44,847 155,153 0 0 0 270,000 165,417 104,583 105,200 57,988 130,000 62,624 95,569 (32,945) 36,000 5,466 70,000 62,624 95,569 (32,945) 36,000 5,466 70,000 100,000 0 100,000 100,000 0 | 0 200,000 200,000 0 200,000 200,000 200,000 6/26/2007 1:30 PM Page@\ofdtuments and Settings\kreiche\Local Settings\Temporary Internet Files\Content.Outlook\PUNN1PKI\2007BradleyBdgt-finalbudget.xlsSchedule B-Budget Detail BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B AEA Administrative Costs PMC Costs (F) Bradley Lake Audit fees (F) Bradley Lake PMC Legal (F) Bradley Lake Arbitrage Report (F) Bradley Lake Trustee fees (F) PMC Costs Bond Refunding Costs Reimburseable costs Refunding Costs TOTAL FERC 920 FERC Insurance Premiums (D) Homer Electric Insurance (D) Risk Assessment (D) FERC FERC administrative fees (E) FERC 5 Year Inspection (E) Seismic Survey Spillway (E) Contractual Engineer - FERC license issues TOTAL BRADLEY LAKE BUDGET FY06 31-Mar-07 FY2005 FY2005 AMENDED FY2007 FY2007 BUDGET ACTUAL VARIANCE BUDGET YTD ACTUAL BUDGET 200,000 200,000 0 200,000 200,000 200,000 8,500 8,100 400 8,500 8,298 8,500 40,000 33,511 6,489 40,000 (670) 40,000 6,000 5,225 775 6,000 4,475 6,000 20,000 17,595 2,405 20,000 17,595 20,000 74,500 64,431 10,069 74,500 29,698 74,500 0 0 0 0 0 0 274,500 264,431 10,069 274,500 229,698 | | 274,500 590,000 513,754 76,246 528,503 532,759 533,357 60,000 56,141 3,859 60,000 42,240 57,000 75,000 84,595 (9,595)| 0 22,432 15,000 725,000 654,490 70,510 588,503 597,431 605,357 126,000 15,233 110,767 126,000 0 126,000 0 0 75,000 87,675 90,000 0 0 0 56,500 59,908 (3,408) 115,500 37,709 115,000 182,500 75,141 107,359 316,500 125,384 331,000 3,284,811 2,977,029 307,782 3,095,548 2,197,554 3,280,343 6/26/2007 1:30 PM PageG\ofdtuments and Settings\kreiche\Local Settings\Temporary Internet Files\Content.Outlook\PJNN1PKI\2007BradleyBdgt-finalbudget.xlsSchedule B-Budget Detail BRADLEY LAKE MONTHLY UTILITY CONTRIBUTION SCHEDULE C AMENDED ACTUAL ACTUAL BUDGET PERCENT FY2005 FY2006 FY2007 FY2007 POWER PURCHASER SHARE TOTAL TOTAL TOTAL DECREASE CHUGACH ELECTRIC 30.4% 4,873,130 4,392,444 4,817,736 425,292 MUNICIPALITY OF ANCHORAGE 25.9% 4,151,786 3,742,248 4,104,588 362,340 AEG&T-HEA 12.0% 1,923,602 1,733,856 1,901,736 167,880 AEG&T-MEA 13.8% 2,212,154 1,993,944 2,187,000 193,056 GOLDEN VALLEY ELECTRIC 16.9% 2,709,074 2,441,856 2,678,280 236,424 CITY OF SEWARD 1.0% 160,298 144,492 13,992 Rounding (15) 100.0% 16,030,044 14,448,825 15,847,818 1,398,984 FY2005 FY2006 PERCENT MONTHLY MONTHLY FY2007 FY2007 POWER PURCHASER SHARE AVERAGE AVERAGE MONTHLY | DECREASE CHUGACH ELECTRIC 30.4% 406,094 366,037 401,478 35,441 MUNICIPALITY OF ANCHORAGE 25.9% 345,982 311,854 342,049 30,195 AEG&T-HEA 12.0% 160,300 144,488 158,478 13,990 AEG&T-MEA 13.8% 184,346 166,162 182,250 GOLDEN VALLEY ELECTRIC 16.9% 225,756 203,488 223,190 19,702 CITY OF SEWARD 1.0% 13,358 12,041 13,207 1,166 100.0% 