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HomeMy WebLinkAbout97.AdminCmte_CAFR_1114Comprehensive Annual Financial Report For the Year Ended June 30, 2014 Orange County Sanitation District Comprehensive Annual Financial Report (CAFR) Fully explains financial operations of OCSD Prepared for the 21st consecutive year Meets GFOA’s Excellence Award Standard Important to bond rating agencies and investors Net Position Increased $121.6 Million 2014 2013 (in thousands)PercentageIncrease Increase(Decrease)(Decrease) Assets Current & Other Assets $ 755,807 $ 691,853 $ 63,954 9.2% Capital Assets, Net 2,420,005 2,432,214 (12,209)-0.5% Deferred Outflows 18,173 20,273 (2,550)-12.3% Total Assets $3,193,985 $3,144,790 $ 49,195 1.6% Liabilities Current Liabilities $ 113,987 $ 276,265 $ (164,278)-59.0% Noncurrent Liabilities 1,257,703 1,165,800 91,903 7.9% Total Liabilities $1,371,690 $1,444,065 $ (72,375) -5.0% Net Assets Net Investment in Capital Assets $1,204,706 $1,180,298 $24,408 2.1% Unrestricted 617,589 520,427 97,162 18.7% Total Net Position $1,822,295 $1,700,725 $121,570 7.1% Net Position Increased $121.6 Million Over the Prior Year +103.1 M Increase in Beginning Net Position + 1.3 M Increase in CFCC +14.9 M Increase in Non-operating Revenues -3.1 M Decrease in Service Charges & Fees +3.4 M Decrease in Operating Expense +37.9 M Decrease in Non-operating Expense -35.9 M Increase in Depreciation & Amort. $121.6 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 $72.6 Million Cash Provided by: $132.1 M Net Operating Activities 12.5 M CFCC Fees 132.0 M Net Proceeds from Debt Issuance 75.1 M Property Tax Revenues 10.7 M SARI Line Project Reimbursements 9.0 M Unrealized Gain on Investments 1.3 M Miscellaneous Resources $ 372.7 M Cash Provided Cash and Investments Increased $72.6 Million (cont’d) Cash Used by: $72.9 M Net Capital Outlay 171.3 M Debt Principal Payments 55.6 M Debt Interest Payments 0.3 M Debt Issuance Costs $ 300.1 M Cash Used $372.7M Cash Provided -$300.1 Cash Used = $72.6M Incr. Collection, Treatment & Disposal Costs = $140.0 Million Increase of $0.8 M or 0.6% over prior year: Salaries and Benefits increased $1.3 M, or 1.4% Salaries decreased $0.6 M, or 1.2 percent due to existing bargaining agreements as total authorized staffing levels were reduced by 2.0 FTE’s to 626.0 in FY 2013-14. However, benefit costs increased $1.9 M primarily consisting of increased retirement ($2.4M) that was somewhat offset by a reduction in workers’ comp. (-$341K). Cost Allocation out decreased $1.1 M, or 7.1% 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 = $140.0 Million (cont’d) Disinfection, Odor Control, and Coagulant Chemicals decreased $0.9 M, or 6.4% 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 from 09-10 Associated with Moving to Full Secondary Treatment Standards Auditor’s Reports Unmodified opinion on Financial Statements No material weaknesses noted in Report on Internal Control One Significant Deficiency noted in Report on Internal Controls- Less significant then a material weakness but significant enough to bring to the attention of management and the oversight committee.