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Home My WebLink About; ; 1985-1986 Costa Real CAFR; 1986-06-30COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE COSTA REAL MUNICIPAL WATER DISTRICT 5950 El Camino Real Carlsbad, Califomia 92008 FOR THE FISCAL YEAR ENDED June 30, 1986 Prepared by the Controller Under the Direction of SUSAN M. HAASL DISTRICT TREASURER COSTA REAL MUNICIPAL WATER DISTRICT COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 1986 TABLE OF CONTENTS INTRODUCTORY SECTION PAGE Transmittal Letter A-1 District Pu2:poses and Powers A-4 Districzrt Officials A-5 Districrt Organization Chart A-6 San Diego County Water Authority A-7 Metropolitan Water District A-8 FINANCIAL SECTION Auciitor's Opinion B-1 FINANCIAL STATEMENTS Balanc^e Sheet B-2 Statement of Revenues and E2^)enditiares B-4 Statement of Fund Ecjuity B-5 Statonent of Changes in Financial Position B-6 Notes to Financial Statements B-7 SUPPLEMENTARY DATA Auditor's Letter B-16 Administrative and General, Transmission and Distribution, and Water Treatment Expenses B-17 Htprovement Districts' Balance Sheet B-18 Iiiprovement Districts' Statement of Revenues and Ej^ienditures B-19 Iitprovement Districts' Statement of Fund Ecjuity B-20 # Table of Contents (continued) STATISTICAL SECTION PAGE Water Purchases C-1 Cost of Purchased Water C-2 Agricultural Usage C-3 Debt Service Coverage C-4 Brployees C-5 11 INTRODUCTORY SECTION A <^'/^% Costa Real VMV? Municipal Water District '^^^^^^ 5950 El Camino Real, Carlsbad, CA 92008 Telephone: (619)438-2722 Board of Direcrtors Costa Real Municipal Water District 5950 El Camino Real Carlsbad, Califomia 92008 We're pleased to present the Costa Real Municipal Water District Corprehensive Annual Financial Report for the Fisc:al Year ended June 30, 1986. This report: was prepared by the District's Controller. Respons- ibility for both the accuracy of the data presented and the completeness and fairness of the presentation, including all disclosures, rests with the District. We believe the data presented is accurate in all material aspects, and that it is presented in a manner designed to fairly set forth the financial position and results of c^rations of the District as measured by the financial ac:tivity of its various funds. ACCOUNTING SYSTEM Following the principles of govemmental accounting, the Districrt maintains two acxx)unting operations - an Enterprise Fund \^ch is maintained on an accrual basis and Improvement District Funds, which are maintained on a modified accrual basis. By far the most significant of the two is the Enterprise Fund. Within this fund. the activities of the utility operations are recorded sim- ilar to private business enterprise. Ihe nature of most c^perations financed and accounted for through an enterprise fund is such that the demand for the goods and services provided largely determines the appropriate level of revenues and expenses. Increased demand for the goods or ser- vices clauses a higher level of expenses to be incairred, but also results in a higher level of revenues. Thus, as in commercial accx)unting, flexible budgets typic:ally are better for enterprise fund planning, control, and evaluation purposes than are fixed budgets. A-1 # THE REPORTING ENTITY AND ITS SERVICES The funds related to the District included in our corprehensive financial report are controlled solely by the District. Costa Real Municipal Water District was formed in 1954 under the Municipal Water District Law of 1911, California Water Code S71000. The District covers an area of 20,369 acres at Carlsbad, 30 miles north of downtown San Diego. The district's purpose was to act on behalf of the area to obtain an imported supply of Colorado River water through the facilities of San Diego County Water Authority (SDCWA) and Metropolitan Water District of Southern Califomia (MWDSC). The Costa Real Mimicipal Water District Board of Directors has the sole power to set rates and charges for water and services. The Board may also levy voter approved tax on all taxable property within the District to retire debt incurred in cx)nstruc7tion of the major transmission, storage, and distribution facilities. GENERAL OPERATING FUNCTIONS Fiscal Year 1985-86 finished with the District continuing its enhanc^ement of an already strong fiscal position. Total assets of the District exceed $38 million and total revenue for the General Fund exceeded Expenses by $3.3 million. The assessed valuation of property within the District exceeds $2.9 billion, and makes the District the 4th largest in terms of assessed valuation of the 24 member agencies of the San Diego County Water Authority. YEAR'S OPERATIONS AND FUTURE PROSPECTS Fiscal Year 1985-86 saw the completion of the first of three major terminal regulating reservoirs. The Tri-Agencies Pipeline Reservoir was placed in service and construction of the two other reservoirs continued. A major source of financing for cx)nstmc- tion needs was the District's Major Facilities Charge. During 1985-86, the Board of Directors adopted a revised fee schedule v^ch will enable the District to meet its capital obligations. Property tax rates established by the District have been reduced or eliminated in the Iirprovoment Districts in preparation of the closing of the books on this financing mechanism. A Capital Im- provement Program was adc^pted vtocii will be a basis for antici- pation of future c^apital needs. Looking to Fiscal Year 1986-87, the District will deal with im- proving cxx)rdination with the City of Carlsbad regarding capital financing and cost recovery for engineering services. An A-2 ambitious capital program will include two hydroelectric facil- ities, pipeline and pressure reducing facilities, and planning