ML20095L059
| ML20095L059 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 12/31/1991 |
| From: | Pope T ORLANDO UTILITIES COMMISSION |
| To: | |
| Shared Package | |
| ML20095L057 | List: |
| References | |
| NUDOCS 9205060206 | |
| Download: ML20095L059 (60) | |
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U ; The Year in Review - Conservation
~'
1 , Comparative Highlights ;S PROUD Volunteers x
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C0llimiSSiOll Pr0 file The Management Team < Gottawannadoit ! eh'ctric and wJ!t'r utthly mvyirty 218 (Gb , i custainers in the City of Orlando and l utuncorporatedportiom of Orange Coaoty 8 Throug*1 a vdoety of a;)terentents.11 J!sa helps prondo poswr to 13 Olin f tonal Eledrh Generation Service Your Way I cshes At !!L request of the cr!> and its
,hrens. it was origirutty crealmiby!?re floriar !ctrisIJ!are in !!)23 Although pJrt fm of the goveminetti of the Cary of or lancia, if ts gover imi hy an ini eperkk?nt cointins -
t sion and exercises fall Julhortly ever its Statements tales itnd operations 4 _. v Water Operations l
' For mrse infomwaari about Orlande Upues, contact Tracy L, Smith, Managing thrector of Communications, SCO South Orange Ave ; Orlando, FL 33801. (407) 423-9100.
HOTE: The Centras l'ava<ts Shettwed Washop, bac;a n.m protut . .
.vyarsvukm provuku rmed banckng s_ervn:en for true smt>hcatwn.
-. g.ew_-,.,-wwwuume s mer-m---- ---* "-hm--d" * * " > ' - = = = * * ' - ' ' " " " ' " ' * ' ' " " * * + + - - '
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ll g s . u l;q I 1 i Geilera A allaoer's o N essaoe b , l l 19H was rnarked by many b:ghhghts our customers. w hn ben (fitted m many Who are the other stakehelders? A: l l l Electric sales and revenues rest m spite of , ways Ehctrx 'ates unchanged for the OUC we behese our errplayees are. g l l s!cx ecencmic conitions Aggressr.e, ! fourth tensecuthe year and water rates When i! si sei and dene the success of q j l mnesaine !marang mxes geretated i remained am..mv the lowest in the state this tu!:ty uiumrely ints on the a n ; strong eamir.gs We kept the brakes on E!ecinc sen ce imersed m spite c! a the da tN r pbs For this recon we L l eperatmg evpenses Cc mb ned one aung dr3 math increase m thundersto% e hr.e gnen our empbes a rea! dake' j, I l revenues and other incntne roched a wa3 the mest rehaHe in the state m OUC s sua:hs thmugh an incemi e !; I l record lesei and net mcome a r, ear wrrpated ia our peers co * ; enmuen prvam And a he paa ; <: . l 1 l ! record And we retamed tbe t?o. cred;t i Our cu3 tamers aisa contmoed to i# l i rating of any ejectre u% y in the nstion l recehe hea!:by b4b aaahty water l The benehb our mtomers ed [ i ) The ye3r was also highlighted by the l Do our customers thmk we re l caden-owners received this year far l ) Govemor of Florida and Cabmet givmg dcing a good lab? An merwhel ming outweghed the mst of tN incenuve ' unanimous approval to our plan to budd a majanty respondmg to a four-wave compensauen awarded ,
- second generc.img urut at the Santon sune) daid we were We are especu!!y praud of this year s li l Energy Center Above all our ~stdehold- { The citizers of Oriari ceaho pet 3rmance and we sa!ute both our
- ers' beneft:ted ' importard stakeholders and they Commissian and our employees Wuhout l At OUC. we sene a "inang!e' of people cenehtted. too We were abie to mde a their support and efforts, OUC cs d ! ;
who hase a stake in auf success At the record 'dwidend contnbution to the Cay not have achieved the hgh level of l } top are our rnest important stakeboiders of Orlando performance that it dd l l
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- T.C. Pope i
, Executive Vice President ; i and General Manager l i , j ,) ' a
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Despite the economic climate and the Persian Gulf War , 1 m m Jy .;, F.L a3rf,' f L i_ !,: ,. L t ce mu - n ; Orlando Utilities' performance for Fiscal 91 was strong and * * * ** ' )
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; the utility remains in excellent financial condition. e r: G l
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! ELECTRIC 5 ALES '
vc mm fam. ) N etmiwar m ed imteJged pt S30 i n in gmst led m r d ; '" ' 4 ! SPARK STRONG GAIN <
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d-i , m sr,e3 , n e hn hw u be.m i ree ni.tsa,y is e i m p , w w -:i rg j 1 I t$e hPCed 'i \{[ AIen $_) n. (I[I [( .0 ; ${ l [ 4 i.[e, f M 3 '([ -- !'t ' ir i f b d l , l j en:ra y, cre;Nrw, wa_6 m:'e ne m esysmuss ama_
; . mr; s up jdnm te )
% nc me tease ca extreme weder i be t + ; 12 na -V H ELECTRIC RATES H arm ,rma a tr.t e'ern meet drasa encoms .
j jece tr, en m 1. mr . REMAIN STABLE h ! OUC s t perrng re,enues and otkr A y ns; a p ; c w nz - v; tre a f ;x e c jj
- re osm s e 4 :ny s s === '* me ,mu, mese mm m . ,es v s u ibe pw o yea s;% %mc- wt0ern s r es fa ' - t y s v anettssa. up !
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tu , in se- .s s ;, i i emmercia? er<rgv sa'es ehere f x -* b nme ,w r v ; rm 57 : a m a i! s.es evaa tus + t e a res:de 'in! p rwin snd > Oper e gaui mcer* rgt , a tr.- r y in ,
; crer: te; wet. rrdd rvN" M s ,,,,,,,,,,,,. eiperm e up : 3;m m <ip e g
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'"""'t-6 j3 - (I - Ybdf~f [{~' )'y' g f W1 * ; $ 30 0 nl T!is grease h Ped i;OUC s issumg $2M 8 m rM <m - r d tv r1-f:' , tv .cys ! ' 6 , ww~er
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- l in C M% E[ ( dn (.d 5 i iI ELECTRIC RETAIL S ALES in,q+ee',r.m
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[f un 1 G infa*mnr > Thme eg. eases t14 td 5221 rn " l ;y vp p j3 p]g , .[<.3([ , 4 WC curted tNse tests t < erfder' c e; na ed (if se &! j p'y
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p Q w e %ra %.n:awme h hhhh. Im n 1 u _ 1 - were a deade a.;a 0
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l *> for the first Pme Ca n nen an i mev mtr s re ta 5FN h; g-t
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! B e donre & M eAs maease ces W eSect 4e', OUC is epected tm A f vih we pay pst 22 Ws oc4e a -
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RECORD RAINFALL , erutes 2 :waa an : _f .
- l DAMPENS WATER SALES l an an i a ! n pe a m , .
i In FY 0104rch ex;mced a2 they e et wt E npa I one cl the wereM wys m a the m o de:3je N ver 5t'.xe 3;cre Te er .mcwaa crun.+ l a t he e st : - rec d m a
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l Because of the quahty of lite and the quahly of groath . i np 6 h.i *s ge: m an : . w -ee n ec g m p r s , l b: m: W : 1i& n l l 1101 has occurrm)here. Orlando tus a specidl "clirTUte g&m e;w ed np'er Esen i CITIZENS REAP I . se. n .,a au sa es wue s , u. RECORD BENEFIT j for groMh" that is recognimf intionwide ab.eIDW dIA0RaSaC ' ' l OUC 5 iw T:e% the d b "
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; THnovonouT sv. urTno ORLANoo wAs coNTsuru.Y W THE I
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~ u; v m.. .- , y- maM NATIONAL $POTLIGHT THE W41t $ rRf f TJCLWAAt USTED ORLANoo sta l
l reie m wb e @ ped?3 9 5 ' O ~. IFe - 4 Wei ITs FOP pa *po0At 70WNs or TNT I990s."FonTONC RANKED M AS ONE i
%-oc. e m.m p+m.3 e sie s g . #c b j r o m.,, --
g j; a1 - ,t s. a# ~. g h. < 3 OF TNs NATION'S 10 Siff cfffff FOR $#ffNfff TtVE FEATURED THE ISCTe3se n h Ie! N',.' .N et
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C:TY ON !TS COVER CtTtNG rTS *MOWm8 6ROWTN.* I
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DI U e L.* ' bre'd C. Vd an ! W.P W LOA /OA IREND SAlo OHLANDO HAS THE Siff $UsrNist KNyl#0N-l l ,
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4 :- Q. '>n ..J..n m n u e.# p. ,rf. 1.e. - t e 4 - e n .r r "e,' " i - l MfMT m FNs JTAff WHILE SJE SRfCTiOV RANuo ORtAsco Numsta I T410 iEe5 ThC i'Jiot A h ;M P . l
)l t ONE FOR ITS QUAUTT OF 11Ff lNc MAaA:iNE SAYS ORL ANDO HAS *TNG
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WATER RATES AMONG MM re:er-r.g tn sist cumAff FOR G#0Wm8 A 3&im"$$" M JNI $0pTNEAsr DECAUSE. LOWEST IN STATE dAc p m < , m e< ! Tre w o!nuc wre srr " w~ F w m m .e.e ! or us oYNAwc ANo osERss Economy ,
; ! IRONICALLY. THE E AALT WOS WEHF ALSO M ARKED ev E CONOV'C !
bwes! :n the Mfe Cr'CD 4* *
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l ih pre'i * :s 0'1
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- Mi ;7 PROBLEMS. TMEN RESULTING DMECTLY FROM EARufH CHISES OVER
] . :
W-. e '"'T @ IP.e COs! N A 3't; ' j '*' g.tt- = 4,-" 7 f + ' - A - .' i i l VCE AST OR NEVERTHELESS THAT DECADE PROVED TO BE ONf? OF l ' f b O".hnE rerd MsuOT953J ' 9 ; TG PHENOMENAL OROW'TH HERE. PC _%eSt "; W % Tir 5 Edh' i 4 DURAG THAT TIMai METRO ORLANDO LED THE NATKWS TOP SO i 4 MARKETS IN MANUFACTUR'NG AND EMPLOYVE NT GROWTH AT'TRACTING t i f' f A UON'S SHARE OF THE TOT At CAPtTAL INVE$1MENTS MACE IN FLoncA i l BY NEW WDUSlRY TODAY W HAS OVTR 3 000 MANUF ACTURERS AND WATER sat.ES - !
<swom s. nucha na ya AR) {
D!STHRUTORS
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d
'; -( l NOW STHONG GROWTH IS FORESCEN FOR THE LONG 1ERM AL.
l b " m. .m [,~ % <<N
~j THOUGH !T is NOT EXPE CTED TO MATCH THE UNPARA1.LELE D GROW 7H OF s~j THE 801 local EcoNowsTS SAV THAT IN YHE NEX T TWO Yr AHS t 30 -
24.5 # w'g w i (f') 21.0 a# F ~-$
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- a. >
ORANor IS EXPT CTED TO BE THE St CONO TASTEST GROWNG COUNTY I i 2h17*5 '* W@e"WM?Q P?W e 3 g l l I
- 10 b.o.e,w, bgg a -++.=~Z w . w 'Mi;&y eq t- m~d v 3M m.M+,6p Ms THr NAToN s secoNe r AsrEsT onowWo STATE. Taus. OUC l
l- e .. r h UW ^, aM !s? id Li + i n 3 ,' n'1 +' i CONTWUES TO PLAN AND PHEPARE FOR TOMORROW S EXP Af40WG O k2.t* we % ' < m' < w, e . i si 19811 . 1986 .
.-1991 .2001 , POPULATION WHtLF SERVWG TODAY S CUS TOMERS HFUABLY,6AFELY I i
l . l j l-{ O
, { AND ECONOU+C ALLY
. _ _ _ .__ . d
ow. . , - - . - y*w--.-.n. g-.. ._o.- . y . . ,,, mm . a.m -w . -.---..---m--on-.m.-+.-..-+-wem--- -ie,e -- - . * - - .--.4=---* e,.-%.*_in>,. -.a ,,.-4., MD 6HIS zg l N ,Ifi aw . . . . M CreCErallTg100S 111ile 13auo:- l hgh tmd tatmgs. its larg-range l InhighestFYcredit M rating Ork.ida of any electnc Utlhte utsty had OMC thc demonstrates ' p:annmg and its enectne ueasurf l m the ranon retninmg the AM orgmaUy -
.. management strategies !
assired by Duff 6 Phelp>lrc in W , i Sqnkandy OUC geneauy ears a Two othet mMut f atmg agencies ako UXI'(I!!UD! OMUIdI"IOIId! , peater peld on miestments than d pays j contmue to gwe OUC hgh marks Moody 5 - - , or debt As an A' Wa), a can imest i I
}nWstDTS Serece and standard 6 Pcer s bendor:<eeds , , empt u tends rate the tdihty Ac! and M respectWeiy
- d. ild fillaf M:lal of ot9r en$tes au <n a highor rata et i
j 000 abo eamed high ratmgs on its % - interest w hde also aadmg feded - e arbarage restretsu 5eDPS Of sdn.edmated bor4ds and sur:able rate tend antiapanon tvates $ANst d ur M erist 6 " , _ in FY % OUC cffset MO of the
~
Duf! fr Phelps rated the 5235 8 mdhon : annua cest of as debt by earnmg $N 5 jug!Or hen b0nd IS$Ue M+ ahd gdYe !!$ ,, Og$$ & Plgglp3 m009 m Mterest %bde p3)mg 5M highest possith tatmg (l+/AN to $W 0 J mucn in mterest egerses milhon in BANS Mued m D"cember'91 As for debt service coveoge rates. in FY ! OUC also generabssues tends at i I Moody s and standard & Pom s ako w ouc had 2 e ames the amount of l imer west rateman mer uNmes assiped the hgbest atmp they give BANS a.shbie eamings it needed te pc send tecause of its udngs and t% timmg of n These ratings reH mvestors that DUC is in hen deb The requeed rana to ssue more manet entr es Sound huanClid CDnddtort CVen < Semor debt is L5 tirez, The UUhtp bd the mAe! dt as kaest f pd! f0f the jeaf Ahen is%Utrg.lts 5M5 8 l rnd on senes kding m a true mieres' ccst l t DUC 15 Witt PO$tT10NED TO MOUNT AN AGGR151BVE flMANCING OUC was eso ready to take af.anta*re et PRDGP.AM BICAUSE Of ITS HIGH BOND RATINGS, ST$ LONG-RANGE PLANNING, 1 mdet cond:tbns whe' :ssued the $w 0 ' AND If5 EHitTIVE TR?A5URY MANAGEMINT STRAftGitS. mdhon ariab!e rate BANS inaiauf at a 3 ?J5% interes? Mte better than when a hnanced the Curtis H ! The unmr Len rano a a s3 nmes l INNOVATIVE INVESTING Stanton Enerm Center and ran save the ' atdabe earr mgs co pa ed to a rewired i Capita 1zmg en es ea ning potendat 00C 1 IJ!lhly dnd fl5 (US!DIDe!5 ITMDey In the lUhg - f 3!d O! l 15 hmeS f madi39inOvatf.e b ein O $ mitiUng ' l resences e3rraded for cap.t2 imprese-terrn ; In a statemera to the imanda! press aher i FUTURE FINANCING i ment < and tonwng mere funds mstead ratmg the DANs Duff 6 Phelps saidOUC Engged in 'he most utenuw op%l l The cMy mwsted appranate!y SR demasuates wenent operanona! and racravement p c: green es nmert ooc ' no on trem re<eroes at 8 in eterest hDaTlCIM Ch3?aClef MtiCS " dddmg that th ant!ClpdMS b0rrO%iPg aOprwtirilte! $460 i These IUGd > i! I'ht1 FICr6t earned t the* ,
"Prina strer:g*hs mdude sound manage- rnHhon in the next fne years Treebe + can te used ta redre idt m teb pai tf
, rr 2nt compehtne cost structure. weU- can te egected ta enter the man et r r futu'e cao !2 pro e;ts mamtwried fddhues dMrsihed and grmmg frequentb, hnwmg and rthmng a3 s OUC p:ans ta m.est Amt SH mhn a VlTiiW nfea hnd ddmODvirdied abd!Ii(O A 3f rEted f #d" D rtMDde' ' ' thF cAI D W3r5 e mam! air,detit serme curges weD be OUC h we Lposit med : e ant an ! ng e ths mNsue pr duns yew thy imnimurn indenture levels ~ ggresse fmnc ng pt: pm maav oi < b ' 'neun %<d a.usvre g
- ~- 3I m .--,=.r. e s,gi--s , m - - - , . s.w. yy% e, a...-- . - m.---w ew-+ _ +-- _ -
- _m _ _-_ _- --_ _
=__ _-m , ._ ._ . _ _ _ - . . . . - . . _ . _ . __ m.___ ._._ _ __ _ _ _ _ _ __ _ ._m.___ _
I
, a j
( Olllhindl OpCfdllolls ion 1l 'dllW [indD( llhgl1llgllls Fiscal Years Ending Sept. 30 1991 1990 '90 '91 1986 1981 (In Thousands) Change
' Operating Revenues $ ' 309.452 ' S 303.877. 1. 8% $ 204.295 ' $ 167,916 E ectric Revenues 289.962 284,009 2.1 % 108.847 147,335
- Water Revenues 19.490 19.668 19%- 15,448 10.581 l
. Operating Expenses - l 224136 . 1 N18l497D f .l.3 . ~~ 3.5W l 145.49'3 ; 135.264/
l Ctectric Expensos 209.997 204,166 ? . 2.9% 135,740 ;127,921' s... j. . Fuoi 8, Purchased Power : 103,232' .102,823;. _g - 0.4% - 72,444 . 95.0871
~ DepartmentalOperations . '106 765 7 101,343- 54% 63,296 , .- h2.834 $ l 1 Water Expenses - '
- 16,139 L
. -14,331 '126as: 0,753 l . 4.- ' '. 7.342 : '
l l b 3r l Interest. Other tncome (1) - 30.954 18.307 69 1 % 37,758- 14/ 19 l Payment to C4ty of Orlando 28200 ' 24.339 15 9% 14,172 ) 1. ,15 Not income % 089 33.575 -10.4% 29 721 16.621
, e , .