1,335,836 1,204,070 1,320,652 100,494 COMPONENTS OF CHANGE IN CONTRIBUTION FY2006 ANNUAL CONTRIBUTION Revenue Changes (INCREASE) DECREASE IN BUDGETED INTEREST EARNINGS Expenditure Changes INCREASE (DECREASE) IN BUDGETED O&M COSTS INCREASE (DECREASE) IN PAYBACK TO R&C FUND. INCREASE (DECREASE) CULVERT REPAIRS INCREASE (DECREASE) HELICOPTER PAD REPAIRS INCREASE (DECREASE) IN DEBT SERVICE INCREASE (DECREASE) IN EXCESS EARNINGS TRANSFER INCREASE (DECREASE) IN OPERATING RESERVE TRANSFER Other IMMATERIAL ROUNDING DIFFERENCES NET INCREASE(DECREASE) FY2007 ANNUAL CONTRIBUTION 14,448,825 182,643 68,140 867,298 50,000 200,000 (2,375) 8,286 25,000 1 1,398,993 15,847,818 0 6/26/20071:30 PM C:\Documents and Settings\kreiche\Local Settings\Temporary Internet Files\Content.Outlook\PJNN1PKI\2007BradleyBdgt-finalbudget.xIsSchedule C Utility Contrib BRADLEY LAKE R&C FUND DISBURSEMENTS AND REPAYMENTS SCHEDULE D ACTUAI ACTUAI ACTUAL ACTUAI Actual Actual Actual RO D RO D PRO B PRO D PRO D PRO D TO REPAY TO REPAY Accrued TO REPAY Accrued TO REPAY TO REPAY Description at 06/30/04 Disburse Repay at 06/30/05 Disburse Repay at 06/30/06 Disburse Repay at 06/30/07 Disburse Repay at 06/30/08 Needle repairs 885,618.27 (885,618.27) 0.00 0.00 0.00 0.00 0.00 Runner repairs 13,918.93 (13,918.93) 0.00 0.00 0.00 0.00 SCADA 131,401.95 (131,401.95) 0.00 0.00 0.00 0.00 Governor 150,859.09 3,559.79 (543,370.25) (388,951.37) 1,439,868.08 (262,729.18) 788,187.53 1,754,367.89 (635,638.86) 1,906,916.57 (476,729.14) 1,430,187.42 Replace RFLS 0.00 0.00 0.00 85,000.00 (21,250.00) 63,750.00 (15,937.50) 47,812.50 Replace Runners 0.00 598,760.80 (149,690.20) 449,070.60 1,149,000.00 (399,517.65) 1,198,552.95 (299,638.24) 898,914 [Replace cable from dam to power house 0.00 0.00 0.00 0.00 1,513,000.00 (378,250.00) 1,134,750.00 (283,687.50) 851,062 Replace power system stabilizer 0.00 0.00 0.00 0.00 190,311.00 (47,577.75) 142,733.25 (35,683.31) 107,049.54 Replace two RTUs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 80,000.00 (20,000.00) 60,000.00 IUNDER REIMB 7,415.60 (7,415.60) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 INet Borrowings From Utilities 1,189,213.84 3,559.79 (1,581,725.00) (388,951.37) 2,038,628.88 (412,419.38) 1,237,258.13 4,691,678.89 (1,482,234.26) 4,446 702.77 80,000.00 (1,131,675.69) 3,395,027.08 Beginning Investment Balance 4,036,936.72 4,101 ,833.32 5,994,816.84 4,215,566.49 1,608,835.87 Disbursements (719,674.74) (3,559.79) (2,038,628.88)} (4,691 ,678.89)| 0.00 Utilities' repayments in current year 493,524.18 1,581,725.00 0.00 0.00 1,131,675.69 Utilities’ repayments of prior year accrued 0.00 0.00 412,419.38 1,482,234.26 Interest earnings retained in fund 291,047.16 314,818.31 202,517.49 200,000.00 100,000.00 [Accrued R&C Payable at Year End 0.00 56,861.04 1,472,528.89 0.00 Ending Investment Balance 4,101 ,833.32 5,994 816.84 4,215,566.49 1,608,835.87 4,322,745.81 | 6/26/20071:30 