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9. INFORMATION

10. LOOK AHEAD

Next GLWA Board Meeting: Wednesday, February 24, 2016 at 2 pm

Next Audit Committee Meeting: Friday, March 4, 2016 at 8 am

11. OTHER MATTERS

12. ADJOURNMENT

Great Lakes Water Authority

Audit Committee

MINUTES

Friday, February 5, 2016 at 8:00 a.m.

5th Floor Board Room, Water Board Building

735 Randolph Street, Detroit, Michigan 48226

g l w ater.org

1. CALL TO ORDER

Chairman Baker called the meeting to order at 8:05 am

2. ROLL CALL

Chairman Brian Baker, Director Robert Daddow, and Director Joseph Nardone

3. APPROVAL OF AGENDA

Chairman Baker requested approval of the agenda.

MOTION BY: JOSEPH NARDONE

SUPPORT: ROBERT DADDOW

ACTION: APPROVED

4. APPROVAL OF MINUTES

Chairman Baker requested approval of the Minutes of January 15, 2016.

MOTION BY: JOSEPH NARDONE

SUPPORT: ROBERT DADDOW

ACTION: APPROVED

5. PUBLIC PARTICIPATION

None

AGENDA ITEM 4A

Page 1

6. OLD BUSINESS

A. Water and Sewer Refunding & New Money Timeline & Task List for 2016

Presenters: Jon Wheatley, Public Finance Manager

Dan Hartman and Kari Blanchett, PFM

Action: Receive and File Report

MOTION BY: ROBERT DADDOW

SUPPORT: JOSEPH NARDONE

ACTION: APPROVED

B. Financial Planning Update: Budget, Capital, & System of Revenues/Charges

Presenter: Nicolette N. Bateson, CPA, Chief Financial Officer/Treasurer, Monica

Daniels, Capital Manager, Jon Wheatley, Public Finance Manager, and Bart Foster,

The Foster Group, LLC




ACTION: APPROVED

Nicolette Bateson requested a Special Audit Committee Meeting for February 19,

2016 at 8:00 am to do a status report/review of the budget and the schedule of

charges.

7. NEW BUSINESS

A. Proposed Water Bond Notice of Intent Resolution

Presenters: Jon Wheatley, Public Finance Manager

Bart Foster, The Foster Group, LLC

Action: The Audit Committee recommends that the Great Lakes Water Authority

Board approves the resolution authorizing publication of Notice of Intent to issue

water supply system revenue bonds in a principal amount not to exceed

$300,000,000 as presented at its Regular Meeting on February 10, 2016

Page 2



ACTION: APPROVED

B. Proposed Sewer Bond Notice of Intent Resolution

Presenter: Jon Wheatley, Public Finance Manager,

Bart Foster, The Foster Group, LLC

Action: Audit Committee recommends that the Great Lakes Water Authority Board

approves the resolution authorizing publication of Notice of Intent to issue sewage

disposal system revenue bonds in a principal amount not to exceed $125,000,000 as

presented at its Regular Meeting on February 10, 2016.



ACTION: APPROVED

Director Joseph Nardone excused from the meeting at 9:10 am

8. REPORTS

ATTACHMENT 8A

A. DWSD Retail System Revenue and Collections Update

Presenter: Marcus Hudson, CPA, Chief Financial Officer, DWSD



SUPPORT: BRIAN BAKER

ACTION: APPROVED

B. December 2015 Wholesale Water Revenue Report – Variance Analysis

Presenter: Jon Wheatley, Public Finance Manager

Action: Receive and File report



ACTION: APPROVED

C. ERP and HRIS/Payroll Implementation Verbal Update

– Group presentation presented

o Dan Rainey Update on Ceridian:

o GLWA completed two payroll cycles successfully

o A program like this usually takes 12 to 16 months to implement but

Page 3

GLWA did it in six months

o There were 60 issues that did arise since January 1st, but the priority was

given to payroll. We had 38 payroll issues, but are now down to seven

open issues.

o 22 open issues (non payroll related), plan to have completed by the end

of February. We have 40 time clocks, there are no more paychecks,

now you get direct deposit or a pay card

o Would like to clear up all old issues before going into Phase II

o Phase II is the HR System which includes document management,

dashboards for Managers, a recruiting component that includes online

job postings. Training, performance management, the capability to do

biometrics, mobile access which we can limit by location, Manager self-

service and the ability for single sign on.

