HomeMy WebLinkAbout8 2022 Annual Disclosure Report AGENDA ITEM #8
Public Utility District
MEETING DATE: August 2, 2023
TO: Board of Directors
FROM: Melanie Rives, Finance & Accounting Manager
SUBJECT: Accept the 2022 Annual Disclosure Report and 2022 Audited
Financial Statments
APPROVED BY.
Brian C. Wright, General Manager
RECOMMENDATION:
Accept the 2022 annual disclosure report and 2022 audited financial statements for the
2015 Certificates of Participation continuing disclosure requirements.
BACKGROUND:
The Financing Corporation Board reviews and approves the annual disclosure
report. Also, provided is a copy of the most recent audited financial statements of the
Truckee Donner Public Utility District.
The annual disclosure report is prepared according to the requirements of the
continuing disclosure statements for the refunded 2015 Certificates of Participation.
ANALYSIS AND BODY:
The District's auditors have completed the 2022 annual audit. Accordingly the financial
statements and disclosure report for 2022 are presented to the Finance Corp for review
and consideration.
GOALS AND OBJECTIVES:
District Code 1 .05.020 Objectives:
1. Responsibly serve the public.
6. Manage the District in an effective, efficient and fiscally responsible manner.
District Code 1 .05.030 Goals:
1. Manage for Financial Stability and Resiliency
3. Engage with our customers and communities in a welcoming and transparent way to
identify opportunities.
FISCAL IMPACT:
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There is no fiscal impact associated with this action.
ATTACHMENTS:
1. Certificates of Participation (Water System Improvements) Series 2015 -
Refunded Portion Annual Report as of December 31, 2022
2. Truckee Donner Public Utility District Annual Comprehensive Financial Report as
of December 31, 2022
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CERTIFICATES OF PARTICIPATION
(WATER SYSTEM IMPROVEMENT PROJECTS)
SERIES 2015 - REFUNDED PORTION
ANNUAL REPORT 12/31/2022
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CONTINUING DISCLOSURE CERTIFICATE: 4. Content of Annual Reports
(a)The audited financial statements were electronically forwarded to
Bank of New York on 06/28/2023.
(b)The principal amount of refunded Certificates outstanding was $10,025,000
as of December 31, 2022.
(c) The Reserve is no longer required due to the 2015 refunding.
(d) Updated tables from "THE WATER SYSTEM OF THE DISTRICT"
IN THE Official Statement are attached:
(i) "TRUCKEE DONNER PUBLIC UTILITY DISTRICT -
Historic Water Production and Accounts" on page 30
in the 2015 Refunding of the Official Statement.
(ii) "TRUCKEE DONNER PUBLIC UTILITY DISTRICT -
Historic Sales Revenue" on page 30
in the 2015 Refunding of the Official Statement.
(iii) "TRUCKEE DONNER PUBLIC UTILITY DISTRICT -
Largest Customers" on page 32
in the 2015 Refunding of the Official Statement.
(iv) "TRUCKEE DONNER PUBLIC UTILITY DISTRICT -
Historic Operating Results of Debt Service Coverage" on page 42
in the 2015 Refunding of the Official Statement.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Historic Water Production and Accounts
Total
Production Year Avg. Year Avg.
(Million %Increase/ Commercial %Increase/ Residential %Increase/
Year Gallons) (Decrease) Accounts (Decrease) Accounts (Decrease)
2001 1,736 481 8,130
2002 2,198 26.61% 548 13.93% 10,268 26.30%
2003 2,208 0.45% 563 2.74% 10,491 2.17%
2004 2,424 9.78% 582 3.37% 10,739 2.36%
2005 2,206 -8.99% 605 3.95% 11,146 3.79%
2006 2,371 7.48% 646 6.78% 11,436 2.60%
2007 2,433 2.61% 641 -0.77% 11,801 3.19%
2008 2,304 -5.30% 656 2.34% 11,843 0.36%
2009 2,056 -10.76% 670 2.13% 11,900 0.48%
2010 1,786 -13.13% 695 3.73% 11,876 -0.20%
2011 1,727 -3.31% 709 2.01% 11,711 -1.39%
2012 1,857 7.53% 706 -0.42% 11,753 0.36%
2013 1,846 -0.58% 706 0.00% 11,809 0.48%
2014 1,682 -8.88% 699 -0.99% 11,915 0.90%
2015 1,381 -17.90% 704 0.72% 12,012 0.81%
2016 1,460 5.72% 706 0.28% 12,121 0.91%
2017 1,487 1.85% 706 0.00% 12,218 0.80%
2018 1,579 6.19% 709 0.42% 12,317 0.81%
2019 1,503 -4.81% 710 0.14% 12,416 0.80%
2020 1,713 13.97% 748 5.35% 12,505 0.72%
2021 1,715 0.12% 765 2.27% 12,635 1.04%
2022 1,556 -9.27% 772 0.87% 12,754 0.94%
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TRUCKEE DONNER PUBLIC UTILTIY DISTRICT
Historic Water Sales Revenues
%Increase/ %Increase/
Year Residential (Decrease) Commercial (Decrease)
2001 $3,944,222 $476,195
2002 5,013,242 27.10% 647,822 36.04%
2003 5,768,092 15.06% 678,423 4.72%
2004 6,254,756 8.44% 825,109 21.62%
2005 6,609,311 5.67% 844,812 2.39%
2006 7,160,485 8.34% 991,941 17.42%
2007 7,875,829 9.99% 1,165,511 17.50%
2008 8,459,823 7.42% 1,179,157 1.17%
2009 8,577,396 1.39% 1,137,447 -3.54%
2010 8,973,220 4.61% 1,184,084 4.10%
2011 8,731,670 -2.69% 1,227,533 3.67%
2012 8,492,037 -2.74% 1,374,376 11.96%
2013 8,508,607 0.20% 1,338,298 -2.63%
2014 8,742,143 2.74% 1,328,800 -0.71%
2015 9,014,695 3.12% 1,230,259 -7.42%
2016 9,783,533 8.53% 1,407,446 14.40%
2017 10,383,019 6.13% 1,464,514 4.05%
2018 10,819,427 4.20% 1,558,775 6.44%
2019 11,190,154 3.43% 1,577,004 1.17%
2020 11,812,092 5.56% 1,691,596 7.27%
2021 13,155,186 11.37% 1,666,783 -1.47%
2022 14,277,674 8.53% 1,886,734 13.20%
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TRUCKEE DONNER PUBLIC UTILTIY DISTRICT
Largest Water Customers-Fiscal Year 2022
Customer Water Usage (1) Annual Payments
TAHOE MOUNTAIN CLUB (Two golf courses and recreation facilities) 166,602,237 $199,953
COYOTE MOON GOLF COURSE 67,058,196 61,434
TAHOE DONNER ASSOCIATION (one golf course,F&B,and recreation facilites) 41,737,031 218,179
TRUCKEE DONNER RECREATION AND PARK DISTRICT 24,475,206 61,295
TAHOE TRUCKEE UNIFIED SCHOOL DISTRICT 18,850,427 49,979
TAHOE FOREST HOSPITAL 14,086,492 52,831
DONNER MEMORIAL STATE PARKS&REC (campground and visitors center) 11,671,290 29,244
VILLAGE BASECAMP,LLC(Coachland Mobile Home Park) 11,013,000 24,614
VILLAGE GREEN MOBILE HOME PARK 10,617,120 26,308
DONNER CREEK MOBILE HOME PARK 8,070,699 14,309
TOP TEN TOTAL 374,181,698 $738,146
TOTAL SYSTEM 1,356,856,164 $16,257,163
27.58% 4.54%
(i)Gallons
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Historic Water Operating Results&Debt Service Coverage
Fiscal Year Ending December 31
2018 2019 2020 2021 2022
Revenues
Sales to Customers $ 12,440,975 $ 12,789,947 $ 13,536,058 $ 14,950,899 $ 16,257,163
Standby Fees 123,280 118,320 114,800 106,680 105,612
Investment Income(1) 113,664 201,306 117,113 40,042 367,782
Facilites Fees(2) 539,946 840,685 814,776 865,892 679,180
Connection Fees(2)(3) 245,393 169,920 167,517 314,442 244,299
Other(4) 306,260 299,159 355,999 361,831 340,679
Total Revenues $ 13,769,518 $ 14,419,337 $ 15,106,262 $ 16,639,786 $ 17,994,715
Operating&Maintenance Expenses(7)
Operations and Maintenance $ 5,409,637 $ 5,779,099 $ 5,821,270 $ 5,789,587 $ 6,280,455
Administration and General 2,489,625 2,884,293 3,036,681 3,145,900 3,072,381
Customer Services 762,962 888,927 740,606 800,994 783,839
Pension Expense-GASB 68 0 - - - -
OPEB Expense - - - - -
Total Operations&Maintenance Expenses $ 8,662,224 $ 9,552,319 $ 9,598,556 $ 9,736,481 $ 10,136,675
Net Revenues $ 5,107,294 $ 4,867,018 $ 5,507,706 $ 6,903,305 $ 7,858,040
Parity Debt Service(5)
2006 Installment Purchase Agreement $ 1,717,072 $ 1,720,600 $ 2,721,471 $ 1,704,807 $ 1,033,938
DWR Proposition 55 Loan 306,481 306,481 306,481 153,241 -
Water System COP,Series 2022A - - - - 271,406
Interest on Parity Debt Service Reserve Funds (7,436) (9,287) (4,166) (1,044) -
Total Parity Debt Service $ 2,016,117 $ 2,017,794 $ 3,023,786 $ 1,857,004 $ 1,305,344
Parity Debt Service Coverage 2.53 2.41 1.82 3.72 6.02
Net Revenues Remaining for Subordinate Debt $ 3,091,177 $ 2,849,224 $ 2,483,920 $ 5,046,301 $ 6,552,696
Service
Subordinate Debt Service(5)(6) $ - $ - $ - $ - $ -
Water portion of Pension Obligation Bonds�s� $ 336,960 $ 340,293 $ 361,860 $ 384,430 $ 193,430
Parity and Subordinate Debt Service Coverage 2.17 2.06 1.63 3.08 5.24
Balance Available for Capital Projects or Other $ 2,754,217 $ 2,508,931 $ 2,122,060 $ 4,661,871 $ 6,359,266
Purposes
NOTES
(1) Excludes interest component of Donner Lake Assessment,interest on parity debt service reserve funds(a DS offset)and
unrealized gains/losses book-to-market adjustments(non-cash)
(2) Appears as component of Contributed Capital in the Financial Statement of the District.
(3) Historically,connection fees were recognized in the year in which the connection to the Water System was
effected rather than the year in which the connection fee was allocated.
(4) Includes interdepartmental sales.
(5) Debt service presented on an accrual basis.
(6) Represents payments on Capital Leases. The DWR Loan,which is secured by,and has historically been paid
entirely from,the Donner Lake Assessments,is excluded form subordinate debt service.
(7) Excludes Depreciation Expense(non-cash)
(8) Water contribution towards Electric's Pension Obligation Sidefund debt service obligation
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TRUCKEE DON ER PUBLIC UTILITY DISTRICT
�~ RUCKEE, CALIFORNIA
ANNUAL COM REHENSIVE �INANCIAL REPORT
FOR THE ISCAL YEAR END D DE BER 31, 2022 and 2021
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Public Utility District
TheMissionof the Truckee Donner Public
is to provide reliable, high quality utility and customer services
while managing District resources in a safe, open, responsible,
and environmentally sound manner at the lowest practical cost.
Truckee Donner Public Utility District's VALUES
Safety— Safety is our way
Safety is our first priority., We are committed to the health and safety of our employees,
customers, and communiy through the continuous practice of prevention, education, and
awareness.
Communication — Send and receive
Foster positive engageme by creating a strong communicative environment that
includes; active listening, rj2pswmicy, clear, concise, and timely transmission of
information, with empathy d e ect. This also includes providing and receiving honest
feed back.
Integrity — Hone and ethica
Highest quality service to the ublic and employees, utilizing honesty and ethics as our
base principles.
Acco ntability — Own it
A str erforming team wi he obligation and willingness to accept responsibility for
our c oi
aintaining a se of humility and inclusiveness.
TimeI e Meet our goal d co fitments a
A hig ly ective agency an spon"s ve organization meeting goals and expectations in
a tim ly n_ner.
Mission and Values of District, as adopted by Board of Directors May 19, 2021
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Table of Contents
Introductory Section
Letterof Transmittal..............................................................................................5
Organization Chart, Board of Directors and Appointed Officials....................................10
GFOA Certificate of Achievement for Excellence in Financial Reporting.........................11
Financial Section
Report of Independent Auditors .............................................................................14
Management's Discussion and Analysis..................................................................17
Financial Statements...........................................................................................22
Consolidated Statements of Net Position......................................................23
Consolidated Statements of Revenues, Expenses and Changes in Net Position...25
Consolidated Statements of Cash Flows.......................................................26
Notes to Financial Statements...............................................................................28
Required Supplementary Information......................................................................68
Cost Sharing Defined Benefit Pension Plans..................................................69
Schedule of Changes in Net OPEB Liability and Related Ratios.........................71
Supplementary Information....................................................................................75
Consolidating Statement of Net Position........................................................76
Consolidating Statement of Revenues, Expenses and Changes in Net Position.....78
Consolidating Statement of Cash Flows .......................................................80
Statistical Section
Statistical Section Objectives and Index...................................................................83
Financial Trends
Consolidated Statements of Revenues, Expenses, and Changes in Net Position....84
Net Position by Component and Segment........................................................85
Revenue Capacity
Historical Customer Mix and Rates.................................................................86
Average Residential Bill Comparison...............................................................87
Ten Largest Customers and Sales Mix...........................................................88
Debt Capacity
DebtCoverage --- ...............................................................................89
Total Long-Term Debt per Customer and Ratios..............................................90
Demographic and Economic Information
Population, Income, Labor Force and Unemployment.........................................91
Principal employers......................................................................................92
Operating Information
Number of employees, customers, demand volumes, and capital assets ................93
Capital Assets by Function...........................................................................94
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INTRODUCTORY SECTION
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?-TRUCKEE DONNER
V
� Public Utility District
General Manager
Brian C.Wright
Executive May 30, 2023
Leadership Team Dear Board of Directors and Customers of the District,
Joe Horvath
Electric Utility Director) The staff of Truckee Donner Public Utility District(District)is pleased to submit to you the Annual
AGM Comprehensive Financial Report (Report)for the year ended December 31, 2022. The Report
Chad J.Reed provides an assessment of the District's financial condition, informs readers about the District's
Water Utility Director services, gives details of infrastructure replacement projects, discusses current issues and
Shanna Kuhlemier provides financial and demographic trend information. We are proud to announce the 2021
District Clerk Report was awarded a Certificate of Achievement of Excellence in Financial Reporting by the
Government Finance Officers Association (GFOA). We deem the Report an excellent example
Scott crow Chief Information of financial transparency for the District and will be submitting the 2022 Report for award
Officer evaluation.
Steven Poncelet The Report consists of management's representations of the finances and other information of
PIO&Strategic Affairs and for the District. Consequently, management assumes full responsibility for the
Director completeness and reliability of all the information presented in this report. To provide a
Michael Salmon reasonable basis for making these representations, management has established internal
Chief Financial Officer controls that are designed to protect the District's assets from loss, theft or misuse and to
compile sufficient reliable information to prepare the District's financial statements in conformity
Director
Jtor Steward with Generally Accepted Accounting Principles(GAAP). The cost of internal controls should not
Resources
Humanrces and outweigh their benefits. Therefore the District's comprehensive framework of internal controls
Risk Management has been designed to provide reasonable rather than absolute assurance that the financial
statements will be free from material misstatement. As management, we assert that to the best
Board of Directors of our knowledge and belief,this financial report is complete and reliable in all material aspects.
Joseph Aguera
Jeff Bender The District's financial statements have been audited by Moss Adams LLP, an independent firm
Christa Finn of licensed certified public accountants.The goal of the audit is to provide reasonable assurance
Kim Harris that the financial statements of the District for the year ended December 31, 2022 are free of
Tony Laliotis material misstatement.The independent auditor concluded based upon the audit that there was
a reasonable basis for rendering an unmodified or clean opinion that the District's financial
statements are fairly presented in conformity with GAAP. The independent auditor's report is
presented as the first component of the financial section of this Report.
GAAP requires that management provide a narrative introduction, overview and analysis to
accompany the basic financial statements in the form of the Management's Discussion and
Analysis(MD&A).This letter of transmittal is designed to complement the MD&A and should be
read in conjunction with it. The District's MD&A can be found in the finance section immediately
following the report of the independent auditors.
District Overview
In 1927, the District was formed by and continues to operate under the State of California
Public Utility District Act. The District provides electric and water utility services with a
service territory of 45.5 square miles, beginning four miles from the northern border just
beyond Alder Creek Road, south to Placer County, and 11 miles from just beyond the
western shore of Donner Lake eastward to the rim of Boca Dam and the Hirschdale
community. As of December 31, 2022 the District served 14,648 electric utility customer
accounts and 13,586 water utility customer accounts.
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OWLiC SPECIAL DISTRICT
11570 Donner Pass Road,Truckee,CA 96161 1 (530)587-3896 1 tdpud.org �"�"�R °L LEADERSHIP FOUNDATION
A-1—P. --li° Page 15 of 106
The District's service territory is predominately within the town borders of the Town the Truckee(Truckee).
Truckee's historical downtown flourished as a railroad station town and gateway to Lake Tahoe. Truckee
is generally considered a resort town or bed base for resort and outdoor recreation activities. Truckee's
stated current population of 17,100 varies widely throughout the seasons of the year due to tourism and
seasonal residences. Winter months are busy with alpine skiing and other winter activities vacationers,
summer is robust with hiking, biking, boating and other summer activities, while the shoulder seasons are
less busy with primary residents predominately.
While Truckee's downtown base elevation is 5,817 feet (1,773 meters), the District's service territory
elevations range from 5,745 feet (1,751 meters) to 7,370 (2,246 meters). This wide range of elevation
creates utility service challenges, explained in detail later in this letter.
The District is governed by five elected at-large, Board members. Each elected Board member serves four-
year staggered terms. The five member Board of Directors serve as the governing body with respect to
policy and fiduciary responsibility. The General Manager reports to the Board of Directors and all other
District employees report up through or directly to the General Manager. An organization chart is provided
after this letter to provide additional insights.
The District's electric utility (Electric) sold 167 MWh of energy to customers in 2022, a record high MWh.
Electric's system is a transmission-dependent, non-energy producing, distribution electric utility. Electric
services the over 14,600 accounts across 233 miles of distribution lines; 135 miles of overhead pole lines
and 98 miles of underground lines. For energy sources, Electric has aggressively pursued renewable
power sources and currently has approximately 60% renewable power procurement. The winter months
can be harsh, with extreme cold and an average snowfall of over 400 inches (over 700 inches this 22/23
winter season!). The summer months consist of high daytime heat, cool night time temperatures, low
humidity, nominal precipitation and high winds; creating extreme fire danger. Despite these challenging
conditions, Electric has a long history of reliable power and in March 2021 was awarded RP3 Diamond
Level (highest level) by American Public Power Association's Reliable Public Power Provider program
which recognizes utilities that demonstrate high proficiency in reliability, safety, workforce development,
and system improvement.
The District's water utility (Water) produced 1,556 million (that's 1.6 billion) gallons of water for customers
in 2022. Water's system is a 100% wells sourced water system and potable water production capacity is
10,250 gallons per minute or 14.8 million gallons per day. Water services the over 13,500 accounts by a
system of 13 active water wells, 32 active storage tanks (9.4mg), 25 pumping stations, 47 pressure zones,
and 220 miles of pipeline. The harsh conditions discussed in the previous paragraph, as well as, the 1,625
feet (495 meters) elevation variance across the service territory present water service challenges. Water
reliability of supply and quality are paramount to any potable water utility system. The Water system wells
access an aquifer which has been extensively studied and tested; determining the aquifer adequate for
current and forecasted demand, and further, is not meaningfully impacted by drought cycles. The Water
system quality is routinely tested (over 700 tests performed annually)and is consistently below federal and
state regulated maximum contaminant levels(MCL)for all regulated contaminants. The District consistently
advises and educates customers on matters affecting their water supply and water quality. The District
prepares an annual Consumer Confidence Report (CCR) that explains critical drinking water information.
Current and prior CCRs are available on the District's website, www.tdpud.org.
In addition to core Electric and Water utilities,the District's blended component units include two Community
Facilities Districts (CFD), Old Greenwood and Gray's Crossing. In order to finance various public
improvements needed to develop property within the Town of Truckee, California, the District formed
Community Facilities Districts (CFD), which issued Special Tax Bonds pursuant to the Mello-Roos
Community Facilities Act of 1982, as amended. Accordingly, the Bonds are special obligations of the
respective Community Facilities Districts and are payable solely from revenues derived from taxes levied
on and collected from the owners of the taxable land within the respective Community Facilities Districts.
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These Special Tax Bonds are not general or special obligations of the District. The Board of Directors of
the District is the legislative body of the Communities Facilities Districts and as such they approve the rates
and method of apportionment of the special taxes. As improvements were completed, the infrastructure
was donated in the form of a capital contribution to the Town of Truckee, the Truckee Sanitary District,
Southwest Gas, and the District.
Local Economic Conditions
Truckee and the greater regional area known as Lake Tahoe, is a very popular summer and winter vacation
destination, due in part to the relatively close proximity to the Bay Area region of Northern California.
Truckee's location near Lake Tahoe causes Truckee to be a gateway bedbase for the tourism economy,
but also has a small town local economy with its population of approximately 17,000 residents. The
District's Electric customers are categorized between primary residential of 40% and secondary (second
home) residential of 60%.
With the start of pandemic impacts in March 2020, while the tourism business essentially stopped, Truckee
saw a mass influx of second homes utilization, a combination of both the owner of the second homes and
short-term rentals of the second homes. In the continued pandemic, in 2021 the District realized a 2.7%
increase in electricity usage over 2020 and an increase in 2022 compared to 2021 of 2.4%. The 2022
increase was due in part to a colder than average November and December, as well as, account growth of
1.3%
Truckee residential and commercial real estate development has tapered over the last year's peaks.
Truckee real estate as of March 2023 indicates a Median Sale Price of$1,225,000, down 7.5%year-over-
year as compared to in 2021 up 24% year-over-year(source Redfin). The March 2023 Zillow Home Value
Index for Truckee region of$979,700 is down 8.7%year-over-year and up 27% last year at this time.
As California and the nation continue to drive toward net zero carbon emissions and the resulting
electrification of the state and country, the District is well positioned for the short-term to meet these service
needs and has included these impacts in the District's long-term planning.
District in 2022 Financial Information and Policies
The Total Net Position of the District was $121.8 million as of December 31, 2022, increasing $7.0 million
or 6.1% compared to December 31, 2021. Operating income of$2.5 million accounts for 36% of the Total
Net Position increase. The FY 2022 operating income of $2.5 million represents a margin of 5.3% of
operating revenues, which compares to a FY 2021 margin of 2.1%. For 2022 compared to 2021, operating
revenues increased 10.4% and operating expenses increased 6.9%, with a notable expense increase in
purchased power (up $3.3 million or 24%). Total non-operating revenue and expenses net to revenue of
$1.3 million and contributed assets of $3.2 million account for the remainder of the Total Net Position
increase.
Total Cash, Cash Equivalents, and Investments was $60.4 million as of December 31, 2022, increasing
$20.2 million or 51% compared to December 31, 2021. The increase was primarily driven by long-term
debt issuance for capital improvements of $22.9 million. Refer to Financial Section's Consolidated
Statements of Cash Flows and Note 2 of Notes to Financial Statements for additional information regarding
components of cash, cash equivalents, and investments.
The Management's Discussion and Analysis in the Financial Section provides additional information on the
FY 2022 financial results and financial condition of the District.
The District reviewed numerous new GAAP accounting pronouncements and adoption of GASB Statement
No. 87, Leases impacted 2022 and 2021 was restated to comport with No. 87. Refer to Financial Section,
Note 1 of Notes to Financial Statements for additional information regarding all the key financial policies of
the District and details on new accounting pronouncements.
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Budgetary Controls
As a public agency, the Board and District embrace the fiduciary responsibility and stewardship of the
District's financial resources. District staff works with the Board of Directors in workshop meetings and
public hearing meetings to develop a biennial budget before Board adoption. The budget serves as a
management tool to set appropriate service rates, allocate available resources, and includes a ten-year
financial master plan.
The legal level of budgetary control is maintained at the fund, department, and object account level. Key
budgetary control is provided in District Code Title 3 Finance and Accounting, which includes extensive
financial, budget, accounting, purchasing, reserves, investments, and other internal control policies.
Board level budgetary controls include approval thresholds for expenditures and personnel additions, as
well as, Board semi-annual review of financial statements and monthly review of disbursements and reserve
fund balances. Management budgetary controls include monthly financial statement and budget report
review, as well as, financial policies and procedures in accordance with aforementioned District Code.
Long Term Financial Planning, Public Outreach and Initiatives
2022 was predominantly a strategic and operating plan execution year for the District's adopted Budget
which includes the Water and Electric 10-year Capital Improvement Plans. These plans provide valuable
short and long term information to assist with resource planning in the FY 2022 and FY 2023 biennial budget
cycle, which includes a 10-year Financial Master Plan and was approved in fall of 2021.
A comprehensive cost of service analysis report and resulting revenue requirements and customer rate
changes was completed in 2020 for Water (for through 2025) and in 2021 for Electric (for through 2023).
Electric has an active analysis underway in 2023 for addressing 2024 and 2025 rates. The review of these
analyses is held in open/noticed Board meetings, as well as, noticed Public Hearings.
