Water Commission

AGENDA OF THE WATER COMMISSION MONDAY, JUNE 23, 2025, 8:30 AM In person at the Green Bay Water Utility. 631 S Adams St Virtual attendance is also available via Zoom. A. Zoom Meeting Information. 1. Join Zoom Meeting Online: https://zoom.us/j/98284055918?pwd=eHBxaWkvN1J2a3N0RERUWkRsNjVkUT09 Or call in by phone: +1 312 626 6799 Meeting ID: 982 8405 5918 Passcode: 385002 If you wish to speak at this public meeting or leave a comment, please fill out the online Comment Form prior to the meeting. More detailed Zoom Instructions can be found online. B. Roll Call. 1. Roll call for the Water Commisson Meeting for Monday, June 23, 2025. C. Approval of the Agenda. 1. Approval of the Water Commisson Meeting Agenda for Monday, June 23, 2025. D. Approval of Minutes. 1. Approval of the Water Commission Meeting Minutes from May 12, 2025. E. Regular Business. 1. Approval of the 2024 Annual Comprehensive Financial Report; presentation by Baker Tilly. 2. Approval of Final Payment in the amount of $27,340.00 to Crafts, Inc. for contract "GBWU 7th Street and Bond Street Well Building Reroofing." 3. April and May 2025 Financial Reports. Agenda of the Water Commission June 23, 2025 Page 1 F. Informational. 1. General Manager Update. G. Adjournment. 1. Motion to adjourn the Water Commisson Meeting of Monday, June 23, 2025. 1) ACCESSIBILITY: Any person wishing to attend who requires special accommodation because of a disability, should contact the City Safety Manager at 920-448-3125 at least 48 hours before the scheduled meeting time so that arrangements can be made. 2) QUORUM: Please take notice that a majority or quorum of the Common Council may attend this Water Commission meeting and will constitute a meeting of the Common Council for purposes of discussion and information gathering relative to this agenda. 3) REPRESENTATION: The party requesting the communication, or their representative, should be present at this meeting. Agenda of the Water Commission June 23, 2025 Page 2  MINUTES OF THE WATER COMMISSION MONDAY, MAY 12, 2025, 8:30 AM In person at the Green Bay Water Utility. 631 S Adams St Virtual attendance is also available via Zoom. A. ZOOM MEETING INFORMATION. 1. Join Zoom Meeting Online: https://zoom.us/j/98284055918?pwd=eHBxaWkvN1J2a3N0RERUWkRsNjVkUT09 Or call in by phone: +1 312 626 6799 Meeting ID: 982 8405 5918 Passcode: 385002 If you wish to speak at this public meeting or leave a comment, please fill out the online Comment Form prior to the meeting. More detailed Zoom Instructions can be found online. B. ROLL CALL. 1. Roll call for the Water Commisson Meeting for Monday, May 12, 2025. On Monday, May 12, 2025, the Water Commission met in person and virtually via Zoom. President Heugel called the meeting to order at 8:30 a.m. Recording Secretary Beilke called the roll. Six voting commission members: President John Heugel (In Person), Vice President Jamie Wall (Virtually via Zoom), Secretary-Treasurer Tom Karman (In Person), Al Farvour (Virtually via Zoom), Lynn Gerlach (Virtually via Zoom) and John Luczaj (In Person). Also present: Alder Bill Morgan (In Person, non-voting), Council Representative to the Water Commission, and Attorney William Vande Castle (Virtually via Zoom). Staff present: Brian Powell, Doug Martin, Stephanie Rogers, Andrea Hay (Virtually via Zoom), Russ Hardwick, Kristin Romanowicz, and Hailey Heath.  C. APPROVAL OF THE AGENDA. 1. Approval of the Water Commisson Meeting Agenda for Monday, May 12, 2025. Moved by Thomas Karman, seconded by Allen Farvour to approve the agenda.Voice vote being had, the motion passed unanimously. D. APPROVAL OF MINUTES. 1. Approval of the Water Commission Meeting Minutes from April 14, 2025 Moved by Lynn Gerlach, seconded by Thomas Karman to approve the minutes. Voice vote being had, the motion passed unanimously. E. REGULAR BUSINESS. 1. Approval of the Proposed Changes to Chapters 9, 13, and 19 of the Green Bay Water Utility Employee Handbook. Moved by Thomas Karman, seconded by Allen Farvour to approve as requested. Voice vote being had, the motion passed unanimously. 2. Recommendation of Public Construction Bid for 36" Water Main Pipe Replacements. Moved by Allen Farvour, seconded by John Luczaj to approve as requested. Voice vote being had, the motion passed unanimously. 3. March 2025 Financial Report. Moved by Thomas Karman, seconded by Jamie Wall to accept as presented. Voice vote being had, the motion passed unanimously. F. INFORMATIONAL. 1. General Manager Update General Manager Brian Powell provided the commission with updates on the following initiatives within our organization: 1. Large/Critical Customer Meetings  2. Private Side Lead Replacement Loan Through City of Green Bay 3. Update on the 2025 Capital Projects Actual Cost Versus Budget 4. Workforce Report a. Filter Plant Technician Starting in Mid-June b. Seng Yang, our Safety Coordinator's Last Day was May 9th G. ADJOURNMENT. 1. Motion to adjourn the Water Commisson Meeting of Monday, May 12, 2025. Moved by Jamie Wall, seconded by Allen Farvour to adjourn. Voice vote being had, the motion passed unanimously. Reporting and insights from the 2024 audit: Green Bay Water Utility December 31. 2024 Executive summary May 19, 2025 To board of Commissioners Green Bay Water Utility We have completed our audit of the financial statements of the Green Bay Water Utility (Utility) for the year ended December 31, 2024, and have issued our report thereon dated May 19, 2025. This letter presents communications required by our professional standards. Your audit should provide you with confidence in your financial statements. The audit was performed based on information obtained from meetings with management, data from your systems, knowledge of the Utility’s operating environment and our risk assessment procedures. We strive to provide you clear, concise communication throughout the audit process and of the final results of our audit. Additionally, we have included information on key risk areas Utility should be aware of in your strategic planning. We are available to discuss these risks as they relate to your organization’s financial stability and future planning. If you have questions at any point, please connect with us: • Jodi Dobson, Partner: jodi.dobson@bakertilly.com or +1 (608) 240 2469 • Ryan O’Donnell, Senior Manager: ryan.odonnell@bakertilly.com or +1 (608) 240 2606 Sincerely, Baker Tilly US, LLP Jodi Dobson, Principal Ryan O’Donnell, Director THIS COMMUNICATION IS INTENDED SOLELY FOR THE INFORMATION AND USE OF THOSE CHARGED WITH GOVERNANCE, AND, IF APPROPRIATE, MANAGEMENT, AND IS NOT INTENDED TO BE AND SHOULD NOT BE USED BY ANYONE OTHER THAN THESE SPECIFIED PARTIES. BAKER TILLY ADVISORY GROUP, LP AND BAKER TILLY US, LLP, TRADING AS BAKER TILLY, ARE MEMBERS OF THE GLOBAL NETWORK OF BAKER TILLY INTERNATIONAL LTD., THE MEMBERS OF WHICH ARE SEPARATE AND INDEPENDENT LEGAL ENTITIES. BAKER TILLY US, LLP IS A LICENSED CPA FIRM THAT PROVIDES ASSURANCE SERVICES TO ITS CLIENTS. BAKER TILLY ADVISORY GROUP, LP AND ITS SUBSIDIARY ENTITIES PROVIDE TAX AND CONSULTING SERVICES TO THEIR CLIENTS AND ARE NOT LICENSED CPA FIRMS. Responsibilities Our responsibilities As your independent auditor, our responsibilities include: • Planning and performing the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. Reasonable assurance is a high level of assurance. • Assessing the risks of material misstatement of the financial statements, whether due to fraud or error. Included in that assessment is a consideration of the Utility’s internal control over financial reporting. • Performing appropriate procedures based upon our risk assessment. • Evaluating the appropriateness of the accounting policies used and the reasonableness of significant accounting estimates made by management. • Forming and expressing an opinion based on our audit about whether the financial statements prepared by management, with the oversight of the Board of Commissioners: • Are free from material misstatement • Present fairly, in all material respects and in accordance with accounting principles generally accepted in the United States of America • Our audit does not relieve management or the Board of Commissioners of their responsibilities. We are also required to communicate significant matters related to our audit that are relevant to the responsibilities of the Board of Commissioners, including: • Internal control matters • Qualitative aspects of the Utility’s accounting practice including policies, accounting estimates and financial statement disclosures • Significant unusual transactions • Significant difficulties encountered • Disagreements with management • Circumstances that affect the form and content of the auditors’ report • Audit consultations outside the engagement team • Corrected and uncorrected misstatements • Other audit findings or issues © 2024 Baker Tilly US, LLP Page | 3 Audit status Significant changes to the audit plan There were no significant changes made to either our planned audit strategy or to the significant risks and other areas of emphasis identified during the performance of our risk assessment procedures. © 2024 Baker Tilly US, LLP Page | 4 Audit approach and results Planned scope and timing Audit focus Based on our understanding of the Utility and environment in which you operate, we focused our audit on the following key areas: • Key transaction cycles • Areas with significant estimates • Implementation of new accounting standards (if applicable) Our areas of audit focus were informed by, among other things, our assessment of materiality. Materiality in the context of our audit was determined based on specific qualitative and quantitative factors combined with our expectations about the Utility’s current year results. Key areas of focus and significant findings Significant risks of material misstatement A significant risk is an identified and assessed risk of material misstatement that, in the auditor’s professional judgment, requires special audit consideration. Within our audit, we focused on the following areas below. Significant risk areas Testing approach Conclusion Management override of Incorporate unpredictability into Procedures identified provided controls audit procedures, emphasize sufficient evidence for our audit professional skepticism and opinion utilize audit team with industry expertise Improper revenue recognition Confirmation or validation of Procedures identified provided due to fraud certain revenues supplemented sufficient evidence for our audit with detailed predictive analytics opinion based on non-financial data and substantive testing of related receivables Other areas of emphasis We also focused on other areas that did not meet the definition of a significant risk, but were determined to require specific awareness and a unique audit response. Other areas of emphasis Cash and investments Revenues and receivables General disbursements Payroll Pension and OPEB Long-term debt liabilities Capital assets including Net position calculations Financial reporting and required infrastructure disclosures © 2024 Baker Tilly US, LLP Page | 5 Internal control matters We considered the Utility’s internal control over financial reporting as a basis for designing our audit procedures for the purpose of expressing an opinion on the financial statements. We are not expressing an opinion on the effectiveness of the Utility’s internal control. Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and, therefore, material weaknesses or significant deficiencies may exist that were not identified. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency or combination of deficiencies in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. We did not identify any deficiencies in internal control that we consider to be material weaknesses. © 2024 Baker Tilly US, LLP Page | 6 Required communications Qualitative aspect of accounting practices • Accounting policies: Management is responsible for the selection and use of appropriate accounting policies. In accordance with the terms of our engagement letter, we have advised management about the appropriateness of accounting policies and their application. The significant accounting policies used by Utility are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing accounting policies was not changed during 2024. We noted no transactions entered into by the Utility during the year for which accounting policies are controversial or for which there is a lack of authoritative guidance or consensus or diversity in practice. • Accounting estimates: Accounting estimates, including fair value estimates, are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements, the degree of subjectivity involved in their development and because of the possibility that future events affecting them may differ significantly from those expected. The following estimates are of most significance to the financial statements: Management’s process to Baker Tilly’s conclusions Estimate determine regarding reasonableness Depreciation Evaluate estimated useful life Reasonable in relation to the of the asset and original financial statements as a whole acquisition value Net pension liability Evaluation of information Reasonable in relation to the (asset) and related provided by the Wisconsin financial statements as a whole deferrals Retirement System Unbilled Revenue Evaluation of usage and days Reasonable in relation to the until next cycle in conjunction financial statements as a whole with approved billing rates There have been no significant changes made by management to either the processes used to develop the particularly sensitive accounting estimates, or to the significant assumptions used to develop the estimates noted above. • Financial statement disclosures: The disclosures in the financial statements are neutral, consistent and clear. Significant unusual transactions There have been no significant transactions that are outside the normal course of business for the Utility or that otherwise appear to be unusual due to their timing, size or nature. Significant difficulties encountered during the audit We encountered no significant difficulties in dealing with management and completing our audit. © 2024 Baker Tilly US, LLP Page | 7 Disagreements with management Professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter that could be significant to the financial statements or the auditors' report. We are pleased to report that no such disagreements arose during the course of our audit. Audit report There have been no departures from the auditors’ standard report. Uncorrected misstatements and corrected misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are trivial, and communicate them to the appropriate level of management. There were no misstatements identified. Other audit findings or issues We encountered no other audit findings or issues that require communication at this time. We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the Utility’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Other information in documents containing audited basic financial statements Annual Comprehensive Financial Report The Utility’s audited financial statements will be included in the Annual Comprehensive Financial Report (ACFR). Our responsibility for this information does not extend beyond the financial information identified in the audit report, and we are not required to perform any procedures to corroborate such other information. We have read the ACFR to determine whether a material inconsistency exists between the other information and the financial statements. Nothing came to our attention that caused us to believe that such information, or its manner of presentation, was materially inconsistent with the information, or manner of its presentation, in the financial statements. Official statements The Utility’s audited financial statements are “general purpose” financial statements. General purpose financial statements consist of the basic financial statements that can be used by a broad group of people for a broad range of activities. Once we have issued our audit report, we have no further obligation to update our report for events occurring subsequent to the date of our report. The Utility can use the audited financial statements in other client prepare documents, such as official statements related to the issuance of debt, without our acknowledgement. Unless we have been engaged to perform services in connection with any subsequent transaction requiring the inclusion of our audit report, as well as to issue an auditor’s acknowledgment letter, we have neither read the document nor performed subsequent event procedures in order to determine whether or not our report remains appropriate. Management’s consultations with other accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing or accounting matters. © 2024 Baker Tilly US, LLP Page | 8 Written communications between management and Baker Tilly The attachments include copies of other material written communications, including a copy of the management representation letter. Compliance with laws and regulations We did not identify any non-compliance with laws and regulations during our audit. Fraud We did not identify any known or suspected fraud during our audit. Going concern Pursuant to professional standards, we are required to communicate to you, when applicable, certain matters relating to our evaluation of the Utility’s to continue as a going concern for a reasonable period of time but no less than 12 months from the date of the financial statements, including the effects on the financial statements and the adequacy of the related disclosures, and the effects on the auditor's report. No such matters or conditions have come to our attention during our engagement. Independence We are not aware of any relationships between Baker Tilly and the Utility that, in our professional judgment, may reasonably be thought to bear on our independence. Related parties We did not have any significant findings or issues arise during the audit in connection with the Utility’s related parties. Other matters We applied certain limited procedures to the required supplementary information (RSI) that supplements the basic financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We did not audit the RSI and do not express an opinion or provide any assurance on the RSI. We were engaged to report on the supplementary information which accompanies the financial statements but is not RSI. With respect to the supplementary information, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America or the modified cash basis of accounting, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We were not engaged to report on the other information, which accompanies the financial statements but are not RSI. We did not audit or perform other procedures on this other information, and we do not express an opinion or provide any assurance on it. © 2024 Baker Tilly US, LLP Page | 9 Nonattest services The following nonattest services were provided by Baker Tilly: • Financial statement preparation • IRA consulting services None of these nonattest services constitute an audit under generally accepted auditing standards, including Government Auditing Standards. *Non-attest services are provided by Baker Tilly Advisory Group, LP. © 2024 Baker Tilly US, LLP Page | 10 Audit committee resources Our business is to know every aspect of yours and to maintain a constant lookout for what's next. We invite you to learn about some of the trending challenges and opportunities for public sector organizations like yours and how Baker Tilly can help. To explore more trending topics and regulatory updates, visit our resource page at https://www.bakertilly.com/insights/audit-committee-resource-page. Funding evaluation and pursuit Public sector organizations may be eligible for grants, tax credits and other financial incentives through funding opportunities such as the Inflation Reduction Act, the Clean Communities Investment Accelerator, and the Infrastructure Investment and Jobs Act. Baker Tilly can help you navigate, understand and pursue various federal and state funding sources through grant research and tracking, advising and writing, and management and compliance services. Digital transformation Digitizing public services can be a game changer for governments. Streamlining inefficient processes, providing digital access and delivery of services to meet public expectations, implementing technology to protect constituent data, leveraging information to make data-driven decisions and migrating outdated on-premises systems to the cloud are crucial to an entity’s success. Through these types of digital services, Baker Tilly can help you scale with future demand and be better positioned to rapidly respond to changing demands. Cybersecurity Public sector organizations face significant challenges from cyber threats and IT regulations. It can feel like you are on the defense keeping up with the latest risks, regulations and emerging trends. To mitigate risk, you must understand your organization’s unique vulnerabilities, cybersecurity processes and controls. Baker Tilly can help enhance your cybersecurity posture and ensure compliance, with solutions in IT compliance and security and cybersecurity and data protection to safeguard your data and navigate complex risk environments. © 2024 Baker Tilly US, LLP Page | 11 Management representation letter © 2024 Baker Tilly US, LLP Page | 12 Client service team Jodi Dobson, CPA Principal 4807 Innovate Lane Madison, WI 53718 United States T +1 (608) 240 2469 | Madison jodi.dobson@bakertilly.com Ryan O’Donnell, CPA Director 4807 Innovate Lane Madison, WI 53718 United States T +1 (608) 240 2606 | Madison ryan.odonnell@bakertilly.com © 2024 Baker Tilly US, LLP Page | 18 Accounting changes relevant to Green Bay Water Utility Future accounting standards update GASB Potentially Statement impacts Number Description you Effective date 102 Certain Risk Disclosures 12/31/25 103 Financial Reporting Model Improvements 12/31/26 104 Disclosure of Certain Capital Assets 12/31/26 Further information on upcoming GASB pronouncements. New guidance on disclosure of certain risks The requirements in GASB Statement No. 102, Certain Risk Disclosures is meant to provide financial statement users with information about certain risks when circumstances make a government vulnerable to a heightened possibility of loss or harm. It requires governments to disclose essential information about risks related to vulnerabilities due to certain concentrations or constraints. (a) The Statement defines a concentration as a lack of diversity related to an aspect of a significant inflow or outflow of resources—for example, a small number of companies that represent a majority of employment in a government’s jurisdiction, or a government that relies on one revenue source for most of its revenue. (b) The Statement defines a constraint as a limitation imposed on a government by an external party or by formal action of the government’s highest level of decision-making authority—such as a voter-approved property tax cap or a state-imposed debt limit. Concentrations and constraints may limit a government’s ability to acquire resources or control spending. The Statement generally requires a government to disclose information about a concentration or constraint if all of the following criteria are met: (a) The concentration or constraint is known to the government prior to issuing the financial statements. (b) The concentration or constraint makes the government vulnerable to the risk of a substantial impact. (c) An event or events associated with the concentration or constraint that could cause a substantial impact have occurred, have begun to occur, or are more likely than not to begin to occur within 12 months of the date the financial statements are issued. © 2024 Baker Tilly US, LLP Page | 19 The disclosures should include a description of the following: • The