HomeMy WebLinkAboutBradley Lake PMC Meeting-Friday, Feb. 23, 2007 3oO ALASKA
Al Fa [= ALASKA
Alaska Industrial Development and Export Authority
BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE
REGULAR MEETING
AGENDA
Friday, February 23, 2007 — 10:00 a.m.
(via electronic media at CEA’s Board Room - 5601 Minnesota Drive)
1. CALLTO ORDER! Stewart
2: ROLL CALL (for Committee members) a
3. PUBLIC ROLL CALL (for all others present)
4. PUBLIC COMMENT —
5. AGENDA COMMENTS.“
6. | APPROVAL OF MEETING MINUTES December 15, 2006
te NEW BUSINESS
A. FY 08 Operating and Capital Budget — MacMillan
B. FY 07 Interim Budget Report , ~~ MacMillan
C. Homer O&M Agreement =| Janorschke
8. COMMITTEE REPORTS / COMMENTS
A. Operators Report ~~
» Update on Governor Modification Project vw Governor Committee
B. Next Meeting Date Pid - (ate Stewart
9. ADJOURNMENT Kec tion @ (EA
os eS nd [Moy -
813 West Northern Lights Boulevard * Anchorage, Alaska 99503-2495
www.aidea.org * 907/269-3000 * FAX 907/269-3044 ® Toll Free (Alaska Only) 888/300-8534 * www.akenergyauthority.org
BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE
MEETING MINUTES
(held @ CEA’s Board Room)
Anchorage, Alaska
Friday, December 15, 2006 — 10:00 a.m.
41:3 CALL TO ORDER
Chair Stewart called the meeting of the Bradley Lake Hydroelectric Project Management
Committee to order at 10:00 a.m. on Friday, December 15, 2006, from Chugach Electric
Association’s Board Room, Anchorage, Alaska, to conduct the business of the Committee per
the agenda and public notice.
2. ROLL CALL
Roll was called by Shauna Howell. The following members were present:
Bill Stewart
Chugach Electric Association
Steve Haagenson
Golden Valley Electric Association
Bradley Janorschke
Homer Electric Association
Wayne Carmony
Matanuska Electric Association
Jim Posey
Anchorage Municipal Light & Power
Tim Barnum
City of Seward
Bryan Carey
‘ Alaska Energy Authority
3. PUBLIC ROLL CALL
Tuckerman Babcock, Matanuska Electric Association
Elvi Gray Jackson, Anchorage Municipal Light & Power
John Cooley, Chugach Electric Association
Bob Price, Anchorage Municipal Light & Power
Rick Miller, Anchorage Municipal Light & Power
Mike Cunningham, Chugach Electric Association
Linda MacMillan, Alaska Energy Authority
Brian Hickey, Chugach Electric Association
Henri Dale, Golden Valley Electric Association
Charles O’Hare, Homer Electric Association
Jenny Trieu, AterWynne
Suzanne Gibson, Chugach Electric Association
Gary Stromberg, Parisena, Stromberg & Company (teleconference)
Bradley Lake Project Management Committee Meeting December 15, 2006
Page 2 of 3
4. PUBLIC COMMENT
There were no public comments.
5. AGENDA COMMENTS
There were no agenda comments.
6. APPROVAL OF MEETING MINUTES -— July 26, 2006
Mr. Haagenson moved to approve the minutes of the July 26; 2006 meeting, seconded by Mr.
Janorschke. The meeting minutes were unanimously approved as presented.
Ti NEW BUSINESS
7A. Bradley Lake Audit Status Report —- Gary Stromberg
Mr. Stromberg presented the final draft of the audited financial statements and other financial
information for Bradley Lake Project Management Committee Operating and Revenue Funds for
the period ending June 30, 2006 and 2005.
The group would like to receive an interim or budget variance report throughout the year.
MOTION #06-10: Mr. Haagenson moved the Bradley Lake Project Management
Committee accept the results of the Bradley Lake Project Management Committee
Operating and Revenue Funds as of June 30 2006, as presented by Parasena, Stromberg
& Company, APC. Seconded by Mr. Posey. A voice vote was taken and the motion
passed by unanimous approval.
MOTION #06-11: Mr. Posey moved the Bradley Lake Project Management
Committee instruct the utilities to pay their proportionate share of the FY06 short fall
($70,648.40) to the bond trustee, U.S. Bank, on or before February 1, 2007. Seconded by
Mr. Janorschke. A voice vote was taken and the motion passed by unanimous approval.
7B. Insurance Coverage — Mike Cunningham
Mr. Cunningham gave an overview of a 2-page handout on commercial property and boiler and
machinery. The group discussed comfort levels with amount of insurance coverage as well as
premium prices.
7C. Homer O&M Agreement - Brad Janorschke
Mr. Janorschke presented the group with HEA’s request to have a 5-year renewable instead of
a year-to-year Agreement. The 5-year Agreement would be easier for HEA in regards to
planning and training. HEA is requesting a 5-year Agreement and change the year to 2007.
After discussion, the Chairman said that the group who would be tasked with looking this
Agreement over would bring back something to the BPMC in 60 days. Each utility will have one
person designated to perform the review and report back. Chair Stewart will have someone
Bradley Lake Project Management Committee Meeting December 15, 2006
Page 3 of 3
from his office schedule the meeting with an invitation for the utilities to send someone to
participate.
8. COMMITTEE REPORTS
8A. Operators Report / Update on Governor’s Modification Project- Charlie O’Hare
Mr. O’Hare gave an overview of an update handout, which included budget information,
available spin limit, and power and fiber cable replacement — the report states that the Bradley
governor project is 95% complete. There was some discussion as to the total expenditures and
Mr. O’Hare said he will have the total expenditures to date at the next meeting.
He also stated that the O&D recommends the BPMC rescind the present limits on Bradley Lake
spinning reserve in favor of new limits and/or use requirements developed by the IOC Dispatch
Subcommittee when they have been finalized. After some discussion, Mr. O’Hare said he
would take this back to the O&D Committee and re-address it.
