Text

Texas Municipal Power Agency 1984 Annual Rept
	ML20128H043
Person / Time
Site:	Comanche Peak
Issue date:	12/31/1984
From:	Stewart R; TEXAS MUNICIPAL POWER AGENCY
To:	;
Shared Package
ML20128H037	List: ML20128H039; ML20128H043; ML20128H048; TXX-4506, Forwards 1984 Annual Repts for Brazos Electric Power Cooperative,Inc,Texas Municipal Power Agency & Texas Utils Co.TEX-LA Electric Cooperative of Texas,Inc Financial Statements for 1983 & 1984 Encl;
References
	NUDOCS 8507090391
	Download: ML20128H043 (30)
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l TIIE N MUNIGE The honeymoon is over. All the The future looks bright for the tot promises and dreams of economi. cities because of TMPA The mor POWER AGENCY cal. dependable electncity have electncity the cities demand. th Getting down to business. come due. Four cities staked the'r more e!!!ctentlyTMPAcan produc futureprospentyona bold concept. it. And the more economicalit bt This yearit began to pay off. comes.

October 1984 marked the end of The challenge continues Grect(

i the Texas Municipal Power Agen- production will demand new an I

cy's first year of commercialopera- creativeways toplan tofmance.t tion. The TMPA member cities - produce and to deliver electncit Bryan,Denton. Garland andGroen- TMPA will handle these new cha ville - began recetving the bene- lenges aswe have those of the pa fits of electncity fromTMPANovem- nine years - with determinatlo:

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' ber.1982. TMPA now provieles with imagination and with hat I

about 65% of the cities' electncity. work.

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The President's The member cities of the Texas are currently underway to max Municipal Power Agency received miza our human resources. Strate MessaEe. over two billion kilowatt hours of gic planning has been initiated t electricity in our first year of com- identify long-range goc!s bene:

mercial operation. ciel to the member cities.

We had an frnpressive start, which TMPA will not rest on the laurels i setthe stage fordoingevenbetterin out first year ot operation. All effor the future. Continued operational will be made to improve our e!!et experience will result in increased tiveness.assunng that ourrate pa-expenise Plant betterment projects ers will receive reliable electr.

will allow increased generation power at the lowest possible cost.

and engineering will assure maxi-mum efficiency of our equipment

, and systems. Training programs l

l Richard stewa

' Preside:

Board of Directo Richard Stewan Texas Municipal Power Agenc a

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TheGeneral Manager's onoctober1.1983.theTexasMuni- resultof thededicatedeffortsof tr cipa Power Agency achieved the TMPA employees, the Gibbo:

Messa99 milestone of placing the Gibbons CreekSteam ElectricStationwasc Creek Steam Electnc Station into line all but sixty hours during tr commercicloperation,therebymak- entire period.despite severe free; ing the Agencyo full-fledged.oper- damage. As a result of the seve:

ating utihty. During the 1984 Fiscal creratingconditions.theTMPAste Year.the Agencysupplied the mem- gamed valuable operating exp.

& ber cities over two bilhon kilowatt nence and thoroughly evolucts hours of electric energy from the the plant's freeze prat < tion syster W... lignite-fueled plant. Deficiencies in the freeze protectic systemwere corrected betore ente After entering the era of commer- ir.g the 1985 winter season.

4 cial operation, the Board of Direc-

, tors and Agencystaff concentrated This year was significant for TMP.

i -

their e!! orts on improving reliabil.ty. The Agency reached the goal extending plant facility life, and being an operating utihty. The ste

. establishing policies and proce- gamedvaluableexpenenceinope dures that would improve produc- atinga newlignite plantandtook tivity and cost e!!1ciency. Areas of number of important steps to ir.

concentration tnclude further tn2ns- prove future plant efficiency cr.

Ed Wagoner mission facility ConstructiorL Con- reliabihty.However.the mostsfgni tinued plant betterment profects. cant achievement for 1984 is th long-range mine planning andim- theconceptof thelointactionage provements in the fuel handung cy as conceived by TMPA's mer andwaste disposalsystems.Inaddi- bercities-Bryan.Denton Garlar tion, attention has been focused on and Greenville - has been va upgrading administrative policies dated as a viable way to provic and controls that will improve the dependable economical electric overall cost e!!ectiveness and ac- power to the citizens of these foi countabihtyof the Agency. cities.

The year did not pass without the Through TMPA the cities of Brya Agency facing some adversity.Less Denton. Garland and Greenvil than ninetydays aftercommencing have assured their citizens of rek commercial operation. Gibbons ble electric power for the future.

Creekwashitwith oneof thecoldest winters ever recorded in this area.

The record cold and high winds producedwindchillfactors downto the minusfifty(-507) degree range during the record eighteen-day 3 cold spell in December.1984. The adverse weather had a negative Ed Wagon.

impact on the power industry General Manag

throughout the state of Texas. As a Texas Municipal Power Agert i

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Board of Directors l t Richard Stewart i Presidsnt 6 Retired American Air!!nes Pilot !

Retired Air Force Colonel Mayor DentorL Texas Ibchard Stewart Robed A Jung II o gH Bank President Garland. Texus M Marvin Tate V Secretary-Treasurer Real Estate / Land Development 4 , City Councilman n Bryart Texas Avon Acker k High Technology Company Management Mamn Tcne Avon Acker Greenville. Texas t

- = W. R. Allen Jr.