In May 2021, the District completed an extensive strategic planning process, which included significant
community outreach. Community participation exceeded the District's expectations and provided valuable
feedback for not only the strategic plan, but also perceptions and insights into the District as a whole as
part of our community. An update to the strategic plan is underway in 2023. The District sincerely thanks
the community for their valued engagement with the District.The Board adopted 2021-2024 Strategic Plan
includes the following four key initiatives:
• Community Broadband
• Utility Undergrounding
• 100% Clean Renewable Energy
• Local Clean Generation
More information on the strategic plan can be found on the District website (tdpud.org).
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The District conducts regular Board meetings, generally on the first and second Wednesdays of each
month, which are noticed and open to the public. The dates of upcoming meetings and an archive of past
meetings can be found on the District's website (tdpud.org).
Closing Comments
We would like to thank the many staff involved in preparing this Report, a true team effort. And lastly, with
the pandemic finally waning,we would like to thank all ourvalued employees for their service and dedication
to the District and the community during these unique and challenging times.
Respectfully submitted,
Brian C.Wright Michael R. Salmon
General Manager Chief Financial Officer
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Truckee Donner Public Utility District
Organization Chart for 2022
Customers/Community
Electric(14,600 customers)
Water(13,600 customers)
Board of Directors
Elected Officials(5)
------------- ----------- g :
Auditors Legal Counsel
...................................r ....................................:
General Manager
Employee Full Time Equivalents(FTE)
1 FTE
81.5 Total FTE for 2022 Budget
Electric District Clerk Information
Operations Dist.Clerk,Contracts,Records 4 FTE Technology
(including Engineering) (including SCADA and GIS)
25.5 FTE Human Resources 6 FTE
HR,Payroll,Risk Mtgt. 3 FTE
Water Administrative Services(CFO) Legislative and Regulatory
Operations (Finance,Facilities,Fleet, Affairs,and Public
(including Engineering) Conservation,and Customer Service) Information Officer
18 FTE 22 FTE 2 FTE
List of Elected and Appointed Officials
Elected Officials FY'2021(Term) FY'2022(Term) Appointed Officials-for both 2021 and 2022
Board President Christa Finn(2018-2022) Christa Finn(2018-2022) Treasurer Michael R.Salmon
Board Vice President Tony Laliotis(2018-2022) Jeff Bender(2020-2024) District Clerk Shanna Kuhlemier
Board of Director Jeff Bender(2020-2024) Tony Laliotis(2018-2022) General Manager Brian Wright
Board of Director Joe Aguera(2020-2024) Joe Aguera(2020-2024)
Board of Director Kim Harris(2020-2024) Kim Hams(2020-2024)
Terms for directors run December of starting year through December of even years,
four year terms.
Page 10
Page 20 of 106
GFOA Certificate of Achievement for Excellence in Financial Reporting
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to Truckee Donner Public Utility District
for its annual comprehensive financial report (ACFR)for the fiscal year ended December 31, 2021. This
was the second year that the District has achieved this prestigious award.
The Certificate of Achievement is a prestigious national award recognizing conformance with the highest
standards for preparation of state and local government financial reports. In order to be awarded a
Certificate of Achievement, a government must publish an easily readable and efficiently organized
annual comprehensive financial report, whose contents conform to program standards. This report must
satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only.We believe that this ACFR continues to
meet the Certificate of Achievement Program's requirements and are submitting it to GFOA to determine
its eligibility for certificate award.
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Truckee Donner Public Utility District
California
For its Annual Coiuprehensive
Fumucial Report
For the Fiscal Year Ended
December 31,2021
E:secmve Director{CE}
Page 111
Page 21 of 106
FINANCIAL SECTION
{ems?.-: �. •�
• • - es ,r
The American Public Power Association's Reliable Public Power Provider program recognizes
utilities that demonstrate high proficiency in reliability, safety, workforce development, and
system improvement. Truckee Donner Public Utility District received the highest level RP3
award designation in March 2021 for three years.
RRELIABLE
RUB r_r
P ` .►fCi`r�[. DIAMOND AWARD RECIPIENT MARCH 2O21
PR0716ER
American PubUcParvverAssuciation
Page 12
Page 22 of 106
TRUCKEE DONNER
PUBLIC UTILITY DISTRICT
CONSOLIDATED FINANCIAL STATEMENTS
Including Report of Independent Auditors
December 31, 2022 and 2021
TABLE OF CONTENTS
Report of Independent Auditors ..............................................................................................14
Management's Discussion and Analysis....................................................................................17
Financial Statements.............................................................................................................22
Consolidated Statements of Net Position........................................................................23
Consolidated Statements of Revenues, Expenses and Changes in Net Position.....................25
Consolidated Statements of Cash Flows.........................................................................26
Notes to Financial Statements.................................................................................................28
Required Supplementary Information........................................................................................68
Cost Sharing Defined Benefit Pension Plans...................................................................69
Schedule of Changes in Net OPEB Liability and Related Ratios..........................................71
Supplementary Information.....................................................................................................75
Consolidating Statement of Net Position.........................................................................76
Consolidating Statement of Revenues, Expenses and Changes in Net Position.......................78
Consolidating Statement of Cash Flows...........................................................................80
Page 113
Page 23 of 106
MOSSADAMS
Report of Independent Auditors
The Board of Directors
Truckee Donner Public Utility District
Report on the Audit of the Financial Statements
Opinion
We have audited the consolidated financial statements of Truckee Donner Public Utility District (the
"District"), which comprise the consolidated statements of net position as of December 31, 2022 and
2021, and the related consolidated statements of revenues, expenses and changes in net position
and cash flows for the years then ended, and the related notes to the consolidated financial
statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the financial position of the District as of December 31, 2022 and 2021, and the results of its
operations and its cash flows for the years then ended in accordance with accounting principles
generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United
States of America (GARS). Our responsibilities under those standards are further described in the
Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of the District and to meet our other ethical responsibilities, in accordance
with the relevant ethical requirements relating to our audits. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the District recently adopted the provisions of
Governmental Accounting Standards Board (GASB) No. 87, Leases, effective for periods ending after
June 15, 2021. The adoption of this resulted in the restatement of previously reported amounts for the
year ended December 31, 2021. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about the District's
ability to continue as a going concern within one year after the date that the financial statements are
issued.
Page 24 of 106
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance
but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance
with GAAS will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control. Misstatements are considered material if there is a substantial likelihood that, individually or
in the aggregate, they would influence the judgment made by a reasonable user based on the
consolidated financial statements.
In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the District's internal control. Accordingly, no such opinion is
expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the District's ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control—related matters that we identified during the audit.
Page 25 of 106
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
accompanying management's discussion and analysis, the schedules of proportionate share of net
pension liability, schedules of employer contributions, schedules of the District's change in the net
OPEB liability and related ratios, schedule of the District's OPEB contributions, and the schedule of
investment returns be presented to supplement the basic financial statements. Such information is
the responsibility of management and, although not a part of the basic financial statements, is
required by the Governmental Accounting Standards Board who considers it to be an essential part of
financial reporting for placing the basic financial statements in an appropriate operational, economic,
or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of America,
which consisted of inquiries of management about the methods of preparing the information and
comparing the information for consistency with management's responses to our inquiries, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the consolidated financial
statements that collectively comprise the District's consolidated financial statements. The
accompanying consolidating statements of net position, and the related consolidating statements of
revenues, expenses and changes in net position and cash flows as of and for the year ended
December 31, 2022 are presented for purposes of additional analysis and are not a required part of
the consolidated financial statements (collectively, the supplementary information). The
supplementary information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the consolidated financial
statements. The information has been subjected to the auditing procedures applied in the audit of the
consolidated financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare
the consolidated financial statements or to the consolidated financial statements themselves, and
other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the supplementary information, as described above, is fairly stated,
in all material respects, in relation to the consolidated financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory and statistical sections but does not include the basic financial
statements and our auditor's report thereon. Our opinions on the basic financial statements do not
cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and
the basic financial statements, or the other information otherwise appears to be materially misstated.
If, based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
Portland, Oregon
May 30, 2023
Page 26 of 106
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2022 and 2021
As financial management of the Truckee Donner Public Utility District (the District), we offer readers of
these financial statements this narrative overview and analysis of the financial activities of the District for
the years ended December 31, 2022 and 2021, with additional comparative data for 2020. This discussion
and analysis is designed to assist the reader in focusing on the significant financial topics, provide an
overview of the District's financial activity and identify changes in the District's financial position.
We encourage readers to consider the information presented here in conjunction with that presented within
the basic financial statements. The reader should take time to read and evaluate all sections of this report,
including the footnotes and other supplementary information that is provided, in addition to this
management discussion and analysis.
OVERVIEW OF THE FINANCIAL STATEMENTS
The financial statements of the District are designed to provide readers with a broad overview of the
District's finances similar to a private-sector business. They have been prepared using the accrual basis of
accounting in accordance with accounting principles generally accepted in the United States of America
(GAAP). Under this basis of accounting, revenues are recognized in the period in which they are earned
and expenses are recognized in the period in which they are incurred, regardless of the timing of related
cash flows. These statements offer short-term and long-term financial information about the District's
activities. The reporting entity consists of the primary government, which provides two utilities (electric
utility and water utility), and the blended component units of two Community Facilities Districts. Further
details about the component units are provided in note 1(A)to the financial statements.
The basic financial statements, presented on a comparative format for the years ended December 31, 2022
and 2021, consist of:
• Consolidated Statement of Net Position: This statement presents information on all of the
District's assets, deferred outflows of resources and liabilities, and deferred inflows of resources
and provides information about the nature and amounts of investments in resources (assets) and
the obligations to District creditors(liabilities). It also provides the basis for computing rate of return,
evaluating the capital structure of the District, and assessing the liquidity and financial flexibility of
the District. These amounts are as of a point in time, the District's year ending December 31.
• Consolidated Statements of Revenues, Expenses, and Changes in Net Position: This
statement provides the revenues and expenses for each of the presented years. The statement
provides a measurement of the District's operations over the presented years and can be used to
determine whether the District has successfully recovered all its costs through its rates and other
charges.
• Consolidated Statement of Cash Flows: This statement provides relevant information about the
District's cash receipts and cash payments during the reporting period.This statement reports cash
receipts and cash payments resulting from operating, non-capital financing, capital and related
financing, and investing activities.When used with related disclosures and information in the other
financial statements, the statement of cash flows is an important indicator of the District's liquidity
and financial condition.
• Notes to the Financial Statements: The notes provide additional information that is essential to
a full understanding of the data provided in the basic financial statements. This includes but is not
limited to, significant accounting policies, significant financial statement balances and activities,
material risks, commitments and obligations, and subsequent events, as applicable.
The financial statements report also contains other supplementary information, the independent auditor's
opinion letter, and this Management Discussion and Analysis.
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Page 27 of 106
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2022 and 2021
CONDENSED COMPARATIVE FINANCIAL INFORMATION
Provided below is select condensed financial statements for December 31, 2022, 2021, and 2020.
CONSOLIDATED STATEMENT OF NET POSITION Increase
2021 (Decrease)
2022 (Restated) 2020 2022-2021
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Current assets $ 69,892,464 $ 45,918,615 $ 54,424,068 $ 23,973,849
Non-current assets:
Capital assets,net 136,970,146 132,882,996 132,031,519 4,087,150
Operating investments 3,678,068 3,966,836 - (288,768)
Designated investments 5,389,941 5,848,933 - (458,992)
Restricted investments - - 1,674,293
Leases Receivable,net of current portion 1,452,595 1,514,594 - (61,999)
Other long-term assets 62,229 124,461 186,693 (62,232)
Total Assets 217,445,443 190,256,435 188,316,573 27,189,008
Deferred outflows of resources 9,549,869 5,655,327 6,255,727 3,894,542
TOTAL ASSETS AND
DEFERRED OUTFLOWS OF RESOURCES $226,995,312 $195,911,762 $ 194,572,300 $ 31,083,550
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND NET POSITION
Current liabilities $ 10,860,653 $ 8,931,512 $ 9,822,138 $ 1,929,141
Non-current Liabilities
Long-term debt,net of current portion 64,463,000 44,261,709 50,401,520 20,201,291
Net pension liability 16,783,065 7,683,937 14,023,172 9,099,128
OPEB liability 4,389,294 5,273,457 5,975,587 (884,163)
Unearned revenues 5,282,010 5,583,404 6,845,107 (301,394)
Total Liabilities 101,778,022 71,734,019 87,067,524 30,044,003
Deferred inflows of resources 3,370,855 9,364,121 868,870 (5,993,266)
NET POSITION
Net investment in capital assets 88,640,941 86,889,607 79,111,738 1,751,334
Restricted for debt service 6,676,481 7,248,976 11,439,913 (572,495)
Unrestricted 26,529,013 20,675,039 16,084,255 5,853,974
Total Net Position 121,846,435 114,813,622 106,635,906 7,032,813
TOTAL LIABILITIES,DEFERRED
INFLOWS OF RESOURCES
AND NET POSITION $226,995,312 $195,911,762 $ 194,572,300 $ 31,083,550
CONSOLIDATED STATEMENTS OF REVENUES,EXPENSES Increase
AND CHANGES IN NET POSITION 2041 (Decrease)
2022 (Restated) 2020 2022-2021
Sales to consumers $ 46,272,358 $ 41,835,534 $ 38,988,024 $ 4,436,824
Other operating revenues 1,755,801 1,664,933 2,754,003 90,868
Total Operating Revenues 48,028,159 43,500,467 41,742,027 4,527,692
Operating expenses 45,485,585 42,565,285 38,847,181 2,920,300
Operating Income 2,542,574 935,182 2,894,846 1,607,392
Non-operating special tax revenues 3,655,524 3,431,174 3,375,327 224,350
Non-operating interest expense (2,727,946) (2,369,633) (2,530,616) (358,313)
Non-operating other revenues 1,774,870 131,863 854,319 1,643,007
Non-operating other expenses (1,434,081) (302,544) (276,840) (1,131,537)
Income before capital contributions 3,810,941 1,826,042 4,317,036 1,984,899
Capital contributions,net 3,221,872 6,351,674 2,043,795 (3,129,802)
Change in net position 7,032,813 8,177,716 6,360,831 (1,144,903)
Net Position,Beginning of Year 114,813,622 106,635,906 100,275,075 8,177,716
NET POSITION,END OF YEAR $121,846,435 $114,813,622 $ 106,635,906 $ 7,032,813
Page 18
Page 28 of 106
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2022 and 2021
ANALYSIS OF OVERALL FINANCIAL POSITION AND RESULTS OF OPERATIONS
2022 as compared to 2021:
The District's overall financial position improved in 2022 by $7.0 million or 6.1% as measured by total net
position. In 2022, the total net position increased $2.5 million from operating activities, $1.3 million from
non-operating activities, and $3.2 million from capital, debt and monetary contribution activities.
Operating income in 2022 of$2.5 million increased $1.6 million or 172% compared to$0.9 million in 2021.
The components of operating income summarize as follows.
Total operating revenues in 2022 of $48.0 million were $4.5 million or 10.4% greater than 2021,
driven primarily by electric and water effective rate increases for 2022 of 8.8% and 8.0%,
respectively. Total operating expenses in 2022 of$45.5 million were$2.9 million or 6.9% greater
than 2021, with the increase primarily driven by purchased power costs increase of $3.3 million.
Demand or volume represents 2% of the power costs increase and the cost of wholesale power
represents 98% of the increase driven most notably by natural gas (energy supply to electricity
plants) price volatility.
Non-operating revenues and expenses, net revenues in 2022 of$1.3 million were$0.4 million or 42%above
2021 due primarily to$1.2 million in 2021 storm disaster financial aid from State of California funds received
in 2022. Capital and other contributions of $3.2 million were down 49% compared to 2021, driven by a
decline in construction activity and related project contributions to the District.
The resulting change in Total Net Position in 2022 of$7.0 million was $1.1 million or 14% lower than the
change in 2021. Year-end 2022 current assets of $69.9 million increased $24.0 million or 52% primarily
due to $22.4 million of cash funds in new debt issuance proceeds. Year-end 2022 total assets of$217.4
million increased $27.2 million or 14%, which includes a $4.1 million increase in net total capital assets.
Year-end 2022 total liabilities of$101.8 million increased $30.0 million or 42% primarily driven by a $20.2
million increase in long-term debt (discussed further below) and a $9.1 million increase in net pension
liability. Deferred inflows decreased$6.0 million and deferred outflows increased$3.9 million, both changes
driven primarily by pension deferred inflow and outflow changes.
2021 as compared to 2020:
The District's overall financial position improved in 2021 by $8.2 million or 7.7% as measured by total net
position. In 2021, the total net position increased $0.9 million from operating activities, $0.9 million from
non-operating activities, and $6.4 million from capital, debt and monetary contribution activities.
Operating income in 2021 of$0.9 million decreased $2.0 million or 68% compared to $2.9 million in 2020.
The components of operating income summarize as follows.
Total operating revenues in 2021 of $43.5 million were $1.7 million or 4.2% greater than 2020,
driven primarily by electric and water average rate increases for 2021 of 2.8% and 8.9%,
respectively. Total operating expenses in 2021 of$42.6 million were $3.7 million or 9.6% greater
than 2020, with the increase primarily driven by purchased power costs increase of $2.3 million
(cost and demand factors) and electric infrastructure storm damage and related power restoration
efforts for an increase of$1.5 million (severe storm damage December 2021, with $1.2 million in
disaster relief funds received in 2022 as previously mentioned).
Non-operating revenues and expenses, net revenues in 2021 of$0.9 million were$0.5 million or 37% below
2020 due primarily to the decline in investment income. Capital and other contributions in 2021 of $6.3
million were up 211%to 2020, driven by an increase construction activity and related projects contributions
to the District.
The resulting Change in Net Position in 2021 of$8.2 million was$1.8 million or 29% higher than the change
in 2020.
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Page 29 of 106
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2022 and 2021
ANALYSIS OF ELECTRIC UTILITY
Electric total net position as of December 31, 2022 was $78.4 million and increased $2.2 million or 3%
compared to December 31, 2021. Electric's total net position increased $0.5 million from operating
activities, increased $0.3 million from non-operating activities, and increased $1.4 million from capital, debt
and monetary contributions. Key components of this$2.2 million change in total net position are as follows.
Electric operating income of$0.5 million increased $0.7 million or 349%compared to($0.2)million in 2021.
The components of operating income summarize as follows.
Electric operating revenues of$33.1 million increased $3.2 million or 11% in 2022 compared to 2021.
Electric's sales to customers increased 12% to 2021; comprised of a 9% effective rate increase, 1%
customer growth, and 2% demand growth. Other Electric operating revenues were up 4% due
primarily to an increase various ancillary billings mostly offset by a decline in cap and trade prices.
Electric operating expenses of $32.6 million compared to 2021 reflect an increase of $2.5 million or
2.8% driven primarily by increased purchased power costs of $3.3 million or 24% and less electric
infrastructure storm damage and related power system restoration in 2022 of$1.1 million.
Electric non-operating revenues (expenses) net of $0.3 million increased $0.4 million or 264% compared
to($0.2)million in 2021. The increase is driven by$1.3 million in financial aid received in 2022($1.2 million
for the 2021 storm disaster and $0.1 million for pandemic-driven customer payment arrearages), partially
offset by an $0.8 million unrealized decrease in investments market valuation charge (rapid increase in
market interest rates impact on market valuation of long-term investment holdings).
Electric contributions of$1.4 million decreased $3.1 million or 47% compared to$4.5 million in 2021. The
decrease is driven by decline in construction activity and related project's contributions to the District.
Electric has no significant restrictions, commitments, or other limitations that would affect the availability of
resources for future use; other than $6.5 million in restricted unspent long-term debt proceeds funds and
$1.0 million in other restricted funds.
ANALYSIS OF WATER UTILITY
Water total net position as of December 31, 2022 was $68.8 million and increased $3.0 million or 5%
compared to December 31, 2021. Water's total net position increased$2.1 million from operating activities,
decreased $1.0 million from non-operating activities, and increased $1.8 million from capital, debt and
monetary contributions. Key components of this$2.9 million change in total net position are as follows.
Water operating income of$2.0 million increased $0.9 million or 80% compared to$1.1 million in 2021.
The components of operating income summarize as follows.
Water operating revenues in 2022 of $16.7 million increased $1.3 million or 8% compared to 2021.
Water's sales to customers increased 9%to 2021; comprised of an 8%average rate increase and 1%
customer growth. Water gallons billed in 2022 decreased 8% compared to 2021 due primarily to
drought related water use regulatory restrictions, with nominal impact on revenues (nor costs). Other
water operating revenues were flat year to year. Water operating expenses in 2022 of$14.7 million
increased $0.4 million or 3%to 2021 driven primarily by personnel rate of pay increases and inflation.
Water non-operating revenues(expenses) net of($0.9)million decreased $0.4 million or 74%compared to
($0.5) million in 2021. Notable variances to prior year include $0.5 million for unrealized investments
market valuation charge, $0.3 million increase in interest expense, and $0.3 million in grant revenues.
Water contributions of $1.8 million decreased $0.1 million or 4% compared to $1.9 million in 2021. The
decrease is driven by decline in construction activity and related project's contributions to the District. Water
has no significant restrictions, commitments, or other limitations that would affect the availability of
resources for future use; other than $11.9 million in restricted unspent long-term debt proceeds funds and
$3.1 million in other restricted funds.
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Page 30 of 106
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2022 and 2021
CAPITAL ASSETS
As of December 31, 2022, 2021, and 2020, the District had $137.0 million, $132.9 million, and $132.0
million, respectively, invested in a variety of capital assets, net of accumulated depreciation. The District's
capital assets, net of accumulated depreciation, increased $4.1 million or 3.1% in 2022. In 2022, capital
expenditures of $11.0 million outpaced depreciation expense of $7.7 million, with the year focused on
capital execution of major projects (water utility primarily)in 2022, in accordance with the approved 10-year
capital improvement plans for both electric and water utilities. In 2021, depreciation expense of$7.9 million
outpaced capital expenditures of$6.4 million,with the year focused on capital planning and certain projects.
Electric utility capital expenditures in 2022 of$2.7 million included $1.0 million in pole replacements, $0.9
million in distribution system modernization replacements,$0.5 million in system hardening,and$0.3 million
in various other projects. Electric utility capital expenditures in 2021 of$3.7 million included $1.1 million for
Truckee substation modernization rebuild, $0.7 million in pole replacements, $0.7 million in vehicle
replacements, $0.7 million in distribution system modernization replacements, and $0.5 million in various
other projects. Electric depreciation expense in 2022 of$3.2 million decreased$0.2 million or 6%compared
to 2021.
Water utility capital expenditures in 2022 of$8.3 million included $2.2 million of pipeline replacement, $1.2
million in new pipeline and pump station, $1.1 million for new tank, $1.1 million in tanks rehabilitation, $0.5
million in SCADA upgrades, and $2.2 million in various other projects. Water utility capital expenditures in
2021 of $2.6 million included $1.2 million of pipeline replacement, $0.7 million in wells, tanks and pump
station improvements, $0.6 million in SCADA upgrades, and $0.1 million in various other projects. Water
depreciation expense in 2022 of$4.5 million decreased $0.0 million or 0% compared to 2021.
See Note 4 to the Financial Statements for further information regarding capital assets.
LONG-TERM DEBT
Long-term debt includes revenue bonds and installment loans. At December 31, 2022, 2021, and 2020, the
District had $67.2 million, $47.0 million, and $55.0 million, respectively, in long-term debt outstanding.
In 2022, the District issued new electric and water debt with net project proceeds of$6.5 million and $15.9
million respectively. No new debt was issued in 2021 or 2020. See Note 6 to the Financial Statements for
further information regarding long-term debt.
ECONOMIC FACTORS AND NEXT YEARS BUDGETS AND RATES
The District operates on a biennial budget cycle. The FY22 & FY23 Board approved budget includes an
assumption for customer growth 0.5% per year, conservatively below recent 1% average for the District.
Revenue projections for fiscal year 2022 and 2023 include average rate increases for Electric of 8.5% and
6.5% respectively and for Water 9% and 8% respectively. For 2022, approved average rate increases are
consistent with budget. Rates by rate class can be found on the District's website at www.tdpud.org.
Expenditures for Electric and Water excluding debt service, for Budget year 2022 increased over Budget
year 2021 by 12%and 14%, respectively;in part due to estimated inflation impacts. Overall,the pandemic's
impact financially on the District has not been material,with certain cost increases and an increase in unpaid
billings, more than offset by an increase in energy demands due to increased occupancies.
CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT
The financial report is designed to provide readers with a general overview of the District's finances and to
demonstrate the District's accountability for the money it receives. If you have questions about this report
or need additional financial information, contact: Truckee Donner Public Utility District, Attn: Treasurer,
11570 Donner Pass Road, Truckee, CA 96161.
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FINANCIAL STATEMENTS
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF NET POSITION
December 31, 2022 and 2021
ASSETS AND DEFERRED 2021
OUTFLOWS OF RESOURCES 2022 (Restated)
CURRENT ASSETS
Cash and cash equivalents
Operating $ 10,019,255 $ 7,557,344
Designated 16,664,262 15,943,781
Restricted 24,620,177 6,808,321
Total cash and cash equivalents 51,303,694 30,309,446
Accounts receivable, net 3,489,204 2,311,007
Unbilled revenues 3,752,196 3,471,176
Special assessments receivable 8,376,288 7,742,235
Accrued interest receivable 202,649 29,064
Current portion of leases receivable 34,423 22,111
Materials and supplies 1,670,319 1,005,433
Prepaid expenses 930,044 892,054
Other 133,647 136,089
Total Current Assets 69,892,464 45,918,615
NON-CURRENT ASSETS
Operating investments 3,678,068 3,966,836
Designated investments 5,389,941 5,848,933
Broadband maintenance prepaid 62,229 124,461
Leases receivable, net of current portion 1,452,595 1,514,594
Capital Assets
Utility plant 233,388,548 219,900,995
Accumulated depreciation (100,023,290) (92,750,899)
Construction work in progress 3,604,888 5,732,900
Total Capital Assets 136,970,146 132,882,996
Total Non-Current Assets 147,552,979 144,337,820
TOTAL ASSETS 217,445,443 190,256,435
DEFERRED OUTFLOWS OF RESOURCES
Pension 6,963,293 2,699,378
OPEB 2,173,808 2,496,749
Unamortized loss on refunding 412,768 459,200
Total Deferred Outflows of Resources 9,549,869 5,655,327
TOTAL ASSETS AND DEFERRED
OUTFLOWS OF RESOURCES $ 226,995,312 $ 195,911,762
The accompanying notes are an integral part of these consolidated financial statements.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF NET POSITION
December 31, 2022 and 2021
LIABILITIES, DEFERRED INFLOWS OF 2021
RESOURCES AND NET POSITION (Continued) 2022 (Restated)
CURRENT LIABILITIES
Other Liabilities
Accounts payable $ 5,612,334 $ 3,659,615
Customer deposits 252,694 318,905
Other 1,528,802 1,570,523
Total Other Liabilities 7,393,830 5,549,043
Current Liabilities Payable From Restricted Assets
Current portion of long-term debt 2,703,200 2,716,250
Accrued interest payable 763,623 666,219
Total Current Liabilities Payable from Restricted Assets 3,466,823 3,382,469
Total Current Liabilities 10,860,653 8,931,512
NON-CURRENT LIABILITIES
Long-term debt, net of discounts and premiums 64,463,000 44,261,709
Net pension liability 16,783,065 7,683,937
Net OPEB liability 4,389,294 5,273,457
Unearned revenues 5,282,010 5,583,404
Total Non-Current Liabilities 90,917,369 62,802,507
Total Liabilities 101,778,022 71,734,019
DEFERRED INFLOWS OF RESOURCES
Pension 986,199 7,196,801
OPEB 1,002,315 630,615
Leases receivable 1,382,341 1,536,705
Total Deferred Inflows of Resources 3,370,855 9,364,121
NET POSITION
Net investment in capital assets 88,640,941 86,889,607
Restricted 6,676,481 7,248,976
Unrestricted 26,529,013 20,675,039
Total Net Position 121,846,435 114,813,622
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND NET POSITION $ 226,995,312 $ 195,911,762
The accompanying notes are an integral part of these consolidated financial statements.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
For the year ended December 31, 2022 and 2021
2021
2022 (Restated)
OPERATING REVENUES
Sales to customers $ 46,272,358 $ 41,835,534
Standby fees 122,811 124,130
Cap and trade proceeds 514,604 847,185
Other 1,118,386 693,618
Total Operating Revenues 48,028,159 43,500,467
OPERATING EXPENSES
Purchased power 16,823,869 13,560,417
Operations and maintenance 12,037,231 12,464,186
Consumer services 2,370,280 2,255,853
Administration and general 6,541,824 6,366,879
Depreciation 7,712,381 7,917,950
Total Operating Expenses 45,485,585 42,565,285
Operating Income 2,542,574 935,182
NON-OPERATING REVENUE (EXPENSES)
Special tax revenue 3,655,524 3,431,174
Investment income, net loss (747,522) (185,269)
Interest expense (2,727,946) (2,369,633)
Amortization credit (expense) 3,901 (38,250)
Other non-operating revenues 1,726,783 83,524
Other non-operating expenses (690,460) (79,025)
Gain on disposition of assets 48,087 48,339
Total Non-Operating Revenue 1,268,367 890,860
Income Before Contributions 3,810,941 1,826,042
CAPITAL &OTHER CONTRIBUTIONS 3,221,872 6,351,674
CHANGE IN NET POSITION 7,032,813 8,177,716
Net Position - Beginning of Year 114,813,622 106,635,906
NET POSITION -END OF YEAR $ 121,846,435 $114,813,622
The accompanying notes are an integral part of these consolidated financial statements.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the year ended December 31, 2022 and 2021
2021
2022 (Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Received from customers $ 47,915,665 $ 42,977,071
Paid to suppliers for goods and services (29,964,615) (24,523,068)
Paid to employees for services (9,293,838) (8,391,748)
Net cash provided by operating activities 8,657,212 10,062,255
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Federal and state financial assistance received 1,694,828 -0-
Federal and state financial assistance distributed to customers (192,196) -0-
Principal payments on long-term debt (551,751) (1,051,191)
Interest payments on long-term debt (6,657) (32,555)
Net cash provided (used) by noncapital financing activities 944,224 (1,083,746)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Capital expenditures for utility plant (10,977,073) (6,367,297)
Net proceeds (costs)from disposal of assets 25,025 (176,588)
Capital contributions, connection and facility fees 1,649,786 2,158,390
Special assessments receipts 2,399 773,116
Special tax receipts 3,171,904 3,139,260
Restricted Grant Funds Received - 300,000
Proceeds from issuance of new debt 22,456,685 -
Principal payments on long-term debt (2,191,518) (6,952,207)
Interest payments on long-term debt (2,573,491) (2,386,538)
Net cash provided (used) by capital and related financing activities 11,563,717 (9,511,864)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments - (10,014,679)
Proceeds from maturity of investments - 1,698,882
Interest income received 535,666 215,119
Net cash provided (used) by investing activities 535,666 (8,100,678)
Net increase (decrease) in cash and cash equivalents 21,700,819 (8,364,033)
CASH AND CASH EQUIVALENTS —Beginning of Year 30,349,455 38,983,488
CASH AND CASH EQUIVALENTS —END OF YEAR $ 52,050,274 $ 30,349,455
NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES
Developer and customer added capital assets $ 1,088,519 $ 2,610,655
Recognition of prior period unearned revenues $ 4,032,073 $ 6,081,722
The accompanying notes are an integral part of these consolidated financial statements.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the year ended December 31, 2022 and 2021
(continued) 2021
2022 (Restated)
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
Operating income $ 2,542,574 $ 935,182
Noncash items included in operating income
Depreciation and amortization 7,712,381 7,917,950
Depreciation charged to other accounts 289,124 433,451
Changes in assets and liabilities
Accounts receivable (1,459,216) (401,434)
Materials and supplies (664,886) (98,885)
Prepaid expenses (37,990) (220,230)
Accounts payable 1,982,515 711,009
Customer deposits (56,377) (121,961)
Deferred Pension Contributions - GASB 68 (1,564,911) 457,518
Deferred inflow, leases amortization (154,364) -
Leases receivable 49,686 -
Other current liabilites 18,676 449,655
NET CASH PROVIDED BY OPERATING ACTIVITES $ 8,657,212 $ 10,062,255
RECONCILIATION OF CASH AND CASH EQUIVALENTS
TO THE BALANCE SHEET
Operating $ 10,019,255 $ 7,557,344
Designated 16,664,262 15,943,781
Restricted funds -current 24,620,177 6,808,321
Operating Investments - non-current 3,678,068 3,966,836
Designated Investments - non-current 5,389,941 5,848,933
Total Cash and Investments 60,371,703 40,125,215
Less: Long-term investments (9,068,009) (10,014,679)
Mark to market adjustments 746,580 238,919
TOTAL CASH AND CASH EQUIVALENTS $ 52,050,274 $ 30,349,455
The accompanying notes are an integral part of these consolidated financial statements.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. ORGANIZATION
The Truckee Donner Public Utility District (the District) was formed and operates under the State of
California Public Utility District Act. The District is governed by a board of directors which consists of five
elected members. The District provides electric and water service to portions of Nevada and Placer
Counties described as Truckee. The electric and water service operations are separately maintained and
operated. These financial statements reflect the combined electric and water operations of the District. All
significant transactions between electric and water operations have been eliminated. These eliminations
include power purchases and rent for shared facilities.
The District's blended component units consist of organizations whose respective governing boards are
comprised entirely of the members of the District's Board of Directors. These organizations are reported as
if they are a part of the District's operations. The entities are legally separate, however, in the case of the
Truckee Donner Public Utility District Financing Corporation, financial support has been pledged and
financial and operational policies may be significantly influenced by the District. The following is a
description of the District's blended component units:
Truckee Donner Public Utility District Financing Corporation is a legal entity that was created to
issue and administer Certificates of Participation on behalf of the District. (See note 5).
Truckee Donner Public Utility District Community Facilities District No. 03-1 (Old Greenwood) is a
legal entity created to issue special tax bonds to finance various public improvements needed to
develop property located within Old Greenwood. (See note 7).
Truckee Donner Public Utility District Community Facilities District No. 04-1 (Gray's Crossing) is a
legal entity created to issue special tax bonds to finance various public improvements needed to
develop property located within Gray's Crossing. (See note 7).
Separate standalone financial statements are not available for the blended component units
described above. Unless noted, disclosures relating to the component units are the same as for
the District.
B. ACCOUNTING POLICIES
The financial statements of the District have been prepared in conformity with accounting principles
generally accepted in the United States of America. The Governmental Accounting Standards Board
(GASB) is the accepted standard setting body for establishing governmental accounting and financial
reporting principles.
The financial statements are reported using the economic resources measurement focus and the accrual
basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and
expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains,
losses, assets and liabilities, that are a result of exchange and exchange like transactions, are recognized
when the exchange takes place.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. USE OF ESTIMATES
Preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
D. CASH AND CASH EQUIVALENTS
For the purpose of the accompanying statement of cash flows, the District considers all highly liquid
instruments with original maturities of three months or less when purchased to be cash equivalents.
E. INVESTMENTS
The District pools cash and investments. The District's investment policy allows for investments in
instruments permitted by the California Government Code and/or the investments permitted by the trust
agreements on District financing. The District's investment policy contains provisions intended to limit the
District's exposure to interest rate risk, credit risk, and concentration of credit risk. Investment income from
pooled investments is allocated to all funds in the pool. Interest is allocated on the basis of month end cash
amounts for each fund as a percentage of the total balance.
The District categorizes the fair value measurements of its investments based on the hierarchy established
by generally accepted accounting principles. The fair value hierarchy, which has three levels, is based on
the valuation inputs used to measure an assets fairvalue: Level 1 inputs are quoted prices in active markets
for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant
unobservable inputs. The District does not have any investments that are measured using Level 3 inputs.
Changes in fair value that occur during a fiscal year are recognized as investment income (loss) reported
for that fiscal year. Investment Income (loss) includes interest earnings, changes in fair value, and any
realized gains or losses upon the sale of investments.
F. DESIGNATED ASSETS
The board has designated certain resources for future capital projects, replacements, and operational
needs.
G. RESTRICTED ASSETS
Restricted assets are assets restricted by the covenants of long-term financial arrangements or other third
party legal restrictions. Restricted assets are used in accordance with their requirements and where both
restricted and unrestricted resources are available for use, restricted resources are used first and then
unrestricted as they are needed.
H. ACCOUNTS RECEIVABLEAND ALLOWANCES FOR DOUBTFUL ACCOUNTS
Accounts receivable are recorded at the invoiced amount and are reported net of allowances for doubtful
accounts of$62,800 and $67,800 for 2022 and 2021, respectively. Receivables are considered past due
after 30 days and routine collection efforts begin, while remaining consistent with regulatory mandates.
District Code allows for the Treasurer to write off delinquent account balances up to 0.17% of the amounts
billed. This write off process occurs semi-annually.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
I. MATERIALS AND SUPPLIES
Materials and supplies are recorded at average cost.
J. DEBT PREMIUM, BOND ISSUANCE COSTS, AND DISCOUNTS
Original issue and reacquired bond premiums and discounts relating to revenue bonds are amortized over
the terms of the respective bond issues using the effective interest method. Debt issuance costs are
expensed in the period incurred.
K. SPECIAL ASSESSMENT RECEIVABLE
Special assessment receivable represents special tax receivables related to community facilities districts
(see notes 1T and note 7) and amounts due from property owners within the Donner Lake Assessment
District for improvements made by the District pursuant to an agreement with the property owners to
improve their water quality as discussed in note 8.
L. AMORTIZED EXPENSES
In 2003, the District entered into a broadband dark fiber maintenance agreement with Sierra Pacific
Communications (SPC) which is included in the line item "Broadband Maintenance Prepaid" in the
accompanying Statement of Net Position. SPC subsequently assigned the agreement to AT&T. The
agreement is expected to provide benefit to the District over the estimated 20-year life of the agreement.
(See note 3).
M. CAPITAL ASSETS
Capital assets are generally defined by the District as assets with an initial, individual cost of more than
$10,000 and an estimated useful life of at least two years.
Capital assets of the District are stated at the lower of cost or the acquisition value at the time of contribution
to the District. Major outlays for plant are capitalized as projects are constructed. Depreciation on capital
assets is calculated using the straight-line method over the estimated useful lives of the assets, which are
as follows:
Distribution Plant
Electric 23—35 years
Water 15—40 years
Computer software and hardware 3— 7 years
Building and improvements 20—33 years
Equipment and furniture 4— 10 years
N. COMPENSATED ABSENCES
Under terms of employment, employees are granted sick leave and vacations in varying amounts. Only
benefits considered to be vested are disclosed in these statements. Vested vacation and sick leave pay is
accrued when earned in the financial statements.The liability is liquidated from general operating revenues
of the utility.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
O. REVENUE RECOGNITION
Unbilled revenues, representing estimated consumer usage for the period between the last meter reading
and the end of the period, are accrued in the period of consumption. Water customers without meters are
billed on a flat-rate basis, and revenues are recorded as billed. Revenues from connection fees are
recognized upon completion of the connection. Income that the District has earned through investing its
excess cash is reflected within income from investments when earned.
P. REVENUE AND EXPENSE CLASSIFICATION
The District distinguishes operating revenues and expenses from non-operating items in the preparation of
its financial statements. Operating revenues and expenses generally result from providing electric and
water services in connection with the District's principal ongoing operations. The principal operating
revenues are sales to customers. The District's operating expenses include power purchases, labor,
materials, services, and other expenses related to the delivery of electric and water services. All revenues
and expenses not meeting this definition are reported as non-operating revenues and expenses, or capital
contributions and other.
Q. POWER PURCHASES AND TRANSMISSION
In 1999,the District entered into an agreement with Sierra Pacific Power Company dba NV Energy(SPPC),
whereby SPPC will provide transmission services to the District through December 31, 2027. The District
uses this transmission service to import energy over SPPC's transmission system to serve District load. In
addition,the District purchases scheduling services from Utah Municipal Power Systems (UAMPS) and the
scheduling services are included in the monthly power billings from UAMPS. The purchase of transmission
services from SPPC represented 7.9% and 9.0% of total purchased power costs in 2022 and 2021,
respectively.
In December of 2005, the District entered into an agreement with UAMPS. Subsequently, the District
entered into several pooling appendices for power capacity and energy that relate to various time periods
from January 2008 through March 2028. Also in 2009, the District signed an agreement with UAMPS for
approximately 5 MW of the Nebo natural gas generation plant capacity. In August 2012, the Horse Butte
Wind project began commercial operation and the District owns approximately 15 MW of nameplate
capacity that generates about 5 MW on average. The District has also invested in the Veyo Heat Recovery
project that came on line in mid-2016. The District receives about 1.7 MW of carbon-free generation from
this resource. In September 2019 the District entered into 25-year Purchase Power Agreement with UAMPS
for a 6MW share of the Red Mesa Solar Project. The Project was developed by UAMPS and the Navajo
Tribal Utility Authority for use by UAMPS members and began providing power in April 2023. The Red
Mesa Solar Project price for energy is among the lowest wholesale price paid by the District for any
resource. It is estimated that a 6MW share equates to about 10 percent of total annual District energy
requirements.
In August of 2007, the District entered into an agreement with Western Area Power Administration (WAPA)
for the delivery of Stampede Dam Hydroelectric generation. In accordance with this agreement,the District
is entitled to a portion of the power generated by Stampede Dam. This generation is dependent upon the
amount of water that is made available to the generator. This agreement is effective through 2024.
In 2021 and 2020, the UAMPS contract, along with its appendices, and the WAPA contract for Stampede
Dam Hydroelectric generation comprised the majority of a diversified power portfolio that balanced risk and
costs for the District.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
R. CAP AND TRADE PROGRAM PROCEEDS
California Assembly Bill 32 (AB32) is an effort by the State of California to set a 2020 greenhouse gas
(GHG) emissions reduction goal into law. AB32 requires California to lower greenhouse gas emissions to
1990 levels by 2020. Central to this initiative is the implementation of a cap and trade program,which covers
major sources of GHG emissions in the State including power plants. The California Cap and Trade
Program is designed to achieve cost-effective emissions reductions across the capped sectors. The
program sets maximum statewide GHG emissions for all covered sectors each year ("cap"), and allows
covered entities to sell off allowances ("trade"). An allowance is a tradable permit that allows the emission
of one metric ton of CO2. The California carbon price is driven by allowance trading. The District is subject
to AB32 and has excess allowances due to reducing carbon-based generation in its power portfolio.
In 2022 and 2021, the District sold its excess allowances in the program auctions and the proceeds were
recorded as$514,604 and $847,185 operating revenue for the respective years. The auction proceeds are
held in a restricted fund and are used to purchase qualified renewable power. (See note 2)
S. INCOME TAXES
As a government agency, the District is exempt from payment of federal and state income taxes.
T. TAX REVENUES
Beginning in 2004, the District levied ad valorem property tax on all the taxable property within the Old
Greenwood District in an amount sufficient to pay the yearly principal and interest on the Special
Assessment District Tax Bonds. (See notes 5 and 7). The District had revenues of$818,991 in 2022 and
$800,595 in 2021.
On January 28, 2014, refunding bonds were sold to a private investment firm and the proceeds were used
to call the 2003 Old Greenwood bonds on March 1, 2014. The 2014 refunding bonds have the same rate
and method of apportionment conditions on the Old Greenwood properties as the original 2003 bonds.
Beginning in 2005, the District levied ad valorem property tax on all taxable property within the Gray's
Crossing District in an amount sufficient to pay the yearly principal and interest on the Special Assessment
District Tax Bonds. (See notes 5 and 7). The District had revenues of$2,836,533 in 2022 and $2,630,579
in 2021.
Taxes are assessed based on the county tax year ending June 30, resulting in unearned revenues for each
of the community facility districts. (See note 6).
U. CONTRIBUTED CAPITAL ASSETS
A portion of the District's capital assets have been obtained through amounts charged to developers for
plant constructed by the District; direct contributions of capital assets from developers and other parties; as
well as assessments of local property owners. These items are recognized within capital assets as
construction is completed for plant constructed by the District based on the cost of the items,when received
for contributed capital assets based on the actual or estimated fair value of the contributed items, or upon
completion of the related project for development agreements.The District records amounts received within
capital contributions when a legally enforceable claim is established. Until the District meets the criteria to
record the amounts described above as capital contributions, any amounts received are recorded within
unearned revenues on the Statement of Net Position.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
V. LEASES
The incremental borrowing rate used in determining the present value of lease payments is based on US
Treasury rates, corresponding to the same term of lease contracts plus basis points(BSP), determined by
District's historical borrowing spread and similar entities in the utility industry
The District, as a lessee, recognizes a lease liability and an intangible right-to-use asset at the
commencement of a lease, unless the lease is considered a short-term or transfers ownership of the
underlying assets. Right-to-use lease assets are measured based on the net present value of the payments
to be made over the term of the agreement, using District's incremental borrowing rate. Re-measurement
of the lease liability occurs when there is a change in the lease term and/or other changes that are likely to
have a significant impact on the lease liability.
Amortization of the discount on the lease liability is reported as an outflow of resources. Payments are
allocated first to the accrued interest liability and then to the lease liability. Variable lease payments based
on the usage of the underlying assets are not included in the lease liability calculations and are recognized
as outflows of resources in the periods in which the obligation for the payments is incurred.
The District, as a lessor, recognizes a lease receivable and deferred inflows of resources at the
commencement of the lease term. The lease receivable is measured using the present value of the lease
payments expected to be received for the lease term, based on District's incremental borrowing rate, which
approximates the discount rate the District charges the lessee. Leases with provisions for rent changes
based on the consumer price index (CPI) or other market indexes, result in additional variable lease
revenues that are not included in the measurement of the lease receivables. Deferred inflows of resources
are measured at the value of the lease receivable in addition to any payments received at or before the
commencement of the lease term related to future periods.
Amortization of the discount on the lease receivable is reported as interest revenue for that period. Deferred
inflows of resources are recognized as lease revenue on a straight-line basis over the term of the lease.
Any initial direct costs are reported as an outflow of resources for that period. Re-measurement of lease
receivable occurs when there are modifications, including but not limited to changes in the lease charges,
lease term, and adding or removing an underlying asset to the lease agreements. In the case of partial or
full lease termination, the District will reduce the carrying value of the lease receivable and the related
deferred inflow of resources and include a gain or loss for the difference.
Short-term leases are certain leases that, at the commencement of the lease term, have a maximum
possible term under the lease contract of 12 months or less, including any options to extend, regardless of
their probability of being exercised. Leases assessed by management as short-term, perpetual, or
insignificant are recognized as outflows of resources (expenses) or inflows of resources (revenue) based
on the payment provisions of the lease agreement.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
W. OTHER—PENSION SIDEFUND
As a result of implementing GASB Statement No. 68, the pension side-fund payoff that occurred in 2011
and which had been reported in the financial statements as an asset was written off due to the District's
participation in CalPERS cost-sharing multi-employer retirement benefit plan. However, the liability for the
payoff remained until paid in full in 2022. The intercompany fund transfers for the principal portion of the
debt service between the electric and water utility is included as"other."
X. PENSION
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to
pensions,and pension expense, information about the fiduciary net position of the District's California Public
Employee's Retirement System (CaIPERS) plans (Plans) and the additions to/deductions from the Plans'
fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this
purpose, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
Y. DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF RESOURCES
Deferred Outflows of Resources: This separate financial statement element represents consumption of net
position or fund balance that applies to future period(s) and so will not be recognized until that time.
Deferred Inflows of Resources: This separate financial statement element represents an acquisition of net
position or fund balance that applies to future period(s) and so will not be recognized as an inflow of
resources until that time.
Z. UNAMORTIZED LOSS ON BOND REFUNDING
For current and advanced refunding results in defeasance of debt,the difference between the reacquisition
price and the net carrying amount of the old debt (Gain or loss) is deferred and amortized as a component
of interest expense over the remaining life of the old debt or the new debt, whichever is shorter. These
amounts are reported as deferred outflow on the statements of net position.
AA. COMPARATIVE INFORMATION
Comparative data for the prior year has been presented in certain sections of the accompanying financial
statements in order to provide an understanding of changes in the District's financial position and
operations. Certain amounts presented in the prior year have been reclassified in order to be consistent
with the current year's presentation.
BB.RECENT ACCOUNTING PRONOUNCEMENTS IMPLEMENTED BY THE DISTRICT
GASB Statement No. 87, Leases, addresses accounting and financial reporting for leases by governments.
This Statement increases the usefulness of financial statements by requiring recognition of certain lease
assets and liabilities for leases that previously were classified as operating leases by establishing a single
model of lease accounting based on the foundational principle that leases are financings of the right to use
an underlying asset. Under this statement, a lessee is required to recognize a lease liability and intangible
right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of
resources, thereby enhancing the relevance and consistency of information about leasing activities. This
statement is effective for the District fiscal year ending December 31, 2022. The District has implemented
this statement. See Notes 4 and 16 for the impact on the financial statements.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
BB. RECENT ACCOUNTING PRONOUNCEMENTS IMPLEMENTED BY THE DISTRICT(Continued)
GASB Statement No.91, "Conduit Debt Obligations." The objective of this statement is to better meet the
information needs of the financial statement users by enhancing the comparability and consistency of the
conduit debt obligation reporting and reporting of related transactions and other events by state and local
government issuers. This Statement also is intended to improve the relevance, reliability, and
understandability of information about conduit debt obligations, as well as related transactions and events.
The requirements of this Statement will take effect for financial statements with the fiscal year that ends on
or after December 31, 2022. The District has determined that this pronouncement has no changes in
financial reporting of the District.
GASB Statement No.92, "Omnibus 2020." The objectives of this Statement are to enhance comparability
in accounting and financial reporting and to improve the consistency of authoritative literature by addressing
practice issues that have been identified during implementation and application of certain GASB
Statements. The requirements of this Statement will take effect for financial statements with the fiscal year
that ends on or after June 30, 2022. The District has determined that this pronouncement has no changes
in financial reporting of the District.
GASB Statement No.93, "Replacement of Interbank Offered Rates." The objective of this Statement is to
address those and other accounting and financial reporting implications that result from the replacement of
an IBOR.The removal of LIBOR as an appropriate benchmark interest rate is effective for reporting periods
ending after December 31, 2021.All other requirements of this Statement are effective for reporting periods
beginning after June 30, 2022. The District has determined that this pronouncement has no changes in
financial reporting of the District.
