ML20032B342
| ML20032B342 | |
| Person / Time | |
|---|---|
| Site: | Brunswick, Harris  |
| Issue date: | 10/30/1981 |
| From: | Utley E, Utley E CAROLINA POWER & LIGHT CO. |
| To: | Harold Denton Office of Nuclear Reactor Regulation |
| References | |
| NO-81-1787, NUDOCS 8111050451 | |
| Download: ML20032B342 (14) | |
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File: NG-3514(B)
Serial No.: NO-81-1787 Mr. Harold R. Denton, Director Office of Nuclear Reactor Regulation United States Nuclear Regulatory Commission Washington, D.C.
20555 BRUNSWICK STEAM ELECTRIC PLANT, UNIT NOS. 1 AND 2 DOCKET NOS. 50-325 AND 50-324 LICENSE NOS. DPR-71 AND DPR-62 AND SHEARON HARRIS NUCLEAR POWER PLANT, UNIT NOS. 1, 2, 3, AND 4 DOCKET NOS. 50-400, 50-401, 50-402, 50-403 ADDITION OF CO-0WNER TRA"SMITTAL OF FINANCIAL REPORT
Dear Mr. Denton:
Carolina Power & Light Company (CP&L) has submitted an appli-cation (Serial No. NO-81-1413) dated September 3, 1981 requesting revisions to the Operating Licenses for the Brunswick Steam Electric Plant, Unit Nos. 1 and 2.
CP&L has also submitted applications dated September 3, 1981 requesting revisions to the Construction Permits and to the Appli-cation for Operating Licenses for the Shearon Harris Nuclear Power Plant (SHNPP), Unit Nos. 1, 2, 3, and 4.
These submittals are with regard to the addition of North Carolina Municipal Power Agency Number 3 (NCMPA No. 3) as a ci,-owner of the Brunswick and SHNPP units.
The above-mentioned applications refer to an cshibit entitled
" Audited Financial Statements and Other Financial Information" for NCMPA No. 3, dated June 30, 1980, which is to be used for the review of both the Brunswick and SHNPP applications. These applications commit to submit the 1981 financial report when it becomes available, and we are, therefore, transmitting the report entitled " Audited Financial Statements and Other Financial Information" for NCMPA No. 3, dated June 31, 1981. One copy of the report is submitted with this letter.
Two copies of the report are being transmitted to the Brunswick Project Manager and two copies to the SHNPP Project Manager via distribution yoO list.
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/ i 9111050451 811030 PDR ADOCK 05000324
.ille Street
- P. O. Box 1551
- Raleigh, N. C. 27602 7
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4 If you should need any additional information, please contact:
.my staff.
Yours very truly, E. E. Utley Executive Vice President Power Supply and Engineering & Construction WRM/lr__(3162)
Enclosure cc:
Mr. D. G. Eisenhut (letter only)
Mr.
T.-A.
Ippolito (letter only)
Mr. E. A. Licitra /2)
Mr. F. J. Miraglia, Jr. (letter.only)
Mr. J. Van Vliet (2) o i
s Audited Financial Statements and Other Financial Information-ll North Carolina Municipal Power-Agency Number 3 l
June 31,1981
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NORTH CAROLINA MUNICIPAL POWER AGENCY NUMBER 3 RALEIGH, NORTH CAROLINA Officers Chairmsn - Simon C. Sitterson, Jr. - Kinston Vice-Chairman - Peter G. Vandenberg - Laurinburg
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Secretary-Treasurer - David R. Taylor - Tarboro
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Board of Commissioners R. G. Anthony Hobgood Furman K. Biggs, Jr.
Lumberton
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T. Bruce Boyette Wilson Tonuny M. Combs Elizabeth City Russ Conner New Bern
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W. D. Cox Hertford Robie G-Dunn Benson Raymond Glovet Pikeville Lamar Hales Apex
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Jonathan Hankins Southport Ferd L. Harrison Scotland Neck Guy G. Hill Wake Forest
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E. C. Mines Winterville Charles O'H. Horne, Jr.
Greenville Devone Jones Fremont
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D. R. Jones Washington B. D. Kimball Enfield Earl Langley Smithfield John McNeill Red Springs
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Ralph Mobley Robersonville W. Everette Prince Selma James P. Ricks, Jr.
Edenton
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W. P. Riley Hamilton William L. Ross Waynesville T. R. Shaw, Jr.
Windsor
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Charles Stewart Clayton Mark A. Suggs Ayden Harry S. Taylor, Jr.
