HomeMy WebLinkAboutFinancial Reports - 1987-* 418y
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Certified Public Accountants
TOWN OF MANSFIELD, MASSACHUSETTS
General Purpose Financial Statements
and Supplementary Schedule
Year Ended June 30, 1987
(With Auditors' Report Thereon)
TOWN OF MANSFIELD, MASSACHUSETTS
General Purpose Financial Statements
and Supplementary Schedule
Year Ended June 30, 1987
Table of Contents
Page
Independent Auditors' Report on General Purpose Financial Statements 1-2
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Group 3-4
Combined Statement of Revenues, Expenditures and Changes in
Fund Equity - All Governmental Fund Types and Expendable
Trust Funds 5
Statement of Revenues and Expenditures - Budgetary Basis 6
Combined Statement of Revenues, Expenses and Changes in
Fund Equity - Mansfield Electric Department, Pension Trust
Fund and Nonexpendable Trust Funds 7
Combined Statement of Changes in Financial Position -
Mansfield Electric Department, Pension Trust Fund
and Nonexpendable Trust Funds 8
Notes to General Purpose Financial Statements 9-25
Supplementary Schedule:
Schedule of Cash Balances 26
Certified Public Accountants
Peat Marwick Main & Co.
One Boston Place Telephone 617 723 7700 Telecopier 617 723 6864
Boston, MA 02108 Telex 617 443 0082 PMMBOST
INDEPENDENT AUDITORS' REPORT
To the Board of Selectmen
Town of Mansfield, Massachusetts:
We have audited the general purpose financial statements of the Town of
Mansfield, Massachusetts as of and for the year ended June 30, 1987, as listed
in the accompanying table of contents. These general purpose financial
statements are the responsibility of the Town's management. Our
responsibility is to express an opinion on these general purpose financial
statements based on our audit. We did not audit the financial statements of
Mansfield Electric Department, which are as of and for the year ended December
31, 1986. Those financial statements were audited by other auditors whose
report thereon has been furnished to us and our opinion expressed herein,
insofar as it relates to the amounts included for Mansfield Electric
Department, is based solely upon the report of the other auditors.
The other auditors were not able to perform auditing procedures to determine
the propriety of the original cost of utility plant in service, since the
accounting records supporting the original cost of utility plant in service
were destroyed in a fire, and they were unable to satisfy themselves regarding
the original cost of utility plant in service by means of other auditing
procedures.
We conducted our audit in accordance with generally accepted auditing
standards for financial audits contained in the Standards for Audit of
Governmental Organizations, Programs, Activities and Functions, issued by the
U.S. General Accounting Office. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the general purpose financial statements. An audit also
includes 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.
The Town has not maintained records of
and, therefore, a general fixed assets
accompanying general purpose financial
accepted accounting principles.
the cost of their general fixed assets
account group is not presented in the
statements as required by generally
1
Member Firm of
Klymeld Peal Marwick Goerdeler
'M..
To the Board of Selectmen
Town of Mansfield, Massachusetts
Page Two
As described in note 6, the Town does not provide for pension costs in
accordance with generally accepted accounting principles.
In our opinion, based upon our audit and the report of the other auditors,
except that the omission of a general fixed asset group of accounts results in
a incomplete presentation and, except for the effects of such adjustments, if
any, that would have been recorded had the Town provided for pension costs, in
accordance with generally accepted accounting principles, as discussed in the
preceding paragraphs, and had the scope of work performed by the other
auditors regarding the original cost of utility plant in service been
sufficient to enable them to express an opinion on the general purpose
financial statements of the Mansfield Electric Department which are as of
December 31, 1986, the general purpose financial statements referred to above
present fairly, in all material respects, the financial position of the Town
of Mansfield, Massachusetts at June 30, 1987, and the results of its
operations and the changes in financial position of its proprietary and
similar trust fund types for the year then ended, in conformity with generally
accepted accounting principles.
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TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
June 30, 1987
(1) Financial Statement Presentation
The general purpose financial statements present information on
organizations and activities of the Town of Mansfield, Massachusetts
(the "Town") for which the Board of Selectmen ("Board") has oversight
responsibility. The criteria, as established by the Governmental
Accounting Standards Board, for inclusion of organizations and
activities in the oversight entity's general purpose financial
statements are selection of governing authority, designation of
management, ability to significantly influence operations,
accountability over fiscal matters and scope of public service.
