ML19309A262

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Annual Financial Rept 1968
ML19309A262
Person / Time
Site: Rancho Seco
Issue date: 12/31/1968
From:
SACRAMENTO MUNICIPAL UTILITY DISTRICT
To:
References
NUDOCS 8003270576
Download: ML19309A262 (19)
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Text

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1 l BC) \\RI)()I DIRl( IOR5 l An ele < tive body of ovu -nunded c ommunits ss stem is displas ed m the ( orner. T he dire ( tors, leaders < onstitutes the lioard of Due( tors of the trom lett to right, are Ros al Miller, President; $at ramento Munn epal Utihty Distric t. tiere thes Reginald A Sweet; Theodore J. labhard, Donald reuew c onstru(tion plans f or the Distru t's low-E V. ac h he rst. \\ ice President, and Gerald C c ost nuc lear sourc e generation f at ihty, Ranc ho Johnson Paid E $haad, General Manager and sec o A model of the f ac ihts's steam generation Chief Engmeer,is at the right. .h: f? $fi]l $ ?.:. &.:: - '? hN ;.$ ?. (* i ' fl ^ [ f +m... n-j.

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SALES AND REVENUE Operating revenues exceeded those of the previous The District purchased 1.9 billion kilowatt-hours of year by $1,732,000, reaching a high of $37,599,000, an hydroelectric power from the U.S. Bureau of increase of 4.8%. Energy sales were up to 3.1 billion Reclamation at 4.07 miits. In April the first power kilowatt-hours,7.1% over the previous year. The from the Bonneville Power Administration was average rate dropped from 1.24c to only 1.21c per received over the Northwest-Southwest Intertie and kilowatt-hour. during 1968,151 million kilowatt-hours was purchased Summer weather was close to normal af ter the record from that source. An additional 129 million heat of 1967, which sent residential consumption for kilowatt-hours was purchased from the Pacific air conditioning soaring, As a result, residential Gas and Electric Company in 1968. kilowatt-hour sale <.which increased 14.7% in 1967, increased only 2.7% in 1968. The 1968 system peak OPERATING EXPENSES demand reached 793,188 kilowatts, a 7.1% increase Total operating expenses amounted to $24,322,000, over 1967. 20.6% or $4,150,000 over 1967. As previously stated, Average residential customer usage was 6,534 1968 was a below-normal water year. This' kilowatt-hours, up 0.4% from 1967, which compares uncontrollable condition caused purchased power ~ ~a-aifavbrably with the national average annoaltiomeytte" P wts'toinerease bf$2,636,000. The $1,514,000 MM M 'G GYethalfM$~iffMindrd$std attributMle to a rise of fW4 t6h9Mhpriotbbfibout 5,500 kilowatt-hoor9 Of the total revenue,45.7% came from residential $1,101,000 in depreciation chaiges and another customers, assuring a strong foundation for continued $413,000 of nominal increases in the other categories of operating expenses. The increase in depreciation l stable sales of pos ar. charges is attributable to the greater amount of Commercial and industrial sales of electric power depreciable plant in service during 1968 and accounted for 53.3% of 1968 operating revenues, up adjustments from a cost basis to present f air value to 7.4% from the previous year. The diversification of reflect rising price levels. The rise in other categories mdustrial and commercial businesses in the area of operating charges is due mainly to business continues to increase demand for the District's growth, higher salaries and wages, and higher services, and mcludes the numerous expanding State material prices. and Federal Government facilities. ,.m y ~ CUSTOMERS The Di,trict served 210,976 customers at year-end, mn increase of only 5,361, or 2.6%, over 1967, reflecting , ' My~ ~g~

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the home building recession which has prevailed over the nation during the past few years. c ai I gn' NET REVENUE g s ': l The 1968 net revenue dropped to $11,121,000,22.3% h< p y h.yd below 1967.This sharp decline is primarily the result bg' of a below-normal water year in 1968 compared with above-normal precipitation in 1967. Despite doubling of hydro generation capability in 1968, output was 211 million fewer kilowatt-hours, or 15.8% below 1%7. This, in turn, resulted in increased Proposed six-block-long K Street shoppers mall. Advanced purchased power costs of $2,600,000,which is the c mmunity interest has given support to the redevelopment, business enhancement and community convention center equivalent of the decrease in net revenue. values for down.own sacramento. e l' + x

e "n - S o - 3 / 1. - ~- b i ~ 'd ~a. 79ggg9g9 Me k. aneivW w/ttr D*,g '/- /' - Re'gulatcfry The year 1968 reflected normal growth and under way the first part of 1969. It was a dry year, development for the District. In the first half of in sharp contrast to an exceptionally wet 1967. the year, hydro generation facilities were com-Consequently, despite a 100% increase in hydro pleted that doubled capacity of power from the generation capability, the amount of power Upper American River Project. The construction generated by the District was 15.8% below 1967. permit was issued by the Atomic Energy Com-As a result, purchased power costs were 38.2% mission for the large-scale Rancho Seco Gener-higher and net revenue was $2,636,000 less ating Station No.1. Site preparation will get than in 1967. The results of the District's twenty-second year of operations may be quickly reviewed in the following statistics: 1968 1967 Customers at Year-end 210,976 205,615 KWH Sales (in thousands): Residential 1,203,000 1,171,000 ~ Total ~ ~ ~' ~" " ' 3,106,000 2,899,000 ~ 4 Peak Demand-KW 793,188 740,388 Net Revenue $ 11,121,000 $ 13,757,000 Capitalization at Year-end $299,126,000 $291,300,000 The fo' lowing pages present a more complete and detailed report. By order of the Board of Directors / 'kE4 2 H L President of the Board General Manager and Chief Engineer RETURN TO REGU.ATORY CEliM FLES ROOM 016-Sacramento Municipal Utility District Department Managers: 6201 S Street, Box 15830, Sacramento, California 95813 John J. Mattimoe, Hydro and General Construction W. 5. Bossenmaier, Accounting Duane C. Browning, Operating Paying Agents: Officers: Charles R. Day, Engineering San f rancisco-Bank of America Paul E. Shaad, General Manager and Robert N. Connelly, Power Production Marlen N. Davis, Sales N.T. & 5. A. Chief En incer H. R. LaFortune, Purchases and 5 tores Chica o - Harris Trust and Bank Wm. J. No an, Asst. General Manager New York - first National Cit leRoy ). Louchart. Customer 5ervices Savings and Treasurer Wm. N. Warner, Personnel Ban E. Kendell Davis, Attorney Ea C Ro $ John l. Mattimoe, Assistant Chief j9 n ;, ne ' n ral5ervices Auditors: Da . K plan, Secretary E. A. Combatalade, Director of Public Arthur Andersen & Co., San Francisco W. S. Bossenmaier, Accountant Relations