for a new operation center for the District. INDEPENDENT AUDIT State code requires an annual audit be made of the books and records of the Costa Real Municipal Water District. This was accorplished this year by the firm of Coopers & Lybrand and their cpinion is included in this report as the Financial Section. ACKNCWLEDGMENTS We would like to es^ress our appreciation to all members of the District staff who participated in the preparation of this report. We would also like to thank the members of the Board of Directors for their continued support in the planning and implementation of the financial affairs of the Costa Real Municipal Water District. Sincerely, Thomas L. Brairmell General Manager TLB:fw A-3 DISTRICT PURPOSES AND PCWERS The Costa Real Municipal Water District was originally knc3wn as the Carlsbad Municipal Water District and was formed March 22, 1954, to apply to the San Diego County Water Authority and the Califomia Metropolitan Water Districrt for eligibility to receive Colorado River Water. Ihe District continues today serving the needs of the citizens of Carlsbad and may levy taxes, issue debt, and set fees and rates necessary to continue to provide the services set forth in the original design of the Districrt. The Board of Directors of the District sets rates and fees. These rates and fees are determdlned by the needs of the District for operation and maintenance, principal and interest on dDligations, and systan replacement and expansion. A-4 COSTA REAL MUNICIPAL WATER DISTRICT LISTING OF DISTRICT OFFICIALS ELECTED OFFICIALS Margaret J. Bonas (Term 1/1/83-1/12/87) President Norman M. Almack (Term 1/1/83-1/12/87) Vice President Allan O. Kelly (Term 1/1/83-1/12/87)Asst.Sec'y/Asst. Treas. Fred W. Maerkle (Tterm 1/7/85-1/10/89) Secretary Susan M. Haasl (Term 1/7/85-1/10/89) Treasurer APPOINTED OFFICIALS William C. MeadcDiws .(resigned 9/1/86) General Manager Thonas L. Brairmell Controller William E. Blakesley District Engineer Kurt B. Musser Siperintendent CONSULTANTS AND ADVISORS Jennings, Engstrand & Henrikson Legal Counsel 2255 Camino del Rio South San Diego, Califomia 92108 Coopers & Lybrand Audit Firm 401 West A Street San Diego, Califomia 92101 A-5 BOARD OF DIRECTORS LEGAL. COin-ISEL CONTROLLER UNC (1) I ACCOUNT CLERK III 27 (1) SYSTEM FOREMAN 39 (1) SYSTEM OPERATOR III 31 (1) SYSTEM OPERATOR II 28 (4) OUTSIDE CONSULTANTS SUPERINTENDENT UNC (1) ACCOUNT CLERK II 22 (1) SENIOR ENGINEERING MDE 53 ill (5) COSTA REAL MUNICIPAL WATER DISTRICT ORGANIZATION CHART 1985-86 GENERAL L MANAGER UNC (1) EXECUTIVE SECRETARY 31 ADMINISTRATIVE ANALYST 47 (1) SENIOR INSPECTOR 49 ill WAREHOUSE SUPERVISOR 31 (1) SEKVICE SUPERVISOR 34 EOUIPMENT OPERATOR 31 (1) (1) ENGINEER UNC (1) ENGINEERING TECHNICIAN III 43 IIL INSPECTOR 3R ID. CONSTRUCTION/ MAINTENANCE FOREMAN -12 UX CONSTRUCTION/ MAINTENANCE WORKER III 31 QI CONSTRUCn-ION/ MAINTENANCE WORKER II 28 Ql SAN DIEGO COUNTY WATER AUTHORITY GOLORACX) RIVER AQUEDUCT MEXICO Carlsbad receives its water supply from the Costa Real Municipal Water District a member agency of the San Diego County Water Authority, shown in the map above. A-7 METROPOLITAN WATER DISTRICT MEMBER PUBUC AGENCIES ANAHEIM BEVERLY HILLS BURBANK COMPTON FULLERTON GLENDALE LONG BEACH LOSANGELES PASADENA SANFERNANDO SANMARINO SANTA ANA SANTA MONICA TORRANCE CALLEGUAS MUNICIPAL WATER DISTRICT Camarillo Camarillo Hdghts Fairvicw Las Posas VaUcy Moorpark Oak Park Oxnard Simi\Mc7 Santa Rosa VaUcy Thousand Oaks CENTRALBASIN MUNICIPAL WATER DISTRICT Artcsia BcU BcUflowcr Bell Gardens Cerritos Commerce Cudahy Downey East Compton East La Mirada East Los Angeles Florence Graham Hawaiian Crardens Huntington Park La Habra Heights Lakewood La Mirada Los Nietos Lynwood Maywood Montebello Norwalk Paramount Pico Rivera Santa Fe Springs Signal ICll South Gate South Whittier Vernon Wahiut Park West Compton West Whittier Whittier Willowbrook CHINO BASIN MUNICIPAL WATER DISTRICT Chino Fontaiu Montclair Ontario Rancho Cucamonga Upland COASTAL MUNICIPAL WATER DISTRICT Capistrano Beach Costa Mesa I>ana Point Laguna Beach Newport Beach San (ilemente South Laguna EASTERN MUNIGPAL WATER DISTRICT East Hcmet Good Hope Hcmet Homeland Lakeview- Nucvo Mead VaUcy Moreno Murrieta Hot Springs Ferris Quail Valley Rancho CZalifomia Romoland San Jacinto Sun City Suimymead Temecula Valle Vista Winchester FOOTHILL MUNICIPAL WATER DISTRICT Altadena La Canada Flintridgc La Crescenta Montrose LASVIRGENES MUNICIPAL WATER DISTRICT Agoura Hills Calabasas Chatsworth Lake Manor Hidden Hills Malibou Lake Monte Nido Wesdake Village MUNiaPAL WATER DISTRICT OF ORANGE COUNTY Brca Buena Park Cypress El Toro Fountain Valley (jarden Grove Hundngton Beach Irvine Laguna Hills Laguna Niguel La Habra LaPalma Los Alamitos Mission Viejo Orange Placentia Rossmoor San Juan Capistrano Seal Beach Stanton Tustin Tustin Foothills ViUaPark Westminster Yorba Linda SAN DIEGO COUNTY WATER AUTHORITY Alpine Bonita Cardiflf-By The-Sca Carlsbad Casa De Oro Castle Park Chula Vista Del Mar El Cajon Encinitas Escondido Fallbrook Lakeside La Mesa Lemon Grove Leucadia . Mount Helix National Qty Oceanside Otay Poway Rainbow Ramona Rancho Santa Fe San Diego San Marcos Santee Solana Beach Spring Valley Valley Center Vista THREEVALLEYS MUNICIPAL WATER DISTRICT Charter Oak Oaremont Covina Knolls Diamond Bar Glendora Industry La Verne Pomona Rowland Heights San Dunas South San Jose Hills Walnut UPPER SAN GABRIEL VALLEY MUNICIPAL WATER DISTRICT Arcadia Avocado Heights Baldwin Park Bradbury atnis Covina Duartc El Monte Hacienda Helehts Irwinouile La Pucntc Mayflower Village Monrovia Rosemead San Gabriel South El Monte South Pasadena South San Gabriel Temple Qty VaUnda West Covina West Puente Valley WEST BASIN MUNICIPAL WATER