ML19309A263

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Annual Financial Rept 1974
ML19309A263
Person / Time
Site: Rancho Seco
Issue date: 12/31/1974
From:
SACRAMENTO MUNICIPAL UTILITY DISTRICT
To:
References
NUDOCS 8003270578
Download: ML19309A263 (20)
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t a. THIS DOCUMENT CONTAINS POOR QUALITY PAGES &gidatery4eeket file THE ATTACHED FILES ARE OFFICI AL RECORD'S - OF THE OFFICE OF REGULATION. THEY HAVE BEEN CHARGED TO YOU FOR A LIMITED TIME PERIOD ANS MUST BE RETURNED TO THE CENTRAL RECORDS STATION 008. ANY PAGE(S) REMOVED FOR REPRODUCTION MUST BE RETURN TO ITS/THElR ORIGINAL ORDER. DE ADLINE RETURN DATE 1: O-3 G ao o g a o _m

a ll'/o?f MARY JINKS, CHIEF CENTRAL RECORDS STATION 13034 l

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n f .f.*, k:DJ H.$ ?l&Q~1lW6pf@M-OhN-@[i[W ~ $% ?%@h kyt gg;&p ' n 2 o. ogy Rg g n i .2 z, Sacramento Municipal Utility District 1974 Annual Report k HIGHLIGHTS 1974 1973 Customers at Year-end 264,159 254,646 KWII Sales Residential 1,904,000,000 1,873,000,000 } _ _ Total 4 1,000,000.- 4,208,000,000' ) KW Peak Demand 1,201,188 1,173,588 Net Revenue $ 34,972,000 $ 29,380,000 Construction Expenditures $ 66,010,000 $ 84,522,000 Capitalization at Year-end $767,196,000 $747,730,000 f i c i n. t f I 7. 7. - 7:+ 77 ABOUT Tile COVER Core loading, -+ . >+ Rancho Seco, August 19,1974: The final i L.,.

m...- - ".- l stage in a manufactuaing process that I

Q ?: began deep in the heart of an American D 3,.: p ' uranium mine is nearing. Fuel /-- -1 +g j3 - ) ', assemblies, consisting of zirronium tubes that contain some seven million uranium .~ fuel pellets, are transferred by special crane thmugh the fuel-loading canal, ~ pictun d, to the tractor vessel o t the 7 -- ',A, ~~ > center of Rancho seco's steel-lined, ',J- ? ' concrete containment building.This J initial fuel load cost appmximately $29 million and will be replaced in stages l over a three-year period. Energy from the fissioning of the atom-a safe, clean, economical, tested approach to pmviding necded dua ic power for new and continuing District customers-is bom. I 7- .a :

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i -l .l i i l The Age of Nuclear Power 2"D"Wra'i's"is" dominated by a four. legged gantry crane which moves I On August 19,1974, a small group of nuclear engineers and technicians major sections of the turbine-r began an operation that signified Sacramento's entry into the Age of S"'*"'*

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maint nance a ea in*$ 'I l Nuclear Power. In the huge reactor building of the District's Rancho foreground, water fmm the Seco nuclear power plant, these men guided the first uranium dioxide ,hN1 $s,j, anbas$"~i'* F m Ee ' fuel along an undenvater channel into the reactor vessel. The process massive containment building. ) j was repeated 177 times during the next three days to establish a record' ",hjcho"Njg ' r e,n n_ time for loading fuel in a light water power reactor of this design. On selow, a view of the reactor i October 13, the first test power from Rancho Seco poured through the j,^s'g,yonp ; f7h n the h rs n 230-kilovolt transmission lines to parallel the SMUD system with the containment building. The } ) fifpethcommemidl>mperated nuclearipowenphmt in the, United < Sta Northern _ California electric grisL This link-up brought "on,line'_'_ the. r n g 9, h ,i Before year's end, Rancho Seco's powerful turbines spun out 207 million kilowatt-hours of test power, bringing $1.712,700 to the District. To our oil-starved economy, the start-up of Rancho Seco meant a new L infusion of energy. In its first 11 weeks of operation, the plant saved the equivalent of 15.3 million gallons of fuel oil. It was the culmination of a i~ + 10-year investment in engineering, planning, design and construction. d Upon completion of about six months of power escalation tests, the ~~ Y k N[J plant is expected to reach full commercial operation at 913 megawatts. The $375,000,000 facility is the largest nuclear power plant west of the Mississippi and the first to be built on a site far removed from a large Yh Nd@, body of water. It is located 25 miles southeast of Sacramento. y P3D j Filling Future Needs In May,1974, the SMUD directors adopted a declaration of intent to [ L issue up to $650,000,000 in revenue bonds at intervals during the next 10 s . years to finance construction and impmvements to the system. The authorization was approved by the District electorate in a referendum vote in November. To meet future power requirements, construction of a second ' nuclear plant was recommended by SMUD management as one of the i projects to be financed from the bond authorization approved by the ! voters. The proposed 1,100-megawatt facility would be a multiple-

ownership undertaking with SMUD retaining a major interest. Con-
struction would start in 1977 with a tentative completion date of 1984.

j The cost is estimated at $854,000,000. Plans call for SMUD to design and ' manage construction of the project and operate the plant to be built on ' the 2,500-acre site occupied by Rancho Seco Unit One. Most of the public agencies and private utilities providing electric service in the northern 3 x

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~ } c =: ,e r g-Je w %KfflEl ,i.. m. o tall tai 1 x\\ $2 EPE E D GROUP Posifica SELECT ene Dica 1 K,a 5t t t C1 JOC g a pN Saft1T 7- *s t Cu t ai ttas friger s, caour A N m .b- &,.h l1 \\ L: a y L, y:c~

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4 areas of California and Nevada have indicated interest in becoming The bestpeople and equipment are wedded at Rancho Seco.

partnen; m Rancho Seco Unit Two.

At left, a specialized " polar" To comply with requirements of the California Environmental crane maneuvers the tractor ! Quality Act, SMUD has issued a draft impact report on a second nuclear Eu*ejd"c*o"re".'Egn'n"$r"NI plant. After receiving comments from government agencies and the studs circling the base is j i"# public, a supplemental report will be issued. The SMUD directors are [*'ad n t$"ui eigh expected to act on the final environmental impact report in mid-1975. iso tons. the studs and nuts an additional 20 tons.Behm, 1974 Construction Highlights another view of the head " the Total constmction expenditums were $66,010,000, including $47,365,000

  • Ngi"r"I"$$tr ro for nuclear plant and fuel. Other construction costs in the service area containment building.

totaled $18,645,000.This included $895,000 to complete the $3,500,000 k bulk power Pocket Substation which went on line November 7, strength-1

ening electrical service-to 40,000 customers in southwestern Sacra-rd g'I

~ mento. A data control sfEtem enabling SMUD's dis;miching operation 1_ 3 . to switch hydroelectric generation automatically and to monitor load a.

Ilevels and voltages on District transmission lines went into service in

~ December at a cost of $500,000. s The District acquired the site for the new East City Substation to ?I strengthen service to fast-growing areas of East Sacramento. Following ,."ge ' adoption of the envimnmental impact statement, construction will start c. in mid-1975 with completion planned for 1977. f l7 Financing l l Funds from Electric Revenue Bonds, Series F, sold in November,1973, a_- l and internally-generated funds financed the District's construction g-+. ,5 program in 1974. Due to the completion of Rancho Seco constmction, no

,.m - -

new financing is planned for 1975. y Hanner WaterYear 4 9 SMUD's upper American River hydroelectric generation during 1974 I ' ') + i exceeded 2% billion kilowatt-hours. An excellent water year-40 per cent above normal--enabled the District to serve 60 per cent ofits load h fmm its six hydroelectric plants. Other Power Soumes The District purchased 1,910 million kilowatt-hours from the U.S. , ' Bureau of Reclamation during 1974. SMUD contests the legality of a 22 l per cent increase in the price of Central Valley Project power imposed l April I by the Bureau and has withheld payment of $1,118,000, repre-R l senting the amount of the increase, interest and penalties.That amount 3 4 is being set aside in a contingency fund pending outcome of litigation. I Another 933 million kilowatt-hours were purchased from utilities in the ( Pacific Northwest for use on the SMUD system. Under SMUD's sale and r*' ~ - - s 5 ~ ,- - - n_ m