The inclusion of organizations and activities in the Town's general
purpose financial statements does not affect their separate legal
standing. In addition to the routine operations of the Town itself,
the following entity is included in the Town's general purpose
financial statements:
The Mansfield Electric Department ("Department") under the direction of
the Board acting as the Mansfield Electric Commission, which appoints
the Mansfield Electric Department Manager, functions as an autonomous
entity. The Town processes all bill payments, borrowings and debt
repayments for the Department which provides the funds for these
payments and repayments. All funds are collected by the Town and the
Department's cash is in the custody of the Town of Mansfield Treasurer
and is commingled with other Town funds.
(2) Summary of Significant Accounting Policies
(a) Basis of Presentation
The financial condition and results of operations of the Town's funds are
presented as of and for the year ended June 30, 1987, except for the
Mansfield Electric Department which is presented as of and for the year
ended December 31, 1986. The accounting policies of the Town conform
with generally accepted accounting principles ("GAAP"), except that the
Town does not maintain, and therefore does not report, a general fixed
asset account group and does not provide for retirement costs in
accordance with generally accepted accounting principles. Such
departures from GAAP are permissible under the Massachusetts Uniform
Municipal Accounting System.
(b) Fund Accounting
Transactions are recorded in the funds and account group described below.
The operations of each fund are accounted for with a set of
self -balancing accounts that comprise its assets, liabilities, fund
equity, revenues, and expenditures and other financing sources and
uses. Transactions between funds within a fund type, if any, have been
eliminated. The funds and account group are organized into four
categories as follows:
(Continued)
9
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
Governmental Fund Types
Governmental Funds are those through which most governmental functions
are financed. The acquisition, use and balances of expendable
financial resources and the related liabilities are accounted for
through governmental funds. The measurement focus is on
determination of changes in financial position, rather than on net
income. The governmental fund types are as follows:
General Fund - This fund is the general operating fund of the Town.
It is used to account for all financial resources except those
required to be accounted for in other funds.
Special Revenue Funds - These funds are used to account for the
proceeds of specific revenue sources (other than expendable
trusts and capital projects) that are legally restricted to
expenditures for specified purposes. Additionally, the Water and
Sewer Department operations are accounted for as Special Revenue
Funds.
Capital Projects Funds - These funds are used to account for
financial resources to be used for the acquisition or
construction of major capital facilities (other than those
financed by proprietary funds and trust funds). Such resources
are derived principally from proceeds of general obligation bonds
and from federal and state grants.
Proprietary Fund Types
These funds are used to account for activities operated in a manner
similar to a private business enterprise where periodic
determination of revenues, expenses, and net income is needed.
Fiduciary Fund Types
Fiduciary Funds are used to account for assets held in a trustee
capacity (Trust Funds) or as an agent (Agency Funds) for
individuals, private organizations, other governmental units, and/or
other funds. Trust funds include expendable trust funds and
nonexpendable trust funds.
Account Group
The general long-term obligations account group is used to establish
control and accountability for general long-term obligations of the
Town.
(Continued)
10
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
(c) Basis of Accounting
Governmental fund types and expendable trust funds are accounted for on
the modified accrual basis of accounting. Revenues are recorded in the
accounting period when susceptible to accrual (i.e., both measurable
and available). Available means expected to be collectible within the
current period or soon enough thereafter to be used to pay liabilities
of the current period. In applying this principle, the Town accrues as
revenue the amount of property taxes due to the Town prior to year end
and collected within 60 days after the end of its fiscal year; all
other revenues, except revenue from expenditure driven grants (see
below), and investment income which is accrued as earned, are recorded
when cash is received. Expenditures, other than interest on long-term
debt, judgements and claims, sick and vacation pay and pension costs,
which are expended when due, are recorded in the accounting period that
the liability is incurred.
Under the modified accrual basis of accounting, capital outlay and
principal payments on long-term debt are recorded as expenditures when
purchased or when due, respectively.
Revenues related to expenditure driven grants, where monies must be
expended for the specific purpose or project before any amounts are
earned, are recognized when expenditures are recorded.
Proprietary type funds and nonexpendable trust funds follow the full
accrual method of accounting.
