ML20084A125
| ML20084A125 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 12/31/1983 |
| From: | Hester R, Morgan G GAINESVILLE, FL |
| To: | |
| Shared Package | |
| ML20084A098 | List: |
| References | |
| NUDOCS 8404240413 | |
| Download: ML20084A125 (350) | |
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I City Commission W.E. "MAC" McEACHERN Mayor - Commissioner j
$6
., - JEAN CHALMER$
Mayor - Commissioner ProTem COURTLAND A. COLLIER Commissioner
[.
[' i Contents Management Letter 1 l fo si n r Foreword and Highlights 2' Electric 5ystem 4 l
ff-Water 5ystem 6 Wastewater System 8 Financial 5ummary 10 Auditors' Report 13 '
GARY GORDON Commissioner Commitment 34 I ;.
Rates 3s
- d Gainesville Regional Utilities Post Office Box 490 e Gainesville, Florida 32602 l
Nineteen eighty-three has been a good year-one of challenge, op-portunity, and reward.
One of the City's most significant opportunities occurred in August when the City Commission issued $186 million in Utilities System Revenue Bonds. Proceeds from the sale of this issue were used to re-I fund the Utility's entire outstanding long-term debt of $265 million.
This refunding provides the immediate reward of a $14.3 million To Our reduction in debt service payments over the next five years, and a "present value" savings of about $4.8 million over the life of the CU5tomers and j
i bonds.
By mid-year it was apparent that the unpredictably low price of oil Owners in the world market would reduce revenues from our energy sales to other Florida utilities. We responded with a program of belt-l tightening and a commitment to aggressively market our excess capacity to firm buyers. Our diverse fuel mix for generation-led by ;
low-priced coal-allowed us to increase our interchange sales to lead I
! all other utilities in sales on the Florida Electric Power Coordinating Group's Energy Broker system. Spot-market coal purchases brought i
savings of $7 million over long-term contract prices. Due largely to these sales and savings, we were able to provide electricity to our own local customers at rates consistently among the lowest in the i state while achieving the highest net revenues in the history of the combined system. During the year $5.6 million of Utility profits were contributed to support of other City programs, and SII million in employee payroll was returned to the local economy.
The national economy's upturn during the year had immediate im-pact upon all three of our systems. Residential construction in Gainesville and Alachua County was more than double that of the previous year, and the demand for new services in our distribution l and collection systems became concrete evidence of the growth
! predicted for the Sunshine State. All systems experienced a growth in
- number of customers, and new system peaks were set for use of both electricity and water.
- Response to system growth was also evident in construction pro-jects, including initial work on the three million gallon per day expan-l sion of the Kanapaha Advanced Wastewater Treatment Plant and the 138 kilovolt transmission line from Ft. Clarke Substation to Deerhaven
! Station. Considerable pre-construction progress also was made on the transmission project which willinterconnect Gainesville with Florida Power and Light Company.
Throughout the year, our staff continued to respond creatively to
- the challenge to discover increased operating efficiencies. Conserva-
! tion programs and improved maintenance procedures in treatment . .
plants provided additional savings, and the Murphree Water Treat-ment Plant was honored by the American Water Works Association ~
as the best operated plant in Florida. Additional awards were receiv-ed from professional organizations for plant operation, water conser- j ,
vation, and financialinformation programs.
Some of the rewards of the year are not totaled in the ledgers. 7 Foremost among these is the satisfaction of participating with hun- g dreds of co-workers in the unified pursuit of a common goal: the most F C efficient and economical service for our customers. As in years past,it .
is especially rewarding to know that we enter a new year with the _
appreciation and support of those we serve. k %
~~
RICHARD L. HESTER, P.E. GEORGE E. MORGAN Deputy City Manager for Utilities City Manager I
l l
l The City of Gainesville is located in north central Florida midway between the Gulf of Mexico and the Atlantic Ocean. With an area of 31 square miles, it is the largest city in Alachua County. The estimated l' population of the Gainesville urban area is 121,500.
! The University of Florida, with more than 30,000 students and I
Foreword employing over 15,000 faculty and staff at an annual payrollin excess of $250 million, is the most significant factor in Gainesville's economy.
Shands Teaching Hospital and Clinics, with an annual payroll of more j than $35 million for its 2,400 employees, is a leading example of the i economic impact by the area's medical institutions. The Gainesville area is one of the largest educational and medical complexes in the i
South. Recent light industry establishment is providing increasing l T. diversity and stability for the local economy.
Gainesville Regional Utilities (GRU), a combined utilities system owned by the City, provides Gainesville and certain unincorporated areas of Alachua County with electric, water, and wastewater ser-VICe5-m n I
1 m, .-n Percent increase or 1983 1982 [ decrease)
Financial Net Revenue 5 39.718.703 $ 35.597.256 11.6 Coverage Ratio 2 09 2.25 (7.1)
Aggregate, Debt Service 5 18.974.943 $ 15.787.520 20.2 lahliaMs a M
' "o-Te<= oe
Net Utihty Plant s227.766.oo7 s3o4.o66.'44
$346.798.854 5346.286.699
<2s 'i 0.1 Customers (12 months' average)
Electric !
Residential 41.632 40.637 2.4 Non-Residential 4.882 4.403 10.9 Total 46.514 45.040 3.3 W ater 31.976 30.787 3.9 Wastewater 28,948 27.659 4.7 l
l Sales (gigawatt hours)
Residential 410.3 381.2 7.6 General Serwce/Large Power 408 8 384.0 6.5 Lighting 15.9 15.9 00 Sales for Resale 25 0 23 9 46 Subtotal 860.0 805.0 68 Interchange 1.214.4 1.026.9 18 2 Total 2.074.4 1.831.9 13.2 Average Annual Consumption per Residential Customer y (kilowatt hours) 9.856 9.379 5.1 l
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The electric facilities of Gainesville Regional Utilities encompass ap-proximately 150 square miles - one sixth of Alachua County - and serve 70 percent of the county's population.
i We own and operate two fossil-fueled generating stations, John R.
Kelly Station and Deerhaven Station, with a combined capability of Electric System 486.200 kiio atts ikW). Tne xeiiy station. witn tnree oillgas-fueled i steam units and three combustion turbine units, has a station capabili-ty of 128,300 kW. Deerhaven Station operates one coal-fueled steam unit, one oillgas-fueled steam unit, and two oll/ gas-fueled combustion )
turbine units, with a station capability of 357,900 kW. In addition, we
") y own an 11,620 kW share of the Crystal River 3 nuclear power unit operated by Florida Power Corporation. All of our power re-quirements are provided by these three stations via a 138 kilovolt (kVJ transmission netuvork with connections to the Florida transmission grid through direct interconnections with Florida Power Corporation at 138 kV and 230 kV. The present transmission network consists of i 80.9 circuit miles of 138 kV and 2.6 circuit miles of 230 kV. Five major l substations connected to this network serve our 12 kV distribution ,
system, which includes approximately 1,292 circuit miles of overhead lines and 304 cable miles of underground system.
The number of electric customers served locally by this system in-creased by 3.3 percent this year to an annual average total of 46,514.
Consumption by residential custcmers, who comprise nearly 90 per-cent of the total, increased 7.6 percent for a total residential energy '
usage of 410.3 gigawatt hours (gWh). Consumption by general ser-vice and large power customers increased 6.5 percent during the year l for a combined consumption of 408.8 gWh.
l At the close of 1983 our newest generating unit, Deerhaven 2, com-pleted its first full fiscal year of commercial operation. The 235 megawatt (MW) coal-fired unit significantly influenced our fuel mix l FUEL HISTORY: 1974 - 1983 for generation. We are now one of the few municipal utilities in the l x t C.E NE R ATION IN Southeast with rne ability to burn five fuel types: coal, nuclear.
l M. AW A T T HOURS PE R Y E AH, natural gas, distiliate oil, and residuai oil. This diversity allows us to adapt to a wide variety of economic or emergency conditions. With ,
" the addition of Deerhaven 2, our system is no longer dependent on !
higher priced oil and natural gas and can shift its fuel source to more 2" ~~
=== o rt economical coal. In fiscal year 1983, the system's fuel mix was approx.
" ^5 g .,o g _ S $"A esaCOAL imately 75.5 percent coal, 22.0 percent natural gas, 2.2 percent nUCiear, and O.3 percent fuel oii. Tne grapn on tnis page dispiays the iono system's fuel mix for net generation historically from 1974 through 1983.
We have been able not only to provide our local customers with wo the benefits of lower cost fuel, but also to profitably market our excess )
o- capacity to other Florida utilities. During the fiscal year, we entered in-
"7 3 " 75 # f' 77 7e n so s 82 83 to interchange contracts with Tampa Electric Company and Seminole Electric Cooperative. With these two additions, we now have con-l tracts with all but one of Florida's major utilities. These contracts pro-vide the mechanism by which Florida utilities purchase and sell !
various classes of interchange service.
