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SEWERAGE AND WATER BOARD OF NEW ORLEANS

New Orleans, Louisiana

Comprehensive Annual Financial Report For The Year Ended December 31, 2008

Under provisions ofstate law, this report is a pubfic document, A copy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the LegislativeAuditor and, where appropriate at the office of the pansh clerk of court.

Release Date o l ^ W / ) ^ Prepared by:

Finance Administration Ethel H. Williams

Utility Financial Administrator

MISSION STATEMENT

To be one ofthe best and most respected suppliers of sewer, water, and drainage service in the south-central United States by providing quality,

reliable, and cost effective service to our Customers while maintaining fair and ethical treatment of our well-trained and highly motivated employees.

OUR VALUE

Open, honest, communication Trust and respect for each other

Offering and encouraging education and opportunity to employees Fostering enthusiasm among employees through example ofthe

managers/supervisors Providing direction and planning and encouraging interdeparment

teamwork Assuring reliability in providing services to customers

KEY RESULT AREAS

Customer Satisfaction Cost Effectiveness

Employee Satisfaction Capabilities Improvement through Training


Comprehensive Annual Financial Report

Year ended December 31. 200S

TABLE OF CONTENTS

INTRODUCTORY SECTION

Transmittal Letter

Graph

Certificate of Achievement for Excellence in Financial Reporting

Officers ofthe Sewerage and Water Board of New Orleans

Members of Sewerage and Water Board of New Orleans

Committees ofthe Sewerage and Water Board of New Orleans

Organizational Chart

Division Heads of Deput>' Director Division Heads of General Superintendent Department Heads of Management Services Director

FINANCIAL SECTION

Independent Auditors' Report Management's Discussion and Analysis

(Required Supplementary Information) Basic Financial Statements:

Govemment-Wide Financial Statements - Enterprise Fund: Statements of Net Assets Statements of Revenues. Expenses and Changes in Net Assets Statements of Cash Flows

Fund Financial Statements - Fiduciary Fund Statements of Net Assets - Pension Trust Statements of Changes in Plan Net Assets-Pension Trust Fund

Noics to Financial Statements

Required Supplementary Information under GASB Statements No. 25 GASB Statements No. 45

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Year ended December 31, 2008

TABLE OF CONTENTS

II. FINANCIAL SECTION fContinued')

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Supplemeniar}' Information:

Net assets by Department Enterprise Fund - Schedule 1

Activities by Department Enterprise Fund - Schedule 2

Schedule of Property, Plant, and Equipment in Service by Department - Schedule 3

Schedule of Bonds Payable - Schedule 4

Schedule of Cash Receipts and Disbursements -Debt Service and Debt Service Reserve Required by Bond Resolution - Schedule 5

Schedule of Changes in Claims Payable by Department - Schedule 6

STATISTICAL INFORMATION fUNAUDfTED)

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This part of the Board's comprehensive annua! financial report presents detailed information as a context for understanding what the information in the fmancial statements, note disclosures, and required supplementari' infomiation says about the Board's overall financial health.

Financial Trends These schedules contain trend mformation to help the reader understand how the Board's financial performance and well-being have changed over time.

Net Assets by Component - Last Eight Years

Changes in Net Assets by Component - Last Eiglit Fiscal Years

Revenues and Expenses by Source - Enterprise Fund Last Ten Fiscal Years

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Revenue Capacity These schedules contain information lo help the reader assess the Board's most significant local revenue source, the property tax.

Assessed and Estimated Actual Value of Taxable Propert}' - Last Ten Fiscal Years UJ-4

Property Tax Rates - Direct and Overlapping Governments Number of Mills - Last Ten Fiscal Years Iil-5

Ten Largest Taxpayers - December 31, 2008 and Nine Years Ago 111-6


Comprehensive Aimual Financial Report


TABLE OF CONTENTS

m. STATISTICAL INFORMATION (UNAUDITED") Continued

Property Tax Levies and Collections by the City of New Orieans - Last Ten Fiscal Years II1-7

Water and Sewer Rates - Last Three Fiscal Yeais 111-8

Debt Capacit)' These schedules present information to help the reader assess the affordability ofthe Board's current levels of outstanding debt and (he Board's ability to issue additional debt in the future.

Ratio of Outstanding Debt by Type - Last Three Fiscal Years III-9

Compulation of Direct and Overlapping Debt-December 31, 2008 111-10

Revenue Bonds Debt Service Coverage: Water Bonds - Last Ten Fiscal years III-l 1 Sewer Bonds - Last Ten Fiscal years 111-12

Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the Board's financial acth'ilies take place.

Demographic Statistics - Last Three Fiscal Years 111-13

New Orieans Area Principal Employers (Non-Public) III-14

Operating Information These schedules contain sen'ice and infrastructure data to help the reader understand how the information in the Board's financial report relates lo the services the Board provides and the activities it performs.

Capital Expenditures by Department - Enterprise Fund 111-15 Last Ten Fiscal Years

Schedule of Future Debt Payments: Water 111-16 Sewer 111-17 Drainage lU-18 Total in-19

Property Value, New Construction and Bank Deposits Last Tsn Fiscal Years 111-20

Capital Asset Statistics by Function - Last Three Fiscal Years 111-21




TABLE OF CONTENTS

IV. SUPPLEMENTAL INFORMATION fUNAUDITED)

2008 Actual Capital Expenditures - Water Department

2008 Actual Capital Expenditures - Sewerage Department

2008 Actual Capital Expenditures - Drainage Department

2008 Actual Capital Expenditures - Power Projects

2008 Actual Capital Expendimres - General Budget Items

Anal>'sis of Pumping and Power Department

Power Purchased and Produced - 1999 Through 2008

Pumping and Power Department

Power Purchased and Produced - 2008

Water Pumped and Consumed - 2008

Gallons Mctered-Pay Water consumption - 2008

Monthly Water and Sewerage Rate Collections - 2008

Table of Water Purification Operations and

Table of Water and Sewerage Disuibution System

Table of Rainfall in New Orieans -JS94 Through 2008

Benchmarking

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A new $2 million Klorigen Unit is now in operation at the Algiers Water Treatment Plant, n ie unit produces chlorine disinfectant on demand for the water treatment process by using food-grade salt and electricity. The driving force for using this system is risk reduction by eliminating the need to store tons of liquid chlorine on-site which could release to the atmosphere.

The Sewerage & Water Board went into full emergency mode when a tugboat rammed a tanker causing it to discharge 165,000 gallons of oil into the Mississippi River near the Board's two water intakes for the Algiers Water Treatment Plant. Quick reaction, ingenuity, expertise and knowledge of the plant by Board employees contained the oil in the plant and kept it from entering the distribution system. The plant operated on its reserve supply while emergency procedures were completed. The public was kept informed through the news media.

I N T R O D U C T O R Y

S E C T I O N

ST "RE-BUiLDING THE CITY'S WATER SYSTEMS FOR THE 21" ' CENTURY

wBn t(Bir B@Bird OF NEW ORLEANS C. RAYNAGIN. President TOMMIE A. VASSEL. President Pro-Tern

625 s r . JOSEPH STREET NEW ORLEANS, LA 70165 • 504-529-2637 OR S2W-ATER

www.swbn ol0.org

June 12, 2009

TO: THE HONORABLE PRESHJENT APrt) MEMBERS OF THE SEWERAGE AND WATER BOARD OF NEW ORLEANS

We are pleased to present the Comprehensive Aiuiual Financial Report of the Sewerage and Water Board of New Orleans for the year ended December 31, 2008, Responsibility for both the accuracy ofthe data and the completeness and fairness of the presentation, including all disclosures, rest solely with Uie Sewerage and Water Board. It is our belief that the data, as presented, is accurate in all material aspects and is presented in a manner designed to fairly set foilh the fmancial position, results of operations, and cash flows ofthe Board's Enterprise and Pension Trust Funds. All disclosures necessary to enable the reader to gain an understanding ofthe Sewerage and Water Board's financial activities have been included.

The Comprehensive Annual Financial Report is presented in four (4) major sections: Introductory, Financial, Statistical and Supplemental. The Introductory Section includes the transmittal letter and listings ofthe officers members and committees ofthe Board of Directors. This section also includes the Board's organizational chart and a reproduction ofthe 2007 Certificate of Achievement for Excellence in Financial Reporlmg awarded by the Govemment Finance Officers Association. The Financial Section includes the independent auditors' report, along with the basic financial statements, required supplementary infonnation, accompanying notes and other supplementary infonnation. The individual fund statements for the Enterprise and Pension Trust Funds are included. Required supplementary includes management's discussion and analysis and a schedule of pension funding progress and contributions. The Statistical Section includes selected financial and demographic itifonnation, generally in a multi-year presentation. Additional information relative to the Sewerage and Water Board's operations is included in a Supplemental Section.

The mdependent audit of the financial statements of Ihe Sewerage and Water Board was part of a broader, federally mandated "Single Audit" designed to meet the special needs of federal grantor agencies. The standards governing single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also on the audited government's internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the administration of federal awards. These reports are available in the Sewerage and Water Board's separately issued Single Audit Report.

The Sewerage and Water Board meets the criteria for classification as an "other stand-alone government" as described in Governmental Accounting Standards Board Statement No. 14. The reporting entity includes ihe Enterprise Fund and the Pension Trust Fund. The Enterprise Fund is composed of Ihiee (3) independent systems: Water, Sewerage and Drainage. The Board adopted Govemmental Accounting Standards Board Statement No. 34 - Basic Financial Statements - Management's Discussion and Analysis -for State and Local Government in 2002. The Board adopted Governmental Accounting Standards Board Statement No. 45 - Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions in 2007.

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Members of the Board: ALAN ARNOLD » JACQUELYN B. CLARKSON - BENJAMIN L EDWARDS, SR. » ARNIE FIELKOW ' C. RAY NAGIN FLORENCE W. SCHORNSTEIN • KAREN HENLEY-RAYMOf D « fOMM/E A VASSEL • CYNTHIA WILLARD-LEWtS • GERALD WILLIAMS. PHD - LOYCE P WRIGHT

'An EquBl OpporJuniiy Emptovrr"

http://www.swbn

http://ol0.org

GAAP require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the fonri of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement MD&A and should be read in conjunction with it. The Sewerage and Water Board's MD&A can be found immediately following the report of the mdependent auditors.

Sewerage and Water Board of New Orleans is a polirical subdivision created in 1899 by Louisiana State Statutes. The Board is charged with construction, operation, and mamtenance of Water, Sewerage and Drainage Systems for the City of New Orleans. By agreement, approximately 2,550 acres of adjourning Jefferson Parish is served by the Board's drainage facilities for which Jefferson Parish pays its pro rata shave of expenses. In addition, the Board provides sewerage services to Jefferson Parish businesses the majority of which arc restaurants located in the West End neighborhood near the Lakefront. Additionally, the Board provides water and sewerage services to die Plaquemines Parish Industrial Park. The Sewerage and Water Board was established as a "special board" operating independently of city govemnient. The Mayor of New Orleans serves as the President ofthe Board of Directors which is composed of three (3) representatives of the City Council, two (2) representatives ofthe Board of Liquidation, City Debt and seven (7) appointees as designated by the State statutes.

ECONOMIC CONDITION AND OUTLOOK

According to die March 2009 Metropolitan Report: Economic Indicators for the New Orleans Area prepared by the Division of Business and Economic Research, University of New Orleans, in 2008, New Orleans was still in recovery mode from Katrina lows which kept it moving up while the U.S. lost ground as a whole. 12,600 jobs (2 5%) were added to the New Orleans mctropoiitan area when comparing the aimual averages of 2008 and 2007.

Energy prices were extiemely volatile in 2008. They reached record highs in the suimner and then plunged in the autumn.

According to the report, wages in tlie New Orleans region are still up after their Katrina jump. In the fust half of 2008, wages grew 3.2%. They are up 26% over pre-Katrina levels.

Specifically, erosion in gains are starting lo show up. Durable Goods Manufacmring jobs were down 1% by the end ofthe year. However this is still much belter tlian the O.S. where in the same period, the same sector was down close to 6%. Retail sales jobs were down 3.1% locally and this is similar to the U.S trend during that time. During that same time frame, accommodation and construction held onto gains while their national counterparts showed heavy losses.

However, as the nation entered the recession in late 2007, liigh oil prices and the post-Katrina recovery left Ihe New Orleans area positioned on a belter base. Plus Katrina removed housing stock, labor force, jobs, and companies. If there had been any excess in any of those things in the New Orleans area, they were involuntarily removed. The higher wages due to the light labor market and insurance and Road Home payments combined to result in the New Orleans per capita income moving above the national average. This provides money flowing through the local economy and helps keep stores and restaurants going.

It can be seen that residential construction activity slowed in 2008. In 2007, non-residential construction activity dominated the local market, This category includes the construction of commercial buildings including refineries. However, in 2008, non-building construction - that is, infrastructure construction - roads, bridges and levees played an enomious part, according to the report.

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Orleans had a very strong first half, with visitation at mid-year 2008 up by 14.2% over the first half of 2007. Visitation in the second half of the year is typical slow months of July, August and December, However, tourism activity slowed more dian usual in the second half of 2008. New Orleans visitation was roughly at 75% of its pre-Katrina levels.

According to tlie report, taxable sales in total have remained above pre-Katrina levels. Damaged parishes such as Orleans and St. Bemard continue to climb, while the recovery boom seen in sales in JefTerson and St. Tammany parish is moderating. When combining the metro areas, total taxable sales in 2008 beat those in 2007 by 2.7%. This is definitely counter the national trend. Employment in retail trade was up slightly (0.4%) for the year but erosion probably brought on by national trends of tightening by consumers showed an erosion of employment being down 3% by year end.

MAJOR INITIATIVES

Improvements completed over the previous year at the plant are as follows:

Water: The Carrollton plant

t> The anhydrous ammonia tank has been rehabilitated. o G4 sedimentation basin has been rehabilitated and is ready to be put back in service. o G3 sedimentation basin has been cleaned and is currently having rake and sludge line

components installed, o Design for a new disinfection storage and feed facility is almost complete which includes a

second chlorine and ammonia addition point for an emergency chlorine addition point, o Overhaul of sedimentation basin G3 is currently under way. A new flocculatlon drive

system is to be installed. Also, improvements to the mono-rake system will increase the efficiency of sludge removal from tlie sedimentation basin,

o Head loss pressure cells are to be added to the filters to monitor pressure loss through the filters. Currently, approximately 10 percent ofthe filters have been retrofitted with head loss pressure cells.

o A hydraulic leak between sedimentation basin L4 and chlorine contact basin C5 is to be investigated and rectified; however, this cannot be done until the other sedimentation basins are back in service. As a consequence of the leakage, chlorine contact basins C5/C6 are out of service,

o Improvements to flow measuring system, o A second sludge line to the river is currently in the design phase. This will add redundancy

and flexibility to the operations, o Repairs to the L4 flocculation equipment and mono-rake system.

The Algiers niant

o The facility has purchased a sodium hypochlorite generation system, which is currently being installed.

Water Pumping & Power:

o At present, total capacity ofthe plant is 41 MWs as Turbine 4 (20 MVvO is undergoing repairs but at a reduced capacity of 12 MW.

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o A new Boiler No. 2 is currently being installed. Once turbine 4 and the new boiler are in service the plant will be at die original potential capacity of 61 MW.

o Other systems repaired since the hurricane include the condenser leaks, turbine No. 5 oil system, and the motor control center,

o Additional work at the power plant includes a new distribution pipe installation at the power plant.

o Currently the local power company is designing a new high-pressure natural gas line that will allow the power plant to eliminate the need for the gas compressors located at the power plant,

o Ofthe two steam driven distribution pumps located at the power plant, one is in the process of being reconditioned, and the final one is scheduled to be reconditioned,

o Raw water pumps at the New River Station have been retumed to service, o All intake and effluent pumping stations are currently operational, o Typically, the Claiborne pumping station and the hvo steam driven turbine pumps are

adequate for pumping, with the Panola Station serving as a backup. However, due to a pump out of service at the Claiborne station system, the Panola pumping station is currently in operation,

o The Corps of Engineers is considering a new 15 MW, 60-Hertz gas turbine generator to supplement the current power available from Entergy to serve the plant and the raw water intake stations.

o The Corps of Engineers is in the planning stages of adding a levee system around the Carrollton Plant, which would protect the power plant and other plant assets during a flood event.

Water Distribution System:

o The Board, with the aid of contractors, is currently conducting a block-by-block evaluation ofthe piping system to detect leaks.

o The Board is exploring engineering approaches to isolate sections of the distribution network for better leak detection and has planned an evaluation of a leak detection system over a small area. In fact, bids have been opened to install the new leak detection system.

o Over 23,000 leaks have been fixed between July of 2007 and May of 2008. o The Networks Department is also coordinating efforts with the local fire Department for

checking, operation, painting and lubricating tlie fire hydrants with the Board supplying the plan and grease to the contractor. All the hydrants in the City have been assigned an identification number and have been mapped, The program was started four years ago and requires the 16,500 fire hydrants in the database to be inspected every two yeai-s.

S£aj^rag£: The East Bank Wastewater Treatment Plant:

o All buildings have been repaired except a new control room is under construcdon and should be completed in six months. The administration building containing the laboratory was destroyed by floodwaters and demolished. The lab functions are being done off site and the staff is occupying trailers.

o Most equipment has been repaired and is operational. Final clarifier No. 4 is currenfly underrepah" and will be finished within six months. Cracks in die deck ofthe activated sludge tanks are in the process of repair, which will be reimbursed by FEMA.

o At present an RFP has been released lo purchase and install a oxygen production facility at the plant. Oxygen is currently trucked in at significant cost and the new oxygen plant will

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reduce the cost of oxygen to the plant. The plant uses approximately 20 tons of oxygen a day.

o Two new belt filter presses with a gravity zone are to be added to the plant. Two existing beh presses will continue to be used,

o At present the influent TSS and BOD concentration are approximately 120 milligrams per liter (mg/L) and 90 mg/L, respectively. This is significantly lower than normal concentrations, which is probably the resuh of a significant increase in the amount of inflow inflltration in the collection system following the hurricane requiring ti*eatment at the plant. Effluent quality has been adequate over the year.

The West Bank Wastewater Treatment Plant:

0 New variable frequency drives have been installed for the effluent pumps. o A new solids treatment building and beh filter press is currently at 30%. level of design for

die plant. o A new sodium hypochlorite system including tanks and pumps is at 50% level of design. o A new chemical (BioCat) is used instead of hydrogen peroxide for odor control in the

collection system. A significant benefit has been realized in the effluent quality of the trickling filter plant since the new chemical does not adversely impact the biofolm in the trickling filler, although the chemical cost is approximately 20%i higher dian using hydrogen peroxide.

The Sewage Pumping and Lift Stations:

o Initially, the Board's rehabilitation ofthe pumps included checking and greasing bearings, cleaning motors with steam, and then baking them. This method was unsuccessful and resulted in many pump motor and bearing failures,

o As a result, the board changed the rehabilitation process to a three-step process that includes electrical repair, bearing repair, and flood proofmg of stations. About 40% ofthe electrical work has been completed,

o Bearing repair work has not been initialed at most stations. The final phase of flood proofing has not started to date,

o FEMA funding will pay for tlie repairs to the sewerage stations. In order to receive theses funds, the stations have to be repaired to pre-Katrina conditions. Most stations are located below ground and the rehabilitated stations will be vulnerable to flooding. The Board wishes to elevate most ofthe stations so tliat this does not occur again.

° The Board is currently in negotiations with FEMA to elevate the stations with Uie funds that will be provided by this agency. This would ensure continuous operations of all stations during flooding events. Some of the buildings also suffered structural damage. Repair work on buildings is almost complete,

o The Board has issued emergency bids for generators, portable pumps, automation and SCADA panels for the damaged stations, the costs of which will be reimbursed by FEMA.

o Maintenance personnel estimate about 5 years will be required to have all the pumping stations back online.

o The estimated cost for all sewage pumping stalion repairs is approximately $80 million, which is paid for by FEMA.

o It is important to note that FEMA will only be paying for damage that was due to Katrina. o As contractors are repairing mechanical equipment stations, more problems are being

uncovered that are potentially due to the Board's ability to maintain the stations before the stonn.

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Sewer Collection Svstem:

o Phase 1 of Consultant Montgomery Watson Harza has inspected 50 percent of tlie sewer lines and has cleaned 15 percent ofthe collection system.

o A phase IT assessment will begin shortly to finish the inspections. o The Board has plans to clean and inspect 25 to 30 percent ofthe sewer lines with closed-

circuit television. o All the manholes have also been inspected. o The inspections completed to date have primarily focused on areas that were under water

after die hurricane. The West Bank and the Uptown areas have yet to be inspected, but die Board persormel consider the areas inspected to be a good representation of die remaining sections.

o The projected costs for repairs to the water distribution system are $10 to $20 million. o The Board has also made an estimated payment of $3 million for the 50 percent of tlie

sewer system inspected. o The estimated time frame for repairing the distribution network is 2 to 3 years. o The sewer system is expected to take approximately 5 years to get back to pre-Katrina

condition.

Drainage: Pump Stations: The Board also has responsibility for operating and maintaining the 24 drainage and 12 underpass pumping stations in New Orieans. TTie drainage stations suffered significant damage from the floodwaters. Most motors have been rewound and are in service within the dramage stations.

0 The CORPS is providing 100 percent funding, valued at $40 million, for electrical, mechanical and structural upgrades to the drainage stations. This does not include needed work at the underpass drainage stations,

o The CORPS is providing 100 percent funding, valued at $205 million, for storm proofing of drainage pump stations.

A five-year Capita! Program budget of $2,229,524,000 was approved by Sewerage and Water Board in December 2008. The approved amount for Drainage projects was $1,414,682,000 of tliat amount; $814,842,000 is participation by others.

FINANCIAL INFORMATION Management of the Sewerage and Water Board is responsible for designing and mamtaining an

interna] control structure sufficient to safeguard the Board's assets against loss, theft or misuse and to ensure the reliability of financial records for preparing financial statements in confonnity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute assurance that these goals are met The concept of reasonable assurance recognizes that: (1) the cost of internal controls should not exceed the benefits expected to be derived and (2) the valuation of costs and benefits require the exercise of judgment by management.

Tlie Enterprise Fund's water and sewerage systems are fmanced by user fees. The unique characteristics ofthe services provided by the drainage System of New Orleans requires the use of Enterprise Fund accounting in order to obtain a meaningful measure of the cost of providing the services and capital maintenance. On March 21, 2007, the Board approved a series of five annual water rate increases beginning with the first increase on November 1, 2007 followed by four additional increases to be implemented on July I of each year, 2008 through 2011. The New Orleans City Council approved the annual water rate increases on October 4, 2007.

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Revenues from the diree- (3) mill, six- (6) mill and nine- (9) mill ad valorem taxes, which are restricted exclusively for drainage services, finance the Drainage System. These ad valorem taxes are the operating revenues ofthe drainage system.

Budgetary Control: The Sewerage and Water Board maintains an internal budgetai'y control through the preparation and monitoring of an annual operating and capital budget for the Water, Sewerage, and Drainage funds. Monthly budget reports are provided to department level managers to assist them in their fiscal responsibilities,

General Operations: The change in net assets for the year ended December 31, 2008 was approximately a decrease of $50.1 million or 442.9% less than the change in net assets for tlie year ended December 31, 2007. The Board's total operating revenues decreased by 0.6% to approximately $109.0 million, and total operating expenses increased 7.0%i to approximately $171.2 million. Operating revenues decreased primarily as a result of a decline in volume due to decreases in the customer base following Hurricane Katrina offset by an increase in water rates. Property taxes increased by $3.0 million in 2008 due to an increase in assessed value offset by a decrease in the millage. Operating expenses increased primarily as a result of a pay increase and increases in energy costs. Pension Trust Fund Operations: The contributions to die Pension Trust Funds are based on actuarial valuations.

Debt Administration: The Board of Liquidation, City Debt has responsibility for the administration ofthe Board's debt. Drainage debt services payments are supported by ad valorem tax collections, while user fees are used to provide debt ser\'ices for the Water and Sewerage System bonds. Tlie Board's Sewerage and Water and Drainage bonds outstanding as of December 31, 2008 totaled $256,255,000.

Cash Management: Cash temporarily idle in the Enterprise Fund during the year was invested in commercial bank certificates of deposit, repurchase agreements, and U,S. Treasuj7 Bills. Effective, January 1998, investments were recorded at fair value. Investment income on these idle funds was $3,363,119.

RisK Management: The Sewerage and Water Board uses both insured and retained risk programs to manage exposures to loss. The Board administers self-insured programs for property and automobile liability exposures. Also, retained risk programs for general liability and workers' compensation losses and claims aie administered by die Board.

Other Information: State Statutes and covenants governing outstanding bond issues require an annual audit ofthe Board's financial records by independent certified public accountants. The accounting firms of Postlethwaite & Netterville was selected by the Board to perform this audit. The independent auditors' report on the basic financial statements is included in the Fmancial Section ofthe report. The Government Finance Officers Association ofthe United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Sewerage and Water Board of New Orleans for its Comprehensive Annual Financial Report for the fiscal year ended December 31, 2007. The Certificate of Achievement is a prestigious national award-i-ecognizing confomiance with the highest standards for preparation of state and local government financial reports.

In order to be awarded a Certificate of Achievement, a govemment unit must publish an easily readable and efficiently organized comprehensive annual financial report whose contents conform to program standards. Such CAFR must satisfy' both generally accepted accounting principles and applicable legal requirements.

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A Certificate of Achievement is valid for a period of one (1) year only. The Sewerage and Water Board of New Orleans has received a Certificate of Achievement for twenty-five (25) years. We believe our current report continues to conform to the Certification of Achievement Program requirements and we are submitting it to GFOA.

