ML20082Q329
| ML20082Q329 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 09/30/1994 |
| From: | Haven R ORLANDO, FL |
| To: | |
| Shared Package | |
| ML20082Q295 | List: |
| References | |
| NUDOCS 9504280154 | |
| Download: ML20082Q329 (48) | |
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l' l N t N C 1 1 1.
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For Years Ended Sept.30 Il i G 18 8. I G 11 T 5 1994
% increase 7m.
,m,w.,
,, y
.y 1993 (Decrease) 1984 (4) mw.m Opereeing Rosenues m
<r m
5 TotalOperating Espanses
- $f 326;171,994L w.m myw J 't ' 325,547,9731
- E 8.2%)!
s $3. ?l82,727,714 ~
S rem ~my Interest and Oelier income '
[ $,240,428,13l' i$1 l 244,947,644 3
.$: J 38,314,777 Interest and Other Esponens >
S2.0%E
$[ 146.148,759 C$1 29,253,422-
~ > 3.6%.
!$3 28,478,358 f
[ Not income '
l $} ( 82,386,148 I '
f$j h 82,373,929:;
- 10.1% i E$.
- [44,751,284 )
$ - j 34,160,492I eq Payments to Cary of Orlando
~
[h : UtillLy Ptera (Not book value) 5l 29,279,547.[
I $ k l 27,859,822 "
24.9%'.
f squity1 1$: 1,288,397,998 L 1 $f [27,474,895;
[. $.0%)
[$,
l 14,872,000 j I' 9,939,132 J t
1
[
Long earm pe6e L
- $i420,s9s,63s~
$ ! t,155,992,D4 :
- 16.9% -
!$ 1 395,947,473 ;
i 538,494,484!
[
Total Assets )
- 1. $ = 2,ets.sse,s7e :
T$ j 4,444,43e,8tt!
$ ' ': 182,416,$79
$ ' f,41s,ss4,642 '
6.2%
r b
omha Service C-as(
~; $ > I,9st s44,s3s 3
- $ 4j 849441,7es c
' e.1 % -
- sonier uen y 1.9% ;
f-Junior UenI
^ 2.oon
$ n 1,8e2,499,79e -
~
jE
' 7 3.36 '
. 3.ein -
T.u% -
[
, C*neined 0 64;,.
..(133r,
) 3 98=)
'.15.6%
2.44r Senior send liar 6nse (1) 7 i-(AAA,AA+,.
. t131xp f.e5 R i N/A '
9
'. AAA, AA+ 1 t 2.44m.
N
. Anl AA1
,,a 1 Aal,AA -
~ Aa, AA <,,
-x.6 u mi.
,m o,
4 n as.. SM
,r
~
Operating Revenues
- - au < ka -
.n <
Total Operating Expenses (2) 301,893,904 221,600,667 303,I50,255 Fueland Purchased Power
-0.4%
100,268,749 227,325,568 169,819,638 Departmental operathons {3)
-2.5%
128,333,918 105,906,583 137,042,643 Total Sales (MWH) 5.3%
Total Retail Sales (MWH) 5,042,552 121,419,055 81,606,329
-0.1 %
Commercial / Industrial 5 ales 3,762,086 4,995,564 55,436,314 0.9%
Residential 5 ales 2,467,793 3,609,900 2,666,852 4.2%
{
Sales for Retales (MWH) 1,294,293 2,363,288 2,465,062 4.4%
Total Active Servkes I,280,466 1,246,612 1,547,742 3.8%
I Residential 123,809 1,385,664 947,320 7.6%
g Commercial / industrial 106,657 128,910 201,790 f.6%
17,452 105,137 94,436 Average Annual Residential Use (KWH)
IA%
Average Revenue per KWH 82,222 16,773 82,038 2.3%
Residential Sales 11,904 12,398 2.7%
11,887 Heating Degree Days 7.88(
Cooling Degree Days
$20 7.8l(
0.9%
Gross Peak Demand (MW) 3,420 445 6.98(
16.9%
3,380 744 840 4.2%
824 3,020 w
-1.7%
r 569 g;~
y, 5
+
Operating ilevenuse
' Total Operating Espensen (2) l
' 24,278,090 ;
n g.,
m,,
?$
g
'$z ~ 18,419,464 :
L 22,437,748
- Sales (MiHlon Gallons). -
8.2% -
'$J i
Total Active Services.
l 26,270,981) 17,542,976 f '
4.8% '.
12,908,116 9,106,1le ;
i 25,466,408 Residential -
= 10$,669 --
3.2%
p 1 Commertial/ Industrial -
L 87,795 -
,103,359-
- 18,464,819-
? 2.2%
irrigation
- 10,36i !
86,300 '
1 79,475
{[
- i.7% ~
[10,239.
68,904 L Average Annual Residential Usage (Gal.) ;
7,513 c
' l.2%..
- Average Revenue per 1800 Ga# ens
-157,000..
[- 6,820 ;
' 19.2%
7,983 }
l-ReeldentialSales :
160,000 "
2,$88 '
1.9%.
['
Raintee (laches) "
. 95.$$( <
> 156,400 -
y, 57.7 4 J 90.60( 1, peak rumping (fensen o.nons per omy) l J. 47.8 76.35( -
5.4% c 1149.7-h.
s
- 20.7%
s42,3 L 52.1 s.2% ;
, if Ibnti Rabng Agernes:
s2e,s.
y-ac operaun0 menues amus operm9no income. -1994 Duff a Phelps. Inc., Filoh investors Ge i
- 3. An expensos less hseland purchased poeer. ;.
... rv ce Inc., Moud/s investors SeMeo. and Standard & Poo '6
,4.
Soures; The 1993 Ten Year Stattstlcal Report and the 1984 Annuai Repost;
~
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Il iG ll I.
I G 11
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% Increase For Years Ended Sept. 30 1994 1993 (Decrease) 1984 (4)
. Operating Revenues.
326,171,994 5, 325,587,973 0.2%.
102,727,754 Total Operating Expenses 240,020,131 244,907,644
-2.0%
'144,148,759.
Interest and Other income.
30,314,777 29,253,422 3.6%
24,071,351.
. interest and Other Expenses 5.
42,306,148 5-82,373,929
-0.1%
- 44,718,214 Net income 34,160,492 '
27,559,822.
24.0%
19,939,132 Payments to City of Orlando 5
29,279,547 27,878,895 5.0%
14,172,000 Utility Plant (Net book value)
$ 1,281,397,998
$ l.155,092,134 10.9%~
$38,484,684 Equity
$ '420,598,635 5
395,947,473 :
6.2%
-182,416,579 Long-term Debt
$ 1,415,556,612 '
$ '. I,414,430,819 0.1%
849,841,705 Total Assets
' $ 2,025,530,870
$ I,987,544,535
- 1.9%
I,102,499,790 Debt Service Coverage Senior Wen 3.00x 3.01x
-0.3%
2.44x junior Uen
- 3.36x -
3.98x
. -15.6% ~
N/A Combined Debt
' l.93x 1.91x 1,0%
2.44x '
Senior Bond Ratings (l) '
AAA,AA+,
AAA, AA+,
Aa,AA Aal,~A ~
'Aal,AA Operating Revenues 301,893,904 5
303,150,255
-0.4%
169,819,638 Total Operating Expenses (2) 221,600,667 5
227,325,568 2.5%
137,042,643 Fuel and Purchased Power 5
100,268,749 105,906,583
-5.3%
81,606,329 Departmental Operations (3) 121,331,918 121,419,055
-0.1 %
55,436,314 Total Sales (MWH) 5,042,552 4,995,564 0.9%
2,666.852 Total Retail Sales (MWH) 3,762,086 3,609,900 4.2%
2,465,062 Commercial / industrial Sales 2,467,793 2,363,288 4.4%
1,517,742 Residential Sales 1,294,293 1,246,612 3.8%
947,320 g
Sales for Resales (MWH) 1,280,466 1,385,664 7.6%
201,790 Total Active Services 123,809 121,910 1.6%
94,436 Residential 106,657 105,137 1.4%
82,038 Commercial / industrial 17,152 16,773 2.3%
12,398 Average Annual Residential Use (KWH) 12,222 11,904 2.7%
i1,817 Average Revenue per KWH Residential Sales 7.88v 7.81 g 0.9%
6.98(
Heating Degree Days
$20 445 16.9%
744 Cooling Degree Days 3,420 3.380 1.2%
3,020 Gross Peak Demand (MW) 810 824
- 1.7%
569 Operating Revenues 24,278,090
. 22,437,718 8.2%
12,908,116 Total Operating Expenses (2) 18,419,464 5
17,582,076 ~
4.8% -
9,106,114 Sales (Mill 6an Gallons) 26,270,981 25,466,408 3.2%
18,404,810 Total Active Servkes 105,669 103,359 2.2%
79,475 Residential 87,795 86,300 1.7%
68,904.
Commercial / Industrial 10,36l 10,239 f.2%
7,983 irrigation 7,513 6,820 10.2%
2,588 Average Annual Residential Usage (Gat.)
157,000 160,000
-1.9%
150,400 Average Revenue per 1000 Gallons Residential Sales 95.50f 90.60(.
5.4%
76.35(
Rainfall (inches) 57.7 47.8 20.7%
52.1 Peak Pumping (Million Gallons per Day) 149.7 142.3 5.2%
120.8'
- l. Bond Rauno A ences: 1994 Duff & Phelps lnc., Fitch investors Semce Inc., Moody's investors Semce. and Standafd & Poor's, respectively.
0 L Operatino reverwes nunus operating income.
- 3. M expenses less fuel und purchased prmer.
- 4. Source: The 1993 Ten Year Statistical Report and the 1984 Annual Report.
t G
l.
N I; it A 1,
il 4 N A G I; H 5
il I; % 5 A G I; t
1994, the Orlando Utilities Commission again demonstrated that it is maintaining its competithe edge. As a result of changing the way it operates, net income surged 24'7e to the second highest leselin a decade because we reduced expenses.
Re-examining escry facet of our operation, we succeeded in lowering costs throughout the organization.
The Electric Ilusiness Unit completed the most profitable 3 car in its history because of significant reductions in its expenses. We are also reducing capital costs. Construction of our second, coal-fired unit at the Curtis
- 11. Stanton Energy Center is proceeding on schedule - and well under budget.
A resiew of these accomplishments uould not he complete without recognizing the contributions of my predecessor Troy W. Todd, who stepped aside after two years at OUC's helm. lie will be remembered and appreciated for his leadership in launching initiatises that helped us remain competitise and in helping defeat an attempt to freeze municipal electric utilitics'sersice territories.
Now we can kmk forward to a future that holds exciting new possibilities for OUC because of developments that occurred in 1994 and the first quarter of the nest fiscal year.
We espanded our water sersice area 30 square miles and will be adding approsimately 20 square miles to our electric sersice area. These territorial additions include prime, des elopable property in w hat is considered the next growth " hot spot"in Orange County, New initiathes on sescral fronts will benefit both our electric and wate. customers. Setting a new precedent, we entered into a full requirements power supply agreemmt with our neighbor, the City or,t-Cloud, a mme that will sase our retail customers money. For our water customers, we promise to deliser even higher quality, better tasting uater by conserting our system to a new ozone treatment process Committed to protecting and prescrsing the ensironment and natural resources, we are taking a n
proacthe stance in launching new pollution pres ention programs. Discussions are aho undern ay lead.ng to a new sersice opportunity that will protect and conscrse water resources - distributing reclaimed water for irrigation.
To help customers gain control m er energy and water costs, we are ofTering them greater incenthes to conscrie resources and sase money. Where feasible, especially with larger commercial customers, we are willing to tailor programs to help them use electricity and water more efficiently and cost elTectisely.
Joined by the City, the Commission also created a Utility Assistance Fund to help customers pay utility hills u hen, because of estenuating circumstances, their w ater or electric sersice is in danger of being cut olT.
In the future, customers will hase the opportunity to contribute to this fund when paying their utility hills.
Our employees, too, are showing they care for our community. The equivalent of more than 70% of our uorkforce participated in solunteer actisities through our new community sersice program.
Yes,000,like all electric and water utilities, faces many challenges. Ilut we are well prepared. We are financially 3.ound and ready to launch more new knitiathes - new initiathes that will bring us closer to our customers and help ns continue to fulfill our mission of being a low cost prosider of high quality service.
As a municipal utility, directly accountable to the people we serse, we can do no less. Nor will we.
