ML20108C689

1995 Gainesville Regional Utils Annual Rept

ML20108C689
Person / Time
Site:	Crystal River
Issue date:	12/31/1995
From:	GAINESVILLE REGIONAL UTILITIES
To:
Shared Package
ML20108C682	List: 3F0496-13, Forwards Annual Financial Rept for 1995 & Annual Financial Repts for Ten Participating Owners of Crystal River 3 ML20108C685 ML20108C689 ML20108C699 ML20108C712 ML20108C734 ML20108C739 ML20108C751 ML20108C752
References
NUDOCS 9605070103
Download: ML20108C689 (98)

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century and willhelp keep customer rates wastewater. As a result of this demonstration venture, rnany irrigation

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T H E L F U T U R E.

D E G A'N YESTERDQY RU members gfThe Employee Action Afotivators. or "TEAAf.

• This is a City gfGainesville employeegroup ;

Fitness is important to good work practices and a positive P

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designed to promote better internal communicati>ns and support employee initiated charitable activities. The

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y attitude. Our Wellness C.entor is offered free of charge to

' W city's TEAAfjoinedsuccesfully with other Pacesetter' organizations such as EnergizerPowerSystems to increase all employees, and tralr.ers are available to teach aerobics -

localcont.'ibutions to United Is'qy by thir{ypercent.

g and prop.' equipment usage.

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anutphan General Alangger Atike Kurt: (lg)1) and Gainesville AfqyorJim Painter infront gfour new Springhills 9

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A Service Center The newfacili{y improves naturalgas and electric service in Gainesville, the number one most livable W

city in the UnitedStates.

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mUnM inesville Regional livability, supporting the quality of life Utilities provides superior through safe, reliable and affordable utility electric, water, wastewater.

services, with customer satisfaction

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and natural gas services as our focus.

at highly competitive We treasure our city. It's home to rates. They are diversified

. Florida's largest and most prestigious that satisfled customers will ensure services. and yet they institution of higher learning. the our success.

are one service: customer University of Florida,= as well as one of the When customers begin to choose, service.

largest and best medical communities in we will be the utility of choice.

GRU serves the num-the southea5 tern United States. And there Our confidence is based in the dedi -

ber ons most livable city in is much. much more. We like it here, and cation of our employees, and in the knowl-the United States, as select-we plan to be Gainesville's provider of

' edge that they routinely go that extra mile. -

ed by Money Magazine. _

utility services for a long time to come, for a customer in need. They don't and as long known by the We are well aware that the electric think of it as above and beyond. they -

citizens of Gainesville. GRU utility industry is becoming far more com-

' think of it as the job. They know that sat-

' has played a part in that

' petitive, and understand better than most isfied customers make the future happen.

@................................................................1oes onu

A MESSAG0 FROM OUR GENERAL MANAGER w

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The future began yesterday at GRU.

moved us far ahead of regulatory require-We planned years ago to avoid the pain of ments. They have taken us well into the industry downsizing by setting a cap on next century in meeting projected future the size of our staff. We have shifted posi-demands. We encourage creative input tions to their best use through attrition, from our employees, and we get it. They not layoffs. While other utilities and their know and understand our customers.

employees have suffered terribly through After all. they are customers too. Our this transition, we have not. And neither organization and our employees will be have our customers.

here tomorrow. better and brighter h_.

b gj Our employees have stayed on the than ever. They started planning for it l

leading edge of technology. They have yesterday.

luaczam,2

..............................g A~nuAe nEeon1

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l oua vision 1

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.I e vision of Gainesville Regional '

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' Utilities is to be the Utili(y p/Cho/ce. That.

. would be our vision whether open access

... [O-NOkb were on the horizon or not. We are a pub-'

l lic utility, and our only reason to.

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exist is to serve our public and the l

nrironmentalemincers andplant community in which theylive.

j Wd work hard every day to provide j'

personnelkeep a close cyc on powcr the type of personal, individualized service i

that will make our customers happy to be i

plant air emissions. State-cf-the-art emis-

. wa. h us.

1 Our gas department will latroduce at least six natural gas-pow-l sions controls,ptcms harc been instal /cd at "ps long ago as 1929. the citizens t

cred vehicles into its fieet in the coming year. The promotion of.

of Gainesville were already so happy with l

both gencratig stations, keepig us wc/l public utility service that they voted by a j

j environmentally friendly natural gas es an ahornative fuel for better than two to one margin never to ahead cfal/fedcralregu/ations.

allow the city to sell its public utilities.

i motor vehicles will help keep Gainesvitie's air cleanc

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"" ~ We've never, stopped wor king to keep -

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and improve that level of customer. _

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sa'Jsfaction?

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Four utility services ~ working togethe j

- er can provide that satisfaction better than ;

H individual utilities. For' example, our aaa-lysts visit customers' homes and advise --

them whether gas or electric would best serve a particular need.

Service, reliability, rates, conserva-I tion, environmental protection, safety pre-cautions and education are all areas in j

j which we please our customers. But the l

reason we will be the utility of choice is j

this: We know how to listen to our cus-

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tomers, and respond to their needs and i

expectations.

i In the following pages you'll see j

some of the things we did yesterday and l

some we'll be doing tomorrow... to make l

certain we will always b he right choice.

..............................................................1995 GRU j

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e Electric System mber of Retail Customers 70.000..

l 63.000..

56,000..... L..

49.000....

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T 35,000...

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organization in Florida.

RU's mission is threefold.

GRU works ceaselessly to maintain irc wil/ provide safe, reliab/c and and improve an excellent record in safety competitirclrpriccd utili(r scrrias which and reliability. Aerial cable has reduced consistentb' meet our customers' needs outages in forested nelghborhoods. Gas and capectations.

mains are frequently inspected. Water and We had no rate increases in any of wastewater mains are continually replaced our four senices this year, and implement-to increase reliability and provide better ed a rate decrease for our water pressure.

customers. All of our rates are consistently We care about the way things look competitive, as GRU offers the lowest too. Compact overhead const.uction, four-utility rate package of any major streetscaping, landscaping around E

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OUR MISSION Natural Gas System i

Number of Customers i

RU' annualGeneralfund 7tanger t^" ~'^v w '

s i

We contributed the fill dirt for the construction of a 1

cipsjnancefire protection and other atooo.

j showcase community soccer field last year. The dirt was i

vital community scnices. New dcrclopment i

recycled in a newly created water and wastewater ri.ooo I

in older nc(ghborhoods is supported by the program, designed to contribute to the community while

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l upgradig gimportant irfrastructure.

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i redLcing construction-generated waste flow to the landfill.

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utility SOTVlCeS i facilities, and electric undergrounding pro-tiful Kanapaha Water Gardens, a public jects have improved community aesthetics.

water reuse demonstration proje' t. Flyash c

We're even conducting a visual preference from Deerhaven Generating Station is now o

' survey on how our customers want electric being recycled into cement instead of the facilities to look.

landfill. Soon, a photovoltale array will be We also know time is comfort. GRU's producing power from the' sun for our Natural Gas Sales Automatic Trouble Call System has been electric control center. These projects and umm rems, storm-proven to help organize restoration many more are the results of employees j

efforts, and our Springhills Service Center thinking like customers.

35

.has improved service response time for lir willensure t/afinancial ritalip'

_ both gas and electric.

fthe utility and return superior value to

- The people of Gainesville love their the communityforits investment.

3o.

tree canopy, one of the finest in the GRU has maintained " Double A" nation. However, sometimes trees must be bor.d ratings from Moody's as well as

1. 6

/ removed to ensure service reliability. So Standard and Poor's for many years. This we have a trade-a-tree program to give a elite rating held by only a few other free tree to a customer who has to lose municipal utilities nationwide. is evidence -

one. And we have a tree giveaway every of fiscal responsibility at the highest level.

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year open to all customers. We advise It results in lower interest debt borrowing, 33 4., _

j customers how to plant "the right tree in and therefore lower rates. We are expand-the right place" to avoid problems. We do ing our outside power marketing, which j

, this to keep our city looking green, and keeps rates down for our local customers

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gj our customers happy.

and prepares us for the competitive future.

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!!P willdcliver our sen'iccs throgh our profits go to the city's general fund by

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a team finnovative, sc/fmotivated. and formula, sending our customers' invest-

-p cariy employces gthe highest integrior ment back into the community in which k0 ky 3 f j

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Among the many innovative projects they live... the same community in which Lj generated by our employees are the beau-we live.

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.............................................g ouuu neeon1

i CUSTOMER VALUES l sEisfactign@M(

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d'ere is nothing of greater importance to GRU than our relationship payment, to be able to fax applications, c

with our customers. The satifaction gfour customers dcj7ncs oursuccess. Il'c and to have access to a statewide toll-free will respond to our customers promptiy, with empatl y, and with respectfor their number. Those services are now in place.

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unique circumstances.

Renters can call us and find out the j

. Having four important utilities under one roof provides convenient, one.

past utility costs for apartments they are stop service. GRU has a devoted team of customer service representatives, and we considering. Levelized fuel cost billing j

' have recently increased their numbers to provide faster, more efficient service.

means less fluctuation in the monthly l

We are always looking for ways to better serve our customers. We have statements for all customers.

i recently instituted an Electronic Funds Transfer system that allows customers But not all service is at the window l

automatic bill payment from their banks. In addition to our speedy regular or through the mail. Connections and dis-i drive-thru teller service, an even faster drive-thru is now available for cus-connections are provided with one day l

tomers who need no assistance.

j During our busiest season, when the University of Florida starts its year, l

we offer a remote customer service location in conjunction with other utilities j

to make the students' lives a little easier. We are studying the possibility of a l

permanent remote satellite location for customer service. We already work with l

local banks to allow our customers to pay their bills while banking.

I GRU found out that customers wanted to use their credit cards for l

g....................................................................................................................................................et i

4 I

Ihis pastyear our water and wastewater erginects i

Last year we kept a Gainesville area shopping joined with school and health efficials and nationally center from losing business when a private recepti:ed Coprosporidium expens to decontaminate a vehicle destroyed the customer owned low localcicmentaryschool. Thepivrozoan hadinfected

. voltage connection box. Our employees replaced summer campers throgh a watcrproblem not related '

It within hours, even though it was not GRU's to GRU. The' team identl lied and destroyed it. and our responsibility. Building customer confidence

. bachflow prevention devices avertedpotentialcontami-y __

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-Is an important part of our attitude.

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. p{p}QQ' nation gfthe communio watersupply.

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@................................................................199s GRU

CUSTOMER VALUES Water System Number of Customers

)meiS gAnnualAverggr}

50.000..

45.000..

40.000.....

r success 2 3s.000.

service, even during our busiest season. If the World Wide Web.

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a problem arises with our service, we find Conservation information and ser-

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the cause and provide the cure promptly.

vices are more important than ever. Our Even if the problem is not GRU's, our conservation analysts visit our customers'

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employees will assist the customer in homes and businesses and provide them 5 E O Ll h.O J(d 20.000.

finding the proper solution.

with advice on saving money, energy and Information is a vital customer resources. They also recommend what i s.000.

service. We provide it through newsletters, type of energy is best applied under which customer guides, brochures, a speakers circumstances.

10.000.

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bureau, television spots, newspaper We take care of our customers. We inserts, educational videos, and even on want to always be their Utility of Choice.

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'95 Water System Sales b

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'95 ANNUAL REPORT

EMPLOYEE VALUES mployeesfrom and secure with the services they receive.

strategicplanni%

echnology is essential to the Together we willpromote an clectric cperations. power Y " "'"Y' " *' " E *" '*P

'"'#"*'"' "'l### I""#'""#"' #'5 every new development in all four motivat/On and cady T0gether we n1/l systems, water and services. But technology is not what keeps promote an crwironment that encourgges customers loyal. Employees do that. They cach pfus to strire to rcach our maximum wastewater andnatural do it by making customers comfortable potential.

gas engineerirg departments add to the i

c.tpertise necessag' to plan the activitics andfuture efjbutmajor utilitics. ISYth y,,

"Y knowlecigefiamfour utilio-('h Our employees win awards Lt y e

scrrices to dranfrom, 6

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'y for superior performance i

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q cooperation helps create

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at the local, state and

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national levels on a regu-3%

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lar basis. We are develop-ing new recognition pro-

,7 grams to make certain this

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outstanding and p;.pppp;y,.p

.:a pyypy.s innovative work ethic is

~l fully appreciated internally.

An Environment o mHMhMMrh emp oye g.................................................................,,,s onu

EMPLOYEE VALUES l

l tiow do you end up with the type of :

and recognition.

- employee who can deliver customer satis-

~ GRU offers a free curriculum of.

Wastewater System faction? You start by hiring individuals

. Internally developed courses,' seminars Number of Customers who are highly skilled and thinking self-anii training sessions to enhance the starters who have a customer service men-knowledge and skills of our employees.

tality. Then you aid their growth through

' We also offer tuition assistance to employ-

'S'"

training,' support, encouragement, trust ees who blioose to pursue a higher educa-i~

tion. We even offer a computer purchase

• oo-plan at no interest, because computer 7

skliis developed at home improve perfor-

'~

33ooo mance at work. A loan program for per-i sonal fitness equipment is also available.

30.o 0 a... :...

GRU hasn't stopped there. In the

[

Yj past year our general manager met with J

2 3, o o o,.

S; virtually every employee, in small groups, l

ll W

to personally convey GRU's intention to g

33 become an even more innovative customer :

service organization. lie asked everyone -

to think about ways we could better our-selves, and to deliver those I' eas to him.'

d

. They responded with creativity, and they

~

have been taken seriously. The entire

. executive staff has studied these ideas at 5o

[

[ length, and are using them to help plot GRU's' course into the future. "

o

Employees have been asked to con-tinue sending new ideas to management.

e

. Those ideas and direct responses from the wastewater System executive staff are a creative dialogue' 6"ina el!=>

being published ' iweekly hi our employee b

/-

newsletter.

s.coe.

-These ideas are being transformed into concepts and actions such as self.

4.500-directed work teams. Groups of employees '

(

^

'm-E frora varied disciplines are brainstorming to create solutions and break new ground.

f New incentive and recognition programs 25 o-0 F G tIF d, Iol gIand 5

Inew IIn s of ost fa 3ooo-

< communication are being opened.

(

The power of our employees is being unleashed in a new and better way, and

. the potential is unlimited. The end product O S willbebettercustomerservice,andour-customers, our employees and our com-munity will all be winners.

5oo

'91

'92

'93

'94

'95

...................................g muy nEPon1

BUSINESS CULTURE r financial assets are the investments of our customers and our bondholders.

ti'c will conduct our business with the h(ghest level gfhonesy and integriy; arlythitzg less is unacceptable. H'c will begood stewards gfthe resources entrusted to us. It'e willpursue continuous improvement and innovation to create a competitive advantqge.

By managing our money well, we return a profit to our community that supports police and fire protection, as well as streets, parks, recreation, and many other essentials of community life. We are proud of that contribution, and manage it carefully. Our " Double A" bond ratings speak for the protection we afTord the investments of our bondholders.

Innovation and positive change translate into growth and financial

' stability. It's how we do business.

An important part of the way we do business is the way we relate to other businesses. We know a vigorous business community is important to the

' [ vitality of our city.

~ We have developed

• Business Partners" as a proactive program to create.

c personal relationship.with local businesses. We want them to know we are ready to help them any way we can. A part of this is " Key Accounts," a 1 program for the largest businesses in our cpamunity, designed to assist them with the special utility concerns posed by a very large operation.1

Commercial conservation programs are at the core of our services to the i business community. Highly trained commercial analysts visit customers to 80 0

nivise them on ways to wnserve energy and water, and thereby increase prof -

1itabillry Our commerciallighting service has saved local b' sinesses thousands v u

of dollars with guidance in efficient lighting techniqu'es.'Our 'llade' Alliance

Program is proactive in educating builders and homeowners in how to build

~

energy eflicient homes and businesses.-

4

~

+.

• highest level ahone Other commercial advantages offered by GRU include our New Services Department, helping builders plan for all four service facilities at one place and :

3 e

l l

at one time. The "Masterbill" allows commercial concerns with multiple accounts to consolidate bills. Our commercial backflow prevention program protects customers from accidentally polluting their water supply.

Beyond the support offered to established businesses, GRU contributes

$100,000 a year to the Council for Economic outreach, an organization dedicat.

ed to attracting new businesses to Gainesvihe.

GRU knows business, and knows how to help business. Commercial loyalty must also be earned. We do it every day.

l

@....................................................1eos aRu

BUSINESS CULTURE

~ A+; ;

Ls GD j[

y" 9j&

'y 99;..,

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W ; f44(-

%i.f na

,~-w We have constructed a fiber optics loop around the M

'orking withfdcralblockgrants as wcllas h

city of Gainesvihe, rushing utility data communica-our ownfimds. the naturalgas department is tions at the speed of light. A new department, extendinggas mains into neighborhoods that could GRUCom, has been established to offer the use of not othenvise affbrd them. Another (jfbrt hciping to this state-of-the-art service to other area businesses make the entire community a bc:terplace to live.

and government entities.

g nuuu neeon1.............................................

FINANCIAL REVIEW a history of g

fyf fInanCIE Flocal Yc - - 1995 Highlights h

• have log been ranked among Percent Financial

1. "E' the top municipal utilities in the United Net revenues

.67,188.372 61,727,973 8.8%

5tates. The reasons: a history ofsuperior Aggregate debt service

.26,131,343 26,176.858

.2%

financia/perfonnance, quality operations Aggregate bond coverage ratio

.2.57 2.36 8.9%

and excellt'nt service. Ourjinancial record Total debt service coverage ratio

.1.42 1.45

-2.1 %

for.fiscalycar 1995 continues to rc/ lect Long-term debt

.393,658.020 419.933,267

-6.3%

these qualitics.

Net utility plant

.501,286,862 485,874,337 3.2 %

Nct RevenuesAr theycar were more Cash and Inyestments:

than $67 million, which provided Rate stabilization fund Agn ate and TotalBond Coverge ratics g

and revenue fund.

.57,193.631 46,137.567 24.0%

of2.57 and 1.42 respectivc[r, both well over the minimum nyuired by our Bond Customer (12 months average):

Resolutions.

Residential electric

.61,885 60,488 2.3%

Our performance is for our cus-Non-residential electric

. 7.721 ZR1 10%

tomers, and all customer classes are Total electric

.69,156 67,549 2.4 %

steadily growing. Excess power sales in Water

.48,496 46,777 3.7%

the wholesale and interchange market help Wastewater

.43,690 42,196 3.5%

keep rates low for local customers. In fiscal Natural gas

.23.997 23.386 2.6%

year 1995, wholesale sales generated gross revenues of $5.1 mitlion, with a net Sales of energy (gigawatt-hours) revenue through interchange sales of $3.4 Residential.

