ML20056G897
| ML20056G897 | |
| Person / Time | |
|---|---|
| Site: | Trojan File:Portland General Electric icon.png |
| Issue date: | 12/31/1992 |
| From: | Smoth S EUGENE WATER & ELECTRIC BOARD |
| To: | |
| Shared Package | |
| ML20056G894 | List: |
| References | |
| NUDOCS 9309070287 | |
| Download: ML20056G897 (37) | |
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MOV!NG BEYOND BOUNDAR!E' Eugene Water I 992 A N N UA L R E P 'O R T Electric Board M:l.%~y
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Financial Highlights 1
kibousands of Dollars >
Electric Utility % ~ m.g n rup m j
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I or ik i or Grow Operating Revenues 9,2 940 ~
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Net Operating' Revenue
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7 649 6 733 I
Net Revenue
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3 040 1 100 827
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Capital Expenditures 7.182 7 869
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j wT Net Working Capital 15 236-:
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lemg-Term Debt 43 262:.
45 005 34 990 36 037 Accumulated Net Revenue 128 769-125 882 122 842 121 741 Water Uthity l
l' QQig?MRMdMMfHMMGM lor thc 1w Gross Operating Revenues 9.210 8206 7 533 6 981 l
Net Operating Revenue 1 384 841 186 53 Net Revenue
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(341)
Capital Expenditures
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1013 766 995
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Net Working Capital 1-2 470 2 89)
'600 2 606 long-Term Debt
.8172-9 001 9 778 10500 Accumulated Net Revenue 18 667, 17 914 7 5'57 17 826 Bond Ratingt Standard c" Poor's Moody's imestors
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Corparatum Sen ice, inc.
Electric Utility System Resenue Ikmds AA.
Al I hctnc Oribry System Comervation ikmds AA-Aa Water Utility System Revenue Nnds AA-A1 Trojan Nuclear Project Revenue Nnds AA Aa 2
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m EWElfs biggest achiesements in 1992 offer aggressive cost-cutting measures, capital improve-convincing evidence that the utility is following its ments, and customer service initiatives to ensure the tradition of maintaining efficient operations while utility's competitive edge.
seeking opportunities with the highest benefits to e
Refined cost management practices allowed customers and the community.
EWEli to accomplish the year's goals under budget, e
EWElvs Energy Resource Plan, the utility's while the newly integrated Corporate Work Plan road map for meetmg energy needs for illustrated the utility's priorities and offered a plat-the next 20 years, won support from form for responding to change in an organized way.
33
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tem reinforced EWElfs commitment to attracting Significant progress was made in and retaining the best workers.
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A new performance evaluation system pro-s c.
.h pso Management Plan. While EWEli has vides a method for genuine dialogue between em-7 c+
not been directly affected by the years playees and supen isors-essential for ensuring that
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mitted to ensuring an adequate, well-improve.
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managed water supply for the future.
Underlying this work, says tierggren, is a
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,7 EWEli,in partnership with local, deliberate shift in the organization's cult ure. "ETEli e
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state and federal agencies, began work is working on the same problem that many other on the McKenzie River Watershed Management organizations in this country are working on. To j
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Program, a project being watched around the coun-find our competitis e edge, we need to create orga-try as an aggressive initiative to protect the quality nizational cultures that empower and embrace em-js y'p l l
g of the pristine McKenzie.
ployees' individualism."
The steam utility, which serves some of lierggren's personal mission is to baild a -lea rn-fc e
NqkhI the community's largest employers, was reposi-ing organization"-one that weds individual and tioned as one of EWElrs three product divisions.
institutional potential-by creating ways for em-l During the year Steam staff moved forward with ployees to learn about themselves, cultivate their l
capabilities, and share what they discover.
y The move away from traditional, authoritar-I rw-p gsp op
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4 itTI he new Electric Division is a merger of EWEB will be asking voters to approve a $150 l
vision, competency and opportunity," says director mill;on bond authorization in Alay 1993 to finance Garry Kunkel. As part of EWElfs 1992 reorganiza-the first four to five years of the projects called for j
tion, the former Power hianagement Division gained in the 20-year Energy Resource Atanagement Plan.
responsibility for electric generation and opera-The plan, developed in consultation with a 14-i tions, so that all aspects of the electric utility would member Citizen Ad visory Committee, rejects nuclear l
reside in one division.
and coal-generated energy, opting instead for con-
" Access and control over the critical elements serva tion, cogeneration, hydroelectric retrofit s, a nd 1
of our business-from the planning and acquisition the development of geothermal, wind, and solar of energy, to energy generation and man-technologies. Empleying a unique " partnership" Tc me cms 44*(
agement, to its delivery at our customers' approach with Northwest and Southwest utilities
,,g,[j homes and businesses-results in better-and Bonneville, the power from EWElfs projects informed decisions, lower operational will be dedicated to higher-value power markets in l
^<@ificw p. lee, T.Ci costs, and clear accountability," Kunkel the early years, then returned to EWEB customers l
willb.ild,,tc/c/
when operating costs compare favorably with the says.
7 eic m Planning and acquisition of energy local power market.
dA c uit l
clearly t k center stage in 1992. "It had The keystone of the Energy Resource Plan is m e m a m T{c!;c i
to," savs Kunkel, "because the future will energy conservation, maintaining EWEB's and the d ele p eictiis; e s,
not take care of itself." In just 20 years, community's commitment to this resource. With 65
<wird u continued load growth and expiration of percent of all Eugene residences now weatherized, peddlee 4r low-cost power supply contracts would ETElfs conservation efforts targeted the commer-
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have increased EWEB's reliance on the cial and industrial sector in 1992. Two of the largest i
Bonneville Power Administration to 90 percent of these projects, at Weyerhaeuser's Springfield j
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from today's 60 percent. EWEB has chosen an compiex and at South Eugene High School, netted g# g j
alternative course.
substantial energy savings. EWEB will continue to
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"Instead," says Kunkel, "we are embarking work closely with business, industry, and govern-q..
on a bold acquisition plan that will build needed ment agencies, helping them improve efficiencies
)h diversity into our resource portfolio while protect-and reduce their energy costs in 1993.
ing our customers' pocketbooks." To that end, Aggressive efforts over the last > car led to the I
successful negotiation of several long-term agree-1 f - =,
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The 12-onegau att Stone Creek hydroelectric l
plant located in Mt. Hood National f orest.
1 A satelhte vieu nf Neu. berry Yokano and surrounding area u+ere geotherrnal energy potentualis high.
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8 ments to develop and market power in the Western U.S. Fach new project and agreement supports the 92 - The Year in Review principles and values of the Energy Resource Plan.
. The first year of a two-year program to replace aging under-In a Northwest first, EWEB and California ground electrical cable in high-risk areas of EWEB's system Energy Co. joined forces in a pilot project spon-was completed on schedule and within its $1.5 million budget.
sored by the BPA to test geothermal potential near
. Efforts to obtain new operating licenses for the Leaburg/
Central Oregon's Newberry Crater. If the develop-Walterville project continued with extensive review of EWEB's ment of the Newberry geothermal project proves application to find the best balance of power benefits with environmentally and financially sound, geothermal competing beneficial uses of the McKenzie River.
exploration will continue in the Cascades where
. A project to upgrade a portion of the upriver transmission EWEB already holds leases on properties with geo-system from 69kV to 115kV was completed a year ahead of thermal potential.
schedule to accommodate production needs of Weyerhaeuser, At Stone Creek near Mt. Hood, EWEB seized EWEB's largest customer.
the opportunity to negotiate purchase of a newly
. The electric utility delivered 2.53 billion kilowatt-hours of constructed hydroelectric generating facility. Far-energy, up 5.9 percent from 1991. These sales brought in ther north near Astoria. EWEB and the Clatskanie S89.7 n l'inon in revenues, up 5.3 percent from the previous Aple's Utility District are developing cogenera-year.
tion potential at the James River Corp. Wauna
. Residential conservation programs generated 9.5 million kilo-paper mill. And in Nmember 1992 EWEB, in watt-hours for the utility (up from 6.5 million kWh in 1991) -
cooperation with Bonneville, U.S. WindPower, and and saved participating customers $374,000. Commercial-Pacific Power & Light, submitted a proposal to Industrial conservation programs identified 13.8 million kWh develop a pilot wind energy project near Medicine in savings for customers.
Bow, Wyo.
. The electric s'. stem served approximately 69,000 custo.mers (up Contmued resource acquisition activities, 1.3 percent). The average residential customer used 1220 says Kunkel, will share the spotlight in 1993 with kilowatt-hours per month at an average rate of 4.02 cents per development of a long-range, strategic operating kilowatt-hour for an average monthly cost of $49.04.
plan and with a renewed emphasis on gaining operational efficiency, product reliabihty, and cost management.
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^$ y <dy he.\\kKenzie River, I WElfs water source, flows bnsk and clear from high in the Cascades to the r{st i.
lia) den liridge 1 iltration Plant, east of 1:ugene. Pure mountain water gis es EWEli a head start in its delivery j
of high-quahty water. "Our water," says Jim Brown, Water Division Director, "is much better than most t
am bods else's. Government rules and regulations are just now starting to approach our standards, but we will continue to stay ahead."
