DEPARTMENT OF WATERSHED MANAGEMENT AN ENTERPRISE FUND OF THE CITY OF ATLANTA, GEORGIA
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1 CITY OF ATLANTA, GEORGIA DEPARTMENT OF WATERSHED MANAGEMENT AN ENTERPRISE FUND OF THE CITY OF ATLANTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
2 Department of Watershed Management An Enterprise Fund of the City of Atlanta, Georgia Comprehensive Annual Financial Report For the Fiscal Years Ended June 30, 2012 and 2011 Prepared by: Department of Watershed Management Bureau of Financial Administration & Management
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4 Department of Watershed Management Enterprise Fund of the City of Atlanta, Georgia Comprehensive Annual Financial Report For the Fiscal Years Ended June 30, 2012 and 2011 Table of Contents Introductory Section (Unaudited) Letter of Transmittal i GFOA Certificate of Achievement vi List of Principal Officers vii Organization Chart viii Financial Section Independent Auditors' Report 1 Management's Discussion and Analysis (Unaudited) 3 Basic Financial Statements Statements of Net Position 16 Statements of Revenue, Expenses and Changes in Net Position 18 Statements of Cash Flows 19 Notes to the Financial Statements 21 Required Supplementary Information (Unaudited) Schedule of Funding Progress for Pension Plan and Other Postemployment Benefits 58 Statistical Section (Unaudited) 59 Financial Trends Total Net Position 60 Statements of Revenue, Expenses, and Changes in Net Position 61 Changes in Net Position 63 Revenue Capacity Water and Wastewater Rates - Inside City 64 Water and Wastewater Rates - Outside City and Wholesale 65 Water Connections, Demand and Revenues by Customer Class 66 Wastewater Connections, Demand and Revenues by Customer Class 67 Ten Largest Water Customer Accounts 68 Ten Largest Wastewater Customer Accounts 69 Debt Capacity Debt Service Coverage 70 Schedule of Total Outstanding Indebtedness 71 Outstanding Debt Ratios 72 Demographic and Economic Information Demographic and Economic Statistics 73 Major Employers 74 Operating Information Employees by Bureau 77 Operating Information - Water 78 Operating Information - Wastewater 79
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6 Introductory Section
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8 Kasim Reed MAYOR December 28, 2012 C I T Y O F A T L A N T A 55 TRINITY AVENUE SW, SUITE 5400, SOUTH BLDG. ATLANTA, GEORGIA OFFICE FAX LETTER OF TRANSMITTAL DEPARTMENT OF WATERSHED MANAGEMENT Jo Ann J. Macrina, P.E. Commissioner Honorable Mayor Kasim Reed Honorable City Council President Ceasar C. Mitchell Honorable Natalyn M. Archibong, Chair City Utilities Committee Honorable Felicia A. Moore, Chair Finance Executive Committee Honorable Members, Atlanta City Council Duriya Farooqui, Chief Operating Officer City of Atlanta, Georgia 55 Trinity Avenue Atlanta, Georgia Ladies and Gentlemen: It is our pleasure to present the 2012 Comprehensive Annual Financial Report (CAFR) for the City of Atlanta s Department of Watershed Management (Department). This report is organized into three sections: (1) Introductory, (2) Financial, and (3) Statistical. Management is responsible, in all material respects, for the accuracy of the data and the completeness and fairness of the presentation, including all disclosures. This report conforms to the guidelines of Generally Accepted Accounting Principles (GAAP) as prescribed by the Government Accounting Standards Board (GASB). The data is reported in a manner designed to accurately present the Department s financial position and results of the overall operations. All disclosures necessary to enable the reader to gain an understanding of the Department s financial and operational activities are included. Additionally, Management s Discussion and Analysis (MD&A), found in the financial section of this report, contains information to assist the reader in developing a full picture of the activities of the Department. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. This report may also be accessed via the Internet at i
9 Background Created in September 2002, the Department of Watershed Management is responsible for the City of Atlanta s (City) drinking water and wastewater systems and is dedicated to providing the highest quality drinking water and wastewater services to businesses, residents, and wholesale customers at the lowest possible cost, while protecting urban waterways, conserving natural resources, and providing clean, safe water for downstream consumers. The Department is currently midway into the $4 billion Clean Water Atlanta Program, a complete overhaul of the City s water and sewer infrastructure. The Department encompasses the Office of the Commissioner, the Office of Public Relations and Communications, the Office of Safety and Security and the Bureaus of Drinking Water, Wastewater Treatment and Collection, Engineering Services, Financial Administration and Management, and Watershed Protection. The Department of Watershed Management is a utility business with a $585.4 million annual budget and a $4 billion capital program. Financial planning, management, and performance are essential to the Department s success. The federal consent decrees, signed in 1998 and 1999, set in motion massive financial, performance, and schedule requirements of the Department. However, a financial plan was not developed to fund these or other operational requirements at the time of the Department s creation in The Department responded to this challenge by developing the necessary financial, capital and management plans and successfully implemented those plans to achieve exceptional financial performance. These efforts resulted in the successful closing of five major financial transactions in the last eight years including two FY 2009 bond issues totaling approximately $1.2 billion. Local