ML20076N420
| ML20076N420 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 12/31/1990 |
| From: | GAINESVILLE REGIONAL UTILITIES |
| To: | |
| Shared Package | |
| ML20076N419 | List: |
| References | |
| NUDOCS 9105070151 | |
| Download: ML20076N420 (46) | |
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DGehughts for Pleoel 1989 90 t
Percent l 1993 _
19t9 _QheD9t '
Financial:
Not revenuer, after rate stabilitation transfor . . 5 60.279,993 $ 55,840.237 8.0%
Aggregato debt service . . . . . .,,. . 19,064.790 17.939.790 9.6%
Aggregate bond debt service ratio , 3.07 3 11 (1.3%)
Total debt service rrtio . . . . . . . . 2 27 2.28 (0.4%)
- Long term debt . . .. .. . . . . . . . 425.431,493 428.384,308 (0.7%) ,
Not utiltty plant . 387.931.564 65%
. . .... . . . . . . 413.203.351
- Canh And investment -
Rato stabilization fund and revenue fund . . ... 45.581,971 39.561.351 15.2 % 3 Customers (12 months average)t >
Residential electnc 53,579 51,579 39% i Non-residential cloctrio 6Jf6} 6224 23_%
Total electre ... .. . , . . . . . .. . .. 59,944 57.003 ' 3.7% ~(
Water . . , .. . .. , , . . . , , . . . . ... 4l.923 40.671 3.1%
Wastowater .,....,.. . . . . . . . . . ... . , 37.997 36.000 33%
Natural pas 4 . , . . . . . . . . 19.269 10,930 1.8%
Sales of energy (pigawatt horts):
Y.. . . 4 . . . . . . . ... ... 581.9 5400 61%
s iscellargo power . . . . . . ,,....... . 594.5 570 8 42% <
t#: ( _ . .... . . . .. . 15,9 16 1 (1.2%)
e 5 $ ate . .. . . . . . . . . . ... 85 0 70 9 19 9 % ;
e> ,. . . . , , . . . . . .. .. , 1.277.3 1.200.4 5.9% ,
1tw.u.. nge.. ... ... . . . . . . . . . . ... .. .. 417.3 4P0 0 , _ (0 6%)
Total, , . . , .s . . . . , . , . 1,094.6 1,626 4 4.2%
Sales of water (million gallons)t . . . . . , , . . . . . 6.499.7 0,717.9 (3 2%)
Wastewater treated (million pallons)t . .. ... .. 3.966.9 3.967.5 (0.0%)
Natural gas (million therms): . . . . . , . . . 29 5 30.1 (2 0%)
Fonewoni Gainesvdle is a leader in arts and quality and protoction of the natural G ainesvillo is proud to be known na one of the most progressivo communities in Flonda. The city culture, with live professional theatet.
music and dance, as wolt as major
' resources they usa Decause of their -
continual dodication in making this a w:s recently rated the most livable city museums of art and natural history, public ublity in which the entire city can
'in the state and one of the best places Natural beauty is also abunda$1 in take pride, this antiual teport is dodicated to hvo in the nation by Money magazina : " Tree City, U.S A ." where nch foliage to each and ovety one of Gainesville As the heart of commerce, education- - displaye a bountiful combination of Regional Utihtios' omploycos.
and culture for north contral Flonda, . semi tropical and temperato species ofl G nosvdtds diversified economy includes spectacular flora and fauna. on the coven rtmer poneraract ty cannesde ~
services, technology, manufacturing. . The people who live in this community g.g,onal ut,htes growdos Aphr kw 6Q000 banking; insurance, agriculture and gov- care about the quality of life, carefully cushes Ansett' Thme major utihres, ebetrc
. crnment: The University of Florida, with ' balancing beneficial economic develop- pas and waror&astewam are retvesormf n 35,000 students and 18.000 employees, ment with an abiding concern for the ado;ron to the computer used tv customor is the state's loading institution of higher environment. The employees of Gaines, se m oissu e rtne -
1:arning, The 11.000 full and part-time ville Regional Utiltties are members of -
ctudents of Santa Fe Community College the community and share these concerns.
also contnbute to making Gainesville Their spint is demonstrated overy year
' one of the most educationally enriched not only by excellent job performance, communities in the nation. Gainesville's but in their leaderDhip in the March of medical complex; unrivaled in the stato Dimes ano their award winning parti, tnd one of the largest in the southeastern cipation in the annual University of United States, is composed of four major Florida Homecoming Parada They are hospitals and many supporting clinics dodicated to providing excellence in ,
and medical businesses- service, product value, and care tot the i ll
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MehNghts for Ploomi 1989 90-percent 1990 1999 .,,, Q})pgt Financial:
' Not revenues after rate stabilization transfer . . .. , , $ 60.279.958 5 55.840,237 8.0%
Aggregate debt so vico .. ,.....,.. .. ... .. , . .. 19.064,790 17,939.790 9.6% Aggregate bond debt f orvice ratio ,. ,.. . 3.07 111 (1.3%) Total debt service ratio . . . . . ... . . . .. .. . 2.27 2.28 (0.4%) Long-term debt . . . . . -. ,. ...., ..,, .. ... ... . 425.431.493 428,384,388 - (0.7%) ' Net utikty plant x . . . . . . . .... .. .. . ... ,. , 413.203.351 387,901.564 6.5% Cash and investment -- Rato stabikzetinn fu",d and revenue fund . . . . o . , .. 45,581,971. 39.561,351 15 2 % Customers (12 months average): Residential electnc ' 53.579 51,579 3.9%
, Norvrosidential electric 6 3.Ja a _,
6,224 23% Total electricD c, . a.. ,,,, . 3. . .... .. ... 59,944 57,803- 3.7% Water . . . . . , . . . . . . . . i . .< ,....,,.i,.. . ... . 41,923 40,671. 3.1%.. Wastewate r. , , , , , . . . . . . . . . . . . . . ; . . . . . . . . . . . . . . . . . 37,997 36.800 ' 3.3%
. Natura! pas . . , . . . . . , . . . . . ..,. . . .. . 19.269 18.930- 1.8%-
Sales of energy (gigawatt hours): . Residential . , , . . , , . . , . . . e. . . . ..... .... ... .. 581.9 548.6 6.1 % .
.' General. sorvicollarge power . . . . . ... ....... 594.5 570.8 4.2% , Lighting . . . . . , . . . . . . .... .... ........ . . 159 16.1 (1.2%)
Sales for resale. . . . ..... ... .. ,., ... . _-85 0 -70.9 1933
' Sub-total . . . . . , . . . . . . . . . . . .. ... . ........ 1,277.3 1,206,4 5.9 % .
Interchange , . .~ . . . . . . . . . ....,.... .... .... .. 417.3 420 0 - (0 6%)
- 70tal. ... .. 4 ,,3.,..,. . ..... .. . .. .. . 1.694.6 1,626.4 - 4.2% '
r Sales of weter (milliosi gal!ons): . , . . . . . . . . . . . . .. . .6.4D9.7 6,717.9 (3.2%) Wastewater treated (million gallons): , .... . . . .. 3.066.9 3,967.5 (0.0%) Natural gas (million therms): .. . ... ... ., ,.. 29.5' 30.1 (2.0%) 1
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Foreword Gainesville is a leader in arts and-' qJahty and protection of the natural G ainesvilte is proud to be kncwn as one of the most progressive communities in Florida. The c!!y culture, with hve proiessional theater. music and dance, as well as major:
- resources they uso. Because of their continual dedication in making this a was recently rated the most livable cityx museums of art and natural history public utihty in which the entire city can in the state and one of the best places. Natural beauty is also abundant in take pride, this annuai report is dodicated to live in the nation by Money magazine " Tree City, USA.." where rich fohago to each and every one of Gainesville -
As the heart of commerco. education . . d: splays a bountiful combination of Regional Utikties' omployees. and culture for north central Florida, - semi tropical and temperato species of Gainesville's diversified economy irtludes ; opectacular flora and fauna. On the cover: her generated by Gauiemlie 1 sorvg.es, technology, manufacturing, _ . The people who hvo in this community .p p .,,,y % p,gyo,3g,gn,g mogg.
. banking, insumnce, agriculture and gov. care aDout the quahty of hfo, carefully customers. lnuto Three major ordif#es, electre,
- omment The Urwersity of Florida, with : balancing beneficial economic develop < gas and water /*astewater. am represented n 35.000 students and inG00 ~mlovecs, . ment with an abiding concern for the add.ron lo the Computer used by customer-
' environment. The employees of Gaines- 80'VC8 in lla support me is the state's leading institution of Ngeer a
' loaming. The 11,000 full and part-timo . ville Regional Utihties are members of C.udents of Santa Fe Community College ' the community and share those concerns.
Cso contribute to making Gmnesville : Their spirit is demonstrated every year. One of the most educationally enriched not only by~ excellent job performance, communities in the nation.- Gainesville's but in their leadership in the March of medical complex, unrivaled m the state Dimos and their award winning parti-cnd one ol the largest in the southeastern cipation in the annual University of United States,'is composed of four major Florida Homecoming Parad They are hospitals and many supporting chnics dedicated to providing excellence in ind medical businesses. - service, product value, and care for the
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To Our Owners and scal year 1990 was an e= citing Community and Employec: Con' year of dynamic changa comm,t inbuto daeevy to the weare of the i Customers ment to communit; weitare, and employees and community whae con I
continued I,naned strength for Gainesvme tinutng to provide the City with a com-Beo'onn' Ut'ht'es GRU substant ^UV pel'!*e retum on 'ts in.cstment GRU - g serv:ce3 for Flonda Gas utsty
'& i Lett: Wth a combinaton of bainnce skal and techncal know how Rck ktert. ebctnca'
?, I kneman, stro Joe CampbeII. apprentce kneman.
