-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, dQjVCE+QRMBbNtmpji4kuXt7ASjoamCu8yKO9Go0GFdGnB+Toz79soK8uOW1++/g pBHHc8y3wGXWPPcmtt6dGA== 0000043704-94-000008.txt : 19940404 0000043704-94-000008.hdr.sgml : 19940404 ACCESSION NUMBER: 0000043704-94-000008 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREEN MOUNTAIN POWER CORP CENTRAL INDEX KEY: 0000043704 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 030127430 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 34 SEC FILE NUMBER: 001-08291 FILM NUMBER: 94519750 BUSINESS ADDRESS: STREET 1: 25 GREEN MOUNTAIN DR STREET 2: P.O.BOX 850 CITY: SOUTH BURLINGTON STATE: VT ZIP: 05402-0850 BUSINESS PHONE: 8028645731 11-K 1 FORM 11-K FOR YEAR ENDED DECEMBER 31, 1993 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ______________________ FORM 11-K X Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 [Fee Required] For the fiscal year ended December 31, 1993 Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 [No Fee Required] For the transition period from _______________ to __________________ Commission file number 1-8291 GREEN MOUNTAIN POWER CORPORATION Employee Savings and Investment Plan and Trust ______________________________________________ (Full title of the Plan) Green Mountain Power Corporation 25 Green Mountain Drive, P. O. Box 850 South Burlington, VT 05402 (802) 864-5731 ______________________________________ (Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office) GREEN MOUNTAIN POWER CORPORATION EMPLOYEE SAVINGS AND INVESTMENT PLAN AND TRUST Financial Statements December 31, 1993 Green Mountain Power Corporation Employee Savings and Investment Plan and Trust TABLE OF CONTENTS December 31, 1993 Page INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Statements of Net Assets Available for Plan Benefits 3 Statements of Changes in Net Assets Available for Plan Benefits 4 Notes to Financial Statements 5 INDEPENDENT AUDITOR'S REPORT To the Retirement Board Green Mountain Power Corporation Employee Savings and Investment Plan and Trust We have audited the accompanying statement of net assets available for plan benefits of Green Mountain Power Corporation Employee Savings and Investment Plan and Trust as of December 31, 1993, and the related statement of changes in net assets available for plan benefits for the year then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1993, and the changes in net assets available for plan benefits for the year then ended, in conformity with generally accepted accounting principles. Kittell, Branagan & Sargent St. Albans, Vermont March 4, 1994 INDEPENDENT AUDITOR'S REPORT To the Retirement Board Green Mountain Power Corporation We have audited the accompanying statement of net assets available for plan benefits of Green Mountain Power Corporation Employee Savings and Investment Plan and Trust as of December 31, 1992, and the related statements of changes in net assets available for plan benefits for each of the two years in the period ended December 31, 1992. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1992, and the changes in net assets available for plan benefits for each of the two years in the period ended December 31, 1992, in conformity with generally accepted accounting principles. Urbach, Kahn & Werlin, PC Burlington, Vermont Registration No.: 126 March 8, 1993 Green Mountain Power Corporation Employee Savings and Investment Plan and Trust STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS December 31, 1993 1992 ---- ---- ASSETS Investments at fair value as determined by quoted market price: Participating Employer: Green Mountain Power Corporation common stock $ 5,365,821 $ 4,795,738 Equity Fund for Bank Trust Departments Wright Blue Chip Portfolio (WBC) 1,327,157 Twentieth Century Investors Ultra Fund 1,062,104 State Street S & P 500 Index Fund 945,053 Fidelity Asset Manager Fund 1,271,974 __________ __________ 8,644,952 6,122,895 __________ __________ Investments at estimated fair value: Chittenden Bank BIC - 1991 41,254 1,515,280 Money Market Fund 