Aftomey ,

6l Garland. Texas ,

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Ron Bla*chley University AdmirJstrator Mayor Bryan, Texas j I

f JerryJ. Ransom Computer Consultant Scientist ,

City Council W R A1:enJr. Ron Blatchley Greenville. Texas Roland Vela University Professor y Denton, Texas bh JerryJ Ransom Rolard Vela 5

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production has presented a whole spectmm of challenges and prob-lems. Our people have met and solved these with determination, loy-

! city and hard work. Around the clock they continue to make TMPA the success that it is.

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Y

Auc11 tors Report The Bxrd of Directors Texas Municipal Power Agency We have examined the balance fairly the financial position of sheetof theTexasMunicipalPower Texas Municipal Power Agenci Agency as of September 30.1984. of September 30.1984. and the and the related statements of oper- sults of its operations and '

ctionsandexcessrevenuesoccum- changes in its hnancial position ulated. and changes in financial the year then ended,in con!orr position for the yect then ended. with generc!!y accepted acco' Our examination was made in ac- ing pnnciples applied on a b cordance with generally accepted cons:stentwiththatof theprecec cuditing standards and, cccord- yect.

ingly, included such tests of the accounting records and such other audi".ng procedures as we consid- g ered necessary in the circum- gg stances. .

In our opinion, the financial state- Austin. Texas ments referred to above present December 28.

MANAGEMENTREPORT Installationof thereplacements ON NOTE 9. SUBSEQUENT EVENTS erator was completed on Febn 3.1985. The unit has been te and operated at fullload.

Robert B. McKnight McInagement EdLWagoner General Manager Director of Engmeering.

o ion and David O.Branham N pe d oM Director of Administrative Services and Human Resources James R. Bailey AU' **Y '

Donc1d E. Cullum Director of Power Production Gary T. Parsons Intemal Au@or i William P. Freeman Directorof FinancialSe vices 28

i I. The Atomic Energy Act of 1954 re- testing which does not require the quires the issuance by the Nuclect approvalof thelimitedlicense The Regulatory Commission (NRC) of tests were rescheduleduponrecog-operating licenses for Comanche nition by the TUEC that. due to cer-Peak Operatinglicenseswillnot be tainunresolvedissues expressed by issued for Comanche Peak under the NRC Staff and the ASLB. all present NRC regulations until var- necessaryapprovals for the hmited lous proceedings have been suc- license would not be obtained by cessfully concluded before the the time constniction of Unit I is Atomic Safety and Licensing Board completed. Under the revised test-(ASLB)andthe NRC.!n August 1984. ing schedule. approval of the IUEC requested that the ASLB au- limited license will not be needed thorize the NRC to issue a lirnited untillate 1984 cr ectly 1985. Unit 1 is license to permit fuelloading and scheduled for corranercial opera-precritical testing of Comanche tionin 1985 andUnit 2in 1987.TMPA Peak Unit 1. On October 9.1984. remains unable to predict the e!!ect TUEC notified the ASLB that it had that licensing requirements. and decided to resequence its testing possible delays associated there-schedule forUnit 1inorderto begin with, will have upon the scheduled certain required preoperationc! date of commercial operation.

9. SUBSEQUENT EVENTS On December 8.1984, the genera- The duration of the outage is ex-tor at Gibbons Creek failed. Exami- pected to be two months The Cities nation of the generator indicated are utilizing their existing capacity dcmagesu!!icient to require manu- fueled by natural gas to serve their facture of criticai rsplacement com- customersduringtheoutage Under ponents. Due to the excessive time the terms of the Power Sales Con-required toobtainthe replacement tract. the Cities are obligated to con-components. the Agency has de- tinue to pay all fixed costs of the cided to purchase a replacement Agency for the duration of the out-generator at a cost of approxi- age. In the opinion of manage-

. mately $8.000.000. Costs to repair ment. the generator failure will not the damaged generator are cov- have a material adverse e!!ect on ered under existinginsurance poll- the financial position or the results of cies held by the Agency less a operations of the Agency.

$500.000 deductible amount.

27

The Bonds are payable solelyfrom. Debt service requirementsasof Sap-and are collateralized by an irrev- tember30. I984 are sumniarizedas ocoble first lien on. the net revenues follows:

of TMPA and the funds established by the Bond Resolutions.

Lea _r_s Ending __ _ _._ . . .

September _30- Principal Inte_rost Total 1985 S I t.270.000 $ 109.030.000 $ 120.300.000 1986 14.090.000 108.400.000 _ ___ 122.490.000 1987 14.985.000 107.524 000 122.509 000 I.988 _ 19 525.000 _ 106.557.000 _ __ 126 082.000

[98t _20.835;000 105.256 000__ _ ._ 126.091.000

@_20!2_. 1.251;735.000 1.556_891._000 _ . 2.808 626.000 total $1.332540000 $2.09'3.658.000 "$U26.098.000

~..=--.===:_- :._z _ _ . . - -.

