ML20210N639
| ML20210N639 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 12/31/1985 |
| From: | GAINESVILLE REGIONAL UTILITIES |
| To: | |
| Shared Package | |
| ML20210N608 | List: |
| References | |
| NUDOCS 8605050208 | |
| Download: ML20210N639 (40) | |
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ANNUAL REPORT 1985 .
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Mayor-Commissioner Pro Tem
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GARY GORDON . - -
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DAVID FLAGG g ,.
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W.E. MAC" McEACHERN Commissioner
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FOreWOTd The City of Gainesville is located in north central Florida midway between the Gulf of Mexico and the Atlantic Ocean. With an area of 35 square miles, it is the largest city in Alachua County. The estimated i population of the Gainesville urban area is I29,000.
The University of Florida, with more than 35,000 students and employing over 18,000 faculty and staff at an annual payrollin excess ;
of $260 million, is the most significant factor in Gainesville's economy.
Shands Teaching Hospital and Clinics, with an annual payroll of more than 550 million for its 2,500 employees, is a leading example of the economic impact by the area's medical institutions. The Gainesville area is one of the largest educational and medical complexes in the l South. ,
i Gainesville Regional Utilities (GRU), a combined utilities system owned by the City, provides Gainesville and certain unincorporated ,
areas of Alachua County with electric, water, and wastewater serv- l ices.
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l l Management Letter 1 Contents signrignts i Electric System 2 Water System 6 Wastewater System 8 FinancialSummary 10 Auditors' Report i3 l Commitment 34 Rates 36 r
Cover: Deerhaven Generating station.
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I To Our Owners and Customers Building upon a record of success, Gainesville Regional Utilities con-
% ll g tinued in 1985 to establish new benchmarks of service to our customers and community.
Financial performance of the combined systems achieved a record high of $41.4 million in net revenues with an attendant rise to a 2.31 [nc',l'"'
a debt coverage ratio. Major factors in this 56.1 million improvement over 1985 1984 loccreasel budget projections included a 20 percent increase in interchange energy Financial:
sales, higher than expected growth in local sales, and improved Net R enues Aher Rate operating efficiencies. coverage Ratio 2.3 : 2.27 i8%
Due primarily to increased availability of our Deerhaven 2 coal-fired ^ggregate ocot serwce 7.939.790 17.939.790 oo%
Db 2 2 generating unit, GRU was able to provide 517 million in fuel savings $"Qp'n,t oQ to Florida's electric customers through greater Energy Broker interchange sales to other Ltilities. At the same time, our own local customers con- customers (12 Montns AverageJ:
E tinued to enjoy the lowest residential electric rates of Florida's nine entia 45.386 43,611 41%
major generating utilities. Efforts to establish firm markets for our surplus Nor>Ressdential s.243 5.150 t8%
generation resulted in new contracts to supply power to the Florida TOTAL ELECTRIC 50.629 48,761 38%
Municipal Power Agency and the City of Alachua. Additional service water 36.024 34.o4: s.8%
schedules were added to our interchange contracts with twelve of wastewater 32.669 30,962 55%
Florida's seventeen generating utilities. sales of Energy (gigawatt nours):
Strong customer growth and higher than expected use per customer Res,oentia 449.s 423.o 6.3 %
contributed to increased retail sales in all three utilities, as shown in 6*""*j,5"**9' po 471.5 436 3 8.1 %
3 the adjacent " Highlights" tabulation. Operating and maintenance ugnting is8 iss 00%
expenses were held under budget as our employees continued to saies tor Resare 28 9 26 3 99%
pursue economies in operations throughout the year. Competitive fuel suB-TOTAL 965 7 901.4 7.1 %
intecnange 76 .1 6322 204%
purchasing reduced coal costs $2.7 million below budget, and continued T TAL I,726 8 1,533.6 12 6 %
use of our Tax Exempt Commercial Paper program brought 1985 savings of 52.6 million over estimated interest on alternative long-term sales of water bonds. (mmion gaisonsl s.972.5 s.sso s 7.0%
No accomplishment during the year was more rewarding than pro-viding higher quality of service to our customers. During a two-week
" rush" period this summer, service applications were processed for ten thousand returning college students with no wait in line longer than ten minutes and no wait for service connection longer than twenty-four hours. Two water extension projects provided relief from the hazard of contaminated private wells to citizens in the community of Fairbanks to the north of Gainesville and in the Old Archer Road area at the southern edge of our system.
j Recognition of achievements by our staff came from many quarters.
Florida's Department of Environmental Regulation once again recog-nized the Murphree Water Treatment Plant as the best operated plant in Florida's Northeast District. Gainesville's original water supply, the -
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historic Boulware Springs Waterworks, was named an American Water ; ge
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Landmark by the American Waterworks Association and was listed on l the prestigious National Register of Historic Places. Half of the design .
[ cost for tne City's project to restore the facility has been awarded in a Florida Historic Preservation Grant. Leadership roles were assumed by our employees this year in such industry organizations as the Florida (Y, '
Municipal Utilities Association and the Florida Electric Power Coor- i dinating Group.
l The bottom line of any financial statement is " profit l' and the 1985 i
benefits from GRU to our owners - the people of Gainesville - have j I been many. As a major employer in the county, we returned an 4 8 l annual payroll of $14 million to the local economy while standing as
- a major financial resource for the City In the face of winter's freeze, 1 J spnng's drought, and summer's storms our employees continued to ,
I demonstrate a high level of dedication to the quality of service we pro-1 vide to our customers. And with aggressive programs in water and W.D. HIGGINBOTHAM, JR.
l energy conservation, cross-connection control, safety education, and city Manager (left) facilities planning we have demonstrated our commitment to an RICHARD L HESTER, RE.
enriched quality of life for this community. General Manager for Utilities (right)
Gainesville Regional Utilities' 1985 record of achievement is one of joint effort, and we proudly share it with you.
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Gainesville Regional Utilities' electric facilities serve 70 percent of Electric System A,ecnua County.s gogu,e e n end enm mgess 150 sque,e m,les_
about one-sixth of the county.
Our John R. Kelly Station and Deerhaven Station have a combined fossil-fueled generating capability of 485,000 kilowatts (kW).
Deerhaven Station, with a capability of 357,000 kW, operates one I coal-fueled steam unit, one oillgas-fueled steam unit, and two oillgas- l fueled combustion turbine units. The Kelly Station's three oil / gas-fueled steam units and three combustion turbine units provide a sta-tion capability of 128,000 kW. Part ownership of the Crystal River 3 nuclear power unit operated by Florida Power Corporation provides us with an additional i1,600 kW. These three stations provide all of our power requirements via a 138 kilovolt (kV) transmission network with connections to the Florida Power & Light Company and Florida ELECTRIC SYSTEM Power Corporation at 138 kV and 230 kV. The present transmission ENERGY SALES network consists of I15.4 circuit miles of 138 kV and 2.6 circuit miles (ClG AW ATT HOURS) of 230 kV. Five major substations connected to this network serve our 2500 12 kV distribution system which includes approximately 1,371 circuit miles of overhead lines and 450 cable miles of underground system.
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2000 our electric system in 1985, an increase of 3.8 percent over 1984. Resi-I dential customers, who comprise 90 percent of the total number, in-1500 creased consumption by 6.3 percent to a total residential energy usage l
I of 449.5 gigawatt hours (gWh). Consumption by general service and 1000 large power customers increased 8.1 percent during the year for a combined consumption of 471.5 gWh.
500 The graph on this page displays the system's fuel mix for net gen-eration historically from 1976 through 1985. As one of the few munic-ipal utilities in the Southeast with the ability to burn five fuel types-0 sidual oil-GRU can
, _, _, _, _, _, coal, nuclear, natural gas, distillate oil, and g g g g g g adapt to a wide variety of economic or emergency conditions. In fiscal o - m w a u' year 1985, the system's fuel mix was approximately 75.2 percent coal, 21.9 percent natural gas,2.3 percent nuclear, and 0.7 percent fuel oil.
O m ac"^ " The sale of 742,000 megawatt hours (MWh) of energy to other co m ac t. mustaut m ' " "
utilities through Florida's Energy Broker network contributed net rev-enues of $8,400,000 to GRU for the year, and resulted in fuel savings of about 517 million for utilities in peninsular Florida.
Although 1984 interchange revenues had declined sharply from previous years,1985 registered an increase of approximately 20 per-cent over 1984. This year's increase was primarily due to the greater availability of Deerhaven 2 and was also influenced by fuel prices, FUEL HISTORY / 1976 - 1985 m, n. m m .ms, energy demands, and unit availabilities throughout Florida. GRU con-tinues to pursue alternate markets for our surplus capacity, and during the year we added an additional service schedule to our interchange contracts with 12 of Florida's 17 generating utilities. (Three were 2*o added in fiscal year 1984.) The new service schedule allows us to
, increase revenues by entering into economy energy transactions of isa longer duration than permitted by the original economy energy serv-ice schedule. This change provides more flexible alternatives for Flor-ida's utilities when purchasing less expensive coal energy. In addition to enhancement of existing interchange contracts, we have begun supplying approximately 1.5 MW of wholesale power to the City of
'" Alachua by serving a portion of their load through our distribution facilities. Additionally, we have executed an agreement with the Flor-o g g g g g j j j j j ida Municipal Power Agency for 30 MW of unit power out of Deer-haven 2. This unit-specific power contract will remain in effect through December 1992, with a ramp-down provision for the last two Iarunatoas (1 m;ctran years. Discussion of additional power supply options continues with 0 coat other utilities.