I e Equity ~; 360,126 345,067 - -41%' 249,186
-147,4633
- 1,108,788 1 ' 302,374' 4
898,483 -23.4% ~ 832,344 L_ Long terrn debt,(2) - , Nat t;ook va!ue of physui assets i .1,024 $85 - 1962.929f- 6.4% - i769226: 332,769 , l l Total assets 3 1.'605,308 . : 1,352.227 ~ J 18.7% = 11.156,028 . 484.593 i la l Debt Service Coverage
- (Senor Lien) 2 68x 2.71 x 2.27x 2.54x i
! Senior 13ond Ratings (3) ' AAA, Aa1, AA AAA. Aal,AA Aa,AA Aa, AA I t sic. e % u ,.ceron... m.c: mc e uw.. m im.s.mm m m i.wm 19904 Band M.csoew Noms. exum 2e c#e M gee si nxio meg A 9 .%. rmwe os a me,ps ex uxier m..um ww .co sewd a Po a r c.a m ma isei u% 4,s sr.m m a rw a ...ww..y l THE OUC DOLLAR Onando Utaht.es Cornmission's operatmg revenues and income for FY '91 totaued a recortl $340.a05.687 The accompanying fitustration depicts the sources and desposition of those fands 30 cents
-'*'s 25 cents 85 cents ,
24 c.nts l j
--v. m W 9 cents s cents I '9 cents DISPOSITION
, 6 cents Fescal Year '91 i F uel & Purchased Power $103 232.578 30 % , SOURCES OF INCOME Debt Service. Other Expenses $ 84,181060 1 25% ! Fiscal Year '91 Operat ng Expenses $ 82.101,73$ 24 % Electnc Operating Revenues S 289.961 e19 05 % Depreciata n $ 28,806256 9% . Interest, Other Incorne $ 30 953 713 9% Payments to Cay of Onarvio $ 28200.434 6% ! Water Operating Revenues 5 19 490.155 6% Retained Eamings $ 13 883 G24 4%
- i. __._. _ _ _ _
d
! Tota! Operating Revenues, income $ 340,405,687 Total $340,405.687 l - -
i I
\
.!
- 1 StatistulIh. gNights l
I l ELECTRK: OPERATIONS .go..g i Fiscal Years E'nd6ng Sept,30 101 1990 Change 1986 1981 l Total Sales (MWH) 5.115.557 4,783,810 69% 3.022.019 2,680,740 i Total Rs tad Sales (MWH1 3.$46.436 3.444.566 - 3.0% 2,818.285 2.278.513 . l Comrnerciavindustnal (MWH) 2,339 469 2208222 59% 1.773A22 1 J30.739 l
- Residential Sales (MWH) - 1.206.967 1 236.344 -2 4 % 1,044,863 _ 947,774 l Sales for Ressles (MWH) 1,5E.9.5 21 1,339244 17.2 % 203.734 . 40222 T j Total Active Services 118 273 117.451 0. 7% 101,324 66.124 -
Residential 102,033 101,381 06% 87.439 75,426 , Commerciat'inJustriai 16240 1G,070 1.1 % -13.685 .10.696 Gross Peam Demed (MW) 779MW 838MW 70% 715MW SGOMW j Average Annual Resioential Consumption (KWH) 11.829 12,195 -3.O*. 11,949 12.506 Average Residnntial Revenue (per KWH) 7.56 cents 7.67 cents 1.4 % 7.05 cents - 5 54 cents
- Heating Degree Days' 304 477 36 3 % 613 .- 870 Cochng Degree Days 3.875 3.763 . 30's 3.019 . 3.363 e
, WATER OPERATIONS 90'91 , Fiscal Years Ending Sept. 30 1991 1990 Change 1986 1981 f PM #"*' f "'"D **f ^r fr*VQ T% f 8"f M :- * -y p ~+'*f.-t '?--*' ; .b F r - y' 1- Ze-' '9 c t'f-". M ' ? 4 ["W f'p_J4f P_ -i f ** b ifotal Sates (Muon Gaborw) j -3124 496 S 92i 4 L 20,106.095): 762%7 ';20.064,452
- ;; 17,454,4i35 1 1 Q To(al ctN Senoces] , t100 352f- 1 - [98 594 18%! - 80M46 ( ! 08.006'I l y Resideritial ( M. , . :$ )', */ % 6U70) N .}5%; q.74,OB7 ) 60.253 J fl5000f.
.} ,' a .,i i x L , , .; L '
*l' -
" 6.981'
' ComeywemVindustM L -
J 10.073 9,963 ^ 41,tM~ 8.759 4 . .~ - -
- v. . . ~ . . ;; . . .=.~
! ..D ( y(mga,tgon-f ; _ . S >
, T-6.0031 , p 6.623 (
. @ 6 8*M .. - s ojt .--[Q,000 t L -44625
.. - m -, -, . .y. "n fi . Of 450M f . Peak Pompeg c 1 + ,<
h.. S19M, ,O .. . m 1180-it25. 75 i156Y- y- v.-.
~ [(MMon GAhon:.spo7...a, ,_ r D..y)(1 u g,F c
~
;t .- -
w: Aserage., Ann.um( $4E sbemfA W ,
' +
=.
' q*g s " , s;13. :
, L:
. t n;o,sx' . -
. -- m% s . ... 4 - -
1 4Consump6on (Gakons)'.; l 15 f.000 3 ; (167.000c i , y9.6% " b i51.000 ? 109 000 ;
> l AveragEResiderdEM M $ .g.NSE *I ~
tQ Tn s 4
, J N,.
- I . . ,%evenue iher"t'000 ghikNw)[
c . N s@p.w 63M . ee. nts ; e.: ' j 79'.sdent.AP~x~
~
S%% i F , , iB.IS. 7ceMA ~ ., A2:09 canta l-MRainfaa hnetk .. Y 69.6 ;'. 1 e! 35.4 / , .c . 45 7. z LS64 '
~r .o 1
, 92,' 1.68A p' n -
x N ( 5 y %g 64 in.?_Jid. c h' ' ' ' ' ' ' ' ' 5 *w -51 ,, insAdML he A AA Ed J = ., w s i OUC CUSTOMERS f Electre 118.273 54 % f-,# " Ogg Water 46 % [ pk ' 100,352 w,...ps , wy I'%y Total 218,625 100 % f ' EtACTRIC: g ^ f;WATEMf
)
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Bams on actw mete-s M & SetM JO 1Mt ; Il l h o , i i;
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g I leM.,allagelllell' 0a111 .. ! NI . A highly qualified, stable rtunagement Itum works , loge'!hu to operate OUC. a dual-sewice utility. . %,
^ 4' .. . e f efficiently and effectively .
-, f g - - " i TheodoreC, Pope- h -
. WiH4are H. Herrington l
'h Eaecuuve Vice President c Manager, and Gen tal Mersager ;;' I .* v Ciectric Operations ;
j Pope has been with 000 32 ye3r5 a Cafeer that sciudes
,-h gi ~ .1
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Manager s'nce 1%tt Her<metan is also a i I4 years in Electric Operations- Profewional Engmeer and a '! f l 3'id il yed!5 b Water Opera . University of Fle ida graduate tiOD5 APr0Ie5siond!Enpneer Mhk E. Mazak A. Raymond Boyd. Jr, S NUOON h f l hepas a depeein Mechamca! ' u,napr, u,n,yr, a# tion. he has a Meters in l l ! Enoneering from the UnNersdy F'"*acia' OPer8"o"* **'*r Operations l BusiheSS Admnistra!igh frorn l
- of Flonda' The Amencan Water . Valak has been wnh OUC Be)d paduMed from The R0i lins Wah Electric 0;ra-Works Associatbn has eth: yea's. Pnar to pining the Citadei wth a depee in Civi! tions 22 veats Henmgton ~ l:
conferred its hQhest honos on Comtrissior. he had 15 years Enpree mg A Profesmona! imtiated OUC s energy futu'es h him for distmguished semce to egenshe and dwersdied Eng.neer he hokis e Masters m picgram as a hedge against ed h both t're industry and the experience m both pubhc . Ma agement from Rolkns Wah and natural gas pnce vc !atihty, '! comm9nky accounting and f trancia! Water Operations 21 years. he The sation s fe electr6c utikty j In % Pope a!so served as - mariagement Apadaate of became manager in M Smce to use enegy lutes OOC has l l Chairman of the Board of the Roihrs. he has a deree m then AWWAs florida section seed more than $18 milhon i 5 000-inember Crerer Orla ido Basiness AdmmistratM and has named him Man of the Year through these propams l Area Chamber of Commerce Accounting wth a mir'or in and OUC s her Ouabty Lab. i . Economics _ already a pacesetter in the industry has been chosen to i
/
I. - Conduct proneef reichich On -
, auter quab!y that is of ;.
?!
T1 i nanotwide sphcance a z. .g ' s A. . p.; \ y_' l . ,- , Y l [ l f . kb '* George M, Standridge ! a Donald EJ Moore ,. , f - {.; !
', Thomas B. Tart, Esq and Support Operations )
Generoi Counsel A Professiona1 Engmeer-i {- Standndge u a podure of Tart nas been on the OUC - tinrida State UnNers!!y wRh a . Moore is an Electrical Enoneer stan 10iears Prior to that he Tracy L sman depee in Pub;ic Admmistre ! and Penn State pa3; ate. He was a pa'iner in the fir n of man.,,jng p,r'cr- Don h1 aas 22 years expen-has 3 years expe:9:nce vath the Wmey f, Hand %y, wbgh wa Com*"a#c8*"* i ence wdh the t,emmission and i
#,. WOU '
OUC $ gen /fidl cOUn5Cl !Or 60 . Smdh jomed OUC m 85, beads the Comm:ssiorn mast 1 ven and w h!ch stil! represents brmgmg oth him 13 Sears of I daerse depa'iment the Commssvon on certain experience in the utihty mdustry matters A paduce cJ the Uraersity of
; South rienda be has a depee in l Mass CammaricaDors l__ _____.._n g1_. _.------ cr _ _
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_=- - - - _ - _ _ _. - . . -= - ;
)
, anc 9"
UM ' - OUC continues - t i 4 10 Sa'.eguait i f
" :*. a
, Waler TCSOUTCOS ,
' w(,
;, uman u;si e S stad bea true zero
;..- dischave'faahty anddlaim - ;!
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, g use mdatmed county waste :
u,. R" =-9%T- < ,
,]A,/ th3- L3B; ,
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h nos m ea u m m I i,
)ny4; . ., y,t. -
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v drfaw or round water and i o a- s - m Wmbined w!!h Und it Wih,
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f _l l , le 1 L, H v , , -
=,
, 9- N JO p'e',ent the d6chargmg of up to if - .R .
wj
;.& I ! 10 mEon gaMons a day of
.upaw:wm - . t . :1 )- -{
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3
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g.
! .): 0($rtiKQ UlilllMSmm3 ftD$d%$ WUGiGKWS - g; a(JDYdl AlND$$$$$1$fl or surface nters .. ,
. , Q:O-y A big ( m m?tG dyR ~g g p gg p' g y
l [YNINbh, v- w - _M,NWhWNM .-- w m . ~TMNNNF ._ eerse eneonmenakon. mp'Ox gUunO.qm we cm.q7pp()enp&; ; vgiCatar;nepiewwi q@rkais se@tnes as tnmewtes Cwtis
,, .. L \ .. m N 1 1hhk: ' dT eWed t0 fd nom construction a*d cperaticn of l at~~eMry . AS/ O/ //6StJc) ,y Cr4 fifGrionpr000st#/US$
ay 4 4 } > )$Df ; Unit 2 or its aSSLCdied fdCiht!dS
@tM.mficarilY,,
+9[Qdi []/J85/ ~ .
d Hf*f/EM?NXM y [;Q(( $4;1 .NfnC8W , S, / < OUC 6% isM [ _proud. .'N justly [' :- i 7 of its status n; g W hC;.+ ,vi,_.c *f? M M G _. 8 % ji :+f a M - .. 34 8 lCfD d!sCharKO [dCD Wi* (fNil$1#$%3&M M2 W@/linhW kt$$ AMfSpTT533CfMM ,,
. ; gympg=-
c ,w a n,,nen,r q g Ar 7 - E , - rNet to wastmet m etete me-e,*~ j
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w%M@w!M d W sS N M $wN^a MpikWCMi%/NXaC W b An oucsotwemmed efforts asisirdcated in altides on l l MhPp@d$$@f. _ .
- EWMW Mg pcs mand a '
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mmwnm g g@mv 91 m d A8 m, M._M & ymmu ;Qg" 6 ? Mg m, + m:n g I ag_m&e m a eSxMW_m :, , STAN ON 1: A BLU EPRIN yn mqm7 - , . y y_ - sy_ n;47 737 3_ y? _ _, ._ _ _ w; -~7m1 K1 m -- --a # ? In operation since '67, the first $tanten unit i ,i certification, the state hearing ofttcer noted g ' .' pQ942 g
, n r, gqx , 3
- , . g se %g,.cy --
u , _ t . n, . . . :y' a 4%< M% 8i
, s. m M CV , ll ' TM b : P W fI; e%NG et? Is one of the cleanett,'most rella'blicoahlred? / at w
th the evidence *demonstratei that DUC hasl 3 %v s
' my . '
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plants in the nation. Because of Jts otitstanding n been able to construct and operatiusit 1 in an ( w , , his MW d[; '
;W,.. Y
.. . != .
..l .. , . ,
, .f PeriormancajUt plar.s to repucate Stanton 1 J, 7 environmentally sound inannet " add.ing !This
*% . . . , j y w .. ,
~
f[igj 4 29 g e and build a "new, irnproved* ofitQ version %s /~the 41act supports " ,conclusion
. . - 6%thati Linit 2 can ?
wwg n_.1, .
$ ._ .m, v , .. : s r 10, ,1 ;7 . - . ;~
g:,.
.y_, ,_. :>
$$,* L The exceRents of $tanton 1 performance : 1 also be constructed and Operated in accor T G GY og ,+
;[ s
- L was also a factor in the state's approving - . dance" with prescribed conditionsl; E ' $ , .- 4,,y ._ .
~ ' '
E Mera rereermg et ewaute 4
, + ";
' u- - - . , ,
JYpresent stanton energ, cen.< cd[ ' :
- Stanton 2. In the onier tscommending = Stanton 1 has cons. is tently Operated b'etter?
M'%y -- [t i
,4 typa@tNnearty 0 ce mar twin One g gueri ma de. '
i y fa "new,)rnproNEd verworf of #ie - 1 9
. eru brutz
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w l . , 1 l L LODS AlC1011 :,9 alum :pro 1er't to l l im. Mct a. rea S. l :0 san anng 93 econony , i l p onstruction is schedded to - generatot IMack Gyeatch og he corstruction and , htar* by sphrg of W so the ongmai consuWng eymeers for E openticn of Stanton 2 is ! l rew unit mH be in serdce by -- Stanton w:!! pronie des %n and encied to hme a signscant l lanuay97 This timetab!e has - enpeerirg seroces in al 100 i pact en the Orlando area been influexed riot on'y by equpnert contracts wi?! te ecoccmy l projected gewth but also by the requued w:th th !n be harded Dunng cor.struction. the state's ettemefy tight energy in FY $2 estimated dcect and indcect l ' sup;9yJ ecoromic benehts mclude 3Ne The pMect wW cost an ReplicaliOR Will "d M e"* * "
- e d '2 esumated $522 muhon vith to S150 miNn in err rc and a Odds share being $NI mdhe SdyC mllflODS 5m mhn Wrease in sales Currendy. appex:mately SM . and picduc' ten in the lxa!
y reph:ating the cntica,i I manon of the totai pmiect cost - economy tm 41 c.o uarst
,-, for clean air and w m,, .oe componenti OUC wii!
i,n operat>on, the tata ant ua,, sme an estimated $D rnhn h . emironmental protechon ecoromempact of 5tr. ton 2 is Ogn engineer ng and systems.Hosever these fwurn ' eyected to provide 2rd raan-d ' Maluf3cturmg costs on the 13 could chani;e depend.rg on the yens el er"picyment N,7 contracts a a a~ied to date. . techrio!ogy used to reduce nmbn m eammgs ed Sa 7 Repbcanca wm, a,!so reduce . nprogen odde emiss:ons. , rr$cn in inaeased sales and
. . coeratir.g cc.,ts OUt wd, reed - ..
- OUC has a,: ready aw ardad product. ion ! 90 dobrsi app cMmate!y ha:f as man)
]
' SiO DdilOh in CcntraC!iIOT I3 -
. em;Joyees to operate $ranton 2 cndcal piant componerb betog
,, as to eperre Stant n I because
] reputated and reqJing lorA~ ' . ! botn unas can shee many
- lead-Dmes such as the tutre- w ,e,so ,n n r,a m s j systems and fach, tes Mready m. , g, _ y, p!3ce insdition trainingand ay cone %s siam u m art inventors* need5 wMi be reduced I'"'***"'*""*H '*
i (Ani thysems le mure they are funcioneng ef*idently a#W .n an l f nvironmenf.n!Iy safe manner i I , l FO R EXC ELLEN C E . X' L : W V . , '? v T . TT G Xi-
- tQan requ!redby Clean Air Actstandardsin; <
m f f L )VM i'75" -
* 'l
, ? Rarely stopping for mechanicailaha;
^
, _ yg WW" % +
zg
~
' i affect when it was-'c chttitiedd$ fk- Si its sulfur H SdnioANse ' consistentidhsheNfeb W -
,,s
, g ,
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, : diexidd emissions were ene-sixth thejmou'nt ? ; performance averages. In FY '91,!Is (gmelent , .4s
,ln.
