ML20082Q334
ML20082Q334 | |
Person / Time | |
---|---|
Site: | Crystal River |
Issue date: | 12/31/1994 |
From: | Kurtz M GAINESVILLE, FL |
To: | |
Shared Package | |
ML20082Q295 | List: |
References | |
NUDOCS 9504280156 | |
Download: ML20082Q334 (44) | |
Text
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P Ccmmunity and 5:rvice
- Gainesville. Flonda is a dynamic and progressive - OurWater Services have an advantage over many community. As home to the University of Flonda.the others in the state.as Gainesville is situated atop the state's largest and most influennat school, as well as Santa Floridan Aquifer,a vast underground reservoir offering Fe Community College.we are one of the most easily access'ble high-quality water.GRU's award-winning important educauonal centers in the southeastem U.S. Walter E. Murphree Water Treaunent Plant has a Gainesville also supports one of the largest treatment capacity of 34 melho, gallons per day, more medical communrties in the southeast.as well as than adequate to meet Gainesville's requirements in the flourishing cultural organizacons and diverstfied business foreseeable future.Wellfield planning and protection, and a enterprises. phased upgrading of treatment, monitonng, storage and - Gainesville Regional Uchues is an it tegral part delivery systems provide our community with one of the of the community,and as a public unhty directs all its safest and most reliable drinking water supphes existing energies toward providing Gainesville with safe. rehable anywhere.
and competitively pnced utility services. - Our Wastewater Services boast two state-of-the-
- By uniting four major utilities under one roof, art treatment plants.The KanapahaWater Reclamation GRU is able to provide a quakty of customer service Facihty treats wastewater to meet drinking water individual utihues cannot. Customers with electric. standards. Reclaimed water from this plant is reused to natural gas, water and wastewater services have the support a beaunful water and terrestrial gardens at convenience of one bill and can find solutions to all their Gainesville's Kanapaha Botanical Gardens.and also to utihty concen.s with one phone call or trip to our irngate the Live Oak golf course and theVeteran's central office. Contractors and builders can sit down in Memorial Park.The Main Street Advanced Wastewater one office and plan for the construct.on of new facifices Treatment P' tnt produces a treated effluent of a similar for all services at once. quahtyThe combined capacity of these two plants is 17.5 - Our Electric Services help keep rates down by million gallons per day. providing a crucial service for the generating power locally, rather than being dependent on health and comfort of the community outside system purchases GRU owns and operates two - Our Natural Gas Services provide Gainesvdle generating stations. Deerhaven and John R. Kelly,which, with the most environmentally friendly and often most combined with a part ownership of Florida Power cost-effective source of fuel available. In an effort to make Corporation's Crystal River plant.gives GRU a net natural gas accessible to as many members of our generating capacity of 451 r Watts.This capacity is community as possible.GRU is working with system funds more than sufficient to m- needs and provides and federal grants to extend gas knes into targeted excess power for sales to o aces,a practice tha, neighborhoods where the ability to pay for initial helps keep prices down for our ecal customers. But construction had been limited. GRU's Gas System keeps planning for the future is essential,therefore GRU is costs down through cooperative buying with other constructing an additional 71 megawatt generator to utilities,and proudly offers the lowest rates in the state.
provide for the needs of our customers well into the The system. continually monitored for safety. consists of next century. Environmental concems are paramount to 500 miles of underground distribution and service lines. a public utihty,and our generating stations keep well - All four services are dedicated to working with ahead of federal guZelines for emissions control. each other to provide both commercial and residential customers a level of satisfaction that comes only from cooperation and coordination. l sea aea at atoae
g$ highly important to provide quality and reliability,and we have an excellent record there. it is also extremely important to maintain good bond ratings for financial W~~ stability,and our long history of"AA" bond ratings shows we know now to do th:t. But what customers 4 remember when making a choice is how they are
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treated when they need help,and the level of personal service that follows that need.We are confident that we will do well in that evaluation, because we are in Being in touch with tomorrow means realizing touch with tomorrow. that customer satisfaction is the key to the future. it also means being prepared to dehver the level of hr-personal service that creates that satisfaction.That's Michael L urtz why at GRU, we all consider ourselves to be customer GRU General Manager ( ! service representatives. GRU employees know that a happy customer is a "GRU helped meet the needs of Cracker Barrel y loyal customer. Because every customer nas individual (top photo) one hundred percent" Bill Brown, General 4 needs and unique concerns,we go out of our way to Manager of Cracker Barrel, said about GRU's involve-satisfy thent Customers with difficult problems are ment in the opening of the new restaurant in April listened to with open minds,and we do not rest until 1994. the best possible solutions are found. Virtually every department in GRU worked it is our job to make life easier for our customers, together to accomphsh this pre;ect with efficiency and and we rehsh the challenge. Combined unhty bills, ease. Natural gas for cooking was essential."They multiple account bills, unified new services counsehng, needed us to be there in a omely manner," Tom seminars for commercial customers,and a wide variety Geoffroy, Director of the Gas Department,said."We of conservation services are readily avadable. But we worked hard to get this top-pnonty job done as - tOmOYM
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reahze that none of these are as important as creaang quickly as possible." -- an atmosphere of community and personal attention for every GRU customer. GRU's Electnc Systems had to work Wk,hN( i ;
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with another power company and the state We have incorporated proven state-of-the-art in order to service the large Cracker Barrel j technology in every area of our operation to help building They removed exisung overhead lines, obtained speed service and impros . rehabihty - from fiber permits tci cross a major gas transmission hne,and opoc communicauons to as omatic trouble call " coordinated efforts to suit the long range plan of the processing. But no technology can match the value area," according to Lynn Morgan, Electnc Engineenng of a truly interested employee helping to reduce a Tech 11. - I customer's stress. In addition, Water and Wastewater worked with A highly compeutive business chmate has emerged the other departments to complete this project. Ellen in the utilities industry, and tomorrow's winners wdl be Underwood. Uchty Services Coord3nator, worked on those who keep their customers happy with the level the technical review committee on the county revie v of service they receive today. board to obtain sight plan approval. GRU supphed the it is also very important to keep rates low,and we Cracker Barrel with temporary water service while have proven our ability to do that for years. It is also installacon was being completed. 2saa aesaat aspiar j 2 . . m u, ir
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to facilitate servicing the underground lines. A com-
. panion project known as "Streetscape" has replaced standard street lighting with decorative street lamps.
Ken McGurn,a downtown businessman,is very pleased with the results. As the provider of four major utility services,
" Downtown Underground made it much more GRU is in a position to make life easier for our attractive for people coming downtown," McGurn said.
customers.
"It also increased the safety of the area by creating
- One envelope,one check,one phone call or one _ . -
- better lighting (right photo)." m- ' crerC". - '~ - ~ . ~
trip to one building.Our customers hectic modern
- Robert Hutchinson, Executive Director t o er _
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^ 4 lives include things like scheduling business meetings u '- + '-
of Gainesville's Downtown Redevelopment W ~' ?.e m around getting the kids to ball practice,so they i.
. , "a asp Agency, said,"For about ten years, GRU has appreciate the efforts made by this organization to been improving the appearance of downtown.They reduce their burdens, just a little. And we don't mind have made a tremendous difference."
going out of our way to sometimes reduce their - j burdens a lot. As one customer told us,"1 never expected such a response, especially after dealing T q with other utihty companies" Providing rehable electric service at the lowest I rates possible is at the center of GRU's commitment to the communityEndergrounding old facihties wherever cost-effective and requiring them in new developments enhances community aesthetics.We're sensitive to customer concerns too.When possible we use underground directional bore technology to place conduit without disturbing existing landscaping. p l We've also developed a system of using protecuve L overhead cables to guard power hnes against animals and falling tree limbs. GRU's" Downtown Underground" has helped create a more attracove atmosphere in Gainesville's histonc downtown distnct.The project's goal is to place all exisung downtown unhty lines beneath the ground. New manholes have been set (top photo) 4saa aeaeai siesas L_.___._.____._..________ _____ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
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Keeping up with high technology also provides service to our customers. Our new Automated Trouble Call System speeds repair service after a storm. A new { fiber optics loop allows high speed data transmission -- - 64 " N , ro ide su e o s i e. ![ , u GRU must remove trees that pose hazards to the utdity system,but recognizing the desires of the Li e residents of" Tree City USA" to maintain a beautiful tree canopy.GRU offers a" Trade-A-Tree" program to & replace ind.vidual trees,and an annual" Tree Giveaway" to help replenish the general canopy. (:
, < , j- r The opening of a new apartment complex is a complicated endeavor involving many utdities installa- , # 2 tions (top photo) GRU helped the opening of Melrose ,
Apartments (right photo) run more smoothly by coordinating their efforts with utdities contractors. Chris Parker, Director of Property Management at integroup inc. in Jacksonville, was the liaison between Melrose Apartments and GRU.
"GRU was very helpful from the beginning."