% replace an owtheaJ Vans %rmer Right:
_y Prov6ng power dur ng routtne mocical procedures ss as omportant to GRU empimtes as keepng scinces avadable dunng emergency i or desaster condbons Inset: Tomny Sethng. Instrument and cbctica! supervsor checks gauges at me John R KePy Generaing Stanon, m' 'l where employves won the Govemors Annua! i Occupat.ona! Safett and Hea% Asard en 1990 ) a l 1 - - - - _ - - - -
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GRU r(quires a train to transport its Cns$ who left their famihes to perform savings of approumately $150.000 per j low sulphur coal supp!y to the Doct, an amazing customer restoration feat year j haven Generating Station. The decision under extremely severe conditions By System Integhty: During fecal year was made to replace GRU's eusting the end of the first day. 71% of affected 1990, ESO, in con; unction with the Stra. steel car floot with aluminum cars based customers were restored, and all logic Planning staff, performed a long-on an economic eva!uation which con- cudomers had service restored by the range d$tnbution study that examin9d sidered the reduced maintenance costs third day. the requirements for future substations of an aluminum ficet, a transportation Advanced Technologies: The first and distnbution knes over the next rate reduction for aluminum cars, and phase of the Distnbution Automation twenty years A tesult of this study is the excellent market for GRU's used rail Project and the placement in operation the budgeting by ESO for the addition cars GRU sold its 106 car fleet of steel of semal Remote Telemetry Untts (RTU s) of a 33 MVS substabon transfom c. and rad cats, but will continue to use the was completed An RTU monitors and twu new distnbution circuits in 1991 GNFX ficet on a leased basis unbl controls the operation of electoc equip- More than 120.000 feet of reconduc. compiction of the new train in mid 199t. ment at strategic locatrons throughout tonng projects. as well as a number of the electnc network Fullimplementation switch gear feplacement projects were Electric Systems Operations of this project wdl allow for canitcantly completed and the newly modified vege-Electne Sptems Operations (ES0) is improved remote control and "reattime" tation management program was aggres-respons:ble for the economic and rehable anaWs capabdities, and reduce present sively pursued Several projects were delivery of electnc power to GRU's requirements for on sito switching per- completed which improved the aesthetics customers. ESO operales, maintains and sonnel GRU continued to strengthen its of pnmary roadways in dcwntown Gaines-constructs the electric power distnbution abdity to thoroughly analyze events valle. installatOn of atternative street network. Initiatives to enhance the per- associated with service interruptions by kghtng f*tures, undergrounding overhead formance and rehatMty of the system increasing the number of distobution facihties; and te routing of dmtobution dunng fiscal year 1990 included the substations containing Digital Fault hnes apphcation of advanced digital tech- Recording Devices to four out of six nolog'es, and intensive system planning. GRU is one of a very few municipal maintenance and ionewat Safety and utikties which nas converted its outnc training continues to be a top pnonty dstobubon systern record drawings to and key ingredient in the dady work an electronic med.a The Geographic practices of ESO. As part of its safety Information System (GIS) uses digital and training programs, ESO also admin- maps to allow more efficient record isters a wellness facikty, with services keeping and facihties management. g offered to all employees of the Cafy Initiatives taken in the past year to Disaster Response: The perfor- roah7e the enormous potential benefits mance and rehabikty of the electoc of the GIS system included developmerit distnbubon system was put to the test of hghting system data for the rental dunng the 1990 Chnstmas Hohdays by and pubke hghting program; creating the first documented ice storm in software tools to extra 0t analyze and GRU's h$ tory Ice da'iage resulted in report on costing data and creating the interruption of ser ice to approx- speciahzed maps of GRU's electnc net-imately 30% of the sy tems' electric work to aid in major customer restora-drstnbution customers Unsurpassed tion efforts and trouble ana!ysis A new commitment, dedication and courage agreement for computer services from came from GRU personnel dunng this Alachua County was negotiated with Electric System Energy Salas Electric System Number (Gigawart Hours) of Retail Customers (Annual Average) 2,000 60.000 - 1.800 54,000 1.600 ~ ~ ~ 48,000 1,400 - 42,000 1.200 - 36,000 1.000 - 30.000 - 800 - 24.000 -- 600 18,000 - 400 12.000 200 6,000 0 0 -
'86 '87 '88 '89 '90 '86 '87 '88 '89 '90 0 ini ren.,,o. aira E Rogg O ggg"* a n...n se O no. nie tseim , , .--. ~,w y- ,-c gm._,,
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i ' . , 1 Th# Water ArHi WSSIDWa%#f " '" C U*' d 'U* "'"O " "" ""* "7 " # """ O " U"UI " U """ "" "I d well show that the three new welis wili tion of weir mod ficabons which now j Sy";tettl5 not only provide 11 b MGD of additional ailow the faters to operate at as much capacdy, but wdf pay for themselves m as 40 MGD and performed the opera , n RU's Water and Wastewater reduced treatment costs by anowing tion and analysis to certify that the {" P Systems work together to prando other wells to be used ;ess frequennv teactonciantiers would perform well at and protect the most p4cous The Murphree Water Trealment hant. loadings as much as 50% higher than i commodity on earth - safe. clean loca'ed northeast of Gainemne. is the,r nominal ratings The plant is j' donking water The combined in$abves GRU s hme softening facihty which also designed to accommodate equnsions of the planning engineenng and oper- chlonnates. fluondates and fdters poor up to 60 MGD of capaaf t and will abons staff in the past year have been to detnbubon to provide a supenor meet Gainesvines needs for many Successful in hnding the opbmal use. Quahty of water The Murphree Rant years to come reuse and development of avadable has been te ra:cd from a maumum day resources capaaty of 30 MGD to 34 MGD This Water Distribution The Flonda Department of Enofon- new rahng is based on a number of GRU's water distnbubon system montal Regulabon's (FDER) ' Best plant improvements and performance includes two ek va!cd storage tanks with Operated Synem" and safety awards to measurements performed by GRU staff a comtnned capacdy of 15 mahon the Murphree Water Treatment Plant. in the past yeat ;ncluding performance gaHons and approomately 700 rndes of Water Distnbution Department, Main evaluations of the plant's reactor- transmission and dminbubon f aciht es Street Rant, and the Wastewater Col clanhers, instaHabon of addtonal granty Mapr facihty improvements in the past lection Department staff are only one sludge thickening and vacuum fator year included renovabon of the Depot
- lesbmony to the dedicabon. hard work. press capacity and finer Weir plate Avenue pump stabon downtown and a pnde, and excellence of GRU's water modicahons 16 inch diameter transmission main and wastewater employees The gravity thic&ener and vacuum fJter along the northem boun1ary of the press were obtained from GRU's retaed Univers@ of Flonda These famhbes An American Water Works Landmark downtown water plant These faahbes were constructed as part of a maste, Boulware Spongs was Gainesv,Iles were refortyshed and insta!Wd at the plan to serve the growing southwest firnt pubhc water works facihty, was the Murphree P
- ant by GRU's staff at minimal and northwest port ons of GRU s service site of the naming of Gainesvale at a cost and are in excenent operabog area community ptcnic in 1854, and prooded condton GRU s staff also performed the free water supply used to attract the Univnesity of Flonda la Gainesvdle in 1905 The facihty, which had been abandoned and had fallen into d;crepair, Wastewater System Water System Sales 7__
is a classic example of an enfatrabon Number of Customers tunion Gaiions) gat:ery water supply. GRU, after pursuing (Annual Average) l and obtaining matching funds from a 50,000 10.000 State of Flonda Histone Preservabon 45.000 -- 9 000 - - Grant, completed the restoration of 40,000 -- - 8,000 -- Boulware Spongs this year Now the 35,00o - - 7,ooo ._ tacihty is a state and nationaBy regis. 30.000 6.000 - tered histonc landmark, and has been 25.000 5,000 _-_ des'gnated an Amencan Water Works 20,000 - 4.000 _ l Landmark by the Amencan Water Works 15.000 3.000 -- ( Association 10.000 - 2,000 - -- 5.000 -- 1,000 - - - W:tsr Supply and Treatmeit 0- - 0- --- GRU obtarns its water kom a confined '86 '87 '88 '89 '90 E '87 '88 '89 '90 region of the Flondan aquiter which is under artesian prQssure and has ample reserves to meet Gainesvilie's growing i needs lhls water supply is protected Water System Wastewater System Dillings both by thick impermeable layers of clay Number of Customers (%Hinn Gahons) and the tendency for water in the aquifer (Annual Average) to leak upward. a double measure of _ water quahty protection from surface _ _ _ g_ __
-- ~
T C ty eli held currently has eight production Wells Wdh a Combined pump
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30,000 - - 3.000 - ing capac ty of 40 MGD (mdhon gallons 25.000 - - 2.600 - - - por day) To accommodate the fore 20.000 2.000 - - - Casted increase in customer demands. 15.000 - 1,500 --- - the first of three planned new wells has 10,000 - - 1000 - -- boon constructed and wdt go into pro' 5D00 - - 500 - .-- duchon in 1991 This well was carefuhy 0- - - 0-designed to seksct only the zones of '86 '87 '88 '89 '90 '86 '87 '88 '89 '90 the Flondan aquifer with the Icast mineral content in order to minimize
) . . A 1 The Depot Avenue repump stabon west Ga<nesville adjacent to Lake bon of the plant s fdter systems Energy project included renovation of a tet red Kanapaha 11is the only rnunicipal wasto costs are substanhal for wastewater milhon gaflon tank prWiously associated water treatment plant in Fionda designed treatment, and the study found poton-with GRU's downtown water plant and to meet donking water standards and bal savings of up to 204 The fater installation of new pumps and controls permitted to directly recharge the lower rehabihtation project. scheduied for ! 11 enhances bre flows, pressures and zones of the Fiondan aquifer completion by mid 1991. will ach: eve l service rehabahty in tho downtown area Construction of a 51h700.000 upgrade improved capacity and rehabihty GRU's i The 16 inch d;ameter transmis90n main at the Main Street Wastewater Treatment Plan of Study to cletermine the feasibihty was constructed on campus along the Plant began this year The project is of us:ng Lake Kanapaha for high quahty northern boundary of the Univers:ty of entirely devoted to upgrading the treat- effluent disposat was approved by the Flonda 11 provides much needed trans- ment ability of the plant to meet new FDER This concept is one of several mission capacity across town and sig- state standards designed to better p:3 reuse propets GRU is pursuing in nihcantly improves fire protection and lect Sweetwater Branch This project Wdi southAest Gainesvdle Due to the hyper-pressures on campus and in the College replace obsolete inckhng fdters with state- eutrophic character of Lake Kanapaha. Park area. Cooperabon from the Uni- of the-art es, tended aeration activated the proposed discharge Could act to versity of Flonda subatantially reduced sludge process units Additiona! new improve the f shing and recreational ! the cost of otherwise routing the facihty facihties include (?ffluent fdtration. gravity uses of the lake l along heavily dweloped streets belt sludge thickeners, and major improve-
- monts to the plant headworks to control Wastewater Collection j odors and improve plant rehabihty The Major efforts in Wastewater Collecbon
- Wastewater Treatment project is being constructed in a phased include the maintenance and sepair rI l GRU operates two wastewater treat- manner to assure conbnued operabon costing facihties, infatrat on and inflow ment plants with a total combined of the plant while bnngtng new pro- reduction, and construction of facihbes capacity of 175 MGD The Main Street cesses on kne as soon as possible. and to accommodate new and increased Wastewater Treatment Plant located just will be completed in mid 1992. Federal wastewater flow Two major p<pe soahng j south of downtown Gainesvdle is rated grant funding in excess of $8,700,000 rehatehtation pro ects were completed.