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p. + p , 3..g, gg coupled WithW.gm A.,, .w w. r T he_ District s own ge.ne. ration,,es for the. provide t e.p.. powe.r so. u. r c District u - m.n. F : u v ' "_ M..,r. t m, s .f C., 4 purchased. po. wer from..hese agencies, provides.* JP-j.; r.; t s ' adeq.uate capacity until the nuclear plant goes into.- ~' n L commercial operation".g.#, d: d :.a Jc;L s .? >. G L '.c , m w u m w. / 7: m w w.h:... W.. M ..'M_l IletNeen Nn~M. ~r,/E.r@ julU. s8,hyd.rd.. g'eE_. ftIdr@Mb he D tra'daMMMM, MnM.A,ggmm&..,#,.,.,,.b PW ~ . - oT u et A i V_~ a:.ca. p. ~ d.from 275 000 at.ts..d.~oub ng the serv kilowaus to. M,", ;C. . city.was i ic.e po.tentia,l.T_ hemt u,,uiacE,,,gchitRtura.1designi}J: Eawr

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,.; M- ~e 3 #f commercla'lo.mic fu,.e..l:Tjuspmx'g m~d_ule adm..g,"of ato y jantissche - f v i. gg ge_he tfr,ird year;l, hl_ew Sacramen,adsubd' &;cy.m.m r i w. ,_y._k., m"..yy perationIn.the4pnn6 OIM7 $.e Y vj,c W aFor.f ~ y. gt @M i 4 rhs%d M Alf f C' ' < M'. cc,.IV.f WT 'Thd Bn mn'lcotC6 iip +stifWbuil2. nig'ti e%x.v=%'MgenibiGridergrounddis;ET abcockdVj l .w.Q 4 %e.,4 i.~lectric~a. qd %ra icarfteam supp'1ysystem rated over 800, megawatts m.wg nuc guw y s x a w G ' sp. g. 4, 4~9..4.r; 2 36:numula# .i. es... h e m,w v- ;a.ma 3,png ouse Electric Corporation.is.ne_.,.:;m., !gAgm._a g w yn w .c R.g g. c -4 m.sg n n. m m., m. g%c. -.;, 4.ygw!n.. - A g.,.n. map & m %.

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Y," ' ' ~^ ~ fwsmswryt%TLflectslo spend $4900,000 onWM - ff.4Q%-k%% .. -... ~. 4Wifin1969"the Dist6cFcxp - :n +y% pew y;c y ga. ap., w.g mA b.p o,p~, +4 .nmA.h.h M.d... d. St.kikke[irI.nifcIdrlor'thM... MME4:g. h,, h N. k h,,.. v,q %. 1 J,W gp 4. n W m;f[%f. yyDMUhr f.s74 f,; W f l N 1 &xt^Yy%v www ,m y .e. n-n 6 XDQGLQg Substation will bc o.n operation.in the 6ummer ofl%9.f yMW yp%..ggll^yQ.MNW ' y[3;u;m, 3.py 9.;,;g+>gygyn qtm.y.v% Y' u ..g g 9 ghhaw5f fec'yYy ~ p a ~aq g%gp mm .. 4 tmh.hy-% man ~s, _ s ~.. i .QQQ,1 Np,m%. a.gpMMhy&.y~ g' *,,:$ lg.shWpy y',M f!}j ;5., ' i 4 W.g n.44w% NV+ & "* n p w?'-#T;Sqa x; ' en_. r c h. #, a tm_... v. ~,......b;dc #n' v *t w.su+ wwwjy ' '- ' 4,.. M.,., cif p.-. g W " M! -7,W M %- 4 MGMmu g 7

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n s 1 Mir Et % DEPRECIATION 1 v + i.. Depreciation fdr,the District'is based on presen;p* District's service, S20.35,000 was spent on new ' . p : w '?; m i n. : p i. L s c. c Qvalue, r.ather than histo,iicalcii,i,t.~of dropeity',bith theX %. " ..[' construction in 1%3. Continued develop t I' q 4 o E approval of Arthur Andersen'&Co.,th'e District'sk Q hydro. lectric f acilities for the Upper American River e e ' W independent c'e,rlifie,d filblic3cV6..uiltants.,This.h @, fm. w. expenditures du \\ W Project accounted for 56,051,000 of these. ei ~ i i. h d +. . 'p r.., ic.~ g ves recogn t.on1,.a.tn c.ost is not a, faer me.epreciati,on., based).c< .. u. _act ~ w m asn fprop -. Mp-fy :betterments to plant with.in the service area p solely o.. ~... operations du~r.ing p,ure.o.d,s.a f..ertya,o rapid?, ' ;

4. accounted for $10,614,000. Site planning and 1;

-erio.. m, . consumod in. ~ ' inflation. Reflecting this practice of " price-level d 'c M Mengineering costs for the Rancho Seco nuclear ~ 5 ~ S' l depreciatiori,'.'ib additioiial p'ro' vision for L V ? ',M 'p'ower generating plant amounted to $3,570,0 9 M 1968,,wh.ich was_18.6,% ab.$1.8..16,000M. as made in J depreciation?a^ mounting to , To f urth" er assure uninter rupted customer sersice, = ,c ove the sam.e..p. L. . ision.- 'he' Distr. t,s sixth bulk power transformer rated at > [ f' d$ d. y.@y k..' R w;de.rovm 1967.s' +~3; [y -t ic r~ _ 9% s. 250,000 kva was reieived for imtallation at'a total cosi c j , o f a p... '. ' Q* ma g ) a or hg toncal c.osts amoun'te' d to a _.e. s, 2 4 E Q xDepreciat' ion't+a r :- s: z u

s.. proximately $300,000. It will double the capacity.