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GRU's success in the Florida energy market has been primarily due to our coal-fired Deerhaven 2 generating unit. During 1985 its capac-ity factor increased 16.8 percent over 1984 to a totai of 76.2 percent.
Since initial operation in 1981, it has saved Gainesville 530 million in native load fuel costs and an additional $81 million of fuel savings on energy marketed to other Florida utilities. Half of this amount has been retained by Gainesville ratepayers.
Competitive fuel purchasing during the year resulted in a $2.4 mil-lion reduction in budgeted coal expenses, and increased delivered heating value contributed an additional 5300,000 savings. GRU's pur- l suit of a rail transportation agreement with the CSX railway family has resulted in negotiation of a contract with estimated annual transporta- j tion savings of $1.2 million. The agreement is expected to take effect i shortly after the beginning of the new fiscal year.
Also initiated in 1985 was a project to add supplemental natural gas firing to Deerhaven 2 as an alternative to firing by No. 2 fuel during startup, shutdown, and under low load conditions. No. 2 fuel oil costs nearly twice as much as natural gas, and this project can considerably reduce the unit's operating costs.
Boiler controls installed in 1965 on Kelly Unit 8 were replaced this year with a modern microprocessor-based electronic control system.
Replacement will reduce control maintenance costs on the 44 MW oill gas-fueled steam unit.
ELECTRIC RATE COMPARISONS dollars 0 10 20 30 40 50 60 70 80 90 100 I I I I I I I l i I m
GAINESVILLE REGIONAL UTILITIES CLAY. ELECTRIC COOPERATIVE ~
FLORIDA POWER CORPORATION' _ _._
FLORIDA POWER & LIGHT; COMPANY:
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l CITYLOF LAKELAND:
l .ORLANDO UTILITIES COMMISSION.
CITY OF: TALLAHASSEE TAMPA ELECTRIC COMPANY.
l COMPARISON OF MONTHLY RESIDENTIAL ELECTRIC BILLS FOR 1,000 KWH BASED ON RATE AND FUEL ADJUSTMENT INFORMATION PROVIDED BY THE UTILITIES (12 MONTH AVERAGE, OCTOBER 1984-SEPTEMBER 1985) 4
Major projects for the electric system during the year inc!uded the final design and permitting of two miles of 138 kV transmission line and a new 60 MVA substation. This substation, scheduled to begin service in June 1986, will be located in the center of a rapidly develop-ing area composed of shopping malls, medical facilities, and expand- ELECTRIC SYSTEM ing single- and multiple-family developments. NUMBER OF RETAll CUSTOMERS
! Final design and specifications were completed for replacement of (ANNUAL AVERAGO our twelve-year-old energy management system. The replacement 60,000 i system, representing the current state-of-the-art in computerized con-trol and dispatching of electric generation. transmission, and distribu- 50,000 tion systems, will feature advanced application programs to evaluate economy and reliability of dispatching alternatives as well as to train power system operators. 40,000 Planning and design activities began for a significant expansion of our Operations Center complex, and land acquisitions for the project 30,000 were completed during 1985.
Reflecting an active economy, our distribution system continued to 20,000 grow with the installation of 63.5 miles of underground conductor and 42 miles of overhead conductor to serve an additional 2,647 elec-10,000 tric meters.
Reconductoring of selected high-loss distribution feeder circuits with larger conductor continued on schedule with the replacement of 0 three miles of conductor, resulting in reduced system losses and in- g g g g g g creased load support capability. Our 4 kV conversion program contin- g g g g g ued with the removal of all 4 kV line, with the exception of one circuit 3 )
to be removed early in 1986-E couuracut no moustaint Employee skill and safety training throughout the electric system [] y s,mt, t i enjoyed continued emphasis during 1985, including instruction in ma-terials safety data as required by Florida's Right to Know" law. Craft and technical training in our power plants totaled 9,000 manhours of classroom instruction, plus an additional 7,000 hours0 days <br />0 hours <br />0 weeks <br />0 months <br /> of safety train-ing. Competency-based training, accepted by the State of Florida, guided our transmission and distribution employees throughjourney-man level training.
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%]{[" ${gjj Gainesville Regional Utilities' water system is supplied by the Murphree Treatment Plant, which is served by eight deep wells capable of pumping 40 million gallons per day (mgd) of ground water to the treatment process. Treatment capacity is rated at 30 mgd, and ten million gallons of storage is provided on the plant grounds. Ou.r water distribu-tion system includes two elevated storage tanks with a combined capaci-ty of 1.5 million gallons and approximately 520 miles of transmission and distribution mains.
Customers increased 5.8 percent during 1985 to an annual average WATER SYSTEM
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cent increase over the previous' year.
NUMBER OF CUSTOMERS The Murphree Plant delivered an annual average of 18.3 mgd of water
( ANNU AL AVER AGE) to the distribution system this year, representing a 4 percent increase 40,000 over 1984. In June 1985 we experienced a maximum daily flow of 29.4 l mgd due primarily to an extended dry spell. Extremely high hourly peak
- dem nds surpassed the distribution system's pipeline capacity for sup-35'000 plying consumer demand while maintaining adequate system pressures.
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in response to the drought condition, a mandatory irrigation water con- ,
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F servation program was instituted. Customers responded to the conser-
- a s vation program with a 4 mgd hour demand reduction and a favorable 25,000 g g shift of peak flow from afternoon to morning hours.
? W & B4 Florida's Department of Environmental Regulation once again hM d , recognized the Murphree Plant as the best operated public water plant 20,000 - i 4- Ds .
in the Northeast District. Extensive water quality monitoring, well 3 M [\ beyond state and federal requirements, is conducted as part of the City's commitment to provide safe, high-quality water to our customers.
15,000 Both of our five million gallon ground storage reservoirs were repainted during 1985, providing a protective coating for the concrete walls while 10,000 g greatly enhancing their appearance. The Number 4 supply well casing y and pump were rebuilt as a continuation of our five-year supply well 5,000 rehabilitation program.
Two distinctions were bestowed during the year upon the historic Boulware Springs Waterworks facility with its designation as an
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--- . Historic Places. Dating from 1894, Boulware Springs served as
@ $ $N g g g Gainesville's first central water supply, providing spring-fed water to o - w a m the City until 1977. A City project to restore the facility to its traditional position as a social and cultural gathering place for the area is expected to begin construction in March 1986. The architectural firm of Fried-man McKenna has been selected to perform the restoration design, which is half funded by a Florida Department of State Historic Preser-vation Grant.
WATER SYSTEM SALES During fiscal year 1985,1,690 new meters were installed, and an (WLUON G AU.ONS) l additional 21.72 miles of developer <onstructed water pipe were 6000 accepted into the distribution system.
l Two major distribution system projects were completed this year in .
response to groundwater contamination affecting private supply wells 5000 t in the community of Fairbanks and along Old Archer Road in 1 Gainesville. A total of 290 new customers were provided safe, clean
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4000 Y City water in these assistance projects, the cost for which will be borne l
[i ! by the parties found responsible for the contamination. l eS Major transmission main projects completed this year included the 3000 j first phase of a 30-inch transmission main leaving the Murphree Plant F high service pumping system. Phase ll, planned for 1986, wil! complete 2000 - -- this transmission loop. In addition, construction has begun on a 20-inch l$H transmission main along 39th Avenue, to complete another major loop.
These projects will significantly enhance our ability to meet peak con-1000 0
- sumer demands with increased distribution efficiency and reliability.
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l To prevent potential health hazard from the possibility of con- - " '**
taminated backflow into our water distribution system,97 new cross-connection control devices were installed this year and 452 existing devices were tested. Our most effective program to reduce the number of potential cross-connections, however, will continue to be education and training of our water consumers and members of the plumbing I trade. Recognized as a leader in the field of cross-connection educa-tion, GRU participated in numerous training schools and workshops i throughout the state in conjunction with the University of Florida TREEO Center.
i Our strong commitment to craft and safety training of our own I employees continued in 1985 with more than 600 classroom hours of _q instruction. Acclaim for these programs resulted in requests for train- " T ing assistance from other Florida utilities and professional organizations. -
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Murphree Water Treatment Plant: 30 million gallons per day of treatment capaaty.
