SNRC-2051, Forwards Util Financial Statement for 1992
| ML20044C348 | |
| Person / Time | |
|---|---|
| Site: | Shoreham File:Long Island Lighting Company icon.png |
| Issue date: | 03/19/1993 |
| From: | Leslie Hill LONG ISLAND POWER AUTHORITY |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| LSNRC-2051, NUDOCS 9303220285 | |
| Download: ML20044C348 (18) | |
Text
t.
Long Shoreharn Nuclear Power Station L.
[
Power North Country Road tsland P.O Box 628 Authority Wading River, N.Y.11792 MAR 191993 LSNaC-2051 U.
S. Nuclear Regulatory Commission ATTN:
Document Control Desk Washington, D.C.
20555
?
Annual Financial Report Shoreham Nuclear Power. Station - Unit No. 1 Docket No. 50-322 Gentlemen:
This letter transmits the financial information required by 10CFR50. 71(b).
Attached please find a copy of the Long Island Power Authority's 1992 Annual Financial Repart.
If there are any questions concerning this information, please contact this office.
Very truly yours, f//d]
L. M. Hill Resident Manager DRH/ab Attachment cc:
L.
Bell C.
L.
Pittiglio
.l' T. T. Martin R. Nimitz I
I I
1 I
1 L
g 322c g Q M 2
i l
1
l JL l
n,asa
-~
Egib7f
[r P 9 g
j
=r
!==g 1.
E mii 1
hf~~
R na I
3 ymium h
g[
fl Y
g L.
,,.o
~
gg,ma NIUk$k[
, L
[?1
- g n
p
%,mj pes pp mg gp g
} E ENI I
k'jk 3!r!jImPfv l Th l
e
- =
rhbbsidN% hffh paru 1
a,
- awp r; L Jhk; lll$bh f m
h k gfhfyng; ta MAM!% a ig i
[
v sa aw
,w~3magg.ge t
m a
n
=
f gg*2 g
t 1Gu s n
- 4
- A _:w.
$h5Y5
- vf+ r sen.
nm ft 1
R
. y b
am s._ s#ra mgg aggg.g C g ge
__4s allr'a
.(,-
t t-
- L
.- ~:. -...
.A '
,y.'
l4.
(;:.' [. [ _:. l 5.
__.. [ }.;.Q.(.. o,j. -}.}
. v.J ; _ ; _...;
q_.
{... :W. ;
(g'.
.. g
., 3.
,z
- l.'
3
.. q
'; y '- y a y:. u '._
- [-;
r-
'.. ?..;;.
- . 3, _.
c:
-[
.3,, 3 -
.,' -.. ;7 ;;
.c.
- *,. = _,.,.
-y
,,..,.,,.,..,.J '* N.J..
.,,* 4
,6; t.,,'.,
y 7, **...., -
,',s.,
4-a,..
+;, **. k,,,
. 4.
.'y....{g',:... -
. +;;
- I. ; o... / *;... O,,
'. E'.
[ -, -
7):,.. - r,&, ' * ' ;.;:::, ' ::';'
- ..,;'3' L,..,
- J. 3 [ '. _g &;.
- 'n*' :. s;~'.%. ?' ' As2.1 l-p z
..,.r,
,,.i.."..
.R;.,,.'.'e ~ ~.
o -.,'O ;.
.c
,, ~ -. ~,
f'
,g
....[..' '. '; l. / _ f '.,..,..
4 t
.,. '. '.< * *.~*3r c
w-
,.- 3,.,.,,, ~-
.s s...
L
,,..,,. -((-
a.
e g
, ' I I., ' '..
.[..
j[,
j
.,'/.,. ' '.. M : ')
{
- . [~ _
s.' w' w.
,3.{_
.n.'..'.[,* I
- g.
. *. '.j-...,
,..[*y ;.
- t,
.e.#I,a,,w ~:,.
,x'e:...
'. i.,..~,.:
,,..i pe,, p sd
,,-).:,';,'*
. i...i d. '..*; '9,)q g.,'.,;...;., I. 7 3',
. '.. M. '.,
,....=4,f.
d'.
Cd4.,
-g 1. '.. : *,'e.).'.'g, "., " "
- s/s j.
,e e j
- ; C +
- g *..,,,,f
- ) p.;.,g' "'t
. ;C,
,,,[', *.
',, ' '. i. !,,
, fat s.
g" d#. h, '.
i.7.,;..,,.....
,y v 3
,,g r
'7.....,':'
s*
s
,.g.-
,g g
.f..
.. y 't.,. ' ', _:,. ~.
)t[. n. % 3 j',._; *h;.[,;>r, g'.f-A *,-Q ' m _ ;.
n
.,.....; 7. '
.,.. ;j
- 3. %_ ' Lx'!?
t.n
. ;* 1 -
4,
.,..........v._.
g ;,
- .4 r
- ^
ne
_y e
7 p-
. ~ '. ", ',;,';
-l.
2
?#.
..s,Y.,;l y r,,,
s
- * &.',b. g l
- ky,-..~
.=.,
~.
f g.,,
4t -r
.y.
a, \\
y
.,y..
o
'. ~
((.
l, h:
h yy _4 9 4.,. +.y ]. 1 [#"
- b'
'b"^'*
' ' ' ' " ' ' ~'
- '.gr -
4 g
- ,./, ;.; 'q _,',4
',*. s.l ' t - Q!,
- y. ft:g..'-, * *
,$ [c '.,,
' 1,j,.3,;;
.c r*
..., _. ;:4. p-
.h,n,s
- 4,
- % s., ; "s,
{f.y.q b_
- ' i 'r,'
- v
, 'jr
- ^..