1,700,457 930,963 Participant loans 831,078 699,074 __________ __________ 2,572,789 3,145,317 __________ __________ Receivables: Employer contributions 8,933 Accrued Interest and dividends 9,042 11,006 __________ __________ 9,042 19,939 __________ __________ Cash 2,997 136,020 __________ __________ TOTAL ASSETS 11,229,780 9,424,171 __________ __________ NET ASSETS AVAILABLE FOR PLAN BENEFITS $11,229,780 $ 9,424,171 ========== ========== See Notes to Financial Statements. Green Mountain Power Corporation Employee Savings and Investment Plan and Trust STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS For the Years Ended December 31, 1993 1992 1991 ---- ---- ---- INVESTMENT INCOME Interest $ 188,668 $ 206,928 $ 219,937 Dividends on Green Mountain Power Corporation Stock 330,450 276,367 208,585 Other dividends 53,370 224,497 50,002 Realized gain (loss) on sale of investments (13,470) 1,196 (2,021) Net unrealized appreciation (depreciation) in fair market value of investments (150,501) 301,466 886,010 __________ __________ __________ 408,517 1,010,454 1,362,513 __________ __________ __________ CONTRIBUTIONS Employer 435,248 374,089 328,618 Employee 1,310,940 1,145,695 953,024 Rollovers 8,301 12,079 Other 1,262 __________ __________ __________ 1,746,188 1,529,347 1,293,721 __________ __________ __________ TOTAL ADDITIONS 2,154,705 2,539,801 2,656,234 __________ __________ __________ BENEFITS PAID 349,096 276,677 221,883 CONTRACT EXPENSE 4,849 __________ __________ __________ TOTAL DEDUCTIONS 349,096 276,677 226,732 __________ __________ __________ NET INCREASE 1,805,609 2,263,124 2,429,502 NET ASSETS AVAILABLE FOR PLAN BENEFITS Beginning of Year 9,424,171 7,161,047 4,731,545 __________ __________ __________ End of Year $11,229,780 $ 9,424,171 $ 7,161,047 ========== ========= ========= See Notes to Financial Statements. Green Mountain Power Corporation Employee Savings and Investment Plan and Trust NOTES TO FINANCIAL STATEMENTS December 31, 1993 NOTE 1 PLAN DESCRIPTION The following brief description of Green Mountain Power Corporation Employee Savings and Investment Plan and Trust (the Plan) is provided for general information only. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. General The Plan is a defined contribution plan established by Green Mountain Power Corporation. The Plan covers substantially all full-time employees of Green Mountain Power Corporation (the Company) and its subsidiaries, Green Mountain Propane, Inc. and Mountain Energy, Inc. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Administration of Plan Assets The Plan's assets are held by the Trustee of the Plan, which invests cash received, including interest and dividend income, and makes distributions to participants. Administrative expenses for the Trustee's fees are reimbursed by the Company. Certain administrative functions are performed by employees of the Company. No such employee receives compensation from the Plan. Other administrative costs are paid directly by the Company. Participant Contributions Upon enrollment or re-enrollment, participants shall direct their contributions to be invested in one or more of the following investment options in 10 percent increments: GMP Stock Fund - This fund is invested in Green Mountain Power Corporation common stock. Equity Fund - This fund is invested in units of the Wright Blue Chip Portfolio which is comprised principally of corporate stock. The Wright Blue Chip Portfolio is part of the Equity Fund for Bank Trust Departments managed by Eaton Vance Management, Inc. Money Market- -This fund is invested in the Lehman Cash Fund. Guaranteed Income Fund - This fund is invested in guaranteed investment contracts with Maccabees Mutual Life Insurance Company and bank investment contracts with Chittenden Bank. S & P 500 Fund - This fund is invested in units of the Standard & Poor's 500 Index Fund which is comprised principally of corporate stock, held in the Standard & Poor's 500 Index. The fund is designed to duplicate the performance of the Standard & Poor's 500 Index. Temporary