The issue of the power and fiber cable replacement was discussed, with the emphasis being on
the over projected project cost of $200,000. HEA will provide a budgetary update at the next
BPMC meeting to include a budget amendment request, if required.
HEA will have Rick Baldwin review and approve the construction contract bid selection. After
approval, they will be forwarded to the BPMC Chair.
8B. NEXT MEETING DATE
The next meeting date will be in February at the call of the Chair.
9. ADJOURNMENT
The meeting was adjourned at 11:20 a.m.
BY:
Bill Stewart, Chairman
ATTEST:
Alaska Energy Authority, Secretary
Agenda Item: \ _7¢
MOTION:
Move:
Second:
Resolved, that pursuant to section 13(c)(ii(A) of the Bradley Lake
Agreement for the Sale\and Purchase of Electric Power, the Committee
approves the execution of the Agreement Amending and Extending the
Term of the Operation and, Maintenance Agreement for Bradley Lake
Project - Amendment No. 3 inthe form presented to the Committee.
\
\ \ ‘
AGREEMENT AMENDING AND EXTENDING THE TERM
OF THE OPERATION AND MAINTENANCE AGREEMENT
FOR BRADLEY LAKE PROJECT
AMENDMENT NO. 3
THIS AGREEMENT entered into this 23" day of February, 2007, between the
Homer Electric Association, Inc. (the “Operator’) and the Alaska Energy Authority (the
“Authority”).
Recital
Effective February 11, 1994, the parties entered into an agreement titled
Operation and Maintenance Agreement for Bradley Lake Project (the “Agreement”’).
The term of the Agreement was for an initial period of five years, automatically
renewable annually thereafter. The parties extended the Agreement through an
Amendment dated June 22, 1999. The Amendment extended the Agreement until June
30, 2004, and provided that the term shall continue from year to year thereafter. The
parties have determined that instead of the annual renewal, the Agreement shall be
renewed for an additional period of five years and automatically renewed thereafter; and
that the Agreement be further amended as hereafter set forth.
Amendments
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. Section 2 of the Agreement as amended by the June 22, 1999 Amendment is
hereby amended as follows:
Effective July 1, 2007, the term of the Agreement shall be five years and the term
shall automatically be renewed for successive five-year periods, until terminated
as provided in the Agreement.
2. Section 5 of the Agreement is hereby amended by adding the following sentence:
In performing its duties under paragraph 5(q), not less than seven days prior to
executing any contract for project work valued in excess of one million dollars,
the Operator will forward by express mail or overnight delivery service a
complete copy of the unexecuted contract to each Purchaser for review and
comment.
3. Paragraph 13(a)(1) of the Agreement is amended to read as follows:
Each Party shall be liable for the negligent, willful and grossly negligent acts of its
officers, employees, agents and contractors with respect to the ownership,
construction operation, maintenance or repair of the Project. It is recognized that
the project insurance does not cover the willful and grossly negligent acts of a
Agreement Amending and Extending the Term of the Operation
and Maintenance Agreement for Bradley Lake Project
party. Each Party shall be solely liable for the willful and grossly negligent acts of
its officers, employees, agents and contractors to the extent not covered by
insurance. A party’s maximum cumulative liability relative to all other claims and
liabilities, including that with respect to direct damages and obligations under any
indemnity, will not exceed the limits of any insurance policies insuring against
such claims or liabilities. In no event will a Party be liable for incidental, indirect
or consequential damages of any kind.
4. Paragraph 13(a)(8) of the Agreement is amended to read as follows:
(8) | Acopy of the insurance policies required of the Operator by this Section
will be furnished to the Authority prior to beginning work under this
Agreement. Prior to February 1 of each year thereafter, evidence of
insurance shall be provided by the Operator.
5. Paragraph 13(a)(9) of the Agreement is amended to read as follows:
(9) | The Operator's obligation to obtain and maintain insurance coverage
pursuant to this Section shall be subject to the general availability of such
coverage under reasonable terms and conditions. If one or more of the
required insurance coverages is not available to the Operator under
reasonable terms and conditions, the Operator shall, under the guidance
and direction of the BPMC and Division of Risk Management, use its best
efforts to obtain substantively equivalent insurance coverage acceptable
to the BPMC, the Authority, and the Division of Risk Management.
6. A new subsection 13(f) is added to the Agreement to read as follows:
(f) The Authority shall maintain a policy or policies of property damage
insurance fully insuring the Project against loss resulting from fire,
explosion, accident, or equipment breakdown for the full insurable value of
the Project. The policy shall contain a waiver of subrogation with respect
to the Operator and the BPMC and list the Operator as an additional
named insured.
[Intentionally left blank]
Agreement Amending and Extending the Term of the Operation
and Maintenance Agreement for Bradley Lake Project
IN WITNESS WHEREOF, the parties have caused this agreement to be
executed as of the date first written above.
HOMER ELECTRIC ASSOCIATION, INC.
Date
By
General Manager
ALASKA ENERGY AUTHORITY
Date
By
Executive Director
Agreement Amending and Extending the Term of the Operation
and Maintenance Agreement for Bradley Lake Project
Agenda Item: 7A
MOTION: Move the Bradley Lake Project Management Committee approve the
fiscal year 2008 Operating and Capital budget as presented.
Move: Jw “Poee
Second: Sri Taenrsethbe
EY) wo.
