ML20126M535
| ML20126M535 | |
| Person / Time | |
|---|---|
| Site: | Trojan File:Portland General Electric icon.png |
| Issue date: | 12/31/1991 |
| From: | PORTLAND GENERAL ELECTRIC CO. |
| To: | |
| Shared Package | |
| ML20126M198 | List: |
| References | |
| NUDOCS 9301110030 | |
| Download: ML20126M535 (32) | |
Text
.
+/
- ([kj 3
{ia -
U;~
.v m.) --i
'm .N t 5 ' '$r -
Sn~
- 3* ~-, i h;)b + 1- w.)
. 'th
/
a'
%y + ._
-?mu%l:f l. .
m, .Q f: k,'" .. y &fo r _7 Qi: p}- - .:. . . f s
c: .' b*
r~ <
~~
n Q ,:jMk :q N- s 7
.N-<' - p . y: ;- ' _ , " p.
y-w*$ -
% ..F ', ;;M
- % 5L'-'&
-=e p
'g. 'v4}>"g ,
-p
. 'k'$.f
.T 1
(;\ &
g h.,%.4 -.
f.$,v.:.9-;^'='- ;u 1
'd.
. . 'l d*
.q'-. J. r i' j ..c T
r i
c
!{'Q,f
--2;i. c e
x vib
., L .,-.
v,t Q- . -g w', '
- kfp3 7.y.-
n K:_w a, f )> <
. ps Y ' y" a' -
j y[l3 .~ n wrv
+
-.Q r$Y F
'. s hf j '[. QQ QQQ r i
,w
>-v
, , s.
,s
, j w%m, '4.
y-_ 4;':y._
%y:s .
73 2 Ms .'m
,j'..s'g G o, .
c'.
- <-G ,py,_
y-.
--A m g1.,.
,_ g
-a 1
it J
/
7- 4 s .tr s #
,. , -Q, V%. v '
e g'Vpz
~
a >
- 3}.f'W ? $,
._)
kw ' 1b W I
\. \&w g "
7 ater. . I < y('~?. . S r_Sp ,. ~~if 9' a' 4 $ k ,.
\%
{' l .1 I '.'Y..
; };'.O
{. , . , A b( $- W
}. yp ]% '
t ..
'N h O i.. .
- 1 . , .
ay %w-o y. .y
.f y .
- 4
'}
. s _g , l ,L.
7 3 ll %Q , , ': R ' ? ' h9 / - k L(, . Q(x. i-. >
$, w$f (
.- .[ )4.hJ iY# -
4 m(
}^ tM * * -
- no
[fS.
; ?'.
$N #
M " ~$?' ' A " & y '3 .lc; y,..-,3, i f.,A, . y..? ) ". m 'C =
, f. .m. -- - o x- =_ h w9 , %. m ..
- - V. a, 3-y r3s a W...
,'M Ase $ M n
+ i M. W %j%s '
k.' k,2x n ,*m 1 1 *
, %g ..s.. TyQ v . -
.v,' 'Yh.
#, W .
? f ,' -
.M< 9 f ^2 .. % g m
r
=c 9 s c.c.-ce N
't ' d g
1 LFh0 ' Q- h ~- c M*.%< N W5f uiiV
~
y' g A.; 3 r n.y)4 . J' .}..ns()i
.<.3 w-ie af
?
c LM a f. n$ . _ Nmeteen ' A. + [
E 'G'f - r .
?-
,. s -
e
\w
~
.k..
% Q y.n f - __
z Hundrdd: ~
.-- 4
~
g% Repo.,ge -rti a. 7-' m-b.a--
'~ .6 ~ .
IN. indl.y . i ', Y
'.k-5 , , , M N i b L. b,Q =
h. d L, ' ng: At +A *3.
.-9 .
.( m
[D 73
.C 1f t
%.. IQ
_ 6 W n', 4
~
y,, W &.
.@M M0- ; ,
+
W
~ %WL
-; .m : e.
M... t.
- w. _3 -
1 L 'R . lq a Ai
=
wm- ,/ . e
,f'{ i.lQ !;
O, w* 1 r' yP. f* s i
, . , c - , y_
. . _.u wu> '
.-- -vc: +e,. a &c %vg- , .
*w g ;ac:.
t w- 'p.
. y 6: , , x
..g. ,y a
Wg ; A p%: t a.. amt , ns @w c ~ g .~x W4 i .Me^ 'l wn < wwpg .s W/,Mtwwm/. .. .- ~ . .~ g, =. -
- "' k ,, YNO- . s '
M,* LS ,'N,%w-+: <~ ,q
."dmn, A$dI. g.
- er;n,, ,
.n, mwg w - .
, ~
z1 .s - ,. w%& .. .
- ,:v
,. g -v g w, .:~. ..k_.i
.n;; & g p.u m" g- ug.
- n. vn. i .g.n.. ;p
>w
+-
q<. -.
, . ._ , ~; w y r_,
g 9 kN h,, ~ q-. ..
~
2
- r. j. - M.
+p. -q. ,
hhh{. .g e s yy g q wt' , a - ' 4 ,i e j
. v= N-a
,R. n ,.
A d C Q.cit % q 9edMM P %b m.~EUM$$k 5 ;;;. i
-[k _ .
.j i-i -
-.~.
i (pyg3.g pk ,{.h ' 5 r = g; g ;9:&
- 1. <.R i ~ Tl55.d W~
'. % d?A W Wlh&b s m
\F E
. _}, _ *T g
.5 w'
a.
\ #' ' : % '.l% ,
%l ;m.D t .,jt*
- w.
+ m n;'M: t
. , __ L W .m
_ JQb ,: . .s~ ._ ,,
, 1:, +'.* & .,. -
Y a_ ,W cnL g.: %iy3: , w p;+;;2 3 5-f~ _s wn;
-a sw#
v'+~ ; n,- f ,- '- r- _[,, n,.- n Q. <' -;< i n,,,..,
>. v?W .h'
&~ a s,--
, ' ., '~
g.
; s 3 3 2~y- f
' . H
- y. -
Y.
-1
, .. g ,a wp_ ,
.hn 4 m. "J _
yj h"
,- g r a -- .,a w .
n a e NI <
.Ac> .
.i 9301110030 921230 a>
' $ . 1 PDR ADOCK 05000344 d N"
I PDR , . . . . _,_. . . _ .- . _ ..w c,u -
Fu..i ancial.Hig . hlights
't THol'% tvin ni IM 4LAk%
Electric Utilityavinaurunt,1#viser, 1 l'or the Year Gross Operating Revenues ; I 89,016 . 84 719 76 972 -71 788 Net Operating Revenues r 110 040 - 7M9 6 733 5278-Net Revenue iIO40 ! 1 100 827 915 !
.~t. 1 Capital Expenditures " 7 869) 6 196 8 177 14 067 4 At Year End s Net Working Capital O 510;. I1780 12 4(X) Ii866 ,
l.ong,Temi Debt i'45 005: 34 990 36 037- ' 37 293 - Retained EarninFs 125 882? 122 842 121 741 120 914 Water Utility V CD C GD C For the Year 4 Gross Operating Resenues [82ddf f 7 533 6 981 6 977 Net Operating Revenues , i841'I 186 53 1 021 Net Resenue ( d572 s (269) (341) -489 Capital Expenditures ([ ot3 -: 766- 995 991 n At Year End
' ~
Net Working Capital 12 8U' f ' 600 2(M -3 273 Long-Term Debt . E 9 001.- 9 778 10 500- Il192 Retained Earnines - Ll7914r 7 557 17 826 18 167: j 1 ; Hond Ratings Stawlard.t l'uor's Slady% Inrnt<nt (myonaism i Senice Electric Utility System Revenue Honds AA Al Electric Utility System Conservation Honds - AA- Aa Water Utility System Revenue Bonds AA- Al Trojan Nuclear Pmject Revenue Bonds AA Aa
. y A e p. g Eugene Water & Electric Board g,g .4g ~ ' ' ~
500 East 4th Avenue -
-P O. Box 10148
- - Eugene Omgen 97440-2149
- . 503-484-2411 Fa( 503484 3782 .
V v1- --n - ., p _. ys.q,. gg (74y 9wy ey y g ,g y rfnr -"-,y-'y*'tgwFt-W-+y"i7 f w q '*('<*-w-N'ev'- "r 4 4 g $ ,y 1TY
- tY'" '
Reliability I' " " * ""}1 L l .. T he e!ectncity, water and steam prodacts that EWEB provides ljl 5 1^' Purity it[l $? j, , are vital to the personal and economic health of the people we serve. O
.. La .4 The production f acihties. transmission and distobution I nos, control kg M'n O Satisfaction equ:pment and other technolog es that male these products saf e and (+N"['/
re!!6ble are hfe:.nes to the wel!-being of our community. Ihrough 80 years of servico EWEB has enjoyed a reputation for dehvenng high quahty, rehable products But this tecord didn't happen by accident. It was achieved through the ideas, , ef forts and commitment of employees, managers, commissioners, and citizens. It's no accident that EWE B's electoc rates are among the very lowest for any major city in the nation and that our electric rehabihty is one of the very highest. It's no accident that EWEB's watei punty f ar exceeds increasingly stnngent water quahty standards and that our water recently won a Northwest taste test. And it's no accident that our customers repott high satisf action with the responsiveness President's Message and helpfulness of EWEB employees As good as our past performance has been. We cannot rest on our successes or we will be ill-prepared to meet future challenges. The same group of people-employees, managers. Commissioners and citeens-must remain committed to the long term goal of maintain:ng EWEB as a high performance organization, in order for the utihty to succeed. High performance is hard work increasing efficiency. Controihng costs. Improving service. Acqu:nng resources Protecting the environment. Keeping energy af fordable, Treatmg peop'e cquitab!y. Listening Learning Communicating Doing Thisis everyone's jobat EWEB.
/ v v, t N) f i U e~-'- } .. .[f'((
Susan L Smith President Eugene Water & Electnc Board
- - , . - - - -. - .. ~. -- .. ~ . - - ~-- x. . - ~ . -
i
?
Susie Smith [AtlarceHepresentativel~/14 ticu danwi%d. .
