ML20072E566

Taunton Municipal Lighting Plant Annual Rept 1993

ML20072E566
Person / Time
Site:	Seabrook
Issue date:	12/31/1993
From:	Blain J TAUNTON MUNICIPAL LIGHTING PLANT
To:
Shared Package
ML20072E546	List: ML20072E543 ML20072E548 ML20072E553 ML20072E558 ML20072E562 ML20072E566 ML20072E570
References
NUDOCS 9408220297
Download: ML20072E566 (24)

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s MICH AEL j. H0RRIC AN e

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J 05t PM M. f.L AIN General Manager s %Ahhy)

JOSEPH MEDEIR0w Commission Chairman NGBERT TREANO

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2

r The Ta u n ton Municipal Though desersing of fanfare, This " year of ensironmental Iighting Plant reached none of these milestones com-compliance *' can best be de-ty three milestones in 199 3 - all manded center stage for any scribed as a balancing act - one without muc h fanfare.

length of time. Invariably, the where we continued to strise to spotlight kept returning to the deliser safe, rehable power at -

We logged a peak load of 101 environment - and how best to the hmest possible cost and, at megawatts last Juiv, a new high

^

ensure compliance with the the same time, comply with a sea fm TML P - and a firm indica.

growing number of regulations of new, inc reasingly stringent tor of. commercial and mdustnal now governing our industry.

regulations that hase already l

h-GENERAL M A N A G E R'S.L E T T E R:

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i,t growth in our senice territory just keeping track of fast-begun to beost the cost of pow-I t.

for the second consecutive year.

changing State and iederal er production. For 1993, I am i

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' { _ wx We boosted our prompt pay-regulations literally became a pleased to report that we main-I J

ment discount to fise percent, full-time job this year when we tained the balance. The chal-l i

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up from the three percent dis-added an l'.nvironmental Com-lenge, howeser, has just begun.

r count offered since August 1992, pliance Administrator to our h... ' ". n..,i*'

Customer rebaies totaled an all-management team. In our Pro-h (( N. (b.

%w time annual high of 5662,000.

duction Department, prepara-

"M. 3< w $, d g-w linslly, we $ct a record for the tion for Phase 1 of the rederal

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.

• r r" number of customers we serve, Clean Air Act stepped up with no m wr

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, ~' 4 4 30SEPH M. BL AIN q

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b&PTp@i '.MQp adding our 30,000th customer less than a dozen new projects.

r 2 an n in W. -...f C W n December - an event our Related efforts got underway in gc

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commissioners marked with a nur Energy Services and Plan-t-

ma/ ""M one month, additional three ning Department. They began percent discount for all 30,033 to explore new models fo r TMLP customen.

power supply planning based on environmental dispatch criteria -

l still virgin territory for all of us i

in the power production indu -

try. All the while, we expanded our demand-side management

.p efforts, intensified our imestiga-(

tion into new emission reduction technoingy and continued our search for more environmentally friendly fuels.

3

W-.- l l

i MLP established the office T of EnvironmentalCompli-ance Administrator in 1993, and j

all of us began to look more r

closely at daily operations -

through green-colored glasses.

I i

r TANKS, SOLVENTS AND AN OLD POWER P L A N T:

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C L E A ft l N G H O U S E. The new office quickly emerged as a clearinghouse for compliance Data Sheets prior to buying a West Water Street generating questions from esery depart-product, we began to reduce or station, built in 1926 and idle i

ment, it aho launched several replace volatile and hazardous since 1979. Our self-imposed proactise projects of its own. It materials in use at TMLP One mandate is to have the four established the Environmental immediate target was the elimi-buildings empty, clean and suit-Audit Team to identify and cor-nation of products containing able for industrial re-use in rect potential problems before ozone-depleting chemicals -

about three years. As a first "Q"=egy;gtWu they become non-compliance like the solv e n t cleaners step, Imperial Oil of C,anada y.. j.g h '

1, MfGawATTl ba i%ues. Composed of TMLP formerly used at TMLP. We purchased and will be removing g

employees, the team will receive replaced them with an emiron-Unit 6 from the site early in g

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extensise video-assisted training mentally benign but no less 1994. In addition, TMLP chose 3h;44 LCk in haiardous waste storage and effective brand. The next step, a the " owner's engineers" for the 7.p4 disposal, and condm t periodic tentral computer system will clean-up project. The engmeets yp spot inspections throughout link MSDS information with will complete initial site assess-

• sd dM the utility.

our Purchasing Department and ments by mid-1994 and begin 9

n%

r automatically flag products deselopment of remediation

(

j Admimstrator aho was the cata-i N@ M [

l

.l.he Environmental c,omph,ance with undesirable materials.

plans bv the end of the rear.

lyst for plans to diwontinue the CLEANlNC HOUSE. On a We 7eroctl in on emironmental di4 use of underground fucI storage mu(h larger scale, we initiated a issues 'his year - with positive iM

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tanks at our Cleary llood Gen.

major (lean-up project at our old results. At year's end, we had

-w w.

r erating Station. T his proje(( uill our first-eur, regulatory multi-L 4D climinate the problem of. unde-media inspection - a Iour-hour,

g j

on-site, simultaneous review by fj{

te(ted leals, the possibility of BRUCE CHmA thrre divisions of the Dept. of

[

u soil and w ater contamination 9-F Environmental Protection. We

> lM and costly clean-up operations.

i 8; '

• learned that, except for a few LdicC 2 -.

Wluntary compliance with the

',O minor findings, we were "in Mawachusetts Tinic use Reduc.

compliance" on all fronts. No s

tion Act aho became a goal this doubt, we raised environmental t.

year. lly reucuing Material Safety consuousness this year. I qually important, we t ouhl end the year saying, We're doing our part.

