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Home My WebLink About2004-12-15 TRUCKEE DONNER PUBLIC UTILITY DISTRICT FINANCING CORPORATION TDPUD Financing Corporation Joseph R. Aguera Annual Meeting J. Ron Hemig Wednesday, December 15, 2004 Patricia S. Sutton (immediately after the conclusion of the regularly scheduled Board meeting) Tim Taylor TDPUD Board Room William Thomason AGENDA General Manager Peter L. Holzmeister 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. ACTION ITEMS 4 Election of new officers a) Staff report b) Public input c) Board discussion and action 5. Annual report and Financial Statements: December 2003 a) Staff report b) Public input c) Board discussion and action ROUTINE BUSINESS 6. Approval of the minutes of November 5, 2003 and October 18, 2004 ADJOURNMENT The agenda is available for review at the TDPUD office and the Truckee branch of the Nevada County Library Posted and mailed on December 10, 2004 �)C/-Cj/0 Cb o 4wo Barbara Cahill, Deputy ' t Clerk A copy of the agenda packet is available for public review at the district administrative office: 11570 Donner Pass Rd. 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 contract the Clerk of the Board at (530) 582- 3909,at least 24 hours in advance of the meeting. i J 1 TRUCKEE DONNER PUBLIC UTILITY DISTRICT J Basic Financial Statements December 31, 2003 and 2002 (With Independent Auditors' Report Thereon) J Agenda Item #', TRUCKEE DONNER PUBLIC UTILITY DISTRICT REFUNDING CERTIFICATES OF PARTICIPATION SERIES- 1996 ANNUAL REPORT 12/31/2003 ANNUAL REPORT TRUCKEE DONNER PUBLIC UTILITY DISTRICT Water Operations Summary Statement of Historical Operating Results and Debt Service Coverage Years Ending December 31, 2000 through 2003 2000 2001 2002 2003 Revenues $4,578,962 $5,151,568 $6,667,440 $7,624,998 Maintenance and Operation Costs $2,836,690 $3,743,387 $4,761,448 $5,293,442 Net Revenues $1,742,272 $1,408,181 $1,905,992 $2,331,556 Debt Service (3) $1,107,448 $1,105,671 $1,109,025 $1,108,423 Debt Service Coverage 157% 127% 172% 210% TRUCKEE DONNER PUBLIC UTILITY DISTRICT Water Operations Summary Statement of Projected Operating Results and Debt Service Coverage Years Ending December 31, 2004 through 2007 2004 2005 2006 2007 Revenues(l) $7,235,963 $7,380,682 $7,528,295 $7,678,861 Maintenance and Operation Costs (2) $5,364,735 $5,525,677 $5,691,447 $5,862,190 Net Revenues $1,871,228 $1,855,005 $1,836,848 $1,816,671 Debt Service (3) $1,110,542 $1,109,005 $1,111,680 $1,113,305 Debt Service Coverage 168% 167% 165% 163% (1) 2004 budget plus 2% annual increase thereafter (2) 2004 budget plus 3% annual increase thereafter (3) Includes the Series 1996 installment payments and Proposition 55 State loan repayments. TRUCKEE DONNER PUBLIC UTILITY DISTRICT Water System Customers Total Production Commercial Residential Year (Million Gallons) Accounts Accounts 1999 1,479 496 7,020 2000 1,672 500 7,186 2001 1,736 527 8,798 2002 2,198 555 10,341 2003 2,208 573 10,632 The five largest water system customers in the District for the 12-month billing period ended December 31,2003 are set forth below. The five largest users in the District accounted for 3.48%of the Water System's gross revenues for 2003. The total amount of water sales in 2003 was $6,446,515.20. TRUCKEE DONNER PUBLIC UTILITY DISTRICT Five Largest Water System Customers as of 12/31/03 % of Total Customer/Account Total Usage/Gallons Total Sales Water Revenues Tahoe Donner Association 41,344,928 $100,054.09 1.55% Coyote Moon Golf Course 73,202,800 $ 38,169.58 0.59% Tahoe Forest Hospital 1.3,492,081 $ 32,038.59 0.50% Coachland Mobile Home Park 16,210,000 $ 28,263.53 0.440/1 Tahoe Truckee Unified School District 20,704,440 $ 26,095.65 0.40% Rates and Charges The District currently recovers the cost of the Water System operation,maintenance and replacement and capital expansion through a user fee system. The components of the user fees currently imposed by the District are: 1. Water sales (charges which are divided into rates for residential and commercial property). 2. Stand-by water availability charges. 