ML20082Q331
| ML20082Q331 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 09/30/1994 |
| From: | AFFILIATION NOT ASSIGNED |
| To: | |
| Shared Package | |
| ML20082Q295 | List: |
| References | |
| NUDOCS 9504280155 | |
| Download: ML20082Q331 (68) | |
Text
w.-
't o.
Utilities Commission, City of New Smyrna Beach, Florida (A Component Unit of the City of New Smyrna Beach, Florida)
Component Unit Financial Staternents For the Fiscal Year Ended September 30,1994 and 1993 UTILITIES COMMISSIONERS Gerald T. Schweikart, Chairman Jesse L. McKee, Vice Chairman James A. Pence, Secretary-Treasurer Peter E. Mallory, Assistant Secretary-Treasurer James U. Martin, Commissioner >
DIRECTOR OF UTILITIES R. Ronald Hagen CONTROLLER Valois Pagan, CPA LEGAL COUNSEL INDEPENDENT AUDITORS Bolt, Spence & Hall, P.A. Brent Millikan & Company, P.A.
9504280155 950424 PDR ADOCK 05000302 I PDR l
4 o.
TABLE OF CONTENTS COMPONENT UNIT FINANCIAL STATEMENTS September 30.1994 and 1993 UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACil. FLORIDA NEW SMYRNA BEAcif, FLORIDA Reference Pares Introductory Section Title Pa g e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i Organization Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii Ce rtificate of Achievement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iv Letter of Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............... v-x Financial Section Independent Auditors' Report ...................................... 1 Component Unit Financial Statements:
Comparative Balance Sheets ................................... Statement 1 2-3 1 Statements of Revenue. Expenses, and Changes in Retained Earnings . . . . . . .... Statement 2 4 Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... Statement 3 5 Notes to the Financial Statements ................................ 6-17 Supplemental Detail Information of the Utility Systems:
Schedule of Revenue Expenses and Changes in Retained Earnings . . . . . . . . . . . . Schedule 1 18 Schedule of Revenue, Receipts, Expenses and Disbursements - Budget and Actual - Electric System (Non-GAAP Budgetary Basis) ............... Schedule 2 19 Schedule of Revenue, Receipts, Expenses and Disbursements - Budget ,
and Actual - Water System (Non-GAAP Budgetary Basis) ................ Schedule 3 20 l Schedule of Revenue, Receipts, Expenses and Disbursements - Budget and Actual - Pollution Control System (Non-GAAP Budgetary Basis) . . . . . . . . . . Schedule 4, 21 Schedule of Revenue, Receipts, Expenses and Disbursements - Budget i and Actual- Water Reuse System (Non4AAP Budgetary Basis) ............ Schedule 5 22 Schedule of Operating Expenses - Electric System ...................... Schedule 6 23 Schedule of Operating Expenses Water System ....................... Schedule 7 24 Schedule of Operating Expenses - Pollution Control System ................ Schedule 8 25 l Schedule of Operating Expenses - Water Reuse System . . . . . . . . . . ........ Schedule 9 26 Schedule of Interest Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule 10 27 Schedule of Debt Service Requirements to Maturity ................. ... Schedule 11 28-30 Statistical Section Schedule of Expenses by Function - Last Ten Fiscal Years .................... Table 1 31-32 Schedule of Revenues by Source - Last Ten Fiscal Years ..................... Table 11 33-34 Demographic Statistics .......................................... Table ill 35 Property Value, Construction, and Bank Deposits - Last Ten Fiscal Years ........... Table IV 36 Schedule of Insurance in Force ......... ........................... Table V 37 Ten L.argest Electric Customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table VI 38 Ten Largest Water Customers . . . . . . . . . . . . . . . . . ................ ... Table VII 39 General Utihties Commission Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table V111 40-42 Selected Five-Year Ilistorical Information:
Comparative Balance Sheets ................................... Table IX 43-44 Statements of Revenues, Expenses and Changen in Retained Earnings .......... Table X 45 Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table XI 46 Selected Segment Information . . . . . . . . . . . . . . . . . . . . . . . . .......... Table Xil 47 Schedule of Revenue Certificate Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . Table XIII 48 Schedule of Selected Financial Ratios . . . . . . . . ..................... Table XIV 49 11
4 4
ORGANIZATION CHART 1
l
O ORGANIZATION CIIART UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACH, FLORIDA I
Utilities Commissioners Professional Director Commission Consultants of Utilities Attorney Electric Finance Department Department Water, Engineering Pollution Control, Department Water Reuse Department l
.. . Denotes appointment authority lii
CERTIFICATE OF ACHIEVEMENT For the year ended September 30,1993 ;
I The Government Finance Oficers Association of the United States and Canada (GFOA) awarded a Cempcate of Achievementfor Excellence in Financial Reporting to the Utilities Commission, City of New Smyma Beach, Florida, for its Component Unit i Financial Reportfor thefiscal year ended September 30,1993.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and eDiciently organized comprehensive annualfinancial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
i A Certificate ofAchievement is validfor a period ofone year only.
Management believes that this report continues to conform to Certificate ofAchievement Program standards.
CERTIFICATE OF ACIIIEVEMENT
- For the Year Ended September 30,1993 UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACH, FLORIDA Certidicate of Acaievemerr:
ior Excelence in Financia Reporting Presented to Utilities Commission, City of New Smyrna 3eac3, F orica For its Component Unit Financial Report for the Fiscal Year Ended September 30,1993 A Certificate of Achievement for Excelience in Financial Reporting is presented by the Govemment Finance Officers Association of the United States and Canada to goverr.' rnt units and public employee retirement systems whose component unit financial reports (CUFRs) achieve the highest standards in government accounting and financial reporting.
'" 4sta% President swas*
Executive Director iv
e O
s LETTER OF TRANSMITTAL
~. .. .. . . .
e 4
UTILITIES COMMISSION '
CITY OF NEW SMYRNA BEACH, FLORIDA ELECTRIC. WATER, POLLUTION CONTROL I%t Office Box 100 - 200 Canal St.
New Smyrna Beach. Florida 32170-0100 (904) 427 1361 -9$-
November 14,1994 2
To the Chairman and Members of the UtilitiesCommission City of New Smyrna Beach, Florida ne Component Unit Financial Report of the Utilities Commission, City of New Smyrna Beach, Florida, for the fiscal years ended September 30,1994 and 1993, is hereby submitted. Responsibility for both the accuracy of the presented data and the completeness and faimess of the presentation, ine'ading all disclosures, rests with the Utilities Commission. To the best of our knowledge and belief, the enclosed data are accurate in all material aspects and r<re reported in a manner designed to present fairly the financial position and results of operations of the Utilities Commission. All disclosures necessary to enable the reader to gain the maximum understanding of the Utilities Commission's financial affairs have been included.
This financial report is presented in four sections: introductory, financial, statistical, and compliance (Auditor General of the State of Florida). The introductory section includes this transmittalletter, the Utilities Commission's organization chart, a list of principal officiais, the table of contents and a reproduction of the Certificate of Achievement for Excellence in Financial Reporting for 1993. The finanaal section includes the basic financial statements and the independent auditors' report on the financial statements. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis, and selected five-year historical financial information.
The Utilities Commission is required to be audited i; 'ccordance with Chapter 10-500, Rules of the Auditor General of the State of Florida. Information related to this audit, findings and recommendations, and auditors' reports on the internal control structure and compliance with applicable laws and regulations, are included in the compliance section of this report.
(
REPORTING ENTITY AND SERVICES PROVIDED The funds and entities related to the operation of the Utilities Commission which are included in these financial statements are a component unit of the City of New Smyrna Beach, Florida, and an integral part of the City's reporting entity. The Component Unit Financial Report of the Utilities Commission is issued separately to provide a comprehensive financial reporting summary and presentation to the Utilities Commission and its revenue certificate holders.
Audited financial statements of the Commission's oversight unit (City of New Smyrna Beach, Florida), are available upon request from the City of New Smyrna Beach,210 Sams Avenue. New Smyrna Beach, Florida,32168.
ne Utilities Commission, City of New Smyrna Beach, Florida, provides a full range of electric, water, pollution control and water reuse services to its customers both inside and outside the city limits. These activities are fully cccounted for in this financial report.
v
4 ;
i i
To the Chairman and Members
'I of the Utilities Commission City of New Smyrna Beach, Florida l
' November 14,1994 i Page 2 .
i ECONOMIC CONDITION AND OUTLOOK i ne economic condition and outlook of the Utilities Commission have continually improved during the past several years due in large to the controlled development of residential and commercial properties which in turn has increased i the Commission's quality customer base. In addition, substantialincreases in the local tourism, light manufacturing, L r.nd service related business industries have had a positive effect on the area's employment statistics.
l l
MAJOR INITIATIVES ,
i The Commission has established a Capital Improvements Plan (Plan) through 1999. He capital expenditures of :
this Plan are scheduled to be funded through a combination of connection fees, Renewal and Replacement Fund proceeds, a portion of the proceeds of revenue certificatesissued in August,1992, and other funding. Rese capital improvement plans are in addition to the annual capital requirements for routine extensions of existing utility' l facilities to serve new customers, i Significant system improvements contemplated in the Plan consist of the following: i I
+ Voltage conversion from 4 kV to 23 kV of the Commission's 4 kV electric system in the mainland ;
downtown area; l
+ Approximately 4 miles of 23 kV electric feeder line linking the Commission's Airport substation to the Commission's North Beach service area;
[
+ Western area expansion of the water system plant in the Interstate 95-State Road 44 area; '!
l
+ Acquisition of property for future construction of a westem pollution control facility;
+ Western area expansion of force mains and lift stations to serve the Interstate 95-State Road 44 area; [
+ Development and constmetion of additions to the water reuse system which consists of additional filter cells and high service pumping facilities, t,palization and anoxic system tank, and transmission lines to f
provide irrigation service to prospective customers; and ,
+ Major storage facilities for the water reuse system are under investigation for storage of reclaimed water f in a joint project between the Commission and the St. Johns River Water Management District.
Commission forecasts for the electric wates and pollution control systems indicate that the existing major facilities are adequate to accommodate the expected growth during the five year period of the Plan. !>
FINANCIAL INFORMATION Management of the Commission is responsible for establishing and maintaining an internal control structure designed ;
to ensure that the assets of the Commission are protected from loss, theft or misuse and to ensure that adequate ,
accounting data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. He concept of reasonable assurance recognizes that: (1) the cost of a ;
control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires ;
estimates and judgements by management. '
l vi l
To the Chairman and Members of the Utilities Commission City of New Smyrna Beach, Florida November 14, 1994 Page 3 J
Budgeting Controls The Utilities Commission maintains an integrated system of budgetary controls, ne objective of these budgetary controls is to ensure compliance with legal provisions embodied in the approved annual budget. The operating activities of the electric, water, pollution control and water reuse systems are included in the annual budget. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established by function and activity within cach individual operating system. The Commission also maintains a separate encumbrance accounting system as one technique of accomplishing budgetary control. This system is used exclusively to maintain budgetary control and is not utilized for purposes of presenting f'mancial statements prepared ---
in accordance with generally accepted accounting principles.
As is demonstrated by the financial statements and schedules in the financial section of this report, the Utilities Commission continues to meet its responsibility for sound financial management.
i Utility Operations in compliance with Resolution No.16-75, the electrie, water and pollution control systems are accounted for as a single enterprise fund. As of September 30, 1994, the Utilities Conunission served 19,907 electric customers, a
10,618 water customers and 8,188 sewer customers. Service totals for the last five years are summarized below:
Fiscal Electric Water Sewer Year Accounts Accounts Accounts 1990 . .. . . . . . .. . 18,531 9,757 7,701 __
1991 . . . . ...... .. . 18,835 9,865 7,754 1992 . . . .. . . . 19,264 10,100 7,875 1993 .. . . . ., ,.. ... 19,596 10,378 8,051 1994 . . . . .. ..... . .. . 19,907 10,618 8,188 The current year's operating revenues from the combined utilities systems totaled $31.45 million, a slight decrease of 0.6% below last year's $31.65 million. This decrease was the result of a higher credit granted to the Commission's electric customers for fuel and purchased power adjustments as compared to the previous year. The amount of revenue from various sources and the increases (decreases) over last year are shown in the following tabulation:
Increase (Decrease)
Amount Percent Over 1993 Source of Operatine Revenue (000's) of Total (000's)
Electric system . . . .. . .. $ 24,352 77.44 % (528)
Water system . . . . . . . . 3,923 12.47 % (16)
Pollution control system ... .. . . 3,165 10.06 % 339 Water reuse system . 8 0.03 5 2
'Iotals . .. . $ 31.448 g (203) vii
j To the Chairman and Members of the UtilitiesCommission City of New Smyrna Beach, Florida November 14,1994 Page 4 The current year's operating expenses from the combined utilities system totaled $28.4 million, a decrease of 1.1 %
under last year's amount of $28.7 million. Increases (decreases) in the levels of expenses for the individualsystems over the preceding year are shown in the following tabulation:
Increase (Decrease)
Amount Percent Over 1993 Operatine Exnense by Function (000's) of Total (000's)
Electric system . .. . .... . .... $ 22,319 78.55 % (511)
Water system . .. .. .. . ... 3,198 11.26 % 68 Pollution control system . .. . .. . .. 2,779 9.78 % 104 Water reuse system ..... .. . .. 116 0.41 % 21 Totals .... . ... ... . $ 28,412 M (318)
Debt Administration The revenue certificate debt coverage ratio is a useful indicator of the Utilities Commission's debt position. The revenue certificate coverage has continued to remain strong over the past three years even in years of debt issuance e.s is summarized in the following in the following three year tabulation:
1994 1993 1992 Operating revenues .. ...... ... $ 31,448,283 31,651,212 30,310,614 Interest and other income . . . . 773,740 640,895 804,849 Connection fees ....... .... 727,054 1,521,443 761,039 Assessment collections . .. .... (301) 5.576 13.152 Revenues per certificate resolution ... 32,948,776 33,819,126 31,889,654 Cost of Operation and Maintenance, net of depreciation and required payments to City . 23.310.206 23.962.055 23.453.429 Net revenues per certificate resolution 9.638.570 9.857.071 8.436.225 Annual debt service requirement . 5.518.144 4.795.962 4.346.873 Coverage ratio .... . . . 1.75 Times 2.06 Times 1.94 Times The Commission's revenue certificate coverage ratio for each of the last ten fiscal years is presented in Table XIII of the accompanying financial report.
As of September 30,1994, the Utilities Commission had outstanding $65,640,000 of revenue certificates payable.
All of these obligationsare secured by a first lien on and a pledge of the net revenues of the system. In July,1993, the Commission issued $23.7 million in refunding bonds to advance refund approximately $20.7 million of outstanding 1986 and 1990 certificates. As a result of the refinancing. the Commission reduced its aggregate debt service payments by almost $3.1 million and obtained an economic gain of $1,275,084.
I viii
l l
To the Chairman and Members 1 of the UtilitiesCommission City of New Smyrna Beach, Florida November 14, 1994 Page 5 He Commission's outstanding revenue certificates ratings from Moody's, and Standard & Poor's as follows:
Moody's Standard & Poor's Utilities System Revenue Refunding and Improvement Certificates, Series 1978 A A-Utilities System Refunding Revenue Certificates, Series 1987 Aaa AAA (AMBAC Insured)
Utilities System Revenue Certificates, Series 1992 Aaa AAA (FGIC Insured)
Utilities System Refunding Revenue Certificates, Series 1993 Ana AAA (FGIC Insured) ne debt service requirements on these obligations are detailed in the notes to the financial statements.
Cash Management Cash temporarily idle during the year was invested through the use of a competitive bid procedure in short-term time deposits and medium short-term investments. Shorter investment periods were utilized by the Utilities Commission due to the rapid changes and uncertainties of interest rates experienced during the fiscal year. He
- mount of interest earned during the year was $661,932, of which $165,961 was credited to reduce capitalized interest expense for the year.
He Commission's cash and investments on hand at September 30,1994 and 1993, totaled $17.9 million and $18.0 million, respectively. De individual components are as follows:
1994 1993 Current assets:
Operating cash and cash equivalents ....... ..... $ 1.284.959 298.120 Restricted assets:
Debt service funds . .... ... ........... 8,626,984 7,917,258 Renewal and replacement funds . . ...... .... 3,209,265 3,876,915 Construction funds .... . ... . .. .... 2,554,940 3,795,444 Customer deposits . . .. ..... .. . ..... 970,565 932,612 CR-3 decommissioning fund ........... ... . 845,412 814,425 Rate stabilization fund .... ..... . .. ... 395.863 380.218 16.603.029 17.716.872 Total cash and investments ............ . $ 17,887.933 18.014.992 ne Commission's investment policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Accordingly, deposits were either insured by federal depository insurance or collateralized in recordance with the Florida Security for Public Deposits Act (the "Act"). All collateralon deposits was held either by the Commission, or by the State of Florida in accordance with the applicable provisions of the Act. All of the Conunission's investments held at year-end are classified in the category of lowest credit risk (backed exclusively by the full faith and credit of the U. S. government) as defined by the Governmental Accounting Standards Board, ix i
)
. l To the Chairman and Members of the Utilities Commission City of New Smyrna Beach, Florida j November 14, 1994 1 Page 6 I OTIIER INFORMATION Independent Audit Resolution Number 28-78 and other local and state statutes require an annual audit of the books of account, fmancial records and transactions of all administrative departments of the Utilities Commission by an independent certified public accountant selected by the Utilities Commission. %e accounting firm of Brent Millikan & Company, P.A.,
Certified Public Accountants, was selected by the Commission to satisfy this requirement. Heir independent a.uditors' report on the financial statements and schedules of the Commission has been included in the financial section this report.
Awards - Certificate of Achiewment The Govemment Finance Officers Asso<iation (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Utilities Conunission, City of New Smyrna Beach, Florida, for its component unit financial report for the fiscal year ended September 30,1993. We are also quite proud of the fact that we have been awarded with this Certificate for the fifteenth consecutive year.
In order to be awarded a Certificate of Achievement, the Commission must publish an easily readable and efficiently organized component unit annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe our current report continues to conform to Certificate of Achievement Program requirements, and we are submitting it to GFOA to determine its eligibility for another certificate.
Acknowledgments The preparation of this report on a timely basis could not have been accomplished without the efficient and dedicated services of the entire staff of the Finance Department. Each member of the department has our sincere appreciation for the contributions made in the preparation of this report.
We would also like to thank the individual members of 8.he Utilities Commission for their interest, support, and leadership in planning and conducting the financial operations of the Utilities Commission in a most responsible and progressive manner.
Respectfully rubmitted, f n
~ .
-). '
R. Ronald 11agen,7 Valois Pagan, CPA Director of Utilities Controller -
X
E:
e.
FINANCIAL SECTION This section is composed of thefollouing:
Independent Auditors' Report Component Unit Financial Statements Supplemental Financial Information
_,,r-- wr-V- av - - --
t e
INDEPENDENT AUDITORS' REPORT
1 l
l BRENT MILLIKAN & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Honorable Chairman and Commissioners Utilities Commission, City of New Smyma Beach, Florida - ,
New Smyma Beach, Florida ;
l We have audited the accompanying balance sheets of Utilities Commission, City of New Smyrna Beach, Florida, ,
as of September 30,1994 and 1993, and the related statements of revenues, expenses and changes in retained j earnings, and cash flows for the years then ended. Rese financial statements are the responsibility of Utilities Commission, City of New Smyma Beach, Florida's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards and Gowrnment Auditing ,
Sramlards, issued by the Comptroller General of the United States. Rose standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made l
by management, as well as evaluating the overall financial statement presentation. We believe that our audits l provide a reasonable basis for our opinion.
i In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Utilities Commission, City of New Smyrna Beach, Florida, as of September 30,1994 and 1993, and f the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.
