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TRUCKEE DONNER
PUBLIC UTILITY DISTRICT
PRIMARY GOVERNMENT ONLY
Including Report of Independent Auditors
December 31, 2019 and 2018
TABLE OF CONTENTS
Report of Independent Auditors ……………………………………………………………………………………1
Management’s Discussion and Analysis…………………………………………………………………………..4
Financial Statements………………………………………………………………………………………………...9
Consolidated Statements of Net Position………………………………………………………………10
Consolidated Statements of Revenues, Expenses, and Changes in Net Position…… …………13
Consolidated Statements of Cash Flows……………………………………………………………….14
Notes to Financial Statements…………………………………………………………………………………….16
Required Supplementary Information…………………………………………………………………………….48
Cost Sharing Defined Benefit Pension Plans………………………………………………………….49
Schedule of Changes in Net OPEB Liability and Related Ratios……………………………………51
Supplementary Information…….………………………………………………………………………………….54
Consolidating Statement of Net Position……………………………………………………………….55
Consolidating Statement of Revenues, Expenses, and Changes in Net Position...…………….…57
Consolidating Statement of Cash Flows……………………..………………………………………...58
Page 1
Report of Independent Auditors
The Board of Directors
Truckee Donner Public Utility District
Report on the Financial Statements
We have audited the accompanying consolidated financial statements of Truckee Donner Public
Utility District (the “District”), which comprise the consolidated statements of net position as of
December 31, 2019 and 2018, and the related consolidated statements of revenues, expenses and
changes in net position, and cash flows for the years then ended, and the related notes to the
consolidated financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with accounting principles generally accepted in the United States of
America; this includes the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our
audits. We conducted our audits in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the consolidated financial statements. The procedures selected depend on the auditor’s judgment,
including the assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation and fair presentation of the consolidated financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly,
we express no such opinion. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of significant accounting estimates made by management, as
well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Page 2
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of Truckee Donner Public Utility District as of December 31, 2019 and
2018, and the results of its operations and its cash flows for the years then ended in accordance with
accounting principles generally accepted in the United States of America.
Emphasis of Matter
The consolidated financial statements referred to above include only the primary government of the
District which consists of all departments that comprise the District’s legal entity. The consolidated
financial statements do not include financial data for the District’s legally separate component units,
which accounting principles generally accepted in the United States of America require to be reported
with the financial data of the District’s primary government. As a result, the primary government
financial statements do not purport to, and do not present fairly the financial position of the reporting
entity of the District as of December 31, 2019 and 2018, the results of operations, or its cash flows for
the years then ended in conformity with accounting principles generally accepted in the United States
of America, the District has issued separate reporting entity financial statements, for which we have
issued our report for the 2019 and 2018 statements dated May 22, 2020.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
accompanying management’s discussion and analysis on pages 4 through 8, the schedule of the
District’s proportionate share of the net pension liability on page 49, the schedule of contributions on
page 50, the schedule of the District’s change in the net OPEB liability and related ratios on page 51,
the schedule of the District’s OPEB contributions on page 52, and the schedule of investment returns
on page 52, be presented to supplement the basic consolidated financial statements. Such
information, although not a part of the basic consolidated financial statements, is required by the
Governmental Accounting Standards Board who considers it to be an essential part of financial
reporting for placing the basic consolidated financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures in the required
supplementary information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management’s responses to our
inquiries, the basic consolidated financial statements, and other knowledge we obtained during our
audit of the basic consolidated financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
Page 3
Other Supplementary Information
Our audits were conducted for the purpose of forming opinions on the consolidated financial
statements that collectively comprise the District’s consolidated financial statements. The
accompanying consolidating statements of net position on page, and the related consolidating
statements of revenues, expenses and changes in net position and cash flows as of and for the year
ended December 31, 2019 on pages 55 through 59 are presented for purposes of additional analysis
and are not a required part of the basic consolidated financial statements. Such information is the
responsibility of management and was derived from and relates directly to the underlying accounting
and other records used to prepare the basic consolidated financial statements. The consolidating
statements of net position, statements of revenues, expenses and changes in net position and cash
flows have been subjected to the auditing procedures applied in the audit of the basic consolidated
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic
consolidated financial statements or to the basic consolidated financial statements themselves, and
other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the consolidating statements of net position, statements of
revenues, expenses and changes in net position and cash flows are fairly stated in all material
respects in relation to the basic consolidated financial statements as a whole.
Portland, Oregon
May 22, 2020
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2019 and 2018
See accompanying auditors’ report.
Page 4
MANAGEMENT’S DISCUSSION AND ANALYSIS
As financial management of the Truckee Donner Public Utility District (the District), we offer readers of
these financial statements this narrative overview and analysis of the financial activities of the District for
the years ended December 31, 2019 and 2018. This discussion and analysis is designed to assist the
reader in focusing on the significant financial topics, provide an overview of the District’s financial activity
and identify changes in the District’s financial position.
We encourage readers to consider the information presented here in conjunction with that presented within
the basic financial statements. The reader should take time to read and evaluate all sections of this report,
including the footnotes and other supplementary information that is provided, in addition to this
management discussion and analysis.
FINANCIAL HIGHLIGHTS
The District’s current assets increased $2.9 million (8.1%) from $35.3 million at December 31, 2018 to $38.2
million at December 31, 2019, predominantly due to higher than anticipated revenues and lower than
anticipated purchase power costs for the Electric Utility. The District’s current assets increased $1.5 million
(4.5%) from $33.8 million at December 31, 2017 to $35.3 million at December 31, 2018, predominantly due
to higher than anticipated revenues for the Electric Utility.
The District’s total net position increased $7.9 million (6.4%) from $122.4 million at December 31, 2018, to
$130.3 million at December 31, 2019. The total increase in net position from operating activities was $2.9
million, primarily due to higher than anticipated revenues for the Electric Utility coupled with strong capital
contributions for both Electric and Water. These contributions are related to infrastructure constructed for
new development and improvements within the District’s service area. There was a reduction in net position
at the beginning of 2018 of $3.4 million due to a change in accounting principal to comply with GASB
statement 75 for Other Postemployment Benefit reporting. The District’s total net position increased $4.8
million (4.1%) from $117.6 million at December 31, 2017, to $122.4 million at December 31, 2018. The total
increase in net position from operating activities was $8.2 million, primarily due to higher than anticipated
revenues for the Electric Utility coupled with strong capital contributions for both Electric and Water related
to infrastructure constructed for new development within the District’s service area was offset by a reduction
in net position.
Operating revenues increased $1.6 million (4.4%) from $37.7 million in 2018 to $39.3 million in 2019.
Electric revenues increased 4.9% in 2019 compared to 2018 respectfully. A 3% rate increase in 2019 along
with a colder winter can be attributed to the increase. Water revenues increased 2.6% in 2019; a 3% water
rate increase also occurred in 2019 slightly offset by the colder winter resulting in later irrigation patterns
by consumers than the prior year. Operating revenues decreased $0.7 million (-1.7%) from $38.3 million in
2017 to $37.7 million in 2018. Electric revenues decreased 4% in 2018 compared to 2017 respectfully. A
3% rate increase in 2018 was offset by a milder winter than 2017 respectfully. Water revenues increased
4% in 2018; a 3% water rate increase also occurred in 2018 and the milder winter resulted in earlier irrigation
patterns by consumers than the prior year. Other operating revenues in 2017 include CalOES and FEMA
reimbursement funds from extreme winter storms during January and February 2017.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2019 and 2018
See accompanying auditors’ report.
Page 5
Operating expenses of the District increased $2.3 million (6.8%) from $34.1 million in 2018 to $36.4 million
in 2019. The Water Utility had a 9.9% increase in operating expenses primarily due to internal labor shifting
from capital to operations. This was planned as the District is deferring smaller pipeline replacements for
a large project in 2022. In addition to the shift in labor the District as a whole experienced increased
insurance, regulatory and maintenance material costs. Operating expenses of the District decreased $1.6
million (-4.5%) from $35.7 million in 2017 to $34.1 million in 2018. Operating expenses in 2017 for the
Electric Utility included all of the extran expenses associated with the extreme winter storms that occurred
in Q1, and were subsequently reimbursed by FEMA and CalOES in 2017.
Non-operating revenues increased 53.5% at $0.96 million in 2019 compared to $0.63 million in 2018 due
primarily to an increase in investment income. Non-operating expenses decreased 7.4% from $0.71 million
in 2018 to $0.66 million in 2019 primarily due to a decrease in interest expense. Non-operating revenues
increased 57.0% at $0.63 million in 2018 compared to $0.40 million in 2017 due primarily to an increase in
investment income. Non-operating expenses decreased 8.3% from $0.78 million in 2017 to $0.71 million in
2018 primarily due to a decrease in interest expense.
No new debt was incurred in 2019 and 2018.
OVERVIEW OF THE FINANCIAL STATEMENTS
This report includes Management’s Discussion and Analysis, Report of Independent Auditors, the Basic
Financial Statements, (which includes the notes to the financial statements), Required Supplementary
Information and additional Supplementary Information.
REQUIRED FINANCIAL STATEMENTS
The financial statements of the District are designed to provide readers with a broad overview of the
District’s finances similar to a private-sector business. They have been prepared using the accrual basis of
accounting in accordance with accounting principles generally accepted in the United States of America
(GAAP). Under this basis of accounting, revenues are recognized in the period in which they are earned
and expenses are recognized in the period in which they are incurred, regardless of the timing of related
cash flows. These statements offer short-term and long-term financial information about the District’s
activities.
The reporting entity consists of the primary government, which provides two utilities (electric utility and
water utility), and the blended component units. Further details about the component units are provided in
note 1(A).
The Consolidated Statement of Net Position presents information on all of the District’s assets, deferred
outflows of resources and liabilities, and deferred inflows of resources and provides information about the
nature and amounts of investments in resources (assets) and the obligations to District creditors (liabilities).
It also provides the basis for computing rate of return, evaluating the capital structure of the District, and
assessing the liquidity and financial flexibility of the District.
All of the current year’s revenues and expenses are reported in the Consolidated Statements of
Revenues, Expenses, and Changes in Net Position. This statement provides a measurement of the
District’s operations over the past year and can be used to determine whether the District has successfully
recovered all its costs through its rates and other charges.
The Consolidated Statement of Cash Flows provides relevant information about the District’s cash
receipts and cash payments during the reporting period. This statement reports cash receipts and cash
payments resulting from operating, non-capital financing, capital and related financing, and investing
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2019 and 2018
See accompanying auditors’ report.
Page 6
activities. When used with related disclosures and information in the other financial statements, the
statement of cash flows should provide insight into (a) the District’s ability to generate future net cash flows,
(b) the District’s ability to meet its obligations as they come due, (c) the District’s needs for external
financing, (d) the reasons for differences between operating income and associated cash receipts and
payments, and (e) the effects on the District’s financial position of both its cash and its non-cash investing,
capital, and financing transactions during the period. The changes in cash balances are an important
indicator of the District’s liquidity and financial condition.
The Notes to the Financial Statements provide additional information that is essential to a full
understanding of the data provided in the basic financial statements. This includes but is not limited to,
significant accounting policies, significant financial statement balances and activities, material risks,
commitments and obligations, and subsequent events, as applicable.
DISTRICT HIGHLIGHTS
The condensed financial statements at December 31, 2019, 2018, and 2017 are presented below.
Increase
(Decrease)
OUTFLOWS OF RESOURCES 2019 2018 2017 2019 - 2018
Current assets 38,201,392$ 35,328,417$ 33,803,415$ 2,872,975$
Non-current assets:
Capital assets, net 133,812,252 130,173,550 123,114,074 3,638,702
Restricted assets 1,730,450 1,753,275 1,818,513 (22,825)
Other long-term assets 1,811,627 2,605,967 3,848,264 (794,340)
Total Assets 175,555,721 169,861,209 162,584,266 5,694,512
Deferred outflows of resources 3,529,595 3,270,661 4,350,842 258,934
TOTAL ASSETS AND
DEFERRED OUTFLOWS OF RESOURCES 179,085,316$ 173,131,870$ 166,935,108$ 5,953,446$
RESOURCES AND NET POSITION
Current liabilities 7,918,712$ 7,908,677$ 7,445,020$ 10,035$
Non-current Liabilities
Long-term debt, net of current portion 18,209,353 21,465,155 24,609,395 (3,255,802)
Net pension liability 12,872,646 11,742,137 11,975,655 1,130,509
OPEB liability 4,328,352 4,408,729 1,116,568 (80,377)
Unearned revenues 4,575,287 4,954,941 3,654,076 (379,654)
Total Liabilities 47,904,350 50,479,639 48,800,714 (2,575,289)
Deferred inflows of resources 849,728 259,666 551,932 590,062
NET POSITION
Net investment in capital assets 112,899,085 106,171,749 95,717,888 6,727,336
Restricted for debt service 8,258,364 6,892,478 6,419,333 1,365,886
Unrestricted 9,173,789 9,328,338 15,445,241 (154,549)
Total Net Position 130,331,238 122,392,565 117,582,462 7,938,673
TOTAL LIABILITIES, DEFERRED
INFLOWS OF RESOURCES
AND NET POSITION 179,085,316$ 173,131,870$ 166,935,108$ 5,953,446$
LIABILITIES, DEFERRED INFLOWS OF
ASSETS AND DEFERRED
The District’s current assets increased $2.9 million in 2019 and increased $1.5 million in 2018,
predominantly due to increased cash reserves associated with the Electric Utility. The District continued to
focus on capital asset replacements including Envision Donner Pass Road Project, completion of the
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2019 and 2018
See accompanying auditors’ report.
