ML20206E926

Gainesville Regional Utilities 1998 Annual Rept

ML20206E926
Person / Time
Site:	Crystal River
Issue date:	12/31/1998
From:	GAINESVILLE REGIONAL UTILITIES
To:
Shared Package
ML20206E890	List: 3F0499-09, Forwards FPC Annual Financial Rept & Annual Financial Repts for Eight of Ten Participating co-owners of Crystal River Unit 3 Nuclear Station.Outstanding Annual Financial Rept Will Be Submitted by 990730 ML20206E902 ML20206E910 ML20206E926 ML20206E946 ML20206E956 ML20206E970 ML20206E981 ML20206E989
References
NUDOCS 9905050288
Download: ML20206E926 (50)

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<l,,0..s . gn^ j,:_... &l? ' l.I Y'l :.!;. y ,y 4L.. 4 11. E:.. s ~ h. V [ . Jh ~ ~2 "tig / a y ' Q- '% y ':,q;f ' sc.7 .w _. g. s =. s. $e ~ U . s +i..... i i e s a s a gj "This is the best year we've ever had, and we j just keep getting better. Our success comes y from innovative employees who anticipate the (Tl needs of our customers." j e pb s

m-um l ')3 ) c m cw m a' n, ;/m N, , y 3 ,t , c.- l l [ 3 \\,i /L !I Purpose is why we exist. It driv!es our empioyees, m j / j'(! S_ W (i_ a m to do a better job, reach new levels of ifficiency and E= turn problems into opportunities. Nothing encourages loyalty like low prices. And through the creativity and s a conununity-owned utility our commitment of our employees, we held 1 ' purpose is much the same as any down operating expenses and avoided sa successful business - to provide price increases in our other services as quality service to our customers and a well. This was the third year in a row we return on investment to our shareholder-had no increase in our gas, water or waste-owners, the citizens of Gainesville, in 1998 water rates. Our gas rates remain the low-we experienced our most successful year to est in the state. date returning record profits to our owners Our power marketing group also and experiencing customer growth in all had an outstanding year achieving $6.3 s systems. A record $21 A million was trans-million in sales - a remarkable 33 percent ferred to the City of Gainesville this past increase from 1997. As for remarkable year, an increase of 6.2 percent from 1997. decreases, we've reduced our outstanding This profit, which is used to fund vital city debt by more than $100 million since 1993 services such as police, fire protection and and reduced debt service by approximately transportation, is calculated using a desig- $60 million. nated formula to ensure financial stability Decreasing debt, increasing revenue, for both the utility and the city. developing loyalty and maintaining stabi-We also made huge strides in our prepa-lity in our profit delivery were all impor-rations for competition in both the electric tant factors in our maintaining "AA" and and gas markets. Our employees worked "Aa" bond ratings with Standard and Poor's harder than ever to improve operating effi-Corporation and Moody's investor Services, ciency and add value to our customer rela-respectively. tionships. In fact, we strengthened our T hrough a clear definition of purpose relationships with our commercial cus-and the commitment of a highly trained tomers by signing a record number of these and motivated workforce, we continued to customers to ten-year contracts. At the attain new levels of success in 1998. close of fiscal year 1998 our subscription rate for long-term contracts was among the best in the nation with nearly 70 percent of our top 100 customers having signed "Ihtsiness Partners" agreements. These contracts provide these commercial electric c customers with discounts of 7 or 10 per-l cent in exchange for a ten-year agreement with GRU. oc o EL w 5 .s a z a e o z L.[F T GRU Genen! Manager fAchael L Kurtz at the hatonc John [ R. Kelly Generatmg Statm" 3

i l j Power is strength in action. GRU's strength comes from - five utilities working together to offer our custoiners a package of services unmatched by our competitors. In another move designed to lower O electric generating capacity can m prices, we signed a gas-purchasing contract brough proactive planning, our with Aquila Energy Marketing that is pro-jected to save us about $250,000 a year in our native load requirements and reduced fuel costs. We also sold excess still provide competitively priced electricity natural gas entitlements to further reduce to the interchange market. Our diverse fuel costs by more than $3 million per year. supply, which includes both natural gas Keeping electric production costs com-and coal along with partial ownership in petitive is important in achieving success the Crystal River Nuclear Plant, helps in a deregulated environment, but the ensure a reliable source of power for both actual buying and selling of the power is wholesale and retail customers. also an important aspect of competition. Our 235-megawatt coal-fired Deerhaven To ensure our success in this highly com-Unit 2 had an exceptional year of perfor-petitive and evolving marketplace, we mance in 1998. The unit had a forced signed an agreement with The Energy outage rate of less than 1 percent compared Authority (TEA) to handle our power mar-with the national average of roughly 4 keting. Through this agreement, we expect percent. The entire plant was commended to increase net revenue from interchange this year by the National Electric Reliability sales by 30 percent. Council for superior maintenance practices Reliable delivery of electricity is as and for knowledge and application in state-important to our customers as having an of-the-art technology. GRU's low-sulfur adequate supply, and GRU's electric system j coal prices are the third lowest in the state, reliability is above the national average. enhanced by superior transportation rates. Community aesthetics are also an impor-Realizing we need to prepare for future tant part of electric planning, and that's growth and keep our energy costs com-why we underground a higher percentage petitive, GRU has reviewed additional of our facilities than virtually any other generation ahernatives. We have focused utility in Florida. on a project that has considerable benefits We promote joint trenching of utility to both our customers and community. service lines for our own efficiency as well This project involves the repowering of an as for the needs of other utilities such as existing unit at our Kelly Generating cable TV and telephone companies. This Station. If appreved, we will combine a program, which allows us to put multiple new 70-megawatt generator and a heat services in one trench, was recommended recovery steam generator with an existing by a self-directed work team and will help steam turbine and 40-megawatt generator us improve reliability while holding down to create an efficient natural gas fired 110-costs. Through joint trenching we coordi-megawatt combined cycle unit. This new nate underground construction and repair unit will not only help us reduce our generation costs, but will also allow us to improve air emissions and fuel efficiency. = .a 4 3 z z e o ] RiGHT Power Plant Mechamc Wdhur Jadson stands by the low. pressure exhaust of the Umt I turtone of GRU's Deerhavein 4 Generatmg Stdon m.=

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of pipes and lines for a combination of our utility services. This saves money and reduces public inconvenience by helping us avoid duplication of efforts. We also began a comprehensive field survey of electric facilities to help update our geographic information system data-Another innovative partnership at our base. Once completed, these data will Murphree Water Treatment Plant may help allow us to further improve restoration us save money in the future. UF scientists efforts following a storm, increase are trying to determine if we can reduce construction efficiencies and costs by blending processed water with allow for better tracking of our unsoftened water during peak demand maintenance efforts. periods without causing a noticeable Our water and wastewater change in delivered water quality. Students systems must also be vigilant are also looking at a chemical r.rocess at regarding quality, safety and our Murphree Plant that might vllow us to reliability. Our Murphree Water reduce the amount of chlorine in the water Treatment Plant was the first in without reducing the quality. the state and third in the nation Our natural gas system provides to fluoridate its water for dental another low-cost option for our customers, protection. Our Kanapaha Water especially since we have the lowest gas Reclamation Facility is one of only prices in the state. As a safe, affordable, two plants in Florida permitted to environmentally friendly energy alter-discharge drinking water quality native, natural gas is the natural choice effluent directly into the aquifer, for many of our customers. And we and our Main Street Wastewater provide rebates to help customers make Treatment Plant also exceeds all the right energy choice. f state and federal standards. GRUCom, our communications service, This past year creative use of is the newest offering in our portfolio of our wastewater system resources products and services. GRUCom's high helped us strengthen our business speed, high capacity data transmission relationship with Energizer Power services help customers bring cutting edge Systems through a mutually bene-communication to their businesses. ficial project. Energi:er needed Through GRUCom, we offer high band-to get rid of large quantities of width services to commercial customers sodium hydroxide, a product our and GRUNet Internet service as a sub-wastewater plants need for odor and corro-sidiary. Our newest communications sion control and grease removal. By taking service, which is being pilot tested, g ~ this byproduct and using it at our plants, provides Ethernet service to aparonent E we will save S80,000 per year in our own complexes at 300 times the speed of a cleaning costs. standard dial-up modem. Primarily serving the cellular phone business, GRUCom's tower leasing service has been in high demand. We currently manage 12 tower sites and maintain 29 lease agreements. By coordinating with businesses to locate more than one antenna on a tower, our ] tower leasing service helps reduce the number of towers in the community. GRU l will also begin offering a trunked radio service to local governmental agencies needing two-way radio systems. E 1 ABOVE A local high school football team wms a state playoff 6 mmm under hghts powered by GRU ,n.

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s - l . )cc y c, c,', e y-J j j/.. ' ( ( I 1 a u l L_ p - ( ) p-I jl- ' i i i j { i i c ~ m,) 0) Presence is how effective we are at using our x -i s resources to make a positive impact on the quality - c of life in the community we serve. irrigation program for three water gardens, a botanical garden, a golf course, a veter-lorida experienced its worst an's memorial and two residential neigh-wildfires in history during 1998. borhoods. By reusing water, less water Gainesville was spared, but we needs to be pumped out of the ground. volunteered our water and wastewater Both conservation and economy are served deparunent's jet trucks, which deliver by the use of reclaimed water. water at 1,500 pounds per square inch, to Chapman's Pond is another example of help baute the flames nearby. Vehicles nor-our community presence. This pond serves mally used to clean primarily as a holding area for treated sewer lines demon-wastewater, but it has now been converted - 3 strated our desire to into a wildlife observatory that may soon ~ - < . -+.. ,,g. ,,3 s %ygogPj serve and even save be expanded into a natural water park WJ )k our community. with a long, winding nature trail. 3, s ', , 1 Just as our water Committed to " green" research, we 4 j protected the land, created a solar demonstration project to g, g we are working with run electric system control equipment. local regulatory agen-We're now promoting a solar " rooftop" ,p g ;' \\. 4,- ' cies to purchase land program by allowing customers to gener-1h. g \\ /' rights to protect our ate solar electricity for our system. We also water. GRU secured a offer rebates to customers who install solar .g $600,000 grant from water heaters or who convert to environ-the United States mentally friendly natural gas. ~l Department of in keeping with " green," Gainesville Agricuhure to help has the densest tree canopy of any city our purchase an case-si::e in the country. We must trim and ' L.._._.__.d ment for 8,000 acres remove trees to keep electric service reli-a _;& u. wellfield. If success-of free trees every year. Trees are given ful, this land pur-directly for specific replacements and also chase will protect our water supply from in a once-a-year general giveaway called ~ the potential contamination risks associ- "TreeMendous Appreciation Day." And our ated with new development. Project liabitat program keeps the rights-Conservation of water is as important of-way looking natural by using a selective ~ as protection. Our reclaimed water pro-removal system for harmful growth. gram produces drinking water quality We are also partners in a " Summer effluent at our Kanapaha Water flouse" project soon to break ground, Reclamation Facility. Instead of pumping which will demonstrate conservation and all of this quality water directly back into environmental practices in sustainable the ground, we have created a free building construction. Our conservation services programs take us into the heart of community con-cerns, teaching our customers how to save l t U FT. Fac hties Protection Techmcian Jim Tileston of CRU's const bm ca@oMow bne [ Natural Gas Distnbutmn Department conductmg underground an utshty line location for one of many new developments Conservation "self-audil" paCkagCs to d AB0VE: A tambow is formed by a spray of reclainted water Xeriscaping guides for low water landscap-m at Kandpaha Botamcal Gardens. GRU provides free reclamied i Wese wrvices heh out in honws and water for erngation at many commumty-onented water reuse demonstratwn projects. g

