Santa Fe Irrigation District. A Special District of the State of California

Size: px
Start display at page:

Download "Santa Fe Irrigation District. A Special District of the State of California"

Transcription

1 Santa Fe Irrigation District A Special District of the State of California

2 Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2012 Prepared by the Administrative Department Michael J. Bardin, General Manager Jeanne L. Deaver, Administrative Services Manager Santa Fe Irrigation District PO Box 409 Rancho Santa Fe, CA

3

4 Table of Contents INTRODUCTORY SECTION Letter of Transmittal... 1 District Officials... 6 Organizational Chart... 7 Service Area Map... 8 FINANCIAL SECTION Independent Auditor s Report... 9 Management s Discussion and Analysis Financial Statements Statements of Net Assets Statements of Revenues, Expenses, and Changes in Net Assets Statements of Cash Flows Notes to Financial Statements Supplementary Schedules STATISTICAL SECTION Financial Trends Net Assets Changes in Net Assets Revenue Capacity Revenues by Source Water Sales by Customer Classification Water Rate History Principal Water Customers Property Tax Levies and Collections Assessed Valuation of Taxable Property Debt Capacity Computation of Direct and Overlapping Debt Pledged Revenue Debt Service Coverage Demographic and Economic Information Demographic and Economic Indicators Principal Employers Operating Information Operating Indicators Expenses by Function Water Supply Sources Net Capital Assets Schedule of Water Rates and Charges Bi-Monthly Meter System Access Charges Historic Service Connections Historic Water Sales Revenue R.E. Badger Filtration Plant Filtration Plant Demographics Filtration Plant Operating Indicators... 72

5

6 December 20, 2012 Board of Directors Santa Fe Irrigation District PO Box 409 Rancho Santa Fe, CA We are pleased to submit the Comprehensive Annual Financial Report (CAFR) for the Santa Fe Irrigation District (District). The purpose of this report is to provide the Board, the public, and other interested parties with reliable financial information about the District. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Leaf & Cole, LLP, Certified Public Accountants, have issued an unqualified ( clean ) opinion on the Santa Fe Irrigation District s financial statements for the year ended June 30, The independent auditors' report is located at the front of the financial section of this report. Management s Discussion and Analysis (MD&A) immediately follows the independent auditor s report and provides a narrative introduction, overview, and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it. Following the MD&A are the basic financial statements, notes to the statements, and an unaudited section of statistical information. This report has been prepared using the financial reporting model recommended in the Government Accounting Standards Board's (GASB) Statement 34. The GASB requires proprietary fund governments to use the full accrual basis of accounting. The accompanying statements have been prepared using the full accrual basis. PROFILE OF SANTA F E The District was formed in February 1923 under the laws of the state of California for the purpose of delivering water to its service area. It is located in the western central portion of San Diego County, which is in the extreme southwest corner of the state. The District covers an area of 10,300 acres and serves a population of more than 19,000 in the communities of Rancho Santa Fe and Fairbanks Ranch, and the City of Solana Beach. It is governed by a five-member Board of Directors which is elected for four-year terms on a non-partisan basis by division. The District s distribution system includes over 200 miles of pipeline. There are over 7,200 service connections, 83% of which are residential. The District owns a potable water reservoir with a capacity of 6 million gallons. In addition, the District is co-owner with San Dieguito Water

7 District (SDWD) of the R. E. Badger Filtration Plant (Plant) and the 800 acre foot raw water San Dieguito Reservoir. Raw (untreated) water is delivered to the filtration plant from three sources: the San Dieguito Reservoir, Lake Hodges, and the San Diego County Water Authority s (SDCWA) raw water aqueduct. At its inception, the District acquired rights to a portion of the water in Lake Hodges, a local water reservoir owned by the City of San Diego. In 1948 the District became a member of SDCWA. The following year water imported from Northern California and the Colorado River became available from the SDCWA. The District s imported water purchases from SDCWA include both raw and treated water, and range in any one year from about 55-80% of the District's total water purchases. San Diego County as a whole meets over 80% of its needs from imported water. In 2001 the District began distributing recycled (reclaimed) water for non-potable purposes from the San Elijo Joint Powers Authority, a local wastewater agency. Four percent of the District s total water demand is currently met with recycled water. The Plant was constructed in 1971 and provides treatment and quality assurance for the potable water systems of both the District and SDWD. In addition to treating water from Lake Hodges and the SDCWA, the Plant derives income from the operation of turbines to generate electricity that is sold to San Diego Gas & Electric Company. Operational and capital costs, net of the revenue, are shared by the Districts. Information on this joint venture is included in separate schedules in this set of statements. The District's financial accounting is on a proprietary enterprise fund basis, similar to the way a private going-concern business is treated. This means that revenues are recognized in the period they are earned and expenses in the period they are incurred. The District is empowered to fix and collect charges on its services and to levy and collect a share of property taxes as well as invest its funds in interest-bearing accounts and securities. BOARD OF DIRECTORS A five-member Board of Directors elected for four-year terms governs the District. Each Director represents a geographical division of the service area. The Board adopted a Strategic Business Plan (SBC) that defines its mission and vision, and establishes a direction for the future of the agency. The SBC is divided into six focus areas that represent the core business functions of the District. Key issues, strategic goals, and management strategies and objectives identify the means for advancing the District s mission. LOCAL ECONOMY The District s service area comprises distinctly differing communities. The coastal section contains medium-density, single-family dwellings with several multiple-family residences. The inland section is primarily low-density residential with larger single-family estate lots and some agriculture. Both of these areas are considerably built-out, focusing the District s capital plans on replacement and improvement rather than system expansion. FY2012 Comprehensive Annual Financial Report Page 2

8 San Diego County has the second largest population in California. While the District s service area sees little population growth, the region surrounding it has experienced much larger increases. The San Diego Association of Governments (SANDAG) currently estimates that the population for the coastal region of the District will increase by 24% by the year 2050 over its 2010 level, while employment will increase by 9.7%. By contrast, the county-wide growth expectation is 41.7% by 2050, with an increase in employment of 26%. Per the U.S. Department of Labor, as of June 2012, the San Diego region had an unemployment rate of 9.3% compared with 10.7% for California and 8.2% for the United States. The cost of living for the coastal region of the District s service area is 137.7% of the national average while the inland section is 292.9% of the national average. The District s costs of providing services are a function of two factors: the rapid increase in the price of imported water and the cost of goods and services in the region. The cost of wholesale water has risen an average of 10.6% per year since 2005 and is expected to continue to increase at rates higher than general inflation into the foreseeable future. FINANCIAL OUTLOOK The District invests temporarily idle cash in accordance with the Board-adopted investment policy and California Government Code Sections et seq. Investments include, but are not limited to, United States Treasury Notes, Government Sponsored Enterprises (Agencies), corporate notes, commercial paper, the California Local Agency Investment Fund, the California Asset Management Program, and the San Diego County Pooled Money Fund. The objectives of the investment policy are to protect the District's investment capital, maintain liquidity, achieve a market rate of return, avoid unreasonable risk, and conform to applicable regulations. The investments are managed by District staff with the assistance of an external advisor and are reviewed monthly by the Administration and Finance Committee of the Board of Directors. The Committee ensures that all investments comply with the District's annually-updated Investment Policy. The Treasurer submits a statement to the Board of Directors on a quarterly basis certifying that there is sufficient liquidity to meet cash flow requirements for the next six months. The District has adopted a reserve funds policy which sets funding levels for capital improvements and replacement, operational needs, and rate stabilization and emergencies. The District has also implemented a debt management policy that establishes goals for the use of debt instruments and provides guidelines for debt used to finance the District s capital improvement program. On November 20, 2007, the District issued $12,980,000 in revenue bonds through the R. E. Badger Water Facilities Financing Authority (WFFA) for the purpose of refunding bonds issued in The original bonds were for the improvement of water treatment and delivery systems. The bonds are tax-exempt, rated AA+/Baa1 and are payable at 3.5% to 4.0% annual rates. On June 30, 2012, the District had $9,260,000 in outstanding bond debt payable through Separate financial statements for the WFFA are available at the District offices. Per generally accepted accounting principles, an enterprise fund is not required to prepare or adhere to a budget. However, the Board of Directors chooses to do so and has adopted a budget policy for that purpose. Operating and capital budgets for both the District and the Plant are prepared by departments annually and are reviewed and modified by management before being FY2012 Comprehensive Annual Financial Report Page 3

9 consolidated into a comprehensive document for approval by the Board. The consolidated budget is adopted prior to the beginning of the fiscal year. Actual results are compared to the budget on a monthly basis. Further information may be found in the budget, copies of which are available at the District offices or on the website at Two primary planning documents adopted by the Board were used to develop the ten-year, $60 million capital spending plan: the Asset Management Master Plan (AMMP) and the Joint Facilities Master Plan (JFMP). The capital spending plan is used as a guide in creating the Capital Improvement Program (CIP) budget and projecting future reserve fund needs. The AMMP and JFMP project cost information is included in the District s rate model and is a primary component in determining annual revenue requirements. The District is currently using capital reserve funds to complete these projects. MAJOR INITIATIVES The District continues to invest in infrastructure replacement and maintenance in alignment with the AMMP and JFMP. Several new, extensive capital projects were completed during fiscal year 2012, including installation of upgraded pressure reducing stations, major valve replacements, and waterline replacements, all within the distribution system. Fiscal year 2013 will focus on the design of significant improvement projects, including the second phase of the pressure reducing station project and multiple pipeline replacements. At the treatment plant, the focus will be replacement of the San Dieguito Pump Station, a vital piece of the water transmission system with an estimated total cost of $4.2 million. Other projects slated for design during 2013 at the treatment plant will upgrade chemical delivery systems and electrical distribution systems. CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Santa Fe Irrigation District for its comprehensive annual financial report for the fiscal year ended June 30, This is the sixth consecutive year the District has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. FY2012 Comprehensive Annual Financial Report Page 4

10 A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program's requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate. ACKNOWLEDGEMENTS We would like to thank the Board of Directors for their continued interest and support. Additionally, preparation of this report could not have been accomplished without support and input from all departments, Brownell & Duffey CPAs, and from our independent auditors, Leaf & Cole, LLP, Certified Public Accountants. Respectfully submitted, Michael J. Bardin General Manager Jeanne L. Deaver Administrative Services Manager FY2012 Comprehensive Annual Financial Report Page 5

11 District Officials The five members of the Board of Directors, by division, are listed below. The General Manager, who is appointed by the Board, oversees the day-to-day operations. Michael T. Hogan President Division 4 Kenneth B. Dunford Vice President Division 1 John S. Ingalls Director Division 3 Robert Bud M. Irvin Director Division 2 Andy Menshek Director Division 5 Michael J. Bardin General Manager FY2012 Comprehensive Annual Financial Report Page 6

12 Santa Fe Irrigation District Organizational Chart FY2012 Comprehensive Annual Financial Report Page 7

13 Service Area Map FY2012 Comprehensive Annual Financial Report Page 8

14 C L& Leaf & Cole, LLP Certified Public Accountants A Partnership of Professional Corporations Steven W. Northcote, C.P.A. Michael S. Schreibman, C.P.A. Michael J. Zizzi, C.P.A. Julie A. Firl, C.P.A. Nicholas M. Gines, C.P.A. Members American Institute of Certified Public Accountants California Society of Certified Public Accountants Independent Auditor s Report To the Board of Directors Santa Fe Irrigation District Post Office Box 409 Rancho Santa Fe, California We have audited the accompanying statements of net assets of Santa Fe Irrigation District (the District ) as of June 30, 2012 and 2011, and the related statements of revenues, expenses and changes in net assets and cash flows for the years then ended. These financial statements are the responsibility of the District s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the State Controller s Minimum Audit Requirements for California Special Districts. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the District as of June 30, 2012 and 2011, and the changes in its financial position and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America, as well as the accounting systems prescribed by the State Controller s Office and State Regulations governing Special Districts. Accounting principles generally accepted in the United States of America require that management s discussion and analysis on pages 3 through 6 be presented to supplement the financial statements. Such information, although not a part of the financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the financial statements, and other knowledge we obtained during our audits of the financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance Camino Del Rio South, Suite 200, San Diego, California , fax, leafcole@leaf-cole.com

15 To the Board of Directors Santa Fe Irrigation District Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The introductory section, the supplementary schedules of net assets - R.E. Badger Filtration Plant, the supplementary schedules of revenues, expenses and changes in net assets - R.E. Badger Filtration Plant, the supplementary reconciliations of billings - R.E. Badger Filtration Plant, supplementary schedule of annual OPEB payments and the supplementary schedule of annual CalPERS costs, and the statistical section are presented for purposes of additional analysis and are not a required part of the financial statements. The supplementary schedules of net assets - R.E. Badger Filtration Plant, the supplementary schedules of revenues, expenses, and changes in net assets - R.E. Badger Filtration Plant, the supplementary reconciliations of billings - R.E. Badger Filtration Plant, the supplementary schedule of annual OPEB payments - R.E. Badger Filtration Plant and the supplementary schedule of annual CalPERS costs are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we do not express an opinion or provide any assurance on them. San Diego, California November 6, 2012 FY2012 Comprehensive Annual Financial Report Page 10

16 Management s Discussion and Analysis This section of the Santa Fe Irrigation District's (District) annual financial report presents management s discussion and analysis of the District's financial performance during the fiscal year ending June 30, Topics covered in this section are: Financial Statements Overview Financial Highlights Financial Analysis Infrastructure and Capital Assets Debt Administration Currently Known Facts, Conditions or Decisions Interested parties are encouraged to read this section in conjunction with the letter of transmittal and the detailed financial statements included in the report. FINANCIAL STATEMENTS OVERVIEW The financial statements report information about the District s financial position and result of operations using the accrual basis of accounting, similar to methods used by private sector companies. The statements also present changes in cash balances, and information about both short and long-term activities. This section of the annual report contains three components: Management s Discussion and Analysis, the Financial Statements, and the Notes to the Financial Statements. The Financial Statements include the following: The Statements of Net Assets present the District's financial position at the last two fiscal year ends in terms of investment in resources (assets) and obligations to creditors (liabilities) as well as the excess of such resources over the obligations (net assets). It also forms the basis for evaluating the District's liquidity or financial flexibility and its capital structure. The Statements of Revenues, Expenses and Changes in Net Assets accounts for the District's activities during the last two years. It provides the basis for measuring the relative success in recovering operational costs. The Statements of Cash Flows report the District's cash receipts and disbursements during the periods, classified into operating, financing, and investing categories. The Notes to the Financial Statements provide a description of the accounting policies used to prepare the financial statements and present material disclosures required by generally accepted accounting principles that are not otherwise visible in the financial statements. The notes immediately follow the statements. FY2012 Comprehensive Annual Financial Report Page 11