<y A
Robert C. IIas en General Slanager and Chief Esecutisc Officer i
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i TAKINGTHE INITIATIVETO In Teasingly, predictive maintenance CONTROL COSTS technology is being utilized. His lowers in 1994, the Electric Business Unit launched some costs by enabling the utility to perfonn the first phase of an aggressive effort to contain - maintenance when tests and performance indicate costs that resulted in almost every division reduc-the need, rather than perfonning maintenance at ing operating or maintenance expenses or both. preset intervals. The greatest savings were achieved in genera-Both plants will continue' to share maintenance tion, primarily at OUC's Indian River Power workers in order to perform work better and Plant (IRP) which has thee steam units and four more cost-effectively. Sharing staff and inventory combustion turbine units. is also expected to help Taking a plant-wide N l OUC contain costs when approach, staff myiewed every element of expense I its second unit at Stanton goes on line. and modified maintenance STANTON I CAPACITY practices, procedures, and UP, HEAT RATE DOWN schedules. By controlling stafisize and function, his coal-fired unit is making more megawatts pmductisity was increased I than ever and operating at { and overtime reduced. a record level of etliciency. { A flex maintenance Generating capacity approach enabled staff t increased 14 to 15 readjust work schedules t megawatts to 454 MW, Ol 4 take advantage of mild and net heat rate improved weather and make the best ,1 approximately 19. use of available staff. U"([ X j h { Together, these improve-Maintenance activities ments add up to signifi-were re-prioritized. l cantly lower operating W ? Projects were even com-This team is inspecting the interior of a boiler costs per megawatt. r- ,)i l petitively bid between at OUC's Indian River Plant during a planned These impmvements h). ~4)- k OUCemployees and preventive maintenance outage - added f-g 9,
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N contract resources, and work on the turbine Fener-f
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ator performed by OUC personnel and paid for D cost advantage. by Westinghouse during a nine-week scheduled d OUC is continuing such effons to contain spring outage.The work included Ik j generation costs at both Indian River and its redesigning the turbine blades ,Y j j Curtis 11. Stanton Energy Center which has one and changing out all of l coal-fired generating unit and a second under the major rotating construction, turbine components. With its highly diverse mix of generation l l resources, the utility is also able to consider l scheduling outages based on the number of starts j and run time. l ,____-.-_.------c
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The second coal-fired unit ,b at the Curtis H. Stanton Mc ~. Energy Center is nsing ~ on schedule and well under w budget. Allrnajor buddings "? S and structures have been '* wx erected. ELECTRIC SYSTEM m Because ofits planned nine-week RELIABILITY HIGH turbine generator outage,its } For the fourth consecutive 3 ear, equivalent availability rate was OUC ranked frst in system relia-75.629 compared to the national j Q bility among peer utilities, based rate of 78.689. on annual average customer outage time. For IT '94 average annual STANTON 2 ON SCHEDULE, 4 customer outage time was 49.01 WELL UNDER BUDGET minutes.This performance reflects Construction on the second the integrity of OUC's distribution system and the coal-fired unit at the Stanton Energy Center is ability of its employees to respond rapidly and on schedule to begin commercial operation in effectively to system interruptions. June 1996. Because of favorable project per-Perfonnance of the generating units at the formance, the Commission was able to reduce l Indian Riser Power Plant continued to surpass the budget $42 million to 5480 million in the national averages. The equivalent availability of first quarter of FY '95. the three steam units was 91.189, compared to By then, all but one of 105 equipment j the national average of 84.529. contracts had been awarded and contracts The equivalent forced outage rate was 1.949 representing more than 95% of the constmetion. l compared to the national rate of 8.359. lhe All major milestones were accomplished on equivalent availability of the four combustion or ahead of schedule. i turbine units was 98.729 compared to a national The 89 budget reduction is due to: 1) lower j rate of 84.489, and the equivalent forced outage than anticipated inflation: 2) lower vendor rate was 12.324 compared to the national rate of pricing because of well-defined specifications 60.4 9. and soft market conditions: 3) reduced labor Stanton l's equivalent forced outage rate was costs; and 4) a highly effectise loss control 1.769 compared to the national rate of 8.829. program. 1
i I SAFETY MILESTONE has a 27 MW diesel unit and has experienced OUC has earned the coveted STAR award peak loads of 65 MW. Initially, OUC will manage fmm the U. S. Occupational IIcalth and Safety St. Cloud's existing power sesources while Administration for Stanton 2 perfonnance. OUC supplying full k>ad dispatch senices. also received the STAR award when Stanton 1 On another front, OUC and Tampa Electric Co. was built. After the first 19 months of cons.ruc-(TECO) entered into an agreement that provides em a tion, the im;ident rate on the project stood at 6% the investor-owned utility with a direct posers;, Power sales and other below the[imaannel average, the fisquency rassat D intestaaecoun to OUC's lakeland tranIsmenon d l 969 bekkational avenge, sul die M M By 1996, OUCl win he sai to'aH lievestor ? areements with other rate at 9NMiow the'nationMenge. One) owned electric syssoms in Iwuns,lar Flonda. million consecutive workhours were perf$nnedi [*Ihere willie no,wheelung fees whdOUC IEys[ jutilities have both economic without a k>st time accident. t"V " power from TECO,'an immedisse benefit to OUC J $"nd strategic benefits for c - =~ and its customers. This interconnechon will alsoi. open new markets for OUC in buytag, selling and s
- oh and its customers.
Through the Stanton 2 Commumty Sem.ce & lin p er N Council OUC and project contractors are pooling OUC also entered into a longh capacity l Being eb to all investor. ~ resources in volunteer actis ities and will leave and energy purchase contract to M indianj Ik [ lasting legacies to the community beyond the River power to the Seminole Electric Coopensne owned electric systems in project site. This year the Council gave the kical starting in 1996 and continuing thmugh Map.2 D American Red Cross chapter its first mobile (XR Re first year the rural choperative $ill bu[ 4 disaster relief trailer. Valued at $10,(XX), the unit is 75 MW capacity,125 MW capac'ity for the neAti P'eviele OUC with new ~- <. a completely refurbished. 30-foot-long trailer four years, and 75 MW for the remamder of the < 4 Oi equipped with a portable generator, lighting. air O. contract term. _ e. g,uy, seu conditioning and two oflices. OUC has also becun negotiations $ith' power. he Council is also mobilizing a $50.(X)0 t marketers and power brokers u hich cotiki further for wheel power. $60.000 volunteer effort to create a recreation expand the utility's options for buying and selling ? m park fo the Metropolitan Urban league at the power. An agreement with Enron Power E f
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Marketing Inc. has already been executed. h .l q 1 } NEW INITIATI ES IN POWER SALES in January '94, a seven-year agreement to j 3 y N_ ' Negotiations condueled in IT '94 bore fruit in sell Stanton I power to the Reedy Creek y the first quarter of FY '95, resulting in agree-Improvement District went into effect. His is the t s m-nts that will have'significant economic and utility that serves Walt Disney World. strategic benefits for OdC and its customers. In 1995, OUC will continue to pros ide total l y l \\ The Commission entered into its first full kiad dispatching senices for the Florida 4 i + sy n.. arquiremcots puwer supply contract with a Municipal Power Pool. In operation since 1988, rapidly growing neighbor, the City of St. Cloud. the pool is composed of OUC, Lakeland and the ne contract also calls for OUC to extend a Florida Municipal Power Agency. l transmission tie line to St. Ckiud. hat city will Net economic benefits from the power pool, own the section in its senice area. The agreement existing firm sales, and transmission charges for l poes into effect December 1,19W and continues IT '94 were approximately $15.5 million, on a l to the year 2015. level with the previous year even though inter-l St. Ckiud's fise-member city council change consumption was down. Extremely wet unanimously approsed OUC's market-based rate weather statewide played a part in depressing I l contract, the first of its kind in Florida. The city these sales. i l l l l ~
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i i l 9 6 I CROSSING NEW FRONTIERS process. It is doing ins to enhance the taste of This year found OUC on the brink of dramatic its water, to elimin te odors associated with changes in its water system in terms of treatment, some water plants and to ensure that the water size, and even scope of service. it.'-livers t, customers is far better than 1 it is devekiping plans to convert its water sys-increasingly suingent regulations requise. tem to a new, advanced ozone tmatment process OUC decided to use the ozone process after l within the next 10 years. By 1996, it will imple-five years of research and testing of numerous i ment a new corrosion control treatment process. altemative tmatment methods in its own sophisti-Territorial negotiations with Orange County cated Water Quality Laboratory. This research were concluded, expanding OUC's water senice was performed in consultation with a leading { area 30 square miles. national water quality expert. Other developments 'Ihe raw water supply this year should also 7 ' hereis of very high ] lead the utility into the quality. Ilowever, it j business of distributing contains hydmgen j recycled water for a sulfide - a hanntess, ,I naturally occurring i irrigation within the i 4 g next several years. compound that canoes j 'Ihus, in the next 10 the water to have an. l 3 ears, OUC's water unpleasant taste and ( odor until treated. l system may undergo OUC's studies and more change than in f g j the last 50, and it is 4 pilot-tests have proven j well prepared to do so. that ozone will com-e;4 i NEW TREATMENT f 3 pletely eliminate the PROCESS 6 %). hydrogen sulfide m ed %. + e-found in its water plant OdCufilEild;/ [ j supply. y W* "will be the " flagship" < *n Considered 79g-p <.s f of a.e <., lt - After five years of research,0UC has chosen a newwe of the new generanope. s y% won'tlook---or imell ozone treatment process to further enhance water most etfective ~ ~~ )!c .- like a water pfan{ qu rey n disinfectants - p 'r t ste n t e nninore r re bon f ~ is OUC's pilot ozone treatinent plant Ozor:e is ep ~_and it will pnxiucelhe - generated in the base and then diffused into row water, used in j ~
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hijhestjuality. water - the water / the tali aeration tower typical of OUC's water amount of chlorine used in the J"~'~""(j% } ever Mr DUC customers because it will use anindustry, mone has other advan-hNankedohone ' treatment process. Gone will be tages, too. It will reduce the y., . plants; ozonation will eliminate the need for treaunent pmcess. It is also 4 aemtion. expected to provide more q _N flexibility.n accommodating j c _._ i Construction on this plant is scheduled to begin in 1995 and be completed by 1997. It will unforeseen changes in - d. 4 5.. _..m_...,_ y be kvated near Univen,al Studios. water quality and in ha : OUC is preparing to conven its entire u ater drinking water i system to the more advanced wone treatment regulations. ~ %..,%...7e=e++d-"
a M-s ~ The OUC water serue area, g 5 right, grew by 30 square miles to coggoggon ggg g significant territorial o total of I95. The additional CONTROL { Q*RS '*P***"*
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territory, shown in orange,is i g' "'""'g** pnme, highly developoble OUC is also moving at el I' p l with studies for a new property in on oreo considered full speed to implement g ion W h t - Southeast Water Plant the nen hot spot ofgrowth in the county. ~-
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ment ahead of schedule to [ the Lake Nona area in prevent copper from .~ leaching into the water k Ah... Tp? - Q fiveyears. 7 i g Meanwhile,tomeet from customers' plumb-7 ing. hs own research staff $ma m.hhy))Q current demand, OUC and consultants have been on the leading edge in c mpletedtherenova-performing the govemment-required research and - ti n and expansion ofits 37-year-old Pine Ilills testing to discover the method that makes OUC's Water Plant in FY '94, increasing well capacity water the least cormsive. Bey have determined 25% and pumping capacity 60%. Work is well that using an additive to adjust alkalinity is the underway to expand the Sky Lake Water Plant most siable method. His method, already used at capacity 50% by 1995. three of OUC's 11 water plants, has been RECYCLED WATER approved by the Florida ,,,yy, g. More and more city and county j Depanment of Emironmental n-W- agencies are wrestling with the + Protection. Now OUC is taking [ g g ' !} environmental and financial costs s 3 steps to install the process at the F j associated with disposing of j O remaining plants by 1996. OSM ]s highly treated wastewater. b '"j OUC needs to help addess SYSTEM GROWTH >w s in addition to planning for h these issues by becoming a w nomial growth, OUC is already phawa distiibuta of sis water for iniga-L t n. Discussions are on-going preparing for the increased water wis both the City of Orlando and Orange County j demand that its new,25-year tenitorial agreement regarding OUC's distributing their reclaimed water. with Orange County will bring. With this prospect on the horizon, OUC is i The new agreement added 30 square miles to OUC's 165-square-mile senice area. Initially the conducting the feasibility, cost and planning studies associated with pmviding this new kind of impact is small because little development has seruce to the community. occurred -3et. OUC acquired 73 new customers and took over operation of the existing INTERUTILITY COOPERATION small, ptivate water system sening them. OUC took the lead in the fannation of a Water Utility A' visory Board in the St. Johns Water l Ilowever.the new temtory is prime, d devekipable property bordering the most rapidly Management District in which much of OUC's growing part of Orange County. Imeated senice area lies. This board represents over 30 southeast of Orlando Intemational Airpon, a water utilities and well over 1 million customers. f major center for economic development in the Formation of this board has created a forum for l region, the tenitory inchides the 12Le Nona rulemaking regarding water supply and resource l Development propenies and Lake Nona Estates. management that includes the utilities themselves, OUC is now adjusting its forecasts and system on behalf of their customers. It has also set the plans to incorporate the future impact of this stage for interutihty cooperation and coordination. i f ? I t
