Marshall Township Municipal Sanitary Authority

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1 Marshall Township Municipal Sanitary Authority Financial Statements and Required Supplementary Information Year Ended December 31, 2015 with Independent Auditor s Report

2 TABLE OF CONTENTS Independent Auditor's Report Management s Discussion and Analysis i Financial Statements: Statement of Net Position 1 Statement of Revenues, Expenses, and Changes in Net Position 2 Statement of Cash Flows 3 Notes to Financial Statements 4

3 Pittsburgh 503 Martindale Street Suite 600 Pittsburgh, PA Main Fax Harrisburg 3003 North Front Street Suite 101 Harrisburg, PA Main Fax Butler 112 Hollywood Drive Suite 204 Butler, PA Main Fax Independent Auditor s Report Board of Directors Marshall Township Municipal Sanitary Authority We have audited the accompanying financial statements of Marshall Township Municipal Sanitary Authority (Authority), a component unit of Marshall Township, as of and for the year ended December 31, 2015, and the related notes to the financial statements, as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Authority s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Authority s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Authority as of December 31, 2015, and the respective changes in financial position and cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Pursuing the profession while promoting the public good

4 Board of Directors Marshall Township Municipal Sanitary Authority Independent Auditor's Report Page 2 Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis on pages i through iv be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Pittsburgh, Pennsylvania May 27, 2016

5 MANAGEMENT S DISCUSSION AND ANALYSIS This narrative is an overview and analysis of the financial activities of the Marshall Township Municipal Sanitary Authority (MTMSA) for the fiscal year ended December 31, Financial Highlights As of December 31, 2015, MTMSA had an unrestricted net position balance of $5,038,633, $309,279 in restricted net position, and $10,410,143 net investment in capital assets. MTMSA is a self-supporting entity and follows enterprise fund reporting. The financial statements are designed to provide readers with a broad overview of the Authority s finances in a manner similar to a private-sector business. MTMSA s annual report consists of a Statement of Net Position, Statement of Revenues, Expenses, and Changes in Net Position, Statement of Cash Flows, and Notes to Financial Statements. The Statement of Net Position represents the current and long-term portions of assets and liabilities separately. The Statement of Revenues, Expenses, and Changes in Net Position makes a comparison of net revenues and expenses as a result of operating activities. The Notes to Financial Statements and the Auditor s Report to the Authority Board of Directors provide information that is essential to a complete understanding of the data provided. Financial Summary The following presents a summary of revenues, expenses, and changes in net position for MTMSA for the year ended December 31, 2015, and the amount and percentage of change from the prior year Amount Amount Changes % Operating Revenues: Sewer charges $ 1,365,776 $ 1,124,160 $ 241, % Other operating revenues 56,231 51,531 4, % Total operating revenues $ 1,422,007 $ 1,175,691 $ 246, % Amount Amount Changes % Operating Expenses: Administration $ 332,605 $ 313,757 $ 18, % Operations and maintenance 894, , , % Depreciation and amortization 411, ,568 (15,105) -3.54% Total operating expenses $ 1,639,027 $ 1,364,446 $ 274, % i

6 MANAGEMENT S DISCUSSION AND ANALYSIS Amount Amount Changes % Non-Operating Revenues (Expenses) $ (258,772) $ (115,794) $ (142,978) % Capital Contributions: Developers $ 880,000 $ 506,324 $ 373, % Tap-in fees 1,045, , , % Total capital contibutions $ 1,925,411 $ 939,696 $ 985, % Change in Net Position $ 1,449,619 $ 635,147 $ 814, % As illustrated above, the Authority experienced a $241,616 increase in sewer charges from 2014 to 2015 due to an increase in sewer user fees in anticipation of additional debt service. Operating expenses increased by $274,581 in 2015 due to increased treatment and administrative costs. In addition during 2015, there were various developers contributions received related to sanitary sewer line extensions being accepted by the Authority. In particular, MTMSA took full ownership of the following sanitary sewer line extensions in 2015: Emerald Fields Phase 1 and 2: Final Acceptance in June $480,000 approximate value Venango Trails Phase 2b: Final Acceptance in August $340,000 approximate value Village at Marshall Ridge Phase 2: Final Acceptance in August $60,000 approximate value The Authority also experienced a $612,039 increase in tap-in fees from 2014 to 2015 due to an increase in residential customers from new construction. ii