'. , t.
~
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3g 3. 1 e; ,,
, allowedJone-sixth of the state average and M; . g ...: Feveed Ominge Rate was 3.72% one4hkd the b
. ..a
- .\,
" q rn ' i ' r y a
, Eeven less than new limits " asheenlaverage. lls Availstelhy fatter was (M' Gbh A OYMb k ,
... ~ .t m m - .
Nitrogen calde emissions were two-thirds n ' 37.75% 10% higher than the ostionali s,1
. It . - c
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.ag-
. $ ('C Y g
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-lk[, E*E ms y
W I.MV $ the amount 61 towed and particulate l * - ' a
- 1averageJp -
w - ' g;- ; ,e
, .. . . s m- , m 4
-'eraissions were one tidrd the amount allowed.E v , d3 M .
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- t. # '
e PROTEGING,(ONSESVING 1 NATURAL RESOUltGS The flat. piney woods at Stanton provMe a home STANTON 1 ANuITS ASSOCIATED
* "Y $ '*" '#""#*# ' * " * ^ ' "9' FOH STANTON 2. OUC wu PuT INTo ! i the statwb ce%.at'on osder the neady 2.000 acres of Staron **1Me baboat 'appea te te in detter PLACE EVEN TCHTH CoriciERVAttON FAC'LttlES DIRECTLY AFFECT ABOUT 960 l [
cordtson today than they were beWe Un41 went ,
' ACRES OF THt" 3 NO-ACRE ST ANTON rnfo pation - ML ASURE$ AND MORE EXTENSIVE FOHEST I!5 aging kmg.ied' pines art the natwal habitat for
- ENERGY CENTER SrTE THE SEcoNo MANAGEMENT PRAcTiCts IT rs AtsO the red,cuchaded woodpecke r A w Aih% refuge
- UNtf Wtu, IMPACT 04LY ABOUT NINE 9' up even seierted it as a sa'e naven tur a tetrat IMMMENTING WHAT THE STATE ORot H
#1 had nursed back to health Vmting eagles can be ACRES WHtCH WERE GMADED ANO - spotted twring m the piant s nweup wa'er por J DESCmMS As A "$v0GT ANTtAL Mitih whach 9s stacked wr!n carp to controt aemts Other PREPARED WHEN THE FiRST UNIT WAS buds and ammals range around the piant. sa'e en a
*"A *" -
F protected 6nd preserved bit of % W I WM gp $ SE T* ANY (MPACT isVfLDtNG A DE W 14 BVtL T . 4
^{ Q MILE ROAD AND A SECOND TFANSMiG9104
- SURROUNDING THE PLANT AND ITS t l
? !
FACUTCS ARE APPFtOxtMATELY 2.000 ft"g; LINE WOULD HAVE ON WETL ANDS - I r l ACf4ES OF Wit.Duf E HABli AT WHtCH IN ADDtT40N OUC Wu ENHANCE i
.' i
- APPEARS TO PE IN BETTEH CONDITech I APPROKiMATELY 200 ACRE r. OF wt Y. l l
TODAY TtAN THE1 WERE tsEFORE UN!T 1 ; LANOS HESTO'm4C PORT:ONSTO ! I l . WENT INTO OPERATION,' ACCOROiNG TO . lusTonic CCNotTIONE AND CAEATE i THE ORDE A RECOMVENOING CERTIFICA- ; ' W s; ! APPHOUMATELY THRE F ACHES OF NEW ! m.g [ TION OUC iuP90vCO THis AnE A ; wsTLAnos A REFOREST ATION PHOGRAM t THROUGH AN EXTENMvE FQF4EST TO IMP 40VE 50 ACHES Of' UPLAND I MANAGEMENT PROGR AM IMPLEMENTED LONO-LE AF P!NE FODEST Wu ALSO BE i PReMARILY TO PROTECT THE RED IMPt.E MENTED COCKADEDWJJ0 PECKER. AN . ENDANGERED SPECIES [ (I4 ' l* - . IN GOOO HANOS: [h,3. . . w
, 3 g P' This red <ochaded woodpeoer is teng banded at Stanton by a V " widMe elog st One of tt e Sourheast a leadtng emperts on tNs l -
^
' 'M* endangered species, he has been engaged by OUC in its orgo$ng eHort I Y !N;h I(
"E g,..'-
_s
, 7 1 , ;/fj to protect the woodper;ker colonies through an extenwe forest 9 s Euj q:n Y -, N u"i'y 4'
~ ..f ^
management program The U S Fish and WW11.fe Senw.= bas prased fr;Jihhpih NM ' OUC's program, say+ng "the habdat is in encsaent cur 4 tion for red-FN 4 " CockadeC' woortpMkem ' OUC s program is atso g,ving wridnN vgmris a rare opportmury to j; ShKiy the bar d s' habtfs and needs and the f3C1;'S ONOCNhJ it$ Sufwvd b
. . .- . . - - .~ - . -- = - . .
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T h h <b q% h N*$ Sti er air stantarCs 'or Stanton 2 _. - , - _ -
.h4E LE.
x,a i h tant 0D 2 wO h.r.e 13 - W1 Dithe Ps' 0e# kr A:t r F kg [hj m4?.
;[(( O f qg S wmp!y Wdh 6en mmS:W M 2T'0"e of'he hhi -
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5tr:rgent sTe cd federM St pm pris m tbe n5M !a -- tl pSU M Corp dI W Asa h3R toc 2 pci d N reA Y 9
#Ju ks feWi e9aN a 5:3 f Nan 2 rwwen ad-i n * .L-( 1Yg T +d ; 9q" 1 7 tt sai i re eyected 10 be RLY <%h '
Ibe net w : wi use A.~
'N - ' Yk- v H tu 4 YI i
!cM *han any cnM!ed POW N* M IrM5f F Mr,m W 5 o*M,[e d4. .
y%n ~ < y?,g ."g.? cx J%'-}4- ggH h p T,J rcw m C;e3:.On !" t_re C7'?Oi u em es &## a .; (.
~
, , . - . u U S SAMmie em as } ebir in;;% p ied 0!
m;ea -M* Q7 N W IsbF.V!, W 110%eTd PJ O d,
. A fi ! T=fh U Ne M J b' w%w.._7ium '
1 pNnh per r im BTU het hw n et e e 0lmpred t0 t'r e i 2 p0Bd UT;i - co?**2 y W,tb ne fetrP - 1 S,- . a. d aw hie rl?! L @ U Er m nmerW D'Nec e . - -
~
r;tyt i ede en s :m hase Agec) w te W : thu Deer: dypf) 'etnm, to 01,, te-; p= x r g i:1be nejta 7"p1, . 4w d !beh N m!c+
- Mi r e Hastead key We9
[rWM N1 WY 4 o FTb, s 2 rc+ ra, g:n m.ne SNrNr. !W res ert ad LAe We Me W:o %d il ccT pated ta tt'e 0 0 ;-eurch eN sier-s im M' '. :' 3 c. ' p y"
, e.%" m j .g
~
.y' n v" 'm$'" W^g ,ed i mum ,;-M c:: Jie Bd W Gew:m Deen Gv AIR QUALITY CONTROL OUC O'4 h M t Ihe We d I'PN N O 00d p-- p r, mgg.
- p +*s -
-3 . WJdDiF WI n Ne ENG #"I bib W 'N 3 M a 21MMHe%W vs WM m it,raananr g e s >
d str bci : W tes h - j 'J!isW Trd mda Ihi U %~ Wd int'Ihff w - sen nw w
. . :acw w r wmyarv v.
y ... -
.._-- 1 ~- ~.-.-- .
ww -w w w -s l mesmdwm as a wm +u
, aa mm m- .
g..,_. _ _ _ _ .. 0.60 DClan liver to aCC 2
~
. C.10 0 03
[ ue 02 0 ,, 6u S
. O m me _0 01 -
' ' '- OeM U N !uc? i tai 3uited ers a d!it sh#ailw OT Wd f MPA PRE-1979 ALLOWED FOR STANTON1 ALLOWED FOR pgj4.g gg STANTON1 PERFORMANCE STANTON 2 p;y[r;r7.,q qr, p g q Ng PA4TULarE ~ SULFW
' ^
fu.Mt E*ses N s6f!ROGEN om co m 7 ^ ML & mph OUC s bm N' M The graph atow cone:,,es emoons vaweds arid pertorrnace 10, 9 ; Br6 M CCid i IT" kiri P: 0 ftT* Se m M d stanton 1 ev: tne ahco krne for sto.:"1 bi o! d e r.c A f58 *m&j M s W pne % C w t the f,rst uret has cms.rverty cr.erated at sower e sum mem man , , ,, , g j ;g requiret n even omas ser,s s#ar d,omde and partmwato rnaner than - Wowed for Stanton 2 und.*r 91 regulatans W O dW W i W Ct IiM ! Of y U M dhihM & sekaw. graph comoves santon t suitor do=x1e emisor s m n T,o re YW y,j d wr%r r21:rf (.f . d_b the 2 y r Ge di:35 tag averop for 10 v the swe a larpst utat es ggg gng Both graphs are Lased on ross per rNhon BTU g 3y . pg g . ,'
#dN
, OJC %h dirs 6 I# I(bere!' # ! 9er UW n AIR QUAL.lTY COMPARISON w%r *i ;be tr '
rpj i;\@, IRP e,4 sy i v h.:_Q ta [ l ! 99 ! v 4 owm a a $ rm Oy nay cee r ;rtu! MM *s*mTP'PY .! ' 4 khh@
," iIt' N M, PM 5 M rconioA ' AVERAGE I
MN g g ;,.
,"','.g'*'S l f p{ g g j. ;. j,y j ,
sTANton i M en_ , 33 ,es l,me :w7 ,,g i 0 0 50 1.50 f f @ m , 3rd L 1 2 3 , r l er an _g _ __ -
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4 g , d s. a wm-3.w,, p y 3 pg(gyye ( 4 ~ . At home & woHL M ple), C1JS!Orfysr5 Count On US mght pnG day a in l'e aJ1L 7 _
. : Compared to six peer utilities, OUC's electric p
l . . . .
- . . D ...', . A s>Stom nas the tirost reliable with an avotage r, .
a
. q*- x.. .s;c -
~
l.*p
, -/ .
' 1 customer outage time for the year of only 1
ey ' ' 53 7 minutes In other words. OUC'savampe '
\ ,
customer hadpow? 99.999% of the limo! i
.7 ,
l
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, k* N( -('I Y(k' dI ('j'-[ . " : Et ( { :;' E[M' b 'WE
)
Ib E ) \ h D !d ) k 7 h bi (li.i d['.,. f) ' [ [ r.
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i a %Q75% ht' WObs ME Ne # d.? - 3 It hi II '! dt ,d ( I Ol Y ' # f [gb'bNh,k [ghd. ppMh-h 7 mrd P ser. e t% N ex;We i aneB as the rag
- A !. l I-Qy nL .* W .
M 1~ N n rd qucQ i of the d6 g, i rmi: < rJ %--.
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4gI g f., . (. # W po ged b Q.g tj lJE} d d O '"' M $ 6 y ll l r; - m)ay . .' %
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n . g[:g ; ;; 4 OslI( rp# IT [h h j [s@ # V. ht"I ( h ' b b S t% t .* h e j O'M l! p'[;[ " n[. &p a ay ~ m g%n c' ' v'*m tig l9 3 y ym L. - -, 3;;.;.y x ,:5 d'M + f;',m: # ' , ; F._, , .*
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m "rame' c cr.'gvu ; v: 735 s v -_. dd POdf' M dd 's I .6 8 QC (, , it , N I- ' n y, M 5 Is h[e [" t : f-fl [ '> % .g ;-! (J. ,qf y n'
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S.N flTS WAS SAL.S ,0 OTHf R U,Illiti$ THROUGH _ ... _R.A..l..., i WHENllGHININGHlis flRM POW.R PURCHA$. AGR..M.Nf5. WHEN LIGHTNING STR9Cr. A TRANSFORME M AT AN INit RNA. Tre d'! r;+ ':e :+ " tt l T-
' , t Li sn< :,e ToNAt DRAE HOTEL IT CAUSED A FlHE AND PRECIPif A1ED A ir:we c r , te met + m e- . o nm u as i CHArN HE AC*:')N THAT LEI'T A Nt. ARLY hetE ARE A POWE nLEss
$ddi O Mt T t3 2G8 j "6 [ * ' [' t*r. y Ni d vY4TH:N 30 M;NUits OUC cntws Ptst o wo sE smct io vost f re.
. .- rm._ . . *. g.e ;c.,w. .v. uu4 ryt(_ ; t n.
N' The 7 ;i I'r ' t r *; y gg, ,' y 4M OF THE AHE A ANO CONTINUED TO WOHA NON STOP HESTORING oks siw i iv mb8 , -w4rg, ai,,s e DOWE R IN fiS $ FOR A WEDOING tDNCIOP TO BE HELD THAT ma' Ojt +, s 1 h. ' c. s . _ '{ WEEkENO - Rm. em. m,, y- j, , . . . j
- 1 pjrcr. p.ts 4 tg ?e * ! ,, . - 1 s -t , WHEN AN WTENSE THvNDER6TORM LASHED Cf NTRAL
}
! FLORita WITH 1000 UGHTNWrmXTS W .70ST 1$ MINUTE S. IT J L EFT AN ESTtMATED 8 000 CUSTOMERS It) THE DOWN70WN i OHLAP DO ARE A WITHCk)T POWER DEPLOnNG MORE THAN 50 EMPt.OYE t s OUC RESTORED ELECTRIC INTERCHANGE S ALES . ll Powc4 w:'HiN Two Houns Fon Mo'sT of THE costeME ns pawca untran Hotem {
I p4 . CPEWS WORN.ED THROUGH THE NIGHT TO HF STODE SERVICE y / . L . g - COMPLETELY
,#61
[' c gy# y* FtoH;DA E APE HIENCES MOHE SUMMEH LCHfNtNG ANO 3 h( - THUNDERSTOOMS THAN ANY OTHFH ST ATE IN THE NA f TON SO
. T 0 EiSM f0y%.~ . ,+, . d?Y .
[ WF RE ESPECiALLY PHOUD TO H. AVE SUCH A DEL!ABLE ELECTRIC 1981 . 1986
- f 1991 sySTf M AND A 1E AM THAT STRIKE 5 HAN F AST RAW OH $ HINE DAY ANC N!CHT L.-. .J k
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[-rgr- in ; 3 b.' -, ta Ltp' l % gn ? 4 '-j r On in an s Ai npfd iS !Lrs'"6We cid ' O!ti 4 40 /w n OOC iquu cegsem n % 4 S2@ t u;;'aa J .mer eiWem ini' rn n De A v? JN.ind l Ien r-e* 15 ' et te ' trYMr.% m niiVr:Of: r C N j d s 'a f'e GC j 1 baim 39j mJ gw c! wt v ! p est r # !+iu n . --"
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to i b.Tf on G A ; 1 P FJ W CX ', ' ne rceJ&d W finDC' < ' + t am i A. lie:S5* ifr < , 'i ed
, CM 4 U h ICT 31 ! i lh4 'he rea Ag +'t b_Idra! P3s BLt IN 5e ' he:s !+ l Or s t Wii/ 4 o' 4"d beg l7 hM the s'1ry IN d !
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re%dar-g t-Mr r.!'M!nX?u't i 19 - Ki ( f f Y 92 W r , '" -- OUC 11 GUIDtB SY A COMMITMENT TO UNDERGROUND , i= mi t 5 m the no!'.w vemi t< sygygg g LIE'L MIX BOTH TRAH5M115 TON AMD DISTRl8UTION i ACILITits 1
; y'.:rme !^ ;;pg3@ r<j e3;mQ WHERIVER FEASIBLE IN ORDER TO MAINTAIN AND
- l ', :&, x ni c; ir t EHHANCE THE QUALITY Of LIFE *1 ITS "MOME TOWN."
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stanton a wa a day s etc w j 1 CW Olerd10nS Ceiter :0 o,en mm campte Marssaa pn,a ps. L _ _ _ . , _ _ _ . _ _ _ _ , . _ _ . naert camey, Troy Trenson i
) f as R Oa. ., w .e erg rte rg traw s .m o j =; acre wn" m pu ~
of;ieu ni Eu Garnsor, and Rs zee L.odings says kne sapervssor Jack Voers NM M *' 'M' ^' M ' ' l MYOS D*h Ik ' I IA T hJM' + St@Oned at the l'4Se ( T pes-',, e6 K'N h. '.e. r' O A
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Operatrm Cc - ' ; Ce ' rJ t_lc A n we 6 4-d s s4 2 !m nr's aWW i tN? %-5t f) h I.'rg OD ? ' he tW 3 )(% l b%3}e d 4t'" !.9t"J 9 4 BJd+g The oyex r ' A Pe w Gt O 3 t ee s ' I, 9e aKs 's a wt cnianaWMasCm wr scim+ l" m s* J m r:e :*r : a:: te 1s + n . mereits M N nn* ' s f ,. , + >o es "m4 Xvs ( au m u; l weh e w - aML, ij " < H r e e, ~ ~ - P% mJ J hu l Fee %rr/enne Crie 't sic'd' gv pr e ;* _ArU Um 'wh 1 Tee Dr er cce t, p su ' ' ne: & ! w: .w ' L a -
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SIC Ed 10 p " e" t3 G! r i-i L'. s H.i %~- *'A 7'ONI3. dis i ' i %( l thF* m !? a **tAie N7F ;m ' * ** t ' 4 y 61 I ILPW TW 9 s @ ' .M e ' pm * :ct;; s x: "- u- wo 4
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ye L, lta r g % 'i g - e im E 01. . a mer ve ,. eR i rw/ l '* e hr h~rt . cec / m ! , - Mnra s tes r- m ects iar;G' iwt iM l, F erf : , j in r e t r o s y e'c t in FY '81, the world reeled from the M:deast oil crises of the 70s that A decade ago, OUC's tua' mix was 97% oll and gas. In FY '91, cecause of sent fuel prices soaring and fueled OUC's reselve to build its first coat- its fuel divemty, OUC's actuai .ptem fuel mix was 54%9eal. 20%
' fired power plant. natural gas,16% oil, and 10% nuclear.
