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