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City Public Svc of San Antonio 1994-95 Annual Rept
	ML20091M098
Person / Time
Site:	South Texas
Issue date:	01/31/1995
From:	; SAN ANTONIO, TX
To:	;
Shared Package
ML20091L976	List: ML20091L995; ML20091M013; ML20091M098; ML20091M110; ST-HL-AE-5147, Forwards Current Annual Financial Repts for Licensees for South Tx Project;
References
	NUDOCS 9508300077
	Download: ML20091M098 (32)
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i i 1 l 0 1 City Public Service, one of the largest municipal utilities in the country, serves the energy needs of Sar Antonio, the third largest metropolitan area in Texas. CPS generates power for 506,646 electric customers at two coal-fired and five natural gas-fired plants in the San Antonio area. The utility also owns 28 percent of the South Texas Project nuclear plant on the Texas coast, receiving 700 megawatts of capacity from the project. Coal provides 1,336 megawatts, while gas-fired plants can generate 2,400 megawatts. The natural gas system supplies approximately 296,200 customers in the San l Antonio urban area. The system is comprised of 3,971 miles of gas lines. The CPS goal is to produce reliable, low-cost energy to serve the San Antonio area, which has a population of approximately 1.4 million. Tourism, manufacturing, construction, insurance, retailing and medical care have been the traditional economic mainstays, along with one of the largest concentrations of military installations in the U.S. In recent years, San Antonio has broadened its economic base to include numerous firms in the fields of electronics, data processing, Siotechnology and telemarketing. The utility employed 3,567 as of January 31, 1995. Gross revenue........... ............................$893,156,000 Fuel and operating and maintenance expenses decreased $66,561,000 to......S448,236,000 City payment ..................................$119,852,000 Long-term debt service requirements on bonds decreased $24,141,000 to.... 5209,409,000 Maximum electric system load increased 144,000KW to. 3,052,000 12,261 electric customers were added to total................................. 506,646 kWH sales increased 6.1% to........... ....................... 13,499,927,899 Cost to residential customer per KWH decreased 6.4% to... 3,9 5 9 g a s c u s t ome r s w e r e a dd e d t o t o t a l...................................... 6. 5 5 t sales decr6ased 6.1% to ..... 296,200 MCF ............................................. 24,692,826 Cost to residential customer per MCF of gas decreased 2.9% to ...................$5.28 Gross revenue tar '994-95........................... ...................S893,156,000 Application of enue: Fuel, purchase 1 power and resale gas....... .........S210,503,000 Other operat'.n3 and general expenses..................................... 164,885,000 Maintenance of the systems.................... ................ 72,848,000 For debt cequ'rements and other interest..................5236,766,000 Interest charged to construction........... .... 3,072,000 Net debt requirements and other interest. ............................S233,694,000 Payments to the City of San Antonio....... ..................... 119,852,000 Balance from operations available for construction...................... 91,374,000 Total ...................................$893,156,000 Gross amount spent for replacement, improvements and expansion of gas and electric systems........... ........................$149,519,000 Funds obtained from: Operations........... Commercial Paper......... .................. 591,374,000 ....... 81,278,000 Improvements and Contingencies Fund. ...(32,535,000) Contributions and advances in aid of construction............. ........ 9,402,000 Total ................$149,519,000 l CPS l
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m Letter from the Chairman and General Manager Competition, whether in an athletic endeavor or a business environment, brings out the best in the participants. People give their greatest performances when v>ing with others who are excellent and they find they can set new records when they are challenged to give their best. As the topic of competition moves to the forefront for the electric utility industry, CPS is ready to meet the challenge. Its operating and financial strengths give the utility the resources it needs to compete. The 1994-95 year provides excellent examples of CPS competitive advantages. For example, the year was noteworthy when comparing sales and revenues with last year's figures. Despite setting an all-time record for electric sales, CPS revenue was down from the previous year due to the return to senice of the South Texas Project (STP) and competitive fuel prices. This inverse relationship emphasizes the importance oflow fuel costs and their effect on customer bills. Lower fuel costs resulted in low bills for customers, bills that on the average were lower than they were 10 years ago for residential customers using 1,000 kilowatt hours of electricity and 5,000 cubic feet of gas per month. Utility bills for this average usage also compared favorably with those for ather cities in the state and nation, a good indication of the CPS competitive position. Part of the competitive advantage enjoyed by CPS is due to the utility's fuel diversification program which began in the IL with the decisions to build two coal-fired generating units and to join with three other utilities in constructing the SouthTexas Project nuclear plant. The flexibility provided by these plants makes it possible for CPS to take advantage of changes in fuel prices tc, serve its customers at the lowest costs. During the 1994-95 fiscal year, approximately 32 percent of CPS generation came from nuclear fuel, the lowest cost fuel, while 51 percent came from coal. Only 17 percent of CPS electricity was generated using natural gas, the utility's most expensive fuel, with the result that fuel costs for the year were 27 percent lower than during the previous year. In addition to lower fuel costs, the rtility achieved savings through refunding of $777.7 million in outstanding bonds. This refunding continues th' program begun in 1985 and brings the debt service savings to $409 million from e 1986 through 2015. The transaction brought the weighted average interest cost on outstanding long-term debt to 5.81 percent. Based on the utility's strengths, Standard and Poor's Corporation, Fitch Investor Service Inc. and t.ioody investor Service re-confirmed their previous ratings of CPS. Both Moody and Fitch continued their higher ratings of Aal and AA+ which were established in 1992, while Standard and Poor's maintained an AA rating. At the end of the fiscal year, Fitch Investor Senice Inc. awarded CPS the second best rating awarded to the 60 municipally-and investor-owned utilities which they considered in their competitive indicator rating. It has been a year of achievement for CPS, yet the utility will not rest on its laurels. The new fiscal year will bring continuing scrutiny of the organization and how it operates in an attempt to make it more efficient. The excellent work force at CPS will draw on its talents and experience to become even more productive as the future brings a more competitive environment. cf ) a py Gloria flernandez Arthur von Rosenberg Chairman General manager l CPS l
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/ \\ / s ( Ag je g 4 -~ y [ .i 4 (\\ (/ yy k-l '*y Ms 4 7 g / 8 C 0 N P E T I T I O N hascometotheforefmnt in the utility industry since the beginning of the 1990s with an emphasis on down-sizing and maximizing efficiency and productivity without sacrificing customer satisfaction.This challenge also is being met by CPS. In this environment of competition, CPS continues its commitment to customers in the San Antonio area to provide safe and reliable natural gas and electric service at competitive prices. During the 1994-95 fiscal year, CPS continued to meet the challenges of competition through sound financial strategies, enhancement of operating efficiencies, excellent customer service programs, economic development and communityinvolvement. As CPS continues to add customers and the demand for energy increases, the utility meets these growing needs. During the fiscal year, CPS customers required a ret ord 13.5 million megawatt hours of electricity, up 6.1 percent from the previous year. The hourly peak demand for electricity increased 5 percent from the previous year with a new all-time record of 3,052 megawatts set on August 18. The 1993-94 record for 24-hour usage was broken on August 19 with the new level reaching 56,619 megawatt hours, a 4.2 percent increase over the previous year's record. In addition to more usage, the number of CPS electric customers increased to 506,646 with the addition of 12/261 new customers. The growth in the number of new customers increased the pace from the previous year when 9,040 new l CPS l
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O customers were added. Natural gas customers also grew showing a lower cost because of significant settlernent credits but at a slower rate, with 3,959 new customers added for coal hauling which favorably affected coal prices. during the year. The use of coal for generation also aided the CPS 1he growth in CPS customers can be attributed to the competitive position. In the 1993 Utility Data Institute study growth of the San Antonio area. Nearly 5,700 housing units of the top electric plants in the country based on expenses were built during the fiscal year. In addition, apartment per megawatt hour, the two CPS coal-fired plants ranked at occupancy rose from 94.7 percent the previous year to numbers 12 and 23 in the selected top 100. These two 95 percent in 1994-95. Growth is projected to continue in favorable rankings show the competitiveness of the two plants San Antonio with the result that the number of CPS customers on which CPS relies most heavily for its generation. is expected to increase by 2.1 percent annually during the next The proof of competitiveness, though, comes in the 25 years. At the same time, the population of Bexar County comparison of rates. During 1994-95, CPS customer bills were is expected to increase approximatch 50 percent from almost lower than for the same amount of usage ten years earlier. 1.3 million today to more than 1.9 million in 2020. In fact, residential customers paid i1.4 percent less nor 1,000 kilowatt hours of electricity and 5,000 cubic feet of CPS Compares Favorably natural gas in 1994-95 than they paid in 1984-85 and paid in the Industry less than they paid in six of the last ten years in spite of rate Many of today's competitive successes and the utility's increases in 1986,1988 and 1991 and inflation which averaged position of respect in the industry can be attributed to the 3.6 pt rcent annually during the last 10 years. CPS fuel diversification program and comparative efficiency CPS customer bills also compared favorably with those of of its generating units which together result in low rates other cities. CPS residential bills of $89.15 for 1,000 kilowatt for customers. hours of electricity and 5,000 cubic feet of natural gas were The fuel diversification program allows CPS to select from lower than the average bill for the 20 largest cities in the three fuels for generating electricity based on their prices as country-32 percent lower.The utility ranked second lowest well as their availability. The South Texas Project, which uses among the nation's 20 largest cities. Iow-cost nuclear fuel, showed a good performance and CPS electric bills for 1,000 kilowatt hours also compared contributed signincantly to a reduction in the yearly cost of favorably within Texas. The average bill for Texas customers fuel for generation af ter returning from its prolonged outage. during the year was $74.81 compared with $64.04 for CPS The CPS share of the nuclear plant provided 32 percent of the customers, a savings of 14.4 percent. The bills for CPS utility's electricity for the year.The substantial use oflow-cost commercial and industrial customers also compare favorably nuclear fuel resulted in a 27.4 percent decline in the average with other utilities. nnit cost of fuel when compared with the previous year. Unit These positive comparisons of bills show the competitive fuel prices were 8 percent lower than five years ago and were challenge is being met in a most important arena, one that lower than in four of the last five years, with only 1991-92 contributes to customer satisfaction and business growth, with the .3Y_Y l CPS l