DISTRICT Alondra Park Angeles Mesa Canon Culver aty Del Aire H Nido-difkon ElSegundo (jardcna Hawthorne Hermosa Beach Howard Inglcwood Ladcra Hdghts Lawndale Leimox Lomita Malibu Manhattan Beach Marina Del Rey Palos Verdes Estates Point Dumc Rancho Palos Verdes Redondo Beach Rolling Hills Rolling Hills Estates Ross-Sexton Topanga Canyon Victor View Park West Athens West Carson West Hollywood Westmont Wiscbum Windsor Hills WESTERN MUNICIPAL WATER DISTRICT OFRIVERSIDE COUNTY Bedford Hdghts Corona Eaelc Valley El Sobrante Green River Lake Elsinore Norco Rancho Califomia Riverside Temescal Woodcrcst A-8 COSTA REAL MUNICIPAL WATER DISTRICT REPORT ON EXAMINATION OF FINANCIAL STATEMENTS For the Year Ended June 30, 1986 B To the Board of Directors Costa Real Municipal Water District We have examined the balance sheet of Costa Real Municipal Water District as of June 30, 1986, and the related statements of revenue and expenditures, fund equity, and changes in financial position 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 considered necessary in the circumstances. As discussed more fully in Note 10 to the financial statements, during fiscal 1984, the District and the City of Carlsbad entered into a water service agreement which provides for, among other things, the transfer of certain assets and obligations between the two parties. Values have not yet been agreed upon by both parties for certain of the items still to be transferred. The financial statement impact of assets and obligations not yet transferred cannot presently be determined and no provision has been made in the accompanying financial statements for such transfers. In our opinion, subject to the effects on the financial state- ments of such adjustments, if any, as might have been required had the outcome of the uncertainty referred to in the preceding paragraph been known, the financial statements referred to above present fairly the financial position of Costa Real Municipal Water District as of June 30, 1986, and the results of its operations and the changes in its financial position for the year then ended, in conformity with generally accepted account- ing principles applied on a basis consistent with that of the preceding year. San Diego, California August 29, 1986 B-1 COSTA REAL MUNICIPAL WATER DISTRICT BALANCE SHEET June 30, 1986 ASSETS General Improvement District Total (Memorandum Only -Note 10) Fund Funds 1986 1985 Current assets: Cash, principally certificates of deposit Accounts receivable Inventories (Note 1) $ 6,650,180 1 ,607,291 178,567 $ 6,650,180 1,607,291 178,567 $ 5,199,066 936,820 111 ,005 Total current assets 8,136,311 8,136,311 6,276.891 Current restricted assets: Cash, principally certificates of deposit Interest receivable 10,070 $1 ,193,991 1,193,991 10,070 1,13'*, 107 33.351 Total current restricted assets 10,070 1 ,193,991 1 ,531,061 1 ,167,158 Restricted assets: Cash, principally certificates of deposit Long-term contract receivable (Note 3) Issuance costs, net of accumulated amortization (Note 1) Investments (Note 1) 118,959 7,316,971 116,566 36,591 116 ,566 36,591 118,959 7,316,971 382, 171 16,726 112,231 9,076,290 Total restricted assets 7,765,930 153,157 8,219 ,087 9.917.121 Utility plant (Notes 1 and 2) Property and equipment, at cost, net of accumulated depreciation Construction in progress 9,205,797 6,128,061 1,912,191 11,118 ,291 6,128,061 12,927,976 3.791 ,978 Total utility plant 15,333,858 1,912 ,191 20,216,352 16,719,951 Total assets $31 ,576,199 $6,859,615 $38,135,811 $311^11_i721 The accompanying notes are an integral part of the financial statements, COSTA REAL MUNICIPAL WATER DISTRICT BALANCE SHEET June 30, 1986 General Fund LIABILITIES AND FUND EQUITY Improvement District Funds Total (Memorandum Only - Note 10) IWB "19^ Current liabilities: Accounts payable Current portion of certificates of participation payable (Note 1) Current portion of notes payable (Note 6) Interest payable Accrued expenses Construction and customer meter deposits Total current liabilities Current restricted liabilities: Current portion of bonds payable (Note 5) Accrued interest and unredeemed bonds and bond coupons Total current restricted liabilities Long-term debt: Certificates of participation payable (Note 1) Bonds payable (Note 5) Notes payable (Note 6) Total liabilities Fund equity: Equity in utility plant Appropriated for sinking fund (Note 8) Appropriated for contingencies (Note 8) Appropriated for construction (Note 8) Other appropriations (Note 8) Unappropriated retained earnings Total fund equity Total $ 101,116 200 ,000 20,705 206 ,175 112,056 157,115 1 ,097 ,827 12 ,300,000 62,115 13,159.912 8,756,195 1 . Ill ,569 500 ,000 7,715,193 18,116,257 $31 .576,199 $ 125,000 59.751 181,751 898,000 1 ,082,751 1,020 ,591 116,566 720,618 619.083 5.776,891 $6,859,615 101,116 200,000 20,705 206,175 112,056 157.115 1 ,097,827 125,000 59,751 181,751 12,300,000 898,000 62.115 11.512,696 12,776,789 116,566 1,111,569 500,000 720 ,618 8.331.576 23.893.118 $38.135.811 150,626 100,000 23.135 206,175 116,027 170,218 1,066 ,781 115 ,000 57,519 202,519 12,500,000 1 ,023,000 62,115 11,851,115 11,105,999 382,171 867,398 500,000 710,618 5.661.093 19.557.309 $31.111,721 The accompanying notes are an integral part of the financial statements. 