at 73 MGD and discharges to Sweet- was secured for construction of the resulting in the Seahng of appronmately water Branch, a small picturesque stream upgrade 3.800 feet of pipe and rehabihtating 81 which eventually flows into Paynes Construction of new $2.900.000 services in the Ormand Leigh and Lincoln , Praine. The Kanapaha Water Reclama- Sludge digestion and sohds thickening Estates areas GRU added its 134th hft l tion Plant is a 10 MGD advanced waste- facihties at the Kanapaha Plant were stat,on (Lift Stabon 271 which wdl service l water treatment plant located in south- nearly completed in 1990 The project the Commefclal area aQund Nortt jg included a third aerobic Flonda Regional Hospital Design of sludge digester, gravity another master hft station to sW" ice the i belt sludge thickeners, Tower Road area was completed and j plant service water and the station is scheduled to go into service i headworks facuties The in bscal year 1991 l new digester was added to comply with recent GatorNationals EPA changes in rules The GatotNationals is one of the governing the amount of largest annual drag facing events in the digestion required poor United States, generating in excess of to employin0 the sludge $16 milhon annually in local revenue
-g for agncultural purposes. The National Hot Rod Association J Federal funding of (NHRA), wishing to expand attendance l
$1.300.000 was obtained at the event and attract sponsors for for construction of these another major event, found the lack of facihties and acqvsition sanitary facihtecs to be a major stumbhng of new sludge hauhng block Recognizing the potential benetts equipment for the Gainesville community to be A major optimizabon reahzod by helping the NHRA. GRU i study of the Kanapaha teamed with the University of Flor da's j Plant, ccrfunded by the insttute of Food and Acyicultural Sciences l
, National Science Founda (IFAS) to develop an innovative treat- .
tion (NSF) and performed ment method to solve the NHRA's prob-by University of Flonda loms The system incorporates conven. ; Abre: GAU customet enfos a warm shoer researchers, was com- tional treatment and aquatic plants to and uses a water sawng shower head pleted in hscal year 1990 The stuck remove pollutants Most of the year, the i dstnbuted tree of charge by GRU Right: conducted by the University of Flonda, system wdl provide treatment for f sh Sandy thmes, sen or laboratory technoan. indicated that with minor modthcations production ponds. and will store and uses state ot the art diagnostic and restin9 the Kanapaha Plant has 20% more treat GatorNationals wastewater the a$sm ,, treatment capabihty than its onginal remarnder of the year The project will e a r a o/s t gaf, go,7,y design values and wdl allow the deferral be funded in part by a $200.000 state l of several major capital expenses grant due to the protect's demonstration l Additional major projects completed of a technique to resolve a major problem at the Kanapaha Plant include an energy confronong aquaculture in Flonda - reduct on study and the award of an treatment of f sh wastes engineenng contract fe' the rehabikta
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a The Natural Ga3 SyCtem piaced the nation's natural gas pipe- A tang ble financial beneht for the . lines under open access, with the public occurred immediately upon RU'6 Natural Gas System estn. adentages deschbod in the Power acquisition The City abohshed a pre-l h butes an efficient, clean burning source of energy well suited to Systems section of this report These Savings am being passed drectly to customers in the form of lower pur-viously enting 4% franchise lee con-current with the transfer of ownership Poor to the acquisihon. Gainesvale Gas end uses requinng heat. GRU acquired the system in January,1990 in order to chased gas adjustments Company was actively pursuing a rate obtain a vanety of benefits not only for increase before the Flonda Pubhc Service System Acquisition Commission This rate increase request i natural gas customers, but for the com-bined utility system as well The acqui- The provision of natural gar service was withdrawn by the City, providing sition involmd careful planning to best by pnvate firms had been franchised further financial beneht to the customers protect the interests of the gas system by the City since 1887. The most recent Ad$tional bennfits include a unified bib franchise agreement with tne Gainesville lang and customer service system, GRU s employees while obtaining the dos: red Gas Company was a 30 year agreement low costs of capital, and economics of benefits that expired in August of 1989 Prompted scale for fuel and other commodity by this expiration. the City evaluated its purchases , G:s Facilities i The natura' gas d:stnbution system options under the expinng agreement i consists pnmanly of 410 miles of under- and determined that GRU could provide Operation and Expansion ground dtstnbution and service knes the same level of gas service at lower GRU is one of the few natural gas The system is conhgured in a series of costs with the savings being passed @ cms whlCh conducts leak surveys directly to the pubbc The City began throughout the entire distnbVtion system i large service loops with valves strate. negotiations with the Gmnesvilie Gas on an annual basis This important gically located to enable the isolation of Company and in January 1990, safety pmcaution mqmms employees to i either large or small segments of the i entered into an ' Asset Purchase Agree physcaHy waA the entre length of system to provide for emergency repwr or routine maintenance Although the mont" with Gainesvdle Gas Company main and service knes throughout the gas system has costed since 1887. most wherein the ownership of the natural distobution network GRU maintains an of the distnbution system has been gas distnbution system was conveyed acbW damage pmMtion prog'am to the City The cost of purchasing the designed to inform contractors of the installed since 1960. gas system wat estebbshed at approo, presence of natural gas knes in areas The gas system serves approomately 20.000 customers Gas service is pro. mately $13.000.000 of construction The looped system dis-vided within the city limits and in the One of the City's objectives during inbution system configuration helps to unincorporated parts of the county the acquisition was to retarn and pro rninimizo loss of service to customers immediately adjacent to the City The vide comparable employment oppo, due to kne breaks As a resuft of these 10 practices, GRU has achieved and will
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area served is approomately 94 sauare tunities for all former Gainesville Gas mdes and includes the University of Company employees, excephng top continue to maintain an exceHent safety Flonda (the largest customer) lhe sm corporate officers A comprehensive and rehabihty record, complying with all p!anning and evaluation effort allowed state and federaf guidehnes for construc-largest customers are served under GRU to fulfdl this objective GRU's boa maintenance and safety in the interruptible service dehvory provisions insightful planning made the transfer of operation of the natural gas distobution Natural gas is dehvored through four system. points to the gas system from the Fionda ownership and operation of the gas Gas and Transmission Company (FGT) system practically unnoticeable to gas Since the acquisition, major gas pro ects cumpleted by GRU include the Recently implemented regulations have customers completion of an 6 inch steel gas main j extension along NW 39th Avenue ' designed to continue south and tie into Natural Gas Natural Gas an oo@ng bne at Mmy Road W (whon Therrns) Number of Customers completed was an extension of gas Mnnual Average) facilities through Hatic Plantation These 50 20.000 six inch and four inch knes wdl allow
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45 18.000 future expansion and will support system 40 16 M expansion in the southwest sector of 35 - 14.000 the service area 30 12m GRU wdi conhnue to promote natural 25 10.000 gas as a safe and economical resource 20 8,000 - to fulfdl a porbon of this community's 15 - 6e energy requirernents GRU's gas drstn-10 4M - bution system extension pohcies are 5 2M comparable to pohcies for electric, water and wastewater extension, and
'86 77 '88 '89 '90 '86 '87 '88 '89 90 wdl accsmmodate and facihtate con-tinuing development in this community Right: McMurenent and Mauntenwte it'chmaan wren lang keeps a cbse eve on on l'ans'mssion pipehnes inset: I J Shew a Cms A jobber. repws and adjusts u gas isnme to enswe opremwn hear +ng
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uttamer und Adm>neatwe Information systems Customer cnd A new Cupomer and Biking informa AdtnInlatrallVS $6rVICes M V' CPS OUN*I*05 " *'de range 01 s.ervices prooded tion System was de90ned and por direct!y lo GRU customeis as Weh as chased and Alh be on hne Dy lhe tdh ol support tunctions for other amas of 1991 ReQuinrig hew equjyDent. ab Weh ulihty opef ations lhe dNeri.e servi (es as soitWafe. lhe 0)1.tefn de9Qn Was the and funcDons provided range from fNrv Outcome of an etten9ye piantyng pro icing individua? custoner accounts. pro cess evaluating the informabon needs vittng and maintaeng informabon 01 the entire utsty operatron As a sntems ha$me and so'tware to resutt. the system Mi not oniy greatly managing the de9gn and construebon enhance customer respon9veness and of the new GRU administration budding. Leobety. but win provide entical infor and periorming budget. Onance and mabon for integrated fac+tv p:anning accounting functions and impromd rate structure de9gn and implementation Customer Operations Administrative Services Several new programs were instituted Depgn of the new GRU administration in the past year to improve the com- building was completed and g'ound municabon tietween customers and breating took place in Fobruary of 1990 employee;, A Speakers Bureau was The tour story 09000 bquwe foot budding estabbshed. in which speaaHy trained wdl centrahre admostratwo. engineer. and equipped employees are prepared ing and customer service funcbons. to present a tenes of programs about great!y increa9ng the ethciency of com-GRU s services. facmbes and pohcies to munications and improving custorner local business organizabons and cwie accestiba tv The build ng will demon groups A senes of " Power Lunches" stmte some advanced architectural were held, a form of market research dowgn teatures which will reduce elec-de9gned to Lohcit ideas and sugges tncal concumption. Onhance space use tions about customer wants and needs f;eobaty and improve the productwity Randomly selected customers were of the occupants The budd!ng s step introduced to top GRU management in back proble was de9gned intentionahy an informal atmosphere to blend with the surrounding environ 37 to encourage meaningful ment and a commissioned sculpture dialogue GRU frequently MI be displayed at the entrance in performs surveys de9gned support of flonda's Art in Pubhc Places to assess service dekvery program A heavy emphaus on value and trends in apphariCO engineefing and Cost efieCbveriess in usage A signihcant hnd the de9gn phase resulted in a con p ing was a measured high struction contract of E300000.16%
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customer newsletter, the Two major inmatives undertaken by n dc "GRU BuHet n" and this group to reduce operabog costs appreciation of the pubhc addressed travel time and inventory
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control in cooperabon with Electoc g_' a service announcements h contained there:n The Operabons kicat'on planning and acque f " 'N ) 1
%- exceHence of this news- 9 tion of a site for a new Westude b :\ .