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will actually improve the over-

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• - ' oli performance of the plant.

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. And the b.tter we run, the m er.,t.,,,,.. e.,t,_.-

. KEN GOULART t

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CEMS AND TEC, NOx AND S O x:

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I n 199 3, focusing on the en-T E C T A L K. More than retrofit-efficient lamps and fixtures at 38 C&l sites, bringing the total sironment meant looking to ting existing equipment, we the future.

spent yet another year achocat-number of 1.ightwases partio-SPEC 5 FOR THE STACM.

Taunton Energy Center. TI C is 1992. Reduc tion in usage our Produc tion Department our proposed 150 megawatt, directly attributable to Smart-prepared to meet new lederal coal-fired generating station. In light and lightuases reac hed i

and State emission standards that addition to sersing projc(ted 8,7 37,584 kWh in 199 3, whi(h

}

uill become lau oser the next l

int reases in demand, it will go a translates to a two percent re-i few y ears. T hey completed the long way toward ensuring com-duc tion of criteria emissions -

. omph(ated ( ngineering resieu pliam e with esen the toughest, without ans cutba(L in hghting needed to write spet ibcations new dean air standards. In some

sersites, for a new Continuous I missions cases. TI C will stay within new d2&

Monitonng M stem. We will need eminion guidehnes by a factor of

.$ g -

orr the Cl Ms bs 1995 to measure a m

l.ise or more,1 urther, it could f

numb-r of sta( L emissions, a cOULART improse air quahit ghout throu i.

c riterion that wiH be used to

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southern New I ngland by allow-l' T

determine c ompliant e with the ing older, less efficient plants to t ederal Clean Air Ac t. We can now " stand in line" with other a go-ahead ruling by the 1:nergy s

1 (ompanies regulated by th,s Act i

j e

1:acihties Siting Council in 1994.

3 to hase a Cl M$ (ustom-built g

for installation, now scheduled SMART LIGHTS. Demand-gn for 1994.

side management (ontinued to plav a major role in our efforts m....

In an cifort to further ahate ni-to address new air quality stan-trogen oxide emissions, ue dards. We readied Smartlight started an investigation mto neu Plus, an extension of our resi-l (ombustion equipment, includ-dential lighting program, for

.ing a neu air distribution system introduc tion in 1994, $martlight and "!ou-NOs" burner equip-Plus goes beyond our original ment for linit 9. We also began to rescanh a new (ombustion IR

~

control management system for linit 9, w hich will be required if compact fluorescent leasing new burner fronts are installed.

program to include a broader array of lamps and other ener-gy consersation products.

!.ightwaves, our ( ommercial and industrial (C&I) program, (on-tinued to make new strides in 199 3. We installed energy-7

,~=, _. -

4 oncentrating on compli-will help us understand the im-nm IR VIN G ant e allourd us t.o spread part of the law on off-peak loads, pwW7W#:tmsme m..

', l our treatne nings in 1993 and when electric schi(les willlikely desclop innmatise, unusual and he ret harged - and imprm e load i

cooperatise approathes to meet factors in public utilities

. U g

4 the environmental (hallenges throughout Massac husetts.

k that lie ahead.

i GREEN P O W E R. Through a l

1 CHECK THE B A T T E RlE 5, llequest for Propo%ds ne found g

We took a hrst urp toward rarly an environmentally friendly en.

f i ompliam e uith prmisions of ergy source in two rather unusual l'

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the Ulran Air Act Amendment loc ations: the landfdis in nearhy v

of 1990 and the i ncrgy Policy IIalifax and 1-ast liridgewater.

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ONE VAN, TWO LANDFILLS, AND P ARTN E R S HIP WITH THE PRESIDENT s.c p

===en Act of 1992 that mandate /cro

- ~"'

eminions from at least two prr-l (ent of our schicle flect by 199R llut more, under a Demonstrate In an ongoing cifort to reduce by agreeing to, parti (ipate in i

l!.n e rgt I flitient Drstlopnients our (lependence on fouil furl %

President Cli n t o n's Clirnate y,,,y +,

m e m.

(DI l D),' rant f. rom the Ameri-ne entered into a no rnk, 20 Change Action Plan. This is a Egy-c ' Q can Public Pow er Anot iation, scar agreement to purchase up s olu nta r y program w hit.h sup-Q tv y we turned that mandate into a to 10 nullion kilowatt hours of ports cost-efferthe greenhouse QQ l

lcarning pros ew - for us and elet tri(ity annually, enough to gas limitations. We udl share the students at our local sot a-supply 5,000 as erage homes.

information about our power Q:>

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p:y tional st hool.

I'he pou rr w ill he generated with supply, load and energy conser-

]g Mi methane gas, a natural hyprod-s ation programs, and work p'OCM L

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3 i

In (ooperation with liristol L^

Ply mouth Ib gmnal Tes hnit al

' in landhlls. 'lu o c losch with the Department of u(t of deras GA (nsironmental plunes result.

I nergy in drscloping emiuion f& J' ?

ll D' NY@:m..

7

u E!

MhooPs automothe students

'lhe methane gas, whi h has 20 polic ies As a<h oc.aies for our and llettrn Vehules of Ameri(a,

@h[d D My, I

h'b een[owqQd ;Mj "j',

times the global warming capa(-

(ustomers this researt h partner-ur c ons erted a gasoline-pou-ity of carhon dioxide, will not he ship aho enaldes us to prmide (73%Q WMf7. ~

f.

errd san into our llreth first relrawd into the atmosphere; mfortnation about the impact of.

