ML20108A578
| ML20108A578 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 12/31/1994 |
| From: | Gant G, Welsh J KISSIMMEE UTILITY AUTHORITY |
| To: | |
| Shared Package | |
| ML20108A568 | List: |
| References | |
| NUDOCS 9605020313 | |
| Download: ML20108A578 (238) | |
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1akingCare. . . . Community Outlook : Recognized as one of the fastest growing areas in America, Kissimmee, Florida leads the region in growth in commerce, education, culture, and the wise manage- 0" d" C"~ ^ * '"' '*" ment of resources. Maintaining the quality of life that initially attracts people here is "" Padwuntd inmsAnna m of highest priority. N " "' "'d' C""" In 1994, construction was completed on a new library, a 50,000 square foot waterfront civic center, and a state-of-the-art police facility designed to accommodate police through the year 2010. Work was also begun on a $2 million swimmmg pool couru - ,m it e t w facility for local and regional competitions and training as well as for community m,,y ,, %,,y recreation. ,m,,,,,,,,,,,,f 3,c,, ,ua, Enhanced educational opportunities have also played an important role in the ,,,,,,, u,,,cuu,ctu,w m,,gnty, economic development of Kissimmee. Valencia Community College began construc-tion of a new campus on 100 acres donated by the city of Kissimmee. The University n, earmeory wu* tructure was of Central Florida also plans to offer classer vithin the next 10 years which will allow completed on my asso.end has students to earn a 4-year degree in Osceola County. ken demgn,ta ,n histonc .tructure. The Houston Astros spring training facility is a key distinction for Kissimmee, and a tournament-level soccer complex in Osceola County was used as the training site for the Moroccan World Cup team in 1994. He soccer complex was also selected by the U.S. Youth Soccer League for its annual convention. We at KUA are excited about our community's growth and our prospects for success. KUA Pro 'le - KUA owns, operates and manages the municipal electric system established by the city of Kissimmee in 1901. Compar-d to other municipally-owned electric utilities, KUA is the 7th largest utility in Florida. KUA's 253 employees serve approx-imately 39,000 customers in Kissimmee and surrounding area. KUA owns and operates the Roy B. Hansel Generating Station and the Cane Island Power Park and has ownership interests in Orlando Utilities Commission's (OUC) S' mton coal-fired Units 1 and 2 (under construction) and Indian River Com-bustion Turbine Units A and B. Florida Power Corporation's (FPC) Crystal River Nuclear Unit No. 3 and Florida Power & Light Company's (FPL) St. Lucie Nuclear Unit No. 2. KUA's total generating capacity is 180 megaTv'atts (MW). The governing body of KUA consists of six members. The Mayor of Kissimmee is a non-voting Ex-Officio member. The 5 voting members are nominated by the Board and ratified by the City Commission.
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om the Authority Fiscal year 1994 was a good year for the Kissimmee Utility Authority - for our employees, customers, and the community we serve. Today's utility environment is marked by rapid change and increased competi-tion. We continue to identify and to adapt to opportunities from an enviable position of stability, leadership and strength. During the past year KUA added 2,039 new customers, sold 801,816 megawatt up to nght: fame, c. wetsh, hours (MWh) of electricity, and recorded $64 million in electric revenues. That is a e,essent and centralManager,ans 4.8 percent increase in customers, a 2.2 percent increase in MWh sales, and a 6.7 or. cage A. cant, charman. percent increase in electric revenues. During the past year, KUA welcomed two new authority members: Larry A. l Walter, owner and manager of a local surveying company, and Kenneth B. Guthrie, a retired executive with the Orlando Sentinel. Larry Walter succeeded Wayne Schoolfield, who resigned for personal reasons in December 1993. Ken Guthrie succeeds Richard L. Hord, who had served on the authority since its inception in 1985. We welcome our newest authority members and express our appreciation to l Wayne Schoolfield and Richard Hord for their service and co*ntributions. At the Authority's annual election of officers, Dr. George A. Gant was elected chairman, Larry Walter was elected vice-chairman, Bob Bobroff was elected secre-ta j, .:nd Harry Lowenstein was elected assistant secretary.
"Taking Care . . ."is the theme of this annual report. In addition to a description of progress experienced in the past year, this report examines KUA's present opera-tions in terms of its mission and concem for the employee, customer, community, i environment, and the future.
As new challenges and needs for this community are defined, we must respond with commitment to provide efficient operations, effective management, resourceful financing, and quality service. This will ensure that we always operate in the best interest of this community as directed by our charter. Thank you for your continued support. We pledge our efforts to successfully meet the challenges of the future. ,
- k. - C . WM George A. Cant, M.D. James C. Welsh Authority Chairman President & General Manager 3
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i Fiscal Year in Review , 4 October January May 1;
- Wayne Schoolfield a Film crew tapes KUA
- KUA sponsors swom in as Board facilities for FMPA electrical safety art member video contest for area students 1
- KUA introduces February j Energy Exchange June l newsletter for area
- KUA receives the ,
educators Distinguished -
- The Cost of Power cg ,g l Budget Presentation and Conservation Award for the Adjustment #'" # C""'""" "
- New employee performance review seventh consecutive (COPCA) takes effect I""l'nner 19ss form debuts year June 1
- KUA is awarded the
- Larry A. Walter
- Clay Street GFOA Certificate of sworn in as Board Substationis Achievement of member, replacing energized Excellence in Wayne Schoolfield FinancialReporting July for the sixth
- KtJA sponsors 1994 consecutive year Osceola County
- KUA hosts a ' Facts l Student Science Fair of Light'infor- l November mationalworkshop l March for new customers '
- Gas turbine bound for Cane Island
- Combined cycle ,
- Accelerated hiring struckby Amtrak unit at Hansel Plant begins at Cane passenger train overhauled .
Island Power Park .
- QuarterCentury
- KUA holds first August Club banquet held meeting of at Hyatt Orlando for Customer Focus
- First fire of Unit 1 at allemployees with 25 Group Cane Island Power years or more of Park ,
service tc the utility
- Annualemployee blood drive held at
- KUA kicks off a KUA introduces new Carroll Street United Way
. curtailable and building campaign as a interruptible rates Corporate ,
for commercial a ' Messages on Hold' Pacesetter for customers debuts on KUA's 1994 telephone system . December
- Power Box gift April certificate program
- Director Schoolfield debuts resigns from Board a KUA breaks ground for personal reasons on Richard L. Hord September Substation
- Employee Christmas
- Chairman Richard L.
