Burlington Electric Commission

BURLINGTON BOARD OF ELECTRIC COMMISSIONERS 585 Pine Street Burlington, Vermont 05401 To be held at Burlington Electric Department (and) Via Microsoft Teams +1 802-489-6254 Conference ID: 636 059 465# LARA BONN, CHAIR ALI KENNEY SCOTT MOODY ANDY VOTA, VICE CHAIR BRIAN WILLIAMS AGENDA Regular Meeting of the Board of Electric Commissioners Wednesday, November 12, 2025 – 5:00 PM 1. Agenda (5 min.) 2. Minutes of October 8, 2024 Meeting (5 min) 3. Public Forum  Communication from Pike Porter (5 min.) 4. Monthly Impact Minute (Discussion) (5 min.) 5. Commissioners’ Corner (Discussion) (5 min.) 6. GM Update (Oral Update) (10 min.) 7. Financials: September FY25 (Discussion): Emily Stebbins-Wheelock (10 min.) 8. Financial internal controls (presentation and discussion): Amanda Hurlbut (20min.) 9. FY2025 audited financials (presentation and discussion): Amanda Hurlbut (30 min.) 10. BED’s 2025-2026 Property/B&M Insurance Renewal (Discussion and Vote): Paul Alexander (20 min.) 11. Commissioners’ Check-In (5 min.) Attest: _________________________________________ Elena Alexander, Board Clerk If anyone from the public wishes to speak during the public forum portion of the Commission Meeting and/or wishes to be present for the Meeting of the Board of Electric Commission via Microsoft Teams, please email ealexander@burlingtonelectric.com to receive a link to the Meeting. Note: Members of the public may speak during the Public Forum, or when recognized by the Chair during consideration of a specific agenda item.  DRAFT MINUTES OF REGULAR MEETING BURLINGTON ELECTRIC COMMISSION Wednesday, October 8, 2025 The regular meeting of the Burlington Electric Commission was convened at 5:06 pm on Wednesday, October 8, 2025, at Burlington Electric Department, 585 Pine Street, Burlington, Vermont, and on Microsoft Teams. Attendance  Channel 17 was present to record this meeting.  Commissioners Lara Bonn, Ali Kenney, Scott Moody, and Andy Vota were present.  Staff members Elena Alexander, Erica Ferland, Mike Flora, Amanda Hurlbut, Mike Kanarick, Lincoln Sprague, Darren Springer, and Emily Stebbins-Wheelock were present at 585 Pine Street.  Staff members Paul Alexander, Munir Kasti, and Amber Widmayer were present via Microsoft Teams.  UVM Center for Rural Studies consultant Michael Moser was present at 585 Pine Street.  KPMG auditors Renee Bourget-Place and Jake Day were present via Microsoft Teams.  Public member Alan Bjerke was present at 585 Pine Street. Agenda There were no proposed changes to the agenda. Meeting Minutes Commissioner Moody made a motion to approve the minutes of the September 10, 2025, Commission Meeting; Commissioner Kenney seconded the motion. Vote: 4 ayes 0 nays. Public Forum Alan Bjerke, Burlington resident, spoke about miscellaneous service fees, particularly the initial service fee, stating that in March 2024, the City Council approved new fees. Mr. Bjerke requested that the Department file the proposal with the Public Utility Commission (PUC) by the December Commission meeting. Monthly Impact Minute Mike Flora, Director of Safety and Environmental, presented an update on the R99 Renewable Diesel initiative at the Gas Turbine. Renewable diesel is chemically similar to conventional diesel and derived from renewable sources, leading to lower emissions via hydro treating. Bene its of R99 include a high cetane number for better emissions, excellent cold weather performance, and early indications of no carbon buildup on fuel nozzles. BED conducted a test run of the Gas Turbine on 1 R99 to gather emissions data and monitor equipment in hopes of beginning to run the unit solely on R99 in future. The next steps involve awaiting lab results by November and submitting permit modi ication applications to the State of Vermont. Commissioners’ Corner No items presented or discussed. General Manager’s Update General Manager Springer shared the following:  A successful EV press event was held on September 22, with participation of the Mayor and Champlain Elementary 5th-graders, during which BED announced that our all-electric EV incentive has increased to $5,000 for all customers and $5,700 for income-quali ied customers as of October 1, 2025. The increase is funded through TEPF funds, not general rates, and supports Burlington's EV adoption goals.  The independently conducted Forestry report is included in the Commission packet and indicates compliance and positive feedback from suppliers about McNeil's contributions to sustainable practices.  The Moduly battery pilot with 111 interested customers is set to launch following the PUC's October 15, 2025 deadline.  Vermont maintains relatively low utility rates compared to New England, despite rising energy costs nationwide.  Upcoming discussions will address the EV site license agreement and miscellaneous service fees, aiming for simultaneous approval from the Board of Finance and City Council.  There is ongoing interest in tracking electricity demand and rates for better context in Vermont and beyond. Commissioner Kenney requested updates throughout the year. August 2025 Financial Review Ms. Stebbins-Wheelock presented inancial results for August 2025. The Department reported a net loss for August of $346,000 compared to a budgeted net income of $2.28 million, primarily due to the timing of Renewable Energy Credit (REC) revenues, which were budgeted to be received in August but were received in September. Capital spending year-to-date is under budget at approximately $700,000 against a $3 million budget, with several projects including the Winooski 1 FERC licensing progressing on schedule. Customer arrearages over 60 days currently stand at around $600,000, which is a concern. Mike Kanarick, Manager of Customer Care, Communications, and Energy Services, is working with General Manager Springer on an action plan for collecting past due payments. Commissioner Moody requested updates be provided in upcoming meetings. The debt service coverage ratio is 5.11, the adjusted debt service coverage ratio is 1.05, and the Department had 142 days cash on hand including the $10 million line of credit. Commissioner Kenney requested updates to the Net Zero Roadmap targets in the dashboard; current materials are dated 2023. Ms. Stebbins-Wheelock will update materials for the November meeting. 2 FY25 Audit Report Ms. Hurlbut acknowledged the Department’s accounting team for their diligent work in preparing for the audit, which is crucial for success. Ms. Bourget-Place shared that the audit is close to completion, pending responses to legal inquiries and outstanding items related to actuarial studies for OPEB and pensions. KPMG anticipates issuing an unmodi ied opinion, contingent upon inalizing necessary procedures and addressing open questions. No signi icant issues were reported during the audit, with management doing an excellent job in preparation and responses. A new accounting standard related to compensated absences was adopted, re lecting minimal impact on the inancial statements. Executive Session to discuss FY25 Audit Report Commissioner Vota made the motion to find that premature general public knowledge regarding the FY25 KPMG Audit would clearly place the Burlington Electric Department at a substantial disadvantage per Title 1, Section 313 (a)(1) of the Vermont Statutes. Commissioner Moody seconded the motion. Motion passes 4 ayes, 0 nays. Commissioner Vota moved that the Commission enter into executive session to discuss the FY25 KPMG Audit under the provisions of Title 1, Section 313(a)(1)(A) of the Vermont Statutes. Commissioner Moody seconded the motion. Motion passes 4 ayes, 0 nays. Executive session start time: 6:27pm Executive session end time: 6:53pm Triennial Customer Satisfaction Survey Michael Moser from UVM Center for Rural Studies presented the triennial customer satisfaction survey results, covering both residential and commercial customers.  The survey includes mandated questions and additional inquiries to measure progress over the years, including new electri ication-related questions.  The satisfaction study maintains respondent con identiality and gathered responses from BED’s residential and commercial customers.  Overall satisfaction with Burlington Electric is slightly declining, particularly for commercial customers, in luenced by customer participation rates and changes in billing processes.  Reliability of electrical service is the most important customer characteristic, consistently ranking higher than other factors such as rate concerns.  Recent rate increases have raised customer concerns about affordability, compounded by rising costs in other areas like healthcare and groceries.  Awareness of energy ef iciency programs is improving, but a signi icant percentage of respondents remain unaware, particularly among new customers.  Customer demographics show a notable increase in electric vehicle ownership, indicating a trend toward higher adoption rates than the city average. 43% of respondents are waiting to replace their current vehicle before purchasing an EV or PHEV, while one-third feel the cost is 3  still too high despite rebates. 7% expressed complete disinterest in buying or leasing an electric vehicle, with a portion of the population in Burlington identifying as non-car owners.  For residential cold climate heat pumps, one-third are not responsible for purchasing heating equipment, and 20% are waiting to replace their systems.  Interest in utilizing heat pumps for both heating and cooling is declining, especially if operating costs remain high, with signi icant residential usage noted primarily for heating.  Trust in the State of Vermont for energy information is declining, while trust in Ef iciency Vermont is increasing, and neighbors remain a trusted source.  There is an ongoing effort to review survey results to enhance advertising strategies and communication about energy programs.  Future discussions could include insights on arrearages and informal outreach opportunities to gather further data. EV Charging License Agreement Emily Stebbins-Wheelock and Munir Kasti presented a proposed electric vehicle (EV) charging license agreement for the installation of BED-owned public charging stations on private property. The agreement is modeled after the one in place with the University of Vermont and is intended as a generic template for future installations. The Department is in discussions with the owner of the Market 32/TJ Maxx shopping area and there may be other sites in the city where private property is the best or only suitable location for chargers. The agreement outlines responsibilities for maintenance and removal of chargers and addresses issues like snow removal and parking enforcement. Commission approval is requested, although the agreement will not entail a financial transaction. Commissioner Moody made the motion to move that the Electric Commission approve and recommend that the City Council approve the use of the proposed electric vehicle charging infrastructure agreement as a generic site license agreement for BED-owned public EV charging stations on private property. Commissioner Kenney seconded the motion. Motion passes, 4 ayes 0 nays. Miscellaneous Service Fees Emily Stebbins-Wheelock presented the proposed fee changes, including:  A reduction of the initial service fee from $30 to $5 for returning customers and $15 for new customers.  Other changes in various fees include an increase in the reconnection fee from $20 to $26 and a rise in the temporary service fee from $535 to $882.  New disconnection and reconnection fees will range from $577 to $885 based on service type  The collection fee would be eliminated entirely.  Estimated net increase in operating revenues is approximately $38,000, with revenues from new fees offsetting declining revenue from some fees decreasing. 4   Proposed changes aim to align more closely with costs, and a detailed cost analysis will accompany the proposal to the PUC. Commissioner Kenney made the motion to move to recommend that the Board of Finance and City Council authorize BED to submit the proposed changes to the miscellaneous service fee tariff to the Vermont Public Utility Commission for approval. Commissioner Vota seconded the motion. Motion passes, 4 ayes 0 nays. IT Update Emily Stebbins-Wheelock and Erica Ferland presented the following:  The IT update provided a general overview of BED's IT environment.  BED operates with three distinct IT networks: the business environment, Smart Grid network, and SCADA system.  Signi icant initiatives include upgrading devices to Windows 11, implementing the Meter Data Management system, and transitioning to a new customer information system (CIS) and web portal.  The projected timeline for major implementations includes CIS, IVR, and bill print systems in spring 2025 and the Financial Information System transition targeting July 1, 2027.  