s is ,E 2,9 ,,-[, $5,5,78,000iri1968,%.w;B5%'aFo've 1967,V ? D Mof th,Ene.w Hurley Substation tb 400,000 .. v 2 rli y e, qGQ@m e s.M Q @~ M i Y,T N..,N $ > m n.N V I, OTHER INCOME y y.. y _. _3p, ~. 3 .o s. u s o b., < v. N 4 , g w ng. v, r~ - nZThis income totaled $2'529>000 in 1968 and was e%v o-um o. s .,-. T he m. aj s..or port. ion of social se..m.m,ecunty co, ntribut.io n s.. <a -1 a . y/ w -, s . m,~.. - -... r - u T, J $gm,deg. d principally from interest earn.en q - - y land fevies'by, El D,orado Co~ua....:ry on'la nd,- ~ e ve mgs on ,j h c. Mimpr oveInentfand $aEcitightTonfortiohs of Ilieg VJ,n,ve l f% ',.IIppcIArrieridn RIdr Pid%d5fcMiEged td? ' ' pprime Bankers' Apeptances and time bank d,eposits. N eratihns~isiaxb2"Thf5SrdcMEll'ts5279,0065 'i %.W& Although average investruents declined ov~cF ) ~ D' fo'p/a 5.7%'increa'sVolcN96$Tbd Dis't7 lit'is~als'ob OM ($4,658,000,in 1968, interest incom I6968 l 6 Yh/h.67,000 because of substantially higher yields" M.a 4M M, liaSe fM,Cali,f.ordia NdidN,.,isa18s/.e,',l_T. ai,e:.hwe. $1 . - - mn us6t3xc c.t:p%w,3 W.(gob: tamed o~n~ se c w E;a -wh s o=, g ties in '.Jand ths. state's, portion of ta,xesio. n. ga 6hn,.e .s . tg. ..m_. _9 .g ,g y mm . C.b.wh.~ich are. ~ 4. m0ke rged,s. irect,l.yadm,s.n:..e ;d y,)b. M.:hm O n ha d. a

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nA k ~ u.n. n w <a ws m m '*3 W Wd ctperta n a statews c 2C Q WW m;:,% % P 7 W5;"y g my M, w.gj.W@!! %y )R CQ,%:: M y 10,0jV j @e g f p.. p gwp N gtg', %e, Planti,nvestm,e.ri.t,'le.ssd. >W.0TJL,ITE, m.~REA W+G @~ M. W.m M $y. 4 . -~ n ~,m.. ~n .s ,w m;. t .nv m mW . a,n-- m nr. ~ . e. prc'c.ia.tio. n,1,imounte,d>t,o,n A 1950 UtM c 19,50.um. m - f. <}% 29709 y+t ; e, a.1980 ; Jt. g, .c.~ .n m... mfw w w. m m ewened io reach 000,000 kilow atts wb -s .m% m. m .e Y.. Yuhpenloh5di S h & & dbU S hty h.hich was carried as tomtructionworkJn?L hNbh - cre smg de,u. @progressc+ ; a Jw - pt Olilowatu in 1930w hen mo,res hedktio.nd,n/e fo,'r1. d s W '.Y ieneratinnk othedin1973 500,000 " "M mands.for th.C. s e [,' o g n u. ;,.-gyg..;,,m_s.p3 .t . ~. _. eneration vo been y4 & &Q *JTo keepp} ace vpth m.f$f ( 'Q-~; 3 5,g % f ? &:k

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1,-.:q ,, v . ^:;~.. - Antitrust settleme;nts to thd end Af 1968 total A w n s value. The maj6r po,rtion of this land and timberl ; 1 w- $8,790,000,'of hhich $205,000 was re"ceived tilis~ i Mas carried on the bciok's'as* oh utilit/ Prop'Erty"- @] yea r. f rom a pra~ctical viewpoint, all actions aiains't"

  • q, as of December 31,1967,'at a cost of $787,000;7 /

manufacturers from wh'o'm the District purchased,i i The aforementioned sale is reflected irithe rc~moval 3 - S electr.ical e, quJpm, en't, penstocks and alu'minu.m ',,f, f - of this asset from the bala'n.c,a.. sheet a.t Dece'm.b ~ e n s cor ductors ha,ve now bee.n settled. - a. .>1968; -m. sf > j 7 n =. a 4 g . t, o, m. Actions are on file by' tid District to recover; ~' J. , ^J\\. ll E ,J. Jj ~ 55< 6,000 of property taxes paid to the County of ' ', I'-- 'r: y.. 1) .. ~ ACCOUNTING SYSTEM il Dorado f or the years 1964 through 1968.Th'e[. d District has appealed'an adyerse decision,reridere [ The Diitrict k$ cps its bEoks iEacco'rdanc5$vith 'l 4 by the trial court on these acti6ns, ~ ( ;"'j F - UniforriSystEm of hccounts forilectrihall M M s Suiti seeking d.arnage's fr,or^ 'th< D'istrict as a'.res$lth' of the 1959 forest fire. ha. -.ve been settled.The. lair'ns'; Corpor,ations pfe.s,cri,b.ed by,'th,~c. Cal.i.fornia'P'u,blic; U fj ^ n n - ~ Utilities Commis'sion, a system comparable to) '<1 s c were within the sco'pe. of av,ailable insuVance. In i 5 .. 'that of the federal PcAver Commis'sion which.' 4 s + c .a connection with this settle.m. ent, the Dist.rict s.ol.d M, inves. tor-owned utilitie~s are.,kgally.requi.r.ed.tox.. s, St

s. m tto its insurers surplus l d a ~.,nd timber at fa.

ns s.m .y.m q _. follow &.s.r;w.sr,.m ;.c w,ww m# ry ir market c,l~ ' - s an , Q ( O } M - < - : y &.5 ; &;:' Q' p.; j. ] ; l Q Q f h y ~ x,% gMQ l W _ -- L y, y -, ' - - y 3 y, x;3.y g-r ? ,.,c 3 4 c c y., _. > e9 e e :3 g g, my,1. o.r, ; .,,.t ~,- u;as e o ? 7., 3. z,. ^ sv-- WP,; %- h p',;.AyX~KTWY "*~9;p z.}.. s:

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,,,x; P..g :. 3. ' wsince 1940. Today there are almost 600,000 people here. <.j. ~~e .e . ~ b c: .n,e:. :u.. v., m.. -,. '- -i p. ~n 3. s . - 42 r ' -l } n - .Y p

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, p b. Q_,, 4 s, , n '_ ;- l ?R ,y. s m "1 ch ~ r .,,d C,h h~ h @ s[d>l*ff. e :.[, [x_ f, i, .. : ' w.j ';d j, ~ '.$ f; y, b y'y, Q [.h. M, f [ t, ' /Q,2.x p :N,, j, CA 'h e cr yg.mgy wq n a y b [ h DONEMx ~ y $h f b bFs p. a"h

i 5 I i e, j l-Du_.e., (. .a t' ' ' G, 3-8 s,~ ,,# n.. .c a the project. Bechtel Corporation has been retained EMSMQUM.TF",'M, e E '"f, "