Page 7
Electric meter replacement project, phase 5 of the SCADA reliability project, Old Greenwood well repairs,
upgrading data collector units and the continuation of the SCADA replacement project. Capital assets
increased by a total of $3.6 million in 2019 compared to $7.0 million in 2018. Net Long Term debt decreased
$3.2 million in 2019 and decreased $4.4 million in 2018, due to annual reduction of existing debt. See note
5 for details on remaining debt. In 2018, Other Long Term assets decreased $1.2 million, due to the
scheduled collection of special assessments receivable. No new debt was issued in 2019 and 2018.
“Restricted for debt service” represents amounts restricted for payments related to outstanding revenue
bonds.
The District had income before capital contributions of $3.3 million, $3.5 million, and $2.3 million for the
years ended December 31, 2019, 2018, and 2017, respectively. Changes in the District’s net position can
be determined by reviewing the following Condensed Revenues, Expenses, and Changes in Net Position.
Increase
(Decrease)
2019 2018 2017 2019 - 2018
Sales to consumers 37,029,653$ 35,486,412$ 34,462,146$ 1,543,241$
Other operating revenues 2,303,918 2,198,605 3,873,207 105,313
Total Operating Revenues 39,333,571 37,685,017 38,335,353 1,648,554
Operating expenses 36,383,962 34,092,086 35,702,131 2,291,876
Operating Income 2,949,609 3,592,931 2,633,222 (643,322)
Non-operating revenues (expenses)305,965 (84,083) (377,526) 390,048
Income before
capital contributions 3,255,574 3,508,848 2,255,696 (253,274)
Capital contributions, net 4,683,099 4,652,720 2,096,828 30,379
Change in net position 7,938,673 8,161,568 4,352,524 (222,895)
Net Position, Beginning of Year 122,392,565 114,230,997 113,229,938 8,161,568
NET POSITION, END OF YEAR 130,331,238$ 122,392,565$ 117,582,462$ 7,938,673$
Total operating revenues were $39.3 million in 2019, $37.7 million in 2018, and $38.3 million in 2017.
Electric revenues increased 4.9% in 2019 compared to 2018. A 3% rate increase in 2019 along with a
colder winter can be attributed to the increase. Water revenues increased 2.6% largely due to a 3% rate
increase implemented in 2019 slightly offset by the colder winter resulting in later irrigation patterns. Electric
revenues decreased 4% in 2018 compared to 2017. A 3% rate increase in 2018 was offset by a mild winter
compared to the 2017 extreme winter. Water revenues increased 4.0%; a 3% rate increase in 2018 was
implemented. Additionally, irrigation patterns for consumers started earlier in 2018 due to the milder winter
than 2017.
Total operating expenses were $36.4 million in 2019, $34.1 million in 2018, and $35.7 million in 2017.
Increased operating expenses in 2019 can be attributed to increased tree trimming costs to reduce the risk
of wildfire along with increased insurance and maintenance material costs. Electric expenses normalized
in 2018 compared to 2017 as 2017 includes extraordinary expenses incurred from the extreme winter
storms that year that were subsequently reimbursed by CalOES and FEMA.
Non-operating revenues and expenses increased $0.4 million in 2019 and increased $0.3 million in 2018
due to an increase in investment income coupled by a decrease in interest expense.
In 2018 the District implemented Governmental Accounting Standards (GASB) Statement of Governmental
Accounting Standard No. 75 “Accounting and Financial Reporting for Postemployment Benefits other than
Pensions” (GASB No. 75). The primary objective of GASB No. 75 is to improve accounting and financial
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2019 and 2018
See accompanying auditors’ report.
Page 8
reporting for postemployment benefits. Under GASB No. 75, the District is required to report the net other
postemployment benefit liability and deferred inflow and outflows in the statement of Net Position. The
District’s net position at the beginning of 2018 was reduced $3.4 million for this new standard.
CAPITAL ASSETS
As of December 31, 2019, 2018, and 2017, the District had $133.8 million, $130.2 million, and $123.1
million, respectively, invested in a variety of capital assets, net of accumulated depreciation. A summary of
capital assets is reflected in the following schedule.
2019 2018 2017
Electric distribution facilities 67,692,718$ 64,204,691$ 60,416,921$
Water distribution facilities 120,131,130 116,378,593 112,596,747
General plant 18,450,144 16,513,295 15,782,620
Sub-totals 206,273,992 197,096,579 188,796,288
Less: Accumulated depreciation (78,575,819) (74,092,843) (68,563,235)
Net of accumulated depreciation 127,698,173 123,003,736 120,233,053
Construction work in progress 6,114,079 7,169,814 2,881,021
Net capital assets 133,812,252$ 130,173,550$ 123,114,074$
CAPITAL ASSETS
Net capital assets (additions, less retirements and depreciation) increased $3.6 million in 2019 compared
to $7.0 million in 2018. The District ended 2019 with decreased construction work in progress of $6.1 million
compared to $7.2 million in 2018; this includes the overhead pole replacement project, District upstairs
remodel, Aclara MTU replacement project and the SCADA reliability phase 5 project.
LONG-TERM DEBT
Long-term debt includes revenue bonds and installment loans. At December 31, 2019, 2018, and 2017, the
District had $18.2 million, $21.5 million, and $24.6 million, respectively, in long-term debt outstanding, net
current maturities. In 2019 and 2018, the District did not enter into any new debt agreements and the overall
decrease in long-term debt was due to scheduled debt payments.
ECONOMIC FACTORS AND NEXT YEARS BUDGETS AND RATES
The District operates on a two year budget. The FY20 & FY21 Board approved Budget includes an
assumption for growth in fiscal year 2020 of 1%, Consistent with what the District experienced in fiscal year
2019. Revenue projections for fiscal year 2020 include rate increases of 3% for both Electric and Water.
Rates by rate class can be found on the District’s website at www.tdpud.org. Expenditures for Electric and
Water excluding debt service, were projected to increase approximately 3% compared to fiscal year 2020
budgeted expenditures.
CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
The financial report is designed to provide readers with a general overview of the District’s finances and to
demonstrate the District’s accountability for the money it receives. If you have questions about this report
or need additional financial information, contact:
Truckee Donner Public Utility District
Attn: Treasurer
11570 Donner Pass Road
Truckee, CA 96161
FINANCIAL STATEMENTS
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF NET POSITION
December 31, 2019 and 2018
The accompanying notes are an integral part of these consolidated financial statements.
Page 10
ASSETS AND DEFERRED
OUTFLOWS OF RESOURCES 2019 2018
CURRENT ASSETS
Cash Funds
Operating 12,607,007$ 9,602,733$
Designated 12,635,745 13,958,250
Restricted 6,697,191 5,308,325
Total Cash Funds 31,939,943 28,869,308
Accounts receivable, net 1,705,864 1,767,648
Unbilled revenues 2,945,446 2,907,072
Accrued interest receivable 105,596 98,105
Materials and supplies 736,544 884,238
Prepaid expenses 643,240 684,816
Other 124,759 117,230
Total Current Assets 38,201,392 35,328,417
NON-CURRENT ASSETS
Other Non-Current Assets
Restricted investment fund 1,730,450 1,753,275
Special assessments receivable 1,562,702 2,294,810
Other 248,925 311,157
Total Other Non-Current Assets 3,542,077 4,359,242
CAPITAL ASSETS
Utility plant 206,273,992 197,096,579
Accumulated depreciation (78,575,819) (74,092,843)
Construction work in progress 6,114,079 7,169,814
Total Capital Assets 133,812,252 130,173,550
DEFERRED OUTFLOWS OF RESOURCES
Pension 2,350,006 2,286,573
OPEB 600,263 344,700
Unamortized loss on refunding 511,174 543,976
Unamortized redemption premium 68,152 95,412
Total Deferred Outflows of Resources 3,529,595 3,270,661
TOTAL ASSETS AND DEFERRED
OUTFLOWS OF RESOURCES 179,085,316$ 173,131,870$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF NET POSITION
December 31, 2019 and 2018
The accompanying notes are an integral part of these consolidated financial statements.
Page 11
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND NET POSITION 2019 2018
CURRENT LIABILITIES
Other Liabilities
Accounts payable 3,107,418$ 3,173,938$
Customer deposits 454,959 448,968
Other 995,795 1,035,235
Total Other Liabilities 4,558,172 4,658,141
Current Liabilities Payable From Restricted Assets
Current portion of long-term debt 3,239,930 3,117,221
Accrued interest payable 120,610 133,315
Total Current Liabilities Payable from Restricted Assets 3,360,540 3,250,536
Total Current Liabilities 7,918,712 7,908,677
NON-CURRENT LIABILITIES
Long-term debt, net of discounts and premiums 18,184,411 21,428,556
Net pension liability 12,872,646 11,742,137
Net OPEB liability 4,328,352 4,408,729
Installment loans 24,942 36,599
Unearned revenues 4,575,287 4,954,941
Total Non-Current Liabilities 39,985,638 42,570,962
Total Liabilities 47,904,350 50,479,639
DEFERRED INFLOWS OF RESOURCES
Pension 544,868 244,597
OPEB 304,860 15,069
Total Deferred Inflows of Resources 849,728 259,666
NET POSITION
Net investment in capital assets 112,899,085 106,171,749
Restricted for debt service 8,258,364 6,892,479
Unrestricted 9,173,789 9,328,337
Total Net Position 130,331,238 122,392,565
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND NET POSITION 179,085,316$ 173,131,870$
T H I S P A G E I S I N T E N T I O N A L L Y L E F T B L A N K
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
December 31, 2019 and 2018
The accompanying notes are an integral part of these consolidated financial statements.
Page 13
2019 2018
OPERATING REVENUES
Sales to customers 37,029,653$ 35,486,412$
Standby fees 137,580 143,320
Cap and trade proceeds 1,503,495 1,186,320
Other 662,843 868,965
Total Operating Revenues 39,333,571 37,685,017
OPERATING EXPENSES
Purchased power 10,754,898 11,001,858
Operations and maintenance 9,768,460 9,056,263
Consumer services 2,667,957 2,152,817
Administration and general 5,772,396 5,002,288
Depreciation 7,420,251 6,878,860
Total Operating Expenses 36,383,962 34,092,086
Operating Income 2,949,609 3,592,931
NON-OPERATING REVENUE (EXPENSES)
Investment income 954,122 629,092
Interest expense (628,860) (681,414)
Amortization (33,045) (33,045)
Gain on disposition of assets 13,748 1,284
Total Non-Operating Revenue (Expenses)305,965 (84,083)
Income Before Contributions 3,255,574 3,508,848
CAPITAL & OTHER CONTRIBUTIONS 4,683,099 4,652,720
CHANGE IN NET POSITION 7,938,673 8,161,568
Net Position - Beginning of Year 122,392,565 114,230,997
NET POSITION - END OF YEAR 130,331,238$ 122,392,565$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF CASH FLOWS
December 31, 2019 and 2018
The accompanying notes are an integral part of these consolidated financial statements.
Page 14
2019 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Received from customers 39,359,150$ 38,294,792$
Paid to suppliers for goods and services (19,925,045) (18,317,973)
Paid to employees for services (7,090,512) (7,139,320)
Net Cash Flows from Operating Activities 12,343,593 12,837,499
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Principal payments on long-term debt (920,000) (1,269,000)
Interest payments on long-term debt (80,177) (160,464)
Net Cash Flows from Noncapital Financing Activities (1,000,177) (1,429,464)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Capital expenditures for utility plant (9,589,498) (11,609,527)
Cost of disposal of property net of salvage (170,589) (125,836)
Capital contributions, connection and facility fees 2,540,734 3,573,769
Special assessments receipts 732,107 710,368
Principal payments on long-term debt (2,213,093) (2,169,333)
Interest payments on long-term debt (534,370) (565,765)
Cash Flows From Capital and Related Financing Activities (9,234,709) (10,186,324)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income received 843,289 660,870
Cash Flows from Investing Activities 843,289 660,870
Net Change in Cash and Cash Equivalents 2,951,996 1,882,581
CASH AND CASH EQUIVALENTS – Beginning of Year 28,935,963 27,053,382
CASH AND CASH EQUIVALENTS – END OF YEAR 31,887,959$ 28,935,963$
NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES
Developer and customer added capital assets 1,762,711$ 2,379,814$
Recognition of prior period unearned revenues 5,688,114$ 4,028,393$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF CASH FLOWS
December 31, 2019 and 2018
The accompanying notes are an integral part of these consolidated financial statements.
Page 15
2019 2018
RECONCILIATION OF OPERATING INCOME TO NET CASH
FLOWS FROM OPERATING ACTIVITIES
Operating income 2,949,609$ 3,592,931$
Noncash items included in operating income
Depreciation and amortization 7,420,251 6,878,870
Depreciation charged to other accounts 477,592 178,114
Changes in assets and liabilities
Accounts receivable and unbilled revenues 19,591 649,002
Materials and supplies 147,695 (206,340)
Prepaid expenses 41,575 (51,625)
Accounts payable (66,520) 828,192
Customer deposits 5,991 (39,228)
Deferred Pension Contributions - GASB 68 1,367,347 435,033
Deferred Pension Contributions - GASB 75 (46,149) -
Other current liabilities 26,611 572,550
NET CASH FLOWS FROM OPERATING ACTIVITIES 12,343,593$ 12,837,499$
RECONCILIATION OF CASH AND CASH EQUIVALENTS
TO THE BALANCE SHEET
Operating 12,607,007$ 9,602,733$
Designated 12,635,745 13,958,250
Restricted funds - current 6,697,191 5,308,325
Restricted funds - non-current 1,730,450 1,753,275
Total Cash and Investments 33,670,393 30,622,583
Less: Long-term investments (1,698,880) (1,698,880)
Mark to market adjustments (83,554) 12,260
TOTAL CASH AND CASH EQUIVALENTS 31,887,959$ 28,935,963$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 16
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. ORGANIZATION
The Truckee Donner Public Utility District (the District) was formed and operates under the State of
California Public Utility District Act. The District is governed by a board of directors which consists of five
elected members. The District provides electric and water service to portions of Nevada and Placer
Counties described as Truckee. The electric and water service operations are separately maintained and
operated. These financial statements reflect the combined electric and water operations of the District. All
significant transactions between electric and water operations have been eliminated. These eliminations
include power purchases and rent for shared facilities.