1 i Every city has nerve centers. ! exchange agreement with the Pacific Gas and Electric Company, the cl,nc n,M"$'lir18{n$ the P f ' District purchased almost 118 million kilowatt-hours from the private o t utility during 1974. important services which people want and need. Rancho Electric Rates seco's control room is such a i Compared with ratepayers in other areas, SMUD customers were for- "',;[ Tei N"n" nb"or <n p3 tunate in experiencing only a single rate increase in 1974-averaging and control the output of the P$c,*o*r 5"$""o 'i s eral "P j 10 per cent-the first since 1972. SMUD customers in 1974 were paying only 15 per cent more for electricity than they did when the District operators on duty maintains a log on cuntnt actMty. ' began operation 27 years earlier. In other parts of the United States, ratepayers were being charged pass-through increases in fossil fuel costs ~ 2 ranging from 30 to 90 per cent during 1974. l Energy Sales ' SMUD customers purchased a total of 4,131 million kilowatt-hours of electricity in 1974. Reaidential consumption accounted for 46 per cent of the total. Commercial and industrial customers consumed 53 per cent. The remainder was used for street lighting and other miscel-laneous purposes. Service was provided to 9,513 new customers during 1974, to bring the total number to 264,159. Energy Conservation & %NN q q SMUD customers responded to appeals for energy conservation at the eg g hGity - ! he!,aht of the energy crisis with an 8.5 per cent reduction in consumption w _ ; y;asj E at the start of 1974. As the sense of urgency abated, however, such efforts m: diminished. The District continued its educational program to urge D h tgfC 3 customers to conserve electricity thmughout the year. + Energy Usage s Total system energy usage during 1974 amounted to 4.4 billion kilowatt-hours, I per cent less than 1973 system load requirements-The all-time system peak demand of 1,201 megawatts was reached on July 24. An l August peak of 1,195 megawatts and September high of 1,138 reflected increased usage of air conditioning in spite of appeals by the District for reduction in use. M. e-Pcisonnel The average number of equivalent full time employees amounted to 1,331 during 1974. At the enu of the year, the District had a total of 66 %"Qr( employees hired in 1973-74 under a program subsidized by federal and

  1. g state funds. A 10 per cent general wage increase-highest in District history-which appeared in employees' paychecks on July 'll brought the SMUD annual paymli over $20,000,000, a substantial contribution l

toward stabilizing the area economy. 7 t b -~r

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l l R venue and Other Income water plays a vital rule at Ran oSx d ch." ? Total operating revenues were $64,927,000, an increase of 7.1 per cent he p p ne d d ever 1973. About 6.5 per cent of this amount represents income from the electricity to meet the District l 10 per cent rate increase which went into effect May 1. Other income "'D7,*"d "y",'N,1 ',go" ~ r

o included $29,946,000, representing $21,029,000 of allowance for funds view of one of the plant's twin.

used during constniction and $8,917,000 of interest earned on invested 40lJipmyng towyrs sh 'je ,o ,o c,n r funds. supporting arms. setow, a view of the towers from a lakeside Expenses vantage point on the grounds of the recreation area. Operating expenses were $34,138,000, up 6.3 per cent from 1973. These include purchased power $9,317,000, a 6 per cent decrease; production operation and maintenance $1,948,000, up 37.3 per cent; other opera-tions and maintenance $14,482,000, a 14.1 per cent increase; deprecia-tion $8,010,000,4.1 per cent over 1973; taxes charged to expense $381,000. The latter included a portion of Social Security contributions; ad valorem taxes paid to Sacramento County and El Dorado County; state and local sales and use taxes. Net Rcvenue Net revenue for 1974 totaled $34,972,000, a gain of $5,592,000 over the previous year. Gains from the rate increase were offset by increases in ggggg5p power costs from the Bureau of Reclamation and other sources, other S R m y s ' N T Hd operating costs and net interest costs.

9. V ""l h. y.. ef3 y

Utility Plant [ y Stated at original cost less depreciation, utility plant totaled $705,812,000 - 1 as of December 31,1974, an incmase of 8.7 per cent over 1973. This included $351,081,000 for construction, of which $333,003,000 was work on Rancho Seco. Another $37,741,000 was for nuclear fuel. Accounting System

The District uses the Uniform System of Accounts for Public Utilities l and Licensees prescribed by the Federal Power Commission. This is the

' system privately owned utilities are required.to use. R FEAK DEM m, M*u /

  1. p f f G ee &

President of the Boaixl ! General Manager 1 m 9 f ~

i s i o r a r, f 4 um s c. - %,!,.g ',y j. 9 4 s ..a u

t. t n.

..c-.. + t , e a ~ n., Balan: ce Sheets %&mber31,19k amis 973 c,. 2.1._ a t ~ _ '. _ u, __.c _.. -. _ _ - -' .3 a ..a.. aw _ c

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- w '5 1974 1973 - ~ " "*"-" *" =.. m. oi. .T - n u; 2,,.e^,,,- .c-ww:uL: w .u _.._::w._z,.::. ,,. m._'.. w er -- -= - ASSETS W f,e.ry-: r, + ; w.~ m r-.--+ 7 _ ,mersv.*.m -.--r.- -,.e~- -,,s'=o 3 ..~ L u.1 L- - ww-ELECTRIC UTILITY PLANT, , 'l - w g ,..r.. 'y- ,,.-, f { 1, 5 y g '. 4 u-I 4 ~ i '_ "., n at original costit.N Pla,nt in s' rvicel N F 5387,600,543 5372,378,627/ x e m. ", v. w ' Less-Reserve for depreciation. 70,609,396 63,362,2096 ~ ;c. .a w a m,=*._.eens. w.. n =.. w. .,~s'*s-aws~-*vt-m'f ~ ":..,s ; ",",l~ so' svwem.w-re. -- rw m m*~. s - =~,m mn-we =\\n ey-. -- ew- --rw--= +=m- ~ - -. <-*'e--*- w s.A .E, *~a.W.. C ! -M w 5316,991,147 5309,016,418 1 Construct,.,4 ion work,in progress.- m. m. g, ,~ ' ,,..y .m u s # A e ~,/ -.s., 7 g??W,." v' -en ~ . Nuclear (Note 4)~ C ' ? ?n#". 333,003Nf4

w. m s.

t e -m ws 3 ,290,630,821 y W ;.r, g, %. Oth.er" "e.i, _; c'. n ~ t. v9 .J' 18,077,120' .,16,640,401.._ . e.,,.. ...,/ 48,096, .7, f u.. u., ,. c > . f e

s. 1...

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.g., .,. 37,,,.,40,703..- c =v ,.. y mm, ga ..N.,ucl. ear a_ue.l y.. .,,.w

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w a _-u. _-...~o..=._.. c. ..=,m m, --.. JMW't wr e - y g-;ym . ~. -. ...~:.. xg e;gg, G ' s1,4.ge4p y 4 ' r N i 4H ", - - ' ~ , - ] m. Q.3G Q,^. 4 s g-t. r..,. + w m, - v 7-y~s.. -m ~ -w co f 'i y.c r.g 5705,812,384" .' $649,035,736' .t. a .x. n.. g. u.c. aa s .r .+

w w _, _..

,.__v_.. , a:::e w.,_ .,.c..- 4 .e , w-w

== a.r~+ + - - e-- o-w,- - x- -- - -- m r,-n - <r=* - ~ -J -,. -p m_ j,,..s . ; i,... ~=m- .m m r y y.a. 7 v.. 4, c &. m SEGREGATED FUNDS, $ 6%p.M.W.9 ij. y.. ?!1 % e ,y g_q c W ~7 W N J N i M m M M % - % W-For con'structio~n p~urposds (Note 4) f ' , W consisting of cash @;ut 1 p ' # J+ n+. Iand seciarities st cost ,J , J u.w.w,wed W In reserve funds for Revenue Bonds N ? hkhm.NEkNN'", fm(hergps@s.m@p@v.WT.IW MMW Nbte 3)M@RM'P 24340 ma wy.w e 3 2.at. n .xx 2 Ot g --@.a.ggryf 1,118,378%w@e, M 3 }x+ M m [w[{vMkpkhMN;m_. a x a ww. Tu-u w w. w- ~_ ++~.3._m..__--_j_.,_.-_,_.....g_ .r @'ncyyag M, g.. u.4,,d M T M fE M S W iO @ @ w$,x. Q @y,v - A.. y/ y ~-,,, _,,,,. ry w , g - es < M,,,a,.,. MMS' 61,786,819 W-5104,384,46 ,?%i

pp. W a % a a u, e w& m ru.

