ML20093F932
| ML20093F932 | |
| Person / Time | |
|---|---|
| Site: | Fort Calhoun  |
| Issue date: | 06/30/1995 |
| From: | DELOITTE & TOUCHE |
| To: | |
| Shared Package | |
| ML20093F907 | List: |
| References | |
| NUDOCS 9510180211 | |
| Download: ML20093F932 (9) | |
Text
.
Deloitte&
e ToucheLLP s
,g
~3 1
3.
u Y
I s.
y 5
.h
... y
.E g_,.
8 l
E g
0 0
n J
l t
J m
-i DeloitteTouche Tshmatsu
'"1
- laternstisasi e
d
" 510180211 951003
~9 PDFt ADOCK 05000285
[-
[
1 OMAHA PUBLIC POWER DISTRICT FORT CALHOUN STATION
[
DECOMMISSIONING EXTERNAL TRUST FUND I
Financial Statements for the Years Ended June 30,1995 and 1994
(.
And Independent Auditors' Report
[
[-
[
[
[
[
[
[
OMAHA PUBLIC POWER DISTRICT FORT CALHOUN STATION DECOMMISSIONING EXTERNAL TRUST FUND TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT 1
STATEMENTS OF NET ASSETS AVAILABLE FOR DECOMMISSIONING COSTS, June 30,1995 and 1994 2
1 STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR DECOMMISSIONING COSTS, Years Ended June 30,1995 and 1994 3
I NOTES TO FINANCIAL STATEMENTS 4-5 CERTIFICATION OF PAYMENTS FROM THE FUND PURSUANT TO SECTION 5 AND 6 0F THE FORT CALHOUN STATION UNIT NO. I DECOMMISSIONING FUNDING PLAN 6
i
OMAHA PUBLIC POWER DISTRICT FORT CALHOUN STATION DECOMMISSIONING EXTERNAL TRUST FUND STATEMENTS OF NET ASSETS AVAILABLE FOR DECOMMISSIONING COSTS JUNE 30,1995 AND 1994 June 30, ASSETS 1995 1994 Investments (Note 2)
$ 67,584,400
$55,914,845 j
Accrued interest receivable 4,337,272 4,330,260 i
$ 71,921,672
$ 60,245,105
)
I LIABILITIES AND NET ASSETS NET ASSETS AVAILABLE FOR DECOMMISSIONING COSTS
$ 71,921,672
$ 60,245,105 See notes to fmancial statements.
l l
l 1
i i
1 OMAHA PUBLIC POWER DISTRICT FORT CALHOUN STATION DECOMMISSIONING EXTERNAL TRUST FUND l
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR DECOMMISSIONING COSTS YEARS ENDED JUNE 30,1995 AND 1994 Year Ended June 30, 1995 1994 REVENUES:
Investment income
$ 3,789,767
$ 3,050,976 Annual contribudon (Note 3) 7,886,800 7,692,127 EXPENDITURES (Note 4)
EXCESS OF REVENUES OVER EXPENDITURES 11,676,567 10,743,103 i
NET ASSETS AVAILABLE FOR DECOMMISSIONING COSTS, BEGINNING OF PERIOD 60,245,105 49,502,002 NET ASSETS AVAILABLE FOR DECOMMISSIONING COSTS, END OF PERIOD
$ 71,921,672
$60,245,105 l
See notes to financial statements.
l I
OMAHA PUBLIC POWER DISTRICT FORT CALHOUN STATION DECOMMISSIONING EXTERNAL TRUST FUND NOTES TO FINANCIAL STATEMENTS YEARS ENDED JUNE 30,1995 AND 1994 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES Organization of Fund - ne Fort Calhoun Station Decommissioning External Trust Fund (the " Fund)
was established in accordance with Nuclear Regulatory Commission (NRC) regulations, for the purpose of discharging the Omaha Public Power District's (the District) obligation to decommission, as defined by the NRC, its Fort Calhoun Nuc! car Power Station Unit No.1. For 1990 and subsequent years, the District's Board of Directors approved the collection of nuclear decommissioning costs based upon the NRC's external minimum funding requirements. The NRC's requirements are based on a generic estimate of the cost to decommission radioactive portions of a nuclear unit based on the size and type of reactor.