Acknowledgments: The Comprehensive Annual Financial Report was prepared by the dedicated staff ofthe Director's Office, particularly the Finance Administration and Printing Department. Additionally, we realize that the cooperation of each Department ofthe Sewerage & Water Board of New Orleans is essential, and we appreciate the willingness to work together toward this endeavor.

We also wish to thank tlie members of the Board for their interest and support in our efforts to achieve greater fiscal efficiency and accountability.

Yours very truly,

Marcia A. St. Martin Executive Director

Financial Administrator

(This page intentionally left blank)

Certificate of

for ExcelleBce in Financia

Presented to

ewerage and Water Board-

of New Orleans, Louisiana For its Comprehensive Annual

Financial Report

for the Fiscal Year Ended

December 31, 2007

A Certificate of Achievement for Excellence in Financial Reporting is presented by the Govemment Finance Officers

Association ofthe United States and Canada to govemment units and public en^loyee retirement systems whose comprehensive annual financial

reports (CAFRs) achieve the highest standards in govemment accounting

and financial reporting.

President

Executive Director

OFFICERS

ofthe


December 31, 2008

C. RAYNAGIN President Mayor, City of New Orleans

TOMMIE A. VASSEL President Pro Tem

MARCIA A. ST. MARTIN Executive Director

VACANT Deputy Director

JOSEPH BECKER General Superintendent

VACANT Deputy General Superintendent

GERARD A. VICTOR Special Counsel

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MEMBERS OF SEWERAGE AND WATER BOARD OF NEW ORLEANS

December 31, 2008

C. RAYNAGIN Mayor

ALAN C. ARNOLD Member- Board of Liquidation, City Debt

JACQUELYN CLARKSON Councilwoman-At-Large

BENJAMIN L. EDWARDS, SR. At-Large

ARNIEFIELKOW ..Councilman-At-Large

KAREN HENLEY-RAYMOND Councilwoman-At-Large District D

FLORENCE W. SCHORNSTEIN Counciiwoman District B

TOMMIE A. VASSEL Councihnanic District C

CYNTHLA WILLARD-LEWIS Councilmanic District E

DR. GERALD WILLIAMS Member-Board of Liquidation-City Debt

LOYCE RWRJGHT At-Laige Appointment

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COMMITTEES OFTHE

SEWERAGE AND WATER BOARD OF

NEW ORLEANS December 31,2008

EXECUTIVE COMMITTEE

TOMMIE A. VASSEL - Chairperson

LOYCE P. WRIGHT FLORENCE W. SCHORNSTEIN

FINANCE AND OPERATIONS COMMITTEE

LOYCE P. WRIGHT - Chairperson

FLORENCE W. SCHORNSTEIN KAREN HEN LEY-RAY MONO JACQUELYN CLARKSON DR. GERALD WILLIAMS

INFRASTRUCTURE COMMITTEE

FLORENCE W. SCHORN'STIEN - Chairperson

KAREN HENLEY-RA 'MOND BENJAMIN EDWARDS CYNTHIA WILLARD-LEWIS

PLUMBING COMMITTEE ARNIE FIELKOW-Chairperson

C T JTHIA WILLARD-LEWIS BENJAMIN EDWARDS ALAN C, ARNOLD

PENSION COMMITTEE

T0M '11E A, VASSEL - Chairperson JACQUELINE CLARKSON ARNIE FIELKOW PATRICIA W. CM4PBELL CYNTHIA WILLARD-LEWIS WARREN J. LAWRENCE DR GERALD WILLIAMS DEXTER JOSEPH

JOHN WILSON MICHAEL CONEFRY & COMPANY', ACTUARY

1-14

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1-15

THE SEWERAGE AND WATER BOARD OF NEW ORLEANS

DIVISION HEADS OF DEPUTY DIRECTOR

December 31,2008

VACANT DEPU'fY DIRECTOR

ADMINISTRATIVE SERVICES DIVISION VACANT

ENVIRONMENTAL AFFAIRS DIVISION

GORDON C. AUSTIN

MANAGEMENT SERVICES DTVISION

VACANT

PLANNING AND BUDGET DP/JSJON

DEXTER JOSEPH

SUPPORT SERVICES DIVISION

LINDA PAISANT

M6


DIVISION HEADS OF GENERAL SUPERINTENDENT

December 31,2008

JOSEPH BECKER GENERAL SUPERINTENDENT

, VACANT DEPUTY GENERAL SUPERINTENDENT

ENGINEERING DIVISION

JOHN (JACK) HUERKAMP

FACILITY MAINTENANCE DIVISION

GABE SIGNORELL]

NETWORKS DIVISION

RUDY AUGUST

OPERATIONS DIVlSrON

BOB MOEINIAN

PLUMBING DIVISION

JAMES J. ARNOLD

1-17


DEPARTMENT HEADS OF MANAGEMENT SERVICES DIRECTOR

December 31, 2008

VACANT MANAGEMENT SERVICES DIRECTOR

FINANCE ADMINISTRATION

ETHEL H.WILLIAMS

INFORMATION SYSTEMS ADMINISTRATION

MELINDA NELSON

PERSONNEL ADMINISTRATION

KEVIN F. WALSH

PURCFLVSING ADMINISTRATION

WILLIE M.MINGO JR.

REVENUE AND CUSTOMER SERVICES ADMINISTRATION

JACQUELINE K. SHINE

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(TTiis page intentionally left blank)

The Board's Community and Intergovemmental Relations Department coordinates many community and school functions each year to inform adults and kids about water conservation, the environment and Board services and systems. Many employees volunteer their time for events such as Earth Rest at Audubon 2oo (shown here), in which the Board has participated since 1995. Materials on a variety of subjects are distributed at all events.

For the convenience of Algiers customers, the Sewerage & Water Board operates a full-service Customer Sen/ice Center at 4001 Gen. DeGaulte Drive. Among the services are bill payments, opening and closing of accounts, duplicate bills and change of service locations. The Board can also handle many transactions through its interactive web site (www.swbno. org) or through its phone center, 52-Water

http://www.swbno

Postlethwaite & Netterville

A ProfcsiionnI Accounting Cofporot'ron

Associated OKicci in Princrpnl Ci l ioi o( iho Uiiilad Stalai

www.pncpa.com

INDEPENDENT AUDITORS' REPORT

Members ofthe Board Sewerage and Water Board of New Orleans:

We have audited the basic financia] statements ofthe Sewerage and Water Board of New Orleans as of and for the years ended December 31, 2008 and 2007, as listed in the table of contents. These basic financial statements are the responsibility ofthe Board's management. Our responsibility is to express an opinion on these fmancial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America and Govemment Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fmancial statements are free of material misstatement. An audit includes consideration of intemal control over fmancial 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 ofthe Sewerage and Water Board's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fmancial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall fmancial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the basic fmancial statements referred to above present fairly, in all material respects, the financial position ofthe Sewerage and Water Board of New Orleans as of December 31, 2008 and 2007, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The Management's Discussion and Analysis and the Schedules of Funding Progress and Employer Contributions as listed on the accompanying table of contents, are not a required part of the basic financial statements but are supplementary information required by the Govemmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation ofthe supplementary information. However, we did not audit the information and express no opinion on it.

In accordance with Government Auditing Standards, we have also issued a report, dated June 12, 2009, on our consideration ofthe Board's intemal control over fmancial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. The purpose of that report is to describe the scope of our testing of intemal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the intemal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audits.

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30th Floor- Energy Centre • 1100 Poydras Street • New Orleans, L^ 70163-3000 • Tel: 504.569.2978

2324 Severn Avenue • Metairie, U\ 70001 • Tel: 504.837.5990 • Fax: 504.834.3609

http://www.pncpa.com

Our audits were made for ihe purpose of forming an opinion on the 2008 and 2007 basic financial statements of the Board taken as a whole. The accompanying information included in Schedules I through 6 is presented for purposes of additional analysis and is not a required part ofthe basic financial statements. Such information has been subjected to the auditing procedures applied in the audits ofthe basic financial statements and, in our opinion, is fairly slated, in all material respects, in relation to the basic financial statements taken as a whole.

The Statistical Information and Supplemental Information sections as listed in the table of contents are also presented for purposes of additional analysis and are not a required part of the basic fmancial statements of the Board, Sitcli additional mformation has not been subjected to the auditing procedures applied irt the audit ofthe basic financial statements, and accordingly, we express no opinion on it.

New Orleans, Louisiana June 12,2009

11-2

SEWERAGE & WATER BOARD OF NEW ORLEANS

MANAGEMENT'S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31,2008

This section ofthe Sewerage & Water Board of New Orleans' (the Board) annual fmancial report presents a discussion and analysis ofthe Board's fmancial performance during the fiscal year that ended December 31, 2008. Please read it in conjunction with the Board's financial statements, which follow this section.

FINANCIAL fflGHLIGHTS

Recovery from Hurricane Katrina and the resulting flooding continued to be the most significant event to occur during 2008. Repairs to water, sewerage, and drainage systems, building repairs, and vehicle and equipment repairs continued throughout 2008.

Enterprise Fund

The major highlights in the Board's enterprise fund were as follows:

2008

o The Board's additions to its major systems approximated $76.1 million. o The SELA project which is a major upgrade to the drainage system by the Corps of Engineers

continued to be postponed during 2008 with no additions to work in progress recorded during tlie year,

o Federal Emergency Management Agency (FEMA) Disaster Public Assistance grants expended totaled $16.0 million, of which approximately $16.0 million were capital contributions and approximately $25,000 were for operating and maintenance expenses.

2007

The Board's additions to its major systems approximated $91.4 million. The SELA project which is a major upgrade to the drainage system by the Corps of Engmeers continued to be postponed during 2007 with no additions to work in progress recorded during the year. Federal Emergency Management Agency (FEMA) Disaster Public Assistance grants expended totaled $69.2 million, of which $67.4 million were capital contributions and $1.8 million were for operating and maintenance expenses.

II-3

Pension Trust Fund

2008

The major highlight in the Board's pension trust fund was the weakening financial performance in the stock market as compared to 2007 and the resulting depreciation of $60.7 million in the market value of the investments held by tiie plan during 2008, as opposed to the appreciation of $5.2 million in the market value ofthe investments during 2007. The plan net assets available of benefits decreased to $162.4 million.

2007

The major highlight in the Board's pension trust fimd was the weakening financial performance in the stock market as compared to 2006 and the resulting appreciation of $5.2 million m the market value ofthe investments held by the plan during 2007, 78.6% less than the appreciation during 2006. TTie plan net assets available of benefits increased to $227.8 million.

OVERVIEW OF THE FINANCIAL STATEMENTS

This financial report consists of five parts: management's discussion and analysis (this section), the financial statements, the notes to the financial statements, required supplementary information, and other supplementary information.

Government-wide Financial Statements - Enterprise Fund

The Board's principal activities of providing water, sewerage, and drainages services are accounted for in a single proprietary fund - the enterprise fund. Enterprise funds are used to report business activities. Since the enterprise fund is tlie Board's single activity, its fmancial statements are presented as the Board's govemment-wide financial statements.

Die financial statements provide both long-term and short-term infonnation about the Board's overall fmancial status. The financial statements also include notes that explain some ofthe information in the fmancial statements and provide more detailed data. The statements are followed by a section of required supplementary informafion and other supplementary information that further explain and support the information in the financial statements.

The Board's fmancial statements are prepared on an accrual basis in confonnity with accounting principles generally accepted in the United States of America (GAAP) as applied to govemment units. Under this basis of accounting, revenues are recognized in the period in which they are eamed, expenses are recognized in the period in which they are incurred, and depreciation of assets is recognized in the Statements of Revenues, Expenses, and Changes in Net Assets. All assets and liabilities associated with the operation ofthe Board are included in the Statements of Net Assets.

The Statement of Net Assets reports the Board's net assets. Net assets - the difference between the Board's assets and liabilities - are one way to measure the Board's financial health or position.

Fund Financial Statements -Pension Trust Fund

Tlie Board's fund financial statements consist of its pension tmst fund. As a fiduciary fund, the pension trust fund is held for the benefit of employees and retirees of the Board. The pension tmst fund is not

II-4

reflected in the govenunent wide financials because the resources are not available to the Board for its activities. The accounting for the pension trust fund is much like that used by the enterprise fund.

FINANCIAL ANALYSIS OF THE BOARD'S

ENTERPRISE FUND

2008 Net Assets

The Board's total assets at December 31, 2008 were approximately $1.8 billion, a December 31, 2007 (see Table A-1).

.6% decrease from

Tabic A-1

Scwcrajje & Water Board of New Orleans

Net Assets

Current unresincted assets Restricted assets

Property, plant and equipment - net Other assets

Total assets

Current liabilities Long-term liabilities

Total liabilitits

Net assets Invested in capital assets, net of related debt Restricted

Total net asstts Totnl liabilities and net assets

2008

$ 85,536,897

164,746,871 1,509.805,388

1,698,192 $ 1,761,787,348

$ 152,039.186

374,2!2.806 526,251,992

1,306,085,162

(70,549,806)

1,235,535.356 $ 1,761,787,348

2007

$ 130,654.155 191.182,517

1,465,225,933

4,185361 $ 1,791,247,966

$ 115,274,616

390,323^13 505.598,129

1.265.078,240

20,571,597 1,285.649.837

$ 1.791,247,966

iDcrease (Decrease)

$ (45 ,11738) (26.435.646) 44,579,455 (2.487.169)

S (29.460,618)

$ 36.764,570

(16,110.707 20,653,863

41,006,922

(91,121.403) (50,114,481)

S (29,460,618)

Increase (Decrease)

-34.5%

-13 8% 3.0%

-59.4%

-1.6%

31.9% -4.f% 4.!%

3.2%

-442.9% -3.9% -1.6%

The decrease in total assets of $29.5 million resulted primarily from a write off of $48.0 million of FEMA receivables due to prior expenditures currently in dispute and subject to appeal or expenditures that were disallowed by FEMA, offset by an increase in property, plant, and equipment of $44.6 million due to $16.5 million in construction funds expended and $18.1 million of capital contributions less the annual provision for depreciation of $31.5 million, payments made on bonds of $12.6 million offset by new loans of $12.8 million borrowed through the Debt Service Assistance program, and an overpayment of FEMA grant funds in the amount of $21.1 million. Current liabilities increased by $36.8 million and long-term liabilities decreased by $16.1 million in 2008 as compared to 2007 due primarily to debt service payments made on bonds offset by additional debt from the Debt Service Assistance Fund loan and an overpayment of FEMA grant funds of $21.1 million.

TI-5

2007 Net Assets

The Board's total assets at December 31, 2007 were approximately $1.8 billion, a 6,0% increase over December 31, 2006 (see Table A-1).

Tabic A-2 Sewerage & Water Board of New Orleans

Net Assets

Curreni assets Restricted assets Property, plant and equipment - net Other assets

Total assets

Current liabilities Long-lcrm liabilities

Total liabilities

Net assets: Invested in capital assets, net of related debt Restricted

Total net assets Total liabilities and net assets

2007

$ 130,654,155 191.182,517

1.465.225.933 4,185,361

$ 1,791,247,966

J H5;274,616 390,323.513 505498,129

1,265.078,240 20.571,597

1,285,649,837 $ 1,791.247,966

2006

$ 97,310.544 189.820,16?

1.397,088,784 5,168,276

$ 1.689,387,771

$ 104,679.864 363.092,090 467,771.954

1,191.197,682 30.418,135

1,221,615,817 $ 1.689,387,771

Increase (Decrease)

S 33,343,611 1,362,350

68.137.149 (982,915)

S !01.860,19S

$ 10,594,752 27,231.423 37,826,175

73,880,558 (9.846,538) 64.034,020

S 101,860.195

Increase (Decrease)

34.3% 0.7% 4 9%

-19.0% 6.0%

io.i% 7.5% 8.1%

6,2% -32.4%

5.2% 6.0%

The increase in total assets of $101.9 million resulted primarily from an increase in property, plant and equipment of $68.1 million in 2007 due to $9.1 million in construction funds expended and $72.0 million of capital contributions less the annual provision for depreciation of $25.4 million, payments made on revenue bonds of $12.0 million offset by new loans of $40.1 million borrowed tiirough the Special Community Disaster Loan program and the Debt Seivice Assistance Fund program. Current liabilities increased by $10.6 million and long-term liabilities increased by $27.2 million in 2007 as compared to 2006 due primarily to debt sei-vice payments made on revenue bonds offset by additional debt from the Special Community Disaster loan and the Debt Service Assistance Fimd loan.

2008 Changes in Net Assets

The change in net assets for the year ended December 31, 2008 was a decrease of approximately $50.1 million, as opposed to an increase in net assets of approximately $64.0 million for the year ended December 31, 2007. The Board's total operating revenues decreased by 0.6% to approximately $109.0 million, and total operating expenses increased 7.0% to approximately $171.2 million. The changes in net assets are detailed in Table A-3; operating expenses are detailed in Table A-4.

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Table A^3 | Sewerage & Wafer Board of New Orleans

Revenues , Expenses and Change in Net Assets

Operating revenues; Charges for scrvces Other

Total ope fating revenues

Operaling expenses ffable A-3)

operating loss

Non-opemting revenues: Property taxes Other taxes

Operaling and mainienancc grants Hurricane gaii Inveslmeni income (expense)

Total non-operating revenues

Income before capiial contrft)utions

Capital coniributbns

Change in net assets

Net assets, beghning of year

Net assets, end of year

2008

$ 106,463.582 Z487.983

108,951.565

171.174.i7I

(62,222.606)

39,702.436 515.735

(3,973)

1,825.534 42,039.732

(20.182,874)

(29.931,607)

(50.114,481)

1.285.649.837

$ 1.235.535356

2007

S 106.642,409 2.927,070

109369,479

159.967.931

(50398,452)

36,667,904 443,122

1,777,188 205,995

3383.157 42.477366

(7.921,086)

71,955,106

64,034.020

1,221.615.817

S 1.285.649.837

Increase (Decrease)

S (178,827) (439.087) (617.914)

11,206.240

(11.824,154)

3,034,532 72.613

(1,781,161) (205,995)

(1,557.623) (437.634)

(12,261,788)

(101,886,713)

(114.148.501)

64,034,020

I (50.114.4S1)

Increase (Decrease)

-0.2% -15.0% -0,6%

7 0%

-23 5%

8.3% 16 4%

-100.2% -100.0%

-46.0% -1.0%

154.8%

-141.6%

-178 3%

5.2%

-3.9%

Property taxes increased by $3.0 million in 2008 due to an increase m assessed value offset by a decrease in the millage.

Capital revenue from federal grants and construction of Board property was approximately $(29.9) million as a result of grant revenues of approximately $1 8.1 million offset by a write off of approximately $48.0 million of receivables due to FEMA Disaster Public Assistance grant expenditures that were disallowed or currently in dispute and subject to appeal. Operating and maintenance grants decreased by 100.2% to $(3,973), Capital contributions and operating and maintenance grants are primarily related to FEMA Disaster Public Assistance grants.

Tabic A-4 Sewerage & Water Board

Operaling Expenses

Power and pumping Treatment Transmission and distribution Customer accounts Customer service Administration and general Payroll related Maintenance ofgeneral plant Depreciation Amortization Prorision far doubtful accounts Provision for claims

Tota! operaung expenses

2008 S 14.178,641

18,243,782 18,994,209 2,719,594 3323,696

15,173,190 31,549,622 33,455,074 31,546,017

158,019 1,244,862

587,465 $ 171.174.171

2007 $ 13,041,954

16;2S0,975 19,832,226 2,290,092 2.670,145

14,899.028 28,259.815 26,993,626 25,377,733

158,019 12,613,283 (2.448.965)

$ 159,967.931

Increase fl>ecrcase)

S 1.136.687 1,962,807 (838,017) 429,502 653.551 274.162

3,289,807 6,461,448 6,168.284

-(11,368.42))

3.036.430 $ 11.206.240

Increase (Decrease)

8,7% 12.1% ^ 2 % 18.8% 24.5%

1,8% 11.6% 23.9% 2 4 3 %

0.0% -90. [%

-124 0% 7.0%

II-7

http://171.174.i7I

http://50.114.4S1

Tlie increase in power and pumping expenses in 2008 of $1.1 million or 8.7% is primarily due to an increase in salaries. The increase in treatment expenses in 2008 of $2.0 million or 12.1% is primarily due to an increase in the costs of chemicals. The decrease in transmission and distribution expenses in 2008 of $838,017 or 4.2% is primarily due to a decrease in damages due to natural disasters. The increase in payroll related expenses in 2008 of $3.3 million or 11.6% is primarily due to salary increases in accordance with City of New Orleans Civil Ser\'ice as well as an increased number of employees and $8.5 million recognized for an increase in the other postretirement benefits liability. The increase in mamtenance ofgeneral plant in 2008 of $6.5 million or 23.9%i resulted primarily from increases in the cost of high pressure gas, materials, supplies, contracts, fuel and electricity for all facilities and increases in payroll related costs, professional services, and consulting costs. Provisions for doubtful accounts decreased by $11.4 miUion or 90.1% in 2008 as a result of a smaller increase in closed accounts which are fully reserved than in 2007 and additional reserves for amounts not expected to be collected following Hurricane Katrina recognized during 2007. Provisions for claims increased by $3.0 million in 2008 as compared to 2007. Claims expense varies due to the number and severity ofthe claims during any period. The increase is due primarily to a large increase in resei-ves recognized during 2008 offset by claims payments made during 2008.

2007 Changes in Net Assets

The change in net assets for the year ended December 31, 2007 was approximately $1.9 million or 2.9% less than the change in net assets for the year ended December 31, 2006. The Board's total operating revenues increased by 9.2%) to approximately $109.6 million, and total operating expenses increased 5.2% to approximately $160.0 million. The changes in net assets are detailed in Table A-3; operating expenses are detailed in Table A-4.

Tabic A-5

Sewerage & Warer Doard of New Orleans

Revenues , Expenses und Change in Net Atiets

Operatmg revenues;

Charges for services

Olhcr

Tolal operaling revenues

Operaling expenses (Table A-3)

C>peraimg loss

Non-operating revenues.

Property taxes

Olhcr taxes

Operating and mainienancc grants

Hurricane gain

Investment income (expense)

Tolal non-Operating revenues

Income before capital contributions

Capita] contributions


Htt assets^ beginnmE of year

Net assets, end of year

2007

S 106,642.409

2.927.070

109,569.479

159,967.931

(50,398,452)

36.667.904

443,122

1,777.188

205.995

3.383,157

42.477.366

(7,921,036)

71.955.106

64,034,020

1.221.615.817

S 1,285.649.837

2006

$ 97.047,638

3^90.683

100,338^21

152.017J247

(51,675.926)

33.175,028

634.321

35,013,143

2303.397

3.862,568

74J>88,457

23.309,531

42.645.735

65,955.266

1.155,660.551

S 1,221.615,817

lncrfa"!e (Decreajc)

$ 9.594,771

{363.613

9,231,158

7.950.684

1.280,474

3,492.876

(191.199)

(33.235.955

(2,097,402

(479.411)

(32.511.091)

(31,230.617

29.309,371

(1.921.246)

65.955Ji66

% 64.034.020

IncrtaKC (Decrease)

9.9% -11.0%

9.2%

5.2%

2.5%

10,5%

-30 1%

-94.9%

-91.1%

-12,4%

-13.4%

-134,0%

68.7%

-2.9%

5.7%

5.2%

11-8

Operating revenues increased primarily as a result of an increase in sewerage rates offset by a decline in volume due to decreases in the customer base following Hurricane Katrina. Property taxes increased by $3.5 million in 2007 due to an increase in assessed value.

Capital revenue from federal grants and construction of Board property by other agencies increased by 68.7°/o to $72.0 million. Operating and maintenance grants decreased by 94.9% to $1.8 million. Capital contributions and operating and maintenance grants are primarily related to FEMA Disaster Public Assistance grants. Hurricane gain consisted of $0.2 miUion in proceeds from the sale of scrapped equipment damaged during Hurricane Katrina in 2007 and insurance recoveries of $2.3 million in 2006.

Tabic A-6 S e wc ra g e & Wa te r B o a rd

O p c m t i n g E x p e n s e s

P ower and pumping Treatment Trans missionanddis tribulio n Cusiomeraccounts Customcrservicc Administration and general PajTo 11 related Maintenance ofgeneral plant Depreciation Amortization Provision for doubtful accounts Provision for claims

To tal operating expenses

2 0 0 7 $ B,041,954

16,280,975 15,832^26 2,290,092 2,670,145

M,899.028 28.259,815 26,993,626 25,377,733

158,019 12,60.283

(2,448.9651 ' $ 159.967531

2 0 0 6 S 11,576,640

13.518.870 13,845,793

1,910,612 2,265,250 13,714.644 17,914,694

23,344,667 28,703,469

208.045 22,355.906

2.658,657 ' J 152.017.247

I n c r e a s e ( D e c r e a s e )

$ 1,465,314 2,762,105 5,986,433

379,480 404.895 l,ffi4,384

10,345.121 3,648,959

(3,325,736) (50,026)

(9,742.623) (5.J07.622)

$ 7.950,684

I n c r e a s e ( D e c re as e>

12.7% 20.4% 43.2% 19.9% 17.9% 8.6%

57.7% 15.6% -iL6%

-24.0% -43.6% -192.1%

5.2%

The increase in power and pumping expenses in 2007 of $1.5 million or 12.7% is primarily due to increases in the cost of natural gas and increased fuel consumption. The increase in treatment expenses m 2007 of $2,8 million or 20.4% is primarily due to an increase in the costs of chemicals and continued leaks in the system, which result in the treatment of more water than under normal circumstances. The increase in transmission and distribution expenses in 2007 of $6.0 million or 43.2%) is primarily due to additional costs related to repairs of leaks in the system and increases in contractor and material costs. The increase in payroll related expenses in 2007 of $10.3 million or 51.1% is primarily due to $6.6 million recognized for other postretirement benefits liability in connection with the implementation of GASB 45, as well as salary increases in accordance with City of New Orleans Civil Service, individual pay plan increases for certain departments, and increases in hospitalization expense. Tlie increase in maintenance ofgeneral plant in 2007 of $3.6 million or 15.6% resulted primarily from increases in the cost of high pressure gas, materials, supplies, contracts, fuel and electricity for all facilities and increases in payroll related costs, professional services, and consulting costs. Provisions for doubtful accounts decreased by $9.7 million or 43.6% in 2007 as a result of a smaller increase in closed accounts which ai'e fully reserved than in 2006 and additional reserves for amounts not expected to be collected following Hurricane Katrina recognized during 2006. Provisions for claims decreased by $5.1 million or 192.1%in 2007 as compared to 2006. Claims expense varies due to die number and severity ofthe claims during any period. Tlie decrease is due primarily to several large decreases in reserves recognized during 2007.