Y N
y The Water Dis ision serves 1.ugene and several nea rby communities. This is an expanding metropolitan u7 L q:
center, one of Oregon's most important, and water consumption is growmg apace. Prolonged drought in
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y the West finally reached Oregon in 1992. Although EWElfs service area was not affected, the utility's Interim Water Curtailment Plan was approsed by the state for enactment during continued or future r
droughts. EWI IPs recommendations for emergency curtailment are just one part of the Water Resource l
.\\tanagement Plan, the utility's broader look at water policy for the next 10 to 15 years.
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j Plan was t he Water Division's top priority. Prompted 92 - Year in Review.
j by the needs of a growing population, this long-A 20-month project to upgrade electric service to the water f
range plan will keep water flowing to customers filtration plant was completed, increasing reliability. The^
well into the next century. It is imperative to plan
$920,000 project cost was financed through capital improve-and act now, Brown says, because EWEB predicts
. ment bonds approved by voters in 1991.
that within 10 ears peak demands could exceed the Some 7.8 miles of distribution mains were installed, nearly double 3
limits of the Hayden Bridge Filtration Plant.
the growth seen in'1991.
The Water Resource hlanagement Plan, sched-A state-of-the-art Supervisory Control and Data Acquisition l
uled for completion in 1993, will define EWElfs (SCADA) system to monitor the water system's daily perfor- -
role in the region, evaluate the costs and benefits of mance was acquired.
potential water sources, and identify needed facili-EWEB pumped 9.3 billion gallons of water, a 3.6 percent increase j
ties and financing. The plan will also specify conser-over 1991. On average 30 million gallons were pumped each; j
s ation efforts to reduce water consumption, espe-day, with an all-year peak of 62.8 million gallons on August 8.
l cially during peak periods of use. In 1992 the Water rates increased by S.5 percent in order to meet increased
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Board appointed a Water Customer Advisory Com-federal safety standards, develop the Water Resource MSnage-mittee. In addition, government and private agen-ment Plan, and upgrade water system maps.
cies announced their participation in the plan, and
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initial research began on the big issues.
"Although our work is changing and broad-
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employees share a sense of dedicat-to the com-j munity and pride in our products. This is something l
that hasn't changed at EWEB," says Brown.
7 A n ernployee tour group learns about the i
settling basins and(dters at IXlEs H.nden lindyr uuter fdtratton plant.
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Duk liclgeson (left1 talLs unh customer Del Dnskill, 1.ugene Plant Maruger for Agnpac. inc.
'lt's ut twql te (~+rt + crospet 1stl.) fstad seduct. Ov1 cs-stera1s f
cep<i 4,d wake /iutt, pssed seuia {som us."
he Steam Division may be EWEB's smallest utility, but it faces the fiercest outside competition. When Dick Helgeson took command of the new division in January 1992 he took immediate steps to ensure Steam's competitive survival. Ile introduced tough measures to control the budget, organized his staff for higher productivity, put capital improvement projects back on track, and networked with key customers to show what the Steam Division could do for them.
" Steam's new identification as one of EWElfs three product utilities enhances our profile in the I
community. This is a business imperative for us. Though we serve only 116 customers, they comprise a veritable Who's Who of historic, downtown Eugene, says 11elgeson. "It's not enough to have a s
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92 -The Year in Review i
t in 1992 Steam trimmed operating costs by
. An interrie connecting EWEB and University of Oregon steam 5300,000, reduced its work force by three posi-5ystems was put into operation in April, enhancing reliability tions, and began generating electricity for the first d cost-efficiency at both plants. During the year 23,000 time in three years. In addition, aggressive negotia-pounds of steam were exchanged.
i tions with hogged fuel suppliers lowered the wood
. The steam utility renewed electric generation, producing waste's cost to EWEB by 10 percent. "I feel good
-6 million kilowatt-hours for resale to the electric utility.
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about last year," says Helgeson. "We streamlined
. An aging steam vault was replaced on a busy dow itown street our operation, scrubbed our budget, and passed using an innovative vault construction meth5d that resulted in savings on to our customers.".Vlore cost-saving minor disruption'of service.
measures will be studied in 1993, including a look
. The steam distribution system served 116 customers, an increase at alternative fuel sources.
mf one service over 1991. During the year the system produced' Staying in close touch with customers and
'268 million pounds of steam, down 4.6 percent from 1991.
l negotiating for a contimwd commitment were also These sales brought in $2.4 million in revenus.
key accomplishments of 1992. The steam system's
. Although there was no increase in base rates, lower negotiated two largest customers, Agripac food processors and h'ogged fuel costs resulted in a savings to customers of about 5 f
Sacred Heart hospital, agreed to consider long-
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percent.
term contracts m return for more competitive pris-t i
ing. Looking ahead, the utility has proposed five-j year contracts with Agripac and Sacred Heart (which t
Takm.g charge, maintaining direct contact with together account for almost half of annual steam i
customers, and taking product cost control actions sales). Besides stabihty these long-term contracts internally will keep Steam the logical source of heat will help keep steam arv s atfordable for smaller m the heart of the city for years to come, customers, and pre ide fm.ancial resources to up-grade 5 team', physical plant.
T After demonstrating its ability to both cut
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Division was authorized bv the EWEB Board to
-hogged tu,1. a wood waste i
produ:t from local mdis.
complete designs for a gas-fired package boiler and I
a backpressure turbine. The new package boiler will provide an alternative to hogged fuel and enable EWEB to take advantage of the best valuein bM C
the fuels market.
WhVf The turbine, an efficient, double-duty genera-3 tor, will produce steam and electricity and enable h..4 4
the utility to make an even greater contribution to M
3 EWEB's energy resource program. Billing credits I
from the Bonneville Power Administration will Steam Service Superruor Dennis Daggctr <rigWnd customer clu e 1
defray a large part of the 54.7 million budgeted for ransran outside the downtown the two projects. The boiler and turbine are sched-f"F"' '""'""' W"'"'d # "d "3E"-
uled for installation by early 1994.
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Susan 1%Jy ituregmund! and i ni tronmental A1mger I.aurie I%u er near Holden Ocek Ebig on sl~e A1s Ken: e Rn er.
EWEB's Potential bfanagement Services directs a wide range of activities. Strategic planning, human resources, "g
g - organizational development, public information and education, intergovernmental relations, and environ-
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mental management are all part of this multi-faceted division. With the help of these services, EWEB and its employees have the means to pursue opportunities and optimize results.
7-Q "Through the services we provide and the development of our management programs, we are assisting the organization and the people who work within it to achieve high performance " says division director Susan Brody. "The reorganization has helped us to do this because the work of the utihties is now clearly defined and we know where our assistance and leadership are needed most."
The Corporate Work Plan is a good example of how Management Services is providing tools to increase organizational effectiveness, Brody says. Integrated with the budget process for the first time this 10
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j year, the plan depicts EWTB's work in a visual The division's intergovernmental efforts in (h[ ' 4 '
format that identifies tasks and schedules for com-1992 focused on building improved relationships pirtion. The plan also incorporates suggestions with governmental partners at the local, state and l
from the strategic planning group. a cross-section of federallevels, while facilitating citizen involvement
~
utility managers who meet regularly under the with key EWEB proiccts.
l leadership of Atanagement Services. The group's Atanaging the environmental impacts of outstanding accomplishment in 1992 was to de-EMIB's operations is a significant part of the velop an environmental scanning process to identify division's work, says Brody, in 1992 the Environ-
- '1 j
trends, threats, and opportunities facing EWEB and mental Atanagement Department audited EWEB's l
ways to address those challenges.
steam utility, developed procedures for hazardous l
Human Resources helps provide the policies, waste disposal, assisted Ekctric with its hydro f
systems, and expertise to ensure that EWEB has the relicensing project, and conducted environmental g l.N h j
employees it needs to do its best work. In 1992 this reviews of new energy resource projects.
E(C department drafted a Human Resources Alanage-The AicKenzie River Watershed hianagement 5
ment Plan, which provides strategies for recruiting Program, another important part of the division's 1
j and training workers, and improving productivity environmental management program,is a proactive j
in the years ahead. Also in 1992, Human Resources effort to preserve the health and beauty of the 3
j developed a new compensation plan and a perfor-1,300- square-mile watershed. The program brings j
mance evaluation system. Alanagers intent on in-together citizens with an assortment of local, state creasing productivity in their departments also rely and federal agen-m
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EWEB's public information and education the watershed, s
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programs develop better-informed customers and prevent environ-l citizens who will be able to help EWEB fulfill its mental degrada-e
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I mission. In 1992 the division offered 56 electric tion, and ensure J
safety presentations and led 21 filtration plant the river's eco-v tours,30 steam plant tours, and 54 tours of Leaburg nomic and recre-g.
Dam, plus classroom presentations about water ational vitality.
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and electricity to Eugene area schools. The public information staff also coordinated public work-Top: LWLB LJucarson Consultant Al j
shops and surveys that enable EWEB and the Board to stav close to the community's needs.
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tools for local trad>crs to use in their 3
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Left c~ h1:JJle: Creatmg opportumtses i
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'y interact is a goal of L WLB's public mformatwn ciforts.
