ML20206N010
| ML20206N010 | |
| Person / Time | |
|---|---|
| Site: | San Onofre, 05000000 |
| Issue date: | 06/30/1986 |
| From: | Hoyt G ANAHEIM, CA |
| To: | |
| Shared Package | |
| ML13331A922 | List: |
| References | |
| NUDOCS 8704200342 | |
| Download: ML20206N010 (192) | |
Text
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Table of Centents Officials . .... . .. . .. .2 Highlights. . . . . . . . .3 Report from the General Manager . . . . 4 Water Year 1985-86 . . 6 Electric Year 1985-86 . . .14 Water and Electric Distribution System Maps. . . . . . . . . 22 Water and Electric System Sources of Supply. . .23 Source and Distribution of Revenue . . .24 Financial Analysis and Statistics. . .25 Audited Financial Statements . .. .33 On the Cover An Old Friend Starts a New Day.. Daybreak on the Sacramento San loaquin Rirer Delta, a key junction for water from Northern California on its long journey to Anaheim and ather Southern California cities. A New Era Dawns.. The sun rises on the Intermountain Ibarr Project's chimney. touvring 720 icet alxne the Utah desert floor. Operation of Unit I marks 13 long years ofhard avrk and twgins a new era o!cnergy independence The Public Utilities Department is headc for Anaheim. quartered in the Anaheim Civic Center.
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PUBUC UTILITIES CITY l BOARD -
. COUNCIL
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KENNETti Af. KEESEE DON R. ROTli Chairman kla>vr
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W , IAhfES ti. TOWNSEND
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DR. L. KENNETII f fEULER M IRV PICKLER
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BEN W BAY Vice Chairman hfayor Pro Tem Councilman CARL 1. KIEFER RICfIARD1. hfchflLLAN AllRIAhl KAYnUOD E. LLEWELLYN OVERIIOLT, }R. CounciInoman Councilman CITY MANAGEMENT William O. Talley City Manager l
- 5. . -
George P. Ferrone Finance Director i [ : Jack L. White CityAttorney
; +
( A Leonora N. Sohl
): \i City Clerk S. DALE STANTON 1 .[/!.
Lu , A JOSEPii R. WIIITE Mary E. Turner City Treasurer 2 l
1986 and 1985 FisCalYear Highlights WATER SYSTEM ELECTRIC SYSTEM Year Ended June 30 Year Ended June 30 OPERATIONS 1986 1985 1986 1985 Sales 21,392 million 21,1~S million 2,095 million 1,990 million gallons gallons kilowatt-hours kilowatt-hours System peak requirements 102.0 million 94.0 million 465,600 483,360 gallons gallons kilowatts kilowatts Average number of customers 52,718 51,896 93,568 92,347 FINANCIAL Revenues from sale of water and electric power $17,237,000 $16,928,000 $183,383,000" $166,782,000" Net income $ 3,605,000 $ 3,964,000 $ 13,573,000 $ 6,759,000 Transferred to City of Anaheim General Fund $ 689,000 ,$ 550,000 $ 7,206,000 $ 5,706,000
"' Amounts represent resenues derised solely from billings and do not retlect any provision for changes in the Pbwer Cost Adjustment balancing account whoch were ($ 10,855,000) and ($8,312,000) for the years ended June 30, I986 and I985, re>pectively, and does not retlect any provision for changes in the Rate Stabilization Account a hich was $7,196.000 in the fiscal year ended June 30, I986. See Note I to Electric Utility Financial Statements.
MCODY'S INVESTORS STANDARD AND POOR'S CREDIT RATING SERVICE, INC. CORPORATION Electric Re.enue Bonds Aa A+ Water Resenue Bonds Aa AA -- Water Revenue Anticipation Notes MIG 1 S P-1 + Electric Tax-Exempt Commercial Paper Prime 1 A-1 l l 3
Report 60m the General Manager Few businesses are more dynamic IPP, THE DREAM COMES TRUE e Recovered $22.4 million in refunds than the business of providing in 1973, a group of public utility from Southern California Edison Anaheim with water and electricity. managers met in Washington, D.C. Company for past wholesale it has been that way from the begin- %b discussed alternative energy owrcharges. ning, since the late 1800's when city resources to reduce dependence on = Rate Stabilization Policy established fathers first took steps to ensure reli- foreign oil and provide economical using refund money will hold retail ablewater and electric service for power to California and Utah. IPP was electric rates steady through the their community. Anaheim was little born that day, but it was 13 years later, Spring of 1988. more than an agricultural outpost on June 10,1986, before Unit 1 began Finances Southern California's coastal plain in commercial production. = issued $136.4 million in Water and those days. IPP is but one large step towards our Electric Revenue bonds to advance Today, Anaheim is recognized as an Department's goal to secure flexible refund existing, higher interest aggressive developing community and diwrsified energy sources. Never bonds. Principal and interest savings with a strong economic base, again will Anaheim find itself" locked w Il be approximately $11.9 million anchored in the high-tech, defense in" to one resource, held hostage by oser the term of the bonds, or about and tourism industries. The Public skyrocketing wholesale electric rates $550,000 per year. Utilities Department is recognized for and foreign oil suppliers. Anaheim Management its foresight, planning, solid financial can shop from a variety of electric = Continued strong financial position condition, and sound management generation resources, purchasing the of the Water Utility and the accom-practices. most economical mix available for its plishments of the Department's PLANNING FOR GROWTH customers. management team were recognized AND CHANGE Most of our projects require long lead nationally by the upgrading of We have grown and changed, to meet times. Many seeds we plant today Anaheim's Water Rewnue Bond won't bloom until the 21st century. credit rating. Moody's investors the growth and change of our city. History has taught us that we must Service,Inc. and Standard and And, like our founding fathers before be ever watchful and ready to take Poor's Corporation raised their us, we too look to the future, working to ensure the reliable, economical advantage of our opportunities. ratings of Anaheim Water Revenue water and electrical supply Anaheim FISCAL 1986' I thank all the people of this Depart-residential and business consumers YEAR OF PROGRESS ment who made these and the other haw come to expect. Few years in the Department's history accomplishments discussed in this Because change often comes slowly aw wen s many ances a pt possMd conunue to W within our industry, a responsible 1986. Impressed by the,ir profess,ionalism utility concentrates not only on meet-Water Utility and commitment to excellence. ing today's needs, but also the needs
= Record sales of 21.4 billion gallons. They are responsible for making the of the future,20 and 30 wars down
= The continuation of our planned Anaheim Public Utilities Department the road. While the Colorado River water capital replacement program, one of the nation's most efficient Aqueduct is an example of foresight in the 1920's, the Intermountain m dernizingand rehabilitatingthe utilities and should be proud of them- )
city's water distribution system. selves for a job well done. Power Project (IPP)is a good example of the same kind of foresight of the = Expansion of our fiitration plant Specialthanks also to the City 1970's. capacity from 10 million gallons to Manager, Mayor and members of the 15 million gallons per day. City Council and the members of the Electric Utility Public Utilities Board for their time,
= Intermountain Power Project Unit 1 assistance, and foresight.
began commercial production ahead of schedule and under hMk budget.
= Record sales of 2.1 billion kWh. Gordon W Hoyt
= Allocation of power from Hoover Public Utihties GeneralManager Dam and contracts signed with Deseret Generation and Transmis-sion Co-operatiw, ensuring addi-l tional future supplies oflow-cost power.
4 !
1 l Public Utilities Department Management {;iYp p Gordon W. Hoyt t General hianager
!!- { $:~j -
- Edward G. Alario Olt!I,
; Assistant General hfanager l.,'?llj' Operations Darrell L. Ament y l. J~
Assistant General Afanager y klanagement Services t Dale L. Pohlman Assistant General Manager lhwer Resources Michael A. Bell I L FinancialServices Manager George C. Campbell Electrical Engineering Manager Edward E. Dumon i Operations Systems Manager i Diana M. Leach AdministratireServices Afanager , Edwin L. Mcdonald Acting Water Engineering Manager l Don R. Metzger CustomerService Manager i Gordon W Hoyt i l l l
N Water Year 1985-86 MTM Water. Essential to life, yet so often of Colorado River water 11 years later. regulations regarding discharge of taken for granted in a modem world An expansion program completed in industrial wastes allow use of runoff filkxl with convenience. 1961 brought the aqueduct to its cur- from storm drair s to collect rainfall for WATER FOR ANAHEIM rent capacity of more than one billion recharging groundwater supplies j gallons per day. without special treatment. OCWD Around the turn of the century, lead-From the Feather River manages more than 1,000 acres of ers with toresight could see water supply as a potential crisis for Ana-
.. . percolation ponds and lakes along To keep pace with Calitornia's rapid theSanta Ana Riwrin Ariaheim.
heim and other Southern California growth, the state legislature in 1959 cities growing smack in the middle of These facilities are capable of recharg-authonzed funding for the Feather ing 200,000 acre feet of water annu-Southern California's vast semi-arid River Project, now called the State ally. The basin is estimated to have a coastal plain. For Anaheim and other Water Project. Today, water flows north central Orange County cities, usable storage supply exceeding one from Northern California through a million acre feet. One acre foot equals wells drilled into aquifers ted by water complex system of reservoirs, the trickling down the Santa Ana River approximately 320,000 gallons or Sacramento / San Joaquin River Delta, enough water to serve the needs of could meet just a portion of the rising pumping plants,580 miles of aque-demand. ducts, through MWD's distribution two families for a war. The mighty Colorado River, the near. system, and finally to Southland cities, Because water pumped from City est source of plentiful water, was including Anaheim. wells is usually less expensive than more than 200 miles away. The prob- From City Wells MWD water, the Department typi-i fem was how to transport that water cally produces about 65 to 70 Although MWD is an essential source percent ofits annual supply from its to the coast. of water, Anaheim's primary supply wells drilled into the basin. In order to From the Colorado Riser continues to come from its own wells increase basin water supplies for in 1928, Anaheim joined forces with drilled into the natural groundwater future use, MWD periodically has 12 other Southem Califomia water basin underlying much of Orange made surplus water available for a agencies as founding members of the County. The Orange County Water price comparable to the cost of Metropolitan Water District of South _ District (OCWD), created in 1933 to pumped water. The result is a ern California (MWD). The goal; manage the basin, works closely with decreased level of pumping for partic-secure an adequate supply of quality MWD, the Orange County Flood ipating agencies and thus an increase water for the Southland. Construction Control District and the United States in the amount of water stored for use of the 242 mile Colorado River Aque. Army Corps of Engineers, at some future date. The Department duct was MWD's first major project. A completely isolated sanitary sewer has been instrumentalin the imple-Ground was broken in 1931, and system and stringent county-wide mentation of this joint conservation 1 Anaheim receiwd its first deliveries effort. gyif .~ wn ' - l
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, ,,e, l Colorado Riwr water nends its nay across a \ast e\panse of Ca lifornia desert on its N1 mile tourney from Lake Ilausu to The Whitsett Pumping Plant near Parker Dam is the first of fiw plants which lift Colorado thirsty Southern Californians- River nater owr the mountains on its way to Anaheim and other Southland cities The Colorado Riwr, a major source of water. l 6
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1 Water Year 1985-86 m...
.., w .
RECORD PRODUCTION 28.2 .., y, ~7g Water production in fiscal 1986 was a record 22.9 billion gallons. Depart- *5 [' . -
- 3. ;'[.
/
g ^, ,' ' ment wells produced a recoid 15.3 billion gallons,67 percent of total production. The balance of Ana-ui 10.8 k" ' heim's water supply was purchased ;. from MWD. A new daily economic water schedul- ' M ing program was instituted to provide for water needs from the least expen-sise sources during specific periods of 6i o" 8445 AN AL RAINFALL am 8241 8142
,y' c ,
l the day. Savings from the program '>
- 4 .
totailed $121,601 in fiscal 1986. ,,, i RECORD SALES 20. iaa
~8- '
l The system's 52,718 customers used 21.4 billion gallons of water in fiscal k - { 1986.While up only 1.2 percent from * . [' ' the previous year, fiscal 1986 water -- { use set an all-time record. The 16.5 - 7' l inches of rainfall recorded during the .
# I year, up 4.4 inches from fiscal 1985, *'te . -
i A M and generally cooler temperatures State Project water destined for Southern l were primarily responsible for the California starts as cold, thin trickles high in l am 8241 8:42 moderate increase, SYSTEM IMPROVEMENTS 8] (BtLLKJN GALLON 51 the northern Sierra. l Rehabilitation or replacement of I
'2 existing wells, pumps, valves and
- l replacement of old, unlined mains 3,.9 g '
continued under a comprehensive au capital replacement program. Funded l primarily by water revenue anticipa-tion note proceeds and resenues from the sale of water, the program is an ongoing, long-term commitment. ; Approximately one mile of unlined, undersized water mains were replaced in the central portion of the 83 an a44s am 82ei 8142 city in fiscal 1986. Since 1979, nearly PEAK DAY DEMAND
"" N G^""*
18 miles of unlined mains have been replaced or relined,with another 26 miles stated for replacement over the next 18 years. Lake Oroille, the State n'ater Project's northernmost storage reserrvir. 9
i Water Year 1985-86 Filtration Plant Operations ' yp A major rehabilitation a ,d expansion SupervisoryControland Data Acqui-of the August F. lenain f iltration Fwt sition (SCADA) remote terminal units -: was completed in fiscal 1986, increas- were added at 16 water facilities. .c -y- . ing normal operating capacity from 10 SCADA is a state of the art computer- , 3 ~ million to 15 million gallons per day. ized monitoring and control system. ~
- The facility can now be operated at its use will cut hundreds of hours % . j, about 17 million gallons under peak from the data recording process and c' '
er
~ ]?-.
j demand flow conditions. The filtra- improse overall operational efficiency 5*' ^ tion plant is located below the by allowing the almost instantaneous i~ Department's 920 million gallon Walnut Canyon Reservoir. monitoring and operation of key facilities from the Department's 24- . grm:E 7j
~5
; . - [ ..
. j j .. ~
Transmission hour operations center. The Department installed 1.2 miles of Storage y ,Q,; 16 inch transmission main to provide Working to keep water quality high, h> 2[4
- service to new development. A new the Department replaced the cc.ser hj i pressure regulating station was on the 4 million gallon Linda Vista ,y. dp installed and another was replaced Reservoir and installed a new floating ^
"JL duringIhe year, improving overall cover at the 60 million gallon Olive ,
- system reliability. Hills Reservoir, the system's largest storage facility for treated water. ,
i i i I l - i s e Water passes through rapid sand filters at l the Lenain Filtration Plant at 15 million gallons per day before flowing into the Department's distribution sptem. l Anaheim's 920 million gallon Walnut Cany>n Resern.-is the largest municipally ou ned reserua in Orange Countv. The natural groundwater aquifers ied by the Santa Ana River and surplus water purchased from MWD, are Anaheim's primary source of water. 10
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Water Year 1985-86
. . . .. .1[ _ -
RATES Treated water purchased from MWD r Sour.d operating decisions helped has undergone extensise testing by keep water base rates stable in fiscal MWD before it is delivered to Ana-1986 for the second consecutive year. heim's distribution system. MWD also
. delivers untreated Colorado River An increase in base rates is ant. .ic'- Water to the Department's Walnut pated early in fiscal 1987, primarily t Canyon Reservoir. From there,it is help pay for the Department's ongo- " cleaned" at the Lenain Filtration ing capital replacement program. Plant before being deliwred to con- j !
l WATER QUALITY sumers. Expansion of the plant included the acidition of chloramine
/'
Anaheim's water supply continued to exceed all State and Federal standards water treatment equipment and other 4 for drinking water. The Department's treatment facilities. Used as a disinfec- , water quality section conducts over tant, chloramines significantly reduce , 3,000 physical, biological, and chemi. cal tests of the city's water supply, potential trihalomethane (THM) for-mations. THM's are listed as possible ,
'[
using some of the latest most sophisti. carcinogens. ~ , Q' cated testing equipment available. TOWARD THE FUTURE 4 ' Specific tests for trichlorethylene During the next five years, the 3 (TCE) contamination were performed Department plans to invest $38.7 on the city's wells during fiscal 1986 in million in water facilities. Of that fig-accordance with a statewide legisla- ure, $14.2 million is projected toward tive mandate. All city wells were con- replacement of water production and firmed to be below the California distribution systems, while $24.5 Department of Health's recom- million is anticipated for new facilities. mended action levels for TCE. Now in its 107th year of serving Water pumped from city wells is natu- Anaheim, the Department's goal has Gene Ruzika conducts one of the more rally filtered in the underlying soil, than 3,000 annual tests which assure that never changed. We remain commit-sand and rock strata before reaching ^"dh"i'" 5 "*r quality exceeds state and ted to supplying our customers with a f ,f ,,d the aquifers which make up the reliable flow of high quality water at groundwater basin. Water from the the lowest possible cost. i Department's three newest high pro- ) duction wells, pumping from deep previously untapped aquifers are producing very high quality water I which is delivered directly into the transmission and distribution mains [ without the need for additional s; treatment. 1 There is nothing like a glass of cool, clear water. Erpanded and modernized during fiscal 1986, the August F. Lenain Filtration plant is nestled in Anaheim I f alls, below Wal nut Canyon Reservoir. 13
l Electric Year 1985-86 l 1973. Mile-long lines and three-hour Under Budget and Ahead Participant from Inception waits at gas pumps; skyrocketing oil of Schedule The Anaheim Public Utilities Depart-prices; an all-out energy emergency in a time where lengthy delays and ment is proud to have been a major threatens the United States. cost overruns are the norm, IPP Unit participant in IPP from its inception. In Washington, D.C., a concerned One was completed three wec ks Anaheim's 13.225 percent share of group of public utilities managers get ahead of schedule. Unit Two is slated IPP, representing approximately 212 together informally to discuss alterna- to begin commercial operation by megawatts of capacity, insures a con-tive sources of power. The goal, to July 1987. Overall, the project is mil- tinuous supply of power from a clean, reduce their reliance on oil as a fuel lions of dollars under budget! efficient, economical electric gen-for generating electricity and to Additionally, a debt service reduction erating resource. Combined with a develop less expensive power sources program has been instituted to refi. Variety of other energy resources, for their customers in Southern nance construction loans at signifi. Anaheim will never again be depen-California and Utah. cantly lower interest rates. This dent upon one single resource, the THE INTERMOUNTAIN POWER program will save Anaheim ratepayers Southern California Edison Company, PROJECT: A DREAM COME TRUE hundreds of millions of dollars over for electricity. Thirteen years later, their far-sighted the life of the loans. IPP represents not an end, but a dream is reality. On June 10,1986, beginning. Another step towards Unit One of the Intermountain Power . Anaheim's goal of flexibility and diver-Project (IPP) began commercial sification in its power supply. operation. , . . ~ e ... e. Coal-Fueled Power From Utah's -
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g." 4 i ' i d'" Desert *4- \ ' r' The quest was far from easy. Eight s4 years of feasibility studies, site pro- , posals, environmental reports, gov- A
. . C* '
3 ernment licensing hearings, voter D #g: , ~- referendums, and revenue bond sales ' r - " y followed those initial, conceptual I ' a conversations. Ground was finally k[, - [, i j broken in 1981 on a 4.614 acre parcel o k p .p near Delta, Utah, approximately 100 ,
! s pg :i miles southwest of Salt Lake City. p . '
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, q Each of IPP's two coal-fueled, steam electric units was designed to gener-
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ate 761 megawatts of power. After (bwer is comerted to direct current before i delisery ser the 500 mile Southern Tran - ! initial testing Unit One was rerated at
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800 megawatts, up 5 percent. i t
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mizes IPP's environmentalimpact. Integrated computer sptems monitor and 1 control all phases of IPP operations. 1 IPP will uw four million tons of Utah coal The Intermountain Ebuer Project, eco-annually. nomicalpower for Anaheim from Utah coal. 14
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Electric Year 1985-86 POWER SUPPLY Completion ofIhe Southern Transmis- Transmission Projects San Onofre sion System (STS), built to carry power Anaheim continued its participation to AnaMm 6m W, gives Anaheim in feasibility studies for the Califorr ia-Anaheim's 3.16 percent share of Units ccess to other economical Utah Oregon Transmission Project, a 2 and 3 of San Onofre Nuclear Gener-
"" "Pd potential link to inexpen>ive hgfro-ating Station (SONGS) produced c ntracts in fiscal 1986 which w.ll i electric power sources in the Paciiic 304.2 million kWh, representing 13.8 result in deliwry of 80,000 kilowatts Northwest. Studies also are underway percent of system needs. Unit 2 com-r m Deseret Generation and for the Mead-Adelanto and Mead-pleted its second full year of service in Transmission Cc> operative starting in Phoenix transmission projects, which August 1985, while Unit 3 marked its January 1987.This purchase is could provide a tie with power second anniversary in April 1986.
expected to saw more than $28 mil- sources in Arizona, New Mexico, Purchased Power lion over the life of the contract. and west Texas. Purchases from Edison dropped to 1.4 billion kWh, represeraing 63 percent [.yCg{h j. :{'J d..N
?-y 'i J f [,,.NE of the system requirement, down * %6 from 72 percent the prior year. Y .