In March. I963. TMPA sold tion of debt service cost over the hfe

$379.960.000of Senes 1983 Revenue of the Refunding Bonds The excess Bonds (Refunding Bonds) The net cost on advance refundmg of debt proceedsof thesebondshavebeen has been deferred and is being pledged to refund $268.915.000 of amortized over the terms of the Series 1982 Term Bonds (Refunded Refundmg Bonds under theinterest Bonds) The Refunded Bondswillbe method.

redeemed on March I.1997 at 100% of the aggregate principal The Resolutions contain certain re-amount thereof. The net proceeds strictions and covenants includmg of the Refunding Bonds have been the Agency's covenant to establish irrevocably deposited with an es- and maintain rates and other crow agent and have been used to charges to produce revenues sufft-purchase direct ob!!gations of the cient to pay operating and mainte-United States Govemment. These nonceexpenses(exclusive ordepre-securities maturw at such times and clation and amortization). to pro-in such amounts so that the matur. duce net revenues sumclent to pay ing principal. together with the inter- the amounts required to be depos-est income thereort will be sufficient itedinthedebt service funds.and to to pay the debt service require. produce net revenues equal to at ments of the Refunded Bonds least the sum of 125 times the on-through the redemption date. This nual debt service to be paid for the transaction resulted in a net reduc- then outstanding bonds

6. NOTES PAYABI.E The Act permits TMPA to issue non- bear interest rates between 57%

negotiable purchase money notes and 11% Note payment require-payable tn installments (collateral- ments for each of the fiscal years tred by the properties being 1985 through 1989and tnthe aggre-acquired)1n order to acquire land gate for the years 1990 95 are

. or fuel resources. The cosM of the S562.000. S674.000. $342.000, property collateralizing the notes S200.000. $199.000 and So24 000.

approximated $11.210.000 as of respectively September 30. 1984 These notes a

i-

7.RETUtEMENT PIAN TMPA has a retirement plan cover- tee for the benefit of plan partic ing substantic!!y all its employees. pants. Employees may contnbu The plan is a defined contribution on additional amount up to 10%

plan whhh provides for TMPA to earnings on a voluntary bas -

contributean amount equal to 10% Retirement plan cost for 198< w of gross wages to a third party trus. S889.000.

8. COMMITMENTS AND (A) Inconnectionwiththeacquist- contract. In addition. TMPA is r -

CONTINGENCIES tion of certain property necessary to quired to pay additional amour complete Gibbons Creek. TMPA is depending upon the levels of mL obligated to make payments to ing activity. Total payments mac GrimesCountyand three schooldis- under the mining services contra tricts in the amount of $520.000 per in 1984 were approximate year (subject toadjustmentasspec- $40.600.000. The mining contra ified in the agreement) as long as can be terminated byTMPAat at the Gibbons Creek station is in time subsequent tothe expiration operation. on hitical six and one-fourth ye (B) TMPA has entered into a min- pen d. and by Navasota at tr ingservices contract with Navasota expir tionof theinitialperiodor Mining Company (Navasota) to the end of any successive five-ye operatethelignite mineatGibbons peri d thereafter. Should the co Creet Underanoption providedin tmet be tenninated MA ww the contract. TMPA elected to have be required to either substitu Navasotaprovide themajortnining nother mining contractor in tr equipment to be usedin the opera- lease agreements or indemnify c tion of the mine and sold its interests parties for losses incurred relatir

, two partially completed drag- to the canceDation

.inesand a coalconveyorsystemat (C) The Transmission Agreeme sost to Navasota for $61.709.000. (Note 1) requfres payments to 1 Concurrentwiththesales.Navasota made by the Agency to Texas Ut:

sold the equipment to third parties tiesGenerating Company (WGCC

. ond enteredintolease agreements based on levels of transmissic with such third parties. Under the plant investment. The estimate miningcontract TMPAisobligated amounts to be paid under this cc tomakeminimum paymentsinclud- tract are summarized as follows.

, ing costs incurred by Navasota 1985 j under its lease agreements for the 54392.0c j draglines and the conveyorsystern 1986 5.1740C

The aggregate amount of required 1987 5.85&OC payments at September 30.1984 is 1988 6.511.0c i

as follows. 1989 _ _ 7.162 Or 1990 and years Years Ending September 30- -- -- hmm 7.878 000 pr m 1985 $ lo. leo.000 -- r 1986 16.160.000 (D) The Capital Improveme i987' ~16.160.000 Plan includes authorization for es ines ~ - ~ ~ , ~g6 g60,000 mated expendituresof $37 8 millic i989 'lo. loo.000 in 1985 including an estimate

' S16 7 million for the completion lateryears 280.810.000 Unit 1 of Comanche Peak and pt The above amounts are subject to se of melear M escalation under various circum stances as stipulated in the mbing 26

I renewal and replacement assets. Debt Related Costs - Bond The originalcost of these assets are count. premium and issuanc(

capitalized in electnc plant in ser- penses are being amortized .

vice and an offsetting contra ac- the terms of the related bond is count is set up to re!!ect the current under the bonds outstanc cost recoveryof theseitems. method

3. EESTRICTED ASSETS Restricted assets presented in the tion and acquisition costs of the accompanying balance sheet in- jects Assets in the Continge clude those assets comprising the Fund are for use in paying extr Bonct Reserve. Construction and Con- dinary or unusual costs.

tingency Funds which are estab The aggregate amount of asse 11shed and maintained pursuant to eachof thesefundsasof Septer.

the Resolutions. Substantially all 30.1984. is as follows.

assets in the Bond and Reserve ~~

Fund are availableonlyto meet the Bon'd Fund ~ ~$ 39.727 principaland interest payments on Reserve Fund

~~

the Revenue Bonds. Assets in the Construction Fund ~119.50C 41.00e Construction Fund are available pri- Contingency Fund 2.03C marily for the payment of construc- --___-_ - - - - _ -

4. INVESTMENTS TMPA has purchased investments and mature at vanous dates under repurchase agreements tween December 1984 and .

wheroby TMPAwillresellsecunties. 1991. The secunties are state atits cost plus accrued ecrnings on amortized costs (S137.214; orbeforespecifieddates Thesecut- which. In the aggregate. app 1 ties are obligations of the United mates market States Government and Govern- As of September 30. 1984 ment Agencies. At September 30. Agency had pledged secur 1984.TMPAhad repurchase agree- amounting to S10.879.000 as cc ments bearing interest at rates eral for mining reclamation ranging from 10.75% to 12 0% with S342.000 as collateral on land

. various resale dates between chase notes. On December 3.