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1 Costs Tom Buckhouse and bus stMf plan, budd, and mamtam the infrastructure that pr<n sdes riectricity and u ater to the I:ugene metropuhtan area.
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P p orn out of the early 1992 reorganization of vided alternacives that were very costly, Buckhouse EWEB's maior disisions, Facilities Services brings says. "It took persistence from all staff involved to the Purchasing, Warehouse, and Construction de-propose a solution that should save the electric partments together with Engineering, Drafting, utility close to 51 million.'
Facilities Planning and General Services. The reor-Expanding their collaboration efforts is a top i
ganization centralizes expertise and function > that priority for Facilities Services Division staffin 1993.
have responsibilities across all product lines, says Alaior projects include design and installation of a division director Tom Buckhouse.
new gas-fired package boiler and backpressure tur-Reorganization has also meant thinking bine for the Steam Disision, contributing to the
" smart, helping the utilities define their true needs development of the Water Division's first water and balancing those needs against costs. In the past, resource plan, and continued planning and design t,g-w EWEB concentrated on maintaining high inventory work to support implementatioa of the energy.
M l
levels and building first-class systems that often resource plan.
k surpassed es eryday needs. Cost was not the driving As EWEB's interests expand beyond state factor. Today ETEB is appraising the system with borders and its service area grows more dense, the
~
l greater scrutMy, says Buckhouse.
utility's infrastructurelike-
"With our knowledge of utility systems, we wise becomes more com-l can show that spending more money is not always plex and interdependent.
1 l
necessary to do a better job," Buckhouse says.
To get the most out of the Added to that, he notes, is the organization's com-system and prevent fail-i mitment to working together. "The average em-ures,the Facilities Services playee can design and build something that will Division will continue to work. Intelligent teamwork is what enables us to use its Facilities Aianage-i design and build systems that not only work better, ment Plan to develop firm but cost less.'
data on the capacity and In 1992 for example, facilities collaborated limits of the system, ways with EWEB's energy management experts to help to maintain it, and ways to the Water Division develop a plan that could improve methods of op-l replace inefficient intake pumps with energy-effi-eration and maintenance.
1 cient, electric-motorized pumps. The Bonneville With new responsi-Power Administration may fund a portion of the bility for purchasing and j
expense through its conservation program. The warehousing, Facilities j
.a new pumps would allow the Water Division to also will be lookmg to en-spend less on electricity yet deliver the same amount hance its materials management efforts and reduce storderper Tony of its product.
inventory in 1993. And continued development of equipment stored m In another example of teamwork that pays EWEB's hiaintenance Afanagement Program will mr, o,rsite i
oft, Facilities worked closely with hydroelectric create better records of EWElfs facilities, introduce u scNuse.
j operations staff and consultants to find a more standard maintenance practices, and make sure ec< nomical solution to new Federal Energy Reg-routine maintenance takes place during regular ulatory Commission requirements for EWEIrs work hours.
i Trailbridge reservoir spillway. Initial studies pro-i l
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Cost As hnamialSerrhes Dn esson Director, jam Origluaso <nrrsecs abr Illnn8 gOme nt Auwnting, Ratn, Ruk Managenu nt, and Customer 5crn c departments.
for Customers he utility's a bility to weather a 53 million electric revenue shortfallin 1992, with no increasein rates, proves that the Financial Services Division gives EWEB customers good value through cost management.
A greater emphasis on fiscal management and cost control also resulted in no steam rate increase in 1992, and the adoption of a 1993 budget that calls for no increase in any rates except to pass through a Bonneville Power Administration electric rate increase in October 1993.
Director Jim Origliosso and his staff provided direction to the organization in its efforts to respond quic kly to lower-than-expected electric revenues in 1992 caused by mild winter weather. Financial Services s
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eliminated $1 million from the general budget by The bonds will be serviced by an inventive j
implementing EWElvs plan for financial contingen-partnership strategy that requires EWEB to seek out I
j cies and by refinancmg the debt incurred in the late high-value markets, outside its own service region, l
l 1980s when EWEB built its new headquarters.The for excess power. In the future when the cost to
{
reduction in debt service will bring more ihan EWElfs customers is low enough, the power will be
$750,000 in additional savings in 1993-96.
redirected back to the local area. In the meantime,
}
An aggressise belt-tightening effort through-distant commanities will " prime the pump" for i
~
out the organization focused on identifying and resource deselopment that will benefit EWEB's l
deferring lower-priority work while maintaining a retail customers. Over the next 10 years, l
l, sound utility and high-quality service. Reductions this mutually beneficial strategy will keep aA:(d.se m i
totaling 51 A million were made quicklv in areas local electric rates stable, while EWER in-s 6 7 M ;r M j
such as travel. training, cont ract labor, and unfunded vests heavily in alternatives to continued j
liabilities, with minimal effect on customer service.
reliance on the federal government for u ida + h&mt
]
This effort changed a projected deficit into a year-power supply.
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end positise resenue balance while helping the On a daily basis, the Financial Ser-
[c.p d & atn s..
e entire staff be bener able to evaluate work priorities vices Division continued to refine its com-l I
and recognize opportunities to reduce costs, mitment to providing quality cus-An 8-10 percent increase in wholesale power tomer service. A new bill format sales at the end of the year, induced once again by provides more information, Spanish f
p the weather, compounded annual savings. As a translations, and is easier to read. In {'
l result, EWTirs year-end fmancial position pro-addition, billing envelopes and forms F l
~
vided an additional 53.5 to $4 million to the capital are now fully recyclable, and a new h,;/
k and operating resers es of the electric utility,5800,000 dris e-up payment box makes paying y>
for the water utilitt reserves, and $150,000 for the bills more comenient.
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The teamw ork that made such dramatic gains for 1993, a redesign of EWElfs cus-possible feels new to EWEB, says Origliosso. Such tomer bilhng system will provide a.
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==
I teamwork is the direct resuh of the reorgam7ation, smgle, powerful data base for all h which allows clear representation of each utility's customer interaction records, ensur-needs and capabibnes at the executive level.
ing that all employees hare the infor-Customers did not receive higher bills to cover marion they need when workingwith the revenue shortfall in 1992, and they will not be customers.
Atcrer Rcader i, ant asked to front the future costs of ETElfs $300 "What's unique about ETEB is that we take LaRwhc and /nend.
million Energy Resource Plan. To fund the first half an interest in the people behind the meters. We're i
1 of the 20-year plan, EWEB is asking the public to always on the lookout for what the customer needs,"
l pass a 5150 million bond measure in May 1993.
says Origliosso.
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1992 Analysis of Sales 1992 Electric Sales
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and percent dung fwm lu91 ulcs i
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Residential 61 428
+ 1.3 "o 899 539 899
-7.2 %
37 122 962
-4.8 %
4 I
General hernce
,443
+1.1%
724 772 344
-0.1 %
27 520 604
+ 1.2 %
1.arge Commercial
& Industnal 23
-S.0 %
638 689 925
+ 30.1 %
17 852 930
+20.09L l
5treet laghting 10 0.0"o 7 587 236
+ 11.4 %
267 445
+ 8.9 %
i 1
j W ater Utihty 1
0.0 %
15 105 550
-7.09o 498 098
-4.8"o
)
Retail I lectric Sales 68 905
+1.3%
2 290 694 954
+ 3.4 %
83 262 039 41.8 %
i Sales for Resale 245 786 000 37.3"L 6 444 SSO
+ 91.2"L I
I Total l~lectric Sales 2 536 4S0 954
+ 5.9%
589 706 918
+ 5.3 *<b 1992 Water Sales
)
and percent Jany fmm 1991 sa a
)
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nj..q 7 9 ; --,n.g 7.i y.
- <-,3 7.7..~.,!.g
.,g, Residential 33 084
+1. %
3 935 991 45.6 %
4 663 728
+ 12.2 %
General Service 4 46i
+ 0.6%
4 073 513
+2.2 %
3 354 909 411.6 %
Water Districts 3
0.0%
1 239 250
+2.8%
797 871 414.2 %
1:lectric Uribry 1
0.0%
82 510
-10.7 %
52 774
-2.0%
Total Water Sales 37 544
+1.5%
9 331 264
+ 3.6*h 58 S69 2S2
+12.0%
1992 Payments in Lieu of Taxes and percent clange inm 1991 payments
-e m, - e m.~ m.v g,, m v v m.
-r w n m e n. m w n m, v. w, n.m y~n m m y m.-n - y.r w : n,.
..m~,,.,
- CityofLwne iSchoolDistricts & Othere -
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General Systern 55 522 607
+ 2.8 %
5 944 284
'L7%
Trojan 51 935 771
-26.7%
52 06~ 071 445.5 %
16 1
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4 i
The management of the Eugene Water & Electric lloard maintains a system ofinternal controls to meet l
its responsibility for the integrity and objectivity of its finanaal statements and to safeguard its assets. The l
financial statements were prepared in conformity with generally accepted accounting principles for public utilities and accounting requirements of the Federal Energy Regulatory Commission.
F.mancial They reflect all adjustments which are, in the opinion of management, necessary for a fair statement of financial condition and results of operations.