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- m. g.eLiuo., and trand ..on p<- b .. % 3m j projects cimW , ,, u ure ' - ,i s., -:~ *M fn 7 4.M, power co>ts anci s , 6 w diverse selection of energy resources.
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The Western Area Power Administra-f ' j f' tion awarded Anaheim a 40 megawatt , / ' capacity allocation from Hoover Dam 3 k ,, beginning June 1,1987. Anaheim's . investment of approximately $10 San OnotrnuppW 13M of the electric spternuon mm wuiremena l million in Hoover is expected to save i m ~~ costs. w+n P h3 '
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<+o H= = Den 1975 1986 IG 1990 In just owr 10 years, Anaheum has mored from a city totally de pendent upon a single source, to a community able to select from a wide ranging n Fety ofpotentialpower nmurces. The accompau,yng charts show how far the f>pviment has con.e since 1975 and n here it expects to be in 1990. The bottom line of this program of energy diwrsrtica-tion and tiembility is sar ines monu=d != % hundreds of mdlions of dollars.
i Anaheim owns 3.16% of San Onoire Nuclear Generating Station, located just south ofSan Gemente. California. 16
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Electric Year 1985-86 RECORD SAI.ES = First, the City Council adopted a 2* m rate stabilization policy. The policy m ,,, Although cooler weather accounted ,. provides for using refunds recovered ; i.74 p. for a decrease in peak demand from ~" t fiscal 1985's record level, system sales from Edison to stabilize Anaheim's
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- J 93,568 customers consumed 2.1 = The Department recovered $22.4 L 1 billion kWh in fiscal 1986, a 5.3 per-cent increase from the previous year.
million from Edison in fiscal 1986 for wholesale rate overcharges. More L l3 . 1 A; EMA
._ g industrial customers had the largest refunds are expected as a result of If j gain among the major customer the Department's aggressive chat-lenges to higher Edison wholesale
.,f 36.;
{g {w 'j classes. up 5.8 percent. Residential = .m 3:33 3, 3; sales decreased 3.9 percent due to rates ELECTRIC SALES the impact of cooler temperatures on '8 " " " * " l = The City Council approved an I home air conditioning use. agreement which may be the begin-RATES ning of a new era in the Depart- . The Department was able to meet its ment's relationship with Edison. nL- m Wholesale rates set by negotiation E.- ~ financial ob'igations without a base instead oflitigation will result in N,[ 394 electric rate increase in fiscal 1986. Esen better news for Anaheim con. virtually no change in the price of 3ai ki p sumers is that no changes in base rates are expected at least through the electricity purchased from Edison at least through 1987. I g( L N* 274 t Spring of 1988. A number of factors LA Q a ti.) M hase comb;ned to make this possible. *". 8546 LM u] a{~ u{ a] 8445 8144 8243 8142 TEMPERATURE (DEC.REE DAYS ABOVE 72*) l I 4834 i
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m ELECTRIC PEAK DEMAND miousAND otomiTsi (i n - E- .
-r AnalEf*** s i wy Lewis Substation system operators like Bernd Mladek are on the job 24 hours a day to keep consumers supplied mth water and electricity.
l } Anaheim's share of poner allocations from Hoarer Dam are expect & to sare rate l payers $6 million annually. l 19
l Electric Year 1985-86 innmur-i SYSTEM CONSTRUCTION LOOKING AHEAD anticipation note proceeds. The Renovation of the Operations Center For the second consecutive year, the remaining $25.4 million will be at the Lewis Substation was near com- Department's forecast of Anaheim's financed from power sales. pletion at June 30. Improvements power needs was accepted for adop- As we march on towards the twenty-include the installation of the state-of- tion by the Califomia Energy Commis- first century, the Anaheim Public the-art computerized Supervisory sion without revision. Electricity sales Utilities Department is committed to Controland Data Acquisition in Anaheim are expected to grow at reliably meeting the city's expanding (SCADA) System central computer. an average rate of 1.7 percent over energy needs, utilizing the latest tech-SCADA gives Systems Operators the the next two decades, while peak nology and a far-ranging variety of ability to monitor and control the demand growth is projected to aver- power resources. Our ultimate goal is distribution system instantly. SCADA age 2.1 percent over the same period. dependable service at the lowest also enables the Operations Center p ssible cost for our customers. Load Research and substation to be operated from a remote location in the event of an The Department.s newly .imple-emergency. mented load research program will lead to ways of slowing the growth of Sharp Substat. ion peak demand through load manage- , f*4*, ,e i All equipment has been delivered for ment programs. Potential load-the expansion of the Sharp Substation reduction programs include thermal in preparation for the addition of a energy storage devices, air condi-second 40,000 kilosott ampere,69 to tioner cycling units, time-of-use rates, 12 kilovolt transformer and related and interruptible rates. equipment. This doubling of capacity cap;g3: %a ! is due to increasing demand for elec- ,, l tricity in the city's rapid!y growing Oser the next five years the Depart-north-central industrial area. ment plans to invest approximately Southwest Substat. ion
$55.6 million in new electric facilities.
Approximately $30.2 million will be Site preparation for the Southwest Substation was completed and some related to power supply and will 4 come from revenue Ix)nds or revenue l equipment has been delisered. When . -_ 1 finished, the substation will serse residents, hotels, businesses and sisi-
,j I tor 3 in the Disneyland! Anaheim ,~ ^
Convention Center area.
- New Ser ice _
Distribution line extensions and ser- __ g vices were designed for 1500 residen-k % tial and 4(X) commercial / industrial customers. Approximately two circuit Q ; miles of overhead, and 28 circuit miles of underground distribution lines were instalk d in fiscal 1986. l Increasing customer requirements resulted in installation of another 37,000 kilovolt amperes of distribu-tion transformer capacity during the 5 %, a year. The majority of the underground ("Ih"y;MMN construction was completed in the w deseloping Santa Ana Canyon and Bauer Ranc h areas. The Department 's Load Management Pdot Program, headed by George Edwards, nreived the American Public lbwer Association's prestigious Energy Innovator Award. Dedicated, highty skilled line mechanics like Jay Kauble and Mike Lpns, are two important reasons for the high reliability of Anaheim's electric distribution system. 20
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for Anaheim. 23
1985-1986 Source and Distribution of Revenue i THE 85-86 WATER DOLLAR SOURCE OF REVENUE DISTRIBUTION OF REVENUE 61C Residential sales 4it Water supply 28(Commercial N ~ and Industnal saks ' 274 Operatonand x 4
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i t i CITY OF ANAHEIM PUBLIC UTILITIES DEPARTMENT e s FINANCIALANALYSIS AND STATISTICS l l l I l 25 [ ._ . . _ . _ _ . _ _ - . . ._.
PubliC Utilities Department Financial Analysis 2 New operating records were set in WATER UTILITY On January 28,1986, the CityCouncil the water and electric utilities in fiscal Water Utilityoperating revenues adopted a rate stabilization policy 1986.The year also was a tremendous which mcluded thecreation of a Rate totaled $17,348,000 in fiscal 1986, up financialsuccess for both Anaheim $336,000 from the prior fiscal year Stabilization Account (RSA).The ratepayers and for investors in Ana- P 'cy I pr vides that refunds recov-due primarily to system growth. Oper. heim utility securities. ating expenses were $13,860,000 ered fr m Edison for wholesale elec-The following actions and events in fiscal 1986, up $675,000 from tnc rate overcharges should be ); contributed to the continued strong fiscal 1985.The cost of water was dep s,ited in the RSA.These refunds financial position of the Department $8,164,000 in fiscal 1986, representing am then used to helpstabilize base in fiscal 1986, a decrease of $108,000 from the prior electnc rates. About $7.9 million was
- e Completed fiscal 1986 without the year. The unit cost of water fell by 0.3 o e nu d fro need for a water or electric base rate percent as a result of increased pump- {an , l ing production esen though total are made monthlyand are based l increase water production increased by3% upon kilowatt-hour sales.
- e Recovered $22.4 million in refunds 4 from Southern California Edison million gallons. Other operations and Electric Utility operating expenses Companyfor wholesale power maintenance were up $527,000 in were $154,237,000in fiscal 1986, supply owrcharges. fiscal 1986. Water Utility net income down $3,145,000 from the prior e Created the Rate Stabilization was $3,605,000 in fiscal 1986, down fiscal year. Purchased power cost
- Account with refunds recowred $359,000 from the prior year. $119.744,000, a decrease of i from Edison, providing for stable During the year, a total of $12,779,000 $2,751,000. Purchased power alone
- base electric rates at least through was invested in water system capital accounted for 87 percent of the the Spring of1988. construction. Approximately $1.3 decrease in operating expenses.
- Advance refunded a portion of the mi!! ion vas provided by cuneniieve- E!cctric Utilityoperatingincome Water and Electric Utilities' out- nues, $7.1 million was provided by increased to $25,982,000 in fiscal standing rewnue bond debt result- borrowed funds and $4.4 million by 1986 from the $18,357,000 in fiscal
! ing in a savings for ratepayers of contributions in aid of construction. 1985. Net income was up by
$11.9 million over the life of the ELECTRIC UTILITY $6,814,000 to $13,573,000.
Electric Utility revenue from the Sale Investments in construction of new a Moody's inwstors Service, Inc. and electric system facilities totaled i Standard and Pbor's Corporation ' '
$14,538,000 for fiscal 1986.Of this increased the rating of the Depart- {f6lectri 60 e 7 mount, $5.3 million was inwsted in recorded in the prior fiscal year.
ment's Water Rewnue Bonds to Aa c nstruction and nuclear fuel related This increase was due primarily to
'"^^~'"'P "'Y increased kilowatt-hour sales.The to Anaheim's 3.16 percent share in order to provide a common basis f SONGS. The remaining $9.2 balance of theincrease was dueto an .
i for industry comparability, the City of mimon wasinwsted in electn,c sub-increase in the Power Cost Adjust-Anaheim reports its Water and Elec- transmission and distribution facilities ment effective July 17,1985. tric Utility funds under California m Anaheim. , Public Utilities Commission and Fed-eral Energy Regulatory Commission industry accounting principles and methods, respectively. 4 4 4 i '. 26 i
., _ . . _ _ -_ . . . _ , , , _ _ - - . - - - . ~ . , _-~~,- -m--. -,. -, , , . - - - _ . _ . ~ , _ _ . . = . , . - _ - - - - . . . . _ _ . _ . , _
! NOTE PROGRAM DEBT MANAGEMENT to Aa. Standard & Poor's ratingwas raised fmm A+ to AA . Both agencies I As of June 30,1986, the Electric Utility TheWater Utility issued $7,160,000 Water Revenue Bonds,1986 Series, cited continued strong financial per-I .had $20,450,000 in shc,rt-term com-on March 31,1986. Proceeds from the f rmance of the Water Utility, strong l mercial paper outstanding.The management and an easing ofcon-i Department uses short-term com- bonds were used toadvance refund a cern vertheavailabilityof future ( mercial paper to finance the purchase portion of the Water Revenue Bonds, ! and processingof nuclear fuelfor 1984 Series. The Electric Utility issued w ter supply from Metropolitan , ! $129,275,000 Electric Revenue Water District of Southem Califomia. SONGS.TheWater Utility's
$2,900,000 two year resenue antici- Bonds, Issue of1986, that same day to OUTSTANDING BONDS pation notes outstanding at June 30, advance refund portions of the Elec- Bonds outstandingat the end of the 1986 mature October 9,1986. The tric Revenue Bonds, Issues A, B and C year totaled $15,310,000 in the Water notes were issued with the highest of1983. Utility and $243,300,000 in the Elec-rating possible from Moody's, a tric Utility. Maturing revenue bond mig 1. Proceeds from the water notes REDUCED PAYMENTS principal payments of $410,000 and are used to help finance various water Together, these refundings will reduce $3,725,000 were paid from the Water system replacements. the Department's principal and inter- and Electric Utility, respectively.
The Department had a Revolving Q*, 9
,8,
, 8 000 ov r the SELF-SUPPORTING Credit Agreement with Bank of The Public Utilities Department Electric Utility debt payments were America NT&SA at June 30,1986 t pays allcosts of operation and debt reduced by $1,049,000 and
" * ' service and part of the cost of capital
$10,849,000, respectively,
; o ii cr " " *"
nds were me cial paper cannot be refinar}ced The , water an{ electric {P e n e o he co t t d3 tilt *y illdtuft". 3UU$tX]uent LU tile 'w'*a******-- '~ ~ - o n-,v. ggg gjeCtr C system capitalimprose-end of fiscal 1986: 7.048 spechwly. percent These and bonds 7.006 sold forpercent' ments 61 is met through the sale of reve-l = The agreement was modified to nue bonds or revenue anticipation nd 65 basis points below the Reve-include Morgan Guaranty Trust , notes and from contributions by nue Bond Index, and the electnc Company. developersin aid of construction.
= The credit lirnit on the Water Utility SUPPORT FOR CITY GOVERNMENT er yst r nue s his is notes was raised to $4.3 million and .
ne indication of the positive light in in addition to meeting allcosts of was lowered to $21 million on the which the investment community, operation from current revenues, Electric Utility commercial paper. views Anaheim's progressive Utilities mcluding payments to the city for e The Water Utility notes were Department. services rendered by the vanous advance refunded on September 12, , IMPROVED RATINGS municipal departments, the Public 1986 with a portion of proceeds Utilities Department transferred from the issuance of $4.3 million of The Department's financial strength new two-year notes at 5 percent.
, , mm retaineaminguo was also recognized by Moody's ' * ""# " * " '"P s The balance of the Water Utility Insestors Service and Standard &
note proceeds will be used to help Poor's Corporation when they raised P" 8'""' Y 8 ** **" '
- Water and E!cctric Utilitics transferred
, pay for water system capital replace- the Water Utility's bond rating in fiscal
$689,000and $7,206 000, respectively.
ments. 1986. Moody's ratingwent from an A-1 l l l I 27
1 E :WaterStatistics WATER SUPPLY 1985 86 1984-85 1983-84 1982 83 1981 82 Water Production: From Metropolitan Water District, million gallons . . . , .. . 7,616.7 10,843.1 11,711.9 5,844.6 6,658.7 i Percent of Total Production. . .. .. . 33% 48 % 54 % 29 % 34 % From Water System Wells, million gallons . . . 15,337.1 11,714.7 9,866.8 14,015.7 13,141.5 4 Percent of Total Production. . . . . ... . . 67 % 52 % 46 % 71 % 66 % Total Production. million gallons . . . ... 22,953.8 22,557.8 21,578.7 19,860.3 19,800.2 Capacity-gallons per minute: From Metropolitan Water District Connections. ... . ... 58,435 58,435 58,545 58.545 43,875 From Water System Wells, awrage . . .. .. 43,022 43,545 38,678 36,583 . 37,262 Filtration Plant Capacity . . . .. . . 10,417 10,417 10,417 10,417 10,417 Total 5upply Capacity . . . ..... 111,874 112,397 107,640 105,545 91,554 Peak Day Distribution, a million gallons . ... .. .... .. 102.0 94.0 87.9 87.0 83.7 d Awrage Daily Distribution, mnnon gallons . ... . . . .. . . 62.9 61.4 60.6 54.6 54.2 ! WATER USE Awrage Number of Customers: Residential . . ... .. .. .. . ... . 46,111 45,429 44,6 % 44,293 44,029 Commercial / Industrial . . . . . .. . 5,249 5,170 5,095 4,996 4,903 I Municipal. .. . .. . 320 316 323 316 314
! Other. . . .. .. ... . . 1,038 981 879 992 1.076 4 Total-all classes . . . .. . .. 52,718 51,8 % 50,993 50,597 50,322 4
Millions of Gallons Sold: Residential . . ... 12,381 12,145 11,478 10,380 10,894
- . Commercial / Industrial . . . 8,108 7,883 7,488 6,486 6,443 i Municipal. . . . . 633 702 567 501 549
> Other. . . . 270 398 448 '482 441 Total-all classes . . .. . .. .. 21,392 21,128 19,981 17,849 18,327 i Anaheim Fbpulation Serwd . . . 237,506 234,700 233,019 - 228,980 226,568 I Fbpulation Served Outside City, estimated. 5,900'" 6,500 6,500 6,500 6,500 1 Total Fbpulation Serwd. 243,406 241,200 ' 239,519 235,480 233,068 j Average Daily Sales Per Capita. gallons . .. 241 240 228 208 215 l GROWTH OF SYSTEM l Actiw Wells. .. . . ..... ... 32 32 33 33 33 Reservoirs . . . . . . .... . .. 10 10 10 10 10 Water Storage million gallons: ] Treated . . . . . . . . . ... . . . 77 77 77 77. 77 Untreated. .. . . . . .... 920 920 920 920 920 Water Mains, miles . . . ... ... . . . . . 680 662 650 643 640 Fire Hydrants. ..... .. . . . . .. . . 6,1 % 5,999 5,890 5,877 5,831
Reduction in awrage number of people per daglhng unit for estimating purposes 3
l t I i i 28
WaterSales Comparison l Commercial All and Classes Residential Industrial irrigation Municipal Other Combined Revenue from sale of water: j Year ended June 30-1986.. . .. .. . $ 11,120,000 $ 5,185,000 $ 143,000 $ 453,000 $ 336,000 $ 17,237,000 1985 .. .. ... . ...... 10.845,000 5,042,000 165,000 492,000 384,000 16,928,000 i increase (decrease) . $ 275,000 $ 143,000 ($ 22,000) ($ 39,000) ($ 48,000) $ 309,000
- Percentincrease (decrease) . .. 2.5% 2.8% (13.3%) '7.9%) - (12.5%) 1.8%
Unitsof 100 cubic feet sold: Year ended June 30-
, 1986. .. . ... 16,551,558 10,839, % 5 256,905 846,146 103,621 28,598,195 I 1985. . . . .. . .. .. . 16.237,022 10,539,145 297,044 939,010 234, % 9 28,247,210 Increase (decrease) . . 314,536 300,820 (40,139) (92,864) (131,368) 350,985
- Percentincrease (decrease) . 1.9% 2.9% (13.5%) (9.9%) (55.9%) 1.2%
Average billing price per 100 cubic feet: Year ended June 30-. 1986. . . $ .6718 $ .4783 $ .5566 $ .5354 $ 3.2426 $ .6027 1985. . . .. .. . .6679 .4784 .5555 .5240 1.6341 .5993 inueast- {dtsit aWs . . . . $ .00 3 ($ .00G1) $ .0011 $ .0114 $ 1.'E $ .0031
, Percent increase j (decrease) .. . 0.6% (0.0%) 0.2% 2.2% 98.4 % 0.6%
Average number of customers: Year ended June 30-l 1986. . . .. 46,111 5,249 61 320 977 52.718 1985. . . 45,429 5,170 66 316 915 51,8 % i increase (decrease) . . 682 79 (5) 4 62 822 Percent increase (decrease) . . 1.5% 1.5% (7.6%) 1.3% 6.8% 1.6% Aserage annual use per
, customer in units of a 100 cubic feet:
3 Year ended June 30-l 1986. . . 359 2,065 4,212 1985... 357 2,039 4,501 i increase (decrease) . . 2 26 (289) Percent increase
- (decrease) . 0.6% 1.3% (6.4%)
i i { 29
Electric Statistics l POWER SUPPLY 1985-86 1984-85 1983-84 1982-83 1981-82 l From Own Generation, kWh . 304,229,709 286,779,260 183,183,951 Firm Purchases: From Southern California Edison Company, kWh. 1,391,023,534 1,521,205,882 1,628,917,% 5 1,663,794,959 1,778,460,513 from Intermountain Power Project, kWh 82.560,196 Non-Firm Purchases, kWh . 421,189,000 304.017,000 171.578,000 173,559.000 66,340,000 System lotal, kWh. 2,199,002.439 2,112.002,142 1,983,679,916 1,837,353,959 1,844,800,513 System Peak Demand, kW . 465,600 483,360 421,920 409,920 430,560 ELECTRIC USE Average Number of Customers: Residential . 79,967 79,827 78,439 76,787 76,052 Commercial . 12.901 11,826 11,037 10,653 10,290 Industrial 533 527 511 484 480 CHher . 167 167 167 175 171 Total a!! classes . 93,568 92,347 90,154 88,099 86,993 Kikiwatt41our Sales: Residential . 475,035,915 494,519,080 463,058,218 435,078,021 434,886,256 Commercial . 480,552,216 471,732,433 448,055,902 417,017,307 415,563,823 Industrial 1,048,774,980 991,719,855 932,219,674 851,518,601 878,570,990 Other . 90.803,292 31,698,296 28.065,923 40,898,651 39,649,491 Total-all classes . 2,095,186,403 1,989,669,664 1,871,399,717 1,744,512,580 1,788,670,560 Average Annual kWh per Residential Customer . 5,941 6,195 5,903 5,666 5,981 GROWTH OF SYSTEM Transmission,69 kV, circuit miks . 59 59 57 57 56 Distribution,12 kV and lower, circuit mik s: Oserhead . 890 888 886 886 880 Underground . 379 351 343 332 319 Total. 1,328 1,298 1,286 1,275 1,255 Transformer Capacity, kVa 220 kV to 69 kV 840,000 840,000 840,000 840,000 840,000 69 kV to 12 kV 532,000 532,000 552,000 552,000 512,000 12 kV to Customer . 905,000 868,000 843,000 809,000 785,000 30 1
ElectricSales Comparison l t Public street and irrigation Other All highway and electric classes Residential Commercial Industrial lighting pumping utilities combined Revenue from sale ofelectricity:* Year ended June 30-1986. .. $39,999,000 $46,357,000 $ 90,272,000 $1,063,000 $1,891,000 $3,801,000 $ 183,383,000 1985. . . . 39,440,000 43,045,000 81,772,000 1,006.000 1,468,000 51,000 166,782,000 increase . . . . $ 559,000 $ 3,312,000 $ 8,500,000 $ 57,000 $ 423,000 $3,750,000 $ 16,601,000
- 10.0 %
Percent increase . . 1.4% 7.7% 10.4 % 5.7% 28.8 % j i Kilowatt-hours sold: I Year ended June 30-i 1986.. 475,055,915 480,552,216 1,048,774,980 11,688,265 24,781,317 54,333,710 2,095,186,403 1985. ... .. . . , 494,519,080 471,732,433 991,719,855 11,631.083 19,306,101 761,112 1,989,669,664 increase . . . (19,463,165) 8,819,783 57,055,125 57,182 5,475,216 53,572,598 105,516,739 0.5% 28.4 %
- 5.3%
Percent increase . . .. (3.9%) 1.9% 5.8% Awrage billing price per kilowatt-hour: Year ended June 30-- 1986.. .. . $ .0842 $ .0965 $ .0861 $ .0909 $ .0763 $ .0700 $ .0875 1985. . .0798 .0913 .0825 .0865 .0760 .0670 .0838 h.crcze . . . . $ .0044 $ .0052 $ .0036 $ .0044 $ .0003 $ .0030 $ .0037 Percent increase . 5.5% 5.7% 4.4% 5.1% 0.4% 4.5% 4.4%
; Awrage number of
- customers
i Year ended June 30-i 1986. 79,967 12,901 533 102 64 1 93,568 1985. . 79,827 11,826 527 98 68 1 92,347 increase (decrease) . 140 1,075 6 4 (4) 0 1,221
- Percent increase (decrease) . 0.2% 9.1% 1.1% 4.1% (5.9%) 0.0% 1.3%
i Average annual use i per customer in l kilowatt-hours: i Year ended June 30- ! 1986.. , 5,941 37,249 1,967,683 1985. . 6,195 39,889 1,881,821 l
- fncrease (decrease) . (254) (2,640) 85,862 i Percent increase (decrease) . . (4.1 %) (6.6%) 4.6%
1
" Amounts represent rewnues derimi solely from bilhngs and do not ret?ec t any provision for changes in the Ihwr Cost Adjustment bal-
\ ancing account a hich were ($ 10,855,000) and $8,312,000 for the years ended June 30, I986 and 1983, respectiwly, and does not reflect anyp ovision for changes in the Rate Stabilization Account which was $7,196,000 for the year ended June 30,1986.