Hein? Aan L Jagr Comornge penn. "10,0
Le Drad eres Wine
OVERVIEW OF BUDGET CHANGES BETWEEN FY07 AND FY08
FY07 Utility Contributions
DECREASES
R&C Fund transfer due to application of interest retained in fund
offset by additional expenditures to repay
Decrease in one time repairs on Schedule A
Decrease in debt service
TOTAL DECREASES
INCREASES
Operating budget increase mainly due to increased FERC Admin Fees
and right of way clearing work
Increase in transfer to operating reserve due to increased operating budget
Reduced interest earnings due to projected less investment balances
Increase in projected arbitrage transfer
TOTAL INCREASES
FY08 Utility Contributions
16,395,817
(238,851) (46,456)
(4,100)
(289,407)
242,443
23,000
9,184
8,555
283,182
16,389,592
BRADLEY LAKE HYDROELECTRIC PROJECT
Schedule A
FY0S FY06 FY2007 FY2008 INC(DEC)
ACTUALS ACTUALS BUDGE” BUDGET FROM PY
REVENUES, EXPENSES & CHANGES IN SURPLUS
REVENUES
UTILITY CONTRIBUTIONS 15,325,245 14,448,825 16,395,817 16,389,592 (6,225)
INTEREST INCOME 1,770,987 1,896,353 1,313,711 1,304,527 (9,184)
SALE OF VEHICLE 0 0 0 0 0
FEMA GRANT REVENUE 293,170 0 oO oO oO
17,389,402 16,345,178 17,709,528 17,694,119 (15,409)
EXPENSES
OPERATIONS 2,977,028 3,212,203 3,428,343 3,670,786 242,443
RENEWALS/REPLACEMENTS (R&C FUND REPAYMENTS 1,896,543 614,936 1,482,234 1,243,383 (238,851)
CULVERT REPAIRS 0 0 50,000 81,546 31,546
HELICOPTER PAD REPAIRS 0 0 200,000 0 (200,000)
PURCHASE MAN-LIFT,TRUCK & PLOW ATTACHMENT 0 0 0 122,000 122,000
TRANSFER TO OPERATING RESERVE 15,000 0 25,000 48,000 23,000 DEBT SERVICE (net of Capital Reserve Reductions) 12,273,050 12,276,325 12,273,950 12,269,850 (4,100)
ARBITRAGE TRANSFER 227,782 241,714 250,000 258,555 8,555
PRIOR YEARS SURPLUS (DEFICIT) O 0 o oO 0
17,389,403 16,345,178 17,709,527 17,694,120 (15,407)
CURRENT YEAR SURPLUS (DEFICIT) (1) 0 1 (1)
BEGINNING SURPLUS (DEFICIT) oO 0 0 if
ENDING SURPLUS (DEFICIT) (4) 0 4
SES Se eS eS
BALANCE SHEET
ASSETS
REVENUE FUND: 524,901 457,899 0
OPERATING FUND 650,866 534,187 (1)}
RECEIVABLE FROM UTILITIES = 70,648
PREPAID EXPENSES = 20,525
RECEIVABLE-FEMA GRANT 293,170 =.
1,468,937 1,083,259 (1)}
LIABILITIES & SURPLUS
LIABILITIES 416,101 670,840 0
PREPAID UTILITY CONTRIBUTION 348,035 :
PAYABLE TO UTILITIES 704,801 =
R&C REPAYMENT : 412,419 (1)} 1,468,937 1,083,259 (1)
OTHER INFORMATION
OPERATING RESERVE * 661,402 661,402 686,402 734,400
MONTHLY CONTRIBUTIONS 1,335,837 1,335,837 1,366,318 1,365,799
* Required to be 20% of budgeted operating expense
2/15/20071:51 PMH:\all\imacmillan\BradleyLake\F YO8BRADLEY\2008BradleyBdgt.xlsSchedule A-Budget Summary
BRADLEY LAKE OPERATIONS & MAINTENANCE
SCHEDULE B
31-Dec-06
FY2006 FY2006 FY2007 FY2007 FY2008
BUDGET ACTUAL VARIANCE BUDGET YTD ACTUAL BUDGET
SUMMARY
(A) HEA Annual Operations & Maintenance 1,278,795 1,459,416 (180,621) 1,494,965 577,666 1,750,709
(B) CEA Dispatch and Substation/SVC Maintenance 105,200 89,640 15,560 130,000 7,920 103,356
(C) Other O&M and Maintenance Projects 437,131 429,866 7,265 444,521 159,401 453,740
(D) Insurance Costs 588,503 599,449 (10,946) 653,357 614,897 648,481
(E) Regulatory Costs 316,500 392,836 (76,336) 331,500 94,791 340,000
(H) Contingencies 94,919 0 94,919 100,000 0 100,000
2,821,048 2,971,207 (150,159) 3,154,343 1,454,675 3,396,286
(F) Administrative Costs 274,500 240,994 33,506 274,500 212,602 274,500
3,095,548 3,212,201 (116,653) 3,428,843 1,667,277 3,670,786
(G) BUDGET ADJUST ESTIMATE 0 0 0 0 0 0
3,095,548 3,212,201 (116,653) 3,428,843 1,667,277 3,670,786
2/15/2007 1:52 PM
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BRADLEY LAKE OPERATIONS & MAINTENANCE
SCHEDULE B
Page 2 of 4
31-Dec-06
FY2006 FY2006 FY2007 FY2007 FY2008
BUDGET ACTUAL VARIANCE BUDGET YTD ACTUAL BUDGET
FERC 535 - Operation Supervision & Engineering
(A) HEA O&M Contract 185,214 176,529 8,685 125,569 83,993 140,357
(C) HEA On-Site Civil Project Manager 0 0 0
(C) HEA Digitize & Control Project Drawings 0 0 0
185,214 176,529 8,685 125,569 83,993 140,357
FERC 537 - Hydraulic Expenses
(A) HEA O&M Contract 58,300 4,415 53,885 49,200 28,758 54,037
58,300 4,415 53,885 49,200 28,758 54,037
FERC 538 - Electric Expenses