PM C:\Documents and Settings\kreiche\Local Settings\Temporary Internet Files\Content.Outlook\PUNN1PKI\2007BradleyBdgt-finalbudget.xisSchedule D R&C Disb & Repay DATE BRADLEY PMC VOTING Agenda Item No. Rall Gl YES NO, ABS ves NO ABS YES NO ABS CITY OF SEWARD 01% of MATANUSKA ELEC ASSOC 14% Aa CHUGACH ELEC ASSOC 30% |v HOMER ELEC ASSOC 12% [4] GOLDEN VAL ELEC ASSOC 17% [| “|. MUNI LIGHT & POWER 26% WE ALASKA ENERGY AUTHORITY Ze A=4+ OVER 51% B=AEA CONCUR With A C = UNANIMOUS D=MAJORITY VOTING METHOD A: Requiring four yeas with 51% of utilities, with no AEA vote: 1) Procedures for scheduling, production and dispatch of project power. 2) Establishment of procedures for use of each purchaser's water allocation (AEA assent required for license requirements). 3) Selection among alternative methods that do not involve AEA for funding required project work. VOTING METHOD B: Requiring 4 yeas with 51% of utilities and AEA concurrence: 1) Arranging operation and maintenance of project. 2) Adoption of budget of annual project costs. VOTE(93Q3/BC5272) 3) Establishment of FY estimated annual payment obligation and schedule of each purchaser. 4) Determination of annuai project costs after each FY. 5) Evaluation of necessity for and scheduling of required project work. 6) Determination of appropriate amount of insurance. 7) Adoption of additional minimum funding amounts for renewal and contingency reserve fund above that required by bond resolution. 8) Selection among alternate methods that involve AEA for funding required project work. 9) Adoption or amendment of procedural committee rules (except dispute resolution). 10) Adoption of project maintenance schedules. 11) 13) 14) 15) Determination of rules, procedures and accounts necessary to manage project when no bonds outstanding. Evaluation and approval of optional project work and compensation for such work. Application of insurance claims proceeds not governed by bond resolution. Approval of procedures and any individual utility agreements relating to electric power reserves for project. Approval of consultants. VOTING METHOD C: Unanimous vote by all (including AEA) VOTING METHOD D: Majority vote (including AEA) Election of Officers Agenda Item: 1A MOTION: Move: Second: tow goo Move the Bradley Lake Project Management Committee approve to reduce the FY07 budget by $623,000 and request the bond trustee to refund the surplus to the utilities by June 30, 2007. oe dvors = YY Budget Changes Schedule A-Increased Estimate of Interest Income Schedule B-Insurance cost less than budget Schedule B-Contingency not needed Total Budget Reduction Refund to Utilities CHUGACH ELECTRIC MUNICIPALITY OF ANCHORAGE AEG&T-HEA AEG&T-MEA GOLDEN VALLEY ELECTRIC CITY OF SEWARD Rounding 30.4% 25.9% 12.0% 13.8% 16.9% 1.0% 100.0% 400,000.00 48,000.00 -76,000-00- (00, 600 523,000-00- SY f, 02° 158,992.00 135,457.00 62,760.00 72,174.00 88,387.00 5,230.00 