688.6 650.5 5.9%

million. Most of these sales occur under General service /large power

.720.0 684.7 5.2%

contractual arrangements.

Lighting.

.18.3 17.6 3.8%

Our Rate Stabilization rund had a Sales for resale.

9L2 9L2 Q&$

balance of more than $38 million at year's Sub-total

.l.524.1 1.444.0 5.5%

end. We transferred $7.7 million into this Interchange

.337.2 2223 5LDS Ftmd for the year. The current competitive Total

.1.861.3 1,666.5 11.7%

rates for all four services are projected to continue well into the future.

Sales of water (million gallons):

.7.140.0 6,971.9 2.4 %

We work to control operational costs to achieve lower rates for our customers.

Wastewater billed (million gallons):

.4,818.8 4,438.5 8.6%

Our personnel attrition program, which has kept the number of employees con-Natural gas (million therms):

.20.1 25.6 -21.5 %

stant for six straight years, is an example of the many ideas we have turned into money saving realities for eur customers.

We've kept tight control of our debt

/

g............................................................ioss anu

FINANCIAL REVIEW 4

Power Systems Deerhaven Generating Station.

. Net Capability 405 Megawatts (MW)

ST P ' -

John R. Kelly Generating Station

. Net Capability 106 MW o

Share ownership of Crystal River 3

. Net Capability 11 MW g

p.-

Combined System

. Net Capability 522 MW 1

4 Q'

Electric System Operations 2

-R-A N D'

F Service Area.

.150 sq. miles Transmission

.116.5 miles of 138 Kilovolts (kV) 2.5 miles of 230 kV 119.0 total circuit miles d.

Distribution

.643.3 Overhead (OH) circuit miles l

j*@Er MA Gb at 12 kV 440.9 Underground (UG) circuit miles at 12 kV management costs, and that keeps our Distribution Substations borrowing costs low for our customers and 13 k 2

i provides security for our debtholders. Our Natural Gas System i

senior lien bonds are rated "Aa" and "AA" Service Area.

.88 sq. miles "on Mains

.484 miles and our Tax Exempt Commercial Paper p;

4

]

(TECP) program is rated P1/A1+ by 1

Moody's investor Services and Standard Water System and Poor's Corporation, respectively. The Walter E. Murphree Water Treatment Plant

1. E "I

" #" " E# #7(

}'

TECP program is supported by a Credit peak day Agreement dated October 1.1992 with Storage capacity.

.17.5 Million Gallons (MG)

Bank of America National Trust and Supply Wells

.11

}

Savings Association, and SunBank Service Area..

.118 sq. miles National Association. with Bank of Distribution Mains

.851 miles America National Trust and Savings Wastewater System Association, as agent.

Kanapaha Water Reclamation Facility Based on a formula, we return our Treatment capacity

.10 MGD, Average Annual Daily customers' investment to their community.

Flow (AADF)

During fiscal year 1995, we transferred Main Street Wastewater Treatment Plant approximately $19.2 million to the city's Treatment Capacity

.7.5 MGD, AADF General Fund.

Combined Treatment Capacity

.17.5 MGD, AADF Collection Service Area

.115 sq. miles Strong financial performance. steady Gravity Mains

.468 miles growth and firm cost control have given us Force Mains

.116 miles great vitality. They helped us serve our Lift Stations

.131 customers yesterday. and they will help us serve them well into the future.

.............................................g Annuu neeon1

G AIN E S VILL E R E GION AL UTILITIE S 5.1[ 0 11, l.1.1lOli (4114 4

44'.1 OUR VISION The utility ofChoice.

OUR MISSION lt'e willprovide safe, reliable and competitively priced utility sen' ices which consistent {y meet our customers' needs and expectations.

It'e will deliver our sen' ices through a team ofinnovative, se]f-motivated, and caring employees of the highest integrity.

It'e will ensure the.)inancial vitality ofthe utility and return superior value to the communityfor its investment.

CUSTOMER VALUES The satifaction ofour customers dc)ines our success.

It'e will respond to our customerspromptly, with empatiy, and t

with respectfor their unique circumstances.

EMPLOYEE VALUES 7bgether we willpromote an environment thatfosters innovation, self-motivation and caring.

Together we willpromote an environment that encourages each ofus to strive to reach our maximum potential.

BUSINESS CULTURE It'e will conduct our business with the highest level ofhonesty and integn'ty; am' thing less is unacceptable.

It'e will begood stewards of the resources entrusted to us.

It'e willpursue continuous improvement and innovation to create a competitive advantage.

l l

l l

@.......................1995 GAU ANNUAL REPORT

l i

GAINEsvILLE REGloNAL UTILITIES Tha Combined Utility Funds of the City of Gainesville, Florida R: port on Audit of Financial Statements and Supplementary Data

. September 30,1995 and 1994 1

i Independent Auditors' Report i

The Honorable Mayor and Members of the City Commission City of Gainesville:

We have audited the accompanying balance sheets of Gainesville Regional Utilities (the Combined Utility Funds of the City of Gainesville, Florida) as of September 30,1995 and 1994, and the related statements i

of revenue and expense and retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our 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 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.

As discussed in Note 1, the financial statements present only Gainesville Regional Utilities (the Combined Utility Funds of the City of Gainesville, Florida) and are not intended to present fairly the financial position of the City of Gainesville, Florida, and the results ofits operations and the cash flows

)

of its proprietary fund types and nonexpendable trust funds, in conformity with generally accepted accoanting principles.

In our ophtion, the 1995 and 1994 financial statements referred to above present fairly, in all material respects, the financial position of Gainesville Regional Utilities as of September 30,1995 and 1994, and the results of their operations and their cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements of Gainesville Regional Utilities taken as a whole. The supplementary information included in the accompa-nying schedules is presented for purposes of additional analysis and is not a required part of the basic i

financial statements. The information for 1995,1994 and 1993 has been subjected to the auditing pro-cedures applied in the audits of the basic financial statements and, in our opinion is fairly stated in all material respects in relation to the basic financial statements taken as a whole. The supplementary infor-marion included in the accompanying schedules as of September 30,1992 and 1991 has been subjected to the auditing procedures applied by other auditors whose report thereon, dated December 3,1992, expressed an unqualified opinion on that supplementary information in relation to the basic financial statements taken as a whole.

$0&f

$6 WuX 2%mAcW' Davis, Monk & Company KPMG Peat Marwick LLP Gainesville, Florida St. Petersburg, Florida t

f November 22,1995 f

l I

l

• h 1995 GAU ANNUAL REPORT-

. ~.. -

- -.. ~ -.

. - -. - ~. -..

l GAINEsVILLE REGloNAL UTitJrlEs

. J i Osinnce Sheets September 30,1995 and 1994 ASSETS.

1995 1994 i

'f Utility plant:

Utility plant in service......................

.. $683,540.961

$666,044,962

'53,420,686 41,717,260

.j Construction in progress..

I' 736,961,647 707,762,222 Less accumulated depreciation and amortization..

................ (235,674,785)

(221.887,885) i Net utili(y plant.......

501,286.862 485.874,337 Current assets:

Cash and short-term investments.

18,894,940 14,947,313 i

Accounts receivable, net of allowance for uncollectible accounts 1

of $1,090,000 in 1995 and $597,000 in 1994.....

21,181,554.

20,427,090 inventories:

l Fuel....

5,295,098 5,890,406 Materials and supplies..

5.886.906 5.972,797 I

htalcurrent assets..

51,258N98 47.237,606 l

Restricted assets - Cash and investments:

i i

Utility deposits...

4,979.332 3,664,041 Debt service fund......

54,862,172 59,997,732 Rate stabilization fund..

38,298,691 31,190,254 Co tstruction fund..................

28,286,380-57,324,696 Ut!!ity plant improvement fund......

58,304 158,304' Decommissioning reserve..

1,756,600

-1,538.372 i

I

~'

Etal restricted assets..

.128,241,479 153,773,399 Deferred charges....

57,729.635-64,395,148 l

Blalassets....

...... $738.516,474

$751,280.490 '

se aavmpartyiq notes tofinancialstatements.

i i

h...........

.1995 GRU j

l

)

GAINESVILLE REGloNAL UTILirlEs i2clInce Sheets September 30,1995 and 1994 I

i LIABILITIES AND FUND EQUITY 1995 1994 Long-term debt and fund equity:

Long-term debt:

Utilities system revenue bonds...........

$335,565,000

$360,605,000 Utilities system commercial paper notes.

64.657,000 66.265,000 l

400,222,000 426,870,000 i

i l

Less unamortized bond discount....

(6.563,980)

(6.936.733) l l

Etallog-term debt...

393,658,020 419,933.267 Fund equity:

Contributions in aid of construction..

83,466.569 82,015,651 Retained earnings..

197.543.894 189,276.738 f

I Dtalfund equi (y....

281.010.463 271.292.389 l htallog. term debt andfund equi {y....

674,668,4 83 691,225,656 Current liabilities:

Fuel payable......

2,525,637 1,870,575 Accounts payable and accrued liabilities.

3,138,275 4,776,900 Due to other funds.......

1,970.356 1,578.698 i

l 7btalcurrentliabilities..

7.634.268 8,226,173

- Payable from restricted assets:

Utility deposits.

5,104,330 3,793,648 25,040,000 25,330,000 Long-term debt payable-current............

Accrued interest payable...

10,609,121 11,175,626 Construction fund:

Accounts payable and accrued liabilities...

1,723,054 1,671,041 7btalpqyableftem restrictedfunds......

42.476.505 41,970,315 Othrr liabilities and deferred credits......._,

13,737,218 9.858.346 I

7btalliabilities andfund equi {y.

$738.516,474

$751.280.490 i

sw accornpanying notes to.)Tnancialstatements.