October 1984 and Apnl 1985 the Railroad Commission of T United States Government and released the secunties pledge Government Agency obligations escrow for reclamationin heu (

held as investments bearinterest at approved application for i rates ranging trom 74% to 154% bonding

5. REVENUE BONDS Revenue Bonds outstanding at Sep-tember30.1984 are summarized as follows:

Range of Earlies

_ _ Am'ount '~Matunng ~ ~ ~ Interest Rates Redempt.

Series Outstanding From To From To Date 1976 _ $ 48 590.000 1983 _2011 5 % 63/8% 198o

, 1978 246.505.000 1984 2011 5 35 7 1989 1979 . _ _ 300 000.000 1985 2012 51/2 7 1989 1980 , _ _ 250 000 000 1985 2012 6, 91/4 1990 1982 , 31.085.000 1986 1996 91/2 _ 13 1/2 1996

_1982A 76.300.000 1986 2012 71/2 10 3'4 1992 3 1983 . 379 960 000 1988 2012 o 1/2 9 t/2 1993

2.

SUMMARY

OF SIGNIFICANT System of Accounts-The account- Deferred Fuel Costs - The costs of ACCOUNTING POLICIES ing records of the Agencyaremain- mine start-up and development toined substantially in accordance have been deferred and are being withtheUniformSystemo! Accounts amonized using the straight !!ne presenbed by the Federal Energy method over the estimated useful Regulatory Commission for Class A l!!e of the trane The current costs of and Class B Public Utilities and lignite rights reclamation and roy-Licensees. citiesareexpensed asacost of coc!

consumed Electric Plant - Electric plant is stated at historical cost Such cost Rates-TheAgency'statestorpower includes payroll-related costs such and energy billed to the Cities are as taxes and employee benefits, designed to cover annual system general and administrative costs. costs as defined in the Resolutions and an allowance for funds usedin and the Contracts. In general, costs projects. The original cost of depre- are defined toincludethe Agency's ciable utility plant retired and the costs of operations (except for cost of removal, less salvage, are depreciation and amortization) charged to accumulated depre- and its debt service requirements.

ciation. The rates are set by the Board of Directors anmacuy and are re-Allowance for Funds Used in Pro- quired to M retewed on a semi-Jects-TMPAcapitalizes to the elec- annd h tric plant accounts the net cost of borrowed funds used for construc- It is the Agency's intention to reriod-tion. The amount capitalized is 1cally distnbute accumulated ex-reduced by the income eamed on cess revenues to the member cities funds heldinthe ConstructionFund. to the extent of available funds.

Interest is capitalized dunng the Deferred Wnses to M Recov-construction period and beyond ered in Future Years - Certain ex-thedate the projectis placedinser- penses which do not require funds vice until such time that bond pro- currently and are not defined as ceeds available to fundtheinterest costs under the Resolutions and the have been exhausted.During 1984. Contracts are de! erred to such per-

$62.104.000 of interest costs assoc 1- tods as they are intended to be re-ated with the revenue bondsissued covered by rates During 1984.

to finance Gibbons Creek were $ 19,713.000 of depreciation.

capitalized. The amount of interest SI,737.000 of amortization of excess capitalized will be recovered in costs on advance refunding of debt tuhire years by sening rates sufft- and $504.000 of amortization of de-cient to provide funds for the related terred fuel costs have been de-I debt service requirements- ferred.Theseamountswillbe recov-Depreciation Depreciationispro- eredinfutureyears by setting rates videdusingthestraight line method sufficient to provide funds for the over the estimated usefullives of the related debt service requirements various classes of plant. Annual Renewals and Replacements - In depreciation provisions expressed accordance with the Resolutions.

as a percent of average deprecia- after all required deposits into re-ble plant were approximately 3 4% stricted funds have been made.the

, during 1984 balance of excess revenues is Inventories - Lignite and fuel oil charged with the cost of certain inventories are valued at weighted average cost. Materials and sup-plies are stated at cost determined on the last-in first-out basis 23 5

l

I TEXAS MUNICIPAL POWER AGENCY NOTES TO FINANCIAL STATEMENTS

1. GENERAL The Texas Municipal Power Agen- In January.1979. the Agency cy(TMPA)wascreatedinJuly 1975. cuted a Joint Ownership Ag by concurrent ordmances of the ment (Agreement) with subs 1 Texas cities of Bryart Denton. Gar- lesoftheTexasUtilniesElectnc(

land and Greenville (Cities) pursu- pony.Inc.(TUEC) pursuant tow ant to the Acts of the 63rd and 64th the Agency acquired a 6 2% i Legislature of Texas (Act). Under videdownershipmterestinthe(

the provisions of the Act. TMPAis a anche Peak Steam Electric St separate municipal corporation. (Comanche Peak)and the nu:

TMPA is exempt from federal in- fuel supply for the project. Co:

come tax under Section 115 of the che Peak is a nuclear-fueled Internal Revenue Code. eroting station currently under In September 1976. TMPA entered struction. consistmg of two i into identical Power Sales Contracts ec 1 c (Contracts) with each of the Cities west of Fort Worth near Glen for the purpose of obtaining the Texas. The Agency accounts t economic advantages of jointly fi- ownership in Comanche Pec nancing. constructing and operat-ing large electric generating units the same manner as its wt and related facihtles to supply tne owned facihtles. TMPA'sinvest in Comanche Peak. includm Cities' future energy needs Under Mlowance for Funds Used 1N the Contracts, the Cities are re-quired to pay, for the benefits re- }ects and overhead. at Septe:

ceived or to be received by them 30.1984 was $228.478'000.

from such activities. an amount suf- Concurrent with the executic ficient to payTMPA's operatingand the Joint Ownership Agreemer maintenance expenses and the AgencyandTUECexecutedaT Bond Fund. Reserve Fund and Con- mission Agreement which pre

, tingency Fund requirements of the for the acquisition of an owne Revenue Bond Resolutions (Resolu- interestincertaintransmission tions). ities cnd for the use of TUEC t TMPA was a Development Stage mission facultin The Transm Enterprise prior to the commercial Agreement provides for the t operation of the Gibbons Creek mission of power and energy both Comanche Peck and Git Steam Electric Station (Gibbons Creek). a lignite-fueled generating Creek to certam pomts of intg plant located in Grimes County, nectionof the Agencyonthe.

system In addition. TMPA har Texas with a net generating capa-bilityof 300 MW.The plant.together structed 16 substations conni with a switchyard dam and reser- W 2% ciremt des of ek voir on Gibbons Creek to provide powerlma arrucrowsecom cooling water, buildings to house 1 cations network and an ecor Agency headquarters. warehouse dispatch center for controlot /

cy and Cities' electrical resou:

and maintenance activities. and a railroad spur began commercial operation October 1.1983 22

W A

4 l

TEXAS MUNICIPAL POWER AGENCY Statement Of Changes In Financial Position For The Year Ended September 30.1984 (Dollars in Thousands)

Sources of Funds:

Net operating revenues and_ interest credits

.__ Amounts not affecting funds:

_ _]~ _ _ _ [_$ 21.129 Depreciation _ , _ _ _ _ _ __ __23.929 Amortization 4.136

] Costs to be rec 5v~e~r~ edin future yec'5] ~~ "~ 1]~~ ~ ~ -' __~[ [_' I (21.953)

_.._ _ Funds provided from operations _ _ _. _ ___

27.241

-Net decrease in restricted accounts 98.082

_ Netd ' ecrease inVordg~ capital ___ _ _ _____ , _] ]_f. ~ ~ ~ ~ T~ ~ ~ ~ 27.337

.._ _ .. Total sources _of funds ___ _ _ ___ _ _ _ _ _ __ . _ _

$152.660

~ ~ ~ ~

[ Additions to electric plant - - ~ ~ $120.700

_ Unearned surcharge revenues transferred to accounts payable 16.805 Distribution to member cities 7.729 f _.fepayment of debt . _ _ _ __ __ __ 4.280

.._ Renewals and replacements _ _ _ _ _ . _ _ 652 Deferred fuel costs 1.640 Other. net 854

)) Tot _clMo~f_fdds ]__ -'-$152,660

-- - ~ ~ -- ~- ~~ ~ ~ ~ ~ ~ ' ~

Compo'iienis_of.Nei~ Decrease in Woildng Capital:

Cash and investments $ (3.645)

Fuel stock 5.349

_ Materials and supplies 1.520 Accounts recetvable and other 154

{Acesed. interest [recetvable ~)) ~ ~ ~ } ]_]~~]-~(1.021)

Accounts payable (28.631)

Other (1.063)

Not decrease in working capital ___ _ _ _ , _ _ - ~ ~[ ]_]_}-[ }$(27.337) .

See notes to financial statements.

21 1.

TEXAS MUNICIPAL POWER AGENCY Statement Of Operations And Excess Revenues Accumulated For The Year Ended September 30.1984 (Dollan in Thousands)

Operating Revenues: _

Power sales S 85.19; Other operating incom_e 89; Total operating revenues 86.08f Operating Expenses: [

Fuel _ _41.65t

_Produ_ction ope _ ration and_ maintenance 12.81:

_. Transmission operation and_ maintenance _ 4.89*

Administrative and general 6.44f

_ Depreciation __ _ __ _ __

23.00t

_ Expenses to be_mcovered in_ future yean (20.21

_To_tal oper_ating expenses _ 69,49'

~-

~

Not operating revenues: _

16.59

_ Interest _'Cluzrges(Credits)_,

_ Interest expense on long-term debt 109.45 1,26

__Amo_ntzato_n of den _qp_e_ costs

_. Amortization of excess cost on advanc_e refunding of debt 1.73

__ Excess _ cost on advance.re_ funding of debt to be recovered _in future yeen (1.73' (80.54;

_Mowance for funds used in pyon e _ Interest incorne _ {34.28:

. Other incom_e. not. . (42<

i Interest credits not (4.53

! Not Operating Resnies and Interest Credits: 21 2

[ .Renewalsand_Replac'ements((][ ~ .(65 Excess Revenues _Available for Other Purposes 20.47 l

~

EcEmuiirted Excess Revenues-

{At beginning of per15d~ ~ ~ _

87 Accrued distnbunon to member _ cities _ . (7.72 At end of period , , _

_ __,$ 13 62

See notes to financial statements.