concentration or constraint, • Each event associated with the concentration or constraint that could cause a substantial impact if the event has occurred or has begun to occur prior to the issuance of the financial statements, and • Actions taken by the government to mitigate the risk prior to the issuance of the financial statements. Changes to the financial reporting model GASB Statement 103, Financial Reporting Model Improvements, builds on Statement 34 by providing key targeted improvements to the financial reporting model. Its requirements are designed to: • Enhance the effectiveness of governmental financial reports in providing information essential for decision making and assessing a government’s accountability, and • Address certain application issues. The targeted improvements contained in Statement 103 establish or modify existing accounting and financial reporting requirements related to: • Management’s discussion and analysis - While the overall requirements do not substantially change management’s discussion and analysis, the modifications are meant to improve the analysis included in this section and provide details about the items that should be discussed as currently known facts, decisions, or conditions expected to have a significant financial effect in the subsequent period. • Unusual or infrequent items (previously known as extraordinary and special items) - The new Statement simplifies GASB literature by eliminating the separate presentation of extraordinary and special items. Under the requirement of Statement 103, applicable items will either be identified as unusual or infrequent, or both. • Presentation of the proprietary fund statement of revenues, expenses, and changes in fund net position - The changes are designed to improve consistency around the classification of items in these statements by better defining what should be included in operating revenues and expenses and nonoperating revenues and expenses including, for example, the addition of subsidies received or provided as a new category of nonoperating revenues and expenses. • Major component unit information, and Budgetary comparison information - Statement 103 is designed to improve the consistency of the reporting of major component unit information and budgetary comparison information by specifying required placement of that information. © 2024 Baker Tilly US, LLP Page | 20 Two-way audit communications As part of our audit of your financial statements, we are providing communications to you throughout the audit process. Auditing requirements provide for two-way communication and are important in assisting the auditor and you with more information relevant to the audit. As this past audit is concluded, we use what we have learned to begin the planning process for next year’s audit. It is important that you understand the following points about the scope and timing of our next audit: a. We address the significant risks of material misstatement, whether due to fraud or error, through our detailed audit procedures. b. We will obtain an understanding of the five components of internal control sufficient to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing and extent of further audit procedures. We will obtain a sufficient understanding by performing risk assessment procedures to evaluate the design of controls relevant to an audit of financial statements and to determine whether they have been implemented. We will use such knowledge to: • Identify types of potential misstatements. • Consider factors that affect the risks of material misstatement. • Design tests of controls, when applicable, and substantive procedures. c. We will not express an opinion on the effectiveness of internal control over financial reporting or compliance with laws, regulations and provisions of contracts or grant programs. d. The concept of materiality recognizes that some matters, either individually or in the aggregate, are important for fair presentation of financial statements in conformity with generally accepted accounting principles while other matters are not important. In performing the audit, we are concerned with matters that, either individually or in the aggregate, could be material to the financial statements. Our responsibility is to plan and perform the audit to obtain reasonable assurance that material misstatements, whether caused by errors or fraud, are detected. Our audit will be performed in accordance with auditing standards generally accepted in the United States of America. We are very interested in your views regarding certain matters. Those matters are listed here: a. We typically will communicate with your top level of management unless you tell us otherwise. b. We understand that the governing board has the responsibility to oversee the strategic direction of your organization, as well as the overall accountability of the entity. Management has the responsibility for achieving the objectives of the entity. c. We need to know your views about your organization’s objectives and strategies, and the related business risks that may result in material misstatements. d. We anticipate that the Utility will receive an unmodified opinion on its financial statements. e. Which matters do you consider warrant particular attention during the audit, and are there any areas where you request additional procedures to be undertaken? f. Have you had any significant communications with regulators or grantor agencies? g. Are there other matters that you believe are relevant to the audit of the financial statements? © 2024 Baker Tilly US, LLP Page | 21 Also, is there anything that we need to know about the attitudes, awareness and actions of the governing body concerning: a. The entity’s internal control and its importance in the entity, including how those charged with governance oversee the effectiveness of internal control? b. The detection or the possibility of fraud? We also need to know if you have taken actions in response to developments in financial reporting, laws, accounting standards, governance practices, or other related matters, or in response to previous communications with us. With regard to the timing of our audit, here is some general information. If necessary, we may do preliminary financial audit work during the months of October-December, and sometimes early in January. Our final financial fieldwork is scheduled during March/April to best coincide with your readiness and report deadlines. After fieldwork, we wrap up our financial audit procedures at our office and may issue drafts of our report for your review. Final copies of our report and other communications are issued after approval by your staff. This is typically 6-12 weeks after final fieldwork, but may vary depending on a number of factors. Keep in mind that while this communication may assist us with planning the scope and timing of the audit, it does not change the auditor’s sole responsibility to determine the overall audit strategy and the audit plan, including the nature, timing and extent of procedures necessary to obtain sufficient appropriate audit evidence. We realize that you may have questions on what this all means, or wish to provide other feedback. We welcome the opportunity to hear from you. © 2024 Baker Tilly US, LLP Page | 22  ANNUAL COMPREHENSIVE FINANCIAL REPORT INCLUDING AUDITORS’ REPORT FOR THE FISCAL YEARS ENDED DECEMBER 31, 2024 AND 2023 GREEN BAY WATER UTILITY A Departmental Unit of the City of Green Bay, Wisconsin  GREEN BAY WATER UTILITY A Departmental Unit of the City of Green Bay, Wisconsin ANNUAL COMPREHENSIVE FINANCIAL REPORT YEARS ENDED DECEMBER 31, 2024 AND 2023 Prepared by: Stephanie R. Rogers, CPA, Business Manager Colleen C. Callahan, Accountant THE MISSION OF THE GREEN BAY WATER UTILITY IS TO PROVIDE A RELIABLE, HIGH-QUALITY DRINKING WATER SUPPLY WITH EXCEPTIONAL CUSTOMER SERVICE AND VALUE. WATER UTILITY City of Green Bay, Wisconsin TABLE OF CONTENTS December 31, 2024 INTRODUCTORY SECTION A Message from the Utility General Manager 1 Letter of Transmittal 2-5 Certificate of Achievement 6 Table of Organization 7 Principal Officials 8 FINANCIAL SECTION Independent Auditors’ Report 9 - 11 Required Supplementary Information Management’s Discussion and Analysis (Unaudited) 12 - 17 Financial Statements Statement of Net Position 18 - 19 Statement of Revenues, Expenses and Changes in Net Position 20 Statement of Cash Flows 21 Notes to Basic Financial Statements 22 - 42 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Proportionate Share of Net Pension Liability (Asset) – Wisconsin Retirement System 43 Schedule of Contributions - Wisconsin Retirement System 43 Notes to Required Supplementary Information 43 SUPPLEMENTARY INFORMATION Operating Revenues and Expenses 44 Schedule of Operating Expenses by Function and Object 45 - 46 Capital Assets 47 Accumulated Depreciation 48 - 49 Bond Interest and Redemption Requirements – Waterworks Mortgage Revenue Bonds Series 2014 50 Waterworks Mortgage Revenue Bonds Series 2019 51 Waterworks Mortgage Revenue Bonds Series 2021 52 STATISTICAL SECTION Statistical Section Narrative 53 Changes in Net Position – Last Ten Years 54 Operating Revenues by Source – Last Ten Years 55 Operating Expenses by Object – Last Ten Years 56 Nonoperating Revenues and Expenses – Last Ten Years 57 Capital Contributions by Source – Last Ten Years 58 Net Position by Component – Last Ten Years 59 Return on Rate Base – Last Ten Years 60 WATER UTILITY City of Green Bay, Wisconsin TABLE OF CONTENTS December 31, 2024 Revenue Bond Coverage and Debt Ratios – Last Ten Years 61 Annual Water Pumpage 62 Monthly Water Pumpage 63 Water Produced and Consumed – Last Ten Years 64 Water Rates – Last Ten Years 65 Analysis of Operating Revenue 66 Usage Schedule of Current Twelve Largest Customers 67 Revenue Schedule of Twelve Largest Customers – Last Ten Years 68 Twelve Largest Consumers – Current Year and Nine Years Ago 69 Number of Customers by Type – Last Ten Years 70 Residential Customer Analysis 71 Demographic and Economic Statistics – Last Ten Years 72 Ten Largest Metropolitan Area Private Employers – Current Year and Nine Years Ago 73 Classification of Meters 74 Wells, Reservoirs and Elevated Tanks 75 Utility Plant in Service at Year End – Last Ten Years 76 Supply Mains in Service 77 Distribution and Transmission Mains in Service 78 Water Services (Laterals) 79 Water Services (Laterals) – Last Ten Years 80 Operating and Capital Indicators – Last Ten Years 81 Water Main Leaks by Month 82 Water Rates in Effect on October 18, 1887 83 INTRODUCTORY SECTION  GREEN BAY WATER 631 S. Adams Street Green Bay, WI 54301 (920) 448-3480 May 20, 2024 A Message from the General Manager I am pleased to present Green Bay Water Utility's 2024 achievements, a year marked by our dedication to innovation, reliability, and our team. Our team tirelessly ensures our community's access to water throughout the year. We know our role goes beyond water provision - we deliver a vital life necessity, contributing to safety, economic vitality, and touching daily lives in Green Bay. We sold 6.19 billion gallons of water and earned a little more than $26 million from water sales that directly finance our operations. In 2024, we conducted high-velocity flushing and satellite leak detection of our distribution system for the sixth time, detecting and repairing twenty-one leaks. The Utility replaced or rehabilitated about 4.2 miles of water main infrastructure during the year. Significant advancements were made in ensuring the safety and reliability of our water supply. 125 private galvanized services previously linked to lead were replaced with grant funding from the DNR. We began a new partnership with the Village of Pulaski, which will source its wholesale drinking water from us in 2026. Our fiscal responsibility was affirmed by receiving the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for the 30th year in a row for our 2023 annual financial statements. Alongside our operational focus, we maintained our commitment to community engagement and access to water for all. In terms of public safety, we ensured water availability at the required pressure and flow rate at every fire hydrant, underscoring our dedication to this vital responsibility. Indeed, 2024 was a successful year for Green Bay Water Utility. I extend heartfelt thanks to the Water Commission, Mayor, Common Council, and all those whose contributions were invaluable to our progress. As we look ahead, we promise to continue delivering top-quality drinking water and unrivaled customer service. We are more than a utility - we are a key component of the community we serve. Very Sincerely, Brian Powell, P.E. General Manager Green Bay Water 1  GREEN BAY WATER 631 S. Adams Street Green Bay, WI 54301 (920) 448-3480 Letter of Transmittal June 3, 2025 To the Board of Waterworks Commissioners and Utility Customers: FORMAL TRANSMITTAL OF THE ANNUAL included in the statistical section of this report. In COMPREHENSIVE FINANCIAL REPORT 1894, the group of Connecticut promoters who established the original company sold out to local The Annual Comprehensive Financial Report of investors after having operated the system for the Green Bay Water Utility for the year ended about eight years. The original private company December 31, 2024, is hereby submitted. This began operations with three wells, 12 miles of report was prepared by the Utility’s Business water mains, a pump house with reservoirs and a Manager. Responsibility for both the accuracy of 12-inch river-crossing main to the west side of the the presented data, and the completeness and Fox River to supply the community of Fort Howard. fairness of the presentation, including all When the company sold eight years later to local disclosures, rests with the Utility. To the best of my investors, it had grown to include 29 miles of knowledge and belief, the enclosed data is mains. accurate in all material respects and is reported in a manner designed to present fairly the financial Early records were not required, but a 1909 position, results of operations, and cash flows of Railroad Commission report lists the locally owned the Utility. All disclosures necessary to enable the system as having 43.1 miles of main and 4,002 reader to gain an understanding of the Utility’s customers, mostly residential. Industrial and financial activities have been included. This letter commercial users at this early date generally had of transmittal is designed to complement the their own wells. Management’s Discussion and Analysis (MD & A) and should be read in conjunction with it. The In 1910, talk began about a municipal owned Green Bay Water Utility’s MD & A can be found department, and a referendum overwhelmingly immediately following the report of the carried, only to have the efforts die there. The price independent auditors. of $500,000 was rejected by the City Council due to the fact that the amount being considered at that The Utility is a departmental unit of the City of time represented a “staggering” sum. World War I Green Bay, Wisconsin, and its financial statements came and went, and the issue resurfaced in 1920. are included in the City’s financial statements as A new referendum was passed, and the system an enterprise fund referred to as the Water Utility. was purchased on November 12, 1920, by the City of Green Bay for $975,000. PROFILE OF THE WATER UTILITY Since inception in 1886, Green Bay had boasted The Green Bay Water Utility, along with its about its pure and abundant water, brought up predecessor (a privately owned company), has from deep artesian wells. But growth in population been in business for 138 years. The private and commercial and industrial activities began to commercial venture was begun in 1886 by a show a strain on the supply. In 1930, the average syndicate of New Englanders and operated under daily per capita consumption was between 40 and franchises granted by both then-existing Green 50 gallons; by 1957, this had mushroomed to Bay and Fort Howard communities. A listing of the nearly 200 gallons. water rates in force as of October 18, 1887, is 2 In addition, the water level, which in 1935 was a The city has a current estimated population of mere 95 feet below ground surface, had dropped 106,962. Since 1960, through annexation and to 350 feet. The natural reservoir of water could not consolidation, the City of Green Bay has grown be replenished as fast as city needs were growing. physically from 15.5 square miles to a present area covering approximately 46 square miles. The By 1952, it was evident that some new source had City’s population density of approximately 2,325 to be found. Deep, pure, dark blue Lake Michigan people per square mile indicates there is ample was nearby and an attractive source. After meeting land for future growth and development. with some opposition, work on the $10 million facility began in 1956. In August of 1957, The 2024 City of Green Bay Capital Improvement construction was completed, and on August 10, Program (CIP) initiated the replacement or 1957, the “new” water streamed and bubbled to rehabilitation of about 4.2 miles of existing customers. In November of 1964, the City of Green distribution water main infrastructure. The City’s Bay annexed the Town of Preble, which had 3,516 Street Resurfacing Program accounted for 2.45 customers. By 1970, there were 23,000 miles of the water main that was replaced. The customers, and to date, there are approximately City’s Street Reconstruction Program accounted 36,747. for 1.71 miles of the water main that was replaced. The water is still being drawn from Lake Michigan, During 2023 & 2024, the Water Treatment Plant 27 miles to the east of Green Bay, just north of the started on the engineering for the installation of City of Kewaunee. The maximum pumping new insertion mag meters into the transmission capacity during that first year was approximately lines. This projected is expected to be completed 13 million gallons per day (MGD). Today, thanks in 2025. to system upgrades, the maximum pumping and treatment capacity has grown to approximately 42 In 2023, a $11,000,000 generator addition at the MGD. lake station was started. Engineering of plans and specifications was completed during 2024. This The Utility’s retail service area currently is confined project is expected to be completed during 2025 - to the City’s boundaries. Wholesale service to the 2026 due to the long lead times for some Village of Ashwaubenon began in June 2006, to components. the Town of Scott in October 2006, to the Village of Hobart in May 2011 and to the Village of In 2024, a new phone system was installed. New Wrightstown in June 2016. Construction and servers and security upgrades to enhance maintenance of all Utility facilities and cybersecurity were also installed. Scada software improvements are the responsibility of the Utility. upgrade was started in late 2024 and completed in The Public Service Commission of Wisconsin early 2025. (PSCW) regulates the Utility’s operations pursuant to Chapter 196 of the Wisconsin State Statutes. In 2024, the Operations section continued to use Satellite Leak Detection to find 21 leaks which INFORMATION USEFUL IN ASSESSING THE were repaired. The Water Utility saw a slight WATER UTILITY’S FINANCIAL CONDITION decrease in the number of main breaks in 2024 as in 2023. This was mainly due to the change in The Utility’s retail service area, which is the City of weather throughout the year and our continued Green Bay, is the third most populous city in maintenance of mains. Wisconsin, and has continued to experience substantial growth in population and tax base over Long-Term Financial Planning the past decades. Annually, the Water Utility Commission adopts a The city has become one of the State’s non-appropriated operating budget and a five-year predominant manufacturing areas, with particular capital budget. Both budgets are used as short and emphasis on non-durable goods industries. A long-term financial plans in conjunction with the listing of the 12 largest water consumers is Utility’s ten-year master plan to anticipate the included in the statistical section of this report. needs for the current and subsequent years. In 2024, the master plan update was completed. 3 Monthly analysis of anticipated rate of return and the Utility’s financial statements, is an assertion comparison of budget to actual operating income that there have been no significant exceptions as and expense is performed to control costs and to the accounting principles reflected in the avoid potential deficits. financial statements, the consistency of application of accounting principles, and the Our strategic plan was updated during 2024. The adequacy of information disclosures in the updated plan covers 2025-2027. financial statements. Policies Impacting Financial Statements Management’s Discussion and Analysis The Water Utility Commission adopted an The Governmental Accounting Standards Board investment policy in 2004. Accordingly, available adopted standards which require a management cash is invested in certificates of deposit, money discussion and analysis to be part of the basic market accounts, the State investment pool, annual audited financial statements. For commercial paper, U.S. Treasury securities, Management’s Discussion and Analysis for the savings accounts and interest-bearing checking year ended December 31, 2024, please refer to accounts. To reduce risk, the Utility’s portfolio is the financial section in this report. diversified by security type with maximum allowable allocation by instrument and is further AWARDS AND ACKNOWLEDGEMENTS restricted by a minimum credit quality rating for each instrument. Certificate of Achievement Internal Control The Government Finance Officers Association of the United States and Canada (GFOA) awarded a In developing and altering the Utility's accounting Certificate of Achievement for Excellence in system, consideration is given to the adequacy of Financial Reporting to the Utility for its Annual internal accounting controls. Internal accounting Comprehensive Financial Report for the fiscal year controls are designed to provide reasonable, but ended December 31, 2023. The Certificate of not absolute, assurance regarding the Achievement is a prestigious national award, safeguarding of assets against loss from recognizing conformance with the highest unauthorized use or disposition and the reliability standards for preparation of state and local of financial records for preparing financial government financial reports. In order to be statements and maintaining accountability for awarded a Certificate of Achievement, a assets. The concept of reasonable assurance government unit must publish an easily readable recognizes that the cost of a control should not and efficiently organized Annual Comprehensive exceed the benefits likely to be derived and the Financial Report, whose contents conform to evaluation of costs and benefits requires estimates program standards. Such annual comprehensive and judgments by management. All internal control financial reports must satisfy both generally evaluations occur within the above framework. I accepted accounting principles and applicable believe that the Utility's internal accounting legal requirements. A certificate of Achievement is controls adequately safeguard assets and provide valid for a period of one year only. reasonable assurance of proper recording of financial transactions. The Utility’s Certificate of Achievement for Excellence in Financial Reporting for the year Independent Audit ended December 31, 2023, was the thirtieth consecutive GFOA Certificate of Achievement The current outstanding bond issues require an received. We believe our current report continues annual audit by independent certified public to conform to the Certificate of Achievement accountants. The Utility has retained Baker Tilly program requirements, and we are submitting it to Certified Public Accountants, to perform