HomeMy WebLinkAboutAgenda Truckee Donner Public Utility District
Post Office Box 309 ® 1157€1 Donner Pass Road s Truckee, California 95734
(916)587-3896
REGULAR MEETING
7:00 P.M. - JANUARY 7, 1991
TDPUD BOARD ROOM
AGENDA
1. Call to order
2 . Roll call
3 . Public input (7: 25 P.M. or as soon thereafter as possible)
SPECIAL BUSINESS
4 . Presentation by Ron Richardson regarding District pension
plan
CONSENT AGENDA
5 . Approval of minutes in final form as corrected: November
17 , November 19, December 3 and December 10, 1990
6. Write off of accounts receivable
UNFINISHED BUSINESS
7 . Acceptance of Tahoe Donner Leak Analysis, Final Report, as
prepared by SEA
NEW BUSINESS
8 . Tahoe Donner water line replacement - consideration of scope
of service and design
9 . Consideration of draft letter opposing market based pricing
of federal power
10. Discussion of special water rate for small residential
dwelling units
ROUTINE BUSINESS
11. Consideration of draft minutes of December 17 , 1990
12 . Correspondence
a) Letter from Todd Bertz
13 . Bills for approval
14 . Staff report
CLOSED SESSION
RETURN TO PUBLIC SESSION Posted rid mai( ed
ADJOURNMENT
Susan M. Craig
Deputy District Clerk
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
BILLS FOR BOARD APPROVAL - JANUARY 7, 1991
TOTAL ELECTRIC WATER DESCRIPTION
--------------------------------------------------------------------------------------------
ARTHUR ANDERSON & CO. 7,000.00 4,900.00 2,100.00 FIRST INTERIM BILLING FOR 1990 AUDIT
COOPER POWER SYSTEM 19,849.63 19,849.63 TWO PADMOUNTED VACUUM SWITCHES PER M090-145
GENERAL ELECTRIC SUPPLY CO. . 1,734.00 1,734.00 INV-SECURITY LIGHTS
GLENN M. REITER & ASSC. 229.67 160.77 68.90 CONSULTING SERVICES FOR 11/90
PORTER, SIMON, GRAHAM, PHELPS & 9,842.56 6,186.34 3,656.22 ORME (321.50) , SIERRA TAHOE SERVICE (69.00) , BURGE
CUTTITTA (241.50) , MASTER FLAN (471.50), GENERAL REPRESENTATION
(8739.06) .
SIERRA DETROIT DIESEL 3,057.03 3,057 .03 REPAIRS TO UNIT 16
UNISON TRANSFORMER SERVICES 7,174.32 7,174.32 FOUR TRANSFORMERS FOR WORK ORDER 87-52001 (TDPUD
PCB'S REMOVAL FROM TRANSFORMERS)
WEDCO INC. 2,494.67 2,494.67 INV-GROUND RODS, 2/0 STRAND COPPER WIRE, JOSLYN WASHERS
WESCO UTILITY 1,811.99 1,811.99 METERS, SPLICE CONNECTORS, TRANSFORMERS
WESTERN STATE ELECTRIC INC. 1,798.07 1,798.07 INV-BOLT T KIT, SPLICE KIT
------------------------------------
54,991.94 49, .66.82 5,825.12
Truckee Donner Public utility District
r Post Office Sox 309 • 11570 Donner Pass Road • Truckee, California 95734
(916) 587-3896
MEMORANDUM
January 2, 1991
Tos Board of Directors
From: Peter L. Holzmeister, General Manager
Subject; Staff report
1. Financial reRorts
Attached are the investment report, statement of general
fund, balance sheets and income statements through
November of 1990.
2 . 1994 year end re ort on leaks in water system
Please review Andy Hyde's memo which is attached.
3 . Credit cards
Please review the attached memo.