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( ) a c.. n ,\\ \\ j'- ,!\\ l \\ \\)> Position is the place we occupy in the minds off by R ! Wl 'J,'j3 J our customers. We're our customers' partners, neighbors and friends. liabilities. And we recently researched the needs of apartment owners to target pro-e are more focused than ever on grams to meet their special concerns. ( f j anticipating and meeting the needs Many other services such as a commercial a of our customers. GRU's Business lighting conservation program are also Partners program was designed to provide available for our business customers. the type of customized services our com-We take great pride in being commun-mercial customers expect. Our account ity activists and volunteers because we live representatives work closely with these here. Each year our employees support the customers to provide services that United Way and March of Dimes cam-help them succeed. paigns. In fact, few volunteer community ~" Our Business Partners rate events take place in this town without the = discount offers 7 or 10 percent participation of GRU employees. clectric rate discounts to those As an organization we also adopted a ~ business customers who sign a local high-needs elementary school and e 10-year contract. By the end of donated more than 70 surplus computers .fs 1998, nearly 70 percent of our top to local public schools. Other charitable M 100 commercial customers, and projects include Project Share, which col-more than 60 percent of our top lects almost 560,000 each year to help pay 400 commercial customers, had utility bills for the disabled, and llomeFix, signed Business Partners in which our employees donate time to agreements. make energy-efficient home repairs. Besides discounts, we offer This past year our second annual commercial services such as " Electrifying Celebration" attracted thou-infrared scanning of electrical sands of customers to educational displays equipment, preventative mainte-and entertainment ranging from magic nance, and training in safety and shows to bucket truck rides. energy-saving procedures. As competition increases in the utility Commercial workshops are offered on a industry we will continue to focus on the regular basis, with more than 100 business value we provide our customers and our people attending a Y2K workshop held in community. D(ccmber 1998. We also publish two com-mercial newsletters, one for builders and "ac for Business Partners. ~ Other services include "MasterBilling" tr.ultiple accounts on one bill. We even help our large accounts reduce their tax a O dL w a e [ RIGHT fuel Analyst Karen Alford of GRU s Fuch Management g Department was ah.o tramed to serve as a Sales Representative r $he signed this area frant.hrse to our Bosmess Partners contract one of the most suttessful programs of 4ts kmd m the couettry a Liri 7. o ar ds cf customers lomed us at our free Amaual 'Electrifymg Celebrotmo~ enjoying educatmnal activmes and entertauirn, events its we t-eli:bratt!d tlie partnership we have 10 with our i ammumtv

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E..., l 3 -3 fj gdr{ jf/W L ? j A q s s t /' / .r y J O .s.- ~. ii " Employees at alllevels of the organization g t T~ j have a significant stake in the continued l success of GRU. The interest-based . <1 *. .:.__r_: bargaining process helps us tap into energy ~ ~~ l and ideas." ~ J T'>< 2., g ~_._7g m _, ~. Y~Mgd e .a r n ~ """ "g jp gw 4 Nas )., a n ,' a say bY h? k , y,4d t. Q.: IS - / " g:, ~ 8 .a c V d 1" I J. (): ",% :.0" ll_., ; ,t

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q^y q n es i a \\, ) \\ a ,m a, ,- r',, I n,y c t 'j / / t /, lI ( Qf'll' } \\ ) \\ ! l QL i J - i lc i i (i People get things done. They convert resources intom x // L // j !\\C m s a n= xy ( revenue, inventory into activity, concepts into reality. bl 0 This can only be accomplished by a team of innovative, highly motivated and caring employees. g and another that includes employees from both of our power generation facilities, are 3 he " Team" concept has worked well identifying ways for employees to be more l at GRU. Dozens of teams function flexible in their jobs. Other GRU teams are k at any given time, identifying and looking at eliminating duplication, isolating problems, inventing and imple-improving the workplace climate and j menting solutions. Our first self-directed reducing waste. The ultimate focus for all j work team examined the needs of our large teams is to find ways to make GRU better. commercial customers. As a result of their This cooperative, employce-involved recommendations we have now developed approach also extends to our union one-on-one relationships with our llusiness activity. Using an interest-based bargain-Partners. ing model for contract negotiations [g We know that our true competitive between the Communication Workers of advantage is our employees. Other organi-America and management, we are focusing ations have similar on issues of common concern and work-technology, compa-ing together to make the City of J g _.A, rable business prac-Gainesville and GRU the best they can be. d tices and even the We know that by keeping common inter-same interest in cus-ests in mind, employees and management a tomers. What sets together can improve the organization. us apart is our Leadership GRU is another way that employees - and employees are involved. Under this pro-their commitment gram, ten employees are selected each year and interest in to participate in mini-internships and field Nj doing the best job trips to learn more about GRU. As a

possible, result, the employees network with one Ily using teams, another and become " ambassadors" for

) we are able to gain GRU. j access to employee We encourage our employees to con-ideas in ways that tribute ideas, and since some of our best traditional top-down ideas come from our employees, we're i organizational strue-developing new reward and recognition tures often prevent. programs to properly acknowledge those We talk to each other in more fluid and contributions. ~ dynamic ways. Several teams, one that At GRU we want to promote an envi-involves our wastewater treatment facilities ronment that fosters innovative self-moti-valion. Keeping employees on-board in LEFT Assistant General Manager for Customer and Adamnis. this ever-changirig industry is important. trat#ve Services Karen Johnson. (middle) is joined by other 3 Interest Based Hargaining Team members. Substation Electn- }, = cian Ken Damels from Energy Dehvery (lefth and Power Plant through programs such as our PC pur-Laboratory Techmcian Tom Bolduc from Deerhaven (rightL chase plan. Encouraging compttter literacy = -4 Johnson represents GRU management on the team. Damels is a by providing case in purchasillg computers f CWA Repiesentative and Bolduc is CWA President (Commum-d gg ,gg, { catmn Workers of Amenca Local 31' 0L Team members are seen among tows of new pole mount transformers. Carti at home. Otir employee fitness center l HIGHT. The State of Florida s Museum of Natural thstory is h-encourages heahhy living, as does our cateif in Gainesville on the University of florida campus GRU is employee fitness equipulent purellase plan. => sponsonng the runnmg water elements in the " Hall of Northwest Flonda~ exhibit. Countless numbers of pecple will enjoy this TW W kep bhh cm em du a experience courtesy of GRU. 13

h V +W "' *m & " 'c c jd ,} ) ]c-v y,(5 = ,3 J /G / ;:: 7 ',' y , f' gQg Proc _essl involves th. e methods vve ude ?"3 ( Gj 2;f. W[, a,eNggy?w y \\, fj i t i 33/ 3 ! i {\\ \\R 1 to achieveh~ -. I f, ' W W, g e. ?. p yg success. We constantly rev,iew and revise to is . m *ag 1 -- discover the most successful procedures. p w' Q

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g b %V veem y a me e sepe 1 J, s kW4 # 1 g' ?QQg':' r WMvj 4kk:Mw RU's abilit> to offer five different d' k MW*WN ~q mnwe services provides us with a E 'h i a f he +M f'- ~ 7 2.@pW/R@ competitive edge. But to take full [ %? m-l l a {% advantage of this, we must move from the a g(f.: comfort of operating five independent { g 1 utility services to that of an integrated h i1 @ j# 9 dM4 F [N 7 business offering customer convenience to k( residents of Gainesville and other ..-d/E, eg[,p F 1 %m% North Florida communities. 4 x This evolution means a sys-C~ i spa tematic change of our methods, h?# ?' "qqA 1 consolidation of job functions, 6 h8MONC'NP wA 1

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improved performance monitor-W4 m s ing and better use of tools mclud- [yh hh 0 [Q MDQ #M

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ing an Enterprise-wide Asset N hianagement (EAhi) system and g- ..h h T4 L c h '/-( Geographic Information System M M p~~b ^44 JCM N

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(GIS). In the fall of 1998 GRU i

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d purchased a sophisticated EAh! ~ m o 4 m o. ~> system from a world class vendor p 4 4R that will assist in this challenge. y k( W'p The first phase of this imple-i mentation has begun with the s i m conversion of our Financial and 9 M Q 3 w i+. scheduled for completion in the Nh {* hy hiaterials management systems 0 g summer of 1999. In the second y. q ,y .? ?

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phase we will fully implement work management methods that will ,i enable advanced human resource, opera-tions and maintenance management, per-formance monitoring and reporting. In the past year we continued to look at redefining how we interact with our cus-tomers by combining several departments and adding new positions to further e o ' ';j!/ n. RIGHT Technical Support Managm Paru Tuttle of Elecinc System f Contial at a display scree n for the new Energy Managemerit A s System The mfonnation provided by the LMS will help GRU JU f respond gmtkly to the rapidly changm0 electric ma4et 7 - gi * ' M'~f z ABOVf Rehah hty becomes an even g eater f actor as our

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2 These hiuhf easion prostimtic knees are maemfoctureit by a GAU Busmess Partner (Exactech. Inc ) that depends on our 1 almincity CRu s Average Service Avmlabihty imien was fn 98 14 nacant dorma tha past haal vaar well ahuve tim i atm"al averar 2 Y l- [

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]Pi3 QR y, b p 54%) %, j, 4yj develop our Marketing and Sales 3- ~ MfM M!.p]NQ g p 4 P r, Department. This focus is on establishing & jdla and maintaining long-term relationships 69; b M Nfk + b. with our customers by providing the best %l $$,jQ{gg total value. Our successful Business y 9 _ gg 3 i fthque Partners program shows the dividends pg jgm.1 g paid through this investment of time and ^ h.. hk ; 'Jl6 4 personal service. f Dependability is important to our cus-g ej p .u f tomers, so we confronted the Year 2000 .r 1 w. 4 yN, y

4. sg (Y210 problem head on to make sure our Yt,W,

~ g% customers have a smooth transition into e - 9g [g N:Of the new millennium. A senior manager d(E% {[ was assigned to lead a ten-member Y2K j j.g& task force. In addition, more than 40 GRU 2* M" N employees are working collaboratively s. <7_ with industry groups and external 7 g r Wf " ~~ consultants to complete the inventory, U. i assessment, remediation and testing p3 ( phases of the plan. All phases of the Y2K

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plan, including contingency planning, 'q, @$ig - ) are slated for completion in June 1999 Many of our improvements are Y designed to make it easier for our cus- ~~ % y. tomers to do business with us. Our MJ customers like to pay all utility bills with ,,Poolmg resources with four other one check, so we provide one bill for all utilities helped save GRU nearly $1 million g GRU services plus two services offered 7L through our city's General Government: l on our new Energy Management System. L refuse collection and storm water runoff. We were able to share the costs and cut C We also allow our customers a choice in "I the time for implementation.,, the type of bill, either a simplified sum-m j;;9 mary of charges or a much more detailed 6 itemi:cd bill. We also accept most major t r ~ ~ ' credit cards and offer Electronic Funds Transfer. We improved our customer application for service procedure by offering a Florida toll-free number, a fax service and even on line applications through our website at wwwgru.com. Based on a good credit b j rating, new customers pay no deposit to gj begin service.

