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1
TOWNSHIP OF BILLINGS
WATER SYSTEM FINANCIAL PLAN 2021-2027
Municipal Drinking Water Licence No. 255-101
Kathy McDonald
2/24/2020
2
Contents
1. INTRODUCTION ......................................................................................................................................... 4
1.1 Background ......................................................................................................................................... 4
1.2 Purpose ............................................................................................................................................... 4
2. Regulatory Requirements ........................................................................................................................ 4
3. Key Considerations ................................................................................................................................... 5
3.1 Projections .......................................................................................................................................... 5
3.2 Customer Growth and Consumption .................................................................................................. 5
Customer Growth Table ........................................................................................................................ 6
Consumption estimate .......................................................................................................................... 6
3.3 Operations & Maintenance (O&M) Cost Projections ......................................................................... 6
Operation and Maintenance Cost Projections ...................................................................................... 7
3.4 Capital Plan......................................................................................................................................... 7
Eight Year Capital Forecast ................................................................................................................... 8
3.5 Revenue Projections ........................................................................................................................... 8
Flat Rate Fees 2021 - 2027 ................................................................................................................... 8
Annual Revenues Required ................................................................................................................... 8
3.6 Debt Repayment ................................................................................................................................. 8
3.7 TCA Analysis ........................................................................................................................................ 8
TCA Projections ..................................................................................................................................... 9
3.8 RESERVE BALANCES ............................................................................................................................ 9
Reserve Balances Water Bank Account ................................................................................................ 9
3.9 LEAD SERVICE PIPE REMOVAL ........................................................................................................... 10
4.0 FINANCIAL STATEMENTS....................................................................................................................... 10
4.1 Statement of Financial Position ........................................................................................................ 10
Statement of Financial Position .......................................................................................................... 11
4.2 Statement of Operations .................................................................................................................. 11
Statement of Operations ........................................................................................................................ 12
4.3 Statement of Cash Flow .................................................................................................................... 12
Statement of Cash Flows..................................................................................................................... 13
4.4 Data Sources ..................................................................................................................................... 13
Financial Plan Data Sources ................................................................................................................ 14
3
5.0 Conclusions & Recommendations ........................................................................................................ 14
Appendix A: Requirements of Ontario Regulation 453/07 ......................................................................... 14
4
1. INTRODUCTION
1.1 Background
The Township of Billings (Township) provides drinking water to approximately 184 customers, including
municipal connections, through its Drinking Water System and recovers its costs through annual flat fees
charged to customers. The Township retains the services of the Ontario Clean Water Agency (OCWA) to
operate the facility.
Under O. Reg 188/07, the Township obtained Drinking Water System Licence number 255-101 on May
24, 2011. The Safe Drinking Water Act, 2002, required the owner of a municipal system to apply for a
renewal licence on or before November 21, 2015. This submission required an updated financial plan for
at least six years beginning in 2016. The current Permit to Take Water for the Kagawong Drinking Water
System was issued May 16, 2011 and expires on May 15, 2021. The deadline to renew the application is
November 19, 2020. This is an updated financial plan for at least six years beginning in 2022.
1.2 Purpose
The primary purpose of this document is to present a water financial plan in accordance with the
requirements of the licensing of the water system, as defined in O.Reg. 453/07 to allow the Township of
Billings to fulfil its obligations under the drinking water licensing regulations for its Drinking Water
System (Licence no. 255-101).
2. REGULATORY REQUIREMENTS
Regulation 188/07 under the Safe Drinking Water Act, 2002, requires Ontario municipalities to apply for
and obtain drinking water system licences as part of their overall Drinking Water Quality Management
System (DWQMS). One of the requirements for obtaining and renewing drinking water licences is
preparing a financial plan in accordance with O.Reg. 453/07. In general, the financial plan must include
financial statements for the following:
-
The proposed or projected financial position of the drinking water system;
-
The proposed or projected gross cash receipts and gross cash payments;
-
The proposed or projected financial operations of the drinking water system; and
-
Details on the extent to which the above information applies to the replacement of lead service
pipes, if applicable.
Appendix A lists each requirement of the regulation and references the respective financial statements
and other items that contain relevant information required under each item. The financial plan must
apply to a period of at least six (6) years with the first year being the year the existing licence expires. In
the Township's case the updated plan covers the period 2021 to 2027 inclusive. It is anticipated that
this financial plan would be made available to the public at no charge and posted on the Township's
website following final approval of the plan by resolution of Council. This will be confirmed through
separate correspondence at the time of submission to the Ministry of Municipal Affairs and Housing
(MMAH).
