ML20036A207
| ML20036A207 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 12/31/1992 |
| From: | Hord R, Welsh J KISSIMMEE UTILITY AUTHORITY |
| To: | |
| Shared Package | |
| ML20036A206 | List: |
| References | |
| NUDOCS 9305100213 | |
| Download: ML20036A207 (48) | |
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JjX' Commitment To The Future
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1992 Annual Report
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CONTENTS i
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letter From The President and 3
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Sg General Manager and Authority 4
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Chairman
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Kt:A's Management Team 9
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4 1992 - A Financial Year In Resiew i
D urina i992 ihe naiionai husmess;our-nal City andState ranked Osceola County, b
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that u hich the Kissinunce Utility Authority i
sers es, among Ihe top 10 "up-and-coming" Profile of The Company high-growth counties in the United States.
That's no surprise to us at KUA who de-10 soled much of 1992 planning reliable ser-Committed To The Future:
vice for tomorrow.
Power Supply 1
Todav, KU A lights halifields allowing chil-dren of all ages lo u atch t he llouston Ast ros 14 practice during Spriryg Training, we bring i d To TM Fum-electricity to the Gmgerbread flouse of Engineering Gise Kids The World w here terminally ill children can fulfill their wishes, and we g
supply electricity to light hospital rooms l
and runequipmenienablinghealth hahies Conuuitied ~lo 1he Future:
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to be brought into this world. The future Transmission & Distribution holds endless possibilities.
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These children are u h ue were focused in 3
C,ommitted lo.l.he Future:
j 1992 to do.mg es eryt h.ang possible to ensure Customer Sersice these future KUA customers will be able to enjoy reliable, low-cost electricity at a flick "0
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of a su itch.1992 w as t he y ear KU A renew ed l
its philosophy ofcommitment to t he future.
Kt:A Emplo3ees Making The
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f Audited Financial Statements i
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i A Letter From The President & General Manager
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and Authority Chairman 1
i 1992 - - a y car of energy and enthusiasm, optimism and adaptabihty, grow th and unhnuted j
potennal Not only do these words descobe the fast-paced, suaewful y car the Knsimmee Utihty 2
Authonty hasjust completed, but it also describes w hy w e dn oted so much time in 1002 comnutted to i
plannmg for the future. The answer is simple - - our children.
5 This next generation w ho ultimately are f uture KUA customers, as w cil as the customers w e I
currently serve, can feel secure know mg this utihty possesses a tradition of successf ully meetmg l
c hallenges by draw mg upon the strength of teamw ork and c ommon purpose. As w e enter into 1903, K U A j
will contmue aggrewnely to pursue our pu: pose of proudmg our customers with an adequate and rehable source of pow er - - today and in the future. Our professional and skilled group of employees, j
together w ith the dedieauon and leadership prouded by our Board of L)irector3, make this +L possible.
j in a year of uncertamt) for many mdustnes due to toup h economie conditions at home and c onflict abroad,1092 w as a y car of 7.. <e-j accomphshments, expansion, and mdestones i
for KU A and as customers. We successfully met our pnmary objectne of conunumg to i
develop the utihty 's position as a high-quahty clett.ric company that is strong, operationally and financially.
l In 1942, K U A elet inc sales dec reased L
41 52,177,518,or 3.64,over 1o91. Tins resulted q
wy from a grow th m customers of approumately
[
55 offset by an aserage 159 rate reduction that was effe(tne Apol 1,1992. Whde m the midst of one of the most expensne capital j
improsement programs in recent years, KUA l
spent much of this year achieung sound fi-nantmg for such projects as our new Cane i
Island power plant and KU A paracipauon in l
Orlando Utihues Commission's Stanton Umt t
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-[T We do not intend to let the future i
s simply happen. Just as we worL to shape the X-
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rmndsandatutudesof the southof todan KUA 3
l undertook many imtiati[es dunng l942 to
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l prepare us to meet the challenges ahead. Our success wdi depend on our abdity to anucipate these c hallenges,influenc e their ef f ect on K U A j
and pnn ide excellent sen u e to our customers. Across the spet trum, from our new aborrc Richard Hord,left, and firn Welsh j
programs m place to improse KU A senice reliabihty to saving our customers surrounded by nasons shefuture ir so,m-I money through load management. KUA is passing with flune colors!
l'orrant m A CA - - our childn n and grand -
l In addition, w hile w e spent a good deal of time th[s y car plannmg lor the 'hild"" "h"""'l"'"" AD '""'""*'
l future, our existing projec ts turned m sohd performances.
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l KUA f ates the iuture w uh confidente m what it holds for the utiht3 and t
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what it bnngs for those youngsters playmg ball in the neighborhoods of our j
j community - - both are bright with pronuse. Just as in 1992, K U A is commitled to Richard flord staymg on the leading edge, to achienng supenor performante and to pro.iding Authority Chairman I
senice beyond espectations. When these same y oungsters are ready to become
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l customers. K U A w di be proud know mg these s alued customers benchied f rom this 7
'#DG proatin e phdosophy.
James C. Welsh President & General Manager l
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.The Management j
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Christine Beck '
Kenneth Davis l
Director, Custorner
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Relations Engineering
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,36 I eft to rieht: Standine - Dr. Geor;:e Gani, Vice-l 4.
j Joseph Hosteller Kenneth Lackey Chairinun: lloh llobrolf, Secretary: Arnold Jones, Director, Finance Director,Transinis-l sion & Distribution Director: Ilarry I.ouenstein, A ssistartt Secretary; 1
g John Pollet, Ex-Officio Director: Seated -James C.
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% elsh, President & General 31anager, Richard 5
llord, Chairinan; I'duard firinson, Attorney i
A.K. (Ben) Sharma -
' Jim Ti!Iman Director, Power Director, hiaterials
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Supply
. Afanagernent i
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? Erninacing l
p change una l
focusing on the future kept KUA l
Neville Turner Dennis Wick j
Director, Personnel L)irector,infor-9 busy in I992...
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& Risk Afanagernent ination Ser,* ices e
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. 1992 1992 1992 39p N 1992 1992 1992 Working capital at year end was
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. 516,503 A81, a decrease of S1,444,589 or
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1992y\\
Concutrently with the approxii 8% over the previous year. This decrease resuhed mainly from a decrease in mate 15% rate decrease KUA estab-accounts receivabic and inventory and lished a formal fiscal policy that will. ;
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by an increase in deferred cost of power A Financial be used in setting future rates. This adjustment, accounts payable, duc to other Year in Review final policy will ensure that projects are governments, and pension plan liability, y
The decreasc in working capitai resulted funded from the proper sources, rates are in a decrease in the current ratio from 3.84 adjusted uhen necessary and financial in FY 1991 to 3.48 at the end of FY 1992.
strength is maintained.
This pohey provides that bond Net utility plant increased by from a growth in customers of approxi.
pr weds should be spent on all generation 53,377,658. Additions to plant in service mately 1,800 or 5% offset by an average and transmission projects. Current earn.
and construction work in progress expen-15% rate reduction thatwaseffective April ings should be adequate to fund operation.
ditures in FY 1992 were S8,272,783. This 1,1992. K U A was able to decrease rates by and maintenance expenses, debt service-increase was offset by depreciation and controlling costs and changing its fiscal payments, and year.to-year capital needs
- amortization of nuclear fuel amounting to policy from a " pay as you go" to " pay as generally less than 5100 thousand but not
$4,895,125. The new energy control cen-you use" philosophy. Other operatmg including distribution and line' extension i
ter and administration facility was com.
revenues consisted of miscellaneous projects, A reserve fund designated for plcted during FY 1992. The gas turbine charges of $1,274.263 and sales to other future capital projects should be used for -
and combined cycle project at Cane Island utilities of $354,883, a 22% increase over chstnbution and line extension projects continued during FY 1992. Also, during FY 1991. Operating expenses increased including the portion that is not reimbursed 1992 over S2.5 milhon dollars were spent S3,015,925 before taking into account the fr m developers as required by our line on line extensions. Restricted assets in-c hange in accounting for costs to be recov-extension policy. In addition, larger projects '
creased by S47,663,499 during FY 1992 cred from future revenue of 51,945,783.
mainly as a result of a bond issue that was The majority of this increase resulted from EU""""[
ver SW thousand that are not distrhuton, hne extusmn, or gennauon sold in December 1991. Designated assets increased fuel costs in power generation.
proj cts should be funded from the reserve increased by 56,898,446 which reDects Interest reven ues decreased S606,648 after f r future capital projects funds.
funds that were set aside for future capital the effect of capitalizing approximately ng to our hal pop, "
Aa r expenditures. Other assets increased by SI.8 million of interest revenues on bond unrestncted operatmg cash should bc mam-l S41,223,954 This increase reflects the construction funds. Total interest earnings tained at a level to cover three months of I change in our method of accounting for the without the change in accounting would perating and maintenance expenses (ex-j effects of the rate making process accord-have reflected an increase ofapproximately cluding depreciauon). A minimum level ;
ing to Statement of Financial Accounting 51.2 million dollars resulting from invest-I b5 million in the Reserve for Future -:
Standards No. 71 " Accounting for the Ef-raent cf bond proceeds. Earnings before Cap. l Projects should be maintamed. ;
ita fects of Certain Types of Regulation" ( S FAS the cumulative effect of a change in ac-Also, a minimum of 1.5 debt service cov-l 71). Totalassetsincreased by $98.051,007 count principle decreased $3,593,642 from erage should be maintained to ensure cur-which are made up of the changes noted FY 1991. When factoring in the cumula-rent eredit ra tings on ouroutstanding bonds.
above. Long term debt increased by tive effect of the accounting changes, rein-559,711,881 due mainly to the sale of vested carnings increased 522,079,271.
O bonds in December 1991. Current liabili-The debt service coverage in FY 1992 was FINANCING PLANS ties (payable from restricted assets) in.
2.61x compared to3.26x in FY 1991. This creased $3,583,626 due mamly to higher means that KUA had over 2.6 times the debt service from the new bond issue and carnings it needed to cover the debt service Because of the growth of KUA's certain reclassifications ofreinvested carn-payments. The required minimum cover-service territory we have been engaged in -
ings related to the change in accounting.
age ratio is 1.25x. The reduction in debt onc of the most expensive capital improve-l Designated liabilities (payable from desig-service coverage from FY l 991 was due to ment programs in recent years. In Decem-nated assets) increased $2,595,348 due the rate reduction and the additional debt ber of 1991 KUA issued S75,500,000 of mainly to certain reclassifications of rein.
issued in December 1991.
lxmds to provide construction funds for the vcsted earnings related to the change in As a municipal utility,KUA con.
Canc Island Power Plant project and to -
accounting.
tributes to the City of Kissimmee general refund a portion of the 1985 outstanding {
fund. The amount of this transferis tied to bonds. KUA cntered the market at one of RESULTSOFOPERATIONS '
the megawatt hour sales incurred by K UA the lowest interest rates in recent years, r
in any fiscal year. For FY 1992 the amount The true interest cost on the 1991 bcmds 1
KUA metered electric sales de-transferred to the City and other govern.
was 6.85% Because KUA reduced its creased $2,177,518 or 3.6L This resulted mental agencies was S5,053,436 rates we expect to enter the bond market.
KUA Reduces Rates 15 Percent Between 1981 and 1990, Flo-the utility reexamined KUA's major ex-industries considering relocating or ex-l ridians experienced double-digit infla-pansion plans and carefully explored how panding to this arca. According to Richard tion in every consumer price category -.
such projects could be delayed without W.Tesch, President of the Economic De-MedicalCare:up962 Housing:up42R severely affecting the reliability of service velopment Commission of Mid-Florida, Food and Beverage: up 414c, to name a
'o KUA customers.
competitive utility rates, which contribute i
few. In 1992, KU A drew the line at utility Most importantly, this reduction considerably to the cost of doing business costs.
was caacted to give K U A customers front-in an area, will improve Osecola County's in response to the economic re-end rr lief during these recessionary times, attractiveness to companies cvaluating cession and KUA's desire to become said KUA President & General Manager Central Florida. it is estimated that though more competitive with surrounding utili.
Jim Welsh.
no short-term growth spurts from the low-ties, KU A reduced its rates by an average "I ' m personally extremely cred utility rates will bc obvious,long-run of 15 percent, encompassing all major prased that the KUA, which has built a economic development efforts will be en-rate classes,in April 1992.
streng financial and managerial founda-hanced.
Underthe new rate structure,an tion o 'er the years, is able to put in effect A result of thisrate reduction will average residential customer now pays such a significant rate reduction for our have KU A gomg to the txmd market sooner approximately S77 per 1,000 kilowatt.
custom rs, especially during such hard than ifit had not reduced rates. Ilowever, hours a month (not including Cost of economM times," Welsh said.
it is projected that KUA can remain with Power Adjustment), compared to at out KU A is pleased that the recent the current rates in effect until FY 1995.
t 509 as of December 1991 for the same rate reducuan will help make Osceola amount of electricity. While the average County more attractive to businesses and rate reduction for all classe s is 15 percent,
,,gg 7 the rate reduction for each individual
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class varies slightly reflecting cost based spo ; '
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Rate seo f 7 rates.
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s l Reduction This ratereduction became pos-57o -
sible with the utility deciding to bond soo U 2
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Analysis more capital projects a was uut ally go-
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mg to pay for with cash. Previously,
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KUA has had a pay-as-you-go philoso-y phy to limit the amount of borrowing s20 >1 /[/
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needed to fund such projects.
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M 04/01/91 This rate relief for customers 510 j j
A also became possib!c wah the K U A Board 50-~
of Director's decision to delay several
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GSDlGSLDj E3 04//01/92 i
sBB.6 589.1 { 581.8 capital projects, such as future substa-04/01/91 tions. The Enginecrmg Department for
! 04/01/s2
[sB9.3 syr,1,1s7s.s s7sa I $65.6 more frequently. KUA anticipates bor-have recened this Distinguished Budget financial report (CAFR), whose contents rowing approximately $90,000,000 in the Presentation Award nationwide since its conform to program standards. Suc h CAFR next five years. KUA's underlying bond inception in 1984.
must satisfy both generally accepted ac-ratmg from Moody's Investors Service, The KUA Comprehensive An.
counting principles and applicable legal Inc., FITCH Investors Service, Inc., and nual Financial Reports for the years ended requirements.
Standard & Poor's was Al, A, A respec-1987 - 1991 from w hic h the information en A Certificate of Achievement is tively-pages 24-27 has been drawn, w cre awarded valid for a period of one year only. We i
the Certificate of Achicvement for Excel-believe our CAFR continues to conform to Ht IM1T & CAFR AW ARDS lence in Financial Reporting by the Gov-the Certificate of Achievement program ernment Finance Of ficers Association of requirements and we are submitting our ThcKUA has received thc Distin-the United States and Canada (GFOA).