7 MANAGEMENT S DISCUSSION AND ANALYSIS Amount Amount Changes % Assets: Current and other assets $ 14,137,797 $ 5,794,288 $ 8,343, % Capital assets 12,461,326 11,922, , % Total Assets $ 26,599,123 $ 17,717,172 $ 8,881, % Deferred Outflow of Resources Deferred charge on refunding $ 88,678 $ 96,927 $ (8,249) -8.51% Liabilities and Net Position: Current liabilities $ 856,735 $ 527,955 $ 328, % Long-term liabilities 10,073,011 2,977,708 7,095, % Total Liabilities 10,929,746 3,505,663 7,424, % Net investment in capital assets 10,410,143 8,686,043 1,724, % Net position - restricted 309, , % Net position - unrestricted 5,038,633 5,622,393 (583,760) % $ 15,758,055 $ 14,308,436 $ 1,449, % During 2015, there was an increase in the current and other assets due to the Authority s payment to Cranberry Township in the amount of $7.2 million as its proportionate share of the Brush Creek Sewage Treatment Plant Expansion and Upgrade Project. In addition, there was an increase in capital assets due to contributions of sewer lines by various developers totaling approximately $880,000. Such increase was offset by depreciation expense recorded by the Authority totaling approximately $342,000. Total liabilities increased from the prior year due to the Authority issuing $7.74 million in general obligation bonds to help fund MTMSA s proportionate share of the Brush Creek Sewage Treatment Plant Expansion and Upgrade Project. Capital Assets The Authority s net investment in capital assets at December 31, 2015 was $10.4 million. Capital assets consist primarily of land, sewer projects, and donated assets. The following is a summary of capital assets at December 31, 2015: iii

8 MANAGEMENT S DISCUSSION AND ANALYSIS Summary of Capital Assets Land $ 73,849 Sewer collection system 10,012,629 Donated assets 8,034,651 Property and equipment 54,254 18,175,383 Less accumulated depreciation 5,714,057 Total $ 12,461,326 More detailed information about the Authority s capital assets can be found in Note 5 of the notes to financial statements. Future Outlook MTMSA continues to monitor existing lines and pump stations (infrastructure) to maintain an excellent level of service to our residents. An inter-municipal service agreement between MTMSA and the McCandless Township Sanitary Authority provides for three service visits per week to each of our pump stations. In addition, MTMSA conducts annual assessments to evaluate deficiencies and costs to perform corrective action on existing lines. MTMSA anticipates a 2016 expenditure of $100,000 for the purpose of sewer line maintenance and rehabilitation. MTMSA conveys sewage from its Service Area that originates from within the Brush Creek Watershed to Cranberry Township for treatment. Cranberry Township is currently in the process of planning for an expansion of their treatment facility for the purpose of increasing available treatment capacity. MTMSA has notified Cranberry of its intent to reserve an additional 550,000 gallons per day (gpd) of capacity in the expanded and upgraded Brush Creek Plant, bringing its total to 1.3 million gpd. MTMSA s proportionate costs of Cranberry Township s Treatment Plant Expansion and Upgrade Project were negotiated in early 2015, with MTMSA being responsible for 14.89% of the total. MTMSA secured a $7.74 million bond in August 2015 to cover its costs. Debt service payments on the 2015 Series Bond will commence in Contacting the Authority s Financial Management This financial report is designed to provide a general overview of the MTMSA s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the management of Marshall Township Municipal Sanitary Authority, 525 Pleasant Hill Road, Warrendale, PA 15086, (724) iv

