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-- Financial Highlights
<br /> ,-
<br /> r
<br /> f_
<br /> ,- Forward-Looking Energy
<br /> Adjustment Clause
<br /> ; � MMPA's rates to members include a forward-
<br /> g - looking energy adjustment clause (EAC). At the
<br /> beginning of each month,the Agency sets rates
<br /> .4111/N,\., to members based on projected costs. Having
<br /> i' a forward-looking EAC helps MMPA maintain
<br /> .g
<br /> liquidity and a strong financial position by
<br /> .R i - - keeping revenues and expenses balanced
<br /> 4
<br /> without a time lag.
<br /> • �.
<br /> + Debt Service Coverage
<br /> ;;,z. , .
<br /> In 2013, the MMPA Board of Directors approved
<br /> -,i 'Ili!, is �
<br /> �� - `.� ',�' a policy stating that it would adopt a budget
<br /> Et _ ; . 'i , each provides coverage
<br /> , 1 year that rovides debt service covers
<br /> 1 of at least 1.20 times debt service coverage.
<br /> it [;' - - j----- r r This policy sets a target in excess of the
<br /> 1, = 1.15 times debt service coverage that is required
<br /> Wij `P r • by MMPA's bond indenture and is intended to
<br /> 4,; , , y` e % .,It'h! s ,� - '� � .�� t Q give MMPA the flexibility to withstand unexpected
<br /> ,�•: 1ctM ctf 4 r ��� r , `t .,.,, N ';tt .,` events without necessarily having to increase
<br /> »c .Y i e m � C.f1 ' 1` ,. J
<br /> � if.,--''1 - rates to members to maintain required debt
<br /> r , ,7"., ' x'� , service coverage. The Agency exceeded its
<br /> tit I ,J 7
<br /> ` '- / 1 �,;= 4-_r target in 2013 with a debt service coverage
<br /> I� " - - / `'' ratio of 1.24 times debt service coverage.
<br /> Debt Service Coverage Ratio r, .` _j d, ,
<br /> J = _
<br /> 1.25 _.
<br /> *" ,,,-_,.. . . 1.24
<br /> -„'', ' '. ,,, A ....;,:‘,..... ,tvtit„„,t .. .t. -- -,.. -40.. -----,-. 118
<br /> , , 44.4A1111-24114 4#; ..t...,t.X ......, -... ,41? Attie's,-. k.:,f, ,,, . . 1.15 --
<br /> ° )444. # 44 , f •, 1.05 __ f• ,•, ,t ; d t € '4 t ' tt '1, 1.00
<br /> 2011 2012 2013
<br /> tiloka
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