l l churches are also using OUC's a representathe or using the STAYING CLOSE TO OUR CUSTOMERS Time of Day rate to curb their computerized menu system. At OUC. good customer electric bills. Even credit arrangements can senice is top prionty. Based on Working this closely with be made in this manner. f4 - g quarterly surveys,90% of the customers to meet their needs is Another Voice Response customers contacted reported important at OUC. System also supplements the that they were satisfied with That's why the Commercial work of staff at our trouble call OUC's senice. But OUC is not Senice and New Devek>pment center during peak times, espe-satisfied with that response. Section was fomied in FY '94. cially during stormy weather. Intent on staying close to its Several commercial customer With the opening ofits customern, OUC staff continu-senice units were consolidated Gardenia Operations Center, commercial Speciahst, right, and ally strives to provide high into one to streamline senices OUC now has three full-senice [n*, "f[ 'd
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quality, personal senice as and provide for closer coordi-customer senice centers to condominium complex that rapidly as possible. nation of senices. sene the southeast and south. m de ch nges t take advanrege of OUCs Time of Day metering OUC employees also work Challenged to surpass west sectors ofits senice area program. in partnership with customers themselves. OUC telephone as well as Downtown.Two of to help them save money. One representatives answered more these ofter convenient drive-such instance is the case of the through senice. All operate Plantation Gardens Condomin. from 7:30 a.m. to 6 p.m. for the iums. OUC staff worked with ~ customers' convenience. Tbr future will bring more the condominium association to enhancements to OUC's t detennine if the 198-unit O complex would benefit from customer senice through a the utility's Time of Day rate new Customer Information l plan, a plan which offers }. Reporting and Tracking System savings to commercial or indus-that is being developed. trial customers using energy calls in half the time as the With this computerized dunng off peak times. previous year.'lhey answered system.OUC will be able to Using a water-chilled air 97.89 of the 525,925 calls offer customers additional conditioning system, the complex received in an average response conveniences such as direct seemed a likely candidate. After time of 30 seconds.They bank draft senice, electronic \\ consulting with an OUC com-achieved this through innova-transfers of funds, and credit mercial specialist at some length, the, flexible staff scheduling card trans-the complex invested in the and a willingness to provide actions by equipment and timers and took customers esen better senice. telephone. h* [ ! \\ other steps that would help it At the same time, OUC also it will also q take advantage of this rate plan. provides 24-hour, sesen-day-a-streamline k!! "We appreciate all your help week senice thmugh an auto-many y 3y. in our etforts to save on mated Voice Response System processes [ Qh ,i electricity here in the complex." (VRS). Significantly, calls go and make it j pt l writes D. Ire Conrill, president first to a personal representative possible for y of the condominium association. during regular business hours. customers to y Other businesses and non-If one is not available, the caller conduct esen residential customers such as is given a choice of waiting for more business by phone. l ^ e o
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I AIR @AW f will be the first ofits kind OUC is in full com- ~l in the nation to employ this pliance with Phase I of . ? technology which is widely the 1990 Clean Air Act used in Europe and Japan. regulations that go mto ....g. - The second unit will also effect January 1,1995. feature all of the prmen, The utility will also he state-of-the-art equipment m compliance with used on Stanton 1. Phase 11 when it goes into effect January 1, PROTECTING WATER RESOURCES 2(XCIhis compliance Stanton 2, like Stanton 1, is the result of steps will be a zero discharge OUC has taken to facility. Treated wastewater ensure that total sulfur from the county is used as dioude emn.sions are 4 cooling water and recycled far less than allowed 4 1 ti into the atmosphere through and are expected to /p. remain so well into the evaporation. Together, the next century, even after two Stanton units will help its second coal fired Conunuous emission monotonng stat >on. the county dispose of unit comes on line. approximately 10 million In fact. OUC will have excess emission gallons of wastewater a day. Approximately 95% of the water used 9 allowances to hank for future use or to sell to e- ._a at die plant is fund pmjects such as energy conservation x recycled and reused. '1 programs. At Indian River, a modern water Stanton 1, on line since 1987,.is eqmpped with state-of-the-an tur quality control systems and treatment facility has been installed to 1 4 reduce the amount of water drawn from bums " clean,, low sulfur, washed coal. The um.ts natural resources and reduce the amount of - at the Indian River generating station bum low 1 wastewater associated with the treatment sulfur oil or natural gas, the cleanest fuel. j }f >- To meet increased monitoring requirements, im tseK OUC is installing two real-time Continuous OUC is also in compliance with all fuel Emission Monitoring Systems (CEMS) on stwage tank reguladonst aEm, the .j chimneys at Indian Ris er and upgrading the utility has completed a program to place j CEMS at Stanton 1. all fuel lines above ground, in at-grade u lined trenches, or in double-walled. Requ d of all steam units, this eqt.ipment ur -^ e ntainment ..y will measure the amount of sulfur dioxide, g a nitrogen oxides and carbon dioxide being emitted PROTECTINGWILDLIFE, HABITAT thmugh the stacks, and measure the opacity of Appmximately 2,000 acres of the Curtis the discharges. H. Stanton Energy Center site are set aside as. At Stanton 2, OUC is installing a Selective wildlife habitat which OUC manages to. : !{ s Catalytic Reduction system and low NOx burners. pmtect the rare redakaded woodpecker. in its boiler to casure this plant surpasses stricter When certifying the addition of the second unit,-! standards for nitmgen oxide emissions 'this unit . the state found this wildlife habitat area to be in i t7. Ny y P y. ) 3 ll m _.__,___.,,_____as. . - - - - - - > - ^ ^ - - ~ ' ' ' ' ^ ' ' ' - ' ' ' ^ ^ ^ ^ ^ ^ ' ' ~ ~
o At OUC, employees store used fluorescent lighting.The tubes will be transported to recycling facilities where the mercury in them will be recovered and reused instead of being added to hazardous waste dusposal sites.This is but one of the new environmental initiatwes OUC is taking. b% t ' % F. 7' / s % NEW ENVIRONMENTALINITIATIVES 1 ~ e OUC is becoming increasingly proactive in .s preventing polluti6n, Atrikinkout on its own )" ; %)# / initiative to impiegent' common sense, "best management" approaches to envimnmental s" m w,. pmtection throughout its ppesations. 4 A bioremediation hIl$ ipr $je$ igund$ws ~ y at Stanton which uses petroleum-reducing. microorganisms to treat oil >%ils and sludge from Stanton, Indian Riser, and the Pershing Operations Center. fluorescent lighting tubes 3 cem ~" " "1 i from all OUC facilities are being d ecycled as a "best management" D i practice in terms of pollution gS 3-prevention. 3 'x jl Soon, OUC will also recycle ji transfonner oil on site instead of j f disposing ofit through waste oil
- 3 J haulers.The new recycling system better condition than before the first unit was being installed at the Pershing facility will enable built. OUC also plans to enhance wetland acreage OUC to recycle and reuse vinually ifXYk of its through restoration and other measures to further used transformer oil at approximately 30% of the improse wildlife habitat. Some 52fXX) long-leaf cost of buying new oil.
pine and cypress seedlings are also to be planted A new pollution prevention program has on ponions of the site. been launched to substitute safer and more To minimize and avoid additional impact on environmentally friendly products throughout wetlands and upland protection zones OUC used OUC. A team of employees from all depanments innovative design and rerouted the Stanton-Taft has been trained in pollution prevention and is transmission line. now working with employees in each depanment its transmission line maintenance pmcedures to implement this program. Besides protecting am designed to protect wildlife and habitat. the environment, this program will ultimately Aware that I'lorida ospreys like to make their save money by eliminating costly handling and homes in transmission towers. OUC has added disposal fees. special platforms to provide safe nesting areas Through a series of innovative projects such for this pmtected species. Greater ponions of as these, OUC is entering a new era of environ-transmission rights +f-way are being left mental protection, one based on common sense undisturlul to funher protect wikilife habitat. initiatives and good management practices. 1
CARING FOR OUR j J g 75 COMMUNITY OUC employees' answer to a py 94 was a banner year call to community service has been overwhelming. Whether for community involvement at j delivering meals to the house-s 1 OUC with the equivalent of bound elderly or point ng homes,they have responded over 70% of the workforce '~ - participating in some type of wholeheartedly. Supporting 23 E ""I I volunteer activity. have truly shown they care for
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OUC's new " Community g their community. Crews" and its Proud volun-g teers logged 5,fXX) hours in ~ I T community senice and raised f over $25,(XX) for charity -in Through the one-yearold first place in thejunior f addition to making a record Community Crews Program. Achievement BowlA-Thdn ~ A m_ $105,(KX) contribution to the OUC organized employees into utility division, raising over llean of Horida United Way. teams around issues to encour- $4.3(X) for that cauN, and Res[unding to a critical com-age them to become involved walked in relays toptise over + munity need, they also gave a in community projects. In $3,(XX) for the AdamWalsh D record 502 pints of hkul. Children's Fund. An OUC' { [. 4 llecause of that outpouring """~~ " ] golf toumament raised over ] 9,(XX) for the Community of good will, the Volunteer [ Center of Central Horida l ,,,, y] Service Center of South O recogniz.ed OUC for having Orange,Inc. one of the top three cor[ urate SERVICE g volunteer helped raise a Habitat for programs in Humanity house, painted and the area. L fixed up an elderly customer's addition, employees continued home, and. painted 17 rooms to participate individually for the Central Florida in OUC's older, nationally ShelteredWorkshop, recognized Pmud Volunteer OUC volunteers sened Program which pays rewards meals to the homeless, to the organizations they serve, delivered " meals on wheels" Sening on " Community to the elderly, collected food Crews," OUC employees gase and toys during the holidays, their time, talents, and money and took pan in other benefit through 23 company-wide events. esents. For the second As though this were not consecutive year, they marched enough, they then volunteered their way to the top in the to form the area's first corpo-CrimelineWaik, collecting rate Missing Persons Patrol $5.7(X) to suppon this crime to assist law enforcement prevention etTort. agencies when a civilian search They bowled their way to party is required. ? 3 i C
A Childlife Speciahst at the Florida Hospital Children's Center paints with several pediatru patients en the wen-ht Childhfe HELPING CUSTOMERS SAVE ~ RESOURCES AND MONEY This area and most of the patsent floors have already OUC is living up to its promise to expand and room improve conservation programs not only to -~- been retrofitted through OUC's Commernal Efficient Leghting conserve resources but also to help customers control electric and water bills. It made this r,og,am t<> save money and energy while maintaininz quauty pledge w hen the Commission approved the construction start of Stanton 2. tilurmnation Since then OUC has completed a major demand-side management study, formed a Customer Advisory Committee on Conservation, and taken steps to enhance and expand programs and to launch new ones. In addition, OUC is taking its conservation message directly to customers through the City 'q of Orlando's Great Neighborhoods program. Top 4 ~ management and staff are meeting frequently (.:- ....c 4 . f..3 groups to let them know how they can gain with neighborhood, homeowners and other .-4.& M. G+ - control over their energy and water-related costs p E through conservation programs. i r 4 < e ,/ As the result of intensified marketing effons f _ ~Q.) J.. ~ f y (c ?. ~ 9" { and stronger incentives, panicipation in conserva-x q tion programs continued to increase for the f ] second consecutive year. ' b_. l 6. j FREE ENERGY SURVEYS j One of OUC's most effectise marketing 'w M tools is its free Residential and Commercial w ^- d Energy Surveys w hich are conducted by specially w M g. M trained Energy Analysts who visit customers' A i s %g i homes and businesses. Dese surveys provide the g first and best opportunity to analyze a customer's a 'f energy and water use and to introduce conserva- ^ i i tion pmgrams to meet their specific needs. ~ ~ ONTHE HOMEFRONT N In IT '94. OUC once again broke records .] y.