The Department’s Advanced Metering Infrastructure system is expected to need replacement some time in the next 3 to 8 years. The Department is monitoring meter failure rates to plan a timely replacement and avoid large-scale failures.  Emily Stebbins-Wheelock to provide updates periodically throughout the year. Executive Session - Cybersecurity Commissioner Moody made the motion to find that premature general public knowledge regarding cybersecurity would clearly place the Burlington Electric Department at a substantial disadvantage per Title 1, Section 313 (a)(1) of the Vermont Statutes. Commissioner Vota seconded the motion. Motion passes 4 ayes, 0 nays. Commissioner Moody made the motion that the Commission enter into executive session to discuss cybersecurity under the provisions of Title 1, Section 313(a)(1)(A) of the Vermont Statutes. Commissioner Vota seconded the motion. Motion passes 4 ayes, 0 nays. Executive session start time: 8:20pm Executive session end time: 9:16pm Commissioners’ Check-In Commissioner Moody requested more information on the issue of arrearages and the status of a planned mitigation strategy. General Manager Springer stated that:  Staf ing challenges, including the loss of a customer care representative, affected outreach efforts, but have since been addressed with the addition of temporary staff.  The team intends to focus more on outreach to help customers set up plans to make payments on their arrearages and will provide monthly progress updates. 5  There is concern about potential backsliding in the reduction of arrearages due to the winter prohibition on service disconnections for non-payment.  The inability to disconnect may lead to decreased customer responsiveness and affect overall arrearage amounts. Adjourn Commissioner Moody made a motion to adjourn; the motion was seconded by Commissioner Vota; Commission vote. Motion passes, 4 ayes 0 nays The meeting of the Burlington Electric Commission adjourned at 9:20p.m. Microsoft Teams transcript used to create minutes drafted by Elena Alexander, Board Clerk, and edited by Mike Kanarick, Manager of Customer Care, Communications & Energy Services and Emily Stebbins- Wheelock, CFO & Manager of Strategy and Innovation. Attest: _______________________________________________ Elena Alexander, Board Clerk 6 To: Burlington Board of Electric Commissioners From: Darren Springer, General Manager Date: November 7, 2025 Subject: October 2025 Highlights of Department Activities General Manager – Darren Springer  Solar Education Event with SunCommon – On November 19th at 9am BED and SunCommon are hosting a hybrid (in-person at 585 or online) solar education event for commercial properties. We invite businesses and non-profit organizations and commercial property developers to learn about how changes in tax incentives at the federal level impact solar projects in Burlington, and how to lock-in still-available incentives. More info at www.burlingtonelectric.com.  Velerity Report – Velerity will present their final report at the Nov. 25th TEUC meeting.  Regulatory Update – BED will provide an update on regulatory matters.  Miscellaneous Fees Update – The Board of Finance and City Council approved filing the updated miscellaneous fees at their Nov. 3 meeting, with the proviso that BED seek to delay implementation of the fees until no earlier than March 31, 2026 to give customers who might see higher fees for things like a panel upgrade a chance to advance pending projects. BED is also going to seek an extension of the Energy Efficiency Modernization Act (EEMA) this legislative session, and if granted will propose an income-qualified panel upgrade program for the 2027-2029 performance period.  Customer Survey Reflections – BED will provide further observations and reflections.  Recent Events – BED participated in a press conference on weatherization with the Governor, DPS Commissioner, Efficiency Vermont, and VGS on October 22nd. BED also joined a utility affordability panel at the recent Renewable Energy Vermont conference. And BED participated in a discussion on clean/affordable transportation at the Energy Action Network Summit Nov. 5th. Center for Innovation – Emily Stebbins-Wheelock  Finalized FY25 financial statement audit.  2026 energy efficiency charge calculation approved by PUC.  Filed FERC relicensing Interim Study Report with state and federal agencies.  Filed 2026 Tier III plan with PUC.  Two system engineers attended Cyber Foundry in Boston, a week-long cybersecurity and malware training presented by DOE and Los Alamos Labs.  Sustainability Director presented on Burlington’s building electrification efforts at Urban Sustainability Directors Network Regional meeting.  October 2025 – Department Highlights Center for Safety and Risk Management – Paul Alexander Safety  The Safety Team conducted pole top and bucket rescue annual rescue proficiency on 10/16/25. These are annual exercises and recertifications of each individual’s proficiency to rescue a fellow employee in case of sudden emergency and/or a medical event.  The Safety and the Operations Team attended a 1-day VT Utility Annual Safety Summit hosted by all the Safety Directors from all the State of VT utilities. Speaker topics were near miss investigation, pre and post job safety briefings, proper ergonomics in the field. The keynote speaker was Mr. Lee Shelby, who told his story of losing both hands in an electrical contact accident and the life he leads now.  As an ongoing part of the new SCADA implementation, the Safety Team is part of a working group assessing and adjusting the field safety practices in relation to Switching & Tagging procedures.  The Safety Team made numerous site safety visits to various McNeil contractors during Fall Outage. Environmental  The Environmental Team submitted the Soil Management Plan Completion Report to the VT DEC meeting its regulatory obligation while excavating within the Barge Canal Superfund Site.  The Environmental Team completed the submission of the EPA & State of VT Quarterly Emissions Report (QER).  The Environmental Team worked with McNeil to submit the 3Q2025 CT Class I PURA renewable energy source compliance filing & the 3Q2025 GIS NEPOOL inputs. Both submissions met deadlines.  The Environmental Team met with the utility environmental group, put on by VELCO, to discuss ongoing utility environmental issues such as permitting challenges and RTE (Rare, Threatened, and Endangered) species management. Group meets bi-annually and is looking to reconvene in January. Risk Management  Worked with Payroll and IT on balancing our Workers’ Compensation Payroll summary report by category codes for Travelers’ annual audit.  Extensive work on reviewing and preparing for our 11/20/25 Property/B&M Insurance renewal presentation for BOF/CC/BEC with a “not-to-exceed” amount of $718,024.29  Created Residential customer agreement/release pilot for Moduly Battery Project  Prepared for NPCC/NERC Compliance consultant (Utility Servies) “Client Day” panel discussion re: our recent self-certification audit (PRC-005, PRC-006)  Assisted in Digsafe Power outage claim with contractor and Comcast regarding alleged mismarked underground lines and resulting power outage (lost revenue) Purchasing/General Services  RFP for Replacement of HVAC in Distribution area posted  All Electric Forklift selected vendor  RFP for Load Study at 585 Pine St posted Center for Operations & Reliability – Munir Kasti Engineering, Grid Services & Operations  Issued work order for reconductoring work on underground circuit along Main Street.  Completed service upgrades on Maple Street, Rock Point Road and Dale Road.  Completed underground relocation from Queen City Park Road to Pine Street.  Completed nine condemned pole replacements and transfers.  Energized the final service for the North Terminal at Burlington International Airport. Page 2  October 2025 – Department Highlights  Upgraded street lighting from the roundabout to Cliff Street with new LED fixtures.  Two BED apprentice lineworkers successfully completed their second-year apprenticeship classes. SAIFI & CAIDI Outage Metrics: BED’s distribution system experienced 17 outages in October 2025 (6 unscheduled and 11 scheduled). BED’s SAIFI for the Month of October was 0.02 interruptions per customer and CAIDI was 1.08 hours per interruption. BED's YTD SAIFI is 0.26 interruptions per customer and YTD CAIDI is 1.18 hours per interruption. BED experienced a higher than normal CAIDI value for the month of October due to multiple scheduled outages to replace overloaded transformers and replace condemned poles. The following figure shows BED’s historical YTD SAIFI and CAIDI: The following figure shows BED’s historical October SAIFI and CAIDI: Page 3  October 2025 – Department Highlights The following figure shows BED’s historical Unplanned Outages: Generation McNeil Generating Station Month Generation: 0 MWh YTD Generation: 179,405 MWh Month Capacity Factor: 0.00% Month Availability: 55% Hours of Operation: 0 hours McNeil has started the 2025 Fall Outage from October 18, 2025 to November 9, 2025. Winooski One Hydroelectric Station Monthly Generation: 434.4 MWH YTD Generation: 12,673 MWH Month Capacity Factor: 8% Annual Capacity Factor: 26.14% Month Availability: 8% due to lack to flows and turbine overhaul The FERC relicense impact studies have continued at Winooski One, in addition to finishing the turbine overhaul. Burlington Gas Turbine Month Generation: 41.47 MWh YTD Generation: 609.21 MWh Month Capacity Factor: 0.28% Month Availability: 90.3% Hours of Operation Unit A: 4.1 hours Hours of Operation Unit B: 4.1 hours The Gas Turbine was dispatched twice in October. Page 4  October 2025 – Department Highlights Solar Solar (Pine Street 107 kW) Month Generation: 8 MWh (-5% from previous year) YTD Generation: 98 MWh Month Capacity Factor: 9.7% Month Availability: 100% Solar (Airport 499 kW) Month Generation: 43 MWh (-3% from previous year) YTD Generation: 508 MWh Month Capacity Factor: 11.6% Month Availability: 100% Center for Customer Care & Energy Services – Mike Kanarick Energy Services UVM & UVMMC  UVM Howe Library / HVAC Re-Commissioning – UVM’s controls group implemented control sequence improvements in the Howe Library’s DDC during late Spring of this year. This included implementation of an occupancy schedule, improved VFD control of ventilation fans, and implementation of an economizer sequence. BED received trending data from UVM this month for electric, chilled water and steam use and we have begun an analysis to determine a magnitude of energy savings for the project.  UVM Medical Center / Chiller System Economizer Heat Exchanger – This project included the installation of a heat-exchanger system coupled to the existing cooling tower which allows chilled water to be supplied to the hospital without the need to run any chillers. During the colder months, which is a large portion of the year, the chillers are now idle. Previously at least one chiller was required to be run throughout the winter and shoulder season months. All necessary DDC data has been obtained to complete the energy savings calculations and incentive payment. Other Services  Continued Decline in New Development and Energy Efficiency Activity  As previously reported, over the past several months few new construction zoning applications have been submitted to Department of Permitting and Inspections (DPI), indicating a decline in near term new development. High lending costs and construction costs continue to slow this market.  ES also continues to see a slowdown in EEU and Tier 3 activity with smaller and medium-sized commercial customers. As report widely in the media, these customers continue to face economic headwinds where discretionary energy efficiency, and beneficial electrification improvements, are understandably not a priority. BED and VGS continue to work with the Burlington 2030 District and CEDO/Business and Workforce Development (BWD) to get the word out about our services and that we are here to help.  ES continues to:  Work on new construction projects such as the conversion of the former YMCA to 89 apartments. This is a 6-story addition and renovations including one parking level below street grade. BED and the selected mechanical contractor met to discuss the details of our incentive opportunities for the project. We have obtained latest design drawings, and this month have advised the owner about our energy modeling incentive process. Page 5  October 2025 – Department Highlights  Support the customer care team with a number of residential and commercial customer high bill concerns.  Partner with the VGS ES team on a number of residential weatherization and heat pump projects and commercial retrofit projects. Electric Vehicles & Charging Stations  The EVSE (ChargePoint, Flo & AmpUp) dispensed a total of 43.3MWh and supported 2,323 sessions.  