4» • * COSTA REAL MUNICIPAL WATER DISTRICT STATEMENT For The OF REVENUE AND EXPENDITURES Year Ended June 30, 1986 General Improvement District Total (Memorandum Only -Note 10) Fund Funds 1986 I9B5 Operating revenue: Water sales Miscellaneous revenue Facilities revenue $1,256 ,122 215,216 2,926,398 $1,256,122 215,216 2.926,398 $1,528,678 182,180 1 .775.819 Total operating revenue 7,397.036 7,397,036 6.186,707 Operating expenditures: Cost of water sold Water treatment Transmission, distribution and maintenance Administrative and general Reimbursement agreement 3.080,526 88,251 513 ,612 895,232 91,085 3,080,526 88,251 513,612 895,232 91,085 3,007,371 92,111 518,811 611,330 ( 151,517) Total operating expenditures 1,701,736 1.701 ,736 1,108,138 Net operating revenues before deducting depreciation 2,696 ,300 2,696,300 2,378,569 Provision for depreciation 212,115 $138,810 351 ,255 300,371 Net operating revenues after deducting depreciation 2,183,885 (138,810) 2.315.015 2,078,195 Other financing sources (uses): Property taxes Interest earned Lease of property Interest on bonds, notes payable and certificates of participation payable Amortization of issuance costs 352,308 1 ,202,232 19 ,200 (806,117) (23,275) 120,921 119 ,610 (13,650) 173,232 1 ,351,872 19,200 (819,767) (23,275) 553,017 1 ,688,113 22,000 (1,330,853) (23,275) Total other financing sources 711,318 226,911 971 ,262 909,032 Excess of revenue and other sources over expenditures and other uses $3,228,233 $ 88,071 $3,316,307 $2,987,227 The accompanying notes are an integral part of the financial statements. COSTA REAL MUNICIPAL WATER DISTRICT STATEMENT OF FUND EQUITY June 30, 1986 Revenue: Contributed utility plant Excess of revenue and other sources over expenditures and other uses Transfers: Depreciation, an expense not requiring a current outlay of funds Bonds redeemed Current portion of bond payable Sinking Fund Other net transfers Excess of revenue over transfers Fund equity, beginning of year Fund equity, end of year General Fund $1,195,533 Equity In Utility Plant laproveaent Districts Funds 212,115 $ 138,840 ( 176,000) 2 1,231,918 138,812 7.521.217 3.881.752 $8,756,195 $1.020.591 Tsnj (Memorandum Only - Note 10) 1986 I 1,195,533 351,255 ( 175.998) 1,370,790 11.105.999 $12.776.789 1985 I 2,028,131 (300,371) 115,000 (5.137) 1,867,623 9.538.376 $11.105.999 Unappropriated Retained Earnings Appropriated for Sinkins Fund Appropriated for Contingencies Appropriated for Construction Other Ap^ roprlatlons General Improveaent Districts Total (Memorandum Only - Note 10) Improvement District #3 General Fund General Fund Improvement District Punds Fund Funds 1900 1986 1985 1986 1985 1986 1985 1986 198^ $3,228,233 (212,115) $ 88,071 (138,810) •3,316,307 (351,255) $2,987,227 1 3*«,395 $ 31,555 $ 277,171 $867,398 867,398 $ - $500,000 $(115,000) 125 ,000 $( 115,000) 115,000 (277,171) 20,000 (3*.395) (2) 20,000 (34,395) (277.173) 300,371 (115,000) (31,555) (1.371.961) 3*»,395 31,555 277,171 $867,398 867,398 500,000 (20,000) -2,738,617 (65.163) 2,673,481 1,739,085 382.171 350,616 867.398 _ 500,000 710,618 710,618 1.976.816 68i|.2l6 5.661.092 3.922,008 $116,566 1382,171 $1 .111,569 $867,398 $500,000 $500,000 $ 720,618 $ 710^618 $7,715,193 $619,083 $8,331,576 $5,661,093 The accompanying notes are an Integral part of the financial statements, B-5 STATEMENT OF CHANGES IN FINANCIAL POSITION For The Year Ended June 30, 1986 Sources of working capital: From operations: Excess of revenues and other sources over expenditures and other uses Clharges to operations not affecting working capital: Depreciation Amortization Working capital provided by operations Contributed utility plant Decrease in investments Collection of long-term contract receivable Total sources of working capital Uses of working capital: Additions to utility plant, net Current maturity of long-term debt Addition to bond sinking fund Current maturity of certificate of participation payable Issuance costs Total uses of working capital Increase in working capital Increase (decrease) in components of working capital: Cash Accounts receivable Inventories Other current assets Restricted cash Interest receivable Accounts payable Current portion of certificates of participation payable Current portion of notes payable Interest payable Accrued expenses Construction and customer meter deposits Increase in working capital General Fund $3,228,233 206,730 23,050 3,458,013 1,195,758 1,729,319 6,383,090 4,047,967 200,000 4,247,967 $2,135,123 $1,451,414 670,474 37,562 6,719 52,210 (100,000) 3,971 12,773 Improvement Total District (Memorandum Only - Note 10) Funds I9BS 1985 $ 88,074 $3,316,307 $2,987,227 138,840 226,914 10,135 237,049 125,000 34,395 $ 59,887 20,000 (2,233) 345,570 23,275 3,685,152 1,195,533 1,729,319 10.135 6,517,659 4,047,967 125,000 34,395 200,000 159,395 4,407,362 $ 77,654 $2,212,777 $1,451,414 670,474 37,562 59,887 6,719 52,210 (100,000) 20,000 1,738 12,773 300,374 23,275 3,310,876 2,028,434 3,108,580 9,654 8,457,544 5,193,312 278,435 31,555 14,780 5.518,082 $2,939,462 $2,854,965 529,289 (9,061) (42,234) 73,316 (283,649) (52,784) (100,000) 10,434 (30,729) (10,085) $2,135,123 $ 77,654 $2,212,777 $2.939,462 The accompanying notes are an integral part of the financial statements. &-6 COSTA REAL MUNICIPAL WATER DISTRICT NOTES TO FINANCIAL STATEMENTS 1. Summary of Significant Accounting Policies: The accounting policies of the Costa Real Municipal Water District (the District) conform to generally accepted accounting principles as applicable to governmental en- tities. The accounts of the District are organized on the basis of funds, each of which is considered a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenue, and expenditures, as appropriate. Resources are allocated to and accounted for in individual funds based upon the purpose for which they are to be spent and the means by which spending activities are controlled. The District maintains two fund types as follows: General Fund The General Fund is used to account for the major portion of District operations which are financed and operated in a manner similar to that of a private business enterprise. The intent of the District is to establish rates and