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~j in the number of residential energy surveys ] conducted in homes, performing 2,982. In turn, this l [ ./ resulted in increased panicipation in conservation programs, especially the popular Efficient Heat Pump, Weatherwise, and Home Energy Exup T Programs, in all. approximately 2.(XX) customers took part in these programs. e 0 ..+ '
( t _,l'Gn ';. ,. N N + 3 Participation in OUC's llome Energy Fnup - h ~ Pmgram continues at a stmns level. OUC pays y% S 85% of the cost of such improvements for ( families with annual incomes of $20,000 or less. , T-[9 l" These energy saving improvements cost on . Qu - ' e J@" fg average approximately $600 per home. In all, Residential OUC has helped more than 3.200 residents save customers will be ? gq energy and money through this program since it was implemented in 1985. ffered up to $600 interest-e free financing for installing insulation This energy-saving electronic throuE the Weatherwise boEram. OUC will ' '"E #' b " "' ON'lHE WATER FRONT h conventional, incandescent sockets. OUC also offers customers free Residential and also arrange for customers to repay the cost on it is approximately 6 inches in length. Commercial Water Audits to help customers monthly electric bills. conserve this precious resource. Water repairs are Re maximum rebate in the Residential lleat also provided through the llome Energy Fixup Pump Pmgram has been increased to $750, Program. The mission of its water conservation more than double the previous level. In addition, program is to reduce the wasteful use of water-eligibility requirements have been expanded to This will help preserve this resource, reduce encourage mo e customers to participate. Air wastewater, and even save energy. conditioning contractor tmde allies are an IN THE SCHOOLS integral part of this program. Year-round, OUC's Educational Outreach For water conservation, OUC plans to Prognun carries the conservation message to offer to install rain sensing devices on irrigation g youngsters in the Orange County school system. systems for high water users at no cost. Initially, Through this program, energy and water this will be done as a pik>t pmgram. conservation presentations are made to more than For commercial electric customers OUC 8,500 students annually, plans to launch Conunercial lleat Pump and liigh Elliciency Motor Programs. IN THE WORKPLACE It will also begm.a three-year study of Conducting more Commercial Energy commercial and industrial power use upon Surveys, Energy Analysts have also significantly which it will base future recommendations l increased participan.on in the Commercial regarding conservation and energy services it 1 Ellicient Lighting Program. He schools, can offer these customers, businesses, and other institutions implementing 37,% will bring the start of OUC's first certain lighting improvements are saving residential direct load control. The utility also thousandspf dhllargannyally on their electric has a voluntary Curtailable Rate Program for bills 3ince the programd.as expanded in 1993 ~f commemial and industnal customers as well as td include rebates, OUC has reduced kiad more %p f a Time of Day Rate. lhan tw o MW, enough th power'330 homes. S Underlying OUC.s new imtiauves is the NEW INITIATIVES IN CONSERVATION awareness that the utility and its customers are m 'la lY 45 OUC will fluthefexpand partners, especially in the important matter of 'icsidential conservation programs and launch new using resources as efficiently as possible. l co4mercial onesN will offer customers greater 11elping customers use resources more wisely n v, incentives *to participate and greater benefits. will benefit everyone. ,1 l l l l
T II E YEAH IN It E V I E W ' FY'94 saw net They were less than OUC's prices were lower income increase 24% to anticipated primarily due than those of the surround. $34.2 million primarily to weather factors. Central ing investor owned utilities because of OUC's Florida experienced the in the residential and aggressive effort to reduce wettest summer in 34 general service non-expenses and an increase years. demand classes and in a in interest income. Bulk sales declined,how-new large demand rate By rethinking the way it ever, due in part to mild class. In the general service does business, OUC took and extraordinarily wet demand secondary rate steps to reduce depart-weather. As a result,there class, OUC's bill was within mental expenses through-was no gain in total electric 1.5% of that ofits closest out the organization.This operating revenues over the competitor, process resulted in the previous year. OUC's new rate class reduction of overtime, Total active services is for large demand payroll, contract services increased to 123,809; customers with 6,000 KW and outside labor costs, growth in the commercial demand or greater. These and expenses associated and industrial sectors was customers on average use with supplies, training, ti.e strongest with the over 10 times the average travel,and meetings. number oDhese services KWH usage of other As a result of the net increasing 2.3%. demand customers and the income gain,OUC trans-In FY '94, electric rates distribution cost is lower. ferred a total $29.3 million remained among the lowest O to its owne.s,the City of in the state. Residential Orlando and its citizens - customers using 1,000 %ater Business I nit 5% more than for the KWH a month paid 7.5 previous year. Of this total, cents per KWH, on a level The Water Business $18.1 million is based on a with the price paid in 1988. Unit sales rose 3.2% to 26.3 five-year rolling average of Most commercial and billion gallons. Bolstered net income;the balance is industrial customers paid by a slight rate increase, revenue based, less per KWH than in revenues rose 8.2% to FY '89. $24.3 million. Ranked against ii peer The increase in consump. EltTiric Businm l~ nit utilities in Peninsular tion was driven mainly by Florida,the average price of increases in commercial This business unit com-OUC power in FY'94 was and industrial use. pleted the most profitable third lowest for residential Residential consumption year in its history because and commercial demand remained level with the of significant reduction in customers,and second previous year. Active expenses. lowest for general service services increased to Total retail electric sales non-demand customers. 105,669. increased 4.2%, the largest For FY'95,OUC antici-For FY '94, OUC's water increase in retail sales since pates its rates will remain rates remained among the 1990, reflecting some competitive. Comparing lowest in the state and upturn in the economy. bills in November'94, ranked lowest among i l i l l
peer utilities surveyed. A a five-year, fixed-to-variable slight increase was imple-interest rate swap contract mented, raising the typical with a notional amount Orlando custorner's bill 30 of $25 million. Under the cents a month to $8.93 for contract, OUC receives a 10,000 gallons. For FY'95, fixed 5.07% rate and pays the price of OUC water will a variable rate based on remain the same and the Public Securities continue to be among the Association index. The lowest in the state. net benefit to OUC in FY'94 was $211,000. The swap is also hedged against Huancial Manage nent $15 million in debt service fund investments. Interest and other income rose $1.1 million,a 3.6% increase,due to rising burdenia interest rates and additional Operations ( enter construction fund proceeds. Several significant financial The second of two new transactions took place operations centers was fully during FY'94. occupied and operational by OUC refunded a portion January 1994. The Gardenia ofits Series 199f A Bonds. Operations Center is a The $137.3 million bond multi-use complex located issue had a true interest on a 22-acre site. The main cost of 5.3%,and the operations center for the transaction resulted in Water Business Unit, $7.3 million in present value Gardenia also serves as a savings. For the next 25 staging area for electric years, interest cost savings and other field personnel. will be approximately The facility includes a $460,000 annually. full-service customer center To use its escrow funds providing drive-through efficiently,OUC restruc-and walk-in service, office tured investments and space, a materials center, entered into several and facilities for fleet and forward purchase contracts. maintenance services. The proceeds of these Space has also been transactions, $1.8 million, provided for OUC's Water will be used to stabilize Quality Lab which is still rates over the next several operating out of the Lake years. Highland Water Plant. OUC also entered into
i O I Balance Sheets Orlando Utilities Commission September 30 ASSETS 1994 1993 Utility Plant - Note F In Service: Electric - Notes G and I,, $ 1,227,144,464 $ 1,194,990,022 Water. 151.120,253 146,370,646 Common. 80,761,397 60,032,777 Allowances for depreciation and amortization (deduction). (408,320,666) (367,447,005) 1,050,705,448 1,033,946,440 Construction work in progress. 230,692,550 121,145,694 1.281,397,998 1,I55,092,134 Restricted Assets - Notes B and D Debt service and related accounts. 200,840,574 207,848,153 Construction and related accounts. 197,888,717 317,273.561 Renewal and replacement account. 32,952,219 31,324,474 Customer meter deposits 13,409,246 12.555,638 445,090.756 569,001.826 Current Assets Cash and investments -- Note D. 35,771,004 10,803,675 Customer accounts receivable, less allowance for doubtful accounts (1994 -- $667,376,1993 - $900,797) 31,118,650 33,720,776 Accrued utility revenue. 15,481,354 15,853,437 l Fuel for generation, 8.077,957 9,252,186 Margin deposit on futures. 503,128 Materials and supplies. 26,763,888 27,136,424 Accrued interest receivable. 1,169,881 321,496 Miscellaneous receivables and prepaid expenses. 12.695,526 8,175,669 131,581.388 105,263,663 Other Assets and Deferred Charges Self-insurance account -- Notes C and D. 5,861,680 6.043,406 Investment fund. 24,962,030 24,876,873 Fuel stabilization account. 15,879,719 23,713.968 } Rate stabilization account. 19,729,283 15,372,048 Unamortized debt expenses 86,266,307 76,161,585 Minibond sinking funds. 6,680,922 5,147,989 Deferred compensation plan investments -- Note H, 8,080,787 6,871,043 t 167,460,728 158,186,912 Total Assets $ 2,025,530.870 S 1,987,544,535 See notes to the financial statements. A-2
f Capitalization and Liabilities September 30 CAPITALIZATION 1994 1993 Equity Accumulated retained earnings: Reserved for debt service, 146,172,770 158.699,014 Reserved for renewal and replacement. 32,952,219 31,324,474 Unreserved -- invested in or designated for plant and working capital. 157,697.216 128,633.474 336,822,205 318,656,962 Contributed capital. 83.776.430 77,290,511 420,598,635 395,947,473 Long-Term Debt - Note E Bond and note principal, l 490.845,080 1,491,266,165 Unamortized discount (deduction), (75,288.468) (76,835,346) 1,415,556.612 1,414.430,819 Total Capitalization 1,836.155,247 1,810,378.292 f LIA_BILITIES Current Liabilities - payable from restricted assets Accrued interest payable on notes and bonds. 36,662.803 31,884,143 i Current porcion of long-term debt--Note E. 18,005,000 17,265,000 Customer me.+er deposits and interest thereon 13,409,246 12,555,638 68,077,049 61,704.78i Current Liabilities -- payab!e from current assets Accounts payable and accrued expenses. 40,072,444 32,674,729 Billings on behalf of state and local govirnments. 8,762.291 9,176,635 Accrued payments to the General Fund of the City of Orlando -- Note i. 1,031,908 665,039 49,866,643 42,516,403 Other Liabilities and Deferred Credits Fuel stabilization account. 15.879,719 23,713,968 Rate stabilization account. 19,729,283 15,372,048 Water and electric construction deposits 26,248,136 24,858,495 Deferred materials and supplies. 1,494,006 2,129,505 Deferred compensation plan liability -- Note H, 8,080,787 6,871,043 71,431,931 72,945,059 Total Liabilities 189.375.623 177,166,243 Total Capitalization and Liabilities S 2,025.530.870 $ 1,987.544,535 See notes to the financial statements. A-3
Statements of income cnd Accumulated Retained Earnings Year Ended September 30 1994 1993 Operating Revenues 326.171.994 325,587,973 j Operating Expenses: Fuel for generation and purchased power. 100,268,749 105,906,513 Production. 35,498.186 38,059,810 l Transmission and distribution. 13.335,708 13,947.855 Depreciation and amortization. 38,770.113 38,540.309 Customer services. 10,590.992 10.256,809 General and administrative. 24.285,172 21.974,771 l State utilities gross receipts and property taxes. 6,1 I l.664 5.596.682 Revenue based payment to the General Fund of the City of Orlando - Note ! 11,159.547 10.624,895 l Total Operating Ex_penses 240,020,131 244,907,644 Operating Income 86,151,863 80.680.329 Non-Operating income (Expenseh Interest income. 29,395.158 28.311,635 Other income 919,619 941.787 Interest expense. (73,754,548) (75,844,920) Otherexpenses. (8,551,600) (6.529.009) Net income 34,160,492 27,559.822 Accumulated retained earnings at beginning of year 318,656.962 306.638.696 Dividend payment to the General Fund of the City of Orlando -- Note i. (18,120.000) {17.254,000) Depreciation of contributed utility plant. 2,124.751 1.712.444 i Accumulated Retained Earnings at End of Year 336.822,205 318.656.962 f See notes to the financial statements. I P 9 0 I t A-4
Statements'of Cash Flowa . Year Ended September 30 3 1994 1993 Cash Flows from Operating Activities j Operating income 86,151,863 80,680,329 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation and amortization of plant - charged to operations. 38,770,i13 38,540,309 Depreciation and amortization charged to fuel costs. 2,394,236 2,470,661 . Depreciation of vehicles and equipment charged to general and administrative costs. 1,806,565 1,540,266 Provision for bad debts, 1,340,357 94,029 i Other expenses. (1,599,214) (2,010,446) Changes in operating assets and liabilities: Decrease in accounts receivable and accruals. (2,791,005) (10,356,204) Decrease (Increase) in fuel and materials and supplies. 1.043,637 (2,875,804) (Decreasel increase in accounts payable and accruals. (4,537,426) 2,851,805 increase (Decrease) in deposits payable 1,607,746 (8,755,642) Net cash provided by operating activities 124,186.872 102,179,303 Cash Flows from Non-Capital Financing Activities Dividend payment to the General Fund y of the City of Orlando. (18,215,000) (18.224,000L Net cash used in non-capital financing activities (18,215,000) (18,224,000) Cash Flows from Capital and Related Financing Activities Debt interest expense (65.071.163) (68,774,142) Principal payments on long-term debt. (17,283,919) (5,645,647) Debt issuances. 131,922,443 815,643,973 Debt issuance expenses paid (646,574) (1,201,356) Construction and acquisition of utility plant. (156,624,841) ()16.068,725) Proceeds from sale of utility plant 855,651 758,618 Contributed capital. 5,377,859 12,694,069 Payment to escrow. (134,032,493) (679,983,152) Net cash used in capital and related financing activities (235.503.037) (42,576,362) Cash Flows from investing Activities Net sales (purchases) of investments 62,353,074 (42,141,750) Investment income. 26,893,519 29,840.558 l Net cash provided by (used in) investing activities 89.246.593 112,301.192 ) i (Decrease) increase in Cash and Cash Equivalents (40,284,572) 29,077,749 (', ash and Cash Equivalents at Beginning of Year 125,694,504 96,616,755 Cash and Cash Equivalents at End of Year 85,409,932 125.694,504 See notes to the financial statements. i l l A-5