Energy sales to other utilities through the " Energy Broker" brought l
Gainesville Regional Utilities net revenues totaling $12,856,126 for fiscal year 1983. The 1,214,360 megawatt hours (MWh) sold is a new record for our system's annual sales to other utilities and exceeds the energy generated this year to serve our own local customers. Our broker sales rasulted in fuel savings of about $26 million for utilities customers in peninsular Florida, which is approximately 40 percent of this year's statewide Energy Broker savings of $64 million. A major l 4 factor contributing to these benefits was the reliable performance of
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Deerhaven 2, wh#ch was available for operation 95 6 percent of the year, greatly exceeding industry averages for similar units With lower worldwide cil prices and anticinated commercial opera- ELECTRIC SYSTEM ENERGY SALES tion of new real-fired and nuclear power piar:ts in Flonda, our inter- mic A w A ri Hounsi change szles are expected to drop significantly in future years. In view g . __ _
of expected c'eclines, we have decermined to market excess power to ggy __ ,
firm customers. Donng the year we subnutted a proposal to the --%
University of Ficrida to crovide electricat service to the campus, * ~ '- ~~ ~ ~ ~ ~
estiruring that thc propesal would have saved the University 10 per-cent in its power bill over the last year. The University has decided to '""~~~--~~-'-~~
contmue to be served by its existing suppNer. Contsnutog our effort to market excess power to firm customers, we have e ntered into discus- '*0 - -'
sion: with other potential purchasers.
Although our net generation irireaseo dunng 1983, we were able 500 to reduce our net fuel cost per kilowatt hour. Influencing this reduc-tion was an overall 15 percent decrease in the cost of coal delivered to o nr8 un nu na s na2 naa Deerhaven Station, due pntnanly to the City's cancelfation of a con-tract with its previous long-term supplier. The cancellation occurred at a time when an abundant supply of low sulfur coal was availabe at l pnces well below the long-term contract pn e, resulting in purchase savings of 57,000,000 dunng the year. Subsequently, both parties have entered into litigation address.ng issues regarding Gainesvilie's ELECTRIC SYSTEM NUMBER contract cancellation and supplier actions under the contract. OF RETAIL CUSTOMERS The add: tron of Deerhaven 2 to our system caused a change of ( ANNUAE AVER AGE)
! operating mode for other generating units Deerhaven Unst I (82MW) soooo . _ . _ _
! and John R. Kelly Unit 8 (48MW), formerly base load units, are now E"O f ~ ~ "
operating cyclically as intermediate load units. To evaluate stresses 40_o w placed on the units by this change, we have cornmissioned field
! studies and evaluations of the boilers of both units by their manufac- 3g gg j
turer.
j Construction activities in 1983 featured two transmission projects,
- beginning with the I 7 mile,138 kV transmission interconnection bet. '
l ween our ft. Clarke Distnbution Substation and Deerhaven. At the j close of the year pole emplacement was 30 percent complete. Project ""
completion, scheduled for January 1984, will result in increased ser-O
] vice reliability by closing the transmsssion loop around our system. gg gg gg gg Considerable design, property acquisition, and permitting progress was made also on the new interconnection between our system and i Flonda Power and Ught Company (FPL). The 30 mile,138 kV transmis-j sion line between Deerhaven and FPL's Bradford Transmission Station i is scheduled for completion in September 1984.
With an improvement in the economy came an increase in new ELECTRIC RATE residential development and construction, and our distnbution system COMPARlsONS expenenced an accompanying demand for new services. The result ---
i was the engineering and installatlon of over eighty miles of 6 ^
I underground cable and 2,600 new electnc meters. r ...4 . , . b-
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l Progress contsnued on cur reconductonng of selected high loss = J '*fW u c l feeder circum to larger size conductor. Approximately six miles of .@
reconductoring was completed, resulting in greater load support l
capability and an annual loss reduction of 1,086 MWh. Additionally, l
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{ we compteled conversion of 2 2 miles of comtruction to 12 kV con- .m,J 7 c ,%
l struction. Projected completion of this project next year will complete- o io 3o 4o 30 m po'~eo go ,oo 1 ly retire the 4 6 V sysicm, substantially reducing sy: tem losses, parts in- notiAns l ventory, and storage space. N T,$ 'Z",%'" t ",' " * ~" * *'
, With the continued growth of our overhead transimssion and ' " " ' " * " * * " " ' " ~ ' " * ' " * " - "
I distribution sytems, the efforts of right-of-way tree trinerTng crews P */LT ."Z l,".'22 2."O * ,,'J/.",4 * * "* " "
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have been increased by 3J percent. This was accompli'.hed by the ad-dition of contract crews to supplement our own staff, with the aim of reduong the number of circuit breaker operations and assodated 5 outages.
i i
Our water system is supplied by the Murphree Treatment Plant, which is served by eight deepwells capable of providing 40 million gallons per day (mgd) of raw water to the plant's filters. Treatment capacity is rated at a nominal 30 mgd, and ten million gallons of storage re available on the plant grounds. The distribution system in.
Water System civdes te, elevated storage tanks with a combined capacity of 1.5 million gallons and approximately 430 miles of transmission and distribution mains.
During 1983 we experienced a 3.9 percent increase in total customers, for an annual average of 31,976. Consumption for the year was 5,077 million gallons. In the last quarter of the year, we ex-WATER SYSTEM perienced the highest 24-hour demand ever recorded on the system.
NUMBER OF CUSTOMERS The 28.6 mgd peak was due largely to very hot, dry weather. During
( ANNUAL AUAW the fourth quarter our treatment total of 1.64 billion gallons exceeded ;
35 --
the rate for the same period in 1982 by about 15 percent. New hous-accoo ing construction created a dramatic impact on our distnbution system with over 2,000 new water service installations completed during the
'" year.
20.000 The Murphree Treatment Plant was recognized this year by the Florida Section of the American Water Works Association as the best
'5 operated water plant in Florida. The facility also received the Florida it. ooo Department of Environmental Regulation's award of excellence for Florida's Northeast District. Installation of the plant's computerized 5 0 monitor and control system has been completed, and the unit is per-o forming data acquisition and report generation. Process control func-1970 1979 1980 1901 1982 1983 tions are expected to begin by tne end of the calendar year.
A Division of Cross-Connection Control was established to enforce the City's new ordinance requiring installation of backflow-prevention devices on all facilities posing a potential health hazard to our potable water system. Fifty-three devices were installed on our 1 -
distribution system this year. ,
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A survey of trunk mains in the distribution system was undertaken to measure pressures and flow patterns in criticallocations. Results of WATER SYSTEM i the study are being used to calibrate a computer model of the system SALES l for future planning. (MILUON GALLONS)
- Completion of a project to rebuild our system in Golfview Subdivi- sooo l sion marked a major accomplishment by distritt
- tion personnel. The largest project of its kind in recent years, the ef fort included rebuilding 5000 l
, of mains, hydrants, laterals, and services, and the resurfacing of i streets within the subdivision following excavations for line replace- .
ment. ,oo, l
A special program to test and repair large diameter water meters i serving some of our largest commercial and residential customers 2000 resulted in recalibration of those meters to 99.6 percent accuracy. This increased accuracy will impact favorably on monthly billings for major 1000 revenue sources.
O 1978 1979 1980 1981 1982 1983 1
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l Our wastewater system includes 380 miles of gravity collection lines,80 miles of force mains,104 pumping stations, and two major wastewater treatment plants with a combined capacity of 14.5 mgd.
In 1983 the number of wastewater customers averaged 28,948, an increase of 4.7 percent over the previous year. Total wastewater flow ggggg for the twelve month period was 3,143 million gallons.
During 1983 design was completed and construction begun on a 3- *9d**P "" " '"'""P" d""'*"*5***'**"'
J Mem plant. The existing 7.0 mgd plant, originally placed in service in 1977, will add a training facility and expanded laboratory facilities as part of the 53.9 million project. Completion is scheduled for June 1984.
Comprehensive energy and chemical use audits for both the Kanapaha and Main Street treatment plants, as well as our lift sta-tions, have resulted in new procedures which saved $60,000 in energy and chemical use during the first year of implementation. In addition, a new preventive maintenance system designed for the treatment plants and lift stations has provided a significant reduction of overtime expenditures for emergency repairs. The punch-card system provides more complete equipment maintenance information.
The Kanapaha laboratory, which performs some 12,000 chemical analyses annually for our treatment plants and electric generating
,/ plants, has greatly increased its analytical capacity with the addition
,,/ of a mini-computer to the laboratory facilities. The computer has also
' increased monitoring trend analysis and data storage and handling.
[, e[ < Commendation was received from the Environmental Protection is < Agency for being the first utility in Florida to receive EPA approval for
. an industrial wastewater pretreatment program. Implementation of 5
the program, begun this year, is providing the City with an effective means of regulating industrial discharges to the wastewater system, protecting the treatment process from upsets, and protecting effluent-g receiving water bodies from environmental degradation.
On the basis of pilot programs completed during the year,
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7 hydrogen peroxide was chosen as the chemical to be used in our
[{G hydrogen sulfide odor control program. Installation of chemical feed systems in target areas is scheduled for completion by June 1984.
l As in our electric and water sy:, terns, our wastewater collection r system experienced a marked increase in involvement in capital pro-jects due to the upsurge in residential construction. During the year, more than eight miles of new line was accepted into the system.
Phase IV of our Northeast Sewer Rehabilitation Project continued in r, 1983 with the installation of 4,500 feet of mainline pipe, twenty-four manholes, and fifty-seven new house services. The project, which replaces and relocates facilities in one of our oldest service sections, will lower future maintenance costs by making facilities accessible for t repair equipment.
