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t,. ,, Financial Highlights <br /> L <br /> p 1 � <br /> 1 ! ;. `: <br /> f Forward-Looking Energy <br /> 'k- 'I it ik v .p• , Adjustment Clause <br /> MMPA's rate structure includes a forward- <br /> looking energy adjustment clause (EAC). At <br /> .: the beginning of each month, the Agency sets <br /> 7-"..- ��: rates to members based on projected costs. <br /> :r <br /> Having a forward looking EAC helps MMPA <br /> 1 ' maintain liquidity and cash flow by matching <br /> ! ^='r„\ the timing of revenues and expenses. <br /> / I , flit - Debt Service Coverage <br /> i )' -- In 2013,the MMPA Board of Directors approved <br /> 4" f ° D� - a policy of adopting an annual budget that <br /> g :. I provides debt service coverage of at least <br /> T__� I, . _ `• 7 1. �, 1.20 times debt service. This policy creates a <br /> _�r1 i �— 'oi-�._ - - ;0,�I_ '' target in excess of the 1.15 times debt service <br /> 1 t . \ .MP coverage that is required by MMPA's bond kil 1, 11 indenture.The policy is intended to provide the <br /> �_ ialV ii <br /> a <br /> worpo■esemarawarsai,,,,......q.,... , --44411 ti i , ;� Agency the flexibility to withstand unexpected <br /> events without necessarily having to increase <br /> ---- -"Wk N `- r t. rates to members to maintain required debt <br /> _0_ ---"1 i 1,' \ I t, lim ' ' t service coverage. The Agency exceeded its 6sss �• <br /> _, target in 2014 with a debt service coverage <br /> I f 1 11%... ,„- ratio of 1.27 times debt service. <br /> ', ., ; - <br /> - <br /> t � ,- � 3 � ., Debt Service Coverage Ratio <br /> ' 1.30- <br /> J i��1111111 � ( ill <br /> �� ! I 1 '■ <br /> 1.25 - 1.27 <br /> I <br /> . i ' \ 1.20 - <br /> -. - , i.. ' <br /> ` <,__ 0 ! I, 1.15- <br /> III II <br /> ' /< . N <br /> \\\\ <br /> /I 1 4 105 <br /> , . lie OC <br /> 2012 2013 2014 <br />