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Home My WebLink About; ; 1966-67 Accountants Report; 1967-06-30CARLSBAD MUNICIPAL WATER DISTRICT Accountants' Report Financial Statements and Schedules June 30. 196? PEAT, MARWICK, MITCHELL & CO. CERTIFIED PUBLIC ACCOUNTANTS CARLSBAD MUNICIPAL WATER DISTRICT Table of Contents Accountants' Report Exhibit Balance Sheet - Al1 Funds A Statement of Revenues and Expenses B Statement of Fund Balances and Reserve for Construction C Notes to Financial Statements Schedule Balance Sheets - Improvement Districts: No. 1 1 No. 2 2 No. 3 3 No. k k Analysis of Changes in Reserves for Construction - Bond Construction Funds 5 Comparison of Revenues and Expenditures with Budget as Adopted by Board of D i rectors , 6 Schedule of Bonded Indebtedness 7 PEAT, MARWICK, MITCHELL Sc Co. CERTIFIED PUBLIC ACCOUNTANTS ?O5 THIHD STREET OCEANS IDE, CALIFORNIA 02O54 The Board of Directors Carlsbad Municipal Water District: We have examined the balance sheet - all funds of the Carlsbad Municipal Water District as of June 30, 196? and the related statements of revenues and expenses, and fund balances and reserve for construction for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we con- sidered necessary in the circumstances. In our opinion, the accompanying balance sheet - all funds and the statements of revenues and expenses, and fund balances and reserve for construction present fairly the financial position of the Carlsbad Municipal Water District at June 30, 196? and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. The current year's supplementary data included in Schedules 1 - 7 have been subjected to the same auditing procedures and, in our opinion, are stated fairly in all material respects when considered in conjunction with the basic financial statements taken as a whole. September 7, 1967 CARLSBAD MUNICIPAL WATER DISTRICT Balance Sheet - All Funds June 30, 1967 Exhibit A Assets Current assets: Cash with Treasurer Accounts receivable, water customers Accounts receivable, miscellaneous Inventories (note 1) Total current assets Property and equipment, net (note 2) Other assets and other debits: Long-term contract receivable Work in progress Future revenue required to retire bonded and other debt Bonds authorized, unissued (note 3) Total other assets and other debits Liabilities, Reserves, and Fund Balances Current 1iabi1ities: Accounts payable Current installments due on bond principal and bank notes Accrued payroll taxes, and employee deductions Unredeemed bond coupons Accrued interest on bonds Consumer deposits Total current liabilities Long-term debt, excluding current installments: Bonds payable (Schedule 7) Notes payable, bank (note 4) Total long-term debt Reserves for: Construction Work in progress Authorized expenditures (note 3) Long-term receivable Investment in property and equipment Total reserves Fund balances General District Total - General Revolving all funds fund fund Improvement Districts $ 269,433 (24,282) 42,329 42,329 1,628 1,628 16,815 14.937 330.205 34,612. 3,070,644 295,922 140,000 2,006 3,144,600 14,600 425,000 - 3,711,606 14,600 $ 7,112,455 345,134 23,984 87,100 975 10,495 36,502 4.240 22,234 12,100 975 4.240 163,296 39,549 3,055,000 2,500 2.500 3.057.500 2.500 74,650 2,006 425,000 140,000 3.070.644 295.922 3,712,300 295,922 179.359 7,163 $ 7,112,455 345,134 358 358 358 358 358 No. Schedul 1 1 2 1 2 42, 42, 788, i4o, ,030, 100, ,270, ,100, 35, 1, 13, 49, 995, 995, 100, 140, 788, ,028, 27, ,100, 1 e 1) 480 — 480 323 000 „ 000 000 000 803 000 351 431 782 000 000 —000 000 323 323 698 803 No. (Schedul 105, 1, 107, 604, 2, 685, 125, 812, 1,523, 20, 1, 7, 29, 665, 665, 74, 2, 125, 604, 805, 23, 1,523, 2 e 2) 525 878 403 376 _ 006 000 000 006 785 000 850 858 708 000 000 399 006 000_ 376 781 296 785 No. (Schedul 119, 119, 710, 790, 200, 990, 1,820, 