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/et o-eminion, hattery-pou rt ed and the power it produces pol,cs proposals on electric w

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Why clet t ri( u hi(lr. ~l hrn, workin#o

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annually t an displa(c lcw emi-rates in our sersh.c territory.

in (ont rit with other pubhc 3,

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f. iendly pow er ronmental!v r

ultistics who hase clr(tric llgy4N 1

i A cost adsantage too, schhles, ur hegan through the jQQT j

sou r( ts.

ue pay only for uhat ur use, at DI i D grant to buihl a data base 7hQF, x W

I prwrs lisrd belon projet trd fov d/d about the*e schitles-their oper-ul fuel eu alation rates.

ation, ( harging < haractrristit s j

aml impat t on load This data WORHING TOGETHER. A (ooperatise senture, TM I. P joined sescral other publich 8

ouned utihties in Mawat husetts l

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sometimes f rustrated, ur fo-( used ca ensironmental issues in 1

19H - renew ing our long-stand-ilonner, one question kept sur-ing tommitment to serse our facing mer and over this year,

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uithout ans definite answer:

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e t ustorners in an emironmt ntally What will it all cost.) As regula-responsilde u a). 'l he a( tisities tions het ome morc stringent an'l resicued in this trport are inc reasingly t ompirk measures I

testimony to that t ommitment.

must he taken to ac hine new t

cnsironmental standards, that question ultimately will l>e an-swered by our customers - and users of electri(ity ac ross the na-tion. Iike us, their job too will TN s

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be looking to the f uture - and e

lindmg the right balante.

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Michael Abbott Mary Dower Maureen Lounsbury Doris Renaud 7-William Adams Paul Downing Jennif er Love Leonard Rocha Antuno Almeida, Jr.

Paul Dumont Kelly Lozinski Steven Rogers James Araujo Robert Drake Ronald Lund Charlotte Romano

,V Lawrence Arlota John Dubena William Lyons Manuel Rose

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hh Richard Arruda Armand Emond Daniel Mahoney Richard Rose Brett Baker Michael Emond Linda Mason Stephen Rose g

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Brian Belanger Doyle Escobar George Mastin, Sr.

Ronald Roy

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John Bisio Joan Faria Charles McCaff rey Doreen Rua g4 I

Mark Bissonnette Charles Farrell Francis McDermott Albert Santos

[

f; Ma r k Blac k well, J r.

Joseph Fernandes James McDermott Mark Seekell 19 ;

r. :

M a r k Blac k well, Sr.

Maria Fernandez John McDonough John F. Semas

$.i.

Joseph M. Blain Glenn Ferreira Diane McGrath John M. Semas Richard Dolduc Ronald Ferreira Laurel McGrath Robert $11va I'} '

A Leo Bousquet David Fink Joseph McKenna Edmund Silveira

,W

'F' Tommie Bruce Craig Foley John McRae Katrina Sliveira 4

i Victor Buote Fernando Frates Robert Medeiros Cynthia Silvia p;,,

d Arthur Cabral Ernest Fresta Ronald Medeiros Debra Silvia Steven Cantwell Douglas Furtado David Melanson Gregory Simmons

],

Bing Chan Paulo Gallagher Ernest Mello Rita Smith d

Fred Chandler Frank Gill Paul Menard Robert Smith

/

Patricia Chandler Thomas Goggin Paul Mercier Kathleen Smyth

.x 3y, Roberto Chestertleid Edward Goulart Joan Mulcahy Scott Souza Cynthia Clark Kenneth Goulart William Nickerson Nancy Stankiewicz p.

Walter Clarke Roland Grandmont Joseph Noberini Kevin Steadman Carol Collagen John Haggerty David Owen William Strojny Margaret Cooke Michael Hagoplan Alice Pacheco Ralph Strollo, Jr.

David Cordeiro Manuel Hathaway Diane Paiva John Thomas B rue.e Ccrrela Michael Horrigan Richard Parker Frederick Tompson U

I g i

David Costa James Irving David Pereira Judy Torres k

Michsel Cote Wallace Jones Francis Pereira John Valcovic Steven Cote Kevin Klernan Manuel Pereira Joseph Vasconcellos Thomas DeBrum Paulettr, Kin g s b u ry Joseph Perry Richard Velez k

Russell Demar St anley Kos s,J r.

William Phipps Anna May Vieira n

Lawrence DeThomas Robert Krantz Anthony Pietrzyk Shirley Vincent h

k Wayne Olson Michael Larkin,Jr.

Frank Pirozzi James Warren

??

Lorraine Donahue Raymond Leannes Louis Ponte R. Scott Whittemore h_

Robert Donnelly Ronald Le gere, Jr.

Thomas Powers Thomas Zagerski Stephen Donovan Theresa Levesque John Punda g

M Kevin Dooley Robert Linhares Peter Reilly L

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,4 Municipal Light Commission of the City of Taunton,,..

,_.c h

Tatinton, Massachusetts -

5 l

"t We have audited the accompanying balance sheets of the Taunton Municipal Lighting Plant (a depart.

_ d

. 6 (*

Og ment of the City of Taunton) as of December 31,'1993 a' d 1992, and the related statements of earmngs, n

e retained earnings, and cash flows for the years then ended. nese financial statements are,the responsibility of.

1

..s the Plant's managemen't. Our responsibility is to expressjnd opinftmen these financial statements based on -

nur audits.

We cunducted our audits in accordance with generally accepted auditing standards: Those standards require that we plan and p*erform the audit to obtain reasonable assurance about whether the financial state-4 s,

ments are free of material misstatement. An audit includes examining, on i test basis, evidence supporting the'

. (;

.s

~

amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles N@

_ ny used and significant estimates made by management, as well as evaluating the overall financial statement pre-j o.,,p sentation. We believe our audits provide a reasonable basis for our opinion.