523,000.00 the Livde Hac Mills BRADLEY LAKE HYDROELECTRIC PROJECT Schedule A "AMENDED. FY04 FY0s FY06 FY2007 INC(DEC) ACTUALS ACTUALS ACTUALS BUDGET FROM PY REVENUES, EXPENSES & CHANGES IN SURPLUS REVENUES UTILITY CONTRIBUTIONS 14,759,083 16,030,048 14,448,825 15,847,818 | 1,398,993 INTEREST INCOME 1,850,365 1,770,986 1,896,353 1,713,710] (182,643) SALE OF VEHICLE 0 0 0 0 0 FEMA GRANT REVENUE ° 293,170 0 0 0 16,609,448 18,094,204 16,345,178 17,561,528 | 1,216,350 EXPENSES OPERATIONS. 3,299,790 2,977,028 3,212,203, 3,280,343 68,140 RENEWALS/REPLACEMENTS (R&C FUND REPAYMENT! 784,571 1,896,543 614,936 1,482,234] 867,298 CULVERT REPAIRS 0 0 0 50,000 50,000 HELICOPTER PAD REPAIRS 0 0 0 200,000 | 200,000 PURCHASE NEW VEHICLE 11,067 0 0 0 0 TRANSFER TO OPERATING RESERVE 111,400 15,000 0 25,000 25,000 DEBT SERVICE (net of Capital Reserve Reductions) 12,273,400 12,273,050 12,276,325 12,273,950 (2,375) ARBITRAGE TRANSFER 202,711 227,782 241,714 250,000 8,286 PRIOR YEARS SURPLUS (DEFICIT) 2,013,381 (73,492) 704,801 of} (704,801) 18,696,321 17,315,911 17,049,979 17,561,527 | __511,548 CURRENT YEAR SURPLUS (DEFICIT) (2,086,873) 778,293 (704,801) BEGINNING SURPLUS (DEFICIT) 2,013,380 (73,492) 704,801 ENDING SURPLUS (DEFICIT) (73,493) 704,801 0 SN ee ee ee BALANCE SHEET ASSETS REVENUE FUND - 524,902 457,899 OPERATING FUND 294,998 650,866 534,187 RECEIVABLE FROM UTILITIES 73,492 70,648 PREPAID EXPENSES 20,525 RECEIVABLE-FEMA GRANT : 293,170 368,490 1,468,938 7,083,259 LIABILITIES & SURPLUS LIABILITIES 368,490 416,102 670,840 PREPAID UTILITY CONTRIBUTION 348,035 PAYABLE TO UTILITIES 704,801 R&C REPAYMENT 412,419 368,490 4,468,938 7,083,259 OTHER INFORMATION OPERATING RESERVE * 646,400 661,402 #REF! 686,400 MONTHLY CONTRIBUTIONS 1,594,243 1,335,836 1,204,069 1,320,652 * Required to be 20% of budgeted operating expense 6/26/20079:51 AMC:\Documents and Settings\showell\Local Settings\Temporary Internet Files\Content.Outlook\CKN20IOB\2007BradleyBdgt-finalbudget.xisSchedule A-Budget Summary BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B FY06 31-Mar-07 FY2005 FY2005 AMENDED FY2007 FY2007 BUDGET ACTUAL VARIANCE BUDGET YTD ACTUAL BUDGET SUMMARY (A) HEA Annual Operations & Maintenance 1,166,649 1,383,486 (216,837) 1,273,714 858,184 1,494,965 (B) CEA Dispatch and Substation/SVC Maintenance 70,000 120,570 (50,570) 105,200 57,988 130,000 (C) Other O&M and Maintenance Projects 766,162 478,911 287,251 437,131 328,869 444,521 (D) Insurance Costs 725,000 654,490 70,510 588,503 597,431 605,357 (E) Regulatory Costs 182,500 75,141 107,359 316,500 125,384 331,000 (H) Contingencies 100,000 0 100,000 100,000 0 0 3,010,311 2,712,598 297,713 2,821,048 1,967,856 3,005,843 (F) Administrative Costs 274,500 264,431 10,069 274,500 229,698 274,500 3,284,811 2,977,029 307,782 3,095,548 2,197,554 3,280,343 (G) BUDGET ADJUST ESTIMATE 0) 0 0 0 0 0 3,284,811 2,977,029 307,782 3,095,548 2,197,554 