- ..
.c.4
, if ft
. h '. f '_ ? ' E.. '.
~.
_.,.; e_
- O.r!..l
,\\,
,y_..-
- b : ',:.;
'*h $..
_ (.fl{:jf f l.. '.
- l:'
h,]'..' *^, ?,.. ~: -...
- .. i, -
7;..:.;....... + ;.., -
.m m.,
v
, - 2a a wn m.
v -.
-q:.r
-. *g
,.8 $@ *
,-/ ' ';, ;, ' ' [
w:5 e
. :* hy
. p:lh....c,'
Y
.?.;.. ~,,,.,, _
...v.....s ~;.g;(..,.,,. %m.q
.. (p,.
v.
n
.r J.
. ^..
,,e,d-<.
.. - x,,- -.. _.,. i.,. ;,..< ;p.. q.y.;
!. 4 '._ -.
'N
-.- -./,*,....;
8,' j,
.,g 37, g.
p.
,e..-.
o
.,,..-ty yy
..g.
in
.'.s.
a...-
- g 3....'; g#hq.'f.
- @W'...,',-
y
.g D M*
..+,.
e
- ^, 1...f't g
. f "y.,,
g r
t
.$;__-_.i^.
"~t*
..,,.,f ast 4 3. 3..q.
v.y. e.c. c c",; y;.g.,.3,.
- 2 e....
f...
.c.-
f 3....,,. y.
.,...,_..,_,j_
_r;<.
- , n
- g,.-
.. '.s g.;. &. a.q:.
_1.., ;. ;,,.-
4
. E.,,,.,.;.. i.........
r_
?.
uq
. :,,,.....,,,e
.s-
. - - -.-. j,,,,, c.y.
3;, gM.
s,.,a.-....... -. -.
- t....
g
..e.
>. r s,,-
y..,...,, u, i;....x,a.so. hr
- .4,.,a+u. n.,.a,.. _ 4. M.. ;
.L.
.V
?......
e : y.gl -..
,..s...,8.,;.
-,.,u.
a
,,.e.,., ' t4, _ e. p.,a.u q.1. 4..,.
. g. e,,.. :
W'. g,
'n 't '; *
-'. v...x,,..,.,s.-
...v+.
._._.a.....N.^.'....!...
i.
.o
~.,,...;.
y - Q )
,n.,
- r..;.
..g.s.......
y
+
..'.,.y'.
Y. -
.. x;.y ",.,...,'s
' ' ;., :',, n. ( l......
.y
.-.f.%%.y". ',.: *; ;.,.. -.
.7 e.% ; * :. 7, e,,,., - ;...'a.
...N.._.',
2
.. ?.?... * *...
... v y : 4 k...., _.
e.
,.: ;.c. s.. ~.. - (>,..',.. -' :~...<
.t
....., - 5.<:... :.-.s,..
C '. 3,,
.,a
..o.
c
- i : j ?.w;. ',
a.
. :;, i :..: 2...
..m. W
. *. '...., & #. i '
. ;. y e'. g,.
,. t
,.,s,.....
- s.. ; -
> u
.s n,. -.
.. :..v:f 3,e.,.s j.......... ~....
. p; t. _,,,.._}
s s.
3.
.g y _, p,,
~. _...
,..,.,..~.;:...;4,...
,.3
+...,.......;...-
a..,-
..i.
9
.,._.7"
...c ;.;, y.= 4. ;:;y,.h.,, y 4. 3. _..c.1. ~ s.:c:.
_, y;. s
.. e
%,.k '- ;.. w..v e M
,r<
- ... t.<..-
M., ' ;...,, '.. ',s;. 3,;, ;, > q.. f y;7 ' '
9 a.
6
~.;.*;.:;..,,::[.'; ;g.,;., c..,;:
. %. ;.. ',.,.e. s.T: y.
t *_
~ ;.
.: y 7-
- e'.<
a
.y by '
t.
. ', '.. _-..,_.y, - p,p;. :.,..",; -......,...,.,..../ f _,.......
e.....,.,_.,h:
- 4. c j
.... ' '..m.~,;,.
1.-
.,, ;)
%,e s.
~;,,.
1:W
.v
..,..:q,... *'- ' '
^;[: '{. ;.
- n.,;.
}.% ;,,;. y lq l-
...,, v.
2.
u f.
J,'Q:..l \\,,* Y..:.. '. ?L_ ;'j4
- sp.
..,.,. ] '; ' *... _y 1 l } " ;,
._.. ; ' 4;
- i. l.
[
, i :.
.,; 4...
7_ a s. } ; 4 -. 9.,9 3 ;;.,
- .y
...;,., 5,. s
.?',
+
.a>
".- -==.
...y
.. r.. :u ;..
.... f.,; y _. 3
- g. -. ':
%......e.,-
g :., f, ;;,,,.
r..
. "C. cf. (..,,7..4 '4,..
%h
.... *..,x ;.
m
- .c.
........y.,,,g
,:.. l s. .,1".... :. c.. :
..u, n. C....*-w--,.."...
e, g.
- .,.,.,,'t-.',...s.">.
4 o.,;
y
..,M 2
e
- v. % ' (.'.:. *
..,:..: - n
,- L;.
~. -
.,.u 3 -....
,J, J =l
.5,...C,...<< ;;
l -
1.