3. Connection charges and facilities fees. 4. Miscellaneous fees and charges. Agenda Item # TRUCKEE DONNER PUBLIC UTILITY DISTRICT REFUNDING CERTIFICATES OF PARTICIPATION SERIES 2003A AND 2003B ANNUAL REPORT 12/31/2003 l i TRUCKEE DONNER PUBLIC UTILITY DISTRICT History of Electric Service Charges i August January February January January 2001 2002 2002 2003 2004 Domestic Electric Rates: Permanent Residents Customer Charge: per month $4.00 $4.00 $4.00 $4.50 $5.00 Energy Charge per kilowatt-hour $0.08037 $0.09263 $0.09963 $0.10869 $0.11400 Domestic Electric Rates: Non-Permanent Residents Customer Charge: per month $4.00 $4.00 $4.00 $4.50 $5.00 Energy Charge per kilowatt-hour $0.09422 $0.10648 $0.11348 $0.12381 $0.13000 Small Commercial Rates: Commercial Customers with monthly demand less than 50 kilowatts Customer Charge: per month $8.00 $8.00 $8.00 $8.73 $9.70 Energy Charge per kilowatt-hour $0.10047 $0.11273 $0.11973 $0.13062 $0.13700 Medium Commercial Rates: Commercial Customers with monthly demand less than 50kW and less than 200kW Customer Charge: per month $80.00 $80.00 $80.00 $87.25 $96.85 Energy Charge per kilowatt-hour $0.05216 $0.06476 $0.07176 $0.07729 $0.08110 Demand Charge per kilowatt of demand $9.77 $9.77 $9.77 $10.58 $11.11 3 i Large Commercial Rates: Commercial Customers with monthly demand greater than 2001kW Customer Charge: per month $350.00 $350.00 $350.00 $382.00 $425.00 ' Energy Charge per kilowatt-hour $0.05365 $0.06591 $0.07291 $0.07954 $0.08350 Demand Charge per kilowatt of demand $9.27 $9.27 $9.27 $10.11 $10.62 E TRUCKEE DONNER PUBLIC UTILITY DISTRICT Electric System Connection Charges and Facilities Fees Connection Facilities Size and Type of Service Charge Fees Three Wire Overhead -Temporary Actual Cost -Permanent connection to structure $1,155 $1,260 -Temporary connection to pole and transfer to structure $1,418 Three Wire Underground (overhead transformer) -Permanent connection to structure $1,155 $1,260 -Temporary connection to pole and transfer to structure $1,418 Three Wire Underground (padmount transformer) -Permanent connection to structure $1,155 $1,260 $1,418 -Temporary connection to pole and transfer to structure f i 4 t i f z i F E{i t TRUCKEE DONNER PUBLIC UTILITY DISTRICT I Electric System Customers, Sales, Revenues and Demand t Fiscal Years Ended December 31, 1999 2000 2001 2002 2003 Number of Customers: Residential 9,352 9,623 10,238 10,424 10,691 Commercial and Other 1,182 1,204 1,203 1,273 1,392 Total Customers 10,534 10,827 11,441 11,697 12,083 Kilowatt-Hour(kWh) Sales: Residential 66,981,022 67,439,920 65,014,735 68,041,548 66,271,709 Commercial and Other 55,786,416 58,761,003 57,467,440 58,837,235 60,307,969 Total kWh Sales 122,767,438 126,200,923 122,482,175 126,878,783 126,579,678 Revenues from Sale of Energy: Residential $4,838,767 $4,872,323 $5,522,632 $7,579,083 $8,119,198 Commercial and Other 3,881,162 4,047,453 4,672,587 6,337,757 7,163,712 Total Revenues from Sale of Energy $8,719,929 $8,919,776 $10,195,219 $13,916,840 $15,282,910 Peak Demand (kW) 28,591 28,277 29,040 30,245 32,291 I E t i 6 TRUCKEE DONNER PUBLIC UTILITY DISTRICT f Electric System Largest Electric Customers-2003 12 Months Customer Type of Business KWh Sold Electrical Billings District Water Department(1)(2) Water Utility 11,665,906 $1,214,630 i Tahoe Truckee Sanitation Agency(2) Sewer Plant 5,703,131 567,997 Tahoe Forest Hospital (2) Hospital 3,924,494 408,821 Teichert&Son Aggregate Plant 2,207,700 323,498 Tahhoe Truckee Unified School District Education 1,956,867 234,302 (1) Represents pumping charges incurred by District water system (2) Denotes customers with multiple meters and service locations. The kWh sold and electrical billings are a sum of all customer's meter locations i E i F TRUCKEE DONNER PUBLIC UTILITY DISTRICT Elei }System-Summary of Historical Net Revenues and Selected B, re Sheet Information 1999 2000 2001 2002 2003 Revenues(1) Sales to Customers $9,069,361 $9,334,548 $9,759,286 $12,891,095 $14,256,511 Consumer Electric Refund(2) (991,001) (931,032) 0 0 0 Interdivisional Sales(3) 799,165 787,366 923,640 1,420,193 1,566,049 k Standby Charges 31,259 28,957 