3,280,343 6/26/2007 9:51 AM Pag€i®6éuments and Settings\showell\Local Settings\Temporary Internet Files\Content.Outlook\CKN20IOB\2007BradleyBdgt-finalbudget.xisSchedule B-Budget Detail BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B FY06 31-Mar-07 FY2005 FY2005 AMENDED FY2007 FY2007 BUDGET ACTUAL VARIANCE BUDGET YTD ACTUAL BUDGET FERC 535 - Operation Supervision & Engineering (A) HEA O&M Contract 122,828 147,460 (24,632) 185,214 119,866 125,569 (C) HEA On-Site Civil Project Manager 0 0 0 (C) HEA Digitize & Control Project Drawings 0 0 0 122,828 147,460 (24,632) 185,214 119,866 | 125,569 FERC 537 - Hydraulic Expenses (A) HEA O&M Contract 35,730 3,950 31,780 58,300 59,705 49,200 35,730 3,950 31,780 58,300 59,705 | 49,200 FERC 538 - Electric Expenses (A) HEA O&M Contract 99,365 206,246 (106,881) 94,200 124,226 222,000 (C) SOA BOILIER INSPECTION 0 0 0 0 0 0 99,365 206,246 qa 06,881)| 94,200 124,226 222,000 FERC 539 - Misc. Hydraulic Power Generation Expenses (A) HEA O&M Contract 234,321 165,027 69,294 253,100 213,337 331,625 (C) Replace Two Way Radios 10,000 0 10,000 10,000 0 3,000 (C) HEA Circuits and Radio - To Bernice Lake 90,000 90,000 0 90,000 67,500 90,000 (C) CEA Circuits -Bernice Lake to Anchorage 28,746 28,746 0 28,740 21,559 28,740 363,067 283,773 79,294 | 381,840 302,396 453,365 FERC 540 - Rents (C) Bradley Lake FERC land use fees (5% increase bu 74,000 66,115 7,885 74,000 62,623 74,000 L 74,000 66,115 7,885 74,000 62,623 74,000 FERC 541 - Maintenance Supervision & Engineering (A) HEA O&M Contract 0 0 0 0 25,861 82,451 0 0 0 0 25,861 82,451 FERC 542 - Maintenance of Structures (A) HEA O&M Contract 19,278 50,231 (30,953) 53,500 74,806 90,400 (C) Other 0 0 0 0 0 0 19,278 50,231 (30,953) 53,500 74,806 90,400 | FERC 543 - Maintenance of Reservoirs, Dams & Waterways (A) HEA O&M Contract 10,278 0 10,278 15,400 2,312 10,440 (C) Bradley Lake Dam Repair 0 0 0 0 0 6/26/2007 9:51 AM Pag€abééuments and Settings\showell\Local Settings\Temporary Internet Files\Content.Outlook\CKN20I0B\2007BradleyBdgt-finalbudget.xisSchedule B-Budget Detail BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B (C) Nuka Diversion (C) Middle Fork Diversion (C) Kachemak Creek Gauging Station (C) Other O&M FERC 544 - Maintenance of Electric Plant (A) HEA O&M Contract (A) HEA O&M Contract-Runner Repairs FERC 545 - Maintenance of Misc. Hydraulic Plant (A) HEA O&M Contract (C) Penstock Drain Clean-out FERC 556 - System Control & Load Dispatching (A) HEA O&M Contract (C) NOAA Weather Service (C) SCS Snow Measurement (C) UAA Seismic monitoring and reporting (C) USGS Streamguaging (C) State of Alaska Permits FERC 562 - Station Expenses (B) CEA SVC/Substation Maintenance Contract (C) SVC Condition Assessment/Staff Training FERC 571 - Maintenance of Overhead Lines (A) HEA Overhead Line Maintenance (H) Contingencies FERC 920 - Administrative Expense FY06 31-Mar-07 FY2005 FY2005 AMENDED FY2007 