=
c
}.
. :a
./.'f'.....
- v... a
.e j',4 y - pt....e.
,...'u,',.-..:...-
,Q..
?
g.. y - j,
.t
-. ', ls,,
,4. :,.
a 3 -'.
s
,.r..,..*,r.~..,
s w
.-e
,..f*
c..
s s-q, s...
, %. w* f... J e
- g-
.fme.'..
.,..w.
M;,
. ! s,.
.,,., s
.g.5o...w..,.....
- 3. ; r y '"
..'c
. s. :. g y J.
'..v<<
..".se..,,<,,rq...,....,. _., ;. m' y,.... '. ;;
4
.g.-
....,. : 7.. 3.. ;. >:.,x
..s....
.. -- -,-..,....r..
3 4
.m
. ~. -,
.,:<. -...v.... 3. y ;. ;.....-:..n.-
.c,.s,..,..... ;.,.
c
- j... -
,.s.
y
.... ~.
9:.
,.....;, g..., '....e
.y
. ~..,.,.,, - --... -.....
- '.,..:..i...
...,A
.~.
s.,
. :. p,, t.
7,..,..,,.....,.,, g. ;.. -
-f.;
,7... c.g. g j;j,.,,...
." :.. '.: 3
.., o. < ; ; -..,.. f.. 4... '.,...,...j..
,_.. : _.,... y '.,....
c. 7.... n..,..... :...-
... e
,.. -..... -..m
..e.
,.,.s.
- 4. 1
.....s.
,.r..
w..
r.
i-
-;' % '. L.; j ), f.* y Q,;;...Q.;,,g f;}.;c. ;.Q. } : l.l 4.. ";..", '_l,
} l. z.'--Q.,.
a.
y._.
. :l., ; :.-., a;..-,.,. - -. y.
[
N:,
.....:.~........
...... : a,,;.
4,
... i :
s v..;.y.
z %..
s.
).d,_,x. <..e. _ ~. ul. '..'. :4...?., - -
..,.. ~. <..
., ~. ~_
. ~ w.
s a...
...,'...L..
...,.....o
,:? a : ~.. Y.,.. s.........
w v.
- n. 3.. ;
...=:.". 'y;gu
,. y
..e...
. -..s....
t
- ~....,....=..: :.,.: y.,,,e.,' : b :'.
....? :: :.'. -,.
,L 3...
a.
....x.s: p a.-
., -r.e,
- < ;2 ~, Q... ~ ::b.r...
.2~;'
(.,h e. -. -.. -.-... <
...e
-...u- ; -.
.s... ?,... :.
.... r
- c..
- .s.
.u v
..y...
. ~.
.t
..;.,; p.
, s ',. ; y.,a.,,, ~ :.....A.,...,..
y,
......ry-,n.. ;-
g
..f......a,..,:.,
c,,....., c ;. '
c s -
.3...
. e,.. '......,.,,......, <
-. - -.. 6 -,,
...'; g...
..u os s.....-:,:..
s.,;..,,.:~..s..
g.
.; r
. 4 f..-
.c,..
w r.
s, ;.:.,.....;
,)
L
.... -g g..
p,*r,.. *.. *^...
,. ; A
.l. -
n
.y
.r....a7.'. n G.. )e.,...
~
-?
....J.....,...'.:
- , e,g: '. ",[".F. :.:sP 5,, '.,..,*. gs ?. ;:<p%. p;.s : '
,c~ :
,. C.
J.
.'.Y y.
. 1. @.
,.,s.
.a,
". ~-
t*
'.v :...b.., :,.
4
. f...,
?
.f..
.. :, 4. -j r.': :
_ a
- ;v q
- w;.. %_',... ;r -
.x-
~ -
<~.,,.tr.._,..,..;.,....e.-.-..,~.c'.
- y,."
- . 3 _;_;[p,. ':. y v.
l L' *-
^;
f*
- c...:_, ; ; - - (,.: :..
.e
(
- ,y :; ; c. ;. n ;
.;. L. <...,:.,
..c..m. _.. ;,.,.... -... _e. :... :.O.,,z, -
.. ~.
n ;.
..,y-.
?
.u..
, m. :T. f,,... *
....h;--
..,. '. ",..-;.g.-.
- ~-- - '
U,,'.
s 4,.
^*"?.*4
- .-; -'., - -. -'. \\~v..
.,,'.',.*l 0"..f '-
.: 2.: -.-,
f.c :
.4 9..,..-
- c.
..u.
.~
1.,.
.,...s,.
c...
(
g.,
f.-
s.
.g.... -,,...c.......;,...
-.e.-
.'u.
. .l.:.,.,
a,U..*
,.o..,:-
t.
'ei '..~
.v..
';.'.','.,.~g.~-
__. \\.. ! "..:;
.,,.. 3; r
- -.~;.-
4 j
- u
..~..,..... '.
.x. -.. - *,,.,,..y.,.-l;- z.;.
-r
- :., -..v
?.
.j t
.s...
7 3
g
.f_' :::...,,,, -
. et
........':.,.',..._.....'.4-'
's y,
y=,
\\ :
.-_,. - ~...
~;,
.s.:.
__ i.
a,
.. _ < s...,.. ' -' *<c.;..e,,..
4..,.
} 's
..,..... j. ;...
.e.
c q
'e.. ;,,
.f,.,i-,
3,.J s
.a
.c*...
,f-
.a
. - r.:.
- -m: *.. *., *..: *.
