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HomeMy WebLinkAboutAgenda Truckee Donner Public Utility District Post Office Box 309 0 11570 Donner Pass Road 0 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 SPECIAL MEETING Patricia S.Sutton 7:00 P.M. - Monday, April 9, 1990 TDPUD Board Room A G E N D A 1. Call to order 2 . Roll call 3 . Audit workshop with representatives of Deloitte Touche 4 . closed session 5. Return to public session 6. Adjournment C E R T I F I C A T 1 0 N I hereby certify that the foregoing agenda has been posted in the District office and Government Center, provided to the U. S. Post Office an County Library for posting, and mailed to the TDPUD Director nd ovi�er int----ssted parties on April 6, 1990 . z Cr icr. ':St�e;dntMr Craig, Deputy Distri)# Clerk PRELIMINARY FOR REVIEIA,ONLY INDEPENDENT AUDITORS' REPORT April 9 , 1990 Board of Directors Truckee Donner Public Utility District Truckee, California We have audited the accompanying balance sheets of Truckee Donner Public Utility District (the District) as of December 31, 1989 and 1988, and the related statements of earnings and retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the District's management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the financial position of the District as of December 31, 1989 and 1988, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. 0 0 0 TRUCKEE DONNER PUBLIC UTILITY DISTRICT PRELIMINARY BALANCE SHEETS FOR REVIEW ONLY -------------- ASSETS RETAINED EARNINGSANDLIABILITIES ____.._ - - - December 31, ----------December 31,_ -------_--- ________ ------ -------------------- 1989 1989 1989 1988 UTILITY PLANT (Notes 1 and 2) $9,797,798 $9,588,619 RETAINED EARNINGS $10,998,794 $9,895,840 LONG TERM DEBT, Less current 3,070,771 3,216,439 RESTRICTED FUNDS (Note 3) 3,534,098 3,453,418 portion (Note 4) CURRENT ASSETS: General fund (Note 3) 981,892 867,129 CURRENT LIABILITIES Accounts receivable, (including Purchased power payable 1,090,479 1,161,072 unbilled amounts of $442,296 and ConsAccounts payable 54,802 260,837 $461,881,less allowance of $8,500 Accrued deposits 295,548 105,461 and $11,000 for doubtful accounts 1,248,487 1,243,308 Accrued interest payable 38,448 139,546 Materials and supplies (Note 1) 295,856 307,968 Deferred standby fees 13,218 21,809 Accrued compensation and related costs 313,218 221,809 ,361 Prepaid expenses and other current Current portion of long term debt ------------------------------ assets 211,141 150,888 TOTAL, CURRENT ASSETS ----2,757,376------ 2,569,293- TOTAL CURRENT LIABILITIES 1,956,371 2,620,493 UNAMORTIZED DEBT DISCOUNT AND CONSTRUCTION ADVANCES (Note 1) 235,881 58,926 ISSUANCE COSTS (Note 1) 172,545 180,358 -------------------------.----_ _--$16,261,817 --$15,791,688 `µ $16,261,817 ^=$i5,791688_ I i I See notes to financial statements. 2 PRELIMINARY TRUCKEE DONNER PUBLIC UTILITY DISTRICT FORREVIEW ONLY STATEMENTS- - - - OFEARNINGSANDRETAINED-EARNINGS Year ended December 31, ___ 1989 1988 Operating revenues: Sales to customers $8, 682,305 $$, 384, 815 Standby fees 82 ,305 84,815 Other 218, 975243, 304------ 8,924, 639 8, 646,753 Operating expenses: 5, 290,254 5, 459,739 Purchased power operations and maintenance 109, 235 943,254 Administrative and general 1, 374, 320 376,735 Customer services 374, 320 376,735 Depreciation -------------3 4 ------------------------------ 8, 175, 903 8, 214, 021. - !-^ EARNINGS FROM OPERATIONS 748,736 432,732 Other income (expense) , Interest income 889 Restricted funds 260, 258 261, 593 General. fund 60, 258 61,593 Interest expense (267 ,088) ( 289,806) Preliminary survey costs ( 224,422) abandoned 85, 108 ( 206,746) ------------------------------ EARNINGS BEFORE EXTRAORDINARY ITEM 833 ,844 225,986 Extraordinary Item - Early extinguisment 269, 110 of debt (Note 4) ----__,.-------------- EARNINGS 1, 102, 954 225,986 Retained earnings: Beginning of year ---------- --------------840 854- End of year --_$10,998,794 $9, 895, 840� See notes to financial statements. 