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Home My WebLink About4 Annual Reports and Financial Statements Agenda Item # 4 TRUCKEE DONNER Public Utility District FINANCE INESS ITEM To: Board of Directors From: Robert Mescher Date: December 19, 2012 Subject: Consideration of Accepting the Annual Reports and Financial Statements 1. WHY THIS MATTER IS BEFORE THE BOARD The Truckee Donner Public Utility Financing Corporation is required to hold an annual meeting. Acceptance of Annual Reports and Annual Financial Statements are solely within the purview of the Financing Corporation Board. 2. HISTORY The Financing Corporation Board reviews and approves the annual reports. Also provided is a copy of the most recent audited financial statements of the Truckee Donner Public Utility District. The annual reports are prepared according to the requirements of each bond's continuing disclosure statement. They include the annual reports for the 2003 A/B Certificates of Participation and the 2006 Certificates of Participation. 3. NEW INFORMATION Attached are the following annual reports: • Certificates of Participation Series 2003A and 2003B reports as of December 31, 2011 (Attachment 1); • Certificates of Participation (Water System Improvements) Series 2006 as of December 31, 2011 (Attachment 2); and • Truckee Donner Public Utility District annual audited financial statements as of December 31, 2011 (Attachment 3). 4. FISCAL IMPACT There is no fiscal impact associated with this action. 5. RECOMMENDATION Review and approve the annual reports and financial statements. Robert Mescher Michael D. Holley Treasurer Secretary TRUCE DGNNER PUBLIC UTIILITY DISTRICT REFUNDING CERTIFICATES OF PARTICIPATION SERVERS 2003A AND 2003E ANNUAL REPORT 12/31/2011 TRUCKEE DONNER PUBLIC UTILITY DISTRICT History of Electric Service Charges March January January January January 2007 2008 2009 2010 2011 Domestic Electric Rates: no change no change no change Permanent Residents Customer Charge: per month $6.13 $6.56 $6.76 $6.76 $6.76 Energy Charge per kilowatt-hour $0.12000 $0.12800 $0.13200 $0.13200 $0.13200 Domestic Electric Rates: Non-Permanent Residents Customer Charge:per month $6.13 $6.56 $6.76 $6.76 $6.76 Energy Charge per kilowatt-hour $0.13700 $0.14700 $0.15100 $0.15100 $0.15100 Small Commercial Rates: Commercial Customers with monthly demand less than 50 kilowatts Customer Charge: per month $11.89 $12.72 $13.10 $13.10 $13.10 Energy Charge per kilowatt-hour $0.14400 $0.15400 $0.15900 $0.15900 $0.15900 Medium Commercial Rates: Commercial Customers with monthly demand greater than 50kW and less than 200kW ' Customer Charge: per month $118.69 $127.00 $130.81 $130.81 $130.81 Energy Charge per kilowatt-hour $0.08520 $0.09100 $0.09400 $0.09400 $0.09400 Demand Charge per kilowatt of demand $11.67 $12.49 $12.86 $12.86 $12.86 Large Commercial Rates: Commercial Customers with monthly demand greater than 200kW Customer Charge: per month $520.62 $557.06 $573.78 $573.78 $573.76 Energy Charge per kilowatt-hour $0.08770 $0.09400 $0.09700 $0.09700 $0.09700 Demand Charge per kilowatt of demand $11.15 $11.93 $12.29 $12.29 $12.29 TRUCKEE DCNNER PUBLIC UTILITY DISTRICT Electric System Connection Charges and Facilities Fees For 200 amp Service as of