' !vntl-l :n t "r Jt!G HHiHX h of Hhdldt:lng iht l't'\l%ttt t $ gHid flt h$dCf1 Yldi The Boartl Nineteen Hundred Ninety-One mne n"idr+"e l so s,v1 aHlit e to wwwnia t uus amt nsh Amt I bchne tr3 equuils i
impertono thut om plamune njin rr the iaines and < om e no of du L comonihi;}. [hh wat '$ H vik on the l,ncrg) lit win t t l'!an M tut l t i << t fit ni i w!r:ple v{ be rth. lhr phm not only uudnu % t m!-n f(dtit r mW"Tml**7*?" Wry *Y cp"T"'nmp
, n &rt ~ ,W 6 a, ATP moteens tor mcrting the rommunion rnt *m nerds, tIww sna:evirs c p_ M; l_ps - %'
m v nn }'Qy .f:.. 42 an ; avy vg,, m ,y y ,p, u a v,ngnya.ono 4 a ,po gaj ,n7,y~ gg} d._My) .T %,h% j+q$g$ .6 o b7a, N@y;d)j?Mg%./h n Y A$d
- MJw A+ QQ QQ rr w:ua n iti:un advisor; ;roup. '
'#?
y gf -
&v
,y t=
n; e . 5-
.A t s
;= j-1 MQ9 $ . Commissioner Smith is a land uso planner for the City f) gjp}p$ [ gf(@jpgggp.g .i
'Kf (%-} \$ f ? g 4A F ;f&&[ of Spongfield. She has a long-timo interest in renewable energy ' i Mdha A D'id[$2 [ U4 . Issues and has served on the Board of the Solar Energy Association it,.ua les of Oregon for six years, including two years as vice prosident, ,
Ar'idng ne l'hl (Juvn i tvilL ogman- A,am,a She has helped research and develop state legislation iegarding I
%ruk ilerulos a was w, amnh. stie, residential weatherization, least-cost utihty planning, and other Iher, k.a (Wl,Is Onorgy POhey issues 3
Dorothy Anderson ICity Words 2 & 3) "I /md rht nsues /.u in g CW/;n todat bor^ 1 cwume wuj s hallcopor lovline fur-irm n atit e v an vl im rt aune n tu t o winer nnioth -
\fuitkm?C !al f fr n , Yn t i?OEU! CHM $!T l'VI'0 y U t hcl q Y I C tOUit (".% M q >lking hie l14:!l1VY k W1.\ 0l lhY i
kSt'ht'fi?li l$is i ! ?a ' q:\ W k t ht'I!t ? s'\ t'I gN$ ??itind Pi HN'Uli tl 0:si f *i e 4 init \ f Vst *h ri t-L $ !U' t,*lft fff Un hit to n ork n ith l H llH's deka:Yd uaff and cudomer uds no 3 yn u;n muirs the scan h for annects
- in thev e;mn u truly !cu unhny endcocor.
Commissioner Anderson has been active in community affairs since the early 1960s, serving on a number of advisory boards Her main areas of interest are land use, L govemmentalstructute and open public process. She was a member of the State's Land l Conservation and Development Commissioni and the Eugene ' Planning Commission: 3
. She has served ?he League of Women Voters in various capacities and is treasurer of
. the Mount Pisgah Arboretum ..
h n p &if e ,+.-e, ..W yM kres.-, v.-,,4,*y, .-ye,. =;,sr,--- e w, , e y -,v.-..,,"*ees-e.=---,.-,he
Mike Dyer (City Werds 1 & 8) b o e vvoc t m rd dn 2/n 1 . uam / H / N n nu cJ ih /4 i hai:< m;, ilp u i !vn: I o . v . m i no b ; it, u , ,
!!vr an prea.u u v 1.uc un niain un da len ca pr ui=lc
- ow j; a i >iin L u 1 r. Jlu s n 1.n eris R u. urn .!n t:< ;! th enn;h < Ji pn te s um ; j ,.iroun g , r .apl d
.. iar = av.I 1:r wu w! ~ !ii lcci,oz < v e w h p a re x:a tp;,1sa u, u e vuoi ,:lc m t n enc m m , an pn .rn. - )< a j din pa . s r, i. n. . a, > s a J I, wl owvis cvicnt.
Commssioner Dyer is Treasurer for Vik Construction Company in Eugene. A certified public accountant, Comr* ,ner Dyer was formerly associated with the firm of Coopers & Lybrand. C.P. A.s where he served as aud, tor and consultant f or numerous utihties. He held the position of Comptroller of the Emerald Peaple's Utihty District from 1985-89. 3 Dr. Sarah Hendrickson (City Wards 0 & 7) "thn uta,n n enc of n<lc.c plan s ric urn nIn nien inovnt non Hu o .. v n vo cia i , r u n tre hm-e bi, i i con.vaann uc.,mt a s u < !! w: the r Indh r.co v! a m Il-in!vt un d pubhc 1he livant an,! aa:), >pr niu us a o or i cn ,avwsplicic sluit n in a o sr n vn u n un deb , n. und a nuirn lv,,pt n winta ipmn main t onnibutory "l'en jnv;ir ul:vir ; mac vi he t -wm h va v wbtlc balani t that n c on the linu d nunt to y to achicsr H q nuot u t itch n u.do i,!aal ner Js aml tia cou r u Iint etiuq thou necd> s ciw r du 1 qa<als n al nct.h for lovy h im cucirwuncntalprou ctkut avJ ws ial n u,. nulc >n. and t'a n al c nn of nu rim e th<ne na h . Commissioner Hendnckson has served on the EWEB Board for eleven years, in addition to her duties as a f amily physician. businesswoman and mother, she is active in civic and professional organizations. Jack Delay (City Wards 4 & SJ "his t / car in me that vu o budr on ax naantscnvinch , ar cwl var dome du rigia kind in Decend>cr 1991. Conuninioner Jaci. Delay pfjv!* und so lo y u ha! in Hvir incn minds n jwcu nn !!n h a relocated to Beth.ngham, Wadtington tmd rcAlgned an mon pc ! .!w < vuunnitt. I tidd !!.i> < vnunau:ent n , icor una, his position scith the twemim niin cut h pc !5.o ror ;he Board. Ami thur na a>n ,i Ict. ' . Ivard. Glen Gibivns Jr., u as appointed in January Commissioner Delay has worked f or 28 years in the
/VV2t 'lirnent worh field of computer systems and network'sof tware. He has
# #" "N FI ""'
also been extensively invdved in community af f airs including semce as President of _the Eugene City Council. Chairman
' of the Lane Regional Air Poil : son Authority, and Chairman i
of the Community Development Committee. i l I li -!
y, Through 80 years of work,ioresight and progress, the Eugene t 1 Water & Electric Board has estabkshed itself as a rehable service' 11 4,'g
/i Piri/>ose. /\ Mair. A StiitctIrir. orovider to e oro*ino communiiv.:eaa ? Ir competent leader among the region's utihties. At the start of 1991h YY
'N4 it was clear that continued success depended on the organizatipn's : 4GS
}%
abihty to respond to change. dp Creating a plan to guide future actions and positoiQks! w,
' f,.
w
- organization to respond to a changing environment was the erownit.g ~ _ i-a , q?
~
..g-accomphshment of the year. The EWEB Corporate Plan, like no other N'ki:'
t
.py A d'
document in our history, states a clear purpose for our work, outhnek a plan of action for achieving results, and provides a structure for-L i measunng our etlectiveness.
) Development of the Corporate F , i ,,
"To be an Plan began in late 1990 at the direction of .
outstanding provider the utihty's newly constituted Board of C , of energy and Commissioners and newly appointed -N'= W
- water products that General Manager. Faced with a growing "I niect custonner agenda of inues and initiatives, the' Board Deborrals lirewerL - n %
needs and benefit wanted a firm fourdation for its decision- ' simerge ihaini Atanager -
"The IMl3 Onywate the cithens of Eugene." making. Starti ,9 with a clear statement of ' et,, u ,im i.sww man,n wy amt hwwvin -
whyEWEB nists-ourmission-executive # " #* 'h " "*""' managment staff built a framework of guiding principles and key tosuitS the utihty must attain to fulfill its mission. By the end of 1991, executive management stat f
- had developed performance. indicators stating what EWEB-would measure to ensure that results are being met.
'i
_~_ .#.- e
As wor 6 on the Corporate Plan prDgTMed, the Board reviewed its role as a detson-rnahng Stren3thening bodv and ime%onsNptothe ustis e xecun staff in early Aori the Board revised its bi aws l to clanf y its ro'o in sotting utihty policy Structure . . and to pf ace ful1 authority for the cperation of the utthty in the hands of the General Manager. More than proved:ng a c! ear purpose and , duettion f or LWEB's f uture, the Corporate Plan highhghted a need f or change in the structure of the organization. To enable the utMtv to ioilow through with its plans. General Manager Ronay Berggren instituted a restructuring to clanf y authonty and accounte ,ihty for EWEB's three products and to assuto # ( ,,vtent management of the utihty's finr. ictal, matenal. and corporate resources As of February 19 !2, the EWEB
]
of ganaation moved f rom a f oui daitaan structure
- Kcv Rcm/t Anar-based on functional expenise, to a smaiv;s;en 7 , , ,,, , , , ,, .,,, _ ,
, w- nw - ] U l ll , i > ,
situntwe tmsoJ on proiicts and served The *
- e, s 4 e
El 'CI , , Wd'er, M'd ble ill d Vi! t s' 5 af U ChMgt'd 4 e e
\\ In n dl'lil(}-nQ iiii a6llt lli3 of iht?'I DIodiiCt ne' e e
if 0'i' BC(lis'C 't t of ref ' j!CUS lf ('id i h t hf t & e r 'w 4Ce d'VIs C i%- k !F ahC b! Facu tici and Mcin q)Cmen t-Oi e: t ee l" -- c ,'.!Om 5 ind sf rwCM -
! '; i x i s t<-
needed to n: port EWEB s p: -L:*' l l d i. l !
^
i r , a 8
/U// ,1 -
/U!n
Providing sale drinking water and re!iable electoc . and steam services to customers is our daily business. Budding, maintaining, monitoring. Gr>i11g> Bttvc>iiti Dic> Bcistc's and responding at a moment's notice is the foundation of EWEB's commitment to outstanding service. Beyond these basics is a continuing search to find new ways to
~
serve our customers and our community. At EWEB, community education goes beyond w s tours and talks. By providing teacher training programs.
#p" k .
we ensure that our energy and water education ef forts , g
. . ylQh g.