'Y 4 e C 0 M PO y ~ /.. P ~r ,,s 4 / CPS Adds Technological Innovations CPS is adding to and upgrading its facilities in preparation [f for the 21st century when computers will be involved in d ^ every aspect of the utility's operation. CPS is establishing the g framework for increased operating efficiency by expanding d.< Q use of fiber optics and computer technology. These , typd innovations will not only improve service to CPS customers 3 but will assure the utility's competitiveness in the future. E During the past fiscal year, CPS installed 58 miles ofliber optic cable, the backbone of a new communications network to enhance the transfer of data and automate load transfer functions on the electric system. The new technology will '9 replace ma wave radio and leased telephone lines, which '[ are not as efficient in the high speed transfer of data and which are subject to signal interference. J"p 'As the utility adds or rebuilds transmission lines, additional fiber optic cable is being installed. During the twxt two years. cps expects to place more than 300 miles of fiber optic cable above power lines in the transmission system. The first 48 miles were strung in conjunction with a new segment of the 345 kilovolt transmission loop. The N $8.4 million transmission line construction project begins y J [? $ gY% {' M" in western Bexar County and circles to northeast San Antonio, closing the loop around the city. Scheduled for 4 completion in the summer of 1995, the transmission loop y will serve the fast. growing northwest part of the service area, while increasing system reliability. p CPS began a pilot project, jointly sponsored with the c;r Electric Power Research Institute, to test the viability of pg automating the electric distribution system. The project 7 involves connecting two distribution feeder circuits along a fiber optic network and installing distribution automation equipment on the feeders and at selected customer 5 l CPS l ,g
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J w 3, ~3; a 7, ci s n.. l p t.;,. 1 i 1 ) locations. The results will be assessed in 19%97. environment, CPS is currently working to convert some CPS also upgraded its two mainframe computer syt :ms. existing overhead sen ice to underground. In 1993, the utility 'lhe new UNISY5 2200/1222. which handles all major created the Overnead Conversion fund which appropriates business sy st ems.md engineer ing plan ning support. has fh e I pi rrent of its retail electric sales to such projet is. l times more memory th.m the piesiously used sy stem 'I he ( PN also is utili/ing new aesthetically -pleasing con-magnetic disk storage sy stems acre upgraded to the latest struction features sm h as atmiess (onductor supports tet Imologs, int reasmg capat ny h) tuotold. In addition to concrete and steel poles. copper naph t hemat e-h eat ed cost s.n ings. cps is usmg only one-tenth the amount of wooden poles. of f-sucet utility ( orridms and landscaping floor space pinionsh used bs the older compulci sy stem. around substations. In 19n t - 93. 5328,iii u cie spent to A new llNIM s 22nniil ll F. w hu h suppm ts ( ustomer implement new standanis on iise ronstna tion pmjects in senit e imluisies. has redta ed response time. pmsided high nattit areas and to reconsu urt some existing larilities. pc.ner reliabihn and im icased the t apacity of phone ralls .\\n important element in a rompetitise ensironmem pim essed. l hese t hanges are t he begmning olimpim ements is i ustomer salistartion. (.PN tailms its customer sersire that assme EPs will hate the programs to prmide usef ul infor-equipment and tec hnologs to (arr) f mction to rustomers and to assure it into the f utme. R rorn enience. ()ne example of ron- +: senience. the Flet tronic Pay ment CPS Contributes to Plan which allow s eligible rus-the Quality of Life tomers to hase their utility pay. ('P5 has taken a lcadership role in ments deducted automatically meeting ( hanges in em nonmental hom their bank at roum, prmides icq u u em en ts and respondmg to snings of time and money lot both publir mtriest in polin making ( ustomers and the utility. t hese herause of its desne to sen e programs and many more resulted the publir u ust. in recognition of the Customer
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em nonment bs soluetanly redm ing ha/ardous wastes and A well-trained and dedicated work lorre helps assure sasing money at the same time.1 xamples ol uaste reduc tion rustomers u ill iereis e qualit3 sen it e. L Ps employ ees terch e im lude the use of.m estiartor in the EPs Print shop to trainmg in both c lassmom sruings and on the job 1)uring the remmew prirent ut the sih er f rom tihn dn elopment waste. S car, the t raimng 1)iusion ottered :U courses f or employ ee \\lso. a distdlanon unn ret meis.0 percent of thinner mstruction in addition la i employees enrolled in nenmg contained in waste p.unt sohent. enabling ('Ps to.euse the and ucekend college (omses related to their jobs. terp led flunner f or the second consecuth e y ear. ( P5 sponsored "()ur I)ue to un ica ed pubhr interest m beautihing the l lo u se. a 11 ucek icln nion series on encigs t onsen ation l cps l
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i I l i through home improvements. In addition, CPS took the util'ity Summary safety and energy conservation messages to more than 90,000 As competition becomes a watch vord in the utility persons through 789 presentations to schools, civic and industry, CPS is well positioned to maintain its place among ) business groups and the public, the leaders. Its financial strategies, innovative leadership and San Antonio enjoyed growth in the area of economic dedicated employees place the utility in a position to continue development, with 21 companies locating or expanding in the record of excellence it has achieved in the past. the Alamo City during 1994-95 and providing more than 4,300 Records during the 1994-95 year in electric peak demand, new jobs. The record number of new businesses can be 24-hour usage and sales confirm the growth trend of thelast attributed to opportunities created by the North American several years. Looking ahead, growth projections for the Free Trade Agreement, the availability of a highly trainable San Antonio area indicate that utility growth should and industrious work force and the availabiliry oflow cost continue as CPS works to meet the needs of the area it serves and reliable gas and electric service. Growth took place in the into the 21st century. service, manufacturing, telemarketing and distribution Even as it grows, CPS continues to focus on excellence in sectors. To CPS, growth means a larger customer base customer service and reliability. The utility expands and i and to San Antorians,it means more jobs and a stronger replaces its facilities to assure they are modern and well J local economy. maintained. Service is improved by incorporating new technologies which increase overall efficiency and take CPS into the future. And employees are trained to assure they are ) able to perform their jobs in the most competent manner. These practices assure the utility will continue to perform ] well as it faces the future challenges ofincreasing competition In the industry.With an excellent record as hs tradition, CPS - looks forward to a future that will allow it to achieve even greater successes.The years ahead look bright as CPS pledges to continue to meet its responsibilities to customers to provide safe and reliabic natural gas and electric service at a reasonable price and to employ a well-trained, efficient work force which will remain a credit to the community. i I ) i l Compet i t il l \\ l CPS l 1
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Management's Financial Summarv Annticatinn of Revenue = for Fiscal Year 1994-95 '"[""'U""'h s893 1995 448 V Three major developments produced a N 's ~ - M. si is : good fiscal year for City Public Service. %m -~ ss31 3Ehss47 ..mm m.,.m... Fuel costs decrea. sed because of the return 1893 'M - N to service of the# South Texas Project (STP) hssis ~ 1992 + nuclear plant; cost containment strategies mg' ; s8a = m -e ve - g is m2 m 'resulted in a significant reduction in operating and maintenance expenses; M operat'ng & Maintenance Expenses ' ['j'p",'["[n',"""'* * "" '"'""' and lower financing costs resulted n from the debt management program. E Revenue AvailableforConstruction STP returned to service in time to units, CPS began adding to its inventory was $14.8 million less than last year, meet the high summer demand when of coal which had declined while STP principally as a result oflower gas cost electric sales reached an all-time record, was out of service. The shortfall in recoveries, but unlike the electric Units I and 2 attained ftdl power in April the coal inventory also was exacerbated operation, sales also were down. Non-and June, respectively, and showed a by decreased shipments of coal caused operating revenue remained essentially significant improvement in perfor. by heavy rail traffic from the Powder the same compared to last year. mance after a yearlong shutdown River Basin in Wyoming. Additional unit CPS earned about 85 percent of which began in early February 1993, trains were placed in service during the its operating revenue from electric Start up for both units was achieved year in an attempt to build up the sales and approximately 12 percent after rigorous inspections by the Nuclear inventory in preparation for replacing from gas sales. Other sources of revenue, Hegulatory Commission with only the coal dumper in April 1995. including interest on investments and minor repairs necessary during the year. Sates miscellaneous income, made up the The NRC reported later in the year that Electric sales continued to set remaining 3 percent. As a result of STP had improved in virtually all records, reaching 13.5 billion kilowatt lower fuel and resale gas costs, the