OtJC's fuel costs averagei 3.42 cents per KWH then, compared to - Now OUC can base its generation on the most economical fuels
- 1.98 cents in FY '91. In fact,00C's total fuel bill in FY '91 was only available. This fact, combined with inno.ative and aggressive tven i.
4 8% higher than in FY '81, $93.7 milkon compared to $94 mPhon, even purchasing strcegies, efficient operation and economies of scale, hs t i hough its sales increaseJ 91%1 A key factor in this dinerence is the enabled OUC to keep rates stable. fuel diversity Duc has achieved during ttie decade. O
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,m oe i tr So enjoy the health drink of the '90s _ , ,, , ,7 ., ,, ,
And rest assured OUC supplies you natunilly n; + , clean. high avality water. and we take extraor-dinary care to keep it that way I g ! . _ . _ _ _ _ _ _ _ _ . _ _ _
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- buned in the deepest. cleanest recesses of l se s eati r ' n eer und.
the Flondan Aquifer, nea'+y or e quwim of a mde twlow the cantrs surface j n
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C.are U 1110llllOr111g _J d * ', 3 j 1rovices cualy assuralice j h A " ois , , l xtremely wgibnt. 00C regulattons demand - ' E Worms thousandshof adenon.tests OUC continuaHy (a hundreds of possue monittnhe wahty of the ta . coret3mir. ants every war water in its aehs and treated , l although the federa! Sak water at its plann drawing and , ., ]& Drinkmg Water Act 09y rey!res test:n;; hur:d:eds of samples ,,
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. < ngAA g#W? 4 the utMy:o conduct thele teds , mon:h'y AH told. OUC Inhni-- . . sh eVeff N' fee) cts dans performed Id 50 tests and Yf[;gh %fYN s In' el. these tests ag'i m ] anMyse(it; FY y Fu ihermo e - _
i[ ' D, P9 ' -($0cc di I l .wnfitrned that the wer GUC I obc p step up is samphng m ouc sonnist cued water auxity t.ab. criemest sonn oray prepares
'%ppht;5 i 5 CJSremers cordtaves and testing progam M fY W " ***""*"** * **#"*""*** "' '
in watm See Page 18 to find out how high the lun nself scores on teti t i l IO he betteT [hhn tese st-N,e 1- ! I l i 1
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- SPREADINGTHE wateIa3 Deament -
i GOOD g ligh mars ; stream 3.._..__.._. inec j _. __ _ . 4 ; t in-) , :/ ,. f ?' (A +- f r . SEN$1TIVE TO CUSTOMER CONCEftN STIRRED BY MEptA REPORTS. S tfI Pi'w::U- " I ! O ., 4 6 [ C .N ( r e ! ' 4 -;' r . ' s. 4 l! OUC HAs etcout uost PnoAcTwE iN 1HE copuustTv To senE Aa % J't
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TM GOOD NEWS THA1 OUC WATEM iS SAFE AND HE ALTHY j p . g .p ; jj * *. ' ' ff Y't' '
- UU! 'N '
CUSTOMERS ARE ENCOURAGED TO CAu OUR W4TER CUAUTY gs a mq e- *
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' HUTUNE WITH OVESTIOf 4S WATER QUAUTY SPECadSTS VAKE M d if ib ' Uf ' L ; , ' M 'I '
d6 C"iJ , HOUSE CM LS MEETING ONE ON.ONE W TH CUSTOMERS ANO TAKING g3 , sy 7, _ .; q em 4 yr g j w _ , y[ t M "iff M~'# ' ' l WATER SAttPtES FOR TESTING ALL OFCAU$E WE WANT 10 ASSURE I i < l} I " I e+ ! g~ y . i r. ha i ff (A;R CUSTOMERS THE V HAVE ONE TWNG L' ESS TO WORAY ABOUT --- I !i g 5 +
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THE QUALFTY OF THEin OUC wATEn Aso wE AREN'T KIDtmG - , , _ , , ,. , , y; ; f.
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. l gran1h wsuures and darnandcontinues to rise An tshnutert -
$39 inillion in capital unprovernent funds have in'en CJt-NCW Water plant g0c5 On line US naed ronnuovena ana emntoo ine nater srswn !
I System breaks the 100,000 meter mark o *e"" ma"o m o'imsiessm/u-sa = ' pndrtion and$39 millain for distntution
'39 Ge :V X: < ' u s h * ~ m, ! ;1 :ce ; ~ !
, Plans call for eroanding and upgrading ousting facdit:cs
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- and SIJ' ting construction on at least one new water treat:11erI! ,
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c e, _ cdlMctly al Pint' Hills and Martin. converting the Kir Anun and
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, Py apc's n rw c' nne A:teri 73 the f:rst ed anand enhrga 000ces ! pr g s 'aev,e 510 Berus !
While OUC is working hard to ineet kunched a f ree hne erer;, l c7e3, ,, sursec and wa4tb agh " * **
]i in M OUC miacui a Lac ust tr ut 6:come a medel br jpg g(gyjpg gggggg (g( ggg7gy gng le n W'AwmFn, the utty mdas % h sko i Frcgre !c' We~ ' s e deVekTed a Cbn56Did*! n pdd C. dj r ^
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@ m arme use ewre and wrtr eft . entb trer.ts r t' ded t 3 sa.e em rp in[.be OO me b[ b!rSt$te MXe Ib3?l } UN (U5iOD'f r3 f o!Lcub wogn:2ed ouc e the wise use of these resources. ymys smc geen es y mc7e j arneng the cr41na!!eaders in ,
! erevic t arr* the ?~< i ene:gi co sena* nn in fic:dda i ,
' rv p r . @ ch i n d e been r .
i Smce der. OUC s dfyts L i res:JentW c:1 oma W-i! l N re'! des i r e eJ" : wrer ;eg '9jt vu de w a e- A l edxate tre pubi.c cn com n I cus:emem h g r thr w lM:es rd 510 Be s Cneck
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, CoMPaNT-W Ss 7 fcAtf d'id pre t a !XtNW OUC3n M r-empIWCes D N Me' m IPe u LIV c.mp-ifed D h the teh N Out s a ? ; ' c'ua! ed esmessanancs fA na x i m es a sts co e *. e egem
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l le ause n ?ut tucir tynplopw 00es it?*cCfs n fu!<rio!*ter Dir a rim as is ese-ry ch*ted los tise? - f.hir en:ph su r' , r , - l The neet D+rszorYs Ed Bassert tvand a better asy to do h>s job l 4 I use a cN *n ,. scisen! tnstead of the conventcrui sandrag proceus . 10
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{ Ed Bassett i. ( . {P / h' j 4 i L .3. ) i us-s, I A.* 3 l
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vorce communecat<on system opershng retratay witn peak ettroency. l i -. , i l 'Het work takes her dcwn into elecinc Sysic,n manHOies, up the SS- ,j j . i I , story chimney at Stanton ana allover OUC Durng stor ?s, you're Mety , i DeMy .- to hrd her at the troubie center he'pmo keep one twee os commun.ca i Popenis w "umas=ng tion open for concemed customers.
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Orlando Utilities Commission September 30.1991 gr -a y+
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\.'~ Y T ~.Ij9'r Commission Management Consultants Contents Members & Officers Thegue C Bape Blak 6 keatch tWase c SAwh lerry Chic-ore ir f.vaume We Pm4nt Orlando Fionda Pmin' u,i Gewat Macaxv Censult:rg Fnyetrs 26 gy Rayce B Walden Wdham H Herrmpton Fray Municipa!
Firsi Vie Prenknf Masua<r. Ehtr:s Ornem Seconnes Inc hweman et ineeny an,f Orlando Flornia Richard L Fletder it A R4r,rmrd B.: ,1 It D"u!4'd R'u'"'d Id"'V F WM r Sena Vue Prevden! Manax* Wa!n 0;vrahons Greer!, erg Traurni; tomes H Pugh ir Mark f. Maux.- 28 Haffmarn Liport Rrsen Com r*% ner Manayr h.na nau! Urrrahers
& QueMel P A Bdl Freder;ck George M St.indndy Miamt Ibnda sw<meen ol cam tw Wa+:,r Cen:uwner Muaxr Cu>t mer Re! awn > Hod Counse!
ad Sarrart Orcahoers rmn 29 Dordi E. W:;te Orland:; e innda Theatire C Pwe p y y , g ,y p, ,, i,.hrenkn! Cer! 'wd
~
3^ 'od 'U """d I'#"* "" PuMk Acoucanu Thomat B Tart f Mrk E Maak cc,iery coarql C H;M. H di 3g Betty l Perr2w ogg pp.n da Sihta A WMd? - gary cg,3gg,g Asmur! 5a rnar r< Tracy L Smith R'r d !"J4YFhnt Crthed MacapJ Direar W % % cunto e, (cm nu u h a!@n 56
Balance Sheet 3 Ort.Jdo Ut]tles C mmissloa September 30 ASSETS 1991 1990 Utility Plant-Note r in Service Electnc Notes G and i $ 1.080 538 953 $ l.0426l4 026 "at s 132 149.52i 120 685 743 ommon 30 894 224 31.644 738 Allowances for depreciation and amort: ration (deductioni (307 263 7051 (279.295.139) 442 368 493 917.654 370 Construct'.an work in progress 82 216.447 45 274.159 1 024 585 440 962 928.529 Restricted Assets-Notes '3 and D Debt service and related accounts 220.945 471 153.504 507 Construction and related - wunts . 137.229fi98 53 009.467 Renewal and replacement account 30.158 057 28.024.462 Customer meter deposits I l .072.14 3 10 491 177 399,405269 245 029 611 Current Asse' Cash and investn ents--Note D 20 985 112 24 296 766 Customer accounts recehable, less allowance for doubtful accounts t 1991 $758.940.1990 -$708 3171 30 573 877 32.201,259 Accrued utihty revenue 16.522h45 16 044 054 fuel for generation 9.330f>54 10 M67.643 Margin deposit on futures contracts 40 502 1 59.034 Materials and supplies . 24.197.644 23 814.271 Accrued mterest recewable 513.365 3,511 633 Miscellaneous receivables and prepaid ey>enses 3 434.87M 3 877.'?88 105,595 577 114 672.31o Other Assets and Deferred Charges Self msurance account-Notes C and D 6 182 685 6.023.399 investment fund -Note A 32.16 % 09 fuel stabilization account 28 154.801 16.748 707 Rate stabihzation account 2 427.010 1.465 755 Unamortized debt expenses 2.283.642 I 824,722 Deferred compensation plan investmerits--Note H 4.501.922 3 533.637 75,718.869 29 596 220 Total Assets $ 1.605.308155 $ l.352.226 680 See notes to the fmant il statements O
Caphallnation and Liabilities September 30 CAplTALIZ.ATION 1991 1990 Equity. Accumulated retained earnmgs Reserved for debt service $ 175 874 922 $ 115.687.783 eserved for renewal and replacement 30.158 057 28 024.462 Unreserved -invested in or designated for plant and working capital 91,641 623 140 080,733 297 676 602 283.792,978 Contributed capital 62.449.781 62.173.9S5 Long-Term Debt - Note E I Bond and note principal 1,182 043 016 950.971.181 I Unamortimi discount tdeductioni (73.255.0381 ($2 488 408) 1.108 787.978 890.482.773 l Total Capitalization 1.468 9i4.361 1 244 449.736 Current Llablittles -- payable from restricted assets l Accrued Interest payable on notes and bonds 39.775 549 12 861.724 : Current portion of long term debt -Note E. 5.295.000 4.955 000 Customer meter deposits and interest thereon 11.072.143 10A91.177 56 I42.692 48 307.901 Current Liabilities - payable from current assets Accounts payable and accrued egenses 27.181.616 21.953 532 Billings on behalf of state and local governments 6.670 091 6 657 S06 Accrued payments to the General fund of the City of Orlando -- Note 1 3 851.410 3 521.563 37.703.137 32.133 201 Othe* l. labilities and Deferred Credits Fuel stabilization account 28.210.651 16.748.707 Rate stabilization account 2.427 010 1.465.755 Customer water and electric line extension deposits 4.036 250 2.647.458 Deferred materials and supp"e; 3.372.132 2.940,285 Deferred compensation plan liability - Note H 4.501 922 3.533.637 42,547 % 5 27.335.842 Total Liabilities and Deferred Credits 136 39; 794 107.776.444 Total Capitalliation arid Liabilities $ 1605.308155 $ 1.152,226 680 See notes to the hnancial statements O
Statoenente of Inconne cod ! Acreestated Cetained Earning 1 i
, Year Ended September 30
- 4 1991 1990 l Operating Revenues $ 309.451.974 $ 301876 987 j
~
Operating Expenses: l'uel for generation and purchased pow er 103.232.576 102,823.274 Production 35.291.046 13,880,263 ;
. Transmission and distnbution 11 907,463 11.663.355 !
Depreciation &nd amortization . 30,393.304 29.572,795 .l Customet services . , 8.357,556 8.347.800 , General and administrative , 21.742,368 16.230.385 - l
. State utilities gross receipts and property taxes 4.803.302 3.698.961
- Revenue based payment to the General fund !
of the City of Orlando- Note i 10.408 434 10.279,891 [ t Total Operating Expenses 226.136 0)1 - 218.496,724
~ Operating income 83 315,923 85.380.26 Non4pertting income (Espensch Interest income . . , 29,452.062 17 132.994 .
. Other income 1,501.651 1,174.081 interest expense - , (80.280,6351 - (67,309.042) :}
Other expenses , 13 900.425) 12.803,605) Net int.ome 30h576 33.574.691 Accumulated retained earnings at leginning of yeal 283 792.978 262,779.441 , Dtvidend payment to the General Fund ; of the City of Orlando- Note 1.~ . 117,792.000) (14.059.0001 Depreciation of contributed utility plant . - 1.587,048 1.497.846 Accumulated Retained Earnings at End of Year S 297,676.002 S- 283.792.978 i
' See notes to the fmancial statements.