FY2007 BUDGET ACTUAL = VARIANCE BUDGET YTD ACTUAL BUDGET 0 0 0 0 15,000 11,145 3,855 0 0 26,000 0 26,000 0 0 0 0 0 0 51,278 11,145 40,133 15,400 2312] C 10,440 276,741 540,304 (263,563) 295,000 164,341 280,200 0 0 0 0 0 0 276,741 540,304 (263,563) 295,000 164,341 | [___ 280,200 282,169 158,048 124,121 274,000 50,826 213,000 30,000 15,923 14,077 0 0 0 312,169 173,971 138,198 274,000 50,826 213,000 23,315 16,651 6,664 9,000 17,438 20,080 0 0 0 0 0 30,000 (8,482) 38,482 9,000 3,724 9,000 56,500 56,500 0 56,500 36,175 56,500 205,916 174,017 31,899 168,791 137,088 183,281 0 100 (100) 100 200 0 315,731 238,786 76,945 243,391 194,625 | [___ 268,861 70,000 120,570 (50,570) 105,200 57,988 130,000 200,000 44,847 155,153 0 0 0 270,000 165,417 104,583 105,200 57,988 130,000 62,624 95,569 (32,945) 36,000 5,466 70,000 62,624 95,569 (32,945) 36,000 5,466 70,000 100,000 0 100,000 100,000 0 0 6/26/2007 9:51 AM Pag€36éuments and Settings\showell\Local Settings\Temporary Internet Files\Content.Outlook\CKN2010B\2007BradleyBdgt-finalbudget.xIlsSchedule B-Budget Detail BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B (F) AEA Admin Fee AEA Administrative Costs PMC Costs (F) Bradley Lake Audit fees (F) Bradley Lake PMC Legal (F) Bradley Lake Arbitrage Report (F) Bradley Lake Trustee fees (F) PMC Costs Bond Refunding Costs Reimburseable costs Refunding Costs TOTAL FERC 920 FERC Insurance Premiums (D) Homer Electric Insurance (D) Risk Assessment (D) FERCFERC administrative fees (E) FERC 5 Year Inspection (E) Seismic Survey Spillway (E) Contractual Engineer - FERC license issues TOTAL BRADLEY LAKE BUDGET FY06 31-Mar-07 FY2005 FY2005 AMENDED FY2007 FY2007 BUDGET ACTUAL VARIANCE BUDGET YTD ACTUAL BUDGET 200,000 200,000 0 200,000 200,000 200,000 200,000 200,000 0 200,000 200,000 200,000 8,500 8,100 400 8,500 8,298 8,500 40,000 33,511 6,489 40,000 (670) 40,000 6,000 5,225 775 6,000 4,475 6,000 20,000 17,595 2,405 20,000 17,595 20,000 74,500 64,431 10,069 74,500 29,698 74,500 0 0 0 0 0 0 274,500 264,431 10,069 274,500 229,698 274,500 590,000 513,754 76,246 528,503 532,759 533,357 60,000 56,141 3,859 60,000 42,240 57,000 75,000 84,595 (9,595) 0 22,432 15,000 725,000 654,490 70,510 588,503 597,431 | 605,357 126,000 15,233 110,767 126,000 0 126,000 0 0 75,000 87,675 90,000 0 0 0 56,500 59,908 (3,408) 115,500 37,709 115,000 Lo 182,500 75,141 107,359 316,500 125,384 331,000 | 3,284,811 2,977,029 307,782 3,095,548 2,197,554 3,280,343 = 6/26/2007 9:51 AM Pag€46éuments and Settings\showell\Local Settings\Temporary Internet Files\Content.Outlook\CKN20IOB\2007BradleyBdgt-finalbudget.xisSchedule B-Budget Detail BRADLEY LAKE MONTHLY UTILITY CONTRIBUTION SCHEDULE C AMENDED ACTUAL ACTUAL BUDGET PERCENT FY2005 FY2006 FY2007 FY2007 POWER PURCHASER SHARE TOTAL TOTAL TOTAL DECREASE CHUGACH ELECTRIC. 