HomeMy WebLinkAboutAgenda Finance Corp Truckee Donner Public Utility District
Financing Corporation Directors
Joseph R.Aguera
6:00 PM, SPECIAL MEETING Jeff Bender
Wednesda , Jul 17� 2013 Bob Ellis
y y J.Ron Hemig
(or immediately after regularly scheduled meeting of the Tony Laliotis
Truckee Donner Public Utility District Board of Directors) General Manager
TDPUD Board Room Michael D.Holley
AGENDA
1. Call to order
2. Roll call
3. Public Input - This is time set aside for the public to address the Board on any matter not
on the agenda. Testimony related to any agendized matter should be addressed at the
time that item is considered.
(The public may comment on any subject that is not on the agenda. Each speaker will be
limited to three (3) minutes, but speaker time may be reduced at the discretion of the
Board President if there are a large number of speakers on any give subject.)
BUSINESS ITEM
4 . Consideration of Accepting the Annual Reports and Financial Statements
ROUTINE BUSINESS
5 . Approval of Minutes of December 19, 2012 for the Financing Corporation
ADJOURNMENT
The agenda is available for review at the
TDPUD office and the Truckee branch of the Nevada County Library
Posted and mailed on Friday, July 12, 2013
{q. r
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Barbara Cahill, Deputy District Clerk
A copy of the agenda packet is available for public review at the district administrative office: 11570 Donner Pass Road.Public participation
is encouraged.The meeting location is accessible to people with disabilities. Every reasonable effort will be made to accommodate
participation of the disabled in all of the District's public meetings. If particular accommodations for the disabled are needed(i.e.disability-
related aids,or other services),please contact the Clerk of the Board at(530)582-3909 or BarbaraCahill@tdpud.org,at least 24 hours in
advance of the meeting.
11570 Donner Pass Road-Truckee,CA 96161 -Phone:(530)587-3896-www.tdpud.org
Agenda Item # 4
fUCKEE „f
Public
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Utility District
FINANCE BUSINESS ITEM
To: Board of Directors
From: Robert Mescher
Date: July 17, 2013
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 accept 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 , 2012 (Attachment 1)
• Certificates of Participation (Water System Improvements) Series 2006 as of
December 31 , 2012 (Attachment 2)
• Truckee Donner Public Utility District annual audited financial statements as of
December 31, 2012 (Attachment 3)
The attached reports for the Certificates of Participation Series 2003A and 2003B are
the final reports, as the debt was extinguished January 1, 2013.
4. FISCAL IMPACT
There is no fiscal impact associated with this action.
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5. RECOMMENDATION
Approve the annual reports and financial statements.
� W
Robert Mescher Michael D. Holley
Treasurer Secretary
Attachment 1
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REFUNDING CERTIFICATES OF PARTICIPATION SERIERS 2003A AND 2003B
ANNUAL REPORT 12/31/2012
r
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
History of Electric Service Charges
January January January January January
2008 2009 2010 2011 2012
Domestic Electric Rates: no change no change no change
Permanent Residents
Customer Charge: per month $6.56 $6.76 $6.76 $6.76 $6.76
Energy Charge per kilowatt-hour $0.12800 $0.13200 $0.13200 $0.13200 $0.13200
Domestic Electric Rates:
Non-Permanent Residents
Customer Charge: per month $6.56 $6.76 $6.76 $6.76 $6.76
Energy Charge per kilowatt-hour $0.14700 $0.15100 $0.15100 $0.15100 $0.15100
Small Commercial Rates:
Commercial Customers with monthly
demand less than 50 kilowatts
Customer Charge: per month $12.72 $13.10 $13.10 $13.10 $13.10
Energy Charge per kilowatt-hour $0.15400 $0.15900 $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 $127.00 $130.81 $130.81 $130.81 $130.81