functional areas and had been effective hours.The 6.1 percent increase in sales average revenue of 5.6 cents per kilowatt in identifying and resolving problems, over last year was primarily due to hour and $4.45 per MCF were about 8 During the last six months of 1994, the hot summer temperatures of 100 percent and 6 percent, respectively, the STP units ranked as the top two degrees or more for 27 days. lower than the previous year. Gas sales totaled 24.7 million MCF, a Expenses 3 producing nuclear units in the country. With the availability of the nuclear 6.1 percent decrease compared to the Operating and maintenance expens-previous year. Mild winter weather es for the fiscal year totaled $448.2 croma nevenue during December and January affected million, down $66.6 million from the in wiions of Donars* the trend in ga.s i. ales. previous year. The lower fuel and 1995 se93 Revenues resale gas expenses of $210.5 million i ],33, Gross revenue of $893.2 million accounted for $49.7 million of the 3, declined by $37.3 million compared to lower costs. Additionally, a decline of 1993 s847 the previous year, due to a significant $21.3 million in STP operating and 1992 , sets reduction in the fuel recovery revenue maintenance expenses, other than fuel, , lse19 as a result of lower costs for electric contributed to the lower costs. The im M Electric Revenue generation fuel and resale gas. benefit of having STP back on line not M Gas Revenue Summer 1994 temperatures tied only included lower maintenance costs B Non-Operating Revenue all time records, caused higher electric for the plant but also was a major factor sales and increased non-fuel recovery in reducing the average unit fuel cost for + nscel reus (nons.lenwy v revenues. Revenue from gas operations generating electricity by 27.4 percent, l CPS l
H l """" " ""i""'""* With no major power plant projects Assets and Total Equity am'. Liabilities planned, CPS expects to fund its lower which were restated as a result of in Maons of Doriari. capital needs during the next few years implementing a required accounting 1995 s448 primarily from revenue and commercial change related to refunding bond reac-m 3 ssis paper.1xmg-term bonds are expected to quisition costs. These costs were previ-1992 s4tt be used periodically to convert out. ously included in the balance of Total standing commercial paper to long. Assets and will now be shown as a 1992 s376 term debt in periods when interest rates reduction of the utility's Liability for Net m sn2 are advantageous. Revenue Bonds. j ~ E Fuel, Power & Resale Gas Expenses pi i 9 p The utility expects that its strong ) E STP Other Operating & Maintenance financial health will continue as it I l E CPS 0ther 0perating & Maintenance During the year, CPS issued $777.7 combines a commitment to service with ( million of refunding bands which had rates that are among the lowest in the I been sold at the end of the prev ous i from $1.44 per milh.on BTU in 1593-94 state and nation. During this fiscal year, year for an average m. terest rate of 5.01 to $1.05 per million UTU. residential customers using 1,000 KWII percent. These bonds were issued to j Resale gas costs also declined due to f electricity incurred bills which were j i advance refund $666.7 million of New a combm.ation ofless demand for gas lower than the average bill during either 1 Sen.es Bonds and to convert $65 mGh.on l and a 10.7 percent drop in the average of the previous two years. Customers unit price to $2.01 per million BTU. f, fax Exempt Commercial Paper (TECP) have paid less in only four of the Non-fuel costs excluding STP increased to long-term debt.The m. terest savings l previous ten years. Gas rates also 1 by 3 percent or $4.4 million from last n this particular refunding issue will remamed very competitive. l year as management continued cost produce an estimated net savings of ( containment efforts. $129.5 million in interest over the next l The nuclear plant has performed 20 years. Thus far, the debt refinancing cnni+ni rrn,naieor,. l well since returning to service and program, established with the 1985 in Milkons of oonars* i accounted for 32 percent of CPS gen. refunding issue, will net CPS ratepayers 1995 $151 eration for the year. Coal-fueled electric a totalinterest savings of $409 million Is125 I 1994 generation made up 51 percent, while from 1986 through 2015. N _8 81M the remaining 17 percent of total CPS continues to maintain the highly generation requirements was from favorable Aal bond rating by Moody's 1992 $230 gas and oil. Investor Services, AA+ rating by FPch ~M"" cms 2n 3333 Investor Service and AA bond rating by Construction Standard & Poor's Corporation. The The construction program expen-TECP carries the highest ratings issued ditures increased by 21 percent over last year as a result of additional costs for by all three rating agencies. These runaina nf eanitai proi.et. capital expenditures for the electric ratings c ntinue t place CPS debt In Millions of Dollars' "E distribution and transmission and the among the highest rated for municipal 3935 'sist gas distribution systems. Iligher costs utilities in the country, which results g for the distribution system resulted in lower financing cost to CPS and I m v $172 its customers. I mainly from charges to serve new customers.The construction program Sum r m s230 @ M 6 s2n relied on revenue from current and CPS assets of $4.5 billion as oflanuary 199i prior years for 40 percent of the 31,1995, showed only a slight change g op,,,1,,n, capital expenditures. Commercial paper compared with the balances for the E Customer Contributions-financed 54 percent of construction prior year.The most noteworthy change costs, while 6 percent came from affected the ending balances at January , 7,,c,, y,,,, 7,,,p,,,,,y,, j ( customer contributions. 31,1995, and January 31,1994, for total
~~Before 1994 included hrssten serriements l~~
l CPS l L
r;, ] [ Balance Sheets t January 31, 1995 1994
~~Assets un au>usanau UTILITY PLANT, at cost (Notes 1,3, and 9):~~
- Plant in service-7 Electric............. $ 4,343,247 $ 4,271,014 Gas. 289,582 267,472 ' General.. 121,047 116.170 Total plant in. service....... 4,753,876 4.654.656 Less-accumulated depreciation.. 1,159,599 1 N2,183 j Plant in service, net.. 3,594,277 3,612,473 .4 Construction work in progress.. 148,097 125.619 Nuclear fuel,less accumulated amortization of $93.763 in 1995 and $74.345 in 1994.. 78,312-96,931 lleld for future use.. 32,735 34.393 Utility plant, net..... 3,853,421 3.869.416 i ' RESTRICTED CASli AND INVESTMENTS (Notes 1. 2. 3, and 4):
~~Bond fund current requirements-Old series...,~~
843 607 i New series..... 17 12 Dond reserve-Old series....,... 16,725 17.052 New series.. 199,826 198.676 Commercial paper redemption fund. 56 143 Improvements and contingencies fund... 110,416 93,918 Overhead conversion fund... 14,150 0 Commercial paper construction fund... 3,053 19,067 Other.. 15.637 17,266 Total restricted cash and investments.. 360,723 346,741 e CURRENT ASSETS: Cash and temporary investments (Notes 1 and 2). 41,881 38.515 Cash restricted for customer service deposits payable..... 25,569-24,608 Cash restricted for payment of construction retainage payable... 0 21,739 Custnmer accounts receivable,less allowance for doubtful accounts of $2.638 in 1995 and $2.853 in 1994.. 48,929 56.698 Other receivables... 5,336 2.183 i Imentories and supplies, at average cost-Materials and supplies.... 56,2.85 55.243 Fuel stock..... 22,804 21,167 Prepayments and other.. 4,177 6.368 Total current assets... 204,981 226.521 DEFERRED DEBITS AND OTIIER (Notes 1 and 6)... 40.838 32.945 $ 4,459,%3 $ 4.475.623 TOTAL...... The act ompansing notes are on onregralgwt ef thesefinancial statements.
6 January 31, 1995 - 1994 Eduity and Liabilities "" '*""'" add - ' LONG. TERM DEBT: Revenue bonds (Notes I,3, and 4)- c Old series................... 13,500 26,250 New series.... 2,738,115 . 2.6 %.220 h . Deductions-Unamortized discount on new series bonds.. (78,026) (87,454) - Unamortized discount on capital appreciation bonds... (271,483) (287,062) = Unamortized costs of bond reacquisition.. (201.180). (168.441) 2,200,926-2,179,513 Revenue bonds, net. L Cominercial paper (Note 5)..... 264,800 282.300 D Long-term debt, net., 2,465,726 2,461,813 EQUITY: . Appropriated retained earnings (Note 3)- Bond fund current requirements-Old series...... 843 '607 New series... 17 0 Bond reserve- -] Old series.. 16,725 17,052 . New series.... 147,368 146.218 - Commercial paper redemption fund........................... 56 143' 110,416 ' 93,918 Improvements and contingencies fund.. Overhead conversion fund.... 14,150 0 Total appropriated retained earnings.. 289,575 257,938 Reinvested earnings - 1,456,509-1,480,732 Total equity... 1,746,084 1.738.670. CURRENT LIABILITIES: Current maturities of revenue bonds (Note 4).. 81,810 76.580 Current portion of commercial paper redemptit i (Note 5).. 16,700 16,100 : Accounts payable and accrued liabilities..... 74,243 77,294 Litigation settlement benefits payable to customers (Note 10)...... 0 8,814 Construction retainage payable.. 0 21,739 Customer service deposits. 25,569 -24,608 Total current liabilities.. 198.322 225.135 IDEFERRED CREDITS AND OTliER (Note 1): Customer advances for construction.... 10,722 9,463 Other - 39,109 '40.542 Total deferred credits and other..... 49,831 50.005 - i ' COMMITMENTS AND CONTINGENCIES (Notes 3. 6, 7,9. and 10).'.. 0 0 l $ 4,459,%3 $ '4.475,623 TOTAL........ The accunpanying wres ee an integralpart of thesefinanciat staternents. i l 1
Statements ofiRevenues and Application cf Revenues Years Ended January 31, 1995 1994 ' REVENUE (Note /): Ua 'ho"5"*^) 2 757,937 781,661-Electric..... 110,694 125,491 Gas.. 24,525 23.353 Interest and other income.. Gross revenue. 893,156 930.505 ~ EXPENSES (Note I): 210,503 260.215 Fuel, purchased power and resale gas. - Othe operating and general., 164,885 166.054 Maintenance... 72,848 88.528 Depreciation.. 138,939 136.957 181,788 196,017 - Interest and debt expense. Allowance for interest used during construction (Deduction).. (3,072) (1,977) 12,736 11.817 Tax equivalent to City of San Antonio (Note 8).... 778,627 857.611 Total Expenses.... - EXCESS OF REVENUES OVER EXPENSES. 114,529 72,894 ADD; 138,939 136,957 I Depreciation.. Amortization of discount on capital appreciation bonds.. 15,579 14,529 -i Amortization of bond reacquisition costs and debt issue expenses.. 18,437 14,870 Amortization ef discount on new series bonds... 5,474 5,802-0 852 Bond call premium costs.. 129,899 150.588 Interest requirements on new series bonds.. Interest requirements for commercial paper redemption. 5,982 2.686 $ 428.839 $ 399,178 AVAILABLE FOR APPLICATION...... APPLICATION: l To pay long. term debt requirements (Note 3)t Old series bonds-l Principal payments.. 12,235 13,112 Bond reserve (Deduction).. (327) (346) To improvements and contingencies fund Minimum requirements (121/2 percent of gross revenue).. 111,644 116,313 Additional cash payments to and services for the City of San Antonio (Note 8). 107,116 113.065 i To improvements and contingencies fund 198,171 157.034 Balance of available net revenue.. TOTAL APPLICATION..... 428,839 399.178 i The accompanying notes are un untegralpart of thesefinancial statements.
