HomeMy WebLinkAbout15 Electric Water Funds AGENDA #
O
Memorandum
To: Board of Directors
From: Mary Chapman, Administrative Services Manager
Date: February 1, 2008
Subject: Consideration of transferring funds from the electric and water facilities fees restricted
funds to the electric and water general funds.
WHY THIS ITEM IS BEFORE THE BOARD
The District has spent general funds to finance the construction of projects that qualify for facilities fees
reimbursement. Additionally, a portion of the debt repayment on the 2006 COPs was to come from
facilities fees. Only the Board can authorize expenditures from the facilities fees restricted funds.
Mission Statement Objective:
6. Manage the District in an effective, efficient and fiscally responsible manner.
Goal:
6.1 Develop appropriate financial procedures to assure responsible
financial management.
HISTORY
During the budget process, staff lists out the planned capital projects for the year and declares their
funding source. Additionally, during the year the District sometimes has to build projects that are true
upgrades to our system and are eligible for refund from facilities fees. Steve, Ed or I bring these
transfer requests to the Board so that the funds can be transferred from the facilities fees restricted
funds to reimburse the electric and water general funds or other funds used to construct a project.
NEW INFORMATION
Attached are three documents:
The first document shows a request for a facilities fees transfer listing descriptions of the projects that
were constructed with general fund money and why they qualify for facilities fees reimbursement. The
Board has already authorized transfers from facilities fees for the majority of the costs of the water
projects.
The second document is a breakdown of the facilities fees portion of the 2006 COP debt service
repayment schedule.
The third document is the five year report that must be presented to the Board each year showing the
facilities fees collected and spent during the year and the running balance. The District does not have
any electric or water facilities fees on deposit that are older than five years.
The balance in the electric facilities fees restricted fund after the recommended transfers totaling
$16,200.60 will be $2,125,498.93. The balance in the water facilities fees restricted fund after the
recommended transfers totaling $619,781.62 ($560,648.32 plus $59,133.30) will be $4,585,829.37.
RECOMMENDATION:
That the Board take the following action:
1. Reimburse the District's electric general fund from the electric facilities fees restricted fund for
monies spent on capital projects in the amount of $16,200.60 per the attached listing.
2. Reimburse the District's water general fund from the water facilities fees restricted fund for
monies spent on capital projects in the amount of $560,648.32 per the attached listing.
3. Reimburse the District's water general fund from the water facilities fees restricted fund for
principal and interest payments made in the amount of $59,133.30 per the attached 2006
COP facilities fees debt service payment schedule.
Mary Chapm , Ad inistrative Services Manager Michael Holley, General Manager
ELECTRIC FACILITIES FEES PROJECTS• Details provided by Steve Hollabaugh
WO #07-64543 Donner Lake Circuit 3 $ 5,506.13
This is an approved Electric Master Plan project providing for increased
Electrical capacity.
WO#07-64545 Donner Lake Substation Upgrade 10,694.47
This is an approved Electric Master Plan project providing for increased
Electrical capacity.
Total 2007 project cost to date for electric facility fees transfer $6 2
WATER FACILITIES FEES PROJECTS• Details provided by Ed Taylor
WO# 04-74615 Old Greenwood Well by Tank (Total $1,324,281.23) $ 47,935.23
Cost of project for additional water supply identified in the Water
Master Plan; change order was approved by the Board
WO #03-74593 Brockway Transmission Pipeline (Total $3,817,202.81) 8,336.81
Cost of project for transmission pipeline identified in the Water
Master Plan; cost of staff time for as-built drawings.
WO # 05-74618 Sierra Meadows Pump Station 199,606.16
This project is for an increase in capacity per the Water System
Master Plan.
WO #06-74633 Alder Drive Pump Station 243,149.56
This is a new pump station per the Water Master Plan.
WO #06-74634 Fiberboard Well 46,584.93
Development of plans and specifications for new water supply
per the Water Master Plan.
WO #07-74642 Sierra College Upsize Pipeline 15,035.63
Cost of project for the increase in capacity identified in the
Water Master Plan.