+

As discussed in note H to the financial statements, the Plant records pension expense based on a formula OM f

.AG y

determined by the City of Taunton, wherear generally accepted accounting principles require the use of actu-arial methods in determining annual pension expense. The efTect on the financial statements of not s. sing

-d}

m 4

actuarial methods has not been determined. In addition, certain disclosures required by the Governmental

)

s&

Accounting Standards Board relating to pensions have been omitted.

Dj In our opinion, except for the effects of such adjustments,if any, as might have been determined to be

-((

,. m necessary had we been able to determine the effects of not using actuarial methods in determining pensio,n

,JP espense and, except of the omission of certain pension plan disclosures required by the Governmental

]a.

O,}t e

~

Accounting Standards Board, the financial statements referred to in the first paragraph present fairly,in all 5

{

material respects, the financial position of the Taunton Municipal Lighting Plant as of December 31,19.93, l G)4 e

and 1992, and the results of its operations and its cash flows for the years then ended in conformity with d:

generally accepted accounting principles.

l:h.

, gK. y l '.

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' &p Boston, Massachusetts February 25,1994

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Gc B A L'A N C E 5 H E E T S~ '

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< December 31.C '" 9 a - Qt;j npgq(M g.

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< -A b A S 39937 5 Ty.j4

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J A$ q)[*3g JUtility Plant -- At Cost f L

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+

$88,157,501'

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' Plant in service,

3 g

less accumulated _ depreciation (note A2)z 7e, gy

• ms2,319,897 g.;4g 93 -

Net utility plant in service : ~

' ' ~

35,837,604 M35,1214 36h Investment in Seabrook (n'otes A7'and C)'

~f-

.3,332,311

+

p

• Q3jgg Construction work in progress (note I) 3,934,774

. Total utility planta ~

,.y.., 9 ',,

' 43,104,689 -

42440, f.

s Depreciation fund (including $5 820,000 of g

a s

3 certificates of deposit in 1993)(notes A2 and B) 11,836,705

..g,9QQ Sick Leave Trust Fund (note A5) _

~ 2,621,405

, 2,y@

G Other Assets.., _,.

..,, g g,4 Investment in Hydro-Quebec Project (note G)f

~

'311,472 y ;,h gy j.

. jl%gy '

Ughtwaves (note D) 262,s63, Other deferred debits (notes J and K) -

903,824 4 3377,yg' 3

I rggyv f c.d.e s)

Current Assets

- Cash (note B) '

1,838,983 ~

1,323,y 302,125

< ;33p l

Customer deposits (note B),

g g

Accounts receivable, les!f allowance for doubtful accounts of 5448,706 and $431;773,'respectively.

3,352,012

, g 3',5f8" l

Due from TMLP. Retirement Trust (notes A3 a'nd H) 387,836 QQot;t.

,s<

Materials and supplies inventory (note A4) 1,934,681

j,9024'

{l P ? l6,39 Prepaid expenses 112,61s Total current assets 7,928,255

, M,212,88

$66,969,213

,$65,868.42 yc#

h 1

r,

. Q-3y9 Retained Earnings and Liabilities December 31, 1993 Retained Earnings rQQg

[gd.

Appropriated retained earnings

' J515,347

$16,062,000 Loans repayment.

c e 32; Construction repayment 32,434.

- n

.: m c.

l5 16,094,434 g,,,379,4 Unappropriated retained earnings 25,737,137

. ' 24,577,5, Total retained earnings 41,s31,571,

- k 39@56,9, Long-Term Debt (note E) 16,320,216

. ( L17,098,5 hhbhx Current Liabilities

~

Accounts payable 1,s98,232-

' gl1,887,3 Customer credits (note A6) 2,213,766-

' 2,679,7 Customer deposits 30s,653 p.M303,1~

N*

1 %%p, t Current maturities of long-term debt (note E) 775,000 is, Accrued liabilities W 4 j;g,

Sick leave (note A5) 2,871,835

, 4 2,515,1,.,

,n.

e.

' Interest-

,579,771 1 ; 602, 9 Payroll 154,376 d,Wil'1 Other 15,793 N;.c m W-Total current liabilities s,s17,426

- ". % 8,812,91 o

-4e7dY Commitments and Contingencies (notes C, G, H and I) 4 i

$66,969,213 ~

[$65,868,42

..- - ug *

, $,ly

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3. < ' iSQ 14 The accompanytas notes are a e,iterrei port of th... statements.

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m-g STATEMENTS OF EARNINGS

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, +

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Years ended December 31, 1993 1992 6

Operating revenues

',l Sales of electricity i

Commercial had industrial l I~ $20,94 7,421

$ 19,134,214 -

JJ Residential.

J 14,034,186 j 3,137,746 s

Sales for resale (note G) 2,607,432 3,945,603-Municippl 7

' 1,930,737' 1,560,075' ;s ' Y

~

39,519,776 37,777,638

' i.'

Other operating revenues 362,451 253,006 jf.;

W Total operating revenues 39,882,227 38,030,644 f.)m Operating expenses.

M g [,

Power production

" ^ ' '

20,642,646 20,089,163 Transmission and distribution 2,830,378 2.674,624 I-i Customer accounting 1,979,813 1,599,122

'j Administrative and general (notes A3, A5 and H) '

5,390,674 5,643,179.

a Depreciation and amortization (note A2) 3,840,534 3,343,318.