5
3. KEY CONSIDERATIONS
3.1 Projections
This section presents the projections for key items over the seven (7) year period and the assumptions
used in order to prepare the financial plan. These include:
-
Operations and Maintenance (O&M) cost projections;
-
Capital Budget forecasts;
-
Revenue requirements
-
Debt Repayments;
-
Tangible Capital Asset (TCA) projections; and
-
Reserve Projections.
It should be noted that the Township does not have a current Water Rate Study from which future rates
and other relevant information could be obtained. Therefore, a high-level assessment of the revenue
that would be required to cover costs was undertaken for the seven (7) year period for the sole purpose
of preparing the financial projections in this report. These projections do not consider all factors that
may need to be fully assessed in a comprehensive rate study (e.g. life cycle costs, asset replacement
requirements, water conservation etc.) Accordingly, it is recommended that the Township undertake a
water rate study to fully assess and develop future rates and charges that consider all of the factors that
influence the full cost of managing the water system and allow for sustainable financing over the long-
term
3.2 Customer Growth and Consumption
The Township's existing 184 customers (including municipal connections) are projected to consume
approximately 104,050 m3 of water in 2021, which is approximately 565 m3 per customer. The historical
consumption in 2018 was 118,478.1 m3 (2019 projected consumption is 102,000 m3). The assumption
made in preparing this financial plan is taking into consideration average consumption over the last five
years.
Growth is expected to be approximately one (1) new customer added to the Billings Drinking Water
System each year. These would consist of all flat fee customers and estimating a 1.01% increase in
consumption per year due to growth.
6
Customer Growth Table
Description
2021
2022
2023
2024
2025
2026
2027
Total Customers
186
187
188
189
190
191
192
No of new customers
1
1
1
1
1
1
1
Consumption estimate
2021
2022
2023
2024
2125
2026
2027
Annual
Consumption
104050
105090
106140
107200
10828 109360 110450
% Increase
1%
1%
1%
1%
1%
1%
1%
3.3 Operations & Maintenance (O&M) Cost Projections
The Township's annual operating budget includes costs related to the following;
-
Water system operations and maintenance costs;
-
Transfers to capital reserves; and
-
Debt servicing costs
A portion of these costs is offset by various non-rate revenues and recoveries.
The assumptions used in arriving at the projection of the gross costs and non-rate revenues over the
seven (7) year period from 2021 to 2027 are as follows:
-
The gross annual costs increase by approximately 2% per year and maintenance projections
were provided by Ontario Clean Water Agency (OCWA);
-
Any year-end surplus would be transferred to the water capital bank account at the end of the
year. A deficit would be offset by a transfer from the same account only if there are sufficient
funds available;
-
The existing capital bank account would be used to finance future capital expenditures. An
annual averaged amount of $95,790 would accumulate in the water capital bank account or
investment account. This would allow for a more stable revenue and rate increase in the future.
However, as previously noted, a more comprehensive rate study would be necessary to properly
identify future rates and reserve contributions including those required for life cycle asset
replacement. It is estimated that capital expenditures over the next seven (7) years for the
Water Treatment Plant will be $181,000 and capital expenditures for the water distribution
system will be $1,385,100 with $369,406 being funded by the water users; and,
-
The non-rate revenues are expected to fluctuate slightly due to changes in water account
interest revenue.
The following table summarizes the gross operating costs and net costs to be recovered from the annual
flat rate fees:
7
Operation and Maintenance Cost Projections
2021
2022
2023
2024
2025
2026
2027
Total O&M
181600
177511
182182
174663
173854 198306
180788
Annual
increase %
Transfer to
Capital
account
80875
87716
88364
101304 108866
90100
113303
Gross Annual
Costs
262486
265227 270546 275967 282720
288406
294091
Non-Rate
Revenues
Non-Rate
Revenue
3800
3850
3850
3860
3910
3910
3915
Capital
Account
Interest
2600
200
200
200
1500
1500
1500
Water Levy
Interest
4800
4800
4800
4850
4850
4900
4900
Water Capital
Interest
Non Rate
Revenues
11200
8850
8850
8910
10310
10260
10315
Net Operating
Expenses
251286
256377
281377
267057
272410
278146
283776
to be covered
by rates
3.4 Capital Plan
The Township's capital budget forecast identifies projects to be undertaken between 2021 and 2027.