Economy Along with the financial requirements of the Clean Water Atlanta Program, recent years have been exceptionally challenging for water utilities in the Atlanta area. The revenue effects of a multi-year drought and mandatory water use restriction, an economic recession, the foreclosure crisis, and the volatility in the credit markets, combined, required constant attention to revenue patterns. This resulted in the proactive control of expenditures within the Department. In October 2007, the Department took additional steps and reduced planned expenditures with the institution of a hiring freeze and delay in select programs and projects. The continuing decline in economic conditions and projected increases in costs for variable rate debt and new borrowings in fall 2008 led to similar actions. In December 2008, the Department eliminated 97 filled positions, imposed a hiring freeze on another 175 positions, and established reduced management budget targets at 80 percent of the adopted FY 2009 budget. These actions allowed the Department to finish each year under budget and to exceed performance requirements. For example, the debt service ratio requirement for the Department s bonds is 1.1 with a financial policy target of 1.2. Watershed s actual financial performance produced ratios of 1.68 and 1.79 for fiscal years 2011 and 2012, respectively. ii
10 Relevant Financial Policies The Department of Watershed Management works diligently to ensure and improve both the short and long term financial viability of the utility and the City. As a part of the FY 2009 annual budget process, the Department developed and implemented an enhanced web-based budget tool that improved budget development and improved the Department s financial planning process. This multi-year budgeting tool was adopted city-wide for FY The Department develops its multi-year forecast using a strategic financial planning model designed to represent utility cash flows under alternative assumptions related to revenue generation, operations and maintenance (O&M) expenses and financing structures for capital investments. These forecasts are the basis of the Department s capital and operating programs and plans, as well as determining the rate requirements. The Department s approved FY 2013 budget of $585.4 million is 3.1% more than the approved FY 2012 budget of $567.9 million. The Department s FY 2013 budget includes three components: Departmental, Non- Departmental, and Other Departments. The FY 2013 Departmental component, $206.2 million, was 1.6% less than the FY 2012 amount of $209.5 million. The FY 2013 Non-Departmental component, $357.5 million, is 4.2% greater than the FY 2012 amount, $343.2 million. The increase is due primarily to an increase in PILOT and Franchise Fees, Debt Service Expenses, and Planned Reserves. The FY 2013 Other Departments component, $21.6 million, is 45% more than the FY 2012 amount, $14.9 million. The increase is due primarily to additional staffing in the Departments of Law and Procurement, consolidation of Human Resources and increased Information Technology expenses. Enterprise Fund The Department operates as an enterprise fund of the City of Atlanta. As such, the Department s primary sources of funding are water and sewer service revenue and the Municipal Option Sales Tax (MOST). The MOST is a one-cent sales tax originally approved by voters in February 2004 and reauthorized in February As a part of the FY 2009 budget process, the Department requested a four-year rate package, approved by City Council, with rate increases of 27.5%, 12.5%, 12.5% and 12% from There were no adjustments made to the rates for the FY2013 period. The Department received no income from ad valorem taxes levied by the City. The Department recommends rates and charges to provide for anticipated cash outlays for operating expenses, as well as capital improvement requirements, debt service payments, and operating transfers to the City s General Fund. Future Plans The Department s future plans include implementing efficiency and effectiveness programs, developing a detailed 5-year budget, obtaining a bond rating upgrade, and finalizing the Consent Decree Schedule Request. iii
11 Major Capital Initiatives The Department s financial plan not only provides for achievement of debt services coverage and fund balances in excess of established performance targets, but also anticipates increased future capital spending utilizing a pay as you go (pay-go) financing program. While this is not all inclusive, the following projects highlight some of the major capital activities planned: A $28.1 million Water Main Replacement project for the Replacement/Renewal of water mains addressing various critical issues such as: main breaks, water quality and inadequate flow. The construction project started in fiscal period The project is broken into four regions of Atlanta; Southeast Region, Southwest Region, Northeast Region, and the Northwest Region. A $28 million Water Facilities Installation project will start construction during the fiscal periods This project is an Annual Contract for replacement of water distribution assets to address the problems associated with an aging distribution system. A $54.3 million Sewer Group 3 - Rehabilitation Project. This project is to rehabilitate the sanitary sewers in Sewer Group 3 which have been identified under the Sewer System Evaluation System (SSES) as needing rehabilitation. Under this project small diameter sewers will be rehabilitated by cured-in-place pipe lining techniques, pipe bursting, horizontal directional drilling and conventional excavation. The project will start construction during the fiscal periods An $18.9 Sewer Group (3R) - South River Basin North Capacity Relief Project. The South River Basin Capacity Relief project consists of replacing various trunk and outfall sewers