PENSION TRUST FUND

2008 Plan Net Assets

The Board's total plan net assets of its pension trust fund at December 31, 2008 was approximately $162.4 million, a 28.7% decrease from December 31, 2007 (see table A-7). Total assets decreased 28.2% to $166.4 million.

11-9

Table A-7 Sewerage & Water Board of New Orleans

Plan Net Assets

Cash

Investments Receivables Other assets

Total assets

DROP participant payable Total liabilities

Plan net assets

2008

$ 776,446

165,246.434 120,733 274,483

166,418,096

4,034,240 4,034,240

$ 162.383.856

2007

$ 102,653

231,01L4U 420,795 257,562

231,792,424

3,966,600 3,966,600

$ 227,825,824

Increase (Decrease)

$ 673,793 (65,764,980)

(300.062) 16.921

(65.374,328)

67.640 67.640

$ (65.441,968)

Increase Pecrease)

656.4%

-28.5% -71.3%

6.6% -28.2%

1.7% -1.7%

-28.7%

Plan net assets decreased by $65.4 million in 2008 primarily due to realized and unrealized losses on investments recognized in 2008.

2007 Plan Net Assets

TTie Board's total plan net assets of its pension trust fund at December 31, 2007 was approximately $227.8 million, a 0.8% increase over December 31, 2006 (see table A-7). Total assets increased 1.1% to $231.8 million.


Plan Net Assets

Cash Investments Receivables Other assets

Total assets

DROP participant payable

Total liabilities

Plan net assets

2007

$ 102,653 231,011,414

420,795 257,562

231,792,424

3,966,600 3.966,600

$ 227,825.824

2006

$ 1,104,112

227,419,270 547,587 113.203

229,184.172

3.247,090

3,247.090

$ 225,937,082

Increase (Decrease)

S (1,001,459) 3,592,144 (126,792)

144,359 2,608,252

719,510 719,510

S 1.888,742

Increase (Decrease)

-90.7%. 1.6%.

-23.2% 127.5%

1.1%

22.2% -22.2%

0.8%

Plan net assets increased by $1.9 million in 2007 primarily due to realized and unrealized gains on investments recognized in 2007.

ir-10

2008 Changes in Plan Net Assets


Change in Plan Net Assets

Additions: Contributions Net income on investments

Total additions

Deductions; Benefits Employee refunds Employee DROP contributions

Total deductions


Plan net assets, beginning of year

Plan net assets, end of year

2008

$ 7,017,975 (59,190,144) (52,172,169)

(10,782,636) (133,779)

(2,353,384) (13,269,799)

(65,441,968)

227.825.824

$ 162,383,856

2007

$ 6,753,824 7,947,645

14,701,469

(10,625,533) (215.746)

(1,971,448) (12,812,727)

1,888,742

225,937,082

$ 227,825,824

Increase (Decrease)

$ 264,151 (67,137.789) (66,873,638)

(157,103) 81,967

(381,936) (457,072)

(67,330,710)

1,888,742

$ (65,441.968)

Increase (Decrease)

3.9% -844.8% -454.9%

1.5% -38.0% 19.4% 3.6%

-3564.8%

0.8%

-28.7%

Net income on investments decreased by $67.1 million or 844.8% during 2008 due to declining perfonnance in the stock market as compared to 2007. The decrease in the change in plan net assets of $67.3 million resulted primarily from a decrease in unrealized gains on investments in 2008.

2007 Changes in Plan Net Assets

Table A-IO Sewerage & Water Board of New Orleans

Change in Plan Net As.sets

Additions; Contributions Net income on investments

Total additions

Deductions: Benefits Employee refunds Employee DROP contributions

Total deductions


Plan net assets, beginning of year

Plan net assets, end of year

2007

$ 6,753,824 7.947.645

14,701.469

(10,625,533) (215,746)

(1.971,448) (12.812.727)

1.888,742

225.937.082

S 227.825,824

2006

$ 6,683,136 29.080,710 35.763.846

(9,905,119) (680,769)

(1,645,967) (12,231,855)

23,531,991

202.405.091

$ 225.937.082

Increase (Decrease)

$ 70,688 (21.133,065) (21,062.377)

(720,414) 465,023

(325,481) (580.872)

(21,643,249)

23,531,991

$ 1,888,742

Increase (Decrease)

1.1% -72.7% -58.9%

7.3% -68.3%

19.8% 4.7%

-92.0%

11.6%

0.8%

rr-u

Net income on investments decreased by $21.1 million or 72.7% during 2007 due to declining perfonnance in the stock market as compared to 2006. The decrease in the change in plan net assets of $21.6 million resulted primarily from a decrease in unrealized gains on investments in 2007.

CAPITAL ASSET AND DEBT ADMINISTRATION

2008 Capital Assets

As of December 31, 2008, tlie Board had invested approximately $2.1 billion in capital assets. Net of accumulated depreciation, the Board's net capital assets at December 31, 2008 totaled approximately $1.5 billion. This amount represents a net increase (including additions and disposals, net of depreciation) of approximately $44.6 million or 3.0%. over December 31, 2007.

At December 31, 2008, the Board's budget for its five year capital improvements program totaled approximately $2.2 billion including $295.6 million for water, $520.3 million for sewerage and $1.4 billion for drainage. Due to certain regulatory and legislative changes, additional capital improvements will probably be required. Future capital improvement program expenditures may require the issuance of additional debt depending on the amount and timing of expenditures. As of December 31, 2008, the Board has committed or appropriated $67.8 million in mvestments for use in future capital projects and has $54.2 million of bond proceeds remaining for construction. The capital project investments are included in restricted assets.

The capital improvements budget for 2009 is $625.8 million, including $293.8 million for projects, which are expected to be fimded by federal grants and programs. Significant projects included in property, plant and equipment in progress as of December 31, 2008 mclude the following:

Hurricane Katrina related Repairs and Replacement Southeast Louisiana Flood Control Program

Sewer System Sanitation Evaluation and Rehabilitation Program Drainage Pumping Stations and Canals

Eastbank Sewer Treatment Plant Westbank Sewer Treatment Plant

2007 Capital Assets

As of December 31, 2007, tlie Board had invested approximately $2.0 billion in capital assets. Net of accumulated depreciation, the Board's net capital assets at December 31, 2007 totaled approxunately $1.5 billion. This amount represents a net increase (including additions and disposals, net of depreciation) of approximately $68.1 miUion or 4.9% over December 31, 2006.

At December 31, 2007, the Board's budget for its five year capital improvements program totaled $2.3 billion including $430.2 million for water, $889.1 million for sewerage and $956.1 million for drainage. Due to certam regulatory and legislative changes, additional capital improvements will probably be required. Future capital improvement program expenditures may require the issuance of additional debt depending on the amount and timing of expenditures. As of December 31, 2007, the Board has committed or appropriated $82.5 million in investments for txse in future capital projects and has $70.7 million of bond proceeds remaining for construction. The capital project investments are included in restricted assets.

The capital improvements budget for 2008 is $427.9 million, including $132.0 million for projects, which are expected to be funded by federal grants and programs.

n-12

2008 Debt Administration

The Board continues to make its regularly scheduled payments on its bonds. During 2008, $12.6 million in principal payments were made.

The Board entered into a Cooperative Endeavor Agreement with tlie State ofLouisiana in July 2006 to borrow up to $77.5 million from the Debt Service Assistance Fund. During 2008, the Board made additional draw downs of $12.8 million on the loan program.

All bond debt covenants have been met.

2007 Debt Administration

The Board continues to make its regularly scheduled payments on its bonds. During 2007, $12.0 million in principal payments were made.

During 2007, the Board made additional draw downs from the Federal Emergency Management Agency under the Community Disaster Loan Act of 2005 totaling $15.9 million.

The Board entered into a Cooperative Endeavor Agreement with the State of Louisiana in July 2006 to borrow up to $77.5 million from the Debt Service Assistance Fund. During 2007, the Board made additional draw downs of $24.2 million on the loan program.

All bond debt covenants have been met.

ECONOMIC FACTORS AND RATES

In post Katrina, there are significant other revenues and expenses, which impact the Board. State and federal grants related to the disaster are expected to have a significant impact on 2009. Total FEMA debris removal, mitigation, and capital replacement grants are expected to exceed $254 million. Of these approximately $200.3 million has been recognized througli 2008. FEMA revenues will continue to be recognized as buildings, systems, and other reimbursable assets ai'e repaired or replaced. In 2009, the Board will recognize additional portions of these revenues but much ofthe construction and replacement will not have been completed and the revenues although measurable may not be available due to the slowness of actual receipts of FEMA funds.

On March 21, 2007, the Board approved a series of five annual water rate increases beginning with the first increase on November 1, 2007 followed by four additional increases to be implemented on July 1 of each year, 2008 through 2011. The New Orleans City Council approved the annual water rate increases on October 4, 2007.

The number of open accounts has decreased from approximately 121,000 at the end of 2005 to approximately 110,000 cuiTcntly, a decrease of 9.1%).

11-13

CONTACTING THE BOARD'S FINANCIAL MANAGEMENT

This financial report is designed to provide our bondholders, patrons, and other interested parties with a general overview ofthe Board's finances and to demonstrate the Board's accountability for the money it receives. If you have questions about this report or need additional financial information, contact the Sewerage & Water Board of New Orleans at (504) 585-2356.

n-14

BASIC FINANCIAL STATEMENTS

SEWERAGE AND WATER BOARD OF NEW ORLEANS STATEMENTS OF NET ASSETS

December 31. 2008 and 2007

ASSETS

Noncurrent assets:

2008 2007

Property, plant and equipment Less: accumulated depreciation

Property, plant and equipment, net

Due from City of New Odeans, less current portion

Other assets: Bond issue costs Deposits Net pension asset

Total other assets

Total noncurrent assets

$ 2,122,573,459 612,768,071

1,509,805,388

_

1,091,426 51,315

555.451 1,698,192

1,511.503,580

S 2,048,433,759 583,207,826

1,465,225,933

97,908

1,249,443 51,315

2,786,695 4,087,453

1,469,411,294

Current assets: Unrestricted:

Cash Accounts receivable:

Customers (net of allowance for doubtful accounts) Taxes Interest Grants Miscellaneous Due from City of New Orleans, current Due from other fund

Inventory of supplies Prepaid expenses

Total unrestricted

34,588,256

7,301,967 10,323,398

322,318 13,116,853 5,036,848

122,812 290,778

12,887,851 1,545,816

17,933,399

16,106,497 4,549,506 1,141,315

72,283,123 4,650,290

200,000 290,778

12,176.730 1,322,517

85,536,897 130,654,155

Restricted; Capita] projects Construction funds Debt service reser\'e Customer deposits Health insurance reserve Debt service Other

Total restricted

67,781,695 54,206,676 22,254,068

5,390,167 5,080,812 9,821,453

212,000

82,479,722 70,699,720 22,254,068

4,964,522 4,840,389 5,732,096

212,000 164,746,871 191,182,517

Total current assets 250-283,768 321,836,672

Total assets $ 1,761,787,348 $ 1.791.247,966

11-15

SEWERAGE AND WATER BOARD OF NEW ORLEANS STATEMENTS OF NET ASSETS

(Continued)

See accompanying notes to financial statements.

2008 2007 NET ASSETS AND LIABILITIES

Net Assets: Invested in capital assets - net of related debt $ 1,306,085,162 $ 1,265,078,240

Restricted For: Debt service 32,075,521 27,986.164 Capital projects (102,625,327) (7,414,567)

Total restricted for net assets (70,549,806) 20,571,597

Total net assets 1,235,535,356 1,285,649,837

Liabilities: Long-term liabilities:

Claims payable 4,873,176 5,556,117 Other postretirement benefits liability 9,278,067 Bonds payable (net of cun-ent maturities) 220,644,423 258,155,527 Special Community Disaster loan payable 61,956,747 61,956,747 Debt Sen'ice Assistance Fund loan payable 77,460,393 64,655,122

Total long-term liabilities 374,212,806 390,323,513

Current liabilities (payable from current assets): Accounts payable 36,048,591 50,142,494 Due to City of New Orleans 151,333 26,933 Due to other governments (Note 14) 28,928,619 Retainers and estimates payable 2,253,676 2,473,429 Due to pension tmst fund 90,290 95,804 Accmed salaries 1,301,684 855,615 Accrued vacation and sick pay 9,435,109 8,982,354 Claims payable 18,253,689 23,424,687 Capital lease payable - 104,445 Other postretirement benefits liability 5,908,635 6,674,710 Other liabilities 4,149,709 2,444,165

106,521,335 95,224,636

Current liabilities (payable from restricted assets): Accrued interest 1,032,516 1,535,591 Bonds payable 37,282,479 12,587,441 Retainers and estimates payable 1,812,689 962,426 Customer deposits 5,390,167 4,964,522

45,517,851 20,049,980

Total cun-ent liabilities 152,039,186 115,274,616

Total liabilities 526,251,992 505,598,129

Total net assets and liabilities $ 1,761,787,348 $ 1,791,247,966

11-16

SEWERAGE AND WATER BOARD OF NEW ORLEANS STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

For the years ended December 31, 2008 and 2007

2008 2007

Operating revenues: Sales of water and delinquent fees Sewerage service charges Plumbing inspection and license fees Other revenue

Total operating revenues

43,995,732 61,877,246

590,604 2,487,983

108,951,565

37,795,522 68,304,547

542,340 2,927,070

109,569,479

Operating Expenses: Power and pumping Treatment Transmission and distribution Customer accounts Customer service Administration and general Payroll related

Maintenance ofgeneral plant Depreciation Amortization

Provision for doubtful accounts Provision for claims

Total operating expenses

Operating loss

Non-operating revenues (expenses): Two-mill tax Three-mill tax Six-mi!l tax Nine-mill tax Other taxes

Operating and maintenance grants Interest income Hurricane gain Interest expense

Total non-operating revenues (expenses)

Loss before capital contributions

Capital contributions


Net assets:

Beginning of year

End of year


14,178,641 18,243,782 18,994,209 2,719,594 3,323.696

15,173,190 31,549,622 33,455,074 31,546,017

158,019 1,244,862

587.465

171,174,171

(62,222,606)

11,294,822 11,406,361 17,001,253

515,735 (3,973)

3,545,564

(1,720,030)

42,039.732

(20,182,874)

(29,931,607)

(50,114,481;

1,285,649,837

$ 1,235,535,356

13,041,954 16,280,975 19,832,226 2,290,092 2,670,145

14,899,028 28,259,815 26,993,626 25,377,733

158,019 12,613,283 (2,448,965)

159,967,931

(50,398,452)

120 10,381,155 10,513,559 15,773,070

443,122 1,777,188 5,826,769

205,995 (2,443,612)

42,477,366

(7,921,086)

71,955,106

64,034,020

1,221,615,817

$ 1,285,649,837

U-17


STATEMENTS OF CASH FLOWS

ENTERPRISE FUND

For the years ended December 31,2008 and 2007

Cash flows from operating activities

Cash received from customers

Cash payments to suppliers for goods and services

Cash payments to employees for services

Other revenue

Net cash used in operating activities

Cash flows from noncapital financing activities

Proceeds from property taxes

Proceeds from federal operating and maintenance grants

Cash received from other govemment (Note 14)

Net cash provided by noncapital fmancing activities

Cash flows from capital and related financing activities

Acquisition and construction of capital assets

Proceeds from Special Community Disaster loan

Proceeds from Debt Service Assistance Fund loan

Principal payments on bonds payable

Interest paid on bonds payable

Principal payments on capital lease

interest paid on capital lease

Proceeds from construcrion fund, net (Note 14)

Capital contributed by developers and federal grants

Net cash used in capital and related financing activities

Cash flows from investing activities

Payments for purchase of investments

Proceeds from maturities of investments

Investment income

Net cash provided by investing activities

Net increase in cash

Ca.'ih at the beginning ofthe year

Cash at the end ofthe year

Reconciliation of cash and restricted cash (note 2)

Current assets - cash

Restricted assets -cash

Total cash

2008

113,557,045

(72,538,365)

(56,968,728)

2,692,029

(13,258,019)

34^444,278

695,562

21,097,027

56,236,867

(81,327,975)

12,805,271

(12,635,000)

(14,485,620)

(104,445)

(1>409)

7,831,592

28,612,316

(59,305.270)

(482,917,302)

510,268,751

6,119,988

33,471,437

17,145,015

18,377,893

$ 35,522,908

$ 34,588,256

934,652

$ 35,522,908

2007

90,872,549

(89,872,636)

(54,394,472)

5,912,336

(47,482,223)

41.638,050

1,083,116

42,721,166

(54,136,105)

15,945,181

24,161,049

(12,020,000)

(13,322,332)

(2.656,227)

(43,612)

41,166,867

(905,179)

(470,107,390)

468,795,632

9,877,116

8,565,358

2,899,122

15,478,771

18,377,893

17,933,399

444,494

18,377,893

(Continued)

11-18


STATEMENTS OF CASH FLOWS (Continued)

ENTERPRISE FUND

For the years ended December 31, 2008 and 2007

2008 2007

Reconciliation of operaring loss to net cash used in operating activities is as follows: Operating loss Adjustments to reconcile net operating loss to net cash

used in operating activities: Depreciation Provision for claims Provision for doubtful accounts Amortization Change in operating assets and liabilities:

(Increase) decrease in customer and other receivables Increase in inventory Increase (decrease) in prepaid expenses

and other receivables Decrease in net pension asset Increase (decrease) in accounts payable Increase (decrease) in accrued salaries, due to

pension and accrued vacation and sick pay Increase in net other postretirement benefits liability Decrease in other liabiliries

Net cash used in operating activiries


$ (62,222,606) t

31.546.017 587,465

1,244,862 158,019

7,559,667 (711,121)

(511,949) 2,231,244 2,066,541

893,310 8,511,992

(4,611,460)

$ (13,258,019) ;

S (50.398,452)

25,377,733 (2,448,965) 12,613,283

158,019

(15,006,027) (2.578,116)

1,769,166 663,310

(22,408,188)

(310,561) 6,674,710

(1,588,135)

B (47,482,223)

Ii-19

SEWERAGE AND WATER BOARD OF NEW ORLEANS STATEMENTS OF PLAN NET ASSETS

PENSION TRUST FUND December 31, 2008 and 2007

2008 2007

Assets: Cash Receivables;

Investment income Employee contributions receivable

Due from other fund Investments

Total assets

Liabilities: DROP participants payable

Total liabilities

Plan net assets available for pension benefits

$ 776,446 $

103,710

17,023

274,483

165,246,434

166,418,096

4,034,240

4,034,240

$ 162,383,856 $

: 102,653

401,192

19,603

257,562

231,011,414

231,792,424

3,966,600

3,966,600

227,825,824


11-20

SEWERAGE AND WATER BOARD OF NEW ORLEANS STATEMENTS OF CHANGES IN PLAN NET ASSETS

PENSION TRUST FUND For the years ended December 31, 2008 and 2007


2008 2007

Addirions: Contributions:

Employee contributions Employer contributions City annuity and other transfers in

Total contribufions

Investment income: Interest income Dividend income Net appreciation

Less investment expense

Net investment income

Total addirions

Deductions; Net depreciation in investments Benefits Employee refunds Employee contributions to DROP

Total deductions

Change in plan net assets

Plan net assets at beginning of year

Plan net assets at end of year

1,143.858 4,915,512

958,605 7,017,975

(27,774) 1,812,649

1,784,875 (316,309)

1,468,566

8,486,541

(60,658.710) (10,782,636)

(133,779) (2,353,384)

(73,928,509)

(65,441,968)

227,825,824

162,383,856 $

1,014,461 3,885,124 1,854,239 6,753,824

1,036.269 2,041,471 5,242.261

8,320,001 (372,356)

7,947,645

14,701,469

(10,625,533) (215,746)

(1,971,448)

(12,812,727)

1,888,742

225,937,082

227,825,824

II-2I

NOTES TO BASIC FINANCIAL STATEMENTS


NOTES TO FINANCIAL STATEMENTS

(1) Summary of Significant Accounting Policies

History and Organization

The major operation ofthe Sewerage and Water Board of New Orleans (the Board) is providing water, sewerage and drainage services for the City of New Orleans (City). The Sewerage and Water Board of New Orleans was created by Act 6 of the Louisiana Legislature of 1899 as a special board independent of the City's govemment to construct, maintain and operate a water treatment and distribution system and a public sanitary sewerage system for the City. In 1903, the Legislature gave the Board control of and responsibility for the City's major drainage system and relieved the City of the duty of providing in its annual operating budget or otherwise for the maintenance and operations ofthe water, sewerage and drainage systems.

In accordance with the Louisiana Revised Statutes (LRS) 33:4096 and 4121, the Board has the authority to establish the water and sewerage rates to charge to its customers. Tlie rates are based on tlie actual water consumed and on the costs of maintenance and operation of the water and sewerage systems, including the costs of improvements and replacements. The collections of water and sewerage revenues are to be used by the Board for the maintenance and operation ofthe systems, the cost of improvements, betterments, and replacements, and to provide for the payments of interest and principal on the bonds payable. On March 21, 2007, the Board approved a series of five annual water rate increases beginning with the first increase on November 1, 2007 followed by four additional increases to be implemented on July 1 of each year, 2008 through 2011. The New Orleans City Council approved the annual water rate increases on October 4, 2007.

The Board has also been given the authority to levy and collect various tax millages which are used for the operation and maintenance ofthe drainage operations. All excess revenues collected are made available for capital development ofthe system. The proceeds ofthe rate collections and tax millages are invested in such investments as authorized by the LRS. These investments are reflected in the combined statement of net assets, as "restricted assets," as they are restricted to the purposes as described above.

The Board is composed of thirteen members, including the Mayor of the City, the two Council Members-at-Large, and one District Councilman selected by the City Council, two members ofthe Board of Liquidation and seven citizens appointed by the Mayor. The appointed members ofthe Board serve staggered nine year tenns.

The Board's accounting policies conform to accounting principles generally accepted in the United States of America as applicable to utilities and to govemmental units. The following is a summary ofthe more significant policies.

(A) Reporting Entity

In conformity with the Govemmental Accounting Standards Board's definition of a reporting entity, the Board includes an enterprise fund and a pension trust fund for financial reporting purposes. The Board is considered a reporting entity based on the following criteria:

n-22


NOTES TO FINANCL4L STATEMENTS (Continued)

(1) Summary of Significant Accounting Policies (continued)

(a) Responsibility for surpluses/deficits. The Board is solely responsible for its surpluses/deficits. In accordance with Louisiana Revised Statutes, no other govenunental unit is responsible for the Board's deficits or has a claim to its surpluses, Tlie Board's operations are self-sustaining; revenues are generated through charges to customers and dedicated property taxes. Other than grants, no funding is received from tlie State ofLouisiana or the City of New Orleans.

(b) Budget Approval. The Board is solely responsible for reviewing, approving and revising its budget.

(c) Responsibih'ty for Debt. The Louisiana Revised Statutes authorize the Board to issue bonds; such bonds must bear on their face a statement that they do not consritute a debt of the City. The Board is solely responsible for payments to the bondholders. No other govemmental unit is required by statute to make any payments to bondholders nor have any payments to bondholders ever been made by any governmental unit, except the Board.

(d) Designation of Management The Board controls the hiring of management and employees.

(e) Special Financial Relationship. The Board has no special fmancial relationships with any other governmental unit.

(f) Statutory Authority. The Board's statutory autliority was created by tlie State of Louisiana as an mdependent governmental unit. Only an amendment to state statutes can change or abolish the Board's authority'.

The Board is a stand-alone entity as defmed by Governmental Accounting Standards Board Statement 14, The Financial Reporting Entity. The Board is a legally-separate govemmental organization that does not have a separately elected goveming body and does not meet the definition of a component unit. As a result of a Louisiana Supreme Court decision on March 21, 1994, the Board was declared to be an autonomous or self-governing legal entity, legally independent of the city, state and other govemments, created and organized pursuant to Louisiana Revised Statutes 33:4071 as a board, separate and independent ofthe governing authorities ofthe City and vested with autonomous or self goveming authority. No other government can mandate actions of the Board nor impose specific fmancial burdens. The Board is fiscally independent to operate under its bond covenant and the provisions ofLouisiana Revised Statute provisions.

The City of New Orleans includes the Board as a component unit in the City's fmancial statements.

11-23


NOTES TO FINANCIAL STATEMENTS (Continued)

(1) Summarv of Significant Accounting Policies (continued)

(B) Basis of Financial Statement Presentation

The Board's basic financial statements consist ofthe govemment-wide statements which include the proprietary fund (the enterprise fund) and the fund financial statements which includes the fiduciary fund (the pension trust fund). The operations of the Board are accounted for in the following fund types:

Proprietarv Fund Type

The proprietary fund is used to account for the Board's ongoing operations and activities which are similar to those often found in the private sector. The proprietary fund is accounted for using a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the statement of net assets. Net assets are segregated into amounts invested in capital assets (net of related debt), restricted for debt service, restricted for capital projects and unrestricted. The Board's restricted assets are expandable for their purposes. The Board utilizes available restricted assets before utilizing unrestricted assets. The operating statements present increases (revenues) and decreases (expenses) in net assets. The Board maintains one proprietary fund type - the enterprise fund. The enterprise fund is used to account for operations (a) that are fmanced and operated in a manner similar to private business enterprises-where the intent of the goveming body is that the cost (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic detennination of revenues eamed, expenses incurred, and/or net income is appropriate for capita! maintenance. The presentation of the financial statements ofthe enterprise fund follows the format recommended by the National Association of Regulatory Utility Commissioners (NARUC).