8
Crews monitoring and repairing our collection system continued to make good use of remote television viewing and seaftng equtpment.
Over twenty miles of existing mains were inspected, and more than 18.000 feet of gravity collection knes were sealed to curtailinfsitradon of water into the system, in addition to the benefit of reduced operating costs associated with treatment of the infiltration, substan-tial savings have been realized in repair time and resorfacing costs. In WASTEWATER SYSTEM addition to an estimated half-milhon dollar reduction in road resurfat. NUMBER OF CUSTOMERS ing costs this year, our remote seahng apparatus earned us con- (ANNuat Avenaco siderable good will by not disturbing other landscaped and surfaced 35000 ---
areas lying above our hnes. In keeping with this nordinvasive ap- _
proach, we successfully completed a pilot project to refine 1,100 feet i of badly deteriorated collector using an innovative shpkning process 2 5 000 -~ )
which installs a heat-cured inner sleeve.
gg 15 000
, 10.000 s ooo 1970 1979 1980 1981 1982 1983 WASTEWATER SYSTEM BILLINGS ON CALLONS, 3500 ___ ~~
3000 2500 2000 %
1500 1000 %
Son 0
1978 9979 30 993, OE 1983 9
1 During the early part of fiscal 1983, our financial position was deteriorating primanly due to the decreases in the cost of oil and cor-responding decreases in net revenues associated with interchange sales to other utilities. Several alternatives began to be explored to remedy this situation. One of these was an advanced refunding of
"' "e "t '" r"er to re""<e t"e ramo'""e"t serv'<e re9">reme"ts <-
Financial curring between 1985 and 1990. / s a result of further evaluation of
"'"ee" ~*" t"e """""<e" Summary ::K"~ t"' "e*' " *"s """"
On August 8,1983,!he City Commission awarded 5186 million of Utilities System Revenue Bonds, Series 1983 ("the Bonds") to a group of investment banking firms led by Goldman Sachs and Company.
The Bonds were issued on September 1,1983, and proceeds were us-ed to refund all of the then outstanding long-term debt of $265 million. The primary benefits derived from the advanced refunding were: (a) the restructure of our debt to soften the steep increase in GAINESVILLE REGIONAL UTILITIES debt service and the elimination of the hump, as shown in the accom-COMPARISON OF DEBT SERVICE panying graph, (b) a more modern bond resolution which provides EEFORE AND AFTER REFUNDING more flexibility in future financings, and (c) a reduction of $14.3 million on our debt service over the next five years. Over the entire
- " life of the bonds the refunding will cost approximately 54 million
)3 . _ _ .
more in total debt service. However, when the time value of money is 20 A taken into consideration, the refunding will provide "present value" A savings of about $4.8 million.
is - ~ - _- Contemporaneous with the issuance of the Bonds, we began a tax-exempt commercial paper program (TECP) for the purpose of financ-io - --
ing the costs of acquisition and construction and payment for the then 3 -- . . .
~7]MZ7 outstanding Bond Anticipation Notes. TECP provides us with a low cost source of funding and debt service savings of approximately $2.8 million annually. A total of $49.5 million of TECP was issued at an o m an.cn
,uiunt 1975 1960 1985 1990 1995 2000 2005 2010 2015 average interest rate of 5.35 percent with an average maturity period of thirty-three days at the end of the year.
The combined system attained net revenues of $39.7 million, an 11.6 percent increase over fiscal 1982, recording a coverage ratio of 2.09 (i.e., Net Revenue divided by Aggregate Debt Service). Net revenue from interchange sales was $12.9 million, up 8.2 percent GAINESVILLE REG!ONAL UTILITIES COMBINED FUNDS over fiscal year 1982. This was still slightly under budget, but substan-Flow oF FUNDS
SUMMARY
tially better than our mid-year projeClions. The water system ex-
=u=, perienced a 6.9 percent increase in net revenue, while the wastewater system achieved an increase of 29.5 percent over fiscal
- 1982. Some of these increases were attributable to rate increases in s = m -== g the electric, water and wastewater systems of 8.5 percent,5.6 percent
' CT== g[ and 12.4 percent, respectively.
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Capitalimprovement funding of $8.3 million was provided from net revenues and $4.0 million was provided from bond construction
= EI funds. Net utility plant increased to $346.8 million.
Fuel inventory increased $1.7 million, which was attributed to a
. __ planned build-up in coal inventory in order to meet recommended supply levels. The materials and stores inventory remained relatively constant despite increased demands and material prices.
Uncollectable accounts dropped to .35 percent of gross billings from f .53 percent in fiscal 1982. This is the direct result of revised deposit
',,,, ,, , ,, , , and delinquent account policies and procedures.
==== mc= = Fiscal 1983 was a very busy and productive year, led by the advanc-E " ~a im m im := am em ed refunding, start-up of the TECP program, and interchange sales developments. Our operating results remained strong with our debt-equity ratio substantially improved as a result of the advanced refun-ding and c rresponding extraordinary gain of $70 million.
10
REVENUE EARNED
~
FISCAL 1983 i LE C TR:C FlJE L LLLCIRK ADJusf ME NT i,1 N F H A L S t R V iC E $ 1 app 417 LARGfPOWIR S AIi 5 I OR Of S AL E ELECTRIC 12, INTFRCHANC F S AL FS
% O T HE R l'O W E' R N A t L',
$ 2 d J 3 9. 8 7f, $42.556 653 FL EC TR'C AL R F 4DE N TI A L
$ ALE 5 F L E C T RIC
$?4 793 237 OTHER REVE NtJE S
$ 4 416 106 W A TER RL VE NUES WASTEWATER 9 5 qq g 9ej, I!EVENLCS
$6.497 630 M 88.7. ELEC T RIC SY SIEM REVENUES M 5.2", W ATER SYSTEM REVENUES m ti.1 " WASTEWATER SYSTEM REVENUES REVENUE ALLOCATED FISCAL 1983 Ett CT RIC f UF l f X F'E NSE
& PUNCHA5[D POWER HEI AIL & WHOL ES Alf
$ 24125 584
-' e -- 6 - ' E LECTRIC OTHER
.($
f I L C T HIC T Ut t -
O & M f / F*EN5f 5 t a ri N55 INil RCH ANr.f .. , ' # ,'., $ 14 95183 7
$ 2 '+ 100 $ 2 / C -yn
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WATER O&M
-g:...'>.,:(":
"4_' * '
EXPEN8Es
$ 7 996 084 W AS TEW ATER 04M EXPEN5ES
$ 3.4 9 5 190 WOHnlNu L APIT Al
& Miscrt t ANT 00S TRANSFERS g ggg
$ 1002.419 FUND DE Di SERVICE THANSF t H $22 788.764
$ $ h 30 940 UP;F THANSFtR
$a 296.530 OPERATION & M AINTENANCE (O&M) EXPENSES n - DEBT SERVICE UTILITY PLANT IMPHOVEMENT FUND (UPIF) THANSFER M GENERAL FUND TRANSFER M WORKING C APITAL & MISCELLANEOUS FUND TRANSFERS 11
davis, monk, AUDITORS' REPORT farnsworth company Cortened Pm Accewaseat.
P O Bos 13494
.oio w w 2$th Pi.co ca'a~"* 22*
- Theonorable City Commissioners
'"*"**'" City of Gainesville dainesville, Florida 32601 P O Sos See
'0***'d**
We have examined the balance sheets of Gainesville
*['[ Regional Utilities (the Combined Utility Funds of the City of Gainesville, Florida), at September 30, 1983 and 1982, and the related statements of revenue and expense and P O Sos 1373 retained earnings, and Changes in financial position for
"'S"* *' " 5a'" the years then ended. Our examinations were made in
, Q'
, accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered
' o Sos 'm necessary in the circumstances.
129 N E ist Street
, , , , In our opinion, the financial statements referred to above present fairly the financial position of Gainesville Regional Utilities, at September 30, 1983 and 1982, and the results of its operations and the changes in its financial position for the years then ended, in conformity C00Jers w1th een.ra11,acce.ted acco.nt1n. .r1nc1.1es a. 11ee on a consistent basis, c i.e aPw.cace=a.ai.
* *=
%f , ,
Davis, Monk, Farnsworth & Company'
, , _ , , , , Coopers &Lybpnd
.a._........o.,~_ December 1, 1983 13 _ _ _ _ _ _ i
l l l CAINE 5VILLE RE"IINAL UTILITIES BALANCE SHEETS SEPTEMBER 30,1983 AND 1982 ASSETS 1983 1982 UTILITY PLANT
$421.269.541 5407,844.6.