17 Supplementary Schedules include: The Supplementary Schedule of Net Assets R. E. Badger Filtration Plant (Plant) presents the financial position of the Plant at the last two fiscal year ends in a similar manner to the Statements of Net Assets for the District. The Supplementary Schedule of Changes in Net Assets R. E. Badger Filtration Plant accounts for the Plant's activities during the last two years in a similar manner to the Statements of Revenues, Expenses and Changes in Net Assets for the District. The Supplementary Reconciliation of Billings R. E. Badger Filtration Plant reconciles the operating and capital amounts billed to the District and the San Dieguito Water District (SDWD) to the filtration revenue and capital contributions of the Plant. The Supplementary Schedule of Annual OPEB Costs provides a detail of annual other post-employment benefit (OPEB) contributions. The Supplementary Schedule of Annual CalPERS Costs provides a detail of annual CalPERS contributions. FINANCIAL HIGHLIGHTS During the year the District's overall financial position (changes in net assets) improved by 3.3%. Operating revenues covered operating expenses, resulting in operating income of $399,539. A 6.0% rate increase effective January 2012 and an increase in customer demand helped boost revenues by $2,157,537. Non-operating revenues were down primarily due to lower investment income. Operating expenses came in 10.6% higher than fiscal year 2011, an additional $1,809,923, primarily due to an increase in water purchased. This was a result of increases in the cost of imported water, a lower percentage of local water than in 2011, and an increase in customer demand. The District s net assets for the current fiscal year increased by $2,154,161 or 3.3%. All revenues for the year totaled $21,359,030, an increase of $2,134,868 or 11.1% over the prior year. Operating revenue for the year totaled $19,208,445, an increase of $2,157,537 or 12.7% over the prior year. Total operating expenses for the year were $18,808,906, an increase of $1,809,923 or 10.6% over the prior year. Total assets were $78,926,362 or $71,378 and 0.1% less than prior year. Total liabilities at year end were $11,702,707 or $2,225,539 and 16% lower than the prior year. FY2012 Comprehensive Annual Financial Report Page 12

18 FINANCIAL ANALYSIS Net Assets Net assets serve as a useful indicator of an organization s financial position. Table 1 provides a three-year summary of the District s total net assets. Table 1 Condensed Statements of Net Assets Change June 30, 2012 June 30, 2011 Amount % Current assets $ 25,202,954 $ 29,147,539 $ (3,944,585) (13.5) Other Noncurrent assets 24,028,622 24,095,218 (66,596) 0.3 Capital assets 29,694,786 25,754,983 3,939, Total assets 78,926,362 78,997,740 (71,378) (0.1) Current liabilities 3,249,607 4,450,246 (1,200,639) (27.0) Noncurrent liabilities 8,453,100 9,478,000 (1,024,900) (10.8) Total liabilities 11,702,707 13,928,246 (2,225,539) (16.0) Invested in capital assets, net of debt 29,271,501 24,299,016 4,972, Unrestricted 37,952,154 40,770,478 (10,021,034) (6.9) Total net assets $ 67,223,655 $ 65,069,494 $ 2,154, Change June 30, 2011 June 30, 2010 Amount % Current assets $ 29,147,539 $ 30,634,784 $ (1,487,245) (4.9) Other Noncurrent assets 24,095,218 23,620, , Capital assets 25,754,983 22,206,715 3,548, Total assets 78,997,740 76,462,360 2,535, Current liabilities 4,450,246 2,732,001 1,718, Noncurrent liabilities 9,478,000 10,449,644 (971,644) (9.3) Total liabilities 13,928,246 13,181, , Invested in capital assets, net of debt 24,299,016 22,131,467 2,167, Unrestricted 40,770,478 41,149,248 (378,770) (0.9) Total net assets $ 65,069,494 $ 63,280,715 $ 1,788, Fiscal Year compared to Fiscal Year 2011 An increase of $3,939,803 in capital assets resulted from completion of projects as outlined in the Asset Management Master Plan (AMMP). Current assets were reduced by $3,944,585, primarily due to a decrease in cash and investments that were used to pay for the capital projects. A total decrease in liabilities of $2,225,539 is attributable to a reduction in current and noncurrent liabilities as retentions to vendors with ongoing contracts at the end of FY11 were paid in FY12, and a $956,000 principal payment FY2012 Comprehensive Annual Financial Report Page 13

19 was made on the Installment Purchase Agreement. The outcome was an increase in net assets of $2,154,161 at the end of fiscal year 2012 over the prior year. Fiscal Year 2011 compared to Fiscal Year 2010 Net assets increased in 2011 by $1,788,779. This was a result of increases in capital assets of $3.5 million offset by outstanding accounts payable and retentions to vendors of ongoing capital projects. Table 2 shows the changes in net assets from revenues and expenses. Table 2 Condensed Statements of Revenues, Expenses and Changes in Net Assets Change FY 2012 FY 2011 Amount % Total operating revenues $ 19,208,445 17,050,908 2,157, Total operating expenses 18,808,906 16,998,983 1,809, Operating income 399,539 51, ,614 Nonoperating revenues, net 1,729,082 1,694,509 34, Income before contributions 2,128,621 1,746, ,187 Capital Contributions 25,540 42,345 (16,805) (39.7) Change in net assets 2,154,161 1,788, , Beginning net assets 65,069,494 63,280,715 1,788, Ending net assets $ 67,223,655 $ 65,069,494 $ 2,154, Change FY 2011 FY 2010 Amount % Total operating revenues $ 17,050,908 $ 16,745,864 $ 305, Total operating expenses 16,998,983 16,849, , Operating income 51,925 (103,945) 155,870 Nonoperating revenues, net 1,694,509 1,964,693 (270,184) (13.8) Income before contributions 1,746,434 1,860,748 (114,314) Capital contributions 42, ,378 (167,033) (79.8) Change in net assets 1,788,779 2,070,126 (281,347) (13.6) Beginning net assets 63,280,715 61,210,589 2,070, Ending net assets $ 65,069,494 $ 63,280,715 $ 1,788, FY2012 Comprehensive Annual Financial Report Page 14

20 Revenues Three main sources of revenue water sales, base meter fees, and property taxes fund the operating expenses, debt service, and replacement of the treatment and distribution systems. Since the District s service area has little room for growth, capital contributions for construction in the form of capacity fees from development activity are relatively small. Fiscal Year 2012 compared to Fiscal Year 2011 Total revenues in fiscal year 2012 increased by 11.1%, or $2,134,868, from the prior year, a result of a 6% rate increase as of January 1, 2012, and an increase in water sales of approximately 4%. Sales figures were in line with budgeted projections, although customer demand of 10,290 AF in 2012 remains relatively low compared to a ten-year average of 12,500 AF. Conservation efforts initiated in 2010 as a result of the drought and mandatory water use restrictions have altered customer water use patterns; therefore a return to high water consumption over 13,000 AF appears unlikely in the near future. The rising cost of water and cooler weather patterns have also contributed to the reduction in customer demand. Investment income reflects cash receipts plus or minus unrealized gains or losses when the investments are marked to market at the end of the fiscal year. Investment income for FY12 was $137,278, a 39% drop from income of $226,893 in FY11, largely due to the maturity of higher interest securities and reinvestment in substantially lower yielding securities. Actual cash receipts from investment earnings can be higher or lower than investment income as a result of unrealized gains or losses. It is the intent and past practice of the District to hold all securities to maturity, in which case the losses or gains would not be realized. Figure 1 shows the various sources of revenue and highlights the fact that the District relies heavily on water sales for its income. FY12 Sources of Revenue Investment Income 0.6% Property Taxes 8.7% Other Services 0.6% Capital Contributions 0.1% Other 0.6% Base Meter Fees 15.8% Water Sales 73.5% FIGURE 1 FY2012 Comprehensive Annual Financial Report Page 15

21 Fiscal Year 2011 compared to Fiscal Year 2010 Revenues remained relatively flat from FY10 to FY11 in spite of a 12% rate increase effective January Decreases in water demand due to a cool and rainy winter contributed to lower than expected water sales, while market adjustments to investments and reduced development-related revenues in the form of capital contributions brought down non-operating revenues. Table 3 provides a three-year comparison of revenues by source. Table 3 Revenues by Source Fiscal Year Ending June 30 Change Amount % Water Sales $ 15,705,818 $ 13,758,832 $ 1,946, Base Meter Fees 3,379,145 3,080, , Other Services 123, ,680 (88,198) (41.7) Property Tax Revenues 1,856,557 1,849,671 6, Investment Income 137, ,893 (89,615) (39.5) Capital Contributions 25,540 42,345 (16,805) (39.7) Other 131,210 54,345 76, Total Revenues $ 21,359,030 $ 19,224,162 $ 2,134, Fiscal Year Ending June 30 Change Amount % Water Sales $ 13,758,832 $ 13,741,775 $ 17, Base Meter Fees 3,080,396 2,794, , Other Services 211, ,589 2, Property Tax Revenues 1,849,671 1,913,706 (64,035) (3.3) Investment Income 226, ,449 (211,556) (48.3) Capital Contributions 42, ,378 (167,033) (79.8) Other 54,345 66,608 (12,263) (18.4) Total Revenues $ 19,224,162 $ 19,374,005 $ (149,843) (0.8) Expenses Fiscal Year 2012 compared to Fiscal Year 2011 Total expenses increased by 10.1% in 2012 compared to the previous year. This was due to higher imported water costs and a higher ratio of imported to local water than in FY11. A six-week shutdown of the District s treatment plant during the construction of several capital projects necessitated the purchase of twice the normal amount of imported treated water. Substitution of more expensive imported water for local water quickly adds to the overall cost of water. At the end of the fiscal year, the Board of Directors approved the final payment of $1,149,352 to the California Public Employees Retirement System (CalPERS) to completely pay off the District s side fund liability. The prepayment of this obligation will save an estimated $336,000 in interest over the next six years. FY2012 Comprehensive Annual Financial Report Page 16

22 Figure 2 shows a summary of expenses by category for FY12 Functional Expenses Depreciation 5.7% Interest 2.1% Distribution 15.0% Cost of Water 37.0% Admin & General 16.4% Water Treatment 23.8% FIGURE 2 Fiscal Year 2011 compared to Fiscal Year 2010 Expenses for fiscal year 2011 were higher by 0.8% than in Water purchase costs were significantly lower (more than $500,000) as continued water conservation efforts and cool weather reduced customer demand, and therefore, water purchases. The first half of the District s payment on the CalPERS Side Fund increased expenses for all departments, as the costs were spread proportionately based on employee salaries. FY2012 Comprehensive Annual Financial Report Page 17

23 Table 4 provides a comparison of expenses over the last three fiscal years. Table 4 Expenses by Function Fiscal Year Ending June 30 Change Amount % Water Purchased $ 7,101,708 $ 5,307,965 $ 1,793, Water Treatment 4,578,172 4,085, , Administration and General 3,152,926 3,545,046 (392,120) (11.1) Transmission and Distribution 2,874,452 2,989,260 (114,808) -3.8 Depreciation and Amortization 1,101,648 1,071,344 30, Interest Expense 395, ,400 (40,437) (9.3) Total Expenses $ 19,204,869 $ 17,435,383 $ 1,769, Fiscal year Ending Change Amount % Water Purchased $ 5,307,965 $ 5,847,690 $ (539,725) (9.2) Water Treatment 4,085,368 3,891, , Administration and General 3,545,046 3,461,106 83, Transmission and Distribution 2,989,260 2,581, , Depreciation and Amortization 1,071,344 1,068,089 3, Interest Expense 436, ,070 (17,670) (3.9) Total Expenses $ 17,435,383 $ 17,303,879 $ 131, Investments Balances in cash and investment accounts decreased by $4.4 million from the prior year due to an increase in capital expenditures. The District's portfolio consists primarily of securities with maturities spread over five years, helping to mitigate the effect of a decline in value or market risk. Average yields on the portfolio continued the multi-year decline as higher-yield securities matured and were replaced with much lower-interest alternatives but stabilized slightly in FY12. The average yield was 1.2% for the current year as compared to 1.6% for fiscal year The weighted average final maturity of investments was 240 days at the prior year end and 437 days at 2012 year end, as the District extended part of the portfolio out four to five years. INFRASTRUCTURE AND CAPITAL ASSETS Continuing its commitment to infrastructure replacement through implementation of the 2009 Asset Management Master Plan (AMMP) and the 2011 Joint Facilities Master Plan, the District spent $6,108,689 on capital projects. Several large projects that were in the design phase in FY11 entered construction and were completed in FY12. The largest capital expenditure for FY12 at $4,257,322 was the Pressure Reducing Station and Valve Replacement Project. Smaller projects included the Calle Mayor interconnect to provide redundancy of service to the eastern portion of the District s service area. Projects at the Plant included installation of baffles in the clearwell in order to maximize disinfection efficiency and reduce chemical usage, improvements to the imported treated water feed line, and the replacement of 1,000 feet of existing 15-inch pipeline that conveys flows from the Plant to the San Dieguito Reservoir. FY2012 Comprehensive Annual Financial Report Page 18

24 Implementation of the computerized maintenance management system (CMMS) that was selected and purchased in 2011 continued into FY12 at the Plant and throughout the distribution system. See notes 4 and 5 in the Notes to the Financial Statements for a summary of capital asset activity. DEBT ADMINISTRATION In 1999 the District issued bonds through the R. E. Badger Water Facilities Financing Authority (WFFA). All proceeds from this debt were expended in previous years for the purpose of improving the infrastructure. In November 2007 the District issued new bonds through the WFFA for the purpose of refunding the previous issue. The 2007 bonds are covenanted for net revenues to cover the installment payments at a minimum ratio of 115%. In the current year the coverage is 272%. There were no other long-term debt commitments or defeasances of debt during the year. Additional information about noncurrent liabilities may be found in notes 6 and 7 in the Notes to the Financial Statements and in the separately issued financial statements of the WFFA, available at the District offices. CURRENTLY KNOWN FACTS, CONDITIONS OR DECISIONS Projects and Planning The CIP budget for FY13 is $6,045,080, a reduction of 51.6% from FY12. Projects from FY12 have largely been completed, and design for new projects is scheduled for FY13, with construction to begin in FY14. Several smaller pipeline replacements, and initiation of the third phase of the pressure reducing station replacement project are planned for FY13. Water Cost and Availability The San Diego County Water Authority (SDCWA) has adopted rate increases effective January 2013 that will raise the District s cost of imported water by approximately 8.0%. The cost of local water is expected to remain unchanged. In response to this cost increase and in order to continue to fund the CIP on a payas-you-go basis, the District is implementing a rate increase of 6% that will be effective January A comprehensive cost of service study will be initiated during FY13 to identify revenue requirements and consequent rates and fees for FY14 and beyond. Although there are no current water restrictions imposed on the District by either the SDCWA or the Metropolitan Water District (MWD), the residual effect of customers continued water conservation efforts as a result of the drought in 2010 will likely prevent water sales from rebounding to pre-drought levels in the next fiscal year. CalPERS Side Fund Payoff The District s Board of Directors, in an effort to immediately reduce annual retirement costs, evaluated the benefits of paying off a side fund that had been established by the California Public Employees Retirement System (CalPERS). In 2005, CalPERS required all agencies with fewer than 100 employees to join a risk pool of agencies with similar benefit levels. At that time, CalPERS performed a valuation based on 2003 plan data to determine the current funding level of each agency, with the goal to bring every agency up to 100% funding within the pool. If an agency was less than 100% funded, a side fund was created to make up the difference. At that time, the District was underfunded by $3.5 million, which FY2012 Comprehensive Annual Financial Report Page 19

25 established the base side fund, amortized over a 13-year period. Since that time, a portion of the District s annual employer contribution has been used to pay down the side fund. On June 22, 2011, the District made a pre-payment of $1,300,000 to CalPERS toward the total remaining side fund of approximately $2.6 million. This resulted in an immediate reduction in the District s employer contribution for fiscal year 2012 of approximately $200,000, and is expected to lower pension costs in the future. The Board of Directors approved the pre-payment of the remainder of the side fund in fiscal year 2012 ($1,149,352), removing the remaining obligation and reducing the District s employer contribution by another $200,000, for an estimated total reduction of $400,000 for FY13. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of Santa Fe Irrigation District's finances for stakeholders, elected officials, investors, and creditors. Questions concerning any of the information presented in this report or requests for additional financial information should be addressed to Santa Fe Irrigation District, Administrative Department, PO Box 409, Rancho Santa Fe, California FY2012 Comprehensive Annual Financial Report Page 20