aj ngjemaw%eu, g ee-M + fQ n ,.m m, w, 4 g-g c -- _m =; -Q: %" p,CW d,Q;yg&znf~@.5,. -... g gy - :.yQ .h. ;,, n m ; 4.,.p A.M;f.ggpp n W9., CURRENT ASSETS @d;g, _ - ;hi4 yg;4;M@cWi@gy.K gyp $gw c4O E 4 Cash %f, d secunites for.axWM:yem 1544 W tyMSegregated cash an%.M HR@NM W :.26, %Q n w. 4 9 eF M % k:pf $ papp w w w w wpgw ~ 4 DW MM r W.tMsM.MMM2pdymeiit o,f~ deb,ts.er6ichi %:n m.m&.w,@x.7129 .e., y ~,.w N M 0,1 14 2'l'2,'8'44 f: @@Omm%q@Q@h@k+g@d%m# m -. m-., x:

m-w m. u 4 n.. m w w mn
_w u m.. a

.n.. U, F 1,640,8324, ys r S SMyWp m e rW c.d mM w :m.rxg serves ofM @dw&j@4 4:: n ca.W R g j,M W$:;iAccounts'irceivable.ml 1ess in;-w. V &m.mmrgsw pnu w m W Wp ' MOpW @%@&%p%y d:unnl154 mi_d$133,7617/esiGt 3 3 M 5152 M #5 w a M@4,516,'6031 M; wymmpumew q 114 m.vable fmm sale of bulk powerb. / ~ W t O ' Recei 4,332,622 F myy <m. mn awQ gg;ybpg Matenals and su;y 4_.cvecw: '6,532,382 . '4 WMQp$e p@QM%2W~y*m, wm,"and specialdeposits _ pplies, at average costr o%,W.x a @ 4 Q 4 @,g,n w My m .nw m.wsy xm u -n

a g s! b a Prepa ments notes' 2 & M m,9881i WG70

- M W M l; % h 8 n m ;w m=, La.: r k b[ d h h h h d k M N N N.M M 'M N Y3d,0N,bb9 Y $ 3N, e A m.:,a a m m.wmisc ue_w w.n..sm we. n om m m c.r y w g g g g r, r,- m y m m y - re m e r m p m r e v m m- ~pc-v* i w n,m. w..c. w u._.1r w.M D =; w._' i.? WMN " DEFERRED'CilARGESy [ P 3,591,4631_e z$ 3,667,719; r$.. l M..w w% _ x,n.: ,, ~., -. ~. 2 m,m n--w e,n-.- 3<e nn m n_. u LaA$w%y,m.% ;g y.c:- y %v pw c Q. Zl",,q=.Q4M, 2 m ~ m:jf h,, 4 L. T' 7v ',V r < g3 4 .s C Q W;pr ,4 W ';,L 5783,483,965! .xl x_w- _-,__s. 5807,269,675 : hlshfG

a..

_xax- - um . Tise ayriguarrystig rearss are aru urtsegralp,- _ _: 7" ~ e, r,. + , urt of tirese M-erc iseers. - -+g;v - " .y. m.~~ f = l *' es 't s - &c y-g< 10e. = e k.. w Th +. ,@A A %v'4.hw <. e.-. #.- - n w..%. % m ..= M -+ %*q.rki p _h & g y Q m u j f? w T.;1 W. F. i C a[ m '. MiOpq W"4%'w%7@*nM' l QQ,., V t s UMg gy ) W iyy%gt W & =- l

/ 1 r L ~ s ,h ' r f - 2 9 T 4P'_' w.. w, _y ' X,' ; L 2 %.s Sacramento Municipal Utiiity District ' s m.A. _ _..w e - .,..m.m-.. ~ _..,..2..,.. ... _.... a1.,.....:: ,2,. r - --. -. a. m, ~.,...,,. n.,;

~ w..

w., w m 7 ~. g.,. w v LIAlllt.ITIES t* 8 1974~~ 1973 .--____'...u,- ...i .a _a ._.q~--....,,.s,-._mw.-. _. .. r _..uy,,,.,7~__-, m ---d ._v. , y .y -a ,. ~ . g :- .. r, g 5, m' . 7 e {y

  • j 4

d._ CAPITAllZATION:, Customers' equity employed in the bus,iness-ye + , w 4, s .O.g..,' 3 4 w 'y Dalance beginning of year $238,058,803' J0,8,678,998l } 4 . n... .o .n m. m,s -f W r " t. + .w y

  1. ~

Net revenue for the year ' 34,972,30,0J.' '. F ' 25,379,8051 - 1 S- .,g 18 .m 4 . w.. < w .-s.-co. m e w, y ..s w'.. m R. o._, m..:..c. ~. : - w. .: _.a ,_ a w a ,a. w uan,-

,a s

. 4. _ = mm -

- ~m
: m.,,g ---y y-x y p.

2- - c , t.y e * :;. 1<'

  • ~ e TW g."

^ .z 7 r. = =,, 2 4 $273,031,103X,. n.5238,058,8,0,3 ' :e Total customers' equity a, v ..3

n. -

c . %.),.. 42 a ..e... s,T s, ..p. v. 'p,- r 3 - - <c. Iong-term debt (Note 2). n,. ;, 1 my.+. w ~ x m. 494,164,941?.C. 509,671,014 3 ',u , s._ J+,0 mm -= s. s --m..w m.~ a .. m myo,;.m. '. m + a. '., 3.,(L. 4,.4, ;' , m. , a.: , n.w m..~. a~ ..y: x,2

i u ug

..,x .w ,v > Lv-a- y%l ,_u , u,, n,wJ J' ,L 2.w_ _,w,.u_.,,.a. o .,-;f.~ .~ .s - ., -. 77.2

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.m ,a g ,- T f,,, t, j:,. x,. ;3.,)n... l' 'w ' ' n,> 5 "",."y.- i &.

f.- v.. +

.,3.- . h *,- ,,O.. g:r; p%s ejg.,.. { Jt .w"g f g4 4 ..? . e.* &~ ps., n. ~. s = z ~ '.4 ' v.,,. J ~f e-w. w ' 4, ~* 1>... .#n. .; f4 7.e.d.9 5767,196,044 %p.. w

    • <'s J

s .e y 5747,729,817 'A g _ r.gy m. ;a g :g m'b;:g gg_*'.4:[ m L._. . L. >op.

n.u j..

.. um, 3. g' u ya

q.,

.,; ; r.4 _mg a ; .'*'*fe. _ '. G' g*[W_*j. 7 ~ y, ' py. . z . _ ~i % m - R _ Q C ".QjQg<;L,, M,, _Q__= 1 **,g ; ;, L _ > :s. 4Q. g

  • ^*

s _.;Jh, i. _A a m t (, a w& ,e m ., :;g,..t,%., y#r rn g.s, cQ: m; g jf p by l' - V i.. m Q ' _. , zN,"w!,*

  • y s y ? ?.L. yu m. i 's c

-y Wyu

a. ~, naQ T.., 3^g :n,3 o.

. m. :;;- v, '.a4. '. m..->x;,e.. -.:., %. 4a , n,m.', es ,:.m..,.. m -, -s 4 g.,,.a u.. ,:.a - s . v,. yp 3 .v p u + v,u

  • o..

& CURRENT L1ABILITIESi4L Acc;g,%.ounts payable *, y* m -t y .,,, = p. y _~. m j ,- p f; s jg g _gg # +m v ,.,a 1,. A v .A 211 M -12,$,5484$i13 %,$.nh W?$w&:m&n@n&y%pn$$m W YW N0 . n m$ $m m.c n %; m$ $ w $ m p ' A~ % ~ W M M: n a - :d e e. +m m c J h salanes, wages an % u g; y:m:in w en W ;s.nw - e g.n. Meew ccrue gCww wpMm,031;e A,gw,586+,146e%;

m.,.m ap~g

$gp;.g.x y,;#w$M%@e@us vacation payw w.nW %2Mn>w ue bg m n%v... s.m. 2 320 w1 w n mu%

wp 4*

h m@n$w@a pEEMM MsYdWMWNMNWMMM$mh d 3DMM q ood Iong-term debt due within one y~ ear &W 15,523,07F:W M1,408,390 WW g m M;;cq%7:s;4W w Qu&.G-mm,.hmyg wpm L g 79.ggg m an..:.w;g~ A,,- A: w g. sh.. m% y.9 g q% z...m. M< an www spo mt en, s g 4 M:;fan cn%.Wm&x x.z y- <- u v.4 p,.. sa s. L; u w.a W3MMm;M#:,$M Necnibd' int & cst on long,-@teim debb: .. yy y s enxq &dlhhh$w$y.g&yym&bb5$w$?un.~ a$ww%w&w 6 Rpma w me q W W $s;$n &g w% w p$V$p w ig Customent deposits FM CDFWgC+1,501,3122 Ml$~ W W D WN hW?$ MQM M M:nm k,)s,,. w.~ m. Ow y n % m. m-g*, I,. s, w a m. 4...%,.

n.,.