P l Statements'of Changes in Equity Yects Ended January 31. o 1995 1994~ = BOND CURRENT REQUIREMENTS. old series txwids: fin thousands) , llalance, hegmning of year 607 216 14,913 16,717 - Addnkm-Transfer to prin ide for debt senice ' (I4,677) (16.326) - 2$ - Deducti m-Payment of old series principal and interest.. Bclance. end of year _._ 843 (d17 IlOND RESERVE.old series txeds: < llalance, tryinmng of year 17,052 17,398 965 1,067 Addnkm-Allocate carnings io reserve (1,292) (!.413) Deductions - For current requirements !!alance, cod of year-- 16,725 17.052 BOND CURRENT REOUIREMENTS. new series txnh: Balance, begmning of year. 0 0 Additions-Fnwn improventnis and contingencies fund for debe sersice 194,496 234,395 Deducikm,- Paynent of new senes principal and interest (194.4796 (234.395) Balance, end of year 17_ 0 L llOND RESERVE, new series hmds: llalance, trginmns of year. 146,218 159.807 Additions-From improvenrnts and contingencies fund for debt sen ice. 1.150 1,239 0-(l4.828) Deductkms - For ixmd> called Balance.end of year 147,368 146.218 COMMERCI AL PAPER REDEMI'flON ITJND: Balance, tegmning of year. 143 0 Additions-Fnun improvements and contingencies fund for principal and interesi.. 22,795 8A29 (22,882) (8.286) Deductions-Payment of principal and interest... BAnce. end of year. 5 56 143 - OVERHEAD CONVERSION FUND: Balance, beginmns of year.. 0 0 Additions - From improvements and contingencies fund.. 14,150 0 0 0 Deductkm - Payrnent of overhead conversions - flalance. cnd of year. _ 14,150 0 IMPROVEMENTS ANDCONTINGENCIES FUND: Balance, beginning of year 93,918 I I i,770 Nditions-From applicaikm of revenue-Minimum requirement (121/2 percent of gmss revenue). 1II,644 116.313 Balance of available net revenue 198,171 157,034 Total 309,N15 273.347 Deductions-New series bonds - Additions to reserve (1,150) (1,239) Paynrnt of tumd interest... (l29,899) (l50,588) Payment of lumd principal.. (64,597) (66,460) Conmrreial paper-Payment of commercial paper redemption interes1. (5,9N2) (2,686) Paynrnt of commercial paper redeemed. (16,900) (5.600) Deductions (additions) to ctunmercial paper redemptum fund. 87 (143) Construction expenditures (60,726) (64A83) Transfer to overhead conversion fund (14,150) 0 Total. (293,317) (291,199) Balance,end of year 110,416 93,91 R REINVESTED EARNINGS: Balance, beginmng of year-1,4NO,732 1 AN9.65i Addithm-From impmsements and contingencies fund-For construction 60,726, 64.483 For new series hmds prmeipra payment.s 64,580 66,460 For commercial paper principal payments 16,900 5,ful . Frtwn applicatkin of earnings-For old series tsxxh principal payments 12,000 12.720 - Fnun new series reserve funds used to call txxxis 0 14.828 s'otal 154,206 if4.091 Deshactkm-Depreciatiivi (138,939) (136.957) Amortizatuut of discount on capital appreciation tunds (15.579) (l4,529) Amortizatkm of lxmd reacquisitum costs and debt issue expenses._ (l8,437) (14,870) Anuw1 rathm of dncount on new senes tumds.. (5,474) (5,802) Bond call premium costs.. 0 (852) Total. (178,429) (173.010) Halance, end of year. $ 1 A56,509 5 iAx0.732 Tk mwmfunymt noirs are an integr,d gwrt of thewfinam ul uat<ments.
Statements of Cash Flows Years Ended January 31, 1995 1994 (in thousands) ? CASil FLOWS FROM OPERATING ACTIVITIES: Excess of revenues over expenses... 114.529 72,894 Nonrevenue related items ' Bond call premium costs. 0 852 Noncash items include 1-Allowance for inter St used during construction... (3,072) (1,977) Depreciation expen.e.. 138,939 136,957 Amortization expr nse-Bond reacquiation costs and debt issue expenses.... 18,437 14.870 Discount os new series bonds.. 5,474 5,802 Amortizatica of discount on capital appreciation bonds.. 15,579 14,529 Additional cash payments to and services for the City of San Antonio... (107.116) (113,065) Changes in current assets and current liabilities (Note 1).. (19,702) 44.684 Proceeds f om freight litigation settlement.. 0 9,601 Refund of freight litigation settlement benefits payable to customers. (8,814) (9,324) f (Increase) decrease in other assets...... 12,735 (9.012) increase (decrease) in other liabilities.. (3,755) (20.185) biet cash provided by operating activities.. 163,234 146.626 I CASil Flf WS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: Addition s to utility plant.. (149,704) (126.568) Allowance for interest used during construction. 3,072 1,977 Contribut'ons in aid and customer advances for construction.. 9,402 7,082 Sale of refunding bonds...... 777,700 0 + Sale of commercial paper..... 65,000 274,000. Defcasance or call of bonds.... (666,745) (232,250) Defeasance of commercial paper.. (65,000) 0 i Principal payments on revenue bo..... (76,580) (71,905) Commercial paper redeemed... (16,900) (5,600) Excess of reacquisition amounts over principal of bonds refunded in advance = (46,011) '0 Debt issue expenses.. (898) -0 Net cash used for capital and related financing activities.. (166,664) (153.264) NET INCREASE (DECREASE)IN CASil AND CASil EQUIVALENTS........... (3,430) $ (6,638) J CASil, CURRENT RESTRICTED CASli, AND TEMPORARY INVESTMENTS: Beginning of year.... 84,862 48,806 End of year.. 67,450 84.862 Net increase (decrease).. (17,412) 36.056 RESTRICTED CASil AND INVESTMENTS: Beginning of year..... 346,741 389,435 End of year....._ 360,723 346,741 ~ Net increase (decrease).. 13,982 (42.694)- l NET INCREASE (DECREASE)IN CASil AND CASil EQUIVALENTS...... (3,430) $ (6.638) 1-t Ike occtwrpanytag woes are an integralpart of thesefinam ialstatements. 1 1 l~ l
NOTES T3 RNANCIAL STATEMENTS JANUARY 31,1995 AND 1994
1. Significant Accounting Policies than a unit of property, are charged to maintenance expense. General utility plant ' assets consist of land, ORGANIZATION - City Public Service (CPS), a buildings, and equipment for general and administrative municipal utility owned by the City of San Antonio (the purposes that are used coinmonly in electric and gas City), provides electricity and natural gas to San Antonio operations.