CAFR for the current year to the GFOA.
guished Budget Award for the last five The Ceruficatc of Ac hievement is the high-The CAFR is available from the KUA
. years from thc Government Financc Offic-est form of recognition for execlience in Office of the Director of Finance.
crs Association. This award recognizes state and kical government financial re-The KUA is committed to pro-KUA's pioneering efforts in putting to-porting.
duce quality financial reports and budget gether a budget that effectively serves as a in order to be awarded a Certifi-documents in order that the public can best policy document, a financial plan, a com-cate of Achievement, a gosernment unit judge the performanceof KUA in spending municatior. de v ice, and an operation s g uide.
must publish an casily readable and cf fi.
the resources that our ratepayers provide.
Approximately five hundred governments ciently organiecd comprehensive annual
KUA Reduces Rates 15 Percent Between 1981 and 1990, Flo.
the utility reexamined KUA's major eu industrics considering relocating or ex-ridians experienced double-digit infla-pansion plans and carefully explored how panding to this area. According to Richard Lion in every consumer price category - -
such projects could be delayed without W. Tesch, President of the Economic De-MedicalCare:up96W Housing:up42W:
severely affecting the reliabihty of service velopment Commission of Mid-Florida, Food and Beverage: up 41%, to name a to KUA customers, competitive utility rates, which contribute few, in 1992, KU A drew the line at utility Most importantly, this reduction considerably to the cost of doing business
- costs, was enacted to give K UA customers front-in an area, will improve Osceola County's In response to the economic re.
cnd relief during these recessionary times, attractiveness to companies evaluating cession and KUA's desire to become said KUA President & General Manager Central Florida. lt is estimated that though more competitive with surrounding utili-Jim Welsh.
no short-term growth spurts from the low-ties, KU A reduccd its rates by an average "I ' m personally extremely cred utility rates will bc obvious,long run of 15 percent, encompassing all major pleased that the KUA, which has built a economic development efforts will be en-rate classes, in April 1992, strong financial and managerial founda-hanced.
Under thenew rate structure,an tion over the years, is able to put in effect A resultof this rate reduction will average residential customer now pays such a significant rate reduction for our have K U A going to the bond market sooner approximately 577 per 1,000 kilowatt-customers, especially during such hard than ifit had not reduced rates. However, hours a month (not including Cost of economic times," Welsh said.
it is projected that KUA can remain with Power Adjustment), compared to about KUA is pleased that the recent the current rates in effect until FY 1995.
S89 as of December 1991 for the same rate reduction will help make Osceola amount ofelectricity. While the average County more attractive to busmesses and ratc reduction for ali ciasses is l 5 percent,
, gg y the rate reduction for cach individual
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580 i
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Reduction Thisrate reduction became pos-s7o ;
j q'f sible with the utility deciding to bond seo j j
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h more capital projects it was initially go-
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phy to limit the amount of borrowing
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j AVERAGE BILL:
needed to fund such projects.
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ME 04/01/91 sto i This rate rdief for customers i
E23 04//01/92 also became possible with the K UA Board of Director's decision to delay several f RS {GS_ GSD GSLDj capital projects, such as future substa-104/01/91
! ses.3 { see.s
$891 ~ setei sse.sj tions. The Engineering Department for
! 04/ot/s2 l$77.1[s7s.s s7a.1 more frequently. KUA anticipates bor-have received this Distinguished Budget financial report (CAFR), whose contents rowing approximately 590,000,000 in the Presentation Award nationwide since its conform to program standards. Such CAFR next five years. KUA's underlying bond inception in 1984.
must satisfy both generally accepted ac-ratmg from Moody's Investors Service.
The KUA Comprehensive An.
counting principles and applicable legal Inc., FITCH Investors Service, Inc., and nual Financial Reports for the years ended requirements.
Standard & Poor's was A1, A, A respec-1987 - 1991 from w hich the inf ormation en A Certificate of Achievement is tively.
pages 24-27 has been drawn,were awarded valid for a period of one year only.' We the Certificate of Achievement for Excel-believe our CAFR continues to conform to HL INET & C AFR AM ARDS lence in Financial Reporting by the Gov-the Certificate of Achievement program ernmem Fmance Officers Association of requirements and we are submitting our Thc KUA hasreceived thc Distin-the United States and Canada (GFOA).
CAFR for the current year to the GFOA.
guished Budget Award for the last five The Certificatc of At hievement is thc high-The CAFR is available from the KUA years from the Government Finanec OfTic-est form of recognition for excellence in Office of the Director of Finance.
ers Association. This award recognizes state and kical government financial re-The KUA is committed to pro-KUA's pioneering efforts in putting to-porting.
duce quality financial reports and budget gether a budget that effectively serves as a In order to be awarded a Certifi-documents in order that the public can best policy dccument, a financial plan, a com-cate of Achievement, a government unit judge the performance of K U A in spending munication device,and an operations g uide.
must publish an casily readable and cf fi-the resources that our ratepayers provide.
Approximately five hundred governments ciently organi/cd comprehensive annual 5
Financial Summary (In thousands ofdollars) 1991-92 1990-91 1989-90 1988-89 1987-88 Operating Revenues:
Residential
$ 29,621
$ 30,652 30,759 25,598 21,845 General Services 7,891 7,057 5,199 4,501 3,211 General Services-Demand 14,988 17,023 18,231 15,735 13,947 General Services - Large Demand 4,882 4,888 4,647 3,591 2,788 Outdoor Lighting 590 535 458 315 391 Interdepartmental Sales 97 92 74 51 19 Sales for Resale 355 5
0 5
0 Total Aletered Sales 58,424 60,252 59,368 49,796 42,201 Other Revenues 1,274 1,329 989 767 770
)
Total Operating Revenues 59,698 61,581 60,357 50,563 42,971 i
Operating Expenses:
Fuel and Purchased Power 25,898 24,751 23,202 18,174 14,259 Operating and 31aintenance 14,445 12,776 12,042 10,605 9,027 Depreciation and Amortization 6,563 6,436 6,550 3,685 3,475 Intergosernmental Transfers 5,053 4,980 4,030 3,594 3,194 Costs to be recovered from future revenues
<l,946 >
Total Operatine Emenses 50,013 48,943 45,824 36,058 29,955 Operating Income 9,685 12,638 14,533 14,505 13,016 Investment income 3,244 3,M50 4,130 4,098 3,085 Income Before Interest Charges 12,929 16,488 18.663 18.603 16,101 Less Interest Charges Interest on Debt 9,395 7,320 7,358 7,542 7,594 Other Interest 1,171 108 69 74 205 Allowance for Borrowed Funds Used During Construction
<3,103>
Total 7,463 Income before cumulative effect of a change in accounting principle 5,466 9,060 11,236 10,987 8,302 Cumulative effect of a change in accounting for the effects of regulation 26,362 Cumulative effect of a change in accounting for contributed capital 689 Reinvested Earnings 5
626 5
9,749 5
11,236 5 10,987 5
8,302 3
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- 1. Residential Res enue 16.3 %
- 1. Fuel & Purchased Power 14.2 %
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- 2. Commercial Revenue 12.9 %
- 2. Operation & Maintenance 7.9%
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- 3. Industrial Resenue 2.7 %
- 3. Capital Improsements 9.7 %
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- 4. Bond Proceeds 40.8 %
- 4. Debt Sertice 7.4%
C S. Interest Revenue'Other 27.3 %
- 5. Cash for Future Imprmements 31.1%
- 6. Refund Outstanding Bonds 8.4 %
- 7. Intergm ernmental l ransfers/Other 21.3 %
4 Operating Revenues vs.
Operating Expenses Thru:ence of Dottars (Thousancs) 70 $
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Fuel & Purchased Power vs.
T...,l, Operating and Maintenance Expense Thousands of Dollars (Thousance)
- 5 l
26 E i
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n 1987-88 1986-89 1989-90 199D-91 1991-92 Fiscal Year E3 Fuel & Purch. Power G O&M
$g 7
m.
n,
s u
A MOMENT I
N TIME p
dmiling... Service... Satisfac-bonding request was approved by a vote of suggestion and have been anxious to se-I tion. This motto has been the hallmark in 41 to 5.
cure them at any cost."
the formative years of the Kissimmec Util-On September 5,I 899, Mayor W.
On December 4,1900,Kissimmec r
ity Authority. In 1992, we not only fin.
J. Scars, Jr., made the following presenta-City entered into a contract with W. C.
j ished another chapter in KUA history but tion to the City Council:
Maynard, a citizen of said town, doing
' also began laying the foundanon for the "We must have electric lights. If business as Kissimmec Light Co. The future.
there is one thing we need more than a contract with Mr. Maynard gave him the l
As with every generation it is water works it is electric lights. The lights exclusive right and franchise to erect and important to take a moment to look at those we have are utterly useless. They are a maintain an electric light plant in l
before to learn from the achievements and mere pretense; a mere protect ion for viola-Kissimmec City for a period of twenty.:
failures of humanity, giving new succes-tors of thc law as they enable them to locate years.
sors a blueprint to follow through life. In the marshall. We are at a considerable Initially, Kissimmce Light Com-
['
this report, we look back, as well as ahead, expense to keep up these lights and with pany agreed to supply consumers electric-to see how KUA became what it is today, only a small additional cost could secure it) at a cost of ".03 cents per night for each l
clectric hghts. A plant could be put in for sixteen candle power incandescent light Electric I.ichts Come To Town:
53,500. That will be sufficient and such a and 57.50 per month nightly for are lights i
plant will, I believe, and I have studied it of standard power"
[
Refirstrecordedmentionofelec-closely,in a very short time more than pay DuringaCouncilMeetingonJune
(
tric lights in what was then called expenses. I have received letters on elec-28, 1901, a resolution was passed and f
Kissimmec City was made during a City tric lighting and the above is the approxi-Kissimmec City purchased Kissimmce Council meeting on December 17,1891.
mate cost. A great many citizens have Electric Light Co. from Maynard for An Electric Light Committee was formed been to me in the interest of the above S4,293.59. A Committee was then ap-and notified the Council that a plat pointed by the City Council to man-'
had been prepared showing the loca-age the Light Company, tion of the proposed lights for the TF " ~
,4
-% ~.
Ili'torv In The Makine:
town. 8 years after the city was incor-porated into the state. Further,it was
,S;$
N s
indicated during the meeting that it The decades that span the would be necessary to have requests AA 1900s to the 1980s were spenilaying for 300 lights in order to secure the Pvt.
Wa i' D%.
the operational groundwork and in-f
' hQ \\,
f$ 0
~. $.h frastructures KUA heavily relics on first Electric Light Plant in this area.
?.
today. The utility's initial purchase
@(5f
)i During the ensuing years, 1
~g was a 15 kilowatt generatorin 1901.
clectric light discussions persisted.
In the Iwenties, three diesel engines On April 9,1892,one hundred years
' *1 (
ago,aproposalwas made thata txmd
/*
were added to the system then serv.
issue for 523 thousand be issued to
- j=
ing approximately 200 customers.
The thirtiesmarked thepioneercon-provide for a public works depart.
m 3
nection between St. Cloud and ment and &ctric lights. On April j
Kissimmec, while the forties and l
18,1893,a ballot was taken and this v
~
J First recorded mention
}gg}!~
between Kissimmec President G General:
Pioneer connection James C. Welsh,
'} g of electriclights 1930s
& St. Cloud, Manager, became head of Kissim-Kissimmee purchased neighboring utility mee's electric utility system; KUA 3 Kissimmee Electric owners in St. Lucie; reentered.
1901 ught Co.; initiai increase in utility's :1940s-steam generation.6 entry into gas --
purchase of 15 distribution capacity ? 1950s-turbines kilowatt generator Ad Hoc Commit eN 3 diciel engines were 19h
}g g 1983 established to study neek Kissimmee intertied with rest or U.s.
added to system -
ro, separate authoritz j
I 1
fifties worked to increase the utility's dis-In 1984, the Ad.lkic Committec Departments of the City of Kissimmec. Its tribution capacity. The seventics were presented its recommendation at which service area covers the City of Kissimmec monumental in its importance when time the City Commission reappointed the and some unincorporated areas, totaling Kissimmec and St. Cloud intertied with the Committee members to a Charter Com-85 square miles.
rest of the continental United States through mittee. This latter committee had the The primary goal of KUA is to Florida Power Corporation at Lake Cecile.
difficult task of developing a chaner for pros ide reliable electric service to its cus-From 1972 to 1982 the utility the utility to live by. In 1985, the City tomers at the lowest possible cost in the experienced its share of changing hands, Commission approved the charter, subject best environmentally acceptable method.
going through fivc Utility Directors within to a vote of the people of the City of in order to accomphsh this, KUA has that time period. in 1982, James C. Welsh, Kissimmee. A month later, voters ac-diversified its power supply resources current President & General Manager, re-cepted the Kissimmec Utility Authority which are based on KUA's own genera-placed Don Homak as Utility Director. As Charter by a 2 to 1 margin, effective Octo-tion.off-site generation through joint par-KUA settled in with sound management, ber 1,1985. At last, the A was added to ticipation projects with such utilitics as many accomplishments happened:
K U A.
Florida Power Corporation,Orlando Utili-Kissimmee became owners in the S t.Lucic tics Commission, and Florida Power &
nuclear power plant from Florida Power &
Who We Are Todav:
Light, and through long and shon term Light; a 50,000 kilowatt combined cycle purchase power contracts.
unit was installed marking Kissimmec's Today, KU A is a municipal elec-reentry into the stcam electric generation tric utihty under the direction of a 6 Our Pmition For The Future:
business after many years of sole depen.
member board of directors. In addition, dence on diesci type units; and Kissimmce's KUA acts as a bilhng and customer serdce Looking ahead, KUA has identi-first entry into gas turbine type of units.
agent for the Water and Sewer and Refuse ficd and is working on several major capi-tal projects that will help meet the A New Hecinninn-need of system demands caused by p!(tg{' g#g N g & g ~
~W, ~~ 7 34 rapid customer growth during the i
Perhaps 1983 was the turn-J (N
final years of the 20th century. Thesc
. q M 949 projects inciude the construction of g#g ing point in the making of what we 7
knowtodayasKUA. Atthistimethe M
.j a new gas turbine facility providing 7
CityCommission established an Ad-KUA with approximately 40 mega-K watts of peaking capacity; installa-Hoc Committee to explore the con-9 ccpt of making the electric utility N-
- m tion ofa new supervisorycantroland department of the city into a separate a
data acquisition (SCADA) system to authority. The Committee investi-j
]
better monitor and regulate the flow gated for a year the best way to j
of energy requirements; improve-manage the utility. The conclusion
/
i ments to the transmission and distri-s was that the authonty would best be bution system, including new sub-run byanindependent boardconsist-stations for the near future; and the I
ing of individuals with strong busi-g design and construction of a new ness backgrounds.
m.
administration facility. With these new dimensions upon KUA and in the future, the total cost of these i
projects over a ten-year period will be approximately 5128 million.
