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2021 Expense Budget

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2021 Expense Budget Board of Commissioners: Michael J. Woodall, Chair Cathleen Douglas Stone, Commissioner Thomas J. Keady, Jr., Commissioner Henry F. Vitale, Executive Director John P. Sullivan, Chief Engineer Nelson W. Piacenza, Chief Financial Officer and Treasurer Prepared by the Finance Division The Government Finance Officers Association of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to the Boston Water & Sewer Commission, Massachusetts for its annual budget for the fiscal year beginning January 1, 2020. In order to receive this award, a government unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communicative device. This award is valid for a period of one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another award. Table of Contents Table of Contents Page I. Budget Message ................................................................................................................11 Management Objectives .........................................................................................12 MWRA Five Year Rate Forecast ............................................................................17 II. Plans, Policies and Procedures........................................................................................19 Financial Planning Process ................................................................................................19 Program Based Budgeting .................................................................................................19 Goal Setting Process ..........................................................................................................19 Capital Improvement Program Budget Development........................................................19 Direct Expense and Current Expense Budget Development .............................................20 Rate Setting Process ...........................................................................................................21 2021 Budget Process Schedule ..........................................................................................22 Policies ...............................................................................................................................23 Financial Policies ..................................................................................................23 Policy for the Investments of BWSC Funds ...........................................................23 Commercial Banking Policy Statement .................................................................23 Banking Policy .......................................................................................................24 Funding and Utilization of Reserve Funds ............................................................24 Operating ...................................................................................................25 Insurance ...................................................................................................25 Renewal and Replacement .........................................................................25 Stabilization ...............................................................................................25 Departmental Program Plans and Budgets ...........................................................26 Development, Monitoring & Amendment of the CEB ............................................27 Development, Monitoring & Amendment of the CIP .............................................27 Establishment of Water and Sewer Rates, Fees and Other Charges .....................27 Other Commission Policies....................................................................................28 Current Expense Budget Process .......................................................................................29 Budget Allocations .................................................................................................30 Budget Variance Monitoring & Analysis ...............................................................30 Capital Improvement Program Process .............................................................................31 Development ..........................................................................................................32 Capital Project Funding ........................................................................................33 Capital Budget Amendments ..................................................................................34 Capital Budget Reallocations ................................................................................34 Capital Program Monitoring and Reporting .........................................................34 Debt Plan ............................................................................................................................35 Debt Service Coverage Requirements ...............................................................................36 Debt Service Coverage Calculation ...................................................................................37 Five-Year Debt Service Requirements ..............................................................................37 Additional Bonds & Refunding Bonds ..............................................................................38 5 Table of Contents III. Budget Overview ..............................................................................................................43 2020 Financial Position......................................................................................................43 2020 Revenues and Expenses ............................................................................................43 Requirements and Future Impact .......................................................................................45 Budgeting and Accounting Basis .......................................................................................46 2021 Budget Summary ......................................................................................................47 Historical Financial Analysis .............................................................................................48 Revenue Sources ................................................................................................................49 Rate Revenue .....................................................................................................................51 Adjustments to Rate Revenue ............................................................................................52 Prior Year Net Operating Surplus ......................................................................................54 Miscellaneous Revenue .....................................................................................................55 Late Charge Fees ...................................................................................................55 Investment Income .................................................................................................56 Fire Pipe Fees ........................................................................................................57 Other Income .........................................................................................................58 Total Expenses ...................................................................................................................59 Direct Expense Budget Comparison ..................................................................................60 Direct Expense Budget ......................................................................................................61 2021 Direct Expense Budget by Division ..........................................................................62 Budget Comparison by Line Items, 2021 v. 2020 .............................................................63 Wages and Salaries ................................................................................................64 Overtime .................................................................................................................66 Labor Related Costs/Benefits .................................................................................67 Supplies and Materials ..........................................................................................68 Repair and Maintenance ........................................................................................69 Utilities ...................................................................................................................70 Professional Services .............................................................................................71 Space and Equipment Rentals ................................................................................72 Other Services ........................................................................................................73 Insurance................................................................................................................74 Inventory ................................................................................................................75 Capital Outlay ........................................................................................................76
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