ML20138H143
| ML20138H143 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 12/31/1996 |
| From: | GAINESVILLE REGIONAL UTILITIES |
| To: | |
| Shared Package | |
| ML20138H133 | List:
|
| References | |
| NUDOCS 9705070082 | |
| Download: ML20138H143 (47) | |
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Fiscal Year 1996 Highlights <% c~,
y l'cicent 1 in.ms i.d - I""6 I""3 ( hnr.c With Ihe aid of our Nct rcienues 72,107,935 r,7,18x,372 7.3%-
Automated "frodile WI Aggregate dcbt senice ,'M,956,4 24 26,131,343 j o.g%
Aggregate bond cmcrape ratio 2.49 2.57 3.1 % System, the processing
'liital debt senice oncrage ratio 1.40 1.42 . l .4 %
Inng term debt .451,675 722 393,658,020 14.7% and tracking of electric Net niihty plant .518,400,937 50),286,862 3.4%
Cash and imesiments: syuem work orders has Rate statuliration limd greatly improved - this and rc enue fund . 63,571,238 57,193,631 11.2%
allows our crews to Customers (12 months acerage):
Residential cicctrie 63,051 61,885 1.9% respond more quickly M Non residential clectric 7.491 7.271 30%
following a storm.
.I .ot J clectnc 70,542 69,l'56 2.0% ,
Water ,
49,926 48,496 2.9% i Wastew ater , 44,837 43,690 2.6% h. , I A Natural gai, , 24,727 23,997 3.0%
f Sales of electric energy (gigawatt hours):
p .,, .g Residential . 719.8 688.6 4.5%
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- v45 l,,,y .;.g, Gcneral seniec/large power 741.4 720.0 3.0% i" d
- dMML &R 4 1.ighting 18.9 .N Kales Ihr resale 101 2 18.3 3.3%
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- m. nn y; 97 ' 4.2% M ^
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Sub-total . 1,581.4 1,524.1 3.8% m 'r h"'
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, : n:w Interchange 2930 337 2 13 1%
(hlbbh'Tf*b"Jg.OWf m T"'dI - 1'874 4 1 861.3 0 7"'"' UIIU4N * [' d w m e n t o m ;T.
@tdf.m" .L %. ,MtbQ..i.. UM Sales of water (million gallons): . 7,297,1 7,140.0 2.2%
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Wastewater billed (million gallons): 5,011.7 4,818.8 x:tm :r 4.0%
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s P5 Natural gas (million therms): 23.6 20.1 17.4% y. M E,
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A new and exciting con
.. ! . b .3 tyyc environntent is beginning to reshape the utilittes industry. Those snired in a nionopoly niind-set willgo the way of the dinosanr.
But organizationsgtfted with creative sninds recognize these changes as emetying opportunities.
At Gainessille Regionaj Utilities, our commitment to our customers, the imagination of our e:nployees, and our dedication to the community make us fbrmidable competitors. We welcome competition and the yportunities it brings.
Gainessille, Florida,is a beautJiji gnd progressive city, and a leader ip % %lO(1DQ ,
intelligent, sustaina 31e growth.
Gainesville has been ranked as one of the top seven most livable cities in the nation ihr three consecutive years by
- 3fonry magazine, including the number one ranking last year.
Gainesville is home to the University of Florida, the state's leading research institution, and Santa Fe Community College, a provider of excellent professional and vocational senices. The city houses one of the largest medical communitics in the southeastern U.S., and is the center fbr commerce, art, and culture for north central Florida.
GRU, by ofTering superior utility senices, helps sustain the high quality oflife in this community.
- With five major utilities and related services working in cooperation, GRU can be more competitive than utilities that deliver a less encompassing scope of senices. GRU provides electric, natural gas, water, wastewater (includ-ing water reuse), and telecommunications services to Gainessille and the surround-ing urban areas of Alachua County.
The ability to offer all of these g senices under one roofpresents
,p7 us with many unique i
opportunities.
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((s are competitive, and natural y- h'( gas rates are the lowest in 0Ebm, ml$h< - e ,g
.; the state. GRU lowered r M ,
electne rates this year, with large reductions in commer-cial rates. GRU's prices fbr c6mbined senices are among the lowest in the state, and with two energy sources we can
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1996 CaRu A'.NUAL REPORT
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advise our customers on the best choice fi>r their specific needs.
Infrared images In a competitive environment large commercial customers become immediate targets. Our new Large Accounts Marketing Program (LAMP) representatives are dedicated . dicate heat energy m
to anticipating, identifying and satisfying customer needs. Competitive prices and targeted, ins e to the human value-added services allow our representatives to create mutually beneficial relationships eye - and convert it with these important customers. We're constantly looking for new opportunities to provide to a visible picture.
customized service.
Being competitive also means recruiting new customers. All retail marketing departments were unified into one coordinated effbrt this year. The emphasis on
("w'Nory w>
wholesale customers was increased by redirecting significant resources into a Power Easy to use, high Marketing Department.
GRU's Business Partners program keeps commercial customers abreast of utility issues perfbrmance infrared through a newsletter and seminars. Our Trade Alliance program educates builders on encr- imagmg equipment gy efficient and sustainable methods of construction. Alro offered are money-saving helps GRU determine Commercial Conservation programs, including a Commercial Lighting Service,
" hot spots"- a very cost For simplicity, GRU's New Services Division coordinates all utility commercial and residential desclopment needs from concept through final service efTect ve tool tbr preven-
, initiation. And our Masterbill allows businesses with multiple accounts rative maintenance at e to receive all billings on one statement. GRU suhtanons We support local economic development. GRU is a member of the
- Council (br Economic Outreach, a group dedicated to attracting ruo e, nu,;
new business, and the Chamber of Commerce, which is dedicated to retaining and expanding established business. GRU General Manager f
As important as commercial customers arc, we never Mike Kurtz me and fbrget that "
Gainesville Mayor Ed A_ AA
~
3 customers wningsaiGRUs i
k adopted elementary
? #."; 11C. art Of* school- GRU donated t3C COm-m un1tV. '"*"""'"P"'"""
many area schools and GRU makes life eIsier fbr 1
> them by ofTering a wide connected some to the variety of payment options. Internet.
We have an Electronic Funds Transfer program thr
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- 1996 GRU ANNUAL F4 PORT 1
u,.
app %cysg p:::y.y;;;py,
those who like automatic payments. We also have options fbr those who prefer walk in drive through, drop off or mail in service. Additional remote customer service locations are opened each year to meet the high volume, short term needs of returning university and college students.
New customers can call GRU's l'!orida toll-free num- M l*
ber for information and then fax m applications. One day "" g service c.mnection: are also available. For customers with inaccessible property, we do remotely-read electric and gas meters.
GRU increased efficiency with a new field operations center by improving response time in the growing west side ofour service area. Emergency response time was also improved through impicmentation of an Automated Trouble Call System that hcips generate and track work orders more quickly during outages. We also combined field senices personnel into one department capable of servicing all utilities in one visit.
Potential renters can call ihr a utility billing history to better see the overall cost of an apart-ment. GRU practiccs levelized fuel cost billing by ~
the quarter to keep our custoniers' bottom line more coIMMICnt.
f i Through newsletters, a constantly updated customer handh,ok, and a host ofother utility h,a T
publications, we inform customers about a vari-ety of products and senices. GRU also maintains f
an interactive web site (www.gru. net), and pro-vides educational videos through schools and
' ')
libraries. For information by phone or in person, '
/'
our expanded customer service force is ready with quick, f 'qndly assistance. .
cOnScrVat10n IS tlle ACV to ;
SUStalniner any con 1nlunitE. GRu otters e Conservation Action Checks, and the low cost /no cost measures recommended have cut residential customer bills in all utility senices. GRU recommends duct repairs to save ,lec-tricity, Xeriscaping to save water, conversion to natural gas (including rebates), and many other measures that save resources and money.
1 1996 CsRU ANNUAL Mf ORT
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' [' Cuuomer loyalty is fbstered through innovative, caring employees. GRU cmploy-i ,' *[' ecs meet the needs of customers while wurking to hold down costs. Self directed wurk QS ' . . , fp ,7" Mussimets Madeting ,
[ teams do invaluable service, such as creating commercial assistance programs and track-p@ " " , , ' ? p ' ]q ing down recoverable revenues.
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$$t W, *JwsilMP Through a carefidly controlled attrition program GRU unidnidenicca td! has avoided the painfid downsizing experienced by other hes $a glic . k utilities. In spite of customer growth in all systems, GRU has py Up(feinedk syn 4tey]
maintained nearly the same employment lesels for more than e.ght years.
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. j GRU cmployees are encouraged to maintain good health and to pursue further
,'%rgnt diffnewspdper - 3
~ y " J cducation. We have a wellness center, health programs and a f.tness equipment
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-v ". 9 purchase plan. GRU also provides employees with many advanced skills
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GRU is developing new reward and recognition programs for (As part 6f thei .
.- J,,~. employees to reintbrce exceptional peribrmance. We also realire that 1
' community, GRU i ./ g vendors are important to our success, and have a successful vendor
t profirs help quppmt arcaj recognition program.
- recreatiomand parks > We hwe abundant opportunities to assist the community, and GRU cmployees are involved in the Uaited Way and the March of
- inchiding th
- protection - ~
Dimes, and we have been leaders in national record-setting drives.
- of this local wetland" Emph>yces also participate in FloridaFix, building energy efficient fea-
- and alligator preserve.
tures into low-income homes. GRU collects funds fbr Project SHARE, ,
w hich pays utility bills ihr elderly and handicapped customers. \\e -
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donated surplus computers to local schools this year and helped connect %
our adopt-a-school to the Internet.
We are community leaden., demonstrating sustainable practices. For example, GRU is creating a 11ect of alternative fue':d vehicles, including 65 compressed natural gas vehicles and three electric schicles. Power plant flyash is recycled into cement, water plant lime sludge is also recycled, and all GRU plants meet or excyc4 state and federal rggulation;.
. lechnological m, novationS ,
In ab OI OUP Serv 1CCS help us had down mus and improve efticiency. These tost effceti e ideas include improved thel burning, water l
reuse at power plants, and improved treatment proces.es at water and wastewater plants.