4 . "Fit to Livee' ro ram
The Safety Committee has developed a program in
conjunction with Tahoe Forest Hospital to promote
healthful living among our employees. Under the terms of
the program, Tahoe Forest Hospital will conduct health
screening of employees who wish to participate and then
counsel the employee on such matters as diet, exercise,
blood pressure, cholesterol, stress, smoking, substance
abuse. A specific program would be. developed for each
employee that addresses the problem areas discovered in
the screening.
In order to make the program effective, the employee' s
spouse is encouraged to also participate. This program
would be paid for by the employee.
The Safety committee has asked if the District would pay
the cost of the screening and then make payroll
deductions from the employees until the full fee is
collected. Most employees would be able to participate
if we can ease the financial burden.
The fee is $ 25 per person, so if an employee and spouse
participate the cost is $25o. I believe it is in the
District' s interest to promote healthful living among its
employees and I recommend the District pay the fee and
recoup the funds through a payroll deduction over a
period of six months.
5. Effects of recent cold weather
The cold weather has resulted in a rash of calls for
assistance with frozen pipes. Please review Andy' s memo
which is attached.
PLH/smc
Attachments
Truckee Donner Public utility District
Post Office Box 309 9 11570 Donner Pass Road • Truckee, California 95734
(916) 587-3896
January 2, 1=391
MEMORANDUM
TO: Peter L. Holzmeister, General Manager
FROM: Mary Chapman, Office Manager
SUBJECT: Investment report
As of Noven-ber 30, i990, the District had the following .investment comprised
of the funds as detailed.
INVESTMENTS YIELD AMOUNT
LOCAL AGENCY INVESTMENT FUND 8.269% 4,356,000.00
ELECTIC FUNDS
REA RESERVE * 19,000.00
GENERAL FUND 1,298,173.28
FACILITIES FEES * 711,578.16
STORM DAMAGE FUND * 163,371.03
BUILDING FUND * 563,035.68
---------------
TOTAL ELECTRIC INVESTMENTS 2,755,658. 15
WATER FUNDS
FACILITIES .FEES 617,981.00
BUILDING FUND * 639,978.55
RESERVE FOR FUTURE METERS * 600,099.32
TAHOE DONNER WATER SYSTEM FUND* 122,231.87
WEST RIVER ST. ASSESSMENT DISTRICT
BOND REDEMPTION FUND * 10,338.12
PREPAID CONNECTION FEES * 64,486.66
TELEMETRY RESERVE * 45,226.33
-----------------
TOTAL WATER INVESTMENTS 2,100,341.85
---------------
TOTAL DISTRICT INVESTMENTS 4,856,000.00
* RESTRICTED FOR SPECIFIC USE PER BOARD RESOLUTIONS
TRUC EE DONNER PUBLIC UTILITY DISTRICT
STATEMENT OF GENERAL FUND
NOVEMBER 30, 1990
