HomeMy WebLinkAbout13 Budget Workshop Agenda Item # / 3
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Workshop
To: Board of Directors
From: Peter Holzmeister
Date: October 27, 2006
Subject: Budget workshop
Why this matter is before the Board: This is a workshop to continue the discussion of
the draft budget for 2007.
History: We have conducted three workshops at this point. We have heard
departmental presentations, reviewed budget appendices, and reviewed the revenue
assumptions. We have continually looked at the impact of this budget in the Finance
Master Plan. The directors have raised questions that we need to respond to, and we
plan to do that at the meeting on November 1.
New information: One request that came up was for information on the closing of the
2006 COP. Attached is a listing of the Sources and Uses of the COP funds. Related to
this request was the reminder that we had talked about establishing an oversight
committee to monitor use of COP funds to make water system improvements.
Items that we have not yet tracked down, but which we will know more about by
Wednesday, include:
Bottling of water
Discussion of treatment of labor costs related to paid time off
Detail of dollars reflected in interdepartmental rent
Restricted funds transfer to broadband
Engineering study for standby charges
Reconciliation of budgeting for wellness program
Future impact of implementing an electric rate increase now
We need to be thinking of scheduling a budget public hearing.
Please remember to bring your two budget documents.
Recommendation: This is a workshop. No formal action is required.
SOURCES AND USES OF FUNDS
Truckee Donner Public Utility District
2006 Refunding Certificates of Participation(Water System)
MBIA Bond Insurance,Cash Reserve
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Final Pricing
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Dated Date 10/12/2006
Delivery Date 10/12/2006
Sources:
Bond Proceeds:
Par Amount 26,570,000.00
Net Premium 640,603.30
27,210,603.30
Other Sources of Funds:
1996 Reserve Fund 808,470.00
Allocable share of 11-15-06 pymt 506,724.00
1,315,194.00
28,525,797.30
Uses:
Project Fund Deposits:
Donner Lake Completion&Loan Take-out 1,484,125.76
Equipment Fund 580,000.00
Brockway Transmission Pipeline Fund 4,000,000.00
Pipeline Replacement Project Fund 11,334,106.85
17,398,232.61
Refunding Escrow Deposits:
Cash Deposit 1.34
SLG Purchases 8,815,750.00
8,815,751.34
Other Fund Deposits:
Debt Service Reserve Fund 1,901,088.76
Delivery Date Expenses:
Cost of Issuance 163,229.59
Underwriter's Discount 142,995.00
Bond Insurance at 22.8 bps 104,500.00
410,724.59
Other Uses of Funds:
Rounding Amount
28,525,797.30
Note: 11-15.06 P&I payment includes accrued interest through 10-12-06.
Oct 5,2006 6:17 am Prepared by Stone&Youngberg LLC(UY) (truckee donner pud:2006COPS) Page 1