- ommittee COMMITTED TO Ouality Our costomers enn Count On:
eappointed to 1984 Tse FaTane:
Mrter Committee Focusing on capital In the beginning, the utility in-projects that will dustry began in Kissimmec through the Kissimmee utility help meet the need 1%2
'" P P'""'d"""""'"
Authority became a of system demands meetings as far back as the 1800s. Today, 1985 separate entity
' caused by rapid K U A is pleased to still honor this tradition approved by City customer growth during by listening to the residents of this commu-Commission and voted by the finalyears of.the 20th nity and working hand-in-hand to make the the people century Kissimmec area a competitive, attractive place to live and work.
9
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-KUA Protects Natural Resources-t Cane Island Power Plant Becomes Jo. t in At cane Island:
Project Between KUA and FMPA A has always been, and will continue to be in the future, dedi-
' ebruary 28,1992 was a day in very much interested in becoming a joint cated to maintaining a balance between KUA's history that set a precedent for partner with KUA the requirement of the the needs of man and nature while plan-KUA's future, two entitics differed. FMPA's six cities ning, constructing,and maintaining sys-i On this day, the Horida Munici-did not require any peaking power in 1993 tem facilities including the new Cane pal Power Agency's full board unanimously and their need in 1995 was for combined Island Power Plant-approved a Framework of Joint Participa-cycle type intermediate capacity and not Although the utility owns 990 tion Agreement with KUA tojointly de-another peaking unit as KU A's own plans acres comprising the Cane Island site, velop the Cane Island Power Plant site had indicated.
more than 800 acres of the site, majority owned by KUA. This marks the first time Therefore,the planned second unit of which is pristine wetlands, will be KU A will play host to another utility while at Canc Island has been revised to a 120 left undisturted and signed off as a participating in a common facility.
MW class combined cycled unit from a 40 conservation casement. Plant layout on As per the terms of the agree-MW gas turbine. Further,it was agreed by the property has bcen designed togreatly ment, FMPA's All-Requirements Project both parties that upon execution of the min;mize any disturbance to this beau-Group will own 50 percent of Cane Island Joint Pariicipation Agreement FMPA tiful," Floridian" habitat of many plants Unit 1, with thc other 50 percent ownership would also begin to own 50 percent capac-and animals, including the gopher tor-remaining with KUA. This unit,already ity of the first gas turbinc unit. However, toisc which is included in thc State's list purchased and in the process of being FMPA will not utilize its half of the output of animals that are of special concem, permitted and constructed, is a LM6000 until 1995 when the second unit will be in addition,KUA is dedicated type 40 megawatt gas turbine unit manu-constructed. During the interim period to minimizing tree clearing for routing factured by General Electric Company.
(between completion of the GT and 1995) transmission lines associated with the Unit 1 is expected to be in service by April KUA will buy back the capacity from plant while still maintaining the techni-1994 FMPA.
cally required safety standards.
Power Supply studies prepared During 1992cffortsconsistedpri-KUA is pleased to preserve i
during the late eighties by KUA's Engi.
marily of specifying and engineering for such a significant portion of the land, necting Consultants had shown that in the acquNtion of major equ pment and strengthening its commitment to envi-order to meet future capacity needs it was permittmg and licensing the site for both ronmental conservation. KUA has more advantageous for KUA 10 bmld and the 40 MW gas turbine unit and the 120 worked feverishly during the last year own its own generating resources. Addi-MW combined cycle unit. It is anticipated and a half to satisfy all state environ-tionally, the studies asserted that since that the permits and licenses will be ac^
mental rules and regulations and will KUA has to rely so much upon other quired by mid 1993, scrving as a green use the most modern equipment avail-utilitics for the peaking capacity, the first light for construction of the project to able to control air quality and emis-generation unit to be built by K UA should begin.
sions, water quality, storm water man-be a peaking type gas turbine agement,and the noise levels. KUA has unit. Thejoint participation will worked hand.in-hand with such agen-provideconsiderable savingsand cies as the U.S. Fish and Wildlife Com-benefits for both entities includ-mission, the Florida Game and Fresh ingsharingcommon facility costs while reducing risk; increasing Water Fish Commission, South Florida Water Management District, the Divi-flexibility of operation; and sion of Historical Resources of Florida, added reliability.
as well as the Department of Environ-The terms of the agree-mental Regulations and the Planning ment also call for the construc-Department of Osceola County.
tion ef a larger combined cycle
.M Wildlife abounds at Cane Is-unitofapproximately 120mega-7 land, and it is welcome; after all, it's watt capacity on the site. Desig-their home. The deer help keep grass nated as CaneIsland Unit 2, this N
from growing too high,the curious rac.
later generating unit willalso be cams keep an eye on things, and the owned on a 50 percent owner-gopher tortoiscs sunning themselves shipbasis between FMPA's All' remind us to take time to enjoy beat.tiful RequirementsProjectGroupand days.
KUA.
o-n ~
Although FMPA was
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KUA Finances Stanton.
_[.
m, n early 1992 an important decision was made regarding the f
financing of the Kissimmce Utility Authority's SEC 2 capacity purchase.
During 1991, KUA entered into a participation contract with Orlando Utilitics Commission under which KUA and the Florida Municipal Power Agency cumulatively purchased 25 percent of OUC's proposed 440 MW coal fired Stanton Unit No. 2. Using a proration formula based on KUA and FMPA's participation in Stanton Unit 1, KUA's available ownership p
in Stanton 2 is calculated to be approximately 17 MW.
- units, Because KUA is a member of FMPA, and it was known that ysKUA's because of the tend size FMPA could obtain better interest rates in selling bonds,it was decided to arrangc KUA's financing of SEC 2 through FMPA.
g As a result, KU A's 17 MW ownership was also put in the FMPA basket, butin thel and in May 1992 financing was arranged for the project.
cheaper..
As planned, Stanton Unit 2 will be built at a cost of $522 million.
Mless expensiveM alongside its predecessor and twin, Unit I at OUC's Stanton Energy Center Iwill be purchasing,eleM Thy (east of the Bec-Line). KUA will pay approximately 520 million for its
' fcheapest rate it can at thaf king share of Unit 2 which will help ensure low-cost, reliable power for KUA 4. M customers now and in the future, said KUA's Directorof Power Supply Ben i
. ime..'Also, KUA customers can fur-?
t Sharma.
(ther be assured of a reliable supply of[
In-service date for Stanton Unit 2 has been established as June i
electricity in ihe future " n 1996.
m
.....->..-..y A Year Of Accomplishments For Hansel Plant uring 1992, the Roy B. Hansel although added to KUA's unit dis-
,e Plant, KUA's only wholly owned on-site patching flexibility,it also created lj generating facility, witnessed several im-a lot of maintenance work as well
' provements and modifications to the vari-as reduced the reliability of the ous plant facilities comprised of a 44 MW unit. During the past ycar certain I
(net continuous capability) com bined cycle changes in operating philosophy, 3 p' =
unit and several other diesel generating broughtaboutin great part byinno-I i<
units with an aggregate capacity output of vative changes in the way KUA is L
- ~
approximately 18 MW.
purchasing natural gas these days, p
A new state of the art control has resuhed in the combined cycle j
j system was installed and commissioned unit as a base load unit. As a result i
for the combined cycle unit in January and significant increases in the unit's February of 1992. This has replaced a very availability and reliability have basic and outmoded piccc of equipment been observed togedier with a de-that was installed when the unit was built crease in maintenance cost. In late in 1983.
May and early June of 1992, the llansel Aboir: A new state of the arf controlsystem The overall effect of the new sys-Plant created a new milestone by generat_
was installed and commissionedfor the com-i tem has been to increase the reliability and ing in excess of one niillion kWh during bined cycle unit in 1992. This has inerrazed
> efficiency of the combined cycle unit while any given twenty-four hour period. Run.
reliability and rfficiency of the unit while giving the operating staff much more real ning the combined cycle unit around the giving the operating stoff much more real time data as to how various components of clock has also enabled KUA to sell a
'i"r 48'8 8' 8"1 K "r" 'i"r-i the plant are running at any given time.
significant amount of energy in the State's Untilrecently thecombinedcycle broker systems.
1963 and had logged in approximately unit had been used either as a peaking unit During the year Diesel Unit No.
I17,000 hours0 days <br />0 hours <br />0 weeks <br />0 months <br /> of operation, was retired or as an intermediate load resource, which 9, a 2.7 MW unit, which was installed in because of the unit reaching its useful life.
11
'l 1
e i
l Planning Power I
For Decades To Come i
i l l j
.I I
I What the future holde I $
ll K U A has arranged for several resources.
?
These resources for 1992 are listed in l
the table below. The excess in firm j
Several studies prepared m the 4
l capacity over the cxpected normal last four y cars have outlined the grow th expected, and K U A has des eloped ser.
,ll ll wcather peak demand is capacity re-eral strategies that will allow the utihty sen es to account for errors in load fore-I casting, une x pec ted outages, or adverse to satisfy the expected grow th m a cost effectise and reliable manner, weather conditions whith occur from j
The most recent load forecast time to time.
4 estimates residential and commercial In addition to the pencrating l
l sales to grow at 53 percent and 4.4 units listed in the table, KUA is also f
percent, respectively, betw een the committed to bmid oracquire an ow ner-J present and the year 20f41 Summer of 4.6 percent.
ship share in several other generation peak demand under normal weather uruts. In 1994 KUA is expected to f
i conditionsisalsoexpectedtogrow f rom Kt' A On nershin Intereste commission, jointly with FMPA, a 40 MW Combustion Turbine at the re-168 MW in 1992 to approximately 241 MWin the y ear 2000.an as erage grow th To satisf y thn grow th m demand, cently acquired Cane bland site. One 1
l year later under a similar arrangement w ith FMPA, KU A w ill commission ap-proximately 120 MW of combined cycle WM NET capacity. KUA and FMPA will both l
""" 5" P"'nt of each of the Cane UNITS CAPACITY O1W) lsland units. KUA has also purchased approsimately 17 MWofOUC's Stanton l
IIansel Combined Cycle 40 2 coal plant which is expected to bc llansel Diesel is commissioned in mid 1996.
Nuclear (Ownership in CR 3 and St. Lucie 2) 12.2 Purchased Power Contracts:
L,oal (Ownersh.ip m Stanton 1) 20 Indian River CT (Ownership in OEC's plant) 8 In contrast toow nershipin gen-I 98.20 eraung units, KU A has the option to I
PURCII ASES - FIRM continue sescral purchase power con-l'""'"P"""""
P" "" "N FPC Suppiemental 47 a
other utihties. These purchases differ OUC-D Long Term 20 from each other and from KUA's other l
OUC-D Short Term 20 resource options in the term or duration l
I TECO-Schedule D 26 of the purchase and reliability or firm-Total Firm Purchases 113.00 f'* P"h"'" ^ * """ V ""
l such purchases depend on transmission interconnection to brmg the power from l
l NON FIRN1 PURCH ASES neighbormg utihties to KUA's service TECO J (Negotiated amounts in 1992 with areas.
KUA power purchac from t
1 zero base,25MW from 1993 through j
Florida Power Corporation (FPC) are i
stratified into base, intermediate and j
Total Firm Resource (MW) 211.2 peaking capacity and some annual ad-1
p i-
, justments are necessary in the amount schedule additional capacity under this has to ensure that adequate fuel is available 1 KUA is expected to purchase over a five contract (S upplememal Capacity)ifTECO at our on-site generators. Currently most of our generating units bum natural gas ud il as the alternate fuel. Natural gas Year Base INT Peaking Total is also the primary fuel for our committed 1993 0
10 62 72 Cane Island units.
1994 0
15 62 77 Limits on the natural gas pipe-l 1995 10 0
73 83 lines capacity supplying Florida as well as 1996 20 0
30 50 the complexity of the natural gas contracts and price uncertainties have placed fuel 1997 20 0
3 23 supply planning and particularly natural gas supply planning very high on the list of power supply planning priorities. Because year horizon. The current nominations in agrees.
of this complexity KUA, along with sev-MW are outlined in the table above.
Nonfirm powerpurchaseisavail.
cral Florida utilities, have opted tojointly Firm purchasesarealsoavailable able from TECO (25 MW beginning in plan for natural gas supplies and have
)
' from the Orlando Utilities Commission 1993) as well as economy purchases on the founded the Florida Gas Utility (FGU).
(two Schedule D Contracts) as well as Florida Broker. Because these are not firm Through FGU, KUA is expected i
Tampa Electric Company (TECO) Sched-purchases, however, they are not included to participate in FGT's Phase III pipeline ule D and Schedule J purchases.
in KUA's long-term capacity plans.
expansion to satisfy our gas requirement at One OUC purchase of 20 MW the new Cane Island plant. This coupled 1
' expires at the end of 1992, while the other Meetino Fuel Reonirementc with the requirement of FERC's order 636 l
20MW purchase beganin 1989 and has a requiring the gas pipeline to offer un-l 15 year term. He TECO Schedule D Having planned for capacity suf-bundledgastransportationservice
. 'ild contractis for 26 MW and may be extended ficient to satisfy our demand with some result in more flexibility in our gas pur-
! annually by mutual agreement. KUA may allowance for firm capacity reserves, K UA chases.
)
1 j
-r;;_'
5
~
Lcf11 An early W
look at KUA's b
"^ ~
new, state-of-the.
art SCADA system I
-- ~~,-
~
~
^ J]l taking to its new home in the KUA
['4^:
Admsmstratson q
Building early 1993. Along with new SCADA n
equipment, a yl much larger
- .y; " -
mayboard was
- l. " ~ ^
purchased which accommodates not only cristing facilities but also thefacilities
~
~
plannedto be built during the next right to ten years.
(.'
V 13
-_ _.. ~. _ _ _ _ _ _. _ _ _ _ _. _ _ _ _ _ _ _ _ _ __
I l.
