The following Annual Report concerning the $20,890,000 Corona Utility Authority 2013
Wastewater Revenue Bonds (Wastewater Projects) was sent to each of the indicated addressees
via a dissemination agent, as identified below. If you wish a copy of any information not
“linked”, please contact Patricia Song, Finance Manager at Patricia.Song@ci.corona.ca.us
March 11, 2014
Municipal Securities Rulemaking Board
1900 Duke Street Suite 600
Alexandria, VA 22314
Trustee:
Christopher Davy
The Bank of New York Mellon Trust Company, N.A.
400 S. Hope Street, Ste. 400
Los Angeles, CA 90071
Dissemination Agent:
City of Corona
400 S. Vicentia Ave
Corona, CA 92882
Subject:
Secondary Market Disclosure
$20,890,000 Corona Utility Authority
2013 Wastewater Revenue Bonds (Wastewater Projects)
(CUSIP #219706)
Attached is the Annual Report as required per Section 4 of the Continuing Disclosure Agreement
for the City of Corona and the Corona Utility Authority dated June 1, 2013 in connection with
the issuance of the above referenced bonds.
The Annual Report is comprised of the following information, as of June 30, 2013:
Per Section 4:
(a) Audited financial statements for - Comprehensive Annual Financial Report
(b) Principal amount outstanding –
$ 20,890,000
(c) Updated Tables presented in the Official Statement – Attached
•
•
•
Historic Wastewater Enterprise Connections
Historic Wastewater Enterprise Daily Average Flow
Ten Largest Wastewater Enterprise Customers
•
•
•
Selected Wastewater Enterprise Rates
Wastewater Enterprise Historic Operating Results
Electric Distribution System Historic Operating Results
Per Section 5:
Significant Events - None
If you have questions related to this Annual Report of the City of Corona, please contact me.
Sincerely,
Patricia Song
Finance Manager
Patricia.Song@ci.corona.ca.us
CITY OF CORONA
CORONA UTILITY AUTHORITY
WASTEWATER ENTERPRISE
Historic Wastewater Enterprise Connections
Fiscal
Year
2009
2010
2011
2012
2013
Residential
Connection
34,000.00
34,088.00
34,813.00
35,015.00
35,359.00
Commercial
Connections
2,004.00
2,067.00
2,097.00
2,199.00
2,154.00
Source: The City of Corona, Department of Water & Power
Total
Connections
36,004.00
36,155.00
36,910.00
37,214.00
37,513.00
Percentage
Change
(0.82)
0.42
2.09
0.82
0.80
CITY OF CORONA
CORONA UTILITY AUTHORITY
WASTEWATER ENTERPRISE
Historic Wastewater Enterprise Daily Average Flow
Fiscal
Year
2009
2010
2011
2012
2013
Daily Average
Flow (mgd)
13.05
13.47
13.63
12.90
13.35
Source: The City of Corona, Department of Water & Power
Percentage
Change
(1.06)
3.22
1.19
(5.36)
3.50
CORONA UTILITY AUTHORITY WASTEWATER ENTERPRISE
Ten Largest Wastewater Enterprise Customers
Fiscal Year 2012-13
Customer
WATERSTONE AT CORONA POINTE
CORONA-NORCO USD
EWR, INC.