HISTORY OF ACTIVITY FOR MONTH:
BALANCE IN GENERAL FUND 10/31/90 1,393,853.48
RECEIPTS
ELECTRIC REVENUE 421,418.22
12 6,88E3'7 2
WATER REVENUE
STANDBY ELECTRIC 501.64
STANDBY WATER 257.87
MISC. BILLING REVENUE ELECTRIC 3,898.85
MISC. MILLING REVENUE WATER 577.72
CONSUMER DEPOSITS, ELECTRIC 28,897.50
CONSUMER DEPOSITS, WATER 4,590.00
CUSTOMER ADVANCES-OTHER ELECTRIC 8,698.55
CUSTOMER ADVANCES--FACILITIES FEES-ELECTRIC 2,000.00
CUSTOMER ADVANCES-OTHER WATER 1,720.00
CUSTOMER ADVANCES-FACILITIES FEES-WATER 1,333.00
CUSTOMER ADVANCES-METER FEES-WATER 1,080.00
MISC, REVENUE ELECTRIC 287.67
MISC. REVENUE WATER 173.29
MEDICAL INSURANCE (COBRA) 477.92
SURPLUS WIRE SOLD 411.00
PURCHASE POWER REFUND SPPC 169.90
REFUND SEWER CONNECTION FEE-TTSA 8,950.00
TRANSFER FROM RESTRICTED FAC.FEES
DONNER TRAIL TANK, PROG.MO90-225 & M090-240 80,511.75
UNRESTRICT FUNDS FOR REFUNDS TO CUSTOMERS 3,454.46
---------------
TOTAL RECEIPTS 696,290.06
DISBURSEMENTS
ACCOUNTS PAYABLE DISBURSEMENTS 725,419.60
TRANS.TO WATER RESTRICTED FUNDS-INTERFUND LOAN 17,000.00
TRANS. TO WATER RESTRICTED FUNDS METER FEES COLL. 1,080.00
TRANS. TO WATER RESTRICTED FUNDS-FACILITIES FEES 2,101.00
TRANS. TO BUILDING FUND-SPPC REFUND-SWG 169.90
TRANS. TO ELECTRIC RESTRICTED FUNDS-FACILITIES FEE 2,200.00
---------------
TOTAL DISBURSEMENTS 747,970.50
BALANCE IN GENERAL FUND 11/30/90 1,342,173.04
DISTRIBUTION OF NON-RESTRICTED FUNDS AT ?'MONTH-END:
PETTY CASH/CUSTOMER SERVICES OPERATING FUNDS 600.00
TRUCKEE RIVER BANK GENERAL FUND CHECKING 43,399.76
LAIF GENERAL FUND (NOT RESTRICTED) 1,298,173_28
T_ -
1,342,173.04
TRUCKEE DONNER P.U.D.
ELECTRIC BALANCE SHEET
FOR PERIOD ENDING NOVEMBER 30, 1990
CURRENT LAST YEAR
Y-T-D AMOUNT Y-T-D AMOUNT
A S S E T S
UTILITY PLANT 8,252,271.85 7,992,144.81
RESTRICTED FUNDS
ADMINISTRATIVE BUILDING LEASE FUNDS 283,043.90 2$3,880.16
EMPLOYEE DEFERRED COMPENSATION-ICMR 197,893.77 125,042.$2
REA RESERVE FUND 19,000.00 19,000.00
FACILITIES FEES 711,578.16 575,321.05
STORM FUND 163,871.03 178,252.44
BUILDING FUND 563,035.68 609,105.38
TOTAL RESTRICTED FUNDS 1,938,422.54 1,790,601.85 8.3+ %
CURRENT ASSETS
GENERAL FUNDS 1,342,173,04 1,001,145.80
ACCOUNTS RECEIVABLE, NET 378,205.39 612,230.07
DUE FROM WATER 2 , . 60,488.01
MATERIALS AND SUPPLIES 247,62323.17 221,665.37
INTEREST INCOME RECEIVABLE 37,496.82 27,884.62
PREPAID EXPENSES AND OTHER 63,670.41 49,782.40
TOTAL CURRENT ASSETS 2,362,513.29 1,973,196.27 19.7+ %
UNAMORTIZED DEBT DISC AND ISSUE COSTS 164,732.00 180,358.00
PRELIMINARY SURVEY COSTS AND OTHER 3,030.41 3,090.41
TOTAL ASSETS 12,720,970.09 11,939,391.34
: * ' TRUCKEE DONNER P.U.D.