letter and the quahty of Operabons center was completed The land was acquired for 23% less than GRU produced educa n iLs. 1 { ..y hf
+ tional Videos received statewide recognmon as the land s appraised price This facihty wdl house construct on and maintenance I recipients of this year's personnel to better ser ve Gainesvdle's prestig'ous " Golden growing westem service area by reducing Image" awards presented travel time By apphcation of improved by the flonda Pubhc inverlory management techniques, over-Relabons Assocation an inventory wat ieduced by 10% without 0
Above: Meter Reaaer hoger Waker feoas tus da*a from electrcar usage meters into h,s
*^**O addmon*dW"d' of the new O'0" Gas UUIUYS'me%DA0 Depart nt s fund hold compure* Right: Marsha And<ess substantial inventory Storewper I, rnovos an BoCO tb transtwrner to its proper pixe at GRU storage tamures l!titt: frPC eriorgy nudtrS BT COndaClVil f5 GRU castynors ty a speatihy trained team, I!Kk6hg aOn Bauld!Pe Cortserv aton Anawt ll
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M ilaf)CIAI StartWfl M y a,nesville Reyonal Utahties' for the gas system lhe tialance, less financial porlormance conbnued accrued interest, was $23600000 at to exceed espectabont Com- the end of the year bined System reverwes were higher GRU continues to operate under a than budgeted with each exponencing formula which determines the amount increase over the previous year of trander to the City's Gencrat Govem-GRU s four systems produced com- ment operations Based on this formula. bined not revenues for the tscal year of GRU transferred $15,154.322 in f, scal
$60 279.999, creating an aggregate year 1990 representing a 163% increase bond debt service ratio (not revenues over Oscal year 1999 div,ded by aggregate debt service) of GRU s Tas Exe mt Commercial Pape 307 and a total debt service rato (net (TECP) program anbnues to produce revenues divided by total debt service) con 9derable savings for GRU s rate-of 2 27. The to'ai number or retad payers The average interest rate on the customers for the electnc. gas. watte outstanding paper was $63% for the and wastewater systems increased over year This ranged from a high of 694%
the previous year by 3 7%.18% 31% in September to a ion of 510% in and 33% respectively February The average matunty of out-On January 10.1990, GRU purchased stand ng paper was 60 days Demand the local natural gas d,stnbutton system for GRU's .;ommercial paper remained from the Gainesvike Gas Company - strong. and credit rabngs high, with a a povately held company As of P1 from Mcody's investor Services and September 30.1990, the gas system an A14 from Standard and poor's At had net plant assets of $13504 764 and the end of the fiscal year, $73 261.000 not revenues for the year of $1.049667 of TECP poncipal wat. outstanding, This purchase is projected to merease dowr $1542.000 from one voar ago GRU's net revenues whde redupng gas GRU maintained its 'Aa" tiond rat ng costs to retad customers from Moody's investor Services and its GRU was once again in a favorable "AA" tiond rahng frcm Standard and postion to make electnc interchange Poor's con 0nuing its inombership in an sales -- both fem and non fam -- to eide class of the best municipa! ubhbes other Flonda utikties Energy tales in the nanon 14 increased by 168% over FY 1999. pro Capital improvement fund ng for the vid,ng gross revenues for the year of fscal ycar 1930 amounted to $23 200000
$16.173E85 'hese sales also generated Not utihty plant increased $25.300000 net revenues of $6.821,577 A!! hough dunng the year, to a balance of interchange sales continue in be an $4 t3,200000 at the year's end important part of GRU's revenues, the Ga,nesvdie Regionai Utikties cont,nued system recognites the need to provide its hoancial tradibon as one of the most financial stabihty to this income source focum investments avadable GRU's Pursuant to that goal. GRU cont nued outstanding Onancial health is a matter to contract fam energy sales agree of pnde for its ernployees They work ments with the Flonda Municipal Power hard for the privdege of telhng their Agency (FMPA), the City of Starke, Inends and nosghbors that GRU offers Flonda, and has further ttatuhted fem among the lowest rates and mont sales by initiating a ten year agreement dependable service in fionda with the Reedy Creek improvement Distnet (servicing Disney World) for 30 megawatts of hrm energy sales This latest agreement began this Oscal year Addibonally. GRU completed the second year of a hve year agreement with Seminole Electnc Cooperahve (SEC) for the provision of energy when SEC units are off-kne or de rated in capabd ty These fem and reserve capacity energy sales accounted for 76% of the not revenues from interchange sales in 1993 The balance in the Rate S'abihzation Fund (RSF) less accrued inurest, was
$19 7 mdhon at the beginning of the year Rate stab:kzation actvity for the hscal year included the following.
$426,959 was withdrawn from the water l
i system A deposit of $1,762.353 was ! made for the electnc system. $756479 for the wastewater system, and $1.740.325 i
Revenua Ecrned/Fisc 1 Y;Or 1990 Electric General Service, Larger Power, T ' i Sales for Resale, 3" .[s ,D, , q
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! Fuel Adjustment .
.I) 7 "$hjq
& Other Power Sales 355%
$51,687,470 t. l a -e
'< ll fh :y 79 0% D Electne system A .
\ h;h j Revenues $115.076 473 et -
-45 Y 9-6 9% C waier svsiem .!
Revenues 10 040.137 9 6 4% E Wastenater 5
- Electric Residentiail l System Sales 20 9%
i Revenues 12 284 424
$42,163,108 5 7% U Naturai Gas a Revenues , _ 8.345,026 S-, Other Electne Revenues 3 5%
$5,052.210 Electne interchange fg",'31f.0
$1 73 065 .f Water Revenues 6 9% 'N Wastewater Revenues 0 4%
- $ 10.042.137 $12.204,424 R; venue AHocated/ Fiscal Year 1990 Natural Gas O&M Expenses 1.3%
$1,061,531 Natural Gas Fuel Expense 3 7% _
$5,433,828 N UPIF Transfer 13 7% b I $20.026,153 Miscellaneous Transfers 10.0%
$15,439,721 General Fund Transfer 10 4 %
$15,154,322 Wastewater O&M Expenses 4 4%
$6.443,603 l
l Water O&M Expenses 3.4%
$5,004.048 Debt Service 66%
Electnc Fuel Expense - $9.659,802 Interchange 64%
$9.352,108 l
Electric Fuel Expense
& Purchased Power -
Retail & Wholesalo 20.5%
$ ,697,080 Electnc Other O&M Expenties 190%
$27,675.864
, 58 7% E Operation and Maintenance (O&M) Expenses $85.468.062 l 6 6% E Debt Service 9.659.602 l 13 7% C Utility Plant improvement I und (UPIF) Transfer 20.026.153 10.4% G General Fund Transfer 15,154,322 10 6% 0 Miscellaneous Transfers 15.439,721
$145.748,060 l
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Mate 3 Schedule Charges for servicer, in effect at the Large Power close of the fiscal year September 30. (Establishea domand of 1000 AW or 1930, for major customer classes greater) Customer Charge $6084 Electric and Gas Rates gy M7nWh The following monthly rate schedules ar00 Demand Charge - $4 26'kW are "b'.se rates" and include an electric tuels charge of 25 milis per kilowatt Residential Gas hour The additional variable monthly Customer Charge $600 fuel adjustment charge is not includ(K1 Non fuel Energy Charge $ 22010 Gas rates r,hown do not include the Der therr7 purchased gas adjustment por therm factor which vanes monthly as well The General Service Gas (Firm) Customer Charge $1500 minimum bill is the Customer Charge Non fuel Energy Charge $ 10317 plus any appbcable demand charge r herm Residential Electric mum bill ts the Customer nr y hr r kilowatt hour (k\ h
$0064FAWh '#'90 First 750 kWh Cwomer Qarge $290 Over 750 kWh . . $00088/kWh Water Rate $082/Kgal General Service Non Demand "
(A demand of 50 kilowatts (kW) or ',. *r('{rn M rs the Customer greater has not been established) Customer Charge $913 lt r Charge $211 Energy Charge . 50 0764'kWh Wastewater Charge $211/Kga! General Service Demand *'*
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(Established demand of bo kW but less **".* recuest induce Tane of ose raic to, cutre lhan I.000 AW) cosia,ners w,isi,,wnter rates e, resgieni,ai Customer Charge . $1582 eusuners noi conneced to ine svuen out Energy Charge $00540/kW satye to rates and enuges wavowato, rnies Demand Chage $4 67/kW k" 'noente cumwners otoning weer from unmete'od pnvate ves eid d scharging in'a the antem and intenuptue gas rmes ] Fiscal Year 1990 Residential Rate Comparisons 1000 kWh Consumption o.m. . n.0.ee.,uuiit.. zi .4 l 86 00 7443 78 20 JackernwH6e E6ectric Authority l6995 7733 75 57 77i7 l
-79 85 1
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? il' eh Honorable Mayor'and Members , 9
- el the Ody Commission
, - ' ' ' City of Gainossilef '
- - , ' Gainesvllle, Florida 32601; s
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i 5 . g94 c glo have audited the accompanying balance sheets of Gainesvine Regiona! Utihties (the Combined Utility Funds
' s L of the City of Gainesville, Florica) as of September 30,1990 and L1989,= and the related statements of revenue
* ~
. /and expense and retained' earnings, and changes in financial position foi the years then ended. These financial t
N statements are the responsibility of the City's management Our responsibility is to express an opnion on these -
,l [ financial statements based on our abdits? - -
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, . . s e , :'We conducted our au@ts in accord 6nce with generally accepted auditin0 standards. Those standards require' 4
%i ithat we plan and perform the auf.( to obtain reasonable assurance about whether the financial Statements are
' ; 3 J free imaterial misstatoment. Ar -audt includes examining, on' a test basis, evidence supporting the amounts '
4' jand disclosures in the f.nancial sta'ements. An audt also inckides assessing the accounting principles used and .f ,
' / sigrdcont ostimates made by management, as well as evaluating the overall financial statement presentation,
' ? 7 We believe that our audts provide a reasonable basis for our ~-opinion.'