1, 5, 13, 20, 785, 785, 200, 710, 910, 103, 1,820, 3 e 3) 358 — 358 725 «• —000 000 000 083 750 000 419 071 240 000 000 251 —000 —725 976 867 083 No. (Schedul 25, 25, 671, 625, 625, 1,322, 15, 6, 2, 24, 610, 610, 671, 671, 4 e 4) 994 — 994 298 _ _ 000 —000 292 000 875 142 017 000 000 — — _ 298 298 16,977 1,322,292 See accompanying notes to financial statements. Exhibit B Year ended June 30, Revenues: Water sales, net of cost, $141,543 Taxes col 1ected Interest earned Mi seellaneous Total revenues Expenses: Advertising and publications Auto and truck expense Directors' fees Employee retirement Engineer!ng Insurance and bonds Legal and auditing Mi seellaneous Meetings, conventions and dues Office expense Operating and maintenance: Equipment Pipeli nes Salaries, office Salaries, operational Special services Utilities and telephone Total expenses Net revenues before interest and depreciation Deduct: Interest Provision for depreciation Net -revenues after deducting interest and depreciation Add: Provision for depreciation, an expense not requiring a current outlay of funds Net revenues for year, available for capital outlay, debt redemption and other District purposes 'ER Di STRICT and Expenses , 1967 Total - al I funds $ 139,204 195,249 5,039 1,814 3^1,306 62 1,191 5,750 2,532 1,838 1,925 6,033 36 1,135 2,324 2,473 4,046 16,517 17,877 .5.7__4_J3K) 68,606 272,700 140,133_§L25_l 69,316 ' 63,251 $ 132,567 General fund 37,649 55,115_ 1,057 93,821 62 1,191 5,750 2,532 1,838 1,925 6,033 36 1,135 2,324 2,473 4,046 16,517 17,877 57 JiJLLO, 68,606 25,215 738 9, .265 15,212 9,265 24,477 Improvement Districts Construction Bond and Interest Funds funds No. 1 No. 2 28,485 29,036 49,281 25,666 ,_ _ 507 77,766 55,209 - - — —_ _ _ _ _ -_ _ _ -_ _ _ __ ^ -_ _ _ —_ _ _ _ — __ _ 77,766 55,209 41,226 32,817 17,517 12,896 19,023 9,496 17,517 12,896 36,540 22,392 No. 3 25,793 42,903 2,607 250 71,553 — —_ —_ _ _ _ - __ _ _ _ _ _ 71,553 39,371 13,807 18,375 13,807 32,182 No. 4 (Schedule 5) 18,241 22,235_ _ 40,476 - -_ _ _ _ _ _ - t—_ — —_ _ — 40,476 25,981 9,766 4,729 9,766 14,495 49 2,432_ 2,481 - - — —_ _ - —- ^_ _ —_ _ — 2,481 — 2,481 2,481 See accompanying notes to financial statements. Exhibit C CARLSBAD MUNICIPAL WATER DISTRICT Statement of Fund Balances and Reserve for construction Year ended June 30, 1967 Fund balance, July 1, 1966 Reserve for construction, July 1, 1966 Add: Net revenues for the year Other additions: Consumer contributions Fund transfers Deduct: Bonds retired and loan payments Payments on pipeline contracts (note 5) Capital outlay for investment in property and equipment Reserve for work in progress, LaCosta reservoir Fund balance, June 30, 1967 Reserve for construction, June 30, 1967 Total - al1 funds $ 178,150 88,842 400,705 $ 179,359 $ 74,650 Improvement Districts General Dj strict General Revolving Bond and Interest Funds Construction funds fund 32,781 132,567 24,477 1,146 49 87,100 12,100 3,782 53,808 39,190 2.006 - 146,696 51,290 7,163 fund 4,140 No. 1 No. 2 No. 3 No. 4 (Schedule 5) 26,158 20,904 76,685 17,482 36,540 22,392 32,182 14,495 3,782 3.782 358 35,000 20,000 5,000 15,000 35.000 20,000 5.00Q 15,000 27.698 23,296 103,867 16,977 88,842 2,481 _ ______ 58,453 4,140 62,698 43,296 108,867 31,977 91,274 14,618 2.006 16,624 74,650 See accompanying notes to financial statements. CARL SBAD MUNICIPAL WATER DI SIR ICT Notes to Financial Statements June 30. 