Hookerton Frederick E. Turnage Rocky Mount Ralph M. Wallace Belhaven Edward B. Walters LaGrange Lois Brown Wheless Louisburg J. A. Wooten, Jr.
Farmville General Manager - Ralph W. Shaw
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F Audited Financial Statements and L.
Other Financial Information NORTH CAROLINA MUNICIPAL POWER AGENCY NUMBER 3 June 30, 1981 l
B Audited Financial Statements Accountants' Report.
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Balance Sheets 2
Statement.s of Revenues and Expenses and Changes in Fund Balance.
3 Statements of Changes in Financial Position.
4 Notes to Financial Statements.
5 Other Financial Informatior.
Accountants' Report on Other Financial Information.
7 Comparison of Actual Reventues and Expenses with Budget 8
Details of Management Serviras Expenses.
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Raleigh, North Carolina 27601 919/833-7301 Officers and Board of Conunissioners North Carolina Municipal Power Agency Number 3 Rtleigh, North Carolina i
We have examined the balance sheets of North Carolina Municipal Power Agency Number 3 as of J ane 30,1981 and 1980, and the related statements of revenues and expenses a.d changes in fund balances, and statements of changes in financial position for the yeara then ended. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the financial ctatements referred to above present fairly the financial position of North Carolina Municipal Power Agency Number 3 at June 30,1981 and 1982, and the results of its operations and the changes in its financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.
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Raleigh, North Carolina Acgust 12, 1981 -
r-L BALANCE SHEETS
!dORTH CAROLINA MUNICIPAL POWER AGENCY wtHRER 3 June 30 1981 1980 ASSETS Cash
$ 22,180
$ 4,036 Short-term investments 10,'17 52,959
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$ 32,89?,
S56,995 LIABILITIES AND FUND BALANCE
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Accounts payable
$398,071
$30,172 COMMITMENTS--Note B l
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Fund balance (deficit)
(365,174) 26,823 S 32,897
$56,995 f
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STATEMENTS OF REVENUES AND EXPENSES AND CHANGES IN FUND BALANCE
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NORTH CAROLINA MUNICIPAL POWER AGENCY NUMBER 3
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Year Ended June 30
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1981 1980 Revenues:
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Membership dues
$ 589,877
$404,870 Investment revenue 9,111 7,502 TOTAL REVENUES 598,988 412,372 Expenses:
I Dutside consultants:
Legal 246,695 81,698 Engineering 524,121 223,326 770,816 305,224 I
Administrative 220,169 87,157 TOTAL EXPENSES 990,985 392,381 l
EXCESS (DEFICIENCY) 0F
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E REVENUES OVER EXPENSES (391,997) 19,991 Fund balance at beginning of year 26,623 6,832 FUND BALANCE (DEFICIT) AT END OF YEAR $(365,174) $ 26,823 See notas to financial statements o
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I II STATEMENTS OF CHANGES IN FINANCIAL POSITION NORTH CAROLINA MUNICIPAL POA R AGENCY NUMBER 3 Year Ended June 30 1931 1980 SOURCES (USES) 0F WORKING CAPITAL Excess (deficiency) of revenues over expenses
$(391,997) $ 19,991 e
INCREASE (DECREASE) IN WORKING CAPITAL $(391,997) S 19,991 COMPONENTS OF INCREASE (DECREASE) IN WORKING CAPITAL L
Cash
$ 18,144
$(22,992)
Investments (42,242) 52,959 Accounts Payable (367,899)
(17,543)
Prepaid Dues 7,567
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INCREASE (DECREASE) IN WORKING CAi> ITAL $(391,997) $ 19,991 I
See notes to financial statements I
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NOTES TO FINANCIAL STATEMENTS NORTH CAROLINA MUNICIPAL POWER AGENCY NUMBER 3 I
l NOTE A--SIGNIFICANT ACCOUNTING POLICIES The Agency: North Carolina Municipal Power Agency Number 3 is a joint agency organized and existing pursuant to Chapter IS9B of the General l
Statutes of North Carolina, to enable municipal electric systems through I
the organization of the Agency, to finance, build, and operate generation and transmission projects. We Agency is composed of 22 of the 23 l
municipal systems served directly by Carolina Power & Light Company and 14 of the 16 municipal systems served by power generated by Virginia Electric I
and Power Company.
I Revenues: The members are assessed annual dues in order to fund the studies of various potential alternatives to their power supply needs.