. <f y n.y;y:' 2:A. e'.
reap long-term benefits. This year,85 local teachers " O S'p' ? " gained new ideas, skills and tools to enhance their science, saf e ty, and e nvironmental curriculums by taking part in EWEB workshops designed especially for them. Also in 1991;, s .p
, w%.. . . .o 3 EWEB participated with the Lane County business and education exchange ' . --f I ,[
program to bring new skills L developmentally disable "- a turn created ready-made teaching aids. {i{d(( k f%f Shj@h]L - E ky h 2hM
% y g $ @*n W %p. Responding to the needs of low-income communit f3!btMhhh has been the focus of EWEB's Energy Share program since its inceptioA ff&M
'[ ~
" in 1986 To date, tiie Energy Share Programj has helped m '
tu c ,
= y ' 4001 y> ~
'k.
uw ,& wiv 4.t jnm4,,s
<. .,,a,a, ~,+, ,. v.,c a na f amilies meet their energy costs through the f entical G winter '
wy, nc.i., gcous o miro 1991 EWEB irittiated the " Fresh : Start" program to help homelessCeg weia . tartan.. awns yncan. n , [_rg;p u t re s, . f amilies obtain new housing By waiving deposits and earmark gsomh e4 bung dwing nn starm f h . , . N m v pe w aan twi,,sim w n,; , , m Energy Share f unds to help with electric:kW bills, EWEB and 4 <. s o : , ., helped remove critical barriers to f amilies re-establishing themselves in s im , fj : , QW Ql their own homes. IN ;g-_ w. S $1 $ , d . Reducing customers' energy costs by cutting down energy _. waste is an added benefit of EWEB's energy management programs; i.-
Along with he! ping reduce the amount of energy EWEB must buy or p oduce to meet the comrnuruty's rieeds, these programs provide personal energy management services to residential and commercial / industrial customers aMe long recognized among Northwest utihties as a leader in conservation, EWEB ce ebrated an impressive maestone this year. In October, the number of homes weathetized under the EWEB/BPA home weatherization prograrn teached 25.000. This rneans that nearly two-thirds of our efectric heat customers have benehted from the increased ef hciency, livabikty, and cost savings of 8.weatherized home. 7
/ Being lesponsive to customers'
/]U
~.-
abo man bgn me f omfM 1 f : of errierging issues Growing concein over -
/ \ p'
- b. , k thepo siblehealtheffectsok iectromagnetic y- s
~,_ } fields is one example. Over the past three
+
/
. /
years, EWEB staff continually monitored resear,ch on aH sides of the EMF controversy
%y:
q and developed a communhy lending hbrary /
,x . . .
+
g_ :on"the subject, Anticipating b growth ini O ' Jawarbocss of the ENiFissue, EWEB in 1991J - ~ 1 0 M created a team of technic,ans i to respond ton , f " j
'n customers' concerns. Armedwith milligauss ;
6 meters, the EMF team made house calls on ,- request,.measunng EMF levels of nearby y power lines-and-appliances within the customers' h5mes iind 'providing a summary of the broad range of thinking on the health effects of electromagnetic fields.
LWEB's history began in 911 w;th a hytnoweetnc plant that generated powet f or E ugene's water system and electnc street lights. In 1902. EWE B took over CClll'f/ /a# f .}ll/' CS(llllif ['llfjfjp r esAnsbt!.ty f or a downtown distoct heating system that soon thereaf ter was connected to EWEB's wood-fueled steam plant Today, EWEB remains the sole provider of electoc. water and steam services to commercial and residential customers in Eugene and outlying areas. As we move into the 90's, the continued viabihty of the water, electric, and steam utthttes depends on our abihty to competitively pnce our products, comply with ti increasingly sinngent health, saf eW and environtnental regulations, and to acqu;re and manage the resources of these utthfies now and for the future benefit of our citizen -owner s As one of only a handful of Nortti@est ut'iiities with generation capability, ,q /{ Q ff'["7
$,':p(1
- y rp .y y MO a.
EWE B enjoys tne benefitfp'1f generating a portion of our customers' electnc supply _ tF ' i c; x.=e;
; n.. e, g - _. M needs Decisions made throughout EWEB's history enabled oevelopment Energy ,
j) , '! C, 3, of hydroelectoc, cogenerationf thermal, and conservation resources that /. Q' ; [ y '"y "
~
i Resource / ' i i 'M'
+
contnbute greatty to EWEB's abiliti to meet customer needs without total j. u . [4/
%,a -
rchance on the supphes of the Bonneville Power Administration, the region's c Manahonnant c y; - a{ n.omf ,. federal power marketing agency, "
).fg[
,?
E.t e b OI. For many years, however, a regional power surplus and the avkla hty of &
.. -6 &
~
/ '
) (A.g low cost hydroelectric power from f ederaldanis, made epergy resource evelopment t p ,,
. l ' ". ha 4 look hke an unneces'sary riskb Today, that; outlook has changed t
- G
?\
t w. s.
.r i . .
y/4 %' psam
. f ,
z T hough tho BPA now supplies about G5 percent of EWEB's power, without ;d i C ' b A, q , ..
? n, y;p r cv. v f uture lesource development EWEB's share of 'BPA povder willgrow to 80 percent ,
, s si '
s .
' {[
\ ^
p,_ .
, "t g ., ,. -
?. +
w,, 4 .n.+' . u+. dk
- 1. > ~
r ;.
, k g ,9. g \ y .
=
~~
i ts _ -G r p > f , ;;, 4 y _ff [ - l k'
#y g. ,
i e
, , v
^ * ' "
, ..,. g ,
by the end of the decado. Faced with a projected g 4 E. C regional power dehcit within the next 20 years g y 3 4 r e and chang;ng pohcies of the federal government. j c 2 ? e e e good planning dictates that EWEB aggressively T. t {
; .E '
i g '.q , R- .I pursue a d! verse rom of power resources f . , ..: R .! ?
.f3 . ' * -
.h y*p t r- it~
' F -f-In 1991, as part of the corporate planning ej
[' {gy 4 *
-4 ;- ].
process, EWEB staff developed the utiht(s first 'g N - ,, p 1: i
. .y j.. .g7 W._ ( __
s f* Energy Resource Management Plan to guido f
$tv'Y 4- ' ,
. chounatedusarm 4^ ' ,
development andacquisitionof energyresources l%;tuhdubio,,su
~*T.*iroar Powe r I u hswge.
for the next 20 years To ensure comrnunity ""'C""'"*'"5"'"* Grot h>Jnwin rn< projn t. and viher ko sh e u onon. involvement in this effort, the Board estabhshed f ,,,, p, ,, ,, p,,, g,,,,n
*l asinc}i pendent citizen committee to study energy
'$ ~lscues' and recommend strategies for meeting our future energy needs The
+
'L - planfwhich was released for pubhc review in March 1992, wdt put into motion y activities to increase energy management programs, add new environmentally 4
y souNdgenerating rescutces and estabbsh power supply contracts with the goal 7-
) . . . :
;b , ,.of r' educing our f uture dependence on BPA and provid;ng long term power cost 4
y ;q . saving ; to our customers.
-m j j From its beginnings, EWEB has been able to supply the highest
~2t ;
! quahty water to our community f rom the bountif ul, pristine McKenzie Ensuring t
u## sL River. Construction of the utihty's Hayden Bridge Filtration Plant an Atlegttate A in 1950, with an add: tion in the late 1970's, enable EWEB to j kh
+ continue to meet the needs of Eugene and nearby water districts Water Supply w
,af f9s L(( . through the 90's, Y As we look ahead, however, it is clear that cont:nued population f:d[ 42N,A growth and increased competition for water resources demand a sohd bd O pian for managing this critical resource.
The Water Resources Management Pian, to be developed in 1992 93, wd! address chanoing sta te and f eden ai r egulatons. wf er shed ptotection, and the water rate structure. In add tion. the plan will outhne a courso for develop;ng water conservation programs Sustair2ing Our / and evaluate options for meeting the Steam Utility community's f uture water supply needs
" in con! unction with other water supphers in the region.
An aging plant. sinogent environmentai regulatinns. f uci supply questions, and increasing competition for a limited riumber of customers posed almost daunting cha'ienges to EWEB's steam utibty at the end of 1990 Through the concened effort of a special task force of Y? . . EWEB statf expert in financial analysis, steam operations, resource
)k, = [ - i t s- %
l t, ' ' j 4 # Y? acquisition. marketing and strategic planning. a clear path was
;i 4. p p m,lidP* < h( ,
charted for continued operation of the plant.
;. ; 4s
}p the electric and steam utthties. An additional $10 milhon in voter authoriled bonds, will be issued as needed.
Among the capital projects initiated in 1991 were capacity, environmental and safety improvements to EWEB's hydroelectoc Electric Utility f acihties on the McKenne River. These improvements included evaluations associated with federal relicensing of the Leabu_rg and Walterville facilities; initiation of a three-year project to upgrado a 11-portion of the upnver transmission system from 69kV to 115kV; and replacement of obsolete cable in the underground distribution system. In December 1991. EWE B submitted an apphcation to the Federal Energy Regulatory Cornmission to grant a new bcense to the Leaburg and Walterville hydroelectric f acihties located on tho lower McKenzie River. The appbcation marks a major milestone in EWEB's reticec;ing efforts _ i
..s. -. ,
which began in' 1989 and will continue until "ERC grants y
-n a new heenso, ~*
S , iW i $, The electric utility delivered 2 2 billion kitowatt- 1 il _p, hours of energy in 1991. down 1.6% from 1990 levels, t -;a '
+
[
- These sales brought in $81.8 milhon in revenues, up 53% -
* * ' ' " k" '
from the previous year. The increased revenues resulted - + Uk > RetailEletnhWalu & b;
"'d'"*"'""
_ f rom an average 6% rate increase that took eff ect in Apal. p. p (_ k ;=
.- r y .
EWE B served approximatety 68.000 customers tup 2.3 %L U
?
$R~
y m hn Lh ,
. y- +
- Average residential use was 15,985 kWh (down 13%). 4 .t -
g 74 3. The average residential customer used 1332 katowatt-(p$ k ! glM Q{ M"i 00 ~' ;1 ~ hours per. month at an average rate of 4.02 cents per , , Liiowatt-hour for an average monthly cost of $53.55. { g -g g
Water Utihty fJew regulationt under the Safe Drinking Water Act required water purveyors to enhance testirig and treatment for cobf orm battena. EWEB's state-of the-art treatment f acWty made it possible to meet the more restrictive rogu!ations without add 1 tion cf staf f or equipment. Major capital projects in the water utshty included upgrade of electnc service to Hayden Bridge u f dtration Plant, and add. tion of a pumping station to P onnanco water service in the Laurel HdIneighborhood j
""" The number of general service and residential
} 3 7=
e water customers served increased by 1.0% in ,1991, r whde total sales were up 2.9% f rom 1990 levels. These - sales brought in $7,9 mdlion in revenue-a 9 3% increase over 1990 levels. Water rates were raised an average
- Ib'lail Wiler Sales 7 5% en April.
aun,-a as sa:: n> Steam Utility Connecting EWEB's Willamette Steam Plant with the 5 team plant operated by the University of Oregon was e the largest capital expend;ture in the steam utility during > 1991. EWEB's portion of the interconnection, which wili enhance both plants' operational ef ficiency. was financed
$ $ 1 1 1 by the sale of elecinc system bonds authonzed by voters -
in March 1991. The steam distnbution system served 115 customers at the end of 1991. Dunng the year. the system produced 28.1 million pounds of steam, down 13.5 percent ftom 1930's figures. These sales brought in $2.7 mdhon m revenues. Although there was no increase in general rates, fuel cost adjustments were apphed monthly to customer bills to offset increased hogged fuel costs.