TTie statement of net assets arrangement for a utility reflects the relative importance ofthe various accounts. "Property, plant and equipment" is the fust major category on the asset side, and long-tenn capitalization categories of net assets are listed first on the liability side. Current assets and current liabilities are assigned a relatively less important position in the center ofthe statement of net assets, ratiier than being placed first as in the statement of net assets of commercial and industrial enterprises.

Operating revenues include all charges for service; other revenues include recormection fees and other miscellaneous charges. Operating expenses include the costs associated with providing water, sewerage and drainage services. Interest income, interest expense and tax revenues are presented as non-operating items.

The enteiprise fund is presented m the govemment-wide financial statements.

11-24

SEWERAGE AND WATER BOARD OF IVEW ORLEANS



Fiduciary Fund Type

The fiduciary fund is used to account for assets held by the Board in a trustee capacity or as an agent for individuals, private organizations, other govemmental units and/or other funds. The Board maintains one fiduciary fiind type - the pension tmst fund. The pension trust fund uses tlie flow of economic "resources measurement focus. All assets and liabilities associated with the operation of this fund are mcluded in the statement of plan net assets. The pension trust fund is used to account for the activity ofthe Board's employee retirement plan.

The pension trust fund is presented in tlie fund fmancial statements.

The Board applies all applicable FASB pronouncements issued on or before November 30, 1989 in accounting for its enterprise fund and pension tmst fund operations unless those pronouncements conflict with or contradict GASB pronouncements.

(C) Basis of Accounting

The enterprise fund and the pension trust fund prepare their financial statements on the accmal basis of accounting. Unbilled utility service charges are not recorded as management considers the effect of not recording such unbilled receivables as not material. Property taxes are recorded as revenue in the year for which they are levied. Plan member conti'ibutions are recognized in the period in which contributions are due. Employer contributions to the pension plan are recognized when due and the employer has made a commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the tenns ofthe plan.

(D) Investments

Investments are reported at fair value, except for short-term investments (maturity of one year or less) which are reported at amortized cost, which approximates fair value. Securities traded in a national or intemational exchange are valued at the last reported sales price at current exchange rates. Investments that do not have an established market are repotted at estimated fair value.

(E) Inventory of Supplies

Inventory of supplies is stated at the lower of cost or market. Cost is determined by the first-in, first-out method.

(F) Propeitv. Plant and Equipment

Property, plant and equipment are carried at historical cost. The Board capitalizes moveable equipment with a value of $10,000 or greater, stationary, network and other equipment with a value of $5,000 or greater and all real estate. The cost of additions includes contracted work, direct labor, materials and allocable cost. Donated capital assets are recorded at their estimated fair value at the date of donation.

n-25


NOTES TO FINANCL^L STATEMENTS (Continued)


Interest is capitalized on property, plant, and equipment acquired and/or constmcted with tax exempt debt. Depreciation is computed using the straight-line method over the estimated useful life ofthe asset. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in revenue for the period. The cost of maintenance and repairs is charged to operations as incurred and significant renewals and bettennents are capitalized. Deduction is made for retirements resulting from renewals or betterments.

(G) Vacation and Sick Pay

Vacation (annual leave) and sick pay (sick leave) are accrued when eamed. Annual leave is accmed at the rate of .6923 of a workday for each bi-weekly accrual period for all employees on the payroll as of December 31, 1978. Employees hired after that date earn leave at a rate of .5 of a workday per bi-weekly pay period.

All employees on the payroll as of December 31, 1978 receive three bonus days each year; all employees hired after that date receive tliree bonus days each year for five through nine calendar years of continuous sendee; six bonus days each year for ten through fourteen years; nine bonus days each year for fifteen through nineteen years; and, twelve days for twenty or more years of continuous service. Civil Service's policy permits employees a limited amount of eamed but unused annual leave which will be paid to employees upon separation from the Board. The amount shall not exceed ninety days for employees hired before January 1, 1979, and forty-five days for employees hired after December 31, 1978.

Sick leave is accumulated on a bi-weekly basis by all employees hired prior to December 31, 1978 at an accrual rate of .923 of a workday. For employees hired subsequent to December 31, 1978, the accmal rate is .5 of a workday for each bi-weekly period, plus a two day bonus each year for employees with six tiirough fifteen calendar years of continuous seiyice, and seven bonus days each year for employees with sixteen or more calendar years of continuous service.

Upon separation from the Board, an employee can elect to convert imused sick leave for retirement credits or cash. The conversion to cash is determined by a rate ranging from one day of pay for five days of leave for the 1 st through 100th leave day to one day of pay for one day of leave for all days in excess of the 400th leave day. The total liability for unconverted sick leave as December 31, 2008 and 2007 is approximately $12,949,000 and $12,259,000, respectively. The amount included in the statements of net assets as of December 31, 2008 and 2007 is $9,435,109 and $8,982,354, respectively, which represents the annual leave and the converted sick leave since virtually all employees convert tiieir sick leave to cash. The amounts for compensated absences include the salar)' cost as well as certain salary related costs, such as tlie Board's share of social security expense. The following table summarizes changes in the Board's vacation and sick pay liability.

Current Year Beginning of Earned and Changes End of

Year Year Liabilit}^ in Estimate Payments Year Liability 2008 8.982,354 6,182,313 (6,635,068) 9,435,109 2007 9,436,585 7,248,789 (6,794,558) 8,982,354

11-26



(1) Summary of Significant Accounting Policies (continued)

(H) Pension

Tlie Board funds the accmed pension cost for its contributory pension plan which covers substantially all employees. Annual costs are actuarially computed using the entry age nonnal cost method.

(I) Drainage Svstem

In 1903, the Legislature gave the Board control of and responsibility for the City's drainage system. The Drainage System was established as a department of the enterprise fund to account for the revenues from three-mill, six-mill and nine-mill ad valorem taxes designated exclusively for drainage services. These revenues have been supplemented by inspection and license fees collected by the Board. There exists a potential for additional financing by additional user sen'ice charges. Expenditures from the system are for the debt service of three-mill, six-mill and nine-mill tax bonds and drainage related operation, maintenance and constmction.

(J) Self-Insurance/Risk Management

The Board is self-insured for general liability, worker's compensafion, unemployment compensafion and hospitalization benefits and claims. The accrued liability for the various types of claims represents an estimate by management ofthe eventual loss on the claims arising prior to year-end, including claims incurred and not yet reported including estimates of both future payments of losses and related claims adjustment and expense. Estimated expenses and recoveries are based on a case by case review.

(K) Capital Contributions

Contributions from developers and others, and receipts of Federal, State and City grants for acquisifion of property, plant and equipment are recorded as capital contributions in the statement of revenues, expenses and changes in net assets,

(L) Bond Issue Cost and Refinancing Gains (Losses')

Costs related to issuing bonds are capitalized and amortized based upon the methods used to approximate the interest method over the life ofthe bonds. Beginning with fiscal years in 1994 and thereafter, gains and losses associated with refundings and advance refundings are being deferred and amortized based upon the methods used to approxunate the interest method over the life of the new bonds or the remaining term on any refunded bond, whichever is shorter. Premiums associated with bond issues are amortized over the interest yield method.

(M) Cash Flows

For purposes of the statement of cash flows, only cash on hand and on deposit at fmancial institufions are considered to be cash equivalents. Certificates of deposits, treasury' bills and other securities are considered investments.

11-27

SEWERAGE AND WATER BOARD OF NXW ORLEANS


(1) Summarv of Significant Accounting Policies (continuedl

(N) Use of Restricted Assets

When restricted and unrestricted resources are available to cover expenses, unrestricted resources arc first applied.

(O) Use of Estimates

The preparafion of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estunates and assumptions that affect the reported amounts of assets and liabilities and disclosure of confingent assets and liabilities at the date of the financial statements and tlie reported amounts of revenue and expenditures during the period. Actual results could differ from those esfimates. The cun-ent economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.

(P) Net Assets

The Board classifies net assets into two components: invested in capital assets, net of related debt and restricted. These components are defined as follows:

Invested in capital assets, net of related debt - This component of net assets consists of capital assets, net of accumulated depreciafion and reduced by the outstanding debt attributable to the acquisifion, construction, or improvement of those assets. If there are significant unspent related debt proceeds at year-end, the portion of the debt attributable to the unspent proceeds is not included in this component of net assets. Rather, that portion of debt is included in the same component of net assets as the unspent proceeds.

Restricted - This component reports those net assets with extemally imposed constraints placed on their use by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other govemments or constramts imposed by law through constitutional provisions or enabling legislation.

Unrestricted - This component reports net assets that do not meet the definition of either of the other two components.

(2) Cash and hivestments

The Board's investments and cash consist primarily of investments in direct obligations of the United States or agencies thereof and deposits with fmancial mstitutions.

n-28



(2) Cash and Investments (continued)

Custodial Credit Risk - Deposits - Custodial credit risk is the risk diat in the event of a bank failure, the govemment's deposits may not be returned to it. Statutes require that the Board's cash and certificates of deposit be covered by federal depository insurance or collateral. At December 31, 2008, the Board's deposits with banks consisted of cash totaling $40,291,215 and certificates of deposit of $138,370,437. At December 31, 2007, the Board's deposits with banks consisted of cash totalmg $22,882,391 and certificates of deposit of $116,329,710. Ofthe cash bank balance at December 31, 2008 and 2007, $815,258 and $760,331, respecfively, is covered by federal depository insurance. The remaining amount ofthe Board's cash bank balances and all certificates of deposit for 2008 and 2007 were covered by collateral held by custodial agents ofthe financial insfitufions in the name ofthe Board.

In accordance with GASB 40, unless there is infonnation to the contrary, obligations ofthe U.S. Govemment are not considered to have credit risk and do not require disclosure of credit quality.

Tlie following are the components of the Board's cash and investments as of December 31:

Unrestricted Restricted Total 2008 Enterprise Fund: Cash and money market funds $ 34,588,256 $ Certificates of deposit -

934,652 $ 35,522,908 38,370,437 138,370,437

Investments Total cash and investments at fair value

2007

34,588,256 139,305,089 173,893,345 - 25,441,782 25,441,782

34,588,256

Unrestricted Enterprise Fund: Cash and money market funds $ 17,933,399 $ Certificates of deposit -

17,933,399

164,746,871 $ 199,335,127

Restricted Total

444,494 $ 18,377,893 116,329,710 116,329.710 116,774,204 74.408.313

134,707,603 74.408,313 Investments

Total cash and investments at fair value $ 17,933,399 $ 191,182,517 $ 209,115,916

The comp>osition and carrying value of investments is as follows:

2008 2007 Enterprise Fund: LAMP U.S. Govemment Securities and Instmmentalities

7,814,883 $ 7,807,000

17,596,899 66,601,313

25.411,782 $ 74,408.313

n-29




2008 Pension Tmst Fund: Money Market LAMP Corporate Bonds Equities

979,756 4,035,743

71,876,205 88.354,730

2007

1,637,157

80,714,328 148,659,929

165,246,434 $ 231,011,414

Investments - Statutes authorize the Board to invest in obligafions of tlie U.S. Treasury, agencies, and instmmentalities, commercial paper rated A-1 by Standard & Poors Corporation or F-l by Moody's Commercial Paper Record, repurchase agreements, and the Louisiana Asset Management Pool (LAMP). In addition, the pension tmst fund is authorized to invest in corporate bonds rated A or better by Standard & Poors Corporation or AAA or better by Moody's Investors Service, and equity securifies.

LAMP is administered by LAMP, Inc., a non-profit corporation organized under the laws of the State ofLouisiana. Only local govemment entities having contracted to participate in LAMP have an investment interest in its pool of assets. The primary objective of LAMP is to provide a safe environment for tlie placement of public fimds in short-term, high quality investments. Tlie LAMP portfolio includes only securities and other obligafions in which local govemments in Louisiana are authorized to invest in accordance with Louisiana R.S. 33:2955. Accordingly, LAMP investments are restricted to securities issued, guaranteed, or backed by the U.S. Treasury, the U.S. Govemment, or one of its agencies, enterprises, or instrumentalities, as well as repurchase agreements collateralized by those securities. The dollar weighted average portfolio maturity of LAMP assets is restricted to not more than 90 days, and consists of no securities witli a maturit>' in excess of 397 days. LAMP is designed to be highly liquid to provide immediate access to participants. The fair market value of investments is determined on a weekly basis to monitor any variances between amortized cost and market value. For puiposes of detennining participants' shares, investments are valued at amortized cost.

Under the provisions of its benefit plan and state law, the Board's pension benefit trust engages in securities lending to broker dealers and other entities for cash collateral that will be retumed for the same securities in the future. The cash collateral caimot be liquidated by tiie Board unless the borrower defaufts. Cash collateral is initially pledged at 104% of the market value of securhies lent and additional collateral is provided by the next business day if the value falls to less than 100% ofthe market value ofthe securities lent. No collateral exposure existed as of December 31, 2008 and 2007. The value of securifies lent at December 31, 2008 and 2007 was $38,883,529 and $52,141,791. The market value ofthe cash collateral at December 31, 2008 and 2007 was $40,559,644 and $54,107,811.

n-30




Interest Rate Risk - Interest rate risk is the risk that changes in market interest rates will adversely affect tlie fair value of an investment, hi general, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. The Board has a formal investment policy that states that the investment portfolio shall remain sufficiently liquid to meet all operating and capital requirements that may be reasonably anticipated and that maturities of investments are to be structured in concurrent with cash needs to meet anticipated demand. As of December 31, 2008 and 2007, the Board's Enterprise Fund investments in U.S, Govemment Securifies and Instmmentalities included U.S. Treasury Bills and Strips totaling $17,596,899 and $66,601,3 13, respectively, all of which have a remaining maturity of less than one year.

Credit Risk - State law limits investments in securities issued, or backed by United States Treasury obligafions, and U.S. Govemment instrumentalifies, which are federally sponsored. The Board's investment policy does not further limit its investment choices. LAMP is rated AAAm by Standard & Poor's. The Pension Trust Fund's investment policy requires that fixed income investments be investment grade (BBB or higher as rated by Standard & Poor's or Baa or higher as rated by Moody's. Bonds rated below BBB/Baa are not to exceed 15% ofthe portfolio and non-rated bonds are not to exceed 1% ofthe portfolio.

(3) Defined Benefit Pension Plan

The Board has a single-employer contributory retirement plan covering all full-time employees, the Pension Trust Fund (PTF). The Board's payroll for current employees covered by PTF for the years ended December 31, 2008 and 2007 was $29,466,571 and $26,544,603, respectively; such amounts exclude overtime and standby payroll. Total payroll, including overtime and standby payroll, was $42,733,299 and $38,438,336 for the years ended December 31, 2008 and 2007, respecfively. At December 31, the PTF membership consisted of:

2008 2007 KctiTccs and beneficiaries currently receiving benefits and

terminated employees entitled to benefits but not yet receiving them 752 737

Current employees: Vested Non-vested

Total

The benefit provisions were established by action of the Board in 1956 in accordance with Louisiana statutes. The Board retains exclusive control over the plan through the Pension Committee of the PTF. Effecfive January 1, 1996, the plan became qualified under Internal Revenue Code Secfion 40 J (a) and thus is tax exempt.

604 223 827

1,579

558 247 805

1,542

11-31


NOTES TO F1NANCL4L STATEMENTS (Continued)

(3) Defined Benefit Pension Plan (continued)

The plan provides for retirement benefits as well as death and disability benefits. All benefits vest after ten years of service. Employees who retire at or after age sixty-five with ten years of credited service are entitled to an atmual retirement benefit, payable biweekly for life, in an amount eqtial to two percent of their average compensation for each year of credited service up to ten years, increasing by (1) one-half percent per year for sen'ice years over ten years, (2) an additional one-half percent per year for service years over twenty years and (3) an additional one percent per year for service years over thirty years, for a maximum of four percent for each year of credited service. Average compensafion is the average annual eamed compensafion (prior to 2002, less $1,200) for the period of tliirty-six successive months of service during which the employee's compensation was the highest. Employees with thirty years or more of credited service may retire without a reduction in benefits. Employees may retire prior to age sixty-two without thirty years of service with a reduction in benefits of three percent for each year of age below the age of sixty-two. If an employee leaves covered employment or dies before three years of credited service, the accumulated employee contributions plus related investment earnings are refimded to the employee or designated beneficiaiy.

The retirement allowance for retirees over age sixty-two is subject to a cost of living adjustment each January 1, provided that the member retired on or after January 1, 1984. The adjustment is based on the increase in the Consumer Price Index for all urban wage earners published by the U.S. Department of Labor, but is limited to an annual maximum of two percent on the first $10,000 of inifial refirement benefits.

Effective September 23, 1993, employers may transfer credit between the Board's plan and die City of New Orleans retirement system with full credit for vested service. The Board and its employees are obligated under plan provisions to make all required contribufions to the plan. The required contributions are actuarially detennined. Level percentage of payroll employer contribution rates is determined using the entiy age normal actuarial funding method. Employees are required to contribute four percent of their regular salaries or wages.

The Board had attained fttii funding of the actuarially computed pension liability in 2000. Effective June 19, 2002, however, as a result ofthe adoption of several plan changes in accordance with the Board's reciprocity agreement with the City of New Orleans, the plan became unfunded. These changes unpacted the plan's funding requirements by $20,333,835, which is being amortized over a 10 year period. Key changes adopted included; (a) amendment to benefit formula; (b) adoption of a "Rule of 80" rethement; (c) change in the years of service required for a terminating employee to qualify' for a later separafion benefit from 10 years to 5 years; and (d) eliminafion ofthe exclusion ofthe fu-st $1,200 of eamings form benefits and contributions.

The annual required contribution for the curreni year was determined as part ofthe December 31, 2008 actuarial valuation using the entry age normal cost method. The actuarial assumpfions included (a) 7.0% investment rate of retum (net of administrative expenses) and (b) projected salary increase of 5.0% per year. Both (a) and (b) mcluded an inflafion component of 2.0%. The actuarial value of assets was determined usmg a seven-year weighted market average.

n-32



(3) Defined Benefit Pension Plan (continued)

The Board's net pension asset for the years ended December 31 was as follows:

2008 2007

Amiual required contribution Interest on net pension obligation Adjustments to annual required contribution

Annual pension cost Contribufions made

Decrease in net pension asset

Net pension asset, beginning of year

Net pension asset, end of year

7,146,527 (195,069) 384,575

7,336,034

5,104,788

2,231,245

2,786,696

4,598,587 (241,500) 476,115

4,833,202 4,169,892

663,310

3,450,005

$ 555,451 $ 2,786,695

The net pension asset is being amortized over 10 years as of December 31, 2008, using the level dollar closed method and using the same interest, salary increase and inflation factors as the plan.

Trend infomiation for Board and employee contribufions is as follows:

•iscal year ending: December 31,2008 December 31, 2007 Decembers], 2006 December 31,2005

$ $ $ $

Annual Pension

Cost (APC)

7,336,034 4,833,202 4,326,480 5,216,428

Percentage of APC

Contributed

70% 86% 94% 82%

$ $ $ $

Net Pension

Asset

555,451 2,786,695 3,450,005 3,718,709

Tlie actuarially determined contribution requirement for the Board was 24.253% for 2008 and 17.324% for 2007. The requirement for employees is 4.0 percent. Tlie actual Board's and employees' contribufions (including contributions for transfened employees from other pension plans) for years ended December 31 were as follows:

Employer atid other transfers Employee

Total Contributions

2008 $ 5,874,117

1,143,858

$ 7,017,975

2007 $ 5,739,363

1,014,461

$ 6.753.824

n-33


NOTES TO FINANCLAL STATEMENTS (Continued)

(3) Defmed Benefit Pension Plan (continued)

DROP

Beginning in 1996, the Board offered employees a "Deferred Refirement Option Plan" (DROP), an optional retirement program which allows an employee to elect to freeze his or her retirement benefits, but continue to work and draw a salary for a minimum period of one year to a maximum period of five years. While confinuing employment, the retirement benefits are segregated from overall plan assets available to other parficipants. As of December 31, 2008 and 2007, 99 and 81 employees, respectively, participated in the plan. The amount of plan assets segregated for these individuals was $4,034,240 and $3,966,600 as of December 31, 2008 and 2007, respectively.

A separate report on the pension tmst fund is not issued.

(4) Propertv. Plant and Equipment

The useful lives of property, plant and equipment consisted ofthe following:

Power and pumping stafions - buildings Power and pumping stafions - machinery Distribution systems Sewerage collection Canals and subsurface drains Treatment plants Connecfions and meters Power transmission General plant General buildings

57 years 40 years 75 years 75 years 75 to 100 years 50 years 50 years 50 years 12 years 25 years

n-34



(4) • PropertN^ Plant and Equipment (continued)

Propert)', plant and equipment consisted ofthe following as of December 31:

2008

Cost

Real estate rights, non depreciable Power and pumping stations -buildings Power and pumping stations -machinery

Distribution systems

Sewerage collection

Canals and subsurface drainage Treatment plants

Connections and meters Power transmission

General plant

General buildings Total property, plant and equipment in service

Construction in progress Total property, plant and equipment

Accumulated Depreciation Power and pumping stations -buildings Power and pumping stations -machinery Distribution systems

Sewerage collection

Canals and subsurface drainage Treatment plants

Connections and meters

Power transmission General plant

General buildings Total accumulated depreciafion

Net property, plant, and equipment

Beginning Balance

$ 8,639,525

287,862,377

224,489,768 121,812,303

234,788,244

281,803,343 116,746,590

38,521.713 23,607,668

180,041,127

7,586,547

1,525,899,205 522,534,554

2,048,433,759

85,608,774

107,360,835 40,813,481

30,615,649

53,661,590 42,194,556

26,460,858 11,470,802

180,041,127 4,980,154

583,207,826

$1,465,225,933

Additions

$

5,780,064

10,343,533

288,776 20,447,865

157,647

3,965,689

3,811,737

-9,775,622

-

54,570,933

76,074,913

130,645,846

5,138,743

5,869,946 1,609,010

3,376,115

2,848,083 2,414,246

845,537

472,153 8,668,722

303,462

31,546,017

$ 99,099,829

Deletions

S

-

-

(434,291) (1,392,829)

--

(56,521)

-(102,131)

-

(1,985,772) (54,520,374)

(56,506,146)

-

-(434,291)

(1,392,829)

-

-(56,521)

-

(102,131) -

(1,985,772)

$ (54,520,374)

Ending Balance

$ 8,639,525

293,642,441

234,833,301

121,666,788

253,843,280 281,960,990

120,712,279

42,276,929 23,607,668

189,714,618

7,586,547

1,578,484,366

544,089,093

2,122,573,459

90,747,517

113,230,781

41,988,200 32,598,935

56,509,673

44,608,802

27,249,874 11,942,955

188,607,718

5,283,616 612,768,071

$1,509,805,388

n-35



(4) Propeitv. Plant and Equipment (continued)

2007

Cost Real estate rights, non depreciable Power and pumping stations -buildings Power and pumping stations -machinery

Distribution systems Sewerage collection

Canals and subsurface drainage

TreaUiient plants Connections and meters Power transmission

General plant

General buildings Total property, plant and equipment in service

Construction in progress Total property, plant and equipment

Accumulated Depreciation Power and pumping stations -buildings Power and pumping stations -machinery Distribution systems Sewerage collection Canals and subsurface drainage Treatment plants Connections and meters Power transmission Genera] plant Genera] buildings

Total accumulated depreciation

Net property, plant, and equipment

Beginning Balance

$ 8,639.525

278,823,495

222,504,768

119,077,196 228,195,494

280,879,403

113,375,473 38,527,630

23,607,668

177,252,452

7,586,547

1,498,469,651

458,566,912

1,957,036,563

79,655,020

101,749,477

39,965,448

28,569,559 51,417,955

39,859,624

25,802,903

10,998,649 177.252,452

4,676,692

559,947,779

$1,397,088,784

Additions

$

9,038,882

1,985,000 3,516,334

7,669,343 923,940

3,371,117 106,561

-3,192,454

-

29,803,631

94,192,714

123,996,345

5,953,754

5,611,358 1,629,260

3,122,683

2,243,635 2,334,932

770,433

472,153

3,192,454

303,462

25,634,124

$ 98,362,221

Deletions

$

-

-

(781,227)

(1,076,593)

--

(112,478)

-

(403,779) -

(2,374,077)

(30.225,072)

(32,599,149)

-

-

(781,227)

(1,076,593)

-

-(112,478)

-(403,779)

-

(2,374,077)

$ (30,225,072)

Ending Balance

$ 8,639,525

287,862,377

224,489,768

121,812,303

234,788,244

281,803,343 116,746,590

38,521,713

23,607,668

180,041,127

7,586,547

1,525,899,205

522,534,554

2,048,433,759

85,608,774

107,360,835

40,813,481

30,615,649 53,661,590

42,194,556

26,460,858

11,470,802

180,041,127 4,980,154

583,207,826

$1,465,225,933

n-36

(4)

(5)

(6)

Property. Plant and Equipment (continued)

Interest capitalized was as follows for die years ended December 31:

2008 2007 Interest income Interest expense

1,966,531 $ 3,979,717 (12,293,962) (13,222,352)

Net interest capitalized $ (10,327,431) $ (9,242,635)

Customer Receivables

Customer receivables as of December 31 consist ofthe following;

2008

2007

Water Sewer

Water Sewer

$ "

$ _

$

$_

Customer Accounts 21,675,663 27,092,747

48,768,410

24,065,882 34,237,243

58,303,125

Due from the City of New Orleans

$ '

$ _

$

$_

Allowance for Doubtful

Accounts 16,652,907 24,813,536

41,466,443

16,721,384 25,475,244

42,196,628

$ '

$ 1-

$

$ <•

Net 5,022,756 2,279,211

7,301,967

7,344,498 8,761,999

16,106.497

In accordance witli the terms of an agreement with the City of New Orleans, the Board and the City agreed to offset $2,098,687 (net of unearned discount $285,696) owed by the Cit>' to the Board at the rate of $200,000 annually in lieu of civil service charges through 2009. As of December 31, 2008 and 2007, $122,812 and $297,908, respecfively, was due from the City of New Orleans.