physically located north of the South River. Replacement of the aged and deteriorating sewers ensures adequate conveyance and a structurally sound asset. The project started construction during the fiscal period of A $15.7 million Sewer Group (3R) - South River Basin \ East Point Trunk Replacement. This project consists of the full replacement of the East Point Trunk sewer and two major tributary outfalls; South Camp Hapeville Outfall and the South River Outfall. Replacement of the asset ensures an extended service life and improves flow conveyance. The project started construction during the fiscal period of A $29.6 million Compliance Upgrades project at R. M. Clayton - This project will upgrade the primary clarifiers, primary sludge headhouse, blower building, mixed liquor suspended solids (MLSS) channel, effluent weir troughs, primary and secondary scum removal systems, centrifuge facility, Nancy Creek pump station odor control, filter backwash building, UV facility, tunnel utilities, electrical and instrumentation systems and the administration building west lab. The project started construction during the fiscal period of A $10 million Peachtree Trunk Stabilization Project This project addresses the structural integrity of the 96-inch diameter Peachtree Trunk sewer. The efforts will include specialized cleaning techniques in installation of a spiral wound structural liner. The project will start construction during fiscal year A $23 million Peachtree Basin Storage and Pump Station Project (North and South Forks). This project will provide adequate storage facilities to capture, store and return excess wet weather flows currently compromising capacity within the Peachtree Trunk and Trunk Relief sewer system. Construction of the two subsurface storage units and dedicated pumping stations commenced during the 2012 fiscal period. A $7 million Water Resources Management Plan- This project is divided into 3 components (Water, Wastewater & Watershed Protection). This project will develop an overall plan that includes a Capital Improvement Plan (CIP) and recommendations for watershed practices and requirements. This project will also develop an overall plan for long-term management of the collection, transmission, treatment, and disposal of wastewater. It will also address the management of water supply treatment and distribution. The project will start construction during fiscal year iv
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16 CITY OF ATLANTA City of Atlanta DEPARTMENT OF WATERSHED MANAGEMENT PRINCIPAL OFFICERS EXECUTIVE Mayor. Kasim Reed Chief Operating Officer. Duriya Farooqui Chief of Staff Candace L. Byrd Chief Financial Officer J. Anthony Beard City Attorney.. Cathy Hampton LEGISLATIVE President of Council.. Ceasar C. Mitchell Members of Council District 1 Carla Smith + District 7 Howard Shook * District 2 Kwanza Hall * District 8 Yolanda Adrean * / + District 3 Ivory Lee Young, Jr. District 9 Felicia A. Moore * Chair District 4 Cleta Winslow District 10 C.T. Martin * / + District 5 Natalyn Mosby Archibong + Chair District 11 Keisha Bottoms District 6 Alex Wan District 12 Joyce M. Sheperd Members of Council At Large City Council At Large Post 1 Michael Julian Bond * City Council At Large Post 2 Aaron Watson */+ City Council At Large Post 3 H. Lamar Willis + Committee Members with Department Oversight * Financial Executive Committee (FEC) + City Utilities Committee (CUC) DEPARTMENT OF WATERSHED MANAGEMENT ADMINISTRATIVE OFFICIALS Commissioner Jo Ann J. Macrina, PE Interim Deputy Commissioner of Drinking Water Deputy Commissioner of Engineering Services Deputy Commissioner of Financial Administration & Management Director of the Office of Communications & Community Relations Interim Director of Safety and Security Deputy Commissioner of Wastewater Treatment and Collections Deputy Commissioner of Watershed Protection vii Reginald Wells Eric Glover Michael J. Geisler, CPA Scheree C. Rawles Yafet Bekele Frank Stephens Margaret Tanner
17 CITY OF ATLANTA DEPARTMENT OF WATERSHED MANAGEMENT ORGANIZATION CHART CITY OF ATLANTA MAYOR Chief of Staff Chief Operating Officer Chief Financial Officer City Attorney DEPARTMENT OF WATERSHED MANAGEMENT Safety & Security Office of Communications & Community Relations Bureau of Financial Administration and Management Bureau of Protection Bureau of Engineering Services Bureau of Drinking Water Bureau of Wastewater viii
18 Financial Section
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20 KPMG LLP Suite Peachtree Street, NE Atlanta, GA Independent Auditors Report Honorable Mayor and Members of the City Council, City of Atlanta, Georgia: We have audited the accompanying financial statements of the Department of Watershed Management (the Department ) of the City of Atlanta, Georgia (the City ), a major enterprise fund of the City, as of and for the year ended June 30, 2012, as listed in the table of contents. These financial statements are the responsibility of the Department s management. Our responsibility is to express an opinion on these financial statements based on our audit. The accompanying financial statements of the Department as of June 30, 2011, were audited by other auditors whose report thereon dated December 28, 2011, expressed an unqualified opinion on those statements. 