3 We also provide same-day service con-o Q

nections, transfers and terminations, even i dj= during our busiest times such as the .] -. University of Florida's annual " rush" f period. We're always looking for wavs to + => M ~ 5 do things better. PXX

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OD u, m,s "~1;Q " ~" ' ' O G Q '^~ W R '~ W Q/ Performance,is,the bottom li, net, ow well did,,we do? H W-s r v c ,e em - sm s-s s We did extremely well-financially, environmentally and professionally. And many people took notice. .,b:pg x l- ~ w_ _ RU's financial achievements continued a long-standing trend of excellence. Moody's Investor Services and Standard and Poor's Corpo-ration rate GRU's debt as "Aa" and "AA," respectively, and our Tax Exempt Com-mercial Paper Program is rated P1 and Al+. We continued to reduce costs and sys-tem debt, especially in generation. Our financial team has reduced outstanding debt by more than $100 million since 1993 and has reduced debt service by approxi-mately $60 million. In fiscal year 1999, we will reduce debt by roughly $57 million more, mostly in generation. We have reduced our future borrowing million. Interchange sales generated net needs by more than $44 million, which revenues of $6.3 million. further reduces costs. Strong financial achievement indicates Our continuing program to control overall strength, and GRU has also won personnel costs has resulted in millions of recognition for outstanding achievement in dollars in annual savings. This has been many other areas, including tbc following: achieved through attrition rather than lay- = GRU was the recipient of the U.S. offs, resulting in strong employee support. EPA's ENERGY STAR Homes Program 1998 In December 1998, we closed a Outstanding Utility Ally Award. " lease in/ lease out" arrangement for our a GRU was honored in 1998 by Deerhaven Generating Units I and 2. T his PROJECT IIABITAT for our rights-of-way transaction resulted in approximately $35 selective clearance program. million of cash to GRU, of w hich $5 mil- = The American Waterworks lion was transferred to the City's General Association recogni:cd GRU in 5 m8 for Fund. T he remaining $30 million will be the best Water Distribution S .n in the used for our debt reduction program. snte of Florida. Under the tcrms of the agreement, we con- = GRU's float entry in the 1998 tinue to own, operate, maintain and stalf iniversity of Florida's llomecoming Parade the units. won first place for the eighth time of nine in 1998, wholesale sales from power times entered. marketing generated gro s revenues of $5.; a Our Wastewater Operations Challenge Team finished second in state o Lf f r Watov Wastewater Operations Supermor Jaime Hope of the and ninth in the nation this year, btit has Mam Street Wastewates Treatenent Plant is a member of GRU s [inis}}cd [irst in tlle state sin limes, and has Operations Challenge Team this group of wastewater profes. [jggg g g [g.g g j g uonals has von the state compchtmn su of the pst seven years wi has been raded as a top nanonal,eam each of those yean RIGH T Meetmg with local developet Howard Wallat e. Techmc a, a GW has carned countbs oWer a. Serures Manager bank lanm pight; of our infwmatum Systems local, state and national awards [or niany Department explams the new (Sernet service GRU is p41ormg for arG o[ obiod dievement and L new apartment comp eaes this servge available through our }, H.. CRUCom Dimmn s hber opuc network dehvers tbc hternet at ~ 300 tmirm the 99eed of a st<md ud diaLup nmdem jJ E,, BEE'WN'"*N#%l@$$@

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l Independent Auditors' Report in our opinion, except for the effects of such adjustments, if l any, as might have been determined to be necessary had we i The lionorable Mayor and Members of the been able to examine evidence regarding Year 2000 dis-l City Commission City of Gainesville: closures, the 1998 and 1997 financial statements referred to above present fairly,in all material respects, the financial posi. %,e have audited the accompanying balance sheets of tion of Gainesvd. le Regional Utihties, as of September 30,1998 Gamesvdle Regional Utihties (the Combm.ed Utility Funds and 1997, and the results of its operations and its cash flows of the City of G..amesvdle, I.londa) as of September 30,1998 of its proprietary fund types and nonexpendable trust funds in and 1997, and the related statements of revenue and expense a conformity with generally accepted accoanting principles. ) and retained earnings, and cash flows for the years then ended. These Imancial statements are the responsibility of the As discussed in Note 1. the financial statements present only Gainesville Regional Utihties' management. Our responsibdity Gainesville Regional Utihties (the Combined Utihty Funds of is to express an opinion on tnese financial statements based the City of Gainesville, Florida) and are not intended to pre-on our audas. sent fairly the fmancial position of the City of Gainesville, .j Florida, and the results of its operations and the cash flows of Except as discussed in the following paragraph, we conducted its proprietary fund types and nonexpendabic trust funds, in our audits in accordance with generally accepted auditing conformity with generally accepted accounting principles. standards. Ihose standards require that we plan i and perform the audit to obtam reasonable assurance about Our audus were made for the purpose of forming an opinion whether the fmancial statements are free of matenal misstate-on the basic linancial statements of Gainesville Regional ment. An auda includes examining, on a test basis, evidence Utihties taken as a whole.1he supplementary information supporting the amounts and disclosures in the financial included in the accompanying schedules is presented for i statements. An audit also includes assessing the accounting purposes of addnional analysis and is not a required part of ) principles and sigmhcant estimates made by management, a' the basic financial statements. Ihe information for 1998. well as evaluating the overall financial statement presentation. 1997, logo,1995 and 1994 has been subjected to the audning We beheve that our audus provide a reasonable basis for our procedures applied in the audits of the basic fmancial state-opmion. ments and, in our opimon is fairly stated in all material respects in relation to the basic financial statements taken Governmental Accounung 5tandards Board let hnical Bulletm as a whole' 98-1, Diulosures About kar 2000 lunes, requires disclosure of certain matters regardmg the Year 2000 issue. Gainesville y N / 77 Regional Utilnies has mcluded such disclosures in Note 13. lierause of the unprecedented nature of the Year 2000 issue. Davis, Monk & Company its ellects and the success of related remediation efforts will Gainesvdle, I lorida not be fully determinable until the scar 2000 and thereafter. Accordingly, insufficient aucht evidence exists to support [(fMh gf Gainesville Regional l'ulttics' disclosures wnh respect to the gg p Year 2000 issue made in Note 13. I urther, we do not provide St. Petersburg, I.lon.da assurance that Gainesville Regmnal l'nhties is, or will be, Year 2000 ready, that Gainesville Regional Uuhties' Year 2000 remediation efforts wdl be successful in w hole or in part, or November 20,1998, except as to note 14, w hich is as of that parues with w hich Gainestdle Regional Utilities does December 10,1998 business w dl be Year 2000 ready. C E ( Z Z s C 21

Assris 1998 1997 Utility plant: Utility plant in service. $ 788,733,437 761.264,499 Plant held for future use,. 6,041,826 6,029,531 Construction in progress,. 31,584.719 29,141,866 826,359,982 796,435,896 Less accumulated depreciation and amortization.. (277,217.037) (262,818,513) Net utility plant. 549,142,945 533,617.383 Current assets: Cash and short-term investments.. 25,499,351 7,754,734 Accounts receivable, net of allowance for uncollectible accounts of $643,000 in 1998 and $837,000 in 1997.. 21,843,427 23,006,036 Fuels contracts., 2,356,000 2,118,100 Prepaid expenses.. 284,995 Inventories: I:uel.. 6,215,787 4,197,769 Matcrials and supplies.. 5,207,179 5.023,784 Total current assets. 61,406,739 42,100,423 I ong-term fuels contracts.. 815,600 Long-term investments.. 3,819.070 4.732,957 Restricted assets - eash and investments: Utihty deposits,. 5,380,479 5,794,154 Debt service fund., 60,695,941 66.815,596 Rate stabilization fund.. 54,246,475 52,769,530 Construction fund, 24,327,764 40,804,455 Utility plant improvement fund. J 15,713.040 506,854 Decommissioning reserve fund. 2,678,351 2,307,626 Total restricted assets.. .163,042,050 174,998,215 Deferred charges.. 50,016.022 58.704.882 Total assets.. $ 827,426,826 814,969,460 I See acwmpanying notes tofinancial statements. E O , sis E a E e 3 es 63 22

LIABilITil3 AND FUND EQUIIY 1998 .1997 long-term debt and fund equity: Long-term debt: Utilities system revenue bonds.. g. $ 361,735,000 371,475,000 Utihties system commercial paper notes.. 57,529,000 59,937,000 y 419,264,000 431,412,000 Less unamortized bond discount. ' (4,845,921) (5,142,599) l l Total long-term debt. 414,418.079 426,269,401 i l Fund equity: Contributions in aid of construction.. 96,597,910 92,073,638 Retained earnings.. 242,828,208 226,850,561 Total fund equity. 339,426,118 318,924,199 Total long-term debt and fund equity. 753,844,197 745,193.600 1 Current liabilities: Fuel payable. 6,054,585 5,847,288 Accounts payable and accrued habihties. 5,631,093 4,753,266 Due to other funds.. 2.639,147 2,767,495 Total current liabilities.. 14.324,825 13,368.049 Payable from restricted awets: Utility deposits.. 5,356,266 5,800,816 tong term debt payable current.. 23,425,000 23,475,000 Accrued interest payable.. 10,842,917 10,989,826 Construction fund. Accounts payable and accrued liabilities.. 3.034.027 2,489,315 Total payable from restricted assets., 43,158,210 42,754,957 Other liabilities and deferred eredits.. 16.099,594 13,652,854 Total liabihties and fund equity, 5 827,426,826 814,969,460 4 m O w 5 e 4 D 2' 2 4 3 m t3 23