3 PRELIMINARY FOR REVIEWONLY TRUCKEE DONNER PUBLIC UTILITY DISTRICT STATEMENTS OF CASH FLOWS Increase Decrease in Cash and Cash Equivalents Year ended December 31 1989 1988 CASH FLOWS FROM OPERATING ACTIVITIES : Reconciliation of earnings from operations to net cash provided by operating activities - Earnings from operations $ 748,736 $ 432 , 732 Adjustments to reconcile earnings from operations to net cash provided by operating activities: Depreciation 424, 823 436, 234 Changes in assets and liabil- ities - Increase in accounts receivable materials and supplies, prepaid expenses and other assets ( 73 , 320) (127 , 039) is Decrease in purchased power and accounts payable, customer deposits and deferred standby fees (221, 565) (92 , 730) Increase in accrued compensa- tion and related costs _ 91., 4.09 48 , 804 Net cash provided by operating ac- tivities 970, 083 698 , 001 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: Acquisition and construction of capital assets (882, 824) (1, 272 , 821) Preliminary survey costs ( 41, 357) Principal payments on long term debt (400, 601) (138 ,785) See Notes to Financial Statements 0 4 PRELIMINARY FOR REVIEW ONLY Interest paid on long--term debt (269, 1.88) (293 , 006) Construction advances, customer contributions and grant 425,776 551, 299 Proceeds from long term debt 22 , 500 Net cash used for capital and related financing activities (1, 126, 837) (1, 172 , 170) CASH FLOWS FROM INVESTING ACTIVITIES: Interest received on cash and cash 347 151 304 , 175 equivalents Net increase (decrease) in cash and cash equivalents 190, 397 ( 169, 994) CASH AND CASH EQUIVALENTS (Note 3) : Beginning of year 4 , 242 ,911 4 , 412 , 905 End of year S 4 , 433 , 308 $ 4 , 242 , 911 SUPPLEMENTAL DISCLOSURE OF NON-CASH CAPITAL AND RELATED FINANCING ACTIVITIES: Gain on early extinguishment of debt $ 269, 110 Write-off of preliminary survey costs $ 224 , 422 See Notes to Financial Statements 5 PRELIMINARY FOR REVIEW TRUCKEE DONNER PUBLIC UTILITY DISTRICT NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31 1989 AND 1988 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLIC IES: orcraniqAtion The Truckee Donner Public Utility District (the District) Was formed and operates under the State of California Public Utility District Act to provide electric and Water service to a portion of Nevada and Placer counties described as Truckee and Donner Lake. The electric and water service operations are maintained and operated separately. These financial statements reflect the combined electric and water operations of the District and, consequently, all significant interdivisional transactions have been eliminated. Interdivisional transactions include power purchases, rent for shared facilities and interest charges. The District follows accounting policies and practices that are in accordance with generally accepted accounting principles applicable to governmental. utilities. The District generally maintains accounts in accordance with the Uniform System of Accounts prescribed by the Federal Energy Regulatory Commission (Electric Division) and the National Association of Regulatory Utility Commissioners (Water Division) . Utilit lant - Utility plant assets are stated at cost. Betterments and major renewals are capitalized while maintenance and repairs are charged to operations as incurred. Customer contributions and government grant funding are applied as a reduction to construction costs. During 1988, construction costs for the Hirschdale water system were offset by a $400, 000 State of California grant. Depreciation is determined by the straight-Line method over the estimated useful lives of the related assets. Composite rates are used for asset groups and, accordingly, no gain or loss is recorded on the disposition of an asset unless it represents a major retirement. Materials and supplies - Materials and supplies are recorded at average cost. 6 FOR REVIEW PRELIMINARY Preliminary survey costs - Preliminary survey costs represent expenditures made for the purpose of determining the feasibility of utility projects. These costs are deferred until construction occurs or the work is abandoned. In 1988 the costs related to the Boca and Stampede hydroelectric projects were abandoned. Unamortized debt discount and issuance costs - Discounts and issuance costs relating to the Certificates of Participation issued to finance the new building facilities are amortized over the lives of the related bonds. Revenues - Revenues are recognized as earned as meters are read on a cycle basis throughout each month. Construction advances -- As required by State Assembly Bill 1600, the District recognizes facilities fees as construction advances until they are either applied as a reduction to construction costs or refunded if the funds are not expended within five years. Power purchases, - The District purchases all of its power from Sierra Pacific Power Company. The District is being charged for power purchases under a rate schedule approved by the Federal Energy Regulatory Commission. Income taxes - The District is exempt from payment of federal and state income taxes. 