an audit the GFOA. of the Utility’s financial records. The Independent Auditors’ Report on Financial Statements is Acknowledgements included in the financial section of this report. The unmodified opinion expressed by the auditor on Preparation of this report on a timely basis could 4 not have been accomplished without the efficient and dedicated services of the entire office staff of the Utility. Appreciation also is extended to all Utility department managers, employees and the Utility’s independent auditors who contributed to its contents. Further appreciation is extended to the Water Utility Commissioners for their interest and support in planning and conducting the financial operations of the Utility in a responsible and progressive manner. Respectfully submitted, Stephanie R. Rogers Stephanie R. Rogers, CPA Business Manager 5 Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Green Bay Water Utility Wisconsin For its Annual Comprehensive Financial Report For the Fiscal Year Ended December 31, 2023 Executive Director/CEO 6  WATER UTILITY City of Green Bay, Wisconsin TABLE OF ORGANIZATION Water Commission (7) General Manager (1) Communications Director Executive Assistant (1) (1) Safety Coordinator (.5) Education & Outreach Coordinator HR Generalist (1) (.5) Operations Manager Water Quality Manager Business Manager (1) (1) (1) Distribution Supply Metering & Engineering Filter Plant Manager Maintenance IT Director Accountant Cross Connection Office Supervisor Supervisor Lab Technician (1) Manager (1) (1) Supervisor (1) (1) (1) (1) (1) Distribution Pumping Customer Distribution Project Filter Plant Operator Metering & Cross Supervisor Mechanic/ Notification Crew Leader Specialist (3) Connection Technician (1) Electrician Specialist (3) (1) (5) (3) (1) Distribution Distribution Engineering Services Filter Plant Billing Maintenance Maintenance Technician Relief Operator Technician Warehouse/Shop Operator (1) (1) (2) (1) (3) Distribution Distribution Filter Plant Billing & Records Distribution Engineering Coordinator Maintenance Technician Technician Technician (1) Person (2) (1) (1) (8) Billing & Records Distribution Specialist Lead Locator GIS Specialist (1) Maintenance (1) (1) Assistant (1) Billing Assistant (3.7) Locator (1) Metering & Cross Connection Equipment Control Specialist Maintenance (1) Coordinator (1) Equipment Maintenance Technician (1) 7  WATER UTILITY City of Green Bay, Wisconsin PRINCIPAL OFFICIALS BOARD OF WATERWORKS COMMISSIONERS Years of Term Service Expires President John Heugel 12 2027 Vice President Jamie Wall 5 2030 Secretary Thomas Karman 4 2026 Commissioner Allen Farvour 2 2025 Commissioner Jacque Boyle 4 2028 Commissioner Elizabeth Wheat 5 2029 Commissioner Lynn Gerlach 1 2031 COUNCIL REPRESENTATIVE LEGAL REPRESENTATIVE Alderman Bill Morgan William J. Vande Castle UTILITY MANAGEMENT STAFF Years Years in This Employed Position by Utility General Manager Brian Powell, P.E. 1 22 Business Manager Stephanie Rogers, CPA 7 7 Operations Manager Doug Martin, P.E. 1 1 Supply Maintenance Manager Jonathan Peters 2 6 Water Quality Manager Russell Hardwick 24 29 Distribution Maintenance Manager Vacant - - Engineering Supervisor Kristin Romanowicz, P.E. 7 7 Communications Director Andrea Hay 6 6 Office Supervisor Kim Couillard 7 27 Metering and Cross Connection Supervisor Marc McGovern 2 26 Distribution Supervisor Brenda Bornfleth 7 31 IT Director Kevin Brunner 25 25 Accountant Colleen Callahan 1 1 CERTIFIED PUBLIC ACCOUNTANTS Baker Tilly US, LLP BOND COUNCIL FINANCIAL CONSULTANTS Foley & Lardner, Madison, Wisconsin Robert W. Baird & Co., Inc., Milwaukee, Wisconsin 8 FINANCIAL SECTION  Independent Auditors' Report To the Board of Commissioners of Green Bay Water Utility Opinion We have audited the financial statements of the Green Bay Water Utility (Utility), an enterprise fund of the City of Green Bay, Wisconsin, as of and for the years ended December 31, 2024 and 2023, and the related notes to the financial statements, as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of the Utility as of December 31, 2024 and 2023, and the changes in financial position and cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Utility and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Emphasis of Matter As discussed in Note 1, the financial statements present only the Utility and do not purport to, and do not, present fairly the financial position of the City of Green Bay, Wisconsin as of December 31, 2024, and 2023, and the changes in financial position or cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm that provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. 9 Auditors' Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Utility’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the required supplementary information, as listed in the table of contents be presented to supplement the financial statements. Such information is the responsibility of management and, although not a part of the financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the financial statements, and other knowledge we obtained during our audit of the financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 10 Supplementary Information Our audits were conducted for the purpose of forming opinions on the financial statements as a whole. The accompanying supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects, in relation to the financial statements as a whole. Other Information Management is responsible for the other information included in the annual comprehensive financial report. The introductory section and the statistical section comprises the other information included in the annual comprehensive financial report but does not include the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audits of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Madison, Wisconsin May 19, 2025 11 WATER UTILITY City of Green Bay, Wisconsin MANAGEMENT’S DISCUSSION AND ANALYSIS (Unaudited) December 31, 2024 As management of Green Bay Water Utility, we offer readers of the financial statements this narrative overview and analysis of the financial activities for the year ended December 31, 2024. FUND STRUCTURE The Water Utility is a business type activity. As such, it records its transactions based on the flow of economic resources. FINANCIAL OPERATIONS SUMMARY Total operating and non-operating revenues (including capital contributions) were $28.44 million in 2024 and expenses were $22.77 million. The Utility’s net position increased by $5.67 million in 2024 to $137.9 million. The increase was mainly due to the increase in water rates and interest income. The $11.1 million of unrestricted net position has been set aside to mitigate against the possibility of future water rate increases. Restricted net position and net position invested in property, plant and equipment were $7 million and $120 million, respectively. COMPARISON TO PRIOR FISCAL YEARS Water sales for 2024 were 6.20 billion gallons compared to 6.46 billion gallons in 2023 and 6.53 billion gallons in 2022. A 15% rate increase went into effect on 8/1/24. No major customers were added or removed in 2024 or 2023. Interest income increased again in 2024. The average yield for 2024 was 5.33% compared to 4.30% for 2023 and 2.35% for 2022. The average investment balance stayed consistent with $6.3 million in 2024 and $6.3 million in 2023. The average investment balance was $6.9 million in 2022. Investments decreased in the from 2022 to 2023 due to the spend down of bond funds. Utility operating expenses remained basically the same in 2024 compared to 2023. The Utility added $7.8 million in capital assets in 2024. Primarily, these capital assets consisted of water distribution mains, services, hydrants, meters and technology enhancements. Utility operating expenses increased in 2023 compared to 2022 due to increased maintenance in the treatment, pumping and distribution departments. The Utility added $6.3 million in capital assets in 2023. Primarily, these capital assets consisted of water supply and distribution mains, services, hydrants, and meters. The bond interest expense decreased in 2024 compared to 2023 due to the interest costs decreasing as principal decreases. The decrease in bond interest expense in 2023 compared to 2022 was due to the interest costs decreasing as principal decreases. The net position of the Utility increased by $5.67 million in 2024. Overall, the net position of the Utility increased by $4.81 million in 2023. 12 WATER UTILITY City of Green Bay, Wisconsin MANAGEMENT’S DISCUSSION AND ANALYSIS (Unaudited) December 31, 2024 Revenues and Expenses Year Ending Year Ending Increase % Year-to-Year Comparison Dec. 31, 2024 Dec. 31, 2023 (Decrease) Change Operating Revenues: Operating revenue: Residential $7,964,246 $7,571,542 $392,704 5.19% Commercial 3,960,734 3,706,899 253,835 6.85% Industrial 6,633,525 6,524,612 108,913 1.67% Wholesale 3,834,326 3,784,436 49,890 1.32% Public fire protection 1,465,637 1,386,083 79,554 5.74% All other 2,632,060 2,584,411 47,649 1.84% Total operating revenue 26,490,528 25,557,983 932,545 3.65% Operating Expenses: Operating expenses 19,213,786 19,138,729 75,057 0.39% Operating Income 7,276,742 6,419,254 857,488 13.36% Nonoperating Revenues and Expenses: Interest income 1,053,356 1,012,478 40,878 4.04% All other revenues 359,356 334,308 25,048 7.49% Interest expense (1,270,377) (1,381,761) 111,384 -8.06% Amortization 361,964 319,300 42,664 13.36% Excess before contributions 7,781,041 6,703,579 1,077,462 16.07% Capital Contributions 175,194 491,546 (316,352) -64.36% Transfers out - tax equivalent (2,281,794) (2,385,127) 103,333 -4.33% Change in net position 5,674,441 4,809,998 864,443 17.97% Net position – beginning of year 132,212,739 127,402,741 4,809,998 3.78% Net position – end of year $137,887,180 $132,212,739 $5,674,441 4.29% Revenues and Expenses Year Ending Year Ending Increase % Year-to-Year Comparison Dec. 31, 2023 Dec. 31, 2022 (Decrease) Change Operating Revenues: Operating revenue: Residential $7,571,542 $7,377,404 $194,138 2.63% Commercial 3,706,899 3,734,487 (27,588) -0.74% Industrial 6,524,612 6,624,403 (99,791) -1.51% Wholesale 3,784,436 3,904,051 (119,615) -3.06% Public fire protection 1,386,083 1,377,884 8,199 0.60% All other 2,584,411 2,432,607 151,804 6.24% Total operating revenue 25,557,983 25,450,836 107,147 0.42% Operating Expenses: Operating expenses 19,138,729 17,501,204 1,637,525 9.36% Operating Income 6,419,254 7,949,632 (1,530,378) -19.25% Nonoperating Revenues and Expenses: Interest income 1,012,478 27,875 984,603 3532.21% All other revenues 334,308 315,806 18,502 5.86% Interest expense (1,381,761) (1,484,542) 102,781 -6.92% Amortization 319,300 281,104 38,196 13.59% Excess before contributions 6,703,579 7,089,875 (386,296) -5.45% Capital Contributions 491,546 279,528 212,018 75.85% Transfers out - tax equivalent (2,385,127) (2,367,148) (17,979) 0.76% Change in net position 4,809,998 5,002,255 (192,257) -3.84% Net position – beginning of year 127,402,741 122,400,486 5,002,255 4.09% Net position – end of year $132,212,739 $127,402,741 $4,809,998 3.78% 13 WATER UTILITY City of Green Bay, Wisconsin MANAGEMENT’S DISCUSSION AND ANALYSIS (Unaudited) December 31, 2024 Summary of Net Position December 31, December 31, Increase Year-to-Year Comparison 2024 2023 (Decrease) Assets: Cash and investments $17,140,630 $19,366,599 ($2,225,969) Receivables 12,531,105 11,075,640 1,455,465 Other assets 4,657,951 2,199,867 2,458,084 Net property, plant and equipment 152,511,548 150,436,932 2,074,616 Total Assets 186,841,234 183,079,038 3,762,196 Deferred Outflows of Resources: Deferred outflows 3,626,731 5,337,331 (1,710,600) Liabilities: Payables 11,168,352 10,835,263 333,089 Accrued interest 195,571 215,021 (19,450) Accrued taxes 2,281,794 2,385,127 (103,333) Other liabilities – current 620,910 533,486 87,424 Other liabilities – long-term 282,513 201,769 80,744 Net pension liability 389,100 1,390,540 (1,001,440) Bonds payable – current 3,910,000 4,415,000 (505,000) Bonds payable – long-term 28,971,404 33,319,960 (4,348,556) Total Liabilities 47,819,644 53,296,166 (5,476,522) Deferred Inflows of Resources: Deferred inflows 4,761,441 2,907,464 1,853,977 Net Position: Net investment in capital assets 119,773,155 112,921,575 6,851,580 Restricted for debt retirement 6,962,589 7,487,563 (524,974) Restricted for private service replacement 41,699 4,550 37,149 Unrestricted 11,109,737 11,799,051 (689,314) Total Net Position $137,887,180 $132,212,739 $5,674,441 Summary of Net Position December 31, December 31, Increase Year-to-Year Comparison 2023 2022 (Decrease) Assets: Cash and investments $19,366,599 $17,423,416 $1,943,183 Receivables 11,075,640 10,936,547 139,093 Other assets 2,199,867 4,543,144 (2,343,277) Net property, plant and equipment 150,436,932 150,117,416 319,516 Total Assets 183,079,038 183,020,523 58,515 Deferred Outflows of Resources: Deferred outflows 5,337,331 4,512,402 824,929 Liabilities: Payables 10,835,263 9,214,892 1,620,371 Accrued interest 215,021 233,348 (18,327) Accrued taxes 2,385,127 2,367,148 17,979 Other liabilities – current 533,486 542,199 (8,713) Other liabilities – long-term 201,769 230,459 (28,690) Net pension liability 1,390,540 - 1,390,540 Bonds payable – current 4,415,000 4,305,000 110,000 Bonds payable – long-term 33,319,960 38,173,516 (4,853,556) Total Liabilities 53,296,166 55,066,562 (1,770,396) Deferred Inflows of Resources: Deferred inflows related to pension 2,907,464 5,063,622 (2,156,158) Net Position: Net investment in capital assets 112,921,575 107,978,115 4,943,460 Restricted for debt retirement 7,487,563 7,188,510 299,053 Restricted for private service replacement 4,550 54,632 (50,082) Restricted for net pension asset - 2,127,002 (2,127,002) Unrestricted 11,799,051 10,054,482 1,744,569 Total Net Position $132,212,739 $127,402,741 $4,809,998 14 WATER UTILITY City of Green Bay, Wisconsin MANAGEMENT’S DISCUSSION AND ANALYSIS (Unaudited) December 31, 2024 CAPITAL ASSETS CHANGES The Utility’s total capital assets increased by $7.29 million in 2024 and $5.26 million in 2023. Of the net 2024 increase, $6.67 million was for new water mains, services, hydrants, and meters. Of the 2023 increase, $5.02 million was for new water mains, services, hydrants, and meters. Total capital assets in service before depreciation were $266.18 million and $258.89 million as of December 31, 2024, and 2023 respectively. Construction in progress cost was $825,626 as of December 31, 2024, and $198,941 as of December 31, 2023. All capital assets were funded by special assessments, developer contributions, Department of Homeland Security grants, revenue bonds and Utility funds. Additional information can be found in Note 2 in the basic financial statements. Changes in Capital Assets December 31, December 31, Increase % Year-to-Year Comparison 2024 2023 (Decrease) Change Capital Investment Land $524,689 $524,689 $0 0.0% Buildings and improvements 30,165,993 29,971,368 194,625 0.6% Improvements other than buildings 198,094,994 192,302,273 5,792,721 3.0% Machinery and equipment 36,566,237 35,893,575 672,662 1.9% Total in-service 265,351,913 258,691,905 6,660,008 2.6% Construction in progress 825,626 198,941 626,685 Total Capital Assets $266,177,539 $258,890,846 $7,286,693 2.8% Changes in Capital Assets December 31, December 31, Increase % Year-to-Year Comparison 2023 2022 (Decrease) Change Capital Investment Land $524,689 $524,689 $0 0.0% Buildings and improvements 29,971,368 29,955,261 16,107 0.1% Improvements other than buildings 192,302,273 187,340,349 4,961,924 2.6% Machinery and equipment 35,893,575 35,723,911 169,664 0.5% Total in-service 258,691,905 253,544,210 5,147,695 2.0% Construction in progress 198,941 90,374 108,567 Total Capital Assets $258,890,846 $253,634,584 $5,256,262 2.1% DEBT ADMINISTRATION All scheduled bond payments in 2024 and 2023 were made on time. Requirements of the revenue bond ordinances have also been met, in full, as of December 31, 2024, and 2023. In November 2006, the Water Utility issued revenue bonds in the amount of $49,310,000. The proceeds of this issue were used to refund a portion of the outstanding 2004 revenue bonds. In November 2014, the Water Utility issued revenue bonds in the amount of $14,055,000. The proceeds of this issue were used to refund the remaining outstanding portion of the 2004 revenue bonds. In October 2017, revenue refunding bonds were issued in the amount of $15,730,000. The proceeds of this issue were used to refund a portion of the 2006 and 2014 issues. In August 2019, revenue refunding 15 WATER UTILITY City of Green Bay, Wisconsin MANAGEMENT’S DISCUSSION AND ANALYSIS (Unaudited) December 31, 2024 bonds were issued in the amount of $18,705,000 to refund the remaining outstanding portion of the 2006 revenue bonds. In March 2021, revenue bonds were issued in the amount of $7,080,000 for the building project and for main maintenance. The revenue bond debt outstanding was $30.52 million and $34.93 million as of December 31, 2024, and 2023 respectively. In 2014, Moody’s Investor Service improved the rating of the Utility’s revenue bonds from “Aa3” to “Aa2”. Additional information can be found in Note 2 in the basic financial statements. Changes in Outstanding Bonded Debt December 31, December 31, Increase % Year-to-Year Comparison 2024 2023 (Decrease) Change Debt Instrument 2014 Revenue bond $ 6,215,000 $ 7,090,000 $ (875,000) 2017 Revenue bond - 3,170,000 (3,170,000) 2019 Revenue bond 18,705,000 18,705,000 - 2021 Revenue bond 5,595,000 5,965,000 (370,000) Total $30,515,000 $34,930,000 ($4,415,000) -12.6% Changes in Outstanding Bonded Debt December 31, December 31, Increase % Year-to-Year Comparison 2023 2022 (Decrease) Change Debt Instrument 2014 Revenue bond $ 7,090,000 $ 7,940,000 $ (850,000) 2017 Revenue bond 3,170,000 6,265,000 (3,095,000) 2019 Revenue bond 18,705,000 18,705,000 - 2021 Revenue bond 5,965,000 6,325,000 (360,000) Total $34,930,000 $39,235,000 ($4,305,000) -11.0% INVESTMENT PORTFOLIO The Utility is required to invest its funds in accordance with Section 66.0603 of the Wisconsin State Statutes. These statutes authorize numerous types of depository and investment obligations for municipal funds and including those utilized by the Utility. In addition, the Utility has adopted an official investment policy which places additional limits on the amounts that can be invested in any one issuer, the lengths of maturity and the eligible financial institutions based on their credit ratings. The Utility’s cash and investment portfolio totaled $17.14million as of December 31, 2024, $19.37 million as of December 31, 2023, and $17.42 million as of December 31, 2022. It was earning a weighted average of 5.33% as of December 31, 2024, 4.30% as of December 31, 2023, and 2.35% as of December 31, 2022, based on original purchase price. These utility funds as of December 31, 2024, 2023 and 2022 were invested as follows: 16 WATER UTILITY City of Green Bay, Wisconsin MANAGEMENT’S DISCUSSION AND ANALYSIS (Unaudited) December 31, 2024 Cash and Investment Type Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2022 Wisconsin Local Government Investment Pool 0.68% 0.54% 0.61% Negotiable certificates of deposit 0.00% 6.90% 2.71% Municipal government bonds 4.08% 9.51% 16.64% Corporate bonds 12.41% 9.07% 7.66% U. S. Treasury 18.29% 10.42% 7.23% Interest-bearing money market, checking & savings accounts 64.54% 63.56% 65.15% Total 100.00% 100.00% 100.00% OTHER FINANCIAL INFORMATION Annually, the Water Commission adopts a non-appropriated operating budget and a capital budget. Both budgets are used as financial plans in conjunction with the Utility’s master plan to anticipate the needs for the current and subsequent years. The Utility’s budget is integrated into the accounting system. A monthly analysis of the anticipated rate of return and comparison of budget to actual operating income and expense is performed to control costs and avoid potential deficits. There are no restrictions, commitments, or other limitations that would significantly affect the availability of fund resources for future use except those disclosed related to revenue bond requirements. Contacting the Water Utility’s Financial Management This financial report is designed to provide Green Bay Water Utility’s customers, investors, creditors, and other interested parties with a general overview of the Water Utility’s finances and to demonstrate the Water Utility’s accountability of the money it receives. If you have any questions regarding this report or need additional financial information, please contact the Water Utility’s Business Manager. 17  WATER UTILITY City of Green Bay, Wisconsin Statement of Net Position December 31, 2024 and 2023 Totals 2024 2023 ASSETS Current assets Unrestricted current assets Cash and investments $ 10,018,303 $ 11,716,535 Receivables - customer accounts 12,489,406 11,071,090 Inventories 751,267 750,291 Prepaid items 48,039 31,356 Lease receivable - current 63,938 - Total unrestricted current assets 23,370,953 23,569,272 Restricted current assets Bond Redemption Fund Cash and investments 847,633 952,580 Accrued interest 2,321 3,090 Total bond redemption fund 849,954 955,670 Private service replacement fund Receivables - Grants 41,699 4,550 Total private service replacement fund 41,699 4,550 Total restricted current assets 891,653 960,220 Total current assets 24,262,606 24,529,492 Noncurrent assets Restricted assets Debt reserve fund Cash and investments 6,274,694 6,697,484 Accrued interest 33,212 49,430 Total Restricted assets 6,307,906 6,746,914 Other assets Construction grant to wholesale customers 348,150 379,800 Non-utility plant (net of amortization) 854,446 985,900 Lease receivable 2,556,578 - Total other assets 3,759,174 1,365,700 Capital assets Land 524,689 524,689 Building and improvements 30,165,993 29,971,368 Improvements other than buildings 198,094,994 192,302,273 Machinery and equipment 36,566,237 35,893,575 Construction in progress 825,626 198,941 Total capital assets 266,177,539 258,890,846 Less accumulated depreciation 113,665,991 108,453,914 Net capital assets 152,511,548 150,436,932 Total non current assets 162,578,628 158,549,546 TOTAL ASSETS 186,841,234 183,079,038 DEFERRED OUTFLOWS OF RESOURCES Unamortized loss on advance refunding 143,011 219,603 Pension related amounts 3,483,720 5,117,728 Total deferred outflows of resources 3,626,731 5,337,331 The notes to the financial statements are an integral part of this statement. 18  WATER UTILITY City of Green Bay, Wisconsin Statement of Net Position December 31, 2024 and 2023 Totals 2024 2023 LIABILITIES Current liabilities Accounts payable $ 1,272,532 $ 1,646,096 Sewer and storm water collections payable 9,895,820 9,189,167 Accrued payroll 307,993 244,266 Accrued compensated absences 312,917 289,220 Accrued taxes 2,281,794 2,385,127 Payable from restricted assets Current portion of long-term debt 3,910,000 4,415,000 Accrued interest 195,271 215,021 Total current liabilities 18,176,327 18,383,897 Long-term obligations, less current portion Revenue bonds, net of premiums/discounts 28,971,404 33,319,960 Compensated absences 282,513 201,769 Net pension liability 389,100 1,390,540 Total long-term liabilities 29,643,017 34,912,269 TOTAL LIABILITIES 47,819,344 53,296,166 DEFERRED INFLOWS OF RESOURCES Deferred Inflows - Leases 2,620,516 - Pension related amounts 2,140,925 2,907,464 Total deferred inflows of resources 4,761,441 2,907,464 NET POSITION Net investment in capital assets 119,773,155 112,921,575 Restricted for debt retirement 6,962,589 7,487,563 Restricted for private service replacement 41,699 4,550 Unrestricted 11,109,737 11,799,051 TOTAL NET POSITION $ 137,887,180 $ 132,212,739 The notes to the financial statements are an integral part of this statement. 