A photovoltaic project, implemented in part through customer " green pricing" donations, will power equipment at our Electric Control Genter. GRU also partnered with a state-funded assistance program to help provide solar water heating to low income families. Through Federal block grant funding, we cuended natural gas facilities into km income neighborhoods, providing service to customers who otherwise could not aflord it.
Another notable community contribution is water reuse. GRL' treats wastewater to I
19% GRU ANWAL HIPORT
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underground, and most new residential construction is Gainessille's Veterans k b ,,
underground. Approximately 40 percent of our electric Administration hospital facilities are underground, far more than any of our nearby competitors. GRU also uses compact overhead facilities, and """ "I ""'*
engages in streerscaping beautification projects and landscaping customers. So when they MiF - h around wastewater lift stations and electric substations.
Perhaps the most exciting emerging opportunity comes from GRU's new Synchronized Optical Network - a continuous, high speed, high-capacity fiber optic com-6 uttered a serious outage due to mternal electncal
- 9" "'"**""'#'"'
] munications h>op. This liber puts GRU in an excellent employees saw an g position to handle our growing communications needs. Our opportunity to help -
UIMW ability to quickly and etliciently exchange intbrmation gives us we didn't hesitate to
' a competitive edge.
lend a hand, d Ib oversee our own communications needs and fully utilize the additional capacity on the fiber, a new system d -
(GRUCom) was created, imo eog, r.,>
One service offered by GRUCom, and coming on line The University of early in 1997,is GRUNet, a h>calintranet ser ice that can Florida's Center for j interconnect kical businesses and organizations fbr internal communications. This intranet service can provide private line Training, Research . *
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- voice, video and data services between various business and and Education in government locations, a hile also providing access to the Environmental
< .. Internet and its popular search engines and e-mail capabilities.
v~. , Occupations (TREEO) m llusinesses and government agencies who buy high bandwidth 1 *
~ telecommunications services from GRU (such as T-1 line P'""'"***"'**"* N ~~
errice) will have the added bonus of ofTering their employees we helped illustrate this and associ:ttes GRUNet services at sery low prices. 'widi water features using 1 Opportunities are emerging everywhere. -.
. reclaimed waste 4ater.
M We have 'an abundance <gf cpative thinkys at GRU -
pmple w ho are,Cd dD ,C Qf ,
>7 nlergin 11n a gin;1 < , c -
WITA CCun' ICal tion '
dX )C((18C to produce projects such as [ c
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GRUCEm. Another example is a new natural gas combustion [
turbine that will give us a comtbrtable margin of capacity and
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, ] TTlinaiicial stabilitE GRU's senior tien bonds are rated "Aa" and "AA," and our Tax Exempt Standard and Poor's Corporati >n have expressed confidence in ot r business strategies and y@,g>
. : Comn.creial Paper program is r;ated P1 and-Al +, the same stiperior ratings they ve had
- for many years. -
, , ' A new natural gas-fired .
~
' Even better, Standard and Paor's upgraded GRUS outlooksi% table," and upgraded its Y ' com. . .bustion turbine at : , '
g y j business positi6n assessment of GRU.ti> "2 " GRU is on$ of only thirteen municipal utih. nes. m
[our Deerhavengnt 3 the nation having a "AA" ratiryg nith a business assessment b'f"2"br bett r. '
r will lycip mee.t our ' Less than two weeks after receiving the new ratinga GRdoffered $143 million in tax-
^~
< : customers, power needs . exempt revenue botids. Th y were sold ivithin two hours and outper' forme ,i two "AAA" insured c .
Jwellinto the next centu-
- igsues. 564 tnillion of t63 issue was used t6 retinance putsjanding' debt at _ OWer g
+ -se 6"=i"s ="
em4m,mwmay endiy for io.ur.:.cu.stomers.In:su stantia_ savf1 gs M, . -
~ fuel. Since 1993 GRU has reduced the a:nount ofoutstanding debt by over $200 million. Since 1987 we have achieved debt service savings of hproximately $60 million, and have reduced future. capital needs by S30 million. All of this means significant sarings fbr our customers, and
" *"""t greater stability as we face the future.
. We're proud of GRU's . Contr611cd by a designated fbrmula, GRU produces a return on investment for the City bond ratings and busi. of Gainesville. These funds are ushd to supp_ ort polic'c and fire protection, as well as many other ness posmon assess-services. This is a double benefit to customers Jcompetitive rates, and utility payments that benefit the 'community b'y holding down taxes. During the past fiscal year GRU transferred ments - Moody's and -
Sid2 Mlbe to & W's General Fund; Standard and Poor's GRU's customer base is steadily growing in all classes, and our wholesale and interchange ratings place m among markets are increasing to hI:lpiecp rates low in the commutiith in the past fiscal year wholesale the best municipal sa geneme grow revenues o m ,w a net revenue t ugh interchange sales of 53.7 millionc utilities in the nation.
As of October 1,1996, res denn. i la electnc rates decreased 0.5%, commercial electric rates decreased 4.0%, and electric large power rates decreased 6.01 Natural gas rates increased 3.0%, but remain the lowest in the state.
Water rates increased 2.5%, following a 3.5%
decrease last year, resulting in a net 1%
decrease oser the two year period.
Wastewater rates remained unchanged for the fburth year in a row.
Strong cost control measures, impressive financial perfbrmance, progressive growth and emerging opportunities make GRU a sound and exciting investment.
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"" 4 Our Vision :
/
i 9
meeng l i, The Utility of Choice. L _ \v - Is 0;n f li:.sion We will proside safe, reliable and competitively priced utility services which consistently meet our customers' needs and expectations.
We will deliver our services through a team ofinnovative, self-motivated, and caring employees of the highest integrity.
We will ensure the financial vitality of the utility and return superior value to the community fbr its investment.
xc w .
The satisfaction of our customers defines our success.
We will respond to our customers promptly, with empathy, and with respe:t ihr their unique circumstances.
V <ae3 Together we will promote an environment that fbsters innovation, self-motivation and caring.
Together we will promote an environment that encourages each of us to strive to reach our maximum potential.
We will conduct our business with the highest level of honesty and integrity; anything less is unacceptable.
We will be good stewards of the resources entrusted to us.
We will pursue continuous improvement and innovation to create a competitive advantage.
- l ? .L.T: k 1996 GRU ANNUAi RtPUET
i 1 l !
l l GAIN!.SV!tLE RitlONA1. l'Til.lTil3 l Tha C mbined Utility Funds of the City of Gainesville, Florida R: port on Audit of Financial Statements and Supplementary Data ,
September 30,1990 and 1995 Independent Auditors' Report
( The 11onorable Mayor and Members l of the City Commission City of Gainesville:
We have audited the accompanying balance sheets of Gainesvilla Regional Utilities (the Combined Utility Funds of the City of Gainesville, Florida) as of September 30,1996 and 1995, and the related statements of revenue and espense and retained earnings, and cash flows ihr the years then ended. These financial statements are the responsibility of the Gainesville Regional Utilities' management. Our responsibility is to express an opinion on these financial statements based on our audits.
i 1
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perfbrm the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit indades examining, on a test basis, evidence supporting the amounts and disclo-smes in the financial statements. An audit also indades assessing the accounting principles and significant esti-mates made by management, as well as evaluating the oserall financial statement presentation. We believe that I
our audits provide a reasonable basis for our opinion.
j As discuwed in Note 1, the financial statements present only Gainesville Regional Utihties (the Combined Utihty
- Funds of the City of Gainessille, Florida) and are not intended to present fairly the financial position of the City of Gainessille, Florida, and the results ofits operations and the cash flows ofits proprietary ibnd types and non-expendable trust funds,in contbrmity with generally accepted accounting principics.
In our opinion, the 1996 and 1995 financial statements referred to above present fairly,in all material respects, the financial position of Gainesville Regional Utilities as of September 30,1996 and 1995, and the results of their operations and their cash flows fbr the years then ended in confbrmity with generally accepted accouming I principles.
Our audits wcre made ihr the purpose ofIbrming an opinion on the basic financial statements of Gainesville Regional Utilities taken as a whole. The supplementary infbrmation included in the accompanying schedules is presented ihr purposes of additional analysis and is not a required part of the basic financial statements, The infbrmation fbr 1996,1995,1994 and 1993 has been subjected to the auditing procedures applied in the audits of the basic financial statements and,in our opinion is fairly stated in all material respects in relation to the basic financial statements taken as a w hole. The supplementary intbrmation included in the accompanying schedules as of September 30,1992 has been subjected to the auditing procedures applied by other auditors whose report j thereon, dated December 3,1992, expressed an unqualified opinion on that supplementary information in rela-I tion to the basic financial statements taken as a whole.
l l
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sw l0N'7Y W/?$ $uy 2nw</Qf Davis, Monk & Company KPMG Peat Marwick I.I.P Gainesville, I lorida St. Petersburg, Florida Nmember 22,1996 t
i i
bM N $ d bb 199f> GRU ANNUAL Rf PORT ,
__. I
G AINI Wii.l.1- RI GION Al.171! I'llts Bal:nce Sheets heptronber 30,1996 and 1996 ASSETS 1996 1995 Utility plant:
l'tility plant in senite . 5733,781,600 5683,540,961 Plant helJ ti>r future use. 6,029,531 -
Construction in progress . 28,778,593 53,420,686 768,589,724 736,961,647 less accumulated depreciation and amortization.. (250,188,787) (235,674,785)
Net utility plant . 518,400,937 501,286,862 l
Current awets: '
Cash and short-term investments.. 21,031,591 18,894,940 Accounts rctch able, net of allowance fint uncollectible accounts of S984,000 in 1996 and 51,090,000 in 1995. 22,423,515 21,181,554 Inventorics:
1ucl. 5,109,339 5,295,098 Materials and supphes. 4,906,814 5,886,906 lhtal current aorts.. 53,47l,259 51,258A48 Restricted assets - Cash and investments:
Utihty deposits . n,597,716 4,979,332 Debt senice fund . . 61,793,665 54,862,172 Rate stabilization fund. 42,539,647 38,298,691 Construction fund.. 71,372,556 28,286,380 Utihty plant improscment fund. 544,859 58,304 Deconunissioning resen e . 2,117,990 1,756,600 7htal rrrtorted a3srts . 183,966,433 128,241,479 Dcferred charges . 62,765,351 57,729,635 7htal assets.. 5818,603,980 S738,516,474 sa nuompanvma nao sefi nan m!natrmoats I
-yx m ym yy.. v., y, ..w uimu LiudisiMerunkaukai % .d 19% GRU ANNUAL RIPORT
- _- _~
GAIN 1.SVil.l.E REGIONAL. UTil.!11ES Balance Sheets Septcmber 30, !996 and 1995 1996 1995_
LIA111LITIES AND FUND EQUITY l
lamg-term debt and fund equity:
5394,950,000 $335,565,000 lx>ng-term debt:
Utihties rystem revenue bonds.. 62,165,000 64,657,000 Utihties i,ystem commercial paper notes..