Cash Fund - This fund is invested in the Lehman Cash Fund. Asset Fund - This fund is invested in shares of the Fidelity Asset Manager Fund which is comprised of a broad mix of securities including equity, fixed income, and money market securities. Ultra Fund - This fund is invested in shares of the Twentieth Century Ultra Investors Fund, which is comprised of securities of small and emerging growth companies. It invests in the stock of a wide range of small to medium-sized growth companies. Participants may revise the balance in each fund and/or investment direction effective on the first day of each quarter, by providing the Administrator with 30 days advance written notice. Company Contributions For each participant, the Company contributes $.50 for every $1.00 contributed by the participant on the first 5 percent of the participant's eligible compensation. Company contributions are invested in the GMP Stock Fund. Loan Provisions Effective July 1, 1986, the Plan allows participants to borrow funds from their account. All loans require approval by the Administrator. All loan repayments will be through payroll deductions, except that loans may be repaid in a lump sum at any time without penalty. The term of the loan will be no greater than five years, except that loans which are used to acquire, construct or rehabilitate a principal residence may extend up to 30 years. Loans and associated interest must be repaid in full at the time of retirement or termination. The interest rate must be commensurate with the rate charged by persons in the business of lending money for loans which would be made under similar circumstances in accordance with Department of Labor regulations. Vesting Employees are immediately vested in their voluntary contributions as well as the employers' contribution and any earnings thereon. Tax Status The Plan as originally established in 1985 has been determined by the Internal Revenue Service (IRS) to be a qualified plan under IRS Code Sections 401(k) and 409. A favorable determination on the Plan, as restated effective January 1, 1989, is anticipated. Plan Termination Although it has not expressed any intent to do so, the Company has the right to discontinue contributions or terminate the Plan at any time, subject to the provisions of ERISA. NOTE 2 VALUATION OF INVESTMENTS AT ESTIMATED FAIR VALUE Guaranteed Investment Contracts (GIC's) with Maccabees Mutual Life Insurance Company are carried at their contract amounts. Bank Investment Contracts (BIC's) with Chittenden Bank are also carried at their contract amount. Contract amounts approximate estimated fair value. These contracts credit interest at composite annual interest rates as indicated. The money market fund is carried at its cash value. Participant loans are carried at their unpaid principal balances at year end, which also approximate estimated fair value. 1993 1992 ---- ---- Chittenden BIC - 1991: Interest at a rate of 8.26% for the period January 1, 1991 through December 31, 1993 on all contributions received by the Trust between January 1, 1991 and December 31, 1991. $ 41,254 $1,515,280 Money Market Fund: Lehman cash fund; interest at varying rates approx- imating market. 1,700,457 930,963 Participant loans 831,078 699,074 _________ _________ $2,572,789 $3,145,317 ========= ========= NOTE 3 INVESTMENTS The details of investments as of December 31, 1993 were as follows: Number of Shares, Contract Amounts, Fair Units Cost Value ---------- ---- ----- GMP Stock Fund Green Mountain Power Corporation common stock 173,091 $4,777,732 $5,365,821 ========= ========= ========= Bank Investment Contract Chittenden BIC 1991 41,254 $ 41,254 $ 41,254 ========= ========= ========= Ultra Fund Twentieth Century Investors Ultra Fund 49,654 $ 963,103 $1,062,104 ========= ========= ========= S & P 500 Fund State Street S & P 500 Index Fund 13,579 $ 885,891 $ 945,053 ========= ========= ========= Asset Fund Fidelity Asset Manager Fund 82,596 $1,189,354 $1,271,974 ========= ========= ========= Money Market Fund 1,700,457 $1,700,457 $1,700,457 ========= ========= ========= Participant Loans 831,078 $ 831,078 $ 831,078 ========= ========= ========= The details of investments as of December 31, 1992 were as follows: GMP Stock Fund Green Mountain Power Corporation common stock 144,777 $3,766,244 $4,795,738 ========= ========= ========= Equity Fund Equity Fund for Bank Trust Depart- ments Wright Blue Chip Portfolio 89,733 $1,377,278 $1,327,157 ========= ========= ========= Bank Investment Contract Chittenden BIC 1991 1,515,280 $1,515,280 $1,515,280 ========= ========= ========= Money Market Fund Lehman Cash Fund 930,963 $ 930,963 $ 930,963 ========= ========= ========= Participant Loans 669,074 $ 669,074 $ 669,074 ========= ========= ========= Green Mountain Power Corporation Employee Savings and Investment Plan and Trust NOTES TO FINANCIAL STATEMENTS December 31, 1993 NOTE 4 REALIZED GAIN ON SALE OF INVESTMENTS Aggregate costs, proceeds and realized net gain (loss) on investment transactions were as follows: 1993 ---- Aggregate proceeds $ 2,382,234 Aggregate cost (based on average cost) (2,395,705) __________ NET GAIN (LOSS) $( 13,471) ========== 1992 ---- Aggregate proceeds $ 238,709 Aggregate cost (based on average cost) ( 237,513) __________ NET GAIN (LOSS) $ 1,196 ========== 1991 ---- Aggregate proceeds $ 211,622 Aggregate cost (based on average cost) ( 213,643) __________ NET GAIN (LOSS) $( 2,021) =========== NOTE 5 UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS The following summarizes unrealized appreciation (depreciation) in fair market value of investments during each of the periods: Balance January 1, 1991 $( 208,103) Unrealized depreciation - 1991 886,010 __________ Balance, December 31, 1991 677,907 Unrealized depreciation - 1992 301,466 __________ Balance, December 31, 1992 979,373 Unrealized depreciation - 1993 ( 150,501) __________ Balance, December 31, 1993 $ 828,872 ========== NOTE 6 ALLOCATION OF FUNDS BY INVESTMENT PROGRAM The allocation of assets, liabilities and net assets available for plan benefits by investment program is as follows: ASSETS
Guaran- Temp- S & P GMP teed orary 500 Stock Income Cash Asset Ultra Loan Fund Fund Fund Fund Fund Fund Fund Total ----- ------ ------ ------ ----- ----- ---- ----- December 31, 1993 Investments at fair value as determined by quoted market price Participating employer: Green Mountain Power Corporation common stock $ $5,365,821 $ $ $ $ $ $ 5,365,821 Twentieth Century Investors Ultra Fund 1,062,104 1,062,104 State Street S & P 500 Index Fund 945,053 945,053 Fidelity Asset Manager Fund 1,271,974 1,271,974 _______ _________ ______ _________ _________ _________ _______ __________ 945,053 5,365,821 1,271,974 1,062,104 8,644,952 _______ _________ ______ _________ _________ _________ _______ __________ Investments at estimated fair value Chittenden Bank, Chittenden BIC 1991 41,254 41,254 Money Market Fund 78,774 1,615,914 5,769 1,700,457 Participant loans 831,078 831,078 _______ _________ ______ _________ _________ _________ _______ __________ 78,774 41,254 1,615,914 5,769 831,078 2,572,789 _______ _________ ______ _________ _________ _________ _______ __________ Receivables Accrued interest and dividends 9,042 9,042 _______ _________ ______ _________ _________ _________ _______ __________ 9,042 9,042 Cash 7 2,990 2,997 _______ _________ ______ _________ _________ _________ _______ __________ Total Assets $945,053 $5,444,602 $50,296 $1,618,904 $1,271,974 $1,067,873 $831,078 $11,229,780 _______ _________ ______ _________ _________ _________ _______ __________ NET ASSETS AVAILABLE FOR PLAN BENEFITS $945,053 $5,444,602 $50,296 $1,618,904 $1,271,974 $1,067,873 $831,078 $11,229,780 ======= ========= ====== ========= ========= ========= ======= ==========