GASB issued Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting
for Internal Revenue Code Section 457 Deferred Compensation Plans-an Amendment of GASB Statements
No. 14 and No. 84, and a Supersession of GASB Statement No. 32. The primary objectives of this
Statement are to(1)increase consistency and comparability related to the reporting of fiduciary component
units in circumstances in which a partial component unit does not have a governing board and the primary
government performs the duties that a governing board typically would perform; (2) mitigate costs
associated with the reporting of certain defined contribution pension plans, defined contribution other post-
employment benefit (OPEB) plans, and employee benefit plans other than pension plans or OPEB plans
(other employee benefit plans) as fiduciary component units in fiduciary fund financial statements; and (3)
enhance the relevance, consistency, and comparability of the accounting and financial reporting for Internal
Revenue Code(I RC)Section 457 deferred compensation plans(Section 457 plans)that meet the definition
of a pension plan and for benefits provided through those plans. There was no significant financial impact
to the District as a result of implementation.
CC.ACCOUNTING PRONOUNCEMENTS TO BE IMPLEMENTED IN UPCOMING YEARS
These statements are not effective until January 1, 2023 or later and may be applicable for the District.
The District has not determined what impact, if any, this pronouncement will have on the financial
statements.
GASB Statement No.94, "Public-Private and Public-Public Partnerships and Availability Payment
Arrangements." The primary objective of this Statement is to improve financial reporting by addressing
issues related to public-private and public-public partnership arrangements (PPPs). The requirements of
this Statement are effective for fiscal years beginning after June 30, 2023, and all reporting periods
thereafter.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
CC.ACCOUNTING PRONOUNCEMENTS TO BE IMPLEMENTED IN UPCOMING YEARS(CONTINUED)
GASB Statement No.96, "Subscription-Based Information Technology Arrangements." The purpose of this
Statement is to provide guidance on the accounting and financial reporting for subscription-based
information technology arrangements (SBITAs) for government end users (governments). The
requirements of this Statement are effective for fiscal years beginning after June 30, 2023, and all reporting
periods thereafter.
GASB Statement No. 100, Accounting Changes and Error Corrections - An Amendment of GASB
Statement No. 62.The primary objective of this Statement is to enhance accounting and financial reporting
requirements for accounting changes and error corrections to provide more understandable, reliable,
relevant, consistent, and comparable information for making decisions or assessing accountability. The
requirements of this Statement are effective for fiscal years beginning after June 15, 2023, and all reporting
periods thereafter.
GASB Statement No. 101, Compensated Absences. The primary objective of this Statement is to better
meet the information needs of financial statement users by updating the recognition and measurement
guidance for compensated absences by aligning the recognition and measurement guidance under a
unified model and amending certain previously required disclosures. The requirements of this Statement
are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter.
NOTE 2—CASH, CASH EQUIVALENTS, AND INVESTMENTS
Cash, cash equivalents and investments are recorded in accounts as either restricted or unrestricted as
required by the District's certificates of participation indentures or other third-party legal restrictions.
Restricted assets represent funds that are restricted by certificates of participation covenants or third party
contractual agreements. Assets that are allocated by resolution of the Board of Directors are considered to
be Board designated assets. Board designated assets are a component of unrestricted assets as their use
may be redirected at any time by approval of the Board. Upon Board approval, assets from board
designated accounts may be used to pay for selected capital projects. Such accounts have been designated
by the Board for the following purposes:
Electric Capital Replacement
Starting in 2009,the Board set aside funds designated for future electric infrastructure replacement.
Electric Vehicle Reserve
Beginning in 2009, the Board set aside funds designated for future electric utility vehicle
replacements.
Electric Rate Reserve
In compliance with Board rules, the District created an electric rate stabilization fund in anticipation
of future costs. During both 2022 and 2021, there was no utilization of these funds to offset
increased power costs in lieu of raising electric rates.
Water Vehicle Reserve
Beginning in 2009, the Board set aside funds designated for future water utility vehicle
replacements.
Water Capital Replacement
Starting in 2021, the Board set aside funds designated for future water infrastructure replacement.
Prepaid Connection Fees
In compliance with Board rules, the District has set aside prepaid connection fees to cover
installation costs of water services.
Debt Service and Operating Reserve Fund
Starting in 2021, the Board combined this operating reserve designation into the operating
classification, consistent with Board rules.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 2—CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)
Donner Lake Assessment District Surcharge Fund
The District established a monthly billing surcharge in the amount of$6.65 applicable to customers
in the Donner Lake area to provide revenue to pay the remainder of the cost of reconstruction
effective October 2006.
Deferred Liabilities Reserve
Starting in 2017, the Board established a reserve to protect the District from volatility in pension,
other post-employment benefits, and worker's compensation premiums.
As of December 31, Board designated accounts at fair value consisted of the following:
2022 2021
Electric capital replacement fund $ 10,817,633 $ 11,181,652
Electric vehicle reserve 770,416 259,508
Electric rate reserve 6,588,607 6,409,163
Electric deferred liabilites reserve 2,107,871 2,094,398
Water vehicle reserve 382,735 484,446
Water capital replacement 1,021,821 1,015,747
Prepaid connection fees 79,292 78,093
Donner Lake Assessment District surcharge fund 177,548 163,065
Water deferred liabilites reserve 108,280 106,642
Totals $ 22,054,203 $ 21,792,714
Certain assets have been restricted by bond covenants or third party contractual agreements for the
following purposes:
Certificates of Participation
Prepayments to the Trustee from the District for upcoming debt payments and in 2022, unspent
debt project proceeds of$6,544,562 for electric operations and $11,879,665 for water operations.
Special Tax Bonds: Gray's Crossing
The terms of the special tax bonds issued for the Mello-Roos Community Facilities Districts (CFD)
require reserve funds as security for each principal and interest payment as they come due.
Reserve funds are set aside as prescribed in the loan documents. These reserve funds are held
by Bank of New York Mellon Trust Company.
Facilities Fees
The District charges facilities fees to applicants for new service to cover the costs of infrastructure
needed to meet their systems demand. The use of such funds is restricted by California state law.
Donner Lake Special Assessment District Improvement and Reserve Fund
The District established the Donner Lake Special Assessment District (DLAD) Improvement Fund
to account for all funds received from the Special Assessment Receivable, which will be used to
pay the debt service costs related to the Donner Lake Water System project. The DLAD
Improvement Fund also has a reserve fund as required by the California—Safe Drinking Water—
State Revolving Fund (SRF). This fund is required to set aside$40,043 semi-annually for ten years
beginning in 2006. The reserve fund was fully funded as of December 31, 2016.
Grant Funds
The District water utility received a $300,000 grant for capital improvement project in 2021, with
$47,071 expended in 2021. The remaining cash funds balance of$252,929 was expended in 2022.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 2—CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)
AB32 Cap and Trade Auction Fund
The District electric utility is identified as an "Electric Distribution Utility" under the Cap and Trade
regulations and is therefore eligible to receive a direct allocation of allowances that can be sold in
an auction. The proceeds from quarterly allowance auctions are held in this restricted fund and
are used to purchase qualified renewable power. These funds are intended to mitigate the burden
on the consumer without impacting a carbon price signal.
Low Carbon Fuel Standard (LCFS) Credits
Proceeds from credit sales are only allowed to be used towards efforts that promote and/or facilitate
transportation electrification within the District's service territory.
Other(Area Improvement Funds)
The District received funds from the County of Nevada,which are to be used only for improvements
to specific areas within the District's boundaries in Nevada County. These areas include various
Nevada County assessment districts.
As of December 31, restricted cash and cash equivalents and investments at fair value consisted of the
following:
2022 2021
Certificates of Participation $ 18,769,692 $ 137,917
Special tax bonds 2,207,543 2,326,530
Facilities fees 2,816,870 2,282,930
Donner Lake Special Assessment District improvement 120,950 691,416
Grant Funds - 252,929
AB 32 Cap and Trade Auction fund 579,554 1,059,951
Other(area improvement funds) 57,519 56,648
LCFS Credits 68,049 -
Total Restricted Cash and Cash
Equivalents and Investments $ 24,620,177 $ 6,808,321
Cash and investments are comprised of the following cash and cash equivalents and investments as of
December 31:
2022 2021
Cash and cash equivalents $ 51,303,694 $ 30,309,446
In\,estments—government bonds 9,068,009 9,815,769
Totals $ 60,371,703 $ 40,125,215
Cash and cash equivalents and investments were $60,371,703 and $40,125,215 at December 31, 2022
and 2021, respectively. Cash equivalents substantially consist of deposits in the state pooled fund, Placer
County pooled fund, money market funds and investments.
Adjustments necessary to record investments at fair market value are recorded in the operating statement
as increases or decreases in investment income. Market values may have changed significantly after year
end.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 2—CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)
FAIR VALUE MEASUREMENT
The District applies the provisions of Governmental Accounting Standards Board (GASB) Statement No.
72, Fair Value Measurement and Application, which requires governmental entities, to report certain
investments at fair value on the Statements of Net Position.
Investments are valued at fair value at December 31. Fair value is defined as the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The District categorizes its fair value measurements within the fair value
hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation
inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices for identical instruments
in active markets. Level 2 inputs are quoted prices for similar instruments in active markets; quoted prices
for identical or similar instruments in markets that are not active; and model derived valuations in which all
significant inputs are observable. Level 3 inputs are valuations derived from valuation techniques in which
significant inputs are unobservable.
The District classifies its fair value measurements within the fair value hierarchy established by generally
accepted accounting principles. The District has the following fair value measurements as of December
31, 2022:
• US Government bonds and agency securities are valued using observable inputs (Level 2
inputs).
INVESTMENTS AUTHORIZED BY THE DISTRICT'S INVESTMENT POLICY
The District adopted an investment policy in 2006 which allowed for investments in instruments permitted
by the California Government Code and/or the investments permitted by the trust agreements on District
financing, including investments in the local government investment fund pool administered by the State of
California (LAIF), Placer County Treasurer's Investment Portfolio (PCTIP) pooled investment and Utah
Public Treasurers' Investment Fund (UPTIF). The District's investment policy contains provisions intended
to limit the District's exposure to interest rate risk, credit risk, and concentration of credit risk. At December
31, 2022 and 2021 the District's deposits and investments at fair value were held as follows:
2022 2021
Cash on hand $ 2,400 $ 2,400
Deposits 3,560,270 2,975,548
LAIF 31,647,797 11,092,822
PCTIP 6,279,910 6,398,125
UPTIF 8,797,711 8,834,171
Bank Certificates of Deposit 1,378,504 1,492,177
Money Market Funds 1,015,606 1,006,381
U.S. Government Agency Securities 6,814,789 7,376,745
U.S. Government Bonds 874,716 946,846
Totals 60,371,703 40,125,215
DISCLOSURES RELATING TO INTEREST RATE RISK
Interest rate risk is the risk that changes in the market interest rates will adversely affect the fair value of an
investment. Generally,the longer the maturity of an investment,the greater is the sensitivity of its fair value
to changes in market interest rates. Information about the sensitivity of the fair values of the District's
investments to market interest rate fluctuations is provided by the following table that shows the District's
investments by maturity for 2022 and 2021:
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 2—CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)
Maturity as of December 31,
Investments and Deposits 2022 2021
LAIF 3 months or less 3 months or less
PCTIP 3 months or less 3 months or less
UPTIF 3 months or less 3 months or less
Federated U.S. Treasury Cash Reserve 3 months or less 3 months or less
Morgan Stanley Treasury 3 months or less 3 months or less
Fidelity Money Market Government Portfolio 57 3 months or less 3 months or less
Dreyfus Treasury Securities 3 months or less 3 months or less
Federal U.S Treasury Bonds 1.5 to 3.5 years 2.5 to 4.5 years
Federal Agencies Bonds 1.5 to 3.5 years 2.5 to 4.5 years
Bank Certificates of Deposit (FDIC Insured) 1.5 to 3.5 years 2.5 to 4.5 years
DISCLOSURES RELATING TO CREDIT RISK
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of
the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating
organization. LAIF, PCTIF and UPTIF do not have a rating provided by a nationally recognized statistical
rating organization. The Morgan Stanley Treasury is rated AAAm by S&P and Aaa-mf by Moody's. The
Federated U.S. Treasury Cash Reserve is rated AAAm by S&P and Aaa-mf by Moody's. Federal Farm
Credit Banks is rated AA+ by S&P and Aaa by Moody's. The Dreyfus Treasury Securities is rated Aaa-mf
by Moody's and AAAm by S&P.The Fidelity Money Market is rated AAA-mf by Moody's and AAAm by S&P.
CUSTODIAL CREDIT RISK
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution,
a government will not be able to recover its deposits or will not be able to recover collateral securities that
are in the possession of an outside party. The District's investment policy does not contain legal or policy
requirements that would limit the exposure to custodial credit risk for deposits. However, the California
Government Code requires that a financial institution secure deposits made by state or local governmental
units by pledging securities in an undivided collateral pool held by a depository regulated under state law
(unless waived by the government unit). The market value of pledged securities in the collateral pool must
equal at least 110% of the total amount deposited by the public agencies.
As of December 31, 2022 and 2021 bank deposits exceeded FDIC insurance coverage by$3,285,418 and
$2,817,038, respectively.
The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g.,
broker/dealer) to a transaction, a government will not be able to recover the value of its investment or
collateral securities that are in the possession of another party. The California Government Code and the
District's investment policy do not contain legal or policy requirements that would limit the exposure to
custodial credit risk for investments. With respect to investments, custodial credit risk generally applies
only to direct investments in marketable securities. Custodial credit risk does not apply to a local
government's indirect investment in securities through the use of mutual funds or governmental investment
pools (such as LAIF).
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 2—CASH, CASH EQUIVALENTS, AND INVESTMENTS (Continued)
DEPOSIT IN STATE INVESTMENT POOL
The District is a voluntary participant in the Local Agency Investment Fund (LAIF). This investment fund
has an equity interest in the State of California's(State's) Pooled Money Investment Account(PMIA). PMIA
funds are on deposit with the State's Centralized Treasury System and are managed in compliance with
the California Government Code according to a statement of investment policy which sets forth permitted
investment vehicles, liquidity parameters, and maximum maturity of investments. The fair value of the
District's investment in this pool is reported in the accompanying financial statements at amounts based
upon the District's pro-rata share of the fair value provided by the LAIF for the entire LAIF portfolio (in
relation to the amortized cost of the portfolio). The balance available for withdrawal is based on the
accounting records maintained by the LAIF, which are recorded on an amortized cost basis.
DEPOSIT IN PLACER COUNTY TREASURER INVESTMENT POOL
The District is a voluntary participant in the Placer County Investment Portfolio (PCTIP). The District is
eligible to participate in PCTIP because a portion of the District's service area is in Placer County.
Investments are on deposit with the Placer County Treasurer and are managed in compliance with the
California Government Code according to a statement of investment policy which sets forth permitted
investment vehicles, liquidity parameters, and maximum maturity of investments. The fair value of the
District's investment in this pool is reported in the accompanying financial statements at amounts based
upon the District's pro-rata share of the fair value provided by Placer County Treasurer for the entire PCTIP
(in relation to the amortized cost of the portfolio). The balance available for withdrawal is based on the
accounting records maintained by the Placer County Treasurer, which are recorded on an amortized cost
basis.
DEPOSIT IN UTAH PUBLIC TREASURERS'INVESTMENT FUND
The District is a voluntary participant in the Utah Public Treasurers' Investment Fund (UPTIF). The District
is eligible to participate in (UPTIF)through its membership with Utah Associated Municipal Power Systems
(UAMPS). Investments are on deposit with State of Utah public treasury and investments are restricted to
those authorized by the Utah Money Management Act and rules of the Money Management Council of
Utah. The fair value of the District's investments in this pool is reported in the accompanying financial
statements at amounts based upon the District's pro-rata share of the fair value provided by UPTIF through
UAMPS Member Retention Fund.
NOTE 3—TELECOMMUNICATION SERVICES
In 1999, the District initiated a project to expand its basic service offerings to include internet access, cable
television and voice delivered over fiber optic networks (the broadband project). The District completed the
broadband design project and obtained the necessary regulatory approvals and franchises needed to
construct and launch the broadband project. A local cable television service provider filed an objection in
September 2004 with the Nevada County Local Agency Formation Commission (LAFCO), the entity
responsible for providing regulatory approval for the broadband project. After denying the cable television
provider's request for a reconsideration of their approval of the District's project, the cable television
provider filed a lawsuit against LAFCO. The District was not named in the lawsuit. A ruling on the lawsuit
was received in January 2006. LAFCO prevailed on all portions of the cable television provider's claim. The
cable television provider filed an appeal; however, in June of 2007, the Court ruled in favor of LAFCO,
upholding the initial ruling. Since 2009, the District has been exploring options to sell or lease the existing
infrastructure to provide a return on investment in the project. Expenses incurred by the District to date on
the broadband project total $2,834,079. In 2022 and 2021 there were no material expenditures for this
project. In 2018, The District signed a Memorandum of Understanding with Plumas Sierra
Telecommunications to offer services utilizing these four fibers from Reno to Sacramento in future years.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 4—CAPITAL ASSETS
Capital assets consist of the following at December 31, 2022 and 2021:
January 1, December 31,
Plant Balances 2022 Additions Reductions 2022
Electric distribution $ 76,021,243 $ 5,114,993 $ (284,318) $ 80,851,918
Water distribution 124,052,449 8,490,899 (237,048) 132,306,300
General plant 19,827,303 587,711 (184,684) 20,230,330
Total 219,900,995 14,193,603 (706,050) 233,388,548
Accumulated Depreciation
Electric distribution (23,396,600) (2,987,284) 768,657 (25,615,227)
Water distribution (56,654,194) (4,491,411) 257,187 (60,888,418)
General plant (12,700,105) (986,905) 167,365 (13,519,645)
Total (92,750,899) (8,465,600) 1,193,209 (100,023,290)
Plant Sub-Total
Electric distribution 52,624,643 2,127,709 484,339 55,236,691
Water distribution 67,398,255 3,999,488 20,139 71,417,882
General plant 7,127,198 (399,194) (17,319) 6,710,685
Total 127,150,096 5,728,003 487,159 133,365,258
Construction work in progress 5,732,900 7,255,889 (9,383,901) 3,604,888
Totals $ 132,882,996 $ 12,983,892 $ (8,896,742) $ 136,970,146
January 1, December 31,
Plant Balances 2021 Additions Reductions 2021
Electric distribution $ 71,894,379 $ 4,518,836 $ (391,972) $ 76,021,243
Water distribution 121,483,082 2,584,186 (14,819) 124,052,449
General plant 19,316,644 726,741 (216,082) 19,827,303
Total 212,694,105 7,829,763 (622,873) 219,900,995
Accumulated Depreciation
Electric distribution (21,385,441) (2,943,724) 932,565 (23,396,600)
Water distribution (52,339,068) (4,323,187) 8,061 (56,654,194)
General plant (11,522,788) (1,379,630) 202,313 (12,700,105)
Total (85,247,297) (8,646,541) 1,142,939 (92,750,899)
Plant Sub-Total
Electric distribution 50,508,938 1,575,112 540,593 52,624,643
Water distribution 69,144,014 (1,739,001) (6,758) 67,398,255
General plant 7,793,856 (652,889) (13,769) 7,127,198
Total 127,446,808 (816,778) 520,066 127,150,096
Construction work in progress 4,584,711 6,427,636 (5,279,447) 5,732,900
Totals $ 132,031,519 $ 5,610,858 $ (4,759,381) $ 132,882,996
In accordance with FERC guidelines for utility accounting, additional activity is reflected in the accumulated
depreciation accounts for retirement costs related to upgrading capital investment projects and replacing
electric distribution, metering and general assets. Accordingly, the retirement costs are reported as part of
the change in accumulated depreciation.
As of December 31, 2022 and 2021, the plant in service included land and land rights of$3,318,346 which
are not being depreciated.
A portion of the plant has been contributed to the District.When replacement is needed,the District replaces
the contributed plant with District-financed plant.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 5—LEASES RECEIVABLE
The District is reporting leases receivable of$1,487,018 (split between current amount$34,423 and non-
current amount of$1,452,595) as of December 31, 2022. For 2022, the District reported lease revenue of
$154,365 and interest income of$129,134 related to lease payments received. The leases receivable
are comprised of four cellular and or radio towers, each with five year initial terms, and include renewal
increments of up to five, each with five year increments. The District is reasonably certain each of the
lessees will renew respective lease for the available extensions.
As of December 31, 2022, future minimum lease payments due to the District are as follows:
Year Ending Amount
2023 $ 97,196
2024 101,188
2025 103,717
2026 106,310
2027 108,968
2028 -2032 516,576
2033 -2037 453,565
2038 -2042 489,320
2043 -2047 373,191
Total Lease Payments 2,350,031
Less Interest (863,013)
Present value of leases
receivable $ 1,487,018
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 6—LONG-TERM DEBT
Long-term debt consisted of the following at December 31, 2022:
January 1, December 31, Due within
2022 Additions Reductions 2022 one year
Pension Obligation Bonds
Electric,2.47%
due semi-annually
Refinanced in 2016 $ 539,000 $ $ (539,000) $ - $
Special Tax Bonds—Mello Roos,
CFD Old Greenwood,4.18%,due
seriallyto 2032 7,940,300 (484,500) 7,455,800 528,200
Special Tax Bonds—Mello Roos,
CFD Grays Crossing,3.25%to,
5.7%,due seriallyto 2035(net of
unamortized discounts of
$59,319) 12,385,994 (460,313) 11,925,681 505,000
Special Tax Bonds—Mello Roos,
CFD Grays Crossing,3.50%to
5.50%,due seriallyto 2035(net of
unamortized discounts of
$6,554) 15,077,928 (584,482) 14,493,446 645,000
Certificates of Participation—
Water,2.00%to 4.00%,
due seriallyto 2035
(net premiums of
$339,969) 11,021,987 (657,018) 10,364,969 655,000
Certificates of Participation
Water,4.00%to 5%,due
semiannuallyto 2052,secured by
real and personal property.
(net premiums of
$1,379,214) 16,227,590 (23,376) 16,204,214 230,000
Certificates of Participation
Electric,4.00%to 5%,due
semiannuallyto 2052,secured by
real and personal property.
(net premiums of
$252,090) 6,727,235 (5,145) 6,722,090 140,000
Installment loan,4.58%
due seriallyto 2022 12,750 - (12,750) - -
Totals $ 46,977,959 $ 22,954,825 $ (2,766,584) $ 67,166,200 $ 2,703,200
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 6—LONG-TERM DEBT (Continued)
Long-term debt consisted of the following at December 31, 2021:
January 1, December 31, Due within
2021 Additions Reductions 2021 one year
Pension Obligation Bonds
Electric,2.47%
due semi-annually
Refinanced in 2016 $ 1,578,000 $ $ (1,039,000) $ 539,000 $ 539,000
State Revolving Fund Loan—
Water,2.34%,due semi-annually
beginning in 2006 to 2026. 4,110,535 (4,110,535) - -
Special Tax Bonds—Mello Roos,
CFD Old Greenwood,4.18%,due
seriallyto 2032 8,385,100 (444,800) 7,940,300 484,500
Special Tax Bonds—Mello Roos,
CFD Grays Crossing,3.25%to,
5.7%,due seriallyto 2035(net of
unamortized discounts of
$64,006) 12,801,307 (415,313) 12,385,994 465,000
Special Tax Bonds—Mello Roos,
CFD Grays Crossing,3.50%to
5.50%,due seriallyto 2035(net of
unamortized discounts of
$7,072) 15,607,410 (529,482) 15,077,928 585,000
Certificates of Participation—
Water,1.54%
due seriallyto 2021
refinanced in 2016 664,000 (664,000)
Certificates of Participation—
Water,2.00%to 4.00%,
due seriallyto 2035
(net premiums of
$366,987) 11,654,005 (632,018) 11,021,987 630,000
Department of Water Resources,
3.18%,due semiannuallyto
2021,secured by real
and personal property. 150,854 (150,854) - -
Installment loan,4.58%
due seriallyto 2022 24,942 (12,192) 12,750 12,750
Totals $ 54,976,153 $ $ (7,998,194) $ 46,977,959 $ 2,716,250
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 6—LONG-TERM DEBT (Continued)
During April 2004, the District obtained financing in the form of a State Revolving Fund Loan, the proceeds
of which were utilized in the replacement of the Donner Lake water system. The District submitted
expenditures to the State for reimbursement of $12,732,965. The semi-annual principal and interest
payments were $400,426 and commenced in 2006. In 2004, the remaining balance of $12,227,122 was
used to pay off the temporary lines of credit obtained in 2001 and 2002 to fund the Donner Lake project. In
July 2021,the District paid-off in full the State Revolving Fund Loan balance of$3,401,747, post-scheduled
debt service payment paid July 1, 2021, saving $202,088 in future interest costs. (See note 8).
During December 2003, the Old Greenwood Community Facilities District issued $12,445,000 of Special
Tax Bonds, the net proceeds of which were utilized to finance various public improvements for property
within Old Greenwood. (See note 7). The terms of the Special Tax Bonds call for debt service payments to
be provided solely by taxes levied on and collected from the owners of the taxable land within Old
Greenwood. The bonds are secured by land located within Old Greenwood.
In January 2014, the original 2003 bonds issued for the Old Greenwood Community Facilities District were
refunded (refinanced)by issuing 2014 bonds to a private investment firm at a lower rate, saving the property
owners in Old Greenwood over $3 million over the term of the bonds. The 2014 bonds did not require a
reserve fund. Therefore the reserve fund of the 2003 bonds was utilized to reduce the principal. The 2014
bonds have similar terms and have the same rate and method of apportionment for the Old Greenwood
parcel owners as the original 2003 bonds.
During 2005 and 2004 respectively, the Gray's Crossing Community Facilities District issued $15,375,000
and $19,155,000 of Special Tax Bonds, the net proceeds of which were utilized to finance various public
improvements for property within Gray's Crossing. (See note 7). The terms of the Special Tax Bonds call
for debt service payments to be provided solely by taxes levied on and collected from the owners of the
taxable land within Gray's Crossing. The bonds are secured by land located within Gray's Crossing.
