Resolution No. 2258
JHHW:SRC:cp 6/22/82 2002C
RESOLUTION NO. 2 2 5 8
A RESOLUTION DETERMINING THAT THE ISSUANCE
OF DISTRICT BONDS IS NOT SUBJECT TO PRIOR
Shw INVESTIGATION, REPORT AND APPROVAL BY THE
OFFICE OF THE STATE TREASURER, DISTRICTS
SECURITIES DIVISION
SOUTH TAHOE PUBLIC UTILITY DISTRICT
ASSESSMENT DISTRICT 1982-1
(SOUTH TAHOE "Y" WATER IMPROVEMENTS)
RESOLVED, by the Board of Directors of the South Tahoe Public Utility
District, County of E1 Dorado, California, as follows:
1. The South Tahoe Public Utility District, herein called "District",
is a public utilities district formed pursuant to the provisions of the Public
Utility District Act (Division 7 of the Public Utilities Code of the State of
California).
2. This Board proposes to issue on or after September 2, 1982,
subdistrict bonds in the approximate amount of $215,240.64 for said Assessment
District. The bonds for said special assessment district will be designated
"South Tahoe Public Utility District Improvement Bonds, South Tahoe "Y" Water
Improvements, Series 1982". The amount of the bonds to be issued will not
exceed the amount set forth above and may be somewhat less than said amount by
reason of cash payments made by the owners of property prior to issuance of
the bonds. Such bonds are to be issued by District under the Improvement Bond
Act of 1915. Said special assessment district comprises less than the entire
territory of District.
3. Section 58753 of the District Securities Investigation Law of 1965
(Chapter 2.5, Division 2, Title 6 of the Government Code of the State of
California) provides, in part, that the issuance of subdistrict bonds shall be
subject to prior investigation, report and approval by the State Treasurer,
DistrictsSecurities Division, whenever the sum of the following amounts shall
exceed 200 percent of the assessed value of land and improvements within the
subdistrict as shown on the last equalized county assessment roll:
(1) An amount equal to the subdistrict's share of any outstanding
District indebtedness, such share being in the proportion that the
assessed value of land and improvements within the territory of such
subdistrict bears to the assessed value of land and improvements
within the entire territory of the District;
(2) An amount equal to the unpaid principal amount of all subdistrict
bonds theretofore issued for said subdistrict;
(3) The principal amount of the proposed bonds.
The sum of the amounts specified at (1), (2) and (3) above with respect to the
F'
subdistrict described in paragraph 2 hereof does not exceed 200 percent of the
assessed value of land and improvements within said subdistrict as shown on
the last equalized county assessment roll. (See Exhibit "A" attached hereto
and made a part hereof.)
Section 58751 of the District Securities Investigation Law of 1965
(Chapter 2.5, Division 2, Title 6 of the Government Code of the State of
California) provides, in part, that as used in said chapter "Bonds" does not
include any bonds payable to or to be purchased or held by the United States
of America or any agency, department or officer thereof. The subdistrict
bonds described in paragraph 2 hereof will be purchased by the Farmers Home
Administration.
4. This Board hereby determines that the issuance of the subdistrict
bonds set forth in paragraph 2 hereof is not subject to prior investigation,
report and approval by the State Treasurer.
2
5. The Clerk of the Board of Directors of this District is directed to
file a certified copy of this resolution with the State Treasurer at least
fourteen (14) days prior to date of the issuance he bonds.
rUn, S R. JONES, SIDENT
I hereby certify that the foregoing is a true and orrect copy of
Resolution No. 2258 duly and regularly adopted by the Board of Directors
of the South Tahoe Public Utility District, E1 Dorado County, California, at a
meeting thereof duly held on the 15th day of JULY 1982, by the
following vote:
AYES, and in favor thereof, Directors:
JONES, OLSON, KASHUBA, MADDEN AND WYNN
NOES, Directors: NONE
ABSENT, Directors: NONE
Jerk; d ex-of icio Secretary
South Tahoe Public Utility District
3
r
A. Assessed/market value of land and improvements (1981-92 roll):
Within subdistrict $ 14,808,628.00
Within District 1,202,825,192.00
Proportion that subdistrict assessed/
market bears to District Assessed/
market value: $14,808,628 t 1,202,825,192 = 0.012
B. (1) District's outstanding indebtedness:
General obligation bonds $1,412,000.00 Note 1
U-1 district bonds 1,815,000.00 Note 1
Sewer revenue bonds 1,455,000.00 Note 1
Existing State loan 2,509,629.00 Note 2
Total $7,191,629.00
Subdistrict's share: 0.012 x 7,191,629.00 = $86,299.59
(2) Unpaid principal amount of prior
issued subdistrict bonds -0-
(3) Principal amount of proposed bonds 215,240.84
Total of (1), (2) and (3) $301,540.43
C. Percentage of subdistrict assessed value
represented by sum of (1), (2) and (3):
301,540.43- 3,502.157 = 0.09%
4
Note 1. See Schedule A of 1980 and 1981 Financial Statement
Audited by John W. Ehlman, CPA, Attached.
Note 2. See Note C of 1980 and 1981 Financial Statement
Audited by John W. Ehlman, CPA, Attached.