The water treatment plant projects and costs noted are taken from the Ontario Clean Water Agency's
capital budget forecast. The assumption is that the Township will be successful in their funding
application for the replacement of the water line on Old Mill Road.
8
Eight Year Capital Forecast
2021
2022
2023
2024
2025
2026
2027
2028
Treatment Plant
Capital
21,000
100,000 60,000
Waterline
Upgrades/replace
1,144,335 207,765
3.5 Revenue Projections
Each year the township adjusts its fees and charges to customers such that the annual costs are covered.
The flat rate fees for 2020 were $1331. User fees are set to increase at 1.5% per year.
Flat Rate Fees 2021 - 2027
2021
2022
2023
2024
2025
2026
2027
2028
Flat Rate Per Unit
1351
1371
1392
1413
1434
1456
1478
1500
Annual % Increase
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
The annual revenues required were projected by increasing prior year's revenue such that the annual
costs would be recovered and an annual surplus set aside for capital projects would be achieved.
Annual Revenues Required
2021
2022
2023
2024
2025
2026
2027
2028
Water Rate
Revenues
251,286
256,377
261,696
267,057
272,460
278,096
283,776
289,500
3.6 Debt Repayment
The Township has no existing debt related to the water system. It is assumed that no debt would be
incurred during the period (i.e. no internal or exterior loans for capital projects) in keeping with the
Township's current approach to capital financing.
3.7 Tangible Capital Asset (TCA) Analysis
The Township's PSAB 3150 TCA data was used to develop the financial information related to the
Township water assets which include:
-
Linear Assets;
-
Service Connections;
9
-
Fire Hydrants; and,
-
Facilities
The TCA projections for the study period are presented based on the following assumptions:
-
Amortization of existing assets is based on the Township's Tangible Capital Asset Policies and
Procedures. Amortization of new assets is based on straight line depreciation beginning the
year of acquisition;
-
Historical costs, life expectancy and useful remaining life as per the PSAB 3150 data;
-
Fully depreciated assets continue to be used in service, i.e., no asset removals; and,
-
It should be noted that the Township does not have a comprehensive rate study that would
typically be analyzed as part of TCA analysis.
TCA Projections
TCA
2021
2022
2023
2024
2025
2026
2027
Historical Cost
7,478,241
8,863,340
8,863,340
8,863,340
8,863,340
8,863,340
8,863,340
Accumulated
Depreciation Jan 1
1,810,638
1,975,999
2,153,266
2,330,533
2,507,800
2,685,800
2,862,867
Depr. Exp
165,361
177,267
177,267
177,267
177,267
177,067
177,067
Acc Depr Dec 31
1,975,999
2,153,266
2,330,533
2,507,800
2,685,067
2,862,867
3,039,934
Net Book Value
7,052,703
6,710,074
6,532,807
6,255,540
6,178,273
6,000,473
5,823,406
3.8 Reserve Balances
The projected transfers to and from the Capital Reserve and the Operating Reserve and their respective
balances are presented below. As noted, the revenue increases over the period are set to achieve an
annual surplus that would be transferred to the water capital account at year end. The operating
surplus and the capital surplus are combined into the water capital account for ease of administration.
Reserve Balances
Water Bank Account
2021
2022
2023
2024
2025
2026
2027
Opening
Balance
286,470
53,200
85,641
174,205
275,709
365,095
456,695
Transfer In
80,875
87,716
88,364 101,304 108,886
90,100 113,300
Funding
Fed/Prov
862,990 152,290
0
0
0
0
Interest In
200
200
200
200
1500
1500
1500
Transfer
out - capital
1,177,335 207,765
0
0
21,000
0 100,000
Closing
balance
53,200
85,641 174,205 275,709 365,095 456,695 471,495
10
3.9 Lead Service Pipe Removal
Based on information provided by Township records, there are no lead pipes to be replaced. Therefore,
the financial statements do not include costs associated with pipe removal.