I I
(
1 p justments are necessary in the amount schedule additional capacity under this has ta ensure that adequate fuel is available KUA is expected to purchase over a five contract (S upplemental Capacity)ifTECO at our on-site generators. Currently most i
of our generating units bom natural gas with oil as the ahernate fuel. Natural gas Year Base INT Peaking Total as also the primary fuel for our committed l
1993 0
10 62 72 Cane Island units.
1994 0
15 62 77 Limits on the natural gas pipe-q 1995 10 0
73 83 lines capacity supplying Florida as well as 9
1996 20 0
30 50 the complexity of the natural gas contracts i
and price uncertainties have placed fuel 1997 20 0
3 23 supply planning and particularly natural 4
l gas supply planning very high on the list of power supply plarming priorities. Because year horizon. The current nominations in agrees.
of this complexity KUA, along with sev-
' MW are outlined in the table above.
Nonfirm power purchaseisavail, eral Florida utilities, have opted tojointly Firm purchases are alsoavailable able from TECO (25 MW beginning in plan for natural gas supplies and have j from the Orlando Utilitics Commission 1993) as well as economy purchases on the founded the Florida Gas Utility (FGU).
(two Schedule D Contracts) as well as Florida Broker. Because these are not firm Through FGU, KUA is expected Tampa Electric Company (TECO) Sched-purchases, however,they are not included to participate in FGT*s Phase 111 pipelinc
- ule D and Schedule J purchases.
in KUA*s long-term capxity plans.
expansion to satisfy our gas requirement at One OUC purchase of 20 MW the new Cane Island plant. This coupled expires at the end of 1992, while the other Meetim. Fuel Rcouiremente with the requirement of FERC's order 636 20 MW purchase beganin 1989 and has a requiring the gas pipeline to offer un.
15 year term. The TECO Schedule D Having planned for capacity suf-bundledgastransportationservices should i
contract is for 26 M W and may be cxtended ficient to satisfy our demand with some result in more flexibility in our gas pur-i annually by mutual agreement. KUA may allowance for firm capacity reserves, K U A chases.
- ..*~
+
\\
, as n
.' ~ i.
h*
' ~.
look at KUA's u
. Lgfu An early i
' e i
s
. 'W-new, state-of-the.
~ '
art SCADA system
~
m
--~-
- m. ;;
taking to its new home in the KUA
~ '
~
~
~
Administration
~~
Building early 199.1. Along with new SCADA equipment, a
...; 3 '
much larger
.ll. !
mayboard was W.
purchased which accommodates not 1
,.s only existing facilities but also thefacilities planned to be built during the nrxt right to ten years.
I d
r 13
--mme------a=-mm-mm====wa========
IEEL*,tGCEmeMMEt% MET"PW"TEWEWAlWa%M=%%MMMM%C#MJf5fNTREDMC LEngin;eering.Wasy KUA Completes 36,000 Square-
- Continual Process
Complex, Also Home To
- During"1992l p
d ROWTH AND EXPANSION! As has been the case over the past six years, the KUA staff and management p
continues to strive to meet the challenges brought about by 11anning for the future... at KUA it tremendous growth in the service area. Meeting this challenge nearly always seems the future is almost at not only requires planning for generation, transmission, and arm's reach. Although the extremely high distribution facilities, but also for facihties to house our opera-growth rates that we have been experiencing tional and adrninistrative personnel.
over the past few years have moderated some-In early 1990 the KUA staff began planning for two what,it is a generally accepted fact that this area major expansion projects w hich continued into 1992. The first will recover with another growth explosion. In of these involved ti.c replacement of the Supervisory Control and order to be poised and ready for the next wave Data Acquisition (SCADA) System. Although the current of growth, we continue to concentrate a great system, installed m 1977, had served its purpose well, a feasibil-ity study had indicated that the purchase and installation of a deal on our efforts toward planning for the completely new system was warranted. Subsequent to making future.
The moderation in growth the last two @
the decision to replace the existing system, the KUA staff and years dictated that we re-examine our growth consulting enginects, Black & Veatch, investigated various that review, the decision was made that KUA alternatives regarding the location of the new system.
projections and ex pansion plans. S ubsequent to At the same time, additional space requirements for could delay some of our expansion projects.
KU A were also being considered. Due tocontinued growth in the Our cunent plans call for the addition of a new number of KUA functions and perscmnel during the past six distribution substation in 1994. This substation years, all of the KU A administrative personnel could no longer was originally planned to be on-line in 1992.
be housed in the downtown Kissimmee administration building.
However,in order to be poised to get
^
Numerous personnel working in the Finance, Personnel, and our expansion plans back on track if the growth Support Services arcas were aircady being housed in leased explodes again, we have already purchased
,' W offke space. llaving personnel located at these different loca-power transformers for the substation. This will tions often times created logistical problems. Af ter extensive cut down on the lead time required to construct investigation and evaluation, the decision was made by the K UA management to ccmstruct a new facility to house the majority of the substanon and put us in a position to quickly s
respond to unexpected changes in area growth patterns.
In addition, substantial additions to our transmission system will be completed in C
the latter part of 1993. Planning and enginecr-1 ing for this was on our minds during 1992. The
(
new Cane Island Power Plant site will be con-nected to the existing KUA system through a
$N new 230 kV line to be constructed in conjunc-i
{ ' ' "" " ^
tion with the power plant site. Along with these
^
major expansion plans, we are continually evalu-O ating the need for upgrading or replacing older, less reliable equipment.
The planning process never ends at KUA. While we are busyconstructing facilities g
3,.
to meet the needs of our customers, we are busy
,k y
y forecasting and planning for tomorrow. All is done with one goal in mind - - provide our customers with an adequate and reliable source of power at the lowest possible cost.
--w. L
- j. M a u a 3, y % %;g >
>r n
,n e
o m - _ _ - - - m - - - - - - - - my. - - M mumg mmmeen**M""T*aMMML7MEMRJD%TJ2t*22CDMTMJ:lNRMFJMJETffElEElWGE Foot Administrative Office fsystemTcontrol New SCADA System Takes' on New Dimensi6ns'Of Thei
.F6tbre.
the Administrative, Engineering,and Energy Control person-nel and functions.
Thirty-six acres of land adjacent to the existing K U A Distribution and Warehouse facihty were selected and pur-chased for this project. This property was considered an
_ Lreparing to take to its new home in excellent location due to its proximity to our other facilities. In the KUA Administration facihty early 1993, order to meet our current and future expansion requirements' KUA's new SCADA system, the nerve center the staff,along with architects,immediately began planning for hty, will take on a new futuristic look the construction of the new facility.
and a new dimension to help the utility more After months of planning, construction of the 63,000 efficiently monitor activity of the system.
square-foot facility at 1701 W. Carroll Street began on July 8, During 1992 muchprogress was made 1991. In addition, K UA Engineering. Information Systems and in the planning and manufacturing of the state-Distribution personnel beoan the year-long process of design-of-the-art Landis & Gyr equipment comprising ing and mstalling fiber optic data and communication links the SCADA system. KUA personnel busily between the downtown building and the new facility. This fiber developed the database and underwent various sol.tware and hardware training sessions while optic link would serve as the main path for both data and voice f.actory acceptance tests for the equipment were communications between the two locations.
Fm. ally, almost one year later and after months of being conducted.
anticipation, personnel in the Engineering, Finance, Personnel, Along with the new SCADA equip-ment, KUA also purchased a newer, much Power S uppip and Executive departments began their move t largermapboard which accommodates not only the new facuity on July 10, 1992. Approximately 30,000 3
c.
the existing facilities, including recently built square feet of space was left in an unfimshed state for future expansion. Through careful planning and foresight, this new substations, but also the facilitics planned to be facility will serve to meet the expansion requirements of K UA 4-
~
built during the next cight to ten years.
New consoles with modernistic ap-for years into the future.
pearances have been purchased for the SCA DA The prior Administration building on Broadway is
~
committed solely to KU A Customer Service functions.
and other equipment such as the FCG broker and messaging system that are required for the day-to-day operation of the KUA clectric sys-l tem.
This Landis & Gyr SCADA system will also interact with equipment installed con-I f
currently dedicated to KUA's new load man-l.
k nu agement system (see pg.17).
KUA's previous SCADA system, l
. g#
(
housed at the Marydia S ubstation, was a Harris g'
j f
5000 Model installed more than a decade ago.
Due to discontinuation of manufacturing this Lwa.TW[l model; recent advancements in the electric mdustry; and KUA's expansion of transmis-sion, distribution, and substation systems, this L
out-of-date equipment was quickly approach-4 ing the end ofits usefullife.
)
+m I
Lt:ll: The Engineering, Finance, Perwnnel &
Risk Management and Power Supply Depart-mrnts, as wellas the utility's Executive Depart-ment, relocated to KUA's new 63,000 square-3.
foot Administration Building in 199L 7
' 3y 3. ; ', "G Qyyff+QL L _
_ _ y 3
15
l ENERGY INNOVATIONS i
Our Customers Can Count On
]
f i
i i
L ile the future leaders of this community hase yet transformer or other underground equipment This device is l
to put down their favorite blanket for a briefcase, teddy bear for a installed at termination points throughout the underground circuit. !
calculator, or favorite bedtime story for a computer, KUA is and should a fault occur, a trail of tripped or fault flags will lead l
working to ensure that not one of them has to be afraid of the dark.
the KU A service crews to the faulted area. The faulted area is then
{
j At home or work or play, customers count on us night and day. In bypassed or rerouted and service is restored to the unaffected areas addition to the high integrity and quality of the design, of service. This trail of fault flags reduces the investigation j
construction, and maintenance of K U A's transmission time that is involved in identifying or locating the l
nd distribution system, KUA strengthened its 9
faulted area.
reliability of service by developing several
~
4KV Conversion in-house, on-going programs in 1992 to j
reduce power outages and down time.
- p -
g 1
R.
This is an on-going,in-house J
i Distribution Feeder Uncrade program which consists of chang-i j
6 h. ?
ing certain low voltage primary l
This in-house program circtuts(4 KV)toahigher volt-J l
consists of rebuilding a portion age (13 KV). This is done to of the older distribution cir-reduce the demand (amper-4 l
cuits by installing new poles age)on theciderdistribution 1
j and larger conductors in ar-systems thatoriginateat the eas that have outgrown the h
Hansel Plant. This is
]
existing circuit capacit.
h achieved by changing the j
l These new circuits allow
' transformers, wire, insula-1 the Transmission and Dis-0 -
tors, and other related l
tribution Department to equipment with an insu-l back feed or supply power latinglevelthat iscompat-j from anothersource w hich ible with the new, higher 1
voltage. In most cases,this can climinatelong outages i
is performed withvery short caused by accidents and ers.
outage times to our custom-storm damage.
i Distribution Canacitors
?
(
pigribution Feeder Esits This program is de-
)a signed to make improvements to The feeder exit is the portion existing distribution circuits by in-of the distribution circuit that is stalling capacitors in the field that instahed from the substauon breaker will keep the voltage to an acceptable through underground conduit to a pole level that will allow the customers' equip-located some distance from the substation.
j j
ment to operate at an efficient level and to This cable becomes a part of the distribution
}
achieve the longest life possible.
feeder and is installed to allow for the maximum l
use of a substation. Most substations include in the j
Faulted Circuit Indicators design enough equipment to accommodate six iceders.
i l
The installation of Fault Indicators on underground dis.
These new programs combined with KUA line crews i
tribuuon systems reduces the outage time of a circuit that has responding rapidly and competently when trouble does strike, experienced an outage due to a failed high voltage cable, a failed KUA is a sure bet to chasing monsters from under any bed!
i
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t
f ontinuing KUA's Conservation Crusad6 KUA is more committed then es er to helping customers sag e money j
and use energ3 resources w isely and efficiently. The conscrs ation efforts for KU A wcre orginally established for the City of Kissimmee in 1980 underIhe FEECA program: toia), these efforts are in full swing ranging from
.oldmg down electric rates' residential to commercial' industrial audits to load management.
putting off the need for building expen'
()ur Energy Consers ation Specialist performs approsimately 550-l sive new generatmg facihties. reducing 600 free audits annuall). ~1 his "consersation coath" adsises customers on i
polluuon and presers ing natural resources escrything from energs (ificient appliances to practices and measures to are the many driving forces behind K UA i
remember when a.t comes to reducing energs consumptmn.
i working diligently m 1992 toprepare for k
.m I
ers -- the nest generation.
l its new load management program going We took our consersation program into many local schools, educating I
on ime for residenual customers in early thousands of youngsters on the benefits of u. ing resources wisely.
What ue do with our resources today, depends on what resources The S A\\.E Program (Shitt ng thes hase for tomorrow.
Adds \\,alue to Energyh works to keep j
producuon costs and resources in check
~
{
for the future and is designed as a cost cffectis e and benefic tal component of K U A's pow er supply plans.
as well as KUA's conservanon plans. Through the SAVE Pro-t gram. KUA anucipates sasmps of approumately 6.6 MW of j
winter peak demand by 1998.
Control Level Level 1 Level 2 Level 3 l
This program is designed to case the demand for elec tnc.
ity on those few days during the y ear w hen electncity use is at its IAaximum 10 min.
15 min.
entire peak. S A VE lets KU A redut e these peaks by slightly lowermg the Control out of out of cycling electric use (by computer-controlled radio signa 10 of air condi-Times
- each 30 each 30 period
{
tioning/ heating spiems and elecuic w ater heaters w ithm partiti.
minutes minutes j
pating customers' honts for a short time during defined peak use times. Since the cost of producine electric pow eris grcatest during lA nthly 54.50 58.00
$11.00 Sa ngs peak demand period 3 the less clectncity we need durmg such l
times, the more the utthty and its customers sasc.
.under normal conditions, the maximum cycling period during the I
For partuipating in the prograrn. customers receive a 30-40 control days a year will not exceed 4 hours4.62963e-5 days <br />0.00111 hours <br />6.613757e-6 weeks <br />1.522e-6 months <br /> on any day, and financial incentive in the lorin of a c redit on their bills. The K U A will actually be much less.
Board of Directors, comnutted to the f uture, passed the load l
management ordmance requirine all new residential umts con.
t structed af ter December 31,1991 to be required to partiopate in the program. For all other residenual c ustomers, partiopation is voluntary.
Control Level Only 1 level-30 min. out of 30 min.'
KU A's comnntment to conscrs anon is equally matt hed j
by our customeri commitment. Oser 3.000 customers have Maximum En ire i
i signed up to partiapate m S AVE.
Control Cycling l
]
Times **
Period
\\
Monthly 54.50 l
2 1
Savings l
i l
KUA's SAVE l
Program db
' Electric water heaters with solar or heat recovery units will only r@
be controlled between Nomember through March. These i Wb customers will only receive the monthly credit during these i
N*E j
Shifting Adds g
i months.