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WaStuWatur n n Gainesville Regional Utilities' two wastewater treatment plants, Kanapana and vain Street, have a combined treatment capacity of 17.5 million gallons per day (mgd), and are supplied by a collection system S E including 395 miles of gravity lines,86 miles of force mains, and 112 pumping stations.
Customers on the system during 1985 averaged 32,669, an increase of 5.5 percent over the previous year. Total wastewater billings during the year were for 3,462 million gallons, a 4.7 percent increase over 1984.
An average daily wastewater flow of 11.5 mgd was treated this year, representing an 11.5 percent decrease. The primary factors influencing this reduction were extended drought conditions experienced during WASTEWATER SYSTEM the summer and infiltration reduction from sealing operations.
NUMBER OF CUSTOMERS Construction of a 30 million gallon emergency holding pond at the
( AW AL AM AGE) Kanapaha Treatment Plant was completed in September 1985. The pond is required for receiving piant effluent wnicn may not meet ground-35,000 water quality standards during emergency or upset conditions. A con-tinuous PVC underlining prevents loss of water from the pond to the 30,000 groundwater aquifer.
A wastewater sludge marketing program developed this year is an effort to recoup a portion of our sludge hauling and disposal costs.
25,000 Success of the program is predicated on the value of waste sludge as an agricultural soil conditioner ar d fertilizer source. In addition, 20,000 a 300-acre farm site has been leased as a backup disposal site should there be a lack of sludge purchasers. Anticipated revenue from the hay grown at this site will contribute to the self-sufficiency of the operation.
15,000 A major preventive maintenance project during 1985 was the recoating of the Kanapaha plant's influent structure with an acid-10,000 resistant material. This action was in response to severe concrete degradation resulting from hydrogen sulfide acid in the raw wastewater 5,000 entering the structure. Prior to recoating, approximately 3,000 cubic feet of accumulated grit was removed from the influent structure to better evaluate the hydrogen sulfide damage and to reduce treatment
! O process disruptions.
With the addition of two new clarifiers in last year's Kanapaha plant o
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expansion, we have been able to rehabilitate the two original clarifiers which have been in constant service since 1977.
During 1985 the Kanapaha laboratory performed 18,684 chemical analyses for the combined utilities. This 31 percent increase over last year's activity is a continuation of the City's commitment to provide WASTEWATER SYSTEM BILLINGS reliable environmental protection through rigorous monitoring programs.
(WLUON G ALLONS)
As additions to our Collection system this year, we accepted 70,156 3500 feet of developer <onstructed gravity lines,10,200 feet of force mains, and 4 new lift stations. Continued rehabilitation of existing lines in northeast Gainesville included installation of 3,072 feet of mainline, l 3000 14 manholes,73 service laterals, and 3,400 feet of roadway. Improved l maintenance access and reduced stoppages are major benefits of the 2500 facilities relocation project.
Remote television inspection and in-place cleaning and sealing of wastewater lines continued to provide savings over the more invasive 2000 and time-consuming removal-and-replacement method. The new approach, which earns customer good will by reducing disturbance of 1500 landscaped and surfaced areas, accounted for 43 miles of collection line inspection,96 miles of hydraulic cleaning, and 6.5 miles of pipe sealing.
More than 600 classroom hours were spent in training our employees 1000 inJob skills, safety and first aid. Instruction programs included heavy equipment driver training, chlorine safety procedures, and hazardous 500 m terials information programs in compliance with Florida's new "Right to Know" law.
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5 As a result of the good financial performance during fiscal 1985, a substantiai deposit (54.8 millionj was made into tne Rate Stabi>ization SUEENh Fund (RSFJ from the Revenue Fund raising the amount in the RSF to approximately $20 million. We produced net revenues of $41.4 mil-lion for a coverage ratio of 2.31 (i.e., net revenues divided by aggre-gate debt service). The coverage ratio would have been 2.57 if the 54.8 million deposit had not been made. The RSF was a feature of the 1983 refinancing which provided more flexibility to stabilize rates for our customers in future years by transferring funds in and out of the RSF.
There was a 56.1 million improvement over the original budget projections for fiscal 1985 which enabled us to make the 54.8 million )
deposit. The primary factors producing this improvement were in-creased revenues, which were essentially due to improved retail sales revenues, improved net revenues from interchange sales, and opera-tion and maintenance cxpenses being held under budget.
Retail sales of electricity including fuel adjustment revenues for fiscal 1985 increased 8.0% over fiscal 1984 or 55.1 million, while net revenues from interchange sales of electricity increased 21.9% or S 1.6 million over fiscal 1984. Water sales and wastewater charges in-REVENUE EARNED / FISCAL YEAR 1985 ELECTRIC GENERAL SERVICE.
ELECTRIC RESIDENTIAL SALES LARGE POWER. SALES FOR RESALE
$ 30.2 02.9 4 4 & OTHER POWER SALES
- $ 36.819,4 78 l 27.4%
i 33.4%
W ASTEW ATER REVENUES 6.8 %
$ 7.462.953 WATER REVENUES 5.8 %
$ 6,3 6 2,8 7 7 f.6 %
2.7%
ELECTRIC FUEL ADJUSTMENT ELECTRIC OTHER REVENUES $ 1.826.2 78 53.044.951 22'3%
ELECTRIC INTERCHANGE SALES s' 4s O L E C W. S v 1'EM RE vEwE S 146 554 997 s ai dn= re n s's'r u *E ,e wis e 357 e r' e ., td. s ri .um s ts tr., e - s r .u .o i,.o. or 10
creased 5.8% or $300,000 and 5.8% or $400,000 respectively over fiscal 1984.
The Tax Exempt Commercial Paper (TECP) program, with a total principal outstanding of $49.5 million, continued to produce consider-able savings for our ratepayers of approximately $2.6 million versus the estimated interest expense on long-term bonds. The average inter-est rate on outstanding paper was 5.032% for the year and ranged from a high of 6.5% early in the year to a low of 4.49% in late July,
! 1985. Average maturity of outstanding paper was 57.3 days or ap-proximately the same level as in fiscal 1984. We were in the market 180 days during the year with approximately $605 million in principal being sold, or a daily average of $3.36 million.
The capital budgeting / facilities planning process plays an impor-tant part in fulfilling our mission to provide reliable and economical service to existing and future customers. Capitalimprovement funding for fiscal 1985 amounted to SI7.4 million with 511.4 provided from system net revenues and $5.9 provided from bond construction funds.
Net utility plant increased 56.0 million during the year to a balance of i 5358.5 million at year end.
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REVENUE ALLOCATED / FISCAL YEAR 1985 ELECTRIC FUEL EXPENSE -
INTERCHANGE ELECTRIC OTHER $ 16.031.417 O & M EXPENSES 14.5%
$ 19.24 0.82 4
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1 17.4%
23.0% ELECTRIC FUEL EXPENSE &
PURCH ASED POWER-RETAll & WHOLESALE
$ 2 5.398.691 i
j WORKING CAPITAL & 1.7%
MISCELL ANEOUS TRANSFERS I $ 1.8 7 7,419 1
U P 1 F TRANSFER W ASTEW ATER 10.4%
$ 11.4 21.4 7 5 4.1 % o & M EXPENSES f $ 4.505.74 9 69% 3'4%
GENERAL FUND TR ANSFER WATER 18.6% o & M EXPENSES
$ 7,5 5 3.7 7 3
$ 3.798.507 DE8T SERVICE sa .s E st a A,'CM & W.#N f EN.NCE to & W) f r.E NS,3 $6s 3,5, t es
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INVESTOR INFORMATION CERTIFIED PUBLIC ACCOUNTANTS l
Coopers & Lybrand and Davis, Monk, Farnsworth & Company REVENUE BONDS Trustee / Registrar / Paying Agent Morgan Guaranty Trust Company New York, New York 4
TAX EXEMPT COMMERCIAL PAPER Draler Goldman Sachs and Company
Psying Agent Manufacturers Hanover Trust Company New York, New York
i AUDITERS' R PZRT ,
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The Honorable City Commissioners City of Gainesville Gainesville, Florida 32601 We have examined the balance sheets of Gainesville Regional Utilities (the Combined Utility Funds of the City of Gainesville,
- Florida), at September 30,1985 and 1984, and the related statements of revenue and expense and retained earnings and changes in finan-cial position for the years then ended. Our examinations were made in accordance with generally accepted auditing standards and, accor-dingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
, in our opinion, the financial statements referred to above present fair-ly the financial position of Gainesville Regional Utilities, at September 30,1985 and 1984, and the results of its operations and the changes in its financial position for the years then ended, in con-formity with generally accepted accounting principles applied on a consistent basis.