o Denis Desrosiers Update on BS & A:

o Phase I is to get BS & A up and running

o Get WAM implemented and split with DWSD

o BS & A has been installed and is up and running, working on training,

configuration and data

o Software to be installed on desktops in the Finance and Procurement

Departments

o Additional comments made by Cindy Cezat via phone

o WAM – the HP Team is working on the technical side to do the split

o Gaylor Johnson:

o They have two teams.

o First Team will do a data cleanse of the WAM database and master files

o Second Team will load data into BS & A

o This should be ready by the City’s “Black Out”, as we emerge from the

Black Out, data should be good to go. (Black out is when the City shut

down and do their roll out of Oracle fusion)

o Mike Huber:

o The budget module is great with a lot of features and can report on

different phases with great tracking mechanisms

o Rush checks can now be printed out the same day

D. Chief Financial Officer Verbal Update

– Nicolette N. Bateson, CPA, Chief Financial Officer/Treasurer

o Mike Tilley and Joe Perry met with the State, and the State agreed that

GLWA can be self-insured, which saves us about $40,000.00.

o We are trying to wrap up the DWSD June 30, 2015 audit. This is important

to GLWA because this is a key component of the financial history. The City

Page 4

has committed to completing by March 31st.

o Pension system is still waiting for the actuarial report to wrap up its audit.

o Received bankruptcy adjustment entries, we have questions on those

9. INFORMATION

A. Billing Status Report – City of Flint

B. Billing Status Report – City of Highland Park

C. Transition Budget – Competitive Grant Assistance Program

Action: Receive and File reports



ACTION: APPROVED

10. LOOK AHEAD

Plan to have a Special Audit Committee Meeting on February 19, 2016 at 8:00 am

Regular Audit Committee meeting will be Friday, March 4, 2016 at 8:00 am

11. OTHER MATTERS

None

12. ADJOURNMENT

Chairman Baker requested a motion to adjourn.



ACTION: APPROVED

There being no further business, the meeting adjourned at 10:00 a.m

Page 5

ATTACHMENT 8A

Page 6

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AGENDA ITEM 6A

Page 12

Financial Planning Cycle:Lease & Related Documents Review

GLWA Audit Committee

February 19, 2016

Page 13

Executive Summary

• OBJECTIVE: Refresher “course” of the legalframework which defines the GLWA andDWSD financial planning cycle

• Status Report: Lease payment and cashtransfers to DWSD in 2016

• Status Report: Financial planning cycle keydates

Page 14

Key Documents Impact Financial Planning Cycle

• “Lease” documents (online at glwater.org)1. Water and Sewer system leases approved 6.12.2015

2. Water & Sewer Services Agreement approved 6.12.2015

3. Shared Services Agreement approved 12.9.2015

4. Water and Sewer Master Bond Ordinances 12.9.2015 and subsequent amendments

5. Pension system agreement approved 12.9.2015

• Documents include a number cross‐references

• Prior year budget (FY 2016) prepared simultaneously with lease and related agreements

• FY 2017/18 Biennial financial planning cycle is first year of budgeting within approved legal framework

Page 15

Cash Transfers Since Effective Date

Water Sewer Total Notes

Operations &

Maintenance Pension

Lease

Payment

(I&E Fund)

Operations &

Maintenance Pension

Lease

Payment

(I&E Fund)

January 2016 3,740,800$ 2,486,700$ 11,767,600$ 2,824,900$ 1,669,300$ 4,380,000$ 26,869,300$ Lease and pension are for 7 months (Jul ‐ Jan)

February 2016 3,740,800 355,200 1,681,100 2,824,900 238,500 625,700 9,466,200 Regular monthly transfer

February 2016 3,740,800 2,824,900 6,565,700 Extra one month of O&M per Lease 4.4(a)(ii)

Total Transfers 11,222,400$ 2,841,900$ 13,448,700$ 8,474,700$ 1,907,800$ 5,005,700$ 42,901,200$

Note: Per Section 3.5 of the Lease, the Lease Payment may be used for: a) bond principal and interest for Local System Improvements, b) bond principal and interest for the

City's share of common‐to‐all System Improvements, and c) Local System improvements paid from the lease payment deposited to the Improvement & Extension (I&E) Fund.

The Lease payment above is net of debt service allocation established by City during its rate setting for FY 2016.