Party held at
- Employee spring Hord retires after 9 Tupperware picnic held at Elk's years of service on Convention Center Lodge in Kissimmee the Board 5
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o our Employees Even in this era of high technology, employees remain our single most impor-tant resource in serving customers. We recognize that the pnmary criteria for success is not the number of employees but rather their skills, personal development, and commitment. Management's task is to provide the training, leadership, and cultural x,,,,,,eu De environment to suppcirt employee efforts. o,rutor grngmann, in 1994, KUA directors, supervisors, managers, and employees worked to tum y.iruna rur 29u the organizrtion upside down. In the process, they created a new employee perfor-mance review form as well as a supervisory review form. Our employees have found that the new bottom-up, team approach encourages teamwork at every level. It 1 empowers them to make independent, on-the-spot decisions. g Employees are also encouraged to offer creative solutions in the decision- .m
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mate keys to achieving and maintaining the competitive edge. Our employees have recently been involved in the development of curriculum that will be used for a series of supervisory training courses that are scheduled to begin in December 1994. KUA employees operate on the principle that, through better customer service and improved productivity, the interests of employees and customers are best served. They help develop work groups that cross business lines to change opera-tions, improve customer service, reduce costs and encourage safe work practices. No one knows the workings of our business better than our employees; they are Ia'PMHf'eler D'"'" g tmana in the best position to propose solutions to problems and new ways to increase efficiency and reduce costs. Management gives their views full attention. "I '"a rur 29s7 Employee progran's at KUA that were enhanced in 1994 were: j Employee Peronal Computer Purchase Plan - The purpose of this program is to j encourage personal computer use and increase computer skills through the ! purchase of a home computer. This year management raised the $2,000 f'manc- ) ing limit and now evaluates each purchase individually. ; Suggestion Committee - Employees are encouraged to submit suggestions to ! management to improve operations and/or reduce operating costs. A bonus l plan is in effect to reward those employees with implemented suggestions. Tuition Reimbursement - KUA continues to reimburse up to one hundred I percent (1,00%) of the tuition costs of an employee taking courses at an approved i educationalinstitution. l
- Today's workforce is more diverse than any we have had in the past. Our employees are much more challenged than their predecessors. The past few years
$ have been characterizeil by rapid change, uncertainty, and increasing demands. Nevertheless, our employees have maintained their dedication to the job, concern for customers, and loyalty to KUA and its mission. With their continuing commitment, we are confident we can successfully achieve the objectives of the future. 7 ;
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c o our Customers As an energy supplier, we recognize the need to become known for correspond-ingly high quality service. As part of our plan, we will continuously measure, analyze, and work to increase customer satisfaction with our service. g,,,,,,,,, w,g g ,, Good service has many interpretations to our customers. It may be the lineman
. ome,y atop a utility pole restoring service after a thunderstorm. It might be a friendly voice Trans= =me:E, oistnhtwn answering a customer's telephone call. It may even be the heroic meter reader who reimnar xur tur rescues a toddler from a Kissimmee storm drain, as occurred in Kissinunee last December. We are only as good as our customers think we are.
One of the ways to monitor customer satisfaction is through monthly phone surveys. KUA's customer service reoresentatives conduct monthly surveys using a ' 1 random sample of customers. In the surveys, an overwhelming customer majority
;g continually rank our reputation for providing service as good or excellent.
,;p Another way of gauging customer satisfaction is through the use of a customer
- focus group. A customer focus group provides a forum for a sample of customers to discuss the services and programs provided by a business, or in this case, an electric utility. We conducted our first-ever customer focus group in February 1994. The meeting began with introductions, followed by an explanation of the focus group and a discussion on the evening's topic.
In Ap-il, we installed a TV/VCR monitor system in the lobby of our Customer
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- Sh""' Service Center to provide waiting customers with helpful tips on electrical safety and Dmtw(Pam SWy energy conservation. Now when customers walk into KUA they can do more than Y"I""aaur im conduct business. They can learn something too.
In July, KUA implemented a unique program designed specifically for newcom-ers to our service area. With over 6,000 new residents projected to move to Kissim-mee in 1994, we decided to make the adjustment into the community just a bit easier for these individuals by offering an informational ' facts of light' open house. The purpose of the open house was to provide an opportunity for newcomers to gather and leam more about the programs and services that we provide. This was accomplished through the use of visual displays and one-on-one contact with cus-tomer service representatives. The customers received complimentary maps of the area and were able to sign-up for various programs including bank drafting, levelized billing, and home energy audits. We continue to provide the energy-efficiency programs that give customers more control over their energy use and costs. These programs include our SAVE (Shifting Adds Yalue to Energy) load management program, conservation initiatives, free energy audits and information, and other measures to benefit customers. In some instances, these programs might mean a modest reduction in our revenues. Nevertheless, they are essential to good customer service and enhanced customer satisfaction. l 10
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EkingCare. o our Community 3, . y j Corporate leadership in public and private community groups reflects a desire t to enrich the quality of life in the service area. Employees give their time and re-sources to many charitable and civic organizations throughout our area. These include the_ United Way, Chamber of Commerce, Junior Achievernent, Ma':ch of 7,,,,,, ,. nn, .,,
. Dimes, Central Florida Blood Bank, and Salvation Army.
om,, g ' war i,w, gemen, KUA once again served as a Corporate Pacesetter for the 1994 Hem of Florida ymrfomnirua:19ss United Way campaign. One half of all our employees contributed towards this year's campaign making it possible for Osceola County to exceed the $1 million milestone for the first time ever. Employees also participated in Junior Achievement's annual bowl-a-thon, March of Dimes' annual WalkAmerica, and volunteered as bell ringers for the Salvation Army during the Christmas holiday. Much of our support of the community this year came in the form of enhanced energy education for area students and teachers. In 1994, we introduced a monthly publication for the science educators of Osceola County. The Energy Exchange provides information about KUA programs and services, as well as work sheets that can be copied and distributed to students for classroom study. Throughout the year KUA offers employee speakers that visit civic and commu-nity groups, provides free publications, and sponsors programs to promote the safe use of electricity. In May, we sponsored an electrical safety art contest for all third, fourth, and fifth grade students in our service area. The thirteen winning artworks appear in KUA's 1995 calendar of electrical safety. Other educational highlights included classroom preser.tations by KUA staff to hundreds of students in grades K-12, building math, science, and technical skills. We-focused on energy, conservation, the environment, and power production. We also participated in several career fairs at area elementary schools. In February, we were the proud sponsor of the 1994 Osceola County Science Fair which challenged students in middle and high school to develop energy-saving ideas that could be incorporated into the construction of homes in the future. We also distributed two 5500 mini-gratits to Thacker Avenue Elementary School to be used for the development and implementation of electricity-related projects. The grants were funded by the Florida Electric Power Coordinating Group. Our continued partnership with the Osceola District Schools is building stronger ties between students and employees. Presently, a dozen of our employees serve as student mentors. A mentor is a special type of school volunteer committed to helping a student, identified as a potential drop-out, put his life - academically, socially, mentally, and physically - back together. He or she is committed to giving the time and ener,gy necessary to help put the student back on the right track. KUA's employees have helped light the way for. people in need in 1994, helping ( to build a better, more taring community for all of us. 12
9 Report o Independent Accountants Board of Directors Kissimmee Utility Authority We have audited the accompanying balance sheets of the Kissimmee Utility Author-ity as of SeptemM %,1994 and 1993, and the related statements of revenue, expenses and changes in accumAated reinvested earnings, and cash flows for the years then ehded. These firancial statements are the responsibility of the Authority's management. Out responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. 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 examuung, on a test basis, evidence supporting the amounts and disclo-sures in the financial statements. An audit also includes assessing the accounting princi-ples used and significant estimates made by management, as well as evaluating the overall financiM statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material aspects, the financial position of the Kissimmee Utility Authority as of Septem-ber 30,1994 and 1993, and the results of its operations and its cash flow for the years then i ended in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the basic fman- l cial statements taken as a whole. The introductory and statistical sections, are pn sented l I for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on it. p
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l l Coopers and Lybrand LLP. j I Tampa, Florida November 28,1994 17
1 OPERATING HIGHLIGHTS , SEPTEMBER 30, % INCREASE ELECTRIC OPERATIONS 1994 1993 (DECREASE) (in Dollars) OPERATING REVENUE $65,698,002 $61,263,522 7.2% SELECTED OPERATING EXPENSES Fuel and Purchased Power $31,359,352 $29,016,051 8.08 % Departmental Operations $14,287,329 $14,488,755 -1.40% INTEREST REVENUES $4,167,170 $3,064,382 35.9 % INTEREST EXPENSE $6,643,140 $8,091,920 -17.9% DEBT SERVICE COVERAGE 2.64 % 1.99 % ' 32.7% EARNINGS BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE $6,014,207 $1,180,878 509.3 % PAYMENTS TO OTHER GOVERNMENTS $5,787,944 $5,796,928 .02% UITLITY PLANT (Net) $151,164,291 $102,481,131 47.5 % EQUITY $162,106,279 $%,092,072 6.3% l LONG - TERM DEBT $237,244,996 $239,642,872 -1.1% ; TOTAL ASSETS $368,360,546 $365,031,902 .9% TOTAL RETAIL SALES
$64,331,724 $60,119,668 7% ,
$32,320,174 $31,020,730 4.2% l Residential I
CommerciallIndustrial $32,011,550 $29,098,938 10.0 % SYSTEM PEAK DEMAND (MW) 180 183 -1.6% TOTAL ENERGY SALES (MWH) 797,884 746,538 6.9% ' Residential (MWH) 386,160 362,437 6.5% l Commercial / Industrial (MWH) 411,724 384,101 7.2% AVERAGE MONTHLY CUSTOMERS 38,434 36,695 4.7% Residential 31,009 29,906 3.7% CommerciallIndustrial 7,425 6,789 9.4% AVERAGE MONTHLY RESIDENTIAL USAGE (MWH) 1.038 1.010 2.7% AVERAGE MONTHLY RESIDENTIAL BILL $87 $85 2.3% ANNUAL HEATING DEGREE DAYS 828 678 22.1 % ANNUAL COOLING DEGREE DAYS 2,837 2,788 1.7% GENERAL FUEL MIX (%): Natural Gas 52.5 % 43.7 % 20.1 % Coal 36.3 % 44.4 % -18.3% Nuclear 11.2 % 11.9 % -5.9% l NET ENERGY FOR LOAD (MWH) 835,225 784,583 6.4% Net Generation (MWH) 348,982 325,850 7.0% Power Purchases (MWH) 486,243 458,844 5.9% Sales for Resale (MWH) 0 (111) - l l I8
- 1. .