He supplemental schedules and statistical tables found on pages 18 through 49, are presented for purposes of '
additional analysis and are not a required part of the basic financial statements of Utilities Commission, City of New [
Smyrna Beach, Florida. The information has been subjected to the auditing procedures applied in the audit of the !
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial i statements taken as a whole, i i
in connection with our audit, nothing came to our attention that caused us to believe that Utilities Commission, City
[
of New Smyma Beach, Florida, was not in compliance with any of the terms, covenants, provisions, or conditions !
of section 16 of Resolution No. 28-78, dated June 30,1978, as amended. However, it should be noted that our audit was not directed primarily toward obtaining knowledge of such noncompliance. I
?
New $myma Beach, Florida Nrember 14, 1994 Jcp Y./ !
- NEW SMYRN A BEACil, FL 32168 + (904) 427-1333
- FAX (904) 427-5823 Mt:MBI R. Amstkan lastituw ed Cemrwd PuMet Accountante and AKTA Private Companico Praceke Section m +
J I
l l
l i
COMPONENT UNIT FINANCIAL STATEMENTS l
COMPARATIVE IIALANCE Sill!E'IS September 30,1994 and 1993 IJ11LITIES COMMISSION, CITY OF NEW SM YRNA 13EACII, FLORIDA NEW SMYRNA IlEACII, FLORIDA ASSETS 1994 1993 Utility Plant:
Electric plant - .
. . . . . . . . . . . . . $ 54,395,142 48,699,316 Water pla nt .. ........ . , . . .. .
24,035,322 23,145,736 Pollution control plant .. . . . . . . . . .. 18,882,285 18,504,893 Water reuse plant . . . ..~. 3,103,065 2,446,771 General plant . . . . , .. .. . . . . .. 8 947,042 7 877,315 7 9,,362336- 67T03T Less: accumulated depreciation and amort 7mion .
... . . . 7 (34 )
Construction v.ork in progress ... . . . . . . . . 6,184,167 10,257,659 Utility plant, net of accumulated depreciation and amortization . 77,956,746 76,341,238 Restricted Assets:
Cash and cash equivalents . . 11,640,529 16,215,572 Investments, at cost .. ... .
. _ 1 962,500 1,501,300 Total restricted assets .. .. .- . . . 16,603,029 17,716,872 Current Assets:
Cash aod cash equivalents . ... . . . . . ... .. 1,284,959 298,120 Accrued interest receivable . . 117,400 97,565 l
l Accounts receivable (net) ..... .. . . . . . . 1,081,586 1,370,769 Unbilled accounts receivable . . . . . . . .. . .. . 2,063,574 2,653,003 Inventories . ............. . . . ... 891,568 852,326 Prepaid expenses and other assets . . . . . . . .. 167,822 204,237 Assessments receivabic . .. . . . ... . 78,654 78,352 Total current assets . . . . . .. .. . 5,685,563 5,554,372 Deferred Charges and Other Assets:
Unamortized debt expense . . .... .. .. . . . . , 696,579 751,665 Total asseis .. . . . . . . . . . , . . . . . . . , . $ ._100,941,9J2. _ LOQ,364M l
l The accompanying notes are an integral part of the financial statements.
2
i 4
l Statement 1 LIABILITIES AND UTILITY EQUITY :
1994 1993 Utility Equity: ,
Contributed capita 1., ... . ...... . .. . . . . . . . - . . - - . $ 24,249,253 23,206,966 Retained Earnings:
Reserved for net restricted assets .
. . . . . . . . . 5,440,287 5,454,641 Unreserved (deficit ) .... .. . . . . . . . . . . . .
(599 754 (847,637) 4,840',333} 4,607,004 -
Total utility equity .... ... .. .. .. . . . . . . . . 29,089,786 27,813,970 Long-Term Debt:
- Revenue certificates payable (net of current portion) . . . . . ~ . . . . ~ . 64,010,000 65,640,000 i Less: unamortized discount on revenue certificates and note payabic . .. (1,547,164) (1,662,088) i Totallong-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,462,836 63,977,912 Restricted Fund Liabilities:
Revenue certificates payable (current '
. . . 1,630,000 1,050,000 Accrued interest payable . .. .. ..., . .. portion) . . . . .. .. ... ... . .. ..
. . . . - - . . 1,952.558 1,792,835 ;
Accounts payable . . . . . . . . . . . . . . , . . - - .. 391,689 231,222 i Customers deposits . .. .. ... . ., . -- . . . . . . . . . . . . . . . . . . . . . 970,565 932,611 Deferred credits:
Allowance for decommissioning costs . .. ... - . . . . . - 845,413 814,425 i Allowance for arbitrage tebate . .. .. . . . . . . . . . .. . , . . . 101,591 97,576 '
Total restricted fund liabilities .. . . _ . . .
. 5,891,816 4,918,669 Current Liabilities: .
Accou nts pavable . . . . ... ... . .. . ... ... .. .. .. . .. ....... . .. 1,459,558 1,536,958 l Accrued hab~ilities ..... . ... . .. . . . . . . . . . .. - . . 785,221 787,492
- Due to other governments . ......- ....... .
. . . . . . ....... . 610,382 670,899 f Total current liabilitles . . . ... ..... . .. .. .._.. . . . . 2,855,161 2,995,349 Other Noncurrent Liabilities:
Deferred compensated absences - = . . . , . . . . . 560,211 538,329 i Defetred credits - other . . . . .. ... .. . . . 82,107 119,918 i
Total of her noncurrent liabilities ...... . . . . . . . . 642,318 658,247 Totalliabilities ., 5
. . . . . . . . . . . . . . . . . . ... 71,852,131 72,550,177 ;
Totalliabilities and utility equity .. . . . . . . $ ._100_9JL917_ _ _100,334,L47_
f t
i i.
3 l
C .
STATEMIIN'IS OF REVENUE, EXPENSES AND ' Statement 2 1
CllANGES IN RETAINED EARNINGS I For the Fiscal Years Ended September 30,1994 and 1993 :
UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACII, FLORIDA NEW SMYRNA BEACII, FLORIDA f
4 1994 1993 ;
Operating Revenue:
Sales....................-.....-.................. $ 31,149,242 31,367,133 Other tevenue .. . .........- .. . ... . ... . . . . . . . . . . . . 299,041 284,079
\
Total ope ra ting revenue .. . .. ... .. . ... .... ...... . ...... .. . 31,448,283 31,651,212 Operating Expenses: f Production ex .. .... _ . . .. _ -... _ ... ..... .._..< .... .. 15,514,926 16,033,390 '
Transmission,penses .
. distribution and sewage collection and treatment . ... .. 2,937,195 -2,930,222 Customer accounting . ... . . ... . . .. . . ... ... 811,963 811,560 Administrative and genera 1. . . . . _ . . . . . . . . . . . .
4,015,134 4,088,053 :'
Required payments to the City of New Sm 1,922,423 1,878,058 Depreciatson and decommissioning ... . .yrna . . . . . . . . . . . . Beach
.._3,210,370
_ 2,988,477 i t
Total operating expenses .-.... .... . ... ..... . . . . . =. 28,412,011 28,729,760 i Operating income ..... . 3,036,272 2,921,452 i Nonoperating Revenue (Expense)-
Interest earnings . ..... . .. . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495,971 370,830 ,
Other income .. . . . .. . . .. . . . .. . . . . . . . . . . . -
277,769 270,065 Interest and debt ex .. .._ .._ . .. ... . . .._.. .. ._. ...-... (3,458,792) (3,250,343)
Ot h er e xpe n ses .. pe nse .. ..__ ... . .... (37,154 L
. - . . . . . . . . . - . . _ . . . . . . . . . . . . . - (12,038)
Loss on disposaI of assets .. .. _ ... .._ . . .. ... . . .- . ... . .
~ . . . .
(80,537) ) (54,823) '
Total nonoperating (expense) - . . . . . . .. . . . . . . . . (2 802,743) (2,676,309) l t
Net income (loss) before infrequent and extraordinary items .. ._ .. 233,529 245,143 .. -
Infrequent Items:
Loss on infrequent property and plant disposals - . . - . . . . . . . . . 0 (465,981)
] !
Net income (loss) before extraordinaryitems. ... ... . ... .. 233.529 (220,838) !
r Extraordinaryloss from defcasance of debt .. 0 (2,552,088)
I Net income (loss) . ...... ............._..........._............._ 233,529 (2,772,926) l Retained earnings, beginning of year . . . . . . . _ . . . . . . . . . . . . . . . . . . . . _ 4,607,004 - 7,379,930 !
Re tained earnings, e nd of year ... ... .... . .... .. ... .. . .... . . . . . . . . . . . .$ 4 840,533 4f07.004 l
l i
r i
The accompanying notes are an integral part of the financial statements. I I
l 4 i i
1
STATEMEN'IS OF CASII FLOWS Statement 3 For 1he Fiscal Years Ended September 30,1994 and 1993 UTILITIES COMMISSION, CITY OF NEW SM YRNA BEAC11, FLORIDA NEW SMYRNA BEACII, FLORIDA 1994 1993 Cash Flows From Operating Activities:
Operating inccme .... . . .. . .... . .- . . . . . . ..... ..... . . . . . - . $ 3,036,272 2,921,452 Adjustments to reconcile operating income to net cash provided by operating activities:
Depreciation, amortization and decommissioning .- .. 3,269,129 3,196,883 Provision for losses on receivables .. . . . . . . . . . . . . . . 61,000 61,000 Nonoperating revenue (expense).... . . . . . x 240,615 258,027 Decrease (increase) in operating assets:
Accounts receivable ... ..... ... . . . . . . . . . . . . ...... 817,612 (463,874)
Assessments receivable . ... , . . . .
(302) 5,576 inventories . . .. . (39,242) 603,123 Prepaid expcnses .... . . . . . . . . . . . . . . . . . . .. . . . . . 36,415 (55,829)
Increase (decrease) in operating liabilities:
Accounts payable . . .. . . . . , ., 83,067 (230,310)
Due to other governments .-. .. . - . . . . . (60,517) 71,375 Customer deposits . - . . . . . . . . . . . _ . 37,954 11,531 Other liabilities ... . . . . . . . . . . . (18,200) 150,040 Net cash provided by (used in) operating activities .. .~. .. ... . . . . . . 7,463,803 6,528,994 Cash Flows From Capital and Related Financing Activities:
Proceeds from advance refunding of long-term debt . ...... ... . . . 0 23,691,105 Payments made to excrow for defeasance oflong-term debt .. ... .. .. 0 (23,073,020)
Debt issuance expenses paid. . ... . . - . . . . . . . . .. . 0 478,777 Debt reduction outlays .... .., . . . .... . . . . . . . (1,050,000) (1(,105,000))
Contributed capitaI ... . .. . . . . . . . . . . . . . . . , - . .. . . . . . 1,042,287 1,765,678 Proceeds from sale of propertyand equipment ...... . . . . . . . 63,287 10,672 Acquisition and construction of capital assets - . . . . . . . . . . . . . . . (4,528,334) (10,731,911)
Interest paid .. . . . . . . .. . . . . . .. .. ... (3,795,147) (4,773,547)
Net cash provided by (used in) capital and related financing activities (8,267,907) (14,,694.800)
Cash Flows From Investing Activities:
Purchase of investment securities ........ . ... . . . . . . . . . . . . . (4,500,000) (1,000.000)
Proceeds from sale and maturities ofinvestment securities .. . .. .~. . .- 1,038,800 760,400 Interest received . .. .. . . . . . . . . 677,100 653,397 Net cash provided by (used in) investing activities . . . . . . . . . . . . . (2,784,100) 413,797 Net increase (decrease) in cash and cash equivalents .. . . . . . . . . - . . . . (3,588,204) (7,752,009)
Cash and cash equivalents, beginning of year . . . . . . . . 16,513,692 24,265,701 Cash and cash equivalents, end of year .. . . - . .. . . . . . . $ _12,935J8L
__16,5_1M92_
)
1 ne accompanying notes are an integral part of the financial statements.
5
6 a
NOTES TO THE FINANCIAL STATEMENTS l
l
' j 1
NOTES TO TIIE FINANCIAL STATEMENTS September 30,1994 and 1993 l UT1LITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA :
NEW SMYRNA BEACH, FLORIDA l Note It General Basis of Accounting Summary The accounting policies of the Utilities Commission, Basis of accounting refers to when revenues and of City of New Smyrna Beach, Florida, (the " Utilities expenses are recognized in the accounts and reported in Significant Commission") conform to the generally accepted the financial statements. It relates to the timing of the Accounting accounting principles as promulgated by the American measurements made, regardless of the measurement Polices Institute of Certified Public Accountants, the Financial focus applied. The Utilities Commission utilizes the Accounting Standards Board, the Governmental accaval basis of accounting. By utilizing this method, Accounting Standards Board, and the Federal Energy revenues are recognized when they are carned, and Regulatory Commission. expenses are recognized as they are incurred. Unbilled utility service receivables are recorded so as to provide Reporting Entity a better matching of service revenues and the costs of ne Utilities Commission, was created in 1967 through providing the service, the passage of Chapter 67-1754, Laws of Florida.
Special Acts of 1967 (llouse Bill 1669) which amended Budget and Budgetary Accounting the Charter of the City of New Smyrna Beach, Florida, An annual budget was adopted for the electric, water, to create the Utilities Commission. In a referendum pollution control and water reuse utdity systems. The held October 2,1984, City voters approved amendments budget was adopted on a basis consistent with generally to the City Charter to limit the terms of office of the accepted accounting principles (GAAP) except that Utihties Commissioner's, require City Commission certain other cash receipts and payments are treated as approval for extensions of utshty services outside the budgetary items to maintain effective fiscal and city limits, give the City Commission the right to review budgetary control over the collection and disposition of and approve the Utibties Commission budget, and all commission resources. Specific budgetary controlis require City Commission approval before issuing or exercised over internal operating transfers to restricted tefunding revenue certificates and entering into contracts funds, payments of principal on long-term debt exceedmg four years, obligations, and collections of contributed capital which are recognized in the budget as additions and/or These elements of oversight require that the funds and deductions to reconcile budgeted net cash receipts to entitics related to the operation of the Utilities reported net income (loss) for each system. Budget Commission be included as a component unit of the City appropriations are prepared by the administrative staff of New Smyrna Beach, Florida, and an integral part of and approved as provided by law by the Utilities the City's reporting entity. De basic financial Commission. Budgetary control is exercised at the statements are incorporated in the City's Comprehensive departmentallevel. Budget amendments, if any, can be Annual Financial Report as an enterprise fund activity. requested by the Director of Utilities. However, all budget amendments must be approved by the Utilities in 1983, the Utdities Comndssion entered into a Commission. Unexpended appropriations for operations participation agreement with Florida Municipal Power lapse at year end. No supplemental appropriations were Agency (FMPA) for an entitlement share of electric required for the current year.
capacity and electric energy from FMPA's undivided ownership interest in Florida Power and Light Cash and Cash Equiralents Company's St. Lucie Unit No. 2, a nuclear generating ne Utilities Commission invests all cash balances in unit. The Utilities Commission's role in the agreement interest beariag accounts. Earnings from these is limited to that of a participant contractually obligated investments are appropriately allocated to the investing to purchase electric capacity and electric energy. The fund accounts based upon the investment equity and are agreement between the Utdities Commission and FMPA used, where applicable, to finance general Utilities does rsi me-t the criteria for inclusion within the Commission operations.
reportm iuy of ti - Utilities Commission. The agreement specifically provides that the arrangement is For purposes of the statement of cash flows, the Utibties not a joint venture and neither FMPA nor the other Commission considers all highly liquid debt instruments utthties which entered into participation agreements with purchased with original maturity dates of three months FMPA for entitlement shares from FMPA's undivided or less to be cash equivalents.
ownership interest in St. Lucie Unit No. 2 are accounting for the agreement as a joint venture. la restments Accordingly, the Utibties Commission is not accounting Investments are recorded at cost or amortized cost, for the agreement as a joint venture, which approximates market. Adjustments are made to 6
NOTES TO TIIE FINANCIAL STATEMENTS September 30,1994 and 1993 UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACH, FLORIDA Note 1: cost, for any premium or discount, which is amortized Maintenance and repairs of property and replacements Summary over the matunty of the investment. and renewals of items determined to be less than units of of property, are charged to operatmg expense as Significant Receivables incurred. Construction period interest is capitalized net Accounting Accounts receivable have been reported net of an of interest earned on unexpended construction funds in Polices allowance for uncollectible accounts which has been accordance with the applicable provisions of Financial (Continued) provided based upon management's analysis of historical Accounting Standard Number 62 and, therefore, trends. Utility operating revenues are recognized on the depreciated over the remaining useful lives of the related basis of cycle billings rendered monthly. Unbilled assets.
accounts receivable are accrued at September 30th, to recognize the sales revenues earned between the last Depreciation is provided for by utilization of the straight meter reading date made through the end of the year, line method (half-year convention in year of acquisition) calculated on a service life basis to amortize the cost of In rentories the assets over their ecenomic estimated useful lives Inventorica are priced at cost by the use of the "first-in, which are as follows:
first-out" method of accounting. The effect of this method is to flow the costs of the materials and supplies Years in the order in which they are purchased and to assign a balance sheet inventory valuation more nearly at Electric System:
current replacement value. Electric line transformers, Pr xtuction plant:
ciectric meters, water meters and replacement units for Nuclear production . ... . 27 the generating plants are classified as utdity plant in Diesel production ........ . 20-40 accordance with accepted industry practices set forth by Transmission plant . . . . .... 30-55 the National Association of Regulatory Utilities Distribution plant . . . . ...... 28-45 Commissioners (N ARUC). General plant:
Structures and improveannts . . . . 40 Unamorti:ed Debt Discount and Expenses Other general plant . . .. ... 5-20 Revenue certificate discounts and issuance costs are Water System:
deferred and amortized over the term of the bonds using Source of supply plant ... . . . 25-50 the lxmd outstanding method which approximates the Pumping plant ........., 35 interest method. Unamortired revenue certificate Water treatment plant . . ... . 40-50 discounts are presented in aggregate in the financial Transmission and distribution plant . . . 25-50 statements as a reduction of the carrying cost of the General plant:
related long-term debt. Unamortized debt issuance Structures and improvements . . . . . 35 costs are presented as other assets. Other general plant .... .... 10-35 Pollution Control System:
Restricted Assets Collection plant . ... . .... 35 50 Proceeds from debt, funds required to be set aside for Pumping plant:
the payment of revenue bonds debt service and Structures and improvements . .. 50
, contingencies, and other specific assets set aside for Pumping equipment .. ...... 25 restricted purposes which cannot be used for routine Treatment and disposal plant . . . . . . 25-40
! operations are classified as restricted assets since their General plant . . . . . . . . . . . . . . . . 10-50 exclusive use is hmited by applicable bond covenants Common Plant:
and other legal indentures. Structures and improvements . . . . . . . 35 Other general plant .... .. 5-15 Utility Plant Water Reuse System:
Utility plant is stated at historical or estimated historical Structures and improvements . ... . 50 cost. The costs of additions, replacements, and Transmission and distribution plant . 50 renewals of units of property are added to utility plant.
