HomeMy WebLinkAbout; ; Financial Statements; 1981-06-30COSTA REAL MUNICIPAL WATER DISTRICT
FINANCIAL STATEMENTS
JUNE 30, 1981
********
HicKEY & BLUSH
AN ACCOUNTANCY CORPORATION
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
CALIFORNIA SOCIETY OF
CERTIFIED PUBLIC ACCOUNTANTS
HAROLD D. HICKEY, C.P.A.
STANLEY A. BLUSH, JR., C.RA.
HicKEY & BLUSH
AN ACCOUNTANCY CORPORATION
CERTIFIED PUBLIC ACCOUNTANTS
27-45 JEFFERSON STREET
P. O. BOX 1132
CARLSBAD, CALIFORNIA 9200S
TELEPHONE
(7I4-) 434-I737
BOARD OF DIRECTORS
COSTA REAL MUNICIPAL WATER DISTRICT
Carlsbad, California
We have examined the balance sheets- of COSTA REAL MUNICIPAL
WATER DISTRICT as of June 30, 1981 and 1980 and the related
statements of revenue and expense, of reserves, equity and fund
balances, and of changes in financial position for the years
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.
In our opinion, the above mentioned financial statements
present fairly the financial position of COSTA REAL MUNICIPAL
WATER DISTRICT at June 30, 1981 and 1980 and the results of its
operations and changes in financial position for the years then
ended, in conformity with generally accepted accounting principles
applied on a consistent basis. The supplementary data included
in Schedules 1 and 2 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.
January 12, 1982
COSTA REAL MUNICIPAL WATER DISTRICT
TABLE OF CONTENTS
JUNE 30, 1981 and 1980
Accountant's Report
Balance Sheets
Statements of Revenue and Expense .
Statements of Reserves, Equity and Fund Balances
Statements of Changes in Financial Position
EXHIBIT
A
B
C
D
Notes to Financial Statements
Administrative and General,
Transmission and Distribution,
and Water Treatment Expenses.
Additions to Plant, Property and Equipment
SCHEDULE
1
2
HicKEY & BLUSH
AN ACCOUNTANCY CORPORATION
• E
EXHIBIT A
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COSTA REAL MUNICIPAL WATER DISTRICT
BALANCE SHEETS
JUNE 30, 1981 and 1980
—ASSETS
CURRENT ASSETS:
Cash, including time certificates
of deposit and savings accounts
Accounts receivable
Agricultural rebates receivable
Interest and other receivables
Discount interest
Water in storage (Note 1)
Materials inventory (Note 1)
Total Current Assets
RESTRICTED ASSETS:
Cash, including time certificates
of deposit and savings accounts
PLANT, PROPERTY AND EQUIPMENT,
at cost (Note 2)
OTHER ASSETS:
Long-term contract receivable
(Note 3)
Unamortized bond discount
Discount interest
Total Other Assets
TOTALS
1981
994,186
340,333
18,416
10,508
3,357
52,728
88,455
1,507,983
1,447,174
8,362,270
80,830
702
4,383
85,915
1980
605,411
208,526
15,824
37,037
2,409
44,465
91,773
1,005,445
1,292,256
8,321,190
87,678
1,053
9.636
98,367
$11.403.342 S1Q.717.258
LIABILITIES, RESERVES, EQUITY AND FUND BALANCES
1981 1980
CURRENT LIABILITIES (payable from
current assets:
Accounts payable
Notes payable - due within one
year (Note 5)
Accrued expenses
Construction and customer meter deposits
Total Current Liabilities
(payable from current assets)
CURRENT LIABILITIES (payable from
restricted assets):
Matured bonds payable
Accrued interest on bonds and
unredeemed bond coupons
Bonds payable - due within one year
(Note 4)
Total Current Liabilities
(payable from restricted assets)
LONG-TERM DEBT
Bonds payable (Note 4)
Notes payable (Note 5)
Total Long-Term Debt
RESERVES:
Construction
Long-term receivable and unamortized
bond discount
Total Reserves
EQUITY IN PLANT, PROPERTY AND EQUIPMENT:
Amount by which investment in plant,
property and equipment exceeds
outstanding debt incurred for
construction & equipment purposes
FUND BALANCES:
Appropriated fund balance-sinking fund
Unappropriated fund balance
Total Fund Balances
COMMITMENTS (Note 7)
TOTALS
222,528 $ 177,653
250,511 269,493
59,537 47,188
166,699 98,003
699,275 592,337
10,000
28,069 28,123
125,000 125,000
153,069 163,123
1,598,000 1,718,000
638,483 873,369
2,236,483 2,591,369
486,624 486,624
81,532 88,731
568,156 575,355
5,756,185 5,325,328
267,400 243,400
1,722,774 1,226,346
1,990,174 1,469,746
aam
$11,403,342 $10,717,258
See accompanying notes to financial statements.
