ML19270F616
| ML19270F616 | |
| Person / Time | |
|---|---|
| Site: | Rancho Seco |
| Issue date: | 02/26/1979 |
| From: | Mattimoe J SACRAMENTO MUNICIPAL UTILITY DISTRICT |
| To: | Saltzman J Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 7903020350 | |
| Download: ML19270F616 (8) | |
Text
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- 17 e i SMUD SACRAMENTO MUNICIPAL UTILITY DISTRICT O 6201 S Street, Box 15830, Sacramento, California 95813; (916) 452-3211 4
February 26, 1979 i
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Director of Nuclear gleactor Regulation Attention:
Mr. Jerome Saltzman, Chief Antitrust and Indemnity Group U.
S.
Nuclear Regulatory Commission Washington, DC 2055,S Gentlenen:
Subject:
Price-Anderson Indemnity Retrospective Premium System Pursuant to 10 CFR Sec. 140.21 and Regu-latory Guide 9.1, enclosed please find the Sacra-mento Municipal Utility District's internal cash flow projection for 1979.
As supporting documen-tation, we are also forwarding the balance sheet and statement of net revenue as of December 31, 1978 and the projected not revenues for the 1979 budget year.
We trust that the enclosed provides su f fi c ient information on the Dis trict 's financial condition and its ability to meet an assessment under the retrospective premium system.
Sincerely,
/ '8 hlThs-A John J. Mattimoe Assistant General Manager and Chief Engineer Enes.
- 4\\
t 7003020 M o 4N ELECTRIC SYSTEM S E R VI N G MORE THAN 000,000 IN THE HEARI 0F C A LI F O R N I A
Sacramento Municipal Utility District 1979 INTERNAL CASH FLOW PROJECTION RANCHO SEC0 NUCLEAR POWER STATION (thousands of dollars) 1978 Projected 1979 Net Income Af ter Taxes
$29,584
$24,359 Less Dividends Paid Retained Earnings
$29,584
$24,359 Adjustments:
Depreciation and Amortization
$35,276 /
$43,5025/
Deferred Income Taxes and Investment Tax Credits Allowance for Funds Used During Construction (2,014)
(4,427)
Total Adjustments
$33,262
$39,075 Internal Cash Flow
$62,846 563,o34 Average Quarterly Cash Flow
$15,712
$15,858 100 Percent Ownership in Rancho Seco
-a/ Consists of depreciation ($21,768,744) and amortization of nuclear fuel ($13,507,470).
b/ Consists of depreciation ($22,690,780) and amortization of nuclear fuel ($20,811,424).
2/22/79 KAP
SACRAMENTO MUNICIPAL UTILITY DISTRICT BALANCE SHEETS DECEMBER 31,1978 and 1977 ASSETS LIABILITIE5 DECEMBER 31 DECEFEER 31 1978 1977 1978 1977 ELECTRIC UTILITY PLANT, at original cost:
CAPITALIZATION:
Plant in service
$817 258 348
$791 480 908 Lustomers' equity employed in the Less - Reserve for depreciation 141 535 467 125 342 161 business -
Balance beginning of year
$329 210 379
$310 691 798
$675 722 881
$6E6 138 747 Net revenue for the year 29 584 059 18 318 581 Construction work in progress 3C 704 640 30 587 929 Nuclear fuel, at cost less anortization 65 071 127 42 458 321 Total custocers' equity
$353 794 438
$329 210 379
$771 493 648
$739 184 997 Long-tenn debt (ibte 1) 493 204 534 469 224 885 SEGREGATED FUNDS:
$851 999 972
$798 435 264 Consisting of cash and securities, at cost -
System construction fund
$ 64 639 265
$ 37 178 421 In reserve funds for revenue bonds -
Fcr Electric System Bonds 1 056 672 1 043 800 For Electric Revenue Bonds 16 395 376 15 312 160 For all Parity Bonds 6 212 849 6 296 732 For White Rock Project Bonds 929 986 929 906 CURRENT LIABILITIES:
$ 89 234 148
$ 60 761 099 Accounts payable
$ 19 848 065
$ 19 367 344 Accrued salaries and wages 1 232 161 1 072 908 CURRENT ASSETS:
Accrued vacation 2 436 478 2 134 458 Ca sh 377 412 231 959 Long-term debt due within one year 16 055 829 15 603 905 Cash and securities for paynent of Accrued interest on long-term debt 6 351 8,8 6 060 974 debt service 13 702 665 13 558 233 Customers' depnsits 2 288 346 2 012 548 Accounts receivable, less reserves of Other 2 998 981 1 651 097
$242,873 and $199,037, res pectively 9 499 541 6 842 243 Receivable from sale of bulk power 3 316 362 6 793 493
$ 51 211 748
$ 47 908 264 Interest receivable 1 884 899 1 581 610 Materials and supplies, at average cost 11 361 013 9 766 828 Prepayments and special deposits 697 852 1 185 330
$ 40 839 744
$ 39 964 696 DEFERRED CHARGES:
Unamortized bond redemption premium, DEFERRED CRECITS:
debt discount, and expense
$ 1 407 645 1 354 398 Contingent liability for Energy exchange account 1 148 618 1 316 000 disputed power bill (Note 2)
$ 4 037 451 Other 3 153 383 3 807 590 Other 34 015 45 252 55'iU9555 55'dif'585 546iid55 5"'d5'252
$907 282 186
$846 388 780
$907 282 186
$856 283 780
SACRAMENTO MUNICIPAL UTILITY DISTRICT STATEMENT OF NET REVEt'UE DECEMBER 1978 Current Month Twelve Months to Date Over (Under)
Over (Under)
Anoun t Prior Year Amount Prior Year OPERATING REVENUES.