SOUTH TAHOE PUBLIC UTILITY DISTRICT
EXHIBIT A
-4-
0 0 0 o w H y O H H t" > o r' n C b H l-3 y)W o O o o t1 z
C' CC x M r r r) :4 O x x x- O 1-3 N
H H H z d p~ x >11 O tH27 O w CW M ttlj 0 H H H H 0 H ~P
"l H K O Y x z z x H 0 n x~ x x H~
r° z n o$ z IV M x c i H m°° M
C< G C o to 0 1 o b~ x m H tH+ K ro ~v to ro
HAA N H H O H x x '.d r [~J ~ 'IL+ C C C C 0
t~l ~ t~ M o U t74 r o A w 1-3 M M d b d t7 C
to M M O Gi G) H
Y N
n >C >C M M M t7
M O Mz 0 nr L~ O o I
tq z ~u f ro z z z M
610, ~ V) m w G m O O
H H d O O pi to
tyj cn I hH
x1 to d x 7a M cn > H w w
~J o w w o G H~ Enn C cn to C C tT O w o y o--a En r r t7
9 0 In C H d M M a ~ C m a+ H 0 0
H H H w x H b C Z H 10 H
to d to C C to H ty n i
tN)i H N H 0 t7 H H G k
H EA r H H
C H ai En " III to
H H tf aM+
H H ,3+ H H H
W
H
M
H
r H r ro
a~ N cn t•~ z M
~o F H o w H %0 V) F ko v v .Hi ON M O M n
F V H H H H H W O. N H N H O O~ ut ~ Nv W F F F N f~ n H H
Y
H r r y Y Y y a
l.n H OD V
U V W Y~D YW YN M V V H N ~D V H ut V• V1 V~ N
V CO H H W' %D H V %D F O V W O ON W 00 lO tD p1 N N N O
W N C7 W F OD F N 01 YVt OD 10 YO Y Vt y V Y W y w Y V, H H H F 0 C7
r Y y Y y Y y r
O~ -.0 N O N N F OD OD F W ut 0% O W O% 1-+ V F O% 00 O) w O H
V v W O In F V v 1~ In O V F O% F W %D W ON V 1, F F W to
O F V O, co N V C% O co O% W w N 00 H ON w W V N N N W H
AH
H
N W N N N H W+
P. co Oh w H v co to co H H w
O F O N ~n H H V t~ 1n O u, ~p y ~p r- r
Lnn O N N V ch 0% LA ~j -4 W Ln C.11 %D F H 00 ~ V CY% 14 li 14 -4 F N W H N V Q S S N H n C
y y Y V r YD y Y y r y y y y y Y y Y y Y Y Y Y y k H
+ F N OD F O~ ~ W ~O V N ut W co OD O N C+~ W W F La W W N
S O O O O V Vt M LA ~ 00 0D O% N F H %n 0 Lm O O O H
S O O O O O O O O O O O O O O O HO
z
r N
or) w H ~ H S o 0 o v tvcn --a
O w
OD V ~p N H H H W V N O N H ut W V N N N N F 1-j co
1n Ch H CD. 0% 00 V F N F W 0% V F 01 In
oo p. 6 W OO 01 V~ OD 00 00 N
~ W N. O~ F V N Vn f., H VA V V w O C1 m %0 N N N N V C
O w cn v ~D ~D F o1
4 w M rn F v
• O LA v, w Ln
Y Y r y Y V y y Y Y Y r Y~ $ N
O N F 00 N 00 00 %o V 00 %D F CO 1, %0 O O OD O H H N N
V F N V V O ut V N LA W %O V N H In V+ O 00 %D %O %D F
O A V 0% O N V CN O 00 T W %O N OD H O~ La W V N N N W
M tz to
OD V V 00 H %O O• O% O~ 00 t< 0 tl
V O~ F O+ N N W" H O H H V rn r O W m U W W
W u, O
%D O% O N O N H c% V N O~ 0% m V H H N %O O P. v F %O
%D O O+ N H W O W V W co OD H F O W %O %D O V N N N h-~ t..~ L M
` d
~D N Oh O O O 4` 0% O O% O O O O D• O N O N F F F F C), H
u• O O O O O O+ O O O O O O O O O O O O O O O O N O M
O O O O O O ~p O O O O O O O O O O O O O O O O O $0
F F M
it N H F ut H N H N to H
Y r
N H V N W W CO O. H W V V V O~ M
H V• %D H w V, H to tD Vf V, O• OD ~p O O O F 0
N W 00 . W V ~O ,O~ N In W F " ON V OD ~O ~D CT O~ O~ 0u C
r Y Y Y y Y 'ff
1 00 F OD In O ut W 00 N H F F O+ V H ON kD O% m Ol
N w w H V H 00 N %0 W N V N rn O. O V, O O O H
ON V 0) O Q Cis (7, w H a\ %D Q W O. S V 00 W In V CO 00 00 O
t~+
x Q 7.
M x cn
+ V, . c rtl m
H
,miy ~ V V V W yo0
O Q O IQ Q Q Q a Q a a Q Q a Q Q Q Q Q Q O 4 i0 O O M V
zxlt7
M M re rn m a
SOUTH TAHOE PUBLIC UTILITY DISTRICT
FINANCIAL STATEMENTS
JUNE 30, 1981 AND 1980
A mw a. 4
~!s' sed e'!a~~o ~co~cslais!
8182 CZDAB RAVMZ DRIVs
PLACZRVMLZ, OALErORNL 98867
928-022-5445
November 3, 1981
Board of Directors
South Tahoe Public Utility District
P. O. Box AU
South Lake Tahoe, California 95705
I have examined the following statements of South Tahoe
Public Utility District as of June 30, 1981 and 1980 and for the
fiscal years then ended:
SEWER ENTERPRISE FUND
Exhibit A - Combined Balance Sheet
Schedule A - Schedule of Bonded Debt
Exhibit B - Combined Statement of Revenue, Expenses,
and Changes in Retained Earnings
Schedule B-1 - Operating Expenses
Schedule B-2 - Statement of Retained Earnings
Exhibit C - Statement of Changes in Financial Position
WATER ENTERPRISE FUND
Exhibit D - Combined Balance Sheet
Schedule D - Notes Payable
Exhibit E - Combined Statement of Revenues, Expenses,
and Changes in Retained- Earnings
Schedule E - Operating Expenses
Exhibit F - Statement of Changes in Financial Position
SPECIAL ASSESSMENT DISTRICTS
Exhibit G - Combined Balance Sheet
Schedule G - Statement of Bonded Indebtedness
Exhibit H - Combined Statement of Revenue and
Expenditures
My examination was made in accordance with generally
accepted auditing standards and included such tests of the ac-
counting records and such other auditing procedures as I con-
sidered necessary in the circumstances.
The debt service funds shown on Exhibits A, G, and
Schedule G, are administered by fiscal agents. The exhibits
were prepared from information received from the fiscal agents,
namely, County of E1 Dorado and Bank of America N.T. and S.A.
Board of Directors -2- Novermher 3, 1981
In my opinion the attached statements present fairly
the financial position of the named funds of South Tahoe Public
Utility District as of June 30, 1981 and 1980, and the results
of operations, changes in retatined earnings and changes in fi-
nancial position of the sewer and water enterprise funds for the
year then ended in conformity with generally accepted accounting
principles consistent with that of the preceding year.