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's l In our opinion, the financial sistements referred to above present fairly,'in all niaterial resp (x:ts, the financial position ; '
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of Gainesville Regional Utilities as of September 30,'1990 and 1989, and the results of its operations and the ' j' Nchanges tri its hnancial positiort f or the years then ended in con!o'rrnity with genefally accepted accounting . n ' principles. V
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7 Farnsworth & dompany ;~ . I '
- . Gainesville,, Florida <
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;. November. .. . 30,-1990
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J xGAIN,L MLLE REGIONAL - m IJTILITIES -- 0 ' c Balance Sheetr _ c' a - t [ $e'pterhber"30,;1990 and l989 y
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- ASSETS-- >x 1,..
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. Utility plant: . .
$ ' 527,814.939 4
, UtSty plant in service.. .. . . . ,t . . . . '.. > $ , . 559,950,769
y. OConstruction in progress
. . ,, -21,444.253 _
10.892.842 581,395,022 .538,707,781
'.e. , . . , ,c ,
fless:: Accumulated depreciation 1 and amortization . , , , . J . , , a '. - 7(168.19h671) (150.806,217)- 1
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-413.203,351 387,901,564 lot,6tihty p' ant ' . , . . .
. . . . ,. ....m. . , , . . ,
i . Restricted assetst ' 4 1,338,139' Capita' faciltes. - Cash and investments . . . . . 1.329,212-J 3,070,818 .'2.891,173
- Utaty deposits -, Cash and investments. . . . ..
98,549,051 90,677,590 1,. Debt service fund - Cash and investments .4 . . . . . Rate stabilization fund - Cash and investmen s i . . , , . . , 23.005,740, 19,729,209'
~ Construction fund =
68,874.270' , 99,709,721 ' O^_ _ _ :iCash'and investments .1, 9 -. .. . . . . ,
- 1,059,775 l Contractsiin; progress.:. ,4 . ,+.. . . . . , , ...
337,283- J
". ;Due from other funds:. . . ~ .o.. .
l Utaty plant improvemoth fund .
' Cash. investments, land receivables ". , 5.915.454' 3.'233.808
!18L - , , . . , . . . . ., .
. . .= s .
199.081,828 218.639A 15:
'70 tai restricted assets, .. . , . , .w. . . . , . . , ,
, i ,,
x 1;1 ' Current assets: 3 22,576,231 '19,832,142? 3 Cash and short term investments. - , , . , J .-
~ ,
Decomrmssioning 'reservo u Cash and investments. .i. ,. ~ 965,368 672,481 Water pollution emergency reserveH Cash and investments- '.,.- 50,000: 50,000
' Accounts receivable (net of allowance for uncollectible '
!16',833,668
- haccounts; $651,000 in 1990 and $431,000 in 1989) . . ... . 22,564,309-
+
l '
, "Due from other fundsi, , .;o,..s.
, , , ..,, , -; _1,506,370:
.1 '308,909 19,845'
; , Prepaid expenses . . ..... . .. . . .
.s. ,
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' inventories --.'.
~ Fuel,.. t ,. , , ,, .. ., 7,955,943- '
, .5.311,709:
.s. , ,
. DMaterials and suppnes . ,..i . ..,. , , . . , , ...,. . . .
-5,121.107. 4.697,623;
! TotalcurYent assotsa , , , , . , ,
.s.
' 59.541,867 49.123,838 t
' - Deferred debits i . . . J , . . . , . ..
' 37.196,674- 35.869.91'8 -
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15 709.023,720 $ '691,534,735 f Totalassets , s . . ,. . . . . . ,
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s See accompanying notes. .
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? --LIABILITIES AND FUND EQUITY-5
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j y 1990 1989 4 ' u
' t (Sng-term debt and fundequity:
. Long term debt -:
- s Utilities syster6 revenue bonds . . , , -.. ,, , $ 359.508,692 $ 1361,233.692
-W - Utkes system commercial paper n?tes . . ,,. , , ,,-. -73.261.000 74.803.000 _
E 1 . . 432,769,692 ' 436.036,692 .
~
(7.338,109) ~ (7,652,304) f j Lessiunamortized bond discount; , . . . . ,, 425,431,493 428,384,388 ; # l 0 otal T long term' debt ; . . .. , , ... , ye . - Fund equity -- 4 [ .
, Contributions in aid of construebon . . , a . . . , . 69,751,130 63,433,834' Retained earnings. . c. ..,J, , , , , . ,, . 172.906.926 169.697,926:
^
L Total land eaulty . , , . . . . .. ,. , , . . ... 242,658.056 233,131,760 668.089,549- 661,516.148 y,. n. c+ 70tallong term debt and fund e_ qu:ty . 4! Payable from restricted assets:
; Ut$ty deposits' ,'. . _, ,H. , ._.
3,447,427- ' 2,891,173; Utihties system . revenue bonds payable: current . . ., , 1,725,000 ;-
-15,586,545 19, Accrued interest payable'. . .h......i. . . , . . . '15,660,997
+ Construction fund <
f"'b Accounts / contracts and
' [ retainages payable . E. . , , . . . . . , . ,., , ,
a" 1,166,512 7 y: Due to other funds . i ; _ . , , . . . ,,. , , - 2.085,670
. s -J/ < E Utihty plant 4 improvement fund -
'" ? Accounts payatso and accrued ,
, , e liabihties ?.i ; . ; , '
505,177 340,668: s .
>l Due to other funds , -. , , , , . . , ,. e,. :i; . ,, 408j35 -
=
- + - ,
1 l Total paybble from restricted aisets . . . . ., , , . .,, ,. 21,747,336 - ,. l22.070.568 -
, L Current liabilities:
y.- , ; Fuels payablo : , , , , . ,,=,.,;. ..,, , ,,
~
4,369,612 - 3,759,125 oAccounts payable and accrued habikties. ~ , . . ,, ' 7.300,831 3,421,240 f" -Coe to other funds. ,
' 669,043 u n ', ,. : .
, ... . . , ,a, .
r se ~ Total c,urren,t liabilities i. .. . . .,. , , . 12,359,486. 7,180,365 . , e , Q ,. , .,
.' 6,~827.349 '767.654 '
{ " ' Deferred credits . , , , .. ,
, m . , __ ..
Total habilites and fund equity . ..o.r ... . . . .. . , $' ' 709.023.720" $ 691,634.735 e.:==== g .
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~ GAINESVILLE REGid AL UTILITIES
[ Statements 'of Revenue and Expenses and Retained Earrdngs ' foY the years endeb September 30,1990 and 1989 ' , 1990 ~1989'
- Operating revenue:
' Sales and service charg'es. .
=
. - $ 136,952,392 $ ' 116,904.632
' Other operating revenue ~. . .,,, , ..,,, .. 1,535.254 1.057.588 Total operating rewnue . .. . . . . . , 138.487.646 117.962.220 i
Operating expenses: 68,567.758 54.010,824
~
', Operatio is and maintenance . . . . . . .. .
Administrative and general. . .. . ..... . , . '16,900,304 - 18,536.907
.
- Depreciation and amortization . . , , . '
, . , . . 18,497,701- 16.380,034
~
Total operating expenses , , , , . ., , ,, .. . . , , , . 103.965.763- 89,827,765' Operating income . . . . , . , .. . . ... , , ,,... 34.521.883 28,134.455 Non-operating revenue (expense):
. Interost revenue . . . 4 . . ..... ... ,, .
17,540,390 16,119,648 o ' . Interest expense . . . . .. .. .. . . . . . (35,551,650)' (33.443,185) Total nonmorating , venue (expense) . . . . . .,, , . ,, ~ (18.011.260) ' (17.323.537)
. Income before operating transfers , , . , . .. . . ..,. . . 16,510,623 10,5)D,918 s
. Operating transler to general fund . . . . . . . . .. (15,154,322) (13,029.871)
. . 1,356.30) (2,218,953) ,
' Net incomv(loss)' . , . . .. ., . ,
/ Retained eamings, beginning. .. ... . .t. , ,... . 169.697,926 170,176,690
~ Am,ortization of contnbutions in aid of construction .. ... .. . >
. ' 1,852.699 ^ 1,740.180
. Retained eamings, ending . .i, .. , , . . . . .
$ - 172,906.926 $ . 169.697.926
- See accompanying notes.
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;4 JGAINESVILi.E REGIONAL-UTILITIES - <
5. , ;StatementsLof _ Changes in Financial Position . n_ ' Ildr the;ycars onded S6ptern6er 30,1990 and 1969= . y - 7 Y , 1990= 1989L_ Source of worklNg capital:
$ 1.356,301' 7 Not income (toss) , ,' ' , , , . , . . ,,, , ,
$ (2.218.953) x items not requiring outlay of. working capitaff
. = Depreciation and amortization'.. . , , . - , , , , ,,, , 18.497.701 10,300.034 i Wofking capital provided from operations -, . , , , . ,
19.d54,002 L , 14,161,0811
! dtity plant sales and retirements S "1,106,130 1,717,297
/ .. . . . . . .
'8,169,997 :4,947,588' 4 Contributions in aid of construction- , .., , , , y, 1 Increase in utilty systerii revenue bonds . . , , , . , . , . -
,- 100,366.361 ,
" 314,105 ;(797,120)
-Increase (decrease) in unamortized bond discount' ..,,,,
- Increase in delerred credits ', , t ,, . . . . . , , . . 5,968,514, 49,940i V Decrease in restricted assets , , .,, . , . , , . ,, 19,557,587 s, : .-.t
. ; increase (decrease) in payable from restricted assets . , , . . '_(846,062) 4,231,988 Totalsource of whrking capstal, ., ,,,, , , , . . 54.124,273 124,677,135 j ,
[Use of working coolta t J, ~
. Utihty plant additions . , . . . ,
. , , ,, , , , . . 30,195,570 1 20,226,221
? - Decrease in utihty systerfi revenue boti ds ; ., , , , , 1,725,000 .