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 of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Department s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As discussed in Note 1, the financial statements of the Department, a major enterprise fund of the City, are intended to present the net position, the changes in net position, and the cash flows of only that portion of the business-type activities of the City that is attributable to the transactions of the Department. They do not purport to, and do not, present fairly the net position of the City, as of June 30, 2012, the changes in net position, or, where applicable, its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles. In our opinion, the fiscal year 2012 financial statements referred to above present fairly, in all material respects, the net position of the Department of Watershed Management as of June 30, 2012, and the changes in its net position and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles. U.S. generally accepted accounting principles require that the management s discussion and analysis and schedules of funding progress on pages 3 through 15 and page 58 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 management s discussion and analysis and the required supplementary information in accordance with auditing standards generally accepted in the KPMG LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative ( KPMG International ), a Swiss entity
21 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 inquires, 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. Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Department s basic financial statements. The introductory section and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on them. December 28, 2012
22 City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 The following discussion and analysis of the financial performance and the activity of the City of Atlanta's (the "City") Department of Watershed Management (the "Department") are to provide an introduction and understanding of the basic financial statements of the Department for the fiscal years ended June 30, 2012 and 2011, with selected comparative information for the year ended June 30, This discussion has been prepared by management and should be read in conjunction with the financial statements and the notes thereto, which follow this section. The City owns and operates a drinking water supply, treatment and distribution system, and a wastewater collection and treatment system. The Department is reported as an enterprise fund of the City. The Department is supported using revenues derived from a mix of wholesale and retail rates and charges for water and wastewater services and Municipal Option Sales Tax (MOST) receipts. The City historically set rates and charges for water and wastewater service at levels sufficient to pay the current expenses of operations and maintenance and debt service on borrowings with respect thereto. From 2005, service rates have been set to pay for these expenses net of MOST receipts. The capital improvement program (CIP) is funded by a combination of Georgia Environmental Facilities Authority loans, water and wastewater system revenue bonds and amounts held in the Renewal and Extension Fund (R&E Fund), a separate fund wherein the City, from time to time, deposits funds in excess of 60 days of estimated expenses for operations and maintenance. The Department is dedicated to providing the highest quality drinking water and wastewater services to the City s residents, businesses and wholesale customers at costs reflective of the value of service provided, while protecting urban waterways, conserving natural resources, and ensuring clean, safe water is available for withdrawal by downstream users. Required Financial Statements The Department's financial report includes three financial statements: The Statement of Net Position, the Statement of Revenue, Expenses and Changes in Net Position and the Statement of Cash Flows. The financial statements are prepared in accordance with U. S. generally accepted accounting principles as promulgated by the Government Accounting Standards Board (GASB). The Department is structured as a single enterprise fund with revenues recognized when earned and expenses recognized when incurred. Capital asset related costs are capitalized and (with the exception of land) depreciated over industry standard depreciation schedules. Certain net position balances are restricted for debt service and construction activities. GASB Statement No. 34 (as amended) requires that the equity section of the Statement of Net Position be combined to report total net position displayed in three broad components - invested in capital assets, net of related debt; restricted; and unrestricted. The net position component - invested in capital assets, net of related debt - consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any outstanding debt that is attributable to the acquisition, construction or improvements of those assets. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Department is improving or deteriorating. (Continued) 3
23 City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 The Statement of Revenue, Expenses and Changes in Net Position reports the operating revenues and expenses and non-operating revenues and expenses of the Department, with the difference the change in net position being combined with any capital contributions to determine the change in net position for the fiscal years. This Statement is one measure of the results of the Department's operations over the past year and can be used to determine whether the Department has successfully recovered all of its costs (net of the offsets provided by MOST receipts) through users' rates and other charges. The Statement of Cash Flows provides information about the Department's cash receipts and payments during the reporting period. This Statement reports cash receipts, cash payments, and net changes in cash resulting from operations, investing, and capital and related financing activities and provides insight as to the activity from which the cash was provided or used. Activity Highlights The Department of Watershed Management was established in September 2002, pursuant to the laws of the State of Georgia and ordinances enacted by the City of Atlanta. This initiative was completed to combine all water related