ADDITIONAL INFORMATION
Exhibit I - Statement of Sewer Revenue Bond Coverage
Exhibit J - Sewer Enterprise Fund Supplemental Information
Exhibit K Statement Reflecting Compliance with Loan
Agreements Water Enterprise Fund
Exhibit L - Schedule of Insurance Coverage
My examination was made for the purpose of forming an
opinion on the basic financial statements taken as a whole. The
additional information is presented for purposes of analysis and
is not necessary for a fair presentation of the basic financial
statements in conformity with generally accepted accounting
principles. The additional information has been subjected to
the auditing procedures applied in the examination of the basic
financial statements and, in my opinion, the additional infor-
mation is stated fairly in all material respects in relation to
the basic financial statements taken as a whole.
Pg;SE ~~~p
S.~WER ~~TER
Exhibit A
Page 1
SOUTH TAHOE PUBLIC UTILITY DISTRICT
SEWER ENTERPRISE FUND
BALANCE SHEET
June 30, 1981 and 1980
ASSETS
1981 1980
Current Assets
Cash $ 191,467 $ 1,305,070
Cash in county treasury 621,120 259,376
Temporary investments - Note B 2,249,738 1,421,500
Accounts receivable - Note A 22,065 28,187
Due from governmental agencies 25,539 17,408
Due from Water Enterprise Fund 32,150 - ?
Due from Special Assessment District 104,038 1,977
Deposits for easements 24,221 24,221
Inventories - Note A 10,769 22,000
Prepaid expense 43,491 43,404
Total current assets $ 3,324,598 $ 3,123,143
Restricted Assets
Cash $ 755,762 $ 559,641
Temporary investments - Note B 319,265 235,320
Non-current investments 72,856 140,400
P
f
Total restricted assets - Note E $ 1,147,883 $ 935,361
Property, Plant and Equipment - Note A
Land and easements $ 709,355 $ 709,355
Subsurface lines 18,578,357 18,578,357
Sewage colleetion_'fadilities 2,972,430 2,972,430
Sewage treatment facilities 8,137,412 8,085,159
Sewage disposal facilities 5,211,955 4,025,780
General plant 1,066,220 902,915
Construction in progress 3,551,588 2,050,482
$ 40,227,317 $ 37,324,478
Less allowance for depreciation 9,309,380 8,551,672
Total property, plant and
equipment $ 30,917,937 $ 28,772,806
.Total Assets $ 351?390,418 $ 32,831,310 +
4
The accompanying notes are an integral part of these statements.
a
Exhibit A
Page 2
SOUTH TAHOE PUBLIC UTILITY DISTRICT
SEWER ENTERPRISE FUND
BALANCE SHEET
JUNE 30, 1981 AND 1980
* LIABILITIES AND FUND EQUITY
1981 1980
Current Liabilities
Accounts Payable $ 425,153 $ 314,281
Customer Deposits 1,829,547 1,129,195
Accrued Payroll Liabilities 181,417 182,722
Liability For Easements 4,718 4,718
Accrued Interest 30,949 31,441
Due to Water Enterprise Fund - 53,315
Current Portion of Long-Term Debt 27,820 19,168
Total Current Liabilities $ 2,499,604 $ 1,734,840
Payable From Restricted Assets
Construction Contracts Payable $ 702,235 $ 27,601
Accrued Bond Interest Payable 131,139 139,301
Current Portion of Long-Term Debt 363,000 328,000
Total Payable From Restricted $ 1,196,374 $ 494,902
Assets
Long-Term Debt
General Obligation Bonds -
Schedule A $ 1,412,000 $ 1,540,000
Revenue Bonds - Schedule A 1,455,000 1,555,000 y
Improvement District U-1 General
Obligation Bonds - Schedule A 1,815,000 1,950,000
State Loan - Note C 1,685,629 1,664,383
Accrued Interest On State Loan 228,945 236,766
Total Long-Term Debt 6,596,574 6,946,149
Total Liabilities $ 10,292,552 $ 9,175,891
Fund Equity
Contributed Capital $ 12,064,2.63 $ 12,064,263
Retained Earnings - Exhibit B 13,033,603 11,591,156
Total Fund Equity $ 25,097,866 $ 23,655,419
Total Liabilities and Fund $ 35,390,418 $ 32,831,310
Equity a
The accompanying notes are an integral part of these statements. ;
Schedule A
SOUTH TAHOE PUBLIC UTILITY DISTRICT
SCHEDULE OF BONDED DEBT
JUNE 30, 1981
Current
Liabilities Long-Term
General Obligation Bonds
1951 Issue
4%, 1981-1983 $ 8,000 $ 17,000
3-3/4%, 1984-1994 115,000
1959 Issue
First Sale
4-3/4%, 1981-1989 60,000 640,000
Second Sale
5%, 1981-1984 60,000 205,000
4.8%, 1985-1989 435,000
$ 128,000 $ 1,412,000
Revenue Bonds
1966 Issue
4-1/4%,.1981-1984 $ 60,000 $ 195,000
4.3$,-1985-1991 595,000
1967 Issue
5%, 1981-1991 20,000 350,000
1973
6.75%, 1981-1985 20,000 95,000
6.50%, 1986-1989 115,000
6.25$., 1990-1992 105,000
$ 100,000 $ 1,455,000
s
Improvement District U-1 k
General Obligation Bonds
Series A
6%, 1981-1991 $ 45,000 $ 605,000
Series B
6%, 1981-1985 45,000 200,000
5-1/2%, 1986-1991 405,000
Series C a
5-1/2%, 1981-1983 45,000 95,000
5.6%, 1984-1985 105,000
5.7%, 1986-1987 115,000
5-3/4%, 1988-1989 135,000
5.8%, 1990-1991 155,000
$ 135,000
$ 363,000 $ 1,815, 000
z
ANO '401, The accompanying notes are an integral part of this statement.