I 1998 1997 Operating revenue: Sales and service charges.. $ 172,798,424 166,935,978 Other operating revenue.. 3,453,718 2,718,412 Total operating revenue. 176,252,142 169,654,390 l Operating expenses: Operation and maintenance, 82,125,224 82,105,435 Administrative and general.. 21,376,205 19,889,438 Depreciation and amortization.. 21,757,937 20,259,417 Total operating expenses.. 125,259,366 122,254,290 Operating income., 50,992.776 47,400,100 Non-operating income (expense): Interest income. 12,446,076 12,311,771 Interest expense, net of AFUDC. (25,958,150) (26,409.216) 1.oss on investments. (93.319) (439.866) Total non-operating expense. (l3,605,393) (l4.537,311) Net income. 37,387,383 32,862,789 Retained earnings, beginning of year.. 226,850,561 214,146,845 Operating transfer to City of Gainesville general fund. (21,409,736) (20.159.073) Retained earnings, end of year 5 242,828.208 226.850,561 l_ See aaorngwytng notes topnancial statementt L 4 D'* S O nas K .md D E E 4 m M G 24

1998 1997 Cash flows from operating activities: Cash received from customers., $ 173,516,482 166,566,196 Cash payments to suppliers for goods and scruces. (67,350,868) (68.266,125) Cash payments to employees for services.. (23,921,004) (23,148,084) Cash payments for operating transactions with other funds.. (3,727,013) (3.123,348) i Other operating receipts.. 3.453,718 2,718,411 Net cash provided by operating activities.. ' 81,971,315 74,747,050 hi < Cash flows from noncapital financing activities: Transfers to other funds.. (21,409.736) (20.159,073) Net cash used in noncapital financing activuies.. (21,400,736) (20.159,073) i Cash flows from capital and related financing acthitics: ') Principal repayments on long term debt., (11,698,000) (22.328,000) j Proceeds from sale of property and equipment, 310,003 400,784 Interest paid on long-term debt.. (25,808,381) (27,883,610) Acquisition and construction of fixed assets (including allowance for funds used during construction). (41,145,733) (36,925,722) Cash received for connection charges.. 3,458,036 2.764,541 Net cash used in capital and related financing activities.. (74,884.075) (83.972,007) l Cash flows from investing activities: Intcrest rece" ed.. 9,169,791 5,030.059 Purchase of investments.. (505.653,727) (356,859,697) { Proceeds from investment maturities.. 508,510.893 378,170,760 Net cash provided by investing actisities. 12.026,957 26,341,122 l Net decrease in cash and cash equivalents,. (2.295.539) (3,042,908) Cash and cash equivalents, beginning of year., 9.055,776 12.098,684 Cash and cash equivalents, end of year. 6,760.237 9.055,776 (Continued) E O ene E .4 4 3 2 2 4 3 E 4.7 25

r 1998 1997 Reconcillation of operating income to net cash provided by operating activities: Operating income. $ 50,992,776 47,400,100 Adjustments to reconcile operating income to net cash provided by operating activities: l Depreciation and amortization.. 21,757,937 20,259,417 Receivables., 1,162,609 (582,521) Prepaid expenses.. 292,704 (2,933,700) Inventories. (2,201,413) 794,600 Deferred charges. 6,463,024 5,783.794 i Accounts payable and accrued liabilities. 1,629,836 3,704,363 Due to other funds.. (128,348) (6,160) Utility deposits.. (444,550) 212,740 Other liabihties and deferred credits.. 2,446,740 114,417 Net cash provided by operating activities. $ 81,971,315 74,747,050 Nuncash, investing, capital and financing activities: Utility plant contnbuted by developers in aid of construction was $4,115,097 and $3,558,284 in 1998 and 1997, respectively. See accompanying notes tofinancial statements. O be m O W N a 4 3 E E 4 3 m O ) 26 1 3

(1) Summary of Significant Accounting Policies (d) Imestments in fiscal 1998, GRU adopted the provisions of Govern-(a) Organization mental Accountmg standards Board Statement No. 31, Gamestdle Regional Utihties (GRU) is a combined " Accounting and I inancial Reporting for Certain municipal utihty system operaung electric, natural gas, investments and for External Investment Pools? State-water, wastewater, and telecommunications (GRUCom) ment No. 31 requires governmental entities to report unhties. GRU consists of the combined Utihty Funds of investments at fair value in the balance sheet. All changes the City of Gamesville, I lorida (City). GRU is a umt of in the fair value of long-term investments are recogni:cd the City and, accordingly, the financial statements of GRU as a deferred debit or credit in accordance with Statement are included in the annual Imancial reports of the City. of I nancial Accounting Standards (SFAS) No. 71. T he adoption of this standard did not have a material effect (b) I, asis of Accounting on the financial position or results of operation of GRU The fmancial statements are presented on the accrual as of and for the year ended September 30,1998. basis of accounting. Under this basis, revenues are recog-nized in the period earned and expenses are recognized (c) I uels Contracts in the period incuned. GRU applies all applicable l'inan-In 1997, GRU began using futmes contracts to hedge a cial Accounting Standards lloard (FAsil) pronounce-portion of its conunodity natural gas pnce nsk. Natural ments issued on or before November 30,1989, in gas contracts are traded on the New York Ntcrcantile accounting anJ reporting for its operations. In accor-11 change (NYMEX) in fixed umts of 10,000 MMllius. dance with government accounting standards, GRU has NYMEX requires both parties (buyers and sellers) to elected not to apply I ASil pronouncements issued after futures contracts to deposa cash or other assets (margins) that date. In accordance with the Utihties System with a broker at the time the contract is initiated. Brokers Revenue llond Resolution (llond Resolution), rates ate mark open positions to the market dail sith the margm designed to cover operating and maintenance expense, account requirements adjusted for market suings or debt service and other revenue reymrements, which changes in NYMl!X requirements. At September 30, exclucie depreciation expense and other noncash expense 1998 and 1997, GRU had net deposits of $241,180 items. Ihis method of rate setting results in costs being and $117,133, respectively, with brokers for margin included in the determination of rates in different peri-accounts. induded in current assets and $2,3m000 and ods than w hen these msts are recognized for fmancial $ 2,9 3 3,700, respeenvely, included in the fuels contracts statement purposes. The cifect of these differences are knes on the balance sheet. recognized in the determination of net income in the period that they occur in accordance with GRU's At contract matunty date, gains or losses on hedging accounting pohcies. GRU has adotted the umform sys-transactions are recogni:ed into the fuel account. At tem of accounts prescnbed by the i ederal i nergy September 30,1998 and 1997, there was $154,840 and Regulatory Comnussion (I FRC) and the National $ 410,080, respecovely in deferred gains from outstandmg Association of Regulatory Utihty Comnussioners contracts. (NARUC) Rates are approved annually by the City Commission. (0 Im entories inventones are stated at cost using the weighted average (c) Use of latimates unit cost method for materials, and the last-in, first-out T he preparation of Imamial statements in confonmty (l.li 0) method for fuel Obsolere and unusable items with generally accepted accounting principles requires are reduced to estunated salvage values. T he cost of fuel management to make estimates and assumptions that used for electnc generanon is charged to expense as allect the reported amounts of asseis and habihties and consumed. disclosure of contingent aswts and liabihties at the date o of the financial statements, and the reported amount of (g) Utility Plant revenues and expenses dunng the reporting period Propeny and equipnwnt are remrded at cost. Main-Actual resuhs muld differ from these estimates. tenance nd tepairs are charged to operatmg expense as incurred 1he aserage mst of depreciable plant retired is chminated from the plant accounts. and suth wsts. plus [ removal wsts less salvage, are charged to accumulated deprecianon. = (Continued) = a 27

(h) Depreciation and Nuclear The Subordinated indebtedness Fund, grouped in the j Generating Plant Decommissioning Debt Service Fund for financial reporting purposes, j Depreciation of utility plant is computed using the accounts for funds accumulated to pay principal and straight-line method over estimated service lives ranging interest on subordinated indebtedness. from 6 to 50 years. Depreciation was equivalent to The Rate Stabilization Fund accounts for funds accumu-2.87% and 2.80% of average depreciable property for 1998 and 1997, respectively. Depreciation expense lated to stabilize rates over future periods through the includes a provision for decommissioning costs related transfer of funds to and from operations as necessary to the jointly-owned nuclear power plant (see note 5). The Construction Fund accounts for funds accumulated (i) Arrottization of Nuclear I uel for the cost of acquisition and construction of the The cost of nuclear fuel, including estimated disposal system. cost,is amonized to fuel expense based on the quantity The Utility Plant improvement F.und accounts for funds of heat produced for the generation of clearic energy in "'#

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# '*#"I##' relation to the quantity of heat expected to be produced - the purchaw or wclempdon of Nnds or mherwk over the life of the nuclear fuel core.1hese costs are provide for the repayment of bonds. charged to customers thmugh the fuel adjustment CId"*C-(m) Allowance for Iunds Used During Construction ( Al UDC) (J) Revenue Recognition ^"# Revenue is recorded as carned. GRU accrues for services ng conumed n of $440,000 and $424,000 in 1998 and rendered but unhdled wluch amounted to approxi- ' " PC' I" "' " I" mately $7,763.000 and $9,179.000 for 1998 and 1997, pmgress and as a reduction of interest expense. These respecHvely Fuel adjustment revenue is recognized anmunts are emnputed by applying the effective interest based on the actual fuel costs. Amounts charged to rate on the funds borrowed to finance the projects to customers for fuel are based on estimated costs, which e nmnt nce pm ects under construction. The are adjusted for any differences between the actual and eRec@e ntems ratn wem pproximately 5.5% and estimated costs once actual fuel costs are known. 5.4% for 1998 and 1997, respectively. (k) Interfund Transactions (n) Deferred Charges interlund balances between electrie, gas, water, waste-

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water and GRUCom funds are offset for the combined recovered from future revenue through the rate-making utihty funds. Interfund revenues and expenses are not P *" " " P#"" "'""b "N "E '*" ** "

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general gosernment operations of the City, w hich do not (o) Contributions in Aid of Construction bear interest. Utility plant in senice for the water, wastewater and GRUCom funds includes assets received from contribu-(1) I.unds in Accordance With I ond Resolutions nons m aid of construction (CIAC). Contributions in Certain restricted funds of GRU are administered in aid of construction are amorti:cd on a straightdine accordance wnh bond resolutmns. fhese funds are as method mer the hfe of the related asset. The amount of follows: Debt Service I und " I # "#'###"I "Y#"* ""