4 Nuclear expense 203,282 24L292 4'

Total operating expenses 34,887,327 33,590,698 4

Earnings 4 rom operations 4,994,900 4,439,946 WU my Other expense (income) j-(y Interest expense 1,359,329 1,414,104,-

~{

Other expense 2,805 1,662

>?

Interest income sx (443,508)

(266,061).

Other income (note G)

(158,361)

(216,916) ' ' 1p M

f%

}

Total other expense 760,265 932,789

3.,

"/

1 Net earnings before provision for payment in lieu of taxes

.s Provision for payment in lieu of taxes (note F). '

4,234,635 3,507,157.

.f!

2,360,000 2,360,000 -

9j Net earnings S 1,874,635 5 1,147,157-9

,54 P.

o

+.

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• 4

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s S T.A T E M E N T S OF RETAINED E ARNING S 7$

k Appropriated Retained Earnings e~

Unappropriated

d loan Construction

' Retained,,

.kf 1

Years ended December 31, 1993 & 1992 Repayment Repayment "

Earnings. C:M N e5 q

Balance at December 31,1991 514,687,000 532,434 524,090,345'

, Transfer for bond repayment 660,000 (660,000) (e..[.

P Net earnings I,1'47,157' "l 7.d

-73 Balance at December 31,1992 15,347,000 32,434 24,577,502 19 3

Transfer for bond repayment 715,000 I * 'ff (715,000) ; n a

Net earnings

/

1,874,6 3 5 ' ' ',' A Balance at December 31,1993

$ 16,062,000

$32,434 i $25,737,1371

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/t, The accompearing,,etes are a ktograt' pert of these statements.

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1993 -

Years ended December 31, N ;, y[ [ f pv

[

Increase (Decrease) in'Ca'sh s

Cash Dows from operating activities:

.r-

.5 1,874,635'

. 51,147,157,.wS

8. a Net earnings

' Adjustments to reconcile net earnings to net.

';g!d s

cash provided by operating activities:

l:p 3,840,534, 3,343,318';h

^ Depreciation and amortization' Amortization of bond premium (3,354)

'(3,663)$ -

Infome equity in losses of Seabrook investment

'(12,614)

(28,263)N.

Change in assets and liabilities:

p 'sg Decrease (increase) in customer deposit funds 9,922 (19,227)

' Decrease in accounts receivable

., _.. 206,504

.,356,386 2 4

~

.y.

, increase in due from retirement trust

.(387,836)

, f g]h

. Increase in imentory (31,935)

(176,922)M 3,775 (3,319) 7 Decrease (increase) in prepaid expenses,

^

(67,549)

~ t%

(115,90'5)Mn Increase in Lightwaves (391,501)M i.

Increase (decrease) in accounts payable 10,892 2

715,626 Decrease (increase) in customer credits -

(466,033)

,24,5i99 f

. Increase in customer deposits 5,475 Increase in accrued sick leave 356,676 31*/j2 Decrease in accrued interest (22,642)

(20,6Sh3

'd

~

increase (decrease) in accrued payroll 44,350 (17,449py increase (decrease) in other accrued liabilities 15.793

, - (1303')%

f 5,124 488 h Net cash provided by operating activities 5,376.593 j

Cash flows from investing activities:

,,qQ g

(4,450,888)

(3,287,073)Q i

Net addtitions to utihty plant p

Inve' tment in certificates of deposit - depre'ciation fund (5,820,000) 4- {} d h

- (124,578h

}

s increase in Sick leave Trust Fund (207,088)

Decrease in deferred debits 373,392 366,14$i (Decrease) in deferr'd credits

- (401,359)$

e Net cash used in investing activities (10,104,584)

(3,546,865fg g

Cash flows from financing acthities:

%g s

Payment of long-term, debt (715,000) i660,0007 Net (decrease) increase in cash (5,442,991) 917,613 Cash and cash equivalent at beginning of year 13,298,679 12,38f,056V Cash and cash equivalent at end of year

$7,855,688 513,298.679L

.m Cash and cash equivalents at end of year is reflected y glgg Mh on the balance sheets as follows:

Depreciation fund

$6,016,705 511,973/9N Cash 1,838,983 1,32$,f8d

$7,855,688 513,298.679 Supplemental Disclosure of Cash Flow Information:

s

- Cash paid during the year for interest

$ 1.381,971 5,1.434,72 {

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j 16 The acceampanylms notes are e 6ntegral part of these statements.

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% Note AlSummary of Significant Accoussting Policiesy, 'Mkk) d c

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A summary of Taunton Municipal Ughting Plant's (the fPlant*) significant accounting policies cunaisten ly applied in the

]s l preparation of the accompanytng Anancial statements follows.

^

, 33# y A g

E

f. Astes YTauriton Mahicipal Ught Plant (TM!f) lian enterpA,se fund of the City of Taunton, Manach'unetts (thhl TMir is'under the~ charge and control of the Municipalyght Plaist Commluloners in accordance with Ch' apter' 164, Section 55 of the General lay of the Commonweahh of Massachusetts. Electric power la both produced and purchased tributed to customers within their service area. %e rates charged by the Plant to its customers are filed with the Massacho-7 %

' setts Department of Public Utilities (MDPU) and are subject to Chapter 164, Section 5,8 of the General laws, which

[*y ~DM '

provides tlat prices shall be Ased to y6 eld not more than 8% per annum on the cost of the plant after repayment of opera espenses, interest on outstanding debt and depreciation W Plant's resulting net earnings amounted to 3.6% and 2.9% of ' %p utdity plant in 199 3 and 1992, respectively,

'M i

2. Depreciation Pursuant to the Department of Public UtihtiEs regulations, depreciation is cakulated as a percentage of'

~

depreciahic property at January 1. Depreciation is computed at 4% of the cost of depreciable property. Depreciation fund i. O cash is used in anordann with' state laws for replacement's and additions to the electsic plant in service."