Notes To = Financial Stat: ment 3 September 30,1994 NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Orlando Utilities Commission are presented in conformity with generally accepted accounting principles as applicable to governments The existing hierarchy provides that accounting guidance should first be sought in statements of the Governmental Accounting Standards Board (GASB). If the CASB has not issued a standard applicable to a situation, then pronouncements ofIhe Financial Accounting Standards Board are presumed to apply. Additionally, the financial statements are presented substantially in conformity with accounting principles and methods prescribed by the Federal Energy Regulatory Commission (FERC) and other regulatory authorities except for the method of accounting for contributed capital described in the notes to financial statementc The following is a summary of the more significant accounting policies: Reporting Entity: The Orlando Utihties Commission (the Commission) was created in 1923 by a Special Act of the Florida Legislature as a statutory commission of the State of Florida. The Commission consists of five members, including the Mayor of the City of Orlando. Members, with the exception of the Mayor who is an ex-officio member of the Commission, serve without compensation, may serve no more than two consecutive four year terms and new members are selected in the following manner: The Nominating Board of the City of Orlando, which for this purpose functions only as a screening committee. submits the names of tbree persons to the Commission for consideration. The Commission may nominate one of these persons or teject all three. The nominee is then subject to election or rejection by the Orlando City Council. Once elected. Commission members cannot be removed for any reason by the City Council. The Commission meets the criteria of an "other stand-alone government" as defined in Statement 14 of Ihe Governmental Accounting Standards Board No component units exist as defined in Statement 14. Measurement Focus: The Commission operates the electric and water system in a manner similar to private business; therefore, operations are accounted for as an enterprise fund where costs (expenses, including depreciation) of providing services to customers on a continuing basis are recovered through user charges Basis of Accounting: The Commission's financial statements are prepared on an accrual basis of accounting with revenues being recognized when earned and expenses recognized when incurred. Budgets: Revenue and expense budgets are prepared on an annual basis in accordance with the Commission's bond indentures and submitted to the Commission for approval prior to October I of the fiscal year. Legal adoption of budgets is not required. Actual revenues and expenses are compared to the budgets on a line item basis within departments and an analysis of variances report is prepared and submitted to the Commission each month as required by bond indentures. Utility plant: Utility plant is stated at historical cost which includes cost of contract work, labor, materials and allocated indirect charges for equipment, supervision and engineering and labor related costs. Donated assets are recorded at the cost provided by the developer which approximates fair market value at date of donation. The Commission charges t he cost of repairs and minor replacements to maintenance expense. The cost of electric or water plant retired or otherwise disposed of, together with removal costs less salvage, is charged to accumulated depreciation at such time as property is removed from service. A-6
NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES--Continued The following is a summary of utility plant at September 30,1994, by major classes: Electric Water Common Total Land $ 18,661,583 861,992 $ 1,730,508 21,254,083 Electric generating plant 765,212,616 765,212,616 Water welis 13.367,0l 7 13,367,017 Structures and improvements 70,063,490 5,724.440 49,378,469. 125,166.399 Equipment 373.206,775 131,166,804 29.652,420 534,025.999 1,227,144,464 151,120.253 80.761,397 1,459,026,114 i Allowances for depreciation and amortization (345,227,263) (38,508.291) (24,585,1121 (408,320/;66) Construction work in progress 205,580,918 14,945,030 10,166,602 230,692,550 Net utility plant $1,087,498,119 $ 127,556,992 $ 66.342,887 $ 1,281,397,998 The following is a summary of changes in utility plant: Balances balanes September 30 September 30 1993 Additions Deletions 1994 Land 21.223,227 30,856 21,254,083 Electric generating plant 760,582,925 6.166,868 $ (1,537.177) 765,212,616 r Water wells 13.219,437 147,580 13,367,017 Structures and improvements 105.7116,581 19,379,818 125,166,399 Equipment 500,581,275 39,036,558 (5,591.8341 534,025.999 1,401,393,445 64,761,680 (7,129,01I) 1,459,026,114 l Allowances for depreciation and amortization (367,447,005) (43,734,318) 2,860,657 (408,320,666) Construction work in progress 121,145,694 159,216,513 (49,669,657) 230,692,550 Net utility plant $ l.155,092.134 $ 180.243,875 $(53,938,011) $ 1,281,397,998 i 1 A-7 1 i j m
e j . NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES--Continued i Depreciation: Utility plant is depreciated using the straight-line method for each of the various plant classifications at rates which will amortize the costs over the estimated economic useful lives of the assets. Depreciation of vehicles and other construction equipment is charged to departmental operating expenses [ or construction work in progress. Amounts for all other assets are charged to depreciation expense. The i estimated useful lives of utility plant are as follows; Electric Plant-I Generating plant: i Fossil 30 - 40 years t Nuclear 30 - 36 years [ Structures and improvements 30 - 50 years Equipment 6 2/3 50 years Water Plant: Water wells.. 25 50 years Structures and improvements 50 years Equipment 6 2/3 - 50 years Common Plant: Structures and improvements 50 years i Office equipment 5 - 141/3 years i Vehldes and other construction equipment 4 - 30 years f Cash and investments: The Commission maintains cash in demand accounts. Investments are recorded at cost. Florida Statutes and applicable debt resolutions authorize the Commission to invest in obligations of the U S. Treasury and various agencies of the United States government. The Commission is also authorized to invest in state and local govemment tax-exempt debt. In addition, the Commission may invest in interest bearing time deposits or savings accounts of banks and savings and loan associations provided the deposits are collateralized by federal govemment securities. Additionally, Florida Statutes and applicable debt resolutions permit the Commission's investments to f include repurchase agreements; that is, a purchase of securities from authorized dealers or banking institutions, with a simultaneous agreement that the dealers or banking institutions will repurchase them in the future at the same price plus a contract rate of interest. The market value of the securities underlying i repurchase agreements normally exceeds the cash received, providing a margin against a decline in market value of the securities. Except for overnight repurchase agreements with our depository bank, securities e underlying repurchase agreements are held in our accounts by a third party. If the dealers default on their obligations to repurchase these securities from the Commission, the Commission would suffer an economic loss equal to the difference between the market value plus accrued interest of the underlying securities and the agreement obligation, including accrued interest. The Commission has established that authorized [ dealers are primary dealers as defined by the Federal Reserve Bank and report to the Securities and l Exchange Commission and a member of the Commission's investment Banking Group. t Statement of Cash Flows: For purposes of the Statement of Cash Flows, cash and cash equivalents I includes all cash accounts and investments (including restricted assets) with a maturity of three months or less when purchased. Customer Accounts Receivable: The Commission bills customers monthly on a cyclical basis and i accrues revenues at the end of the fiscal year for electric and water consumed but not billed. See " Rates and Revenues" below. The customer accounts receivable balance of $31,118.650 includes billings done on behalf of state and other local governments. The net liability of $8,762.291 (billings on behalf of state and local govemments less expenses) represents the September billings of these governments Fuel for Generation and Materials and Supplies: Fuel oil, coal and materials and supplies inventories are stated at average cost. Nuclear fuel is included in electric utility plant and amortized to fuel expense as ' i j it is used l i i A-8
4 ~ NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES--Continued Future Contracts: The Commission uses natural gas futures contracts to offset the price fluctuations of anticipated future acquisitions of fossil fuel. At September 30,1994, the Commission had a $503.128 margin deposit on open natural gas futures contracts with an original cost of $1,095,750 and a market value of $874,250. The difference between the original cost and market value of $221,500 as well as net realized gains of $54,213 have been recognized through the stabilization account, See " Rates and Revenue" below. There was no futures activity during fiscal year 1993 and no. margin deposit at September 30,1993. interest Rate Swap Agreement: The differential to be paid or received is accrued as interest rates change and is recognized over the life of the agreement, Investment Fund: Since 1991, the Commission had planned to accumulate resources for the retirement of outstanding debt and payment of construction costs using the investment Fund. In December of 1992, the Commission refunded the Series 1985 Bonds with the Series 1992 Bonds and used a portion of the Investment Fund to fund the Escrow Fund. The balance of the funds are anticipated to be used over the next several years for construction projects. Contributed Capital: The Commission considers amounts received for construction of utility plant and utility plant contributed by developers as capital contributions. Accordingly, these capital contributions are added to plant assets and are treated as a separate component of Commission capitalization. Depreciation applicable to contributed utility plant is included as an operating expense in determining net income and is subsequently charged against cont ributed capital from accumulated retained earnings. Debt Discount and Expenses: Debt discount and issue expenses are deferred and amortized to operations over the lives of the related issues using the bonds outstanding method of amortization. Rates and Revenues: Each year, the Commission's staff performs a rate adequacy study to determine the electric and water revenue requirements. Based on this study, current cost of service studies, and regulations of the Florida Public Service Commission regarding electric " rate structure, the Commission's staff develops its elect ric and water rate schedules which are presented to the Commission at a public workshop and then presented for their approval at a public hearing. l The Commission stalf makes its determination of revenue requirements using the rate base method and includes construction work in progress in the rate base. Therefore, in accordance with proper ratemaking theory, the Commission does not use an allowance for funds used during construction ( AFUDC) in determining revenue requirements. Since the Commission's level of revenue requirements and subsequent revenue is determined without regard to AFUDC, the Commission does not capitalize interest on construction work in progress. Operating revenues are recorded based on actual billings to customers plus an estimate for accrued unbilled electric and water consumption at the end of each fiscal year. The Commission has established a policy on recovery of fuel costs in accordance with guidelines from the Public Utilities Regulatory Policies Act of 1978 (PURPA). Under PURPA only fuel costs incurred are to be recovered The Commission estimates on an annual basis a fuel component charge to be applied during the next fiscal year. The difference between the fuel costs actually charged to the customers and the fuel cost actually incurred is applied to the fuel stabilization account. During the process of determining the fuel component the Commission determines what portion of the fuel stabilization account will be utilized. Costs (revenues) which are to be recovered by (used to reducei rates in periods other than when incurred (realizedi are deferred until the periods in which the Commission recognizes them in utility rates. These i items are included in the rate stabilization account. Specific Commission approval is required for all increases or decreases to this account. The balances in the fuel stabilizatim account and the rate stabilization account are funded by internally restricted cash accounts and earn the same interest rate as the Commission's operating investment portfolio i l A-4
D NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES--Continued Compensated Absences: The Commission records compensation for unused vacation and sick leave as an expense in the year in which the vacation and sick leave is earned in accordance with National Council on Governmental Accounting Statement 4. At September 30,1994, annual vacation leave earned but not taken was $1,108,766 and sick leave accumulated but not taken was $2,544.993. When operations and scheduling permit, compensatory time to offset overtime hours on an hour for hour basis may be granted through mutual agreement between the employees and their supervisor. A maximum of 40 hours compensatory time may be accrued and carried over from pay period to pay period. Compensatory time is expensed in the period earned. At September 30,1994, the liability was $90.352. Reclassifications: Certain amounts in the 1993 statements have been reclassified to conform with the .oresentation adopted in 1994. NOTE B-RESTRICTED ASSETS Certain assets are restricted by bond resolution, additionally, some assets have been classified as restricted in accordance with governmental accounting standards for enterprise funds and utility industry accounting practices. The Commission's restricted assets consist of the following accounts: September 30 1994 1993 Debt service and related accounts-Note E: Principal and interest accounts $ 55,286,182 $ 49,149,140 Debt service reserve accounts 137,023,600 134,859,159 Capitalized interest 8,530,792 23,839,854 Total debt service and related accounts 200.840,574 207,848,153 Construction and related accounts: Nuclear generation facility decommissioning accounts 6,473,927 5,259,204 Bond construction accounts 191,414,790 312.014.357 Total construction and related accounts 197,888,717 317,273,561 l Renewal and replacement account 32,952,219 31,324,474 Customer deposits and interest thereon. 13.409.246 12,555,638 Total restricted assets 445,090,756 569.001.826 The accounts consist of: Cash 197,732 391,533 Investments 437,383,425 562,668,791 Accrued interest receivable. 7,509,599 5,941,502 l l $445,090,756 $ 569,001.826 A - 10 l