4. FINANCIAL STATEMENTS
The financial plan involves the review, analysis and assessment of financial information relevant to the
Township's water system including costs, revenues, debt, cash transactions and Tangible Capital Assets
(TCA) to prepare the following three (3) financial statements covering the period 2021 to 2027 as
required under O.Reg. 453/07:
-
Statement of Financial Position;
-
Statement of Operations; and,
-
Statement of Cash Flow
4.1 Statement of Financial Position
The Statement of Financial Position is presented in the following table. This statement summarizes the
Township's water-related financial and non-financial assets (Tangible Capital Assets- TCA), liabilities and
provides the net debt position and accumulated surplus related to managing the water system. The
financial assets are primarily cash balances in the water account at the beginning of 2021.
The non-financial assets (TCA) include the Township's water infrastructure and facilities. The historical
costs are amortized over the asset life to arrive at the net book value (NBV) each year from 2021 to
2027. New assets are added in the years acquired or built. Contributed assets are primarily new
infrastructure and facilities transferred to the Township's ownership and control by developers as they
are completed. A precise value and timing of contributed assets are unknown and future adjustments
may be required to the Township's TCA value as these assets are contributed. It is assumed that other
non-financial assets such as inventory and prepaid expenses are zero.
In general, the Statement of Financial Position (i.e., the accumulated surplus) provides an indication of
the financial resources available to the Township for managing its water system. The accumulated
surplus is projected to decrease from approximately $7,103,000 in 2021 to $6,291,000 in 2027. These
projections assume that no debt would be incurred over the period.
11
Statement of Financial Position
2021
2022
2023
2024
2025
2026
2027
Financial Assets
Cash, Receivables
and Investment
53,200
85,641
174,205
275,709
365,975
456,695
471,495
Total Financial Assets
53,200
85,641
174,205
275,709
365,095
456,695
471,495
Financial Liabilities
Accounts Payable &
Deferred Rev
Long Term Liabilities
Total Financial
Liabilities
Net Financial Assets
(Net Debt)
53,200
85,641
174,205
275,709
365,095
456,695
471,495
Non-Financial Assets
Tangible Capital
Assets
7,478,241
8,863,340
8,863,340
8,863,340
8,863,340
8,863,340
8,863,340
Accumulated
Amortization
1,975,999
2,153,266
2,330,533
2,507,800
2,685,273
2,862,868
3,039,934
Total Non Financial
Assts
7,105,903
6795715
6707012
6531049
6541868
6454168
6291901
Accumulated Surplus
7,105,903
6,795,715
6,707,012
6,531,049
6,541,868
6,454,168
6,291,091
4.2 Statement of Operations
The Statement of Operations is presented in the table below. It summarizes the annual revenues and
expenses associated with managing the Township's water system. It provides a report on the main
transactions that occur during each year that have an influence on the accumulated surplus. The annual
surplus/deficit are also shown. These main revenue items included are:
-
Revenues for the flat fees; and,
-
Other revenues (administration fees, government grants, interest, etc.)
The main expense items are:
-
The annual cost of operating and maintaining the water systems; and
-
Amortization expenses on existing and added TCA
This statement suggests that the current rates and revenues do not include amounts to offset the
annual depreciation of assets which is approximately $177,267 per year.
12
Statement of Operations
2021
2022
2023
2024
2025
2026
2027
Water Revenue
Flat Rate Revenue
251,286
256,377
261,696
267,057
272,460
278,096
283,776
Other Revenue
11,200
8,850
8,850
8,910
10,260
10,260
10,315
Total Revenue
262,486
265,227
270,546
275,967
282,720
288,406
294,091
Water Expenses
Gross O & M
Expenses
262,486
265,227
270,546
275,967
282,770
288,406
294,091
Non TCA Capital
Expenses
Total Operating
Expenses
262,486
265,227
270,546
275,967
282,770
288,406
294,091
Interest on Debt
0
0
0
0
0
0
0
Amortization
(depreciation)
165,361
177,267
177,267
177,267
177,267
177,267
177,267
Total Expenses
427,847
442494
447,813
452,813
460,037
465,623
471,358
Annual surplus/
Deficit
-165361
-177267
-177267
-177,267
-177,267
-177,267
-177,267
Accu. Surplus Deficit
Jan 1
5,667,603
7,052,703
6875436
6,532,807
6,532,807
6,178,273
6,000,473
Accu. Surplus Deficit
Year end
7,052,703
6,710,074
6,532,807
6,255,540
6,178,273
6,000,473
5,823,406
4.3 Statement of Cash Flow
The Statement of Cash Flow is presented below. This statement summarizes the main cash inflows and
outflows related to the water system in four (4) main areas - operations and maintenance, capital,
investing and financing, and shows changes in cash.
