HomeMy WebLinkAbout4&5,Finance CorpAction Item # 4 & 5
Financial Corporation
Annual Reports and Minutes
Special Meeting
July 17, 2013
Background / History
• Truckee Donner Public Utility District Financing Corporation
• Legal entity created to issue and administer Certificates of
Participation on behalf of the District
• Historically, one annual meeting in December
• Elects officers
• Conduct business
• Review and accept the annual reports and minutes
• Last meeting held on December 19, 2012
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New Information
• Board requested a second meeting to review and accept the
2012 annual reports
• 2003 Certificates of Participation (Electric)
• 2006 Certificate of Participation (Water)
• TDPUD Audited Financial Statements
• Minutes of the December 19, 2012 meeting
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New Information
• Report for the 2003 Certificates of Participation (final report)
— 5 years of historical rates: no change since 2009
— Connection and facilities fees: no change since 2008
— 5 years of historical customers, kWh, and revenue
— In 2012: 11,719 customers, 146 million kWh, $22 million revenue
— 5 largest customers
— TDPUD, TTSA, TFHD, TTUSD & Safeway
— 5 years of historical debt service coverage calculations
— Debt Service in 2012 1.63 (1.20 required)
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New Information
• Report for the 2006 Certificates of Participation
— 12 years of historical production and customers
— In 2012: 1.9 million gallons and 12,459 customers
— 12 years of historical revenues
— In 2012: $10 million
— 10 largest customers (usage is 23% of total system)
— Golf courses, mobile home parks, TDA, TDRPD, TTUSD, and
Town of Truckee
— 5 years of historical debt service coverage calculations
— In 2012 debt service coverage is 1.90 (1.25 required)
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Fiscal Impact
• There is no direct fiscal impact associated with this item
a
Recommendation
• Accept the 2012 annual reports and financial statements
• Approve minutes of December 19, 2012
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