The cost (estimated, if not known) of units of property Compensated Absences retired, less net salvage, is charged to accumulated 'Ihe portion of employee payroll costs paid subsequent depreciatmn and the appropnate asset account. Donated to year-end attributable to services performed prior to utihty plant is stated at its estimated fair market value year-end is recorded and recognized as a current on the date donated. liability. Employees earn annual vacation leave at the l
7 1
NOTES TO TIIE FINANCIAL STATEMENTS September 30,1994 and 1993 I UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA ;
NEW SMYRNA BEACH, FLORIDA i Note 1: rate of 80 hours9.259259e-4 days <br />0.0222 hours <br />1.322751e-4 weeks <br />3.044e-5 months <br /> per year for one through five years of earnings from the investment of the 1990 Series Summary service and 80 hours9.259259e-4 days <br />0.0222 hours <br />1.322751e-4 weeks <br />3.044e-5 months <br /> plus eight hours for each two years Revenue Certificates proceeds which will be rebated to of service over the first five years to a maximum of 160 the Internal Revenue Service in five years as required Significant hours per year. All outstanding vacation leave is under recent federal *;.,: legislation.
Accounting payable upon termination.
Polices Contributed Capital i (Continued) Employees accumulate ten hours (eight hours prior to Contributions of capital to a proprietary fund from any July 1,1986) of sick leave credit for each month on source received are recorded in an appropriately i regular pay status. Employees make an irrevocable captioned contributed capital account. ;
election regarding the accumulation of credits and the amounta of credits which can be received upon Reserves termination. One option provides for the payment of all Funded reserves are used to record a portion of retained unused sick leave at 75 percent of the existing pay rate caraings which must be segregated for some future use at termination. The second option requires the and which are, therefore, not available for further
" banking" of at least 240 accumulated hours, llours appropriation or expenditure.
accumulated in excess of 240 hours0.00278 days <br />0.0667 hours <br />3.968254e-4 weeks <br />9.132e-5 months <br /> will be paid annually at 75 percent of th, preceding July 1st pay Rates, Rcrenues and Fuel Expense rate. Revenues are recognized based on monthly cycle billings to customers. The rate schedules are approved by the Deferred Credits and Operating Reserves Utilities Commission. De electric rate schedule ne reserve for nuclear re-fueling and maintenance contains an energy cost adjustment clause which reflects outage is an operating reserve established to account for the cost of fuel as well as the energy and fuel the estimated charges to be incurred for the removal and components of purchased power. Generally, the effect installation of nuclear fuel assemblies. Charges are of the increases and/or decreases in the cost of energy made against the reserve at the time the actual re fueling is recovered over a four month period and is determined takes place, ne reserve for nuclear plant as the difference between actual applicable fuel costs decommissioning costs was established to account for and the costs actually billed during the same period.
the estimated costs of nuclear plant decommissioning. l Charges against the reserve will be made at the actual The cost of nuclear fuel is amortized to fuel expense time of decommissioning. based on the quantity of heat produced for generation of ,
electric energy in relation to the quantity of heat The reserve for arbitrage rebate is a reserve established expected to be produced over the life of the naclear fuel L to account for the estimated amount of excess interest core.
Note 2: Pursuant to the applicable provisions of Chapter 280, necessary under the conditions set forth in the Act.
Cash Florida Statutes, 7hc Horida Security for Public Securities eligible to be pledged as collateral are Deposits Deposits Act ("the Act"), the State of Florida, generally limited to obligations of the United States ,
and Department of Insurance, Bureau of Collateral government and any state thereof and are held in the Ins estments Securities, and the Department of Treasury have name of the State Treasurer's office. Compliance with established specific requirements relative to the security the provisions of Chapter 280, Florida Statutes, is and collateralization for public deposits. Accordingly, monitored by the Department of Insurance.
banks quahfying as a public depository in the Etate of Florida must adopt the necessary procedures outlined in Deposits these statutes and meet all of the requirements of this At September 30, 1994, the carrying amount of the chapter to be designated by the State Treasurer as Utilities Commission's deposits, including certificates of eligible to receive deposits from municipal depositors. degs ,it, was $12,205,499 and the bank balance was Collateral having a market value equal to 50% of the $12,239,212. Of the bank balance, $200,000 was average dady balance for each month of all public covered by federal depository insurance and deposits in excess of any applicable depository insurance $12,039,212 was secured in accordance with the is required to be pledged or deposited with the State statutory provisions of the Act. Included in the carrying Treasurer to secure such deposits. Additional collateral, amount of Commission deposits is $5,850 in petty cash up to a maximum of 125 % may be required if deemed and change funds.
8
e NOTES TO TIIE FINANCIAL STATEMENTS September 30,1994 and 1993 UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACH, FLORIDA Note 2: larestments ne Utilities Commission's investments are categorized Cash The Utilities Commission's investment policies are to give an indication of the level of risk assumed by the Deposits governed by state statutes and local resolution. Commission at year-end. Category 1 includes and Allowable investment instruments include: bonds, notes, investments that are insured, registered, or collateralized Ingestments certificates of indebtedness, treasury bills, or other under the applicable sections of the Act, or for which securities which are guaranteed by the full faith and the securities are held by the Commission or its agent in credit of the United States of America, interest bearing the Commission's name. Category 2 includes uninsured savings accounts, interest bearing certificates of deposit and unregistered investments for which the securities are and interest bearing time deposits. At September 30, held by the banks' trust departments or agents in the 1994, the Commission's investments included United Commission's name. Category 3 includes uninsured and States Treasury State and Local Government (SLGS) unregistered investments for which the securities are Bonds and overnight investments in money market funds held by the banks, or by their trust departments or which were secured by U. S. Treasury obligations. agents but not in the Commission's name.
De Commission's cash and investments are categorized as follows:
Carrying Market Tvtse of Investment Catecory 1 Catecory 2 Catecory 3 Value Value U.S. Treasury State and Local Government Series (SLGS) Bonds ........ $ 462,500 0 0 462,500 462,500 Repurchase agreements . . . . . . ... 0 0 5.219.990 5.219.990 5.172.120 Totals . ... ....... ..
$3 0 g 5.682.490 5.634.620 Note 3: A summary of net accounts receivable at September 30,1994 and 1993, is as follows:
Accounts Receivable 1994 1993 Billed customer accounts receivable . . . . . . . . . . . . . . ............ $ 1,127,078 1,427,566 Notes receivable . . . . . . . . . . . . . . . . . . . . ............. 915 0 1,127,993 1,427,566 Less: allowance for doubtful accounts . . .. .................. (46.407) (56.597)
Totals ... ...... .. ........................ $ 1.081.586 g 9
' NOTES TO TIIE FINANCIAL STATEMENTS Sept:mber 30,1994 and 1993 U1113 TIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACll, FLORIDA Note 4: A summary of restricted assets at September 30, is as follows:
Restricted Anets 1904 Time Accrued Deposits / Interest 1993 Cash Jpvestment Beceivable Total Total Debt Service Funds:
1978 Sinking Fund . . . . . . . . . . . . . . $ 0 1,040,249 0 1,040,249 1,041,367 1978 Reserve Fund ........... .. 0 2,047,395 0 2,047,395 2,047,394 1987 Sinking Fund . .... ..... 0 367,424 0 367,424 369,284 1987 Reserve Fund . .......... 0 740,200 0 740,200 740,200 1992 Sinking Fund .. ..... .. 0 608,810 0 608,810 499,752 1992 Reserve Fund ... ...... . 0 1.074,200 0 1,074.200 1.074,200 1993 Sinking Fund . ......... 0 1,093,577 0 1,093,577 489,932 1993 Reserve Fund .. .... ... 0 1.655.129 0 1.655.129 1.655.129 0 8.626.984 0 8.626.984 7.917.258 Renewal and Replacement Funds:
Res. No. 28-78 .. . . ........ 455,684 1,000,000 6,585 1,462,269 1,249,188 Connection Fee Fund . . . . . . . . . . . . 1.746.996 0 0 1.746.996 2.627.727 2.202.680 1.000.000 6.585 3.209.265 3.876.915 Construction Funds:
1992 Certificates ............. 2.547.878 0 7.062 2.554.940 3.795.444 Customer deposits . . . . .... ..... 967.940 0 2.625 970.565 932.612 CR-3 decommissioning Fund .. ... 344.199 500.000 1<213 845.412 814.425 Rate Stabilization Fund . .. ...... 394.809 0 1.054 395.863 380.218 Totals . . . . ........ $ 6.457.506 10.126.984 y M 17.716.872 10
o 4
1 NOTES TO TIIE FINANCIAL STATEMENTS September 30,1994 and 1993 UDLITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA ;
NEW SMYRNA BEACH, FLORIDA Note 5: A summary of utihty plant at September 30, is es follows:
Utility Plant (000's omitted)
Pollution Water September 30, Electric W ater Control Reuse Common 1994 M93 Land and land rights ....... . $ 1,673 453 220 0 592 2,938 2,945 Structures and improvements .... 2,602 5,106 4,038 1,614 2,750 16,110 15,021 Production plant, nuclear fuel and treatment pla.4 ... ....... 10,880 5,760 4,268 0 0 20,908 19,988 Transmission. diseibution and and collection plun ....... 38,832 12,716 10,357 1,489 0 63,394 56,745 '
Other general plant and equipment . 408 Q 0 0 5.605 6.013 5.975 54,395 24,03F 18,883 3,103 8,947 109,363 100,674 Accumulated depreciation ..... (21.083) (5.364) (7.05 !) (111) (3.511) (37.590) (34.590) 33,312 18,201 11,832 2,992 5,436 71,773 65.084 Construction in progress .. .... 1.409 2,116 650 116 1.893 6.164 10 257 Utility plant, net ....... $ 34.721 MM 3.108 R 77.957 M Capitalized interest on outstanding tax-exempt revenue 1994 and1993 respectively (net of interest earned on certificates charged (credited) to projects during ur. expended long-term debt proceeds totaling $165,961 construction was $867,618 and $891,987, for and $297,913, respectively).
Note 6: A summary of long-term debt outstanding at September 30, is as follows:
long-Term Debt 1994 1993 Utilities System Revenue Refunding and Improvement Certificates, Series 1978- with $9,075,000 (7.00%) and $11,335,000 (7.125 %)
term certificates due in 2003 and 2010, respectively .. ...... $ 20,090,000 20,720,000 Utilities System Refunding Revenue Certificates, Series 1987-5.80 %
to 6.70% due serially to 2001, with $2,790,000 (7.00%) and
$2,080,000 (7.10%) bonds due in 2007 and 2011, respectively .. 7,025,000 7,270,000 Utilities System Revenue Certificates, Series 1992-3.75 % to 5.60% ;
due serially to 2004, with $515,000 (5.35%), $1,020,000 (5.80%)
$1,230,000 (6.00%) and $10,160,000 (6.00%) te:Tn bonds due in 1 2002, 2007, 2010, and 2013, respectively ...... ....... 14,935,000 15,000,000 ;
Utilities System Refunding Revenue Cestificates, Series 1993-2.80% to '
5.25 % due serially to 2011, with $3,685,000 (5.00%) and $6.245,000 (5.00%) term bonds due in 2014 and 2019, respectively . . . .. 23.590.000 23.700.000 65,640,000 66,690,000 ,
Less: unamortized debt discount . .. ..... .... ....... (1.547.164) (1.662.088) 64.092.836 65.027.912
- 1. css: current maturities:
Series 1978 Certificates ....... . . .. . . ...... 675,000 630,000 ;
Series 1987 Certificates .... ........... ....... 255,000 245,000 Series 1992 Certificates ......... ............... 175,000 65,000 Series 1993 Certificates .............. .. ........ 525.000 110.000 1.630.000 1.050.000 Total long-term debt, net ... .. . ... . . .... $ 62,462.836 63.977.912 11 l
l NOTES TO TIIE FINANCIAL STATEMENTS September 30,1994 and 1993 UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACH, FLORIDA i
Note 6: He authorization for the outstanding 1978 Certificates hereof or any trustee acting for the holders of !
Long-Term and all subsequent issues (collectively referred to as the such certificates may by suit, action, mandamus l Debt " Certificates") provides that the Commission will not or other proceedings in any court of competent i (Continued) issue additional obligations except for the construction jurisdiction, protect and enforce any and all and acquisition of additions, extensions and rights, including the right to the appointment of improvements to the system or for refunding purposes a receiver, existing under the laws of the State of and except upon the parity conditions provided in the Florida, or granted and contained herein, and authorizing resolution. may enforce and compel the performance of all duties herein required or by any applicable De Certificates are payable from and secured by a first statutes to be performed by the Commission or hen upon and pledge of the net revenues derived from by any officer thereof. Nothing herein, however, the operation of the system. These Certificates do not shall be construed to grant to any holder of the constitute general indebtedness of the Commission or the ertificates any lien on any real property of the City of New Smyrna Beach, Florida (City), and the City Commission or the City."
is not obligated to levy any taxes for the payrr.ent thereof. He aggregate annual debt service requirements in each of the next five years are as follows: $5,521,250 -
Under the terms of its long-term debt agreements, the 1995; $5,521,015 - 1996; $5,517,799 - 1997; Commission has agreed to maintain certain restricted $5,520,854 - 1998; $5,524,458 - 1999; and $S8,492,370 funds and to comply with the covenants contained in - thereafter.
such agreements. Certain of these agreements contain the following provision relating to the right of the As part of its outstanding certificates, the Commission obligation holder: is subject to certain covenants and provisions which require specific actions to be taken by the Commission "Any holder of certificates or any coupons during the year, ne Commission has complied with all appertaining thereto issued under the provision significant contractual covenants and provisions.
Note 7: In prior years, the Utilities Commission defensed certain certificates in irrevocable trusts to provide for all future Prior of its outstanding utilities revenue certificates (and debt service payments on the defeased certificates / bonds.
Years' certain general obligation bonds of the City of New Accordingly, the trust account assets and the liabilities Defeasance Smyrna Beach, Florida, originally issued for the System for the defeased bonds are not included in the of Debt and payable from revenues derived from the operation accompanying financial statements. ney include the of the utilities systems by placing the proceeds of new following at September 30, 1994 1993 1978 Refunding:
Series 1962 refunding-3.5 % due through 1999 .. .... .. . $ 35,000 35,000 Series 1962-3.9% to 4.2% due through 2000 ... . ... 1,230,000 1,440,000 Series 1965 -4.2% to 4.25 % due through 2004 ... .... . 1,690,000 1,730,000 Series S-1963-3.9% due through 2002 ............. ... 195,000 210,000 Series T-1963-4.0% due through 2003 ....... ..... . . 543,000 588,000 Series B-1965-3.7% TO 4.1 % due through 2003 . ..... 315,000 340,000 Series 1975-3.75 % to 6.2% due through 2004 . ... .. . 1,680,000 1,780,000 Series 1975A-5.0% to 6.6% due through 2005 .. ..... 2,405,000 2,525,000 Series 1976--4.5 % to 6.2% due through 2001 ... . . . 3,080,000 3,465,000 1985 R: funding:
Series 1982-12.625 % due through 2016 ... . 6,190,000 6,190,000 1987 Refunding:
Series 1985-5.75 % to 9.5 % due through 2011 .. . ..... 6,360,000 6,530,000 1993 Refunding:
Series 1986-6.00% to 7.25 % due through 2015 . .... . 5,890,000 6,005,000 Series 1990-6.10% to 7.10% due through 2019 . 14,475,000 14,660,000 12
NOTES TO THE FINANCIAL STATEMENTS September 30,1994 and 1993
. U'nLITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACH, FLORIDA Note 8t ne fotowing is a summary of changes in contributed capital:
Contributed Capital Customer Federal Customer Contributions Grants Assessments Totals Balances, September 30,1992 ............ $ 12,416,648 7,306,904 1,717,736 21,441,288 Additions ... ..................... 1.765.678 0 0 1.765.678 Balances, September 30,1993 .. ........... 14,182,326 7,306,904 1,717,736 23,206,966 Additions .......... .............. 1.042.287 0 0 1.042.287 i Balances. September 30,1994 ............ $ 15.224,613 7.306.904 g 24.249.253 i
Note 9: The legislation that created the Utilities Commission recorded as a quasi-external transaction for financial Required requires it to pay to the general fund of the City of New reporting purposes. The amount paid to the City totaled Payment Smyrna Beach a sum equal to six percent (6%) of the $1,922,423 and $1,878,059 for the years ended To City gross revenues from utilities under Commission control. September 30,1994 and 1993, respectively. De i his payment is subordinate to the debt service balances due to the City at September 30,1994 and requirement of all utilities revenue certificates and is 1993, totaled $338,209 and $389,028, respectively.
Note 10: ne Commission contributes to the Florida Retirement plan to which the member belonged when the aervice ;
Employ ee System of the State of Florida, a cost-sharing, multiple- was earned as follows: ;
Pension employer public employee retirement system created in '
Plan December,1970, that acts as a common investment and Florida Retirement System (FRS) administrative agent for municipalities and other qualifying political subdivisions in the State of Florida. Regular Class ne Commission's payroll for employees covered by the Retirement up to age 62 or 30 years service 1.60%
System for the year ended September 30,1994, was Retirement at age 63 or 31 years service 1.63 %
$5,576,742. Total payroll for the year was $5,675,897. Retirement at age 64 or 32 years service 1.65 %
Retirement at age 65 or 33 years service 1.68 %
All full-time employees are eligible to participate in the system, which also provides for death and disability Special Risk Class benefits. Benefits fully vest on reaching 10 years of Service from 12/1/70 through 9/30/74 2.00 %
creditable service and are computed on the basis of age, Service from 10/1/74 through 9/30/78 3.00 %
average fina1 compensation, and service ctedit. Average Service from 10/1/78 through 12/31/88 2.00 %
Final Compensation (AFC) is the average of the five Seivice from 1/1/89 through 12/31/89 2.20 % !
highen.t fiscal years of earnings. Each year of service is Service from 1/1/90 through 12/31/90 2.40 % ,
expressed as a percentage of AFC. The totalpercentage Service from 1/1/91 through 12/31/91 2.60 %
value received is determined by calculating the total Service from 1/1/92 through 12/31/92 2.80 % !
value of all service, which is based on the retirement Service on or after 1/1/93 3.00 %
e 13
~
NOTES TO TIIE FINANCIAL STATEMENTS September 30,1994 and 1993 UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACH, FLORIDA Note 10: De funding methods and determination of benefits in the future as a result of employee service to date.
Employee payable are provided in the various acts of the Florida ne measure is the actuarial present value of credited Pendon Legislature, which created the fund, including projected benefits and is intended to help users (1)
Plan subsequent amendments thereto. In previous years, assess the Florida Retirement System's funding status on (Continued) these acts provided, in general, that funds were to be a going-concern basis, (2) assess progress made in accumulated from employee contributions, employer accumulating sufficient assets to pay beneSts when due, contributions, State appropriations and income from and (3) make comparisons among public Employee investments of accumulated funds. The act also Retirement Systems and employers. The measure is provides that, should the accumulated funds in the fund independent of and should not be confused with the at any time be insufficient to meet and pay the benefits actuarial funding method used to determine contributions due, the employer shall supplement the funds by an to the system.
appropriation from current funds, or from any revenues which may lawfully be used for said purposes, in an ne plan does not make separate measurements of assets amount sufficient to make up the deficiency. and pension benefit obligations for individual employers.
The estimated pension benefit obligation at July 1,1993, De Commission'a contribution to the plan during the was computed based upon assumptinns determined year ended September 30, 1994, totaled $985,814, through an indeper. dent actuarial valuation performed as which was 17.27% (regular class) of the qualifying of July 1,1993, in accordance with Governmental compensation for the period from October 1,1993 Accounting Standards Board Statement No. 5.
through December 31,1993, and 17.10 % for the period Significant actuarial assumptions used in the valuation from January 1,1994 through September 30,1994. The include (a) a rate of return on the investment of present representative amount of the Commission's contribution and future assets of 8 percent per year compounded to the plan was not provided by the plan administrator, annually; (b) projected annual salary increases of 7.5 '
however, it was not significant in relation to the total percent per year compounded annually, (c) payroll contributions required of all panicipating entities growth of 7.0 percent per year, and (d) post-retirement (approximately $2.6 billion). There were no employee benefit increases of 3 percent per year.
contnbutions made during the year.