a I E [ N h n I h r y~T -e & 1v- r e- c*
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Statement 3 of Cash Flows Year Ended September 30 1991 1990 Cash flow from Operating Activities Operating income $ 83 315.9/3 $ 85.380 263 Adiustments to reconcile operating income to net cash provided by operating actwities Depreaation and amortittien of plant charged to operations 30 303.304 29.572.795 Depreciation and amortuation charged to fuel costs 2.969.199 3 497.552 Depreciation of schicles and equipment charged to general and administ ratwe costs 1 256.129 l 236.(GV provision for bad debts . 50 623 40 006 Other expenses 12 324 303) 1I 832,137# Changes in operating assets and liabilities (Increase) decrease in accounts recewable and accruals 1.72 0209 (4.910.641) (Increase) decrease in fuel. margin deposit on f utures and materials and supplies 1.'72.298 (621 544) Increase in accounts payable and accruals . 17 681 135 i,676 812 11, rease in deposits pasable 2 Cl605 5.446 364 Net cash provided by operatig activities . 138 643.122 l 19.535.400 Cash Flow from Non Capital Financing ActMtles Dividend payment to the General fund of the City of Orlando . t 17.480.000) { l I .651.000) Net cash used in non-capital financing activities (17.480.000) (l1.651.000) Cash Flow from Capital and Related Financing Activities Debt interest expense 170 780.245) (56 296 5191 principal payments on long-term debt (4 955.000i (4 640.000) Debt issuances 212.563.750 102 857,195 Debt issuance expenses paid 1631 465) (1.052.689) Construction and acquisition of utihty plant , (106 789 831) (62.435.241) Proceeds from sale of utlhty plant 9 805421 2.592.479 Contnbuted capital . 2,933.144 1444 952 Net cash provided by (used Ini capita 8 and related financing activities 42 145.974 (15,520 823) Cash flow from Investing Activities Net purchases of insestments (154 012.566) (105.598.182) investment in :ome 26.435.754 17 999 675 Net cash used in Investing activities . 1127.576 812) (87.598.507) increase in Cash and Cash Equivalents 35.732.284 4.756.079 Cash and Cash Equivalents at Beginnin6 of Year 46 685.992 41429013 Cash and Cash Equivalents at End of Year S 82 418 276 5 46M5.992 See notes to the fmanaal statements. O
Notes To Financl;l St tem:;ts Sept:mber 30,1991 NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES The hnancial statements of the Orlando Utihties Commission are presented m conformit) with generally accepted accounting principles as apphcable te governments The existing hierarchy provides that accounting guidance should first be sought in statements of the Gosernmental Accounting Standards Board (GASB) If the CASB has not issued a standard applicable to a situation. then pronouncements of the Financial Accounting Standards Board are presumed to apply Additionally the fmancial statements are presented substantially in conformity with accounting principles and methods prestnbed by the federal Energy Regulatory Commission (IERCl and other regulatory authonties cuept for the methad of accountmg for contributed capital described in the notes to hnancial statements The following is a summary of the more signibcant accountmg rohcies Iteporting Entity: The Orlando Utihties Commission Ithe Commission) w as created m 19H by a Special Act of the Florida LeMature as a statutory commission of the State of 11onda The Commission (onsists of five members. Induding the Mayor of the City of Orlanda Members with Ihe exception of the Mayor who is an ex ofhcio member of the Commissiort serve without cornpensation. may serve no more than two consecutive four year terms and new members are selected in the following manner The Nominatmg Board of the City of Orlande which for this purpose functions only as a screening committee subrmts the names of three persons to the Commission for consideration The Commn,sion may nominate one of these persons or reject all three The nominee is then subject to election or rejection by the Orlando City Council Once elected Commission members cannot be ternoved for any reason by the City Council The Commission meets the criteria of an "other stand alone government ~ as dehned in Statenient 14 of Ihe Governmental Accounting Standards Board No component units exist as delmed in Statement 14 Measurement Focus: The Commission opt.ates the electric and water system in a manner similar to pnvate busmess, therefore operations are accounted for as an enterprise fund where costs texpenses including depreciation) of prosidmg services to customers on a continumg basis are recovered tbrough user charges Basis of Accounting: The Commission s financial statements are prepared on an accrual basis of accounting with revenues being recognized w nen earned and expenses recogmzed w ben incurred Budgets: Revenue and expense budgets are prepared on an annual basis in accordana with the Commission's Lond indentures and submitted to the Commission for approval pnor to October i of the fiscal year. Legal adoption of budgets is not required Actual revenues and expenses are compared to the budgets on a line item basis within departments and an analysis of vanances rymrt is prepared and submitted to the Comm' sion each month as required by bond indentures Utility plant: Utility plant is stated at historical cost a hich includes cost of contract work, labor, materials and allocated indirect charges for equiprnent, supervision and enginceang and labor related costs Donated assets are recorded at the cost provided by the developer w hich approumates fair market value at date of donation The Commission charges the cost of repairs and minor replacements to maintenance expense The cost of electric or water plant retired or otherwise disposed of together with removal costs less sahage is charged to accumulated depreciation at such time as property is remosec' from seruce l
i i 1 l l NOB ' M' MHY & N3NIFICANT ACCOUNTING POLICIES Continued
"'t " ng is a surnmary of utihty plant at September 30.1991. by major classes Electric Water Common Total Land $ I8.769 971 $ $ 10.497 $ 1.727.097 $ 21 007 585 Electric generating plant 742 737 621 742 737.621 Watet wells 14 82 L 161 14 823 161 Structures and imprcnements 40 750 134 3 851.526 I l .904 289 56 505.949 Equipment 278 281.207 113 014.337 23 262 838 414 558.382 1.080 538 V53 132 199.521 36 694 224 1.249 632 698 Allowances for depreciation l
and amortization (260.I10.089) Il0 271 6211 t 16 87i 995) 1307.263 705) Construction work in progress 68 134.457 3,907 485 10 174.505 82,216.447 l Net utility plant $ 888 554.321 $ 105 834,385 $ 30.196 734 $ l.024.585.440 The fcl!owing is a summary of changes in utihty plant , Balances Balances September 30 September 30 1990 Additions Deletions 1991 Land $ 20 468 099 $ $40 036 $ (550) $ 21 007.585 Electoc generating plant 746 287,555 12.911.997 (16 461 9311 742,737 621 Water wells 7,311,712 7,531.449 I4.823 161 Structures and improvements 38.784.50i 17.721.448 56.505.949 Equipment 384 097 642 40 089.659 19.628 919) 4I4 558,382 1,196.949.5')9 7M.774 589 (26 091,400) 1 249 632.698 Allowances for depreciation and amortization (279.295.1191 (34.614,5721 6 646.006 (307.263.705) Construction work m progress 45.274.159 106 960.469 (70.018.1811 M2 216.447 Net utility plant $ 062 928 S29 $ 151.120.486 $ (89 463 5751 $ 1.024 585.440 O
NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING Pol.lCIES-Continued Depreciation: Utlhty plant is depreciated uamg the straight hne methc(1 for eac h of the sailous plant classihcations at rates whkh w di amortize the cotts over the t stimated economic useful ines of the assets Depreciation of vehicles ano oth( r construct ton equ.pment is charged to departmental operating espences or construction work in picgren Amounts for all other assetr are charced to depreciation expense The e<.timated useful hves of utd*ty plant are as follows Electric plant C,enerating plant i ossil 30 40 years Nuclear 30 in yeors Structures and improvement $. 40 50 yea:s Equipment 6 2G - 50 years Water plant Water wells 25 - 50 years Structurers and irr'p'ovements 'ia s em Equipment 6 2'3 - 50 year; Common plant Structures and improvements 50 years Offite equipment i4 iG years
\ ehides and other constructen equipment - 5 30 years Cash and investments: The Commission maintains cash ir rk ' and accounts investments are recorded at cost florida statutes and apphcable debt resolutions authow the Commbsion to imest m obhgations of the U S Treasury and various agencies of the Umted States (overnment The Comnession is also authonzed to invest m state and local government tax exempt oebt in addinon the Commission may invest in interent bearing time deposits cr savmgs accounts of ba .L s and wirir:gs and loan auc(iations provided the deposits are collateralized by federal government sect nties Additionally. Florida statutes and apphcable debt resolutions permit the Commissmo s imestments to include reparchase agreements. that is, a purchase of secunties f rom authonzed dealers or banking institutions, with a simultaneous egreement that the dealers or banl mg mstitutions w di report hase them in the future at the same price plus a contract rate of interest The mar 6et salue of the secunties underlung repurchase agteements normally exceeds the cash received providmg a margm aumst a dechne m nather value of the secunties Except fot evernight repurchase agreements secuntics undeilying repurchase agreements are held in our accounts by a third porty if the dealers default on their obligations to repurchase these secunties from the "omidssion the Commission would suffer an economic loss equal to the difference between the marktt value plus accrued laterest of the underlymg tecunties and the agreement obligation including accrued interest The Commission has estaohshed that authorired dealers i
are primary dealers as defmed by the rederal Resme Nni and report to the Secunties and fachance Comtnission and authorited banbng institutions are hmited to the hfteen larvest U S banks Statement of Cash Flows: For purposes of the Statement of Cash flows cash and cash equivalents mcluod all cash accounts and investments pncluding restricted assets) with a matunty of three months at less when purchased Cash and cash equivalents does not include any acuued interest Custorner Accounts Receivable: The Commission bdk customers monthly on a cychcal basts rad accrues revenues at the end of the hscal year for energy and water consumed but not bdled See %tes and Revenuer below The customer accounts receivable balance of 5307373 877 includes bdhngs done un behalf of state and other local governments The habihty of $6 670.091 ibillings on behalf of state and krai gosernmentsi represents the September billings for these governments O
i l NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES Continued l Fuel for Generation and Materials and Supplies: I uel oil coal and matenals and supphes inventories ' are stated at the lower of average cost or nuitet Nuclear fuel b mcluded in eintnc utihty plant and l amortized to fuel e pense as it is used j futures Contracts: Smce 1966 the Commissmn has cetcred mio energy futures contrads to offset the pnce fluctuations of anticipated future acqutsitions of fusul fuels The Commiuion had no o;wn energy futures contracts at September 30. IV91 or IWO There were r et reahted g.unc of $2101486 on dosed od j futures contracts dunnc the year ended September 3n two There were no realized g,ams or losses dunng the year ended September M 1991 Net reahted gams haw been recognized th ough the fuel stabihtation account See ' Rates and Resenues" below in lWI the Commission antered into natural gas futures contracts to olfset the prne fluctuations of anticipated future acquisitons of fouil fuels At September 30. IW1 the Commnsion had a $40302 margm deposit en open natural gas futures contracts with an origmal rest of $8 34 ISO and a marhet salue of
$A00.000 The difference between the origmal cmt and market value of $55 850 as well as reahted gams of
$447 hase been recognized through the f uel stahduahon account See ' Rates and Revenuer below In 1990 the Commission entered into copper futures contracts to off set the prne fluctuations in copper purchses related to a maint transmission project The Comtmssion had no open a3pper futures contracts at September 30 1991 At September 30,1990 the Commission hod a $59 034 marg n deposit on open cepper futim wntracts wnh an original cost of 5525 875 and a market valut of 5594 000 The difference between the original cost and market value of SM 125 on open copper futures contracts at September 30 1990 was recegnited as a reduction of construction work m progress Feahted g sins of 554.325 donng the year ended September 30.1991 were recognized as a reduction of construction work in piogress There were no reahred gams or losses on copper futures contracts dunne the year ended September 10.19V0 Investment Fund: In hscal year lu41. the Comnuwion embarked upon a plan to accumulate resources to be used for the retirement of outstandmg debt er for payment of future cetal expenditures The plan calls for the mvestment of approximately $30 000 000 a year for each of the next hve years Contributed Capital: The Commission considers amounts receed lur construction of utihty plant and utihty plant coninbuted by developers as capital contnbutions Accerdmgly, these capital conthbuttons are added to plant assets and are treated as a separate component of Commission capitah7ation Deprecution apphcabie tocontributed utihty plant is induded as an operatmg egense in determinmg nc! income and is subsequently charged apinst contnbuted capital from accumulated retained earmngs Debt Discount and Openses Debt discount and issue expenses are deferred and amortized to operations over the hves of the related issues using the bends outstandmg method of amortization Rates and Revenues: Each year the Commssion's statf performs a rate adequacy study to determine the electnc and water revenue requirements Nsed on this study current cost of service studies, and regulations of the Merida Pubhc Seruce Commission regardmg electnc ' rate structure 1 the Cornnussion s
~
staff deselops.its electric and ater rate schedules which are presented to the Commission at a pubhc workshop and then presented for their approval at a pubhc heanng The Commission stati makes its determinatinn of resenue requirements using the rate base method and includes construction wori< in progress m the rate base Therefore. in accordance with proper ratemahng theory the Commission does not use an allowance for fund used dunng construction ( Al UDCI in determinmg resenue requirements Since the Commission % level of retenue requnements and subu quent revenue is determmed without regard to AFUDC. the Comtmswn does not (apitahze mterest on construction work in progress Operating revenues are recorded tused on stual bdhngs to customers plus an estimate for accrued unbdled electnc and water consumption at the end of each fmal year ior hscal yar lu91 the methad used to estimate accrued unbdled revenues y as changed to imptose ihe accuracy and methodology of Ihe accruah The impact of the change in accountmg estimate for hstal year 1941 resulted m $313.501 lawer accrued unbilled resenues compared to the method used for hscal year 1990 O
NOTE A-
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES Conlmued the commisuon has estabhshed a pehcy on remvery of fuel usts m and4ntc with guatehnes from the Pubhc Utihties Regulatory Pohoes Act of lo75 (PURPAl Under PURPA onb luel wsts incurn i ate to le recosered The Commision estimates en an ant ual ba,e, a f uel mmponent ( harge to be ap;4hed durmg the rut fiscal year The ddlere nce between the fuel tests actually (barged ta the tuttomers and the f uel wst actualh mcuned is apphed to the f uel stalahntun aa ount Dunry Ihe pu ess of detennmmg the fuel (umpanent the Ccenmadon detemunes what parten el the f uel staNhmtion aaount w dl be uhhted
! flectae f: scal year lvXu wsts f revenuey whx h see to be rewu red by suseJ to reduce! rates in tenoJs other than wben mcuned treahzed) are deferred untd rhe penods m w hhh the Comnenin rewgnues them in utihty rates lhese 1 ems are mduded m the rate stabihraten auount Stwhc Commissten apprmal h retjuired for d,1 inc redses or decea:.es t o ths ac count The balances in the f uel stabihutinn newunt and Ihe raie stainhmtion aaount are furcled t , miernalh restruted cash acu unts and cam the same mtetest rate as the Comn,ission .operatmg m>cstroent portfoha Compensated Absences; lhe Commwon rewrds compi nutmn ter unused vuotion and ud ira e as an expense in the par m w hh h Ihe sacation and ud leir,e a carned m aaerdanu wit.h NC GA $taternt nt 4 At September 30.1991 annua! vacatiun lece camed but nat t, den was % Sv7 ad s!d lem accumulated but fiat tiden WJs $2192 OG When i,perations and s cheduk,g punut compensator 3 time to oth,e! o,r r1nre nours on an heur for hour bass may be g,tanted Ibrough mutual agreement i etween Ihe ernpkgee anct tbr.it suporvisor A fnaumum of 40 h0uts (nmpt nsatol> tirrie rns, be acc ued r and carried twe! f rorn biv ;* rusd to ;>av tietn.d Ctim;,< n . 4 tory time is expensed m the penod earned At Septernber in 1991 the lutuhty an Sou$nX Reclassification: For compirabihty purpos% c ertam red nufnat:ons ha,e been made to 11 e Um knancial statements to wn!nnn with the 1901 hrum ul st stement presentahon i
1 i l NOTE B-RESTRICTED ASSETS i Catam awets are rectnaed bi bond resolution albuonath son.e av.ets ha,e been de,uhed as l rest octed in at aniance with govemmental au ountirig staadanis for enterrnse furni, arul utihty mdu<try ) accountmg pratices The Commission s ,esttu h d at sets conust of the h dlowing an ounts ! Septernber 30 l 1991 1990 - Debt serilce and related accounts-Note E: - - . - - - - . . - - l investment & count 5 2'1918644 4 24 147 617 pnncipal and interest accounts 45 070 549 37 MI6 724 l Debt serace reser.e accounts i174% 155 41,540.166 Capitahwd interi it 3?.9 @ 124 Total debt Service and related accounts RU 445 471 154 504 507 Construction and related accounts: Nuclear generation lxtht) oecomrniv.ioning mceunts 3 678 723 3 106 013 (3end construction a( couts 133 550 M75 49,003434 Total coristrucden and related accounts i 37.229 $48 53 001 467 L'newal and replar ement account 10 15% 057 28.024 462 Custerr,er deposits and mterest thereon 11 072 144 10 491.177 Total restricted assets $ W9405269 5 245.029.611 The accounts consist of Cab $ 716 N' 5 204.;70 Investments 189ft.6855 /40 844.676 Accrued interest re;?h et'le 4 021.9XV 3 475 761 S 349 405 ;o9 $ 24% 024 613
i NOTE C-SELF IN3URANCE ACCOUNT Ufecthe November I,19Sh the Comrtussion implemented a ull msurance program to coser a portion of its workerr/ compensation generel habihty and automobile habihty exposures During 1991 $e85 420 was expended h>r daims and $444.912 et interest income was added to the acwuut Claim > espense and interest income fer 1990 were $277 682 and S503 373. :6pettively. s!nder the self-insurance program t he Commission is hable for all daims up to(ettam maumum amounts Claims in cuess of the maumum amounts are cosered by insurance lhe nuumum amounts are as fellows.
\cor)ers' compeasation $300Ono Genatal habihty 500 000 Automobile habih!y 500 r60 Total daims incurred but not reported at year end a er estimated to be less than S; CCO 11 is the opmton of general counsei that the Orlando Utihties Commission as a statutory Commissic-n may enjoy sovereign
.mmumty in the same manner as a municipahti. as allowed b) reant 11cnda Courts of Appeals ruhncs UrvJer said ruhnct rionda Statutes knut habihty Ior daims or ludgements by one person to S100 000 or a totc! vf $200 000 for the same incident or occurrence, greater habihty can resuP. only thtough an at1 of the florida 1 egislature f urthetmore any defense of sovereign immunity shall not be deemed to have been waned or the limits of liabihty increased as a result of obtainmg or picsidmg msurance in euess of statutory hmitadons It is also the opiiden of gerietal(ounk-l that !be Cornrnissico as a muniapd utshty.