The ChargePoint EVSE served 974 unique drivers.  The top 3 sales on the ChargePoint network were 97kWh, 102kWh, and 105kWh and occurred at the Cherry St Garage and the Pine St. DCFC.  Approximately 41% (or 17.7MWh) of the energy sold from the entire network is attributed to the Pine St., Marketplace Garage, and Pease Lot DCFC’s. The Pine St. DCFC dispensed the most energy.  EV and PHEV rebates to date – 1,162 (of this 261 LMI rebates to date)  Customers currently participating in the new EV Charging Rate- 420  Single-family & multifamily home EV charging stations rebates to date – 376 Heat Pump Installations to Date Total Heat Pump Technology Installations including Multi-Family New Construction Projects & Installations in existing buildings since the September 2019 NZEC announcement – 3,113 installations (of this 222 LMI rebates to date) Customer Care  Call Answer Time (75% in 20 seconds): October 2025 81.7%, September 75.9%, August 78.4%, July 77.5%, June 69.4%, May 61.4%. October 2024 80.6%, September 2024 75.2%, August 83%, July 76.5%, June 74.6%, May 69.2%.  October 2025 Stats: please see dashboard for additional metrics categories. Page 6  October 2025 – Department Highlights Complaints to DPS about Customer Care Team 6 5 # of Complaints 5 4 3 2 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 Q2 Q3 Oct-25 2025 2025 2025 Calendar Year Communications and Marketing  Annual Net Zero Energy Calendar Contest: Ita Meno and team members from Vermont Energy Education Project (VEEP), visited the 4th graders in all six Burlington public elementary schools during the month of October, engaging in a presentation and conversation about energy. We invited the students to submit artwork that represents their visions of Net Zero Energy, energy efficiency, renewable energy, and sustainability. We judged the student artwork and selected 14 winners for the 2026 calendar. Our in-person celebration will be held at BED on Wednesday, December 3 for the winners, their families, teachers, and principals, complete with pizza, cake, certificates, and goodie bags, along with appearances by the Mayor and Lake Monsters’ mascot CHAMP.  Net Zero Energy Podcast: we invite you to take a listen at burlingtonelectric.com/podcast. Our latest episodes feature GM Darren Springer, who discusses the state of EV incentives at the federal level and how BED is responding with enhanced rebates for our customers, and Dave Roberts of Drive Electric Vermont, who talks about the state of EVs and EV incentives.  Full website visits for October 2025 Page 7  October 2025 – Department Highlights  Top-performing Facebook & Instagram posts Scam alert and podcast episode on climate anxiety Page 8  BED 2025-2026 Strategic Direction Dashboard Oct 2025 Sept 2025 Aug 2025 July 2025 June 2025 May 2025 April 2025 March 2025 February January 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals 2025 Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual Engage Customers and Community Call answer time 75% within 20 seconds 75% 82% 76% 78% 78% 69% 61% 86% 90% 90% 86% avg 81% avg 82% avg 82% avg 82% avg 81% Delinquent accounts >$500 0 310 313 262 276 248 242 246 323 287 251 avg 223 avg 168 avg 188 avg 529 avg 201 Disconnects for non-payment 0 57 36 34 22 2 31 153 10 1 1 308 224 12 0 45 Energy Assistance Program Customers (program lifetime) NA 915 905 898 887 881 871 869 862 858 852 843 234 Energy Assistance Program Customers (currently enrolled) 300 773 784 787 781 776 788 776 776 776 774 770 219 # of residential weatherization completions 10 1 0 1 0 0 1 0 0 0 0 7 11 5 5 3 11 Weatherization completions in rental properties 0 0 0 0 0 0 0 0 0 0 3 8 6 0 0 TBD # or % of homes or SF weatherized TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD 0 TBD TBD TBD TBD 0 # of commercial building with improved thermal envelopes 0 0 0 0 1 0 0 0 0 0 5 6 4 5 5 0 Total annual mWh saved via the EE programs (annual goal) 4,032 1,440 1,414 1,391 1,031 1,003 934 904 877 84 61 1116 2,940 4053 3057 Total residential annual mWh saved via the EE programs (cumulative for year) 724 203 187 166 142 128 68 64 51 35 28 333 494 862 917 Total commercial sector annual mWh saved via the EE programs (cumulative for year) 3,308 1,237 1,227 1,225 889 875 866 840 828 49 33 783 2,447 3191 2140 % of EEU charge from LMI customers spent on EE services for LMI customers $ 297,026 $ 241,011 $ 236,194 $ 233,861 $ 215,682 $ 204,228 $ 200,971 $ 195,750 $ 186,013 $ 178,052 $ 167,552 $ 155,814 $ 504,942 $ 335,234 TBD TBD TBD (cumulative for 2024- 2026 3-year EEU performance period) # of pageviews, overall website-wide 24,944 23,312 20,567 22,866 21,052 28,406 21,747 19,047 18,341 23,653 # of unique website homepage views 4,322 4,551 4,181 4,867 4,621 5,046 4,617 4,251 3,804 4,739 Strengthen Reliability SAIFI (AVG interruptions/customer) (annual target) < 2.1 0.02 0.03 0.0 0.04 0.003 0.03 0.02 0.01 0.05 0.07 1.63 0.56 1.05 0.17 1.48 1.01 CAIDI (AVG time in hrs to restore service) (annual target) < 1.2 1.08 2.05 2.13 0.62 1.09 1.16 2.39 1.94 1.72 0.44 0.94 0.67 1.49 0.55 0.75 Distribution System Unplanned Outages (annual target) 82 6 1 2 10 6 2 6 4 5 3 69 39 61 44 90 98 McNeil Forced Outages 0 0 1 0 1 1 1 1 2 1 0 10 5 14 5 21 TBD W1H Forced Outages 0 0 0 0 0 0 0 0 1 1 0 3 2 6 9 2 TBD GT Forced Outages 0 0 0 0 1 0 1 0 0 0 1 2 9 6 2 3 TBD Invest in Our People, Processes, and Technology Avg. # of days to fill positions under recruitment 120 317 323 366 311 282 281 217 317 257 232 253 219 100 68 179 # of budgeted positions vacant 0 8 8 9 10 11 10 10 9 11 11 avg 12 avg 12 avg 9 avg 9 6 NA  BED 2025-2026 Strategic Direction Dashboard Oct 2025 Sept 2025 Aug 2025 July 2025 June 2025 May 2025 April 2025 March 2025 February January 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals 2025 Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual Innovate to Reach Net Zero Energy Tier 3 Program # of residential heat pump installs 24 13 13 20 20 0 10 18 11 31 176 186 255 315 203 10 # of commercial heat pump installs 0 0 0 0 0 0 0 0 0 0 5 8 4 4 13 0 # of residential hot water heat pump installs 6 0 1 0 3 0 5 1 2 5 28 31 26 14 6 4 # of commercial hot water heat pump installs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Heat pump rebates 24 13 19 22 20 6 10 18 11 31 185 206 271 328 212 0 Heat pump hot water heater rebates 6 0 1 0 3 0 5 1 2 5 28 47 18 15 3 0 LMI heat pump rebates 5 4 6 2 4 6 0 1 0 0 35 21 43 28 6 4 Heat pump technology installs in rental properties 0 0 0 0 0 0 0 0 0 0 3 8 10 14 9 TBD LMI heat pump hot water heater rebates 0 2 0 0 4 0 1 0 0 0 2 6 1 2 0 1 EV rebates - new 16 15 10 3 9 16 11 10 6 18 125 103 53 67 14 36 EV rebates - pre-owned 4 5 3 1 1 1 3 2 2 1 23 16 18 7 8 2 See NZE LMI EV rebates 1 3 2 2 2 4 1 4 2 5 50 26 9 11 7 7 Roadmap PHEV rebates - new 2 4 5 2 3 0 2 4 3 7 44 25 27 41 10 17 Goals below PHEV rebates - preowned 0 1 1 1 2 3 1 0 0 5 8 6 12 6 5 3 LMI PHEV rebates 1 0 1 0 1 0 0 0 0 0 11 5 15 13 6 2 Public EV chargers in BTV (total) 41 ports 41 ports 41 ports 41 ports 41 ports 41 ports 41 ports 41 ports 40 ports 40 ports 40 ports 32 ports 30 ports 27 ports 27 ports 14 Public EV charger energy dispensed (kWh) 43,400 40,500 44,400 40,400 36,700 36,700 39,100 38,500 36,400 40800 355500 244,300 151,360 86,570 35,690 78,000 Home EV charging station rebates 32 0 17 6 3 5 13 8 5 18 82 72 70 32 20 12 EV charging rate customers (total) 420 410 399 394 389 382 379 364 354 351 347 246 157 40 40 28 Level 2 charger rebates 65 1 0 11 0 0 0 0 0 1 22 10 11 10 0 1 Level 1 charger rebates 0 0 0 1 0 0 0 0 0 0 0 0 - 0 1 0 E-bike rebates 18 15 29 24 36 32 39 22 1 27 169 147 152 88 36 65 E-mower rebates 0 6 3 8 31 25 10 1 0 2 109 135 159 154 95 142 E-forklift rebates 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 MWE of Tier 3 measures installed 2,361 3,410 2,434 21,135 4,409 1,040 1,400 1,788 1,139 1,977 26,120 22,374 22,837 23,763 35,112 3,342 % Tier 3 obligation met with program measures 100% 170% 160% 146% 136% 49% 30% 26% 20% 13% 8% 122% 117% 131% 159% 283% 31% Net Zero Energy Roadmap Goals # of solar net metering projects installed 2 4 0 1 2 0 2 2 1 1 13 32 33 29 24 33 No. of homes receiving NZE Home Roadmaps 0 0 0 0 0 0 0 0 0 0 0 - 7 10 7 Residential heat pumps for space heating (no. of homes) 2024: 12,611 NA NA NA NA NA NA NA NA NA NA 2,320, 18% of goal 1,952 1,749 1,448 1,112 925 Commercial heat pumps for space heating (1000 SF floor space served) 2024: 6983 NA NA NA NA NA NA NA NA NA NA 487, 7% of goal 431 411 405 374 374 Residential heat pumps for water heating (no. of homes) 2024: 8340 NA NA NA NA NA NA NA NA NA NA 344, 4% of goal 289 243 224 208 203 Commercial heat pumps for water heating (1000 SF floor space served) 2024: 2431 NA NA NA NA NA NA NA NA NA NA 6, 0.2% of goal 0 0 0 0 - EV registrations in BTV (light-duty) 2024: 5672 NA NA NA NA NA NA NA NA NA NA 1,285, 23% of goal 829 699 549 361 296 Greenhouse gas emissions (1000 metric tons CO2) 2024: 112 NA NA NA NA NA NA NA NA NA NA 174, 55% above target 179 193 188 185 214 Fossil fuel consumption (billion BTU) 2024: 1760 NA NA NA NA NA NA NA NA NA NA 2,964, 68% above target 3,044 3,319 3,169 3,185 3,660  BED 2025-2026 Strategic Direction Dashboard Oct 2025 Sept 2025 Aug 2025 July 2025 June 2025 May 2025 April 2025 March 2025 February January 2025 2023 Yearly 2022 Yearly 2021 Yearly 2020 Yearly 2019 Yearly Target Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals 2025 Actuals Actuals 2024 Yearly Actual Actual Actual Actual Actual Actual Demand Response Manage Budget and Risks Responsibly Safety & Environmental No. of workers' compensation/accidents per month 0 0 1 1 0 0 2 2 0 0 0 7 8 16 4 8 Total Paid losses for workers’ compensation accidents (for the month) annual $29,663 $8,210 $11,091 $7,121 $21,245 $13,204 $10,248 $3,018 $5,489 $66,100 $272,353 $98,393 $ 145,102 $ 93,612 $ 165,402 $38,288 Lost Time Incident Rate (days/year) (Dec numbers reflect annual results) <= 3.5 annual N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.99 2.0 1.99 0.0 0.93 0.89 Lost Time Severity Rate (days/year) (Dec numbers reflect annual results) <= 71 annual N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 9.90 107.4 112.63 0.0 41.71 78.2 Lost work days per month 0 0 0 0 0 11 16 0 0 0 0 avg 10 avg 12 avg 9 0.0 45 NOx reporting levels to EPA (Quarterly) (lbs/mmbtu) <0.075 0.068 0.068 0.066 0.067 0.068 0.069 0.091 0.068 0.069 0.068 0.06 0.06 0.06 0.07 0.07 # of reported spills, waste water incidents (monthly) 0 0 0 0 0 0 0 0 0 0 0 4 2 6 4 4 Phosphorus levels to DEC in lbs (monthly/yearly total) <0.8/37 0.108/1.252 0.157/1.235 0.172/1.152 0.038/1.053 0.04/1.063 0.013/1.024 0.181/2.082 0.174/1.979 0.165/1.986 0.153/1.965 1.87 0.705 0.688 2.028 1.169 # of new power outage claims reported (monthly) 1 1 0 0 1 0 0 0 0 0 0 6 3 5 7 4 # of new auto/property/other liability claims reported (monthly) 2 0 0 2 2 1 3 3 1 1 4 24 36 27 18 27 Purchasing & Facilities # of Purchase Orders for Inventory (Target: avg for winter months) 42 87 81 67 108 41 78 67 86 72 51 738 541 636 644 593 $ value of Purchase Orders for Inv. (Target: avg dollars spent during winter) $78,000 $536,841 $889,830 $493,359 $1,128,775 $140,202 $325,805 $401,355 $973,263 $919,825 $142,579 $ 6,613,883 $2,481,531 $ 4,861,023 $ 3,278,620 975,531 # of stock issued for Inventory (Target: avg during winter months) 320 957 1000 731 641 732 563 707 730 510 631 7,207 6,777 6,187 4,402 4,545 $ value of stock issued for Inventory (Target: avg. during winter) $ 65,000 $ 432,690 $ 94,464 $ 164,571 $ 66,137 $ 359,158 $ 134,027 $ 190,684 $ 151,857 $ 122,341 $ 66,331 $ 2,352,360 $ 1,925,781 $ 2,200,233 855,456 1,086,478 # of posters pulled from poles monthly (Target: goal to remove each month) 58 136 316 125 64 0 121 0 0 0 40 351 592 900 2,728 627 # of Spark Space and Auditorium setup/breakdowns monthly (Target: Covid impact) 3 12 17 13 14 11 16 13 19 16 15 199 207 132 88 87 Finance Debt service coverage ratio (avg of previous 12-months) 1.25 4.57 5.11 4.92 TBD 4.91 5.47 5.08 5.14 4.95 4.10 FY24 3.81 FY23 4.61 FY22 4.26 FY21 3.77 FY20 3.56 FY19 Adjusted debt service coverage ratio (avg of previous 12-months) 1.5 1.2 1.05 1.24 TBD 1.26 1.44 1.32 1.34 1.29 1.25 FY24 1.29 FY23 1.22 FY22 1.08 FY21 0.93 FY20 0.90 FY19 Days unrestricted cash on hand (incl line of credit) >90 159 142 141 TBD 144 137 152 156 153 146 FY24 93 FY23 120 FY22 121 FY21 120 FY20 109 FY19 Arrearages >60 days $ 628,495 $ 616,490 $568,448 $561,164 $ 558,755 $ 514,677 $ 486,445 $ 493,414 $ 484,303 $ 480,633 $ 470,940 $ 392,196 $ 408,903 $ 1,087,769 $ 749,054 Regulatory Open PUC dockets 32 29 Open PUC dockets with deadlines in next 3 months 9 12 Power Supply McNeil generation (MWH) (100%) per budget 0.0 22,687 29,433 26,010 18,513 13,684 552 10,132 25,714 32,680 197,044 184,798 228,981 273,355 192,696 McNeil availability factor 100% 55% 73% 87% 76% 61% 67% 2% 29% 81% 100% 66% 84% 67% 80% McNeil capacity factor per budget 0% 63% 79% 72% 51% 37% 1.5% 27% 77% 88% 45% 42.3% 