11-37



(7) Changes in Long-term Obligations

a. Bonds Pavable

Bonds payable consisted ofthe following as of December 31;

5.00% to 6.25% sewerage revenue bonds, series 1997 (initial average interest cost 5.36%), due In annual principal installments ranging from $1,100,000 to $2,425,000; final payment due .lune 1, 2017

4.125% to 6.125%o water revenue bonds, series 1998 (initial average interest cost 4.82%), due in annual principal installments ranging from $625,000 to $1,220,000; final payment due December 1, 2018

4.125% to 6.000% sewer revenue bonds, series 1998 (initial average interest cost 4.82%), due in annual principal installments ranging from $950,000 to $1,910,000; final payment due lune 1,2018

4.10% to 6.10% drainage system bonds, series 1998 (initial average interest cost 4.84%), due in annual principal installments ranging from $370,000 to $760,000; final payment due December 1, 2018

5.25% to 6.50% sewer revenue bonds, series 2000 (initial average interest cost 5.48%), due m armual principal installments ranging from $820,000 to $2,205,000; final payment due June 1, 2020

5.00% to 7.00% sewer revenue bonds, series 2000B (initial average interest cost 5.43%), due in annual principal installments ranging from $640,000 to $1,660,000; final payment due June 1, 2020

4.40% to 6.70% sewer revenue bonds, series 2001 (initial average interest cost 5.02%), due in annual principal mstallments ranging from $1,100,000 to $2,455,000; final payment due December 1, 2021

Principal Balances 2008 2007

$ 17,685,000 $ 19,175,000

0,000.000

15,625,000

6,175,000

19,585,000

14,905,000

10,770,000

6,825,000

6,650,000

20,680,000

5,755,000

24,435,000 25,795,000

11-38


NOTES TO FINANCIAL STATEMENTS (Confinued)

(7) Changes in Long-term Obligations (continued)

a. Bonds Payable (continued)

3.00% to 5.00% sewerage service revenue bonds, series 2002 (inifial average interest cost 4.36%; due in annual principal installments ranging from $1,635,000 to $4,520,000; final payment due June 1, 2022.

3.00% to 5.00% water revenue bonds, series 2002 (inifial average interest cost 4.57%, due in annual principal installments ranging from $945,000 lo $3,658,000; final payment due December 1, 2022.

3.45% to 6.00% drainage system bonds, series 2002 (initial average interest cost 4.46%), due in annual principal installments ranging from $510,000 to $2,155,000; final payment due December 1, 2022.

2.20% to 5.00% sewerage service revenue bonds, series 2003 (initial average interest cost 4.45%); due in annual principal installments ranging from $ 140,000 to $395,000; final payment due June 1, 2023.

3.25% to 6.00% sewerage service revenue bonds, series 2004 (initial average interest cost 4.62%); due in annual principal installments ranging from $945,000 to $3,685,000; final payment due June 1, 2024.

5.02% sewerage service refunding bond anticipation notes, series 2006; due in one principal installment of $24,030,000 on July 15, 2009.

Principal Balances 2008

4,490,000

2007

$ 45,740,000 $ 47,875,000

28,770,000 29,920,000

6,535,000 17,185,000

4.715,000 J )

28,280,000 29,515,000

24,030,000 24,030.000

Pius bond premiums

Total Less current maturities Bond payable, long-term

256,255,000 1,671,902

268,890,000 1,852,968

270,742,968 12,587,441

$ 220,644,423 $ 258,155,527

257,926,902 37,282,479

n-39


NOTES TO FESANCIAL STATEMENTS (Continued)


a. Bonds Pavable (continued)

The changes in long-term debt were as follows:

2008 2007

Balance, beginning of year $ 268,890,000 $ 280,910,000 Payments (12,635,000) (12,020,000)

Balance, end of year $ 256,255,000 $ 268,890,000

The annual requirements to amortize all bonds payable as of December 31, 2008, are as follows:

Year Principal Interest Total

2009 2010 2011 2012 2013 2014-2018 2019-2023 2024

Total

$ 37,300,000 $ 13,925,000 14,630,000 ]5,3S5,000 16,115,000 91,120,000 63,375,000 2,435,000

$ 256,255,000 $

10,952,837 $ 10,449,008 9,807,092 9,110,507 8,365,622

28,380,617 7,378,121

54.788

84,602,270 $

48,252,837 24,374,008 24,437,092 24,465,507 24,480,622

119,500,617 72,753,121 2,489,788

340,753,592

The amount of revenue bonds and tax bonds payable as of December 31, 2008, are as follows:

Revenue Year Bonds Tax Bonds Total

2009 2010 2011 2012 2013 2014-2018 2019-2023 2024

$ 36,115,000 $ 12,690,000 13,330,000 13,995,000 14,690,000 82,955,000 57,335,000 2,435,000

1,185,000 $ 1,235,000 1,300,000 1,360,000 1,425,000 8,165,000 8,040,000

-

37,300,000 13,925,000 14,630,000 15,355,000 16,115,000 91,120,000 63,375,000 2,435,000

Total $ 233,545,000 $ 22,710,000 $ 256,255,000

n-40



(7) Changes in Long-term Obligations (confinued)

a. Bonds Payable (continued)

The indentures under which these bonds were issued provide for the establishment of restricted funds for debt service as follows:

1. Debt service funds are required for the payment of interest and principal on the revenue and tax bonds. Monthly deposits on revenue bonds, excluding bond anficipation notes, are required to be made into this fund fi-om operations in an amount equal to 1/6 ofthe interest falluig due on the next interest payment date, and an amount equal to 1/12 of the principal falling due on the next principal payment date. All debt sei-vice funds are administered by the Board of Liquidation. The required amount to be accumulated in this fund was $6,926,669 and $6,647,720 at December 31, 2008 and 2007, respectively; the accumulated balance at December 31, 2008 and 2007 was $9,821,453 and $4,127,745 respecfively. Monthly deposits to the debt service funds were temporarily suspended due to debt service payments being paid directly by the State ofLouisiana tiirough a Cooperative Endeavor Agreement and resumed as of June 2008. See note (7) c. for addifional infonnafion.

2. A debt service reserve is required for an amount equal to but not less than fifty percent ofthe amount required to be credited in said month to the debt service fund until there shall be accumulated in the debt service reserve account the largest amount required in any future calendar year to pay the principal and interest on outstanding bonds, except for the water and sewer bonds. The water and sewer bonds require an amount equal to the largest amount required in any fijture calendar year to pay the principal of and interest on outstanding bonds. There is no debt service reserve required for the 1998 and 2002 drainage 9 mill tax bonds. The required amount to be accumulated in this fund was $22,289,918 at December 31, 2008 and 2007; the accumulated balance at December 31, 2008 and 2007 was $22,254,068.

The net operafing revenues ofthe Water Department for the years ended December 31, 2008 and 2007 did not meet the bond indenture required debt service coverage of 130 percent. The Board is in compliance with the requirements of its long-term debt agreements for the Sewerage Department at December 31, 2008 and 2007.

11-41




b. Special Community Disaster Loan Pavable

Durmg January 2006, the Board entered into a long-term agreement with the Federal Emergency Management Agency under the Community Disaster Loan Act of 2005 as a result ofthe major disaster declaration of August 29, 2005 for Hurricane Katrina. Tlie Board made draw downs totaling $61,956,747 as of December 31, 2008. The loan is for a term of five years, which maybe extended, and shall bear interest at the latest five-year Treasury rate at the fime ofthe closing date of the loan, plus one percent. Simple mterest accrues from the date of each disbursement. Payments of principal and interest are deferred until the end of the five year period. As of December 31, 2008 and 2007, approximately $4.1 million and $2.4 million of interest was accrued, respectively.

Interest rates and maturity dates for the draw downs are as follows:

Maturity Date January 23, 2011 June 21, 2011 August 27, 2011

Interest Rate 2.66% 3.12% 2.93%

Principal $ 22,298,689

6,013,905 33,644,153

$ 61,956,747

Operating revenues are pledged as security for the loan. Debt service requirements relating to the loan due in 2011 include $61,956,747 of principal and $8,475,957 of mterest.

c. Debt Service Assistance

In July 2006, the Board and tiie State ofLouisiana (the State) entered into a Cooperative Endeavor Agreement whereby the State agreed to lend up to $77,465,247 from State fiinds on deposit in the Debt Service Assistance Fund, authorized by the Gulf Opportunity Zone Act of 2005 and Act 41 of the First Extraordinary Session ofthe Louisiana Legislature of 2006, to assist in payment of debt seiyice requirements from 2006 through 2008 due to disruption of tax bases and revenue streams caused by Hurricanes Katrina and Rita. Draw downs on the loan will be made as debt service payments become due. No principal or interest shall be payable during the initial five year period ofthe loan. After the expiration ofthe initial five year period, the loan shall bear interest at a fixed rate of 4.64 percent. Prmcipal payments on the bonds begin in July 2012 and the loan will mature in July 2026. Interest is payable semi-annually on January 15 and July 15 beginnmg January 2012. The loan may be prepaid without penalty or premium. Tlie Board has the right to request one extension of its obligation to begin payments under the loan not to exceed five years. As of December 31, 2008, the Board has drawn down $77,460,393 on this agreement.

Debt service requirements relating to the bond are as follows:

Years Ending June 30 Principal Interest Total 2012 2013 2014-2018 2019-2023 2024-2027

$ 3,688,291 3,859,428

22,155,375 27,795,069 19,962,230

$ 77.460,393

$

$

3,594,387 3,423,250

14,258,017 8,618,323 1,880,951

31,774,928

$ 7.282,678 7.282,678

36,413,392 36.413,392 21,843,181

$ 109.235-321

11-42



(7) Changes in Long-tenn Obligafions (confinued)

d. Capital Leases

During October 2005, the Board entered into a capital lease for the replacement of vehicles damaged during Hurricane Katrina totaling $943,373. Addifional vehicles totaling $8,762,253 were purchased during 2006 under the same terms. Payments on these capital leases under separate payment schedules were based on the date of delivery begiiming in October 2005 and ending March 2007. Lease terms include monthly payments of principal and interest at an interest rate of 2.68%. This capital lease was secured by a security interest in the vehicles.

During August 2006, the Board entered into a capital lease for the replacement of vehicles damaged during Hurricane Katrina totaling $658,200 with payments beginnhig in August 2006 and ending March 2008. Lease terms include monthly payments of principal and interest at an interest rate of 8.08%. This capital lease was secured by a security interest in the vehicles.

The vehicles subject to the capital lease are included in property plant and equipment - general plant with a net book value of $7,742,446 and $8,590,508, at December 31, 2008 and 2007, respectively.

(8) Due to City of New Orleans

Tlie Board bills and collects sanitation charges on behalf of the City of New Orieans (City). The Board is not liable for any uncollected sanitation charges.

Additionally, amounts included in accounts payable due to the city were $2,763,866 and $500,959 at December 31, 2008 and December 31, 2007, respectively.

(9) Propertv Taxes

Property taxes are levied by the City of New Orleans. Taxes on real and personal property attach as an enforceable lien on the property as of January 1, Taxes are levied on Januaiy 1, are payable on January 1, and are delinquent on February 1.

The assessed value ofthe property is determined by an elected Board of Assessors. The assessed value for 2008 and 2007 was $2,836,995,254 and $2,134,989,576, respectively. The combined tax rate dedicated for the Board for the years ended December 31, 2008 and 2007 was $16.43 and $22.59, respectively, per $1,000 of assessed valuation. These dedicated funds are available for operations, maintenance, construction and extension ofthe drainage system (except for subsurface systems).

n-43


NOTES TO FINANCIAL STATEMENTS (Confinued)

(10) Commitments

a. Capital Improvements

At December 31, 2008, the Board's budget for its five year capital improvements program totaled $2,229,524,000 including $294,589,000 for water, $520,253,000 for sewerage and $1,414,682,000 for drainage.

Due to certain regulatory and legislative changes, additional capital improvements will probably be required. Future capital improvement program expenditures may require the issuance of addifional debt depending on the amount and timing of expenditures. As of December 31, 2008, the Board has committed or appropriated $67,781,695 in investments for use in future capital projects and has $54,206,676 of bond proceeds remaining for construction. The capital project investments are included in restricted assets.

The capital improvements budget for 2009 is $625,803,000 including $293,756,000 for projects, which are expected to be funded by federal grants and programs. Significant projects included in propetly, plant and equipment in progress as of December 31, 2008 include the following:

Hurricane Katrina related Repairs and Replacement Southeast Louisiana Flood Control Program

Sewer System Sanitation Evaluation and Rehabilitation Program Drainage Pumping Stafions and Canals

Eastbank Sewer Treatment Plant Westbank Sewer Treatment Plant

b. Self-insurance

The Board is self-insured for general liabilit)', worker's compensation, and hospitalization benefits and claims. Settled claims have not exceeded excess coverage in any of tiie past three fiscal years. Hospitalization benefits are charged to payroll related expense.

General liability claims are segregated internally by "claims" and "suits" depending on tiie scope and type of claim, and are handled by the Office of the Special Counsel and Administrative Services. Individual general liability losses have ranged from $100 to $7,500,000, illustrating the volatility of this exposure. The provision for claims expense for 2008 and 2007 amounted to $3,990,705 and $4,168,677, respectively.

Worker's compensation expense provision for 2008 and 2007 amounted to $1,530,333 and $1,719,712, respecfively.

The hospitalization self-insurance benefits are administered by Blue Cross of Louisiana. The Board's expense provision in excess of employee contribufions for 2008 and 2007 was approximately $11,871,000 and $13,015,000, respecfively, and is included in payroll related expenses.

n-44



(10) Commitments (confinued)

b. Self Insurance (confinued)

Changes in the claims payable amount are as follows (health payments are reflected net):

Current Year Claims and

Beginning Estimate Claim of Year Change Payments End of Year Fiscal Year

2008 2007

$ 28,980,804 $ 11,361,649 $ (17,215,588) $ 23,126,865 32,809,054 10,840,357 (14,668,607) 28,980,804

Tlie composition of claims payable is as follows:

2008 2007

Short-term:

Workers' Compensation

Health Insurance

Genera! Liability

Total short-term

1.170,516

2,144,600

14,938,573

18,253,689

$ 901,949

3,047,836

19,474,902

23,424,687

Long-tenn:

Workers' Compensation

General Liability

Total long-term

4,873,176 5,256,117

300.000

4,873,176 5.556,117

Total $ 23,126,865 $ 28.980,804

c. Regulatory Matters

Tlie Board, as well as other utilities, is subject to environmental standards imposed by federal, state and local environmental laws and regulafions. The Board has entered into a consent decree with the United States which allows the Board to go forward with its major program to repair and rehabilitate the sewerage system while drawing on a $100 million cormnitment from the United States Environmental Protecfion Agency. The Board expended $39,347,784 ofthe commitment at December 31, 2008 and 2007. TTie overall costs ofthe program are estimated at $604.8 million over a period ending in 2010. The Board is in compliance with the decree.

The Board is also participatmg in Federal financial award programs which are subject to financial and compliance audits by various agencies. No disallowed costs have been idenfified. As part of Federal and other govemmental agency funding, the Board is required to match a portion of fiinding received. The Board believes it has sufficient funds to meet its matching requirements.

11-45



(10) Commitments (continued)

d. Postemployment Healthcare Benefits

Plan Description - The Board's post-employment medical benefits for retirees are provided through a self-insured medical plan and are made available to employees upon actual retirement.

The refirement eligibility (D.R.O.P. entry) provisions are as follows: 30 years of service at any age; age 62 and 10 years of seiyice; age 65 and 5 years of service; age 70 regardless of service; or, if age plus seiyice equals at least 80. Complete plan provisions are contained in the official plan documents. Currently, the Board provides post employment medical benefits to 582 retired employees.

Contribution Rates - Employees do not contribute to their post employment benefits costs until they become retirees and begin receiving those benefits. The plan provisions and contribufion rates are contained in the official plan documents.

Fund Policy - Unfil 2007, the Board recognized the cost of providing post-employment medical benefits (the Boai'd's portion ofthe retiree medical benefit premiums) as an expense when the benefit premiums were due and tiius financed the cost of the post-employment benefits on a pay-as-you-go basis, hi 2008 and 2007, the Board's portion of health care funding cost for retired employees totaled $5,673,616 and $6,143,654, respectively.

Effective Januaiy 1, 2007, the Board implemented Govemment Accounfing Standards Board Statement Number 45, Accounting and Financial Reporting by Employers for Post employment Benefits Other than Pensions (GASB 45). This amount was applied toward the Net OPEB Benefit Obligafion as shown in the following tables.

Annual Required Contribufion - The Board's Annual Required Contribufion (ARC) is an amount actuarially detennined in accordance with GASB 45. The ARC is the sum ofthe Normal Cost plus tiie contribufion to amortize the Actuarial Accrued Liability (AAL). A level dollar, open amortization period of 30 years (the maxiriium amortization period allowed by GASB 43/45) has been used for the post-employment benefits. The actuarially computed ARC is as follows:

2008 2007 Normal Cost $ 4,013,401 $ 3.191,001 30-year UAL amortization amount 10,291,219 9,627,363 Annual required contribution (ARC) $ 14,304,620 $ 12,818,364

11-46




d. Postemployment Healthcare Benefits (confinued)

Net Post-employment Benefit Obligation - The table below shows the Board's Net Otiier Post-employment Benefit (OPEB) Obligation for fiscal year ending December 31:

2008 2007 Beginnmg Net OPEB Obligation

Annual required contribution hiterest on Net OPEB Obligation ARC Adjustment OPEB Cost Contribution Current year retiiee premium Change m Net OPEB Obligation Ending Net OPEB Obligafion

6,674,710 $

14,304,620 266,988

(386,000)

12,818,364

14,185,608

(5,673,616) 8,511,992

15,186,702 $

12,818,364

(6,143,654) 6,674,710 6,674,710

The following table shows the Board's annual post employment benefits (PEB) cost, percentage of the cost contributed, and the net unfunded post employment benefits (PEB) liability:

Fiscal Year Ended December 31,2008 December 31,2007

Annual OPEB Cost $ 14,304,620

12,818,364

Percentage of Annual Cost Contributed

40.00% 47.93%

Net PEB Liability (Asset)

$15,186,702 6,674,710

Funded Status and Funding Progress - in 2008 and 2007, Tlie Board made no contribufions to its post employment benefits plan. The plan is not funded, has no assets, and hence has a funded rafio of zero. As of January 1, 2008, the most recent actuarial valuation, the Actuarial Acciued Liability (AAL) was $177,956,339, which is defined as that portion, as detennined by a particular actuarial cost method (the Board uses the Unit Credit Cost Method), ofthe actuarial present value of post employment plan benefits and expenses which is not provided by normal cost.

2008 Actuarial Accrued Liability (AAL) Actuarial Value of Plan Assets (AVP) Unfunded Act. Accrued Liability (UAAL)

Funded Rafio (AVP/AAL)

Covered Payroll (active plan members) UAAL as a percentage of covered payroll

0.00%

29,466,571 604.93%

2007 177,956,339 $

177,956,339 $

47,995,856

147,995,856

0.00%

26,544.603 557.54%

U-47




d. Postemployment Healthcare Benefits (continued)

Actuarial Methods and Assumptions - Actuarial valuations involve estimates of the value of reported amounts and assumpfions about the probability of events far into the future. The actuarial valuafion for post employment benefits includes estimates and assumptions regarding (1) tumover rate; (2) retirement rate; (3) health care cost trend rate; (4) mortality rate; (5) discount rate (investment retum assumption); and (6) the period to which the costs apply (past, current, or futui-e years of service by employees). Actuarially determined amounts are subject to continual revision as actual results are compared to past expectations and new estimates are made about the future.

The actuarial calculations are based on tiie types of benefits provided under the tenns of the substantive plan (the plan as understood by tiie Board and its employee plan members) at the time ofthe valuation and on the pattem of sharing costs between the Board and its plan members to that pomt. The projection of benefits for fmancial reporting purposes does not explicitly incorporate the potential effects of legal or contractual fundmg limitations on the pattem of cost sharing between the Board and plan members in the future. Consistent with the long-tenn perspective of actuarial calculations, the actuarial methods and assumptions used include techniques that are designed to reduce short-lemi volatility in actuarial tiabilifies and the actuarial value of assets.

Actuarial Cost Method - The ARC is detemiined using the Unit Credit Cost Method. The employer portion of the cost for retiree medical care in each future year is determined by projecting tiie current cost levels using the healthcare cost trend rate and discounting this projected amount to the valuation date using the other described pertinent actuarial assumptions, including the investment retum assumption (discount rate), mortality, and tumover.

Actuarial Value of Plan Assets - There are not any plan assets. It is anticipated that in future valuations a smoothed market value consistent with Actuarial Standards Board ASOP 6, as provided in paragraph number 125 of GASB Statement 45.

Tumover Rate - An age-related tumover scale based on actual experience has been used. The rates, when applied to the active employee census, produce a composite average annua] tumover of approximately 7%. In addition to age related tumover, it has additionally been assumed that 10% of future eligible retirees will decline coverage upon retirement. The rates for each age are below:

Age Percent Tumover 10.0% 8.0% 5.0% 4.0%

18-26-41-

-25 -40 -54

55+

n-48




d. Postemployment Healthcare Benefits (confinued)

Post employment Benefit Plan Eligibility Requirements - It is assumed that entitlement to benefits will cormnence five years after earliest eligibility for retirement (D.R.O.P. entry). The fwe years is to accommodate the anticipated period of tiie D.R.O.P. Also, if the initial eligibility for D.R.O.P. entry is prior to age 55, an additional one year delay has been assumed, and it has been assumed that members eligible for the "Rule of 80" retirement formula delay three years beyond that earliest retirement date. Medical benefits are provided to employees upon actual retirement. The retirement eligibility (D.R.O.P. entry) provisions are as follows: 30 years of service at any age; age 62 and 10 years of service; age 65 and 5 years of service; age 70 regardless of service; or, if age plus scrv'icc equals at least 80. Entitlement to benefits contuiues througli Medicare to death.

Investment Retum Assumption (Discount Rate) - GASB Statement 45 states that the investment retum assumption should be the estimated long-term investment yield on the investments that are expected to be used to finance the payment of benefits (that is, for a plan which is funded). Based on the assumption that the ARC will not be funded, a 4% annual investment return has been used in this valuation. This is a conservative estimate ofthe expected long term retum of a balanced and conservative investment portfolio under professional management

Health Care Cost Trend Rate - The expected rate of increase in medical cost is based on projections performed by the Office of the Actuary at the Centers for Medicare & Medicaid Services as published in National Health Care Expenditures Projections: 2003 to 2013, Table 3: National Health Expenditm-es, Aggregate and per Capita Amounts, Percent Distribution and Average Annual Percent Change by Source of Funds: Selected Calendar Years 1990-2013, released in January, 2004 by the Health Care Financing Administration (www.cms.hhs.gov). "State and Local" rates for 2008 through 2013 from this report were used, with rates beyond 2013 graduated down to an ultimate armual rate of 5.0% for 2016 and later.

Mortality Rate - The 1994 Group Annuity Reser\'ing (94GAR) table, projected to 2002, based on a fixed blend of 50% ofthe unloaded male mortality rate and 50% ofthe unloaded female mortality rates, was used. This is the mortality table which the Intemal Revenue Service requires to be used in detennining the value of accrued benefits in defmed benefit pension plans. Since GASB 45 requires tiie use of "unblended" rates, the 94GAR mortality table described above was used to "unblend" the rates so as to reproduce the composite blended rate overall as the rate structure to calculate the actuarial valuation results for life insurance.

Method of Determining Value of Benefits - The "value of benefits" has been assumed to be the portion of the premium after retirement date expected to be paid by the employer for each retiree and has been used as the basis for calculating the actuarial present value of OPEB benefits to be paid. The current premitun schedules for active and retired are "unblended" rates, as required by GASB 45.

n-49

http://www.cms.hhs.gov



(11) Deferred Compensation Plan

The Board offers its employees a deferred compensation plan created in accordance with intemal Revenue Code Section 457. This plan, available to all employees, pennits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until tennination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property, and rights purchased with those amounts, and all income attributable to those amounts, property or rights are held in trust for the employees, therefore the assets ofthe plan are not included in these financial statements.

(12) Budgets

Operating and capital expenditure budgets are adopted by the Board on a basis consistent with accounfing principles generally accepted in the United States. While not legally required, this budgetary information is employed as a management control device during the year. Comparison betiA'een actual and budgeted expenses is not a required presentation for an Enterprise Fund.

(13) Segment Information

TTie Board issued revenue bonds to finance its water and sewerage departments which operate the Board's water and sewerage treatment plants and distribution and collecfion systems. These bonds are accounted for in a single fund; however, investors m the revenue bonds rely solely on tiie revenue generated by the individual activities for repayment.