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"E Subordinated Indebtedness I und contnbuted assets is credned to depreciation and amor-Rate Stabih: anon I.und = o ti:an.on expense and amounted to $1049,000 and C.onstruction i_und $2,884,000 in 1998 and 1997, respectively Uuhty Plant improsement 1und IP) k"O""d "O N" "I#"" l The Debt Service I und accounts for funds accumulated r purpmes mporting cash flows. cash and cash to provide payment of principal and interest on or = equivalents include cash on hand, bank demand i [ redeem outstandmg debt, accounts, and overnight repurchase agreements. = (Contmued) = 28

1) Rates and Regulation The Florida Pubhc Service Commission does not regulate rate levels in any of GRU's utihties. T hey do, howeser, have Rtrs rates are estabhshed in accordance with the Utilities jurisdiction over late structure for the elecitic system.

rstem fiond Resolution and the Unhties System ihordmated liond Resolution as adopted and amended. Currentiv, GRU prepares its financial statements m accor-nder these documents, rates are set to recover Operanon dance with Statement of I inancial Accounting Standards a$ id Maintenance Fxpenses, Debt service. Utility Plant (SFA$) No. 71, and records various regulatory assets and nprovement Fund (UPIF) contnbutions and costs for any habihties. In order for a company to report under SI AS No. ther lawful purpose such as the General Fund Transfer. 71, the Company's rates must be designed to recover its costs of providing services, and the Company must be able to a h year, durmg the budgeting process, and at any other collect those rates from customers. If it w ere detennined, me necessary the City Commission approves rate changes u hether due to compeution or regulatory action, that these id other changes to GRU's charges. standards no longer applied, GRU could be required to w rite-of f its regulatory assets and liabilities. Management beheves RU's cost of fuel for lhe electric and natural gas systems is i that GRU cunently meets the criteria for continued apphca-issed directly through to its customers Fach month. GRU tmn of $FAs N.o. 71. but will conunue to evaluate significant aff estimates the cost of fuel and consumption for both the changes m the regulatory and competitive environment to ectric and natural gas systems. I hese estimates are com-assess continuing apphcabthly of the cntena. 4ned with titir up for actual costs from previous months into cunent inonth electric fuel adjustment and natural gas (Continued) tirchased gas adjustment. Amounts ovethilled or underbilled e passed along to customers and are either accrued or efened at year end 4 E O 16 w K me ( 3 2 E 4 3 m L3 29

(3) Iong-lerm Debt Long-term debt outstanding at September 30,1998 and 1997 consisted of the followmg: 1998 1997 Utilitics System Revenue llonds: Series 1983 (1983 Ilonds)-interest payable semi-annually to O(tober 1,2014 at a rate of 6.0%. $ 18,860,000 18,860,000 1987 Series A (1987 Ilonds)-interest payable semi-annually to October 1,1997 at various rates between 6.4% and 6.8%. 1,805,000 ) l492 Series A (1992 A lionds)-interest payable semi-annually to October 1,2002 at vanous rates between 5 6% and 6.1%. 6,465,000 8,14 M00 1992 Series 11(199211lionds)-interest payable semi annually to October 1,2017 at various rates hetween 6 0% and 7.5% 61,920,000 61,920,000 199 3 5 cries A (1993 A llor.Js)- niterest payable semi-annually to October I,2006 at various rates between 4.40% and 5.30% 31,995,000 35,180,000 1993 Senes B (199 3 B lionds)-interest payable semi-annually to October I,2013 at various rates between 4.25% and 5.5% 125.370,000 127,115,000 1996 Utibucs System Revenue Bonds-1996 Series A (1996 Series A)- interest payable semi-annually to October 1,2026 at rates between 4.0% and 5.75% l40,550A100 141,925,000 Utilities System Commercial Paper Notes, Series C (C Notes)- interest at various market rates. 57,529,000 59,937,000 443,189 A100 454,887,000 1 css current portion of long-term debt (23,925,000) (23,475,000) I css unamorti:ed bond discount. (4,845,921) (5,142,599) Iotal long-term debt. 5 414,418,079 426,269,401 4 = b M C in M a 4 3 E R = o 30

GRU is required to make monthly deposits into separate UtJer the terms of the Bond Resolution relating to the sale of accounts for an amount equal to the required share of princi-the Uuhties System Revenue Bonds, payment of the principal pat and interest becormng payable for the revenue bonds on and interest is secured by an inevocable hen on GRU's net the payment dates of April 1 and October 1. revenues (exclusive of any funds which may be established pursuant to the Bond Resolution for decommissioning and The following table hsts the Debt Service requirements certain other specified purposes), includmg the investments (principal and interest) on the Long-Term Debt (excludes and income, if any, thereof. Utilities System Commercial Paper) outstanding at September 30,1998: The Bond Resolutian contains certain restricuans and com-mitments, including GRU's covenant to establish and main-Period Total tam rates and other charges to produce revenues sufhcient to ending debt service pay operation and maintenance expenses, amounts required October 1, requirements for deposit in the debt service fund, and amounts required for 1999 $ 30,751,016 deposit into the unhty plant improvement fund. 2000 30,309,616 u-83 B na mature n October 1,2014. Those Bonds are 2001 30,616,289 2002 30,613,824 subject to redemption at the option of the City as a w hole at 2003 30,620,489 ny inne or in part on any interest payment date, at a redemp-2004 30,043,454 tion price i 100% plus accrued interest to the date of 2005 28,887,408 mkmption. 2000 28'88l495 ~1 he 1987 Bonds matured on October 1,1997. 2007 33,074,855 2008 35,484,835 The 1992 A Bonds mature at vanous dates through October I, 2009 35,486,510 2002. Those Bonds are not subject to redemption. 2010 35,485,535 2011 35,484,560 'The 1992 B Bonds mature at various dates from October 1, 2012 35,476,535 2001 to October 1,2017, Those Bonds maturing on or after 2013 35,492,835 October 1,2003 through October 1,2007, amounting to 2014 35,462,050 $14,310.000, are subject to tedemption at the option of the 2015 18,653,430 City on and aber October 1,2002, as a whole at any tune or 2016 18,441,580 in part on any interest payment date, at a redemption price of 2017 18,250,480 102% in 2002,101% in 2003 and 100% thereafter. The 1992 2018 11,605,260 B Bondr maturing on October 1,2017, amounting to 2019 9,507,140 $22,335,000, are subject to redemption at the option of the 1 2020 9,509,300 City on and after October 1,2002, as a whole at any time or a 2021 9,511,960 in part on any interest payment date, at a redemption price of 2022 0,504,080 100% 2023 3,949,880 2024 3,947,180 Ihe 1993 A and B Bonds mature at various dates through W cr1,M 1 ume na m.uunng on r aber Octuer 2025 3,950,900 2026 3,950,260 1,2004, amounting to $113,925,000, are subject to redemp-tion at the option of the City on and after October 1,2003, as $ 642,959,756 a w hole at any time or in part on any interest payment date, at a redemption price of 102% in 2003,101% m 2004 and [ 100% thereafter. o a w (Continued) = 4 D E E d D s 0 31

T he 1996A lionds mature at various dates through (ktober 1, as required by the liond Resolution in a bank, savmgs and 202$. Those llonds maturing on or after October I,2010 are loan association or trust company of the United States or a subject to redemption at the option of the City on or after national banking association having capital stock, surplus and October 1,2006 as a w hole or in part at any ume at a undivided earnings aggregatmg at least $10,000,000. redemption price of 102% in 2006,101% in 2007, and 100% t hereaf ter. In accordance with state laas and the llond Resolution, GRU is authorized to invest in obligations uhich are uncondi. Utihues System Conunercial Paper Notes, Series C Notes in a lionally gaaranteed by the United States of America or its principal amount not to exceed $85,000,000 may continue to agencies o instrumentahties, repurchase agreement obliga-be issued to refmance maturing Series C Notes or proude for tions uncorditionalb guaranteed by the United States of other costs. l.iquidity support for the Series C Notes is America or a cpcies, corporate indebtedness, direct and provided under a long-term credit agreement dated as of general obligations of any state of the United States of October 1,1992 (as amended) with llank of America America or of any agency, instrumentahty or local gmern-National trust and Savings Association (llank of Amenca) mental unit of any such state (provided such obligations are and Sun trust, National Association woh Ilank of America as rated by a nationally recogni:ed bond rating agency in either Agent. I?ach bank's obliguion is for $42,500,000 and is a of its two highest rating categories), public housing bonds, several but not jomt obliyanon. ~l he obligation of a bank may and certam certificates of deposit. Investments in corporate he substituted by another hank which meets certain (redit indebtedness must be rated m the lughest rating category of a standards and wincb is app oved by GRU and the Agent. nationally recognized rating agency and in one of the two Under the terms of the agreenent, GRU may borrow up to highest raung categories of at least one other nationally $85,000,000 with same day availabihty ending on the termi. recogni:ed rating agency, riation date, as defined in tbc agreement. Series C Notes oI 52,408,000 were redeemed dunng 1998. Invesunents are categon=ed in the following table in accor-dance with Governmental Accounting Standards lloard State. (4) Deposits and insestments ment No.1 All of GRU's investments fall under category 1 l w hich includes investments that are insured or registered or Deposits are held in a qualified public depository institunon held by the Utdity or its agent in GRU's name. insured by the I ederal Depository Insurance Corporation and (Continued) i l 1 4 E I, = l 4 3 2 I \\ -r" l 3 1 l C l 32

o September 30,1998 Carrying value Starl et value U.S. Gosernment securities.. $ 46,058,222 46,058.222 U.S. Gos ernment bonds.. 23.434,514 23,434,514 . Corporate commercial paper.. I14.609,780 115,399,285 Total.. $ 184,102,516 184,892,021 September 30,1997 U.S. Goverrunent secunnes.. $ 80,740,448 82,420.012 U.S. Government bonds.. 19,872,650 22,200.257 Corporate conunercial paper., 75,175,757 73,314.046 Total.. $ 175,788.855 177,934,365 Cash and insestments are contained in the following balante sheet accounts. 1998 1997 Restricted assets: Utility deposits,. 5,380,479 5,794,154 Debt service fund.. 60,695,941 66,815,596 Rate stahdization fund,. 54.246,475 52369,530 Construction fund. 24,327,764 46,804,455 Utdity plant improvement fund. 15,713.040 506,854 Decommissioning leserve ',678,351 2,307,626 Current assets - Cash and short-term investments.. 25,499,351 7J 54,7 34 1.ong-term imestments.. 3,819.070 4,732,957 lotal cash and investments.. 142,360,471 187,485,906

1. css cash and cash equivalents..