52.4% 62.4% Winooski One generation (MWH) per budget 434 35 0 471 1,442 2,805 2,974 2,573 854 1,083 29,498 36,318 25,350 24,752 21,194 Winooski One availability factor 100% 8% 1% 0% 40% 60% 70% 70% 70% 90% 90% 98% 97.2% 98.3% 97% Winooski One capacity factor per budget 8% 25% 0% 48% 27% 56% 56% 47% 17% 20% 48% 56% 41.7% 37% Gas Turbine generation (MWH) NA 41 181 33.6 97.9 171.7 22.0 17.7 19.0 18.1 6.9 484 475 356 373 441 Gas Turbine availability factor 100% 90% 87% 99% 99% 86% 89% 100% 100% 100% 97% 98% 46.7% 54.5% 96% Gas Turbine capacity factor NA 0.3% 4% 0.2% 0.6% 1.2% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.2% 0.2% 0.21% BTV solar PV production (mWh) 429 565 646 658 632 466 503 410 117 215 5,020 4,681 5,260 5,015 5,182 Cost of power supply - gross ($000) $3,481 $3,349 $3,574 $3,073 $2,760 $4,328 $3,346 $2,968 $2,629 $34,858 $30,002 $36,755 $30,285 $31,081 Cost of power supply - net ($000) $906 $3,349 $3,574 $3,073 $1,829 $1,559 $3,346 $2,968 $2,629 $27,984 $22,710 $27,487 $22,134 $23,388 Average cost of power supply - gross $/KWH $0.13 $0.11 $0.11 $0.11 $0.11 $0.18 $0.13 $0.11 $0.09 $0.11 $0.09 $0.11 $0.09 $0.10 Average cost of power supply - net $/KWH $0.03 $0.11 $0.11 $0.11 $0.07 $0.06 $0.13 $0.11 $0.09 $0.08 $0.07 $0.08 $0.07 $0.08  FY 2026 Financial Review September November 5, 2025  Burlington Electric Department Financial Review FY 2026 Table of Contents: ● Financial Highlights 1-2 ● Revenues and Expenses o KWH Sales – Total 3 o Cooling/Heating Degree Days 4 o KWH Sales – Residential & Commercial 5 o Net Power Supply Costs 6-11 o Operating & Maintenance Expense 12 o Labor Overhead 13 o Net Income 14 ● Capital Spending 15 - 18 ● Cash 19  FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of September FY26 Year-to-Date Results: • Sales to Customers up $453,500 (2.87%). Residential Sales up $157,100 and Non-Residential Sales up $296,400. • Other Revenues down $305,000 (29%) a. DSM billable (customer driven). • Power Supply Revenues down $425,000 due to lower McNeil production in CY 2025. a. McNeil REC revenue of $1,312,000 compared to a budget of $1,786,000. b. Wind REC revenue of $1,138,000 compared to a budget of $1,101,000. c. Hydro REC revenue of $124,000 compared to a budget of $113,000. • Power Supply Expenses (Net) down $192,000 (1.8%) a. Fuel up $179,000 (6%). b. Purchased Power down $626,000 (13%). c. Transmission up $256,000 (9%). • Operating Expenses down $334,000 (5%) a. Timing: various items were less than budget including outside services ($374,500), materials & supplies ($109,000), and RPS Compliance ($95,900); offset by items higher than budget including A&G clearing, $99,800; labor, $68,400; maintenance contracts, $58,200; and rentals/leases, $56,600. • Taxes down $44,200, (7%) a. Actual Payment in Lieu of Tax (PILOT) is $162,300 lower than budget assumption for the year. b. Actual Winooski One Property Tax is $29,700 lower than budget assumption for the year. • Other Income & Deductions up $234,000 (18%) a. Timing; favorable gain/loss on disposition of plant, $162,000. b. Interest/investment income up $91,000. c. Timing; favorable customer contribution /grant proceeds $73,000. d. Offset by timing of jobbing ($126,500). 1  FINANCIAL HIGHLIGHTS – BUDGET VS ACTUAL as of September FY26 Capital Spending – September YTD ($000s) Plant Type Full Yr. Budget Budget Actual % Spent Production $4,481 $1,474 $237 5% Other 868 220 50 5% Transmission 222 222 230 103% Distribution 6,419 1,528 752 12% General 3,228 1,304 188 6% Total $15,218 $4,748 $1,447 10% (1) Production – Timing; projects at W1 are under budget including FERC Relicensing ($324,900) and embankment repair ($403,600). Also, budget assumed $50,000 for replacement rail cars in July vs $0. (2) Distribution – Transformers under budget due to availability ($495,400); timing of Deforest Rd ($328,600) and ADMS ($177,600) projects. (3) General – Timing; budget includes IT Forward projects of $475,600 vs actual of $163,500. Also, timing of electric forklift ($137,700). As of September 30, 2025 Operating Cash and Investments Operating Funds $9,338,480 Operating Funds – CDs $986,400 CD/Money Market - GOB $4,873,840 Total Operating Cash $15,198,720 Credit Rating Factors – September 2025 3 Year "A" "Baa" Current Average Debt Service Coverage Ratio 1.25 1.25 4.57 4.28 Adjusted Debt Service Coverage Ratio 1.50 1.10 1.16 1.25 Cash Coverage - Days Cash on Hand 90 30 - With $10M Line of Credit 159 135 - Without Line of Credit 81 2  Burlington Electric Department Fiscal Year Ending June 30, 2026 Total Sales to Customers - KWH Monthly 35,000 30,000 KWH (000) 25,000 20,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 32,855 30,319 26,899 25,256 24,532 27,238 28,518 25,711 26,620 24,405 24,403 25,950 Actual 32,740 29,621 25,937 KWH Sales to Customers (YTD) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 32,855 63,173 90,073 115,329 139,861 167,098 195,617 221,328 247,949 272,354 296,757 322,708 Actual 32,740 62,361 88,298 3  FY 2026 Cooling Degree Days (CDD) 350 300 250 200 150 100 50 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget CDD 278 222 86 8 1 0 0 0 0 2 53 138 Actual CDD 306 190 39 Heating Degree Days (HDD) 1,400 1,200 1,000 800 600 400 200 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget HDD 2 7 96 384 769 1,066 1,307 1,152 968 571 213 44 Actual HDD 1 19 59 Average Monthly Temperature Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 74 72 65 53 39 30 23 24 34 46 60 68 Actual 75 70 64 CDD/HDD definition per National Weather Service : Degree days are based on the assumption that when the outside temperature is 65°F, we don't need heating or cooling to be comfortable. Degree days are the difference between the daily temperature mean (high temperature plus low temperature divided by two) and 65°F. If the temperature mean is above 65°F, we subtract 65 from the mean and the result is Cooling Degree Days. If the temperature mean is below 65°F, we subtract the mean from 65 and the result is Heating Degree Days. 4  Burlington Electric Department Fiscal Year Ending June 30, 2026 KWH Sales Residential Customers 10,000 9,000 KWH (000) 8,000 7,000 6,000 5,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 9,514 8,313 6,733 6,475 6,932 8,616 9,028 7,941 7,858 6,569 5,990 6,737 Actual 9,524 8,228 6,431 Commercial & Industrial Customers 25,000 22,500 20,000 KWH (000) 17,500 15,000 12,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 23,340 22,006 20,166 18,780 17,601 18,622 19,490 17,770 18,762 17,837 18,413 19,213 Actual 23,216 21,392 19,506 Street Lighting is included with Commercial & Industrial Customers. 5  Net Power Supply Costs September - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance Expenses: Fuel (p. 7) $608 $964 ($355) (1) $2,821 $3,000 ($179) (1) Purchased Power (p.11) 1,863 1,449 413 (2) 4,768 4,142 626 (2) Purchased Power Adjustment (p 11) 43 43 (0) 130 130 (0) Transmission Fees - ISO-NE 898 951 (54) (3) 2,586 2,779 (192) (3) Transmission Fees - VELCO 117 38 79 (4) 82 189 (106) (4) Transmission Fees - Other 73 35 38 (5) 206 163 42 (5) Total Expenses 3,602 3,481 121 10,594 10,403 190 Revenues: Renewable Energy Certificates - McNeil 0 1,312 1,312 (6) 1,786 1,312 (474) Renewable Energy Certificates - Wind 0 1,138 1,138 (6) 1,101 1,138 36 Renewable Energy Certificates - Hydro 0 124 124 (6) 113 124 11 Renewable Energy Certificates - Other 0 0 0 0 0 0 Total Revenues 0 2,575 2,575 (6) 3,000 2,575 (426) (6) Net Power Supply Costs $3,602 $906 $2,695 $7,593 $7,829 ($235) Load (MWh) 26,896 26,734 (162) 92,501 90,872 (1,629) $/MWh $133.90 $33.90 ($100.01) $82.09 $86.15 $4.06 Current Month: (1) See detail on page 7. (2) See detail on page 11. (3) ISO-NE Peak Load over Budget. (4) VELCO Common charges under Budget. (5) NYPA Transmission under Budget. (6) Timing of REC deliveries. YTD: (1) See detail on page 7. (2) See detail on page 11. (3) ISO-NE Peak Load over Budget. (4) VELCO Common charges over Budget. (5) NYPA Transmission under Budget. (6) REC sales under budget due to lower McNeil production in CY25. 6  Net Power Supply Costs September - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance FUEL: McNeil 594 809 (215) (1) 2,714 2,793 (79) (1) Gas Turbine 14 155 (141) (2) 107 207 (100) (2) Total Fuel 608 964 (355) 2,821 3,000 (179) Current Month: (1) McNeil production 89% over Budget. Wood Price Per Ton 6% under Budget. (p. 8) (2) GT production (182 MWh) 440% over Budget. Includes R99 testing. YTD: (1) McNeil production 11% over Budget. Wood Price Per Ton 5% under Budget. (p. 8) (2) GT production (313 MWh) 129% over Budget. Budget includes $50,000 in July for R99 testing. 7  Burlington Electric Department McNeil Plant - MWH Production (50%) FY 2026 25,000 20,000 15,000 10,000 5,000 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 15,353 13,749 6,000 6,573 11,538 16,538 17,347 15,544 12,227 4,199 3,875 8,431 Actual 13,005 14,717 11,344 Maximum 18,600 18,600 18,000 18,600 18,000 18,600 18,600 16,800 18,600 18,000 18,600 18,000 8  Burlington Electric Department Winooski One - MWH Production FY 2026 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 (1,000) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 2,650 1,246 832 1,541 1,942 3,216 2,531 1,587 2,032 4,503 3,575 3,643 Actual 468 (13) 23 Maximum 5,506 5,506 5,328 5,506 5,328 5,506 5,506 4,973 5,506 5,328 5,506 5,328 9  Burlington Electric Depatment Fiscal Year 2026 Woodchips Price Per Ton Monthly Variance 30% 25% 20% 15% 10% 5% $/Ton 0% -5% -10% -15% -20% -25% -30% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Actual -5% -5% -6% Woodchips Price Per Ton Year-to-Date Variance 30% 25% 20% 15% 10% 5% $/Ton 0% -5% -10% -15% -20% -25% -30% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Actual -5% -5% -5% * Wood only. Does not include other costs. 10  Net Power Supply Costs September - FY 2026 ($000) Current Month Year-to-Date Budget Actual Variance Budget Actual Variance PURCHASED POWER: Non-Energy (capacity) 95 69 26 286 64 221 (1) Energy: Georgia Mountain Wind 255 169 86 (1) 686 548 138 (2) Hancock Wind 178 128 51 (2) 439 379 60 (3) VT Wind 149 102 46 (3) 389 295 94 (4) Brookfield 0 200 (200) (4) 0 200 (200) (5) Hydro Quebec 290 290 0 890 890 (0) In City Solar Generators 80 97 (17) (5) 295 313 (18) (6) NYPA 6 7 (2) 18 19 (1) ISO Exchange 361 26 335 (6) 860 990 (130) (7) ISO Exchange Adjustment 43 43 (0) (**) 130 130 (0) (**) FirstLight 117 2 115 (7) 417 124 293 (8) Velco Exchange 0 (0) 0 0 (1) 1 Total Energy 1,480 1,066 414 4,124 3,889 235 Ancillary Charges 11 (8) 18 (8) 35 (200) 235 (9) VT RES Tier 1 Compliance Expense 262 287 (26) 262 287 (26) Renewable Energy Credit Purchase 0 0 0 0 0 0 Miscellaneous-Other 58 78 (20) 192 232 (40) Total Purchased Power Expense 1,906 1,493 413 4,898 4,272 626 Special Note (**) Adjustment to reduce expense and create regulatory asset by amount of ISO Exchange excess winter energy revenue shortfall ($4,162,233) and record one-eighth ($520,279) as amortization in FY24. Current Month: (1) Production 34% under Budget. (2) Production 28% under Budget. (3) Production 31% under Budget. (4) Short-Term purchase not in Budget. (5) Production over Budget. (6) Production (McNeil (89%) and Brookfield) over Budget. (7) Production 98% under Budget. (8) Reserve revenues over Budget. YTD: (1) Includes credit from Pay for Performance event. (2) Production 20% under Budget. (3) Production 14% under Budget. (4) Production 24% under Budget. (5) Short-Term purchase not in Budget. (6) Production over Budget. (7) Production (Winooski One (90%), FirstLight (70%), and Wind (19%)) under Budget. (8) Production 70% under Budget. (9) Reserve revenues over Budget. 11 Burlington Electric Department Operating and Maintenance Expense by Spending Category FY 2026 - September YTD % Budget Actual Variance Variance * Labor-Regular 2,303,341 2,362,240 (58,899) 3% a Labor-Overtime 118,775 140,068 (21,293) 18% b Labor-Temporary 19,500 7,691 11,809 61% c Labor-Overhead 997,417 992,088 5,329 1% d Outside Services 953,868 579,417 374,451 39% e DSM (rebates & outside services) 514,167 456,699 57,468 11% f Materials & Supplies 313,843 204,805 109,038 35% g Insurance 196,775 192,502 4,273 2% A & G Clearing (310,949) (132,779) (178,170) 57% h Other - RES Tier 3 Compliance 275,218 179,288 95,930 35% Other 730,684 795,686 (65,002) 9% i Operating & Maintenance Expense 6,112,639 5,777,705 334,934 5% (a) Labor is impacted by the amount of capital (vs. expense) work. (b) McNeil Plant s higher than planned, $27,100. (b) Temporary help at McNeil Plant. (d) See page 13. (e) Timing; budget assumed GT R99 Testing in July, $171,000. Other Equipment Maintenance & Technical items at GT and Winooski One is under budget ($179,800) (f) Projects are driven almost entirely by customer decisions. The budget is based on information on specific projects or seasonal variations; otherwise the amount is spread evenly across the year. (g) Timing of various areas. (h) The credit for A&G ("Admin and General Expenses") charged to Capital projects was less than planned. Hh (i) Various areas are higher than budget including Maintenance Contracts, $58,200, Rentals & Leases, $56,600 and Uncollectible Accounts, $50,800; offset by areas lower than budget including Transportation Clearing ($62,800), Utilities $16,000 and Education & Training ($12,000). 