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.