6,760,237 9,035,776 L ess accrued interest reteivable. l,497,718 2,641,275 Total im est ments.. $ 184,102,516 175,788.855 e (3) jointly-Owned I.lectric Plant Power Corporanon m accordance uith the CR3 parucipation agreement. GRU-owned resources for supplying electnc power and energy requirements include us 1.4070% undiuded owner. GRU, as a part of this participanon agreement, is responsible ship interest m the Crystal River Unit 3 (CR3) nuclear power for us share of f uture decomnussioning costs Decommis-plant operated by 1lorida Power Corporanon GRl"s net sioning costs are funded and expensed annually and are = investment in CR3 at September 30,1998 and 1997 is recovered through rates charged to customers. The most [ approsunately $8,127,000 and $7,944,000, respectn cly. CR 3 ic(ent decomnussionmg cost estunates provided by I lorida operation and mamtenance costs, which represent GRU's pari Power Corporanon in December 1997, estimated GRU's share ~ of expenses attributable to operation of CR3 are recorded in of total future decomnussioning (osts to be $6.400,000 in accordante with the instructions as set Ionh in the i I RC 1997 dollars. At september 10,1998, GRU has funded = lllllforill s)slein of accoli!)ts, pasillelits alr0 lIlade to l lorldj $2,44 3,0h0 of tbis cost 2 (( onlinued) g a t.5 33

(6) Contributions in Aid of Construction Contnbutions in aid of construction are as follows: 1998 1997 Contributions in aid of construction: Utihty plant, property and equipment contnhuted by municipality. $ 3,982,276 3,982,276 Federal and state grants in aid of construction.. 22.663,741 22,663,741 Contributions from customers and developers: Plant contributed by developers.. 54,541,928 50,426,831 Connection charges. 55.600,266 52,142.227 136,788,211 129,215,075 Accumulated amortuation. (40,190.301) (37,141,437) Contnhunons m aid of construction, S 96,597.910 42,073,638 l l l (7) Retained 1:arnings Retamed earnings reserved for debt service and unappropriated are as follows: 1998 1997 Reserved for debt service. $ 40,113.026 36,400,770 l'nappropria ted.. 202,715,182 190,449,791 Total retained earnings.. 5 242.828.208 226,850,561 Retained earnings balances at September 30,1998 and 1997 reser ed in debt service fund accounts are as follows: 1998 1997 Reserve account, 5 39,836,407 36,254,302 Debt service account.. 20,409,970 30,198,421 Subordinated indebtedness fund account. 435,000 300,000 Conunercial paper note payment account. 14,567 62,873 60,695,944 66.815.596 1 ess atuounts appropriated for current mierest and principal payaHe. 20,582.918 30,414,826 l $ 40.I13.026 36.400,770 a w E .J l (Continued) m E et 3 E (D ~~ 34

(8) Retirement Plans (10) Transfers to General Fund The City sponsors and adminisiers one defmed benefit pen-GRU makes transfers to the Cny's general government based sion plan and two dehned contnbution plans (collectively, on a formula that ties the transfer directly to the fmancial per-the Plans) that includes GRU and other City employ ees. T he Ionnance of the system. The transfer to the general fund may Plans do not make separate measurements of assets and pen-he made only to the extent such moneys are not necessary to smn benefit obliganons for mdividual units of the City. Such pay operating and maintenance expenses and to pay debt ser-mformation is presented in the City of Gamesville, Florida, vice on the outstanding bonds and subordmated debt or to September 30,1998 Comprehensive Annual Iinancial make other necessary transfers under the Bond Resolution. Re port. T he formula-based fund transfer to the general fund for the years ended September 30,1998 and 1997 was $21,409,736 I he General limployees Pension Plan (Emplo>ces Plan), a and $20,150,073, respectis civ. contributory dehned benefit pension plan, covers all employees of GRU, except certain hmited personnel w ho (11) Deferred Charges elect to participate only m a Defined Contnbunon Plan. Included in dcIerred charges at 5eptember 30,1998 and 1997 The City accounts for and funds the costs of the 1:mplo>ces is the unamorti:cd balance of $5,583,000 and $7,666,000, Plan as they accrue. Such wsts are based on coninbution respectively, remaining of the origmal payment of rates determined by the most recent actuanal valuation. Ihc $ 27,375,000, in full settlement in connection with the City's total contnbutions by GRU,indudmg amorti: anon of prior cancellation of a contract for supply of coal to the Deerhaven service costs, for the years ended September 30,1998 and 11 generating plant. The settlemem payment is being recov-1997 were $1,159,000 and $1,147,000, respectis ely cred through future utihty fuel adjustment revenue through Certain employees are chgible to participate in defined con-inbution plans managed by outside fiscal agents for the City. 1 he remaining balance in deferred charges at September 30, Under these plans, the (ity contnbutes a percentage of an 1998 and 1997 is comprised of unamortt:ed bond issuance employee's annual salary and employees may contnbute costs of approximately $37,437,000 and $39,688,000, either a specihed percentage or dollar amount. Total defined amorti:ed straight-hne over the hfe of the bonds (w hich contnbution cost for GRU for the years ended September 30, approximaics the ef fective interest method), respectively, 1998 and 1047 was $4 32,660 and $411,000, respectis ely. environmental costs of $2,750,000 in 1908 and 55.075,000 in 1997 (see note 12), and other miscellaneous items, all of (9) Postrctirement Benefits whith are being amorti:ed over periods from 7 to 30 years-In addmon to pmvidmg pension beneIns, the Cny provides (12) Environmental liabilities certain heahh care insurance benefits for retired employees of the City and GRU.1 he City also permits retirees to partici-GRU is snbject to numerous Federal, state, and local ensiron-pate in the life insurance program. Most permanent full and mental regulations. Under the Comprehensive Environmental part-time employees w ho are chgible for normal, early retire-Response Compensation and laabihty Act, commonly known ment, or disabihty are chgible for these benefits. Indindual as "Superfundf GRU has been named as a potentially respon-benehts are the same for all employees, but the cost to the sible party at two hazardous waste sites. In addition, in Cny may sary Contnbutions by the City to lund these bene-January 1000 GRU purchased the natural gas distnbution fus are neither mandated nor guaranteed. Funds are appro-assets of a wmpany and pursuant to the related purchase priated annually to fund the actuarially deternuned costs of agreement, assumed responsibihty for the invesugation and the health insurance pmgram and to cover the costs of other remediation of environmental impacts related to the operation programs. T he Cny recognizes the cost of these benehts on a of the former manufactured gas plant. Based upon GRUs monthly basis by contributing a percentage of active payroll anahsis of the cost to dean-up these sites and other idenafied a costs, The cost of prouding these benefits for the GRU ennronmental contingencies, GRU has accrued a habihty ol retirees for the fiscal y ears ended September 30,1998 and $2,750,000 and $5,075,000 as of September 30,1998 and 1997 were $72 3 000 and $670 000, respectively. 1997 respectively.1he decrease in the accrued liabdity from = (bontInued) 3 m W D E L3 35 l

1997 was the resuh of obtainmg additianalinformation that portion of the Deerhaven Unit 2 generating facihties. Under i indicated the level of anticipated clean-up would be reduced. the terms of the transaction, GRU entered mto a 38 year lease Because GRU anticipates recovering the costs of environ-and simultaneously a 20 year leaseback. At the end of the mental clean-up through future customer rates, a related asset leaseback period term, GRU has an option to buy out the of equal amount has been reflected as a deferred charge in remainder of the lease for a fixed purchase option amount. the accompanying balance sheet. Although uncertainties i associated with environmental assessment and remediation Under the terms of the transaction, GRU continues to own, j activities remain, GRU believes that the current provision for operate, mamtain and staff the facilities. such costs is adequate and addinonal costs, if any, will not .The proceeds received by GRU from this transaction were have a materici adverse effect on GRU. f.s inancial position. approximately $249 million. From these proceeds, GRU results of operations or hquidity. deposited $142 million as a payment undertakm.g agreement (13) Year 2000 Remediation nd a second deposit of $72 milhon in the form of a collater-ah:cd Guaranteed Investment Contract (GIC), both with a The year 2000 issue is a result of concerns regardmg possible AAA rated insurance company The deposit instruments will shortcomings m automated systems and electronic equipment mature in amounts sufficient to meet the annual payment that will make these systems or equipment inoperable for obligations under the leaseback including the end of term year 2000 purposes. fixed purchase option il elected by GRU. I or several years, GRU has been undertaking ciforts to make Ihe net benefit of this transaction, after payment of transac-all automated systems and other electronic equipment year tion expenses, was approximately $35 million and resulted in 2000 comphant and is cunently in the remediation stage as a deferred g:un which will be amortized as income on a defmed in GASB Technical Bulletin 98-1. More recently, this straight-line basis over the leaseback period of 20 years. Of effort has become a more formalized process. Management the $35 million net benefit, approximately 55 million was will continue such remediation efforts towards successful transferred to the City of Gainesville's General Fund with the completion, however, the effects and success of these efforts remamder being used, along with the other funds on hand, to will not be fully determinable unal the year 2000 and after. pay off approximately 543 milhon of tax-exempt commercial The cost of the year 2000 efforts are not considered material paper. to the financial position and results of operations of GRU. GRU anticipales accountmg for the lease / leaseback transac-(14) Subsequent I.sent tion as an operating lease in 1999 On December 10,1998, GRU entered into a lease / leaseback transaction for all of the Deerhasen Unit I and a substantial 4 I l a l 6 l iu E a 4 3 E l l L1 36 l

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1998 1997 1996 1995 1994 Revenues: Electric fund: Sales of electricity 5 132,144,457 126,465,575 128,402,775 118.091,955 112,976,560 Other electric revenues. 2,715,250 2,258,951 2,116,497 1,664,914 1,569,151 Transfers to rate stabihzation. (6,440,936) (2,199,957) (3,932,344) (2,782,560) (2,549,839) Interest income, 6,705,946 4,990.841 5,227,158 4,571,431 3,942,488 Total electric fund revenues 135,124,717 131,515.410 131,814,086 121,545,740 115,938,360 Gas fund: Gas sales. 14,421,979 14,712,153 15.238,782 10,758,387 13,683,900 Other gas revenues (expenses) 3,485 68.391 65,131 117,522 (6.644) Transfers from (to) rate stabilization. (262,546) 642,016 (908,478) (240,377) (597,624) Interest income. 560,866 309,943 411,727 360,591 220,300 Total gas fund revenues. 14,723,784 15,732,503 14,807,162 10,996,123 13.299,932 W, iter fund: Sales of water. I1,520,726 10,645,851 10,240,394 10.223,855 9,949,831 Other water revenues 1,539,268 1,209,873 1,373,707 1,066,593 1,321,323 Transfers to rate stabilization. (301,322) (14,874) (1,494,278) (2,149,333) (2,911,488) Interest income, 1,169,324 862,158 890.854 837,589 605,163 'LTotal water fund revenues, 13,927,996 12,703,008 11.010,677 9,978,704 8.964,829 Wastewater fund: Was'tewater billings. 14,155,134 14,146,461 13.839,294 13,439,876 12,896,542 Other wastewater revenues,... 1,924,334" 1,558,309 1,924,636 1,227,638 1,766,141 Transfers from (to) rate stabilization. 592,711 239,220 (2,651,214) (2,537,345) (2,738,750) Interest in(ome, 1,892,685 1,467,280 1,609,603 1,369,598 874,789 Total wastewater fund revenues, 18,564,864 17,411,270 14,722.319 13,499,767 12,798,722 GRbCom fund: Sales to customers. 556.127 965,938 854,353 Other GRUCom revenues. 729,419 387,479 ' Transfers from (to) rate stabilization. 62.000 728,000 (790,613) interest income. .a. 4 - 85,562 98,274 1,291 Total GRUCom fund revenues 1,433.108 2,179,691 65,031 Total revenues, [$ 183.774,469 179,541,882 172,419,275 156.020,334 151.001,843 [' (Continued) a b ua D 2 3 alt 3 = Q 38 1