ELECTRIC BALANCE SHEET
FOR PERIOD ENDING NOVEMBER 30, 1990
CURRENT LAST YEAR
Y-T-D AMOUNT Y-T-D AMOUNT
E Q U I T Y A L I A B I L I T I E S
RETAINED EARNINGS 7,909,175.91 7,195,785.71
DEBT
ADMINISTRATIVE OFFICE BUILDING LEASE 2,895,004.a0 2,950,004.00
REA 118,573.52 138,573.52
IDAHO FIRST - IBM COMPUTER LEASE 54,608.23 89,794.69
DEPT. OF ENERGY 00 Q0
TOTAL DEBT 3,068,181.75 3,178,368.21 3.5- %
CURRENT LIABILITIES
ACCOUNTS PAYABLE 767,143.06 871,691.13
CONSUMER DEPOSITS 198,529.76 206,323.69
ACCRUED INTEREST PAYABLE 74,066.72 76,106.69
DEFERRED STANDBY FEES .00 52,770.00
ACCRUED COMPENSATION & RELATED COSTS 20,389.64 23,783.35
TOTAL CURRENT LIABILITIES 1,060,129.18 1,230,674.86
CONSTRUCTION ADVANCES 485,589.48 209,519.74
EMPLOYEE DEFERRED COMPENSATION - ICMA 197,893.77 125,042.82
TOTAL EQUITY AND LIABILITIES 12,720,970.09 11,939,391.34 6.6+ %
3 * * TRUCKEE DONNER P.U.D. * r r
. ELECTRIC INCOME STATEMENT
FOR PERIOD ENDING NOVEMBER 30, 19SO
LAST YEAR CURRENT CURRENT YEAR YEARLY BUDGET AMT
Y-T-D AMOUNT Y-T-D AMOUNT TOTAL BUDGET -) Y-T-D AMOUNT
OPERATING REVENUE
RESIDENTIAL 2,577,800.85 2,587,879.99 3,350,000.00 762,120.01 77,2 X
COMMERCIAL 2,005,176.64 2,033,604.31 2,300,000.00 266,395.69 88.4 %
LARGE COMMERCIAL 1,199,615.69 554,825.33 625,000.00 30,174.67 95.1 %
PUBLIC STREET AND HIGHWAY LIGHTIN .00 00 fl0 00
SALES TO PUBLIC AUTHORITIES 84,122.17 75,340.70 90,000.00 14,659.30 83.7 %
FUEL CHARGE 500,241.68 331,516.02 460,000.00 128,483.98 72.0 %
INTERDEPARTMENTAL 386,340.02 463,409.28 400,000.00 63,409.28CR115.8 %
- -
TOTAL ENERGY SALES 6,753,297.05 6,086,575.63 7,225,000.00 1,138,424.37 84.2 %
MISC OPERATING REVENUE 98,288.60 97,182.45 109,700.00 12,517.55 88.5 %
MISCELLANEOUS RENTS 31,570.28 38,349.92 43,322.00 4,972.08 88.5 %
27,185.00 26,385.00 52,500.00 26,115.00 50.2 %
STANDBY REVENUE
INTERDEPARTMENTAL RENT ----51,333-00 ^_A106,337-00- --116,000.00 - `-_9,663-00 91.fi %
`
T AL OPERATING REVENUE 6,961,673.93 6,354,830.00 7,546,522.00 1,191,692.00 84.2 X
OPERATING EXPENSES
PURCHASED POWER 4,732,176.59 4,215,980.99 4,975,000.00 759,019.01 84.7 %
DISTRIBUTION OPERATIONS 275,228.44 324,760.43 507,299.00 182,538.57 64.0 %
➢ISTRIBUTION MAINTENANCE 130,178.38 107,157.66 262,590.00 155,432.34 40.8 X
CUSTOMER ACCOUNTING & INFORMATION 273,867.11 305,$37.17 332,227.00 26,389.83 92.0 %
ADMINISTRATION & GENERAL 724,930.65 499,604.94 837,06$.00 337,463.06 59.6 %
DEPRECIATION 322,317.29 334,675.00 330,000.00 4,675.00CR101.4 $
OTHER OPERATING EXPENSES 24,538.66 182,758.01 138,084.00 44,674.0ICR132.3
TOTAL OPERATING EXPENSES -6,483,237.12^ _5,970,774- - - r
20 7,382,268.00 1,411,493.80 80.8 %