' Sale ofelectricity in local 1985 to Other elet tric utihties included only fringe account sales to Edison. In fiscal I986, the Department sold its share of test energy generated by the Intermountain [hwr Projet t to Edison and expects to haw excess energy available for sale to Edison and other electric utilities in future years.
l l 1, 31
Summary of Results for Operations and Net Rewnues Available for Long-Term Bond Debt Service WATER UTILITY FUND 1985-86 1984-85 1983-84 1982-83 1981-82 Revenues Sale ofwater: Residential. . . . . .. $ 11,120 $ 10,845 $ 8,837 $ 7,562 $ 6,687 Commerciat' Industrial . , . . 5,185 5,042 4,063 3,183 2,986 Municipal ,. . . 453 492 363 292 257 Other., . .. . . 479 549 4% 461 422 Total rewnue from sale of water . . . 17,237 16,928 13,759 11,498 10,352 Other (including interest income) . . . . . . 1,172 979 680 374 465 Total gross revenues . , , , 18,409 17,907 14.439 11.872 10,817 i Operating expenses (excluding depreciation and amortization): Cost of water. . . . , . . . . . 8,164 8,272 6,524 4,584 4,631 Operations . . . . . 2,384 2,004 1,798 2,892 3,242 Maintenance. . . . . . 2,549 2,402 2,050 1,708 1,425 Totaloperatingexpenses . ... . .. . . 13.097 12,678 10.372 9,184 9,298 l Net rewnues . . ., . $ 5,312 $ 5,229 $ 4,067 $ 2,688 $ 1,519 Rewnue Bond Debt Service Requirements'". . $ 1,625 $ 1,205 $ 874 $ 876 $ 872 Times Rewnue Bond Debt Service Cowred by Net Revenues. . 3.3 4.3 4.7 3.1 1.7 l } ELECTRIC UTILITY FUND D mues i f sf eintricity: I asidential . $ 39,999 $ 39,440 $ 33,498 $ 30,791 $ 31,885 Commercial. . . 46,357 43,045 37,785 32,986 33,473 Industrial . . .. 90,272 81,772 69,576 57,330 60,319 Other. . 6.755 2,525 2,112 2,865 2,823 Total rewnue from sale of electricity. 183,383 166,782 142,971 123,972 128,500
- Provision for peer cost adjustment , , (10,855) 8,312 (4,420) 1,422 (2,507)
Prosision for rate stabilization 7,1 % Other (including interest income) . . 6,638 8,080 7,008 3,117 2,857 Total gross resenues . 186,362 183,174 145,559 128,511 128,850 Operating expenses (euluding depretiation and amortizationJ: i Cost of purchased pmer. ., 119,744 122,495 102,602 104,249 98,417 l ruel used for generation . . 2,913 2,706 1,894 Operations . . . . 15,724 16,794 13,491 8,733 7,286 f Maintenanc e. . .. 7,586 8,208 4.714 3.127 2,661
! Total operating emenses . .
145,967 150,203 122,701 116,109 108,364 I Net rewnues . . . , , $ 40,395 $ 32,971 $ 22,858 $ 12,402 $ 20,486 Rewnue Bond Debt Service Requirementst . $ 21,932 $ 14,229 $ 1,048 $ 1,050 $ 1,057
! Times Rewnue Bond Debt Service Covered by j Net Rewnues . . . . . . . ... 1.8 2.3 21.8 11.8 19.4 1
{ " Enludes debt service on a portion of the 1984 $6,650,000 Water Resenue Bond Issue ahic h has been advance refunded. See Note 3 l to Water Utility financialStatements.
Eu ludes debt service on 1976 $12.5 mollion (subordinated) Ela tric Rewnue Bonds which was included in Cost of purchased power poor to the bonds being paid offin 1981. Encludes interest paid from bond proceeds on 1980 $84 million; 1982 $70 million, Issue A and B; and 1983 $130.4 m Ilron, Issue A, B and C, Electric Rewnue Bond issues prior to December I,1984, The 1980,1982 and 1983 issues scre for the city hhare of San Onofre Nuclear Generating Station, Units 2 and 3, construc tion costs. The 1982 and a portion of the 1983 bond mucs h.ne been advance refunded. See Note 4 to Electric Utsloty financialStatemenLs.
32
A a .s~ l-CITY OF ANAHEIM PUBLIC UTILITIES DEPARTMENT YEAR ENDEDJUNE 30,1986 AUDITED FINANCIAL STATEMENTS 4 l i 4 33
City of Anaheim Water Utility Fund Balance Sheet lune 30 1986 1985 Assets (in thousands) Utility plant: Land. , $ 1,554 $ 1,554 Source of water supply. . . 9,772 9,792 Pumping , 1,706 1,705 Transmission and distribution . . 85,280 75,286 General . . . 4,397 2,410 102,709 90,747 Less - accumulated depreciation and amortization . . (18,620) (17,178) 84,089 73,569 Construction work in progress . 9,067 8,567 93,156 82,136 Restricted cash and investments. , 5,620 10,080 Current assets: Cash and investments. 1,269 1,418 Customer and other accounts receivable, net . 1,385 1,348 Accrued interest receivable. , 179 266 Materials and supplies, at average cost . 205 219 Purchased water in storage. 411 343 3,449 3,594 Other assets: Unamortized bond refunding costs . .. 1,237 Unamortized debt issuance costs . 166 224 Total assets. $ 103,628 $ 96,034 34
June 30 -- 1986- 1985 Equity, liabilities and other credits (in thousands) - , Equity:
. Beginning fund balance contributed by the City . . . . . ... . . . . . . . . . . . . . . $ 19,280 $ 19,280
[ 8,883 5,%7 i Retained earnings. . . . . . . . . . . . . .. . . . . ... .. .. ... . . .... . t Total equity . . . . . . . . .. . . . . .. . . . . .. .. ..... . . . . . 28,163 25,247 Long-term debt, less current portion . . . . . . . . . .. .. . .. .. . .. .. .. 17,366~ 16,806 - Capitalized lease obligation, less current portion . . ... . ...... ...... . . . . 2.783 2,827 , i Totalcapitalization . . . . . . . . . . . . . . .. .. ,, . .. . . ... . . 48.312- 44,880 k Current liabilities (payable from restricted assets): ! Current portion oflong-term debt. . , , . .. .. .. . . ... . . . .376 342 Accrued interest. . . . . . .. . . .. . .. . .- . .... . ... ... .. 502 487 Customer deposits . . . .. . . .. ... . .. .. . . . . . ...... . . . . 966 711 l 1,844 1,540 s l Current liabilities (payable from current assets): Current portion oflong-term debt. . . .. . . . .. . . . .... .. . . . . . .. . 215 180
}
Current portion of capitalized lease obligation . . . . .. . .. . . 45 41 l Accounts payable and accrued expenses . . . .. . . ... . . . ..... ...... . 2,237 2,046 l Customer deposits . .. . . . . . . . . . . . ... . . ... . . . .... . 463 228
- 2,960 2.495 -
Total current liabilities . . . . . . . . . . . . .. .... .. ......... . . . 4.804 4,035 Other liabilities and deferred credits: I Contributions in aid of construction . . . . . . . . ... .. .. . . . . 50,512 ~ 47,119
- Commitmentsandcontingencies. . . . . . . .. ....... . . . . . . .
Total equity, liabilities and other credits . . . . . . .... . . . . . . $ 103,628 $ 96,034 See accompanying Notes to FinancialStatements t ii e l i 4 i 5 4 I e I I 1 I r r 35 __ , , - - -,--.m..r---s--~ -v-r v .--<r-vmm--- w - ~ - - ~e- - r - - - - * - - - > ----,,--~--or,-er n-v t
.n e- n--- + 4 , e-----, -
City of Anaheim Water Utility Fund Statement of Income Year Ended lune 30 1986 1985 Operating revenues: (in thousands) Sale of water. . . .. . . . .... .. . . ....... $ 17,237 $ 16,928 Other operating rewnues. . . ... .. ..... . . . . . 111 84 . Total operating rewnues . . . . . . .. . . . .. . ...... . 17,348 17,012 Operating expenses: Cost of water . . . . . . . . . . .. .... . .. 8,164 8,272 Other operations . .. . .. .. . ... . . . .. 2,384 2,004 Maintenance . .. . . . .. ........ . . . ...... . ... 2,549 2,402 Depreciation and amortization. .. .. . . . . .. . .. . .. 763 507 Totaloperatingexpenses. . . .. . . .. .. .. . . 13,860 13,185 Operating income. .. . .. . . . ... . .... 3,488 3,827 Otherincome (expense): Interest and other income. . . .... ... .. . . . . . ... 1,061 895 Interest expense . . . . . . .. . .... . ..... . (944) (758) 117 137 Net income. . . . . . . . .. . .. .. .... . ... ... . . $ 3,605 $ 3,964 STATEMENT OF CHANGES IN RETAINED EARNINGS Balance at beginning of war. . , ,. . .. . . .. . .. $ 5,%7 $ 2,553 Net income for the year. .. . . , . . .. . ..... .. . 3,605 3,964 Transfer to the General Fund of the City. . . . .. .. .. . (689) (550) Balance at end of year . .. . . ...... ..... .. $ 8,883 $ 5,%7 See accompanying Notes to financialStatements 36
l l l City of Anaheim Water Utility Fund Statement of Changes in Financial Pbsition lune 30 1986 1985 Financial resources were provided by: (in thousands) Operations - Net income. . .. . . .. . $ 3,605 $ 3,964 Charges to income not inwilving working capital-Depreciation and amortization . . . . .. . .. 763 507 Amortization of debt issuance costs and bond discount. . ... . 63 38
%brking capital provided by operations. . . .. . . .. 4,431 4,509 Increase in current liabilities (payable from restricted assets) . . .. 304 947 4,391 3,836 Contributions in aid of construction . ... . . . .. . .
increase in long-term debt . . . . . .. . . 7,160 9,752 Decrease in restricted cash and inwstments . . . . . .. . 4,460 20.746 19,044 Financial resources were used for: Purchase of Utility plant, net. ... . . . . 12,779 9,206 Decrease in long-term debt and capitalized lease obligation . . . . 636 576 Transfer to the General Fund of the City . . . .. .. . 689 550 increase in restricted cash and investments. .. . 7,788 Increase in debt related costs . . . .. . . 1,882 155 Debr refinanced during the current period . . . . .. 5,370 21,356 18.273 increase (decrease) in working capital. .. . ($ 610) $ 769 increase (decrease) in working capitat: Cash and inwstments. . . . . . . ($ 149) -$ 878 Customer and other accounts receivable . . . .. 37 007) Accrued interest receivable. , . . . (87) 106 Materials and supplies . . . . (14) 22 Purchased water in storage. . . . .. . 68 90 (145) 789 Current portion oflong-term debt. . . . ... . 05) (82) Current portion of capitalized lease obligation . ... (4) 0) Accounts payable and accrued expenses . (191) (384) Customer deposits . . .. . . ... . . (235) 449 (465) (20) Increase (decrease) in working capital. . . .. . .. .. .. . ($ 610) $ 769 I See accony>anying Notes to FinantialStatements i f i i I i
- 37
City of Anaheini Water Utility Fund Notes to Financial Statements NOTE I-Summary of Significant Cash and imestments Transfers to the General Fund of Accounting Policies The City pools idle cash from all funds the City Basisof accounting for the purpose ofincreasing income Artic!c Xil of the City Charter provides The Water Utility Fund (the Water through inwstment activities. Imestments that transfers to the General Fund of the Utility) was established June 30,1971, at are carried at cost, w hich approximates City shall not exceed 4% of thegross , which time the portion of the City of market value. Interest income on rewnue of the prior year. Such transfers Anaheim's General Fund equity relating imestments is allocated to the various are not in lieu of taxes and are recorded as tcs wa'er system operations was transferred funds of the City on the basis of awrage distributions of retained earnings to W..ter Utility equity. The financial daily cash and imestment balances. At
, ;g ;
statements of the Water Utihty are June 30,1986 and 1985 imestments , presented in conformity with generally related to the Water Utility amounted to Certam reclassifications have been accepted accounting principles and $4,689.000 and $9,259,000, respectiwly. made to the 1983 financial statements to accounting principles and methods " " "' Revenue recognition prescribed by the Califomia Public NOTE 2 - Operating hpense Utilities Commission (CPUC).1he Water Rewnues are rec 08nized as billed to customers on a cyclical basis. Residential Operating expenses shared with the Utility is not subject to the regulations of and smaller commercialaccounts are Electric Utility amounted to $12,015,000 the CPUC' billed bimonthly and all others are billed and $11,065,000 for the years endal June Utility plant and depreciation monthly. No accrual is made for unbilled 30,1986 and 1985, respectively, of which The cost of additions to utihty plant and service at the end of the fiscal year. 52,403,000 and $2,401,000 were replacement of retired units is capitalized. The Water Utility's Rates, Rules and all cated to the Water Utility. Utility plant is recorded at cost, or in the Regulations include a water commodity The shared expenses are allocated to case of contributed plant, at fair market adjustment formula by w hich billings to each Utility based upon estimates of the value at the date of the contobution, customers are subject to adjustment, up benefits each Utility deriws from those except that assets acquired pnor to July 1, or down, to reflect variations in the cost common expenses. 1977 are recorded at appraisal historical of water production to the Water Utility. cost. Cost include labor; materials, allocatalindirect charges such as Debt issuance (osts engineering, supervision, construction In accordance with industry practices, and transportation equipment. retirement debt issuance costs are deferred and plan contnbutions and other innge amortized over the lises of the related benefits; and certain administ rative and bond issues on a bask which approxi-general expenses. The cost of relatiwly mates the effective in'erest method. minor replacements is included in maintenance expense. The net book P"" '.'"" PI '" value of assets retired or disposed of, net All full-time employees are members of of proceeds, is recorded in accumulated the State of California Public Employees' depreciation. Retirement System (PERS). The City's policy is to fund all pensi n costs accrued; i Depreciation of utility plant is provided by the straight-line method based on the such costs to be funded are determined annually as of Ju'y I by the PERS's actuary. folk > wing estimated service hws of the properties: Vacation and sick pay Transmis<. ion and Vacation and sick pay for all City distnbution plant . .10 to 75 years employees is paid by the General Benefits Other plant and and insurance Fund. The General Benefits equipment . ,
.3 to 503ears and Insurance Fund is reimbursed through Depreciation on contnhuted assets is payroll charges to the Water Utility based charged directly to Contributions in aid of on estimates of benefits to be earned construction. during the year. Vested vacation and sick pay benefits are accrued in the General l Benefits and Insurance Fund and I amounted to $248,000 and $190,000 for the Water Utikty at June 30,1986 and j 1985, respectiwly.
l l l 38
l i NOTE 3 - Long-Term Debt The Water Utility is indebted as follows: lune 30 1986 1985 Water Revenue Series 1971 Bonds TIC 4.9861%, dated July 1,1971, sold July 1,1971 in the amount of
$2,000,000 at rates ranging from 4.4% to 6.0%, maturing serially to July 1,1986 with a final principal installment of $195,000; total debt service of $200,000 to maturity. . .
$ 195,000 $ 380,000 Water Revenue Bonds,1980 Series, TIC 8.6401%, dated January 1,1980, so'd February 26,1980 in the amount of $7,350,000, of w hich (1) $3,580,000 at rates ranging from 7.6% to 8.0% mature serially to July 1,1999 in annual principal installments ranging from $150,000 to $400,000, and (2) $3,185,000 at rates of 8% are term bonds maturing July 1,2005, subject to mandatory call and redemption from July 1, 2000 to July 1, 2005 in annual principal installments ranging from
$435,000 to $640,000; total debt service of $13,456,000 to maturity . . .. . 6,765,000 6,900,000 Water Revenue Bonds,1984 Series. TIC 10.317%, dated October 1,1984, sold October 9,1984 in the amount of $6,650,000 at rates ranging from 7.4% to 10.4%, of which $5,370,000 maturing April 1, 1996 through 2009 was advance refunded on March 31,1986; the remaining tmnds mature serially to April 1,1995 in annual principal installments ranging from $95,000 to $180,000; total debt sersice of $1.792,000 to maturity . . . . . . 1,190,0lX) 6,650,000 Water Resenue Bonds,1986 Series, TIC 7.048%, dated March 1,1986, sold March 4,1986 in the amount of $7,160,000, of which (1) $2,835,000 at rates ranging from 5.0% to 6.9% mature serially to April 1, 2001 in annual principal installments ranging from $30,000 to $415,000, (2) $1,405,000 at rates of 5.75% are term bonds maturing Aprill,2004, subject to mandatory call and redemption from April 1,2002 to April 1,2004 in annual principal installments ranging from
$445,000 to $4%,0UU, and (3) 52,920,000 at rates of 5./3% are term bonds maturing April 1, 2009, subject to mandatory call and redemption from April 1,2005 to April l, 2009 in annual principal installments ranging from $520,000 to $650,000; total debt service of $14,187,000 to maturity. .