Energy Charge per kilowatt-hour $0.09100 $0.09400 $0.09400 $0.09400 $0.09400
Demand Charge per kilowatt of demand $12.49 $12.86 $12.86 $12.86 $12.86
Large Commercial Rates:
Commercial Customers with monthly
demand greater than 200kW
Customer Charge: per month $557.06 $573.78 $573.78 $573.78 $573.78
Energy Charge per kilowatt-hour $0.09400 $0.09700 $0.09700 $0.09700 $0.09700
Demand Charge per kilowatt of demand $11.93 $12.29 $12.29 $12.29 $12.29
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Electric System Customers,Sales, Revenues and Demand
2008 2009 2010 2011 2012
Number of Customers:
Residential 11,627 11,621 11,643 11,682 11,719
Commercial and Other 1 1,528 1,533 1,502 1,503 1,500
Total Customers 13,155 13,154 13,145 13,185 13,219
Kilowatt-Hour(kWh)Sales:
Residential 75,203,263 75,927,237 78,191,410 80,536,130 77,161,989
Commercial and Other 73,101,332 70,948,129 69,455,296 69,442,089 68,852,489
Total kWh Sales 148,304,595 146,875,366 147,646,706 149,978,219 146,014,478
Revenues from Sale of Energy:
Residential $11,183,675 $11,644,885 $12,008,819 $12,334,994 $11,869,192
Commercial and Other 10,413,720 10,511,007 10,358,876 10,309,276 10,227,167
Total Revenues from Sale of Energy $21,597,395 $22,155,892 $22,367,696 $22,644,270 $22,096,359
Peak Demand (MW) 35.1 35.9 37.9 32.8 36.9
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Electric System-Summary of Historical Net Revenues and Selected Balance Sheet Information
2008 2009 2010 2011 2012
Revenues(i)
Sales to Customers $20,104,157 $20,552,674 $20,922,276 $21,106,358 $20,589,369
Interdivisional Sales(2) 1,500,671 1,478,459 1,364,439 1,213,270 1,267,050
Standby Charges 20,860 26,990 25,470 25,480 25,490
Facilities Fees(3) 287,370 110,459 43,518 151,102 144,313
Other(4) 1,225,541 1,201,106 1,308,557 1,479,926 1,478,379
Income from Investments 358,637 71,971 36,102 35,405 27,706
Total Revenues $23,497,236 $23,441,859 $23,700,363
$24,011,541 $23,532,307
Rate Stabilization Fund Transfer(5) 0 0 0 0 0
Total Adjusted Revenues $23,497,236 $23,441,859 $23,700,363 $24,011,541 $23,532,307
Operations and Maintenance Costs(6)
Power Purchases $10,627,405 $10,087,650 $10,645,658 $11,342,992 $10,571,359
Operations and Maintenance 3,260,176 3,477,688 3,347,960 3,330,131 3,416,797
Administrative and General 2,626,971 2,781,746 2,414,567 2,120,740 2,200,410
Consumer Services(7) 1,256,241 1,243,074 1,445,779 1,959,336 1,822,042
Interest Expense(8) 24,338 22,150 16,764 13,020 9,827
Total Operation and Maintenance Costs $17,795,132 $17,612,308 $17,870,728 $18,766,219 $18,020,436
Adjusted Net Revenues/Funds Available for
Debt Service $5,702,103 $5,829,552 $5,829,635 $5,245,322 $5,511,871
Debt Service(9) 3,418,650 3,415,413 3,408,381 3,392,238 3,388,300
Debt Service Coverage(1o) 1.67 1.71 1.71 1.55 1.63
Selected Balance Sheet Information
Fund Balances(December 31):
General Fund $6,374,547 $7,362,194 $7,762,447 $7,577,115 $10,069,874
Rate Stabilization Fund Balance 1,550,631 1,935,322 2,306,459 2,384,084 2,665,059
Total Fund Balances $7,925,178 $9,297,516 $10,068,906 $9,961,199 $12,734,933
Net Plant in Service $33,444,016 $35,300,034 $35,443,322 $35,562,081 $38,292,312
Construction Work in Progress 3,309,758 3,360,837 4,640,458 5,473,764 3,141,752
Net Electric Utility Plant $36,753,774 $38,660,871 $40,083,780 $41,035,844 $41,434,065
Attachment 2
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CERTIFICATES OF PARTICIPATION
(WATER SYSTEM IMPROVEMENT PROJECTS)
SERIES 2006
ANNUAL REPORT 12/31/2012
CONTINUING DISCLOSURE CERTIFICATE: 4. Content of Annual Reports
(a)The audited financial statements were electronically forwarded to
Bank of New York on 06/6/2013.
(b)The principal amount of the Certificates outstanding was $21,930,000
as of December 31, 2012.
(c) The balance in the Reserve Fund as of December 31, 2012 was
$1,907,967.
The Reserve Requirement from the Installment Purchase Agreement
is: "The term "Reserve Requirement" means initially, $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.