19  WATER UTILITY City of Green Bay, Wisconsin Statement of Revenues, Expenses and Changes in Net Position For the Years Ended December 31, 2024 and 2023 Totals 2024 2023 OPERATING REVENUES Charges for services $ 24,547,861 $ 23,611,061 Other 1,942,667 1,946,922 Total operating revenues 26,490,528 25,557,983 OPERATING EXPENSES Operation and maintenance 13,065,653 13,304,977 Depreciation 6,148,133 5,833,752 Total operating expenses 19,213,786 19,138,729 Operating income 7,276,742 6,419,254 NONOPERATING REVENUES (EXPENSES) Interest income 1,053,356 1,012,478 Miscellaneous income 359,356 334,308 Interest and fiscal charges (1,270,377) (1,381,761) Amortization of debt premium net of discounts 438,556 438,556 Amortization of loss on advance refundings (76,592) (119,256) Privite service grant revenues 545,393 716,692 Privite service replacement expenses (545,393) (716,692) Total nonoperating revenues (expenses) 504,299 284,325 Income before contributions and transfers 7,781,041 6,703,579 Capital contributions 175,194 491,546 Transfers out - tax equivalent (2,281,794) (2,385,127) Change in net position 5,674,441 4,809,998 Net position - January 1 132,212,739 127,402,741 Net position - December 31 $ 137,887,180 $ 132,212,739 The notes to the financial statements are an integral part of this statement. 20  WATER UTILITY City of Green Bay, Wisconsin Statement of Cash Flows For the Years Ended December 31, 2024 and 2023 Totals 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers $ 25,426,838 $ 25,784,083 Cash paid for employee wages and benefits (6,201,409) (5,535,498) Cash paid to suppliers (6,226,287) (5,360,099) Net cash provided by operating activities 12,999,142 14,888,486 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Paid to city for tax equivalent (2,379,046) (2,367,317) Net cash flows provided (used) by noncapital financing activities (2,379,046) (2,367,317) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of capital assets (8,315,853) (6,009,633) Sale of capital assets 38,975 63,222 Capital contributions received 66,367 72,247 Principal paid on long-term debt (4,415,000) (4,305,000) Interest and issuance costs paid on long-term debt (1,290,127) (1,400,088) Net cash flows provided (used) by capital and related financing activities (13,915,638) (11,579,252) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from the maturity on investments 2,432,124 1,656,289 Purchase of investments (1,932,215) (2,079,006) Interest received 995,739 1,001,266 Net cash provided (used) by investing activities 1,495,648 578,549 Change in cash and cash equivalents (1,799,894) 1,520,466 Cash and cash equivalents - January 1 12,979,716 11,459,250 Cash and cash equivalents - December 31 $ 11,179,822 $ 12,979,716 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating income $ 7,276,742 $ 6,419,254 Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities Depreciation 5,882,905 5,579,116 Depreciation charged to sewer utility 265,228 254,636 Depreciation allocated to other accounts 162,957 212,442 Amortization of non-utility plant 131,454 131,453 Miscellaneous other income 359,356 334,308 Change in operating assets and liabilities Accounts receivables (4,043,562) (108,208) Inventories (976) 51,211 Prepaid items (16,683) 13,938 Accounts payable (373,564) 880,456 Accrued liabilities 868,740 702,681 Deferred inflow of resources 2,620,516 - Pension related deferrals and liabilities (133,971) 417,199 Net cash provided by operating activities $ 12,999,142 $ 14,888,486 Reconciliation of cash and cash equivalents to the statement of net position Cash and investments in current assets $ 10,018,303 $ 11,716,535 Cash and investments in current restricted assets 847,633 952,580 Cash and investments in noncurrent restricted assets 6,274,694 6,697,484 Total cash and investments 17,140,630 19,366,599 Less: noncash equivalents in debt reserve fund (5,960,808) (6,386,883) Total cash and cash equivalents $ 11,179,822 $ 12,979,716 Noncash capital and related financing activities (Increase)/decrease in fair value of investments held at year end $ (73,835) $ (130,376) Capital assets contributed by customers/developers 108,821 419,299 Amortization of premiums, discounts and loss on refundings, net 361,964 319,300 The notes to the financial statements are an integral part of this statement. 21 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Green Bay Water Utility, City of Green Bay, Wisconsin (the “Utility”), have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The significant accounting principles and policies utilized by the Utility are described below: A. REPORTING ENTITY The Utility and the Board of Waterworks Commissioners (the Commission) were created by City of Green Bay (the City) ordinance. The Commission provides nonpartisan management to the Utility pursuant to Chapter 66 of the Wisconsin Statutes. The Commissioners are appointed to seven-year, non-concurrent terms. The Utility encompasses all water supply and transmission operations within the City. The Utility is a department of the City. In compliance with Governmental Accounting Standards Board (GASB) Statement No. 61, the Utility is presented as an enterprise fund in the City's Annual Comprehensive Financial Report (annual report), which is available from the City's Finance Department at 100 North Jefferson Street, Green Bay, Wisconsin or https://greenbaywi.gov/Archive.aspx?AMID=37 B. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING The Utility accounts for its operations as an enterprise fund. Enterprise funds are used to account for government operations that are financed and operated in a manner similar to private business with the intent that the costs (expenses, including depreciation) of providing services to the general public be financed primarily through user charges. The Utility financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Enterprise funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with an Enterprise fund's principal ongoing operations. The principal operating revenues of the Utility are charges to customers for services. Operating expenses include the costs of services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. The Utility is regulated by the Public Service Commission of Wisconsin (PSCW) pursuant to Chapter 196 of the Wisconsin Statutes. The PSCW prescribes accounting policies under a uniform system of accounts for municipal water utilities and approves their rates. These accounting practices are in substantial agreement with generally accepted accounting principles as applicable to governmental enterprise funds except for the recording of additional accumulated depreciation on contributed plant received prior to calendar year 2003, recognition of pension and other post-employment benefits (OPEB) expense, and classification of the tax equivalent on the Statement of Changes in Net Position. These PSCW-prescribed accounting practices are not implemented for reporting purposes in this financial report. 22 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 C. ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS OF RESOURCES, AND NET POSITION Cash and Investments Cash and investments are combined in the financial statements. Cash deposits consist of demand and time deposits with financial institutions and are carried at cost. Investments are stated at fair value. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. For purposes of the statement of cash flows, all cash deposits and highly liquid investments (including restricted assets) with a maturity of three months or less from date of acquisition are considered to be cash equivalents. Accounts Receivable Accounts receivable are recorded at gross amounts with uncollectible amounts recognized under the direct write-off method. No allowance for uncollectible accounts has been provided since the Utility has the right under Wisconsin Statute 66.069 to place delinquent water bills on the tax roll for collection. Inventories Inventories are recorded at cost, which approximates market, using the weighted average method. Inventories consist of expendable supplies held for consumption. The cost is recorded as an expense at the time individual inventory items are consumed rather than when purchased. Prepaid Items Payments made to vendors that will benefit periods beyond the end of the current fiscal year are recorded as prepaid items and are accounted for on the consumption method. Restricted Assets Certain proceeds from waterworks revenue bonds and Utility funds set aside for their repayment are classified as restricted on the statement of net position because their use is limited by applicable bond covenants. In addition, certain assets are restricted by external grantors for specific purposes. Restricted assets have also been reported in connection with the net pension asset balance since this balance must be used to fund employee benefits. Construction Grant to Wholesale Customers The construction grant consists of contributions made for the contract to provide wholesale water service to the Village of Wrightstown, with the balance (net of amortization) of $348,150 and $379,800 as of December 31, 2024, and 2023, respectively. Non-Utility Plant (net of Amortization) Nonutility property consists of costs to contract and contribute a Booster Station and Reservoir to the Village of Ashwaubenon, with a balance (net of amortization) of $854,446 and $985,899 as of December 31, 2024, and 2023, respectively. Capital Assets Capital assets are defined by the Utility as assets with an initial, individual cost of $500 or higher and an estimated useful life in excess of a year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. 23 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Estimated lives and depreciation rates are established by the PSCW. The estimated useful lives are as follows: Assets Years Buildings 31-35 Improvements other than buildings 18-77 Machinery and equipment 3-30 Sewer and Storm Water Collections The Utility performs the billing and collection functions for the City of Green Bay Sanitary Sewer Fund and the City of Green Bay Storm Water Utility. After collection, these funds are remitted to the City. The Utility charges the City for these services at cost plus a return on investment. Compensated Absences It is the Utility's policy to permit employees to accumulate earned but unused vacation and sick leave benefits in accordance with employee handbook policies. All vacation and sick leave is accrued when incurred. A majority of the compensated absences are recorded as a current liability for these amounts are expected to be used within one year. Deferred Outflows/Inflows of Resources In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense) until then. The Utility has two items that qualify for reporting in this category. The first is the unamortized loss on refunding resulting from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The second item is related to the Utility's proportionate share of the Wisconsin Retirement System pension plan and is deferred and amortized over the expected remaining service lives of the pension plan participants. In addition to liabilities, the statement of net position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The Utility has two items that qualifies for reporting in this category. The first item is related to the Utility's proportionate share of the Wisconsin Retirement System pension plan and is deferred and amortized over the expected remaining service lives of the pension plan participants. The second item relates to capital asset leases deferred and amortized over their expected remaining terms. Long-term Obligations Long-term debt and other long-term obligations are reported as Utility liabilities. Bond premiums and discounts are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are expensed as incurred. Leases The Utility is a lessor because it leases capital assets to other entities. As a lessor, the Utility reports a lease receivable and corresponding deferred inflow of resources in the financial statements. The Utility report and depreciate the capital assets being leased as capital assets. 24 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Pensions For purposes of measuring the net pension liability (asset), deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Wisconsin Retirement System (WRS) and additions to/deductions from WRS' fiduciary net position have been determined on the same basis as they are reported by WRS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. Net Position Net Position is classified in three components:  Net investment in capital assets. Amount of capital assets, net of accumulated depreciation, and capital related deferred outflows of resources less outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets and any capital related deferred inflows of resources.  Restricted net position. Amount of net position that is subject to restrictions that are imposed by 1) external groups, such as creditors, grantors, contributors or laws or regulations of other governments or 2) law through constitutional provisions or enabling legislation.  Unrestricted net position. Net position that is neither classified as restricted nor as net investment in capital assets. When both restricted and unrestricted resources are available for use, it is the Utility's policy to use restricted resources first, then unrestricted resources as they are needed. D. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. E. RECLASSIFICATIONS Certain amounts in the prior year financial statements have been reclassified to conform to the presentation in the current year financial statements with no change in previously reported net position or changes in net position. NOTE 2: DETAILED NOTES ON ALL FUNDS A. CASH AND INVESTMENTS The Utility maintains various restricted and unrestricted cash and investment accounts. Invested cash consists of deposits and investments that are restricted by Wisconsin Statutes to the following: Time deposits; repurchase agreements; securities issued by federal, state and local governmental entities; statutorily authorized commercial paper and corporate securities; and the Wisconsin Local Government Investment Pool. 25 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 The carrying amount of the Utility's cash and investments totaled $17,140,631 on December 31, 2024 and $19,366,599 on December 31, 2023 as summarized below: 2024 2023 Petty cash and cash on hand $ 1,700 $ 1,700 Deposits with financial institutions 11,061,192 12,867,023 Investments Negotiable certificate of deposit - 476,507 Wisconsin Local Government Investment Pool 116,930 110,993 U.S. Treasury 3,135,437 2,124,227 State and municipal bonds 698,685 1,938,543 Agency securities 2,126,686 1,847,607 $ 17,140,630 $ 19,366,599 Reconciliation to the financial statements: 2024 2023 Unrestricted current assets Cash and investments $ 10,018,303 $ 11,716,535 Restricted current assets Cash and investments 847,633 952,580 Restricted noncurrent assets Cash and investments 6,274,694 6,697,484 $ 17,140,630 $ 19,366,599 Fair Value Measurements The Utility categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant observable inputs; Level 3 inputs are significant unobservable inputs. The Utility has the following fair value measurements as of December 31, 2024 and December 31, 2023.  State and local government securities, U.S. Treasuries, corporate bonds and federal agency securities are valued using significant observable inputs (Level 2 inputs) of quoted prices for similar assets in active markets.  Negotiable certificates of deposit are valued using significant observable inputs (Level 2 inputs) of quoted prices for similar assets in active markets. Deposits and investments of the Utility are subject to various risks. Presented below is a discussion of the Utility's deposits and investments and the related risks. Custodial Credit Risk Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. Wisconsin statutes require repurchase agreements to be fully collateralized by bonds or securities issued or guaranteed by the federal government or its instrumentalities. The Utility does not have an additional custodial credit policy. 26 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Deposits with financial institutions within the State of Wisconsin are insured by the Federal Deposit Insurance Corporation (FDIC) in the amount of $250,000 for the combined amount of all time and savings deposits and $250,000 for interest-bearing and noninterest-bearing demand deposits per official custodian per insured depository institution. Deposits with financial institutions located outside the State of Wisconsin are insured by the FDIC in the amount of $250,000 for the combined amount of all deposit accounts per official custodian per depository institution. Deposits with credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF) in the amount of $250,000 per credit union member. Also, the State of Wisconsin has a State Guarantee Fund, which provides a maximum of $1,000,000 per public depository above the amount provided by an agency of the U.S. Government. However, due to the relatively small size of the State Guarantee Fund in relation to the Fund's total coverage, total recovery of insured losses may not be available. This coverage has been considered in determining custodial credit risk. As of December 31, 2024, $9,561,193 and as of December 31, 2023, $12,979,423 of the Utility's deposits with financial institutions were in excess of federal and state depository insurance limits. All amounts were collateralized with securities held by the pledging financial institution or its trust department or agent but not in the Utility's name. Credit Risk Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Wisconsin statutes limit investment in securities to the top two ratings assigned by nationally recognized statistical rating organizations. Presented below is the actual rating as of the year- end for each investment type. Exempt From Disclosure Investment Type Amount Aa1 Aa2 AAA AA + to A+ A to AA- Note Rated December 31, 2024 State and municipal bonds $ 698,685 $ 186,229 $ 167,011 $ 345,445 $ - $ - $ - Agency securities 2,126,686 - - 2,126,686 - - - U.S. Treasury 3,135,437 - - 3,135,437 - - - Wisconsin Local Government Investment Pool 116,930 - - - - - 116,930 Total $ 6,077,738 $ 186,229 $ 167,011 $ 5,607,568 $ - $ - $ 116,930 December 31, 2023 State and municipal bonds $ 1,938,543 $ - $ 674,129 $ 519,630 $ 350,000 $ 394,384 $ - Agency securities 1,847,607 - - 1,847,607 - - - U.S. Treasury 2,124,227 - - 2,124,227 - - - Negotiable certificates of deposit 476,507 - - - 476,507 - - Wisconsin Local Government Investment Pool 110,993 - - - - - 110,993 Total $ 6,497,876 $ - $ 674,129 $ 4,491,463 $ 826,907 $ 394,384 $ 110,993 27 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Concentration of Credit Risk The investment policy of the Utility limits the amount that can be invested in any one issuer as presented below. This policy does not apply to investments held in the Debt Reserve Fund, which are invested in accordance with terms of the 2021 debt financing transaction. Investment Type Limit U.S. treasury note (per issue) $ 5,000,000 U.S. agency (per issue) 5,000,000 Commercial paper & notes (per issue) 1,000,000 WI Local Government Investment Pool 10,000,000 Investments in any one issuer (other than U.S. treasury securities, mutual funds and external investment pools) that represent 5% or more of the total Utility investment are as follows: December 31, December 31, Issuer Investment Type 2024 2023 Vermont Housing State municipal bond $ - $ 364,139 Milwaukee Housing Local municipal bond - 320,502 Chaska Economic Development Local municipal bond - 394,384 FHLB Agency Security 698,087 441,991 FHMLC Agency Security 492,188 246,025 FNMA Agency security 494,060 235,092 Interest Rate Risk Interest rate risk is the risk that changes in market interest rates may adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the Utility manages its exposure to interest rate risk is by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. By laddering its portfolio to match scheduled disbursements and by maintaining a prudent balance in an interest-bearing checking account for unexpected draws, the Utility ensures sufficient liquidity to meet its cash flow needs. The Utility's investment policy requires that the portfolio weighted average maturity shall remain below twelve months. This policy does not apply to investments held in the Debt Reserve Fund, which are invested in accordance with terms of the 2021 debt financing transaction. The Utility does not have a formal investment policy relating to specific investment-related risk. Information about the sensitivity of the fair values of the Utility's investments to market interest rate fluctuations is provided by the following table that shows the distribution of the Utility's investments by maturity: 28 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 12 Months 13 to 24 25 to 60 Investment Type Amount or Less Months Months December 31, 2024 Debt Reserve Fund Investments State and municipal bonds $ 698,685 $ 276,978 $ - $ 421,707 Agency securities 2,126,686 1,129,856 249,483 747,347 U.S. Treasury 3,135,438 743,895 682,433 1,709,110 Total debt reserve fund 5,960,809 2,150,729 931,916 2,878,164 Investment other than Debt Reserve Wisconsin Local Government Investment Pool 116,930 116,930 - - Total investments $ 6,077,739 $ 2,267,659 $ 931,916 $ 2,787,164 December 31, 2023 Debt Reserve Fund Investments State and municipal bonds $ 1,938,543 $ - $ 1,437,033 $ 501,509 Agency securities 1,847,607 - 1,102,357 745,250 U.S. Treasury 2,124,227 248,945 732,473 1,142,810 Negotiable certificates of deposit 476,507 - - 476,507 Total debt reserve fund 6,386,883 248,945 3,271,863 2,866,076 Investments other than Debt Reserve Wisconsin Local Government Investment Pool 110,993 110,993 - - Total investment $ 6,497,876 $ 359,938 $ 3,271,863 $ 2,866,076 Investments with Fair Values Highly Sensitive to Interest Rate Fluctuations On December 31, 2024 and 2023, the Utility held no investments that are highly sensitive to interest rate fluctuations (to a greater degree than already indicated in the information provided above). Investments in Wisconsin Local Government Investment Pool The Utility has investments in the Wisconsin Local Government Investment pool of $116,930 and $110,993 as of December 31, 2024 and 2023 respectively. The Wisconsin Local Government Investment Pool (LGIP) is part of the State Investment Fund (SIF), and is managed by the State of Wisconsin Investment Board. The SIF is not registered with the Securities and Exchange Commission, but operates under the statutory authority of Wisconsin Chapter 25. The SIF reports the fair value of its underlying assets annually. Participants in the LGIP have the right to withdraw their funds in total on one day's notice. At December 31, 2024 and 2023 the fair value of the Utility's share of the LGIP's assets was substantially equal to the carrying value. Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Wisconsin statutes limit investments in securities to the top two ratings assigned by nationally recognized statistical rating organizations. The Utility does not have an additional credit risk policy. The Utility's investment in the Wisconsin Local Government Investment Pool is not rated. 