9 STATEMENT OF NET POSITION DECEMBER 31, 2015 Assets Current assets: Cash and cash equivalents $ 2,251,399 Investments 2,502,801 Restricted investments 309,279 Assessments receivable 77,073 Accounts receivable 102,274 Unbilled sewer receivable 219,343 Total current assets 5,462,169 Noncurrent assets: Capital assets, not being depreciated 73,849 Capital assets, net of accumulated depreciation 12,387,477 Total capital assets 12,461,326 Intermunicipal service agreements 8,675,628 Total noncurrent assets 21,136,954 Total Assets 26,599,123 Deferred Outflow of Resources Deferred charge on refunding 88,678 Liabilities Current liabilities: Accounts payable 87,240 Bond payable, current portion 352,498 Due to Marshall Township, current portion 235,000 Unamortized bond premium, current portion 2,250 Interest payable 85,916 Unearned revenue 26,943 Funds held in escrow 66,888 Total current liabilities 856,735 Long-term liabilities: Unamortized bond premium, net of current portion 22,376 Due to Marshall Township, net of current portion 2,625,000 Bond payable, net of current portion 7,425,635 Total long-term liabilities 10,073,011 Total Liabilities 10,929,746 Net Position Net investment in capital assets 10,410,143 Restricted 309,279 Unrestricted 5,038,633 Total Net Position $ 15,758,055 See accompanying notes to financial statements. 1

10 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION Operating Revenues: Sewer charges $ 1,365,776 Other operating fees and charges 56,231 Total operating revenues 1,422,007 Operating Expenses: Administration 332,605 Operations and maintenance 894,959 Depreciation and amortization 411,463 Total operating expenses 1,639,027 Operating Loss (217,020) Non-operating Revenues (Expenses): Investment income 28,036 Interest expense (140,419) Other non-operating expense (146,389) Total non-operating revenues (expenses) (258,772) Income (loss) before capital contributions (475,792) Capital Contributions: Developers 880,000 Tap-in fees 1,045,411 Total capital contributions 1,925,411 Change in Net Position 1,449,619 Net Position: Beginning of year 14,308,436 End of year $ 15,758,055 See accompanying notes to financial statements. 2

11 STATEMENT OF CASH FLOWS Cash Flows From Operating Activities: Cash receipts from customers $ 1,382,594 Cash paid for treatment services (974,026) Cash paid for administrative expenses (332,605) Cash receipts for developer costs 62,360 Net cash provided by (used in) operating activities 138,323 Cash Flows From Investing Activities: Purchase of investments (322,205) Interest and dividends on investments 28,036 Net cash provided by (used in) investing activities (294,169) Cash Flows From Capital and Related Financing Activities: Payments received for tap-in fees 1,045,411 Principal payments on debt (258,996) Interest payments on debt (68,865) Other non-operating expense (146,389) Proceeds from bond issuance 7,656,093 Purchase of capacity under the intermunicipal service agreement (7,200,642) Net cash provided by (used in) capital and related financing activities 1,026,612 Increase (Decrease) in Cash and Cash Equivalents 870,766 Cash and Cash Equivalents: Beginning of year 1,380,633 End of year $ 2,251,399 Reconciliation of Operating Loss to Net Cash Provided by (Used in) Operating Activities: Operating loss $ (217,020) Adjustments to reconcile operating loss to net cash provided by (used in) operating activities: Depreciation and amortization 411,463 Change in: Assessments receivable 13,161 Accounts receivable (12,482) Unbilled sewer accounts receivable 30,120 Accounts payable (79,067) Unearned revenue 314 Funds held in escrow 32,240 Net adjustments 355,343 Net cash provided by (used in) operating activities $ 138,323 Noncash Items: Developers' capital contributions $ 880,000 See accompanying notes to financial statements. 3