Coopers & Lybrand Jacksonville, Florida
- Davis, Monk, Farnsworth & Company Gainesville, Florida December I,1985 i
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CAINE 5VILLE EZIONAL UTILITIES BALANCE SHEETS September 30,1985 and 1984 ASSETS 1985 1984 _
UtlHey Plant Utility Plant in Service $450,979,342 5436,409,050 Construction in Progress 6,622,981 4,629,207 457,602,323 441,038,257 Less: Accumulated Dep.eciation and Amortization (99,053,632) (88,442,898)
NET UTILITY PLANT 358,548,691 352,595,359 Restricted Assets:
Capital Facilities - Cash and Investments 1,346,330 1,353,910 Decommissioning Reserve Cash and investments 176,34I -
Water Pollution Emergency Reserve Cash and Investments 50,000 -
Utility Deposits Cash and Investments 2,576,555 2,434,340 Debt Service Fund - Cash and investments 33,225,987 31,403,597 Rate Stabilization Fund - Cash and investments 20,062,793 I 4,93 I,444 Construction Fund -
Cash and Investments 15,068,546 18,421,181 Contracts-in-Progress 1,488,277 2,274,358 Utility Plant Improvement Fund -
Cash, investments, and Receivables 3,347,374 2,427,189 Due From Other Funds 226,070 174,256 Materials inventories 3,563,254 3,239,583 TOTAL RESTRICTED ASSETS 81,131,527 76,659,858 Current Assets:
Cash and Short-Term investments 6,459,106 8,816,765 Accounts Receivable (Net of Allowance for Uncollectible Accounts; $342,590 in 1985 and $281.337 in 1984) 15,138,I60 12,177,875 Prepaid Expenses 93,369 114,253 Inventories -
Fuel 10,125,042 10,934,925 Materials and Supplies 271,643 188,916 TOTAL CURRENT ASSETS 32,087,320 32.232,734 Deferred Debits 7,369,362 7,833.213 TOTAL ASSETS $479,136,900 $469,321,164 See accompanying notes.
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LIABILITIES AND FUND EQUITY 1985 1984 Long-Term Debt and Fund Equity:
Long-Term Debt -
Utilities System Revenue Bonds Payable $ 186,000,000 5186,000,000 Commercial Paper Notes Payable 49,501,000 49,501.000 235,501,000 235,501.000 Less: Unamortized Bond Discount (7,236,014) j7,485,531)
Total Long-Term Debt 228,264,986 228.015,469 Fund Equity -
Contributions in Aid of Construction 53,498,024 49,187.956 Retained Earnings 170,883,576 165,281,059 Total Fund Equity 224,381,600 214,469,015 TOTAL LONG-TERM DEBT AND FUND EOUlTY 452,646,586 442,484,484 Payable from Restricted muets:
Utility Deposits 2,576,555 2,438,715 Accrued interest Payable 9,211,112 9,129,524 Construction Fund -
Accounts, Contracts and Retainages Payable 1,488,277 2,274,358 Due to Other Funds 1,537,739 833,114 Utility Plant improvement Fund -
Accounts Payable and Accrued Uabilities 557,180 471,628 TOTAL PAYABLE FROM RESTRICTED ASSETS 15,370,863 15.147,339 Current Liabilities Fuels Payable 5,982,739 7,169,617 Accounts Payable and Accrued Liabilities 2,611,303 2,482,736 Due to Other Funds 36,053 262,555 TOTAL CURRENT UABluTIES 8,630,095 9,914,908 Deferred Credits 2,489,356 1,774.433 Commitments and Contingencies - -
(Note 9)
TOTAL LIABILITIES AND FUND EOUlTY $479,136,900 $469,321,164 15
CAIN25VILLE RE2iENAL UTILITIES STATEMENTS OF REVENUE AND EXPENSE AND RETAINED EARNINGS FOR THE YEARS ENDED SEPTEMBER 30,1985 AND 1984 1985 1984 Operating Revenues Sales and Service Charges $ !06,876,083 5 97,141,777 Other Operating Revenue 899,025 1,588,490 TOTAL OPERATING REVENUES 107,775,108 98,730,267 Operating Expenses:
Operations and Maintenance 55,904,771 49,611,193 Administrative and General 13.070,417 11,060,916 Depreciation and Amortization 12,818,386 12,670,387 TOTAL OPERATING EXPENSES 81,793,574 73,342,496 OPERATING INCOME 25,981,534 25,387,77i Nonoperating Revenues (Expenses):
Interest Revenue 6,814,222 7,595,219 Interest Expense (20,969,857) (20,933,032)
TOTAL NONOPERATING REVENUES (EXPENSES) (14,155,635) (13,337,813)
INCOME BEFORE OPERATING TRANSFERS I I,825,899 12,049,958 OPERATING TRANSFER TO GENERAL FUND (7,553,773) (7,177,346)
NET INCOME RETAINED 4,272,126 4,872,612 RETAINED EARNINGS, Beginning 165,281,059 159,059,955 i
AMORTlZATION OF CONTRIBUTIONS IN AfD OF CONSTRUCTION 1,330.391 I,348,492 RETAINED EARNINGS, Ending $ 170,883,576 5165,281,059 See accompanying notes.
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1 CAIN15VILLE CCCIONAL UTILITIES i
STATEMENTS OF CHANGES IN FINANCIAL POSITION FOR THE YEAR 5 ENDED SEPTEMBER 30,1985 AND 1984 1 1985 1984 Source of Working Capitah Net income Retained 5 4,272,126 5 4,872,612 Items Not Requiring Outlay of Working Capital:
Depreciation and Amortization 12,818,386 12,670,387 Working Capital Provided from Operations 17,090,512 17,542,999 Utikty Plant Sales and Retirements 129,583 1,282,070 Contnbutions in Aid of Construction 5,640,459 4,257,520 Decrease in Unamortized Sond Discount 249,517 249,462 Decrease (increase) in deferred debsts 229,66I (I18,400)
Increase in payable from restricted assets 223,524 2,265,895 increase (decrease) in deferred credits 622,919 (1,915,642)
TOTAL SOURCE OF WORKING CAPITAL 24,186,175 23,563,904 Use of Working Capital Utikty Plant Additions 18,575,107 19,299,273 increase in Restricted Assets 4,471,669 4,914,018 TOTAL USE OF WORKING CAPITAL 23,046,776 24,213,291 CHANGE IN WORKING CAPITAL $ 1,139,399 $ (649,387)
Changes in Working Capital by Components Current Assets - Increase (decrease):
Cash and Short Term investments $ (2,357,659) $ 1,109,978 Accounts Receivable 2,960,285 (I,485,159)
Prepaid Expenses (20,884) I12,220 Fuel, Materials and Supplies inventories (727,156) (I10,436)
Current Uabikties Decrease (Increase):
Accounts Payable and Accrued Uabilities (128,567) (572,622)
Fuels Payable 1,186,878 292,25I Due to Other Funds 226,502 4,381 CHANGE IN WORKING CAPITAL $ 1,139,399 $ (649,387) l See accompanying notes.
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CAINZ5VILLE CCIONAL UTILITI:5 NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30,1985 AND 1984 Note 1 -
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES:
Basis of Accounting Gainesville Regional Utilities ("GRU") consists of the Combined Utility Funds of the City of Gainesville, Florida ("the City"). GRU uses the accrual basis of accounting and has adopted the uniform system of ac.
counts prescribed by the Federal Energy Regulatory Commission. The electric, water, and wastewater funds are combined along with all restricted asset accounts.
Investments Investments are stated at amortized cost. Premium or discount is amortized over the investment's maturity based on the interest method.
Inventories inventories are stated at cost using the weighted average unit cost method for materials, and the last-in, first.
out (UFO) method for fuel. Obsolete and unusable items are reduced to estimated salvage values.
Utility Plant Property and equipment are recorded at cost or estimated original cost where applicable. Maintenance and repairs are charged to operating expense as incurred. The average cost of depreciable plant retired is eliminated from the plant accounts and such cost, plus removal expense less salvage, is charged to ac-cumulated depreciation.
Depreciation and Nuclear Generating Plant Decommissioning Depreciation of utility plant is computed using the straight-line method over the estimated service life of the property. Depreciation was equivalent to 2.82% and 2.85% of average depreciable property for 1985 and 1984, respectively. Depreciation expense includes a provision for decommissioning costs related to the jointly-owned nuclear power plant (see Note 5) at an annual rate of 3.6% of GRU's share of the estimated costs.
Amortization of Nuclear Fuel The cost of nuclear fuel, including estimated disposal cost, is charged to operating expenses. These costs are charged to customers through increased rates or through the fuel adjustment clause.
Utility Revenue Recognition Utility revenues are recorded as earned. Fuel adjustment revenues are recognized based on the actual fuel costs. Amounts charged based on estimated costs are adjusted monthly for any differences between the ac.
tual and estimated costs once actual costs are known.
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hlOTES TO FINANCIAL STATEMENTS, Continued fdote 1 - SUMMAltY OF SIGNIFICANT ACCOUNTING POLICIES, Continued:
Interfund Transactions interfund transactions and contributions are generally made in accordance with budget ordinances. Inter-fund transactions and balances, except direct billings for utility services (see Note 4), are eliminated for the Combined Utility Funds. Interfund loans do not bear interest.