Utility Plant in Serv (e 5.122.956 7.375.9/1 Construction in Pro (fess 426.392.497 415.220.796 Less: Accumulated Deprecation and Amortization (79.593.643) (68.934.097) NET UTILITY PLANT 346.798.854 346.286.699 RESTRICTED ASSETS 1.192.832 946,204 Capital Faolities - Cash and Investments Utildy Deposits - Cash and investments 2.184.730 1.759.980 Debt Service Fund - Cash and Investments 23.292.610 59.243.424 Rate Stabilization Fund - Cash and Investments 9.231.110 0 Construction Funds - Cash and Investments 24.925.097 18.104.177 Contractson-Progress 6.875.132 2.649.367 Utility Plant improvement Fund - Cash. Investments and Receivables 1.083.786 472.658 Matenals inventones 2.890.444 2.773.924 TOTAL RESTRICTED ASSETS 71.675.741 85.949.734 CURRENT ASSETS Cash and Short Term investments 7.706.787 8.700.835 Accounts Receivable (Net of Allowance for Uncollectible Accounts: 5266.000 in 1983 and $368.000 in 1982) 13.663.034 12.037.220 Due from Other Funds 6.924.986 4.846.922 Prepaid Expenses 8.771 215.361 inventones Fuel 11.017.119 9.283.800 Matena!s and Supplies 217.158 161,129 TOTAL CURRENT ASSETS 39.537.855 35.245.267 DEFERRED CHARGES 8.065.760 3.892.616 TOTAL ASSETS $466.078.210 5471.374.316 See accompanying notes. 14
I LIABILITIES AND FUND EQUITY 1983 1982 LONG-TERM DEST AND FUND EQUITY Long-Term Debt - Utilities System Revenue Bonds Payable 5186.000.000 5265.000.000 Bond Antiopation Notes Payable 0 41.000.000 Commeraal Paper Notes Payable 49.501.000 0 235.501.000 306.000.000 Less: Unamortized Bond Discount (7.734.993) (1.933.856) Total Long-Term Debt 227.766g 304.066.144 Fund Equity - Contnbutions in And of Construction 46.278.928 44.432.185 Retained Earnings 159.059.955 86.793.295 Total Fund Equity 205.338.883 131.225.480 TOTAL LONG-TERM DEBT AND FUND EQUITY 433.104.890 435.291.624 PAYABLE FROM RESTRICTED ASSETS Utikty Deposits 2.196.479 1.786.344 Accrued interest Payable 2.989.965 12.294.844 Construction Funds - Accounts. Contracts and Retainages Payable 6.857.949 2.649.367 Due to Other Funds 383.272 636.020 Utahty Plant improvement Fund - Accounts Payable and Accrued Liabihties 453.779 321.577 Due to Other Funds 7.121.823 5.031.015 TOTAL PAYABLE FROM RESTRICTED ASSETS 20.003.267 22.719.167 CURRENT LIABILITIES Accounts Payable and Accrued Liabilities 9.371.982 9.199.626 DEFERRED CREDITS 3.598.071 4.163.899 COMMITMENTS AND CONTINGENCIES - - (Note 10) TOTAL LIABillTIES AND FUND EOUlTY 5466.078.210 5471.374.316 15
CAINE 5VILLE REGIONAL UTILITIES STATEMENTS OF REVENUE AND EXPENSE AND RETAINED EARNINGS FOR THE YEARS ENDED SEPTEMBER 30,1983 AND 1982 1983 1982 OPERATING REVENUES Sales and Service Charges S108.762.334 5102.017.109 Other Operating Revenue 617.172 1.520.807 TOTAL OPERATING REVENUES 109.379.506 103.537.916 l OPERATING EXPENSES Operations and Maintenance 65.110.525 64.153.454 Administrative and General 10.195.434 9.236.725 Depreciation and Amortization 12.151.256 10.639.016 TOTAL OPERATING EXPENSES 87.457.215 84.029.195 OPERATING INCOME 21.922.29I 19.508.721 NONOPERATING REVENUE 5 { EXPENSES) Interest Revenue 7.783.546 10.054.240 Interest Expense (23.265.474) (22.848.644) TOTAL NONOPERATING REVENUE (EXPENSES) (15.481,928) (12.794.404) INCOME BEFORE EXTRAORDINARY ITEM AND OPERATING TRANSFERS 6.440.363 6.714.317 EXTRAORDINARY ITEM - ADVANCED REFUNDING 70.168.126 0 INCOME BEFORE OPERATING TRANSFERS 76.608.489 6.714.317 OPERATING TRANSFER TO GENERAL FUND (5.630.990) (5.710.962) NET INCOME RETAINED 70.977.499 1.003.355 RETAINED EARNINGS. Beginning 86.793.295 78.174.997 RECLASSIFICATION OF PRIOR YEAR 5* AMORTIZATION OF CONTRIBUTIONS IN AfD OF CONSTRUCTION O 6.415.456 RETAINED EARNINGS. BEGINNING AS RECLASSIFIED 86.793.295 84.590.453 AMORTIZATION OF CONTRIBUTIONS IN AfD OF CONSTRUCTION 1.289.161 1.199.487 RETAINED EARNINGS. Ending S159.059.955 S 86.793.295 See accompanying notes. I6
GAINESVILLE RE212NAL UTILITIES STATEMENTS OF CHANGES IN FINANCIAL POSITION FOR THE YEARS ENDED SEPTEMBER 30,1983 AND 1982 1 1983 1982 SOURCE OF WORKING CAPITAL Income Before Extraordinary item 5 809.373 $ 1.003.355 Items Not Requiring Outlay of Working Capital. Depreciation and Amcrtizaton 12.151.256 10.639.016 Working Capital Provided from Operations Before Extraordinary item 12.960.629 11.642.371 Extraordinary item 70.168.126 0 Working Capital Provided from Operatons 83.128.755 1 f .642.37 I Utility Plant Sales and Retirements 878.968 2.826.828 Contobutions in Aid of Construction 3.135.904 2.974.807 increase sn Long-Term Debt 235.501.000 41.000.000 Decrease (Increase) in Restncted Assets 14.273.993 (1.000.528) l TOTAL SOURCE OF WORKING CAPITAL 336.918.620 57.443.478 USE OF WORKING CAPITAL Utikty Plant Additions 13.324.641 16.290.426 increase in Deferred Charges 4.390.882 557.368 Refinanong of Long-Term Debt 306.000.000 0 increase in Unamortized Bond Discount 5.801.137 416.491 Increase (Decrease) in Payable from Restricted Assets 2.715.900 (8.867.460) increase in Deferred Credits 565.828 166.195 TOTAL UT OF WORKING CAPITAL 332.798.388 8.563.020 INCREASE IN WORKING CAPITAL $_ 4.120.232 548.880.458 CHANGES IN WORKING CAPITAL BY COMPONENT Current Assets -Increase (Decrease): Cash and Short-Term investments 5 (994.048) $ 4.869.742 Accounts Receivable 1.625.814 2.437.296 Due from Other Funds 2.078.064 3.120.547 Prepaid Expenses (206.590) 30.154 Fuel. Matenals and Supplies inventones 1.789.348 426.853 Settlements with Fuel Supphers 0 (667.441) Current Liabilities - Decrease (Increase): Accounts Payable and Accrued Liabilities (172.356) (3,582.527) Due to Other Funds 0 2.245.834 Bond Antiopation Notes 0 40.000.000 INCREASE IN WORKING CAPITAL $ 4.120.232 548.880.458 l See accompanying notes. 1 I7
l GAINESVILLE REGIONAL UTILITIES NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30,1983 MND 1982 NOTE 1 -
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting Gainesville Regional Utilities ("GRU") consists of the Combined Utility Funds of the City of Gainesville Flonda ("the City"). GRU uses the accrual basis of accounting and has adopted the uniform system of accounts prescribed by the Federal Energy Regulatory Commission. The electnc. water, and wastewater funds are combined along with all restncted asset accounts. Investments Investments are stated at amortized cost. Premium or discount is amortized over the investment's matunty. Inventories inventones are stated at cost. Cost for materials is determined using weighted average unit cost. Cost of fuel is determin-ed using the last-in, first-out (LIFO) method. Obsolete and unusable items are reduced to estimated salvage values. Utility Plant Property and equipment are recorded at cost or estimated original cost where applicable. Maintenance and repairs are charged to operating expense as incurred. The average cost of depreaabte plant retired is eliminated from the plant ac-counts and such cost. plus removal expense less salvage, is charged to accumulated depreciation. Depreciation and Nuclear Generating Plant Decommissioning Depreaation of Utility Plant is computed using the straight-line method over the estimated service life of the property. Depreaation was equivalent to 3 25% and 2.87% of average depreciable property for 1983 and 1982 respectively. Depreciation expense includes a provision for decommissioning costs related to thejointly-owned nuclear power plant (see Note 5) at an annual rate of 3.6% of GRU's share of the estimated costs. Amortization of Nuclear Fuel The cost of nuclear fuel, including estimated disposal cost, is charged to operating expenses. These costs are charged to customers through increased rates or through the fuel adjustment clause. Utility Revenue Recognition Utility revenues are recorded as earned. Fuel adjustment revenues are recognized based on the actual fuel costs. Amounts charged based on estimated costs are adjusted monthly for any differences between the actu2' and estimated costs once actual costs are known. Such differences are recorded as deferred debits or credits until used as adjustments to billings. Interfund Transactions Interfund transactions and contnbutions are generally made in accordance with budget ordinances. Interfund transac-tions and balances. except direct billings for utility services (see Note 4) are eliminated for the Combined Utility Funds. in-terfund loans do not t; ear interest. Allowance for Funds Used During Construction An allowance for interest on borrowed funds used dunng construction of $280.000 in 1983 and $566.000 in 1982 is in-cluded in construction in progress and as a reduction of interest expense. These amounts are computed by applying the effective interest rate on the funds borrowed to finance the projects to the monthly balance of projects under construc-tion. The effective interest rates ranged from approximately 6.4% to 10.3% in 1983 and 6.4% to 9.8% in 1982. 18
Amortiz! tion Bond issuance costs are amortized over the life of the bonds. Other miscellaneous deferred charges are being amortized over penods from five to ten years. Deferred charge amortization expense was 5217.738 and $290.199 for 1983 and 1982. respectively. Contributions in Aid of Construction Utility plant in service for the water and wastewater funds includes assets received from contnbutions in aid of construc-tion. The amount of amortization expense included in the statement of revenue and expense relating to the contributed assets is credited to retained earnings to reflect the transfer of this amount to the related contnbutions account. Reclassification The accumulated amortization of $6.415.456 on Contobutions in Aid of Construction for all years pnor to 1982 has been reclassified to beginning 1982 retained earnings to conform with the presentation adopted for the years ended September 30.1983 and 1982. Additionally, certain other amounts for 1982 have been reclassified to conform with the presentation adopted for 1983. NOTE 2 - LONG-TERM DEBT AND EXTRAORDINARY ITEM in September.1983. GRU issued 5186.000 Utilities System Revenue Bonds. Series 1983 (the " Bonds") to provide for the payment of pnnopal and interest on GRU's then outstanding Revenue Bonds (the " Refunded Bonds") in the amount of