On October 12, 2006, through the Truckee Donner Public Utility District Financing Corporation on behalf of
the District issued $26,570,000 of Certificates of Participation to refund 100% of the outstanding balance
of Certificates issued in 1996, complete the funding of the Donner Lake Assessment District water system,
and fund water system capital improvements.The refunding portion of the 2006 COP's,totaling$8,465,000,
has an average interest rate of 4.10%. The refunded 1996 COP's had an average interest rate of 5.41%.
The net proceeds of $7,500,557 (after payment of $63,733 in underwriting fees, insurance and other
issuance costs) plus an additional $1,315,194 of reserve fund monies were used to prepay the outstanding
debt service requirements on the 1996 COP's. The terms of the Certificates call for payments to be made
only from the net revenues of the Water Division and the debt is secured by this revenue. These revenues
are required to be at least equal to 125% of the debt service for each year.
In 2015, a portion of the 2006 COP was refunded. Since a portion of the 2006 COP was used for advance
refunding of previous COP, that portion could not be advance refunded at the time of the refunding. The
new 2015 refunding did not require a reserve fund. The reserve fund was liquidated and applied towards
reducing the debt principal. The estimated net present value savings were $1,600,000 or 10% over the
remaining life of issuance.
In 2016, the remaining portion of the 2006 COP was refunded. Due to the refunding an estimated net
present value savings of$222,000 was achieved.
Under the Safe Drinking Water Bond Law of 1986, the Department of Water Resources provided a
$5,000,000 loan to the District in 1993. The loan was to finance capital improvements to the public water
supply and to reduce water quality hazards. The terms of the loan call for payments to be made only from
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 6—LONG-TERM DEBT (Continued)
the net revenues of the Water Division, which are required to be sufficient to pay the debt service for each
year.
In June 2011, the District refunded (refinanced) an existing $7.8 million pension side fund obligation for its
participation in CalPERS. Prior to 2011, the annual side fund payments were expensed and described in
the Notes to Financial Statements. The pension side fund liability was amortized through June 2022 with a
7.75% rate. This liability was not required to be reported on the District's Statement of Net Position, but the
future pension expense was included in budget and rate calculations.The new refunding rate of 5%reduced
the District's annual pension costs by almost $100,000 through 2022. In 2016, the District refunded the
pension side fund again earning the District annual savings of$30,000 or$164,000 in total.
In June 2022, through the Truckee Donner Public Utility District Financing Corporation on behalf of the
District issued Water and Electric Certificates of Participation of$14,825,000 and $6,470,000, respectively,
with average interest rate of 4.2% and 4.1% respectively. The purposes of the issuances were to fund
capital improvement projects.
As a normal part of its operations, the District finances the acquisition of certain assets through the use of
installment loans.These loans have been used to finance the purchase of vehicles, equipment, and certain
water system improvements. There were no additional installment loans in 2022 or 2021.
Scheduled payments on debt are:
Principal Interest Total
2023 $ 2,703,200 $ 3,161,914 $ 5,865,114
2024 2,905,300 $ 3,032,558 5,937,858
2025 3,126,100 $ 2,893,149 6,019,249
2026 3,340,600 $ 2,742,755 6,083,355
2027 3,588,700 $ 2,581,214 6,169,914
2028-2032 21,941,900 $ 10,085,551 32,027,451
2033-2037 14,295,000 $ 4,758,030 19,053,030
2038-2042 4,100,000 $ 2,811,555 6,911,555
2043-2047 5,135,000 $ 1,773,595 6,908,595
2048-2052 4,125,000 $ 638,750 4,763,750
$ 65,260,800 $ 34,479,071 $ 99,739,871
Plus: Unamortized premiums 1,971,273
Less: Unamortized discounts (65,873)
$ 67,166,200
Scheduled debt service payments by division are:
CFD Gray's CFD Old Consolidated
Electric Water Crossing Greenwood Total
2023 431,181 1,987,488 2,606,593 839,852 $ 5,865,114
2024 429,181 1,984,788 2,664,015 859,874 $ 5,937,858
2025 431,931 1,990,588 2,719,895 876,835 $ 6,019,249
2026 429,181 1,984,438 2,773,945 895,791 $ 6,083,355
2027 431,181 1,986,788 2,830,458 921,487 $ 6,169,914
2028-2032 2,149,905 9,921,338 15,000,005 4,956,203 $ 32,027,451
2033-2037 2,149,405 7,138,425 9,765,200 - $ 19,053,030
2038-2042 2,150,705 4,760,850 - $ 6,911,555
2043-2047 2,147,345 4,761,250 $ 6,908,595
2048-2052 - 4,763,750 $ 4,763,750
Page 47
Page 57 of 106
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 7—UNEARNED REVENUES
Transactions that have not yet met revenue recognition requirements are recorded as a non-current liability
and reflected in the accompanying Statement of Net Position. As of December 31, 2022 and 2021,
unearned revenues consist of unearned special assessment revenues, development agreement deposits,
connection fees, and other deposits.
Unearned revenues consisted of the following at December 31, 2022 and 2021:
January 1, December 31,
2022 Additions Reductions 2022
Unearned tax revenues $ 1,733,269 $ 1,061,423 $ (917,046) $ 1,877,646
Development agreement deposits 2,319,232 824,667 (1,384,366) 1,759,533
Connection fees and other deposits 1,530,903 1,844,589 (1,730,661) 1,644,831
Totals $ 5,583,404 $ 3,730,679 $ (4,032,073) $ 5,282,010
January 1, December 31,
2021 Additions Reductions 2021
Unearned tax revenues $ 1,697,903 $ 1,733,270 $ (1,697,904) $ 1,733,269
Development agreement deposits 3,884,919 1,163,064 (2,728,751) 2,319,232
Connection fees and other deposits 1,262,285 1,923,685 (1,655,067) 1,530,903
Totals $ 6,845,107 $ 4,820,019 $ (6,081,722) $ 5,583,404
NOTE 8—COMMUNITY FACILITIES DISTRICTS
In order to finance various public improvements needed to develop property within the Town of Truckee,
California, the District formed Community Facilities Districts (CFD), which issued Special Tax Bonds
pursuant to the Mello-Roos Community Facilities Act of 1982, as amended. Accordingly, the Bonds are
special obligations of the respective Community Facilities Districts and are payable solely from revenues
derived from taxes levied on and collected from the owners of the taxable land within the respective
Community Facilities Districts. These Special Tax Bonds are not general or special obligations of the
District. The Board of Directors of the District is the legislative body of the Communities Facilities Districts
and as such they approve the rates and method of apportionment of the special taxes. As improvements
were completed,the infrastructure was donated in the form of a capital contribution to the Town of Truckee,
the Truckee Sanitary District, Southwest Gas, and the District.
In December 2003, the Community Facilities District No. 03-1 (Old Greenwood) was formed and issued
$12,445,000 in Special Tax Bonds (the 03-1 Bonds). In January 2014, the original 2003 bonds were
refunded (refinanced)by issuing 2014 bonds to a private investment firm at a lower rate, saving the property
owners in Old Greenwood over$3 million over the term of the bonds. The 2014 bonds have similar terms
and have the same rate and method of apportionment for the Old Greenwood parcel owners as the original
2003 bonds.
During 2022 and 2021 respectively, taxes of $827,172 and $810,794 were levied by Old Greenwood. Of
these amounts, $413,586 and$405,397 relate to 2022 and 2021 respectively, and accordingly are included
in tax revenues in the accompanying Statement of Revenues, Expenses, and Changes in Net Position.The
remaining amount will be recognized in future periods and are included in unearned revenues on the
accompanying Statement of Net Position.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 8—COMMUNITY FACILITIES DISTRICTS (Continued)
In September 2004, the Community Facilities District No. 04-1 (Gray's Crossing) was formed and issued
$15,375,000 in Special Tax Bonds (the 04-1 Bonds). In 2005, an additional $19,155,000 (2005 Series) in
Special Tax Bonds was issued for the Gray's Crossing CFD. During the county tax roll for 2022 and 2021,
taxes of $2,933,656 and $2,655,730 respectively were levied by Gray's Crossing. Of this amount,
$1,466,828 and $1,327,865 relate to 2022 and 2021 respectively, and accordingly, are included in tax
revenues. The remaining levied amount through the county tax roll will be recognized in future periods and
is included in unearned revenues on the accompanying Statement of Net Position.
Due to consistently high tax levy payment delinquencies, the Gray's Crossing made unscheduled reserve
fund draws to fund debt payments of $167,960 and $214,815, for 2022 and 2021 respectively. Gray's
Crossing Reserve Fund balance as of year-end December 31 was $2,159,182 and $2,322,811, for 2022
and 2021 respectively.
The official statements and continuing disclosures may be viewed on the web site of Electronic Municipal
Market Access(EMMA)of the Municipal Securities Rulemaking Board (MSRB), http://emma.msrb.org/.The
Committee on Uniform Securities Identification Procedures number(CUSIP)for these special tax bonds is
CUSIP 897817.
NOTE 9—DONNER LAKE WATER COMPANY ACQUISITION
In 2001, the District acquired the Donner Lake Water Company by initiating an eminent domain lawsuit. As
a part of the takeover, the District replaced the entire water system, which cost approximately
$15.6 million and was completed in 2006. The District initially estimated the replacement cost to be
$13 million. The Donner Lake property owners agreed to reimburse the District for the full costs of the
replacement.Therefore, an assessment was placed on each Donner Lake homeowner's property for a pro-
rata share of the $13 million payable immediately or with an option to pay over 20 years. The assessment
is collected by Nevada County and Placer County on behalf of the District and is secured by the Donner
Lake property owners. A monthly $6.65 water system upgrade surcharge is paid by the Donner Lake
customers to reimburse the District for the $2.6 million cost incurred in excess of the assessment.
In April 2004, the District obtained financing in the form of a State Revolving Fund (SRF) Loan for
$12,732,965 at a rate of 2.34%. The District is required to fund a reserve account by making semi-annual
reserve payments in the amount of$40,043 for a 10-year period. The reserve fund was fully funded as of
December 31, 2016.
As of December 31, 2021 and 2020,the assessment receivable from the property owners was$10,605 and
$783,721, respectively. These amounts are shown as Special Assessments Receivable in the Statement
of Net Position. The proceeds of the assessment and surcharge are placed in the Donner Lake Special
Assessment District Improvement Fund and used to pay the debt service for the water system
improvements.
In July 2021, the District paid-off in full the State Revolving Fund Loan balance of $3,401,747, post-
scheduled debt service payment paid July 1, 2021, saving $202,088 in future interest costs. Donner Lake
Assessment District long-term invested funds which matured in 2021 were utilized to make the payment.
The previously invested funds utilized were intended for scheduled debt service through 2026, as the 20-
year special tax assessment ended with the 2021/2022 property tax year.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS
A. PENSION PLANS
Plan Description —All qualified permanent and probationary employees are eligible to participate in
the District's Miscellaneous Employee Pension Plans, cost-sharing multiple employer defined benefit
pension plans administered by the California Public Employees' Retirement System (CaIPERS).
Benefit provisions under the Plans are established by State statute and Local Government resolution.
CalPERS issues publicly available reports that include a full description of the pension plans regarding
benefit provisions, assumptions and membership information that can be found on the CalPERS
website.
Benefits Provided—CalPERS provides service retirement and disability benefits,annual costs of living
adjustments and death benefits to plan members, who must be public employees and beneficiaries.
Benefits are based on years of credited service, equal to one year of full time employment. Members
with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All
members are eligible for non-duty disability benefits after 10 years of service. The death benefits is
Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as
specified by the Public Employees' Retirement Law. The 2.7% at 55 Miscellaneous Plan is closed to
new entrants.
The plans' provisions and benefits in effect at December 31, 2022 are summarized as follows:
Miscellaneous
Prior to On or after
Hire Date January 1, 2013 January 1, 2013
Benefit Formula 2.7%@ 55 2%@ 62
Benefit Vesting Schedule 5 years service 5 years service
Benefit Payments monthly for life monthly for life
Retirement Age 50 and Up 52 and Up
Monthly Benefits, as a%of eligible compensation 2.0%-2.7% 1.0%to 2.5%
Required Employee Contributions Rates 8.00% 6.75%
Required Employer Contributions Rates 13.35% 7.59%
Contributions— Section 208149(c) of the California Public Employee's Retirement Law requires that
the employer contribution rates for all public employers be determined on an annual basis by the
actuary and shall be effective on the July 1 following notice of a change in the rate. Funding
contributions for both Plans are determined annually on an actuarial basis as of June 30 by CalPERS.
The actuarially determined rate is the estimated amount necessary to finance the costs of benefits
earned by employees during the year, with an additional amount to finance any unfunded accrued
liability. The District is required to contribute the difference between the actuarially determined rate
and the contribution rate of employees. Contributions shown below are for the fiscal year ending June
30, 2022 and 2021, respectively.
Miscellaneous
Hire Date Prior to On or after
January 1, 2013 January 1, 2013 Combined Total
Benefit Formula 2.7% @ 55 2%@ 62
2022 Employer Contributions $ 249,427 $ 177,464 $ 426,891
2021 Employer Contributions 1,280,155 154,157 1,434,312
Fiscal Year End 6/30/2022 Total 1,529,582 331,621 1,861,203
2021 Employer Contributions 279,138 135,682 414,820
2020 Employer Contributions 1,209,423 125,969 1,335,392
Fiscal Year End 6/30/2021 Total $ 1,488,561 $ 261,651 $ 1,750,212
Page 50
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS (Continued)
B. PENSION LIABILITIES, PENSION EXPENSES AND DEFERRED OUTFLOWS/INFLOWS OF
RESOURCES RELATED TO PENSIONS
As of December 31, 2022, the District reported net pension liabilities for its proportionate shares of
the net pension liability as follows:
Proportionate Share of Net Pension Liability
Fiscal Year Ending
June 30, 2022 June 30, 2021
$16,783,065 $7,683,937
The District's net pension liability is measured as a proportionate share of the net pension liability. The
net pension liability is measured as of June 30, 2022, and the total pension liability used to calculate
the net pension liability was determined by an actuarial valuation as of June 30, 2021 rolled forward to
June 30, 2022 using standard update procedures. The District's proportion of the net pension liability
was based on a projection of the District's long-term share of contributions to the pension plans relative
to the projected contributions of all participating employers, actuarially determined. The District's
proportionate share of the net pension liability for the Plan for the measurement date of June 30, 2022
and June 30, 2021 is as follows:
Percentage Share of Risk Pool
Measurement Date June 30, 2022 June 30, 2021 Change
Percentage of Plan NPL 0.35867% 0.40467% -0.04600%
At December 31, 2022 and 2021 the District reported deferred outflows of resources and deferred
inflows of resources related to pensions from the following sources:
2022
Deferred Outflows of Deferred Inflows of
Resources Resources
Changes in assumptions $ 1,719,776 -
Differences between expected and actual experience 337,037 $ 225,733
Net differences between projected and actual investment earnings 3,074,212 -
Differences between employer's contributions and - 760,466
proportionate share of contributions
Change in employer's proportion 178,274 -
Pension contributions made subsequent to the measurement 1,653,994
date
Total $ 6,963,293 $ 986,199
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS (Continued)
B. PENSION LIABILITIES, PENSION EXPENSES AND DEFERRED OUTFLOWS/INFLOWS OF
RESOURCES RELATED TO PENSIONS (Continued)
2021
Deferred Outflows of Deferred Inflows of
Resources Resources
Differences between expected and actual experience $ 861,671 -
Differences between projected and actual in\festment earnings - $ 6,707,671
Differences between employer's contributions and - 489,130
proportionate share of contributions
Change in employer's proportion 403,396 -
Pension contributions made subsequent to the measurement 1,434,311 -
date
Total $ 2,699,378 $ 7,196,801
For the December 31, 2022 balances of deferred outflows and inflows of resources, $1,653,994 is reported
as deferred outflows of resources related to contributions subsequent to the measurement date and will be
recognized as a reduction of the net pension liability in the year ended December 31, 2023. Other amounts
reported as deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized as pension expense as follows:
Year Ended
December 31 Amounts
2023 $ 1,052,639
2024 899,408
2025 490,760
2026 1,880,293
$ 4,323,100
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS (Continued)
B. PENSION LIABILITIES, PENSION EXPENSES AND DEFERRED OUTFLOWS/INFLOWS OF
RESOURCES RELATED TO PENSIONS (Continued)
Actuarial Assumptions —The total pension liabilities in the June 30, 2022 actuarial valuations were
determined using the following actuarial assumptions:
Miscellaneous 2022
Valuation Date June 30, 2021
Measurement Date June 30, 2022
Actuarial Cost Method Entry-Age Normal
Actuarial Assumptions:
Discount Rate 6.90%
Inflation 2.30%
Salary Increase Varies by Entry Age and Service
Mortality(1) Derived using CalPERS membership data for all funds
(1) The mortality table used was developed based on CalPERS'specific data. The Table includes 15 years of
mortality improvements using Society of Actuaries Scale MP-2016. For more details on this table, please
refer to the 2021 experience study report.
All underlying mortality assumptions and all other actuarial assumptions used in the June 30, 2021
valuation were based on results of a December 2017 CalPERS Experience Study and Review of
Actuarial Assumptions. Further details of the Experience Study can be found on the CalPERS website.
Discount Rate-The discount rate used to measure the total pension liability as of June 30, 2022 was
6.90%. To determine whether the municipal bond rate should be used in the calculation of a discount
rate for each plan, CalPERS stress tested plans that would most likely result in a discount rate that
would be different from the actuarially assumed discount rate. Based on the testing, none of the tested
plans run out of assets. Therefore, the current 6.90% discount rate used is adequate and the use of
the municipal bond rate calculation is not necessary. The long term expected discount rate of 6.90%
will be applied to all plans in the Public Employees Retirement Fund (PERF). The stress test results
are presented in a detailed report that can be obtained from the CaIPERS website.
The long-term expected rate of return on pension plan investments was determined using a building-
block method in which best-estimate ranges of expected future real rate of return (expected returns,
net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both short-term and
long-term market return expectations as well as the expected pension fund cash flows. Using historical
returns of all the funds' asset classes, expected compound returns were calculated over the short-term
(first 10 years) and the long term (11 + years) using a building-block approach. Using the expected
nominal returns for both short-term and long-term,the present value of benefits was calculated for each
fund. The expected rate of return was set by calculating the single equivalent expected return that
arrived at the same present value of benefits for cash flows as the one calculated using both short-term
and long-term returns. The expected rate of return was then set equivalent to the single equivalent rate
calculated above and rounded down to the nearest one quarter of one percent.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS (Continued)
B. PENSION LIABILITIES, PENSION EXPENSES AND DEFERRED OUTFLOWS/INFLOWS OF
RESOURCES RELATED TO PENSIONS (Continued)
The table below reflects the long-term expected real rate of return by asset class. The rate of return
was calculated using the capital market assumptions applied to determine the discount rate and asset
allocation. The target allocation shown below is based on a plan adopted by CaIPERS' Board effective
on July 1, 2018.
Assumed
Asset Real Return Real Return
Asset Class Allocation Years 1-10 Years 11+
Public Equity 50.0% 4.80% 5.98%
Fixed Income 28.0% 1.00% 2.62%
Inflation Assets 0.0% 0.77% 1.81%
Private Equity 8.0% 6.30% 7.23%
Real Assets 13.0% 3.75% 4.93%
Liquidity 1.0% 0.00% -0.92%
Total 100.0%
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount
Rate-The following presents the District's proportionate share of the net pension liability for each Plan,
calculated using the discount rate for each Plan, as well as what the District's proportionate share of
the net pension liability would be if it were calculated using a discount rate that is 1% point lower or 1%
point higher than the current rate:
Miscellaneous
Measurement Date June 30, 2022
1%Decrease 5.90%
Net Pension Liability $25,834,916
Current Discount Rate 6.90%
Net Pension Liability $16,783,065
1%Increase 7.90%
Net Pension Liability $9,335,638
Pension Plan Fiduciary Net Position—Detailed information about each pension plan's fiduciary net
position is available in the separately issued CalPERS financial reports.
Page 54
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS (Continued)
C. PAYABLE TO THE PENSION PLAN
At December 31, 2022 and 2021 respectively the District did not report a payable for outstanding required
contributions to the pension plan.
D. DEFERRED COMPENSATION PLAN
The District maintains two deferred compensation plans: a 401(a) and a 457 plan, (the Plans) for certain
qualified employees. The District currently matches 6.78% of eligible employee contributions. In 2022 the
total match was$327,704 compared to $233,369 in 2021. The District has no liability for losses under the
Plans, but does have the duty of due care that would be required of an ordinary prudent investor. The
District has not reflected the Plans' assets and corresponding liabilities (if any) on the accompanying
Statement of Net Position.
E. OTHER POST EMPLOYMENT BENEFITS(OPEB)
General Information - As discussed in Note 1, beginning with the year ended December 31, 2018, the
District adopted the provisions of GASB Statement No. 75, Accounting and Financial Reporting for
Postemployment Benefits Other Than Pensions. The District administers a single-employer defined-benefit
post-employment healthcare plan and dependents are eligible to enroll. The District's retiree Benefits Plan
(the Plan) recognizes benefit payments when due and payable in accordance with the benefit terms. The
Plan's fiduciary net position has been determined on the same basis as is reported by the Plan in calculating
the fiduciary net position (Net OPEB Liability), deferred outflows of resources and deferred inflows of
resource and associated OPEB expense.
Benefits Provided—Retirees are eligible for a District contribution towards premiums for the retiree health
plan(s) if they have 10+ years of District service. The maximum District contribution is based on years of
service. The Retiree is eligible for 50%of the following maximums, with a minimum of 10 years of service,
plus 5% for each year of service over 10 years: $475 per person enrolled in the plan, if not eligible for
Medicare, and $375 per person enrolled, if eligible for Medicare.
Employees Covered—At December 31, 2021 (the valuation date),the benefit terms covered the following
employees:
Category Count
Active Employees 80
Inactive Empoloyes, spouses, or beneficiaries currently
receiving payment(s) 73
Inactive employees entitled to but not yet receiving
benefit payment(s) -
Total 153
Contributions — The District pays benefits as they come due and contributes additionally to the Trust
annually. The District's annual contribution to the Trust as of December 31, 2022 and 2021 was$115,000
and $113,300, respectively.
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NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS (Continued)
E. OTHER POST EMPLOYMENT BENEFITS(OPEB)(Continued)
Net OPEB Liability—The District's net OPEB liability was measured as of December 31, 2021, and the
total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of
December 31, 2021.
Actuarial Assumptions
The total OPEB Liability in the December 31, 2021 measurement was determined using the following
actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:
Inflation: 7.25%
Salary Increases: Base salary increases in year one: 2.750%. Additional merit-based increases
based on CalPERS.
Investment Rate of Return: 5.85%
Healthcare cost trend rates: 7.00% in the first year, trending down to 3.94% over 55 years
Mortality Rates: Based on CaIPERS tables
The discount rate used to measure the total OPEB liability was 7.68%. The projection of cash flows
used to determine the discount rate assumed that the District contribution will be made at rates equal
to the actuarially determined contribution rates. Based on those assumptions,the OPEB plan's fiduciary
net position was projected to cover all future OPEB payments. Therefore, the discount rate was set
equal to the long-term expected rate of return.
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NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS (Continued)
E. OTHER POST EMPLOYMENT BENEFITS(OPEB)(Continued)
Chancies in the Net OPEB Liability—The changes in the net OPEB liability for the Plan areas follows:
Increases (Decreases)
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (c) = (a)-(b)
Balance as of Report Date December 31, 2021 $ 8,478,479 $ 3,205,022 $ 5,273,457
Changes for the year:
Service Cost 201,835 - 201,835
Interest 629,595 - 629,595
Differences between Expected and
Actual Experience (271,987) - (271,987)
Changes of Assumptions (73,387) (73,387)
Contributions -
Employer- District's Contribution - 381,988 (381,988)
Employer- Implicit Subsidy - 545,407 (545,407)
Net Inestment Income - 444,083 (444,083)
Benefit Payments (268,688) (268,688) -
Implicity Rate Subsidy Credit (545,407) (545,407) -
Administrative Expenses - (1,259) 1,259
Net Changes (328,039) 556,124 (884,163)
Balance as of Report Date December 31, 2022 $ 8,150,440 $ 3,761,146 $ 4,389,294
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NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS (Continued)
E. OTHER POST EMPLOYMENT BENEFITS(OPEB)(Continued)
Increases (Decreases)
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (c)= (a)-(b)
Balance as of Report Date December 31, 2020 $ 8,693,052 $ 2,717,465 $ 5,975,587
Changes for the year:
Service Cost 206,271 - 206,271
Interest 621,983 - 621,983
Differences between Expected and
Actual Experience (28,016) - (28,016)
Changes of Assumptions (187,044) (187,044)
Contributions -
Employer- District's Contribution - 391,334 (391,334)
Employer- Implicit Subsidy - 546,439 (546,439)
Net Investment Income - 378,904 (378,904)
Benefit Payments (281,328) (281,328) -
Implicity Rate Subsidy Credit (546,439) (546,439) -
Administrative Expenses - (1,353) 1,353
Net Changes (214,573) 487,557 (702,130)
Balance as of Report Date December 31, 2021 $ 8,478,479 $ 3,205,022 $ 5,273,457
Sensitivity of the net OPEB liability to chancres in the discount rate -The net OPEB liability of the
District, as well as what the District's net OPEB liability would be if it were calculated using a discount rate
that is one percentage point lower(6.61%) or one percentage point higher(8.61%) is as follows:
1%Decrease Current Rate 1%Increase
6.68% 7.68% 8.68%
Net OPEB Liability $ 5,059,401 $ 4,389,294 $ 3,799,346
Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates -The net OPEB
liability of the District, as well as what the District's net OPEB liability would be if it were calculated using
healthcare cost trend rates that are one percentage point lower(6.00%) or one percentage point higher
(8.00%)than current healthcare cost trend rates is as follows:
1%Decrease Current Rate 1%Increase
6.00% 7.00% 8.00%
Decreasing to Decreasing to Decreasing to
2.94% 3.94% 4.94%
Net OPEB Liability $ 4,017,695 $ 4,389,294 $ 4,812,910
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NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS (Continued)
E. OTHER POST EMPLOYMENT BENEFITS(OPEB)(Continued)
OPEB Plan Fiduciary Net Position—CERBT issues a publicly available financial report for the overall
OPEB plan's fiduciary net position which may be obtained from CalPERS at PO Box 942709,
Sacramento, Ca. 94229-2709.