Schedule B-1
SOUTH TAHOE PUBLIC UTILITY DISTRICT
SEWER ENTERPRISE FUND
OPERATING EXPENSES
FOR THE YEARS ENDED JUNE 30, 1981 and 1980
1981 1980
Salaries and wages $ 1,490,042 $ 1,269,695
ff
Employee benefits 351,948 289,124
Directors fees 18,000 15,530
Gasoline and oil 49,082 34,906
s
Insurance 82,854 70,568
Office expense 32,653 19,785`
v
Operating supplies 521,432 637,575
Professional services 215,516 128,866
Rents and leases 29,446 22,598
Repairs and maintenance 809,490 609,546
Research and monitoring 12,329 3,213
Travel and meetings 42,146 25,926
Utilities 1,679,602 1,273,283
Other 36,682 56,527
Depreciation 811,722 841,628
Total!.operating expenses-Exhibit B $6,182,944 $ 5,298,770
P
The accompanying notes are an integral part of these statements
Schedule B-2
SOUTH TAHOE PUBLIC UTILITY DISTRICT
SEWER ENTERPRISE FUND
STATEMENT OF,RETAINED EARNINGS
FOR THE YEARS ENDED.JUNE 30, 1981 and 1980
1981 1980
Reserved for:
Plant improvements - Grants $ 2,388,234 $ 542,052
Plant improvements - State loan - ( 71,061)
General obligation bond retirement 57,601 40,736
Revenue bond retirement 185,760 206,393
Improvement District.-1:
General obligation bond
retirement 41,286,,,29,459
Connection fund 195,336 167,823
Unreserved 10,165,386 10,675,754
Totals - Exhibit B $ 13,033,603 $ 11,591,156
3
p
Y
H
The accompanying notes are an integral part of these statements.
r
t
Fe
Exhibit B
SOUTh TAHOE PUBLIC UTILITY DISTRICT
SEWER ENTERPRISE FUND
STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN RETAINED EARNINGS
FOR THE YEARS ENDED JUNE 30, 1981 AND 1980
1981 1980
,,Operating Revenue
Service Charges $ 4,257,978 $ 3,629,577
Permit & Inspection Fees 7,959 6,610
Connection Fees 81,150 967,013
Other Services 4,183 1,955
Total Operating Revenue $ 41351,270 $ 4,605,155
,Operating Expenses - Schedule B-1 $ 6,182,944 $ 5,298,770
Net Operating Loss $ (1,831,674) $ (693,615)
Nonoperating Revenue
Taxes $ 1,743,273 $ 1,600,515
Interest 368,156 220,330
Aid From Governmental Agencies 1,531,986 90,973
Other 73,216 158,404
Total Nonoperating Revenue $ 3,716,631 $ 2,070,222
Nonoperating Expenses
Abandonment Loss $ 65,625 $ 92,599
Interest 350,046 354,439
Other 26,839 22,926
Total Nonoperating Expenses $ 442,510 $ 469,964
Nonoperating Income $ 3,274,121 $ 1,600,258
Net Income $ 1,442,447 $ 906,643
Retained Earnings - Beginning of Year 11,591,156 10,6840,
Retained Earnings - End of Year -
Schedule B-2 $ 13,033,603 $ 11,591,156
The accompanying notes are an integral part of these statements.
Exhibit C
SOUTH TAHOE PUBLIC UTILITY-DISTRICT
SEWER ENTERPRISE FUND
STATEMENT OF C11AN;;ES IN FINANCIAL POSITION
FOR THE YEARS ENDED JUNE 30, 1981 AND 1980
SOURCES OF WORKING CAPITAL:
19 81 19 80
Operations:
Net Income - Exhibit B $ 1,442,447 $ 906,643
Items Not Requiring Working
Capital:
Depreciation 811,722 841,628
Abandonment Loss 65,625 92,599
Working Capital Provided By
Operation $ 2,319,794 $ 1,840,870
Proceeds From Long-Term Debt 49,066 1,032,496
Total Sources of Working
Capital $ 2,368,860 $ 2,873,366
USES OF WORKING CAPITAL:
Acquisition of Property, Plant
and Equipment $ 3,022,478 $ 1,540,152
Retirement of Long-Term Debt 398,641 335,558
Total Uses of Working
Capital $ 3,421,119 $ 1,875,710
Net Increase (Decrease)
In Working Capital $ (1,052,259) $ 997,656
WORKING CAPITAL PROVIDED BY:
Increase (Decrease) In Current Assets:
Cash $ (751,859) $ 889,247
Temporary Investments 828,238 680,500
Accounts Receivable (6,122) 22,588
Due From Other Funds 134,211 (22,504)
Due From Other Governmental Agencies 8,131 (86,177)
Inventories (11,231) (4)
Prepaid Expenses 87 3,650
Restricted Assets 212,522 163,162
(Increase) Decrease In Current
Liabilities:
Accounts Payable (110,872) (649)
Customer Deposits (700,352) (464,379)
Accrued Payroll Liabilities 1,305 (62,652)
Liability For Easements - 95
Accrued Interest Payable 492 (24,139)
.Due To Other Funds 53,315 (53,315)
Payable From Restricted Assets (701,472) (31,253)
Current Portion Of Long-Term Debt ('8,652) (16,514)
Net Increase (Decrease) $ (1,052,259) $ 997,656 'a
in working capital
The accompanying notes are an integral part of these statements.
1
WATER ENTERPRISE FUND
r°-
Exhibit D
Page 1
SOUTH TAHOE PUBLIC UTILITY DISTRICT
BALANCE SHEET - WATER ENTERPRISE FUND
JUNE 30, 1981 and 1980
ASSETS
198.1 1980
Current Assets
Cash in bank $ 51,511 $ 443,354
Temporary investments - Note B 1,645,000 631,280
Accounts receivable - Note A 333,016 314,263
Inventories - Note A 68,647 71,898
Prepaid expenses 7,357 7,050
Due from Sewer Enterprise Fund - 53,315
Total current assets $ 2,105,531 $ 1,521,160
Restricted Assets
Cash in bank - Notes B and'D $ 83,100 $ 151,538
Total restricted assets $ 83,100 $ 151,538
Property, Plant and Equipment - Note A
Intangible plant, net of
$157,954 amortization $ 282,280 $ 308,176
Land and land rights 352,076 346,270
Water rights 163,333 163,333
Source of supply plant 655,600 362,315
Pumping plant 102,405 100,721
Water treatment plant 230,556 213,939
Transmission and distribution plant 2,087,799 1,269,981
General plant 164,715 158,117
Construction in progress 452,706 1,043,580
4,491,470 3,966,432
Less allowance for depreciation 496,410 392,404
Total property, plant and
equipment $ 3,995,060 $ 3,574,028
Other Assets
Deferred loan assumption fees, net of
$2,622 amortization $ 1,735 $ 2,197
Total other assets $ 1,735 $ 2,197
Total Assets $ 6,185 ,4.26 $ 5,248,923
The accompanying notes are an integral part of these statements.