12  Burlington Electric Department Budget vs Actual Spending Analysis FY 2026 - September YTD (000's) Labor - Overhead Budget Actual Variance % Pension $462 $445 $17 4% (a) Medical Insurance 609 571 38 6% (b) Social Security Taxes 281 264 16 6% (c) Workers Compensation Ins. 110 104 6 6% (b) Dental Insurance 24 23 1 6% (b) Life Insurance 5 4 1 17% (b) Childcare Contribution Tax 16 14 2 14% (d) $1,507 $1,426 $81 5% Rates Table: Budget Pension (a) 12.58% Social Security (c) 7.65% Childcare Payroll Tax 0.44% (a) Function of labor cost. Includes pension per City, $1,760,100 and amortization of IBEW Pension back payment, $87,041. (b) Budget provided by the City during budget development. (d) New tax as of July 1, 2024 is 0.44% of wages. 13  Net Income FY 2026 - September ($000) Current Month Year - To - Date Ref Budget Actual Variance Budget Actual Variance Operating Revenues Sales to Customers p.3 5,047 5,123 75 15,802 16,256 453 Other Revenues 343 296 (47) (a) 1,039 734 (305) (a) Power Supply Revenues p.6 0 2,575 2,575 3,000 2,575 (425) Total Operating Revenues 5,390 7,994 2,604 19,842 19,565 (277) Operating Expenses Fuel p.6 608 964 (356) 2,821 3,000 (179) Purchased Power p.6 1,906 1,492 414 4,898 4,272 626 Transmission p.6 1,087 1,024 63 2,875 3,131 (256) Operating and Maintenance p.12 1,967 1,881 86 6,112 5,778 334 Depreciation & Amortization 495 525 (30) 1,486 1,561 (75) Revenue Taxes 54 69 (15) 183 185 (2) Property Taxes Winooski One 27 25 2 (b) 82 75 7 (b) Payment In Lieu of Taxes 221 212 10 (c) 664 628 36 (c) Total Operating Expenses 6,366 6,191 174 19,121 18,630 491 Other Income and Deductions Interest/Investment Income 32 47 14 105 196 91 Dividends 373 371 (2) 1,118 1,116 (2) Customer Contributions/Grant Proceeds 70 61 (8) (d) 226 299 73 (d) Gain/(Loss) on Disp of Plant 0 2 2 (160) 2 162 Other 8 62 55 (e) 16 (74) (90) (e) Total Other Income & Deductions 482 543 61 1,305 1,539 234 Interest Expense 259 251 8 777 779 (2) Net Income (753) 2,094 2,847 1,249 1,695 447 Current Month: (a) Energy Efficiency Program cost reimbursement was lower than planned, $40,000. (b) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year. (c) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year. (d) Budget includes customer contributions for Champlain Pkwy ($34,000). Also, grant income for "Building Giants" (Federal 50% share) ($23,400) and Distributed Energy Resources Management ($3,500). Actual includes customer contribution for OH & UG billable ($17,000) and various grant income. (f) Received Clean Energy Tax Credit $71,200. Year - To - Date: (a) Energy Efficiency Program cost reimbursement was lower than planned, $288,300. (b) Actual Winooski One tax bill is lower than budget assumption by $29,700 for the year. (c) Actual Payment in Lieu of Tax (PILOT) is lower than budget assumption by $162,300 for the year. (d) Budget includes customer contributions for Champlain Pkwy ($136,1100). Also, grant income for "Building Giants" (Federal 50% share) ($70,300) and Distributed Energy Resources Management ($5,000). Actual includes customer contribution for Champlain Parkway ($69,000), OH & UG billable ($110,600) and various grant income. (f) Timing of jobbing unfavorable, ($126,500) and unrealized loss on investment ($26,900). 14  Burlington Electric Department Capital Projects - FY26 $000 Full Year September Budget Budget Actual Variance McNeil (BED 50% Share) Analyzer Upgrades for Chemical Treatment 9 0 0 0 Ash Silo Pug Mill/Auger Upgrade (312) 13 0 Augers Replaced 30 0 Catalyst Replacement for Nox System (312) 150 3 (3) CEMS Server Upgrade (312) 15 13 (13) Cooling Tower Timber Replacement 84 42 0 41 Demineralization Resin 20 0 Disk Screen 15 15 15 ESP Mechanical Field Rebuild 300 0 Farmhouse Improvements (311) 11 0 Freight Elevator Geared Equipment and Controls (311) 180 0 (0) IT Forward - FIS Replacement (McNeil) 37 0 IT Forward - Work & Asset Management (McNeil) 22 0 Live Bottom Rebuild 139 3 2 1 McNeil Relay Engineering Study (315) 134 40 1 39 Network Infrastructure - McNeil Switches 7 7 7 Opacity Replacement (312) 20 0 Portable Radio Upgrade 0 0 0 (0) Reclaimer Rebuild 0 0 12 (12) (a) Replacement Rail Cars (312) 50 50 50 Routine Station Improvements 1 188 75 2 73 Safety Valve Replacements (312) 25 6 6 Shredder Upgrade (312) 100 0 Station Tools & Tool Boxes (312) 8 2 2 0 Transportation Equipment 0 0 2 (2) Well New (311) 185 0 (0) Woodchip Dryer (1 of 3) (312) 626 26 (26) Other 17 7 3 3 (b) Total McNeil Plant 2,383 247 67 180 (a) Prior year project. (b) Budget includes appliances, energy efficiency upgrades, furniture, perimeter fence, replacement scale at Swanton, rigging equipment and switchgear & station upgrades. Hydro Production 1,926 1,190 143 1,047 (a) (a) Timing; FERC Relicensing, $238,000 and Embankment Repair & Dam Plate Torque, $403,600. Gas Turbine 175 37 27 10 (a) (a) Budget assumes Rigging Equipment & Station Improvements. Actual includes prior year GT Roof Replacement, $2,800 and GT Server Upgrade, $22,800.  Burlington Electric Department Capital Projects - FY26 $000 Full Year September Budget Budget Actual Variance Other P&P R&D 26 8 0 8 Direct Current Fast Chargers (Level 3) 159 0 2 (2) EV Charger Installations (Level 2) 264 26 2 24 Distributed Energy Resources 34 10 0 10 EV Chargers/Staging Plan 0 0 36 (36) (a) Distributed Energy Resources Management System 244 35 0 35 585 Fleet EV Chargers 115 115 0 115 585 Fleet EV Charging Design Study 25 25 0 25 Total Other 868 220 40 180 (a) Prior year project #C20255. Transmission Plant VT Transco Investment 222 222 230 (8) Total Transmission Plant 222 222 230 (8) Distribution Plant-General Aerial Deforest Road Rebuild 493 345 17 329 Dunder Road Rebuild 0 22 (22) (a) NZE Transfer Load Between 1L1 to L14 210 0 Rebuild 1L4 from Poles P838 to P2795 173 0 (0) Rebuild Howard Street Pole P655 to P836 41 0 (0) Rebuild Plattsburgh Ave Poles P3762 to P3752 40 18 (18) Rebuild St Paul Street Pole P1004 to P1011 27 14 2 12 Rebuild Wells Street Pole P191 to P183 25 2 (2) Replace Condemned Poles 210 42 24 18 South Cove Rd East Rebuild 81 (81) (a) South Cove Road West Rebuild 95 (95) (a) Total Aerial 1,220 401 261 140 (a) Prior year project. Underground Battery Street Replacement 2 (2) Replace UG to UVM Aiken Center 18 18 18 Given Transfer Switch 6 Replace 2L3 from UH303 to 929S 698 7 (7) Rebuild UG St. Paul Street (Bank St to Cherry St) 358 1 (1) Total Underground 1,073 18 16 8 15  Burlington Electric Department Capital Projects - FY26 $000 Full Year September Budget Budget Actual Variance Customer Driven/City Projects Champlain Parkway-Billable 400 160 99 61 Champlain Parkway (CAFC) (340) (136) (69) (67) Great Street-Main Street 621 0 46 (46) Great Street-Main Street (CAFC) (557) 0 Winooski Bridge Rebuild 34 0 Winooski Bridge Rebuild (CAFC) (34) 0 City Place Streetlighting 195 0 City Place Streetlighting (CAFC) (104) 0 Total Customer Driven/City 215 24 75 (52) Other Communication Equipment Emergency Repair 16 0 Distribution Transformers-Purchase 1,445 578 83 495 Distribution Transformers-Install 11 2 10 (8) Fiber Optical Time Domain Reflectometer Unit (OTDR) 12 12 12 Lake Street Battery Bank Replacement 41 0 Replace Failed 920S/921S/922S Switch 63 0 SCADA ADMS Upgrade (Phases 3/4) 1,204 361 184 178 SCADA Field Equipment Replacement 64 0 SCADA Servers PC's and Monitors 15 (15) Upgrade ArcFM to GIS Pro 318 0 USAmp Upgrade 7 7 7 Other 14 (14) Total Other 3,181 961 305 656 Total Distribution Plant-General 5,689 1,404 657 753 Distribution Plant - Blanket Aerial 174 11 62 (50) Aerial (CAFC) (70) (5) (17) 12 Underground 332 60 115 (55) Underground (CAFC) (143) (10) (94) 84 Meters 133 43 7 36 Lighting 217 16 14 3 Tools & Equipment - Distribution/Technicians 40 8 8 (0) Replace Failed SCADA Field Equipment 12 0 (0) Substation Maintenance 18 0 Substation Camera Replacement 15 0 Total Distribution Plant - Blanket 729 124 95 29 Total Distribution Plant 6,419 1,528 752 782 16  Burlington Electric Department Capital Projects - FY26 $000 Full Year September Budget Budget Actual Variance General Plant Computer Equipment/Software 2,724 800 172 628 (a) Vehicle Replacement 309 309 1 308 Buildings & Grounds 179 179 15 164 (b) Gas Detectors 6 6 6 AED Purchase 11 11 11 Total General Plant 3,228 1,304 188 1,116 (a) Budget includes IT Forward, $166,650 vs actual of $32,670. Other various projects include Internet Firewall. (b) Budget includes Meter Shop renovation (HVAC) $35,000. Actual includes new SCADA Room, $9,200 from prior year. Sub-Total Plant $15,220 $4,747 $1,448 $3,306 Add: CAFC* reclass to "Other Income" 1,247 106 163 (56) Total Plant $16,467 $4,854 $1,610 $3,243 * Customer Advances (Contributions) for Construction. 17  Operating Cash - FY 2026 Monthly Ending Balance 16,000 14,000 12,000 10,000 $000 8,000 6,000 4,000 2,000 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget 11,796 12,786 13,998 13,397 12,763 12,585 13,665 14,922 13,431 12,560 14,123 13,221 Actual 11,713 12,126 15,199 18 Burlington Electric Department – Internal Controls The Committee of Sponsoring Organizations of the Treadway Commission created the COSO Framework, which is a set of guidelines for organizations to follow to assist in the design, implementation, and evaluation of internal controls. These guidelines help improve risk management, corporate governance, and financial reporting integrity. The Framework includes five components for organizations to focus their internal control development on: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring. The implementation of e ective internal controls is essential to assisting in minimizing errors, fraud, and mismanagement of resources. These controls allow BED to timely address any potential threats to business continuity or misuse of assets. As a result of the improved financial reporting that is supported by e ective internal controls, management receives accurate information timely to make informed decisions. Control Environment The Control Environment component focuses on creating an environment that sets the tone at the top, defines the organization's culture, sets ethical standards and structures that promote accountability and risk awareness. The following BED e orts contribute to this component:  Strategic direction – updated by management and approved by Commission annually  City Personnel Policy and IBEW contract, including provisions for progressive discipline  Job descriptions for all positions  Organizational chart that identifies formal reporting lines  Policies – capitalization, credit card, grant management, purchasing, travel, etc.  Procedures – A&G calc, vehicle rate calc, cash receipts, various process memos (expenses and disbursements, financial reporting, inventory, investments, journal entries, debt, payroll, revenue billing, utility plant, etc.), detailed list of tasks for each finance position  Maintenance of appropriate licenses, such as CPA license  Internal and external training, weekly management and leadership team meetings, frequent all-employee meetings, monthly lunch and learn meetings, weekly finance team meetings, weekly one-on-one meetings with supervisors Risk Assessment The Risk Assessment component focuses on developing a process for identifying and analyzing potential risks that could prevent the organization from achieving its objectives. The following BED e orts contribute to this component:  Annual budgeting process  Annual five-year forecasting process  Controller, CFO, and Financial Analyst review monthly budget-to-actual results and forecasted fiscal year end results with management  Ongoing process improvement mentality  Annual APPA training for finance team that includes industry best practices, upcoming accounting standard changes, etc.  Integrated Resource Plan  Demand Response Plan for Energy E iciency Utility activities Control Activities The Control Activities component focuses on the policies and procedures in place to ensure that management's directives to mitigate identified risks are carried out properly and e ectively. The following BED e orts contribute to this component:  Annual budgeting process  Segregation of duties  Policies – capitalization, credit card, grant management, purchasing, travel, etc.  