30.4% 4,873,130 4,392,444 4,817,736 425,292 MUNICIPALITY OF ANCHORAGE 25.9% 4,151,786 3,742,248 4,104,588 362,340 AEG&T-HEA 12.0% 1,923,602 1,733,856 1,901,736 167,880 AEG&T-MEA 13.8% 2,212,154 1,993,944 2,187,000 193,056 GOLDEN VALLEY ELECTRIC 16.9% 2,709,074 2,441,856 2,678,280 236,424 CITY OF SEWARD 1.0% 160,298 144,492 158,484 13,992 Rounding (15) (6) 100.0% 16,030,044 14,448,825 15,847,818 1,398,984 FY2005 FY2006 PERCENT MONTHLY MONTHLY FY2007 FY2007 POWER PURCHASER SHARE AVERAGE AVERAGE MONTHLY DECREASE CHUGACH ELECTRIC. 30.4% 406,094 366,037 401,478 35,441 MUNICIPALITY OF ANCHORAGE 25.9% 345,982 311,854 342,049 30,195 AEG&T-HEA 12.0% 160,300 144,488 158,478 13,990 AEG&T-MEA 13.8% 184,346 166,162 182,250 GOLDEN VALLEY ELECTRIC 16.9% 225,756 203,488 223,190 19,702 CITY OF SEWARD 1.0% 13,358 12,041 13,207 1,166 100.0% 1,335,836 1,204,070 1,320,652 100,494 COMPONENTS OF CHANGE IN CONTRIBUTION FY2006 ANNUAL CONTRIBUTION 14,448,825 Revenue Changes (INCREASE) DECREASE IN BUDGETED INTEREST EARNINGS 182,643 Expenditure Changes INCREASE (DECREASE) IN BUDGETED O&M COSTS 68,140 INCREASE (DECREASE) IN PAYBACK TO R&C FUND 867,298 INCREASE (DECREASE) CULVERT REPAIRS 50,000 INCREASE (DECREASE) HELICOPTER PAD REPAIRS 200,000 INCREASE (DECREASE) IN DEBT SERVICE (2,375) INCREASE (DECREASE) IN EXCESS EARNINGS TRANSFER 8,286 INCREASE (DECREASE) IN OPERATING RESERVE TRANSFER 25,000 Other IMMATERIAL ROUNDING DIFFERENCES 1 NET INCREASE(DECREASE) FY2007 ANNUAL CONTRIBUTION 1,398,993 6/26/20079:51 AM C:\Documents and Settings\showell\Local Settings\Temporary Internet Files\Content.Outlook\CKN20IOB\2007BradleyBdgt-finalbudget.xisSchedule C Utility Contrib R&C PROJECTS DISBURSEMENTS Governor Project -GL23330-00 FY02 FY03 FY04 FY05-PD FROM R&C IN 06 FY06 FY07 as of 05/31/07 ESTIMATED ADDT'L FY07 COMPLETED BY FY08 PROJECTED ADDITIONAL PROJECTED TOTAL Needle Repairs FY02 FY03 FY04 COMPLETED IN FY04 Runner Repairs-GL 233332-00 FY02 FY03 FY04 FY0S FY06 FYO7 as of 05/31/07 ESTIMATED ADDT'L FY07 COMPLETED BY FY08 PROJECTED ADDITIONAL PROJECTED TOTAL SCADA FY02 FY03 FY04 COMPLETED Cable Repair-GL 23340-4A FY06 FY07 as of 05/31/07 ESTIMATED ADDT'L FY07 ESTIMATED ADDT'L FY08 PROJECTED ADDITIONAL PROJECTED TOTAL RTU Replacements -GL 23340-4C FYO7 as of 05/31/07 ESTIMATED ADDT'L FY07 ESTIMATED ADDT'L FY08 PROJECTED ADDITIONAL PROJECTED TOTAL R&C Fund Construction FD Total 263.17 0.00 263.17 103,213.18 0.00 103,213.18 135,710.34 0.00 135,710.34 256,783.06 1,238,667.17 1,495,450.23 1,144,301.48 577,446.49 1,721,747.97 1,415,495.90 0.00 _1,415,495.90 3,055, 767.13 1,816,113.66 _4,871,880.79 338,871.99 0.00 338,871.99 0.00 0.00 0.00 338,871.99 0.00 338,871.99 3,394,639.12 1,816,113.66 _5,210,752.78 14,645.52 0.00 14,645.52 909,158.20 0.00 909,158.20 560,510.51 0.00 560,510.51 1,484,314.23 0.00 1,484,314.23 14,256.00 0.00 14,256.00 27,631.63 0.00 27,631.63 78.76 0.00 78.76 0.00 0.00 0.00 598,760.80 0.00 598,760.80 842,302.61 0.00 842,302.61 1,483,029.80 0.00 _1,483,029.80 306,697.39 0.00 306,697.39 0.00 