26 SANTA FE IRRIGATION DISTRICT STATEMENTS OF NET ASSETS JUNE 30, 2012 AND 2011 ASSETS Current Assets: (Notes 2 and 3) Cash and cash equivalents $ 7,710,022 $ 14,507,758 Investments 13,548,055 11,156,720 Accounts receivable - water sales 3,300,543 3,038,284 Accounts receivable - R.E. Badger Filtration Plant 129, ,210 Accounts receivable - other 14,107 22,307 Proposition 1A borrowing by the State of California 153,693 - Property taxes and assessments collectible 9,988 3,938 Accrued interest receivable 56,582 63,976 Inventory 229, ,602 Prepaid expenses 50,586 46,744 Total Current Assets 25,202,954 29,147,539 Noncurrent Assets: (Notes 2, 3, 4, 5, 6 and 9) Proposition 1A borrowing by the State of California - 153,693 Investment in the R.E. Badger Water Treatment Facilities 22,058,712 21,822,513 Due from R.E. Badger Water Facilities Financing Authority 1,678,910 1,703,240 Deposit - R.E. Badger Filtration Plant 291, ,000 Net OPEB obligation - 124,772 Capital assets 29,694,786 25,754,983 Total Noncurrent Assets 53,723,408 49,850,201 TOTAL ASSETS $ 78,926,362 $ 78,997,740 The accompanying notes are an integral part of the financial statements. FY2012 Comprehensive Annual Financial Report Page 21

27 SANTA FE IRRIGATION DISTRICT STATEMENTS OF NET ASSETS (CONTINUED) JUNE 30, 2012 AND Current Liabilities: (Notes 1 and 7) Accounts payable $ 884,484 $ 1,996,149 Payable to R.E. Badger Filtration Plant 416, ,243 Accrued payroll and employee benefits 102,545 92,688 Accrued interest payable 91, ,250 Retentions payable 371, ,667 Customer deposits 107, ,225 Accrued compensated absences 231, ,024 Net OPEB obligation 38,874 - Current portion of installment purchase agreement 1,005, ,000 Total Current Liabilities 3,249,607 4,450,246 Noncurrent Liabilities: (Notes 1 and 7) Accrued compensated absences 198, ,000 R.E. Badger Water Facilities Financing Authority - Installment purchase agreement 8,255,000 9,260,000 Total Noncurrent Liabilities 8,453,100 9,478,000 Total Liabilities 11,702,707 13,928,246 Commitments and Contingencies (Notes 8, 9 and 10) LIABILITIES AND NET ASSETS Net Assets: (Note 11) Invested in capital assets, net of related debt 29,271,501 24,299,016 Unrestricted 37,952,154 40,770,478 Total Net Assets 67,223,655 65,069,494 TOTAL LIABILITIES AND NET ASSETS $ 78,926,362 $ 78,997,740 The accompanying notes are an integral part of the financial statements. FY2012 Comprehensive Annual Financial Report Page 22

28 SANTA FE IRRIGATION DISTRICT STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS FOR THE YEARS ENDED JUNE 30, 2012 AND Operating Revenues: Water sales $ 15,705,818 $ 13,758,832 Base meter fees 3,379,145 3,080,396 Other operating revenues 123, ,680 Total Operating Revenues 19,208,445 17,050,908 Operating Expenses: Water purchased 7,101,708 5,307,965 Water treatment 4,578,172 4,085,368 Administration and general 3,152,926 3,545,046 Transmission and distribution 2,874,452 2,989,260 Depreciation and amortization 1,101,648 1,071,344 Total Operating Expenses 18,808,906 16,998,983 Operating Income 399,539 51,925 Nonoperating Revenues and (Expenses): Property taxes and assessments 1,856,557 1,849,671 Investment income 137, ,893 Other revenue 81,380 54,345 Grant revenue 81,235 - Net loss on disposal of capital assets (31,405) - Interest expense (395,963) (436,400) Total Nonoperating Revenues and (Expenses) 1,729,082 1,694,509 Income Before Contributions 2,128,621 1,746,434 Capital Contributions 25,540 42,345 Change in Net Assets 2,154,161 1,788,779 Net Assets at Beginning of year 65,069,494 63,280,715 NET ASSETS AT END OF YEAR $ 67,223,655 $ 65,069,494 The accompanying notes are an integral part of the financial statements. FY2012 Comprehensive Annual Financial Report Page 23

29 SANTA FE IRRIGATION DISTRICT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2012 AND Cash Flow From Operating Activities: Receipts from customers $ 18,822,354 $ 16,863,015 Payments to suppliers (14,321,406) (12,422,780) Payment to employees for services (2,601,335) (2,672,843) Other revenue 81,380 54,345 Net Cash Provided by Operating Activities 1,980,993 1,821,737 Cash Flow From Noncapital Financing Activities: Property taxes and assessments 1,850,507 1,848,075 Grant revenue 81,235 - Net Cash Provided by Noncapital Financing Activities 1,931,742 1,848,075 Cash Flows From Capital and Related Financing Activities: Acquisition and construction of capital assets (6,108,689) (3,238,894) Interest payments on R.E. Badger Water Facilities Financing Authority Installment purchase agreement (406,725) (445,650) Principal payments on R.E. Badger Water Facilities Financing Authority installment purchase agreement (965,000) (925,000) Proceeds from sale of capital assets 3,152 - Capital contributions 25,540 42,345 Net Cash Used in Capital and Related Financing Activities (7,451,722) (4,567,199) Cash Flows From Investing Activities: Purchase of investments (9,538,126) (10,995,849) Proceeds from sales and maturities of investments 6,996,952 16,999,043 Investment income 294, ,521 Investment in R.E. Badger Water Treatment Facilities (1,036,416) (1,080,952) Net change in due from R.E. Badger Water Facilities Financing Authority 24,330 24,330 Net Cash (Used in) Provided by Investing Activities (3,258,749) 5,436,093 Net (Decrease) Increase in Cash and Cash Equivalents (6,797,736) 4,538,706 Cash and Cash Equivalents at Beginning of Year 14,507,758 9,969,052 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 7,710,022 $ 14,507,758 (Continued) The accompanying notes are anintegral part of the financial statements. FY2012 Comprehensive Annual Financial Report Page 24

30 SANTA FE IRRIGATION DISTRICT STATEMENTS OF CASH FLOWS (CONTINUED) FOR THE YEARS ENDED JUNE 30, 2012 AND Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Operating income $ 399,539 $ 51,925 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation and amortization 1,101,648 1,071,344 Plant depreciation included in water treatment expense 800, ,038 Change in current assets and liabilities: Accounts receivable - water sales (262,259) (165,089) Accounts receivable - R.E. Badger Filtration Plant (24,571) (56,916) Accounts receivable - other 8,200 (13,443) Inventory (26,995) (10,405) Prepaid expenses (3,842) 7,578 Net OPEB obligation (asset) 124,772 (124,772) Accounts payable (32,856) 75,428 Payable to R.E. Badger Filtration Plant (101,103) 182,935 Accrued payroll and employee benefits 9,857 8,051 Customer deposits (107,461) 47,555 Accrued compensated absences (24,407) (13,837) Net OPEB obligation (liability) 38,874 - Other revenue 81,380 54,345 Net Cash Provided by Operating Activities $ 1,980,993 $ 1,821,737 Supplemental Disclosures of Cash Flow Information: Net unrealized losses on investments $ 149,839 $ 216,294 The accompanying notes are an integral part of the financial statements. FY2012 Comprehensive Annual Financial Report Page 25

31

32 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 1 - Organization and Significant Accounting Policies: Organization The Santa Fe Irrigation District, ( District ) was formed February 26, 1923 under the California Irrigation District Act. The District provides water and related services to residential and commercial customers in the San Diego County communities of Rancho Santa Fe, Solana Beach and Fairbanks Ranch. The District and the San Dieguito Water District (SDWD) entered into an agreement for joint construction and operation of water treatment, storage and transmission facilities. This facility is known as the R.E. Badger Filtration Plant ( Plant ). The District and SDWD provide revenue to the Plant to fund operations (exclusive of depreciation) based on their respective usage of treated water. Effective July 1, 1977 the District was designated as the Contracting Authority for the Plant, and the Administering Agency. The Plant is not a separate legal entity. The District s share of the net assets of the Plant has been included in the statement of net assets of the District as an Investment in R.E. Badger Water Treatment Facilities in the amount of $22,058,712 and $21,822,513 at June 30, 2012 and 2011, respectively. (See Note 5). The District has entered into a joint exercise of powers agreement dated September 22, 1999, with SDWD creating the R.E. Badger Water Facilities Financing Authority ( Authority ). The Authority was formed to provide financing in connection with the acquisition, construction and improvement of public capital improvements. In order to provide working capital necessary for certain capital improvements, the Authority is authorized by the Installment Purchase Agreements to issue water revenue bonds. The District and SDWD are each responsible for their respective share of the net costs of the revenue bonds. Amounts due from and to the Authority by the District have been included in these financial statements as Due from R.E. Badger Water Facilities Financing Authority and R.E. Badger Water Facilities Financing Authority - Installment Purchase Agreement, respectively. These financial statements do not include the net assets of the Authority. The separate financial statements of the Authority can be obtained upon request from the District. (See Notes 6 and 7). The criteria used in determining the scope of the reporting entity are based on the provisions of GASB Statement 14 as amended by GASB 39. The District is the primary government unit. Component units are those entities which are financially accountable to the primary government, either because the District appoints a voting majority of the component unit s board, or because the component unit will provide a financial benefit or impose a financial burden on the District. The District has no component units. Significant Accounting Policies A summary of the District s significant accounting policies consistently applied in the preparation of the accompanying financial statements follows: Method of Accounting The District utilizes accounting principles appropriate for an enterprise fund to record its activities. Accordingly, the statements of net assets and the statements of revenues, expenses and changes in net assets have been prepared using the economic resources measurement focus and the accrual basis of accounting. The District has not elected to apply the option allowed in paragraph 7 of the GASB statement No. 20, Accounting and Financial Reporting for Proprietary Activities, and as a consequence will continue to apply GASB statements and interpretations. FY2012 Comprehensive Annual Financial Report Page 27

33 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 1 - Organization and Significant Accounting Policies (Continued): Significant Accounting Policies (Continued) Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The District recognizes revenues from water sales and base meter fees as they are earned. Operating activities generally result from providing services and producing and delivering goods. As such, the District considers fees received from water sales, base meter fees and other operating revenues to be operating revenues. Property taxes and assessments are recognized as revenue based upon amounts reported to the District by the County of San Diego. Investments Investments are stated at their fair value, which represents the quoted or stated market value. Investments that are not traded on a market, such as investments in external pools, are valued based on the stated fair value as represented by the external pool. Allowance for Doubtful Accounts Management believes that all receivables were fully collectible; therefore no allowance for doubtful accounts was recorded as of June 30, 2012 and Taxes and Assessments Property taxes and assessments are billed by the County of San Diego to property owners. The District s property tax calendar for the fiscal year ended June 30, 2012, was as follows: Lien Date: January 1 Levy Date: July 1 Due Date: First Installment - November 1 Second Installment - February 1 Delinquent Date: First Installment - December 10 Second Installment - April 10 FY2012 Comprehensive Annual Financial Report Page 28

34 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 1 - Organization and Significant Accounting Policies (Continued): Significant Accounting Policies (Continued) Taxes and Assessments (Continued) The County collects the taxes from the property owners and remits the funds to the District periodically during the year. The District has an arrangement with the County whereby the County remits taxes which are delinquent as of each June 30 to the District in exchange for the right to retain the delinquent taxes, penalties, and interest when these amounts of subsequently collected. Inventory Inventory consists primarily of materials used in the construction and maintenance of capital assets and is valued at cost using the first-in, first-out (FIFO) method. Capital Assets Capital assets purchased or acquired with a cost exceeding $7,500 and an estimated useful life of more than one year are reported at historical cost. Contributed assets are recorded at fair market value as of the date received. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. Depreciation is calculated on the straight-line method over the following estimated useful lives: Useful Life Intangible assets Land improvements Transmission and distribution systems Reservoirs Buildings Shop equipment Office furniture and equipment Autos and trucks 51 years years years years 5-40 years 5-10 years 3-10 years 5-10 years Depreciation and amortization aggregated $1,101,648 and $1,071,344 for the years ended June 30, 2012 and 2011, respectively. FY2012 Comprehensive Annual Financial Report Page 29

35 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 1 - Organization and Significant Accounting Policies (Continued): Significant Accounting Policies (Continued) Interest The District incurs interest charges on noncurrent liabilities. No interest was capitalized as a cost of construction for the years ended June 30, 2012 and 2011, respectively. Compensated Absences Accumulated unpaid vacation and sick leave totaling $429,617 and $454,024 is accrued when incurred and included in current and noncurrent liabilities at June 30, 2012 and 2011, respectively. Capital Contributions Capital contributions totaled $25,540 and $42,345 for the years ended June 30, 2012 and 2011, respectively and consist of capacity fees. Risk Management The District is a member of the Association of California Water Agencies Joint Powers Insurance Authority ( Insurance Authority ). The Insurance Authority is a risk-pooling self-insurance authority, created under provisions of California Government Code Sections 6500 et. seq. The purpose of the Authority is to arrange and administer programs of insurance for the pooling of self-insured losses and to purchase excess insurance coverage. At June 30, 2012, the District participated in the self-insurance programs of the Insurance Authority as follows: Property Loss - The Insurance Authority has pooled self-insurance up to $50,000 per occurrence and has purchased excess insurance coverage up to $100,000,000 (total insurable value $32,748,788). The District has a $25,000 deductible for buildings, personal property and fixed equipment, a $5,000 deductible on mobile equipment, with a $500 deductible for licensed vehicles. General Liability - The Insurance Authority has pooled self-insurance up to $2,000,000 per occurrence and has purchased excess insurance coverage up to $60,000,000, subject to various aggregate limits. Auto Liability - The Insurance Authority has pooled self-insurance up to $2,000,000 per occurrence and has purchased excess insurance coverage up to $60,000,000, subject to various aggregate limits. Public Officials Liability - The Insurance Authority has pooled self-insurance up to $2,000,000 and has purchased excess insurance coverage up to $60,000,000, subject to various aggregate limits. FY2012 Comprehensive Annual Financial Report Page 30

36 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 1 - Organization and Significant Accounting Policies (Continued): Significant Accounting Policies (Continued) Risk Management (Continued) Fidelity Bond - The Insurance Authority has pooled self-insurance up to $100,000. The District has a $1,000 deductible. Workers Compensation - Insured for statutory limits. Workers compensation is self-insured up to $2,000,000 and excess insurance coverage has been purchased. The District pays annual premiums for this coverage. They are subject to retrospective adjustments based on claims experience. The nature and amounts of these adjustments cannot be estimated and are charged to expense as invoiced. The District s insurance expense exclusive of workers compensation for the years ended June 30, 2012 and 2011, was $93,531 and $64,154, respectively. There were no instances in the past three years where a settlement exceeded the District s coverage. Economic Dependency The District purchases water from the Metropolitan Water District through the San Diego County Water Authority. Interruption of this source would impact the District negatively. Cash and Cash Equivalents For purposes of the statement of cash flows the District considers all investment instruments purchased with a maturity of three months or less to be cash equivalents. Subsequent Events In preparing these financial statements, the District has evaluated events and transactions for potential recognition or exposure through November 6, 2012, the date the financial statements were available to be issued. Reclassification The District has classified certain prior year information to conform with the current year presentation, see Note 11. FY2012 Comprehensive Annual Financial Report Page 31

