2024 Cash – All Divisions (September 30th)
MLGW Capital Spend I MLGW Cash I MLGW 2023 Year End I MLGW Budget I Ratios I Rates I MLGW Vegetation
The green bar is the minimum 45 day recommended cash amount and the yellow is the excess or deficient cash on hand as of September 30, 2024. The Electrical division deficiency is set to be remedied shortly with MLGW issuing approximately $200M in debt. The table below the chart expands on cash detail and is based on the MLGW Monthly September 2024 Financial Report.
| wdt_ID | DIVISION | EXCESS % | EXCESS | 45 DAY | ENDING |
|---|---|---|---|---|---|
| 1 | ALL | 114 | 263,627,220 | 230,925,478 | 494,552,698 |
| 2 | ELECTRIC | -9 | -16,031,835 | 180,358,131 | 164,326,296 |
| 3 | GAS | 487 | 173,315,661 | 35,612,807 | 208,928,468 |
| 4 | WATER | 711 | 106,343,394 | 14,954,540 | 121,297,934 |
Projections All Divisions (2023-26)
Per Memphis 2023 City Council testimony, of MLGW CFO Dana Jeanes, projected excess MLGW cash (2024-2026). The 2023 amounts are actual. Excess cash is benchmarked against the 45-day cash on hand minimum, recommended by the Government Finance Officers Association. MLGW ended 2023 with excess cash, across all divisions of $247M or 110% above the 45-day minimum.
The Electrical division ended 2023 at $7.7M deficient of the 45-day minimum, supporting the need for a rate increase in 2024. Gas and water divisions had significant amounts of excess cash on their respective balance sheets. See all and individual divisions below:
| wdt_ID | Year | Excess % | Excess | 45 Day | Ending |
|---|---|---|---|---|---|
| 1 | 2023 | 110% | 246,519,900 | 225,998,664 | 472,518,564 |
| 2 | 2024 | 128% | 293,849,182 | 229,271,818 | 523,121,000 |
| 3 | 2025 | 104% | 239,627,045 | 231,234,954 | 470,862,000 |
| 4 | 2026 | 73% | 166,672,850 | 227,373,149 | 394,046,000 |
Electric Division
| wdt_ID | Year | Excess % | Excess | 45 Day | Ending |
|---|---|---|---|---|---|
| 1 | 2023 | -4% | -7,731,265 | 173,953,456 | 166,222,191 |
| 2 | 2024 | 38% | 68,541,806 | 181,434,194 | 249,976,000 |
| 3 | 2025 | 67% | 121,349,200 | 182,023,800 | 303,373,000 |
| 4 | 2026 | 31% | 54,922,237 | 176,535,762 | 231,458,000 |
Gas Division
| wdt_ID | Year | Excess % | Excess | 45 Day | Ending |
|---|---|---|---|---|---|
| 1 | 2023 | 351% | 139,109,808 | 39,619,882 | 178,729,690 |
| 2 | 2024 | 422% | 138,666,851 | 32,842,149 | 171,509,000 |
| 3 | 2025 | 331% | 111,352,922 | 33,630,077 | 144,983,000 |
| 4 | 2026 | 280% | 96,993,473 | 34,640,526 | 131,634,000 |
Water Division
| wdt_ID | Year | Excess % | Excess | 45 Day | Ending |
|---|---|---|---|---|---|
| 1 | 2023 | 927% | 115,141,357 | 12,425,326 | 127,566,683 |
| 2 | 2024 | 578% | 86,640,525 | 14,995,475 | 101,636,000 |
| 3 | 2025 | 44% | 6,924,923 | 15,581,076 | 22,506,000 |
| 4 | 2026 | 91% | 14,757,139 | 16,196,860 | 30,954,000 |