Rockdale County Water & Sewer Authority (GA)

Transcription

1 Rockdale County Water & Sewer Authority (GA) 1 Rockdale County (Georgia) Water and Sewerage Authority Taxable Refunding Revenue Bonds, Series 2013 $98,770,000 Dated: April 11, Rockdale County (Georgia) Water and Sewerage Authority Revenue Bonds, Series $113,165,000 Dated: May 31, 2005 Five Year Operating History Fiscal Years Ended December 31, Summary of Operating Results Operating Revenues: Water and sewer sales $24,544,753 $24,750,452 $24,749,142 $28,827,292 $30,776,949 Water and sewer connection charges 389, ,861 1,118, ,089 1,034,600 Late charges 914, , , , ,601 Total Operating Revenues 25,848,403 25,886,181 26,655,812 30,298,305 32,687,150 Operating Expenses: Salaries and employee benefits 4,615,615 4,947,549 5,333,337 5,350,379 5,846,642 Operating services and charges 5,615,114 5,782,889 6,882,535 6,562,438 6,997,110 Maintenance and repairs 469, , , , ,731 Supplies and other expenses 3,124,747 3,145,284 3,216,138 3,803,119 4,071,541 Depreciation 6,799,864 7,000,890 7,225,011 7,405,364 7,619,493 Total Operating Expenses 20,624,830 21,370,319 23,421,538 24,008,386 25,238,517 Operating income (loss) 5,223,573 4,515,862 3,234,274 6,289,919 7,448,633 Non-operating Revenues (Expenses): Interest income 24,772 28,217 26,201 28,401 Miscellaneous income 220, ,837 9, ,375 67,905 Interest expense (5,314,299) (4,973,732) (3,865,740) (3,402,607) (3,171,680) Amortization of bond costs (93,943) (189,484) (168,824) Loss on Disposal of Capital Assets (412,262) Total Non-operating revenues (expenses) (5,163,017) (5,376,424) (3,998,804) (3,142,831) (3,103,775) Income (loss) before capital donations and transfers 60,556 (860,562) (764,530) 3,147,088 4,344,858 Capital donations Transfers in 1,047, ,738 2,320,193 Transfers out (1,001,275) (976,625) (955,625) (1,030,125) (997,750) Change in net assets (940,719) (790,011) (1,334,417) 4,437,156 3,347,108 Prior Period Adjustment (361,592) Net assets - beginning, as restated (2015) 124,101, ,161, ,009, ,675, ,580,518 Net assets - ending $123,161,174 $122,009,571 $120,675,154 $125,112,310 $126,927,626

2 Series 2013 Five Year Balance Sheet Fiscal Years Ended December 31, Current assets $29,915,407 $33,528,973 $34,844,047 $39,214,416 $44,741,274 Noncurrent restricted assets 1,276, , , ,535 Debt issuance costs Capital assets, net of accumulated depreciations 202,466, ,379, ,001, ,366, ,030,741 Total Assets $233,658,835 $230,398,924 $225,346,984 $227,139,997 $225,772,015 Deferred Charge of refunding (Out flows of resources) $4,128,695 $10,223,304 $9,527,956 $9,116,327 Current liabilities $11,553,159 $12,146,263 $12,111,518 $13,534,224 $13,704,896 Noncurrent liabilities 98,944, ,371, ,783,616 98,021,418 94,255,820 Total liabilities $110,497,661 $112,518,048 $114,895,134 $111,555,642 $107,960,716 Net Assets Invested in capital assets, net of related debt $104,618,372 $97,325,671 $87,413,610 $99,242,205 $97,249,478 Restricted for debt service 1,550,015 1,328, , ,005 6,077,606 Unrestricted 16,992,787 23,355,346 33,160,039 25,769,100 23,600,542 Total Net Assets $123,161,174 $122,009,571 $120,675,154 $125,112,310 $126,927,626 Debt Service Coverage Fiscal Years Ended December 31, 2015 Net Revenues Available for Debt Service(1) $15,136,031 Debt Service (excludes Series 1998 Bonds and the Note) (2) $7,707,077 Debt Service Coverage Ratio 1.96 Actual Debt Service on all Debt $8,704,827 Debt Service Coverage Ratio 1.74 (1) Equals total operating and non-operating revenues of the System (exclusive of interest income on construction funds andamortization) extraordinary gains or losses) less operating and nonoperating expenses (exclusive of depreciation, interest expense and amortization). (2) The Series 1998 Bonds and the Note are not secured by a lien on System revenues, but are being paid from such revenues. (4) Includes debt service on Series 1999 Bonds and Series 2005 Bonds. (5) Includes debt service on Series 2005 Bonds only. Series 2013 Operating Budget (Accrual Basis of Accounting) Fiscal Year Ended December 31, 2016 Operating Revenues: Water and Sewer Sales $28,490,000 Water and Sewer Connection Charges $374,300 Late Charges $800,000 Miscellaneous Income $46,260 Total Operating Revenue $29,710,560 Operating Expenses: Salaries and Employee Benefits $6,558,004 Operating Services and Charges $5,118,388 Purchased or contracted Services $5,309,310 Maintenance and Repairs $800,066 Supplies and Other Expenses $3,982,315 Total Operating Expenses $21,768,083 Operating Income (Loss) $7,942,477 Nonoperating Revenues (Expenses): PI Expense ($5,150,000) Total Nonoperating Revenues (expenses) ($5,150,000) Income (loss) before contributions and transfers $2,792,477 Transfers Out ($971,500) Change in Net Assets $1,820,977 Net Assets- Beginning $126,927,626 Net Assets- Ending $128,748,603

