Continuing Disclosure Annual Report

Transcription

1 Continuing Disclosure Annual Report For Fiscal Year Ending June 30, 2015 Sanitary District No. 1 of Marin County $30,155,000 Ross Valley Public Financing Authority (Sanitary District No. 1 of Marin County) 2014 Revenue Bonds (Marin County, California) Date of Issuance: November 13, 2014 March 2016

2 Table of Contents Introduction... 1 Principal Amount of 2014 Revenue Bonds Outstanding as of June 30, Table 1, Number of Wastewater EDUs by Customer Class... 1 Table 2, Wastewater Enterprise Billings by Customer Class [NOTE: This table is not required by the 2014 Disclosure Certificate.]... 2 Table 3, Wastewater Enterprise Largest Users... 3 Table 7, Operating Results and Debt Service Coverage... 4 s in District s Wastewater Rates and Charges... 5 Description of Parity Debt during the last Fiscal Year... 5 Other Material Information... 5 Reporting of Significant Events... 5 Appendix A, Audited Financial Statements... 6

3 Introduction The purpose of this report is to provide information to the Municipal Securities Rulemaking Board in order to comply with the provisions contained in the Continuing Disclosure Certificate dated November 13, 2014 (the Disclosure Certificate ) in connection with the issuance of the 2014 Revenue Bonds by the Ross Valley Public Financing Authority ( Authority ), executed by Sanitary District No. 1 of Marin County ( District ) and agreed to and accepted by The Bank of New York Mellon Trust Company ( Dissemination Agent ). The Disclosure Certificate was executed and delivered by the District for the benefit of the Bondholders and in order to assist the Participating Underwriters in complying with S.E.C. Rule 15c2-12(b)(5). Principal Amount of 2014 Revenue Bonds Outstanding as of June 30, 2015 $30,155,000 Table 1, Number of Wastewater EDUs by Customer Class Table 1 Wastewater Enterprise Number of Wastewater EDUs by Customer Class Fiscal Years through Customer classification of Total Ross Valley Service Area: Residential 16,288 16,033 16,557 16,803 16, Commercial 2,970 2,909 2,951 2,695 3,343.7 [3] 14.8 San Quentin Prison 7,209 3,247 (1) 0 (2) 0 (2) 0 (2) 0.0 Subtotal 26,467 22,189 19,508 19,498 19, Larkspur Service Area: Residential 2,478 2,502 2,532 2,530 2, Commercial [3] 20.3 Subtotal 3,021 2,972 2,996 2,949 2, Total: 30,289 29,488 25,161 22,504 22, (1) Decrease from prior fiscal year reflects change in billing status of San Quentin Prison from a high-strength user (to which a strength factor applies) to a regular-strength user. (2) San Quentin Prison was no longer a customer of the Wastewater Enterprise beginning July 1, [3] As of FY , the calculation of commercial EDUs was amended to be comparable with the actual 5-year average single family residential water usage and to round to the nearest tenth. Source: Sanitary District No. 1 of Marin County. 1

4 Table 2, Wastewater Enterprise Billings by Customer Class Table 2 Sanitary District No. 1 of Marin County - Wastewater Enterprise Billings by Customer Class [1] Fiscal Years through User Type of Total Ross Valley Service Area: Residential $8,469,760 $10,229,054 $10,540,398 $10,720,314 $10,912, Commercial 1,544,400 1,855,942 1,907,620 1,719,410 2,313, San Quentin Prison 3,748,680 2,071, [2] 0.00 Subtotal $13,762,840 $14,156,582 $12,448,018 $12,439,724 $13,226, Larkspur Service Area: Residential $1,436,864 $1,466,976 $2,161,728 $2,185,920 $2,314, Commercial 307, , , , , Subtotal $1,744,600 $1,788,432 $2,567,808 $2,547,936 $2,755, Total $15,507,440 $15,945,014 $15,015,826 $14,987,660 $15,982, [1] Represents the amount transmitted to the County Assessor for collection on the property tax roll for the specific fiscal years. All rates and charges are collected on the tax roll. [2] San Quentin Prison was no longer a customer of the Wastewater Enterprise beginning July 1, Source: Sanitary District No. 1 of Marin County 2

5 Table 3, Wastewater Enterprise Largest Users Table 3 Sanitary District No. 1 of Marin County - Wastewater Enterprise Largest Users Fiscal Year Fiscal Year Billings [1] Percent of Total Wastewater Billings Customer Type of Property Upper Skylark LLC Apartments $392, Rpr Larkspur Owner LLC Residential 213, Marin General Hospital Hospital 176, Marin County Mart LLC Commercial 169, Teachers Insurance & Annuity Residential 155, Faifax Center Properties LLC Commercial 120, Courtyard II Assoc Commercial 102, Ross Valley Homes Residential 97, Marco A Vidal Properties Commercial 69, San Anselmo Shopping Center Commercial 66, Total Top Ten $1,563, Other Various 15,982, Grand Total $17,545, [1] Represents amounts transmitted to the County Assessor for collection on the fiscal year property tax roll. All rates and charges are collected on the tax roll. Source: Sanitary District No. 1 of Marin County [This space intentionally left blank] 3

6 Table 7, Operating Results and Debt Service Coverage Table 7 Sanitary District No. 1 of Marin County - Wastewater Enterprise Revenues, Expenditures, Debt Service Coverage and Fund Balances Fiscal Year (Audited Actual) Audited Actual Revenues Sewer Service Charges $15,982,251 Property Tax Collections 5,853,160 Inspection Fees 181,457 Investment Income 66,147 Connection Fees 250,531 Other 141,236 Total Operating Revenue $22,474,782 Expenses [1] Central Main Sanitation Agency Sewage Processing Charges $4,456,546 Debt Service Charges 2,492,803 Operating & Maintenance 6,715,086 General Administration 2,306,905 Total Operating Expenses $15,971,340 Net Revenues [1] $6,503,442 Debt Service 2008 Installment Sale Agreement [2] $ Real Estate Loan [2] Revenue Bonds 1,071, Revenue Bonds 0 Total Debt Service $1,071,338 Coverage 6.07x Projected Ending Cash Balances Unrestricted Cash $14,295,359 Restricted Cash 30,787,313 Total Projected Ending Cash Balance $45,082,672 [1] Calculated in accordance with the indenture, and excludes depreciation and other non-cash items. [2] Paid early in connection with the 2013 Revenue Bond issuance. Source: Sanitary District No. 1 of Marin County 4

7 s in District s Wastewater Rates and Charges The wastewater rates and charges were increase in fiscal year according to the rate schedule below. This rate schedule was adopted by the District s Board of Directors on May 28, 2014, via Ordinance Number 65. Rate Zone/Customer Class FY 2013/14 FY2014/15 FY2015/16 FY2016/17 FY2017/18 FY2018/19 Ross Valley Rate Zone Single Family Residential $638 $ $ $ $ $ Multi Family Residential $638 $ $ $ $ $ Commercial $638 $ $ $ $ $ Larkspur Rate Zone Single Family Residential $864 $ $1, $1, $1, $1, Multi Family Residential $864 $ $ $ $1, $1, Commercial $864 $ $1, $1, $1, $1, Description of Parity Debt during the last Fiscal Year No additional debt was issued in FY Other Material Information There is no other material information to report. Reporting of Significant Events There have been no Significant Events with respect to the 2014 Revenue Bonds since the date of issuance. 5

8 Appendix A, Audited Financial Statements The FY Audited Financial Statements are included in the attached Comprehensive Annual Financial Report. 6