- '"""*'*"*"""****'*"'""*""8'*"'""""8
-Value to EnerOY the 30-40 control days a year will not exceed 4 hours4.62963e-5 days <br />0.00111 hours <br />6.613757e-6 weeks <br />1.522e-6 months <br /> on any day, j
and will actualty be much less.
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w.ve m
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aur r
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l AI KUA, w e teheve our custom-y ers are entitled to receive the finest service i
possible. And from the moment cach
...TL i
account is opened, KUA is committed to
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~
quality service and customer satisfaction 1
ur optimism about the for each and every KUA family on our j
^-
electric system. During this fast-paced a
year, KUA served 29.706 residential and i
future is inextricably :
6.576 commercial electric customers, a h
I 17.79 increase from 1991.
g linked'io the pride we feel g
f 1
Customer Sun ess Tell Us What j
m ser' ling ~our' customers.
We Need To Know I
)
This dedication toward 73i,yg,,g7yu,n,y,c,7;c,cn1,c,,
vice is so importan t to the utility, w e set out j
outstanding customer'.
to hear w hat its most important critics had to say -- our customers. Durmg 1992 K U A 4
began sur ey mg customers through tele-l Service IS one of the main phone interviews with Customer Service Representatis es to fmd out how they view ed the unhty. After a three month study I
ingredients to KUA's past involving more than 400 residential cusi tomets, the result indicated that 85% of Eigfa; The f.evelized Billing program succesa and the basis for-.
'""'""""'"""~~"?
hclPs male household budgeting easier was doing a good to excellent job. Of for many customers by spreading l
course, the results of the 10-question sur-annual energy costs more erenly I
our unwavering.
f"Y
'C h *8 d * 'd
- I'"d " ys m user the course of the year.
implement customer suggesuons and cor-i j
rect any problem areas. The survey contin-1 confidence in the future..
ucs on a month to month basis m gauge the l
utility's performance and to determme l
additional ways to improve our quahty of i
l service in the future.
\\
l i
l l
j Les elized Ililling l
l Qualit L
%.orkmg to make our customers.
hvcs a httle casier was on our minds in i
service..
1992. KUA recently added a residenual i
levelized bilhng program w hich is a fea-h g
ture long desired by many customers. The l
billing program benefits customers who l
To: Customer
"'," #l,;"";" J ""l,'"s;"C 6
18atlSfactlOli.
tions in scasonal bills by averagin g up to l 2 l
g m onths ofconsu m ption and areirins the r
current electric rate to the average con-
- ~
sumption. There is no true up at the end of i
l the year because the leveli/cd billing pro-j gram makes adjustments itseli cac h month.
M*-
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l
MRTNunwemmmmisman:mmmmemmegnamggmem;mw. wemma mmmwmmmmamataramcmmmmmmmmmagarnammemw~rnemmmmen Forourcustomersthismeanshelp.
generous KUA customers, and in turn, ing them avoid the highs and lows in these funds have helped 52 households in electric bills from one month or season to need of financial assistance. Customers the next and helping make their household participating have the option of donating budgeting easier to manage by spreading any amount, added as a line item on their left: KUA continues its Customer annual energy costs more evenly over the bill, on a monthly basis, or they can con-Service phone surveys on a month to Inbute on a one-time basis, course of the year.
month basis to gauge the utility's performance and to determine addi-tional ways to improve our quality of serrice in thefuture.
Good Neighbor Program Automated Phone System Wouldn't this be a wonderful AUTOMATION! That'saward place if everyone was a Good Neighbor?
being heard over and over again in recent KUA knows all about Good Neighbors years. Everyone is certainly familiar with because there are so many of them in our the continued penetration of computers service area. In November 1991, KUA was into our everyday lives, both at work and at pleased to introduce its Good Neighbor home. Many times, automation can serve Program which is a voluntary customer tomakelifeeasierforpeople suchasKUA contributory program developed to help customers, which was our primary objec-KUA customers experiencing financial tive when planning for and installing KU A's difficulty pay KUA utility bills in emer-new phone system in 1992.
gency situations.
The KUA,like most utilities our Since that time, through the gen-size, receives an enormous volume ofcalls crosity of our customers, many families on a daily basis. In fact,last year, KUA who faced a crisis were helped by the Good S witchboard Opcators answered over 120 3
Neighbor Program. Most of these people thousand calls. Because of new faciliies were just struggling to make ends rnect - -
built in 1992 and the increased need to low income families, single parent fami-network all KUA facilities together into lies, or people experiencing a financial one common communication sys:cm,'it
. [N, crisis due to an illness, unemployment, or was determined that the most economi-unforeseen hardship. It can happen to cally feasible approach would be to pur-2 anyone. A goodjob goes sour or a spouse chase a new system. This new system was.
gets sick, and suddenly people owe more designed to take advantage of the latest y
than they have.
technology in the area of" automated phone This program allows customers system."
who can afford and want to help others Eachcallerisnow offeredaselec-make voluntary contributions to a special tion of various choices from a menu. They fund using the KU A utility bill as a vehicle can listen to information such as how to to make these tax-deductible contributions.
connect a new service or terminate an While KUA has taken on the re-existing service. Another choice enables sponsibility of developing and publicizing the caller to listen to a listing of all avail-this program as well as collecting the funds, ablejob opportunities open at KUA. Now the utility actually serves as a pass-through callers can find out this type ofinformation agency. All program funds collected are any hour of the day, any day of the week..
transferred to the Human Services Council Other functions of the system allow callers left; KUA's Energy Conservation which is a United Way Funded Agency.
to select the person or department they Specialistperforms approximately This organization is responsible for ad-wish to speak with without having to be 550 - 600 free residential and commer-ministering the funds donated through the transferred by a main operator.
cialaudits yearly to help our program. He Good Neighbor funds are This new system offers many customers save money and use then turned over to several local case man-other capabilities that we will continue to energy resources wisely.
agement agencies whose counselors deter-implement and refine in the future. These mine which KUA customers are eligible to functions will enable us to provide the receive funds from this program.
utmost in convenience for our customers Since the program's inception, and employees,in turn making KUA com-approximately $7.500 were contributed by munication as efficient as possible.
19 f
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7 i '. G. v.;; " ;
7
.:. y.,- y.j; v;.,. ty; ;, ;. g.
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- 3. ; _.;
- 3. p ( ;a; KUA Employee Dedication To This Area Doesn't Stop When The Work Day Ends A achieves its high standards sponsibility to give their time and talent set for itself because of the hard back to this areain which they work ar.d dedication or our 234 live.
y$yggg' employees. At every level of f
1992 placed KUA as a g
responsibility.ourpcopledeserve gggi Pacesetter company for the a great deal of credit for their professionalism, performance,
- 4,g gggi Hean of Florida United Way g
ggg campaign. Designated as an and spirit. These same attnbutes outstanding business leader, y'{qggg are the ingredients of KUA's L, g gi KU Aconducteditsdrivecarly achievements and the basis for and as usual, KUA employees our confidence and commitment z
rallied to its most successful to the future.
Q collection effort ever to sup-Our future is likely to J
)
port the cause.
prove a penodof even greaterand N
KUA employces volun-faster growth and development.
EM tarily worked hand-in-hand Our customers can have great
,a with the Osceola School confidence in the leadership in Ed -
District's Mentor Program, place to steer this utility through e
1 helping troubled teens under-g the fiedgling years of thisdecade, stand the imponance of stay-as well as truough subsequent R
f mg m school. KUA employ.
g yf i},-
,gg ces proudly served in civic, decades to come. KUA takes pnde that personnel attrition for q
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charitable and commur ty or-n
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1992 was only 3E reinforcing ganizations. Through bi-an-
aN" nual, on-site bkiod drives to the fact that K UA is a solid com-i u
pany whose current posinon is commitment to employee one of strength. Emplo)ee ben-Aborre KUA has investedin thefutur, training m Osceola County's l
efits, such as health and life insurance and a beca usr today 's childern arc romorro w 's Quality Service seminars and Leadership non-contributory Pension Plan, are several of customers. &hw; KUA Line Crews Osceola County, KUA employees see such the many ways KUA serves its employees, spent there months in Homestrad, activities as a chance to retum icadership, care, showing them they make the positive differ-Florida, restoringpo wer and h ope to th, and support to a place we and our customers call ence. KUA employces are dedicated to KUA rictims ofnurricane A nderw. KUA was home.
while KUA is dedicated to its employees; in one of thefirst of neighboring utilities In addition,KUA waspleased toactas turn, both are dedicated to serving our custom-on the scene to offer assistance.
a good neighbor in August by sending several crs and community.
utility line crews and much equipment to the Not only does KUA believe it's im-g a4)
( city of Homestead, Florida, to help restore and ponant to be in touch with our customers' ideas 4 e
. rebuild the area devastated by Hurricane An-and suggestions, K U A listens to its employees.
d2 +J l
drew. KUA employees also generously do-As a result, the KUA Board of Directors ap-F nated many supphes in collection efforts to be proved a program in 1992 designed to encour-given to families in the South Florida area age and reward employees who submn sugges-j trymg to rebuild their lives.
tions through the company's Employees' Sug-F So, we kiok to 1993 with confidence gestion Program that < ave K U A money. Under and commitment. Employecs with high stan-i this program, an employee can receive a maxi-4 mum of 5500 for an implemented idea.
dards working together to accomplish a multi-
.y-tude of feats can only form a company with the Not only are KUA employces com-same high standards. While many challenges mitted to making this company a more efficient h
\\
remain for us, we are optimistic about our organir.ation, but the same dedication is given k
prospects for the customers we currently serve, back to the community served. We, at KUA, Q
as well as our future customers who, though not achieve the quality ad vantage by possessing the
\\N concemed with the cost of electricity at this attitude that secving this community goes be-
\\
ti me, have their own houses to run - - dollhouses!
yond the workplace. Our management team and employees alike believe they have a re-i l
t tg k qrnan
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3,asen iue v
1 3nabassee 9tarhe cainesvtue
,,a, C 'egand
. g',,. s, g-trala ntervMe Su Oriando cadec ty N
c Spe\\and yeroV>'a' q' peterders 9brinS Fort T
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e.g ggeWoT*
orth for MYCT' i
giami r
pad Financial
- c RW-o o
waan a
Review P
S O
Fiscal liighlights 22 W "'
wey Auditor's Report 23 f
General Purpose Financial Statements Balance Sheet 24 Statement of Revenue, Expenses and Charees in Retained Earnings 26 Statemect of Cash Flows 27 Notes to Financial Statements 28 i
-t 2
.21
- e
I a
y Kissimmee Utility Authority Highlights l i
4 September 30, ok Increase dectric Operations 1992 1991
< Decrease >
(in Dollars)
Operating Resenue 59,698,337 61,580,902
<3. l >
i Total Operating Expenses 3
i Fuel and Purchased Power 25,897,849 24,750,507 4.6 j
Departmental Operations 14,444,707 12,776,624 13.1 Interest Resenues 3,243,508 3,850,156
< l 5.8 >
t Interest Expense 6,291,641 7,027,113
< 10.5>
Debt Sersice Coserage 2.61 x 3.26x
<20.0>
Reinvested Earnings 31,828,113 9,748,842 226.5 Payments to other Gosernments 5,053,436 4,980,213 1.5 Utility Plant (Net) 101,151,763 97,774,105 3.5 Equity 94,911,194 63,083,081 50.5 Long-Term Deht 155,410,765 95,698,884 62.4 Total Assets 271,844,102 173,793,095 56.4 Total Retail Sales
- 59,698,337 61,580,902
<7.3>
i Residential 28,629,076 29,704,304
<7.5 >
j Commercia!/ Indust rial 31,069,261 31,876,598
<7. l >
System Peak Demand (MW) 169 157 7.6 4
Total Energ3 Sales (MWil) 698.523 678,602 2.9 Residential (MWil) 334,985 327,332 2.3
)
Commercial / Indust rial (MWil) 363,538 351,270 3.5 Average Monthly Accounts 36,282 34,632 4.8 j
Residential 29,706 28,913 2.7 Commercial / Industrial 6,576 5,719 15.0 Asg. Monthly Residential Usage (MWill 11.277 11.321
<0.4 >
j Aserage Monthly Residential Sales s964 51,027
<9.9>
)
Annual Heating Degree Da>s 730 433 68.6 Annual Cooling Degree Days 2,840 3,392
< l 6.3 >
l Generation Fuel Mix (G):
Natural Gas 54.2 %-
38.4 9 41.2 Coal 38.3 9 47.0 %
< 18.5 >
l Nuclear 7.5 9 14.6 %
<48.3>
Total Energy (MWil) 734,194 718,981 2.1 l
Net Generation (MWil) 351.020 275,431 27.4 Power Purchases (MWil) 391,227 443,781
< 1 1.8>
dales for Resale (MWII) 8,053 231 3386.1
- Annual sales per custunwr dedaned due tu rate decrease I
i
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Coo 3ers
&Ly] rand REPORT OF INDEPENDENT ACCOUNTANTS Board of Directors Kissimmee Utility Authority We have audited the accompanying balance sheets of the Kissimmee Utility Authority as of September 30, 1992 and 1991, and the related statements of revenue, expenses and changes in reinvested earnings, and cash flows for the years ended September 30, 1992 and 1991.
These financial statements are the responsibility of the Authority's management.
Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Government Auditine Standards issued by the comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amoue.: and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates evaluating the overall financial statement made by ma na gemc r. t. as well as presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Kissimmee Utility Authority as of September 30, 1992 and 1991, and the results of its operations and its cash flow for the years then ended in conformity with generally accepted accounting principles.
As discussed in Note 3 to the financial statements, in October 1991 the Company changed its method of accounting to begin recognizing the effects of regulation.
Accordingly, the Authority began to recognize the timing differences between the period costs are incurred and the period in which they are recognized for ratemaking purposes.
Also, as discussed in Note 1 to the financial statements, in October 1990 the Company changed its method of accounting for contributed reduction of plant and began amortising capital by reclassing the balance as a the contributions over the life of the related plant.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.
The introductory and statistical sections, on which we express no opinion, are presented for purposes of additional analysis and are not a required part of the' basic financial statements of Kissimmee Utility Authority.