Summary financial informafion for these departments as of and for the year ended December 31 is as follows:

Assets: Property, plant and equipment Current unrestricted assets Restricted assets

Other assets Total assets

Net assets: Invested in capiial assets,

net of related debt Restricted

Total net assets

Liabilities:

Current

Condensed Statements of Net Assets

Current liabilities payable from restricted assets

Noncurrent liabilities

Total liabihties

Tota! liabilities and net assets

-

$

$

$

$ _

W\ 2008

289,624 980

23,384

470 314,458

251,873 (113,993)

137,880

56,732

7,834 112,012

176,578

314,458

'ater

$

$

$

$ _

2007 (amounts

282,715

21,302 26,567

1,627 332.211

248,615 (61,603)

187.012

28.401

7,246

109,552

145,199 332.211

in tho

$

$

$

$ _

Sewer 2008

usands)

618,416 53,642

72,237 1,021

745,316

463,595

(15,593) 448,002

28,252

36,294

232,768

297,314

745,316

S

$

$

$ _

2007

599,493 77,678 74,841

1,854 753,866

443,246

6,833 450,079

39.858

11,420

252,509

303,787 753.866

n-50



(13) Segment Information (continued)

Condensed Statements of Revenues, Expenses and Changes in Net Assets

Service charges, pledged against bonds

Depreciation expense Other operating expenses

Operating income Nonoperating revenues (expenses):

Investment eamings Other

Capital contributions Change in net assets

Beginning net assets Ending net assets

Water Sewer 2008

45,266 $ (13,521) (67,867) (36,122)

410 (1,464)

(11.956) (49,132) 187,012 137,880 $

2007 (amounts ir

39,349 (6,288)

(63,377) (30,316)

633

(1,389) 10,665

(20,407) 207,419 187,012 $

2008 thousands)

$ 62,461 $ (8,078)

(42,649) 11,734

987 255

(15,053) (2,077)

450,079 448,002 $

2007

68,843 (6,767)

(46,991) 15,085

1,133 942

50,269 67,429

382,650 450,079

Condensed Statements of Cash Flows

Net cash provided by (used in): Operating activities Noncapital financing activities Capital and related financing

activities Investing activities Net increase (decrease) Cash and cash equivalents:

Beginning of year End of year

Water 2008

$ (321) $ 21,434

(8.231) 4,461

17,343

(11,909) $ 5,434 $

2007 (amounts

(23,790) 197

8,854 90

(14,649)

2,740 (11,909)

nthc

$

$_

Sewer 2008

)iisands)

22,781 405

(25,707) 4,930 2,409

20,172 22,581

$

S _

2007

1,027 246

(2,894) 12,113 10,492

9,680 20.172

(14) Natural Disaster

On August 29, 2005, the New Orleans region suffered significant damage to property and lives when Hurricane Katrma stmck the Gulf Coast area. The Board sustained significant damage to Board-owned facilities, service vehicles, and inventory, which were flooded and/or wind damaged.

For the year ended December 31, 2005, losses totaling $55,909,262 were provided as follows. The net book value of damaged property was S49,238,527 and lost inventory amounted to $6,670,735. hisurance proceeds of $2,346,397 were received in 2007. No further insurance proceeds were received in 2008.

11-5



(14) Natural Disaster (continued)

As of December 31, 2008 and 2007, the Board has cumulatively received $140,969,811 and $113,635,454, respectively, of cash reimbursements from the Federal Emergency Management Agency (FEMA). Included in accounts receivable as of December 31, 2008 and 2007 are $13,046,853 and $72,165,526, respectively, of reimbursements due from FEMA. In 2008, approximately $48 million of receivables were written off as a result of expenses previously submitted to FEMA for reimbursement that are cuirently in dispute and subject to appeal or due to expenses that have been disallowed by FEMA. Eligible FEMA grants totaling in excess of $254 million are in various stages of tiie approval process and include amounts for system repairs, building repairs, vehicle and equipment repairs and replacements, temporary power, supplies and other costs.

On June 29, 2007, the Board entered into a Cooperative Endeavor Agreement with tiie State of Louisiana, City of New Orleans, Louisiana, and the Louisiana Public Facilities Authority (LFPA). The LFPA agreed to issue its bonds to provide the cash capital investment to pay for capital improvements ofthe City of New Orleans and the Board. The establishment ofthe construction fund pennits the Board and City of New Orleans to publicly bid contracts that are subject to a Project Worksheet that has been obligated by FEMA or for which an award letter has been received and encumber such amounts. The State ofLouisiana, City of New Orleans, and Sewerage and Water Board agree that as FEMA pays any reimbursement amounts related to projects for which disbiu'sements have been made, or tiie City or the Sewerage atid Water Board receives monies related to the hazard mitigation gi"ant program for which disbursements have been made from the constmction fund, the full amount of such projects shall be deposited in the construction fund and used to fund additional projects until all City of New Orleans and Sewerage and Water Board improvements are completed. The total amount made available to the Board under tiie agreement was $100,000,000. At December 31, 2008, the Board had an outstanding obligation under the agreement of $7,831,592 included as a liability m due to other governments on the statements of net assets, which represent amounts not yet reimbursed by FEMA and deposited back mto the construction fund. There were no outstanding obligafions at December 31, 2007.

In 2008, the Board received an excess payment of FEMA funds in the amoimt of $21,097,027. This balance is included as a liability in due to other governments on the statements of net assets.

(15) Restatement

The Board identified an error in accumulated depreciation which impacted prior year fmancial statements. This error resulted in a restatement which reduced accumulated depreciation and increased net assets invested in capital assets - net of related debt by $19,727,707 and $7,842,904 as of December 31, 2007 and 2006, respecfively.

11-52

REQUIRED SUPLEMENTARY INEORMATION (GASB STATEMENTS NO. 25 and NO. 45)

SEWERAGE AND WATER BOARD OF NEW ORLEANS Required Supplementary Idformation Under GASB Statement No. 25

SCHEDULE OF FUNDING PROGRESS For the years ended December 31, 2008 and 2007

Actuarial Valuation

Date December 31

2008

2007

2006

2005

2004

2003

2002

Actuarial Value of Assets

$ 222,598,640

223,583,589

217,274,416

209,829,340

204,706,452

196,697,432

187,892,716

Actuarial Accrued Liability (AAL)

$ 260,616,822

245,202,189

235,664,407

225,544,886

218,155,395

205,362,089

197,323,094

(Overfiinded) Unfunded

AAL

$ 38,018,182

21,618,600

18,389,991

15,715,546

13,448,943

8,664,657

9,430,378

Funded Ratio

85.41%

91.18%

92.20%

93.03%

93.84%

95.78%

95.22%

Covered Payroll

(millions)

29

27

26

30

30

28

29

Unfunded AAL as a

Percentage of payroll

129.02%

81.44%

70.92%

52.30%

44.58%

30.46%

32.65%

SCHEDULE OF EMPLOYER CONTRIBUTIONS

Year Ended 2008

2007

2006

2005

2004

2003

Annual Required

Contribution $ 7,146,647

4,598,587

4,073,502

4,702,354

4,271,797

3,193,339

Actual Contribution

S 4,915,512

3,885,124

3,343,713

3,716,381

3,721,034

.3,391,537

Percentage Contribution

68.78%

84.49%

82.08%

79.03%

87.11%

106.21%

n-53

SEWERAGE AND WATER BOARD OF NEW ORLEANS Required Supplementary' Information Under GASB Statement No. 45

SCHEDULE OF FUNDING PROGRESS For the years ended December 31, 2008 and 2007

Actuarial Valuation

Date I>ccember 31

2008

2007

Actuarial Value of Assets

$

Actuarial Accrued Liability (AAL)

$ 177,956,339

147,995,856

(Over funded) Unfunded

AAL

$ 177,956,339

147,995,856

Funded Ratio

0.00%

0.00%

Covered Payroll

(millions)

S 29

27

Unfunded AAL asa

Percentage of payroll

603.93%

557.54%

SCHEDULE OF EMPLOYER CONTRIBUTIONS

Year Ended 2008

2007

Required Contribution

S 14,304.620

12,818,364

Actual Contribution

$ 5,673,616

6,143,654

Percentage Contribution

39.66%

47.93%

11-54

SUPPLEMENTARY INFORMATION

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11-57

SEWERAGE AND WATER BOARD OF NEW ORLEANS SCHEDULE OF PROPERTY, PLANT, AND EQUIPMENT BY DEPARTMENT

For Year Ended December 31, 2008

Schedule 3

Water Sewer Dramage Total

Real estate rights, non depreciable Power and pumping stations - buildings Power and pumping stations - machinery Distribution systems Sewerage collection Canals and subsurface drainage Treatment plants Connections and meters Power transmission General plant General buildings

Total property, plant and equipment in service

Construction in progress

Total property, plant and equipment

Accumulated depreciation

Net property, plant and eqiupment

Real estate rights, non depreciable Power and pumpmg stations - buDdmgs Power and pumping stations - machinery Distribution systems Sewerage collection Canals and subsurface drainage Treatment plants Connections and meters Power transmission General plant General buildings

Total properly, plant and equipment in service

Construction in progress

Total properly, plant and equipment

Accumulated depreciation

Net property, plant and eqiupment

See independent auditors' report.

2,898,138 S 56,724,971

111.389,487 121.666.788

32.006,706

7,479,863 88,536,884 2,525.548

423,228,385

106,701,295

529,929,680

240,306,194

930,439 29,675.231 28,330,218

253.843,280

120,712,279 10,270,223 5,006,170

57,330,449 1,093,325

507,191,614

279.279,361

786,470,975

168,054,495

4,810.948 $ 207.242,239

95,113,596

281,960,990

11,121,635 43,847,285 3,967.674

648,064,367

158,108,437

806,172,804

204,407,382

2007

Water Sewer Dramage 2,898,138 $

56.724,971 111,306,128 121,812,303

28,251,490 7.479.863

80,185,099 2.525.548

411,183,540

98,807,481

509,991,021

227,275,820

930,439 $ 29.023,434 28,330,218

234,788,244

116,746,590 10,270,223 5,006,170

56,619,873 1,093.325

482,808,516

278,054,223

760.862,739

161,369,556

4,810,948 $ 202,113.972

84,853,422

281.803,343

11,121,635 43,236.155

3,967.674

631,907,149

145,672,850

777,579,999

194,562,450

8,639,525 293,642,441 234,833,301 121,666,788 253,843,280 281.960,990 120,712,279 42,276,929 23,607,668

189,714,618 7,586,547

1,578,484,366

544,089,093

2.122,573,459

612,768,071

$ 289,623.486 S 618,416,480 $ 601,765,422 $ 1,509,805.388

Total 8,639,525

287,862,377 224,489,768 121,812,303 234,788,244 281,803,343 116,746,590 38,521,713 23.607,668

180.041.127 7,586,547

1.525,899,205

522,534.554

2,048,433,759

583.207,826

S 282.715,201 $ 599.493.183 $ 583,017.549 $ 1,465,225,933

11-58

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11-60

schedule 6 SEWERAGE AND WATER BOARD OF NEW ORLEANS

CIMJVGES IN SELF-INSURANCE LIABILITIES BY DEPARTMENT FOR THE VEAR ENDED DECEMBER 31, 2008

WATER Short-term"

Workers' compensation Health insurance General liability

Total short-term

Long-lerm: Workers' compensation General liability

Total long-tenn

Beginning of

Vcar

J 300,650 1.493,440 3,485,896 5,279,986

1,752.039 150,000

1.902,039

CuiTeiit Year Claims and

Elstimatc Chanpe

$ 637,753 $ 5,401,830

45 6.039.628

(127,647) -

(127,647)

Payments

548,231 $ 5,844,416

300,100 6,692.747

-150.000 150.000

End of Vcar

390.172 1,050,854 3,185.841 4,626,867

1,624.392

-1,624.392

Total 7.182.025 S 5.911,981 6,842.747 $ 6,251,259

SEWER.4.GE Short-term:


Total short-tenn

Long-term: Workers' compensation General liability

Total long-term

S 300,650 $ 883,872

3,399,256 4,583,788

1,752,039 150,000

1.902.039

637.756 $ 3.224,367 (441,876)

3,420.247

(127,647)

(127.647)

548,234 $ 3,486,305

354,279 4,388.818

150.000 150,000

390,172 621,934

2,603,111 3,615,217

1,624.392

-1,624.392

Total $ 6,485.827 $ 3,292.600 $ 4.538,818 S 5.239.609

DRAINAGE Short-term:


Total short-term

Long-term: Workers' compensation

Total long-term

$ 300,649 $ 670,524

12,589,740 13,560,913

1.752,039 1,752,039

637,753 5 2,218,525 (571,563)

2,284,715

(127,647) (127,647)

548,230 $ 2,417.237 2,868,556 5.834,023

--

390.172 471,812

9,149.621 10,011,605

L624,392 1,624,392

Total S 15,312,952 $ 5,834,023 $ 1.635.997

TOTAL Short-term:

Workers' compensation $ Health insurance General liability

Total short-term

Long-lerm: Workers' compensation General liability

Total long-term

Total J

Sec independent auditors' report

901,949 % 3,047,836

19.474,902 23,424.687

5,256.117 300.000

5,556,117

28^980,804 S

1,913,262 $ 10,844,722 (1,013.394) I 1,744.590

(382,941)

(382,941)

11,361,649 $

1,644,695 S 11,747,958 3,522,935

16.915.588

300,000 300,000

17,215.588 $

1,170,516 2,144,600

14,938,573 18.253,689

4,873,176

4,873.176

23,126,865

[-61

The U.S. Army Corps of Engineers and The Sewerage & Water Board of New Orleans are constructing a $58.8 million concrete box culvert canal beneath the median of Dwyer Road to Improve drainage in eastern New Orleans. The new 12 by 10-foot subsurface canal will run for 6,800 feet from the St. Charles Canal to the Dwyer Pumping Station at Jourdan Road. It will parallel an existing canal of the same size. The project also includes improvements to the Dwyer Pumping Station to be completed in late 2009 and the station's outfall pipes/canal work completed in 2004.

s

Approximately $6.3 million in repair costs was needed to fully restore the Fluid Bed Incinerator at the East Bank Sewage Treatment Plant which was severely damaged by Katrina. The plant suffered tidal surges and was inundated by 16 feet of water during the devastating storm. The unit was returned to service in August of 2008. The incinerator is used to dispose of sludge and solid material from the wastewater treatment process. The unit is designed to dispose ot 40 dry tons of sludge per day, but currently 20 dry tons per day are disposed of due to the reduced population of the City.

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m-3

SEWERAGE AND WATER BOARD OF NEW ORLEANS ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY

Last Ten Fiscal Years (Unaudited - amounts in thousands)

Fiscal Year

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Net Assessed Value Real Estate

1,013,240 1,159,821 1,214,098 1,231,764 1,248,743 1,423,261 1,492,750 1.103,604 1,362,097 2,004,624

Personal Property

592,741 628,860 651,744 619,368 650,595 679,826 620,797 565,287 483,200 539,492

Total Net Assessed Value

1,605,981 1,788,681 1,865,842 1,851,132 1,899,338 2,103,087 2,113,547 1,668,891 1,845,297 2,544,116

Total Estimated Actual Value(l)

12,636,496 14,133,694 14,751,485 14,687,067 15,040,781 16,731,518 16,774,183 13,245,167 14,645,214 20,698,664

Ratio of Total Net Assessed

to Total Estimated

Actual Value

12.7% 12.7% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.3%

Source; City of New Orleans

(1) Amounts are net ofthe homestead exemption.

m-4


PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Fiscal Years

(Unaudited)

Number of Mills

(Per $1,000 of assessed value)

Fiscal Year

1999 2000 2001

2002

2003 2004 2005

2006

2007 2008

City of New Orleans

77.09 77.09 77.09

77.09

77.09 78.59

71.90

85.39 7S.S9

58.44

Orleans

Levee Board

12.01 12.76

12.76

12.01

12.03 12.76

12.76

12.76

12.76

9.65

Sewerage & Water Board

of New Orleans

22.59** 22.59**

22.59**

22,59**

22.59**

22.59**

22.59**

22.59** 22.59**

16.43**

Orleans

Parish School Board

51.10

52.70 53.05*

52.98

52.83

52.80

52.80 58.55

52.90 38.47

Audubon

Park& Zoo

4.55 4.55

4.55 4.55

4.55

4.55 4.55

4.55

4.55

3.31

Total

167.34

169.69 170.04

169.22

169.07

171.29

171.29 186.84

175.19

119.55

Source: City of New Orleans

*The Homestead Exemption is not allowed for the new 9-Mill Police and Fire Tax.

'3 mills adopted in 1967 Expires in 2017

•*6 mills adopted in 1978 Expires in 2027

'9 mills adopted in 1982 expires in 2032

m-5

SEWERAGE AND WATER BOARD OF NEW ORLEANS TEN LARGEST TAXPAYERS

December 31, 2008 and Nine Years Ago (Unaudited)

Name of Taxpayer

Entergy Service BellSouth Telecommunications Capital One/Hibernia Bank Whitney National Bank Harrah's J P Morgan Chase Bank CS&M Association Intemational River center Marriott Hotel Properties Hertz Properties

Name of Taxpayer

Type of Business

BellSouth Telecommunications Entergy Service Hibemia National Bank First NBC Whitney National Bank A T & T Communications Metropolitan Life Insurance Tenetsub (Mercy & Baptist Hospital; MarrioU Hotel Properties University Health Care System

2008 Assessed

Value

Percentage of Total Assessed

Value

Electric and gas utilities

Telephone utilities Financial institution

Financial institution

Hospitality and gaming Financial institution

Managed Care Hospitality Real Estate

Real Estate

Type of

Business

Telephone utilities Electric and gas utilities

Financial institution Financial institution Financial institution

Telecommunications

Insurance Medical complex Hospitality

Medical complex

$ 63,918,690

57,127,376 46,408,854

35.163,326 41,221,400 19,173,190 19,196,820

19,906,860

13,722,870

10,876,760 $ 326,716,146

1999

Assessed Value

$ 67,511,000

78,571,000

23,794,000 29,679,000 22,377,000 16,725,000

16,195,000 12,603,000 13,343,000

12,409,000

$ 293,207,000

2.53%

2.26%

1.83%

1.39% 1.63%

0,76% 0.76%

0.79% 0.54%

0.43%

12.91%

Percentage

of Total

Assessed Value

3.60%

4.19%

1.27% 1.58%

1.19% 0.89%

0.86% 0.67% 0.71%

0.66%

15.62%

Source; City of New Orleans

in-6

SEWERAGE AND WATER BOARD OF NEW ORLEANS PROPERTY TAX

LEVIES AND COLLECTIONS BY THE CITY OF NEW ORLEANS Last Ten Fiscal Years

(Unaudited - Amounts in Thousands)

Fiscal Year

Real Estate

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Total Levied Taxes:

$

Personal Property 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

$

172,016 199,666 209,441 214,088 217,039 247,328 267,327 219,991 250,462 269,746

Taxes: 98,467

105,951 110,058 105,378 110,691 115,676 106,354 99,477 82,046 67,548

Collected Through December 3 ]

Amount

$ 170,301 197,442 207,052 211,242 214,320 243,594 262,376 213,778 238,101 243,204

$ 93,451 99,637

100,619 96,728

103,756 109,234 100,809 91,023 75,241 59,645

,2008 Percent

99.00 98.89 98.86 98.67 98.75 98.49 98.15 97.18 95.06 90.16

94.91 94.04 91.42 91.79 93.73 94.43 94.79 91.50 91.71 88.30

Balance Outstanding December 31

Amount

$ 1,715 2,224 2,389 2,846 2,719 3,734 4,951 6,213

12,361 26,542

$ 5,016 6,314 9,439 8,650 6,935 6,442 5,545 8,454 6,805 7,903

,2008 Percent

1.00 1.11 1.14 1.33 1.25 1.51 1.85 2.82 4.94 9.84

5.09 5.96 8.58 8.21 6.27 5.57 5.21 8.50 8.29

11.70

Collected during 2008

Amount

$ 123 143 156 153 219 488 380

5,630 12,358

243,204

$ 1 21 10

168 11

291 478 746 983

59,645

Source: City of New Orleans

m-7

SEWERAGE AND WATER BOARD OF NEW ORLEANS WATER AND SEWER RATES

Last Three Fiscal Years (Unaudited)

Water Sewer

First 3.000

Gallons

Rate per 1 Next 17,000

Gallons

,UUU Uallons Next

980,000 Gallons

All Gallons Over

1,000,000

Rate per Monthly 3.000 17,000 980,000 Over Monthly 1,000

Year Base Rate Gallons Gallons Gallons 1,000,000 Base Rate Gallons

2006 2007 2008

$ $ $

3.50 3.50 3.50

$ $ $

2.31 $ 1.94 $ 2.35 $

2.31 3.31 4.01

2.07 2.60 3.15

Note: Rates are based on 5/8" meter, which is the standard household meter size.

1.59 2.19 2.65

$ 11.60 S 11.60 $ 11.60

$ $ $

4.04 4.04 4.04

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IIJ-9

SEWERAGE AND WATER BOARD OF NEW ORLEANS COMPUTATION OF DIRECT AND OVERLAPPING DEBT

December 31, 2008 (Unaudited)

Net Outstanding Percentage Overlapping

Debt Overlapping Debt

Direct debt;

Sewerage and Water Board, net of debt service funds (tax bonds only)

$ 22,710,000 100% $ 22,710,000

Overlapping debt: City of New Orleans

Audubon Park Commission

Orleans Parish School Board (1) Orleans Levee District (1)

579,440,533 34,378,572

138,430,000

54,530,000

100%

100% 100%

100%

579,440,533 34,378,572

138,430,000 54,530,000

Total overlapping debt 806,779,105 100% 806,779,105

Total direct and overlapping debt $ 829,489,105 100% $ 829,489,105

(1) The fiscal year ofthe Orleans Parish School Board and Orleans Levee District ends on June 30th; overlapping debt is based on June 30, 2008 fmancial information.

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ni-12

SEWERAGE AND WATER BOARD OF NEW ORLEANS DEMOGRAPHIC STATISTICS


Personal Fiscal lncome(2) Per Capita Unemployment Year Population(l) (in thousands) Personal Income Rate (3)

2006 210,768 $ 12,563,610 $ 59,609 4.30% 2007 288,113 $ 15,394,618 $ 53,433 3.50% 2008 311,853 $ 15,394,618 (4) $ 49,365 4.40%

(1) www.census.gov/popest/counties/tables/CO-EST2007-01-22.xls (2) Estimates- Bureau of Economic Analysis (3) U.S. Bureau of Labor Statistics (4) Most recent available is 2007

m-13

http://www.census.gov/popest/counties/tables/CO-EST2007-01-22.xls

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ni-14


CAPITAL EXPENDITURES BY DEPARTMENT

ENTERPRISE FUND

Last Ten Fisca! Years

(Unaudited)

Year Water Sewer Drainage Total

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

$ 15,396,620

13,001,122

12,586,744

11,540,814

14,531,801

15,772,218

10,380,889

36,481,683

19,053,142

19,938,659

29,211,401

21,609,266

51,226,639

43,269,622

49,419,442

67,424,755

46,550,580

49,891,752

56,093,058

25,608,236

8,758,788

12,976,071

52,859,310

57,048,889

64,155,080

38,407,889

23,709,553

19,515,232

16,250,996

28,592,805

53,366,809

47,586,459

' 116,672,693

111,859,325

128,106,323

121,604,862

80,641,022

105,888,667

91,397,196

74,139,700

Includes contributed assets

m-15

SEWERAGE AND WATER BOARD OF NEW ORLEANS SCHEDULE OF FUTURE DEBT PAYMENTS


Water Revenue Bonds

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

TotaJ Prir

Principal Interest

Principal

Interest

Principal

Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

icipal

Total Interest

Series 1998

$ 810,000 $ 471,728

845,000

436,493

885,000

398,468

925,000 358,643

965,000 315,630

1,015,000 269,793

1,060,000 221,580

1,110,000 170,700

1,165,000 116,865

1,220,000 59,780

10,000,000 2,819,680

S 12,819,680 $

Series 2002

1,210,000 3 1,377,125

1,270,000

1.334,775

1,335,000

1,287,150

1,400,000 1,233,750

1,470,000 1,177,750

1,530,000 1,104,250

1,595,000 1,027,750

1,665,000 948,000

1,740.000 864,750

1,820,000 777,750

3,195,000 686,750

3.345,000 527,000

3,510,000 359,750

3,685,000 184,250

28,770,000 12,890,800 41,660,800 $

All Bond Issues

2,020,000

1,848,853

2,115,000

1,771,268

2,220,000

1,685,618

2,325,000 1,592,393

2,435,000 1,493,380

2,545.000 1,374,043

2,655,000 1,249,330

2,775,000 1,118,700

2,905,000 981,615

3,040,000 837,530

3,195.000 686,750

3,345,000 527,000

3,510,000 359,750

3.685,000 184,250

38,770,000 15,710,480 54,480,480

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I1M7

SEWER/VGE AND WATER BOARD OF NEW ORLEANS SCHEDULE OF FUTURE DEBT PAYMENTS


Drainage Special Tax Bonds

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Total Prir

Principal Interest

Principal

Interest

Principal

Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

icipal Total Interest

Series 1998

$ 500,000 $ 294,472

520,000

272,722

545,000

249,582

570,000 224,786

595,000 198,280

625,000 170,018

655,000 140,018

685,000 108,250

720,000

74,000

760,000 38,000

6,175,000 1,770,128

% 7,945,128 $

Series 2002

685,000 S 716,116

715,000

675,016

755,000

647,310

790.000 621,263

830,000 593,218

865,000 560,018

900.000 525,418

940,000 489,418

985,000 450,878

1,030,000 38,000

1,870,000 365,218

1,960,000 282,938

2.055,000

194,738

2,155,000 100,208

16,535,000 6.259,753

22,794,753 S

All Bond Issues

1,185,000 1,010,588

1,235,000

947,738

1,300,000

896,892

1,360,000 846,049

1,425,000 791,498

1.490,000 730,036

1,555,000 665,436

1,625,000 597,668

1,705,000 524,878

1,790,000 76,000

1,870,000 365,218

1,960,000 282,938

2,055,000 194,738

2,155,000

100,208

22,710.000 8,029,881

30,739,881

m-18

SEWERAGE AND WATER BOARD OF NEW ORLEANS SCHEDULE OF FUTURE DEBT PAYMENTS

December 31,2008 (Unaudited)

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Total Prii Total Inte

Principal Interest

Principal

Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

Principal Interest

cipal rest

Water

$ 2,020,000 S 1,848.853

2,115,000

1,771,268

2.220,000

1.685,618

2,325,000 1,592,393

2,435,000 1,493,380

2.545.000 1,374,043

2,655,000 U49,330

2.775,000 1,118,700

2,905,000 981,615

3,040,000 837,530

3.195,000 686,750

3,345,000 527,000

3,510,000 359,750

3,685,000 184,250

38.770,000 15,710,480

S 54^80,480 $

All Departments Sewcr Drflinage

34,095,000 S 8,093,396

10,575,000

7,730,002

11,110,000 7,224,582

i 1.670,000 6,672,065

12,255,000 6.080,745

12,895,000 5,445,007

13,560,000 4,773.657

14,275.000 4.071,129

15,035,000 3,326,538

13,270,000 2,609,054

11,970,000 1.969,616

12,605,000 1.341.928

9,200,000 794.636

7,110,000 400,675

2,715,000 170,416

2,435,000 54,788

194,775,000 60,758.232

255.533.232 $

1,185,000 $ 1,010,588

1,235,000

947,738

1,300,000

896,892

1,360,000 846,049

1,425,000 791.498

1,490,000 730,036

1,555,000 665,436

1.625,000 597,668

1,705,000 524,878

1,790,000 76,000

1.870,000 365,218

1,960,000 282,938

2,055,000 194,738

2,155,000 100,208

22,710,000 8.029,881

30,739.881 $

Tolal

37,300.000 10,952,837

13,925,000

10,449,008

14,630,000 9.807,092

15.355,000 9,110.507

16,115,000 8.365,622

16,930,000 7,549,085

17,770,000 6,688,422

18,675.000 5,787,496

19.645.000 4,833.031

18,100,000 3,522,584

17,035.000 3.021,583

17.910,000 2,151,866

14.765,000 1,349.124

12.950,000 685,133

2,715,000 170,416

2,435,000 54,788

256,255.000 84,498,592

340.753,592

IU-19

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Ul-20

SEWERAGE AND WATER BOARD OF NEW ORLEANS CAPITAL ASSET STATISTICS BY FUNCTION


Year

Water:

Sewer;

Water mains (miles) Water lines in system (miles) Water valves

Fire hydrants Water manholes

Sewer pipe (miles) Sewers (miles) Sewer mmiholes

2006

1,723 1,807

29,219 22,771 29,576

2,259 1,486

22,829

2007

1,789 1,784

29,420 22,780 29,632

2,575 1,460

22,922

2008

1,791 1,579

29,480 22,785 29,673

2,568 1,460

22,902

111-21

Periodic refurbishing of processing basins, an integral part of water purification, is necessary to increase their mechanical integrity and longevity. Basins remove sediment from water as it moves through the process. The basin on the left was recently put tack into service after improvements done by a private contractor. Renovation of the basin on the right is underway, v rith the work being done by the Board's Facility Maintenance Department vwth support from many other departments. Doing the work in-house is expected to result in substantial cost savings for the Board. The basins are located at the East Bank Water Treatment Plant.