Total 2007 project cost to date for water facility fees transfer $560,648.32
2006 COPs -Debt Service Payment Due from Facilities Fees
Facilities Fee
Date Portion
11/15/07 $357,452.44 $357,452 October, 2006 through October, 2007 -Approved
11/15/08 354,800.05 59,133 November and December, 2007 -Needs Approval
11/15/09 356,772.76
11/15/10 355,696.17
11/15/11 356,360.65
11/15/12 355,905.76
11/15/13 358,092.26
11/15/14 359,075.02
11/15/15 358,874.60
11/15/16 356,593.54
11/15/17 356,070.37
11/15/18 356,283.54
11/15/19 355,324.15
11/15/20 357,617.33
11/15/21 356,179.16
11/15/22 358,008.16
11/15/23 358,672.43
11/15/24 359,233.31
11/15/25 360,884.45
11/15/26 359,005.02
11/15/27 359,806.05
11/15/28 358,473.59
11/15/29 360,101.47
11/15/30 359,147.44
11/15/31 359,524.12
11/15/32 357,312.85
11/15/33 359,424.29
11/15/34 359,309.34
11/15/35 358,213.34
11/15/36 356,907.69
$10,735,121.35 $416,586
FACILITIES FEES ANNUAL STATUS REPORT 12131/07 Prepared 1131108
ELECTRIC FACILITIES FEES: 1.0.136.90
Summary 5 Years
2003 2004 2005 2006 2007 Ended 12131/2007
Beginning Balance $392,708.60 $867,641.06 $778,448.52 $763,335.41 $1,657,525.63 $392,708.60
Facilities fees collected during year 509,347.00 685,517.50 616,905.82 938,904.50 392,858.00 3,143,532.82
Interest earnings during period 10,068.05 15,104.43 29,378.94 53,941.01 91,315.90 199,808.33
Project expenditures during period (373,623.09) (789,814.47) (661,397.87) (98,655.29) (16,200.60) (1,939,691.32)
(See Attached List of Projects)
Temporary loan-subsequent repayment 329,140.50 0.00 0.00 0.00 0.00 329,140.50 Repaid to Facilities Fees in 2003
Ending Balance $867,641.06 $778,448.52 $763,335.41 $1,657,525,63 $2,125,498.93 $2,125,498.93 Total amount available-See NOTE
3,143,532.82 Less:Amount collected over last 5 years
($1,018,033.89) Amount greater than 5 years old-NONE
WATER FACILITIES FEES: 2.0.136.25
Summary 5 Years
2003 2004 2005 2006 2007 Ended 12/3112007
Beginning Balance $67,738.24 $1,025,023.94 $1,668,655.16 $2,647,051.17 $4,079,539.79 $67,738.24
Facilities fees collected during period 723,805.76 1,562,272.26 1,582,987.34 1,165,591.44 959,870.43 5,994,527.23
Facilities fee from 2006 COP 0.00 0.00 0.00 4,580,000,00 0.00 4,580,000.00
Reimbursement from electric-Wire to Water 0.00 0.00 0.00 0.00 1,127,490.70 1,127,490.70
Interest earnings during period 7,156.07 23,287.94 58,534.39 102,071.18 204,886.68 395,936.26
Project expenditures during period (797,13542) (941,928.98) (663,125,72) (4,415,174,00) (11369,372,49) (8;186.736.61)
(See Attached List of Projects)
Loan Payments:
2006 COPs-facilities fees share 0.00 0.00 0.00 0.00 (416,585.74) (416.585.74)
1,023,459.29 0.00 0.00 0.00 0.00 1,023,459.29 Repaid to Facilities Fees in 2003
Temporary loans-subsequently repaid
k Ending Balance $1,025,023.94 $1,668,655.16 $2,647,051.17 $4,079,539.79 $4,585,829.37 $4,585,829.37 Total amount available-See NOTE
I 5,994,527.23 Less:Amount collected over last 5 years
($1,4081697.86) Amount greater than 5 years old-NONE
NOTE: If"Total amount available"is greater than"Amount collected over the last 5 years",then the District has facilities fees on hand that are greater than 5 years old.
If the amount of facilities fees on hand is greater than 5 years old,the District would have to either refund the money to customers or the Board would have to issue
a finding that the money greater than 5 years old was being held to pay for a specific project. The spreadsheet shows that the District does not have any electric or
water facilities fees on hand that are greater than 5 years old.