37 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 2 - Cash and Investments: Investments Authorized by the California Government Code and the District s Investment Policy The table below identifies the investment types that are authorized for the District by the California Government Code (or the District s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code that address interest rate risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of the District, rather than the general provision of the California Government Code or the District s investment policy: Authorized Investment Type Maximum Maturity Maximum Percentage of Portfolio Maximum Investment in One Issuer Quality Requirements (S & P Rating) U.S. Treasury Bills, Notes, Bonds or Strips 5 years No Limit No Limit None Federal Agencies 5 years No Limit GNMA Only None Federal Instrumentalities 5 years No Limit FHLB, FNMA, FFCB None FHLMC State and Local Agencies District s Own Bonds 5 years 20% No Limit AA State Instruments 5 years 20% No Limit AA or A-1+ Other Local Agency (within CA only) 5 years 20% No Limit AA or A-1+ A - short term or A long term Repurchase Agreements 1 year 20% No Limit Prime Commercial Paper 270 Days 25% 10% A or A-1 Bankers Acceptances 180 Days 15% 30% A Medium-Term Notes 5 years 20% No Limit A Local Agency Investment Fund (LAIF) N/A 20% or $5 Million N/A None San Diego County Treasurer s Pooled Money Fund N/A 20% or $5 Million N/A None California Asset Management Program N/A 20% or $5 Million N/A None Money Market Funds 5 years 20% 10% AAAm The District s investment policy is more restrictive than the California Government code. The policy restricts the maximum percentage of the portfolio in various investment types beyond the limits prescribed by the California Government code, as well as the maximum percentage in any one issuer. The District s policy also restricts investment to only certain federal instrumentalities. FY2012 Comprehensive Annual Financial Report Page 32

38 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 2 - Cash and Investments: (Continued) Investments Authorized by the California Government Code and the District s Investment Policy (Continued) Cash and investments held by the District were comprised of the following at June 30: Maturity in Years One Year or Less 1-5 Years Total 2012 Total 2011 Cash on hand $ 1,000 $ - $ 1,000 $ 1,000 Deposits with financial institutions 1,321,005-1,321,005 3,560,259 California Local Agency Investment Fund (LAIF) 2,229,274-2,229,274 4,316,107 San Diego County Treasurer s Pooled Money Fund 3,995,000-3,995,000 4,969,000 California Asset Management Program 163, ,743 1,661,392 Investments: Commercial Paper 1,998,360-1,998,360 - U.S. Treasury Note 1,002,190-1,002,190 1,004,102 Federal Instrumentalities - 6,518,005 6,518,005 6,061,180 Corporate Medium-Term Notes 3,021,000 1,008,500 4,029,500 4,091,438 Total Cash and Investments $ 13,731,572 $ 7,526,505 $ 21,258,077 25,664,478 Financial Statement Classification: Statement of Net Assets: Cash and cash equivalents $ 7,710,022 $ 14,507,758 Investments 13,548,055 11,156,720 Total Cash and Investments $ 21,258,077 $ 25,664,478 Disclosures Relating to Interest Rate Risk Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the District manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing over time as necessary to provide the cash flow and liquidity needed for operations. Information about the sensitivity of the fair values of the District s investments to market interest rate fluctuations is provided in the previous table that shows the distribution of the District s investments by maturity as of June 30, FY2012 Comprehensive Annual Financial Report Page 33

39 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 2 - Cash and Investments: (Continued) Disclosures Relating to Credit Risk Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The District s investment policy subjects management to the prudent investor standard which states that when investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee will act with care, skill, prudence, and diligence under the circumstances then prevailing, including but not limited to, the general economic conditions, and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. In an effort to reduce credit risk, the District has further restricted the eligible types of securities and transactions. Presented below is the actual rating as of the year ended for each investment type. Investment A and A-1 AA AAA Not Rated Federal Instrumentalities $ - $ 6,518,005 $ - $ - $ 6,518,005 $ 6,061,180 Corporate Medium-Term Notes 1,008,500 3,021, ,029,500 4,091,438 California Local Agency Investment Fund ,229,274 2,229,274 4,316,107 San Diego County Treasurer s Pooled Money Fund - - 3,995,000-3,995,000 4,969,000 Commercial Paper 1,998, ,998,360 - U.S. Treasury Note - 1,002, ,002,190 1,004,102 California Asset Management Program , ,743 1,661,392 Total $ 3,006,860 $ 10,541,195 $ 4,158,743 $ 2,229,274 $ 19,936,072 $ 22,103,219 Concentration of Credit Risk Concentration of credit is the risk of loss attributed to the magnitude of the District s investment in a single issue. The investment policy of the District contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code, (except as noted previously). Investments in any one issuer (other than U.S. Treasury securities, mutual funds, and external investment pools) that represent 5% or more of total District investments are as follows: Issuer Investment Type Federal National Mortgage Association Federal Instrumentalities $ 4,513,925 $ 2,002,628 Federal Home Loan Mortgage Corporation Federal Instrumentalities 2,004,080 1,000,712 TIAA Global Markets Corporate Medium-Term Note 1,011,220 1,051,875 U.S. Bancorp Notes Corporate Medium-Term Note 1,008,500 1,004,527 New York Life Global Corporate Medium-Term Note 1,006,450 1,020,624 G.E. Capital Corporate Medium-Term Note 1,003,330 - U.S. Treasury U.S. Treasury Note 1,002,190 1,004,102 Kells Funding LLC Commercial Paper 999,460 - Rabobank USA Financial Corporation Commercial Paper 998,900 - Federal Farm Credit Bank Federal Instrumentalities - 2,052,120 3M Corporate Medium-Term Note - 1,014,412 Federal Home Loan Bank Federal Instrumentalities - 1,005,720 FY2012 Comprehensive Annual Financial Report Page 34

40 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 2- Cash and Investments: (Continued) Custodial Credit Risk Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, the District will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counter-party (e.g., broker-dealer) the District will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the District s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits: The California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure District deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. At June 30, 2012, none of the District s deposits with financial institutions in excess of federal depository insurance limits were held in uncollateralized accounts. At June 30, 2012, no District investments were held by the same broker-dealer (counterparty) that was used by the District to buy the securities. Investment in State Investment Pool The District is a voluntary participant in the California Local Agency Investment Fund (LAIF) that is regulated by California Government Code under the oversight of the Treasurer of the State of California. The fair value of the District s investment in this pool is reported in the accompanying financial statements at amounts based upon the District s pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. Included in LAIF s investment portfolio are certain derivative securities or similar products. The statements of cash flows have been prepared by considering all investment instruments purchased with a maturity of three months or less to be cash equivalents. Following is a detail: San Diego County Treasurer s Pooled Money Fund $ 3,995,000 $ 4,969,000 California Local Agency Investment Fund (LAIF) 2,229,274 4,316,107 Deposits With Financial Institutions 1,321,005 3,560,259 California Asset Management Program 163,743 1,661,392 Cash on Hand 1,000 1,000 $ 7,710,022 14,507,758 FY2012 Comprehensive Annual Financial Report Page 35

41 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 3 - Proposition 1A Borrowing by the State of California Under the provisions of Proposition 1A and as part of the budget package passed by the California state legislature on July 28, 2009, the State of California borrowed 8% of the amount of property tax revenue, including those property taxes associated with the in-lieu motor vehicle license fee, the triple flip in lieu sales tax, and supplemental property tax, apportioned to cities, counties and special districts (excluding redevelopment agencies). The state is required to repay this borrowing plus interest by June 30, After repayment of this initial borrowing, the California legislature may consider only one additional borrowing within a ten-year period. The amount of this borrowing pertaining to the District was $153,693, of which $153,693 remained outstanding at June 30, 2012 and 2011, respectively. This borrowing by the State of California was recognized as a receivable in the accompanying financial statements in the fiscal year for which they were levied (fiscal year ). Note 4 - Capital Assets: Capital assets consist of the following at June 30: 2012 Balance at June 30, 2011 Additions Deletions Balance at June 30, 2012 Capital Assets Not Being Depreciated: Land $ 168,340 $ - $ - $ 168,340 Construction in progress 5,289,685 5,051,591 (484,968) 9,856,308 Total Capital Assets Not Being Depreciated 5,458,025 5,051,591 (484,968) 10,024,648 Capital Assets Being Depreciated: Intangible assets 980, ,052 Land improvements 151, ,215 Transmission and distribution systems 27,549, ,629-27,764,652 Reservoirs 1,618, ,618,071 Buildings 2,919, ,583 (65,627) 3,062,387 Shop equipment 878,740 41, ,059 Office furniture and equipment 930,760 - (4,492) 926,268 Autos and trucks 840,912 43,855 (15,762) 869,005 Total Capital Assets Being Depreciated 35,868, ,386 (85,881) 36,291,709 Less Accumulated Depreciation For: Intangible assets (360,324) (52,724) - (413,048) Land improvements (69,817) (3,714) - (73,531) Transmission and distribution systems (10,654,233) (660,460) - (11,314,693) Reservoirs (1,357,982) (34,114) - (1,392,096) Buildings (944,776) (113,320) 31,069 (1,027,027) Shop equipment (781,153) (26,272) - (807,425) Office furniture and equipment (776,064) (138,440) 4,492 (910,012) Autos and trucks (626,897) (72,604) 15,762 (683,739) Total Accumulated Depreciation (15,571,246) (1,101,648) 51,323 (16,621,571) Net Capital Assets Being Depreciated 20,296,958 (592,262) (34,558) 19,670,138 Net Capital Assets $ 25,754,983 $ 4,459,329 $ (519,526) $ 29,694,786 FY2012 Comprehensive Annual Financial Report Page 36

42 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 4 - Capital Assets: (Continued) 2011 Balance at June 30, 2010 Additions Deletions Balance at June 30, 2011 Capital Assets Not Being Depreciated: Land $ 168,340 $ - $ - $ 168,340 Construction in progress 1,503,349 4,501,835 (715,499) 5,289,685 Total Capital Assets Not Being Depreciated 1,671,689 4,501,835 (715,499) 5,458,025 Capital Assets Being Depreciated: Intangible assets 980, ,052 Land improvements 151, ,215 Transmission and distribution systems 26,833, ,499-27,549,023 Reservoirs 1,618, ,618,071 Buildings 2,919, ,919,431 Shop equipment 898,761 7,722 (27,743) 878,740 Office furniture and equipment 1,230,083 14,374 (313,697) 930,760 Autos and trucks 758,220 96,592 (13,900) 840,912 Total Capital Assets Being Depreciated 35,389, ,187 (355,340) 35,868,204 Less Accumulated Depreciation For: Intangible assets (307,600) (52,724) - (360,324) Land improvements (66,104) (3,713) - (69,817) Transmission and distribution systems (10,018,740) (635,493) - (10,654,233) Reservoirs (1,323,868) (34,114) - (1,357,982) Buildings (838,339) (106,437) - (944,776) Shop equipment (783,851) (25,045) 27,743 (781,153) Office furniture and equipment (941,020) (147,830) 312,786 (776,064) Autos and trucks (574,809) (65,988) 13,900 (626,897) Total Accumulated Depreciation (14,854,331) (1,071,344) 354,429 (15,571,246) Net Capital Assets Being Depreciated 20,535,026 (237,157) (911) 20,296,958 Net Capital Assets $ 22,206,715 $ 4,264,678 $ (716,410) $ 25,754,983 Note 5 - Investment in the R.E. Badger Water Treatment Facilities: Pursuant to an agreement for joint construction and operation of water treatment, storage, and transmission facilities between the District and the SDWD, the District is the Contracting Authority and the Administering Agency for the R.E. Badger Water Treatment Facility (Plant). The Plant is not a separate legal entity. The District s interest in the Plant is reflected in the statement of net assets of the District as an investment in the R.E. Badger Water Treatment Facilities in the amount of $22,058,712 and $21,822,513 at June 30, 2012 and 2011, respectively. The District is billed for its share of the operating expenses (exclusive of depreciation). In addition, the District is billed for its share of any capital assets. As such, the District s investment in the R.E. Badger Water Treatment Facilities is adjusted each year by its share of the capital assets and its share of the depreciation expense. The financial statements of the Plant are presented as supplementary information to these financial statements. FY2012 Comprehensive Annual Financial Report Page 37

43 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 5 - Investment in the R.E. Badger Water Treatment Facilities: (Continued) The District and SDWD share the net costs of the Plant based on annual usage of treated water. Based on agreements, capital expenditures and ownership of facilities are shared equally unless attributable to one of the following: Santa Fe Irrigation District San Dieguito Water District Filtration Plant 55.00% 45.00% Filtered Water Reservoir 69.00% 31.00% Filtered Water Treatment Main 61.00% 39.00% CWA Filtered Water Connection 55.00% 45.00% Wash Water Reclamation System 57.33% 42.67% Hydroelectric Facility 53.50% 46.50% San Dieguito Reservoir, Dam, Flume and 30" Line 57.33% 42.67% Rancho Cielo Pump Station and Pipeline 57.33% 42.67% San Dieguito Pump Station 55.00% 45.00% Note 6 - Due From R.E. Badger Water Facilities Financing Authority: The District has entered into a joint exercise of powers agreement dated September 22, 1999, with SDWD creating the R.E. Badger Water Facilities Financing Authority (the Authority ). The Authority was formed to provide financing in connection with the acquisition, construction and improvement of public capital improvements. In order to provide the working capital necessary for certain capital improvements, the Authority is authorized by the Installment Purchase Agreements to issue water revenue bonds. The District and SDWD are each responsible for their respective share of the net costs of the respective revenue bonds (Note 7). The District had advanced the following amounts to the Authority at June 30: District reserve fund $ 1,374,000 $ 1,374,000 Bond discount, issue costs and deferred amount on refunding 304, ,240 $ 1,678,910 $ 1,703,240 FY2012 Comprehensive Annual Financial Report Page 38

44 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 7 - Noncurrent Liabilities: Noncurrent liabilities consist of the following at June 30: 2012 Balance at June 30, 2011 Additions Deletions Balance at June 30, 2012 Due Within One Year Installment purchase agreement $ 10,225,000 $ - $ (965,000) $ 9,260,000 $ 1,005,000 Accrued compensated absences 454, ,617 (236,024) 429, ,517 $ 10,679,024 $ 211,617 $ (1,201,024) $ 9,689,617 $ 1,236, Balance at June 30, 2010 Additions Deletions Balance at June 30, 2011 Due Within One Year Installment purchase agreement $ 11,150,000 $ - $ (925,000) $ 10,225,000 $ 965,000 Accrued compensated absences 467, ,380 (243,217) 454, ,024 $ 11,617,861 $ 229,380 $ (1,168,217) $ 10,679,024 $ 1,201,024 The District owes amounts to the R.E. Badger Water Facilities Financing Authority to repay certain revenue bonds under installment purchase agreements. Interest rates range from 3.449% to 4.500%, and principal amounts range from $965,000 to $1,325,000 due annually to October The District has pledged revenues to repay the debt Installment purchase agreement $ 9,260,000 $ 10,225,000 Less: Current portion (1,005,000) (965,000) Installment Purchase Agreement, Net $ 8,255,000 $ 9,260,000 Debt service requirements of the Installment Purchase Agreement are as follows: Years Ended June 30 Principal Interest Total 2013 $ 1,005,000 $ 345,950 $ 1,350, ,045, ,150 1,350, ,085, ,250 1,345, ,135, ,150 1,351, ,175, ,750 1,347, ,815, ,425 4,043,425 $ 9,260,000 $ 1,528,675 $ 10,788,675 FY2012 Comprehensive Annual Financial Report Page 39