l t

i h

ANNUAL REPORT

~ ~ ~

• a a. ~ a. ~ ~ ~.a. a a a.

~~~.a

GAINE.svlLII REGloNAL trrlLirlEs I

St:tements of Revenue and Expense and Retained Earnings l' ears ended September 30,1995 and 1994 1995 1994 Operating revenue:

t Sales and service charges...

.... $152,514,073

$149,506,834 i

Other operating revenue...

1.802.389 1,618,513

[

7btal operatig revenue........

154,316,462 151,125,347 Operating expenses:

Operation and maintenance...

70,550.010 72,137,367 Administrative and general.

18,281,952 17,136,503 l

Depreciation and amortization....

22,633,816 17,955,407 Totaloperatig capenses..

111,465,778 107,229,277 Operating income...

42,850,684 43,896.070 Non-operating income (expense):

Interest income.....

9,535,170 8,541,086 i

Interest expense, net of AFUDC....

(24,870.372)

'(25.022,851)

Total non-operatig capense....

(15,335,202)

(16.481,765)

Net income..

27,515,482 27,414,305 Retained earnings, beginning of year....

189,276,738 180,691,699 Operating transfer to City of Gainesville general fund...

(19,248,326)

(18.829,266) 1 Retained earnings, end of year..

................... $ 197,543,894

$189,276,738 se acwmpam'iryl notes tojinandalstatements.

1 i

i l

1995 GRU

l i

j GAINEsvILLE REGloNAL LTILfrlEs l

Stat 2ments of Cash Flows l' ears ended September 30, 1995 and 1994 i

l.

1995 1994 Carh flows from operating activities:

Cash received from customers....

. $153,070.292

$150,257,154 Cash payments to suppliers for goods and services..

(57,372,580)

(63,897,160) l Cash payments to employees for services..

(22,263,929)

(22,181,595)

Cash payments for operating transactions with other funds..

(3,706,475)

(5,347.298)

Other operating receipts.

1,802,389

_ 1,618,514 Net cash provided by operatig activities...

71,529,697 60.449,615 i

Cash flows from noncapital financing activities-

'Itansfers to other funds...

(19,248.326)

(18,829,266) i Net cash used in noncapital)inanciq activities....

(19,248,326)

(18,829,266)

Cash flows from capital and related financing activities:

Principal repayments on long-term debt..

(26,938,000)

(16,396,000)

Proceeds from sale of equipment..

478,104 196,684 Interest paid on long-term debt..

(25,064.124)

(24,476.657)

Capital grants.

68,265 Acquisition and construction of fixed assets (including allowance for funds used during construction).

(34,151,154)

(41,757,156)

Cash received for connection charges..

2.274.339 3,012.527 Net cash used in capital and relatedfinanciq activities..

(83,400,835)

(79,352.337)

Cash flows from investing activities:

Interest received.,.

4,730,936 5,688,651 Purchase of investments.........

(401,409,947)

(483,669,087)

Proceeds from investment maturities..

435,720,837 515,001,999 Net cash provided by investing activities...

39,041,826 37,021,563 Net increase (decrease) in cash and cash equivalents..

7,922,362 (710,425)

Cash and cash equivalents, beginning of year.......

6,404,906 7,115,331 1

Cash and cash equivalents, end of year..

$ 14.327,268

$ 6,404,906 l

l (Continued) 1

........................................g

,uuo,L neeon1

GAINr.svlLLE REGloNAL UTILrrlEs Statements of Cash Flows, continu.d Years ended September 30,1995 and 1994 1995 1994 Reconciliation of operating income to net cash provided by operating activities:

Operating income...

.... $ 42,850,684

$ 43,896.070 Adjustments to reconcile operating income to net cash provided by operating activities:

Depreciation and amortization..

22,633,816 17,955,407 Receivables.......

(754,464) 882,146 Prepaid expenses....

28,906 inventories.

681,199 (1,192,112)

Deferred charges..

1,468,800 3,487,840 Accounts payable and accrued liabilities.

(931,550)

(4,676,145)

Due to other funds......

391,658 157,825 Utility deposits.........

1,310,682

-(131,826)

Other liabilities and deferred credits..

3.878.872 41.504

. Net cash provided by operatiqq activities..

....................... $ 71,529,69 7

$ 60,449,615 Noncash, Investing, Capital and Financing Activities:

Utility plant contributed by developers in aid of construction was $1,701,000 and $4,031,000 in 1995 and 1994, respectively.

Su accompartying notes to.pnandalstatements.

g.......

1s9s anu

l GAINEsvlLLE REGloNAL UTilJTIEs Not:0 to Financial Statements I

. September 30,1995 and 1994 1

- (1) Summary of Significant Accounting Policies (c) UtiEty Plant q

(a) organization Property and equipment are recorded at cost.

Gainesville Regional Utilities (GRU) is a combined Maintenance and repairs are charged to operating municipal utility system operating electric, natural gas-expense as incurred. The average cost of depreciable water and wastewater utilities. GRU consists of the p

plant retired is eliminated from the plant accounts, and combined Utility Funds of the City of Gainesville, Florida such costs, plus removal costs less salvage, are charged (City), GRU is a unit of the City and, accordingly, the to accumulated depreciation.

i financial statements of GRU are included in the annual financial reports of the City.

l

(/) Depreciation and Nuclear I

(b) Basis of Accounting Generating Plant Decommissioning The financial statements are presented on the accrual Depreciation of utility plant is computed using the basis of accounting. Under this basis, revenues are rec-straight-line method over estimated service lives ranging ognized in the period earned and expenses are recog-from 6 to 50 years. Depreciation was equivalent to nized in the period incurred. GRU applies all applicable 2.85% and 2.81% of average depreciable property for l

FASB pronouncements issued on or before 1995 and 1994, respectively. Depreciation expense November 30,1989, in accounting and reporting for its includes a provision for decommissioning costs related i

l operations. In accordance with government accounting to the jointly-owned nuclear power plant (see note 4),

standards, GRU has elected not to apply FASB pro-nouncements issued after that date. In accordance with the Utilities System Revenue Bond Resolution (Bond (g) Amortization of Nuclear Fuel Resolution), rates are designed to cover debt service and The cost of nuclear fuel, including estimated disposal l

other revenue requirements, which exclude depreciation cost, is amortized to fuel expense based on the quantity l

expense and other noncash expense items. This method of heat produced for the generation of electric energy in l

of rate setting results in costs being included in the relation to the quantity of heat expected to be produced l

determination of rates in different periods than when over the life of the nuclear fuel core. These costs are these costs are recognized for financial statement pur-charged to customers through the fuel adjustment poses. The effect of these differences are recognized in clause.

the determination of net income in the period that they occur in accordance with GRU's accounting policies.

(h) Revenue Recognition GRU has adopted the uniform system of accounts pre-Revenue is recorded as earned. GRU accrues for ser-scribed by the Federal Energy Regulatory Commission vices rendered but unbilled which amounted to approxi-(FERC) and the National Association of Regulatory Utility Commissioners. Rates are approved annually by mately $7,808.000 and $8,103,000 for 1995 and 1994, the City Commission.

respectively. Fuel adjustment revenue is recognized based on the actual fuel costs. Amounts charged to cus-(c) Investments tomers are based on estimated costs, which are adjusted Investments are stated at amortized cost. Premium or for any differences between the actual and estimated discount is amortized over the investment's maturity costs once actual costs are known.

based on the straight-line method which approximates the effective interest method.

(I) Interfund 'Itansactions Interfund balances between electric, gas, water and wastewater funds are offset for the combined utility i

n entor es are stated at cost using the weighted aver-funds. Interfund revenues and expenses are not elimi-age unit cost method for materials, and the last-in, first.

out (LIFO) method for fuel. Obsolete and unusable nated in the combined utility funds. Additionally, there j

items are reduced to estimated salvage values. The cost are interfund transactions between GRU and general of fuel used for electric generation is charged to expense f,overnment operations of the City, which do not bear i

as consumed.

Interest.

(Continued) 1 h

ANNUAL REPORT "a a - ~ * " "

a"~~~~"~~"~

I i

1 l

l cAINEsvlLLE REGloNAL UTILrDLs N::t:s to Financial Statements Seprember 30,1995 and 1991

(/) Funds in Accordance With Bond Resolutions is included in construction in progress and as a reduc-Certain restricted funds of GRU are administered in tion ofinterest expense. These amounts are computed j

accordance with bond resolutions. These funds are as by applying the effective interest rate on the funds bor-i follows:

rowed to finance the projects to the monthly balance of projects under construction. The effective interest rates Debt Service Fund were approximately 4.9% and 5.5% for 1995 and 1994, Subordinated indebtedness Fund respectively.

Rate Stabilization Fund Construction Fund (I) Deferred Charges Utility Plant Improvement Fund Deferred charges represent costs incurred that are to be recovered from future revenue through the rate-making The Debt Service Fuld accounts for funds accumulated process over a period usually ranging from seven to to provide payment oiprincipal and interest on or thirty years.

redeem outstanding debo (m) Contributionsin Aid of Construction The Subordinated Indebtedness Fund, grouped in the Utility plant in senice for the water and wastewater Debt Senice Fund for financial reporting purposes, funds includes assets received from contributions in aid accounts for funds accumulated to pay principal and of construction (CIAC). Contributions in aid of construc-i interest on subordinated indebtedness.

tion are amortized on a straight-line method over the life of the related asset. The amount of amortization The Rate Stabilization Fund accounts for funds accumu-expense included in the statement of revenue and lated to stabilize rates over future periods through the expense and retained earnings relating to the con-transfer of funds to and from operations as necessary.

tributed assets is credited to depreciation and amortiza-tion expense and amounted to $2,525,000 and The Construction fund accounts for funds accumulated

$2,493,000 in 1995 and 1994, respectively.

for the cost of acquisition and construction of the sys-tem.

(n) Cash and Cash Equivaletts For purposes of reporting cash flows, cash and cash The Utility Plant Improvement Fund accounts for funds equivalents include cash on hand, bank demand used to pay for certain capital projects or debt senice, accounts, and overnight repurchase agreements.

the purchase or redemption of bonds, or othenvise pro-vide for the repayment of bonds.

(0) Reclassification Amounts in the 1994 financial statements have been (k) Allowance for Funds Used During Construction reclassified to conform with the 1995 presentation.

(AFUDC)

An allowance for interest on borrowed funds used dur-ing construction of $1,236,000 and $1,243,000 in 1994 (Continued) h.

1995 ORU

)

i i

l GAINEs\\1LLE REGloNAL UTILITIES Nct:s to Financial Statements September 30,1995 and 1994 i

(2) long-Term Debt Long-term portion of debt outstanding at September 30,1995 and 1994 consisted of the following:

1995 1994 Utilities System Revenue Bonds:

l Series 1983 (1983 Bonds) - interest payable semi-annually to October 1,2014 at a rate of 6.0%.

$ 18,860,000

$ 18,860.000 l

1987 Series A (1987 Bonds) - interest payable

[

semi-annually to October 1,2002 at various

)

rates between 6.6% and 6.8%.

3,495,000 5,085,000 1992 Series A (1992 A Bonds) -interest payable semi-annually to October 1,2022 at various rates between 5.0% and 6.5%.

73,000,000 73,000,000 1992 Series B (1992 B Bonds) - interest payable semi-annually to October 1,2017 at various rates between 6.0% and 7.5%.'.

61,920,000 61,920,000 i

1993 Series A (1993 A Bonds) - interest payable semi-annually to October 1,2006 at various rates between 4.25% and 5.30%.

35,180,000 35,180,000

+

1993 Series B (1993 B Bonds) - interest payable l

semi-annually to October 1,2013 at various rates between 4.0% and 5.5%..

128,795,000 128,795,000 i

1993 Series C (1993 C Bonds) - interest payable semi-annually to October 1,1996 at a rate of 5%..

5,680,000 12,400,000 i

Subordinated Utilities System Revenue Bonds:

1993 Series (1993 Subordinated Bonds) - interest payable semi-annually to April 1,1997 at rates of 4.875% and 5.25%..

8,635,000 25,365,000 Utilities System Commercial Paper Notes, Series C (C Notes) - interest at various market rates 64,657,000 66,265,000 400,222,000 426,870,000 Less unamortized bond discount..

(6,563,980)

(6,936,733)

Totallong-term debt

$393,658,020

$419,933,267 (Continued) h ANNUAL REPORT aaaaaaaa- ~~~~~~~~

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GAINEs\\1LLE REGloNAL LTr!LITIEs N:tts to Financial Statements September 30,1995 and 1994 i

GRU is required to make monthly deposits into separate accounts for an amount equal to the required share of principal and interest becoming payable for the revenue bonds on the payment dates of April 1 and October 1.

- The following table lists the Debt Service requirements (principal and interest) on the Long-Term Debt outstanding at September 30,1995:

l Subordinated y

Period Utilities Sfstem Utilities System Total net

- ending

. Revenue Revenue debt service October 1 Bonds Bonds requirements 1996

$ 28,991,735

$ 17,591,131

$ 46,582.866 1997 26,212,745 8,861,669 35,074,414 1998 26,212,940 26,212,940 i

1999 26,207,360 26,207,360 2000 25,755,160 25,755,160 t

2001 26.068,833 26,068,833 2002 26,062,173 J-26,062,173 l

2003 26,069,187 26,069,187 i

2004 25,495,837 25,495,837--

j 2005 24,337,776 24,337,776 2006 24,329,841 24,329,841-

'2007 28,522,645

- 28,522,645 l

l 2008 30,936,400 30,936,400 2009 30.941,550 30,941,550-2010 30,934,000 30,934,000 i

2011 30,935,025 30,935,025

]

2012 30,930,525 30,930,525 2013 30,941,725 30,941,725 2014 32.218,225

. 32,218,225 2015 12,227,125 12,227,125 2016 12.225,350 12,225,350 2017 12.229,450 12,229,450.

2018-5,781,950

' 5.781,950-2019 5,782,650

~ 5,782,650 -

)

2020 5,780,475 5.780,475 2021 5,784,450 5,784,450 2022 5,782.950 5.782,950 l

$597.698.082 5 26,452.800

$624.150 882_

i i

' I i

(Continued) 1 Q,...,,,,

1995 GRU

l GAINLsvlLLF REGloNAL ITrILITit.s N:ta to Financial Statements l

September 30,1995 and 1994 l

l l

Under the terms of the Bond Resolution relating to the sale of the The 1993 Subordinated Bonds are not subject to redemption at the l

Utilities System Revenue Bonds, payment of the principal and inter-option of the City. They are direct and special obligations of the i

est is secured by an irrevocable lien on GRU's net revenues (exclu-City secured as to the payment of the principal or sinking fund l

sive of any funds which may be established pursuant to the Bond redemption price and interest thereon, in accordance with their l

Resolution for decommissioning and certain other specified purpos-terms and the provisions of the Subordinated Resolution, by the i

es), including the investments and income, if any, thereof.

Subordinated indebtedness Fund, the Subordinated Debt Service Reserve Account and the Subordinated Bond Payment Account The Bond Resolution contains certain restrictions and cornmitments, which are included in the Debt Service Fund. The 1993 l

including GRU's covenant to establish and maintain rates and other Subordinated Bonds are subordinated in all respects to bonds charges to produce revenues sufficient to pay operation and mainte-issued as first lien bonds (" Senior Lien Bonds") under the Bond nance expenses, amounts required for deposit in the debt service Resolution.

fund, and amounts required for deposit into the utility plant improvement fu,;i Utilities System Commercial Paper Notes Series C Notes in a princi-pal amount not to exceed $65,000,000 may continue to be issued The 1983 Bonds mature on October 1,2014. Those Bonds are sub-to refinance maturing Series C Notes. Liquidity support for the ject to redemption at the option of the City on and after October 1, Series C Notes is provided under a long-term credit agreement dated I

1993, as a whole at any time or in part on any interest payment as of October 1,1992 with Bank of America National'Irust and date, at a redemption price of 100% plus accrued interest to the Savings Association (Bank of America) and SunBank, National l

date of redemption.

Association with Bank of America as Agent. Each bank's obliga-l tion is for $32,500,000 and is a several but not joint obligation.

1 The 1987 Bonds and the 1993 C Bonds are not subject to redemp-The obligation of a bank may be substituted by another bank which tion at the option of the City, meets certain credit standards and which is approved by GRU and the Agent. Under the terms of the agreement, GRU may borrow up The 1992 A Bonds mature on various dates from 1996 to 2022.

to $65,000,000 with same day availability ending on the termina-l Those Bonds maturing on or after October 1,2003, amounting to tion date, as defined in the agreement. Series C Notes of

$63,730,000, are subject to redemption at the option of the City on

$1,608,000 were redeemed during 1995.

and after October 1,2002, as a whole at any time or in part on any interest payment date, at a redemption price of 102% in 2002, (3) Deposits and Investments 101% in 2003 and 100% thereafter.

Deposits are held in a qualified public depository institution insured h

Fekal Nposp inwan Nporasn and as rquked h The 1992 B Bonds mature at various dates from 2001 to 2017.

Those Bonds maturing on or after October 1,2003 through October the Bond Resolution m a bank, savings and loan association or

' 2007, amounting to $14,310,000, are subject to redemption at trust company of the United States or a national banking assocla-the option of the City on and after October 1,2002, as a whole at ti n having capital stock, surplus and undivided earnings aggregat-ing at least $10,000,000.

any time or in part on any. terest payment date, at a redempu.on m

j price of 102% in 2002,101% in 2004 and 100% thereafter. The in accordance with state laws and the Bond Resolution, GRU is l

1992 B Bonds maturing on October 1,2017, amounting t authorized to invest in obligations which are unconditionally guar-l

$22,335,000, are subject to redemption at the option of the City on anteed by the United States of America or its agencies or instru-and after October 1,2002, as a whole at any time or in part on any mentalities, repurchase agreement obligations unconditionally guar-l interest payment date, at a redemption price of 100%.

anteed by the United States of America or its agencies, corporate indebtedness, direct and general obligations of any state of the The 1993 A and B Bonds mature at various dates from 1997 t United States of America (provided such obligations are rated by a l

2013. Those Bonds maturing on or after October 1,2004, amount-nationally recognized bond rating agency in either of its two high-ing to $113.925,000, are subject to redemption at the option of the est rating categories), public housing bonds. and certain certificates City on and after October 1,2003, as a whole at any time or in part of deposit. Investments in corporate indebtedness must be rated in on any interest payment date, at a redemption price of 102% m dnmory of a nationally recognized rating agency 2003,101% in 2004 and 100% thereafter.

and in one of the two highest rating categories of at least one other nationally recognized rating agency.

(Continued)

....................g nuu n_