Sales of electric energy for District load -
Residential
$ 4 691957
$ 1 118 675
$ 53 955 315
$ 9 458121 Commercial and industrial 4 006 777 744 100 48 446 174 6 434 655 Street lightin9 96 361 11 760 1 087 889 135 939 Sales for resale (4 503) 29 608 (19 613)
Total
$ 8 795 095
$ 1870112
$103 518 986
$16 009102 Sale of surplus power 4E6 180 (4 671 669) 31 557 976 (2 012 150)
Other electric revenue 11 459 (76) 145 871 1 635 Total operating revenues
$ 9 292 734
$(2 801 633)
$135 222 833
$13 998 587
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OPERATING EXFENSES:
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Operation -
Purchased power (Note 2)
$ 1 309 000 614 424
$ 11 739 904
$ 3 960 206 Nuclear fuel used for generation 706 402 (1 040 433) 13 507 470 (2 760 202)
Production 1 939 704 699 196 8 627 324 267 774 Transmission and distribution 394 147 32 229 4 847 763 371 304 Customer accounts 332 003 7 975 4 203 978 467 886 Customer service and informational expense 165 158 73 880 1 400 989 634 502 Administrative and general 528 786 45 620 6 611 992 538 065 Total operation
$ 5 345 200 432 891
$ 50 939 420
$ 3 479 535 Abnormal generation plant maintenance (Note 3)
(2 139 463)
(2 139 463)
(2 139 463)
(2 ta9 463)
Maintenance (Note 3) 4 816 410 3 590 026 17 350 450 2 076 020 Provision for depreciation 1 839 576 66 847 21 768 744 973 638 Taxes 3 580 (3 107) 61 602 (16 492)
Total operating expenses
$ 9 865 303
$ 1 947194
$ 87 980 753
$ 4 373 233 Net operating revenue (loss)
$ (572 569)
$(4 748 827)
$ 47 242 080
$ 9 625 349 OTHER INC0f1E:
Allowance for equity funds used during construction 93 826 (40 844) 900 787 360 944 Interest income and other 534 417 5 990 5 323 199 579 166 Insulatien program (29 732)
(18 056) 37 686 51 555 Gross income 25 942
$(4 801 737)
$ 53 503 752
$10 617 014 INCOME DEDUCTIONS:
Interest on long-term debt
$ 2 252 823 146 051
$ 24 891456 (59 233)
Araortization of bond premium, bond redemption premium, discount and expense, net 12 573 1 200 141 417 10 328 Allowance for borrowed funds used during construction - credit (115 949) 7 631 (1 113 180)
(599 559)
Total income deductions
$ 2149 447 154 882
$ 23 919 693
$ (648464)
Net revenue (ioss)
$(2 123 505)
$(4 956 619)
$ 29 584 059
$11265 478 2
SACRAMENTO MUNICIPAL UTILITY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEM8ER 31, 1978 (1 ) long-term debt outstanding at December 31,1978 and 1977, was as follows:
December 31 General Obligation Bonds -
1977 1978 Power Bonds of 1938 -
Ser ies D, 5%,1979 632 000
$ 1 238 000 Electric Bonds, 2%,1979 to 1990 6 C64 000 7 584 000 1958 Building Bonds 370 000 SMUD Sonds, Series C, 3-3/4% 1/10%,1979 to 1981 19 200 000 25 000 000 1972 Building Conds, 4% 3/4%,1979 to 1992 6 420 000 6 720 000 Revenue Bonds -
Upper /werican River Project Refunding Bonds, 3-1/10% 3/10%,1979 to 1991 53 500 000 56 800 000 White Rock Project Bonds -
Series A, 3-1/4% 1/2%,1979 to 2004 10 275 000 10 500 000 Series B, 3-1/4% 1/2%,1979 to 2004 25 200 000 25 600 000 Series C, 6-1/4 - 7%, 1979 to 2010 27 900 000 28 100 000 Series D, 6-4/5% - 7%, 1979 to 2010 27 900 000 28 100 000 Electric System Bonds -
Series A, 3% 1/10%,1979 to 1982 2 3E0 000 2 950 000 Series D, 3: 3/20%, 1979 to 1983 2 785 000 3 340 000 Electric Revenue Bonds -
Series A, 4-4/5% 4/5%,1979 to 2011 49 200 000 49 500 000 Series B, 5-1/4% - 7%,1979 to 2011 39 000 000' 39 400 000 Series C, 4-3/4% 3/4%,1979 to 2011 49 200 000 49 500 003 Series D, 5-1/10% - 71,1979 to 2012 49 500 000 49 700 000 Series E, 5% - 6%,1979 to 2013 49 400 000 50 000 000 Series F, 5-3/8% 1/2%,1979 to 2013 49 700 000 50 000 000 Se ries G, 5-1/4%
7%, 1983 to 2004 40 OCO 000 Total Bonds
$509 036 000