(A) HEA O&M Contract 94,200 222,062 (127,862) 222,000 83,190 235,672
(C) SOA BOILIER INSPECTION 0 0 0 0 0 0
94,200 222,062 a 27,862)| 222,000 83,190 235,672
FERC 539 - Misc. Hydraulic Power Generation Expenses
(A) HEA O&M Contract 253,100 193,557 59,543 331,625 149,707 393,785
(C) Replace Two Way Radios 10,000 5,761 4,239 3,000 0
(C) HEA Circuits and Radio - To Bernice Lake 90,000 90,000 0 90,000 45,000 90,000
(C) CEA Circuits -Bernice Lake to Anchorage 28,740 28,746 (6) 28,740 14,373 28,740
381,840 318,064 63,776 453,365 209,080 512,525
FERC 540 - Rents
(C) Bradley Lake FERC land use fees (5% increase bu 74,000 64,587 9,413 74,000 0 65,000
74,000 64,587 9,413 74,000 0 65,000
FERC 541 - Maintenance Supervision & Engineering
(A) HEA O&M Contract 0 0 0 82,451 7,851 63,204
0 0 0 82,451 7,851 63,204
FERC 542 - Maintenance of Structures
(A) HEA O&M Contract 53,500 116,324 (62,824) 90,400 55,831 93,347
(C) Other 0 0 0 0 0 0
53,500 116,324 (62,824) 90,400 55,831 93,347
FERC 543 - Maintenance of Reservoirs, Dams & Waterways
(A) HEA O&M Contract 15,400 0 15,400 10,440 2,071 14,202
(C) oO 0 0 0 0 2/15/2007 1:52 PM
H:\all\imacmillan\BradleyLake\FYO8BRADLEY\2008BradleyBdgt.xlsSchedule B-Budget Detail
BRADLEY LAKE OPERATIONS & MAINTENANCE
SCHEDULE B
31-Dec-06
FY2006 FY2006 FY2007 FY2007 FY2008
BUDGET ACTUAL VARIANCE BUDGET YTD ACTUAL BUDGET
(C) 0 0 0 0 0
(C) 0 0 0 0 0
(C) 0 0 0 0 0
(C) 0 0 0 0
15,400 0 15,400 10,440 2,071 14,202
FERC 544 - Maintenance of Electric Plant
(A) HEA O&M Contract 295,000 296,380 (1,380) 280,200 105,137 247,020
(A) HEA O&M Contract-Runner Repairs 0 206,982 (206,982) 0 0 0
295,000 503,362 (208,362) 280,200 105,137 247,020
FERC 545 - Maintenance of Misc. Hydraulic Plant
(A) HEA O&M Contract 274,000 171,116 102,884 213,000 39,690 184,455
(C) 0 0 0 0 0 0
274,000 171,116 102,884 213,000 39,690 184,455
FERC 556 - System Control & Load Dispatching
(A) HEA O&M Contract 9,000 22,892 (13,892) 20,080 15,972 21,896
(A) HEA O&M Contract-contingency 5,081 18,736 (13,655) 0 0
(C) SCS Snow Measurement 9,000 15,966 (6,966) 9,000 (3,536) 10,000
(C) UAA Seismic monitoring and reporting 56,500 56,500 0 56,500 12,470 60,000
(C) USGS Streamguaging 168,791 168,206 585 183,281 90,894 200,000
(C) State of Alaska Permits 100 100 0 0 200 0
248,472 282,400 (33,928) 268,861 116,000 291,896
FERC 562 - Station Expenses
(B) CEA SVC/Substation Maintenance Contract 105,200 89,640 15,560 130,000 7,920 103,356
(C) 0 0 0 0 0 0
105,200 89,640 15,560 130,000 7,920 103,356
FERC 571 - Maintenance of Overhead Lines
(A) HEA Overhead Line Maintenance 36,000 30,423 5,577 70,000 5,466 302,734
36,000 30,423 5,577 70,000 5,466 302,734
(H) Contingencies 94,919 0 94,919 100,000 0 100,000
FERC 920 - Administrative Expense
2/15/2007 1:52 PM
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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)
FERC FERC administrative fees
(E) FERC 5 Year Inspection
(E) Seismic Survey Spillway
(E) Contractual Engineer - FERC license issues
TOTAL BRADLEY LAKE BUDGET
31-Dec-06
FY2006 FY2006 FY2007 FY2007 FY2008
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 0 8,500
40,000 10,424 29,576 40,000 (670) 40,000
6,000 4,875 1,125 6,000 4,475 6,000
20,000 17,595 2,405 20,000 8,797 20,000
74,500 40,994 33,506 74,500 12,602 74,500
0 0 0 0 0 0
274,500 240,994 33,506 274,500 212,602 274,500 |
528,503 525,909 2,594 581,357 567,014 578,500
60,000 56,285 3,715 57,000 28,495 54,981
0 17,255 (17,255) 15,000 19,388 15,000
588,503 599,449 (10,946) 653,357 614,897 648,481
126,000 269,272 (143,272) 126,000 0 200,000
75,000 38,419 36,581 90,000 77,575 0
0 0 0
115,500 85,145 30,355 115,500 17,216 140,000
316,500 392,836 (76,336) 331,500 94,791 340,000
L 3,095,548 3,212,201 (116,653) 3,428,843 1,667,277 3,670,786
Page 4 of 4
2/15/2007 1:52 PM
H:\all\lmacmillan\BradleyLake\FY O8BRADLEY\2008BradleyBdgt.xlsSchedule B-Budget Detail
BRADLEY LAKE
MONTHLY UTILITY CONTRIBUTION
SCHEDULE C
ACTUAL BUDGET
PERCENT = FY2006 FY2007 FY2008 FY2008
POWER PURCHASER SHARE TOTAL TOTAL TOTAL DECREASE
CHUGACH ELECTRIC 30.4% 4,392,444 4,984,332 4,982,436 (1,896)
MUNICIPALITY OF ANCHORAGE 25.9% 3,742,248 4,246,512 4,244,904 (1,608)