governmental functions into a single department. This consolidation reflected, in part, industry and regulatory acknowledgement of the benefits of management of water resources on a holistic, watershed basis. Mayor Kasim Reed supports the initiative and pledges to continue improving the water and wastewater services to residents within the City's service areas and surrounding communities. The Department includes all functions that involve the use and management of the City's water resources - the Bureaus of Drinking Water, Wastewater Treatment & Collections (including Sewer Operations) and Watershed Protection (including Storm Water Management). The functions that support these operations and provide customer service are housed in the Bureau of Financial Administration and Management. Capital projects to expand and upgrade Atlanta's water resource systems as needed are overseen by the Bureau of Engineering Services. The Department has responsibility for approximately 2,100 miles of wastewater pipes, 2,766 miles of drinking water pipes, four water reclamation centers, and two drinking water treatment plants, as well as pumping stations, combined sewer overflow (CSO) treatment facilities, and fire hydrants. The Department owns a water supply, treatment, and distribution system that supplies an area of approximately 650 square miles, including the entire City and most of Fulton County. In FY 2012, the Department served 151,429 residential, industrial, commercial and general accounts and met an average water demand of approximately 95 million gallons per day (mgd). The Department operates and maintains three water treatment plants, one of which is jointly owned with Fulton County, and three initial pumping stations, one of which is jointly owned with Fulton County. The Department sells water on a wholesale basis to other jurisdictions in the Atlanta area, including Coweta and Fayette counties and the cities of Fairburn, Hapeville, and Union City. The Department owns and operates a wastewater collection and treatment system, including four treatment plants that serve an area of approximately 225 square miles, approximately 54% of which is within the corporate limits of the City. In FY 2012, the Department served 89,161 residential, industrial, commercial and general accounts and treated an average daily flow of approximately million gallons a day (mgd). (Continued) 4
24 City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 Retail wastewater services are provided to customers located within the corporate limits of the City and in Fulton and DeKalb counties. Wholesale wastewater treatment is provided to the cities of East Point, College Park and Hapeville and portions of DeKalb and Fulton counties (the Governments ). The City has long-term contracts directly or indirectly with each of these jurisdictions. These contracts require that the City reserve capacity in the City's treatment plants for each of these Governments. In consideration of such reserved capacity, the Governments pay the City their pro rata share of operating costs, based on flow contributions, and their pro rata share of capital improvements, based on reserved capacity. A small portion of the City is located outside the topographical area served by the Department s facilities. In these instances, Fulton County provides wastewater treatment services for which the City pays Fulton County the associated pro rata share of Fulton County s operating costs. The water system is subject to and operates under a Consent Order, dated December 9, 1997, that was entered into with the State of Georgia's Environmental Protection Division (EPD) to resolve certain issues regarding noncompliance and to identify capital projects needed to ensure compliance with future regulations. The City has satisfied a majority of the requirements of the Consent Order and the remaining requirements will be satisfied with capital improvement projects that are either in design or construction. These projects will further enhance water system reliability, ensure compliance with the Consent Order and facilitate compliance with future regulations. The wastewater system operates under two related court ordered Consent Decrees. On September 24, 1998, the City entered into the Combined Sewer Overflow Consent Decree (the "CSO Consent Decree") with the Upper Chattahoochee Riverkeeper Fund, the EPA and the EPD. This CSO Consent Decree settled allegations that the City violated terms of certain of its National Pollutant Discharge Elimination Systems permits relating to discharges from its CSO facilities. The capital projects and other provisions required by the CSO Consent Decree were completed in November 2008, in compliance with all the milestone dates established in the Consent Decree (as amended to provide for a one year extension for completion of the West Area CSO Tunnel project). On December 20, 1999, the City entered into the First Amended Consent Decree covering wastewater treatment facilities, pretreatment requirements, and its sewage collection and transmission system. The First Amended Consent Decree lists specific capital improvement projects, upgrades, and repairs that must be completed by July 1, These projects are required to ensure the wastewater system s reliability, ensure compliance with the Consent Decrees, and facilitate compliance with current and future regulations. (Continued) 5