The District’s blended component units consist of organizations whose respective governing boards are
comprised entirely of the members of the District’s Board of Directors. These organizations are reported as
if they are a part of the District’s operations. The entities are legally separate, however, in the case of the
Truckee Donner Public Utility District Financing Corporation, financial support has been pledged and
financial and operational policies may be significantly influenced by the District.
The financial results of these blended component units are not included in this report. However,
the District has issued an additional consolidated report that includes these component units. A
copy of that report can be requested from the District.
Truckee Donner Public Utility District Financing Corporation is a legal entity that was created to issue and
administer Certificates of Participation on behalf of the District. (See note 5).
Separate standalone financial statements are not available for the blended component units described
above. Unless noted, disclosures relating to the component units are the same as for the District.
B. ACCOUNTING POLICIES
The financial statements of the District have been prepared in conformity with accounting principles
generally accepted in the United States of America. The Governmental Accounting Standards Board
(GASB) is the accepted standard setting body for establishing governmental accounting and financial
reporting principles.
The financial statements are reported using the economic resources measurement focus and the accrual
basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and
expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains,
losses, assets and liabilities, that are a result of exchange and exchange like transactions, are recognized
when the exchange takes place.
C. USE OF ESTIMATES
Preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 17
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. CASH AND CASH EQUIVALENTS
For the purpose of the accompanying statement of cash flows, the District considers all highly liquid
instruments with original maturities of three months or less when purchased to be cash equivalents and are
shown in the financial statements as “Cash Funds”.
E. INVESTMENTS
The District pools cash and investments. The District’s investment policy allows for investments in
instruments permitted by the California Government Code and/or the investments permitted by the trust
agreements on District financing. The District’s investment policy contains provisions intended to limit the
District’s exposure to interest rate risk, credit risk, and concentration of credit risk. Investment income from
pooled investments is allocated to all funds in the pool. Interest is allocated on the basis of month end cash
amounts for each fund as a percentage of the total balance.
The District categorizes the fair value measurements of its investments based on the hierarchy established
by generally accepted accounting principles. The fair value hierarchy, which has three levels, is based on
the valuation inputs used to measure an assets fair value: Level 1 inputs are quoted prices in active markets
for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant
unobservable inputs. The District does not have any investments that are measured using Level 3 inputs.
F. DESIGNATED ASSETS
The board has designated certain resources for future capital projects, replacements, and operational
needs.
G. RESTRICTED ASSETS
Restricted assets are assets restricted by the covenants of long-term financial arrangements or other third
party legal restrictions. Restricted assets are used in accordance with their requirements and where both
restricted and unrestricted resources are available for use, restricted resources are used first and then
unrestricted as they are needed.
H. ACCOUNTS RECEIVABLE AND ALLOWANCES FOR DOUBTFUL ACCOUNTS
Accounts receivable are recorded at the invoiced amount and are reported net of allowances for doubtful
accounts of $13,100 and $18,100 for 2019 and 2018, respectively. Receivables are considered past due
after 30 days and routine collection efforts begin. District Code allows for the Treasurer to write off
delinquent account balances up to 0.17% of the amounts billed. This write off process occurs semi-
annually.
I. MATERIALS AND SUPPLIES
Materials and supplies are recorded at average cost.
J. DEBT PREMIUM, BOND ISSUANCE COSTS, AND DISCOUNTS
Original issue and reacquired bond premiums and discounts relating to revenue bonds are amortized over
the terms of the respective bond issues using the effective interest method. Debt issuance costs are
expensed in the period incurred.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 18
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
K. SPECIAL ASSESSMENT RECEIVABLE
Special assessment receivable represent amounts due from property owners within the Donner Lake
Assessment District for improvements made by the District pursuant to an agreement with the property
owners to improve their water quality as discussed in note 7.
L. AMORTIZED EXPENSES
In 2003, the District entered into a broadband dark fiber maintenance agreement with Sierra Pacific
Communications (SPC) which is included in the line item “other non-current assets” in the accompanying
Statement of Net Position. SPC subsequently assigned the agreement to AT&T. The agreement is expected
to provide benefit to the District over the estimated 20-year life of the agreement. (See note 4).
M. CAPITAL ASSETS
Capital assets are generally defined by the District as assets with an initial, individual cost of more than
$10,000 and an estimated useful life of at least two years.
Capital assets of the District are stated at the lower of cost or the acquisition value at the time of contribution
to the District. Major outlays for plant are capitalized as projects are constructed. Depreciation on capital
assets is calculated using the straight-line method over the estimated useful lives of the assets, which are
as follows:
Distribution Plant
Electric 23 – 35 years
Water 15 – 40 years
Computer software and hardware 3 – 7 years
Building and improvements 20 – 33 years
Equipment and furniture 4 – 10 years
It is the District’s policy to capitalize interest paid on debt incurred for significant construction projects while
those projects are under construction, less any interest earned on related unspent debt proceeds. No new
debt related to capital assets was issued in 2019 and 2018; no interest was capitalized in 2019 or in 2018.
N. COMPENSATED ABSENCES
Under terms of employment, employees are granted sick leave and vacations in varying amounts. Only
benefits considered to be vested are disclosed in these statements. Vested vacation and sick leave pay is
accrued when earned in the financial statements. The liability is liquidated from general operating revenues
of the utility.
O. REVENUE RECOGNITION
Unbilled revenues, representing estimated consumer usage for the period between the last meter reading
and the end of the period, are accrued in the period of consumption. Water customers without meters are
billed on a flat-rate basis, and revenues are recorded as billed. Revenues from connection fees are
recognized upon completion of the connection. Income that the District has earned through investing its
excess cash is reflected within income from investments when earned.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 19
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
P. REVENUE AND EXPENSE CLASSIFICATION
The District distinguishes operating revenues and expenses from non-operating items in the preparation of
its financial statements. Operating revenues and expenses generally result from providing electric and
water services in connection with the District’s principal ongoing operations. The principal operating
revenues are sales to customers. The District’s operating expenses include power purchases, labor,
materials, services, and other expenses related to the delivery of electric and water services. All revenues
and expenses not meeting this definition are reported as non-operating revenues and expenses, or capital
contributions and other.
Q. POWER PURCHASES AND TRANSMISSION
In 1999, the District entered into an agreement with Sierra Pacific Power Company dba NV Energy (SPPC),
whereby SPPC will provide transmission services to the District through December 31, 2027. The District
uses this transmission service to import energy over SPPC’s transmission system to serve District load. In
addition, the District purchases scheduling services from Utah Municipal Power Systems (UAMPS) and the
scheduling services are included in the monthly power billings from UAMPS. The purchase of transmission
services from SPPC represented 7.8% and 7.7% of total purchased power costs in 2018 and 2019,
respectively.
In December of 2005, the District entered into an agreement with UAMPS. Subsequently, the District
entered into several pooling appendices for power capacity and energy that relate to various time periods
from January 2008 through March 2028. Also in 2009, the District signed an agreement with UAMPS for
approximately 5 MW of the Nebo natural gas generation plant capacity. In August 2012, the Horse Butte
Wind project began commercial operation and the District owns approximately 15 MW of nameplate
capacity that generates about 5 MW on average. The District has also invested in the Veyo Heat Recovery
project that came on line in mid-2016. The District receives about 1.7 MW of carbon-free generation from
this resource. In September 2019 the District entered into 25-year Purchase Power Agreement with UAMPS
for a 6MW share of the Red Mesa Solar Project. The Project is being developed by UAMPS and the Navajo
Tribal Utility Authority for use by UAMPS members. It is scheduled to be online by June 1, 2022. The Red
Mesa Solar Project price for energy is among the lowest wholesale price paid by the District for any
resource. It is estimated that a 6MW share equates to about 10 percent of total annual District energy
requirements.
In August of 2007, the District entered into an agreement with Western Area Power Administration (WAPA)
for the delivery of Stampede Dam Hydroelectric generation. In accordance with this agreement, the District
is entitled to a portion of the power generated by Stampede Dam. This generation is dependent upon the
amount of water that is made available to the generator. This agreement is effective through 2024.
In 2018 and 2019, the UAMPS contract, along with its appendices, and the WAPA contract for Stampede
Dam Hydroelectric generation comprised the majority of a diversified power portfolio that balanced risk and
costs for the District.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 20
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
R. CAP AND TRADE PROGRAM PROCEEDS
California Assembly Bill 32 (AB32) is an effort by the State of California to set a 2020 greenhouse gas
(GHG) emissions reduction goal into law. AB32 requires California to lower greenhouse gas emissions to
1990 levels by 2020. Central to this initiative is the implementation of a cap and trade program, which covers
major sources of GHG emissions in the State including power plants. The California Cap and Trade
Program is designed to achieve cost-effective emissions reductions across the capped sectors. The
program sets maximum statewide GHG emissions for all covered sectors each year (“cap”), and allows
covered entities to sell off allowances (“trade”). An allowance is a tradable permit that allows the emission
of one metric ton of CO2. The California carbon price is driven by allowance trading. The District is subject
to AB32 and has excess allowances due to reducing carbon-based generation in its power portfolio.
In 2019 and 2018, the District sold its excess allowances in the program auctions and the proceeds were
recorded as $1,503,495 and $1,186,320 operating revenue for the respective years. The auction proceeds
are held in a restricted fund and are used to purchase qualified renewable power. (See note 2)
S. INCOME TAXES
As a government agency, the District is exempt from payment of federal and state income taxes.
T. CONTRIBUTED CAPITAL ASSETS
A portion of the District’s capital assets have been obtained through amounts charged to developers for
plant constructed by the District; direct contributions of capital assets from developers and other parties; as
well as assessments of local property owners. These items are recognized within capital assets as
construction is completed for plant constructed by the District based on the cost of the items, when received
for contributed capital assets based on the actual or estimated fair value of the contributed items, or upon
completion of the related project for development agreements. The District records amounts received within
capital contributions when a legally enforceable claim is established. Until the District meets the criteria to
record the amounts described above as capital contributions, any amounts received are recorded within
unearned revenues on the Statement of Net Position.
U. OTHER – PENSION SIDEFUND
As a result of implementing GASB Statement No. 68, the pension side-fund payoff that occurred in 2011
and which had been reported in the financial statements as an asset was written off due to the District’s
participation in CalPERS cost-sharing multi-employer retirement benefit plan. However, the liability for the
payoff remains until paid in full thru 2022. The intercompany fund transfers for the principal portion of the
debt service between the electric and water utility is included as “other.”
V. PENSION
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to
pensions, and pension expense, information about the fiduciary net position of the District’s California Public
Employee’s Retirement System (CalPERS) plans (Plans) and the additions to/deductions from the Plans’
fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this
purpose, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 21
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
W. RECENT ACCOUNTING PRONOUNCEMENTS IMPLEMENTED BY THE DISTRICT
GASB Statement No. 83, Certain Asset Retirement Obligations, addresses accounting and financial
reporting for certain asset retirement obligations (ARO’s). The District has determined that this
pronouncement had no impact on the District’s financial position or results of operations.
In May 2020, GASB issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative
Guidance. The objective of this Statement is to provide temporary relief from certain new accounting and
financial reporting requirements to districts in light of the COVID-19 pandemic. With the statement being
effective immediately, the District has adopted this pronouncement for fiscal year 2019 resulting in
postponement of implementing GASB Statement No. 84, Fiduciary Activities and GASB Statement No. 88,
Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements. Other statements
impacted by this statement are not effective for the fiscal year end 2019. The District will continue to
evaluate the financial statement impact of adopting this Statement.
X. DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF RESOURCES
Deferred Outflows of Resources: This separate financial statement element represents consumption of net
position or fund balance that applies to future period(s) and so will not be recognized until that time.
Deferred Inflows of Resources: This separate financial statement element represents an acquisition of net
positon or fund balance that applies to future period(s) and so will not be recognized as an inflow of
resources until that time.
Y. UNAMORTIZED LOSS ON BOND REFUNDING
For current and advanced refunding results in defeasance of debt, the difference between the reacquisition
price and the net carrying amount of the old debt (Gain or loss) is deferred and amortized as a component
of interest expense over the remaining life of the old debt or the new debt, whichever is shorter. These
amounts are reported as deferred outflow on the statements of net position.
Z. ACCOUNTING PRONOUNCEMENTS TO BE IMPLEMENTED IN UPCOMING YEARS
GASB Statement No. 84, Fiduciary Activities, addresses identifying fiduciary activities of all state and local
governments. The general focus of the criteria is on (1) whether a government is controlling the assets of
the fiduciary activity and (2) the beneficiaries with whom a fiduciary relationship exists. Separate criteria
are included to identify component units and postemployment benefit arrangements that are fiduciary
activities. The District has not determined what impact, if any, this pronouncement will have on the financial
statements. This statement is effective for the District fiscal year ending December 31, 2020.
GASB Statement No. 87, Leases, addresses accounting and financial reporting for leases by governments.
This Statement increases the usefulness of financials statements by requiring recognition of certain lease
assets and liabilities for leases that previously were classified as operating leases by establishing a single
model of lease accounting based on the foundational principle that leases are financings of the right to use
an underlying asset. Under this statement, a lessee is required to recognize a lease liability and intangible
right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of
resources, thereby enhancing the relevance and consistency of information about leasing activities. The
District has not determined what impact, if any, this pronouncement will have on the financial statements.
This statement is effective for the District fiscal year ending December 31, 2021.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 22
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Z. ACCOUNTING PRONOUNCEMENTS TO BE IMPLEMENTED IN UPCOMING YEARS (Continued)
GASB Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct
Placements, addresses information that is disclosed in notes related to debt including direct borrowing and
direct placements. It also clarifies which liabilities the District should include when disclosing information
related to debt. This statement is effective for the District fiscal year ending December 31, 2020.
GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period,
addresses interest costs incurred before the end of a construction period to be recorded as an expenditure
in the applicable period. As a result, interest costs incurred before the end of a construction period will not
be included in the historical cost of a capital asset reported. The District has not determined what impact
this pronouncement will have on the financial statements. Application of this statement is effective for the
District’s fiscal year ending December 31, 2022.
NOTE 2 – CASH, CASH EQUIVALENTS, AND INVESTMENTS
Cash, cash equivalents and investments are recorded in accounts as either restricted or unrestricted as
required by the District’s certificates of participation indentures or other third-party legal restrictions.
Restricted assets represent funds that are restricted by certificates of participation covenants or third party
contractual agreements. Assets that are allocated by resolution of the Board of Directors are considered to
be Board designated assets. Board designated assets are a component of unrestricted assets as their use
may be redirected at any time by approval of the Board. Upon Board approval, assets from board
designated accounts may be used to pay for selected capital projects. Such accounts have been designated
by the Board for the following purposes:
Electric Capital Replacement
Starting in 2009, the Board set aside funds designated for future electric infrastructure replacement.
Electric Vehicle Reserve
Beginning in 2009, the Board set aside funds designated for future electric utility vehicle
replacements.
Electric Rate Reserve
In compliance with Board rules, the District created an electric rate stabilization fund in anticipation
of future costs. During both 2019 and 2018, there was no utilization of these funds to offset
increased power costs in lieu of raising electric rates.
Water Vehicle Reserve
Beginning in 2009, the Board set aside funds designated for future Water Utility vehicle
replacements.
Prepaid Connection Fees
In compliance with Board rules, the District has set aside prepaid connection fees to cover
installation costs of water services.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 23
NOTE 2 – CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)
Debt Service Coverage and Operating Reserve Fund
Effective 2007, the Board has voluntarily set aside funds to improve the District’s cash-to-debt-
service ratio. In 2019 funds were used for capital improvement projects.
Donner Lake Assessment District Surcharge Fund
The District established a monthly billing surcharge in the amount of $6.65 applicable to customers
in the Donner Lake area to provide revenue to pay the remainder of the cost of reconstruction
effective October 2006.
Deferred Liabilities Reserve
Starting in 2017, the Board established a reserve to protect the District from volatility in pension,
other post-employment benefits, and worker’s compensation premiums.
As of December 31, Board designated accounts at fair value consisted of the following:
2019 2018
Electric capital replacement fund 2,419,674$ 3,547,434$
Electric vehicle reserve 402,741 521,293
Electric rate reserve 5,852,452 5,545,624
Electric deferred liabilities reserve 2,053,044 2,010,947
Water vehicle reserve - 235,493
Prepaid connection fees 76,837 75,957
Debt service & operating reserve fund 1,592,690 1,799,719
Donner Lake Assessment District surcharge fund 133,379 119,751
Water deferred liabilities reserve 104,928 102,032
Totals 12,635,745$ 13,958,250$
Certain assets have been restricted by bond covenants or third party contractual agreements for the
following purposes:
Certificates of Participation
Prepayments to the Trustee from the District for upcoming debt payments.
Facilities Fees
The District charges facilities fees to applicants for new service to cover the costs of infrastructure
needed to meet their systems demand. The use of such funds is restricted by California state law.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 24
NOTE 2 – CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)
Donner Lake Special Assessment District Improvement and Reserve Fund
The District established the Donner Lake Special Assessment District (DLAD) Improvement Fund
to account for all funds received from the Special Assessment Receivable, which will be used to
pay the debt service costs related to the Donner Lake Water System project. The DLAD
Improvement Fund also has a reserve fund as required by the California – Safe Drinking Water –
State Revolving Fund (SRF). This fund is required to set aside $40,043 semi-annually for ten years
beginning in 2006. The reserve fund was fully funded as of December 31, 2016.
AB32 Cap and Trade Auction Fund
The District electric utility is identified as an “Electric Distribution Utility” under the Cap and Trade
regulations and is therefore eligible to receive a direct allocation of allowances that can be sold in
an auction. The proceeds from quarterly allowance auctions are held in this restricted fund and
are used to purchase qualified renewable power. These funds are intended to mitigate the burden
on the consumer without impacting a carbon price signal.
Other (Area Improvement Funds)
The District received funds from the County of Nevada, which are to be used only for improvements
to specific areas within the District’s boundaries in Nevada County. These areas include various
Nevada County assessment districts.
As of December 31, restricted cash and cash equivalents and investments at fair value consisted of the
following:
2019 2018
Certificates of Participation 557,673$ 575,626$
Facilities fees 2,349,620 1,416,480
DWR-Prop 55 reserve fund 336,596 327,308
Donner Lake Special Assessment District improvement 2,767,820 2,679,245
Donner Lake Special Assessment District reserve fund 821,579 811,379
AB 32 Cap and Trade Auction fund 1,538,615 1,197,362
Other (area improvement funds)55,738 54,200
Total Restricted Cash and Cash
Equivalents and Investments 8,427,641$ 7,061,600$
Cash and investments are comprised of the following cash and cash equivalents and investments as of
December 31:
2019 2018
Cash and cash equivalents 31,939,943$ 28,869,308$
Investments – government bonds 1,730,450 1,753,275
Totals 33,670,393$ 30,622,583$
Cash and cash equivalents and investments were $33,670,393 and $30,622,583 at December 31, 2019
and 2018, respectively. Cash equivalents substantially consist of deposits in the state pooled fund, Placer
County pooled fund, money market funds and investments.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 25
NOTE 2 – CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)
Adjustments necessary to record investments at fair market value are recorded in the operating statement
as increases or decreases in investment income. Market values may have changed significantly after year
end.
FAIR VALUE MEASUREMENT
The District applies the provisions of Governmental Accounting Standards Board (GASB) Statement No.
72, Fair Value Measurement and Application, which requires governmental entities, to report certain
investments at fair value on the Statements of Net Position.
Investments are valued at fair value at December 31. Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The District categorizes its fair value measurements within the fair value
hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation
inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices for identical instruments
in active markets. Level 2 inputs are quoted prices for similar instruments in active markets; quoted prices
for identical or similar instruments in markets that are not active; and model derived valuations in which all
significant inputs are observable. Level 3 inputs are valuations derived from valuation techniques in which
significant inputs are unobservable.
The District classifies its fair value measurements within the fair value hierarchy established by generally
accepted accounting principles. The District has the following fair value measurements as of December 31,
2019:
US Government bonds are valued using observable inputs (Level 2 inputs).
INVESTMENTS AUTHORIZED BY THE DISTRICT’S INVESTMENT POLICY
The District adopted an investment policy in 2006 which allowed for investments in instruments permitted
by the California Government Code and/or the investments permitted by the trust agreements on District
financing, including investments in the local government investment fund pool administered by the State of
California (LAIF), Placer County Treasurer’s Investment Portfolio (PCTIP) pooled investment and Utah
Public Treasurers’ Investment Fund (UPTIF). The District’s investment policy contains provisions intended
to limit the District’s exposure to interest rate risk, credit risk, and concentration of credit risk. At
December 31, 2019 and 2018 the District’s deposits and investments at fair value were held as follows:
2019 2018
Cash on hand 2,400$ 2,400$
Deposits 1,287,103 1,538,997
LAIF 13,390,301 10,284,840
PCTIP 8,271,436 8,068,948
UPTIF 8,856,197 8,813,143
Money Market Funds 132,506 160,980
Government Bonds 1,730,450 1,753,275
Totals 33,670,393$ 30,622,583$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 26
NOTE 2 – CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)
DISCLOSURES RELATING TO INTEREST RATE RISK
Interest rate risk is the risk that changes in the market interest rates will adversely affect the fair value of an
investment. Generally, the longer the maturity of an investment, the greater is the sensitivity of its fair value
to changes in market interest rates. Information about the sensitivity of the fair values of the District’s
investments to market interest rate fluctuations is provided by the following table that shows the District’s
investments by maturity for 2019 and 2018:
Investments and Deposits Maturity
LAIF 3 months or less
PCTIP 3 months or less
UPTIF 3 months or less
Morgan Stanley Treasury 3 months or less
Fidelity Money Market Government Portfolio 57 3 months or less
Dreyfus Treasury Securities 3 months or less
Federal Farm Credit Banks 03/02/2021
DISCLOSURES RELATING TO CREDIT RISK
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of
the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating
organization. LAIF, PCTIF and UPTIF do not have a rating provided by a nationally recognized statistical
rating organization. The Morgan Stanley Treasury is rated AAAm by S&P and Aaa-mf by Moody’s. Federal
Farm Credit Banks is rated AA+ by S&P and Aaa by Moody’s. The Dreyfus Treasury Securities is rated
Aaa-mf by Moody’s and AAAm by S&P. The Fidelity Money Market is rated AAA-mf by Moody’s and AAAm
by S&P.
CUSTODIAL CREDIT RISK
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution,
a government will not be able to recover its deposits or will not be able to recover collateral securities that
are in the possession of an outside party. The District’s investment policy does not contain legal or policy
requirements that would limit the exposure to custodial credit risk for deposits. However, the California
Government Code requires that a financial institution secure deposits made by state or local governmental
units by pledging securities in an undivided collateral pool held by a depository regulated under state law
(unless waived by the government unit). The market value of pledged securities in the collateral pool must
equal at least 110% of the total amount deposited by the public agencies.
As of December 31, 2019 and 2018 all deposits were fully insured or collateralized.
The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g.,
broker/dealer) to a transaction, a government will not be able to recover the value of its investment or
collateral securities that are in the possession of another party. The California Government Code and the
District’s investment policy do not contain legal or policy requirements that would limit the exposure to
custodial credit risk for investments. With respect to investments, custodial credit risk generally applies
only to direct investments in marketable securities. Custodial credit risk does not apply to a local
government’s indirect investment in securities through the use of mutual funds or governmental investment
pools (such as LAIF).
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 27
NOTE 2 – CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)
DEPOSIT IN STATE INVESTMENT POOL
The District is a voluntary participant in the Local Agency Investment Fund (LAIF). This investment fund
has an equity interest in the State of California’s (State’s) Pooled Money Investment Account (PMIA). PMIA
funds are on deposit with the State’s Centralized Treasury System and are managed in compliance with
the California Government Code according to a statement of investment policy which sets forth permitted
investment vehicles, liquidity parameters, and maximum maturity of investments. The fair value of the
District’s investment in this pool is reported in the accompanying financial statements at amounts based
upon the District’s pro-rata share of the fair value provided by the LAIF for the entire LAIF portfolio (in
relation to the amortized cost of the portfolio). The balance available for withdrawal is based on the
accounting records maintained by the LAIF, which are recorded on an amortized cost basis.
DEPOSIT IN PLACER COUNTY TREASURER INVESTMENT POOL
The District is a voluntary participant in the Placer County Investment Portfolio (PCTIP). The District is
eligible to participate in PCTIP because a portion of the District’s service area is in Placer County.
Investments are on deposit with the Placer County Treasurer and are managed in compliance with the
California Government Code according to a statement of investment policy which sets forth permitted
investment vehicles, liquidity parameters, and maximum maturity of investments. The fair value of the
District’s investment in this pool is reported in the accompanying financial statements at amounts based
upon the District’s pro-rata share of the fair value provided by Placer County Treasurer for the entire PCTIP
(in relation to the amortized cost of the portfolio). The balance available for withdrawal is based on the
accounting records maintained by the Placer County Treasurer, which are recorded on an amortized cost
basis.
DEPOSIT IN UTAH PUBLIC TREASURERS’ INVESTMENT FUND
The District is a voluntary participant in the Utah Public Treasurers’ Investment Fund (UPTIF). The District
is eligible to participate in (UPTIF) through its membership with Utah Associated Municipal Power Systems
(UAMPS). Investments are on deposit with State of Utah public treasury and investments are restricted to
those authorized by the Utah Money Management Act and rules of the Money Management Council of
Utah. The fair value of the District’s investments in this pool is reported in the accompanying financial
statements at amounts based upon the District’s pro-rata share of the fair value provided by UPTIF through
UAMPS Member Retention Fund.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 28
NOTE 3 – CAPITAL ASSETS
Capital assets consist of the following at December 31, 2019 and 2018:
January 1,December 31,
2019 Additions Reductions 2019
Electric distribution facilities 64,204,692$ 5,482,262$ (1,994,235)$ 67,692,719$
Water distribution facilities 116,378,593 4,138,345 (385,808) 120,131,130
General plant 16,513,294 2,787,341 (850,492) 18,450,143
197,096,579 12,407,948 (3,230,535) 206,273,992
Less: Accumulated depreciation (74,092,843) (7,782,420) 3,299,444 (78,575,819)
Construction work in progress 7,169,814 10,013,133 (11,068,868) 6,114,079
Totals 130,173,550$ 14,638,661$ (10,999,959)$ 133,812,252
January 1,December 31,
2018 Additions Reductions 2018
Electric distribution facilities 60,416,921$ 5,100,497$ (1,312,726)$ 64,204,692$
Water distribution facilities 112,596,747 3,836,606 (54,760) 116,378,593
General plant 15,782,620 921,628 (190,954) 16,513,294
188,796,288 9,858,731 (1,558,440) 197,096,579
Less: Accumulated depreciation (68,563,235) (7,203,036) 1,673,428 (74,092,843)
Construction work in progress 2,881,021 11,929,099 (7,640,306) 7,169,814
Totals 123,114,074$ 14,584,794$ (7,525,318)$ 130,173,550$
As of December 31, 2019 and 2018, the plant in service included land and land rights of $3,318,346 which
are not being depreciated.
A portion of the plant has been contributed to the District. When replacement is needed, the District replaces
the contributed plant with District-financed plant.