MICKEY & BLUSH AN ACCOUNTANCY CORPORATION
COSTA REAL MUNICIPAL WATER DISTRICT
STATISTICAL SECTION
The following data is presented in order for the reader to get a
better understanding 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 information was not audited, and is
solely the responsibility of the District staff.
•
COSTA REAL MUNICIPAL WATER DISTRICT
WATER PURCHASES
(ACRE FEET)
MONTH 80-81 81-82 82-83 83-84 84-85 AVERAGE
July 1,350.2 1,441.6 1,545.3 1,458.0 1,442.1 1,447.4
August 1,621.6 1,660.2 1,784.6 1,383.4 1,349.5 1,559.9
September 1,448.0 1,509.4 1,394.8 1,423.4 1,298.0 1,414.6
October 1,303.4 1,422.4 1,327.2 1,010.7 1,210.6 1,254.9
November 1,105.3 1,187.6 936.4 683.9 897.4 962.1
December 937.0 736.0 646.2 544.8 479.1 668.6
January 770.0 518.1 667.a 622.3 566.8 628.8
February 607.1 587.3 415.5 791.2 598.3 599.9
March 594.3 633.7 340.6 1,130.4 906.1 721.0
April 952.5 793.5 708.8 1,147.1 1,160.1 952.4
May 1,265.2 1,134.4 1,005.7 1,456.4 1,422.8 1,256.9
June 1,353.0 1,091.2 1,106.6 1,243.1 1,497.9 1,258.4
ANNUAL 13,307.6 12,715.4 11,878.7 12,894.7 12,828.7 12,724.9
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)
#
MONTH 80-81 81-82 82-83 83-84 84-85 Average
July 178 .2 198 .9 240 .3 275 .6 353 .4 249 .3
August 214 .1 229 .1 277 .5 261 .5 330 .6 262 .6
Septonnber 191 .1 208 .3 216 .9 269 .0 318 .0 240 .7
October 172 .0 196 .3 206 .4 191 .0 296 .5 212 .4
November 145 .9 163 .9 145 .6 129 .3 219 .8 160 .9
Deconber 123 .7 101 .6 100 .5 103 .0 117 .3 109 .2
January 101 .6 71 .5 103 .7 150 .6 138 .8 113 .2
February 80 .1 81 .0 64 .6 191 .5 146 .5 112 .7
March 78 .4 87 .4 53 .0 273 .6 221 .9 142 .9
Pipril 125 .7 114 .3 110 .2 277 .6 284 .2 182 .4
May 167 .0 156 .4 156 .4 352 .4 348 .5 236 .1
June 178 .6 150 .6 172 .1 300 .8 366 .9 233 .8
ANNUAL 1,756 .4 1,759 .3 1,847 .2 2,775 .9 3,142 .4 2,256 .2
4
C-2
COSTA REAL MUNICIPAL WATER DISTRICT
AGRICULTORAL USAGE
(ACRE FEET)
#
MONTH 80-81 81-82 82-83 83-84 84-85 Average
July 434 .8 449. 7 849. .3 483. .0 254 .2 494 .2
August 658 .2 701. 9 692. .9 494. .5 370 .2 583 .5
September 630 .5 689. 8 526. .5 698, .4 358 .8 580 .8
October 539 .6 609. 9 661, .9 255, .5 281 .6 469 .7
November 484 .9 461. 8 128, ,5 134. .0 49 .5 251 .7
December 278 .1 155. 3 57, .6 49, .8 63 .5 120 .9
January 253 .0 82. 2 98. .2 53. .3 103 .1 118 .0
February 125 .7 131. 9 43. .0 225. .0 133 .4 131 .8
March 113 .9 118. 2 54, .8 280, .6 223 .2 158 .1
April 358 .4 131. 6 174, .1 309. .0 308 .9 256 .4
May 345 .2 286. 9 283. .3 313. .0 339 .5 313 .6
June 392 .5 308. 3 288. .3 295. .8 300 .2 317 .0
ANNUAL 4,614 .8 4,127. 5 3,858. .4 3,591. .9 2,786 .1 3,795 .7
C-3
COSTA REAL MUNICIPAL WATER DISTRICT
STATEMENTS OF REVENUE AND EXPENSE
YEARS ENDED JUNE 30, 1981 AND 1980
EXHIBIT B
OPERATING REVENUES:
Water Sales
Penalty charges and
miscellaneous income
Administrative expense reimbursement
Total Operating Revenues
1981 1980
$ 2,407,435 $ 1,939,581
22,507
43,178
2,473,120
8,865
36,255
1,984,701
OPERATING EXPENSES:
Cost of water sold
Pumping
Water treatment
Transmission and distribution
Customer accounting
Administrative and general
Total Operating Expenses
1,569,577
1,752
11,989