....}
- .~
'-_a*
.rg
'...;.'..}-*._'-'~.',..,_3.._..
y.
...j..
.3'.,
-,,(,'.,.;.,^'
2 l'
l..
.,g,
'9
.s {.
..-.;.., *.- -. ., -'..,,.,...,c :..:.,.~a..*
3..'..
.e;
. q
- - ~
a, r.
.c'. * ' '... -..,...'.., ".,,,
n, p..
'(-
'e,.
[.
- i.' ~ ' :.. l-
- q.. ;.
..U.l, ';*$.. -
e.
.; - a
..' _. ',*., ' t -
. ~.. -.
l"l _ [ _ '_,.'.., " [ z,.'
'P. j..,.
s r y.,s... '^-., " _ ';;i. _,.~.3....~<.s.et.
- ','y.
.u-
,.. '..f.i-
..,l u'
.. ~
-.~
.['
5 g
i.;*.fy.,,',,..
, {'-
. - ii.';'.'*
u.)'_'*
[# '..,, ;.
r.'.):.. <....":.'..,,.
.['"'
' '., 5 g-
,'*'.,h=,,..
v., s..y
..yyj,..; ' f' : [,. ].
.,.,,m p
- c.g,.
h ;'. - ji ;... ';:.
j.
v*
..s
- g
'e.-
~
.,.c
.:. /.
,[
,.g.
- ...~
. ~.1 c
a s l (, p.'j h.....'l.i Q;g< / - '
< ;O. -] ;
!,, -'f fg M,.*."',.,3, W a +.o.
f;:.:s,[. p:,i.*e;h E - (o :,3.],y,;.,3,.
j
.}I...
r
} ",.
' }'/.g-$. f,., i [.7. ('.,g,O. [,.y,,
, '.,.j',
.4.
..; r.
y
f-5=
'+
a
........: ~ ;4 q
. i,,..
..m
.((.$',...._,
,b
(
. 9, '
'6 * )
- ,.. f j
'((
s
- n
- u. m...w. w.k rs.
~..,.v,...
a4.' n
.th.t.,&. *. *-.i.%....-
.L
.'z : ',, '
g
,.u-# an:,,..
.s ;A., -
s
- 4
- y!,
.,f'*'[,.
_4-
,( M%
,(-
..y
.)..Y; kNh?SY$?$$b' '4.['h N$$&$.Ybk' b$k"'k JihNWk" " [?W. O.il;' j.
h.(c,f[kSUN
.h
,}
.l..
E ' l;
}h; I
7
- } ^ 1';-",..,
} "'
'f
, R' 4, ^*) _' '
p-
_5'-
,a
. i'<,
- L z
E O.
k
-s n
M.+ sA%.: ifCM:h.2 -
i...
$. :n$ d M.u.~.,a... f.v.l @ ; N...< T....qll D f.,. r y :r
.-,-lJ:;- ' - %....
f. J,
- '..n. r_..p wl", -[? W... n.....[}.m *vi... y ;{m'.,c..
h.. ?.;. :a ;. '.'....y
- 4
. ' -.:- ;. }.,
s' p. ~y
.u a
- w -
..j p.['. ?... - : ;. * ;. '.',; L,
.Y.'._
. -..j ', '
'. g.
[. ~}::;,j'.Q z.
(__.
^ ~.
c.
~
'.. + __,
kl.
'. ~...f 4
.'y'.ps,[ ;. h.o r.... ;;.
..i7.'.
' ;P. '~ ; *^,,; ' *.
.y y
.c...s-w
- .. w !' x. ;
- -.... =: 4.':."y
}; : #' '.I ' -a ; - ' -. J ' '::,'.'........, ", - ;;. i e-l
. Q:.
. c
-L a,.,.. :
-,v..
~..
.V.....
- n c
..s.
..... v: x c
I i
I 1
I LONG ISLAND POWER AUTHORITY
-I FINANCIAL STATEMENT MARCH 31,1992 1
l I
I I
f
(
I I
'I i
J 8
t A
>E E
1.
i a
4 I
1
i I
I CONTENTS I
Eagg I
INDEPENDENT. AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS 1
I
. Balance sheets 2
Statements of operations and changes in accumulated deficit 3
Statements of cash flows 4
Notes to financial statements 5-10 INDEPENDENT AUDITOR'S REPORT ON THE SUPPLEMENTARY INFORMATION 11 SUPPLEMENTARY INFORMATION Statement of operations information:
I Consulting costs and general and administrative expenses 12 I
I I
I I
I I
I.
IUK Urbach Kahn &Werlin rc bbk CERTIFIEDNJBLIC ACCOUNTANTS g
INDEPENDENT AUDITOR'S REPORT I
To the Board of Trustm Long Island Power Authonty We have audited the accompanying balance sneets of Long Island Power Authonty as of March 31,1992 and 1991, and the related statements of operations and changes in accumulated deficit and cash flows I
forthe years then ended. These financial statements are tne responsibility of the Authonty's management.
Our responsibility is to express an opinion on these financial statements based on our audits.'
I We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the I
accounting pnnciples used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairty, in all matenal respects, the financial position of Long Island Power Authonty as of March 31,1992 and 1991, and results of its
_I operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
As desenbed in Note 1 to the financial statements, the continuing operations of the Long Island Power i
I Authonty are dependent upon receiving funced appropnations from State of New York. Although amounts have been appropnated commencing Apnl 1, 1992 the Authonty has not yet received these appropriations.