April 7,2008 Unchanged as of June 13,2012 Connection Facilities Size and Type of Service Charge -_ -- Fees Three Wire Overhead -Temporary Actual Cost -Permanent connection to structure $1,248 $19298 Temporary connection to pole and transfer to structure $13534 Three Wire Underground(overhead transformer) Permanent connection to structure $19248 $1,298 -Temporary connection to pole and transfer to structure $19534 Three Wire Underground(padmount transformer) -Permanent connection to structure $1,248 $1,298 -Temporary connection to pole and transfer to structure $1,534 TRUCKEE DONNER PUBLIC UTILITY DISTRICT Electric System Customers,Sales, Revenues and Demand 2007 2008 2009 2010 2011 Number of Customers: Residential 11,483 119627 11,621 11,643 11,682 Commercial and Other 1 11514 19528 19533 1,502 13503 Total Customers 12,997 139155 13,154 13,145 13,185 Kilowatt-Hour(kWh)Sales: Residential 74,0090589 75,2031,263 753927,237 78,191,410 8095369130 Commercial and Other 73,0819212 73,101,332 70,9489129 69,455,296 699442,089 Total kWh Sales 147,090,801 148$ 04,595 148,875,368 147,646,706 1499978,219 Revenues from Sale of Energy: Residential $10,264,846 $11,183,675 $113644,885 $1230081p819 $12,334,994 Commercial and Other 91655,434 10,413,720 1015111007 1093589876 10,309,276 Total Revenues from Sale of Energy $199920,280 $219597,395 $22,155,892 $229367,696 $22,644,270 Peak Demand (kW) 36,047 359099 35,934 37,875 323767 1) Removed inactive accounts from the 2007 customer counts. TRUCKEE DONNER PUBLIC UTILITY DISTRICT Electric System-Summary of Historical Net Revenues and Selected Balance Sheet Information 2007 2008 2009 2010 2011 Revenues(1) Sales to Customers $18,396,992 $20,104,157 $20,5523874 $20,922,276 $2131063358 Interdivlslonal Sales(2) 11489,756 115003671 1,478,459 1,3649439 1,213,270 Standby Charges 23,310 20,860 26,990 259470 25,480 Facilities Fees(3) 5139901 287,370 110,459 43,518 1510102 Other(4) 1,1909186 11225,541 11201,106 19308,557 114790926 Income from Investments 7341430 358,637 71,971 36,102 35,405 Total Revenues $22,348,575 $239497,236 $230441,859 $239700,363 $2490119541 Rate Stabilization Fund Transfer(5) 0 0 0 0 0 Total Adjusted Revenues $22,348,575 $23,4970236 $231441 W859 $23,7001363 $24,0119541 Operations and Maintenance Costs(6) Power Purchases $9140%712 $10,627,405 $103087,650 ,$10,6459658 $113342,992 Operations and Maintenance %156,772 33260,176 39477,688 3,3479960 33330,131 Administrative and General 211361294 29626,971 21781,746 2,4149567 271201740 Consumer Services(7) 716,745 11256,241 11243,074 114459779 1,959,336 Interest Expense(8) 36,924 249338 22,150 161764 13,020 Total Operation and Maintenance Costs $15,450,447 $171795,132 $17,612,308 $17,8703728 $18,7660219 Adjusted Net Revenues/Funds Available for Debt Service $61,898,129 $5,702,103 $5,829,552 $50829,635 $53245,322 Debt Service(9) 3,425,875 31418,650 39415,413 3,408,381 3,3921238 Debt Service Coverage(io) 2.01 1.67 1.71 1.71 1.55 Selected Balance Sheet Information Fund Balances(December 31): General Fund $7,073,595 $633743547 $7,362,194 $7,762,447 $7,577,115 Rate Stabilization Fund Balance 19148,106 11550p631 1,935,322 29306,459 293849084 Total Fund Balances $8,221,701 $7,925,178 $9,297,516 $10,068,906 $9,9619199 Net Plant in