NOTE 4 – TELECOMMUNICATION SERVICES
In 1999, the District initiated a project to expand its basic service offerings to include internet access, cable
television and voice delivered over fiber optic networks (the broadband project). The District completed the
broadband design project and obtained the necessary regulatory approvals and franchises needed to
construct and launch the broadband project. A local cable television service provider filed an objection in
September 2004 with the Nevada County Local Agency Formation Commission (LAFCO), the entity
responsible for providing regulatory approval for the broadband project. After denying the cable television
provider’s request for a reconsideration of their approval of the District’s project, the cable television
provider filed a lawsuit against LAFCO. The District was not named in the lawsuit. A ruling on the lawsuit
was received in January 2006. LAFCO prevailed on all portions of the cable television provider’s claim. The
cable television provider filed an appeal; however, in June of 2007, the Court ruled in favor of LAFCO,
upholding the initial ruling.
Since 2009, the District has been exploring options to sell or lease the existing infrastructure to provide a
return on investment in the project. Expenses incurred by the District to date on the broadband project total
$2,834,079, of which $496,990 was expensed in 2014 for legal fees and preliminary feasibility studies. In
2019 and 2018 there were no material expenditures for this project.
In 2018, The District signed a Memorandum of Understanding with Plumas Sierra Telecommunications to
offer services utilizing these four fibers from Reno to Sacramento in future years.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 29
NOTE 5 – LONG-TERM DEBT
Long-term debt consisted of the following at December 31, 2019:
January 1,December 31,Due within
2019 Additions Reductions 2019 one year
Pension Obligation Bonds
Electric, 2.47%
due semi-annually to 2022 3,476,000$ -$ (920,000)$ 2,556,000$ 978,000$
State Revolving Fund Loan –
Water, 2.34%, due semi-annually
beginning in 2006 to 2026 5,479,589 - (676,565) 4,803,024 692,489
Certificates of Participation –
Water, 1.54%
due serially to 2021
refinanced in 2016 1,990,000 - (659,000) 1,331,000 667,000
Certificates of Participation –
Water, 2.00% to 4.00%,
due serially to 2035 (net
premiums of $421,023)12,858,041 - (592,018) 12,266,023 585,000
Department of Water Resources,
3.18%, due semiannually to
2021, secured by real
and personal property 731,001 - (285,510) 445,491 294,638
Installment loan, 4.58%
due serially to 2023 47,745 - - 47,745 22,803
Totals 24,582,376$ -$ (3,133,093)$ 21,449,283$ 3,239,930$
Long-term debt consisted of the following at December 31, 2018:
January 1,December 31,Due within
2018 Additions Reductions 2018 one year
Pension Obligation Bonds
Electric, 2.47%
due semi-annually to 2022 4,745,000$ -$ (1,269,000)$ 3,476,000$ 920,000$
State Revolving Fund Loan –
Water, 2.34%, due semi-annually
beginning in 2006 to 2026 6,140,596 - (661,007) 5,479,589 676,565
Certificates of Participation –
Water, 4.00% to 5.00%
due serially to 2021
refinanced in 2016 2,634,000 - (644,000) 1,990,000 659,000
Certificates of Participation –
Water, 2.00% to 4.00%,
due serially to 2035 (net
premiums of $448,041)13,435,059 - (577,018) 12,858,041 565,000
Department of Water Resources,
3.18%, due semiannually to
2021, secured by real
and personal property 1,007,651 - (276,650) 731,001 285,510
Installment loan, 4.58%
due serially to 2023 58,403 - (10,658) 47,745 11,146
Totals 28,020,709$ -$ (3,438,333)$ 24,582,376$ 3,117,221$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 30
NOTE 5 – LONG-TERM DEBT (Continued)
During April 2004, the District obtained financing in the form of a State Revolving Fund Loan, the proceeds
of which were utilized in the replacement of the Donner Lake water system. The District submitted
expenditures to the State for reimbursement of $12,732,965. The semi-annual principal and interest
payments are $400,426 and commenced in 2006. In 2004, the remaining balance of $12,227,122 was used
to pay off the temporary lines of credit obtained in 2001 and 2002 to fund the Donner Lake project. (See
note 7).
On October 12, 2006, through the Truckee Donner Public Utility District Financing Corporation on behalf of
the District issued $26,570,000 of Certificates of Participation to refund 100% of the outstanding balance
of Certificates issued in 1996, complete the funding of the Donner Lake Assessment District water system,
and fund water system capital improvements. The refunding portion of the 2006 COP’s, totaling $8,465,000,
has an average interest rate of 4.10%. The refunded 1996 COP’s had an average interest rate of 5.41%.
The net proceeds of $7,500,557 (after payment of $63,733 in underwriting fees, insurance and other
issuance costs) plus an additional $1,315,194 of reserve fund monies were used to prepay the outstanding
debt service requirements on the 1996 COP’s. The terms of the Certificates call for payments to be made
only from the net revenues of the Water Division and the debt is secured by this revenue. These revenues
are required to be at least equal to 125% of the debt service for each year.
In 2015, a portion of the 2006 COP was refunded. Since a portion of the 2006 COP was used for advance
refunding of previous COP, that portion could not be advance refunded at the time of the refunding. The
new 2015 refunding did not require a reserve fund. The reserve fund was liquidated and applied towards
reducing the debt principal. The estimated net present value savings were $1,600,000 or 10% over the
remaining life of issuance.
In 2016, the remaining portion of the 2006 COP was refunded. Due to the refunding an estimated net
present value savings of $222,000 was achieved.
Under the Safe Drinking Water Bond Law of 1986, the Department of Water Resources provided a
$5,000,000 loan to the District in 1993. The loan was to finance capital improvements to the public water
supply and to reduce water quality hazards. The terms of the loan call for payments to be made only from
the net revenues of the Water Division, which are required to be sufficient to pay the debt service for each
year.
In June 2011, the District refunded (refinanced) an existing $7.8 million pension side fund obligation for its
participation in CalPERS. Prior to 2011, the annual side fund payments were expensed and described in
the Notes to Financial Statements. The pension side fund liability was amortized through June 2022 with a
7.75% rate. This liability was not required to be reported on the District’s Statement of Net Position, but the
future pension expense was included in budget and rate calculations. The new refunding rate of 5% reduced
the District’s annual pension costs by almost $100,000 through 2022. In 2016, the District refunded the
pension side fund again earning the District annual savings of $30,000 or $164,000 in total.
As a normal part of its operations, the District finances the acquisition of certain assets through the use of
installment loans. These loans have been used to finance the purchase of vehicles, equipment, and certain
water system improvements. There were no additional installment loans in 2019 or in 2018.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 31
NOTE 5 – LONG-TERM DEBT (Continued)
Scheduled payments on debt are:
Principal Interest Total
2020 3,239,930$ 650,634$ 3,890,564$
2021 3,179,833 563,954 3,743,787
2022 1,907,221 486,560 2,393,781
2023 1,397,546 437,044 1,834,590
2024 1,440,023 393,367 1,833,390
2025-2029 4,998,707 1,365,421 6,364,128
2030-3034 4,570,000 593,425 5,163,425
2035-2039 295,000 11,800 306,800
21,028,260$ 4,502,205$ 25,530,465$
Plus: Unamortized premiums 421,023
21,449,283$
NOTE 6 – UNEARNED REVENUES
Transactions that have not yet met revenue recognition requirements are recorded as a non-current liability
and reflected in the accompanying Statement of Net Position. As of December 31, 2019 and 2018,
unearned revenues consist of unearned special assessment revenues, development agreement deposits,
connection fees, and other deposits.
Unearned revenues consisted of the following at December 31, 2019 and 2018:
January 1,December 31,
2019 Additions Reductions 2019
Development agreement deposits 3,727,796 2,051,670 (2,568,805) 3,210,661
Connection fees and other deposits 1,227,145 1,612,713 (1,475,232) 1,364,626
Totals 4,954,941$ 3,664,383$ (4,044,037)$ 4,575,287$
January 1,December 31,
2018 Additions Reductions 2018
Development agreement deposits 2,768,422 2,306,700 (1,347,326) 3,727,796
Connection fees and other deposits 885,654 1,440,232 (1,098,741) 1,227,145
Totals 3,654,076$ 3,746,932$ (2,446,067)$ 4,954,941$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 32
NOTE 7 – DONNER LAKE WATER COMPANY ACQUISITION
In 2001, the District acquired the Donner Lake Water Company by initiating an eminent domain lawsuit. As
a part of the takeover, the District replaced the entire water system, which cost approximately
$15.6 million and was completed in 2006. The District initially estimated the replacement cost to be
$13 million. The Donner Lake property owners agreed to reimburse the District for the full costs of the
replacement. Therefore, an assessment was placed on each Donner Lake homeowner’s property for a pro-
rata share of the $13 million payable immediately or with an option to pay over 20 years. The assessment
is collected by Nevada County and Placer County on behalf of the District and is secured by the Donner
Lake property owners. A monthly $6.65 water system upgrade surcharge is paid by the Donner Lake
customers to reimburse the District for the $2.6 million cost incurred in excess of the assessment.
In April 2004, the District obtained financing in the form of a State Revolving Fund Loan for $12,732,965 at
a rate of 2.34%. The District is required to fund a reserve account by making semi-annual reserve payments
in the amount of $40,043 for a 10-year period. The reserve fund was fully funded as of December 31, 2016.
As of December 31, 2019 and 2018, the assessment receivable from the property owners was $1,562,702
and $2,294,810. These amounts are shown as Special Assessments Receivable in the Statement of Net
Position. The proceeds of the assessment and surcharge are placed in the Donner Lake Special
Assessment District Improvement Fund and used to pay the debt service for the water system
improvements.
NOTE 8 – EMPLOYEE BENEFIT PLANS
A. PENSION PLANS
Plan Description – All qualified permanent and probationary employees are eligible to participate in
the District’s Miscellaneous Employee Pension Plans, cost-sharing multiple employer defined benefit
pension plans administered by the California Public Employees’ Retirement System (CalPERS).
Benefit provisions under the Plans are established by State statute and Local Government resolution.
CalPERS issues publicly available reports that include a full description of the pension plans regarding
benefit provisions, assumptions and membership information that can be found on the CalPERS
website.
Benefits Provided – CalPERS provides service retirement and disability benefits, annual costs of living
adjustments and death benefits to plan members, who must be public employees and beneficiaries.
Benefits are based on years of credited service, equal to one year of full time employment. Members
with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All
members are eligible for non-duty disability benefits after 10 years of service. The death benefits is
Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as
specified by the Public Employees’ Retirement Law. The 2.7% at 55 Miscellaneous Plan is closed to
new entrants.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 33
NOTE 8 – EMPLOYEE BENEFIT PLANS (Continued)
A. PENSION PLANS (Continued)
The plans’ provisions and benefits in effect at December 31, 2019 are summarized as follows:
Hire Date
Prior to
January 1, 2013
On or after
January 1,
Benefit Formula 2.7% @ 55 2% @ 62
Benefit Vesting Schedule 5 years service 5 years service
Benefit Payments monthly for life monthly for life
Retirement Age 50 and Up 52 and Up
Monthly Benefits, as a % of eligible compensation 2.0% - 2.7%1.0% to 2.5%
Required Employee Contributions Rates 8%6.75%
Required Employer Contributions Rates 12.514%6.985%
Miscellaneous
Contributions – Section 208149(c) of the California Public Employee’s Retirement Law requires that
the employer contribution rates for all public employers be determined on an annual basis by the
actuary and shall be effective on the July 1 following notice of a change in the rate. Funding
contributions for both Plans are determined annually on an actuarial basis as of June 30 by CalPERS.
The actuarially determined rate is the estimated amount necessary to finance the costs of benefits
earned by employees during the year, with an additional amount to finance any unfunded accrued
liability. The District is required to contribute the difference between the actuarially determined rate
and the contribution rate of employees. Contributions shown below are for the fiscal year of July 1,
2018 through June 30, 2019.
Hire Date
Prior to
January 1, 2013
On or after
January 1,
Benefit Formula 2.7% @ 55 2% @ 62
2019 Employer Contributions $1,248,232 $160,568
2018 Employer Contributions $1,136,849 $109,627
Miscellaneous
B. PENSION LIABILITIES, PENSION EXPENSES AND DEFERRED OUTFLOWS/INFLOWS OF
RESOURCES RELATED TO PENSIONS
As of December 31, 2019, the District reported net pension liabilities for its proportionate shares of
the net pension liability as follows:
June 30, 2019 June 30, 2018
$12,872,646 $11,742,137
Proportionate Share of Net Pension Liability
Fiscal Year Ending
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 34
NOTE 8 – EMPLOYEE BENEFIT PLANS (Continued)
B. PENSION LIABILITIES, PENSION EXPENSES AND DEFERRED OUTFLOWS/INFLOWS OF
RESOURCES RELATED TO PENSIONS (Continued)
The District’s net pension liability is measured as a proportionate share of the net pension liability. The
net pension liability is measured as of June 30, 2019, and the total pension liability used to calculate
the net pension liability was determined by an actuarial valuation as of June 30, 2018 rolled forward to
June 30, 2019 using standard update procedures. The District’s proportion of the net pension liability
was based on a projection of the District’s long-term share of contributions to the pension plans relative
to the projected contributions of all participating employers, actuarially determined. The District’s
proportionate share of the net pension liability for the Plan for the measurement date of June 30, 2019
and June 30, 2018 is as follows:
June 30, 2019 June 30, 2018 Change
0.32145%0.31157%0.00988%
Percentage Share of Risk Pool
Percentage of Plan NPL
Measurement Date
At December 31, 2019 the District reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Changes of assumptions 396,231$ -$
Differences between expected and actual experience 824,788 -
Differences between projected and actual investment earnings - 225,054
Differences between employer's contributions and
proportionate share of contributions - 319,814
Change in employer's proportion 348,223 -
Pension contributions made subsequent to the measurement
date 780,764 -
Total 2,350,006$ 544,868$
2019
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Changes of assumptions 1,010,564$ -$
Differences between expected and actual experience 297,214 -
Differences between projected and actual investment earnings 58,050 -
Differences between employer's contributions and
proportionate share of contributions - 244,597
Change in employer's proportion 215,948 -
Pension contributions made subsequent to the measurement
date 704,797 -
Total 2,286,573$ 244,597$
2018
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 35
NOTE 8 – EMPLOYEE BENEFIT PLANS (Continued)
B. PENSION LIABILITIES, PENSION EXPENSES AND DEFERRED OUTFLOWS/INFLOWS OF
RESOURCES RELATED TO PENSIONS (Continued)
$780,764 is reported as deferred outflows of resources related to contributions subsequent to the
measurement date will be recognized as a reduction of the net pension liability in the year ended
December 31, 2019. Other amounts reported as deferred outflows of resources and deferred inflows of
resources related to pensions will be recognized as pension expense as follows:
Year Ended
December 31 Amount
2020 970,823$
2021 (111,347)
2022 119,421
2023 45,477
1,024,374$
Actuarial Assumptions – The total pension liabilities in the June 30, 2019 actuarial valuations were
determined using the following actuarial assumptions:
Miscellaneous
2019
Valuation Date June 30, 2018
Measurement Date June 30, 2019
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:
Discount Rate 7.15%
Inflation 2.50%
Salary Increase Varies by Entry Age and Service
Investment Rate of Return 7.15% Net of Pension Plan Investment and Administrative
Expenses; includes Inflation
Mortality (1)Derived using CalPERS membership data for all funds
(1) The mortality table used was developed based on CalPERS’ specific data. The Table includes 15 years of
mortality improvements using 90 percent of Scale MP 2016 published by the Society of Actuaries. For more
details on this table, please refer to the 2017 experience study report.