(d) Accrued Sick and Vacation
Employees, including those of the Mansfield Electric Department, are
granted sick leave and vacation in varying amounts. Unused sick leave
accumulates for non -union employees to one hundred forty-three (143)
days and for union employees to a maximum number of days as specified
in their respective union contracts. Upon the termination, retirement
or death of an employee, all unused accumulated sick leave is
cancelled. Vacation pay does not accumulate from year to year, but may
be taken as a payment with the approval of the Town Manager and the
Board. Upon the termination, retirement or death of an employee, an
amount equivalent to his unused vacation for the year would be paid.
Therefore, all amounts of sick leave and vacation costs are due and
payable in the current fiscal year.
(e) Deferred Revenue
Deferred revenue is recognized for receivables, which are measurable but
not available to finance current operations.
(Continued)
11
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
(f) Encumbrances and Continuing Appropriations
Encumbrance accounting, under which purchase orders, contracts and other
commitments for expenditure of funds are recorded to reserve that
portion of the applicable appropriation, is employed in the
Governmental Fund Types as a significant aspect of budgetary control.
Unencumbered appropriations which are carried over to the ensuing fiscal
year are reported as "continuing appropriations." Continuing appropri-
ations represent amounts appropriated for specific programs or projects
which were not completed during the fiscal year.
Encumbrances and continuing appropriations are reported as a reservation
of fund balance in the accompanying balance sheet because they do not
constitute expenditures or liabilities. Encumbrances and continuing
appropriations are combined with expenditures for budgetary comparison
Purposes (see note 4).
(g) General Fixed Assets
Generally accepted accounting principles require the Town to maintain a
general fixed asset group of accounts. No such accounts are required
to be maintained under the Massachusetts Uniform Municipal Accounting
System. Assets purchased are appropriately recorded as expenditures of
the acquiring fund, except for the Department where such. assets are
capitalized.
The provision for depreciation of the Department utility plant is computed
on a straight-line basis at Si of the cost of utility plant in service
at the beginning of the year, exclusive of land and land rights. Under
Commonwealth of Massachusetts General Law, the Department may change
its depreciation rate only with the approval of the Department of
Public Utilities.
The accounting records supporting the
service were destroyed in a fire at
are necessary to assure that:
original cost of utility plant in
the Town Hall in 1970. The records
Utility plant in service is fairly presented in the Department's
balance sheet,
Depreciation expense is properly computed, and
Net income does not exceed a maximum amount permitted by the General
Laws of the Commonwealth, which maximum is a function of utility
plant in service.
(Continued)
12
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
The Mansfield Electric Department maintains a depreciation fund into which
cash in an amount equivalent to annual depreciation expense is
transferred each year. Cash in the fund may be used only to pay for
additions to utility plant or to repay debt issued to finance utility
plant additions.
(h) Total (Memorandum Only) Columns on General Purpose Financial Statements
Total (memorandum only) columns on the general purpose financial
statements are presented to aggregate financial data of the fund types
and account group. No consolidating or eliminating entries were made
in arriving at the totals; thus, they do not present consolidated
information.
(i) Mansfield Electric Department - Rates
The Department is subject to regulation by the Massachusetts Department of
Public Utilities with respect to its rates.
(3) Property Taxes
Real and personal property taxes are based on values assessed as of each
January 1 and are normally due on the subsequent November 1 and May 1.
By law, all taxable property in the Commonwealth must be assessed at
100% of fair cash value. Taxes due and unpaid after the respective due
dates are subject to interest and penalties. The Town has an ultimate
right to foreclose on property for which taxes have not been paid.
Property taxes levied are recorded as receivables in the fiscal year of
the levy. Property tax revenues are recorded in accordance with the
modified accrual basis of accounting described in note 2.
A statewide tax limitation statute known as "Proposition 2-1/2" limits the
property tax levy to an amount equal to 2-1/2% of the value of all
taxable property in the Town. A secondary limitation is that no levy
in a fiscal year may exceed the preceding year's allowable tax levy by
more than 2-1/2%, plus taxes levied on certain property newly added to
the tax rolls. Certain Proposition 2-1/2 taxing limitations can be
overridden by a Town -wide referendum vote.