Service $279371,225 $33,444,016 $35,300,034 $35,4437322 $359562,081 Construction Work in Progress 5,650,055 31309,758 3,3603837 _ 4,640,458 514731764. Net Electric Utility Plant $33,021,280 $36,7539774 $38,6609871 $40,083,780 $41,035,844 TRUCKEE DONNER PUBLIC UTILITY DISTRICT CERTIFICATES OF PARTICIPATION (WATER SYSTEM IMPROVEMENT PROJECTS) SERIES 2046 ANNUAL REPORT 12/31/201.1 CONTINUING DISCLOSURE CERT CA'TE: 4. Content of Annual Reports (a)The audited financial statements were'electronically forwarded to Bank of New York on 06/20/2012. (b)The principal amount of the Certificates outstanding was$22,800,000 as of December 31, 2011. (c)The balance in the Reserve Fund as of December 31, 2011 was $1,940,197 The Reserve Requirement from the Installment Purchase Agreement is: "The term"Reserve Requirement"means inIkially, $1,901,088.76, and thereafter the lesser of(i) $1,901,088.76 or(ii)the maximum principal of and interest with respect to the Certificates due in the then current or any future Fiscal Year." The maximum payment due in any year is $1,901,088.76. (d) Updated tables from"THE WATER SYSTEM OF THE DISTRICT" IN THE Official Statement are attached: (i) "TRUCKEE DONNER PUBLIC UTILITY DISTRICT- Historic water Production and Accounts" on page 19 of the Official Statement. "TRUCKEE DONNER.PUBLIC UTILITY DISTRICT- Historic Sales Revenue"on page 19 of the Official Statement. (iii) "TRUCKEE DONNER PUBLIC UTILITY DISTRICT- Largest Customers" on page 20 of the Official Statement. (iv) "TRUCKEE DONNER PUBLIC UTILITY DISTRICT- Historic Operating Results of Debt Service Coverage" on page 26 of the Official Statement. TRUCKEE DONNER PUBLIC UTILITY DISTRICT �iistoric Water Production and Accounts Total Production (Million %Increase/ Commercial %Increase/ Residential %Increasef Year Gallons) (Decrease) Accounts (Decrease) Accounts (Decrease) 2001 17736' 481 8,130 2002 2,198 26.61% 548 13.93% 10,268 26.30%0 2003 2,208 0.45% 563 2.74% 10,491 2.17% 2004 2,424 9.78% 582 3.37% 10,739 2.36% 2005 29206 -8.99% 605 3.95% 11,146 3.79% 2006 21371 7.48% 646 6.78% 117436 2.60% 2007 2,43 3 2.61% 641 -0.77% 112801 3.19% 2008 2$ 04 -5.30% 656 2.34% 11,843 0.36% 2009 21,056 -10.76% 670 2.13% 11,900 0.48% 2010 11,786 -13.13% 695 3.73% 111,876 --0.20% 2011 11,727 --3.31% 709 2.01% 11,711 -1.39% TRUCKEE DONNER PUBLIC UTILTIY DISTRICT Historic Water Sales Revenues %Increasel %Increase/ Year Residential (Decrease) Conunercial (Decrease) 2001 $3,9441222 $476,195 2002 5,0139242 27.10% 647,822 . 36.04% 2003 5,768,092 15.06% 678,423 4.72% 2004 6,254,756 8.44% 825,109 21.62% 2005 . 6,609,311 5.67% 844,812 2.39% 2006 711%485 8.34% 991,941 17:42%v 2007 71875,829 9.99% 1,165,511 17.50% 2008 87459,823 7.42% 1,179,157 1.17% 2009 89,577,396 1.39% 11,137,447 -3.54% 2010 81,973,220 4.61% 11184,084 4.10% 2011 8,731,670 -2.69% 1,227,533 3.67% TRUCKEE DONNER PUBLIC UTILTIY DISTRICT Largest'water Customers-Fiscal Year 2011 Customer Water Usage (1) Annual Payments TAHOE MOUNTAIN CLUB 1371,147,681 $122,794 COYOTE MOON GOLF COURSE 499,492,186 32,483 TAHOE DONNER ASSOCIATION 259274,268 85,099 TRUCKEE DONNER RECREATION AND PARK DISTRICT 24,5049711 509818 TAHOE TRUCKEE UNIFIED SCHOOL DISTRICT 16,2552638 38,446 VILLAGE GREEN MOBILEHOME PARK 16,2542289 29,334 