  • M..-

w. p., ' t M "~ y r g n~ .~. 4 /. u n ' -.as design engineers and construction supervisors. B _ c-t v. t.a is - ~L 1 I t. .Q._.. %@+ j+ge - - - 6ah.:"*yMM @ q. 7he tipper level of an operating and construction ., g Ap.4 F i' f-L >$ M ;2.= a. w wc ear;M~M.,e~,/-*.m,..mM.3;w ~. ~~ ~ staff has licen hired by the District. i o e ~o- % o..14,u ge w; - w.~ n +. * < *>i~. f /.-.. 7 i (N'-, 4 MrM:@ WMG4.WW .; - T ~The District's 1969 budg.et projects $11,700,000 will ll QMd.pW"'T"Ne#WDM [' xist hydroelectric project. Primarily, this uill be for . 2 be'spcnt ori construction at the upper American m g c y rgfq: - d-Q tr.:S r.W-O @' ^?"_.'5% w'.T..#agM. e% r

Loon Lake power plant and a small dam and r

w.,e . g m. _- r completion of the underground 80,000-kilowatt

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u p j g g g n-reservoir near the Camino plant.This willincrease T g - ( %.w E Camino's peaking capacity. ' y4 gy g M.h,4;& y.@W f" ~ _ m& ~ U Dk,:' <f, ~, l l n ,w ll m tw mn 'FINnNCIN'Gl ~ !n p ~ l) d$ Dk.. bMN%@h'hb 4' The District again ayoided the isstiance of i b Y fkbb hh [h.il'. - n'yadditional revenue bonds during 1968, another ersk __ Je y %sa m ;P M - tight money' period not palatable to borrogers off - e ,j I'. hd40@WM, MP44.,,' ' "'T -[M, @# ':::9'#.i$@l my ;s

large sung or. long terriis. During 1968 all

.Ncon;t.ruction exp{er.ditures were fi.nanced T. N; fJu p - p. ' i.M ~, ~ ah,@A s wa --m tj D W~..% W.~ ,,~ y -p,4 % @ aQ ~ w Dw .$ J, ?.e M J:.R R' "iriternally5enerated funds.. a a - .y a w ~

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i . 7 in'ancial'lannin8 at P ess time'forec.asts the - 5acramento area whool systems are among thd best in t)um,. yc;. ~,~7-.myru,v,7g anahon.; y; t y ~~ >. ^ Unisnity'3hd couege cairhiuses 3ie'pfendfuliThe UnNeththf &w,;issua..nce of $58,000,000 White Rock. Project Revenue l ' '. '} '$ratt College, trtow,are'accompamed by thr ee j,d Sabaniento pqp ggt @ifi U belWeerimid-1969'and c~arly3 . Cabf orru.Warnpus at ricarby D,wis. above, a'n u m ,..s uruor coitegesy, -* h.-.am< Js th' rema. der of ~a $100,000,0003 43 + l f... '..A P a meacal$choolKrid thelaMaipp'ussith'eUriiierWyMi} the? M $@b,ond authonution of the voter S 3 m 1, t ri W ar. m..w., P L - a. cinch _.n the $_acr.am_,_nt,o, arcaw .,',.J i m., m 4 w %.- 4,,_,.,._. .~~

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wQt%W%.y Q M + c c_om. pletion o.f the.sec_o..n..tfarid f.in.al s.,tage. of th_er e... -- - (.r-je g.p m.g Afi+ roelectnc develo_pment on the Ame,ric.a.n.. River.~s" da 7 _ r. m ... e y g' w b. W". - m cm=;.>and its tributancs some75 mlics to the castuf'n.;M ..., e n. .-c ~ c~ -a . n ~ - n:: 4 e.,q w ;cin;g:g:Pm;h =T m m;m: x r -"m;a l i u.. p .w q M M., e' Tim E..,Finan..c..ial fon rn,,"d..- m A $. n. 4.*p t.m c -d x ww m e .u

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l 7y - -, p._ _ - - re.. casts h w the d for th.e.' ~ ", r's. yggy en,nc. e. of $110,0v 0. f. ;0_y.o 3;,s me %N u}is.ysda.. - 0 00 m -ven_de bo_ n. ds.ov.e.r t.he.v4 C [n.y. p.g, g, 4 x wq 5 %me p u .w suing fo'Ur' fears'in addition to the $58,000 000hW ! i.kM ~ ^" _.srd [m,25chEdu!SdMrinh.r6IErha'rlhi970MEhrocI$d s q. a su dd nue 2 mw a~m v-r a ;e %.n..f,w:ch~a? itional reve... bo:n:x.s.d issues wdj bnefe t u. m nstruction expenditures fo M. -9;6 ru,.to cover bo:th co.a.,r required

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-: n m addmon to mter nally:. n: generated fun. + -r the-- m a.-n ~., ~ ~. 43 x. wi Lm ,D. u.. r. m le<r. w u.. m. f.G L h # W. -1w;'.@w mr$;:m,a; egularly~requ~ ired mon proj _..m istnct s nuc

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. - ~ vm-tu-g. c, .n.c~ seg + w V]i.p.. p W ?. .~.. + e- .c..p.- show~a~d0b. tservice co,v.er.ap to be~n/ot less th~an. -A N9 Am. Ws.t.-ce [. e -,e. n,e_lo,u.e b. o ds. ly..

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g, J,. '4 r two; times.on all rev. e w.. m. Ps. E :.T.#.n ou.,tstanding and.ho .c .. ng-term financing,z, m O t w b, n,,._me.n.ti.on. edf .m gg y e m_ s 4, m w m n bon,d. m i.i.c.. p,re,vious p,aragraph.,s. All re_v. W e. r. s- .,... y ~ issues. included in the District's financialt ,. M ?[a-e,:ami -wsga% _ ? ' forhcasting ardaEumeil tSis ~ssucdioria parity witW ' x kMMR kd7k * . f.t= 1 ~ Toutst'anding revenue bonds. I ~ ~ ~ rm:r.:, ..- Cs 5 # m r' h - - . g,.- : g.. J > -..c;.GG, P-gg yys;y 4gyQ 4 4..,,,,~;.;. ~,,,_ ; _ ~- ~v- - 3,. .v ( s n.7. y ; '. ' *.'- , ~.., ; n c-s ,.~. w w, w y-~ e ~,.. n - n, s .ns ~ .7 P ,3 g "W.w*' i 8 s. a..- - -+-

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SACR AMENT O,lHE HEAR Dundreds of praate aa6 ev c utive aircraf t are nrthed at sacramento Ensopal Airport Close h downtow n, ihn < onvenient f ac ihty n growing 3 important e - h,,- _pg w .o.