7.160,000 Total resenue bond debt . . . . 13,310,000 13,930,000 Resenue Anticipation Notes,8.0%, issued October 9,1984 in the amount of $2,900,000, in the form of tavexempt notes maturing October 9,1986; the notes are backed by a $3 million revolving credit ageement at .nterest rates ranging from 65% of prime to prime, which can be used in the esent that the notes cannot be refinanced as they mature; total debt service of $3,016,000 to maturity. . .. . . . 2,900,000 2,900,000 Note Payable to Gene ral Fund of the City of Anaheim, 7%, issued July 1,1980 in the amount of
$1,021,000, monthly principal and interest payments of $12,000 to June 1,1990; total debt service of $376,000 to matunty . . . .. ... . 502,000 606,000 Note Payable to Internal Service Fund of the City of Anaheim,8.95%, issued October 13,1984 in the amount of $335,000, semi-annual principal and interest payments of $37,0(X) to October 31, 2003; total debt service of $656,000 to maturity. , .. 315,000 322,000 Total other long-term debt . . . . 3,717,000 3,828,000 Totaliong-term debt . . . . . .. .. 19,027,000 17,758.000 Less: current port:on. . .. ... . 591,000 522,0(X) bond discounts. . . .. . ., '0,000
, 430.000
$ 17,366,000 $ 16,806.(XX) 39
4 City of Anaheim Water Utility Fund Notes to Financial Statements (cont.) 4 NOTE 3 - Long-Term Debt fcontinued) Annual debt service requirements at June 30,1986 to maturity are as follows: Total All Revenue Bond Debt Other Long-Term Debt Long-Term Fiscal Year Principal interest Total Principal Interest Total Debt 1987 $ 470,000 $ 1,111,000 $ 1,581,000 $ 121,000 $ 176,000 $ 297,000 $ 1,878,000 1988 330,000 1,049,000 1,379,000 128,000 53,000 181,000 1,560,000 1989 355,000 1,024,000 1,379,000 3,038,000 43,000 3,081,000 4,460,000 1990 380,000 997,000 1,377,000 149,000 32,000 181,000 1,558,000 1991 410,000 % 7,000 1,377,000 11,000 26,000 37,000 1,414,000 Thereafter 13,365,000 9,177,000 22,542,000 270,000 201,000 471,000 23,013,000
$ 15,310,000 $14,325,000 $ 29,635,000 $ 3,717,000 $ 531,000 $ 4,248,000 $ 33,883,000 i Current interest costs of $879,000 and $825,000 have been included in Construction work in progress for fiscal years ended June j 30,1986 and 1985, respectively. ! In accordance with the bond resolutions, a reserve for maximum annual debt service has been established and a reserw for renewal and replacement is being accumulated equal to a maximum of 1 % of the depreciated book value of the utility plant in i service. ! The bond issues outstanding at June 30,1986 require the establishment of a Bond Service Account accumulating monthly one-sixth ! of the interest which will become due and pa/.hle on the outstanding Bonds within the next six months and one-twelfth of the 4
principal amount w hich will mature and be payable on the outstanding bonds within the next twelve months. On March 31,1986, the Water Utility defeased a portion of the Water Rewnue Bonds,19M Series, in the aggregate principal amount of $5,370,000 at rates ranging from 9.7% to 10.4%, with a portion of the proceeds from the sale of $7,160,000 of Water Rewnue Bonds,1986 Series at rates ranging from 5.0% to t3.9% 1 he excess of the amount required to advance retund the 1984 Bonds owr the carrying value of those bonds at the refunding date amounted to $1,250,000. In accordance with industry practices, this amount is being defernxl and amortized over the life of the 1986 Bonds using the straight-line method. At June 30,1986, outstanding principal of the refunded 1984 Bonds totaled $5,370,000. Owr the life of the 1986 Bonds the Water Utility expects to save approximately $1,049,000 in debt service as compared to the refunded 1984 Bonds. g , Restricted cash and investments includes reserwd amounts, as well as undisbursed bond proceeds, as follows: June 30 1986 1985
- Held by Fiscal Agent:
Bond Reserw fund . .. . .. ... .. . .. ... . $ 1,582,000 $ 1,627,000 Bond Sersice f und. . .. . .. 618,000 612,000 Held by City Treasurer: i Bond Service Account . . . . . .. ... 203,000 197,000 I Renewal and Replacement Account. . . . . . .. . ... .. 932,000 695,000 1 Restricted bond proceeds. . ... .. .. ..... 2,285,000 6,949,000 i
$ 5,620,000 $ 10,080,000 l
1 l i l i f 4 I l 40 1
- - - . - . =
l NOTE 4 - Capitalized lease Obligation NOTE 5 - Pension Plan Capitalenpenditures 7 l The City has a long-term non- The City has a contributory pension The Water Utility's budget for the t cancelablelease with the Municipal plan for its full-time employees under the fiscal year 1986-87 provides for capital Water District of Orange County to State of California Public Employees' expenditures of approximately $6,034,000 finance the acquisition of a 7.2% share in Retirement System. Information is not of w hich $5,676,000 will be funded by = the capacity of the Allen-McColloch available separately for the Water Utility water revenue bond proceeds and Pipeline. Tne lease provides for as to the cost of &nefits funded, the contributions in aid of construction. l semiannual payments of $147,000 actuarially computed present value of Substantial commitments haw lxen commencing August 1,1981 and vested and nonaested accumulated plan made in connection therewith. continuing until February 1,2008. Future benefits, the related assumed rates of NOTE 8-Subsequent Events minimum lease payments under this lease return used and the actuarially computed i are as follows: value of ested benefits owr the related On September 12,1986, Revenue Fiscal Year pension fund assets. The earnings yield Anticipation Notes (RANs) were issued in
- 1987. . . . $ 294,000 (including capital gains) for the year ended the amount of $4,300,000, bearing 1988. .. 294.000 June 30,1986 was 11.98%. interest at 5% and maturingin October,
- 1989.. . 294,000 1988.The RANs outstanding at June 30, NOTE 6 -Self-insurance Program 1986, were defeased by placing 1990. 294000 l 1991. ... . 294,000 The Water Utility is part of the City's $3,016,000 of 1986 RANs proceeds in an Thereafter . 4,998,000 self insured workers' compensation and irremcable trust. The remainder of the 6,468,000 general liability program. The liability for proceeds will be used to help pay for 3,640,000 such claims is transferred to the City in water system capital replacements.
less interest at 8.8% consideration of self insurance premiums j Present value of paid by the Water Utility. The City's self-Report of Independent Accountants future minimum insurance limit was $1,000,000 for each To the Honorable City Council lease payments . . . $2,828,000 general liability claim. Effective July 1, Cityof Anaheim, California Current portion. . .$ 45,000 1986, the City became self-insured. Costs We have examined the balance sheet of Ionsterm portion - 7 7fn non relating to the htigation of claims are the Water Utility Fund of the City c,f
$ 2,828.000 ch @mpenw as incund Anaheim, Califomia as of June 30,1986 NOTE 7- Commitments and and the related statements of income, Contingencies changes in retained eamings, and changes
- The asset related to this lease is in financial position for the gear then recorded in Utility plant, Transmission t;g;83 '- "
. ended Our examination was made in i and distribution, and at June 30,1986 A number of claims and suits are accordance with generally accepted i amounted to $3.059,000. The related pending against the City for alleged auditing standards and, accordingly, accumulated amortization at June 30, damages to persons and property and for included such tests of the accounting j
1986 and 1985 was $183,000 and other alleged liabilities arising out of . records and such other auditing
$142,000, respectively. Amortization matters usually inodent to the operation procedures as we considered necessary expense for each fiscal > ear amounted to of a utility such as the water system of in the circumstances.The financial
$41,000. the City of Anaheim. In the opinion of statements of the Water Utility Fund of the management, the liability under thew City of Anaheim, California, as of and for l claims and suits would not materially the svar ended June 30,1985, were affect the financial position or the Water examined by other auditors whose report Utility as of June 30,1986. dated October 25,1985, expressed an
+ unqualified opinion on such statements. In our opinion, the financial statements referred to abow present fairly the financial position of the Water Utility Fund of the City of Anaheim, Califomia as of June 30,1986 and the results of its operations and the changes in its financial position for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. f MAAY , b 5 . September 24,1986
- Los Angeles, California 41
City of Anaheim Electric Utility Fund Balance Sheet 4 ' jene 30 1986 1985 Assets (in thousands) Utility plant:
! Production . . ... . . . . ... . . .. ... . ... .................... . $164,6% . $ 159,351 Transmission . . ... .. .. . .. ... ...... .. .. .................... . .. . 12,047 L 12,027 ,
i 4 Distribution . ...... . .. .. . ....... .. . . . ... .... . .. ... ..... .... 74,873 67,300 j General . . . . . . . . . . . .. . .. .. . . . .... ... . .. ....... 11,322 9,716 - l 262,938 248,394 1 Less- accumulated depreciation. ... ...... . .. .. ... ... ... . .. . ... (41,671) (33,424) l 221,267 214,970 Constructionworkinprogress. . . . .. . ... . . .. .. ... .. .................. 6,694 5,852' Nuclear fuel, at amortized cost . .. .. ........ . ....... .. ....... ... ... ........ 14.911' 15,984 , 242,872 236.806 Restricted assets. . . . . . . . .. . .... . ..... , .. ..... .... . ......... 50.866 54,297 Current assets: Cash and investments . . . . . . .. . ................ ................. ......... 43,568 18,664 Customer and other accounts receivable, net . ......... ..... . . . . . . . . . . . . . . . . . . . . . . . . 15,221 9,741 1 Accrued interest receivable. . . . . . . . . . ..... ....... .. .. .. 848 595
. Materials and supplies, at awrage cost. . . . . . ...... ..... ........... ......... 2,256 2,180 1
4 61,893 31,180 Other assets: Unamortized bond refunding costs. . . . ... . ... . ......... ................ ' 22,360 6,919 Unamortized project costs . .. .. .. .. .... . . .. .............. .......... 2,311 1,415 Unamortized debt issuance costs . . ..... .. . . . .. ....................... .. 2.470 4,780 27,141 13,114 Total assets . . , , , . . , ,, ., ............. . $ 382,772 $ 335,397 i i i e i I f 1 l 7 i i 42
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lune 30 1986 1985 s Equity, liabilities and other credits .' (in thousands) Equity: ( $ 14,629 $ 13,~629 Beginning fund balance contributed by the City . . . Retained earnings. ....4,. . . 413% 43.029 Total equity . . . , s64,025 57,658 \ Long-term debt, less current portion. . 225,417 215.536 ' Total cap talization. . 289,442 273,194 Current liab. wies (payable from restricted asset >); Current portion oflong term debt . . . 'J.923 2,789 Accrued interest . . . . 4,970 4,700 Account > paya'o le . . 368 1,584 Tax-exempt commercial paper . . . . 20,450 20.450 . T 28,721 29,523'
\'
Current liabilities (payable from current assets): T , Current portion of long-term debt. . .! 1,210 1,156 I 9,160
' Accounts payable and accrued expenses . . . . . .,g 19.267 g' Customer deposits . t.623 642 Power cost adjustment balancing account. 1L 12,470 1,370 Rate stabilization account . . , . 25,281 8,724 48.851 21.054 Total current liabilities . . .. 77,572 50,577 Other liab:lities and deferred credits: .
' 14,553 10,895 '
Contributions in aid of construction . Decommissioning resene. . . . 1,205 731 Commitments and contingencies . . . Total equity, liabilities and other credits . . . . $ 382,772 $ 335,397 See 1ccampanying Notes to financialStatements f I 43
City of Anaheim Electric Utility Fund Statement of income June 30 1986 1985 (in thousands) Operating revenues: Sa!e of electricity . .. . . . . . . . ..... . ... ... .. . ... .. . $183,383 $166,782 i (10,855) 8,312, f Provision for power cost adjustment . . .... . ........ ... ...... , . ........ Provision for rate stabilization . . . .. .. .. ....... .. .. .. .... 7.1%
- Other operating rewnues. . .. . .. . . ..... . . .. .. ... ........ 495 645 180.219 175,739 Total operating rewnues . ... ... . .. .. . ........ . .. ...
e , ;- Operating espenses: Cost of purchased power . . . . . . ... . ... ... ... . . .... . .. .. ... 119,744 122,495 }{r 2,913 2,706 fuel used for generation . . . . . ... ... . .. ... ..... .. 15,724 16,794 Otheroperations . . . ..... .. . . . .... ... . . . ... .. . . 7,586 8,208 Maintenance. .. . .. . . . .... . . . ... . ... .... ..... . 8,172 7,146 Depreciation. . .. .. . .. . . ... .. . .. ... . .. .. Amortization of project costs . . . .. .. . . . ...... .. . .... __98 33 154,237 157,382 Total operating expenses , , , ... . . .. . .. . . . ....... 25,982 18,357 Operating income. . . .. . . .. .. . . . .. Otherincome (espenses): tr*erest income. . . . . . .. ... .. . . 6,143 7,435 Interest expense . . . . . ... .. .. ... (18,552) (19.033) (12,409) (11,598) Net income. .. . . ... . . .. .. . $ 13,573 $ 6,759
=
STATEMENT Or CilANGE5 IN RETAINED EAi(NINGS Balance disoning of year . . . .. . . .. ........ .. $ 43,029 $ 41,976 Net income for the year. . . .... .. . ... . .. . . . 13,573 6,759 Transfer to the General Fund of the Citv . .. . . .. .. . . . ... (7,206) (5,706) Balance at end of gear. . . . . .... . ... ... .. $ 49,3% $ 43,029
%a ma nying Notes to FinancialStatements
\
l ~
, s$ r f t-f i Gty of Anaheim Electric Utility Fund Statement of Changes in Financial ibsition
'S i
june 30
;, 1986 1985 Financial resources were provided by: (in thousands)
Operations-Net income. ... .. ...... , . . ... .. .... .... . . ... .. . $ 13,573 $ 6,759 l Charges to income not involving working capital-Depreciation . . . .. .. . . . .. .... . . ..... . . ... .. .... 8,172 7,146 Amortization of project costs . . . . . . . . . .... . . ......' . ... 98 33 Amortization of debt costs. .. . . ... .... . .. .. ... .. . . . 1,176 780 Increase in decommissioning reserse. . .. . .. ... ... . .. ... . .. 474 461
%brking capital provided by operations . . . . . .. .. .. .... . . 23,493 15,179 increase in current liabilities (payable from restricted assets) . . . .. .. ....... . .
4,097 Decrease in restricted assets . . .. ..... . . . .. .... . .... ... . .. 4' 3,431
- 5,480 Contributions in agi of construction . . .. ..... . .... . . .. . .. 3,959 1,180 increase in long-term debt . .. .. . . . .. .. . . .. 129,275 1,341 Ifo 158 27,277 Financial resources were used for:
Purchase of utility plant, net . . . . .. . .. 14,579 t . 18,787 Decrease in long-term debt. ... .. . . . .. . .. .. 4,14i O 4,001 Transfer to the General Fund of the City. . . . ... . . . . 7.206 5,706 Increase in unamortized project costs . . . . . ... . . .. 994 523 Decrease in current liabilities (payable from restricted assets). . . .. 802 Increase in debt related costs ,. . r . . . . .. ... . .... . . 24,609 Dd,1 teiinanced during the penod . . .. .. .. . . . ... '.04.950 N . 157,242 29.017 increaw (decrease) in working capital . .. . . .. $ 2.916 ($ 1,740) increase (decrease) in working capital: Cash and insestments. . . ... $ 24,904 ($ 10,913) Customer and other accounts receivable . . . ... .. ... .. . 5,480 3,588 Accrued interest receivable. . .(. . .. ... . ... 253 013) Materials and supplies : . . .. .... .. .... 76 (54) 30,713 (7.692) Current portion oflong-teun debt. . . .. ... .. .. . .. (52) (513) Accounts payable and accrued expenses . . . .. . . . ... .. . .. (107) 7,116 Customerdeposits . . . . . ... .. . . . . . 19 (45) Pbwer cost adjustment balancing account. . . . . .. . .. . jl .. (11,100) 8,118 Rate stabilization account . . . .. . . ... (16.557) (8,724) I (27,797) 5,952 increase (decrease) in working capital . ... .. . . . . .
$ 2,916 ($ 1,740) i< -
See accompanying Notes to financialStatements
-w \
J 45 0
Cty of Anaheim Electric Utility Fund Notes to Financial Statements NOTE F - Soamary o/Significant Utility plant and depreciation Cash and imestments Accountinc lblicies The cost of additions to utility plant and The City pools idle cash from all funds Basisof accounting of replacement of retired units is for the purpose of increasing income ! The Electric Utility Fund (the Electric capitalizal. Utility plant is recorded at through inwstment activities. Inwstments l Utility) was established June 30,1971, at c st, or in the case of contributed plant, at are carried at cost, w hic h approximates w hich time the portion of the City of fair market value at the date of the market value. Interest income on l Anaheim's General Fund n1uity relating to c ntribution, except that the assets inwstments is allocated to the various l e'ectric system operctions was transferred acquiral pnor to July 1,1977 are recordal funds of the City on the basis of awrage , to Electric Utility equity. The financial at appraised historical cost. Cost includes daily cash and in estment balances. At l statements of the Electric Utility are labor; materials; allocated indirect charge > June 30,1986 and 1985 suc h investments presented in conformity with generally such as engineering, sepervision, related to the Electric Utility amounted to accepted accounting principk s and construction and transpartation $70,609,000 and $48,920.000, accounting principles and method 3 niuiprnent, retirement plan contributions respectiwly. prescribed by the Federal Energy and other fringe benefits; and certain administratiw and general expenses. The Resenue recognit. ion Regulatory Commission (FERC). The Electric Utihty is not subject to the cost of relatiwly minor replacements is Rewnues are recognized as billed regulat:ons of the F E RC. included in maintenance expense. The to customers on a cyclical basis. net book value of assets retired or Residential and smaller commercial esposed of, net of proceeds, is recorded accounts are billed bimonthly and all l in accumulated depreciation. others are bilkxi monthly. No accrual is Depreciation of utility plant is provided made for unbilkxl service at the end of by the straight-line method basal on the a fiscabear. following estimated service lives of the The Electric Utility's Rates, Rules and properties: Regulations provide for a Power Cost Production. .. .30 years Adjustment (PCA) billing formula w hich Transmission and is included in customer billings to reflect distnbution plant . .20 to 75 years variations in the cost of poswr to the Other plant and Electric Utility. The Electric Utility adjusts equipment .5 to 50 years rewnues from the sale of electricity for Deprec.iation
. on contnbuted assets is
. overcolkrtions or undercolk<tions of revenues resulting from differences charged directly to Contributions in aid of between the Electric Utility's actual cost constructon. of power and the amount billed to customers through the billing formula.