12 1. ORGANIZATION Marshall Township Municipal Sanitary Authority (Authority) was incorporated on January 6, 1975, under the Municipal Authorities Act of 1945, for the purpose of constructing and operating a sewage system within the boundaries of Marshall Township (Township), County of Allegheny, Commonwealth of Pennsylvania. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Authority have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as applicable to governmental units. The Governmental Accounting Standards Board (GASB) is the authoritative standard-setting body for the establishment of governmental accounting and financial reporting principles. Reporting Entity The report includes all of the services provided by the Authority to residents and businesses within its service area. The Authority s services provided include operation and maintenance of sewage collection and treatment facilities. The Authority is a component unit of the Township. The Township is considered to be financially accountable for the Authority because the Township appoints the Authority's governing body and guarantees a lease obligation of the Authority. The Township also provides managerial services for the Authority. Additionally, the Township issued debt on the Authority s behalf to finance a sewer project as discussed in Note 8. The accompanying financial statements present only the activity of the Authority and do not present the financial activity of the Township taken as a whole. Basis of Accounting The accompanying financial statements are presented on an accrual basis whereby revenue is recognized when earned, irrespective of when billed or collected, and expenses are recognized when incurred. The activities of the Authority are presented as an Enterprise Fund because the operations are financed and managed in a manner similar to private business enterprises, where the intent of the governing body is that the costs of providing goods or services to the general public on a continuing basis be 4

13 financed or recovered primarily through user charges. As an Enterprise Fund, the Authority uses the accrual basis of accounting. Operating revenues and expenses consist of those revenues and expenses that result from the ongoing principal operation of the Authority. Operating revenues consist primarily of user charges. Non-operating revenues and expenses consist of those revenues and expenses that are related to the financing and investing types of activities. Cash and Cash Equivalents For purposes of the statement of cash flows, the Authority considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Investments Investments, principally certificate of deposits, with maturity of more than three months, are carried at fair value. Restricted investments include unspent bond proceeds on deposit with a trustee. Funds are restricted for the Authority's share of the construction of the expansion and upgrade of the Cranberry Township's Brush Creek Sewer Treatment Plant. Receivables Sewage user fees are based upon water usage and are billed on a quarterly basis. These fees are recognized when earned. Benefit assessments and tap-in fees, which are a one-time charge billed to customers who are connecting to the existing wastewater systems, are recognized as revenue when billed to customers. At December 31, 2015, management did not believe that an allowance for uncollectible amounts was warranted. Unbilled Sewer Receivable Unbilled sewer receivables represent an estimate of sewer services provided to customers subsequent to the most recent meter readings that have not yet been billed as of December 31,

14 Capital Assets Capital assets are defined by the Township as assets with an initial, individual cost of more than $4,000 and an estimated useful life in excess of one year. Capital assets are recorded at cost, including interest cost incurred during the construction period. Donated sewer systems, if any, are recorded at fair value at the date title transfers to the Authority. The costs of maintenance and repairs that do not enhance the functionality of the asset or materially extend asset lives are not capitalized. Depreciation of all fixed assets is charged against operations and closed to net assets. Depreciation on assets has been provided using the straight-line method over the estimated useful lives, as follows Sewer system (including donated amounts) Furniture and equipment Transportation equipment 50 years 5 to 7 years 5 to 7 years Deferred Outflows In addition to assets, the statement of net position reports a separate section for deferred outflows of resources. This represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense) until then. The Authority only has one item that qualifies for reporting in this category, the deferred charge on refunding. The deferred charge on refunding resulted from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. 6

15 Risk Financing The Authority is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters for which the Authority carries commercial insurance. There have been no significant changes in insurance coverage since the prior year. Net Position Accounting standards require the classification of net position into three components net investment in capital assets; restricted; and unrestricted. These classifications are defined as follows: Net investment in capital assets The net investment in capital assets component of net position consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. Deferred outflows of resources and deferred inflows of resources that are attributable to the acquisition, construction, or improvement of those assets or related debt are also included in this component of net position. If there are significant unspent related debt proceeds or deferred inflows of resources at the end of the reporting period, the portion of the debt or deferred inflows of resources attributable to the unspent amount is not included in the calculation of net investment in capital assets. Instead, that portion of the debt or deferred inflow of resources is included in the same net position component (restricted or unrestricted) as the unspent amount. Restricted The restricted component of net position consists of restricted assets reduced by liabilities and deferred inflows of resources related to those assets. Generally, a liability relates to restricted assets if the asset results from a resource flow that also results in the recognition of a liability or if the liability will be liquidated with the restricted assets reported. Unrestricted The unrestricted component of net position is the net amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted components of net position. 7