~

.~7'* %q q}.

/- o e.

s at s J. Pension Plan Substantial {a!! cmployees of the. Plant are covered by a contributory pension plan administered by'tlie g

'.I

• City of Taunton in conformity with State Retirement Board requirements (see note II).

~

3

'l

{

4. Innafory 1 Materials and supplies inventory is carried at cost, principally on the average cost method.

<f

5. SicA Lean Trust road The Plant established a 5'ick leave Trust Fund,(" Trust *) in 1982 for the financing of future sick :

leave payments. I is the Plant's intention that the Trust be funded to the catent of the Plant's sick leave liability and that fu.

b ture awk lene espenic will be paid by the Trust once full funding is achieved. The usets of the Trust are shown in the A.

]

nantial statements to penvide a more meaningful presentation, as the aucts of the Trust are for the sole benefit of the Plant.1 d

The snets of the Trust are shown at cost. ne market value of the trust assets at December 31,1993 and 1992, were, pgy 9 Q 52,687,059 and $2,479,026 respectively.'%e funds are'ihvested in money market funds, treasury notes mutual funds invest in government securities, common stocks, and a corporate bond. Net investment income for the Trust of approxi;.

,f mately $208,000 and $225,000 in 1993 and 1992, respectively,is reflected in the statements of carnings as an ofTset to.

q temprnuted absena expense, as these funds are restricted and can only be M

net espense for sic k leave was $179,000 and $212,000 for the years ended December 31,1993 and 1992,#respectively..

g.

6. Cusrome'r Credits ne Plant's rates include a Purchased Power Cost Adjustment (PPCA) which allows an adjustment of f

rates charged to customers in order to recover'all changes in [wwer costs from stipulated base costs. The PPCA provides foM a quarterly recomihation of total power costs billed with the actual cost of power incurred. Any exceu or deficiency in,

,q, ' M[

4 amounts collected as compared to costs incurred is deferred and either credited or billed to customers over subsequent '

N%

periods.

' ' ] ' .

7. Innsament Is Seabroc& ne Plant's Investment in Seabrook represents a 0.10034% joint ownership share records annually depreciatwn computed at 4% of the initialinvestment in Seabrook. The Plant's percentage share of new,,

g plant additions are capitalized anJ their share of operating and maintenance espenses are charged against earnings.

4,

8. Cash rguiralents For purposes of the Statements of Caph flows, the Plant considers certificates of deposit withD ( > 'Qfj maturities of 3 months or less to be cash equivalents.

]Q

9. Jterlassificarians Certain amounts ln the financial statements for the year ended December 31,1992 have been reclasstJ,17 i; ficd to conform to the current year presentation.

y%[

Note B - Cash

< Yu W

.;,M6;}

l, The Plant's cash is depouted with the City of Teunten Treasurer who commingles it with other City funds. The City invests the cash M

and credits the Mant each year Mth internt earned on certain of the cash deposits.

( ' Q7 Me j

m Cash deposited with the City of Taunton consists of the following at December 31, 1993

'1992.k (.5 e

• $ a: " 4 4v Non-mterest bearing poc, led funds

• qgAk[M' includmg restrided customer deposits.

. SS,459,481

. of 5 302,12 5 and $ 3 t t,04 2, respectively

.' 54,552,40$p p

-Certsnotes of deposet with rates

,.![@ QQ of 4% for 1942, maturing February 1993' 2,110,564 y 4M Certifkates of deP"ut with rates I

of 2.90% - 4% maturing at various dates during 1994 8,198,382

. + a ~.* g? sh, %

q.

st v..diy CertAates of deposit with rates

.k i

of 5 08% maturing 1996 3,320,000

• ' d. y. W Savings and money market acwunts 6,947,7510

$ 13,s 77,813

' S i l,610,720ry M g

[]

Cash at December 31, is reflected as follows:

1993 1992 _.,j

)

Deprenation fund

$11,834,70s '

$11,975,493' /Oh -

~

Cash y

1,834,983 1,32g186 ' W Customer deposit prindpal and interest fund 302,12S 312,047'

[j S13,977,813 511,610,726 7.1

<, 63 a

4, ~ cs

>, ; 41

< 1"7 ' T

• Continued en next page.

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' Note'C -Investment in Seabeooki P $.wb r y,-

, Gj V M

~

r ne joint owners of Seabrook have established a Decommisitoning Fund t

9. The Plands a 0.50034% Joini owner of the S' abrook New Hampshire Unit L. ; y.' L,

e y

31,1993.The Plant is cunentlyH < ' 2 4gp m.,

sha,re of the estim'ated decom..missioningliability is approx.imately $.324,000_as of D.ecember

..a w.

contributing based og a pment value fann.ula.,3433 per month wer 36 yea.rs to the' fund.

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gf, Note D7Lightwaves..

.. The Plant has taitiated an energy saving program for commercial and industrial custo gram entitles the customer to a free energy audit and installation of energy $fficient_eguipment. Custorners are required to f.g d..

pay a monthly fee for a 60 month period. %e fee is based upon the administrative costs related to the program. %e related 4,[

~

administrative costs are being deferred and amortized over the 60 month billing pedod. As of December 31,1993 and 1992, '

~$

' *Mb the Plant has deferred these costs which will be billed to c'ustomersc

- D

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Note E long Term Debt * *

.N-Long. term debt is compriacd of N followinglEnds[ $

1 W h M.

4'1992l-M t h 1993

'+

b MSN Electric l. man Ad of 1969 i 9 qq.