25 City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 The Construction in Progress (CIP) details all of the improvements needed to meet the aforementioned objectives through 2014 and are broadly summarized as follows: Total Remaining Cost CIP CIP Project Types (in millions) (in millions) Wastewater Projects: CSO Consent Decree $ 714 $ 3 First Amended Decree 1, Regulatory Renewal & Extension Fund Projects Subtotal 2, Water Projects: Consent Order Non-Consent Order 1, Subtotal 1, Grand total $ 3,752 $ 1,533 In their letter of approval of the West Area CSO Tunnel deadline extension, the regulatory agencies noted that: "The City s work under both the CSO and First Amended Consent Decrees has been very conscientious overall. The quality and positive results of that work are evident from recent water quality monitoring data of streams in the Atlanta area, which demonstrate substantial environmental improvements since work began under the Consent Decree." With respect to the combined sewer overflow (CSO) consent decree, the Department of Watershed Management has completed all construction projects on or ahead of schedule and is currently in compliance with the Consent Decree. The Nancy Creek Tunnel and Pump Station were also completed on time and within budget. This was one of the first major consent decree projects completed in the City's multi-billion dollar water and sewer infrastructure overhaul. The tunnel eliminated sewer overflows in North Atlanta and provided the sewer capacity needed to support economic development in the area. Contractors worked 24 hours a day, seven days a week to meet deadlines for the $131.5 million, three and a half year project. The eight and a half mile long tunnel has a finished diameter of 16 feet and can store up to 66 million gallons of sewage for transport to the R.M. Clayton Water Reclamation Center. (Continued) 6
26 R.M. Clayton Wastewater Treatment Plant Flood City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 On September 20, 2009, a five hundred year rain event occurred that caused massive flooding throughout the Atlanta region. As a result, the levee at the R.M. Clayton Wastewater Treatment Plant (the "Plant") breeched causing extensive damage to the Plant. The most notable damage was to the Plant's primary and secondary processes, which were submerged under twelve feet of water. The Plant's control system and electrical power grid were also destroyed. In response to the flooding, the Department immediately mobilized the Plant to protect the health and safety in the region, set up temporary treatment processes, and identified the repair of the Plant's power system as a top priority. In conjunction with the Department's efforts, the City's Executive Office implemented a recovery plan for all departments effected and the Department of Procurement approved an emergency authorization to address the damage. Flooding-related expenses incurred by the Department during the year ended June 30, 2010 totaled $26,840,000 and are reflected as an extraordinary item on the summary of change in net position. System Security By direction of the EPA, under the provisions of Public Law (June 12, 2002), a Vulnerability Assessment of the security of the City's drinking water supply, treatment and distribution was conducted during The Department's Emergency Response Plan was updated with provisions for mitigating physical attack and contamination. The assessment identified capital improvements, estimated to cost a total of $28 million, to enhance system security. In January 2004, in conjunction with system-wide water and wastewater service rate increases, the Mayor and City Council approved a $0.15 per hundred cubic foot (CCF) surcharge to remain in effect over a 7-year period to pay for these physical security improvements. The security surcharge was terminated and is not applicable to billing cycles after January 1, (Continued) 7
27 City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 Activity Information Revenues from water and wastewater service charges are a function of the demand for water, rate structures, and other factors. In turn, water demands are driven by population and economic growth, weather conditions, price elasticity of demand, water conservation practices, and other factors. Billable wastewater flows are generally based on metered water use. FY-2012 FY-2011 % Change FY-2010 % Change Water Demand Average Daily Demand (mgd) % % Maximum Daily Demand (mgd) % % Water Rates (per CCF) Base Charge $ 6.56 $ % $ % In City (1-3) $ 2.58 $ % $ % In City (4-6) $ 5.34 $ % $ % In City (7 and above) $ 6.16 $ % $ % Out of City (1-3) $ 3.51 $ % $ % Out of City (4-6) $ 6.48 $ % $ % Out of City (7 and above) $ 7.47 $ % $ % Wholesale $ 3.70 $ % $ % Sewer Rates (per CCF) Base Charge $ 6.56 $ % $ % Sewer Rate (1-3) $ 9.74 $ % $ % Sewer Rate (4-6) $ $ % $ % Sewer Rate (7 and above) $ $ % $ % System Connections Water 151, , % 148, % Wastewater 89,161 85, % 89, % Annual Collection Collections Rate 94.18% 99.73% 97.08% (Continued) 8
28 Financial Summary and Highlights City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 The tables below show the composition of assets and deferred outflows of resources, liabilities, net position, revenue, expenses and change in net position as of June 30, 2012, June 30, 2011 and June 30, Assets and deferred outflows of resources: FY-2012 FY-2011 % Change FY-2010 % Change Assets (in thousands) Capital assets $ 4,649,414 $ 4,605, % $ 4,458, % Current and noncurrent assets 1,343,151 1,283, % 1,379, % Total assets 5,992,565 5,889, % 5,838, % Deferred outflows of resources (in thousands) Accumulated decrease in fair value of hedging derivative instruments 29,489 8, % 123, % Total assets and deferred outflows of resources $ 6,022,054 $ 5,898, % $ 5,961, % The total assets for the year ended June 30, 2012 compared to June 30, 2011 increased by $103.2 million or 1.75%. The increase in capital assets in the amount of $43.6 million or 0.95% was primarily due to spending on capital projects. Current and noncurrent assets increased by $59.6 million or 4.64% during the period due primarily to an increase as a result of cash collected from operations and a decrease in the amount of restricted investments used for capital cost. The change in the deferred outflows of resources between the years ended June 30, 2012 and 2011 was the result of the change in the fair value of the hedging derivative instrument. The total assets for the year ended June 30, 2011 compared to June 30, 2010 increased by $50.8 million or.87%. During the period, the current and noncurrent assets decreased by $96.3 million or 6.98% due to a decrease in the amount of restricted investments. Capital assets increased from the year ended June 30, 2011 compared to the year ended June 30, 2010 in the amount of $147 million or 3.30%. During the year ended June 30, 2011, two derivative instruments were determined to be ineffective, which accounts for the significant decrease in the deferred outflows of resources in the fiscal year ended June 30, 2011 compared to the fiscal year ended June 30, (Continued)