. Increase'in deterred debits . . , L, ,,,... . , ,,. . . 2,291.954 3,097,695 Increase in restricted assets: , . , L , , . < , ,
-~ 94,320,749 y 1,482,000 -2L Payments on utdities system' commercial paper notes. . . ,
,, . 1,542,000-Acquisqion of Gainesvite Gas Company . , . . ,, , 13.357.469 -
;7otal use of working capital. , , . ., ,, . . ,
.s. .. 49,111,993 < 119,126,665
- Change in working capital , , . ,, ,, , . . , $ ' 5.012.280 -
$ 5.550,470-4 y ChangesLin woding' capital by componenti < ,
v - Current assets -- increase (decrease)L , f . f.. $ ~ 7,894,629 -
; ' Cash arid short term investments, , ,5,, , , . $ 13.035.876
; Accounts receivable . . ; . , , ,, c, , . , , ,. . ,0.. . .. 4,195,889 1,704,1583 oDuo from other funds , , . . . . .., ,. . , . , , , , (1,506.370) 1,023.692 7"- Prepaid expensos . , , .1. , , .,, , , , . , , , , ' (24,347) . , (80,817)
<l , . Fuel, materials and supphes' inventories. , , . , . - 2,690,626 ' (2,265,811);
3 Current liabihties - decreaso (increase); Fuels payable i , . . ,.. .
. . . .. , ?, . (630,487) (1,655,256)
' :Due to other funds. , ,
. ,,.,,, , ,, , ,3; . , ., ', ;(669,043): .
t.. j Accounts payable and accrued habihties . . .t . . _(2,079.864) (f.070,125)' ,
, Charige in working capital: . , , , , ,. ., , , ,
$ - 5.012,280 $ 5.550.470 - ,
e Seo'accompanyind notes. s ;. , s t
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fly (GAINESVILLE REGIONAL .
~
UTILITIES , s E c Notes to Phsanc4al Statements . NSebtember 30,1990 and1989:
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; 4 3; h l1. Summary,0f Significant. Accounting Policles:
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' Organization / ?-
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,[-, l Gainesville Regional Utilities (GRU) is a combined municipal utihty systern operating an elec'tric, gas, water and wastewater utikty. .
fThe gas utility system was acquired January 10,1990, for approximately $13.000,000, when GRU purchased the natural gas . 1 ' distribution sycom from a privately held company whose thirty year franchise agreement expired. According!y, ther0are no ~ comparative figures for the year ending September.30,1989, for the gas utility. The acquisition has been accounted for as a purchasa; ,: IBasis of Accounting s. LGRU consists di the Combined Utiity Funds of the City of Gainesville, Florida (City). The financial statements are presented -
,, on the accrual basis'of accounting, Under this basis, revenues are recognized in the period eamed and expenses are'recog-
> nized in the period incurred. Rates are designed to recover debt service e nd operating fund requirements and exclude deprecialon
- expense and other noncash expense items: This method of tate setting results in costs being included in the determinai;on ~
' of rates in dfierent priods than when these costs are recognized br financial statement purposes The effect of these differences
' are recognized in the' determination of net income in the period that they occur in accordance with GRU's accounting prin-
'_ ' cipies, GRU has adopted the uniform' system of accounts prescribed by the Federal Energy-Regulatory Commission. .
;innstrnents
.. ~.
Investments are stated at amortized cost.'Pfemium or dscount is amortiiod over the Investment's maturity based on the interest
. . method / y
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, 'Inwnhories . , ,
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A."' ~ InWntories are stated at cost using the weighted average unicost method for materials, a'nd the last in, first out (UFO) m,ethod ~ t for fuet ,0bsolete and unusable _ items are reduced to estimated salvage values.
+' '
1 , I IUtiirty Plant , L Property ard equipment are recorded at cost or estimated original cost where ap'phcabla Maintenance and repa;rs are charged
/ to operating expense aslncurred. The average cost of depreciable plant retired is eliminated from the plant accounts and such
+ J cost, plus removal expense less salvage, is chstged to accumulated depreciation.
; Depreciation anci Nuclear Generating Plant Decommissioning .
i _ Depreciation of utility plant is computed using the straight line method over estimated service lives ranging from 20 to 40 years, Deprecie' ion was equivalent to 3.12% and 2 89% of average depreciable property for 1990 and 1989, respectively. Deprecia-4 - tion capense includes a provision for decommissioning costs related to the jointly. owned nuclear power plant (see Note 6) at c Lan annual rate of 3.6% of GRU's share of the estimated costs y IEmortization of Nuciear Fuel
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; ' The cost of nuclear fuel. Including estimated disposal cost,is charged to operating expenses. These costs are charged to customers~
i through' increased rates or through the fuel adjustment clause. f . k.
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qNotesLt o Finandial statements, conti,nue( , p <
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i Gt . . k : Utility Revenue' R6 cognition; {N M'_Ut$ty , revenue is recorded as eamed Fuoi adjustment revenuois recognized based on the actual fuel costs Amounts charged [, L based on estimated costs are adjusted month!y' for any difforences botwoon the actual and estimated costs once actual costs F are knownc ' k (- 'Interlund Transaction - F , J intojfund transactions and contobutions are generaili made as foquircd interfund transactions and balances, except direct -
" bilhngs for utility services (see Noto'4). are oliminated for the Combined Utility Funds 11ntorfund loans do not boar intorest, C
(l, fundi en Accordince with bond Resoluttons Cort'ain restr'cted i funds of GRU are administered in accordance with bond resolutions. These funds are as follows: s/. , - Debt Service Fund - t _ Subord;nated indebtedness Fund
+; Rate'Stabihzation Fund
- Utikty Plant . improvement Fund '
jJ 'i, 4
> L ,C. onstruction F. und p
(^ The Debt Servico Fund accounts for funds accumulated to pro ride payment of pnncipal and interest on'or redeem outstanding . W, ~ Utilities system revenuo bonds. : L The Subordinated Indebtedness Fund, grouped in the cebt service fund for financial reporting purposos, accounts for funds t accumulated to pay principal a'nd interest on subordinated indebtednoss 23: [w g, < 4 , .- g i Tho .Rato Stabilization Fund accounts for funds accumulatcJ to stabilizo rates over futuro periods through the transfor of funds ' { ..to and frorn Revenuo Funds as necessary,: ( ,The' Constructen Fund accourits for funds accumulat"od for trie Cost of Acquisition and Construction.
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~ The Utiht Plant and improvement Fund accounts for funds used to pay for certain capital projects or debt servico, the purchase I lor redemption of bonds,or otherwise provide for the payment of bonds.
I C > ' lAlloivance foi Funds Osed During Construchon r > , 1 h if
= Ariallowa'nce for interest on borro'wed funds used during construction of $373,000 in 1930 an'd $327,000 in 1989 is.iricluded yin construction in progress and as a reduction of interest expensa These amounts a're computed by applying the offective interest
. mte.on the funds borrowed to finance the projects to the monthly balance of projects urider construction, lho effective interest
/ ' rates were approximately E7% and 59% for'1990 and 1989, respectively.1 q Doferred bebits '
k k Woferred ' debits (represent costs incurred that can be recovered from future revenue through the rate: making process over a g period usually ranging from fwe to thirty years. , e ' Contributions in Aid of Construction
< . Otsty plant in servico for the water and wastewater funds inciucos assets received from contnbutions in aid of construction, 1
The amount ci amortization expenso included in the Statement of revenue and expenso and retained earnings relating to the zcontributed assets is credited to ' retained earnings to reflect the transfer of this amount to the related contributions account, l
. Riclassification --
l {' Certain' amounts for 1989 have been reclasql:od to conform witn the 1990 presentation. gi e
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,[2, t.ong Term Debt: .L; ,
xt . , - .. Long-tecn debt outstanding at September 30, consisted of the following:
\
-( 1990 _ _
'1989-
' ' ~
1 Utility System Revenue Bonds, Series 1983 (1983 Bonds) C
,i Pnncipal payable semi annually to October 1c 2014; . .
interest at various ratos between 6% to 1025% ' . . . . .,, $ 184,27S.000' r $ ' 186,000,000 J s - .. ., . l , P Utilities System Revenue Bonds,1987 Series A (1987 Bonds) -
. Principal payable semi-annually to October 1. 2017;
' intorest at various rates between 5.6% to 84% . ,
^
~74.067.331 74.867,331
.. Utilities System Revenue Bonds, Series A 1989 (1989 Subordinated Bonds) ' . . . . '
.' Principal payable semi-annually.to October 1,2013, 3
- interest at various rates between 6.4% to 7.26% . ; . . . . . .. '100,366,361 . .100,366,361. . .
Utlhtiss System-Commerical Papsr Notes, Series B (Series B Notes); < s _ Principal payable no lator than October 20,1992; m - interest at varjous market rates, u i . . . . . , , . , , . . . .. . , 73.261,000 : . -74.003.000 - yp p g 432,769,692 436.036,692
'4
- Less: unamortized 6cnd discouni..,, . . . . , , , , . ; . , . . . . . , . . ,s . , (7,338,109); (7,652,304)
^
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" \ D Total long-term debt , ', ,, .
,4 3.,.,,,,.,i.. . . , , , , , , . $ 425.431.493 $ 428,384,388
,. , -t .
LV , . f; .
~ GRU is required to deposit monthly into separate accounts an amount equal to the pro-lata share of the amount of principal
' and intstest becom_ing payable on .the payment due dates (April 1 and,0ctober 1).
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y~ - p , R . Financial Statomonts, continued s [ Notes V', E . > lj 9 . . f: 2; Longterm Debt, continued: E The following table hsts the Debt Service Requirements on the bonds outstanding at September 30,1990. 4 Period 1989 lotal Not: f L Ending . Senior Uen - Subordinated Debt Service d October 1 Bonds (1) (2) , Bonds (2) _ ,Roquirements (3} 1991 $ . 26,756,070 $ 1,960,151 $ .28,722.221 l- 1992 26,754,555 L 3,366,377 30,120,932 L. 1993 26,755,675 4,814,006 31,569,681 [ 1994! , 26,755,000 - 7,678.628 34,434,528 [ 1995 26,751,350 7,874,147 34,625,497 26.749,450 7,878,373 34,627,823 f 1996 1997 26.755,360 7,8/7,372, 34,632,732 ' } ' 26.751,820 7,876,018 34,627,838 [ 1998 1999 26.753,588 7,873,837 34,627,425.