Allowance for F'unds Used During Construction An allowance for interest on borrowed funds used during construction of $254,300 in 1985 and $570,700 in 19d4 is included in construction in progress and as a reduction of interest expense. These amounts are com-puted by applying the effective rate on the funds borrowed to finance the projects to the monthly balance of projects under construction. The effective interest rates ranged from approximately 6% to 10% in 1985 and 1984.
Ansortlaation Bond issuance costs are amortized over the life of the bonds. Other miscellaneous deferred debits are generally being amortized over periods from five to ten years. Deferred debit amortization expense was
$43,937 and 543,940 for 1985 and 1984, respectively.
Contributions in Aid of Construction Utility plant in service for the water and wastewater funds includes assets received from contributions in aid of construction. The amount of amortization expense included in the statement of revenue and expense relating to the contributed assets is credited to retained earnings to reflect the transfer of this amnunt to the related contributions account.
Reclassification Certain amounts for 1984 have been reclassified to conform with the presentation adopted for 1985.
Note 2 - LONG-TERM DEBTS Long-term debt outstanding at September 30 consisted of the following:
1985 1984 Utilities System Revenue Bonds, Series 1983 (Bonds)
Principal Payable Semiannually to October I,20I4; Interest at vanous rates between 6% to 10.25% $ l86,000,000 $ 186,000,000 Utilities System Commercial Paper Notes, Senes A (Notes)
Principal payable August 25,1988; interest at various rates between 70% and 75% of the Manufacturers Hanover Trust Company Prime Rate 49,501,000 49,50 I .CCO
$ 235,501,000 $ 235,50I,C00 Less: Unamortized Bond Discount (7,236,014) (7,485,531)
Total Long-Term Debt $228,264,986 $ 228,015,469 19 i
NOTES TO FINANCIAL STATEMENTS, Continued Note 2 - LONG-TERM DEST, CONTINUEDs The table below lists the Debt Service Requirements on the bonds outstanding at September 30,1985.
Principal and Total Period Ending Sinking Fund Debt Service October 1 installments Interest Requirements 1985 5 - $ 17,939,790 $ 17,939,790 1986 - 17,939,790 17,939,790 1987 - 17,939,790 17,939,790 1988 - !7,939,790 17,939,790 1989 - !7,939,790 17,939,790 1990 I,725,000 17,939,790 19,664.790 1991 2,190,000 17,801,790 19,99I,790 1992 2,370,000 17,621.115 19,991,115 1993 2,;10,000 17,419,665 19,989,665 1994 2,795,000 17,I94,790 19,989,790 1995 '
3,045,000 16,943,240 19,988,240 1996 3,325,000 16,663,100 19,988,100 1997 3,640,000 16,350,550 19,990,550 1998 3,985,000 16,004,750 19,989,750 1999 4,390,000 15,601,268 19,99I,268 2000 4,830,000 15,156,781 19,986,781 2001 5,320,000 14,667,743 19,987,743 2002 5,860,000 I4,129.093 19,989,093 2003 6,455,000 13,535,768 19,990,768 2004 7,105,000 12,882,200 19,987,200 2005 7,835,000 12,153,937 19,988,937 l 2006 8,640,000 1I,350,850 19,990,850 l
2007 9,525,000 10,465,250 19,990.250 l
2008 10,500,000 9,488,937 19,988,937 2009 !!,580,000 8,412,687 19,992,687 2010 12,765,000 7,225,737 19,990,737 20l! 14,070,000 5,917,325 19,987,325 l 2012 15,515,000 4,475,150 19,990,150 20l3 17,105,000 2.884,862 19,989,862 20I4 I8,860,000 1,I31,600 19,991,600
$ I86,000,000 $ 403,116,928 5589,116,928 20
NOTES TO FINANGAL STATEMENTS, Continued NOTE 2 - LONG-TERM DEST, Contineses:
The bonds maturing on or after October I,1994 (except those maturing on October I,2014), are subject to redemption at the option of the Oty on and after October 1,1993, at a redemption price of 102 W % in 1993, and 102% to 100% thereafter. The bonds maturing on October I,20l4, are subject to redemption at the op-tion of the City on or after October 1,1983, at a redemption price of 100%.
Under the terms of the Bond Resolution relating to the sale of the Bonds, payment of the principal and in-terest is secured by an irrevocable lien on GRU's net revenues (exclusive of any funds which may be established pursuant to the Bond Resolution for decommissioning and certain other speafled purposes), in-cluding the investments and income, if any, thereof.
The Bond Resolution contains certain restrictions and commitments, including GRU's covenant to establish and maintain rates and other charges to produce revenues sufficient to pay operation and maintenance ex-penses, amounts budgeted for deposit into the rate stabilization fund, amounts required for depostt in the debt service funds, and amounts required for deposit into the utility plant improvement fund.
The Notes were issued under a Revolving Credit and Term Loan Agreement, dated September I,1983 (the
" Agreement").
Under the terms of the Agreement, GRU, provided it has satisfied certain condrtions, may borrow up to
$50,000,000 on a revolving basis until August 25,1988, at which time GRU, provided it has satisfied certain conditions, may convert existing borrowings to a term loan which may include amounts utilized to pay matunng Notes on that date. The Agreement provides for same-day availability of funds up to a maximum of 150,000,000.
NOTE 3 - CASH AND INVESTMENTS:
The funds of GRU are administered in accordance with the Bond Resolution and are invested in government securities and other temporary investments.
NOTE 4 -INTERFUND DIRECT UTILITY BILLINGS:
Included in revenues are the following interfund direct billings for utiltty services:
1985 1984 Revenues:
Sales of Electriary 51,782,637 s1,569,335 Sales of Water i I 1.E48 122,057 Wastewater Service Charges 2.452 2.979 Total Revenues $ l.896,937 11,694.371 3
included in expenses are the following interfund direct billings for utility services:
1985 1984 Expenses:
Electric Fund '
5 27I,366 5 244,593 Water Fund C20,793 730,469 Wastewater Fund 804,778 719,309 Total Expenses 51,896,937 51,694.371 2I
I NOTES TO FINANCIAL STATEMENTS, Continued t
NOTE 5 JOINTLY-OWNED ELECTRIC PLANT:
GRU-owned resources for supplying electnc power and energy requirements include its 1.4079 % undivided ownership intdest in the Crystal River Unit 3 ("CR3") nuclear power plant operated by Florida Power Cor-poration. CR3 revenue and operating and maintenance costs, which represent GRU's part of all revenue and expenses attributable to operation of CR3, are properly recorded in accordance with the instructions as set forth in the Uniform System of Accounts. Payments are made to Flonda Power Corporation in accordance with the CR3 participation agreement.
NOTE 6 - CONTRISUTIONS IN AfD OF CONSTRUCTION:
Contributions in aid of construction are as follows:
1985 1984 Contributions in Aid Of Construction:
Utshty Plant, Property And Equipment Contributed 8y Municipality 5 3,982,276 5 3,982,276 Federal And State Grants in Aid Of Construction 12,119,939 12.082,035 Contributions From Customers And Deve'opers:
Plant Contributed 8y Developers 24,718,294 21,245,353 Connecticn Charges 24,260,502 22,130.888 65,081,011 59.440,552 Accumulated Amortization (11.582,987) (10,252,596)
Contributions in Aid Of Construction 5 53.498,024 $ 49,187.956 NOTE 7 - RETAINED EARNING 5:
Retained e:stnings reserved for debt servtre and unappropriated are as follows:
1985 1984 Rese'ved For Debt Service 5 24.014,875 5 22,274,073 Unappropriated I46.868,701 143,006.986 Total Retained Earnings 5170,883,576 5165,281,059
' ' Retained earnings balances at September 30, included in the debt service fund accounts, are as follows.
i 1985 1984 Sinking Fund Account 5 3,143,429 5 1,339,269 Reserve Account 20,741,452 20,744,634 Debt Service Account 8,983,068 8.975.802 Subordinated indebtedness Fund Account 352,000 335,272 Commercial Paper Note Payment Account 6,038 8,620 33,225,987 31,403,597 Less: Amounts Appropriated For Current interest Payable (9,211,112J (9,129,524) g 5 24,014,875 5 22,274,073 22
i NOTES TO FINANCIAL STATEMENTS, continued NOTE S - RETIREMENT PLANS:
The City sponsors and administers two retirement plans that include GRU employees together with the other City employees.
The Employees Pension Plan (" Employees Plan"), a defined benefit, primary contributory pension plan, covers all employees of GRU, except certain personnel who participate only in the Deferred Compensation Plan.