V a 'Ndum alA PL I
New York, New York June 11,1992 I
I I
I
LONG ISLAND POWER AUTHORITY BALANCE SHEETS March 31.1902 and 1991 ASSETS 1992 1991 CURRENT ASSETS Cash, including restricted amounts of
$2,204,604 in 1992 and $26,061 in 1991
$ 2,395,988 $
155,875 I
Investments in U.S. Treasury Bilis, including restricted amounts of $17,213,538 in 1992 and S3,361,003 in 1991 18,283,562 5,984,568 Other current assets 716-8.716 Total current assets 20,680,266 6,149,159 OFFICE EQUIPMENT AND FURNITURE Net of accumulated depreciation of
$45,180 in 1992 and $19,577 in 1991 56,911 53,182 OTHER ASSETS 1.456 7.172
$ 20.738.633
$ 6.209.513 UABILITIES AND ACCUMULATED DEFICIT CURRENT UABlUTIES Attributable to Shoreham:
I Advances from Long Island Lighting Company
$ 11,969.268 $ 2,118,845 Due to New York Power Authority and LIPA Third-party Suppliers 6,886,910 373,452 Accrued expenses, other 481,720 883,412 I
Accrued consulting costs 86,229 277.,624 Accrued expenses, other 103,817 98,505 Due to the State of New York, its agencies and authorities 228,620 144.648 Total current liabilities 19,756,564 3,896,486 STATE OF NEW YORK ALLOCATIONS 14,203,300 14,203,300 ACCUMULATED DEFICIT (13.221.231)
(11.890,273)
$ 20 738 633 $ 6 209 513 i
See Notes to Financial Statements.
I 1
I I
i LONG ISLAND POWER AUTHORIT(
STATEMENTS OF OPERATIONS AND CHANGES IN ACCUMULATED DEFICIT Years Ended March 31,1992 and 1991 I
1992 1991 OPERATING EXPENSES:
Consulting costs S
581,001 5
824.370 I
General and administrative 1.120.403 778.857 1.701.404 1.603.227 Less reimbursement of Costs Attributable to Shoreham:
Current year 370,446 333,476 Prior years 549.544 370.446 883.020 Net loss (1,330,958)
(720,207)
Accumulated deficit, beginning of year (11.890.273)
(11,170.066)
Accumulated deficit, end of year
$(13.221.231) S(11.890.273)
See Notes to Financial Statements.
I I
I L
I I I
LONG ISLAND POWER AUTHORITY STATEMENTS OF CASH FLOWS l
Years Ended March 31,1992 and 1991
)
l i
lj 1992 1991 CASH FLOWS FROM OPERATING ACTIVmES el Cash received from Long Island Lighting Company i
for reimbursement of costs incurred 350,188 $
884,873 gi Cash paid to consultants and other (1.890.246)
(1.321.249) 3; Net cash used in operating activities (1,540,058)
(436,376)
CASH FLOWS FROM INVESTING ACTIVmES Proceeds from sale and maturtties of investment secunties 33,923 446 18,043.753 Purchase of investment securities (46,182,654)
(18,477,449) g Purchase of office equipment (52,191)
(76,504) e interest received 286,477 338,866 Interest repaid to New York State (50.817)
Net cash used in investing activities (12.024.922)
(222.151)
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVmES Interest received from Long Island Ligh*ing Company credited to New York State Allocations 83.508 Net cash provided by non-capital financing activities 83.508 CASH FLOWS FROM CAPITAL FINANCING ACTIVmES Cash advances received from Long Island Lighting Company, attnbutable to Shoreham 27,613,834 7,146,200 Payments to New York Power Authority, g
attnbutable to Shoreham (8,578,256)
(3,908,819)
E Cash paid to consultants and others (3,230.485)
(2.898,739)
Net cash provided by capital financing activities 15,805,093 338,642 Net increase (decrease) in cash 2,240,113 (236,377)
Cash:
Beginning of year 155,875 392.252 m
E' End of year
$ 2.395.988 155.875 I
I.
4 E
E
r LONG ISLAND POWER AUTHORITY STATEMENTS OF CASH FLOWS Years Ended March 31,1992 and 1991
'l 1992 1991 E
RECONCILIATION OF NET LOSS TO NET CASH USED IN OPERATING ACTIVmES Net loss 5 (1,330,958)
$ (720,207)
I Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation 25,603 11,028 I
Reimbursement of office equipment acquisitions 22,859 44,243 Repayment of interest (16,160)
Changes in:
I Other current assets (61,039)
(49,829)
Security deposits 5,720 (664)
Accrued consulting costs (191,395) 262,246 Accrued expenses, other 5,312 41,934 Due to New York State Agencies (25.127)
Net cash used in operating activities 5 (1,540,03
$ (436.376)
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANC!NG ACTIVmES Transfer of liability from Due to the State of New York to State of New York Allocations S
S 319.809 I
See Notes to Financial Statements.
I I
I I
I 5
I I
LONG ISLAND POWER AUTHORITY NOTES TO FINANCIAL STATEMENTS Note 1.
Organization and Nature of Operations The Long Island Power Authonty ("UPA") was established on January 15,1987. UPA is a I
corporate municipalinstrumentality of the State of New York (the ' State'), constituting a body corporate and politic and a political subdivision of the State, created by Chapter 517 of the t
Laws of 1986 (the 'UPA Act").
Under the UPA Act, UPA is authorized to acquire, through negotiated purchase, tender offer, or exercise of the power of eminent domain, all or any part of the secunties or assets of the Long Island Ughting Company ('llLCO'), provided UPA first determines that sucn acquisition I
would result in rates that would not be higher than the rates that would be charged by ULCO if such acquisition did not occur.