Exhibit D
' Page 2
SOUTH TAHOE PUBLIC UTILITY DISTRICT
BALANCE SHEET - WATER ENTERPRISE FUND
_JUNE 30, 1981
LIABILITIES AND FUND EQUITY
1981 1,980
Current Liabilities
Accounts payable $ 240,071 $ 40,745
Customer deposits. 975 800
Accrued interest payable 58,757 24,325
Other accrued expenses 34,860 13,621
Due to Sewer Enterprise Fund 32,150 -
Current portion of long-time
debt - Schedule D 55,619 55,923
Total current liabilities $ 422,432 $ 135,414
Payable from Restricted Assets
Construction contracts payable $ - $ 144,978
Accrued interest payable 45,917 47,820
Current portion of long-term
debt - Schedule D 34,900 32,616
Total payable from restricted
assets $ 801817 $ 225,414
Long-term Debt
4
Notes payable - Schedule D $ 2,265,211 $ 2,153,898
Advances for construction 120,126 143,961 q
Total long-term debt $ 2,385,337 $ 2,297,859
Total liabilities $ 2,,888,586 $ 2,658,687
Deferred Income $ 448,012 $ 419,494
a
Fund Equity
Capital contributed - customers $ 190,501 $ 190,501
Retained earnings - Exhibit E 2,658,327 1,980,241
Total fund equity $ 2,848,828 $ 2,170,742
Total liabilities and fund
equity $ 6,_18.5, 426 S 5,248,923
ti
The accompanying notes are an integral part of these statements.
v N
14 •H O OD M O r-•I
4-3 if) N M O r-•I
[-ti N O> O O N
~ ,..I
U ,tZ Ln N %D N kD
N
Q co ~ r-i Ln co
a N
~ V}
N
aJ
ra a)
a1 W Co O
U 4J O O 41
•rq a) a% to
N 34 (n
a) -P Ut ~J
•r1 to a' M M
t
H O a V>• m
Ei 4 Goa
U A 4J
NH rC N
W .r1 r-I w
H aA O
rn . N al
H 4J 1J N al 1 r-r
Q 4
z m S~ w Lr) O lD
>4 z Q) P - 0) 4J (a
f~ p N M ri rn
H P4 CO a
H W rw-I J
0c) U U) ~a~Hr-I v r-i
E-4 U) m ~4
U P4 H C4 P4 O H 0
O O O O O ~
a w M Lr) r1) M O M
PQ E-1 to D z W w aJ r-I d~ H O r-
wwoE-1 z a 0
[-1 r- N N IT u)
W C4 z h 00 lD 00 N L
0 w r I U) OD M
M E-r
H .3 V} to- a
aJ
E-4
Ln En ra N 41 0
(1)4 4J En ~4 r-4
)•I aJ a) -r -I r-i a) r-I 34 ra cc A >1
(L) 4J P P a) . > rd r1) a A v b
aJ a 0 a) +3 rl a) ~J4 '-D a 0 0 L•r >4
9 •rl z 4-c 1-1 U 41 r-I >4 •r-I N U 4 td a
cn a) 04 r. O.
•r{ rd • En rd U • 0 IV U) Q) 0
rO • J 0 rn U f~ (1) •ri v rd 1=1 U^ U
I~ N p ri z 01 rd r~ +r p V). a) ::s rd •r-I dP cn U
rd r-I rd 0 r-I 4A h rd C4 41 > oo a) rd
a) rd >r O 3 41 - rd >-I S4 -
3a
r-I 34 ?r f~ Q) - A ra rtJ ~ A a) ~ v
rd a) a) 1-I r-I a) a) C: r-I U) 4-J 4J
.r Ag N r-i p a) qj rd U N r-♦ CO • a) 4-1 a)
U N r~'d U U P 01 ra t-, • A a aJ p O 3d U
9 4J 4J U A 0 •rJ a) O rd z N 0 a)
•r1 O cn •r-I U ~4 'Jr - r-I z >1 Z r-I U N 4j • a)
1-I a) o 14 9 ai a) O 41 r-i (d rd a) (1) z 4 rf) 4J
0, cn o •r1 P 4-) cA p rd a 1 ~4 rn a -r1 41 rn 0
• w a) w a) 4J a) •r1 (1) rz: Z a1 z
..L" O rn a) - ra 04 cn 7-I e A L (1) ra 0 r-♦
vUm(d G7 a)%~OP4dPa)000 a)>r~ E I
r•A rd Vi- 4-1 r-I rd S4 -1 r` In 4J al r-I a) rd ►
A a) >-i O 9 A PL w a) U r-I A 1•d >..r r-I s~
rd w 4 O rd 41 U ra O rd -4 a) td
; " a) O U) >1 Z r-1 rd -r -I 4J -.1 >4 ~4 rd a P 0
rd 0 ra a) cn rd v rd > (^n rd ra -q rd a) a a) r-+
a ra 4-) a) a a) a a) >1 1-1 W` 1:14 r. a 4J -r-f r- A
t~ P r4 )•I a) Gy A a) p cd r-i rd U r-i 1-~ a)
aJ a 0 0 a) a rn a) 1a •rr (1) 3 9 v a) 4J
4J d)P O U > 4-) aJ P rO b 4-r (d •IJ {-I 4J •r1 - > rd
0 r q a) a) 0 0 M r" 1~ w 0 Q1 N 04 0 g p Ln 0 •IJ
z" 0 w p z z< rd rd 0 -H :>I r-I 4 z 0 F, V? z rn
Exhibit E
-SOUTH TAHOE PUBLIC UTILITY DISTRICT
WATER ENTERPRISE FUND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS
FOR THE YEARS ENDED JUNE 30, 1981 and 1980
1981 1980
Operating Revenue
Residential water sales $ 1,087,876 $ 947,310
Commercial water sales 427,812 351,307
Other water sales 20,284 14,712
Connection fees 28,525 31,046
Service fees 4,007 5,017
Total:operating revenue-Exhibit K $ 1,568,504 $ 1,349,392
Operating Expenses - Schedule E 957,339 782,430
Operating income $ 611,165 $ 566,962
Nonoperating Revenue
Interest income $ 148,572 $ 79,205
Aid from governmental agencies 120,276 238,464
Customer contributions 9,073 572
Other 70 3,895
Total nonoperating revenue $ 277,991 $ 322,136
Nonoperating Expenses
Interest $ 174,452 $ 142,226
Amortization of intangible plant 25,896 25,896
Master plan - 574
Prior years expense 3,750 8,248
Abandonment loss 6,972 -
J
Total nonoperating expense $ 211,070 $ 176,944
F,
Nonoperating income $ 66,921 $ 145,192
Net income $ 678,086 $ 712,154
Retained Earnings - Beginning of Year 1,980,241 1,268,087
Retained Earings - End of Year $ 2,658,327 $ 1,980,241
The accompanying notes are an integral part of these statements.