(ii) "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 UTILTIY DISTRICT
Historic Water Sales Revenues
Increase/ %Increase/
Year Residential (Decrease) Commercial (Decrease)
2001 $3,944,222 $476,195
2002 5,013,242 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 7,160,485 8.34% 991,941 17.42%
2007 7,875,829 9.99% 1,165,511 17.50%
2008 8,459,823 7.42% 1,179,157 1.17%
2009 8,577,396 1.39% 1,137,447 -3.54%
2010 8,973,220 4.61% 1,184,084 4.10%
2011 8,731,670 -2.69% 1,227,533 3.67%
2012 8,492,037 -2.74% 1,374,376 11.96%
i
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Historic Water Operating Results&Debt Service Coverage
Fiscal Year Ending December 31
Revenues 2008 2009 2010 2011 2012
Sales to Customers $9,658,482 $9,748,317 $10,196,010 $9,946,771 $9,793,994
Standby Fees 1621.400 171,200 161,120 161,040 166.135
Investment Income��� 372,799 85,231 97,359 18,363 33,783
Facilites Fees(2) 560,485 283,408 160,410 152,918 207,678
Connection Fees ts'cs> 266,474 143,453 84,366 136,306 68,996
Meter Surcharge 0 799,434 753,642 746,759 741,209
Other(4� 611.206 654390 457,041 375,935 326,847
Total Revenues $11,631,847 $11,885,834 $11,909,948 $11,538,092 $11,338,641
Operating&Maintenance Expenses
Operations and Maintenance $4,369,205 $41483,118 $4,391,401 $4,433,706 $4,806,563
Administration and General 1,581,950 1,706,210 1,749,277 1,657,418 1,761,614
Customer Services 428.740 487.419 588,853 794,225 721.333.52
Total Operations&Maintenance Expenses $6,379,895 $6,676,747 $6,729,531 $6,885,350 $6,568,177
Net Revenues $5,251,952 $5,209,087 $5,180,417 $4,652,743 $4,770,465
Parity Debt Service(5)
2006Installment Purchase Agreement $1,896,089 $1,896,289 $1,895,289 $1,888,089 $1,894,889
1996 Installment Purchase Agreement 0 0 0 0 0
DWR Proposition 55 Loan 306,481 $306,481 $306,481 $306,481 $306,481
Interest on Parity Debt Service Reserve Funds (80.289) 70.714 84.802 64.196) (8,103)
Total Parity Debt Service $2,122,281 $2,132,056 $2.116,968 $2,130,374 $2,193,266
Panty Debt Service Coverage 2.47 2.44 2.45 2.18 2.18
Net Revenues Remaining for Subordinate Debt $3,129,671 $3,077,031 $3,063,449 $2,522,369 $2,577,198
Service
Subordinate Debt Service(5)(6) $386,516 $355,737 $338,344 $316,944 $316,944
Parity and Subordinate Debt Service Coverage 3 2.49 2.09 2.11 190 1.90
Balance Available for Capital Projects or Other $2,743,155 $2,721,294 $2,725,106 $2,205,425 $2,260,254
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 form subordinate debt service.
(7) Subordinate Debt Service,Parity and Subordinate Debt Service Coverage,and Balance Available for Capital
Projects have been amended for 2006.
i
Agenda Item # 5
I Public Utility District
MINUTES
To: Board of Directors
From: Robert Mescher
Date: July 17, 2013
Minutes for the Meeting Dates
Approval of Minutes of December 19, 2012 for the
Financing Corporation
TDPUD FINANCING CORPORATION
Annual Meeting
December 19, 2012
The special meeting of the Board of Directors of the Truckee Donner Public Utility District
Financing Corporation was called to order at 6:43 PM by President Bender.
ROLL CALL Directors Joe Aguera, Jeff Bender, Bob Ellis, Ron Hemig, and Tony Laliotis
were present.
EMPLOYEES PRESENT Robert Mescher, Kim Harris, Kathy Neus, Michael Holley and
Barbara Cahill
CONSULTANTS PRESENT Steve Gross
OTHERS PRESENT Juanita Schneider
PUBLIC INPUT
There was no public input.
BUSINESS ITEM
Robert Mescher gave a presentation detailing the history of the TDPUD Financing
Corporation, a report of the current Certificate of Participation (COP) financings, a report of
annual reports and financial statements, the recommendations to elect officers and approve
the December 7, 2011 minutes.
ELECTION OF OFFICERS
Director Hemig moved, and Director Laliotis seconded, that the Board:
• Approve the annual COP reports and financial statements as presented
• Elect Jeff Bender as President and Joe Aguera as Vice President for the Financing
Corporation
• Appoint Michael D. Holley as Secretary and Robert Mescher as Treasurer for the
Financing Corporation
• Approve the minutes of the last meeting held on December 7, 2011
ROLL CALL: All Directors aye, by voice vote. SO MOVED
ADJOURNMENT
There being no further business before the Board, the meeting was adjourned at 6:55 PM.
1 Finance Corp Minutes: Dec. 19, 2012