NET OPERATING REVENUE 478,436.81 384,055.80 164,254,00 219,801.80CR233.8 %
OTHER REVENUE (EXPENSE)
INTEREST INCOME 187,908.33 219,012.91 180,000.00 39,012.91CR121.6 X .:
INTEREST EXPENSE 226,374.33CR 224,130.66CR 246,193^ T -OOCR 22,062.34CR 91.0
--- T
NET REVENUE (LOSS) 439,970.81 378,938.05 98,061.00 280,877.05CR386 4 %
: TRUCKEE DONNER P.U.D. :
. WATER BALANCE SHEET
FOR PERIOD ENDING NOVEMBER 30, 1990
CURRENT LAST YEAR
Y-T-D AMOUNT Y-T-D AMOUNT
A S S E T S
------------
UTILITY PLANT 2,055,543.05 1,871,051.51
RESTRICTED FUNDS
EMPLOYEE DEFERRED COMPENSATION-ICMA 40 .00
FACILITIES FEES 61?,981.00 542,777.SI
WEST RIVER STREET ASSESSMENT DIST 10,338.12 9,508.37
BUILDING FUND 639,978.55 342,?03.47
RESERVE FOR FUTURE METERS 600,099.32 510,578.41
TAHOE DONNER WATER SYSTEM FUND 122,231.87 $0,519.39
PREPAID CONNECTION FEES 64,486.66 68,981.52
TELEMETRY 45,226.33 41,769.96
TOTAL RESTRICTED FUNDS 2,100,341,85 1,596,838.63 31.5+ %
CURRENT ASSETS
GENERAL FUNDS 00 3,256.30
WEST RIVER STREET ASSESSMENT DIST 4,417.91 7,902.48
ACCOUNTS RECEIVABLE, NET 13,822.37 137,099.55
DUE FROM ELECTRIC 293,344.46CR 60,488.01CR
MATERIALS AND SUPPLIES 70,123.12 71,708.38
INTEREST INCOME RECEIVABLE 29,677.?4 24,315.48
PREPAID EXPENSES 43,926.39 38,230.37
TOTAL CURRENT ASSETS 131,370.97CR 222,024.55 159.2-
TOTAL ASSETS 4,024,513.93 3,689,514.69 9.1+ %
* TRUCKEE DONNER P.U.D.
. WATER BALANCE SHEET
FOR PERIOD ENDING NOVEMBER 30, 1990
CURRENT LAST YEAR
Y-T-D AMOUNT Y-T-D AMOUNT
E Q U I T Y & L I A B I L I T I E S
RETAINED EARNINGS 3,679,465.16 3,444,981.03
DEBT
BACKHOE LEASE QO 14,318.07
TOTAL DEBT .00 14,318.07 100.0- %
CURRENT LIABILITIES
ACCOUNTS PAYABLE 21,397.61 41,251.66
CONSUMER DEPOSITS 34,421.08 35,646.89
ACCRUED INTEREST PAYABLE OQ 417.55
DEFERRED STANDBY FEES .00 24,130.50
ACCRUED COMPENSATION & RELATED COSTS 15,455.44 15,217.09
TOTAL CURRENT LIABILITIES 71,274.13 116,673.69 38.9- %
CONSTRUCTION ADVANCES 273,774.64 113,941.30
TOTAL EQUITY AND LIABILITIES 4,024,SI3.93 3,689,914.69
: * TRUCEEE DONNER P.U.D. '
WATER INCOME STATEMENT
FOR PERIOD ENDING NOVEMBER 30, 1990
LAST YEAR CURRENT CURRENT YEAR YEARLY BUDGET AMT
Y-T-D AMOUNT Y-T-D AMOUNT TOTAL BUDGET f-) Y-T-D AMOUNT
OPERATING REVENUE
RESIDENTIAL 873,157.45 907,866.97 1,050,000,00 142,133.03 86.4 %
COMMERCIAL 228,521.72 244,723.37 245,000.00 276.63 99.8 %
INTERDEPARTMENTAL 503.14 503.14 550.00 46.86 91.4 %
TOTAL RATER SALES 1,102,182.31- 1,153,093.48 1,295,550.00 142,456.52 89.0 %
HYDRANTS 45,318.96 47,367.94 65,000.00 17,632.06 72.8 %
MISC OPERATING REVENUE 13,838.59 17,962.52 14,000.Q0 3,962.52CR128.3 %