(4) Budgetary Basis of Accounting
The Town must establish its property tax rate each year so that the
resulting property tax levy will comply with the limits required by
Proposition 2-1/2 and also constitute that amount which will equal the
sum of (a) the aggregate of all annual appropriations for expenditures
and transfers, plus (b) a provision for the prior fiscal year's
deficits, if any, less (c) the aggregate of all non -property tax
revenue and transfers projected to be received by the Town, including
available surplus funds.
(Continued)
13
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
The budgets for all departments and operations of the Town, except that of
public schools, are prepared under the direction of the Town Manager.
The School Department budget is prepared by the School Committee.
Original and supplemental appropriations are acted upon by Town Meeting
Vote.
The Town budget as presented in the Statement of Revenues and Expenditures
- Budgetary Basis was developed as follows:
Budgeted expenditures:
Operations
Transfers to other funds
Total budgeted expenditures
To be funded as follows:
Budgeted revenue
Budgeted transfers from other funds
Available surplus
Total funding
$ 17,532,917
443,007
$ 17.975.924
$ 16,625,600
402,311
948,013
$ 7.975.924
The Town's General Fund budget is prepared on a basis other than generally
accepted accounting principles ("GAAP"). The "actual" results column
of the Statement of Revenues and Expenditures - Budgetary Basis is
presented on a "budget basis" to provide a meaningful comparison with
the budget. The major differences between the budget and GAAP bases
are that:
(a) Budgeted revenues are recorded when cash is received, except for real
estate and personal property taxes, which are recorded as revenue when
levied (budget), as opposed to when susceptible to accrual (GAAP);
(b) Encumbrances and continuing appropriations are recorded as the
equivalent of expenditures (budget) as opposed to a reservation of fund
balance (GAAP);
(c) Water and Sewer Fund operations and Revenue Sharing are presented in
separate funds (GAAP) rather than as a component of the General Fund
(budget).
In addition, there are certain differences in classifications between
revenues, expenditures and transfers.
(Continued)
14
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
The following reconciliation summarizes the differences between budget and
GAAP basis accounting principles for the year ended June 30, 1987:
Other financing
sources
Revenue Expenditures (uses), net
As reported on a budgetary basis $ 16,571,041 16,941,404 (63,608)
Adjustment of property tax
revenues to a modified
accrual basis 63,579 - -
Reclassification of Federal
Revenue Sharing Funds to
Special Revenue Funds - (297,769) (297,769)
Reclassification of Water
and Sewer Fund operations
to Special Revenue Funds
Adjustment for encumbrances
and continuing appropriations
As reported on a GAAP basis
(5) Deposits
(1,461,894) (1,535,062) -
- (252,604) -
$ 15.172.726 14 855.969 (361.377)
State and local statutes place certain limitations on the nature of
deposits available to the Town. Deposits (including demand deposits,
term deposits and certificates of deposit) in any one financial
institution may not exceed certain levels within collateral ization by
the financial institutions involved.
In addition, the Town's Pension Trust Fund has additional investment
powers, most notably the ability to invest in common stocks, corporate
bonds and other specified investments.
The Town maintains deposits in several financial institutions. Of the
total amount of bank recorded deposits at year end of $1,503,435,
$445,328 was covered by federal depository insurance and the remainder
of $1,058,107 was uninsured and uncollateralized.
(Continued)
15
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
(6) Employees' Retirement Systems
The Town participates in a multi -employer contributory retirement system
administered by the Bristol County Retirement System (System), that is
partially funded by employee contributions. The System operates a
pension cost sharing arrangement. The System covers substantially all
Town employees, except the public school teachers, who are eligible for
the Commonwealth of Massachusetts Teachers' Retirement System. The
System is currently subject to benefit provisions and financing
requirements set forth in Chapter 32 of the Massachusetts General Laws,
as amended. The Town's contribution (pension cost) to the System was
$384,552. Annual contributions to the retirement system are determined
on an overall pooled basis for participating employers on a
pay-as-you-go basis by the Commonwealth's Public Employees Retirement
Administration ("PERA") and is an estimate of pensions actually payable
during an accounting period. Under generally accepted accounting
principles ("GAAP"), annual pension cost is a measure of the future
retirement benefits earned by employees during an accounting period.
Annual provisions for pension cost under GAAP (based upon an actuarial
valuation of the plan and amortization of the unfunded past service
cost over a reasonable future period) may be substantially higher than
amounts provided under the present pay-as-you-go method.