GAINEsVILLE REGloNAL tnlLITIEs N;tu to Financial Statements September 30,1995 and 1994 Investments are categorized in the following table in accordance the Crystal River Unit 3 (CR3) nuclear power plant operated by with Governmental Accounting Standards Board Statement No. 3.

Florida Power Corporation. GRU's net investment in CR3 at All of GRU's investments fall under category I which includes September 30,1995 and 1994 is approximately $7,556,000 and investments that are insured or registered or held by the Utility or

$7,769,000, respectively. CR3 operation and maintenance costs, its agent in GRU's name. GRU generally intends and has the ability which represent GRU's part of expenses attributable to operation of to hold its investments to maturity and does not expect to realize CR3, are recorded in accordance with the instructions as set forth in any potentiallosses from temporary fluctuations in the market the FERC uniform system of accounts. Payments are made to value of the corporate commercial paper at September 30,1995.

Florida Power Corporation in accordance with the CR3 participation agreement.

Carrying Market September 30,1995 value value -

GRU, as a part of this participatic.a agreement, is responsible for its U.S. Government securities

$ 60,466,943

$ 60,783,067 share of future decommissioning costs. Decommissioning costs are U.S. Government bonds 19,901,457 22,656,640 funded and expensed annually and are recovered through rates Corporate commercial paper 50,741,604 50,829,327 charged to customers. The most recent decommissioning cost esti-mates provided by Florida Power Corporation in November 1995.

Total

$131,110,004

$134,269,034 estimated GRU's share of total future decommissioning costs to be

$5.7 million in 1995 dollars.

Carrying Market September 30,1994 value value (5) Contributions in Aid of Construction U.S. Government securities S 46,435,896

$ 47,640,592 Contributions in a!d of construction are as follows:

U.S. Government bonds 19,916,945 21,510,831 Corporate commercial paper 94,629,531 93.238,054 1995 1994 Condudons in aM of mnstudom Dtal

$160,982.372

$162.389,477 Utility plant, prsperty and equipmen contributed Cash and investments are contained in the following balance sheet i

Federal and state grants in a o nstru@n 22,W,N 22,W,N 1995 1994 Restricted assets:

on u ns rom customers Pla t contr uted by developers

'42,255,473 40,564,306 t en e fund 58 72 59 7 nn n c arges e,E,208 0,808,8M Rate stabilization fund 38,298,691 31,190,254 Construction fund 28,286,380 57,324,696 114'994,698 111 019,194 Utility plant improvement fund 58,304 58,304 Accumulated amortization

'(31,528,129)

(29,003,543)

Decommissioning reserve 1,756,600 1,875,725 g

.bh M m'd Current assets:

Cash and short-term investments 18,894,940 14,609,960 (6) Retained Earnings Total cash and investments 147.136,419 168,720,712 Retained earnings reserved for debt service and unappropriated are as follows:

Less cash and cash equivalents 14,327,268 6,404,906 Less accrued interest receivable 1,699,147 1,333,434 1995 1994 Reserved for debt service

$ 35,943,053

$ 38,787,106 7DtalinrcStments

$1A110,004

$ 160,982,372 Unappropriated

'161,600,841 150,489,632 (4) Jointly-Owned Electric Plant Dtalretained carnings

$197,543,894

$189,276,738 GRU-owned resources for supplying electric power and energy requirements include its 1.4079% undivided ownership interest in (Continued) h.

1995 GRU

GAINEsviL!.E REGloNAL UTILrrIEs Notss to Financial Statements September 30,1995 and 1994 Retained earnings balances at September 30,1995 and 1994 ended September 30,1995 and 1994 was $239,000 and $240,000, reserved in debt service fund accounts are as follows:

respectively.

1995 1594 (8) Tiransfers to General Fund Reserve account

$ 35,561,817

$ 37,166,530 GRU makes transfers to the City's general government based on a Debt service account 18,880,710 22,349,023 formula that ties the transfer directly to the profitability of the sys-Subordinated indebtedness tem. The transfer to the general fund may be made only to the fund account 381,065 457,000 extent such monies are not necessary to pay debt service on the utstanding bonds and subordinated debt or to make other neces-Commercial paper note sary transfers under the Bond Resolution. The formula-based fund payment account 38,581 25,179 transfer to the general fund for the years ended September 30

$ 54,862,173

$ 59,997,732 1995 and 1994 was $19,248,000 and $18,829,000, respectively.

Less amounts appropriated for current interest and (9) Deferred Charges principal payable 18,919,120 21,210,626 included in deferred charges at September 30,1995 and 1994 is the

$ 35,943,053

$ 38,787,106 unamortized balance of $11,672,000 and $16,412,000, respective-ly, remaining of the original payment of $27.375,000, in full settle-The reserve account is funded by initial deposits from the bond pro-ment in connection with the City's cancellation of a contract for ceeds. Bond principal payments of $16,730,000 and $15.295,000 supply of coal to the Deerhaven 11 generating plant. The settlement due April 1,1996 and 1995, respectively, are not required to begin payment is being recovered through future utility fuel adjustment funding until the previous October and therefore, are not reserved revenue through the year 2003.

j in the debt service fund accounts at September 30,1995 and 1994, respectively.

The remaining balance in deferred charges at September 30,1995 and 1994 is comprised of unamortized bond issuance costs of (7) Retirement Plans approximately $35,000,000 and $37,700,000, respectively, envi-r nmental costs of $5,075,000 in both years (see note 10), and The City sponsors and administers one defined benefit pension plan ther miscellaneous items, all of which are being amortized over and two defined contribution plans (collectively, the Plans) that PMs hom 7 to 30 years.

- includes GRU and other City employees. The Plans do not make separate measurements of assets and pension benefit obligations (10) Environmental Liabilities for individual units of the City. Such information is presented in j

the City of Gainesville, Florida, September 30,1995 Comprehensive The System is subject to numerous Federal, state, and local envi-Annual Financial Report.

ronmental regulations. Under the Comprehensive Environmental i

Response Compensation and Liability Act, commonly known as l

The General Employees Pension Plan (Employees Plan), a contribu-

"Superfund," the System has been named as a potentially responsi-tory defined benefit pension plan, covers all employees of GRU, ble party at two hazardous waste sites. In addition, in January except certain personnel who elect to participate only in a Defined 1990, the Systsm purchased the natural gas distribution assets of a Contribution Plan.

company and pursuant to the related purchase agreement, assumed responsibility for the investigation and remediation of environmen-The City accounts for and funds the costs of the Employees Plan as talimpacts related to the operation of the former manufactured gas they accrue. Such costs are based on contribution rates determined plant. Based upon the System's analysis of the cost to clean-up by the most recent actuarial valuation. The total contributions by these sites and other identified environmental contingencies, the I

GRU, including amortization of prior service costs, for the years System has accrued a liability of $5,075,000. Because the System ended September 30,1995 and 1994 were $1,092,000 and anticipates recovering the costs of environmental clean-up through

$1,045,000, respectively.

future customer rates, a related asset of equal amount has been reflected as a deferred charge in the accompanying balance sheet.

]

i Certain employees are eligible to participate in defined contribution Although uncertainties associated with environmental assessment plans managed by the International City Management Association and remediation attivities remain, GRU believes that the current as fiscal agent for the City. Under these plans, the City contributes provision for such costs is adequate and additional costs, if any, 6% of an employee's annual salary and employees rnay centribute will not have a material adverse effect on the System's financial either a specified percentage or dollar amount. Total deferred cons-position.

pensation and defined contribution cost for GRU for the years i

...........................................g muu uou i

I

.r

h.

.. 1995 G Fl u

.J

GAINEsv1LLE REGloNAL UTILITits Schedules of Cembined Net Revenues in Accordance with Bond Resolution Years ended Siprember 30,1995,1994,1993,1992 and 1991 1995 1994 1993 1992 1991 Revenues:

Electric fund:

Sales of electricity.

Other electric revenues..................

$118,091,955

$112,976,560 $114,512,609

$111,038,685 $114,589,417 1,664,914 1,569,151 1,419,514 1,392,162 1,283,458 Transfers from (to) rate stabilization.

(2,782,560)

(2,549,839)

(1,332,746) 814,841 (1,390,968)

Interest income..

4,571,431 3,942,488 3,574,721 4,144,601 4,419,127 Bta/ ckctricfund rerenses..

121,545,740 115,938,360 118,174,098 117,390,289 118,901,034 Gas fund:

Gas sales..

10,758,387 13,683,900 14,001,918 13,699,974 11,987,296 Other gas revenues (expenses)..

117,522 (6,644) 48,708 82,809 144,808

'lTansfers from (to) rate stabilization.

(240,377)

(597,624) 273,659 (855,531) 664,530 Interest income..

360,591 220,300 132,321 216,390 335,312 Dtalgasfund rn'enues...

10,996,123 13,299,932 14,456,606 13,143,642 13,131,946 Water fund:

4 Sales of water..

10,223,855 9,949,831 9,614,673 8,760,162 7,943,974

)

Other water revenues............

1,066,593 1,321,323 992,009 824,400 977,061 j

'ITansfers from (to) rate stabilization.

(2,149,333)

(2,911,488)

(1,074,067) 312,477 259,722 Interest income.,

837,589 605,163 515,456 631,586 942,243 Dtal waterfund revenues..

9,978,704 8,964,829 10,048,071 10,528,625 10,123,000 Wastewater fund:

Wastewater billings..

13.439,876 12,896,542 12,071,696 11,391,098 10,542,730 Other wastewater revenues......

1,227,638 1,766,141 1,390,513 1,028,291 1,352,155

'Itansfers from (to) rate stabilization..

(2,537,345)

(2,738,750)

(53,896) 35,922 285,713 Interest income.......

1,369,598 874,789 746,908 1,029,095 1,620,348 Total wastewaterfund rcrenues..

13,499,767 12,798,722 14,155,221 13,484,406 13,800,946 Dt2/ rcycnues..

156,020,334 151,001,843 156,833,996 154,546,962 155,956,926 Operation and maintenance:

Electric fund:

Fuel expense....

37,960,173 36,619,277 39,538,397 39,243,116 41,119,401 Operation and maintenance..

18,738,547 19,313,999 16,985,123 17,969,180 17,420,206 Administrative and general.,.

12,354,722 11,630,670 11,661,891 10,805,109 10,869,786 Dta/ clectricfund cypense..

69,053,442 67,563,946 68,185.411 68,017,405 69,409,393 Gas fund:

Fuel expense........

4,763,599 7,216,655 8,661,062 7,537,660 7,202,885 Operation and maintenance..

1,043,594 1,024,702 997,135 940,888 880,649 Administrative and general..

1,830,024 1,838,425 1,647,212 1,676,115 2,097,519 Dra! gas nd etpcnSc.;

7,637,217 10,079,782 11,305,409 10,154,663 10.181,053 Water und:

Operation and maintenance...

3,414,065 3,460,273 3,159,941 3,365,799 3,067,570 Administrative and general.,

1,922,686 1,737,575 1,703,141 1,903,304 1,677,080 Dtal waterfund c2 pense..

5,336,751 5,197,848 4,863,082 5,269,103 4,744,650 Wastewater fund:

Operation and maintenance..

4,630,032 4,502,461 4,229,044 4,567,768 4,354,509 Administrative and general...

_ 2_,_174,520 1,929,833 2,224,168 2,492,048 2,379,496 i

Dtal wastewaterfund cypense..

6,804,552

_ 6 432,294 6,453,212 7,059,816 6,734,005 2

Bla/ Operation and maintenance..

88,831,962 89,273,870 90,807.114 90,500,987 91,069,101 Net revenues in accordance with bond resolution:

Electric.

52,492,298 48,374,414 49,988,687 49,372,884 49,491,641 Gas...

3,358,906 3,220,150 3.151,197 2.988,979 2,950,893 Water.

4,641,953 3,766,981 5.184,989 5,259.522 5,378,350 Wastewater..........

6,695,215 6,366,428 7,702,009 6,424,590 7,066,941 Net revenues before interest income from sinking fund......................

67,188,372 61,727,973 66,026,882 64,045,975 64.887,825 Interest income from sinking fund................

414,071 833,956 Btal nct revenues in accordance with bond resolution. $ 67,188,372

$ 61,727,973 $ 66,026,882

$,64,460,046 $ 65,721,781 Aggregate bond debt senice..

$ 26,131,343

$_26,176,858

$ 27,510,976

$ 26,131,184 $ 26,756,070 Aggregate debt service coverage ratio,.

2.57 2.36 2.40 2.47 2.46 Total debt service..

$ 47,234,795

$ 42.622,279 $ 33,679.868

$ 33,865,283 $ 35,641,221 Total debt senice coverage ratio.

1.42 1,45 1.96 1.90 1.84 See note on page 35.

............................................g

,uuo,<

aoon1

.. _ ~

t GAINEsvillE REGloNAL trrlLrrir.S Schedules of Net Revenues in Accordance with Bond Resolution Electric Utility Fund J

Years ended September 30,1995 and 1994 l

1995 1994 Revenue:

l Sales of electricity:

Residential sales..

.... $ 52,262,423

$ 49.211,341 i

General service and large power.

49,228,381 46,959,475 Fuel adjustment.

(2,640,641) 888.353 I

Street and traffic lighting..

2,414,485 2.255,586 Utility surcharge.

2,635,177 2,456.560 Sales for resale....

5,087,395 4,860,763 Interchange sales...

9.104.735 6,344.482 Eta / Sales ofelectn'ci{y.

118,091,955 112.976,560 Other revenue:

Service charges.

1,292,535 1,259,870 Pole rentals..

136,398 136,500 i

Miscellaneous.

235,981 172,781..

Dlalother revenue..

1.664,914 1,569,151

~Itansfers to rate stabilization.....

(2,782,560)

(2.549,839)

Interest income.

4,571.431 3.942.488 e

Total rcrenue..

121,545,740 115,938,360-Operation and maintenance expense:

Operation and maintenance:

Fuel expense:

Retail and purchased power..

32,215,782 32,578,183 5,744,391 4,041,094 Interchange...

Tota /fuelexpense...

37,960,173 36,619,277 Power production....

12.435,730 12,503,522 Transmission..

655,173 664.871 Distribution..

5.647,644 6,145,606 Totaloperation and maintenance.

56.698,720 55,933,276 j

i i

Administrative and general:

Customer accounts....

2,729,959 2,359,744 Administrative and general..

9,624,763 9,270.926 12 354,722 11,630,670 Totaladministrativeandgeneral......

i 69,053.442 67.563.946 j

Total operation and maintenance expense..

Net revenue in accordance with bond resolution:

Retail..

49.131,954 46,071,026 Interchange..

3,360,344 2,303,388

. $ 52,492,298

$ 48,374,414 Total net revenue in accordance with bond resolution.

1 Se note on pqer 35.

g.

1995 GRv 1

l l

GAINEsVit1E REGloNAL UTILrrtEs Schedules of Net Revenues in Accordance with Bond Resolution

[

G2s Utility Fund rears ended september 30,1995 and 1994 1995 1994 Revenue:

Sales of gas:

Residential...

.... $ 5,740,415

$ 6.508,452 Interruptible/ commercial.

4,462,383 6.840,580 Other sales.....

555,589 334,868 Etalsales pfgas..

10,758,387 13,683.900 i

Other revenues (expenses).

117,522 (6.644)

"Ransfers to rate stabilization.

(240,377)

(597,624)

Interest income.

360,591 220,300 Etal revenue..

10,996,123 13,299,932 Operation and maintenance expense:

3 Operation and maintenance:

Fuel expense...

4,763,599 7,216,655 Operation and maintenance.

1,043,594 1,024,702 l

ktaloperation andmaintenance...

5,807,193 8.241,357 Administrative and general:

Customer accounts..

733,729 763,240 Administrative and general..

1,096,295 1,075,185 Btal administrative andgeneral....

1,830,024 1,838,425 htal operation and maintenance expense...

7.637,217 10.079,782 htal net revenue in accordance with bond resolution.,

$ 3,358.906

$_3,220,150 see nNe on pqge 3s.

i t

4 h

ANNUAL REPORT a~

~~"a"*

"~""~aaa"

" " ~ -

GAINEsvlLLE REGloNAL trilLITIEs Schedules of Net Revenues in Accordance with Bond Resolution Wat:r Utility Fund l' ears ended September 30,1995 and 199-1 l

i l

1995 1994 1

Revenue:

Sales of water:

3 General customers 7,928,163

$ 7,626,315 1

University of Florida...........

639,354 702.180 Fire protection...

871,495 867,303 l

Generating stations...........

60,519 57,347 Utility surcharge.....

724,324 696,686 l

Dtalsales of water.

10.223.855 9.949,831 Other revenue:

Connection charges....

1,055,589 1,280,687 l

11,004 40,636 Miscellaneous.

Etalother rcrcnue.

1,066.593 1,321,323 Transfers to rate stabilization..

(2,149,333).

(2,911,488)

Interest income.

837.589 605,163 Dta/ rcrenue.

' 9.978,704 8,964.829 Operation and maintenance expense:

Operation and maintenance:

Source of supply.....

4,473 28,394 Pumping.

841,143 913,044 Water treatment.

1,659,666 1,612,200 Transmission and distribution.

908,783 906,635 I

Dtaloperation and maintenance...

3.414,065 3.460,273 Administrative and general:

Custoater accounts..

558,622 446,046 Administrative and general..

1.364.064 1,291,529 l'l 1

Dtaladministratire andgencral..

1,922,686 1,737.575 l

i Dtaloperation and maintenance expense.....

5,336,751 5,197,848 Total net revenue in accordance with bond resolution.

.. $ 4.641,953

$ - 3,766,981 i

ser note on pqge 33.

l l

..1995 GRU

GAINEsVILLE REGloNAL UTILITIES Schedules of Net Revenues in Accordance with Bond Resolution Wrtewater Utility Fund I

1' ears ended September 30, 1995 and 1994 1995 1994 Revenue:

Wastewater billings:

Billings.

$ 12,464,105

$ 11,954,407 Utility 5:urcharge.

975,771 942.135 Blal wastewater billiqgs..

13,439,876 12,896,542 Other revenue:

Connection charges..

1,218,688 1,750,771 Miscellaneous.

8,950 15,370 htalother revenue..

1.227,6D 1,766.141 "IYansfers to rate stabilization.

(2.537.345)

(2,738,750)

Interest income.

1,369,598 874,789 Dtalrevenue..

13,499,767 12,798,722 Operation and maintenance expense:

Operation and maintenance:

Collection.

915,643 918,898

'IYeatment and pumping..

3,714.389 3,583,563 Rta/ operation and maintenance..

4,630,032 4,502,461 Administrative and general:

Customer accounts..

384,848 243,345 Administrative and general.,

1,789,672 1,686,488 Dtaladministrative andgeneral..

2,174.520 0

1,929,833 Total operation and maintenance expense..

6,804.552 6,432,294 Rtal net revenue in accordance with bond resolution..

$ 6,695.215

$ 6,366,428 GAINEsVILLE REGloNAL UTILITIES Nat;s to Schedules of Net Revenues in Accordance with Bond Resolution l' ears endalSeptember 30,1995 and 1994

Net revenues in accordance with bond resolution" differs from

. Other water and wastewater revenues include fees for con-

Net income" which is determined in accordance with generally nection, installation, front footage, and backflow prevention.

accepted accounting principles. Following are the more signifi-cant differences:

• Transfers to the general fund are excluded.

e Interest income does not include interest earned on construc-

• Other revenues include transfers (to) from the rate tion funds.

stabilization fund.

Operation and maintenance expenses do not include depreci-ation, amortization, or interest expense.

ANNUAL nEPORT

• * =

c-

1 GAINEsv! LIE REGloNAL UT!!JrtEs l

Schedule of Combining Balance Sheet l

September 30,1995 1

i ASSETS Electric Gas Water Wastewater Combined 4

l Utility plant:

Utility plant in senice..

...$438,196,890

$ 25,917,036 $ 91,456,028 $127,970,107 C683,540,961 Construction in progress...

41,382,286 478,863 5,135,730 6,423,807 53,420,686 479,579.176 26,395,899 96,502,658 134,393,914 736,961,647 Less accumulated depreciation and amortization..

.(157,661,878)

(10,843,988)

(28,909,234) (38,259,685) (235,674,785)

Net utili(yplant..

321,917,298 15,551,911 67,683,424 96,134,229 501,286,862 Current assets:

Cash and short-term investments..

16,793,721 904,821 369,745 826,653 18,894,940 Accounts receivable, net..

18,435,390 853,484 840,488 1,052,192 21,181,554 Inventories:

Fuel..

5,295,098 5,295,098 Materials and supplies.....

4,744,001 245,.285 897,520 5,886,906 g

7btalcurrent assets..

45,268,210 2,003,690 2,107,753 1,878,845 51,258,498 Restricted assets:

Utility deposits -

Cash and investments....

