ML19296B808
| ML19296B808 | |
| Person / Time | |
|---|---|
| Site: | Rancho Seco |
| Issue date: | 02/15/1980 |
| From: | Mattimoe J SACRAMENTO MUNICIPAL UTILITY DISTRICT |
| To: | Saltzman J Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 8002210527 | |
| Download: ML19296B808 (6) | |
Text
6 SMUD SACRAMENTO MUNICIPAL UTILITY OlSTRICT C 6201 S Street. Box 15830, Sacramente, Cahfornia 95813; (916) 452 3211 February 15, 1980 Mr..Ierome Saltzman, Chief Antitrust and Indemnity Group Office of Nuclear Reactor Regulation U.S. Nuclear Regulatory Commission Nashington, D.C.
20555 Ocar Mr. Saltzman:
Subject:
Price - Anderson Act Retrospective Premium System Pursuant to 10 CFR Section 140.21 and Regulatory Guide 9.4, it is the intent of the Sacramento Municipal Utility District to draw upon general funds to meet its obligation in the event of a retrospective premium assessment.
In support of this position, we are enclosing the District's internal cash flow projection for 1980, Statements of Net Revenue--1980 Budget, and the Balance Sheet and Statement of Net Revenue as of December 31, 1979.
A certified financial statement for 1979 is currently being prepared and will be forwarded as soon as it is completed.
We trust that these documents will provide sufficient infor-mation to satisfy the guarantee of payment provisions for calendar year 1980.
In response to your recent inquiry regarding the guarantee for 1979, the District forwarded information on its financial status under my transmittal letter of February 26, 1979.
Picase advise if you need a copy of this documentation for your files.
Sincerely, ALU fyrs.GA
/
/
ohn.. Mattimoe Assistant General Manager and Chief Engineer g ootf Encs.
S///
8002210
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? >i E 4EART OF CAtlFORNIA
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Sacramento Municipal Utility District 1980 INTERNAL CASH FLOW PROJECTION RANCHO SECO NUCLEAR POWER STATION (thousands of dollars) 1979 Projected 1980 Net Income After Taxes
$27,477
$23,098 Less Dividends Paid Retained Earnings
$27,477
$23,098 Adjustments:
Depreciation and Amortization
$43,907 g49,949k/
a/
Deferred Income Taxes and Investment Tax Credits Allowance for Funds Used (4,230)
(6,441)
During Construction Total Adjustments
$39,677
$43,508 Internal Cash Flow
$67,154
$66,606 Average Quarterly Cash Flow
$16,788
$16,651 100 Percent Ownership in Ranc..o Seco a/ Consists of depreciation ($22,694,566) and amortization of
- nuclear fuel ($21,212,516)
-b/ Consists of depreciation ($23,895,896), amortization of nuclear fuel ($22,434,388) and allowance for decommissioning of plant ($3,618,877) 2/14/80 KAP
SACRAtiENTO 11UNICIPAL UTILITY DISTRICT STATEHEHTS OF NET REVEllUE Attachment No. 2 1980 BUDGET AND ESTIliATED FOR YEAR 1979 1980 Budget Estimate Page 1 of 2 Budget Estimated for 1980 1979 OPERATING REVENUES:
Sales of electric energy for District load -
Residential
! 70,740,527
$ 60,588,417 Commercial and industrial 63.108,573 53,003,795 Street lighting 1,345,258 1,207,119 Total
$135,194,358
$114,799,331 Sale of surplus power 32,497,625 31,869,134 Other electric revenue 152,103 151,512 Total operating revenues
$167,844,086
$146,819,977 OPERATIf!G EXPENSES:
Purchased power
$ 16,792,152