s v < m l .J 1998 1997 1996 1995 1994 Operation and maintenance: I'lectric f und: I:uel expense. $ 45,762,356 46.003.652 44,988.387 37,960,173 36.619,277 Operation and maintenance 14.426.427 18,648,302 19,568,982 18.738,547 19,313,990 Adnumstratis e and general. I1.806.671 10,846,966 11,807,272 12,354.722 11.630.670 Total electric fund expense. 76.995,454 75,548.920 76.364.641 64.053.442 67,563,946 Gas fund. l'uel expense. 7.502,765 8,076,857 7,844,948 4,763,599 7,216,655 Operation and maintenance 573,441 555.819 1,043.298 1.043,594 1,024,702 Administrative and general. 2,942,988 3.073,681 2.070,171 1.830.024 1,838.425 Total gas Iund expense. I1,019,694 11,706,357 10.963,667 7.637,217 10,079,782 Water f und: Operation and maintenance 3.601347 3,437,563 3.556.204 3.414.065 3,460,273 Adnumstratise and general. 2,626.502 2.633,000 2.15i092 1,922.686 1,737.575 Total water fund expense 6.231.849 0.070,653 5,711.246 5,336.751 5,197.848 Wastewater fund: Operalion and maintenance 4,711.541 4,964 b47 4.885,932 4.630.032 4,502,461 Administrative and general. 3,384.455 3.151.861 2.320.753 2.174.520 1.920,833 lotal wastewater fund expense. 8.046,496 8.116,508 7,206.705 6,804.552 6,432.294 GRUCom fund. Operation and maintenance 542,847 418,594 49,470 Adnunistratise and general. 615.080 133.841 15.561 Total GRUCom fund expense. 1.157.936 552.435 65.031 Total operation and maintenance 103.501,429 101.994.873 100.311,340 88.831.462 89.273,870 Net resenues in accordance with bond resolution: I-lectne 58,129,263 55.066.440 55.440.445 52,492,298 48,374.414 Gas 3,704.000 4,026,146 3.843,495 3,358,406 3.220.150 Water. 7.646.147 6.632,355 5,299.381 4,641,953 3,766.981 Wastewater 10.468,368 0,294.762 7.515.614 6.605.215 6,366,428 GRUCom. 275.172 1.627,256 lotal net resenues in accordam e with bond resolution. 5 80.273.040 77.547.000 72.107.435 67,188.372 61.727,973 Aggiegate bond debt sen u.e. $ 30.782,845 30.744.550 28 456.424 26.131,343 26.176.838 = Aggregate debt service coverage ratio. 2 61 2 52 2.40 2 57 2 36 [ m lotal debt scruce 5 39.470.246 44,106.126 51.306.381 47.234,745 42.622,279 lotal debt senwe coserage ratio 2.03 1.75 1.40 1.42 1 45 l r Z at bec note on fa%e 45. D O 39

1998 l 1997 Revenur: Sales of electricity: Residential sales.. 5 43,585,052 39,682,051 General service and large power.. 36,081,915 35,445,643 Fuel adjustment.. 27,668,248 30,535.287 Street and traffic bghting.. 2,581,620 2,440,196 Utihty surcharge. 3,018,355 2,768,355 Sales for resale. 5.473,905 5,431,137 Interchange sales. I3,735,362 10,162,906 Total sales of electricity. 132,144,457 126,465,575 Other revenue: Service charges. 1,873,374 1,829,408 Pole rentals.. 700,555 252,169 Miscellaneous.. 141,321 177,374 Total other revenue.. 2.715.250 2,258.951 Transfers to rate stahih:ation.. (6,440,936) (2,199,957) Interest income.. 6,705,946 4,990,841 Total revenue. 135,124.717 131,515,410 Operation and maintenance expense: Operation and maintenance: 1 uel expense: Retail and purchased power.. 38,283,265 40,047,133 Interchange.. 7,479.091 5.956,519 Total fuel expense.. 45,762,356 46,003,652 Power production.. 13,779,841 13,277,268 hansmission.. 719,966 736.001 Dist ribution. 4,926,620 4.635,033 lotal operation and maintenance.. 65,188,783 64,651,954 Admimstrative and general-Customer accounts.. 2,353,994 2,153,924 Administrative and general, 9,452,677 8,743,042 Total admimstraute and general.. I1,806,671 10,896,966 lotal operation and maintenance expense.. 76,995.454 75,548.920 Nel resenue in accordance with bond resolution: Retail., 51,872,992 51,760,103 3 Interchange. 6.236,271 4.206,387 Total net revenue in accordance wnh bond resolution, 5 58,129,263 55,966,490 D E E See note on page 45. o a 13 40

1998 1997 Resenue: Sales of gas: Residenual. $ 7,595,412 7,282,293 Interrupable/connnencial.. 6,206,203 6.803,725 Other sales.. 620,364 626,135 Total sales of gas.. 14,421.979 14,712,153 Other sevenues.. 3,485 68,391 Transfers (to) Irom rate stabihzanon. (262,546) 642.016 Interest income.. 560,866 309.943 Total revenue. 14.723.784 15.732,503 Operation and maintenance expense: Operauon and maintenance. I uct expense. 7,502,765 8.076.857 Operation and maintenance. 573.041 555,819 lotal operanon and mamtenance. 8.076.706 8.632,676 Administrative and general: Customer accounts.. 1,202.264 1,231,492 Administralis e and general. 1,740.724 1.842,189 lotal administrative and general.. 2.942.988 3.073.681 Total operation and maintenance expense.. I1,019.694 11,706.357 lotal net revenue in accordance with bond resolunon. $ 3,704.000 4,026.146 See note on page 45. a Dus K O EL w E en 4 3 2 2 4 3 K 4.3 41

1998 1997 Revenue: Sales of water: General customers.. $ 9,074,266 8,353,658 University of Florida. 567,714 518,431 1 ire protection.. 940,376 926,741 Generating stations. 42,565 45,124 Utility surcharge. 895,805 801,897 Total sales of water.. I1,520,726 10.645.851 Other revenue: Connection charges.. 1,534,582 1,206,308 l Miscellaneous.. 4.686 3,565 ? Total other revenue.. 1,539,268 1,209,873 Transfers to rate stabili:ation.. (301,322) (14,874) Interest income. 1,169,324 862,158 Total revenue - 13,927,996 12,703,008 Operation and maintenance expense: Operation and maintenance: Source of supply. 13,604 5,939 Pu mping.. 910,803 885,901 Water treatment.. 1,931,285 1,761,693 Transmission and distnbution. 749,655 784.030 Total operation and maintenance.. 3.605,347 3,437,563 Administrative and general: Customer accounts.. 679,033 627.807 Administrative and general. -1,947,469 2.005.283 Total administrative and general.. 2,626.502 2,633.090 Total operation and maintenance expense.. 6,231,849 6,070,653 total net revenue in accordance with bond resolunon. 5 7,696,147 6.632.355 . l . 1 See note on page 45. 6 O ab w W .a 4 3 4 4 D s 45 t J

1998 1997 Itevenue: Wastewater bilkngs: thllings.. $ 13,059,620 13,080,925 Unhty surtharge. 1,095.505 1,065.536 Total wastewater billings., 14,155,134 14,146.461 ) Other revenue: Connection charges.. 1,923,456 1.558,281 Mis ( cIlaneous. 878 26 Total other revenue.. 1,924,134 1,558.309 1ransfers from rate stabilization. 592,711 239,220 Interest income 1,892.685 1,467,280 'lotal revenue. 18,564,864 17,411,270 Operation and maintenance expense: Operation and maintenance: Collection. 848.674 486,822 Ireatment and pumping.. 3.812,867 3,977.825 Total operation and maintenance. 4,711,541 4,964.647 l' Admimstrative and general: Customer accounts. 501,703 510,703 Administrative and general. 2,793,162 2,641,158 Total adnunistrative and general.. 3.384,955 3.151,861 Iotal operation and maintenance expense.. 8.006.446 8,116,508 Total net revenue in accordance with bond resolution. $ 10,468,368 4.244,762 5cc note on page 45. K C2 sL w K a 4 2 2 E 4 3 K J <3

1998 1997 Revenue: Sales to customers.. 5 556,127 965.938 Other revenue.. 729,419 387,479 1ransfers from rate stabilization.. 62,000 728,000 Interest income. 85,562 98,274 Total res enue. 1,433,108 2,179.691 Operation and maintenance expense: Operation and maintenance.. 542,847 418,544 Total operanon and maintenance.. 542,847 418.594 Administrative and general: Customer accounts.. 90,643 226 Administrative and general. 524,446 133.615 lotal adnunistrative and general.. 615,089 133,841 Total operation and mamtenance expense-1,157,936 552,435 Total net revenue in accordance with bond resolution. 5 275.172 1.627,256 See note on page 45 W De E O A ens 6 .a Y 3 2 2 et 3 at O 44 l

't ( ..DUI.Eh OI 'ET " TENUES IN ((ORDANCE WITil s DND ~ ' SOLUTION e.... n as s sar, Esa, on.unen a,e neer " Net revenues in accordance with hond resolution" differs e Other water and wastewater revenues include fees for from " Net income" w hkh is determined in accordance with connection, installation and hackflow preventmn. generally accepted accounting pnnciples. I ollowmg are the more sigminant ddlerences. e Transfers to the general fund are excluded O Interest income does not molude interest earned on u Other revenues include transfers (to) from the rate construction funds. stahih: anon fund.

• c Operation and mamtenance expenses do not include deprecianon, amortization, or mierest expense.

- i 7 e e f E O b w E a I D E E 4: D as C 45

Assi is 1.lectric Gas Water Wastewater GRUCom Combined Utility plant: Utility plant in service 5 500,508,008 31.000,746 107,364,008 142,164,738 7,695,937 788,733,437 Plant held for future use 6.041,826 6,041,826 Construction in progress. 16,554,714 y24.399 4,324.157 8,014,929 1,366.520 31,584,719 523,104,548 32,325,145 111,688.165 150,179,667 9,062,457 826,359,982 ^

1. css accumulated depreciation and amortization.