Parker said "The task was made easier by help from everyone.1 just hope we get as much cooperation from other utdity organizations in other areas as we did from GRU." Enas assant aspaat u ___ ____ __
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pure and plentiful supply of drinking water. [w Our goal is to handle every customer call rapidly and professionally.When a water customer asked for help he praised a GRU employee who"did more than was required of him and was cheerful throughout" WhenThe University of Florida decided to expand the Law School and build a north end zone for Ben Hdi Griffin Stadium,(right photo) they realized there would not be sufficient water pressure to protect the buildings in case of fire. Through careful planning to avoid construction under the major thoroughfare of University Avenue, GRU saved $350,000 in construction costs.The project was completed during the summer to avoid any interference with a busy semester. UFs Physical Plant Dmsion worked with GRU to install a water line on campus. Backflow prevention devices (top photo) designed to keep the water supply safe were installed.The new Ime increased water flow from a mere 500 gallons per minute to 6.000 gallons per minute. Adequate fire protection was achieved without excessive disruption to existmg facilities or University activity. ILtt 4aaeat 8ifaet
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GRU's wastewater operations team has finished first in the state six times in a row,and second or third < 3cq :- ; in the nation the past two years in competition designed to show excellence in laboratory, maintenance gym yme 9 M< *
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ind cative of the level of excellence found in our F~ - employees. N"*O y GRU recently installed a reclaimed water system at the local Ove Oak Golf Course (right photo). Golf 1-courses need heavy irrigation for maintenance of O' delicate grass. and it's great for conservation if the water can be obtained through reuse instead of being drawn from the drinking water supply. GRU instituted water reuse services last yearThe p<ogram provides reclaimed wastewater, treated to dnnking water standards, for irngation purposes. Besides golf courses, the water reute program provides water for a botanical water garden (top photo) and other residenca! and commercialirrigation needs, "We are building now to meet future reclaimed water demands" said David Richardson, Senior Engineer. ' At uve Oak Golf Course GRU installed a trans- .. -3.
~ .g g mission main and a pump station for transportanon of ~&Q . . .l:. O reclaimed water. ;g } [ fyg;~ ; , .,, ,' DSA " , ; "With this new pump station,we have the capacity 'M f 4 . .,
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GRU's beautiful new Springhills Service Center located on the west side of our service area is the x-C-w. OJ - . . . . center of our Natural Gas Services as well as a ~ ] 4g. y + . , regional center for electric service. Natural gas, our
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< , ' gE - _ .a /. w use.Our representatives recommend natural gas to q g._;gMn L - : .
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Converting Gainesville's job Corps Center to , , natural gas required quite an effort to make sure their activities were not interrupted. j,. .
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e Center (top photo).
- ~ E P D}N "This project entailed a lot of coordination," Mike .2 ~i Brown, Gas Marketing Manager, said."Each building had .
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~' "They only had to eat sandwiches for one day, .
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?-" : - y meals could be served again"(right photo). ,.
L' . Ken Emerson, Maintenance Supervisor of the job ,
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Corps Center,said,"The project went real well and the work was done quickly.The boilers work great now." .
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y l g .- i ' . Due to Taylor's efforts, John was not forced to 1 _.## [ sleep in a truck filled with furniture. He moved into his apartment that Sunday.
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y lff-g Conservation is a major concern of the nineties. Customer service representatives or cashiers are GRU offers free commercial and iesidential conserva-often the first GRU employees to make contact with tion surveys,as well as a commercial lighting service. our customers,and they are highly trained to deal with " Rebates are given to customers converting to efficient both ordinary and extraordinary needs in a way that natural gas water heaters and/or furnaces. On the - will make our customers feel special.We have greatly conservation education front, GRU places videos and ,j increased the number of representatives.We have newsletters in the schools and hbraries,and has added a Florida toll-free number,a fax service,and we [ developed aTrade A! hance Program and a Business now accept major credit cards. Innovations to make Partners program to help the commercial sector service better are studied every day.These efforts get conserve resources and use our services more effi-results, ciently. A monthly customer newsletter and numerous
- other pubhcations keep the pubhc .= breast of conserva-If it weren't for MargaretTaylor of GRU Customer tion and services issues. And GRU's strategic planners Accounts (top photo),a University of Florida student are always studying ways to increase efficiency within may have missed his first day of classes this fall. our internal operations.
John, a UF student, didn't realize that in order to We show our concern for the community with move into his new apartment he needed a receipt Florida Fix and Project Share, programs designed to
,p proving the electric bill was under his name. GRU repair energy inefficient homes and provide temporary provides a service booth in Gainesville's Oaks Mall utility bill funds for senior and handicapped customers. p~ '
(right photo) when UF students return in the fall,but We show our concern for the commercial community , the booth is closed on Sundays. john assumed he by financially supporting efforts to attract new ygwa - would have to wait until Monday to move into his commerce to the commuraity,to expand existing - d apartment. Meanwhile, he was stranded with a delivery businesses,and by providing counsehng for small local l truck filled with furniture. businesses. Fortunately, MargaretTaylor was in the mail.She A dedication to the stabihty of our organization, overheard John's problem and wanted to help. and the quahty and cost of our services keeps GRU at U *.ough off-duty,and not even a Customer Service the top today. But our concern for the comfort of our Representative, cross-training had given her the customers,not just as a group.but also as individuals,is knowledge she needed to open the booth, access the reason GRU is in touch with tomorrow. GRui bilkng system through the remote terminal,and <g obtain Johns receipt. jg l I Mtas asesst aletti t . _ _ -. - _ _ _ _ _ _ _ _ _ __ _ - - _ . . - _ _ -
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~ .i l Financial R: view Fiscal Yaar 1994 Highlights' GRU's excellent historical financial performance is one of the reasons it is recognized as one of the best municipal utilities in the 1994 1993 . % Change natx>n.The financial results for fiscal year 1994 reflect this continuing performance. .;
Net Revenues for the year were almost $62 million.which Financial: l I provided Aggregate and Total Bond Coverage ratios of 236 and 1.45 Net revenues after rate subilization transfer $ 61.727.973 $ 66.026.882 -6.5% respectively.both well over the minimum required by Bond Resolutions. Aggregate debt service 26.176.858 27.510.976 -4.8% The number of GRU customers continues to grow at a steady. Aggregate bond debt service ratio 236 2.40 -1.7% moderate pace while maintaining a balanced mix of customers.GRU Total debt service ratio 1.45 1.96 -26.0% sells excess power in the wholesale and interchange market.which Long-term debt 419,933.267 446387.896 -5.9% continues to be beneficial to our customers. In fiscal year 1994,whole- Net utility plant 485.874.337 459.010.830 5.9% sale sales generated gross revenues of $4.9 million while interchange Cash and investment: sales accounted for $23 million of net revenues.The majority of these Rate stabilization fund and revenue fund 45.800.214 32.545.649 40.7% sales occur under contractual arrangements which stabilize these !- revenue sources. Customers (12 months average): GRU maintains a Rate Stabilization Fund,which at the end of the Residential electric 60,488 57.492 5.2% ' year had a balance of over $31 million.During the year.GRU trans- Non-residential electric 7.061 6.891 2.5% ferred $8.8 milhon into this Fund. Rates for our four utility systems are Total electric 67,549 64,383 4.9% very competitive and our projections for the future continue te show Water 46.805 44.889 43% such competitiveness. Wastewater 42.196 40.602 ~ 3.9% GRU continues to monitor its debt management program to Natural gas 23308 22.201 53%~ ensure that borrowing costs are the lowest possible for our customers and,at the same time. provide exce!Ient security for our debtholders. Sales of energy (gigawatt-hours): GRU's senior lien bonds are rated"Aa" and"AA' and ourTax Exempt Residential 650.5 627.8 3.6% Commercial Paper (TECP) program is rated Pl/Al + by Moody's General service /large power 684.7 6463 5.9% 1 investor Services and Standard and Poor's Corporation.respectively. Lighting 17.6 16.4 73%~ GRU's customers continue to realize savings from ourTECP program Sales for resale . 91.2 94.2 -3.2% and also from the refunding of senior fien bonds in the prior fiscal year. Sub-total I,444.0 1,384.7 43% TheTECP program is supported by a Credit Agreement dated as of Interthange ' 222.5 347.0 -35.9% October 1.1992 with Bank of America NationalTrust and Savings Total I,666.5 1,731.7 -3.8% Association,and SunBank National Association,with Bank of America NationalTrust and Savings Association.as agent. Sales of water (million gal:or.s): - 6.971.9 6.700.1 4.1% Based on a formula.GRU contributes a fair return to its owners
- the citizens of Gainesville - to support governmental operations Wastewater billed (million gallons): 4.438.5 4.070.2 9.0%
and improve the quality of life for the community. During fiscal year 1994.GRU transferred approximately $18.8 million. Natural gas (million therms): 25.6 '29.2 -123 % With our strong historical financial performance and position as a , base, and our forecasts for the future projecting continued growth and financial stability.GRU believes it is well situated to meet the demands , of the rapidly changing competitive environment of the future. 16 s e s aussat ettent. L_ _ _ - __ . . _ . _
._ -_. . _ - - - ~ _ ._ . __ _ _ .
G Alt 4Esvit LE Qf GloNAL OTtLtTits The Comtwned Utahty Funds of the City of Gainesville, Florida Report on Audit of Financial Statements and Supplementary Data September 30, I994 and I993 Independent Auditors' Report The Honorable Mayor and Members of the City Commission City of Gainesville: We have audited the accompanying balance sheets of Gainesville Regional Utilities (the Combinrd Utility Funds of the City of Gainesville, Florida) as of September 30,1994 and 1993,and the related sutements of revenue and expense and retained earnings,and cash flows for the years then ended.These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our aedits in accordance with generally accepted auditing standards.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free 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 and significant estimates made by management, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion. in our opinion,the 1994 and 1993 financial statements referred to above present fairly,in all matestal respects,the financial position of Gainesville Regional Utilities as of September 30,1994 and 1993,and the results of their operations and their cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements of Gainesville Regional Utilrties taken as a whole.The supplementary information included in the accompanying schedules is presented for purposes of additional analysis and is not a required part of the basic financial statements.Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and.in our opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole.The supplementary information included in the accompanying schedules as of September 30,1992,1991 and 1990 has been subjected to the auditing procedures applied by-other auditors whose report thereon, dated December 3,1992, expressed an unqualified opinion on that supplementary information in relation to the basic financial statements taken as a whole. As more fully described in Note I to the financial statements,in 1994,Gainesville Regional Utilities changed its methods of accounting for the amortization of contnbutions in aid of construction and transfers to the City of Gainesville general fund. N Davis, Monk & Company KPMG Peat Marwick LLP December 16,1994 Gainesville, Florida . St. Petersburg, Florida - tee aeaeat atpeei U
G AINESVILLE REGION AL UTILITIES Balance Sheets September 30, I994 and I993 Assets i,94 i993 Utility plant: Utahty plant in service .