1967 (1) Inventories Valuation Water in storage of $11,233 is valued at the lower of cost (last-in, first-out) or market. Materials and supplies of $5,582 is valued at the lower of cost (first-in, first-out) or market. ^2) Property and Equipment The property and equipment owned by the District is valued at cost and may be summarized as follows: Cost of participation - San Diego County Water Authority $ 33,174 Land and easements 115,848 Reservoirs and dams 1,042,224 Pipelines and pump stations 2,038,846 Chlorination stations 56,730 Meters and accessories 20,449 Buildings 108,410 Machinery and equipment 28,869 Office fixtures and equipment 9,006 3,453,556 Less allowance for depreciation 382,912 Net property and equipment $ 3,070,644 (3) Bonds Aut hor i zed-Uni ssued In 1962 the Board authorized the issuance of $1,250,000 in bonds for I.D. #U-7 under provisions relating to uninhabited districts. The Board subsequently abandoned the project for this District, and I.D. #U-7 was formally dissolved during the year 1966-67. (4) Notes Payable, Bank The District has two notes payable to the Bank of America, as follows: Payable $9,600 annually plus interest at 2.68% per annum $ 9,600 Payable $2,500 annually plus interest at 2.85% per annum 5,000 $ 14,600 Due within one year $ 12,100 Long-term portion 2,500 $ 14,600 CARLSBAD MUNICIPAL WATER DISTRICT Notes to Financial Statements, Continued (5) Line Extension Contracts Under the provisions of Ordinance No. 10 the District may enter into a contract with a consumer to refund his cost of installing a pipeline which will constitute a portion of the District's primary or basic distribution system. The annual payments on these contracts amounts to 50% of the actual water consumption charges received by the District from the sale and delivery of water through the facilities, but no annual payment may exceed 20% of the cost of facilities. The payments continue for a period of ten years or until the actual cost of the line has been paid, whichever occurs first. After ten years the District has no obligation even though the entire cost has not been paid. At June 30, 19&7 the District had signed contracts with unpaid balances totaling $18,147. Schedule 1 CARLSBAD MUNICIPAL WATER DISTRICT Improvement District No. 1 Balance Sheet June 30, 1967 Assets Cash with Treasurer Long-term receivable Property and equipment, net Future revenue required to retire bonded debt Bonds authorized, unissued Liabilities, Reserves and Fund Balance Bond and Property Combined interest and Bonded funds fund equipment debt 42,480 42,480 140,000 140,000 788,323 - 788,323 1,030,000 100.000 - - 1,030,000 100.000 $ 2,100,803 182,480 788,323 1,130,000 Unredeemed bond coupons Accrued interest Bonds payable Reserves for: Authorized expenditures Long-term receivable Investment in property and equipment Fund balance 1,351 1,351 13,431 13,431 1,030,000 100,000 140,000 140,000 788,323 27.698 $ 2,100,803 27.698 182,480 ,030,000 100,000 788,323 788,323 1,130,000 CARLSBAD MUNICIPAL WATER DISTRICT Improvement District No. 2 Balance Sheet June 30, 1967 Schedule 2 Assets Cash with Treasurer Inventories Property and equipment, net Work in progress Future revenues required to retire bonded debt Bonds authorized, unissued Bond and Bond Property Combined interest construction and funds fund 105,525 33,004 1,878 604,376 2,006 685^000 125.000 - $ 1,523,785 33,004 f u n d 72,521 1,878 2,006 76,405 Bonded equipment debt 604,376 685,000 - 125.000 604,376 810,000 Liabilities, Reserves and Fund Balance Unredeemed bond coupons Accrued interest Bonds payable Reserves for: Construction Work in progress Authorized expenditures Investment in property and equipment Fund balance $ 1,850 7,858 685,000 74,399 2,006 125,000 604,376 23.296 $ 1,523,785 1,850 7,858 23.296 33,004 74,399 2,006 604,376 685,000 125,000 76,405 604,376 810,000 Schedu1e 3 CARLSBAD MUNICIPAL WATER DISTRICT Improvement District No. 3 Balance Sheet June_30, 1967 Bond and Bond Property Combined interest construction and Bonded Assets funds fund fund equ ipment debt Cash with Treasurer $ 119,358 117,357 2,001 Property and equipment, net 710,725 - - 710,725 Future revenues required to retire bonded debt 790,000 - 790,000 Bonds authorized, unissued 200.000 - - _ 200.000 $ 1,820,083 117,357 2,001 710,725 990,000 Liabilities, Reserves and Fund Balance Accounts payable $ 1,750 - 1,750 Unredeemed bond coupons 419 ^19 - - Accrued interest 13,071 13,071 - - - Bonds payable 790,000 - 790,000 Reserve for; Construction 251 - 251 Authorized expenditures 200,000 - 200,000 Investment in property and equipment 710,725 - - 710,725 Fund balance 103.867 103.867 - - - $ 1,820,083 117,357 2,001 710,725 990,000 Schedule 4 CARLSBAD MUNICIPAL WATER DISTRICT Improvement District No. 4 Balance Sheet June 30. 