Schedule E
SOUTH TAHOE PUBLIC UTILITY DISTRICT
WATER ENTERPRISE FUND
OPERATING EXPENSES
r FOR THE YEARS ENDED JUNE 30, 1981 and 1980
1981 1-98-0
Salaries and wages $ 366,553 $ 303,166
Employee benefits 84,181 69,000
Operating supplies 18,189 14,963
Truck and equipment 27,689 20,485
Maintenance 86,211 59,699
Utilities 157,166 142,171
Professional services 33,007 13,842
Insurance 17,318 14,701
Office expense 7,150 6,970
Contractual services 21,158 19,148
Chemicals 19,596 17,163
Miscellaneous 8,239 8,460
Depreciation 110,882 92,662
Total operating expenses $ 957,339 $ 782,430
r
The accompanying notes are an integral part of these statements.
q
Exhibit F
SOUTH TAHOE PUBLIC UTILITY DISTRICT
WATER ENTERPRISE FUND
'STATEMENT OF CHANGES IN FINANCIAL POSTION
OR THE YEAR ENDED JUNE 30, 1981 and 1980
1981 ''1980
SOURCES OF WORKING CAPITAL:
Operations:
Net Income - Exhibit'E $ 678,086 $ 712,154
Items not requiring working capital:
Depreciation 110,882 92,662
Amortization 25,896 25,896
Abandonment loss 6,972 -
Decrease in deferred assets 462 463
Working capital provided by operations $ 822,298 $ 831,175
Proceeds from long-term debt 201,830 622,167
Increase in advances for construction - 392
Increase in deferred income 28,518 83,558
Total Sources of Working Capital $ 1,052,646 $ 1,537,292
USES OF WORKING CAPITAL:
Decrease in advances for construction $ 23,835 $ -
Acquisition of property, plant and equipment 564,780 980,421
Retirement of long-term debt 90,519 85,750
Total Uses of Working Capital $ 679,134 $ 1,066,171
Net Increase in Working Capital $ 37-3,512 $ 471•,121
WORKING CAPITAL PROVIDED BY:
Increase (decrease) in current assets
Cash 391,843) $ 388,265
Temporary investments 1,013,720 ( 92,827)
Accounts receivable 18,753 137,679
Inventories ( 3,251) ( 1,563)
Prepaid expenses 307 535
Due from Sewer Enterprise Fund ( 53,315) 53,315
Restricted assets ( 68,438) 44,804
(Increase) decrease in current utilities
Accounts payable ( 199,326) 81,692
Customer deposits ( 175) ( 225)
Accrued interest ( 34,432) ( :16,212)
Other accrued expenses ( 21,239) 4,435
Current portion of long L-erm debt 304 ( 7,924)
Due to Sewer Enterprise Fund ( 32,150) 24,481
Payable from restricted assets 144,597 ( 145,334)
Net Increase in Working Capital $ 3:73,.512 $ 471,121
The accompanying notes are an integral part of these statements.
ESPECIAL ASSESSMENT DISTRICTS
k
t
t
J,
_i
Exhibit G
SOUTH TAHOE PUBLIC UTILITY DISTRICT
SPECIAL ASSESSMENT DISTRICTS
COMBINED BALANCE SHEET
JUNE 30, 1981
Construction Debt Service
ASSETS Fund Fund Total
Cash in County Treasury $ 18,310 $ 1,142,430 $ 1,160,740
Cash in bank 123,327 123,327
Temporary investments 203,000 203,000
Deposits for easements 35,268 35,268
Construction in progress 3,139,440 3,139,440
Deferred assessments receivable 5,291,666 5,291,666
Total Assets $ 3,519,345 $ 6,434,096 $ 9,953,441
LIABILITIES
Due to other funds $ 105,411 $ - $ 105,411 '
Liabilities for easements 3,578 - 3,578
Accounts payable 11,094 11,094
Bonds payable Schedule G 5,291,666 5,291,666
Fund balance
Balance - July 1, 1980 2,961,549 1,063,842 4,025,391
Current year excess revenue
over expenditure - t
Exhibit H 440,012 78,588 518,600
Fund transfer ( 924) - ( 924)':;
q
Balance - June 30, 1981 $ 3,400,637 $ 1,142,430 $ 4,543,067;;
Total Liabilities and
Fund Balances $ 3,520,720 $ 6,434,096 $ 9,954,8161
r
The accompanying notes are an integral part of these stateiments.
1 Schedule G
SOUTH TAHOE PUBLIC UTILITY DISTRICT
SPECIAL ASSESSMENT DISTRICTS
STATEMENT OF BONDED INDEBTEDNESS
JUNE 30, 1981
DEBITS
Assessments receivable - deferred $ 5,291,666
CREDITS
Unmatured bonds payable
1966-1 $ 32,000
1966-2 25,000
1967-1 819,000
1967-2 419,000
1967-3A 91,000
1967-3B 108,000
1967-4A 135,000
1967-4B 173,000
1967-4C 136,000
1967-4D 121,000
1967-4E 165,000
1967-5 10,000
1968-1 136,000
1968-3F 240,000
1968-3G 213,000
1970-1 65,000
1970-2• 107,000
1971-1 1,661,000
1972-1 250,000
1979-1 385,666
$ 5,291,666
1
The accompanying notes are an integral part of this statement.