In addition to the amount determined by PERA, the Town has established its
own program of setting aside funds in a trust fund to meet future
pension obligations. The Town contributed $100,000 to the fund in 1987
for advance funding of future obligations.
Accumulated plan benefits and related assets as of January 1, 1983 (the
latest date such information is available) are presented below:
Vested benefits $ 4,379,805
Nonvested benefits 17,268
Total actuarial present value of accumulated
plan benefits 4,397,073
Net assets
available for benefits, at market
2,142,172
Excess
of accumulated plan benefits over net assets
$
2.254.901
The assumed rate of return used in determining the actuarial present value
of accumulated plan benefits was 7.5%.
(Continued)
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TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
(7) General Long —Term Obligations (Continued)
The annual requirements to amortize all general obligation bonds payable
outstanding as of June 30, 1987, including interest, are as follows:
Principal Interest Total
Year ending June 30,
1988
$ 840,200
392,178
1,232,378
1989
612,200
347,915
960,115
1990
602,200
309,457
911,657
1991
517,100
269,454
786,554
1992
482,100
235,152
717,252
Thereafter
3.127.500
1.600.393
4.727.893
The Commonwealth of Massachusetts has approved school construction
assistance to the Town. The assistance program which is administered by
the School Building Assistance Bureau (SBAB) provides resources for
future debt service of general obligation school bonds outstanding.
These resources are subject to annual appropriation by the state
legislature and the Town's compliance with certain reporting
requirements. During 1987, the Town received $123,728 of such
assistance. Assuming satisfactory audit results and annual
appropriations by the State legislature, $206,387 will be received for
fiscal year 1988 and $118,545 will be received annually for fiscal years
1989 through 1992.
The Town is subject to a dual level general debt limit; the normal debt
limit and the double debt limit. Such limits are equal to 5% of the
valuation of taxable property in the Town as last equalized by the
Commonwealth's Department of Revenue. Debt may be authorized up to the
normal debt limit without state approval. Authorizations under the
double debt limit, however, require the approval of the Commonwealth's
Emergency Finance Board. Additionally, there are many categories of
general obligation debt which are exempt from the debt limit but are
subject to other limitations.
Authorized and unissued debt at June 30, 1987 is as follows:
Water Projects II $ 150,000
Waste water treatment plant 26,660,000
High school roof 680,000
Airport 30,000
Highway garage 200,000
$ 27.720.000
(Continued)
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
(7) General Long -Term Obligations (Continued)
As of June 30, 1987, the Town may issue approximately $40,706,000 additional
general obligation debt under the normal debt limit. The Town has
approximately $5,448,300 of debt exempt from the debt limit.
The Town pays assessments which include debt service payments to other local
governmental units providing services within the Town's boundaries
(commonly referred to as overlapping debt). The primary overlapping debt
relates to the Southeast Regional School District (District) and Bristol
County. The following summary sets forth the long-term debt of each
entity at June 30, 1987, the estimated share of such debt being serviced
by the Town and the total of its share of estimated indirect debt.
Long -Term Town's
Debt Town's Estimated
Outstanding Estimated Indirect
(Unaudited) Share Debt
District $ 675,000 6.39% $ 43,133
Bristol County 5,865,000 5.75% 337,238
(8) Temporary Borrowings
Under state law and by authorization of the Board of Selectmen, the Town is
authorized to borrow on a temporary basis to fund the following:
o Current operating costs prior to the collection of revenues through
issuance of revenue or tax anticipation notes (RAMS or TANS).
o Capital project costs incurred prior to obtaining permanent financing
through issuance of bond anticipation notes (BANS).
o Federal and state aided capital projects and other program expenditures
prior to receiving reimbursement through issuance of Federal and state
aid anticipation notes (FANs and SANs).
Temporary loans are general obligations of the Town and carry maturity dates
which are limited by statute. Interest expenditures for temporary
borrowings were approximately $262,000 and are accounted for in the
General Fund. At June 30, 1987, $700,000 of 4.67% BANS were outstanding
and $80,000 of FANS with rates ranging from 5.30% to 5.80%.
(Continued)
19
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
(9) Fund Deficits
The Sewer Fund had a deficit equity balance of $227,919 as of June 30,
1987. The deficit in this fund will be eliminated through future
collections of user charges.