29 City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 FY-2012 FY-2011 % Change FY-2010 % Change Liabilities (in thousands) Total long-term liabilities $ 3,472,565 $ 3,419, % $ 3,486, % Total current liabilities 148, , % 166, % Total liabilities $ 3,620,817 $ 3,571, % $ 3,653, % At June 30, 2012, long-term liabilities increased $53.2 million, or 1.55%, over the prior year. Activity in two accounts contributed to the increase. The value of derivative instruments interest rate swaps increased $78.2 million. This increase is driven by interest rates and market conditions. Also, other postretirement benefits, based on actuarial data, increased $15 million. The impact of these increases was reduced by principal payments on the outstanding long-term debt. The reduction in long-term debt was $42.5 million for the year ended June 30, At June 30, 2012, current liabilities decreased $4 million, or 2.61%, from the prior year. Overall, accounts payable increased by $8.7 million. The growth in accounts payable is due to refunds of $7.8 million owed to customers with irrigation meters. The rest of the increase in accounts payable is attributed to amounts owed to vendors. Offsetting this increase in accounts payable are reductions of $6.7 million in current claims liabilities and $5.9 million in contract retention payables. At June 30, 2011, total liabilities decreased by $81.7 million, or 2.24% from the prior year. The decrease in longterm liabilities of $67 million, or 1.92%, was due to a reduction in the long-term debt outstanding. Total current liabilities also decreased by $14.7 million, or 8.81%. A decline in the balance of accounts payable for construction projects was the main reason for the overall decrease in current liabilities. FY-2012 FY-2011 % Change FY-2010 % Change Net position (in thousands) Invested in capital assets, net of debt $ 1,781,913 $ 1,755, % $ 1,975, % Unrestricted 619, , % 332, % Total net position $ 2,401,237 $ 2,326, % $ 2,308, % The Department's net position for the year ended June 30, 2012 increased by $74.7 million or 3.21% as compared to the year ended June 30, The change was due to an increase in the amount of operating revenue and a decrease in the amount of operating expenses for the period. The net position of the Department increased for the year ended June 30, 2011 by $18.1 million or 0.78% compared to the year ended June 30, The increase is due primarily to the transfer of sales tax revenue and net operating income. (Continued) 10
30 City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 Total Revenue Dollars (in thousands) $500,000 $400,000 $300,000 $200,000 $100,000 $ Non-operating revenues Total operating revenues FY-2012 FY-2011 % Change FY-2010 % Change Revenue (in thousands) Operating revenue: Water and wastewater service charges $ 445,904 $ 411, % $ 360, % Sewer service charges from other governmental units 19,199 18, % 18, % Other 949 2, % 1, % Total operating revenue 466, , % 380, % Non-operating revenue: Investment income, net of capitalized interest 9,643 9, % % Other revenue % 14, % Total non-operating revenue 9,643 10, % 15, % Total revenue $ 475,695 $ 443, % $ 395, % Total revenue for the year ended June 30, 2012 increased by $32.3 million or 7.29%. Total operating revenue, which primarily consists of water and wastewater fees, licenses and permits, and intergovernmental revenue increased by $32.9 million or 7.59%. The increase was due primarily to an increase in the waste and wastewater rates which became effective July 1, Non-operating revenue decreased by $.5 million or 5.26%. The Department s total revenue for the year ended June 30, 2011, increased by $47.4 million or 11.98% compared to June 30, Total operating revenue increased by $52.8 million or 13.87%, which primarily consists of water and wastewater charges, licenses and permits fees, and intergovernmental revenue. The increase in water and wastewater service revenue was due to a rate increase which became effective July 1, Non-operating revenue decreased by $5.3 million or 34.42% due to a reduction in other revenue. (Continued) 11
31 City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 Expenses by Type Dollars (in thoursands) $400,000 $300,000 $200,000 $100,000 $ Total operating expenses Non-operating expenses FY-2012 FY-2011 % Change FY-2010 % Change Expenses (in thousands) Operating expenses $ 302,587 $ 311, % $ 310, % Non-operating expenses: Interest expense 157, , % 111, % Loss on derivative instrument 57,506 91, % % Total non-operating expenses 214, , % 111, % Total expenses $ 517,295 $ 536, % $ 421, % Total expenses for the year ended June 30, 2012 decreased $18.9 million or 3.53%. Total non-operating expenses decreased by $10.0 million or 4.44%, primarily due to a decrease in the amount of unrealized loss on derivative instrument. Total operating expenses decreased by $8.9 million or 2.87%, primarily due to a reduction in the amount of indirect cost and salaries expenses for the period. Total expenses increased by $114.4 million or 27.12% for the year ended June 30, 2011 compared to June 30, The primary reasons for the increase were an unrealized loss on derivative instrument during the year and an increase in interest expense. (Continued) 12
