U.S. Virgin Islands Water and Power Authority Preliminary Draft - Work in Process / Subject to Material Change Information contained herein has not been independently verified and is subject to material change based on continuing review. Accordingly, the information contained herein is not intended to be and should not be relied upon by any third party or as legal, auditing, or accounting advice. The analyses, assumptions and underlying data herein are the product of U.S. Virgin Islands Water and Power Authority ("WAPA") and its management (“Management”) and consist of information obtained solely from WAPA. The information contained does not purport to be complete nor to contain all the information that may be considered, or may be necessary in appropriately evaluating, such information or potential transactions. In addition, we have no responsibility to update this analysis for events or circumstances occurring after the date of this analysis. Any activities undertaken to evaluate the reliability or completeness of the information received by us from the Company in the context of our preparing this analysis are identified herein. No other evaluations of reliability or completeness were performed. With respect to prospective financial information relative to WAPA, there has not been any examination, compilation or application of agreed upon procedures to such information in accordance with attestation standards established by the AICPA. Consequently, no assurance of any kind is given with respect to, or on, the information presented. It is WAPA’s responsibility to make its own decision based on the information available to it. Management has the knowledge, experience and ability to form its own conclusions related to WAPA's analyses. There will usually be differences between forecasted and actual results because events and circumstances frequently do not occur as expected and those differences may be material. As a result, no responsibility for the achievement of forecasted results is made. Accordingly, reliance on this report is prohibited by any third party as the projected financial information contained herein is subject to material change and may not reflect actual results. Many of numbers set forth herein are estimates or based on assumptions which are subject to change. Such changes may be material and can materially affect the calculation of other amounts reflected herein. Preliminary Draft - Subject to Material Change 1 of 5 4/1/2025 2:10 PM U.S. Virgin Islands Water and Power Authority DRAFT Government Total Bills Amount Due Trending As of March 31, 2025 $2.7m $3.0m $3.5m $3.5m $3.4m $3.6m $4.2m $3.4m $2.5m $2.3m $2.4m $1.3m $1.8m $2.3m $1.7m $2.2m $1.1m $1.6m $1.8m $1.6m $2.2m $1.2m $1.8m $2.4m $2.9m $2.4m $3.1m $3.7m $3.0m $2.5m $1.8m $1.2m $1.8m $2.4m $3.0m $3.7m $1.3m $1.9m $2.5m $1.6m $2.2m $2.8m $12.4m $13.0m $13.8m $14.4m $14.6m $16.0m $15.9m $17.7m $17.8m $13.6m $4.2m $2.8m $3.3m $4.4m $3.6m $5.2m $3.0m $2.6m $3.6m $3.2m $4.2m $16.3m $17.7m $19.7m $20.8m $20.5m $22.6m $23.8m $24.2m $22.8m $17.7m $7.8m $5.9m $7.6m $9.8m $9.0m $8.7m $6.0m $6.7m $7.1m $7.0m $9.3m $- m $5m $10m $15m $20m $25m $30m Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Government of the Virgin Islands Total Bills Amount Due Trend Single Payer Streetlights Other VI Government Component Units Total Preliminary Draft - Subject to Material Change 2 of 5 4/1/2025 2:10 PM U.S. Virgin Islands Water and Power Authority DRAFT Government Bills Outstanding Balance As of March 31, 2025 Last Bill Balance Last Bill Current Last Bill Total Post-Bill Current Excluded Total Billing TTM Current Num. of Num. of % of Total Notes Forward Charges Invoice Activity Balance Credit Accts Amount Due Charge Avg3 Accounts Months Due Amount Due Accounts Not Currently Paid by Single Payer Process – Virgin Islands ROY LESTER SCHNEIDER HOSPITAL 