7 PRELIMINARY LY NOTES 2 - UTILITY PLANT: MI REVIEW N Utility plant consists of the following at December 31. 1989 1988 Electric distribution facilities $6,502 , 189 $6, 200, 336 Water operating facilities 3 , 377, 266 31109, 654 General plant 3 , 551, 859 3 , 496, 555 13 , 431, 314 12 , 806, 545 Less accumulated depreciation 3 ,717, 521 3 , 344 , 455 9, 713 ,793 9 ,462 , 090 Construction work in progress 84 , 005 126, 529 $9,797, 798 9 , 588, 619 NOTE 3 - GENERAL AND RESTRICTED FUNDS: The District maintains funds pursuant to resolutions of the Board of Directors and certain debt covenants. A description of general and restricted funds is as follows - General. fund General funds are derived from the operations of the District and are unrestricted. Facilities fees The District charges facilities fees to applicants for new service to cover the pro rates share of the cost of existing supply facilities, any expansion or additions thereof, and the cost of future facilities required to serve the applicant. These fees are held as restricted funds pursuant to Board resolutions. Reserve for future meters Connection fees charged to applicants for water service include an amount which is applied to a restricted fund for future metering of the District. Storm damage fund The District maintains a restricted fund to provide for future storm damages. 8 FOR REVIEW ONLY Building fund The District maintains a building fund to provide funds for the Certificate of Participation principal and interest payments associated with the District complex. Funds are deposited from power purchase refunds. Tahoe Donner Water system fund (previously the Dart Industries fund The District has collected funds for future repairs of water lines constructed by Dart Industries and for future water source and storage facilities. The funds are restricted pursuant to Board resolution. During 1989, the Tahoe Donner Water System Fund provided a loan to the General Fund to purchase outstanding Farmers Home Administration notes and bands (see Note 4) . As of December 31, 1989, the balance of this loan was $257 , 135. Certificates of Participation debt funds Resolutions relating to the issuance of the Certificates of Participation require a lease payment fund to be maintained to provide for each semi-annual principal and interest payment as they come due. A reserve fund is maintained for the highest annual debt service payment over the life of the debt. All of the Certificates of Participation debt funds are held in Bank of America Corporate Trust accounts. Telemetry fund The District established a fund during 1988 which is to provide funds for a major telemetry system upgrade. 9 PRELIMINARY FOR REVIEW ONLY At December 31, the balances of the general and restricted funds are as follows - 1989 1988 GENERAL FUND: Electric $1, 292, 753 $761, 097 Water (including loan payable to (310, 861) 106, 032 Tahoe Donner water system fund in 1989 of $257 , 135) 981, 892 867 , 129 RESTRICTED FUNDS: Electric: Facilities fees $575, 321 $520, 436 Storm damage fund 178 , 253 163 , 301 Building fund 609, 105 716, 044 Certificates of Participation - Lease payment fund 2 , 232 113 Reserve fund 283 , 601 286, 050 REA special reserve fund 19, 000 19 , 000 1, 667 , 512 1, 704, 94 Water: Facilities fees 542 , 778 498 , 403 Reserve for future meters 515,438 457, 594 Building fund 342 , 703 360, 412 Tahoe Donner water system fund 337, 655 318, 567 (including loan receivable from General Fund of $257, 135 in 1989) Prepaid connection fees 68,982 63 , 285 Telemetry 41,770 20, 000 other 17, 260 30, 213 1, 866, 586 1, 748, 474 3 , 534 , 098 3 , 453 , 418 $4, 515, 