29 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 The Utility does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. The investments held by the Wisconsin Local Government Investment Pool mature in 12 months or less. B. RESTRICTED ASSETS The restricted assets consist of cash and investments held in the debt reserve and bond redemption funds along with accrued interest as required by revenue bond ordinances and the private service replacement fund as required by the grant agreement and the net pension asset maintained by the Wisconsin Retirement System. The debt reserve fund requires a balance equal to the minimum reserve amount as defined in the 2021, 2019 and 2006 series revenue bond documents. This minimum amount was $6,109,175 and $6,109,175 as of December 31, 2024 and 2023. The debt reserve fund account had cash and investments available of $6,274,694 and $6,697,484 at December 31, 2024 and 2023 respectively, which were in compliance with the bond ordinance. The bond redemption fund accumulates monies to be used to make principal and interest payments as they mature. Transfers are made to this fund on a monthly basis. The bond redemption fund balances at December 31, 2024 and 2023 were $847,633 and $952,580 respectively. The bond redemption fund was also in compliance with bond ordinances. The excess restricted assets over current liabilities payable from restricted assets is shown as restricted for debt retirement and restricted for private service replacement in the net position section on the statement of net position. The private service replacement fund assets are required by a grant to be used for the replacement of lead or galvanized service lines. The excess restricted assets over current liabilities payable from restricted assets is shown as restricted for private service replacement in the net position section on the statement of net position. 30 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 C. CAPITAL ASSETS Capital asset activity for the year ended December 31, was as follows: Beginning Ending Balance Increases Decreases Balance December 31, 2024 Capital assets, net being depreciated: Land $ 524,689 $ - $ - $ 524,689 Construction in progress 198,941 677,575 50,890 825,626 Total capital assets, net being depreciated 723,630 677,575 50,890 1,350,315 Capital assets, being depreciated: Buildings and improvements 29,971,368 194,625 - 30,165,993 Machinery and equipment 35,893,575 1,036,427 363,765 36,566,237 Improvements other than buildings 192,302,273 6,566,943 774,222 198,094,994 Subtotal 258,167,216 7,797,995 1,137,987 264,827,224 Less accumulated depreciation for: Buildings and improvements 20,147,431 938,086 - 21,085,517 Machinery and equipment 29,018,045 1,687,505 363,766 30,341,784 Improvements other than buildings 59,288,438 3,724,473 774,221 62,238,690 Subtotal 108,453,914 6,350,064 1,137,987 113,665,991 Total capital assets, being depreciated, net 149,713,302 1,447,931 - 151,161,233 Total capital assets, net $ 150,436,932 $ 2,125,506 $ 50,890 $ 152,511,548 Reconciliation of 2024 increases in accumulated depreciation: Depreciation expense on schedule of operating expenses $ 6,148,133 Depreciation allocated to other accounts 162,956 Total depreciation expense 6,311,089 Salvage value received on capital assets retired 38,975 Total additions in accumulated depreciation $ 6,350,064 31 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Beginning Ending Balance Increases Decreases Balance December 31, 2023 Capital assets, net being depreciated: Land $ 524,689 $ - $ - $ 524,689 Construction in progress 90,374 153,660 45,093 198,941 Total capital assets, net being depreciated 615,063 153,660 45,093 723,630 Capital assets, being depreciated: Buildings and improvements 29,955,261 16,948 841 29,971,368 Machinery and equipment 35,723,911 682,971 513,307 35,893,575 Improvements other than buildings 187,340,349 5,585,603 623,679 192,302,273 Subtotal 253,019,521 6,285,522 1,137,827 258,167,216 Less accumulated depreciation for: Buildings and improvements 19,213,557 934,715 841 20,147,431 Machinery and equipment 27,993,120 1,538,232 513,307 29,018,045 Improvements other than buildings 56,310,491 3,636,469 658,522 59,288,438 Subtotal 103,517,168 6,109,416 1,172,670 108,453,914 Total capital assets, being depreciated, net 149,502,353 176,106 (34,843) 149,713,302 Total capital assets, net $ 150,117,416 $ 329,766 $ 10,250 $ 150,436,932 Reconciliation of 2023 increases in accumulated depreciation: Depreciation expense on schedule of operating expenses $ 5,833,752 Depreciation allocated to other accounts 212,442 Total depreciation expense 6,046,194 Salvage value received on capital assets retired 63,222 Total additions in accumulated depreciation $ 6,109,416 32 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 D. LONG-TERM OBLIGATIONS The following is a summary of changes in long-term obligations of the Utility for the year ended December 31, 2024 and 2023: Beginning Ending Due Within Balance Issued Retired Balance One Year December 31, 2024 Revenue bonds $ 34,930,000 $ - $ 4,415,000 $ 30,515,000 $ 3,910,000 Debt premium, net of discounts 2,804,960 - 438,556 2,366,404 - Compensated absences 490,989 393,661 289,220 595,430 312,917 Long-term obligations $ 38,225,949 $ 393,661 $ 5,142,776 $ 33,476,834 $ 4,222,917 December 31, 2023 Revenue bonds $ 39,235,000 $ - $ 4,305,000 $ 34,930,000 $ 4,415,000 Debt premium, net of discounts 3,243,516 - 438,556 2,804,960 - Compensated absences 533,569 301,788 344,367 490,989 289,220 Long-term obligations $ 43,012,085 $ 301,788 $ 5,087,923 $ 38,225,949 $ 4,704,220 Advance Refunding During 2006, the Water Utility advance refunded a portion of the revenue bond issue from 2004. The Water Utility issued $49,310,000 of revenue bonds, which were used to provide resources to purchase U.S. Government and Local Government Series securities that were placed in an irrevocable trust for the purpose of generating resources for all future debt service payments of the refunded debt. As a result, the refunded bonds were considered to be defeased and the liability was removed from the enterprise fund. The outstanding revenue bonds defeased at the time of refunding was $45,555,000 and has maturities from 2019 through 2029. At December 31, 2024 and 2023, the outstanding balances of the bonds defeased was $21,430,000 and $24,425,000, respectively. During 2017, the Water Utility advance refunded a portion of the revenue bond issue from 2006. The Water Utility issued $15,730,000 of revenue bonds, which were used to provide resources to purchase U.S. Government and Local Government Series securities that were placed in an irrevocable trust for the purpose of generating resources for all future debt service payments of the refunded debt. As a result, the refunded bonds were considered to be defeased and the liability was removed from the enterprise fund. The outstanding revenue bonds defeased at the time of refunding was $14,530,000 and have maturities from 2020 through 2024. At December 31, 2024 and 2023, the outstanding balances of the bonds defeased was $0 and $3,200,000, respectively. Current Refunding During 2019, the Utility currently refunded the remainder of the revenue bond issue from 2006. The Utility issued $18,705,000 of revenue bonds to call the refunded debt. This current refunding was undertaken to reduce total debt service payments over the next ten years by $2,897,023 and to obtain an economic gain (difference between the present value of the debt service payments of the refunded and refunding bonds) of $2,387,120. 33 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Revenue Bonds Revenue bonds outstanding in 2024 and 2023 totaled $30,515,000 and $34,930,000, respectively and were comprised of the following issues: Date of Final Interest Original Balance Balance Issue Maturity Rate Indebtedness 12/31/24 12/31/23 Revenue Bonds 10/14/14 11/1/29 3.00-3.50 % $ 14,055,000 $ 6,215,000 $ 7,090,000 Revenue Bonds 10/17/17 11/1/24 1.47-2.56 % 15,730,000 - 3,170,000 Revenue Bonds 8/5/19 11/1/29 4.00-5.00 % 18,705,000 18,705,000 18,705,000 Revenue Bonds 3/23/21 11/1/40 2.00-4.00 % 7,080,000 5,595,000 5,965,000 Total outstanding general obligation debt $ 30,515,000 $ 34,930,000 Annual principal and interest maturities of the outstanding revenue bonds are detailed below: Year Ended December 31, 2024 Principal Interest Total 2025 $ 3,910,000 $ 1,001,725 $ 4,911,725 2026 4,085,000 823,975 4,908,975 2027 4,270,000 632,975 4,902,975 2028 4,460,000 459,575 4,919,575 2029 10,230,000 71,200 10,301,200 2030-2034 1,615,000 285,800 1,900,800 2035-2039 1,605,000 131,500 1,736,500 2040 340,000 6,800 346,800 $ 30,515,000 $ 3,413,550 $ 33,928,550 All Utility revenues net of specified operating expenses are pledged as security of the above revenue bonds until the bonds are defeased. Principal and interest paid for 2024 and 2023 were $5,705,127 and $5,705,088, respectively. Total customer net revenues as defined for the same periods were $14,837,587 and $13,326,915. Annual principal and interest payments are expected to require 39% of net revenues on average. E. PENSION PLAN Plan Description The WRS is a cost-sharing, multiple-employer, defined benefit pension plan. WRS benefits and other plan provisions are established by Chapter 40 of the Wisconsin Statutes. Benefit terms may only be modified by the legislature. The retirement system is administered by the Wisconsin Department of Employee Trust Funds (ETF). The system provides coverage to all eligible State of Wisconsin, local government and other public employees. All employees, initially employed by a participating WRS employer on or after July 1, 2011, and expected to work at least 1200 hours a year and expected to be employed for at least one year from employee's date of hire are eligible to participate in the WRS. ETF issues a standalone Annual Comprehensive Financial Report, which can be found at https://etf.wi.gov/about-etf/reports-and-studies/financial-reports-and-statements Additionally, ETF issued a stand alone Wisconsin Retirement System Financial Report, which can be found using the link above. 34 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Vesting For employees beginning participation on or after January 1, 1990 and no longer actively employed on or after April 24, 1998, creditable service in each of five years is required for eligibility for a retirement annuity. Participants employed prior to 1990 and on or after April 24, 1998, and prior to July 1, 2011, are immediately vested. Participants who initially became WRS eligible on or after July 1, 2011, must have five years of creditable service to be vested. Benefits Provided Employees who retire at or after age 65 (54 for protective occupation employees, 62 for elected officials and executive service retirement participants, if hired on or before 12/31/2016) are entitled to retirement benefit based on a formula factor, their average earnings and creditable service. Final average earnings is the average of the participant's three highest annual earnings period. Creditable service includes current service and prior service for which a participant received earnings and made contributions as required. Creditable service also includes creditable military service. The retirement benefit will be calculated as a money purchase benefit based on the employee's contributions plus matching employer's contributions, with interest, if that benefit is higher than the formula benefit. Vested participants may retire at age 55 (50 for protective occupations) and receive an actuarially reduced benefit. Participants terminating covered employment prior to before becoming eligible for a retirement benefit may withdraw their contributions and forfeit all rights to any subsequent benefits. The WRS also provides death and disability benefits for employees. Post-Retirement Adjustments The Employee Trust Funds Board may periodically adjust annuity payments from the retirement system based on annual investment performance in accordance with s. 40.27, Wis. Stat. An increase (or decrease) in annuity payments may result when investment gains (losses), together with other actuarial experience factors, create a surplus (shortfall) in the reserves, as determined by the system's consulting actuary. Annuity increases are not based on cost of living or other similar factors. For Core annuities, decreases may be applied only to previously granted increases. By law, Core annuities cannot be reduced to an amount below the original, guaranteed amount (the “floor”) set at retirement. The Core and Variable annuity adjustments granted during recent years are as follows: Year Core Fund Adjustment % Variable Fund Adjustment % 2014 4.70 25.00 2015 2.90 2.00 2016 0.50 (5,00) 2017 2.00 4.00 2018 2.40 17.00 2019 0.00 (10.00) 2020 1.70 21.00 2021 5.10 13.00 2022 7.40 15.00 2023 1.60 (21.00) 35 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Contributions Required contributions are determined by an annual actuarial valuation in accordance with Chapter 40 of the Wisconsin Statutes. The employee required contribution is one-half of the actuarially determined contribution rate for General category employees, including Teachers, Executives and Elected Officials. Starting on January 1, 2016, the Executives and Elected Officials category was merged into the General Employee category. Required contributions for protective employees are the same rate as general employees. Employers are required to contribute the remainder of the actuarially determined contribution rate. The employer may not pay the employee required contribution unless provided for by an existing collective bargaining agreement. WRS recognized $348,191 and $317,816 in contributions from the Utility for the current and prior reporting periods, respectively. Contribution rates for the reporting period are: 2024 2023 Employee Category Employee Employer Employee Employer General (Executives & Elected Officials) 6.80 % 6.80 % 6.50 % 6.50 % Protective with Social Security 6.80 13.20 6.50 12.00 Protective without Social Security 6.80 18.10 6.50 16.40 Pension Asset, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At December 31, 2024, the Utility reported a liability (asset) of $389,100 for its proportionate share of the net pension liability (asset). The net pension liability (asset) was measured as of December 31, 2023, and the total pension liability (asset) used to calculate the net pension liability (asset) was determined by an actuarial valuation as of December 31, 2022 rolled forward to December 31, 2023. No material changes in assumptions or benefit terms occurred between the actuarial valuation date and the measurement date. The Utility's proportion of the net pension liability (asset) was based on the Utility's share of contributions to the pension plan relative to the contributions of all participating employers. At December 31, 2023, the Utility's proportion was 0.02617015%, which was a decrease of 0.00219628% from its proportion measured as of December 31, 2022. At December 31, 2023, the Utility reported a liability (asset) of $1,390,540 for its proportionate share of the net pension liability (asset). The net pension liability (asset) was measured as of December 31, 2022, and the total pension liability (asset) used to calculate the net pension liability (asset) was determined by an actuarial valuation as of December 31, 2021 rolled forward to December 31, 2022. No material changes in assumptions or benefit terms occurred between the actuarial valuation date and the measurement date. The Utility's proportion of the net pension asset was based on the Utility's share of contributions to the pension plan relative to the contributions of all participating employers. At December 31, 2022, the Utility's proportion was 0.02836643%, which was a decrease of 0.00197723% from its proportion measured as of December 31, 2021. For the year ended December 31, 2024 and 2023, the Utility recognized pension expense of $214,220 and $417,199, respectively. 36 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 At December 31, 2024, the Utility reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ 1,745,448 $ 2,127,832 Net differences between projected and actual earnings on pension plan investments 185,129 - Changes in assumptions 1,183,107 - Changes in proportion and differences between employer contributions and proportionate share of contributions 1,203 13,093 Employer contributions subsequent to the measurement date 368,833 - Total $ 3,483,720 $ 2,140,925 At December 31, 2023, the Utility reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ 2,344,741 $ 2,898,334 Net differences between projected and actual earnings on pension plan investments 2,139,703 - Changes in assumptions 283,221 - Changes in proportion and differences between employer contributions and proportionate share of contributions 1,872 9,130 Employer contributions subsequent to the measurement date 348,191 - Total $ 5,117,728 $ 2,907,464 The $368,833 reported as deferred outflows related to pension resulting from the Utility's contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended December 31, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pension will be recognized in pension expense as follows: Net Deferred Outflow of Resources Year ending December 31: 2025 $ 198,056 2026 208,064 2027 821,932 2028 (254,090) Total $ 973,962 37 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Actuarial Assumptions The total pension liability in the actuarial valuation used in the current and prior period were determined using the following actuarial assumptions, applied to all periods included in the measurement: 2024 2023 Actuarial valuation date: December 31, 2022 December 31, 2021 Measurement date of net pension liability (asset): December 31, 2023 December 31, 2022 Actuarial cost method: Entry Age Normal Entry Age Normal Asset valuation method: Fair Value Fair Value Long-term expected rate of return: 6.8% 6.8% Discount rate: 6.8% 6.8% Salary increases: Inflation 3.0% 3.0% Seniority/Merit 0.1% - 5.6% 0.1% - 5.6% 2020 WRS Experience 2020 WRS Experience Mortality Mortality Table Mortality Table Post-retirement adjustments* 1.7% 1.7% *No post-retirement adjustment is guaranteed. Actual adjustments are based on recognized investment return, actuarial experience and other factors. The percentages listed above are the assumed annual adjustment based on the investment return assumption and the post-retirement discount rate. Actuarial assumptions are based upon an experience study published in 2021 that covered a three-year period from January 1, 2018 to December 31, 2020. The total pension liability for December 31, 2023 is based upon a roll-forward of the liability calculated from the December 31, 2022 actuarial valuation. The total pension liability for December 31, 2022 is based upon a roll-forward of the liability calculated from the December 31, 2021 actuarial valuation. Long-Term Expected Return on Plan Assets The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class as of December 31, 2024 are summarized in the following table: Long-Term Long-Term Expected Expected Current Asset Nominal Rate Real Rate of Allocation % of Return % Return % Core Fund Asset Class Public equity 40 % 7.3 % 4.5 % Public fixed income 27 5.8 3.0 Inflation sensitive assets 19 4.4 1.7 Real estate 8 5.8 3.0 Private equity/debt 18 9.6 6.7 Leverage (12) 3.7 1.0 Total core fund 100 7.4 4.6 Variable Fund Asset Class U.S. equities 70 6.8 4.0 International equities 30 7.6 4.8 Total Variable Fund 100 7.3 4.5 38 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Asset Allocations are managed within established ranges; target percentages may differ from actual monthly allocations. New England Pension Consultants Long-Term U.S. CPI (Inflation) Forecast: 2.7%. The investment policy used for the Core Fund involves reducing equity exposure by leveraging lower-volatility assets, such as fixed income securities. Currently, an asset allocation target of 12% policy leverage is used subject to an allowable range of up to 20%. The target allocation and best estimates of arithmetic real rates of return for each major asset class as of December 31, 2023 are summarized in the following table: Long-Term Long-Term Expected Expected Current Asset Nominal Rate Real Rate of Allocation % of Return % Return % Core Fund Asset Class Public equity 48 % 7.6 % 5.0 % Fixed income 25 5.3 2.7 Inflation sensitive assets 19 3.6 1.1 Real estate 8 5.2 2.6 Private equity/debt 15 9.6 6.9 Total Core Fund 115 7.4 4.8 Variable Fund Asset Class U.S. equities 70 7.2 4.6 International equities 30 8.1 5.5 Total Variable Fund 100 7.7 5.1 Asset Allocations are managed within established ranges; target percentages may differ from actual monthly allocations New England Pension Consultants Long-Term U.S. CPI (Inflation) Forecast: 2.5% The investment policy used for the Core Fund involves reducing equity exposure by leveraging lower-volatility assets, such as fixed income securities. This results in an asset allocation beyond 100%. Currently, an asset allocation target of 15% policy leverage is used, subject to an allowable range of up to 20%. Single Discount Rate A single discount rate of 6.80% was used to measure the total pension liability as of December 31, 2024 and December 31, 2023. As of December 31, 2023, this discount rate was based on the expected rate of return on pension plan investments of 6.80% and a long term bond rate of 3.77%. As of December 31, 2022, the discount rate was based on the expected rate of return on pension plan investments of 6.80% and a long term bond rate of 4.05%. (Source: Fixed-income municipal bonds with 20 years to maturity that include only federally tax-exempt municipal bonds as reported in Fidelity Index's "20-year Municipal GO AA Index" as of December 31, 2023 and 2022, respectively. In describing this index, Fidelity notes that the Municipal Curves are constructed using option-adjusted analytics of a diverse population of over 10,000 tax-exempt securities.) Because of the unique structure of WRS, the 6.80% expected rate of return implies that a dividend of approximately 1.7% will always be paid. For purposes of the single discount rate, it was assumed that the dividend would always be paid. The projection of cash flows used to determine this single discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on these assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments (including expected dividends) of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. 39 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Sensitivity of the Utility's Proportionate Share of the Net Pension Asset to Changes in the Discount Rate The following presents the Utility's proportionate share of the net pension liability calculated using the discount rate of 6.80 percent, as well as what the Utility's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.80 percent) or 1-percentage-point higher (7.80 percent) than the current rate. The sensitivity analysis as of December 31, 2024 follows: 1% Decrease to Current 1% Increase to Discount Rate Discount Rate Decrease Rate (5.80%) (6.80%) (7.80%) Utility's proportionate share of the net pension liability (asset) $ 3,760,834 $ 389,100 $ (1,970,246) The sensitivity analysis as of December 31, 2023 follows: 1% Decrease to Current 1% Increase to Discount Rate Discount Rate Decrease Rate (5.80%) (6.80%) (7.80%) Utility's proportionate share of the net pension liability (asset) $ 4,615,157 $ 1,390,540 $ (827,720) Pension Plan Fiduciary Net Position Detailed information about the pension plan's fiduciary net position is available in separately issued financial statements available at https://etf.wi.gov/about-etf/reports-and-studies/financial-reports-and- statements At December 31, 2024 and 2023, the Utility reported no outstanding amount of contributions to the pension plan. F. OTHER POSTEMPLOYMENT BENEFITS Plan Description The Utility provides health care insurance coverage for employees who retire until they reach the age of 65, under a plan administered by the City of Green Bay. The retired employee contributes 100% of the premium for family coverage or 100% of the premium for single coverage. The City of Green Bay obtained an actuarial valuation report dated January 1, 2021 in accordance with the parameters of GASB Statement No. 75, which resulted in an immaterial liability. As such, no liability is applicable to the utility. G. LEASE DISCLOSURE Lessor – Lease Receivable Receivable Receivable Lease Receivable Date of Final Interest Balance Balance Description Inception Maturity Rates 12/31/24 12/31/23 Cellular antennas on water tower 2024 2045-2049 2.00 % $ 2,620,516 $ - The Utility recognized $61,872 of lease revenue as of December 31, 2024. The Utility recognized $33,724 of interest revenue as of December 31, 2024. 