NOTE C-SELF-INSURANCE ACCOUNT The Commission's self-insurance program covers a portion of its workers' compensation, general liability and automobile liability exposures. During 1994, $438,705 was expended for claims and $256,979 of interest income was added to the account. Claims expense and interest income for 1993 were $248,285 and $236,559, respectively. Under the self-insurance program the Commission is liable for all claims up to certain maximum amounts. Claims in excess of the maximum amounts are covered by insurance. The maximum amounts are as follows: Workers' compensation $400,000 Generalliability. 500.000 Automobile liability. 500,000 Total claims incurred but not reported at year end are estimated to be less than $25,000. It is the opinion of general counsel that the Orlando Utilities Commission, as a statutory Commission may enjoy sovereign immunity in the same manner as a municipality, as allowed by recent Florida Courts of Appeals rulings. Under said rulings. Florida Statutes limit liability for claims or judgements by one person to $100,000 or a total of $200,000 for the same incident or occurrence; greater liability can result only through an act of the Florida Legislature. Furthermore, any defense of sovereign immunity shall not be deemed to have been waived c: the limits of liability increased as a result of obtaining or providing insurance in excess of statutory limitations. It is also the opinion of general counsel that the Commission, as a municipal utility, is statutorily immune from suit for malicious prosecution. NOTE D-CASH AND INVESTMENTS At September 30,1994 and 1993, the carrying amount of the Commission's cash was $901,200 and $558,121, respectively, and the bank balances were $554,529 and $315,417, respectively. The bank balances were covered by federal depository insurance or collateralized by a pool of U.S. Government securities held in trust by a third party bank in the name of the Commission's banking institution. In the following schedule the Commission's investments are summarized and categorized to give an indication of the level of risk assumed by the Commission at September 30,1994 and 1993. Category 1 includes investments that are insured or registered or for which the securities are held by the Commission or its agent in the Commission's name. Category 2 includes uninsured and unrecistered investments for which the securities are held by the bank's trust department or agent in the Commission's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the bank's trust depaitment or agent but not in the Commission's name. Deferred compensation plan benefit investments are not categorized because they are not evidenced by securities that exist in physical or book entry form. The market value of the U.S. Government securities and other U.S Government backed securities were obtained from Sun Bank Trust Department's market value statements dated September 30,1994 and 1993. Market values of municipal investments were obtained from Capital Market Consultants. A-l1
NSTE D--CASH AND INVESTMENTS--Continued Category Carrying Market Investments 1 2 3 Amount Value September 30,1994:- Repurchase agreements $250,082.865 $250.082,865 $250,082,865 U.S. Government securities 221,136,604 221,136.604 211,963.248 Other U.S. and agency backed securities 50,527,221 50,527,221 50,246,219 State and local governrnent securities 23,252,732 23,252,732 21,641,612 $544,999,422 $544.999,422 $533.933.944 September 30,1993: Repurchase agreements $405,807,838 $5,049,000 $410.856,838 $410,856,838 U.S. Government securities 197,316.085 197,316.085 212,947,682 Other U.S. and agency backed securities 22,676.945 22,676,945 22,883,086 State and local government securities 16,936,477 16,936,477 17,785,955 $642,737,345 $5,049.000 $647,786.345 $664.473,561 These investments are held in the following accounts: September 30 1994 1993 Restricted assets. $445,090,756 $569,001,826 Cash and investments 35,771,004 10,803,675 Accrued interest receivable 1,169,881 321,496 Self-insurance account 5,861,680 6,043,406 investment fund 24,962.030 24,876,873 Fuel stabilization account 15,879,719 23,713,968 Rate stabilization account. 19,729.283 15,372,048 Minibond sinking funds 6,680.922 5,147,989 555,145,275 655,281,281 Less: Cash and accrued interest receivable from restricted assets 7,707,331 6,333,035 Cash from cash and investments 901,200 558.121 1 Accrued interest receivable 1,169.881 321,496 Accrued interest receivable from investment fund 367.441 282,284 Total investments $544.999.422 $647,786,345 Cash and cash equivalents $ 85,409,932 $ 125,694,504 investments 460,688,422 523.041,495 Accrued interest 9,046.921 6,545,282 $555.145,275 $655,281,281 A - 12 e
6 t c NOTE E-LONG-TERM DEBT Long-term debt principal outstanding is as follows: Issue ] Date 1994 1993 SENIOR LIEN: Series in 2. 2.40% to 6 00% due serially December l 1993 to 2010 1992 S 450.555.000 $ 467.820.000 Series 1993,4.75% to 5.00% due serially September i 201I to 2013 and 5125% and 5.00% 1993 in term form 2019 to 2023 139.020.000 139.020.000 S 589.575.000 $ 606.840.000 l t JUNIOR LIEN: I Series 1989D. 5 00% to 6 75% due in term December form in years 20l7. 2020 and 2023 1989 $ 253.945.000 $ 253.945.000 Series 1991 A. 5.50% due in term form in January l year 2026 199I i15,380.000 235.820.000 Sents 1992A,6 00% and 5.50% due in term August form in years 2020 and 2027 1992 74.520.000 74.520.000 Ser ' 793A. 2.75% to 5.50% due serially lune - M4 to 2010 and 5.50% and 5 25% in 1993 term form in years 2012. 2014. 2023 87,950,000 87,950.000 Series 1993B,415% to 5 40% due serially August 1997 to 2009,5 25% in term form in year 1993 l 2023 and Select Auction Variable Rate i Securities and Residual Interest Bonds. 5 60% and 5.664% due 2013 and 2017 139340.000 139.240.000 Series 1994A. 3 25% to 5 00% due serially lanuary 1996 to 2012 and 5 00% in term form in 1994 years 2014 and 2020 137.305.000 $ 808.340.000 S 791.475.000 OTHER DEBT: Senes 1990AA. 7.10% Capital Appreciation Bonds. March "Minibonds', maturing February 8. 2000 1990 10.940.080 10 221.165 Series 1991 %riable Rate Demand December Bond Anticipation Notes. maturing 1991 December 1996 99.995.000 99.995.000 $ 110.935.080 $ 110.216.165 Less current portion (18.005.000) (17.265.000) $ I,490.845.080 $ 1.491.266.165 P h I i l l A-13 l i
t e e I P NOTE E-LONG-TERM DEBT--Continued ' Following is a schedule of annual principal and interest sinking fund requirements on the revenue bonds [ and notes outstanding at September 30,1994: h FiscalYear.Inding Principal Interestill Total 1995 $ 13,615,000 $ 78.306.392 $ 96,921,392 1996 19.935,000 77E48,466 97,783,466 [ 1997 123,460.000 73.285.231 196.745.231 1998 24,245,000 72.420.274 96.665,274 7 l999 25.625,000 71,044.319 96.669,3 l9 I . 2000-2004 164.225,500 334.972,663 499.198.163 [ 2005-2009 194,540,000 288,765,800 483,305,800 2010-2014 232,980,000 227,513.625 460.493.625 2015 2019 300,365,000 154,443,12l 454308,121 2020-2024 330.450 000 64,569,584 395,019,589 2025-2027 61,355,000 5.644,650 66.999.650 I $ 1,495.795.500 $1.448.814,130 $2,944.609.630 r r (l) An estimated interest rate of 3 25% for 1995,3.75% for 19% and 4 00% for 1997 was used to determine interest on the Series 1991 Variable Rate Demand Bond Anticipation Notes. I Senior Lien Bonds: The senior lien bonds are payable and secured by a first lien upon and pledge of the net revenues derived by the Commission from the operation of the water and electric system and from certain investment income. i The Commission has covenanted in the senior hen bond resolution to fix, establish and maintain rates and collect such fees, rentals or other charges for the services and facihties of the water and electric system, which shall be adequate at all times to pay in each fiscal year at least one hundred twenty-five percent (125%) of the annual debt service requirements for the bonds, and that the net revenues shall be sulficient to make all other payments required by the terms of the senior bond resolution. The senior bond resolution establishes the Revenue Fund Account, Renewal and Replacement Fund Account and Sinking Fund Account, which is comprised of the interest,I sincipal. Investment. Bond Redemption, Debt Service Reserve and Demand Charge Component accounts. I in accordance with the senior bond resolution, gross revenues derived from the operation of the water and electric system are to be deposited in the Revenue Fund and shall be applied only in the following manner: 1. Revenues are first to be used to pay the current operating expenses oIthe water and electric system and then all Sinking Fund and Renewal and Replacement Fund requirements. 2. The balance of any revenues remaining in the Revenue Fund shall at the option of the Commission, be l used til for any lawful purpose in connection with the water and electric system and (ii) to make any i payments of funds to the City of Orlando, provided however, that none of the revenues is ever to be used for the purposes described in (i) and (ii) unless all payments required in (1) above, including any deficiencies for prior payments, have been made in full to the date of such use, and the Commission shall have fully complied with all covenants and agreements contained in the bond resolution. lunior Lien Bonds: The junior tien bonds are payable from, and secured by, a lien upon and a pledge of l the net revenues derived by the Commission from the operation of the water and electric system and certain investment inccme, subject to the prior lien thereon of the Commission's outstanding senior lien bonds. i l A - 14
e NOTE E-LONG-TERM DEBT--Continued The Commission has covenanted in the junior lien bond resolution to fix, establish and maintain such rates and collect such fees, rentals or other charges for the services and facilities as will always provide in each fiscal year, net revenues which will be adequate after the deduction of amounts required to be deposited from ne'. revenues in each fiscal year to provide for the annual debt service requirement for senior lien bonds, to fund any debt service reserve requirement for such senior lien bonds and to make any required deposit to other funds and accounts established under documents evidencing or securing senior lien bonds at all times to pay in each fiscal year the sum of at least (i) or e hundred percent (100%) of the annual debt service requirement for the bonds issued pursuant to the resolution and any pari passu additional bonds hereafter issued for the then current fiscal year and (ii) one hundred percent (100%) of the amount required to be deposited into the Demand Charge Component Account for the then current fiscal year, and that such net revenues will be sufficient to make all other payments required by the terms of the resolution and that such rates, fees, rentals or other charges shall not be reduced so as to be insufficient to provide adequate revenues for such purposes. The naint icr. hond resolution establishes the Sink, fund which includes the Interest, Principal, Bond l Redemption and Demand Charge Component Account:,. In accordance with the resolution gross revenues are to be applied in accordance with the senior lien bond resolution and then to be applied to the junior Lien Sinking Fund accounts. Other Debt: The Water and Electric Subordinated Revenue Bonds, Series 1990AA (Minibonds) are issued as !ully registered capital appreciauon bonds in the initial principal amount of $250 and integral multiples thereof. The Minibonds bear interest at 7.10% per annum compounded semi-annually, and are not subject to redemption prior to maturity. The Minibonds are payable solely from and secured by a lien upon the net revenues derived by the Commission from the operation of the water and electric system and of certain investment income, as provided in the Minibond Resolution. The lien of the Minibonds upon the net revenues is junior and subordinate to the prior tien thereon of the Commission's outstanding senior and junior lien debt obligations. The Variable Rate Demand Water and Electric Revenue Bond Anticipation Notes Series 1991 (Series 1991 Notesi are due December 10,1996 and were issued in the weekly pricing mode. On lanuary 8,1992 the Commission and a commercial bank entered into a two year swap agreement on the notional amount of $99.995,000 The agreement guaranteed the Commission a fixed rate of 3.57% untillanuary 10,1994, at l which time the Series 1991 Notes reverted to the weekly pricing mode. The average yield for fiscal year 1994 was 2 84% The Series 1991 Notes are payable from and secured ratably by a lien on and pledge of (i) the proceeds of Bonds to be issued by the Commission to pay the principal of and accrued and unpaid interest on the Series 1991 Notes (other than proceeds of Bonds deposited in a reserve fund or funded interest accounts therefore or used to pay costs of issuance thereof) which lien and pledge are superior to all other liens thereon,(ii) the moneys on deposit in the Note Debt Service Reserve Account, which lien and pledge are superior to all other tiens thereon and (iii) the moneys on deposit in the Construction Account, which lien and pledge are superior to all other liens thereon. In addition to the sources described in clauses (ii) and (iii) above, payment of interest on the Series 1991 Notes is payable from and secured by a lien on and pledge of Net Revenues Defeased Bonds: During 1978, the Commission provided for the advance refunding of all of its $123.325,000 water and electric revenue bonds (Refunded Bonds) outstanding at April I,1978 by the sale of $110,330,000 Water and Electric Revenue Refunding and improvement Bonds, Series 1978 and $94,650,000 Special Obligation Bonds Series 1978. The Refunding and improvement Bonds were subsequently advance refunded in December 1985. From the proceeds of the sale of the two 1978 issues, monies were invested in United States obligations in an irrevocable Escrow Deposit Trust Fund Such United States obligations mature at such time so as to provide sufficient funds for the payment of maturing principal and interest on the Refunded Bonds All interest camed or accrued on the United States obligatic>ns has been pledged and will be used for the payment of the principal and interest on the Special Obligation Bonds, Series 197C. The Refunded Bonds are treated as extinguished debt for financial reporting purposes, were removed from the balance sheet and have a remaining principal balance of $41,445.000 at September 30,1994. A-IS