457,115,000 400,222,000 (5,439,278) (6.563,980) less unaniorti/ed bond diwount..
451,675,722 393,658,020 7btalIvryr-tcrm dcht..
88,634,839 N 3,466,569 Fund equity:
214,146,845 197,543,894 Contnbutions in aid of construction..
Retained earnings..
302,781,684 281,010,463 7stalfi<nd equity ..
i54.457,406 674,668,483 Thralloryr-tcrm dcht andpsnd equity..
3,257,578 2,525,637 Current liabilities:
3,468,685 3,138,275 Fuct pay able .
2,773,655 1.970,356 Accounts payable and accrued habihties..
Due ta other funds .
9,499,918 7,634,268 7btal rurrcut tiabilitics ..
5,588,077 5,104,330 Payable from restricted assets:
20,100,000 25,040,000 Utihty deposits..
12,760,899 10,609,121 long term debt payable-current..
Acerued interest payable..
2,659 243 1,723,054 Construction fund:
Accounts payable and accrued liabilities..
4l,108,219 42,476,505 Tbtal payable Jhom rcstrictcdfknds ..
13,538,437 13,737,218 Other liabliities and deferred credits .
5738,516,474
$818bO3g 7htalliabilitirs andfhnd rquirr.
&e aaompaupop notn sofinanaal statemaars
-_ n.-.,
vle h M sk k bL.5 JE M i.LL uL.Us LI O 1996 GftU ANNUA 1 RIPORT
GAIN 15 Villi Kl GIONAl L'11tJTil:S Statements nars onded Arptonber of Revenue 30,1996 and I993 and Expense and Retained Earnings Operating revenue: _1996 _1995 Sales and service charges .
Other operating revenue . S168,575,598
$152,514,073 2,184,579 1,80),389 lbtaloperatisyv rrrrnne ,
170,760,177 I54,316,462 Operating expenses:
Operation and maintenance .
Administra ise and general. 81,942,292 70,550,010 Depreciation and amortization. 18,369,048 18,281,952 19,959,898 22,633,816 7htal operatiser raprnses..
120,271,238 I i 1,465.778 Operating income .
50,488,939 42,850,684 Non-operating income (expense):
Interest income.
Interest expense, net of AFUDC, 10,642,292 9,559,114 Gain (loss) on imestments . (25,877,803) (24,870,372) 593,465
__ (23,944)
Total non-operating (Apenst ,
(l4,642,046) ,.15,335,202)
Net income.. .
35,846,893 27,515,482 Retained carnings, beginning ofycarm , . .
197,543,894 189,276,738 Operating transfer to City of G$inesville general fund.
_( 19,243,942) _( 19,248,326)
Retained carnings, end of year .
5214.146,845 $ 197,543,894 St accompnym,,r neto sofinamialstairwnu pmyytw*wytare:vmesi7q Lundwd sw-4&hw% din 4 e .)
19% GRU ANNUAL Rf FORT
GAIN 1Willt RI GION Al . t*Tilli its Statements of Cash Flows Dars cndcd Scytcmber 30,1996 and IW5 1996 1995
$ 153,070,292 Cash flows from operating activitics: 5167,817,383 (76,959.955) (57,372,580)
Cash recched from customers . (22,263,929)
C.2,734,756)
Cash payments to suppliers fiir goods and services .
(3,706,475)
(4,163,001)
Cash payments to employees tiir scrsices..
1,802,389 Cash payments for operating transactions with other timds . 2,184,579 Other operating receipts.. 7l,529,697 66,144,250 Net cash providcd by cycrating activitics..
(19,243,942) (19,248,326)
Cash flows from noncapital financing activitiest Transfers to other funds . (19,248,326)
(19,243,942)
Nct cash used in noncapstalfinancing activitics..
(26,938,000)
Cash flows from capital and related financing activities: (27,532,000) 478,104
/39,103 Principal repayments on long term debt .
(25,064,124)
Proceeds from sale of property and equipment.. (22,601,323)
Interest paid on long term debt .
Capital grants.. (34,151,154)
(33,659,589)
Acquisition and construction of thed asscts -
(includmg alkm ance tiir funds used during construction).. 79,485,000 3,294,537 2,274,339 Proceeds from bond iwuance .
Cash receiwd for connection charges.
(83,400,835)
(274.27_2)
Nct cash used in capital and relatedfinancing activitics..
7,111,359 4,730,936 Cash tiows from investing activities:
(401,409,947)
(579,814,486)
Interest retched.. 435,720,837 523,848,507 Purchase of imestments . .
Proceeds liom im estment maturitics . 39,041,826 (48,854,620)
Net cash provided91 investing arrivitics..
7,922,362 (2,228,584)
Net increase (decrease) in cash and cash equivalents 14,327,268 6,404,906 Cash and cash equivalents, beginning of year .
S 12,098,684 5 14,32_7,268 Cash and cash equivalents, end of year.. (Contin ned) e w.wr ;m yxz ,
(-
La
,me.wysn,1& h64 dM ' a!.akhYU +. hGeat.
19% GRU ANNUAL REPORT
GAINI.$V1111- HIGIONAL ("!!!TillA Statements of Cash Flows, continued Tcars ended Scytanbcr 30.1W6 and JW5 Reconciliation of operating income to net cash 1996 provided by operating activities: 1995 Operating incorne .
S 50 488,939 5 42,850,684 Adjustments to reconcile operating income to net cash provided by operating activitics:
1)cpreciation and amorti/ation..
Receivables..
19,959,898 1m enwries .. 22,633,816 (1,241,962) 1)cfcrred charges.. (754,464) 1,165,851 Accounts payable and accrued liabilities.. 681,199
( 7,3 t s,282 )
Due to orher funds . 1,468,800 1,998,540 Utility deposits.. (931,550) 803,300 391,658 Other liabilities and deferred credits.. 483,747 1,310,682 (198,781)
Net cash provided br operatir{a artiritics.. _3,878,872 S 66,144,250 5 71,529,697 Noncash, Investing, Capital and Financing Activities:
Utility plant contributed by developers in aid of construction was 54 603 135 and S1,701,000 in 1996 and 1995, respecthcly.
kr anempsnyng noin tojhanaalsiairmentt rme ei ?v emmrr.wwmeewm MWM$NkdMEW4WAW iGftU ANNUAL RPORT
l
(
GAIN 1Wi!.11 RIMON Al. L Till.!!!t S l
Notes to Financial Statem:nts
&ptcmbcr M 1996 and 1995 (1) Sununary of Significant Accounting Policies (d) Investments (a) Organization imestments are stated at amortized mt. Premium or dis.
count is anmrtized over the imestment's maturity based on Gainessille Regional Utihtics (GRU) is a combined mumci-pal utility system operating electric, natural gas, water, waste- the straight-line method which apprmimates the cifective w ater, and telecommunications (GRUCom) utilities. The interest method expansion of the utihty system to include telecommunica-tions was apprm'ed by the Gainesville City Commission on (r) Inventories August 12,1996. GRU consists of the combined Utility Inventories are stated at cost using the urighted ascrage unit i Funds of the City of Gainessille, Florida (City ). GRU is a tost method ihr materials, and the last in, first-out (1.lH))
unit of the City and, accordingly, the financial statements of method ihr fuel Obsolete and unmable items are reduced to GRU are induded in the annual financial reports of the City. estimated salvage saluet The cmt of fuel used ihr electric generation is charged to espcme as consumed.
(b) liasis of Accounting The fmancial statements are presented o. the accrual basis of (f) Utility Plant accounting. Under this basis, revenues an recognized in the Property and equipment are recorded at cost. Maintenance period earned and c>penses are recogniad in the period and repairs are charged to operating expense as incurred.
incurred. GRU applies all applicable financial Accounting The average cost of depreciable plant retired is chmiruted Standards lioard (FASil) pronouncements issued an or from the plant accounts, and such cmts, plus removal costs bcibre Nmember 30,1989,in accounting and reporting ihr less salvage, are charged to accumulated depreciation.
its operatiom. In accordance with government accounting standards, GRU has c!ccted not to apply FAsti pronounce- (g) Depreciation and Nucicar ments issued afkr that date. In accordance with the Utilities Generating Plant Decommissioning System Resenue liond Resolution (llond Resolution), rates Depreciation of utihty plant is computed usmg the straight-are designed to cmcr debt service and other resenue require- hnt method mer estimaicd service hves ranging tiom 6 to ments, u hich exclude depreciation espcnse and other non- 50 years. Depreciation was equisalent to 2.82% and 2.85% of cash expense items. This method of rate setting results in ascrage depreciable property for 1996 and 1995, respective-cmts being included in the determination of ra:es in differ- 1.
3 Depreciation espense includes a pnnision for decommie ent periods than when these costs are recognized for finan- sioning cmts tclared to the jointly-ouned nudcar pimer ;
cial statement purposes. The effiet of these differences are plant i sce , en recognized in the determination of net income in the period that they occur in accordance with GRU's accounting poli- (h) Amortization of Nuclear Fuct cies. GRU has adopted the unitbrm system of accounts pre- The cost of nuclear fuci, including estimated disposal cost,is scribed by the Federal Energy Regulatory Commission amorti/cd to fuel expense based on the quantity of heat pro (FERC) and the National Awociation of Regulatorv Unhty duced for the generation of electric energt in relation to the Commissioners (NARUC). Rates are apprmed annually b) quantity of heat expected to be produced mer the hfi of the the City Commission. nudcar tuct core. These costs a c charged to customers through the fuel adjustment clause.