Under the UPA Act, UPA is further authorized to undertake the following activities, among other I
things, within its service area: to assist in the development and implementation of conservation and load management programs; to facilitate the development of cogeneration and afternate energy production facilities; and to serve as an advocate for utility ratepayers. In addition, UPA I
is mandated to close and decommission The Shoreham Nuclear Power Station (*Shoreham Plant') and to investigate and oevelop alternative uses, if any, for the Shoreham Plant. UPA's service area is comprised of Nassau and Suffo!k Counties and the portion of Queens constituting LILCO's franchise area.
UPA is dependent upon the State for appropriations to meet its funding requirements. State appropriations are subject to approval each session of the State Legislature and do not constitute a lega!!y enforceable obligation of the State; accordingly, UPA has no assurance that required appropriations will be made beyond the current State appropriations for UPA's operating expenses. For the year ended March 31, 1991, an amount of $990,000 was I
appropriated by the State to UPA in the State budget. However, the funds were not allocated to UPA, and therefore, no remittances were received. For the year ended March 31,1992, no amount was appropriated by the State to UPA in the State budget. $1,140,700 was appropriated by the State to LIPA in the State budget for operating expenses commencing April 1,1992 in furtherance of its statutory purposes. This amount is considered by UPA to be sufficient to cover its operating expense, contracts and liabilities through fiscal year ended March 31,1993. On July 17, 1990, the Division of the Budget of the State of New York I
instructed UPA to use interest earned and collected as of March 31,1990 in the same manner, and for the same purpose as appropriated funds of the State. Cumulative interest earned and credited to New York State allocations as of March 31,1990 amounted to S403,317.
UPA's operations are funded solely by allocations of UPA's State appropriations, except that UPA's Costs Attributable to the transfer of the Shoreham Plant to UPA and to its ownership, possession, maintenance, decommissioning or dismantling of the Shoreham Plant will be reimbursed by ULCO, under the Amended and Restated Asset Transfer Agreement between ULCO and LIPA, which provides for the transfer of the Shoreham Plant to UPA (see Note 2).
i Such allocations of UPA's State appropriations represent advances from the State paid from I
the Long Island Power Authonty creation and contingency fund in the miscellaneous special revenue fund - 339C5 (the ' Fund"). The Fund consists of payments made by LILCO to the State pursuant to LILCO's gross receipts tax obligations.
I I
t I
I
NOTES TO FINANCIAL STATEMENTS Note 1.
Organization and Nature of Operations, (Continued)
In accordance with a Repayment Agreement between UPA and the Director of the Budget of the State of New York (* Repayment Agreement *), UPA is required to repay to the State the total I
original principal amount disbursed by the State to UPA, without interest, pursuant to the UPA Act. This amount must be repaid by UPA: a) first, from the proceeds of the first issuance of UPA Bonds, b) second, from any ' excess revenues' (as defined in the Repayment Agreement) denved from UPA operations and/or investments, and c) third, if sufficient Bond proceeds or excess revenues are not available, then by the delivery to the State of non-interest bearing Bonds which are duly authorized, issued and executed by UPA (* Repayment Bonds'). UPA Repayment Bonds are without recourse to the assets of LIPA except to the extent that UPA has I
sources of funds available from the proceeds of the first issuance of UPA Bonds or from any excess revenues derived from UPA operations and/or investments.
On December 20,1991, UPA submitted a Repayment Bond to the Director of the Budget of the State of New York. The Repayment Bond represents the total original principal, in the amount of $13,799,983 disbursed by the State to UPA and investment interest in the amount of
$607,699, earned on the amounts advanced to UPA which are considered funds of the State.
The above amounts reflect the principal and interest as of October 31,1991.
Note 2.
Settlement Between the State of New York and LILCO and Transfer of Shoreham to LIPA On February 28,1989, ULCO and the State of New York, entered into a Settlement Agreement to resolve the controversy over the Shoreham Plant and power supply issues affecting ULCO and its customers. The Settlement Agreement contemplated, among other things, the transfer I
of the Shoreham Plant from LILCO to LIPA for $1.00; the payment by ULCO of all Costs Attnbutable to UPA's ownership, possession, maintenance, decommissioning or dismantling of the Shoreham Plant, including any of UPA's administrative and general costs directly related I
to the Shoreham Plant and the determination by the New York State Public Service Commission
(*PSC*) of just and reasonable rates for ULCO. On February 29,1992, the United States Nuclear Regulatory Commission ("NRC*) approved the transfer of the Shoreham Plant and NRC license for the Shoreham Plant from ULCO to LIPA. Title to the Shoreham Plant and NRC I
license for the Shoreham Plant was transferred on that date for $1.00.
On December 29,1990, LIPA submitted to the NRC, its plan to decommission the Shoreham I
Plant. LlPA's decommissioning plan was approved by the NRC on June 11,1992. The cost to decommission the Shoreham Plant, as estimated by LIPA, will approximate S186,000,000 (in 1991 dollars).
On April 14,1989. LILCO and LIPA entered into the Amended and Restated Asset Transfer Agreement (* Asset Transfer Agreement') under which LILCO reiterated its agreement never to operate the Shoreham Plant and to transfer the Plant to UPA. Both the Settlement Agreement I
and the Asset Transfer Agreement have been approved by L!PA'S Board of Trustees and LILCO's Board of Directors. The Agreements became effective on June 28,1989, when LlLCO's shareholders voted to approve them.