De total unfunded pension benefit obligation (estimated)
The " pension benefit obligation" is a standardized applicable to the Commission's employees is not disclosure measure of the present value of pension separately determined by the actuary. At July 1,1993, benefits. adjusted for the effects of projected salary the unfunded pension benefit obligation of the Florida increases and step-rate benefits, estimated to be payable retirement System was $10.5 billion as follows:
Amount Pension Benefit Oblication (000 Omitted)
Retirees and beneficiaries currently receiving benefits ...... . . .. ......... $11,940,955 Terminated employees not yet receiving benefits . .. .............. ... . 623,245 Current Employees:
Accumulated member contributions .. .... ...... .. .... . .. . 418,677 Employer financed Vested Benefits .. .......... . ......... . 22,946,033 Employer-financed Non-vested Benefits ....... ... ... .... .. 3.756.246 Total Pension Benefit Obligation ....... .......... ... ... ... .. 39,685,156 Net Assets available for benefits at amortized cost (market value is $34,722,463) . . . . 29.131.720 Unfunded Pension Benefit obligation ..... .. ... . . . ...... $10 553,436 Ten-year historical trend information showing the The following data is provided as part of the biennial Florida Retirement System's progress in accumulating actuarial valuation to meet rae requirernents of GASB sufficient assets to pay benefits when due is not Statement No. 5, and incirJes data for valuation years presently available from the State of Florida, only, beginning with fiscal year 1986-1987, the first Department of Administration. Division of Retirement, year for which it was available:
14 1
i
a NOTES TO TIIE FINANCIAL STATEMENTS September 30,1994 and 1993 UTIUTIES COMMISSION, CITY OF NEW SMYRNA I3EACil, FLORIDA NEW SMYRNA BEACH, FLORIDA Note 10: Analysis of Funding Progress Emphee (000's Omitted) .
Pension Plan Net Assets Unfunded Obligations (Continued) Available Pension Pension Annual As Percent '
Fiscal For Benefit Percent Benefit Covered of Covered Year Benefits Oblication Funded Oblication Payroll Payroll 1986-1987 $13,977,000 $20,819,000 67.1 % $6,842,000 $9,353,674 73.2 %
1988-1989 17,558,662 27,369,885 64.2 % 9,811,223 10,846,531 90.5 %
1990-1991 23,365,936 33,818,867 69.1 % 10,452,931 13,061,619 80.0 %
1992-1993 29,131,720 39,685,156 73.4 % 10,553,436 14,562,057 72.5 %
Note 11: On July 15,1993, the Utilities Commission issued $23.7 monies were used to purchase U.S. Treasury Notes and Advance million in Utilities System Refunding Revenue STRIPS, for a total escrow deposit amount of Refunding Certificates. Series 1993, with interest rates ranging $23,073,020.
of from 2.40 % to 5.25 % , to advance refund (1)
Long-Term $6,005,000 principal amount of outstanding Utilities nose securities were deposited in an irrevocable trust Debt System Revenue Improvement Certificates, Series 1986, with an escrow agent to provide for future debt service dated October 1, 1986, with maturity dates from payments on the Series 1986 and 1990 Certificates. As October 1,1993 through April 1, 2001, and April 1, a result, the Series 1986 and 1990 Certificates are 2015, and which bear interest rates ranging from 6.00% considered to be defeased and the liability for those to 7.25%, and (2) $14,660,000 principal amount of Certificates has been removed from the Commission's outstanding Utilities System Revenue Certificates, Series books.
1990, dated January 1,1990, with maturity dates from October 1,1993 through April 1,2001, April 1,2005, Although the advance refunding resulted in the April 1, 2009, and April 1, 2019, and which bear recognition of an accounting loss of $2,552,088 for the interest rates ranging from 6.10% to 7.10%. year ended September 30, 1993, the Commission in effect reduced its aggregate debt service payments by ne net proceeds of $22,377,793 (after payment of almost $ 3.1 million over the next 26 years and obtained
$1,522,015 in underwriting fees, original discount, and an economic gain (difference between the present values other issuance costs) plus an additional $695,227 of of the debt service payments on the old and new debt)
Series 1986 and 1990 Sinking Fund and Reserve Fund of $1,275,084.
Note 12: During the fiscal year ended September 30,1993, the Avenue and subsequent rek> cation to newly acquired less on Utilities Commission incurred losses from significant central office facilities; (2) the scheduled dismantling Infrequent nonrecurring abandonments of utility plant totaling and removal of an elevated water tank; and (3) the Property $465,981 primarily attributable to (1) the abandonment unusual removal of a significant number of electrical and Plant of the Commission's administrative offices at 120 Sams transformers due to obsolescence.
Disposals 15
' NOTES TO TIIE FINANCIAL STATEMENTS September 30,1994 and 1993 UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACH, FLORIDA Note 13: The following is a summary of the segment information for the Commission's individual utility systems:
Segment Information Pollution Water Electric Water Control Reuse System System System System Total Operating revenue . ......... $ 24,352,192 3,923,279 3,165,162 7,650 31,448,283 Depreciation / decommissioning .. . . 1,862,874 651,195 640,802 55,499 3,210,370 Operating income (loss) .. ... 2,032,731 725,762 385,830 (108,051) 3,036,272 Required payments to City .. . ... 1,498,049 234,256 189,707 411 1,922,423 Net income (loss) . ... ... ... 686,680 (238,075) 48,057 (263,133) 233,529 Contributed capital .. ..... .... 998,264 8,691,092 14,559,897 0 24,249,253 Utility plant acquisitions ......... 6,682,082 1,204,974 558,604 656,294 9,101,954 Utility plant retirements ........ . 344,420 47,956 20,752 0 413,128 Revenue certificates payable ..... 33,092,384 18,946,529 8,053,782 5,547,305 65,640,000 Utility equity . . . . . . . . . . ... 7,704,817 10,268,979 11,813,956 (697,966) 29,089,786 Total assets .... . ... ..... 51,672,668 28,054,515 16,821,373 4,393,361 100,941,917 Note 14: The Commission is engaged in routine litigation Commission which are not covered by applicable Legal incidental to the conduct of its utilities affairs. In the insurance which would inhibit the Commission's ability Matters opinion of legal counsel to the Commission, no legal to perform its operations or materially affect its financial proceedings are pending or threatened against the condition.
such month under its project support contract on a Note 15: The Commission, acting through the Florida Municipal %ke-or-pay" basis. He payment under the project Commitments Power Agency (FMPA), the Utilities Commission is a supyort centract would be the amount the Utilities participant in a portion of Florida Power and Light Commission would have been required to pay under its Company's (FPL) St. Lucie Unit No. 2, a nuclear power sales contract for such month if any electric generating unit. FMPA originally acquired an 8.806% capacity and electric energy from the St. Lucie Project undivided ownership interest of St. Lucie No. 2 together had been made available to them. As a result of these with rights to receive electric capacity and electric agreements, the Commission is obligated to provide energy under a reliability exchange agreement. The payments of approximately $3.7 million annually.
Commission's participation provides for a 9.884%
entitlement share of FMPA's ownership interest. A 7he Commission's anticipated share ofdecommissioning reliability exchange agreement provides for FMPA's costs applicable to its participation in Florida Power exchanging 50% of its share of the output from St. Corporation's (FPC) Crystal River Unit No. 3, a Lucie No. 2 for a like amount from FPL's exclusively nuclear generating unit, is expected to be approximately owned St. Lucie No. I to mitigate the potential for $6.7 million at its expected date of decommissioning in economic loss resulting from the extended or permanent 2016. An operating reserve has been established to outage or early retirement of St. Lucie No. 2. provide advanced funding for these estimated future costs. Funding of the reserve began in 1985. The The Commission, as a participant, has also entered into balance in the fund, plus the interest earned thereon, are a power sales contract which requires payment on a expected to be sufficient to meet the Commission's "take-and pay" basis for the Commission's entitlement portion of the estimated future decommissioning costs.
share of the project capability for the St. Lucie Project The provision for decommissioning expense recognized for each month during any portion of which electric during the years ended September 30,1994 and 1993, capacity and electric energy are available to the totaled $30,988 and $98,830, respectively.
Commission from the St. Lucie Project, including electric capacity and electric energy under the reliability At September 30,1994, the Commission had additional exchange agreement with FPL. In the event payment is unrecognized construction contract commitments of not required for any month under the Commission's approximately $5.6 million for utility plant expansion power sales contract, it is required to make payment for and upgrading.
16
- - - ,. - ~.- , - . . .- . .
i.
G NOTES TO THE FINANCIAL STATEMENTS '
September 30,1994 and 1993 i UTIUTIES COMMISSION, CITY OF NEW SMYRNA BEACH, FIDRIDA I NEW SMYRNA BEACH, FI ORIDA Note 15: In 1995, it in anticipated that the Commission may be approximately $102,000. The Commission has elected
. Commitments - required to remit an arbitrage rebate to the Internal to fund this anticipated payment with an internal reserve j (Continued) Revenue Service, pursuant to current federal tax for arbitrage rebate. As of September 30,1994 and (
regulations. As of September 30,1994, the Utilities 1993, funds totaling $101,592 and $97,576, '
Commission estimated the amount of excess interest respectively, were included in the Commission's earnings on invested tax-exempt debt proceeds to be restricted cash balances. >
f t
I e
t
\
t I
i l
i i
I 17
O
- 4 a
SUPPLEMENTAL INFORMATION .
This section is composed of the following: '
Supplemental Detail Financial Information of the Electric System, Water System, Pollution Control System and Water e Reuse System Statistical Section
'l These schedulesprovide a more detailed view ofthe " Component ,
Unit Financial Statements" presented in the preceding subsection.
Resolution Numbers 16-75 and 28-78, as amended, established 1 the electric, unter, pollution control, and unter reuse systems as a single enterprise fund. These schedules are presented to j provide detailed information on the individual utility systems and to present the budgetary comparisons that are not necessaryfor 1 a fair presentation in conformity with generally accepted ,
accounting principles. ,
i 6
i
i e
SCIIEDULE OF REVENUES. EXPENSES AND Sebedule 1 CIIANGES IN RINAINED EARNINGS For the l~iscal Year Ended September 30,1994 With Comparative Actual Amounts for the Fiscal Year Ended September 30.1993 1HILIT!!:S COMMISSION. CITY OF NEW SMYRNA 15EACll.110RIDA NEW SMYRNA llEACil.110RIDA Pollution Water Totals ,
Electric Water Control Reuse 1994 1993 Operating Revenue:
Sales . ._ $ 24.165392 3.821.450 3.154.750 7.650 31.149.242 31.367.133 Other revenues 186.800 101.829 10,412 0 299.041 284.079 Total operating revenue . _. 24.352.192 3.923.279 3.165,162 7.650 31,448.283 31.651.212 Operating Expenses:
Production ex 14.643.163 871.763 0 0 15.514.926 16.033 3 90 Transmission,penses .. distribution and sewage collection and treatment 1.388373 372.874 1.118.262 57.686 2.937.195 2.930.222 Customer accounting ..- 499.414 193.703 118.846 0 811.963 811.560 Administrative and general . 2.427.588 873.726 711.715 2.105 4.015.134 4,088,053 Required payments to the City of NeeSmyma 13each 1.498,049 234.256 189.707 411 1.922,423 1.878.058 Depreciation and decommissioning 1.862.874 651.195 640,802 55.499 3.210.370 2.988.477 Totaloperating expenses . -. 22.319.461 3.197.517 2.779332 115,701 28.412.011 28.729.760 Operating income (loss) .. . 2.032.731 725.762 385.830 (108.051) 3.036.272 2.921,452 Nonoperating Revenue (Expenses):
Interest camings --
236.089 152.955 100.089 6.838 495.971 370.830 Otherincome : - - - 218.897 19.618 39.254 0 277.769 270.065 Interest and debt ex (1.730.286 (1.095.942 (470.644) (3.458,792)
Otherexpenses . pense (161.920) (3.250.343)
(1.543 (33.139 (2.472) 0 (37.154) (12.038) less on disposal of assets - (69.208 (7.329 (4.000j 0 (80.537) (54.823)
Total nonoperating revenue ... . (1 346.051) (963.837) (337.773) (155.082) (2,802.743) (2.676 3 09) i Net income (loss) before infrequent i and extraordinary items .- 686.680 (238.075) 48.057 (263.133) 233.529 245.143 ;
Infrequent Items:
less on infrequent property and i plant disposals 0 0 0 0 0 (465.981)
Net income (loss) before extraordinaryitems ..., 686.680 (238.075) 48.057 (263.133) 233.529 (220.838)
Extraordinaryloss fmm defcasance ordebt . 0 0 0 0 0 (2.552.08,8j Netincome(loss) ..
686.680 (238.075) 48.057 (263.133) 233.529 (2.772.926)
Retained earnings, beginning of year - 6.019.873 1.815.962 (2.793,998) (434.833) 4.607.004 7.379.930 Retained earnings.end of year $ _3206,5_53_ __1,571882_ _B,745141) (697.906) _ 4,8_4.().53 1 4.601.034_
I 18
o SCIIEDULE OF REVENUE, RECEIP15, EXPENSES AND DISBURSEMEN'IS - Schedule 2 HUDGET AND ACTUAL - ELECTRIC SYSTEM (NON-GAAP HUDGETARY HASIS)
For the Fiscal Year Ended September 30,1994 U111JI1ES COMMISSION, CITY OF NEW SMYRNA BEACII, FLORIDA NEW SMYRNA BEACll, FLORIDA Variance Favorable Budget Actual (Unfavorable)
Revenue and Receipts:
Direct Sales:
Electric sales . . .. ..-.........$ 24,879,364 24,852,974 (26,390) '
Other revenues . .. .. . . . , . . . . . . . . . . . . 172,000 186,800' 14,800 Nonoperating revenue:
Interest carnings . .. .. . .. .... .. - - = 169,480 236,089 66,609 Other reveaues (cxpenses) .. . . .. . . -- 184,000 217,354 33,354 Total revenue and receipts.. . .. .. . . . . . . 25,404,844 25,493,217 88,373 Operating Expenses: ,
Power prodaction and fuel ... . .. . . .. .- - . . . 15,428,365 14,643,163 785,202 l Transmission and distribution . ... . . ..... . = 1,376,020 1,388,373 (12,353)
Customer accounting . . . . . . . . . . . . . . . . . . . . ~ . ... 497,048 499,414 (2,366)
Administrative and general ... . ..... . . . . . . . . . . . . 2,473,915 2,427,588 46,327 Required payments to the City of New Smyrna Beach . .. ... .... .. 1,502,302 1,498,049 4,253 L)ccommissioning expcnse .. . . .. = . . . . . . . . . . 0 30,988 (30,988)
Total operating expenses. .. ..... _ . . . . . 21,277,650 20,487,575 790,075 Net revenue and receipts . .. . .. .... .. . . . . . 4,127,194 5,005,642 878,448 Operating Transfers In (Out):
Sinking Funds:
1978 Certificates ... _ . . . . (1,003,989) (1,003,989 0 1987 Certificates .. .. .. ... . ... .. . .. . . (331,517 331,517 0 1992 Ce rt ifica tes .. ... . . .. ... .... ... . . ... .. ... (535,489 535,489 0 1993 Certificates .. . . . . . . . . . . . . . . . . . . . . . . . O Renewaland Replacement Funds:
Required contribution .. . . . .
. . . . . . . . . . . (1,363,245) (1,363,245) 0 Totaloperatingtransfers(out) . . . . . . . . . . . . (4,120,001) (4,120,001) 0 Budgeted net cash receipts . .. .. .. ... . ..... . ... $ 7J91. 885,641 JA48_
87 Additions (Deductions) Required to Reconcile Net Cash Receipts to Net Income (GAAP Basis):
Unbilled revenue = .= . . . . . .. (555,865)
Capitalized nuclear plant improvements recovery charges - (131,717)
Principal portion of required Sinkin . . . . . . . 795,648 Excess Sinking Fund ttansfers ... ...g Fund transfers ~.
. . . . _ . . . . . . . . 317,273 Net transfers to Renewal and Replacement Fund - __ . . . . 1,363,245 Gain (kyss) on disposalof property and equipment .. . ... . (69,208 Depreciation and decommissionmg - . . . . . . . . . . . . .. (1,831,886 Amortization of debt expense . . . . . . . . . . . (86,451 (198,961)
Ne t in co me . .. .. .. .. . .. . .... .. . . . .... . . . . _ _ $ 686,63 0_
19
4 SCIIEDULE OF REVENUE, RECEIPTS, EXPENSES AND DISBURSEMEN'IS - Schedule 3 HUDGET AND ACFUAL - WATER SYSTEM (NON-GAAP HUDGETARY HASIS)
For the Fiscal Year Ended September 30,1994 UTILITIES COMMISSION, CITY OF FW SMYRNA BEACII, FLORIDA NEW SMYRNA BEAC11 FLORIDA Variance Favorable Budget Actual (Unfavorable)
Revenue and Receipts:
Direct Sales: ,
Water sales _ ... - . . . . . . . . . . . . . . . . . _ . ~ . . . . $ 3,588,652 3,839,553 250,901 '
Other revenues . . = . . _ ... .. . . . . . 123,118 101,829 (21,289)
Nonoperating revenue:
Interest earnings . . . . . . . . 162,720 152,955 (9,765)
Other revenues ex . . . . . . . . . . 35,000 (13,521) (48,521) -
Connection fees (. .penses) . _ .. .
. . . . . . . . . ...... . .. 209,718 367,366 157,648 Meter settinginstallation charges.. . ._ 120,000 80,81G (39,190) ,
Total revenue and teceipts - . . . . . . . 4,239,208 4,528,992 289,784 Operating Expenses:
Water production .. .._-- . _ . . . . .. 912,119 871,763 40,356 Transmission and distribution . .. . .. .. = .. 331,530 372,874 (41,344)
Customer accounting . - - . - . . . . . _ . . . _ . . 194,642 193,703 939 Administrative and general . .... -_ _ . . . . . . . . . - . _ . 937,484 873,726 63,758 Required payments to the City of New Smyrna Beach .. .. .. 230,129 234,256 (4,127)
Totaloperating expenses . . . . . . _ . . . 2,605,904 2,546,322 59,582,_
Net revenue and receipts _ _ . . . . _ . . . 1,633,304 1,982,670 349,366 Operating Transfers In (Out):
Sinkmg Funds: >
1978 Certificates .. .. . . . . . . . . . . . . _ . . . . . . . . . - . . 561,010) (561,010 0 1987 Certificates -= - . . . . . . . . . . . . . . . . . . . . . . . 353,619) (353,619 0 1992 Certificates . . . . . . _ . . . - - 141,796) (141,796 0 1993 Certificates . . . ... -_..... .. _ . . ,
( 0 Renewaland Replacement Funds:
Required contribution .. .. .._ . . .. . ... . . . . . 279,488 (279,488) 0 Restricted fund contribution .. ... . ...-. 209 (367,366) (157
' 4893,718 0~ ) (646,854) (l' Restricted fund contribution for operations = - . . _ 537,636 537,636 0 Total operating transfers (out) (1,580,773) (1,738,421) (157,648) J Budgeted net cash receipts ... . .. . . . . . . . . . . . . . _ . . . $ 52,531 244,249 191.718 !
Additions (Deductions) Required to Reconcile Net Cash Receipts to Net Income (GAAP Basis):
Unbilled revenue _. .. . . . . - . ... . (18,103 ,
Connection fees . . .... . . . . . . . . . . . . _ . . _ . . (367,366 !