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,,,=.._y g. w .u,N.~ , A"' . ' -l. 'Y I fhN k l.. ', ;* *- .;.. o ' ' ',. - 9 ... t h .f YW*%% g g ? + $. ?. Y, &p \\1$$. b M. - Q W. %. f_g s yg. 4 ... -f ~_y s.. "idtgg'..&Y.- W _6 %.4*^ %...- 5 4. -- i * - h 4 W.+ p., Y semA pm ...y,.:, k A. } $'f(p -.. 4*} y Sj gg3 c y.. y; g y w. z w. n? '&}jY.j'ff'.:<. :. -. ..,.gl".[.Q r .g+ 7 - i : '. t.5: ...:V.^-*..+ . 8 : A fa~ y .. $g f, y;y=g cc t- $AN FRAN(l l p a w'%wg. i ,e fq I L si ~* t==-s.w* ~~ m... M More than $6,000,000 in new f acahties 7 ^: :* ": ~ for the handhng of < argo have been s-e .. [*"

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added to the Port of sac ramento sinc e ...lp M.... 1s f. L '.. ~. 44..[:A,. h. fg,,- I ',

  • 4_

its f ormal opening f ne years ago. Ihus s g 3 -. W. ' g i,"' ' A. 4,W_. -... - far, over one and a half milhon tons . IE .( # M :%- of cargo have moved through this oh h '. e ~ huge inland seaport. +

  • ;l:y \\

' '..?w& n *,_.Y._ 0 r, y...~_ ' ~- M. ~ i f at ihties int 'ude the lartest railroad D s se. s ard west of C hicago T rains otter tast ..y.-- transportation and shipment to all '". h, 'A,h _.

INSUR ANCl (l AIM Bl_ fII R ClJ5IOMI R Si RVICI The White Roc k pow er plant was (ompleted in 1968 T he Distuct's reorganized Como en tal Department Mter a year's delay duc to major fire damage to w as ( onsolidated wi'h other ( ustomer-related equipment in December 1966. The de,truction of set tions and renamed Customer Servu es Department. this hydroele(tra generation equipment awaiting T he new organization's at tivities will pros ute more transport to the plant extended the White Roc k ettic ient and ef f e( tive ' one-uop" servu e f or I (ompletion date rom May and June.967 to customers at more economic al(osts. T his l January and June 1%8. reorganization of ( ustomer actisities be( ame Ihe loss f rom t'. is disastrous esent was covered by l *" " I"" ' * "d U d N"" d d Id ' K" """ P"'" and is a uep iowanf adophon of an on4ne inquu y msuram e subje( t to a nominal deductib!e. wuern to a vau mlunie of (uuornmoelated 4 T he insurers have oaid the entue (laim inf onnation and data uored in the (omputm. l amounting to $4,434,090,(omposed of property losses of $ 1,970,000, generation losses of $2,035,000, and in the field, an extensive distribution transformer expediting and overhead < n.w s totaling $429,000. load sursey is being made. T his program, using the i Credit must be given to the [hstric t's insurance computer, will keap tra( k of the load on eat h broker f or enellent servu e and assistan(e in settling transformer and will reduc e power outages by this large and ( omplicated (laim and to the insurers f ar dirm ting ( hange-out of overloaded f at ilities before f airnew and promptness m m'eting their obligatiom. f ailure o(( urs. ,gg f j.f h f R gf"c r,l.. W;%Q 'l' & m.M e w ru_..' g ? _jk _ 4 ~ s lre.. e. v sw e g..q*; p, Ap,.<. we;, g. . m,

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BRINGING HOME THE MESSAGE The District's Sales Department conducts' aggressive ,) promotional activities, working hand in hand with the electrical industry's manuf acturers, distributors, I wholesalers, dealers and contractors toward the common goals of greater profits and service.The promotional programs emphasize the fact that "SMUD customers enjoy the lowest electric rates of any metropolitan area in California" and "SMUD L provides the lowe:t residential electric heating cost in QY }$D'( the United States." ] Inventive and vigorous advertising and promotional BED IMnHETn'S support are consistently developed to ensure the l success of a varied energy-marketing program with PORCRJITC emphasis to increase service during the winter and to improve the year-round load factor. On R P.EnnY P" t C"." 7." *~; *.*= . = = 2, -. =.. : = = = _ =... ~ ~@. hg -s All-electric HEAT PUMP --: =..:. :.= .~ - """"""'O',".*.".:*.*"*:"".'.r."*'.", %==" *;. ;~2 ::' O~. "**2 f.$ d, I I i 1 :."** * ' '"" l prd C -. MWi~ $suun ...at lowest cost!

==.._-_.=_..:.r_._- $5' : ~Y~"~:5 ~55~5TO ? E.=.=.==.'..=..i.i =,=E.'::.=.:. ='=_~d = gs.us Comprehensive advertising campaigns support the District's year-round promotion program. t I l

f s \\ k,,. %1' Sacramento, at the center of a .h,/[$ f. vastly rich valley, birthplace of the 7;! f, ',]:fk. '-@J j great Gold Rush and capitalof the .V nation's most populous state,is ,., p 7 '- 'g,;f(( rapidly assuming the role of the ~t i. Heart of the Western Market. 4 g g N,,, :

fWf@fd5k' The area is an idealsite for manufacturing and distribution because of abundant water, economical power, transportation, work force, and the overall strategic location of Sacramento.

sacramento's Metropohtan new jet t% The Sacramento Municipal Utility age airpore provides service by four District plansyears ahead of the maio' 'i'lia'5 *h*5e 5(hed"I'5 8588" l 3% (hghts daily to points throughout i power demand to meet the rapid the United $tates. ' growth of the area With new electric facilities and extensive long range expansion, bulk power supplies are increasing yearly to ensure a continual supply of sacramento is thc hub ot economical, dependable power. u I three modern interstate highway routesand the Since becoming operational.m i junction of major state 1947, the District has built a 'I

  • $r'cItYc [sio,ji hydroelectric project with a present partsof themuntry.

capacity of 550,000 kilowatts and an ultimate capacity of 628,000 kilowatts.The addition of a nuclear power generating plant on the District's Rancho Seco site willadd another 800 megawatts of capacity by1973.