143,921
46,737
326,936
1,312,415
1,977
10,669
120,245
39,697
206,664
2,100,912 1,691,667
Net Operating Revenues Before
Deducting Depreciation
PROVISION FOR DEPRECIATION
372,208
179,433
293,034
153,317
Net Operating Revenues After
Deducting Depreciation 192,775 139,717
OTHER REVENUES:
Property taxes
Interest earned
Lease of property
Total Other Revenues
OTHER EXPENSE:
Interest on bonds and notes payable
496,135
238,904
12,310
747,349
940,124
145,323
459,019
193,133
6,029
658,181
7 97,898
158,291
NET REVENUES 794.801 $ 639.607
See accompanying notes to financial statements
HiCKEY & BLUSH
AN ACCOUNTANCY CORPORATION
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COSTA REAL MUNICIPAL WATER DISTRICT EXHIBIT D
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED JUNE 30, 1981 AND 1980
FUNDS PROVIDED:
Net revenues
Items which do not use working capital:
Depreciation
Bond discount amortization
Working Capital Provided By Operations
Discount interest on loan
Proceeds from loans
Consumer contributions for pipelines,
meters and construction
Collections on long-term contract receivable
TOTALS
1981
179,433
351
974,585
149,285
6,848
1980
794,801 $ 639,607
153,317
351
793,275
9,636
609,757
407,033
6,576
$ 1.130.718 $ 1.826.277
FUNDS USED:
Additions to plant, property and
ecjuipment - net
Current installments and repayment
of long-term debt
Increase in reserve for construction
Discount interest on loan
Increase in working capital
TOTALS
CHANGES IN COMPONENTS OF WORKING CAPITAL:
Increase (Decrease) In Current Assets:
Cash
Receivables
Discount interest
Inventory
Increase (Decrease) In Current Liabilities
Accounts payable
Notes payable
Matured bonds and unredeemed
bond interest coupons
Accrued expenses
Deposits
Increase In Working Capital
$ 210,007
354,886
5,253
560,572
988,559
300,000
192,000
345,718
^ 1.130.718 $ 1.826.277
543,693
107,870
948
4,945
657,456
44,875
(18,982)
(10,054)
12,349
410,771
(14)
2,409
10,345
423,511
(78,198)
128,788
(91)
36,779
96,884 77,793
$ 560.572 $ 345.718
See accompanying notes to financial statements
HicKEY & BLUSH
AN ACCOUNTANCY CORPORATION
COSTA REAL MUNICIPAL WATER DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1981 AND 1980
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
(a) The District operates and reports as an enterprise
utilizing the accrual method of accounting, except
uncollected property taxes are not included in the
District's financial statements.
(b) The inventory of water in storage is valued at the
lower of cost (last-in, first-out) or market. The
materials inventory is valued at the lower of cost
(first-in, first-out) or market.
(c) Depreciation is computed on the straight-line jnethod
over the estimated lives of the respective assets as
follows:
Estimated
Assets Useful Lives
Reservoirs and dams 75 years
Pipelines and pump stations 50 years
Chlorination stations 25 to 40 years
Meters and accessories 25 to 40 years
Buildings 40 years
Machinery and ecjuipment 5 to 20 years
Office fixtures and ecjuipment 10 years
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 - San Diego County Water
Authority and the land and easements are not being
depreciated.