- NOTE E-LONG-TERM DEBT--Continued in December 1985, the Commission provided for the advance refunding of all of its water and electric revenue bonds then outstanding in the aggregate principal amount of $577,730,000 (Refunded Bonds) by the sale of $565,040,000 Water and Electric Refunding Bonds, Series 1985 ($950 million authorized and validated and confirmed by the Supreme Court of Florida). Sale proceeds were invested in United States obligations in an irrevocabb Rcrow Deposit Trust Fund. Such United States obligations will mature at such time and in such amounts so as to povide sufficient funds for the payment of maturing principal and interest on the Refur.ded Bonds. The Refunded Bonds are treated as extinguished debt for financial reporting purposes, vere removed from the balance sheet and have a remaining principal balance of $520,715,000 at September 30,1994. In December 1992, the Commission provided for the advance refunding of all of its senior lien water and electric revenue bonds then outstanding in the aggregate principal amount of $532,720,000 (Refunded Bonds) by the sale of Su,7 820,000 Water and Electric Revenue Refunding Bonds, Series 1992. Sale proceeds were invedted in Unkd States obligations in an irrevocable Escrow Deposit Trust Fund. Such United States obligattom Mli a dure at such time and in such amounts so as to provide sufficient funds for the payment of maturirq puncipal and interest on the Refunded Bonds. Tae Refunded Bonds are treated as extinguished debt for finanual reporting purposes, were removed from the balance sheet and have a remaining principal balance of $522,615,000 at September 30,1994. Present value savings of $51,659,344 or i1.34% of the Refunded Bonds resulted from the transaction. An economic loss of $67,742,680 is included in Unamortized Debt Expense and will be amortized over the hfe of the Series 1992 Bonds. In June 1993, the Commission issued the Water and Electric Subordinated Revenue Refunding Bonds Series 1993A (Series 1993A Bonds) in Ihe amount of $87,950,000 to advance refund $75,000,000 of the Series 1989C Bonds (Refunded Bonds) Sale proceeds were invested in United States obligations in an irrevocable Escrow Deposit Trust Fund. Such United States obligations will mature at such time and in such amounts so as to provide sufficient funds for the payment of maturing principal and interest on the Refunded Bonds. The Refunded Bonds are treated as extinguished debt for financial reporting purposes, were removed from the Salance sheet and have a remaining principal balance of $75,000,000 at September 30,1994. Present value savings of $4,778.284 or 6 37% of the Refunded Bonds resulted from the transaction. An economic loss of $7.927.818 is included in Unamortized Debt Expense and will be amortized over the life of the Series 1993A Bonds in lanuary 1994, the Commission provided for the refunding of $120.440,000 Water and Electric Subordinated Revenue Bonds, Series 1991 A due October 1,2020 (Refunded Bonds) by the sale of $137,305,000 Water and Electric Subordinated Revenue Refunding Bonds, Series 1994A. Sale proceeds were invested in United States obligations in an irrevocable Escrow Deposit Trust Fund. Such United States obligations will mature at such time and in such amounts so as to provide sufficient funds for the payment of maturing principal and interest on the Refunded Bonds. The Refunded Bonds are treated as extinguished debt for financial reporting purposes, were removed from the balance sheet and have a remaining principal balance of $120,440.000 at September 30.1994. Present value savings of $7.278,961 or 6.04% of the Refunded Bonds resulted from the transaction. An economic loss of $14,417,757 is included in Unamortized Debt Expense and will be amortized over the life of the Series 1994A Bonds. Related Debt Information: On May 18,1994 the Commission entered into a five year interest rate swap agreement on a notional amount of $25.000.000. Under the terms of the agreement the Commission will receive a fixed rate of 5 07% and pay a variable rate based on the Public Securities Association Index (PSA Index) until April 1,1999. The Commission is exposed to credit loss in the event of nonperformance by the other party to the interest rate swap agreement. However, the Commission does not anticipate nonperformance by the counter party. The Commission has no material operating or capital leases. A - 16
s e* NOTE F-PARTICIPATION AGREEMENTS In 1980 the Commission entered into a Participation Agreement with Florida Power and Light Company (FPL) to purchase a 6 08951% (52 net megawatts) undivided ownership interest in St. Lucie Unit No. 2 nuclear powered electric generating facility constructed by FPL This unit is presently rated at 853 net megawatts (MW) and commenced commercial operation in 1983. The Commission has also entered into a Reliability Exchange Agreement with FPL The Reliability Exchange Agreement results in the Commission exchanging 50% of its share of the output from St. Lucie Unit No. 2 for a like amount from St. Lucie Unit No I, a nuclear powered electric generating facility. FPL has operational control of both projects. The Commission also has a Participation Agreement with the City of Lakeland, Florida dated April 4, 1978. Under the terms of this Agreement the Commission has a 40% (136 net MW) undivided ownership interest in a 340 net MW refuse and coal-fired steam generating unit (McIntosh Unit No. 3) owned by the City of Lakeland.The City of Lakeland has operational control of this project. Since 1975, the Commission has owned a 1.6015% (13 net MW) undivided ownership interest in Florida Power Corporation's 835 net MW nuclear powered electric generating plant designated Crystal River Unit No 3. This ownership interest was acquired under the terms of a single Participation Agreement with Florida Power Corporation and ten Florida municipal utilities. Florida Power Corporation has operational control of this project. In 1984 and 1985, the Commission entered into Participation Agreements with Florida Municipal Power Agency (FMPA) and the Kissimmee Utility Authority (KUA) to sell a portion of Stanton Energy Center Unit #1 (SEC l } excluding common and external facilities SEC 1 is rated at 440 net MW. Under the terms of these agreements, FMPA has a 26 6265% undivided ownership interest and KUA has a 4.8193% undivided ownership interest. The Commission, which has retained a 68 5542% undivided ownership interest, has operational control of this project. In 1988, the Commission entered into Participation Agreements with FMPA and KUA to sell a portion of the Commission's Indian River Plant Combustion Turbine Project for units A and B excluding common facilities. The Commission's Combustion Turbine Project for units A and B includes two 48 MW combustion turbines which can generate electricity utilizing natural gas or light diesel oil. Under the terms of these agreements FMPA has a 39% undivided ownership interest and KUA has a 12.2% undivided ownership interest The Commission, which has retained a 48 8% undivided ownership interest, has operational control ( f this project. In 1990, the Commission entered into a Participation Agreement with FMPA to sell a portion of the Commission's Indian River Plant Combustion Turbine Project for Units C and D excluding common facilities. The Commission's Combustion Turbine Project for Units C and D includes two i 18 MW combustion turbines which can generate electricity utilizing natural gas and light diesel oil Unit C was placed in commercial operation in August,1992, with Unit D placed in service in October 1992 Under the terms of this agreement. FMPA has a 21% undivided ownership interest. The Commission, which has retained a 79% i93 net megawatts per unit) undivided ownership interest, has operational control of this project. In 1991. the Commission entered into a participat;nn agreement with FMPA to sell a portion of Stanton Energy Center Unit #2 which is under construction Under the terms of this agreement, FMPA has an undivided ownership interest of 28 4091% The Commission, which has retained a 71.5909% undivided ownership interest, will have operational control of this project. The 'osing on this sale took place in June 1992. Construction in progress at September 30.1994 was $191,26600. A - 17
F [ ~ N3TE F-PARTICIPATION AGREEMENTS--Continued Following is a summary of the Commission's proportionate share of each jointly owned plant. SEC 1,- McIntosh Unit No. 3 and the Indian River Plant Combustion Turbine Projects include the cost of common and/or external facilities.The other plants do not, but the participants pay user charges to the operating entity. According to the participation agreements, each participant must provide its own financing and each - participant's share of expenses for the operations of the plants are included in the corresponding operating expenses of its own income statement. Allowance for depreciation and amortization on utility plant in service is determined by each participant based on their depreciation methods and rates relating to their - shareof the plant. Plants as of September 30,1994 i Stanton Stanton i Energy Energy Indian River St. Lucie McIntosh Crystal River Center Center Combustion Unit No. 2 Unit No. 3 Unit No. 3 Unit No. I Unit No. 2 Turbines Utility plant in service $107.841,263 $104.090.927 $17.586.209 $374,202.905 $55.830.439 Allowan'cc for depreciation & amortization. (41,532.699) (36.665.828) (10.719.279) (66.785,359) 16.110.0071-Construction work in progress 1,130.071 $ 191.268.800 5.934 Commission's net share $ (4308.564 $ 67.425.099 $ A.866.930 $308.547.617 $191.268.800 $49,726.366 it has been determined that none of the participation agreements to which the Commission is a party meet the criteria of a joint venture as specified in Statement 14 of the Governmental Accounting Standards Board. The Commission lacks operational control over the St. Lucie Unit No. 2, McIntosh Unit No. 3 and Crystal River Unit No. 3 plants. SEC 1 and Indian River Combustion Turbine Projects are controlled by the Commission. Fiscal and budgetary control of SEC i and the Combustion Turbine projects remains with the Commission. No separate governing authority exists for any of the participation plants. The Commission also has an agreement with Orange County, Florida to share operating costs of a waste t water treatment facillty at the SEC 1 site. The Commission operates the facihty. Effective luly 1,1994, the County's annual fee for the operation and maintenance of the facility is $626,100. The fee is subject to annual increases based upon inflationary factors and is subject to renegotiation within the form of the contract. The annual lee is classified as a reduction to SEC 1 operating and maintenance expenses. l t h 8 l r l A - 18 L i i
4 NOTE G-ELECTRIC SUPPLY AGREEMENTS Capacity Commitment: In 1985, the Commission entered into an agreement with the Florida Municipal Power Agency (FMPA) to provide FMPA with a total of 130MW of the Commission's 619MW of Units I,2, and 3 generating capacity of the Indian River plant on a take or pay basis. Payment to the Commission is based upon a demand charge plus 21.65% share of the cost of operation and maintenance of the cil/ gas fired steam turbine units plus the fuel cost for any power used. The contract's initial term began during 1986 and extends to 2001. FMPA has an option to extend the contract for a five-year ramp down. In 1989, the Commission entered into a capacity commitment contract with Kissimmee Utility Authority (KUA) to provide KU A 20MW of firm generating capacity and associated energy from the Commission's system for 15 years. The Commission also offered on an as available basis 50MW of supplemental capacity and associated energy. In 1989, the Commission entered into two capacity commitments with Reedy Creek Improvement District (RCIDI to provide 15MW from the Commission's system generating capacity for 10 years plus a two-year ramp down, and to provide 6MW of reserve capacity from the Commission's system generating capacity for 11 years. In 1989, the Commission entered into a capacity commitment contract with FMPA to provide 20MW of generating capacity and associated energy from the Commission's undivided ownership interest in the Indian River Combustion Turbines or other generating resources for 15 years. In 1990, the Commission entered into a short-term capacity commitment contract with FMPA to provide an additional 20MW of generating capacity and associated energy from the Commission's undivided ownership interest in the Indian River Combustion Turbines or other generating resources until December 1994 with a rarnp down to 10MW for 1995. In 1992, the Commission entered into a contract with the City of St. Cloud. Florida ISTC), whereby the Commission will supply STC SMW of generating capacity and associated energy from the Commission's ownership share of Stanton Energy Center Unit 2 (SEC 2) for a period of 10 years, beginning on the date of commercial operation of SEC 2. In 1993, the Commission entered into a Letter of Commitment with RCID to provide 30MW of unit specfic firm service from Stanton Energy Center Unit I through 1998, with a two year ramp down. In 1994, the Commission entered into a contract with Seminole Electric Cooperative to provide 75MW of firm capacity from the Commission's Indian River Plant beginning lanuary 1,1996, and ending May 31,2004. The Commission will provide an additional 50MW of firm capacity beginning lanuary 1,1997, and ending December 31,2000. Florida Municipal Power Pool: In May 1988, an agreement was entered into between the Commission, the City of Lakeland. Florida, and the FMPA's All-Requirements Project to cooperate in the interconnected operation of the respective electric supply systems, so as to obtain the fullest advantage of each systems' generating resources. A management committee consisting of a representative from each organization supervises the operation of this Pool The Commission operates the dispatching service and administers the Pool Production cost savings due to the operation of the Pool are accounted for and allocated to each organization by individual pool participation The term of the agreement is for one year. to be automatically renewed from year to year until terminated by the consent of all participants: however any one participant may withdraw at any time upon one year's written notice. A - 19
e NOTE H-DEFERRED COMPENSATION PLAN The Commission offers its employees a deferred compensation plan created in accordance wit h Internal Revenue Code Section 457. The plan, available to all Commission employees, permits employees to contribute 25% of their base salary exclusive of total pension and dependent medical care contributions, up to $7.500 per year. The deferred compensation is not available to employees until termination, retirement. l death. or unforeseeable emergency Assets and liabilities of the plan are recorded at market r I All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, are (until paid or made available to the employee i or other beneficiary) solely the property of the Commission (without being restricted to the provisions of benefits under the plan), subject only to the claims of the Commission's general creditors. Participants' rights under the plan are equal to those of general creditors of the Commission in an amount equal to the fair market value of Ihe deferred account for each participant. l It is the opinion of the Commission's legal counsel that the Commission has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The 6 Commission believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. NOTE l-PAYMENT
- 9 THE CITY OF ORLANDO AND OHANGE COUNTY Two types of payments are made to the General Fund of the City of Orlando, a revenue based payment and an income based payment.The revenue based payment is calculated at six percent of gross retail electric and wate, billings to customers within the City This payment is classified as an operating expense.