The City accounts for, and funds the costs of, the Employees Plan as they accrue. Such costs are based on contribution rates determined by the most recent actuarial valuation. The total contributions by the City, in-cluding amortization of prior service costs, for the years ended September 30,1985 and 1984, were
$1,256,526 and $944,290, respectively. Of these totals, approximately $730,130 and $440,600 was con-tributed by GRU in 1985 and 1984, respectively.
i The following information for the Employees Plan is as of September 30,1984, the date of the latest actuarlal valuation:
Actuarial Present Value of Accumulated Plan Benefits - Vested $ 16,106,815 Actuarial Present Value of Accumulated Plan Benefits - Nonvested 517.310
$ 16,624,125 Net Assets Available For Benefits $ 19.870,291 Weighted Average Assumed Rate of Return Used To Determine the Actuarial Present Value Of Plan Benefits 10 %
Beginning in 1979, certain employees are eligible to participate in a defined contnbution deferred compensa-tion plan managed by the international City Managemerit Association Retirement Corporation as fiscal agent for the City. Under this plan, the City contributes 6% of an employee's annual salary and employees may contribute erther a specified percentage or dollar amount. Total deferred compensation cost for GRU for the fiscal years ended September 30,1985 and 1984 was approximately 599,165 and $47,200, respectively.
NOTE 9 - LITIGATION:
GRU is currently involved in litigation and pending arbitration with Island Creek Coal Sales Company over l
GRU"5 cancellation of its coal supply contract. If it were to be determined that GRU's cancellation of the con-tract was improper, GRU may be liable for damages in connection with the minimum required tonnage of coal for the seven and one-half years remaining on the initial ten-year contract term. Legal counselis unable to determine what,if any, damages could be assessed if the disputes are decided adversely to GRU. In the opinion of management, any liability that might ensue would not be materialin relation to GRU's financial Condition.
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AUDITERS'R7 PORT EN SUPPL" MENTAL PATA The Honorable City Commissioners City of Gainesville Gainesville, Florida 32601 Our examinations were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The ac-companying schedules of combined net revenues in accordance with bond resolution for the years ended September 30,1985, 1984,1983 and 1982, net revenues in accordance with bond resolution -electric utility fund, water utility fund, and wastewater utility fund, for the years ended September 30,1985 and 1984, combining balance sheet at September 30,1985, combining state-ment of revenue and expense and retained earnings for the year ended September 30,1985, and schedules of utility plant properties and accumulated depreciation and amortization for the year ended September 30, 1985, are presented for purposes of additional ,
analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the examination of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
The accompanying schedule of combined net revenues in accor-dance with bond resolution for the year ended September 30, 1981, was examined by other auditors, whose report dated December 11,1981, expressed an unqualified opinion on the basic financial statements.
Coopers & Lybrand Jacksonville, Florida Davis, Monk, Farnsworth & Company Gainesville, Florida December 1,1985 24
CAIN35VILLE REGIONAL UTILITIES SCHEDULES OF COMBINED NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION FOR THE YEARS ENDED SEPTEMBER 30,1985,1984,1983,1982, and 1981 1985 1984 1983 1982 198l Revenues l Electnc Fund.
i Saks of Electnc ty 5 93.510.046 5 84.512.383 5 97.592.233 5 92.037.3t4 554.219.805 Other 0ectnc Revenues (f.f l 3.906) (1.530.710) 611.473 1.405.509 f.395.168 Interest incorne 3.976,2f 6 4.603.179 3.804.633 3.775.215 2.630.183 Settlement of Utigauon - - - -
5.000.000 Total Occtnc Fund Revenues 96.372.356 87.584.852 102.008.339 97.218.038 63.445.15 Water Fund.
Sales of Water 6.072.296 5.739.085 5.047.278 4.671.391 4.698.829 Other Water Revenues (170.396) 443.682 787,078 817.287 f.034.773 Interest income 448.283 452.587 150.600 139.718 288.538 Total Water Fund Revenues 6.350.183 6.635.354 5.984.956 5.628.396 6.022.140 Wastewater Fund.
Wastewater Bengs 7.293.741 6.890.309 6.122.823 5.308.404 4.691.033 Other wastewater Revenues (420.155) (189.521) 652.823 539.459 863.346 Interest incorne 576.804 538.929 221.984 293.138 355.636 Total wastewater Fund Revenues 7.450.390 7.232.717 6.997.630 6.I41.001 5.910.0i S TOTAL REVENUE 5 f f 0.172.929 101.452.923 114.990.925 108.987.435 75.377.3 f t Operation and Maintenance Espenses:
Dectnc Fund Fuel Expense 42.139.504 37,291.649 53.826.I f I 54.224.930 26.073.656 Operation and Maintenance 8.748.6 f 8 7.787,440 7.368.447 6.380.f t ? 4.302.397 Administrative and General 9.782,810 8.265.254 7.586.390 6.517.020 5.015.152 Settlement of Utigauon .
1.549.400 Total Electnc Fund Expenses 60.670.932 53.344.343 68.780.948 67.122.067 36.940.605 Water Fund.
Operacon and Maintenance 2.332.583 2.176.909 f.785.644 1.689.260 1,644.641 Administratrve and General f.465.924 f.204.123 f.210.440 1.142.688 1.141.486 Total Water Fund Expenses 3.798.507 3.38I.032 2.996.084 2.831.948 2.786.127 Wastewater Fund-Operacon and Maintenance 2,684.066 2.355.195 2.130.323 f.859.147 I,73 f.029 Administrat ve and General !.821.683 f.591.567 f.364.867 1.577.017 f.382.192 Total wastewater Fund Espenses 4.505.749 3.946.762 3.495.190 3.436.164 3.113.221 TOTAL OPERATION AND MAINTENANCE EXPENM5 (68.975.188) 160.672.137) (75.272.222) (73,390.f 79) (42.839.953)
NET REVENUES IN ACCORDANCE WITH 80ND RESOLUTION.
Dectnc 35.701.424 34.240.509 33.227,391 30.095.971 26.504.551 Water 2.551.676 3.254.322 2.988.872 3,236.013 2.796.448 Wastewater 2.944.64I 3.285.955 3,502.440 2.704.837 2,796.794 Net Revenues Before interest income From 5snking Fund 4!.197.741 40.780.786 39.718.703 35.597.256 32.537.358 Interest income From Sinking Fund 207.898 - . -
TOTAL NET REVENUES IN ACCORDANCE WITH 80ND RESOLUTION 5 41.405.639 5 40.780.786 5 39.718.703 5 35.597,256 532.537.358 AGGREGATE DE8T SERVICE 5 17.939.790 5 17.939.790 $ 18.974.943 5 15.787.520 $ 15.111.590 COVERAGE RATIO 2.31 2.27 2.09 2.25 2.15 See note On page 28 25
CAINZ5VILLS CCIZNAL UTILITIES SCHEDULES OF NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION ELECTRIC UTILITY FUND FOR THE YEARS ENDED SEPTEMBER 30,1985 AND 1984 1985 1984 Revenues:
Sales of Electricity:
Residential Sales $30,202,944 528,337,195 General Service and Large Power 32,552,374 30,123,814 Fuel Adjustment 1,826,278 1,334,109 Street and Traffic Lighting 1,384,348 1,328,718 Utilrty Surcharge 1,379,160 1,261,062 Sales for Resale 1,503,596 1,360,749 Interchange Sales 24,661,346 20,766,736 l Total Sales of Electricity 93,510,046 84,512,383 Other Revenues:
(2,000,000) (3,000,000)
Transfers (to) from rate stabilization Service Charges 739,277 623,905 Pole Rentals 76,329 107,737 Miscellaneous 70.488 737,648 Total Other Revenues (1.113,906) (1,530,710)
Interest income 3.976,216 4,603,179 TOTAL REVENUES 96,372,356 87,584,852 Operation and Maintenance Expenses:
Operation and Maintenance:
Fuel Expense:
Retail and Purchased Power 25,398,691 23,039,477 Interchange 16,031,417 13,688,747 Other 709,396 563,425 Total Fuel Expense 42,139,504 37,291,649 Power Production 5,952,738 5,440,623 Transmission 362,598 328,232 Distribution 2,433,282 2,018,585 Total Operation and Maintenance 50,888.122 45,079,089 Administrative and General:
Customer Accounts I,377,696 1,315,266 Administrative and General 8,405,114 6,949,988 Total Administrative and General 9,782.810 8,265,254 TOTAL OPERATION AND MAINTENANCE EXPENSES 60,670,932 53,344,343 Not Revenues in Accordance with Bond Resolution:
Retail 27,07I,495 27,162,520 Interchange 8,629,929 7,077,989 Net Revenues Before Interest income from Sinking Fund 35,70I,424 34,240,509 Interest income from Sinking Fund 182,641 -
TOTAL NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION $ 35,884,065 534,240,509 See note on page 28 26