20 l

i i

l Accumulated Excess Revenues and Liabilities ~

AccwnulgExcesspnues_ _.___ _ _ _ _ _ _ _ _ _ _ _ _ _ , _ _ _ _ _ ..$_ 13420 Long-Term Debt:

Revenue bonds 1,332.440

__ Unamortized discount and premium __ __. __ _ . _ _ _ _ , _ _ __ _ . (1.428)

Accrued and matured interest

~ ~ ~

9.939 Jotes payable ..__ [- _ _ __ _(([_T].]((__ __~ [ ' [ 2.070 Totallong term debt _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . _ . . _ _ _ _ _ _

l.343.021

^ ~

Liab111 ties Payable trom' Restricted AMs:___ ._ _ _ ((~l Z __ __ . .'_T .[ ]

_ Acepunts payable _ , _ ____ _ . _ _ _ _ _ _ , , . _ . _ _ _ _ _

2.377

._.E'tamge payable _. _ , , _ _ _ _ _ _ _ _ _ _ . _ _ _ _ _ _ _ _ _ . _ _ _. 511 Totalliabilities payablegom rostricted assets _ , _ _ _ _ _ _ .. 2.808

~

,_AccM_payablei _

__Accru_ed compensatpn and pe_nsion benefits ______...__,__.____418

][. ((_[32.'841 Due to restrteted assets 712 Total mm_nt liabilities ___ ~_[ ~ [.[.~~[33,971

~

do[mndUntsTIE1Cojingencies __

~ ~ ~ T,'_ ~ ~ ~ ][_'_~

_.3 - --.-g-See notes to financial statements.

g ls

I TEXAS MUNICIPAL POWER AGENCY BALANCE SHELT, September 30.1984 (Dollars in Thousands)

Assets Electric Plant. __

S 736.7

_ In service _ ___ _ _ _ _ 24.4 Isss accumulated depreciation 712.3

_ _ Total net _ 23.l_5

_ _ Construction work in progress 16.5 Nuclear tuel__ ._ _ _ 960.4

___ Total electric plant ____

~

Restricted Assets:~ 199.C Cash _andinvestments . 1.E

. _ Accounts receivable and other. , . __ "

Due from unrestricted assets 202.;

] Total restricted assets ~~~~

Current Asset _s:. . . . . . . _ _ .

___ 36; Ccsh andinvestments Inventortes- 5..

Fuel stock 1J

_ . Matenals cnd supplie_s_ __

11 Accounts receivable and other 5

. Accrued interestMei@b[e__ 59, Total current assets

~ ~ ' -

. Other Assets: ~

~

_ _]23

] Unamortized debt tssiiande costs _ _ , _ _

105

_ Unamonized excess cost on advance refunding ot debt 25

_ Defe_rred expenses to be_recov_ered in future y_ects 17 Deferred fuel costs 171

. Total _other assets.

i .- -- . Total Assets. . ._.

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I ITEXAS MIJNICIPAL POWER AGENCY Financial Statements Q,%* yQ*4 d And Auchtors' Report I

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1 Profile of Cities 1984 Bryan Denton Garland __ _ _Greenville 165.800 24.400 Population - 1984 55.963 ~ 53 600 PopulatiorD196 33.719 38.874 81.437 22.043

$8 040 $10.090 $12.450 PerCapita_(est.)

Employment Income .. 96 3% __S7.935_ _.

_ . _ , _ _ _96 4% 974%_ 94 5%

136 Building Permit s_ (est ) 704, _ _ _ _ _ l.271 __ 5,249 Agriculturalcher j Major Industnes Energy-related Dieseltrucks weld- Metal products.

and Businesses production, build- ing equipment, circraft equipment. icals. rubber ,

ing materials plas- business forms, trucks. ammuni- goods. bakery i tic containers. food lingerie. flour. tion, dnlling items, aircraft products. fumature. multi-wall paper equipment. wear- mod 1 cation.

business forms bags. computer ing apparet weanng appaa j software. micro- recreational wooden doors l

! wave antennas, equipment. chem- ,

j '

cspect containers teclproducts. food .

( products ,

Ranching inter- takes and f Other Resources _ _ _ _ . _ _ _ _ _ . Ranching. agncul-. . . . _ . Two universities.

ture. water and museums. Nstoric state Nghway recreational fac a l hydrocarbon fuel sites. lakes and transportation. ties. interstate [

j highway deposits, untversity recreationc! lakes and recrea-t.

facilities tionc! tacilities transportation ,

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53.575 11.133 Electnc customers _22.435__ __ _ ___ _ _25.200_

674 397 ,

Miles of Lines -~358 ~^~ 307 Generating Capacity 235 MW- 168 MW 424 MW 95 MW Net Energy for [

615,506 _ _ __ 615.597 l.497.509 300.003 ,

Imad (kWh.000) _ _ _

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The Agency's Legal Services has the Agency's operations. The regu- LegCl SGIViceS been involved with virtually every lotory environment in the last two department within the past year, years has changed dramatically.