DONNER CREEK MOBELE HOME PAR 11,729,291 18,821 TAHOE FOREST HOSPITAL 109788,418 35,347 BOB GALES(COACHLAND) 10,4609000 20,821 TovVN OF TRUCKEE 51,975,844 19,639 TOP TEN TOTAL 307,882,326 $453,602 TOTAL SYSTEM 19726,800,000 $109196,010 17.83% 4.45% (1)Gallons TRUCKEE DONNER PUBLIC UTILITY DISTRICT Historic Water Operating Results&Debt Service Coverage Flacal Year Ending December 31 Revenues 200606 2007 2008 2009 2010 2011 Sales to Customers $8,2473,123 $990429900 $94581482 $9,748,317 $10,196,010 $9,9461,771 Standby Fees 63,040 154,320 1629400 171,200 161,120 161,040 Investment Income(1) 4513,305 606,805 3729799 859,231 971359 189363 Facilites Fees GO 13,1339360 I13091,385 560,485 283,408 1601,410 152,918 Connection Fees c xs 314,528 3699978 266,474 1439453 849,366 136,306 Meter Surcharge 0 0 0 799,434 753,642 746,759 Other(4) 469.642 573,659 611.206 654.790 457,041 375,935 Total Revenues $103,6783,998 $121057,046 $11,6319,847 $11,8859834 $11,909,948 $11538,092 Operating&Maintenance Expenses Operations and Maintenance $4,2893,245 $4,741,889 $49369,205 $4,4839118 $4,3919401 $49433,706 Administration and General 1,558,078 1,520,582 195819,950 1,706,210 1,74%277 1,6571,418 Customer Services 322.608 389,_410 428.740 487.419 588� 794.225 Total Operations&Maintenance Expenses $63,169,931 $61,65101 $693799,895 $69676,747 $69729531 $6,8851,350 Net Revenues $41,509,067 $5,405,165 $5,251,952 $592099,087 $591809,417 $4;652,743 Parity Debt Service(5) 206 Installment Purchase Agreement $173,904 $17898,460 $11896,089 $1,8961,289 $1,8951,289 $12888,089 1996 Installment Purchase Agreement 677,440 0 0 0 0 0 DWR Proposition 55 Loan 306,422 306,481 306,481 $306,481 $3069481 $306,481 Interest on Parity Debt Service Reserve Funds (56,547) 85.081 8( 0,289) (70,714) 84.802 6419 Total Parity Debt Service $11,101219 $2,119,860 $29,122,281 $2,132,056 $2,116,968 $2,1301,374 Parity Debt Service Coverage 4.09 2.55 2.47 2.44 2.45 2.18 Net Revenues Remaining for Subordinate Debt $3,4079848 $3,285,305 $3,129,671 $31077,031 $3,063,449 $2,522,369 Service Subordinate Debt Service(sxb) $409,D44 $4009909 $386,516 $355,737 $338344 $3169944 Parity and Subordinate Debt Service Coverage(7) 2.99 2.14 2.09 2.09 2.11 1.90 Balance Available for Capital Projects or Other $2,9989804 $2,884,396 $297439155 $2,72I,294 $21,72506 $2,2059425 Purposes NOTES (1) Excludes interest component of Donner Lake Assessment and interest on parity debt service reserve funds. (2) Appears as contributed capital in the Financial Statement of the District. (3) Historically,connection fees were recognized in the year in which the connection to the Water System was effected rather than the year in which the connection fee was allocated. (4) Includes interdepartmental sales. (5) Debt service presented on an accrual basis. (6) Represents payments on Capital Leases. The DWR Loan,which is secured by,and has historically been paid entirely from,the Donner Lake Assessments,is excluded foam subordinate debt service. (7) Subordinate Debt Service,Parity and Subordinate Debt Service Coverage,and Balance Available for Capital Projects have been amended for 2006. TRUCKEE DONNER PUBLIC UTILITY DISTRICT FINANCIAL STATEMENTS Including Independent Auditors' Report December 31, 2011 and 2010 �g