rnd surrounding areas. As a municipal utility, CPS is exempt from payment of income taxes, state franchise and CPS computes depreciation using the straight-line method over the estimated service lives of the various classes of ' sales taxes,'and real and personal property taxes. CPS i provides certain payments and benefits to the City as depreciable property as determmed by periodic engmeenng described more fully in Note 8. studies. Depreciation as a percentage of average depreciable plant was 2.95 percent in 1995 and 2.97 percent in 1994. HASIS OF ACCOUNTING - The financial statements of RESTRICTED CASil AND INVESTMENTS - These CPS are presented in accordance with generally accepted accounting principles for rate-regulated enterprises. The funds are generally restricted as to use for other than accounting records of CPS follow the Unifonn System of current operations or are designated for expenditures m the Accounts for Gas and Electric Utilities issued by the acquisition e construction of non-current assets. Funds National Association of Regulatory Utility Commissioners. c nsist primarily of debt service and reserves required for Old and New Series Bonds and commercial paper, and Also, CPS has elected not to follow the pronouncements of funds for future construction or contingencies. The the Financial Accounting Standards Board (FASB) issued Overhead Conversion Fund was established in 1995. This after November 30, 1989, which is an alternative of the Governmental Accounting Standards Board (GASB) fund includes 1 percent of the prior fiscal year's electric revenue from cities in the CPS service area. The current Statement No. 20, Accounting and Financial Reporting _for Proprietary Funds and Other Go$rnmental Entities That amount represents the unused balance from the 1995 and 1994 revenues. Customer assistance program funds, . Use Prpprktary_ fund._ Accounting. This election avoids conflicts created when the FASB issues standards that insurance reserves, retainage on long-term construction c ntracts, and short-term investments of tax-exempt conflict with GASB pronouncements. Certain prior period c mmercial paper proceeds are also, eluded m this m amounts have been reclassified for comparative purposes. category. FISCAL YEAR - The fiscal year ended January 31,1995, is referred to herein as 1995; the fiscal years ended January Inaments are stayd at et which appmximates market value. The specific identification method is used to deter-31, 1994, and January 31, 1993, as 1994 and 1993, mine cost in computing gain or loss on sales of securities. Amortization of premium and accretion of discount are REVENUE AND EXPENSES - Revenue is recognized as recorded over the terms of the investments. billed on a cycle basis. Rate schedules include fuel and gas DEFERRED DEHITS AND OTilER - These amounts cost adjustment clauses that permit recovery of fuel and gas consist primarily of the unamortized balances of debt costs in the month meurred. CPS recognizes fuel and resale issuance expenses, nuclear fuel assessment and STP gas costs on the same basis as it recogmzes revenue. litigation settlement. Amortization is recorded over the CPS amortizes its share of nuclear fuel for to : South Texas period of the outstanding bonds. Also included are assets of Project (STP) to fuel expense on a unit-of-production an employee deferred compensation plan held by a trustee. method. Under the Nuclear Waste Policy Act of 1982, the Unamortized cost of bond reacquisition was previously federal government assumed responsibility for the per-recorded as a deferred debit: however, with early adoption manent disposal of spent nuclear fuel. CPS is charged a fee of GASB Statement No. 23, Accounting _and Financial for disposa: of spent nuclear fuel, which is included in fuel Reporting for Refundings of Debt ReportedJyftoprietary expense, in the amount of $.00094 per generated kilowatt Ac_tivities, it is now reported as a deduction from the debt hour (KWil) for its share of electricity produced by STP. liability (reference footnote No. 4). For further discussion regarding the STP, see Note 9. DEFERRED CREDITS AND OTHER - These amounts UTILITY PLANT - Utility plant is stated at the cost of consist primarily of liabilities relating to employee deferred construction, including costs of contracted services, direct compensation, nuclear fuel assessment, Project Warm, and material and labor, indirect costs, including general customer advances for construction. Operating reserves for engineering, labor and material overhead, and an allowance property insurance and injuries and damages are also for interest used during construaian (AIUDC). CPS included in this category. computes AIUDC using rates representing the cost of borrowed funds on projects estimated to cost in excess of STATEMENT OF CASII FLOWS - For purposes of $250,000. Retirements of utility plant, together with reporting cash Dows, CPS considers all highly. liquid debt removal cost less salvage, are charged to accumulated instruments purchased with a maturity of approximately depreciation. The maintenance of property, as well as three months or less to be short-term investments. Accord-replacements and renewals of items determined to be less ingly, CPS' temporary investments and restricted cash and
m, ' investments are cash equivalents. No' material noncash (2); Gross revenues of the gas and elcctric systems ~ investing or. noncapital financing transactions occurred - shall be applied to: (a) expenses of operating and main-
~~during 1995 and 1994, taining the' systems. (b) debt service and reserve require- -~~
ments on the Old Series Bonds, (c) payment of an "in lieu ', - ETo determine net cash provided by operating activities, net ~ of tax amount to the City (tax equivalent], (d) an amount i L carnings have been adjusted by changes in current assets equal to 12 1/2 percent of gross ' revenues to the im-cand current liabilities, c'xcluding (nanges in cash and provements and contingencies fund, (e) additional benefits
~~temporary investments, current maturities oflong-termdebt,~~
~~_ and payments to the City to bring City benefits and pay-and litigation settlements benefits receivable and payable. - ments to-14 percent of gross revenues, (f) additional~~
~~Changes shown as an (increase) decrease in current assets payments to the improvements and contingencies fund until:~~
and as an increase (decrease) in current liabilities are as such fund equals 20 percent of the value of fixed capital follows: assets, and (g) the balance to a surplus fund. (3) The following funds are established: (a) general m w fund, (b) improvements and contingencies fund, (c) bond, una - nau cuena muum recchuNe _. 7,7t# s 6.210 met reivaNes. net of cumni nwunneur bonds), (d) principal and intCTCSt Current rCquirements wipimn.ememein hencru r=waie.. o.im 585 (containing the monthly payments' of annual debt re-Inveninnen ami nupphes (2.679) 7Jm9 p gyme,..ener. - 2.m mm quirements), and (e) bond reserve fund (containing an Acwuni ggwe ami unmi hawun. o n323 s.w amount equal to the next fiscal year's principal and interest hu1Er N.1 requirements). These funds may be invested with authorized chansa in cumni win amicu=* hann 5oom 5 mu depository banks or in U.S. govemment securities. Beginning with the fiscal year ended January 31,1976, new - Cash interest paid by CPS, net of AIUDC, was $139,695 series electric and gas systems revenue improvement bonds - and $163,913 in 1995 and 1994, respectively. (New Series Bonds) were issued. These bonds are junior and subordinate to the Old Series Bonds. The bond
2. Cash and Temporary investments ordinances authorizing these issues provide that no further CPS cash deposits at January 31,1995, and 1994, were bonds or obligations will be authorized or issued under the entirely insured or collateralized by banks for the account of terms of the trust indenture for Old Series B_onds. While any CPS. For deposits that were collateralized, the_ securities of the Old Series Bonds are outstanding, the New S6s were U.S. Govemment obligations held in book entry form B nds are payable solely from the net revenues of the by a third party in CPS' name. CPS' cash carrying amounts systems (1) deposited and available for deposit in the were $5.1 million at January 31, 1995, and CPS' bank impmvements and contingencies fund and (2) from funds balances were $10.2 million also at year end.
payable to the City. At such time as the trust indenture covering the Old Series Bonds becomes inoperative, At January 31,1995, and 1994, CPS' investments, both revenues will be applied as follows: (a) for maintenance and restricted and unrestricted, were all in U.S. Government operating expenses of the systems, (b) for payments of the - obligations and were held in book entry fonn by a third New Series Bonds, (c) for the payment of any obligations ' party in CPS' name. CPS' investments are generally limited inferior in lien to the New Series Bonds which may be by Trust Indenture, Ordinances, and State Law to U.S. issued, (d) for an amount equal to 6 percent of the gross Government or U.S. Government guaranteed obligations. revenues of the systems to be deposited in a repair and investments carried at an'ortized cost plus accrued interest replacement fund (e) for cash payments and benefits to the. were $423.1 million with a market value of $419.9 million City 'not to exceed 14 percent of the gmss revenues of the ~at January 31,1995. Investments carried at amortized cost systems, and (f) any remaining revenues to the repair and plus accrued interest were $416.9 million with a market repl cement fund. The 'New Series Bonds ordinances value of $421.9 million at January 31,1994. require that a bond reserve fund at least equal to the average annual principal and interest requirements of ' all
~~3. Revenue Bond indenture Requirements outstanding New Series Bonds be established.~~
The trust indenture executed by the City in conjunction with As of anuary 31,1995, bond reserve requirements for the-- Old Senes Bonds and New Series Bonds have been met, the issuance of the revenue bonds dated February 1,1951, through. August I,1974, (Old Series Bonds) contains, among others, the following provisions: (1)- ' All of the assets of the gas and electric systems, together with the net revenues of the systems, as defined, are pledged with the llarris Trust and Savings Bank of Chicago, Illinois, as Corporate Trustee, to secure the payment of the Old Series Bonds.
t ~4, Revenue Bonds' equates to a present value savings of $89 million, or 13.3 percent of the refunded bonds. A summary of revenue bonds is as follows: The New Series Bonds issued during 1995 included $37 million of London Interbank Offered Rate (LIBOR) Floater Q
~~Z^d'"~~
Bonds, the rates on which are reset semi-annually. CPS V7 on outuamiair entered into a rate hedge contract with a counterparty which '"""'Y" resulted in the LIBOR Floater Bonds being a fixed rate stamme. sanow n. ms m3 m4 payment obligation for CPS. At the option of the un a==so bondholders, $36 million of the LIBOR Floater Bonds were 1974 1996 - 1997 78KV4 s 26,250 s 38.250 converted to fixed rate obligations during the fiscal year,
~~N N b -20i?~~
with the remaining; $1 million being converted by the 53o5-2am.eio 2.2s8.235 c==nued New sene. bondholders to fixed rate on February 1,1995. The stated se$Na7 n.amum n s. convened rates are higher than CPS' contract fixed rate. 6' m9.mi mi 2rne - 20i2 5o2.565 so2.56s During the fiscal year, CPS was exposed to minimal raarket . On nal Appnmhon Tisk. This risk is equivalent to the difference between CPS' d7MC) Omi' ) 52m 2.40.m 2.424.334 contract fixed rate and the converted fixed rate on these i n conem mam on,m s suin 765"" bonds for one interest period. CPS does not anticipate l'nanW1ued coht of Nmd reacqunism 2OI.lWI 168.441 anenoe mmds. nei nonperformance by the contract counterparty, who is rated or cunene mmunin 52.2nn928 s 2.i7' 513 AAA by Standard & Poor's Corporation.