These over or under colk>ctions are recorded in the PCA balancing account until they are refunded to, or reco cred from, utility customers. On January 28,1986, a wholesale rate refund policy (Policy) w hich included establishing a Rate Stabilization Account (RSA) was adopted as part of the Ekrtric Utility's Rates, Ruk>s and Regulations. The Policy provides for establishment of a rate, in cents per kilowatt-hour of saks, by which funds are transferred from the RSA to the Ekrtric Utility Revenue Fund. This transfer is made on a monthly basis. 46
NOTE 1-SummaryofSignificant Transfers to1he General Fund NOTE 3 - Unamortind Protect Costs Accounting lblicies (continued) of theCity The City plans to participate in varioes Nuclear fuel Article Xil of the City Charter provides power generation projects with other The Electric Utility amortizes the cost that transfers to the General Fund of the agencies. Unamortized project costs of nuclear fuel to expense using the "as City shall not exceed 4% of the gross includes $2,286,000 which represents burned" method. In accordance with the revenue of the prior year. Such transfers advance payments to participating Nuclear Waste Disposal Act of 1982, the are not in lieu of taxes and are recorded agencies for preliminary engineering and Electric Utility is charged a fee for the as distributions of retained earnings, environmental impact studies for the disposal of nuclear fuel at the rate of one related projects, Reclassifications mill per kwh on the Electric Utility's share , in addition, the City is participating in of electricity generated by the San Onofre Certain reclassifications base been other projects which are being financed Nuclear Generating Station, Units 2 and 3 made to the 1985 financel statements by outside third parties. If the projects are (SONGS). The Electric Utility pays the fee i c nf rmtothe1986 presentation. ultimately abandoned, the Electric Utility quarterly to the Southern California NOTE 2 - Operating Expenses will be required to reimburse the third Edison Company (Edison) which is acting parties for the Electric Utility's share of Operating expenses shared with the as the agent for SONGS participants' pr ject c sts, which at June 30,1986 Water Utility amounted to $12,015,000 Federal regulations also require the am unted to approximately $2.5 million. and $11,065,000 for the years ended June Electric Utility to provide for the future 30,1986 and 1985, respectiwly, of which costs of decommissioning SONGS. Decommissioningcosts are charged t $9 000 and $8M000 we other operating expenses and are allocated to the Electric Utility. provided for owr the remaining life of The shared expenses are a!!ocated to the plant. each Utility based upon estimates of the benefits each Utility derives from those Debt issuance costs common expenses in accordance with industry practices, debt issuance costs are deferred and amortized over the lives of the related bond issues on a basis which approximates the erfectise interest method. Pension plan All full-time employees are members of the State of California Public Employees' Retirement System (PERS). The City's policy is to fund all pension costs accrued; such costs to be funded are determined annually as of July 1 by the PERS's actuary. Vacation and sick pay Vacation and sick pay for all City employees is paid by the General Benefits and insurance Fund.The General Benefits and Insurance Fund is reimbursed through payroll charges to the Electric Utility based on estimates of benefits to be earned during the gear. Vested vacation and sick pay benefits are accrued in the General Benefits and insurance Fund and amounted to $672.000 and $509,000 for the Electric Utility at June 30,1986 and 1985, re<pectively. 47
l City of Anaheim Electric Utility Fund Notes to Financial Statements (cont.) NOTE 4 - Long-Term Debt The Electric Utility is indebted as follows: lune 30 1986 1985 Electric Rewnue Bonds, Issue of 1972, TIC 4.9263%, dated April 1,1972, sold March 28,1972 in i the amount of $8,000,000 at rates ranging from 2.0% to 7.0%, maturing serially to July 1,1992 in annual principal installments ranging from $475,000 to $675,000; total debt service of
$4.571,000 to maturity . $ 3,950,000 $ 4,375,000 Electric Rewnue E%ds, issue of 1976 TIC 6.07%, dated May 1,1976, sold April 27,1976 in the amount of $6,000,000 at rates ranging from 5.0% to 8.0%, maturing serially to May 1, 2006 in annual principal installments ranging from $125,000 to $400,000; total debt service of l $8,901,000 to maturity . 5,000,000 5,125,000 Electric Rewnue Bonds, issue of 1980, TIC 9.173%, dated October 1,1980, sold October 10,1980 in the amount of $84.000,000 at rahs of 8.0%, of which (1) $27,850,000 mature serially through October 1,1997 in annual principal installments ranging from $1,450,000 to
$3,425,000, (2) $16.650,000 are term bonds maturing October 1,2001, subject to mandatory redemption from October 1,1W8 to October 1, 2001 in annua! principal installments ranging from $ 3,675,000 to $4.650,000, and (3) $36,875,000 are term bonds maturing October 1, 2007, subject to mandatory rnfemption from October 1,2002 to October 1,2007 in annual pnncipal installments ranging from $5,025,000 to $7,375,000; total debt service of
$172,254,000 to maturity . 81,375,000 82,750,000 Electric Rewnue Bonds, Issue A of 1983, TIC 9.3051%, dated April 1,1983, sold April 27,1983 in the amount of $10,000,000 at rates ranging from 8.0% to 9.0%, of w hich $900,000 maturing serially October 1,1995 through 1998 and $8,460.000 of term bonds maturing October 1,2007 were advance refunded on March 31,1986; the remaining bonds mature serially through October,1,1994 in annual pnncipal installments ranging from $300,000 to $340,000; total debt sersice of $1,056,000 to maturity 640,000 10,000,000 Electric Rewnue Bonds, Issue B of 1983, TIC 9.3051%, dated April 1,1983, sold April 27,1983 in the amount of $40,000,000 at rates ranging from 8.0% to 9.0%, of w hich $3,600,000 maturing serially October 1,1995 through 1998 and $33,840,000 of term bonds maturing October 1, 2007 were adsance refunded on March 31,1986; the remaining bonds mature serially through October 1,1994 in annual principal installments ranging from $1,200.000 to $1,360,000; total debt service of $4,222,000 to maturity . 2,560,000 40,000,000 Electric Revenue Bonds, Isse C of 1983 TIC 9.1023%, dated April 1,1983, sold April 27,1983 in the amount of $80,400,000 at rates ranging from 5.25% to 9.0%, of w hich $5,650,000 maturing serially October 1,1995 tbrough 1998 and $52,500,000 of term bonds maturing October 1,2007 were advance refunded on March 31,1986; the remaining bonds mature serially through October 1,1994 in annual principal installments ranging from $1,800,000 to
$2.850,000; total debt service of $27,889,000 to maturity. 20,500,000 80,400,000 Electric Rewnue Bonds, Issue oi 1986, TIC 7.006%, dated March 1,1986, sold March 4,1986 in the amount of $129,275,000, of w hic h 0) $60,725,000 at rates of 5.0% to 6.9% mature serially through October 1,2001 in annual principal installments ranging from $985,000 to
$8,955,000, (2) $30,665,000 at rates of 5.75% are term bonds maturing October 1,2004, subject to mandatory redemption from October 1, 2002 to October 1,2004 in annual principal installments ranging from $9,590,000 to $10,825,000, and (3) $37,885,000 at rates of 5.75%
are term bonds maturing October 1, 2007, subject to mandatory redemption from October 1, 2005 to October 1, 2007 in annual principal installments ranging from $11,550,000 to
$13,600,000; total debt servi (e of $252,616.000 to maturity . 129,275,000 Total rewnue bond debt $243,300,000 $222,650,000 48 1
E_ ___________ _ _ _ _ _ _ _ _ _
A. % NOTE 4 - Long-Term Debt (continued) June 30 1986 1985 Note Payable to the General Fund of the City ofAnaheim, 7%, issued July 1,1980 in the amount of $2,382,000, monthly principal and interest payments of $28,000 to June 1.1990; total debt service of $1,344,000 to maturity. . . . .. . $ 1,170,000 $ 1,414,000 Note Payable to Internal Service Fund of tSe City of Anaheim,8.95%, issued October 13,1984, in the amount of $1,342,000, semi-annual principal and interest payments of $149,000 to October 31,2003; total debt service of $2,625,000 to maturity . . .. . .. . . .... ... .... . . . 1,260,000 1,287,000 Total other long-term debt . . . . . . . .. . 2,430,000 2,701,000 Totallong-term debt . . . .. . . . . 245,730,000 225,351,000 Less: currer,t portion . .. . . . . . . 4,143,000 3,947,000 bonddiscounts . . . . .. . . .. . 16,170,000 5,868,000
$225,417,000 $215,536,000 Annual debt service requirements at June 30,1986 to maturity are as follows:
Total All Revenue Bond Debt Other Long-Term Debt Long-ktm Fiscal War Principal Interest Total Principal Interest Total Debt 1987 $ 3,850,000 $ 17,198,000 $ 21,048,000 $ 293,000 $ 192,000 $ 485,000 $ 21,533,000 1988 5,160,000 16,243,000 21,403,000 315,000 170,000 485,000 21,888,000 1989 5,480,000 15,892,000 21,372,000 338,000 147,000 485,000 21,857,000 1990 5,885,000 15,510,000 21,395,000 363,000 122,000 485,000 21,880,000 1991 6,295,000 15,089,000 21,384,000 42,000 106,000 148,000 21,532,000 Thereafter 216,630,000 148,277,000 364,907,000 1,079,000 802,000 1,881,000 366,788,000
$ 243,300,000 $ 228,209,000 $471,509,000 $ 2,430,000 $ 1,539,000 $ 3, % 9,0_00 $475,478,000 l
49
l Oty of Anaheim Electric Utility Fund Notes to Financial Statements (cont.) NOTE 4 - Long-Term Debt (continued) Current interest costs, net of current interest income, of $586,000 and $515,000 haw been included in Construction work in progress for fiscal years ended June 30,1986 and 1985, respectively. In accordance with the bond resolutions, a resene for maximum annual debt service has been established and a resene for renewal and replacement is being accumulated apal to a maximum of 2% of the depreciated book value of the utility plant in sen ice. The bond issues outstanding at June 30,1986 require the establishment of a Bond Service Account by accumulating mor:thly one-sixth cif the interest which will become due and payable on the outstanding bonds within the next six months and one-twelfth of the principal amount w hich will mature and be payable on the outstanding bonds within the next twelve months On June 1,1983, the Electric Utility defeased Electric Rewnue Bonds, Issue A of 1982, in the aggregate principal amount of
$18,000,000 at rates of 8.0%, and issue B of 1982, in the principal amount of $52,000,000 at rates ranging from 7.5% to 11.5%, with a portion of the proceeds from the sale of $80,400,000 Ekrtric Rewnue Bonds, Issue C of 1983 at rates ranging from 5.25% to 9.0%.
The excess of the amount required to advance refund the 1982 Bonds over the carrying value of those bonds at the refunding date amounted to $7,567,000. In accordance with industry practices, this amount is being deferred and amortized owr the life of the issue C of 1983 Bonds using the straight-line mothod. At June 30,1986, outstanding principal of the refunded 1982 donds totaled
$65,850,000. Owr the Ide of the issue C of 1983 Bonds, the Electric Utility expects to saw approximately $12,297,000 in debt service as compared to the refunded 1982 Bonds.
On March 31,1986, the Electric Utility defeased a portion of the Electric Rewnue Bonds, issues A, B and C of 1983, in the principal amounts of $9,360,000, $37,440,000 and $58,150,000, respectiwly, at rates ranging from 8.3% to 9.0%, with a portion of the proceeds from the sale of $129,275,000 of Electric Rewnue Bonds, Issue of 1986 at rates ranging from 5.0% to 6.9%. The excess of the amount required to advance refund the 1983 Bonds owr the carrying value of those bonds at the refunding date amounted to
$21.476,000. In accordance with industry practice, this amount is being deferred and amortized owr the life of the 1986 Bonds using the straight-fir,e method. At June 30,1986, outstanding principal of the refunded 1983 bonds totaled $104,950.000. Owr the life of the 1986 Bonds, the Electric Utility expects to saw approximately $10,849,000 in debt service as compared to the refunded 1983 Bonds.
Included in Restricted assets are Restricted cash and inwstments which include resened amounts, as well as undisbursed bond proceeds, as folk)ws: { lune 30 1986 1985 Held by fiscal Agent: Bond Resene Fund . $ 21,661,000 $ 22,281,000 Bond Service Fund. 565,000 533,000 Held by City Treasurer: Bond Senice Account . 7,248,000 6,965,000 Renewaland Replacement Account. 6,721,000 4,941,000 Decommissioning and fuel resenes . 3,147,000 1,512,000 Restricted bond proceeds. 9,925,000 16,838,000 Other unrestricted assets . 1,599,000 1,227,000
$ 50,866,000 $ 54,297,000 l
50
NOTE 5 - Short-Term Debt NOTE 6 -Jointly-On ned Utility NOTE 8- Self-Insurance Program The Electric Utility has outstanding Project The Electric Utility is part of tne City's revenue anticipation notes in the form of The Electric Utility owns a 3.16% self-insured workers' compensation and short-term tax-exempt commercial paper interest as a tenant in common in SONGS. general liability program. The liability for l for the pupose of financing nuclear fuel The other participants in Units 2 and 3 are such claims is transferred to the City in f purchases related to the ow nership Edison,75.05%: San Diego Gas & consideration of self-insurance premiums l interest in SONGS. The balance Electric Compariy, 20%; and the City of paw by the Electric Utility. The City's self- I outstanding at June 30,1986 and 1985 Riserside,1.79%. Units 2 and 3 became inurance limit was $1,000,000 for each l totaled $20,450,000. The interest rates on operational on October 9,1983 and April general liability claim. Effectise July 1, this debt at June 30,1986 ranged between 1,1984, respectisely. The Electric Utility's 1986, the city became self-insured. Costs 3.9% and 4.625% with maturities ranging cumulative share of construction costs, relating to the litigation of clainis are from 1 to 51 days. The Electric Utility has which amounted to $164,696,000 at June charged to expense as incurred. obtained a $21 million revolving credit 30,1986, was included in Utility plant at agreement at interest rates ranging from June 30,1986. The Electric Utility NOTE 9 - Refunds 65% of prime to prime, w hich can be recorded depreciation related to SONGS During fiscal year 1986 the Electric used in the esent that the commercial of $5,401,000 during fiscal year 1986. The Utility received refunds from Edison paper cannot be refinanced as it matures. Electric Utility has made provisions for totaling $22,408,000. These refunds base disposal costs of spent nuclear fuel and for been placed in the RSA. At June 30,1986, , future decommissioning costs (see Note 1) total principal and interest amounted to l of $313,000 and $473,000, respectively. $25,281,000. The City intends to refund l These costs along with the Electric these amounts to Electric Utility l Utility's share of SONGS operating and customers in the form of reductions to l maintenance costs hase been included in future rate increases through the Rate i Operating expenses for fiscal year 1986. Stabilization Policy (see Note 1). NOTE 7-Ibnsion Plan These refunds have been reflected in the Electric Utility's Financial Statements. The City has a contributory pension plan for full-time employees under the State of California Public Employees' Retirement System. Information is not available separately for the Electric Utility as to the cost of benefits funded, the actuarially computeJ present value of wsted and non-w,ted accumulated plan benefits, the rela'ed assumed rates of return used and the actuarially computed value of wsted benefits over the related pension fund assets. The earnings yield (including capital gains) for the par ended June 30,1986 was 11.98%. 51
l City of Anaheim Electric Utility Fund Notes to Financial Statements (cont.) , . NOTE 10 - Commitments and Fiscal Year Rate challenges and other actions Contingencies .$24,967,000 1987. The City has filed sewral complaints Take or pay contracts 1983. .$33,280,000 against Edison challenging various rate The City has entered into agreements "C" ^ "E " 1989 - $56,139'000 with the Intermountain Power Agency has violated certain anti-trust laws. These (IPA), a pohtical subdivision of the State 0. $ M,000 actions could potentially result in refunds of Utah, Utah Power & Light sUP&L) and 1991. .560,486,000 or payment of damages to the Electric the Southern Cahfornia Public Power These payments are not expected to Utility; howewr, no opinion can be Authority (SCPPA), a public entity haw an adverse impact on the Electric rendered at this time as to the probable organized under the laws of the state of Utility's rate structure in that such utcomeof theseactions. Cahfornia. The City has agreed w ith IPA payments are in lieu of payments w hich Capital expenditures ' and UP&L, pursuant to power sales would have been made to purchase contracts, to purchase 13.225% of the The Electric Utility's budget for the fiscal power from Edison. The Oty projects that generation output of IPNs 1,522 megawatt war 1986-87 provides for capital there will be substantial long-ter m power two unit coal-fueled generating station expenditures of approximately supply cost savings from the take or pay (the Station)in central Utah. Unit 1 of the $21,538,000, of which $14,203,000 will contracts compared to purchases from Station became available for commercial Edison. be funded from electric rewnue bond operation June 10,1986. Unit 2 n proceeds. expected to become operational by July Litigation Report of Independent Accountants 1987. Cost of construction of the Station On April 14,1983. Edison filed a and related transmission lines, including To the Honorable City Council complaint against the City in Superior the Southern Transmission Sptem (STS) City of Anaheim, California Court seeking to recover approximately from Utah to Southern California, will be $4.9 milhon in costs related to the City's We haw examin=d the balance sheet of financed principally through sales of IPNs acquisition of an additional 1.5% interest the Electric Utility Fund of the City of power supply revenue bonds and in SONGS. The City believes the Anaheim, California as of June 30,1986 payments in aid of construction by additional costs sought by the complaint and the related statements of income, SCPPA. The City has agreed with SCPPA are unsupportable and intends to contest changes in retained earnings, and changes - to purchase rights to 17.6% of the the complaint. No opinion can be in financial position for the war then transmission capacity in the STS. rendered at this time as to the probablo ended. Our examination was made in The contracts constitute an obligation utcome of the complaint. accordance with generally accepted of the City to make payments solely from au ng standaMs and, accodngh, On July 31,1984 Edison filed a claim the revenues of the Electric Utihty. These with the city clerk against the City seeking
*' * #" "8 payments, w hich are based upon the m an au ng to recoser approximately $388,000 in Electric Utihty's share of IPNs debt service costs related to nuclear fuel purchases pr cedures as we considered necessary in requirements and production costs and t made by Edison for SONGS, Units 2 and SCPPNs debt serv,ce i requirements, began 3. The claim also included Edisons te en he 1 tri Ut 1 y Fund of in July 1986, the month in w hich Unit 1 of the City of Anaheim, California, as of and estimate of future damages totaling the Station and the STS began commercial $4,359,000. The City believes the costs for the par ended June 30,1985, were operation. These payments will be sought by the claim are unsupportable examined by other auditors whose report considered a Cost of purchased power. As and has denied the claim. No opinion can dated October 25,1985, expressed an of June 30,1986, IPA has issued $5.1 be rendered at this time as to the probable unqualified opinion on such statements.
billion in revenue bonds and resenue outcome of the claim. In our opinion, the financial statements bond anticipation notes to finance referred to abow present fairly the A number of claims and suits are construction of the Station and SCPPA has endin inst the City for all ed
- Y issued $1.1 billion in revenue bonds and f)lamag Fund of the City of Anaheim, California as t persons and prope y and retenue bond anticipation notes to n 6 anMmp oNs for other alleged liabilities arising out of ,
finance payments in aid of construction. perations and the changes in its financial matters usually incident to the operation The Electric Utihty's projected of a utility such as the electric system of p sition for the war then ended, in C" minimum paymonts for purchased power the City of Anaheim. In the opinion of *ity with generally accepted , due under these take or pay contracts for management, the liabikty under these cc unting pnnciples applied on a basis the next five years are as follows: claims and suits would not materially c nsistent with that of the preceding war. L tyas fl ne 30 . 4 , N . . September 24,1986 Los Angeles, California 52 3 - - . . . . - -
City of Anaheim Public Utilities Department
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- i. City of Riverside California i
l 4 i I t i . l '! 4 .i j COMPREHENSIVE ANNUAL FINANCIAL REPORT 3 For Fiscal Year Ended June 30, 1986 ; 4 j l J i-d ) i > Prepared by the Finance Department l Harold'E. Brewer, Finance Director i f qi 1 i i . ] -t 3900 Main Street Riverside,_ Calif-rnia 92522 (714) 787-7660 4 > i k 1 i
_ . _ _ . . - = City of Ricerside Annual Financial Report For the Year Ended June 30, 1986 Table of Contents Page Numbers Financial Supplementary Statements Financial Data INTRODUCTION SECTION Letters of Transmittal i Certificate of Conformapr' in Financial Reporting ix Organfrational Chart x Roster of City Officials x FINANCI AL SECTION Independent Auditor's Opinion 1 Combined Balance Sheet, All Fund Types and Account Groups 2 Corbined Statement of Revenues, Expenditures and Changes in Fund Balances, All Governmental Fund Types 5 , Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (Non-GAAP Basis) and Actual, General, Special Revenue. Debt Service and Capital Projects Fund Types 6 i Combined Statement of Revenues, Expenses and Changes in Retained rarnings, All Proprietary Fund Types 7 Combined Statement of Changes in Financial Position, All Proprietary Funti Types 8 Notes to Financial Statement . 9 Combining Balance Sheet, All Special Revenue Funds 41 Combining Statement of Revenues, Expenditures and Changes in Fund Balances, All Special Revenue Funds 42 Combining Statement of Revenues. Expenditures and Changes in Fund Balances - Budget (Non-GAAP Basis) and Actual, All Special Revenue Funds 44 .i; Codbining Balance Sheet, All Debt Service Funds 47 1 Combining Statement of Revenues Expenditures and Changes in Fund Balances, All Debt Service Funds 48
' Combining Statement of Revenues, Expenditures and Changes in Fund Balances, Budget (GAAP Basis) and Actual. All Debt Service Funds 50 Combining Balance Sheet, All Capital Project Funds 53 Combining Statement of Revenues, Expenditures and Changes in Fund Balances All Capital Project Funds 54 Cosbining Statement of Revenues Expenditures and Changes in Fund Balances - Budget (Non-GAAP Basis) and Actaal, All Capital Project Funds 56 Combining Balance Sheet, Proprietary Fund Types - Enterprise Funds 60-Combining Statement of Revenues, Expenses and Changes in Retained Earnings, Proprietary Fund Types -
Enterprise Funds 62 Combining. Statement of Changes in Financial Position, Proprietary Fund Types - Enterprise Funds 63 Memorandum Statement of Income and Expenses by Function, Electric and Water Funds 64 Combining Balance Sheet Proprietary Fund Types - Internal Services Funds 65 Combining Statement of Revenues, Expenses and Changes in Retained Earnings, Proprietary Fund Types - Internal Services Funds 66 Combining Statement of Changes in Financial Position, Proprietary Fumi Types - Internal Services Funds 67 Combining Balance Sheet and Statement of Changes in Assets and Liabilities - All Agency Funds 69 Schedule of Federal Financial Assistance 72 Schedule of General Fund Fixed Assets - By function and Activity- 75 Schedule of Changes in General Fixed Assets 76 l
7 City of Riverside Annual Financial Report For the Year Ended June 30, 1986 Table of Contents Page Numbers Fina nc ia l Supplementary Statemente Financial Data FINANCIAL SECTION (Continued) , Principal Requirements to Maturity by Bond Issue, General Obifqation Bonds 77 i Debt Service Requirements to Maturity, General Obilgation and Revenue Bonds 85 l Debt Service Requirements to Haturity, Other Indebtedness 86 - Principal Requirements to Maturity by Bond issue Revenue Ronds, Other Reporting Entitles 87-Debt Service Requirements to Haturity, Other Reporting Entitles 91 . STATISTICAL SECTIDN General Governmental Fund Type Expenditures by Function 93 G neral Governmental Fund Type Sources 93 Tax Revenues by Sources 94 Property Tax Levies and Collections 94 Assessed Value of Taxable Property 95 Property Tax Rates - All Overlapping Governments 95 Cneputation of Direct and Overlapping General Obligation Debt 96 Computation of Legal Debt Margin for City General Obligation Bonds 97 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net Bonded Debt Per Capital 97 Ratio of Annual Debt Service Expenditures for General Ubilgation Bonded Debt to Total General Expenditures 98 Schedule of Revenue Bond Coverage 99 Summary of Debt Service Requirements and Long-Term Lease Obligations to Maturity 100 Special Assessment Collections 10f Salaries and Surety Bonds of Principal Officers 101 Property Market and Assessed Values 102 Principal Tax Payers 102 Schedule of Insurance in Force 103
- Hiscellaneous Statistical Data 104 Demographic Statistics 106 Construction, Bank Deposits and Property Value 106 Debt Service Requirements to Maturity for Advance Refunding Bonds 107 m
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1 0 b o l N cn O H O D Q O M H Z
niwe9de, cantanu s2522 CITY OF ] I[ FINANCE DEPARTMENT 3900 Main street ou enm a n . us..o Sewesecess: Admeneece. ass o.e. e Decenber 9,1986 Honorable Mayor and City Counct) City of Riverside Riverside, California CITY MANAGER'S COMENTS In accordance with the City Charter, we hereby transmit the Comprehensive Annual Financial Report of the City of Riverside, including the opinion of the certified pubile accountant selected by the City Council to perfonn the annual audit for the fiscal year ended June 30, 1980. This report has been prepared following the guidelines recommended by the Government Finance Officers Association of the United States and Canada. Th? City's eight previous financial reports have been awarded that organization's Certificate of Achievenent for high standards of public finan-cial reporting. The accompanying report consists of three parts:
- 1) Introductory section, including the Finance Director's and City Manager's letter of transmittal. Pages 11 through xiii.