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%q s.u. *w A .t g M f i p 4,,. =s -~ t ~ w . t- @n;: c r - + r:. n One-tenth of the nation's population is within one day's truck dehvery time of Sacramento's merc handise distribution centers. 4 A

m y a f 5 STATEMENTS OF NET REVENUE ~ q 'C j s 3, % ( ( [ k '.. EARS ENDED DECEbBl;R 31,1968 A.,ND 19N L 7.r ,;. s. s. ,t.. _. .. ; ~,> .~tn _4.. x -x o

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. 5. '

,N' ^ r1 a 'L 3 2- - OPERATING REVENUES: / Residential. ', $17.177,762 J * $ 16,853,434

i. e.

i 20,002.fm 18.608.598 ? Commercial and industrial. ' y Other........... 418.274 398,276 l1' 1; Total operating', revenues. .~ ,. $ 35,866,308 p ' $ 37.598.722, i ~.;,. si; - p, g, s u,, + y - OPERkTI,NG EXPENSESi # - N U 1.. +, Y.. / ,. u .~ i 34' m. Operation-i l ' er;."_.*. - s d- 's x* 4 G ~ Pu.rchased pow .* L $,9,530,064. 3;$ 6.894,309-

r +

D'5er 1 ' '.. [......,$.. 5,750,037... ~ 5,551,200, N > 4. N 4 '1,820,835 ." ~ 1,627,32d N [( N ' N. M. a!ntinancN.N...., '.. a. ?... . ;.w. r, r u. v W.2. W x w . ~.. n , on . Provision for depreciation---- ~ ' 5,420.863 f ' C.. * % '. . ~+ ' ".,. Computed on h.istorical cos.t. ;; h?..u..... :..;... ' 5(. ,7, '. 4,557,835 f ' ,L m.f ?

. ~...,>..

Additional provision to reflect g... f f 1c 1,518.000 ?Y qW1,278.,000 JM.% 4 inerca,so in price level (Note 3). m r- .> Taxes'.. 1 C g .y 3 -. N,..c............... 278 742*. D. ; 263,658 !? ' Q -g WfF 6 +r A- - n 1,.7.. b. d..To.tal operating expenses A.-.. ~ '.:.. -.? ;... $ 24,322.541, ', f2 . {15,693,988 ; eQ< a q..l$ 20,172,320 .gV 4 r sc-m,, s 4 ,. 5. e ( ss.... ..m i,. . ',/ 5 13,276,181 &:, ,- !y' Not operating revenuo J '...,J." '..,. 9 m."' - r 4 ,.3ir,,y* y?. o. ,M

e. m'+' u a p

u m:Q;p.m s ~ g w, < 4;.o '4 .. %:;\\ n '.. t. .,! J :.,, +. a. . w.z ( m; ;. ! *Y - :s t,c w. m -; ? y W.F, e 1 g-n>. M, n[ 2,529,198 6 ^~ M,. M. 2,695,85@$,, b y g>un. w s m;,. e 7.n p?OTHER JNCOMEi(principally, interest)M* : O.Z.B.w. e e. n e i v c n m..e 3t.m.., ~% ~,. c,..,,~,.m...-~. >n ~.a. C " M $j ( Z:n e~_'ss inc.o,nn,?.^..'>.,-2 n ..., ;p ....p$ ;18,389,846 P. s [W k Grc '..F<. u

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1. NNCOME 4DEDUCTIONSM f i p( t<F *s%n J$ f.B.378,679. C.k.}

c WRM M N.A. A -g y r ! 2 N. ' ilntere.s. t.eonlong. term 'd.e.s-r...;.: W f $ KS.538,3,93%n. %y>6,p%q bt r c a.J. a ( & Q e.,, p v.m. o. ~a n ,,.a gs- .w r ? e.; - g g '" " ] - ~ Amortizat6crj,of bo,nd fedemp'aon premium,m@i.C i.Mi} :.1 , m b .QM f D %N _ d W @,j m,. % a.eu x.o p g n %m:*' ' $.3.u. ;.l.[(.h..^ ~;; ^v M. 'i 178,010p%;i }g'47.$;Q1J8,876iQf d ~U*h "a dlic~ount'ind egei 3 g % y&t:V%ggh m s Ias.yy g u. y y r 3:' W,.pyg4._ ,A 7r y !,,m,. S # e% V ~ w a k s O, X M, Q

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  • +"'g-Q,.g w M* --S $ 4,684,469 7.$p.7MO U$ ~4.632,492MP ^ pM hi'W@.' Tota! !ncomo deductions M.J./"

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,1; 1968 1967'~ - -1 u - JJ = r. CAPITAltZATION:. a Customers' equity er. ployed in the business- ~ M = . Accu.mulated net reven..ue..?_.- a =m ~ 4 6 ~ 4 .Batance twginning of year'. ' ~..$103.351.268 ~ ~ $117.108.022 4 2 ) -_ Not 'reven'ue for', the ye ar.- - 11,120,910'~ ...J~.. 13.757.354 -.) i ~ $128.229.532 $117,108,022 - 4' ,m I... , Acc.,umulated price-levet deprecia.tio. n (_ Nato.3)-....

.....,m..

-~ 10.091,000 _.t. '_8,575,000. . _.. J 1 m. ~ ~ 2. in.,, y, y-} g ' ',' ~ ' '., . Total customers' equity, .L s Lonwtorm debt (Noto 1). $138.320.532 ' ~ $125.683.622. - a.. ~ ' s

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~ 100.005.527 ....165,616.070 ..a.. [o. l- / $299,120.059. - _ ^ !. 3291,299,692 .e- ..W %M.. p',.. u. 4

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i STATEMENTS OF FUNDS YI.ARS f.NDLD DECf MBER 31,1968 AND 1967 f J1 .. :N 1968 - 1967 A f f A e 7 FU,NDS PROVIDED FROM:.? ~ l l ,;z a,, y ,s s ,s .g .q ^,,. \\ Operationte, y-l V e $15,805.379, , $18,389,846 Gross incomo..;... l interest earnings on funds t[ eld by Trustee 1 - 3 . for, bond, redemption..... / - 3,178,144. 5.835.835 " 3.178,130-v ..c r- ~ E. ' 6.036.663 .l..L. LL - '.i e. Depreclation '

l..?

-(' i , Total avaflable for debt'servlee $25,920.386 $27,403,8111 i Price adjustments recelYed from antitrust actions. 205,000' ' 677.071 .c 770,084 7,996,463 Reducticn in segregated.:onstruction funds. ~3,808,936 (2,658,024) ' Reduction in (addition to) wnrking capitali....'..;... c'445161 s 290.441 i ~ + ' -i. ?a ... 2...f.T ;, '..._...... Othe r '....' .m i< e. ,= . Total funds provided ',':.l.. ~ 4 +% '.m y., A y n, $31.150,167 - $33,709,762 j .w ~~:3; . n;. -... n,, -1 FUNDS USED FOR: > + - li tp'

  1. ^

~ d '.b.h. ~ $10,794,72T; w%- Debt service < ,,P.- d Revenue bo.nds ~ .u.r --.S10.774.685-n- .1 Y 4 General obligation bonds". -- ~..,. * ' ~ ~ .-2.051,497 ;._ ~.2 2,084,889 $12,859.554 ,j l 2,846',22i, ; Total debt service.. 1, r . s.. 1 ..m. lnterest during constructio.n)' ", ' /t Additions to plant (oxc'usive of ~- .D i - 7 18,290,613 20,863.538 i t . ~ ll,;.t..'..;. :.; 4%. - $31,150.167 - $33,709.782, n ' i. , Tota,l fu, n.ds used.. g ,.~ i v ~ y-, a, . a. 2. 5 l