4,979,332 4,979,332 1

Debt senice fund -

I Cash and investments..

41,045,593 3,096,381 4,702,642 6,017,556 54,862,172 Rate stabilization fund -

Cash and investments.

12,924,826 2,470,014 7,119,014

-15,784,837 38,298,691 Construction fund -

Cash and investments..

20,807.011 412.096 5,238,510 1,828,763 28,286,380 Utility plant improvement fund -

Cash and investments.

58.304 58,304 Decommissioning reserve -

Cash and investments.

1,756,600 1,756,600 7btalrcstricted assets...

81,571,666 5,978,491 17,060,166 23,631,156 128,241,479 1

Deferred charges.

43,128,003 6,256,598 3,867,333 4.477.701 57,729,635 7btalaSSctS..

.. $491,885,177 $ 29,790,690 $ 90,718,676 $126,121931 $738,516,474 ~

i j

.5995 onu i

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m..

m&-.

2 - -. -. - -

l GAINESVillE REGloNAL UTILITIES Schedule cf Combining Balance Sheet September 30,1995 LIABILITIES AND FUND EQUITY Electric Gas Water Wastewater Combined Long-term debt and fund equity:

Long-term debt:

Utilities system revenue bonds--

$221,522,060

$ 21,540,420

$ 41,716,257 $ 50,786,263 $335,565,000 Utilities system commercial paper notes..

48.409,286 5,660,440 10,587,274 64,657,000

(

Less unamortized bond discount..

(4,234,445)

(442,425)

(877,307)

(1.009,803)

(6,563,980)

Etcllo/g'-term debt..

265,696,901 21,097.995 46,499,390 60,363,734 393.658,020 fund equity:

Contribution in aid of construction.

29,948,182 53,518,387 83,466,569 i

Retained earnings..

177,406,l')1 623,140 11,036,791 8,477,862 197.543,894 l

Dta! fund equi (y..

177,406,101, 623,140 40,984,973 61,996,249 281,010,463 ntallotg-tenn debt and fund equity,..

443,103.002 21,721,135 87,484,363 122,359,983 674,668,483 Current liabilities:

Fuels payable...

2,250,374 275,263 2,525,637 Accounts payable and accrued liabilities.

2,342,095 194,684 272,997 328,499 3,138,275 Due to other funds.,,.

151,183 604,814 700,337 514,022 1,970,356 Etalcurrent liabilitics.,.

4,743,652 1.074,761 973,334 842,521 7,634,268 Payable from restricted assets:

Utility deposits.,

5,104,330 5,104,330 Long-term debt payable, current....

23,877,233 399,885 240,885 521,997 25,040,000 Accrued interest payable.,.

7,081,586 693.229 1,267,309 1,566,997 10,609,121 Construction fund -

Accounts payable and accrued liabilities..

1,300,841 50,379 213.623 158,211 1,723,054 Bta/pqyablefrom restricted assets..

37,363,990 1,143,493 1,721,817 2,247,205 42,476,505 i

Other liabilities and deferred credits..

6,674,533 5,851.301 539,162 672,222 13,737,218 Dtalliabilities andfund equity..

$491,885,177

$ 29.790,690

$ 90,718,676 $126.121,931 $738,516,474 I

"""~"*"""*~~"*~""*"*""""h ANNUAL REPORT

1 0

)

i GAINESVILLE REGloNAL trrlLITIEs Schedule of Combining Statement of Revenue and Expense and Retained Earnings l' ear ended Septernber30,1995 I

)

i

]

l Electric Gas Water Wastewater Combined

' ?

Operating revenue:

j Sales and service charges........

$118.091,955

$ 10,758,387

$ 10,223,855 $ 13.439,876 $152,514,073 Other operating revenue..

1,664,912 117,522 11,005 8,950 1,802.389 1

Blaloperatig rerenue.-

119,756,867 10,875,909 10,234,860 13,448,826 154,316,462 -

Operating expenses.

Operations and maintenance.

56,698,720 5,807,193 3,414,065 4.630,032 70,550,010 Administrative and general.

12,354,722 1,830,024-1,922,686 2,174,520 18,281,952 j

Depreciation and amortization..

18,594,361 964,766 1,431,164 1,643.525 22,633,816 i

Tbtaloperativ expenScs.

87,647,803 8,601.983 6,767,915 8,448,077 ~ 111.465,778

- Operating income....

32,109.064 2,273,926 3,466,945 5,000,749 42,850,684 Non-operating income (expense):

interest income..

6,350,486 424,872 1,215,519 1,544,293 9,535,170 Interest expense, net of AFUDC..

(17,076,068)

-(1,451,329)

(2,753,804)

(3,589,171)

(24,870,372) l 7btalnon-operatig c.rpense..

(10,725,582)

(1.026,457)

(1,538,285)

(2,044,878)

(15.335.202)

Net income.

21,383,482 1,247,469 1,928,660 2,955,871 27,515,482 Retained earnings, beginning of year..

169,494,384 224,128 11.114,520 8,443,706 189,276,738

\\

General fund transfer.

(13,462,882)

(849,047)

(2,010,536)

(2,925,861)

(19,248,326)

Residual equity transfers..

(8,883) 590 4,147 4,146 Retained earnings, ending of year..

$177,406,101 5

623,140

$ 11,036,791 $ 8,477,862 $197,543,894

g..

8 s anu

GAINEsVILli REGloN AL UTILITIES Schedule of Utility Plant Properties C::mbined Utility Fund

- September 30,1995 Utility Plant Properties Balance

Sales, Balance September 30, retirements September 30, 1994 Additions and transfers 1995 Plant in Service Electric utility fund:

Production plant...

... $247.754,950

$ 3,003,055 758,066

$249,999,939 Nuclear fuel.

5,290,241 100,648 5,390,889

• 1Yansmission and distribution plant.

140,465,613 11,231,458 2,381,334 149,315,737 General and common plant.

33,181,630 974,385 665,690 33,490,325 Dtalc/cctric utilityfund..

426,692,434 15,309,546 3,805,090 438,196,890 Gas utility fund:

Distribution plant....

18,882,133 1,401,561 226,893 20,056,801 General plant.

1,063,987 204,954 49,341 1,209,600 Plant acquisition adjustment...

4,650,635 4,650,635 Etalgas utilip' fund....

24,586,755 1,606,515 276,234 25,917,036 Water utility fund:

Supply, pumping and treatment plant.

15,202,374 148,758 53,290 15,297,842

'IYansmission and distribution plant.

70,512,896 3,139,862 678,291 72,974,467 General plant...

2,986,216

'236,423 38,020 3,184,619 Etal water utilityfund..

88,701,486 3,525,043 769,601 91,456,928 Wastewater utility fund:

Pumping and treatment plant.

54,275,084 122,930 142,785 54,255,229 l

Collection plant..

66,110,111 1,996,395 398,707 67,707,799 Reclaimed water plant..

1,324,185 41,792 1,365,977

)

General plant.

4,354,907 373,692 87,497 4,641,102 Etal wastewater util/Orfund...

126,064,287 2,534,809 628,989 127,970,107 Dtalplant in scnice..

$666,044,962

$_22,975,913

$ 5,479,914

$683,540,961 Cora rtruction in Progress Electric utility fund.

$ 34,035,056

$ 23,747,472

$ 16,400,242

$ 41,382,286 Gas utility fund.....

232,910 1,855,767 1,609,814 478,863 Water utility fund.

3,911,909 4,748,865 3,525,044 5,135,730 Wastewater utility fund.

3,537,385 5,435,535 2,549,113 6,423,807 Etalconstruction in progress..

$ 41,717,260

$ 35,787,639

$ 24,084,213

$ 53,420,686

............................................g

,~~u,o n,nnT

i GAINEsVILLE REGloNAL LTrlLITlf.S Schedule of Accumulated Depreciation and Amortization Cambined Utility Fund September 30,1995 Balance Balance September 30, Sales and September 30, 1994 Additions retirements 1995 Electric utility fund:

Production plant............

$101,073,020

$ 7,299,871 766.590

$107,606,301 Nuclear plant.

4,420,818 374,185 4,795,003 Transmission and distribution plant...

34,852,226 4,251,196 3,549,958 35,553,464 General and common plant,

8,629,045 1,743,755 665,690 9,707,110 Dtal electr/c utili0' fund....

148,975,109 13,669.007 4,982,238 157,661,878 Gas utility fund:

Operating fund..

8,705,100 720,521'

.276.236 9,149,385 3

Plant acquisition adjustment...

1,394,229-300,374.

1,694,603 l

i Etalgas utili(yfund...

10,099,329 1,020,895 276,236 10,843,988 Water utility fund:

Supply, pumping and treatment plant..

5,094,390 435,401 53,290 5,476,501 Transmission and distribution plant.

19,889,004 1,567,251 678,291 20,777,964 General plant.

2,422.150 270,639 38,020 2,654,769 2tal water utiliorfund....

27,405,544 2,273,291 769,601 28,909,234 Wastewater utility fund:

'l Pumping and treatment plant..

13,468,172 1,697,114 142,785 15,022,501 Collection plant.

18,246,201 1,317,185 398,707 19,164,679 :

Reclaimed water plant....

26,588 26,588 General plant,

3,693,530 439,884 87,497 4.045,917 Dtal wastewater utili(yfund....

35,407,903 3,480,771 628,989 38,259,685 l

htal...

$221,887,885

$ 20,443,964

$ 6,657,064

$235,674,785

.f I

h..

.1995 GRU ANNUAL REPORT

Michael L. Kurtz General Manager for Utilities (352) 334-3400 ext.1007 Darrel R. DuBose Assistant General Manager for Electric System Operations (352) 334-3400 ext.1512 John F. Hancock Jr.

Assistant General Manager for Power Systems (352) 334-3400 ext.1712 Karen S. Johnson Assistant General Manager for Customer and Administrative Services (352) 334-3400 ext.1031 Robert D. McVay Assistant General Manager for Water and Wastewater Systems (352) 334-3400 ext.1612 Thomas A. Geoffroy Director of Gas System Operations (352) 334-3600 ext. 6020 Edward J. Regan Jr.

Director of Strategic Utility Planning (352) 334-3400 ext.1272 Kim C. Simpson Utility Finance Director (352) 334-3400 ext.1312 Raymond O. Monasco Jr.

Utilities Attorney (352) 334-3400 ext.1016 i

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FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT l

I CITY OF BUSHNELL, FLORIDA SEPTEMBER 30,1995 1

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FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT CITY OF BUSHNELL, FLORIDA l

SEPTEMBER 30,1995 1

CONTENTS Page l

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City Council and Officials 1.

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Independent Auditors' Report 2

l General Purpose Financial Statements Combined Balance Sheet - All Fund Types and i.

Account Groups 3-4 l

l-Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 5.

Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual -

All Governmental Fund Types 6

Combined Statement of Revenues, Expenses and Changes in Retained Earnings - Proprietary Fund Type - Enterpri:;e Funds 7

i Combined Statement of Cash Flows - Proprietary Fund Type - Enterprise Funds 8

1 1'

Notes to Financial Statements 9-26 1

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- Accompanying Infonnation l

Combining and Individual Fund Statements and Schedules General Fund Balance Sheet 27 Statement of Revenues,' Expenditures and Changes in Fund Balar.ce 28 Statement of Re renues, Expenditures and Changes in Fund Balance,- Budget and Actual 29 l

Statement of Revenues - Budget and Actual 30-31 l

Statement 0:! Expenditures - Budget and Actual 32-33 1

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FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT CITY OF BUSHNELL, FLORIDA SEPTEMBER 30,1995 i

CONTENTS (Concluded)

Page Combining and Individual Fund Statements and Schedules (Concluded)

Special Revenue Fund Evergreen Cemetery:

i Balance Sheet 34 Statement of Revenues, Expenditure and Changes in Fund Balance 35 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 36 Erderprise Funds Combining Balance Sheet 37-38 i-Combining Statement of Revenues, Expenses and Changes in Retained Earnings 39 Schedule of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual - Electric 4

Utility Fund 40 Schedule of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual - Water Utility Fund

. 41 Schedule of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual - Sanitation Fund 42 f

Agency Funds Combining Balance Sheet 43 Statement of Changes in Assets and Liabilities 44 1

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l CITY COUNCIL AND OFFICIALS CITY.OF BUSHNELL, FLORIDA l

SEPTEMBER 30,1995 l

Mayor-Councilman.................................. Joseph P. Strickland, Jr.

Vice-Mayor-Councilwoman Margaret Theis Council man................................................. Dale Swain Councilman............................................... Billy. Williams Councilman...........................................

James Holt City Manager

............................. Vicente Ruano City Clerk

...................... Joy Coleman City Attorney

........ James E. Wade, III L

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Purvis Gray &

Company INDEPENDENT AUDITORS' REPORT l

Honorable Mayor and Council Members City of Bushnell Bushnell, Florida We have audited the accompanying general purpose financial statements of the City of Bushnell, Florida, as of and for the year ended September 30,1995, as listed in the accompanying table of contents. These j

general purpose financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit.

Our audit was made in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examinmg, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

)

In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Bushnell, Florida at September 30,1995, and the results of its operations and cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 5,1996, on our consideration of the City of Bushnell, Florida's internal control structure and a report dated January 5,1996, on its compliance with laws and regulations.

4 Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund statements and schedules listed as accompanying information in the foregoing table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole.

January 5,1996 Ocala, Florida lAito,

OLnd-Certified Public Accountants P.O. Box 23999

• 222 N.E.1st Street

• Gainesville, Florida 32602 * (352) 378-2461 Laurel Ridge Professional Center

• 2347 S.E.17th Street

• OCala, Florida 34471 * (352) 732-3872 1415 Piedmont Drive, East, Suite 2

• Tallahassee, Florida 32312 * (904) 385-0554

• FAX (904) 385-9801 MEM8ER$ OF AMERICAN AND FLORIDA INSTITUT[5 OF CERTIFIED PUBLIC ACCOUNTANT 5 Mf MBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PRIVAYE COMPANIES AND s l C. PRACTICE SECTIONS 2

COM~INED CALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS -

SEFFEMBER 30,1995 CITY OF BUSHNELL, FLORIDA Proprietary Fiduciary Account Groups Governmental Fund Types Phnd Type Fund Type General General Totals Special Fixed Img-Term CWemorandom Only)

General Revenue Enterprise Agency Assets Debt 1995 1994 Assets Cash and Cash Equivalents S

539,349 $

3,529 $ 469,097 $

2,169

$ 1,014,144 $ 841,530 lavestments 315,000 40,059 355,059 25,027 Receivables:

Accounts (Net of Allowance For Uncollectibles of $2,000) and Unbilled Revenue 40,662 271,652 312,314 295,791 Duc From Other Funds 10,238 10.238 39,148 Due From Other Governments 12,937 12,937

.O Inventories, at Cost 114,058 114,058 77,452

[

Restricted Assets:

l Cash and Cash Equivalents 452,805 452,805 736,362 Property, Plant and Equipment -

Cost less Accumulated Depreciation For Proprietary Fund Typ; Cost For General Fixed Assets Account Group 2,674,838

$ 1,587,164 4,262,002 4,022,589 Other Assets 11,360 11,360 11,602 L

Amount to be Provided For Retirement of General long-Term Debt

$ 279,782 279,782 300,219 Total Assets 592,948 $

318,529 $ 4,004,048 $

42,228 $ 1,587,164 $ 279,782 5 6,824,699 $ 6,349,720 l

See accompanying notes.

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COMBINED CALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30,1995 CITY OF BUSHNELL, FLORIDA (Concluded)

Proprietary Fiduciary Account Groups Governmental Fund Types Fund Type Fund Type General General ~

Totals Special Fixed leng-Term (Memorandum Only)

General Revenue Enterprise Agency Assets Debt 1995 1994 Liabilities and Fund Equity Liabilities Accounts Payable 38,%2 '

$ 123.889

$ 162,851 $ 161,513 Other Accrued Expenses 11,418 9,608 21,026 24,369 Due to Other Funds 10,238 10,238 17,470 Deferred Revenue / Deferred Credits 593 22,096 22,689 1,743 Deposits '

1,200 $

1,950 2,169 5,319 4,544

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Payable From Restricted Assets:

Customer Deposits 63,847 '

63,847 66,435 Accrued Interest Payable 6,205 6,205 7,483 Revenue Bonds Payable 35,000 35,000 35,000 Revenue Bonds Payable - Series 1976 (Net of Discount and Pertion Payable From Restricted Assets) 131,704 131,704 165,880 Notes Payable 640,285

$ ' 136,066

'776,351 685,133 Compensated Absences Payable 36,881 48,575 85,456 74,381 Deferred Compensation 40,059 40,059 25,027 Obligations Under Capital lease 95.141 95,141 105,281 Total Liabilities 52,173 1,950 1,079,753 42,228 $

0 279,782 1,455,886 1,374,259 I

Fund Equity Contributed Capital 1,190,970 1,190,970 1,132,137 Investment in General Fixed Assets 1,587,164 1,587,164 1,499,794 i

Retained Earnings:

Reserved 347,753 347,753 330,444 Unreserved 1,385,572 1,385,572 1,289,875

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Fund Balances:

-t Reserved 14,428 313,050 327,478 315,063 Unreserved 526,347 3.529 529,876 408,148 Total Fund Equity 540,775 316,579 2,924,295

-0 1,587,164 0

5,368,813 4,975,461 Total Liabilities and Fund Equity 592,948 5 318,529 $ 4,004,048 $

42,228 $ I,587,164 $ 279,782 $ 6,824,699 $ 6,349,720 See accompanying notes.

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COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30,1995 CITY OF BUSHNELL, FLORIDA Governmental Fund Types Totals Special (Memorandum Only)

General -

Revenue 1995 1994 Revenues Taxes S

504,851 $

0$

504,851 $

469,928 Licenses and Permits 18,748 0

18,748 23,748 Intergovernmental 381,085

.0 381,085 364,562 Charges For Services 1,787 0

1,787 1,752

' Fines and Forfeitures 19,134 0

19,134' 44,038 Interest and Miscellaneous 48,288 31,612 79,900 75,812 -

Total Revenues 973,893 31,612 1,005,505 979,840 Expenditures General Government 280,284 0

280,284 284,711 Public Safety 425,897 0

425,897 458,547 Physical Environment 7,219 13,315 20,534 24,199 Transportation 214,868 0

214,868 279,891 Economic Environment 12,000 0

12,000 13,000 Culture and Recreation 134,779 0

134,779 217,257, (Total Expenditures)

(1,075,047)

(13,315)

(1,088,362)

(1,287,605) 1 (Deficiency) Excess of Revenues (Under) Over Expenditures (101,154) 18,297 (82,857)

(307,765)

Other Financing Sources

. Operating Transfers in 217,000 0

217,000 217,000 Loan Proceeds 0

0 0

150,000 Total Other Financing Sources 217,000 0

217,000 367,000 Excess of Revenues and Other Financing Sources Over Expenditures 115,846 18,297 134,143 59,235 Fund Balances, Beginning of Year 424,929 298,282 723,211 663,976 i

Fund Balances, End of Year 540,775 $

316,579 $

857,354 5 723,211 1

See accompanying notes, i

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COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANCES IN FUND CALANCES - EUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES FOR TIIE YEAR ENDED SEPTEMBER 30,1995 CITY OF BUSIINELL, FLORIDA General Fund Special Revenue Funds Totals (Memorandum Only)

Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable)

Budget Actual (Unfavorable)

Budget Actual (Unfavorable)

Revenues Taxes

$ 464,372 $ 504,851 $

40,479 0 $.

0 $

0 $ 464,372 $ 504,851 $

40,479 Licenses and Permits 19,151 18,748 (403) 0 0

0 19,151 18,748 (403)

Intergovernmental 361, % 1 381,085 19,124 0

0 0

361, % I 381,085 19,124 Charges For Services 1,600 1,787 187 0

0 0

1,600 1,787 187 Fines and Forfeitures 18,100 19,134 1,034 0

0 0

18,100 19,134 1,034 Interest and Miscellaneous 24,000 48,288 24,288 27,600 31,612 4.012 51.600 79,900 28,300 Total Revenues 889,184 973,893 84,709 27,600 31,612 4,012 916,784 1,005.505 88.721 Expenditures General Government 298,709 280.284 18,425 0

0

'O 29S,709 250,284 18,425 Public Safety 487,172 425,897 61.275 0

0 0

487,172 425,897 61,275 Physical Environment 9,800 7,219 2,581 15,000 13.315 1,685 24,800 20,534 4,266 Transportation 219,624 214,868 4,756 0

0 0

219,624 214,868 4,756 Economic Environment 12,000 12,000 0

0 0

0 12,000 12,000 0

Culture and Recreation 148,662 134,779 13,883 0

0 0

148,662 134,779 13,883 (Total Expenditures)

(1,175 % 7) (1,075,047) 100,920 (15,000)

(13.315) 1,685 (1,190,%7) (1,088.362) 102,605 (Deficiency) Excess of Revenues (Under) Over Expenditures (286,783),

(101,154) 185,629 12,600 18,297 5,697 (274,183)

(82,857) 191.326 Other Financing Sources Operating Transfers in 267,000 217,000 (50,000) 0 0

0 267,000 217,000 (50,000)

(Deficiency) Excess of Revenues and Other Financing Sources (Under) Over Expenditures 3 (19,783) 115,846 $

135,629 $ 12,600 18.297 $

5.697 $ (7,183) 134,143 $

141,326 Fund Balances, Beginning of Year 424.929 298.282 723,211 Fund Balances, End of Year

$ 540,775

$ 316,579

$ 857,354 See accompanying notes, 6