The demands for legal assistance The Texas Railroad Commission is within the Agencyare diverse.and responsible for the issuance of our the Agency Attomeyis responsible surface mining permit. We have for meeting those d,emands directly. Initiated efforts to obtain our next orseeing that they are met with the mine permit, replacing the current k use of outside counsel permit which expires 1nSeptember.

Shmmg into full operation required 1986.We havec!soworkedwiththe

, 'he settlement of outstanding com Railroad Commission to obtain a struction contracts. The majority of self-bond in the mine area. freeing these have been settled including over $10.000.000 of Agency securi- k contracts with several major con- ties held in an escrow account.

tractors. Four of these contracts Previously,1,egal Services also col- *% '

have resulted in litigations, three of lected backcharges from vendors, which are currently pending. drafted contracts and other legal In the area ofland acquisition. ser- documents and handled the many day-to-day legal o!!atrs of the vices provided include rendering Agency. Jamesa scnley title opinions, and dra!!1ng con-tracts and deeds pertaining to the A substantial project in FiscalYear acquisition of mine lands and 1984 has been assisting Financial acquisition of ecsements for the Services to set up the Tax Exempt construction of the new Ben Davis. Commercial Paper Prograrrt That McCree and Royse/ Allen to Ben project has been a novelone forthe Davis transmission lines. Four of the Agency. Involvmg the efforts of easements have required condem- many people.

nation, with the trial work being handled by outside counsel The The Agency Attomeyis also respon.

overallnumberefpendingcondem- sible for preparing matericis for nation cases resulting from acquist- each Board of Directors meeting.

tion of land for the plant site and !or insuring that Open Meeting e lie ransmission protects has laws are complied with, and for proelding generallegal assistance to the Board in its duties.

Regulatory agencies both state 2nd federal significantly impact the Internal Audit Department integral role in the annualaudit. By InternG1 Audit made a major trcnsition from con- coordinating efforts, we were able

struction to operational auditing to more thoroughly review the sys-

-luring the fiscal year. With the tem of intemal controls and the

lose-out of most major construction financial position of the Agency.

entracts. cudit emphasis changed This teamwork opproach also cl-trominsuringcompliance withcon- lowed the Agency to reduce exter-

ract terms to examiningthedepart- nahrudit cost and betterdetermine ments and operations within the where future infomal audit activi- i Agency. ties should concentrate ${

Operational audits were per. As in 1984. we will continue to con-tormed during the fiscalyear focus- centrate on closely examining all ,

ing on management controls and Agency systems for efficiency. effec- %

systems Severalrecommendations tiveness and control Th!s is essential were made and implemented to to insure that the membercities are ff further insure that Agency objec- provided withre!!ablepowerat the /

ives are met. lowest possible cost Nith the selection of a new pub!!c

. secounting firm. Coopers and

.ybrand. Internal Audit played an cean.

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Financial Services The Financial Services Division pro- house and forasset managemt i Division vides cc unting. cash and invest- accomplish the objectives fori ;

mentmanagement financialplan- creas. ,

ning. nsk management and ware- i house operations for the Agency. Transfer of Risk Management t< :

Throughout the year, the Dmston Division under the direction o has beenchallenged bythe chang. Treasurer resulted in a reeve

, ing environment of the Agency hon of all Agency insurance j movinginto commercialoperation. grams Competitive biddin ,

major property and casualty [

Several new reports have been cles brought substantial sav ,

designed and implemented for use while increasing policy limits '

by Agency Management and the eral large claims from prior y i

% Board of Directors. Improving our were expedited Combined reporting capabilities is a major premium refunds requested. t goal for Fiscal Year 1985 Imple- provided a cash recovery of l mentation of a rate structure S750.000 ,

recommended bythe Planningand '

Operating Committee. and based Management of Agency fund. .;

on a revised budget format, began substantial source of revenus on October I,1984. TMPA The use of controlled wanamp Freeman bursement demand accounts In July, responsibility for warehous- active portfolio management i ing was moved to Financial Serv 1- tinue to provide optimum ur ces A review of warehouse starting funds for the Agency. All revi and systems revealed that addi- generated by interest income tional e!! ort will be required during cunty transactions and othe Fiscal Year 1985 to provide suf!1 corne sources assure thelowest cient, cost effective performance sible costs for powerand energ !

During tre year, expertenced per- our member cities now and 11 l sonnel were hired for the ware- future ,

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l The Administrative Services and The Administrative Services Depart- Administrative Human Resources Division pro- ment enhanced agency secunty SeIVices And vides centralized services forTMPA systems and began planning for an in a number of creas. The Dtvision on-site cafetena. The communica- Human Resources included four departments at the tions system was also revised to beginning of the year Personnel increaseecclencyand reducecost.

i Administration; Training and Safety; Administrative Services and Com- The Communityand Employee Re-munity and Employee Relations. lationsDepartment has been deep-Reorganization transferred Pur- ly involved in employee relations chasing and Computer Services programs and in the development creas to the Division. of theGibbonsCreekReservoirasa g **

public recreation area.