(c) Use of Estimates The preparation of financial statements in conformity with (i) Revenue Recognition pencrally accepted accounting principles requires manage- Resenue is recorded as carned. GRU accrues tbr scnices ment to make estimates and awumptions that atfect the rendered but unbilled whith amounted to approumately reported amounts of awets and liabihtics and disdosure of $8,578,000 and 57,808,000 for 1990 and 1995, respcctive-contingent aucts and liabilitics at the date of the fmancial ly. Fuct adjustment resenue is recognized based on the actual statements, and the reported amount of resenues and fud costt Amounts charged to customers are based on esti-expenses during the reporting period. Actual results could mated cmts, which are adjusted ibr an> thfTerences between differ from these estimates, the actual and esnmated cmts once actual costs are known.
d bntinucd) pymw mwwmvwmng k m wnMc d h.L& M did.O 19% GRU AtWUAt REPORT
UAtNIWil.1 L Ri b!ONAL. (Ttl.t r!!3 N:tts to Finrncirl Strtem:nts Septembcr 30,1996 and 1995 I
(f) Interfund Transactions (1) Allowance for Funds Used During Construction
( Interfbnd balances between electric, gas, water, wastewater (AFUDC) and GIUJCom funds are offset for the combined utihty An allowance Ihr interest on borrowed funds uwd during funds. Interfund retenues and expenws are not climinated in cmstruction of $776,000 and $1,236,000 in 1996 and the combined utihty Ibnds. Addnionally, there are interfbnd 1995, respectively is induded in construction in progress and transactions between GRU and general government opera-as a reduction ofinterest espenw. These amounts are com-tions of the City, whkh do not bear interest.
puted by appl3ing the effective interest rate on the funds bornowed to finance the projects to the monthly balance of (k) Funds in Accordance With llond Ecsolutions projects under construction. The effecthe interest rates were Certain restricted funds of GRU are administered in accor-approximately 4.8% and 4.9% tbr 1996 and 1995, respectne- i dance with bond resolutions. These funds are as fbilows: ly.
Debt Senice Fund (m) Deferred Charges Subordmated Indebtedness Fund Deferred diarges represent c' osts incurred that are to Is Rate Stabihntion Fund recovered from future revenue through the rate-making Construction Fund process over a period usually ranging from seven to thirty Utility Plant Improvement Fund years.
The Debt Senice Fund accounts ihr funds accunmlated to (n) Contributions in Aid of Construction prmide pa> ment of principal and interest on or redeem out- Utility plant in senice for the water, wastewater and standmg debt.
GRUCom funds includes assets recched from contributions in aid of construction (CIAC). Contributions in aid of con-The Subordinated Indebtedness Fund, grouped in the Debt struction are amorti7ed on a straight line method mer the Senice Fund ihr financial reporting purposes, accounts fbr hfe of the rciated asset. The amount of amortiration expense I funds accumulated to pay principal and interest on subordi- induJed in the statement of resenue and expense and nated indebtedness, retained earnings relating to the contributed assets is credit-ed to depreciation and amorti/ation espense and amounted The Rate $tabilintion Fund accounts ihr timds accumulated to $2,729,000 and $2,525,000 in 1996 and 1995, respec-to stabihre rates over future periods through the transfer of th ely.
funds to and from operations as necessary.
a Cash and Cash Equivalents The Construction Fund accounts for funds accumulated for For purpows of reporting cash flows, cash and cash eqmva-the cost of acquisition and construction of the system. Icnts indude cash on hand, bank demand accounts, and overnight repurcha e agrecments.
The Utility Plant improsement Fund accounts fbr funds used to pay fbr certain capital projects or debt service, the (p) Reclassification purchase or redemption of bonds, or otherwise provide fbr Amounts in the 1995 financial statements base been reclassi-the repayment of bonds ficd to conform with the 1996 presentation.
I i
(Continutd)
Wav.4WlwLc4bsw.&k T*7 mmqr3"*VWeMv@3Swiu4 1996 GRU ANNUAL RIPORT
GALNLWH L} MGION A1. L'Tilflit s Notes to Financial Statements Septcmher 30, lW6 and 1995 (2)long Term Debt he thikming:
30,1996 and 1995 consisted of t Impterm debt outstandmg at September 1995 1996
)
Utilitics System Reve.. e lionds: 5 1h,860,000 S 18,860,000 Scries 1983(1983 lionds) interest payable semi-annually to October 1,2014 at a rate of 6 0% .
1987 Series A (1987 Ilonds) interest payable 5,085,000 3,495,000 semi-annually to October 1,1997 at various rates betu een 6 4% and 6.8% .
1992 Series A (1992 A lionds) - interest payable 73,000,000 9,270,000 semi annually to October 1,2002 at various rates between 5.0% and 61%.
1992 Series 11 (19921111onds) - interest payable 61,920.000 61,920,000 semi annually to October 1,2017 at tarious rates between 6.0% and 7.5% .
1993 Series A (1993 A flond0 -interest payable 35,180,000 35,180,000 semi-annually to October 1,2006 at various rates between 4.25% and 5 30%.
1993 Series 11(1993 li Itonds) - interest payable 128,795,000 128,795,000 semi annually to October 1,2013 at sarious rates betwccn 4.0% and 5.5% .
1993 Series C (1993 C P.onds) - interest payable 5,680,000 12,400,000 semi annually to ()ctober 1,1996 at rates of 4,625% and 5.0%.
1996 Scrics A (1996 Scrics A) - interest payable 143,215,000 semi-annually to October 1,2026 at rates between 3.75% and 5.75% .
Subordinated Utilities System Revenue lionds:
25,365,000 1993 Scries (1993 Subordmated Ilonds) - interest 8,635,000 payable semi annually to April 1,1997 at urious rates between 4.375% and 5.25%.
64,657,000 62,165,000 Utilities System Commercial Paper Notes, Series C _
425,262,000 (C Notes) - interest at various market rates . 477,2]5,000
< 25,04 0,000; (20,100,000)
Ins current portion oflong term debt.. (6,563,980) 15,439,278) 5393,658.020 f ru unamorti/cd bond dncount . 5451,675,722 M 'untin ucd)
Totallong-trim debt .
py me.mu - pw.eq ~,m-me ..& <,
kDarR acWAnbxu 1996 GRU ANNUAL ElPORT
c ..
GAINI Wil1 L El GIONA!. L'T!!Jlll A Notes to Financial Statements
&ptember 30, JW6 and JW5 GRU is required to make monthly deposits into separate ihr the revenue Imnds on the payment c o er 1. dares of April I and O t baccounts for an amount eq nterest becoming payable The folkming table lists the Debt senice requirements (princip l outstanding at Srprember 30,1996.
a and interest) on the long-Term Debt (exdude.s Utihties Sysi cm Commercial Paper)
Period UtIIIties Sprem " *>rdinated ending .
evenue c5 bem
' October I Revenue Total net Honds -
Bonds deb *'##"CC 1997 --
.~ r quirements 1993 5 30,763,601 1999 30J63,796 '
s 39,625,270 2000 ;t0,751,016 30,763,796 2001 ;30,309,616 30,751,016 2002 30,616,289 ~
30,309,616 2003 30,613,824 30,616,289 2004 30,620,489 -
30,613,824 2005 30,043,434 -
30,620,489 2006 ,W,408 -
30,043,454 2007 2N,883,495 -
28,887,408 2008 33 U74,853 '
28,883,493 2009 35,484,835 ~
33,07W 2010 35,486,510 -
33,434,g33 2011 35,485,535 -
35,486,510 2012 35,484,560 -
33,4g 3,333 2013 35,476,535 -
35,484 560 2014 - 35,492,835 -
35,476,535 2015 35,462,050 -
33,493,333
'20l6 18,653,430 -
35,462,050 2017 I8 441,580 -
18,653,430 2018 18,'250,480 -
18,441,580 2019. I1,605,260 -
j 8,239,439 2026- 9,507,140 -
11,605A0 2021 . 9,509,300 -
9,397,j 4 g 2022 9,511,960 -
9,509,300 2023 9,509,080 -
9,3 j j ,97,g 2024 3,949,880 -
9,509m 2025 3,947,180- -
3,949,880 2026 3,950,900 -
3,947,!80 60 3,950,900 sg4y-M S 8,861
======,6(>9
==== $gt48,822
--=======
\
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3RU ANNUAt R[pogy
GAINL$Vlin R1GIOMI LTil3TIL$
Net s to Finandal Statements September 30,19% and 1995 Under the terms of the Bond Resolution rdating to the sale of the The 1993 Subordinated I?onds mature on April 1,1997 and are not sub-Utihties System Revenue lionds, payment of the principal and interest is ject to redemption at the opnon of the City. They are direct and special secured by an irrevocable lien on GRU's net revenues (exclashe of any chlipations of the Cin secured as to the payment of the principal or sink-funds uhich may be established pursuant to the Bond Resolution fbr ing fund redemption price and interest thercon,in accordance with their decommissioning and tertain other specified purposes), including the terms and the prmisions of the Subordinated Resolution, by the imestments and income,if any. thereof. Subordmated Indcbtedness Fund, the Subordinated Dcht Service Reserse Account and the Subordinated Bond Payment Account which The Bond Resolution contains certain restrictions and commitments, are induded in the Debt Service Fund. The 1993 Subord nated Ikinds induding GRU's unenant to estatilish and maintain raies and other are sulmrdmated in all respects to bonds issued as first lien bonds charges to produce retenues sufficient to pay operation and maintenance (" Senior 1.icn lionds") under the liond Resolution.
expenws, amounts required for deposit in the debt service fund, and amounts required for dejmsit into the utility plant impnnement fund. Utihties System Commercial Paper Notes, Series C Notes in a principal amount not to excced $63,000,000 may continue to be issued to refi-The 198311onds mature on October 1,2014. Those Bonds are subjec' nance maturing Series C Notes, l.iquidity support for the Series C Notes to redemption at the option of the City on and atier October 1,1993, as snnided under a long-term credit agreement dated as of October 1, a whole at any time or in part on any interest payment date, at a redemp- <2 with llank of America National Trust and Savings Association tion price of 100% plus accrued interest to the date of redemption. illank of America) and SunBank, National Association with Bank of America as Apent. Each bank's obbgation is for $31500,000 and is a The 1987 flonds mature on October 1,1996 ar.J October 1,1997 and sescral but not joint obligation. The obbgation of a bank may be substi-are not subicci to redemption at the option of the City. tuted by anothcr bank which meets certain credit standards and which is approsed by GRU and the Agent. Under the terms of the agreement, The 1993C Ilonds mature on October 1,1996 and are not subicci to GRU may borrow up to 563,000,000 with same day availabdity endmg redemption at the option of the City. on the termination date, as defined in the agreement. Series C Notes of 52 A92,000 were redeemed during 1996.