(10) Interfund Receivable and Payable Balances
Individual fund interfund receivable and payable balances at June 30, 1987
were:
Fund
Special Revenue:
Sewer
Capital Projects:
Wastewater Treatment Plant
Interfund Interfund
Receivables Payables
$ - 332,353
$
332,353 -
(Continued)
20
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
(11) Operating Transfers
Operating transfers constitute the transfer of resources from the fund that receives the resources to the
fund that utilizes them. Operating transfers during the year were as follows:
Transfers In (Out)
Special Capital Expendable Nonexpendabie
General Revenue Projects Trusts Trusts
Purpose of operating transfer:
Ambulance receipts
$ 45,250
(45,250) - - -
Library aid
6,727
(6,727)
General government services
50,334
(50,334) - - -
Cover revenue deficit
(21,992)
21,992 - - -
Scholarship fund
(2,000)
- - - 2,000
Capital projects
-
(36,800) 36,800 - -
Stabilization
(425,000)
- - 425,000 -
Federal revenue sharing
(12,096)
12,096 - - -
Adult education program
(2,600)
2,600
$
(12) Contingencies
Numerous lawsuits are pending or threatened against the Town, which arose from the ordinary course of
operations, including actions commenced and claims asserted against it for property damage and personal
injury, breaches of contract, condemnation proceedings and other alleged violations of law.
The Town receives significant financial assistance from numerous federal and state agencies in the form of
grants and entitlements. Expenditures of funds under these programs require compliance with the grant
agreements and are subject to audit procedures prescribed under the Single Audit Act of 1984. Any
disallowed expenditures resulting from such audits become a liability of the Town. The outcome of
lawsuits and any findings with respect to disallowed expenditures is not expected to materially affect
the financial condition of the Town.
(13) Reporting Change
During the year, the Town changed its accounting reporting for the Sewer Fund from a Proprietary Fund Type
to a Governmental Fund Type. The Sewer Fund's current year activity has been accounted for in the
Special Revenue and Capital Projects Funds and the Long -Term Debt Group of Accounts.
(Continued)
21
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
(14) Power Sales Agreements
The Department is a participant in the Massachusetts Municipal wholesale
Electric Company ("MMWEC"), a public corporation of the Commonwealth of
Massachusetts.
MMWEC is a coordinating and planning agency for the development of the
bulk power supply requirements of its members and Project
Participants. tMKWEC is authorized to purchase ownership interests in,
and to issue revenue bonds to finance, generating units ("Projects").
MMWEC sells the capability of each of its Projects to its members and
other utilities (Project Participants) under Power Sales Agreements.
The Power Sales Agreement for each Project requires each Project
Participant to pay its share of MMWEC's costs related to the Project
which includes debt service on bonds issued by MMWEC to finance the
Project plus 10% of debt service to be paid into a Reserve and
Contingency Fund. In addition, MMWEC has entered into long—term take
or pay power purchase contracts for which it has corresponding resale
agreements with certain of its members and other utilities. The
Project and power purchase contract amounts are payable from each
Participant's electric system revenue and are required to be made
whether or not the Project is completed, the unit is operating and
notwithstanding the suspension or interruption of output of the unit.
A substantial portion of MMWEC's construction program is its 11.59%
ownership interest in the Seabrook project being constructed by New
Hampshire Yankee (NH Yankee), currently a division of Public Service
Company of New Hampshire (PSNH). NH Yankee, upon receipt of regulatory
approval, is to be established as an independent entity to construct
and operate the Seabrook station on behalf of the joint owners.
Seabrook Unit No. 1 construction has been completed. Seabrook joint
owners have authorized NH Yankee to begin the sale of all salvagable
components and equipment from Seabrook Unit No. 2 and to return the
construction permit for Unit No. 2 to the Nuclear Regulatory
Commission. MMWEC's $65,500,000 investment in Unit No. 2 was charged
as a loss on cancelled units at year end 1984.
A 40—year operating license for Seabrook Unit No. 1 was issued on
October 17, 1986 by the U.S. Nuclear Regulatory Commission (NRC),
subject to several conditions.
The license allows project manager NH Yankee to load fuel and conduct a
series of pre —operational tests, including checks of the reactor
coolant system and tests involving water flow and control rod movement
in the reactor core. During these tests the reactor will be loaded
with its full complement of fuel, but no fission reaction will take
place and no power will be generated. Fuel loading began on October
22, 1986 and was completed on October 29, 1986. The "zero —power" tests
are currently underway.