GMP Guaranteed Money Stock Fund Income Fund Equity Fund Market Total ---------- ----------- ----------- ------ ----- December 31, 1992 ASSETS Investments at fair value as determined by quoted market price Participating employer: Green Mountain Power Corporation common stock $4,795,738 $ $ $ $4,795,738 Equity Fund for Bank Trust Departments Wright Blue Chip Portfolio 1,327,157 1,327,157 _________ _________ _________ _______ _________ 4,795,738 1,327,157 6,122,895 _________ _________ _________ _______ _________ Investments at estimated fair value Chittenden Bank, Chittenden BIC 1991 1,515,280 1,515,280 Money Market Fund 930,963 930,963 Participant loans 234,359 299,423 117,633 47,659 699,074 _________ _________ _________ _______ _________ 234,359 1,814,703 117,633 978,622 3,145,317 _________ _________ _________ _______ _________ Receivables Employer contributions 8,478 8,478 Accrued interest and dividends 812 10,649 11,461 _________ _________ _________ _______ _________ 9,290 10,649 19,939 _________ _________ _________ _______ _________ Cash 133,606 3 2,411 136,020 _________ _________ _________ _______ _________ Total Assets 5,172,993 1,825,352 1,444,793 981,033 9,424,171 _________ _________ _________ _______ _________ NET ASSETS AVAILABLE FOR PLAN BENEFITS $5,172,993 $1,825,352 $1,444,793 $981,033 $9,424,171 ========= ========= ========= ======= =========
NOTE 7 CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS BY INVESTMENT PROGRAM The allocation of the various components of changes in net assets available for plan benefits by investment program for for the years ended December 31, 1993, 1992 and 1991 is as follows:
S&P GMP Guaranteed Temporary 500 Stock Income Cash Asset Ultra Loan Equity December 31, 1993 Fund Fund Fund Fund Fund Fund Fund Fund Total - ----------------- ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------ Investment Income: Interest $7,825 $12,029 $117,504 $38,361 $6,637 $5,312 $ $1,000 $188,668 Dividends on Green Mountain Power stock 330,450 330,450 Other dividends 53,370 53,370 Realized gain (loss) on sale of investments 809 2,866 2,137 (438) (18,844) (13,470) Net unrealized appreciation (depreciation) in fair value of investments 59,161 (391,281) 82,620 98,999 (150,501) ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------ Total investment Income 67,795 (45,936) 117,504 38,361 144,764 103,873 (17,844) 408,517 ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------ Contributions: Employer 435,248 435,248 Employee 225,653 434,955 214,970 236,542 198,820 1,310,940 ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------ Total contributions 225,653 870,203 214,970 236,542 198,820 1,746,188 ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------ Total additions 293,448 824,267 117,504 253,331 381,306 302,693 (17,844) 2,154,705 ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------ Benefits paid 3,171 203,191 40,321 100,208 525 1,680 349,096 ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------ Total Deductions 3,171 203,191 40,321 100,208 525 1,680 349,096 ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------ Interfund Transfers 654,776 (349,467) (1,852,239) 484,748 891,193 766,858 831,078 (1,426,947) ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------ Net Increase (Decrease) 945,053 271,609 (1,775,056) 637,871 1,271,974 1,067,871 831,078 (1,444,791) 1,805,609 NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 5,172,993 1,825,352 981,035 1,444,791 9,424,171 ----------- ----------- ----------- ----------- ----------- ----------- --------- ----------- ------------ End of Year $945,053 $5,444,602 $50,296 $1,618,906 $1,271,974 $1,067,871 $831,078 $ $11,229,780 =========== =========== =========== =========== =========== =========== ========= =========== ============