- 2) Financial section, including the financial statements and supplenental data of the government accompanied by our independent auditor's opinion. Pages I through 92.
- 3) Statistical section, including a number of tables of unaudited data depicting the financial history of the government for the past ten years, information on overlapping governments, and demographic and other miscellaneous infonnation. Pages 93 through 107.
As evidenced by the report, the City of Riverside concluded the fiscal year ended June 30, 1986 in a sound financial condition. However, the City's continued fiscal well-being remains dependent on the general economy, and State and Federal legislative actions. Th2 Mayor, City Counc11 and City staf f have asserted an active and aggressive posture to seek out new developnent. The City's sphere of influence has been expanded in neighboring unincorporated areas to allow for possible future annexations which may ultimately double the physical size of the city. With these ef forts we will be in a position to handle the dynanic growth and development projected for the Riverside area in a planned, orderly fashion. The-increased economic base will strengthen our financial position, which will lessen the impact of contenplated reductions in State and Federal funding to local goverment. The general up trend in the local econany during the past year and early fall supports the budgeted projections for sales taxes and similar revenues; however, the economy must be watched closely, as the projected general fund balance represents a small percentage of expected revenues. Upcusing events for the City include the following: 1
.~. - _ _ _- - _. . --- - ~ . _- - - - - - .-
l I (a) A new on-line computer system. (b) The reporting entity City of Riverside Redevelopment Agency will become a City Departnent. (c) The City w111 se11 $8,550,000 of Tax and Aevenue Anticipation Notes on July 2,1986, with a due date of June 30, 1987. (d) The Riverside Municipal Improvement Corporation will sell $8,970,000 of Certificates of Participation on August 1,~ 1986. (e) The City will sell $8,160,000 of 191', Assessment District Bonds Series C for Canyon Springs Assessment District on August 20, 1986. ] (f) The Revenue Sharing will be teminated by the Federal Government effective September 30, 1986. (g) The contract with the County of Riverside for participation in the Job Training Partnership Act will be teminated effective September 30, 1986. I will continue to keep you infomed of our ongoing financial condition and alert you to any problems that may arise. The future years will-l present a challenge to find new methods of financing the needs of the consnunity. The preparation of this report could not have been accomplished without the dedicated effort of the Finance Department. The City of Riverside has j maintained a high quality annual financial reprt by the continual effort of the Finance Department in reviewing and upgrading the accounting anc j financial reporting systems. Their efforts over the past years in presenting creative financing proposals have also improved the City's financial. stability. l i The Comprehensive Annual Financial Report of the City of Riverside, California for the fiscal year. ended June 30, 1986 is submitted f.erewith. In accordance with the City Charter, this report was prepared by the City's Finance Department for submission by the City Manager to the City Council. We believe this comprehensive report, including the accompanying notes, is accurate in all material aspects, that it is presented in a manner which fairly presents the financial position and results of operations of the City as measured by the 3ctivities of all the various funds, and that all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial position have been included. FINACCE DIRECTOR / CONTROLLER'S COPKNTS ACCOUNTING REPORT This report has been prepared in accordance with generally accepted accounting principles and is presented to confonn with pronouncements issued: I by the Governmental Accounting Standards Board (G.A.S.B.) The Single Audit Act of 1984 and OPB Circular A-128. This comprehensive annual finan . cial report covers all funds and account groups of the City. It includes appropriate conbined and combining statements with accompanying notes,' schedules and statistical tables deemed necessary to give an accurate financial status of this City while complying with all legal provisions and determining fairly with full disclosure the financial position .and results of operations of the City for the fiscal year ending June 30, 1986. ACCOUNTING SYSTEM AND BUDGETARY CONTROL The City maintains the General, Special Revenue, Capital Project, and Debt Service Funds on the modified accrual basis of accounting, with revenues being recorded when measurable, available and deteminable; and expenses being reconded when services or goods are received and the liabilities are incurred. A11 other funds are maintained on the accrual basis of accounting. The City's accounting system includes internal control procedures which provide reasonable assurance ' that' the City's assets are ' safeguarded ' against loss from unauthorized use or disposition, and that adequate records are maintained for preparing financial statements, and for main-taining accountability for assets. The concept of reasonable assurance recognizes that the cost of control cannot exceed the benefits derived and . the evaluation of costs and benefits derived requires estimates and judgements by management. We believe that the City's internal control proce , dures adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained at the subfunction level by the encumbrance of estimated purchase amounts prior to the release of purchase orders : a to vendors. Purchase orders which result in an nyerrun of subfunction balances are not released until additional appropriations are made avall able. Open encumbrances are reported as reservations of fund balance at June 30, 1986. 11
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THE REPORTING ENTITY AND ITS SERVICES The City of Riverside, in confomance with G.A.S.B., adopted The National Council on Governmental Accounting (N.C.G.A.) Statement 3 definition of
'Riporting Entity" dated June,1981, and has added to its comprehensive financial report the Redevelopment Agency of the City of Riverside, Rivzrside Airport lease Company, Parking Authority of the City of Riverside, Riverside Civic Center Authority, and City of Riverside Nnicipal Improvement Corporation. The activity of the Riverside Industrial Development Authority and other Hortgage Revenue Bonds has also been added to j the notes.
GENERAL GOVERNMNTAL FUNCTIONS R:vinue for General, Special Revenue, Debt Service and Capital Project Funds totaled $102.195,657; an increase of 19.85% over 1985. General property taxes produced 10.35% of general revenue compared to 11.131 last year. The amount of revenue from various sources and the increase or decrsase over last year are shown in the following table: 2 Revenue Anount Percent increase (Decrease) Sources (Thousands) Of Total Over 1985 (Thousands) j Property taxes $ 10,571 10.35% $ 1,081 Other taxes 28,961 28.34 2,599 Special assessment levied 172 .17 (7)- Licenses and pennits 6,375 6.24 (334) Fines and forfeitures 1,629 1.59 (3) Use of noney and property 11,960 11.70 3,107 Intergovernmental revenue 24,438 23.91 6,462 4 Charges for services 3.198 3.13 96 Utility contributions 7,205 7.05 538 4 Miscellaneous revenues 7,687 7.52 3,388 Total (1) 5 102.196 100.00% 5 16,927 (1) Other financial sources not included. The City's revenues increased $16,926,509. All. revenue sources increased except Special Assessments Levied Licenses and Pemits, and Fines and Fcrfattures. The decrease of $334,274 in Licenses and Permits was the result of slow down in building activity. Property taxes increased by
$1,081,205 due primarily to Special- Supplemental Property Tax receipts. The $2,599,188 increase in Other Taxes . was primarily the result of incrsased Sales and Use Taxes being received, a result of an improved economy. Use of money revenue increased by $3,106,680 due to the other incriases in revenues providing . funds for short term investment. Intergovernmental revenue increased in the following areas: Library,
$1.077,133, Special Gas Tax, $1,306.428 Housing and Community Development, $1,345,782 Redevelopment Agency, $875,313, and Motor Vehicle in Lieu Tax increased by $1,058,000. The City of Riverside's revenues followed a normal growth pattern for 1986, i
Assvssed Valuations of $4.48 million represents an increase of 10.1% over the preceding year. The assessed value at July 1,1986, relating to the 1986-87 fiscal year, is $4.827 million; an increase of 7.75% over the assessed value at July 1,1985. Property Tax Collections of $10.571.149 consists of $263,579 for general obligation bonded debt service, for which the City had a tax rate of
$.005; $6,668,501, which is the City's share of the $1.00 maximum tax rate set by state law; and $3,639,069 of tax allocation received by the RivIrside Redevelopment Agency. Property tax collections and distributions are made by the County of Riverside.
! Expenditures for General, Special Revenue Debt Service and Capital Project Funds totaled $117.062.787; an increase of 22.88% over 1984-85. The i incrtases and decreases in levels of expenditures for major functions of the City over the preceding year are shown in the following table: iii
Increase Capital Total (Decrease) Current Projects Expendi tures Percentage Over 1985 Function (Thousands) (Thousands) (Thousands) Of Total (Thwsands) General governmental $ 16,207 $ 23,874 $ 40,081 34.23% $ 19,878 Pubitc safety 30,317 4,612 34.929 29.84 6,221 Highways and streets 10,350 4,080 14.430 12.33 (6,225) Culture and recreation 15.222 1,730 1G 952 14.48 (802) Lease payments 1,402 - 1.402 1.20 167 Debt service 9,269 - 9,269 7.92 2,555 Total (1) $ 82.767 $ 34.296 $ 117.063 100.00% $ 21,794 (1) Other financial uses not included. The overall general governmental expenditures for the City increased $21,794,134 over the prior year. This increase can be attributed largely 1.0 , the increase of $5.220,479 in Redevelopment Agency Capital Project expenditures and an increase of $12,324,968 in 1915 Special Assessment Distritt Canyon Springs Shopping Center expenditures. Public Safety expenditures increased by $4,217,214 in capital projects and $2,004.324 in general expenses due to salary and increased operating expenses. The undesignated fund balances in major operating funds were maintained at adequate levels. The undesignated fund balance in the General Fund of
$8,310,552 was up $3,786,931 from last year. Special Revenue Fund undesignated fund balance of $1,461,193 was up $1,558,799 from last year, ard the Capital Projects Fund undesignated fund balance of $3,757.627 was up $786,728 from the preceding year. Debt Service Funds had a reserve of $26.066.602 which was up $6,662.163 from last year.
DEBT ADMINISTRATION The June 30, 1986 ratio of net general obligation bonded debt to assessed valuation and bonded debt per capita are useful indicators of the City's debt position to municipal management investors and is reflected as follows: Outstanding Ratio of Debt Bonded To Assessed Debt per Debt Value Capita Net direct bonded debt $ 1,280,000 .029% $ 6.66 Overlapping debt 28,445.865 .635 148.04 Net direct & overlapping 5 29,725.865 .664 5 154.70 Outstanding general obifgation bonds at June 30, 1966 totaled $1,280,000. During the past year $180,000 of general obilgation bonds were retired. The City does not have any unissued General Obligation bonds as of June 30, 1986. The City's current Moody rating for General Obilgation Bonds is Aa. i iv
. _ _ _ _ _ _ _ _ _ _ _ _ _ . _ _ . - _ _ _ _ _ _ _ _ . . ._. ~. _ _ CASH MANAGEMENT l Cash temporarily idle during the year was invested in time deposits ranging from 3 days to 9 years to maturity, federal agency securities ranging from 14 months to 23 years to maturity, and commercial paper of 180 days to maturity. During the year. .the City's cash resources were divided between deposits and investments as follows: in demand deposits 9.5%, it bank time deposits 65.9%, in federal agencies 24.1%, and in consuercial paper .5%. The average yield on cash available for investment during the year was 11.9%, and the amount of interest received was $15,872,788 A compirison of temporarily idle cash funds invested during the past four years is shown in the following table. 1985-86 1984-85 1983-84 1982-83 ! Cash on deposit (1) $133,227,342 $ 99,937,539 $ 92,378,586 $ 61,522,758 j Cash invested (1) 134.355,586 101.025,424 93,177,168 62,389,426 Percentage invested 100.9% 101.1% 100.4% 101.41 Inttrest income $ 15,872,788 $ 10,171.568 $ 10.594,119 $ 7.162,029 Avzrtge yield on cash available for investment 11.9% 10.18% 11.471 11.64% (1) Average daily balance CAPITAL PROJECT FUNDS l The Redevelopment Agency Fund is used to account for all improvements made in specific project areas of the City of Riverside with funds derived from the activities of the Redevelopment Agency, a reporting entity. The City does not capitalize Redevelopment projects. Capital Outlay, Stona Drain, and Transportation Project Funds are used to account for street and highway capital project expenditures. It is not the policy of the City to capitalize street related projects. A report of street expenditures is required to be flied with the State Controller's Office annually. 4 Special Capital !aprovement Funds are used for park capital improvements. The City records the prior years' park capital project expenditures as incr:ases to general fixed assets. The 1983 Certificates of Participation Fund and City of Riverside Municipal Improvement Corporation, a reporting entity, are used to account for
- Equipment, improvements, and land acquisition. These acquisitions are recorded as fixed assets in both general government and enterprise funds.
The following table shows a comparison of expenditures for each capital project fund for the last two fiscal years: Fund 1985-86 1984-85 j Capital Outlay $ 1,216.090 $ 3.298,933 Special Capital Improvement 1,202,786 3,358,691
! Stonn Drain 468,097 516,740 ! Parking Facilities Replacanent 257,032 2,270,000 Certificates of Participation (1983) Transportation Project 1,783,031 1,524,015 Fainnount Business Park Assessment District 12.448,851 123,883 City of Riverside Improvement Corp. 3,105,800 3,689,055 ,
Redevelopment Agency 13.246,258 7,805,778 TOTAL ' $ 33,727.945 $ 22,587.0% GENERAL FIXfD ASSETS s The general fixed assets of the City are those assets used in the perfonnance of general functions and exclude fixed assets of the enterprise funds . They also exclude the capitalization. of all street and highway related capital inprovements. As of June 30, 1986, the general fixed asssts of the City totaled $81.271,595. This amount represents the original cost of the assets and is considerably less than their present value. Depreciation of general fixed assets is not recognized. in the City's accounting system. i V l
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- ENTERPRISE FUNDS Electric Fund. The City's Electric System experienced a 2.0% decrease in gross income during the year. This decrease was a result of decreased i power costs which resulted in a reduction of revenues for the year and an increase in the Power Cost Adjustment Balancing Liability Account by l $5,271,833. The Utility sold $121.025,000 in refunding bonds and $16.500,000 in revenue bonds during the year. Rn enues to meet bond covenants are adequate for the debt service coverage required levels. Retained earnings balances are also at adequath levels to provide financial stability. Comparative data for the last two fiscal years is presented in the following table
1985-86 1984-85 Gross income $108.820.377 $110.995.848 Net income (loss) (6,196,008) (3.022,725) Income available for debt serv fce 18.073.183 19.624,195 Debt service requirements 13.213.347 12.588,632 Coverage (income available for debt service divided by annual debt sereice) 1.4 1.6 Matured bonds retired 1.300,000 980,000 Advance refunding bonds issued 121.025,000 Revenue bonds defeased 104.700.000 , Debt Service reserves of $19.723,850 fully meet bond requirements. Capital additions to the Electric System totaling $8.759.965 were financed from current revenue and bond funds. The City's current Moody rating for Electric Revenue Bonds is Aa.
- Water Fund. The City's Water System experienced an increase of 16.61% in gross income during the year. This increase in income resulted from t increased interest income generated through bond funds. Comparative data for the last two fiscal years is presented in the following tablit
1985-86 1984-85
; Gross income $ 18.433,607 $ 15,807,517 Net income 2,081.631 1,288.546
) Income available for debt service 8,414,721 6,201.628 Debt service requirements 3.093.765 2.718,166 Coverage (income available for debt service divided by annual debt service) 2.7 2.3 Matured bonds retired 1.145,000 1,140,000 Debt service reserves of $4,998.924 fully meet bond requirements. The ' City's current Moody rating for Water Revenue Bonds is Al. The Wati!r Systen capital addition of $5,011,131 during the year was financed from current revenues and $15,900,000 in Revenue bonds sold during the year. Airport Fund. The gross income of the Airport from operations increased 67.39% from the previous year. Gross income increased as a result of 5168,638 increase in operating grant revenues. Comparative data for the last two fiscal years is presented in the following table: 1905-86 1984-85 Gross income $ 548,919 $ 327,926 Net income or (loss) 324.431 100,047 Contribution from general fund 369,101 383,311 Federal (FAA) and State (CAAP) Grants (for construction purposes) 173.638 5,000 Vi
- - . - _ _ - . - ~ . - . . -- - _ - - - - - - - - - - . - - - - . , - . - . . .
Rifuse Fund. The gross income of the City's Refuse Collection and Disposal Systen increased 21.55% over the previous year. The increase in cross 1 incone was primarily the result of overall rate increases initiated in March 1986. Comparative data for the last two fiscal years is preseneed N - l the following table: -i I 1985-86 1984-85 Cross income $ 9,442,495 $ 7.768.596 , Net income or (loss) 328.282 7.096 , i Sewer Fund. The gross income of the City's Sewage System increased 17.04% over the previous year. The increase results from a 22.891 rise in . connection fees to service the ever-expanding City and a $2.317.684 increase in interest income. Comparative data for the last two fiscal years - is presented in the following table: , i
- 1985-86 1984-85 Cross income $ 14,525,533 $ 12.411,270
! Net income 6,777,778 4.705,442 Income available for debt service 3.264.285 2.961,653 Debt service requirasents 1.360.638 1.369.542 4 Coverage (income available for debt service divided by annual debt service) 2.4 2.2 Matured bonds retired 445.000 265,000 Bonds refunded 8.675.000 , Debt service reserves of $1.777,014 fully meet bond requirements. The City's current floody rating for Sewer Revenue Bonds is A1. 1 Transportation Fund is being presented as an enterprise fund in this financial report in accordance with the State Controller's Uniform System of . 4 Accounts for Transit Operators. The gross income of the City's Senior Citizen Transportation System increased 36.981 over. the previous year due to increased grant funds. Comparative data for the last two fiscal years is presented in the following table:
~
1 1985-86 1984-85 ,
- Cross income $ 742.810 $ 542.290 Met income or (1055) .100,483 (41.650)
INDEPENDENT AUDIT ' The City Charter requires an annual audit of the books of accou'it, financial records, and transactions of all administrative departments of the City by independent certified pubitc accountants selected by the City Counct). This requirement has been complied with and the auditor's opinion . has been included in this report. CFRTIFICATE OF ACHIFNiseNP The Cover mnt Finance Officers Association of the United States and Canada '(GFOA) awarded a Certificate of Achievement in Financial Reporting to the City of Riverside for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 1985. In order to be awarded a Certificate of Achievement, a governmental unit must pub 11sh an easily readable and efficiently organized conprehensive (nnual financial . report, whose contents confom to progran standards. Such reports must satisfy both generally accepted accounting principles and appilcable legal requirements, vii
l A Certificate of Achievement is valid for a period of one year only. We believe our current report continues to confonn to Certificate of Achievement Program requirements, and we are submitting it to the Goverranent Finance Officers Association to detennine its eligibility for another ' certificate. ACKNOWLEDGEMENTS The preparation of this report could not have be:en accomplished without the efficient and dedicated services of the entire staff of the Finance Department. Accounting Manager William R. Hansen and a fine staff of capable accountants led by Principal Accountant George Swartz made this financial presentation possible. We would also Ilke to thank the City Manager and members of the City Council for their interest and support in planning and conducting the financial operations of the. City in a responsible and progressive manner. Respectfully submitted, N Douglas G. Welford City Manager NE.h H. E. Brewer Finance Director IB/fn 12/16/86 viii
l l Certificate of
. The Government Finance Officers Association of the United States and AChlevement t canada <c,A, .wa,de. a ce r t i f icat . of Achievem.nt ,n ,inancial Reporting to the City of Riverside for its comprehensive annual financial report for the fiscal year ended June 30, 1985.