Meter setting installation charpes - -
- . . . . . . . (80,810 Principal portion of required Sinking Fund transfers ... . . .~ .. 499,890 Excess Sinking Fund transfers ... ... .. . . . . . 85,553 Net transfers to Renewaland Replacement Fund . =. 109,218 i Gain (loss) on disposal of property and equipment .. (7,329)
Deprecia tion ..... ...... . .. .. . _ . . .. (651,195)
Amortization of debt expense .. .. . ... .. .. .. . . . . . . . . - . (52 182 (482,324))
Net (loss) - = .... . ... .. . . . . $ (23.8,075) 20 i
4
- j i
SCIIEDULE OF REVENUE, RECEIPTS, EXPENSES AND DISBURSEMENTS - Schedule 4 HUDGHT For the FiscalAND YearACTUAL Ended September - POLLUTION 30,1994 CONTROL SYSTEM (NON-GAAP HUDGETARY HASIS)
UTILITIES COMMISSION, CFlY OF NEW SMYRNA BEACll, FLORIDA NEW SMYRNA BEACII, FLORIDA Variance Favorable Budget Actual (Unfavorable)
Revenue and Receipts:
Direct Sales:
Polfution control charges . . . . . . . . . . . . ... .. $ 2,978,217 3,171,010 192,793 Other tevenues .. ... .. . . . . . . . . . - . . . . . . 8,000 10,412 2,412 Nonoperating revenue:
I n teres t ca rnings .... - .. .. .- ........ .. .. . - .
. 66,320 100,089 33,769 Other revenues ex . . 6,000 36,782 30,782 Connection fees (. ...penses) .... .. .... . . . . . . . . . . . . .
163,850 278,878 115,028
. . . . . . . . . . . . . . = . . . . . . . . . . ..
Total revenue and receipts . . . . , . . , . . . . . . . . . . . 3,222,387 3,597,171 374,784 Operating Expenses:
Collection and treatment system ..... . . . . . . . . . . 1,138,617 1,118,262 20,355 Customer accounting . . . . . . . . . .. . . . 119,589 118,846 743 Administrative and general ... , _.._ . . . . . . . . . . . . . . . . . . . . . . . . . 741,976 711,715 30,261 Required payments to the Cityof New Smyrna Beach . . .. . . 188,938 189,707 (769)
Total operating expenses .. . . . . . . . . . 2,189,120 2,138,530 50,590 Net revenue and receipts .-. . . . . . . . . .. _,_1,033,267 1,458,641 425,374 Operating Transfers In (Out):
Sinkinp Funds:
197b Certificates .. .. ..... .. . . . . . . . . . . . . . . . . (516,670) (516,670) 0 1987 Certificates .. .. . . . .. .. . . . . . . . . = . .. (51,569) (51,569) 0 1992 Certificates . .. . . . . . . . . . . . . . . (126,782 (126,782 0 1993 Certificates ... .., . . . . . . . . . . . . . . . - -
_J(7 1 2
(53,521 (748,642 0
U, Renewaland Replacement Funds:
Required contribution ... . . ... . .. .. . .~.. . . . 185,972) 185,972) 0 Restrieted fund contribution ... ... .... . . . . . . . . . . . . . . . . . 8 78 .
Restricted Fund contribution for operations .. .. ...... ... . 120,000 120,000 0 Water Reuse System contribution....... ... .. ....... ... .. .. (39,645) (39,645) 0 Total operating transfers (out).. .. , .. (1,018,009) (1,133,037) (115,028)
Budgeted net cash receipts .. ... ... .... . . . . . . . . . $ 15,251 325,604 310,346 Additions (Deductions) Required to Reconcile Net Cash Receipts to Net income (GAAP Basis):
Unbilled revenue .. .... ..... ..- . . . . . . . . . . . . . . . . . . . . . . . . . (16,260)
Con nection fees ... .. .. . ... ....... . - _ . . . . . . . . . . . . . . . ..
(278,878)
Principal portion of required Sinking Fund transfers . . ...-..... ..... 217,015 Excess Sinking Fund transfers ... .... . . .. .. . _ _ . 79,133 Net transfers to Renewal and Replacement Fund.. . . . . . 344,850 Transfcr to Water Reuse System... -. ....... .. ..... . . . . . . . . . . . 39,645 Gain (loss) on disposal of property and equipment . . . (4,000)
Depreciation .. ......... ...... . . . . . . . . (640,802)
Amortization of debt expense : . 8 t
Net income .-- . . . . . . . . . . .
$ 48,051 21
l SCIIEDULE OF REVENUE, RECEIPTS, EXPENSES AND DISHURSEMEN'IS - Schedule 5 HUDGET AND ACTUAL - WATER REUSE SYSTEM (NON-GAAP HUDGETARY HASIS) ,
For the Fiscal Year Ended September 30,1994 1 UTILITIES COMMISSION, CITY OF NEW SM YRNA BEACII, FLORIDA NEW SMYRNA BEAC11,110RIDA Variance Favorable Budget Actual (Unfavorable)
Revenue and Receipts:
Direct Sales:
Re use water sales .. . .. .. . . . .. ., ..- .. . . . $ 47,361 6,850 (40,511)
Reuse subsidy surcharge .... ........ . . . . . . . . . . . . . . . . . . . . . 347,570 354,986 7,416 Nonoperating revenue:
Interest earnings .. . .. . . . . .. . . . . . . . . . 16,480 6,838 (9,642)
Other revenues (expenses) ..... . . . . . . . . . . . . . 0 0 0 Total revenue and receipts . . . , ... . . . ~ .. . .. 411,411 368,674 (42,737)
Operating Expenses:
Fransmission and distribution s . . . . 56,072 57,686 (1,614)
Customer aecounting ... .. .. . ystem .. . . .... . .. .. .
. . . . . . . .. ...... 0 0 0 Administrative and general . . ..... . .. ... ... . ... .. 3,500 2,105 1,395 Required payments to the City of NewSmyrna Beach ... . .. .. 2,841 411 - 2,430 Total operating expenses - . . . . . . . . . .. 62,413 60,202 2,211 Net revenue and receipts . . . . . . . . . . , . . . . . . . . . 348,998 308,472 (40,526)
Operating Transfers In (Out):
Sinicing Funds:
1992 Certificates . . . . . . . . . . . . . . . . . . 238,551) 238,551) 0 1993 Certificates . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 Pollution ControlSystem contribution for operations.. .., . . . . . 39,645 39,645 0 Total operating transfers (out) . . . . . . - . . .... (348,998) (348,998) 0 Budgeted net cash receipts . .. .. .... ... ... . .. .. .. .. ... . $ 0 (40,526) (40j26)
Additions (Deductions) Required to Reconcile Net Cash Receipts to Net Income (OAAP Basis):
Unbilled revenue...... ... .. . > . . . . . . . . . . . . . . . . . . . . . 800 Re use s u hsidy su rchr.rge . ..... ......... ....... ... ..... . ... . .. ... (354,986)
Principal portion of required Sinkin .. 87,447 Excess Sinking Fund transfers ..... ..g Fund transfers = . . . . . . . . . . . 152,401 Depreciation - ............... .. . . . . . . . .. 55,499)
Amortization of debt expense ......... . . . . . . . . . . . . 13,125)
Transfer from Pollution Control System.... . ... ... .._... ..
39%645)
(222,607)
Net (loss) .. . . . . . . . . . . . . .
$ __(2611_33) i k
22
~. -
0
?
i t
SCIIEDULE OF OPERATING EXPENSES- Schedule 6 ELECTRICSYSTEM f For the Fiscal Years Ended September 30,1994 and 1993 !
UTILITIES COMMISSION, CITY OF NEW SM YRNA BEACII, FLORIDA !
NEW SMYRNA HEACII, FLORIDA t i
1994 1993 >
Power Production and Fuel:
Nuclear Power Generation: '
Fuei..... . . .. . _ . . . . ................................ $ 89,747 208,406 Operation _ -
. . . . . . . . . . . . . . . . _ . . . . 402,988 484,870 t M a in1 e na n ec .. ..... . . .. . . . . ... .. . . . .. . .. . . . .. .- 337,568 311,096 i DieselPower Generation:
Fuei...... .. .. ...._.. ... . . . . . . _ . . . . . . . . . . . . . . . = 14,574 28,722 ;
Opc ra t io n . ... . .. ... . ._ .. . .. .. . .... . . . . .. . ... ... . .. _ _ ... . 362,795 334,157 '
M aintenanec _............ .. . . . . . . . . . . . . . . . . _. 19,913 25,433 :
Other Power Supply: ;
Pu rchased powe r . . ...... . .. ....... ._ .._ ..... ._ . . .. . 13,047,054 13,368,154 System control and load dispatching . . .. .. ., ... . . . - . . 368 524 402,013 ;
14,6486T 15,162,85T .
r Transmission and Distribution. .
Operation .,.. .. . . . . _ . . . _ . . . . . . . . . . . . ~ . . . . , . 1,092,097 1,101,509 Maintenance _ . . . . . . . . . . - .... . . . . . . . 296 276 342 166 1,388',37T 1,443D5~
Customer Accounting: f Opcration . . . _ . ._,.
. . . . . . - . . ..... .......... . 499,414 496,772 ..
1 Administrative and General:
Operation .. .
i
. . . . . . . . . . . . 2,263,570 2,325,608 Maintenanec . .. . .. .. . . . . . ~ . . _ . . . . . . . 164 018 180 713 2,427MT 2,566,,321 J
t Required Payments to the City of New Smyrna Beach . . .. .. . 1,498,049 1,480,138 l De preciation and decommissioning .... . .. . ..... . .. ._ .... .. .. ._ ... ...~. . ......
1,862,874 1,740,475
- Total operating expenses . .... . _ . . . - . . . . . . . . . . . . . . . . $ __22219A6L 22,81 0,232_ l 5
f t
h i
f
?
i I
i
)
- i k
I SCIIEDUI.l! Ol' OPERNI1NG EXPENSES- Schedule 7 WNI1!R SYSTEM For the Fiscal Years Ended September 30,1994 and 1993 UTIIJilES COMMISSION, CITY OF NEW SMYRNA IlEACII,110RIDA NEW SMYRNA BEACII, FLORIDA 1994 1993 Water Production:
Source of Supply:
Operation .. , . . . . . . . . ._
. . . $ 55,206 64,349 Maintenance. . . . . . . . . . . . .. 21,045 10,246 Pumping:
Operation ., . . . . . . . . . . . . . . - . . 148,718 154,143 Maintenance - .. . . . . . . ... . .-- . 3,102 5,640 Water Treatment:
Operation . ... . . . . .- .. . . . . .. ... 636,048 631,237 Maintenance .. . . . . . . . .. 7,644 41924 871,76T 870,S37 Transmission and Distribution:
Operation . . . . . - . . . . - .. . . 352,154 358,948 Maintenance = . . . . . . . . - . . . . . . . . 20 720 21 0
.T72 7T 380 Customer Accounting:
Operation .. .. . . . . . . . . . . .. .. .- . . 193,703 195,065 Administrative and General:
Operation . . . ... . . . . . . . . . . . ... .., 821,915 824,188 Maintenance . . . . . . . . - . . . . - , . . 511781 47 917 873,72F 872%5-Required Payments to the City of New Smyrna lleach .. .. . . . ... 234.256 231,711 Depreciation . . . .. . . . . . . . . . . . 651,195 579,857 Total operating expenses . .. - . . . . . $ 3,197,.117_ 3J29485_
24
o 0 4
' SCIIEDULII OF OPERNHNG EXPENSES- Schedule 8 i POLLUTION CONTROL SYSTEM "
For the Fiscal Years Ended September 30,1994 and 1993 U11L111ES COMMISSION, CITY OF NEW SMYRNA BEACII,110RIDA NEW SMYRNA BEACII, FLORIDA i
i 1994 1993 Collection and Treatment System: a Collection and P;:mping:
Ope ra tio n .. .. .. ..-.. .. . ... . .. .. . . . . .. . .. .... . . .. .... .... .. . ... .. . $ 351,234 352,222 . !.
M a in t e na nce .....-.. .. . .... ,.. .... ... ..... ... . . . . , . . . . . . . . . . . . . . 48,685 - 44,138
- Treatment and Disposal:
O pe ra t io n .. .. ... . . . . . . .. ... ... . . . .. .. .., ... . . . . . .. .. . 694,031 640,267 M ain te na nce ... .. . ........ - .. . . . . . . . . . . . . . . . . . . . . . . . . 24 312 16 253 1,1IM262- 1,052,,8F '
' Customer Accounting: '
Opcration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -..... . I18.846 119.723 Administrative and General:
One ration .. .. .. .. ... ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 685,368 684,007 M'aintenance ... . . .. . . . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . 26 47 25 7H),715' 709*560 56 7 Required Payments to the City of New Smyrna Beach . ...~ .... . . ..... .. .. .. . . 189,707 165,825 D eprecia tio n . ... ... .- .. .... . . .. ..._... .... . . ... .. .. -- . . . . . . . . . . . 640,802 627,358 Total operating expenses . . . ..... .... . -- $ 2,719,EL 2471311_
l i
T t
i
}
I h
I s
f i
i t
I 0
f 5
5 1
t I
l
._ _ -. . . = . - - - . . .-. . - - - - -
t
. i L
a i
. C' j
SCIIEDULE OF OPERA'I1NG EXPENSES- Schedule 9 WATliR REUSE SYSTEM .
For the Fiscal Years Ended September 30,1994 and 1993 U11LITIES COMMISSION, CITY OF NEW SM YRNA BEACII, FLORIDA ;
NEW SMYRNA BEACII, FLORIDA ;
I 1994 1993 Transmission and Distribution System:
_i Operation . . . . . . . . . . . . . . . . . . . . . . ~ . . . . . . . . . $ 57,415 53,259 '
Main te nancc . . .. ...... . ... .. .. . . . . . . . . . ~ . .
271 0 57,686 53,259 i Administrative and General: )
Operation . .-. . . m....... .. . . . . . . . . . 2,105 60 M ainte nance . . .. .. . .. .. 0 l
0 ;
2,105~ 60 >
i Required Payments to the City of New Smyrna Beach ..... .... .. . . . . . . . . . 411 384 Deprecia tio n .. ... .. .. .. ..... ... . . ... . . .. . . . . 55,499 40,787 :
Total operating expcnses . ._ . . . . . . . . . . . . . . . . . . . . . . . . $ 115.701 C. . !
r E
I e
W I
t f
.I
[
i
/
i i
4 e
h i
k i
t t
?
i i
i i
a i
26 i t
h i
k
=
i fl
' SCilEDULE OF INTEREST EARNINGS Schedule 10 ,
For the Fiscal Years Ended September 30,1994 and 1993 j
- UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACII, FLORIDA NEW SMYRNA HEACll, FLORIDA -
i k
1994 -1993
- Interest Earnings By Source: i From Investments: i
' Sinkin g fu n ds .. .. .. . .. .. .-... .~. .. .. . . .. -. . . .... . . . . $ 231,404 161,607 Reneval and replacement funds ... ........ .. .. .. .-- . . . ... 134,943 132,507 ,
Customers' de 39,383 15,081 O t he r .. .. .... ... posits .... .. .. .. .... .. .... ... ...... . . . . . . . . - - .. ;
. . . . . . . . . . . . . . . ~ . . . . . . . . . . . . . . . . - . . 70 47 475'242 97T 357'978 I73~ .
From Assessments .......................=; . - . . . . . . . . . . . . . 19.999 13.657 l Total intc est earnings . .. ... .. ... . . . .
495.97L 370J30_ ,
e i
i Interest Earnings By System: !
Electric system . .. .. .. . , .... .. .. . . . ... . . . . . . . . . 236,089 169,257 i Wa ter system .... ... .... ...-... .-- . ... . 152,955 119,022 ,
Pollution control system .... ... ... . . . . .. 100,089 81,959
. . . . . . . . . ~ . . .
Water reuse system .. ... ..- .- - . . . . . . . . . - 6.838 592 r
Total interest earnings . ..... .. . . . . ......;; $ 4919_IL 37_0J30_
l t
I P
I l
I I
t t
f 3
F f
f I
a f
?
[
I i
i i
(
27 i
o SCIIEDUI.E Ol' DEllT SERVICE REQUIREMENTS TO MATURITY Schedule 11 For the Fiscal Year Ended September 30,1994 Page1of3 17111JTlES COMMISSION. CITY OF NEW SMYRNA BEAClI FIDRIDA NEW SMYRNA HEACll, Fl.ORIDA Utilities System Revenue Refunding and Improvement Utilities System Refunding Revenue Certificates.
Certificates, Series 1978 Series 1987 Payment Total Principal Total Date Principal Interest Requirements Amount Interest Requirements 10M1N4 $ 330JXO 710.234 1.040.234 0 239.923 239,923 04A)1N5 345JXX) 698.684 1.043.684 255,000 239,923 494.923 10 MIN 5 355JXX) 686.609 1,041,609 0 232.528 232,528 04A)1N6 370/K)0 674.184 1,044.184 270.000 232,528 502,528 10A)1N6 380fXX) 661.234 1,041,234 0 224.428 224,428 04/01N7 395,000 647,934 1.042,934 285.000 224.428 509,428 10A)1N7 410,000 634.109 1,044.109 0 215.593 215.593 04AllN8 425,000 619.759 1.044.759 305,000 215.593 520.593 10/ DIN 8 435,000 604,884 1,039.884 0 205,833 205,833 1 0401/99 455J00 589,659 1.044.659 325.000 205,833 530,833 i 10/0199 470.000 573.734 1,043.734 0 195,270 195.270 0401/2(00 485,000 557.284 1.042.284 345JX)0 195.270 540.270 10All/2000 500fKO 540309 1.040309 0 183.885 183.885 04A)1/2001 520fK)0 522.809 1,042,809 370.000 183,885 553.885 10A)1/2001 540,000 504.609 1,044.609 0 171,490 171,490 0401C002 555.000 485,709 1,040,709 390,000 171.490 561,490 10M1/2002 575/KX) 466,284 1,041.284 0 157,840 157,840 04 A)1/2003 595J00 446.159 1.041.159 420/100 157,840 577,840 !
