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HomeMy WebLinkAbout97.PPP CAFR 11-13-13Comprehensive Annual Financial Report For the Year Ended June 30, 2013 Orange County Sanitation District Comprehensive Annual Financial Report (CAFR) Fully explains financial operations of OCSD Prepared for the 20th consecutive year Meets GFOA’s Excellence Award Standard Important to bond rating agencies and investors Net Position Increased $103.1 Million 2013 2012 (in thousands)PercentageIncrease Increase(Decrease)(Decrease) Assets Current & Other Assets $ 691,853 $ 644,771 $ 47,082 7.3% Capital Assets, Net 2,432,214 2,414,269 17,945 0.7% Deferred Outflows 20,723 24,492 (3,769)-15.4% Total Assets $3,144,790 $3,083,532 $ 61,258 2.0% Liabilities Current Liabilities $ 276,265 $ 276,972 $ 1,293 0.5% Noncurrent Liabilities 1,165,800 1,208,942 (43,142)-3.6% Total Liabilities $1,444,065 $1,485,914 $ (41,849) -2.8% Net Assets Net Investment in Capital Assets $1,180,298 $1,125,967 $54,331 4.8% Unrestricted 520,427 471,651 48,776 10.3% Total Net Position $1,700,725 $1,597,618 $103,107 6.5% Net Position Increased $103.1 Million Over the Prior Year +96.1 M Increase in Beginning Net Position +44.0 M Increase in Service Charges & Fees + 3.9 M Increase in CFCC +22.5 M Decrease in Operating Expense -42.5 M Increase in Non-operating Expense -7.9 M Increase in Depreciation & Amort. -13.0 M Decrease in Non-Oper. Revenue $103.1 M Increase in Net Position over the Prior Year Source of Funds Use of Funds Increase in Net Assets –Last Five Years Fiscal Year Cash and Investments Increased $23.2 Million Cash Provided by: $159.2 M Net Operating Activities 10.6 M Interest Received 11.9 M CFCC Fees 216.5 M Net Proceeds from Debt Issuance 79.4 M Property Tax Revenues 1.7 M Settlement Claims and Grant Revenues $ 479.3 M Cash Provided Cash and Investments Increased $23.2 Million (cont’d) Cash Used by: $109.3 M Net Capital Outlay 259.1 M Debt Principal Payments 52.0 M Debt Interest Payments 20.5 M SARI Line Project Advances 14.4 M Unrealized Losses on Investments 0.8 M Debt Issuance Costs $ 456.1 M Cash Used $479.3M Cash Provided -$456.1 Cash Used = $23.2M Incr. Collection, Treatment & Disposal Costs = $139.2 Million Increase of $1.3 M or 1.0% over prior year: Salaries and Benefits increased $0.1 M, or 0.1% Salaries decreased $0.7 M, or 1.2 percent due to existing bargaining agreements as total authorized staffing levels were reduced by 9.0 FTE’s to 628.0 in FY 2012-13. However, benefit costs increased $0.8 M primarily consisting of increased retirement ($400K) and workers’ comp. ($246K). Legal increased $1.1 M, or 194.3% Legal costs increased due to the increase in arbitration, contracts and employee relation services. Cost Allocation out decreased $1.8 M, or 10.3% Cost allocation out to the capital improvement program (CIP) decreased as a result of the decrease in the overall CIP from prior years and the resulting shift of indirect costs used to support Operations. Collection, Treatment & Disposal Costs = $139.2 Million (cont’d) Biosolids Disposal decreased $0.9 M, or 5.2% The decrease in biosolids disposal is primarily attributable to the termination of an agreement with a private company contracted to process biosolids into an energy fuel. Power decreased $0.8 M, or 14.8% Electricity decreased due to rate increases being less than anticipated. Disinfection Chemicals decreased $0.5 M, or 40.9% The decrease in disinfection chemicals is due to less disinfection chemicals needed on secondary treated wastewater and lower chemical unit costs. Cost Per Million Gallons Fiscal Year Increased Costs Associated with Moving to Full Secondary Treatment Standards