$265.000.000. Contemporaneous with the issuance of the 1983 Bonds. GRU provided for the payment of 541.000.000 of Utilities System Revenue Bond Antiopation Notes. Senes 1982 (the " BAN 5"), through the issuance of its Utilities System Commeraal Paper Notes. Senes A (the " Notes"). The refunding transactions constituted a legal defeasance which discharged GRU from the terms of the indenture relating to the Refunded Bonds and BANS and resulted in a gain of $ 70.168. I 26. which has been recorded as an extraordinary item in the accompanying statement of revenue and ex-
% pense and retained earnings. Long-term debt outstanding at September 30 consisted of the following' 1983 1982 Utilities System Revenue Bonds Prinopal Previously Payable Semiannually to October 1. 2014; interest at Vanous Rates Between 6.4% to 9.2% (See Paragraph Abovej $ - 526iOOO.000 Bond Antiopation Notes Payable Ponapal Previously Payable on apnl 1,1984; interest at 9.75% - 41.000.000 Utilities System Revenue Bonds. Senes 1983 Ponapal Payable Semiannually to October I, 2014; interest at Vanous Rates Between 6% to 10.25% 186.000.000 - Utikties System Commeraal Paper Notes. Senes A Ponapal Payable August 25.1988. Interest at Vanous Rates Between 70% and 75% of the Manufacturers Hanover Trust Company Pome Rate 49.501.000 - 235.501.000 306.000.000 Less Unamortized Discount (7.734.993) (l.933.856) Total Long Term Debt $227.766.007 5304.066.144 19
NOTES TO FINANCIAL STATEMENTS. CONTINUED NOTE 2 - LONG-TERM DEST AND EXTRAORDINARY ITEM (continued) The table below lists the Debt Service Requirernents for the 1983 Bonds. Pnnapal and Total Period Ending Sinking Fund Debt Service October 1 installments Interest Requirements 1983 5 5 2.989.965 S 2,989.965 1984 - I7.939.790 17.93'.'.790 1985 - 17.939.790 17.939.790 I986 -
!7.939.790 17.939.790 1987 - I7.939,790 17.939.790 1988 - 17,939.790 17,939.790 1989 -
17.939.790 17.939.790 1990 1.725.000 17.939.790 19.664.790 1991 2.190.000 17.801.790 19.991.790 1992 2.370.000 17.621.115 19.991.!!5 1993 2.570.000 17.419.665 19.989,665 1994 2.795.000 17,194.790 19.989.790 1995 3.045.000 16.943.240 19.988.240 1996 3.325.000 16.663,100 19.988.100 1997 3.640.000 16.350.550 19.990.550 1998 3.985.000 16.004.750 19,989.750 1999 4.390.000 15.601.268 19.991,268 2000 4.830.000 15.I56.781 19.986.781 2001 5.320.000 14.667.743 19.987.743 2002 5.860.000 I 4. I 29.093 19.989.093 2003 6.455.000 13.535.768 19.990.768 2004 7.105.000 12.882.200 19.987.200 2005 7.835.000 12.153.937 19.988.937 2006 8.640.000 11.350.850 19.990.850 2007 9.525.000 10.465.250 19.990.250 2008 10.500.000 9.488.937 19.988,937 2009 11.580.000 8.412.687 19.992.687 2010 12.765.000 7.225.737 19.990.737 2011 I4.070.000 5.917.325 I9,987.325 2012 15.515.000 4.4 75. I E0 19.990.150 2013 f 7.105.000 2.884.862 19.989.862 2014 I8.860.000 I,131.600 19.991.60_0 5186.000.000 $ 424.046.683 5610.046.683 20
NOTES TO FINANCAL STATEMENTS, CONTINUED NOTE 2 - LONG TERM DEBT AND EXTRAORDINARY ITEM (concluded) The 1983 Bonds matunng on or after October I.1994 (except those matunng on October 1. 2014J. are subject to redemption at the option of the City on and after October 1.1993. at a redemption pnce of 102 % % in 1993, and 102% to 100% thereafter. The 1983 Bonds matunng on October 1. 2014 are subject to redemption at the option of the City on or after October 1.1983, at a redemption poce of 100%. Under the terms of the Bond Resolution relating to the sale of the Bonds. payment of the ponocal and interest is secured t'y an irrevocable lien on GRU's net revenues (exclusrve of any funds which may be established pursuant to the Bond Resolution for decommissioning and certain other speofied purposes). including the investments and income. If any, thereof. The Bond Resolutivn contains certain restnctions and commitments, including GRU's covenant to establish and maintain rates and other charges to produce revertues sufficent to pay operation and maintenance expenses, amounts budgeted for deposit into the Rate Stabilization Fund. amounts required for deposit in the debt serrvice funds, and amounts re-quired for deposit into the Utility Plant Improvement Fund. The Notes are issued for the purpose of finanong and refinanong costs of acquisition and construction of GRU. to pay the pnnopal of and interest on matunng Notes. and borrowing under a Revolving Credit and Term Loan Agreement. dated September I.1983. (the ** Agreement"). The initial borrowing under the Agreement was undertaken to provide for the payment of $41.000.000 pnnopal amount of BANS. due Apnl I.1984. Under the terms of the Agreement. GRU. provided it has satisfied certain conditions. may borrow up to $ 50.000.000 on a revolving basis until August 25.1988. at which time GRU, provided it has satisfied certain conditions. may convert ex-isting borrowings to a term loan which may include amounts utilized to pay matunng Notes on that date. The Agree-ment provides for sameday availability of funds up to a maximum of $ 50.000.000. The Notes are due August 25.1988. NOTE 3 - CASH AND INVESTMENTS The funds of GRU are administered in accordance with the Bond Resolution and are invested in certificates of deposit. Other temporary investments, and government secunties. NOTE 4 -INTERFUND DIRECT UTILITY BILLINGS locluded in revenues are the following interfund direct billings for utility services: 1983 1982 Revenues Sales of Electnoty $ 1.379.805 51.392.703 Sales of Water 102.585 107.722 wastewater Service Charges 3.888 2.849 TOTAL REVENUES 51.486.278 51.503.274 Included in expenses are the following interfund direct billings for util:ty services: 1983 1982 Expenses EkTtnc Fund 5 221.180 5 223.051 Water Fund 615.554 640.176 Wastewater Fund 649.544 640.047 TOTAL EXPENSES 51.486.278 51.503.274 21
NOTE 5 - JOINTLY-OWNED ELECTRIC PL ANT GRUcwned resources for supplying electric power and energy requirements include its 1.4079% undivided ownership interest in the Crystal River Unit 3 (CR3) nuclear power plant operated by Florida Power Corporation. CR3 revenue and operating and maintenance costs, which represent GRU's part of all revenue and expenses attributable to operation of CR3. are properly recorded in accordance with the instructons as set forth in the Uniform System of Accounts. Payments are made to Flonda Power Corporaton in accordance with the CR3 partiapation agreement. NOTE 6 - CONTRIBUTIONS IN AfD OF CONSTRUCTION Contnbutions in aid of constructon are as follows: 1983 1982 Contributions in Aid of Constructon: Utility Plant and Property. Plant and Equip-ment Contnbuted by Muniapality 5 3.982.276 5 3.977.80! Federal and State Grants in Aid of Construc-tion 12.181.631 12.181.631 Contnbutons From Customers and Developers: Plant Contnbuted by Developers 19.674.741 18.622.351 Front Footage. Meter Installation and Other Connecton Charges 12.412.360 11.673.029 Capital Faalities Charges 6.932.024 5.592.316 55.183.032 52.047.128 Accumulated Amortizaton (8.904.104) (7.614.943) CONTRIBUTIONS IN AfD OF CONSTRUCTION 546.278.928 544.432.185 NOTE 7 - RETAINED EARNINGS Retained earnings reserved for Debt Service and unappropriated are as follows: 1983 1982 Reserved for Debt Service (Note 2) 5 20.302.645 546.948.580 Unappropnated 138.757.310 39.844.715 TOTAL RETAINED EARNINGS $ 159.059.955 586.793.295 NOTE 8 - RETIREMENT PLANS The City sponsors and administers two retirement plans that include GRU employees together with other City employees. The Employees Pension Plan (" Employees Plan") a defined benefit. pnmary noncontnbutory penson plan, covers all employees of the GRU, except managerial personnel who participate only in the Deferred Compensaton Plan. The City accounts for. and funds the costs of, the Employees Plan as they accrue. Such costs are based on contnbution rates determined by the most recent actuarial valuation. The total contnbutons by the City, including amortization of pnor service costs. for the years ended September 30.1983 and 1982. were 5859.078 and 5957.875, respectively. Of these totals, approxiamtely 5501.500 and 5570.000 was contnbuted by GRU in 1983 and 1982 respectively. 22
. _ .. . .- . ~ . -_ -
i j i NOTES TO FINANCIAL STATEMENTS. CONTINUED 4 NOTE 8 - RETIREMENT PLANS (concluded) The following information for the Employees Plan is as of September 30.1982. the date of the latest actuarial valuation: i Actuanal Present Value of Accumulated Plan Benefits-
- Vested S i ! .326.413 Actuarial Present Value of Accumulated Plan Benefits-l 460.897
-> Nonvested 7 511.787.310 NET ASSETS AVAILABLE FOR BENEFITS 515.357.766 Weighted Average Assumed Rate of Return Used to Determine the Actuanal Present Va!ue of Plan Benefits 10 % Beginning in 1979, employees in certain management positions are eligible to participate in a defined contnbution defer-
- i red compensation plan managed by the international City Management Association Retirement Corporation as fiscal 1
agent for the Oty. Under this plan. the Oty contnbuted 6% of an employee's annual salary and employees may con-tnbute either a speofied percentage or dollar amount. Total deferred compensation cost for GRU for the fiscal years end-
! ed September 30.1983 and 1982, for the utikty funds was approximately 539,500 and $25.100. respectively.