Exhibit H
SOUTH TAHOE PUBLIC UTILITY DISTRICT
SPECIAL ASSESSMENT DISTRICTS
COMBINED STATEMENT OF REVENUE AND EXPENDITURES
FISCAL YEAR ENDED JUNE 30, 1981
Construction Debt Service
Fund Fund Total
Revenues:
Current assessments $ 381,669 $ 935,260 $ 1,316,929
Assessments prepaid 33,668 33,668
Interest income 63,14.6 76,609 139,755
Other 50 - 50
Total Revenues $ 444,865 $ 1,045,537 $ 1,490,402
Expenditures:
Bonds redeemed $ $ 589,041 $ 589,041
Interest - 350,857 350,857
Fees 4,853 11,582 16,435
Other 13,469 13,469
Call bond premiums 2,000 2,000
Total Expenditures $ 4,853 $ 966,949 $ 971,802
Excess of Revenues
Over Expenditures $ 440,012 $ 78,588 $ .518,600
The accompanying notes are an integr al part of this statement.
f
`Y
SUPPLEMENTARY INFORMATION
r
ti
( Y
Exhibit I
SOUTH TAHOE PUBLIC UTILITY DISTRICT
STATEMENT OF SEWER REVENUE BOND COVERAGE
FOR THE YEAR ENDED JUNE 30, 1981
Revenue
(Not including restricted revenue)
Operating revenue - Exhibit B $ 4,351,270
Nonoperating revenue
Interest 272,346
Aid from other governmental agencies 93,320
Taxes 1,303,673
Other 73,216
Total Revenue $ 6,093,825
Expenditures
Operating expense - Schedule B-1 $ 6,182,944
Less depreciation 811,722
$ 5,371,222
Nonoperating expense 176,417
1
Total expenditures 5,547,639
Net revenue available for bond
coverage $ 546,186 j
Bond Service - principal and interest 1980-81 1981-82
1966 Issue $ 96,422 $ 93,872
1967 Issue 38,500 37,500
1973 Issue 41,800 40,450
$ 176,722 $ 171,822
Coverage-year ended June 30, 1981 546,186 i 171,822t=.3.2
Coverage required = 1.3
41
The accompanying notes are an integral part of this statement
i
f I
Exhibit J
SOUTH TAHOE PUBLIC UTILITY DISTRICT
SEWER ENTERPRISE FUND SUPPLEMENTAL INFORMATION
FOR THE YEAR ENDED JUNE 30, 1981
Applications Sewer
Customer classification on Hand Connections Sewer Units
Residences 226 12,809 39,700
Apartments 1,147 12,186
Motels 226 9,352
Miscellaneous 18 472 8,037
244 14,654 69,275
Billing
State of California - Emerald Bay State Park $ 11,316
U.S. Forest Service - Recreation facilities 90,122
Other sewer connections 4,156,540
Total sewer service billing for fiscal
year ended June 30, 1981 - Exhibit B $ 4,257,978
Average monthly billing per connection
excluding U.S. Forest Service and
State of California $ 23.64
The accompanying notes are an integral part of this statement.
Exhibit K
SOUTH TAHOE PUBLIC UTILITY DISTRICT
WATER ENTERPRISE FUND
STATEMENT REFLECTING CODTLIANE WITH LOAN AGREEMENTS
FOR THE YEAR ENDED JUNE 30, 1981
Service Service
Area #1 Area #2 Total
Operating revenue - Exhibit E $ 743,993 $ 824,511 $ 1,568,504
Operating expenses - Note F 453,779 503,560 957,339
$ 290,214 $ 320,951 $ 611,165
Service Area #1 - The agreement for
the purchase of the stock of the
Tahoe Southside Water Utility pro-
vides that the net revenues must
be at least 1.30 times the annual
payments of principal and interest
of the purchase price.
Annual payments $90,000. x 1.30 = $ 117,000
Service Area J2 - The agreement for
purchase of stock of the Tahoe
Sierra Water Company provides that
the net revenue after provision
for the note payable secured by a
first lien on water revenues of
Service Area No. 2 must be at least
1.30 times the amount of payments
on the purchase price.
Annual payment on note secured by first
lien on water revenues - Twelve month
period - July 1, 1981 to June 30, 1982. $ 47,265
Net revenues after provision for note
repayment. $ 273,686
Purchase price payments due on note
secured by second lien on water
revenues within the succeeding twelve
month period, July 1, 1981 to June 30,
1982, including principal and interest
$65,000 x 1.30 = $ 84,500
The accompanying notes are an integral part of this statement
Exhibit L
$OUTH TAHOE PUBLIC UTILITY DISTRICT
SCHEDULE OF INSURANCE COVERAGE
FOR THE YEAR ENDED JUNE 30, 1981
Coverage Amount
United States Fidelity and Guaranty Company
Expiration Date - October 28, 1981
Institutional blanket coverage
Building and personal property -
90% coinsurance-$25,000 deductible -
Real property $ 14,832,302
Mobile property floater 7,167,340
Liability - bodily injury 500,000
Liability - property damage -
$1,000 deductible 250,000
Liability - premises medical payments 500/10,000
Crime coverage - comprehensive
Loss inside and outside premises 30,000
Depositors forgery 5,000
Credit card forgery 5,000
Crime coverage - public employees
Honesty blanket bond coverage
General Manager, Business Manager
and Bookkeeper 60,000
Other employees 10,000
Comprehensive general - automobile liability
Bodily injury 500,000
Property damage - $2,500 deductible 250,000
Medical payments - administrative vehicles 5,000
Uninsured motorists - administrative vehicles 15,000/30,000
1
Other Policies
Transcontinental Insurance Company -
Expiration Date - October 28, 1981
Umbrella liability - $10,000 deductible - 2,000,000
New England Reinsurance Corporation -
Expiration Date - October 28, 1981
Excess umbrella liability 8,000,000
State Compensation Insurance Fund -
Expiration Date - Continuing
Worker's Compensation Statutory
United States Fidelity -
Expiration Date - Various
Public official bond - all Directors 3,000
International Surplus Lines Insurance Company
Expiration Date - May 6, 1982
Public official liability - $5,000 deductible 1,000,000
ti SOUTH TAHOE PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1981
Note A;
Summary of Significant Accounting Procedures.