39,333 24,015 22,827 Facilities Fees(4) 106,763 98,372 77,694 128,329 509,347 Other(5) 224,398 258,500 172,188 167,242 206,664 Income from Investments 224,115 239,045 158,809 174,472 75,373 Total Revenues $9,464,060 $9,815,756 $11,130,950 $14,805,346 $16,636,771 Rate Stabilization Fund Transfer(6) 0 0 0 2,024,062 (13) 0 Total Adjusted Revenues $9,464,060 $9,815,756 $11,130,950 $16,829,408 (13) $16,636,771 Operations and Maintenance Costs(7) Power Purchases $4,385,928 $4,683,112 $3,986,550 $11,093,289 $7,497,730 (14) Operations and Maintenance 1,218,950 1,460,439 1,501,714 1,955,759 1,624,574 Administrative and General 1,266,990 1,334,514 1,612,485 1,946,205 1,540,878 599,315 485,335 5 Consumer Services(8) 351,095 504,916 36, Interest Expense(9) 56,174 32,236 35,282 43,142 ,791 91 Total Operation and Maintenance Costs $7,279,137 $8,015,217 $7,735,346 $15,523,730 $11,203,425 Adjusted Net Revenues/Funds Available for Debt Service $2,184,923 $1,800,539 $3,395,604 $1,305,678 $5,433,346 Debt Service is 264,395 258,462 266,543 255,225 1,059,262 5.13 Debt Service Coverage(11) 8.26 6.97 12.74 5.12 Selected Balance Sheet Information Fund Balances(December 31): General Fund $670,346 $844,250 $225,829 $2,113,904 $3,706,328 Rate Stabilization Fund Balance 596,584 641,790 2,448,281 424,219 434,013 Total Fund Balances $1,266,930 $1,486,040 $2,674,110 $2,538,123 $4,140,341 Net Plant in Service $11,986,890 $13,004,380 $13,288,280 $13,843,605 $15,726,184 Construction Work in Progress 1,461,373 1,584,186 1,844,911 1,660,776 3,555,097 Net Electric Utility Plant(12) $13,448,263 $14,588,566 $15,133,191 $15,504,381 $19,281,281 (1; Excludes Connection Charges. See Rates and Charges above. (2) Represents an 11%credit to customers that was discontinued in 2t,_i1. See Rates and Charges"above. I (3) Represents pumping charges to District water system and interdepartmental rent charged to the water department for use of the District Administrative Building which was financed by the Electric System. (4) Facilities Fees are charged to applicants for new service to cover the costs of infrastructure needed to meet the additional system demand. See"Rates and Charges"above. (5) Represents service transfer charges, late payment fees, building room rentals and miscellaneous receipts. (6) The Rate Stabilization Fund is used to mitigate rate increases. Pursuant to the Installment Purchase Agreement,Adjusted Revenues for ` coverage purposes include the amounts the District has authorized to be deposited in the Revenue Fund from the Rate Stabilization Fund pay Operation and Maintenance Costs and/or Debt Service. See"SECURITY AND SOURCES OF PAYMENT FOR THE 2003 CERTIFICATES--Defined Terms"and "--Rate Covenant"herein. (7) Excludes depreciation and amortization. (8) Includes all customer service, billing activity and customer information expenses. (9) Excludes interest on the 1993 Electric Certificates and the 2003A/B Certificates which are shown in the debt service below. (10) Represents Debt Service on the District's 1993 Electric Certificates which were retired as of March 3, 2003. 2003 excludes final principal payment from internal reserve funds. Includes interest on new 2003 A/B COP debt paid during 2003. (11) Adjusted Net Revenues divided by Debt Service. (12) Prior to 2001 contributed capital was applied to reduce the cost of the assets funded and booked either as a reduction of Plant Serving Customers or Funds received for Construction of Facilities. Beginning in 2001 such amounts are treated as revenues and new plant is recorded as an asset in the amount of the full acquisition cost. (13) The District funded a portion of its Electric System expenses from the Rate Stabilization Fund in 2002. Additional rate increases have been implemented for 2003 and 2004. See"Rates and Charges"above. (14) Exclusive of$26 million Settlement Obligation which is a one-time expense relating to the termination of the Prior Agreements(see"THE TRANSACTION"herein)which was accrued as of December 31, 2002 but will be funded from proceeds of the 2003 Certificates in the Fiscal Year ended December 31, 2003. 6 t4€ t f s (t I