FACILITIES FEES ANNUAL STATUS REPORT 12/31/07 Prepared 1/31/08
ELECTRIC FACILITIES FEES PROJECTS:
Year WO# Project: Project Costs:
2003 98-64107 Donner Pass Road @ Roundabout $95,219.75
98-64117 Install primary&second ary-Jibboom Street 104,945.48
99-64105 Install primary&secondary-Downtown Alley 94,270.31
02-65020&03-64515 Purchase and replace substation regulators-DL Substation 79,187.55
$373,623.09
2004 02-74578 Donner Lake-electrical cost reimbursement(elec conduit) $284,563.11
03-64133 Donner State Park underground conduit installation 246,260.71
04-64135 Cedar Point-install conduit and vaults 17,853.43
04-64522 Purchase property for Donner Lake Substation expansion 191,706.09
04-64525 Northside transmission project joint trench 5,625.00
04-64526 Coachland-replacement of underground electrical facilities 43,806.13
$789,814.47
2005 03-64133 Donner State Park underground conduit installation $532,079.00
04-64135 Cedar Point-install conduit and vaults 7,552.00
04-64526 Coachland-replacement of underground electrical facilities 103,216.87
05-64530 Donner Lake 2 reconductor 18,550.00
$661,397.87
2006 03-64133 Donner State Park underground conduit installation $9,653.29
04-64135 Cedar Point-install conduit and vaults 68,598.00
04-64530 Donner Lake 2 reconductor 4,892.00
04-64520 Sugar Pines Estates reconductor 6,300.00
04-64521 Alder Creek Tie Line 2,905.00
06-64539 Tahoe Donner Substation-install transmission switch 6,307.00
$98,655.29
2007 07-64543 Donner Lake Circuit 3 $5,506.13
07-64545 Donner Lake Substation Upgrade 10,694.47
$16,200.60
Total Electric Projects 2003-2007 $1,939,691.32
WATER FACILITIES FEES PROJECTS:
Year WO# Project: Project Costs:
2003 01-74534 Bridge Street Tank Project $137,358.00
02-74553,02-74554,02-74555 Falcon Point Project 228,517.47
01-74551 Well Site Study for Water Source 111,451.43
02-74557 Upgrade Ski Lodge Pump Station 48,450.70
02-74558 Upgrade Ski Run Pump Station 45,847,29
03-74600 Drilling of Test Holes for Water Source 225,510.53
$797,135.42
2004 02-74583 Northside pipeline project $218,926.79
02-74583 Northside pipeline project 394,096.70
02-74583 High Street pipeline extension 48,177.79
02-74582 Righards Drive pump station 100,000.00
03-74602 Richards pump station pipeline 55,260.51
03-74602 State Route 89-Gateway pipeline 96,185.05
04-74613 Coldstream PRV station 29,282.14
$941,928.98
02-74583 Northside Transmission Pipeline $8,821.72
2005 02-74589 Water System Master Plan 65,369.00
04-74615 Old Greenwood Well by Tank 588,935.00
$663,125.72
2006 03-74593 Brockway Transmission Pipeline $ 3,808,866.00
04-74615 Old Greenwood Well 572,908.00
n/a 267 Partners-roundabout project 33,400.00
$4,415,174.00
2007 Transferred 5/2/07
00
04-74615 Old Greenwood Well by Tank $1 , .
04-74615 Glenshire Drive Well-District portion of line upsizing and well upgrade 6944,22121.17
2006 COPs(portion of principal and interest payment) 357,452.44
Subtotal first transfer in 2007 $1,166,176.61
2007 New transfer requests
23
04-74615 Old Greenwood Well by Tank(Total$1,324,281.23) $48,33 6.81
03-74593 Brockway Transmission Pipeline(Total$3,817,202.81) , .
05-74618 Sierra Meadows Pump Station 199,606.16
06-74633 Alder Drive Pump Station 243,149.56
06-74634 Fiberboard Well 46,584.93
07-74642 Sierra College Upsize Pipeline 15,035.63
2006 COPs(portion of principal and interest payment-Previous transfer$357,452.44) 59,133.30
Subtotal second transfer in 2007 $619,781.62
Total Water Projects 2003-2007 $8,603,322.35