Cash Transferred to DWSD

FY 2016

Page 16

GLWA/DWSD Schedule Coordination

• GLWA Scheduled Dates– February 24, 2016 –Budget Update to Board

– March 2, 2016 ‐ GLWA Budget Public Hearing

– TBD GLWA Budget Adoption (may occurindependent of CIP and Schedule of Charges

• A number of DWSD budgetary decisioninterdependencies that impact GLWA budgetand timing

Page 17

DWSD Budget Commitment Timeline

• January 1: Preliminary Budget

– Including key assumptions and impact statement

• February 1: Capital Improvement Plan

• March 23: City Adopted Biennial Budget

– Date referenced in lease is April 23

• May 1: Direction to Apply Lease Payment

Page 18

REFERENCE: LEASE* AND SERVICES AGREEMENT EXCERPTS(*EXCERPTS ARE FROM SEWER SYSTEM LEASE – WORDING IS COMPARABLE IN WATER SYSTEM LEASE)

Page 19

LEASE AGREEMENT

Page 20

Lease Payment

Lease Excerpt

Page 21

Use of the Lease Payment

Lease Excerpt

Page 22

Opening Cash Balance Transfers

Lease Excerpt

Page 23

GLWA Budget

Provisions

Lease Excerpt

Page 24

Other Key Provisions

Lease Excerpt

Page 25

Agency Relationship Defined

Lease Excerpt

Page 26

SERVICES AGREEMENT

Page 27

Agency Performance Standards

Services Agreement Excerpt

Page 28

City Payment for Services


Page 29

Measurement of City Usage


Page 30

Lease Payment for Debt Service


Page 31

Notification of Rates & Charges


Page 32

Application of Lease Payment Direction


Page 33

City Preliminary Budget Due January 1st


Page 34

Impact Statement


Page 35

City Biennial Budget due March 23rd


Page 36

Budget Tracking


Page 37

City Capital Improvement Plan due February 1


Page 38

Executive Summary Illustration of FY 2017 Revenue Plan

As Designed - All Lease to Retail I&E Maximum Possible Impact of Lease AllocationWater Sewer Combined Water Sewer Combined

1 Wholesale Revenues (includes Detroit CTA) 329,135,600 464,286,600 793,422,200 329,135,600 464,286,600 793,422,2002 plus: Misc Non-Op Revenues 2,077,100 4,115,200 6,192,300 2,077,100 4,115,200 6,192,3003 less: GLWA O&M (111,879,200) (175,858,900) (287,738,100) (111,879,200) (175,858,900) (287,738,100)4 less: GLWA O&M Pension (6,037,100) (10,838,400) (16,875,500) (6,037,100) (10,838,400) (16,875,500)5 plus: DWSD Retail Net Revenue 37,790,500 32,338,700 70,129,200 15,290,500 4,838,700 20,129,200

-------------- -------------- -------------- -------------- -------------- --------------6 Net Revenue 251,086,900 314,043,200 565,130,100 228,586,900 286,543,200 515,130,100

7 Net Revenue after Debt Service (6)-(15) 60,589,600 69,057,300 129,646,900 38,089,600 41,557,300 79,646,900

Applied to:8 Non-Op Legacy Benefit Obligations 10,297,000 14,026,200 24,323,200 10,297,000 14,026,200 24,323,2009 Budget Stabilization Fund Deposit 360,400 2,654,200 3,014,600 360,400 2,654,200 3,014,600

10 WRAP Deposit 2,076,800 2,654,600 4,731,400 2,076,800 2,654,600 4,731,40011 Lease Pmt Deposit to Retail I&E 22,500,000 27,500,000 50,000,000 0 0 0

12 Balance Available for I&E (7)-sum(8->11) 25,355,400 22,222,300 47,577,700 25,355,400 22,222,300 47,577,700

Debt Service13 Senior Lien 145,902,300 147,907,200 293,809,500 145,902,300 147,907,200 293,809,50014 Senior Lien and Second Lien 187,944,400 196,930,300 384,874,700 187,944,400 196,930,300 384,874,70015 All Bonds, Including SRF Jr. Lien 190,497,300 244,985,900 435,483,200 190,497,300 244,985,900 435,483,200

Debt Service Coverage16 Senior Lien (7)/(13) 1.72 2.12 1.92 1.57 1.94 1.7517 Senior Lien and Second Lien (7)/(14) 1.34 1.59 1.47 1.22 1.46 1.3418 All Bonds, Including SRF Jr. Lien (7)/(15) 1.32 1.28 1.30 1.20 1.17 1.18