$ 666.044,962 631.297.096 Construction in progress . 41.717.260 36.122.038 707.762.222 667.419.134 Less accumulated depreciation and amortization . (221.887.885) (208.408.204]
Net utday plant . 485.874,337 459,010.830 Current assets: Cash and short-term investments i4.609.960 8,624.903 Accounts receivable. net of allowance for uncollectible accounts of $597.000 in 1994 and $832.800 in 1993 . 20.427.090 2I.309.236 Prepaid expenses . 28.906 Inventories: Fuel. 5,890.406 5.427.102 Materials and supplies . 5.972,797 5.243.989 Totd current assets 46.900.253 40.634.136 Restricted assets - Cash and investments: Utihty deposrts . 3.664.041 3.771.766 Debt service fund 59,997.732 58.218.667 Rate stabilization fund . 31.190.254 23.920.746 Construction fund 57.324.696 101.865,680 Utility plant improvement fund . 58.304 121.619 Decorrmssioning reserve 1.875.725 1.615.876 Totof restracted assets . 154.110.752 189.514.354 Deferred charges . 64.395.148 69.375.310 Total assets 5 75 f.280.490 758.534.630 See accompanpng notes to financial statements. E ste a aaat t(P$31
G AINE5VILLE REGION AL UTILITIE5 casance sheets setember 30.1994 and 1993 Liabilities and Fund Equity i,94 i9,3 Long-term debt and fund equity: Long-term debt-Uc!mes system revenue bonds $ 360.605.000 385.935.000 Uuhues system commercial paper notes . 66.265.000 67,761.000 426.870.000 453.696.000 Less unamortszed bond discount . . (6.936.733) (7.308.104) Totd long-term debt . 419.933.267 446.387.896 Fund equity-Contributions in aid of construction . . 82.015.651 77.396.382 Retained earnings 189.276.738 180.691.699 Totd fund equity 271.292.389 258.088.08i Tord long4erm debt and fund Nurty . 691.225.656 704.475.977 Current liabilities: Fuel payable . 1.870.575 3,190.202 Accounts payable and accrued liabilities . 4.776.900 2.731.690 Due to other funds 1.578.698 1,420.873 Tord current hobdities . 8.226.173 7.342.765 Payable from restricted assets: Uulity deposits . 3.793.648 3.925.474 Long-term debt payable-current 25.330.000 14.900.000 Accrued interest payable 11.175.626 11.000.803 Construction fund: Accounts payable and accrued liabilites 1.671.04I 7.072.769 Totd payable from restracted funds 41.970.315 36.899.046 Other liabilities and deferred credits . 9.858.346 9.816.842 Totd liabdirses and fund equity . $ 751.280.490 758.534.630 sea asu8AL IEPOEI l3
--- ~ .. _ ._ .__ _ . . . _ . . . _. . . .m. _
1 G AIMESVILLE REGIONAL UTILITIES Statements of Revraue and Expense and Retained Earnings Mrs erded September 30, I994 and I993 1994 1993 Operating revenue: Sales and service charges . . . ... .. .... .. .. . .. ... , . $ 149.506.834 150.200,896 . Other operating revenue . . . . .. . . .. . .. . .... .. I,618,513 1.540,761 Tord operatmg revenue . ... . ... .. .. ... . . ..... ... .. 'l51.125,347 151,741,657 Operating expenses: Operation and maintenance . .. . . . .. ... . . . . . . . 72,I37,367 73.570,701 Adrnir.istrative and general , . . .,.. . . . .. .. . . .... .. .. 17,I36,503 17,236,413 Depreciation and arnortization .. . ... . . . . .. . . . 17.955.407 18.118,153 'l Totd operating expenses . .. 3.. . . 107.229,277 108,925.267 Operating income . . . . .. . . ... . . . .. .. 43.896.070 42.816.390 Mon. operating income (expense): interest income . ,. . .. .. . . . .. .. . . . . 8.541.086 14.021,952 Interest expense . . . . .. . . . . . . ... . (25.022.858) (34.558.242) Totd non-operatmg expense . . . . ... . . .. .. .. . . . . (16.488,765) (20.536.290) Net income . . ..... . .. . . . . .. . 27,414.305 22.280,l00
- Retained earnings,beginning of year . . . .. . . . .. . . 180,691,699 176,838.863 Operating transfer to City of Gainesville general fund . . . . . . ..... (18,829.266) (18.427,264)
Retained earnings,end of year .. ... . .. . 5 189.276.738 180.691.699 See accompanying notes to 6nancial statements.
- 3 's e s aessat siesst
GAJNE$VILLE REGION AL UTtLITIES St%u.ts of C0sh Flows Years ended Septerrbs 30. I994 and I993 1994 1993 Cash flows from operating activities: ,
+ Cash received from customers . .. . . $ 150.257.154 150.892.009 :f Cash payments to suppi.ers for goods and services . . . . . (63,897.160) (82.286.702)
Cash payments to 6.-@,cc; for services . . . . . . . . . (22.181.595) (21.400.475)- Cash payments for operating transactions vnth other funds . . . . (5.347.298) (4.888.198) Other operating receipts . .. . . .. . .. . . .. . . l.618,514 1.540.761 Net cash prended by opercong actmoes . . . . . . 60,449.615 43.777.395 Cash flows from noncapital financing activities: Transfers to other funds .. . . .. . . (18.829.266) (18.427.264) , Net cash used m noncoped pnanang ocovnes . . . . . . . .. (18.829.266) (18.427.264) Cash flows from capital and related financing activities: Principal r+f eeats r on long-term debt . . . . . . . (16.396.000) (187.782.761) Proceeds from sale of equipment . . . .. . . . . . . 1%.684 656.% 7 Interest paid on long-term debt . . . . . . . . . . . (24.476.657) (39.235.430) Capital grants . . . . . . . . . . . .. . .. .. . . 68.265 478.719 Acquisition and construction of fixed assets (including allowance for funds used during construction) . . . , .. . (41.757.156) (34.826.497) Proceeds from issuance of long-term debt . . . . . . . . 236.485.000 Cash received for connecten charges . . . . . . . 3.012.527 2.309.985 Net cash used in captof and refored pnonang actmoes . . .. . . . .. . (79.352.337) (21.914.017) Cash flows from Investing activities: Interest . .. . . . . . . .. . . . 5.688.651 8.231.525 Purthase of investments . . . . . . . . (483.669.087) (541,996.971) . Proceeds from investment maturities . . . . . .. . . .. 515.001.999 527.715.863 I Net cash permded by (used in) invesong actmoes . . . . . . 37.021,563 (6.049.583) Net decrease in cash and cash equivalents . .. .. . . . (710.425) (2.613.469) Cash and cash equivalents,beginning of year . .. .. . . .. 7.115.331 9.728,800 Cash and cash @ia,end of year . . .. . .. $ 6.404.906 7.115.331 (Continued)
.[
i i E88 4588AL 'lEPSEI 3
j GolNESviLLE REGIOD$AL UTILITIES Statements of Cash Flows Ibr years ended September 30, I994 and I993 ' 1994 1993 Reconciliation of operating income to net cash provided by operating activities: '
- Operating income .. . . . . .. . .. . .. .. . .. $ 43,896,070 42,816,390 Adjustments to reconcile operating income to net cash provided by operating activities
Depreciation and amortization . .. . .. ... .... .. .... .. . . 17,955,407 18.118,153
- Receivable
- . . ... . . . . . . . . 882,I46 84,832 Prepaid expenses . . . . .. ....... . . .. . .. . ' 28,906 307,741 Inventories . . . . . .. . . . . .. . . .. . . .. (1,192,112) 2,350,837 Deferred charges . . . . .. .. .... .. .. .. . . .. .. .. . ..... . 3,487.840 (30,186,i95) .