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. . In order to be awarded a Certificate of Achievement, a governmental in Financia]i unit must euelish an easil, reaeasie ane efficientiv e,eanised comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
Presented to A certificate of Achievement is vaiid for a period of one year oniy. We believe our current report continues to conform to Certificate of y Achievement Program requirements, and we are sutunitting it to GFOA y to determine its eligibility for another certificate. Riverside, California For its Comprehensive Annual Financial Report for the Fiscal Year Ended June 30,1985 A Certificate of Achievement f.n Excellence in F6nanc64l Reporting is presented by tiA Govemment F6 nance Officers Associatlon of the Umted States and Canada to governmental units and pubhc employee retirement systems whose comprehensive annual financial reports (CAIYs) are judged to substantlah confos.n to program standards. t, I a==-
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Presalent
=' yp &
Executive Director 1x
City of Riverniele
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LEGISLATIVE OFFICIALS 7.",.'.'".i.. DEPARTMENT llEADS Ab Brown . . . . . . . . . . . . . . . . . . . . . . . . . . Mayor Douglas G. Weiford . . . . . . . . . . . . . . . . . . . . City Manager
- Ronald Loveridge . . . . . . . . . . . . . . . Councilman - Ward 1 Alice A. Ilare. . . . . . . . . . . . , . . . . . . . . . . . . City ClerkO Jack Clarke. . . . . . . . . . . . . . . .. . Councilwnn - Ward 2 John H. Woodhead . . . . . . . . . . . . . . . . . .. . . . City Attorney 0 i Jean Mansfield . . . . . . . . . . . . . . . Councilwoman - Ward 3 Harold E. Brewer . . . . Finance Director / City Controller, City Treasurer Robert E. Bowers . . . . . . . . . . . . . . . Councilman - Ward 4 Merle G. Garner. . . . . . . . . . . . . . . . . . . . , Planning Director Paul Renck . . . . . . . . . . . . . . . . . . Councilman - Ward S L. L. Richardson . . . . . . . . . . . . . . . . . . . . . Chief of Police :
Sam Digati . . . . . . . . . . . . . . . . . . Councilman - Ward 6 Richard J. Bosted. . . . . . . . . . . . . . . . . . . . . . . Fire Chief Pete Peterson. . . . . . . . . . . . . . . . . Councilman - Ward 7 William G. Dougall . . . . . . . . . . . . . .llistoric Resources Director Bill Carnahan . . . . . . . . . . . . . . . . .Public Utilities Director Linda Woods. . . . . . . . . . . . . . . . . . . . . . . Library Director Dee Bachman. . . . . . . . . . . . . . . . . Park and Recreation Director Murray Bywater . . . . . . . . . . . . . . . . . .. . Airport Director Lawrence E. Paulsen. . . . . . . . . . . . . . . . Assistant City Manager Robert C. Wales. . . . . . . . . . . . . . . . . . Assistant City Managar
- Appointed by City Council x
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i i THOMAS, BYRNE & SMITH AN ACCOUNTANCY CORPORAllON CEHilFIED PUBLIC ACCOUNTANTS i e ma o si n- ca ww. ma ane ihmshd L IOksmes C P A o mm.e s,n. c P A December 9, 1986 l v C bwn. A CPA Aase C t%penasa c P A i The City Council 2 City of Riverside Riverside, California We have examined the general purpose financial statementw of the City of Riverside, $ California as of and for the year ended June 30, 1986, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing
- standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. We did 1 not examine the financial statements of the Redevelopment Agency of the City of Riverside, which statements reflect total sesets and revenues constituting 3 percent and 6 percent, respectively, of the combined totals. These statements were examined by other auditors whose report thereon has been furnished to us, and our opinion expressed herein, insofar as it relates to the amounts included for the Redevelopment Agency of the City of Riverside, is based solely upon the report of the other auditors.
I in our opinion, based upon our examination and the report of other auditors, the general purpose financial statements referred to above present fairly the financial position of the City of Riverside, California at June 30, 1986, and the results of its operations and the changes in financial position of its proprietary fund types l for the year then ended, in conformity with generally accepted accounting principles j applied on a basis consistent with that of the preceding year, except as indicated in. Note 1) 0) to the financial statements. Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The supplemental information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the general purpose . financial statements of . the City of Riverside, California. This information has been subjected to the auditing procedures applied in the examination of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial j statements taken as a whole. The scope of our examination did not include statistical i information listed in the table of contents and we do not express an opinion concerning it. THOMAS, BYRNE & SMITH An Acc ntancy Cor ration-By - D. Richard yrne
City of Riverside COMBINED FINANCIAL STATEMENTS Descriptions of the funds and account groups shown on the following finar;cial state nents are as follows: Governmental Funds
- 1. General Fund - to account for all unrestricted resources except those required to be accounted for in another fund.
- 2. Special Revenue Funds - to account for the proceeds of specific revenue sources that are restricted by law or administrative action to expenditures for specified purposes.
- 3. Debt Service Funds to account for the accumulation of resources for the payment of interest and principal on general icng-term debt.
- 4. Ccpital Projects Funds - to account for financial resources segregated for the acquisition of major capital facilities.
- 5. Special Assessment Fund - These funds account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied. The City of Riverside includes the special assessment funds in the Special Revenue Funds - Debt Service Funds and Capital Funds.
Proprieta.y Funds
- 6. Enterprise Funds - to account for operations that are financed and operated in a manner similar to private business enterprises - where the stated intent is that the costs (expenses, including deprecia-tion) of goods or services to the general public on a continuing basis be financed or recovered primarily.
through user charges - or where periodic determination of revenues earned, expenses incurred,' and/or net income. is deemed appropriate for a capital maintenance, public policy, management' control, account-ability, or other purposes. I 7. Internal Service Funds - to account for the financing of goods or services provided by one department to other departments on a cost reimbursement. basis. Fiduciary Funds - to account for assets held by the City of Riverside as an agent- for individuals, private organizations, and/or other governmental. units. The City of Riverside has no expendable or nonexpendable trust funds. Account Groups - are used to establish accounting control and accountability for the city's general fixed assets, the unnatured principal of the general obligation long-term debt, and long-term lease obligations.
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. fk ~ \ RL " ,t, 8 \:.' N ' , y :u' . L. \py, -)Y. p City of RiverCide Exhibit 2 CCIBIlO STA1D9NT & REVENUE 3, EXPDO11UtES AND CHAEF3 IN FUO BAIANCE3 AIL 00VDetENTAL fulD TYPES For the Fiscal Year Ihded June 30, 1986 1btal (Memorandia (hly) Year Ihded Special Debt Capital Jme 30, June 30, General Reveme Service Projects 1986 1985 Revenues: Property taxes $5,342,851 $1,333,941 $3,894,357 30 $10,571,149 $9,489,944 Other taxes 28, % 1,031 0 0 0 28, % 1,031 26,361,8A3 Special assessments 0 0 171,966 0 171.966 178,994 Licenses and permits 3,128,675 3 0 3,246,283 6,374,958 6,709,232 Fines and forfeits 441,975 1,186,906 0 0 1,628,881 1,632,195 Use of armey and property 2,631,282 686,582 5,643,140 2.998,522 11,959,526 8,852,346 Intergovermental revenues 7,206,317 14,508,334 80,805 2,642,681 24,438,137 17,976,085 Charges for service 3,122,536 75,220 0 0 3,197,756 3,101,677 Utility crmtributicaw 7,204,742 0 0 0 7,204,142 6,666,838 Miscellanoaus revenues 1,124,868 21,848 0 6,540,795 7,687,511 4,299,494 tbtal Revenues 59,164,277 17,812,831 9,790,268 15,428,281 102,195,657 85,269,148 Expenditures: Current: General gavetiment 7,756,221 1,042,406 156,549 7,252,036 16,207,212 7,715,610 Public safety 27,726,946 2,590,286 0 0 30,317,232 - 28,312,908 Highways and streets 8,257,002 1,916,906 0 176,078 10,349,986 10,009,731 Culture and recreatica 8,955,674 6,266,037 0 0 15,221,711 13,543,140 Inase payswnts 1,275,943 126,110 0 0 1,402,053 1,234,864 Capital outlay 1,748,493 6,247,689 0 26,299,831 34,296,013 27,738,136 Debt service: Principal retirement 0 0 3,068,730 0 3,068,730 1,939,898 Interest 0 0 6,199,850 0 6,199,850 4,774,366 1btal Expenditures b5,720,279 18,189,434 9,425,129 33,727,945 117,062,787 95,268,653 Excess Revenue Over(thier) Expenditures 3,443,998 (376,603) 365,139 (18,299,664) (14,867,130) (9,999,505) Other Financing Sources (Uses): B m d sale proceeds 0 0 0 31,720,000 31,720,000 6,300,000 Operating transfer in 0 2,037,024 6,300,206 280,070 8,625,300 585,280 Operating transfer out (1,771,510) (250,488) 0 (6,972,403) (8,994,401) (962,591) Priorperiodadjustment 0 3,488,259 (11,182) 2,634,431 6,111,508 0 lbtal Other Financing Sources (Uses) (1,771,510) 5,274,795 6,297,024 27,662,098 37,462,407 5,916,689 Encess of Revenues and Other Sources over(thoer) Expenditures and Other uses 1,672,488 4,898,192 6,662,163 9,362,434 22,595,277 (4,082,8161 l l 53,221,521 57,304,337 I\sd Balances - July 1 8,770,129 3,042,895 19,404,439 22,004,058 hnd Balances - June 30 $10,442,617 $7,941,087 $26,066,602 $31,366,492 $75,816,798 $53,221,521 the accampanying notes are an integral part of this statement. 5 ) 5 1 1 11 4 A)Il ) 1 t ) e 8 l I 1 1 2 1 5 4 8 1 ] i 1I I i 5 2 I 8 4 1 8 H J 2 3 1 el b c b a n a r el 1 l )1,I, 2 1 4,1, 4, JT, . 1 6, 9,1, 1,1, 1 1, 8 9, 5 1, 2 ( 1 11,1: 5 l, 'l 1, 5 5, 'li i, 3 333 t a r r 4 I I 2 11,( 1 9 8 4 9 51E ! 8 1 l l 5 2 251 fH 8 H 1 2 0 2 l l 8 l l t 3 h i ir vo a 1 4 I 1 1, 2, I, 6,1, 4, 1, 6, 1, I, 1, I, i. 3 3 k fa f a fh 1 ( 5 1 1 1 ( 1 1 ! 1 2 5 2 6 6 11 1 3 3 h ( ll M I !! 8 1 6 ) ) 9 4 1 6 5 8 2 1H4 1 2 1 1 5 11 1 81 11l l 8 1 0 11 1 eHIl l 18 1 1 1 t HH 8 S 0, 19, 1,1,5, 11,1,1,1 4,1,H, 9,1, O n l 1,1 56, 4 I, 1,51, 1, 8 2, H, l,4, 5, 8 4, 2 1 2 5, t i, 1l, 9 E 1 S S l e tu 1 H,11 11,6,! 1 42 1 951 111 64 11 5 9 1 6 4 9 1 1 8 9 21 H 8 1 2 1 8 1 H: 1 2 l 1 H l l 6 S ta a n i f c 5, 94,1,2,6, 1, 1,1, 1,1,4,l, H, 1 1, 1 2, 9 8, 1,26,t, 1, 2 6 4, H, 2 2, l, H, lI, 1 1 S S S f a t I I l l 4 1 ! 412 1 1 2 1 1 6 1 9 1 1 1 511 tI 1 6 2 1 1 ( 8 1 I I 1 1 ( i 1 1 1 2 5 1 I I 2 ( 1 5 S 1
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s 1 I I l) T I f e 4 IHl llt 02i 8 H, 11 Hl l Hl l 11 l l i 8 H l I 8 5 5 1 H% 1 HH l 5 l 3 II L A v e l 1, l, i,l, 2, 8, 2,I,l,I,1, I, 4, i. 8,4, 1, 1, l, 8, H, t,9, I, $ 5 I I C l u ) 1 i l HH1 1 1 2 2 1 ll Hi1 HH l 5 4 4 l l 1 8 8 5 8 1 1( 4, 4 1 1 2 i l HH 1 3 5 f t I P l a l t e 1, 1 G II, 4l, 1, I,l.1 l, 2,16 9, 8, ( 6, 2, H, H, I, 2 S ( H, 23 f $ i 1 1 2 5 1 2 1 5 5 1 8 1 3 I c $ 1 1 1 $ 5 , e 5 ! L p S 5 t l 5 i l 1 l ! 1 O I I I 4 9 9 HI 1 ) 5 5 84 I 88 18 1 i8 H 1 I 2 ) 8 i 4 l i 5 2 3 l i t I E C t e 2, 5 1 H, 8,2,1I, 1 2, H, 1,4,H, 1,1,22, 1, H, 1 4 04, H. H, 9 1, 9 3 4, 3 3 ( i 1 4 H 1 9 l 9 dg 1 2, l 2 11 l, $ 1, 1 l I, 1 H61 1 1 82 2 1 1 5 5 8 1 3 2 H 9 9 2 4 03 3 e 0, l.9,1,1 4, 8, 11, 0,1 1 1, 0, 4 3 $ 3 l 1 1 H 9 1 1 2 1 6 ! 1 2 ( 2 l 2 ( 1 3 3 3 ) 3 e ! l l I 5 1 a6 52 l 4 5 5 1 19 1 et eM lI, l, 110, l,1,1, 1 4 9, Nll 61 1 i l 8,I,1,H, l I 8 I I H i I I I I H H H8 35 cn nar ra e il l i 8 1 8 1 l 1 8 1 9 9 5 ! i, i l, H 2, H 2, H i l. l 1, 5 8 ia o s Hi 1 2, 1 6 61 8 6 1 9 1 1 l 0 l l 11 1, 3 8 r va a 6, 5,1, l, l l, l 1 1, t, 8 I 1 1 I fa f fh l 5 I I II 1 ! 3 ! 3 3 3 ) 1 1 1 l I 5 6,1 8 19,2H,1, 5 11H0I 1 l 1 1 1 Hl ! 1 1 l,l,1,1 I H1 8 1 h 2 9 iI 6 I 4 2 9 1 2 3 1 8 l.1, H, 1 1 8 2 1 1 8 1 5 la 1, I, 2, 2, 9, 5, 5 4, 1, 6, 1, 2, 6, 3 r l a 2 1 4 1 H2 HH 4 2 H91 1, 9 2 5 H, 2 5, l 4 1 1 ) 8 1 4 5 03 33 3 u t s 4 1,H, 2 1, 4 16,2,1 2, l, 2 6 1, 1,1,2,92,6, 4 1 1 l i, 4 5, 1 1, 1 1, 1 1, 1 1, 4 1, 1 ( 1 1 C e l e 1 8 I 2 1I 1 1 9 1 1 1 8 1 1 I 1 1 1 1 8 0 6 4, 9 3 3 12 1 1 I ( ( 1 1 3 $ 3 ) ) 1 ) 3 1 0 8 t i I u612 2 9 4 H5 1 914 2 ) 1 9 8 I 8 H i I 9 i 0 4 9 5 3 t e 0 0 1, 1, l l,H, t, 4, 5,1, 1, 1 4 4 1 1, 4,4,9, 6, H, 2, 1 6, Il, 1 5 1 5, 1 1 2 1, 8 3 1, 3 3 t dg 13 60 2 t l 4H1 4H 4 i i 5 2 6 9 2 4 1 9 461 5 5 1 9 1 2 1 1 11 2 1 4 5 6 3 7 3 s e e 9,1, H, l l, 5, 0, 2, 5, 1,19, 42,1, 1, H, 1, 1, 1 1, 4, 3 3 e t l 4 1 1 1 11 1 5 ! 8 8 9 1 2 2 l 1 1 8 4 t 3 1 2 5 ! 1 1 l ( ( 1 i 5 l 8 ta 4 ts is h t f s s o e r e s e t. s I i a t ) e ) s p it s u c r r ah is u l u p l i e t 8 o b s a h ! s a r g n s r I e c rd e n y r r I H i s t e n r : r h a ta ta e lf se h i s e d e ) s l u O t n e g i g a o J J f l s a t r i s e e e n s e i s ts g n d r n e i h h - - a C e p u o e s e tsi e ta t a l r l ise i s s t n i a i t t ( g g ( a r ts n u t t s e a c sd H in ni t s ieti d lici tnr s p r r e o r nta r e v n e e e r c r r e e e r u I v c s r r e e a ts n a n e e s e s p I !T e d d uan i e s e s e a n pfe re n tnni a a v e s e i i r edd ts nt y ts e r s r i t e i t de e s i r dnfe fudj a e s a if e vh e J s J n a ts ts J u t n o tr u e a : r n n lgi r pte a e tr n ao i r l ) - tes etn g tusex ass ifa t o u r, ro ene e t o ra t n o e v e : s of a n el e l a s s a l a tnicl a s t re p eri ve pt p m t e l r e sg t ht ted r e s s s ir n s us uf a l r n: atllcl ta e I s e l ei n ie p r o sI n e c e c use e c e a
- tita s
e rsphr e eise cens t e l el r o i yl nti le l ta ta i et r i s a s t s i e r n e al li s e a ipbt r el e c r a n P ts l ta s e e an n s a ta at r l t a s( e r cu l n a l n a c s n a r c a i n a p s e nu e P v t pi inet t O I Lf hI nhis e r l C It l c i f a dn ur C f it ( L a e C p C h ! f e h f i d r reir r a p p n e e l O O P o f a n I O h i n h l e hts s e i e e h d a c c e s h t e e i e 'l I O F f hh h l f 1l City of Riverside Exhibit 4 COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALT, PROPRIETARY FUND TYPES For the Fiscal Year Ended June 30, 1986 Total Proprietary Fund Types (Memorandum only) --------------------------- Year Ended Internal Enterprise Services June 30, 1986 June 30, 1985 Opsrating Revenues: Charges for service $139,156,918 $6,733,086 $145,890,004 $133,837,249 Provision for power cost adjustment (5,271,833) 0 (5,271,833) 7,412,736 Total Operating Revenues 133,885,085 6,733,036 140,618,171 141,249,985 Operating Expenses: Personal services 12.021,843 1,339,100 13,360,943 17,812,559 Contractual services 7,656,932 206,274 7,863,206 6,044,215 Maintenance and operation 87,699,973 1,449,304 89,149,277 92.747,350 GIneral operating expenses 7,005,963 445,418 7,451,381 317,678 Miterial and supplies 1,205,222 48,452 1,253,674 949,672 Insurance 542,054 2,040,778 2,582,832 3,580,764 Rrnt/ lease payments 19,956 0 19,956 6,750 D.'preciation 10,218,894 24,324 10,243,218 9,927,988 Total Operating Expenses 126,370,837 5,553,650 131,924,487 131.386,976 Operating income 7,514,248 1,179,436 8,693,684 9,863,009 Nonoperating Revenues (Expanses): 0;erating grants 846,721 0 846,721 477,000 ~a terest revenue 11,067,178 592,838 11,660,016 7,651,902 sundry 638,676 184,355 823,031 678,960 Rent 325,348 0 323,348 284,631 Connection fees 5,750,733 0 5,750,133 4,679,465 Interest expenses and fiscal charges (15,890,666) 0 (15,890,666) (14,347,430) General fund contributions (1,204,742) 0 (1,204,742) (6,666,838) Total Nonoperating Bevenues(Expenses) (4,466,752) 177,193 (3,689,559) (7,242,310) Income (Loss) Before operating Transfers 3,047,496 1,956,629 5,004,125 2,620,699 Opsrating Transfers in(Out): 369,101 0 369,101 383,311 Net Income (Loss) 3,416,597 1,956,629 5,373,226 3,004,010 Othsr increases (Decreases) in Retained Farnings: Add depreciation on fixed assets acquired by grants, entitlesents, and shared revenues externally restricted for capital acquisitions and construction that reduces contributed capital 796,115 0 796,115 291.312 Record extraordinary loss on the issue of advance refunding bonds (17,763,156) 0 (17,763,156) (1,889,002) Total Other Increase (Decrease) in Retained Earnings (16,967,041) 0 (16,967,041) (1,597,690) Total Increase (Decreas=) in Retained Earnings (13,550,444) 1,956,629 (11,593,815) 1,406,320 Batained Earnings July 1 112,898,882 3,019,612 115,918,494 114,512,174 Setained Earnings June 30 $99,348,438 $4,976,241 $104,324,679 $115,918,494 ============ ============ ============ ============ The accompanying not(s are au integral part of this statement. 7 Y City of Riverside Exhibit 5 COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITICO AI.L PROPRIETARY FUND TYPES For the Fiscal Year Ended June 30, 1986 Total (Memorandum Only) j Year Ended Internal ------- -- -- Enterprise Services June 30,1986 June 30, 1985' _ -..=__ Sources of Financial Resources: Operations: Net increase (decrease) in retained earnings during the year (Exhibit 4) ($13,550,444) $1,956,629 ($11,593,815) $1,406,320 Expenses not requiring current outlay of financial resources: Depreciation 10,218,894 24,324 10,243,218 9,927,988 Total Financial Resources From Operations (3,331,550) 1,980,953 (1,350,597) 11,334,308 Contributed capital and grants 8,941,538 0 8,941,538 5,403,474 Bond sale proceeds 153,425,000 0 153,425,000 9,400,000 Total Sources of Financial Resources 159,034,988 1,980,953- 161,015,941 26,137,782
- Uses of Financial Resources
i _....... . Acquisition of fixed assets 17,999,309 35,254 18,034,563 19,225,526 Retirement of revenue bonds payable 107,616,000 0 107,616,000 11,085,000 Total Uses of Financial Resources 125,615,309 35,254 125,650,563 '30,310,h26 Net Increase (Decrease) in Working Capital $33,419,679 $1,945,699 $35,365,378 ($4,172,744) ===== ........ .............. .............. .............. j component Elements of Net Increase (Decrease) in Working Capital: Cash $51,155,808 $1,564,859 $52,720,667 ($6,092,655) Cash with fiscal agent 26,912 (32,175) (5,263) '22,037 Accounts receivable (net) 1,383,376 292,426 1,675,802 ~ 1,098,820 Interfund loans receivable 0 0 0 431,335 Prepaid axpenses (384,769) 622 (384,147) 149,671 central stores artventory of supplies . 0 381,135 381,135 113,230 Interest receivable- 424.049 12,654 436,703 (795,840) Deferred charges 1,120,064 0 1,120,064 (255,140) Accounts payable 434,656 208,443 643,099 (3,126,136) Contracts payable (238,811) 2,038 (236,773) 107,659 Interfund loans payable 0 (755,163) (755,163) . (184,697) Lease obligations payments 0 0 0 (66,090) l Accrued liabilities '(200,288) (5,785) (206,073) 26,815 Power cost adjustment balancing accounts (19,954,013) 0 (19,954,013) 5,458,459 4 Estimated claims and judgements 0 290,971- 290,971 (859,670) Liability for compensated absences .(347,305) (14,326) (361,631) .(200,542) Net Increase (Decrease) in Working Capital' $33,419,679 $1,945,699 $35,365,378 ($4,172,744)- The accompanying notes are an integral part of this. statement. l , u g: ~ City of Riverside NOTES TO F1HANCIAL STATEMENTS The following notes are an integral part of this statement. _ _ _ _ _ . _ - - _ _ . - - - - -..-- - -- - . - - _ - - . . _ - . ~ . - - - .~. . ..- - . I' City of Rivtrside , NOTES TO FINANCIAL STATEMENTS l Fiscal Year Ended June 30, 1986
- 1. Summary of Significant Accounting Policies i The City of Riverside was incorporated October 11, 1883 as a Charter City. The City cperates under a Council-Manager form of government. The
- City provides the following services
- public .afety (police, fire, disaster preparedness, and building inspection), highways and streets, sewage, refuse, social services, culture recreatun, public leprovements, planning and zoning, electric, water, senior citizens transportation,
! airport, and general administrative services. The accounting policies of the City of Riverside confore to generally accepted accounting principles as applicable to governments. The following' is a summary of the more significant policies: ! A. Reporting Entity The Financial Statements of the City of Riverside include the financial activity of the City, the Riverside Parking Authority, the Riverside 1 Airport lease Company, the City of Riverside Redevelopment Agency, the City of Riverside Municipal Improvement Corporation and the City ! sponsored portion of the Riverside Civic Center Authority. Their financial operations are closely related and the City Council has ' a continuing oversight responsibility over each entity. The oversight responsibility is determined on the basis of budget adoption, taxing authority, funding and appointment of the governing board. NOTE: The Redevelopment Agency will become a City department in fiscal year 1986-87. There are many other governmental agencies providing services such as the Riverside Community College, Alvord Unified School District and Riverside Unified School District. These other governmental agencies have independently elected boards. Consequently, financial 4 information is not included in the accompanying financial statements. Not included in the accompanying financial statements are Mortgage Revenue and Industrial Development Bonds outstanding of approximately
- $71,305,000.