is statutortly immune from suit for mahctous prosecution NOTE D-CASH AND INVESTMENTS At Geptember 30.1991 and 19un the carrimg amount of the Commssion s cash was S5801M and
$ 1 380.261 respectneiy and the bank baiance4 were $262 308 and C a71 I e respectnely Th' bank twiances wre covered by federal depsutory insur.:nce or collaterahzed by a pool cd U S Government securi'le, held in trust ty/ a ihird party bank in the name of the Commission s bank mg institution in the fallowing <chedule the Commission s invectments are summanzed and categc nzed to gne an indication ol' the level of nsk assumed by the Cornmission at September 30.1991 and !?90 Category 1 includes invesiments that are insured or rerstered or for w hich the secunties are held by tbe Commission or its agent in the Comminion's name Category 2 indudt ; uninu.ted and unremstered insestments for which the securities are hekt by the tant s trust department or agent m the Commission s name Categori 3 includes unmsured and unregistered imestments for wh.ch the secanties are held by the ban) s trust depvimert or agent but not in the Commission's name Margin deposit on futures contracts and deferred compensation pian benefit investments are not ca'egorved because they are not evidenced by secunhe; that cost in physical or buc4 entry form
NOTE 0-CASH AND INVESTMENTS-Continued Category Carr> lng Market Investments i 2 3 Amount Value September 30.1991 Repurchase agreements $175 535 2th 9 $ 0 orXUO0 $185135 266 $18513 266 U S Gosernment securities 213 414 930 213 419.930 220 680 654 Other U S backed secur:hes 29 091 669 24.091 p;9 29 598 857 State and local government secunties 50 383.908 50.383 908 52.450 354
$468 430 773 $ $ 9 600 h) $478 030 773 $487,865.131 September 30 1990 Repurchase agreements S 23 878 400 $ $ 14 300 000 $ 38178.400 $ 38,178 400 0 S Government securities 191 661 570 191.663 $70 191,617.824 Other U S bacLed securities 28 897 542 28 897.542 26 880.314 State and local government securittes 29 264 550 24 264.550 28 280 381
$ 273.704 062 S $ 14 300.000 $ 288 004.062 $ 284 956,939 These investments are held in the following accounts September 30 1991 1990 Restricted assets $ 399 405.260 $ 245.029.611 Cash and investment , 20.985 112 24.206.786 Accrued interest recenable 513 165 3.511.633 Self-insurance account 6 182 885 6 023 399 investment f und 32.168 609 fuel stabih2ation account 28 154 801 16,748 707 Rate stabihzation account 2 427 010 1.465.755 459 837.051 297.075.893 1.ess Cash and a crued interest receivible from restricted awets 9 738 384 4.179 937 Cash from cash and investments 586 181 1.350 261 Accrued interest receivable 513.3/5 3 il 1.633 Accrued interest recenable from investment fund 985 34x Total investments $ 476 30 713 $ 288 004 062 Cash and cash equivalents $ 82 418.276 $ 46 685.092 investments 196.915 013 242.902 507 Accrued interest 10 503,702 7.487.394
$ 489 837.051 $ 297.075 M93
NOTE E-LONG TERM DEBT Dunng 1978 the Conunission prouded for the advance returuimg of au of its 51.m2s 000 water and elec tric revenue bonds (Refunded ibndo outstandmg at Aphl 1 1978 by the sale N Si1010 00u Water and E!Hiric Revenue Ref un<hng and impraement lunds. Senet 147X and $v4 650 000 Specul Obhgation Ibnds. Senes 1978 The Refundme and improvement Ibnds were subsequently ad.wnte ref unded in December 1985 From the proceeds of the sale of the two 1973 issues rnumes were msested m Uruted States eldigations in an irrewoble Escrow Depont Trust I und Such Umtesi Statos ebhetions rnature at such time so as to pronic su!hcient funds for the pqment of nuturmg punupai and mterest on the Relunded Ibnds All ir.torest camed of accrued on the Umted States obhgatiem has been pledged and will be used for the payment of the pdnapal and mtc rest en the S,>edal Obhg;Wien IOnds. Senes 1978 The Refunded Bonds a'e treat (d as extintushtd debt lor im;maal repothng purme were f emmed from the balance sheets and hoe a remammg prinap<d bance of $6121swo at Septem!wr 30 1091 in Dnember 1085 the Comnussion prouded for the ahnte ref un hng of ad of its wa!ct and electuc tesenue bonds then outstandmg in the aggreg ite pnra ipal araount of $577 7 30 toi(Relunded Bered4 try the Nde of 5565.040 000 w;uer and Electuc Refundmg lenJs Series 19M t$450 milhon outhof ued and sahdated and conntmed by ihe Supreme Court of fh' tid 4 S:de pnxeeds wetc insested m Umfed Staks obhgations in an irrevocable Ev ro A Deposit Trust Fund Suth Uruted State t obhgations w di matute at such ' time and m such amounts so as to prende suthoent f unds for the pmment of maturmg pnnopal and mterest on the Refunded ibnds lhe R0 funded ibnd5 die treated as eAhnguWhed deht for hncmcial reportmg purposet were femmed frorn the b&nce 'heet' and h.we a rem onmg pmu iral b dance of
$',51825 000 at Septernber 30 1991 The 19M senior hen revetiue bonds are pauble anJ secured by a he-t hen u;en and pledge of the net revenues denved by the Comnussion from the ope anon of !he wate r an i c!ectnc syt tem and hom investment incOrne earned on luoNes and UbhgatMns in Wrtam sird ing hind atwunt* l The Comtmstion has covenanted in the senior bond reduuun to ht estabhsh and mamtoin rates and collect fees. rentals or other charges for the wn u es and tauhhes a will eays omde m em h hscal year net revenues which shah be adequte at ah urn , to pay m ea;h hwa! 3ear the .um of at lewt one hundred twenty-hve pen.ent f12511 of the annued debt senice requirement o i tt e outuandmg bonds and that net revenues shall be sulhcient to mMe ad other p4ments reqmreJ by the terms of Ihe setuur hand tv- >!ntion The senior bond resolution estabhshes the Revenue I and Acwunt. Renewal and Repkement I und Account and Sinhng Fund Aco?unt. whd b com;msed of the intmst pnnupd lmeste ent Bond Redemption. Debt Service Resene cnd Demand Charge Conwnent aco,unts in accordance with the senior txmd resolution. grass resenues den ed from the operaton of the water dnd Ciectnc system are to b dep31 red in the Resenue i und and sh,di be apphed only m the fuMowing mannen I. Revenue 5 are brst to be used to pdy tne Ulrfent operating OpCIbes UI the watel and e!t%tric AVstem and then au Sinimg f und and Renewal and Rep 6 cement I und requaements
- 2. The b: dance of any revenues rernammg m the Resenue Fund shall at the option N the Conmus t m be used li) for any lawfut purpo s e in connection with the ver.+nd ebtoc mtem and na to mA e mv payments of funds to the City of Orlanda pmuded hmnet that none of the revenues it n i ta be used for the punnses descnbed in h) and nu unlew all pmments requaed in Ill ahme m;ludmc any ,
dehtiennes for pnar psyments base been made m luil to the date of suc h uw. and !he Conunn un I shah hwe fumy comphed with aH cosenants and xteen ents mntamed m Ihe lond resWution Also, in December 1485 the Commission mued S.*4 n00 OM Senes 14MB Water and ihinc Rewnue (knd Antiapanon Note;IBANw Prc(eeds of the Series tussB BAN s . together with other aMlable f unds were used to refund the prinapal and rcraed mterest ci!he ' encs 19%A BAN 5 to fund all the mteir
- requirements on the series pM5B BAN s and to e<tabhsh a debt sets ne re+ne fund te the Sone' luen BANt The NMB BAN s m 4tured on May 3 6 14W 1he 5ene IWSB BAN , wMe paid bi the ptm erds dthe Water and Eleanc Subordmated Revenue (kmds Sene' lea and tmm the %ne . Nsh liAN s Ca;utahc 'J interest Account and Debt Semce Resene Account O
NOTE E-LONG TERM DEB T-Contmued in March 1989 the Qcouwion ksued the Water anJ f.h ctric Subunnnated Rmenue Bond > Sern4 IWM (Series 108%)in the amount of $241905 tOD to pay a ;en hm of the Sent 3 luS5B IAN s w hKh nutmed in May 1989 The balance et the Series 19358 iMN s was pud off usmg funds temsunmg in the lumb BAN s Capitalaed Interest and Debt Service Resene Acmunts in May 1% the Comnuwon issued the Lier e i f lectric Suividmated Reienue Bonds benes 109B Dnes 199Bi m the amount of 524 lMu5 000 to ;uy the prinapal portien of Ihe Lter and Eicctrn Suludmated Revenue lends 9 oes iWM in August 1980 the Commiwon osued the Lier and I lettrL butedmated Resenue [UnJs Sene: lupC tSerrs IWVClin the amount of S75 ON 000 to retund $46 500 000 of the 5enes nob and to undert<de certam capital imptoiements to the water and electre , stem f rom the pns ceds an mru >unt (u!haent to pay the prinapal and related mterest of the ref unded portian of the Serms lowB Bmds us msested in United States obhgatmns and irre K4b!) deposited into an eurow a want A!' of the S&S00 000 in iwD Bonds refunded wew red emed m Octeb"r and New mber im The purpose of tht ref undmg was to reduce the Cemmnsian s exposure to mtetest rate flu:luations by reduang Ihe amount ul Varidhle rate debt Outstailding l(bed en II:e [WfornMMe f the 19xvB lbnds there n ao mterial t bein-I- in debt serme The remainmg porton of the Senes NGC Bond, are pwable Itom and towred by a ben upon and a p! edge of the net revenues derned tr/ the comfrusun from the operaton of the water orniekttric s3 stem and tertain investment income. sublect to the pnor hen thereon nf 1he Commimn s outstandmg semer debt obligations inter and Electre Refundmg Bonde Senes 1955) The Commission has twenanted in tt e tuntor hen bond rewlutmo to ht estabhth and mamtam suc h rates and collect such fees. rentais er other charges f ar the termes and faohties n wdl alor,s prak r each hscal year net revenues which ou be adequye af ter the dedm tion of amuunts requned te be depcmted from net tes ?naes m each hal yeat to prmide for Ihe annual debt ten he requuerner t for sener debt obhgations to f und any debt s oce resene requ:rement for su h senior debt oobcatens and to m:Je any required deposit to of her funds and ncounts estabbshed under dwumenh endenone or munne senior debt ObNations at a!l times to pay m each hscal sear the som of at icet ui one hundred perwnt t IDOli cf the annual debt serike re prement for the b,ni Mued pursuarit tu the resoluhun and any pan pas >u addition 31 bonds hereaf ter inued fc r the then current hscal year and in; one hundred perant i1& > a of the amount requned to be deposited mtv the Demand Charge com;4onent Acwart for the then wrrent , fiscal var and that such r:et resenues wiU be sufficent to nde an ether pa3 ments requaed by the terms of : the resolution and thot such ratex fees rentak or other charges shall not be reduced sa as to to msu!h ient ' to provide adequate ren enues for such purv>w+ The junior hen bond resolution estabbshes the Smking fund a hkh mdudes the interest. pnnapal 10 d Redemphon and Demand Charge Ccmponent Acwunts in accordanw with the re(olution grot s resenuew are to be apphed m axordance with the senior bond resolut mn and then to be a;3phed to the lumor t ien Sinking fund accounts i inlanuarf 19a0. the Commiw an issued the Oier and ije a nc Subordmated Resenue Ibni Senet > 1989D in the amount of $253 945h00 tu pm tt e redemptb m pn< c et the remammg Sene, N9n Bcmds Conwquently the redeerned Senen twB Bands b ne het n wne wi hom the balance sheet None r f the Senes 19AB Ekmds were outstandme at September W !WO 1he Senes 19WD Bent . h ne muu n ntes I- of 6 751 5 E and 5 tXR due m term ferm on O< tober 1 m the se:ns 205 7 2020 and 2023 respetthel) The Senes 1989D tkmds are secured by a lien up m and a piedce of the net rewnued dense i from the ' Commmien upon the operation of the water and e4ectnc sntem and en certam msestment mwnu e pro =,ided in the resolution. and are further secured by a Debt Sen n e ReMne Actpunt estabbshed by the resolution TM hen of the Senns 1%QD Bond s are jum w to !he Senes iW5 h ;ue but en a parity with t he i Senes 14WC issue r i
l NOTE E-LONG TERM DEBT-Continued in Match 1900 the Commission issued the Water and Electnc Subordmated Resenue Bonds. Senes IWOM IMmibondst in the amount of $8 082 000 to pay for capitalimprosements to the water and elettnc system. The Minibonds are issued as f ully repstered (aottal appreoation tends in the mitial pnncipal amount of $250 and integral multiples thereof. and mature on February X 2000 The Minibonds bear interest at 710% per annum compounded 'emsannually and are not sutdect to redemption pnot to maturity The Mimbonds are payable solely fram and sec ured to a hen upon the net revenues derned by the Commission from the o;eranon of the water and electm system and of (ertam irnestment income as provided m the Mmibond Re alution The hen of the Mm: bonds upon t he net revenues is lunior and subordinate 1o the poor hen t hert on of f he Comrmssmn s outstanding debt obhgations The Min! bonds base an accreted salue of $4 963 olo at September 30 Unl in September 1940, the Commission bsued the Unit ptked Demand Adiustable Water and 1 lecroc Revenue Bond Anticipation Notes (Senes IWO A Notul m the amount of 570 00n 000 for the purpose of funding capital irnprovements to the water and eleutrK system The be.m IWM Notes am due on September 1.1995 Rates paid dunng 1441 ranged from 3 25% to 610: The Series Iv90A Notes are payable from and wcured iatably by a ben on and pledge of o n the proceeds of Semor Lien Revenue Bonds of the Commission to tm issued te pay the pnnapal of and acoued and unpaid interest on the Senes 1090A Notes. which hen and pledge i, supenor to all other hens thereon M the monies on deposit in the Senes IWOA Notes Debt Senice Resene I und and nul the nmmes on deprit - in the Constructon Account 10 February 1901. the Comtnission osued Water and llectrK Sutordmated Re'.en.:e ik>nds Senes Iv9l A (Senes Iv9l A) m he amount 01 $235.820 000 to psy for capital unprevernents of the water and el ectrk system The Senes 1991 A Bonds are term bcnds due m 2020 and 2020 and ha,e coupon rates of 6 % and 5 5% respectively The Series 1991 A Bonds are junior to the Ser:e3 1985 Borub but on a panty with the Series 1489C and Senes 1989D bonds The Series lWl A Bond, are setored by the same sources as the loM9C and Series 19890 Bonds in addtuon to the remamder of the authonzed but unissued U65 Bonds of $Et 460 0% the Comnue ion has abo beert authoriled to heue an additional 5;55 000.000 ut senior hen tends lot a total of Si.3399ou 000 to be used for ref undmg or other designated purpwes in December l991. the Commission authonzeJ the issuance of 549 9'M 000 Vanoble Rate Dernand Water and Electric Revenue Bond Antiopation Notes Series 1"41 The purpose of this senes is to provide financing for eiettnc. water and common f acihties of the Comnussmn The Ccmmission has no rnaterial operaang or capdal leases
NOTE E-LONG TERM DEBT Continued Ik>nds and P.ond Antinpation Notes ilMNS) prmcipal outstandmg is as follows September 30 1991 1990 DONDS: Senes 1085 $ 25'e to 8 (QR due '.enalli lush to 2000 and in term form f rein 2000 to 2010 5 54 4 t'10 Ofo S 54h 565 000 Less current lurtion of Senes HJS5 5 2'A Oto 1955 000 t ong-terrn portion of Sents 1985 538115 m) 543 6lti[h Series 198E 7 00% due serully 2011 to 2015 and in term form in 202 3 75 000 WO 75 O(M 000 Series 10AOD. 5 IKr u to 6 751.due in term ferm in years 20l7. 2020 and 202 3 25 3 445 WO 15 3.945 UlO Series 1990AA 710'b C 4pital Appreciation 'Minibends' matunne,lebruary 8 2000 8 963 016 8 416.181 Senes 1991 A 5 50s, to 6 50 b dae in term form m years 2020 and 2026 235 820 000 1.112011016 8M0 971,18! BANS: Senes luo0A Urut Priced Demand Ad;ustolde Band Anticipation Notes matu'ing September 1.1945 70 000 000 70 000 f vio
$ 1.182.04 3 016 $ 450 971.181 O
NOTE E-LONG TERM DEBT. Continued rollowmg is a schedule of annual pnnapal and interest sm)ing fund requiternents en the incoue londs and notes out'tanthng at Septembet 110 1091 ncal Debt Service for Debt Senice for Debt Service for Year Series 1985 Bonds Series 1989C Bonds Series 1989D Bonds Endin6 Principal Interest Principal Interest Principal Interest lvar 5.5vs(vx s 44 m vu (. 5 250 vu 5 14 os7 4/5 19J3 10 lUS O O 44 341 M 525000 14 O*7.42'. Un4 11 UA f og 4557%oli 5 25o WO 14 4s7 425 j u'#% [ 4.97 % 9 K) 42d W uh0 6 25h lWJi 14 457 425 lVw, 161 %d a n 4lJI6 06 'i 2%g (m 149K7A25 1997 17. th% (4 0 4') ODI %55 5250fWM i44%742% l ?JM 18 Vl 0 0'O lh 5%R2:Ja %2% DIM) l4 9%7 425 prH 204V5(00 364698%0 52*0(nD 14 957 425 JO(O 22245(00 35 227 775 5 251r u ki 14 447 4/5 JOI)) J413% 0.0 313% 950 s 15n 60 144k7 425 2002 26 210 (O > '5)2% b6 5 25u 0$1 14 987 425 2%)3 28 480(KU J8994694 52504O la 987 425
/004
~
10 4F.) f(:0 Jh.538 294 % 259(N O l4 4M.425 20n5 71 (M5 t# O 24 870 581 5 2 Vi D io 14 487 415 2% % 64040 116M7 750 % 25V 00 14 997 425 21Y)7 39 7 % (NY,) 14 '7s 150 5 J%aINO 14 947 42% 2W.A% 43 135 (v.O 11.1 4 175 5 250 & O 144%742i 2p re 46 800 (x o 7 527,700 5 250 iMt 14 997 42, 20iO 507i000 35497 o 5 250 om 14 vs7 425
/Oll 5 172550 525000 i J 065 Rio 14 M7 425 201) 3vss ono 4 W ps0 1304%90 i4105517 2013 4 265 000 4.7 l0 VO 14 A65 WO 14 164 250 2Ol4 4 WI D /5 4 411 750 15 h~du aO 12 1%9 513 1915 4hN9(OO 4932650 16 40%fo) 1i D66 937 201 c, %225fou 3 750 450 1% !)0 (x0 4 441 M(hi 2017 5SW 000 5 w5100 19 not m 8 71u US 2018 5 950 0h0 2 493 900 20 M 5000 7 414 fui 2014 64000(O 2 575 No 21.7 70 h iO 6 279 675 2020 6 845 000 2127 VC 12 405 9 O 5 OA2 32%
2024 7.125 000 l 645 iso 24 2 30 WO 1Mio250 2022 7 840 000 1.16 4m) 15 4 30 (DJ ? 607 750 2023 8 W)foO S Mf, 6Ti 20 715.0 0 1 05750 2024 2025 2026
$ 538 315 UO 5 565.785 154 $ 7' W 0 000 5141 406 650 52519 50 0 4 N5 4h5 2*,2 Forthe 1985.1950C,1989D. and 1991 A-ikwds interest is payable on Apnl I and October i voth ponapal pgments due on October 1.