The 1992 A Bonds mature on various dates from Octolxr 1,1996 to October 1,2002. Those Bonds are not subject to redemption. On September 23,1996, the Gainesville City Commission authoriicd the increase in Senes C Commercial Paper Notes from $63,000,000 to The 1992 B llonds mature at various dates from October 1,2001 to $85,000,000 for the purpose of financing a long-term gas supply con-October 1,2017. Those lionds maturing on or atier October 1,2003 tract,if needed. As of the date of this report, additional Series C Notes through October 1,2007, amounting to 514,310,000, are subject to have not been issued and mntract amendments to the credit agreement redemption at the option of the City on and atier October 1,2002, as a to effectuate .his increase are pendmg.
u hole at any time or in part on any interest paymem date, at a redemp-tion price of 102% in 2002,101% in 2004 and 100% thereaticr. The (3) Deposits and Investments 1992 11 Bonds maturing on Octolwr 1,2017, amounting to
$22,335,000, are subject to redemption at the option of the City on and Dep< nits are hcid in a quahticd pubhc depository institution insured by after October 1,2002, as a whole at any time or m part on any interest the lederal Depository Insurance Corporation and as reiluired by the payment date, at a redemption pnce of 100% Bond Resolution in a bank, sasings and loan association or trust compa-ny of the United states or a national banking association hasing capital The 1993 A and B lionds mature at urious dates from Ostober 1,1996 stock, surplus and undivided carnings aggregating at least 510,000,000, to October 1,2013. 'Ihose Bonds maturing on or afict October 1, 2004, amounting to 5113,925,000, are subject to rcJemption at the In accordante with state laws and the Bond Resolution, GRU is autho-option of the City on and after October 1,2003, as a whole at any time riecd to invest in obligations u hich are unconditionally guaranteed by or in part on any interest payment date, at a redemption price of 102% in the Unitcd States of America or its agencies or instrumentahties, repur-2003,10l% in 2004 and 100% thereafter. thase agreement obligations uncond tionally guarantced by the United States of America or is agencies, corporate indebtedness, direct and gen.
The 1996A Bonds mature at various dates from October 1,1990 to cral obligations of any state of the United States of America (provided October 1,2026. Those Bonds maturing on or atier October 1,2010 such obbgations are rated by a nationally recogmicd bond rating agency are subject to redemption at the option of the City on or atier October in either ofits two highest rating categoncu, public housing bonds, and I,2006 as a whole or in part at any time at a redemption price of 102% certain (crtificates of deposit. Imcstments in corporate indebtedness in 2006,101% in 2007, and 100% thereafter. must be rated in the highest rating category of a nationally recogniicd e Contsn urd) pm m m mmum wm q hM&iam%N46. MdO -
19% GRU AWJAL REPORT
GAIN 1Wil .l l RI GIONAI. L'T!! !Ill A Natcs to Finrntid 5tctem:nts kptonbcr 30, I996 anst 1995 rating agency and in one of the two highest rating categories of at least (4) Jointly-Owned I'lectric Plant one other nationally recogniecd ratmg agency.
GRU4m ned resources for supplym.g clectric p<mcr and energy require-Imestments are categorited in the ti>llowing table in accordance with mcnts melude its 1.4079% undivided ownership interest in the Crystal G.overnmental Accounting Standards I;oard Statement N.o. 3. All of. Rncr Um.t 3 (CR3) nudcar p4mer plant opeiated by 1lorida Power GRUi imestments fall under category I uluch m. eludes investments that Corporation. GRU's net imestment in CR3 at September 30,1996 and are insured or registercd or held by the Utihty or its agent in GRU,s 1995 is approu.matelv S7,874,000 and $7,o_n6,000, respcstisely. CR3 name, GRU generalh intends and has the abihty to hok! its imestments operation and rnaintenance costs, which icpresent GRU,s part of.espens.
to maturity and does not espe:t to reabic am potential losses from tem- cs attnbutable to operation of CR3, are recordcJ m accordance with the mstructions as set f. orth m. the FERC um.tbrm sptem of.annunts.
porary th ctuations in the market s alue of the corporate commercial paper at September 30,1996. Payments are made to Mon.da Power Corporation in accordance with the CR3 participation agreement, Carrying Market .. . .
Scprember 30,1996 value GRU, as a part of th.is participation agreement, is responsib!c thr its share value '
U.S. Gmernment securitics 5 69,381,903 5 67,653,028 of tinure decommissioning costs. Decommissioning costs are t'unded and U.S. Gosernment bonds 19,889,417 21,837,080 cspensed annually and are recmcred through rates charged to customers.
(.orporate commercial paper 101,466,110 101,922,439 .l'he most resent decommissioning cost estimates prmided by lionda Power Corporation in h,osemba 199n., estimated GRt,,s share of total lhtal $ 190,737,430 S191,412,547 " " ' ' " " * " " "" "E '"'" '" # """""I" " "*
Septcmber 30,1996, GRU has funded 52,117,990 of this cost.
Carrying Market l September 30,199a.
vame value (5) Contributions in Aid of Construction U.S Gmernment securitics 5 60,466,943 5 60,783,067 Contributions in aid of construction are as tohou s:
U.S. Gmernment bonds 19,901,457 22,656,640 Corporate commercial paper 50,741,604 50,829,327 1996 1995 Contributions m aid of construction:
Isral $ 131,110,004 5134,269,034 Utihty plant, property and equipment contnbuted Cash and imestmenn are contained in the following balanse sheet by municipality S 3.982,276 5 3,982,276 accounts: Federal and state e, rants in aid of construction 22,663,741 22,663,741 1996 1995 Contributions from customers Restricted awets: and desclopers:
Utihty dermits 5 5,597,716 5 4,979,332 Plant contnbuted by Jevelopers 46,868,547 42,265,473 Debt senice fund 61,793,665 54,862,172 Connection tharges 49,377,68~ 46.083,208 Rate sta'nti/Jtiam fund 42,539,647 38,298,o?!
Construction fund 71,372,556 28,286,380 122,892,251 114,994,698 UtW y plant imprmcment fund 544,859 58,304 Aaumulated amortisation (34,257,412) (31,528,129) decommissioning resene 2,117,990 1,756,600 Contributions in nid
<!(rvnstrurrion $_88.63 4,839 5 83,466,569 Current assets:
Cash and short term unestments 21,031,591 18.894,940 (6) Retained Earnings Retained carnmps reserved for debt senice and unappropnated arc as Total cash and imestments 204,998,024 147,136,419 tolk m v Irss cash and cash equisalents 12,098,684 14,327,268 1996 1995 less accrued interest rcccitab!c 2,161,910 1,699,147 .
Resened tbr debt senice S 3,/ ,36,, ,,< 6,e 5 35,943,053 7htalin rrrrnicuts $ 190,737,430 5131,110.004 ""*E"' ' '
htal rrtanud rarninas 5214,146,845 S197,543,894 Continurd1
- m-
,.u-m.c;.y # .m m ,, ,
l xd.wO%M s.Gwd s%YstYMJ.N i r 1%6 GRU MJNUAL MPORt
GAINI WlI.I.1: 10 GONAL. [TlHTILS Notes to Financial Statements Srpumber 30,1996 and 1995 I
Retained carning3 balance > at September 30,1996 and 1995 resened in dcbt scrvice fund accounts are as iblhm s: (8) Transfers to General Fund 1996 ,
GRU makes tramfers to the C_ity,s general government or- based on
- 1993 Reserve account S 37,124,266 ., mula that ties the transfer dircedy to the profitabihty of the syste 5 33,361,817 .
Debt service account 24,168.351 transfer to the general fund :
mas be made oniv to theonics estent such m 18,880,710 Subordmated m. debtedness are not necessary to pn operatmg and nuintenance expenses an f.und accourn debt service on the outstanding bonds and subordinated debt o 4 0,000 381,06a. other necessary transf.
Commerdal paper note .
papnent account fund tramfer to the general f.ers under the Bond Resolution. Th 26.049 und for the years ended S.eptember 30, 38,581 1996 and 1995 was S19,243,942 and $19,248,326, respecthciv.
ol J93,666 54,862,173 I ess amounts appropriated (9) Dcferred Charges thr current interest and Induded m.
principal pn able deterred charges at September 30,1996 andnthe 199n. .
24.225 399 1 N,919,120 unamorttzed balante of 59,478,000 and SI1,672,000, respeeth clv, S 37,567,767 S 35,943.053 renummg of the original payment of S27,3_0,000, in full settlement in
~ _
~
connection with the City's cancdlation of a contract ihr supply ofcoal The rescrs e account h funded by imtial depmits fromthe theDeerhaven bond proceedt 11 generating plant. The settlement e ng payment is b i Ilond principal payments of S8,635,000 and $16,730,000 , recoscred year 2003.
duc Apnl 1 through future utihty fuel adjustment resenue through the 1997 and 1996, respectncly, are not required to begin fundmg untd the preiious October and therethre, are not rcscrsed in the debt service timd actounts at September 30,1996 and 1995, respecriwy. The remaining balance in deferred tharges at September 30,1996 (7) Retirement Plans 1995 is comprned of unamorti/cd imnd issuance costs of ap
$43,000,000 and $35,000,000, respectivdy, em ironmental costs of The Uty sponsors and adminhters one def. 55,075,000 in both 3 cars (see note loi, and other miscellaneous item med benetit pension plan and .
tw o defined contnbution plans Icollecthch, the Plam) that indudes all of w huh are being amorti/cd os er perioth fium 3 7 to 30 ears.