, The Bonds are special obligations payable solely from payments made on and secured by a pledge of the acquired mortgage loans and certain other reserve funds and other monies in connection therewith, all pledged under the resolution authorizing the issuance of the Bonds. The Bonds are not payable free any other revenues or assets of the City or Redevelopment Agency. Neither the faith and credit nor the taxing } power of the City, the State of California or any political subdivision thereof or the Redevelopment Agency is pledged to the payment of the principal of and interest on the Bonds. B. Fund Accounting i The accounts of the City are organized on the basis .of funds and account groups,~ each of which is considered a separate accounting entity. i The operations of each fund are accounted for with a separate set of self-balancing accounts ' that comprises its assets,-Itabilities, fund 4 equity, revenues, and expenditures, or expenses, as appropriate. Government resources are allocated and accounted for in individual funds . I based upon the purposes for which they are to be spent and the means by which spending activities are contro11ed. The various funds are grouped, in the ftpancial statements in this report, into eight generic fund types and three broad fund categories as follows: GOVERestENTAL FUNDS General Fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. j Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assess- i ments expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. Debt Service Funds - Debt Service Funds are used to account for the accumulation of resources for, and the payment of,' general long-tere - debt principal, interest, and related costs. 'l i, . 9 -- - . - _ . - _- - - - -- . - - . . . . - -. _- - - .- -- - - ~ - . ~ _ - i i , Capital Project Funds - Capital Project Funds are used to account for financial resources to be used for the acquisition or construction of i major capital facilities (other than those financed by propeietary funds). ! Special Assessment Funds - Note: The City of Riverside has incorporated the 1915 Assessment District Funds into the Debt Service Funds and Capital Project Funds pursuant to the Governmental Accounting Standards Board exposure draft of Proposed Statement, " Accounting and - Financial Reporting for Special Assessments," dated July 15, 1986. l. PROPRIETARY FUNDS i Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner siellar to private business enterprises -- where the intent of the governing body is that the costs (expenses, including ' depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing ! body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital mainte-nance, pubile policy, management control, accountability, or other purposes. a i Internal Service Funds - Internal Service Funds are used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City, or to other governments, on a cost-reimbursement basis. j FIDUCIAPY FUNDS f Agency Funds - Agency Funds are used as an agent for individuals, private organizations, other governments, and/or other funds. Agency l Funds are custodial in nature (assets equal liabilities) ar.d do not involve measurement of results of operations. C. Single Audit ! The City has compiled with the Single Audit Act of 1984 and 005 Circular A-128 in this financial report.' D. Fixed Assets and Long-Ters Liabilities ! 1 The accounting and reporting treatment applied to the fixed assets and long-tern liabilities associated with a fund are determined by its measurement focus. All Governmental Funds and Expendable Trust Funds are accounted for on a spending or " financial flow" measurement focus. I 4 This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are + i said to present a summary of sources and uses of "available spendable resources" during a period. I , Fixed assets used in governmental fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, - ! r6ther than in governmental funds. Pubile domain (" Infrastructure") general fixed assets consisting of certain improvements other than
- bui dings, including roads, bridges, curbs and gutters, streets and sidewalks and drainage systems, are not capitalized as general fixed l assets. No depreciation has been provided on general fixed assets.
All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated fixed I assets are valued at their estimated fair value on the date donated. Long-term liabilities expected to be financed from governmental funds are accounted for in the General tong-Tern Obligations Account Group, not in the governmental funds. The two account groups are not " funds". They are concerned only with the measurement of financial position. They are not involved with' i measurement of results of operations. l Moncurrent portions of long-term receivables due to governmental funds are reported on their balance sheets, in spite of their spending 4 measurement focus. Special reporting treatments .are used to indicate, however, that they should not be considered "available spendable resources," since they do not represent net current assets. Recognition of governmental fund type revenues represented by noncurrent ' receivables is deferred until they become current receivables. Noncurrent portions of long-tern loans receivable are offset by fund balance l reserve accounts. ! 10 .-- .- _ _ - - _ - . _- .-- - -- ~ - - - - . . - . . . . - Expendable supplies are inventoried in the Enterprise Funds and the Internal Service Fund, Central Stores. As items are consumed, they .ra charged as an expense to the user departments. Because of their spending measurement focus, expenditure recognition for governmental fund types is limited to exclude amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type i
- expenditures or fund liabilities. They are instead reported as liabilities in the General tong-Term Ob11gations Account Group.
i , All Proprietary Funds are accounted for on a cost of services or " capital maintenance" measurement focus. This means that all assets and i all Itabilities (whether current or noncurrent) associated with their activity are included on their balance sheets. Their reported fund I equity (net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund type operating state-ments present increases (revenues) and decreases (expenses) in net total assets. ! Depreciation of all exhaustible fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fand balance sheets. Depreciation has been provided over the estimated useful Ilves using the straight ilne method. The estimated useful lives are as follows: Buildings 50 years , Improvements 20-99 years Equipment 4-15 years
- E. Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in accounts and reported in the financial state-ments. Basis of accounting relates to the timing of the measurements made, regardless of the measuremant focus applied.
The general, special revenue, debt service, capital projects and trust and agency funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Sales taxes, utility users tax, property taxes, street lighting charges, fines and forfeitures are considered " measurable" when in the hands of intermediary collecting I governments and are recognized as revenue at that time. Anticipated refunos of such taxes are recorded as liabilities and reductions of revenue when thep are measurable and their validity seems certain. Expenditures are generally recognized under the modified accrual basis ' of accounting when the related fund 11 ability is incurred. Exception to this general rule is the principal and interest on general long-ters obligations which is recognized when due. t The enterprise and internal service funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they , are earned and their expenses are recognized when they are incurred. Compensated absence amounts are accrued using the dollar value earned but not used at June L',, 1986. Unbilled electric, water, sewer, and refuse utility service charges which are billed on monthly cycle billings are recorded at year end and reflect on the balar.ce sheet as unbilled accounts receivable. The Electric Utility's Rates, Rules and Regulations provide for a Power Cost Adjustment billing formula which is included in customer billings to reflect variations in the cost of i power to the Electric Utility. The Electric utility adjusts revenues from the sale of electricity for overcollections or undercollections l, of revenues resulting from differences between the Electric Utillt"'s actual cost of power and the amount billed to customers through the 4 billing formula. These over or under collections are recorded in the Power Cost Adjustment Balancing Accounts until they are refunded to, 3 or recovered from utility customers, i F. Budgets and Budgetary Accounting , The City follows these Charter requirements and procedures in establishing budgetary data reflected in the financial statements:.
- 1. Thirty-five days prior to June 30, the City Manager submits . to the City Council a proposed operating budget for the fiscal . year '
I commencing July 1. -The operating budget includes proposed expenditures and the means of financing.
- 2. Public hearings are conducted at City Hall to obtain taxpayers' comments.
- 3. Prior to July 1, the budget is legally enacted through the passage of a resolution.
11 i
- 4. The City Manager is authorized to transfer budgeted amounts within departments, however, any revision that alters the total expendi-tures of any department must be approved by the City Council.
- 5. Formal budgetary integration is employed as a management control device during the year for the General Fund, Special Revenue Funds, Capital Project Funds and Debt Service Funds.
- 6. Budgets for the General Fund, Special Revenue Funds, Capital Project Funds and Debt Service Funds are adopted on a basis censistent with generally accepted accounting principles.
- 7. Encumbrances outstanding at June 30, are reappropriated in the ensuing year's budget.
- 8. Year end unencumbered balances are reviewed and those projects and programs which are continuing with the next year are approved by Council prior to July 1 and placed in the Unreserved Fund Equity titled, Designated for Subsequent Years' Expenditures.
- 9. All year end unencumbered balances are transferred to the undesignated fund balances at the end of each fiscal year and the undesig-nated fund balances are used to fund future year expenditures.
- 10. It is budgetary control policy that expenditures do not excee! appropriations. During fiscal year 1985-86 there were no expenditures
- exceeding appropriations. The level of control (level at which expenditures may not exceed budget) is the funo.
Budgeted amounts are as originally adopted, or as amended by the City Council by June 30, 1986. Individual amendments were not material in relation to the original appropriations which were amended. G. Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditures of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of the formal budgetary integration in the General Fund, Special Revenue Funds, and Capital Project Funds. Encumbrances outstanding at year end are reported as reservations of fund balances since they do not constitute expenditures or liabilities. H. Investments and Composition of Cash Investments are stated at cost or market (Deferred Compensation is recorded at market value). Cash accounts of all fun (s are pooled for investment purposes, in order to maximize interest earnings. All such interest earnings become revenue to the General Fund unless pro-hibited by bond covenants, or legal requirements relating to specific funds or grant provisions. Debt service requirements for the Parking District No. 1 Revenue Bonds, Parking and Civic Center Authorities lease revenue bonds, Airport lease Company lease revenue bonds and Redevelopment Agency tax a11eration bonds are met by lease oayments to the trustees, cash transferred to fiscal agent and Interest earned on funds administered by the trustee and fiscal agent. The composition of treasurer's cash and investments at June 30, 1986 (in thousands of dollars): CASH AND INVESTMENTS Investments with Fiscal Agent $ 42,570 Cash with Fiscal Agent 238 Demand Deposits 10,175 Time Deposits 95,278 Federal Agencies 58,510 Cash on Hand 327 Redevelopment Agency Cash and Investments 1,319 Total Treasurer's Cash and Investment $ 208,417 12 l.__ I included in the abows amounts is restricted cash ressrvid for debt sarwice requirements and bond ccnstructirn (in thoustnds of dolltrs): i
- Actual Debt Service Debt Service Debt Service Bond Ratio Required Ratio Requirements Construction Debt Service Fund -
.21 $ 26,067 $' - l Electric Fund 1.25 1.4 19,724 13,310 i Water Fund 1.50 2.7 4,999 13,606 1 i Sewar Fund 1.50 2.4 1.777 - S 52.567 $ 26.916 I. Due from Other Governments
- Reflects earned revenues which the City has accrued at June 30, 1986.
J. . Inventory
- 1. Central Stores Inventory
- The City uses the Internal Service Fund Central Stores to control, purchase and issue all expendable supplies. The inventory, as l determined by perpetual records, of $2,776,157 is stated at average cost. There is a material handling charge to users to cover the j operating cost of the stores fund.
i 2. Nuclear Fuel Inventory i ~ i The City records at cost its 1.79E share of purchases of raw nuclear fuel and processing costs for the San Onofre Nuclear Generating . Station as inventory. Nuclear fuel inventory is amortized based on gross generation and is reflected on the combined balance sheet at its net value of $7,542,702 at June 30, 1986.
- 3. Common Facility Parts Inventory i
} The City records at cost its 1.49% portion of the capital spares inventory of the San Onofre Nuclear Generatf ag Station. The City's portlen was $592,429 at Jur'c 30, 1986. i K. Compensated Absences The accompanying financial statements include accruals for salaries, fringe benefits, and ' compensated absences due employees at June 30, 1986. City employees receive from ten to twenty-five days vacation each year depending upon length of service. Vacation can be accumulated as of. January 1 to a nauteum not to exceed accumulation of two years continuous service. . Unused vacation may be' redeemed in cash upon termination of employment. " ! City employees receive one working day of sick leave for each month of employment or major portion thereof with unlleited accumulation for unused sick leave. ' Esployees who terminate for reasons other than retirement or death lose all accumulated sick leave. Upon retirement or-death, unused sick leave is paid in cash at the rate of 25% af ter five years employment and 50K af ter ten years employment. Employees hired in the general bargaining unit after July 1, 1979 cannot redeem any unused sick leave. L. San Onofre Nuclear Generating Station Decommission Liability - The City is required by agreement to establish a reserve for the decommissioning of the power plant and restoration of the beach front at San Onofre. The City recognizes its 1.791 share of the present value of decommissioning costs .of $200,000,000 as estimated by Southern. California Edison engineers, by funding the reserve over the 30 year life of the plant. The City presently has $329,024 cash and invest-ments set aside of its $3,580,000 estimated share of the decommission cost. 13 . _ _ _ _ _ _ _ . _ _ _ _ . _ . - _ _ _ _ _ - . _ _ _ _ _ _ _ _ _ _ - . . _ _ . _ . . ~. __. ._ = , . - _ . . i e s M. Total Columns on Combined Statements - Overview 4 Total columns on the Combined Statements - Overview are captioned Memorandum Only to indicate that they are presented only to fact 11 tate financial analysis. Data in these columns do not present financial position, results of operation, or changes in financial position in ' conformity with generally accepted accounting principles. Furthermore, such data is not comparable to a consolidation. Interfund elimina-tions have not been made in the aggregation of this data. 4 N. Comparative Data Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. However, comparative (i.e., presentation of prior year totals by fund type) .i data have not been presented in each of the statements since their inclusion would make the statements unduly comple.. and difficult to read. i j 0. Accounting Changes and Restatements The following accounting changes and restatements are included in the accompanying financial statements: (1) Restated Sewer Fund retained earnings to reflect additional extraordinary loss on the refunding of the 1982 Sewer Revenue Bond with the f' I 1985 Sewer Advance Refunded Issue. s j (2) Restated Insurance Funds for estimated claims and judgement liabilities. I The aforementioned accounting changes resulted in the following restatements of Retained Earnings:
- Sewer Fund Sewer Fund Retained Earnings June 30, 1985 $31,898,602 Record additional extraordinary loss on the 1985 Sewer Advance Refunding Issue (944.501) l Restated Sewer Fund Retained Earnings June 30, 1985 $30.954,101 Workers' Compensation Fund Workers' Compensation Fund Retained Earnings June 30, 1985 '
$ 3,206,926 Increase in liability for estimated claims and judgments ( 467,070) Restated Worker's Compensation Fund Retained Earnings June 30, 1985 $ 2,739.856 Unemployment Compensation Fund ! Unemployment Compensation Fund Retained Earnings June 30, 1985 $. 468,895
- Increase in liability for estimated clales and judgments (14,333).
! Restated Unemployment Compensation Fund Retained Earnings June 30, 1985 $ 454,562 i ! Public tiability Fund i PubileLiabilityFundRetainedEarningsJune 30, 1985 $ 774,444 i Increase in liability for estlented c1 ales and judgments (920.000) . Restated Public Liability Fund Retained Earnings June 30, 1985 $ (145.556)
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.~ , _ __ _ . _ P. The fallowing prisr period adjustments were made in the RIporting Entity, the RIdev31opment Agency, to rsflect the fallowing: Reisens: Construction Recording Loans Previously Prior Interest Funds Not Recorded Expenses , Special Revenue $ 3,488,259 $ l Debt Service (11,182) Capital Projects 2.634.431 Total $ 6.122.690 $ (11.182) i
- 2. County of Riverside Tax Co11ection Schedule (County collects, and assesses all property taxes for the City) l A. Secured property taxes are due in two installments: November 1 and February 1. They become delinquent December 10 and April 10, respectively.
- 8. Unsecured property taxes are due August 31 and become deline;uent September 1.
C. Delinquent penalty is 10%. ! D. If taxes become delinquent, property is deeded to the state and may be sold by the County Tax Collector for taxes due plus 1.5% per month redemption fee af ter the third month of being delinquent. E. All property taxes are collected by the County of Riverside with 1/41% of special taxes going to the County for collection fee. F. Assessed values of property taxed are at full cash value as set by the County within guidelines set by State Constitution. G. City sets rate for general obligation bonded indebtedness only.
- 3. HxM Assets Changes in General Fixed Assets j for the Fiscal Year Ended June 30, 1986
-(In Thousands of Dollars) Balance Salance July 1. 1985 Additions Deductians June 30. 1986 City Cost: Land $ 14,385 5 438 $ 174, $ 14,649 Building and Improvements 32,652 - 1 32,651 Improvements other than Buildings 10,641 2,820 8 13,453 + Machinery and Equipment 19.278 2.318 1.303 20.293 Total City Cost 76.956 5.576 1.486 81.046 . Redevelopment Agency Cost: . Land 664 161 664 161 Bu11 dings and Improvements 1,336 - 1,336 - Machinery and Equipment 37 28 - 65 Total Redevelopment Agency Cost 2.037 189 2.000 226 GRAND TOTAL COST $ 78.993 $ 5.765 $ 3.486 $ 81.272 Investments For General Fixed Assets From: Lease Agreements $ 27,222 Gifts 1,216 l Operating Revenues .29,124 General Obligation Bonds 4,%9 County Contracts and Grants 819 ' 8,605 State Grants ) Revenue Sharing 381 Other Federal Grants 3,265 Housing and Community Development Grants 5.671 Grand Total Cost 5 81.272 15 -. - - - . - - _ . - - - - ~. _. - - ~ - _ - _ - ~ . - - . - .-- A Summary of Propristary Fund Type Property, Plant and Equipment at June 30, 1986 follows (In Thousands of Dollars) L Enterprise Funds Electric Water Airport Refuse Sewer Transportation Total { Land $ 845 5 8,319 $ 2,814 $ 414 $ 580 $ - $ 12,972 Building and Improvements 1,627 1,300 608 - 43,855 - 47,390 , Improvements Other than Buildings 180,803 90.850 3,310 232 12,195 - 287,390 Machinery and Equipment 2,087 2,078 97 2.833 4,191 494 11,780 1 Construction in Progress 14,390 2,887 436 23 3,056 - 20,792 Total 199,752 105,434 7,265 3,502 63,877 494 380,324 Less Accumulated Depreciation (40,841) (26,898) (819) (2,518) (10,611) (315) (82,002) Net 1 158,911 $ 78,536 $ 6,446 $ 984 $ 53,266 $ 179 $ 298,322 Workers Public Unemployment Central Central Internal Services Compensation Liability Insurance Stores Carace Total Machinery and Eoulpu nt 5 - $ 258 $ 190 $ 448 Construction in Progress - - - - - - Total 0 0 0 258 190 448 Less Accumulated Depreciation - - - (162) (109) (271) Net 5 0 $ 0 $ 0 $ % $ 81 $ 177
- 4. Changes in tong-Ters Obilgations (in thousands of dollars): Account Group
! General Government Long-Tern Obligations i Balance Balance
- July 1, 1985 Increase Decrease June 30, 1986 Contracts paychle $ 366 $ 132 $ 175 $ 323 Notes payable 1,381 -
119 1,262 Compansated absence liability 10,901 1,432 - 12,333 General obligation bonds payable 1,460 - 180 1,280 1 Redevelopment tax allocation bonds payable 15,170 8,000 460 22,710 Civic Center Authority lease revenue bonds payable 30,655 - 645 30,010 Parking Authority lease revenue bonds payable 2,955 - 75 2,880 Riverside Municipal Improvement Corporation certificates of participation 13.595 - 720 12,875 1983 Certificates of participation 1,505 - 570 935 Special assessment bonds payable 1,470 23,720 30 25,160 Total General Government Long-Tern Obligations S 79,458 $ 33,284 $ 2.974 $ 109,768 Proprietary Fund Type Long-Tern Obligations Balance Balance July 1, 1985 Increase Decrease June 30, 1986 Contracts payable (See Note 7 for individual funds) Enterprise Funds $ 2,120 $ 345 $ 106 $ 2,359 Internal Service Funds 49 22 24 47 Revenue bonds payable (See Note 7 for individual funds) 160,730}}