NOTE 9 - DEST SERVICE FUND SALANCES Retained earnings balances at September 30, included in the debt service fund accounts, are as follows: 1983 1982 i j interest Account 5 0 5 9.632.027 j Sinking Fund Account O 24,325.494 j Reserve Account 20.156.069 21,753.317
- Subordinated Bond Fund Account 0 2.665,467 Reserve and Contingency Account 0 867,119 i Debt Service Account 2.998.843 0 i l Subordinated Indebtedness Fund Account i15.000 0 Commercial Paper Note Payment Account 22.698 0 i 23.292.610 59.243.424
.i tess: Amounts Appropnated For Current Interest Payable (2,989.965) (12.294.844) 520.302.645 . 546 948.580 4
NOTE IO - LITIGATION GRU is currently involved in litigation with Island Creek Coal Sales Company over GRU's cancellation of its coal supply I contract. If it were to be determined that GRU's cancellation of the contract was improper, GRU may be liable for l damages in connection with the minimum requ red tonnage of coal for the seven and one-half years remaining on the l initial ten-year contract term. Legal counsel is unable to determine what, if any, damages could be assessed if the lawsuit I was deaded adversely to GRU. In the op#nion of management, any habthty that might ensue would not be matenal in i relation to GRU's financial condition. 1 i \ l l l l l 23 l L..
davis, monk, AUDITORS' REPORT ON SUPPLEMENTAL DATA farnsworth l company c.,,....a,. P o Sos 13 9 010 N W 75th Pl.c. The lionorable City Commissioners c..a....n..rt 32s
- Gy M M M1h !
Gainesville. Florida 32601 P o Son 996 107 Ed .rds Ro.4
,, 'Q" Our examination was made for the purpose of forming an opinion on the basic financial statements, taken as a whole. The accompanying schedules of combined net no so.i3F3 revenues in accordance with bond resolution, for the years
" eaa.' Sav'a ended September 30, 1983 and 1982, combining balance sheet to.pnb. [325 .
at September 30, 1983, and schedules of utility plant properties and accumulated depreciation and amortization for the year ended September 30, 1983, are presented for eo so. insa purposes of additional analysis and are not a required IN N E tot Stent part of the basic financial statements. Such information
,, C"['*[,' ",3 has been subjected to the auditing procedures applied in the examination 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.
Coo 3ers The accompanying schedules of combined net revenues in
&Ly] rand eccerdance with bend rese1utien fer the year ended September 30, 1981, and the years ended September 30, 1980 cui.e..d Puni.e accouai.ai. and 1979, were examined by other auditors, whose reports dated December 11, 1981, and December 30, 1980, i3oo mei.ai.c o.nn so.w.ao w.oa n. no,a. me respectively, expressed an unqualified opinion on the basic financial statements.
rv.o noa. no.i ss.wi ea peiaces.1.r..e of in. world G#d Y , Cobpers&Lyyand Davis, Monk, Farnsworth & Compar.y__ December 1, 1983 1 25
GAINESVILLE REGIONAL UTILITIES SCHEDULES OF COMBINED NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION FOR THE YEARS ENDED SEPTEMBER 30,1983,1982,1981,1980, AND 1979 1983 1982 1981 1980 1979 REVENUES: Occtric Furx1 Sales of Dectroty 5 97.592,233 5 92.037.314 5 54.219.805 5 46.557.849 5 34.318.322 Other Occtnc Revenues 611.473 1.405.509 f .395.168 1.214.010 1.104.021 Interest locame 3.804.633 3.775.215 2.830.183 1.426.346 1.377.676 5ettiement of Latigaton 0 0 5.000.000 0 0 Total Electrc Revenues 97.218.038 63 445.156 49.198 205 36.800 019 102.008 3 9 Water Fund 5as of Water 5.047 278 4.671.391 4.698.829 4.290.546 4.151.344 Other Water Revenues 787.078 817.287 f .034.773 1.048.674 933.316 Intereu income 150.600 139 718 188 538 356.400 234.025 Total Water Revenues 5 984.956 5 628 396 6.022 140 5.695 620 5 318 685 Wastewater FurX1 Wastewater 8dhngs 6.122.823 5.308.404 4 691.033 4.576.134 4.233.476 Other Wastewater Revenues 652.823 539.459 863.346 607.863 629.771 Interest income 221,984 293.138 355 636 212.401 177.730 Total Wastewater Revenues 6.997.630 6.141g1 5.910 015 5.396 398 5 040 917 TOTAL REVENUE 5 114 990.925 108.987.435 75 377.311 60 290 223 47.159.681 OPERATION AND MAINTENANCE EXPENSES: Dectr( Fund Fuef Empense 53.826. l l t 54.224 930 26.073.656 22.553.810 13.766.590 Operaton and Maentenance 7.368.447 6.380.117 4,302.397 3 455.356 3.367.538 Admenntrative and Generat 7.586.390 6.517.020 5.015.152 3 747.490 3.599.I22 5etttement of Latigaton 0 0 1.549 400 0 0 Total Occtrec Furxt Empenses 68.780.948 67.122 067 36 940 605 29.756.656 20.733 250 Water Fund Operation and M.nntenarxe 1.785 644 1.689 260 1.644 641 1.453.048 1.416.268 Administrative arx1 General i 2l0 440 1.142 688 1.141.486 1.241.266 f.229.997 Total Water fund Expenses 2.996 084 2831.948 2.786.127 2.694 314 1.646 265 Wa rewater Furx1 Operaton and Mactenarse 2.130.323 1 859 147 1.731.029 1.532.969 1.423 068 Adminrwative and General I.364 867 I 577.017 f . 382.192 f .224.965 1.040 079 Total Wastewater Fur'd Espenws 3 495.190 3 436.164 3.113 221 2.757.934 2.463.147 TOTAL OPERATION AND M AIN TENANCE E XPE N5ES (75 272.212) (73.390.179) (42.819.9531 (15.208 904) (25 842.662) NET REVLNUE5 IN ACCORDAP.CE WITH BOND RESOLUTION Occtr( 33 227.391 30 095.971 26.504.551 19.441.549 16.066.769 Water 2.988.872 2.796.448 3.236 013 3.001.306 2.672.420 Wastewater 3.501.440 2 704 817 2.796.794 2.638.464 2 577.830 COMBINE D NE T REVENUES IN ACCORDANCE WITH BOND RESOLUTION $ 39 718.703 5 35 597 156 5 32.537 358 5 25 081 319 5 21.317.019 AGGREGATE DEBT 5ERVICE 5 18 974.943 $ 15 787.520 $ 15111.590 5 13 014.202 5 11.995.160 COVERAGE RATIO 2 09 2 25 2 15 I 93 1 78 26 See Note On Page 29
1 GAINESVILLE REGIONAL UTILITIES SCHEDULES OF NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION ELECTRIC UTILITY FUND FOR THE YEARS ENDED SEPTEMBER 30,1983 AND 1982 1983 1982 REVENUES: Safes of Electrioty: Residential Sales 5 24.793.297 516.323.23i General Service and Large Power 25.516.834 17,I70.307 Fuel Adjustment 1.402.417 16.110.650 Street and Traffic Lighting I.178.236 807.877 Utility Surcharges 984.534 770.127 Sales for Resale 1.160.272 587.094 Interchange Sales 42.556.653 41.038.155 Total Sales of Electnary 97.592.233 92.807.44i Other Revenues: Service Charges 485.787 468.467 Pole Rentals 107.488 143.526 Miscellaneous Revenues 18.198 23.389 Total Other Revenues 611.473 635.382 Interest income 3.804.633 3.775.215 TOTAL REVENUES 102.008.339 97.218.038 OPERATION AND MAINTENANCE EXPENSES: Operation and Maintenance: Fuel Expense: Retail and Purchased Power 23.736.463 24.560.176 Interchange 29.700.527 29.155.419 Other 389.121 509.335 Total Fuel Expense 53.826.!11 54.224.930 Power Production 5.546.301 4.555.882 Transmission 303.371 298.767 Distribution I.518.775 1.525.468 Total Operation and Maintenance 61.194.558 60.605.047 Administrative and General: Customer Accounts 1.079.524 941.162 Administrative and General 6.506.866 5.575.858 Total Administrative and Generaf 7.586.390 6.517.020 TOTAL OPERATION AND MAINTENANCE EXPENSES 68.780.948 67.122.067 l NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION: Retail 20.371.265 18.213.235 Interchange I 2.856. I 26 I I .882.736 TOTAL NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION $ 33.227.391 $ 30.095.971 see Note On Page 2, 27
GAINESVILLE REGIONAL UTILITIES SCHEDULES OF NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION WATER UTILITY FUND FOR THE YEARS ENDED SEPTEMBER 30,1983 AND 1982 1983 1982 REVENUES: Sales of Water: General Customers $ 3.828.277 53.571.531 University of Flonda 451.757 446.763 Fire Protection 581.379 570.473 Generating Stations 74.780 82.624 Utility Surcharges I i 1.085 96.829 Total Sales of Water 5.047.278 4.768.220 Other Revenues: Rate Stabilization (400.000) O Capital Faalities Charges 583.740 350.400 Front Footage. Meter Installaton and Other Connection Charges 601.303 363.545 Miscellaneous Revenues 2.035 6.513 Total Other Revenues 787.078 720.458 Interest income 150.600 139.718 TOTAL REVENUES 5.984.956 5.628.396 OPERATION AND MAINTFNANCE EXPENSES: Operation and Maintenance: Source of Supply Experne 7.585 7.213