.m.. ,.n 1,9 < w S.s_.. .p %mt y 9.!bY e h Yde. ~..- M* '~'% y- 'e'$ # s ,[8' O dbcM 45[k' ['M N;.N.1 A 7 ~ w,? [-e m.2 420135C[l~ (*T m u 'b:A r v 4 A d[ @, \\N G. Othe(r.mw s^Wn s ~ ~ ' y,- ' h =]' Y, 3. .a . %.m.81000 r% e #am w ma m. m c ;:n, - v x q.-s. WMt w.m%f Lf. W%m_y xqQf ddii:QdM3mndWCWpp.f a,1 W Q f k % W 4 N.h.gi %_.M ' M r.U M, %,.%.O i g n ~* . ' W wh%' .M ff y.y W AM@,MA~m m, 7,. m. g, w~m n,, wcN.e.#wef(1 MM.,y - -Q.iMs rm _mqw..r. i c _4 . m .+g,.. ..e. c 5

u.. s

.~ .c ,m y4- + m* um ..M..~.y. ,s.+-. ~, S,40,073,631:, $ 35f(5,4,148*.% N m-9, m.=. m x. !". J ; P. W M. ~in .3,1 s ; * . y., .e y-3 u .;.wr g-.;4, -- Q.. .m-.%. ,:_s

  • 4 w

a. ,q C .n4 h; L.. _..L:.~~ a a-m m.m._c. -u~ ..- - my .e,. . m....c._.- _.. _. n. ...i a r m : a r + m p m y@y,j '. w. c g q'7 3 ,3. m;; m. m y y 3 7~ a. = x : 7 u - ~ 5807._,269,6,75 N 5783,483_,9,65 S .:( m. ~ q m. m y. ,.e -- mu s.-w - -',,, ~ ' ' " y', g' W x e, k;.., ~ ~. - .~ y. .z.-.--...~w.-~a. .m n --~ 7. - -ywe.ep.wam===n w l _,%, t (, 4 - '*?*W '. n m e.g r, -- 7 g g ? mt**m'a'f5 V"'"t QlT - Vr V"'" -**'=*='7"*"'""v-*. - - *3,4-3 ts ' ' t r, t ',, {' 9 J ))' 'd i , ~ " = V't. t. '.... J,..N g.,. v, of;$ _,, 4... + e + 4 a.4 4, ,* t-QQ.'.g p - y ')s ; s;g,. '. eg. :, g a

  • y+.

i,,,, 4 .+ m j .i . o i, % $, J.,,. y4 .g ; 4 J' 4. = ' ' ".N. 4;. 1 i 1. 4. t g r

  • gw p

9 de b b6 '. % L[ [(' } 8 .4 i I

a l ' sg C ls. 4 v r m } lA ..s A

r' f.

_+ < es _ Statements of N$t Revenue years ended occernber31,19u and1973 e l: ~ tu. '.:2 _..&...x _.a.m.m c u.,,m -~,, r,. n ~

w. _

._m. ..+n.- -e-~- c +-~.v~v-~ .----r e ~ e ._m n ^ 1974 1973 L Sacrarnento Municipal Utility:. District + - -- 3. i {- .- m 7-~...;-~-~m.,....c_..:. -m - .m ~ ~., ~- m y ..g .m. t 4 OPERATING REVENUES: Residential $ 32,497,375 $ 29,685,966 [. . n. , w'. . Commercial and industrial 31,603,717 30,221,041 f / ' Other' ' 825,T42 735,927 1 -,.g. M.g 7 % % I.2 1 O' A J CJ.,1 W.. ..d .1--M '%-l-h-' e Ib7 1h IU i )# f J.s-3, ~ 5 64,926,834 5 60,642,934 ' w I. , j; ' ' ~ Total operating revenues 4 #... ^ y Jy '.

&W
.=.;=a
'..::,R:=.

=p== : = := :. = :: = ". -.4 .a pf, - '.,,.4, ~~ =- '~ [: OPERATING EXPENSES: ~. Op'eration- - : - ~. m si s~ } cf.D 6 Pur'cha~ sed power 5 9,317,326 $ 9,914,373 1 n u. g;r_. Otl er: M 10,946,698 9,707,260 p - +* y- / ; g- , / .- i 3 ~,, 4,404,780 C,,,,' Maintenance 5,482,867 i 1 . A Provision for depreciation (Note 1) 8,010,491 7,698,331 7,,y,i ,3- ~ t +,. y o 7-4 380,999 391,642 n :; M 3 ",TaxEsl,, .p ,o f h

v. m & V F.> g' w* - +' ; e g m & s _,. g.a.;.2.2&aamh i m

w b,,, 9 8 ( ~ ^ /; NW JC t i n %': ~,g. ,' m: -J.". Tyc i 4,. k,,;,,..-s -Total o,perating expenses $ 34,138,381- $ :32,116,386 : ~ r m, %.~ c.

,.+.

v, 4 ?ghsY ,. i. ; ;..,. nn m._...., x s,, n.n a 'e.

,C' v.,3 g;j. w7,,p7 m y i.w
m.

~ ,J. n ad..,_..J.,,. 7"% .~ ,w s 1 4 y . - T + f g4 r.1. J er? f gi . p A.pn.,4 . 2..w A., x%flpgy j< yr %n cdi W N.ei opei'ating 1_5., ~enui. ,3;

  • ~

@, e. cOTIIER INCOMEiW $>. ;' U,r-QTLAllowa'nce for funds used during : , $'30,788,453 ' '$"28',526,548.%. .m --R s m. .,7 w....Ms .. _*l y ! *y 1 . 16.,818,881 G !J r.$,. #% m.e R WW .M., p;.iristr uct, ion (No.tes'1 and 4, )m f. 21,'0,29,232-' ~ ~. ~ M:dM;R: m a. ~ ....s. wa p;;; Q, Interest in.come and o,ther; C. i._:n a ..P.>3Q.m s,:n-m, ss - 't p' m s,: /. 8,916,422; 6,558,785.(%. 1 yQf . Mqn-y ~. - fi f g,%n k % @) y,u y 9&cG.i .ju. Vw..- ~ n ,, ss _. %..c - r.y - , a y.w..Fn w;;u.ac.umu w _ w w.. . =.. ~.. ~. _ _ pv.~ q/, 3. m, - awm m:. ,...m y,- - n,w

m,e-c
m...m..

a ' gy p.f:PV.g ).S= aWW<m,;y w,Grossinco, ~- .s 99 n +. 51,904,214. vs N me. ? $.60,734,107 .# s. an m,, -.a a/ w m f,'%sw "g g.. ). 4 ' '

  • i 54 n

a. y p']%m..# ~ - <g y,. 4f f y . p.y /3A* 't.> .:n a,, : u, w,.. 4 :x a.e~,,,.a_ w.u .w.x, % g' ^T' jp W.'M & -4*n & m.g m u.a.m-,~r;-m-r - m ~r,a g ~u .7 y (K w s. e---~ -- --v n._ p ,. g(.Q,q p.m w .w a5 " x, INCOME DEDUCTIONS:)y" lnterest on lon, gw A fr 6 ?; q. ,s s-t w wn m m' -$ 22,374,273. i term debt- $ 25,606,358 ' + J l 4, f. ~w! &. v ' @s S r a ~.,f.y$Cm yMndrt mium, bo. nd t &&PeppigSWgWy_redeiz.htion,of b.ono >)re. discount and i? C ~ n 150,136M,p mption p..remium' ,155,449 5 %m. : % ;.5 9 ' W M 6 b :WM:n. L "expen. se,' net C ' 4. a. n n :,M ;7Q; M. j e g h - > Q.: ~ ~ - ep 4 - p ~;M J gg. . y. -W M ~y~dVg ; dry;, t =NT t-A ,6 ./.,< -,', r y Total income ileductions 5 25,761,807 $ 22,524,409 W., eO -.2 h. w

.1.

q.. - - -. -- a p, : >.n n+:- x.- v -~ 2,. 7 ig.J: s 6. W, -.,,s ( l;' t

n. e m., mm,

,n ,m.m $ 34,972,300 $ 29,379,805. + + .m m ' Net revenue for.the year ~ < ~ %.1 ...r, mw. a -. _ _, _ _,,. _,._. - d3<. ,....u-w m n. . a < Th_e axomp_anys,ng notes are an mtegralp,a _ f th... no ese statements. 3, g.,....- 12 ; ',,f ' M EY- ~i... w s. MQ ,gi,gg e 3_.

s..,

l [^d @ k,,,i % st. %_ _Uf M, s y oz. m.h.9 Mby* a x ; A% ....m-c .xy 1 u.,- . w A. ..m.~,_ J.,e.. -, ,m

8 f a C t k ~ . p p Statements of Changes h(Financial Position rears ended December 31,19n and1973

:. m.+. ~=.:r' = p.:= m =.
mp.-~;=

1974 1973 Sactarnento Municipal Utility D_istrict =%. =u=.