3 Largest Employers Company Type of Business Number of Employees Rockdale County Public School Education 2,392 Rockdale Medical Center Healthcare 1,300 Acuity Brands Ligthing Lighting Manufacturer 1,280 Rockdale County Government Government 934 AT&T Communications 800 Hill-Phoenix Refrigeration Equipment 800 Golden State Foods Processed Foods Manufacturer 600 Pratt Industries Paper Recycler Manufacturer 600 Southeast Connections, LLC Consturction 500 Warner Bros/Bonznza Productions Movie and Film Production 350 Summary of County Debt by Category and Overlapping Debt Amount of Category of Debt Outstanding Debt Direct Debt: General Obligation Bonds Intergovernmental Contracts 106,335,060 Lease Purchase 10,633,273 Total Direct $116,968,333 Overlapping Debt: Conyers: Intergovernmental Contracts 505,000 Lease Purchase 3,567,677 Total Overlapping 4,072,677 TOTAL $121,041,010 Limitations on County Debt (in thousands) Computation of Legal Debt Margin Net General Obligation Bond Tax Digest $2,311,454 Debt Limit (10% of Assessed Value) 231,145 Amount of Debt Applicable to Debt Limit Legal Debt Margin 231,145

4 Property Tax Data (in thousands) Property Type 2015 Residential $1,266,453 Commercial 562,752 Industrial 267,684 Utility 64,351 Motor Vehicle(2) 114,533 Mobile Home 35,681 Gross Digest 2,311,454 M&O Exemptions 397,546 Net M&O Digest 1,913,908 Bond Exemptions 0 Net Bond Digest 1,913,908 Ten Largest Taxpayers % of County Assessed Gross Assessed Taxpayer Valuation Valuation Pratt/visy Industries $34,110, % Bio Lab Inc. 25,654, % Rockdale Hospital LLC 25,085, % AT &T Coporation 18,722, % Golden State Foods 18,161, % HH Conyers Crossroads LLC 15,367, % Georgia Power Company 13,724, % Snapping Shoals EMC 11,984, % Lake St James TIC 10,323, % Atlanta Gas Light Co 7,461, % TOTAL $180,595, % Total Gross Digest Assessment 2,298,745,000

5 General Fund History Fiscal Year Ending December 31, 2015 Revenues: Taxes $36,537,636 Licenses and Permits 423,999 Intergovernmental 502,805 Charges for Services 3,905,364 Fines and forfeitures 2,057,024 Investment earnings 184,936 Miscellaneous 251,169 Total Revenues 43,862,933 Expenditures: General Government 8,934,983 Judicial 5,904,464 Public Safety 30,576,460 Public Works 5,390,163 Culture and recreation 2,258,522 Health and Welfare 1,366,550 Housing and development 278,778 Debt Service 2,496,682 Total Expenditures 57,206,602 Excess (Deficiency) of revenues over (under) expenditures (13,343,669) Other Financing Sources (Uses): Transfers in 15,250,660 Transfers out Refunding (net) Sale of capital assets 10,983 Total other Financing Sources (Uses) 15,261,643 Net change in fund balance 1,917,974 Fund balance - beginning 37,486,462 Fund balance - ending $39,404,436