~- 640.335 628.695 Pumping Expense Water Treatment Expense y 777.224 782.202 Transmission and Distribution Etoense 360.500 271.150 Total Operaton and Maintenance 1.785.644 1.689.260 Administrative and General:
Customer Accounts 213.982 273.588 Administrative and General 996.458 869.100 Total Administrative and General 1.210.440 1.142.688 TOTAL OPERATION AND MAINTENANCE EXPENSES 2.996.084 2.831.948 NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION $ 2.988.872 52.796.448 38 see Note on Page 29
GAINESVILLE REGIONAL UTILITIES SCHEDULES OF NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION WASTEWATER UTILITY FUND FOR THE YEARS ENDED SEPTEMBER 30,1983 AND 1982 1983 1982 REVENUES: Wastewater Billings $6.122.823 55.308.404 Other Revenues: Rate Stabilization (400.000) O Capital Faalities Charges 782.710 458.950 Front Footage and Other Connecton Charges 266.449 68.553 Miscellaneous Revenues 3.664 11.956 652.823 539.459 ! Total Other Revenues Interest 'ncome 221.984 293.138 l TOTAL REVENUES 6.997.630 6.141.00_1 OPERATION AND MAINTENANCE EXPENSES: I Operation and Maintenance: Collection Expense 367.097 298.428 Pumping Expense 633.175 452.736 Treatment and Disposal Expense 1.130.051 1.107.983 Total Operaton and Maintenance 2.130.323 1.859.147 Administrative and General: Customer Accounts 164.782 276.321 Administrative and General I.200.085 1.300.696 Total Administrative and General 1.364.867 1.577.017 TOTAL OPERATION AND MAINTENANCE EXPENSES 3.495.190 3.436.164 NET REVENUESIN ACCORDANCE WITH BOND RESOLUTION $3 502.440 $ 2.704.837 NOTE: " Net Revenues in Accordance with Bond Resolution" differs from " Net income Retained." determined in accordance with general!y accepted accounting pnnoples. Following are the more significant differences:
- Interest income does not include interest earned on constructon funds and on certain debt service accounts which can only be used for certain restncted purposes.
- Operation and maintenance expenses do not include depreciation, amortizaton, or interest expense.
- Other water and wastewater revenues include fees for connecton, installation, front footage. and capital facilities charges.
- Transfers to the General Fund are not included.
- Other revenues include transfers from (to) the Rate Stabilizaton Fund.
- Extraordinary items are not included.
i 4 29
GAINESVILLE REGIONAL UTILITIES SCHEDULE OF COMBINING BALANCE SHEET SEPTEMBER 30,1983 ASSETS WASTE-ELECTRIC WATER WATER COMBINFD UTILITY PLANT Utility Plant in Service $ 312.090.835 5 48.036.495 5 61.142.211 5421.269.541 Construction in Pro <yess 3.763.516 255.494 1.103.946 5.122.956 315.854.351 48.29I.989 62.246.157 426.392.497 Less: Accumulated Deprecation and Amortization (51.356.800) (13.928.932) (14.307.911) (79.593.643) NET UTILITY PLANT 264.497.551 34.363.057 47.938.246 346.798.854 RESTRICTED ASSETS Capital Faolities - Cash and Investments 0 32.005 1.160.827 1.192.832 Utility Deposits - Cash and Investments 2.184.730 0 0 2.184.730 Debt Service Fund - Cash and Investments 20.433.517 1.426.108 1.432.985 23.292.610 Rate Stabilization Fund - Cash and Investments 7.441.952 872.464 916.694 9.231.110 Construction Funds-Cash and Investments 17.083.393 3.213.458 4.628.246 24.925.097 Contracts 1n-Progress 2.989.855 0 3.885.277 6.875.132 Utility Plant improvement Fund - Cash. Investments and Receivables 705.978 194.973 182.835 1.083.786 Matenals inventones 1.882.835 519.991 487.618 2.890.444 TOTAL RESTRICTED ASSETS 52.722.260 6.258.999 12.694.482 71.675.741 CURRENT ASSETS Cash and Short-Term investments 7.247.140 230.491 229.156 7.706.787 Accounts Receivable. Net 12.030.041 964.250 668.743 13.663.034 Due from Other Funds 5.I63.268 1.37I.350 390.368 6.924.986 Prepaid Expenses 7.266 799 706 8.7 /1 Inventones: Fuel 11.017.119 0 0 11.017.119 Matenals and Supplies 217.158 0 0 217.158 TOTAL CURRENT ASSETS 35.681.992 2.566.890 1.288.973 39.537.855 DEFERRED CHARGES 6.965.898 273.496 826.366 8.065.760 TOTAL ASSETS 5359.867.701 5 43.462.442 $ 62.748.067 5466.078.210 30
LIABILITIES AND FUND EQUITY , l l WASTE-EL ECTRIC WATER WATER COMBINED LONG-TERM DEBT AND FUND EQUITY Long-Term Debt - Utilities System Revenue Bonds Payable 5163.261.500 $ I1.437.140 $ 11.301.360 $ 186.000.000 Commercial Paper Notes Payable 39,289.934 831.122 9.379,944 49.501.000 Less: Unamortized Bond Discount (6.789.389) (475.625) (469.979) (7.734.993) Total Long-Term Debt 195.762.045 I f 792.637 20.211.325 227.766.007 Fund Equity - Con;nbutions in Aid of Construction 0 13.395.515 32.883.413 46.278.928 Retained Earnings 136.684.428 17.453.809 4.921.718 159.059.955 Total Fund Equity 136.684.428 30.849.324 37.805.131 205.338.883 TOTAL LONG-TERM DEBT AND F'JND EOUlTY 332.446.473 42.641.96I 58.016.456 433.104.890 PAYABLE FROM RESTRICTED ASSETS Utility Deposits 2.196.479 0 0 2.196.479 Accrued Interest Payable 2.624.441 183.853 181.671 2.989.965 Construction Funds - Accounts. Contracts and Retainages Payable 2.974.737 0 3.883.212 6.857.949 Due to Other Funds 358.048 19.150 6.074 383.272 Uti: sty Plant improvement Fund-Accounts Payable and Accrued Liabilities 303.190 80.940 69.649 453.779 Due to Other Funds 6.391.114 _ 365.401 365.308 7.121.823 TOTAL PAYABLE FROM RESTRICTED ASSETS 14.848.009 649.344 4.505.914 20.003.267 CURRENT UABluTIES Accounts Payable and Accrued Liabilities 8.975.148 171.137 225.697 9.371.982 TOTAL CURRENT LIABILITIES 8.975.148 171.137 225.697 9.371.982 DEFERRED CREDITS 3.598.071 0 0 3.598.071 COMMITMENTS AND CONTINGENCIES - - - - TOTAL LIABILITIES AND FUND EQUITY $ 359.867,701 543.46_2.442 562.748.067 5466.078.210 31
GAINESVILLE REGIONAL UTILITIES SCHEDULE OF UTILITY PLANT PROPERTIES COMBINED UTILITY FUND SEPTEMBER 30,1983 UTILITY PLANT PROPERTIES BALANCE SALES AND 8ALANCE 9-30-92 ADDITIONS RETIREMENTS 9-30-83 PLANT IN SERVICE ELECTRIC UTluTY FUND Production Plant $230.526.852 5 3.525.787 5 124.098 5233.928.541 Nuclear Fuel 1.311.082 629.215 0 1.940.297 Transmission and Distnbution Plant 64.071.326 5.325.673 862.620 68.534.379 General and Common Plant 7.083.126 1.057.862 468.583 7.672.405 Plant Acquisition Adjustment 15.213 0 0 15.213 TOTAL ELECTRIC UTlUTY FUND 303.007.599 10.538.537 1.455.301 312.090.835 WATER UTILITY FUND Supply. Pumping and Treatment Plant 11.869,712 9.752 4.490 !!.874.974 Transmission and Distnbution Plant 32.417.689 2.500.337 137.682 34.780.344 General Plant 1.269.885 213.786 102.494 1.381.177 TOTAL WATER UTILITY FUND 45.557.286 2.723.875 244.666 48.036 495 WASTEWATER UTILITY FUND Pumping and Treatment Plant 21.698.319 152.755 140.618 21.710.456 Collection Plant 35.706.826 1.739.119 196.928 37.249.017 General Plant I.874.795 423.370 115.427 2.182.738 TOTAL WASTEWATER UTILITY FUND 59.279.940 2.315.244 452.973 61.142.211 TOTAL PLANT IN SERVICE S407.844.825 515.577.656 5 2.152.940 5421.269.541 CONSTRUCTION IN PROGRESS CONSTRUCTION FUND Electnc Utility Fund 5 I 969.060 S 3.506.255 5 3.163.963 5 2.311.352 Water Utility Fund 2.987 278.486 281.473 0 Wastewater Utility Fund 43.307 268.385 0 311.692 TOTAL CONSTRUCTION FUND 2.015.354 4.053.126 3.445.436 2.623.044 UTILITY PLANT IMPROVEMENT FUND Electnc Utility Fund 3.673.684 4.454.858 6.676.378 1.452.164 Water Utility Fund 925.570 1.789.689 2.459.765 255.494 Wastewater Utility Fund 761.363 3.349.697 3.318.806 792.254 TOTAL UTIUTY PLANT IMPROVEMENT FUND 5.360.617 9.594.244 12.454.949 2.499.912 TOTAL CONSTRUCTION IN PROGRESS S 7.375.971 513.647.370 515.900.385 5 5.122.956 32