1984 wasayectof reviewing priert-ties, policies and procedures to Personnel Administration's major h% s assurethat the operationc!needsof projectwasa reviewand revision of the Agency were being met la the the Agencys benems program to l most effective and emclent manner deliver benefits more e!!ect!vely at l

possible This resulted in several reduced costs The pension plan's ( ,

! changes in the Dtvision. vesting penodwasalsolengthened to encourage employee retentiorL in order to enhance our safety effort. ,

a full-time safety omcer was hired. A number of changes in the Pur-This resulted in a number of pro- chasingarec havelmproved effec- Dcmd erannam grams inspections and enforce- tiveness and efficiency, while I

ment improvements. reducing Agencycosts significantly.

The Training Department was The Administrative Services and made responsible for developing Human Resources Divistort with all and conducting all Agencytraining of TMPA has become on effective in our technical areas. Significant and emcient unit.Oursuccessis due new programs and current pro- to the dedication and professional-gram enhancements were accom. 1stnof thestaff Theachievementsof plished. Fiscal Year 1984 were signi!1 cant.

The goals for 1985 are meaningful Automated information and re- and ambitious We are confident cords systems were combined into our success will continue a single department to handle all Agency information and data needs. Including computer system development. programming, re-cords processing and mall.

Fiscalyear 1984 was a year of chal- coordinated approach to prevent- Power Production

. lenge forthe PowerProduction Dtvi- otive maintenance, planning and stortWe successfully met the m2)or- plant modi!! cation This c'!so rm-ity of these challenges during our duced overtime and improved first year of commercial operations. emergency response time resulting in signt!! cant improve ment in our electrte production com- The Department formed a dedt-pared fo Fiscal year 1983 cated pulvertser maintenance ,'

work force to assure that all eight A number of modifications were pulverizers are available dunng I rnade to the plant's systems and peak load periods {

equipment to increase emetency and output. Modi!! cations to boiler Additional freeze protection was -

bins and fuel handling equipment installed to prevent reoccurrence completed during the scheduled of tho problems weerportonced in spring outage have significantly December.1983. Record cold /

tmproved our ability to process lig- weather caused freese related nite The fly osh and bottom ash sys. damage to a number of our sys- l

tems were improved. resulting in tems In spite of wind ch111 tactors in Increased capacity and greater o!!!. the 507 range.ourstattwasableto et,ncy operate the plant with minimal txm cullum down time We begank>rmalpreventattvernalth tenance programs to identify and We are pleased that our employees orrect potential equipment prob- have gained operational expertise tems The Maintenance Depart, wtuch will insuro continued improve-

'nent was reorganized to provide a monts in the future n 1

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The Engineenng. Construction and tem and to substations This Depc !

Engineering, System operauens onrision com- ment also operates and mamra i Construction & pleted the transition from a con- the transmission system and c: [

System Operations struction to an operanno environ- ducts relay coordination with - -

ment. concentratmg on develop- member etties and other util!!!es Division ments and improvements benett- 1984 they performed compreh [

cial to production of economical sive lood-flow studies and des ,

power for our four member cities oped future transmission requ i ments for me IMear Capital ~ ,

This Dtvision is responsible for engt.

provement Program ;

4 neeringandconstructionof Agency '

capitalprojects.and operationand The Land Management Deps i maintenance of the Agency trans- ment is responsible for acqwsti mission and substaton system that of transmission rights-of-way c ,

connects to the member cities and other land. includmg that for n l the Texas interconnected system ing Theyacquiredover300mik

\ Other respcnsibilities include land rights-of-way and momtained I (

management. fuel resource acttv1- chase / lease administrationonc (

ties, permitting. environmental of- 1.100tractsofland Duringtheyi I fairs and mining resources the Land Management Dep ments efforts brought the Age I The Power Engineering Depart

several hundred thousand del !

ment performed most engineering bydeveloping means of produc '

in house Thisteducedengineenng additional revenue costs and provided the Agency The Mining Services and 7 more control over engineering activ.

"*'*c"#'

itles Power Engineering identified Resource Department initiated !

and completed preliminary engt- detaded mine planrungIor thel l Five-year Permit Area as we. L neering on 140 plant and system t betterment projects that are cost. plansforlong rangeprograms beneficialtothe Agency These pro. involved optimizing the BTU qu !

of fuel for the G1tbons Creek g !

jects will be constructed dunng the corrung year. and potential future generc capacity Other potential mr ,!

areaswere explored forinccrp The Construction Department in-stalled 1mprovement pro)ects. super

tion mto the long range plans Ytsed ControClors and performed The Permitting. Environme '

' heavy plant maintenance projects Attatre and Development Pre This was more cost ettective than Departmer.t was formed to adc hiring outside contractors the numerous tasues and re; Our System Coordinatorintegrated assoctated with contmucus pe ;

Agency planning and operatmg tingactivity WiththeG;bbonsC activities with the member ettles plantIn fulloperatton.the stat!

The Coordinator also monitored teated most of its ettorts tc I

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' transtnission and wheelmg agree + impact on the surrounding w monts with neighbortng utultles, al- and environment This group l lowing better control of operations explored the development of f i

and improved relations with the markets for waste products l member cities and other uttitty sys- With these specialized groups tems in the state Ife is the local point in place me commg year wK for forecasts of futuse generation sent many opportunities for cre capacity try to minimize operating cos ,

E The SystemOperations Department crease system reliability.

has a highly speciallred statt re- methods of producmg income l sponsibleforengmeenng construc- formulate long range plar tsort operation and maintenance of electrical generation and f to over 300 miles of transnussion sys fuel planrung

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SUMMARY

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