AEG&T-HEA 12.0% 1,733,856 1,967,496 1,966,752 (744)
AEG&T-MEA 13.8% 1,993,944 2,262,624 2,261,760 (864)
GOLDEN VALLEY ELECTRIC 16.9% 2,441,856 2,770,896 2,769,840 (1,056)
CITY OF SEWARD 1.0% 144,492 163,956 163,896 (60)
Rounding (15) 2 2
100.0% 14,448,825 16,395,818 16,389,590 (6,228)
BUDGET
FY2006 FY2007
PERCENT MONTHLY MONTHLY FY2008 FY2008
POWER PURCHASER SHARE AVERAGE AVERAGE MONTHLY DECREASE
CHUGACH ELECTRIC 30.4% 366,037 415,361 415,203 (158)
MUNICIPALITY OF ANCHORAGE 25.9% 311,854 353,876 353,742 (134)
AEG&T-HEA 12.0% 144,488 163,958 163,896 (62)
AEG&T-MEA 13.8% 166,162 188,552 188,480 (72)
GOLDEN VALLEY ELECTRIC 16.9% 203,488 230,908 230,820 (88)
CITY OF SEWARD 1.0% 12,041 13,663 13,658 (5)
100.0% 1,204,070 1,366,318 1,365,799
COMPONENTS OF CHANGE IN CONTRIBUTION
FY2007 ANNUAL CONTRIBUTION 16,395,817
Revenue Changes
(INCREASE) DECREASE IN BUDGETED INTEREST EARNINGS 9,184
Expenditure Changes
INCREASE (DECREASE) IN BUDGETED O&M COSTS 242,443
INCREASE (DECREASE) IN PAYBACK TO R&C FUND (238,851)
INCREASE (DECREASE) CULVERT REPAIRS 31,546
INCREASE (DECREASE) HELICOPTER PAD REPAIRS (200,000)
INCREASE (DECREASE) OTHER CAPITAL PURCHASES 122,000
INCREASE (DECREASE) IN DEBT SERVICE (4,100)
INCREASE (DECREASE) IN EXCESS EARNINGS TRANSFER 8,555
INCREASE (DECREASE) IN OPERATING RESERVE TRANSFER 23,000
Other
IMMATERIAL ROUNDING DIFFERENCES (2)
NET INCREASE(DECREASE) 6,225)
FY2007 ANNUAL CONTRIBUTION 16,389,592
(0) 2/15/20071:52 PM
H:\all\lmacmillan\BradleyLake\F YO8BRADLEY\2008BradleyBdgt.xlsSchedule C Utility Contrib
BRADLEY LAKE
R&C FUND DISBURSEMENTS AND REPAYMENTS
SCHEDULE D
ACTUAL
TO REPAY
Description at 06/30/05
Actual
Disburse
Actual
TO REPAY
at 06/30/06
PROJECTED
Disburse
PROJECTED
TO REPAY
at 06/30/07
PROJECTED
Disburse
PROJECTED
TO REPAY
at 06/30/08
R&C FUND PROJECTS
Governor
Replace RFLS
Replace Runners
Replace cable from dam to power house
Replace power system stabilizer
Replace two RTUs
1,401,084.54
0.00
598,761.00
38,783.54
0.00
0.00
1,012,132.97
0.00
598,761.00
38,783.54
0.00
0.00
0.00
1,754,368.00
0.00
1,154,285.00
1,560,434.00
0.00
4,600.00
2,766,500.97
0.00
1,753,046.00
1,599,217.54
0.00
4,600.00
0.00
0.00
85,000.00
0.00
973,000.00
200,000.00
80,000.00
2,766,500.97
85,000.00
1,753,046.00
2,572,217.54
200,000.00
84,600.00
0.00
Current Year R&C Repayment
Adjust fpr Current Year Budget
Less Interest in Fund Applied to Repayment
Net Transfer from Revenue Fund
Cumulative Prior Years R&C Repayments
Retained Interest R&C Fund Interest
NET DUE TO R&C FUND
R&C FUND CASH FLOW PROJECTION
Beginning Investment Balance
Disbursements-current year accrued
Disbursements-prior year accrued
Utilities’ R&C Repayment
Interest earnings retained in fund
Accrued R&C Payable at year end
Ending Investment Balance
PROJECTED NET DUE + ENDING INVESTMENT BALANCE
REPAYMENT AMOUNT
$1,649,677 X 25%
$4,473,687 X 25%
$1,338,000 X 25%
2,038,629.08 1,649,677.51
(412,419.38) 0.00 0.00 (412,419.38)
(452,824.42) (452,824.42) 784,433.71
5,994,816.84
56,861.04
4,215,566.29
5,000,000.00
412,419.38
412,419.38
4,473,687.00 6,123,364.51
(1,530,841.13)
48,607.13
4,572,562.37
4,215,566.29
(4,473,687.00)
(56,861.04)
412,419.38
330,000.00
0.00
427,437.63
5,000,000.00
412,419.38
1,118,421.75
1,530,841.13
1,338,000.00
7,461,364.51
(1,865,341.13) 0.00 621,958.37 (1,243,382.76) (1,894,653.38) 0.00 (1,894,653.38) 4,323,328.37
427,437.63 (1,338,000.00) 0.00 1,482,234.00 105,000.00 0.00 676,671.63
5,000,000.00
412,419.38
1,118,421.75
334,500.00
1,865,341.13
2/15/20071:54 PM
H:\all\imacmillan\BradleyLake\FYO8BRADLEY\2008BradleyBdgt.xlsSchedule D R&C Disb & Repay
BRADLEY LAKE BUDGET
PROJECTED CASH FLOW BY FUND
SCHEDULE G
Rev Fund O&M Fund Debt Fund Op Reserve R&C Cap Reserve Total
FY2007 Budget
Revenues 16,395,817 - 16,395,817
Interest 983,711 - - 330,000 1,313,711
Transfers to O&M (3,428,343) 3,428,343 - -
Transfers to Debt Service (12,273,950) 12,273,950 -
Payback of R&C Fund (412,419) (534,187) 412,419 (534,187)
Other Prior Year Payables (45,479)
O&M Requisitions (3,428,343) (3,428,343)
Due To R&C at Year End - - -
Capital Requistions (250,000) 250,000 - (4,530,548) (4,530,548)