1:1N ANCl AL HIGHLIGHTS i , 1 j (In Thousands of Dollars) 1993-94 1992-93 1991-92 1990-91 1989-90 I OPERATING REVENLTS: Residential $32,320 $31,021 $29,621 $30,652 $30,759 ! General Semees 9,465 8,476 7,891 7,057 5,199 l i General Services - Demand 15,287 14,704 14,988 17,023 18,231 l General Semces . Imge Demand 5,174 5,120 4,*32 4,888 4,647 , Surcharge 1,222 i Outdoor Lighting 742 669 590 535 458 I Interdepartmental Sales 122 124 97 92 74 Sales for Resale 0 5 355 5 0 TOTAL METERED SALES 64,332 60,119 58,424 60,252 l59,368
- OTHER REVENUES 1,366 1,144 1,274 1,329 989 TOTAL OPERATING REVENUES 65,698 61,263 59,698 61,581 '60,357 l
- OPERATING EXPENSES:
i Fuel and Purchased Power 31,359 29,016 25,898 24,751 23,202 l Operating and Maintenance 14,287 14,489 14,445 12,776 12,042 4 Depreciation and Amortization 7,509 6,875 6,563 6,436 6,550 l Intergovernmental Transfers 5,788 5,797 5,053 4,980 4,030 j Costs to be Recovered from Future Revenues < 3,158 > < 2,257 > < 1,946 > ) TOTAL OPERATING EXPENSES 55,785 53,920 50,013 48,943 45,824 OPERATING INCOME 9,913 7,343 9,685 12,638 14,533 j INVESTMENT INCOME 4,167 3,064 3,244 1850 4,130 a INCOME BEFORE INTEREST CHARGES 14,080 10,407 12,929 16,488 18,663 ? LESS INTEREST CHARGES Interest on Debt 13,852 11,551 9,395 7,320 7,358 Other Interest 1,423 1,134 1,171 108 69 ? Allowance for Borrowed Funds
- Used During Construction < 7,209 > < 3,459 > < 3,103 >
) , TOTAL 8,066 9,226 7,463 7,428 7,427 INCOME BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE 6,014 1,181 5,466 9,060 11,236 i CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING FOR THE EFFECTS OF 1 REGULATION 0 0 26,362 t j CUMULATIVE EFFECT OF A CHANGE IN l ACCOUNTING FOR CONTRIBUTED CAPfTAL 689 REINVESTED EARNINGS $6,014 $1,181 $31,828 $9,749 $11,236 f 1
- WHERE IT CAME FROM WHERE IT WAS USED 6
5
- 1. Residential Revenue 20 % 1. Fuel & Purchased Power 17.
- 2. Commercial Revenue 6% 2. Operat on & Maintenance 9%
- 3. Industrial Revenue 13 % 3. Capital improvements 55 %
- 4. Bond Proceeds 27 % 4. Debt Service 7"'.
- 5. Interest Revenue /Other 4% 5. Intergovernmental Transfers 4%
+ 6. Contnbuted Construction Capital 30 % 6. Cash For Future improvements 6% j 19 1 .
T Operating Revenues vs. Operating Expenses Millions w - g 40 30 20 Debt Service Coverage 10 Coverage (x) , 0 3.5 - 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 3.0 - FiscalYear __
~
2.5 - I i Operating Revenues Operating Expenses 2.0 1.5 1.0
" ~
Long Term Debt 0.0
" 85 86' 87 88 89 90 91 92 93 94 Fiscal Year l
200 150
,, _ Intergovernmental Transfers ~
Thousands 6-0 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 5 Fiscal Year 4 3 2 1 0 ,' 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 Fiscal Year 20
. - KISSIMMEE UTILITY AUTHORITY BALANCE SHEETS 1 FOR THE YEARS ENDED SEPTEMBER 30,1994 AND 1993 ASSETS 1994 1993 IJ11UTY PLANT Property, plant and equipment $142,438,287 $138,211,599 less: accumulated depreciation (56.639.139_} (49.483.792) 85,799,098 88,727,807 Construction in progress 64,912,141 13,403,445 Inventory - nuclear fuel 453.053 349.879 TOTAL IIITUTY PLANT 151.164.291 102.481.131 RESTRICTED ASSETS Cash and cash equivalents 31,455,861 41,801,742 Investments , 64,164,164 106,484,445 Interest receivable 852.270 1.207.089 TCTAL RESTRICTED ASSETS % .472.295 149.493.276 DESIGNATED ASSETS Cash and cash equivalents 4, % 9,941 33,989,252 Investments 33,247,448 2,750,000 Interest receivable 318,206 43,900 Deferred compensation plan assets 1.325.350 1.062.189 1 TOTAL DESIGNATED ASSETS 39.860.945 37.845.341 CURRENT ASSETS Cash and cash equivalents n,744,314 8,928,789 , Investments 500,000 . Interest receivable 6,100 - Accounts receivable 8,014,024 8,211,861 less: allowance for doubtful accounts (137,838) (217,211) Inventory 4,595,779 4,499,178 Employee advances 82,596 56,538 Prepaid expenses 19,422 138,738 , Due from other governments 48,161 44,849 Defened cost of power adjustment - 599.010 i TOTAL CURRENT ASSETS 25.872.558 22.261.752 OTHER ASSETS Unamortized bond costs 2,787,368 2,855,134 ; Unamortized loss on reacquired debt 24,492,071 25,541,078 i j Costs to be recovered from future revenue 27,571,394 24,413,166 ' 141.024 Other 139.624
. TOTAL OTHER ASSETS 54.990.457 52.950.402 j l
TOTAL ASSETS $368,360,546 $365.031,902 l See accompanying notes. G 4 21 l
CAPITALIZATION AND LIABILITES 1994 1993 , l CAPITALIZATION Accumulated reinvested earnings-Reserved for debt service $20,27L150 $20,27L150
-Unreserved 81.835.129 75.820.922 ,
I TOTAL ACCUMULATED REINVESTED EARNINGS 102.106.279 %.092.072 LIABILITIES LONG-TERM DEBT Revenue Bonds payable 242,410,000 245,040,000 less: unamortized bond discount (5.165.004) (5.397.128) TOTAL LONG-TERM DEBT 237.244.996 239.642.872 OTHER LONG-TERM LIABILITIES 128.338 122.220 t CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS) Current portion of revenue bonds 2,630,000 2,045,000 Accrued interest paypble - revenue bonds 6,88L178 5,147,007 Advances for construction 580,012 6,137,349 . ! Customer deposits 2,831,815 2,476,170 l Accounts payable 4,077,211 103,692 Other 1.500.000 1.500.000 TOTAL CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS) 18.500.217 17.409.218 DESIGNATED LIABILITIES (PAYABLE FROM DESIGNATED ASSETS) Due to employees under deferred compensation plan L325,350 1,062,189 Other 3.062.501 2.964.978 TOTAL DESIGNATED LIABILTITES 4.387.851 4.027.167 (PAYABLE FROM DESIGNATED ASSETS) CURRENT LIABILITES (PAYABLE FROM CURRENT ASSETS) Accounts payable 3,096,691 3,711,016 Due to other governments 1,073,309 2,707,981 Accrued compensated absences 588,595 518,984 Deferred cost of power adjustment 370,123 . Energy conservation cost recovery 2,084 - Other accrued liabilities 862.062 800.372 1 1 TOTAL CURRENT LIABILITIES 5.992.864 7.738.353 I (PAYAtlLE FROM CURRENT ASSETS) TOTAL LIABILITIES 266.254.267 268.939.830 TOTAL CAPITALIZATION AND LIABILITIES $368,360,546 $365,031.902 See accompanying notes. O 22
l
- l KISSIMMEE UTILITY AUTHORITY STATEMENTS OF REVENUE, EXPENSES AND CHANGES IN i ACCUMULATED REINVESTED EARNINGS !