II) Represents accreted value of the Mmibands due and puable at then ma unty on Iebruary X 2000 l (2) The Senes 1990A Notes are vanable rate. An avetage rate ot 5 % was used to estimale inttrest 1
._ - . ~.
l l l l l Series Debt SenIce for Debt Senice for 1990AA Series 1990A Notes Series 1991 A Bonds Minibonds (11_,_ . Principal Interest (2) Principal interest. Total 5 3 M0 (vK1 $ 14174 5(O 5 M 614 85M 3 MONO 14.174 SfC 92 710 826 3 850 (N W1 14174 MO 95,712 849 . 5 70 OhUXO 3 529 167 14174 5(k.i j(A 415 l$2 14174 MO 41.A77 460 14174 hhi 91 884 810 14.174 ho 9lM80 215 14.174 YO 91 876 775
$ 15 0$0 0iG 14 174300 107 93J 7(O I
- 174
- Wi 91 M )875 14 i?4 Nki 91 M77.'231 14174 kW1 91.M6 619 14 174 500 91 M0?!9 14 174 5(O 129 47 M16 14 )74 5(O kh D9 (#75 14174 Nvi hM 740 ??%
14174 SW M 741l(O 14 174 % 0 hk_7 J9 r,25 14174 5(WI M 671625 S 8 925 (oo 14 174 5:0 :O 12f,925 9*.45 000 1591 375 til 124 162
;0 '20 000 12 9 7f, %O (/1121 100 10 78:)000 12 llh 7%D (/l120 01{
114h5 000 11 618 050 f t.) 127 5 4 7 12 2.401.u) 10 M71.525 to 12V 275 13 02% Om 10 076 575 to. I 2f,150 11 870 000 9 229 MO 9)121 459 14 770 000 8 118.400 e 121375 15,7 $0 000 7 3t>M 350 to Ii 7.975 16 750 O(U 614540 f/ '18 190 17 (JO f ko %424(60 to 117 800 lh645'nO 44528(O to l15.1%) 19 670 000 :1427 125 2 5 O'J7 325 20 750 000 2.145 475 23 095 475
.~ . - . - - .
21893000 I 204 225 21 099 225
, S. .$ . \ -
I NOTE F-PARTICIPATION AGREEMENTS in 1980 the Commission entered into a Partiapation Agreement with Ilonda Power and Light Cempany (F PL) to purchase a 6 08951% (52 net megawattsi undnided oanership n, erest in St Luar llrnt No 2 nudear powered electric generaung laahl: constructed b) i PL This unit is presently rated at 853 net megawatts (MW) and commenced (ommeraal operation m 10A3 lhe Commission has also entered mio a Reliabihtv Lxchange Areement w;th iPl The Rehabihty Luhange Agreement results in the Commmion euhanging 50 % of its share of the output from St Luae Unit Ne 2 for a hke amount trem St i uoe Umt Ne I a nuclear powered ek<tric generating f aahty l PL has operational control of both proiects The Commission also has a Parttopation Agreement with the City of I akeland F1onda dated Apol 4 1978 Under the terms of this Agreement the Commission has a 40 i 1136 net MWi undn!ded ow nership interest in a 340 net MW refuse and coabbred steam genaatmg unit IMcIntmh Urnt No 31 ow ned by the Cth of lAeland The City of Lakeland has operatunM control of this peiect Smce 1975. the Commission has ow ned a 10015% i13 net MW) undwided ownership mterest m Flonda PcTer Corporation s 827 net MW nuclear pawcred electrh generanng plant designoted Crystal Roer Umt No 1 This ewnership mtere<t was acquired under the terms of a smgle Participanon Agreement with flonda Power Corporation and ten Florida muniapal utihties Flonda Powet Corporation has operational control of this project in 1%4 and 19%5 the Commission entered mio Part!apauon Agreements with fionda Mamapal Power Agency ti MPAl and the Kissimmee l'tihty Au'honty 9:UA, ta sell a portion of Stanton Lr eigy Center Unit #1 lbEC 1) ruladmg common and externa!Is thties SEC 1 is ratt d at 440 net MW Under the terms of thete agreerm.nts. F MPA ha a 26(C65T undwided ownership mterest and Kt'A has a 4 X10M undnaded ownership mterent The Commi,sion whk h has reta ned a 65 5542 L undiuded ownenhip interest has operat anal control of this project n 199L %e Partlapation Acreements for SLC I acre amendcd to sell to FMPA and s UA tneir oanership share of the coramon and eternal taahhes. exduding me c>terrul land rcuiroad toch scaW and su W h engine This sale wdl close or, lune 30.1992 with the eucption of the wetewater treatment plant and me rel'oad ccat cars iale whkh was completed m 1991 In 1988 the Cornmission entered mto Partkiprian Agreements aith FMPA and Kt1A to sell a portion of the Commmion s Indian Lreer Plant Combustion Turbine Promct culudmg common facihties The Commission s Combustion Turbine Project mcludes two 48 MW combustian turbmes (Units A and B) a hkn can generate electncity utdmng natural gas or light ctiese: oil The combustion turb nes were plac ed m commercial operation one on lune I and anothe' on luly I.1989 Under the terms of these aceements. I MPA has a 39% undwidad ownership interest and KUA has a 12 21 undmded ow nershm interest The Commission. which has retamed a 48 8% undnided ownership interest. has o;,erenonai control of this proiect in 1990 the Commission entert: J mto a Partiapatk3n Agreement with i MPA to sell a portion et the Commission s Indian Rner Plant Combir.tton Turbme Proect for Units C and D eubd ng common hahties The Cemrr,ission's Combustion TurtEne Pro!ect for Umis C and D mdudes two 129 MW combustnen turbine, w hKh can generate electncity utdirmg natural gas and !.cht die,el od These combustmp turbmes are wheduled to be placed m commeraal o;wration on October 1.1992 Under the terrns of this agreement (MPA has a 2 F > undwided ownctship interest The Commnsion w hkh has retamed a 79% 1102 het megawatts por uniti undwided oanership mterest has operational control of this project Cons'ruction m progress at Septernber 30.1901. was $2 L5M 300 m 1991 the Cor* nissian entered into partiapaUan agreements with FMPA and KUA to sell a portian N Stanton Energy Center Urdt #2 Under the terms of these agreements i MPA has a 21 IMta undnided cwnerr hip interest and EUA hac a 3 MI 41 undnaded ownershto mierest The Comrnission w hich has retamed a 753 urhded ow nmhip mterest has operational contro! of this pr Mect The c losing on t hn sale L!i hA e phe on kne 30 1992 Construchaa in progress wt September 301991 m $5 734203 O
NOTE F-PARTICIPATION AGREEfiENTS Continued followmc is a summary el the Commission s pro;ortionare share of eat h iomtly owned plant SLC I hkir. tosh Cmt Nt. 3.and the indian River piant combustion Tu't'ine protects indode the cost ( f common ander euernal taohties The other plaf as do not but the partnipants pay user th;rges to the epelatmg entity Accerd;ng to the partic:pation agreements eac h partiapant mm.t prende its ow n f manung amJ ex h participe..t s sh3te of expenses 'M the opcrations of the plants are induded in the wrrespondmg operating cxpenses of its ev n incorue statement Allowance for deptwation and amothzanon on utihty plant m scruce is deternwed by eath p capant tused en their depreoation method,. and rates relating to then shMt! of the p!dsi! Plants as of September 30.1991 Star. ton indlan River Energy Combustion St. Lucle Mcl; tosh Crystal Ulver Center Torblnes liaitNo.2 UtstNo.3 Unit No. 3 Un4 Nn,1 A ar'd B Utlhty plant m servte $iO4 X2 % ts 5100 62n 24M S 15 135 747 $410MI 4 N J $115k0296 Allowance for depreaation 6 amortilabori 130 h40 2991 (2M 941657) (7.938 2 f Ji Ft ? N 5 !,X4 ) t i 1914711 Constructien work in pregress 4fi28 Mil Comm'ssioni s net sh;ee S 71980246 $ iltM4 591 S 7 197.51% $17/ 'il8 079 $11. MS M15
!! has been determined that nore of the partidpa: ion agreemer% to w hich the Commisuon is a party meet the-ritena of a joint senture as specihed in Statemerit 14 af the Governmental Auounting Star! danis Boarri The Commission lacks operational control oser the St Luue Unit No 2 Cryvial River Unit No iand McIntosh Urut No 3 plants EEC i and Ind an River Combustion Turbine Projects are ientrolled by the Commission Fiscal and budgetary canttot of SEC 1 and the Combustion Turbme l'rotects tem uns w,th the Comrnission. No separate gasernirg authc rity ensts ter any of the partiapation plants The Commission also has an agramert with Orange County Fionda to share operanna costs of a waste watt r treatment la:ihty at the SLC i site Thc Commission operates the f acihty iltfe( tise July 1,1091 the County p e/s a $575 605 annual fee for the operaton and mamtenance of the taahty The lee is subject to annual increases ba,ed upon inflationary factors and is subject to renegototion within Ihe form of the contract The annual fee is dassif md as a reduction to SEC 1 operatmg and maintenance expense 3 O
v - _. . NOTE G-ELECTRIC SUPPLY AGRF.EMENTS Capacity Commitment; in 1485 the Coranussion entcred into an agreenwnt with the ilenda Mumup il power Agency IFMPAl to proude i MPA with a total of I % MW of the Gimmmion s n19 MW of tinits I and 3 generatmg ca;uaty of the Indran Rner plant on a ble or pas lmis Paiment to the Comunwon ! . based upon a demeind chatge plus 21 M i share o' O,e co-t of erot ten and trumtetunt e el the <.d ds bred steam turbine units plus the luel cost for any power used 1he contract s nutial term tegan dutmst 10% and extend 3 to 2001. I MPA h;is an optico to extend the contrait ler a hve u at ramp d -u n in 19V,9. the Commission abo entered into capiut> commitm,nt contrasis with i MP A and Eti A tot em h to recene 20 MW of generating ca;iaoty Of the CommNnA sy . tem eenrotitm capm 113 h 15 3 ca n. In Se;'tember lvR the Cemnuwon entcred into two capaaty commitments with Reedy Creti improsemcat Dmitict for them to recent 15MW vt genetatmg opauty of the Comnu ssen s ystem genetitp:grap wity fut 10 years phe a two-3 car f arnp down and W rerence SMW of resene cap-ialy of the Ceny rssien $ stem 3 generatiric capeity for 10 ) cats in WN the avussien ent yted mto capauty comnuttnents suth i MDA FUA and New Smytf u Pcich FMl'A will receive an add,t; nal c'bi\ " of ictieratitig (apa ity t 4 thi Ct1rtitia+ sion s wtern gt neniting capaaty for lull to luu4 and 10MW for INi Kllk.wdl texn e an ad 14tienal 2WW of gevratmg capmity of the Comme.ston's system gener4tmg upaaty 1;r ,% i and 20MW for UN2 New Smyrn i Beat h w ill retene iIMW of generatmg capauty ed the Cornmtwon s system geneuting ( ipauti for fune to be;>temhet pal Florida Municipal Power pool: In May 1%s an agreement w entered mto tof ween the comnw on the City of Lakehind flerit and the Honda Muniapal Power Agency s All l&pmements Pnictt to aupcrate m the interconnecte:1 operaton of the respectne eininc supph systems i as to etJa.n Ihe fullest ad antage of each systerns gener $tmg resaurus A management comm,ttee airisisting, of a tepresentatne inin, ex h (sf gam:ati .n , upen i-es t he o; < tation of this Pool The Commiwon ops rates the dmpatchme sen he an i mimirasters the h d Pn sdudmn ust usings due to Ihe operati.in of the pwd are acounted for and alhuted to eu h o!canuath n by m bcdual pool part ia p ation The terrn Of th( a[n1 rnent.16 h 4 Of te ', Par t(' !a' . tub.sm st Rally rene A ed its:rn it'ai tti yeaf ut)tti leindluted by the wnsent of att p trtlupants hawmer an) one p irthi;unt in r, with.iow at any time upon une > car t w ritIch notice
l l NOTE H-DEFERRED COMPENSATION PLAN The Commission o!!crs as empk 3 eet a ddeneJ wmpentation pun ueated m adonhnte with l Intef nal Resenue Code Section 45 / The plan aue!ahle to o!I Con nomon t inpl 3ers pernats emplo:,ees to l wntt h te 2% of their tuse utary culusne of tutal pension and ds pendent medu al care wntnl<utions up 10 57 600 per year 4 sets and h<ituhties of the pbn are fewfded at fnad(! The cleferred (impt nsation n nut mailable to emple>ces until ternurutmn retifeme it (leath of unt 4feteca!Je emervem y All arooUf.!w ol(om}Tnsation ,h !Cf f t d undt f t }W lien a!I lih spert) and fights l>uf t hased Alth thi W amounts. and all incorne attnbutable to those amounts a'e iuntil p-i!J or made a,adaHe f o Ihe < u.phS ee or other benehctaryi wiely the ;>toperty of the Comma en nut hout l'eing restn, ted to the prm etons of benehts under the pla!U sutw.! only to the (bl% of the Comme wn s general or i tof s pattiopants rights under the pl.4n are equal M thme (,t gent rat oisi tors < >f the C:.mni uon in an arnaunt e:aualie the talt nudet value of the deferrel account for emh partiupant It is the opinion of the Comtniwen s legal ceurs el th it the Comno n'n tu. no hat Hhh for !m ws under l the p!an but dxs haic the du'y of due ca re th.it wi uLi be re tuned i f an t.fdaury pru-lent m,e' tot 1he Comtmssion behe,es that it is unM eh th st it a di uw the av.et u to s imf) the : ! cm:. of cencra! oed, ton m the future ; I NOTE l-PAYMENTS TO THE CITY OF ORLANDO AND ORANGE COUNTY I i ITO I)lleS o! pl1yrDelllS fire fTUde f() Ibc Cield rd! I'und (d lIW Clly (d Orllikb ' +a f f'ieflui' Il e 8t l [ W,ll Wf)t ' and en income based payment The fewnue tw,e i pernent n < ah ubted at su pera nt o' gn m s n tail ek cinc and wa'ai tdhngs to customers othm the City 1tus pmment is rhnuhed a an operat'rt empen<c 1he income-bawd dnidend pgtnent hi calc ulated at M uf a rojime fne year 4.crace of net inciane. w;th certam exclusions f or mwme-based dmdend payment ukuhhom m oh mg f r.t al yean.1991 throach l@id Only D01 DI net inCDme willIW used lhls pa)thent 15 redded d5 a rtSlucIlon ('f retallitMl e,irlung' afid is not cons deved an eyrnse for rate malme purpusc< pdy rDefit % .sie fhadd to Ordnf t (Dunt y IJaied on one j Cf f erf t of Cr,M letall elts if k hilhry's % ithin t he County but outode the city knuts of the City ot Orlandc 1hn pannent. wrm h wa m W and SnN in tar f r. cal years ended September 30 1991 and Urd respectnvir is clw shed es .4n op( f atmc tveneral and l admmnitatneJ expente All p4ments are mrle pursu,rit to a unilateral pohry estM/i hed by the C(imtnnwn O
I NOTE J-COMMITMENTS AND CONTINGENT LIABILITIES
- 1. The Commission and the other partiopantc m shC I have a cad sup;4 wnuxt with a 10 year pnm $r) tem that began on luly 1. luS7 with the option of two suaessne !ne seat ">rms lhe cenuad m.ers all of the coal requactnents of St C 1 dunng the hrst f ne seats of the mntuct Dunng the second f ne scars.