HiCKEY & BLUSH
AN ACCOUNTANCY CORPORATION
COSTA REAL MUNICIPAL WATER DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1981 AND 1980
NOTE 2. PLANT PROPERTY AND EQUIPMENT:
The plant property and equipment of the District is
summarized below:
Work in progress
Cost of participation -
San Diego County Water
Authority
Land and easements
Reservoirs and dams
Pipelines and pumping stations
Chlorination stations
Meters and accessories
Buildings
Machinery and ecjuipment
Office fixtures and ecjuipment
Totals
Less accumulated depreciation
Net Plant, Property
and Equipment
1981 1980
$ 1,736,318 $ 1,676,223
33,174 33,174
123,848 123,848
1,544,073 1,544,073
5,782,152 5,632,867
67,378 67,378
461,949 461,949
161,456 161,456
101,646 96,170
103,071 104,642
10,115,065 9,901,780
1,752,795 1,580,590
$ 8.362.270 $ 8-321.190
NOTE 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 within the preceeding fiscal
year. The contract contains no interest provision.
HiCKEY & BLUSH
AN ACCOUNTANCY CORPORATION
COSTA REAL MUNICIPAL WATER DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1981 AND 1980
NOTE 4. LONG-TERM DEBT - BONDS:
The interest rates and terms of payment of the District's
long-term general obligation bonded debt at June 30, 1981
and 1980 are as follows:
1981 1980
Improvement District No. 1, 1957
issue, interest payable semi-
annually on March 1 and Septem-
ber 1:
Due March 1 of each year through
1987 in varying amounts and rates
ranging from $55,000 to $70,000
and from 3.85% to 4% 380,000 $ 440,000
Improvement District No. 2,
Series No. 1, 1958 issue, interest
at 5% payable semi-annually on
March 1 and September 1:
Due March 1 of each year through
1988 in increasing amounts from
$15,000 to $25,000 135,000 150,000
Series No. 2, 1961 issue, interest
at 4.5% payable semi-annually on
May 1, and November 1:
Due May 1 of each year through
1991 in increasing amounts from
$15,000 to $25,000
Series No. 3, 1968 issue, interest
at 5% payable semi-annually on
January 1 and July 1:
Due July 1 of each year through
1983 at $10,000 per year
215,000 230,000
30^000 40,000
HiCKEY & BLUSH
AN ACCOUNTANCY CORPORATION
COSTA REAL MUNICIPAL WATER DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1981 AND 1980
NOTE 4. LONG-TERM DEBT - BONDS (continued)
1981 1980
Improvement District No. 3, 1961
issue, interest payable semi-
annually on March 1 and September 1.
Containing sinking fund recjuirements
from 1980 through 1990 at increasing
annual amounts from $30,000 to
$52,000 providing for retirement of
fixed maturities when due and redemp-
tion of callable bonds on their
optional maturity dates. Call pro-
visions apply to bonds maturing in
1991 in increasing amounts over the
life of the issue.
Due March 1 of each year through
1990 at $5,000 per year, interest
at 4.75% i
Due March 1, 1991 at 5%
Improvement District No. 4, 1961
issue, interest payable semi-
annually on June 1 and December 1:
Due December 1 of each year
through 1990 in varying amounts
and rates ranging from $25,000
to $40,000 and 3.5% to 4.5%
TOTALS
Principal due within one year
Long-Term portion
TOTALS
55,000
553,000
55,000
558,000
355,000 380,000
$ 1.723.000 $ 1.853.000
$ 125,000 $ 125,000
1,598,000 1,728,000
$ 1.723.000 $ 1.853.000
At June 30, 1981 and 1980, the District had $300,000 of
authorized but unissued construction bonds.
HiCKEY & BLUSH
AN ACCOUNTANCY CORPORATION
COSTA REAL MUNICIPAL WATER DISTRICT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1981 AND 1980
NOTE 5. LONG-TERM DEBT - NOTES:
1981 1980
Note payable - Southwest Bank,
unsecured, payable $60,000
semi-annually plus 5 7/8%
interest, pipeline project
Note payable - Southwest Bank,
unsecured, payable $50,000
semi-annually plus 6 1/4%
interest, interest in water
transmission line
Note payable - San Marcos County
Water~District, unsecured,
payable $20,705 annually plus
7 1/4% interest, purchase of
interest in water transmission
line
Note payable - NCR Corporation,
secured by computer, payable
$1,097 monthly including
principal and discount interest
Less principal due in one year
TOTALS
$ 300,000 $ 420,000
350,000
186,340
450,000
207,045
888,994 1,142,862
250,511 269,493
$ 638.483 $ 873.369
NOTE 6. EMPLOYEE RETIREMENT PLAN:
The District has contracted with the Public Employees'
Retirement System to provide a retirement plan for all
full-time employees. The District's unfunded prior
service liability is approximately $12,000 at June 30,
1981 and approximately $10,000 at June 30, 1980. The
expense for providing retirement benefits under this
plan for the year ended June 30, 1981 was $23,274 and
$19,960 for the year ended June 30, 1980.