45 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 8 - Defined Benefit Pension Plan: Plan Description The District contributes to the California Public Retirement Plan System (CalPERS), a cost sharing multipleemployer defined benefit pension plan. The District participates on the Miscellaneous 2.7% at 55 Risk Pool. CalPERS provides retirement and disability benefits, annual cost-of-living adjustments; and death benefits to plan members and beneficiaries. CalPERS acts as a common investment and administrative agent for participating public employers within the State of California. CalPERS requires agencies with less than 100 active members in the plan to participate in a risk pool. A menu of benefit provisions as well as other requirements is established by State Statutes within the Public Employees Retirement Law. The Plan selects optional benefit provisions from the benefit menu by contract with CalPERS and adopts those benefits through District resolution. CalPERS issues a separate comprehensive annual financial report. Copies of the CalPER s annual financial report may be obtained from the CalPERS executive office P Street - Sacramento, California Funding Policy Active plan members are required to contribute 8% of their annual covered salary. The District pays 5% of the contributions required of District employees on their behalf. The District is required to contribute the actuarially determined remaining amounts necessary to fund the benefits for its members. The actuarial methods and assumptions are those adopted by the CalPERS Board of Administration. The required employer contribution rate for the fiscal years ended June 30, 2012 and 2011 were % and %, respectively. The contribution requirements of the plan members and the District are established and may be amended by CalPERS. The District s contributions for the years ended June 30, 2012, 2011 and 2010 were $619,578, $727,743 and $772,966 respectively, which were equal to the required contributions each year. At the time of joining a risk pool, a side-fund was created to account for the difference between the funded status of the pool and the funded status of the District s Plan. The side-fund for the District s Plan as of June 30, 2011 and 2010 was a negative $1,272,547 and negative $2,790,581, respectively. This side-fund deficiency was completely funded during the years ended June 30, 2012 through the required employer contributions and additional payments of $1,300,000 in June 2011 and $1,149,352 in May These payments were funded approximately 32% and 35% by the Plant, respectively. It is anticipated that by making these side-fund payments in advance, that the District and the Plant will save approximately $335,000 over the remaining 5 year amortization period of the side-fund. FY2012 Comprehensive Annual Financial Report Page 40

46 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 9 - Post Employment Benefits: Plan Description The District provides post-employment health care benefits established by District resolution to all qualifying employees. Eligible active employees are offered a choice of medical (including prescription drug coverage) plans through the CalPERS Health Program under the Public Employees Medical and Hospital Care Act (PEMHCA), an agent multiple-employer plan. The District offers the same medical plans to eligible retirees, except once a retiree is eligible for Medicare, the retiree must join a Medicare HMO or Supplement Plan with Medicare being the primary payer and the District s Plan being the secondary payer. Eligibility for retiree health benefits requires retirement from the District and PERS on or after age 50 with at least 5 years of District eligible service. Directors are not eligible to continue health benefits at retirement. For employees hired prior to September 20, 2007, the District s contribution is the average of the available insurance plans for active employees and their dependents. For employees hired on or after September 20, 2007, the District s contribution is the CalPERS statutory minimum employer contribution. Surviving spouses and/or dependents of the eligible retiree are also eligible for the District s contributions. Retirees are not eligible for dental or vision benefits at retirement other than COBRA continuation. Funding Policy and Annual OPEB Costs The contribution requirements of the District are established and may be amended annually by the Board of Directors. The District s annual other post employment benefit (OPEB) cost (expense) for the plan is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal costs each year and to amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The District s Board of Directors has established a policy of fully funding the ARC. The following table shows the components of the District s annual OPEB cost for the years ended June 30, 2012 and 2011 the amount actually contributed to the plan, and changes in the District s net OPEB obligation or OPEB asset: Annual required contribution $ 413,726 $ 451,428 Interest on net OPEB obligation - - Adjustment to annual required contribution - - Annual OPEB cost (expense) 413, ,428 Contributions (including benefits paid) 250, ,200 Increase (Decrease) in net OPEB obligation 163,646 (124,772) Net OPEB obligation - Beginning of year (124,772) - Net OPEB obligation (Asset) - End of year $ 38,874 $ (124,772) FY2012 Comprehensive Annual Financial Report Page 41

47 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 9 - Post Employment Benefits: (Continued) Funding Policy and Annual OPEB Costs (Continued) The District s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for 2012 and the three preceding years were as follows: Fiscal Year Ended Annual OPEB Cost Percentage Annual OPEB Cost Contributed Net OPEB Obligation (Asset) June 30, 2009 $ 455, % $ (1,231) June 30, , % - June 30, , % (124,772) June 30, ,726 91% 38,874 Funding Status and Funding Progress As of June 30, 2011, the most recent actuarial valuation date, the District s actuarial accrued liability for benefits was $4.4 million of which $3.2 million was unfunded. The covered payroll (annual payroll of active employees covered by plan) was $2.9 million, with a ratio of the UAAL to the covered payroll of 123.4%. Actuarial Valuation Date Actuarial Value of Assets Actuarial Accrued Liability Entry Age Unfunded AAL (UAAL) Funded Ratio Covered Payroll UAAL as a Percentage of Covered Payroll (A) (B) (B-A) (A/B) (C) [(B-A)/C] June 30, 2008 $ - $ 3,522,177 $ 3,522, % $ 2,451, % June 30, ,921 4,208,077 3,526, % 2,671, % June 30, ,249,179 4,408,913 3,159, % 2,546, % Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. Through CERBT, the District is required to perform an actuarial valuation every two years. FY2012 Comprehensive Annual Financial Report Page 42

48 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 9 - Post Employment Benefits: (Continued) Actuarial Methods and Assumptions Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and the plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial assets, consistent with the long-term perspective of the calculations. The actuarial cost method used for determining the benefit obligations is the Entry Age Normal Cost Method. The actuarial assumptions included a 7.61% investment rate of return, which is the assumed rate of the expected long-term investment returns on plan assets calculated based on the funded level of the plan at the valuation date, and an annual healthcare cost trend rate of 9 percent initially, reduced by decrements of.5% per year to an ultimate rate of 5% after the eleventh year. Both rates included a 3.0% inflation assumption. The UAAL is being amortized as a level percentage of projected payroll over a closed amortization period of 20 years. It is assumed the District s payroll will increase 3.25% per year. Note 10 - Commitments and Contingencies: The District has entered into various contracts for the purchase of material, and construction of facilities. The amounts contracted for are based on the contractor s estimated cost of construction. The total unpaid amount on these contracts was $499,613 and $3,597,584, at June 30, 2012 and 2011, respectively. In the opinion of District counsel and management, the District had no material claims which would require loss provision in the financial statements at June 30, 2012 and Note 11 - Restatement: An adjustment resulting in no change in net assets at June 20, 2011 was made during the current year, and is summarized as follows: Unrestricted Invested in Capital Asset, Net of Related Debt Total Net Assets at June 30, 2010 as Previously Reported $ 50,316,930 $ 12,963,785 $ 63,280,715 Reclassify unrestricted net assets (9,167,682) 9,167,682 - Net Assets at June 30, 2010 as Restated $ 41,149,248 $ 22,131,467 $ 63,280,715 FY2012 Comprehensive Annual Financial Report Page 43

49 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 12 - New Governmental Accounting Standards: GASB No. 62 In December 2010, the Governmental Accounting Standards Board issued Statement No. 62, Codification of Accounting and Financial Reporting Guidance contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This pronouncement is effective for periods beginning after December 15, Earlier application is encouraged. The objective of this statement is to incorporate into the GASB s authoritative literature certain accounting and financial reporting guidance that is included in the pronouncements of the FASB and the AICPA that was issued on or before November 30, 1989 which does not conflict with or contradict GASB pronouncements. This pronouncement is not anticipated to have a material effect on the financial statements of the District in the year of implementation. GASB No. 63 In June 2011, the Governmental Accounting Standards Board issued Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and Net Position. This pronouncement is effective for periods beginning after December 15, Concepts Statement No. 4 Elements of Financial Statements introduced and defined deferred outflows and deferred inflows as an acquisition or consumption of net assets by the government that is applicable to a future reporting period, which is distinct from assets and liabilities. Concepts Statement No. 4 also defines net position as the residual of all other elements presented in a statement of financial position and renames that measure net position rather than net assets. This pronouncement is not anticipated to have a material effect on the financial statements of the District in the year of implementation. GASB No. 64 In June 2011, the Governmental Accounting Standards Board issued Statement No. 64, Derivative Instruments: Application of Hedge Accounting Termination Provisions - an amendment to GASB 53. This pronouncement is effective for periods beginning after June 15, This statement clarifies whether an effective hedging relationship continues after the replacement of a swap counterparty or a swap counterparty s credit support provider. The Statement sets forth criteria that establish when the effective hedging relationship continues and hedge accounting should continue to be applied. The District does not have any hedge transactions at June 30, GASB No. 65 In March 2012, the Governmental Accounting Standards Board issued Statement No. 65, Items Previously Reported as Assets and Liabilities. This pronouncement is effective for periods beginning after December 15, This Statement establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. This Statement amends the financial statement classification of certain items previously reported as assets and liabilities to be consistent with the definitions in Concepts Statement No. 4. This Statement also provides other financial reporting guidance related to the impact of the financial statement elements deferred outflows of resources and deferred inflows of resources, such as changes in the determination of the major fund calculations and limiting the use of the term deferred in financial statement presentations. This pronouncement is not anticipated to have a material effect on the financial statements of the District in the year of implementation. FY2012 Comprehensive Annual Financial Report Page 44

50 SANTA FE IRRIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 Note 12 - New Governmental Accounting Standards: (Continued) GASB No. 66 In March 2012, the Governmental Accounting Standards Board issued Statement No. 66, Technical Corrections an amendment of GASB Statements No. 10 and No. 62. This pronouncement is effective for periods beginning after December 15, This statement resolves conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement amends Statement No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, by removing the provision that limits fund-based reporting of an entity s risk financing activities to the general fund and the internal service fund type. This Statement also amends Statement No. 62 by modifying the specific guidance on accounting for (1) operating lease payments that vary from a straight-line basis, (2) the difference between the initial investment (purchase price) and the principal amount of a purchased loan or group of loans, and (3) servicing fees related to mortgage loans that are sold when the stated service fee rate differs significantly from a current (normal) service fee rate. These changes clarify how to apply Statement No. 13, Accounting for Operating Leases with Scheduled Rent Increases, and result in guidance that is consistent with the requirements in Statement No. 48, Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues, respectively. This pronouncement is not anticipated to have a material effect on the financial statements of the District in the year of implementation. GASB No. 67 In June 2012, the Governmental Accounting Standards Board issued Statement No. 67, Financial Reporting for Pension Plans - an Amendment of GASB Statement No. 25. This pronouncement is effective for periods beginning after June 15, This Statement replaces the requirements of Statements No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and No. 50, Pension Disclosures, as they relate to pension plans that are administered through trusts or equivalent arrangements (hereafter jointly referred to as trusts) that meet certain criteria. The requirements of Statements No. 25 and 50 remain applicable to pension plans that are not administered through trusts covered by the scope of this Statement and to defined contribution plans that provide postemployment benefits other than pensions. The District has not determined the effects of this pronouncement on the financial statements of the District in the year of implementation. GASB No. 68 In June 2012, the Governmental Accounting Standards Board issued Statement No. 68, Accounting and Financial Reporting for Pensions. This pronouncement is effective for periods beginning after June 15, This pronouncement establishes accounting and financial reporting requirements related to pensions for governments whose employees are provided with pensions through pension plans, as well as for nonemployer governments that have a legal obligation to contribute to those plans. The District has not determined the effects of this pronouncement on the financial statements of the District in the year of implementation. FY2012 Comprehensive Annual Financial Report Page 45

51 SANTA FE IRRIGATION DISTRICT SUPPLEMENTARY SCHEDULE OF NET ASSETS - R.E. BADGER FILTRATION PLANT JUNE 30, 2012 AND 2011 ASSETS Current Assets: Cash and cash equivalents $ 268,535 $ 373,832 Accounts Receivable: Santa Fe Irrigation District receivable 416, ,243 San Dieguito Water District receivable 573, ,048 Accrued interest receivable Other receivables 4,515 8,792 Inventory 145, ,693 Prepaid expense 22,331 15,388 Total Current Assets 1,430,886 1,574,098 Noncurrent Assets: OPEB asset - 40,820 Capital assets 40,247,002 40,022,090 Total Noncurrent Assets 40,247,002 40,062,910 TOTAL ASSETS $ 41,677,888 $ 41,637,008 LIABILITIES AND NET ASSETS Current Liabilities: Accounts payable $ 604,326 $ 829,961 Accrued payroll 51,041 45,899 Accrued compensated absences 94,759 93,270 Total Current Liabilities 750, ,130 Noncurrent Liabilities: Accrued compensated absences 68,083 63,493 Accrued OPEB 30,382 - Deposits: San Dieguito Water District deposits 291, ,000 Santa Fe Irrigation District deposits 291, ,000 Total Noncurrent Liabilities 680, ,493 Total Liabilities 1,430,591 1,614,623 Net Assets: Net assets - Santa Fe Irrigation District 22,058,712 21,822,513 Net assets - San Dieguito Water District 18,188,585 18,199,872 Total Net Assets 40,247,297 40,022,385 TOTAL LIABILITIES AND NET ASSETS $ 41,677,888 $ 41,637,008 FY2012 Comprehensive Annual Financial Report Page 46

52 SANTA FE IRRIGATION DISTRICT SUPPLEMENTARY SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS R.E. BADGER FILTRATION PLANT FOR THE YEARS ENDED JUNE 30, 2012 AND Operating Revenues: Filtration $ 6,133,075 $ 5,527,960 Water sales 405, ,297 Electricity sales 33,603 10,842 Miscellaneous 7,749 6,739 Total Operating Revenues 6,579,622 5,979,838 Operating Expenses: Pumping 964,409 1,009,114 Source of supply - Hodges 405, ,297 Treatment: Chemicals 1,191,824 1,062,582 Salaries 1,166,076 1,055,136 Operations and maintenance 1,039, ,182 Employee retirement and other benefits 833, ,730 Administration and General: Salaries 454, ,444 Employee retirement and other benefits 291, ,215 Administrative 100,364 80,254 Insurance 67,069 51,196 Professional fees 83,456 16,862 Depreciation 1,473,507 1,324,922 Total Operating Expenses 8,070,533 7,319,934 Operating Loss (1,490,911) (1,340,096) Nonoperating Revenues and (Expenses): Rental income 11,000 13,200 Grant Revenue 6,235 - Investment income Net gain on disposal of capital assets - 1,840 Total Nonoperating Revenues and (Expenses) 17,404 15,174 Loss Before Contributions (1,473,507) (1,324,922) Capital Contributions 1,698,419 1,913,616 Change in Net Assets 224, ,694 Net Assets at Beginning of Year 40,022,385 39,433,691 NET ASSETS AT END OF YEAR $ 40,247,297 $ 40,022,385 FY2012 Comprehensive Annual Financial Report Page 47

53 SANTA FE IRRIGATION DISTRICT SUPPLEMENTARY RECONCILIATION OF BILLINGS - R.E. BADGER FILTRATION PLANT FOR THE YEAR ENDED JUNE 30, 2012 Operations Capital Total Billings SFID SDWD Total SFID SDWD Total SFID SDWD Total July $ 285,977 $ 161,216 $ 447,193 $ 51,988 $ 42,906 $ 94,894 $ 337,965 $ 204,122 $ 542,087 August 434, , , ,888 90, , , , ,323 September 392, , ,279 70,294 39, , , , ,166 October 261, , ,351 29,895 23,184 53, , , ,430 November 178, , ,881 76,661 77, , , , ,442 December 212, , , , , , , , ,376 January 286, , ,141 46,071 35,014 81, , , ,226 February 212, , , , , , , , ,089 March 184, , , , , , , , ,041 April 284, , ,152 5,367 4,219 9, , , ,738 May 544, , , ,590 80, , , ,834 1,045,879 June 358, , ,559 64,315 44, , , , ,369 Subtotal 3,634,688 2,314,546 5,949,234 1,201, ,563 2,021,932 4,836,057 3,135,109 7,971,166 Year End Capital Reconciliation 143,267 40, ,841 (164,953) (158,560) (323,513) (21,686) (117,986) (139,672) TOTAL $ 3,777,955 $ 2,355,120 $ 6,133,075 $ 1,036,416 $ 662,003 $ 1,698,419 $ 4,814,371 $ 3,017,123 $ 7,831,494 FY2012 Comprehensive Annual Financial Report Page 48