The income based dividend payment is calculated at 60% of a rolling five year average of net income. This payment u. corded as a reduction of retained eamings and is not considered an expense for rate making 3 purposes All payments are made pursuant to an agreement between the Commission and the City of Orlando payuents are made to Orange County based on one percent of gross retail electric bilhngs within the County but outside the city limits of the City of Orlando. This payment, which was $604,744 and $582,430 for fiscal years ended September 30.1994 and 1993, respectively, is classified as an operating (general and 1 administrative) expense. Payments are made pursuant to a policy established by the Commission. h NOTE J-COMMITMENTS AND CONTINGENT LIABILITIES 1, The Commission and Ihe other participants in SEC 1 have a coal supply contract with a term that ends on December 31,1999 with the option of two successive five year terms. The contract requires at least 850 000 tons per year. The usage is estimated at 4.250.000 tons from 1995 through 1999 2. The Commission and the other participants in SEC 1 have also agreed to a contract that expires on i December 31. 2007 for rail dehvery of the unit's coal purchases 3. In September 1992, the Commission approved construction of a second coal fired generating unit. The L unit is a 440 net MW unit that will supply 315 MW to the system The Commission will pay an estimated $350.000 000 for its 7159% ownership of the unit with an estimated completion date of lune 1996 At September 30.1994 the Commission has entered into contrach.otaling $238.968.253 i A - 20 t
e NOTE K-PENSION PLAN The Orlando Utilities Commission has a single employer defined benefit pension plan covering all employees who regularly work 20 or more hours per week. Employees participate in the plan immediately upon employment. The pension plan approved by the Orlando Utilities Commission states that the Commission shall make such contributions to the retirement fund as shall be required under accepted actuarial principles to at least be sufficient to maintain the plan as a qualified employee defined benefit plan meeting the minimum funding standard requirements of the Internal Revenue Code with respect to its members, as shall be determined from time to time by the actuary. The Commission shall not have any right, title, or interest in the contributions made to the retirement fund under the plan, and no part of the retirement fund shall revert to the Commission, except that: a Upon complete termination of the plan and the allocation and distribution of the retirement fund as provided herein, any funds remaining in the retirement fund because of an actuarial computation after the satisfaction of all fixed and contingent liabilities under the plan with respect to the Commission may revert to the Commission. b If an excess contribution is made to the retirement fund by the Commission, then such contribution may be returned to the Commission within one year after the payment of the contribution. c. If the internal Revenue Service determines that the plan does not meet the requirements of Code section 401(a), the plan shall be null and void, and any contributions shall be retumed to the Commission within one year tollowing the determination that the plan does not meet such requirements, unless the Commission elects to make the changes to the plan necessary to receive a determination from the internal Revenue Service that the requirements of Code section 401(a) are met. Each participant contributes weekly to the Plan four percent of earnings until the completion of 20 years of service. After completion of 20 years of service, each member contributes weekly to the plan two percent of eamings, Required contributions cease upon a member's completion of 30 years of service. The Commission's contribution is determined using an actuarial cost method. The actuarial pension plan obligations were used as a basis for calculating the contribution requirements for the fund. Pension expense for the fiscal years 1994 and 1993 was $3,707.963 and $3,650,692 respectively, which represents the normal cost. The assumed rate of return used in determining the actuarial present value of accumulated plan benefits was 8.25% The rnethod used to determine the normal cost and actuarial liability is the Aggregate Actuarial Cost Method The participant's pension benefit is 2% % of the highest three consecutive years average base earnings times years of employment. A maximum of 30 years of service is credited. Benefits are vested after 5 years of service. Investment earnings for the plan years 1993 and 1992 were 14.1% and 8.2% respectively. The overall cumulative average annual rate of return for the plan has been 13.3% since October 1,1984. The pension benefit obligation presented as the actuarial present value of accumulated plan benefits is a standard measure of the present value of pension benefits, adjusted for the effects of projected salary increases of 6% estimated to be payable in the future as a result of employee service to date. The pension plan's assets are administered byThe Mutual Life insurance Company of New York (MONY). The pension plan's funds may be invested in money market accounts, bonds, and stocks and are presented at market value A - 21 1
i 4 -l i ' NOTE K-PENSION PLAN--Continued i Plan data as of October I,1993 (latest actuarial valuation) as developed by consulting actuaries is as follows: l Actuarial present value of accumulated plan benefits. Present value of vested benefits., $ 83,972,667 Present value of non-vested benefits 1,055,342 Total present value of all accumulated benefits S 85,028,009 [ Projected benefit funded status: Vested. Retirees and beneficiaries currently receiving benefits, [ terminated & disabled employees not yet receiving benefits $ 47,284,838 Current employees: Accumulated employee contributions, 14,031,295 Employer-financed 22,656,534 Non-Vested: Employer-financed 23,684,857 Total pension benefit obligation $ 107.657,524 Net assets available for benefits $ 125,478.328 L' Net assets in excess of pension benefit obligations 17,820,804 The plan activity for fiscal year 1993 is as follows: Asset value as of October 1,1992. $ 110.048,366 Contributions for 1992-93: Paid during the year - Employee. l.241,167 Paid during the year - Cornmission 3,452,277 Total contributions S 4,693.444 Contributions receivable at beginning of year 0 Contributions receivable at end of plan year 0 Contributions for 1992-93 plan year $ 4.693.444 Disbursements for 1992-93: Benefit payments $ 4,747,674 Expenses and fees 914 Total disbursements for 1992-93 $ 4,748,588 Investment return for 1992-93 $ 15,485.106 Actuarial asset value as of October 1,1993 $ 125,478,328 Approximate rate of return after expenses and fees 14.1 % A - 22
p O NOTE K-PENSION PLAN--Continued Contribution and payroll information for the year ended September 30.1994 follows: Contributions: Employer. $ 3.404,809 Employee 1.239.694 Total contributions $ 4.644,503 Total payroll.............. $43.361.111 _ Covered payroll $40.318.%7 Contributions as a percent of covered payroll 11.5% Actuary recommended contribution for fiscal year 1994: Employer. $ 2.960,272 Employee 1.349.093 $ 4.309.365 Recommended contributions as a percent of covered payroll 10.69 % Trend information for the preceding five years follows: Net Assets Available Unfunded Contributions Year Ended for Benefits as a percentage pension Benefit as a percentage September 30 of pension Benefit Obligation Obligation of Covered payroll f I993 116.6% i 2.6% 1992 110.9 12.3 1991 111.3 11.7 1990 104.8 i 1.6 1989 119.6 i 1.6 l A-23
i 4 l i N3TE L-PENSION PLAN SUPPLEMENTARY INFORMATION (UNAUDITED) This schedule presents required supplemental historical pension benefit information for the last ten . years currently available. l (6) (1) (4) Overfunded Net Overfunded Pension Assets (2) Pension (5) Obligation as i Year Available Pension (3) Benefit Annual a Percentage Ended for Benefit Percentage Obligation Covered of Annual September Benefits - Obligation Funded (2)-(l) Payroll Covered Payroll 30 (Millions) (Millions) (1)/(2) (Millions) (Millions) (4)/(5) 1993 $125 48 $107.66 116.55% $(17.82) $40.32 (44.20)% 1992 110.05 99.19 110 95 (10 86) 38.57 (28.16) 1991 101.44 91.14 111.30 (10.30) 36.97 (27.86) 1990 87.84 83 80 104.82 (4.04 ) 32.43 (12.46) 1989 85.68 71.64 119.60 (14.04) 30.43 (46.14) 1988 74 58 61.95 120.39 (12.63) 28.33 (44.58) 1987 (A) 70.74 60.72 116.50 (10.02) 28.04 (35.73) 1986 42.57 24.90 170 96 (17.67) 19.72 (89.60) 1985 33.79 24.36 138,71 (9.43) 18.23 (51.73) 1984 28.92 22.09 130.92 (6.83) 17.00 (40.18) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of pension funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the pension plan. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the elfects of inflation and aids analysis of the Commission's progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the ctronger the pension plan. ( A) The pension benefit obligation was valued by the actuary (Hewitt Associates) as prescribed by the Governmental Accounting Standards Board Statement 5 in 1987. This method differs from prior years in that projected benefits are allocated on a level basis to employee's years of service.This resulted in a 39.2% increase. Contract amendments increased the pension benefit obligation by 68.8% and net assets available for benefits by 44 3% r A - 24
.f A [:s' NOTE M-OTHER POSTEMPLOYMENT BENEFITS l~ In addition to the pension benefits described in Note K, health care benefits and life insurance coverage is provided to all employees who retire on or after attaining age 55 with at least 10 years of service or at any age after completing 25 years of service. Currently 280 retirees meet the eligibility requirements. Retirees [ may also elect to provide health care insurance for their qualifying dependents by paying 35 percent of the calculated premium. The Commission is a secondary provider for those retirees and/or their dependents who are eligible for Medicare benefits. The Commission's health care plan is administered through an insurance company on a Minimum Payment Plan but operates as a self-insurance program with an additional purchased insurance policy to In this plan the insuran' e company administers the plan and processes cover those claims over $100,000. c the claims according to insurance coverage with the Commission reimbursing the insurance company for it's payouts. Expenses are recorded by the Commission when paid to the insurance company. Total postemployment health care costs recognized by the Commission for the years ended September 30,1994 and 1993, were $1,042,689 and $1,051,879 respectively; postemployment life insurance costs during the same periods were $28,798 and $78,896. Health care coverage is offered to former employees who voluntarily terminate and certain dependents who are no longer eligible for employee dependent coverage in accordance with federal law (COBRA). Currently there are 3 COBRA participants. All participants are responsible for 100 percent of their insurance premiums. NOTE N-REGULATION According to existing laws of the State of Florida, the five board members of the Orlando Utilities Commission act as the regulatory authority for the establishment of electric and water rates. The Florida Public Service Commission (FPSC) bas authority to regulate the electric " rate structures" of municipal utilities in Florida. It is believed that ' rate structures" are clearly distinguishable from the total amount of revenues which a particular utility may receive from rates, and that distinction has thus far been carefully made by the FPSC. Prior to implementation of any rate change, the Commission files the proposed tanff with the Florida Public Service Commission and has established the prerequisite of a Public Notice and the holding of a Public Hearing. Florida Public Service Commission: As noted above, the FPSC has jurisdiction to regulate electric ' rate structures" of municipal utilities. In addition, the Florida Electric Power Plant Siting Act and the Transmission Line Siting Act have given the FPSC exclusive authority to approve the need for new power plants and transmission lines. The FPSC also exercises jurisdiction under the Florida Energy Efficiency and Conservation Act as related to electric use conservation programs and prescribes conformance to the Federal Energy Regulatory Commission's Uniform System of Accounts. The FPSC also approves territorial agreements and settles territorial disputes. Environmental and Other Regulations: Operations of the Commission are subject to environmental regulation by Federal State and local authorities and to zoning regulations by local authorities. The Commission's interconnection agreements with investor owned utilities are subject to review and approval by the FERC. FERC also exercises juris#.iion over the Commission under the Public Utility Regulatory Policies Act of 1978 Federal and F.ote standards and procedures that govern control of the environment can change. These changes can arise f sm continuing legislative, regulatory, and judicial action respecting the standards and procedures. Therefor s there is no assurance that the electr!c and water plants in operation, under construction, or contemplated will always remain subject to the regulations currently in effect, or will always be in compliance with future regulations. An inability to comply with environmental standards or deadlines could result in reduced operating l levels or complete shutdown of individual electric generating units or water plant facilities not in compliance Furthermore, compliance with environmental standards or deadlines may substantially increase capital and operating costs. A - 25
~-. 4 'o 4 NOTE O-INCOME TAXES. t it is the opinion of the Comrnission and its counsel, that the Orlando Utilities Commission is exempt ' from federal and state income taxes. NOTE P-BUSINESS SEGMENTS i The Commission operates in two business segments -- the generation, transmission and distribution of electricity and the production, treatment, and distribution of water, A summary of the segment information follows: Electric Water Total ' Year Ended September 30,1994: Operating revenues S 301.893.904 $ 24,278.090. 326,171,994 Depreciation and amortization 35,025,545 3,744,568 38,770,113 Operating income, 80.293,237 5,858,626 86,151,863 l Net income 28.319,811 5.840,681 34,160,492 Dividend payment to the General Fund i of the City of Orlando 15,220,800 2,899,200 18,120,000 Contributed capital 29,517,308 54,259,122 83,776,430 Utility plant additions 159,306.536 15,002.000 174,308,536 Utility plant deletions 4,124,282 144,072 4,268,354 i Net working capital 80.857,861 856,884 81,714,745 Total assets 1.841,976,217 183,554,653 2,025,530,870 Long-term debt - net 1,354,491,329 - 61,% 5,283 1,415,556,612 Total equity (accumulated retained earnings and contributed plant) 302.822,738 117,775.897 420,$98,635 Year Ended September 30,1993: Operating revenues $ 303,150,255 $ 22,437,718 325,587,973 l Depreciation and amortization 35,141,378 3.398,931 38,540,309 Operating income. 75.824,687 4,855,642 80,680,329 Net income 22,769,039 4,790,783 27,559,822 Dividend payment to the General Fund of the city of Orlando 14.493,360 2.760,640 17,254,000-l Contributed capital 25,485,861 - 51,804,650 77,290,51i Utility plant additions 106,728.240 15.425.061 122,153,301 i Utility plant deletions 4,703,183 908.701 5,611,884 Net working capital 62,329,972 417,284 62,747,256 Total assets 1,809.197,668 178,346,867 1,987,544,535 Long-term debt - net 1,350,074,621 64,356,198 1,414,430,819 Total equity (accumulated retained earnings and contributed plant). 284,681,946 111,265,527 395.947,473 There were no sales to any single customer in excess of 10% of operating revenues for the fiscal years 1994 and 1993, i i [ A - 26 I I
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Report of independent Certifi9d Public Accountants )% ij j: y 9, h Commissioners of the Orlando Utilities Commission L We have audited the accompanying balance sheets of Orlando Utilities Commission as of September 30, 1994 and 1993, and the related statements of income and accumulated retained earnings and cash flows for the years then ended. These financial statements are the responsibility of the Commission's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free f material. misstatement. An audit includes examining, on a test basis, evidence o supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the - ) overall financial statement presentation. We believe that our audits provide a reasonable basis for our l .4 opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Orlando Utilities Commission at September 30.1994 and 1993, and the results of its j operations and its cash flows for the years then ended in conformity with generally accepted accounting b.. principles. &+ LLP November 23,1994 A - 27 ...j
s .9., t 3 !;{ t4 ( , # f-y q 3;;... l 4 .f ) sy. nlk .. ' ~.. - ~: m 4 43rlanulo Ceilities Canunission ') .500 South 43 range Avenue yn '"N'>.:.' .~.l W thrlanela. Floriela 3 21801 \\ l0T-12.1-9100 Steering its course for tomorrow,0UC is also testing and demonstrating a solar electric uninivan. Such vehicles could l~od to cleaner air for you. (' OUC CARES ABOUT ITS CUSTOMERS... AND ITS EMPLOYEES. - - - - -}}