Accounts payable and accrued liabilities . . . . .. . . . (4,676.145) 4,138,024 Due to other funds . ... . . . . . .. . . . .. . . 157.825 (331,984) . i Utility deposits . . .. .. . . . . . .. . (131,826) 606.280 Other liabilities and deferred crediu . .. ... . . . .. . ., . . 41,504 5,873,247 Net cash pnmded by operaung actmnes . . . $ 60,449.615 43,777,395 Noncash, Investing, Capital and Financing Activities: In August 1993, investments of $77.428.800 par value (575,029,999 book value) were used in combination with cash and new debt to defease $l49,590.000 of 1983 series long-term debt. Utility plant contributed by developers in aid of construction was $4,031,360 and $336,103 in 1994 and 1993,respectively. Cash and Cash Equivalents: In accordance with the pn> visions of Paragraph 11,GASB Statement 9,the utility has elected to treat allinvestments,other than repurchase agreements,as noncash equivalents. See accompanying notes to financial statements. , l I R 483 4ea3AL0iP$ti
GMNEsVILLE R EGION AL UTittT Es Notes to Financial Statements September 30, f 994 and 1993 (I) Summary of Significant Accounting Policies (g) Amortization of Nuclear Fuel (a) Organization The cost of nuclear fuet. including esumated disposal cost.is Gainesville Regional Uchties (GRU) is a combined municipal utility amortized to fuel expense based on the quanoty of heat pro-system opera 6ng electnc. gas, water and wastewater uthries. duced for the generation of electnc energy in relation to the quantity of heat expected to be produced over the h'e of the (b) Basis of Accounting nuclear fuel core.These costs are charged to customers thn ugh ' GRU consists of the combined Utihty Funds of the City of the fuel adjustment clause. Gainesvee, Flonda (City).The financial statements are presented on the accrual basis of accounong.Under this basis, revenues are (h) Revenue Recognition recognized in the period earned and expenses are recognized in Revenue is recorded as earned. GRU accrues for services the period incurred.in accordance with the Utihties System rendered but unbmed which amounted to approximately Revenue Bond Resoluton (Bond Resolucon). rates are designed $8.103.000 and $8.057,000 for 1994 and 1993.respectively Fuel to cover debt service and other revenue requirements,which adjustment revenue is recognized based on the actual fuel costs. exclude depreciation expense and other noncash expense items. Amounts charged to customers are based on estimated costs. This method of rate setung results in costs being included in the which are adjusted monthly for any differences between the actual determinacon of rates in different periods than when these costs and estimated costs once actual costs are known. are recognized for financial statement purposes.The ef'ect of these differences are recognized in the determination of net (i) Interfund Transactions Interfund transactions and contnbutions are generally made as k.come in the period that they occur in accordance with GRU's reqmd. Interfund transactons between the funds and fund accounung pohcies.GRU has adopted the uniform system of balances of electric. gas, water and wastewater are offset for the accounts prescribed by the Federal Energy Regulatory c mbined uchty funds. Interfund loans do not bear interest. Commission (FERC) and the National Associanon of Regulatory Additionally,there are interfund transactions between GRU and Utihty Commissioners. Rates are approved annually by the City general 8 vernment operations of the City. Commission. (j) Funds in AccordanceWith Bond Resolutions (c) Investments Certain restricted funds of GRU are administered in accordance investments are stated at amortized cost. Premium or discount is with bond resolutons.These funds are as follows: amoruzed over the investment's matunty based on the straight-line method which approximates the effecove interest method. Debt Service Fund Subordinated indebtedness Fund (d) Inventories Rate Stabdization Fund inventories are suted at cost using the weighted average unit cost Construccon Fund method for materials and the last-in,first-out (UFO) method for Utikty Plant Improvement Fund fuel. Obsolete and unusable items are reduced to estimated salvage values.The cost of fuel used for electric generation is The Debt Service Fund accounu for funds accumulated to charged to expense as consumed. provide payment of prinapal and interest on or redeem (e) Utility Plant Property and equipment are recorded at cost. Maintenance and The Subordinated Indebtedness Fund, grouped in the Debt repairs are charged to operating expense as incurred.The average Service Fund for financial reporong purposes, accounts for funds cost of depreciable plant retired is ehminated from the plant accumulated to pay principal and interest on subordinated accounts,and such costs,plus removal costs less salvage are indebtedness. charged to accumulated depreciation. The Rate Stabdization Fund accounts for funds accumulated to (f) Depreciation and Nuclear Generating Plant stabilize rates over future periods through the transfer of funds to Decommissioning and from Revenue Funds as necessary. Depreciation of utihty plant is computed using the .ty;bt-kne The Construction Fund accounts for funds accumulated for the method over estimated service lives ranging from 3 to 50 years. Cost of Acquisition and Construction of the system. Depreciation was equivalent to 2.81% and 2.83% of average depreciable property for 1994 and 1993.respectively. Depreciation expense includes a provision for decommissioning costs related to the jointly-owned nuclear power plant (see note 4). (Continued) se: anusat terset 23
GAINESVILLE REGIONAL UTILITIES , Notes to Financial Statements September 30, I994 ard I993 4 The Utility Plant Improvement Fund accounts for funds used to of amortization expense included in the statement of revenue and pay for certain capital protects or debt service,the purchase of expense and retained earnings relating to the contributed assets redemption of bonds,or otherwise provide for the payment of is credited to depreciation and amoruzation expense and bonds. amounted to $2,492,886 and 52,222,554 in 1994 and 1993, (k) Allowance for Funds Used During Construction An allowance for interest on borrowed funds used during con- (n) Cash and Cash Equivalents . struccon of $1,243.000 in 1994 and $964,040 in 1993 is included For purposes of reporung cash flows, cash and cash equivalents in constructs in progress and as a reducten of interest expense. mclude cash on hand, bank demand accounts,and overnight
; These amounu are computed by applying the eHectrve interest repurchase agreements.
rate on the funds borrowed to finance the protects to the . monthly balance of prgects under construccon.The eHective (0) Se m Accating I-interest rates were approximately S.5% and 6.3% for 1994 and
, e me s d accoun W h h 1993,respe% am rtrz.Wr of CIAC and the operating transfer to the City .l general fund.ln 1993,the amortrzation of CIAC was reflected as a (1) Deferred CharEes component of the change in retained earnmgs. In 1994,the CIAC Deferred charges represent costs incurred that are to be recow. amoruzation is included as a component of depreciation and ered from future revenue through the rate-malung process over a amoruzation on the income statement.The operating transfer to .i period usually ranging from seven to thirty years. the City general fund was a component of net income in 1993
- E* 8 (m) Contributions in Aid of Construction 1993 financial statements have been restated to reflect these Uutity plant in service for the water and wastewater funds hget encludes assets received from contnbucons in aid of constructon (CIAC).Contnbutons in aid of construcuon are amoruzed on a straight.line method over the life of the related asset.The amount -
(Conunued) I M s a s. a e e s 's t . a s e e e i
1 GQlfcE 5VILLE QEGION AL UTILITIE S Notes ttD Financial Statements September 30. I994 and I993 (2) Long-Term Debt Long-term debt outstandmg at September 30.1994 and 1993 consisted of the following-1994 1993 Utilities System Revenue Bonds: Series 1983 (1983 Bonds)-interest payable semi-annually to October 1.2014 at a rate of 6.0% . . . $ 18.860.000 18.860.000 1987 Senes A (1987 Bonds) -interest payable semi-annually to October 1.2002 at various rates between 6.4% and 6.8% . . 5.085.000 6.585.000 1992 Series A (1992 A Bonds)-interest payable semi-annually to October 1.2022 at vanous rates between 5.0% and 6.5% . . . 73.000.000 73.000.000 1992 Series B (1992 B Bonds)-interest payable semi.annualty to October 1.2017 at vanous rates between 6.0% and 7.5% . 6l.920.000 61.920.000 1993 Series A (1993 A Bonds) -interest payable semi-annualty to October 1.2006 at various rates between 4.25% and 5.30% . . 35.180.000 35.180.000 1993 Series B (1993 B Bonds)-interest payable semi-annually to October 1.2013 at various rates between 4 0% and 5.5% . . 128.795.000 128,795.000 1993 Series C (1993 C Bonds)-interest payable semi-annually to October I 1996 at various rates between 4.625% and 5% . 12.400.000 20.935.000 Subordinated Utilities System Revenue Bonds: 1993 Series (1993 Subordinated Bonds)-interest payable semi-annually to April 1.1997 at rates of 4 875% and 5.25% 25.365.000 40.660.000 Utilities System Commercial Paper Notes, Series C: 66.265.000 67,761.000 (C Notes)-interest at various market rates 426.870,000 453,696.000 Less unamortized bond discount (6.936.733) (7.308.104) Total long-term debt . $ 419.933.267 446.387.896 (Continued) tae aeaaat eipee1 25
G AINESVILLE REGION AL UTILITIES Notes to Financial Statements September 30. I994 and D 993 GRU is required to make monthly deposits into separate accounts for an Subordinated amount equal to the required share of principal and interest becoming Period Utilities System Utilstus System Total net payable for the revenue bonds on the payment dates of April 1 and ending Revenue Revenue debt service r October 1. October i Bonds Bonds requirements 1995 $ 26,131,343 $ 16,898,503 $ 43,029,846 in March,1993,GRU issued $163,975,000 Utilities System Revenues Bonds, ' Series A and B.The entire Series B Bonds in the amount of $128,795.000 N 2m,m 17391,131 46,582.866 1997 26,212.745 8,86!.669 35.074,414 were used to pay principal. interest and redemption premium on $9,650,000 1998 26,212,940 - 26,212,940 of the then-outstanding 1987 Bonds and all $100,366.361 of the then-out-1999 26,207.360 - 26,207,360 standing 1989 Series Subordinated Bonds.This refunding constituted a legal 2000 25,755,f 60 - 25,755,160 defeasance of that amount of 1987 Bonds and 1989 Subordinated Bonds 2001 26.068,833 - 26.068.833 and resulted in debt service savings of $6.5 milhon over the hre of the 2002 26.062,173 - 26,062,173 Bonds and Subordinated Bonds and a present value savings of approximately 2003 26.069,187 - 26.069,187
$5.9 million.A loss on defeasance of approximately $15.1 million was 2004 25.495,837 - 25,495.837 deferred and is being amortized over the hfe of the 1987 Bonds and 1989 2005 24,337,776 - 24.337,776 Subordinated Bonds.