MISCELLANEOUS RENTS 401.00 810.99 650.00 160.99CR124.7 %
STANDBY REVENUE 16,302.48 16,012.70 28,500.00 12,487.30 56.1 %
TOTAL OPERATING REVENUE 1,178,043.34 1,235,247.63 1,403,700.00 168,452.37 87.9 %
OPERATIONS
SOURCE OF SUPPLY 15,567.78 10,554.22 1,000.00 9,554.22CR 55.4 %
PUMPING 25,223.01 30,615.01 4,000.00 26,615.O1CR765.3 %
PUMPING - POWER PURCHASED 411,315.62 483,708.62 425,000.00 58,708,62CR113.8 %
01AER TREATMENT 47,951.44 67,229.98 15,050.00 52,179.98CR446.7 %
NSMISSION & DISTRIBUTION 68,318.34 70,391.67 28,247.00 42,144.67CR249.2 %
--- --
TOTAL OPERATIONS EXPENSE 568,376.19 662,499.50 473,297.00 169,202.50CR139.9 %
MAINTENANCE EXPENSES
SOURCE OF SUPPLY 3,559.99 3,384.49 5,500.00 2,115.51 61.5 %
PUMPING 34,969.89 28,112.44 34,000.00 5,887.56 82.6 %
WATER TREATMENT 5,560.66 5,696.49 550.00 5,146.49CR 35.7 %
TRANSMISSION & DISTRIBUTION 164,211.33 185,364.63 516,239.00 330,874.37 35.9
TOTAL MAINTENANCE EXPENSES ---208,301.$7 - 222,558.05 556,289.00 333,730.95 40.0 %
CUSTOMER ACCOUNTING & INFORMATION 54,169.46 85,636.32 118,494.00 32,857.68 72.2 %
ADMINISTRATION & GENERAL 244,176.98 309,044.44 401,179.00 92,134.56 77.0 %
INTERDEPARTMENTAL RENT 51,333.00 106,337.00 .00 106,337.00CR
DEPRECIATION 97,531.38 102,345.92 110,000.00 7,654.08 93.0 %
OTHER OPERATING EXPENSE 40,920.92 13,324.15 54,477.00 41,152.85 24.4 X .'
-
TOTAL OPERATING EXPENSE 1,264,809.80 1,501,745.38 1,713,736.00 211,990.62 87.6 %>.
NET OPERATING REVENUE '---86,766.46CR 266,497.75CR 310,036.00CR 43,538.25CR 85.9 X
OTHER REVENUE (EXPENSE)
INTEREST INCOME 131,854.80 143,732.05 145,000.00 1,267.95 99.1 %
REST EXPENSE 9,242.15CR 2,143.69CR 2,0$5.00CR 58.69 102.8
EDS FROM SALE OF 1.9 ACRES .00 335,818.20 .00 335,818.20CR
GAIN ON BOND REPURCHASE 231,660.47 .00 .00 .00
(LOSS) 267,506.66-- -'
NET REVENUE 210,908.61 167,121.00CR 378,029.81CR126 2 %
Truckee Donner Public Utility District
Post Office Box 309 • 11570 Donner Pass Rd. # Truckee, California 95734
5 .. Customer Service (916) 587-3896 engineering Department (916) 587-3944
MEMORANDUM
Date: January 2 , 1991
To: Peter Holzmeister, General Manager
From: Andrew J. Hyde, District Civil Engineer
SUBJECT: 1990 Year End Report - Leaks in Water System
A total of 125 leaks in the water system were repaired by the water
crew in 1990. A quick check of District records shows that it
cost $149, 250 to repair these leaks. Average cost per leak is
$1, 200. of the 125 leaks, 120 were located in Tahoe Donner. The
leak list currently has 107 reported leaks on it. If no more new
leaks develop, there are enough existing leaks to keep our crew
busy for most of next year.