54 SANTA FE IRRIGATION DISTRICT SUPPLEMENTARY RECONCILIATION OF BILLINGS - R.E. BADGER FILTRATION PLANT FOR THE YEAR ENDED JUNE 30, 2011 Billings Operations Capital Total SFID SDWD Total SFID SDWD Total SFID SDWD Total July $ 376,645 $ 208,611 $ 585,256 $ 25,786 $ 21,098 $ 46,884 $ 402,431 $ 229,709 $ 632,140 August 252, , ,693 89,718 72, , , , ,191 September 315, , ,315 6,216 5,086 11, , , ,617 October 308, , ,494 25,311 20,709 46, , , ,514 November 146, , ,166 39,337 32,185 71, , , ,688 December 241, , ,522 77,828 63, , , , ,027 January 236, , , , , , , , ,873 February 179, , ,705 68,149 55, , , , ,613 March 245, , , ,295 80, , , , ,521 April 214, , ,541 69,476 48, , , , ,605 May 266, , ,465 73,139 52, , , , ,785 June 565, , , ,398 79, , , ,584 1,047,459 Subtotal 3,351,820 2,230,069 5,581, , ,208 1,541,144 4,241,756 2,881,277 7,123,033 Year End Capital Reconciliation 7,774 (61,703) (53,929) 191, , , , , ,543 TOTAL $ 3,359,594 $ 2,168,366 $ 5,527,960 $ 1,080,952 $ 832,664 $ 1,913,616 $ 4,440,546 $ 3,001,030 $ 7,441,576 FY2012 Comprehensive Annual Financial Report Page 49

55 SANTA FE IRRIGATION DISTRICT SUPPLEMENTARY SCHEDULE OF ANNUAL OPEB PAYMENTS FOR THE YEARS ENDED JUNE 30, 2009 THROUGH 2012 The following is a detail of other post-employment benefit (OPEB) contributions for Santa Fe Irrigation District and R.E. Badger Filtration Plant for the years ended June 30: Years Ended District Plant Total Annual OPEB Contributions 2012 $ 250,080 $ 66,716 $ 316,796 Annual OPEB Contributions , , ,518 Annual OPEB Contributions , , ,011 Annual OPEB Contributions , , ,726 FY2012 Comprehensive Annual Financial Report Page 50

56 SANTA FE IRRIGATION DISTRICT SUPPLEMENTARY SCHEDULE OF ANNUAL CALPERS COSTS FOR THE YEARS ENDED JUNE 30, 2009 THROUGH 2012 The following is a detail of the California Public Employees Retirement System (CalPERS) contributions for Santa Fe Irrigation District and R.E. Badger Filtration Plant for the years ended June 30: Years Ended District Plant Total CalPERS Contributions 2012 $ 619,578 $ 312,443 $ 932,021 CalPERS Contributions , ,093 1,051,836 CalPERS Contributions , ,277 1,128,243 CalPERS Contributions , ,872 1,099,039 FY2012 Comprehensive Annual Financial Report Page 51

57

58 Statistical Section The following pages of statistical information are intended to help the reader understand the information presented in the Financial Statements, Notes to the Financial Statements, and required supplementary information by providing additional data and context. FINANCIAL TRENDS These schedules contain trend information for understanding how the District s financial performance and well-being have changed over time. REVENUE CAPACITY These schedules are intended to aid in assessing the District s largest revenue source, water rates, and its property tax revenue. DEBT CAPACITY These schedules present information on the affordability of the District s current outstanding debt and its ability to issue additional debt. DEMOGRAPHIC AND ECONOMIC INDICATORS These schedules contain information related to the environment in which the District operates. OPERATING INFORMATION These schedules present historical data on the District s infrastructure and services to the community. R.E. BADGER FILTRATION PLANT These schedules contain information about the jointly-owned water treatment plant.

59

60 Net Assets Last Ten Fiscal Years Fiscal Year ASSETS: Current Assets $17,394,824 $8,849,569 $13,485,426 $21,303,754 $27,703,496 $29,816,886 $29,582,971 $30,634,784 $29,147,539 $25,202,954 Other Noncurrent Assets 20,559,884 23,874,264 16,926,639 7,706,050 24,516,391 24,775,563 23,904,006 23,620,861 24,095,218 24,028,622 Capital Assets 35,976,756 40,175,115 40,209,777 40,091,045 18,423,328 18,949,270 21,872,811 22,206,715 25,754,983 29,694,786 Total Assets $73,931,464 $72,898,948 $70,621,842 $69,100,849 $70,643,215 $73,541,719 $75,359,788 $76,462,360 $78,997,740 $78,926,362 LIABILITIES Current Liabilities $3,892,034 $3,673,517 $3,157,161 $2,884,482 $3,176,177 $2,682,942 $2,571,780 $2,732,001 $4,450,246 $3,249,607 Noncurrent Liabilities 15,685,000 15,010,000 14,305,000 13,565,000 12,795,000 12,592,351 11,577,419 10,449,644 9,478,000 8,453,100 Total Liabilities $19,577,034 $18,683,517 $17,462,161 $16,449,482 $15,971,177 $15,275,293 $14,149,199 $13,181,645 $13,928,246 $11,702,707 NET ASSETS: Invested in Capital Assets, net of related debt $27,566,678 $27,139,808 $26,977,080 $27,550,173 $28,475,932 $7,783,857 $11,700,701 $12,963,785 $24,299,016 $29,271,501 Restricted 403, , Unrestricted 26,384,113 26,232,072 26,182,601 25,101,194 26,196,106 50,482,569 49,509,888 50,316,930 40,770,478 37,952,154 TOTAL NET ASSETS $54,354,430 $54,215,431 $53,159,681 $52,651,367 $54,672,038 $58,266,426 $61,210,589 $63,280,715 $65,069,494 $67,223,655 Source: Santa Fe Irrigation District FY2012 Comprehensive Annual Financial Report Page 55

61 Changes in Net Assets Last Ten Fiscal Years Fiscal Year OPERATING REVENUES Water Sales $ 8,278,920 $ 8,918,849 $ 8,998,279 $ 10,149,366 $ 12,351,007 $ 13,440,481 $ 14,632,942 $ 13,741,775 $ 13,758,832 $15,705,818 Base Meter Fees 1,062,392 1,221,720 1,333,614 1,367,491 1,872,118 2,196,183 2,533,161 2,794,500 3,080,396 3,379,145 Standby and Ready-to-Serve Charges 233, , , Other 124, , , , , , , , , ,482 Total Operating Revenues $ 9,699,135 $ 10,407,060 $ 10,666,770 $ 11,768,912 $ 14,471,583 $ 15,828,683 $ 17,434,440 $ 16,745,864 $ 17,050,908 $19,208,445 OPERATING EXPENSES Water Purchased $ 4,755,276 $ 4,818,070 $ 4,524,790 $ 5,983,003 $ 6,497,503 $ 6,051,840 $ 6,175,145 $ 5,847,690 $ 5,307,965 $7,101,708 Water Treatment 1,372,580 1,167,867 1,589,242 1,881,718 2,971,405 3,155,525 4,343,029 3,891,791 4,085,368 4,578,172 Ready-to-Serve Charges 251, , , Transmission and Distribution 1,958,095 2,137,986 2,377,850 2,358,054 2,462,686 2,854,102 2,868,956 2,581,133 2,989,260 3,152,926 Administration and General 1,430,134 1,614,301 1,810,045 1,787,627 2,262,693 2,385,777 3,012,680 3,461,106 3,545,046 2,874,452 Depreciation and Amortization 953,371 1,599,220 1,429,358 1,565, , , ,278 1,068,089 1,071,344 1,101,648 Total Operating Expenses $ 10,721,340 $ 11,530,865 $ 11,931,918 $ 13,575,894 $ 14,924,772 $ 15,215,629 $ 17,244,088 $ 16,849,809 $ 16,998,983 $18,808,906 Operating Income (Loss) $ (1,022,205) $ (1,123,805) $ (1,265,148) $ (1,806,982) $ (453,189) $ 613,054 $ 190,352 $ (103,945) $ 51,925 $399,539 NON-OPERATING REVENUES (EXPENSES) Property Taxes $ 662,015 $ 681,857 $ 119,378 $ 997,598 $ 1,765,373 $ 1,875,374 $ 1,923,668 $ 1,913,706 $ 1,849,671 $1,856,557 Investment Income 1,001, , , ,297 1,323,078 1,573,464 1,075, , , ,278 Gain on Sale of Assets 8,180 10, (31,405) Other Revenue 16,898 7,559 6,524 7,630 9,353 34,388 48,769 66,608 54,345 81,380 Grant Revenue ,235 Interest Expense (451,727) (225,409) (772,488) (741,045) (722,035) (639,091) (388,243) (454,070) (436,400) (395,963) Total Non-Operating Revenues $ 1,236,981 $ 680,576 $ 100,268 $ 1,169,480 $ 2,375,769 $ 2,844,135 $ 2,659,963 $ 1,964,693 $ 1,694,509 $1,729,082 Capital Contributions $ 437,571 $ 304,230 $ 109,130 $ 129,188 $ 98,091 $ 137,200 $ 93,848 $ 209,378 $ 42,345 $25,540 Changes in Net Assets $ 652,347 $ (138,999) $ (1,055,750) $ (508,314) $ 2,020,671 $ 3,594,389 $ 2,944,163 $ 2,070,126 $ 1,788,779 $2,154,161 Source: Santa Fe Irrigation District FY2012 Comprehensive Annual Financial Report Page 56

62 Revenues by Source Last Ten Fiscal Years Fiscal Year Water Sales Meter Fees Capital Contributions Property Tax Investment Income Other Income Total Revenues ,512,549 1,062, , ,015 1,001, ,272 11,825, ,082,385 1,221, , , , ,219 11,617, ,166,059 1,333, , , , ,621 11,648, ,149,366 1,367, , , , ,685 13,808, ,351,007 1,872,118 98,091 1,765,373 1,323, ,811 17,667, ,440,481 2,196, ,200 1,875,374 1,573, ,407 19,449, ,632,942 2,533,161 93,848 1,923,668 1,075, ,106 20,576, ,741,775 2,794, ,378 1,913, , ,197 19,374, ,758,832 3,080,396 42,345 1,849, , ,025 19,224, ,705,818 3,379,145 25,540 1,856, , ,097 21,390,435 1 Decrease due to ERAF III Shift of tax revenue Source: Santa Fe Irrigation District Total Revenues Millions $25 $20 $15 $10 $5 $ Water Sales Meter Fees Capital Contributions Property Tax Investment Income Other Income FY2012 Comprehensive Annual Financial Report Page 57

Marina Coast Water District Marina, California

Marina Coast Water District Marina, California Marina Coast Water District Marina, California Comprehensive Annual Financial Report For The Fiscal Years Ended June 30, 2014 and 2013 11 Reservation Road, Marina California 93933 Marina Coast Water District

More information

COMPREHENSIVE ANNUAL FINANCIAL REPORT

COMPREHENSIVE ANNUAL FINANCIAL REPORT C COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018 Mesa Water District Costa Mesa, California MesaWater.org Dedicated to Satisfying our Community s Water Needs Mesa Water

More information

Report of Independent Auditors and Financial Statements for. Imperial Irrigation District

Report of Independent Auditors and Financial Statements for. Imperial Irrigation District Report of Independent Auditors and Financial Statements for Imperial Irrigation District December 31, 2014 and 2013 CONTENTS REPORT OF INDEPENDENT AUDITORS 1 2 PAGE MANAGEMENT S DISCUSSION AND ANALYSIS

More information

CITY OF ANAHEIM WATER UTILITY FUND. Financial Statements. June 30, 2016 and (With Independent Auditors Report Thereon)

CITY OF ANAHEIM WATER UTILITY FUND. Financial Statements. June 30, 2016 and (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Management s Discussion and Analysis (Unaudited) 3 Financial Statements: Statement of

More information

CITY OF ANAHEIM WATER UTILITY FUND. Financial Statements. June 30, 2014 and (With Independent Auditors Report Thereon)

CITY OF ANAHEIM WATER UTILITY FUND. Financial Statements. June 30, 2014 and (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Management s Discussion and Analysis (Unaudited) 3 Financial Statements: Statements

More information

Fiscal Year Ended June 30, 2016 Rancho Cucamonga, CA

Fiscal Year Ended June 30, 2016 Rancho Cucamonga, CA Fiscal Year Ended June 30, 2016 Rancho Cucamonga, CA Comprehensive Annual Financial Report Fiscal Year Ending June 30, 2016 CUCAMONGA VALLEY WATER DISTRICT 10440 Ashford Street Rancho Cucamonga, CA 91730

More information

FAIRBANKS RANCH COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS JUNE 30, 2016 AND 2015 C L&

FAIRBANKS RANCH COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS JUNE 30, 2016 AND 2015 C L& FAIRBANKS RANCH COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS C L& Leaf & Cole, LLP Certified Public Accountants A Partnership of Professional Corporations FAIRBANKS RANCH COMMUNITY i SERVICES DISTRICT

More information

SAN DIEGO HOUSING FEDERATION

SAN DIEGO HOUSING FEDERATION FINANCIAL STATEMENTS L & C Leaf & Cole, LLP Certified Public Accountants FINANCIAL STATEMENTS TABLE OF CONTENTS Page Independent Auditor s Report 1 Statements of Financial Position 2 Statements of Activities

More information

GLENN-COLUSA IRRIGATION DISTRICT AUDITED FINANCIAL STATEMENTS. September 30, 2017 and 2016

GLENN-COLUSA IRRIGATION DISTRICT AUDITED FINANCIAL STATEMENTS. September 30, 2017 and 2016 AUDITED FINANCIAL STATEMENTS September 30, 2017 and 2016 AUDITED FINANCIAL STATEMENTS September 30, 2017 and 2016 TABLE OF CONTENTS Independent Auditor s Report... 1 Management s Discussion and Analysis...