the centtact cosers at least 6M Omi tons per year with an opHon to purchwe loai of the coal requirements The usage is estimated at M 250 000 to 12 000 S0 tans < Ser t he ten ye u centratt pt nod 2 The Commission and the other partiop mts m $1 C I ha,e Msa agreed to a twehe war contract that expues on Septemt er la 1999 for ran dehvety of the omt's mal puu hases 3 The Commisson has been named m seweu) Tuie 7 admuuttration complamh &mning dNntmrutian by fortner employees and an apphcant Wnagement and legal coun'el n:nsuier these ciiims to be vathout ment and will not result in a matenal habihty 4 The Commission has hied smt m Breurd County Cucuit Court for remst atement of :ts tax eiemption on its real and tangttde personal pre}cty for yean im and lwu The prepmed tax esessments f u pn9 and 1480 are $814 3tN and $720 714- respec'nely The Commn uon ha > feund lend creunds acamst the demal of the uemption and expects the nemption to be remstated 5 In MJy 1991 the CommiWon entered into a guaranty of a budge hein [Ntween 'i~he h snhoe foundation i incorporated and Sun funk Nahonal Assocution in the amount of $12 rmihen 1he bndge loan is to complete othces and a rebear3al area for the non-pn ht art u=nter The roun i st on hu gnen the C(immission a leasehold mortgage and murity interest on <ill vi the leasebot.-f irnprowrnents that win adequately cover the ComnuWon s egosure The Cemnussmo h,s tened the land and tankhngs to the foundation for 25 Sears 6 As of September 30 !Wl.the Comtrassion has entered trao wnuacts towng $167 t.70114 for the proposed wnstruction and eqmpment for the Stanton I:ncrgy Cento 11 %ese wntracts are , enSngent upon the Commission obtammg the requaed regulatmy appre ak NOTE K-PENSION PLAN The Odando Unh4es Commssmn ho a smg6 empimer dehned beneht penwn ; dan c menng di emp!O)ees who (Ogularly work 20 or more hours ;>er weel f:reploye es participate in t be plan mirne4 hah l> upon employment The penuon plan appnaed by the Orlando Ut i hhes Commissmn states that the Comnuss!on shall m4e such contnbutions to the reurement fund as shall be required under accepted actuanal pnrapies to at leet be sufhcient to mmntam the plan as a quahfied employee dehned benent plan meetmg the nunimum funding standard requuements of the Internal Re,enue Code with respect to its members as shah be determined from time ta time by the actu iry The Commission shMI net h-ne any ngnt utle or mterest m the wntnbutions made to the rentement fund under the plan and no part of the retirement f und shah rewrt to the Commission eucpt that a Upon complete termmation of the plan and the aHaation and d:stnbutmn o! Ihe retuement fund as prodded here,n, any funds remainmg in the retuement fund because of an actuanal computanon af ter the satisf action of a!! hred and continfcnt habihties under the plan with respet t to the Commisson may resert to the Commission b if an excess contnbution n made to the retnement f und by the Comrussian then such wninbubon may be retumed to the Commissen withm one year aher the pn taent of the mmnbut on c if the Internal Rewnue Sorvice determines that the plan does not meet the requiremers 1 1 Code section 40liat Ihe p!an shall be null and void and any contnbutions Shah be retume:l to Ihe Commission withm one year follow mg the determination that the plan does not meet such requirements unless ,he Commission elects to mak e the ch.mges to the pH in newssn to rewm e determination from the Intern 4! Rewnue ServKe that the requnenmnts el t ide sechan 19 t hu are mi t
NOTE K-PENSION PLAN Continuea tiach participant contnbutes weekly te the plan four percent of earnings until the completion of 20) ears of service After completion of 20 years of (enne. en:h memler sha!! contnbute weel!y to the plan Iwo percent of eamings Such trquired contnbutions shall(ev.e upon a member s wmpletion of 33 years of sen ice The Commission s contnbution it determined using the xtuanal(ost method The actuanal pension plan obhgations were used as a basis for calc ulatmg the determmed coritribution requirernents for the f und pension ewnse for the hscal years 1991 and 1940 was $2 M907 and $2 467 415. respectisely w hic h , includes normal costs plus amedization of past scrute costs The awumed rate of return used in l determmmg the actuanal present value cf accumulated rian benehts was 7 % The rnethod used to ! deterndne the normal co<t and actuanal habihty is Ihe projected (Jnit Credit Actuanal Cost Method in pnor i Sears, the Entry Age Nermal Irenn inittal Uability Actuanal Cost Method was used This change resulted j in a $14.457.730 decrease m the unf unded a-tuanal accrued habihty 1he participant s pc nsion bereht is 2'O % of the highcst three consechtive seats twise earnmgs times years employment A maumum of F) years of senice is credited Denehts are ven.ted af ter 5 ycars of seniw interest eamings for the plan years 1900 and 1059 were 2 Tb and 14 41 respecthely The o.erall tumulative average annual rate of return fer the plan has bee n 13 7L unce CNtober 1.1984 The pension beneht obligation presented as the ac=tuarial present value of accumulated plan benehts is a standard measure of the present value of pension benehts. adiosted for the c!fects of projected salary increases of 6% estirnated to be payable in the f uture as a result of ernployt senice to date The pension plan's assets are administered by The Mutual 1 de insurance Company cf New York (MONY) The pensron plan's funds may be imested m money market accounts. bonds and stods and are presented at marf et value
NOTE K-PENSION PLAN Continued Plan data as et Octobet 1. IV90 llatest actuarial valuation) as dewloped by t ornuiting actuaries is as f ollaa s-Actuarial present value of accumulated plan benefits: Present value of sested benefits 5 61,722 t/>S Present value o! non vested ' coefits 3 847 v30 Total present value of all accumulated benefits $ 65.570 SV8 Projected benefit funded status: Vested Retirees and benehuanes currently receiung benehts, terminated 6 disabled employees not yet receiung benefits S 32 470 219 Current employees Accumula.ed employee cont ributions 10.007.117 Ern;)1 oyer-financed 18 345 H2 Non-Vest ed Employct-linanced 22 081 144 Total pension benefit obilgation S 83 803 812 Net assets available for benefits $ 87,835 044 Net assets in excess of pension benefit obilgations S 4 031 232 The plan activity for fiscal year 1990 is as follows: Asset salue as of October 1,1989 $ 8 4 77335 Contributions for 1989-90: Paid during the year EmplO>ee $ 1.113 0 % Paid during the year - Commisuon 2 574.19s Total contributions 5 1687151 Contnbutions receivable at beginning of tear o Contnbutions recerable at end of plan year o Contributions for 1989 90 plan year S 3M7251 Disbursements for 1989-90: iknefit payrnents S 3346317 Expenses and fees 155 252 Total disbursements for 1989-90 ; sol 569 investment Return for 1989 00 $ 1 071.827 Actuanal asset value as of October 1.1990 S 87 8 WO44 Approximate rate of return after expenses and fees 2 123, 61>
1 l NOTE K-NNSION PLAN Continued 1 i Contribution and payrollinformation for the 3 ear ended September 30,1991 follows: Contributions Employ er $ 2t71836 I Employee i 109 255 Total contnbutions S I 781.091 l l lotal payroll $ 39 451 849 j Cosered payro!! $ 12 426 810 i Contributions as a percent of cosered payroll 11 u i 1 Actuary recommended contribution for fiscal) ear 1991: ; Emplo)ct 5 2.565 % 7 Em;,10yee 1,106 219 4 3 b72186 Recommended contnbutions as a pr'!(ent of covtfret! pa) toll 1l33% Tiend information for the preceding hse years fotbws Net Assets Available Unfunded Contributions , Year Ended for Benefits as a Percentage Pension Benefit as a Percentage September 30 of Pension Benefit Obilgation Obligation of Covered Pa> roll IWO 104 MT II r>,, 1989 119 6 _ ll 6 195X 120 4 _ lI 6 19h7 116 5 13 9 1986 170 6 _ 14 2
NOTE L-PENSION PLAN SU6'PLEMENTARY INFORMATION (UNAUDITED) This schedule present', required supplemental hatoncal pension benefit inbrmation for the last nme years currently available This schedule will exparid to ten years as the mformatbn becomes asallable (6) (41 Unfunded/ t1) Unfunded/ Overiunded Net (Overfundedi pension Assets (2) pensic,n (Si Obligation as Year Available pension (3) Benefit Annual a percentage Ended for Denefit percentage Obligation Cosered of Annual September Benefits Obligation Iunoed (2HI) pa) roll Covered payroll 30 (Millions) (Millions) (16/121 (Millions) (Millions) (41/(5) 1990 $87 84 $83 80 10482% $(4 041 $32 43 112 461% 1939 85 6M 71 61 119 60 (14 041 1943 (46 14) 1988 74 58 61.45 120 39 (12 031 28 33 (44 58l 1987 [ A) 70 74 60 72 i t6 50 110 02) 28 04 135 73) 1986 4257 24 90 170 96 117 07l 19 72 1hu DOI 1965 13 79 24 36 13871 (9 411 18 23 (51 711 1984 28 92 22 09 130 92 le 831 17 00 14n t hi 1083 28 13 22 14 127 06 15 991 in 24 (36 Mi 19M2 22 40 19 63 114 II (2 771 14 70 (18 84) Analysis of the dollar amounts of et assets available for benehts. pension beneht obhcation. and unfunded pension bencht obhgation in isolation can be maleathr:g Dpre.smg the net assets asallable for benehts as a percentage of the pension bencht obligation provides one indication of pension f undtng status on a going-concern basis. Analysis of this percent. Je over time indicates whcther the system ts becoming f mancially stronger or wealer. Generally. the greater this percentage. the stronger the pension plan Trend , in utif unded pension beneht obhgation and annual covered payroll are both allected by inflation Expressing the unlunded pension beneht obhgation as a percentage of annual covered pa3 roll approximately adjusts for the effects of mflation and aids analysis of the Comrrossion's progress made m accumulating suthcient assets to pay benefits w hen due Generally. the smaller this percentage the stronger the pension plan (A) The pension beneht obhgation was valued by the actuary (Hewitt Awoates) as prescnbed by the Governmental Accounting Standards Board Statement 5 in 19871his method differs from pner years in that projected bcnefits are alkuted on a lesel basis to employee s years of sernce This resulted in a 39 2% increase Contract amendments increased the pension beneht obhcation by 68 8% and net astets available for benefits by 44 37 O
a- - _ w- a-.-. w- .- = n - - - - m NOTE M-0THER POST t!MPLOYMENT DENEFITS in addihon to the penson benchts desoiSed m Note K. hean n ute henchts and ide mscrance ms erage is p!Dsided to all emplo)et s w ha retire on or af ter attaining a,,c '" S at least l0 yeaf s of te sice of at any age af ter mmp!eting 2% 3eart, of seruce Currentl) J42 ret oees m. et the ( hptuht) tegmf ernents Retiret s may do elett to proude hcalth u'e insurance fer the!r quahtyitig J endents by pagng 35 per:ent ef the calculated premium lhe Cominission is a tecondary preu ler tot those retirees ar::t u the t detenderts a ha are ef;gible for Medgare be nefits The Commission s health care plan is admmistered through on ins.;rance mn.pany on a Monmuro papnient I'lJn but opef ales ab d self insuf ance Dfografn with arl W.Id!!+nnal puf(hased insuf an: e [nilK'y lo ceset those claims over $1N M In this pian the msuranc e mmpany ador v. tert the plan an i prmesses the claims accordmg to insurance mverage with the Commimon remibursmg !! e insurance mmpany for it'5 pa) outs Dipenbei are leCWded by the Cummlbshin When paid tD the msuf ance tom'pany Tot-il JXGlemp!Oyrtent hea!th Chre CUEt5 remgniled by the CC*minl5 Mon h4 the yed'% ended Sep!Prthber 30.1991 and 1990. were $703 020 an'i S7X7 594 respectiu!v postemp!o3rnent hfe ar,uun,e (Osts donne Ihe sarne peflods were $95 W$d and $1I' $9 Health c4re (eser age !> offered ta former emph9 ecs w hn wiuntarily tenninahe and wrtam dependents who are no longer chpble for empleyee dependent coveure m ar.e' dance with federal law (COURAI Currently there are i2 COf*A part.c! pants All parhupants are rewnsit le for 16n pcrtent of the ir 1reurance prenuums
NOTE N-REGULATION According to existing has of the State et Flondr the hve mernbers of the Orbodo Utdities Comnnssron act as the regulatory authority for the estabbshment of electtk and water rates The lionda Pubhc Service Commiss:on (FPSCI has authoritv to regulate the electric " rate structures' of mumcipal utihties in i k>nda 11 is belle - d that ' rate structures' are clearly distinguishable from ihe total airtount of revenues width a prticular utth!) may receive from rates and hat distinchon has thus f ar bx en caref ully made by the i PSC Priar to implementation of any rate chnge the Commission hte> the propo ed tanff with the Flonda Publ.c Semce Commission and has estabbshed the prerequis' A a PubW Notice and the holdmg el a Publi licating Florida Public SenIce Commissioni As narea abese. The FPSC has junsdation to regubte electnc ' rate structures
- of rnunicipal utilities in addition the iland? Electric Pewer Plant Sitmg Att and the Transmission Lme Siting Act hase gnen the FPSC exclushe authonty to approve the need for new power plants and transmissien imes The FPSC also exeruses junsdicuon under the National Energ> and the Florida Energy Efficiency and Conservation Acts as rebted to electnc use consersahon Frogrann and prescribes conformance to the Federal Energy Regub. tory Commission , Uniform System of Ncounts The FPSC also approves territorial agreements and settles terntorial dnputes Environmental and Other Regulations: Op r 3hons of the Commission are subiett to enort : mental regulation b3 Federal. State and local aut hont u and to ionmg regu ations by 1o01 authanties Iederal and State standards and procedures that govern c otrol of he t env;ronment can c hange These changes can anse from continuing legislathe. regulatory. and judicW1 action respecting the steninds and proc edures Therefore, there is no assurarte that the electnc and mater plants m operatio under construction. or contempbted will always remain subject to the reguLtions currently :n ettect. of w di akap be m compliance with future regulations.
An inabihty to comply w >th environmental standarde or deadlines could resu.t iri rc duced operating lese!s or cornplete shutdown of md:vidual elecinc generatmg m:ts or water pbnt f aahhes nar in comphance f urthermore comphance with environmental standa.ds or deadlines may substantu!!y increase capital and operat mg costi. NOTE 0-INCOME TAXES It is the opmien of the Coinmission and its counsel that the Odanda utintie, cammession is exempt fram federal and state income taxes O
~
NOTE P-BUSINESS SEGMENTS The Corr. mission operates in twa business segments - the genciation transmissior. and dhtribution of electricity and the production treatment. and distnbution of w ater A summary of the segment mformati(n. follows Electric Water Total Year Ended September 30,1991: Operating revenues S 3 9 061 814 5 19 400.155 S 309 451 474 Depreciation and amortization 27 579 027 2.814.277 30.303 304 l Operating income Mun4.422 3,351.501 8 t315 023 l Net income 25 830 552 4 258 024 30 0h8.576 I Dividend payment to the General Fund I of the City of Orlando 14.045 280 2 x46.720 17.742.000 I Contributed capital 15,310 868 47.138 913 62.444 781 i Utlhty plant additior s 105.927.476 4 789 401 115 716 877 l Utihty plant deletions 10 354 984 90 410 l a 445194 l Net workma capital nul4 460 2 080 480 67,845440 Total assets l A45 755.217 154 552 938 1 605 30& l')5 Long-term debt net 1 061.599 810 47.1 % 168 1.10& 787 478 Total equity (accumulated retamed earnings and contributed planti 258 211.489 101.914 344 160 126 383 Year Ended September 30,1990: Operating revenues S 284 009 279 $ 19 867 708 $ 303 876 987 Depreciation and amortization 26 408 848 2 661.947 24.572.795 Operating mcome 79643143 5 J 7.120 85 380.263 Net income 27 809 844 5765847 73 574 691 Dwidend payment * , the General Fund ofIbe City of u.lando l 1.668 970 2190.030 14.059.000 Contribund capital 17 020 767 45 144 218 62 173 085 Utihty plant adaltions 58 080 176 11 475 835 70.656 011 Utility plar! deletions 4.030 848 108 368 5.039 2t6 Net work:ng capital 81.138 751 1 400 366 82,53% i17 Total assets 1.231 009.012 121.217 6n8 1f352 226 680 l ong-term debt - net 885 816.866 12 665 907 898.482.775 Total equity 4 accumulated retained eamings and contributed plant i 248 344.117 97 572 846 345.4(6 uo3 here were no sales to any single customer in ewess of 10 5 of operatmg revenues for the hstal years 1991 and 1990 O
- .i. , ;(
R; pert cf 1 dspe dsnt Cattlfled Public Acc3%: tanto
}
+
Com'missioners of the
- Orlando Utilities Commission .
J;
-Wihase audited the accompanying balance sheets of Orlando Utilities Commission as of September 30 ,
1991 and 1990, and the related statements of income and accumulated retained eamings. and cash flows for '
. the years then ended These financial statements are the responsibility of the Commission s management -
E Our responsibility is to express an opinion on these hnancial statements based on our audits.
. :s' We conducted our audits in accordance wth genervly 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 n cludes assessing the accounting principles used and sigrf'icant estimates made by management. as well as esaluating the
- overall financial statement presentation We behese that our audits provide a reasonable basi; for our '
epiniork _i in our opinion; the financial statements referred to above present fairly, in all material respects. the
; financial position cl Orlando Utilities Commission at September 30,1991 and 1900, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles; l i
- f. 5
. December 2,1941 -1 5
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I O!!JndO U!ah*tes'l'oarif of confir?tSSioners constSIS of I fne memlers including the Afarot of 0117:30 who as an Jerry Checone Jr. P'** * "' a er -offiao member lhe Cays Nonuruhng Bo,vd screens apphcants. sut>aumn; three names to one Commtssic.n President )ctry Chicone, Jr. is a otrus grcaer comrmssion wmch then nommates one of the three to and arte leader rewgnized the cdy coanca or refects at/ thw theCavcounca evena!!y for his efforts in rentahzing Downtown Orlando l then inay elect the Commission 's ntunonce foi a four. ;
- A WeIMnOWil community j yrJr ferns t reitt! he norrunee Ine Comanssionc1s leader he was th'foundmg setected tr ttus Precess r~ve wahvat satary 'h * " ** * *I ' h' D** * ' **
- noyce a. waw" i
Dmlopment fkurd and has Grivat V6ce President held F aders!.'.; : oles in many First Vice President Reyce B. civic and business organiza-Walden is associate superinten- m
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tions includmg theGreater Jent for Human Resources and .- Orlanda Area Chamber of M ',gf information Systems of Orarge ~f { Comrnere Coumy Public Schools which
.+1...
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mp aryu . has 17.000 employees Heis ; '. ,. .. ~ hyr .. well recognized as a commumty '
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?*a-p 4
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.p l j leader and espeaally for his ; -S# 7
,J n leadership role in creating'
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j programs to serve the disadvan- F - taged children of migratory fafm
~ ' '
Rechrd L. Fietcher, Jr. i ; uorkers second Vice President
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. Second Vice President l $
Richyd L Fletcher,Ir. is a Jem** H. Pugh, Jr.
- paver m the in firm of C***'**#""*'
i B!Sdf 0ld fr NetChdr and is l COPmiS5ioner lames H. Bitt Frederick Currently On thO boards of l Pugh, fr. is president of Epo'.h usyc., commi..ioner , seseral ke; cmc organ l:at:ans, l Properties int which is including the Committee of WO ; reccgnized as one of the Mayor Bill Frederick has o! Orange Ceanty. This us his ' gantc of mulu family housing been elected maior ttiree times. first year on the Commission. in the nation He has been on serymg as an evofficio member j the ComWssion eig" years, of the Comrni>sion as mayor
! seMng as presiden' three He has attracted both state and
[ times nationa! recogmtion as mayor
' ! of a citywhich has undergone a I
, dramatic rebich during his administranon and wbxh has been featured on the cover of
; i twe of the nanon's major news j , s mq32mos Nmad and Time I '
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