Renewals/Replacements (250,000) - - (250,000)
To Excess Earnings fund (250,000) (250,000)
Debt Payments (12,273,950) (12,273,950)
Increase Op Reserve (25,000) 25,000 :
6/30/2007 Projected Balance 1,152,235 0 : 686,400 427,437 12,834,000 15,145,552
zx
FY2008 Budget -
Revenues 16,389,592 - 16,389,592
Interest 1,199,527 105,000 1,304,527
Transfer back interest - -
Transfers to O&M (3,670,786) 3,670,786 - -
Transfers to Debt Service (12,269,850) 12,269,850 -
Payback of R&C Fund (1,482,234) 1,482,234 -
2008 O&M Requisitions (3,670,786) (3,670,786)
2008 Capital Requistions (203,546) 203,546 = -
Renewals/Replacements (203,546) - (1,338,000) - (1,541,546)
To Excess Earnings fund (258,555) (258,555)
Payment of Prior Year Deficit - -
Debt Payments (12,269,850) (12,269,850)
Increase Op Reserve (48,000) 48,000 :
6/30/2008 Projected Balance 808,383 0 : 734,400 676,671 12,834,000 15,098,933
Assumption: should be 20.00%
For purpose of budget cash flows, July 01 debt service projected 20.01%
is assumed to be disbursed on June 30
Ending balance in Revene Fund equals
Projected R&C repayment net of interest retained in R&C Fund
Repayment occurs in subsequent fiscal year FY07 FY08
Budget Repay 1,482,234 1,243,383
Interest Retained (330,000) (435,000)
1,152,234 808,383 2/15/20071:54 PM
H:\all\imacmillan\BradleyLake\F YO8BRADLEY\2008BradleyBdgt.xlsSchedule G-Cash balances
BRADLEY LAKE BUDGET PROJECTED INTEREST INCOME
SCHEDULE |
Jun-08 OTHER ADJ Beginning Balance 17,5 23,396,675.96 _ 24,248,104.29 Receipts Utility Contributions 16,389,592.00 1,365,799.33 1,365,799.33 1,365,799.33 1,365,799.331,365,799.331,365,799.331,365,799.331,365,799.33 1,365,799.331,365,799.33 1,365,799.33 —_1,365,799.33 ADJ INTEREST Interest Income Received 1,304,526.65 800,000.00 0.00 0.00 0.00 0.00 0.00 594,133.70 0.00 0.00 0.00 0.00 0.00 TO ACCRUAL BASIS
Equipment Sale 0.00 0.00 0.00
Repay Prior Year Deficit 0.00 0.00 77,694,118.65 _2,165,799.33 __1,305,709.93 _1,065,799.33 1,365,709.33 _1,965,799.33 _1,365,799.33 _1,959,933.03__1,965,799.331,365,799.33 _1,365,799.33_1,365,799.331,365,799.33 (89,607.05)
Disbursements Prior year accrued expenses 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 O& MExpenses, (3,670,786.00) (976,296.00) (220,090.00) (220,090.00) — (220,090.00) (220,090.00) (220,090.00) (228,590.00) (220,090.00) (220,090.00) (220,090.00) (220,090.00) (485,090.00) R&C Fund Disbursement-Sch D (1,338,300.00) 0.00 (315,288.00) (382,536.00) (246,720.00) (58,338.00) (49,862.00) (75,556.00) (50,000.00) (60,000.00) (60,000.00) (20,000.00) (20,000.00) Debt Service Payment (12,269,850.00) 0.00 0.00 0.00 0.00 0.00 —(3,224,925.00) (9,044,925.00) ASSUME DEBT
SCH A Capital (203,546.00) 0.00 (112,000.00) (2,000.00) (14,000.00) (2,000.00) (2,000.00) (2,000.00) (7,799.00) (901.00) (13,165.00) (23,461.00) (9,281.00) (14,939.00) SERVICE PD 06/30/08, Excess Eamings Transfer (258,555.02) (258,555.02) 0.00 0.00 0.00 Other Adjustment-Equal Sch G 0.00 (17,741,037.02) __(1,234,851.02) (647,376.00) (604,626.00) (480,810.00) (280,428.00) (274,952.00) _(3,531,071.00) (277,889.00) (280,991.00) (293,255.00) (263,551.00) (514,371.00) _(9.059,864.00)
Adjust to Actual 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ending Balance 15,098,633.24 16,076,499.92 16,794,921.26 17,556,094.59 18,441,083.92 19,526,455.26 20,620,302.59 19,049,164.62 — 20,137,074.96 _21,221,883.29 22,294,427.62_ 23,396,675.96 —24,248,104.29 — 15,098,633.24
Interest Income Projection Estimated Accrued Interest 1,304,526.65 87,616.92 91,532.32 95,680.72 100,503.91 106,419.18 112,380.65 103,817.95 109,747.06 115,659.26 121,504.63 127,511.88 132,152.17
Adjust to Actual Received 7,304 526.65 87,616.92 97,532.32 95,680.72 700,503.91 106,419.18 112,380.65 103,817.95 109,747.06 115,659.26 121,504.63 127,511.88 132,152.17 0.00 Payment of Accrued Interest 594,133.70
2/15/20071:55 PM
H:\all\Imacmillan\BradleyLake\FY08BRADLEY\2008BradleyBdgt.xlsSchedule I-Interest Inc
R&C PROJECTS DISBURSEMENTS
Governor Project
FYO2 FY03 FYO4 FY05-PD FROM R&C IN 06 FYO6 FYO7 as of 01/31/07
ESTIMATED ADDT'L FY07
COMPLETED BY FY08
PROJECTED ADDITIONAL
PROJECTED TOTAL
Needle Repairs
FYO2
FY03
FY04
COMPLETED IN FY04