FOR THE YEARS ENDED SEPTEMBER 30,1994 AND 1993 l I i 1994 1993 OPERATING REVENUES Metered ~ sales $64,331,724 560,119,668 Other operating revenues 1.366.280 1.143.854 i TOTAL OPERATING REVENUES 65.698.004 61.263.522 1
- I OPERATING EXPENSES l Power generation 15,055,711 14,687,539 j Purchased power 22,287,889 20,533,442 Transmission / Distribution 3,%1,714 2,905,818 l l
Admmistrative and general 5,241,368 5,378,007 Intergovernmental transfers 5,787,944 5,796,928 7,508,905 6,875,183 l Depreciation and amortization Cost to be recovered from future revenue (3.158.228) (2.256.625) I TOTAL OPERATING EXPENSES 55.785.303 53.920.292 OPERATING INCOME 9.912.701 7.343.230 NONOPERATING REVENUE (EXPENSES) Interest revenue 4,167,170 3,064,382 Interest expense (6,643,140) (8,091,920) Other (1.422.524,) (1.134.814) TOTAL NONOPERATING REVENUE (EXPENSES) (3.898.494) (6.162.352) REINVESTED EARNINGS 6,014,207 1,180,878 ACCUMULATED REINVESTED EARNINGS AT BEGININNING OF YEAR % .092.072 94.911.194 ACCUMUTATED .'EINVESTED EARNINGS AT END OF YEAR $102.106.279 $%.092,072
. See accompanying notes.
9 G 23
KISSIMMEE UTILITY AUTHORITY STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30,1994 AND 1993 1994 1993 CASH FLOWS FROM OPERATING ACTIVITIES Operating Income 59,912,701 57,343,230 ADJUSTMENTS TO RECONCILE REINVESTED EARNINGS TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation and amortization . 7,508,905 6,875,183 Interest on customer and City of Kissimmee deposits (86,858) (139,553) Cost to be recovered from future revenue (3,158,228) (2/256,625) CHANGES IN CURRENT ASSETS AND LIABILITIES: Accounts receivable, net 92,407 (1,098,890) Inventory (%,601) 258,739 Other assets 126,834 (79,390) Due from other governments (3,312) 61,087 Deferred cost of power adjustment 969,133 (492,546) Energy conservation cost recovery 2,084 - Accounts payable 400,169 848,890 Due to other governments (1,634,672) 459,544 Customer deposits 355,645 274,159 Other accrued liabilities 131,302 (136,109) Other designated liabilities 97.523 548.414 NET CASH PROVIDED BY OPERATING ACITVITIES 14.617.031 12.466.133 CASH NLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of capital assets and nuclear fuel (89,758,063) (13,280,573) Contributions in aid of construction & advances from coewners 35,417,673 IL629,739 Principal paid on revenue bonds (2,045,000) (2,855,000) Interest paid on revenue bonds (12,031,247) (11,072,108) Proceeds from bond issuance - 163,135,295 Debt issuance costs (64,532) (2,024,282) Defeasance of bonds - (84,165,083) Other debt costs (9.095) - NET CASH (USED FOR)/PROVIDED BY CAPITAL & RELATED FINANCING ACTIVITIES (68.490.263) 61.367.988 CASH FLOWS FROM INVESTING ACTIVITIES , Purchase of investment securities (41,500,000) (121,106,850) Proceeds from matunties of investment securities 51,81L400 23,041,700 Interest on investments 8.012.164 6.643.698 NET CASH PROVIDED BYl(USED FOR) INVESTING ACITVITIES 18.323.564 (91.421.452) NET DECREASE IN CASH AND CASH EQUIVALENTS (35,549,6o7) (17,587,331) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 84.719.783 102.307.114
$49,170.116 584,719,783 CASH AND CASH EQUIVALENTS AT END OF YEAR See accompanying notes.
24
NOTES TO THE FINANCIAL STATEMENTS NOTE 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES A. Entity Definition The accompanying financial statements present the financial KUA has any financial accountability which would require position, results of operations and cash flows of the inclusion in the KUA's financial statements. Kissimmee Utility Authority (KUA) la accordance with Governmental Accounting Standards Board Statement The KUA was created effective October 1,1985 by the City (GASB) No.14 The Financial Reporting Entity. The . of Kissimmee Ordinance #1285 adopted on February 19, reporting entity for the KUA includes all functions in which 1985 and ratified by the voters on March 26,1985. The KUA the KUA exercises financial accountability. Financial Board (the Board) has 6 members. The Mayor of the City of accountability is defined as appointment of a voting Kissimmee is a non-voting Ex-Officio member. The 5 voting majority of the component unit's board, and either a) the members are nominated by the Board and ratified by the ability to impose will by the primary government, or b) the City Commission. The KUA has exclusive jurisdiction, possibility that the component unit will provide a financial ' control and management of the electric utility. Under the benefit to or impose a financial burden on the primary definition of GASB No.14, the 1(UA is properly excluded ' government. As a result of applying the above reporting from the City of Kissimmee's financial statements. entity criteria, no other component units exist in which , B. Regulation According to existing laws of the State of Florida, the six Operations of the KUA are subject to environmental ' members of the KUA act as the regulatory authority for the regulations by federal, state and local authorities and to establishment of electric rates. The Florida Public Service zoning regulations by local authorities. Federal and state Commission (FPSC) has authority to r'egulate the electric standards and procedures that govern control of the
" rate structures" of municipal utilities in Florida. It is emironment can change. These changes can arise from believed that " rate structures" are clearly distinguishable continuing legislative, regulatory and judicial action from the total amount of revenues which a particular utility respecting the standards and procedures. Therefore, there is may receive from rates, and that distinction has thus far no assurance that the units in operation, under construction, been carefully made by the FPSC. or contemplated will always remain subject to the regula-tions currently in effect or will always be in compliance with j As noted above, the FPSC has jurisdiction to regulate electric future regulations.