=: -

= z T;=: 2:4.c. 2;-==; uu.=w.; -:- " % ;, FUNDS PROVIDED FROM: Operation's- . Gross income (See Statements of Net Revenue) 5 60,734,107 5 51,904,214 l i t ~ Add, Depreciation 8,010,491 7,698,331 -, ;; = = =&,== e=:,== := =:: s := -. x==. .. = - =; = =v ) a i Total available for debt service S 68,744,598 5 59,602,545 ' + y d . Sale of bonds a~nd notes-~

. y.,...

~ .,,y......., = -- 1 v --- - -..a - = + w x:.. v '= w.,. w. m 100,000,0003 Electric revenue bonds ~ _ Reductions in (additions to) segregated w- ,~ iconstruction funds 46,438,198 (41,121,355) ~

d=. =.=r '. _ d=~.
==:~. :::h====bn=M

~ Total funds provided .,5115,182,796 .5118,481,190 i .t c - .m n ww - .w _w a-s. m c::q,. ,,n m m v. <.g 1 4 ~ ,~ p& ? ^. ;; NL f e s J i FUNDS USED FOR:: ;.8 Debt service--7 m ~~ nev..a st. m. - %' ', '. o .RsEnine bonds-m f. . v,..

.;
; y,q +

,.. ; w. $ 29,061,422 ' ~ S' 25,229,812 f .' i 'J l g y J %;; cyp. V. General. bligation bonds and'no_ tesy a. z7,483,363 M 3,635,232M. 3:d M o SpH.y ,L, y w m e w s.x x1 m e-m e,- m w -,:,.._ / ~. g v. a.- ~ ~ w. + wp +..' .s -- ~ - i , w .c. m a ;- .c-,-- m ~;

--.,m y --

g y - v, m r, t -n

c. p.,

a ..a., !y ~ , y. n g y;;,3,9 p,.og, M; ;g :To.xtal debt servicci n -$.28,865,04,4 :

1. ~

M V 4 W, '36,544,785 .s ai u.

3. e, a.a eu rw m.e qm li M 9, fad'diiionst6hidnt[ J. s y y..

66,010,3261 84,522,~011. ; 4 t C G & J h%i e a. r. Z ~t } M 2,722 170 9, 1,'422,860);). ~ .,_m, m Q A, a y % s Additidns'to Mshrde' fundM @ s s.. e , m y ~ g w h y 1, 9 {Q6pitalj.[(j.$& J$m) working 9 _NMf. '. '.' : ^ L m:s bM. ~ ' ' " u-L

  1. ;54n Additions to mduction in

. ax ~

6 e

.s. ~ 5,363,485.7.f . _.(u w,456) Jdy ~ 286 y'. ~ u w a.w.. w.,

:x..

m g r, p. [ S ~ Othen W ',S +,. j i f f W J 4,542,030 / ^ 3,957,731 ) 7.1 t. t ys s - m w ,.e .---,--4.,777,_._...,h.siie,.~..-, ~.m ".+w-y + yerv n

c. e. v,v vr

--r.--- ~ ~ ,f ~ ,1 j# 1. enL As. wim mehr nases.k.a4 4 #ev M wo...... i ,. y. d s, g .e-ww.ww-v,= e- ~ee r-ee,-w-. e. n we ie,r-. n, 5 3 'e .)-- i 6< m;,, a.; N ' ;t h.o - .u,-- $115,182,796 5.118,481,190. % Total funds used A T ' 2., .. e. ~,f,,. . u.n w_. -.a .. z am,.a R, /, > > _ s..,,; ';' Q - ;- . n G-s 1,,

v
t, -

---n ,c y-9 1 - LQ? 5a./,

2.. t,,,

[v x ~ 2.H: . v. ; s 1 NUM,BE.R OF TIMESL j. ( DEUT, SERVICE IS COVERED ~ 2.37-2.36 1 ~... BY FUNDS AVAILAHLE-Revenue bonds 3t .g' -qc e + '1 s e ~ .2.06 J. ' ',~' ' .. ~.Total debt'

~

1.88_ +6ad WL mM .a h W.,. .'g 'M D .[J.5MM di hi 4dg'.,'$m.adJ.SW .%49-e.MM.M. .Oh' b5-q ,.m. , Yk acwmywtyin;; notes art an mtegralpart o{.. ..._---~ g m_ - these statem, nts. 13 j x,.. -~n ~.x . s s -{ p w..p.w m %g w,, y g 1g. y.- y.. _g m

4 i s s .) ~ t Notes to Financial Statements' ~ Sarmmento Alwiicipal Uii!ity District, ,1 e 4 m 7 r ,. + V [

l. Sununary of Significant Accounting Policies
2. Iong. Term Debt -

1 ORGANIZATION AND EXEMPTION FROM INCOME Long-term debt outstanding at December 31,1974 $nd TAXES The Sacramento Municipal Utility District 1973, was as follows: was formed and Aperates under the Municipal _ Utility. ? 39y i,73, District Act.The Act confers upon the District the rights. g and powers to fix rates and charges for conunodities or General Obligat. ion;' ~ -6 i services furnished, to incur indebtedness and issue Bonds and Notes u bonds or' ot* er obligations, and under certain circum. Power Bonds of 1938 stances, to levv'and collect ad valorrm property taxes.. including premium, The District is'exenipt fmdi payment of Federal and 5%,1975 to 1979, , $. 3,089,119 5 3,689,956 State inconic taxes 7 ' ~ ~ Electric Bonds,2%, y I1ETilOD OF AC' COUNTING. The Dis _trict's b._ooks and _ ~ 1975 to 1990 ~ T-9,744,000 ' 10,464,000 r ^ L ' accounts are based upon the Uniform System of Accounts 1958 Building Bonds, y,- y for Piiblic' U.tilities and, Licensees prescribed by thel 2%%,1975 to 1978 1,420,000 1,750.000 @^ Fedeml Power Co,nimission, the same accounting system ; U "' W ' SMUD NotesD '5' y - - ut Series A,3%%J' t f 4y a p which inyestor-owned electric, ilities, operating in Cali-3 ~ .~.: 2:7 [ y, fornia are rrquired id folloiv.: ^ ^ ..-7/10%,'1975 to l'977 0 24,000,000 ~.28,000,00,0 k, . DEPRECIAT s - --The District prosides for -. 1972 Building Borids,' ._U -.<!; wN.. - t. i, g _. depreciation. ION METIIOD x on the historical cost 'of electric pm, p.erties. N. . 4%-5.-2/5%. i

a

,,,.Em ~ , a ' Ton a' straight-line basis ai rates determined by crigineer-7 ' 1975 to 1992 s *N s7,530,000 7,770,000 'q 'ing stindies. Thd aferage annual dehreciation rates fo'r,. . Rbvehtfe i5NUs'--..[ NM M Distuct plant in 1974 and 1973 werer, a Y,~. U Up'per',Amenc.dm. ~ san' 'R"iver.#. y , ; s,I. h- ,j g ^ ~ yn ,. - ~,. ,c,w, ~ c.a m ,; c ., c .w. %. ,~, Pmj.ect Refun g i s. ,e- .t ~ $M@ ' Bond.s,'.3%.i -3/10%.,'l M.n#T U... 45 ,. n.. d, . w, t.QF ~ o - 1974 -- 1973o . ~ ~W & s ..3 GTra.~ ission' b,. ; & s2.55; ; j 2,62.. '~ O-+ w >.c .1 ,n a ~ A c,eneratio,n W K l M+ ,3.~?.152%. 'I.52% m - ,,,L197_5 to,19, 9,1RW ".,.K. 66,000.,000.,J 68,90,0,000 - Tl G (e,y. m m m .y _13.12 r. ' @. iWhite Rock Pmject E MQ' ^ 57 dd. cM nsm Distribution < i,r u 3 ' E - - 3.011 Bdnds2b e * ~ -W 7- ~o m rp .N M, ) crie's' A,h% y yf jph k j 3 m;M '. _, ~ h, M 3%%,'1975 to P ' R / [, N ' ]Qc. y