The Sewerage & Water Board's Water Quality Laboratory occupies 8,500 square feet of floor space at the East Bank Water Treatment Plant. The lab Is an advanced environmental facility using state-of-the-art technology for detecting and identifying possible contaminants at very tow levels of concentrations. Chemists, microbiologists and technicians are on duty or on call 24 hours a day, seven days a week to work vifith water plant managers and operators on the East Bank and in Algiers.

L

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N

A

S E C T

O


2008 ACTUAL CAPITAL EXPENDITURES

WATER DEPARTfvIENT

CP.# WATERWORKS

110 Nonnal Extension & Replacements 112 Modification to Oak St Raw Water Intake Station 135 Improvement of Chemical System 157 Advanced Water Treatment (Algiers) 160 Hurricane Katrina Expense for Water 175 Water Hurricane Recovery Bonds

TOTAL WATERWORKS

WATER DISTRIBUTION

214 Nonnal Extensions & Replacements 215 Rehabilitation -Mains, Hydrants and Services 239 Mains D P W Contracts

TOTAL WATER DISTRIBUTION $

POWER PROJECTS EMERGENCY AND GENERAL BUDGET

526,823.62

68,287.80

1,439,038.13

51,767.00

1,515,341.21

7,912,829.74

11,514,087.50

1,170.678.70

354,904.00

1,782,078.91

3,307,661.61

600 Water Share of Power Projects

800 Water Share of General Budget Items

NOTE: These figures do not include proration of inlerest cxpccsc.

312,585.32 4,769,505.17

TOTAL POWER PROJECTS, EMERGENCY AND GENERAL J 5.082,090.49

TOTAL WATER DEPARTMENT $ 19,903,839.60

IV-1



SEWERAGE DEPARTMENT

O M SEWERAGE SYSTEM

313 Extensions & Replacemts - Scwcr Force Mains $ 1,754.435.18

EPA Consent Decree

317 Normal Extensions & Replacement of Gravity Mains 7,752,527.44

318 Rehabilitation Gravity Sewer System 235,039.95 326 Extension & Replacement to Sewer Pumping Stations 229,500.75 339 Main in Streets Dept. Contracts 2,075,336.00

348 Normal Extensions & Replacement 1,945,485.66 367 Collection System Eval/Survey Uptown 233,616.09 368 Wetlands Assimilation Project 345,769.00

369 Hurricane Katrina Expenses tor Sewer System (891,029.90)

375 Sewerage Hurricane Recovery Bonds 1,345,030.46

381 Modification & Extension of WBSTP to 20/50 MOD 5.242.50

NOTE: These figures do not include proration of interest expense.

TOTAL SEWERAGE SYSTEM $ 15,030,953.13

SEWERAGE TREATMENT

POWER PROJECTS AND GENERAL BUDGET

600 Sewer Share of Power Projects 70,095.05 800 Sewer Share of General Budget Items 3,950,911.21

TOTAL POWER PROJECTS AND GENERAL BUDGET $ 4,021,006.26

TOTAL SEWERAGE DEPARTMENT S 19.051.959.39

fV-2



DRAINAGE DEPARTMENT

C.P.# CANALS

NOTE: These figures do not include proration of inlerest expense.

s

$

12,394.05

1,755,967,50

906,755.56

117.00

178,935.15

3,134,152.78

35,561.34

3,353,012.28

9.376,895,66

418 Nonnal Extension & Replacements

439 Major Drainage Participation in D P W Projects

471 SELA Program Management

474 Melpomene Street Canal Improvement

476 Hollygrove Canal (SELA A)

486 Napoleon Ave, Canal Improvements (SELA B)

497 Florida Ave. Canal - DPS # 19 to Peoples (SELA B)

498 Dwyer Intake Canal (St. Charles Canal to Dwyer DPS) (SELA A)

TOTAL DRAINAGE CANALS

PUMPING STATIONS

511 Normal Extensions & Replacements - Stations S 9,099,402.45

554 Expansion ofDwyer DPS (SELA A) 6,271.48

574 Hunicane Katrina Expenses for Drainage System 5,644,062,68

575 Drainage Hurricane Recovery Bonds 368,013.40

TOTAL DRAINAGE PUMPING STATIONS J 15,117.750.01

POWER PROJECTS AND GENERAL BUDGET

600 Drainage Share of Power Projects J 1,250.079.51

800 Drainage Share of General Budget Items 1,978,714.90

TOTAL P O W E R PROJECTS AND GENERAL BUDGET S 3,228,794.41

TOTAL DRAINAGE DEPARTMENT $ 27,723,440.08

IV-3

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IV-6

POWER PURCHASED AND PRODUCED NATURAL GAS AND FUEL OIL CONSUMED - 2008

ELECTRIC POWER PURCHASED ELECTRIC AND STEAM POWER GENERATED BY THE S.& W.B.*

TOTAL

KW-HOURS 76,400.295

40,407,984

116,808,279

COST $11,284,821.27

$14,062,081.04

$25,346,902.31

NOTE: *NATURAL GAS CONSUMED IN OPERATION WAS 1.535,660 MCF AT A COST OF $18,895,716. FUEL OIL CONSUMED WAS 85,222 GALLONS AT A COST OF $229,681.

IV-7


WATER PUMPED AND CONSUMED - 2008

Number of Meters

Free metered process water to various City departments and charitable institutions:

10 36 16 13

103 247 59

148 632

Display Fountains Fire Department Swimming Pools Libraries Municipal Parks and Playgrounds Police Department Schools

216

Free metered process water by Sewerage and Water Board

Gallons

2,733,500 13,236^00 22,878,300

4,986,200 68,522,800

599,401,900 83,944,200

185,579,200 981,283,000

618,116,900

Percent

1.86%

1.17%

Allowance for leaks on private property

Free unmetered process water:

Unmetered use, such a.s: extinguishment of fires, cleaning streets, flushing sewers, drains, and gutters, cleaning markets and other public buildings

709,302,800 1 3 5 %

32,025,013,400 60.82%

Leaks in distribution system as measured by Fluid Conservation Systems

Water sold to customers

Total Water Pumped

5,038,927,200 9.57%

13,283,616,700 25.23%

52,656,260,000 100.00%

rv-8


Gallons Metered - Pay Water Consumption - 2008

Month

Monthly

Con.sumption

January

February

March

A prii

May

June

July

August

September

October

November

December

Gross Total

1,299,378,100

1,404,465,800

1,057,738,000

1,068,462,200

783,999,100

1,077,365,100

1,217,846,600

1,043,766,100

742,607,900

1,298,704,300

1,096,515,500

1,192,768,000

13,283,616,700

IV-9

SEWERAGE AND WATER BOARD OF NEW ORLEANS MONTHLY WATER CHARGES COLLECTED - 2008

Months

January' February March April May June July August September October November December

Water Service Charges & Fees

$3,224,605.00 $3,213,304.25 $3,690,181.70 $3,716,969.50 $3,371,524.89 $4,229,408.77 $4,127,766.99 $3,981,050.12 $3349,640.46 $4,677,863.69 $3,487,693.79 $4,723,603.03

$45,793,612.19

Delinquent Fees

$155,559.70 $131,446.14 $126,731.80 $135,660.72 $116,853.61 $131,288.58 $112,069.75 $88,034.52 $84,514.44

$115,438.28 568,939.94 $89,185.41

$1,355,722.89

Total

$3,380,164.70 $3,344,750.39 $3,816,913.50 $3,852,630.22 $3,488,378.50 $4,360,697.35 $4,239,836.74 $4,069,084.64 $3,434,154.90 $4,793,301.97 $3,556,633.73 $4,812,788.44

$47,149,335.08

SEWERAGE AND WATER BOARD OF NEW ORLEANS MONTHLY SEWERAGE CHARGES COLLECTED - 2008

Months

January February March April May June July August September October November December

Sewerage Service Charges

$5,625,788.75 $5,555,655.93 $5,731,953.08 $6,429,850.15 $5,338,432.98 $6,076,150.53 $6,100,057.50 $5,324,478.58 $4,644,619.49 $5,959,527.85 $4,364,917.72 $5,470,158,01

$66,621,590.57

Delinquent Fees

$103,837.53 $87,740.11 $84,594.36 $90,552.47 $78,012.19 $87,647.26 $74,833.06 $58,793.11 $56,454.65 $77,093.80 $46,049.62 $59,565.47

$905,173.63

Total

$5,729,626.28 $5,643,396.04 $5,816,547.44 $6,520,402.62 $5,416,445.17 $6,163,797.79 $6,174,890.56 .$5,383,271.69 $4,701,074.14 $6,036,621.65 $4,410,967.34 $5,529,723.48

$67^526,764.20

rv-10


TABLE 1 CARROLLTON TURBIDITIES

Maximum Mmimum Average

River (NTU)

2004 155

9 64

2005 142

2 38

2006 187

2 40

2007 248

3 66

2008 165

7 67

Effluent Settling Reservoirs (NTU)

2004 11

1.2 3.1

2005 17

0.9 2.8

2006 24 0.8 3.1

2007 13 LO 4.1

2008 15 1.0 4.9

Filters (NTU)

2004 0.33 0.05 0.12

2005 0.80 0.07 0.15

2006 0.66 0.06 0.12

2007 0.39 0.09 0.14

2O08 0.90 0.09 0.13

TABLE n CARROLLTON ALKALINITIES

PARTS PER MILUON

Maximum Minimum Average

River 2004

136 74

105

2005 154 84

120

2006 177 83

1 116

2007 173 86

124

2008 183 78

117

Effluent Settling Reservoirs 2004

148 67

no

2005 163 80

121

2006 146 66

106

2007 167 66

114

2008 171 63

107

Filters | 2004

147 62

110

2005 157 81

120

2006 158 75

114

2007 182 78

131

2008 202

71 124

TABLE n A CARROLLTON fLVRDNESS

PARTS PER MILLION


NON-CARBONATE HARDNESS RIVER

2004 61 20 38|

2005 77 11 40

2006 70 11 38

2007 86 10 47

2008 70 4

38

FILTERS 2004

74 34 54

2005 84 20 52

2006 79 14 46

2007 90 12 54

2008 76 15 50

TOTAL HARDNESS | RIVER

2004 182 107 143

2005 207

91 159

2006 200 108 154

2007 230 113 171

2008 250 114

1 155|

FILTERS 1 2004

200 121 164

2005 210 132 172

2006 198 120 161

2007 240 120 186

2008 250 114 175

TABLE nr CARROLLTON BACTERLAL CHARACfERISTICS

Total Coliform Analysis

2008

Maximum (Colonies / 100 ml) Minimum (Colonics / 100 ml) Average (colonies /100 ml) Number of Samples Number of Samples Negative Number of Samples Positive

River

10.400 56

1,110 301

0 301

Plant Tap

0 0 0

334 334

0

Disoibution System

32 0 0

2.385 2.378

r * T^one of these seven total coHform positive samples were fecal coliform positive, and

none resulted in a violation ofthe Total Coliform Rule.

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IV-19


TABLE VII

FIVE YEAR ANALYSIS COMPOSITE DATA (2004-2008) FOR NEW ORLEANS DRINKING WATER PURIFICATION SYSTEM

PARAMhlHR

Total Alkalininty (ppm as CaC03) Tolai Hardness (ppm as CaC03) Noncarbonale Hardness Cppm as CaC03) Calciuin Hardness (ppm as CaC03) Magnesium Hardness (ppm as CaC03) Nepficloinetric Turbidity (N.T.U.) pH Chloride (ppm) Fluoride (ppm) Total Dissolved Solids (ppm) Total Suspended Solids (ppm) Free Chlorine Residual (ppm as CL2) Total CWonne Rcstdual (ppm as CL2) Ammonia (ppm as N) Nitraie + Niinte (ppm as N) • Conductivity (umhos/cm) Temperature (Deg. F.) Aluminum (ppb) "• u\ntimDnv (ppb) • Arsenic (ppb) " Barium (ppb) • :Beryllium (ppb) * ICadmium (ppb) * Chromium ^pjib) • Copper ( p p b ) " iron (ppb) ' Lead ( p p b ) " Manganese (ppb) • Mercury (ppb)" Nickei (ppb) • Selenium (ppb) * Silver (ppb) '

Thallium (ppb) * Zinc(ppb)*

Potassium (ppm) *

Sodium (ppm) • Total Organic Carbon (ppm) Total Tribalomethanes (ppb) 1.2-Dich]orethane(ppb) Chloroform (ppb) C^bon Tetrachloride (ppb) Bromodichloromethanc (ppb) Tetrachloroethene (ppb) BTX (Benzene, Toluene & Xylenes) (ppb) Total Coliforms (colonies/lOO ml) hecal colitormsicolomes/IUtJ ml)

MISSISSIPPI RIVER (Before Purification)

MJ^X

183 250 86

!86 90

248 8 53

86 0.58 342 223

592 90

„

6.8 1,8 0.2 l.S 0.1 0.2 0.1

49.7 15800 4I0U

MIN 74 91 4

75 5 2

7.01 23

0.10 102

9

177 40

2.9 0.0 0.0 0.0 0.0 0.0 0.0 6.0

0

u

AVG 116 156 40

112 45 55

7.82 46

6.24 233

87

355 67

4.2 O.C

o.c t).t 0.0 0.0 0 0 0.0

1030 145

FINISHED WATER

(After Purification)

MAX 196 242 91

179 98

0.44 9.35

98 i 1.28

298

3.4 ' 5.7

0.55 2

595 90

no 0 I

68 0 0 0

200 130

3 30

0 0 0 0

0 43

6.0

24,7 4.8

154.4 6.4

102.7 2.1

43,4 O.I 7.8 139

0

MIN 70

124 18 82 3

0.06 7.02

26 0.12 129

0.0 Q.l

0,00 1

80 54

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0

2,7

11.9 1.8 7,9 0.0 52 0,0 06 0.0 0.0

0 0

AVG 120 173 32

125 47

0.13 8.61

45 0,64 226

0.3 2 80 0.12

1 397 75 30

0 0,2 23

0 0 0

25 14 0

1.5 0 0 0 0

0

11

3.5

20.9|| 2.9

30.1 0.0

19.6 0.0 8.6 0,0 0.0

0 0

* Note: The results for nitrates + nitrites, color, and metal constituents (indicated with asterisks) are from the Louisiana Department of HeaHh and Hospitals. Ali other results are from testing by the S&\^'B Water Quality Laboratory, Conceming the chemical results, the S&WB Water Quality Laboratory does not meet the higher criteria required by DHH-OPH to be classified as a

"DHH-OPH Certified Chemical Laboratory/Drinking Water"; therefore, any results reported by this laboratory for chemical drinking water parameters which are required to be analyzed in a certified laboratory are officially deemed mvalid.

The S&WB laboratory is certified for Total Coliform and Fecal Coliform bacteriological testing.

** Note. Lead and Copper resuhs are from 2004. Testing was performed in 2008, howe-ver, results were not yet available from DHH at the time of this report.

rv-20

SEWERAGE AND WATER BOARD OF IVEW ORLEANS

TABLE V i n

CARROLLTON OPERATION

CHEMICAL

Lime Ferric Coagulant Chlorine Sodium Polyphosphate Poiyelectrolyte Fluoride Ammonia Carbon TOTAL CHEMICALS

CHEMICAL COST

$423,260.16 $2,024,462.18

$924,956.99 $49,443.14

$422,152.54 $166,879.74 $150,265.15

$0.00 $4,161,419.88

[ _ 1

CHEMICAL COST PER MILLION GALLONS

$8.66 $41.43 $18.93

$KOl $8.64 $3.41 $3.07 $0.00

$85.16

Purification Plant Operating Cost: Total Water Treated in 2008: 48,867,310,000 Gallons

TOTAL COST PER MILLION GALLONS

YEAR

3008 2007 2006 2005

1 2004

TOTAL WATER TREATED IN MILLION GALLONS

48,867.31 48,931.79 51,000.17 47,574.62 44,86 L90

OPERATING COST

$8,283,745.00 $6,499,521.00 $5,591,146.00 55,006,994.00 $4,868,326.00


$169.52 $132.83 $109.63 $105.25 $I08.52|

IV-21


TABLE IX

ALGIERS OPERATION

CHEMICAL

Lune Ferric Coagulant 'Chlorine Sodium Polyphosphate Poiyelectrolyte Fluoride [Ammonia Carbon TOTAL CHEMICALS

CHEMICAL COST

$163,568.97 $177,774.38

$61,017.88 $18,805.82 $33,374.33 $18,089.08 $16,358.79

S2,13L28 $491,120.54

C14EMICAL COST PER MILLION GALLONS

$43.17 $46.92 $16.10

$4.96 $8.81 $4.77 $4.32 $0.56

$129.62 i:=r=: = ^ rrs-s '

Purification Plant Operating Cost: Total Water Treated in 2008: 3,788,950,000 Gallons


YEAR

2008 2007 2006 2005 2004

TOTAL WATER TREATED IN MILLION GALLONS

3,788.95 4,427.16 4,261.05 3,723.03 3.705.98

OPERATING COST

$2,029,729.00 $1,700,033.00 $1,435,527.00 $1,678,615.00 $1,312^85.00


$535.70 $384.00 $336.90 $450.87 $354.13

IV-22


TABLE X

SLUDGE REMOVED FROM THE "G" BASINS PRIMARY TREATMENT UNITS DOOR MONORAKE CONVENTIONAL SYSTEM

2008

Total Million Gallons Water Treated

Total Tons Dry Sludge Deposited in Basins Including suspended and Dissolved Solids Removed and Reacting Chemicals

Total Miih'on Gallons Wet Sludge Withdrawn from Basins Average Percent solids in Wet Sludpe Tota! Million Gallons Water Used in withdrav/inp Sludee Percent of Total Water Treated Used in Withdrawine Wet Sludge

15.364.95

9.115 187.95

1.15 187.04

1.22

TABLE X-A

SLUDGE REMOVED FROM THE "L" BASINS PRIMARY TREATMENT UNITS DOOR MONORAKE CONVENTIONAL SYSTEM

2008

Total MillioD Gallons Waler Treated

Total Tons Dry Sludge Deposiled in Basins Including suspended and Dissolved Solids Removed and Reacting Chemicals

Total Million Gallons Wet Sludge Withdrawn from Basins Average Percent solids in Wet Sludge Total Million Gallons Water Used in withdrawing Sludge Percent of Total Water Treated Used in Withdrawing Wet Sludge

33.497,71]

20,113 686.32

0.70 684.31

2.05

IV-23

SEWERAGE AND WATER BOARD OF NEW ORLEANS TABLE XI

2008 ANALYSIS DATA FOR NEW ORLEANS DRINKING WATER PURIFICATION SYSTEM

PARAMETER

Total Altialinintv (ppm as CaC03)

Total Hardness (ppm as CaC03')

Noncarbonale Hardness (ppm as C B C 0 3 )

Carcium Hardness (ppm as CaC03)

IManncsium Hardness (ppm ai CaC03)

Nephelometric Turbidity (N.T.U.)

f" [chloride (ppm) Fhioridc (ppm)

,Tolai Dissolved Solids Cppm)

rTotal Suspended Solids (ppm)

Free Clhlorine Residual (ppm HI 0 2 )

Total CWorinc Residual (ppm as C12)

kmmonia (ppm as N)

Nitrate + Nitrnc(ppm as N) *

Conductivity (amhojJcw)

TcmpcTBturc (Dc£. F.)

lAltuninum (ppb) *

^Anlimony (ppb) '

Arsenic (ppb) '

Barium (ppb) '

Bcryllmm (R)b) •

Cadmium (ppb) *

Chroraiiun (ppb) *

Copper ( p p b ) "

Iron (ppb)*

Lead ( p p b ) "

ManRancsc (ppb) '

Mercury (ppb) *

NKkd(ppb) '

Selenium (ppb) '

Silver (ppb) '

rhallium (ppb) '

Zinc (ppb) •

Potflssiiim (ppm) '

Sodium (ppni) •

Total Orcanic Carbon (ppm)

Total Trihalotncthnncs (ppb)

1,2-Dichlorelhane (ppb)

CWoroform (ppb)

Carbon Tetrachloride (ppb)

Bromodichloromethanc (ppb)

Telradiloroelhenc (ppb)

BTX (Benzene. Toluene & Xj^cnes) fppb)

Toui Colifonns (cokmiea/l 00 ml)

Fecal ColiftHms (colonies/lOO ml)

MISSISSIPPI RIVER

(Before Purification)

hUX

183

250

70

160

90

165

820

73

0,38

342

215

423

85

_—

4.7

1.8

0.2

1 8

0.1

0.2

0,1

0.6

10400

3000

MIN

78

ll-l

A

75

10

6,6

7.15

26

0,13

102

42

_-, 197

42

.

.

3.4

0,0

0 0

0 0

0.0

0,0

0.0

0 0

56

6

AVG

117

155

38

106

49

67

7.75

47

0.23

258

94

30S

66

_—

—_

— ..

4.2

O.O

0 0

0,0

OX

0.0

0.0

0.0

1110

185

FINISHED WATER

(After Pimfication) \

MAX

196

242

76

179

98

0,26

9.29

70

1.25

258

OB

5.7

053

128

449

86

0

0

1

0

0

0

0

10

0

0

0

0

0

0

0

3 3

17.0

3.5

41,0

00

28.5

2.1

11.0

0.1

1,8

32

0

MIN

78

130

27

86

14

009

7.87

26

0.18

r29

0.0

I J

000

1 28

210

59

0

0

1

0

0

0

0

10

—. 0

0

0

0

0

0

0

3,3

17.0

2.7

7 9

0 0

5,2

0-0

0.6

0.0

0.0

0

0

AVG

123

175

52

124|

50

0.12

8 82

48

0.71

184

0,2

3 4

0.14

1,28

352

75

0

0

1

0

0

0

0

10

0

0

0

0

0

0

0

3 J

17.0

3.0

24 0

0 0

17.3

0.0

5.6

0.0

0.0

0

0

Note: The results fof nitrates + nitrites, color, and meial constituents (indicated with asterisks) arc &Qm the Louisiana Dqiartmcnl of Health and Hospitals.

