The net position of the American Samoa Power Authority increased to $163.9 million in FY2017 compared to $162.7 million in FY2016, according to the authority’s financial audit for those two years by Moss Adams.
The audit report was submitted as part of ASPA’s budget request for FY2019.
Total assets for FY 2017 was $212.3 million compared to $207.2 million the previous fiscal year.
Liabilities totaled $47.4 million in FY2017, up from $44.5 million in FY2016.
Current liabilities totaled $14.9 million, long term debt, net of current position amounted to $10.3 million, accrued annual leave was $688,923 and net pension liability totaled $21.4 million.
Aggregate operating revenues increased in FY2017 compared to FY2016 and the main factor contributing to the increase is the “dramatic increase in fuel revenues as a result of the increase in fuel prices during FY2016.
ASPA revenues for FY2017 totaled $59.1 million with the Electric Division generating $7.9 million, Water raising $3.1 million, sewer at $2.9 million and fuel marketing bringing in $1.3 million.
There’s a bad debt recovery expense item of $142,549.
Expenses totaled $67.8 million, resulting in a deficit of $8.7 million. However federal capital grants of $6.2 million and non operating revenue expenses of $3.7 million helped the authority finish the year with a net position of $163.9 million up from $162.7 million in FY2016.
Fuel is the biggest expense totaling $26.1 million in FY2017. In FY2016 $24.3 million was spent on fuel.
Of expenditures for FY2017, power production expenses came to $7.6 million, Power transmission and distribution used $2.4 million, Engineering services was $2.3 million. Water, waste water and solid waste $11.6 million, Pension expense was $2.4 million. Depreciation is listed at $10.2 million and general and administrative costs was $4.8 million.
In addition to being members of the American Samoa Government Employees Retirement Fund, ASPA has its own Employee Supplemental Income Plan to help with cetain medical expenses.
Full time career service employees and two year contract employees are eligible to participate.
The plan pays employees a fixed amount pf $750 when referred off island for medical treatment.
It also pays $60 per day of off island hospital confiment and follow up appointments.
Enrolled family members are eligible for benefits at 50% of the employee rate.
Employees contribute at graduated premium levels depending on the number of enrolled family members.
The plan has an annual family limit of $5,000 with a life time limit of $10,000 per employee family group.
As of September 30, 2017 the plan’s assets totaled $780,093 and for the year before it was $832,070.
ASPA contributed $123,873 and $118,108 for Fy2017 and Fy2016 respectively to the plan.