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.d ~ Q . bg t1 y . c >. ccompanying ruotes are an integralpart of these stat.e.ments.Qg%: hdi.2,.3.O-4 g.,. q j. t, 2G ,,, y ,, a g.j ggy y,, 3 q.9.,q 3 y, 7 y 4, -,g +

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n,

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y. w.a J wm W, i b %' M, ARTHUR 'ANDERSEN:&iCO.,,F L;y?%,' nW m& m W =r i

9 2 W 9,q. 4 W;,v. g 4 -yWW 1 2 - ( p,, A %, AMc% j c ~3 i l >j>. @f 1, 3.: -QhiF66/..h:4.Sj $Mkd ) [. M. 'f - y "* 7~ Sacramento Mun!cipa! Utility District;.u-@iy@. >/A "r' i','. To the Doard of Directors of a L. e / R- .0 . 2 r e,,1M; M,4 +t g W. l f,. A,q q s> q*e ; /lW bj g 6 W' 2._.94 I a T 4 m,q 5 m m,.. y y, ya i 4 -u s 3, y e g pn,, 3.,m: n, .. <ej J.;We have'examlped the'balanco sheets.of S;acramento Municipal Utiftty District 1968 and :1967, and'the' rotated ~statoments,of not revonue.and funds for each of the years then:. f [D Xs

  • q' l 31i:

5~^ . 1 ,O rf.; ended.: Our'examinatioCwas made'In accordance with generally accepted _ auditing standardsgand g.g H. Q.Srp, W"$ + ' Mc1 p m o' accordingly' included such tests of the' accounting records and such other auditing' procedures,asa '5, w.a . we considered nec.essarf. in t.he circum, s.t.ances.%..g.es %- f '.n4M, ~:%WM.,G'M,WC_d,w he - '...% $y . iG. L? A s s 4 r. 3 .n m t e A b s 3 '4 Ian. As' ad forth in Note 3 to the accompanying financlat statements; the statoments of not revenue i 4~# 'C r 1." ~, v f - ~ for the years 1968 and 19G7; these charges are equivalent to'the amount by which depreciation com-D j p-w - - t3 7 , $ Q.% p.g elatior). computed 'on costc Although genera!!yfaccepted. accounting l principles presently \\ d> d i "puted on,the. cost:of.depreciabic property,; adjusted to reflect current price lovels. exceeds depre-

? M.

3 r,v ;3 M -St *, im A Sg that' depreciation. shat! be based upon cost. we approve of the practice adoptedby the: District since2 i:1 L 'sA Dg^ G s 4 y@~it results.;In Jour opinion lin's f airer siatement of not revenuelin other respects.'the financial stateJ. G F., M; -*.a <4 c ments. In our opintonl were prepared _in accordance with generafly accepted account,ing' principles.q $ t t m We ' *5' .2 7" In odr opinion!the'accomhanying balance sheets and statements of net reven ~ i sent fairly the financial psition of Sacramento Municipal tJtility District as of December 31, 1968 ( M, and 1967, the results of its operations and the sources and disposition of funds for each of the years,,-. ,) then ended.. prepared on a consistent basis during the periods. ' h 1.% %; Q Arthur Ariddken &'C$. S ~ g,'d-C Q l- ( _. g.t, @1. W .h W i s D ". g" 3, T{ 1 aE E O 3:i i. '. - .s; E. D W '- 9 January 31, 1969 s- -*<p- . y s e ~~ s . o.4 r. . n -5 7 .[.W a ) 'W+-, 9 ,.4I - e f, g' g, %"r y, M - ,V .,t. . %g ' ~; g ,3 n i .y %.4 m l

  • , s V.

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NOTES TO FINANCIAL STATEMENTS 1, LONG-TERM DEBT Long-term debt outstanding at December 31,1968 and 1967, was as follows: 1968 1967 General Obligation Bonds-Power Bonds of 1938-Series A, 3%,1969 to 1974 90,000 105.000 Series D, 5%,1969 to 1979. 5,698.000 6,102.000 Electric Bonds, 2%,1969 to 1990, 14,064,000 14,784,000 Building Bonds of 1958-2%% -2% %,1969 to 1978 3,250,000 3.520,000 Revenue Bonds-Upper American River Project Bonds-Series A, B, and C, 5%,1969 - 2,100,000 4,100,000 Series A, B, and C,3% % - 5%, to be called for redemption en February 15,1969, Inc uding redemption premium of $2.123,000 79,323,000 79,323,000 Funds deposited with Trustee for redemption, (79,323,000) (79,323,000) Upper American River Project Refunding Bonds,3% -4% %,1970 to 1991 79,500,000 79,500,000 White Rock Project Bonds-Series A, 3% % - 5%,1970 to 2004, 12,000,000 12,000,000 Series B, 3% - 5%,1970 to 2004 - 30,000,000 30,000,000 Electric System Bonds-Series A, 2%% 1/10%,1969 to 1982 8.245,000 8,830,000 Series B, 2% % 3/20%,1969 to 1983. 8,335,000 8,890,000 Total bonds $163,282,000 $167,831,000 Less-Amount due within one year. 4,676.000 4,549,000 $158,606,000 $163,282,000 Premium on Series D Bonds - 774,538 909,081 $159,380,538 $164,191,081 Purchase Agreement, 3% %,1969 to 2000 1,424,989 1,424,989 $160,805,527 $165,616,070 In 1965, the District sold $79,500,000 Upper American River Project Refunding Revenue Bonds to re,1eem, on February 15,1969, the balance of Upper American River Project Revenue Bonds then cutstanding. Funds for redemption, including premium, have been deposited in irrevocable trust and are invested by the Trustee in U. S. Treasury Bonds or equivalent bearing annual interest of 4%,

2. RESERVE FUNDS FOR REVENUE BONDS i

Reserve funds for revenue bonds at December 31,1968 and 1967, were as follows: l 1968 1967 Upper American River Project Bonds $5,095,795 $5,109,436 White Rock Project Bonds 52,104 Electric System Bonds $20,977 519,384 $5,616,772 $5,680,924

3. PROVISION FOR DEPRECIATION The District provides for depreciation on the historical cost of the electric properties on a straight-t line basis at rates determined by engineering st> dies. Beginning in 1957 additional amounts were provided representing the difference between depreciation computed on p9perty adjusted to cur-rent price levels and depreciation based on the historical cost. In 1968 and 1967 such additional provisions amounted to $1,516,000 and $1,278,000, respectively.
4. CONSTRUCTION PROGRAM AND FINANCING Estimated construction expenditures in 1969 are $37,500,000, including $16,900,000 for the Rancho Seco nuclear generation project. The District estimates total construction costs of the nuclear gen-eration project over the next five years to be between $180,000,000 and $200,000,000.