10A)1/2003 615,000 425334 1.040334 0 143.140 143,140 04A11/2004 640.000 403.809 1.043.809 445.000 143.140 588.140 i 10MI/2004 660,000 381,009 1.041.009 0 127,565 127.565 04 01/2005 685fXX) 357.497 1,042,497 480.000 127.565 607,565 10Ml/2005 710fXX) 333,094 1.043,094 0 110.765 110,765 04 A)1/2(Kki 735J00 307.800 1.042,800 510.000 110,765 620,765 10/01/2(X16 760.000 281.616 1.041.616 0 92.915 92.915 04 01/2007 790J100 254.541 1,044.541 545/K)0 92,915 637.915 10/01/2007 815.000 226J97 1,041,397 0 73,840 73.840 04AllC008 845.000 197363 1.042363 585.000 73,840 658,840 10A)1/2008 875JKO 167,259 1.042.259 0 53.073 53,073 (4 01/2009 905/KK) 136.088 1,041.088 630/100 53.073 683.073 10All/2009 940JX10 103.847 1/M3,847 0 30,708 30,708 04 01/2010 970.000 70359 1.040359 670.000 30,708 700,708 10A)1/2010 1.005JX10 35,803 1.040,803 0 6.923 6,923 04 01/2011 0 0 0 195.000 6.923 201.923 10/01/2011 0 0 0 0 0 0 04A)1/2012 0 0 0 0 0 0 10MI/2012 0 0 0 0 0 0 0401/2013 0 0 0 0 0 0 10M1/2013 0 0 0 0 0 0 04 01/2014 0 0 0 0 0 0 10/01/2014 0 0 0 0 0 0 04 01/2015 0 0 0 0 0 0 10M1/2015 0 0 0 0 0 0 0401/2016 0 0 0 0 0 0 10A)1/2016 0 0 0 0 0 0 04 01/2017 0 0 0 0 0 0 10/01/2017 0 0 0 0 0 0 04 01/2018 0 0 0 0 0 0 10A)1/2018 0 0 0 0 0 0 04A)1/2019 0 0 0 0 0 0 10All/2019 0 0 0 0 0 0 TOTAL $ __20,090,000_ 14,306fK13 __14,390fK13_ 7,025/xK)_ 4,93},438_ n,954,43g_
28
o SCIll!DULII OF DEllT SERVICE REOUIREMENTS TO MATURITY Schedule 11 For the ikcal Year Ended September 30,1994 Page 2 of 3 IJrILITIES COMMISSION, CfrY OF NEW SMYRNA IIEACll, F1.ORIDA NEW SMYRNA liEACII, FIDRIDA Utilities System Revenue Certificates, Utilities System Refunding Revenue Certificates, Senes 1992 Senes 1993 Payment Principal Total Principal Total Date Amount Inte est Requirements Amount Interest Requirements 10A)1N4 $ 175,000 433,809 608309 525,000 568,576 1.093,576 04 MIS 5 0 430,528 430,528 0 561,226 561,226 10 Alls 5 185/XX) 430,528 615.528 540/100 561,226 1,101,226 04 MIS 6 0 426,735 426,735 0 552,586 552,586 10/01N6 195,000 426,735 621,735 555,000 552,586 1,107,586 045)1N7 0 422,494 422,494 0 542,874 542,874 10 MIN 7 200,000 422,494 622,494 575,000 542,874 1.117,874 04A)1M8 0 417,944 417,944 0 531,949 531,949 10 MIN 8 215/XX) 417,944 632,944 595,000 531.949 1,126,949 0401h9 0 412,730 412,730 0 $19,751 519,751 10M1S9 225fXX) 412.730 637,730 620,000 519,751 1,139,751 044)1/2000 0 407,161 407,161 0 506,421 506,421 10M1/2(XX) 230,0fX) 407.161 637,161 655,000 1,161.421 506.421 0401/2tX)1 0 401.296 401,296 0 491,684 491.684 10All/2001 245/KX) 401,296 646,296 680/XX) 491,684 1,171,684 04M1/2002 0 394,743 394.743 0 475,959 475,959 10M1/2002 270,000 394.743 664,743 710,000 475,959 1,185,959 04All/2003 0 387,520 387,520 0 459,096 459,096 10All/2003 280,000 387.520 667,520 745.000 459,096 1,204,096 044)1/2004 0 379.820 379.820 0 441,216 441,216 1001/2(X14 305JKX) 379,820 684,820 775,000 441,216 1,216,216 0401/2(x)5 0 371,280 371.280 0 421,841 421,841 10M1/2005 320,000 371,280 691,280 815,000 421,841 1,236,841 04A11/2006 0 362.000 362J100 0 401,466 401,466 10M1/2006 340/K)0 362,000 702,000 860.000 401,466 1,261,466 04MI/2007 0 352,140 352,140 0 379,536 379,536 10A)1/2007 360,000 352.140 712,140 905/XX) 379,536 1,284,536 04A)1/2008 0 341,700 341,700 0 356,006 356,006 10/01/2008 385JKM) 341,700 726,700 950,000 356,006 1,306J106 04/01/2009 0 330,150 330,150 0 331,069 331,069 10All/2009 405/XO 330,150 735,150 1,000JOO 331,069 1,331,069 044)l/2010 0 318JKX) 318JK)0 0 304,819 304,819 104)l/2010 440JXX) 318JXX) 758,000 1,050,000 304,819 1,354,819 04/01/2011 0 304.800 304,800 0 277,256 277,256 10A)l/2011 3J160/XK) 304,800 3364,800 1,105/XX) 277,256 1,382.256 04A)1/2012 0 213fX)0 213.000 0 248,250 248,250 10Ml/2012 3,445/K10 213JXX) 3,658JXK) 1,170/X)0 248,250 1,418,250 04 01/2013 0 109,650 109,650 0 219,000 219.000 1001/2013 3,655fXX) 109.650 3,764,650 1,225fX)0 1,444JKX) 219JXK) 04Ml/2014 0 0 0 0 188375 188 375 10MI/2014 0 0 0 1.290.000 188375 1.478375 04 01/2015 0 0 0 0 156,125 156,125 10Ml/2015 0 0 0 1,350,000 156.125 1,506,125 04MI/2016 0 0 0 0 122,375 122375 10M1/2016 0 0 0 1,160,000 122,375 1,282375 04 01/2017 0 0 0 0 93375 93375 10MI/2017 0 0 0 1,205JXX) 93375 1,298.375
- 04 01/2018 0 0 0 0 63.250 63.250 10MI/2018 0 0 0 1.245,000 63,250 1,308.250 04Ml/2019 0 0 0 0 32,125 32,125 10 01/2019 0 O_ 0 1,285JXX) 32,125 1,317,125 TOTAL. S 14,9 15/100_ ____J/101.19), 28,936,101 23 100,000 17$3,83_6_ 41,511 836_
29
. .- . .- = -. -. - .-
l
.: i SCIIEDUIE OF DENT SERVICE REQUIREMENTS TO MATURITY Schedule 11 :
For the Fiscal "For the Fiscal Year Ended September 30,1994 Page 3 of 3 !
IJrllfflES COMMISSION, CITY OF NEW SMYRNA BEACI1. FLORIDA '
L NEW SMYRNA BEACll, FL.ORIDA i
Total Debt Service Requirements to Maturity 1
-- All Certificates --
{
Payment Principal Total ,
Date Amount Interest Requirements 10A 1N4 5 1,030,000 1,952,542 2.982.542 04/01N5 600,000 1,930,361 2,530361 ,
10/01N5 1,080,000 1,910,891 2,990,891 !
04/01N6 640,000 1,886,033 2,526.033 !
.10/01N6 1,130,000 1,864,983 2,994,983 ,
04/0197 680,000 1,837,730 2,517,730 ,
10/01N7 1,185,000 1,815.070 3,000,070 ;
04/01N8 730,000 1,785,245 2,515.245 10/01N8 1245,000 1,760.610 3,005,610 04/01N9 780,000 1,727.973 2,507,973 10A)1N9 1J15,000 1,701,485 3.016,485 04A)1/2000 830,000 1,666.136 2,496,136 10/01/2000 1,385,000 1,637,776 3.022,776
' 04/01/2001 890,000 1.599,674 2.489,674 .
10/01/2001 1,465,000 1.569,079 3,034,079 04/01/2002 945,000 1.527.901 2,472,901 10/01/2002 1.555,000 1,494,826 3,049,826 i 04/01/2003 1,015,000 1,450,615 2,465,615 .
10A)1/2003 1,640,000 1.415,090 3,055,090 !
04(11/2004 1,085,000 1367,985 2,452,985 I 10A)1/2004 1,740,000 1329,610 3,069,610 !
04/01/2005 1,165,000 1,278,183 2,443,183 ,
10/01/2005 1,845,000 1,236,980 3,081,980 !
04A)1/2006 1,245,000 1,182,031 2,427.031 ,
10A)1/2006 1,960,000 1,137,997 3.097,997 04/01/2007 1J35,000 1,079,132 2,414.132 10/01/2007 2,080,000 1,031,913 3.111,913 ,
- 04/01 0 008 1,430,000 968,909 2398,909 -
105,12008 2,210,000 918.038 3.128,038 '
04/G1/2009 1,535,000 850380 2,385,380 -
10/01/2009 2345,000 795,774 3,140,774 ,
04/01/2010 1,640,000 723,886 2,363,886 ,
10/01/2010 2,495,000 665.545 3,160,545 04()1/2011 195,000 588,979 783,979 -
10/01/2011 4,165,000 582,056 4,747,056 -
04A)1/2012 0 461,250 461,250 '
10A)1/2012 4,615,000 461,250 5,076,250 04/01/2013 0 328,650 328,650 -
10.01/2013 4,880,000 328,650 5,208,650 04A)1/2014 0 188375 188375 l' 10/01/2014 1,290,000 188 375 1,478,375 04/01/2015 0 156.125 156,125 i
' 10A)1/2015 1,350,000 156,125 1,506.125 04A11/2016 0 122375 122375 .
10/01/2016 1.160,000 122375 1282,375 04/01/2017 0 93375 93375 '
10A)1/2017 1 205,000 93375 1,298375 04A)1/2018 0 63,250 63.250
.10/01/2018 1,245,000 63250 1,308250 !
044)1/2019 0 32,125 32,125 .
10/01/2019 1.285,000 32,125 1 317,125 !
TOTAL. S M44J,000_ _E,L62,461 116,802 468_ l l
30 ;
i L _.. .- _- -
-l x ,
5 i
P i
STATISTICAL SECTION i
f f
L Statistical tables diferfromfnancial statements because they usually cover more than onefiscal year and may pre,sent non- l accounting data. These tables reflect socialand economic data i andpnancial trends of the Utilities Commission, City of New 'i Smyrna Beach, Florida. I i
t i
i i
i i
i f
h I
t
~
I
, r f
- SCIIEDULE OF EXPENSES HY FUNC110N f LAST TEN FISCAL YEARS '
September 30, U'11LITIES COMMISSION, CITY OF NEW SM YRNA IlEACll,110RIDA
. NEW SMYRNA i3EACII, FLORIDA 6
Operatint Required Transmission, . Payments Distribution Administrative to City of Fiscal Total Production and Customer and New Smyrna Year Expenses Expenses Collection Accounting General Beach j 1985 3 20,725,373 10,601,458 1,868,923 547,952 2,311,726 1,122,521 l 1986 $ 21,451,417 10,599,170 2,044,229 565,057 2,581,264 1,209,499.
1987 $ 24,012,890 11,918,184 2,430,767 614,138 2,856,752 1,301,571 1988 $ 25,687,082 12,681,390 2,657,153 647,001 2,888,994 1,481,102 1989 $ 27,368,501 13,793,020 2,795,429 660,210 3,025,338 1,589,082 1990 $ 29,666,505 14,971,670 2,856,957 721,935 3,541,852 1,781,241 1991 $ 30,650,259 15,718,072 2,989,885 753,860 3,856,593 1,785,889 t
1992 $ 30,884,894 15,831,890 2,750,121 790,405 3,967,885 1,818,257 !
1993 $ 32,046,964 16,033,390 2,930,222 811,560 4,088,053 1,878,058 l
)
1994 $ 31,988,494 15,514,926 2,937,195 811,963 4,015,134 1,922,423 !
f j
1 1
'l k
i l
5 31 {
t
Table I lixpenses Nonoperating IIrpenses Interest State Depreciation Total and Other Total Utilities and Operating Debt Nonoperating Nonoperating Tax Decommissioning inpense Expense lixpense Expenses 170,406 1,661,220 18,284,206 2,376,681 64,486 2,441,167 241,059 1,706,287 18,946,565 2,421,468 83,384 2,504,852 243,184 1,929,252 21,293,848 2,583,191 135,851 2,719,042 291,187 2,218,323 22,865,150 2,775,470 46,462 2,821,932 308,843 2,322,753 24,494,675 2,737,217 136,609 2,873,826 321,159 2,447,565 26,642,379 2,781,553 242,573 3,024,126 0 2,616,987 27,721,286 2,840,798 88,175 2,928,973 0 2,788,649 27,947,207 2,876,926 60,761 2,937,687 0 2,988,477 28,729,760 3,250,343 66,861 3,317,204 0 3,210,370 28,412,011 3,458,792 117,691 3,576,483 1
1 l
l 32
_ _ _ _ . - . _ _ _ ~ _ .
4 SCIIIIDUI.II OF RIIVIINUES HY SOURCII -
1.AST Tl!N FISCAL, YEARS September 30 UTII.lTIES COMMISSION, CITY OF NEW SMYRNA BEACII,110RIDA NEW SMYRNA 13EACil,ILORIDA '
i Operating Revenues ,
Pollution Water Total Fiscal Total Electric Water Control Reuse Operating Year Revenues System System System System Revenue
, 1985 $ 20,792,509 15,a73,671 2,615,605 1,446,702 0 19,535,978 i
1986 $ 21,204,306 15,743,029 2,735,021 1,754,963 0 20,233,013 ,
1987 $ 23,575,256 17,714,974 2,925,916 1,831,044 0 22,471,934 r 1988 $ 25,269,603 19,467,476 3,050,904 1,924,385 0 24,442,765 1989 $ 27,431,708 20,841,500 3,184,987 2,390,120 0 26,416,607 1990 $ 29,103,071 22,362,293 3,305,107 2,444,813 0 28,112,213 1991 $ 30,989,578 24,261,715 3,414,240 2,437,303 0 30,113,258 1992 $ 31,115,463 24,116,658 3,618,061 2,575,895 0 30,310,614 1993 $ 32,292,107 24,880,055 3,938,507 2,826,245 6,405 31,651,212 1994 $ 32,222,023 24,352,192 3,923,279 3,165,162 7,650 31,448,283 i
k I
33
O Table II Nonoferating Revenues Total i Interest Other Nonoperatmg !
Earnings Income Revenue l 1,091,630 164,901 1,256,531 818,337 152,956 971,293 665,119 438,203 1,103,322 j
668,355 158,483 826,838 l 818,148 196,953 1,015,101 <
801,086 189,772 990,858 696,413 179,907 876,320 595,302 209,547 804,849 370,830 270,065 640,895 495,971 277,769 773,740 1
9 34
e $
DIIMOGRAPillC STATISTICS Tahic til LAST TI!N FISCAL YEARS September 30, IT11LrflES COMMISSION, CITY OF NEW SM YRNA BEAC11, FLORIDA NEW SMYRNA BEACil, FL-ORIDA
(,
New I Smyrna ,
Beach's Per County School Estimated Capita Unemployment School Percent !
Fiscal Population income Rate Enrollment Attendance -
Year (1) (3) (4) (5) (5) 1985 14,697 (2) 11,593 4.4% 3,862 97.0 %
1986 15,000 (2) 11,719 5.0% 4,123 96.0 % ;
1987 15,344 11,719 4.9% 4,219 96.0 %
1988 15,647 11,800 4.4% 4,240 94.0 % ;
1989 17,266 13,401 4.5% 4,445 95.0 %
1990 18,600 (6) 13,937 5.6% 4,488 . 96 0 %
1991 16,543 (3) 14,606 73 % ~4,663 - 95.0 %
t 1992 17,084 (3) 15,648 83 % 4,852 96.0 %
1993 17,231 16,086 6.6% 5,009 96.0 %
1994 17,989 16,635 6.4% 5,053 96.0 %
f (1)Obtained from University of Florida,Ilureau of Economics and Business Research.
(2) Estimated, actual amounts not available (3)Obtained from U.S. Department of Commerce, Bureau of Economic Analysis.
(4)Obtained from State of 11orida, Department of Labor and Employment Security.
(5)Obtained from Volusia County School Board - includes grades K-12.
-l (6)Obtained from City of New Smyrna Beach 1990 Comprehensive Land Use Plan. i i
I l
35 i
1 PROPERTY VAI UE, CONSTRUCTION AND BANK DEPOSTIS (4) Table IV LAST TEN FISCAL YEARS September 30, '
UTilJrlES COMMISSION, CITY OF NEW SMYRNA HEACII, FLORIDA NEW SMYRNA HEACil, FLORIDA Savings i Dollar and Property Number Value Bank Loan Assessed of of De sits Deposits Value :
Fiscal Permits Construction (2) (3)
Year (1) ($000's) ($ 's) ($000's) ($000's) 1985 2,006 32,783 166,126 267,464 632,540 1986 2,286 26,096 192,712 251,404 711,561 1987 2,501 26,927 185,428 306,928 763,718 1988 2,246 30,640 190,477 284,244 834,038 1989 2,502 23,382 244,312 228,568 894,694 :
1990 2,416 27,492 310,746 285,541 975,234 1991 2,333 22,310 379,110 300,960 1,030,656 1992 2,391 18,909 426,878 317,964 1,094,024 >
1993 2,421 28,848 531,036 '
331,636 1,117,205 1994 2,266 18,103 397,165 (5) 303,670 (5) 1,149,931 (1) Obtained from City of New Smyrna Beach Building Department.
(2) Obtained from inquity of officials of banks and savings and loan associations.
(3) Obtained from Volusia County Finance Department.
(4) The above data is related exclusively to area within the municipal limits of the City of New Smyrna Beach.
(5) located outside the municipal boundaries of the City of New Smyrna Beach. Prior to 1994 were based on regional banking / savings and loan center totals which included branches located outside of the City. Prior year data cannot be easilysegregated due to the large number of banking changes / mergers that have occured during the last ten years.
a 36
SCIIEDULE OF INSURANCE IN FORCI! Table V September 30,1994 UI ILITIES COMMISSION, CTIY OF NEW SMYRNA IlEACli,ILORIDA NEW SMYRNA ilEACII, FLORIDA Coverage and Policy Policy Insuringompany Number Period Details of Coverage Liability Limits Comprehensive General Liabiity:
Nutmeg Insurantx Co, 21CENQC1077 12/01 S 3 Combined bodilyinjury $1,000,000 12/01S 4 and property damage Ilusiness Auto:
Twin City Fire Insurance Co, 21UENOC1243 12/01S 3 Liability $1,000,000 bodily injury and
!!artford Casualty Insurance Co, 12/01 S 4 propertycombmed Comprehensive Actual cash value less
$250 deductible Collision Actual cash value less
$500 deductible Uninsured Motorist $100,000 No fault Statutory Business Property:
American Guarantec and Liabihty CPP330867008 12/01 S 3 Buildings and contents $17,113,624 with $10,000 Insurance Co, 12/01 S 4 deductible with 90%
co-insurance Accounts receivable $850,000 with $500 deductible Valuable papers / records $100,000 with $500 deductible Contractors equipment $554,255 with $500 deductible Computer egmpment $100,000 with S500 deductible Crime:
Aetna Casualty and Surety Co, 35BY100725570 12/01S 3 Employee crime $100,000 aggregate, $1,000 BCA 12/01 S 4 deductible Money and securities $60,000 Counterfeit currency $5,000 Depositors' forgery $100,000 Boiler and Machinery:
Great Northern Insurance Co. 7827 32 09/30S 4 Breakdown due to accident $5,000,000 with $10,000 09/30S 5 deductible Nuclear Energy Damage:
American Nuclear Insurance and 94P147 10/09S 3 Primary property $500million Mutual Atomic Energy Liability 10/09S 4 Underwiters and Nuclear X93147&X93015 11/15S3 Excess property $1,400 billion Insurance Ltd, 11/15S 4 (Excess of $500 million)
(lhese amounts represent the NF195&MF91 01/01 S 4 Primary liability $200 million totalinsurance coverage for 01/01S5 Horida Power Corporation's Crystal NS347&MS65 12/31S3 Suppliers and transporters $200 million River nuclear plant, of which the 12/31S 4 hability Commission owns a 0.05608% N35&M35 01/01S4 Secondary financial $30 million per occurrence undnided ownership interest) 01/01 S 5 protection NW103&MW62 01/01 S 4- Master Workers Torts $200 million aggregate 01/0lS5 Public Omcial/ Employee Liabiity:
Corregis insurance Organizations $24-202131 --7 07/2894 Liability $500,000 retentions, $10,000 07/28 S 5 pcr loss Workers
- Compensation:
Florida Mumcipal Self-insurers' 109 10 SIS 3 Statutory coverage Statutory Fund 10/01S 4 Fmployer's liabihty $100,000 Pollution Liabihty::
Florida Petroleum Liability Insurance ITL - 7627153 07/10S4 Liability - fuel spillage $1,000,000 aegregate 07/10S 5 $500 deductiNe 37
4 TEN I.ARGEST EI.ECTRIC CUSTOMERS Table VI September 30,1994 IJ11LITIES COMMISSION, CITY OF NEW SMYRNA IlEACil, FLORIDA NEW SMYRNA IlEACil,ILORIDA Kilowatt Ifour Sales Revenues Billed Percent Percent (kWh of of (000's Total Amount Total
- 1. Ilert Fish Medical Center. .. 5,077 1.77 % $392,181 1.58 %
- 2. Publix Food Store (#0191) .. . ... ... 3,069 1.07 % 240,816 0.97 %
- 3. Publix Food Store (#0335) - . .. . ... 2,735 0.95 % 210,411 0.85 %
- 4. Utilities Commission (Pollution plant) 2,512 0.87 % 197,904 0.80 %
- 5. Iloard of Public Instruction (New Smyrna Beach Middle School).. .- 2,285 0.79 % 209,142 0.84 %
- 6. Board of Public Instruction (NewSmyrna Beach Iligh School).. .. . . 2.227 0.77 % 189,564 0.76 %
- 7. Food I_ ion (#829). . ... .... ......... . . . . . . . . 2,138 0.74 % 167,378 0.67 %
- 8. Winn Dixie Store (#2302). .... . .. .. . 1,983 0.69 % 153,288 0.62 %
- 9. Wal-Mart (#01-1079)... .. ..... .. ..... 1,945 0.68 % 157,672 0.63 %
- 10. K- M a rt.. . ..-.. .. .. .. . . . . . . . . . . . 1,922 0.67 % 153,956 0.62 %
Totals... .. .= . .. .. . . . .. 25,833L 2001 12.022,33 1 JM5_
l
{
I l
f 38
e l
TiiN LARGIIST WNTER CUSTOMERS Table VII : !