Truckee Donner Public Utility District
Post Office Box 309 • 11570 Donner Pass Road Truckee, California 95734
(916)587-3896
General Manager Board of Directors
Peter L. Holzmeister Joseph R.Aguera
John L.Corbett
Richard K.Curran
James A.Maass
Patricia S.Sutton
MEMORANDUM
December 21, 1990
To: Board of Directors j
1 .
From: Peter L. Holzmeister, General Manager
Subject: Credit Cards
Every once in a while we survey the market to see if there is a
better credit card deal than what we have through Truckee River
Bank. A few months ago our credit card company refused to renew
the credit card for me and Joe Aguera. We have always paid the
bill, so we don't know why our cards got canceled.
At any rate, we once again surveyed the market looking for a credit
card with no annual fee. Our conclusion is that no one is offering
a business credit card account free of annual charges. Following
is a description of the companies I called.
1. AT&A offers no business cards at any price. They deal
only with individuals.
2 . USAA, which stands for United Service Auto Association,
charges no annual fee to individuals, but does charge a
fee for business cards. It also requires membership in
USAA.
3 . The Maryland Bank, which also calls itself MB&A America,
does not charge a fee for individual cards, but does for
business cards. It charges an annual fee for the
business account of $20 plus a per-card fee of $25. Our
annual fee would be $145 (five cards at $25 plus the
business fee of $20) . Our fee through Truckee River Bank
is $250.
At this paint Joe and T have no credit cards and that works a
hardship. The Maryland Bank has lower fees and they are sending me
an application form.
PLH/smc
DSO
BANK CAR
EYO
WHERE RE T114
Mostly down in flames, thanks to hard times in the banking business,
ME—
tection" and rental car in-
Low-interest credit surance, they may take
cards—the kind be away through higher in-
loved by smart bor- terest rates. For banks to
rowers—are disap- Zx make profits with their
`' cards in a saturated mar-
pearing. Only a few good
deals are left,and the bar- ket like toda}r's, some-
gains don't always last. thing has to give. With
RAM Research, a Y r 4
pressure to keep fees low
credit research firm and to match the competi-
whose list of low-rate and }. ... : ..
tion on enhancements,
no-fee cards appears reg-
ularly in the IT'all Street Journal and closer to home. Middletown Bank, in that's likely to be the interest rate.
Barron's, reports that only nine of the New Fork, offered its card at 13.75% LONG-TERM WINNERS
25 standard cards that had rates below nationally until losses became unac-
1fi.8% in March 1988 are still available. ceptable last year. Simmons Bank, in Which cards have the deepest roots in
The drop-out issuers have either raised Arkansas, withdrew its 12% card from bargain territory7
rates, stopped issuing cards nationally the national market in 1989 because the ► US.4A (800-922-9092) has offered a
or sold their card operations. bank couldn't fund its rapidly growing law variable rate (recently 14.76%)and
The last three lists of super bar-
portfolio. Deposit Guaranty{12.5%), in no annual fee since 1984. It's able to
gains in Changing Times experienced Mississippi, and Citizens Bank and keep losses, and therefore costs, low
similar attrition in an even shorter time Trust (13.9%), in Texas, have also because 95% of its 1.3 million cardhold-
span. Of eight standard and gold cards gone local. ers are USAA members.