< p y2wS Interest ratey various rates from 7.3% to 8W T.,'

f

' interest payable February I and August 1, i j

(

i

$17,055,000

, $17,770,000,. M@

due serially to February 1,2006 43,570. k;7 40,218 s

-d*Di tinamortized premium

,3

~

g

-ilh@b 3.

17,095.218 17,813,570?

s tes narrent maturities 775,000 Mis,000

$18.320.218

$17.098.570 '.. w# %

Totallong-term debt

• .k H h

-, a y n#fc.Q-9

. n

, < i,lMh

.p j g t >'o l

Aggregate maturities oflong-term debt a(December 31,1993, are as follows:

l T NM 4

1994 5 775,000 vg 1995 840,000

, p-g 1996

.910,000 1997 985,000

'

• M Mp;Q j998'

~

l',0657000

+ Wd.,...-

,. L f.1,-

1999 and thereaft'er 12.480,000 7

t

$ 17.05 5.000 e %

TR.,'

t l

y1 -

b. u L Note F Contribution la Lieu of Taxes -

'4' ys.

a The Plant contributed 52,360,000 in 1993 and 1992 to the City of Taunton in lieu of taxes. All contributiohs to the City g Q

' l.*C 4 are voted by the Municipal Light Commiasion.

. m a

.., a y % %

Note G - Commitments and Contingencies

, M. N -

p

'YOWN laterconnection A reement O

. The City of Taunton, acting by vote of in Wnicipal Ughting Plant Commission, entered into an agreeme l

, Montaup Electric Company ("Montaup'), dated July 31,1970, as amended, concerning interconnection of electrical opera-g _

tions, purchase and sale of kilowatt capacity, and construction by Taunton of a generating unit of approximately 110 mega-,4g 'y watt capability. The agreement, odginally for the twelve (12) years following the commencement of operations of Unit No. 9 W on December 1,197 5, was amended and the term extended to October 31,1988. Linder the current interconnection ag ee-j ment, the City agrees to exchange with Montaup Electric Company fifteen (15) megawatts of Unit No. 9 capacity for tenibpp (10) megawatts of capacity from the Canal No. 2 generating unit,50% of which w

sales for resalc $265,287 and 5393,605.of capacity and energy charEes billed to Montaup Electric Company in 1993 and { d l

l 1992, respectively, for its share of power.under the interconnection agreement.

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18 Continued on neat page.

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. Note G - Commitments and Contingencies (cont) 6y e

x Hydro-Quebu Agreement -

^

~

m 2

~ _,

na e.

in 1988, the Plant entered into'an agreement with 'the Massachusetts Municipal Wholesale Electric Company and other J

New England Uti!ities to support the operation of a transmission ime to permit the interchange of electricity between such ? ',

Q utlhties and Ilydro-Quebec Ele' tric Corporation (Hydro-Quebec). In~ connection with the agreement, the Plant advanced,

y c

approumately $800,000 toward development of the project of which approsimately $450,000 was returned after the project-

,.Q had obtained financing. In 1991, the Ilydro-Quebec project was completed.1!pon completiop of this project, each pa-tici.'

7N

~

pant received stock in the New England Hydro Transmission Electric Company and he New England Hydro Transmission Corporation proportional to their advances. The investment is being accounted for on the cost basis. He stock received is j.

not'readdy marketable, but gives the holder rights to purchase power at a percentage of the fossil fuel rate.

M Durmg the ycArs ended December 31,1993, and 1992' the Plant received dividends from the above n' ted Companies in o

the amount of $76,762 sand $133,616,respectively.

iM?

l Note Ili Pension Plans,

h j

ne Plant contributes to the City of Taunton Employeest Retirement System (" System"), a public employee retirement '

j i

system that acts as the investment and adminirtrative agent for the Citf All full-time employees participate in the System.

y Instituted in 1937, the System is a member of the Masachusetts Contributory System and is governed by Massachusetts 3

General lawn Chapter 32. Membership in the System la mandatory upon the commencement of employment for all perma-

{d nent, full. time employees.

]

ne System provides for retir'ement allowance benents up to a maximum of 80% of a member's highest three-year anr.

age annual rate of regular compensation. Benent payments are based upon a member's age, length of creditable service, level '

[

of compensation and group classincation.

j Members of the System become vested after 10 years'of creditable serv 6ce. A retirement allowance may be received upon reading age 65 or upon attaining twenty years of servic(. The System also provides for early retirement at age 55 If the par.'

O.Ny ticipant (1) has a record of 10 years of cred. table service, (2) was on the City's payroll on January I,1978,(3) voluntarily left City employment on or after that date, and (4) left accumulated annuity deductions in the fund. Active members contrib ute either 5%,7%, or 6% of their regular compensation dependmg on the date upon which their membership began. The

. g' q System also provides(death and disabihty benents.

[]

ne System does not make a wparate measurement of assets and the pension bene 6e obligation for the Plant. ne pen-Q}

(j sion benent'obhgation is a standardired disclosure measure of the prewnt value of pension benents, adjusted for the effects '

f of projemed salary increases and step-rate benefits, estimated to be payable in the future as a result of employee service to

.d date. The meadre is intended to help users assess the fundmg atatus of the System on a going-concern basis, aness progress

+d made in accumulating sufTicient assets to pay benents when due, and make comparisons Imong employers. ne measure is M

the actuarial present value of credited projected benents and is independent of the fundmg method used to determine con.

M tributions to the System.

M' As of July 1,1991 (the most current valuation date), the Plant's pennon benent obligation was $22,800,000 determined i'

through an actuarial valuation performed for the P! ant. He system's net assets available for benents, allocated to the Plant, ?