990 $4, 320, 547 10 y M I A� I The general and restricted funds at December 31 have been placed into primarily investment funds as follows - 1989 1988 Cash & cash equivalents: Cash $107,475 $171,748 State of California Local Agency Investment Fund, at cost, which approximates market value 4 , 040, 000 3 , 785, 000 Investments: Bank of America Corporate Trust Investment Government Fund, at 285, 834 286, 163 cost, which approximates market value 4 , 433 , 309 4 , 242 , 911 Accrued interest 82 , 681 77 , 636 $4, 515, 990 $4 , 320, 547 NOTE 4 - LONG--TERM DEBT: Long-term debt consists of the following at December 31 - 1989 1988 Certificates of participation, 5. 3% to 7.75%, annual principal payments of $50, 000 beginning in 1988 in- creasing annually to $255, 000 at maturity in 2012 $2, 950, 000 $3 , 000, 000 Rural Electrification Administration bonds: First Series, 2%, annual principal payments of $13, 000 to $14 , 000, due 1994 68 , 000 81, 000 second series, 2%, annual principal payments of $3, 000 to $5, 000, due 2002 57 , 000 61., 000 Third Series, 2%, net of undrawn funds of $65, 426, annual principal payments of $3 , 000 to $6, 000, due 2004 13 , 573 16, 573 l� sue: NARY � r - Farmers Home Administration Note and Bonds, 5% 517,761 Department of Energy Loan, 7 . 375% 37,450 Installment loans and other notes, 7% to 10. 50, various payment terms, due through 1992 101, 516 146, 016 3 , 190, 089 3 ,859, 800 Less current portion: Scheduled current maturities (119, 318) (125, 600) FmHA note and bonds (517 , 761) $3 , 070, 771 $3 , 216,439 The Certificates of Participation were issued by Truckee Donner Public Utility District Financing Corporation in order to finance the construction of a new office and warehouse facility for the District. The District entered into agreements with the financing corporation whereby title to the property is held with the financing corporation as collateral for the certificates, and the District is obligated to make lease payments sufficient to fund the debt service on the certificates. Upon repayment of the certificates, title to the property will revert to the District. The assets and debt relating to the facilities are recognized on the District's financial. statements. During 1989 the District repurchased the Farmers Home Administration note and bonds at a discount and the loan from the Department of Energy was forgiven. The early retirement of the debts resulted in an extraordinary gain of $269, 110. 12 F_-OR REVIEW ONLY Scheduled principal maturities on long-term debt are as follows for the next five years - 1990 $ 119, 300 1991 110, 100 1992 107, 000 1993 83, 600 1994 88, 000 1995 and 2 , 682 , 089 thereafter $3 , 190, 089 NOTE 5 - EMPLOYEE BENEFIT PLANS; Pension plan The District contributes to a single employer pension plan which covers substantially all District employees who have at least one year of service. The District' s payroll for employees covered by the plan for the years ended December 31, 1989 and 1988 was $1, 204, 868 and $1, 154 , 464 , representing 79% and 81% of total District payroll respectively. The plan provides for specific benefits to employees at retirement. Benefits vest to participants at the rate of 10% per year of service. Employees who retire at or after age 65 with ten years of credited service are entitled to receive monthly benefits equal to 40% of the individuals average monthly compensation. Benefits are reduced pro rata for less than 20 years of credited service, and increased by . 5% of average monthly compensation for each year of service in excess of 20 years. The plan also provides for death, disability and early retirement benefits which are more fully described in the plan document. There were no participants receiving benefits as of December 31, 1989. The plan's funding policy requires the District to make actuarially determined contributions such that sufficient assets will be available to pay benefits to employees when due. The actuarial valuations for the plan indicated that no contributions were necessary for 1989 or 1988 as the plan's accumulated assets were sufficient to provide for the normal cost of the plan. The latest actuarial report, dated December 31, 1989, indicates the following information 13 P; ELIMINARY EM "M