MG PROPERTIES
STEADFAST COMPANIES
TRIANA AT CORONA RANCH MAINTENANCE
CORPORATION
ERP OPERATING LIMITED PTNRSHP
MARQUESSA APTS
GREEN RIVER VILLAGE MH COMM
AVALONBAY COMMUNITIES,INC
TOTAL
Source: The City of Corona, Department of Water & Power
Type of Business
646 commercial units
Government
456 multifamily units
412 multifamily units
360 multifamily units
328 multifamily units
330 multifamily units
336 multifamily units
333 mobilehome spaces
320 multifamily units
Payment
2012-13
Percent of Total
Wastewater Enterprise
Service Charge Revenues
$347,750.64
$259,726.69
$258,263.45
$221,046.24
$193,147.20
1.20%
0.89%
0.89%
0.76%
0.67%
$189,281.28
$183,214.56
$179,874.24
$178,661.16
$171,686.40
0.65%
0.63%
0.62%
0.62%
0.59%
$2,182,651.86
7.52%
CITY OF CORONA
CORONA UTILITY AUTHORITY
SELECTED WASTEWATER ENTERPRISE RATES
Service Type
Inside Standard Wastewater
Residential/Mobile Home Parks (per space)
Motels & Hotels (per unit)
Motels & Hotels (per living unit)
Restaurants, supermarkets, mortuaries and bakeries - meter 1" or smaller
Restaurants, supermarkets, mortuaries and bakeries - meter greater than 1"
Laundries (per machine)
Inside Commercial 5/8" or City park restroom
Inside Commercial 3/4"
Inside Commercial 1"
Inside Commercial 1 1/2"
Inside Commercial 2"
Inside Commercial 3"
Inside Commercial 4"
Inside Commercial 6"
Inside Commercial 8"
Source: The City of Corona, Department of Water & Power
Fiscal Year 2013
Monthly Fixed
Service Charge
Fiscal Year 2014
Monthly Fixed
Service Charge
$
$
44.71
7.44
44.71
160.08
261.12
23.73
44.71
70.61
101.45
182.41
285.83
526.87
858.26
1,719.12
2,765.22
45.60
7.59
45.60
163.28
266.34
24.20
45.60
72.02
103.48
186.06
291.55
537.41
875.43
1,753.50
2,820.52
Corona Utility Authority
Wastewater Enterprise
Historic Operating Results (for Fiscal Year Ended June 30)
2009
Gross Revenues
Utility Service Charges
Fees and Permits
Fines and Penalties
Capacity Fees
Operating Grants
Investment Earnings
Other Revenues
Total Gross Revenues
Direct Costs and Allocated Costs
Personnel Services
Contractual
Material and Supplies
Net Power Sales Payments
Utilities
Total Direct Costs and Allocated Costs
$
$
$
2010
25,780,759
183,004
17,000
976,344
1,431,538
593,015
28,981,660
$
5,537,962
777,539
9,449,136
601,720
3,301,464
19,667,821
Net Revenues
$
Debt Service
SRF Loan - 1997
Total Debt Service
$
$
Debt Service Coverage
Cash Available for Subordinate Debt Service
Subordinate Debt Service
1997 Lease Agreement
Interfund Loan - Biosolids Dryer
Total Subordinate Debt Service
Source: The City of Corona
$
$
26,167,119
204,995
500
270,010
122,308
1,196,647
2,229,530
30,191,109
$
5,241,066
790,727
8,405,536
1,864,767
3,497,436
19,799,532
9,313,839
$
1,503,293
1,503,293
$
$
6.20
$
$
$
2012
26,317,303
461,067
370,058
325,863
693,193
212,775
28,380,259
$
4,764,074
1,405,091
8,206,714
2,695,946
17,071,825
10,391,577
$
1,503,293
1,503,293
$
$
6.91
$
$
$
2013
28,055,728
405,721
540,066
905,148
565,823
470,606
30,943,092
$
$
5,782
470,465
31,616,038
$
4,803,750
1,642,243
11,838,218
2,779,347
21,063,558
$
2,926,565
20,941,000
11,308,434
$
9,879,534
$
10,675,038
1,503,293
1,503,293
$
$
1,503,293
1,503,293
$
$
1,503,293
1,503,293
7.52
$
29,353,868
419,423
376,456
990,044
6.57
5,320,422
1,852,581
10,841,432
7.10
$
7,810,546
$
8,888,284
$
9,805,141
$
8,376,241
$
9,171,745
$
549,935
1,022,992
1,572,927
$
551,750
1,023,332
1,575,082
$
547,305
1,023,474
1,570,779
$
546,563
1,023,672
1,570,235
$
549,220
1,024,299
1,573,519
$
DEBT COVERAGE
Cash available for Capital Projects
or other improvements
$
2011
$
5.92
$
6,237,620
$
6.60
$
7,313,202
$
7.20
$
8,234,362
$
6.29
$
6,806,006
6.78
$
7,598,226
City of Corona
Electric Distribution System
Historic Operating Results (for Fiscal Year Ended June 30)
2009
Revenues
Less Operation & Maintenance Costs
Net Revenues
Share of Payments under 2005
Installments Purchase Agreement
DEBT COVERAGE
(1)
2010
$ 10,435,031
(7,113,691)
$ 3,321,340
$
$
2011
9,743,662
(6,926,045)
2,817,617
$
$
9,819,105
(6,666,798)
3,152,307
2012
2013
$ 10,223,581
(5,727,541)
$ 4,496,041
$ 11,105,643
(6,797,614)
$ 4,308,029
1,228,626
1,230,173
1,231,317
1,209,614
426,887
2.70
2.29
2.56
3.72
10.09
(1)
In fiscal year 2013, the interest expense for 2005 Installments Purchase Agreement was reduced because the debt service interest
payment to the 2005 COPs was paid using the available funds from the Certificate Payment fund.
Source: The City of Corona