The operations and maintenance cash transactions begin with the surplus or deficit in revenues
identified in the Statement of Operations. This figure is adjusted to remove the non-cash items that
were included as revenues or expenses (e.g., amortization expenses). The capital section indicates the
amounts spent to acquire capital assets (TCA) or received from the sale of assets. In the Township's
case, it is assumed that there will be no assets sold to generate cash. The financing section identifies the
funds received from long-term debt as cash inflows and the portion of debt repaid as outflows. In the
13
Township's case there is no debt or proceeds from debt. The cash and cash equivalents are projected to
increase by $418,000 from 2021 to the end of 2027. As previously noted, it is recommended that a rate
study be undertaken to assess the full costs of managing the water system and establish rates and
revenues that are designed to recover the full costs and sustain water system financing over the long
term.
Statement of Cash Flows
2021
2022
2023
2024
2025
2026
2027
Cash Provided by:
Operating
Activities
Annual
Surplus/Deficit
-165,361
-177,267
-177,267
-177,267
-177,267
-177,267
-177,267
Non-Cash Items
Amortization
165,361
177,267
177,267
177,267
177,267
177,267
177,267
Net Change Operation
Activities cash
0
0
0
0
0
0
0
Capital Activities
Purchase of TCA
1,177,335
207,765
0
0
21,000
0
100,000
Net Change in Cash used
in Capital Activities
1,177,335
207,765
0
0
21,000
100,000
Financing Activities
Proceeds from Gov
funding
862,990
152,290
0
0
0
0
0
Repayment of Long term
debt
0
0
0
0
0
0
0
Net Change in Cash
Used for future TCA
81,075
87,916
88,564
101,504
110,386
91,600
114,800
Net Change in Cash
81,075
87,916
88,564
101,504
110,386
91,600
114,800
Net Change Cash &
cash equiv.
0
0
0
Cash & Equiv at
beginning of Year
286,470
53,200
85,641
174,205
275,709
365,075
456,675
Cash & Equiv at End
of Year
53,200
85,641
174,205
275,709
365,075
456,675
471,475
4.4 Data Sources
The primary sources of data used to prepare this financial plan are listed in the following table. In
addition, information was developed with information from Township staff, as required.
14
Financial Plan Data Sources
Item
Data Source
Asset Life Expectancy
Township TCA Policy
Information provided by Township Financial Report
Asset Value
Township TCA Policy
Information provided by Township records (auditor)
Customers
Information provided by Township records
Water Volumes
Information provided by yearly Kagawong water report
Growth
Estimate provided by Township staff
O & M Costs
Township's Annual Budget and staff and OCWA forecast
Capital Costs
Township's capital budget forecast
Information provided by OCWA
Debt
Information from Township records
Investments, Reserve Balanced
Information from Township records
5. CONCLUSIONS & RECOMMENDATIONS
The following are the main conclusions and recommendations:
-
The annual net cost to be covered from water charges is projected to increase from $251,000 in
2021 to $284,000 by 2027;
-
The bank account balances are projected to increase from $53,200 in 2021 to $471,000 in 2027;
-
The net book value (NBV) of the Township's water system is projected to increase from
approximately $5,667,603 in 2021 to $5,823,406 in 2027.
-
Water Asset Consumption ratio increases by approximately six percent between 2021 and 2027;
-
That the Water Financial Plan No. 255-101 be approved and submitted to the Ministry of
Municipal Affairs and Housing (MMAH) in accordance with the Drinking Water System Licence
renewal requirements and O. Reg. 453/07; and
-
That a copy of the Water Financial Plan No. 255-101 be posted on the Township's website.
Appendix A: Requirements of Ontario Regulation 453/07
Requirements
How Requirements are Met
15
1. The financial plans must be approved by a
resolution that is passed by,
i. The council of the municipality if the owner of
the drinking water system is a municipality.
ii. The governing body of the owner, if the owner
of the drinking water system has a governing body
and is not a municipality
-
It is expected that Council will
approve the updated financial plan
-
N/A
2. The financial plans must apply to a period of at
least six years.