Procedures – A&G calc, vehicle rate calc, cash receipts, various process memos (expenses and disbursements, financial reporting, inventory, investments, journal entries, debt, payroll, revenue billing, utility plant, etc.), detailed list of tasks for each finance position  Approvals – purchase requisitions require multiple approval levels based on department and dollar amount, and each receives an Accountant review; invoices approved by initiating employee; external filings approved by controller, such as taxes; time sheets approved weekly/biweekly  Finance reviews – Accountants review weekly invoices; Controller reviews weekly vouchers paid; Controller reviews monthly closing journal entries and any unusual adjustments; Controller, CFO, and Financial Analyst reviews monthly budget-to-actual results and forecasted fiscal year end expectations with management  Access to Central Square GMBA financial module is limited to only finance users Information and Communication The Information and Communication component ensures that relevant information flows throughout the organization timely and accurately to enable employees to fulfill their control responsibilities and for management to make informed decisions. The following BED e orts contribute to this component.  Financial Analyst distributes financial statements with budget-to-actual results to all directors, managers, and accountants monthly  Financial Analyst distributes area operating and capital budget vs. actual reports to all directors and managers monthly  Monthly financial statements are saved on the S drive, which all employees can access  CFO reviews and discusses monthly budget-to-actual results with Commission  Controller, CFO, and Financial Analyst review monthly budget-to-actual results and forecasted fiscal year end expectations with management  Controller and CFO present internal controls and audited financial statements to Commission annually  Job descriptions for all positions are saved on the S drive, which all employees can access  All employees receive an annual or semi-annual performance review  Weekly management and leadership team meetings, frequent all-employee meetings, monthly lunch and learn meetings, weekly finance team meetings, weekly one-on-one meetings with supervisors Monitoring The Monitoring component focuses on ongoing or separate evaluations to assess the presence and e ectiveness of the other four components over time. The following BED e orts contribute to this component.  Ongoing review of new accounting standards by Accountants  Procedure documentation is updated at least annually in preparation for the audit  Ongoing discussions of processes, changes, updates, etc.  Annual financial statement audit by external auditors  Controller, CFO and Financial Analyst reviews monthly budget-to-actual results and forecasted fiscal year end expectations with management, including actual and expected performance metrics  Fiscal Year 2025 Financial Internal Controls  COSO Framework Purpose: to design, implement, and evaluate internal controls that assist in minimizing errors, fraud, and mismanagement of resources. Five components: 1. Control Environment 2. Risk Assessment 3. Control Activities 4. Information and Communication 5. Monitoring  Fraud Triangle *Disclaimer: not my image  Control Environment Tone at the top, defining the organization’s culture. Sets ethical standards and structures to promote accountability and risk awareness. Control examples: • Strategic Direction • City Personnel Policy, IBEW contract • Job descriptions • Organizational chart • Written policies and procedures  Risk Assessment Developing processes for identifying and analyzing potential risks. Control examples: • Annual budgeting process • Monthly budget-to-actual results and forecasts • Process improvement mentality • Trainings on industry best practices • Integrated Resource Plan • Demand Response Plan for Energy Efficiency Utility  Control Activities Policies and procedures to ensure directives are carried out properly and effectively. Control examples: • Segregation of duties • Written policies and procedures • Approvals – purchase requisitions, invoices, timesheets, external filings • Finance reviews – invoices, payment vouchers, monthly closing entries • Monthly budget-to-actual results and forecasts • System access controls  Information and Communication Relevant information flows throughout the organization timely and accurately. Control examples: • Monthly budget-to-actual results and forecasts • Shared monthly financial statements • Annual audited financial statement presentation to Commission • Job descriptions • Employee performance reviews • Regular meetings at all levels of the organization  Monitoring Ongoing evaluations to assess presence and effectiveness of controls. Control examples: • Process and procedure documentation, updated at least annually • Ongoing review and training on new accounting standards • Annual financial statement audit • Monthly budget-to-actual results and forecasts Questions?  Fiscal Year 2025 Audited Financial Statements Statements of Net Position Statements of Revenue, Expenses, and Changes in Net Position Statement of Cash Flows  Statements of Net Position • Also commonly referred to as the balance sheet, and what is clear from that name is the most important part of this statement – it must balance! • Statement shows the Department’s assets, liabilities, and net position as of June 30, 2025 • Assets – items that we physically, or intangibly, own; items or funds that we are owed • Liability – amounts that we owe, broken down by current (<1 year) and long-term • Net Position – accumulated historical net incomes Two questions asked during last year’s presentation: • What do you do with the increase in net position, where does it go? Since you aren’t paying it out to stockholders. • Is it common for utilities to be so highly debt leveraged?  Statements of Net Position Net Position $68.4M Assets* $193.7M *And deferred outflows of resources  Statements of Net Position Net Position Liabilities** Assets* $68.4M $125.3M $193.7M *And deferred outflows of resources **And deferred inflows of resources  Statements of Net Position – Assets (pg 1) • Net capital assets: increased $5.4M • Distribution assets: increased $1.7M • McNeil plant (50%): increased $1.1M • Construction Work In Process: increased $4.7M • Winooski river dam replacement: $2.6M • ADMS replacement: $1M • Battery street underground replacement: $362K • FERC licensing: $342K • CIS implementation: $273K • Majority of these capital assets are funded by the 2022 Revenue Bond funds • Restricted investments: decreased $5.4M • Investment in associated companies (VELCO equity) increased $577K  Statements of Net Position – Assets (pg 1) • Regulatory assets – assets created as a rate-setting/cost recovery strategy • PUC-approved deviation from GAAP to spread expenses over multiple years in order to recover them in rates over that same period • Stabilizes costs and avoids sharp increases in rate pressure – recording an expense that relates to Years 1-4 fully in Year 1 would cause significant rate pressure for Year 2 if not treated as regulatory asset • Without the regulatory asset treatment, if Customer A is a customer in Year 2 but leaves in Year 3, they would have the full impact of the increased rate • Deferred outflows of resources – assets that have already been paid for but will be expensed or consumed in a future period • Actual expense is deferred to a future period  Statements of Net Position – Liabilities and Net Position (pg 2) • Debt related to bonds: decreased $3M • Issued one additional $3M General Obligation bond, with $434K premium • Paid off $6.2M worth of principal • Regulatory liabilities – liabilities created for amounts included in rates for future use • Collecting funds through rates to prepare for future costs • Deferred inflows of resources – net assets received that apply to a future reporting period • Assets received where the revenue recognition is deferred to a future period • Net position: increased $2.4M  Statements of Revenues, Expenses, and Changes in Net Position • Commonly referred to as the income statement • Statement shows what happened during the fiscal year – how much revenue the Department received, and what areas we incurred expenses in • Note: the net income here does not equal the change in cash • Example: revenue listed here is not the cash we received for revenue; there are open receivables (arrearages) that are considered revenues but have not yet been received in cash • Example: certain expenses are considered “non-cash” transactions; for example, depreciation expense – the cash was paid when the asset was purchased but the expense of the asset is occurring over the asset’s “useful life”  Statements of Revenues, Expenses, and Changes in Net Position • Income from operations: $654K • Operating expenses increased $3.1M, offset by increases in sales to customers of $3.2M • Total purchased power, other power supply, and transmission expenses increased $2.7M • Nonoperating income of $3.9M • Dividend income of $4.5M • Grant income of $1.7M includes $1.3M from FEMA for Winooski dam replacement • Interest and amortization on debt of $3.2M • Positive net income of $2.4M  Operating Revenues $67.8M $63.8M  Operating Expenses $66.9M $63.9M  Statements of Cash Flows • Tells the story behind the $899K increase in cash • Direct method – lists actual cash receipts and payments • Indirect method – starts with net income and adjusts for non-cash items • Connects the income statement and the cash flow from those activities • Under accrual basis of accounting, revenue and expense do not equal cash movements  Statements of Cash Flows • Cash flow from operations $7.9M • $67.5M received, $59.6M paid • Total paid for purchased power, other power supply, and transmission expenses increased $4M • Cash flow used in capital and financing $17.3M • Acquisition and construction of capital assets increased $3.2M • Cash flow from noncapital financing $157K • Grant income of $1.7M • Cash flow from investing $10.1M • Interest and dividends $5.2M • Investment in associated companies $577K Questions? MEMORANDUM TO: Board of Electric Commission (BEC), Burlington Board of Finance (BOF), Burlington City Council (BCC) FROM: Paul G. Alexander, Manager of Safety & Risk Management DATE: October 24th, 2025 SUBJECT: B.E.D.’s Property/Boiler and Machinery (B&M) 2025-2026 Insurance renewal RECOMMENDATION: That the Burlington Electric Commission, Finance Board and City Council authorize the Electric Department to renew our Property/Boiler and Machinery (B&M) Insurance with AIG/ZURICH/STARR TECH/AEGIS for the policy period 11/20/2025–11/20/2026 for a not to exceed premium of $718,024.29. DISCUSSION: Commercial Property/B&M insurance covers BED’s physical assets from perils such as fire, lighting, smoke, explosions, storms, burst pipes, theft and vandalism. It is designed to protect our tangible property; namely buildings, boilers, transformers and property inside and outside (furniture, computers, fences, office equipment, inventory, etc.) Our current Property/B&M Insurance coverage with AIG/Starr Tech/Zurich/AEGIS is scheduled to expire on 11/20/2025 for which we pay an annual premium of $709,238.00. Please note, that last year the BEC/BOF/CC approved this line item with a “not-to-exceed” premium amount of $715,989. We ultimately bound coverage for $709,238, a decrease in premium of $6,751. ❖ Our insurance agent (Hickok & Boardman: H&B “Acrisure”) has worked diligently with our existing 4 carriers and is still in negotiations with them to finalize “capacity” (the largest amount of insurance that a company or the market is able to write), Total Insurable Value (TIV)’s, deductibles and premium. ❖ The renewal premium is anticipated to increase from last year’s amount of $709,238 to a not-to- exceed $718,024 (which is 6.39% lower than our estimated renewal premium at 11/20/25 in the FY’26 budget of $767,041). Please note our insurance agent (H&B) has shared there is the possibility of achieving a lower renewal premium using deductible options and last-minute pricing negotiations (still to be finalized). ❖ Our Total Insurable Value (TIV) will be capped at $200,000,000 of property (same as last year) vs. our current fully scheduled TIV of $357,799,000. The McNeil Station’s TIV is listed at $263,607,000 with a ratable TIV of $238,429,200. H&B CONSIDERATIONS/OPTIONS/ACTION STEPS: ❖ Two years ago, as an alternative to the in-force property insurance program, BED and Acrisure reviewed the property captive options available to single cell captive and rent-a-captives. FM Global offers both a rent-a-captive, and guaranteed cost premium option. FM Global’s guaranteed cost premium indication at the time $975,285, which was higher than the expiring and current insurance program’s cost. Given this premium difference, it does not appear to be the best option for BED currently. ❖ To help offset the increase in TIV, H&B/Acrisure asked the current carriers to use a ratable TIV at McNeil of $238M, rather than $263M, which reduces the overall McNeil TIV increase to 3.44%. The lower TIV is acceptable to the carriers based on their own calculations of PML (probable maximum