  • wwyr..a A A

. & c Mg;l:;nme' i 9 V:; = f ALLOWANCE FOR FUNDS USED DURING CON'^ ^Ji('2004'.i ,W 1 % w[ST.RU, C, % tynance constmet, ion, is. ting' ihe, cost of; /m< TION, ?The allowance, irpresen L . Senes B,3%-3%'%,"+: *JJm M< f.f-ze ~ e M M. m .1 ~..-.. r-2e +c J ""h.s ty capitah.. d as a. dM.1975 to 2004 h 3M27,500,'000) $55,000',000 u

M w component i, the cost of u,tility pla.n,t and is credited tos

.-Sen. ~@r> W's %@wa x* w':.c.mA - 2 1 gyp ', 1975,s C,6%%-7%,y. er Inc~m.,e,.,The am.ount. c. ap.itah.. d, m. 197 ^ ~. m m ze Na .,4.m O t h. . s e e

u. z

. amounted to approximately 6.3% and 5.8%,4 and 1973 -^ x~. ~. v - ~ * - - . - to 2010~% f, < r, --s :28,700,000, 28,8'00,000 m-o- ,irspect vely.,- a; i .w =m o . of'cligible" plant"Imiler' constiuction. ' Eligible plant-f. Series D,6-4/5%- E.. a:. Q 77, ' *Mcl6 des allonanc'e~ fdr' funds reviously capitalized on ~ . 7%,1975 to 201,04 g < 28,700000 ;28,800,000 p . ~ [nucliaE plant' and fuhl. Th'e incirase in the' ambu'nt capi 'Y * ' El6ctric Systedi Bodds',i F - t b@@@G S f[k []E ialiicd irh974 is"n$aiEI[due tiGontinued EoEsiiiictidn ~ 2'-4/5%-3.-3/20%,%f[$ g NM [ Q M ~ S X N 6x;58mliiundUn hudidar pinni.7, .1 W"sT~ 19751o19834 f ^ j 9,725,000 ; '.10,870,000 RETIREdENT[ PENSION PISN The Dis'trict's c'm. Electric Revenhe B(mdP _ ' /, ,- ployees hir covered by a~ contributory ictiremeni ' plan Series A,4-4/5%-- ~' admin..istered by'the' State of Califomia. Contributions 6 4/5%.,1975 1o 2011' 49,900,000 c 50,000,000 ,. p ,t .. t.he_ District for 1974'and 1973, ainounted to $1,282.,000.' Series B,5%%-7%,D M,,m'C. ' W,

  • by -

a m M-N ( ~, ' and,$1,125,000,,respectively. 'j g 1975,io 2011 -, 4 39,900,0001,40,000,000 U. ' wm.

p. /

s, 'n 1,4 ; y, / y. ti ~ s .w:l

R q

r 3 4 P ,. j ', .s, + + l %w,&:XYWAMWLP%%2^M* nW"%AikAWMNM W="A

l c, V: v m

  1. . - - 1.

7.eyg. ~ f. m g + n. z-e n-me m. - e.., v. .e 4 TO s 4 e s;, z=._ .Q.l { ehk , i.y > 1 .- w ; 2 y .w wa m i m. 7 ~* '.l r %m, w* p:a. i v~1 ' mh el. a, 7% ;. =, ;s p ay-Q; en' ? s.: z 3 y* ::: W ay' 4 r e u, w&,;e.~_ m m L u;gw. f Ant #< ha l M M; aq : q?';gx q.my, xd dw;.yjL ; &N + , Mi.C gr Auditors, Report N f %gt &R;&.y%-c;,, %,., p;;3.m w%. U q w 's ~ ~, - n. 7* w .-s -r-s .r,

s 3'

O Q;_4Am.. d ( :p>.,V;f \\.; 1%' ' j;1!,' %w^' ut 'l: .q% p,::.h,, ( Y. :mC, ? Q. U. v.- p n .n 1 J-1 +..' i, ;> x,$ '.; ",.,e p n sv. we,,. ~,.nh. +R m e.. ~ a. .-y--(~ , Ser.ies. C,4%%,6%. %...,:.Ny$vd. M_ A. %.,.,M A ~ ^v 1975,to 20110 T r.. 49,900,000; f 50,000,000 . qc, z s ~c E V,, Se.ri.~es.D,5,-1/10%. :y n-W. M. U'. ' ' ~~ %.. n, e %,.1975 to 2012h Mi 50,000,000 ~ ? 50,000,000 . *y. ,17,.+.~ u

r. L o _eries E,5%-6.%/7@e wCC@? @. /,2 - t S

. g. u. e.1978 to 2013 WY_.cpus e w ~n.A> ~ 50,000,000 < 150,000,000 - / s s c - - w 'J m ~-ec p.w ~ , _ Series F,5%%-6%%x3.NQWA y L>ijy]8 to 20.13MMMC50,000,000i,,A. o

q. ; i 4

>a> 4 g , ~. SO,000,000. ~ "- n na

.J ' '

~ n~ - ~,, _. n,

  • ~

[ N U [To tlie Board of Directors of. .%i. "- 7, 4 tesg S ~. a. d r g%and no. mv.wf4.wu$507,228,119 $518,353,956c:..... Sacram' ento Mun..icipal Utility Distnct: r s a

=A m

... a. ;- mx n m ? ~ Purthase Agrrements,g@n.25=ns e,W*%w%F* 2 e+ '~" w ... %,. y -. m a"s ' 3%%%%%*?'k% ~ u e.. -- We have examined the balance sheets of Sacramento * %.] 7,2000,y a we --fry.W@& 2A: '~197 to - 59'839 + 2,7,25*448 - A cipal Utility Distnc' as of December 31,1974 and 6 4h ,.W. T Mum.. ! b. 1~ t ' OS%p$#WN : $509,688,018. $521,079,404 ) 1973, arid the related ' statements of net revenue and

O

. '.,'oneleardr.. ~ d @,r'Nsh.n'nluit dihiN hMA..h;[k [ j* change.s in.. financial wition for e'ach' of the years then-Mw* I t i ~ Je "4' '1M23,0771Gil',4_08,32.0 v.(. ended Our examination was made in accordance with u n ~ MAM3MMIM151941350gg>(g pnfa$ accepted. auditing standaids,and'5ccordingly ;y[ MM..mh, lNCbm..;3MM@h1-M' J- - - - N included such tests of the accounting records and suchi + O -,m .14. - ' Tother au'ditinj; pr'ocedufes'aiwe E6nside'rrd neces P3.' Reserve Funds for Revenue Bonds gfik i Cl# .y ~M *u? tiid c.,itriiE$.tanc$s.hn.M.U > : M, O O+M M 2 i ac

Re. serv.g wkis for revenue.bonc}s.y A svwere as follows
qp..y.t'De me, m9 e m w wnm m

.$a~ *m a c eu. e fun a ecember 31 1 CA-men. M ~W " o - our opmion, the accom.panymg bal'a:nce sheets and < 7 In P < ?. % - 7 md 1973,me m y y et w r ~,w jw w .g. w & m p S g rA % e: W e an ents of. - -. -net revenue and changes m financial p< ~ v ~.- m stat % >w @M i 4 W h % f." g w.w&Wegh39pbgg,3973 5 W.bc v em.#. fa. ly the finan,c al positjon of,Sacmmentog gh q% % c .m ws - g n th -Mm-enWWgw-1"" present ir , Elc~ tn.c.Re.s.-Bond,d,s.Ww$$1;D72,7. 07J $ "1,052,448f%. :.Mun,icipal Otility Dist ' Elect.ncSy tem s n venue Bo~n s An,214,358.&~ -

m. 3..,146,397 W-, n

+ - a m 1973,n,w,in.s.ults of its ope. ration. n,d the cha.nges in G.y %. the.. - a M 15