Runner Repairs
FY02
FY03
FY04
FYO5
FY06
FY07 as of 01/31/07
ESTIMATED ADDT'L FY07
COMPLETED BY FY08
PROJECTED ADDITIONAL
PROJECTED TOTAL
SCADA
FY02
FY03 FY04 COMPLETED
Cable Repair
FY06
FY07 as of 01/31/07
ESTIMATED ADDT'L FY07
ESTIMATED ADDT'L FY08
PROJECTED ADDITIONAL
PROJECTED TOTAL
RTU Replacements
FY07 as of 12/31/06
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
1,065,367.89 0.00 _1,065,367.89
2,705,639.12 1,816,113.66 _4,521,752.78
689,000.00 0.00 689,000.00
0.00 0.00 0.00
689,000.00 0.00 689,000.00
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
5,285.59 0.00 5,285.59
646,012.78 0.00 646,012.78
1,149,000.00 0.00 1,149,000.00
0.00 0.00 0.00
1,149,000.00 0.00 _1,149,000.00
1,795,012.78 0.00 _1,795,012.78
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
47,434.30 0.00 47,434.30
86,217.84 0.00 86,217.84
1,513,000.00 0.00 1,513,000.00
973,000.00 0.00 973,000.00
2,486,000.00 0.00 _2,486,000.00
2,572,217.84 0.00 _2,572,217.84
627.21 0.00 627.21
627.21 0.00 627.21
4,000.00 0.00 4,000.00
80,000.00 0.00 80,000.00
84,000.00 0.00 84,000.00
84,627.21 0.00 84,627.21
ALASKA ENERGY AUTHORITY
BRADLEY LAKE HYDROELECTRIC PROJECT FY 2006 FY 2007
ACTUALS FY2007 ACTUALS
—FINAL___—s-__ BUDGET __AS OF 12/31/06_
REVENUES, EXPENSES & CHANGES IN SURPLUS
REVENUES
UTILITY CONTRIBUTIONS 14,448,825 16,395,817 8,197,908
INTEREST INCOME 1,896,353 1,313,711 1,026,108
SALE OF SURPLUS - - 5,656
16,345,178 17,709,528 9,229,671
EXPENSES
OPERATIONS 3,212,202 3,428,343 1,667,278
R&C REPAYMENTS 412,419 1,482,234 - (a)
R&C INTEREST APPLIED AS REPMT 202,517 182,054
PURCHASE OF VEHICLE -
CULVERT REPAIRS 50,000 2,431
HELICOPTER PAD REPAIRS 200,000
TRANSFER TO OPERATING RESERVE 25,000 25,002
DEBT SERVICE (net of Capital Reserve Reduction) 12,276,325 12,273,950 6,136,975
TRANSFER TO ARBITRAGE 241,714 250,000 258,555
REFUND PRIOR YEAR SURPLUS 704,801 -
17,049,979 17,709,527 8,272,296
CURRENT YEAR SURPLUS(DEFICIT) (704,801) 1 957,376
PRIOR YEAR SURPLUS (DEFICIT) 704,801 -
BEGINNING SURPLUS (DEFICIT) (1)
COMMITTED CY EXP & DEBT SVC (957,376)
ENDING SURPLUS (DEFICIT) 0 0 -
BALANCE SHEET
ASSETS
REVENUE FUND 457,898 - 1,372,736
OPERATING FUND 534,188 196,739
DUE TO REV FUND (surplus sale cash in transit) - 656
PREPAID SCADA MAINT & D&O Insurance 20,525 17,929
RECEIVABLES - FY06 SHORTFALL 70,648 70,648
1,083,260 : 1,658,709
LIABILITIES & SURPLUS
CURRENT LIABILITIES 670,840 - 285,972
DUE TO OP RESERVE -
PREPAID REVENUE - 415,361
COMMITTED CY EXP & DEBT SVC - - 957,376
FY06 R&C REPAYMENT 8/16/06 412,419 -
1,083,260 - 1,658,709
(0) S (0)
OTHER INFORMATION
OPERATING RESERVE 661,402 686,402
MONTHLY CONTRIBUTIONS 1,335,837 1,366,318
Total R&C Fund receivable at 12/31/06: $1,789,195
Note (a) The annual R&C repayment is processed at year end after all current year R&C expenditures have been processed.
2007 Sum and Cash Bal.xls - B-SUM
BRADLEY LAKE OPERATIONS & MAINTENANCE
SCHEDULE B
APPROVED BUDGET ACTUALS OVER
FY2007 YTD YTD (UNDER)
BUDGET 12/31/06 (a) 12/31/06 BUDGET (b)
SUMMARY
(A) HEA Annual Operations & Maintenance 1,494,965.00 747,482.50 577,667.16 (169,815.34)
(B) CEA Dispatch and Substation/SVC Maintenance 130,000.00 65,000.00 7,920.38 (57,079.62)
(C) Other O&M and Maintenance Projects 444,521.00 222,260.50 159,401.10 (62,859.40)
(D) Insurance Costs 653,356.60 624,856.60 614,896.61 (9,959.99)
(E) Regulatory Costs 331,000.00 210,500.00 94,790.46 | (115,709.54)
(H) Contingencies 100,000.00 50,000.00 - (50,000.00)
3,153,842.60 | 1,920,099.60 | 1,454,675.71 | (465,423.89)
(F) Administrative Costs 274,500.00 240,250.00 212,602.25 (27,647.75)
3,428,342.60 | 2,160,349.60 | 1,667,277.96 | (493,071.64)
(G) Bond Refunding Costs - - - -
3,428,342.60 | 2,160,349.60 1 1,667,277.96 (493,071.64)
Note (a) YTD Budget amount at 12/31/06 is a prorated 50% of the total annual budget, except for the Admin Fee,
Arbitrage, Risk Assessment and the 5 Year Plan which were budgeted to be 100% complete at 12/31/06.
Note (b) Over (Under) Budget amounts are the difference between the prorated budget at 12/31/06 and actuals
at 12/31/06. Current variances reflect the sporatic nature of when expenses occur throughout the year.