. 2000 26,302,841 .7,873,838 34,176.679 2001 1 26,751,443 7,873,837 34,625,280 f 2002 26.750,188 7,873,638 34,624,026 gi F 2003' 26,752,383 7,673,837 ,
34,626.220 7,873,838 34,624.478 [ t 2004 2005 26.750.640 26,751,027 7,873,837 - 34,624,864 25 ( - 2006. 26,752,640 .7,873,838 34,026,478 2007i 26,751,627 .15,213,637 .41,965,464 { t 2008' 26,753,627 17,623,962 44,377,589 i? " '26.758,321- 17,629,412 44,388,333 2009
-2010 26,753,827- 17,623,600 44,377,427.
i 2011 26,751,403 17,622,900 44,374,303 3 _
'2012 26,752,378' 17,622,238 44,374,616 ~
2013. 2J.755,827 17,626,538 -44,382,365-2014 26,754,527 --~ 26,754,527 2015 6,761,540 - 6,761,540 2016 6,761,300 - 6,761,300 2017: 6,763,762 i - 6.763,762.-
$ 601 913.669 5 233.284.259 $ 859.197,928 t /5) Includes the,1983 Bond's and 1987 Bonds.
, (2)locludes pnncipal, cinking fund instanments and interestc net of capitakzed interest.
..(3) Excludes debt service paymonts on Series B Notes.
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^
9o Note,s y'. , to Financial Statements? continubd J
- p';,, y +
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. ? .
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- V q f._ '
'.\ ' '
g ,} is l' s s3y p j 2.1.ong-Term Debt l ccIrdirkedi N , . . p y x g , k iThe 1983 Bonda maturing ori or after October ?1,1994 (except those maturing on October 1,2014), are subject to redemption : k
. . i the option of the City on and after October 1.1993, at a redemption orice of 102W% in 1993, and 102% to 100% thereafter.
m i j The 1983 Bonds niaturing on October 1,2014, a:e subject to redemption at the option of the City on or after October 1,1993c ' ' F 0 a redemption price of 100%l , .
~ ., . , +.
4 The 1987 Bonds maturing on or after Octob4r 1,' 1998 (other th'an GAINS Securities), are sukoot to redemption at the option Fis@1 of the City on and after Octobe(1,1997, as a whole at any time or in part on interest payment dates, at'a ;! Tof 102% iri 1997 and 101% to 100% thereafterJThe 1987. Bonds maturing on October 1, 2007 to October.1s 2017, are subject 5 K', i to redemption through mandatory sinking fund installments beginning on October 1,2003 through October 1,2017, The GAINS '
.; iSecurities, in the amount of approximately $1,827,000, are grouped with the 1987 Bonds, and are subject to redemption at the - si L g ? option of the City on'or'atter' October 1,2020, as a whole at anytime or in part on October 1, or~ April 1, at a redemption
~
pnce . M ,^ Rof 102% in 2000 and 101% thereafterc ,
;Under th'e t'er'ms of th'e' Bond Resolution relating to[the sale of the Bonds, payment of the principal and inter'est is secured by
'U - Lan irrevocable lien o'n GRU's net revenues (exclusive of any funds which may be established pursuant to the Bond Resolution .
, , (for decommissioning and certain other specified purposes), including the investments and income,'if any, hereof. ; ,k n . -
LThe Bond Resolution contains certain restdctions and commitments, including GRU's covenant to establish and maintain rates .
~
Q Wand other charges to produce revenues sufficient to pay operation and. maintenance expenses, amounts required for deposit ~ 4
, 1 into the rate stabihzation fund, amounts required for deposit in the debt. service funds, and amounts required for deposit into.. .
the ~ utility plant improvement fund- ' q f , p y HThe 1989 Subordinated Bonds maturing on October 1; 2008 and 2013, are subject to redemption at the option of the City ~on-
,}
o ' rand after' October 1,1998, as a who!e or .inLpart at any time, atr a ' edemption price of 102% through September 30,1999, andf '
~
p ;~26 ' .10t% to 100% thereafter. The Capital Appreciation Bonds, in the amount of $3,621,000, are grouped i- 4 p ll Bonds and,' other than those maturing on October 1l 1999, are subject to redemption prior to maturity at the op. tion of the City, W "g* : on'and after October 1; 1999, as a_whole or in part at any time at redemption prices of 103% through September 30,2000, ' ' y~ i e and 102W% to 100% thereaftera - .. , . ,. , 1 s - 7;T he 11lB9 Subordinated Bonds are direct and special obligations of the City secured as to tne paymen' of the principal or sink- '
,, fT ng i fun 1 redemption price and interest thereon, in accordance with their terms end the provisions of tne Subordinated Resolu- .
V^ : tion; t / the Subordinated indebtedness Fund, the Subordinated Debt Service Reserve Account and the Subordinated Bond ~ d ' G ; ; Payq ant Account, The 1989 Subordinated Bonds are suboidinated in all respects to bonds issued as first lien bondo CSenior t " ; Lien 3onds") under the Utihties Syrtem Revenue Bond Resolution. Payment of principal and interest on the 1989 Subordinated , y % Bond when dug are jnsured by a municipat bond insurance policy issued by AMBAC Indem0ity Corporation. X 's 9Theseries'8 Notebrh outstanding under a Revolving Credit and Term Ldan Agreement dated October 1,1987 (Serids Bl
^
^
g ; }greempt) ,
, , , n -
\ :Undei the terms'oflhe Series B ~ Agreement -GRU has the ability to' borrow with same day availabihty, up to $78,000,000 on a revoMng basis un,til . October 20,1992; at which time it may. convert borrowings to a term loan. .
+ 4
. Series B Notes hf $1. ,542,000. wore redeemed during 1990. x p
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(Depositsjre hold)r, an institution insured by the Federal Dopositorylnsurance Corporation and a's' roquired by the Utikty's - .i
- s. . t Bond Resolution in a banki savings and loan association or trust. company of the United States or a national banking associa-
. B . tion having capital stock; surplus and undivided oamings aggiogating 6t least $10,000,000. Doposits to the extent possible aro
$6L 1 : Invested; '
~'
' *~
', 5- t
; ?M p 2
., a -
~
O", 'In accordance with state laws a' nd the' Utility's Bond Resolution, GRU is authorized to invest in obhgabons which are uncondi-
'I s tionally guarantood by the 'Jnited States of America or it; og'oncios or instrumentalities, repurchaso agreements obhgations , ,'" cunconditionally Duaranteed by the USA or it agencies, corporate indebtedness, direct and general obhgations of any stato of .m ys *
(the United States of America (provided such obEgations are rated tyi a nationally recognized bond rating agency in oither of
^5
, its two highest rating categories), pubhc housing bonds, and certain cortihcates (I deposit. Investments in corporate indebtedness
~
W imust be rated in the highest rating category of a nahonally recognized rahng agency and in one of the two highest rating categories . y/ , ? of'at least ono other nationa!!y recognized rating agency: o . ,
.:$!~ ,1 ..j' M linvestments are categorized in the table below in'accordance with'Govemmental Accounting Standards Board Statement;
( No 3, Category 1 includes investments that are insured or registered of held by the Utihty or its agent in GRU's name Category . ,
# J J2 includes investments that are uninsured and unregistered, with securities held by the counterparty, or by its trust department 7or.. agent but;not in GRU's nama_- .s , '~
s m _' + Carrying 4 7 Market x LSeptember 30J 1990; Value Value - Category' h, fO
,, s
< IV.S)Goverriment SecuritiesI, ,, , ,,i.' , ,,' $ '85,716.748 =$ 86,912,358 ' - 'l~ : 27 R f i , J U.Sc Governnient Bonds L , , , ,, ,, o . 44,266,221 43,517,074 .1 -
[ Corporate Commercial Paper.(, ', c. p.- 80,981,668' 80,981,668 , 1 7 , . , , y, - l Repurchase Agreements ' ' n < 11,371,507' 11;371,507. 2 > j w , y -p , f9 m - - -lTotalk ~ i .g... s y n -
,..,. ,,,,, 4 ,,
t$ 222.336.144 $
-- 222,782,607.', mm
'\- '
J p)- .4 s
, . - ? r r. ..'* . v' i Carrying ' - Market .
{ <
- Septemboi ;$ . . 30.1989f ....
s. b'-
, Valoo Value Category s p ,,, .[7 'l m ,c 10 S? Govemment Securities
,, , , $ 79,842,782 $ , 78,639l450 '1
" MU.S. Government Bonds , ,
- o. , ,, ,48,561,845 ' '47,810,269 . .1 ,
.'1 !Corporato Commercial Paper . ,, . 93,476,862 93,476.862- 1; , y
( , ARepurchase Agreement * ' 16,124,371 116,124,371 ;2 y m,- 7=, r1-g
-g s
; Total $ ~ 238,005.860 5 '236,050.952 w4 ; , s , 7
< . . .m... , 1 m .
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#' 1, , r ., ,
gW6.y e ,, . e d,'w u-h U,h N _b hJx <[a , ' ytw ,M $ 2k, 4 ' NR t ln m[a'*c tene A # we
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,4 MS4/interfund Direct Utility Blhings': 9' A; < 1p ,. , 4y s -;* N + '
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Q hincluded in revenues are the fohowing Jnterfund dw'ect. billings for utdy servicesh
,m.
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,.'y-s
' 1989 3
, , \, , ,w,;fy[
[k$m[pg -s N_', . i
- q. x
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- + v ; .-
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" . .' ?$D1,814A28 i W c4m+6(7 Sales pl electrWlM!;d . <M/,a. e c. < MO,1,p, o ,iQc.,s,^, .Y SSales y($i 91,813,242, H738fof i gash;r,i.4. + , 1%d$.G .u J.
'126 650 , ' .
'A .
[M@$ MSales of water k,dib d t.2 v i. AmMaQ1,.',h,* . ., .,i a~ -Ba- "h5.540 + 106,150, 'r jn lQ Wastewater'seivice-charg6sWQb6MyE Qi.M >'" , 2,693
~ . _ . 4 gA , , oq/ p- t vmf v .
)a
( .A s 4 ,e. 10 ,q f, 4 _j A.
,.,4
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- m
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M,. p ; A i ' n ~ 2fM Total revenues 3" b'aL n A .t .w......,,.a W. M i, mJ... ha;,,, r a 1
!$2 c1,925;670. , t $1' ,943,772E' h d*' ? JJ g now 1 c= o-, v: ,
.vt , -
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.g .I '~a ? : : t c
-J - - -
-'- * -U Jid;h'4y y Jinc'luded_ in expe,nses are the folicwing interfund direct bibings. fer utiliti servicesi. '
X" '^ M' .