U1 s an c

m 3 u e ~.di Pmje.n ~ct' Bon h - u. m4 N[. l,PaDtyf_onds,g1W~g7%@7.223 Wlute Ro 929,9864 %3.-929,986WW fi. fo~rmity;witti ge..#,a,cnerally r. accepted:,a. in,g' prin-f.. Q re en en e .a s 1.v. t-m ~. - ' Al A 5 con ccount > 4 . y TdR$bMW5SjM40If558M,73838JQ;RPp^PP.$ "n ]nsis ~ b ' 'is' d u"n#ng th' 'n'od ~^ .d t Ma22MERNMMMRWAnSuWMnMes 7# bbhbMMhhh h N b 1 h y y f Niur h yss k k [h m s E.styna_tc8,b.NM"U ~ a b av,:y wwW 6&M constn. acti endi $47,000,000 yluilingon cxp- - t.u._res m,.,.1975, mare & 4 Nc v +w 2.w ,e.r; m % m ~M. 9t e # wd S w w, v.u s ~ m y m ancho.Seco nucleargeneration pmjectP3 d,ete the t."Z, San Francisco,CaliforninISWh. u& n na.c. Teom,pl $26,000,000 ~ to G n w:m.n c L ,,. n ~~ a.. m R~.w a n n. . n F O {. January 31,1975 g-. W M s ^ M N. &.y " p g::p w + M g 7 &y wpMs4;H 76. y :e i y ~ A, z.,'W,. '.f?^,;G M 94; w y Awn n$h.& w.m v m w ~:c,~- n n a'. b W"*)A m%ngew{.f5&a{ w'?*&e&n&b -. hC&e.1, W M 2:,'!: . w ep &-,,)q.~~, w y. w>. m: v,. nw.,w. Mm,., y uu%Y't

h@

T k Nf* h W C~r wr, + % L- %L ?% =4&' A&W. 1 - sW w tkw . ww e w - w A ww w M+s.M e m py,r E3 e. gy m .m ywg. v m n =.- A ;;u((+ t ay S. w w.. ~, - .%@S gc u ea m[s.b W Qe 0..&s #. A,h o,, N M < t. % r.3[ $., N ' [ 5 khhfANf.d g..ar-s-u A~h,, $' m p [3 h Y, - "M N E.:; '. h;h bY Eb$32 o r s m. c m.m " *? % e W ' &,rd-tf u/sT!l ; 4.bm_ :g

    • 18 E-k.x;

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y., 5,,

@nM N *i $ d -w '.* s.*,j @, O id .g . ;%}OgM@4' J ppS V y g -)m:?n V y&.yc'g'tp y4:~g,mgy. 3 A. ; g ~ p m. NMgp m,, e,

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Vy f pw% : ~. p ; ~.u W e 1 .Q v, s - M.t p/ gre nw@%n gff.,., :w".f r.V ' f p h, n, W W W M J % s 4 ; M, .~ 8, ' o, + .u w.s a i'. s 6 , j ',. J g Q a.s w a e a4 y p % cl 1 d 4 ~ 4 a, ,, ' ; f., M j-an .n. ' g. ~% y 4W

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= ,J-c ncy o +, s ..Mg ).;' if > 4 s, J. 4 T-s 2 g '^"'*5 s s riy y. % ih.$l % (3t M d b,M d. W g #72 a i 9 f 'N< , L. w drL NC b NR26 5

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+s . e ., ~-,;> i. t

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>.x s..- 1973_O 1972.[w.._ [971 E,, 1970 ~ Ten-Ye_a r S u m. mary.s. e.,-.,,.,s,,m.u. m.,,icidu.s.dv simia -.. 1974 1e .w m,, .y .. c 7_., u,,,.%.--- . - ~ s o., . d d...J. %, >, t , ~ [ i ' ~ OPERATING STATISTICS!. [. T!, t 'g , f,a. ' M< 4.. m. . M-c a.. - 245,449

  • 234,128 224.

Customers at Year End Ji ' 264,159 254,646 - 4 m.- .-a a + b, Y V T t.. KWil Sales (in thousands)i

1.,

Residential _v. 1,873,373 n,732,798 ,1,611,,792' ,1.,.437,0 ~ ' 1,903,777; 1 n ..a Commercial, Ind . E 2,227,059; 2,334,503. 2,204,425 l '2,038,2454 ?1,953,2 ,.a. .,,,u,strial,'and Other -.,.,a - ~ - - - - n_. wm . - o ..n,; ..-c. m.... - ,. -, g n.- ~.- ' e Total ? # 'e. N, 4,130,836: 4,207,876 %.3,937,223

h. d. Y v;. m. cM d..~N. : rD..w}. 9 3,650,037 3,391 b

Resenue (in thousands of dol.larsh.

  • n ^

, Reside.ntial '., . -.. Z @,A %.+' $'.. 32,497, $(:: 29,6,86 ; $ 5 - 26,6~24 o ' i v v e .... 23,,30, 2 $ : C19,7, p: 4 va. 2

a. u.v..wlg 30,957N..u 8,048,; ' 124,}73 V w'21,.$

,e C5nunercial, Industrial,,and Other,. 2 L .a__30.%.a. 32,4 _~_~.~_-.-wr-r..,. .-.wr . - w_ y.wes. yam. ,-.3 .n +- - -, .~7 ~,,., , T - gs... m.. -a y' .. w rv -.

k.. i... ",, s' 64.,927. $ 1. 60A. 43 ; $_.n_,.54,672 : $.-my: 4. 7,675 f ?...,

Total M..".=Y - ^ ,e . ~. c w7,9.,..8 a. .7;3 .,A.. cr age.KWil Sa es per Ren.d.ential C,ustomer, . --~., .,., 8,,,44._ 8,41.e_- -y.S 16.,m,- 6 m ,... < mru 1,.54.g Qw~p'.1.45.c, - 1.3 , Average Regenue per Residential KWII Sold a f. p .u %. ~ .'_~ #.a w~ %,8c h. l.w.71e; < N -1.5 u . _ ' 't, $, 4* *.U WW n- +p '4 ~

i. g. Power Supply (KWil in thousands): '

? c. o my 1 -ra u. a. s .-m. o p 'i, Ilydroclectric Ge,nera. tion 1 R,P 3 J. 3.:% ~ ;~w %..- 2,584,467 s? ',1,853.,006x:. 1,591,129 VI,66,4.,528 4 1,893,0 E S..- 207,223 8 n. .n ~., 46 % MS,t a. mn c . - mi'??:sf:w'-i@nw.e M 4 "w.7!#r. m 1... n K .r, Q Nuclear Generationi ~ +y%,3 7 P, q i ^ E,y,",c . n y%.. o . s nyvw i n .. Purchases / <, 'e. - 3: ' - N<a 1,810,,779 V.,2,586,927;. t2,636,552 ;.4 2,240,2771 .,1.,737,8 c --e ~n ../ w. N . + w m. . m,201,188 k,.a173,588 c,D; 1,099,e. %,0,20,389. N'p%,.8. 1 1 188 W 1 90 . + w, System Peak Deman,d KW L,F.

J' - N < n

< ~ < w_ , 1 1d c w w .s n m,, _o%

. x. e r. ~ _.. _.

m J m 7 _ Equi _ valent Ful.l-time.E_m. ployees at Y. ear End.. _.W ' ' N_ _11.369#_?,._1,299 ~o.nt,2_42cQ. m,1.._66_4, _a?.. F'

  • w - = &. n'.

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  • =~v r~

r- . -~ me*r'~r =r=~ Tr*~r= =**~ lp%. [.%m y. j._ j yti.,.e --,.a ,c ,-nc .r .M --.:& Q $5}y Q ki* W.Ah m. y

'.s= ~. + m*., !;M W W, f *
y) n j ;- S + &y Ny

, &r sWy%nM* '*=* e < FI ,2, p y;r % NANCIAl. STATISTICS un den.,dsofar r..s

. 9 f

p.. W.g W.n m w g,,. g. .u g e? -y.. s g m % mp w,pA yQ p Ap.w/w&*& %/wCmQ c M& Mih m n. s y% c n. TOTAL OPERATING REVENUES ? %_ g?gM =_i_'$ E 6_4,9_27. :$_p_60.,.643 R$hdS4,6721 $N_. 47,675 T Si 7.41% ~,x._ 7,,. m 4-F.. w. le' ] * .,,.g ., y,. ;

c._yy-

- TJ y .r. 7-. g:- ., y '; 3;.j%? -, c,- p ju yy m. pr . RATING. ym.p$.h'%] g.-}. T@ Q id;p. 5'- U W"L M T'3 f -' it SM_.. e p q,- e .a n q.a..wy%gG,9146,,5E10 6005.5b &yemM Q @:,o @n h; t g,K r, OPE EXPENSES W:.pn,thas63 Power M M_.N,i 'TP:c.gmw n.&. :P WM M,.. n 3

g. vn4 Pm

, -en x pw m w m,661 AF,y10 0 8 8 5 ;57 ' %y%w w,3171.95 9 9 ,m &we,504bygwl153 as 1.11,435@m%,a ~ aux S Operat; ion, Mamtenance, and Taxes",q m y( y cm.3 bE:16,811 6 : K mn.a~3 W CNM 14 v. ,%u:.w :,DepirciationWWE M @dm. a.,w z %,;W%a.w:.~ ~mA ~a? 8,01_12C '7,698.!%,h7,337h%96.,483W.6 6,2 .~,%y.wm . m w :. m m m 4 + W W N G .v - w.- n w -~ .n k ~~ ~ 8 n sm.. ne-e m mg.m -,-m.w -w + 5me m ~ mm - a,. mn,. - v mm#p Total.operatmg expe,n,mm. mm _9 _a.;'_;n$.$.3_4,139;...$. b_32,11_6 r. $'$en31,090;te$h,26;579F., SE25, Wgw:m. - -. ses O 99 = 2 m.m. m. m _-

f. S. y 0. TIIER INCOM_E?sF ' 3;7Q q,
f77K*~~XM,.