OPEB Expense and Deferred Inflows and Outflows of Resources Related to OPEB— For the year
ended December 31, 2022, the District recognized an OPEB expense of $761,643. At December 31,
2022 and 2021, the District reported deferred outflows of resources and deferred inflows of resources
related to OPEB from the follow sources:
2022
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual experience $ 1,053,169 $ 269,815
Changes of assumptions 169,474 334,905
Net Difference between Projected and Actual
Earnings on OPEB Plan Investments - 397,595
District contributions made subsequent to the
measurement date 951,165 -
Total $ 2,173,808 $ 1,002,315
2021
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual experience $ 1,337,811 $ 40,876
Changes of assumptions 215,278 345,322
Net Difference between Projected and Actual
Earnings on OPEB Plan Investments - 244,417
District contributions made subsequent to the
measurement date 943,660 -
Total $ 2,496,749 $ 630,615
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NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 10— EMPLOYEE BENEFIT PLANS (Continued)
E. OTHER POST EMPLOYMENT BENEFITS(OPEB)(Continued)
The $951,165 reported as deferred outflows of resources related to contributions subsequent to the
December 31, 2021 measurement date will be recognized as a reduction of the net OPEB liability during
the fiscal year ending December 31, 2023. Other amounts reported as deferred outflows of resources
and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
Year Ended
December 31 Amount
2023 $ 105,501
2024 49,653
2025 109,045
2026 104,258
2027 (66,401)
thereafter (81,728)
$ 220,328
NOTE 11 —SELF FUNDED INSURANCE
The District has a self-funded vision insurance program and claims were processed by and on behalf of the
District. The District did not maintain a claim liability; rather claims were expensed as paid. The amount of
claims paid for each of the past three years have not been material.
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NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 12—SEGMENT DISCLOSURE
The District has issued revenue bonds to finance electric and water distribution facilities. The District also
issued special tax bonds secured by tax revenues from Mello-Roos Community Facilities Districts. Each
project has an external requirement to be reported separately, and investors in the revenue bonds and
special tax bonds rely solely on the revenue generated by the individual projects for repayment. Summary
financial information for each project is presented on the following pages for the years ending December
31, 2022 and 2021.
STATEMENTS OF NET POSITION
December 31,2022
Gray's Old
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES Electric Water Crossing Greenwood Eliminations Grand Total
Current assets $ 35,754,685 $ 23,169,847 $ 9,845,040 $ 1,122,892 $ $ 69,892,464
Non-current assets:
Investments 5,389,941 3,678,068 - - - 9,068,009
Broadband maintenance prepaid 62,229 - - - - 62,229
Leases receivable - 1,452,595 - - - 1,452,595
Capital assets,net 60,987,865 75,982,281 136,970,146
Total Non-current Assets 66,440,035 81,112,944 147,552,979
Total Assets 102,194,720 104,282,791 9,845,040 1,122,892 217,445,443
Deferred outflows of resources
Pension 4,177,976 2,785,317 - - - 6,963,293
OPEB 1,304,285 869,523 - - - 2,173,808
Unamortized loss on refunding - 412,768 - - - 412,768
Unamortized redemption premium on refunding
Total Deferred Outflows of Resources 5,482,261 4,067,608 9,549,869
TOTAL ASSETS AND DEFERRED OUTFLOWS $107,676,981 $108,350,399 $ 9,845,040 $ 1,122,892 $ $ 226,995,312
OF RESOURCES
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND NET POSITION
Current liabilities $ 6,469,714 $ 2,123,325 $ 1,635,529 $ 632,085 $ $ 10,860,653
Non-current Liabilities
Long-term debt,net of current portion 6,582,090 25,684,183 25,269,127 6,927,600 - 64,463,000
Net pension liability 10,069,839 6,713,226 - - - 16,783,065
OPEB liability 2,633,576 1,755,718 - - - 4,389,294
Unearned revenues 2,344,161 1,060,202 1,464,061 413,586 5,282,010
Total Non-current Liabilities 21,629,666 35,213,329 26,733,188 7,341,186 90,917,369
Total Liabilities 28,099,380 37,336,654 28,368,717 7,973,271 101,778,022
Deferred inflows of resources
Pension 591,719 394,480 - - - 986,199
OPEB 601,389 400,926 - - - 1,002,315
Leases receivable 1,382,341 1,382,341
Total Deferred Inflows of Resources 1,193,108 2,177,747 3,370,855
Net Position
Net imestment in capital assets 60,810,337 61,705,531 (26,419,127) (7,455,800) - 88,640,941
Restricted 866,708 2,917,476 2,892,297 - - 6,676,481
Unrestricted 16,707,448 4,212,991 5,003,153 605,421 26,529,013
Total Net Position 78,384,493 68,835,998 (18,523,677) (6,850,379) 121,846,435
TOTAL LIABILITIES,DEFERRED INFLOWS $107,6761981 $10813501399 $ 918451040 $ 111221892 $ $ 226,995,312
OF RESOURCES AND NET POSITION
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NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 12—SEGMENT DISCLOSURE (Continued)
December 31,2021(Restated)
Gray's Old
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES Electric Water Crossing Greenwood Eliminations Grand Total
Current assets $ 26,296,193 $ 9,108,757 $ 9,410,145 $ 1,103,520 $ $ 45,918,615
Non-current assets:
Investments 5,848,933 3,966,836 - - - 9,815,769
Broadband maintenance prepaid 124,461 - - - - 124,461
Leases receivable - 1,514,594 - - - 1,514,594
Capital asssets,net 61,493,134 71,389,862 132,882,996
Total Non-current Assets 67,466,528 76,871,292 144,337,820
Total Assets 93,762,721 85,980,049 9,410,145 1,103,520 190,256,435
Deferred outflows of resources
Pension 1,619,627 1,079,751 - - - 2,699,378
OPEB 1,498,049 998,700 - - - 2,496,749
Unamortized loss on refunding - 445,570 - - - 445,570
Unamortized redemption premium on refunding 13,630 13,630
Total Deferred outflows of resources 3,131,306 2,524,021 5,655,327
TOTAL ASSETS AND DEFERRED OUTFLOWS
OF RESOURCES $ 96,894,027 $ 88,504,070 $ 9,410,145 $ 1,103,520 $ $ 195,911,762
LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND NET POSITION
Current liabilities $ 5,534,813 $ 1,247,059 $ 1,554,505 $ 595,135 $ $ 8,931,512
Non-current Liabilities
Long-term debt,net of current portion - 10,391,987 26,413,922 7,455,800 - 44,261,709
Net pension liability 4,610,362 3,073,575 - - - 7,683,937
OPEB liability 3,164,074 2,109,383 - - - 5,273,457
Unearned revenues 2,688,132 1,162,002 1,327,865 405,405 5,583,404
Total Non-current Liabilities 10,462,568 16,736,947 27,741,787 7,861,205 62,802,507
Total Liabilities 15,997,381 17,984,006 29,296,292 8,456,340 71,734,019
Deferred inflows of resources
Pension 4,318,081 2,878,720 - - - 7,196,801
OPEB 378,369 252,246 - - - 630,615
Leases receivable 1,536,705 1,536,705
Total Deferred Inflows of Resources 4,696,450 4,667,671 9,364,121
Net Position
Net investment in capital assets 61,480,384 60,813,445 (27,463,922) (7,940,300) - 86,889,607
Restricted 1,068,491 3,351,806 2,828,679 - - 7,248,976
Unrestricted 13,651,321 1,687,142 4,749,096 587,480 20,675,039
Total Net Position 76,200,196 65,852,393 (19,886,147) (7,352,820) 114,813,622
TOTAL LIABILITIES,DEFERRED INFLOWS $ 9618941027 $ 8815041070 $ 914101145 $ 111031520 $ $ 195,911,762
OF RESOURCES AND NET POSITION
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NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 12—SEGMENT DISCLOSURE (Continued)
STATEMENTS OF REVENUE, EXPENSES, AND CHANGES IN NET POSITION
Year ended December 31,2022
Gray's Old
Electric Water Crossing Greenwood Eliminations Grand Total
Operating Revenues
Sales to consumers $ 30,015,195 $ 16,257,163 $ - $ - $ - $ 46,272,358
Other operating revenues 3,111,629 446,291 - - (1,802,119) 1,755,801
Operating expenses (29,438,648) (10,136,675) - - 1,802,119 (37,773,204)
Depreciation (3,172,350) (4,540,031) - - - (7,712,381)
Non-operating revenues(expenses) 269,430 (865,974) 1,362,470 502,441 1,268,367
Income(loss)before
capital&other contributions 785,256 1,160,774 1,362,470 502,441 - 3,810,941
Capital contributions,net 1,399,041 1,822,831 3,221,872
CHANGE IN NET POSITION 2,184,297 2,983,605 1,362,470 502,441 - 7,032,813
Net Position,Beginning 76,200,196 65,852,393 (19,886,147) (7,352,820) 114,813,622
NET POSITION,ENDING $ 78,384,493 $ 68,835,998 $ (18,523,677) $ (6,850,379) $ $ 121,846,435
Year ended December 31,2021(Restated)
Gray's Old
Electric Water Crossing Greenwood Eliminations Grand Total
Operating Revenues
Sales to consumers $ 26,884,635 $ 14,950,899 $ - $ - $ - $ 41,835,534
Other operating revenues 3,005,500 468,511 - - (1,809,078) 1,664,933
Operating expenses (26,719,932) (9,736,481) - - 1,809,078 (34,647,335)
Depreciation (3,377,198) (4,540,752) - - - (7,917,950)
Non-operating revenues(expenses) (163,835) (498,912) 1,075,849 477,758 890,860
Income(loss)before
capital&other contributions (370,830) 643,265 1,075,849 477,758 - 1,826,042
Capital contributions,net 4,454,372 1,897,302 6,351,674
CHANGE IN NET POSITION 4,083,542 2,540,567 1,075,849 477,758 - 8,177,716
Net Position,Beginning 72,116,654 63,311,826 (20,961,996) (7,830,578) 106,635,906
NET POSITION,ENDING $ 76,200,196 $ 65,852,393 $ (19,886,147) $ (7,352,820) $ $ 114,813,622
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NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 12—SEGMENT DISCLOSURE (Continued)
STATEMENTS OF CASH FLOWS
Year ended December 31,2022
Gray's Old
Electric Water Crossing Greenwood Eliminations Grand Total
NET CASH PROVIDED BY(USED IN)
Operating activties $ 2,653,554 $ 6,003,658 $ - $ - $ - $ 8,657,212
Noncapital financing activities 601,572 342,652 - - - 944,224
Capital and related financing activities 4,522,899 7,248,838 (209,280) 1,260 - 11,563,717
Investing activities 232,803 280,468 16,683 5,712 535,666
Net increase(decrease)in cash and
cash equivalents 8,010,828 13,875,616 (192,597) 6,972 - 21,700,819
Cash and Cash Equivalents,Beginning 21,033,415 6,538,762 2,488,882 288,396 30,349,455
CASH AND CASH
EQUIVALENTS,ENDING $ 29,044,243 $ 20,414,378 $ 2,296,285 $ 295,368 $ $ 52,050,274
Year ended December 31,2021(Restated)
Gray's Old
Electric Water Crossing Greenwood Eliminations Grand Total
NET CASH PROVIDED BY(USED IN)
Operating activities $ 4,785,383 $ 5,330,195 $ - $ (53,323) $ - $ 10,062,255
Noncapital financing activities (1,083,746) - - - - (1,083,746)
Capital and related financing activities (2,794,077) (6,547,152) (196,628) 25,993 - (9,511,864)
Investing activities (5,910,410) (2,209,332) 15,233 3,831 (8,100,678)
Net increase(decrease)in cash and
cash equivalents (5,002,850) (3,426,289) (181,395) (23,499) - (8,634,033)
Cash and Cash Equivalents,Beginning 26,036,265 9,965,051 2,670,277 311,895 38,983,488
CASH AND CASH
EQUIVALENTS,ENDING $ 21,033,415 $ 6,538,762 $ 2,488,882 $ 288,396 $ $ 30,349,455
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NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 13— MARTIS VALLEY GROUNDWATER MANAGEMENT EFFORTS
The Martis Valley aquifer underlies about 35,000 acres in both Placer and Nevada counties, near the Town
of Truckee. It is the main groundwater supply for numerous public and private entities. This area has seen
significant growth in the last few decades with more planned for the future. Maintaining an adequate water
supply and protecting water quality are critical for the region's future.
The Truckee Donner Public Utility District (TDPUD), Northstar Community Services District (NCSD) and
Placer County Water Agency (PCWA) are the three primary public water agencies with jurisdiction in the
Martis Valley Groundwater Basin (MVGB). Together, the TDPUD, NCSD and PCWA (Partnership
Agencies)partnered to submit a Groundwater Management Plan and to help develop a groundwater model
for the Martis Valley basin.
The Martis Valley Groundwater Management Plan (GMP) was prepared in 2013 to reflect current water
resources planning in the region and to incorporate the latest information and understanding of the
underlying groundwater basin. This collaborative effort provided the guidance necessary to align
groundwater policy. In addition to the GMP, a computer model of the groundwater basin was developed
by the Desert Research Institute, which incorporated available data and enhanced understanding of the
groundwater basin. A climate change modeling component out to the end of the century was part of the
overall Federal study effort.
Partner agencies each adopted the GMP in February 2012 and the model and associated report was
completed in 2015. The total cost of the project was approximately $1,000,000, which includes federal
funding of approximately$500,000 from the U.S. Bureau of Reclamation and $250,000 from the Lawrence
Livermore National Laboratory; and contributions of $150,000 from TDPUD and $100,000 from the other
members of the Partnership Agencies.
In mid-2016, the California Sustainable Groundwater Management Act of 2014 (SGMA) took effect for
which the District was the submitting agency of a SGMA Alternate Submittal in December, 2016 on behalf
of the Town of Truckee, Placer County, Nevada County, PCWA, and Northstar CSD (Local SGMA
Agencies). The SGMA Alternative Submittal was intended to comply with the new regulations. There was
an adopted MOA amongst the six local agencies for this compliance project which covers the time period
for preparation of the SGMA Alternative Submittal, possible conditional acceptance of the plan by DWR,
and submittal of a first-year annual report. DWR had two years by statute to review the SGMA Alternative
Submittal.
In 2018, DWR was required to undergo groundwater basin prioritization which is the basis for compliance
obligation for SGMA. The MVGB had previously been prioritized as medium priority. DWR's final
Determination was to re-prioritize MVGB to low priority. This was a significant act that resulted in a direct
reduction in regulatory burden and future regulatory costs that would be required for groundwater
management. To ensure continued stewardship and management of the MVGB, the District and its local
partners have agreed to return to the 2013 GMP framework which was never fully implemented due to
SGMA. There was a kick-off meeting for the GMP in 2019 and the three local water agencies have hired a
hydrogeologic consultant to prepare the first annual report as required by the GMP. The consultant's report
was presented to the GMP Stakeholder Working Group at the annual meeting in the summer of 2020.
NOTE 14— CLAIMS AND JUDGMENTS
From time to time,the utility is party to various pending claims and legal proceedings.Although the outcome
of such matters cannot be forecasted with certainty, it is the opinion of management and the utility's legal
counsel that the likelihood is remote that any such claims or proceedings will have a material adverse effect
on the utility's financial position or results of operations.
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 and 2021
NOTE 15— RISK MANAGEMENT
The utility is exposed to various risks of loss related to torts; theft of, damage to, or destruction of assets;
errors and omissions; workers compensation; and health care of its employees. These risks are covered
through the purchase of commercial insurance,with minimal deductibles. Settled claims have not exceeded
the commercial liability in any of the past three years. There were no significant reductions in coverage
compared to the prior year.
NOTE 16—CHANGE IN ACCOUNTING PRINCIPLE AND RESTATMENT
For 2022, the District implemented Governmental Accounting Standards Board (GASB)Statement No. 87,
Leases. GASB 87 enhances the relevance and consistency of information of the District's leasing activities.
It establishes requirements for lease accounting based on the principle that leases are financings of the
right to use an underlying asset. A lessor is required to recognize a lease receivable and a deferred inflow
of resources, expect for certain regulated leases. These changes were incorporated in the District's 2022
and 2021 financial statements.
The implementation of GASB Statement No. 87 had the following net effect and the following restatement
of the Statement of Net Position items as reported December 31, 2021:
CONSOLIDATED STATEMENT OF NET POSITION 2021 Balance
2021 as Previously
(Restated) Reported
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Current assets
Current portion of leases receivable $ 22,111 $ -
Othercurrentassets 45,896,504 45,896,504
Total current assets 45,918,615 45,896,504
Noncurrent assets:
Leases receivable,net of current portion 1,514,594 -
Other long-term assets 142,823,226 142,823,226
Total non-current assets 144,337,820 142,823,226
Total Assets 190,256,435 188,719,730
Deferred outflows of resources 5,655,327 5,655,327
TOTAL ASSETS AND
DEFERRED OUTFLOWS OF RESOURCES $195,911,762 $194,375,057
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND NET POSITION
Current liabilities $ 8,931,512 $ 8,931,512
Noncurrent Liabilities 62,802,507 62,802,507
Total Liabilities 71,734,019 71,734,019
Deferred inflows of resources
Leases receivable 1,536,705 -
Other deferred inflows 7,827,416 7,827,416
Total deferred inflows of resources 9,364,121 7,827,416
NET POSITION
Net investment in capital assets 86,889,607 86,889,607
Restricted for debt service 7,248,976 7,248,976
Unrestricted 20,675,039 20,675,039
Total Net Position 114,813,622 114,813,622
TOTAL LIABILITIES,DEFERRED
INFLOWS OF RESOURCES
AND NET POSITION $195,911,762 $194,375,057
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Photo: Summer 2022 Water Tank Painting
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REQUIRED SUPPLEMENTARY INFORMATION
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REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2022 and 2021
COST SHARING DEFINED BENEFIT PENSION PLANS
Schedule of the District's Proportionate Share of the Net Pension Liability
Cost Sharing Defined Benefit Plans
As of June 30
Last Ten Years`
2022 2021 2020 2019 2018 2017 2016 2015 2014
Portion of Net Pension Liability 0.35867% 0.40467% 0.33245% 0.32145% 0.31157% 0.30379% 0.29837% 0.29209% 0.09982
Proportionate Share of The Net Pension Liability $ 16,783,065 $ 7,683,937 $ 14,023,172 $ 12,872,646 $ 11,742,137 $ 11,975,655 $ 10,250,329 $ 8,013,400 $ 6,210,985
Co\ered Payroll $ 7,872,221 $ 7,762,131 $ 7,619,022 $ 7,602,120 $ 7,375,933 $ 7,108,563 $ 6,670,248 $ 6,162,431 $ 6,278,545
Proportionate Share of the Net Pension Liability as
Percentage of Co\ered Payroll 213.19% 98.99% 184.05% 169.33% 159.20% 168.47% 153.67% 130.04% 98.92
Proportionate Share of Plan's Fidicuiary Net Position $ 49,619,385 $ 53,485,582 $ 43,589,560 $ 40,367,745 $ 29,308,590 $ 27,244,095 $ 30,950,578 $ 30,725,516 $ 30,386,101
Plan Fiduciary Net Position as a percentage of the
Total Pension Liability 74.73% 87.44% 75.66% 75.82% 75.26% 73.31% 75.12% 79.31% 89.17
Fiscal year 2014 was the 1st year of implementation,therefore only nine years are shown
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2022 and 2021
COST SHARING DEFINED BENEFIT PENSION PLANS-CONTINUED
Schedule of Contributions
Cost Sharing Defined Benefit Plans
December 31
Last Ten Years*
2022 2021 2020 2019 2018 2017 2016 2015 2014
Contractually Required Contribution(Actuarially
Determined)
$ 2,080,863 $ 1,844,808 $ 1,746,709 $ 1,872,297 $ 1,890,102 $ 1,670,256 $ 1,478,700 $ 1,312,540 $ 938,637
Contributions in Relation to the Actuarially
Determined Contributions
2,080,863 1,844,808 1,746,709 1,872,297 1,890,102 1,670,256 1,478,700 1,312,540 938,637
Contribution deficiency(excess) - - - - - - - - -
Co\ered Payroll $ 8,871,369 $ 7,704,033 $ 7,889,154 $ 7,494,347 $ 7,358,842 $ 6,940,748 $ 6,663,230 $ 6,074,329 $ 5,907,091
Contributions as a percentage of co\ered-employee
Payroll 23% 24% 22% 25% 26% 24% 22% 22% 16
Fiscal year 2014 was the 1st year of implementation,therefore only nine years are shown
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2022 and 2021
Schedule of Changes in The District's Net OPEB Liability and Related Ratios
Measurement Date: December 31, 2021 2020 2019 2018 2017
Report Date: December 31, 2022 2021 2020 2019 2018
Total OPEB Liability
Service Cost $ 201,835 $ 206,271 $ 168,811 $ 178,856 $ 170,473
Interest 629,595 621,983 476,373 457,563 448,374
Changes in Benefit Terms 0 0 0 0 0
Differences Between Expected and Actual Experience (271,987) (28,016) 1,814,336 (29,828) 0
Changes of Assumptions (73,387) (187,044) 306,886 (233,084) 0
Benefit Payments (268,688) (281,328) (276,678) (244,700) (214,280)
Implicit Rate Subsidy Credit (545,407) (546,439) (270,562) (270,061) (254,930)
Net Change in Total OPEB Liability $ (328,039) $ (214,573) $ 2,219,166 $ (141,254) $ 149,637
Total OPEB Liability-Beginning of Year 8,478,479 8,693,052 6,473,886 6,615,140 6,465,503
Total OPEB Liability-End of Year(a) $ 8,150,440 $ 8,478,479 $ 8,693,052 $ 6,473,886 $ 6,615,140
Plan Fiduciary Net Position
Net Investment Income $ 444,083 $ 378,904 $ 473,144 $ (110,318) $ 167,459
Contributions
Employer-District's Contribution 381,988 391,334 376,674 294,698 256,280
Employer-Implicity Subsidy 545,407 546,439 270,562 270,061 254,930
Benefit Payments, Including Refunds of Employee Contributions (268,688) (281,328) (276,678) (244,700) (214,280)
Implicit Rate Subsidy Fulfilled (545,407) (546,439) (270,562) (270,061) (254,930)
Administrative Expense (1,259) (1,353) (1,209) (557) (519)
Net Change in Plan Fiduciary Net Position $ 556,124 $ 487,557 $ 571,931 $ (60,877) $ 208,940
Plan Fiduciary Net Position-Beginning of Year 3,205,022 2,717,465 2,145,534 2,206,411 1,997,471
Plan Fiduciary Net Position-End of Year(b) $ 3,761,146 $ 3,205,022 $ 2,717,465 $ 2,145,534 $ 2,206,411
District's Net OPEB liability-End of Year=(a)-(b) $ 4,389,294 $ 5,273,457 $ 5,975,587 $ 4,328,352 $ 4,408,729
Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability 46.1% 37.8% 31.3% 33.1% 33.4%
Covered Employee Payroll $ 7,331,605 $ 7,149,490 $ 7,604,103 $ 7,400,587 $ 7,202,518
District's Net OPEB Liability as a Percentage of Covered-Employee Payroll 59.87% 73.76% 78.58% 58.49% 61.21%
Notes to Schedule:The District adopted GASB 75 for the fiscal Year Ending December 31,2018
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2022 and 2021
Other Post Employment Benefits-Schedule of Investment Returns
Measurement Date: December 31, 2021 2020 2019 2018 2017
Report Date: December 31, 2022 2021 2020 2019 2018
Annual Money-Weighted Rate of Return, Net of Investment Expense 13.62% 13.67% 21.56% -4.94% 8.30%
The annual money-weighted rate of return,net of investment expenses, is the net investment income for the year divided by the average net positon for the year(less investment expenses).
Notes to Schedule:The District adopted GASB 75 for the fiscal Year Ending December 31,2018
Other Post Employment Benefits-Schedule of Contributions
Measurement Date: December 31, 2021 2020 2019 2018 2017
Report Date: December 31, 2022 2021 2020 2019 2018
Actuarially Determined Contribution $ 814,095 $ 827,767 $ 532,225 $ 614,761 $ 569,210
Less:Actual Contributions 927,395 937,773 647,236 564,759 511,210
Contribution Deficiency(Excess) $ (113,300) $ (110,006) $ (115,011) $ 50,002 $ 58,000
Covered-Employee Payroll $ 7,331,605 $ 7,149,490 $ 7,604,103 $ 7,400,587 $ 7,202,518
Contributions as a Percentage of Covered-Employee Payroll 12.65% 13.12% 8.51% 7.63% 7.10%
Notes to Schedule:The District adopted GASB 75 for the fiscal Year Ending December 31,2018
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2022 and 2021
Other Post Employment Benefits -Actuarial Assumptions
Actuarial methods and assumptions used to set the actuarially determined contributions for fiscal year 2022 were from the December 21, 2021 valuation.