2006 24,329,841 - 24,329,841 2007 28,522,645 - 28,522,645 in August,1993.GRU issued $20,935.000 Utihties System Revenue Bonds Series 1993 C and $51,575,000 Subordinated Uchtms System Revenue 2008 34936M - 30,936 @ 2009 30.941.550 - 30.941,550 Bonds Senes 1993 The proceeds of these series and amounts on hand in 2010 30,934.000 - 30,934.000 the Debt Service Fund were used to legally defease $149.590.000 of the 2011 ' 30,935.025 - 30335,025 then-outstanding 1983 Series Bonds.This defeasance resulted in debt service savings of approximately $31.8 mdlion over the hfe of the defeased 2012 34934525 - 34930.525 Bonds with a present value savings of $19.4 rndlion.A loss on defeasance of 2013 30,941,725 - 30.941,m 2014 32,218,225 - 32,218,225 approximately $12.3 million was deferred and is being amortszed over the hfe of the 1983 Bonds. 20l5 12.227.125 - 12,227.125 2016 12.225,350 - 12,225,350 2017 12,229,450 - 12.229.450 The following table lists the Debt Service requirements on the Long-Term 2018 5,781,950 - 5.781,950 Debt outstanding at September 30,1994: 2019 5,782,650 - 5.782,650 2020 5.780.475 - 5.780,475 2021 5,784,450 - 5,784,450 2022 5,782,950 - 5.782.950 i 5 623,829.425 ' S 43.351,303 5 667.180.728 (Contmed) G . ^3 sis aissat siesii
G AINE5viLLE Of GIONAL UTILITIES Notes tD Financial StEtements September 30. I994 and I993 Under the terms of the Bond Resolution relating to the sale of the Untities Subordinated Resolucon,by the Subordinated Indebtedness Fund,the System Revenue Bonds, payment of the pnncipal and interest is secured by Subordinated Debt Service Reserve Account and the Subordinated Bond an irrevocable hen on GRU's net revenues (exclusive of any funds which may Payment Account which are included in the Debt Service Fund.The 1993 be estabhshed pursuant to the Bond Resolution fo- decommissioning and Subordinated Bonds are subordinated in all respects to bones issued as first certain other specified purposes), including the hi % and income,if lien bonds (" Senior Lien Bonds") under the Bond Resolution. any b reof. Utrhties System Commercial Paper Notes,Senes C Notes in a principal The Bond Resolution contains certain restnctions and commitmen*s,includ- amount not to exceed $67,000.000 m y continue to be issued to refinance ing GRU's covenant to establish and maentain rates and other charges to rnaturing Senes C Notes. Liquidity support for the Senes C Notes is produce revenues suflicient to pay operation and maintenance expenses, provided under a long-term credit agreement dated as of October 1,1992 amounts required for deposit in the debt service funds,and amounts with Bank of Amenca NationalTrust and Savings Association (Bank of required for deposit into the utility plant improvement fund. America) and SunBank, National Association with Bank of Amenca as Agent. Each bank's obligation is for $33.500,000 and is a several but not joint The 1983 Bonds mature on Octcber 1,2014.Those Bonds are subject to obligation. The obligation of a bank may be substituted by another bank redemption at the option of the City on and after October I,1993,as a which meets certaen credit standards and which is appmved by GRU and whole at any time or in part on any interest payment date,at a redempoon the Agent.Under the terms of the agreement GRU may borrow up to pnce of 100% plus accrued interest to the date of redemption. $67,000,000 with same day availabihty ending on the terminatten date,as defined in the agreement. Series C Notes of 1,496,000 were redeemed The 1987 Bonds and the 1993 C Bonds are not subject to redemption at during 1994. the option of the City. (3) Deposits and investments The 1992 A Bonds mature on various dates from 1996 to 2022.Those Deposits are held in an institution insured by the Federal Depository Bonds matunng on or after October I,2003, amounting to $63,730,000,are insurance Corporaaon and as required by the Bond Resolution in a bank, subject to redemption at the option of the City on and after October I, savings and loan association or trust company of the United States or a 2002,as a whole at any time or in part on any interest payment date,at a national banking association having capital stock, surplus and undivided redemption price of 102% in 2002,10l% in 2003 and 100% thereafter. earnings aggregating at least $10.000.000. in acc rdance with state laws and the Bond Resolution,GRU is authorized The 1992 B Bonds mature at various dates from 2001 to 20l7.Those Bonds matunng on or after October 1.2003 through October 1,2007, amounting to invest in obligations which are unconditionally guaranteed by the United to $14,310.000,are subject to redemption at the option of the City on and States of America or its agencies or instrumentahties. repurchase agreement after October I,2002,as a whole at any time or in part on any interest obligations unconditionally guaranteed by the United States of America or payment date,at a redemption price of 102% in 2002,10l% in 2004 and its agencies, corporate indebtedness, direct and general obligations of any 100% thereafter.The 1992 B Bonds maturing on October 1,2017, amount- state of the United States of America (provided such obhgations are rated ing to $22,335,000,are subject to redemption at the option of the City on by a nationatty recognized bond rating agency in either of its two highest and after October 1,2002,as a whole at any time or in part on any interest rating Categories),public housing boivhd certain certificates of deposit. payment date,at a redemption price of 100% Investments in corporate indebtedness must be rated in the highest rating category of a nationally recognized rating agency and in one of the two The 1993 A and B Bonds mature at various dates from 1997 to 2013.Those highest rating categones of at least one other nationally recognized rating Bonds maturing on or after October I,2004, amounting to $113,925,000, 88'" 4 are subject to redemption at the option of the City on and after October 1, 2003,as a whole at any time or in part on any interest payment date,at a investments are categorized in the following table in accordance with redemption pnce of 102% in 2003,10l% in 2004 ano 1C0% thereafter. Govemmental Accounting Standards Board Statement No. 3. All of GRU's investments fail under category I which includes investments that are The 1993 Subordinated Bonds are not subject to redemption at the option insured or registered or held by the Utility or its agent in GRU's name. of the City.They are direct and special obligations of the City secured as to GRU generally holds iu investmenu to maturity and does not expect to the payment of the principal or sinking fund redemption price and interest reahze any bsses frorn the dechne in the market value of the corporate thereon,in accordance wit!' their terms and the provisions of the c mmercial paper at September 30,1994. (Continued) see aeeeat eIPfit U
camesmote osciomat ununss Notes ta Financial Statements
- Septernber 30, t994 and I993 i
0
' Carrying Market (4) jointly-Owned Electric Plant September 30,1994 value . value GRU-owned resources for supplying electric power and energy require-l U. S. Government securities $ 46,435.896 47,640,592 ments include its I.4079% undivided o mership interest in the Crystal River U.S. Government bonds 19,916,945 21.510,831 Unit 3 (CR3) nuclear power plant operated by Florida Power Corporation. ; Corporate commercial paper 94.629,531 ' 93.238.054 CR3 operation and maintenance costs,which represent GRtts part of -
expenses attnbutable to operation of CR3,are recorded in accordance with Tord $ 160,982.372 162.389.477 1 the instruccons as set forth in the FERC undorm system of accounts.
- Payments are made to Florida Power Corporation in accordance with the g ,,g,g G3 WW agreemen
\ .,y;,g j September 30, IM3 & vh GRU.as a part of this %dcipation agreement,is resporisible for its share of U. S. Government securities $ 106,968,796 112.282.961 future decommissionig costs. Decommissioning costs are funded and U. S. Government bonds 19,933,533 24,975,423 expensed annually and are recovered through rates charged to customers.
Corporate commercial paper 62.559.258 59.502.093 The most recent decommissioning cost estimates provided by Flonda Pow r Corporanon in November 1994,estmc.ed GRtTs share of total Tord $ 189.461.587 196.760.4 # future decommissioning costs to be $3.3 nullion in 1993 dollars. Florida Power Corporacon has informed GRU that an updated study wdl be 1 completed and filed with the Florida Public Service Commission by
- Cash and investments are contained in the following balance sheet December 31,1994.GRU does not expect the new study to result in a accounts- significant increase in its annual nuclear decomnussioning costs and expects 1994 1993 that any increase in nuclear decommissionir.3 costs will be recovered Restricted assets
s fund 5 58.2 6o lization fund 31,190.254 23.920.746 Contribucons in aid of construrta are as follows-Ccz.s tion fund 57.324.6 % 101.865.680 Utihty plant improvement fund 58.304 121.619 1994 1993 Decomnussioning reserve 1,875,725 1,615.876 Contnbucons in and of construccon. Current assets: Utday plant. property and equipment 14.609,960 c ntnbuted by municipahty $ 3,982.276 3,982.276 Cash and short-term investments 8.624.903 Federal and state grants in aid of Totd cash and investments 168,720.712 198.139.257 construction 22.663.741 22.602.227 Less cash and cash equrvalents 6,404,906 7.115,331 Less accrued interest receivable 1.333.434 1,562.339 Connecuon charges 43.808.871 40.789.592 Totd swestments $ 160.982.372 189.461.587 103.907,041 111.049.194 Accumutated amoruzation R035J4 (26.510.659) Contnbucons in aid of construction 5 82,015.651 77.3 % .3'2 . (Contvued) Ej s a : -' a's = a a t if a s' t ;
m G Af Mf 5vitLE a EGION AL UTILttlES Notes ta Financial Statements Sep* ember 30. I994 and I993 (6) Retained Earnings speafied percentage or dollar amount. Total deferred compensation cost for GRU for the years ended September 30.1994 and 1993 was $239.706 and Retained earnmgs reserved for debt service and unappropriated are as $226.066. respectrvely. fonows: 1994 1993 (8) Transfers to General Fund Reserved for debt service $ 38.787.106 43.232.864 GRU makes transfers to the Ot(s general government based on a formula Unappropnated 150.489.632 137.458.835 that tres the transfer directty to the profitabihty of the system.The transfer to the general fund may be made only to che extent such monees are not Total retamed cor,mgs $ 189.276.738 180.691.699 necessary to pay debt service on the outstanding bonds and subordinated debt or to make other necessary transfers under the Bond ResolutionThe Retained earnmgs balances at September 30.1994 and 1993 reserved in formula-based fund transfer to the general fund for the years ended debt service fund accounts are as follows: September 30.1994 and 1993 was $18.829.266 and $18.427.264 1994 1993 Reserve account $ 37,166.530 38.158.694 (9) Deferred Charges Debt service account 22.349.023 19.664.937 included in deferred charges at September 30.1994 and 1993 is the Subordinated mdebtedness fund account 457.000 358.000 unamortized balance of $16.412.366 and $17.908.366 respectively. remain-CommerciM paper note payment account 25.179 37.036 ing of the orgnal pavment of $27.375.000. in full settlement in connection with the City's cancellation of a contract for supply of coal to Deerhaven ll 59.997.732 58.218.667 generating plant.The settlement payment is being recovered through future
,hl 21.210,626 utikty fuel adi ustment revenue through the fear 2003.