loss) at the location and reduces the premium cost to BED. ❖ In addition, to support BED’s efforts to get as close to possible from a budget perspective, and at BED’s management’s request, H&B/Acrisure will/has pursue/investigate the following: ❖ McNeil: • Deductible Changes: Options to increase the deductible from $2,000,000 to $3,000,000 or higher (up to $10,000,000) • Valuation Change • Lower Policy Limit at this location (100M or 150M) • BED’s self-insuring one of the quota-share layers ❖ Deductible changes at W1H and GT: Option to increase the deductible from $1,000,000 to $2,000,000 ❖ Consider the insurance for certain smaller valued assets, such as the EV charging stations, solar and railcars separately. Potentially, insure the items separately, at similar cost, with lower deductibles. ❖ H&B/Acrisure looked again at moving the Workers’ Compensation and Auto lines from Travelers to Liberty Mutual in July, but Liberty Mutual’s energy program pricing and terms/conditions were deemed not favorable at the time to BED to consider (higher auto deductibles, etc.) They continue to review these each year. ❖ Cyber liability: H&B/Acrisure examined the option of consolidating this year with the City on this line of coverage, but the governmental class of business has a higher minimum deductible than BED carries. ❖ H&B/Acrisure recommends that BED’s management team consider a property appraisal valuation of McNeil, given the impact this has on the cost of insurance. Typically, this costs between $10,000- $14,000 with a professional appraiser. They have found recently that appraisals for energy assets have been lower than the Handy Whitman Index. IMPACT ON BUDGET: Our FY’26 budgeted amount of $742,956 (produced in January 2025 and adopted in June 2025) was calculated using 5 months at the “current/known” premium amount ($709,238) and 7 months at the projected amount ($767,041). Note this projected renewal amount of $767,041 was derived by assuming an estimated 5% straight rate increase from H&B/Acrisure as well as an estimated 3% increase in our TIV’s.  ❖ Thus, using the “not to exceed” premium of $718,024 would amount to a 6.39% reduction in our estimated renewal within the FY’26 budget and a 1.24% increase over our expiring premium of $709,238. Again, please note in our insurance agent’s (H&B) cover letter, there is a possibility of a lower estimated renewal premium, which is still to be finalized. ❖ The “not to exceed” premium of $718,024 would amount to a 3.85% decrease in our total FY’26 budget for this line of business (from $742,956 to $714,363). MOTIONS: Board of Finance: “To approve and recommend that the City Council authorize the General Manager of the Burlington Electric Department or their designee, to execute the Property, Boiler & Machinery insurance coverage renewal contract with AIG/ZURICH/STARR TECH/AEGIS for the policy period 11/20/2025 through 11/20/2026 with a not to exceed premium of $718,024, as outlined in this memo, subject to review and approval of the City Attorney’s Office and the CAO”. City Council: “To authorize the General Manager of the Burlington Electric Department or their designee, to execute the Property, Boiler & Machinery insurance coverage renewal contract with AIG/ZURICH/STARR TECH/AEGIS for the policy period 11/20/2025 through 11/20/2026 with a not to exceed premium of $718,024, as outlined in this memo, subject to review and approval of the City Attorney’s Office and the Board of Finance”. Board of Electric Commissioners: “To authorize the General Manager of the Burlington Electric Department or their designee, to execute the Property, Boiler & Machinery insurance coverage renewal contract with AIG/ZURICH/STARR TECH/AEGIS for the policy period 11/20/2025 through 11/20/2026 with a not to exceed premium of $718,024, as outlined in this memo, subject to review and approval of the City Attorney’s office, the City’s CAO, Board of Finance and the City Council”. Respectfully submitted, Paul G. Alexander, CPCU, ARM-PE, CUSP Manager of Safety & Risk Management c: Darren Springer, General Manager  BURLINGTON ELECTRIC DEPARTMENT Property/B&M Insurance Policies Premium/TIV History 10/24/2025 POLICY PERIOD: (Excl. W1H) W1H TOTAL Broker/ From To Actual **** Annual Annual TIV *** (Excl. W1H) TIV W1H Price per Price per TOTAL TIV #: Carrier Agent mm dd yyyy mm dd yyyy Premium Premium % Chg (Excl W1H) Change (W1H) Change $100 TIV $100 TIV TIV % Chg 1 AIG/Starr Tech/Zurich/AEGIS (TBF) H&B 11 20 2025 11 20 2026 $718,024 $718,024 1.24% $327,653,000 4.31% $30,146,000 5.20% "n/a" "n/a" $357,799,000 4.38% 2 AIG/Starr Tech/Zurich/AEGIS H&B 11 20 2024 11 20 2025 $709,238 $709,238 4.33% $314,127,000 7.68% $28,657,000 5.06% "n/a" "n/a" $342,784,000 7.45% 3 AIG/Starr Tech/Zurich/AEGIS H&B 11 20 2023 11 20 2024 $679,815 $679,815 -0.48% $291,733,000 21.51% $27,276,000 17.20% "n/a" "n/a" $319,009,000 21.13% 4 AIG/Starr Tech/Zurich/AEGIS H&B 11 20 2022 11 20 2023 $683,117 $683,117 2.96% $240,093,000 -0.49% $23,273,000 0.99% "n/a" "n/a" $263,366,000 -0.36% 5 AIG/Starr Tech/Zurich/AEGIS H&B 11 20 2021 11 20 2022 $663,508 $663,508 2.95% $241,268,000 2.03% $23,044,000 3.79% "n/a" "n/a" $264,312,000 2.18% 6 AIG/Starr Tech/Zurich/AEGIS H&B 11 20 2020 11 20 2021 $644,506 $644,506 11.25% $236,462,000 -1.67% $22,203,000 2.83% "n/a" "n/a" $258,665,000 -1.30% 7 AIG/Starr Tech/Zurich/AEGIS H&B 11 20 2019 11 20 2020 $579,330 $579,330 153.25% $240,473,000 -2.83% $21,591,000 4.19% "n/a" "n/a" $262,064,000 -2.29% 8 NU/Chartis/AIG H&B 10 1 2018 10 (**) 1 2019 $228,762 $228,762 -5.94% $247,487,000 -5.95% $20,722,000 -8.17% $0.07962 $0.148761 $268,209,000 -6.13% 9 NU/Chartis/AIG H&B 10 1 2017 10 1 2018* $243,200 $243,200 -5.67% $263,146,000 -0.09% $22,565,000 0.69% $0.07962 $0.148761 $285,711,000 -0.03% 10 NU/Chartis/AIG H&B 10 1 2016 10 1 2017 $257,812 $257,812 -4.64% $263,396,000 0.70% $22,410,000 0.95% $0.08522 $0.148761 $285,806,000 0.72% 11 NU/Chartis/AIG H&B 10 1 2015 10 1 2016 $270,355 $270,355 8.42% $261,570,000 6.11% $22,198,774 36.73% $0.09003 $0.157 $283,768,774 8.01% (5) 12 NU/Chartis/AIG H&B 10 1 2014 10 1 2015 $249,354 $249,354 10.53% $246,501,000 -0.79% $16,235,108 n/a $0.09082 $0.157 $262,736,108 13 NU/Chartis/AIG H&B 10 1 2013 10 1 2014 $225,600 $225,600 11.68% $248,460,000 8.00% $0.0908 AVG 5 years 6.96% 14 NU/Chartis/AIG H&B 10 1 2012 10 1 2013 $202,000 $202,000 11.13% $230,060,000 3.55% $0.0878 AVG 3 years 10.99% (3) (4) 15 NU/Chartis H&B 9 25 2011 10 1 2012 $184,750 $181,762 2.69% $222,183,000 5.14% $0.082 (2) 16 NU/Chartis/AIG GRA 8 25 2010 9 25 2011 $191,750 $177,000 -6.8% $211,323,000 0.47% $0.084 (1) 17 NU/Chartis/AIG GRA 8 25 2009 8 25 2010 $190,000 $190,000 18.4% $210,339,000 18.66% $0.090 18 HS&B/AIG GRA 8 25 2008 8 25 2009 $160,420 $160,420 -8.3% $177,259,000 7.66% $0.091 19 HS&B/AIG GRA 8 25 2007 8 25 2008 $175,000 $175,000 -2.5% $164,645,000 7.05% $0.106 20 HS&B/AIG GRA 8 25 2006 8 25 2007 $179,500 $179,500 -13.3% $153,799,000 6.29% $0.117 21 Starr Tech/HS&B/AIG GRA 8 25 2005 8 25 2006 $207,000 $207,000 -8.0% $144,695,000 0.86% $0.143 22 Starr Tech/HS&B/AIG GRA 8 25 2004 8 25 2005 $225,000 $225,000 -4.3% $143,460,000 3.55% $0.157 23 Starr Tech/HS&B/AIG GRA 8 25 2003 8 25 2004 $235,000 $235,000 27.0% $138,539,000 n/a $0.170 24 Starr Tech/HS&B/AIG GRA 8 25 2002 8 25 2003 $185,000 $185,000 5.7% 25 FM Global GRA 8 25 2001 8 25 2002 $175,000 $175,000 146.1% 26 CIGNA/ACE USA GRA 8 25 1998 8 25 2001 $213,353 $71,118 -24.2% 27 CIGNA GRA 8 25 1995 8 25 1998 $281,291 $93,764 -6.9% 28 HS&B SS 1 20 1995 1 20 1996 $100,720 $100,720 10.4% 29 HS&B SS 1 20 1994 1 20 1995 $91,244 $91,244 n/a (1) Note: AIG sold HS&B to Munich Re in December, 2008 TIV was limited to $200,000,000 coverage on 8/25/09 (2) AIG renamed P/C business as "Chartis" on July 27, 2009 Policy period extended to 13 months at same rate (now expires on 9/25/11) (3) Policy period extended by 6 days to 10/1 (now expires on 10/1/12) (4) GRA=Global Risk Associates TIV back to full limits ($222,183,000 on 9/25/11) (5) SS=Starkweather & Shepley: NEPPA TIV "bid" limited at $246,501,000 but expected to be raised to full $262,736,108 (for Winooski One) H&B=Hickok & Boardman, Inc. Rate of $0.09082 is for all property except Hydro (W1) = $0.157 * AIG's quote comes with a rate-lock through the following policy period 10/1/18-19 Reflecting AIG's rate lock for 10/1/18-19 ** Policy expiration extended from 10/1/19 to 11/1/19 and then 11/20/19 *** TIV capped at $200M **** Not to exceed Premium eff 11/20/2025 of $718,024.29 BED's PROP Prem History 2025 11/3/2025  BED's Property- B&M Prem History $800,000 $700,000 $600,000 $500,000 Premium $400,000 $300,000 $200,000 $100,000 $0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Policy Year  ***MEMO*** Date: 10/24/2025 To: Paul Alexander, CPCU, ARM-PE Manager of Safety and Risk Management City of Burlington Electric Department 585 Pine Street Burlington, VT 05401 RE: Property Insurance Renewal effective 11/20/2025 (for policy period 11/20/2025-2026) Per our most recent conversation, I am sending this brief memo to summarize the state of the energy property insurance marketplace and its implications regarding Burlington Electric Department (BED) property insurance renewal effective 11/20/2025. Energy related asset replacement cost value adequacy is an emerging concern for the insurers given pandemic driven supply chain issues and global inflationary pressures. Certain energy destroyed assets have exceeded scheduled asset values by more than 60%. BED’s asset valuation this year aligns with this trend: total TIV reported to us by BED was $357M (compared to $342M last year), with McNeil’s assets increasing from $252M to $263M. BED utilizes the Handy Whitman index (the industry standard) to value its assets. Alternative Insurance Options: • Captive Model and FM Global: Two years ago, as an alternative to the in-force property insurance program, BED and Acrisure reviewed the property captive options available to single cell captive and rent-a- captives. FM Global offers both a rent-a-captive, and guaranteed cost premium option. FM Global’ s guaranteed cost premium indication at the time $975,285, which was higher than the expiring and current insurance program’s cost. Given this premium difference, it does not appear to be the best option for BED currently. BED’s FY’ 26 suggested budgeted property insurance renewal premium of $744,699 (5% above the current expiring policy rate) is a challenge to achieve with the reported TIV. Like last year, to offset the increase in TIV, we’ve asked the current carriers to use a ratable TIV at McNeil of 238M, rather than 263M, which reduces the overall TIV increase to 3.44%. The lower TIV is acceptable to the carriers based on their own calculations of PML (probable maximum loss) at the location and reduces the premium cost to BED. In addition, to support BED’s efforts to get as close to possible from a budget perspective, and at BED’s management’s request we will present the following: 1) McNeil: a. Deductible Changes: Options to increase the deductible from $2,000,000 to $3,000,000 or higher (up to $10,000,000) b. Valuation Change c. Lower Policy Limit at this location (100M or 150M) d. BED’s self-insuring one of the quota-share layers 2) Deductible changes at W1H and GT: Option to increase the deductible from $1,000,000 to $2,000,000 3) Consider the insurance for certain smaller valued assets, such as the EV charging stations, solar and railcars separately. Potentially, insure the items separately, at similar cost, with lower deductibles. Program Consolidation or Separation Options: 1. We looked again at moving the Workers’ Compensation and Auto lines from Travelers to Liberty Mutual in July, but Liberty Mutual’s energy program pricing and terms/conditions were deemed not favorable at the time to BED to consider (higher auto deductibles, etc.) We continue to review these each year. 2. Cyber liability: we have the option of consolidating this year with the City on this line of coverage, but the governmental class of business has a higher minimum deductible than BED carries. Recommendation: We recommend that BED’s management team consider a property appraisal valuation of McNeil, given the impact this has on the cost of insurance. Typically, this costs between $10,000-$14,000 with a professional appraiser. We have found recently that appraisals for energy assets have been lower than the Handy Whitman Index. In summary, we anticipate we can secure the property insurance renewal with policy limits terms and conditions to the current in-force program (see attached slide) at an estimated annual premium of a “not to exceed” premium of $718,024.29 Sincerely, Amy Merritt, CPCU, CRIS, MLIS, AU, AAI Senior Account Executive  City of Burlington Electric Property Quota Share Program Structure Current as of 10/23/2025 November 20, 2025 through November 20, 2026 Assets other than McNeil McNeil Total Values $91,688,200 $238,429,200 Policy Limit 89MM 200MM Carrier AEGIS Zurich Quota Share % 75% 35% Share $67,411,500 $70,000,000 Premium $131,275 $221,978 Rate 0.1947 0.266 Starr Tech Carrier 40% Quota Share % $80,000,000 Share $221,203.00 Premium 0.252 Rate Carrier AIG AIG Quota Share % 25% 25% Share $22,922,050 $50,000,000 Premium $39,091.30 $104,477.75 Rate 0.171 0.171 McNeil & Other Total Premium $170,365.88 $547,658.42 $718,024.29  Board of Finance and City Council Submission Checklist Version: April 2025 Department: BED Submitter: Darren Springer/Paul Alexander Title/Subject: BED’s Property/B&M Insurance Renewal effective 11-20-2025 Approval Requested: Meeting Date: ☒ Board of Finance 11/3/2025 ☒ City Council 11/17/2025 ☐ Both BOF and Council Click or tap to enter a date. 