City of Monticello, Minnesota Telecommunications Revenue Bonds (Fibernet Monticello Project)

Transcription

1 City of Monticello, Minnesota Telecommunications Revenue Bonds (Fibernet Monticello Project) Quarterly Report as of December 31, 2012 CUSIP #: Telecommunications Revenue Dated Date Maturity Date Amount Issue name 6/19/2008 6/1/2031 $26,445,000 Telecommunications Revenue Bonds, Series 2008 (Fibernet Monticello Project) Attached are the December 31, 2012 quarterly reports for the fiscal period covered October 1, 2012 through December 31, 2012, Unaudited Financial Statements (including balance sheet, income statement, and cash flow statement) of the FTTP Project, signed and dated and the total number customers in the aggregate by Voice Lines, Internet Services and TV Customers as required for Continuing Disclosure filing. Issuer Contact Information: Name: Wayne Oberg Springsted Incorporated 380 Jackson Street, Suite 300 Title: Finance Director Saint Paul, MN Employer: City of Monticello Tel: Address: 505 Walnut Street; Suite 1 Fax: City, State, Zip: Monticello, MN Telephone: Address: Wayne.oberg@ci.monticello.mn.us Issuer Website Address: Client #:

2 Balance Sheet As of 12/31/12 Assets Debit Credit Cash and Investments (unrestricted) $ 8, Cash Held in Escrow (restricted) 2,931, Change Fund Interest Receivable (10,269.55) Accounts Receivable 255, Deposits Allowance - Uncollectable Accts (18,774.67) Due From Other Governments 0.00 Prepaid Items 98, Unamortized Bond Costs 489, Capital Assets - Buildings 1,167, Capital Assets - Infrastructure 13,775, Capital Assets - Mach. & Equip. 121, Capital Assets - Furniture & Equip. 17, Capital Assets - Motor Vehicles 78, Accumalated Depreciation (206,889.61) Construction in Progress 0.00 Total Assets $ 18,709, Current Liabilities Accounts Payable $ 116, Contracts Payable 3, Sales Tax Payable 6, USF & 911 Fees 1, Federal Excise Tax Accrued Bond Interest Payable 1,029, Interfund Loan Payable Accrued Vacation 13, Long-Term Liabilities Revenue Bonds 26,445, Unamortized Discounts (443,522.00) Total Liabilities 27,172, Net Assets Invested in Capital Assets, Net Related Debt (7,625,763.75) Unrestricted (837,009.93) Total Net Assets (8,462,773.68) Total Liabilities and Net Assets $ 18,709,878.50

3 Income Statement As of 12/31/12 Revenues: PEG Access Fee $ 2, Cable Franchise Fee 8, USF Fees 35, Basic TV Services 679, HD TV Services 1, Premium TV Pkg Service 21, PayPerView TV Service 4, Residential Internet Services 483, Business Internet Services 78, Equipment (Internet) Rental 9, Residential Phone Service 170, Business Phone Service 152, Phone Service - Long Distance 51, Phone Equipment Rental 1, CABS Revenue 74, Refunds & Reimbursements Miscellaneous Charges 6, Miscellaneous Revenue 12, Purchase Card Rebates Total Revenues 1,794, Expenses: Salaries & Wages 429, Benefits 210, Total Personnal Services 639, Cost of Goods Voice - Technical Services 80, Video - Technical Services 596, Video - Re-transmission Fee - Data - Technical Services 232, Video - Licenses and Permits Service Discounts/ Special Offers 1, Total Cost of Goods 911, Supplies 24, Small Tools - Motor Fuels 8, Fiber Optic Supplies 34, Electronics 9, Telcom/Phone Supplies 9, Video/Digital TV Supplies 11, Data/Internet Supplies - Marketing Supplies 5, Building Supplies - Misc Repair & Maintenance Supplies 1, Miscellaneous Supplies - - Total Supplies 105, Income statement continued on next page