(Continued)
22
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
Before proceeding with low -power testing at Seabrook, during which the
plant can be tested at up to 5 percent power, license conditions
dictate that the Atomic Safety and Licensing Board (ASLB) of the NBC
must first render a decision on NH Yankee's request for low -power
testing authority. Subsequent to the unsuccessful appeal by the
Massachusetts Attorney General of the approval of zero -power testing
without submission of proposed emergency response plans, the NRC, as a
matter of policy and law, is determining whether such submission should
be required prior to approval of low -power testing. The NRC and ASLB
decisions are expected in early 1987, at which point the NRC's Office
of Nuclear Reactor Regulation will evaluate the ASLB ruling and decide
whether to allow Seabrook to proceed with low -power testing.
Another license condition requires the resolution of off -site emergency
response planning issues prior to NRC authorization to proceed with
full -power testing and commercial operation. At present, NH Yankee is
pursuing a number of different options in its effort to resolve
emergency planning issues. Among the options are development of a
utility -sponsored emergency plan for the six Massachusetts communities
involved and a possible change in emergency planning requirements for
the project. One such change, for which application approval was filed
with the NRC in December 1986, involves reducing from 10 miles to 1
mile the emergency response zone around the Seabrook plant. It is not
known yet which option will be chosen or what the effect will be on the
schedule for commercial operations of Unit No. 1. Prior to the
September 20, 1986 rejection of emergency plans for Massachusetts by
Gov. Michael S. Dukakis, Unit No. 1 was scheduled for commercial
operation in Spring 1987.
Other conditions on the operating license include a standard set of
conditions placed on all NRC licenses. These outline such factors as
compliance with all technical specifications for plant operation.
Other events have occurred affecting MMWEC and the Seabrook project in
general. Such events include legal challenges by certain Project
Participants and others of the validity of their Power Sales Agreements
with MMWEC and unfavorable decisions and orders by regulatory bodies in
Maine, Vermont and Massachusetts such as disallowance of recovery of
some Seabrook project costs, disengagement from or disposal of
respective shares of the Seabrook project and strict limitations on
future Seabrook financing. On November 28, 1986, a Vermont Superior
Court judge ruled that the Power Sales Agreements between MMWEC and
several consumer -owned utilities in Vermont are valid under Vermont
law. The ruling rejects contentions by the Vermont Department of
Public Service, Vermont Electric Cooperative and the Village of Stowe
Water and Light Department that the contracts were invalid and there -
(Continued)
23
TOWN OF MANSFIELD, MASSACHUSETTS
Notes to General Purpose Financial Statements
fore not binding agreements. The ruling has been appealed. Regarding
the financing limitations, the Massachusetts Department of Public
Utilities (DPU) in April 1985, denied the request of Massachusetts
investor -owned utilities for financing authority to complete Unit No. 1
unless they agreed to arrangements that would effectively shift the
risk of further investment in Seabrook from the ratepayers to their
stockholders. In the case of MMWEC, since it has no stockholders to
whom to shift the risk, long-term financing authority was denied
outright by the DPU.
In September 1986, MMWEC replaced $120 million of 364-day Revenue Bond
Anticipation Notes (BANS) due October 17, 1986, with $110 million of
364-day BANS at an average annual rate of 14.08% to fund MMWEC's share
of Seabrook construction costs for its Nuclear Project No. 4 and
Project No. 6, to fund interest on BANS and to fund a portion of the
1986 and 1987 interest on Project No. 6 outstanding debt. The BANS
were issued to bridge the financing gap until regulatory approval of a
long-term financing plan is received. MMWEC contemplated paying the
BANS from the proceeds of long-term Revenue Bonds (Bonds). A request
for long-term financing authority to extinguish the BANS was filed in
February 1986 and on January 14, 1987, the DPU authorized long-term
financing up to MMWEC's requested amount of $164,500,000. MMWEC is
currently analyzing the method and timing of the issuance of the newly
authorized amount of financing.