6 Budgetary Process and Budget Fiscal Year Ending December 31, 2016 Revenues: Taxes 32,440,588 Licenses and Permits 382,597 Charges for Services 4,254,452 Fines and Forfeitures 2,152,327 Investment Income 91,064 Miscellaneous Revenue 1,183,455 Other Financing Sources 6,634,347 Total Revenue 47,138,830 Expenditures General Government 9,886,677 Judicial 6,533,368 Public Safety 33,833,258 Public Works 5,964,287 Culture & Recreation 2,499,085 Health & Welfare 1,512,106 Housing & Development 315,024 Debt Service 1,890,538 Total Expenditures 62,434,342 Excess (Deficiency) of Revenues/Expenses (15,295,512) Other Financing Sources: Operating Transfers in: 15,281,327 Sale of Capital Assets 14,186 Total Other Financing Sources 15,295,512 Net change in Fund Balance 0 Beginning Fund Balance $39,404,436 Ending Fund Balance, Dec 31 39,404,436 Water and Sewer Customers Fiscal Year Ending December 31, Number of Accounts 2015 Water 24,950 Sewer 9,980 Total 34,930 Largest System Customers Fiscal Year Ending December 31, Total Total Percentage Water Sewer Total of System Customer Business/Product Billing Billing Billing Revenues Visy Corrugated Boxes $1,306,975 $2,058,890 $3,365, % Rockdale County Schools Education 327, ,803 $646, % Golden State Foods Food Processing 344, ,755 $738, % Rockdale County Government Local Government 407, ,873 $600, % Rockdale Hospital Healthcare 179, ,340 $424, % Air Products Liquid Industrial Gases 244,579 37,124 $281, % Bio Lab Pool Chemcials 136, ,178 $331, % Lake St. James Apts. Housing 108, ,001 $251, % Keswick Apts Housing 85, ,824 $210, % Terraces at Fieldstone Housing 74,338 98,316 $172, % Total $3,215,158 $3,808,103 $7,023, % Total system revenues $26,691,572

7 Rates, Fees, and Charges Water Service Rates Base Fee Meter Size Minimum Bill 5/8 Inch $ Inch $ /2 Inch $ Inch $ Inch $ \ 4 Inch $ Inch $ Inch $1, Inch $1, Water Volume Charge Residential Customers Volume Charge Per 1,000 Gallons Block 1 0-3,000 $3.25 Block 2 4,000-7, Block 3 8,000-12, Block 4 > Non-Residential Customers Any Volume 4.07 Irrigation Any Volume 5.69 Water Connection Fees Water Capital Cost Recovery Fees Meter Size Fees 5/8 Inch $1,400 1 Inch 3, /2 Inch 7,000 2 Inch 11,200 3 Inch 24,500 4 Inch 42,000 6 Inch 87,500 8 Inch 126, Inch 203,000 Water Meter Installation Fees 5/8 Inch Meter $905 - $1,040 1 Inch Meter $907 - $1, /2 Inch Meter $2,240 - $2,765 2 Inch Meter $2,320 - $3,105 3 Inch Meters and Larger Customer furnishes and installs all materials, per Rockdale County water standards and specifications. Sewer Service Rates Base Fee Meter Size Minimum Bills 5/8 Inch $ Inch $ /2 Inch $ Inch $ Inch $ Inch $ Inch $ Inch $1, Inch $1,663.80

8 Wastewater Volume Charge Volume Charge Per 1,000 Gallons Residential and Non-Residential Customers any volume $5.43 Industrial Monitoring Industrial Class Fee Per Month Level 1 $300 Level Level 3 25 Industrial Surcharge Allowable Limit Cost Per Pound BOD > 250 mg/l $0.24 TSS > 250mg/L $0.24 Ammonia > 20 mg/l $0.21 Phosphorus > 10 mg/l $3.19 Computation: Excess Chemical Factor X Liter factor (8.34) X effluent (MGD) X Per Pound Charge X # of Days Sewer Connection Fees Wastewater Capital Cost Recovery Fees Type of Installation Flow in GPD Apartment 1 & 2 Bedroom & 4 Bedroom 400 Clubhouse 500 Laundry Per Machine 400 Auditorium, Convention Center &Assembly Halls Per Capital Maximum Capacity 10 Bar, Tavern Per Seat 50 Campground Per Space 175 Car Wash Per Bay or Flow Calculation 750 Churches Per Seat 5 Coin Laundry Per Machine or Flow Calculation 400 Commercial Laundry Per Machine or Flow Calculation 640 Country Clubs Resident Member 100 Nonresident Member 25 Fast Food Per Seat 30 Heavy Industrial Flow Calculation *Calculated on a case by case basis Hospital Per Bed 200 Light Industrial Per Employee 25 Per Employee Shower 35 Motel & Hotel Per Unit w/restaurant 100 Per Unit w/o Restaurant 75 Offices Per 1,000 sf 175 Or Per Employee 25 Residence Single Family 400 Restaurant Per Seat 50 Retail & Shopping Centers Per 1,000 sf 100 Service Stations Per Car 10 Per Employee 25 Trailer Park Per Unit 300 Theatre/Drive-In Per Seat 5 Per Car Space 8 Warehouse Per 1,000 sf 50 Series 1998 Property Tax Levies and Collections Fiscal Year ended December 31, Total Collected Within Percentage of Total Tax Collections in Percentage of Collected Year Tax Levy Year of Levy Collections to Levy Subsequent Years Taxes to Tax Levy 2015 $70,725, $66,460, % $66,460, Series 1998 Millage Rates Fiscal Year ended December 31, 2015 Tax State of City of Total Year County School Georgia Conyers Inc. Uninc