32 City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 FY-2012 FY-2011 % Change FY-2010 % Change Change in net position (in thousands) Change in net position before capital contributions, transfers, and extraordinary item $ (41,600) $ (92,853) % $ (25,897) % Capital contributions (expenses) 275 $ % (1,000) % Transfers, net 116,035 $ 110, % 110, % Extraordinary item (26,840) % Change in net position 74,710 18, % 56, % Net position at beginning of year 2,326,527 $ 2,308, % 2,251, % Net position at end of year $ 2,401,237 $ 2,326, % $ 2,308, % The Department s change in net position for the year ended June 30, 2012 is $74.7 million, which is $56.6 million greater as compared to the year ended June 30, This increase is due to increases in water and wastewater service charges by 8.2% and a reduction in expenses by 3.5%. The Department s change in net position for the year ended June 30, 2011 is $18.1 million, which is $38.7 million lower as compared to the year ended June 30, As mentioned earlier, the unrealized loss on the derivative instruments that were ineffective during the year ended June 30, 2011 is the reason for the decrease in change in net position. Capital Assets and Debt Administration Capital Assets Major capital asset events during the years ended June 30, 2012, 2011, and 2010 are summarized below: Land, land improvements, water and wastewater infrastructure, and equipment, net of accumulated depreciation, increased by $43.6 million, $147 million, and $223.6 million, respectively, for the years ended June 30, 2012, 2011 and The growth is primarily due to ongoing construction projects. Depreciation expense was $91.7 million, $91.6 million, and $88.8 million, respectively, for the years ended June 30, 2012, 2011 and (Continued) 13
33 Capital Assets and Debt Administration - continued Capital Assets - continued City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 Capital assets, net of depreciation for the fiscal years ended June 30, 2012, 2011 and 2010 are: Additional information about the Department s capital assets can be found in the Notes to the Financial Statements. Debt FY-2012 FY-2011 FY-2010 Capital Assets, net (in thousands) Land $ 115,806 $ 113,569 $ 111,532 Land improvements 4,693 5,272 5,852 Water collection and distribution system 2,874,204 2,715,804 2,668,043 Water and wastewater plant and treatment facilities 1,339,695 1,372,196 1,403,891 Machinery, equipment and other 10,474 15,642 23,368 Construction-in-progress 304, , ,070 Total capital assets, net $ 4,649,414 $ 4,605,783 $ 4,458,756 Long-term bonds and Georgia Environmental Financing Authority (GEFA) notes payable outstanding at June 30, 2012, 2011 and 2010, totaled $3.2 billion, $3.2 billion, and $3.3 billion, respectively. Plans are currently being formulated to issue additional long-term debt to fund capital improvements. A summary of long-term bonds and GEFA notes payable, net of premiums, discounts, loss on refundings and current maturities is presented below: FY-2012 FY-2011 FY-2010 Long-term debt (in thousands) Water and wastewater revenue bonds $ 3,059,330 $ 3,107,646 $ 3,153,248 GEFA notes payable 143, , ,823 Total long-term debt $ 3,203,270 $ 3,245,823 $ 3,295,071 Maturity dates on the bonds range from 2013 to 2043, and interest rates range from.93% to 6.25%. Both principal and interest are payable solely from operating revenues pursuant to the restated and amended master bond ordinance. The revenue bonds do not constitute debt of the City of Atlanta or a pledge of the full faith and credit of the City. At June 30, 2012, the Department s underlying ratings for its bond issues were: A1 by Moody s Investor Services, A by Standard and Poor s and A by Fitch. Additional information about the Department s outstanding debt obligations can be found in the Notes to the Financial Statements. 14 (Continued)
34 Capital Improvement Program City of Atlanta, Georgia Department of Watershed Management Management s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 Plans are currently being formulated to issue additional long-term debt to fund capital improvements. The following table details the total anticipated costs of the capital improvement program through It is expected that projects will be funded through system revenues, MOST receipts, and contributions from other governments. Cash Management The Department is continually attempting to maximize investment income through an aggressive program of cash and investment management, within constraints imposed by statutes and City ordinances. Wherever legal requirements permit, cash is pooled in order to achieve maximum cash yield on short term investments of otherwise idle cash. Cash and cash equivalents are considered highly liquid investments with an original maturity of three months or less. Economic Factors and Outlook Effective July 1, 2012, there were no increases in the Water and Sewer Rates. The rate increase effective July 1, 2011 reflected the final increase of the 4-year rate package approved by City Council. Additionally, in Fiscal Year 2013 the Department anticipates that the amount of revenue collected from the Municipal Option Sales Tax will remain flat as compared to Fiscal Year Request for Information (In Millions) Wastewater projects $ 2,419 Water projects 1,333 Grand total $ 3,752 This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the Department's finances and to demonstrate the Department's accountability. If you have questions about this report, or need additional financial information, please contact the Department s: Deputy Commissioner of Financial Administration & Management 55 Trinity Avenue, S.W., Suite 5828 Atlanta, Georgia
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