The District plans to finance the above construction with the issuance of additional revenue bonds.

5. RETIREMENT PENSION PLAN The District's employees are covered by a contributory retirement plan administered by the State of Califomia. Contributions by the District for 1968 and 1967 amounted to $562,000 and $454,000, respectively.

$SMUD .I

.,1 5 i OPERATING STATISTICS 4 1968 1967 1966 1965 ~^1964 1963 1962 1961 1960 1959 Customers at Year End..... 210,976 205.615 201,356 1%,112 190.507 183,596 176,170 169,626 163,173 153.920 KWH Sales (in thousands): Residential............ 1,202,511 1,171,195 1,021223 922 256 863.183 785,005 714.074 664,278 580.583 491,976 Commercial, Industrial, and Other.. 1,903,108 1,728,155 1,684,914 1,493,768 1,322,020 1,125.516 1,033,446 943,636 846287 773280 Total..... 3,105,619 2,899,350 2,706.137 2,416,024 2,\\8{ 2 03 1,910,521 1,747,520 1,607,914 1,426,870 1,265256 Revenue (in thousands): $ 17,178 $ 16,859 $ 15.323 $ 14225 5 14,006 $ 12,989 $ 12,035 $ 10,191 $ 9,186 $ 8,067 Residential.. Commercial, Industrial, and Other.. 20,421 19,007 18272 17.496 16,879 14,948 13,924 11,856 10,726 9,798 Total......... $ 37,599 $ 35,866 $ 33,595 $ 31,721 $ 330,885 5 27,937 $ 25,959 5 22,047 $ 19,912 $ 17,865 Average KWH Sales per Residential Customer 6.534 6,50 5,821 5,417 5232 4,959 4,711 4,549 4,193 3,821 Average Revenue per Residentia! KWH Sold 1.43c 1.44c 1.50c 1.54c 1.62c 1.65c 1.69c 1.53c 1.58c 1.64c } Power Supply (KWH in thousands): 1,121,252 1,331,779 785,400 1,483,597 788.121 543,995 227,789 118.806 Hydroelectric Generation. Purchases 2204,914 1,786,336 2,135,910 1,124,540 1,577,951 1,547,587 1,669.892 1,641,732 1.574,054 1,393,956 793,188 740,388 682,391 576,590 545,590 465.792 416,994 398.473 337,474 283,394 Syttem Peak Demand-KW Number of Employees at Year End. 881 838 831 811

I780 763 769 789 796 757

_13 FIN ANCI AL STATISTICS "I (THOUSANDS OF DOLLARS) 3h,885 5 27,937 $ 25.959 5 22.047 5 19,912 5 17,865 TOTAL OPERATING REVENUES.. $ 37,599 $ 35,866 $ 33,595 $ 31,721 OPERATING EXPENSES i 9,530 6,894 $ 9,107 $ 6,015 $ e 6,879 $ 6,946 $ 7,692 7,485 $ 6,990 $ 5,705 Purchased power... Operation, mainienance and taxes 7,856 7,442 6,612 6,437 6,087 5,465 5,176 4,675 4270 3,685 6,937 5,836 5,554 5,383 5,063 4,234 3,689 3240 2,734 2,446 Depreciation Total operating expenses $ 24,323 $ 20,172 5 21,273 $ 17,835 $ 618,029 $ 16,645 $ 16,557 $ 15,400 $ 13,994 $ 11,836 Net operating revenue $ 13,276 $ 15,694 $ 12,322 $ 13,886 $ '12,856 $ 11,292 9,402 $ 6,647 5 5,918 5 6,029 OTHER INCOME (principally interest).... 2,529 2,696 2,870 1,996 ! !!,337 1,244 1,444 1,511 1,511 1,197 Gross income.. $ 15,805 $ 18,390 $ 15,192 $ 15,882 $ f4,193 $ 12,536 $ 10,846 8.158 $ 7,429 5 7226 INTEREST AND OTHER INCOME DEDUCTIONS 4,684 4,633 4,372 4,419 4,465 3,589 2.891 2,229 1.285 1,070 Net revenue for the year. $ 11,121 $ 13,757 $ 10.820 $ 11,463 9,728 $ 8,947 $ 7,955 5 5,929 $ 6,144 $ 6,156 Times Bond Service Earned (a). 2.0 2.1 1.9 2.7 3.2 2.9 ,6 2.3 2.6 3.1 4,549 4,377 4,251 1,295 * $ 1,256 $ 1,236 $ 2,323 1,309 $ 1,312 5 1,335 Bonds Repaid.. Electric Utility Plant $ 259,323 $ 245,915 $ 229,724 $ 217,291 $ 198,767 $ 184,422 $ 166,792 $ 143,486 $ 110,671 $ 81,877 Capitalization: e. Long-term Debt... $ 160,805 $ 165,616 5 170,308 $ 174,835 $ 146.944 $ 136,403 $ 127,830 $ 119,439 $ 90,990 $ 60.823 Customers' Equity $ 138,321 $ 125,684 $ 110,648 $ 98,726 $ 86,376, 5 75,928 5 66,404 5 58,193 $ 51,618 $ 44,498 (a) Gross income plus interest earnings on funds held for bond redemption plus depreciation, divided by interest on bonds plus bonds repaid. esuuo

R anc ho Se< o. the Dnt r u t's nu at power steam generation plant,is u hedulad for operavion ir. 97 3 T his is an ar< hitec tural rendering of the plant / g ~ ' p 9 r ,p .A - // s e gEf n,) [}. s ~, ') f b ' y# -9 $jf:#rc %$;i fit;; ~ p );i $4 ?E. ##lh L' A L -{ r-yi ~* ^ _l 3 MMNi W ? y -e ^ 43g yv h Q \\ , 8 ' ' p y

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{! t e~ f =.,2 a-An attractive yet f unc tional t ontemporarv deugn, as in the Sacramento Munic spa! Utility Dntra t's headquarters building, n utihied throughout most of the District's buildings. 4 x

Cd / w ry> <yn $<M,$e. l'?)- m n, / cl2 3 g of,t e - )m.7 : ;~; u / 4 .N Q> mmr~;,tmaLrT F u: C0aJr ,nr mm...m., l REGU.diORY DOCKET FllE COPY $ suun r i. -~ -- .}}

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