In accordance with the Asset Transfer Agreement, LIPA and ULCO have also entered into a Site Cooperation and Reimbursement Agreement (" Site Agreement *) on January 24,1990. Among other things, the Site Agreement establishes the specific mechanism for ULCO to provide I
payment for all Costs Attnbutable to Shoreham (as defined in the Site Agreement), including such costs incurred prior to January 24,1990. UPA has also entered into a Management Services Agreement with the New York Power Authonty (*NYPA') dated January 24,1990, which spec:fies the management and technical services NYPA will provide to LIPA in connection with the license transfer, maintenance and decommissioning of Shoreham. Both the Site Agreement and the Management dervices Agiccr :cnt ro in effect.
6-I
NOTdS TO FINANCIAL STATEMENTS Note 2.
Settlement Between the State of New York and ULCO and Transfer of Shoreham to UPA, (Continued)
As required by the Site Agreement, UPA has established two reimbursement funds, one for I
Costs Attnbutable to Shoreham incurred or to be incurred by UPA and one for Costs Attributable to Shoreham incurred or to be incurred by NYPA and by UPA Third-party Suppliers.
ULCO is required to advance to UPA for deposit into the reimbursement funds amounts equal to three months' projected costs. UPA has sole authonty to invest and to make disbursements I
from the reimoursement funds.
Note 3.
Summary of Significant Accounting Policies Accounting basis:
The financial statements have been prepared on the accrual basis of accounting.
Investments in U.S. Treasury Bills:
UPA invests available State appropriations and Shoreham-related funds in U.S. Treasury Bills which are carried at amortized cost which approximates market value. Under an agreement between UPA and the State, allinvestment income earned by UPA on its State appropriated funds, (except as disclosed in Note 1), is payable to tne State. As a result, discount eamed is recorded as a liability to the State, and no income or expense is recorded in the financial statements. Under the Site Agreement and the Management Services Agreement, all lI investment income earned on Shoreham-related funds is credited against ULCO's future remittance and deposit obligations, and no income or expense is recorood in the financial j
statements.
Reimbursement for Costs Attributable to Shoreham and advances from ULCO:
Costs Attnbutable to Shoreham incurred by UPA prior to January 1,1990 were subsequently reimbursed by LILCO and have been recognized as reimbursement of expenses during the year ended March 31, 1991. After January 1,1990, ULCO provided for these costs in advance based upon estimates of expenditures. The related funds received from ULCO are classified as advances from ULCO. Certain Costs Attributable to Shoreham incurred by UPA or NYPA are cnarged against these advances. Other Costs Attnbutable to Shoreham, principally operating expense allocations, are reimbursed, charged against these advances, and recognized in the statement of operations.
State of New York Al locations:
Allocations received from the State are recorded as liabilities since the amounts are required to be repaid to the State in accordance with the provisions of the Repayment Agreement.
Depreciation:
Depreciation of office equipment and furniture is calculated on a straight-line basis over the estimated useful lives of the assets.
Taxes:
LIPA is a political subdivision of the State of New York and, therefore, is exempt from federal and state income taxes. I
NOTES TO FINANCIAL STATEMENTS Note 3.
Summary of Significant Accounting Policies, (Continued)
Retirement plan:
I The pension plan for UPA employees is part of the New York State Employees Retirement System. The plan benefits are provided under the provisions of the New York State Retirement and Social Secunty law and are guaranteed by the State Constitution. The Authonty's election to participate in the plan is irrevocable.
l Note 4.
Investments and Deposits with Financial Institutions I
At March 31,1992, UPA had cash deposits with two financial institutions totalling $2,395,988.
The cash depostts include $2,204,604 of funds restricted for Shoreham-related activities. The
'I amount of each deposit was covered by federal deposrtory insurance or by collateral held in UPA's name by the pledging bank's trust division.
UPA is authonzed under investment guidelines adopted by its Board of Trustees to invest II excess funds in U.S. government securities having maturities not greater than 120 days and in certificates of deposit from banks or trust companies authorized to do business in the State.
UPA's investments include 517,213,538 of funds restricted for Shoreham-related activities.
UPA's investments at March 31,1992, which were held in UPA's name by its authorized bank, l
were as follows:
Matunty Par Amortized Dates Value Cost Unrestricted investments (non-Shoreham-related funds):
U.S. Treasury Bills April 2,1992-S 1,075,000 S 1,061,983 Accrued interest June 25,1992 8,041 Restricted investments (Shoreham-related funds):
U.S. Treasury bills April 9,1992-17,300,000 17,137,506 Accrued interest June 18,1992 76,032 Note 5.
Office Equipment and Furniture Office equipment and furniture consists of the following:
1 March 31, March 31, 1992 1991 Office equipment 5 106,616 5 68.274 Office furntture 62.581 48,728 I
Less, reimbursements f67.102)
(44,243) 102,095 72.759 Less accumulated depreciation (45.180)
(19.577)
S 56.915 5 53.182
-8
NOTES TO FINAfdCIAL STATEMENTS Note 6.
Prior Years' Costs During the year ended March 31,1991, a total of $549,544 of general and administrative costs related to prior years were determined to be Costs Attributable to Shoreham. Such amounts have been recorded as prior years reimbursement of Costs Attnbutable to Shoreham during the year ended March 31,1991 Note 7.