$484 602 000 Furchase Agreement with Georgetown Divide Public utility District, 3-3/4%, 1979 to 2000 1 424 089 1 424 9S9 Computer Purchase Agreements, 6-3/4%, 1979 8 828 51,650
$510,409,817
$486 078 634 Less - Amount due within one year (16 055 029)
(15 003 905)
$494 413 988
$470 469 734 Premium on Power Bonds of 1938, Series D 8 359 30 705 Less - Cond Discounc, White Rock Project, Series C (1 217 813)
(1 275 554) i[
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3 b
M TE 4
SACRAMENTO MUNICIPAL UTILITY DISTRICT NOTES TO FINANCIAL STATEMENTS DECEF0ER 31,1978 (2) Portions of the regular monthly bills for purchased power from the U.S. Bureau of Reclamation arising from the rate increase effective May 25, 1978, are being disputed by the District.
It is anticipated that the amounts in dispute will be paid.into escrow pending conclusion of a lawsuit filed against the District by the United States. Currently, these amounts are being charged to " purchased power" and credited to " contingent liability for disputed power bill".
Amounts recorded to date are:
For previous months
$3 412 451 For December 625 000 Total
$4 037 451 (3) A settlement was reached in December among the District, Westinghouse Electric Corporation, insurance companies and others regarding the Rancho Seco turbine failure in late 1975 and the generator damage in mid 1976. As a result, e credit of $2.139,463 was recorded to Abnormal Generation Plant Maintenance to reduce the $5,856.690 charged in Dc: ember 1975 for estimated costs associated with the turbine failure, and an additional charge of $515,44) was made for generation maintenance.
5
h3B b bbNbbbbbbbbU bbbb SACRAMENTO MUNICIPAL UTILITY DISTRICT STATEMENTS OF NET REVENUE Attachment No. 2 1979 BUDGET AND ESTIMATED FOR YEAR 1978 1979 Budget Estimate Page I of 2 Budget Estimated for 1979 1978 OPERATING REVENUES:
Sales of electric energy for District load -
Residential 5 59,566,535
$ 53,483,048 Commercial and Industrial 53,185,311 48,123,222 Street lighting 1,224,717 1,145,416 Sales for resale 29,608 Total
$113,976,563
$102,781,294 Sale of surplus power 32,812,798 33,087,588 Other electric revenue 146,655 144,570 Total operating revenues
$146,936,016
$136,013,452 OPERATING EXPENSES:
Purchased power
$ 15,678,021
$ 11,670,267 Nuclear fuel used for generation 20,811,424 12,836,790 Operation (See Attachment 3) -
Production 10,242,197 8,928,359 Transmission and distribution 5,810,550 4,930,167 Customer accounts 4,731,764 4,233,317 Customer service and informational expense 2,147,414 1,311,139 Administrative and general 7,446,328 6,748,519 Maintenance (See Attachment 3) -
Production 5,733,475 9,465,293 Transmission and distributtor 8,369,373 7,935,185 Administrative and general 915,265 887,749 Depreciation on historical cost 22,690,780
.21,745,915 Taxes 33,976 56,948 Total operating expenses
$104,610,567
$ 90,749,648
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SACRAMENTO MUNICIPAL UTILITY DISTRICT STATEMENTS OF NET REVENUE Attachment Mc. 2 1979 BUDGET AND ESTIMATED FOR YEAR 1978 1979 Budget Estimate Page 2 of'2 Budget Estimated for 1979 1978 Net operating revenue
$ 42,325,449
$ 45,263,804 OTHER INCOME:
Allowance for equity funds used during construction 2,014,330 939,613 interest income and other 5,352,794 4,251,943 Insulation program 49,233 153,289 Gross income
$ 49,741,806 5 50,60a 649 INCOME DEDUCTIONS:
Interest on long-term debt
$ 27,637,192
$ 24,719,975 Amortization of bond redemption premium, discount and expense in excess of amortization of bond premium 158,497 143,253 Allowance for borrowed funds used during construction-credit (2,412,507)
(1,173,360)
Total income deductions 5 25,383,182
$ 23,689,868 Net revenue
$26,98,7b 4
8 62