Tampa, Florida November 25, 1992 23 i
m i
KISSIMMEE UTILITY AUTHORITY i
BALANCE SHEETS FOR THE YEARS ENDED SEPTEMBER 30,1992 AND 1991 ASSETS 1992 1991' UTILITY PLANT I
Property, plant and equipment
$ 134,998,221 $ 1129,322,332 a
less; accumulated depreciation
_(43,138,717)-
(38,243,592) j 91,859,504 91,078,740 Construction in progress 8,788,015-6,244,445 Inventory - nuclear fuel 504,244 450,920 '. !
TOTAL UTILITY PLANT 101,151,763:
97,774,1051 RESTRICTED ASSETS Debt service - Investments 13,101,336' 4,695,064:- I
- Cash and cash equivalents 8,955,318 11,476,205 -
Construction - Cash and cash equivalents 43,131,232 1,500,000 :
Customer deposits - Cash and cash equivalents 1,994,425 1,847,543 - l TOTAL RESTRICTED ASSETS 67,182,311
'19,518,812 ;
. DESIGNATED ASSETS Cash and cash equivalents designated for specific purposes 37,259,618 30,539,956-Deferred compensation plan assets 805,149 -
626,365 TOTAL DESIGNATED ASSETS
' 38,064,767 -
' 31,166,3211 :
CURRENT ASSETS Cash and cash equivalents -
.11,556,236'
-11,213,934
-1 Accounts receivable 6,897,594:
7,987,343 l ;
less: allowance for doubtful accounts (152,882)
-.(156,146)
' Notes receivable 0
18,002 - l Inventory 4,581,701-
'5,055,932.
Prepaid expenses 59,348 f
? 45,884'. - j Due from other governments 105,936 101,998 t.
Deferred cost of power adjustment 106,464 0
- i TO TAL CURRENT ASSETS
' 23,154,397 ~
24,266,947 j OTHER ASSETS Unamortized bond costs 2,252,106 1,066,910 r i tUnamortized loss on reacquired debt 17,882,217 0
1 Costs to be recovered from future revenue 22,156,541 0
- TOTAL OTHER ASSETS 42,290,864 -
1,066,910 J l I
iTOTAL ASSETS
$u271,844,102_ $ 173,793,095 :
=i See accompanying notes, S
n e
- ~
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i
)
I
^ CAPITALIZATION AND LIABILITIES 1992 1991 CAPITALIZATION l
Accumulated Reinvested Earnings - Reserved for debt service 14,459,451 $ : 10,503,230;
- Unreserved 80,451,743 52,579,851 l
Total Reinvested Earnings 94,911,194 63,083,081 i
LIABILITIES i
i LONG-TERM DEBT Revenue Bonds payable 160,030,000
.100,625,000
-l' less: unamortized bond discount (4,619,235)
-(4,926,116)1 i
TOTAL LONG-TERM DEBT 155,410,765 95,698,884 CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS) 2,370,000 2,080,000:
l Current portion of revenue bonds Accrued interest payable - revenue bonds 5,227,203
'3,459,589;
_j Customer advances for construction 557,886
' 678,756 Customer deposits 1,994,425
'1,847,543
'{
Other.
1,500,000 0.
TOTAL CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS) 11,649,514 -
8,065,888 '
]
DESIGNATED LIABILITIES (PAYABLE FROM DESIGNATED ASSETS)
. 805,149 626,365
-1 Due to employees under deferred compensation plan Other 2,416,564 -
0-TOTAL DESIGNATED LIABILITIES (PAYABLE FROM DESIGNATED ASSETS) 3,221,713 -
626,365-7 CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS)
Accounts payable
~ 2,965,818 -
2,530,122..
Due to other governments 2,248,437.
-1,917,289.
. Accrued taxes payable 439,054;
- 544,170.;
Accrued salaries 73,156' 190,406.
i Pension plan liability 446,718 264,866 ~
9 Accumulated unused compensated absences 477,733~
-414,474-
[
+
Deferred Cost of Power Adjustment 0-457,550 -
TOTAL CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS)-
6,650,916 6,318,877 I
TOTAL LIABILITIES 176,932,908
-110,710,014 i
t TOTAL CAPITALIZATION AND LIABILITIES
. $ 271,844,102 $ 173,793,0951
.j l
See accompanying notes.
- i
-I 25
KISSIMMEE UTILITY AUTHORITY-STATEMENT OF REVENUE, EXPENSES AND CHANGES IN REINVESTED EARNINGS FOR THE YEARS ENDED SEPTEMBER 30,1992 AND 1991
+
1992 1991 OPERATING REVENUES Metered sales
$ 58,069,191 $
60,246,709 Other operating revenues 1 629,146_
1 334 193 1
1 TOTAL OPERATING REVENUES 59,698,337 61,580,902, OPERATING EXPENSES Power generation 15,509,218 11,741,774 Purchased power 17,171,119 18,000,904 Transmission / Distribution 2,859,893 3,170,438 Customer Services 2,059,411 2,341,973 Administrative and general 2,742,915 2,272,042-latergovernmentaltransfers 5,053,436 4,980,213 Depreciation 6,562,968 6,435,691 Cost to be recovered fror future revenue J1945,783) 0 TOTAL OPERATING EXPENSES 50,013,177 48,943,035 OPERATING INCOME 9,685,160 12,637,867 NONOPERATING REVENUE (EXPENSES) laterest revenue 3,243,508 3,850,156 Interest expense (6,291,641)
.(7,027.113)
Other (1,170,570)
(400,810)-
TOTAL NONOPERATING REVENUE (EXPENSES)
(4,218,703)
(3,577,7671 EARNINGS BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE 5,466,457 9,060,099-CUMULATIVE EFFECT OF ACCOUNTING CHANGES -
- Accounting for contributed capital, September 30,1990 688,743
- Accounting for the effects of regulation, Septernber 30,1991 26,361,656 REINVESTED EARNINGS 31,828,113 9,748,842 REINVESTED EARNINGS AT BEGINNING OF YEAR
_ 63,083,081 53,334,239 REINVESTED EARNINGS AT END OF YEAR
$ 94J13194_ $ J,083p81; Soo accompanying notes.
h KISSIMMEE UTILITY AUTHORITY i
STATEMENT OF CASH FLOWS l
FOR THE YEARS ~ ENDED SEPTEMBER 30,1992 AND 1991 1
1992 1991 l
CASH FLOWS FROM OPERATING ACTIVITIES
' Operating income 9,685.160 $
12,637,867 l
1 ADJUSTMENTS TO RECONCILE REINVESTED EARNINGS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
l
' Depreciation and amortization 6,562,968.
6,015,078 j
Cumulative effect of accounting change 0
- 688,743
.i Interest on customer deposits (112,084)
(107,934) j Cost to be recovered from future revenue (1,945,783) 0
]
CHANGES IN CURRENT ASSETS AND UABILITIES:
-[
Accounts receivable, net of reserves 1,3B6,186
-1,232,332 Inventory 474,231 (347,836) l Due from other governments
. (3,938).
- 163,199 i
Deferred cost of power adjustment (564,014) 1,648,935 l
Accounts payable 435,695 (23,460)
Due to other govemments 331,148' (524,521) j Other assets 4,538 82,188 i
Other liabilities 348,411 436,239
-l Other designated liabilities 587t3_20_
'O
.l t
NET CASH PROVIDED BY OPERATING ACTIVITIES 16,890,138-21,900,830 ~
j i
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from issuance of revenue bonds 72,698,033 0
j Acquisition of capital assets and nuclear fuel (18,408,750)
.(11,977.136)-
3 Principal paid on revenue bonds (2,080,000)
(1,645,000) l Interest paid on revenue bonds
.(7,893,609)
(6,985,147)
Capital contributed by developers 797,389-
~ 1,451,002
-l Defeasance of bonds (15,040,261) 0 l
NET CASH PROVIDED BY (USED IN ) CAPITAL & RELATED j
FINANCING ACTIVITIES 30,072,802 (19,156,281).
. CASH FLOWS FROM INVESTING ACTIVITIES 0;
{
Purchase ofinvestment securities
.(10,381,348).
_(192,364) l increase in deferred compensation plan assets (178,784):
Proceeds from maturities of investment securities 2,028,527
- 4,457,443-Interest and dividends on investments 4,784,943
_ 3,843,174-
- {
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (3,746,662) L
. 8,108,253'
~
-!q
- NET INCREASE IN CASH AND CASH EQUIVALENTS 43,216,278 10,852,802 mi l
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 56,577,638 ~
45,724,836 -
4 CASH AND CASH EQUIVALENTS AT END OF YEAR
$ 99,793,916 $ 156,57_7 638 1
See accompanying notes.
o 27
~
I
KISSIMMEE UTILITY AUTIIORITY NOTES TO TIIE FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30,1992 AND 1991 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES Entitv Definition: The accompanying financial statements present the financial position, results of operations and cash flows of the Kissimmee Utility Authority (KUA) in accordance with NCGA Statement No. 3, " Defining the Governmental Reporting Entity", and subsequent interpretation No. 7 clarifying the application of Statement No. 3. The reporting entity for the KUA includes all functions in which the Board of Directors exercise oversight responsibility.
Oversight responsibility includes, but is not limited to, financial interdependence, selection of governing authority, designation of management, ability to significantly influence operations and accountability for fiscal matters. As a result of applying the above reporting entity criteria, no other component units exist in which the KUA has any oversight responsibility which would require inclusion in the KUA's financial statements.
The KUA was created effective October 1,1985 by the City of Kissimmee Ordinance #1285 adopted on February 19,1985 and ratified by the voters on March 26,1985. The KUA Board (the Board) has 6 members. The Mayor of the City of Kissimmee is a non-voting Ex-Officio member.
The 5 voting members are nominated by the Board and ratified by the City Commission. The KUA has exclusivejurisdiction, control and management of the electric utility and the following factors indicate that the KUA is properly excluded from the City's financial statements:
i 1.
Subsequent to Board appointments being ratified by the City Commission, there is no continuing relationship.
2.
KUA management is selected by the Board.
3.
The City has no authority to interfere with K'UA's operation.
4.
KUA is responsible for its financial affairs, including rate setting and the disposition of any surplus.
.5.
The City does not guarantee KUA's outstanding debt.
P Reentation: According to existing laws of the State of Florida, the six members of the KUA act as the regulatory authority for the establishment of electric rates. The Florida Public Service Commission (FPSC) has authority to regulate the electric " rate structure" of municipal utilities
~
in Florida. It is believed that " rate structures" are clearly distinguishable from the total amount of revenues which a particular utility may receive from rates, and that distinction has thus far been carefully made by the FPSC.
As noted above, the FPSC has jurisdiction to regulate electric " rate structures" of municipal utilities. In addition, the Florida Energy Efficiency and Conservation Act has given the FPSC exclusive authority to approve the construction of new power plants under the Florida Electrical
Power Plant Siting Act. The FPSC also exercises jurisdiction under the National Energy Act, including electric use conservation programs.
i Operations of the KUA are subject to environmental regulations by federal, state and local authorities and to zoning regulations by local authorities. Federal and state standards and procedures that govern control of the environment can change. These changes can arise from continuing legislative, regulatory and judicial action respecting the standards and procedures.
Therefore, there is no assurance that the units in operation, under construction, or contemplated will always remain subject to the regulations currently in effect or will always be in compliance with future regulations.
An inability to comply with environmental standards or deadlines could result in reduced operating levels or complete shutdown of individual electric generating units not in compliance.
Furthermore, compliance with environmental standards or deadlines may substantially increase capital and operating costs.
Basis of Accountine: The KUA maintains its accounts on an accrual basis in accordance with generally accepted accounting principles. The accounts are substantially in conformity with accounting principles and methods prescribed by the Federal Energy Regulatory Commission and other regulatory authorities.
Budeet: The Kissimmee Utility Authority is required by charter to adopt an Annual Budget.
The Budget is adopted on a basis consistent with generally accepted accounting principles.
The Kissimmee Utility Authority follows these procedures in establishing the annual budget:
1.
The General Manager submits to the Board of Directors a proposed operating budget for the ensuing fiscal year.
The operating budget includes proposed expenditures and the sources y
of funds to finance them.
2.
During several workshops, which are open to the public, the staff -
and Board of Directors discuss and revise the submitted budget.
)
A public hearing is conducted to obtain ratepayer comments.
3.
The budget is approved by the Board of Directors and becomes the l
basis for operations for the ensuing fiscal year.'
The General Manager is authorized to approve all budget transfers and all interdepartmental.
transfers are reported to the Board of Directors monthly. Budget amendments which increase the adopted budget are approved by the Board of Directors. Both budget transfers and budget amendments were made during the fiscal year. Operating expense budgets lapse at year end.
Capital projects are budgeted for the project life rather than for the current fiscal year. The unexpended portion of project budgets do not lapse until the conclusion of the project'.
i Revenues: Kissimmee Utility Authority accrues base revenue for services rendered but unbilled to provide a closer matching of revenues and expenses.
i
.i 29
Utility Plant: Property, plant and equipment are stated at cost when purchased or constructed.
Depreciation is provided using the straight-line method. The estimated useful lives of the various classes of depreciable property, plant and equipment are as follows:
Production 131/3 to 331/3 Transmission 29 2/3 to 50 Distribution 121/3 to 331/3 General 6 2/3 to 331/10 The cost of maintenance and repairs, including renewal of minor items of property, is charged to operating expense as incurred. The cost of replacement of depreciable property units, as distinguished from minor items, is charged to utility plant. The cost of units replaced or retired, including cost of removal, net of any salvage value, is charged to accumulated depreciation.
Nuclear Fuel: Amortization of nuclear fuel is based on cost, which is prorated by fuel assembly batch in accordance with the thermal energy that each assembly produces. The KUA is I
currently paying 1 mill per Kwh for residual future disposal costs in addition to estimated labor and waste burial costs.
Inventories: Inventories are stated at the lower of cost or market, with cost determined using the weighted average cost basis.
Other Assets: Unamortized bond discounts and issuance costs on long-term debt are amorti7ed over the life of the issue on a straight-line basis. The KUA considered the effective interest method of amortizing bond discounts and determined that no material difference results from the continued use of the straight-line method. Prior to October 1,1991 the Authority recognized gains and losses on early extinguishment of debt in the period incurred. As of October 1991 unamortized gains or losses on refunded debt are amortized to income over the remaining life i
of the new debt consistent with the methods used for setting rates (See Note 3). Unamortized gains and losses on bond refundings have been netted for financial statement purposes.
Reserves: Reserves representing the excess of amounts provided for certain restricted asset accounts over the liabilities payable therefrom are established by a reservation of reinvested earnings. The restricted assets and liabilities are used to indicate a segregation of a portion of reinv-ted earnings equal to the net current assets that are restricted for meeting various covenants as may be specified and defined in the various revenue bond indentures. Usage of reserves has been limited to the following items:
Reserve for Bond Retirement - restricted for future servicing of the revenue bonds.