All otiier resuhs arc from testing by the S&WB Water (Juali^ Laboratory Concemmg the chemical resolts, the S&WB Water Quality Laboratoiy does

no! metl the higher criien'a required by DHH-OPH to be cJaisiiicd as a "DHH-OPH Cenified OiemJcal Laboratofy/Drinking Waler'; ihercforc, any

rciadts reported by this lahoraioiy for chemical drinking watef pnramoiers which are required to be analyzed in a certified laboratory are officially

deemed invalid. The S&WB laboratory is cciTiiied for Total Coliform and Fecal Colifonn bacteriological testing

• Note. Lead and Copper icsling was pcrfomii^d in 2008; however, results were not yet avaflable from DHH at the

tunc of this rcpon,

IV-24

SEWERAGE /LND WATER BOARD OF NEW ORLEANS

TABLE Xn

EXTRACTS FROM TABLES I V E AND V 20 Year Period, 1989 to 2008 Inclusive

Maximum, Minimum, and Average Amount of Water Treated Per Day

(M.G. per 24 Hours)

YEAR

1989 1990 Z991 1992

1 1993 1994

1995

1996 1 1997 1 1998

1999 ' 2000 i 2001

2002 2003

2004

2005 2006 2007

2008

CARROLLTON MAX.

240.00

162.50 133.29 139.00

140.38 128.88

142.83 198.42 156.53

152.96 168.25

152.50 153.93 128.67

144.26 145.83 144.00

165.63 144.75 143.50

MIN.

93.83 100.46 98.92 97.00

103-25 103.88

104.67

91.59 112.70 98.48

122.55

126.71 107.75 87.00

90.75 102.92

0.00 115.33 124.00 114.08

AVG. 119.54 119.61

114.79 115.22 117.41 113.71

121.40

128.97 128.73

126.86

140.26 128.10 126.70

106.63 115.35 122.57

115.47 139.73 134,06 133.88

ALGIERS 1 MAX.

18.75

14.78 ' 12.50

13.88

15.42 1 17.00

18.14

1 18.27 18.83

1 22.96

22.00 18.83 15.76 14.00

13.16 13.16

22.67 18.34

16.00 13.58

MIN.

7.00 8.00

8.00 8.00 7.62 8.00

9.00

9.00 9.58

12.00

8.90 7.58 6.00

6.66 8.00

8.00 7.00 8.00

10.00 6.92

AVG.

9.80 10.46

9.60 9.88

10.18

11.47 11.55

11.47 12.06

12.36

15.19 12.13

10.90 9.80

10.06 10.15 10.20

11.67 12.13 10.38

IV-25


TABLE Xm

Monthly Temperature (Degrees Farenheit) ofthe

Mississippi River Water at the Carrollton Plant

January February March AprU May June July August September October November December


1999 45 50 50 60 67 77 82 87 83 74 66 56

89 42 66

2000 50 49 55 60 69 78 83 86 84 72 63 47

87 39 66

2001 39 44 49 57 69 75 82 84 83 73 63 56

87 36 65

2002 45 46 49 56 67 74 82 84 82 73 62 53

85 42 64

Ten Yee

Maximum: Minimum: Average:

2003 48 48 51 60 70 73 79 81 80 73 65 53 83 46 64

ir Period

90 36 66

2004 49 47 54 62 71 79 83 84 81 74 65 53

87 45 67

2005 49 48 51 62 71 81 85 88

*

76 66 51

90 42 66

2006 50 51 55 63 74 83 86 88 86 78 63 54

90 46 69

2007 52 47 56 63 71 79 82 85 82 75 63 58

89 40 68

* Data not available fc September 2005 due to hurricane Katrina.

2008 50 53 55 63 68 77 80 82 78 71 63 55

85 42 66

r

rv-26


TABLE XrV

Monthly Temperature (Degrees Farenheit) ofthe Tap Water at the Carrollton Plant

January February March April May June July August September October November December

Maxiumum Minimum Average

2004 65 62 65 73 78 84 83 85 82 SO 75 69 88 58 75

Five Ye


2005 67J 66 68 75 79 82 84 87 *

77 75 68

90 61 75

ir Period

90 54 75

2006 66 64 71 77 79 84 84 86 84 81 72 67

90 54 76

2007 65 64 70 72 76 76 79 78 77 77 74 71 85 58 73

2008 67 69 71 72 76 81 83 80 80 78 72 68

86 59 75

* Data not available

for September of 2005 due to hurricane Katrina.

lV-27

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li IV-28

SEWERAGE AI^D WATER BOARD OF NEW ORLEANS

Annual Report 2008

SEWER TABULATION NO. 1

Sewer Lines Laid During 2008

QUANTITIES OF PIPE MEASURED IN FEET

1 ITEMS 6" P.V.C. 8" P.V.C. 8"D.l. 10" P.V.C. 12" P.V.C. 15" P.V.C. 18" P.V.C. 21" P.V.C. 4"P.V.C./S.F.M. TOTALS

M.H.'S

BY CONTRACT 10,296.20 22.619.20

96.00 1,309.80 1,191.10

328.00 874.30 187.30

0.00 36,901.90

42

BY OTHERS 3,617.30

13,482.90 0.00

507.00 652.00

0.00 18.00 0.00 0.00

18,277.20

18

TOTAL FEET 13,913.50 36,102.10

96.00 1,816.80 1,843.10

328.00 892.30 187.30

0.00 55,179.10

TOTAL MILES 2.63 6.84 0.01 0.34 0.35 0.06 0.17 0.03 0.00

10.44 Total Manholes Constructed in 2008 -

60

Sewer Lines Laid in 2008

ORIGINAL CONSTRUCTION

(IN FEET)

3,806,870.90

Removed and Replaced

33,559.80

Total Remaining in Feet

4,199,994.50

Total Remaiming in Miles

795.45

Sewer Manholes in 2008

BUILT IN 2008

60

Removed in 2008

8

Total Modifications in 2008

52

Sewer Valves as of 2008

SIZE AND TYPE

48" Gate Valve 36" Gate Valve 24' Gate Valve 12" Gate Valve

EXISTING -

-

~ -

INSTALLED IN 2008

REMOVED IN 2008

lUI AL VALVhS INSTALLED AS

OF 2008

IV-29

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IV-31

SEWERAGE AND WATER BOARD OF NEW ORLEANS Annual Report 2008

WATER TABULATION NO. 1 Water Lines Laid During 2008

QUANTITIES OF PIPE MEASURED IN FEET

ITEMS 2" P.V.C. 4" P.V.C. 6" P.V.C. 8" P.V.C. 8" D.I. 6" D.I. 12" D.I. 10" P.V.C. 10" IRON 12" P.V.C. 16" P.V.C. 20" P.V.C. 21" P.V.C. TOTALS FIRE HYDRANTS VALVES M.H.'S

BY CONTRACT 61

0 1.596.80

13,894.20 1,048.40

0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00

16,600.40 40.00 34.00

38

BY OTHERS 0 0

1,168.80 2,422.00

48.40 0.00 0.00 0.00 0.00 0.00

160.00 1.159.60

0.00 4,958.80

5.00 6.00

10

TOTAL FEET 61

0 2,761.60

16.316.20 1.096.80

0.00 0.00 0.00 0.00 0.00

160.00 1,159.60

0.00 21,555.20

Total Fire Hydrants Total Valves in 2008

TOTAL MILES 0.01

0 0.52 3.08 0.20 0.00 0.00 0.00 0.00 0.00 0.03 0.21 0.00 4.05

45.00 40.00

Total Manholes

Removed or Abandoned 16640.8 ft.

Water Valves as of 2008

- • •.!.• := LJ LJ_

Installed

40

Removed

31

Total Valves Remaining

4,980!

Fire Hydrants as of 2008

Instaled

45

Removed

36

Tota! Hydrants Remaing 22,785

Water Manholes as of 2008

BUILT

40

Removed

31

Total Modifications

29,673

Water Lines In System as of 2008

r Instaled i 21.555.20

Abandoned 16.640.80

Total Feet 9.456.00

TOTAL MILES 1-79

IV-32

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IV-33

SEWERAGE AND WATER BOARD OF NEW ORLE/VNS

ADiiiral Repon 2008 WATER TABULATION NOJ

LENGTH OF WATXR MAINS OF EACH SI2LE AND MATERIAL. rOJMBER OF VALV'ES OF EACH S l iE , BOTH GATE AND CHECK, ORIGINALLY INSTALLED, TRE QUANTmES REMOVED OR

ABANDONED. AND THE QUANTmES REXLVINING IN THE DISTRIBUITON SVSTEM AND HYDRANTS, AS OF THE CLOSE OF 2008

Size

5fl-|50' 143" 48" 48-\ A 3 ' 42" 42 ' 36' 36-36* 36-30-30" SO-SO-

SO" 30-30" 24-24-21" 20" 20" 20-20-20" 18' 16-16-16' IS" )6 ' 15" J2-12' 12-12-12' 12' 10"

:10'

nol o ' 8-8-8" S" 8" 6" 6" 6 ' 6' 6' 4 '

2-4" 2-3' 4-4" 4-

b" N*

Material

CfKicreic Pipe Steel Pipe StcdPipc Conta-eie Pipe Cast Iron Pipe Cast Iron Pipe ConcrciePtpe Caat Iron Pipe Cast Iron Pipe Sted Pipe Concreie Pipe Prestrevscd Concfoie Cast Iioc Pipe PrestressetJ Concrete R_ C. P. Pipe Ductile t o n Pipe

StcdPipe Concreie Pipe P.V.C. Pipe Concrete Pipe Cast Iron Pipe P.V.C. Pipe Cast Iron Pipe AabeUos Cemcm Concrete Pipe DQCtile iron Pipe

Prestrtised Concfete R. C. P. Pipe Cast Iroo Pipe Concrete Pipe Ductile Iron Pipe P.VC.Pipe Asbestos Cement R. C. P. Pipe Cojt Iran Pipe

Ductile Iron Pipe Steal Pipe Asbestos Cement Ductile Iron Pipe P.V.C. Pipe Caa Iron Pipe

Ductile Iron Pipe Asbestos Ccmeni P.V.C. Pipe Plastic Pipe Cast Iron Pipe Af bestos Cement Ductile b-on Pipe P.V.C. Pipe P.V.C. Pipe C«sl kon Pipe Asbestos Ccntent Plastic Pipe Ductile Iron Pipe Ductile Iron Pipe Cast Inan Pipe Cast Iron Pipe GalvHiuze Pipe Gdlvanize Pipe Adseatns Cement Plastic Pipe P.V.C- Pipe P.V.C. Pipe Siecl Pipe

Linear Feel Tola) |Tota]> e s

WATER MAINS

Existing

7^35.10 88,484 80 36.835 10 4,982 90

12.759 30 11,170.10 9.361.90 4.349 60 4,523.30

16.761.20 37.374.70

675 OO 60.840.10 36,654.40

3,919.60 35 00

19,602.20 72,724 20

1.483.10 102.50

30.480 20 10,270,50 91.999.10 12.688.00 i 8,755.90 13J212i0

212.50 970 50

117.498,10 5.681.60 3.212.30 6.475.55

66,344,20 1,069 JO

815,158 00 15.957.10 1.272.90

363.743.10 15,957,10

157,247,30 10^56,70

610.00 12,763.60 3.534.00

320.44930 145.190.90 721,454.90

20.495.80 341.812.20 377.008.60

2,791,197.10 1,101.666.00

121.385.50 19399.20

712.20 20J92.10 20.592.10 9,620 00 5,361.70

29.455 30 3.237.10 3.31960

60.067.90 5.346 60

8.322.007,85 1^76.14

Linear Feet Irutalletl

0.00 000 0,00 0.00 0.00 0.00 0.00 000 0.00 0.00 0.00 0.00

o.oo 000 000 0,00

0,00

ooo 0,00 000 0,00 000 000 0.00 0,00 000 000 0,00 0,00 000

160,00 1,159,30

0,00 000 0.00 0.00 0.00 0.00 0,00 0.00 0,00 0,00 000 0,00 000 000 0.00

1.096,80 16.316.20 2.761.60

0,03 0.00 OOO 0,00 0.00 000 0.00 0.00 0.00 0.00

0.00 0.00

61.00 000

21.554.90 4.08

Linear Feet Removed

o.no 0.00 0.00 0.00 0.00 0.00 0.00 000 0.00 0,00 0.00 0.00 0.00 0.00 0,00 0 0 0

0.00 0.00 0.00 0.00 000 000 0,00 000 000 0,00 O-OO

000 O.OO

0,00 000 000

1.060,00 000

1.438,00 0,00 0,00 000 0.00 0,00 0,00 000 0,00 000 000

6,373 00 637 70

000 000 0.00

3,849-80 2.656,30

0.00 0.00 0.00 000

656.00 0.00

o.oo 000 0.00 000 0,00 000

15.680,80 3,16

Linear Feel Rcmamine

7,535.10 88.484.80 36,835.10 4.982.90

12.759 30 11,170.10 9,361-90 4,M9.60 4.523.30

16,761.20 37,374.70

675-00 60,840-10 36,654.40 3,916,60

35.00

19.602,20 72.724,20

1.483.10 102,50

30.480J0 10.270,50 91,999.10 12.688.00 18,755.90 13,212,10

212.50 970.50

117.498.10 5.681.60 3,372 20 8,257.60

66.344.20 1.069.30

813,720,00 15,957-10 1,272.90

363.743.10 15,957,10

157,24 7 J 0 | ia356.70

610,00 12.763 60 3.534,00

320.449 30 138.857,90 721,454.90 21,592.60

358,128.40 379.110.20

2.787,347.30 1.099,009-70

121.385-50 19.399.20

712.20 20.592-10

19,926.10 9.620.00 3,361-70

29,45530 3,237.10 8.626 30

61,128.90 5.346 60

8.534.886,00 1^579.00

1 Size

48' 42" 36' 30-24-

1 20' 16-14* 12-10-E-6' 4"

Total

Existing

16 4

18 65 39

133 190

3 2,282

65 6,189

13.113 7,142

29.259

VALVES

bistallcd

0 0 0 0 0 0 0 0

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34 0 0

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21 4

31

^

Runo ining

16 4

18 65 39

133 190

3 2.282

65 6,223

13.092 7.139

29,2691

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IV-40

SEWERAGE AND WATER BOARD OF NEW ORLEANS COST OF OPERATIONS IDENTIFICATION PROGRAM

BENCHMARKING 2008

ADMINISTRATIVE SERVICES DEPARTMENT Insurance Cost per Employee:

Workers' Compensation S 1,873.00

Auto Liability $ 826.00 General Uability S 62.00

ENGINEERING DEPARTMENT Cost to Design a Project* 6.8%

ENVIRONMENTAL DEPARTMENT Cost of Typical Industry

Sampling Event S 390.J8

FACTLrrV MAINTENANCE DEPARTMENT Cost to set 5/8" water meter S 84.77

MANAGEMENT SERVICES DEPARTMENT FINANCE:

Cost to Process a Miscellaneous Invoice S 46.93 Cost to process a Vcodor Invoice S 17.10 Cost to process a Paycheck S 4.55

INFORMATION SYSTEM: Cost to Image a Document S .043 Cost to Retrieve a Document S 3.38

PERSONNEL: Cost to Hire an Employee S 121.84 Cost to coniplcic a Voiuntarj'

Employee TcrminatioD S 16.68 Employee Turnover Rate 3.91% Cost to Train an Employee: N/A

PURCHASING: Cost to Process a Sundrj' Purchase Order S 33.06

REVENUE: Cost to Read a Meter S 1.44 Cost to Render a Bill

(I..ess Meter Reading) Cost lo Manage a Customer by Phone Cost to Manage a Customer by Mail

Cost to Manage a Walk-in Castomcr Cost to Process a Mail-in PajTneot Cost to Process a Walk-in Payment

SUPPORT SERVICES DEPARTMENT Average Annual Maintenance Cost

Per Piece of Equipment S 900.00 Average Percent ofFlect Down for 2002 20%

s s s s s s

1.07 2.71 3 44

4.71 0.39 1.49

rv-41

' " " " - « " . « % , « , . « ,

SEWERAGE AISD WATER BOARD OF NEW ORLEANS

SINGLE AUDIT REPORTS

DECEMBER 31.2008


A Profaisional Accounting Corporation

www.pnq3a.com

http://www.pnq3a.com

SEWERAGE AND WATER BOARD OF NEW ORLEANS New Orleans, Louisiana

Single Audit Reports

December 31,2008

Table of Contents

Page

Report on latemal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Fmancial Statements Performed in Accordance with Government Auditing Standards 1

Report on Compliance with Requirements Applicable to the Major Program^ on Intemal Control over Compliance in Accordance with OMB Circular A-133 and the Schedule of Expenditures of Federal Awards 3

Schedule of Expenditures of Federal Awards 5

Notes to Schedule of Expenditures of Federal Awards 6

Schedule ofFindings and Questioned Costs 7

Summary Schedule of Prior Audit Findings 9


A Professionoi Accounling Corpoforton Aiioclaled Officas in Principal Cirioj of ibo Unrtod States

WVAV. pncpa.com

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WFTH

GOVERNMENT A UDITING STANDARDS

To the Members ofthe Board Sewerage and Water Board of New Orleans:

We have audited the financial statements ofthe Sewerage and Water Board of New Orleans (the Board) as of and for the year ended December 31, 2008, and have issued our report thereon dated June 12, 2009. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States.

Intemal Control Over Financial Reporting

In planning and performing our audit, we considered the Board's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purposes of expressing an opinion on the effectiveness ofthe Board's intemal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness ofthe Board's intemal control over financial reporting.

Our consideration of internal control over financial reportmg was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in intemal control over financial reporting that might be significant deficiencies or material weaknesses. However, as discussed below, we identified a certain deficiency in intemal control over financial reporting that we consider to be a significant deficiency.

A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of perfomiing their assigned functions, to prevent or detect misstatements on atimely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the Board's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement-of the Board's financial statements that is more than inconsequential will not be prevented or detected by the Board*s intemal control. We consider the deficiency described in the accompanying schedule of findings and questioned costs as item 200S-1 to be a significant deficiency in internal control over financial reporting.

30th Floor - Energy Centre • 1100 Poydras Street • New Orleans, \J\ 70163-3000 • Tel: 504.569.2978

2324 Severn Avenue • Metairie, LA 70001 • Tel: 504.837.5990 • Fax: 504.834.3609

A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by Board's intemal control.

Our consideration ofthe internal control over fmancial reporting was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in intemal control that might be significant deficiencies, and accordingly would not disclose all significant deficiencies that are also considered to be material weaknesses. However, we consider the significant deficiency described above as item 2008-1 to be a material weakness.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Board's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards.

The Board's response to the findings identified in our audit is described in the accompanying schedule of findings and questioned costs. Wc did not audit the Board's response and accordingly, we express no opinion on it.

This report is intended solely for the information and use ofthe Board, the Board's management and federal awarding agencies and pass-through entities, such as the State of Louisiana and Legislative Auditor's Office and is not intended to be and should not be used by anyone other than these specified parties. However, under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.

New Orleans, Louisiana June 12, 2009

P&N


A Profasttonol Accounting Corporot*K>n

Asiociatod Offices in Principol Ciliss of itie IJdIted Skrias

WWW, pncpa.com

REPORT ON COMPLLWCE WITH REQUDREMENTS APPLICABLE TO THE MAJOR PROGRAM, ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH

OMB CIRCULAR A-133 AND THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

To the Members ofthe Board Sewerage and Water Board of New Orleans:

Compliance

We have audited the compliance ofthe Sewerage and Water Board of New Oiieans (the Board) with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Circular A-J33 Compliance Supplement that are appUcable to each of its major federal programs for the year ended December 31, 2008. The Board's major federal program is identified m the summary of auditors' results section of the accompanying schedule of findings and questioned costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major federal programs is the responsibility ofthe Board's management. Our responsibility is to express an opinion on the Board's compliance based on our audit.

We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained m Government Auditing Standards, issued by the Comptroller General ofthe United Stales; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Board's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination ofthe Board's compliance with those requirements.

In our opinion, the Board complied, in all material respects, with the requirements referred to above that are applicable to its major federal program for the year ended December 31, 2008.

Fitemal Control Over Compliance

The management ofthe Board is responsible for establishing and maintaining effective intemal control over comphance with the requirements of laws, regulations, contracts, and grants applicable to federal programs. In planning and performing our audit, we considered the Board's intemal control over

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30th Floor - Energy Centre • 1100 Poydras Street • New Orleans, LA 70163-3000 • Tel: 504.569.2978

2324 Severn Avenue • Metairie, LA 70001 • Tel: 504.837.5990 • Fax: 504.834.3609

http://pncpa.com

compliance with requirements that could have a direct and material effect on a major federal program in order to determine our auditing procedures for the puipose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133. Accordingly, we do not express an opinion on the effectiveness of the Board's internal control over compliance.

A control deficiency in the Board's internal control over compliance exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect noncompliance with a type of compliance requirement of a federal program on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the Board's ability to administer a federal program such that there is more than a remote likelihood that a type of compliance requirement of a federal program that is more than inconsequential wiU not be prevented or detected by the Board's internal control.

A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that material noncompliance with a type of compliance requirement of a federal program will not be prevented or detected by the Board's mtemal control.

Our consideration of the intemal control over compliance was for the limited purpose described in the first paragraph of this sectiion and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in Latemal control over compliance that we consider to be material weaknesses, as defined above.

Schedule of Expenditures of Federal Awards

We have audited the basic financial statements ofthe Board as of and for the year ended December 31, 2008, and have issued our report thereon dated June 12, 2009. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by OMB Circular A-133 and is not a required part ofthe basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

This report is intended solely for tlie information ofthe Board, the Board's management and federal awarding agencies and pass-through entities, such as the State of Louisiana and Legislative Auditor's Office, and is not intended to be and should not be used by anyone other than these specified parties. However, under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.

New Orleans, Louisiana June 12,2009

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wm


Schedule of Expenditures of Federal Awards

For the year ended December 31, 2008

CFDA Federal Grantor/Program Title Number Expenditures

Deha Regional Authority -Delta Regional Development Grants:

Hazard Mitigation and Infrastructure Design 90.200 $ 262,633

United States Depaitment of Homeland Security -Public Assistance Grants:

Passed through the State ofLouisiana Office of Homeland Security and Emergency Preparedness

97.036 15,978,344

United States Department of Homeland Security-Special Community Disaster Loans (note 4) 97.030 ~_

16,240,977

See accompanying notes to Schedule of Expenditures of Federal Awards.

- 5


Notes to Schedule of Expenditures of Federal Awards

December 31, 2008

(1) General i

The accompanying Schedule of Expenditures of Federal Awards presents the activity ofthe federal awards ofthe Sewerage and Water Board of New Orleans (the Board). The Board's reporting entity is defined in note 1 to the financial statements for the year ended December 31, 2008. All federal awards received fi:om federal agencies are included on the schedule.

(2) Basis of Accounting

The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in note I to the Board's financial statements for the year ended December 31,2008.

(3) Relationship lo Basic Financial Statements

Federal awards are included in statement of revenues, expenses and changes in net assets as follows:

Govemment operating gi'ants $ (3,973) Capital contributions (29,931,607) Write-off of receivables 48,003,567 Non-federal capital contributions (1,827,010)

16,240,977

(4) Loans Payable to Federal Agency

Tlie Board received a Special Community Disaster Loan (the 'Xoan") from the federal government in January 2006. Total draw downs as of December 31, 2008 total $61,956,747. The terms ofthe Loan call for interest to accme at various aimual rates to be repaid with the principal when the Loan becomes due during 2011.


New Orleans, Louisiana

Schedule of Fiudings and Questioned Costs


(1) Summarv of Auditors* Results

(a) The type of report issued on the basic financial statements: unqualified opinion

(b) Significant deficiencies in intemal control were disclosed by the audit of the basic financial statements: yes: Material weaknesses: yes

(c) Noncompliance which is material to the basic financial statements: no

(d) Significant deficiencies in intemal control over major program: none reported: Material weaknesses: no

(e) The type of report issued on compliance for major program: unqualified opiaion

(f) Any audit findings which are required to be reported under Section 510(a) of OMB Circular A-133:no

(g) Major program:

United States Department of Homeland Security, Federal Emergency Management Agency -Public Assistance Grants - passed through the State ofLouisiana (CFDA number 97.036)

(h) Dollar threshold used to distinguish between Type A and Type B programs: $487,229

(i) Auditee qualified as a low-risk auditee under Section 530 of OMB Circular A-133: no

(2) Findings Relating to the Basic Financial Statements Reported in Accordance with Govemment Auditing Standards:

2008-1 -Internal Control over Financial Reporting

Condition: General ledger account reconciliations for some significant accoimts or transaction classes were not performed by management in a timely maimer.


Schedule ofFindings and Questioned Costs (continued)


2008-1 -Internal Control over Financial Reporting (continued)

Criteria: The definition of intemal controls over financial reporting is that policies and procedures exist that pertain to an entity's ability to initiate, record, process, and report financial data consistent with the assertions embodied in the annual financial statements, which for the Board is that financial statements are prepared in accordance with generally accepted accounting principles (GAAP). Our responsibility under current audit standards requires us to communicate this issue to management and the Board of Commissioners.

Effect: As part of the audit process; we have historically assisted management in drafimg the financial statements and related notes for the year-end audit procedures. During the course of our audit procedures we identified significant adjusting entries to general ledger accounts. Because our involvement is so important to the financial reporting process and due to the significance of the financial statement adjustments, this is an indication that the intemal control over financial reporting ofthe Board meets the definition of a significant deficiency and reaches the level of a material weakness.

Cause: Management did not perform the reconciliations of some general ledger accounts in a timely manner.

Auditor's recommendation: All general ledger accounts should be reconciled in a timely manner and reviewed by management. This review should be documented.

Management response: Receipt of documents and clarity of reimbursement of funds resulted in delay of posting the FEMA Receivables and Payables. The lack of sufficient and experienced staff had a direct impact on the timeliness ofthe reconciliation process and review. Additionally, management has established new procedures to strengthen intemal controls and reconciliation of all accounts timely.

(3) Findings and Questioned Costs relating to Federal Awards: None


Summaiy Schedule of Prior Audit Findings


2006-1 and 2007-1 — Internal Control over Financial Reporting

Condition: General ledger account reconciliations for some significant accounts or transaction classes were not performed by management in a timely manner.

Current Status: See repeat finding 2008-1,

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