. September 30,1994
- UTILITIES COM MISSION, CITY OF NEW SMYRNA BEACII, FLORIDA NEW SMYRNA BEACil, FLORIDA Consumption Revenues Billed i Percent Percent Gallons of of i (000's) Total Amount Total
- 1. Board of Public Instruction.. . .. .. .. 20,560 1.64 % $40,737 1.07 % l 9
- 2. Sea Woods llomeowners' Association.. . 19,413 1.54 % 27,298 0.71 %
- 3. Federalllousing Authority . . . . . 13,821 1.10 % 21,159 0.55 %
- 4. Oceanview Nursing IIome... . . . ....... .. ... . 10,649 0.85 % 13,703 0.36 % ;
i
- 5. Islander Beach Lodge.. . . . . . . . . . . . 10,638 0.85 % 19,618 0.51 % -
- 6. Oceanview Towers.... ... .... .. . 10,478 0.83 % 21,194 0.55 %
- 7. Bert Fish Medical Center. .. . . ... ... 10,407 0.83 % 16,257 0.43 % i,
- 8. Pelican Condominium Association 9,520 0.76 % 18,794 0.49 %
- 9. Sandpiper llomeowners' Association.. .. 9,296 0.74 % 18,784 0.49 %
- 10. Errol By The Sea.. . . . . . . . . . . . . . . . . . 9,255 0.74 % 23,126 0.61 % -
Totals.. .. ... . ........ .. . . . .. J 20017_ _9.88 1 _$220,6A . 1 7751,_
p I
h i
I I
39 I
, 1 GENERAL UTILITIES COMMISSION INFORMATION Table VIII September 30,1994 Page 1 of 3 UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACH, FLORIDA i
THE COMMISSION De Commission was established in 1965 and chartered in 1967 industry. He holds a Bachelor of Science degree in Commerce and through the passage of Chapter 67-1754, Laws of Florida, (The has completed five American Institute Banking Courses. He has Ensling Act) which amended the Charter of the City of New served in the U.S. Coast Guard and the U.S. Army. He is a Smyrna Beach, Florida. Approved by referendum vote of the member of the Southeast volusia Chamber of Commerce, an Officer citizens of New Smyrna Beach on October 24,1967, the Enabling and Director of the Kiwanis Club of New Smyrna Beach and has Act created the Utilities Commission as an appointive body with full served on numerous boards and organizations. Mr. McKee was and exclusive authonty to the extent permitted by law over the originally mppointed to the Commission in September.1988 and was manzgement, operation and control of the City's utilities. subsequently twice reappointed to serve three year terms in September,1989 and 1992.
The Commission consists of five members who are appointed by the ,
City Commission. Members are paid a salary of $100 each month. James A. rence, Sec.-Treas. (term expires September,1996)
Officers of the Commission consist of a chairman, vice-chairman, secretzry-treasurer and assistant secretary-treasurer elected by and Mr. Pence has over thirty years experience in the public utilities from the membership which also appoints a Director of Utilities, field with a nationwide telecommunications common carrier, ne Commission has the duty to fix rates and the power to sell Western Union. He is former chairman of the Republican Party in revenue certificates. All revenue certificates by the Commission are Volusia County. Mr. Pence is also a former chairman of the '
obligitions of the Commission. He Commission has no power to Utilities Commission. He was first appointed to the Commission in pledge the full faith and credit of the City of New Smyrna Beach. 1976 and served two consecutive terms until 1986. Mr. Pence served as chairman from September,1980 to September,1981 and In a referendum held October 2,1984, the voters of the City of New from September, 1985 to September,1986. Mr. Pence was Smyrns Beach approved amendments to the City Charter. De reappointed to the Commission in September,1993, to serve a three amendments limit a Commissioner's term to three years instead of year term. l five with no more than three consecutive terms, require City Commission approval for extensions of utility services outside the Peter E. Mallory, Asst. Sec.-Treas. (term expires September,1997) city limita, give the City Commission the right to review and approve the Commission budget, and require City Commission Mr. Mallory has a bachelor's and master's degree in electrical approval before issuing or refunding revenue certificates and entering engineering from Massachusetts Institute of Technology. He has ,
into contracts exceeding four years. over thirty-six years experience in the area of transmission and reception of digitalinformation. He is the Vice President of a small ne following information describes the five curren t members of the consulting firm doing work in the area of satellite communications Utilities Commission and the Director of Utilities. problems and is a part owner of a travel agency.
Gerald T. Schwilart, Chairman (term expires September,1995) James U. Martin, Chairman (term expires September,1997)
Mr. Schweikart has lived in the New Smyrna Beach area for over 15 Mr. Martin has approximately thirty years experience within the years. lie is President of Sunreco, Inc., a development and railroad industry. He served in the armed forces from 1941-1946.
construction firm operating only in the New Smyrna Beach area and Mr. Martin has served on numerous boards including the City of has a wholly owned subsidiary sales / management organization called New Smyrna Beach Code Enforcement Board, the Beach Advisory Sunreco Realty, Inc. Prior to moving to this area, he served in Board, and served as Chairman on the City Planning Board for four various supervisory, managerial, and administrative positions in the years. lie is currently associated with a kical travel agency, CSI fields of real estate, sales, aerospace, finance, and construction. Mr. Travel, Inc., and is involved with various civic organizations. He Schweikart has served on numerous boards, including Lions also serves as a member of the American Public Power Association Internztional, New Smyrna Beach Citizen Code Enforcement Board- (APPA) Policy Board Advisory Council. Mr. Martin was appointed being Chairman for 10 years, and is currently serving as President to the Commission, in September,1991, to serve a three year term !
of the Southeast Volusia Chamber of Commerce; as well as being and was reappointed in September,1994, to s.erve another three a member of vanous civic organizations. Mr. Schweikart was years.
appomted to the Commission in September,1992, to serve a three yest term. R. Ronald Hagen, Director of Utdities Jesse L. McKee, Vice-Chairman (term expires September,1995) Mr. Hagen has over thirty-five years of progressively responsible municipal utility management experience, including twenty years Mr. McKee has had twenty-five years banking experience and pnor with the Jacksonville Electric Authority (JEA). He has a degree to entering banking, had twelve years experience in the finance from Jacksonville University and has substan:ially broadened his r 40
e o
GENERAL UTILITIES COMMISSION INFORMATION Table III September 30, 1994 Page 2 of 3 UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACll, FLORIDA broadened his background through attendance and presentation of Purchases from Florida Power and Light Company (FPL), Flonda papers at industry seminars and conferences. During his tenure with Power Corporation (FPC), Florida Municipal Power Agency the City of Jacksonville and the JEA, he headed the Statistical and (FMPA), Tampa Electric Company (TEC) and economy purchases Accounting Department and was Division Chief of the Budget and under the Energy Broker system have provided the remainder for the Cost Diviuon and Director of Construction and Maintenance. Later Commission's power and energy requirements. The Commission he served as Director of Customer Service, a position he held until has executed interchange agreements providing for the purchase and his retirement in 1976. In 1978 he was employed to fill the newly sale of economy energy with FPL and seventeen other investor created position of Controller for the Ut lities Commission. Mr. owned and municipal utdities in Florida.
llagen was appointed Director of Utihties in June,1982.
St. Lucie Nuclear Project Tile UTILITIES SYSTEAl ne Commission's electric system is currently one of twenty-eight The Utahties Commission has been serving the residents of the New individual municipal electric systems within the state which are Smyrna lleach area since before 1920. Today the Commission members of the FMPA. FMPA is a joint action power agency serves approximately 20,000 electric customers, over 10,000 water which was formed to provide bulk electric power to its members customers and over 8,000 sewer customers, through joint cooperation with other electric utilities in Florida. The Commission has agreed to purchase 9.884% or approximately 7 ELECTRIC SYSTEAf megawatts, of FMPA's entitlement share in the St. Lucie Project.
He Commission also has a reliabihty exchange agreement through The Commission currently provides electric service to all the FMPA to exchange 50% ofits output from St. Lucie No. 2 for incorporated areas of 'he City. The Commission's distribution lines a like amount from St. Lucie No.1.
also extend west and south from the City limits to serve unincorporated areas. The service area of the Commission's electne Energy Control Center system is approximately 72 square miles.
He Commission has operated an Energy Control Center since April, Generation Resources 1977, which is staffed around the clock by system control coordinators who schedule the economic loading of its generating he system's power ar.d energy requirements are met with a resources and the interchange of power over the interconnection with combination of self-generation and purchased power. FPL and FPC using a supervisory control and data acquisition (SCAD A) system. Telemetering of tie line energy is provided along The Commission's generatmg facilities include the W.E. Swoope with " hot line" voice communication and messaging network to all Generating Station which consists of three diesel engine generators major power system control centers in Florida. A computer terminal with a combined nameplate rating of 5,235 kWt the Diesel Plant provides access to the Florida energy broker system.
located on Smith Street which consists of five diesel engine generators with a combined nameplate capacity of 6,540 kW and Transmission and Distribution facilities three 2,000 kW quick-start remotely controlled peaking uruts; the j
North Causeway Plant 750 kW diesel peaking urut; and the Glencoe The Commission's transmission facilities consist of six major l Road Plant 750 kW diesel peaking unit.
installations: the 115 kV/23 kV Smyrna, Airport, and Field Street j substations, the 115 kV transmission line between the Smyrna and The Commission owns a 0.5608% undivided interest in Florida Field Street substations, the !!5 kV transmission line between the Power Cuporation (FPC) Crystal River No. 3 Nuclear Unit (CR-3), Smyrna and Airport substations, and 11.7 miles of 115 kV l with a maximum nameplate capacity of 4,991 kW available to the transmission line between FPC's Cassadaga substation and the Comminion. FPC operates CR-3 on behalf of itself, the Commission's Smyrna substation. The distnbution system is supplied Commission and ten other participants pursuant to a participation from the Swoope Station and the Diesel Plant as well as from the '
egreement. CR-3 is used as a primary base load resource of the Smyrna, Airport, and Field Street substations. There are three 23 l Comnussion's electric sy stem.
kV/4 kV substations and two 23 kV/11 kV substations on the :
Commission's distnbution system. Energy is delivered to customers The Comminion's total installed nameplate generation capacity, by a network of 23 kV/13 kV and 4 kV lines. A number of including CR-3, is 24.266 kW, which provided 10.6% of the residential developments are now being served by underground Commission's total energy requirements dunng Fiscal Year 1994. electric facihties.
i 41 i
I
e l
DENERAL UTILITIES COMMISSION INFORMATION Table VIII September 30,1994 Page 3 of 3 UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA NEW SMYRNA BEACil, FLORIDA WA TER SYSTEM i
ne current service area of the Commission's water system is an facility utilizes the oxygenation activated sludge process whereby tres of approximately 41.3 square miles, including 19.5 square pure oxygen is used for biological stabilization of sewage waste.
mdes, which is located within the City. The Commission also his process was designed to provide more than three times the provides water service to the unincorporated south beachside area. previous treatment capacity and produce better quality effluent, with i
fewer plant additions and lower capital investment than a more '
The tsw water supply is derived from thirteen wells drawing from conventional process would require.
the Floridian Aquifer, nese wells can produce capacity in excess of 7.7 million gallons per day (MGD). Seven wells are located at The collection system includes approximately 125 miles of associated the Glencoe Road Water Treatment Plant site. During FY 1982, five gravity sewers and force mains. There are presently more than 62 cdditional wells were constructed and put in operation, in FY 1987, wastewater lift stations in service, 60 of which have radio signal a sixth well was put in operation. nese additional wells are located activated SCADA units.
seven rmles west of the Glencoe Treatment Plant and are over ten nules inland to mitigate salt water intrusion. In FY 1993, the In the past few years substantial improvements have been made in Commission substantially completed installation of six additional order to expand availability of service, improve operation and curb wells approximately 12.5 miles inland as part of its Long-Range infiltration and inflow sources. A major collection system extension Water Supply r/an. into the unincorporated Bethune Beach area was completed in 1994 to replace septic tanks. The scope of work included five new lift ne Commission's raw water supply is projected to be sufficient stations and approximately 11.6 miles of gravity sewers and force through 2000. The Commission has implemented a salt water mains.
intrusion morutoring program, a w6 lands monitoring program, and a water supply management provam to ensure the continued cost REUSE (RECLAIMED WATER) SYSTEM cffective use of existing and ne u facilities.
The Pollution Control Plant effluent is treated to modified Advanced Raw water is treated at the Glencoe Plant, which provides complete Waste Treatment (AWT) parameters using rapid sand filtration water treatment, including aeration, softening, pil adjustment, constnieted in 1992. Dese filters provide an average of 97%
filtration, fluoridation and disinfection. This facility was expanded removal of total suspended solids to be within the maximum reuse from 6.2 MGD to 10.3 MGD Since its completion in 1977, this discharge requirements of five parts per million of these parameters.
plznt has received numerous top honors from the florida Department ne AWT filters have a capacity of 3.0 MGD and can be expanded of Environmental Regulation, includmg the 1993 American to the full rated capaesty of the Pollution Control Plant.
Waterwo:Ls Association Silver Safety Award.
Phase I transmission mains consisting of about 1,500 linear feet of The storage, transmission and distribution system includes 6.52 20", 5,700 linear feet of 18",1,650 linear feet of 12", 3,250 linear milhon gallons of storage capacity, four pumping stations, and feet of 6",650 lir> car feet of 4", and 70 linear feet of 2" mains were approximately 138 miles of transmission lines. constructed in 1092 to serve the irrigation requirements of City Hall, Old Fort Park, Riverside Park and the Municipal Golf Course.
POLLUTION CONTROL SYSTEM Phase 11 transmission mains consisting of approximately 7,300 linear ne present service area of the Commission's pollution control feet of 18", 5,000 linear feet of 16", and 3,200 linear feet of 10" system includes approximately 41.3 square miles, including 19.5 mains were constructed in 1993 to serve the irrigation requirements square miles hicated within the City hmits. Major system facilities of Turnbull Bay Golf Course, which is under construction, and include the Pollution Control Plant and the collection system. future needs of other golf course users.
He Pollution Control Plant, hicated on the North Causeway, was Phase Ill transmission mains consisting of approximatdy 6,295 originally constructed in 1964 as a 1.2 MGD plant. In 1981, the linear feet of 12* mains were installed on Turnbull Bay Road to plant was expanded to a capacity of 4.0 MGD. The expanded provide service to Sugar Mill Country Club.
l 42
. i 1
COMPARNTIVE IIA 1ANCE SilEETS September 30 UllLITIES COMMISSION. CITY OF NEW SMYRNA BEAC11. FLORIDA NEW SMYRNA llEACil. FLORIDA ASSETS 1994 1993 1992 1991 1990 Utility Plant:
Electric plant ..
.$ 54395,142 48.699316 46,512.037 44,096.918 42.448,486 Water plant . - . _. 24.035 322 23,145.736 19.966,665 16.164.983 15,990,608 Pollution control plant - . . . 18.882,285 18,504,893 18.240.747 18.022.914 17,878,551 Water reuse plant -
3.103.065 2.446.771 0 0 0 General plant . = . . . 8,947,042 7,877,315 6.649.838 5,703,896 5,029,681 7D9352355- 10037433I- 91.359 28 7 ' 83388.7fI- 81347325' Ixss: 34.590.452) 32,343,873 29.800,779) 27,391,733) accumulated depreciation and amortizatio 717 72379 _{37.590.277) _{65D83379- _{59,025 4T4) _(54,T87 .
Construction work in progress 6.184.167 10,257,659 9.423,065 7,470,459 2.507,473 Utility plant. net - ..
77,956,746 76 341,238 68,448,479 61,658391 56,463,066 Restricted Assets:
Cash and cash equivalents - 11.640.529 16.215.572 24.073.533 18,059,200 19.051.977 Investments, at cost 4.962.500 1,501 300 1.261.700 1 313,800 4,969,740 Total restricted assets . 16.603,029 17,716.872 25,335.233 19373.000 24,fr21.717 Current Assets:
Cash and cash equivalents - . . 1.284,959 298.120 192.168 626,784 344,113 Accrued interest rcccivable . 117.400 97,565 81.703 77,407 65.227 Acmunts receivable (nct) 1.081.586 IJ70,769 1.253.684 1.198.213 1,549,934 Unbilled accounts receivatic 2,063.574 2,653,003 2.232.013 2.221.882 1.972,800 Duc from other governments . 0 0 135,201 0 1,007 1nventories .. -- __ _.
- . . 891.568 852.326 1.455,449 1.615.217 1.423,786 Prepaid expenses and other assets 167,822 204,237 148.408 217.991 159.007 Assessments receivable . 78,654 78352 83,928 97,079 74,402 Total current assets .
. . . 5.685,563 5,554372 5,582.554 6,054,573 5.590.276 Deferred Charges and Other Assets:
Unamortized debt expense 696.579 751,665 768,741 751,243 793,544 Deferred charges and other assets . . 0 0 0 15.078 18.234 Assessments receivable - noncurrent 0 0 0 0 58.917 Total deferred charges and other assets . 696,579 751,665 768,741 766321 870,695 '
Total assets : .