fees sufficient to provide for payment of general District operations and maintenance expenses as well as required annual debt service. Utilizing the accrual basis of accounting, revenue is recognized when earned and expenses are recognized when incurred. Uncollected water charges receivable are recorded at the end of each reporting period. Improvement District Funds Improvement Districts are used to account for the financing of public improvements as set forth in original bond covenants as established by voter approval. The District accounts for the activity related to each improvement district's debt and acquisition appropriations within separate improvement district funds. Continued B-7 COSTA REAL MUNICIPAL WATER DISTRICT NOTES TO FINANCIAL STATEMENTS, Continued 1. Summary of Significant Accounting Policies, Continued: All improvement district funds utilize the modified accrual basis of accounting. Revenue is recognized when it becomes measurable and available to finance expenditures of the current period. Expenditures are recognized when the related liability is incurred. Inventories Inventories of materials are stated at weighted moving average cost. Inventory of water is stated on a lower of cost (last in, first out) or market basis. Utility Plant Utility plant is stated at cost or, if donated by devel- opers, at engineering estimates of fair market value at date of transfer. Expenditures for improvements and betterments (including labor and overhead) are capitalized. Maintenance, repairs and minor improvements are expensed as incurred. Depreciation is computed using the straight-line method over the service lives of the respective assets. Interest Capitalization Interest costs incurred during construction of District projects have been capitalized as costs of acquiring the assets and such costs will be amortized on a straight-line basis over the life of the related assets. Interest of $441,000 was capitalized in 1986 using a weighted average interest rate of approximately 9.8y&. No interest was capitalized in 1985. Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. Continued B-8 COSTA REAL MUNICIPAL WATER DISTRICT NOTES TO FINANCIAL STATEMENTS, Continued Utility Plant: A summary of utility plant and the related accumulated depreciation as of June 30, 1986 follows: (General Improvement Total Districts (Memorandum Only - Note 10) Fund Funds 1986 1985 Utility plant: Cost of participation - San Diego Water Authority $ 33,174 $ $ 33,174 $ 33,174 Land and easements 219,221 102,786 322,007 119,247 Reservoirs and dams 14,577 1,509,733 1,524,310 1,512,009 Pipelines and pumping stations 8,691,323 5,250,128 13,941,451 12,708,149 Chlorination stations 16,380 56,730 73,110 68,780 Meters and accessories 479,500 183,310 662,810 662,810 Buildings 303,686 -303,686 295,873 Machinery and equipment 362,101 3,675 365,776 314,006 Office fixtures and equipment 100,428 -100,428 76,818 10,220,390 7,106,362 17,326,752 15,790,866 Construction in progress 6,128,061 _ 6,128,061 3,791,978 16,348,451 7,106,362 23,454,813 19,582,844 Less accumulated depreciation 1,014,593 2,194,570 3,209,163 2,863,592 Net utility plant $15,333,858 $4,911,792 $20,245,650 $16,719,252 Depreciation is computed on the straight-line method over the estimated lives of the respective assets as follows: Assets Reservoirs and dams Pipelines and pump stations Chlorination stations Meters and accessories Buildings Machinery and equipment Office fixtures and equipment Estimated Useful Lives 75 years 50 years 25 to 40 years 25 to 40 years 40 years 5 to 20 years 10 years Continued B-9 COSTA REAL MUNICIPAL WATER DISTRICT NOTES TO FINANCIAL STATEMENTS, Continued Utility Plant, Continued: The District has consistently taken no depreciation during the year of acquisition of an asset and a full year's depreciation in the year of disposition. The cost of participation in the San Diego County Water Authority and related land and easements are not being depreciated. 3. Long-term Contract Receivable: On November 6, 1963, the District sold a pipeline to San Marcos County Water District for $140,000. Payments are due annually within 90 days of fiscal year-end, at the rate of $1.00 per acre foot of water purchased by San Marcos County Water District from the San Diego County Water Authority within the preceding fiscal year. The contract contains no interest provision. Long-Term Certificates of Participation: On May 1, 1984, the District issued $12,600,000 in Certificates of Participation ("Certificates") for the acquisition of the land and construction of three water storage reservoirs. Total estimated costs for the three reservoirs are included in the following table: La Costa reservoir (6.0 million gallons) $ 2,400,000 Tri-Agencies reservoir (6.0 million gallons) 3,030,000 Santa Fe II reservoir (9.0 million gallons) 4,950,000 Project costs 10,380,000 Interest cost during construction 1,260,000 Reserve fund 1,260,000 Gross discount allowance 252,000 Issuance costs 188,000 Interest earnings during construction (740,000) Total uses of funds $12,600,000 Continued B-10 COSTA REAL MUNICIPAL WATER DISTRICT NOTES TO FINANCIAL STATEMENTS, Continued 4. Long-term Certificates of Participation, Continued: The Certificates are payable from all unrestricted revenues of the District. Proceeds from the certificates are invested principally in U.S. Treasury notes in accordance with provisions of the issue agreement. Issuance costs will be amortized over the 20 year life of the issue. Amortization for fiscal 1986 is $23,275. The certificates bear interest ranging from S% to 15^ per year, payable semiannually on May 1 and November 1 be- ginning November 1, 1984. Principal payments are payable annually beginning May 1, I986 through May 1, 