I GAINESVILLE REGIONAL UTILITIES I SCHEDULES OF NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION WATER UTILITY FUND FOR THE YEARS ENDED SEPTEMBER 30,1985 AND 1984 1985 1984 Revenues:
Sales of Water:
General Customers S4,635,401 54,367.900 University of Florida 557,810 542,144 Fire Protection 650,063 625,11I Generating Stations 79,544 69,222 Utility Surcharge 149,478 134,708 Total Sales of Water 6,072,296 5,739.085 Other Revenues:
Transfers (to) from rate stabilization (1,242,000) (I,100,000)
Connection Charges 1.065,780 1,489,621 Miscellaneous 5,824 54,06i Total Other Revenues (170,396l 443,682 interest income 448,283 452,587 TOTAL REVENUES 6,350,183 6,635,354 Operation and Maintenance Expenses:
Operation and Maintenance:
Source of Supply 2,029 2,574 Pumping 866,620 783,787 Water Treatment 1,032.792 961.106 Transmission and Distribution 431,141 429,442 Total Operation and Maintenance 2,332,593 2,176.909 Administrative and General:
Customer Accounts 262,748 237,524 Administrative and General 1,203,176 966,599 Total Administrative and General I,465.924 1,204,123 TOTAL OPERATION AND MAINTENANCE EXPENSES 3,798,507 3,381,032 Net Revenues Before Interest income From Sinking Fund 2.551,676 3,254,322 Interest income from Sinking Fund 12,694 -
TOTAL NET REVENUES IN ACCORDANCE WITH 8OND RESOLUTION 5 2.564,370 $ 3,254,322 See note on page 28 27
CAINESVILLE R3Cl!NAL UTILITIES SCHEDULES OF NET REVENUES IN ACCORDANCE WITH BOND RESOLUTION WASTEWATER UTILITY FUND FOR THE YEARS ENDED SEPTEMBER 30,1985 AND 1984 HE _1984 Revenues 57,293,741 $ 6,890,309 Wastewater Billings Other Revenues:
Transfers (toj from rate stabilization (1,529,000) (1,600,000)
Connection Charges 1,101,738 1,345,340 7,107 65,139 Miscellaneous Total Other Revenues (420,155) (189.521) 576.804 531,929 Interest income 7,450,390 7,232,717 TOTAL REVENUES Operation and Maintenance Expenses:
Operation and Maintenance:
Collection 371,425 356,414 Treatment and Pumping 2,312,641 1,998,781 Total Operation and Maintenance 2,684,066 2,355,195 Administrative and General:
Customer Accounts 212,067 191,727 l
j Administrative and General 1,609,616 1,399,840 Total Administrative and General 1,821,683 1,591,567 TOTAL OPERATION AND MAINTENANCE EXPENSES 4,505,749 3,946,762 l
Net Revenues 8efore interest income From Sinking Fund 2.944,641 3,285,955 l
interest income from Sinking Fund 12,563 -
TOTAL NET REVENUES IN ACCORDANCE WITH 80ND RESOLUTION $ 2,957,204 $ 3,285,955 NOTE: " Net revenues in accordance with bond resolution" differs from " Net income retained" whch is determined in accordance with generally accepted accounting pnnoples. Following are the more significant differences:
- Interest income does not include interest earned on construction funds and on certain debt service ac-counts which can only be used for certain restricted purposes.
- Operation and maintenance expenses do not include depreciation, amortization, or interest expense.
- Other water and wastewater revenues include fees for connection, installation, front footage, federal grants and backflow prevention. ;
- Transfers to the general fund are not included.
- Other revenues include transfers (to) from the rate stabilization fund.
- Extraordinary items are not included.
28 l
CAINTlSVILL'I RE'"l3NAL UTILITIES SCHEDULE OF COMBINING STATEMENTS OF REVENUE AND EXPENSE AND RETAINED EARNINGS FOR THE YEAR ENDED SEPTEMBER 30,1985 WASTE-ELECTRIC WATER WATER COMBINED Operating Revenues Sales and Service Charges S 93,510,046 5 6,072,296 5 7,293,741 5106,876,083 Other Operating Revenue 886,094 5.824 7,107 899,025 TOTAL OPERATING REVENUES 94,396,140 6.078,120 7,300,848 107,775,108 Operating Expenses:
Operations and Maintenance 50,888,122 2,332,583 2,684,066 55,904,771 Administrative and General 9,782,810 1,465,924 1,821,683 13,070,417 Depreciation and Amortization 9,718,252 1,282,741 1,817,393 12,818,386 TOTAL OPERATING EXPENSES 70,389,184 5,081,248 6,323,I42 81,793,574 Operating income 24,006,956 996,872 977,706 25,981,534 Nonoperating Revenues (Expenses):
Interest Revenua 5,488,550 535,560 790,112 6,814,222 Interest Expense (18,403.870) (1,055,178) (1,5!0.809) (20,969,857)
TOTAL NONOPERATING REVENUES (EXPENSES) (12,915,320) (519,618) (720,697) (14,155,635)
Income 8efore Operating Transfers 1I,091,636 477,254 257,009 !!,825,899 Operating Transfer to General Fund (7.404,717) (149,056) -
(7,553,773)
Net income Retained 3,686,919 328,198 257,009 4,272,126 Retained Earnings, Beginning 140,058,103 15,602,265 9,620,691 165,281,059 Residual Equity Transfers 385,997 218,807 (604,804) -
Amortization of Contributions in Aid of Cons:ruction -
411,292 919,099 1,330,391 Retained Earnings Ending 5144,131,019 516,560,562 510,191,995 5170,883,576 29
CAINZ5VILLE CEZl3NAL UTILITIES SCHEDULE OF COMBINING BALANCE SHEET SEPTEMBER 30,1985 ASSETS WASTE-ELECTRIC WATER _ WATER COMBINED Uttitty Plant:
$326,400,111 $ 52,937,238 $71,641,993 $450,979,342 Utility Plant in Service 3,065,942 2,001,540 1.555,499 6.622,981 Construction in Progress 329,466,053 54,938,778 73,197,492 457,602,323 Less: Accumulated Depreciation and Amortization (65,654.132) (15,823,551) (17,575,949) (99,053,632) 263,8I I,921 39,115,227 55,621,543 358,548,691 NET UTlUTY PLANT 1
I Restricted Assets:
Capital Faalities -
1,346,330 1,346,330 Cash and investments - -
Decommissioning Reserve -
176,341 - 176,341 Cash and investments -
Water Pollution Emergency Reserve -
Cash and Investments - 50,000 - 50,000 Utility Deposits -
Cash and investments 2,576,555 - - 2,576,555 Debt Service Fund -
Cash and investments 29,553,378 1,801,470 1,871,139 33,225,987 Rate Stabilization Fund -
Cash and Investments 12,692,473 3,308,029 4,062,291 20,062.793 Construction Fund -
Cash and investments 13,078,273 185,449 1,804.,824 15,068,546 Contracts-in-Progress 587,835 423,654 476,788 1,488,277 Utility Plant improvement Fund -
Cash, investments, and Receivables 2,476,094 477,991 393,289 3,347,374 Due From Other Funds 63,675 62,866 99,529 226,070 Materials inventories 2,726,634 401.916 434,704 3,563,254 TOTAL RESTRICTED ASSETS 63,931,258 6,711,375 10,488,894 81,131,527 Current Assats:
Cash and Short-Term investments 6,091,660 173,318 194.128 6,459,106 Accounts Receivable, Net 13,156,984 984,037 997,139 15,138,160 Prepaid Expenses 92,820 238 3Il 93,369 inventories:
Fuel 10,125,042 - - 10,125,042 Materials & Supplies 271,643 - - 271,643 TOTAL CURRENT ASSETS 29,738,149 1,157,593 1,191,578 32,087,320 Deferred Debits 6,7I2,339 329,988 327,035 7,369,362 TOTAL ASSETS $364,193,667 $ 47,314,183 $67,629,050 $479,136,900 30
l LIABILITIES AND FUND EQUITY WASTE-ELECTRIC WATER WATER COMBINED Long-Term Detet and Fund Equity:
Long-Term Debt -
Utilities System Revenue Bonds Payable 5163,402,860 5 I I,357,160 $ I I,239,980 $ 186,000,000 Commercial Paper Notes Payable 39,289,934 831.122 9,379,944 49,501,000 Less: Unamortized Bond Discount (6,357,103) (44l,712) (437,199) (7,236,014)
Total Long-Term Debt 196,335,691 11,746,570 20,182,725 228,264,986 Fund Equity -
Contnbutions in Aid of Construction - 17,955,279 35,542,745 53,498,024 Retained Earnings 144,131,019 16,560,562 10,191,995 170.883,576 Total Fund Equity 144,131,019 34,515,84l 45,734,740 224,381,600 TOTAL LONG-TERM DEBT AND FUND EOUlTY 340,466,710 46,262,4I1 65,917,465 452,646,586 Payattle from Restricted Assets:
Utility Deposits 2,576,555 - - 2.576,555 Accrued Interest Payable 8,071,601 551,752 587,759 9,211,112 Construction Fund -
Accounts Contracts and Retainages Payable 587,835 423,654 476,788 1,488,277 Due to Other Funds 1,271,896 110.430 155,413 1,537,739 Utility Plant improvement Fund -
Accounts Payable and Accrued Liabilities 429,216 63,402 64,562 557,180 TOTAL PAYA8LE FROM RESTRICTED ASSETS 12.937,I03 I,149,238 1,284,522 15,370,863 Current Liabilities:
Fuels Payable 5,982,739 - - 5,982,739 Accounts Payable and Accrued Uabilities 2.116,995 237,451 256,857 2,611,303 Due to (from) Other Funds 200,764 (334,917) 170,206 36,053 TOTAL CURRENT UA81UTIES 8,300,498 (97,466) 427,063 8,630,095 Deferred Credits 2,489,356 - -
2.489,356 Commitments and Contingencies . . . .