4 Income statement continued Engineering Fees $ - Audit Fees 1, Legal Fees 372, Management Services 236, IT/Technical Service Website/ Services Maintenance Agreements 95, Marketing Services 4, Regulatory Professional Services 7, Other Professional Services 340, Gopher State Locates 1, Telephone 12, Postage 3, Disconnect Fees 3, Travel Expenses 11, Training/Conferences 3, Advertising 7, Insurance 9, Property Taxes Electric 21, Water/Sewer Repair & Maintenance 34, Building/Room Rental 16, Equipment Rental Depreciation 90, Uncollectible Accounts 74, Dues & Memberships Licenses & Permits 3, Bank Charges 14, Miscellaneous Expenses 25, Total Other Services and Charges 1,396, Buildings - Improvements - Motor Vehicles - Other Equipment - Total Improvements - Total Operating Expenses 3,053, Operating Income (1,259,161.88) Non-Operating Revenues (Expenses) Bond Interest (1,765,841.89) Fiscal Agent Fees (1,000.00) Interest Earnings (68,989.21) Total Non-Operating Revenue (Expenses) (1,835,831.10) Income (loss) before transfers (3,094,992.98) Transfers In (Out) Transfer from Other Funds 4,450, Change in Net Assets $ 1,355, * The city defaulted on the bond interest payment due on 12/01/2012. The interest earnings accrual for 2012 has not beed adjusted for this statement.

5 Cash Flow Statement As of 12/31/12 Cash flows from operating activities Cash received from customers $ 1,842, Cash received for other service 43, Cash payments to suppliers and vendors (2,338,570.57) Cash payments to employees (631,573.14) Net cash (used) by operations (1,084,118.54) Cash flows from noncapital activities Interfund borrowing (3,446,738.00) Transfers in 4,450, Transfers out 0.00 Net cash provided (used) by noncapital activities 1,003, Cash flows from capital & related financing activities Acquisition & construction of capital assets 0.00 Bond Interest & fees (883,668.75) Interest on investments/negative balance (68,989.21) Net cash provided (used) by capital & related financing activities (952,657.96) Net increase (decrease) in cash (1,033,514.50) Beginning cash & cash equivalents 3,973, Ending cash & cash equivalents $ 2,939, Cash and cash equivalents comprised of Unrestricted $ 8, Restricted 2,931, Total $ 2,939, I, Wayne Oberg, Finance Director for the City of Monticello, Minnesota hereby certify as to the accuracy and completeness in material respects, in the presented format, the December 31, 2012 FiberNet Monticello Cash Flow Statement. Date

6 EOM Reports Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 SERVICES CATV Basic Expanded ,009 1,074 1, Business Total CATV ,017 1,027 1,084 1,136 1,205 1,260 1,310 1,169 1,191 1,068 1,062 1,038 1,063 1,052 1,051 1,035 1,016 1,015 1,013 1,013 1,011 1, INT Residential 962 1,051 1,085 1,102 1,160 1,203 1,280 1,327 1,379 1,423 1,451 1,334 1,331 1,318 1,314 1,294 1,288 1,284 1,270 1,269 1,260 1,259 1,262 1,264 1,257 Business Total INT 1,011 1,110 1,150 1,166 1,228 1,274 1,354 1,403 1,459 1,504 1,535 1,423 1,423 1,413 1,409 1,394 1,394 1,390 1,379 1,379 1,370 1,370 1,374 1,375 1,369 TEL (lines) Residential Business Total TEL ,002 1,007 1,001 1,038 1,076 1,072 1,090 1,116 1,127 1,112 1,110 1,112 1,109 Total Services 2,331 2,745 2,827 2,860 3,015 3,154 3,331 3,469 3,650 3,589 3,665 3,481 3,487 3,458 3,473 3,484 3,521 3,497 3,485 3,510 3,510 3,495 3,495 3,500 3,475 SUBSCRIBER (SUB) COUNTS Residential sub counts 976 1,064 1,177 1,262 1,335 1,384 1,497 1,533 1,561 1,608 1,658 1,578 1,580 1,543 1,554 1,555 1,548 1,546 1,530 1,537 1,529 1,523 1,517 1,536 1,517 Business sub counts Total sub counts 987 1,075 1,191 1,284 1,358 1,410 1,527 1,617 1,651 1,701 1,749 1,670 1,673 1,650 1,662 1,672 1,675 1,675 1,660 1,668 1,660 1,657 1,654 1,672 1,654 Sub count (1 svc) Sub count (2 svc) Sub count (3 svc) Average Revenue Generating Unit (ARGU) NEW INSTALLS AND DISCONNECTS New installs - Subs New installs - Services Disconnects - Subs Disconnects - Services