'l
M o 13 4991 Analysis 4 Sales. 1V91 Electric Sales; estpersent iinurge f.ver 19V0 salen , Arrrpgr hhatt}n.7 ' ('un.vuttrytian _ _ f Tolnll J laa nf ksi< f of( uanvoert . *- -(Miawatt -ho u rs)_ ' Mrsenne;- Residential! ' 60 615 : - +2.5% 968 937 051. 41.1 % 539007 853 i+8 2%
' General Service : 7 358 ' +0.8% - 733 554 792 ' 0.6% ~- 27183 427 : +6.2% . 4
' Large Commercial-
. A Industrial z 25 : +4.2% 490 722 805 1 -8.2% 14 872 982 J .l.5% L
- - Street 1.lphting ' 10. +25.09 ;
6 811376 a16.0% 245 687 413.$% N "" Water Utility - '1 0.0% .16 237 467 + 1.6% ' 517 907 +93If t Retail Electric Sales: .'68 009 +23% - 2 216 263 491: - 1.6% : $81827 866 ; ?+5.74-Sales for Redle ~ 16 178 951 000: -12.7 %:- 3 371 321 0 18.5%'
' Total Electric Sales' >
68 025 . 2 395 214 491 2.5% : $85199187 [+4.4%j D9l W!!er Sales ervr.,,-u n e , wiuas ,
. Averttgr Notedwr - l[nenunnnmn :.10tal ..
;L 4 lad of perde . vfl naumers . : I1,Ohu Gallmen ' Kennui .
. Residential 32 543l + 1.8% :;l 726 885 ? +4.6W : : $4 l$7 358 +9.6%
General Service 4 436 f +0.2% s 3 984 612 t 0J4" 13 005 542 - +73% :
. Water Districts - :. 3 0 = 0.0% ! - 1205 765. !'+83% -
698 812 T+15.7W.
.. .. . < 3-
. Electric Utility. :1i 0.0% ' 2 92 374 , M.7W -53 863 +15.7% .
Totat Water Sales . : 36 983 + 1,64 -~ . 9 009 636 '. +2.9% l
. $7 915 575 c +9.3% -
t 19911%wents in Lieu qf Taxesi sodpenrA skesyr titun 19W1 sake ' ( 'llNofistg* stt hintsvil t'stricti YOthrrt = ' TMuh c - 58 010940i+8.7% : ^ 52 408 444 -16.9% ' 510 419 384 '. ' +1.4W 1 4 - - --
,..me
v e %e audy.d1ne ho.ca statements ot the [ ugt;rm Water & E'ectNC Board ior the years hadM} Ot:cember 31,1931 and 1990. which , aminouded w e ,ineschnancasunemens Wethe'esponsuhtyof the Board srmnagemer;t /\IIYIllI7!NN!b I!!IO Our respons.tuhty is to espress an opinion on ggg. j g jgj ,j . . u sehnan s sunememsbasedonouraudas We condxted our aud ts in accordance Eugene Water & Electric Boani: with general!y accepted aud, ting standaras lhose stantinds rea;1re that we pian and perform the aud 11o obtain remonable assut ance about whether the financial statements are free of material rne statement. An audit includes exanvrurg on a test basis, evidence supporting the amounts and r. d:sclosures in the financial stattments. An aud;t 1 :i
- ::h
~
also includes assessing the accounting pnnciples used and signihcant estimates made by managemen{, as well as evalaating the overall financial statement present6 tion We beheve that our audits proode a reasonable basis ' ,e
~
for our op:nton In out opinion, the aforementioned hnancial statements present f airly, in all material respects [ . fjx , (1) the hnancial position of the Elecific System and Water System of the Eugene Water &L e Elecinc Board at December 31,1991 and 1990, and the results of their operations ar,d1 their cash flows for the years then eniod; and j, 7" (2) the assets and habiht:es of the Electoc System's Distnbution Division and Tr5[ b Project of the Eugene Water & Electric Board at December 31,1931, and the results of theit
, operations and their cash flows for the years ended December 31,1991 and 1990, an in conform:ty mth generally accepted accounting ponc,ples Cofr 4)
Y t.& Eugene, Oregon March 27,1992
, p l h.
+ ; :: +'
d j!
,1 - . .;
( j .. i- .4-
+
.t ,
.: y ,
f-The management of tho' Eugene Water & Electric Besiid INNialhs5 e<
. d? L. , - g( .<< '
system of internal controls to moet its responsibihty fof the, integrity enti ,,1 EillattCial Stateillegtt objectivity of its finanei.al statements and tUnteguard its ans0b. f, . ,yj6 The financial stat ements were prepar ed in Conformity w!th 0t?{ratiyactspted accounting ponciples for pubhc utilities and accounting requirements of the Federal Energy Regulatory Commission They reflect all adjustroents which are,in the opinion of management, necessary for a f air statement of financial condition and results of opelations. Coopers & Lyorand, independent certified pubhc accountants, are L
,/
l u engagedio perform an aud.t of the Board's financial statements. Their aud 1 /- ~ j/ ;, f n -
$. provides an ob;ective review of management's responsibibty to report s W - % ) 'g operating results and financial condition. Working with our internal auditors, X / 3. -
they perf orm such tests and procedures as they deem necessary to amve at N+,. > >
- n. >;'
an opmionbri the f airness of data included in the financial statements. t' g
' i iJ s i .'
t-m s _ircasurer . , ja-March 27i1992 .. f,
+
f-- ,.
/ ; N n
Electric System lialance Sheet ison,w 3i.iwi misvw b ,1, g@ (D s u .n am ., s o +> ,, n<an ; , .<
$ 6s s t Yad $"Itaj( t $ ,sy &nt s t .tunn 1%nt m wnue 226 115 007 240 252 505 466 307 512 442 U n 783 Irss . Accumul:ted depnuation A .innenvatein W 428 939 42 695 (F]7 142 124 036 129 05K 191 126 f K6 068 197 557 408 324 243 476 313041592 hopert) la kl ior f ature use 500 (XK) $00 (0) 500010 ConshusIton uoil m propsen 4(03(63 4 003 65$ 4 f.43 89s Nudcar fuel, leu auumul.ited alni'dl/alH'n IWI h79.335.4lN.
is lwi . 97,927,152 17 957 111 17 957 111 10 429 249 l tilit) I'lant I 1h9 723 215 514 519 346 7N 242 329 114 739 liond f unds 2 353 030 10 $28 950 12 881 950 12 559 219 1(esene A contmperg fund 2 130 136 2 130 136 2 ul5 889 lienewal A replxement fu 501 141 501 141 500 (n) Consenation project fund ll G 343 1 182 343 1 491 762 Construction lurkh 8 640 159 8 840 159 liecomnussioning resene fund 6 830 655 6 H10 655 4 414 515 henregainf l unds 12 876 673 19 459 741 32 366 414 20 971 405 Cash A cash equnalents 7 590 846 7 385 339 14 976 205 17 f S 296 Captal impinsement resene 1414 2tN 1 414 209 1 727 153 sepepated cash A imestments 5 113 631 3 491 949 H (OS $80 7 47J 613 Receit ables, lew allow ances IWl - 526M.101; lwo . $234.567 13 027 858 90 720 13 118 578 12 980 943 Matenah A supplin. at ascrape cost 2 677 l$7 7 643 870 .10 321 027 9 3h6 262 liepayments A specul delusits 636 3N hS8 999 1 525 213 1 311 443 Current kwts 304N H105 19 500 807 49 460 812 50 428 710 Adsanse refundmp costs 7 361 677 7 361 677 7 778 461 1.ong term recenable, llPA 10 622 fd7 _, 10 622 657 II 228 23S IMened durges A othet 6 528 340 2 377 c.31 8 905 671 6 229 751 Other Aswts 17150(N7 0 739 OBS , 2h 890 005 25 216 450
-5191 677 398 $264 244 075 $455 921473 5425 7513N t
ld AiYE,f>4l]tIU[ NENChdfi 3D IMli[*- fML kbl% %Qls,Th'fll.
r a k ' ( U.n ti rl: sa no n in ju n l Ju n tc j ba ng Un ima hvjns ' h_s .h m Mmm lidlin e al Ivyinhif1p of praf 122 8.$l 679 l2] K4) (37Q l}l 74] Jgl Net inconic lot the year 3(uo tvil 3 (uo ty,1 1in327g itetained I'arninn. 125 M1740 125 M1740 122 Mi679 long tttm llobt 45 (W 5123 110 548 610 '155 553 733 149 275 7x2 17 Atrounts pay able ll 401280 }3 bl5 371 - 2$ 016651 16 298 247 Anrued u3 t nill A benefits 1 623 669 1623 Gi9 1 377 767 AlefHed llilef est oft
!oup Ittni debt 2 074 691 2 237 H33 4 312 524 3 W6 215 lung tenu debt due mildn one ) oar 1 850(O ) 3 840 (KK) 5 690 0 g) $ o30(n) l'urrent 1, labilities 16 949 (>10 19(i93 2(M 36 M2 M4 26 702 229 Onanhirt1/ed pun on deleasance of debt 3 056 513 3 056 513 3 535 387 ,
IMened utdik A other 784 382 7K4 382 ' 619 14S Other 1 labilities and litIerred ('redits 3 MO895 .3 M O895 4 154 535 m.-. f24 I thierred 'l rojan Nel llillings 134 (K12 261 134 (X12 261 122 777 079 f~ s t.