Page 1 of 4 FYO7BdgtStatusRpt.xls
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FERC 535 - Operation Supervision & Engineering
(A) HEA O&M Contract
(C) HEA On-Site Civil Project Manager
(C) HEA Digitize & Control Project Drawings
FERC 537 - Hydraulic Expenses
(A) HEA O&M Contract
FERC 538 - Electric Expenses
(A) HEA O&M Contract
(C) SOA BOILIER INSPECTION
FERC 539 - Misc. Hydraulic Power Generation Expenses (A) HEA O&M Contract
(C) Replace Two Way Radios
(C) HEA Circuits and Radio - To Bernice Lake
(C) CEA Circuits -Bernice Lake to Anchorage
FERC 540 - Rents
(C) Bradley Lake FERC land use fees (5% increase budgeted)
FERC 541 - Maintenance Supervision & Engineering
(A) HEA O&M Contract
FERC 542 - Maintenance of Structures
(A) HEA O&M Contract
(C) Other
FERC 543 - Maintenance of Reservoirs, Dams & Waterways
(A) HEA O&M Contract
(C) Bradley Lake Dam Repair
(C) Nuka Diversion
(C) Middle Fork Diversion
(C) Kachemak Creek Gauging Station
(C) Other O&M
APPROVED BUDGET ACTUALS OVER
FY2007 YTD YTD (UNDER)
BUDGET 12/31/06 (a) 12/31/06 BUDGET (b) |
125,569.00 62,784.50 83,992.64 21,208.14
125,569.00 62,784.50 83,992.64 21,208.14
49,200.00 24,600.00 28,757.62 4,157.62
49,200.00 24,600.00 28,757.62 4,157.62
222,000.00 111,000.00 83,190.02 (27,809.98)
222,000.00 111,000.00 83,190.02 (27,809.98)
331,625.00 165,812.50 149,707.42 (16,105.08)
3,000.00 1,500.00 (1,500.00)
90,000.00 45,000.00 45,000.00 -
28,740.00 14,370.00 14,373.00 3.00
453,365.00 226,682.50 209,080.42 (17,602.08)
74,000.00 37,000.00 : (37,000.00)
74,000.00 37,000.00 - (37,000.00)
82,451.00 41,225.50 7,851.48 (33,374.02)
82,451.00 41,225.50 7,851.48 (33,374.02)
90,400.00 45,200.00 55,831.19 10,631.19
90,400.00 45,200.00 55,831.19 10,631.19
10,440.00 5,220.00 2,070.68 (3,149.32)
10,440.00 5,220.00 2,070.68 (3,149.32)
| |
FYO7BdgtStatusRpt.xis
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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
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
PMC Costs
Bond Refunding Costs
Reimburseable costs
Refunding Costs
TOTAL FERC 920
APPROVED BUDGET ACTUALS OVER FY2007 YTD YTD (UNDER) BUDGET 12/31/06 (a) 12/31/06 | BUDGET (b)
280,200.00] 140,100.00 105,137.50| (34,962.50)
280,200.00 | 140,100.00 105,137.50 | __ (34,962.50)
213,000.00] 106,500.00 39,690.17] — (66,809.83)
213,000.00 | __ 106,500.00 39,690.17 | (66,809.83)
20,080.00 10,040.00 15,972.21 5,932.21
9,000.00 4,500.00 (3,536.21) (8,036.21)|PY exp redux 56,500.00 28,250.00 12,469.97 | (15,780.03) 183,281.00 91,640.50 90,894.34 (746.16) 7 - 200.00 200.00 268,861.00 | 134,430.50 116,000.31 (18,430.19)|
130,000.00 65,000.00 7,920.38 | — (57,079.62)|thru 11/06
130,000.00 65,000.00 7,920.38 | __ (57,079.62)
70,000.00 35,000.00 5,466.23] — (29,533.77)|thru 9/06
70,000.00 35,000.00 5,466.23] (29,533.77)
100,000.00 50,000.00 (50,000.00)
200,000.00 | 200,000.00] _200,000.00 -__|thru 6/07 200,000.00] 200,000.00] 200,000.00 :
8,500.00 4,250.00 (4,250.00) 40,000.00 20,000.00 (670.00)| —_ (20,670.00)|PY exp redux 6,000.00 6,000.00 4,475.00 (1,525.00)]thru 6/07 20,000.00 10,000.00 8,797.25 (1,202.75) 74,500.00 40,250.00 12,602.25 | (27,647.75)
274,500.00] 240,250.00] _212,602.25| (27,647.75)
FY07BdgtStatusRpt.xis
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FERC 924 - Property Insurance
(D) Insurance Premiums
(D) Homer Electric Insurance
(D) Risk Assessment
FERC 928 - Regulatory Commission Expenses
(E) FERC administrative fees
(E) FERC 5 Year Inspection
(E) Seismic Survey Spillway
(E) Contractual Engineer - FERC license issues
TOTAL BRADLEY LAKE BUDGET
APPROVED BUDGET ACTUALS OVER
FY2007 YTD YTD (UNDER)
BUDGET 12/31/06 (a) 12/31/06 BUDGET (b) ——oe————e—e—n—n— nk eae
581,356.60 581,356.60 567,014.00 (14,342.60))thru 6/07
57,000.00 28,500.00 28,495.11 (4.89)
15,000.00 15,000.00 19,387.50 4,387.50
653,356.60 624,856.60 | 614,896.61 (9,959.99)
126,000.00 63,000.00 - (63,000.00)
90,000.00 90,000.00 77,574.67 (12,425.33)|thru 11/06
115,000.00 57,500.00 17,215.79 (40,284.21)|thru 11/06
es aad 331,000.00 210,500.00 94,790.46 (11 5,709.54)]
| 3,428,342.60 [| _2,160,349.60 | 1,667,277.96 (493,071.64)
* Budget 100% at 12/31/06 for: Admin Fee, Arbitrage, Risk Assess, Insurance Prem & 5 yr inspection
FYO7BdgtStatusRpt.xls