Statemen1 Coopers & Lybrand, independent certified public accountants, are engaged to perform an audit of the lioard's financial statements. Their audit provides an objective review of management's responsibihty to report operating results and financial condition. Working with our internal auditors, they perform such tests and procedures as they deem necessary to arrive at an opinion on the fairness of data y
included in the financial statements.
.o r
l l
James H. Origli o, Treasurer April 7,1993 We have audited the financial statements of the Eugene Water & Electric lioard as of and for the years ended December 31,1992 and 1991, which are included herein. These fmancial statements are the 1
responsibility of the lioard'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. Those Report of standards require that we plan and perform the audit to obtain reasonable assurance about Independent l
whether the financial statements are free of material misstatement. An auda..mcludesexamm..mg, l
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An Accountants audit also includes assessing the accounting principles used and significant estimates made by gggg management. as well as evaluating the overall financial statement presentation. We believe that y
our audits provide a reasonable basis for our opinion.
Of ComnHSSioners ';n In our opinion, the aforementioned financial statements present fairly, in all material OfEUOene 3 4 respects:
(1) the financial position of the Electric System and Water System of the Eugene Water W UICI O ElCCIIIC
.[
& Electric lioard at December 31,1992 and 1991, and the results of their operations Board:
and their cash flows for the years then endedt and
>V; (2) the assets and liabilities of the Electric System's Distribution Division and Trojan Project of the Eugene Water & Electric lloard at December 31,1992, and the results of their operations and their cash flows for the years ended December 31,1992 and 1991, all in conformity with generally accepted accounting principles.
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April 7,1993 ll jf' LI a
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1 Ekctric Syste m Balance Sheet
!%cm%r 11,1942 and 1991 pgmpn n mmyn~mmw e remswww~wn hts F
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' 9981. P
( ' :Imm'burkus.
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Sprem q
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Plant in senice 6.234 497167fM32626 310 L287R3 $7$,,
466 367 512
'+
p n..~
i Irw-Accumulated depreciation &
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W,.y amortuation p 106 906 9.10 ?
T104$7 919? " 6117 364 8293 142 124 036
[:.127 590 357" q 42168 391f,.169 758.748 9 324 243 476 i
(
Pro;1ert) held for future use E; ( 500 000 :
' $3 87$71[9}3
' f 500000 500 000 Construction work in progress
% 3 875 719 [ * '
I 4 003 655
,s Nuclear fuel,less accumulated E
amortuation 1991-5'9,335,404
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17 957 111 Utilin Plant t.131966 076 ? 3 1.42 168 391 -
- 174 134 467 9 346 704 242 y
w 4
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..,,.q0 749 544 )'l 13790-0563 12 881 980 f@ ' t 3 043 512 j 4 Bond funds Renewal N replacement fund b 301623 L.
11.974 778 L
$1974 778 $
2 130 136 i
Resene A contingency fund F 501'6234 501 141 h: ~ 5133 997f J'
7d3996(
1 182 343 Consenation proiect fund b
'3 836582{
~ 9 D3 N@%
4 i3 SM 582 8 840 159 Construction funds c
9 153 141}
6 830 655 l'
Decommiwioning fund Segregated l'unds
@ J 7 512714 {
21 877 4631
' 29 390 177 S 32 366 414 V
y n
d long -Term imestments
( ~~~J 2 310 411 '.
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- (*912.513k I
El,451570, 6
ge
{p ; f 360 943i Cash N cash equnalents 14 976 205
!=
Designated cash i$
- f. 2 708 909?
Operating fund
{ l1083 806]g. [
< [2 708 9093 1 414 209 Capital impros ement fund
-4083 80(j 44 109 Segregated cash & investments
[G t5 514 627 F 23 564 443 ?
49.079 0701, 8 561 471 i
Receivables, less allowances 1992 -
[
805 857 8(.
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{6 115154 225i 'q 5217,081; 1991 - 5268,101 l15 960082]
13 118 578 i
Receivables - hPA current portion o
> 27029 83.0.?.
E27 029830. Si i
Materials & supplies, at average cost tM2 8462275 Prepa3ments A special deposits hW519 378 7
~"
02,846227q 10 321 027 i
ga 519 378f 1 525 213 Current Aucts
[ 34 3RR 115d 32 851700M n67 239 815 M 49 960 812 p
r
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.= -
c, Advance refundmg costs
{V10581003 i t 6 944 892s
,.36 944 892,,
< a61677 l.ong-term receivable,IWA 211 103 003i l12216H4 DOM 10 622 657
' L'.
Deferred charges & other O 18 072 30 0 1170194 L.
8 242 500 N 8 905 671 i
Other Aweis
[ - 18 653 309i c218218 089I "236 871 398 3 26 890 005 a
7:
ss g'$194 630 625f L$315113 643 J..L$509 7462663 5455 921 473
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I Italance at begmning of.vear r.125 881. 7400 Y125 88.1740. Y122 S41 679 h
y Net revenue for the vear B 72 887454 R2887454j 3 040 061 Accumulated Net Res enue I 1287691943
- 128769194 e 125 881 740
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........4 long-Term Debt U 143 262153 : 3106 592 943:
149 855 096 (
155 553 733 r
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Accounts payable b ; 13 014 373}
[26626707J 239 641D80]lf 25 016 651 Accrued payroll & benefits b. 214.0 0125.
r,.',>
2 1.40 012::3, 1 623 669 Accrued interest on long-term debt
[+ 12-232 386 7 12 169.993 J 4402 579G 4 312 524 Long-term debt due within one year N
'l 765.000 2.. I4 055 000 f - ;5 826000?}
5 690 000 Current Liabilities b 19151971i ' -32 851 700i
'52 003 671 4 36 642 844 r.
4 n
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fj A,. umulated provision for F
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Joommissioning costs D175 6710003
[1S 675000$
Unamortved gam on defeasance of debt f(L2 6118045 h
i 2l611804 {
3 056 513 Deferred credits & other 835 503i
'835 503 9 784 382 Other liabilities & Deferrred Credits j
'3 447 307 '
'175 671'000; 179118307 jg 3 840 895
.3
- d.,
'd Deferred Trojan Net Ilillings E
i 134 002 261
[
.R.
y J $509~746268 3 5455 921 473 t $194 630 6251 $315115 643: ~.. ~.
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w mompanynm m>rn are an mttgral pan of chururment.
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Electric bvstem i
4 Statement of Net Revenue f
Ior the Ytan i nded Dnembrr 31,1992 and 1991 p; ^, s. 7 a, 4
Yf g
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+
rW, %9 7e G..yo < *e.a' t<-
w:s, y b-Residential Wh5713251]
39 007 863 kdd199%j 42 820 003 l
Commercial & industrial
]?239439g 4 529 321 l
Sales for resale N other p/ 314M314j "7
r 2 658 640 l
Steam heating
[
Operating Resenues l$.959pFM5J 89 015 827
%%k'- 8 l,'
kgj44-l 995; 44 767 0'9.
l l :-
Purchased power l.
$ team & hydraulic production
.Nf 472415, 2 519 174 f
s j._ !
Transmission & distribution 7j7Nt93;j 7 442 380 I
Customer accounting DB2735$l7/
2 833 823 f
Conservation expenses Q N 4s M 2 297 644 f
hM'98$$$3d.
361,133!
9 127 604 i
i Administrative & general ll Steam heatmg expenses l
2 828 373 fP Depreciation & amortiration - 11 ant f0I7Mf7M 7 159 980 Operating I.xpenses d.g 78 976 017 li,,
~.,r.
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b' Net Operating Resenue
,s
,,.,x[,,--
f 330448778N 10 039 810 l
hN9 l
[2W[13Ridd yh 1 170 675 l
3 Interest earnings on investments
, '[
Allowance for funds used during construction -
5[(6E$$$$
176 200
[
j, Other revenue MM118%N 152 509 i
pf, Grant revenue g [3 3484p'{d 922 204 l
Q Grant expense h?41RH997))
(922 204) i Iq Other Revenue M$51'349%
1 499 384
{
,p l
Contributions in lieu of taxes "g l;,v,s.,.
9.5 r
%fm.
'94 386491) 6 358 396
)
[y other revenue deductions
$!jN9)$7 596 372 l,n interest expense & discount amortization g E208122$j 1 591 165 l
[.~.. Q$(300{
(46 800)
)
K Allowance for borrowed funds used during construction h;" 91 g j
'(
Resenue Deductions R 499133 i
c w
M n:t lJ System Net Revenue
?$2987 454(
$ 3 040 061 w.3.g m
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Tir acumpaisymp rance arc un mrn:ral part of tha uatement.
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Electric System Statement of Cash Flows Ior t.= l em I nJed Iwemba 31,1942 and 1**I s winnmm
@2.
M ',.
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j.c; Cash flows from operatmg activities F' _'.. ".m ;;
L' -
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Net operating rn enue
% '10648 778j 10 039 S10 Adjustments to reconcile net operatmg te enue j9 F lj
.~
i to net crsh provided by operating activities
[ _.m _M Depreciation & amortization N 37847737/]
7 503 234 Increase in receiraNes
{U 722001)g (88 798) lacrease in materials & supphes
? Q 169 070)j (46 131)
[k yJ114926fy (Increase) decrease in prepayments & special deposits (10 226) 6 0 338 979 %
(1 730473)
Incr. awe in deferred charges Increase idecrease)in accounts payable & accrued payroll & benefits k Q1294M]
(904 004)
Increase in deferred credits & other IE 51,121 )
165 234
- i. ' -
r K 9232 867)g (1S6 151) a Conwrvation loans issued e
Collection of conervation loans
@ !100 217 j 27 007 k@%$16$91)1 Contrib x. ion in lieu of tnes (6 358 396) 1
% 1,155. 4d..