GMP Guaranteed Stock Income Equity Money December 31, 1992 Fund Fund Fund Market Total - ----------------- ----------- ----------- ----------- ----------- ----------- Investment Income: Interest $18,139 $109,465 $11,154 $68,169 $206,927 Dividends on Green Mountain Power stock 276,368 276,368 Other dividends 224,497 224,497 Realized gain (loss) on sale of investments 4,105 (2,909) 1,196 Net unrealized appreciation (depreciation) in fair value of investments 445,368 (143,902) 301,466 ----------- ----------- ----------- ----------- ----------- Total investment Income 743,980 109,465 88,840 68,169 1,010,454 ----------- ----------- ----------- ----------- ----------- Contributions: Employer 374,089 374,089 Employee 478,266 301,415 366,014 1,145,695 Rollover 2,085 2,085 4,130 8,300 Other 1,263 1,263 ----------- ----------- ----------- ----------- ----------- Total contributions 855,703 303,500 370,144 1,529,347 ----------- ----------- ----------- ----------- ----------- Total additions 1,599,683 109,465 392,340 438,313 2,539,801 ----------- ----------- ----------- ----------- ----------- Benefits paid 144,994 56,386 32,472 42,825 276,677 ----------- ----------- ----------- ----------- ----------- Total Deductions 144,994 56,386 32,472 42,825 276,677 Interfund Transfers 87,958 (1,062,826) 389,323 585,545 ----------- ----------- ----------- ----------- ----------- Net Increase (Decrease) 1,542,647 (1,009,747) 749,191 981,033 2,263,124 NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 3,630,346 2,835,099 695,602 7,161,047 ----------- ----------- ----------- ----------- ----------- End of Year $5,172,993 $1,825,352 $1,444,793 $981,033 $9,424,171 =========== =========== =========== =========== ===========
GMP Guaranteed Stock Income Equity December 31, 1991 Fund Fund Fund Total - ----------------- ----------- ----------- ----------- ----------- Investment Income: Interest $10,687 $204,682 $4,568 $219,937 Dividends on Green Mountain Power stock 208,585 208,585 Other dividends 50,002 50,002 Realized loss on sale of investments (1,790) (231) (2,021) Net unrealized appreciation in fair value of investments 779,009 107,001 886,010 ----------- ----------- ----------- ----------- Total investment Income 996,491 204,682 161,340 1,362,513 ----------- ----------- ----------- ----------- Contributions: Employer 328,618 328,618 Employee 276,737 547,364 128,923 953,024 Rollover 5,041 3,015 4,023 12,079 ----------- ----------- ----------- ----------- Total contributions 610,396 550,379 132,946 1,293,721 ----------- ----------- ----------- ----------- Total additions 1,606,887 755,061 294,286 2,656,234 ----------- ----------- ----------- ----------- Benefits paid 75,507 128,243 18,133 221,883 Contract Expense 4,849 4,849 ----------- ----------- ----------- ----------- Total Deductions 75,507 133,092 18,133 226,732 Interfund Transfers (130,222) 220,243 (90,021) ----------- ----------- ----------- ----------- Net Increase 1,401,158 842,212 186,132 2,429,502 NET ASSETS AVAILABLE FOR PLAN BENEFITS: Beginning of year 2,229,188 1,992,887 509,470 4,731,545 ----------- ----------- ----------- ----------- End of Year $3,630,346 $2,835,099 $695,602 $7,161,047 =========== =========== =========== ===========
CONSENT OF INDEPENDENT AUDITOR We consent to the incorporation by reference in the Registration Statement on Form S-8 (File No. 33-47985) under the Securities Act of 1933 of Green Mountain Power Corporation of our report dated March 4, 1994, contained in the Annual Report on Form 11-K under the Securities Exchange Act of 1934 for the year ended December 31, 1993, of Green Mountain Power Corporation Employee Savings and Investment Plan and Trust. KITTELL, BRANAGAN & SARGENT St. Albans, Vermont March 29, 1994 CONSENT OF INDEPENDENT AUDITOR We consent to the incorporation by reference in the Registration Statement on Form S-8 (File No. 33-47985) under the Securities Act of 1933 of Green Mountain Power Corporation of our report dated March 8, 1993, contained in the Annual Report on Form 11-K under the Securities Exchange Act of 1934 for the year ended December 31, 1993, of Green Mountain Power Corporation Employee Savings and Investment Plan and Trust. URBACH, KAHN & WERLIN, PC Burlington, Vermont March 29, 1994 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Retirement Board, which administers the Plan, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. GREEN MOUNTAIN POWER CORPORATION EMPLOYEE SAVINGS AND INVESTMENT PLAN AND TRUST By: /s/ Edwin M. Norse _____________________________ Edwin M. Norse Chairman of the Retirement Board Date: March 30, 1994 -----END PRIVACY-ENHANCED MESSAGE-----