" rate structures" of municipal utilities. In addition, the An inability to comply with environmental standards or ;
Florida Energy Efficiency and Conservation Act has given the FPSC exclusive authority to approve the construction of deadlines could result in reduced operating levels or ! new power plants under the Florida Electrical Power Plant complete shutdown of individual electric generating units 1 Siting Act. The FPSC also exercises jurisdiction under the not in compliance. Furthermore, compliance with environ-National Energy Act, including electric use conservation mental standards or deadlines may substantially increase programs. , capital and operating costs. C. Basis ofAccounting The KUA maintains its accounts on an accrual basis in ing principles and methods prescribed by the Federal accordan,ce with generally accepted accounting principles. Energy Regulatory Commission and other regulatory The accounts are substantially in conformity with account- authorities. . D. Budget The KUA is required by charter to adopt an annual budget finance them. (" budget"). The budget is adopted on a basis consistent with 2. During several workshops, which are open to the l public, the staff and Board of Directors discuss and ! generally accepted accounting principles. revise the submitted budget. A public hearing is The KUA follows these procedures in establishing the conducted to obtain ratepayer comments. budget: 3. The budget is approved by the Board of Directors and becomes the basis for operations for the j
- 1. The General Manager submits to the Board of ensuing fiscal year. ;
Directors a proposed operating budget for the ensuing fiscal year. The operating budget includes The General Manager is authorized to approve all budget . proposed expenditures and the sources of funds to transfers and all interdepartmental transfers are reported to I 25
i the Board of Directors monthly. Budget amendments which budgets lapse at year end. Capital projects are budgeted for . increase the adopted budget are approved by the Board of the project life rather than for the current fiscal year. The Directors. Both budget transfers and budget amendments unexpended portion of project budgets do not lapse until the were made during the fiscal year. Operating expense condusion of the project. E. Costs to be Recoveredfrom Future Revenue The KUA's electric rates are established based upon debt included in the determination of rates. The recognition in service and cash operating requirements. Depreciation and income of outstanding amounts associated with costs to be other non cash items are not considered in the cost of service recovered from future revenue will coincide with the calculation. This results in timing differences between when indusion of these amounts in rates charged to customers. costs are induded in the ratemaking process versus when This method was adopted in accordance with Statement of costs are incurred. Costs to be recovered from future Financial Accounting Standards No. 71 " Accounting for the revenue consist principally of the difference between Effects of Certain Types of Regalation" (SFAS 71) in order to depreciation and the amortization of the gain and loss on reflect the economics of regulation in.the determination of bond refunding and the debt principal requirements reinvested earnings. F. Revenues . The KUA accrues base revenue for services rendered but expenses. unbilled to provide a closer matching of revenues and G. Utilitu Plant Property, plant and equipment are stated at cost when The cost of maintenance and repairs, induding renewal of purchased or constructed. Depreciation is provided usins minor items of property, is charged to operating expense as the straight-line metho'd. The esthnated usefullives of the incurred. The cost of replacement of depreciable property various classes of depreciable property, plan: and equip- units, as distinguished from minor items, is charged to ment are as follows: utility plant. The cost of units replaced or retired, including cost of removal, net of any salvage value,is charged to Production 131/3 to 331/3 accumulated depreciation. Transmission 292/3 to 50 Distribution 121/3 to 331/3
. General 6 2/3 to 331/10 H. Nuclear Fuel Amortization of nuclear fuel is based on cost, which is currently paying 1 mill per KWh for residual future disposal prorated by fuel assembly batch in accordance with the costs in addition to estimated labor and waste burial costs.
thermal energy that each assembly produces. The KUA is I. Inventories Inventories are stated at weighted average cost. J. OtherAssets Unamortized bond discounts and issuance costs on long- on refunded debt are amortized to income over the remain-term debt are amortized over the life of the issue on a ing life of the new debt consistent with the methods used for straight-line basis. The KUA considered the effective setting rates. Unamortized gains and losses on bond interest method of amortizing bond discoun's and deter- refundings have been netted for financial statement 1 mined that no material difference results from the continued purpm. ! use of the straight-line method. Unamortized gains or losses - l K. Reserves
- \
A portion of accumulated reinvested eamings has been This maximum occurs in fiscal year 2018. j reserved for the highest maximum debt service in any year. j i I 26 j 1
i L. Contributions In Aid of Construction The KUA receives funds from developers for electric line and 2. These funds are recorded as reductions to gross plant extensions and from co-owners of the Cane Island Units 1 costs and amortized over the life of related assets. M. Deferred Cost of Power Adjustrnent Deferred cost of power adjustment represents the KUA's incurred, but for which cost of power adjustment revenues cost of power adjustment revenues collected, but for which have not been collected. costs have not been incurred or costs that have been N. Energy Conservation Cost Recovery Energy conservation cost recovery represents the KUA's incurred, but for which energy conservation cost recovery energy conservation cost revenues collected, but for which revenues have not been collected. costs have not been incurred or costs that have been O. Payrnents to the City ofKissitnrnee By charter the KUA is required to pay to the City of The KUA collects revenues on behalf of the City.of Kissimmee a minimum of $6.24 per 1,000 KWh. This Kissimmee for City of Kissimmee utility services incidding payment is treated as an operating and maintenance water, sewer, solid waste and utility taxes. The City of expense in the statements of revenue, expenses and changes Kissimmee also performs printing services for the KUA. in accumulated reinvested eamings. The total amount paid The amount paid to the City of Kissimmee by the KUA for to the City of Kissimmee was $5,021,378 and $4,582,335 for utility service revenues collected, printing services and other the years ended September 30,1994 and 1993, respectively. miscellaneous fees was $21,372.273 and $18,945,825 for the The amount owed to the City of Kissimmee was $869,641 years ended September 30,1994 and 1993, respectively. The and $896,456 at September 30,1994 and 1993, respectively. amount owed to the City of Kissimmee was $165,031 and
$1,771,810 at September 30,1994 and 1993, respectively.
The KUA collects revenues from ratepayers who live outside the City of Kissimmee which corresponds to the City of The KUA performs certain customer related services for the Kissimmee Utility Tax. The KUA has agreed to transfer City of Kissimmee for which the City of Kissimmee paid the twenty-five percent of these revenues collected to the City of KUA $%7,589 and $491,326 for the years ended September Kissimmee for Parks and Recreation use. The amounts paid 30,1994 and 1993, respectively. The amount owed by the to the City of Kissimmee were $397,769 and $479,574 for the City of Kissimmee to the KUA was $48,161 and $44,849 at years ended September 30,1994 and 1993, respectively. The September 30,1994 and 1993, respectively, amount owed to the City of Kissimmee was $38,637 and
$39,715 at September 30,1994 and 1993, respectively.
P. Reclassifications For comparability purposes certain reclassifications have the 1994 financial statements. . been made to the 1993 financial statements to conform with Q. Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid months or less. These consist of repurchase agreements, the investments that are both readily convertible to known State Board of Administration Pool and the carrying amount amounts of cash and whose originai maturity is three of the KUA's deposits with financialinstitutions. R. Cornpensated Absences The KUA accrues a liability for employees' rights to receive On October 1,1993 the KUA adopted Governmental compensation for future absences when certain conditions Accounting Standards Board Statement No.16 (GASB 16) are met. The KUA has not normally nor is it legally re- Accounting for Compensated Absences. This statement quired to accumulate expendable available financial requires the accrual of all payroll related costs in compensat-resources to liquidate this obligation. Accordingly, the ed absences. The KUA had been accounting for compensat-liability for compensated absences is included with the ed absences in accordance with the Financial Accounting Current Liabilities (Payable from Current Assets). Standards Board Statement No. 43 and accrued the employ l 27
l ee vested hours at the employee pay rate. The effect of financial position of the KUA. . cdopting GASB 16 did not have a material effect on the NOTE 2. CASH, CASH EQUIVALENTS, INVESTMENTS AND INTEREST RECEIVABLE Florida Statutes, the KUA Charter and Investment Policies safety-deposit box in a bank or institution carrying adequate authorize the investment of excess funds in time deposits or safety-deposit insurance or represented by bank trust savings accounts of financial institutions approved by the receipts which enumerate the various securities held. State Treasurer, obligations of the United States Government and certain instruments guaranteed by the U.S. Govern- The Statutes also require depositories of public funds to ment. Revenue Bond Covenants also restrict the type and provide collateral each month at least equal to 50 percent of matunties of investments in the required trust funds (See the average daily balance of all public deposits in excess of Note 10). deposit insurance. Any loss not covered by the pledged securities and deposit insurance would be assessed by the Investments (excluding deferred compensation plan assets) State Treasurer and paid by other qualified public deposito-are recorded at cost, which approximates market. Deferred ries. compensation plan assets are stated at market value (see Note 9). Adjustments are made to cost for any premiums or The components of the KUA's total cash, cash equivalents, discounts. Premiums and discounts are amortized over the investments and interest receivable at their respective life of the investments using the straight-line method. carrying amounts, which approximate market value, at September 30,1994 and 1993 are as follows: Investments must be in the KUA's name and placed in a 1994 Restricted Designated Unrestricted Total Cash & Cash Equivalents $31,455,861 $ 4,969,941 $12,744,314 $ 49,170,116 Investments 64,164,164 33,247,448 500,000 97,911,612 Interest Receivable 852.270 318.2 % . 6.100 1.176.576
$96,472,295 $38,535,595 $13.250,414 $148,258,304 Total 1993 Cash & Cash Equivalents $ 41,801,742 $33,989,252 $8,928,789 $ 84,719,783 106,484,445 2,750,000 - 109,234,445 Investments Interest Receivable 1.207.089 43.900 -
1.250.989
$149.493.276 $36,783.152 $8,928,789 $195,205.217 Total The level of credit risk assigned to investments are defined held by the counterparty's trust department or and summarized as follows: agent in the KUA's name.