31 152 509 l
Other r~cenue Other r<. enue dedtcrions (f - {769 657)]
(596 372) 1 Distril ation Dnisicn p10056 324?
N67 243 i
Depreciuon & amort zation yJ1101112 7 450 666 lacrea c en rece;vables k pl51371&
(9 720) 4 aincre e) decrease in miterials & supplies PJ 643 870jg (888 634)
]
7 ? Sit 8909]){
tincrease) decrease in pr payment, N special deposits (203 544) 4!
4lacrease) decrease in d< ferred charges f(jlS9989 (SS6 442)
,]
Increase in accounts pa phie 13011336lj 9 S68 312 Increaw idecrease) in oeferred Trojan net bilhngs
.11) 90$ 817)]
18 602 596 Trojan Project f-20214 262R$
33 933 234
bj Net Cash Provided by Operadn;, Activities P 30270586M 41 900 477 l[Ii y
f
+
' N$
f
' 0411N Cash flows from investing activities
- Q211 u
Increase in long-term imestments (Increase) decrease in segregated funds s4315M3$
to 213 943) g Ilncrene) decrease in capital improvement resert e 110 294700H 312 944
,A Increase in segregated cash & imestments O 488289)f (1 215 453) e Interest earnings on inte aments r? 1272 693M 1 170 675 Distribution Division 4 694 908d (8 945 7~7)
'l 7
Increase in segregated funds pf!2387722D (2 490485)
, J ^)
7 f P 72 494)j 56 999 (Increase) decrease in segrer,ated cash & investments f
Trojan Project f J(2460216$
(2 433 486)
. a]
Nc Cash Und in Investing Activities V (1765 308)y (11 379 263)
Cmu~.J
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+
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i 1
Electric System Statement of Cash Flows, (contii aea) ior the Trars i nded thrmber H. I"2 and 1WI p.,ws mm m, c E
$W c
m c; i,
.,a
.N :..
f k
Q ts
.- a Cash flows from noncapital financmg activities p,(...
- 'l f 10P0000)
(915 000)
Ei 48L3463{
liond principal payments Decrease in bond funds used for weatherization l0 309 419 Decrease in long-term recen able, BPA f
741l6543 605 581 Consenanon grants received il :951 432 %
908 429 Conservanon grant payments hlT241097d (922 204) b e (289 665).j p "(289 665)
(13 775)
Distribution Division Net Cash Used in Noncapital Financing Acthiries 3
(13 775) l k
???
?
k12000000]L J
Cash flows for capital & related financing activities JJ Proceeds from issuance o; bonds h.l@6500d)yj (480 000)
Bond pnneipal payments j7J8400910)j Additions to utility plant-Net f
(8 185 639) 4.
Interest payments - net of related amortizations
{Jf11491470)a; (2 325 560 (1 715 307) Distribution Division 1 619 054 Additions to utihty plant - Net M131.34.335)b (24 134 764) Bond principal payments 1 13 840 080)} (3 660 000) interest payments - net of related amortizations C'? (6 715 500)] 16 903 820) Trojan Project b23687 835)] 134 698 584) Net Cash Used in Capital & Related Financing Acthities F (35179305)j (33 079 530) h ..t.., 4 o Distribution Division increase (decrease) in cash & cash equivalents f 31029 903){ 626 745 Trojan Project decrease in cash &, uh equivalents f 45 933789)j (3 198 836) V 3 c Net Decrease in Cash & Cash Equnalcuts fhM963692){ (2 572 091) ,p 3 Cash & cash equivdents at beginning of year -14976205 f 17 54R 296 {' $8012 5133 [ 514 976 205 Cash ash Equiv. dents at End of Year " 4.. i i< m Noncash Operating & Noncapital Financing Acthities s.i ~, 9 of Trojan Project [ -d Increase in receivable from BPA [$238132 R33j b, Decrease in deferred Trojan net billings ($112 917518A Provision for decommissioning l $175 671000 4 Revaluation of abandoned assets $175 379351d La w t ' 9,' i a Thr auompanung m>tes are en mtegral part of thn starrment. 22 l F l
Water System ] Balance Sheet a Ihembe 31. Iva2 and 1991 mm .m i dWh
- 9R2
{95$ f g.; ( 3 'd [f 3151.17033 l Plant m senice 50 009 795 g Irss-Accumulated depreciation & amortization fQ1'169 3263 29 444 953 {i20442.177j 20 564 842 Properrt held for f iture use J,,1104 766..] 104 766 Construction work in progress f 3562 373 3 835 461 6[" 211093103 Utility Plant 21 505 569 Q E. n. ... ~ Segregated Bond Iunds [ i1 535 973 1 523 748 is. 1 e,. ,3 b E 38 875 } Long-Term im estments 9 4' Cash & cash equivalents . d434 427h 2 700 693 h' 12259758] Segregated cash & imestments 2 275 266 ReceivaNes, less allowances 1992 - 513,375: 1991 - 518,991 i 1855 087j 784 190 i Matenah & supplies, at average cost '446 162 3 509 891 Prepayments & special deposits 104 649 j 117 953 j Current Assets 6100083 q 6 387 993 ,.. f d AJvance refunding costs p 1807.423M 896 509 Deferred charges & other f 4 282 775] 292 150 Other Assets f 11090200j 1 188 659 p a lf 530774 447$530 605 969 3 . p.m# g ..g o( )', M %umLG % % rue a 1in o f..,..,...... !y {d* 1 4 Balance at beginning of year [? 17.913 331
- 17 556 562 t;
j Net rnenue for the year ~ 7753N7Q 356 969 Accumulated Net Rnenue , D 18 667 407d 17 913 331 O1 1 y e...
- - 1 long-Term Debt k 1'B 172459';
9 000 858 E.H kJ.., Accounts payable E f2:172476% 2 161 611 Accrued payroll & benefits ($ f39166$$ 295 730 Accrued interest on long-term debt U J231J98 253 721 's Imng-term debt due within one year h 2 *35 000) 785 000 Current Liabilities {C v3 630 340j 3 496 062 l .? F G04 241'?; Deferred Credits and Other 195 518 j [. p $30 774 447-a, 530 605 969 iam.med j 4 s T he aaompnymg noics are an integral pan of thu siatement. +; 5'. e 4 23 4 e s
Water System Statement of Net Revenue hit ite Year + imled Dr.cmtirs 31.1 *w2 aiid lv1 . rw,---- see: ' eyes L;e
- ca I
r y d V Residential V: 4 663 728 h 4 157 358 l[k, f 42055543 3 758 217 5 Commercial & industrial v t p - 9340 795 ;j 290 678 Other Operating Revenues f i92100771 8 206 253 E.,..-3 ' N l Source of supply, pumping & punfication K 9 684999d 1 581 443 i Transmnsion & d stnbution %, (1 973 369 7 1 775 574 s*-
- ^ I 5; 2615871]'}
575 195 jf' :1,791529 4 a Customer accounting <j 1 716 288 Administrative & general Depreciation & amormation - Plant h! 175$ 990h 1 716 336 fM78259% 7 364 836 j Operating Expenses l;:, ;,. Q p Net Operating Revenue W' 1394128 ts 841 417 N } s 'J Interest earnings on investments b f21N$1h 278466 t Allowance for funds used during construction h ' ~ d209003 20 000 .b Other revenue 9-215 082]! 33 323 Other Rnenue J255 433 T3 331 89 l0 j .y s ? ?204498]j 81 976 Other retenue deductions Interest expense & discount amortuation
- 690 287 ]
744 261 5 Allowance for borrowed funds used during construction p i(9 100)} (10 000) i Roenue Deductiors b- : 885 685 $. 816 237 N I p.,, %r ?? ? $753876j $356969 Y System Net Revenue Y n kahd ? 8/ 6 k ,'1 L t 1 l The acwmpenung wres are an mtrgral part nt this statement l I s I I i 24 J ' = l 0 I . s
= 4 I Water System Statement of Cash Flows 4 l bn the hats laird themier 11 t*42 anJ 1991 .. ~ m., - l i Pow 2 . #9ss ~ - s V 24 ~ lR; ] r c c, I Cash flows from operanng actisities . M Set operating rnenue [ 1384126)j 841417 l ~ Adiustments to reconcile net operating revemie to P g net cash provided by operating activities El ^,'. I r Depreciation & amortization i1 807 834 () 1 72214 . I ty (26 482) i 5 'q170 897)f Increase in receisables h (33304j 63 729M (37 503) tincrease) decrease in materials N supplies 12 713 Decrease in prepayments & special deposits ilnerease) decrease in deferred charges E $1J2083 (64 631) Increase in accounts payable & accrued payroll & benefits p ';106 8011 49S 612 Increase (decrease) in deferred credits & other b 008 723h (31 347) Other revenue !?, ~(15 M. 2. m, 33 323 0 Other revenue deductions f :(204 498)] (81 976) Net Cash Prmided by Operating Activities b -3 225 414h 2 916 340 d f 4 Cash flows from mvesting activities h/; (. increase in long-term invutments % (1938875)J ilncrease) decreae in segregated bond funds h 312225)j 6 812 (Increase) decrease in segregated cash & investments E 15508H2 (440 898) Interest carmngs on im estment h d1N51M 278 463 Net Cash Used in imesting Activities f 21716141)jf (155 621)
- V ya x y f.lii 38O8'id;$
[i Cash flows from capital & related financing activities Additions to utility plant - Net i1 040 587) Iked principal payments [ "Mp85 000)] (730 000) . 4 Interest pavments @ 9608 958d i657 554) ['-'* (2 428 141) [-.j Net Cash Used in Capital & Related Iinancing Activities [ 12 775 539[] 5..,.... M4 Net increase iDecrease) in Cash & Cash Equivalents $$(266266y 332 578 .) ; Cash & Cash equivalents at beginning of year FP2700 6933 2 368 115
- 5I 52 700 693 f.