Reserve for Bond Asset Replacement - restricted for meeting. of various contingencies as may be so specified and defined in the indenture (frequently referred to as renewal, replacement and improvement).
Desienations: Certain designations are made in the Snancial records during the fiscal year to identify a portion of cash and investments intended to be used for specific purposes in a future period. Designated assets at September 30 are:
1922 1921 Capital Improvements
$34,669,736
$ 28,600,419 Self Insurance 1,858,337 1,829,243 Deferred Compensation Plan Assets 805,149 626,365 Decommissioning (Note 12) 173,319 110,294 Operations & Maintenance 558.226 0
Total
$38.064.767
$31. I66.321 Contributed Canital: Prior to October 1,1990 the KUA recorded contributed capital directly to Total Capitalization. In October 1990 the KUA changed its method of accounting for contributed capital by reclassifying the balance as a reduction of Plant and amortizing the contributions over the life of the related plant. This method was adopted to conform with industry practices.
Deferred Cost of Power Adiustment: Deferred cost of power adjustment represents the KUA's cost of power adjustment revenues collected, but for which costs have not been incurred or costs that have been incurred, but for which cost of power adjustment revenues have not been collected.
Payments to the City of Kissimmee: By charter the Kissimmee Utility Authority is required to pay to the City of Kissimmee a minimum of $6.24 per 1,000 Kwh, This payment is treated as an operating and maintenance expense in the statement of revenue, expenses and cash flows.
Reclassification: For comparability purposes certain reclassifications have been made to the 1991 financial statements to conform with the 1992 financial statement presentation.
Cash and Cash Eouivalents: Cash and cash equivalents include short-term, highly liquid investments that are both readily convertible to known amounts of cash and whose original maturity is three tronths or less. These consist of repurchase agreements, the State Board of Administration Pool and the carrying amount of KUA's deposits with financial institutions.
- 2. DEPOSITS AND INVESTMENTS Florida Statutes, the KUA Charter and Investment Policies authorize the investment of excess funds in time deposits or savings accounts of financial institutions approved by the State Treasurer, obligations of the United States Government and certain instruments guaranteed by the U.S. Government.
Investments may include repurchase' agreements. Revenue Bond Covenants also restrict the type and maturities of investments in the required trust funds (See Note 9).
31.
t Investments (excluding deferred compensation plan assets) are recorded at cost, which approximates market. Deferred compensation plan assets are stated at market value (see Note 8). Adjustments are made to cost for any premiums or discounts. Premiums and discounts are amortized over the life of the investments using the straight-line method.
.i Investments must be in KUA's name and placed in a safety-deposit box in a bank or institution carrying adequate safety-deposit insurance or represented by bank trust receipts which enumerate i
the various securities held.
The Statutes also require depositories of public funds to provide collateral each month at least
{
equal to 50 percent of the average daily balance of all public deposits in excess of deposit i
insurance. Any loss not covered by the pledged securities and deposit insurance would be-assessed by the State Treasurer and paid by other qualified public depositories.
i I
At September 30, the carrying amount and market value ofinvestments (in thousands of dollars) classified by category of credit risk were:
CATEGORY OF RISK 1992 CARRYING MARKLT (000's) 1 2
3 AMOUNT VALUE I
1 Repurchase Agreements
$7,771
$ 7,'771
$ 7,771 U.S. Govt. Securities 421 421 449 J_2J52
]
U.S. Instrumental Sec.
12,319 12.339 2
$12.339
$421
$7.771
$20,531
$20,872 l
State Board of Administration Pool 94.667 94.667 l
t Total Investments
$115.198
$115.539 CATEGORY OF RISK 1991 CARRYING MARKET t
(000'S) 1 2
3 AMOUNT VALUE Repurchase Agreements
$6,087
$ 6,087
$6,087 f
U.S. Govt. Securities 436 436 466 U.S. Instrumental Sec.
4.128 4 128 4.229 i
$4.128
$436
$6.087
$10,651
$10,782 State Board of Administration Pool 50.437 50.437 1
Total Investments
$61.088
$61.219 I
)
Level of credit risk assigned to the above investments include:
Category 1 - Insured or registered, with securities held by the Kissimmee Utility Authority or its agent in the Kissimmee Utility Authority's name.
Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the Kissimmee Utility Authority's name.
Category 3 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent but not in the Kissimmee Utility Authority's -
name.
The investments in the State Board of Administration Pool (representing approximately 82 percent of total investments) is collateralized in accordance with Florida Statutes.. All investments are delivered to the SBA's custody bank and held for the SBA's account according to their instructions.
Repurchase agreements result entirely from a banking services agreement requiring overnight repurchase agreements of securities guaranteed by the United States Government. During the year, the maximum repurchase agreement was $11,156,000 due to the proceeds from the Series 1991 bond issuance. At September 30,1992 and 1991, the balance sheet also includes $341,653 and $130,567 respectively, of accrued interest on investments.
At September 30,1992 and 1991 the carrying amount of KUA's deposits with financial institutions was ($131,088) and ($518,508) respectively, and the bank balance was $420,123 and
$248,334 respectively. All bank balances are fully insured in accordance with Florida Statute 280, which established the multiple financial institution collateral pool.
3.
COSTS TO BE RECOVERED FROM FUTURE REVENUE KUA's electric rates are established based upon debt service and cash operating requirements.
Depreciation and other non cash items are not considered in the cost of service calculation.
This results in timing differences between when costs are included in the ratemaking process versus when costs are incurred. Prior to October 1,1991 these differences were recognized currently in the determination of reinvested earnings. In October 1991 the Authority changed its method of accounting for the effects of the ratemaking process and began recognizing these items when they are included in the determination of rates. Costs to be recovered from future revenue consists principally of the difference between depreciation and the amortization of the gain and loss on bond refunding and the debt principal requirements included in the -
determination of rates. The recognition in income of outstanding amounts associated with costs
-to be recovered from future revenue will coincide with the inclusion of these accounts in rates charged to customers.
This method was adopted in accordance~with Statement of Financial Accounting Standards No. 71 " Accounting for the Effects of Certain Types of Regulation" 33
1 l
(SFAS 71) in order to reflect the economics of regulation in the determination of reinvested earnings. Accordingly, as part of this change in accounting the KUA began amortizing gains and losses on refunded debt over the remaining life of the new debt consistent with the methods used for setting rates, i
The effect of the change in 1992 was to defer the loss on early extinguishments of debt and recognize a cost to be recovered from future revenue, increasing income before the cumulative effect of the change in accounting principal by approximately $2,258,694. The amount of costs to be recovered from future revenue related to years prior to October 1,1991 was recorded as a cumulative effect adjustment.
As a result of this change in accounting certain noncash j
transactions were recognized in property, plant and equipment, accumulated depreciation, designated liabilities, and other assets.
The proforma amounts below reflect reinvested earnings as if the current method had been in 5
effect during the past two years.
1992 1991 1
As Reoorted Pro Forma As Reoorted Pro Forma l
Cumulative Reinvested Earnings
$28,660,237
$2,298,581
$9,748,842
$9,510,731 4.
PROPERTY, PLANT AND EQUIPMENT i
Property, plant and equipment is comprised of the following:
1192 1991 9
Nuclear Production
$ 4,609,541
$ 4,418,212 Steam Production 19,793,730 17,429,978
{
Other Production 40,128,764 43,097,858' Transmission Plant 20,970,984 21,454,602 Distribution Plant 33,711,764 33,338,980
- General 15.783.438 9.582.702 SUBTOTAL
$134,998,221
$129,322,33' Less: Accumulated Depreciation (43.138.717)
(38.243.592)
.i TOTAL
$ 91.859.504 5 91.078.740-i l
~;
}
i 5.
CONSTRUCTION PROJECT INTEREST COST KUA capitalizes, as part of construction costs, interest earnings on monies held in the construction fund. Recognition of this item as a contribution to the utility plant is consistent with the current accounting adopted under Statement of Financial Accounting Standard 71, Accounting for the Effects of Certain Types of Regulation. KUA capitalized interest income of $1,799,075 in 1992. There was no interest capitalized in 1991.
On January 27, 1993 the Board of Directors elected to restructure the project funds to fund i
capitalized interest on the Kissimmee Utility Authority Electric System Improvement and Revenue Refunding Bonds, Series 1991. This election was effective beginning with the issuance of the bonds and will be effective during the construction period for the gas turbine at Cane Island. Because the Series 1991 is both a refunding and a new money issue, only 77% of the annual interest expense will be capitalized during the construction period. Accordingly, KUA capitalized $3,102,913 of interest expense for the year ending September 30,1992.
i 6.
PARTICIPATION AND POWER SUPPLY AGREEMENTS Kissimmee Utility Authority is party to the following participation and power supply agreements at September 30,1992:
A.
Cane Island Project (the Proiect):
During 1992, KUA entered into a Participation Agreement with Florida Municipal Power Agency (FMPA) for thejoint construction, ownership and operation of KUA's Cane Island Project. The Project will be located at Cane Island,14 miles west of KUA's existing service territory on 990 acres of land. The Project will be owned and operated by the KUA. The agreement contemplates a 50 percent ownership in generating facilities constructed on this site beginning with the first unit, a 40.6 MW combustine turbine, scheduled for completion in 1994. The second unit will be approximately 120 MW and is-expected to be a combined cycle unit scheduled for completion in 1995. The total cost of the first unit is approximately $42 million including transmission facilities while the second unit is estimated to cost $121 million.
B.
Stnnton Enerev Center Unit No.1 (SEC 11: In 1984, the KUA entered into a Participation Agreement with Orlando Utilities Commission (OUC) to acquire a 4.8193%
(20MW) undivided ownership interest in SEC 1 and to participate in the use of related common and external facilities. The capacity and energy of the KUA's ownership interest in SEC 1 is transmitted through OUC's transmission facilities to the KUA's transmission facilities. - SEC 1 is part of the Stanton a Jy Center, which involved the development of an approximately 3,200 acre plant site located approximately 20 miles northeast of the City of Kissimmee. In addition
+
to SEC 1, the Stanton Energy Center is capable of accommodating three more units with a total capacity at the Stanton Energy Center of approximately 2000 MW. Each participant in the project financed their share of the cost indej,endently and no liability exists for the debt service -
i required by the other participants. KUA's benefit in the' Agreement is the added availability of capacity and energy of the facilities through its participation in future energy purchased and it
'35
does not otherwise maintain an ongoing fmancial interest or responsibility for the project.
Stanton Energy Center began commercial operations on July 1,1987. The KUA does not exercise significant influence or control over operating or financial policies of OUC.
C.
Crystal River Unit No. 3 (CR3):
In 1975, the KUA entered into a Participation Agreement with Florida Power Corporation (FPC) to purchase a.6754% undivided interest in their 806 net MW nuclear powered electric generating plant designated Crystal River Unit No.
- 3. The KUA is billed for its share of operating and capital costs. Capital costs are included in Property, Plant and Equipment and operating costs are included as power generation expenses.
KUA's benefit in the Agreement is the added availability of capacity and energy of the facilities through its participation in future energy purchases and it does not otherwise maintain an ongoing financial interest or responsibility for the project. The KUA does not exercise significant influence or control over the operating or financial policies of FPC.
D.
Indian River Combustion Turbine: In 1988, the KUA entered into a Participation Agreement with Orlando Utilities Commission (OUC) to acquire a 12.2% (11.7 MW) undivided ownership interest in the Indian River Combustion Turbine and participate in the use of related common and external facilities. Each participant in the project financed their share of the cost independently and no liability exists for the debt service required by the other participants. The KUA does not exercise significant influence or control over the operating or financial policies of OUC.
E.
Florida Municipal Power Agency (FMPAh In 1981, the KUA entered into a Power Supply Acquisition Agreement with the FMPA. KUA is to receive approximately 7 MW of power from the St. Lucie nuclear power plant. Costs associated with this agreement are included in purchased power expenses.
Additionally, in 1991, the KUA entered into a second Power Supply Acquisition Agreement with l
the FMPA. KUA is to receive approximately 17 MW of power from the Stanton Energy Center Unit No. 2, which is scheduled to be brought on line in 1997. The participation cost will be included in purchased power expenses beginning in 1997.
The KUA does not exercise i
significant influence or control over the operating or financial policies of FMPA.
In conjunction with the power supply agreements, KUA acquired its share of the Stanton Energy Center common facilities related to its ownership of SEC 1.
It has been determined that none of the participation agreements to which KUA is a party meet the criteria of a joint venture as specified by the National Council on Governmental Accounting Statement No. 7. The KUA lacks operational control over the SEC 1, CR3, Indian River and FMPA projects. No separate governing authority exists for any of the projects.
i k
According to the participation agreements, each panicipant must provide its own financing and each participant share of expenses for operations of the plants are included in the corresponding operating expenses ofits own income statement. The amounts of utility plant in service for CR3 t
and Indian River do not include the cost of common and external facilities for which participants pay user charges to the operating entity. Accumulated depreciation on utility plant in service is determined by each participant based on their depreciation methods and rates relating to their share of each plant.
l Following is a summary of KUA's proportionate share of the non-operated jointly owned plants at September 30:
1992 INDIAN SEC1 CR3 RIVER Utility Plant in Service
$20,911,843
$4,609,541
$2,847,234 I2ss: Accum. Depreciation (2.927.771).
(2.041.452)
(322.452)
Net Plant in Service
$17.984.072
$2.568.089
$2.524.782 f
1991 INDIAN SEC1 CR3 RIVER Utility Plant in Service
$17,429,978
$4,418,212
$2,678,954
_ 2.009.261)
(1.775.467)
(241.630)
Less: Accum. Depreciation
(
Net Plant in Service
$15.420.717
$ 2.642.745
$2.437.324 7.
PENSIONS The KUA employees participate in a multiple-employer cost sharing Retirement Plan for both employees of the City of Kissimmee and Kissimmee Utility Authority (The Plan). The Plan was established in 1968 and amended and restated in 1975 to cover substantially all full-time' employees, except City police officers and firefighters. Annual costs of the pension plan are
- actuarially computed and include amortization of past service costs.over a 30 to 40 year period -
l beginning January 1,1974. An actuarial study was conducted at January 1,1992 and 1991.
37
The table below shows relevant data for the Plan as a whole and for KUA's portion where this was available:
_ TOTAL PLAN L921 199_[
Unfunded Accrued Liab.