.J fQ- %m(:# yw. Q~., q v y.q pn rr,v,~.. ga. -~ p.3;,a ,.... p 5., pp,,,3 ,v,;

.,.q e

...s.. c Net operatmg arvenue M.w n@:n:W dr;n% i.c $p'. 30 a np m m4 t. wn n may ~ .n-m w -~ i C,,,.E; W-y~ - ~ 1 a ~ w . & v W r Y "* W T W, y z o ~ y-:^7 - w rr s *-- m 0 $;w,M.m.m * 'E ~' ~ o m $i 60_,734. 5 $g em vn;.c :n m".$. 3,8,599L. f._31,194,3 $g'23,3' w, v ~ w v. :... w y n -vm , :x '5.,1,904.. <3 $d. V W t PW_g M. m,Gmss i,n._co,mes 9. t % V u ,o.. ,m o -r g INTEREST AND,. OTIIER INCOME 'DEDUC_TIONS S ".7,~. 25,762 5 ' -22,524 WL 18,658 5 s F13,105M a 8,4 g 3 y + ~ _w - .w ~.. w - - . - _.v. m.,,u..: v+ m mm ~77;- my r,.+pm wan-w. e,, ' mm.. v, a -~ et srvenue for,r he yea _r.A.g. wx-. n a :.ut.$.,_j3_4,9_724:.$ fu29_,380.0.$;J.19,941.b_5 M,,8.,089b 3 .. N.u i t m 4. ,1 e-m +4-A,e'% .u t g.mu. me m m g ,;fy,- ,.m, m ^ 3,.. g-e : rey.,.,z m-- g-- w ji);g 333 5__ -qQ ; - ,g. .p-

y -

r - ~=.g::. 1,9 Mfd 2.16 W2.0 G k,g-,2.0.g$'s 1 m.-- ; ,c g y AA M. ? Times. Debt Semcc E,am d. y%w

  • ISM.P 1 ?s.,

w 3.%g% M. #,o e y m.. x. %... s.g,. w .~w, u L l-Bonds Repaid ' m. F o ~% #. -.mm m w -5,y 6,607. $ x 6,237. i $.W.. m.5,898 S $. 11,053 ' ~ ^ . - ~ e.. ,a s ~. .5 571,896

5. 466,091n, $

Electn,c U, tility P,lant.- 48,1 M $ 705,812 $,649,036 - ~ 4 .g. .o... ' ~< ' x. m.' Capitalizatkm: .s. v '.., '.,. V ',s ;;

>J 4.+

i ... m 5 494,165; 3.,50.,9.,671 ' $_.;y420,093. $ _ 340.,5_65 t $ 6r +~+

t..

s ~ ~.&. c w% m = L $ L,2 W 1 Elo_ ng term D..ebt Tb $ 208,679. u$'188,738 ^~ c.4 4 ~. y a.A.a_... $ 273,031., 5 _238,059 m 7 (. . yl Customers' Equity u. m 170,6, -e

,. _m - um.-.

m. u , y m ,-.w7w, www-v-ary-yor v~ -u-r w --. - e ~ 7 ~; - ---v 7 s .."=m

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~s +., a M.:n%.'<hy \\ ", 4 's 4.0 g,;O[M @y.)% ~ C, c -;;; e <, gf,, b 3; M: f, A ; ]% : s%p.1,,,:y q[^[%gQ,1 s m _y .o u i s j M ' yg;*;. 3 l 9 Q3 % ';y,,# M :p@t y y, b T .g 6. g;f - @g*D. e, y f777A p4y - 4 d4 . J("., j, ay % CM & Mp w??f,s g 'yp TQ.,.o N -[,3 N [; e9h * 'l -,A L wm i q; : s y g +,i a% N m fh y 99 W WLM w:y 47qp zg; x.c p ,.y<Mg;.b ? y

&y y %u qw g @

ym :4 a S 4 c nN.g ;v. ~ - u4. e r % - M;erc,. %g. A% W3 hE" @ -h.5-[4.hhkND"3 4 s ya ..,(D7 YQ)b ??[.QMN' l M15f p i MM1 w. A h s c" n. l a e Directom 4 q g. THEODORE J. I.ABilARD. President O REGINALD A. SWEET,Vice President il6' J 21' ' 205f't 56 N 196,1 h-FREDERICK E. ANDERSON,JR. rJkjd <;QE 'g bN/ gj S E i y WILU AM O. BAIRD l)h. ah8[%.w.,b.1th, (1,. 71(195%. 8n.,2.3.was,h2J5,6 1,2 h ^^' D C MGIN An4 ~ p: 1 1,903,101 .724,151 1 4,914ht.4917_68_,3,42 l,952,289 1 ,w. Officers

m vm,.e, r

. m p,c ~ ',.9 1,306,776p%kNfk,10541 E JOllN J. MATTIMOE 3 ,137 M 2 16 6; E. KEN DELL. DAVIS, Genera / Afanager gg,g9gf glg' gy }} -W Assistant Geneal Afanager and Chief Engineer y 32i*isi.

  • 2h*d---- I9 y

~ WILUAM C WALBRIDGE Assistant General Afanager and Treasurer 932Ck_3ho g..3[. [' , 21. - _ csistant General Atanager, Operations N u ^ , s.., ?I.

ch1, t) 2Y$

OAlta WILLIAM S. BOSSENMAIER M i -l Assistant Genaal Atanager and Dmtrqller a %h l$ DAVID S. KAPLAN a General Counseland Secretary 1.. : ,@N4 ! Paying Agents Wi P ~ 98.5 24 .~8$5 - 4 BANK OF AMERICA National Trust and 93, Savings Assomtion, San Francisco FIRST NATIONAL CITY BANK.New York llARitISTRUST AND SAVINGS BANK, Chicago ' 8 Auditom ARTilUR ANDERSEN & CO.. San Francisco Department Managem M. MAYNARD BROWN, Accounting JOSEPH W. CARNIGUA. Hydro Opera-ions WILLIAM J.CONDON. Data Processing ROBERT N. CONNELLY, Engineering m MARLEN N. DAVIS, Consumer Relations GEORGE F FRASER. Distribution Planning WII UAM J. IIAMMOND, Personnel WILUAM K. IATilAM,Distnbution Operations LEROY J. LOUCflART, Customer Smices JOHN PAYNE,GeneralServices DALIAS G. RAASCil, Generation Engineering JOHN L. RAVERA, Purchases and Stores WILL1AM K. REECE Distribution Construction l RONALD J. RODRIGI'EZ, Nuclear Operations w.

2,~

-217 Headquarten Office i SACRAMENTO MUNICIPAL UTIUTY DISTRICT EY n$.. Alf M S Street, Bu IS8M ^ b L 4 Sacramen:o, Ca!'fomia 958I3, 616) 452-3211

~3 9, u .. a C 5 3 ,..)

. ~

~ 3 i 4 ,.,4 - e e -. c,, i 1. s -. 4 .c. - #,w 3 } v.. n q 2' 4 7.. .e y1 r < ~ y' ,~ ^ .w n i. z_ +, s .Q O- /.,, O d. l' ~ + 4 Reginald A. Sweet, R* : {.,1 i,.l~ 6 {' Vice President,1974 i < ^ i 'ay*m y (Elected president, +. ',L m-,

s, g January 9,1975) '_/

x s ,-._.-m y, 3 [ y i s + ..t A r. l l M g 5 De.illiam O.Baird,. I L W s Elected u,ce. Them.1 ore J.12bhard-( President,1974, ..i (- (January 9.14besident. 7 )- l 7@ '7 3 Ft*RT~t ' gaMv t ag m M~ q h, ,t. g Fw.- wm . \\ .e' -,-/ 8 N 1 1 ,Q yyc w h r h: ,h 3f rc b b,- 1 ( h([.J ~5.. ,I', D l t

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m.. - - ?.W N,,>%y'4 E.Kendell Davis; 1 s.
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