40 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 NOTE 3: OTHER INFORMATION A. RISK MANAGEMENT The Utility is exposed to various risks of loss related to torts; theft of, damage to or destruction of assets; errors and omissions; workers compensation; and health care of its employees for which the government carries commercial insurance. The Utility along with the City completes an annual review of its insurance coverage to ensure adequate coverage. Liability Self-Insurance Fund During 1987, the City of Green Bay, along with the Utility as a department of the City, together with certain other units of government within the State of Wisconsin, created the Cities and Villages Mutual Insurance Company (CVMIC) to provide liability insurance services to its members under section 611.23 of the Wisconsin Statutes. The Utility, along with the City, is partially self-insured for liability insurance and pays premiums to CVMIC for its excess liability insurance coverage. The actuary for CVMIC determines premium charges to its members who are required to pay the expected claims and loss adjustment expenses. CVMIC's ongoing operational expenses, other than loss adjustment expenses, are apportioned pro rata to each member. CVMIC provides general liability, police and nurses professional liability, public official's liability, vehicle liability and excess liability coverage for the Utility and the City up to $2,000,000. The Utility's self-insured retention limit is $250,000 for any one occurrence, $1,000,000 retention aggregate per year. The City and Utility also carry excess insurance, which covers up to $5,000,000 per occurrence above CVMIC limit and $15,000,000 aggregate for all members. Premiums paid by the Utility to CVMIC are expensed over the term of the policy coverage period. A separate financial report is issued annually by CVMIC. Claims liabilities of $337,050 at December 31, 2024 and $1,150,020 at December 31, 2023 were reported in the City of Green Bay's liability self-insurance internal service fund based on the requirements of GASB Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Changes in the City's internal service fund's claim liability amount for 2024 and 2023 follow: Current Year Claims and Liability Changes in Claims Liability January 1 Estimates Payment December 31 2024 $ 1,150,020 $ 332,905 $ 1,145,874 $ 337,050 2023 535,065 1,058,394 443,439 1,150,020 Health and Dental Self-Insurance Fund Utility and City employees, retirees and employee dependents are eligible for medical and dental benefits from a health and dental self-insurance fund. Funding is provided by charges to the Utility, the City, employees and retirees. Retirees are billed monthly premiums for health and dental benefits. Through December 31, 2012, retirees were allowed to pay the same premium as active employees. Effective January 1, 2013, a ten year plan was approved by the City Common Council, whereby, retirees' premiums will increase with medical inflation plus an average of 6.6% annually and accumulating over the ten year period to place their rate more in line with costs incurred by the retiree group. The program is supplemented by stop loss protection, which limits the Utility's and City's annual liability. The 2024 and 2023 stop loss limits are $300,000 and $300,000, respectively, per specific claim plus an additional risk corridor of $65,000. Fund expenses consist of payments to consultants and administrators, medical and dental claims, and stop loss insurance premiums. 41 WATER UTILITY City of Green Bay, Wisconsin NOTES TO BASIC FINANCIAL STATEMENTS December 31, 2024 and 2023 Claims liabilities of $981,447 at December 31, 2024 and $863,709 at December 31, 2023 were reported in the City of Green Bay's health and dental self-insurance internal service fund based on the requirements of GASB Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Changes in the City's health and dental internal service fund's claim liability amount for 2024 and 2023 follow: Current Year Claims and Liability Changes in Claims Liability January 1 Estimates Payment December 31 2024 $ 863,709 $ 12,779,409 $ 12,661,671 $ 981,447 2023 1,097,759 11,913,229 12,147,279 863,709 Workers' Compensation Self-Insurance Fund The Utility, along with the City, have established a workers' compensation self-insurance fund to finance workers compensation awards for their employees. The program is funded by charges to the Utility and the City. The program is also supplemented by stop loss protection, which limits the Utility's and City's annual liability to $750,000 for protective employees and $500,000 for non-protective employees, per incident, per occurrence. Fund expenses and the accrual of claim liabilities are accounted for in the same manner as discussed previously for the health and dental self-insurance fund. Claims liabilities of $621,155 at December 31, 2024 and $1,734,335 at December 31, 2023 were reported in the City of Green Bay's workers' compensation self-insurance internal service fund based on the requirements of GASB Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Changes in the City's workers' compensation internal service fund's claim liability amount for 2024 and 2023 follow: Current Year Claims and Liability Changes in Claims Liability January 1 Estimates Payment December 31 2024 $ 1,734,335 $ 244,896 $ 1,358,077 $ 621,155 2023 2,054,204 498,613 818,482 1,734,335 C. UPCOMING ACCOUNTING PRONOUNCEMENTS The Governmental Accounting Standards Board (GASB) has approved the following:  Statement No. 102, Certain Risk Disclosures  Statement No. 103, Financial Reporting Model Improvements  Statement No. 104, Disclosure of Certain Capital Assets When they become effective, application of these standards may restate portions of these financial statements. SUBSEQUENT EVENT The Utility evaluated subsequent events through May 19, 2025, the date that the financial statements were available to be issued, for events requiring recording or disclosure in the financial statements. 42 REQUIRED SUPPLEMENTARY INFORMATION  WATER UTILITY City of Green Bay, Wisconsin Schedule of Utility's Proportionate Share of the Net Pension Liability (Asset) Wisconsin Retirement System Last 10 Fiscal Years Proportionate Share of the Net Plan Fiduciary Proportionate Pension Liability Net Position as a Proportion of Share of the Covered (Asset) as a Percentage of the Plan the Net Pension Net Pension Payroll Percentage of Total Pension Year Ending Liability (Asset) Liability (Asset) (plan year) Covered Payroll Liability (Asset) 12/31/14 0.53764610% $ (585,000) $ 3,403,626 -17.19% 102.74% 12/31/15 0.53750286% 339,039 3,152,743 10.75% 98.20% 12/31/16 0.54797926% 196,716 3,732,012 5.27% 99.12% 12/31/17 0.56415122% (718,059) 3,896,613 -18.43% 102.93% 12/31/18 0.58669892% 910,735 4,056,940 22.45% 96.45% 12/31/19 0.02635809% (858,420) 4,235,244 -20.27% 102.96% 12/31/20 0.02683957% (1,675,610) 4,473,363 -37.46% 105.26% 12/31/21 0.02638920% (2,127,002) 4,616,785 -46.07% 106.02% 12/31/22 0.02589184% 1,390,540 4,708,385 29.53% 95.72% 12/31/23 0.02617020% 389,100 5,356,785 7.26% 98.85% Schedule of Contributions Wisconsin Retirement System Last 10 Fiscal Years Contributions in Relation to the Contributions Contractually Contractually Contribution Covered as a Percentage of Fiscal Required Required Deficiency Payroll Covered Year Ending Contributions Contributions (Excess) (fiscal year) Payroll 12/31/15 $ 214,387 $ 214,387 $ - $ 3,152,743 6.37% 12/31/16 237,557 237,557 - 3,732,012 6.80% 12/31/17 264,969 264,969 - 3,896,613 6.70% 12/31/18 271,815 271,815 - 4,056,940 6.55% 12/31/19 277,410 277,410 - 4,235,244 6.75% 12/31/20 301,952 301,952 - 4,473,363 6.75% 12/31/21 311,633 311,633 - 4,616,785 6.75% 12/31/22 317,816 317,816 - 4,708,385 6.50% 12/31/23 348,191 348,191 - 5,356,785 6.80% 12/31/24 368,833 368,833 - 5,345,406 6.90% NOTES TO REQUIRED SUPPLEMENTARY INFORMATION Changes in benefit terms. There were no changes of benefit terms for any participating employer in the Wisconsin Retirement System. Changes of assumptions: Based on a three-year experience study conducted in 2021 covering January 1, 2018 through December 31, 2020, the ETF Board adopted assumption changes that were used to measure the total pension liability beginning with the year-end December 31, 2021, including the following: • Lowering the long-term expected rate of return from 7.0% to 6.8% • Lowering the discount rate from 7.0% to 6.8% • Lowering the price inflation rate from 2.5% to 2.4% • Lowering the post-retirement adjustments from 1.9% to 1.7% • Mortality assumptions were changed to reflect updated trends by transitioning from the Wisconsin 2018 Mortality Table to the 2020 WRS Experience Mortality Table The amounts reported for each fiscal year were determined as of the calendar year-end that occurred within the prior fiscal year. The Utility is required to present the last ten fiscal years of data; however accounting standards allow the presentation of as many years as are available until ten fiscal years are presented. 43 SUPPLEMENTARY FINANCIAL INFORMATION  WATER UTILITY City of Green Bay, Wisconsin Operating Revenues and Expenses For Years Ended December 31, 2024 and 2023 2024 2023 OPERATING REVENUES Charges for services Residential $ 7,964,246 $ 7,571,542 Commercial 3,960,734 3,706,899 Industrial 6,633,525 6,524,612 Public authority 500,796 474,615 Wholesale 3,834,326 3,784,436 Private fire protection 188,597 162,874 Public fire protection 1,465,637 1,386,083 Total charges for services 24,547,861 23,611,061 Other revenues Forfeited discounts 138,895 130,126 Sewer and Storm water collection 1,542,612 1,457,285 Other water revenues 261,160 359,511 Total other revenues 1,942,667 1,946,922 Total operating revenues 26,490,528 25,557,983 OPERATING EXPENSES Plant operation and maintenance Source of supply 219,763 50,576 Pumping 1,954,645 1,744,585 Water treatment 1,849,107 2,295,283 Transmission and distribution 2,264,462 2,155,522 Maintenance 1,406,822 1,369,674 Meter 243,788 200,201 Customer installation 260,992 234,262 Customer records and collecting 1,045,387 1,020,807 Customer service and Information 83,779 70,498 Meter reading 68,576 55,804 Administrative and general 3,668,332 4,107,765 Total plant operation and maintenance 13,065,653 13,304,977 Depreciation 6,148,133 5,833,752 Total operating expenses 19,213,786 19,138,729 Operating income $ 7,276,742 $ 6,419,254 44  WATER UTILILTY City of Green Bay, Wisconsin Schedule of Operating Expenses by Function and Object Year Ended December 31, 2024 Labor Salaries and Fringe Professional Operating Expense Function: Total Benefits Services Source of Supply expense Purchased water $ 10,592 $ - $ - Maintenance of lake, river and other intakes 19,060 - 19,060 Maintenance of supply mains 190,111 47,173 76,131 Total source of supply expense 219,763 47,173 95,191 Pumping expense Fuel and electric power purchased 886,441 - - Operation supervision 142,786 142,786 - Labor and expense 104,099 52,559 180 Maintenance of structures 279,238 40,129 226,623 Maintenance of equipment 542,081 152,205 259,588 Total pumping expense 1,954,645 387,679 486,391 Water treatment expense Operation supervision 131,499 131,499 - Labor and expense 884,207 524,283 2,726 Chemicals 540,206 - - Maintenance of structures 59,156 22,297 12,694 Maintenance of equipment 234,039 170,050 8,965 Total water treatment expense 1,849,107 848,129 24,385 Transmission and distribution expense Supervision and engineering 243,106 243,106 - Labor and expense 692,840 470,542 61,603 Maintenance of mains 1,328,516 434,892 520,970 Total transmission and distribution expense 2,264,462 1,148,540 582,573 Maintenance expense Tanks and reservoirs 69,261 6,711 57,866 Services 774,751 325,258 198,653 Meters 58,215 53,490 - Hydrants 276,520 107,839 22,643 Buildings 228,075 21,232 137,436 Total maintenance expense 1,406,822 514,530 416,598 Meter expense 243,788 208,027 3,228 Customers' installation expense 260,992 242,311 - Customer records and collecting expense 1,045,387 487,322 - Customer service and information expenses 83,779 79,707 - Meter reading expense 68,576 5,324 63,252 Depreciation 6,148,133 - - Administrative and general expense Employee benefits 1,539,512 1,183,395 - Amortization of non-utility plant 131,454 - - Public Service Commission remainder assessment 50,104 - - Insurance 148,558 - - Uncollectible accounts 2,008 - - Administrative salaries 819,961 819,961 - Office supplies and expense 96,086 - - Professional and special services 589,799 - 589,799 Miscellaneous general expense 290,850 157,399 - Total administrative and general expense 3,668,332 2,160,755 589,799 Total operating expenses $ 19,213,786 $ 6,129,497 $ 2,261,417 45  Materials, Supplies, Insurance Equipment & Power for and Other Costs Pumping Depreciation Taxes $ 10,592 $ - $ - $ - - - - - 66,807 - - - 77,399 - - - - 886,441 - - - - - - 51,360 - - - 12,486 - - - 130,288 - - - 194,134 886,441 - - - - - - 357,198 - - - 540,206 - - - 24,165 - - - 55,024 - - - 976,593 - - - - - - - 160,695 - - - 372,654 - - - 533,349 - - - 4,684 - - - 250,840 - - - 4,725 - - - 146,038 - - - 69,407 - - - 475,694 - - - 32,533 - - - 18,681 - - - 558,065 - - - 4,072 - - - - - - - - - 6,148,133 - - - - 356,117 131,454 - - - - - - 50,104 - - - 148,558 2,008 - - - - - - - 96,086 - - - - - - - 133,451 - - - 362,999 - - 554,779 $ 3,233,519 $ 886,441 $ 6,148,133 $ 554,779 46  WATER UTILILTY City of Green Bay, Wisconsin Capital Assets Year Ended December 31, 2024 Balance 2024 2024 Balance Capital Assets Description: 1/1/24 Additions Disposals 12/31/24 General Green Bay Plant Land $264,966 $ - $ - $264,966 Pumping plant structures 3,496,718 194,625 - 3,691,343 Reservoirs and standpipes 4,427,844 - - 4,427,844 Wells 706,215 - - 706,215 Stores, shop, garage and office building 8,036,903 - - 8,036,903 Water treatment structures 2,835 - - 2,835 Supply mains 5,119,516 - - 5,119,516 Distribution mains 91,910,546 4,451,904 (310,337) 96,052,113 Services 24,154,768 894,026 (120,387) 24,928,407 Meters 9,488,365 605,430 (256,513) 9,837,282 Hydrants 10,191,689 615,583 (86,466) 10,720,806 Water treatment equipment: Chlorination 154,484 - - 154,484 Telemetering equip - SCADA 190,736 - - 190,736 Electric pumping equipment 1,436,869 21,968 - 1,458,837 Power production equipment 237,309 - - 237,309 Power operated equipment 736,201 153,514 (75,862) 813,853 Tools, shop, and garage equipment 1,352,212 23,357 - 1,375,569 Stores equipment 26,117 - - 26,117 Transportation equipment 2,647,113 23,200 - 2,670,313 Communication equipment 10,980 184,746 - 195,726 Office furniture & equipment 383,905 6,770 (650) 390,025 Office computers 3,969,358 462,759 (287,253) 4,144,864 168,945,649 7,637,882 (1,137,468) 175,446,063 Lake Michigan Supply System Land 259,723 - - 259,723 Pumping plant structures 2,984,715 - - 2,984,715 Reservoirs and standpipes 97,448 - - 97,448 Water treatment structures 15,450,197 - - 15,450,197 Lake intakes 1,539,207 - - 1,539,207 Supply mains 44,020,627 - (519) 44,020,108 Distribution mains 646,048 - - 646,048 Electric pumping equipment 3,764,745 - - 3,764,745 Water treatment equipment: Filtration 17,743,738 19,871 - 17,763,609 Chlorination 463,619 - - 463,619 Telemetering equip - SCADA 725,548 29,346 - 754,894 Tools and work equipment 39,078 8,850 - 47,928 Laboratory equipment 107,313 24,229 - 131,542 Communication equipment 242,616 65,904 - 308,520 Office furniture & equipment 14,734 - - 14,734 Office computers 34,586 11,913 - 46,499 Power production equipment 1,612,314 - - 1,612,314 89,746,256 160,113 (519) 89,905,850 Construction in Progress 198,941 677,575 (50,890) 825,626 Total $ 258,890,846 $ 8,475,570 $ (1,188,877) $ 266,177,539 47  WATER UTILITY City of Green Bay, Wisconsin Accumulated Depreciation Year Ended December 31, 2024 Accumulated Depreciation Depreciation 2024 Capital Assets Description: Rate 1/1/24 Depreciation General Green Bay Plant Land --- $ - $ - Pumping plant structures 3.2% 3,083,700 115,009 Reservoirs and standpipes 1.9% 2,662,205 84,129 Wells 2.9% 657,694 20,480 Stores, shop, garage and office building 2.9% 2,093,955 233,070 Water treatment structures 3.2% 2,835 - Supply mains 1.8% 2,566,865 92,143 Distribution mains 1.3% 18,099,868 1,221,764 Services 2.9% 10,339,300 711,706 Meters 5.5% 4,200,967 531,455 Hydrants 2.2% 3,208,985 230,037 Water treatment equipment - chlorination 6.0% 154,484 - Telemetering equipment - SCADA 9.2% 190,736 - Electric pumping equipment 4.4% 1,436,869 - Power production equipment 4.4% 187,785 - Power operated equipment 7.5% 675,432 58,127 Tools, shop, and garage equipment 5.8% 1,031,128 79,106 Stores equipment 5.8% 26,117 - Transportation equipment 13.3% 2,647,113 23,200 Communication equipment 15.0% 10,980 - Office furniture & equipment 5.8% 60,966 22,444 Office computers 26.7% 3,969,358 462,760 57,307,342 3,885,430 Lake Michigan Supply System Land --- - - Pumping plant structures 3.2% 2,403,053 95,510 Reservoirs and standpipes 1.9% 94,693 1,852 Water treatment structures 3.2% 12,563,888 494,497 Lake intakes 1.7% 1,076,052 26,167 Supply mains 1.8% 16,020,067 792,366 Distribution mains 1.3% 361,742 8,399 Water treatment equipment - filtration 3.3% 12,656,112 585,871 Water treatment equipment - chlorination 6.0% 415,197 37,086 Telemetering equipment - SCADA 9.2% 703,407 89,358 Electric pumping equipment 4.4% 2,847,138 229,354 Power production equipment 4.4% 1,661,836 - Tools and work equipment 5.8% 36,277 2,523 Laboratory equipment 5.8% 33,273 6,927 Communication equipment 15.0% 229,850 42,982 Office furniture & equipment 5.8% 9,401 855 Office computers 26.7% 34,586 11,912 51,146,572 2,425,659 Total $ 108,453,914 $ 6,311,089 48  2024 Accumulated Asset Net Book Salvage 2024 Depreciation Cost Value Proceeds Retirements 12/31/24 12/31/24 12/31/24 $ - $ - $ - $ 264,966 $ 264,966 - - 3,198,709 3,691,343 492,634 - - 2,746,334 4,427,844 1,681,510 - - 678,174 706,215 28,041 - - 2,327,025 8,036,903 5,709,878 - - 2,835 2,835 - - (966) 2,658,042 5,119,516 2,461,474 - (309,371) 19,012,261 96,052,113 77,039,852 - (120,386) 10,930,620 24,928,407 13,997,787 3,975 (256,513) 4,479,884 9,837,282 5,357,398 - (86,466) 3,352,556 10,720,806 7,368,250 - - 154,484 154,484 - - - 190,736 190,736 - - - 1,436,869 1,458,837 21,968 - - 187,785 237,309 49,524 35,000 (75,862) 692,697 813,853 121,156 - - 1,110,234 1,375,569 265,335 - - 26,117 26,117 - - - 2,670,313 2,670,313 - - - 10,980 195,726 184,746 - (650) 82,760 390,025 307,265 - (287,254) 4,144,864 4,144,864 - 38,975 (1,137,468) 60,094,279 175,446,063 115,351,784 - - - 259,723 259,723 - - 2,498,563 2,984,715 486,152 - - 96,545 97,448 903 - - 13,058,385 15,450,197 2,391,812 - - 1,102,219 1,539,207 436,988 - (519) 16,811,914 44,020,108 27,208,194 - - 370,141 646,048 275,907 - - 13,241,983 3,764,745 (9,477,238) - - 452,283 17,763,609 17,311,326 - - 792,765 463,619 (329,146) - - 3,076,492 754,894 (2,321,598) - - 1,661,836 47,928 (1,613,908) - - 38,800 131,542 92,742 - - 40,200 308,520 268,320 - - 272,832 14,734 (258,098) - - 10,256 46,499 36,243 - - 46,498 1,612,314 1,565,816 - (519) 53,571,712 89,905,850 36,334,138 $ 38,975 $ (1,137,987) $ 113,665,991 $ 265,351,913 $ 151,685,922 49  WATER UTILITY City of Green Bay, Wisconsin Bond Interest and Redemption Requirements Waterworks Mortgage Revenue Bonds Series 2014 Year Ended December 31, 2024 Balance Total Outstanding Principal Interest Interest Annual Year January 1 Requirements Rate Requirements Requirements 2025 6,215,000 900,000 3.00% 208,375 1,108,375 2026 5,315,000 930,000 3.00% 181,375 1,111,375 2027 4,385,000 960,000 3.50% 153,475 1,113,475 2028 3,425,000 1,000,000 3.50% 119,875 1,119,875 2029 2,425,000 2,425,000 3.50% 84,875 2,509,875 These bonds, dated October 14, 2014, were issued for an original amount of $14,055,000. The bonds mature serially on November 1, of each year with final payment due November 1, 2029. Interest is payable semiannually on May 1 and November 1, at the rates shown above. Interest and principal redemption payments are paid out of the Water System Special Redemption Fund. The bonds originally were in $5,000 denominations. The bonds maturing on or after November 1, 2025, are callable at the option of the Utility on or after November 1, 2019, at par plus accrued interest. 50  WATER UTILITY City of Green Bay, Wisconsin Bond Interest and Redemption Requirements Waterworks Mortgage Revenue Bonds Series 2019 Year Ended December 31, 2024 Balance Total Outstanding Principal Interest Interest Annual Year January 1 Requirements Rate Requirements Requirements 2025 18,705,000 2,630,000 5.00% 831,150 3,461,150 2026 16,075,000 2,760,000 5.00% 699,650 3,459,650 2027 13,315,000 2,905,000 5.00% 561,650 3,466,650 2028 10,410,000 3,040,000 4.00% 416,400 3,456,400 2029 7,370,000 7,370,000 4.00% 294,800 7,664,800 These bonds, dated August 5, 2019, were issued for an original amount of $18,705,000. The bonds mature serially on November 1, of each year with final payment due November 1, 2029. Interest is payable semiannually on May 1 and November 1, at the rates shown above. Interest and principal redemption payments are paid out of the Water System Special Redemption Fund. The remaining bonds maturing on or after November 1, 2027, are callable at the option of the Utility, at par plus accrued interest. 51  WATER UTILITY City of Green Bay, Wisconsin Bond Interest and Redemption Requirements Waterworks Mortgage Revenue Bonds Series 2021 Year Ended December 31, 2024 Balance Total Outstanding Principal Interest Interest Annual Year January 1 Requirements Rate Requirements Requirements 2025 5,595,000 380,000 3.00% 132,100 512,100 2026 5,215,000 395,000 3.00% 120,700 515,700 2027 4,820,000 405,000 3.00% 108,850 513,850 2028 4,415,000 420,000 4.00% 96,700 516,700 2029 3,995,000 435,000 2.00% 79,900 514,900 2030 3,560,000 445,000 2.00% 71,200 516,200 2031 3,115,000 285,000 2.00% 62,300 347,300 2032 2,830,000 290,000 2.00% 56,600 346,600 2033 2,540,000 295,000 2.00% 50,800 345,800 2034 2,245,000 300,000 2.00% 44,900 344,900 2035 1,945,000 310,000 2.00% 38,900 348,900 2036 1,635,000 315,000 2.00% 32,700 347,700 2037 1,320,000 320,000 2.00% 26,400 346,400 2038 1,000,000 325,000 2.00% 20,000 345,000 2039 675,000 335,000 2.00% 13,500 348,500 2040 340,000 340,000 2.00% 6,800 346,800 These bonds, dated March 23, 2021, were issued for an original amount of $7,080,000. The bonds mature serially on November 1, of each year with final payment due November 1, 2040. Interest is payable semiannually on May 1 and November 1, at the rates shown above. Interest and principal redemption payments are paid out of the Water System Special Redemption Fund. The remaining bonds maturing on or after November 1, 2028, are callable at the option of the Utility, at par plus accrued interest. 52 STATISTICAL SECTION  WATER UTILITY City of Green Bay, Wisconsin STATISTICAL SECTION This section of the City of Green Bay Water Utility’s Comprehensive Annual Financial Report presents detailed information to help understand what the information in the management’s discussion and analysis, financial statements, notes to the financial statements, and supplementary financial information says about the Water Utility’s overall financial condition. Contents: Pages Financial Trends These schedules present trend information to help the reader understand how the Water Utility’s financial performance and condition has changed over time. 54 - 60 Debt Capacity This schedule presents information to help the reader assess the affordability of the Water Utility’s current levels of outstanding debt and the Water Utility’s ability to issue additional debt in the future. 61 Revenue Capacity These schedules present information to help the reader assess the Water Utility’s most significant revenue source, water sales. 62 - 71 Demographic and Economic Information These schedules present information to help the reader understand the environment within which the Water Utility’s financial activities take place. 