HomeMy Public PortalAboutExhibit MSD 11A23 Agreed Upon Procedures Report Schedule of Net Pledged Rev June 2010Exhibit MSD 11A23
THE METROPOLITAN ST. LOUIS
SEWER DISTRICT
AGREED -UPON PROCEDURES REPORT
Schedule of Net Pledged Revenue
Year Ended June 30, 2010
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
Table of Contents
INDEPENDENT AUDITORS' REPORT ON APPLYING AGREED -
UPON PROCEDURES
SUMMARY OF AGREED -UPON PROCEDURES AND FINDINGS
SCHEDULE OF NET PLEDGED REVENUE
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SCHMERSAHL TRELOAR & CO.
■�� Certified Public Accountants
Independent Accountants' Report
On Applying Agreed -Upon Procedures
To the Board of Trustees of the
Metropolitan St. Louis Sewer District
We have performed the procedures enumerated in the attachments to this report, which were
agreed to by management of the Metropolitan St. Louis Sewer District (the District), solely to
assist the District in complying with procedures associated with the continuing disclosure
requirements of the 2004A, 2004B, 2005A, 2006A, 2006B, 2006C, 2008A, 2008B, 2009A,
2010A, and 2010B revenue bonds. This agreed -upon procedures engagement was conducted
in accordance with attestation standards established by the American Institute of Certified
Public Accountants. The sufficiency of these procedures and the extension, if any, of such
procedures beyond the date of this report is solely the responsibility of the management of
the District. Consequently, we make no representation regarding the sufficiency of the
procedures described herein either for the purpose for which this report has been requested or
for any other purpose.
We were not engaged to, and did not, conduct an audit, the objective of which would be the
expression of an opinion on the schedule of net pledged revenue as prepared by the District.
Accordingly, we do not express such an opinion. Had we performed additional procedures,
additional matters might have come to our attention that would have been reported to you.
This report relates only to the schedule of net pledged revenue and does not extend to any
financial statements of the District, taken as a whole.
This report is intended solely for the information and use of the Board of Trustees and
management of the District, and is not intended to be and should not be used by anyone other
than these specified parties.
November 9, 2010
(314) 966-2727 • fax (314) 966-6464 • 10805 Sunset Office Drive, Suite 400 • St. Louis, MO 63127 • e-mail: stcpa@stcpa.com
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
Summary of Agreed -Upon Procedures and Findings
1. Procedure: Agree total operating revenue, nonoperating revenue, operating
expense, and non -operating expense in the District's internal enterprise financial
statements to revenue and expense used in the District's prepared Schedule of Net
Pledged Revenue for the year ended June 30, 2010.
Findings: None
2. Procedure: Agree revenue used to prepare the Schedule of Net Pledged Revenue
that are not qualified to be pledged, such as storm water sewer revenue; property
tax revenue; capital grant revenue; Operation, Maintenance, and Construction
Improvement Funds' (OMCI) investment income; and other income to the
District's internal fund financial statements.
Findings: None
3. Procedure: Based upon the above procedures, review the Schedule of Net
Pledged Revenue to determine that the components used to reconcile from the
internal enterprise financial statements of the District to the Schedule of Net
Pledged Revenue agrees for the year ended June 30, 2010.
Findings: None
4. Procedure: For all the above -mentioned Schedules, agree the amounts related to
the four fiscal years prior to 2010 to the previously issued agreed -upon procedures
report dated November 19, 2009, as restated.
Findings: None
THE METR OPOLITAN ST. L OUIS SEWER DISTRICT
Sched ule of Net Pledged Reven ue
for the years e nded J une 30, 2006 thro ugh 2010
2010 (a) 2009 ( a)(c) 2008 (a)(c) 2007 (b)(c) 2006 (b)(c)
(restated) (restated) (restated) (restated)
Operating reven ue:
Sewer service ch arges, net $ 200,471,089 $ 204,947,268 $ 203,674,746 $ 193,556,431 $ 199,470,786
Licen ses, permits and other fees 2,560,561 3,475,283 4,345,961 6,030,583 5,210,321
Other 1,666,279 1,550,111 960,670 1,376,071 873,353
Tota l Operating Re venue $ 204,697,929 $ 209,972,662 $ 208,981,377 $ 200,963,085 $ 205,554,460
N onoperatin g rev en ue:
Investment in come $ 5,358,354 $ 10,279,899 $ 13,277,548 $ 13,501,751 $ 6,135,347
Recov ery of doubtful C lean Water
Improvement Surcharge accounts 663 3,205 4,371
To tal Nonoperating Revenue $ 5,359,017 $ 10,283,104 $ 13,281,919 $ 13,501,751 $ 6,135,347
To tal Revenu e $ 210,056,946 $ 220,255,766 $ 222,263,296 $ 214,464,836 $ 211,689,807
O perating expense:
Pumping an d treatment $ 45,281,099 $ 37,519,793 $ 37,103,239 $ 37,848,292 $ 38,316,092
C ollection system maintenan ce 23,474,944 27,601,294 25,668,651 27,718,099 27,791,675
Engin eering 10,883,357 11,517,596 4,875,228 8,863,847 8,737,413
Gen eral an d admin istrative 29,875,295 31,797,577 33,183,108 39,199,349 37,055,565
Water backup cla ims 3,950,797 5,715,821 6,198,538
Pro jects, pla ns, and other 32,133,013 24,819,801 35,696,421 24,459,942 20,008,972
To tal Operating Expense $ 145,598,505 $ 138,971,881 $ 142,725,186 $ 138,089,529 $ 131,909,717
No noperating expen se:
Non recurrin g projects and stu dies $ 9,773,367 $ 6,656,919 $ 1,016,891 $ 5,228,733 $ 5,563,301
Clean Water Capital Impro vement Surcha rge refun d - - - 15,000 95,372
Total Nonoper atin g Expense $ 9,773,367 $ 6,656,919 S 1,016,891 $ 5,243,733 $ 5,658,673
To ta l Expen se
Ne t Pledged Revenue
$ 155,371,872 $ 145,628,800 $ 143,742,077 $ 143,333,262 $ 137,568,390
54,685,074 $ 74,626,966
78,521,219 $ 71,131,574 $ 74,121,417
(a) 2008 - 2010 O pera tin g a nd nonoperating ex penses report wa stewater expenses solely. Allo ca ted stormwate r expenses ha ve been removed.
(b) 2006 - 2007 O perating and nono perating expenses inclu de both wastewater an d stormwater expen ses.
(c) 2006 - 2009 Construction in process ha s been restated.
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