~~All new series bonds, including capital appreciation bonds.~~
In 1995, CPS elected early adoption of GASB Statement No. 23 which includes unamortized cost of bond Principal amounts due (in thousands) for the next five years reacquisition as a reduction of long-term debt to be amortized over the life of the refunded bonds. The 1994 are: statements have been restated to reflect this change. Pnncipal Due ye, oia senem,nds New senes nons rout
~~5. Commercial Paper 5~~
5 5 ["l y in October 1988, the City Council of San Antonio, Texas 1998 90.615 90.cg5 (City Council) adopted an ordinance authorizing the 1999 91.655 91.655 issuance of up to $300 million in TECP. This ordinance as 2000 100.090 100.09 amended provides for funding to assist in the financing of eligible projects, including fuel acquisition and capital in prior years, CPS refunded certain previously issued and improvements to the utility systems (the Systems), and to outstanding New Series Bonds through the issuance of New refinance or refund any outstanding obligations which are Senes Revenue Refunding Bonds. The refunded bonds end secured by and payable from a lien on and/or a pledge of net related trust accounts are not included in CPS financial revenues of the Systems. The program's scheduled statements. At January 31,1995, portions of the bonds (in maximum maturities will not extend beyond November 1, thousands) which have been defeased were still outstandmg 2028. as follows: The amount of outstanding TECP at January 31,1994, was Fiscal year 1987 refunding.. $ 79,350 $298.4 million. During 1994, CPS issued $211 million of Iqscal year 1988 refundmg.. 38,125 TECP to call long-term bonds. CPS has self-imposed a Fiscal year 1990 refundmg.. 228,700 schedule to pay off the balance of the principal used for the f} scal year 1992 refundmg.. 4,100 redemption of long-term debt. Under this self-imposed hscal year 1993 refundmg.. 186,405 payback, $16.9 million of the $21I million was redeemed Fiscal year 1995 refundmg.. 102,340 during 1995, and $5.6 million was redeemed during 1994. In 1996, the principal payment scheduled is $16.7 million in 1995. CPS a.ssued $777.7 m.llion of New Series 1994 i with similar amounts scheduled for the following four fiscal Revenue Refunding Bonds at an average interest cost of years. In 1995, $65 million of TECP was sold to fund 5.01 percent, with delivery on February 23,1994. These construction costs. As of Jan2ary 31,1995, $281.5 million bonds were _ssued to redeem $666.7 imllion in certain i n principal amount was outstanding, with a weighted-outstanding New Series Bonds and $65 mdh,on m Tax average interest rate of approximately 4.03 percent and an Exempt Commen i. Paper (TECP). The New Series Bonds average life of approximately 74 days. issued were 9 anihon more than the amount of bonds and TECP refund m and were used to establish the escrow fund The TECP has been classified as long-term in accordance for the redeemed bonds and pay the cost of issuance. The with the refinancing terms under a revolving credit agree-result was interest savings, fixed long-term bond rates, and ment with a consortium of banks which supports the com-restoration of a portion of CPS' borrowing capacity under mercial paper. Under the terms of the agreement, CPS may the Commercial Paper Program. The refunding transaction borrow up to an aggregate amount not to exceed $300 resuhed in cash llow savings of $129.5 million, which million for the purpose of paying amounts due under the TECP. The credit agieement has a term of two years.
currently extended until November 1.1996, and may be re. LocaLGovernmental_ Employers, requires that a pension newed for additional periods. There have been nc bor-benefit obligation be measured using the actuarial present rowings under the credit agreement as of January 31,1995. value of credited projected benefits, as adjusted for pmjected The TECP is secured by the net revenues of the Systems. salary increases. This measure is independent of the
~~0;n,.~~
the pledge securing payment of the Old Series flonds, the however, the significant actuarial assumptions used to Such pledge of net revenues is subordinate and inferior to funding method used to determine contributions to the Plan; 'New Series Bonds and any New Series Bonds to be issued compute the contribution requirement are the same as those in the future, used to compute the pension benefit obligation.
~~6. Denefit Plans Under GASB No. 5, the following represents CPS' pension CPS has a self-administered, defined-benefit contributory benefit obligation (in thousands) as of December 31,1994, and 1993:~~
pension plan (Plan) covering substantially all employees who have completed one year of service. The Plan assets are sw4 wn held in a separate trust that is periodically audited and ' a"* **feana =8 =** mno na s 154.874 5 137.sw n which statements include historical trend m. formation. rw.,e nn,,,,ut Generally, participating employees contribute 5 percent of
~~r. newer -t enmweer==o vested heneGa -~~
214,322 203.542 their total compensation and are normally fully vested in em e r-m a m wnwa wnena um stsas CPS' contribution after completing 15 years of credited T=i gnwin wnera +n, mum. 423.x 394.725 N'$' l, *[*$",7" **** j service. Normal retirement is age 65; however, early won m.39: retirement is available with 25 years of benefit service. tantmied snmm wnern +ng=... m s mu Retirement benefits are based on length of service and compensation, and benefits are reduced for retirement Net assets available for plan benefits were 83 percent of before age 55. total pension benefit obligation in 1994, as compared with 91 percent in 1993 and 89 percent in 1992. Unfunded The total employer and employee pension funding, which pension benefit obligation was equal to 61 percent of annual includes amortization of past-service costs using the unit covered payroll in 1994, as compared with 33 percent in credit cost actuarial method, is summarized as follows: 1993 and 37 percent in 1992. Prior to GASB No. 5, CPS reported the Plan status as the 3 actuarial pn"Sent value of accumulated plan benefits. Under (in thousune) Employee cmunbuikm.. 5.742 5.497 such method, the actuarial present value of accumulated ers emunburke i3.971 in.ino plan benefits using an assumed rate of return of 8.5 percent Total cannbuse....._ $ 19.713 s 21.657 was $313,021,(XX) at December 31,1993. At that time, net Covered payrou.. $ i18.178 $ 113.139 assets available for plan benefits were $357,591,(XX) at fair Toial payroit $ 125.132 s ii9.122 market value. As of December 31, 1994, the actuarial present value of accumulated plan benefits was The actuarially determined contribution requirement as of $334,541,(XX). This value compares to the net asset value of December 31,1994, was computed using an assumed rate of $350,922,(XX) as reported above. return of 8.5 percent. For 1995 the past-service cc.sts were amortized over 20 years, as compared to a 30-year F.mployees who retired prior to 1983 are receiving annuity amortization for prior years. A significant factor in the payments from an insurance carrier as well as receiving decrease in employer contributions from 1994 to 1995 is a some benefits directly from CPS. CPS costs for 1995 and change in actuarial assumptions. Among the changed 1994 were $542,(XX) and $586,(XXI, respectively, and were assumptions was the use of a different mortality table for recorded when paid. active and retired lives, which changed from the 1975 Dcferred Compensation Man Group Annmty Mortality Table to the 1983 Group Annuity Mortality Table. Additional assumptions were a decrease in CPS offers its employees a deferred compensation plan the Social Security Taxable Wage Base, CPI and Cost-of-created in accordance with Internal Revenue Code Section Living assumptions, and modification of retirement, 457. The plan receives no contributions from CPS. It is termination, salary scale and overtime rates, available to all CPS employees and permits them to defer a portion of their salary until future years. Funds are managed CPS contributions have amounted to 11.8 percent of by an independent trustee. The deferred compensation is not covered payroll in 1995, and 14 percent in 1994 and 1993, available to employees until termination, retirement, or Of the amounts contributed during years 1995,1994,and death, or due to an unforeseeable emergency. 1993, approximately $13.4 million, $12.9 million, and $12.8 million, respectively, was to fund the normal costs of All amounts of compensation deferred under the plan, all the Plan each year. The remaining contribution in each year property and rights purchased with those amounts, and all was to fund the amortization of the unfunded actuarial income attributable to those amounts, property, or rights are accrued liability. (until paid or made available to the employee or other beneficiary) solely the property and rights of CPS (without GASB Statement No. 5, Disclosurtof_ Pension _informat. ion being restricted to the provisions of benefits under the plan), bnMiitEmploy eeJ et ireme nt_Syst entLa nd_S t at e_a n d subject only to the claims of CPS
~~general creditors.~~
~~~ m i Participants' rights 'underIthe pl*n are equal to those of~~
~~9. South Tcxas Project (STP) -~~
L general creditors of CPS in an amount equal to the fair < market value of the deferred account for each participant. CPS is one of four participants in the STP, which consists of two 1,250-megawatt nuclear generating units in ~ It is the opinion of management that CPS bas.no liability Matagorda County, Texas. The other participants in the for losses under the plan and that it is unlikely CPS will use project are the project manager, liouston Lighting & Power the assets to satisfy the claims of general creditors in the Company (llL&P), Central Power and Light Company ' future. (CPL), and the City of Austin (Austin). Under the terms of the STP Participation Agreement, each participant provides