Cash & Cash Equivalents at End of Year P$24344[ hucaama m f L / : t 4 5 The =wmnymg m.m m an umral ran of the* urmem. f a 25 ' l s i I t 4 w
I. l Notes to Financial Statements .c De.cmber 41W2 I Summary of Significant Accounting Policies-Other Accounting Policies - Debt premium, discount. ce l General - The Eugene Water & Electric hard, an adminis-penses and advance refunding costs are being amortired tratise unit of the City of Eugene, Oregon, is responsible over the terms of the respective issues. Nuclear fuel amorti-for the ownership and operation of the ekctric and water ration is based on the quantity of heat produced without i utility systems. The hard has the authority to 6x rates and provision for sahage value. Grant rnenues are recognized l charges. Board accounting policies conform to generally as funds are expended. j accepted accounting principles for public utilities and gov-Accumulated Net Revenue-Accumulated net revenue con-i emmental units. The Governmental Accounting Standards ' sists primarily of cumulative operating revenues collected i g Board (GASB) is the accepted standard-setting body for er for utility plant additions net of related accumulated depre- { tablishing governmental accounting and financial reporting ciation and interest revenue earned on investments. Ap-l principles. Significant policies are described be'ow. proximately two-thirds of accumulated net revenue are rep-l Cash & Cash Equivalents - For purposes of the statement resented by net plant additions funded through operating of cash flows, the hard considers all nonsegregated highly revenues and will be offset by future depreciation on such s ; liquid debt instruments with a remaining maturity of three additions. It is the Board's intention to set rates at a level to j months or less when acquired to be cash equivalents. continue replacing and improving net plant. Accounts Receivable - The Nard provides energy and wa. Reclassifications - For comparability, cenain 1991 J ter to residential, commercial and industrial customers lo-amounts have been reclassified to conform with account cared in its service area. The credit practices of the hard classifications used in 1992. Here was no effect on previ. 6 require an evaluation of each new customer's credit wonhi-ously reported net revenue. l ness on a case-by-case basis. At the discretion of manage-Cash & Investments: ment, a deposit may be obtained from the customer. Credit The Board maintains cash and investments in several [' 5 losses have been within management's expectations. accounts in accordance with Bond resolutions. Cash and I Utihty Plant & Depreciation - Utility plant is stated at investments are curried at cost or amortized cost plus ac-s h4 original cost. Cost includes labor, materials and related in-crued interest which approximates market. The Board's in-l '( direct costs such as engineering, transponation and allow-vestments during the year included repurchase agreements i ance for funds used during construction. and obligations of the U.S. Government, all of which are j (, The cost of additions, renewak and betterments is capi-authorized by state statutes and bond resolutions. The talized. Repairs and minor replacements are charged to op-Board maintains depository insurance under federal de- <M erating expenses. pository insurance funds or state and financialinstitution j; < The cost of property and removal cost, hss salvage,is collateral pools for its cash deposits and investments. Cash
- y charged to accumulated depreciation when property is re-deposits were held at regional commercial banks and at l
tired. times during the year exceeded amounts insured. Repur-l j Depreciation is computed using straight-line composite chase agreements, oh!Ntions of the U.S. Government and j y, rates which ara equivalent to approximately 3.2% of the deferred compensatio.t mutual fund deposits are exempt i I Electric System Distribution Division and 3.5% of the Wa-from statutes requiring such insurance. The entire bank p'y ter System original costs of depreciable utility plant. Depre-balance of the demand deposits torahng $1,452,499 for the ciation for the Trojan Plant is computed using the 6% sink-Distribution Division and Water System, and $25,534 for ing fund method based on a 33-year plant life, the Trojan Project are fully insured at December 31,1992. ,,4 Operating Revenue - Operating revenue is recorded on the The hard's investments are categorized to give an in-lh basis of service delivered. Approximately 13% of 1992 and dication of the level of risk assumed by the Board at yer, N9 11% of 1991 Electric System operating revenues were the end. Category 1 includes investments that are insured or y result of sales to one industrial customer. registered or for which the securities are held by the Board 'f Interutility Rent - The Board has an interutihty rent agree-or its agent in the hard's name; Category 2 includes ment expiring in 2011 in which the Electric System assesses uninsured and unregistered investments for which the secu. the Water System an annual rental amount for its propor-rities are held by the counterparty's trust department or N tionate share of the headquarters facility. Payments under agent in the Board's name. Category 3 includes uninsured W the agreement were $310,000 for 1992 and 1991, and unregistered investments for which the securities are m IT d b> d 26 -l ? t r4 i m. j r-m
-. _ ~ 'I l ,j held by the counterparty or by its trust department or agent tion mutual funds, and the imestment in the State of Or-but not in the Nard's name. Investments held by the egon kical government investment pool, are held in safe-l counterparty imancial institution in safeleeping are consid-Leeping in book entry form by the financialinstitution j j ered to be Category 3 in accordance with GAhlt mterpreta-counterparty in the Nard's name and are considered to be 1 i tions. The Nard's investments, except deferred compensa-Category 3 investments under the above criteria. ] l l ) ,', t. Cash and investments consist of the following at December 31,1992: 4W i in t o..a um u \\ r v.N A $ 4% 4,a k \\ il,. h n h % 1: 1 1r 'I i ne 'em n > }4c.whmu hm mob n,, m i 9,if i A j Distribution Divhion l Cash on hand 13 215 13 215
- j l
Cash in bank demand deposits 23 989 (1040 07~) 53 414 1962 674) ,,j Investmer.t - Deferred i+ i compensation mutual
- ;[
l funds 43410S0 4 341 080
- ]
Imestments-Direct ] obligations of U.S. O 1, d Government 3 51S 146 2 110 411 1 165 988 6 794 545 Investments in the fq State of Oregon local goa investment pool 3 970 579 7 587 805 3 746 R60 15 305 244 Total 5 7 512 714 52 110 411 56 560 943 59 307 342 A, . y Trojan Project 'g j Cash in bank demand y' deposits 2 095 054 479 16 2 095 549 Repurchase agreements 1 451 091 1 451 091 "? Investments - Direct u' obhganons of U.S. p a ] Government 19 782 409 3 564 427 23 346 S36 Q: Total 521 877 463 51 451 570 53 564 443 g. V,i.i.' Water System jP Cash in bank g', demand deposits 24 321 420 188 37 910 482 419 e-y Cash in bank 1 demand deposits - pd Other agency collections 1 169 355 1 169 355 lg ; investment - Deferred , 'J j compensation mutual I funds 706 687 706 687 y/j Investments - Direct FM j - obligations of U.S. y,( Government 1 511 652 938 875 345 806 2 796 333 W' investments in the State DN,. of Oregon kical "l 1 govt. investment pool 2 014 239 2 014 239 Total il 535 973 5 938 875 52 434 427 52 259 758 D1 yNI id' o 'ta e I-i ,l .3.' a y,; ,,i I ~ ,c
1 u,,a z m llectric Unlity System Revenue ikmds Senes 1986,7-1-86 issue Serial Ikmds,6.50-7.50% due 1994-2001 4 070 000 Term ikmds,7.60% due 2011 6 330 000 1986 Series A1. 9-22-86 issue,7.16% capital appreciation, duc 1996 984 500 Series 1987,12-1-87 issue,6.50-7.90%, due 1994-2011 8 730 000 1988 Series A1,4-5-88 issue,6.80% capital appreciation, duc 1997-2004 1 392 500 Series 1991,7-15-91 iwue,5.20-6.70% due 1994 2011 11 625 000 1:lectric Utihty System Consersation Reverme ikinds Series 1990, i 7-1-90 issue,6.104.65% due 1994-2000, subordinate to Series 1986, i 1986 Series Ai, Series 1987,1988 Senes A1, and Series 1991 10 475 000 [ 43 607 000 los unamurtued discount 344 847 Distribution Division long-term debt 43 262 153 Tnran Nuclear Projea Revenue ikmds, Series of 1977, suh>rdinate i to Series 1986,1986 Senes A1, Seties 1987,1988 Series A1, and Series 1991 f Serial Ikmds, 5.50-5.75 %, due 1994-98 23 870 000 Term ikinds,5.90% duc 2009 83 700 000 l 107 570 000 + Ins unamortued dncount 977 057 Trojan Project long-term debt 106 592 943 13ectric System long-Term Debt $149 855 096 i i Water Utihty System Revenue Ikmds f 8-1-66 issue,4.35 % due 1994-99 860 000 8-1-68 i, sue,4.00-4.90% due 1994 99 710 000 [ Tater Utihty System Revenue Refundmg ihmds, 11-15-86 issue, i ? 5.60-6.60%, Jue 1994-2006, subordinate to 8-1-66 and 8-1-68 issues 6 645 000 [
- V 8 215 000 Ins unamortized discount 42 541 i
c, i Water Sptan lamg-Term Debt SS 172459 .is
- . t.