2004. Minimum annual payments for retirement of the certificates during the five years subsequent to June 30, I986 are as follows: 1987 $ 200,000 1988 300,000 1989 350,000 1990 400,000 1991 450,000 Thereafter 10,900,000 $12,600,000 Continued B-11 o o D COSTA REAL MUNICIPAL WATER DISTRICT NOTES TO FINANCIAL STATEMENTS, Continued Long-term Debt - Bonds Payable: Bonds payable at June 30, I986 comprise the following individual issues: Date of issue Coupon interest rate Interest payment dates Principal payment dates Authorized Authorized-unissued Original issue Redeemed as of 6/30/86 Outstanding as of 6/3O/86 Less current portion Portion due after one year Improvement District 1 1957 3.85 to k.0% 3/1 & 9/1 3/1 $1 ,250,000 ( 100,000) 1 ,150,000 ( 1 ,100,000) 50,000 (50,000) Improvement District 2 Series 1 1958-Series 1 5.0% 3/1 & 9/1 3/1 $350,000 350,000 (295,000) 55 ,000 (20,000) $ 35,000 Improvement District 2 Series 2 1961-Series 2 ^.5% 5/1 & 11/1 5/1 $1125,000 H25,000 (305,000) 120 ,000 (20 ,000) $100,000 Improvement District 3 1961 4.75 & 5.0% 3/1 & 9/1 3/1 $1 ,000 ,000 (200,000) 800,000 (217 ,000) 583,000 (5,000) $578 ,000 Improvement District 4 1961 3.5 & ^ .0% 6/1 & 12/1 12/1 $690,000 690,000 (H75,000) 215,000 (30,000) $185,000 Minimum annual principal payments for retirement of outstanding bonds as of June 30, 1986 are as follows: Fiscal years ending June 30, 1987 1988 1989 1990 1991 1992 $50,000 $20,000 35,000 $ 20,000 25 ,000 25 ,000 25 ,000 25 ,000 $ 5,000 5,000 5,000 5 ,000 563,000 30,000 35,000 35,000 35,000 40 ,000 40,000 Total $3,715,000 (300,000) 3,415,000 (2,392,000) 1 ,023,000 ( 125,000) $ 898,000 125,000 100,000 65,000 65,000 628,000 40,000 Total $50,000 $55,000 $120,000 $583,000 $215,000 $1 ,023,000 COSTA REAL MUNICIPAL WATER DISTRICT NOTES TO FINANCIAL STATEMENTS, Continued Long-term Debt - Bonds Payable, Continued: A sinking fund was established in conjunction with the issuance of bonds for Improvement District No. 3. Board Resolution No. 128 prescribes the establishment of the sinking fund for the payment of debt as it becomes due. Long-term Debt - Notes: June 30, 1986 Note payable to San Marcos County Water District, payable $20,705 annually plus 7-1/455 interest $82,820 Less principal due in one year 20,705 Total $62,115 The total remaining principal payments on this note during the period subsequent to June 30, 1986 are as follows: 1987 $20,705 1988 20,705 1989 20,705 1990 20,705 Employee Retirement Plan: The District has contracted with the Public Employees' Retirement System to provide a retirement plan for all full-time employees. Contributions to the Plan are based on a percentage of the employee's salary. As determined by the Public Employees' Retirement System, the District's unfunded prior service liability is approximately $10,000 at June 30, 1986. The expense for providing retirement benefits under this plan for the year ended June 30, 1986 was $ 111 ,169 . Continued B-13 COSTA REAL MUNICIPAL WATER DISTRICT NOTES TO FINANCIAL STATEMENTS, Continued 8. Appropriated Equity: Sinking Fund - This appropriation was established in conjunction with the issuance of bonds for Improvement District No. 3. Board Resolution No. 128 prescribes the establishment of the sinking fund for the payment of debt as it becomes due. Funding of the sinking fund during fiscal 1986 was by proceeds from property tax and transfers of interest from the General Fund. Contingencies - During fiscal I985 and 1986, the Board of Directors appropriated fund equity in an amount equal to 25% of the annual operating budget. This appropriation was made to offset the "stand by" fees which are now kept by the City of Carlsbad as part of the Water Service Agreement (see Note 10). The "stand by" fees provided a source of revenue even if water sales were significantly reduced. Amounts appropriated are to be used for operations in the event of a temporary decline in water revenue from an unforeseen event. Construction - During fiscal 1985, the Board of Directors appropriated fund equity in the amount of $500,000 to be used for emergency capital improvements. Amounts appropriated are only to be used for significant non- recurring items which are not included in the operating budget. Other - The following amounts are included in the caption other appropriations: Fully Appropriated Assets - The District carries the long-term contract receivable (Note 3) as an asset in the improvement district funds and establishes corres- ponding appropriations. Debt Service - These appropriations were established in conjunction with the various bond issues. The appropriations are restricted to the payment of current bond service requirements. Continued B-14 COSTA REAL MUNICIPAL WATER DISTRICT NOTES TO FINANCIAL STATEMENTS, Continued 8. Appropriated Equity, Continued: Acquisition - The original bond issues of the District were for the purpose of acquisition of facilities. To date, through various reimbursements to these acqui- sition funds, there remains $530,718 appropriated for acquisition purposes. Contingency: On May 25, 1983 the District reached an agreement with the City of Carlsbad wherein the District will provide all capital facility financing and development, operation and maintenance and planning for the consolidated water system. The City will provide all customer service functions. As a result of the change in function of each entity, the agreement provides for the exchange of speci- fied assets and obligations at values to be agreed upon by the two parties. As of June 30, 1986 net assets with an agreed upon value of $60,000 and $24,000 have been received and transfered by the District, respectively. Disposition of the remaining items have not yet been determined, including a reservoir and cash reserves presently held by the City which have an approximate value of $15,000,000. 