.$ _ J00341312_ __109364,141. ___100,135ML __S7352.281 _.66345,251 i
l 43
)
e O
Table IX LIABILITIES AND UTILITYEQUITY 1994 1993 1992 1991 1990 Utility I?quity:
Contributed capital - _ S 24.249.253 23,206,966 21,441,288 20,460,198 19,644.604 Retained Ifammgs:
Reserved for net restricted assets - 5,440,287 5,454,641 5,826,623 4,155.025 4,170,195 Unreserved (deficit) (599,754) 847.637 1.553 3 07 2,994336 2,639,847 4.8#T,5.TT 4(,607h04) ' 7,3797J3D- 1,1W,361- 6.8ID-(T42~
Total utility equity - 29,089.786 27.813,970 28,821.218 27,609.559 26,454,646 long-Term Dcht:
Note payable (nct) . . . . . . 0 0 0 2,805,000 2,865,000 Rcvenue certificates payaNe (net) 64,010 000 65,640.000 63,655,000 49,760,000 50.810,000 less: unamortized debt discount - (1,547,164) (1,662.088) (956,038) (796,606) (846,606)
Tot,il long-term debt 62.462.836 63,977,912 62,698.962 51,768 394 52,828394 Restricted Fund ljabilities:
Revenue certificates payaNe (current 1,630,000 1,050,000 1,105,000 1,050,000 830,000 Note payable (current portion) . portion) 0 0 0 60.000 60.000 Accrued interest payable . . 1,952.558 1,792,835 1,882379 1,768,700 1,792,922 Accounts payable .. .- 391,689 231,222 315,410 393,999 312.295 Customers deposits - 970,565 932,611 921,080 907,571 912,064 Deferred credits:
Allowance for decommissioning costs 845,413 814.425 715.595 602.467 480,849 Allowance for arbitrage rebate : 101,591 97,576 97.060 191,244 94,223 Total restricted fund liabilities - 5,891.816_ 4,918,669 5,036,524 4.973.981 4,482353 Current Ijabilities:
Accounts payable 1,459.55n 1,536,958 1.683,080 1.641.257 1,675,863 Accrued liabilities . . . . . 785,221 787,492 745,468 800,985 623.669 Due to other governments 610,382 670,899 599,524 410,408 405353 Total current liabilitics : 2,855,161 2.995349 3,028.072 2,852,650 2,704,885 Other Noncurrent ljabilities:
Deferred compensated absences - 560.211 538,329 492,174 480.794 474,456 Deferred cred:ts - operating reserves .. ... . . 82,107 119,918 58,057 166,907 1,020 Total other noncurrent liabilities - 642318 658.247 550,231 647,701 475,476 Total liabilities .. . . . . 71,852.131_ 72,550,177 71,313,789 60.242,726 60,491,108 Totalliabilitics and utility equity .. . 3 _100,941,9_11_ __100,3R147 _11n135M7_ 87.852,2.84 86,945,734_
44
e o
y o
. STATEMENTS OF REVENUE, EXPENSES AND CilANGES IN RETAINED EARNINGS . Tabic X <
For the Fiscal Years Ended September 30.
UTilfi1ES COMMISSION, CITY OF NEW SMYRNA BEACll, FLORIDA !
NEW SMYRNA BEACll,l'LORIDA 3 1
1994 1993 1992 1991 1990 j Operating Revenue:
. Sales . . ~ .$ 31.149.242 31,367,133 30.020,747 29.815,850 27.833,668 :i Other revenue - -. ~ 299.041 284,079_ 289.867 297,408 278.545 ;
Totaloperating revenue -- . . 31.448.283 31.651.212 30310,614 30,113.258
. Operating Expenses:
28.112.21 Production ex ~ 15.514 326 16.033J90 15,831.890 15,718.072 14S71.670 ;
Transmission,penses . distribution and sewage colleetion and treatment .. 2S37.195 2330.222 2.750,121 2 S89,885 l Customer accounting _.
2,856,957 i 811.963 811,560 790.405 753.860 721335 ;
Admirustrative and general . ... 4.015.134 4.088,053 3 367.885 .3.856,593 3,541.852 +
Required payments to City . 1322.423 1.878.058 1.818.257 1.785.889 1,781.241 i Statc utilities tax . ~ ._. - 0 0 0 0 321.159 !
Depreciation and decommissioning 3.210370 2 S88,477 2.788.649 2.616387 2,447,565 4 Total operating expenses. . 28,412.011 28.729,760 27.947.207 27,721.286 26.642379 i Operatingincome .. . 3,036,272 2,921,452 2363.407 2391,972 1.469.834 Nonoperating Revenue (Expenses):
Interest earnin . ... _ _- 495 S 71 370,830 595.302 696.413
. Other income .gs 801.086 .
277.769 270,%5 209.547 178.878 189,772 Gain on disposal of assets. . 0 0 0 1.029 0 Interest and debt ex Other expenses ... pense
_ . . (3,458.792) (3.250343 (2,876 S26) (2.840,798 (5,238 (2.781.5 (37.154) (12.038 (11.491) (108.507 j less on disposalof assets (80.537) (54.823 (49.270)
(82.937 ~ (134,066 i Total nonoperating revenue ._ (2.802,743) (2,676309) (2.132.838) (2.052,653) (2,033,268) ,
Net income (loss) before infrequent and extraordinary:tems _ - - . . . 233.529 245,143 230,569 339.319 (563,434) !
Infrequent Items: r i
Imss on infrequent property and plant disposals.- 0 (465S81). 0 0 0 Net income (loss) be fore extraordinary items 233,529 230,569 339.319 (220.838) (563.434)
Extraordinary loss from defeasance of debt . , 0 (2.552.088) 0 0 0 !
i Net ineome (loss) .~.. .-.. 233,529 (2,772 326) 230.569 339319 (563,434) ;
Retained earnings.beginning ofyear. = 4,607,004 7,379.930 7,149361 6.810,042 7.373,476 ;
Retained carnings.end ofyear --
.$ 4440,531 4.607.004__ 7379.930_ 7,119,33L __AALO,!)R._ ' ,
i i
t I
s I:
45 i f
t
e s'
STATEMl!NTS OF CASil FLOWS Table XI For the Fiscal Years Ended September 30.
UTILITIES COMMISSION. CITY OF NEW SMYRNA BEAClI, FLORIDA NEW SMYRNA BEACI1. FLORIDA 1994 1993 1992 1991 1990 Cash Flous From Operating Activities:
Operating income - $ 3,036,272 2321,452 2363.407 2391,972 1,469,834 Adjustments to reconcile operating income to net cash provided by operating actmties:
Depreciation amortization and decommissionin g 3.269,129 3,196,883 2 S28.761 2.791,601 2,559,841 Provision for losses on receivables 61,000 61,000 61,000 59,000 61,237 Nonoperating revenue (expenses) -- 240,615 258,027 198,056 173,640 81,264 Decrease (increase) in operating asse ts:
Accounts receivable 817,612 (463,874) (261,803) 44.646 (510.181)
Assessments receivable - (302) 5,576 13,151 36.240 (10347)
Inventories (39.242) 603,123 159,768 (191,431) 43,677 PrepaiJ expenses - 36,415 (55,829) 69.583 (58384) (37,118)
Dcferred charges and other assets - . 0 0 15,078 3,156 62.084 Increase (decrease)in operating liabilities:
Accounts payable -.
83.067 (230310) (36,766 47,008 (152.952)
Due to other govemments -- (60.517) 71,375 189,116) 5,055 173 398 Customer deposits - 37.954 11.531 13,509 (4.493) 62.109 Other liabilities - . . (18,200) 150,040 (152,987) 349,541 43,3)2' Net cash provided by operating activities .- -. _7,463.803 6,528,994 5.559,873 5,647,041 3,845,564
{
Cash Flows From Capital and Related Financing Activities:
Proceeds from issuance oflong-tcrm debt - 0 0 14,716,803 0 15,719.090 Proceeds from advance refundmg oflong-term debt.. . 0 23,691.105 0 0 0 Payments made to excrow for defeasance of debt _ 0 (23,073,020) 0 0 0 Debt issuance expenses paid - 0 (478,777) 0 0 0 Debt reduction outlays . .. (1,050,000) (1,105,000) (3 315,000) (890,000) (850,000)
Contributed capital .... . 1,042.287 1,765.678 981,090 815,594 1,104,404 Proceeds from sale of praperty and equipment . 63,287 10,672 13,991 5,750 363 Acquisition and construction of capital assets . (4,528334) (10,731,911) (8,949,039) (7.544,567) (4,014,692)
Interest paid (3.795.147) (4,773,547) (3,648,908) (3.817.758) (2.965.654)
Net cash provided by (used in) capital and related tinancing activities . . (8,267.907) (14.694.800) (801,063) _(11,430,981) 8 S93,511 j Cash Flows From Investing Activities:
Purchase ofimtstment securities - .
(4,500.000) (1,000,000) (600,000) (4,017.835) (6.016,589)
Proceeds from salehnaturities ofinvestment securitics. .. 1,038,800 760,400 652,100 7,673,775 4,325,177 Interest received . ... ., 677,100 653397 768,807 1,417,894 899,056 Net cash provided by (used in) investing activities . _(2,784.100) 413,797 820,907 5,073,834 (792356)
Net increase (decrease)in cash and cash equivalents (3,588,204) (7,752,009) 5.579.717 (710,106) 12.046,719 Cash and cash equivalents, begiiming of year 16,513,692 24,265,701 18,685,984 19396,090 7349,371 Cash and cash equivalents, end of year .. . . . _ _ $ J2325,488 _16JJ3,692_ _24,2M,70L _J8,685,984_ _19 96#20_ 3 l
l 46
)
l e
e Sl!I.IICTIID Sl!GMENT INFORMATION Table XII i For the Fiscal Years linded September 30 (
UTIIRIES COMMISSION. CITY OF NEW SMYRNA BEACI1. FLORIDA '
NEW SMYRNA IlEACII.110RIDA
- l Pollution Water Electric Water Control Reuse ,
,_ System System System System Total r
tcmbcr 30,1994: '
rating revenue . . $ 24352.192 3.923.279 3.165.162 7.650 31.448283 preciation and decommissioning 1.862.874 651.195 640.802 55,499 3.210370 ' .
Operatingincome (loss) . : 2.032.731 725.762 385.830 (108.051) 3.036.272 ;
Required payments to City of New Smyrna lieach _. 1.498.049 234256 189.707 411 1.922.423 :
.4 - 686.680 238.075 48.057 (263,133) 233.529 -l Net income Contributions m a(loss)id of construction . . . 998.264 8(.691.092) 14.559.897 0 24249.253 :
Utility plant acquisitions - 6.682.082 1.204.974 558.604 656.294 9,101.954 i Utility plant rctirements _ 344.420 47.956 20,752 0 413.128 Revenue certificates payaNe . z _
33.092384 18.946.529 8.053.782 5.547.305 65.640.000 Utility equity : .- , . 7.704.817 10.268 S79 11.813,956 (697 S 66) 29.089.786 September 30,1993: i Operating tevenue .. $ 24.880.055 3 S38.507 2.826245 6.405 Depreciation and decommissioning.
31.651.212 !
. . 1.740.475 579.857 627.358 40.787 2,988,477 :
Opcrating income (loss) _ 2.049.823 808.822 150.892 2321.452 (88.085)
Required pa 1,480.138 231.711 165.825 384 1.878.058 -
Net incomeloss (yments to City of New Smyrna lleach ._ (932.435) (326 346)
(434.833) (2.772326 Contributions m) aid of construction . . .
831346 (8.145.5521.078.712) 14.230.068 0 23.206.96 Utility plant aequisitions . . .~. 3.746.R11 5.529.591 574 S91 814 S51 10.666364
- Utihty plant tetirements ~ __
844396 411.830 126.723 0 1.382351 -
Revenue certificates payaNe - . -
33.598.486 19.280.660 8.238.744- 5.572.110 66.690,000 ,
Utility equity.. .
. - .. 6.851.219 9.961. 14 11.436.070 (434,833) 27.813370 Septcmber 30,1992:
Opcrating rewnue . . -
. $ 24.116,658 3.618.061 2.575.895 0 30310.614 i Depreciation and decommissioning.. ... . . .
1.663.795 510.875 613.979 0 2.788.649 .
Operatingincome(1oss).m 1.851.423 667.040 0 Required payments to Cit (155.056) 2363.407 !
... y of New Smyrna lieach . . 1.451.021 214.084 153.152 0 1.818.257 Net income (1oss) 562372 130.662 0 ' 230.569 !
Contributions m aid of construction . . . . . . 627.170 7,663,964 13(,150.154462,465)0 21.441.288 :
Utility plant acquisitions .. . ... . ._ . 3.230.097 4.103387 382.292 0 7.716.376 Utility plant retirements .. -- _
247.413 65,819 22.568 0 335.800 i Revenue certificates payaNe _ 31.966.818 19319,770 13,473.412 0 64.760.000 Utility equity. . . . . 7.579.478 10.558.638 10.683,102 0 28,821.218 September 30,1991 Operating tevenue ..
$ 24.261.715 3.414.240 2,437.303 0 30.113.258 Depreciation and decommissioning . ~ 1.573.671 457.665 585.651 0 2,616,987 Operating income (loss) .. _ 2.118.404 560.117 (286.549) 0 2.391372 l Required pavmenis to City of New Smyma Heach ... 1.440.022 201.595 144.272 0 1.785.889 ,
. . . . 772.158 119.221 0 339.319 l Net mcomem(lo,ss)id of construction..
Contributions a . _ .. 418.729 23 26,451 7.119.945 12(321.524552.060) 0 20.460.198 Utility plant acquisitions . ... 360.470 303.059 0 2389380
' Utility plant tetirements.... m 273.489 17.540 57.565 0 348.594 Revenue certificates payaHe _. . . 24.046.600 19.810.500 6.952.900 0 50,810.0(0 .
Utility equity .~ -- .. 6.808.665 9.883.957 10316,937 0 27.6(F).559 Septcmber 30,1990:
Operating revenue .. . . .. - . . . $ 22,362.293 3.305.107 2.444.813 0 28.112.213 '
Depreciation and decommissioning . . _ 1.468.516 426,844 552.205 0 2.447.565 Operating income (loss) , . . 1.057.782 554.618 (142.566) 0 1.469.834 ,
Required payments to Cit 1387.110 228.692 165.439 0 1.781.241 Net meome (loss)
...y of New Smyrna Hench .. . .. 149,131
. .. . . . . 339.133 0 Contributions m aid of construction (413.178373.432) 6,646,402 12(.585.024) 0 19(.644.6 Utility plant acquisitions . __ 3.793.896 1.318,638 953.284 0 6.065.818 Utility plant retiremenis . - _. 414.809 32.841 30.304 0 477354 Revenue certificates payaNe 24.488.100 20.053,050 7.098.850 0 Utility equity 6.030356 11.132,497 51,640.000 l 9.291.193 0 26.454.646
)
47 i
. s l n' SCIIEDUIE OF REVENUE CERTIFICATE COVERAGE Table XIII For the Fiscal Years Ended September 30.
IJTillf1ES COMMISSION. CITY OF NEW SMYRNA BEACl!. FLORIDA NEW SMYRNA BEACil. FLORIDA 1994 1993 1991 1990 1992 ___
Gross Revenue Per Certificate Resolution:
Opcrating tevenues - ._ _ .
..$ 31,448.283 31.651,212 30310.614 30.113.258 28,112,213 Interest and other income (excluding construction fund interest earnings) - .
773.740 640,895 804,849 876320 990,858 Connection fees . 727.054 1.521,443 761.039 756,866 1.001,968 Assessment collections - . . . .
(301] 5,576 13,152 36,239 45,828 Gross revenue per certificate resolution . 32.948,776 33.819,126 31.889.654 31,782,683 30,150.867 Expenses Per Certificate Resolution:
Operating expenses -- . 28.412.011 28,729,760 27.947.207 27,721,286 26,642379 less: Depreciation expense - .. (3,179382) (2,889,647) (2.675,521) (2,495369) (23 28,833)
Required payments to the City . (1,922.423) (1.878,058) (1,818.257) (1,785.889) (1.781,241)
Expenses per certificate resolution 23,310.206 23,962,055 23,453,429 23,440.028 22,532,305 Income available for debt senice S 9.638J79_ 9,817,0ll 8.436221 8J.42,655 7h18J6_2_
Annual Debt Service Requirements:
Principa1 .
$ 1.595,000 1,015,000 1.080,000 1,020,000 805.000 interest (less accrued interest)(1) . .. 3,923,144 3,780.962 3,266.873 3,550.972 2,553.281
- Annual debtservice requirements... . _$ SJ18,144_
4J91961 4,3_46,873_ 4.570.972_ 3JJ58,281.
Coverage ratio (Times) - . 1J1 2.06_ 1.94 L81. 2.22.,
1989 1988 1987 1986 1985 Gross Revenue Per Certificate Resolution: '
Operating revenues : - _ _ _ _ _ _ _ _ .$ 26.416,607 24,442,765 22,471,934 20,233,013 19,535,978 Interest and other income (excluding construction fund interest eamings) ,
. 1,008,728 820,417 813,360 876,820 1.010.940 Connection fees ;_ 806,571 756.976 1.180,590 958390 806.705 Assessment collections 69.750 71.284 101,891 190,943 210,910 Gross revenue per certificate resolution . 28,301,656 26,091.442 24.567,775 22.259.166 21.564,533 Expenses Per Certificate Resolution:
Operating expenses .. .
24,494.675 22,865,150 21,293.848 18,946,565 18,284.206 less: Depreciation expense - __
(2,212.241) (2,119,675) (1.885J82) (1,674.114) (1,122,521)
Required payments to the City z (1,589.082) (1,481.102) (1301,571) (1,209,499) (1.625.220)
Expenses per certificate resolution . . . 20.693352 19.264373 18,106,895 16.062,952 15.536,465 Income available for debt senice : .S __1608J04_ 6,827,069 6,460 880__ 6,19fh211 6.028,06.8_
Annual Debt Senice Requirements:
Principal - $ 765.000 725,000 515,000 495,000 365.000 Interest (less accrued interest)(1) . . 2.597,110 2.637,382 2,660317 2362.465 2.429.728 Annual debt senice requirements - -$ 3,362.,110_ _JJ62382_ _ 3,1?M12_ ___2,857,46J. .
2,794,7.28_
Coverage ratio (Times) 2 .2 61 2.01 2.03_ 2.17_ 2.16._
(1) Interest expense for the fiscal . vars ended September 30,1993.1992, and 1990,is stated net of $613.763. $222,792 and $783,778, respectively,in interest exuem e which was funded from the proceeds of the issuance of revenue certificates, i
48 '
g o
SCill!DULE OF SEl.ECTED FINANCIAL RATIOS Table XIV For the Fiscal Years Ended September 30 Ur!!JTIES COMMISSION CITY OF NEW SMYRNA BEACII. FLORIDA NEW SMYRNA IlEACII, FLORIDA 1994 1993 1992 1991 1990 Current ratio - current assets divided by current liabilities . . . ~ .
(Times) 1.97 1.85 1.84 2.12 2.06 Quick ratio - current assets less inventories divided by current liabilitics - (Times) 1.66 1.57 136 1.56 1.54 Current assets divided by total assets - (Percent) 5.63 % 5.53 % 5.58 % 6.89 % 6.43 %
Current liabilities divided by total liabilities (Pereent) 4.02 % 4.13 % 4.25 % 4.74 % 4.47 %
Current liabilities divided by utility equity.. (Pereent) 9.92 % 10.77 % 10.51 % 1033 % 10.22 %
Contributed capital divided by utility equity . (Percent) 8336% 83.44 % 7439% 74.11 % 74.26 %
Total liabilities divided by utility equity ... (Times) 2.47 2.61 2.47 2.18 2.29 long-term debt (net) divided by utility equity (Times) 2.15 230 2.18 1.88 2.00 Current liabilities divided by total assets . (Pereent) 2.83 % 2.98 % 3.03 % 3.25 % 3.11 %
long-term debt (net) divided by total assets . (Percent) 61.88 % 63.75 % 62.61 % 58.93 % 60.76 %
Totalliabilities divided by total assets . ....
(Percent) 71.18 % 72.29 % 71.22 % 68.57 % 69.57 %
Sales divided by average accounts receivable ... (Times) 25.66 24.12 24.72 22.04 18.22 Average collection period - average billed accounts receivable divided by average daily sales - (Days) 14.03 14.93 14.56 1633 19.87 f
)
49 ;