$191677 398 p(4 244 075 5455 921 473 $425 7513(4 4
h k db hI kh( hh h f I [fk k%$ dfj(f
Electric System Statement of Net income Ya, (u ucsiaennai 3v n a 863 36 0w 7ai Columen ul & injustnal 42 820((13 41395 3AK hhs for rnale & other 4 529 32] 5 W35 286 htca:11 }W.iting .]s 4() 2](gl45 0;n rating 14nonnes K4 718 579 fl 015 X27 Puu ha .edi m er 44 767 039 45 991 452 Sicam & hpiraulic pnniacoon 2 51917J l 962 691 hamnnuion A thstuhunon 7 412 380 7 329 Sil g Cusuiii cr atconnung 2 833 823 24I8956 ('tiinCrs allon Openses 2 297 M4 l 803 4()7 Adnunktratne & pcncral 91276(4 N 206 MO h!eam heating eqwnses 2 828 373 2 3sg 902 ligircuanon A unorrivanon Plani 7159980 69M 271 Operating l'aptusn 7H 976 017 77 070 (r72 Ntl OjMTHiling III0tsifl0 l0 UT9 R10 7 M K507 Interest earnings on imestments 1 170 675 981 327 Alhmance lor funds used dunny uinstnation 176 200 177 800 Other rnenue l$2 5(n . 93 479 Granf rnrime 922 2(4 Sly 949 Grant espeme (922 264)- ($ly Oly; Othrr 14n onur 1 499 384- l 252 Ni6 Conuihutiom in lieu of tases 6 358 396' 6029315 Other rnenue deducuom 5 % 372 526 Nd) laterest eyvnse & discount anoirti/ anon 1 591 165 1295 UN) AUowaike im lxirTov.ed itinds tistd diiritig construction (46 KOO) (50 2(x1) Rn enue lieductium M 499133 7 NvlK35
$ptern Not incorne 4.TO4006) %l 10n 274 uw mingma ne m o swg m .. e,r uaw
Electric System Statement o ' Cash Flows WQh Gk ( ash Rows from olvrating xtnrues Net operatoy rncome 10 039 810 7 648 507 AJustmenh to rmmk wt quaung itu cie to net cash ptn k!cd by qtrahny xinines ikpreuauon & amorti/ation 7 503 234 71(Xi 925 inucase in eccenables (88 798)- (246 %) Uncrease) dcocase in materials & wpphes (46 131) 29 023 tincreasel detreaw in prepay ments A special dep sih (10 226) 17 943 Inacase in deferred charpes (l 730 473) (1 If6 lih increase hkucase)in nounh p.n aNe & werued pay nill & benefik (904 Of H) 2 633 681 hicrease m deferred uedih & other 165 2M . 201 033 Conwn anon loans iwoed (lb6151) . 19 Collechon of consen ation loa'n ~ 27 007 Coninbuuon in lieu of taes (6 35$ 396) (6 029 315) Other resenue 1525(N 93 479 Other resenue deductions _ (546 372) _ (526 fWI) Distribution DisIsion 7 %7240 9 755 537 Deprecianon & amortuation 7 450 666 11 417 521 Inurase in recenables (9 720) 181 (XXI) Increase in matenah & supphes (KSK 6M) ' (1 395 905) Inocase in prepay menk & sguial dernits '(203 544) (24 825) increase in defened charges (886 442) (819 838) lacrease (decrease)in Acound payaNe 9 K68 312 C25 4991 bicrease m delened 1rojan net bdhnp 18 602 596 21 or6 756 1 rojan Project 3393324 _29 917 240 Net Cash Prosided b) Operating Aethities 41900477 30 6u2 777 Cash now s f rom insestmp actis ines dnerease) decrease in segregated funds (9 213 943) 468 850 Decrease in (apit al impnn ement resen e 312 944 194 093 Inaca,e in wprepated cash & ins estmenh (1 215 453) (40 271) __ Interest earninp on invesunents i 170 675 981 327 Distribution Diiision (H 945 777) 1(40 999 4 Increase in segrepaied funds (2 490 4R5) (2125 kh6) tinacase) decrece in wprepated cash & imestmenh 56 999 (3615 h - I rojan Project (2 433 486) (2 161 959i Net Cash (%ed in Inststing Aetisities al1379 26h ' 45579N)) j t: i the wn=re;? my ww n an imcpi r4.4 tts swnem
Electric System Statement of Cash Flows mu
, _ ,, _ ..,,, ~ ,_
@ (Ch Cash flow s inun noncapnal fin.mdng acinines liond pinwipal pay menk (9l$ (Xi);
!)ccrease in tund f unds used for wcatherie.auon 3(/) 419 PnseeJs from nsuante of tunds 13 635 0 N)
Ihnliefundmp payinent (14145 t Wil; t hrease m lony-tenu inenahle HPA Gl5 581 510(01 Consen anon granh issued 908 429 368 520 Consenation grant pay menh 1922_2t}4) 1519 949) l)istsihution laisision f 13 775) (15142% Net Cash Oud in Noncupital l'inandng Attitities ,. (13 775) - (151 429) 20 Cash Dows for tapital A related fm.uwmp acounes hu.eeds from issuance of lunds 12 (H)(s W) liond pmwspai pay ments 1480 0u0) (4515fXh Addinom to utihty plant Net (Is 185 639) ' (7 151 845) Interest paymenh-net of related anoni/ations ll7J5307) tI550254) l>htributiott llisision 1 619 054 ' 19IK1599) _ AJ4tions to utihty plant Net (24 134 761) (K 845154) BonJ punupal pay ments ( 3 660(Xx1) : (3 475 (*Xh Interest paymenh net of related arnortuations (6 903 H2O) 47 OX) 045) Trojan Project (34 698 Sh4) (19 401 199) Net Cash 0911in Capital & l(elated l'inaming Aethitles (33 079 530) (2X 544 79X) Ihstnbunon IM hion irrrease in cash A cash equhalents 626 745 2 024 $n4 Tropn Prop ct increase hicaease)in tash A cash equaalents (3198 R36) 8 374 052 Net increase ilht reuse) in Cash & Cash 1:quis alents ( 2 572 091) 10 39M 590 Cash A cash equnalents at beginmny of year 17 5451296 7149 71wi Cash & Cash 1:quisalents ut 1:nd of Year 5 14 976 205 53 17 54h 296 s
!W Ji % i dil y L4'*'m 17] Ih f J T .. 4 8'il -[
t ' * .i j 'T f ) { q NI II fd
Water System Balance Sheet no u si m a im
\su i (g y l'lant in sen ice 50((f>795 49 325 786 1.ew AesunrJlated deptaiathin & ankirtitation 29 444 953 27 670 622 205M 842 21655 IM l'roperty twid for f uture usc 104 766 l(4 7(ti Constnction work in proprew R35 961 447 267 l'tilit) Plant 21505569 22 207 ly7 Segregated llond l'unds I $23 74r4 1 $m 3<y Cash & cash equisalents 2 700 693 2 368 115 Segregated cash & insestinent- ,
2 275 266 1 834 368 Rectu ables, le% alk,w ances 1991 $18.991; IWI-$16.K35 784 190 737 703 Materials & supphes. at aserage cost $(y) 891 472 3sg hepayments & sinial deposns 117 9s3 130 wi Current Awets 6 387 993 55M 24s Adsance iciunding u.st* 896 509 987 523 Defened charpes & other 292 130 236 055 Other A wets ! I KK 659 - l 223 57X
< 530 603 969 %30 524 579
^
1 (pm A 1 i Mt;n llalance at typinning of year '17 556 562 17 825 950 Net income thiss) for the year 356 969 1269 3s 4 lletained I;nruings 17 913 531 17556562 long-term Debt 9 000 85R 9 778 442 m Accounts pay able 2 161 611; I $86 619 Acerued payroll & twnefits 295 730 372 110 Acerued mtciest on long-term debt 253 721 273 9g1 , Irnp-term debt due within one scar 785 0(K) 730 ooi) i Current 1. labilities 3 496(Yt2 2 962 710
~
Deferrett Credits und Other 195 518 - 226 865 30 605 % 9 $30 524 579 m 21 cm, % im n .m m c.ar,n ( ss mnn
Water System Statement ol' Net income (Loss)
, . . ~ . - , ~ _
Nkdhd % N l<csidental 4 157 358 3 791 900 Commercial & industrul 3 758 217 3 452 433 0;her 290 678 2kh 874 O l wruting l(esenues H 206 254 7 533 207 h00Re of kupply, pumping & l tutti'h;1tioll l $8l 443 l $h9 hul
'lransnussion & datnbution i 775 574 I 838 56H Customer acmunung 575 195 552 239 AJnumsiratne & pencral . I 716 288 1 670 730 22 Depreemtion A amortvation I'lant 1 716 336 1695 9(h Ojwruting l'.ywnses 7%4Mh 7 347 301 Mt Operating income 841 417 Ik5 906 Interest e.umnps on im estmenh 278 466 335 651 Alkm arne for funJs used during construcuon 20 m) - 15 400 O!her re,enue 33 323 20 hk3 Other 1(es tnue 331 789 371 914 Other resenue deductions 81 976 42 314 Imerest cyvnse & dncount amortirahon 744 261 793514 Allowance for ivrnmed funds used during construction (lD iV10) . (8 fuh
!!csenue Deductiom 816 237 827 22k Sptem Mt income (Imu $356 969 6269 3K8)
Ttw uompaupng rn4a are an uspA oc1 oiib wienent.