Retail Revenue 88,738,200 70,454,900 88,738,200 66,238,200 42,954,900 109,193,100less: DWSD O&M (50,947,700) (38,116,200) (50,947,700) (50,947,700) (38,116,200) (89,063,900)

-------------- -------------- -------------- -------------- -------------- --------------DWSD Retail "Net Revenue" 37,790,500 32,338,700 37,790,500 15,290,500 4,838,700 20,129,200

PRELIMINARYTFG

THE FOSTER GROUP 2/19/2016

Page 39

Executive Summary Illustration of FY 2017 Revenue Plan

As Designed - All Lease to Retail I&E Possible Impact of Lease Allocation (FY 16 Proxy)Water Sewer Combined Water Sewer Combined

1 Wholesale Revenues (includes Detroit CTA) 329,135,600 464,286,600 793,422,200 329,135,600 464,286,600 793,422,2002 plus: Misc Non-Op Revenues 2,077,100 4,115,200 6,192,300 2,077,100 4,115,200 6,192,3003 less: GLWA O&M (111,879,200) (175,858,900) (287,738,100) (111,879,200) (175,858,900) (287,738,100)4 less: GLWA O&M Pension (6,037,100) (10,838,400) (16,875,500) (6,037,100) (10,838,400) (16,875,500)5 plus: DWSD Retail Net Revenue 37,790,500 32,338,700 70,129,200 35,290,500 12,338,700 47,629,200

-------------- -------------- -------------- -------------- -------------- --------------6 Net Revenue 251,086,900 314,043,200 565,130,100 248,586,900 294,043,200 542,630,100

7 Net Revenue after Debt Service (6)-(15) 60,589,600 69,057,300 129,646,900 58,089,600 49,057,300 107,146,900

Applied to:8 Non-Op Legacy Benefit Obligations 10,297,000 14,026,200 24,323,200 10,297,000 14,026,200 24,323,2009 Budget Stabilization Fund Deposit 360,400 2,654,200 3,014,600 360,400 2,654,200 3,014,600

10 WRAP Deposit 2,076,800 2,654,600 4,731,400 2,076,800 2,654,600 4,731,40011 Lease Pmt Deposit to Retail I&E 22,500,000 27,500,000 50,000,000 20,000,000 7,500,000 27,500,000

12 Balance Available for I&E (7)-sum(8->11) 25,355,400 22,222,300 47,577,700 25,355,400 22,222,300 47,577,700

Debt Service13 Senior Lien 145,902,300 147,907,200 293,809,500 145,902,300 147,907,200 293,809,50014 Senior Lien and Second Lien 187,944,400 196,930,300 384,874,700 187,944,400 196,930,300 384,874,70015 All Bonds, Including SRF Jr. Lien 190,497,300 244,985,900 435,483,200 190,497,300 244,985,900 435,483,200

Debt Service Coverage16 Senior Lien (7)/(13) 1.72 2.12 1.92 1.70 1.99 1.8517 Senior Lien and Second Lien (7)/(14) 1.34 1.59 1.47 1.32 1.49 1.4118 All Bonds, Including SRF Jr. Lien (7)/(15) 1.32 1.28 1.30 1.30 1.20 1.25

Retail Revenue 88,738,200 70,454,900 88,738,200 86,238,200 50,454,900 136,693,100less: DWSD O&M (50,947,700) (38,116,200) (50,947,700) (50,947,700) (38,116,200) (89,063,900)

-------------- -------------- -------------- -------------- -------------- --------------DWSD Retail "Net Revenue" 37,790,500 32,338,700 37,790,500 35,290,500 12,338,700 47,629,200

PRELIMINARYTFG

THE FOSTER GROUP 2/19/2016

Page 40

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AGENDA ITEM 7A

Page 41


Treasurer's Entitywide Cash Flow Report ‐ Water & Sewer Combined

Preliminary Summary of Activity ‐ Unaudited & Subject to Bifurcation Validation

January 2016

Cash Inflows & Outflows Jan‐16

Beginning Balance, Cash & Investments 848,998,931$

Cash Received by GLWA

Super Receiving Fund ‐ Retail Receipts 26,243,625

Water Wholesale Receipts 23,661,728

Sewer Wholesale Receipts 21,815,017

Interest earnings 2,943

Total Receipts 71,723,313

Cash Disbursements by GLWA

Accounts Payable (Pre 1.1.2016 for DWSD) (27,088,768)