l On January 13,1993, the Ikiard placed an amount in bond to satisfy the reserve requirements for the Electric l 4 trust, from the issuance of the 1992 Electric Utility System Utility System Revenue Ikmds, Series 1987, Series 1988 A1, I 'q, Resenue Refunding Bonds, to refund the Electric Utility Series 1991, and the Electric Utility System Resenue Re-
- b' Resenue Ikmds, Series 1986 and Series 1987 maturing on funding ik>nds, Series 1992.
or after August 1,1997,on August 1,1996 at 102% 1he During 1992, the Board elected not to exercise the op-1992 refunding bonds at 2.75% to 6% interest mature Au-tional sinking fund redemption on the Electric Utility Sys-gust 1,1993 through Agast 1,2011. In conjunction with tem Revenue Bonds, Series 1986 A1. The Series 1986 Ni this refunding, the Board has also placed in trust, a surety Ikinds will mature on August 1,1996. j s e.. [ 'c e n n 2B ?, 4 j ,e
e t + 5 Total dcbt requirements reflective of the foregoing, during the years 1993 through 1997, are as follows: i ~I Urctnc System %eter $vstem Lautnktum I ovun Dnukm Pwject 1993 S95 000 4 055 000 835 000 1994 645 000 4 275 000 445 000 1995 685 000 4 500 000 470 000 ' 'c i 1996 1 709 500 4 755 000 495 000 1997 1 170 000 5 030 000 515 000 \\
- i The Ikurd has observed, performed and fulfilled its been deferred and is being amortized over the remaining q
covenants and obligations as required by resolutions autho-life of the Series 1986 bonds /
- J rizing the issuance of revenue bonds.
As of December 31,1992, the amount of defeased debt j in July 1990, the Board placed an amount in trust, till outstanding but removed from the Board's long term j \\ from the issuance of the 1990 Conservation Revenue debt amounted to 514,368,000 for the Electric System Dis-ihmds.to refund the Electric Utihty System Conservation tribution Division and 56,610,000 for the Water System. .i Revenue Bonds, Series 1985 on September 4,1990, the call Trojan Nuclear Plant: date. The Ibard and the Ikmneville Power Admmistration The Board has assigned to BPA and other public IBPA) have entered into the Ikmd financing Agreement to agency participants its 30% share of the output from the I fund BPA's share of weatherization measures with the pn> Trojan Nuclear Plant. He Ik ard will receive payments and .{ ceeds from the Electric Utihty System Conservation Rev-credits (net billings) equal to its share of all Plant costs, in-enue Bonds. Under terms of the agreement,the Board has cluding decommissioning, spent fuel storage and debt ser-l agreed to expend the 1990 bond proceeds in accordance vice whether or not the Plant is operable or operating and l with the terms of the Bond Financing Agreement and the notwithstanding the suspension, interruption, interference, j l Program Agreement, and BPA has agreed to pay the debt reduction or curtailment of Plant output. ,j service and any other costs associated with the 1990 bonds. In January 1993, Portland General Electric Company Q" 'y A receivable is recorded by the Board for the difference be-(PGE), which owns 67.5% of the Trojan Project and has tween the unspent bond pnveeds and the outstanding prin-primary operating responsibihty under the terms of the. ,Y cipal and accrued interest on the bonds.There is no effect Trojan Project Operating Agreement, presented the Ibard, pj on the Electric System statement of net revenue and,there-Pacific Power N Light (which owns 2.5% of the Trojan
- g i fore, expenditures net of interest receipts approximating Project) and BPA with a proposal to terminate operation of
[l,Mh $764,000 for 1992 are not included in such statement. the Trojan Project. That proposal was approved by the During 1987, the Board extinguished 519,488,000 of Trojan Project co-owners and BPA and became effective on 3d Electric System Distribution Division Series A, C and D February 22,1993. Bonds through an in-substance defeasance. The in-sub-Accordingly, the Board has recorded a subsequent. E l stance defcasance was accomplished by placing approxi-event made effective December 31,1992, writing off the NlJ mately $14,300.000 into an irrevocable trust from which nuclear reactor portion of plant in service along with other n l principal and interest payments will be made on the Bonds assets no longer in use. The Board has also recorded a pro-N through August 1,2004, the fmal maturity date. The resuh-vision for decommissioning costs based on an estimate in 'U l ing gain on defeasance of approximately $5,188,000 has current dollars and a receivable from BPA representing gd I been deferred and is being amortized over the remaining BPA's responsibility to pay for all Trojan costs. The
- j life of the defcased Ibnd issues.
method and timing of the decommissioning has not yet y in November _1986, the Ibard extinguished been determined. Any future change in the estimates for q 56,610.000 of Series 1982 Water hds through an in-sub-these costs will result in a change to the receivable from ,y stance defcasance. ne in-substance defeasance was accom-BPA. I Q plished by placing the Water Refunding ikmd Series 1986 Since BPA is obhgated to pay the Ibard's share of all proceeds and segregated funds in an irrevocable trust from Trojan Project costs, and has provided the Board with writ-which principal and interest payments wdl be made on the ten assurances of their commitment to that obligation, the ,j Ikmds through August 1,1994, the earliest call date. The Ibard ses not expect the cknure and decommissioning of (g resulting refunding cost of approximately $1.657,000 has the Trojan Project to have any adverse effect on the Electric ,j if 5 29 0;jjy 1 i 3
~ - i l o l, l-l s, stem or the Distribution Division. The closure and de-Retirement Benefits: !l commissioning of the Trojan Project could resuh in higher All segular employees with at least six months of ser-l' costs to BPA w hich in turn could increase the Board's costs vice participate in the Oregon Public Employn Retirement i ( of purchased power from BPA. The Board has evaluated System (PERSh an agent multiple <mploy er defined benciit l' the long-term receivable from BPA and deems it fully col-pension plan established by State statute and administered lectible based on BPrs abihty to set rates as a federal elec-by the State of Oregon, which is designed to provide a Ln-l [ tric power marketing agen efit equal to 1.67% of a participant's highest 36-month av-e D Net bilhngs may sary frarr apenses each year but are erage salary. Benefits are established by State statute under i jg recognized in each accounting period oni to the extent of which covered employees are required to contribute 6% of f =v current expenses. Here is no effect on the Electric System their salary, which the Ikiard has agreed to pay on the em-statement of net rnetme and, accordingly, net billings and ployees' behalf. The Ikurd is required by the same stature operatmg expenses are not included m the statement of net to contribute the remaining amounts newssary to pay ben-I re enue. The accumulated exces. of net bilbngs over ex-efits when due. The lkiard's required contnbutions, an ad-penses is stated in the balance sheet as " Deferred Troj n ditional 11.75% of covered wages, are actuarially deter- [ l Net Billings" Following is an analysis of changes in this mined using the entry age actuarial cost method. The account during 1992 and 1991: Board's paynill for employees covered by PERS for 1992 s was $i,800,000 ($18,800,000 for 1991); total payroll 9 was $20,400,000 ($19,300,000 for 1991 h PERS contribu-i tions funded and expensed for 1992 we approximately i j Total net billings 69 712 000 90 688 107 52,993,000 for the Ekctt : System and $657,000 for the ll Add interest earned 1 659 905 2 522 603 Water System ($2,547,000 and 5450,000, respectively, for l, Recognition of 19911, including amortization of the unfunded liabihty far j; long-term receisable the present s alue of all past normal costs over a 30-year jj, from BPA (current period. i E portion 527,029,830) 238 132 833 The Eugene Water & Electric Board supplemental re-Eess 9 tirement plan is a single-employer defined benefit pension 4 Operation A plan established and administered by the Board. Benefits i N maintenance espenses 66 870 973 58 710 263 are established by the Board. During 1987, the Board rene-Depreciation & gotiated its contract with PERS to provide benefits accu-l }' amoruzanon 11 101 112 7 450 666 mutated in the supplemental plan as of June 30,1988 by p' other fuel expense 126 711 8 447 185 then active employees through PERS. Accordingly, the j i_ interest expense 7 178 926 "'377 414 supplemental plan was amended to only cover retired em-f Revaluation of ployees who were plan participants at June 30,1988. As a },f abandoned assets 182 558 277 resuh of eliminating active employees from the plan, the i Provision for Board had no pa3 roll for parncipants during 1992 and decommissioning costs 175 671 000 1991, in 1988, the plan's actuarial funding method was l};; increase (Decrease) changed from the attained age normal method to the unit (," in Deferred Trojan credit method. Under the new method, an unfunded actu-i Net Billings (134 002 261) 11 225 182 arial accrued liability is established equal to the difference f between the present value of accrued benefits at the valua. Beginning Balance 134 002 261 122 77-'079 tion date, and assets available to provide these benefits. I !' H This liability will be amortized and funded mer a period Year-End Balance 5 None 5134 002 261 not to exceed 20 years. For 1992, the amounts funded and. f,7 expensed were approximately 5149,000 for the Electric System and 524,000 for the Water System (5294,000 and l7 Power Supply Resources: 556,000, respectively, for 19911 [C The Board receives approximately 18% of its power The " pension benefit obligation" is a standardized dis-l p% requirements from its own generating rnources and 82% closure measure of the present value of pension benefits, [ from EPA and other agencies under contractual agreements adjusted for the effects of projected wage increases and step Hi expiring through 2017. BPA provided approximately 78% rate benefits, estimated to be payable in the future as a re-of the Ikiard's purchased power in 1992 (76% in 1991). Suh of employee service to date. He measure, which is the i i r (, i 30 / l, a -l, f