$ 14,988,239 Nuclear fuel used for generation 22,434,388 19,593,519 Operation (See Attachnent 3) -
Production 16,395,805 10.188,174 Transmission and distribution 6,037,694 5,534,414 Customer accounts 5,554,027 5,186,255 Customer servicc and informational expense 3,131,299 -
2,144,632 Adninistrative and general 9,993,195 7,927,212 Haintenance (See Attactinent 3) -
Production 9,262,421 6,527,803 1ransmission and distribution 9,304,559 8,508,725 Administrative and general 1,181,740 832,904 23,895,896 22,690,780 Depreciation 3,618,877 Decommissioning of nuclear plant 38,109 36,088 Taxes Total operating expenses
$127,640,162
$104,208,745
=
SACRAMENTO MUNICIPAL UTILITY DISTRICT STATEMEllTS OF NET REVENUE Attachment No. 2 1980 BUDGET AND ESTlHATED FOR YEAR 1979 1980 Budget Estimate Page 2 of 2 Budget Estimated
.for 1980 1979 Net operating revenue
$ 40,203,924
$ 42,611,232 OTifER INC0llE:
Allowance for equity funds used during construction 3,152,519 1,883,197 Interest income and other 6,183,739 6,944,897 Insulation program 69,029 99,585 Gross income
$ 49,699,211
$ 51,538,911 INCOME DEDUCTIONS:
Interest on long-term debt
$ 29,606,507
$ 26,895,196 Amortization of bond redemption premium, discount and expense in excess of amortization of bond premium 193,431 160,725 Allowance for borrowed funds used during construction-credit (3,289,080)
(2,082,349)
Total income deductions
$ 26,510,858
$ 24,973,572 Net revenue
$ 23,098,353
$ 26,565,339
0 SACRAL (NTO MUNICIPAL UTILITY DISTRICT BALANCE 5 TEE 15 DECEMBER 31, 1979 AND 1978 LIA8ILITIE5 A 5 5 E T_S.
1979 1978 1979 1978 CAPITALIZATION:
ELECTRIC UTILi1Y PLANT, at original cost Plant in service
$840 320 052
$817 258 348 Customers' equity employed in the Less. Reserve for depreciation 162 547 313 141 535 467 business -
Balance beginning of year
$358 794 438
$329 210 379
$677 772 739
$675 722 881 Net revenue for the year 27 476 995 29 584 059 60 860 839 30 704 640 Construction work in progress Total customers' equity
$386 271 433
$358 794 438
$738 633 578
$706 427 521 Long.terndebt(liote1) 526 736 445 493 204 534
$913 007 878
$851998972 NUCLEAR FUEL, at r. cst less amortization
$ 90 821 386 5 65 071 127 RESERVE FUNDS, for revenue bonds:
Cash and securtt hs at cost.
Electric System Bonds
$ 1 000 000
$ 1 056 672 20 501 565 16 395 376 Electric Revenue Bonds 5 552 347 6 212 849 All Parity Bonds 929 986 929 986 White Rock Project 80nds CURRENT LIABILITIES:
$ 27 983 898
$ 24 594 083 Accounts payable
$ 15 748 734
$ 19 848 065 Accrued salaries and wages 1 547 497 1 232 161 Accrued vacation 2 656 784 2 436 478 Long. tera debt due within one year 16 484 774 16 055 829 CURRENT ASSETS:
Accrued interest on long.Lera debt 7 053 639 6 351 888
$ 52 591 937
$ 65 685 018 Customers' deposits 2 619 141 2 288 346 Cash and securttles at cost.
General fund 13 877 949 13 702 665 Purchased power rate increase 11 797 243 4 037 451 For payment of debt service (Note 2) 3 172 331
'2 998 981 Accounts receivable, less reserves of
$387,390 and $242,873, respectively 9 977 269 8 831 200 Other 9 358 825 3 316 362
$ 61 000 143
$ 55 249199 Receivable from sale of bulk power 2 429 975 1 884 899 Interest receivable 13 157 849 11 361 013 Materials and supplies, at average cost 3 315 002 697 852 Prepayments and special deposits Purchased power rate increase.