Category 3 - Uninsured and unregistered, with securities Category 1 - Insured or registered, with securities held held by the counterparty's trust department or by the KUA or its agent in the KUA's name. agent but not in the KUA's name. Category 2 Uninsured and unregistered, with securities 1994 Category of Risk 1 2 3 Total - L000's) U.S. Government Securities 5 - $387 5 - $ 387 U.S. Instrumental Securities 96.750 - - __2Z5 97.525 . TotalInvestments $96,750 $387 $775 $97.912 1993 Category of Risk (000's) 1 2 3 Total U.S. Government Securities $ - $404 5 - $ 404 U.S. Instrumental Securities 108,155 - 675 108.830 TotalInvestments $108.155 $404 $675 $109.234 The balance in the State Board of Administration Pool (SBA) services agreement requiring overnight repurchase agree- , is approximately $25,777,000 and $84,533,000 at September ments of securities guaranteed by the United States Govern- l 30,1994 and 1993, respectively, and is collateralized in ment. The value of repurchase agreements held with the accordance with Florida Statutes. Allinvestments are KUA's depository bank were approximately $23,761,000 and delivered to the SBA's custody bank and held for the SBA's $897,000 at September 30,1994 and 1993, respectively. account according to their instructions. Repurchase agreements are held in the name of the KUA's depository bank. During the year, the maximum repurchase Repurchase agreements result entirely from a banking agreement was $23,761,000 and $6,007,000 for 1994 and 28
1993, respectively. and ($710,463), respectively, and the bank balance was
$385,969 and $271,770, respectively. All bank balances are At September 30,1994 and 1993 the carrying amount of the fully insured in accordance with Florida Statute 280, which KUA's deposits with financial institutions was ($358,388) established the multiple financial institution collateral pool.
NOTE 3. RESTRICTED ASSETS Restrictions re made in accordance with bond resolutions, rules and regulations. Restricted assets, which consist of contracts with developers and Florida Municipal Power cash, cash equivalents, investments and interest receivable at j Agency (FMPA), agreements with customers, and in September 30,1994 and 1993 included the following: ; accordance with Nuclear Regulatory Commission (NRC) i 1994 - 1993 i Debt Service Reserve $20,271,150 $ 20,271,150 l Sinking Fund 9,511,178 , 7,192,007 I Construction Fund 56,215,333 99,539,177 Capitalized Interest 4,484,168 11,693,303 ; Renewal, Replacement & Improvement 1,500,000 1,500,000 Contributed Capital 580,012 6,137,349 l Customer Deposits 2,831,815 2,476,170 Line Extension Fund 295,658 - Crystal River Unit #3 Decomnussio'ning 782,981 684,120 Total $96,472,295 $149,493,276 4 NOTE 4. DESIGNATED ASSETS Certain designations are made in the financial records be used for specific purposes in a future period. Designated during the fiscal year to identify a portion of cash, cash assets at September 30,1994 and 1993 included the follow- l equivalents,invechnents and interest receivable intended to ing: 1994 1993 CapitalImprovements $34,509,749 $33,565,407 Co-Insurance 2,029,142 2,017,714 - 9 Decomnussioning 331,799 252,767
)
Combined Cycle Maintenance 1,664,905 947,264 Deferred Compensation 1,325,350 1,062,189 Total $39,860,945 $49,493,276 NOTE 5. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is comprised of the following: 1994 1993 , , Nuclear Production $ 4,900,357 $ 4,753,359 Steam Production 19,981,421 19,895,358 Other Production 41,037,182 40,813,595 . Transmission Plant 21,571,541 21,278,786 Distribution Plant 39,469,467 36,541,217 General - 15,478,319 14,929,484 Subtotal $142,438,287 $138,211,599 Less: Accumulated Depreciation (56,639 1_89) (49,483,792) Total $ 85,799,098 $ 88,727,807 29
f NOTE 6. CONSTRUCTION PROJECT INTEREST COST The KUA capitalizes, as part of construction costs, interest election was effective beginning with the issuance of the earnings on monies held in the construction fund. Recogni- bonds and will be effective during the construction period tion of this item as a contribution to the utility plant is for the gas turbine at Cane Island. On June 17,1993, the consistent with the current accounting adopted under KUA issued the Electric System Improvement and Refund-Statement of Financial Accounting Standard 71 (See Note 1). ing Revenue Bonds, Series 1993. The portion of the respec-The KUA capitalized interest income of $2,759,148 and tive bonds relating to the funding of system improvements
$2,308,548 in 1994 and 1993, respectively. is approximately 77% and 54% for each series, respectively.