72 - 73 Operating Information These schedules present information to help the reader understand how the information in the Water Utility’s financial report relates to the services the Water Utility provides and the activities it performs. 74 - 83 Sources: Unless otherwise noted, the information in these schedules is derived from the Water Utility’s Comprehensive Annual Financial Report for the relevant year. 53  WATER UTILITY City of Green Bay, Wisconsin CHANGE IN NET POSITION Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Operating Revenues Metered sales - Residential $ 7,964,246 $ 7,571,542 $ 7,377,404 $ 7,570,248 $ 7,663,060 $ 7,013,327 $ 6,414,239 $ 6,147,021 $ 6,304,242 $ 6,132,565 Metered sales - Commercial 3,960,734 3,706,899 3,734,487 3,716,900 3,597,822 3,677,571 3,403,825 3,273,444 3,289,651 3,054,456 Metered sales - Industrial 6,633,525 6,524,612 6,624,403 6,886,481 5,450,345 5,219,982 4,820,093 4,740,471 4,323,113 4,373,034 Public authority sales 500,796 474,615 448,311 448,152 369,660 443,568 503,235 454,138 477,730 438,716 Metered sales - Wholesale 3,834,326 3,784,436 3,904,051 4,018,681 3,894,966 3,434,908 3,251,388 3,281,062 3,150,957 2,851,616 Private fire protection 188,597 162,874 160,385 158,255 150,444 140,085 136,171 136,032 133,439 131,784 Public fire protection 1,465,637 1,386,083 1,377,884 1,380,074 1,364,722 1,340,187 1,621,169 1,648,626 1,647,390 1,648,897 Customer late payment charges 138,895 130,126 125,793 115,967 73,934 152,709 132,069 145,078 140,112 140,257 Sewer and storm water collection revenue 1,542,612 1,457,285 1,377,573 1,322,988 1,255,747 1,113,612 1,107,529 1,010,436 1,136,437 1,088,069 Other operating revenues 261,160 359,511 320,545 313,431 304,798 278,140 281,558 283,799 262,389 211,171 Total Operating Revenues 26,490,528 25,557,983 25,450,836 25,931,177 24,125,498 22,814,089 21,671,276 21,120,107 20,865,460 20,070,565 Operating Expenses Source of supply expense 219,763 50,576 1,281,575 766,508 41,482 50,419 69,896 53,754 67,839 53,096 Pumping expense 1,954,645 1,744,585 1,469,057 1,549,057 1,266,797 1,273,185 1,300,382 1,306,604 1,284,390 1,205,066 Water treatment expense 1,849,107 2,295,283 1,777,415 1,882,079 1,502,504 2,019,678 1,222,482 1,274,754 1,213,056 1,376,668 Transmission and distribution expense 2,264,462 2,155,522 2,273,224 2,107,171 2,051,157 2,052,215 1,974,838 1,857,277 1,439,930 1,856,801 Maintenance expense 1,406,822 1,369,675 916,088 792,038 850,495 649,173 714,895 765,767 1,023,866 777,988 Meter expense 243,788 200,201 264,047 268,940 175,930 150,204 200,932 134,708 186,550 158,340 Customers' installation expense 260,992 234,262 124,222 81,284 92,147 90,518 102,821 89,500 87,456 92,064 Customer records and collecting expense 1,045,387 1,020,807 942,080 988,384 941,952 818,163 802,270 873,639 875,779 706,093 Customer service and information expense 83,779 70,498 72,478 - - - - - - - Meter reading expense 68,576 55,804 13,264 14,460 30,538 28,213 15,534 17,442 20,404 22,506 Administrative and general expense 3,668,332 4,107,765 2,886,046 2,753,828 3,139,493 3,247,380 2,986,706 2,944,037 2,899,819 2,143,951 Depreciation 6,148,133 5,833,752 5,481,708 5,386,567 5,295,672 5,228,702 5,253,175 5,217,239 5,155,128 5,109,163 Taxes 2,281,794 2,385,127 2,367,148 2,457,195 2,545,829 2,477,790 2,353,288 2,297,587 2,310,073 2,300,268 Total Operating Expenses 21,495,580 21,523,856 19,868,352 19,047,511 17,933,996 18,085,640 16,997,219 16,832,308 16,564,290 15,802,004 Operating Income 4,994,948 4,034,127 5,582,484 6,883,666 6,191,502 4,728,449 4,674,057 4,287,799 4,301,170 4,268,561 Nonoperating Revenues (Expenses) Interest income 1,053,356 1,012,478 27,875 29,438 319,661 607,969 275,633 222,044 181,549 177,081 Grant Revenue - - - - 205,400 - - - - - Miscellaneous income 359,356 334,308 315,806 309,593 216,220 177,538 144,923 149,382 36,502 46,911 Interest and fiscal expense (1,270,377) (1,381,761) (1,484,542) (1,644,170) (1,472,722) (1,970,057) (1,693,833) (2,340,166) (2,320,992) (2,424,537) Amortization of debt premium net of discounts 438,556 438,556 438,556 434,434 421,616 222,625 227,442 227,442 227,442 227,442 Amortization of loss on advance refundings (76,592) (119,256) (157,452) (191,685) (221,959) (224,583) (385,645) (180,723) (180,722) (259,780) Total Nonoperating Revenues (Expenses) 504,299 284,325 (859,757) (1,062,390) (531,784) (1,186,508) (1,431,480) (1,922,021) (2,056,221) (2,232,883) Excess before contributions 5,499,247 4,318,452 4,722,727 5,821,276 5,659,718 3,541,941 3,242,577 2,365,778 2,244,949 2,035,678 Capital contributions 175,194 491,546 279,528 209,823 591,178 1,325,622 782,979 638,822 434,274 15,742 Cumulative effect of change in accounting principle - - - - - - - - - 1,181,454 Change in Net Position $ 5,674,441 $ 4,809,998 $ 5,002,255 $ 6,031,099 $ 6,250,896 $ 4,867,563 $ 4,025,556 $ 3,004,600 $ 2,679,223 $ 3,232,874 54  WATER UTILITY City of Green Bay, Wisconsin OPERATING REVENUES BY SOURCE Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Metered Sales: Residential $ 7,964,246 $ 7,571,542 $ 7,377,404 $ 7,570,248 $ 7,663,060 $ 7,013,327 $ 6,414,239 $ 6,147,021 $ 6,304,242 $ 6,132,565 Commercial 3,960,734 3,706,899 3,734,487 3,716,900 3,597,822 3,677,571 3,403,825 3,273,444 3,289,651 3,054,456 Industrial 6,633,525 6,524,612 6,624,403 6,886,481 5,450,345 5,219,982 4,820,093 4,740,471 4,323,113 4,373,034 Public Authority 500,796 474,615 448,311 448,152 369,660 443,568 503,235 454,138 477,730 438,716 Wholesale 3,834,326 3,784,436 3,904,051 4,018,681 3,894,966 3,434,908 3,251,388 3,281,062 3,150,957 2,851,616 Total Metered Sales 22,893,627 22,062,104 22,088,656 22,640,462 20,975,853 19,789,356 18,392,780 17,896,136 17,545,693 16,850,387 Private Fire Protection 188,597 162,874 160,385 158,255 150,444 140,085 136,171 136,032 133,439 131,784 Public Fire Protection 1,465,637 1,386,083 1,377,884 1,380,074 1,364,722 1,340,187 1,621,169 1,648,626 1,647,390 1,648,897 Customer Late Payment Charges 138,895 130,126 125,793 115,967 73,934 152,709 132,069 145,078 140,112 140,257 Sewer/stormwater Collection Revenue 1,542,612 1,457,285 1,377,573 1,322,988 1,255,747 1,113,612 1,107,529 1,010,436 1,136,437 1,088,069 Other Operating Revenues 261,160 359,511 320,545 313,431 304,798 278,140 281,558 283,799 262,389 211,171 Total Operating Revenue $ 26,490,528 $ 25,557,983 $ 25,450,836 $ 25,931,177 $ 24,125,498 $ 22,814,089 $ 21,671,276 $ 21,120,107 $ 20,865,460 $ 20,070,565 $ 30,000,000 Unmetered & Other Revenue $ 25,000,000 Wholesale $ 20,000,000 Public Authority $ 15,000,000 Industrial $ 10,000,000 Commercial $ 5,000,000 Residential $- 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 55  WATER UTILITY City of Green Bay, Wisconsin OPERATING EXPENSES BY OBJECT Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Labor, Salaries and Fringe Benefits $ 6,129,497 $ 6,371,288 $ 5,212,218 $ 4,753,785 $ 5,237,015 $ 5,277,984 $ 4,859,923 $ 4,887,097 $ 4,712,251 $ 4,009,150 Professional Services 2,261,417 2,121,701 2,279,311 1,918,285 1,063,897 315,280 309,726 363,553 330,185 208,279 (1) Materials, Supplies, Equipment and Other Costs 3,233,519 3,315,501 3,151,152 3,189,301 2,670,102 3,924,720 3,359,758 3,310,052 3,189,902 3,367,310 Power for Pumping 886,441 1,004,861 930,875 815,310 701,814 700,620 747,983 725,704 724,700 756,644 Insurance and Taxes 2,836,573 2,876,753 2,813,088 2,984,263 2,965,496 2,638,334 2,466,654 2,328,663 2,452,124 2,351,458 Operating Expenses before Depreciation 15,347,447 15,690,104 14,386,644 13,660,944 12,638,324 12,856,938 11,744,044 11,615,069 11,409,162 10,692,841 Depreciation 6,148,133 5,833,752 5,481,708 5,386,567 5,295,672 5,228,702 5,253,175 5,217,239 5,155,128 5,109,163 Total Operating Expenses $ 21,495,580 $ 21,523,856 $ 19,868,352 $ 19,047,511 $ 17,933,996 $ 18,085,640 $ 16,997,219 $ 16,832,308 $ 16,564,290 $ 15,802,004 (1) Materials, supplies, equipment and other costs include chemicals. $ 25,000,000 Depreciation $ 20,000,000 Insurance and Taxes Power for Pumping $ 15,000,000 Materials, Supplies, Equipment and Other Costs(1) $ 10,000,000 Professional Services $ 5,000,000 Labor, Salaries and Fringe Benefits $- 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 56  WATER UTILITY City of Green Bay, Wisconsin NONOPERATING REVENUES AND EXPENSES Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Interest income $ 1,053,356 $ 1,012,478 $ 27,875 $ 29,438 $ 319,661 $ 607,969 $ 275,633 $ 222,044 $ 181,549 $ 177,081 Grant revenue - - - - 205,400 - - - - - Miscellaneous income 359,356 334,308 315,806 309,593 216,220 177,538 144,923 149,382 36,502 46,911 Interest and fiscal charges (1,270,377) (1,381,761) (1,484,542) (1,644,170) (1,472,722) (1,970,057) (1,693,833) (2,340,166) (2,320,992) (2,424,537) Amortization of debt premium 438,556 438,556 438,556 434,434 421,616 373,759 227,442 227,442 227,442 227,442 Amortization of loss on advance refundings (76,592) (119,256) (157,452) (191,685) (221,959) (375,717) (385,645) (180,723) (180,722) (259,780) Total Nonoperating Revenues and (Expenses) $ 504,299 $ 284,325 $ (859,757) $ (1,062,390) $ (531,784) $ (1,186,508) $ (1,431,480) $ (1,922,021) $ (2,056,221) $ (2,232,883) 57  WATER UTILITY City of Green Bay, Wisconsin CAPITAL CONTRIBUTIONS BY SOURCE Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Special assessments billed on water mains installed $ - $ - $ - $ - $ - $ 476,022 $ - $ - $ 62,236 $ - Special assessments billed on water laterals installed - - - - - 76,500 - - 7,056 15,742 Total special assessments billed - - - - - 552,522 - - 69,292 15,742 Developers' contributions of new subdivision mains & laterals 175,194 491,546 279,528 209,823 591,178 773,100 782,979 638,822 364,982 - Total capital contributions billed $ 175,194 $ 491,546 $ 279,528 $ 209,823 $ 591,178 $ 1,325,622 $ 782,979 $ 638,822 $ 434,274 $ 15,742 Total capital contributions collected $ 175,194 $ 491,546 $ 279,528 $ 209,823 $ 591,178 $ 1,325,622 $ 782,979 $ 638,822 $ 434,274 $ 15,742 Note: Total special assessments billed consists mainly of special assessments installments placed on the City's tax roll. The City reimburses the Water Utility within 30 days of being invoiced by the Utility and then records the assessments on the City's financial statements as a receivable. 58  WATER UTILITY City of Green Bay, Wisconsin NET POSITION BY COMPONENT Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net investment in capital assets $ 119,773,155 $ 112,921,575 $ 107,978,115 $ 103,382,262 $ 101,456,742 $ 96,040,064 $ 91,883,099 $ 90,401,893 $ 87,255,877 $ 83,599,544 Restricted for debt retirement 6,962,589 7,487,563 7,188,510 6,854,842 7,095,794 6,697,747 6,529,150 3,049,249 3,500,834 3,524,289 Restricted for private service replacement 41,699 4,550 54,632 124,707 68,642 39,356 36,485 56,252 5,998 - Restricted for net pension asset - - 2,127,002 1,675,610 858,420 - 718,059 - - 585,000 Unrestricted 11,109,737 11,799,051 10,054,482 10,363,065 6,889,789 7,341,324 8,479,107 8,240,862 7,980,947 8,355,600 Total Net Position $ 137,887,180 $ 132,212,739 $ 127,402,741 $ 122,400,486 $ 116,369,387 $ 110,118,491 $ 107,645,900 $ 101,748,256 $ 98,743,656 $ 96,064,433 $140,000,000 Restricted for private service replacement $120,000,000 Unrestricted $100,000,000 $80,000,000 Restricted for net pension asset $60,000,000 Restricted for debt retirement $40,000,000 Net investment in capital assets $20,000,000 $- 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 59  WATER UTILITY City of Green Bay, Wisconsin RETURN ON RATE BASE (PSCW METHOD) Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Utility plant in service - average $ 233,866,578 $ 228,138,667 $ 220,565,538 $ 213,453,243 $ 208,672,544 $ 203,554,124 $ 199,402,909 $ 194,330,005 $ 189,321,489 $ 184,349,217 Less: Accum deprec - average 101,312,084 96,571,871 91,922,595 87,638,136 83,448,887 79,398,523 75,116,786 70,667,498 66,281,769 62,269,470 Plus: Materials & supplies - average 750,779 775,896 670,036 533,317 513,053 522,481 520,809 476,039 474,328 485,932 (1) Less: Regulatory liability - average - 100,671 302,013 503,356 704,699 906,041 1,107,383 1,308,726 1,510,069 1,711,411 Average Net Rate Base $ 133,305,273 $ 132,242,021 $ 129,010,966 $ 125,845,068 $ 125,032,011 $ 123,772,041 $ 123,699,549 $ 122,829,820 $ 122,003,979 $ 120,854,268 Operating Income(2) $ 5,718,242 $ 5,213,420 $ 5,893,612 $ 7,131,947 $ 6,878,493 $ 6,439,163 $ 5,362,947 $ 5,014,153 $ 5,018,208 $ 4,756,089 Actual Rate of Return 4.29% 3.94% 4.57% 5.67% 5.50% 5.20% 4.34% 4.08% 4.11% 3.94% PSCW Authorized Rate of Return 4.00% 3.90% 3.90% 3.90% 3.90% 3.20% 3.20% 2.84% 2.84% 2.84% (1) The PSCW (Public Service Commission of Wisconsin) has modified the calculation of the rate of return effective January 1, 2004 by reclassifying the pre-2003 contributions in aid of construction and additional accumulated depreciation as a regulatory liability. The PSCW has also modified the calculation of the rate of return effective January 1, 2015 by reclassifying a portion of the effects of the implementation of GASB 68 on the current year pension expense as a regulatory liability. The liability ended in 2023. (2) The property tax equivalent remains an operating expense for rate setting purposes of the PSCW. 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 60  WATER UTILITY City of Green Bay, Wisconsin REVENUE BOND COVERAGE AND DEBT RATIOS Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net Income (Change in Net Position) $ 5,674,441 $ 4,809,998 $ 5,002,255 $ 6,031,099 $ 6,250,896 $ 4,867,563 $ 4,025,556 $ 3,004,600 $ 2,679,223 $ 2,051,420 Add Back: Depreciation 6,311,090 6,046,194 5,630,050 5,520,383 5,651,245 5,484,684 5,686,117 5,606,614 5,556,148 5,467,420 Amortization 493,418 450,753 412,557 374,202 331,110 129,495 289,656 84,734 84,733 163,791 Interest Expense 1,270,377 1,381,761 1,484,542 1,644,170 1,472,722 1,970,057 1,693,833 2,340,166 2,320,992 2,424,537 Total Available for Debt Service $ 13,749,326 $ 12,688,706 $ 12,529,404 $ 13,569,854 $ 13,705,973 $ 12,451,799 $ 11,695,162 $ 11,036,114 $ 10,641,096 $ 10,107,168 Debt Service Requirement: Principal $ 4,415,000 $ 4,305,000 $ 4,205,000 $ 3,775,000 $ 3,705,000 $ 3,560,000 $ 3,405,000 $ 1,810,000 $ 2,905,000 $ 2,790,000 Interest 1,270,377 1,381,761 1,484,542 1,644,170 1,472,722 1,970,057 1,693,833 2,340,166 2,320,992 2,424,537 Total Debt Service Requirement $ 5,685,377 $ 5,686,761 $ 5,689,542 $ 5,419,170 $ 5,177,722 $ 5,530,057 $ 5,098,833 $ 4,150,166 $ 5,225,992 $ 5,214,537 Coverage 2.42 2.23 2.20 2.50 2.65 2.25 2.29 2.66 2.04 1.94 Debt Ratio: Total Liabilities $ 47,819,344 $ 53,296,166 $ 55,066,562 $ 60,903,482 $ 56,463,629 $ 60,613,697 $ 57,494,816 $ 61,957,249 $ 63,641,807 $ 66,060,315 Total Assets $ 186,841,234 $ 183,079,038 $ 183,020,523 $ 183,716,273 $ 172,741,200 $ 168,614,009 $ 162,545,816 $ 161,784,345 $ 161,173,139 $ 161,529,710 Debt Ratio Percentage 25.59% 29.11% 30.09% 33.15% 32.69% 35.95% 35.37% 38.30% 39.49% 40.90% Revenue bonds outstanding at year-end (1) $ 32,881,404 $ 37,734,960 $ 42,478,516 $ 47,122,073 $ 44,321,827 $ 48,448,445 $ 51,811,133 $ 55,262,853 $ 57,119,573 $ 60,071,293 Outstanding debt per capita $ 307.41 $ 354.00 $ 395.63 $ 447.89 $ 419.72 $ 458.39 $ 491.21 $ 524.10 $ 543.59 $ 571.83 Outstanding debt per customer $ 894.81 $ 1,029.77 $ 1,160.46 $ 1,289.92 $ 1,208.90 $ 1,324.71 $ 1,418.74 $ 1,517.54 $ 1,569.78 $ 1,654.04 (1) Net of related premiums, discounts and adjustments $ 14,000,000 $ 12,000,000 Total Available for Debt Service $ 10,000,000 $ 8,000,000 $ 6,000,000 $ 4,000,000 Total Debt Service Requirement $ 2,000,000 $- 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 61  WATER UTILITY City of Green Bay, Wisconsin ANNUAL WATER PUMPAGE ANNUAL WATER PUMPAGE 1920 - 2024 9 8 7 BILLIONS OF GALLONS 6 5 4 3 2 1 0 1921 1925 1929 1933 1937 1941 1945 1949 1953 1957 1961 1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 2020 2023 ANNUAL WATER PUMPAGE Five Year Record 2024 2023 2022 2021 2020 Gallons Pumped 6,560,200,000 7,504,963,000 8,304,929,000 8,274,749,000 7,297,069,000 62  WATER UTILITY City of Green Bay, Wisconsin MONTHLY WATER PUMPAGE 2024 700 600 500 MILLIONS OF GALLONS 400 300 200 100 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2024 Pumpage - Lake Michigan-------------------------------------------- 6,560,200,000 Gallons - Water Purchased from Town of Scott-------------- 721,000 Gallons 2024 Average Daily Pumpage------------------------------------------------- 17,973,151 Gallons 2024 Highest Daily Pumpage, July 30, 2024------------------------------- 25,919,000 Gallons 2024 Lowest Daily Pumpage, December 25, 2024----------------------- 13,494,000 Gallons Record High Daily Pumpage, July 7, 1988--------------------------------- 32,909,000 Gallons 63  WATER UTILITY City of Green Bay, Wisconsin WATER PRODUCED AND CONSUMED Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Gallons produced (000s) 7,214,096 7,492,623 7,743,940 8,032,740 7,033,295 6,334,438 6,513,047 6,516,968 6,535,992 6,498,045 Gallons sold (000s) (1) (6,195,861) (6,463,212) (6,531,121) (6,664,692) (5,988,151) (5,953,277) (6,135,481) (6,066,409) (5,878,274) (5,972,675) Gallons used for production and lost due to system leaks (000s) (203,435) (219,500) (280,785) (307,035) (243,617) (263,338) (235,627) (187,062) (159,351) (192,243) Gallons produced and unaccounted for (000s) 814,800 809,911 932,034 1,061,013 801,527 117,823 141,939 263,497 498,367 333,127 Percent unaccounted for 11.29% 10.81% 12.04% 13.21% 11.40% 1.86% 2.18% 4.04% 7.62% 5.13% Maximum day pumpage (000s) 25,919 27,261 27,090 28,552 27,059 27,742 29,584 26,067 27,370 27,772 Date of maximum pumpage 7/30/24 6/23/23 8/1/22 7/26/21 8/27/20 7/17/19 8/15/18 8/9/17 8/10/16 7/27/15 Minimum day pumpage (000s) 13,494 12,799 12,502 14,855 12,699 13,980 12,984 13,954 12,719 13,395 Date of minimum pumpage 12/25/24 12/25/23 12/25/22 12/24/21 2/9/20 12/29/19 12/25/18 12/25/17 3/27/16 3/22/15 Total KWH used for pumping 13,089,989 14,002,478 14,215,366 15,130,196 13,281,057 13,303,689 12,361,996 13,197,754 12,878,027 13,085,528 (1) Includes sales to wholesale customers 64  WATER UTILITY City of Green Bay, Wisconsin WATER RATES Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Monthly Meter Charge: 5/8" & 3/4" $ 9.00 $ 6.80 $ 6.80 $ 6.80 $ 6.80 $ 6.17 $ 6.17 $ 5.25 $ 5.25 $ 5.25 1" 13.10 10.20 10.20 10.20 10.20 9.20 9.20 7.90 7.90 7.90 1 1/4" 17.40 13.50 13.50 13.50 13.50 - - - - - 1 1/2" 21.10 16.50 16.50 16.50 16.50 15.10 15.10 13.65 13.65 13.65 2" 31.70 24.90 24.90 24.90 24.90 22.80 22.80 22.10 22.10 22.10 3" 48.20 38.80 38.80 38.80 38.80 35.60 35.60 33.60 33.60 33.60 4" 69.10 56.80 56.80 56.80 56.80 52.20 52.20 52.50 52.50 52.50 6" 111.90 95.60 95.60 95.60 95.60 87.80 87.80 81.00 81.00 81.00 8" 162.10 141.30 141.30 141.30 141.30 129.80 129.80 120.00 120.00 120.00 10" 226.90 200.80 200.80 200.80 200.80 184.50 184.50 - - - 12" 291.80 260.40 260.40 260.40 260.40 239.20 239.20 - - - Effective date of rate change 8/1/2024 6/1/20 10/1/18 11/5/15 Water billing rate per 1,000 gallons: First 25,000 gallons per month $ 4.01 $ 3.56 $ 3.56 $ 3.56 $ 3.56 $ 3.46 $ 3.46 $ 3.03 $ 3.03 $ 3.03 Next 350,000 gallons per month 3.86 3.42 3.42 3.42 3.42 3.33 3.33 2.91 2.91 2.91 Usage over 375,000 gallons per month 2.95 2.53 2.53 2.53 2.53 2.42 2.42 2.21 2.21 2.21 Effective date of rate change 8/1/2024 6/1/20 10/1/18 11/5/2015 Monthly Public Fire Protection Charge: 5/8" & 3/4" $ 2.75 $ 2.45 $ 2.45 $ 2.45 $ 2.45 $ 2.40 $ 2.40 $ 2.97 $ 2.97 $ 2.97 1" 6.90 6.10 6.10 6.10 6.10 6.10 6.10 7.40 7.40 7.40 1 1/4" 10.20 9.10 9.10 9.10 9.10 - - - - - 1 1/2" 13.70 12.30 12.30 12.30 12.30 12.00 12.00 14.90 14.90 14.90 2" 22.00 19.60 19.60 19.60 19.60 19.00 19.00 23.80 23.80 23.80 3" 41.20 36.80 36.80 36.80 36.80 36.00 36.00 44.50 44.50 44.50 4" 68.70 61.30 61.30 61.30 61.30 61.00 61.00 74.00 74.00 74.00 6" 137.30 122.60 122.60 122.60 122.60 121.00 121.00 148.00 148.00 148.00 8" 219.70 196.10 196.10 196.10 196.10 194.00 194.00 237.00 237.00 237.00 10" 329.60 294.20 294.20 294.20 294.20 291.00 291.00 - - - 12" 439.50 392.30 392.30 392.30 392.30 388.00 388.00 - - - Effective date of rate change 8/1/2024 6/1/2020 10/1/2018 7/15/2014 Note: Changes in water rates must be approved by the State of Wisconsin Public Service Commission. 65  WATER UTILITY City of Green Bay, Wisconsin ANALYSIS OF OPERATING REVENUE 2024 Average Number of Average Daily Customers Consumption Classification Gallons Revenue Billed Per Customer Residential - Owner Occupied 908,867,000 $ 5,525,068 22,645 110 Gallons Residential - 1 & 2 Unit Apartment 409,583,000 2,439,178 9,722 115 Gallons Restaurant 42,066,000 181,805 161 716 Gallons Commercial 915,586,000 3,778,929 3,310 758 Gallons Industrial 2,384,929,000 6,633,525 154 42,429 Gallons Municipal 133,065,000 500,796 223 1,635 Gallons Wholesale 1,401,765,000 3,834,326 4 --- Private Fire Protection --- 188,597 528 --- Public Fire Protection --- 1,465,637 --- --- Customer Late Payment Penalties --- 138,895 --- --- Sewer/Storm Collection Revenue --- 1,542,612 --- --- Other Operating Revenue --- 320,656 --- --- Totals 6,195,861,000 $ 26,550,025 36,747 Gallons Sold by Customer Classification Residential - Owner Occupied 14.7% Industrial 38.5% Wholesale 22.6% Municipal 2.1% Residential - 1 & 2 Unit Apartment Restaurant Commercial 6.6% 0.7% 14.8% 66  WATER UTILITY City of Green Bay, Wisconsin USAGE SCHEDULE OF THE TWELVE LARGEST CONSUMERS For the Years Ended December 31, 2024 and 2023 2024 2023 Name of Customer Gallons Used Gallons Used Increase (Decrease) Village of Ashwaubenon 1,166,488,048 1,211,778,999 (45,290,951) Procter & Gamble 678,551,678 663,788,881 14,762,797 Green Bay Packaging 483,630,859 594,206,877 (110,576,018) JBS Green Bay 345,758,961 364,591,140 (18,832,179) American Foods Group 313,729,496 297,667,692 16,061,804 Georgia-Pacific 283,666,770 260,914,480 22,752,290 Bay Valley Foods 190,049,918 237,677,486 (47,627,568) Village of Hobart 133,504,536 159,505,016 (26,000,480) Village of Wrightstown 72,965,156 80,439,022 (7,473,866) Aurora Health Care 38,753,678 42,955,994 (4,202,316) HSHS St. Vincent Hospital 38,135,067 44,332,247 (6,197,180) Town of Scott - 31,941,994 (31,941,994) Bellin Health 31,411,766 - 31,411,766 Totals 3,776,645,933 3,989,799,828 (213,153,895) Percentage of Metered Water 60.95% 61.73% (0.78%) 67  WATER UTILITY City of Green Bay, Wisconsin REVENUE SCHEDULE OF THE TWELVE LARGEST CONSUMERS Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 % of Oper % of Oper % of Oper % of Oper % of Oper % of Oper % of Oper % of Oper % of Oper % of Oper Name of Customer Amount Revenue Amount Revenue Amount Revenue Amount Revenue Amount Revenue Amount Revenue Amount Revenue Amount Revenue Amount Revenue Amount Revenue Village of Ashwaubenon $ 3,182,219 11.99% $ 3,091,073 12.07% $ 3,248,245 12.74% $ 3,371,009 13.00% $ 3,214,287 13.32% $ 2,903,163 12.73% $ 2,721,979 12.56% $ 2,793,770 13.23% $ 2,804,817 14.16% $ 2,562,371 13.44% Procter & Gamble 1,853,733 6.98% 1,702,991 6.65% 1,725,039 6.77% 1,799,775 6.94% 1,331,354 5.52% 1,250,072 5.48% 1,065,695 4.92% 1,055,098 5.00% 892,735 4.51% 1,144,229 6.00% Green Bay Packaging 1,317,347 4.96% 1,527,595 5.97% 1,448,104 5.68% 1,485,035 5.73% 716,121 2.97% 489,048 2.14% 449,130 2.07% 443,762 2.10% 393,515 1.99% 342,048 1.79% JBS Green Bay 949,148 3.57% 942,941 3.68% 1,022,457 4.01% 1,005,847 3.88% 904,156 3.75% 912,367 4.00% 837,681 3.87% 792,364 3.75% 707,612 3.57% 665,163 3.49% American Foods Group 896,154 3.38% 803,714 3.14% 768,862 3.02% 796,956 3.07% 731,502 3.03% 719,893 3.16% 641,117 2.96% 590,607 2.80% 559,195 2.82% 495,649 2.60% Georgia-Pacific 781,354 2.94% 682,830 2.67% 769,694 3.02% 909,184 3.51% 950,146 3.94% 999,289 4.38% 948,559 4.38% 1,051,372 4.98% 1,004,411 5.07% 1,040,061 5.45% Bay Valley Foods 523,893 1.97% 607,792 2.37% 641,977 2.52% 642,601 2.48% 534,509 2.22% 581,576 2.55% 527,021 2.43% 450,495 2.13% 436,784 2.20% 360,751 1.89% Village of Hobart 374,157 1.41% 407,264 1.59% 379,391 1.49% 366,674 1.41% 374,008 1.55% 285,740 1.25% 275,325 1.27% 225,291 1.07% 214,450 1.08% 202,109 1.06% Village of Wrightstown 199,985 0.75% 205,384 0.80% 189,554 0.74% 177,517 0.68% 