, m x . a%
__ y 1
- yy -., -y s i
, .<: n, v +
=
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t +4 m,f,,;.,1Q ,, M, r , ' N %, m J ;. .V V * ' > 9-
'1990! < t1989 W ,.
4 s t,% ,, 3 pn %egw y.1gya m ; ~y, ,. .gm.
, . n v a, , ,. ,. ._ . :A m ,
.c mp .. , , P. . ,- ssd Mm e Expenses w M_ ,1'
' ~
. 4 <
- 28C sC, Elec. tric'fu'nda , C .O. ,%c u. i< ln. -l: en M. i J. n ,
, . , , ,t n$ j.~ c278,807 ! " i. ~ i $ i. (288,503 ) .
,?
m .f. a pC. , J. .- ; < . . ., . . G ' . , 612,372; 'f M ,s WQ&GasfundMW@: N@$@ Water fund @ o R. , ,7,7 , ..: M W g.w .)., M..,A. . 819,294, , , _816,8807 gy, w, n,rPlWWasteWateifund v.r.m. ,~ s . . r. . o / . .-: .., m M .%....m. . b,,> u .y4- J 4
- > . .- "815,197 ~ , m 'B38,389l h M Y d
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i- > , s s ,. . ., . , Q Total expenses d /s : M . . $ . m . % l 4 , . . . . . /,A , M.3 , . L$,P 1,925.670 4 . N ; , nx -
$ -1.943.772- N m 'ps w-p u, atm ~1.3w~ . c i 3. A- r
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,p g -
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E.5. Jointly Owned - Electric Plant:' : 4
. m , - . . r ,
g,_1 1 ,cq-GRU owned ienources for supplying electric power and oneigy'requiroments include its 14079% undivided ownership interest
" in the Crystal River Unit 3 (CR3) nuclear power plant operatt<l by Florida Power Corporation. CR3 oporating and maintenance .
2i p c costs, which represent GRU's part of expenses attributable to operation of CR3, are recorded in accordance with the iristruc-4;- " tions as set forth in the Uniform System of Accounts Payments are made to Florida Power Corporation in accordance with -
, the CR3 participation agreement. . , ..
~
- , ~ -
v s f .
, l . ,
+3 6. Contributions in Aid of Construction:
Contributions in aid of const'ruction are as follows: ' 'i.- s
- 's .
.s 1990 '1989 '
. Contributions in aid of constructions ,
-Utihty plant,' properly l and equipment contributed- ,
1"
' ) by municipahty L . ; a . ~ , . . ; ; , J , , , _ , , $- 3,982,274 L$- 3,982,274'
. Federal and stato giants'in aid _of construction:, . , , , ,. 17,140,845 13.023,841 Contnbutions from customers and' developers: <
,.' Plant contributed by developers, , .., , ~
, , s , , . . , , .34,070,92S 32.241,685 Connection charges . . . . ,. . . . . , . . . . . . v. . 34,423.067 32.205.314 ?29 e '89,623,111' 81,453.114
~
, Accumulated amortization . , , , .; ; . . . . .
(19.871.08_1) (18.010.280)-
, [C'ontributions in aid of construction . . . . . . . . 1, ,. '$ 69 m,751,130 $ 63.433.834 -
mo "g . e 8 1
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4 g
> g 4
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. fe s
' s
. w 4
9
'F )
I
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- _ m._ _ _ . . _____t.2______________________._____.______._____.______._________._______ _ _ _ _ _ _ _ _ _ _ _
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.+ >. - ', ;
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' N tes to FinancialStatements, continued x,-- .
. ' n it i 8 e# .
-p jt [' ,
w ,
> 7. Metainsd Earnings't - -'
' l Retained earnibgs reserved for debt service anct unappropriated are as fo!!ows.
t 3..
% . , 1990 1989
'c .
. Reserved for debt ser sece , , , , , . .. . $ 81,176.6 t 1 - $ - - 75,091,045 '
unappropriated .o , , 91.730,315 94,606.881 y ; ,,c, ,,, ,, , , , w . . . . . .
~
$ 169,697,926
- Total retained carn /ngs , s,,, , .,, ,,,;, , . 'S 172,906,926 k:
. Retained eamings balances at September 30, included in debt service fund accounts, are as follows:
7
.1990 1989-Sinking fund account , , . .. . ,,, , ,,,,, , $ 10,668,528 -5~ 9,393,775 s Reserve account'+ , , , l1 i . . .. . . . ; ,. ., 37,450,795) > ' 37,958,113 ,
E. ? Debt service account, *, ... .. , s , , . , , 17,195.210 20,818,049
? Subordinated t3ond payment account :. . . . . 9,590,423 15,025,720' C . ,,
Subordinated indebtedness fund account , , , , , , , , , , ,595,271 -: 520,130 [30 p" '
' 6,844,493
- Bond emortization account s , , , 'i.
. , , , , , . 23,034,076 -
Commercial paper note payment account ' . , . . , 14,747 > 117,310 J j , 4~ ' i , - , 98,549,050 90,677;590
#' ' Less: Amounts appropriated for current ..
interest and principal, payable: ,. .. . . . ,, (17,372,439). _ (15,586,545)
. $ ' ' 75.091.045 o ,
< $ ; 81,176,611
- 8. Retirement Plans:
4 , iThe City sponsors and administers one retiement plan and one deferred compensaten plan that includes GRU and other '
! N iCity employees, The Employees ' Pension Plan (Employees Pian), a defined beneht. primary contributory pension plan, covers all employees
" Lof GRU; except certain personnel who elect to partteipate only'in the Deferred Compensation Plan '
- [The City accounts for,-and funds the costs of[the Employees Plan as they accrue. SUch costs are based on contribution rates deterrrened by the most recent actuarialvaluation. The total contributions by GRU, including amortization of prior service costs,
, f lor the years ended September 30/1990 and 1989, was $1,046,000 and $1,047,000, respectively.
e i..; y ,ln the opinion of the City of Gainesville, GRU has no obhgation for r:iny unfunded past service or other cost of the pension' s ' fund irl excess of the required annual contributions. , Certain employees dre elig;ble to participate in a defined contribubon deferred compensat on clan managed by the Intemational City Management Association as fiscal agent for the City. Under this plan, the City contr butes 6% of an employee's annual
; salary and employees may contribute either a cpecified percentage or dollar amount. Total deferred compensation cost for
'.GRU for the years ended September 30,1990'and 1989 was $296,417 and $180,700, respectively.
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? Notes to Financial Statomonts, continued
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- 9. Transfers to General Fund: ,
' - , -. (GRU makes trarisfors to'the City's general government based on a formula that ties the transfer directly to tho' profitabdity
- of the system:The transfer to the general fund may be made only to the extent such morvos are not necessary to pay' debt g : *
^ service on the Outstanding Bonds and subordinated debt or to make other necessary transfers under the Resolution. The m * -
fund transfer to the general fund for the years ended September 30s 1990 and 1989 was $15,154,322 and $13,029,871, . respectively,; . +,
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-- v 6 10. Deferred Debits:
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In$luded in deferre'd' debits is th'e unamortized balance of $23,760,000 romaining of the original payment of $27,375.000, t 1 ' made to Island Creek Coal Sales Company on February 10,1988, in full settlement in connection with the city's cancellation ." Jof a contract for supply of coal to'Deerhaven 11 generating plantc The settlement payment, funded with Series B Notes, is being recovered through future utility fuel adjuctment revenue through the year,2003. , p.. l The remaining balance in deferred debits is comprised of bond issuance costs and miscellaneous items which are being ' Je = amortized over periods from 5 to 30 years? , i- , ' , - .e , 4 4
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JOui audits are'y'ade for the purpose of forming an opinion on the basic financial statements taken as a whola C m , E > ' (We have previously audited the financial statements for 1988,-1987 and 1986- none of which are presented- i;- W ' rhereinM and we expressed unqualiiied opinions on those financia! statements.) The accompanying schedules - u 5' 'of combined net revenues in accordance with bond resolutions for the years ended September 30,1990,1989,, . ft988,1987 ar'd 1986, net revenues in accordance with bond resolutions - electric utihty fund, gas utility fund,; - yfy water utikty fund, and wastevaler blity fund for the years ended September 30,1990 and 1989, comtining balance ',' J U sheet at September 30,1990, combining statement of revenue and expense and retau x! earnings for the year' , >-
, f.e'nded September"30,1900l and schedules of t;tihty plant proporties and accumulated depreciation and amori . ,
%tization for'the year onded September 30,1990, are presented for purposes of additional analysis and are not 4 f f a required part of the basic financial statements Such information has been subjected to the audit ng procedu.res. , , ,
W J ar, plied in the auGts of the basic financial statements and, in our opinion. is fairly stated.4n all.rnaterial respects, - ' <
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e ... N i 4 F VdhwPlovenues:(, iflectre funds ,-
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. , . - ; j i., ,i Gas funds i '
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; V LGas safet b . . . a. e . . . J '. . , i . s .- : 8.632,123 - #
Mn FOther Das revenues 7. L - .. g ,j .1 y ,, , , , , , . ,f. ' (1.611,307)( ,.
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,1,471,.1671 f f, ;lnterest income w , r,s . ~ ,,i # m ,, . . . . - m. . .,, ,
520,693 ,/ , m , z . . - -- . e - ., , . , :;- t.- l Total water fund revenues - m.u - . , . , , ', .. * ,; , . ' 0,988,978 ~ YWNe+ tater fund l Y ~ - ,
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'Other wastewater revenues,o , ,, s ;pe < ., ,, , $88.674 " d 2 Intsrest income 4, ',, ,. , , < . .,,
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. , , m , ,,, , , ~1 2231.813 '
M jp is -1,, * - y p:470ta/ revenues H. 6. % ;g , ,
' ,144.877.452 '
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< < , L Oc: Electnc fund. % - .' ,. 4 2D
. W 6: f Fuelexpense h} Operaron and
.j. . .' ,,,, ,. , , , , . .o , 39.049,188 -
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; ,' 16.336.4BS .
"C342 7 Administrative and goneral , ' ,.; , , .. . . , , ,' . .,. -. '111;339.379 i r _ .
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.555,631-
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