Water System Sicuement of Cash Fh>ws Gk <lD Cash Daw hum op1atmp actiuties Nel opelallnp Iristin}C b4141) lbb hb Adjustmenh to reconale net operatmp meome to net cash prmided by operatmp atinilies ikpreciauon & amortuation 1 772 214 1 789 254 increase m icech obles (26 482) (89174 Inocaw in materiah & supphes (37 503) (12 417) Iketcaw in prepay menh & special depoun :12 713 291 829 increase in delened charges (64 631) (33 942) Inucase (deucase)in accounh paphie & actrued payroll & Nnefits 498 612 iI998) ._ increaw idecreaselin defened credits & <dher (31 347). 147 458 ()ther resenue 33 323 20 883 Other resenue deductions al976) (42 314) Not Cash Prmided 11) Operating Aethitin 7 916 340 2 255 al Cash flowi. f rom im esting acuunes tInacasci decreaw in segregated bond funds 6 812 (174 3( 4
!Inueasei deercase in wererated tash & imestmenh (440 898) 51 235 Interest earnings on unestment 278 465, 335 651 Not Cash (Uwd in) Prmided 11) Iniesting Arthities (155 621) 212 520 Cash flows hom capital & related fmancing aethities Additiom to unhty plant - Nei - (1 040 587) (820 357) liond piincipal pay menh (730 (Wo) (7(0 2 W)
Imerest onmenh (657 554)- (702 24(0 Net Cash Used in Capital & Helated linanting Acthitin (2 428 141) . (2 222 83N Net inercaw in Cash & Cash 1:quh alents 3R 578 245 165 Cash & cash equivalents at beginning of year 2 368 115 2 122 950 Cash & Cash 1:quhulents at I:nd nf Year $ 2 7tn 693 52 36k i15 e t E M' AT'U@{JII) Hy MC4 dk 4.0 D4lJyI4!fJN . Ibh %WCW9d
Notes to Financial Stateitteiits t ac y i,, Nummary of Signitkant Atwunting Politieu Othtr Auounting Polides Debt pcmium, diwount. Gm rul . t he I apene Let & l.lechw Board, an ad. expenses and a Amt e ref undmp msts are bemp amoi-monsuata e umt of the Ony of 1.ugne. Oregon,is icspm. u/ed met the terna of the respectne nsues hice fuel sihIC lor tlK ou nership anJ operatviri of tht electric and aniserti/ation is bawd on the quantity of heat produced watet unhi) 9 stemt The lioed has the authorny to in without prmion for sahape s ahie Grant ret enues are rates and t h.upes lioard accounting p, hoes wnlorm to tempnited as funds are expended. pencially astepicJ auounung pnnuples foi pubht unh- lledawirications Ior comparabihty, cenain lWo ucs and pmernmental umtt The Goscinmental amouun base been tedasdied to wnlonn w uh account Auountmp St,mdards Board tGASlh is the anepted classincahons used in IWI. 'there was no ef fect on pre-stand.ud semny tuly hir estabinhing posernmei.tal ac unu@ reWned net nwome (Imst tounung and hnancial rcroning pmtiples Sigmfis ant Cash & troostmente n pihues are dewnhed beloS = lhe Board mamtams cash and msesiments m sescral Cash & Cash I.quhalcnts - 1 or purpnes of the state aaounts m accordanse with thind resoluunns. Cash and inent of cash fh6w % the O* Wd a$nuders all nonwpregated irnestnWuts are carriCd at tiWt or allHitll/cd Uht plus iK' hichl) hqmd debt mstruments purtheed with a matunty crued mterest w-hnh approximata marLet. The Boardi of three months or less to be cash equis alents msestments dunny the year included repurchase gree. Anounts itecehable - 1he lload proudes energy anJ rnenh and obhpanons of the M Goscinment, all of uater to resideunal. commeraal anJ mdusinal customen u hub are authonted by state statutes and tend resolo-located m ns senice area 't he credd practices of the nons. The Board maintams depwitory insurance under llo.ud require an es aluahon of each new cosiomeri credit federal depository insurante funds or state and Gnancial uof tinness on a oase buase basis At the dncrcunn of instauuon collateral pook for th cash dep mb and im e+ management. a depNt may be obtamed Irom the customer. menh Cash depWh wcre held at regional commercial Creda losses h ne been wuhin managemenn cyntations banh and at tunn dunny the year euceded amounh in-Ctility Plant & Deprniation - Cohty plant a stated at und Repmthase agreemenn, obligations of the U.S. onym.d tost Cost mdudes labor, mateiiah and related Gmermnent and deterred compensation mutual fund de-mdirect cosh such as engineenny, twnsponation and rNS are exempt Irom statutes requiring such msurance, allowance for funds used dunny construcuon The entire bank balance of the demand dep> sin totahng 1he cost of addaions renewah and beuciments is $hMI tot the Dntnbution Dnision and Water Sy stem, capitali/cd Rep.urs and nunor replacemenh are tharged and 52,262 for the 'Irojan Pn9ect are fully insured at De-to operating eqicnses cember 31. lWl. The cost of popeny and remmal cost. lew sahage, The lloarJs im estmenh are categori/ed to gisc an in-o eharred 1o accumulated depreciation when propeny dwauon at the leset of risk assumed by the lloard at year n teured end Category I incluJes imestmenh that are msured or Depreaation h wmputed uung straight-hne wmp+ registercJ or for whah the securines are held by the de rates which are equn alent to approsimately ,124 of Board or its apeni in the Board % name. Category 2 in-the llectne Sptem Dainbunon Dn Non and E of the cludes uninsured and unrephtered imestmenn fe w hich her Spicm ongmal cosh of depedable utibt) plant. the secunnes are held by the counterpany's truc &part-Depecianon for the 1rojan Plant is computed using the ment or agent in the Ibardi name. Category 3 indudes W smking lund method based on a Bycar plant hfe. unmsuted and unregistered imestmenh for w hich the se. Operating income Operatmp income is reemded on the m&s are held by the counterparty or by ih trust depart-nwnt w agent but not in the BoardN iume. Imestmenh bash et senke deinered. Appoumatch I P1 of IWI hW by the muntapany Gnandd inseuhon in safekeep-and IMi l lectric Splem operatine mcome w as the resuh ing am mMaed to be Category 3 in accordance wah of sales to one indmtrial cu s tomer} GASH mierpretationt The Ibardi im estmenh, except Interutilit3 Itent - T.he lioard has an interutihty rent deferred compensahon mutual funds and the imestment
., greement espmne in 201I m uhich the Electric Swtem .
o 1 m the State of Oregon local gosenunent imestment pool. assesses the h.ater Ss stem an annual rental ammmt f or as are hdd in sa[cLeej'inf in book enin l.onn bs the l. man-preponionale share of the headquaners t.acd. in . Pa3 menk , Ud Nntitution counterpart) N1 the Noard.$ name and are h under the greement were $310flllO for 19)l and D)Al . considered to be Categor) 3 imestmenh under the abose entCol
( , ti . 1 4 4! (A,,e t .8 at %:ve:ut Lui
% ve r t,d t ruh Impw n s m, on t wh wol ( arr3 nt e f u sJ. 19 m a!+ on th u n e l e s t as*se n!- t wau s:1 l)istribution llisislon Cash on hanJ 12 586 12586 Cash in htnk denund depisits 31 697 (867 44h 14 363 (8213Sh investment - Delerred comtrnution mutual funds 3 773 283 3 773 283 as los estments - Direct ohhpations of U S Gos ernment 6 7 % 575 2 324 246 1 281 876 10 342 697 Imestments in the Stat of Oregon Iwal y u imestment pol 610MQ! 6 121 461 1414_2JB 44 109 13 688 180 Totat $12 x76 671 57 Soil 846 $1414 209 M 113 611 Trojan l'roject Cash in banl deniand depisit- $55 299 2 262 557 561 ;
imestum n threct ; obh/Jtions of U S. f: -?" Go.crnment I8 934 442 7 383JfL7 3 491 949 29 MN 488 f Total slo axy 741 s 71p u9 s 3 491 449 en Wa'er M stem b Cash in bank demand depwits 11 613 (l13 423) 1I724 (90 066 ,, w Cash in bank demand depwits - Other YT agency wilections 1 073 634 1 073 634 g -- Imestment Deferred b n compensation mutual f -- funds 614 255 614 255 &2' imestments Direct oNiyations of U.S. { b Gos ernment 1 512 115 773 629 568 615 2 854 359 f c. 4 -
.r '
Im estmenIs in thC blale of Lkegon lxal god W[, msestment pol 2 N O487 7 038 2 N7 525 {; Total 5 1 523 748 $ 2 700 693 $ 2 275 266 r
&i 1
Im a rm Debt; @ Electric Utituy Spteni Rnenue Bonds Series 1986. 7-146 iwue Serial Ikinds,5.75 7.50% , duc 1993-200 1 340 000 Tenn ilonds,7M due 2011 6 330 000 1986 Series h1,9 2246 iwue,7.16% capital appreciation, due 1996 984 $(0 Series 1987,12187 issue,6.15-7Mr7r, due 1993-2011 8 970 no 1988 Serin hl,4-548 inue,6M capital appreciation, due 1997-23 4 1 397 500 Series 1991,715-91 ioue,4.75 - 6.7(r4, due 1993 2011 II72500 I?lectrie Utihty System Conwrvation Roenue Bonds Serin 1990, =_
'23 7-1 M1 iwue, $W6.659, due 1993-200, subordinate to Series 1956, 19S6 Senes hi, Series 1987,1988 Series hi, and Serie 1991 3 630Un 45 377 no tro unamortued discount 371 877 Distribution Disision long-tenn debt . 45 005 123 '3j Trojan Nuclear Pmject Revenue ikuxh, Series of 1977, sutordinate to Series 1986,1986 Series ht, Series 1987,1988 Series ht, and Series 1991 )M- Serial Bonds. 5.20-5.75% due 1993 98 2792500 j Tenn Bonds, SMY4, due 2u19 83 7t0 tX 0 til 625 00
- -;. Irw unamortired dacount 1 076 300
,j Trojan Project long-term debt -110 548 6_I_0 3 -[p %'j 1:Icetric Sptem lamg term Debt $155 553 733 '9 w M Water Utihty System Revenue Bonds @ 814A iuue,4.359, due 1993 99 - 990WO
( WAM B-l4i8 issue,410-4M. due 1993-99 12-142 inue,8.50-91Xrt due 1993 810 000 450MX) ll [ Water Utility Sptem Roenue Refunding Ilonds, Il 1546 inue, M 5m6 60% due 1993 20I16, suborduute to 81% 8-1-68 and
/$ 12-142 issues 6 800 000 g , ~
905030 3 less unamortued diwount 49142
;9 e Water Splem 1.ong-term Debt S9OWI858 4 N.