All underlying mortality assumptions and all other actuarial assumptions used in the June 30, 2019
valuation were based on results of a December 2017 CalPERS Experience Study and Review of
Actuarial Assumptions. Further details of the Experience Study can be found on the CalPERS website.
Discount Rate - The discount rate used to measure the total pension liability as of December 31, 2019
was 7.15%. To determine whether the municipal bond rate should be used in the calculation of a
discount rate for each plan, CalPERS stress tested plans that would most likely result in a discount rate
that would be different from the actuarially assumed discount rate. Based on the testing, none of the
tested plans run out of assets. Therefore, the current 7.15% discount rate used is adequate and the
use of the municipal bond rate calculation is not necessary. The long term expected discount rate of
7.15% will be applied to all plans in the Public Employees Retirement Fund (PERF). The stress test
results are presented in a detailed report that can be obtained from the CalPERS website.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 36
NOTE 8 – EMPLOYEE BENEFIT PLANS (Continued)
B. PENSION LIABILITIES, PENSION EXPENSES AND DEFERRED OUTFLOWS/INFLOWS OF
RESOURCES RELATED TO PENSIONS (Continued)
The long-term expected rate of return on pension plan investments was determined using a building-
block method in which best-estimate ranges of expected future real rate of return (expected returns,
net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both short-term and
long-term market return expectations as well as the expected pension fund cash flows. Using historical
returns of all the funds’ asset classes, expected compound returns were calculated over the short-term
(first 10 years) and the long term (11 + years) using a building-block approach. Using the expected
nominal returns for both short-term and long-term, the present value of benefits was calculated for each
fund. The expected rate of return was set by calculating the single equivalent expected return that
arrived at the same present value of benefits for cash flows as the one calculated using both short-term
and long-term returns. The expected rate of return was then set equivalent to the single equivalent rate
calculated above and rounded down to the nearest one quarter of one percent.
The table below reflects the long-term expected real rate of return by asset class. The rate of return
was calculated using the capital market assumptions applied to determine the discount rate and asset
allocation. The target allocation shown below was adopted by CalPERS’ Board effective on
July 1, 2018.
Asset Class
New Strategic
Allocation
Global Equity 50.0%
Private Equity 8.0%
Fixed Income 28.0%
Real Assets 13.0%
Liquidity 1.0%
Total 100.0%
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount
Rate - The following presents the District’s proportionate share of the net pension liability for each Plan,
calculated using the discount rate for each Plan, as well as what the District’s proportionate share of
the net pension liability would be if it were calculated using a discount rate that is 1% point lower or 1%
point higher than the current rate:
Measurement Date June 30,2019
1% Decrease 6.15%
Net Pension Liability $20,033,641
Current Discount Rate 7.15%
Net Pension Liability $12,872,646
1% Increase 8.15%
Net Pension Liability $6,961,750
Miscellaneous
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 37
NOTE 8 – EMPLOYEE BENEFIT PLANS (Continued)
B. PENSION LIABILITIES, PENSION EXPENSES AND DEFERRED OUTFLOWS/INFLOWS OF
RESOURCES RELATED TO PENSIONS (Continued)
Pension Plan Fiduciary Net Position – Detailed information about each pension plan’s fiduciary net
position is available in the separately issued CalPERS financial reports.
C. PAYABLE TO THE PENSION PLAN
At December 31, 2019 and 2018 respectively the District did not report a payable for outstanding
required contributions to the pension plan.
D. DEFERRED COMPENSATION PLAN
The District maintains two deferred compensation plans: a 401(a) and a 457 plan, (the Plans) for certain
qualified employees. The District matches 6.78% of eligible employee contributions. In 2019 the total
match was $162,913 compared to $137,045 in 2018. The District has no liability for losses under the
Plans, but does have the duty of due care that would be required of an ordinary prudent investor. The
District has not reflected the Plans’ assets and corresponding liabilities (if any) on the accompanying
Statement of Net Position.
E. OTHER POST EMPLOYMENT BENEFITS (OPEB)
General Information - As discussed in Note 1, beginning with the year ended December 31, 2018, the
District adopted the provisions of GASB Statement No. 75, Accounting and Financial Reporting for
Postemployment Benefits Other Than Pensions. The District’s retiree Benefits Plan (the Plan) recognizes
benefit payments when due and payable in accordance with the benefit terms. The Plan’s fiduciary net
position has been determined on the same basis as is reported by the Plan in calculating the fiduciary net
position (Net OPEB Liability), deferred outflows of resources and deferred inflows of resource and
associated OPEB expense.
The District administers a single-employer defined-benefit post-employment healthcare plan. Dependents
are eligible to enroll.
Benefits Provided – Retirees are eligible for a District contribution towards premiums for the retiree health
plans(s) if they have 10+ years of District service. The maximum District contribution is based on years of
service. The Retiree is eligible for 50% of the following maximums, with a minimum of 10 years of service,
plus 5% for each year of service over 10 years: $475 per person enrolled in the plan, if not eligible for
Medicare, and $375 per person enrolled, if eligible for Medicare.
Employees Covered – At June 30, 2017 (the valuation date), the benefit terms covered the following
employees:
Category Count
Active Employees: 68
Inactive Employees, spouses, or beneficiaries currently receiving
payment(s):53
Inactive employees entitled to but not yet receiving benefit payment(s):0
Total 121
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 38
NOTE 8 – EMPLOYEE BENEFIT PLANS (Continued)
E. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued)
Contributions – The District pays benefits as they come due and contributes additionally to the Trust
annually. The District’s annual contribution to the Trust as of December 31, 2019 was $100,000.
Net OPEB Liability – The District’s net OPEB liability was measured as of December 31, 2018, and the
total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of
June 30, 2017.
Actuarial Assumptions
The total OPEB Liability in the December 31, 2018 measurement date was determined using the
following actuarial assumptions, applied to all periods included in the measurement, unless otherwise
specified:
Inflation: 2.00%
Salary Increases: Base salary increases in year one: 2.750%. Additional merit-based increases
based on CalPERS.
Investment Rate of Return: 7.59%
Healthcare cost trend rates: 6.50% in the first year, trending down to 3.84% over 57 years
Mortality Rates: Based on CalPERS tables
Actuarial Assumptions (Continued)
The discount rate used to measure the total OPEB liability was 7.59%. The projection of cash flows
used to determine the discount rate assumed that the District contribution will be made at rates equal
to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan’s fiduciary
net position was projected to cover all future OPEB payments. Therefore, the discount rate was set
equal to the long-term expected rate of return.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 39
NOTE 8 – EMPLOYEE BENEFIT PLANS (Continued)
E. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued)
Changes in the Net OPEB Liability – The changes in the net OPEB liability for the Plan are as follows:
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a)(b)(c) = (a) -(b)
Balance as of Report Date December 31, 2018 6,615,140$ 2,206,411$ 4,408,729$
Changes for the year:
Service Cost 178,856 - 178,856
Interest 457,563 - 457,563
Differences between Expected and (29,828) - (29,828)
Actual Experience - - -
Changes of Assumptions (233,084) (233,084)
Contributions - - -
Employer - District's Contribution - 294,698 (294,698)
Employer - Implicit Subsidy - 270,061 (270,061)
Net Investment Income - (110,318) 110,318
Benefit Payments (244,700) (244,700) -
Implicity Rate Subsidy Credit (270,061) (270,061) -
Administrative Expenses - (557) 557
Net Changes (141,254) (60,877) (80,377)
Balance as of Report Date December 31, 2019 6,473,886$ 2,145,534$ 4,328,352$
Increases (Decreases)
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a)(b)(c) = (a) -(b)
Balance as of Report Date December 31, 2017 6,465,503$ 1,997,471$ 4,468,032$
Changes for the year:
Service Cost 170,473 - 170,473
Interest 448,374 - 448,374
Differences between Expected and - - -
Actual Experience - - -
Changes of Assumptions - -
Contributions - - -
Employer - District's Contribution - 256,280 (256,280)
Employer - Implicit Subsidy - 254,930 (254,930)
Net Investment Income - 167,459 (167,459)
Benefit Payments (214,280) (214,280) -
Implicity Rate Subsidy Credit (254,930) (254,930) -
Administrative Expenses - (519) 519
Net Changes 149,637 208,940 (59,303)
Balance as of Report Date December 31, 2018 6,615,140$ 2,206,411$ 4,408,729$
Increases (Decreases)
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 40
NOTE 8 – EMPLOYEE BENEFIT PLANS (Continued)
E. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued)
Sensitivity of the net OPEB liability to changes in the discount rate - The net OPEB liability of the
District, as well as what the District’s net OPEB liability would be if it were calculated using a discount rate
that is one percentage point lower (6.59%) or one percentage point higher (8.59%) is as follows:
1% Decrease Discount Rate 1% Increase
6.59%7.59%8.59%
Net OPEB Liability $4,899,679 $4,328,352 $3,687,036
Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates - The net OPEB
liability of the District, as well as what the District’s net OPEB liability would be if it were calculated using
healthcare cost trend rates that are one percentage point lower (5.50%) or one percentage point higher
(7.50%) than current healthcare cost trend rates is as follows:
1% Decrease Trend Rate 1% Increase
5.50%6.50%7.50%
Decreasing to Decreasing to Decreasing to
2.84%3.84%4.84%
Net OPEB Liability $3,944,244 $4,328,352 $4,596,413
OPEB Plan Fiduciary Net Position – CERBT issues a publicly available financial report for the overall
OPEB plan’s fiduciary net position which may be obtained from CalPERS at PO Box 942709,
Sacramento, Ca. 94229-2709.
OPEB Expense and Deferred Inflows and Outflows of Resources Related to OPEB - For the year
ended December 31, 2019, the District recognized an OPEB expense of $469,313. At December 31,
2019 and 2018, the District reported deferred outflows of resources and deferred inflows of resources
related to OPEB from the follow sources:
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences between expected and actual experience -$ (25,566)$
Changes of assumptions - (279,294)
Net Difference between Projected and Actual
Earnings on OPEB Plan Investments 212,101 -
District contributions made subsequent to the
measurement date 388,162 -
Total 600,263$ (304,860)$
2019
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 41
NOTE 8 – EMPLOYEE BENEFIT PLANS (Continued)
E. OTHER POST EMPLOYMENT BENEFITS (OPEB) (Continued)
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences between expected and actual experience -$ -$
Changes of assumptions - -
Net Difference between Projected and Actual
Earnings on OPEB Plan Investments - (15,069)
District contributions made subsequent to the
measurement date 344,700 -
Total 344,700$ (15,069)$
2018
The $388,162 reported as deferred outflows of resources related to contributions subsequent to the
December 31, 2018 measurement date will be recognized as a reduction of the net OPEB liability during
the fiscal year ending December 31, 2020. Other amounts reported as deferred outflows of resources
and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
Year Ended
December 31 Amount
2020 $1,273
2021 $1,273
2022 $1,272
2023 $5,039
2024 ($50,811)
remaining ($50,805)
Total ($92,759)
NOTE 9 – SELF FUNDED INSURANCE
The District has a self-funded vision insurance program and claims were processed by and on behalf of the
District. The District did not maintain a claim liability; rather claims were expensed as paid. The amount of
claims paid for each of the past three years have not been material.