(185,055.047) (13,507.289) (33,878.787) (43.866,148) (909.716) (277,217.037) Net utihty plant. 338.049,451 18.817,856 77.809,378 106,313,519 8,152,741 549.142,945 Current assets: Cash and short-term investments. 26,642,318 719,332 (1,085.613) (419,462) (357,224) 25,494,351 Accounts receivable, net. 19.226.780 935,464 696,367 864,795 120,021 21,843,427 Fuels contracts. 2,356,000 2,356,000 Prepaid expenses. 284,995 284,995 Inventories: l'ucl. 6,215,787 6,215,787 .Materiah and supplies. 4.021,977 253,117 (500,905 331,180 5,207,179 Total current assets. 58,747,857 1,907.913 211.659 445.333 93,977 61,406,739 t.ong-term imestments. 3,810,070 3.819.070 Restricted assets: Utihty deposits - Cash and investments, 5,380,479 5,380.479 Debt service fund - Cash and investments. 43,118,566 3,239,453 6,204.511 8,13 3.4 i L 60,695,941 Rate stabilization fund - Cash and investments. 21,447,196 2,846,759 11,043,417 18,909.022 81 54,246,475 Construction Iund - Cash and investments. I3,071.064 2,640,046 2,404,175 '6,162,479 24,327,764 Utility plant improsement fund - Cash and investments. I1,269,209 762,062 1,210.908 1,649,764 821,097 15,713,040 Decommissionir g reserve fund - Cash and im estments. 2,678,351 2,678,351 Total restricted assets, 96.964,865 9.538,320 20.863,011 34.854,676 821.178 163,042,050 Deferred eharges. 37,417,999 3.802,536 4,407,311 4,383,561 4.615 50,016,022 Total assets. 5 534,999,242 34.066.625 103.291,350 145.497.089 9,072.511 827,426,826 ec Q ned K e 4 D E E at 3 E eD 46 L-----.----------

l.IAllliIlll3 AND FUNn EQeirY I.lectric Gas Water Wastewater GRUCom Combined long-term debt and fund equity: Inng term debt: Utilities system revenue

bonds, 5 225,711,089 26,612,742 46,765,962 62,645,207 361 J 35,000 Utibucs system commercial paper notes 41,281,287 5,660,439

= 10,587,274 57,529,000 '66,992,376 26,612,742 52,426,401 73,232,481 419,264,000

1. css unamortized bond discount, (3.004.092)

(370,945) (602,813) (868,071) (4,845,921) Total long-term debt. 263.988,284 26,241,797 51.823,588 72,364.410 414.418,079 l'und equity: Contribution in aid of construction. 36,527,200 59,226,859 843,851 96,597,910 Retained earnings. 219,996,700 2,793,658 10.546,327 9,184,116 307,407 242,828,208 Total fund eqmty 219,996,700 2,793,658 47,073,527 68.410,975 1,151,258 339,426.118 j Total long-term debt and fund equity. 483.984,984 29,035,455 98,897,115 140,775,385 1,151,258 753,844,197 Current liabilities: I uct payable. 5,312,134 742,451 6.054,585 j Accounts payable and accrued liabilities. 3,041,044 184,615 912,210 1,289,104 204,120 5,631,093 f Due (from) to othsr funds. (1,442,248) (442,133) (869,930) (1,943,533) 7,336,991 2.639,147 Total current liabilities. 6,910,930 484,933 42,280 (654,429) 7,541,111 14,324,825 Payable from restricted assets: Utility deposits. 5,356,266 5,356,266 1.ong-term debt payable. 19,583,985 219,811 1,893,202 2,228,002 23,925,000 Accrued interest payable 6,809,135 700,789 1,369,046 1,873,947 10,842,917 Construction fund: Accounts payable and accrued babilities 1,610,484 232,755 315,804 630,182 , 244,802 3,034.027 Total payable from restricted assets. 33,359,870 1.243,355 3,578,052 4,732,131 244,802 43,158.210 Other liabilities and deferred credits. 10.743,458 3,302,882 773,912 1,144,002 135,340 16,099,594 Total liabilities and = fund equity $ 534,999,242 34,066,625 103.291,359 145,947,089 9,072,511 827.426,826 [ E a 4 = = i \\ 47

I lectric Gas Water Wastewater GRUCom Combined Operating resenue: Sales and service charges. 5 132,144,457 14,421,979 11,520,726 14,155,135 556,127 172,748,424 Other operatmg revenue 2,715,250 3,485 4.686 878 729,419 3,4 ' '?8 lotal operating revenue, 134,859,707 14,425,464 11.525,412 14,156,013 1,285,546 176,: i12 i Operating expenses: Operation and maintenance. 65,188,783 H,076,706 3,605,347 4,711,541 542,847 82,125,224 Administrative and general i1,806,671 2,942,988 2,626,502 3,384,955 615.089 21,376,205 Depreciation and amortization. 17,439,451 1,031.869 1,284,382 1,250,885 751,350 21,757,937 'lotal operating expenses, 94,434,905 12,051.563 7,516,23l 9,347,381 1,909,286 125,259,366 Operating income. 40,424,802 2.373,901 4,009.181 4,808,632 (623,740) 50.992,776 Non-operating income (expense): interest income 7,688,787 812,362 1,429,165 2,430,200 85,562 12,446,076 Interest expense, net of Al UDC. (16.706,694) (1,645,070) (3,088,894) (4,068,164) (449,328) (25,958,150) 1.oss on sale of investments. (86,897) (560) (2,164) (3,698) (93,319) Total non-operating expense (0,104.804) (833.268) (1,661,893) (1,641,662) G63,766) (13,605,393) Net income. 31,319,998 1,540,633 2,347,288 3,166,970 (987,506) 37,387,383 Retained carnings, beginning of year. 203,617,762 2,271,860 10,535.361 9,130,665 1,294,913 226,850,561 Gencral fund transfer, (14,941,195) (1,019,225) (2,336,877) (3,112,439) (21,409,736) Residual eqitity transIcts. 135 390 555 (1,080) Retained carnings, cnd of year. 5 214.996,700 2.793,658 10,546,327 9,184,116 307,407 242,828,208 W D E w 4 3 E E 4 3 m 48

Utility Plant Properties llalance

Sales, Italance 1997 retirements September 30, September 30,

. Additions and transfer 1998 Plant in Service I:lectric utility fund: Production plant.. $ 278,613,823 3,719,488 888,245 281,445.066 Nuclear iucl. 6,113,407 15,475 6.128.882 Transmission and datnbution plant.. 170,049,793 8,733,153 2,566,032 176,216,914 General and common plant.. 35,426.028 3.007,010 1,715.892 36.717,146 lotal electric utility fund.. 490.203,051 15,475,126 5,170,169 500,508,008 Gas utility fund: Distnbution plant. 23,624,122 1,467,410 61,753 25.029,779 General plant, 1,253,505 206,515 139,688 1,320,332 Plant acquisition adjustment.. 4,650,635 4,650,635 Total gas utday fund. 29.528,262 1,673,925 201,441 31,000,746 Water utility fund: Supply, pumping anq treatment plant.. 15,796,155 2,381,546 21,707 18,155,994 Transmission and 6stnbution plant.. 80,412,765 5.772,947 415,636 85,770,076 General plant. 3.472.013 178,912 212,987 3,437,938 Total water utihty fund.. 99,680,933 8,333,405 650,330 107,364,008 Wastewater utility fund: Pumping and treatment plant. 55,818,993 2,328,081 1,479,250 56,667,824 Collection plant. 74,497,488 3,962,764 218,304 78.241,948 Reclaimed water plant.. 1,843,118 41,838 2,084,956 General plant, 5.038,259 353,135 221.384 5.170,010 Total wastewater utihty fund., 137,197,858 6,885,818 1,918,938 142,164,738 GRUCom utility fund: Dntribution plant. 4,498.718 2,930,211 6,665 7,422,264 General plant 155.977 117.696 273,673 Total GRUCom utility fund.. 4,654,695 3,047,907 6,665 7,695.937 Total plant in service. $ 761,264,799 35,416,181 7,947,543 788,733,437 Plant held for future use - electric.. 6.029,531 12,295 6,041,826 ] Construction in Progress Electric utthty fund. $ 12,044,421 19,969,945 15,459,652 16,554,714 Gas utility fund., 724,349 2,273,976 1,673,926 1,324,399 l o Water utility fund,. 6.213,709 6,443,852 8,333,404 4,324.157 [ ) Wastewater utility fund.. 8,933,311 5,967,437 6,885.819 8,014,929 GRUCom utility fund., 1,226.076 3,188,350 3.047.906 1,366,520 Total construction in progress.. $ 29,141,866 37,843,560 35,400,707 31,584,719 3 s 0 49

1 Halance

Sales, Balance September 30, retircrnents September 30, 1997 Additions and transfer 1998 I:lectric utility fund:

Production plant.. $ 122,792,071 8,352,901 888,242 130,256,730 Nudcar luel, 5,011,668 227,875 5,239,543 I 1ransmission and distobution plant., 37,300,905 4,848,595 3,602,346 38,547,154 General and common plant.. 10,527.060 1,997.117 1,512,507 11.011,670 Total electric utihty fund, 175,631,704 15,426,488 6.003,095 185,055.097 Gas utility fund: Distnbution plant. 9,714.459 688,300 63,155 10,339,604 General plant. 589,353 122,299 139.690 571,962 Plant acquisition adjustment., 2.295,344 300,374 2.595,723 Total gas utdity fund. 12,599,161 1,110,973 202,845 13,507,289 ) Water utility fund: Supply, pumping and treatment plant.. 6,355,780 456,380 21,707 6,790,453 Transmission and distnbution plant. 23,141,826 1,806,474 415,636 24,532,664 General plant. 2.611,121 157,536 212,987 2.555,670 Total water utility fund.. 32.108,727 2.420,390 650,330 33,878,787 Wastewater utility fund: Pumping and treatment plant, 17,769,263 1,755,947 1,479,251 18,045,959 Collection plant., 20,739,227 1,504,592 218,303 22.025,516 Reclaimed water plant. 94,929 38,623 133,552 General plant, 3,734,309 148,196 221,384 3,661,121 Total wastewater utility fund.. 42,337,728 3,447,358 1,918,938 43,866.148 GRUCom utility fund: Distribution plant. 134,082 755,461-7,694 881,849 General plant, 7,111 20,756 ~ 27.867 Tot;d GRUCom utility fund.. 141,193 776,217 7,694 909,716 Total. $ 262,818,513 23,181,426 8,782,902 277,217.037 j >= E Q and 4 D E E W D E LT m 50

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