The annual interest expense related to these percentages will On January 27,1993, the Board of Directors elected to be capitalized during the construction period. Accordingly, restructure the project funds to fund capitalized interest on the KUA capitalized $7,209,136 and $3,459,019 for the years the Kissimmee Utility Authority Electric System Improve- ended September 30,1994 and 1993, respectively. ment and Refunding Revenue Bonds, Series 1991. This - NOTE 7. PARTICIPATION AND POWER SUPPLY AGREEMENTS . 1 The KUA is party to the following participation and power supply agreements at September 30,1994: A. Cane Island Project (the Project) During 1992, the KUA entered into a Participation Agree- this site beginning with the first unit, a 40.6 MW combustion ! ment with Florida Municipal Power Agency (FMPA) for the turbine, scheduled for completion during the second quarter joint construction, ownership and operation of the KUA's of Fiscal Year 1995. The second unit will be approximately , Cane Island Project. The Project will be located at Cane 120 MW and is expected to be a combined cycle unit Island,14 miles west of the KUA's existing service territory scheduled for completion during the third quarter of Fiscal ; on 990 acres of land. The Project will be owned and Year 1995. The total cost of the first unit is approximately ) operated by the KUA. The agreement contemplates a 50 $37 million including transmission facilities while the l percent ownership in generating facilities constructed on second unit is estimated to cost approximately $86 million. l B. Stanton Energy Center UnN No.1 (SEC 1) ) In 1984, the KUA entered into a Participation Agreement Stanton Energy Center of approximately 2000 MW. Each with Orlando Utilities Commission (OUC) to acquire a participant in the project financed their share of the cost 4.8193% (20MW) undivided ownership interest in SEC 1 and independently and no liability exists for the debt service to participate in the use of related common and external required by the other participants. The KUA's benefit in the facilities. The capacity and energy of the KUA's ownership Agreement is the added availability of capacity and energy interest in SEC 1 is transmitted through OUC's transmission of the facilities through its participation in future energy , facilities to the KUA's transmission facilities. SEC 1 is part purchased and it does not otherwise maintain an ongoing of the Stanton Energy Center, which involved the develop- financial interest or responsibility for the project. Stanton ment of an approximately 3,200 acre plant site located Energy Center began commercial operations on July 1,1987. approximately 20 miler northeast of the City of Kissimmee. The KUA does not exercise significant influence or control in addition to SEC 1, the Stanton Energy Center is capable of over operating or financial policies of OUC. accommodating three more units with a total capacity at the . C. Crystal River Unit No. 3 (CR3) _ in 1975, the KUA entered into a Participation Agreement expenses. The KUA's benefit in the Agreement is the added with Florida Power Corporation (FPC) to purchase a .6754% availability of capacity and energy of the facilities through undivided interest in their 806 net MW nuclear powered its participation in future energy purchases and it does not electric generating plant designated Crystal River Unit No.3. otherwise maintain an ongoing financial interest or respon-The KUA is billed for its share of operating and capital costs. sibility for the project. The KUA does not exercise signifi-Capital costs are included in Property, Plant and Equipment cant influence or control over the operating or financial and operating costs are included as power generation policies of FPC. 30
~. _
. i 4 i D. Indian River Combustion Turbine
)
In 1988, the KUA entered into a Participation Agreement the project financed their share of the cost independently with Orlando Utilities Commission (OUC) to acquire a and no liabili'.y exists for the debt service required by the 12.2% (11.7 MW) undivided ownership interest in the Indian other participants.' The KUA does not exercise significant hiver Combustion Turbine and participate in the use of influence or control over the operating or financial policies , related common and external facilities. Each participant in of OUC. j E. Florida Municipal Power Agency I In 1981, the KUA entered into a Power Supply Acquisition National Council on Governmental Accounting Statement
]
Agreement with the FMPA. The KUA is to receive approxi- Na. 7. The KUA lacks operational control over the SEC 1, j mately 7 MW of power from the St. Lucie nuclear power CR3, Indian River and Cane Island Units 1 & 2. No separate ' plant. Costs associated with this agreement are included io governing authority exists for any of the projects. ! purchased power expenses. ,
, l ! According to the participation agreements, each participant ,
Additionally, in 1991, the KUA entered into a second Power must provide its own financing and each participants' share l Supply Acquisition Agreement with the FMPA. The KUA is of expenses for operations of the plants are included in the ! to receive approximately 17 MW of power from the Stanton corresponding operating expenses of its own income j Energy Center Unit No. 2, which is scheduled to be brought statement. The amounts of utility plant in service for CR3 on line in 1997. The participation cost will be included in and Indian River do not include the cost of common and purchased power expenses beguuung in 1997. The KUA external facilities for which participants pay user charges to j does not exercise significant influence or control over the the operating entity. Accumulated depreciation on utility operating or financial policies of FMPA. In conjunction with plant in service is determined by each participant based on ) the power supply agreements, the KUA acquired its share of their depreciation methods and rates relating to their share , the SEC common facilities related to its ownership of SEC 1. of each plant. ! l None of the participation agreements to which the KUA is a Following is a summary of the KUA's proportionate share of l piirty meet the criteria of a joint venture as specified by the the non-operated jointly owned plants at September 30. 1994 SEC 1 - CR3 Indian River l Utility Plant in Service $19,981,421 $4,900,358 $2,729,153 j Less: Accum.Deprec. (4,120,858) (2,378,501) (486,049) ' Net Plant in Service $15,860,563 M $2,243,104 1993 SEC 1 CR3 Indian River Utility Plant in Service $19,895,358 $4,753,359 $2,729,153 j Less: Accum.Deprec. (3,503,314) c2,200,849) (404,174) l Net Plant in Service .516,392,044 $2,552.510 $2,324,979 NOTES 8. PENSIONS The KUA employees participate in a multiple-employer cost of past service costs over a 30 to 40 year period beginning sharing Retirement Plan for both employees of the City of January 1,1974. An a,ctuarial study was conducted as of Kissimmee and the KUA (The Plan). The Plan was estab- January 1,1994 and 1993.
- lished in 1968 and amended and restated in 1975 to cover substantially all full-time employees, except City of The table below showsrelevant data for the Plan as a whole Kissimmee police officers and firefighters. Annual costs of and for the KUA's portion where this was available:
the plan are actuarially computed and include amortization TOTAL PLAN . 1994 1993 Unfunded Accrued Liab. $ 1,545,778 $ 1,765,425 Value of Assets 20,983,415 18,275,953 Vested Benefits 10,860,850 9,556,726 Nonvested Benefits 1,056,069 934,799 Normal Costs 1,343,591 1,247,471 l Amort.of Unfunded Liab. 139,076 153,786 . ! Interest Adjustment 111,200 105,094 Actuarial Funding Req. 1,593,867 1,506,351 31
O I
% OF % OF TOTAL TOTAL ;
KUA'S PORTION 1994 PLAN 1993 PLAN
$4,914,5% 45.3 $4,206,497 44.0 Vested Benefits i
545,931 51.7 492,616 52.7 Nonvested Benefits 617,891 46.0 581,369 46.6 Normal Costs 63,923 46.0 70,958 46.1 Amort.of Unfunded Interest Adjustment 51,136 46.0 48,924 46.6 Actuarial Funding Req. 732,950 46.0 701,251 46.6
% OF % OF COVERED -
COVERED PAYROLL PAYROLL Covered Payroll $6,428,090 $6,035,131 617,891 9.6 581,369 9.6 L NormalCost .
. Amort.of Unfundable Liab. 63,923 1.0 70,958 1.2 732,950 11.4 701,251 11.6
, EmployerContributions Employer Financed - nonvested $ 5,643,022 The Entry-Age Normal-Level Percentage of Pay actuarial cost method was utilized in the January 1,1994 and 1993 Total Pension Benefit Obligation 16,503,872 Less: Actuarial value of assets 20.983.415 valuations. The significant assumptions for this Plan are:
Assets in excess of pension benefit obligation $(4.479,543)
- 1. Life expectancy is calculated using the GA-1951 Male Mortality projected to 1965 by Scale C with a five. year set-back for females. The actuarial assumptions used to compute contribution
- 2. An interest return of 7.5% compounded annually. requirements were the same as those used to compute the
- 3. A salary increase of 6% per year. pension benefit obligation. The pension benefit obligation is a standardized disclosure measure of the present value of As of January 1,1994, the plan included 604 employees at a pension benefits, adjusted for the effects of projected salary total annual basic compensation of $14,243,035. Of these increases and step-rate benefits estimated to be payable in numbers, the KUA employees were 244 at a total annual the future as a result of employee service to date. The basic compensation of $6,428,090. The current year payroll measure, which is the actuarial present value of credited for all of the KUA employees was $8,139,097. projected benefits, is intended to help users assess the System's funding status on a going-concern basis, assess Membership in the Plan is comprised of the following: progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among Public Retirees receiving benefits 39 Employees Retirement Systems (PERS) and employers.
Beneficiaries receiving 36 Vested terminated 22
- On October 4,1994 the City of Kissimmee Commission '
Disabled employees 5 adopted Ordinance No. 2003 which amended the pension Active employees: plan to reduce the normal retirement age from 65 and 10 Fully vested 135 years of credited service to age 62 and 10 years of credited Partially vested 177 service. Other changes included providing an additional i Nonvested 120 $100 per month to age 65 and $25 per month thereafter, and g reducing the early retirement penalty from 5% per year to 3% per year. The table below shows the effect of these Normal retirement eligibility is defined as attainment of age changes for the plan as a whole. The KUA's portion was not 65 and completion of 10 years of credited service. Eligibility available. ' for early retirement is attained at age 55 and completion of 10 years of credited service. The Plan also provides for . PLAN @ PLAN @ disability retirement and a death benefit. The KUA's TOTAL PLAN 9/30/94 10/4/94 contribution is calculated by the actuary based on member- Unfunded ship. The administrative cost of the Plan is allocated Accrued Liability 1,545,778 4,820,817 proportionately between the City of Kissimmee and the Valueof Assets 20,983,415 20,983,415 KUA and paid separately. As of January 1,1994, the Vested Benefits 10,860,850 12,621,864 pension benefit obligation was calculated as follows: Nonvested Benefits 1,056,069 1,325,857 NormalCosts 1,343,591 1,511,734 Retirees and beneficiaries currently Amortization of receiving benefits and terminated Unfunded Liability 139,076 397,031 employees not yet receiving benefits $4,034,234 Interest Adjustment 111,200 . 143,157 Accumulated employee contributions Actuarial Funding including allocated investment income 859,032 Requirement 1,593,867 2,051,922 Employer Financed - vested 5,% 7,584 32 t
1 e ;
- Historical trend information presenting the Retirement benefits when due is presented in Table 4 of the Statistical Plan's progress in accumulating sufficient assets to pay Section of this report.