NOTE 10 – SEGMENT DISCLOSURE
The District has issued revenue bonds to finance electric and water distribution facilities. The District also
issued special tax bonds secured by tax revenues from Mello-Roos Community Facilities Districts. Each
project has an external requirement to be reported separately, and investors in the revenue bonds and
special tax bonds rely solely on the revenue generated by the individual projects for repayment. Summary
financial information for each project is presented on the following pages for the years ending December 31,
2019 and 2018.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 42
NOTE 10 – SEGMENT DISCLOSURE (Continued)
STATEMENTS OF NET POSITION
Electric Water Eliminations Grand Total
Current assets 27,392,285$ 10,812,929$ (3,822)$ 38,201,392$
Non-current assets:
Capital assets, net 58,755,925 75,056,327 - 133,812,252
Restricted assets - 1,730,450 - 1,730,450
Other long-term assets 248,925 1,562,702 - 1,811,627
Total Noncurrent Assets 59,004,850 78,349,479 - 137,354,329
Deferred outflows of resources
Pension 1,410,003 940,003 - 2,350,006
OPEB 360,158 240,105 - 600,263
Unamortized loss on refunding 511,174 - 511,174
Unamortized redemption premium 68,152 - - 68,152
1,838,313 1,691,282 - 3,529,595
TOTAL ASSETS AND DEFERRED OUTFLOWS 88,235,448$ 90,853,690$ (3,822)$ 179,085,316$
OF RESOURCES
AND NET POSITION
Current liabilities 5,083,892$ 2,838,642$ (3,822)$ 7,918,712$
Non-current Liabilities
Long-term debt, net of current portion 1,602,942 16,606,411 - 18,209,353
Net pension liability 7,723,588 5,149,058 - 12,872,646
OPEB liability 2,597,011 1,731,341 - 4,328,352
Unearned revenues 3,431,825 1,143,462 - 4,575,287
Total Noncurrent Liabilities 15,355,366 24,630,272 - 39,985,638
Total Liabilities 20,439,258 27,468,914 (3,822) 47,904,350
Deferred inflows of resources
Pension 326,921 217,947 - 544,868
OPEB 182,916 121,944 - 304,860
Total Deferred Inflows of Resources 509,837 339,891 - 849,728
Net Position
Net investment in capital assets 56,177,122 56,721,963 - 112,899,085
Restricted for debt service 2,455,343 5,803,021 - 8,258,364
Unrestricted 8,653,888 519,901 - 9,173,789
Total Net Position 67,286,353 63,044,885 - 130,331,238
TOTAL LIABILITIES, DEFERRED INFLOWS 88,235,448$ 90,853,690$ (3,822)$ 179,085,316$
OF RESOURCES AND NET POSITION
December 31, 2019
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 43
NOTE 10 – SEGMENT DISCLOSURE (Continued)
Electric Water Eliminations Grand Total
Current assets 25,903,974$ 9,424,443$ -$ 35,328,417$
Non-current assets:
Capital assets, net 53,535,186 76,638,364 - 130,173,550
Restricted assets - 1,753,275 - 1,753,275
Other long term assets 311,157 2,294,810 - 2,605,967
Total Noncurrent Assets 53,846,343 80,686,449 - 134,532,792
Deferred outflows of resources
Pension 1,371,944 914,629 - 2,286,573
OPEB 206,820 137,880 - 344,700
Unamortized loss on refunding - 543,976 - 543,976
Unamortized redemption premium 95,412 - - 95,412
Total Deferred Outflows of Resources 1,674,176 1,596,485 - 3,270,661
TOTAL ASSETS AND DEFERRED OUTFLOWS 81,424,493$ 91,707,377$ -$ 173,131,870$
OF RESOURCES
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND NET POSITION
Current liabilities 5,114,243$ 2,794,434$ -$ 7,908,677$
Non-current Liabilities
Long-term debt, net of current portion 2,592,599 18,872,556 - 21,465,155
Net pension liability 7,045,282 4,696,855 - 11,742,137
OPEB liability 2,645,237 1,763,492 - 4,408,729
Unearned revenues 3,451,288 1,503,653 - 4,954,941
Total Noncurrent Liabilities 15,734,406 26,836,556 - 42,570,962
Total Liabilities 20,848,649 29,630,990 - 50,479,639
Deferred inflows of resources
Pension 146,758 97,839 - 244,597
OPEB 9,041 6,028 - 15,069
Total Deferred Inflows of Resources 155,799 103,867 - 259,666
Net Position
Net investment in capital assets 50,048,040 56,123,709 - 106,171,749
Restricted for debt service 1,777,693 5,114,785 - 6,892,478
Unrestricted 8,594,312 734,026 - 9,328,338
Total Net Position 60,420,045 61,972,520 - 122,392,565
TOTAL LIABILITIES, DEFERRED INFLOWS 81,424,493$ 91,707,377$ -$ 173,131,870$
OF RESOURCES AND NET POSITION
December 31, 2018
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 44
NOTE 10 – SEGMENT DISCLOSURE (Continued)
STATEMENTS OF REVENUE, EXPENSES, AND CHANGES IN NET POSITION
Electric Water Eliminations Grand Total
Operating Revenues
Sales to consumers 24,239,706$ 12,789,947$ -$ 37,029,653$
Other operating revenues 3,568,272 417,479 (1,681,833) 2,303,918
Operating expenses (21,093,225) (9,552,319) 1,681,833 (28,963,711)
Depreciation (2,893,711) (4,526,540) - (7,420,251)
Non-operating revenues (expenses)572,803 (266,838) - 305,965
Income (loss) before
capital & other contributions 4,393,845 (1,138,271) - 3,255,574
Capital contributions, net 2,472,463 2,210,636 - 4,683,099
CHANGE IN NET POSITION 6,866,308 1,072,365 - 7,938,673
Net Position, Beginning 60,420,045 61,972,520 - 122,392,565
NET POSITION, ENDING 67,286,353$ 63,044,885$ -$ 130,331,238$
Year ended December 31, 2019
Electric Water Eliminations Grand Total
Operating Revenues
Sales to consumers 23,045,437$ 12,440,975$ -$ 35,486,412$
Other operating revenues 3,454,838 429,540 (1,685,773) 2,198,605
Operating expenses (20,236,775) (8,662,224) 1,685,773 (27,213,226)
Depreciation (2,730,525) (4,148,335) - (6,878,860)
Non-operating revenues (expenses)344,897 (428,980) - (84,083)
Income (loss) before
capital & other contributions 3,877,872 (369,024) - 3,508,848
Capital contributions, net 2,446,189 2,206,531 - 4,652,720
CHANGE IN NET POSITION 6,324,061 1,837,507 - 8,161,568
Net Position, Beginning 56,106,863 61,475,599 - 117,582,462
Less, Restatement for change in accounting period (2,010,879) (1,340,586) - (3,351,465)
Net Position, Beginning of Year, as adjusted 54,095,984 60,135,013 - 114,230,997
NET POSITION, ENDING 60,420,045$ 61,972,520$ -$ 122,392,565$
Year ended December 31, 2018
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 45
NOTE 10 – SEGMENT DISCLOSURE (Continued)
STATEMENTS OF CASH FLOWS
Electric Water Eliminations Grand Total
NET CASH PROVIDED BY (USED IN)
Operating activities 8,270,006$ 4,073,587$ -$ 12,343,593$
Noncapital financing activities (1,000,177) - - (1,000,177)
Capital and related financing activities (6,146,527) (3,088,182) - (9,234,709)
Investing activities 499,432 343,857 - 843,289
1,622,734 1,329,262 - 2,951,996
Cash and Cash Equivalents, Beginning 21,552,862 7,383,101 - 28,935,963
CASH AND CASH
EQUIVALENTS, ENDING 23,175,596$ 8,712,363$ -$ 31,887,959$
Electric Water Eliminations Grand Total
NET CASH PROVIDED BY (USED IN)
Operating activities 8,346,474$ 4,491,025$ -$ 12,837,499$
Noncapital financing activities (1,429,464) - - (1,429,464)
Capital and related financing activities (5,164,526) (5,021,798) - (10,186,324)
Investing activities 350,522 310,348 - 660,870
2,103,006 (220,425) - 1,882,581
Cash and Cash Equivalents, Beginning 19,449,856 7,603,526 - 27,053,382
CASH AND CASH
EQUIVALENTS, ENDING 21,552,862$ 7,383,101$ -$ 28,935,963$
cash equivalents
Net increase (decrease) in cash and
Year ended December 31, 2019
Net increase (decrease) in cash and
Year ended December 31, 2018
cash equivalents
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 46
NOTE 11 – MARTIS VALLEY GROUNDWATER MANAGEMENT EFFORTS
The Martis Valley aquifer underlies about 35,000 acres in both Placer and Nevada counties, near the Town
of Truckee. It is the main groundwater supply for numerous public and private entities. This area has seen
significant growth in the last few decades with more planned for the future. Maintaining an adequate water
supply and protecting water quality are critical for the region's future.
The Truckee Donner Public Utility District (TDPUD), Northstar Community Services District (NCSD) and
Placer County Water Agency (PCWA) are the three primary public water agencies with jurisdiction in the
Martis Valley Groundwater Basin (MVGB). Together, the TDPUD, NCSD and PCWA (Partnership
Agencies) partnered to submit a Groundwater Management Plan and to help develop a groundwater model
for the Martis Valley basin.
The Martis Valley Groundwater Management Plan (GMP) was prepared in 2013 to reflect current water
resources planning in the region and to incorporate the latest information and understanding of the
underlying groundwater basin. This collaborative effort provided the guidance necessary to align
groundwater policy. In addition to the GMP, a computer model of the groundwater basin was developed
by the Desert Research Institute, which incorporated available data and enhanced understanding of the
groundwater basin. A climate change modeling component out to the end of the century was part of the
overall Federal study effort.
Partner agencies each adopted the GMP in February 2012 and the model and associated report was
completed in 2015. The total cost of the project was approximately $1,000,000, which includes federal
funding of approximately $500,000 from the U.S. Bureau of Reclamation and $250,000 from the Lawrence
Livermore National Laboratory; and contributions of $150,000 from TDPUD and $100,000 from the other
members of the Partnership Agencies.
In mid-2016, the California Sustainable Groundwater Management Act of 2014 (SGMA) took effect for
which the District was the submitting agency of a SGMA Alternate Submittal in December, 2016 on behalf
of the Town of Truckee, Placer County, Nevada County, PCWA, and Northstar CSD (Local SGMA
Agencies). The SGMA Alternative Submittal was intended to comply with the new regulations. There was
an adopted MOA amongst the six local agencies for this compliance project which covers the time period
for preparation of the SGMA Alternative Submittal, possible conditional acceptance of the plan by DWR,
and submittal of a first-year annual report. DWR had two years by statute to review the SGMA Alternative
Submittal.
In 2018, DWR was required to undergo groundwater basin prioritization which is the basis for compliance
obligation for SGMA. The MVGB had previously been prioritized as medium priority. DWR’s final
Determination was to re-prioritize MVGB to low priority. This was a significant act that resulted in a direct
reduction in regulatory burden and future regulatory costs that would be required for groundwater
management. To ensure continued stewardship and management of the MVGB, the District and its local
partners have agreed to return to the 2013 GMP framework which was never fully implemented due to
SGMA. There was a kick-off meeting for the GMP in 2019 and the three local water agencies have hired a
hydro geologic consultant to prepare the first annual report as required by the GMP. The consultant’s report
will be presented to the GMP Stakeholder Working Group at the annual meeting this summer.
NOTE 12 – CLAIMS AND JUDGMENTS
From time to time, the utility is party to various pending claims and legal proceedings. Although the outcome
of such matters cannot be forecasted with certainty, it is the opinion of management and the utility's legal
counsel that the likelihood is remote that any such claims or proceedings will have a material adverse effect
on the utility's financial position or results of operations.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Page 47
NOTE 13 – RISK MANAGEMENT
The utility is exposed to various risks of loss related to torts; theft of, damage to, or destruction of assets;
errors and omissions; workers compensation; and health care of its employees. These risks are covered
through the purchase of commercial insurance, with minimal deductibles. Settled claims have not exceeded
the commercial liability in any of the past three years. There were no significant reductions in coverage
compared to the prior year.
NOTE 14 – SUBSEQUENT EVENT
Subsequent to year end, an outbreak of a novel coronavirus (COVID-19) occurred in the United States,
along with various other countries globally. On March 11, 2020, the World Health Cooperative assessed
the novel coronavirus outbreak and characterized it as a pandemic. Subsequent to the declaration of a
pandemic, a variety of federal, state and local governments have taken actions in response to the
pandemic, which have ranged by jurisdiction, but are generally expected to result in a variety of negative
economic consequences, the scope of which are not currently known or quantifiable. The duration and
intensity of the impact of the coronavirus and resulting impact to the District is unknown.