$ 1,107,184
$ 2,046,680 Value of Assets 16,389,942 13,148,586 Vested Benefits 8,390,667 7,449,156 Nonvested Benefits 755,768 573,381 Normal Costs 1,059,731 851,406 Amort. of Unfunded Liab.
100,021 171,582' Interest Adjustment 86,981 76,724 Actuarial Funding Req.
1,246,733 1,099,712
% OF
% OF.
t TOTAL
'R)TAL M
KUA'S PORTION 1992 1991 Vested Benefits
$ 3,615,538 43.1 52.7 296.541 51.7-Normal Costs 508,272 48.0 393,539 46.2 Amort. of Unfunded Liab.
45,798 45.8 76,654 44.7 Interest Adjustment 41,554 47.8 35,264
.46.0 Actuarial Funding Req.
595,624 47.8 505,457 46.0
% OF
% OF COVERED COVERED PAYROLL PAYROLL Covered Payroll
$ 5,279,393
$ 4,162,167 Normal Cost 508,272 9.6 393,539 9.4 Amort. of Unfunded Liab.
45,798
.9 76,654 1.8 Employer Contributions 595,624 11.3 505,457 12.1 The Entry-Age Normal-Level Percentage of Pay actuarial cost method. was utilized in the.
January 1,1992 and 1991 valuations. The significant assumptions for this Plan are:
i 1.
Life expectancy is calculated using the GA-1951 Male Mortality projected to 1965 by Scale C with a five-year set-back for females.
2.
An interest return of 7.5% compounded annually.
3.
A salary increase of 6% per year, j
I 5
As of January 1,1992, the plan included 485 employees at a total annual basic compensation
- of $11,318,003.
Of these numbers, KUA employees were 199 at a total annual basic compensation of $5,279,393. The current year payroll for all KUA employees was $6,583,168.
Membership in the Plan is comprised of the following:
Retirees receiving benefits 35 Beneficiaries receiving benefits 30 Vested terminated employees 14 Active employees:
Fully vested 105 Partially vested 135 Nonvested 166 4!5 Normal retirement eligibility is defined as attainment of age 65 and completion of 10 years of credited service. Eligibility for early retirement is attained at age 55 and completion of 10 years of credited service. The Plan also provides for disability retirement and a death benefit. KUA's contribution is calculated by the actuary based on membership. The administrative cost of the Plan is allocated proportionately between the City and KUA and paid separately. As of January 1,1992, the pension benefit obligation was calculated as follows:
Retirees and beneficiaries currently receiving benefits and S 2,829,612 terminated employees not yet receiving benefits Accumulated employee contributions including allocated 923,480 investment income Employer Financed - vested 4,637,575 Employer Financed - nonvested 4.608.210 Total Pension Benefit Obligation 12,998,877-Less: Actuarial value of assets 16.389.942 Assets in excess of pension benefit obligation
$(3.391.065) i The actuarial assumptions used to compute contribution requirements were the same as those -
used to compute the pension benefit obligation. The pension benefit obligation is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step-rate benefits estimated to be payable in the future as' a result of -
employee service-to date. The measure, which is the actuarial present.value of credited
.' projected benefits, is intended to help users assess the System's funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among Public Employees Retirement System (PERS) and employers.
Historical trend information presenting the Retirement Plan's progress in accumulating sufficient assets to pay benefits when due is presented in Table 9 of the Statistical Section of this report'.
39 H
k i
8.
DEFERRED COMPENSATION PLAN The KUA offers its employees a choice of two deferred compensation plans created m accordance with Internal Revenue Code Section 457. The plans are administered by the International City Managers Association (ICMA) and the United States Conference of Mayors I
(USCM). The plans, available to all KUA employees, permit them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination or unforeseeable emergency (including death, retirement and disability).
The Internal Revenue Code section 457 requires that all amounts of compensation deferred, all property and rights purchased, and all income earned are (until paid or made available to employees or their beneficiaries) solely the property and rights of the KUA, subject only to the claims of the KUA's general creditors. Participants' rights under the plans are equal to those i
of general creditors of the KUA in an amount equal to the fair market value of the deferred account for each participant. Deferred Compensation accounts are stated at market value.
The ICMA and USCM are responsible for investment of funds, distribution of benefits and reporting to participants. The KUA believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future.
I 9.
REVENUE BONDS OUTSTANDING The Revenue Bond resolutions provide for:
A. Establishment and maintenance of various funds:
(1)
Revenue Fund records all operating revenues and expenses of the system; (2)
Sinking Fund records principal and interest requirements; (3)
Bond Amortization Fund records funds held for the retirement of term bonds; (4)
Reserve Fund records funds held for the maximum annual debt service j
requirement; (5)
Renewal, Replacement and Improvement Fund is to be used only for making improvements, extensions and replace'ments to the system; and (6)
Construction Fund records the cost of major additions to the system financed by revenue bonds.
B. Restrictions on the use of cash from operations in order of nriority:
(1)
Deposits are made to the Revenue Fund to meet current operations i
according to the Budget; 5
i h
r I
(2)
Deposits to the Sinking Fund Account are required on or before the 25th day of each month equal to one-sixth (1/6) of the interest coming due on the next semi-annual interest payment date and one-twelfth (1/12) of the j
principal coming due on the next principal payment date; p
(3)
Deposits to the Bond Amortization Fund are required on or before the 25th of each month equal to one-sixth (1/6) of the amortization installment coming due on the next semi-annual payment date; (4)
Deposits to the Reserve Fund are to be made when required to maintain the Fund at the reserve requirements (maximum annual debt service); and (5)
Deposits to the Renewal, Replacement and Improvement Fund are required each month in an amount equal to one-twelfth (1/12) of the adopted budget for that fund. The total annual deposit may not be less than 5% of the gross revenues for the preceding fiscal year after deducting 100% of the fuel expense and the energy component of purchased power expenses incurred in such preceding nscal year.
However, no such monthly deposit shall be required when the amount in such fund shall at least equal $1,500,000.
i C. Early redemotion:
?
The bond ordinance provides for early redemption of outstanding bonds, except original issue discount bonds, at call rates varying from 100% to 102% of the instruments' face value, dependent upon the call date. Original issue discount i
bonds may be redeemed early at call rates of 80% to 100% of the face value, dependent upon the call date.
D. Investment restrictions:
(1)
Funds of the Sinking Fund, Bond Amortization Fund, Reserve Fund and l
Renewal, Replacement and Improvement Fund are required to be continuously secured in the same manner as municipal deposits of funds are required to be secured by the Laws of the State of Florida; and (2)
Monies on deposit in the Sinking Fund and the Bond Amortization Fund shall be invested only in direct obligation of, or obligations the principal of and interest I
on which are guaranteed by the United States of America and which do not permit redemption prior to maturity at the option of the Authority.. Monies on deposit in the Revenue Fund, Reserve Fund and Renewal,. Replacement and Improvement Fund may be invested as described above as well as in obligations' i
rating an " A" or better frorn Moody's Investors Service, Inc., bank' time deposits represented by certificates of deposit and bankers acceptances, repurchase I
41
)
agreements, commercial paper which has the highest investment grade rating and shares of investment companies which invest principally in United States government securities.
Refunding and revenue bonds outstanding at September 30 consist of the following serial and term bonds:
FINAL ORIGINAL DESCRIITION MATURITY AMOUNT JEL2 1221 Refunding Revenue 10/01/92
$71,500,000
$ 1,345,000
$ 2,605,000 Bonds, Series 1982A 7.25 % -7.75 %
4/1;10/1 Refunding Revenue 10/01/17
$36,875,000
$21,580,000
$35,770,000 Bonds, Series 1985 6.50 % - 8.50 %
4/1;10/1 Electric Revenue 10/01/12
$66,020,000
$63,925,000
$64,330,000 Bonds, Series 1987 4.40 % - 6.80 %
4/1;10/1 Improvements &
10/01/17
$75,550,000
$75,550,000
$0 Refunding Revenue Bonds, Series 1991 4.30 %-6.60 %
4/1;10/1
)
In December 1991, the KUA issued $75,550,000 in Kissimmee Utility Authority Electric System improvement and Revenue Refunding Bonds, Series 1991 (Series 1991). The proceeds, after payment of underwriting fees, insurance and other issuance costs, were used to advance refund
$13,775,000 of outstanding Series 1985 (Note 11), finance a part of the cost of acquisition and construction of additions, extensions and improvements to the System, and fund the Reserve account.
- 10. CILLNGES IN LONG-TERM DEBT The following is a summary of bond transactions:
Transaction J.222 J19.1 Bonds Payable at Beginning of Year
$102,705,000 $104,350,000 Additions 75,550,000 0
Refunding (13,775,000) 0 Retirements (2.080.000)
(1.645.000)
Bonds Payable at End of Year
$162.400 000 $102.705.000 The annual long-term debt service requirements are as follows:
SEPTEMBER 30 J192
.1291 1992
$ 11,'776,669
$ 8,856,167 1993 12,820,018 8,838,229 1994 13,296,489 8,871,371 1995 12,786,735 8,847,977 1996 12,786,796 8,835,878 1997 12,767,923 8,819,397 1998-2002 63,723,740 43,267,629 2003-2007 63,698,083 41,920,230 2008-2012 70,554,524 41,158,670 2013-2017 72.286.666 22.508.850 Total
$346,497,643
$201,924,398 Less: Amt. Representing Inte-rest (184.097.643)
(99.219.398)
Total at Present Value
$162.400.000
$102.705.000 11.
REFUNDED BONDS The KUA refunds and defeases debt primarily as a means of reducing debt service, thereby postponing or reducing future electric rate adjustments. Outstanding serial bonds, which were refunded through the full cash defeasance method on January 4,1978 and through the net cash defeasance method on February 25,1982, January 25, 1983, December 31,1985, 13 I
April 1,1987 and December 18, 1991 follow:
ELECTRIC & WATER 1922 1921 BOND ISSUES 1963 5 470,000
$ 690,000 1967 650,000 740,000 1971 850,000 850,000 1971-A 305,000 345,000 1973 2,910,000 2,975,000 1975 2,950,000 3,045,000 ELECTRIC REVENUE BONDS 1977 Series A S 16,515,000
$ 17,020,000 1979-A 2,270,000 2,330,000 1982 45,720,000 46,260,000 t
1982-A 67,250,000 68,510,000 1984 27,555,000 27,790,000 1985 13.775.000 0
i
$173.085.000
$170.555.000 Since governmental obligations are held in escrow for the payment of principal and interest on j
these bonds, they are not liabilities to the KUA.
In December 1991, the Authority issued $75,550,000 in Kissimmee Utility Authority Electric f
System improvement and Revenue Refunding Bonds, Series 1991 (Series 1991) with an average--
interest rate of 6.73 % to advance refund $13,775,000 of outstanding Series 1985 with an interest rate of 8.403%. The KUA in effect reduced its aggregate debt service payments by S1,455,379 over the next 16 years and obtained an economic gain between the present value of the old debt and new debt service payments of $889,260. The loss on early extinguishment of $3,233,702 has been deferred and will be amortized to incoine over the remaining life of the new debt consistent with the methods used for setting rates (See Note 3).
l 12.
COMMITMENTS AND CONTINGENT LIABILITIES The KU A has made certain commitments in connection with its continuing capital improvements f
- program.
KUA estimates that capital expenditures for ongoing business during 1993 will be i
about $51,478,978, and approximately $86,518,730 for the years 1994 through 1997.
The KUA is involved in litigation arising during the normal course of its business. In the t
opinion of management, the resolution of these matters will not have a material effect on the financial position of the company.
As stated in note six (6), the KUA entered into a Power Supply Acquisition Agreement with the Florida Municipal Power Agency (FMPA)in 1981. KUA contracted to receive approximately 7 MW of power from the St. Lucie nuclear power plant for the life of the plant. The amount of KUA's participation costs for 1992 ar,-l 1991 were $3,305,321 and $3,649,054 respectively.
The participation costs for 1993 are expected to be $3,486,208. Future participation costs are i
not known at this time. Also, as stated in note six (6), the KUA entered into a second Power Supply Acquisition Agreement with the FMPA to receive approximately 17 MW of power from SEC 2. SEC 2 is still under construction and future panicipation costs are not known.
The KUA has purchase agreements with utilities whereby the KUA must pay capacity demand or reservation fees whether electricity or fuel is received from these utilities or not. The utilities l
involved and the charges paid are as follows:
Expiration Maximum Annual Date Commitment i
Orlando Utilities Commission (OUC) 2019
$ 1,588,270 Florida Power Corporation (FPC) 1995 1,983,336 Tampa Electric Company (TECO) 1994 3,216,408 Florida Gas Transmission (FGT)
NONE 584.002 TOTAL
$ 7.372.106 Several of the contracts are flexible and allows KUA to contract more capacity for a short time if demand increases more sharply than anticipated, or if KUA's generating resources become unavailable. In such an event, the maximum annual commitment would increase in proportion to the increased capacity purchased. The charges paid to OUC, FPC and TECO are recorded as purchased power while charges paid to FGT are recorded as power generation expenses.
The KUA owns a portion of Florida Power Corporation's nuclear power plant at Crystal River, i
Florida. This plant is scheduled to be decommissioned beginning in the year 2015 and ending 2022. The KUA will be liable for approximately 5861,000 in decommissioning costs in 1989 dollars. In June 1988, the Nuclear Regulatory Commission (NRC) required utilities to provide i
financial assurance that decommissioning funds would be sufficient and available when needed for NRC required decommissioning activities.
On July 12, 1990 the KUA and the Florida Municipal Power Agency (FMPA) entered into an agreement whereby the FMPA would act as agent for the KUA and certain other Crystal River Unit 3 (CR3) participants to coordinate the administration of a trust fund. Contributions to this trust fund are not available to KUA for any
]
other purpose except the decommissioning of CR3.
KUA's balance in this Trust at September j
30,1992 and 1991 including interest earnings was $589,801 and $506,192, respectively. Future 1
j
.ss j
contributions will be made to this trust account as needed based on updated cost estimates and trust fund earnings.
As a result of their ownership interest in CR3 and St. Lucie purchase power agreement the Authority is subject to the Price Anderson Act which was enacted to provide financial protection for the public in the event of a nuclear power plant accident. The first layer of financial protection was the purchase of $200 million of public liability insurance from pools of commercial insurers. The second layer of financial protection is provided under an industry retrospective payment plan. Under that plan, owners are subject to an assessment of $252 million per incident with provision for payment of such assessment to be made over time as necessary to limit the payment in any one year to no more than $40 million per incident. The Authority's share of these assessments would be approximately $1,702,000 and $270,000 i
respectively for CR3 and $1,925,000 and $305,000 respectively for St. Lucie.
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