/

on July 1,1991 (valued at market) were 58,700,000 (excluding assets held in Employee' Retirement Trust Fund), leaving an i unfunded pension bene At obligation of $14,100,000.

, N%

, The Plant has estabbshed a seprate Imployees Retirement Trust Fund (Trust Fund) for the Gnancing of future pension '

payraents. The Trust Fund had net assets (at cost) of $12,656,000 and $11,781,000 at December 31,1993 and 1992,

[]

respectively. The market value of the net assets at December 31,1993 and 1992 was $13,188,000 and $12,304,000,respec.

gJ tively. De Plant' contributed $0 and $ 3 50,000 to the Trust Fund during the years ended December 31,1993 and 1992.,

reapedively.

1. ][

.Z Beginning with the year ended December 31,1993, the Plant wdl recieve from the Trust Fund over the next thirty-two' W.g years, an amount equal to eighty.nve percentef the annual amortization of the unfunded pension liability. The remaining nf-

! j*

teen perant of the unfunded pension liabihty wdl be contributed from current year operations.

J G

The followicg represents the components of the Plant's recorded pension expense:

y,

' December 3h _.y a993 1992 g

Contributions to the System

$ 1,378,005

$ 1,448,08 3

• J Contributions (from) to the Trust Fund

, J, ;,,,

(3a 7,8 30) 349.996*

eg Recorded Pension expense

$ 990,175 11,798,079 '

• 7 dj

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.Centlawed on nest page.

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. NOTES TO F I N A N C I A Li S T A T E M E N T,S t <

M N,Y

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. Note II - Pension Plans (cont.)?, r 4.44,Q

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' %e System's funding policy for the participating entities is not actuarlaDy deterndned De participating entitica sre re

~

• * *d

~

quired to contribute each fiscal yeai an amount approximating the pension benefits (less certain laterest credits) eny,ect ment Administration (PERA)

N based in part on the previous year's benent payout be paid during the year (* pay-as-

-go* mythod). This amount is determinid in ' advance by the Pub!;c Employees Ritir

'

• NO @

determining this unount %e Conunonwealth of Massachusetts currently reimburoes the System on a

~

portion 'of benefit' payments'owing'ticost-of-living increases granted as specined. Effective for fiscal y

%hz yond, the System has removed the " pay-as-you-go" method and will amortize the unfunded pension benefit obbgation 'ov

, ]g. -

' thirty-two years. His change has been approved by PERA*D

%e effect on the accompanying Anancial statements of the departtue from generally accepted accounting prin'ciples re-

'g ferred to in the previous paragraph has not been determined for the year ended December 31,1993.

W M

Note 1 - Coal-Fired Electric Generating F$lity

_7 1M

~

on January 3 I; 1991, the Plant' entered into contracts with Sil,ve.r City Energy, Limited Partnership (t ps 1

Delaware limited partnerahlp. The contracts pertain to the leaning of a 25 acre parcel, owned by the Plant, adjacent to the$ p1

] k,%

Planti Cleuy-flood Stition and the subsequent building of a coal fired electric generating facility (coal plant) by the Devel ~

~

l 1-

9h opec.

The ground lease extends for a period of forty years. Rent,f payments to the Plant will be 550,000 per year until Septem MQ ber 15,1994,5500,000 per year until operations commence,and 51,100,000 per year for the remaininglease term. '.

5gf The Plant has agreed to purchase 20% of the power generated once the coal plant is in operation, which is approxiniately g[M 4

10 megawatts. he' agreement is for twenty years.

he Plant has accured a mortgage on the buildmgs and facilities to be constructed to secure payment of the aggregate'. f ddierential. The aggregate differential representsfunds to be paid to the Plant in the event that the project is not comp Payment is based on a dollar value per kilowatt which incr' ases over the duration'of the construction period.

[

rg e

If operations do not commence by September 15,1996, the Plant may _ terminate all contrxts with the D r

W event of termination of the contracts, the Plant may be entitled to reimbursement of certain costs incurred by the Plant.

,.W5-

" N %,9..,$

As of December 31,1993, the Plant has capitahzed approximately 51,521,438 oflegal and administintive. costs whiih.

are included in construction work in progress. %cse costs will be amortized over the contract period once operations have'-

gb '

With respect to the proposed plant construction, the Plant is involved i f

commenced.

~ '

opinion of management, the ultimate resolution of these matters will not have a material effect on the financial statements.

, $4rtkw 1

1 p.

' gg1f 7

a v

Note j - Computer System Conversion on December 8,1993, the Plant entered into a contract to purchase software. The total cost of the software is estimated tgl to be 5219.555. Payment is contingent on the achievement of speciGed conversion milestones. Once the conversion has been ^

k completed, the Plant will be required to giay an annual software maintenance fee of $33,000.-

2-g The Plant intends to lease the computer hardware, but has not formally entered inIo any agreements to do so. YM

/

='

Note K - Deferred Maintenance A unit of the Plant underwent a maintenance overhaul of which the related costs are being amortized over a Dve year pe-

'Q,

riod. He unamortized balance at December 31,1993 and 1992 is $903,824 and $1,277,216 respectively.

~

' *g s,<' ~W4

'I s '.y,

Note L'- Post Employment Benefits Retirees of the Plant under age 65 are eligible for the same health benefits as active employee ay 65 are eligible for MLDEX. This apphes to aingle or family coverage and the costs are borne 75% by the Plant and 25% by the retiree. Retirce's survivors must bear the full cost of the bene At. He Plant is charged their prorata portion based on an allocation by the City.

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