1967 Assets Cash with Treasurer Property and equipment, net Future revenues required to retire bonded debt Bond and Combined interest funds fund $ 25,994 25,994. 671,298 625.000 - Property and Bonded equ ipment debt 671,298 625.000 $ 1,322,292 25,994 671,298 625,000 Liabilities, Reserves and Fund Balance Unredeemed bond coupons Accrued interest Bonds payable Reserve for investment in property and equipment Fund balance 6,875 2,142 625,000 671,298 16,977 1,322,292 6,875 2,142 16,977 25,994 ^ 671,298 671,298 625,000 - 625,000 Schedule CARLSBAD MUNICIPAL WATER DISTRICT Analysis of Changes in Reserves for Construction - Bond Construction Funds Year ended June 30, 1967 Balances, July 1, 1966 Revenues: Taxes collected Interest earned Total revenues Total funds available Combined Improvement Districts funds No. 2 No. 3 No. U-7 $ 88,842 73,973 14,869 49 2.432 2.432 2,481 2,432 91,323 76,405 14,869, 49 49 49 Expenditures and transfers: Engineering, LaCosta reservoir Easement, including fencing Transfer to District's general fund Total expenditures and transfers 2,006 2,006 14,618 - 14,618 49 - -49. 16,673 2,006 14,618 49 Balance, June 30, 1967 $ 74,650 74,399 251 CARL SBAD HUN ICI PAL WATER DI SIRICT Comparison of Revenues and Expenditures with Budget as Adopted by The Board of Directors Year ended June 30, 196? Schedule 6 Revenues: Water sales, net Property tax collections Other Total revenues Operating expenses: Advertising and publication Auto and truck expense Directors' fees Employee retirement Engineer!ng Insurance and bonds Legal and auditing Mi seellaneous Meetings, conventions and dues Office expense Operating and maintenance: Equipment Pipelines Salaries, office Salaries, operational Special services Travel and transportation Utilities and telephone Total operating expenses Excess of revenues over operating expenses Non-operating expenses: Capital outlay and work in progress Payments on pipeline contracts Debt service Actual $ 139,204 195,249 6,853 341,306 62 1,191 5,750 2,532 1,838 1,925 6,033 36 1,135 2,324 2,473 4,046 16,517 17,877 57_ 4,810 68,606 272,700 54,668 3,782 227.233 285,683 Budget 129,800 207,172_ 336,972 100 1,600 6,000 2,600 2,000 3,000 8,000 300 1,500 2,500 1,0003,000 14,000 20,000 100 100 5,100 70,900 266, 022 26,000_ 310,700 336,700 Over (Under) budget 9,404 (11,923) 6,853 4,334 (38) (409) (250) (68) (162) (1,075) (1,967) (264) (365) (176) 1,473 1,046 2,517 (2,123) (^3) (100) (290) (2,294) 6,628 28,668 3,782 (83.467) (51,017) Decrease in existing funds $ 12,983 70,628 (57,645) Schedule 7 CARLSBAD MUNICIPAL WATER DISTRICT Schedule of Bonded Indebtedness June 30, 1967 Improvement District No. 1 Improvement District No. 2: Series 1 Series 2 Improvement District No. 3 Improvement District No. 4 Total bonds outstanding Principal due within one year Long-term portion Years of matur i ty 1968-77 1978-87 1968-76 1977-83 1984-87 1988 1968-68 1969-73 1974-75 1976-82 1983-87 1988-91 1968-90 1991 1967-71 1972-77 1978 1979-82 1983-86 1987-89 1990-91 1 nterest rate 4.00% 3.85 5.00 5.00 5.00 5.00 4.00 4.25 4.50 4.50 4.50 4.50 4.75 5.00 4.50 4.50 4.50 4.00 4.00 4.00 3.50 Amount $ 425,000 605,000 1,030,000 90,000105,000 80 , 000 25,000 300,000 10,00050,000 20,000105,000 100,000 100,000 385,000 115,000 675,000 790,000 75,000 120,000 25,000 100,000 120,000 105,000 80,000 625,000 $ 3,130,000 $ 75,000 3,055,000 $ 3,130,000