REQUIRED SUPPLEMENTARY INFORMATION
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2019 and 2018
Page 49
COST SHARING DEFINED BENEFIT PENSION PLANS
2019 2018 2017 2016 2015 2014
Portion of Net Pension Liability 0.32145%0.31157%0.30379%0.29837%0.29209%0.09982%
Proportionate Share of The Net Pension Liability $12,872,646 $11,742,137 $11,975,655 $10,250,329 $8,013,400 $6,210,985
Covered - Employee Payroll $7,602,120 $7,375,933 $7,071,938 $6,670,248 $6,162,431 $6,278,545
Proportionate Share of the Net Pension Liability as
Percentage of Covered Payroll 169.33%159.20%168.47%153.67%130.04%98.92%
Plan's Fiduciary Net Position (in $000s)$31,179,414 $29,308,590 $27,244,095 $30,950,578 $30,725,516 $30,386,101
Plan Fiduciary Net Position as a percentage of the Total
Pension Liability 75.26%75.26%73.31%75.12%79.31%89.17%
* Fiscal year 2014 was the 1st year of implementation, therefore only six years are shown
Schedule of the District's Proportionate Share of the Net Pension Liability
Cost Sharing Defined Benefit Plans
As of June 30
Last Ten Years*
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2019 and 2018
Page 50
COST SHARING DEFINED BENEFIT PENSION PLANS - CONTINUED
2019 2018 2017 2016 2015 2014
Contractually Required Contribution (Actuarially
Determined)
$1,408,800 $1,246,476 $1,138,758 $1,011,908 $950,147 $943,118
Contributions in Relation to the Actuarially Determined
Contributions
$1,408,800 $1,246,476 $1,138,758 $1,048,897 $949,634 $943,118
Contribution deficiency (excess)$0 $0 $0 ($36,989)$513 $0
Covered - Employee Payroll $7,602,120 $7,375,933 $7,071,938 $6,670,248 $6,162,431 $6,278,545
Contributions as a percentage of covered-employee
payroll 19%17%16%16%15%15%
* Fiscal year 2014 was the 1st year of implementation, therefore only six years are shown
Cost Sharing Defined Benefit Plans
December 31
Last Ten Years*
Schedule of Contributions
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2019 and 2018
Page 51
Measurement Date: December 31, 2018 December 31, 2017
Report Date: December 31, 2019 December 31, 2018
Total OPEB Liability
Service Cost 178,856$ 170,473$
Interest 457,563 448,374
Changes in Benefit Terms - -
Differences Between Expected and Actual Experience (29,828) -
Changes of Assumptions (233,084) -
Benefit Payments (244,700) (214,280)
Implicit Rate Subsidy Credit (270,061) (254,930)
Net Change in Total OPEB Liability (141,254) 149,637
Total OPEB Liability - Beginning of Year 6,615,140 6,465,503
Total OPEB Liability - End of Year (a)6,473,886$ 6,615,140$
Plan Fiduciary Net Position
Net Investment Income (110,318)$ 167,459$
Contributions
Employer - District's Contribution 294,698 256,280
Employer - Implicity Subsidy 270,061 254,930
Benefit Payments, Including Refunds of Employee Contributions (244,700) (214,280)
Implicit Rate Subsidy Fulfilled (270,061) (254,930)
Administrative Expense (557) (519)
Net Change in Plan Fiduciary Net Position (60,877) 208,940
Plan Fiduciary Net Position - Beginning of Year 2,206,411 1,997,471
Plan Fiduciary Net Position - End of Year (b)2,145,534$ 2,206,411$
District's Net OPEB liability - End of Year = (a) -(b)4,328,352$ 4,408,729$
Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability 33.14%33.35%
Covered Employee Payroll 7,400,587$ 7,202,518$
District's Net OPEB Liability as a Percentage of Covered-Employee Payroll 58.49%61.21%
Notes to Schedule: The District adopted GASB 75 for the fiscal Year Ending December 31,2018
Schedule of Changes in The District's Net OPEB Liability and Related Ratios
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2019 and 2018
Page 52
Measurement Date:December 31, 2018 December 31, 2017
Report Date: December 31, 2019 December 31, 2018
Annual Money-Weighted Rate of Return, Net of Investment Expense -4.94%8.30%
The annual money-weighted rate of return, net of investment expenses, is the net investment income for the year divided by the average net
position for the year (less investment expenses.)
Notes to Schedule: The District adopted GASB 75 for the fiscal Year Ending December 31, 2018.
Other Post Employment Benefits - Schedule of Investment Returns
Report Date:
Actuarially Determined Contribution
Less: Actual Contributions
Contribution Deficiency
Covered - Employee Payroll
Contributions as a Percentage of Covered-Employee Payroll
Notes to Schedule: The District adopted GASB 75 for the fiscal Year Ending December 31, 2018.
December 31,2019
$614,761
7.10%
Other Post Employment Benefits - Schedule of Contributions
December 31,2018
$569,210
511,210
$58,000
$7,202,518
564,759
$50,002
$7,400,587
7.63%
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2019 and 2018
Page 53
Actuarial methods and assumptions used to set the actuarially determined contributions for fiscal year 2019 were from the June 30, 2017 valuation.
Methods and assumptions used to determine contributions:
Assumptions and Methods
Actuarial Cost Method Entry age normal, level percent of pay
Amortization Method Closed period, level percent of pay
Amortization Period 20 years
Inflation 2.00%
Assumed Payroll Growth Year 1 2.750%
Healthcare Trend Rates 6.50%, trending down to 3.84% over 57 years
Rate of Return on Assets 7.59%
Mortality Rate CalPERS Rates utilizing the decrement table Mort and Disb Rates_PA Misc
from the CalPERS OPEB assumption model revised December 20, 2017.
Retirement Rates CalPERS Rates based on CalPERS Experience Study
for the period from 1997 to 2014.
Other Post Employment Benefits - Actuarial Assumptions
SUPPLEMENTARY INFORMATION
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
SUPPLEMENTARY INFORMATION
December 31, 2019
Page 55
CONSOLIDATING STATEMENT OF NET POSITION
As of December 31, 2019
Electric Operations Water Operations Eliminations Totals
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
CURRENT ASSETS
Funds
Operating 10,006,682$ 2,600,325$ -$ 12,607,007$
Designated 10,727,912 1,907,833 - 12,635,745
Restricted 2,458,043 4,239,148 - 6,697,191
Total Funds 23,192,637 8,747,306 - 31,939,943
Accounts receivable, net 1,054,052 655,634 (3,822) 1,705,864
Unbilled revenues 2,095,002 850,444 - 2,945,446
Accrued interest receivable 59,314 46,282 - 105,596
Materials and supplies 560,563 175,981 - 736,544
Prepaid expenses 370,535 272,705 - 643,240
Other 60,182 64,577 - 124,759
Total Current Assets 27,392,285 10,812,929 (3,822) 38,201,392
NON-CURRENT ASSETS
Other Non-Current Assets
Restricted funds - 1,730,450 - 1,730,450
Special assessments receivable - 1,562,702 - 1,562,702
Other 248,925 - - 248,925
Total Other Non-Current Assets 248,925 3,293,152 - 3,542,077
CAPITAL ASSETS
Utility plant 81,892,502 124,381,490 - 206,273,992
Accumulated depreciation (27,996,387) (50,579,432) - (78,575,819)
Construction work in progress 4,859,810 1,254,269 - 6,114,079
Total capital assets 58,755,925 75,056,327 - 133,812,252
DEFERRED OUTFLOWS OF RESOURCES
Pension 1,410,003 940,003 - 2,350,006
OPEB 360,158 240,105 600,263
Unamortized loss on refunding - 511,174 - 511,174
Unamortized redemption premium 68,152 - - 68,152
Total deferred outflows of resources 1,838,313 1,691,282 - 3,529,595
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 88,235,448$ 90,853,690$ (3,822)$ 179,085,316$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
SUPPLEMENTARY INFORMATION
December 31, 2019
Page 56
Electric Operations Water Operations Eliminations Totals
LIABILITIES, DEFERRED INFLOW OF RESOURCES AND NET POSITION
CURRENT LIABILITIES
Other liabilities
Accounts payable 3,043,343$ 64,075$ -$ 3,107,418$
Customer deposits 356,608 98,351 - 454,959
Other 680,951 318,666 (3,822) 995,795
Total other liabilities 4,080,902 481,092 (3,822) 4,558,172
Current liabilities payable from restricted assets:
Current portion of long-term debt 1,000,803 2,239,127 - 3,239,930
Accrued interest payable 2,187 118,423 - 120,610
Total Current Liabilities Payable from Restricted Assets 1,002,990 2,357,550 - 3,360,540
Total Current Liabilities 5,083,892 2,838,642 (3,822) 7,918,712
NON-CURRENT LIABILITIES
Long-term debt, net of discounts and premiums 1,578,000 16,606,411 - 18,184,411
Net pension liability 7,723,588 5,149,058 - 12,872,646
OPEB liability 2,597,011 1,731,341 - 4,328,352
Installment loans 24,942 - - 24,942
Unearned revenues 3,431,825 1,143,462 - 4,575,287
Total non-current liabilities 15,355,366 24,630,272 - 39,985,638
Total Liabilities 20,439,258 27,468,914 (3,822) 47,904,350
DEFERRED INFLOWS OF RESOURCES
Pension 326,921 217,947 - 544,868
OPEB 182,916 121,944 - 304,860
Total deferred inflows of resources 509,837 339,891 - 849,728
NET POSITION
Net investment in capital assets 56,177,122 56,721,963 - 112,899,085
Restricted for debt service 2,455,343 5,803,021 - 8,258,364
Unrestricted 8,653,888 519,901 - 9,173,789
Total Net Position 67,286,353 63,044,885 - 130,331,238
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION 88,235,448$ 90,853,690$ (3,822)$ 179,085,316$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
SUPPLEMENTARY INFORMATION
December 31, 2019
Page 57
CONSOLIDATING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
For the Year Ended December 31, 2019
Electric Operations Water Operations Eliminations Totals
OPERATING REVENUES
Sales to customers 24,239,706$ 12,789,947$ -$ 37,029,653$
Interdepartmental sales 1,205,537 2,292 (1,207,829) -
Standby fees 19,260 118,320 - 137,580
Cap and trade proceeds 1,503,495 - - 1,503,495
Other 839,980 296,867 (474,004) 662,843
Total Operating Revenues 27,807,978 13,207,426 (1,681,833) 39,333,571
OPERATING EXPENSES
Purchased power 10,754,898 - - 10,754,898
Operations and maintenance 5,197,190 5,779,099 (1,207,829) 9,768,460
Consumer services 1,779,030 888,927 - 2,667,957
Administration and general 3,362,107 2,884,293 (474,004) 5,772,396
Depreciation 2,893,711 4,526,540 - 7,420,251
Total Operating Expenses 23,986,936 14,078,859 (1,681,833) 36,383,962
Operating Income 3,821,042 (871,433) - 2,949,609
NON-OPERATING REVENUE (EXPENSES)
Special tax revenue - - - -
Investment income 593,366 360,756 - 954,122
Interest expense (851) (628,009) - (628,860)
Amortization (27,261) (5,784) - (33,045)
Other non-operating revenues - - - -
Other non-operating expenses - - - -
Gain (loss) on disposition of assets 7,549 6,199 - 13,748
Total Non-Operating Expenses 572,803 (266,838) - 305,965
Income Before Contributions 4,393,845 (1,138,271) - 3,255,574
CAPITAL & OTHER CONTRIBUTIONS, net
Capital Contributions 2,132,170 2,550,929 - 4,683,099
Intercompany Debt Service - Pension Sidefund 340,293 (340,293) - -
Total Capital and Other Contributions, net 2,472,463 2,210,636 - 4,683,099
CHANGE IN NET POSITION 6,866,308 1,072,365 - 7,938,673
NET POSITION - Beginning of Year 60,420,045 61,972,520 - 122,392,565
NET POSITION - END OF YEAR 67,286,353$ 63,044,885$ -$ 130,331,238$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
SUPPLEMENTARY INFORMATION
December 31, 2019
Page 58
CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2019
Electric Operations Water Operations Eliminations Total
CASH FLOWS FROM OPERATING ACTIVITIES
Received from customers 28,191,131$ 12,849,852$ (1,681,833)$ 39,359,150$
Paid to suppliers for goods and services (15,354,990) (6,251,888) 1,681,833 (19,925,045)
Paid to employees for services (4,566,135) (2,524,377) - (7,090,512)
Net Cash Flows from Operating Activities 8,270,006 4,073,587 - 12,343,593
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Principal payments on long-term debt (920,000) - - (920,000)
Interest payments on long-term debt (80,177) - - (80,177)
Net Cash Flows from Noncapital Financing Activities (1,000,177) - - (1,000,177)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Capital expenditures for utility plant (7,832,201) (1,757,297) - (9,589,498)
Cost of disposal of property net of salvage (176,622) 6,033 - (170,589)
Capital contributions, connection and facility fees 1,782,121 758,613 - 2,540,734
Special assessments receipts - 732,107 - 732,107
Special tax receipts - - - -
Principal payments on long-term debt - (2,213,093) - (2,213,093)
Interest payments on long-term debt 80,175 (614,545) - (534,370)
Cash Flows From Capital and Related Financing Activities (6,146,527) (3,088,182) - (9,234,709)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income received 499,432 343,857 - 843,289
Cash Flows from Investing Activities 499,432 343,857 - 843,289
Net Change in Cash and Cash Equivalents 1,622,734 1,329,262 - 2,951,996
CASH AND CASH EQUIVALENTS – Beginning of Year 21,552,862 7,383,101 - 28,935,963
CASH AND CASH EQUIVALENTS – END OF YEAR 23,175,596$ 8,712,363$ -$ 31,887,959$
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
SUPPLEMENTARY INFORMATION
December 31, 2019
Page 59
For the Year Ended December 31, 2019
Electric Operations Water Operations Eliminations Total
RECONCILIATION OF OPERATING INCOME TO NET CASH
FLOWS FROM OPERATING ACTIVITIES
Operating income 3,821,042$ (871,433)$ -$ 2,949,609$
Noncash items included in operating income
Depreciation and amortization 2,893,711 4,526,540 - 7,420,251
Depreciation charged to other accounts 232,508 245,084 - 477,592
Intercompany Transfer 340,293 (340,293) - -
Accounts receivable and unbilled revenues 47,590 (28,000) - 19,590
Materials and supplies 150,548 (2,854) - 147,694
Prepaid expenses 30,220 11,356 - 41,576
Accounts payable (66,421) (99) - (66,520)
Customer deposits (4,729) 10,720 - 5,991
Deferred Pension Contributions - GASB 68 820,409 546,938 - 1,367,347
Deferred Pension Contributions - GASB 75 (27,688) (18,461) - (46,149)
Other current liabilities 32,523 (5,911) - 26,612
NET CASH FLOWS FROM OPERATING ACTIVITIES 8,270,006$ 4,073,587$ -$ 12,343,593$
RECONCILIATION OF CASH AND CASH EQUIVALENTS
TO THE BALANCE SHEET
Operating 10,006,682$ 2,600,325$ -$ 12,607,007$
Designated 10,727,912 1,907,833 - 12,635,745
Restricted bond funds - current 2,458,043 4,239,148 - 6,697,191
Restricted bond funds - non-current - 1,730,450 - 1,730,450
Total Cash and Investments 23,192,637 10,477,756 - 33,670,393
Less: Long-term investments - (1,698,880) - (1,698,880)
Mark to market adjustment (17,041) (66,513) - (83,554)
TOTAL CASH AND CASH EQUIVALENTS 23,175,596$ 8,712,363$ -$ 31,887,959$