16 Pending Pronouncements GASB has issued Statement No. 72, Fair Value Measurement and Application, effective for fiscal years beginning after June 15, 2015 (the Authority s financial statements for the year ending December 31, 2016). This statement addresses accounting and financial reporting issues related to fair value measurements. 3. CASH, CASH EQUIVALENTS, AND INVESTMENTS Pennsylvania statutes provide for investment of governmental funds into certain authorized investment types, in addition to deposits in institutions insured by the Federal Deposit Insurance Corporation. The Authority may invest in any of the following: United States Treasury Bills; obligations of the United States Government and Federal Agencies; or shares of mutual funds whose investments are restricted to the aforementioned investments. The following is a description of the Authority s deposit risk: Custodial Credit Risk Deposits. Custodial credit risk is the risk that in the event of a bank failure, the Authority s deposits may not be returned to it. The Authority does not have a formal deposit policy for custodial credit risk. As of December 31, 2015, $1,902,321 of the Authority s cash bank balance of $2,186,904 was exposed to custodial credit risk because it was uninsured. These amounts are collateralized in accordance with Act 72 of the Pennsylvania State legislation, which requires the institution to pool collateral for all governmental deposits and have the collateral held by an approved custodian in the institution's name. These deposits have carrying values of $2,251,399. In addition to the deposits noted above, the Authority is invested in various types of financial instruments. This diversification of the investment portfolio serves to assist in mitigating the various types of risks associated with different types of financial instruments. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the value of investments could occur in the near-term and that such a change could materially affect the amount reported on the statement of net position. 8

17 As of December 31, 2015, the Authority had the following investments in its investment portfolio: Investment Maturities from December 31, 2015 Cash or Fair Less than More than Investment Type Market Value 1 year Years Years 10 Years U.S. Government agencies $ 100,504 $ 100, Municipal bonds 153, ,743 Total debt securities 254,247 $ 100,504 $ - $ - $ 153,743 Cash and cash equivalents $ 2,057,780 Certificates of deposit 500,053 Total cash, cash equivalents, and investments reported on statement of net position $ 2,812,080 The following is a description of the Authority s investment risks: Interest Rate Risk The Authority does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Custodial Credit Risk For investments, custodial credit risk is the risk that in the event of the failure of the bank or counterparty, the Authority will not be able to recover the value of their investments or collateral securities that are in the possession of an outside entity. The Authority minimizes credit risk by limiting investments to the types of securities listed in Section 5611 of The Municipal Authorities Act. As of December 31, 2015, the Authority s certificate of deposit balance was not exposed to custodial credit risk as such investments are insured under federal deposit insurance corporation (FDIC). In addition, included in cash and cash equivalents, the Authority also has money market investments with a carrying amount and bank balance of $2,057,780, which are exposed to custodial credit risk. All investments mature in less than one year. Credit Risk - The Authority has no formal investment policy that would limit its investment choices based on credit ratings by nationally recognized statistical rating organizations. As of December 31, 2015, the Authority s investments in 9

18 money market accounts have received the following ratings from Standard & Poor s: Credit Quality Distribution for Securities with Credit Exposure Standard & Poor's Investment Type Rating Percentage of Total U.S Government Agency AAA 4% Fixed Income - Municipal Bond AA+ 1% Fixed Income - Municipal Bond AA 1% Fixed Income - Municipal Bond AA- 3% Fixed Income - Municipal Bond A- 1% Cash Equivalent - Money Market Not Rated 89% Concentration of Credit Risk. The Authority places no limit on the amount the Authority may invest in any one issuer. 4. ASSESSMENTS RECEIVABLE During 2005, the Authority assessed a total of 50 homeowners a supplemental user fee of $9,240 related to the Pine Acres/Twin Oaks Project. Each homeowner had the option to pay the amount due in one lump sum or in monthly installments of $98.01 over ten years at an interest rate of 5%. Total assessments due for this project as of December 31, 2015 totaled $77,073, which includes the assessment on five vacant lots which will be charged the $9,240 fee when the properties are developed. 10