ONLY CD. related to the plan for the last three years: December 31 1989 1988 1987 Actuarial present value of accumulated plan benefits: Vested $466, 956 $361, 485 268, 696 Non-vested 21, 207 33 , 041 24 , 641 $488 , 462 $394 , 526 $293 , 337 Net assets available for plan benefits $639, 328 $588, 069 $542 , 682 The actuarial valuation presented above is used as a substitute for the standardized measure of the pension benefit obligation under Statement No. 5 of the Govern-mental Accounting Standards Board. Actuarially determined funding requirements are deter-mined using the individual aggregate method which assumes a 7% weighted average rate of return on plan assets. IRS regulations require a funding calculation using the entry age normal method, which also indicated no funding requirement. Effective January 1, 1988 the District is obligated under a new union contract which provides additional retirement benefits. These additional benefits resulted as an increase to the total actuarial present value of accumulated plan benefits in 1988 of $27 , 320. Deferred compensation Plan The District maintains a deferred compensation plan which permits employees to defer a portion of their compensation. The amount deferred and held in trust aggregated $153 , 197 and $88 , 446 at December 31, 1989 and 1988, respectively. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the District (without being restricted to the provisions of benefits under the plan) , subject only to the claims of the District' s general creditors. The District has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. 14 .ram A E INDEPENDENT AUDITORS' REPORT ON ADDITIONAL INFORMATION April 9, 1990 Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The divisional combining information on pages 16 and 1.7 and the divisional information on pages 18 and 19 are presented for purposes of additional analysis of the financial statements rather than to present the financial position and results of operations of the individual divisions. The information on page 20 is also presented for purposes of additional analysis and is not a required part of the basic financial statements. The additional information described above has been subjected to the auditing procedures applied in the audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. 15 0 0 s::,,. R . TRUCKEE DONNER PUBLIC UTILITY DISTRICT FOR REVIEW DIVISIONAL COMBINING BALANCE SHEET ---------------------------------- December 31, 1989 ------------------------------------------------------------ Electric Water 1988 Operations Operations Eliminations Total Total UTILITY PLANT $7,951,487 $1,846,311 $9,797,798 $9,588,619 RESTRICTED FUNDS 1,667,512 1,866,586 3,534,098 3,453,418 CURRENT ASSETS: General fund 1,204,293 (222,401) 981,892 867,129 Accounts receivable 1,081,229 167,258 1,248,487 1,243,308 Materials and supplies 224,235 71,621 295,856 307,968 Prepaid expenses and other current assets 199,490 31,651 231,141 150,888 Due from other division 88,460 (88,460) ---------------------------------------------------------------------------- TOTAL CURRENT ASSETS 2,797,707 48,129 (88,460) 2,757,376 2,569,293 UNAMORTIZED DEBT DISCOUNT AND ISSUANCE COSTS 172,545 172,545 180,358 ----------------------------------------------------------------------_----- $12,589,251 $3,761,026 ($88,460) $16,261,817 $15,791,688 RETAINED EARNINGS AND LIABILITIES RETAINED EARNINGS $7,530,239 $3,468,555 $10,998,794 $9,895,840 LONG TERM DEBT, less current portion 3,070,771 3,070,771 3,216,439 CURRENT LIABILITIES Purchased power payable 1,044,563 1,044,563 1,161,072 Accounts payable 59,118 31,361 90,479 188,397 Consumer deposits 217,852 36,950 254,802 260,837 Accrued interest payable 95,130 418 95,548 105,461 Deferred standby fees 26,385 12,058 38,443 39,546 Accrued compensation and related costs 297,763 15,455 313,218 221,809 Current portion of long term debt 105,000 14,318 119,318 643,361 Due to other division 88,460 (88,460) ---------------------------------------------------------------------------- TOTAL CURRENT LIABILITIES 1,845,811 199,020 (88,460) 1,956,371 2,620,483 CONSTRUCTION ADVANCES 142,430 93,451 235,681 58,926 --- ---- ------ --- -- $12,589,251 $3,761,026 ($88,460) $16,261,817 $15,791,688 16 IMIN TRUCKEE DONNER PUBLIC