HiCKEY & BLUSH
AN ACCOUNTANCY CORPORATION
SCHEDULE 1
COSTA REAL MUNICIPAL WATER DISTRICT
ADMINISTRATIVE AND GENERAL, TRANSMISSION AND
DISTRIBUTION, AND WATER TREATMENT EXPENSES
YEARS ENDED JUNE 30, 1981 AND 1980
Hi
ADMINISTRATIVE AND GENERAL:
Salaries
Engineering and special services
Payroll taxes and employee benefits
Legal, auditing and accounting
Advertising and promotion
Directors fees
Utilities and telephone
Auto and truck expense
Insurance
Meetings, conventions and dues
Office supplies and expense
Maintenance - general plant
Printing and reproduction
Bond service costs
Small tools and ecjuipment maintenance
Water conservation
Programming and computer expense
TOTALS
1981
77,554
90,988
17,418
17,955
3,076
6,968
14,127
13,884
14,278
10,311
29,303
3,605
4,214
983
712
2,025
19,535
1980
57,244
52,248
15,557
19,653
397
6,700
8,744
9,362
10,879
7,844
9,475
4,545
1,768
1,153
815
280
326.936 $ 206.664
TRANSMISSION AND DISTRIBUTION:
Supervision - labor and expense
Payroll taxes and employee benefits
Repairs and maintenance - pipelines
Engineering and special services
Meter repairs
Telemetering
Utilities
Ecjuipment rental
TOTALS
WATER TREATMENT:
Chlorine
Supervision - labor and expense
Payroll taxes and employee benefits
Power usage
Chlorine equipment and station -
maintenance
Laboratory services - testing
TOTALS
74,535
16,574
30,749
9,317
4,274
531
865
7,076
3,293
2,526
567
2,843
943
1,817
53,720
12,036
30,863
11,455
10,829
503
839
143.921 $ 120.245
4,574
1,857
505
1,591
1,052
1,090
11.989 10.669
HiCKEY & BLUSH
AN ACCOUNTANCY CORPORATION
COSTA REAL MUNICIPAL WATER DISTRICT SCHEDULE 2
ADDITIONS TO PLANT, PROPERTY AND EQUIPMENT
YEAR ENDED JUNE 30, 1981
Pipelines:
Lot 12, Palomar Airport Business Park # 1
Lots 3, 5 and 12, portion Lot 12, Palomar
Airport Business Park # 1
CT 79-15
Lot 2, Palomar Airport Business Park # 1
Lot 13, Palomar Airport Business Park # 1
Additions to on-going projects:
Master Public Water System
Oceanside-Carlsbad Inter-tie
High Reservoir - La Costa
Water main extension for Encina
South Aqueduct connection
Tri-Agency pipeline
Alga Road transmission line
Park and Ride
Failsafe line
Squires Dam enlargement
Cathodic protection - El Camino Real
Carlsbad Oaks area master plan
San Marcos Couty Water District
Palomar Airport wastewater reclamation project
Buena Sanitation District
Master plan - Public Non-potable water service
File cabinets
9.8 Megabytes Disk drive
Folding table
Slide projector and table
Overhead projector with table
Tool box
Storage shed
Microwave oven
Two-way radio
Computer Disk storage cabinet
Office equipment
Ford 1/2 ton pickup
Two IBM typewriters
TOTAL
59,215
4,200
8,700
53,376
23,794
8,981
4,345
362
8,736
71
14,101
1,272
5,322
224
1,540
5,616
633
6,478
33
1,477
57
. 239
5,812
79
526
159
84
212
345
1,078
159
297
7,035
1,864
226.422
HiCKEY & BLUSH
AN ACCOUNTANCY CORPORATION