COMBINt'D STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPE - ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,1995

- CITY OF BUSHNELL, FLORIDA Total (Memorandum Only) 1995 1994 Operating Revenues Charges For Services

$ 1,996,405 $

1,937,996

~

Operating Expenses Purchased Power 867,996 807,403 Salaries.

205,115 194,008 Employee Benefits 92,175 91,921 Professional Services 57.823 48,592 Operating Supplies 82,760 31,187 Other Current Charges 83,877 84,031 Depreciation 166,119 140,842 Landfill 101.111 91,347 (Total Operating Expenses)

(1,656,976)

(1,489,331)

Operating Income 339,429 448,665 Nonoperating Revenues (Expenses)

Interest Income 33,239 24,167 Interest Expense (42,662)

(39,847)

Total Nonoperating Revenues (Expenses)

(9,423)

(15,680)

Net Income Before Transfen 330,006 432,985 Other Financing (Uses)

Operating Transfers Out (217,000)

(217,000)

Net locome 113,006 215,985 l

l Retained Earnings, Beginning of Year 1,620,319 1,404,334 l

Retained Earnings, End of Year

$ 1,733,325 $

1,620,319 l

See accompanying notes.

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COMBINED STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPE - ENTERPRISE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,1995 CITY OF BUSHNELL, FLORIDA Total (Memorandum Only) 1995 1994 Cash Hows Freen Operating Activities Operating locome 339,429 $

448,665 -

Adjustments to Reconcile Operating income to Net Cash Provided By Operations:

- Depreciation of Plant 166,119 140,842 Change in Current Assets - (Increase) Decrease:

Accounts Receivable and Unbilled Revenue (7,973)

. (21,446) -

Due From Other Funds 7,232 0

Other Assets 242 0

inventory (37,154)

(9,184)

Change in Current Liabilities - Increase (Decrease):

Accounts Payable and Other Accrued Expenses 19,345 (42,568)

Other Accrued Expenses (2,401) 3,852 Due to Other Funds (7,232) 0 Accrued Compensated Absences 9,343 5,736 Deferred Credit 22,096 0

Customer Deposits (2,588) 5,314 Net Cash Pavvided By Operating Activities 506,458 531,211 Cash Hows From Noncapital Financing Activities Operating Transfers Out to Other Funds (217,000)

(217,000)

Cash Hows From Capital and Related Financing Activities Acquisition and Construction of Capital Assets (318,162)

(166,529)

Principal Payments and Bonds (80,929)

(67,852)

Proceeds From Note 150,000 0

Interest Paid (43,940)

(40,942)

Contributed Capital 58,833 2,026' Net Cash (Used In) Capital and Related Financing Activities (234,198)

(273,297)

Cash Hows From Investing Activities Interest Received 33.239 24,168 Net Increase in Cash and Cash Equivalents 88,499 65,082 Cash and Cash Equivalents, Beginning of Year 833,403 768,321 Cash and Cash Equivalents, End of Year 5

921,902 ~ $

833,403 Presented in the Accompanying Financial Statements as:

Unrestricted Cash 469,097 $

394,041 Restricted Cash 452,805 439,362 Total Cash 921,902 $

833,403 See accompanying notes.

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NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA

' Note 1 rmmmary of Significant Accounting Policies The City of Bushnell, Florida (the City) was incorporated in 1957. The City operates under a council-manager form of government and provides services to its residents in many areas, including public safety (police and fire), highways and streets, utilities, sanitation, culture and recreation, public improvements, and general administrative services.

The financial statements of the City have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units.

The Governmental i

Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the City's accounting principles are described below:

Reporting Entity In evaluating how to define the City for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the reporting entity was made by applying the criteria set forth in GASB Statement No.14, The FinancialReporting Entity. The definition of the reporting entity is based primarily on the concept of financial accountability.

The City is financially accountable for the organizations that make up its legal entity. It is also financially accountable for legally separate organizations ifits officials appoint a voting majority of the organization's governing body and either it is able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to, or to impose specific financial burdens on, the City. The City may also be financially accountable for governmental organizations that are fiscally dependent upon the City. Based upon the application for these criteria, the Evergreen Cemetery was considered a component unit of the City.

m Evergreen Cemetery Fund A Board of Trustees was created by City ordinance and is appointed by the City Council to administer the affairs of Evergreen Cemetery. One member of the City Council must be on the Board of Trustees. The Board of Trustees is authorized to sell cemetery lots and to invest proceeds which are legally restricted by ordinance. The principal is not subject to expenditure and the interest can be used only for operations, maintenance and improvement of the cemetery. The Evergreen Cemetery is a blended component unit and is included in the City's reporting entity as a special revenue fund.

Fund Accounting The City uses funds and account groups to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities.

A fund is a separate accounting entity with a self-balancing set of accounts. Funds are i

classified into three categories: governmental, proprietary and fiduciary. Each category, in turn, is divided into separate " fund types."

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NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note I - ' Summary of Significant Accounting Policies (Continued)

Fund Accounting (Concluded)

Governmental funds are used to account for all or most of a government's general activities.

Governmental funds of the City are as follows:

General Fund - The general fund is the general operating fund of the City. It is used to a

account for all financial resources, except those required to be accounted for in another fund.

Special Revenue Fund - The special revenue fund is used to account for the proceeds a

of specific revenue sources (other than expendable trusts, or for major capital projects) -

that are legally restricted to expenditures for specific purposes. The City operates only one special revenue fund (the Evergreen Cemetery fund).

Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income. is necessary or useful to sound f' ancial m

administration. Proprietary funds of the City are as follows:

a Enterprise Funds - The enterprise funds are used to account for activities that are operated in a manner similar to private businesses where the cost of providing goods and services are primarily recorded through user charges. The City operates electric, water and sanitation enterprise funds.

Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the government.

m Agency Funds - The agency funds generally are used to account for assets that the government holds on behalf of others as their agent. The City operates bail bond and deferred compensation agency funds.

An account group, unlike a fund, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. Account groups maintained by the City are as follows:

General Fixed Assets - Account for property and equipment not used in proprietary fund a

type operations or accounted for in trust funds.

e General Long-Term Debt - Accounts for unmatured principal of long-term general obligation indebtedness that is not a specific liability of a proprietary or fiduciary fund type.

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NOTES TO FINANCIAL STATEMENTS U

CITY OF BUSHNELL, FLORIDA (Continued).

Note 1 - Summary of Significant Accounting Policies (Continued)

Basis of Accounting The -aounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a curren't financial resources measurement focus. With this measurement focus, only current assets and current

)

liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenses and other financing uses) in net current assets.

All proprietary fund types are accounted for on a flow of economic resources measurement j

focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net j

total assets.

The modified accrual basis of accounting is used by all governmental fund types and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). " Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Billing cycles of the proprietary funds which overlap September 30 are prorated based upon meter reading dates.

Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due.

The following revenues are considered to be susceptible to accrual:

Cigarette Tax State Revenue Sharing Proceeds Mobile Home License Tax Alcoholic Beverage License Tax Half-Cent Sales Tax Property Taxes Franchise Taxes Utility Service Taxes Interest Revenue The accrual basis of accounting is utilized by proprietary fund types. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. Pursuant to GASB Statement No. 20, the City has elected not to apply all Financial Accounting Standards Board (FASB) Statements and Interpretations issued after November 30,1989 for proprietary fund type activities.

11'

NOTES TO FINANCIAL STATEMENTS CITY OF BUSIINELL, FLORIDA (Continued)

Note 1 - Summary of Significant Accounting Policies (Continued)

Basis of Accounting (Concluded)

The City reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the " measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when resources are received by the government before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue r* cognition criteria are met, or when the government has a legal claim to the resources, the liability for deferred revenue is removed from the corabined balance sheet and revenue is recognized.

Budgets Budgets are adopted on a basis consistent with generally accepted accounting principles, except that the provision for depreciation expense is not included in the budget of the proprietary funds. Annual appropriated budgets are adopted for the general fund; Annual appropriations lapse at fiscal year end.

1 Encumbrance accounting, under which purchase orders, contracts, and other commitments are recorded as expenditures in order to reserve that portion of the applicable appropriation, is not employed by the City for budgetary purposes.

Cash and Cash Equivalents Cash includes amounts in demand deposits, as well as short-term investments with a maturity date within three months of the date acquired by the City.

Short-Term Interfund Receivables /Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due to/from other funds" on the balance sheet.

Inventory Inventories held by the enterprise funds are stated at cost or market, whichever is lower.

Prepaid Items Payments made to vendors for service that will benefit periods beyond September 30,1995 are recorded as prepaid items.

Property, Plant and Equipment Property, plant and equipment used in governmental fund type operations are accounted for in the general fixed assets account group, rather than in governmental funds. No depreciation has been provided on such property, plant and equipment.

All property, plant and equipment are valued at historical cost or estimated historical cost, if actual historical cost is not available. Donated property, plant and equipment are valued at their estimated fair value on the date donated.

12

NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note 1 - Summary of Significant Accounting Policies (Continued)

Property, Plant und Equipment (Concluded)

The City has adopted the accounting policy of not. capitalizing " infrastructure" general fixed assets (road, bridges, curbs and gutter, streets and sidewalks, drainage' system, lighting systems and similar assets that are immovable and of value only to the City).

i Depreciation is provided in the enterprise funds in amounts sufficient to relate the cost of the depreciable assets to operations over their estimated service lives on the straight-line basis.

The service lives by type of asset are as follows:

Useful Lives In Years Electric Utility Fimd Distribution Plant 25-40 Years Structures and Improvements 32 Years 6-12 Years Equipment 28 Years -

Investment in Crystal River #3 Nuclear Plant Water Utility Fund

]

Distribution Plant -

25-101 Years Building 50 Years Equipment 25 Years

)

i Sanitation Fund Equipment 7 Years Bond Discounts and Issuance Costs Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the straight-line amortization method which produces a result not significantly different from the interest method. Bond discounts are presented as a reduction of the face amount of bonds payable, whereas issuance costs are recorded as deferred charges.

Compensated Absences Vested or accamulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an' expenditure and a fund liability of the governmental fund that will pay it. Amounts of vested or accumulated vacation leave that are not expected to be liquidated with expendable available financial resources are reported in the general long-term debt account group. No expenditure is reported for these amounts. Vested or accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the' benefits accrue to employees. In accordance with the provision of Statement of Financial Accounting Standards (SFAS) No. 43, Accountingfor Compensated Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. However, a liability is recognized for that portion of accumulating sick leave

[

benefits that is estimated will be taken as " terminal leave" prior to retirement.

)

13

e NOTES TO FINANCIAL STATEMENTS l

l CITY OF BUSHNELL, FLORIDA (Continued) i i

Note I - Summa 7 of Significant Accounting Policies (Concluded)

Interfund Transactions -

j Quasi-external transactions are accounted for as revenues, expenditures or expenses.

Transactions that constitute reimbursements to a fund for expenditures / expenses initially made from it that are properly applicable to another fund, are recorded as expenditures / expenses

'in the reimbursing fund and as reductions of expenditures / expenses in the fund that is reimbursed.

l l

All other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reponed l

as residual equity transfers. All other interfund transfers are reported as operating transfers.

Grants - Proprietary Funds Unrestricted grants, entitlements or shared revenues received are reported as nonoperating revenues. Such resources externally restricted for capital acquisitions or construction are reported as contributed capital. Operating expenses include depreciation on all depreciable fixed assets (including those financed by grants).

Water IJne Extension Charges Water line extension charges are made to customers to cover the full cost of the addition.

Such charges are recorded as an equity contribution. Costs of the extension are reported as property and equipment and depreciated over the estimated useful life of the asset.

Fund Equity Contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, customers or other funds. ' Reserves represent those portions of fund equity not appropriable for expenditures or legally segregated for a specific future use.

Total Columns on Combined Statements - Overview Total columns on the combined statements - overview are captioned " Memorandum Only" to indicate they are presented only to facilitate financial analysis. Data in these columns are not l

comparable to a consolidation. Interfund transactions are not eliminated.

Comparative Data Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and i

operaticas. However, comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand.

1 i

i 14

NOTES TO FINANCIAL STATEMENTS CITY OF BUSIINELL, FLORIDA (Continued)

Note 2 - Legal Compliance - Budgets Prior to October 1, the City Manager submits to the City Council a proposed operating budget for the fiscal year commencing October 1.

The operating budget includes proposed expenditures and the means of financing them. After submission of the proposed operating budget, workshops are held and public hearirgs are conducted to obtain taxpayer comments.

Prior to October 1, the budget is legally erected through passage of a resolution. Any transfers of budgeted amounts between departments withi.: any fund and any revisions that alter the total expenditures of any fund must be appre.d by the City Council.

Budgeted amounts presented agree with the original adopted budget as amended during the year by the City Ccuncil.

Note 3 - Deposhs and Investments Deposits At year end, the carrying amount of the City's cash deposits was $1,466,949 and the bank balance was $1,529,819. All cash deposits were held in qualified public depositories and were covered by federal depository insurance or by a state collateral insurance pool in accordance with Chapter 280, Florida Statutes. All cash deposits were classified as category one credit risk, which means they were insured or collateralized.

l Investments l

The City's investments are cuegorized as either (1) insured or registered for which the securities are held by the City or its agent in the City's name; (2) uninsured and unregistered for which the securities are held by the broker's or dealer's trust department or agent in the City's name; on (3) uninsured and unregistered for which the securities are held by the broker or dealer, or by its trust department or agent, but not in the City's name.

l Category Carrying Market 1

2 3

Amount Value Certificates of Deposit

$ 315,000 $

0$

0 $ 315,000 $ 315,000 Investment in Deferred Compensation Plan 40,059 40,059 Total Investments

$ 355,059 Investments in the deferred compensation plan are not classified as to credit risk because they

(

are held in mutual funds.

1 Note 4 - Property Taxes

(

l Under Florida law, the assessment of all properties and the collection of all county, municipal and school board property taxes are consolidated in the offices of the County Property Appraiser and the County Tax Collector. The laws of the state regulating tax assessment are also designed to assure a consistent property valuation method statewide. Florida Statutes 1

15 1

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NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note 4 - Property Taxes (Concluded) permit municipalities to levy property taxes at a rate of up to 10 mills. The millage rate assessed by the City for the fiscal year ended September 30,1995 was 2.70.

All propeny is assessed according to its fair market value on January 1 of each year. Each assessment roll is submitted to the Executive Director of the Florida Depanment of Revenue for review to determine if the rolls meet all of the appropriate requirements of Florida Statutes.

The current year taxes for the fiscal year, beginning October 1, are billed in the month of November and are due no later than March 31. On April 1, all unpaid amounts become delinquent and are subject to interest and penalties. Discounts are allowed for early payment as follows:

November 4%

December 3%

January 2%

February 1%

March 0%

Delinquent taxes on real propeny bear interest of 18% per year. On or prior to June 1 of the following tax year, certificates are sold for all delinquent taxes on real property. After sale, tax cenificates bear interest of 18% per year or at any lower rate bid by the buyer.

Application for a tav deed on any unredeemed tax cenificates may be made by the cenificate holder after a period of two years.

Delinquent taxes on personal propeny bear interest of 18% per year until the tax is satisfied either by seizure and sale of the propeny or by the five-year statute oflimitations.

The amount of delinquent or uncollected propeny taxes at year end was immaterial. The City's tax calendar is as follows:

Valuation Date:

January 1 Levy Date:

November 1 Due Date:

March 31, Succeeding Year Lien Date:

April 1, Succeeding Year Note 5 - Bond Service Requirements / Restricted Assets Nuclear Decommissioning The Florida Public Service Commission requires utilities to set aside monies to pay the estimated future cost of dismantling or decommissioning nuclear power plants. The City has set aside such monies in the custody account with a third pany trustee.

16

NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note 5 - Bond Service Requirements / Restricted Assets (Concluded)

Utilities Systan Revenue Bonds, Series 1976 As of September 30, 1995, bond service requirements are current, The following is a summary of the restricted assets related to thr, Utilities System Revenue Bonds, Series 1976:

a Revenue Bonds Debt Service - The Cit ( deposits cash monthly into a separate account to fund upcoming principal and interest pqments in accordance with the bond resolution.

Such cash and investments are reported as restricted assets.

m Renewal and Replacement - The bond resolution requires a monthly deposit for renewal and replacement (extensions, enlargements or additions to, or the replacement of capital assets of the facilities and emergency repairs thereto or unusual costs of operation and maintenance). The required monthly contribution is computed at one-twelfth of 9% of the prior year's gross revenue; however, no further deposits are required when the balance on hand equals 10% of the outstanding principal balance of the revenue bonds.

Customer Deposits Customer deposits have been restricted to indicate the amount is not available for the financing of current utility operations.

j Note 6 - Property, Plant and Equipment A summary of changes in general fixed assets follows:

Balance Balance 10/1/94 Additions (Di.posals) 9/30/95 Land 439,913 $

0$

(3,500) $

4?6,413 Buildings 173,247 0

0 173,247 Improvements 295,408 22,139 (1,375) 316,172 Machinery and Equipment 591,226 70,106 0

661,332 Total

$ 1,499,794 $

92,245 $

(4,875) $ 1,587,164 A summary of proprietary fund type property and equipment at September 30,1995 follows:

1 Electric Water Utility Utility Sanitation Fund Fund Fund Total Land 2,300 $

18,090 $

0$

20,390 Distribution Plant 1,111,996 939,764 0

2,051,760 Buildings 214,487 134,436 0

348,923 Equipment 228,657 773,973 198,315 1,200,945 Crystal River III investment 321,752 0

0 321,752 1,879,192 1,866,263 198,315 3,943,770 (Accumulated Depreciation)

(666,002)

(483,897)

(119,033)

(1,268,932) l Total

$ 1,213,190 $ 1,382,366 $

79,282 $ 2,674,838 17

NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note 7 - Long-Tenn Debt The following is a summary of the bonds payable and general long-term debt:

Propdetary Fund Long-Term Debt a Utility System Revenue Bonds, Series 1976 - $500,000 The 1976 bonds are coupon bonds in denominations of $5,000 each and are collateralized by a pledge of the gross revenues of the utilities system.

The bond liability is recorded according to use of the original proceeds as follows:

Electric Utility Fund 86 %

Water Utility Fund 14 %

Combined bond maturities and interest rates are as follows:

Electric Water Total Maturity Coupon Utility Utility Principal April 1 Rate Fund Fund Amount -

Term Bonds 1996 7.3%

30,100 $

4,900 $

35,000 1997 7.3 %

34,400 5,600 40,000 1998 7.3 %

38,700 6,300 45,000 1999 7.3 %

43,000 7,000 50,000 Total Principal Balance Outstanding 146,200 23,800 170,000 (Unamortized Discount and Issue Costs)

(2,837)

(459)

(3,2%)

Total 5 143,363 $

23,341 $ 166,704 Total Remaining Interest 41,121 $

6,694 $

47,815 The term bonds due in 1999 are subject to mandatory redemption by lot in the amounts

'isted above, a Water Fund - Florida Municipal Power Agency (FMPA) - Initial Pooled Loan Project The City has entered into a financing agreement with the FMPA. Interest is payable monthly at a variable rate (currently 4.0% plus a 1.15 % administration fee) and principal is due as follows:

18

NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note 1 - Long-Term Debt (Continued)

Proprietary Fund Long-Term Debt (Continued) a Water Fund - Florida Municipal Power Agency (FMPA) - Initial Pooled Loan Project (Concluded)

Electric Water Year Ending Utility Utility Total 9/30 Fund Fund Principal 1996 5

21,838 5

13,162 5

35,000 1997 26,205 13,795 40,000 1998 26,205 13,795 40,000 1999 26,205 18,795 45,000 2000 30,573 19,427 50,000 2001 30,573 19,427 50,000 2002 153 14,847 15,000 2003 15,000 15,000 e

2004 20,000 20,000 2005 20,000 20,000 1

2006 20,000 20,000 2007 20,000 20,000 2008 25,000 25,000 2009 25,000 25,000 2010 25,000 25,000 2011 26,000 26,000 Total T 161,752 5 309.248 5

471,000 m Water Fund Mortgage Note Payable - Bennie Harrison The following is a schedule of the mortgage note payable to Bennie Harrison:

Remaining Principal Interest 1996 1,000 65 Principal and interest (at 6%%) are due annually on January 31. The balauce is collateralized by water fund land.

s Water Fund Note Payable - AmSouth Bank of Florida During the 1994-95 fiscal year, the City borrowed $150,U)0 from AmSouth Bank of Florida to finance construction of 5,800 feet of water main extecion along State Road 48.

This note is uncollateralized with monthly payments of principal and interest beginning on July 2,1995 and ending on June 2,2005 (120 payments). The interest rate on the note is fixed at 5.98% per annum, with total monthly payments being $1,663.82. Annual requirements for the note are as follows:

19

NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note 7 - Long-Tenn Debt (Continued)

Proprietary Fund Long-Term Debt (Concluded) a Water Fund Note Payable - AmSouth Bank of Florida (Concluded)

Principal Interest Total 1996 10,594 7,760

$ 18,354 1997 12,177 7,789 19,966 1998 12,926 7,040 19, % 6 1999 13,720 6,246 19,966 2000 14,564 5,402 19,966 2001 15,459 4,507 19,966 2002 16,409 3,557 19,966 2003 17,418 2,548 19,966 2004 18,488 1,478 19, % 6 2005 14,604 369 14,973 Total 146,359 $ 46,6%

$ 193,055 m Sanitation Fund Loan - First Union National Bank During the 1993-94 fiscal year, the City borrowed $40,000 from First Union National Bank to purchase a garbage truck. This loan is collateralized by the garbage truck and has a fixed interest rate of 4.83 % per annum. Monthly payments of $751.74 began on May 8, 1993 and end on April 8,1998 (60 payments). Anuual requirements for the loan are as follows:

Principal Interest Total 1996 8,143 877 9,020 1997 8,546 474 9,020 1998 5,240 84 5,324 Total 21,929 $

1,435

$ 23,364 General Long-Term Debt Principal Balance 9/30/95 Note Payable - Bank, Unsecured, Due in Monthly Payments of $1,597, Including Interest at 5%

136,066 Accumulated Unpaid Vacation and Sick Pay Accrual 48,575 Capital Lease Obligation, Collateralized By a Fire Truck (With a Cost Carrying Value of $123,000),

Due in Semiannual Installments of $8,771, Which Includes Interest at 7.2%

95,141 Total General Long-Term Debt 279,782 20

NOTES TO FINANCIAL STATEMENTS

~ CITY OF BUSHNELL, FLORIDA (Continued)

Note 7 - Long-Term Debt (Concluded)

General Long-Term Debt (Concluded)

During the year ended September 30,1995, the following changes occurred in the liability reported in the general long-term debt account group:

Balance Balance 10/1/94 Additions (Reductions) 9/30/95 Note

$ 148,095 $

0$

(12,029) $ 136,066 Accumulated Unpaid Vacation and Sick Pay Accrual 46,843 1,732-0 48,575 Capitalized Lease Obligations 105,281 0

(10,140) 95,141 Total

$ 300,219 $

1,732 $

(22,169) $ 279,782 The following is a schedule of the maturity of the note payable - bank:

Year Ending Total 9/30 Principal Interest.

S 19,135 Payracots 1996 12,644 6,514' 1997 13,291 5,867 19,158 1998 13,971 5,187 19,158 1999 14,686 4,472 19,158 2000 15,437 3,721 19,158 1

2001 16,227 2,931 19,158 2002 17,057

'2,101 19,158 2003 17,930 1,228 19,158 2004 14,823 325 15,148 Total 136,066 32,346 168,412 The following is a schedule of maturity of capital leases entered into by the City:

Year Ending Total 9/30 Principal Interest Payments 1996 10,884 6,657 17,541 1997 11,681 5,860 17,541 1998 12,538 5,003 17,541 1999 13,456 4,085 17,541 2000 14,443 3,098 17,541 2001 15,501 2,040 17,541 2002 16,638 903 17.541 Total 95,141 27,646 122,787 21

NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note 8 - Compensated Absences Accumulated unpaid vacation and sick pay benefits are accrued when incurred in proprietary funds. Such amounts are not accrued in governmental funds. At September 30,1995, the general long-term debt group of accounts included $48,575 vacation and sick pay.

Accumulated unpaid vacation and sick pay in enterprise funds are as follows at September 30:

1995 1994 Electric Utility Fund 19,652 $

14,413 Water Utility Fund 14,229 10,365 Sanitation Fund 3,000 2,759 Total 36,881 $ 27,537 City policy as of September 30,1995, is to vest up to a maximum accumulation of 1,040 hours4.62963e-4 days <br />0.0111 hours <br />6.613757e-5 weeks <br />1.522e-5 months <br /> of sick leave. Upon voluntary termination,50% of the accumulated hours are paid to the employee (75 % for long-term employees with twenty or more years of full-time service).

The City accrues 100% of unpaid vacation pay and 50% of accumulated unpaid sick pay at the employee's current pay rate.

Note 9 - Electric Power Agreements Crystal River Power Unit #3 Participation Agreement The City is a participant in an agreement with Florida Power Corporation, which was entered into on July 31, 1975. Under terms of the agreement, the City acquired a 0.0388%

ownership interest and generation entitlement share in the nuclear steam electric generating unit. Participants are entitled to energy output of the unit based upon their respective generation entitlement share.

Florida Municipal Power Agency (FMPA)

The City is a member of the FMPA, which is a joint action agency formed by a number of Florida municipalities for the purpose of providing electric power alternatives for its members.

FMPA is a nonprofit, joint action agency formed pursuant to Florida Statutes. FMPA has the authority to undertake joint power supply projects and to issue tax-exempt bonds or other obligations to finance or refinance the costs of such projects, Due to the diverse needs of Florida's municipal electric sy%ents, FMPA was established as a project-oriented agency. Under this structure, each monber has the option whether or not to participate in a project. Members may choose to participate in more than one project; however, each of the FMPA's five projects is independent from the other, and no revenues or funds available from one project can be used to pay the costs of any other project.

l The City has elected to participate in the "All Requirements Project," which supplies all the City's power requirements. In addition, the City has elected participationin the " Pooled Loan 22

NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note 9 - Electde Power Agreements (Cancluded)

Florida Municipal Power Agency (FMPA) (Concluded)

Project" in which FMPA issues debt, then loans the money to individual systems to finance I

utility related projects.

l Note 10 - Pension Fund All full-time employees of the City participate in the State of Florida Retiremem System (the System),' a multiple-employer Public Employee Retirement System (PERS).

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The System provides retirement, disability, or death benefits to numerous retirees statewide I

and has many members. The summary plan description of the System should be referred to for a complete plan description.

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The payroll for employees covered by the System for the year ended September 30,1995, was approximately $557,807; the City's total payroll was approximately $590,794.

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Regular class employees, which includes all employees except law enforcement officers and l

firefighters who have attained age 62, completing 10 or more years of service, or regardless of age, completing 30 years of service, are eligible for retirement benefits. The calculation i

of monthly benefits is based on average final compensation (AFC) as defined in the plan.

Retirement benefits range from 1.60% of AFC per year of service to 1.68% of AFC based upon retirement age or length of service.

i Special risk class employees, which includes law enforcement officers and firefighters who have attained age 55, completing 10 years of special risk service, or age 52 with 25 years special risk service, or 25 years continuous special risk service regardless of age, or 30 years of any creditable service regardless of age are eligible for retirement benefits. The calculation of monthly benefits is bas'ed on AFC and range from 2.00% per year of service to 3.00% of l

AFC based upon service period.

j Active employees who become disabled and have completed the length of service as defined l

l in the plan receive a minimum benefit of 42% of AFC for in-the line-of-duty and 25% of

(.

AFC for regular disability.

If an active employee dies in the line-of-duty, a member's spouse will receive a monthly l

benefit of one-half the member's monthly salary at death for his/her lifetime until remarriage.

If the spouse dies without remarrying, the benefit will continue to the member's children until the youngest reaches age 18, or until married, if earlier. If employee is terminated by death other than in-line-of-duty before completion of 10 years of service, the designated beneficiary will receive a refund of any retirement contributions. If the member has 10 or more years of service, the surviving spouse or eligible beneficiary may receive a refund of contributions paid by the member or a lifetime monthly benefit calculated as though the member had retired on the date of death.

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1 NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note 10 - Pension Fund (Concluded)

Retirement coverage is employee noncontributory.

Employers pay all contributions.

Employer contributions, effective January 1,1995, were 17.57% for regular members, 24.54 % for senior management, and 27.49% for special risk members, and totalled $116,914 ~

for the fiscal year ended September 30,1995.

The " pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases, estimated to be payable in the future as a result of employee service to date. The measure is the actuarial present value of credited projected benefits and is intended to help users assess the System's funding status on a going concern basis, assess progress comparisons among PERS and employers.

The System does not make separate measurements of assets and pension benefit obligation for individual employers. The pension benefit obligation at July 1,1993 (the date of the latest actuarial valuation) for the System as a whole was $39.7 billion. The Rvstem's net assets available for benefits on that date (valued at market) were $29.1 billion, leaveg an unfunded pension benefit obligation of 10.6 billion. The City's fiscal year 1995 contribution as a percent of total contributions required of.all participating entities has not been determined.

Ten-year historical trend information presenting progress in accumulating sufficient assets to pay benefits when due is presented in the PERS' June 30,1994 annual report.

Note 11 - Other Disclosures Segment Infonnation For Enterprise Funds The' City maintains three enterprise funds which provide electric, water and sanitation-services. Segment inform: tion as of September 30,1995 is as follows:

Electric Water Utility Utility Sanitation Fund Fund Fund Total Operating Revenues

$ 1,494,100 $

285,767 $

216,538 $ 1,996,405 Depreciation 97,463 $

53,704 $

14,952 $

166,119 Operating income 244,146 $

65,399 $

29,884 $

339,429 Operating Transfers (Out)

$ (187,000) $

(20,000) $

(10,000) $ (217,000)

Net income 66,226 $

_26,787 $

19,993 $

113,006 Current Year Capital Contributions $

0$

58,833 $

0 $_

58,833 Total Assets

$ 2,203,211 $ 1,607,205 $

181,095 $ 3,991,511 Net Working Capital 5

364,425 $. 176,087 $

79,624 $

620,136 Bonds Payable - long-Term Portion 113,263 $

18,441 $

0$

131,704 Notes Payable - leng-Term 139,914 $

431,851 $

13,786 $

585,551 Total Equity

$ 1,669,877 $ 1,109,298 $

145,120 $ 2,924,295 Total Retained Earnings

$ 1,493,496 $

124,158 5 115,671 $ 1,733,325 24

NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Continued)

Note 11 - Other Disclosures (Concluded)

Interfund Receivables and Payables Interfund receivables and payables at September 30,1995 are as follows:

Interfund Interfund Receivables Payables Water Utility Fund 10,238 $

0 Electric Utility Fund 0

10,238 TotalInterfund Receivables and Payables 10,238 $

10,238 Interfund Transfers In (Out)

Interfund transfers in (out) at September 30,1995 are as follows:

Interfund Interfund Transfers Transfers In (Out)

General Fund 217,000 $

0 Electric Utility Fund 0

(187,000)

Water Utility Fund 0

(20,000) l Sanitation Fund 0

(10,000)

Total Interfund Transfers In (Out) 217,000 $ (217,000)

Allowances For Doubtful Accounts Allowances for doubtful accounts at September 30,1995 are as follows:

Electric Utility Fund 1,000 Water Utility Fund 500 Sanitation Fund 500 Total Allowances For Doubtful Accounts 2,000 Excess of Operating Expenses Over Budgeted Operating Expenses in Individual Funds Excess of operating expenses over appropriations in individual funds are as follows at September 30,1995:

Operating Expenses in Excess of Budgeted Budget Actual Operating Expenses Electric Utility Fund 51,046,762 $ 1,249,954 (203,192)

Water Utility Fund

$ 165,859 $ 220,368 (54,509)

Sanitation Fund

$ 179,571 $ 186,654 (7,083) 25

NOTES TO FINANCIAL STATEMENTS CITY OF BUSHNELL, FLORIDA (Concluded)

Note 12 - Risk Management The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters. The City transfers risk of loss through the purchase of commercial insurance from the Florida League of Cities, Inc.

and independent agencies. Insurance against losses are provided for the following types of risk:

a Workers' Compensation and Employer's Liability a Employees' Health Insurance a General and Automobile Liability l

e Real and Personal Property Damage

)

e Public Officials Liability i

e Accidental Death and Disability The City's coverage for Workers' Compensation is under a retrospectively rated policy.

Premiums are accrued based on the ultimate cost to date of the City's experience for this type of risk.

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l ACCOMPANYING INFORMATION l

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COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES

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GENERAL FUND 1

i The general fund is used to account for resources traditionally associated with governments which are not '

required to be accounted for in another fund. The general fund receives a greater variety and number cf taxes than an+ vher fund. The City of Bushnell, Florida's general fund directly services general long-term debt.

a

'l BALANCE SHEET GENERAL FUhD SEPTEMBER 30,1995, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30,1994 4

CITY OF BUSHNELL, FLORIDA 1995 1994 Assets Cash

$ 539,349 $ 442,538 Utility Taxes and Franchise Fees Receivable 40,662 32,112 Due From Other Governments 12,937 21,678

- Inventories, at Cost 0

548 4

Total Assets 592,948 4 %,876 i

Liabilities and Fund Balance Liabilities Accounts Payable 38,% 2 56,969 i

Other Accrued Expenses 11,418 12,360 Deposits 1,200 875 Deferred Revenue 593 1,743 Total Liabilities 52,173 71,947 Fund Balance Reserve For Petty Cash 700 650 Reserve For Inventories 0

548 1

Reserve For Drug Interdiction 13,728 18,365 j

Fund Balance:

Unreserved 526,347 405,366 Total Fund Balance 540,775 424,929

)

Total Liabilities and Fund Balance

$ 592,948 $ 496,876 l