19 5. CAPITAL ASSETS A summary of changes in capital assets for the year ended December 31, 2015 follows: Balance Balance January 1, December 31, 2015 Additions 2015 Capital assets, not being depreciated Land $ 73,849 $ - $ 73,849 Capital assets, net of accumulated depreciation: Sewer collection system 10,012,629-10,012,629 Donated sewer lines 7,154, ,000 8,034,651 Property and equipment 54,254-54,254 17,221, ,000 18,101,534 Less accumulated depreciation (5,372,499) (341,558) (5,714,057) 11,849, ,442 12,387,477 Total Capital Assets $ 11,922,884 $ 538,442 $ 12,461, INTERMUNICIPAL SERVICE AGREEMENTS On January 3, 2006, the Authority paid $1.5 million to Economy Borough Municipal Authority (Economy) for reservation of capacity in the Economy Interceptor and Economy Treatment Plant. This transfer of funds was in accordance with the intermunicipal service agreement entered into with Economy in December Economy, as part of this agreement, will accept, on average, 200,000 gallons of sewage per day for the Township residents. The Authority will pay Economy a fee based on the volume of sewage accepted from Township residents. This fee will be determined by Economy s consulting engineer, which will submit a rate budget to the Authority every three years. This budget will provide the Authority with the rate per gallon of sewage it will be charged. The Economy Treatment Plant began accepting sewage consumption from the Authority in May The value of the Intermunicipal Service Agreement is being amortized on a straight-line basis over the term of the agreement, which extends through December 31, The unamortized portion of the Economy capacity was $1,357,140 at December 31,

20 In addition, an intermunicipal sewage service agreement dated as of June 1, 1989 was signed between the Authority and the Municipal Sewer and Water Authority of Cranberry Township, as further discussed in Note 8. In conjunction with the intermunicipal sewage service agreement, an asset has been recorded to value the purchase of capacity from Cranberry Township, which under the agreement shall be limited to the transmission and treatment of not more than 750,000 gallons per day. The asset is recorded at a value equal to the principal portion of the debt outstanding, as the life of the Brush Creek Treatment Plant is not anticipated to extend beyond the life of the debt issuance. Amortization expense totaling approximately $24,000 was recorded for the year ended December 31, 2015, which represents the Authority s portion of the decreased value of the Brush Creek Treatment Plant. The agreement provided for the Authority to pay to Cranberry Township a quarterly user fee, based upon the Authority s proportionate share of costs incurred by Cranberry Township to operate the Brush Creek Treatment Plant. Such fees were subject to change based upon the ratio between the Authority s and Cranberry Township s users. The unamortized portion of the Cranberry Township capacity was $117,845 at December 31, On December 4, 2015, the Authority paid $7.2 million to Cranberry Township for estimated project costs in the Brush Creek Sewage Treatment Plant Expansion and Upgrade. This transfer of funds was in accordance with the agreement entered into with Cranberry Township in March 2015, as well as the intermunicipal sewage service agreement dated as of June 1, Cranberry Township, as part of this agreement, will accept, on average, 550,000 gallons of sewage per day for the Township residents. The Authority issued general obligation bonds to cover their portion of the project costs, as further discussed in Note 8. The value of the Intermunicipal Service Agreement will be amortized on a straight-line basis over the term of the agreement once construction is complete. The unamortized portion of the Cranberry Township capacity was $7,200,642 at December 31, Amortization expense totaling approximately $60,000 was recorded for the year ended December 31, 2015 related to such aforementioned intermunicipal service agreements. 12