7. Other Postemployment Benefits funding for its share of construction and operating expenditures. Full power operating licenses were issued by CPS provides certain health care and life insurance benefits the Nuclear Regulatory Commissicm (NRC) on March 22,-
. for_ retired employees. All former CPS employees are 1988, for Unit I and March 28,1989, for Unit 2. In-service eligible for these benefits upon retirement from CPS. The dates for STP were August 1988 for Unit I and June 1989 annual cost of retiree health care and life insurance benefits for Unit 2. CPS' 28-percent ownership in 'the STP funded by CPS is recognized as an expense of CPS as represents 700 megawatts of plant capacity. At January 31, employer contributions are made to the programs. These 1995 CPS' investment in the STP utility plant was -costs approximated $1,755,000 and $1,788,(XX) for 1995 appmximately $1.9 billion, net of accumulated depreciation, and 1994, respectively. In addition, beginning February 1, LITIGATION - The participants in STP have' made 1993, CPS reimbursed $36.60 per month for Medicare c supplement for certain retirees and their spouses enrolled in claims against ilL&P regarding the performance of. its Medicare Part B. Effective January 1,1994, this amount blig tions as Project Manager during construction of STP increased to $41.10, and to $46.10 effective January 1. - Austin by suit filed in 1982, and CPL and CPS by call for 1995. arbitration made in 1988 in response to llL&P's suit for contribution for any damages owed Austin.The Austin trial Retired employees and covered dependents contributed in 1989 resulted in a jury verdict in favor of IIL&P which $701.000 and $654,000 for their health care and life has been upheld on appeal. Pursuant to a 1992 settlement between CPL and HL&P, CPL withdrew its demand for insurance benefits in !995, and 1994, respectively. In 1995, arbitration and ilL&P reimbursed CPL for certain costs and ' there were approximately 1,578 retirees and covered dependents eligible for health care and life insurance expenses incurred in pursuing the arbitration and litigation, benefits, as compared to approximately 1,535 in 1994. Also llL&P and CPL have agreed to support and to seek consent of the other owners of STP to certain amendments in view of the potential economic significance of these of the Participation Agreement, including changes in the benefits CPS has reviewed the present value of the management of the Pmject through which HL&P would be postemployment benent obligations for current retirees. The replaced as Pmject Manager by an independent entity. Austin and CPS have also filed suit in Houston, Texas, January 1,1995 valuations are $52.4 million for health and $13.1 million for life insurance beneGts. The actuarial against HL&P alleging that ilL&P is liable for the failure of aaalysis of the present value of postemployment benefit STP to operate from February 1993 until Spring 1994. That obligations for other participants fully eligible for benefits case is set for trial in October 1995, subject to appeal of the are estimated to be $33.2 million for health, $87.(XX) Ivr life trial court's rejection of !!L&P's call for arbitration of CPS' insurance and $1.4 million for disability benefits. CPS claim. In the opinion of management of CPS, the outcome 5 began partial accrual and funding of projected future f these pmceedings will not have a material adverse effect benefits in 1992. Funding totaled $5 million per year 1995, on the financial position or results of operations of CPS. 1994, and 1993. NUCLEAR INSURANCE - The Price-Anderson Act, a coiaprehensive statutory arrangement providing limitations
8. Payments to the City or nuclear liability and governmental indemnities, is in effect until August 1,2002. The limit of liability under the The trust indenture provides for benefits and services Price-Anderson Act for licensees of nuclear power plants is totaling 14 percent of CPS gross revenues, as defined, to be 58.92 billion per incident. The maximum amount that each paid or provided to the City. Payments to the City for 1995 licensee may be assessed following a nuclear incident at any and 1994 (in thousands), based on allowable revenue, were insured facility is $79.3 million, which may be adjusted for r.s follows:
inflation, for each licensed reactor, but not more than $10 million per reactor for each nuclear incident in any one year. CPS and each of the other participants of STP are Tas equivalent. $ 12.736 5 i1.817 subject to such assessments. CPS and the other participants Mcfund gas and electne hemces.. 16.163 16.464 have agreed that any such assessments will be borne on the "*[*g"c" basis of their respective ownership interests in STP CPS' " 53 semecs for the Oty of San Antonio... In7.t I6 113 S65 ownership interest in STP is 28 percent. For purposes of Total paymenu to the Gry 5 IluS2 g these assessments, STP has two licensed reactors. The 1 t. E.,
J qs ] l participants have purchased the maximum limits'of nuclear from longer post operation on-site fuel storage assumptions liability' insurance, as required by law, and have executed. due to governmental requirements. ' indemnification agreements with the NRC, in accordance . In 1991. CPS started accumulating the decommissioning - with the financial protection requirements of the Pnce. funds in an external trust, in accordance with the NRC's. Anderson Act. regulations. The trust accounts and related A Master Worker Nuclear Liability policy, with a maximum decommissioning liability are not included in CPS' financial limit of $400 million for the nuclear industry as a whole, statements. At January 31, 1995. CPS has accumulated provides protection from nuclear-related claims of workers approximately $30.7 million of decommissioning funds in i employed in the nuclear industry after January 1,1988, who the external trust.- Decommissioning trust funding was .j do not use 'the < workers' compensation system as sole approximately $5.1 million per year for 1995 and 1994. remedy and bring suit against another party. STP could be Based upon the 1994 decommissioning cost study, the . assessed up to 'approximately $3.4 million per reactor or a annual levelized funding will increase from $5.1 million to. total of $6.8 million to pay its maximum share for this $8.8 million starting February 1995. j liability coverage during the life of the plant.
10. Commitments and Contingencies NRC regulations require licensees of nuclear power gylants in December 1986. CPS approved a settlement offer from to obtain on-site property damage msurance m a mmimum two railroads involved in disputed issues about the proper amount of $1.06 billion. NRC regulations also require that and lawful freight rates. As a result, CPS began making the proceeds from this insurance be used first to ensure that rebates / credits in January 1988 to CPS electric customers.
' the licensed reactor is in a safe and stable condition so as to CPS received the final settlement payment of $9.6 million } . prevent any significant risk to the public health or safety-n 1994. This amount was returned to customers in 1995. i and then to complete any decontamination operations that may be ordered by the NRC. Any funds remaining would CPS recorded the net effect of the pending railroad /Cordero e ntract issues at the end of 1995. The net amount of $1.6 then be available f or covering direct losses to property. million, when received, will be rebated to customers during i The participants of STP maintain the maximum amount of 1996 through the fuel adjustment process. l property damage insurance currently available through the - In the nomal course of business, CPS is insurance industry. The $2.75 billion of nuclear property mvolved in other legal proceedings related to alleged insurance ccnsists of $500 million in' primary property damage ins'urance, along with $2.25 billion of excess pmma1 and property damages, breach of ' contract, con-demnatmn appeals and discrimination cases. In addition, property damage insurance that is subject to a retrospective CPS power generation activities and other utdity operations assessment being paid by each electric utility which is a member of Nuclear Electric insurance Limited (NEIL). In are subject to extensive state and federal environmental n'gu atmn. In the opinion of management of CPS, the out-the event that property losses as a result of an accident at come of such proceedmgs wdl not have a matenal adverse 1 the nuclear plant of any utility insured by NEIL exceed the effect on the financial position or results of operations of . accumulated fund available to NEIL, a retrospective CPS. assessment could occur. Under the excess property damage insurance which became effective on March 1,1995, and Purchase and construction commitments amounted to under portions of the excess property insurance in effect approximately $524 million at January 31,1995. This prior to March 1,1995, STP is subject to assessment, with amount includes approximately $289 million that is ex-j the maximum aggregate assessment under current policies pected to be paid for natural gas purchases to be made under being $26.9 million during any one policy year, the contracts currently in effect; the actual amount to be paid will be dependent upon CPS' actual requirements NUCLEAR DECOMMISSIONING - In July 1990, CPS, during the contract period and the price of gas. Also together with the other owners of the STP, filed with the included is $21 million for coal purchases, $133 million for NRC a certificate of financial assurance for the decom-coal transportation and $18 million for treated cooling . missioning of the nuclear power plant. The certificate water based upon the minimum firm commitment under j assures that CPS will meet the minimum decommissioning these contracts. l funding requirements mandated by the NRC. At the time, i CPS' portion of the estimated costs for decommissioning the STP nuclear power plant was approximately $150 l million in 1989 dollars, which exceeds NRC minimum [ requirements. The STP owners agreed in the financial i . assurance plan that this cost estimate would be reviewed and updated periodically as it could change by a material amount, in 1994, the owners did conduct a review of decommissioning costs. The results showed that CPS' share f 'of decommissioning costs is now approximately $270 f . million in 1994 dollars with some of the increase stemming j f