h . gej '- Taal&t4 rc@mmoits dunn; k years 1992 through im are a foHow 6-**
-nf L Drctric System M ater System jfg '- 16tri$utism Minon Rrwne
)& +y 6whQ,
%suries - Ikymits Trejan '
~ f>,tjM ' bra!Mnun -
M M 1992- t 850000 316 281 3 840 000 785 0 0 . 1993 2 015 010 .233 532 4 055 u0 835 000: h,$ ; 1994 2 125 000 233 532 4 275 n)0 445 000 l ** 1995- ' 2 240 000 -- 233 532 . 4 500(KO - 470 000 :
~'
-1996 0 2 349 000f 116 766 4 755 000 495 000 -
n
'W l
t i . _- =_ _ m ~:
I The lloard has obsened. perfornied aoJ fulfilled in 'f rojan Nuclear Plant: . cmenants and ohhganons as required by rnolutions au. The Illutd has awigned to llPA and other pubhc thori/ing the swuance of rnenue bonds. agency panicipants in 301 share of the output from the in July 1990, the floard placed an ann.unt in trust, 1rojan Nuclear Plant. The lioard uill receive pay menn from the swuance of the 1990 Consenatmn Rnenue and cf edin (net bilknpo equal to in share of all Plant llonds, to refunJ the I.let tne Utility Splem Consen ation cosh. intludmp deconuniwioning, yient Iuel storage and Rn enue lionJs. Serin 1985 on September 4. ' Mt the debt wnice w hether or not the Plant is operable or oper-call date. "Ihe lloard and the llomeulle Power Admmis- ating and notwithstanding the sayiendon, interruption, in-nation illPA) h.ne entered into the liond l'inancing terference. reduction or curtailment of Plant output. Agreement to Iund flPA's share of weatherization mea- Net bilknps may s ary hom expenses each ycar but are . , suro wuh the proceeds from the !;lectric Puhry Sptem recogni/ed in cath accountmp perioil only to the ntent of Comenanon Rewnue lionds. Under tenm of the agree- current npensn There is no effect on the filectrie sp- p ment. the lloard has agreed to expend the 19W bond pr+ tem statement of net income and. accordmgly, net bdhngs creds m acconlance with the terms of the liond financmg and operating openso are not included in the statement - Agreement and the Program Agreement, and ilPA has of net income. The accuruuhued exccu of net billings agreed to guy the debt senice arkt any odier costs aws oser expenso h stated in the balance sheet in " Deferred ated w nh the 19W bo wh. A receisable is reconfed by the 1 nijan Net flillings". I ollow my h an analpis of changes lloard for the ddference between the unyicnt bond pro- in thh account during 1991 and 19% creds and the oubtanding pnncipal anJ accrued interest on the bonds, There h no efhxt on the I.lectric System statement of ne income and, therefore. mterni receiph and espenditurn appronnuling 5606JulIor 1991are not @ Q included in suth statement; During 1987, the lloard niinpuished 519,48834) of Total net bilknps 90 6ss 107 76 210 896 Ilecuic Spiem Distribution Dwision Series A. C nd D Add inacrest earned 2522N)3 2 294 661 _ lionds thmuph an in-substance deleasance. The in sub- 1ess G. + stance defcasance was accomphshed by placing appmd Operanon a y mately $14,300,1UIinto an inemeaNe trust from whish maintenance openes 58 710 263 44 201 691 principal and imeren paymenh will le made on the Depreciation & 7 450 656
%)
Honds thmugh Auguq 1,2004, the final matunty date. anorti/ation 11 417 521 Other fuel npense F 'lhe re uhing pain on defcasance of uppmVmately 8 447 185 1 H19 359 $5,188J100 has been deferred and is being atnoniicd owr interest npense 7 377 414 7 562 Sh6
~
the remaining hfe of the defcased llond iwues, increaw in In Nmember 1986, the lloard ntinguhhed Deferred Trnjan w 56.610,to)of Series 1982 Water llonds thiough an in- Net ililline 511 225 182 513 504 2m - ;"' substance defcasance. The in-substance defeasanse w as 4 accomplished by placing the Water Refunding liond Se-tio 1956 proceesh and segregated funds in an inemcable ] , trust from which principal and interest paymenn will be Power Suppl3 Resources : [ made on the llonds through August 1.1994, the carhest The ikurd receises approdnutely 179 of its power re- Z eall date. lhe resulnng refundmg cost of approdmately quirements from its ow n generating resouren and 834 .f. 51657 Auf has been deferred and h being amonized mer from BPA and other agencies under contractual agree. (" U the renuming hfe of the Series 1956 lunds. menu opiring through 2017. IIPA prmided approd. As of December 31,1991, the anmunt of defeased debt mately 76G ef the lloard's purchased power in 1991 Iy still outstanding but remowd frorn the lloardi long term (839 in 199h debt amounted to $15,373J100 for the !?lectric System th h[ r inbution Dn hion and 56.610Jn) for the Water System, d
, m Y
e 2
Rt-tirement lienefiN concern basis. auew progrew made in accumulaimg suf-All rr};ular emph>>ces with at lemt sis namths of wr. ficient esch to pay benefib uhen due, and make com-sice panicipaie in the Oregon Pubhc Employes Reure- pann anong P1 RS and emph9ert 1he measure is in-ment Sptem tPERS), an agent tuuluple-emphner ds dependent of the actuan;d fun hng method used to deter-Oned benclit pension plan estabihhed by State statute mine contributiom to the plans llowever, the significant and administered by the State of Oieron. which h de. actuanal awumptions used to compute the pension benefit signed to prmide a benefit equal to 1.67% of a obhgation are the same m those used to compute the actu-participanti highest 35 month merage salary. lienens arially determined contributiom. are cuab!khed by State statute urxler w hich cmered em- Urkler P! RS no obligation for retired members b at-playeck are required to contnbute 69 oitheir salary, trdiuted to the floard. as PERS pooh the rkk related to re-whkh the lloard haugreed to pay on the employeev tired employees amonF all the participating ernployers. trhalf 1he lhurd h required by the wmc statute to con. PERS transfers the obhyation for bene 6h fnim indn idual tnbute the remaining amounts necewary to pay benefits employen to the PERS as a whole when beneliu become when due. The ihurdi requued conuibuoons an addi- payable. Accordingly, the pension benefit obligation _
" tional flui34 of emeted wages are actuarially deter. shownhelow for PERS coversonly current and terminated employees The most recent actuarial valuation for PERS 1 mined using the entry age actuarial cost method. The lloardi payroll for emplo)ces emcred by PERS for h December 31,1989..
1991 um $18.k18)#41($16,4(XUHI for 1990h total Significant actuarial assumptione payndl was $19,3f fUHHil6.MU)Jui for 19h PERS gg contubutions funded und expemed for 1991 were ap- f.f gg pwn
, , pmumately $2,547MW) for the Electric Splem and Date of actuarial ,;} S450jul for the Water System (S2,323MW arid valuation Dec. 31,1989 .Jan.I,1991 V 5510MK), respectively, for 1990L including umortiza- Estimated annual K . tion of the unfunded habihty for the present salue of all 9Y4 retum on awets 8AY1 4
j past normal emu mer a 30 year period pngected annual
!]
~
The Eugene Water & Electric floard supplemental re' salary increases 6Ki N.A? tirement plan b a single-employer defined Nnefit pen- Pmjected annual sion plan establhhed and adminhtered by the lloard. cost of Ining [: lienelin are estabbshed by the llourd. During 19X7, the lloard renegotiated ib contract with PERS to pmvide increac to retirees 2.01 2F4 increase in bene 0n
-i 5
- . benents accumulatell in the supplemental plan m of June for tnembers 30,1988 by then acthe employees through PERS. Ae- with unutdited conhngly, the supplemental plan was amended to only sitt gene emer retired emplo)ces who were plan participanu at sjate gm N Ay y June 30,19% Au resuh of climinatmg actne empl")- Female 109 N.A?
ces from the plan, the lloar'd had no payroll for partici- Pension benefit ohhgation M. pana dunng 1991 and 19% in 19M.the plani actuarial Retirees & beneficiaries fundmg methat w as changed f rom the attamed age not. currently receiving mal method to the unit credit method Under the ne" beneGh & terminated method an unfunded actuarial accrued liability h estab- employees not yet d lished equal to the difference.between the present s alue recching benenh 4 538 823 R4 of accrued Nne6b at the vahtation date, and asseu avail- Accumulated employee able to prmide these benefitt Thh liability will be am- contributions yAe ortued and funded mer a penod not to exceed 20 year' 'inchxhng allocated For 1991, the amounts funded and expensed were aP- imesunent camings 18 742 K35 pmtimately 5294MK1 for the Electric Sptem and Employer -
%j] 556M for the Water $ptem ($142M atxl $30jul re- . Financed sested 13 912 379 yg. spectnely, for 1990A Employer -
y-1he "pemion knefit obligation" h a standardized financed nomested 955 8(Lt
~5 dochwure rneasure of the prewnt salue of pension ben- 33 611 018 4 538 823 entCadjusted for the effeeb of pnierted wage increases Net noen mailable .
Od and step rate bene 6ts estimated to be payable in the fu- for benefin 20 479 926 ' 3 6M $87 g1 ture as a resuh of employee senice to date. The measure. Unfunded Pemlon 5% ' which is the actuanal present sahie of pnierted benefih, Ihrwfit Obligation 513 131 092 5 850 236
h intended to help users aucw funding state on a poing-
% Appheable a ,
Trend information is useful in assessing the plan's when due. Asailable trend information regarding the progrew in accumulating sufficient assets to pay benefits plan's progress is shown below: Cntwint rwkm I myloser Mt Hnh thulk Obliwtion Comribarnm H u l'cn rw of A n un al Cm ered k u Perce ni vf + a Pm ent rz( t uhwian 1% Dem)is Obhp&n I'm rall Cumd halary Com ed %Iwy Supplemcotal Retirement Plan 1988 January 1,1985 $K99 Not Appheable Not Appheable Not Apphcable 1989 January 1,1959 6559 Not Appheable Not Applicable Not Applicable IvX) January 1,1990 77.79 Not Applicable Not Applicable Not Applicable 1991 J:mnary 1,1991 8 I .3% Not Appiicable Not Applicable Not Applicable Oregon Public l{mployes Retirement System 1988 December 31,19S7 55,39 $15 8tu)0tW) 77.69 11.41% 19S9 Not Asailable Not Asadable $16 3WKG Not Asailable i1.419 _. 1990 December 31,1989 60.99 $16 400 0t X) 78.29 10.63q 29 1991 Not Asailable Not Asailable $18 800 (XO Not Asailable 10.63 9 p in addition to pension benefits, the Board provides for retirees under age 65 at January 1,1990 and un&r $10 y post retirement health care and hfe insurance benefits at per month fc other retirees. These prosisions will apply no cost to all employws w ho retire at any age with at least to all eligible emplo)ees retiring prior to January 1,1994 j 30 ycan of senice or at age 55 regardless of years of ser- StA> sequent retirees will contribute to the cost of coserage 1 Ol sice. Cunently 217 retirees meet those eligibihty require- 1 scale determined by years of senice. The parameters menh. The hfe insuiance benefit is a fixed amount ..hich are,lew than 11 yean of senice wdl pay 1009, W $5,4K) per reurn. Health care coserage reimburses 80 over 20 years of senice will pay 259. The 1991 cost, rec-percent of the amount of validated claims for certam medi- ognized as expense as claims are made, was $438.000 for j cal, &ntal, sision, and hospitahianon costs. Retiree de- the Electric Systern and $93JXX) for the Water Sy stem ted l pendent health care emerage is prmided at $29 per month pense for 1990 was $413J t X) and $94JXX), respecti',cip { n. Deferred Compemation: and all income aunbutable to thme amounts are solely the The Board offen all employees a deferred compensa- propcrty of the Board, subject only to the claims of the h [3
- wn plan created in acconbnce with Internal Resenue Boarf s general creditors. Participams' rights under the f Code Section 457. 'Ihe plan permits them to defer a por- plan are equal to those of general crediton of the Board m p tion of their salary until future years. The deferred com- an amount equal to the fair market salue of the deferred f -
pensation is not a,ailable to employees until tennination, secount for each pNicipant. I retirement, death or unforeseeable emergency. Aggregate Participating employees have seseral insestment op- Y
~~
amounts deferred at December 31,1991 which are in- tions with varying degrees of market risk, The Board cluded in asset
- and accounts payable are $3,773,283 d hr r MLy foi 1 >sses under the plan, but does 64
~ $614,255 for the 1:lectrie System and Water System, re- hase the duty to administer theplanin a prudem man-sivethely ($3,0383NO and $494573. respectn ely, at De- ner. The Board belieses that it is unlikely that it (
cember 31.1990). will use the assen to sathfy the claims of general All amounh of compensation deferred under the plan creditors in the future. EL kw. Commitments and Contingencies: and an estimate of all incurred but unreponed claims ed hj [ Cetumilmenb At December 31,1991, the Board had isting at December 31,1991 hase been recorded. W contractual commitments to constmet or purchase various Claimsm10thetLegathsteden - The Board is in- M~ project.s in the nonnal course of businen of approximatel) vohed in sarious litigation. In the opinion of manage-
$895JX10. ment, the uhimate outcome of these claims will not have a
(( 2P Selfhittrance - The Board is self-insured for a portion of material effect on the Board's financial position beyond h losses on sarious liability poheies and a group medical amounts already accrued as of December 31,1991. pobey. Self-insured losses are generally limited to Grant Programs - The Board receives grant resenues for QQ eg
$75,000 to $100KO per occurrence. The fkiard's work- conservation programs which are subject to audit and ad- '[]
ers' compensation insurance is a retmspecthe premium justnent by the federal rmtor ageney. Any costs en y plan with a self insurance component. At December 3l, pended from the grant f ~ b hich are questior:ed and ul. M 1991, the fkurf s madmum retm3pective premium expo- timately disallowed may morne a hability of the Board. 411:1 sure is approximately $890DO, All known claims filed Management beheses that .djustments, if any, will not ** i materially effect the Board's financial position.