ere a abi 14.985.803
$ 38.787.106 43.232,864 The remainirg balance m deferred charges at September 30.1994 and 1993 is comprised of unamortized bond issuance costs of approximateY The reserve account is funded by initial deposits from the bond proceeds. $37.700.000 and $39.500.000 respectively.envwenme,tal costs of Bond principal payments of $15.295.000 and $10.915.000 due April I 1995 $5.075.000 in both years (see note 10).and other miscellaneous items, all of and 1994, respect vely. are not required to begin funding untd the previous which are being amortized over periods from 7 to 30 years.
October and therefore.are not reserved in the debt service fund accounts at September 30.1994 and 1993.respectively. (IO) Environmental Lial>ilities The System ihubject to numerous Federal, state,and local environmental (7) Retirement Plans regulations.Under the Comprehensive Environmental Response The Oty sponsors and administers one retirement plan and one defer ~d Compensation and Liabikty Act. commonly known as"Superfund." the compensation plan that includes GRU and other Oty employees. System has been named as a potentialty responsible party at two hazardous waste s e na n n }anuary hstem pdsd 6e natural The General E,nployees Penseon Plan (Employees Plan),a contnbutory gas 6stnw assen d a canpany aM pwsuant to & Mated pudse defined benefit pension plan, covers all employees of GRU.except certain agreement, assumed responsibility for the investigation and remediation of personnel who elect to participate only in the Deferred Compensation envir nmental impacts related to the operation of the former manufactured PM-gas plant. Based upon the System's analysis of the cost to clean-up these i The Oty accounts for and funds the costs of the Employees Plan as they sites,the System accrued a liability of $5.075.000 at September 30.1993, accrue.Such cosu are based on contribution rates determined by the most Because the System anticipates recovenng the costs of environmental clean-recent actuarial valuation.The total contributions by GR'.1 including amorti- up through future customer rates,a related asset of equal amount has been zation of prior service costs,for the years ended September 30.1994 and reflected as a deferred charge in the accompanying balance sheet. Although 1993 were $1.044.619 and $l.132.928.respectively. uncertainties associated with environmental assessment and remediation activities remain.GRU believes that the current provision for such costs is Certain employees are eligible to participate in a defined contribution adequate and additional costs.if any.wdl not have a material adverse effect deferred compensation plan managed by the international Oty Management on the System's financial position. Association as fiscal agent for the Oty. Under this plan.the Oty contributes 6% of an employee's annual salary and employees may contribute either a sea aussat iFafI 23
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G AINESVILLE REGION AL UTILITIES Schedules of Combined Net Revenues in Accordanca with Bond Resolution Years ended September 30, I994, I993, I992, I99I and I990 1994 1993 1992 1991 1990 Revenues. Electric fund: Sales of electricity . . . . . . ... ... $ I12.976,560 114,512.609 111.038.685 i14.589.417 110.024.263 Other electnc revenues (expenses) . (980.688) 86.768 2,207,003 (107,510) (527.726) loterest income . .. .. 3.942.488 3.574.721 4,lM601 4.489,127 4.815.098 Tord electnc revenues . . . .. 115,938360 118,174.098 117.390.289 ?l8,901.034 114381.635 Gas fund- ' Gas sales . ... . ..... .. . 13,683.900 14.001.918 13.699.974 11,987,296 8,632,123 Other gas revenues (expenses) . . (604.268) 322.367 (772,722) 809.338 (1.611.307) j
' interest income 220300 132,321 1.324,210 216 390 335.312 Tord gas fund revenues . . .. .. 13.299.932 14.456.606 13.143.642 13,131,946 8.345.026 Water fund Sales of water . .,. .... . . . 9,949.831 9.614.673 8J60.162 7.943.974 7,989.118 Other water revenues (expenses) . ..
(1.590.165) (82.058) I,136.877 1.236J83 1,471.167 i
' interest incorne . . 605,163 515.456 631,586 942.243 528.693 Totd water fand revenues . . . .. 8.964.829 10.048.071 10.528.625 10,123.000 9,988,978 Wastewater fund:
Wastewater bellegs . .. 12.896.542 12,071.6 % 11,391.098 10.542J30 10.306.888 Other wastewater revenues (expenses) . .... (972,609) 1,336.617 1,064.213 1.637.868 588.674 : Interest income . 874389 746.908 f.029.095 1620348 f.336.251 Tord wastewater fund revenues . 12J98,722 14.155.228 13.484.406 11.800.946 12.231.813 Totd revenues . .. . .. . . 151.00i.843 156,833.996 154.546.962 155.956.926 144.877,452 Operation and maintenance: Electnc fund-Fuel expense . . . . . . 36.619.277 39.538397 39.243,116 41.119.401 39,049,188 Operation and mantenance , , . . . 19,313.999 16,985.123 17,969.180 17.420,206 16,136.485 - I I,630.670 lI 661.893 Administraove and general , Totd electnc fund expense . 67,563.946 68,185.4 I I 10.805.109 68.017,405 10 869.786 69.409,393 Il 339R
. . . 66.725.052 i Gas fund- '
Fuelexpense. .. . , . . 7,216.655 8,661.062 7,537.660 7.202.885 5.433.828 Operation and mamtenance . .. . 1,024J02 997.135 940,388 880.649 555.631 Admuustraove and general . .. 1.838.425 1.647.212 1.676.115 2.097,519 1,305.900 Tord gas fund expense . . .. 10.079J82 18,305.409 10.154.663 10.881.053 7.295.359 Water fund Operation and mantenance . ., 3,460,273 3,159.941 3.365399 - 3.067.570 3.156.677 Admirustrauve and general . . . . . ,, 1,737,575 J03.f 48 1,903.304 3.677.080 1.847,371 Totd water fund expense . .. .. 5,I97,848 4.863.082 5.269.103 4J44.650 5.004.048 Wastewater fund-Operacon and mamtenance . . . .. . .. . . 4.502,461 4.229.044 4.567,768 4.354.509 4.035,949 , Administrative and general . . . I.929.833 2.224.168 2.492.048 2379.496 2.407.654 ' Totd wastewter fund expense . . 6,432.294 6,453.212 7.059.816 6.734,005 6.443,603
' Totd operaten and mantenance . 89.273.870 90.807,8I4 90,500,987 91.069,106 85.468.062 Net revenues in accordance with bond resolutiom Electnc . . .. . . . . , .. 48374,414 49.988.687 493 72.884 49,498,641 47.586.583 Gas . . . . . . 3.220,150 3.151,197- 2.988.979 2,9',0.893 1.049.667 Water . . , . . . ... 3J66.981 5.184.989 5.259.522 5378350 4.984.930 Wastewater . . . .. . 6,366.428 7,702.009 6.424.590 7,066,941 5388.210 Net revenues before nterest mcome from smiung fund 61,727,973 66.026.882 64,045,975 64E87,825 59.409.390 Interest income from smiung fund .. ... . .