More information

TEMPLETON COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS JUNE 30, 2018

TEMPLETON COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS JUNE 30, 2018 TEMPLETON COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS L & C Leaf & Cole, LLP Certified Public Accountants FINANCIAL STATEMENTS TABLE OF CONTENTS Independent Auditor s Report 1-2 Management s Discussion

More information

Marina Coast Water District Marina, California

Marina Coast Water District Marina, California Marina Coast Water District Marina, California Comprehensive Annual Financial Report For The Fiscal Year Ended June 30, 2015 11 Reservation Road, Marina California 93933 Marina Coast Water District Marina,

More information

CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2017

CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2017 CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2017 TOGETHER WITH INDEPENDENT AUDITORS REPORTS FINANCIAL STATEMENTS AUGUST

More information

I. INTRODUCTORY SECTION

I. INTRODUCTORY SECTION Spartanburg Water System Spartanburg, South Carolina Comprehensive Annual Financial Report For the Years Ended June 30, 2018 and 2017 I. INTRODUCTORY SECTION SPARTANBURG WATER SYSTEM SPARTANBURG, SOUTH

More information

Ramona Municipal Water District Financial Statements June 30, 2016

Ramona Municipal Water District Financial Statements June 30, 2016 Ramona Municipal Water District Financial Statements INDEX TO FINANCIAL STATEMENTS Independent Auditor s Report... 2 Management s Discussion and Analysis... 5 Statement of Net Position... 12 Statement

More information

KNOX-CHAPMAN UTILITY DISTRICT OF KNOX COUNTY. Knoxville, Tennessee COMPREHENSIVE ANNUAL FINANCIAL REPORT

KNOX-CHAPMAN UTILITY DISTRICT OF KNOX COUNTY. Knoxville, Tennessee COMPREHENSIVE ANNUAL FINANCIAL REPORT KNOX-CHAPMAN UTILITY DISTRICT OF KNOX COUNTY Knoxville, Tennessee COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Years Ended February 28, 2014 and 2013 PREPARED BY: Carol Taylor, Finance Director KNOX-CHAPMAN

More information

I. INTRODUCTORY SECTION

I. INTRODUCTORY SECTION Spartanburg Water System Spartanburg, South Carolina Comprehensive Annual Financial Report For the Year Ending June 30, 2017 I. INTRODUCTORY SECTION SPARTANBURG WATER SYSTEM SPARTANBURG, SOUTH CAROLINA

More information

East Orange County Water District

East Orange County Water District Orange, California Annual Financial Report For the Years Ended June 30, 2016 and 2015 Our Mission Statement To provide the most cost effective, reliable, and highest quality water services for the present

More information

Celebrating 25 Years of Excellence

Celebrating 25 Years of Excellence Celebrating 25 Years of Excellence Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2017 Chino Hills, California , CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE

More information

Hosaka, Rotherham & Company

Hosaka, Rotherham & Company Hosaka, Rotherham & Company Certified Public Accountants Roy T. Hosaka, CPA Senior Partner James A. Rotherham, CPA CEO & Managing Partner James C. Nagel, CPA Retired RAMONA MUNICIPAL WATER DISTRICT REPORT

More information

SONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) Independent Auditor s Reports, Management s Discussion and

SONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) Independent Auditor s Reports, Management s Discussion and . SONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) Independent Auditor s Reports, Management s Discussion and Analysis and Basic Financial Statements For the Fiscal Year

More information

ARIZONA POWER AUTHORITY (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) PHOENIX, ARIZONA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

ARIZONA POWER AUTHORITY (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) PHOENIX, ARIZONA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) PHOENIX, ARIZONA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED SEPTEMBER 30, 2016 PHOENIX, ARIZONA TABLE OF CONTENTS YEAR ENDED

More information

RAMONA MUNICIPAL WATER DISTRICT

RAMONA MUNICIPAL WATER DISTRICT A. Opening of Meeting RAMONA MUNICIPAL WATER DISTRICT Regular Meeting of the Board of Directors Ramona Community Center 434 Aqua Lane, Ramona, CA 92065 Tuesday, January 8, 2019 2:00 P.M. AGENDA A.1. A.2.

More information

Parker Water and Sanitation District Douglas County, Colorado. Financial Statements December 31, 2017 and 2016

Parker Water and Sanitation District Douglas County, Colorado. Financial Statements December 31, 2017 and 2016 Douglas County, Colorado Financial Statements December 31, 2017 and 2016 Contents Independent auditor s report 1 Management s discussion and analysis 3-11 Basic financial statements Statements of net position

More information

ARIZONA POWER AUTHORITY (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) PHOENIX, ARIZONA FINANCIAL STATEMENTS SEPTEMBER 30, 2015

ARIZONA POWER AUTHORITY (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) PHOENIX, ARIZONA FINANCIAL STATEMENTS SEPTEMBER 30, 2015 (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) PHOENIX, ARIZONA FINANCIAL STATEMENTS TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 FINANCIAL STATEMENTS

More information

Eagle River Water and Sanitation District Vail, Colorado. Financial Statements December 31, 2014

Eagle River Water and Sanitation District Vail, Colorado. Financial Statements December 31, 2014 Vail, Colorado Financial Statements Financial Statements Table of Contents Page INDEPENDENT AUDITOR S REPORT Management s Discussion and Analysis A1 A2 B1 B8 Basic Financial Statements: Statement of Net

More information

Frazier Park Public Utility District

Frazier Park Public Utility District Frazier Park Public Utility District Financial Statements June 30, 2016 and 2015 Frazier Park Public Utility District June 30, 2016 and 2015 Directors Brahma Neyman, President Gerald Garcia, Vice President

More information

Frazier Park Public Utility District

Frazier Park Public Utility District Frazier Park Public Utility District Financial Statements June 30, 2017 and 2016 Frazier Park Public Utility District June 30, 2017 and 2016 Directors Brahma Neyman, President Terry Kelling, Vice President

More information

RUNNING SPRINGS WATER DISTRICT ANNUAL FINANCIAL REPORT. Years Ended June 30, 2018 and 2017

RUNNING SPRINGS WATER DISTRICT ANNUAL FINANCIAL REPORT. Years Ended June 30, 2018 and 2017 RUNNING SPRINGS WATER DISTRICT ANNUAL FINANCIAL REPORT Years Ended June 30, 2018 and 2017 Running Springs Water District Annual Financial Report Years Ended June 30, 2018 and 2017 I. INTRODUCTORY SECTION

More information

Our Mission Statement

Our Mission Statement Our Mission Statement The is a public agency whose goal is the protection of the Chino Groundwater Basin in order to guarantee that current and future water needs will be met. The Basin is protected by

More information

City of Chicago Department of Water Management Water Fund Comprehensive Annual Financial Report For the Years Ended December 31, 2016 and 2015

City of Chicago Department of Water Management Water Fund Comprehensive Annual Financial Report For the Years Ended December 31, 2016 and 2015 City of Chicago Department of Water Management Water Fund Comprehensive Annual Financial Report For the Years Ended December 31, 2016 and 2015 Rahm Emanuel, Mayor Carole L. Brown, Chief Financial Officer

More information

WATER DIVISION OF THE CITY OF ST. LOUIS, MISSOURI (An Enterprise Fund of the City of St. Louis, Missouri)

WATER DIVISION OF THE CITY OF ST. LOUIS, MISSOURI (An Enterprise Fund of the City of St. Louis, Missouri) Basic Financial Statements and Other Information (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Management s Discussion and Analysis Unaudited 3 Basic Financial

More information

MIRACOSTA COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2018

MIRACOSTA COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2018 MIRACOSTA COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor's Report 2 Management's Discussion and Analysis 5 Basic Financial Statements - Primary

More information

COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE EAST CEDAR CREEK FRESH WATER SUPPLY DISTRICT

COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE EAST CEDAR CREEK FRESH WATER SUPPLY DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE EAST CEDAR CREEK FRESH WATER SUPPLY DISTRICT FOR FISCAL YEAR ENDED March 31, 2018 General Manager Bill Goheen COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE

More information

SAN DIEGO OPERA ASSOCIATION

SAN DIEGO OPERA ASSOCIATION FINANCIAL STATEMENTS L & C Leaf & Cole, LLP Certified Public Accountants FINANCIAL STATEMENTS TABLE OF CONTENTS Page Independent Auditor s Report 1-2 Statement of Financial Position 3 Statement of Activities

More information

CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2016

CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2016 CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2016 TOGETHER WITH INDEPENDENT AUDITORS REPORTS FINANCIAL STATEMENTS AUGUST

More information

RIO ALTO WATER DISTRICT

RIO ALTO WATER DISTRICT BASIC FINANCIAL STATEMENTS FOR YEAR ENDED JUNE 30, 2016 Photo from: merchantcircle.com Audited Basic Financial Statements Table of Contents Independent Auditor s Report on Basic Financial Statements...

More information

FINANCIAL STATEMENTS. For the years ended June 30, 2013 and 2012

FINANCIAL STATEMENTS. For the years ended June 30, 2013 and 2012 FINANCIAL STATEMENTS For the years ended June 30, 2013 and 2012 CONTENTS Page INDEPENDENT AUDITORS REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION 3-4 MANAGEMENT S DISCUSSION & ANALYSIS 5-10

More information

CITY OF LOS ANGELES DEPARTMENT OF WATER AND POWER WATER SYSTEM. Financial Statements and Required Supplementary Information. June 30, 2016 and 2015

CITY OF LOS ANGELES DEPARTMENT OF WATER AND POWER WATER SYSTEM. Financial Statements and Required Supplementary Information. June 30, 2016 and 2015 Financial Statements and Required Supplementary Information (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Management s Discussion and Analysis (unaudited)

More information

C Leaf & Cole, LLP Certified Public Accountants

C Leaf & Cole, LLP Certified Public Accountants FINANCIAL STATEMENTS L & C Leaf & Cole, LLP Certified Public Accountants FINANCIAL STATEMENTS TABLE OF CONTENTS Independent Auditor s Report 1-2 Statement of Financial Position 3 Statement of Activities

More information

DISCOVERY Clean Water Alliance. Vancouver, Washington

DISCOVERY Clean Water Alliance. Vancouver, Washington DISCOVERY Clean Water Alliance Vancouver, Washington Comprehensive Annual Financial Report For The Fiscal Year Ended December 31, 2016 DISCOVERY CLEAN WATER ALLIANCE Vancouver, Washington COMPREHENSIVE

More information

Basic Financial Statements and Report of Independent Certified Public Accountants City of Dallas, Texas Dallas Water Utilities (An Enterprise Fund of

Basic Financial Statements and Report of Independent Certified Public Accountants City of Dallas, Texas Dallas Water Utilities (An Enterprise Fund of Basic Financial Statements and Report of Independent Certified Public Accountants City of Dallas, Texas September 30, 2016 FINANCIAL STATEMENTS For Fiscal Year Ended September 30, 2016 TABLE OF CONTENTS

More information

GOLETA WATER DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018

GOLETA WATER DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018 GOLETA WATER DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018 PAGE INTENTIONALLY LEFT BLANK GOLETA WATER DISTRICT BOARD OF DIRECTORS AS OF JUNE 30, 2018 Name Title

More information

BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida

BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida Financial Statements For the Years Ended BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND FINANCIAL STATEMENTS

More information

MIRACOSTA COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2016

MIRACOSTA COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2016 MIRACOSTA COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor's Report 2 Management's Discussion and Analysis 5 Basic Financial Statements - Primary

More information

UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA

UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA UTILITIES COMMISSION, CITY OF NEW SMYRNA BEACH, FLORIDA (A COMPONENT UNIT OF THE CITY OF NEW SMYRNA BEACH, FLORIDA) COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 2017 AND

More information

ARIZONA POWER AUTHORITY (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

ARIZONA POWER AUTHORITY (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED TABLE OF CONTENTS YEAR ENDED INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION

More information

CITY OF SPRINGFIELD, ILLINOIS. WATER FUND (An Enterprise Fund of the City of Springfield, Illinois)

CITY OF SPRINGFIELD, ILLINOIS. WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) CITY OF WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) For the Years Ended February 29, 2016 and February 28, 2015 TABLE OF CONTENTS Page(s) Independent Auditor s Report... 1-2 Financial

More information

Eagle River Water and Sanitation District Vail, Colorado. Financial Statements December 31, 2013

Eagle River Water and Sanitation District Vail, Colorado. Financial Statements December 31, 2013 Vail, Colorado Financial Statements Financial Statements Table of Contents Page INDEPENDENT AUDITOR S REPORT Management s Discussion and Analysis A1 A2 B1 B8 Basic Financial Statements: Statement of Net

More information

Marin Municipal Water District

Marin Municipal Water District Marin Municipal Water District Corte Madera, California Basic Financial Statements And Independent Auditors Report For the years ended June 30, 2012 and 2011 Basic Financial Statements Table of Contents

More information

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORTS YEAR ENDED JUNE 30, 2017 TABLE OF CONTENTS

FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORTS YEAR ENDED JUNE 30, 2017 TABLE OF CONTENTS FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORTS YEAR ENDED JUNE 30, 2017 TABLE OF CONTENTS Page MANAGEMENT S LETTER... 1 INDEPENDENT AUDITOR S REPORT... 2-4 MANAGEMENT S DISCUSSION AND ANALYSIS...

More information

Fountain Valley Authority (A Component Unit of the City of Colorado Springs, Colorado)

Fountain Valley Authority (A Component Unit of the City of Colorado Springs, Colorado) (A Component Unit of the City of Colorado Springs, Colorado) Financial Statements and Report of Independent Certified Public Accountants (A Component Unit of the City of Colorado Springs, Colorado) Financial

More information

Marina Coast Water District Marina, California

Marina Coast Water District Marina, California Marina Coast Water District Marina, California Comprehensive Annual Financial Report For The Fiscal Year Ended June 30, 2011 11 Reservation Road, Marina California 93933 Marina Coast Water District Marina,

More information

SONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma)

SONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) SONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) Independent Auditors' Report, Management's Discussion and Analysis and Basic Financial Statements For the Fiscal Year

More information

SAN BERNARDINO COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2017

SAN BERNARDINO COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2017 SAN BERNARDINO COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor's Report 2 Management Discussion and Analysis 5 Basic Financial Statements - Primary

More information

CITY OF SPRINGFIELD, ILLINOIS. WATER FUND (An Enterprise Fund of the City of Springfield, Illinois)

CITY OF SPRINGFIELD, ILLINOIS. WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) CITY OF WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) For the Years Ended February 28, 2014 and February 28, 2013 TABLE OF CONTENTS Page(s) Independent Auditor s Report... 1-2 Financial

More information

WEST COUNTY WASTEWATER DISTRICT Richmond, CA

WEST COUNTY WASTEWATER DISTRICT Richmond, CA WEST COUNTY WASTEWATER DISTRICT Richmond, CA COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Years Ended June 30, 2017 and June 30, 2016 Prepared by: Business Services Department WEST COUNTY WASTEWATER

More information

Comprehensive Annual Financial Report FISCAL Y EARS ENDED JUNE 30, 2018 AND 2017

Comprehensive Annual Financial Report FISCAL Y EARS ENDED JUNE 30, 2018 AND 2017 Comprehensive Annual Financial Report FISCAL Y EARS ENDED JUNE 30, 2018 AND 2017 O L I V EN H A I N M U N I C I PA L WAT E R D I S T R I C T, EN C I N I TA S, C A L I F O R N I A Comprehensive Annual

More information

ARIZONA POWER AUTHORITY (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) PHOENIX, ARIZONA FINANCIAL STATEMENTS SEPTEMBER 30, 2014 AND 2013

ARIZONA POWER AUTHORITY (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) PHOENIX, ARIZONA FINANCIAL STATEMENTS SEPTEMBER 30, 2014 AND 2013 (A BODY, CORPORATE AND POLITIC, OF THE STATE OF ARIZONA) PHOENIX, ARIZONA FINANCIAL STATEMENTS TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 FINANCIAL STATEMENTS

More information

Basic Financial Statements

Basic Financial Statements 2018 Basic Financial Statements For the Fiscal Year Ended June 30, 2018 San Diego, CA 4705 9/18 San Diego Association of Governments San Diego, California Basic Financial Statements and Independent Auditor

More information

SANTA FE IRRIGATION DISTRICT

SANTA FE IRRIGATION DISTRICT SANTA FE IRRIGATION DISTRICT Water Rate Study FINAL Report/March 2016 445 S Figueroa Street Suite 2270 Los Angeles, CA 90071 Phone 213 262 9300 Fax 213 262 9303 www.raftelis.com March 21, 2016 Ms. Jeanne

More information

Comprehensive Annual Financial Report

Comprehensive Annual Financial Report Comprehensive Annual Financial Report Cambrian Commons, Rosemount - Built in 2016 For the Year Ended June 30, 2016 Dakota County Community Development Agency A component unit of Dakota County, Minnesota

More information

YEO & YEO CPAs & BUSINESS CONSULTANTS

YEO & YEO CPAs & BUSINESS CONSULTANTS , Michigan Comprehensive Annual Financial Report For the Year Ended June 30, 2017 YEO & YEO CPAs & BUSINESS CONSULTANTS Comprehensive Annual Financial Report County of Washtenaw State of Michigan Fiscal

More information

Semitropic Water Storage District. Combined Financial Statements. December 31, 2010 and 2009

Semitropic Water Storage District. Combined Financial Statements. December 31, 2010 and 2009 Semitropic Water Storage District Combined Financial Statements December 31, 2010 and 2009 C O N T E N T S Page(s) Independent Auditors Report 1 Management s Discussions and Analysis (Required Supplementary

More information

Basic Financial Statements and Other Information. June 30, 2014

Basic Financial Statements and Other Information. June 30, 2014 Basic Financial Statements and Other Information (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Management s Discussion and Analysis Unaudited 3 Basic Financial

More information

DEL MAR UNION SCHOOL DISTRICT COUNTY OF SAN DIEGO SAN DIEGO, CALIFORNIA ANNUAL FINANCIAL REPORT JUNE 30, 2016

DEL MAR UNION SCHOOL DISTRICT COUNTY OF SAN DIEGO SAN DIEGO, CALIFORNIA ANNUAL FINANCIAL REPORT JUNE 30, 2016 COUNTY OF SAN DIEGO SAN DIEGO, CALIFORNIA ANNUAL FINANCIAL REPORT JUNE 30, 2016 Wilkinson Hadley King & Co. LLP CPA's and Advisors 218 W. Douglas Ave. El Cajon, California Introductory Section Del Mar

More information

CONTENTS. Independent Auditors Report Management s Discussion and Analysis (Unaudited) Statement of Net Position...