Op-
with rates below 14% in March 1989, A few dropped rates to attract Op- People's Bank (800-423-3273; $25
only two remain. And one of those, cardholders, only to raise rates once annual fee for standard card, $40 for
Arkansas Federal, offers no grace pen- they succeeded. Republic National, in gold), of Bridgeport,Conn.,has held its
od and is notoriously difficult to qualify Florida, and Chevy Chase Savings, in rate well below average since 1985 de-
for, unless you have a high income and Maryland,both boosted rates to around spite an increase from 13.5%to 13.9%.
flawless credit. 18% after issuing tens of thousands of 0- First Tennessee's gold card (800-
What happened to the rest? Some cards in the 14%range. 234 2840; $35 annual fee) has been a
were casualties of ailing banks and sav- Some no-fee carols have vanished, bargain since 1985, even though the
ings and loans. For two years Horizon too. The cheapest are gold cards from rate jumped from 12% to 14% last
Savings Bank, in Texas, had one of the relative newcomers: Amalgamated November.
best deals around—a 14% card with no Bank (800-365-6464; recently 14.5%) ► First Atlanta (800-241-7990, $25
annual fee. But in July the bank sold its has offered a bargain card since 1987. standard, $40 gold; 14.88%) and Ohio
to Union Planters (800-628$946; recently Savings (800-356-1445; $18 standard,
cards to First USA, in Delaware,
raise cash, and the rate soared to 14%) started marketing its credit card $30 gold; 14.75%) haven't raised their
17.9%a.Both the now-defunct Empire of regionally in 1989 and accepts applica- rates since 1986.
America,in New York,and Connecticut tions nationwide. But industry observ- If you get hit with a rate hike,
Bank and Trust(owned by the Bank of ers say that AT&T's success in signing don't hesitate to switch cards. You can
New England) sold their card opera- up 2.7 million accounts for its Universal roll your balance onto a new,lower-rate
tions to Citicorp for similar reasons. card by waiving fees perpetually for card, but make sure you won't pay a
Rates went from 13.75% and 15%, re- those who sign up by December 31 will higher cash-advance rate to do so. In
spectively,to 19.8%. force other card issuers to lower,if not some states, banks that raise rates
eliminate,their annual fees.(For details must let you pay off your existing bal-
WHEN BIGGER IS NOT BETTER on the Universal card, call 800-662- ante at the old rate,provided you don't
Some banks got into the national bar- 7759.) use the card after the rate increase
STIN DAVIS
gain-card market only to discover they What some banks waive in fees,or goes into effect. --sr xR�RESEARCH:LOAN(;gLD WW55ER ASSER
were better off with fewer cardholders give you in such extras as buyer pro-
DECEMBER 1990 79
Truckee Danner Public [Utility District
_ Post Office Box 309 • 11570 Donner Pass Rd. • Truckee, California 95734
Customer Service (916) 587-3896 Engineering Department (916) 587-3944
::
MEMORANDUM
Date: January 2, 1991
To: Peter Holzmeister, General Manager
From: Andrew J. Hyde, District Cavil Engineer
SUBJECT: Status Report of Water System - Effects of Recent Cold
Weather
The cold weather that began before Christmas has created numerous
problems for our customers in the form of frozen and broken pipes.
Paul Rose was on-call during the Christmas week. Paul was busy
fielding calls from Friday night, December 21 until Thursday,
December 27 . During that time span, Paul took over 100 calls. On
Saturday, Sunday and Monday, Sue Felce or Maria Martinez-Chavez was
in the office during the day to take calls so Paul could visit
customers in need of service. All three worked hard to see that
our customers were given the information and advice that they
needed to solve their problems, restore water service or avoid
further damage. All three should be commended for performing so
well during this holiday period.
Of all the calls received, none were related to failures in the
District's system except for a limited number which came from
customers served by the elevated tank in Martis Woods. A power
outage in Sierra Pacific' s system first caused the pump station to
freeze and later (we think) lead to the freezing of the standpipe
to the tank itself. Service has been restored to all customers in
this area, but as this is written, the standpipe is still frozen.
Hopefully, it will thaw soon as warmer weather returns.
s