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Resolved by the City Council of the City of Burlington, as follows: 1 That WHEREAS, the death and destruction already wrought by global heating of approximately 1°C 2 demonstrates that the Earth is already too hot for safety and justice as attested by increased and intensifying 3 wildfires, floods, rising seas, diseases, droughts and extreme weather; and 4 WHEREAS, the climate crisis and the global economy's overshoot of ecological limits are driving the 5 sixth mass extinction of species, which could end much of life on Earth for the next 10 million years; and 6 WHEREAS, in April 2016 world leaders from 175 countries recognized the threat of the climate crisis 7 and the urgent need to combat it by signing the Paris Agreement, agreeing to keep heating "well below 2°C 8 above pre-industrial levels" and to "pursue efforts to limit the temperature increase to l .5°C;" and 9 WHEREAS, in November 2018, the United Nations' Intergovernmental Panel on Climate Change 10 released a comprehensive report stating that in order to avoid a catastrophic climate crisis, drastic reductions 11 in global greenhouse gas emissions would need to be achieved by 2030; and 12 WHEREAS, emissions in Vermont are up 16% from 1990 levels, failing to hit our State goal of a 25% 13 reduction in greenhouse gas emissions from 1990 levels by 2012, and putting Vermont on a trajectory to miss 14 future State goals and also the goals laid out in the Paris Climate Agreement; and 15 WHEREAS, the City of Burlington is committed to achieving net zero greenhouse gas emissions by a 16 vision of NetZero by 2030, which would "transition Burlington to a net zero energy city across electric, 17 thermal, and ground transportation sectors by managing demand, realizing efficiency gains, and expanding 18 local renewable generation, while increasing system resilience," and will soon have a comprehensive roadmap 19 detailing how to achieve such goals; and 20 WHEREAS, the City of Burlington has been seen as a leader in the transition to sustainable energy, 21 facilitating improvements toward regenerative electricity sources, and can continue to act as a global leader by 22 both converting to an ecologically, socially and economically regenerative economy at emergency speed and 23 by catalyzing a regional just transition and climate emergency mobilization effort this year; and 24 WHEREAS, in May 2019, The Guardian, a major global news publication, committed to using the 25 terms "climate emergency or climate crisis" rather than "climate change," and "global heating" rather than * * * * * * * * * * * * * ORIGINAL DISTRIBUTION: RESOLUTION RELATING TO I hereby certify that this resolution has been sent to the following department(s) on Adopted by the City Council 20 .................... . ......... Clerk Approved ........................................ , 20 .............. . Attest: Mayor Vol. .......... . Page .......................... . * * * * * * * * * * * * *  Page2 Resolution Relating to DECLARING A CLIMATE EMERGENCY AND INITIATING A JUST TRANSITION FOR CITY STAFF (REVISED) 26 "global warming" in order to more accurately describe the environmental crises facing the world, citing the 27 need to be scientifically precise, and Noticias Telemundo, the news division of the second largest Spanish- 28 language broadcasting company in the United States, pledged to do the same in June 2019; and 29 WHEREAS, the phrases 'climate change' and 'global warming' are passive compared to the 30 catastrophic impacts that are already occurring and will continue to intensify due to the increasing 31 concentration of greenhouse gases in the atmosphere, and the United Nations secretary general, Antonio 32 Guterres, has used the term "climate crisis" and said that "we face a direct existential threat;" and 33 WHEREAS, the United States of America has disproportionately contributed to the climate emergency 34 and has repeatedly obstructed global efforts to mitigate the climate crisis, and thus bears an extraordinary 35 responsibility to rapidly decarbonize and support global climate efforts going forward; and 36 WHEREAS, restoring a safe and stable climate requires a society-wide emergency mobilization on a 37 scale not seen since World War II to reach zero greenhouse gas emissions across all sectors at wartime speed, 38 to rapidly and safely drawdown or remove all the excess carbon from the atmosphere, and to implement 39 measures to protect all people and species from consequences of an abrupt climate crisis; and 40 WHEREAS, justice requires that frontline communities, which have historically borne the brunt of the 41 extractive fossil-fuel economy, can participate actively in the planning and implementation of this 42 mobilization effort at all levels of government and that they benefit first from the transition to a renewable 43 energy economy; and 44 WHEREAS, the term ''just transition" is a framework first forged by an alliance of labor unions and 45 environmental justice groups who saw the need to phase out the industries that were harming workers, 46 community health and the planet, while also providing just pathways for workers into new livelihoods; and 47 WHEREAS, just transition initiatives shift the economy from dirty energy to energy democracy, from 48 funding highways to expanding public transit, from incinerators and landfills to zero waste, from industrial 49 food systems to food sovereignty, from car-dependent sprawl and unbridled growth to smart urban 50 development without displacement, and from rampant, destructive over-development and over-consumption to 51 habitat and ecosystem restoration; and 52 WHEREAS, a just transition builds a regenerative local economy, promotes enforceable labor 53 standards through public investments, and establishes fair labor standards including quality jobs that ensure 54 family-sustaining livable wages and benefits, the right to form a union and engage in collective bargaining * * * * * * * * * * * * * ORIGINAL DISTRIBUTION: RESOLUTION RELATING TO I hereby certify that this resolution has been sent to the following department(s) on Adopted by the City Council 20 .................... . Clerk Approved ........................................ , 20 .............. . Attest: ................. Mayor Vol. ..... . Page ....... . * * * * * * * * * * * * *  Page3 Resolution Relating to DECLARING A CLIMATE EMERGENCY AND INITIATING A JUST TRANSITION FOR CITY STAFF (REVISED) 55 free of intimidation and reprisal, hiring opportunities for workers in disadvantaged communities, training and 56 careers; and 57 WHEREAS, over 650 local governments in 15 countries have declared a climate emergency and 58 committed to action to drive down emissions and injustice at emergency speed; 59 NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Burlington declares that 60 a climate emergency threatens our city, region, state, nation, civilization, humanity and the natural world; and 61 BE IT FURTHER RESOLVED that the City of Burlington commits to a citywide just transition and 62 climate emergency mobilization effort to mitigate the climate crisis, which gets Burlington to net zero 63 greenhouse gas emissions as quickly as possible and no later than 2030 on the timeline set forth in the Net 64 Zero Energy Roadmap, including increased efforts to safely draw down carbon from the atmosphere, and 65 accelerates adaptation and resilience strategies in preparation for intensifying climate impacts; and 66 BE IT FURTHER RESOLVED that the City of Burlington commits to educating our residents about 67 the climate emergency and working to catalyze a just transition and climate emergency mobilization effort at 68 the local, state, national, and global levels to provide maximum protection for our residents as well as all the 69 people and species of the world; and 70 BE IT FURTHER RESOLVED that the City of Burlington calls on the State of Vermont, the United 71 States of America, and all governments and peoples worldwide to initiate a just transition and climate 72 emergency mobilization effort to reverse global heating, by restoring near pre-industrial global average 73 greenhouse gas concentrations, that immediately halts the development of all new fossil fuel infrastructure, 74 rapidly phases out all fossil fuels and the technologies which rely upon them, ends greenhouse gas emissions 75 as quickly as possible, initiates an effort to safely draw down carbon from the atmosphere, takes essential 76 actions to end the sixth mass extinction, transitions to regenerative agriculture, creates and guarantees high- 77 quality, good-paying jobs with comprehensive benefits for those who would otherwise be negatively impacted 78 by this transition, and provides communities with appropriate financial and regulatory assistance to address 79 the climate crisis locally; and 80 BE IT FURTHER RESOLVED that the City of Burlington, in all formal communications, shall refer 81 to "climate change" as "climate crisis" or "climate emergency," and "global warming" as "global heating," 82 and recommends that the State of Vermont and the United States of America adopt said terms; and 83 BE IT FURTHER RESOLVED that the City of Burlington underscores the need for full community 84 engagement, participation, inclusion, and support, and recognizes that the residents of Burlington, and diverse * * * * * * * * * * * * * ORIGINAL DISTRIBUTION: RESOLUTION RELATING TO I hereby certify that this resolution has been sent to the following department(s) on Adopted by the City Council 20 ...... .. Clerk Approved ........................................ , 20 .............. . Attest: Mayor Vol. ..... . Page ....... . * * * * * * * * * * * * *  Page4 Resolution Relating to DECLARING A CLIMATE EMERGENCY AND INITIATING A JUST TRANSITION FOR CITY STAFF (REVISED) 85 community organizations including faith, youth, labor, business, academic institutions, environmental, 86 economic, racial, gender, family and disability justice and indigenous, immigrant and women's rights 87 organizations and other such allies will be integral to the leadership of the mobilization effort; and 88 BE IT FURTHER RESOLVED that the City of Burlington commits to keeping the concerns of 89 vulnerable communities central to all just transition and climate emergency mobilization efforts and planning 90 processes and to inviting and encouraging such communities to actively participate in order to advocate 91 directly for their needs; and 92 BE IT FURTHER RESOLVED that the City Council of Burlington requests a report on or before 93 December 18th, 2019 from the Chief Administrative Officer in consultation with the Chief Innovation Officer, 94 the Department of Human Resources and any other relevant departments regarding the financial impact of 95 compensating every municipal employee, meaning a person who is employed for any purpose by the City of 96 Burlington on a full-time, part-time, seasonal, or temporary basis a minimum wage of $15 an hour, $20 an 97 hour, and $25 an hour a livable wage and, given the City's commitment to equity, diversity and inclusion, any 98 other available information regarding the demographics of people currently exempted by the City's livable 99 wage ordinance, including but not limited to: age, ethnicity, sexual orientation, and gender. 100 101 lb/EBlackwood/Resolutions 2019/Declaring a Climate Emergency and Initiating a Just Transition for City Staff (REVISED) 102 9/24/19 amended; adopted LO 09/23/19  * * * * * * * * * * * * * ORIGINAL DISTRIBUTION: RESOLUTION RELATING TO I hereby certify that this resolution has been sent to the following department(s) on Declar:ing.. .A .. Cl.imat.e. ..Emerg.enqr..And .. In.i tiating A Just Transition For City Staff CAO Anderson CIO Lowe HR Director Paluba City Attorney's Office, Linda Blanchard Mayor's Office ··r,,,.· ................... I ······· ............................ Clerk } /~ c;,·- ( A pproved ................... • • ~ r- () ~ (Lo1\i Olberg Mayor \141ensing, Voting and Records Coordinator Vol. ............. ,. ......................~ •················ ......... . * * * * * * * * * * * * *