p-x, --11. Segment information = i 1995 1994 Electric Gas Total Electric Gas Total (In thousands) (In thousands) E REVEN UE...,.. - $ 757,937 5 110.694 $ 868,631 '5 ' 781,661 $ 125,491 $ 907,152 EXPENSESi Operating and maintenance expenses 367,429 80,807 448,236 426,190 88,607 514,797 Depreciation.. 129.729-9,210 138,939 128,446 8,511 136.957 Total expensesL 497,158 90.017 587,175 554,636 ' 97.118 651,754 OPERATING INCOME...~ $ 260,779 $ 20.677 '281,456 S 227,025 ' $ 28,373 255,398 Interest and other income - 24,525; 23,353 Net interest and debt expense and tax equivalent to the City of San Antonio._ (191,452) (205,857 ) EXCESS OF REVENUES OVER EXPENSES... $ 114.529 $ 72.894 - CAPITAL EXPENDITURES. 5 124,813 $ 24,706 $ 149,519 5 101.547 $ 22.615 5 124.162 < Identifiable assets 1 $ 3,743.683 $ 243,092 3,986,775 5 3.7777p $ 233,250 - 4,011,164 General assets.. 473.188 464,459 TOTAL ASSETS.. $4.459,963 54,475.623 Report of Independent Auditors REiltNST& YOUNG LLP Board of Trustees. GARZA. PREIS. GARCIA & CO. City Public Service We have audited the accompanying balance sheets of City Public Service as of January 31,1995 and 1994, - and the related statements of revenues and application of revenues, changes in equity, and cash flows for the years then ended.'Ihese financial statements are the responsibility of the management of City Public Service. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. in out opinion, the financial statements referred to above present fairly, in all material respects, the financial position of City Public Service as of January 31.1995 and 1994, and the results ofits operations and its cash flows
~~for the years then ended in conformity with generally accepted accounting principles.~~
Y WW San Antonio, Texas j March 17,1995 l 1 l l CPS l l 1
I n, r Five Year Financial Review ~ Years Ended January 31,' V . (In thousands) (Unaudited) 1995 1994 1993 1992' 1991 - REVENUE AND APPLICATION . Revenues:. Electric Sales.. 757,937 781,661 5 708,257 672,434 5 677,062
~~Gas Sales..................~~
110,694 125,491 112,611 106 927 104,360 Interest and other income...... 24,525 23,353 26.508 36.023 37,088 Total revenues... 893,156 930.505 5 847,376 815.384 5 818.510 Revenues applied: Cost of operating systems: Fuel, purchased power and resale gas.. 210,503 260,215 201,699 174,758 201,803 Other operating and general expenses....... 164,885 166,054 143,753 136.975 127,081 Maintenance.. 72,848 88.528 65,170 63.860 63.200 Total........ 448,236 514.797 5 410,622 375.593 392.084 - .. Operating fund.. 0 0 0 0 0 ' Debt requirements for Old Series Bonds: Interest expense..... 2,678 3,390 4.067 5 4,720 5,337 Principai requirements.. 12,235 13,112 12,3 % 11,500 10,945 Reserve requirements.. (327) (346) (239) 83 154 Debt expense..... 4 6 7 9-10 ' Total.. 14,590 16.162 16.141 16.312 16,446 . Payments and services to City: Tax equivalent to City of San Antonio... 12,736 11,817 11,244 11,722 11,353 Refunds for services. 16,163 16,464 16,387 17,110 17.378 Additional payment.. 90,953 96.601 85.884 80.185 80,922 Total.... 119,852 124.882 5 113.515 109.017 109.653 Debt requirements for New Series Bonds /Other: Interest expense.. 129,899 150,588 159,169 160,959 165,787 Principal requirements. 64,597 66,460 69,965 62.520 53,625 Reserve requirements. 1,150 1,239 5,568 13,886 1,588 Debt expense... 14 42 69 81 (95) Other interest.. 3,721 ' 3.252 5,394 9,158 10,883 Commercial paper redemption requirements 22,795 8.429 0 0 0 Total... 222,176 230.010 240,165 246.604 $. 231,788 Allowance for interest used during construction (3,072) $ (1,977) $ (29,055) $ (31.418) $ (22.093) Additions to plant: Gross construction for year...... 149,519 124,162 171,952 229,831 272,468 - Less construction funds provided by sources other than revenues.. 88,792 59.679 78.089 134,497 179.003 Revenues used for additions to plant... 60,727 64,483 93,863 95.334 93,465 ' Additions to improvements and . Contingencies fund... 16,497 (17,852) 2,125 3,942 (2,833) Additions to Overhead Conversion fund (Paid by l&C fund).. 14,150 0 0 0 0 Total.... 91,374 46.631 95.988 99.276 90.632 Total revenues applied......... $_ 893,156 930.505 5 847,376 815.384 818.510 13ALANCE SilEET DATA Utility plant at eost*.. $ 5,013,020 $ 4,911.599 $ 4.793,976 $ 4,641,841 5 4,444,335 Gross construction........ 149,519 124,162 171,952 229,831 272,468 Accumulated depreciation....... 1,159,599 1,042,183 917,783 8 %,770 704.212 . Annual depreciation allowance.. 138,939 136,957 120,879 114,332 111,158 Bond principal and interest coverage"... 2.12x 1.78x 1.78x 1.83x 1.81 x
l'riorfiscalyears reclass@ed to reflect Cemtributions in And of Cemstrucnem.
1994 princi 'ai and interest em erage was restated to include lumds emly.
l
~~Five Year Operations Review W~~
~~. Years Ended January 31,'- I(12 thousands). (Unaudited) 1995 1994 1993 1992 1991 OPERATING REVENUES~~
~~Electric:~~
l Residential......-..... 346,3 % $ 350,583 $ 320,067 $ 306,709 ' $ 305.974 Commercial and industrial............ 301,319 315,156 284,289 267,241 268,098 Street lighting..... 10,454 10,468 .9,845 9.367 9,207 Public Authorities............. 78,504 86.370 78,061 75,392 - 78,100 Other utilities...... 15,239 13.569 10,805 8,548 10,426 4. Miscellaneous. 6,025 5,516 5.190 5.177 5.257 ' Total electric.... 757,937 5 781.662 $ 708,257 $ 672,434 $ 677.062 Gas: Residential. 65,%5 5 75,708 5 68.208 5 65,768.$ 63,779 i Commercial and industrial... 37,982 .41,944 37,332 34,110 33,614 Public Authorities. 5,824 6,905 6,283 6.225 6.230 Miscellaneous........... 923 934 788. 824 737 Total gas...... 110,694 $ 125.49i I 12,6I i 106,927 5 1n4,360 SALES (000 OMITTED) Electric-KWil: Residential..... 5,287,483 5,(X)5,292 4,831,794 4,793,631 4,711,423 - Commercial and industrial.... 5,881.461 5,604.4I8 5,420.383 5,281,292 -5,157,802 Street lighting... 92,392-90.619 87,567 86,661 85,058 Public Authorities... 1,765,728 1,668,884 1,619,005 1,623,979 1,650,207 Other utilities... 472,864 356.lM 328.547 225,942 296,500 Total. 13,499,928 12,725.377 12.287.296 12,011.505 11,900.990 Gas-MCF: Residential. 12,488 13,921 13.397 13,340 13,116 Commercial and industrial,. 10,566 10.584 10,166 9,658 9,467 Public Authorities....... 1,639 1,803 1.800 1.812 1,816
~~Total, 24,693 26,308 25.363 24.810 24,399 PURCilASE FOR RESALE:~~
Electric (1000) KWII*..... 327,082 70,977 292,686 67,900 24,214 Gas (1000) MCF-.. 24,975 27.112 25.326 25.078 25,260 ELECTRIC GENERATION-(l(XXI) KWii. 13,945,516 13.431,946 12,710,278 12,621,547 12,509,782 Electric Gen. Capacity, KW (Gas)**... 2,400,000 2,400.000 2,400.000 2,400,000 2,400.000 Electric Gen. Capacity, KW (Coal).... 1.336,000 1,336.000 1,336,000 836,000 836,0(X) Electric Gen. Capacity, KW (Nuclear)..... 700,00(I 700.0(K) 700.000 700,000 - 700.000 ' ELECTRIC PEAK DEMAND-KW. 3,052,000 2.908,00() 2,817,000 2,799,000 2,741,100 NUMBER OF CUSTOMERS: Electric.... 506,646 494,385 485,345 476,122 469,962 Gas... 296,200 292,241 290,497 287,502 285,699 RESIDENTIAL. AVERAGES: Electric: Revenue per customer.. 786.61 $ 814.44 5 756.51 734.82 $ 740.93. ' KWil per customer... 12,007 11,628 11,420 11,485 11,409 Revenue per KWil. 6.55c 7.00e 6.62c 6.40e - 6.49e ' Gas: Revenue percustomer.. 240.75 $ 279.13 $ 253.96 $ 247.32 5 241.32 MCF per customer. 45.6 51.3 49.9 50.2 49.6 Revenue per MCF.. 5.28 5 5.44 $ 5.09 5 4.93 $ 4.86
199.9 im tudes Test l'nergy of::6.7UL
Oil rating f w the gavetl units is 2.198.tW kWfor Ihrfive. scar period.
CPS MANAGEMENT' STAFF CPS DEPARTMENT MANAGERS e Ralph E. Alonzo CustomerServices Les llarrow t 'Q Construction .$/4 $ ~ iI k Steven Isralmer . AdministrativeServices ?. - Martin Clausewitz Generation and EnvironmentalPlanning Anthony C. Edwards Arthur von ilosenberg Jamie E. Axtell Employee Relations emm Afanager Assistant Genemihfanager for Planning and Development Lou Fleckenstein hIaterials and Transportation Nick Flores Operations Paul it. Garza i i FieldAdministration Wallace 11. Geissler ll k )..[., f Power Plant Engineering 34,- ./ '.. William C. Gunst Y Production Leonard 11i11 Transmission and Distrilmtion Engineering Kenneth J. Fiedler lioward Freeman Cy liutchinson Assistant Genemibfanager Assistant General Afanager Data Processing Services for Operations p>r Finance John J. Leal i Personnel Donald R. Schnitz Gas Engineering and Fuels 8e - Barbara K. Stover Stewart Schooler '~ LegalServices Public Relations / Donald S. Thomas FinancialServices l loe O.Trevino Assistant General 51anager for Transmission and \\ Distribution Engineering and Construction 1 I
I CPS DOARD OF TRUSTEES i ~~ms l ga ) Y Lt Gloria tiernandez Arthur llojas Emcrson Dr. Frank Bryant Cliairsnan \\' ice Clinirinan Trustee Suchy's flowers and G f ts KVDA-TV Pnysician %j g/ ' $)
~~. s l'at legan Nelson W. Wolff Trustee Ex-officio Trustee legan Properties Mayor of San An'orno l~~
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