UTILITY DISTRICT „W ONLY DIVISIONAL COMBINING STATEMENT OF EARNINGS AND RETAINED EARNINGS ----------------------------------------------------------------- Year ended December 31, 1989 ------------------------------------------------------------- Electric Water 1988 Operations Operations Eliminations Total. Total ----------- ----------- ----------- ----------- ----------- OPERATING REVENUE: Sales to customers $7,380,817 $1,267,994 ($25,452) $8,623,359 $8,318,634 Interdepartmental sales 472,349 549 (472,898) Standby fees 53,570 28,735 82,305 84,815 Other 154,774 64,201 218,975 243,304 ----------------------------------------------...._-------------------------- 8,061,510 1,361,479 (498,350) 8,924,639 8,646,753 Operating expenses: Purchased power 5,299,195 442,860 (441,801) 5,290,254 5,459,739 Operations and maintenance 518,127 459,144 977,271 998,059 Administrative and general 803,197 362,587 (56,549) 1,109,235 943,254 customer services 314,785 59,535 374,320 376,735 Depreciation 118,425 106,398 424,823 436,234 --------------------------....----_------------------------------------------ 7,243,729 1,430,524 (498,350) 8,175,903 8,214,021 EARNINGS (LOSS) FROM OPERATIONS 817,781 (69,045) 748,736 432,732 Other income (expense) Interest income Restricted funds 152,007 139,931 291,938 245,889 General fund 62,328 3,658 (5,728) 60,258 61,593 Interest expense (257,693) (15,123) 5,728 (267,088) (289,806) Preliminary survey costs abandoned (224,422) _-------------------------------------------------------------------------- (43,358) 128,466 85,108 (206,746) EARNINGS BEFORE EXTRAORDINARY ITEM 774,423 59,421 833,844 225,986 Extraordinary Item - Early extinguisment of debt 37,450 231,660 269,110 EARNINGS ------- - -- -811,873 291,081 1,102,954 225,986 Retained earnings: Beginning of year 6,718,366 3,177,474 9,895,840 9,669,854 ---------------------------------------------------------------- End of year $7,530,239 $3,468,355 $10,998,794 $9,895,840 17 HN LHA TRUCKEE DONNER PUBLIC UTILITY DISTRICT FOR ONLY COMPARATIVE STATEMENTS OF EARNINGS ELECTRIC OPERATIONS Year ended December 31, ------------------------------ 1989 1988 Operating revenues: Sales to customers $7,380, 317 $7 , 093,025 Interdepartmental sales 472, 349 450,510 Standby fees 53, 570 55,052 Other 154,774 150,699 ------------------------------ 8, 061, 510 7,749,286 Operating expenses: Purchased power 50, 289, 195 5, 459,739 Operations and maintenance 518, 127 548,370 Administrative and general 803 , 197 688,521 Customer services 31.4,785 319,372 Depreciation 318, 425 330,338 ------------------------------- 7,243,729 7, 346, 340 ------------------------------ EARNINGS FROM OPERATIONS 817,781 402,946 Other income (expense) Interest income Restricted funds 152, 007 114,333 General fund 62, 328 58,538 Interest expense (257, 693) ( 261,749) Preliminary survey casts abandoned ( 224, 422) ------------------------------ ( 43 , 358) ( 313, 300) ------------------------------ EARNINGS BEFORE EXTRAORDINARY" ITEM 774, 423 89, 646 Extraordinary Item - Early extinguisment of debt 37, 450 ------------------------------ EARNINGS $811, 873 $89, 646 18 A ARYz EAsa `s V i i. ,.a hu ONLY TRUCKEE DONNER PUBLIC UTILITY DISTRICT �� - COMPARATIVE STATEMENTS OF EARNINGS WATER OPERATIONS Year ended December 31 , _------------------------------ 1989 1988 Operating revenues: Sales to customers $1,267, 994 $1,247, 629 Interdepartmental. sales 549 549 Standby fees 28,735 29,763 Other 64, 201 92, 605 1, 361, 479 1,370, 546 Operating expenses : Purchased power 442 , 860 400, 530 Operations and maintenance 459,144 449, 689 Administrative and general. 362,587 327, 282 Customer services 59, 535 57,363 Depreciation 106, 398 105,896 ------------------------------ 1 , 430,524 1 , 340,760 i ------------------------------ EARNINGS (LOSS) FROM OPERATIONS ( 69,045) 29,786 Other income (expense) . Interest income Restricted funds 139,931 131, 556 General. fund 3 ,658 5, 963 Interest expense ( 15,123) ( 30,965) ------------------------------ 128, 466 106, 554 ------------------------------ EARNINGS BEFORE EXTRAORDINARY ITEM 59, 421 136, 340 Extraordinary Item_ - Early extinguisment of debt 231,660 ------------------------------ EARNINGS $291,081 $136,340 ......................................:...