Two utilities, Fitchburg Gas & Electric and Vermont Electric Cooperative
(0.87% and 0.41% ownership share of the Seabrook project, respectively)
have ceased making Seabrook construction payments since May 1985 and
February 1986, respectively. Advance payments have been made by five
other joint owners to cover the shortfall.
Vermont Electric Cooperative, in addition to being a 0.41% direct joint
owner in the Seabrook project, is also involved through its 7.2%
interest in MMWEC's Project No. 6 and has failed to make its monthly
payments of $92,508 to MMWEC since February 1986.
In November 1986, Eastern Utilities Associates (EUA), a Massachusetts
investor -owned electric utility holding company, purchased the shares
of Seabrook owned by Fitchburg Gas & Electric (0.87%), Central Maine
Power Company (6.04%), Bangor Hydro -Electric Company (2.17%), Maine
Public Service Company (1.46%) and Central Vermont Public Service
Corporation (1.59%). The purchases make EUA the third largest Seabrook
joint owner.
As of December 31, 1986, the total estimated construction cost of MMWEC's
Projects under construction was $937,307,000 of which the amount
associated with the Department's Power Sales Agreements was
$57,403,000. Total construction expenditures amounted to $726,016,000
of which $44,233,000 represented the amount attributable to the
Department. It is estimated that $957,346,000 in principal debt
obligations will need to be issued by MMWEC to finance the Projects in
(Continued)
24
TOWN OF MANSFIELD, MASSACHUSETTS .
Notes to General Purpose Financial Statements
its construction program, of which $58,644,000 is attributable to the
Department. Debt issued and outstanding included Power Supply System
Revenue Bonds totaling $797,866,000 and 364—day Revenue Bond
Anticipation Notes (BANS) in the amount of $110,000,000 due on
September 9, 1987. The amount of each attributable to the Power Sales
Agreements of the Department is $48,040,000 and $7,321,000,
respectively. On bonds which have been issued, the debt service
requirement through the year 2018 is $2,064,247,000, of which
$159,261,000 is attributable.
In addition, MMWEC has expended $389,387,000, and $467,587,000 of bonds
are outstanding for Projects in operations, with total debt service of
$1,209,357,000. The Department's portion of expenditures, bonds
issued and debt service on these Projects is $17,668,000, $20,269,000
and $46,603,000, respectively.
The Light Department of the Town of Mansfield has entered into power
purchase contracts or Project Power Sales Agreements with MMWEC.
Under the above agreements the Department is required to make capacity
and/or debt service payments to MMWEC. The aggregate amount of such
required payments on bonds outstanding and significant power purchase
contracts through MMWEC at December 31, 1986 is shown below. These
amounts exclude operating and maintenance expenses and the liability
associated with the BANS.
Year ending December 31,
Annual Cost
1987
$ 7,395,000
1988
8,895,000
1989
7,348,000
1990
7,383,000
1991
7,371,000
Later Fiscal Years
171.103.000
Total $ 2 9.495.000
In addition the Department is also required to pay its share of the
operation and maintenance costs of the units. The Department's total
payments under the agreements were $2,254,000 for the year ended
December 31, 1985 and $2,050,000 for the year ended December 31, 1986.
25
TOWN OF MANSFIELD, MASSACHUSETTS
Schedule of Cash Balances
June 30, 1987
Non -interest bearing bank accounts:
Bank of New England
Durfee Attleboro Bank
Bank of Boston
BayBank/Norfolk Trust
Plymouth Home National Bank
Boston Safe Deposit and Trust
Total non -interest bearing bank accounts
Interest -bearing bank accounts:
Bank of New England
BayBank
Boston Safe Deposit and Trust Co.
Mansfield Cooperative Bank
Total interest -bearing bank accounts
Cash and checks on hand
Short-term investments
Total Treasurer's cash balances
Warrants as of June 30, 1987
Cash after warrants
Less: Mansfield Electric Department cash and short-term
investments at June 30, 1987
Add: Mansfield Electric Department cash and short-term
investments at December 31, 1986
Trust funds cash and short-term investments accounted
for separately by the Town at June 30, 1987
Total cash and short-term investments balance
as shown in general purpose financial
statements
$ 67,740
9,303
2,541
15,117
8,452
810
103,963
(1,251,244)
101,441
24,222
241,850
(883,731)
525
3,537,769
2,758,526
1,558,916
4,317,442
(312,662)
763,779
2,362,339
.,.
OR