207,053 0.86% 166,936 0.73% 160,256 0.74% 200,397 0.95% --- --- --- --- Aurora Health Care 141,562 0.53% 134,366 0.52% 162,194 0.64% 162,127 0.63% 143,124 0.59% 134,581 0.59% 131,120 0.61% 144,543 0.68% 128,794 0.65% 110,622 0.58% HSHS St. Vincent Hospital 119,742 0.45% 131,620 0.51% 126,861 0.50% 128,255 0.49% 110,082 0.46% 111,339 0.49% --- --- --- --- 96,617 0.49% --- --- Bellin Health 110,174 0.41% --- --- 108,168 0.42% --- --- 108,467 0.45% 137,933 0.60% 131,455 0.61% 120,201 0.57% 142,146 0.72% 112,657 0.59% Town of Scott --- --- 80,715 0.32% --- --- 103,481 0.40% --- --- --- --- --- --- 96,827 0.46% 90,876 0.46% 87,136 0.46% Wisc Public Service Corp --- --- --- --- --- --- --- --- --- --- --- --- 125,862 0.58% --- --- --- --- 97,450 0.51% Totals $ 10,449,468 39.36% $ 10,318,287 40.31% $ 10,590,546 41.54% $ 10,948,461 42.22% $ 9,324,809 38.65% $ 8,691,937 38.10% $ 8,015,200 36.99% $ 7,964,727 37.71% $ 7,471,952 37.71% $ 7,220,246 37.87% 68  WATER UTILITY City of Green Bay, Wisconsin TWELVE LARGEST CONSUMERS Current Year and Nine Years Ago 2024 2015 % of Oper % of Water % of Oper % of Water Name of Customer Amount Rank Revenue Gallons Used Metered Amount Rank Revenue Gallons Used Metered Village of Ashwaubenon $ 3,182,219 1 11.99% 1,166,488,048 18.83% $ 2,562,371 1 13.44% 1,218,214,492 20.40% Procter & Gamble 1,853,733 2 6.98% 678,551,678 10.95% 1,144,229 2 6.00% 536,928,836 8.99% Green Bay Packaging 1,317,347 3 4.96% 483,630,859 7.81% 342,048 7 1.79% 153,416,850 2.57% JBS Green Bay 949,148 4 3.57% 345,758,961 5.58% 665,163 4 3.49% 309,716,147 5.19% American Foods Group 896,154 5 3.38% 313,729,496 5.06% 495,649 5 2.60% 224,389,521 3.76% Georgia-Pacific 781,354 6 2.94% 283,666,770 4.58% 1,040,061 3 5.45% 480,542,704 8.05% Bay Valley Foods 523,893 7 1.97% 190,049,918 3.07% 360,751 6 1.89% 169,935,726 2.85% Village of Hobart 374,157 8 1.41% 133,504,536 2.15% 202,109 8 1.06% 96,363,449 1.61% Village of Wrightstown 199,985 9 0.75% 72,965,156 1.18% --- --- --- --- --- Aurora Health Care 141,562 10 0.53% 38,753,678 0.63% 110,622 10 --- 42,158,679 --- HSHS St. Vincent Hospital 119,742 11 0.45% 38,135,067 0.62% --- --- --- --- --- Bellin Health 110,174 12 0.41% 31,411,766 0.51% 112,657 9 0.59% 44,423,114 0.74% Town of Scott --- --- --- --- --- 87,136 12 0.46% 46,042,392 0.77% Wisconsin Public Service Corp --- --- --- --- --- 97,450 11 0.51% 37,271,284 0.62% Totals $ 10,449,468 39.36% 3,776,645,933 60.95% $ 7,220,246 37.87% 3,359,403,194 55.54% 69  WATER UTILITY City of Green Bay, Wisconsin NUMBER OF CUSTOMERS BY TYPE Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Residential 32,367 32,296 32,265 32,222 32,161 32,232 32,188 32,108 32,027 31,968 Restaurant 161 159 157 154 152 139 139 127 127 125 Commercial 3,310 3,292 3,277 3,269 3,272 3,320 3,325 3,336 3,379 3,384 Industrial 154 158 159 155 162 163 162 168 172 174 Municipal 223 218 233 228 223 232 228 219 222 220 Wholesale 4 4 4 4 4 4 4 4 4 3 Private Fire Protection 528 517 510 499 492 483 473 454 456 444 Totals 36,747 36,644 36,605 36,531 36,466 36,573 36,519 36,416 36,387 36,318 37,000 Private Fire Protection 36,000 Wholesale 35,000 Municipal 34,000 Industrial 33,000 Commercial 32,000 Restaurant 31,000 Residential 30,000 29,000 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 70  WATER UTILITY City of Green Bay, Wisconsin RESIDENTIAL CUSTOMER ANALYSIS NUMBER OF RESIDENTAL CUSTOMERS 1973 - 2023 34,000 32,000 30,000 28,000 26,000 24,000 22,000 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 2021 2023 RESIDENTIAL CUSTOMERS Five Year Record 2024 2023 2022 2021 2020 Average Number of Customers 32,367 32,296 32,265 32,222 32,161 Average Annual Usage Per Customer (Gallons) 40,734 42,964 41,850 42,626 44,480 Average Annual Billings Per Customer $ 246.06 $ 234.44 $ 228.65 $ 234.94 $ 238.28 Rate Increases 8/1/24 --- --- --- 6/1/20 Approximate % Increase 15.13% --- --- --- 4.4% 71  WATER UTILITY City of Green Bay, Wisconsin DEMOGRAPHIC AND ECONOMIC STATISTICS Last Ten Years Est. Unemployment Construction Est. Personal Rate Unemployment Residental Value- Total Construction Income Per Capita Green Bay Rate Building Residential Building Value-Total Green Bay (thousands of Personal Metropolitan State of Permits (thousands of Permits (thousands of Year Population dollars) Income Area Wisconsin Issued dollars) Issued dollars) 2015 105,051 $ 14,826,914 $ 46,962 4.2% 4.6% 69 $ 21,771 2,753 $ 182,138 2016 105,079 15,030,492 47,349 3.8% 4.1% 112 31,321 2,877 219,869 2017 105,443 15,634,216 48,910 3.2% 3.3% 100 26,941 3,037 143,678 2018 105,477 16,472,718 51,276 3.0% 3.0% 110 32,316 3,088 184,284 2019 105,693 16,911,095 52,453 3.2% 3.3% 72 21,831 3,326 173,504 2020 105,599 17,837,364 55,159 6.0% 6.3% 71 20,020 2,995 348,827 2021 105,209 19,189,367 58,240 3.4% 3.8% 59 17,319 3,522 192,962 2022 107,369 20,206,881 61,179 2.7% 2.9% 41 14,660 3,472 383,094 2023 106,597 21,099,453 63,575 2.8% 3.0% 38 14,662 3,287 497,888 2024 106,962 N/A * N/A * 2.7% 3.0% 40 15,053 3,432 498,484 Sources: Wisconsin Department of Administration U.S. Department of Commerce Bureau of Economic Analysis Wisconsin Department of Workforce Development. City of Green Bay Planning Department * N/A = Not Available at time of publication Personal Income and per Capita Income based on Green Bay Metropolitan Statistical Area - define as an area consisting of a recognized population nucleus and adjacent communities that have a high degree of integration with that nucleus. Unemployment rate is annual average not seasonally adjusted. 72  WATER UTILITY City of Green Bay, Wisconsin PRINCIPAL EMPLOYERS Current Year and Nine Years Ago 2024 2015 Percent of Total Percent of Total Number of Metro Area Number of Metro Area Employer Type of Business Employees Rank Employment Employees Rank Employment Bellin Health * Medical & Health Care Facility 5,131 1 2.85% 2,529 4 1.48% Green Bay Area Public Schools * Education 3,727 2 2.07% --- --- --- Kwik Trip Gas Station/Convenience Store 3,616 3 2.01% --- --- --- Humana Health Insurance 3,604 4 2.00% 3,283 1 1.92% Schneider National, Inc. Truck load carrier 2,383 5 1.32% 2,725 2 1.60% Oneida Nation Tribal Enterprises 2,383 6 1.32% 2,652 3 1.55% Aurora Health Care * Full-service medical care 2,376 7 1.32% 1,819 7 1.07% American Foods Group * Meat Distributor 2,059 8 1.14% 1,504 9 0.88% Brown County * Local Government 1,760 9 0.98% --- --- --- HSHS St. Vincent Hospital * Hospital 1,696 10 0.94% 1,573 8 0.92% Georgia-Pacific * Paper Products Manufacturer --- --- --- 1,950 5 1.14% United Healthcare Health Insurance --- --- --- 1,828 6 1.07% Wisconsin Public Service * Utility Company --- --- --- 1,413 10 0.83% Total of Ten Largest Employers 28,735 15.98% 21,276 12.46% Total Labor Force Green Bay Metropolitan Area 179,859 170,741 Data is for the Greater Green Bay area. The Green Bay Water Utility is located within the Greater Green Bay area. * Located within the Green Bay Water Utility's service area. Sources: Green Bay Area Chamber of Commerce Wisconsin Department of Workforce Development 73  WATER UTILITY City of Green Bay, Wisconsin CLASSIFICATION OF METERS December 31, 2024 Residential & Commercial & Utility In Stock Size Apartment Restaurant Industrial Municipal Wholesale Use & Deduct Total 5/8" 15,917 542 9 11 0 0 795 17,274 3/4" 16,277 1,046 34 20 0 0 878 18,255 1" 166 713 28 35 0 0 77 1,019 1 1/2" 3 668 19 37 0 0 102 829 2" 0 426 36 76 0 0 123 661 3" 1 65 8 29 0 0 43 146 4" 0 24 10 12 0 0 22 68 6" 0 4 8 2 4 0 11 29 8" 0 1 3 1 2 7 8 22 10" 0 0 0 0 1 1 0 2 18" 0 0 0 0 2 0 0 2 36" 0 0 0 0 0 2 0 2 Total 32,364 3,489 155 223 9 10 2,059 38,309 74  WATER UTILITY City of Green Bay, Wisconsin WELLS, RESERVOIRS & TANKS WELLS AVAILABLE FOR EMERGENCY USE Yield in Location Depth Diameter Gallons/Day 1479 North Military Avenue 809' 12" 1,440,000 3120 Sturgeon Bay Road (Hwy 54/57) 132' 12" 1,000,000 2240 Eastman Avenue 943' 17" 1,152,000 1451 Cass Street 918' 15" 1,238,400 605 South Adams Street (Mason) 917' 16" 1,332,000 1569 Seventh Street 860' 17" 1,670,000 2105 Sugar Maple Court (Highland) 777' 16" 1,425,000 1649 Bond Street 807' 15" 1,555,000 RESERVOIRS IN SERVICE Year Primary Capacity Location Constructed Material in Gallons Filtration Plant, 6183 Finger Road 1957 Concrete 2,000,000 Filtration Plant, 6183 Finger Road 1968 Concrete 2,000,000 Kewaunee Booster Station, Hwy B 1968 Concrete 1,000,000 Filtration Plant, 6183 Finger Road 1975 Concrete 4,000,000 641 South Grandview Road 1992 Concrete 1,000,000 ELEVATED TANKS IN SERVICE Year Primary Capacity Location Constructed Material in Gallons Filtration Plant, 6183 Finger Road 1957 Steel 150,000 629 Mount Mary Drive 1958 Steel 50,000 1810 South Point Road 1981 Steel 2,000,000 720 South Huron Road 1992 Steel 750,000 2228 North Quincy Street 1998 Concrete 2,000,000 Filtration Plant, 6183 Finger Road 2006 Steel 500,000 75  WATER UTILITY City of Green Bay, Wisconsin UTILITY PLANT IN SERVICE AT YEAR END Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 General Green Bay Plant Land $ 264,966 $ 264,966 $ 264,966 $ 264,966 $ 264,966 $ 264,966 $ 264,966 $ 264,966 $ 264,966 $ 264,174 Pumping plant structures 3,691,343 3,496,718 3,488,872 3,488,872 3,488,872 3,488,872 3,545,930 3,545,931 3,545,931 3,545,931 Reservoirs and standpipes 4,427,844 4,427,844 4,484,500 4,484,500 4,484,500 4,484,500 4,484,500 4,484,500 4,484,500 4,484,500 Wells 706,215 706,215 706,215 706,215 706,215 706,215 719,543 719,543 719,543 719,543 Office building & garage 8,036,903 8,036,903 8,036,903 2,420,199 2,554,264 2,541,959 2,545,434 2,525,366 2,525,366 2,513,041 Water treatment structures 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 2,835 Supply mains 5,119,516 5,119,516 5,119,516 4,996,658 4,996,658 4,923,291 4,922,031 4,922,017 4,922,017 4,922,017 Distribution mains 96,052,113 91,910,546 88,577,119 85,753,261 82,543,220 79,193,555 75,760,160 72,810,110 70,214,151 68,174,100 Services 24,928,407 24,154,768 23,437,290 23,022,506 22,600,002 20,704,308 18,712,466 16,739,574 15,082,154 13,608,828 Meters 9,837,282 9,488,365 9,030,614 8,803,071 8,545,249 8,463,251 8,217,953 8,190,677 8,033,406 7,840,814 Hydrants 10,720,806 10,191,689 9,693,962 9,299,945 8,983,350 8,672,088 8,322,159 7,976,604 7,776,986 7,513,426 Treatment equipment 154,484 154,484 154,484 154,484 154,484 154,484 185,467 185,467 185,467 185,467 Telemetering equipment 190,736 190,736 190,736 190,736 190,736 190,736 190,736 190,736 190,736 176,881 Electric pumping equipment 1,458,837 1,436,869 1,436,869 1,426,674 1,426,674 1,426,674 1,431,757 1,431,757 1,360,569 1,328,422 Power production equipment 237,309 237,309 237,309 237,309 237,309 237,309 237,309 237,309 237,309 237,309 Power operated equipment 813,853 736,201 657,421 657,421 657,410 657,410 657,411 710,553 604,324 604,324 Tools, shop & garage equipment 1,375,569 1,352,212 1,325,111 972,219 1,133,719 1,105,415 1,211,495 1,175,318 1,194,564 1,129,706 Stores equipment 26,117 26,117 26,117 26,117 26,117 24,957 40,650 40,650 40,650 40,650 Transportation equipment 2,670,313 2,647,113 2,582,712 2,563,939 2,556,006 2,426,916 2,361,060 2,412,854 2,266,006 2,023,030 Communication equipment 195,726 10,980 58,035 58,035 58,035 58,035 58,035 58,035 58,035 56,785 Office furniture & computers 4,534,889 4,353,263 4,276,277 3,986,604 3,967,243 3,845,706 3,737,534 3,509,003 3,566,178 3,313,995 175,446,063 168,945,649 163,787,863 153,516,568 149,577,866 143,573,481 137,609,431 132,133,805 127,275,693 122,685,778 Lake Michigan Supply System Land 259,723 259,723 259,723 259,723 259,723 259,723 259,723 259,723 259,723 259,723 Pumping plant structures 2,984,715 2,984,715 2,984,715 2,984,715 2,984,715 2,981,777 2,997,629 2,805,052 2,805,052 2,805,052 Reservoirs and standpipes 97,448 97,448 97,448 97,448 97,448 97,448 97,448 97,448 97,448 97,448 Water treatment structures 15,450,197 15,450,197 15,441,936 15,441,936 15,470,575 15,442,221 15,459,985 15,418,758 15,418,758 15,418,758 Lake intakes 1,539,207 1,539,207 1,539,207 1,539,207 1,539,207 1,539,207 1,539,207 1,539,207 1,539,207 1,539,207 Supply mains 44,020,108 44,020,627 44,008,430 43,884,552 43,855,740 43,764,408 43,764,408 43,764,408 43,114,197 43,095,218 Distribution mains 646,048 646,048 646,048 646,048 646,048 646,048 646,049 646,048 646,048 646,048 Electric pumping equipment 3,764,745 3,764,745 3,758,800 3,758,800 3,759,943 3,759,943 3,783,567 3,783,567 3,783,567 3,783,567 Treatment equipment 18,227,228 18,207,357 18,215,877 18,097,810 18,087,000 18,072,502 18,696,806 18,688,365 18,502,929 18,157,813 Telemetering equipment 754,894 725,548 628,368 628,368 628,368 628,368 1,247,123 1,247,123 1,229,123 967,083 Tools, shop & garage equipment 47,928 39,078 43,664 51,405 41,900 41,080 43,337 43,337 52,965 52,965 Laboratory equipment 131,542 107,313 97,375 63,092 45,354 35,284 41,977 41,977 32,799 32,799 Communication equipment 308,520 242,616 366,263 360,566 321,656 321,656 321,656 321,656 321,656 305,751 Office furniture & computers 61,233 49,320 56,179 49,025 40,373 23,728 30,595 30,595 30,595 30,595 Power production equipment 1,612,314 1,612,314 1,612,314 1,612,314 1,612,314 1,612,314 1,612,314 1,612,314 1,612,314 1,609,818 89,905,850 89,746,256 89,756,347 89,475,010 89,390,364 89,225,707 90,541,823 90,299,578 89,446,381 88,801,845 Total $ 265,351,913 $ 258,691,905 $ 253,544,210 $ 242,991,578 $ 238,968,229 $ 232,799,188 $ 228,151,254 $ 222,433,383 $ 216,722,074 $ 211,487,623 76  WATER UTILITY City of Green Bay, Wisconsin SUPPLY MAINS IN SERVICE December 31, 2024 Feet In Service Added Retired Adjusted Feet In Service Type and Size of Main Dec. 31, 2023 In 2024 In 2024 In 2024 Dec. 31, 2024 16" Prestressed Concrete 3,629 3,629 16" Ductile Iron 7,021 (304) 1,600 8,317 16" Steel 43 43 16" PVC 3 67 70 18" Steel 53 53 20" Prestressed Concrete 3,405 3,405 20" Ductile Iron 3 1 4 24" Prestressed Concrete 24,865 (30) 24,835 24" Ductile Iron 17,377 (1) 17,376 24" Cast Iron 18 18 30" Prestressed Concrete 2,307 2,307 30" Ductile Iron 3,850 3,850 30" Steel 18 18 36" Prestressed Concrete 133,342 133,342 36" Ductile Iron 7,330 7,330 36" Steel 123 123 42" Prestressed Concrete 78,209 (6) 78,203 42" Steel 1,286 1,286 54" Steel 75,587 75,587 Totals 358,469 67 (340) 1,600 359,796 The amounts in the "Adjusted in 2024" column are due to adjusting the historical footages to actual footages as determined by the Water Utility's computerized geographic information system (GIS). RIVER CROSSING SUPPLY MAINS IN SERVICE DECEMBER 31, 2024 FOX RIVER: 1964 Emilie Street to Ninth Street 24" Steel 1,812 1971 Mason Street Crossing 24" Ductile Iron 1,061 2005 Grignon Street to Ninth Street 36" Steel 2,332 EAST RIVER: 1957 Cass Street Crossing 30" Steel 302 1995 Lawe Street Crossing 36" Steel 1,567 Totals 7,074 Total Supply Mains and River Crossing Supply Mains in Service December 31, 2024 366,870 69.5 Miles of Supply Mains in Service as of December 31, 2024 77  WATER UTILITY City of Green Bay, Wisconsin DISTRIBUTION AND TRANSMISSION MAINS IN SERVICE December 31, 2024 Feet In Service Added Retired Adjusted Feet In Service Type and Size of Main Dec. 31, 2023 In 2024 In 2024 In 2024 Dec. 31, 2024 3/4" Galvanized 164 (134) 30 3/4" Copper 526 (4) 522 1" Galvanized 1,241 (104) 179 1,316 1" Polyethylene 258 258 1" Copper 1,265 4 (50) (174) 1,045 1 1/4" Galvanized 457 (268) 189 1 1/4" Copper 244 244 1 1/2" Galvanized 1,410 1,410 1 1/2" Polyethylene 226 226 1 1/2" Copper 2,579 (100) 2,479 2" Ductile Iron 502 502 2" Galvanized 733 733 2" Polyethylene 263 263 2" Brass 24 24 2" Copper 2,997 (22) 2,975 2" Cast Iron 7,407 (204) 7,203 2" PVC 12 12 2 1/2" Galvanized 721 721 3" Ductile Iron 107 107 3" Cast Iron 129 129 4" Ductile Iron 10,245 (106) 10,139 4" Cast Iron 4,367 (23) 84 4,428 4" PVC 40 27 67 6" Ductile Iron 91,138 37 (597) 90,578 6" Phipp's Hydraulic 2,476 2,476 6" Cast Iron 399,366 (21,031) 378,335 6" PVC 13,755 1,027 (368) 14,414 8" Ductile Iron 641,681 365 (426) 381 642,001 8" Cast Iron 102,133 (5,651) 4 96,486 8" PVC 251,774 21,312 (42) 13 273,057 8" cast iron lined 1,226 1,226 10" Ductile Iron 23,350 (1) 23,349 10" Cast Iron 75,758 (798) 608 75,568 10" PVC 722 (26) 696 12" Ductile Iron 354,232 (30) (784) 353,418 12" Cast Iron 59,645 (65) 59,580 12" PVC 119,072 877 (6) 641 120,584 16" Ductile Iron 113,473 (27) (1,600) 111,846 16" Cast Iron 26,823 45 26,868 16" PVC 15,835 2 15,837 18" Ductile Iron 437 437 18" Polyethylene 783 783 18" Cast Iron 1,849 1,849 20" Ductile Iron 227 227 24" Ductile Iron 566 566 Totals 2,332,238 23,649 (30,083) (601) 2,325,203 The amounts in the "Adjusted in 2024" column are due to adjusting the historical footages to actual footages as determined by the Water Utility's computerized geographic information system (GIS). RIVER CROSSING TRANSMISSION MAINS IN SERVICE DECEMBER 31, 2024 FOX RIVER: 1906 Stuart Street to School Place 16" Cast Iron 991 16" Ductile Iron 79 1996 Prairie Avenue to Radisson Street 16" Steel 1,433 16" Ductile Iron 319 EAST RIVER: 1905 Cedar Street Crossing 12" Cast Iron 286 1907 Jackson Street Crossing 12" Cast Iron 354 1934 Cass Street Crossing 12" Cast Iron 794 1939 Irwin Avenue Crossing 12" Cast Iron 717 10" Cast Iron 15 Totals 4,988 Total Distribution Mains and River Crossing Transmission Mains in Service December 31, 2024 2,330,191 441.32 Miles of Distribution and Transmission Mains in Service as of December 31, 2024 78  WATER UTILITY City of Green Bay, Wisconsin WATER SERVICES (LATERALS) December 31, 2024 Added in Retired in Adjusted in In Service Not in Service Type and Size of Pipe Dec 31,2023 2024 2024 2024 Dec 31, 2024 Dec 31, 2024 3/4" Galvanized 64 (10) 42 12 3/4" Lead 363 (11) 0 352 3/4" Tubeloy (lead & copper alloy) 2 0 2 3/4" Copper 15,056 3 (167) 13,649 1,243 3/4" Polyethylene 8 8 0 1" Galvanized 2 0 2 1" Copper 13,476 15 (83) 13 12,323 1,098 1" Polyethylene 4,215 207 4,111 311 1 1/4" Galvanized 2 0 2 1 1/2" Galvanized 1 0 1 1 1/2" Copper 671 (5) 578 88 1 1/2" Polyethylene 72 3 69 6 2" Galvanized 1 0 1 2" Copper 609 1 (4) 1 462 145 2" Polyethylene 126 4 1 122 9 2" Cast Iron 11 3 8 2" Ductile Iron 1 1 0 3" Cast Iron 17 (1) 12 4 3" Ductile Iron 46 29 17 4" Cast Iron 23 14 9 4" Ductile Iron 147 (2) 127 18 4" PVC 67 4 65 6 4" Copper 1 1 0 6" Cast Iron 35 (3) 18 14 6" Ductile Iron 185 1 3 152 37 6" PVC 113 2 1 114 2 8" Cast Iron 7 6 1 8" Ductile Iron 129 (2) 115 12 8" PVC 102 4 (2) 1 101 4 10" Cast Iron 2 1 1 10" Ductile Iron 28 24 4 10" PVC 14 14 0 12" Cast Iron 1 1 0 12" Ductile Iron 16 (2) 13 1 12" PVC 7 6 1 16" Ductile Iron 4 4 0 24" Ductile Iron 1 1 0 Totals 35,625 244 (292) 20 32,186 3,411 Total Services 35,597 The amounts in the "Adjusted in 2024" column are due to adjusting the historical counts to actual counts as determined by the Water Utility's computerized geographic information system (GIS). 79  WATER UTILITY City of Green Bay, Wisconsin WATER SERVICES (LATERALS) Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 3/4" 15,308 15,493 15,671 15,754 15,881 16,313 16,742 17,213 17,795 18,261 1" 17,845 17,693 17,560 17,473 17,367 16,928 16,477 16,054 15,463 15,007 1 1/4" 2 2 2 2 2 2 2 2 2 2 1 1/2" 742 744 745 746 745 745 744 745 743 744 2" 751 748 742 739 734 731 729 727 722 722 3" 62 63 63 63 64 64 64 64 65 66 4" 240 238 233 230 229 227 221 222 222 223 6" 337 333 329 328 326 318 310 313 314 305 8" 239 238 232 227 223 222 216 214 212 207 10" 44 44 43 43 43 45 45 43 43 42 12" 22 24 24 24 24 23 23 23 23 21 16" 4 4 4 4 4 4 2 1 1 1 24" 1 1 1 1 1 1 1 1 1 1 Totals 35,597 35,625 35,649 35,634 35,643 35,623 35,576 35,622 35,606 35,602 40,000 8" - 24" 3" - 6" 30,000 2" 20,000 1¼" & 1½" 1" 10,000 3/4" - 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 80  WATER UTILITY City of Green Bay, Wisconsin OPERATING AND CAPITAL INDICATORS Last Ten Years 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Miles of water mains: Supply mains 68.2 67.9 67.9 67.9 67.9 67.9 68 69.2 67.9 67.9 River crossing mains 1.34 1.34 1.34 1.34 1.34 1.34 1.34 2.3 2.3 2.3 Distribution mains 441.3 442.7 442.7 442.5 442.5 442 440 440 440.1 439 Total 510.84 511.94 511.94 511.74 511.74 511.24 509.34 511.5 510.3 509.2 Number of full-time Water Utility employees Pumping 4 4 4 4 4 4 4.5 4 4 4 Water Treatment 9 9 9 9 9 8 8 8 8 8 Distribution & Engineering 29 29 29 29 29 28 27 27 25 26 Metering & Cross Connection 7 7 7 7 7 7 7 8 7 6 Billing & Office 13 12 12 11 11 11 10 10 10 10 Administration 5 6 6 5 5 5 5 4.5 4 2 Total 67 67 67 65 65 63 61.5 61.5 58 56 Average daily pumpage (gallons) 17,973,151 20,561,542 22,753,230 22,670,545 19,989,784 18,967,693 19,528,896 19,420,830 17,860,984 17,802,863 Finished water storage capacity (gallons) 15,800,000 15,800,000 16,300,000 16,300,000 16,300,000 16,300,000 16,300,000 16,300,000 16,300,000 16,300,000 Storage capacity as a percentage of average daily pumpage 87.9% 76.8% 71.6% 71.9% 81.5% 85.9% 83.5% 83.9% 91.3% 91.6% Daily authorized draw capacity at Lake Michigan pump station (gallons) 54,501,120 54,501,120 54,501,120 54,501,120 54,501,120 54,501,120 54,501,120 54,501,120 54,501,120 54,501,120 Percentage of authorized draw capacity used 33.0% 37.7% 41.7% 41.6% 36.7% 34.8% 35.8% 35.6% 32.8% 32.7% Daily capacity of stand-by wells for emergency use (gallons) 10,812,400 10,812,400 10,812,400 10,812,400 10,812,400 10,812,400 11,460,400 11,460,400 11,460,400 11,460,400 Emergency stand-by well capacity as a percentage of average daily pumpage 60.2% 52.6% 47.5% 47.7% 54.1% 57.0% 58.7% 59.0% 64.2% 64.4% 81  WATER UTILITY City of Green Bay, Wisconsin WATER MAIN LEAKS WATER MAIN LEAKS BY MONTH 2024 and 1982 - 2023 Average 45 40 35 30 25 20 15 10 5 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 1982-2023 Average WATER MAIN LEAKS Five Year Record 2024 2023 2022 2021 2020 Number of Main Leaks 136 152 227 243 196 82  WATER UTILITY City of Green Bay, Wisconsin WATER RATES IN EFFECT ON OCTOBER 18, 1887 BAKERIES Bakeries may be charged according to the average daily use of flour, namely, for each barrel per day, the sum of $4.00 annually; provided that in no case will the bakery be charged less than $8.00 per year. MANUFACTURING AND OTHER PURPOSES In all cases when large quantities of water are required, the quantity is to be ascertained by meters. For the first 2,000 gallons used daily, the rate is 4¢ per 100 gallons. For the quantity in excess of 2,000 gallons and up to 5,000 gallons used daily, the rate is 3¢ per 100 gallons. For the quantity in excess of 5,000 gallons up to 10,000 gallons used daily, the rate is 2¢ per 100 gallons. PRIVATE STABLES WITH ONE FAUCET THEREIN For first horse $4.00 per year Each additional horse $2.50 per year Each cow $1.50 per year LIVERY CLUB AND BOARDING STABLES WITH ONE FAUCET THEREIN For six horses or less $12.00 per year For each additional horse $1.50 per year STEAM ENGINES Stationary steam engines working not over twelve hours per day may be charged by the horse-power as follows: For each horse-power up to and not exceeding ten $4.00 per year For each horse-power exceeding ten and not over fifteen $3.50 per year For each horse-power over fifteen $3.00 per year No steam engine will be charged less than $10.00 per year. EATING HOUSE Refectories, confectioners, eating houses, fish stalls, provision shops, refreshment and oyster houses will be charged not more than $50.00 per year. STORES, OFFICES, ETC. For each tenement occupied as a store, warehouse, or office $6.00 per year Barber shop, first chair $6.00 per year Barber shop, each additional chair $2.00 per year DWELLING HOUSE Dwelling house up to five rooms, for the first faucet $5.00 per year For each additional room $1.00 per year For each additional faucet $2.00 per year 83  Green Bay Water Commission GENERAL MANAGER UPDATE DATE: June 23rd, 2025 TO: Green Bay Water Commission FROM: General Manager Brian Powell, P.E. RE: General Manager Update General Manager Brian Powell will provide the commission with updates on the following initiatives within our organization: 1. PFAS Settlement 2. Titletown Canned Water 3. City Hall Academy – May 15th 4. Monthly Newsletter to Customers 5. Workforce Report a. Filter Plant Technician Starting June 23rd b. Safety Coordinator – Held Interviews June 17th