8 755 277 Escrow deposit (Note 2)
$111 464 083
$105 479 009 DEFERRED CitERGES:
Unamortired bond redemptfor, premium, debt discount, and expense
$ 2153 650
$ 1407 645 1 490 648 1 148 618 Energy exchange account 1 555 960 3 153 383 Other
$ 5 200 258 5 5 709 646 DEFEnaEs CnEDITS 15 182 34 015 1974 103 203 1907 282 186 1974 103 203 1907 282 186
fl A
i 7 SAutAMENTO MUNICi UTILITT DISTRICT STATEMENT Of NET REVENUE DECEMBER 1979 Current Month Twelve Months to Date Over (under)
Over (Under)
OPERATING REVENUES:
~ Anount Prior Year Anount Prior Year Sales of electric energy for District load -
Residential
$ 4 993 059 301 102
$ 60 836 900
$ 6 881 585 Connertial and industrial 4 096 644 89 867 52 643 857 4 197 683 Street lighting 107 257 10 896 1 224 510 136 621 Sales for resale
,,,,[29,60g)
Totat
$ 9 196 960 401 865
$114 705 267
$11186 281 Sale of surplus power 5 749 267 5 263 087 35 382 315 3 824 339 Other electric revenue
,,,,,,3,[Il
,,,,,(7,[4g)
,,,,,3 3 9,9@@
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Total operating revenuesg,gj9,g3Q },j,g}{,{Q3 }}}Q,2{!,}{g {}},gg!,l}! OPERATING E)(PENSES: Operation - Purthased power (Note 2) $ 1491935 182 935 $ 14 972 257 $ 3 232 353 Nuclear fuel used for generation 3 084 363 2 377 961 21 212 516 7 705 046 Productlon 1 326 420 (583 284) 10 730 213 2 102 889 Transmission and distribution 421 159 27 012 5 446 364 598 601 Customer accounts 395 600 63 597 5 116 183 912 205 Customer service and informational expense 301 934 136 ??6 2 201 197 800 208 Adrainistrative and general ,,,,699,391 ,,,,,74,595 ,,,7,[28,g30 ,,},116,g38 Total operation $ 7 624192 $ 2 279 592 $ 67 407 360 $16 467 940 Abnonnat generation plant maintenance 2 139 463 2 139 463 Maintenance 1 834 697 (2 983 713) 15 953 421 (1 397 029) Provision for depreciation 2 385 275 545 699 22 694 566 925 822 Taxes ..... 3.998 ,,,,,,, ( 3 92) ,,,,,,3 5,9 99 ,,,,(25,ggp Total c?erating expenses jll,g47,g62 },],992,559 }106,091,327 }1g,jl0,574 Net of.+ ating revenue $ 3 102 076 $ 3 674 645 $ 44136 243 $(3105 837) OillER INCOME: Allowance for equity funds used during construction 221 145. 127 319 2 035 702 1 134 915 Write-of f of generation projects (15 375)' 256 373 (2 491 945) (2 220 197) Interest income and other 1 203 907-397 742 8 638 798 3 043 851 Insulat ton program ,,,,,2},339 ,,,,,j},ggg ,,,,,,14,4g2 ,,,,,[g,{9g Gross laco=e 1.!.HZ.999 1.!.511.!!! 1.H.!!!.299 til.929.!!2) INCDME DEDUCTIONS: Interest on long-tern debt $ 2 466 455 213 632 $ 26 964 553 $ 2 073 097 hortlaat ton of bond premium, bond redemption premium, discount and expense. net 15 890 3 317 165 708 24 291 Allowance for tu,rrowed funds used during construction - credit ,,,[299,339) ,,,(}22,399) ,,(2,193,976) ,(1,0go,796) Total income dedurtions },2,244,996 },,,,94,}59 },24,996,295 },},016,592 f.et revenue $ 2 293 083 $ 4 416 588 $ 27 476 995 $(2107 064) 2 _}}