GAINESVILLE REGIONAL UTILITIES SCHEDULE OF ACCUMULATED DEPRECIATION AND AMORTIZATION COMBINED UTILITY FUND SEPTEMBER 30,1983 ACCUMULATED DEPRECIATION AND AMORTIZATION BALANCE DEPRECIATION SALES AND BALANCE 9-30-82 AMORTIZATION RETIREMENTS 9-30-83 ELECTRIC UTILITY FUND Production Plant $ 25.525.607 5 6.719,901 5 31,929 532.213.579 Nuclear Fuel 912.34! 181.068 69.998 1.023.411 Transnussion and Distnbution Plant 14.311.196 1.761.357 883,214 15.189.339 General and Common Plant 2.497.783 443.467 11.793 2.929.457 Plant Acquisition Adjustment 507 507 0 1.014 TOTAL ELECTRIC UTILITY FUND 43.247.434 9.106.300 996.934 51.356.800 l WATER UTILITY FUND Supply. Pumping, and Treatment Plant 3.499.180 332.965 (3.845) 3.835.990 Transmission and Distnbution Plant 8.406.607 776.862 Ii1.964 9.071.505 ,, General Plant 910.817 103.732 (6.888) 1.021.437 I TOTAL WATER UTILITY FUND 12.816.604 1.213.559 101.231 13.928,932 l WASTEWATER UTILITY FUND Pumping and Treatment Plant 4.104.832 6';& 314 122.869 4.680.277 Collection Plant 7.622.863 712.796 153.426 8.182.233 General Plant 1.142 354 202.549 (100.488) 1.445.401 TOTAL WASTEWATER UTILITY PLANT _ 12.870.059 1.613.659 175.807 14.307.911 TOTALS 568.934.097 511.933.518 $ 1.273.972 579.593.643 33
Our demonstrated commitment to quality of service is a pledge which ex-tends to our responsible participation in the affairs of our community and State. In 1980, Florida's electric utilities, organized as the Florida Electric Power Coordinating Group {FCG), initiated a five-year 53.5 million study of acid deposition in Florida. Conducted by an independent environmental engineer. Commitment ing firm, tne study seeks to determine tne extent or acid rain ~ in Fio,ida. to assess the state's susceptibility, to attribute sources, and to evaluate potential costs and benefits of control programs. At a time when acid rain legislation ap-pears imminent, Florida utilities have already mounted the state's most com-prehensive deposition study to provide the scientific data necessary for responsible decisions. During 1983, our community faced the sensitive issue of disposal of tran-former oils containing polychlorinated biphenyls (PC8's). In response to citizen concern, the City Commission elected to dispose cf 16,000 gallons of PCB-contaminated oils at an out-of-state thermal destruction facility. Environmental concern was also evident in the Deerhaven staff's design, pilot testing, and installation of turning vanes in the Unit I exhaust gas duct. The retrofitting, to stabilize gas flow, will ensure more accurate environmen-tal monitoring. At both Deerhaven and Kelly generating stations, considerable time was spent this year in development of spill prevention and control pro-grams for potentially hazardous substances. Throughout all op"ational areas,1983 was a year of marked emphasis on employee safety and development programs. The electric system completed development of its apprenticeship training program for skilled craft employees in the transmission and distribution systems, and design of a craft training pro-gram for all power production employees was initiated. Results of safety training activities throughout the water and wastewater systems included a 43 percent reduction in lost-time accidents in wastewater treatment plants. Safety manuals were revised for all operational areas of both systems, and additional personnel were certified in both CPR and First Aid programs. Specialized hydrogen sulfide safety training is being conducted as part of our Sulfide improvement Program. Direct customer service improvements were visible in numerous programs. Development of a system-wide Emergency Preparedness Plan and expansion to 24-hour trouble response strengthened our service capability. Conversion of more than three hundred streetlights to high pressure sodium resulted in associated first year energy savings of $16,000. Our free residential energy audit service saw the addition of on-site delivery of computer analyses using our own staff-developed software. Audic capacity was increased by the addi-tion of contract auditors - graduates of our own paraprofessional training program. Our new Energy Efficient Appliance program was developed in cooperation with local appliance dealers to provide conservation tips at the point of purchase. Other conservation information was disseminated through school visits and video segments on our own bi-weekly cable television series. Water conservation efforts were expanded, highlighted by a program for low-income neighborhoods. The federally fundedjobsend-conservation pro-ject provides employment for residents of target neighborhoods to provide free installation of water heaterJackets, toilet dams, and shower and faucet flow restrictors. Four thousand homes are slated to receive these services. Our "Better Water For People Week" program, conducted jointly with a local engineering firm, was rewarded with the Golden Image award of the Florida Public Relations Association. An in-house video production for bond rating agencies, created as part of our refunding activities, also was a Golden Image winner. As these new programs were activated, planning continued to provide for future customer needs. Negotiations were concluded with a local service organization to provide an energy emergency fund to aid the elderly and han-dicapped. Preparation was begun on master plans for the electric and water distribution systems and the wastewater collection system, which will pro-vide a comprehensive five-year capital improvemen* program for those systems. 34
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Charges for services in ef fect at the close of the fiscal year September 30.1983. for major customer classes. Electric The following monthly electric rate schedules are base rates" and in-clude a fuels charge of 25 mills per kilowatt hour. The additional variable monthly fuel adjustment charge is not included. The minimum bill is the Customer Charge plus any applicable demand charge. Residential Customer Charge . . . . . . . . . . . . . . . .... . . . . . . 5 3.96 Energy charge per kilowatt hour (kWh) First 750 kWh . . . . . . . . . . . . . . . . . . . . 5.0546/ kWh Over 750 W/h . . . ......... . . . . . . . 5.0578/kWh General Service Non-Demand (A demand of 50 kilowatts (kW) or greater has not been established) Customer Cha rge . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 8.14 Energy Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . $.0681/ kWh General Service Demand (Established demand of 50 kW, but less than 1.000 kW) Customer Charge . . . . . . . . . . . . . . . . . .......... . $ 14.11 Enc'qy Charge . . . . . . . . . . . . . . . . . . . . . . . 5.0481/kWh Demand Charge . . . . . . . . . . . .......... . . . . . $ 4.34 / kW Large Power (Established demand of 1,000 kW or greater) Customer Charge $54.25 Energy Charge . 5.0422/kWh Demand Charge . $3.80/kW Water The minimum bill is the Customer Charge. Customer Charge . . . . . . ...... .... . . . . . . . . . . . 5 2.4 5 Water Rate . . . . . . . . . . . . . . . . . . 50.69 per thousand gallons Wastewater The minimum bill is the Customer Charge. Customer Cha rge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.75 Wastewater Charge . . . . . . . . . . . S 1.75 per thousand gallons Additional rate schedules, available upon request, iraclude: Time-Of-Usi rate for electric customers, wastewater rates for residential customers not connected to the system but subjea to rates and charaes, and wastewater rates for residential customers obtaining water from the unmetered private wells and discharging into the system. 36 enotograpny by Bruce conen
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