21 7. FUNDS HELD IN ESCROW The Authority requires a deposit from developers constructing sanitary sewer line extensions. These deposits are held until completion of construction and acceptance of ownership of the lines by the Authority. The Authority deducts engineering, legal, and administrative expenses incurred in inspection and transfer of the lines, from the deposits. 8. LONG-TERM LIABILITIES Cranberry Township The intermunicipal sewage service agreement between the Authority and the Municipal Sewer and Water Authority of Cranberry Township provides for quarterly debt service payments of $14,155 for the use of the Brush Creek Treatment Plant. Under the agreement, the amount of the quarterly fee was based upon specified percentages of debt service, incurred by Cranberry Township to enlarge its facilities to accommodate the Authority. The liability extends until Cranberry Township s Sewer and Water Revenue Bonds, Series of 1977, and any bonds or notes issued to refund such bonds are paid in full. This indebtedness incurred by Cranberry Township to finance the cost of the 1977 expansion and upgrading of the Brush Creek Treatment Plant and the construction of a portion of Interceptor No. 1 bond series currently extends through June 1, The debt has since been refunded and currently extends through June 1, However, the Authority is currently negotiating new terms to the agreement, as it is management s opinion that such payments will extend only through the original loan maturity. As such, only payments until 2017 will be documented. The interest rate on the Cranberry Township, 1977 bond issue, was 6.35% at December 31, As such, an implied interest rate of 6.35% has been calculated, which represents an approximate interest rate associated with the original Cranberry Township issuance, with approximately $8,000 being recorded as interest expense for the year ended December 31,

22 Annual debt service requirements of the Cranberry Township liability are as follows: Due to Marshall Township Principal Interest 2016 $ 76,693 $ 8, ,152 1,313 $ 117,845 $ 9,550 General Obligation Bonds, Series A of 2012 were issued in September of 2012 by Marshall Township to be reimbursed by the Authority in accordance with the Loan and Security Agreement between the Authority and Marshall Township (Agreement). Under the Agreement, the Township was granted a security interest in all receipts and revenues of the Authority. In addition, the Township maintains the right to take possession of the Authority sewer system upon default of the Agreement. The bond proceeds were used to advance refund the General Obligation Bonds, Series of 2008 and pay costs incurred with the issue. Interest payments are due in April and October through 2026 with interest rates ranging between 1.0% and 3.20%. The bonds are scheduled to mature annually each November through Interest expense during 2015 totaled $66,919. Annual debt service requirements due to the Township are as follows: Principal Interest 2016 $ 235,000 $ 62, ,000 57, ,000 51, ,000 46, ,000 40, ,380, , ,000 5,640 $ 2,860,000 $ 386,403 14

23 General Obligation Bonds, Series of 2015 General Obligation Bonds, Series of 2015 were issued in August of 2015 by the Authority. The bond proceeds were used to help fund the Authority s share of design and construction costs of the expansion and upgrade of Cranberry Township s Brush Creek Sewage Treatment Plant. The proceeds from the bonds were transferred to Cranberry Township in December 2015, as discussed in more detail in Note 6. Interest payments are due in April and October through 2035 with interest rates ranging between 2.00% and 3.625%. The bonds are scheduled to mature annually each October through Interest expense during 2015 totaled $66,814. Annual debt service requirements due to the Township are as follows: Principal Interest 2016 $ 280,000 $ 245, , , , , , , , , ,770, , ,020, , ,385, ,350 $ 7,740,000 $ 2,865, MANAGEMENT AGREEMENT On January 1, 2005, the Authority entered into a management agreement with the Township, which extends through December 31, Under the agreement, the Township will oversee and manage the Authority s operations and systems. The Township will be responsible for the Authority s employees and related employment decisions. The Township will be solely responsible for the Authority s billing and the collections of its revenues. The Authority will pay the Township a monthly management fee, determined on a yearly basis, in equal monthly installments. In addition, the Authority will reimburse the Township for the costs of employee compensation and benefits for those employees retained in connection with the maintenance and operation of its systems. During 2015, the Authority reimbursed the Township approximately $174,

24 10. COMMITMENTS At December 31, 2015, the Authority has construction commitments totaling approximately $146,700 related to the Greenbriar Pump Station. At December 31, 2015, the Authority held $309,279 in unspent General Obligation Bonds, Series of 2015 bond proceeds which have been committed to fund the Authority s share of the construction of the expansion and upgrade of the Cranberry Township s Brush Creek Sewer Treatment Plant. 16

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