GLWA Accounts Payable (1,571,186)

GLWA Payroll & Benefit Transfers (4,536,299)

Debt Service Payments (74,189,001)

Total Disbursements (107,385,254)

Transfers to DWSD‐Retail pursuant to Lease and Master Bond Ordinance

Operations & Maintenance (6,565,700)

Operations & Maintenance ‐ Pension (4,156,000)

Improvement & Extension (Lease Payment) (16,147,600)

Total Transfers to DWSD‐Retail (26,869,300)

Ending Balance, Cash & Investments 786,467,689$

Page 42

GLWA

Allocation of Ending Bank Balance (Cost Basis) (1) Jun‐15 Sep‐15 Dec‐15 Jan‐16

Trust Indenture Funding

Senior Lien Debt Reserve 89,201,181$ 89,201,181$ 88,201,181$ 88,201,280$

Second & Jr Lien Debt Reserve 46,357,623 46,357,623 47,357,623 47,357,865

Debt Service 139,400,122 90,705,985 128,987,507 81,532,111

Debt Service ‐ State Revolving Fund 72,428,584 16,169,227 17,310,388 20,378,668

Construction Bond Funds 158,707,331 183,290,520 219,158,922 210,207,856

Pension Obligation Payment Fund ‐ ‐ ‐ 12,483,300

Water Residential Assistance Program Fund ‐ ‐ ‐ 2,628,700

Budget Stabilization Fund ‐ ‐ ‐ 4,619,100

Improvement & Extension Fund 10,503,911 9,734,544 9,673,311 9,634,280

Emergency Repair & Replacement 56,958,837 56,958,837 56,958,837 57,564,837

Operations & Maintenance Accounts

Operations & Maintenance (2) 35,616,225 29,224,826 15,946,179 55,604,205

Operations & Maintenance ‐ Pension (3) ‐ ‐ ‐ ‐

Accounts in Transition as of January 1, 2016

Retainage 26,241,560 27,094,847 25,722,157 25,169,742

Retail Customer Refund 13,549 13,351 17,399 16,110

Detroit Residential Water Assistance Program 1,097,184 1,097,023 1,064,312 1,064,312

Purchasing Card 41,205 35,377 79,571 41,172

Super Receiving Fund ‐ Pending Allocation 46,655,669 90,669,577 168,558,411 106,999,387

Water/Sewer Wholesale Receiving Funds 92,453,769 105,956,889 69,963,131 62,964,765

Ending Balance, Cash & Investments 775,676,750$ 746,509,806$ 848,998,931$ 786,467,689$

Entity wide Cash Balances Report

Water and Sewer Funds Combined (Unaudited)

As of the Month Ended,

DWSD (Pre‐bifurcation)

Notes(1) This report is on cost basis whereas market value is used for financial reporting .

(2) Cash in bank will not equal financial reporting due to reclassifications and transfers in process at month end.

(3) Operations & Maintenance Pension subaccount established in February 2016 in accordance with amended GLWA Master Bond Ordinance.

Page 43

1. C

2. R

3. A

4. A

5. P

6. O

7. N

8. R

ALL TO ORD

OLL CALL

APPROVAL O

APPROVAL O

A. Febru

UBLIC PART

OLD BUSINES

A. FY 201

‐ Imp

‐ Fina

‐ Upc

‐ DWS

Prese

Propo

B. Updat

Prese

Office

Propo

NEW BUSINE

A. Treasu

Prese

Propo

EPORTS

A. ERP a

– Mik

Denis

DER

F AGENDA

F MINUTES

ary 5, 2016

ICIPATION

SS

17 and 2018

lementation

ancial Planni

coming Goals

SD‐R Curren

nter: Nicolet

osed Action:

te: Highland

nter: William

er/General C

osed Action:

SS

urer’s Cash F

nter: Deirdre

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nd HRIS/Pay

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s & Objectiv

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tte N. Bateso

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Counsel

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9. INFORMATION

10. LOOK AHEAD

Next GLWA Board Meeting: Wednesday, February 24, 2016 at 2 pm

Next Audit Committee Meeting: Friday, March 4, 2016 at 8 am

11. OTHER MATTERS

12. ADJOURNMENT

Great La kes Water Audit Commiittee Meeting Ag e nda F ...

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