G. RU and other (.
ny employect T.he Plans do not make separate mea. (10) Environmental Liabih.nes .
surements of assets and pcmion benefit obhgations ihr indnidual units of the City. Such intbrmation is prescnted in the Cityorida, ,
of Gainesville GRU isIl subject to numerous Federal, state, and lutal emiron September 30,1996 Comprehen he Annual Financial Report. ulationt Under the Comprchensive Emironmental Response Compensation and 1.iabihty Act, commonly know n as "Superfund The General Employees Pension Plan (Fmployees$ystem Plan),has a contributory been named as a potentially responsible party at two hae defmed benetit pension plan, cosers all employces ofardous GRU, waste execptsites.ccr- In addition, in January 1990, the System purch tain Plan ~
personnel w ho clect to participate only in a Detined on Contributi the natural gas distribution assets of a company eand pursuant to th relat-cd purtbase agreement, assumed respondbility tbr the im estigatio remediation of environmentalimpacts rdated to the operation of the Ib The City accounts lbr and timds the costs of the Emplo3ces mcr manufactured Plan gas as they plant. Ilased upon the Sy stem's analysh of the co accrue. Such costs are based on contribution rates determined to dean up by these the sites and other identified cmironmental e.cncies, watin most recent actuarial valuation The total contributions by GRU, the System indud- has accrued a liabiht) of 55,075,000. Because the system ing amortization ofprior service costs,ihr the years coded ,
September anticipates 30 recovering the costs of emironmental dean up through f 1996 and 1993 wrre $1,102,000 and $1,092,000, respecthcly. customer rates, a related asset of equal amount has been ret!ccted as a deferred charge in the accompanymg balante sheet. Ahhough unte lCertain employees are digible to partidpate in defined ticscontribution awociated plans with emironmental assessment ntics and remed pnanaged by outside tiscal agents tbr the City. Under remain, these plam, that GRU belieses thetheCitycurrent provision tbr suth costs is ade-fontributes a pertentage of an emplo3cci annual salary quate and emplo3ces and additional costs. if any, will not have a nutcrial ads crse effect
)nay contribute either a specified percentage or dollar amount. on theTotal System's finandal position.
eferred compensation and dctined contribution cost for GRU for the cars ended September 30,1946 and 1995 was $324,600 and $239 000 ppecth ch. , ,
mmyyeme- -
M & 4 w & A W.4k M a. m va 1%6 OU /JMJAL PIPORT
~ _
n ..
GAINI WILI 1.10 GION AL (till.I'l ll.s Schedules of Combined Net Revenues I in Accordance with Bond Resolution Years cndcd Scytrmbcr 30,1996,1995,1994,1993 and 1992 I
l 1994 1993 1992 1996 1995 Revenues: S i i 1,038,685 5112,976,560 $114,512,609 Electric timd: 5128,402,775 5118,091,955 1,419,514 1,392,162 Sales of electrisity . 1,664,914 1,569,151 2,116A97 (1,332,746) 814,841 Other electric resenues.. (2,782,560) (2,549,839)
(3,932,344) 3,574,721 4,144,601 Transfers from (to) rate stabihution.. 4,571,431 3,942,488 5,227,158 I18,174,098 117,390,289 Interest income . 121,545,740 I15,938,360 I31,814,086 i
7bralclectricf end rcrcnurs..
14,001,918 13,699,974 Gas timd: 10,758,187 13,683,900 15,238,782 48,708 82,809 Gas sales.. 117,522 (6,644) 65,131 273,659 (855,531)
Other gas revenuts (expenses).. (240,377) (597,624)
(908,478) l32,321 216,390 Transicis from (to) rate stabihiation.. 360.591 220,300_
411,727_ 14,456,606 13.143.642 Interest income . 10,996,123 13,299,932 14,807,162 7btalgasfiend rercnun .
9,614,673 8,760,162 Water fund: 10,22'E,855 9,949,831 10,240',394 992,009 824,400 Sales of water .
1,066,593 1,321,323 1,373,707 (1,074,067) 312,477
' Other water revenues . (2,149,333) (2,911 A88)
(1,494,278) 515,456 631.586 Transfers fn>m (to) rate stabitintion.. 837,589 605,163 890,854 10,528,625 8,964,829 10,048,071 Interest income . .I1,010,677 9,978,704 7btal irattrfiend rrecuurs..
12,071,696 11,591,098 Wasten ater fund:
13A39,876 12,896,542
. . .. c 13,839,294 1,390,513 i,028,291 Wasrcwater billinp.. . . . .
'1,227,638 1,766,]41 1,924,636: (53,896) 35,922 Other w astewater resenues . (2,537,345) (2,738,750)
-(2,651,214) 746,908 1,0?9.095
. Transt'e rs fiom (to) rate stabihzation.. 1,369,598 874,789 1,609,603 13A84A06 Interest income ,
12,798,722 14,155,221 14,722,319 13 A99,767 7stal irasteiratcrfund ecernues..
GRUCom fitnd: 854,353 Sales to customers . --
Other GRL'Com revenues.. -
(790.613) -
Transfers from (to) rate stabitintion., -
Interest income .
.._. ' l.291_
65,031 154,546,962 151,001,843_ 156,833,996 7btal GR l*Com fiend rcren nes.. 172.419,275 156,020.334 Total rrecn nu ._....
(Continued)
- w. M 2,6 har m met 4 % b a n d 19% GPU ANNUAL REPORT
- GAINEWilll{ REGIONAL (JTilfrild j SchGdules of Combined Net Revenues j in Accordance with Bond Resolution
, Years ended Septernher 30,1996,1995,1994,1993 and 1992 i i
1996 1995 1994 1993 1992 1 Operation c,nd maintenance: l Electric fund: I Fuel expense.. . . ~ . S 44,988,387 5 37,960,173 5 36,619,277 5 39,538,397 5 39,243,116 )
Operation and maintenance.. 19,568,982 18,738,547 19,313,999 16,985,123 17,969,180 j Administrative and general . 11,807,272 12,354,722 11,630.670 11,661,891 10,805,109 Thtal r/crtriefiend cxpense.. .. 76,364,641 69,053.442 67,563,946 68,185,411 68,017,405 ;
Gas fund:
Fuel expense.. 7,849,998 4,763,599 7,216,655 d,661,062 7,537,660 Operation and maintenance.. 1,043,298 1,043,594 1,024,702 997,135 940,888 i Admini*,trative and general . 2,070,371 1,830,024 1,836,425 1,647,212 1,676,115 Thralfasfiend cxpense.. 10.963,667 7,637.217 10,079,782 11,305A09 10,154,663 i Water ftmd:
Operation and maintenance.. 3,556,204 3,414,065 3,4o0,273 3,159,941 3,365,799 -
Administrative and general . -2,155,092 1.922.686 1,737,575 1,703,141 1,903,304 Total watcrfisud expense.. 5,711,296 5,336,751 5,197,848 4,863,082 5.269,103 Wastewater fimd: !
Operation and maintenance.. 4,885,952 4,630,032 4,502,461 4,229,044 4,567,768 Administratise and general . 2,320,753 2,174,520 1,929,833 2,224,168 2,492,048 l
7btal ra3teraterfiand expense.. 7,206,705 6,804,552 6,432,294 6,453,212 7,059,816 i GRUCom fimd. l Operation and maintenance.. 49,470 - - - -
l Administrative and general . 15,561 - - - -
Ibtal GR UComfisnd cxpense.. 65,03 l - - - -
Totaloperation and maintenaner 100,311,340 88,831,962 89,273,870 90,807,114 90,500,987 i Net revenues in accordance with imnd resolution: i Electric.. . 55,449,445 52,492,298 48,374,414 49,988,687 49,372,884 Gas.. 3,843,495 3,358,906 3,220,150 3.151,197 2,988,979 Water . 5,299,381 4,641,953 3,766,981 5,184,989 5,259,522 Wastewater.. , , 7,515,614 6,695,215 6,366,428 7,702,009 6,424,590 GRUCom. - - - - - ,
Net rcernurs be(bre interest income from rinkingJ'und.. 72,107,935 67,188,372 61,727,973 66,026,882 64,045,975 .
Interest income from r, inking ftmd.. - - - -
414.071 ,
'lbtal nrt rrrenurs in arcardance with bond resolution .. S 72,107,935 5 67,188,372 5 61,727,973 5 66,026.882 5 64,460,046 ,
Aggregate lend debt service . 5 28,956A24 S 26.131,7.43 S 26,176,858 5 27,510,976 5 26,131,184 l Aggregate debt service coverage ratio.. .. 2.49 2.57 2.36 - 2.40 2.47 Total debt service. S 51,396,3S1 5 47,234,795 5 42,622,279 5 33,679.868 5 33,865,283 Total debt service coverage ratio.. , , 1.40 1.42 1.45 1.96 1.90 l
?
i kt nest en yn,4r 39 NG $
1996 GRU ANNUAL REPORT
M GilNI AVII.I.l? REGIONAL ITTILrill'S Sch:dul;s cf N:;t RIv:nues in Accordance with Bond Resolution ;
El:ctric Utility Fund )
u Trars cnded Septonber 30,1996 and 1995 1996 1995 Revenue:
Sales of electricity:
Residential sales (see note on page 39).. S 41,265,608 5 52,262,423 General service and large power (see note on page 39) . 37,107,805 49,228,381 Fuel adjustment (see note on page 39) . 30,169,662 (2,640,641)
- Street and traffic lighting (see note on page 39).. 2,228,966 2,414,485 >
Utility surcharge . . 2,813,497 2,635,177 i
Sales for resale.. . 5,639,231 5,087,395 4 Interchange sales.. .. 9,178,006 9,104,735 l
, 7btal sales ofricctricity .. , 128,402,775 118,091,955 I
Other revenue:
Service charges.. 1,849,059 1,292,535 l Pole rentals.. 94,056 136,398 j
- Miscellaneous.. 173,382 235,981 1
- Total other rrnnur.. 2,116,497 1.664,914 J
Transfers to rate stabilization . (3,932,344) (2,782,560)
Interest income.. 5.227,158 4,571,431 l Total rrrenur.. I31,814,086 121,545,740 l Operation and maintenance expense: !
j Operation and maintenance:
Fuel expense:
Retail and purchased power - 39,476,402 32,215,782 Interchange . 5,511,985 5,744,391 i
7btaffiscl cxpensc . 44,988,387 37,960,173 Power production . 13,524,066 12,435,730 Transmimon.. /09,535 655,173 Distributica . .