603,406 289,871 893,277 (520,605) 372,672 - 372,672 334,633 2 1 3.9% ROY L SCHNEIDER REGIONAL/CKCI 517 511 1,027 (498) 530 - 530 511 1 1 0.0% SRMC HOSPITAL Subtotal 603,923 290,381 894,304 (521,103) 373,201 - 373,201 335,144 3 1 3.9% HOSPITAL-GOV JUAN LUIS/CARDIAC - - - - - - - - 0 0 0.0% HOSPITAL-GOV JUAN LUIS 622,273 242,404 864,677 (355,742) 508,935 20,927 529,863 342,695 13 2 5.5% JFL HOSPITAL Subtotal 622,273 242,404 864,677 (355,742) 508,935 20,927 529,863 342,695 13 2 5.5% MYRAH KEATING SMITH CENTER 14,273 13,692 27,964 (14,097) 13,868 13,868 14,268 2 1 0.1% HOSPITAL FACILITIES BOARD Total 1,240,469 546,476 1,786,946 (890,941) 896,005 20,927 916,932 692,107 18 1 9.5% UNIVERSITY OF THE VI 478,010 364,829 842,839 (1,381) 841,457 11,375 852,832 390,038 26 2 8.9% HOUSING AUTHORITY 164,230 686,171 850,401 (329,844) 520,557 10,678 531,235 732,647 587 1 5.5% WASTE MANAGEMENT 330,862 227,417 558,279 (150,100) 408,179 43,958 452,138 215,379 92 2 4.7% PORT AUTHORITY 5 (58,035) 557,915 499,879 (178,154) 321,726 60,458 382,183 569,400 123 1 4.0% OFFICE OF THE GOVERNOR 1 195,419 44,396 239,815 (712) 239,103 9,202 248,305 59,173 31 4 2.6% GOVT EMPLOYEES RETIRE SYS 116,642 120,163 236,805 (13,921) 222,883 2,225 225,108 119,369 18 2 2.3% SUPERIOR COURT OF THE VI 38,337 110,244 148,581 1,653 150,234 14 150,248 114,023 14 1 1.6% HOUSING FINANCE AUTHORITY 79,740 31,451 111,191 (9,682) 101,509 16,742 118,252 35,125 97 3 1.2% LT. GOVERNOR'S OFFICE 69,099 24,628 93,727 (24,245) 69,482 1,071 70,552 22,726 26 3 0.7% BUREAU OF MOTOR VEHICLE 1 43,847 11,956 55,803 - 55,803 1,938 57,741 13,382 10 4 0.6% PUBLIC DEFENDER'S OFFICE 29,309 8,289 37,598 (2,000) 35,598 - 35,598 6,775 9 5 0.4% SUPREME COURT 11,787 19,387 31,173 14 31,188 - 31,188 20,617 8 2 0.3% LEGISLATURE 57,484 34,246 91,730 (63,331) 28,399 - 28,399 31,256 10 1 0.3% AUDIT AND CONTROL, BUREAU 19,072 3,938 23,010 2 23,012 - 23,012 3,489 5 7 0.2% VI PUBLIC FINANCE AUTH. 5,018 10,479 15,497 (613) 14,884 1,149 16,033 11,252 7 1 0.2% ST CROIX CABLE TV 36,765 3,623 40,388 (29,382) 11,005 4,878 15,884 3,679 8 4 0.2% TOURISM DEPARTMENT (38,300) 14,278 (24,022) (3,226) (27,248) 41,942 14,694 9,075 38 2 0.2% PUBLIC T. V. SYSTEM 681 13,508 14,188 (13) 14,176 - 14,176 13,113 9 1 0.1% BOARD OF EDUCATION 9,916 1,290 11,206 14 11,220 - 11,220 1,859 5 6 0.1% SUPERVISOR OF ELECTIONS 4,393 4,384 8,777 (666) 8,111 - 8,111 4,002 2 2 0.1% ECONOMIC DEVEL AUTHORITY 1 2,897 10,984 13,880 (11,539) 2,341 3,773 6,114 12,835 13 0 0.1% BOARD OF ELECTIONS 3,915 2,153 6,068 - 6,068 - 6,068 2,679 1 2 0.1% LOTTERY, V.I. 1,753 3,516 5,269 (191) 5,079 - 5,079 4,037 6 1 0.1% PUBLIC SERVICES COMMISSION 1 15,965 3,437 19,403 (15,609) 3,794 - 3,794 2,955 2 1 0.0% VOCATIONL EDUCATION BOARD 1,654 49 1,703 (10) 1,693 - 1,693 (43) 3 0 0.0% MAGENS BAY AUTHORITY - 9,098 9,098 (7,930) 1,168 - 1,168 9,126 4 0 0.0% ECONOMIC DEVELOPMENT & AG 1 2,616 33 2,649 (2,795) (146) 165 19 22 4 1 0.0% Subtotal – Virgin Islands 2,863,546 2,868,335 5,731,881 (1,734,602) 3,997,280 230,495 4,227,775 3,100,098 1176 1 43.9% Preliminary Draft - Subject to Material Change 3 of 5 4/1/2025 2:10 PM U.S. Virgin Islands Water and Power Authority DRAFT Government Bills Outstanding Balance As of March 31, 2025 Last Bill Balance Last Bill Current Last Bill Total Post-Bill Current Excluded Total Billing TTM Current Num. of Num. of % of Total Notes Forward Charges Invoice Activity Balance Credit Accts Amount Due Charge Avg3 Accounts Months Due Amount Due Other Accounts Consolidated Street Lights 6 2,210,370 601,044 2,811,413 - 2,811,413 - 2,811,413 617,136 3 5 29.2% Subtotal – Other Accounts 2,210,370 601,044 2,811,413 - 2,811,413 - 2,811,413 617,136 3 5 29.2% Accounts Currently Paid by Single Payer Process EDUCATION 256,313 810,957 1,067,269 (468,503) 598,766 310,428 909,195 809,279 223 1 9.4% ARMY NATL GUARD-ADJGEN 4 240,492 117,420 357,912 (44,385) 313,527 5,323 318,851 115,307 16 3 3.3% HUMAN SERVICES (145,048) 222,577 77,529 (96,656) (19,128) 186,102 166,974 232,146 87 1 1.7% POLICE 77,315 139,285 216,600 (89,064) 127,536 26,227 153,763 144,925 71 1 1.6% HEALTH 23,571 87,094 110,665 (64,375) 46,290 37,551 83,841 97,834 49 1 0.9% PUBLIC WORKS 16,000 62,486 78,486 (21,068) 57,418 25,454 82,872 82,044 170 1 0.9% HOUSING, PARKS & REC. (8,356) 69,080 60,724 (28,093) 32,631 44,951 77,582 75,569 161 1 0.8% PLANNING & NATL RESOURCES 16,556 66,405 82,962 (37,386) 45,575 19,284 64,859 76,363 64 1 0.7% PROPERTY & PROCUREMENT 19,922 34,546 54,468 (3,604) 50,864 7,404 58,268 40,033 31 1 0.6% BUREAU OF CORRECTIONS 40,124 49,897 90,022 (45,514) 44,508 6,115 50,623 46,418 13 1 0.5% FINANCE 18,988 23,656 42,644 (4,461) 38,183 3,223 41,406 25,327 7 2 0.4% VITEMA OFF. OF ADJ GEN 16,383 23,046 39,429 138 39,567 1,451 41,018 26,506 10 2 0.4% INTERNAL REV. BUREAU 31,747 30,706 62,452 (28,816) 33,636 - 33,636 31,518 9 1 0.3% LABOR 21,199 17,743 38,941 (5,473) 33,468 - 33,468 19,318 9 2 0.3% FIRE SERVICES 19,227 34,730 53,958 (21,852) 32,106 783 32,889 37,819 30 1 0.3% INFO TECHNOLOGY OFFICE (6,201) 17,412 11,211 (3,321) 7,890 19,401 27,291 19,591 18 1 0.3% DEPARTMENT OF AGRICULTURE 10,192 21,846 32,038 (10,624) 21,415 5,385 26,800 18,316 47 1 0.3% JUSTICE DEPARTMENT (12,380) 19,946 7,567 (2,308) 5,258 12,319 17,577 22,522 9 1 0.2% LIC. & CONSUMER AFFAIRS 10,142 10,278 20,420 (4,276) 16,144 - 16,144 9,136 3 2 0.2% MGMT & BUDGET OFFICE 4,660 4,913 9,573 (4,599) 4,974 - 4,974 5,150 2 1 0.1% ENERGY OFFICE 1,286 4,089 5,375 (5,055) 319 1,901 2,220 1,483 7 1 0.0% VETERANS AFFAIRS 475 394 869 - 869 12 881 456 2 2 0.0% PERSONNEL 9 727 735 - 735 - 735 842 1 1 0.0% USDA (US DEPT. OF AGR.) (885) 1,191 307 (1,183) (876) 876 - 1,226 6 0 0.0% Subtotal – Single Payer 2 651,732 1,870,423 2,522,155 (990,476) 1,531,678 714,190 2,245,868 1,939,129 1045 1 23.3% Total – Virgin Islands 5,725,647 5,339,802 11,065,449 (2,725,078) 8,340,371 944,685 9,285,056 5,656,363 2224 2 96.4% Preliminary Draft - Subject to Material Change 4 of 5 4/1/2025 2:10 PM U.S. Virgin Islands Water and Power Authority DRAFT Government Bills Outstanding Balance As of March 31, 2025 Last Bill Balance Last Bill Current Last Bill Total Post-Bill Current Excluded Total Billing TTM Current Num. of Num. of % of Total Notes Forward Charges Invoice Activity Balance Credit Accts Amount Due Charge Avg3 Accounts Months Due Amount Due Notes: 1. Department previously paid under Government Single Payer Process 2. Single Payer current balance is based on latest bill issued in the system as of March 31, 2025 and includes all post-billing activity (e.g. payments received, credits applied, balance transfers, etc.). Single Payer Total Amount Due is transmitted after the end of the month to DOF for payment calculation and subsequently paid on or before the 15th of the month 3. TTM Current Charge Average is based on the average of last twelve months of Current Bill Charges ONLY to normalize usage for non-current debits/credits that may impact billing 4. National Guard is paid in part by certain percentage splits on an account-by-account basis and paid monthly by GVI and NG for their respective portions 5. Port Authority balance adjusted for previous charges under review. Disputed amounts are temporarily deducted from customer's balance pending final resolution. A dispute does not waive obligations; VIWAPA reserves the right to pursue collection should the balance be upheld. Both parties must promptly comply with any decision or settlement reached, failing which may result in additional penalties, fees, disconnection, and legal action 6. Streetlights charges for the month of March 2025 are estimated as the average of trailing three months average of current charges Preliminary Draft - Subject to Material Change 5 of 5 4/1/2025 2:10 PM