Revenues are recorded on an accrual basis as assessed.
Investments:
Investments which consist of short-term federal securities I
are stated at cost which approximates market value at the balance sheet date.
I NOTE B--COMMITMENTS I
The Agency has entered into a contract with ElectriCities of North Carolina whereby Electricities provides to the Agency, at actual cost, management services as necessary to conduct business. The term of this agreement is for a period continuing to and including December 31, 1984, and shall be I
automatically renewed for successive periods of 3 years thereafter until
- erminated by one year's written notice by either party to the end of any contract year.
The Agency has entered into an agreement with North Carolina Municipal Power Agency Number 1 to share costs equally of systems being currently I
developed for Agency 1.
The development of the business systems is of benefit to both Agency 1 and Agency 3.
The agreement provides that Agency 1 will bear the costs until such time as Agency 3 issues electric revenue bonds and at that time, Agency 3 shall pay the costs from the proceeds of the sale of the bonds.
In the event Agency 3 does not issue bonds, Agency 1 shall not be entitled to any reimbursement for the costs.
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NOTES TO FINANCIAL STATEMENTS--Continued NORTE CAROLINA MUNICIPAL F0WER AGENCY NUMBER 3 NOTE B--COMMITMENTS--Continued North Carolina Municipal Power Agency Number 3 has successfully concluded negotiations with Carolina Power & Light Company to acquire an undivided ownership interest in certain fossil and nuclear generating units, including existing units and units under construction. On July 30, 1981, the Board of Commissioners recommended that the Project Power Sales Agreements and Supplemental Power Sales Agreements be approved and executed by each of its members. These agreements between the Agency and any member annicipality electing to participate establish the terms by which the municipalities purchase theit bulk power requirements from the Agency.
If
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proper approval is obtained from the members, North Carolina Power Agency Number 3 will issue bonds to obtain the capital needed to acquire the undivided ownership interest in the generating plants.
The results of the
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decisions of the members are not known at thi-time.
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Raicigh, North Carolina 27601 919/833-7301 1
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Of ficers and Board of Comissioners North Carolina Municipal Power Agency Number 3 Raleigh, North Carolina e
W The audited financial statements of the Agency and our report thereon are f
presented in the preceding section of this report. The information presented hereinafter is for purposes of additional analysis and is not
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I required for a fair presentation of the financial position, results of operations, changes in financial position or changes in fund balance of the Agency.
Such information has been subjected to the auditing procedures applied in our examination of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
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Raleigh, North Carolina Augt.st 12, 1981 I
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,r COMPARISON OF ACTUAL REVENUES AND EXPENSES WITH BUDGET l
NORTH CAROLINA MUNICIPAL POWER AGENCY NUMBER 3 Yest Ended June 30 1981 Budget Actual REVENUES Membership dues
$578,600
$589,877 l
Investment revenue 6,000 9,111 TOTAL REVENUES 584,600 598,988 y
f EXPENSES Outside consultants:
Legal 120,000 246,695 Engineering 275,000 524,121 Administrative:
Travel and expenses - Board of Commissioners 8,050 5,569 I
Copies 403 '
Printing 403 -
Dues and subscriptions 242 196 Audit and accounting 700 5,808 Insurance 200 170 Miscellaneous 322 7
I Management services 169,280 208,419 TOTAL ADMIFISTRATIVE 179,600 220,169 Contingency 10,000 TOTAL EXPENSES 584,600 990,985
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EXCESS OF EXPENSES OVER REVENUES $ $391,997 I
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l DETAILS OF MANAGEMEhT SERVICES EXPENSES NORTH CAROLINA MUNICIPAL POWER AGENCY NUMBER 3 l --
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i Year Ended June 30 1981 1980 Salaries
$14/,169
$53,648 Employee benefits 16,125 7,628 Travel and expenses 21,436 5,910 lI Recruitment and relocation 9,067 Staff development 3,052 264 l
Equipment and furniture purchases 12,741 642 Rent 12,730 2,526 j
Telephone 4 481 1,429 l
Copies 4,.i64 1,438 Office supplies 2,962 489 I
Dues and subscriptions 975 119 Postage 820 479 Vehicle operation and maintenance 733 217 Equipment and maintenance cot. tracts 61's 71 Insurance 2? i 357 Contingency
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4,695 Printing 83 Writer-consultant fee 53 Miscellaneous 931 1,085 TOTAL MANAGEMENT SERVICES EXPENSES $208,419
$81,133 8
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