5,335,381 5,647,644 Tbtal opcration and maintenancc.. 64,557,369 56,698,720 i
Administratise and general:
Customer accounts . 2,547,601 2,729,959
, Administrative and general., 9,259,671 9,624,763 7bral administratirc andpencral.. I1,807,272 12,354,722
' i 7btalopcration and maintenance ntenu.. 76,364,641 69,053,442 '
Net revenue in accordance with bond resolution:
Retail .. 51,783,424 49,131,954 Interchange , 3,666,021 3,360,344 7btal net rrrenar in accordancc with bond resolution.. S 55,449,445 5 52,492,298
% non un pay N h A$$ .d'A w 1996 GRU ANNUAL PLPORT
GAIN 13VII.11 Ill GIONAl. ("I'lllill A Schedul:s cf N;t R v nu::s in Acc:rdance with Cond Resolution Gcs Ututy Fund Trars ended Scytanbcr 30, JW6 and IWS 1996 1995 Revenue:
Sales of gas:
Residential .
S 8,192,224 5 5,740,415 Interruptible/ commercial . 6,543,552 4,402,383 Other sales.. 503,006 555,589 7btal salts ofga r.. 15,238,782 10,758,387 Other resenues (expenses) . 65,131 117,522 Transfers to rate stabilintion . (908,478) (240,377)
Interest income. 411,727 360,591 7btalirrcnur.. 14,807,162 10,996,123 Operation and maintenance expense:
Operation and maintenance:
1:uct expense . 7,849,998 4,763,599 Operation and m2intenance . 1,043,298 1,043,594 lbtaloperation and maintrnance.. 8,893,296 5,807,193 \
I Administratise and general: l-Customer accounts . 710,098 733,729 Administrathe and general.. 1,360,273 1,096,295 lbtal admtnistrative andpcncral.. 2.070,371 1,830,024 lbralcupcration and maintenancc cxpense.. l0,963,667 7,637,217 lbtal net re venue in accordance britir band trsolution.. S 3,843.495 S 3,358,906
'a twtr on peps ,h!
1 l
l l
i 1
l 2
I p.3:vw v n:7 r p ny,.p w m .m: * ~ei n.
liAshd 4,cl Led s O 4,&Ci.-l $ $ a i 1996 GRU ANNUAL FEPORT
GAINI Wil.I 1 10 Gl(IN A! I'l!! Ii11 s Sch:dules of Net Revenues hi Accordance with Bond Resolution W:ter Utility Fund rears <nded .scptember 30, tw6 and tws 1996 1995 Revenue:
Sales of u ater:
General customers 5 8,012,050 S 7,928,163 Usucersity of I lorida . 528,697 639,354 1: ire protection.. 902,294 871,495 Generatmg stations . 57,518 60,519 Utility surcharge . 739,835 724,324 7htal sales of rater. 10,240,394 10,223,855 Other rescouc:
Connection charges . 1,369,655 1,055,589 Miscellaneous.. 4,052 11,004 7htal other rcrrnuc. 1,373,707 1.066,593 Transfers to rate stabilization . (1,494,278) (2,149,333)
Interest income. . . 890,854 837,589 7htal rcrrn ur. . I1,010,677 9,978,704 Operation and maintenance expense:
Operation and nuintenance:
Source of supply . . 5,948 4,473 Pumping.. 918,374 841,143' Water treatment . 1,670,836 1,659,666 Transmission and distribution . 961,046 908,783 7btaloperation and maintenan c.. 3,556,204 3,414,065 Administrative and general:
Customer accounts . 5n4,790 558,622 Administrathe and pencral.. 1,650,302 1,364,064 7btaladministratirc andpencral.. 2,156,092 1,922,686 7btalopcration and maintenance cAfense. 5.7l1,296 5,336,75l Total net res enue in accordance wnh bond resolution.. 5 5,299,381 5 4,64l,953 sa uvu en ppe 30 l
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GAINIWit 1.E RI GIONAL L"IIL!fil3 Sch:dules of Net Revenues in Accordance with Bond Resolution Westewater Utility Fund Years ended September 30,1996 and 1995 1996 1995 Revenue:
Wastewater billings:
llillings . .
S 12,824,558 5 12,464,105 Utiliry surcharge . 1,014,736 975,771 7btal rastcratcr billings.. , 13,839,294 13,439,876 Other revenue:
Connection charges . .
1,924,882 1,218,688 Misce!!aneous.. (246) 8,950 7btal other rrrenur.. 1,924,636 1,227,638 Transfers to rate stabilization . (2,651,214) (2,537,345)
Interer income.. , 1,609,603 1,369,598 7btal rrrenut.. 14,722,319 13,499,767 Operation and mainter.ance expense:
Operation and maintenance:
Collection .. .. 979,107 915,643 Treatment and pumping . 3,906,845 3,714,389 lbraloperation and maintenancc.. 4,885,952 4.630,032 Administrathe and general:
Customer accounts . 331,902 384,848 Administrative and general.. 1,988,851 1,789,672 lbtal administratirc andpencral.. 2,320,753 2,174,520 lbtal operation and maintrnance crpense.. 7,20b,705 6,804,552 lbtal nct rcrenur in accordance with bond ursolution.. S 7,515,6l4 S 6.695,215
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UAINI.WII.11 klOIONAI. t"I'lij lli s Schedul s cf Nr.t R v:nu:s in Acccrd:nca with Drnd R:sriuti:n GRUCom Utility Fund Trars e nded Scytconbcr 30,1996 and 1995 1996 1995 Revenue:
Sales to customers.. $ 813,233 -
Other revenue.. 41,120 -
Transfers to rate stalyhzation . (790,613) -
Interest income.. 1,291 -
lbtal irrcnuc.. 65,031 -
Operation and maintenance expense:
Operation and maintenance .
49,4 _70 -
l l
Tbtaloperation and snaintenana.. 49,470 .-
l 4
Administratne and general: 1 Customer accounts . 50 -
Administratise and general. 15.511 -
lbtaladnsinistrative andpencral.. .. .. , ,
15.561 -
lbral operation and maintenana cxpcnse. . . . 65,031 -
lbral nct srunnr in nuordana with bond resolution.. , , S - -
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19-s6 GRU ANNUAL F.UDM
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GUNLSVlt i f id GIONAI, tT!!Lilli-S l N:t s to Sch:dul:s cf N;t Rav:nu:s in Accordance with Bond Resolution i Tears ended sepicmber 30,1990 and 1995
" Net resenues in accordance with imnd resolution" ditTers fiom " Net cost was renuned tiom base rates and,instead, varied as part of the income" whith is determined in accordance with generally accepted titel adjustment amount. Ilecause of this change, revenues from 1995 accounting principles. Following are the more significant d:fferences: to 1996 are not comparable. In order to compare from year to > car, 1996 revenues were restated tbr the categories affected as shown e below; interest ircome does not inslude interest earned on construction funds.
Fiscal 1996 Fiscal 1995
- Operation and nuintenance expenses do not include depreciation, As Reported As Restated As Reported amortization, or interest expense. Residential 5 41,265,608 5 54,581,178 5 52,262,423 General service
- Other water and wastewater revenues include fees fi>r connection, and large power 37,107,805 50,824,N6 49,228,381 l installation, fiont ti>otage, and backtlow prevention. Fuel adjustment 30,169,662 2,787,346 (2,640,641)
Street and
)
- Transfers to the general limd are extluded. traftic lighting 2,228.966 2,579,121 2,414 A85 S110,772,041 5110,772,041 S101,264,648 Other resenues include transfers (to) fiom the rate stabilitation fund.