0.00 0.00 306,697.39 0.00 306,697.39 1,789,727.19 0.00 _1,789,727.19 115,049.07 0.00 115,049.07 173,697.03 0.00 173,697.03 305.35 0.00 305.35 289,051.45 0.00 289,051.45 38,783.54 0.00 38,783.54 839,861.75 0.00 839,861.75 878,645.29 0.00 878,645.29 673,138.25 0.00 673,138.25 973,000.00 0.00 973,000.00 1,646,138.25 0.00 _1,646,138.25 2,524,783.54 0.00 2,524,783.54 4,627.21 0.00 4,627.21 4,627.21 0.00 4,627.21 0.00 0.00 0.00 80,000.00 0.00 80,000.00 80,000.00 0.00 80,000.00 84,627.21 0.00 84,627.21 BRADLEY LAKE R&C FUND DISBURSEMENTS AND REPAYMENTS SCHEDULE D ACTUAL ACTUAL ACTUAL Actual PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED TO REPAY TO REPAY Accrued TO REPAY Accrued TO REPAY TO REPAY Description at 06/30/04 Disburse Repay at 06/30/05 Disburse Repay at 06/30/06 Disburse Repay at 06/30/07 Disburse Repay at 06/30/08 Needle repairs 885,618.27 (885,618.27) 0.00 0.00 0.00 0.00 0.00 Runner repairs 13,918.93 (13,918.93) 0.00 0.00 0.00 0.00 SCADA 131,401.95 (131,401.95) 0.00 0.00 0.00 0.00 Governor 150,859.09 3,559.79 (543,370.25) (388,951.37) 1,439,868.08 (262,729.18) 788,187.53 1,754,367.89 (635,638.86) 1,906,916.57 (476,729.14) 1,430,127 42 Replace RFLS 0.00 0.00 0.00 85,000.00 (21,250.00) 63,750.00 (15,937.50) 47 Replace Runners 0.00 598,760.80 (149,690.20) 449,070.60 1,149,000.00 (399,517.65) 1,198,552.95 (299,638.24) 898,030.07 Replace cable from dam to power house 0.00 0.00 0.00 0.00 1,513,000.00 (378,250.00) 1,134,750.00 (283,687.50) 851,062.50 Replace power system stabilizer 0.00 0.00 0.00 0.00 190,311.00 (47,577.75) 142,733.25 (35,683.31) 107,049.94 Replace two RTUs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 80,000.00 (20,000.00) 60,000.00 UNDER REIMB 7,415.60 (7,415.60) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net Borrowings From Utilities 1,189,213.84 3,559.79 (1,581,725.00) (388,951.37) 2,038,628.88 (412,419.38) 1,237,258.13 4,691,678.89 (1,482,234.26) 4,446,702.77 80,000.00 (1,131,675.69) 3,395,027.08 Beginning Investment Balance 4,036,936.72 4,101,833.32 5,994,816.84 4,215,566.49 1,608,835.87 Disbursements (719,674.74)| (3,559.79) (2,038,628.88) (4,691 ,678.89) 0.00 Utilities’ repayments in current year 493,524.18 1,581,725.00 0.00 0.00 1,131,675.69 Utilities’ repayments of prior year accrued 0.00 0.00 412,419.38 1,482,234.26 Interest earnings retained in fund 291,047.16 314,818.31 202,517.49 200,000.00 100,000.00 Accrued R&C Payable at Year End 0.00 56,861.04 1,472,528.89 0.00 Ending Investment Balance 4,101,833.32 5,994,816.84 4,215,566.49 1,608,835.87 4,322,745.81 6/26/20079:51 AM C:\Documents and Settings\showell\Local Settings\Temporary Internet Files\Content.Outlook\CKN20I0B\2007BradleyBdgt-finalbudget.xlsSchedule D R&C Disb & Repay Bradley Lake PROJECT MANAGEMENT COMMITTEE MEETING TJelecon ference (Location) PLEASE SIGN IN No. REPRESENTING SS il feel ACA iy AEA 10 1] 12 13 14 15 16 17 18 19 20 21 22 92Q2\IT9884