. Beginning in 1993, the District commenced funding on the basis of new decommissioning estimates which resulted from a 1992 independent engineering study and which exceed NRC external minimum funding requirements. Also during 1993, the NRC granted a five year extension of the Fort Calhoun Station's operating license. He license, which was scheduled to expire in 2008, is now scheduled to expire in 2013. The estimate of the NRC minimum decommissioning amount for the Fort Calhoun Station - Unit No.1, when its operating license is scheduled to expire in 2013, is $231,023,000 in 1995 dollars. The District will periodically review and adjust, if necessary, the funding level for changes in the estimated i
costs of decommissioning the plant.
Valuation ofInvestments - Investments are shown at amortized cost. Estimated fair value is based on r
quoted market prices or dealer quotes.
Investment Income - Investment income is recorded as earned on an accrual basis. Amortized interest on zero coupon discounted securities is recorded as accrued interest receivable instead of adjusting the book value of the securities. This treatment can result in a large interest receivable balances as the securities are held for long periods.
2.
INVESTMENTS The Fund's investments are held by the Fund's trustec, the First National Bank of Omaha, in the Fund's name in accordance with the Trust requirements.
Effective January 1,1994, the District adopted the provisions of Statement of Financial Accounting Standard No. I15, Accountingfor Certain Investments in Debt and Equity Securities. At June 30,1995, all of the investments are classified as " held-to-maturity" and are accounted for at their amortized cost basis. All of the " held-to-maturity" investments at June 30,1995, are scheduled to mature within five years.
4
Deloitte&
Touchetir i
2000 First National Center Telephone:(402) 346-7788 l
Omaha, Nebraska 68102-1578 Facsimile:(402) 346-0711 (402)344-0372 l
lNDEPENDENT AUDITORS' REPORT l
Omaha Public Power District Fort Calhoun Station Decommissioning External Trust Fund l
We have audited the accompanying statements of net assets available for decommissioning costs of the Omaha Public Power District Fort Calhoun Station Decommissioning Extemal Trust Fund as of June 30,1995 and 1994 and the related statements of changes in net assets available for decommissioning costs for the years then ended. These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on these fmancial 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 l
accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our l
l opinion.
In our opinion, such financial statements present fairly, in all material respects, the net assets available for decommissioning costs of the Omaha Public Power District Fort Calhoun Station Decommissioning External Trust Fund as of June 30,1995 and 1994 and the changes in net assets available for l
deconunissioning costs for the years then ended in conformity with generally accepted accounting l
p-inciples.
l Our widits were conducted for the purpose of forming an opinion on the basic financial statements taken l
as a whole. The additional information on page 6 is presented for the purpose of additional analysis and is not a required part of the basic financial statements. This additional information is the responsibility of the Fund's management. Such information has been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as whole.
+hwAc/LP July 26,1995 DeleltteTouche Telunstsu latemational
l The following is a summary of the amortized cost and fair value ofinvestment securities at June 30,1995 and 1994, respectively:
1995 1994 Amortized Fair Amortized Fair Cost Value Cost Value U.S. Treasury Notes and Interest Receipts
$ 12,118,535
$ 13,025,989
$ 11,120,276
$ 11,* 62,139 Resolution Fundmg corporation Interest Receipts 24,909,773 28,033,454 23,191,299 26,756,067 Federalllome loan liasa Ilonds and thscounted Notes 19,845,953 19,783,513 16,700,015 16,255,563 Federal Farm credit flank Donds 1,000,000 1,001,560 3,732,580 3,739,934 Federal National Mortgage Association Ilonds and Interest Receipts 9,542,716 9,716,054 970,355 968,437 Secured Repurchase Agreements 167,423 167,423 200,320 200,320 Total
$ 67,584.400
$ 71,727,993
$ 55.914.845
$ 59.082.460 3.
ANNUAL CONTRIBUTION The District made regular annual contributions in July 1994 and 1993 of $7,886,800 and S7,692,127, respectively.
4.
EXPENDITURES ON BEllALF OF TIIE FUND Trustee fees of $7,700 and $6,500 were paid on behalf of the Fund by the Omaha Public Power District for the years ended June 30,1995 and 1994, respectively.
t l
5
t l
CERTIFICATION OF PAYMENTS FROM THE FUND l
PURSUANT TO SECTIONS 5 AND 6 OF THE FORT CALHOUN l
STATION UNIT NO.1 DECOMMISSIONING FUNDING PLAN l
YEARS ENDED JUNE 30,1995 AND 1994 Not Applicat". ' <. m 'b payments were made during the years ended June 30,1995 and 1994.
0 l t_____________