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Section 4 <br /> - 2 - <br />Projected Operating Results – Proposed Rates <br />Based on the proposed rates outlined above, the resulting projected operating results are <br />summarized below in Table 4-1. A summary presentation of the operating results is <br />shown in Exhibit 4-B. <br />Table 4-1 <br /> Projected Operating Results-Water <br />Proposed Rates <br />Year 2025 2026 2027 2028 2029 <br />Operating Revenues $3,145,246 $3,276,063 $3,399,836 $3,532,811 $3,668,850 <br />Less Operating <br />Expenses (3,972,626) (4,127,970) (4,322,616) (4,454,230) (4,871,800) <br />Plus Non-Operating <br />Income 545,634 574,568 571,433 423,804 259,977 <br />Plus Fees and <br />Transfers 255,000 302,479 434,003 431,344 428,623 <br />Change in Net Position $(26,746) $25,139 $82,656 $(66,271) $(514,350) <br />Net Position as <br />Percent of Revenues -0.9% 0.8% 2.4% -1.9% -14.0% <br /> <br />Cash Reserves <br />A summary of the impact of the projected operating results at proposed rates on ERMU’s <br />cash reserves is shown at the end of Exhibit 4-B and in Tables 4-2 below. <br />As mentioned above, a goal of increasing overall reserve levels by $1.3 million through <br />rate adjustments was set in discussions with ERMU management. The 2029 end of year <br />unrestricted reserve level shown below is $8.0 million. This represents an increase of <br />$1.3 million over the $6.8 million projection under existing rates as shown in Section 2 of <br />this report.