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Section 4 <br /> - 18 - <br />Table 4-2 <br /> Projected Operating Results <br />Proposed Rates <br />Year 2025 2026 2027 2028 2029 <br />Operating Revenues $48,369,482 $49,833,918 $50,961,806 $51,824,827 <br />Less Operating <br />Expenses (44,210,400) (45,215,511) (46,121,914) (47,047,707) <br />Plus Non -Operating <br />Revenues (Expenses) 468,457 489,744 496,394 536,394 <br />Plus Fees and Transfers (1,777,308) (1,842,476) (1,892,667) (1,931,071) <br />Change in Net Position(1) $3,800,000 2,850,230 3,265,675 3,443,620 3,382,442 <br />Net Position as Percent <br />of Revenues 5.9% 6.6% 6.8% 6.5% <br />(1) 2025 EOY change in net position estimated by ERMU staff based on 2025 YTD actual results <br /> <br />Cash Reserves – Proposed Rates <br />A summary of the impact of the projected operating results on ERMU’s cash reserves <br />assuming the proposed rate adjustments is shown at the end of Exhibit 4-B and in Table <br />4-3 below. Assuming the recommended rate adjustments going forward, the projected <br />cash balance at the end of the Study Period increases by approximately $4.6 million as <br />compared to the projections at existing rates as contained in Section 2 of this report. <br />The total reserves reach a level of 80% of the ERMU reserve goal. <br />