CONTENTS. Independent Auditors Report Management s Discussion and Analysis (Unaudited) Statement of Net Position... CONTENTS Independent Auditors Report... 1-3 Management s Discussion and Analysis (Unaudited)... 4-15 Statement of Net Position... 16-17 Statement of Revenues, Expenses, and Changes in Net Position... 18-19

More information

Fresno, California FINANCIAL STATEMENTS. For the Year Ended June 30, 2017

Fresno, California FINANCIAL STATEMENTS. For the Year Ended June 30, 2017 FINANCIAL STATEMENTS For the Year Ended TABLE OF CONTENTS Page Independent Auditor s Report... 1 Management s Discussion and Analysis... 3 Basic Financial Statements: Government-Wide Financial Statements:

More information

BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida

BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida Financial Statements For the Years Ended September 30, 2013 and 2012 BROWARD COUNTY, FLORIDA WATER AND WASTEWATER

More information

CITY OF SPRINGFIELD, ILLINOIS. WATER FUND (An Enterprise Fund of the City of Springfield, Illinois)

CITY OF SPRINGFIELD, ILLINOIS. WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) CITY OF WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) For the Years Ended February 28, 2015 and February 28, 2014 TABLE OF CONTENTS Page(s) Independent Auditor s Report... 1-2 Financial

More information

Parking Authority of the City of Paterson, NJ

Parking Authority of the City of Paterson, NJ Parking Authority of the City of Paterson, NJ Financial Statements Years Ended Parking Authority of the City of Paterson, NJ Table of Contents PAGE Management's Discussion and Analysis 1 Independent Auditors'

More information

Independent Auditors Reports, Basic Financial Statements, Required Supplementary Information, Other Information and Compliance Section

Independent Auditors Reports, Basic Financial Statements, Required Supplementary Information, Other Information and Compliance Section FIRST 5 CONTRA COSTA CHILDREN AND FAMILIES COMMISSION (a Component Unit of the County of Contra Costa, California) Independent Auditors Reports, Basic Financial Statements, Required Supplementary Information,

More information

Shasta Tehama Trinity Joint Community College District Redding, California

Shasta Tehama Trinity Joint Community College District Redding, California Shasta Tehama Trinity Joint Community College District Redding, California FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION WITH INDEPENDENT AUDITORS REPORTS June 30, 2016 TABLE OF CONTENTS June 30,

More information

CITY OF CLARKSVILLE, TENNESSEE GAS DEPARTMENT AND WATER AND SEWER DEPARTMENT AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION JUNE 30,

CITY OF CLARKSVILLE, TENNESSEE GAS DEPARTMENT AND WATER AND SEWER DEPARTMENT AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION JUNE 30, GAS DEPARTMENT AND WATER AND SEWER DEPARTMENT AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION JUNE 30, 2012 AND 2011 GAS DEPARTMENT AND WATER AND SEWER DEPARTMENT JUNE 30, 2012 AND 2011 TABLE

More information

CITY OF SPRINGFIELD, ILLINOIS

CITY OF SPRINGFIELD, ILLINOIS CITY OF WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) For the Years Ended February 28, 2018 and February 28, 2017 TABLE OF CONTENTS Page(s) Independent Auditor s Report... 1-2 Financial

More information

Joshua Basin Water District. Annual Financial Report

Joshua Basin Water District. Annual Financial Report Annual Financial Report Board of Directors as of June 30, 2018 Elected/ Current Name Title Appointed Term Mickey Luckman President Elected 12/16-12/20 Robert Johnson Vice President Elected 12/16-12/20

More information

City of La Palma Agenda Item No. 6

City of La Palma Agenda Item No. 6 City of La Palma Agenda Item No. 6 MEETING DATE: December 20, 2016 TO: FROM: SUBMITTED BY: CITY COUNCIL CITY MANAGER Sea Shelton, Administrative Services Director AGENDA TITLE: Comprehensive Annual Financial

More information

BODEGA BAY PUBLIC UTILITY DISTRICT BODEGA BAY, CALIFORNIA BASIC FINANCIAL STATEMENTS

BODEGA BAY PUBLIC UTILITY DISTRICT BODEGA BAY, CALIFORNIA BASIC FINANCIAL STATEMENTS BODEGA BAY PUBLIC UTILITY DISTRICT BODEGA BAY, CALIFORNIA BASIC FINANCIAL STATEMENTS JUNE 30, 2016 TABLE OF CONTENTS PAGE FINANCIAL SECTION: Independent Auditors Report 1-2 Management s Discussion and

More information

WATER DIVISION OF THE CITY OF ST. LOUIS, MISSOURI (An Enterprise Fund of the City of St. Louis, Missouri)

WATER DIVISION OF THE CITY OF ST. LOUIS, MISSOURI (An Enterprise Fund of the City of St. Louis, Missouri) Basic Financial Statements and Other Information (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Management s Discussion and Analysis Unaudited 3 Basic Financial

More information

Financial Statements, Schedule of Expenditures of Federal Awards and Auditors Reports Required under Office of Management and Budget Uniform Guidance

Financial Statements, Schedule of Expenditures of Federal Awards and Auditors Reports Required under Office of Management and Budget Uniform Guidance (a Component Unit of San Diego State University) Financial Statements, Schedule of Expenditures of Federal Awards and Auditors Reports Required under Office of Management and Budget Uniform Guidance Year

More information

SUFFOLK COUNTY WATER AUTHORITY. Financial Statements and Required Supplementary Information. May 31, 2017 and 2016

SUFFOLK COUNTY WATER AUTHORITY. Financial Statements and Required Supplementary Information. May 31, 2017 and 2016 Financial Statements and Required Supplementary Information (With Independent Auditors Reports Thereon) Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis (Unaudited)

More information

ALLAN HANCOCK JOINT COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2017

ALLAN HANCOCK JOINT COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2017 ALLAN HANCOCK JOINT COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor's Report 2 Management's Discussion and Analysis 5 Basic Financial Statements

More information

Comprehensive Annual Financial Report Year Ended June 30, 2018

Comprehensive Annual Financial Report Year Ended June 30, 2018 Comprehensive Annual Financial Report Year Ended June 30, 2018 Indio, California Comprehensive Annual Financial Report For the Year Ended June 30, 2018 Prepared by: Administration and Finance Department

More information

OKLAHOMA STATE UNIVERSITY. June 30, 2011

OKLAHOMA STATE UNIVERSITY. June 30, 2011 OKLAHOMA STATE UNIVERSITY June 30, 2011 OKLAHOMA STATE UNIVERSITY June 30, 2011 AUDITED FINANCIAL STATEMENTS Independent Auditors Report... 1 Management s Discussion and Analysis... 3 Statements of Net

More information

IRVINE UNIFIED SCHOOL DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2017

IRVINE UNIFIED SCHOOL DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2017 IRVINE UNIFIED SCHOOL DISTRICT ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor's Report 2 Management's Discussion and Analysis 5 Basic Financial Statements Government-Wide

More information

DISTRICT ADMINISTRATIVE OFFICE 6230 SYLVAN ROAD, CITRUS HEIGHTS, CA

DISTRICT ADMINISTRATIVE OFFICE 6230 SYLVAN ROAD, CITRUS HEIGHTS, CA BOARD MEETING AGENDA ANNUAL MEETING OF THE BOARD OF DIRECTORS OF CITRUS HEIGHTS WATER DISTRICT FINANCING CORPORATION JULY 18, 2018 beginning at 6:30 PM DISTRICT ADMINISTRATIVE OFFICE 6230 SYLVAN ROAD,

More information

Solid Waste Management 2006 Financial Report

Solid Waste Management 2006 Financial Report Solid Waste Management 2006 Financial Report City of Tacoma Public Works Environmental Services Table of Contents Independent Auditor s Report... 2 Management s Discussion and Analysis... 4 Financial

More information

EUGENE WATER & ELECTRIC BOARD INDEPENDENT AUDITOR S REPORTS AND FINANCIAL STATEMENTS DECEMBER 31, 2006 AND 2005

EUGENE WATER & ELECTRIC BOARD INDEPENDENT AUDITOR S REPORTS AND FINANCIAL STATEMENTS DECEMBER 31, 2006 AND 2005 INDEPENDENT AUDITOR S REPORTS AND FINANCIAL STATEMENTS DECEMBER 31, 2006 AND 2005 CONTENTS BOARD OF COMMISSIONERS AND OFFICERS 1 PAGE INDEPENDENT AUDITOR S REPORT 2 MANAGEMENT S DISCUSSION AND ANALYSIS

More information

CITY OF FLORENCE, ALABAMA ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS. FINANCIAL STATEMENTS JUNE 30, 2010 and 2009

CITY OF FLORENCE, ALABAMA ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS. FINANCIAL STATEMENTS JUNE 30, 2010 and 2009 ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS FINANCIAL STATEMENTS JUNE 30, 2010 and 2009 ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS TABLE OF CONTENTS Independent Auditor s Report

More information

COASTSIDE COUNTY WATER DISTRICT BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES JUNE 30, 2016

COASTSIDE COUNTY WATER DISTRICT BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES JUNE 30, 2016 COASTSIDE COUNTY WATER DISTRICT BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES JUNE 30, 2016 This page intentionally left blank. Table of Contents Elected Officials and Administrative Personnel...

More information

Tampa Bay Water (A Regional Water Supply Authority) Year Ended September 30, 2016 With Reports of Independent Certified Public Accountants

Tampa Bay Water (A Regional Water Supply Authority) Year Ended September 30, 2016 With Reports of Independent Certified Public Accountants F INANCIAL S TATEMENTS AND R EQUIRED S UPPLEMENTARY I NFORMATION Tampa Bay Water Year Ended September 30, 2016 With Reports of Independent Certified Public Accountants Ernst & Young LLP Financial Statements

More information

Kent State University (a component unit of the State of Ohio)

Kent State University (a component unit of the State of Ohio) Kent State University (a component unit of the State of Ohio) Financial Report Including Supplementary Information June 30, 2018 Table of Contents June 30, 2018 and 2017 Page(s) Independent Auditor s Report...

More information

CITY OF ANAHEIM ELECTRIC UTILITY FUND. Financial Statements. June 30, 2017 and (With Independent Auditors Report Thereon)

CITY OF ANAHEIM ELECTRIC UTILITY FUND. Financial Statements. June 30, 2017 and (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis (Unaudited) 3 Financial Statements: Page Statement of

More information

City of Sanford, North Carolina Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2005 TABLE OF CONTENTS INTRODUCTORY SECTION

City of Sanford, North Carolina Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2005 TABLE OF CONTENTS INTRODUCTORY SECTION City of Sanford, North Carolina Comprehensive Annual Financial Report For the Fiscal Year Ended TABLE OF CONTENTS INTRODUCTORY SECTION PAGE Letter of Transmittal 1 GFOA Certificate of Achievement 5 Organizational

More information

City of Sioux Center, Iowa

City of Sioux Center, Iowa City of Sioux Center, Iowa Annual Financial Report for the fiscal year ended June 30, 2011 Prepared by: Finance Department Darryl Ten Pas, Finance Director CITY OF SIOUX CENTER, IOWA TABLE OF CONTENTS

More information

MONROE COUNTY WATER AUTHORITY (A Discretely Presented Component Unit of the County of Monroe, New York)

MONROE COUNTY WATER AUTHORITY (A Discretely Presented Component Unit of the County of Monroe, New York) MONROE COUNTY WATER AUTHORITY (A Discretely Presented Component Unit of the County of Monroe, New York) Financial Statements as of December 31, 2017 Together with Independent Auditor s Report MONROE COUNTY

More information

JOHNSON COUNTY COMMUNITY COLLEGE FINANCIAL STATEMENTS JUNE 30, 2018

JOHNSON COUNTY COMMUNITY COLLEGE FINANCIAL STATEMENTS JUNE 30, 2018 JOHNSON COUNTY COMMUNITY COLLEGE FINANCIAL STATEMENTS JUNE 30, 2018 Contents Independent Auditor s Report 1 2 Management s Discussion and Analysis 3 13 Financial Statements Statements of net position 14

More information

Financial Statements June 30, 2017 Rogers State University

Financial Statements June 30, 2017 Rogers State University Financial Statements Rogers State University www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statement of Net Position...

More information

PAUMA VALLEY COMMUNITY SERVICES DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2012 AND 2011

PAUMA VALLEY COMMUNITY SERVICES DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2012 AND 2011 PAUMA VALLEY COMMUNITY SERVICES DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2012 AND 2011 33129 Cole Grade Road, Pauma Valley, California 92061 TABLE OF CONTENTS Page INDEPENDENT AUDITORS'

More information

SAN JOSÉ/EVERGREEN COMMUNITY COLLEGE DISTRICT. FINANCIAL STATEMENTS June 30, 2015

SAN JOSÉ/EVERGREEN COMMUNITY COLLEGE DISTRICT. FINANCIAL STATEMENTS June 30, 2015 SAN JOSÉ/EVERGREEN COMMUNITY COLLEGE DISTRICT FINANCIAL STATEMENTS June 30, 2015 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION For the Year Ended June 30, 2015 TABLE OF CONTENTS Page Independent

More information

PINE BROOK WATER DISTRICT Boulder, CO. FINANCIAL STATEMENTS For the Year Ended December 31, 2012 and 2011

PINE BROOK WATER DISTRICT Boulder, CO. FINANCIAL STATEMENTS For the Year Ended December 31, 2012 and 2011 PINE BROOK WATER DISTRICT Boulder, CO FINANCIAL STATEMENTS For the Year Ended December 31, 2012 and 2011 TABLE OF CONTENTS INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL

More information