Methods and assumptions used to determine contributions:
Assumptions and Methods
Actuarial Cost Method Entry age normal, level percent of pay
Amortization Method Closed period, level percent of pay
Amortization Period 20 years
Inflation 7.25%
Assumed Payroll Growth Year 1 2.750%
Healthcare Trend Rates 7.00%, trending down to 3.94% over 55 years
Rate of Return on Assets 5.85%
Discount Rate used to measure total OPEB liability 7.68%
Mortality Rate CalPERS Rates utilizing the decrement table Mort and Disb Rates—PA Misc
from the CalPERS OPEB assumption model revised May 14, 2018.
Retirement Rates CalPERS Rates based on CalPERS assumption model revised
May 14, 2018 for the periods 1997 through 2017.
Page 173
Page 83 of 106
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SUPPLEMENTARY INFORMATION
Page 85 of 106
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
SUPPLEMENTARY INFORMATION
December 31, 2022
CONSOLIDATING STATEMENT OF NET POSITION- PAGE 1 OF 2
As of December 31,2022 Component Units
Electric Operations Water Operations Gray's Crossing Old Greenwood Eliminations Totals
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
CURRENT ASSETS
Cash and cash equivalents
Operating $ 6,277,013 $ 3,358,132 $ 88,742 $ 295,368 $ $ 10,019,255
Designated 14,894,586 1,769,676 - - 16,664,262
Restricted 7,454,130 14,958,504 2,207,543 24,620,177
Total cash and cash equivalents 28,625,729 20,086,312 2,296,285 295,368 51,303,694
Accounts receivable,net 2,476,011 1,013,193 - - 3,489,204
Unbilled revenues 2,646,525 1,105,671 - - 3,752,196
Special assessments receivable - 8,206 7,540,558 827,524 8,376,288
Accrued interest receivable 91,265 103,187 8,197 - 202,649
Leases receivable current portion - 34,423 - 34,423
Materials and supplies 1,368,018 302,301 1,670,319
Repaid expenses 482,511 447,533 930,044
Other 64,626 69,021 - 133,647
Total Current Assets 35,754,685 23,169,847 9,845,040 1,122,892 69,892,464
NON-CURRENT ASSETS
Operating Investments - 3,678,068 - - 3,678,068
Designated Investments 5,389,941 - 5,389,941
Broadband maintenance prepaid 62,229 - 62,229
Leases receivable,net of current portion - 1,452,595 1,452,595
Capital Assets
Utility plant 96,213,259 137,175,289 233,388,548
Accumulated depreciation (36,327,291) (63,695,999) (100,023,290)
Construction work in progress 1,101,897 2,502,991 3,604,888
Total capital assets 60,987,865 75,982,281 136,970,146
Total Non-Current Assets 66,440,035 81,112,944 147,552,979
TOTAL ASSETS 102,194,720 104,282,791 9,845,040 1,122,892 217,445,443
DEFERRED OUTFLOWS OF RESOURCES
Pension 4,177,976 2,785,317 - - 6,963,293
OPEB 1,304,285 869,523 2,173,808
Unamortized loss on refunding - 412,768 412,768
Total deferred outflows of resources 5,482,261 4,067,608 - 9,549,869
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $ 107,676,981 $ 108,350,399 $ 9,845,040 $ 1,122,892 $ $ 226,995,312
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
SUPPLEMENTARY INFORMATION
December 31, 2022
CONSOLIDATING STATEMENT OF NET POSITION— PAGE 2 OF 2
As of December 31,2022 Component Units
Electric Operations Water Operations Gray's Grossing Old Greenwood Dininations Totals
NET POSITION AND LIABILITIES
CURRENT LIABILITIES
Other liabilities
Accounts payable $ 4,995,183 $ 617,151 $ $ $ $ 5,612,334
Customer deposits 199,180 53,514 252,694
Other 1,098,953 429,849 1,528,802
Total other liabilities 6,293,316 1,100,514 7,393,830
Current liabilities payable from restricted assets:
Current portion of long-term debt 140,000 885,000 1,150,000 528,200 2,703,200
Accrued interest payable 36,398 137,811 485,529 103,885 763,623
Total Current Liabilities Payable from Restricted Assets 176,398 1,022,811 1,635,529 632,085 3,466,823
Total Current Liabilities 6,469,714 2,123,325 1,635,529 632,085 10,860,653
NON-CURRENT LIABILITIES
Long-term debt,net of discounts and premiums 6,582,090 25,684,183 25,269,127 6,927,600 64,463,000
Net pension liability 10,069,839 6,713,226 - - 16,783,065
OPEB liability 2,633,576 1,755,718 - - 4,389,294
Unearned revenues 2,344,161 1,060,202 1,464,061 413,586 5,282,010
Total non-current liabilities 21,629,666 35,213,329 26,733,188 7,341,186 90,917,369
Total Liabilities 28,099,380 37,336,654 28,368,717 7,973,271 101,778,022
DEFERRED INFLOWS OF RESOURCES
Pension 591,719 394,480 - - 986,199
OPEB 601,389 400,926 1,002,315
Leases receivable - 1,382,341 1,382,341
Total deferred inflows of resources 1,193,108 2,177,747 3,370,855
NET POSITION
Net investment in capital assets 60,810,337 61,705,531 (26,419,127) (7,455,800) 88,640,941
Restricted 866,708 2,917,476 2,892,297 - 6,676,481
Unrestricted 16,707,448 4,212,991 5,003,153 605,421 26,529,013
Total Net Position 78,384,493 68,835,998 (18,523,677) (6,850,379) 121,846,435
TOTAL LIABILITIES,DEFERRED INFLOWS OF RESOURCES AND NET POSITION $ 107,676,981 $ 108,350,399 $ 9,845,040 $ 1,122,892 $ $ 226,995,312
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
SUPPLEMENTARY INFORMATION
December 31, 2022
CONSOLIDATING STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION
For the Year Ended December 31,2022 Component Units
Electric Operations Water Operations Gray's Crossing Old Greenwood Eliminations Totals
OPERATING REVENUES
Sales to customers $ 30,015,195 16,257,163 $ $ $ $ 46,272,358
Interdepartmental sales 1,308,495 2,800 (1,311,295) -
Standby fees 17,199 105,612 122,811
Cap and trade proceeds 514,604 - 514,604
Other 1,271,331 337,879 (490,824) 1,118,386
Total Operating Revenues 33,126,824 16,703,454 (1,802,119) 48,028,159
OPERATING EXPENSES
Purchased power 16,823,869 - 16,823,869
Operations and maintenance 7,068,071 6,280,455 (1,311,295) 12,037,231
Consumer services 1,586,441 783,839 2,370,280
Administration and general 3,960,267 3,072,381 (490,824) 6,541,824
Depreciation 3,172,350 4,540,031 7,712,381
Total Operating Expenses 32,610,998 14,676,706 (1,802,119) 45,485,585
Operating Income 515,826 2,026,748 2,542,574
NON-OPERATING REV ENUE(EXPENSES)
Special tax revenue - - 2,836,533 818,991 3,655,524
Investment income(loss) (537,645) (235,711) 20,436 5,398 (747,522)
Interest expense (145,586) (762,663) (1,494,543) (325,154) (2,727,946)
Amortization credit(expense) (8,486) 17,592 (5,205) - 3,901
Other non-operating revenues 1,273,115 421,713 22,115 9,840 1,726,783
Other non-operating expenses (317,386) (349,574) (16,866) (6,634) (690,460)
Gain on disposition of assets 5,418 42,669 - - 48,087
Total Non-Operating Revenue(Expenses) 269,430 (865,974) 1,362,470 502,441 1,268,367
Income Before Contributions 785,256 1,160,774 1,362,470 502,441 3,810,941
CAPITAL&OTHER CONTRIBUTIONS,net
Capital Contributions 1,205,611 2,016,261 - - 3,221,872
Intercompany Debt Service-Pension Sidefund 193,430 (193,430) -
Total Capital and Other Contributions,net 1,399,041 1,822,831 - 3,221,872
CHANGE IN NET POSITION 2,184,297 2,983,605 1,362,470 502,441 7,032,813
NET POSITION-Beginning of Year 76,200,196 65,852,393 (19,886,147) (7,352,820) 114,813,622
NET POSITION-END OF YEAR $ 78,384,493 $ 68,835,998 $ (18,523,677) $ (6,850,379) $ $ 121,846,435
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THIS PAGE IS INTENTIONALLY LEFT BLANK
Page 89 of 106
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
SUPPLEMENTARY INFORMATION
December 31, 2022
CONSOLIDATING STATEMENT OF CASH FLOWS—PAGE 1 OF 2
For the Year Ended December 31,2022 Component Units
Electric Operations Water Operations Gray's Crossing Old Greenwood Eliminations Total
CASH FLOWS FROM OPERATING ACTIVITIES
Received from customers $ 33,275,099 $ 16,442,685 $ $ $ (1,802,119) $ 47,915,665
Paid to suppliers for goods and services (24,670,349) (7,096,385) 1,802,119 (29,964,615)
Paid to employees for services (5,951,196) (3,342,642) - (9,293,838)
Net cash provided by operating activities 2,653,554 6,003,658 8,657,212
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Federal and state financial assistance received 1,273,115 421,713 1,694,828
Federal and state financial assistance distributed to customers (113,135) (79,061) (192,196)
Principal payments on long-term debt (551,751) (551,751)
Interest payments on long-term debt (6,657) - (6,657)
Net cash provided by noncapital financing activities 601,572 342,652 944,224
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Capital expenditures for utility plant (2,684,787) (8,292,286) (10,977,073)
Net proceeds(costs)from disposal of assets (17,644) 42,669 25,025
Capital contributions,connection and facility fees 805,464 844,322 1,649,786
Special assessments receipts - 2,399 2,399
Special tax receipts - - 2,354,239 817,665 3,171,904
Proceeds from issuance of new debt 6,522,984 15,933,701 - - 22,456,685
Principal payments on long-term debt - (657,018) (1,050,000) (484,500) (2,191,518)
Interest payments on long-term debt (103,118) (624,949) (1,513,519) (331,905) (2,573,491)
Net cash provided(used)by capital and related financing activities 4,522,899 7,248,838 (209,280) 1,260 11,563,717
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income received 232,803 280,468 16,683 5,712 535,666
Net cash provided by investing activities 232,803 280,468 16,683 5,712 535,666
Net increase(decrease)in cash and cash equivalents 8,010,828 13,875,616 (192,597) 6,972 21,700,819
CASH AND CASHEQUIVALElVTS—BeginningofYear 21,033,415 6,538,762 2,488,882 288,396 30,349,455
CASH AND CASH EQUIVALENTS—END OF YEAR $ 29,044,243 $ 20,414,378 $ 2,296,285 $ 295,368 $ $ 52,050,274
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TRUCKEE DONNER PUBLIC UTILITY DISTRICT
SUPPLEMENTARY INFORMATION
December 31, 2022
CONSOLIDATING STATEMENT OF CASH FLOWS—PAGE 2 OF 2
For the Year Ended December 31,2022 Component Units
Bectric Operations Water Operations Gray's Crossing Old Greenwood Eliminations Total
RECONCILIATION OF OPERATING INCOM E TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
Operating income $ 515,826 $ 2,026,748 $ $ $ $ 2,542,574
Noncash items included in operating income
Depreciation and amortization 3,172,350 4,540,031 7,712,381
Depreciation charged to other accounts 96,944 192,180 289,124
Intercompany transfer 193,430 (193,430) -
Accounts receivable (1,154,418) (304,798) (1,459,216)
Materials and supplies (587,584) (77,302) (664,886)
Prepaid expenses (17,120) (20,870) (37,990)
Accounts payable 1,489,869 492,646 1,982,515
Customer deposits (55,862) (515) (56,377)
Deferred Pension Contributions-GASB 68 (938,948) (625,963) (1,564,911)
Deferred inflow,leases amortization (154,364) (154,364)
Leases receivable 49,686 49,686
Other current liabilities (60,933) 79,609 18,676
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 2,653,554 $ 6,003,658 $ $ $ $ 8,657,212
RECONCILIATION OF CASH AND CASH EQUIVALENTS
TO THE BALANCE SHEET
Operating 6,277,013 3,358,132 88,742 295,368 $ $ 10,019,255
Designated 14,894,586 1,769,676 - - 16,664,262
Restricted bond funds-current 7,454,130 14,958,504 2,207,543 24,620,177
Operating investments-non-current - 3,678,068 - 3,678,068
Designated investments-non-current 5,389,941 - - - 5,389,941
Total Cash and Investments 34,015,670 23,764,380 2,296,285 295,368 60,371,703
Less: Long-term investments (5,389,941) (3,678,068) - - (9,068,009)
Mark to market adjustment 418,514 328,066 746,580
TOTAL CASH AND CASH EQUIVALENTS $ 29,044,243 $ 20,414,378 $ 2,296,285 $ 295,368 $ $ 52,050,274
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STATISTICAL •
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Page i
Page 92 of 106
STATISTICAL SECTION
INTRODUCTION AND CONTENTS INDEX
This part of the District's comprehensive annual financial report presents detailed information as a context
for understanding what the information in the financial statements, note disclosures, and required
supplementary information says about the District's overall financial health.
Contents Page Range
Financial Trends 84 - 85
Information trends to help the reader understand how the District's
financial performance and condition have changed over time.
Revenue Capacity 86 - 88
Information trends to help the reader understand the District's
revenue sources.
Debt Capacity 89 - 90
Current and past trends regarding the level of debt existing and the
Debt capacity of the District.
Demographic and Economic Information 91 - 92
These schedules help the reader understand the environment
within which the District's financial activities occur.
Operating Information 93 - 94
Service and infrastructure information to help the reader understand
the District's customers and operational impacts on financial information.
Page 83
Page 93 of 106
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
10-Years Ended December 31,
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
OPERATING REVENUES
Sales to customers $ 46,272,358 $ 41,835,534 $ 38,988,024 $ 37,029,653 $ 35,486,412 $ 34,462,146 $ 33,026,587 $ 30,818,856 $ 30,331,953 $ 30,810,370
Water meter surcharge (1) - - - - - - - 703,982
Standby fees 122,811 124,130 133,470 137,580 143,320 154,970 160,670 169,010 174,250 182,580
Cap and trade proceeds 514,604 847,185 1,444,498 1,503,495 1,186,320 1,140,372 1,172,306 965,402 836,193 620,403
Other 1,118,386 693,618 1,176,035 662,843 868,965 2,577,865 1,244,146 1,023,729 1,286,200 1,345,476
Total Operating Revenues 48,028,159 43,500,467 41,742,027 39,333,571 37,685,017 38,335,353 35,603,709 32,976,997 32,628,596 33,662,811
OPERATING EXPENSES
Purchased power 16,823,869 13,560,417 11,285,537 10,754,898 11,001,858 11,327,300 11,511,308 11,348,241 11,414,498 12,306,311
Operations and maintenance 12,037,231 12,464,186 11,340,451 9,768,460 9,056,263 10,241,955 6,951,273 6,804,271 6,762,174 7,190,676
Consumer Ser\lces 2,370,280 2,255,853 2,080,714 2,667,957 2,152,817 2,593,005 2,130,422 2,159,522 2,318,900 2,563,012
Administration and general 6,541,824 6,366,879 6,165,611 5,772,396 5,002,288 5,008,231 4,331,827 4,054,439 3,976,027 3,798,842
Pension expense(2) 1,220,591 565,373 806,399
OPEB expense(2) 719,218
Depreciation 7,712,381 7,917,950 7,974,868 7,420,251 6,878,860 6,531,640 6,237,033 5,960,520 5,601,301 5,427,377
Total Operating Expenses 45,485,585 42,565,285 38,847,181 36,383,962 34,092,086 35,702,131 33,101,672 30,892,366 30,879,299 31,286,218
Operating Income 2,542,574 935,182 2,894,846 2,949,609 3,592,931 2,633,222 2,502,037 2,084,631 1,749,297 2,376,593
NON-OPERATING REVENUE(EXPENSES)
Special tax re\enue 3,655,524 3,431,174 3,375,327 3,352,289 3,268,849 3,342,077 3,290,186 3,306,080 3,356,052 3,407,806
Imestment income (747,522) (185,269) 573,668 1,038,582 694,432 420,490 390,310 393,002 510,962 110,423
Interest expense (2,727,946) (2,369,633) (2,530,616) (2,647,817) (2,753,906) (2,868,084) (3,060,079) (3,141,758) (3,568,730) (3,834,332)
Amortization 3,901 (38,250) (38,250) (38,250) (38,250) (38,250) (17,804) 10,150 26,297 25,092
Other non-operating revenues 1,726,783 83,524 41,766 48,096 21,332 42,057 63,008 34,126 60,066 58,063
Other non-operating expenses (690,460) (79,025) (238,590) (38,160) (31,691) (26,377) (150,000) (251,753) (344,353) (75,062)
Gain(loss)on disposition of assets 48,087 48,339 238,885 13,748 1,284 7,538 (1,514) 30,990 (93,925) 4,892
Total Non-Operating Re\enue(Expenses) 1,268,367 890,860 1,422,190 1,728,488 1,162,050 879,451 514,107 380,837 (53,631) (303,118)
Income Before Contributions 3,810,941 1,826,042 4,317,036 4,678,097 4,754,981 3,512,673 3,016,144 2,465,468 1,695,666 2,073,475
CAPITAL&OTHER CONTRIBUTIONS 3,221,872 6,351,674 2,043,795 4,683,099 4,652,720 2,096,828 1,699,110 1,430,510 994,056 824,714
CHANGE IN NET POSITION 7,032,813 8,177,716 6,360,831 9,361,196 9,407,701 5,609,501 4,715,254 3,895,978 2,689,722 2,898,189
Net Position-Beginning of Year,before adjustment 114,813,622 106,635,906 100,275,075 90,913,879 84,857,643 79,248,142 74,532,888 70,636,910 82,235,941 79,337,752
Less: Restatement for change in _ - - (3,351,465) - - (14,288,753) -
accounting principal(3)(4)(5)
Net Position-Beginning of Year,as adjusted 114,813,622 106,635,906 100,275,075 90,913,879 81,506,178 79,248,142 74,532,888 70,636,910 67,947,188 79,337,752
NET POSITION-END OF YEAR $121,846,435 $114,813,622 $106,635,906 $100,275,075 $ 90,913,879 $ 84,857,643 $ 79,248,142 $ 74,532,888 $ 70,636,910 $ 82,235,941
(1)District implemented a water meter surcharge of$5 per month per customer,effective 2009 through 2013,to fund cost of regulatory California Assemply Bill 2572 mandate which required all water meters be replaced.
(2)Pension and OPEB costs seperately stated in 2015 and 2016. For all other years,these costs are included Operations and maintenance,Consumer senates,and Administration and general categories,as applicable.
(3)In 2018,the District adopted GASB Statement No 75,Accounting and Financial Reporting for Postemployment Benefits other than Pensions. The beginning of year net position was adjusted for this change.
(4)In 2014,the District adopted GASB Statement No 68,Accounting and Financial Reporting for Pensions. The beginning of year net position was adjusted for this change. Page 184
Page 94 of 106
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NET POSITION BY COMPONENT AND SEGMENT
10-Years as of December 31,
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
NET POSITION by COMPONENT,as of
December 31,
Net investment in capital assets $ 88,640,941 $ 86,889,607 $ 79,111,738 $ 74,841,974 $ 66,843,642 $ 55,267,086 $ 52,052,148 $ 47,043,317 $ 39,661,738 $ 42,944,031
Restricted 6,676,481 7,248,976 11,439,913 11,052,666 9,742,741 9,288,950 8,773,009 8,569,701 10,521,661 11,096,122
Unrestricted 26,529,013 20,675,039 16,084,255 14,380,435 14,327,496 20,301,607 18,422,985 18,919,870 20,453,511 28,195,788
Net Position,Total $ 121,846,435 $114,813,622 $106,635,906 $100,275,075 $ 90,913,879 $ 84,857,643 $ 79,248,142 $ 74,532,888 $ 70,636,910 $ 82,235,941
CHANGE IN NET POSITION to PRIOR YEAR,Amount
Net investment in capital assets $ 1,751,334 $ 7,777,869 $ 4,269,764 $ 7,998,332 $ 11,576,556 $ 3,214,938 $ 5,008,831 $ 7,381,579 $ (3,282,293) $ 2,458,926
Restricted (572,495) (4,190,937) 387,247 1,309,925 453,791 515,941 203,308 (1,951,960) (574,461) (3,571,807)
Unrestricted 5,853,974 4,590,784 1,703,820 52,939 (5,974,111) 1,878,622 (496,885) (1,533,641) (7,742,277) 4,011,070
Total Change in Net Position from Prior Year $ 7,032,813 $ 8,177,716 $ 6,360,831 $ 9,361,196 $ 6,056,236 $ 5,609,501 $ 4,715,254 $ 3,895,978 $(11,599,031) $ 2,898,189
CHANGE IN NET POSITION to PRIOR YEAR,Percentage
Net imestment in capital assets 2.0% 9.8% 5.7% 12.0% 20.9% 6.2% 10.6% 18.6% -7.6% 6.1
Restricted -7.9% -36.6% 3.5% 13.4% 4.9% 5.9% 2.4% -18.6% 5.2% -24.4%
Unrestricted 28.3% 28.5% 11.8% 0.4% -29.4% 10.2% -2.6% -7.5% -27.5% 16.6%
Total Change in Net Position from Prior Year 6.1% 7.7% 6.3% 10.3% 7.1% 7.1% 6.3% 5.5% -14.1% 3.7
For more information on the change in Net Position;refer to next page for 10 Years of CONSOLIDATED STATEMENTS OF REVENUES,EXPENSES AND CHANGES IN NET POSITION
NET POSITION,BY COMPONENT,BY
SEGMENT,as of December 31
Net investment in capital assets
Electric Operations $ 60,810,337 $ 61,480,384 $ 59,467,730 $ 56,177,123 $ 50,048,040 $ 43,501,844 $ 42,500,995 $ 41,484,835 $ 37,197,945 $ 42,526,857
Water Operations 61,705,531 60,813,445 56,437,825 56,721,963 56,123,709 52,216,044 50,920,550 47,786,674 45,415,680 45,039,457
Gray's Crossing CFD (26,419,127) (27,463,922) (28,408,717) (29,263,512) (30,163,307) (30,948,102) (31,557,897) (32,137,692) (32,607,487) (33,012,283)
Old Greenwood CFD (7,455,800) (7,940,300) (8,385,100) (8,793,600) (9,164,800) (9,502,700) (9,811,500) (10,090,500) (10,344,400) (11,610,000)
Net investment in capital assets,total $ 88,640,941 $ 86,889,607 $ 79,111,738 $ 74,841,974 $ 66,843,642 $ 55,267,086 $ 52,052,148 $ 47,043,317 $ 39,661,738 $ 42,944,031
Restricted
Electric Operations $ 866,708 $ 1,068,491 $ 2,354,515 $ 2,455,342 $ 1,777,693 $ 1,842,553 $ 1,316,355 $ 944,929 $ 1,109,740 $ 1,161,905
Water Operations 2,917,476 3,351,806 6,273,747 5,803,021 5,114,785 4,576,780 4,695,114 4,817,195 6,659,078 6,172,282
Gray's Crossing CFD 2,892,297 2,828,679 2,811,651 2,794,303 2,850,263 2,869,617 2,761,540 2,807,577 2,752,843 2,746,567
Old Greenwood CFD - - - - - - - - - 1,015,368
Restricted,total $ 6,676,481 $ 7,248,976 $ 11,439,913 $ 11,052,666 $ 9,742,741 $ 9,288,950 $ 8,773,009 $ 8,569,701 $ 10,521,661 $ 11,096,122
Unresticted
Electric Operations $ 16,707,448 $ 13,651,321 $ 10,294,409 $ 8,653,888 $ 8,594,312 $ 10,762,466 $ 7,920,940 $ 5,912,854 $ 6,528,260 $ 9,954,448
Water Operations 4,212,991 1,687,142 600,254 519,901 734,026 4,682,775 5,875,984 8,770,727 10,054,081 14,481,503
Gray's Crossing CFD 5,003,153 4,749,096 4,635,070 4,670,778 4,442,898 4,256,091 3,976,683 3,561,565 3,193,320 2,827,987
Old Greenwood CFD 605,421 587,480 554,522 535,868 556,260 600,275 649,378 674,724 677,850 931,850
Unresticted,total $ 26,529,013 $ 20,675,039 $ 16,084,255 $ 14,380,435 $ 14,327,496 $ 20,301,607 $ 18,422,985 $ 18,919,870 $ 20,453,511 $ 28,195,788
Page 85
Page 95 of 106
Truckee Donner Public Utility District
Electric and Water-Account Type Mix and Rates
Last 11 Years
Electric Utility
Average Number of Accounts Typical Residential Average Monthly Bill Average
Residential Residential Non- Rate
Year Primary Secondary Residential Total Residential I Primary Secondary Primary Secondary Increase
Non-Residential @ 500 KwH @ 500 KwH @ 785 KwH @ 420 KwH Prim.I Secon.