NOTE 9. DEFERRED COMPENSATION PLAN The KUA offers its employees a choice of two deferred chased, and all income eamed are (until paid or made compensation plans created in accordance with Internal available to employees or their beneficiaries) solely the Revenue Code Section 457. The plans are administered by property and rights of the KUA, subject only to the claims of the International City Managers Association (ICMA) and the the KUA's general creditors. Participants' rights under the United States Conference of Mayors (USCM). The plans, plans are equal to those of general creditors of the KUA in available to all of the KUA employee , permit them to defer an amount equal to the fair market value of the deferred a portion of their salary until future years. The deferred account for each participant. Deferred compensation compensation is not available to employees until termina- accounts are stated at market value. tion or unforeseeable emergency (including death, retire-
~
ment and disability). The ICMA and USCM are responsible for investment of funds, distribution of benefits and reporting to participants. Internal Revenue Code Section 457 requires that all amounts The KUA believes that it is unlikely that it will use the assets of compensation deferred, all property and rights pur- to satisfy the claims of general creditors in the future. l NOTE 10. LONG-TERM DEBT - The Revenue Bond resolutions provide for: budget nr that fund. The total annual deposit may j not be less ila 5% of the gross revenues for the ; A. Establishment and maintenance of various funds: preceding fiscal year after deducting 100% of the fuel expense and the energy component of pur- j (1) Revenue Fund records all operating revenues and chased power expenses incurred in such preceding ! expensesof thesystem; fiscal year. However, no such monthly deposit (2) Sinking Fund records principal and interest shall be required when the amount in such fund requirements; shall at least equal $1,500,000. (3) Bond Amortization Fund records funds held for the retirementof termbonds; C. Rate Covenant: (4) Reserve Fund records funds held for the maximum annual debt service requimment; The KUA will at all times establish, fix, prescribe and (5) Renewal, Replacement & Improvement Fund is to collect rates and charges for the services and facilities be used only for making improvements, extensions furnished by the Electric System which, together with and replacements to the system; and other income, are reasonably expected to yield annual
. (6) Construction Fund records the cost of major Net Revenues in each Fiscal Year at least equal to 125%
additions to the System financed by revenue bonds. of the bond service requirement in the Bond Year which ends one day after such Fiscal Year. B. Restrictions on the use of cash from operations in order of priority: D. Early redemption: (1) Deposits are made to the Revenue Fund to meet The bond ordinance provides for early redemption of current operations according to the Budget; outstanding bonds, except original issue discount (2) Deposits to the Sinking Fund Account are required bonds, at call rates varying from 100% to 102% of the on or before the 25th day of each month equal to instruments' face value, dependent upon the call date. one-sixth (1/6) of the interest coming due on the Original issue discount bonds may be redeemed early at next semi-annualinterest payment date and one- call rates of 80% to 100% of the face value, dependent twelfth (1/12) of the principal coming due on the upon the call date. next principal payment date; (3) Deposits to the Bond Amortization Fund are E. Investment restrictions: required on or before the 25th of each month equal to one-sixth (1/6) of the amortization installment (1) Funds of the Sinking Fund, Bond Amortization coming due on the next semi-annual payment datE; Fund, Reserve Fund and Renewal, Replacement & (4) Deposits to the Reserve Fund are to be made when Improvement Fund are required to be continuously required to maintain the Fund at the reserve secured in the same manner as municipal deposits requirements (maximum annual debt service); and of funds are required to be secured by the Laws of (5) Deposits to the Renewal, Replacement and im the State of Florida; and provement Fund are required each month in an (2) Monies on deposit in the Sinking Fund and the amount equal to one-twelfth (1/12) of the adopted Bond Amortization Fund shall be invested only in 33
e direct obligations of, or obligations on which the an "A" or better from Moody's Investors Service, principal and interest are guaranteed by the United Inc., bank time deposits represented by certificates States of America and which do not permit of deposit and bankers acceptances, repurchase redemption prior to maturity at the option of the agreements, commercial paper which has the KUA. Monies on deposit in the Revenue Fund, highest investment grade rating and shares of Reserve Fund and Renewal, Replacement & investment companies which invest principally in Improvement Fund may be invested as described United States government securities. above as well as in the following: obligations rating Refunding and revenue bonds outstanding at September 30,1994 and 1993 consist of the following serial and term bonds FINAL ORIGINAL DESCRIITION MATURITY AMOUNT 1994 1993 Electric Revenue 10/01/12 5 66,020,000 $ 61,600,000 $ 63,500,000 Bonds, Series 1987 4.10 % - 6.80 % , 4/1;10/1 Improvement & 10/01/17 $ 75,550,000 $ 16,475,000 $ 16,620,000 Refunding Revenue Bonds, Series 1991 4.3C% - 6.60% 4/1;10/1 Improvements & 10/01/18 $145,800,000 $145,800,000 $145,800,000 Refunding Revenue Bonds, Series 1993 3.90% - 5.5% . 4/1;10/1 Refunding Revenue 10/01/17 $ 21,165,000 $ 21,165,000 $ 21,165,000 Bonds, Series 1993A 3.2% - 5.30% 4/1;10/1 Total Amount Outstanding $245,040,000 $247,085,000 Less: Current Portion L,ong-Term Debt (2,630,000) (2,045.000) Total $242,410,000 5245,040,000 The annual long-term debt service requirements (net of in June 1993, the KUA issued $145,800,000 in Kissimmee capitalized interest) at September 30,1994 are as follows: Utility Authority Electric System improvement and Refund-ing Revenue Bonds, Series 1993 (Series 1993) at an average 1995 $ 12,158,348 interest rate of 5.68%. The proceeds, after payment of 1996 17,965,816 underwriting fees, insurance and other issuance costs, were 1997 18,101,698 used to finance a part of the cost of the acquisition and 1998 18,101,228 construction of additions, extensions and improvements to 1999 18,069,537 the System, fund the Reserve account and advance refund 2000-2004 91,520,176 $58,780,000 of the outstanding Series 1991 Bonds. The KUA 2005-2009 93,695,530 in effect reduced its aggrtgate debt service payments by 2010-2014 100,566,233 $3,131,957 over the next 25 years and obtained an economic 2015-2018 80,608,896 gain between the present value of the old debt and new debt Total $450,787,462 service payments of $1,902,779. The loss on early extin-Less: Amount guishment of $5,246,727 has been deferred and will be Representing Interest _L208.377.462) amortized to income over the remaining life of the new debt Long Term Debt $242.410,000 consistent with the methods used for setting rates (See lh 1). The fair market value of the KUA's long-term debt was estimated using the Delphis Hanover Interest Rate Scale. A in September 1993, the KUA issued $21,165,000 in yield for each maturity was determined. The individual Kissimmee Utility Authority Electric System Refunding maturities were priced and summed to arrive at a fair Revenue Bonds, Series 1993A (Series 1993A) at an average market value of $230,467,384. The carrying amount oflong- interest rate of 5.36%. The proceeds after payment of term debt due within one year approximated fair market underwriting fees, insurance and other issuance costs, were value because of the short maturity of these instruments. used to advance refund $20,645,000 of outstanding Series 34
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