(Note 9)
TOTAL UA81UTiES AND FUND EOUlTY $ 364,193.667 $47,314,183 5479,136,900
$67,629,03 31
CAINE 5VILLE CCZIONAL UTILITIES SCHEDULE OF UTILITY PLANT PROPERTIES COMBINED UTILITY FUND SEPTEMBER 30,1985 UTluTY PLANT PROPERTIES 8ALANCE SALES AND 8ALANCE 9-3084 ADDITIONS R_ETIREMENTS 9-3(M5 Plant in Service ELECTRIC UTIUTY FUND:
Production Plant $ 231,669,907 5 2,478,113 5 - $ 234,148,020 Nuclear Fuel 2,365,608 192,558 - 2,558,166 Transmission and Distribution Plant 76,180,971 4,987,225 816,181 80,352,015 General And Common Plant 8,647,779 865,66l 186,743 9,326,697 Plant Acquisition Ao,Mstment 15,213 - -
15.213 TOTAL ELECTRIC UTIUTY FUND 318.879.478 8,523,557 1,002,924 326,400,I I I k .
WATER UTluTY FUND:
Supply, Pumping and Treatment Plant 11,889,625 140,727 391,585 11,638,767 Tran. mis', ion and Distribution Plant 36,426,198 3,338,208 222,805 39,541,601 General Plant 1,586,643 261,041 90.814 I,756,070 TOTAL WATER UTluTY FUND 49,902,466 3,739,976 705,204 52,937.238 WASTEWATER UTILITY FUND:
Pumping and Treatment Plant 26,391,392 865,432 - 27,256,824 Collection Plant 38,732,476 3,048,360 76,920 41,703,916 General Plant 2,503,238 404,008 225,993 2,681,253 TOTAL WASTEWATER UTlUTY FUND 67,627.106 4,317,800 302,913 71,641,993 TOTAL PLANT IN SERVICE $ 436,409.050 $ 16,581,333 $ 2,011.04I $ 450,979,342 Construction in Progress CONSTRUCTION FUND:
Electric Utility Fund S 8,933 5 2,632,509 5 1,669.368 $ 972,074 Water Utskty Fund 900,246 1,213,795 I,313.667 800,374 wastewater Utility fund 716,591 1,967,030 I,435,934 1.247,687 TOTAL CONSTRUCTION FUND I,625.770 5 813,334 4,418,969 3,020,135 UTIUTY PLANT IMPROVEMENT FUND:
Electric Utikty Fund 1,881,876 6,407,896 6,195,904 2,093,868 Water Utihty Fund 71I,370 2,908,418 2,418,622 1,201,166 Wastewater Utihty Fund 4I0,191 2,781.134 2.883,513 307,812 TOTAL UTIUTY PLANT IMPROVEMENT FUND 3,003,437 12,097.448 11,498,039 3,602,846 TOTAL CONSTRUCTION IN PROGRESS $ 4,629,207 $17,910,782 515,917,008 5 6,622,981 32
CAINESVILLE RECIONAL UTILITIES SCHEDULE OF ACCUMULATED DEPRECIATION AND AMORTIZATION l COMBINED UTILITY FUND SEPTEMBER 30,1985 Accurrulated Depreciation and Amortization BALANCE SALES AND BALANCE 9-30-84 ADDITIONS RETIREMENTS 9-30-85 ELECTRIC UTIUTY FUND:
Production Plant S 36,085,982 5 6,704,919 5 (44,843) $ 42,835,744 Nuclear Fuel I,424,279 192,764 365,210 1,251,833 Transmission and Distribution Plant 16,577,984 2,070,271 898,859 17,749,396 General and Common Plant 3,296,941 443,866 (61.139) 3,801,946 Plant Acquistion Adjustment 1,521 13,692 - 15,213 TOTAL ELECTRIC UTluTY FUND 57,386,707 9,425,512 I,158,087 65,654,132 WATER UTIUTY FUND:
Supply, Pumping, and Treatment Plant 4,169,312 335,155 391,505 4,112,962 Transmission and Distribution Plant 9.879,086 872,726 219,867 10,531,945 General Plant 1,098.155 70,886 (9.603) 1,178,644 TOTAL WATER UTluTY FUND 15,146,553 1,278,767 601.769 15,823,551 WASTEWATER UTIUTY FUND Pumping and Treatment Plant 5,367.152 867,132 - 6.234,284 Collection Plant 8,888.861 774,768 76,920 9,586,709 General Plant 1,653,625 146,013 44,682 1,754,956 TOTAL WASTEWATER UTIUTY PLANT 15,909,638 I,787,913 121,602 17,575,949 TOTALS $ 88.442,898 $ I2.492,192 $ 1,881,458 $ 99,053.632 l
l 33
Throughout 1985, in a variety of community and customer service cEE v E bc programs, GRU employees demonstrated our continuing commitment to a quality of service beyond routine operational requirements.
During our summer " rush" period, improved processing procedures resulted in outstanding service to applicants for electric and water ser-vice. Within a two-week period, applications were processed for 10,000 returning college students - nearly one-fourth of our residential customers - with no wait in line longer than ten minutes and no wait for service connection longer than twenty-four hours.
In a continuing effort to protect the interests of responsible customers, accelerated revenue protection activities produced backbillings of SI40,000 - nearly twice the program's operating expenses. Increased information efforts improved public awareness of the program and led to nearly 100 customer tips on suspected current diversion activities.
Cooperation between our investigators and local law enforcement agencies has resulted in a 99.9 percent conviction rate of cases pros-ecuted during the program's existence.
Leading our environmental protection efforts was GRU's continued involvement in the Florida Acid Deposition Study, sponsored by the Florida Electric Power Coordinating Group (FCG). As a member utility, GRU participates in funding the study, which is the most comprehen-sive yet undertaken to determine the extent and impact of acid rain in Florida.
Energy conservation accomplishments included more than 2,600 free residential energy audits and 63 commercial audits performed by staff and contract auditors. Nearly 10,000 water conservation devices and 2,500 water heaterjackets were installed, and a variety of financial in-centive programs were promoted to assist in customer installation of energy-saving measures. Fifteen thousand Alachua County students viewed "The Energy Carnival l* an energy awareness play co-developed by GRU and the Florida Arts Council. Produced locally by the Hip-podrome State Theatre for Young Audiences, the show began a state and national tour this fall.
Public information campaigns and production support activities covered a broad range of utility programs, including promotion of energy and water conservation. Internally produced conservation TV commercials garnered an Advertising Federation award, while newspaper and TV appeals to customers during our spring dry spell are credited with a successful shift of peak consumption hours. Broad-cast television programs "The Right Tree" and "H2 02U" promoted improved public understanding of the link between utilities services and our natural resources, while special target-audience video productions dealt with issues and methods of waste disposal.
The state's utility organizations drew upon GRU for leadership dur-ing 1985, with members of our staff occupying such positions as the presidency of the Florida Municipal Utility Association and chairman-ship of several committees and subcommittees of electric and water utility associations.
Employee information and developrra programs included the establishment of our bi-wtc sly " Utility Line acwsletter, and thousands of contact hours in safety and job sk& training. Safety programs, including a new heavy eqcipment dr.ber .nstruction program, achiev-ed a 75 percent reduction in rays 104. dw ' injuries in our water and wastewater systems.
From the January freeze throu ,n sprine, irought and our Labor Day preparations for Hurricar. Un ,a, few yects have provided so many opportunities to demonstratz our commitment to service. In 1985, as in years past, Gainesville Regional Utilities' employees once again showed through their actions our basic philosophy of service: to care.
34
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Electric The following monthly electric rate schedules are base rates" and in-clude a fuels charge of 25 mills per kilowatt hour. The additional variable monthly fuel adjustment charge is not included. The minimum bill is the Customer Charge plus any applicable demand charge.
Residential l Customer Charge. . . . ... . . .. . . 54.35 l Energy charge per kilowatt hour (kWh)
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Customer Charge. . . . . . . .58.95 Energy Charge. . . . 5.0749/kWh General Service Demand (Established demand of 50 kW, but less than 1,000 kW)
Customer Charge. . . . .515.51 Energy Charge. . . 5.0529/kWh Demand Charge. . . . . 54.77/kW Large Power (Established demand of 1.000 kW or greater)
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Customer Charge. .. . . .... . . . . 52.54 Water Rate. . .... .. . 50.72 per thousand gallons Wastewater The minimum bill is the Customer Charge.
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36
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