r I e actuarial present value of projected benefits,is intended to Under PERS no obhgation for retired members is at-help users assess funding status on a going-concern basis, tributed to the ikiard, as PERS pools the risk related to re-assess progren made in accumulating sufficient assets to tired employees among all the participating employers. pay benefits u hen due, and make comparison among PERS PERS transfers the obliganon for benefits from indnidual and emplo>ers. He measure is independent of the actu-employers to the PERS as a whole when benefits become tc arial funding method used to determine contributions to payable. Accordingly, the pension benefit obligation ? the plans. However, the significant actuarial assumptions shown below for PERS covers only current and terminated used to compute the pension benefit obligation are the employees. The most recctit actuarial valuation for PERS is C same as those used to compute the actuarially determined December 31,1991. 4 contributions. Significant actuarial assumptions: h y 7y', vi n %ppomaat r:n e n7 Date of actuarial valuation December 31,1991 January 1,1992 yQ Estimated annual return on assets 8.0% 9.0% >j s Projected annual salary increases 6.0% Not Applicable - ,d Projected annual cost of living increases to retirees 2.0% 2.0% ij Increase in benefits for members with unutilized sick leave 5.0% to 14.0% Not Applicable Pension bene 6t obligat on ,Ij 'N Retirees & beneficiaries currently receiving benefits N terminated employees not yet receiving benefits 4 577 415 .j Accumulated employee contributions, including alkicated d investment earnings 24 111 046 Employer - Financed tested 18 065 556
- 1, l Employer - Financed nonvested 705 378
,] 42 581 980 4 577 415 Net assets asailable for benefits 30 270 032 4 180 075 + ,i; Unfunded Pension Benefit Obligation 512 61194R 5 397 340 N1 i Trend information is meful u assessing the plan's when due. Available trend information regarding the f progress in accumulating sufficient assets to pay benefits plan's progress is shown below: g;j t i t !JJ j w v (wnda n n-, r pyr - ), W % Wh flewtd Obliyrum Gm:+utim 'D} b a fu ns J A nn.a! Gwwd > a bnem v{ .n a Penvn! 4 ,G} l 1- ..- I w f;-mefn Othynm Pgmfl Gwred Wim Gwnd blst iiti ~ v1 A; l Supplemental Retirement Plan [ l. 1988 January 1,1988 58.9 % Not Applicable Not Applicable Not Applicable / 4 1989 January 1,1989 65.5% Not Applicable Not Applicable Not Applicable ! l,4 1990 January 1,1990 77.7 % Not Applicable Not Applicable Not Applicable W!!- 1991 January 1,1991 81.3 % Not Applicable Not Applicable Not Applicable 'd 1992 January 1,1992 91.3 % Not Applicable Not Applicable Not Applicable 'W ? t ; D l Oregon Pubhc Employes Retirement 5 stem 3 O 0 1988 December 31,1987 55.3 % $15 800 000 77.6 % 11.41 % 1989 Not Available Not Available 516 300 000 Not Available 11.41 % 1990 December 31,1989 60.9 % 516 800 000 78.2 % 10.63 % .l ^I l 1991 Not Available Not Available 518 800 000 Not Available 10.63 % p 1992 December 31,1991 70.6 % 519 800 000 63.7 % 11.75 % ',O !{, p', ! t y A e f J + _ -, - _. - a
~ 7 r l e s f l In add: tion to pension benefits, the Ikurd provides post plan are equal to those of general creditors of the Ikurd in I l rettrement health care and life insurance Irnefits at no cost an amount equal to the fair market value of the deferred to all employees who retire at any age with at least 30 years account for each participant. of senice or at age 55 regardless of ears of service. Cur-Participating employees have several imestment op- [ 3 rently,217 retirees meet those eligibility requirements. The tions with varying degrees of market risk. The 1kurd has L hie insurar r benefit is a fixed amount of 55,000 per re-no liability for iosses under the plan, but does have the duty l tiree. llealtF care coserage reimburses 80 percent of the to administer the plan in a prudent manner. The Board i l-p, amount of vahdated clain for certain medical, dental, vi-believes that it i unlikely that it will use the assets to satisfy f sion and hospitalitation costs. Retiree dependent health the claims of general creditors in the future. l care coverage is prmided at 529 per month for retirees un-Commitments & Contingencies: i N der age 65 at January 1,1990 and under $10 per month for Commitments - At December 31,1992,the Board had con- ",L other reti.res. These provisions will appiy to all eligible tractual commitments to construct or purchase various employees retirmg prior to January 1,1994. Subsequent projects in the normal course of business of approximately retirees wdl contribute to the cost ! coverage on a scale 51,720,000. determined by years of sr,ce. The parameters of which Self-Insurance - The Ik>ard is self-insured for a portion of are,less than 11 3 ears of service will pay 100%, mer 20 losses on various liability policies and a group medical years of senice will pay 25%. He 1992 cost, recognized policy. Self-insured hees are generally limited to $75,000 as expense as claims are made, was $516,000 for the Elec-to $250,000 per occur.cnce. He Ikurd's workers' com-tric $ystem and 598,000 for the Water System (expense for pensation insurance is a retrospective premium plan with a l t 1991 was $438,000 and (93,000, respectively ). self-insurance component. At December 31,1992, the Deferred Compensation: Ikurd's maximum retrospective premium exposure is ap-The Board offers all employees a deferred compensa-proximately 5890,000. All known claims filed and an esti-l 1 tion plan created in accordance with Internal Revenue mate of all incurred but unreported claims existing at De-i y, Code Section 457 ne plan permits them to defer a por-cember 31,1992 have been recorded. tion of their salary until future years. The deferred com-Claims & Other legal Proceedings -The Ikiard is involved i pensation is not available to employees until termination, in various litigation. In the opinion of management, the 1 retirement, death or unforeseeable emergency. Aggregate ultimate outcome of these claims will not have a material a amounts deferred at December 31,1992 which are in-effect on the ikurd's fmancial position beyond amounts al-l f, ! cluded.in aswts and accounts payable are 54,341,080 and ready accrued as of December 31,199 C( 5-'06.687 for the Electric System and Water System, respec-Grant Programs - The Board receives grant revenues for I j, tively ($3,773.283 and 5614,255, respectively, at Decem-conservation programs which are subject to audit and ad-g; ber 31,199t h justment by the federal gramor agency. Any costs ex-All amounts of compensation deferred under the plan pended from the grant funds which are questioned and ul-l M and all income attributable to those amoents are solely the timately disallowed may become a liability of the Board. [ p property of the ikurd, subject only to the claims of the Management beheves that adjustments,if any, will not ma-Board's general creditors. Participants' 8 his under the terially effect the ik ard's fmancial position. .ms 1 ,, -cr I' l bI ij) D ;' l l b ig $ h %9 m:q w. dn 32 i t y j 1 L:.; i I c.. l
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k w. c.' y -A. ,v A. d y -s .mL j V r . N1...... I l The -Dorothy Anderson, ~an .Susie Smith,'a land use -
- Mike Dyer represents.
l l active community volun - planner for the city' of -
- city wards 1&8. A Certi.-
l Eugene teer, has represented city springfield,represeiitsthe ' fied Public Accountant',. ~ l Water wards 2&3 on the EWEB at-large'ponitica and has - Commissioner Dyer has -. Board since August 1990. served on'the Board since served on the Board since-b Electric $erved as Board resident : ' July 1990.- .May.1990. Smith has.
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~ i since January 1992.; ~' Board of e Commissioners cien Gibbons. ire,.a. ' or. sarah sendricksonc y magazine. editor,: repre -
- a physician
- and commu -
j l sents city wards 4&5.'He nity activist, represents h has served n the B rd city wards'6&7 and has.. 1992 { sinceJanuary 1992; s,erved. on 'the. EWEB - . Boa'rd for 12 years. ,.a 1 ,~ .~. 1 /;,4[ h - Commissioners Anderson, Hendricl on and Dyer were elscred:in 1992 to new four-year g / 'f' b;g ' terms, Commissioner Gibbons was elected to compkte the iemaining n6. years of the tcrm. / i
- vacated.by former emnmissioner Jaa octay. -
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