10. Total Columns On Statements: Total columns on the statements are captioned "Memorandum Only" to indicate that they are presented only to facili- tate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. B-15 To the Board of Directors Costa Real Municipal Water District Our examination of Costa Real Municipal Water District was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The information on schedules one through four is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has not been subjected to the auditing pro- cedures applied in the examination of the basic financial statements, and, accordingly, we express no opinion on it. San Diego, California August 29, 1986 B-16 COSTA REAL MUNICIPAL WATER DISTRICT ADMINISTRATIVE AND GENERAL, TRANSMISSION AND DISTRIBUTION, AND WATER TREATMENT EXPENSES Year Ended June 30, 1986 (Unaudited) Schedule 1 Budget Actual (Over) Under Budget 1985 Actual Administrative and general: Labor and expense $222,581 $257,644 $ (35,063) $207,864 Engineering and special services 252,262 428,563 176,301 260,261 Professional fees 61,000 53,315 7,682 45,067 Directors fees and expenses 23,050 27,567 (4,517) 22,813 Utilities 29,450 36,617 (7,167) 33,690 Insurance 40,000 38,683 1,317 35,779 Office supplies and expense 27,500 32,237 (4,737) 16,202 Water conservation 25,000 20,606 4,394 22,654 Total $680,843 $895,232 $( 214,389) $644,330 Transmission, distribution and Maintenance: Labor and expense $190,051 $215,320 $ (25,269) $165,087 Pipeline installation 194,597 153,305 41,292 155,130 Pipeline repair and maintenance 97,092 111,207 (14,115) 107,201 Fire hydrant maintenance 29,788 23,292 6,496 - Vehicle maintenance 49,983 39,891 10,092 47,724 Routine maintenance 51,502 627 50,875 43,699 Total $613,013 $543,642 $ 69,371 $518,841 Water quality control and testing: Labor and expense Chlorine Chlorine equipment and station maintenance Laboratory services testing Total $ 49,972 11,000 3,500 8,000 $ 68,525 $ (18,312) 2,100 8,900 1,303 17,323 2,197 (9,323) $ 59,871 19,256 3,045 10,239 $ 72,472 $ 88,251 $ (16,538) $ 92,411 B-17 COSTA REAL MUNICIPAL WATER DISTRICT TMPROVRMENT DISTRICTS' BALANCE SHEET For the Year Ended June 30, 1986 (Unaudi ted) Schedule 2 Improvement District #1 Improvement District //2 ASSETS Current restricted assets: Cash, principally certificates of deposit Restricted assets: Cash, principally certificates of deposit Long-term contract receivable Utility Plant: Water Transmission and Distribution Facility Less accumulated depreciation Net utility plant Total assets LIABILITIES AND EQUITY, RESERVES AND FUND BALANCES Current liabilities: Current portion of bonds payable Accrued interest and unredeemed bonds and bond coupons Total current liabilities (payable from restricted assets) Long-term debt, bonds payable Total liabilities Fund equity: Equity in utility plant Appropriation for sinking fund Other appropriations Unappropriated retained earnings Total fund equity Total $ 271,625 $ e^^,^^2 36,591 311 ,216 1 ,071,916 521,082 553.831 $ 865.050 $ 50,000 8,011 58 ,011 58 ,011 468,700 119,227 219,112 807 .039 $ 865.050 641,442 1.191.759 1 ,011 ,521 3,150,238 $3.791.680 $ 10,000 28,850 68 ,850 135.000 203,850 3.108,156 128,165 51.209 3,590,830 $3.791.680 Improvement District #3 $ 127.983 116 ,566 811,519 1 ,108,819 393.961 711.888 $1 .559,137 5.000 13.590 18,590 578 .000 596,590 169,968 116,566 118,256 228 ,057 962,817 $1 .559.137 Improvement District #1 $116,911 116 ,911 731,510 238 ,006 193.531 $610,178 $ 30,000 9,303 39,303 185 ,000 221,303 273.170 25,000 117 .705 116,175 $610,178 Total 1986 l9?5 $1,193,991 $1,131,107 116,566 36,591 7,107.061 2,191,570 1,912.191 $6,859.615 $ 125,000 59,751 181,751 898 ,000 1 ,082,751 1,020,591 116,566 720,618 619 .083 5.776.891 $6,859.615 382,171 16.726 1 ,917.151 1 ,863.001 7. 107.063 2,055.730 5,051.333 $6.911.337 $ 115.000 57.519 202,519 1,023,000 1.225.519 3,881,752 382,171 710,618 681,217 5.688.818 $6,911.337 COSTA REAL MUNICIPAL WATER DISTRICT Schedule 3 IMPROVEMENT DISTRICTS' STATEMENT OF REVENUES AND EXPENDITURES For the Year Ended June 30, 1986 (Unaudited) Improvement Improvement Improvement Improvement Total District #1 District #2 District #3 District #1 1986 1985 Operating expenditures: Depreciat ion $20,373 $ 86,960 $21,511 $ 9.966 $138,810 $139,561 Net operating loss (20,373) (86,960) (21,511) (9,966) (138,810) (139,561) Other financing sources (uses): Pr-oporty taxes Interest earned Interest on bonds and notes payable 12,681 21 ,368 ( 1 ,588) 28 ,665 19 .180 (8,217) 13 .225 67.100 (27.682) 36,353 11 ,692 (6,163) 120,921 119 ,610 (13.650) 219 ,706 11,098 (77.191) Total other financing sources (uses) 32,161 69.928 82,613 11 ,882 226 ,911 213.610 Excess (deficiency) of other sources over expenditures and other uses $12^088 $(17.032) $61 ,102 $31 ,916 $ 88,071 $ 71.019 COSTA WAL MUmCIPAL WATER DISTRKTT IMPROVBMEMT DISTRICTS' STATEMEMT OF FUKD EQUITY Por th* T*ar Ind«d Jun* 30, 1966 (On*udit«d) laprovaaAnt District #1 Exc*aa of r*v*nu« and other sources ov*r *xp*ndltur*a and other uses Transfers: Depreciation, an expense not requiring a current outlay of funds Bonds redeeaed Current portion bonda payable Sinking fund Other net transfers Excess of revenue over transfers Fund equity, beginning of year Fund equity, end of year laproveaent District #2 Equity in Otility Plant iBproveaant Diatrict #3 iaproveaent Diatrict tk Total Appropriated for Sinking Fund laproveaent District #3 laprovenent District #1 Other laproveaent District #2 Appropriations laproveaent District #3 laproveaent District #1 Total Unappropriated Retained Earnings laproveaent laproveaent laproveaent laproveaent District »1 District #2 District #3 District #1 I 12,088 1(17,032) I 61,102 • 31,916 1 20,373 $ 86.960 $ 21,541 • 9,966 2 1 138,840 2 • 34,395 1(70,000) 50,000 $(40,000) 40,000 $ (5,000) 5,000 $(30,000) 30,000 $( 145,000) 125,000 (20,373) 20,000 (86,960) (21,541) (34,395) (9,966) (2) 20,373 86,960 21,541 9,968 138,842 34,395 (20,000) (20,000) 11,715 (103,992) 5,166 21,948 4*8,?27 3.021.496 148.427 263.502 2 881.752 139.227 $428,165 148,256 25.000 740.648 207,397 158.201 222.891 95,757 $»68,700 13.108.456 1169.968 •273.470 • 1 020.591 $416.566 $119,227 $428,165 $148,256 $ 25i000 $ 720.648 $219J112 $ 54,209 $228,057 $117,705 B-20 COSTA REAL MUNICIPAL WATER DISTRICT Schedule 4 IMPROVEMEMT DISTRICTS' STATEMEMT OF FUMD EQUITY For the Tear Ended June 30, 1986 (Unaudited) of revenue and other ces over expenditures other uses ers: eolation, an expense t requiring a current tlay of funds I redeeaed »nt portion bonds rable Lng fund !* net transfers of revenue over if ers luity, beginning of year lulty, end of year Equity in Utility Plant laproveaentlaproveaent liproveiant Ti^roveae "District #3 District #1 District #2 nt District #4 Total Appropriated for Sinking Fund laproveaent Diatrict #3 laproveaent District #1 Other laproveaent District #2 Approprlatlona laproveaent T iproveaent District #3 aproveaent District #1 Total Unappropriated Retained Earnings laproveaent laproveaent laproveaent laproveaent District #1 District »2 District #3 District #4 Total $ 12,088 $( 17,032) $ 61,102 $ 31,916 $ 88,074 $ 20,373 $ 86,960 $ 21,541 $ 9,966 $ 138,840 $(70,000) $(40,000) $ (5,000) $( 30,000) $( 145,000) (20,373) (86,960) (21,541) (9,966) ( 138,840) 2 2 $ 34,395 50,000 40,000 5,000 30,000 125,000 20,000 (34,395) (2) 20,000 (34,395) (2) 20,373 86,960 21,541 9,968 138.842 34,395 (20,000) (20,000) 11,715 (103,992) 5,166 21,948 (65,163) 448,327 3.021.496 148.427 263,502 3.881.752 382.171 139.227 $428.165 148.256 25.000 740.648 207.397 158.201 222.891 95.757 684.246 $468,700 $3.108.456 $169,968 $273,470 $1,020,594 $416,566 $119,227 $428.165 $ 148^256 $ 25.000 $ 720.648 $219,112 $ 54.209 $228,057 $117,705 $619,083 fi-20 COSTA REAL MUNICIPAL WATER DISTEOICT STATISTICAL SECTION The following data is presented in order for the reader to get a better imderstanding of the District and its operations. The infonnation is taken fron various sources and while appropriate efforts were taken to ensure that the material provided is as accurate as possible, the infonnation was not audited, and is solely the responsibility of the District staff. COSTA REAL MUNICIPAL WATER DISTRICT WATER PURCHASES (ACRE FEET) MONTH 81-82 82-83 83-84 84-85 85-86 AVERAGE July 1,441.6 1,545.3 1,458.0 1,442.1 1,522.0 1,481.8 August 1,660.2 1,784.6 1,383.4 1,349.5 1,631.4 1,561.8 September 1,509.4 1,394.8 1,423.4 1,298.0 1,449.4 1,415.0 October 1,422.4 1,327.2 1,010.7 1,210.6 1,370.2 1,268.2 November 1,187.6 936.4 683.9 897.4 864.4 913.9 December 736.0 646.2 544.8 479.1 612.1 603.6 January 518.1 667.0 622.3 566.8 856.0 646.0 February 587.3 415.5 791.2 598.3 613.1 601.1 March 633.7 340.6 1,130.4 906.1 740.7 750.3 April 793.5 708.8 1,147.1 1,160.1 1,107.2 983.3 May 1,134.4 1,005.7 1,456.4 1,422.8 1,482.9 1,300.4 June 1,091.2 1,106.6 1,243.1 1,497.9 1,427.4 1,273.2 ANNUAL 12,715.4 11,878.7 12,894.7 12,828.7 13,676.8 12,798.6 The Costa Real Municipal Water District purchases all of its water fron the San Diego County Water Authority. C-1 COSTA REAL MUNICIPAL WATER DISTRICT COST OF PURCHASED WATER (IN $1,000) MDNTH 81-82 82-83 83-84 84-85 85-86 Average July 198.9 240.3 275.6 353.4 366.8 287.0 August 229.1 277.5 261.5 330.6 393.1 298.3 September 208.3 216.9 269.0 318.0 349.3 272.3 • October 196.3 206.4 191.0 296.5 330.2 244.1 November 163.9 145.6 129.3 219.8 208.3 173.4 December 101.6 100.5 103.0 117.3 147.5 114.0 t January 71.5 103.7 150.6 138.8 206.3 134.2 February 81.0 64.6 191.5 146.5 147.7 126.2 March 87.4 53.0 273.6 221.9 178.5 162.9 t i^ril 114.3 110.2 277.6 284.2 266.8 210.6 May 156.4 156.4 352.4 348.5 357.3 274.2 June 150.6 172.1 300.8 366.9 344.0 266.9 -ANNUAL 1,759.3 1,847.2 2,775.9 3,142.4 3,295.8 2,564.1 C-2 COSTA REAL MUNICIPAL WATER DISTRICT AGRICULTORAL USAGE (ACRE FEET) MDNTH 81-82 82-83 83-84 84-85 85-86 Average July 449.7 849.3 483.0 254.2 352.3 477.7 i August 701.9 692.9 494.5 370.2 375.7 527.0 Septonber 689.8 526.5 698.4 358.8 320.5 518.8 October 609.9 661.9 255.5 281.6 299.9 421.8 f November 461.8 128.5 134.0 49.5 113.8 177.5 December 155.3 57.6 49.8 63.5 95.2 84.3 January 82.2 98.2 53.3 103.1 89.0 85.2 February 131.9 43.0 225.0 133.4 53.4 117.3 March 118.2 54.8 280.6 223.2 128.1 161.0 April 131.6 174.1 309.0 308.9 201.1 224.9 May 286.9 283.3 313.0 338.0 203.3 284.9 June 308.3 288.3 295.8 300.4 256.6 289.9 ANNUAL 4,127.5 3,858.4 3,591.9 2,784.8 2,488.9 3,370.3 C-3 COSTA REAL MUNICIPAL WATER DISTRICT DEBT SERVICE COVERAGE LAST FIVE YEARS (IN $1,000) 81-82 82-83 83-84 84-85 85-86 C^perating Revenues 2,555 2,680 4,766 6,486 7,397 Gyrating Expenses 2,385 2,545 3,793 4,108 4,702 Net Operating Revenue before Depreciation 170 135 973 2,378 2,696 Depreciation 235 252 280 300 351 # Net (Operating Revenue (Loss) after Depre- ciation (65) (117) 693 2,078 2,345 Other Revenues 924 793 1,029 2,263 1,844 Other E2^)enses 121 102 203 1,354 873 Net Revenues 738 574 1,519 2,987 3,316 - Net Revenue Available for Debt Service Exclusive of Depreciation and Interest on Debt 1,048 1,045 1,856 4,618 4,517 Annual Debt Service 206 212 197 1,476 975 Coverage Factor 5.1 4.9 9.4 3.1 4.6 C-4 COSTA REAL MUNICIPAL WATER DISTRICT EMPLOYEES 81-82 82-83 83-84 84-85 85-86 Brployees Management 2 .0 2. 0 2 .0 2 .0 2. 0 Engineering 3 .0 4. 0 Clerical 3 .5 3. 5 3 .0 3 .0 5. 0 Field 6 .0 6. 0 13 .0 13 .0 15. 0 Total 11 .5 11. 5 18 .0 21 .0 26. 0 C-5