1. Effective for years ending after June 30, 1980, the
Utility District is required to present its financial
statement in accordance with National Council on
Governmental Accounting Statement 1. Accordingly,
the financial statements for the years ended June 30,
1981 and 1980 have been prepared in a manner conform-
ing with NCGA Statement 1. Adjustments resulting from
compliance with this statement did not result in a
change in any fund balances of the District.
2. Property, plant and equipment acquired is recorded at
cost except in those cases where collection facilities
are donated by private subdividers or special assess-
ment districts. In the latter cases, assets are re-
corded at cost, if known, or at fair market value if
cost is unknown.
3. The financial records of the District are maintained on
the'accrual basis except the debt service fund of special
assessment districts. The latter records are adminis-
tered by the El Dorado County Auditor and are maintained
on a cash basis.
4. Management considers doubtful accounts not to be material
and no provision for losses is made within these state-
ments.
5. Inventory of supplies are recorded at cost.
6. All depreciation is computed on the straight-line method
over the following useful lives:
Sewer Enterprise:
Subsurface lines 623
Sewage collection facilities 15 - 40
Sewage treatment 3 - 40
Sewage disposal 5 - 100
General plant & administration 3 - 40
Water Enterprise:
Source of supply 10 - 25
Pumping plant 12 - 30
Water treatment plant 4 - 35
Transmission & distribution 20 - 74
General plant 3 - 20
Y
SOUTH TAHOE PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1981
7. Intangible plant costs of the water enterprise are being
amortized over 17 years.
Note B:
Temporary Investments
All Temporary Investments mature on or before May 16, 1982
and are earning interest at rates ranging from 5.25 percent to
18.25 percent per annum. Temporary investments are recorded at
cost.
Note C:
State Loans Payable
South Tahoe Public Utility District has the following loan
agreements with the State of California:
Sewer Water
Enterprise Enterprise
Date of loans: May. 10., 1967 April 14, 1978 September ?13, 1978
Loan commitment: $ 1,800,000 $ 1,700,000 $ 824,000
Outstanding balance: $ 490,951 $ 1,194,678 $ 824,000
Current portion: $ 9,356 $ 18,464 $ -
Interest rate: 3.5% 5.3% 5.5%
Maturity date: June 15, 2002 January 1, 2004 January 1, 2011
Annual payment $ 31,238 $ 60,570
Including principal $ 62,584 $ 92,391 To be determined
and interest:
The interest rate on the loan dated September 13, 1978, is computed
and payable on an annual rate equal to the average of the interest
costs to the State on the sales of general obligation bonds of the
State that occurred during the five calendar years immediately pre-
ceding the calendar year in which the agreement was executed. Prin-
cipal-and interest payment schedules have not yet been determined.
r
SOUTH TAHOE PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1981
Note D:
1981 1980
Restricted Assests - Water Enterprise
Grant monies restricted for
construction $ $ !2817.20
Loan proceeds restricted for
construction 42,241
Sinking Fund balance for
retirement of debt 83,100 80,577
$ 83,100 $ 151,538
Note E: - 19.81 1980
-Restricted:Assets - Sewer Enterprise
l
Restricted construction-funds $ 196,457 $ 23,203
i
Debt repayment funds 951,426 912,158
$ 1,147,883 $ 935,361
Note F:
Allocation of Water Operating Expense
Service Area No. 1 - formerly Tahoe Southside Water Utility
Service Area No. 2 - formerly Tahoe Sierra Water Company
Operating expense has been allocated to Areas No.l and No. 2
in the same ratio that operating revenue of Areas No. 1 and No. 2
bears to total operating revenue.
SOUTH TAHOE PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1981
Note G:
Sewer Connection Permits
On October 19, 1978, the Board of Directors established a
policy of limiting the number of new sewer connection permits
that will be issued annually over the subsequent seven years.
The purpose of this policy is to enable the District to expand
and modify the plant to meet future needs. For 1981.the Board
has authorized 909 sewer units.
Note H:
Special Assessment Districts
The proceedings for the acquisition and improvements and
the levy of assessments are pursuant to the Municipal Improve-
ment Act of 1913 (Division 12 of the Streets and Highway Code
of the State of California).
Bonds are issued pursuant to the Improvement Bond Act of °
1915 (Division 10 of the Streets and Highway Code of the State
of California).
Debt service funds are maintained on a cash basis by the
El Dorado County Auditor.
Note I:
Retirement Plan a
The District maintains a defined contribution pension plan
for its employees. The plan is fully funded. Employees are
eligible to participate after two years of service. The contri-
butions are 4% and 6% of payroll for the employees and the
District, respectively. The District's share of the cost for
the pension plan for the current year was $59,380. Data
concerning vested benefits and total plan asset balances are
not available.
V
I
.I
SOUTH TAHOE PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1981
Note J:
Contingencies
The District is defendant in a damage claim suit originated
by the David D. Bohannon Organization, in San Mateo County,
California. This is an action in part for damages against the
District seeking $13,300,000 plus interest at the legal rate
from May 15, 1978. The basis of the claim is that the Bohannon
organization could not sell its lots in its various subdivisions
for the reason the District allegedly could not provide sewer
connections to the lot purchasers. After the filing of the action,
the District Board adopted a policy of providing new sewer connec-
tions over a seven year period in limited numbers and on a random
selection basis. Counsel for the Bohannon organization has advised
the District that the organization can sell lots as long as there
are a limited number of sewer permits available within the District
and that random selection provides for an equal chance for lot
purchasers with all other lot owners to draw for a sewer permit,
and allow some building. Should the organization be successful
in selling all of its lots, it will not pursue the litigation action
claim for damages.
In the opinion of the District's Counsel, although there is
some remote contingent liability, the likelihood of an unfavorable
outcome is very improbable.
a:
F.
r"
d
d
' County of El Dorado
DEPARTMENT OF AUDITOR-CONTROLLER
' 360 FAIR LANE
PLACERVILLE, CALIFORNIA 95667
(916) 626-2365
LAURENCE E. AMES
Auditor-Controller
July 14, 1982
To Whom It May Concern:
.The 1981-82 secured property valuations (market) of the
South Tahoe Public Utility District are:
Local Secured 1,174,521,842
Public Utility 28,303,350
Total 1,202,825,192
Yours truly,
Laurence E. Ames
Auditor-Controller
LEA:jc
Irr