Randy L Berggren R dy e< <m > <as eted by o WL B C, - t > + ma seme as the E -- ;j's Ger , c4! l/ . n yp . i AugAt The Erecutive Management ' leam 1990 4 M ism a ,, Ge ersi Mo ':p h . : C,1 (f10. " , tyy e e q . - 1 d [WE E e i l ED a c 4 ' igm og
<(.i c ,. t - "
, is e s
' tant {U > rninig?' Of p!annhg and I' O'I t l rg,5 ;g ' ggg g,_ i , U!i h0T 1 Ildd
- IO' S Od jf 00 if t
\
< :traw , u- < - vi a< n <
dmtm m eeto -ngr - ng 30 ' P!ar + ;n- ig EWEB, t ry --:n W a 3 - Got '~ f tr 4 Sp?!' 2 !J (Ore;pn)
! f 'ati f I. (' t:fj ! gj{: L
* ';i j f '. lg j y i 4
~, (} ! ' fit, ( }',} . {D /j y jl} n'b { { (( { v'O p; i i o >
i COLice -::i EU-san Con - ny. Susan E. Brody James H. Drown
, !., av, < wo? tm s own was < ,
aa to t.e. 3 EWEB's Water
>- , ,1 Dv ; Pri 4 t o .N 10 0 Mr o B os a had af terd as dm ctor ci the i
( i , NJ i + +f Op v is & Er a t 'i ) Devd ; i fn %Y years BMWh besk i hl5 L ', U B : ire , , ; 1903 - aa_ogr -
- in 10 /C ' e uan a;;oca ' rd wv rv:sv
=
# I
; i j1V. I
[= f I ' #) L'((}
- tj [l . ) I k '5. j I :', .
. g !ib l -'* FM N c} '[ f ['lT[hh ) $ j h. M n i N,0 CpiihOrn a EP-2 f.f u 'g Dylqq crown h0Id3 a CbCheiv' S
+ d! u f
- 1 I
.[.- igt '
;Ca M;Qd i k} i2' j 6 a R MJ M
- j P'G 0 f: UO:lai EPg DUer.
s , t r
' ? . . '
in, 1 d- :.ir A Pr i
~
, - 5:j OA.'E h e' - e 4 D. ( l 0 -{} .g i ),
i (). mt r r r 3 &
) '. y . <
(!$ .; 0-' ' th ;, ;y is; <t3
; i
,t: +
, , g to - V- j ,1 7. c, f h:: ;
(, r i l
Garry Kunkel
' d Dn ctU i i n ;" .
i ,1tE t t! ' biry r- <
' )';I / l h r !'.k b : I' l Y' t b EI E I N C D' 'I f' t N
o ,e , sj r n , :r; . p ' < cv; q '
; .1 , ' ; _<rrn ? <
) E A t.;B i ; s , :j ;
1 5 , f. t
,.t: i y :- *
-W ',e f 4 : J; r,t [ : f- h
-' [ j ': !~ ! > 4
+<ip. , is 1 4 t_)i s i<p. c !u
..I .t ., , oj' ,. -t t
4 531 31 -- cwy ' row m w m.< er x>9~ m u n. w , tem. -
.m
- , ; k
'r ' k
.73
} '.,-"
m ,
; 1 W -~s [,,;.. -1
.' p:_ q: i r 7
in + ,;. s N Fj -. ' < - [ ., i ,. '; pl ' 7%
; 9: -
{ .. ,
.c.g-t,;
p..<
.n
-A. ,
;;()e"r
--a y
C , a f) 'y+ . ,.
;4 {y ' ,.
k , -:. .v. r 4 -',. '_ ?..o .
'g.:%, .'. -a 5 dI
,:.q 4, ' -?
i;- . w ; g me - v.z
~;.,L J:trites H. Or. i.80to3So
- p. q ;y(-- 0t %
[u.
. . m .4@g K , ,l% ' E '. ' l. B ' - Fm a: ,
D.v wn L ::i.t a. g
-- 7 7, . :
t
,~~.
[' *r .' ' i:m %y rj EMB BB '! he iv 200 N 1 - ; n;,u A m. a C t 5
"<i, tiit } O i f ._1. CD.u t:r . C Ttt UC h 1 Tk i Mit larr utn e Mana.gement Team -. ,
,( l.4,:
c , e,, i n.
,n.
..e .w.,,
- % s v - uus v
..it..
<botwm ws o )vn 4h ustwuo.
Suwn leventv: tmufdic row I lhan % khoaw. Cntrry p , (_9 y , e;;piypq3;p:;z},.gt9 (- %
, xy 7zy (ay kw Art.- jim Br<m n r t,,p ws u Rxtah Bernren. -
Ib i Heteren. W ., s , er d P s i 5;f f 7 ' !i n' i , Or: so bas a U K.n: Ci: ;T t:r in L1i% > CC":K V$ 0 1 3 , i tf:! + + A (;'D? ! f:f ia ~ t Gd { .'. y i, y US i:1 3 ;1] ! 1 0:, < a o a Cs . L :':1 P; ' . ta ;* .M
-(.--- nig:i F- h' m y 'Ey_ <, ,AUM
3
; lhe ErcCWiVhbidHdgement Tram wnsi D uring 1991, EWEB's executive management team was comprisedofGeneralManager .
Two Now Directors Named in 1992 Randy nerggren and the directors of EWEB's four major divisions-Jim origliosso, Jim Brown, Garry Kunkel, andSusan Brody. In I January 1992. Berggren reargani:ed thefourfunctionaldivisions into sixprodhtt and - service divisions. As a result two new directors were appointed to head the new divisions and serve on the er, cutive management team. IS2' Thomas E. Buckhouse lam Budhouse jo nnd EWEB in 1901 as f acihtes Planning Managet inJanuary D92, he s sas appointed to head ine new FacAties Scrv.ces Division Pdor lo pairung EWi~B, Buckhouse c wed for W years in chavge of tN Elect 6c Department at th-e
' Trutv ee Donner Pubbc Utihty Ostuct, an't was Director of Operations for ino Centra!
linCOb1Peonics Ut6 tty Disirtct for f:ve vcars Poor to tnose postbons Buckhouse warked to Soauwn CaWorn;a Ed: son Company f or nino seam in various eng neenna and-planning pombons Richard C.-Helgeson: Dieu negemn wa es imed eacewr ne the neMy estalAshed steam D, vision - s t ' l $ "'y l I .'O#to bOCoi IlQd t ectar He !geson nerled tJ1e.Steacn piantiin;t tan fesa , : sswd n EWEB 3 ! ate :. nunsgq for n"g yems. Heigeson iwoed EWEB M IM6 as > cacp nvres anew in 1992 he tra rdened in the rate @epartment and ing
.y.
b W3r. l~ cho'b t Ob d5sD2 ank IMeh INan.ahbi . Il heihh $ ~ NF.h rr, e. k.I N ' Power CCu cf s Ram :a1d Con!rac6 Comatitee; the No inwest PuNic Pcwer Asso6ia'ron, no the interratici % ct Heatmg hnd Cochng Acsoc:atron.
Gw;wrati (>lll< crr to the llonni Randy I. Iterggren, Secretary Krista K. !!ince, Anistant Secretary James H. Driglivsw, Treawrer Dasid C. Johnwn. Anistant Trcawrer 1.wcatis c SI,:n, ::co:ent Randy I. lierggren. General Afanager Susan E. Ilrody. Director, Afanagement Services Division James 11. Ilrum n, Director, Water Division Thomas F, fluckhouse, Director, Facilities Senh es Division Richard C. licigeson, Director. Steam Division Garry W. Kunkel, Director, Electric Division lantes 11. Drigliosso Director, FinancialServices Division ritiwrs an.1Canudiants Illack & Vearch: hudependent Engineer / Consul:ing Engineer Ca! Lins & CsdLins: General Counsel Cocaes Kenney, Inc.: Conwiring Actuaries Crwtwn & l.ybrand; hadependent Auditor Schuabe, Williamson & M)att: St vcialCounsel Scarde Northwest Securities Cortwration: Financial Cauttaru
%rlOsneson Smith & Helhvan: Ikutd Counsel
'M y 3 f -
- l i'
3
." t e
I h~# a 1 d 9 p , f k 4 4 o 4 r-d i i t . 1 h ' s i e a t-5 3 6 4 o
.r e
t' 4 4s 1-. ' t.- s
- ? ) .: ,._
- l I l' i ' I f *I")($ psl^y4jf.-
i
- a '. .. , ; _' .1 ...;... , u;_a..._.-...,......,.,,,_.;,,_,_,.; _ , _.; ; ,
, , ,}}