Prior to October 1,1995,25 milh of fuel cost fbr the Electric Utility Fund were collected fiom customers as part of base rates with any increment above or below collected as tinct adjustment positise or negathe, as appropriate. On October 1, 1995,18.5 mills of this fliel m m my.c y m m w m -?~yM
' S#MLhtredd[M4MhUhnEdUk -
19?6 GRU ANNUAL REPORT
GAINEWil ! I KlUiONAL l"!111 TIES Schedule of Combining Balance Sheet Septcmber 30,1996 ASSETS Electric Gas Water Wastewater GRUCom Combined Utility plant:
Utihty plant in service.. $477,012,164 5 27,500,582 5 94,812,981 5133,834,160 5 621,713 $733,781,600 l'lant held fi>r future use . 6,029,531 - - - - 6,029,531 Construction in progress.. 14,072,470 538,645 6,964,996 5,781,044 1,421,438 28,778,593 497,114,165 28,039,227 101,777,977 139,615,204 2,043,151 768,589,724 less accumulated depreciation and amortization , (167.607,056) (11,702,579) (30,670,333) (40,199,041) (9,778) (250,188,787)
Nct utility plant.. 329,507,109 16.336,648 71,107,644 99,416.163 2,033,373 518,400,937 Current assets:
Cash and short term imestments._ 15,593,863 343,521 312,397 3,936,932 644,878 21,031,591 Accounts receivabic, net,. 19,712,945 1,132,992 704,621 869,336 3,621 22,423,515 Inventories:
Fuel . 5,109,339 - - - - 5,109,339 Alaterials and supplies . 4,043,646 229,813 633,3!.5 - - 4,906,814 7btal rurrent assets.. 44,459,793 1.706.326 1,650,373 4,806,268 848,499 53,471,259 Restricted assets:
Utihty deposits -
Cash ,mJ im estments.. 5,597,716 - - - -
5,597,716 Debt service fund -
Cash and investments.. 44,136,899 3,733,596 5,992,789 7,930,381 -
61,793,665 lute stabitration funJ -
Cash and imestments.. 14,796,593 2,319,554 8,503,216 16,920,284 -
42,539,647 Construction fund -
Cash and investments.. 42,957,274 5,407,412 9,161,520 13,846,350 - 71,372,556 Utihty plant improsement fund -
Cash and investments.. 544,859 - - - - 544,859 Decommissioning reserve -
Cash and ime,tments.. 2,117,990 - - - - 2,117,990 7btal restricted acetr.. I10,151,331 11,460,562 23,657,*25 38,697,015 - 183,966,433 Deferred charges . 44,663,026 7,971,685 4,988,528 4,976,043 166,069 62,765,351 7bralaurts.. 5528,781,259 5 27,475,221 $ 101,404.070 $ 147,895,489 $3,047,941 5818,603.980 ge,www vnnmumenm y,,,y.ep 9 XbdMS5id2MdD'swedden5i 1996 GRU ANNUAL REPORT
GAINDVILi l NILIONAl. ("l'Il !!!!T Schedub cf C mbining Brinnce Sheet Septernbrr 30,1996 LIAlllLITIES AND FUND EQUITY Electric Gas Water Wastewater GRUCom Combined Long-term debt and fund equity:
Inng term debt:
Utilities system resenue bonds ., S251,263,047 5 27,470,352 5 49,677,021 5 66,539,580 -
$394,950,000 Utilities system commercial paper notes 45,917,287 -
5,660,439 10,587,274 -
62,165,000 los unamortized bond discount.. (3,384,933) (410,215) (675.113) (969,017) -
(5,439,278)
Totalletprerm debt.. 293,795.401 27.060,137 54,662,347 76,157,837 -
451,675,722 1:und equity:
Contribution in aid of construction . - -
32,441,560 56,074 364 118,915 88,634,839 Retained carnings , 191,474,567 1.990,291 10,857,014 9,044.138 780,835 214,146,845 7htalfiend tguiry . 191,474,567 1,990,291 43,298,574 65,118,502 899,750 302,781,684 7btallonyttrm debt and f),nd equity.. 485.260,968 2 ',050,428 97,960,921 141,276,339 899,750 754,457,400 l Current liabilities:
I?ucis payable . 2,985,112 272,466 - - -
3,257,578 Accounts payable and accrued liabihties , ? 67',265 224,384 234,084 324,920 8,032 3,468,685 Due to other tiunds . f ,924,311 ) 594,565 269,353 1,966.615 1,867,433 2,773,655 l
7btal curtrnt liabiluia. _
3,738.066 1.091,415 503,437 2,291,535 1,875,465 9.499,918 Payabic from restricted assets:
l'tility deposits.. 5,588.077 - - - -
5,588,077 l
1ung-term debt payable, curres 17,573,718 596,381 817,415 1,112,486 -
20,100,000
' j Accrued interest paul,1c . 8,153,202 907,876 1,576,132 2,123,689 -
12,760,899 ;
Construction fund 1 Accounts payable and l accrued liabilities.. 1,733,189 51,936 170,078 - 431,314 272,726 2,659,243 ;
7htalpayablefrom rutrictcd affets- 33,048,186 1,556,193 2,563,625 3,667,489 272,726 41,108,219 Other liabilitics and deferred credits . 6,725,039 5,777,185 ' 376,087 660,126 - 13,538,437 7htalliabilitirs andjiend cquity. 5528,781,259 5 37,475,221 $ 101,404,070 $ 147,895.489 $ 3,047,941 5818,603,980 l l
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1996 C,RU ANNUAL RIPORT
l GAINI Wil l L RlLION AI. UIII.lTil A )
Schedule of Combining Statement of Revenue and Expense and Retained Earnings I Trar cndcd Septcmbcr 30,1996 i l
Electric Gas Water Wastewater G RUCom Combined Operating resenue:
Sales and 1,ervice durges . 5128,402,775 S 15,238,782 S 10,240,394 S 13,839,294 5 854,353 5168,575,598 2,115,642 65,131 4,052 2,184,579 i
Other operating revenue.. (246) -
i 7btal vpcrating rcrcnut.. 130,518,417 15,303,913 10,244,446 13,839,048 854,353 170,760,177 l l
Operating expenses: )
Operation and mainte..ance . 64,557,369 8,893.297 3,556,204 4,885,952 49,470 81,942,292 ;
Administratise and general.. I1,807,272 2,070,371 2,155,091 2,320,753 15,561 18,359,048 j Depreciation and amortization.. 16,371,857 953,131 1,339,798 1,285,334 9,778 19,959,898 7htal vpcrating cvpenscs .. 92,736,498 11,916,799 7,051,093 8,492,039 74,809 120,271,238 Operating income . 37,781,919 3,387,114 3,193,353 5,347.009 779.544 ;0 4x' 939 Non-operating income (expense):
Interest income. 7,093,462 490,894 1,208,792 1,847,853 1,291 10,6. 2,292 Interest expense, net of AFUDC. (17,405,566) (1,617,851) (2,850,599) (4,003,787) -
(25,877,803)
Gain tlossi on investments.. 360,226 45,990 71,064 116,185 -
593,465 Thral non-operating cxpcnsc.. (9,951,878) t 1,080,967 6 (l.570,743) (2,039,749) 1,291 (l4,642,046)
Net income.. 27,830,041 2,306,147 1,622.610 3,307,260 780,835 35,846,893 Retamed carnings, beginning ofScar.. 177,406,101 623,140 11,036,791 8,477,862 -
197,543,894 General timd transfer . (13,763,301) (891,000) (1,844,618) (2,745,023) -
(19,243,942)
Residual equity transfers.. 1,726 (47,996) 42,231 4,039 - -
Retained carnings, enJ of ycar . $191,474,567 $ 1,990,291 $ 10,857,014 5 9,044,138 $ 780,835 5214,146,845 l
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GAINISVilil. RI GIONAl. LTjlll'!!.S Schedub cf Utility PI:nt Pr:perties ccmbined Utility Fund Scytcmbcr 30,1996 Utility Plant Properties llalance Sales, llalance September 30, retirements September 30, 1995 Additions and transfers 1996 Plant in Service Electric utility fund:
Production plant.. 5249,999,939 S 27,063,327 S 165,791 S276,897,475 Nuclear fuel.. 5,390,889 637,723 -
6,028.612 Transmission and distribution plant . 149,315,737 11,416A98 2,061,462 158,670,773 General and common plant.. 33,490,325 3,069,334 1,144.355 35,415,304 7btal clectric utilityfiend.. 438,196,890 42,186,882 3,371,608 477,012.164 Gas utility fund:
Distribution plant . 20,056,801 1,600,743 49,549 21,607,995 General plant . 1,209,600 104,560 72,208 1,241,952 Plant acquisition adjustment, 4,650.635 - -
4.650,635 7bralpas utilityfiend.. 25,917,036 1,705,303 121,757 27,500,582 Water utility fund:
Supply, pumping and treatment plant . 15,297,842 -- -
15,297,842 Transmission and distribution plant . 72,974,467 3,430,656 331,898 76,0'3,225 General plant . 3,184,619 446,114 188,819 3,4;! 914 7btal matcr utilityfisnd.. 91,456,928 3,876,770 520,717 94,812,981 Wastewater utility fund:
Pumping and treatment plant . 54,255,229 1,165,860 26,756 55,394.333 Collection plant.. 67,707,799 4,967,693 913,764 71,761,728 Reclaimed water plant.. 1,365,977 424,327 -
1,790,304 ,
General plant .. 4,611,102 672,192 425,499 4,887,795 '
7btal rastewatcr utihtyfiind.. 127,970,107 7,230,072 1,3o6.019 133,834,160 GRUCom utility fund:
lbtribution plant. -
600,193 -
600,193 General plant . -
21,520 -
21,520 lbtal GR UCom utilityfisnd.. -
621,713 -
621,7l3
! 7btalplant in scrricr.. S683,540,901 S 55,620,740 S 5,380,101 5733,781.600 Plant hridfbrfksture usc - cicctric.. -
S 6,029.531 S 6.029,531 l Construction in Progress Electrie utility fund.. S 41,382,286 S 15,385,394 S 42,695,210 S 14,072,470 Gas utility fund.. 478,863 1,765,085 1,705,303 538,645 Water utility fund . 5,135,730 5,733,902 3,904,636 6,964,996 Wastewater utility fimd . 6,423,807 6,627,090 7,269,853 5,781,044 l
GRUCom utility fund . -
2,043,152 621,714 1,421,438 i I
, 70tal construction in prspecss.. S 53,420,686 S 31,554,623 S 56,196,716 S 28,778,593 l
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GAINI.SV11.li Kl.UIONAI. LJT!LITil s Schedula cf Accumuisted D precirtien cnd Amtrtization C:mbined Utility Fund September 30,1996 Balance Sales, Balance September 30, retirements September 30, 1995 Additions and transfers 1996 Electric utility fund:
Production plant.. . $107,606,301 5 7,943,916 $ 165,791 SI15,384,426 Nuclear plant.., , 4,795,003 216,665 -
5,011,668 Transmission and distribution plant . 35,553,464 4,381,535 3,293,965 36,641,034 General and common plant.. . 9,707,110 1,939,675 1,076,857 10,569,928 Totalclutric utilityfund.. . 157,661,878 14,481,791 4.536,613 167,607,056 Gas utility fund:
Operating fund.. 9,149,385 679,976 121,757 9,707,604 Plant acquisition adjustment. 1,694,603 300,372 - 1,994,975 7heatpas utilityfund.. . 10,843,988 980,348 121,757 11,702,579 Water utility timd:
Supply, pumping and treatment plant . 5,476,501 439,321 - 5,915,822 Transmission and distribution plant 20,777,964 1,621,283 353,945 22,048,302 General plant . . , 2,654,769 240,258 188,818 2,706,209 7btal rater utilityfund.. 28,909,234 2,303,862 542,763 30,670,333 Wastewater utility fund:
Pumping and treatment plant . 15,022,501 1.713,501 26,756 16,709,246 .
Collection plant.. 19,164,679 1,373,572 913,765 19,624,486 Reclaimed water plant.. 26,588 31,864 -
58,452 General plant.. 4,045,917 186,438 425,498 3,806,857 7htal rastcratrr utilityfund.. 38,259.685 3,305,375 1,366,019 40,199,04i GRUCom utility fund:
Operating plant . .. .
9,778 -
9,778 Total . . . $235,674,785 $ 21,081,154 5 6,567,152 $250,188,787 y:
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