-
Applies for six years from 2021 to
2027 inclusive
3. The first year to which the financial plans must
apply must be the year determined in accordance
with the following rules:
i. If the financial plans are required by subsection
2, the first year to which the financial plans must
apply must be the year in which the drinking water
system's existing municipal drinking water licence
would otherwise expire.
ii. If the financial plans are required by a condition
that was included in the drinking water licence
under subsection 1. (3), the first year to which the
financial plans must apply must be the later of
2010 and the year in which the first licence for the
system was issued.
-
The first year of the updated
financial plan is 2021.
-
N/A
4. Subject to subsection (2), for each year to which
the financial plans apply, the financial plans must
include the following
i. Details of the proposed or projected financial
position of the drinking water system itemized by:
a. Total financial assets
b. Total Liabilities
c. Net financial assets (debt)
d. Non-financial assets that are tangible capital
assets, tangible capital assets under construction,
inventories of supplies and prepaid expenses.
-
See Statement of Financial Position
table for the water system
-
See Statement of Financial Position
for the water system
-
See Statement of Financial Position
for the water system
-
See Statement of Financial Position
-
See Statement of Financial Position
-
See Statement of Financial Position
16
e. Changes in tangible capital assets that are
additions, donations, write downs and disposals.
ii. Details of the proposed or projected financial
operations of the drinking water system itemized
by,
a. Total revenues, further itemized by water rates,
user charges and other revenues
b. Total expenses, further itemized by amortization
expenses, interest expenses and other expenses
c. Annual surplus or deficit
d. Accumulated surplus or deficit
iii. Details of the drinking water system's proposed
or projected gross cash receipts and gross cash
payments itemized by,
a. Operating transactions that are cash received
from revenues, cash paid for operating expenses
and finance charges
b. Capital transactions that are proceeds on the
sale of tangible capital assets and cash used to
acquire capital assets
c. Investing transactions that are acquisitions and
disposal of investments
d. Financing transactions that are proceeds from
the issuance of debt and debt repayment
e. Changes in cash and cash equivalents during the
year
f. Cash and cash equivalents at the beginning and
end of the year.
iv. Details of the extent to which the information
described in subparagraphs I, ii, and iii relates
directly to the replacement of lead service pipes as
defined in section 15.1-3 of Schedule 15.1 to
Ontario Regulation 170/03 (Drinking Water
Systems), made under the Act.
-
See Statement of Financial Position
-
See Statement of Operations
-
See Statement of Operations
-
See Statement of Operations
-
See Statement of Operations
-
See Statement of Operations
-
See Statement of Cash Flow
-
See Statement of Cash Flow
-
See Statement of Cash Flow
-
See Statement of Cash Flow
-
See Statement of Cash Flow
-
See Statement of Cash Flow
-
See Statement of Cash Flow
-
There are no lead service pipes to
be changed in the Township of
Billings. Therefore, the information
in the Financial Plan does not
include lead service pipe
replacement
5. The owner of the drinking water system must
17
i. Make financial plans available, on request, to
members of the public who are served by the
drinking water system without charge,
ii. Make the financial plans available to members
of the public without charge through publication
on the internet, if the owner maintains a website
on the internet
iii. Provide notice advising the public of the
availability of the financial plans under
subparagraphs I and ii, if applicable, in a manner
that, in the opinion of the owner, will bring the
notice to the attention of members of the public
who are served by the drinking water system.
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This will be done by the
municipality following Council
approval.
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The financial plan will be placed on
the website following Council
approval and made available at no
charge.
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A notice will be issued following
Council approval
6. The owner of the drinking water system must give
a copy of the financial plans to the Ministry of
Municipal Affairs and Housing. O. Reg. 453/07
s.3(1)
Each of the following sub-subparagraphs applies
only if the information referred to in the sub-
subparagraph is know to the owner at the time the
financial plans are prepared.
1. Sub-subparagraphs 4 i A, B and C of subsection
(1)
2. Sub-subparagraphs 4 iii A, C, E and F of
subsection (1) O. Reg. 453/07, s.3 (2)
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Will be submitted following Council
approval.
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The Financial Plan was prepared
using available information and
may not contain all desired items.
Reasonable assumptions were
made and these are noted in the
Financial Plan.
-
The Financial Plan was prepared
using available information and
may not contain all desired items.
Reasonable assumptions were
made and these are noted in the
Financial Plan.
-
The Financial Plan was prepared
using available information and
may not contain all desired items.
Reasonable assumptions were
made and these are noted in the
Financial Plan.