(1) (1) (2) Mix (3) (3) (4) (4) (5)
2022 5,129 7,812 1,661 14,602 89%1 11% $92.18 $102.48 $132.56 $89.50 8.3%1 9.0%
2021 4,971 7,789 1,656 14,416 89%111% $84.70 $94.20 $122.41 $82.10 2.0%13.0%
2020 4,898 7,659 1,619 14,176 89% 11% $82.33 $91.83 $120.04 $79.73 1.8%1 2.7%
2019 4,810 7,565 1,585 13,960 89% 11% $80.25 $89.75 $117.96 $77.65 2A 13.7%
2018 4,798 7,462 1,558 13,818 89% 11% $77.50 $87.00 $115.20 $74.89 1.9%1 3.0%
2017 4,784 7,389 1,535 13,708 89% 11% $75.35 $84.85 $113.05 $72.74 1.7%1 2.6%
2016 4,738 7,303 1,527 13,568 89%1 11% $73.51 $83.01 $111.21 $70.90 0.0%1 0.0%
2015 4,642 7,235 1,512 13,389 89%1 11% $73.51 $83.01 $111.21 $70.90 0.0%1 0.0%
2014 4,646 7,157 1,517 13,320 89%111% $73.51 $83.01 $111.21 $70.90 0.0%1m
2013 4,611 7,116 1,517 13,244 89%111% $73.51 $83.01 $111.21 $70.90 m 10.0%
2012 4,611 7,060 1,520 13,191 88%1 12% $73.51 $83.01 $111.21 $70.90 0.0%1 0.0%
(A):
5yr CAGR 1.4% 1.1% 1.6% 1.3% N/A 4.1% 3.8% 3.2% 4.2% N/A
10yr CAGR 1.1% 1.0% 0.9% 1.0% N/A 2.3% 2.1% 1.8% 2.4% N/A
Water Utility
Average Number of Accounts Typical Residential Average Monthly Bill-5000 Gallons of Use
column Non- Excluding Including column column Annual
Year Residential not used Residential Total Residential I PumpZone PumpZone not used not used Increase
Non-Residential Charge Charge(PZC) Including
(6) (2) Mix (7) (7) PZC
2022 12,754 772 13,526 94%16% $87.95 $94.80 9.0
2021 12,635 765 13,400 94%16% $80.69 $86.97 10.7
2020 12,505 748 13,253 94%16% $73.56 $78.58 3.3
2019 12,261 865 13,126 93%1 7% $71.44 $76.05 3.5
2018 12,317 709 13,026 95%1 5% $69.32 $73.51 3.4
2017 12,218 706 12,924 95%1 5% $67.30 $71.07 5.3
2016 12,121 706 12,827 94%16% $64.12 $67.47 5.8
2015 12,012 704 12,716 94%16% $60.78 $63.75 4.8
2014 11,915 699 12,614 94%16% $58.40 $60.84 3.0%
2013 11,809 706 12,515 94%16% $56.95 $59.04 0.0%
2012 11,753 706 12,459 94%16% $56.95 $59.04 0.0
(A):
5yr CAGR 0.9% 1.8% 0.9% N/A 5.5% 5.9% N/A
10yr CAGR 0.8% 0.9% 0.8% N/A 4.4% 4.8% N/A
Source: Truckee Donner Public Utility District records
Notes:
(1) Two main residential rate categories;Primary(P)and Secondary(S);with mix currently 40%P and 60%S from 10 years ago 40%P and 60%S. Also see(6).
(2) Non-Residential account type includes commerical businesses and govermental agencies.
Commercial average monthly bills are not presented,as commerical accounts monthly bills vary widely by account based on meter size and usage.
(3) Average for Primary and Secondary residential,at same KwH usage. Amounts for(3)and(4)include Public Benefit and Solar California mandates.
(4) Average for Primary and Secondary residential,at 3 year average KwH usage for the account type P and S. Also see 2nd half of note(3).
(5) Average annual rate increase for P I S based on(4)usage averages.
(6) The average number of accounts is annual average for the year,the number of accounts each month varies.
(7) Residential average includes Monthly Serice Fee,Usage Fee based on Volume,and Pump Zone charge based on elevation zone. Pump Zone 1 Page 186
charge is zero. Accounts are in 1 of 7 pump zones of Distict,based on elevation. The Including Pump Zone average is weighted average
based on number of accounts per zone.
(A) Compounded Annual Growth Rate(CAGR)metrics for 2022 compared to respective number of years(yr)prior
Page 96 of 106
Truckee Donner Public Utility District (TDPUD)
Electric and Water Utilities - FY 2022
Regional Average Monthly Residential Bill Comparison
Electric-Typical Monthly Bill* Water-Typical Monthly Bill
SDG&E* - $220.23
Olympic Valley PSD $118.77
PG&E* li M7 $154.56
SCE* $154.30
Tahoe City PUD $103.83
LADWP* $122.10
Pasadena* $111.84
Donner Summit PUD $98.60
SMUD* $108.74
Plumas-Sierra $103.04
North star CSD $97.40
TDPUD Secondary(2) $302.48
Liberty $100.47
TDPUD Inc Pump(5) $94.80
TDPUD Bien ded(3) $98.51
Modesto ID* M $96.60
Alpine Springs CWD $90.22
Redding $96.55
Lodi* $93.72
TDPUD Exc Pump(4) $87.95
Riverside* $93.19
TDPUD Pr imary(1) $92.18
Anaheim $91.10 San Francisco PUC $86.53
Azusa* $91.06
Imperial ID* $86.06 North Tahoe PUD $79.76
Palo Alto $84.45
Lompoc* $82.93 Nevada Irrigation District $63.26
Turlock ID* $82.53
Roseville* $80 93 South Tahoe PUD $61.72
Merced I D* 0 $80.91
Sacramento SWD - $53.91
Santa Clara $66.47
$0 $50 $100 $150 $200 $250 $0 $20 $40 $60 $80 $100 $120 $140
TDPUD compiled this information from a review of each respective District's website for applicable ordinances/rates information.Monthly bills
assume a typical customer consumption of 500 kWh per month in electricity and 5,000 gallons per month in water
(1)Primary residence accounts 39% (4)Excluding Pump Zone charge
(2)Second home residence accounts 61% (5)Including Pump Zone charge,the weighted average
(3)Weighted average of(1)and(2) of the 7 pump zones.
Note-Second homes average KwH usage is historically 54%of Primary homes KwH average usage Pump zone charges are based on water elevation zones of
Weighted average for utilities with Summer and Winter rates service territory.
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Truckee Donner Public Utility District
Ten Largest Customers and Sales Mix
Current Year and Nine Years Ago
Electric Utility 2022 2013
Customer %of Total Customer %of Total
Customer(1)(2) Revenue Rank Revenue Revenue Rank Revenue
Tahoe Forest Hospital $ 1,190,176 1 4.0% $ 899,655 2 4.3%
Tahoe Truckee Sanitation Agency 1,101,482 2 3.7% 942,723 1 4.5%
Private Company,A 633,800 3 2.1% 0.0%
Tahoe Truckee Unified School District 537,819 4 1.8% 375,970 3 1.8%
Union Pacific Railroad 454,661 5 1.5% 0.0%
Private Company, B 422,272 6 1.4% 278,134 5 1.3%
Private Company, C 358,850 7 1.2% 246,696 6 1.2%
Private Company, D 300,538 8 1.0% 286,875 4 1.4%
Town of Truckee 256,397 9 0.9% 181,724 10 0.9%
Truckee Donner Recreation and Park District 253,672 10 0.8% 0.0%
Private Company, E 242,796 7
Private Company, F 199,590 8
Private Company, G 196,232 9
Total,Top 10 Customers $ 5,509,668 18.4% $ 3,850,396 18.4%
Total Sales to Customers $ 30,015,195 100.0% $ 20,939,839 100.0%
Residential $ 17,225,805 57.4% $ 11,941,730 57.0%
Sales Mix Commercial $ 8,727,227 29.1% $ 5,864,411 28.0%
Public Authorities $ 4,062,163 13.5% $ 3,133,698 15.0%
Water Utility 2022 2013
Customer %of Total Customer %of Total
Customer(1) Revenue Rank Revenue Revenue Rank Revenue
Private Company, C $ 222,993 1 1.4% $ 108,875 2 1.1%
Private Company, D 200,944 2 1.2% 137,142 1 1.4%
Private Company, H 61,434 3 0.4% 49,304 4 0.5%
Truckee Donner Recreaton and Park District 61,295 4 0.4% 61,308 3 0.6%
Tahoe Forest Hospital 55,003 5 0.3% 41,412 6 0.4%
Tahoe Truckee Unified School District 51,161 6 0.3% 44,272 5 0.4%
Private Company, 1 45,647 7 0.3% 29,638 9 0.3%
Private Company,J 40,331 8 0.2% 29,822 8 0.3%
Town of Truckee 39,845 9 0.2% 26,189 10 0.3%
Private Company, K 34,909 10 0.2% 0.0%
Private Company, L 34,747 7
Total,Top 10 Customers $ 813,561 5.0% $ 562,710 5.7%
Total Sales to Customers $ 16,257,163 100.0% $ 9,870,531 100.0%
Residential Potable $ 14,361,246 88.3% $ 8,531,468 86.4%
Sales Mix Non-Residential Potable $ 1,677,894 10.3% $ 1,184,313 12.0%
Nonpotable $ 218,023 1.3% $ 154,750 1.6%
(1)To preserve confidentiality, private company customer names are not disclosed.
(2)Electric Utility table excludes internal customer,Water Utility,with Revenue of$1.3 million in 2022 and 1.2 million
in 2013
The Electric Utility revenue from Water Utility is eliminated on a Consolidated Financial Statement basis.
Source: Truckee Donner Public Utility District Customer Service Department
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Truckee Donner Public Utility District
Debt Coverage
Last 10 Years
Dollars in Thousands except for Coverage Ratio
Electric Utility
A B A -B = C D CID
Total Total Net Revenues Debt
Year Revenues Expenses Available For Service Coverage
(1) (2) Debt Service Requirement(3) Ratio
2022 33,473 29,439 4,034 558 7.22
2021 30,918 26,720 4,198 1,108 3.79
2020 30,409 23,010 7,399 1,058 6.99
2019 29,258 21,093 8,165 1,000 8.16
2018 27,782 20,237 7,545 1,429 5.28
2017 28,336 22,108 6,228 468 13.32
2016 25,628 20,223 5,405 1,000 5.40
2015 24,322 18,944 5,378 895 6.01
2014 23,611 19,495 4,116 863 4.77
2013 23,859 20,107 3,753 4,118 0.91
Water Utility
A B A -B = C D CID
Total Total Net Revenues Debt
Year Revenues Expenses Available For Service Coverage
(1) (2) Debt Service Requirement(3) Ratio
2022 17,985 10,137 7,849 1,305 6.01
2021 16,981 9,736 7,245 2,046 3.54
2020 15,107 9,599 5,508 2,024 2.72
2019 14,419 9,552 4,867 2,018 2.41
2018 13,769 8,662 5,107 2,016 2.53
2017 12,909 8,775 4,134 2,341 1.77
2016 12,908 8,171 4,737 2,389 1.98
2015 11,401 7,461 3,940 2,431 1.62
2014 11,328 7,437 3,891 2,517 1.55
2013 11,426 7,363 4,063 2,512 1.62
(1) Includes interest income, facilities fees, and connection fees; Water excludes Donner Lake
Assessment District special tax (assessment)revenues
(2) Excludes depreciation, interest and amortization expense
(3) Includes principal and interest of bond (certficates of participation, and other types)debt, parity
and subordinate; Water excludes Donner Lake Assessment District SRF loan debt;
includes credit offset for interest on parity debt reserve funds; exlcudes refunding activities. Page 89
Page 99 of 106
Truckee Donner Public Utility District
Total Long-Term Debt per Account and Ratios
Last 10 Years
as of year ended
December31, 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Electric Utility
Total Debt($000s) (1) $6,722 $552 $ 1,603 $2,604 $3,524 $4,803 $5,218 $5,662 $6,265 $6,808
Number of Accounts 14,602 14,416 14,176 13,960 13,818 13,708 13,568 13,389 13,320 13,244
Debt per Account $460 $38 $ 113 $ 187 $255 $350 $385 $423 $470 $514
Debt to Total Revenue 20% 2% 5% 9% 13% 17% 20% 23% 27% 29%
Debt to Net Capital 11% 1% 3% 4% 7% 10% ° ° ° °
Assets 11/° 12/° 14/° 16/°
Water Utility
Total Debt($000s) (2) $26,569 $ 11,022 $ 16,579 $ 18,846 $21,059 $23,217 $25,631 $27,857 $31,118 $33,208
Number of Accounts 13,526 13,400 13,253 13,126 13,026 12,924 12,827 12,716 12,614 12,515
Debt per Account $ 1,964 $823 $ 1,251 $ 1,436 $ 1,617 $ 1,796 $ 1,998 $2,191 $2,467 $2,653
Debt to Total Revenue(2) 141% 62% 104% 124% 145% 169% 187% 228% 257% 272%
Debt to Net Capital 37% 15% 23% 25% 27% 31% 34% 37% 41% 43%
Assets
Grey's Crosssing CFD
Total Debt($000s) (3) $26,419 $27,464 $28,409 $29,264 $30,163 $30,948 $31,558 $32,138 $32,607 $33,012
Number of Parcels (5) 426 407 407 408 413 413 415 415 416 416
Debt per Parcel $62,017 $67,479 $69,800 $71,724 $73,035 $74,935 $76,043 $77,440 $78,383 $79,356
Old Greenwood CFD
Total Debt($000s) (4) $7,456 $7,940 $8,385 $8,794 $9,165 $9,503 $9,812 $ 10,091 $ 10,344 $ 11,610
Number of Parcels (5) 1,262 1,254 1,254 1,238 1,238 1,231 1,231 1,231 1,231 1,231
Debt per Parcel $5,908 $6,332 $6,687 $7,103 $7,403 $7,719 $7,970 $8,197 $8,403 $9,431
($000s)
Total Utility Debt $33,291 $ 11,574 $ 18,182 $21,449 $24,582 $28,021 $30,849 $33,520 $37,382 $40,016
Total CFD Debt $33,875 $35,404 $36,794 $38,057 $39,328 $40,451 $41,369 $42,228 $42,952 $44,622
Total Debt,
Consolidated 67 666 46 978 54 976 59 506 LQ 110 68 472 LZ2 218 LZ5 448 80 334 84 638
(1)Electric Total Debt includes Pension Obligation Bonds, Installment Loan, and Certificates of Participation debt.
(2)Water Total Debt includes Certificates of Participation debt, CA Dept. of Water Resources loan, Installment loans, and Donner Lake
Assessment District (DLAD)related State Revolving Fund (SRF)loan. Total Revenue for this report's Water Debt to Total Revenue includes
DLAD tax assessment proceeds which applies the DLAD's SRF loan debt service of$800,852 for each year presented.
(3)Grey's Crossing Community Facilities District(CFD)Debt is Special Tax Bonds-Mello Roos.
(4)Old Greenwood Community Facilities District(CFD)Debt is Special Tax Bonds-Mello Roos.
(5)Number of parcels subject to CFD Special Tax Mello Roos Bonds varies by year due to full pre-payments and parcel splits, and represents
special tax assessment parcels. Old Greenwood number of parcels for 2011-2014 has been estimated.
Page 190
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Truckee Donner Public Utility District
Demographic and Economic Information
Last 11 Years
Town of Truckee(1)
Per Capita TTUSD
Labor Personal Personal School
Year Force Unemployment Population Income Income Enrollment
(2) (2) (3) (4) (5) (6)
2022 9,420 3.6% 16,676 $59,141 $986,235,316 4,165
2021 9,270 4.0% 16,693 $51,955 $867,284,815 4,159
2020 9,190 3.2% 16,735 $46,295 $774,746,825 4,193
2019 9,860 1.3% 16,434 $46,280 $760,565,520 4,168
2018 10,370 2.6% 16,309 $45,706 $745,419,154 4,133
2017 10,490 3.0% 16,277 $43,898 $714,527,746 4,153
2016 10,110 3.9% 16,231 $42,439 $688,827,409 4,010
2015 10,700 5.3% 16,184 $40,414 $654,060,176 3,978
2014 10,010 6.4% 16,191 $37,117 $600,961,347 3,950
2013 10,040 7.9% 16,132 $37,058 $597,819,656 3,917
2012 10,060 9.6% 16,100 $35,891 $577,845,100 3,838
(A) :
5yr CAGR -2.1% 3.7% 0.5% 6.1% 6.7% 0.1%
10yr CAGR -0.7% -9.3% 0.4% 5.1% 5.5% 0.8%
Sources and Legend:
(1) The Town of Truckee boundaries comprise approximately 95% of the District's service territory.
(2) California Employment Development Department
(3) California Department of Finance Projections for Town of Truckee
(4) United States Census Data adjusted for inflation and Town of Truckee
(5) Personal Income calculated as Population (3) multiplied by Per Capital Income (4)
(6) California Ed-Data Partnership; Tahoe-Truckee Unified School District(TTUSD), Census Day Enrollment for school
district's fiscal year
(A) Compounded Annual Growth Rate(CAGR) metrics for 2022 compared to respective number of years(yr) prior
Page 191
Page 101 of 106
Truckee Donner Public Utility District
Principal Employers
Prior Year and Two Years Ago
2021** 2019
Percent Percent
Number of of Total Number of of Total
Employer Name Employees Employment Employees Employment
Tahoe Forest Hospital District 1,002 10.8% 577 5.9%
Tahoe-Truckee Unified School District 309 3.3% 238 2.4%
Safeway 154 1.7% 150 1.5%
Tahoe Donner Association 144 1.6%
Northstar Lodge (Welk Resorts) 180 1.8%
Town of Truckee 130 1.4% 128 1.3%
Paradigm8/Tahoe Mountain Club 125 1.3%
Mountain Hardware &Truckee Rents 91 1.0%
New Moon Natural Foods 82 0.9%
Truckee Donner Public Utility District 74 0.8% 70 0.7%
Mark Tanner Construction 65 0.7%
Truckee-Donner Recreation & Park District 51 0.6% 31 0.3%
Save Mart 42 0.4%
Bar of America 22 0.2%
Top 10 Employers, total 2,162 23.3% 1,503 15.2%
Labor Force 9,270 100.0% 9,860 100.0%
Sources and Comments:
Source of Top 10 employers is Town of Truckee's 2021 and 2019 Comprehensive Annual Financial Reports,
and 2019 was the first year information provided and is based on direct inquiries to employers.
Other than above from Town of Truckee, specific employer information is not publicly available to the District.
Labor Force is from prior page.
**2022 data not available
Page 92
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Truckee Donner Public Utility District
Operating Information
Last 11 Years
Electric Utility Water Utility
Water
IRS Number of KwH Capital Number of Production Capital
Year W-2s FTEs Accounts Billed Assets, Net Accounts in Millions Assets, Net
(1) (2) (Average) (000s) ($000s) (3) (Average) of Gallons ($000s) (3)
2022 89 77 14,602 167,155 $60,988 13,526 1,556 $75,982
2021 90 70 14,416 163,176 $61,493 13,400 1,715 $71,390
2020 82 68 14,176 159,134 $59,493 13,253 1,713 $72,539
2019 89 73 13,960 156,714 $58,756 13,126 1,503 $75,056
2018 86 72 13,818 151,944 $53,535 13,026 1,579 $76,638
2017 77 74 13,708 156,562 $48,258 12,924 1,487 $74,857
2016 78 72 13,568 151,527 $47,660 12,827 1,460 $75,942
2015 83 73 13,389 140,819 $47,079 12,716 1,381 $75,338
2014 78 71 13,320 142,584 $43,384 12,614 1,682 $75,938
2013 75 69 13,244 147,389 $42,536 12,515 1,846 $77,378
2012 78 66 13,191 146,014 $41,434 12,459 1,857 $78,317
(A) :
5yr CAGR 2.9% 0.8% 1.3% 1.3% 4.8% 0.9% 0.9% 0.3%
10yr CAGR 1.3% 1.5% 1.0% 1.4% 3.9% 0.8% -1.8% -0.3%
Sources and Legend:
(1) Number of Internal Revenue Service payroll W-2 forms issued for calendar/tax year
(2) Full Time Equivalents (FTEs)calculated as payroll paid hours (work regular and overtime, vacation, sick, other)for
year divided by 2080
(3) Capital Assets, Net as of year end is comprised of Gross Fixed Assets, less Accumulated Depreciation, plus
Construction Work in Progress, presented as dollars in thousands ($000s)
(A) Compounded Annual Growth Rate(CAGR) metrics for 2022 compared to respective number of years(yr)prior
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Truckee Donner Public Utility District
Capital Assets by Function
Last 10 Years
Balance as of December 31, 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Plant Balances
Electric distribution $ 80,851,918 $ 76,021,243 $ 71,894,379 $ 67,692,719 $ 64,204,691 $ 60,416,921 $ 58,345,690 $ 54,721,615 $ 51,524,863 $ 49,307,043
Water distribution 132,306,300 124,052,449 121,483,082 120,131,130 116,378,593 112,596,747 108,860,825 107,005,578 103,049,122 101,559,249
General plant 20,230,330 19,827,303 19,316,644 18,450,143 16,513,295 15,782,620 15,062,278 13,887,881 12,816,635 12,613,090
Total 233,388,548 219,900,995 212,694,105 206,273,992 197,096,579 188,796,288 182,268,793 175,615,074 167,390,620 163,479,382
Accumulated Depreciation
Electric distribution (25,615,227) (23,396,600) (21,385,441) (19,454,296) (19,488,505) (18,789,115) (17,045,715) (15,975,929) (14,842,504) (13,605,356)
Water distribution (60,888,418) (56,654,194) (52,339,068) (48,269,854) (44,232,073) (40,260,086) (37,643,873) (34,248,569) (32,462,147) (29,301,292)
General plant (13,519,645) (12,700,105) (11,522,788) (10,851,669) (10,372,265) (9,514,034) (8,683,151) (7,817,950) (7,171,096) (7,108,863)
Total (100,023,290) (92,750,899) (85,247,297) (78,575,819) (74,092,843) (68,563,235) (63,372,739) (58,042,448) (54,475,747) (50,015,511)
Plant Sub-Total
Electric distribution 55,236,691 52,624,643 50,508,938 48,238,423 44,716,186 41,627,806 41,299,975 38,745,686 36,682,359 35,701,687
Water distribution 71,417,882 67,398,255 69,144,014 71,861,276 72,146,520 72,336,661 71,216,952 72,757,009 70,586,975 72,257,957
General plant 6,710,685 7,127,198 7,793,856 7,598,474 6,141,030 6,268,586 6,379,127 6,069,931 5,645,539 5,504,227
Total 133,365,258 127,150,096 127,446,808 127,698,173 123,003,736 120,233,053 118,896,054 117,572,626 112,914,873 113,463,871
Construction work in progress 3,604,888 5,732,900 4,584,711 6,114,079 7,169,814 2,881,021 4,706,276 4,844,042 6,407,589 6,449,688
TOTALS $ 136,970,146 $ 132,882,996 $ 132,031,519 $ 133,812,252 $ 130,173,550 $123,114,074 $ 123,602,330 $ 122,416,668 $ 119,322,462 $ 119,913,559
Change to Prior Year
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Change in Plant
Electric distribution $ 4,830,675 $ 4,126,864 $ 7,689,688 $ 7,275,798 $ 3,787,770 $ 2,071,231 $ 3,624,075 $ 3,196,752 $ 2,217,820 $ 1,022,403
Water distribution 8,253,851 2,569,367 5,104,489 $ 7,534,383 3,781,846 3,735,922 1,855,247 3,956,456 1,489,873 548,453
General plant 403,027 510,659 2,803,349 $ 2,667,523 730,675 720,342 1,174,397 1,071,246 203,545 650,384
Total 13,487,553 7,206,890 15,597,526 $ 17,477,704 8,300,291 6,527,495 6,653,719 8,224,454 3,911,238 2,221,240
Change in Accumulated
Depreciation
Electric distribution (2,218,627) (2,011,159) (1,896,936) (665,181) (699,390) (1,743,400) (1,069,786) (1,133,425) (1,237,148) (707,901)
Water distributi on (4,234,224) (4,315,126) (8,106,995) (8,009,768) (3,971,987) (2,616,213) (3,395,304) (1,786,422) (3,160,855) (3,041,514)
General plant (819,540) (1,177,317) (1,150,523) (1,337,635) (858,231) (830,883) (865,201) (646,854) (62,233) (164,092)
Total (7,272,391) (7,503,602) (11,154,454) (10,012,584) (5,529,608) (5,190,496) (5,330,291) (3,566,701) (4,460,236) (3,913,507)
Change in Plant Sub-Total
Electric distribution 2,612,048 2,115,705 5,792,752 6,610,617 3,088,380 327,831 2,554,289 2,063,327 980,672 314,502
Water distribution 4,019,627 (1,745,759) (3,002,506) (475,385) (190,141) 1,119,709 (1,540,057) 2,170,034 (1,670,982) (2,493,061)
General plant (416,513) (666,658) 1,652,826 1,329,888 (127,556) (110,541) 309,196 424,392 141,312 486,292
Total 6,215,162 (296,712) 4,443,072 7,465,120 2,770,683 1,336,999 1,323,428 4,657,753 (548,998) (1,692,267)
Change in Construction work in
progress (2,128,012) 1,148,189 (2,585,103) 3,233,058 4,288,793 (1,825,255) (137,766) (1,563,547) (42,099) 1,855,222
Change in Total Capital Assets $ 4,087,150 $ 851,477 $ 1,857,969 $ 10,698,178 $ 7,059,475 $ (488,256) $ 1,185,662 $ 3,094,206 $ (591,097) $ 162,955
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END OF REPORT
THANK YOU FOR READING
TRUCKEE DONNER
Public Utility District
Truckee Donner Public Utility District
11570 Donner Pass Road
Truckee, CA 96161
Phone (530) 587-3896
Website TDPUD.ORG
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