414.071 833.956 870.606 Tord net revenues e accordance with bond resducon .. $ 61J27.973 66.026.882 64.460.046' 65128381 ~60.279.998 Aggregate bond debt service . 27.510.976 '
.. . ... $ 26.176.858 26.131.184 __26.756.070 19.664.790 Aggregate debt service coverage raoo . . . . 236 2.40 2.47 2.46 3.07 ,
TocJ debt service . , . . . . . . . . ... $ 42.622.279 33.679.868 33.865.283 35.648.221 26.556.867 > Tocal debt service coverage raco . .. .. 1.45 1.96 p.90 - 134 2.27
. See noce on page 37.- '
f ;E :s s e aassat stesst
G AINE5VILLE REGION AL UTILITIES Schedules of Net Revenues in AccordanceWith Bond Resolution Electric Utdety Fund ' Yetys ended September 30.1994 ond I993 1994 1993 Revenue-Sales of electricity-Reshal sales . . . .. . . . . . 5 49.211.34I 47.859.388 General serwce and large power . .. . . . . .... . 46,959,475 44.833,703 Fuel adjustment . .. . . . ... . ... 888.353 I,755,192 5treet and trame lightmg . . . 2.255,586 2,146.754 Utility surcharge . . . . .. . . . . . .. 2,456.560 2.283,653 Sales for resale . .. . . . .. . . 4.860,763 5.015,862 ' interchange sales . . . . . . .. . . ..... . 6.344,482 10,618,057 Totd sdes ofeiectnoty . . . . .. . 112.976.560 114,512,609-Other revenue (expense): Transfers to rate stabilization . . .. . ..... . . . (2,549,839)'- (1,332,746)- Service charges , .. . .. .. . .. .. . . . .. . .. 1.259,870 1.119,934 Pole rentals . .. ... . . .. . .. . .. . . . . 136.500 134.700 Miscellaneous . . . . . . 172.781 164.800 ' Totd other rewnue (expense) . .. . .. .. . . .. . . (980,688) 86.768 Interest income . . . . . .. .. .... . .. .. 3,942,488 3.574,72l Totd revenue .. .. . . . . . 115,938,360 118.174.098 Operation and maintenance expense: Operation and maintenance: Fuel expense: Retail and purchased power . . . .. . . . . ..... .. 32,578,883 '33,089,687 Interchange . . . .. ... ..... .. . . . ... 4,041,094 6,448,710 - Tord fuel expense . . . .. . ... . . . 36,619,277 39,538.397 Power production . .. .. ... . . .. .. . .. . .. ... 12.503.522 11.907,526 Transmission . . ... .. . . .. . . . .. . 664,871 606,516 Distribution . . .. .. .... .. . .. . 6,145,606 4,471,081 Tord openmon ond,w u..o.me . .. . .. .. ..... 55,933,276 56.523,520 Administrative and general: Customer accounts . . . . . .. . . . ... . .. .. 2,359.744 2.665,702 Administrative and general .... . . . . ..... . . . 9,270,926 8,996,189 Tord d._,.ww ond generaf .. .. .... . . .... .. ... 11,630,670 11.661.891 Totd operotmn end maintenance expense . . ... . . . .. .. . . 67.563.946 68.185.41i Net revenue in accordance with bond resolution:
. Retail . . . .. . . ... .. . . . ... . ... . . ..... .. .. . . 46,071.926 ' 45,819.340 interthange .. .. .. . . . . ... ... .. . ... . . 2,303,388 4.169,347 Totd net revenue in accordance with bond resolution .. . .. ... . .... $ 48.374,414 49,988.687 See note on page 37.
ses atenst stesst 33 _ _ _ . . . - . ~ . ... ._ -. _ _ ._, . . _ . _ . . _ . . . . - . _ , -~~ _ . _ - _ _ _ . -- - _ --
G AINESVILLE REGIONAL UTILITIES Schedules of Net Revenues in Accordanc3With Bond Resolution Gas Utility Fund Years ended September 30, I994 and I993 1994 1993 Revenue: Sales of gas: Residential . . $ 6.508,452 6.213,120 interruptible/conwneraal , 6.840,580 7.724.666 Other sales . 334.868 64.132 Tord sales of gas . . . 13.683,900 14.001,918 Other revenue (expense): Transfers from (to) rate stabilizaoon . (597.624) 273,659 Other (6,644) 48.708 TM other revenue (expense) , ( _ 604.268) 322.367 Interest ecome 220.300 132.321 Tord revenue 13.299,932 14.456.606 Cperation and maintenance expense: Operation and maintenance: Fuel expense . 7,216,655 8.661,062 Operate and maintenance 1.024,702 997,135 Tord operaoon and mantenance 8.24i.357 9.658.19i Admuustrative and general. Customer accom.mts . 763.240 789,528 Admuustrat:ve and general 1.075,185 927.684 Tord admaustraeve and generd 1.838.425 1.647.212 Totd operatson and inantenance expense . . 10.079.782 I l .305.409 Tota' ret revenue o accordance w:th bond resoksoon . $ 3.220.550 3.151.197 See note on page 37. 34' s e u asesat aspsat
2 G AINE5VitLE REGtON AL UTILITIES Schedules of Net Revenues in AccordanceWsth Bond Resolution Water Utility Fund Years ended September 30 t994 and I993 1994 1993' Revenue: Sales of water: General customers . . . .. . . . . .. 5 7,626315 7,444.147 - University of Florida .. . . . . .. . .. . 702.180 592.302 Fire protection .. . . . . . 867.303 844.915 Generaong stauons . . .. .. 57347 61,312 Utgity surcharge . . .. . . . . 696.686 671.997 Totd sales of water . . . . . . . .. 9,949,831 9,614,673 - Other revenue (expense): Transfers to rate stabdization . . . . . . ... . (2.911.488) (l.074,067) - Connection charges . . . . 1.280,687 953,984 Mescellaneous . . . . . . . . . .... . .. 40.636 38,025 Totd other revenue (expense) . . . . . . . (1.590.165) (82,058) Interest income . . . . . .. . . . 605,163 585,456 Totd revenue . . . . . . 8,964,829 10.048,071 Operation and maintenance expense: Operation and maintenance: Source of supply .. . . . . . . . . 28.394 3.572 Pumping . . . . . .. . 913.044 882.623 Water treatment . . . . .. . . .. .. 1,612.200 1,394,664 Transnussion and distnbution . .. .. . . .. . . . . . . 906,635 879,082 Totd operate and moetenance . . .. . . . . . 3,460.273 3,159,941 Administrative and general: Customer accounts . . . . . .. . . '446 046 476.651 Administrative and general . . . ... . . . .. .. . 1,291.529 1,226,490 Totd sJ,. uuuum ond generof ... .. . . . . . 1,737,575 1,703,141 Totd operaten and ir,-- a..ma expense . . . .. ... . . 5,197,848 4,863,082 Totd net revenue in accordance mth bond resoluta . .. . .. .. .. . 5 3,766,981 5.184,989 See note on page 37.
.s :: assent airent 35
. _ - - _ _ _ . . _ _ _. _ . . _ - _ _ _ _ . _ __ __ _ _ _ .. __ _ . _ . . .m . . _ . _ - .~
G AINESVILLE REGI N AL UTILITIES . Schedules of Net Revenues in AccordancaWith Bond Resolution Wastewater Utslety Fund Years ended Septernber 30. I994 and I993 1994 1993 Wastewater billings-8dlings .. , . .. . .. .. . . , . .. . . .. .. . . _ . . . 5 11.954.407 11,213.944 Utility surcharEe . . . ... .... . ... .. . . .. ... .. . 942.135 857,752 Tord wasteurter bangs . . . . , .. . .. . . .. .. .. 12.896.542 I2,071,6 % Other revenue (expense): Transfers to rate stabdization . . . . . . .. .. (2.738.750) (53.896) Connecton charges . . .. . .. .. .. . .. . .. 1.750,771 1,355.999 Miscellaneous . . . + . . , . . . ., . . . . .. 15.370 34.564 Tord other revenue (expense) . . .. ... .. ,. . (972.609) 1,336.617 interest income . . . .. .. .. .. . .. . . 874.789 746.908 Totd revenue .. . . .,..,. .. . . .. . 12.798.722 14.155.221 Operation and maintenante expense: Operation and maintenance-Collecton . .. .. . . . . . . 918.898 893.351 Treatment and pumpmg . . .. .. . .. . . . . . 3.583.563 3.335.693 Tord operaton and inantenance .. . . . . . . .. . 4.502.461 4.229.044 Administrative and general. . .. .. . . . Customer accounts . . . -. . .. .. . 243.345 328.716 Admmistraove and general . , . . .. .. . , 1.686.488 1,895.452 Tord .J..--Lee and generd . . . . . . . . . . I.929.833 2.224.168 Totd operarmn and mantenance expense . . . . .. 6.432.294 6.453.212 Tord net menue in acccedance wah tend resoluten . .. . . . $ 6.366.428 7.702.009 See note on page 37. ,m 9 E ma i nss i n at- ' aiese -
.C4
G AINE5VILLE REGION AL UTILITIES Notes ta Schedules of Net Revenues in Acconfanc2With Bond Resolution Y*ws eM& September 30, I994 ord I993
" Net revemses in accordance with bond resolunon' drRers from" Net - Other water and wastewater revenues include fees for connectm ,
income" whech is deternmed in accordance vnth generally accepted instattauon, front footage,and backflow preventxn ) accounung pnncrples. Followmg are the more significant d#erences: {
- Other revenues include transfers (to) from tSe rate stabdrzation fund.
l - Interest incorr does not inc!ude interest earned on constructxm funds and on certain debt service accounts which can only be used for certain restncted purposes.
- Operacon and mantenance expenses do not include depreciation, amortizruon,or mterest expense.