27

STATEMENT OF REVENUES, EXPEhTITURES AND

. CHANGES IN FUND BALANCE GENERAL FUhD FOR THE YEAR ENDED SEPTEMBER 30,1995, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30,1994 CITY OF BUSHNELL, FLORIDA 1995 1994'

~ Fevenues Taxes

$ 504,851 $ 469,928 Licenses and Permits 18,748 23,748 Intergovernmental 381,085 364,562 Charges For Services 1,787 1,752 Fines and Forfeitures 19,134 44,038 Interest and Miscellaneous 48,288 45,032 Total Revenues 973,893 949,060 Expenditures General Government 280,284 294,712 Public Safety 425,897 458,547 Physical Environment 7,219 8,474 Transportation 214,868 279,889 Economic Environment 12,000 13,000 Culture and Recreation 134,779 217,258 i

(Total Expenditures)

(1,075,047) (1,271,880)

(Deficiency) of Revenues (Under)

Expenditures (101.154)

(322,820)

Other Financing Sources Operating Transfer: In:

Electric Utility Fund 187,000 187,000 Water Utility Fund 20,000 20,000 Sanitation Fund 10,000 10,000 Loan Proceeds 0

150,000 Total Other Financing Sources 217,000 367,000 q

Excess of Revenues and Other Financing Sources Over Expenditures 115,846 44,180 Fund Balance, October 1 424,929 380,749 4

Fund Balance, September 30

$ 540,775 S 424,929 i

t rt 4

28

--4

_u.

m i

STATEMENT OF REVENUES, EXPENDITURES CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30,1995, 2

WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1994 i

CITY OF BUSHNELL, FLORIDA 4

1995 1994 Variance _

Favorable Budget Actual (Unfavorable)

Actual Revenues Taxes 464,372 $

504,851 $

40,479 $

469,928

]

Licenses and Perrnits 19,151 18,74R (403) 23,748 Intergovernmental 361,961 381,035 19,124 364,562 i

Charges For Services 1,600 1,787 187 1,752 -

Fines and Forfeitures 18,100 19,134 1,034 44,038 Interest and Miscellaneous 24,000 48,288 24,288 45,032 Total Revenues 889,184 973,893 84,709 949,060 Expenditures General Government 298,709 280,284 18,425 294,712 Public Safety 487,172 425,897 61,275 458,547 Physical Environment 9,800 7,219 2,581 8,474 Transportation 219,624 214,868 4,756 279,889 j

Economic Environment 12,000 12,000 0

13,000 4

Culture and Recreation 148,662 134,779 13,883 217,258 (Total Expenditures)

(1,175,967)

(1,075,047) 100,920 (1,271,880)

(Deficiency) Excess of Revenues (Under) Over Expenditures (286,783)

(101,154) 185,629 (322,820)

Other Financing Sources Operating Transfers In:

Electric Utility Fund 187,000 187,000 0

187,000 Water Utility Fund 20,000 20,000 0

20,000 i

Sanitation Fund 10,000 10,000 0

10,000 Loan Proceeds 50,000 0

(50,000) 150,000 i

Total Other Financing Sources 267,000 217,000 (50,000) 367,000 (Deficiency) Excess of Revenues and Other Financing Sources (Under) Over Expenditures (19,783) 115,846 135,629 44,180 Fund Balance, October 1 424,929 424,929 0

380,749 Fund Balance, September 30 405,146 $

540,775 $

135,629 $

424,929 29

1 STATEMENT OF REVENUES -

BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30,1995, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1994 CITY OF BUSHNELL, FLORIDA 1995 1994 Variance Favorable Budget Actual (Unfavorable)

Actual Revenues Taxes Ad Valorem 5

91,700 $

92,993 $

1,293 $

90,213 Sales Use and Gas Taxes 124,238 131,076 6,838 117,845 Franchise Fees:

Telephone 1,850 1,786 (64) 1,634 Electric 48,734 48,616 (118) 48,292 Cable TV 6,250 5,394 (856) 5,924 Utility Service Taxes:

Telephone 39,000 51,018 12,018 43,838 Gas 13,000 13,449 449 13,308 j

Electric 54,000 55,590 1,590 57,073 City Utility Tax 80,000 99,484 19,484 86,089 City Utilities Surcharge 5,600 5,445 (155) 5,712 Total Taxes 464,372 504,851 40,479 469,928 Licenses and Permits Occupational Licenses 4,100 5,926 1,826 5,422 Building Permits 15,000 12,822 (2,178) 18,263 Other 51 0

(51) 63 Total Licenses and Permits 19,151 18,748 (403) 23,748 Intergovernmental Revenue Two-Cent Cigarette Tax 16,359 18,874 2,515 16,826 State Revenue Sharing 53,326 56,246 2,920 54,847 Mobile Home Licenses 5,000 5,382 382 5,679 Alcoholic Beverage License 800 528 (272) 528 Seven-Cent Sales Tax 57,715 67,879 10,164 53,976 County Fire Fee 46,000 47,249 1,249 48,333 Share of County Occupational License 2,600 2,677 77 2,778 Rebate on Municipal Vehicles 900 328 (572) 1,119 Sumter County Two-Cent Gas Tax 179,261 181,922 2,661 180,476 Total Intergovernmental Revenue 361,961 381,085 19,124 364,562 Charges For Services Mowing Fees 1,600 1,787 187 1,752 30

p l

STATEMENT OF REVENUES -

t BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30,1995, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1994 CITY OF BUSHNELL, FLORIDA (Concluded) 1995 1994 Variance Favorable Budget Actual (Unfavorable)

Actual Revenues (Concluded)

Fines and Forfeitures Fines and Forfeitures 17,500 $

18,504 $

1,004 $

24,359 Police Education 600 630 30 690 Drug Interdiction 0

0 0

18,989 Total Fines and Forfeitures 18,100 19.134 1,034 44,038 Interest and Miscellaneous Interest Earned 8,000 13,075 5,075 9,008 Rent 4,100 5,935 1,835 3,956 i

Miscellaneous 11,900 25,808 13,908 18,800 Sale of Assets 0

3,470 3,470 13,268 Total Interest and Miscellaneous 24,000 48,288 24,288 45,032 i

Total Revenues 889,184 $

973,893 $

84,709 $ 949,060 i

31

STATEMENT OF EXPENDITURES -

BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30,1995, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1994 CITY OF BUSHNELL, FLORIDA 1995 1994 Variance Favorable Budget Actual (Unfavorable)

Actual Expenditures General Government legislative:

Personnel Expenses 14,400 $

14,475 $

(75) $

13,050 Operating Expenses 2,400 3,739 (1,339) 2,000 Grants and Aids 1,150 1,500 (350) 900 Total Legislative 17,950 19,714 (1,764) 15,950 Financial and Administrative:

Personnel Expenses 146,694 148,231 (1,537) 145,700 Operating Expenses 40,953 44,457-(3,504) 42,861 Capital Outlay 60,000 0

60,000 67,628 Debt Service 11.456 11,456 0

3,193 Total Financial and Administrative 259,103 204,144 54,959 259,382 legal Counsel:

Operating Expense 21,656 56,426 (34,770) 19,380 Total General Government 298,709 280,284 18,425 294,712 Public Safety Police Department:

Personnel Expenses 278,562 261,574 16,988 266,980 Operating Expenses 70,106 53,180 16,926 62,932 Capital Outlay 24,200 20,1 %

4,004 49,463 Debt Service 0

0 0

2,044 Total Police Department 372,868 334,950 37,918 381,419 Fire Department:

Personnel Expenses 19,966 8,227 11,739 15,995 Operating Expenses 25,542 21,609

'4,933 14,717 Capital Outlay 13,819 12,878 941 5,990 Debt Service 17.542 17,541 1

21,264 Total Fire Department 76,869 60,255 16,614 57,966 Building Inspector:

Personnel Expenses 31,025 26,952 4,073 15,490 Operating Expenses 6,410 2,076 4,334 3,672 Debt Service 0

1,664 (1,664) 0 Total Building Inspector 37,435 30,692 6,743 19,162 Total Public Safety 487.172 425,897 61,275 458,547 32

i-j l

l i

l STATEMENT OF EXPENDITURES -

BUDGET AND ACTUAL GENERAL ITND 1

FOR THE YEAR ENDED SEPTEMBER 30,1995, WITH COMPARATIVE ACTUAL ~ AMOUNTS FOR SEPTEMBER 30,1994 CITY OF BUSHNELL, FLORIDA (Concluded)

{

l 1995 1994 Variance Favorable ual afavorable)

Actual Expenditures (Concluded)

~ Physical Environment Cemetery:

~ Operating Expenses 7,500 $

4,919 $

2,581 5 6,174 Grants and Aid 2,300 2,300 0

2,300 Total Physical Environment 9,800 7,219 2,581 8,474 Transportation Road and Street Department:

Personnel Expenses 62,210 62,2$9 (49) 55,500 Operating Expenses 70,653 73,715 (3,062) 88,926 Capital Outley 86,761 78,894 7,867 135,463 Total Transportation 219,624 214,868 4,756 279,889 j

Economic Environment i

Grants and Aid 12,000 12,000 0

13,000 Culture and Recreation Library:

Operating Expenses 475 620 (145) 495 i

Grants and Aid 6,000 6,000 0

5,500 l

- Total Library 6.475 6,620 (145) 5,995 Parks and Recreation:

l Personnel Expenses 25,629 29,704 (4,075) 29,886 Operating Expenses

-37,058 42,392 (5,334) 35,749 Capital Outlay 50,000 30,074 19,926 54,752 Debt Service 8,910 7,702 1,208 73,567 i

Total Parks and Recreation 121,597 109,872 11,725 193,954 I

Special Events:

Operating Expenses 20,590 18,287 2,303 17,309 Total Culture and Recreation 148,662 134,779 13,883 217,258 Total Expenditures

$ 1,175,967 $ 1,075,047 $

100,920 $ 1,271,880 33

-.-m--

l SPECIAL REVENUE FUND i

i I

l l

0

I BALANCE SHEET.

SPECIAL REVENUE FUND - EVERGREEN CEMETERY SEPTEMBER 30,1995, WITII COMPARATIVE TOTALS FOR SEPTEMBER 30,1994 CITY OF BUSHNELL, FLORIDA 1995 1994 Assets Cash 3,529 $

2,782 Investments 315,000 297,000 Total Assets 318,529 299,782 l

Ilabilities and Fund Balance Liabilities Deposits 1,950 1,500 Fund Balance Reserved:

Perpetual Care 313,050 295,500 Unreserved 3,529 2,782 Total Fund Balance 316,579 298,282 1

Total Liabilities and Fund Balance

$ 318,529 $ 299,782 34

STATEMENT OF REVENUES, EXPENDITURES AND l

CHANGES IN FUND BALANCE l

SPECIAL REVENUE FUND - EVERGREEN CEMETERY j

FOR THE YEAR ENDED SEPTEMBER 30,1995,

[

WITH COMPARATIVE TOTALS FOR SEPTEMBER 30,1994

(

CITY OF BUSHNELL, FLORIDA

(

1995 1994 l

Contributions 8,213 $

9,342 Sale of Cemetery Lots 6,800 6,300 Interest 16,129 14,343 l

Memorial Gifts and Trust 470 795 Total Revenues 31,612 30,780 Expenditures Operating and Maintenance (13,315)

(15,725)-

Excess of Revenues Over Expenditures 18,297 15,055 l

Fund Balance, October 1 298,282 283,227 l

Fund Balance, September 30

$ 316,579 $ 298,282 l

)

l l

4 l

35 l

l STATEMENT OF REVENUES, EXPENDITURES AND ~

CHANGES IN FUND P,ALANCE - BUDGET AND ACTUAL SPECIAL REVENUE FUND - EVERGREEN CEMETERY FOR THE YEAR ENDED SEPTEMBER 30,1995, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1994 CITY OF BUSHNELL, FLORIDA 1995 1994 Variance Favorable i

Budget Actual (Unfavorable)

Actual Revenues

~

Contributions 8,000 $

8,213 $

213 $

9,342' 4

Sale of Cemetery Lots 4,400 6,800 2,400 6,300 Interest 15,000 16,129 1,129 14,343 j

Memorial Gifts and Trust 200 470 270 795 Total Revenues 27,600 31,612 4,012 30,780 Expenditures Operating and Maintenance (15,000)

(13,315) 1,685 (15,725) 1 Excess of Revenues Over Expenditures 12,600 18,297 $

5,697 15,055 i

i Fund Balance, October 1 298,282 283,227 j

Fund Balance, September 30

$ 316,579

$ 298,282 i

d 4

4

+

36

ENTERPRISE FUNDS Enterprise funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises, where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be -

financed or recorded primarily through user charges; or (b) where the governing body has' decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management. control, accountability, or other purposes.

Certain -

administrative expenses are paid by the general fund, i

l l

J

l COMBINING BALANCE SIIEET ENTERPRISE FUNDS SEPTEMBER 30,1995, WTTII COMPARATIVE TOTALS FOR SEITEMBER 30,1994 CITY OF BUSIINELL, FLORIDA Electric Water Utility Utility Sanitation Totals l

Fund Fr.nd Fund 1995 1994 "

~

Assets Current Assets Cash and Cash Equivalents 236,134 $

152,795 $

-80,168 $

469,097 $

394,041 Customer Accounts Receivable 215,900 35,607 22,145 273,652 265,679 Allowance For Doubtful Accounts (1,000)

(500)

(500)

(2,000)

(2,000)

Due From Other Funds 10,238 10,238 17,470 Inventories, at Cost 94,265 19,793 114.058 76,904 Total Current Assets

$45,299 217,933 101,813 865,045 752,0 %

Restricted Assets l

Cash and Cash Equivalents:

1 Nuclear Decommissioning 60,743 60,743 54,557 Debt Service 80,788 13,152 93,940 91,156 Renewal and Replacement 234,275 234,275 221,922 Customer Deposits 63,847 63,847 71,727 Total Restricted Assets 439,653 13,152 0

452,805 439,362 Property and Equipment Utility Plant in Service 1,879,192 1,866,263 198,315 3,943,770 3,716,795 (Accumulated Depreciation)

(666,002)

(483,897)

(119,033)

(1,268,932)

(1,194,000)

Total 1%perty and Equipment - Coat Less Accumulated Depreciation 1,213,190 1,382,366 79,282 2.674,838 2,522,795 Other Assets Loan Cost (Net) 5,069 6,291 0

11,360 11,602 Total Assets

$ 2,203,211 $ 1,619,742 $

181,095 $ 4,004.048 $ 3,725,853 37 s

s A

8

COMBINING BALANCE SHEET ENTERPRISE FUNDS SEITEMBER 30,1995, WITII COMPARATIVE TOTALS FOR SEPTEMBER 30,1994 CITY OF BUSIINELL, FLORIDA (Concluded)

Electric Water Utility Utility Sanitation Totals Fund Fund Fund

- 1995 1994 Liabilities and Fund Equity Carrent Liabilities Accounts Payable 101,077 $

12,537 $

10,275 $

123,889 $

104,544 Other Accrued Expenses 5,973 2,864 771 9,608 12,009 Due to Other Funds 10,238 10,238 17,470 Dcferred Credit 22,096 22,096 0

Current Portion of Note Payable 21,838 24,753 8,143 54,734 43,761 Compensated Absences Payable 19,652 14,229 3,000 36,881 27,538 Total Current Liabilities 180,874 54,383 22,189 257,446 205,322 Current L! abilities (Payable From Restricted Assets)

Customer Deposits 63,847 63,847 66,435 Accrued Interest Payable 5,336 869 6,205 7,483 Current Portion of Bonds Payable 30,100 4,900 35,000 35,000 Total Current Liabilities (Payable From Restricted Assets) 99,283 5,769 0

105,052 108,918 Long-Term Liabilities Revenue Bonds, Series 1976 (Net of Current Portion and Discount) l 113,263 18,441 131,704 165,880 long-Term Ponion of Note Payable 135,765 13,786 149,551 22,278 Note Payable - Florida Municipal Power Agency 139,914 2 %,086 436,000 470,999 Total Long-Term Liabilities 253,177 450,292 13,786 717,255 659,157 Total Liabilities 533,334 510,444 35,975 1,079,753 973,397 Fund Equity Contributed Capital 176,381 985,140 29,449 1,190,970 1,132,137 Retained Earnings:

Reserved 340,370 7,383 347,753 330,444 Unreserved 1,153.126 116,775 115,671 1,385,572 1,289,875 Total Retained Earnings 1,493,4 %

124,158 115,671 1,733,325 t,620,319 Total Fund Equity 1,669,877 1,109,298 145,120 2,924,295 ~2,752,456 Total Liabilities and Fund Equity

$ 2,203,211 $ 1,619,742 $

181,095 $ 4,004,048 $ 3,725,853 1

38

COMBINING STATEM"NT OF REbENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ENTERPRISE FUNDS FOR THE YEAR ENDED SEI9 EMBER 30,1995, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30,1994 CITY OF BUSHNELL, FLORIDA Electric Water Utility Utility Sacitation Totals Fund Fund Fund 1995 1994 Operating Revenues Charge For Services

$ 1,494,100 $

285,767 $

216,538 $ 1,996,405 $ 1,937,996 Operating Expenses Purchased Power 867,996 0

0 867,996 807,403 Salaries 101,711 74,995 28,409 205,115 194,008 Employee Benefits 42,661 31,526 17,988 92,175 91,921 Professional Services 31,893 20,184 5,746 57,823 48,592-Operating Supplies _

67,302 9,154 6,304 82,760 31,187 Otler Current Charges 40,928 30,805 12,144 83,877 84,031 Depreciation 97,463 53,704 14,952 166,119 140,842 Landfill 0

0 101,111 101,111 91,347 (Total Operating Expenses)

(1,249,954)

(220,368)

(186,654) (1,656,976) (1,489,331)

Operating Income 244,146 6S 3_99 29,884 339,429 448,665 Nonoperating Revenues (Expenses)

I Interest income 29,737 2,334 1,168 33,239 24,167 Interest Expense (20,657)

(20,946)

(1,059)

(42,662)

(39,847)

Total Nonoperating Revenues (Expenses) 9,080 (18,612) 109 (9,423)

(15,680)

Net Income Before Transfers 253,226 46,787 29,993 330,006 432,985 Operating Transfers (Out)

-(187,000)

(20,000)

(10,000)

(217,000)

(217,000)

Net Income 66,226 26,787' 19,993 113,006 215,985 Retained Earnings, October 1 1,427,270 97.371 _

95,678 1,620,319 1,404,334 Retained Earnings (Deficit) September 30

$ 1,493,4% $

124,158 $

115,671 $ 1,733,325 $ 1,620,319 39

SCIIEDULE OF REVENUES, EXPENSES AhT CIIANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL ELECTRIC UTILITY ITND FOR TIIE YEAR ENDED SEPTEhfBER 30,1995, WITH COhfPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1994 CITY OF BUSIINELL, FLORIDA 1995 1944 Varianet Favorable Budget Actual (Unfavorable)

Actual Operating Revenues g

Charge For Services

$ 1,422,204 $ 1,494,100 $

71,896 $ 1,443,086 Operating Expenses Purchased Power 821,935 867,996 (46,061) 807,403 Salaries 91,644 101,711 (10,067) 95.475 Employee Benefits 41,306 42,661 (1,355) 39,930 Professional Services 32,640 31,893 747 27,439 Operating Supplies 11,500 67,302

($5,802) 11,045 Other Current Charges 47,737 40,928 6,809 37,183 Depreciation 0

97,463 (97,463) 72,912 (Total Operating Expenses)

(1,046,762)

(l.249,954)

(203,192) (1,091,387)

Operating Income 375,442 244,146 (131,296) 351,699 Nonoperating Revenues (Expenses)

Interest income 16,600 29,737 13,137 21,065 Interest Experse (22,342)

(20,657) 1,685 (23,154)

Total Nonoperating Revenues (Expenses)

(5,742) 9,080 14,822 (2,089)

Net Income Before Transfers 369,700 253,226 (116,474) 349,610 Operating Transfers (Out)

(187,000)

(187,000) 0, (187,000)

Net Income 182,700 66,226 5 (116,474) 162,610 Reta!ned Earnings, October 1 1,427,270

_ 264,660 1,

Retained Earnings, September 30

$ 1,493,496

$ 1,427,270 40

SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL WATER UTILITY FUND FOR THE YEAR ENDED SEPTEMBER 30,1995, WITH COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBER 30,1994 CITY OF BUSHNELL, FLORIDA 1995 1994 Variance Favorable Budget Actual (Unfavorable)

Actual Operating Revenues Charge For Services 278,886 $

285,767 $

6,881 $ 280,391 Operating Expenses I

Salaries 70,538 74,995 (4,457)

64. % 1 Employee Benefits 32,081 31,526 555 29,!86 Professional Services 22,640 20,184 2,455

17. 67

{

Operating Supplies 12,500 9.154 3,346 9/,56 Other Current Charges 28,100 30,805 (2,705) 26,644 Depreciation 0

52,704 (53,704) 51,690 (Total Operating Expenses)

(165,859)

(220,3t'8)

(54,509)

(199,304)

Operating Income 113,027 65,399 (47,628) 81,087 l

Nonoperating Revenues (Expenses) i Interest income 0

2,334 2,334 2,182 Interest Expense (20,906)

(20,946)

(40)

(15,663)

Total Nonoperating Revenues (Expenses)

(20,906)

(18,612) 2,294 (13,481)

Net Income Before Transfers 92,121 46,787 (45,334) 67,606 Operating Transfers (Out)

(20,000)

(20,000) 0 (20,000)

Net Income 72,121 26,787 $

(45,334) 47,606 Retained Earnings, October 1 97,371 49,765 l

Retained Earnings, September 30 124,158 97,371 l

\\

l 1

l l

l 41 l

SCIIEDULE OF REVENUES, EXPENSES AND CIIANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL SANITATION FUhD FOR TIIE YEAR ENDED SEPTEM.BER 30,1995,

• 6'ITII COMPARATIVE ACTUAL AMOUNTS FOR SEPTEMBEK '40,1994 CITY OF BUSIINELL, FLORIDA 1995 1994 Variance Favorable Budget Actual (Unfavorable)

Actual Operating Revenues Charge For Services 215,520 $

216,538 $

1,018 $ 214,519 Operating Expenses Salaries 34,730 28,409 6,321 33,872 Employee Benefits 22,372 17,988 4,384 22,705 Professional Services 4,150 5,746 (1,5%)

3,886 Operating Supplies 9,000 6,304 2,696 10,386 Other Current Charges 16,319 12,144 4,175 20,204 Depreciation 0

14,952 (14,952) 16,240 Imdfill 93,000 101,111 (8.111) 91,347 (Total Operating Expenses)

(179,571)

(186,654)

(7,083)

(198,640)

Operating Income 35,949 _

22,884 (6,065) 15,879 Nonoperating Revenues (Expenses)

Interest income 1,400 1,168 (232) 920 Interest Expense (1,542)

(1,059) 483 (1,030)

Total Nonoperating Revenues (Expenses)

(142) 109 251 (110)

Net Income Before Transfers 35,807 29,993 (5,814) 15,769 Operating Transfers (Out)

(10,000)

(10,000) 0 (10,000)

Net Income 25,807 19,993 $

(5,814) 5,769 Retained Earnings, October 1 95,678 89,909 Retained Earnings, September 30 115,671 95,678 42 l

__,.____7 AGENCY FUNDS

COMBINING BALANCE SHEET AGENCY FUNDS SEPTEMBER 30,1995, WITH COMPARATIVE TOTALS FOR SEPTEMBER 30,1994 CITY OF BUSHNELL, FLORIDA Bail Deferred Totals Bond Compensation 1995 1994 Assets Cash

$ 2,169

$ 2,169 $ 2,169 Investments 40,059 40,059 25,(07 Total Assets 2,169 40,059 42,228 27.',96 Liabilities Deposits 2,169 2,169 2,169 Deferred Compensation Payable 40,059 40,059 25,027 Total Liabilities

$ 2,169 $

40,059 $ 42,228 $ 27,196 43

STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUhT5i SEPTEMBER 30,1995 CITY OF BUSHNELL, FLORIDA Balance Balance October 1, September 30, 1994 Additions (Deletions) 1995 Deferred Compensation Fund:

Assets Investments 25,027 $

18,196 $

(3,164) $

40,059 Liabilities Deferred Compensation Payable 25,027 $

18,196 $

(3,164) $

40,059 Ball Bond Fund:

l Assets Cash 2,169 $

0$

0$

2,169 Liabilities Dep) sits 2,169 $

0$

0$

2,169 44