Commitments Payments in Lieu of Taxes On December 31, 1991, ULCO remitted approximately forty one million dollars (541,000,000.00) to the Town of Brookhaven as a property tax payment for the Shoreham Plant and certain surrounding property for the tax period December 1,1991 through May 31,1992. On February 29,1992, the Shoreham Plant was transferred from ULCO to UPA.
The LlPA Act requires the Authority to make payments in lieu of taxes (P! LOTS) on the Shoreham Plant to municipalities and school districts in which the Shoreham Plant is I
located in the first year after LIPA's acquisition of the Shoreham Plant in amounts equal to the taxes and assessments which would have been received by such taxing authorities, if the Shoreham Plant had not been transferred to UPA. Accordingty, such LILCO I
payment of approximately twenty million five hundred thousand dollars ($20,500,000.00) for the period March 1,1992 through May 31, 1992 is considered by UPA to be a payment in lieu of taxes on UPA's behalf to such taxing jurisdictions. In each succeeding year, such in lieu of tax payments are to be decreased by ten percent until such time as I
such payments equal taxes and assessments which would have been levied on the Shoreham Plant in a non-operative state. On June 1,1992, UPA reached an agreement with the taxing jurisdictions pursuant to which UPA paid approximately forty one million do!!ars ($41,000,000.00) on May 31,1992 and will pay another forty one million do!!ars
($41,000,000.00) on January 10,1993 and then approximately thirty seven million dollars
($37,000,000.00) on or before May 31, 1993. All parties reserved their rights in the I
agreement to maintain their position as to whether these payments constitute PILOTS and/or taxes. the correct amount of the payments and any and all other issues regarding the parties' rights and obligations under the Act.
Lease in February 1990, UPA entered into a lease to rent office space through April 30,1995.
The annual minimum rental per the terms of the lease is as follows:
Year Ended March 31,1993 S 161,492 March 31,1994 166.646 March 31,1995 171,800 I
March 31,1996 14,750 S 514 688 Rental expense for UPA's office space prior to reimbursement amounted to approximately i
$143,000 and $110,000 for the years ended March 31,1992 and 1991, respectively.
Third Party Suppliers I
As of March 31, 1992, UPA's commitments for contracts to LIPA Third-party Suppliers f
totaled approximately fifty five million dollars ($55,000,000.)
I 9
I
NOTES TO FINANCIAL STATEMENTS l
Note 8.
Costs Attributable to Shoreham in connection with the Management Services Agreement and the Site Agreement, as described in Note 2, Costs Attnbutable to Shoreham are fully reimbursed and subject to audit by an independent auditor.
Current and cumulative costs incurred through March 31,1992 are as follows:
l Prior Year Ended Aoril 1.1991 March 31.1992 Cumulative UPA and Third-party Suppliers:
j Legal consultants S 2,389.203 $
730,000 $ 3,119,203 Consultants, other 1,867,102 978,983 2,846,085 I
Third-party suppliers 101,846 6.696,264 6,798,110 Salaries and employee benefits 618,467 251,252 869,719 General and administrative 416,281 140,273 556,554 Payment in lieu of taxes 6.815.252 6,815,252 I
5 392.899 15.612.024 21.004.923 NYPA:
I Legal consultants 418,833 78,109 496,942
)
Consultants, other 2,309.610 6,598,101 8,907,711 l
Salaries and employee benefits 1,452,622 1,858,300 3,310,922 l
General and administrative 483.687 1,292.854 1.776.541 l
4.664.752 9,827,364 14.492,116 510.057.651
$25.439 388 $35 497 039 I
I I
I I
I I
i t
I i
I I
I I
I I
i e
\\
I SUPPLEMENTARY INFORMATION 4
I I
I 1
I i
(
1 i
i i
4 1
t I l
- I J
I I
I I
l' LI 1
IUK Urbach Kahn &Werlin ec
&W CMTmW PUBUC ACCOUNTANTS g
I I
INDEPENDENT AUDITOR'S REPORT ON THE SUPPLEMENTARY INFORMATlON To the Board of Trustees Long tstand Power Authonty Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information for the year ended March 31,1992 is presented for purposes of I
additional anatysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
I J
(o v(d New York, New York June 11,1992 I
I I
i I
I I
l I
i LONG ISLAND POWER AUTHORITY CONSULTING COSTS AND GENERAL AND ADMINISTRATIVE EXPENSES Year Ended Maren 31,1992 I
Cunem Net Costs Reimbursement Costs Consulting costs:
t-Engineenng S
402,865 S S
402,865 Energy conservation 110,570 110,570 Accounting 32,761 20,316 12,445 Legal 34 805 34,805 5
581.001 S 20 316 5 560.685 I
General and administrative expenses:
Payroll 5
727,388 S 258,169 $
469,219 Employee benefits 98.636 (22,288) 120,924 Rent 143,843 81,164 62,679 I
Telephone 26,494 26,494 insurance 5,127 1,363 3,764 Office expenses 27,696 19,777 7,919 I
Postage and messengers 10,171 10,171 Equipment rental 11,063 11,063 Repairs and maintenance 5,324 2,260 3,064 Dues and subscriptions 3,871 1,589 2,282 Travel and entertainment 11,949 8,096 3,853 Vehicle expenses 8.266 8,366 Advertising and promotion 8,128 8.128 I
Board meetings and trustee expenses 763 763 Court reporting services 4,548 4,548 Interest and bank charges 1,433 1,433 Depreciation expense 25.603 25,603
$ 1.120 403 S 350.130 $
770.273 I
I
.I I
I 1 !
I I