Ies a e il s a L tiP5t1 3
G AINESVILLE REGION AL UTILITIES Schedule of Combining Balancs Sheet September 30, l994 Assets Electric Gas Water Wastewater Combined Utility plant: Utility plant in service . . $ 426.692,434 24,586,755 88,701,486 126,064.287 666.044.962 Construction in progress 34.035.056 232.910 3,91 ,909 _ 3.537.385 41,717.260 460,727.490 24.819.665 92.613,395 129.601,672 707,762,222 Less accumulated depreciacon and amortization (148.975.109) (10.099.329) (27,405,5441 (35,407,903) (221.887.885) Net utAry plant 311.752,381 14,720.336 65.207.851 94.193.769 485.874,137 Current assets: Cash and short-term westmenu . 9,775.392 1,700,520 917,790 2.216.258 14.609.960 Accounts recervable. net . 16,257,588 999.660 1.476.540 1.693.302 20,427,090 inventories: Fuel 5.890,406 - - - 5,890.406 Materials and suppbes 4.847,907 213.312 - 5,972,797 931378_ Tord current assets . 36,771,293 2.913.492 3.305,908 3,909.560 46,900.253 Restricted assets: Uuhty deposits - Cash and investments 3.664.041 - - - 3.664,04i Debt service fund - Cash and investments 45.859.086 3.074.198 4.947,169 6,t 17.279 59.997.732 Rate stabikzation fund - Cash and inve:tments 10.212,391 2,l74.089 6.344.468 12.459,306 31,190,254 Construccon fund - Cash and investments 4i,712,421 1,293.172 8,219.108 6.099.995 57,324.696 Uchty plant improvement fund - Cash and investments 58.304 - - - 58.304 Decommissx> rung reserve - Cash and investments 1.875.725 - - - t ,875.725 Tord restricted assets t 03.381,968 6.546,459 19.510,745 24 676.580 154.I10.752 Deferred charges . 49.707.515 5.878.502 4.077.806 4.73!.325 64.'J M 11 Tord assets 5 501.683.157 30.053.789 92.102.310 127.511.234 758.280.490 38 aas anssat eEPsal
GMNESVf LLE REGION AL UTILITIES - Schadule of Combining Calance Sheet september 30. I994 Liabilities and Fund Equity Electric Gas Water ~ Wastewater Comtuned Long-term debt and fund equity: Long-term debt Utilmes system revenue bonds . . $ 245.399.292 21.940.306 41.957.142 51.308.260 360.605.000 Utihties system commertial paper notes . . 50.017.287 - 5.660.439 10.587.274 66.265.000 Less unamortrud bond discount . . . (4.493.328) (462.790) (920.033) (I,060.582) (6,936.733) Totd long-term debt . . . . . . 290.923,251 21.477.516 46.697.548 60.834.952 419.933.267 Fund equity: Contribution in a6d of construction . . 28.857.479 53.158.172 25.651 Retained earnings . 169.494,384 224.128 8.443.706 . . . /6,738 11.114.520 Tord fund equ<ry . . . .. . 169.494384 224.128 39.971.999 61.601,878 271.292.389 Totd long-term debt and fund equity . .. . . . 460.417.635 21.701.644 86.669.547 122.436.830 691.225.656 Current liabilities: Fuels payable . . . .. , .. 1.599.510 271.065 - - 1.870.575
- Accounts payable and accrued liabilities . . .. . 3.322.953 286.702 557.198 610.047 4.776.900 Due to (from) other funds . . . (3.656.188) 755.995 2.951.532 1.527359 1.578,698 Tordcurrent Aabsfroes . .. . . . .. . . 1.266.275 1.313.762 3.508 730 2.137,406 8.226,873 Payaule imm restricted assets
Utility deposits . . .. 3.793.648 - - - 3.793.648 Long-term debt payable. current .. .. . . 24.233.050 377.250 227.250 492.450 25330.000 Accrued interest payable .. .. . 7.601.251 719.847 . f.273.557 1.580.971 I l.175.626 Construction fund - Accounts payable and accrued liabelities . . . 1.099.692 66.070 99.046 406.233 1,671.041 Totof payable from restncred assets . . 36.727.641 1,163.167 1.599.853 2.479.654 41,970.315 l
- Other liabilities and deferred credits .. . 3.201.606 5.875.216 324.180 457.344 9.858.346 Totd Aabilities and fund equity . . . 5 501.613.157 30.053.789 92.102310 127.511.234 751.280.490 l
si. a.iint eiesii n __ _ _ _ . _ _ _ _ _ .. . _. . _ .. __ __ ~. _ _. . _..__ _ . . . . _ . . . _._.__ _ _. ._.
G AINE5VILLE REG 4068 AL UTILIT8ES Schedule of Combining Statement of, Revenue and Expense and Retasned Earnings Year ended Septembe, 30, I994 Electric Gas Water Wastewater Comluned Operating revenue: Sales and service charges . .... $ 112.976,560 13,683.900 9.949.831 12A96,543 149.506,834 Other operating revenue . ... .. ... . 1,569.151 (6.644) 40.636 15.370 1.618.513 Tord opercang revenue . . . . . . 114.545,711 13.677,256 9,990,467 12,911,913 151,125,347 , Operating expenses. Operations and maintenance . 55.933.276 8.241,357 3,460.273 4.502.461 72,137.367 Adnunistrative and general . . .. . 11,630.670 1,838.425 1,737,575 1,929.833 17,136.503 Depreciation and amorozation . . .. 14.286,169 957.807 1,201.954 1,509.477 17,955,407 Tord opercong expenses . . . .. ... 8I.850,115 11.037.589 6,399,802 7,941,778 107.229.277 Operating income . .. . .. . 32.695.596 2.639.667 3.590.665 4.970,142 43.896.070 Non-operating income (expense): Interest income .. .. . .. . . 5,% 9.859 287,039 1.097,523 1,186.665 8,541.086 Interest expense . . . . . .. . . . (17,375.376) (1,424.544) (2,733.149) (3.489.782) (25.022,851) Totd non-operaung espense .. . . (11,405,517) (1,137.505) (1.635.626) (2.303.187) (16.481.765) Net income .. . . . 21,290.079 I,502.162 I.955,039 2.667,025 27,414.305 Retained earnings,beginniag of year . . 160,157.055 282.110 I I,406,855 8.845.679 180.691,699 General fund transfer . .. . (13,166,760) (821.276) (2.056.093) (2,785.137) (18,829.266)
- Residual equity transfers . . , . . . l.214.010 (738.868) (191.281) (283.861) ,_
Retamed earnings,ending of year $ 169.494.384 224.128 11.I I4.520 8.443,706 189.276.738 i i
+
7e.......m....., --
G AINESVILLE REGION AL UTILITit$ - Sc. edule of Utaty Plant Properties Comtwned Utsty Fund ? September 30, !994 Utility Plant Properties Balance Balance i September 30, Sales and ' Qa..: ,,- 30, i Plant in Service 1993 Addetsons retirements 1994 Electric utility fund: Production plant . . . . . . $ 246,129.878 1,924,219 299.147 247.754,950 Nuclear fuei . . . . . -4,823.103 467.138 - 5.290,241 Transmission and distribution plant . 130,980.139 11308.034 1.812.560 I40,465,613 General and common plant . .... . . 27.013.078 7,156.860 988,308 33,18l,630 Totd ekctnc utary fund . . . . . . . 408,946,198 20,856,251 3.110.015 426,692.434 Gas utility fund: Distribution plant . . . . . . 16,979.706 1,967,130 64.703 18,882.133 , General plant . . .. . l.005,000 135.242 86.255 1,053.987 Plant acquisition adgustment . . . . . 4,505.664 144,971 - 4,(50.635 Tord gas utsty fund . . . . .. 22.490370 2,247343 150,958 24,586,755 t Water utility fund: Supply, pumping and treatment plant . .. .. 13.213,858 2,816.629 126,113 15.202.374 Transmission and distribution plant . . . . 64.707,181 6,422.351 616.636 70.512,896 General plant . . . . 2.951,518 174,201 139.503 2,986,216 Tord water utihty fund . .. .. . 80,870.557 8,713,181 882.252 88,701,486 Wastewater utility fund: Pumping and treatment plant . . . 53.068.362 2,893,189 1.686.467 54,275.084 Collection plant ... . . .. . 61.763.406 4.524,938 178.213 66,110,111 Reclaimed water plant ... .. . .. .. . . . .
- 1,324.185 - 1,324,1P5 General plant . . .. .. .. . .. 4 l58.203 409.507 212,803 4,354.907_
Totd wastemrter utisty fund . . . ... . . . I 18,989.97I 9.151.799 2.077,483 126.064.287 Totd plant in sernce . . . . $ 631.297,096 40.968,574 6.220,708 666,044,% 2 Construction in Progress Electric utility iand . . . . $ 22,628,100 31.706,3 % 20,299,440 34.035,056 Gas utility fund . . . . . . 1,031,718 1,308.636 2,107,444 232,910 Water utility fund .. . . . . . ... 6,102,237 6,530.205 8,720,533 3.911,909 Wastewater utility fund . . . . .. . ... 6,359,983 ' 6,404.008 -9,226.606 3,537,385 Tord constructen in progress . . . . .. .. $ 36,122.038 45.949.245 40.354,023 41.717.260 t
G AINESVILLE REGIONAL UTILITIES Schedule ofAccumulated Depreciction and Amortizction Combined Utdety Fund September 30,1994 Balance Balance
. September 30, Sales and September 30, 1993 Additi3ns retirements 1994 Electric utility fund:
Production plant . . .. .. $ 94.225.605 7,146,562 299,147 101.073.020 Nuclear plant .. . .. 4.067,998 352.820 - 4,420,818 Transmission and distnbution plant . . . 32.259,140 3,806.223 1.213.137 34.852,226 General and common plant . . 8,084.490 1,532.863 988,308 8,629.045 Totd electric utsty fund . . . . . I38.637,233 '12.838.468 2,500.55 - I48,975.109 Gas utility fund: Operating fund . . 8.246,290 614.621 155.81I 8,705.100 Plant acquisition adjustment . . 1.093.855 300.374 - 1394.229 Tord gas utAry fund . . . 9.340,145 914.995 155.811 10.099329 Water utility fund: Supply, pumping and treatment plant . . 4.850,760 369.743 126,I I3 5.094390 Transmission and distnbution plant . . . . . 19.056.404 1.448.641 616.041 19,889.004 General plant 2.33I,428 230.225 139.503 2,422.150 Tord water etery fund . . . 26,238,592 2,048.609 881.657 27,405344 Wastewater utility fund: Pumping and treatment plant . 13.529341 1,690.316 1,751,485 13.468,172 Collection plant .. . .. 17,201.892 1,222.522 178.213 18.246.201 General plant . . .. .. .. 3.461.101 437,747 205,318 3.693.530 Totd wastewater utAry fund . . 34,192334 3.350.585, 2.135.016 35.407.903 Tord . . . .. . 5 208.408.304 19.152.657 1 673.076 221.887.885_ Q taa-sae3aL.aieaai
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