Condensed Balance Sheet at March 31, 2008
Assets |
||
|---|---|---|
Current |
||
Cash |
$ 2,548,435 |
|
Accounts Receivable |
1,012,710 |
|
Inventory |
494,133 |
|
Prepayments |
51,177 |
|
|
$ 4,199,632 |
||
Investments |
||
At Lower of Aggregate Cost or Market |
$ 1,036,061 |
$ 1,036,061 |
Fixed Assets |
||
Cost (less accumulated Depreciation of $8,539,892 |
$ 5,591,320 |
$ 5,591,320 |
$ 10,827,013 |
||
Liabilities and Fund Balances |
||
Liabilities |
||
Accounts Payable |
$ 607,703 |
|
| Wages Payable- Retroactive |
25,076 |
|
Employee
Withholding & |
3,419 |
|
Utility Tax Payable |
38,805 |
|
Consumer Meter Deposits |
61,875 |
|
Developer Deposits |
91,731 |
|
Liability for Compensated Absences |
224,762 |
|
$ 1,053,371 |
||
Net Assets |
||
Capital
Grants |
$ 405.490 |
|
| Private Developer Contributions |
1,125,802 |
|
Unrestricted Net Assets |
8,242,350 |
|
$ 9,773,642 |
||
$ 10,827,013 |
||
Condensed Income and Expense Statement
at March 31, 2008
Total |
Water |
Light |
|
|---|---|---|---|
Operating Revenue |
|||
User Charges |
$11,035,909 | $1,045,187 | $9,990,722 |
Free Service |
44,015 |
17,491 |
26,524 |
| $10,991,894 | $1,027,696 | $9,964,198 | |
| Operating Expenses | |||
Electric Power & Water Purchased |
$7,049,482 | $11,222 | $7,038,260 |
Salaries and Wages |
505,263 |
247,022 |
258,241 |
Repairs and Maintenance |
266,498 |
106,322 |
160,176 |
| Supplies and Training | 41,915 |
17,680 |
24,235 |
Insurance |
99,146 |
49,573 |
49,573 |
Deprecation |
447,719 |
98,128 |
349,591 |
| Plant & Equip. Expense |
89,341 |
34,322 |
55,019 |
Other |
43,084 |
35246 |
7,838 |
| $8,542,448 | $599,515 | $7,942,933 | |
General and |
|||
Salaries |
$327,181 | $49,658 | $277,523 |
Payroll Taxes |
91,633 |
32,934 |
58,699 |
Pension Expense |
72,364 |
11,460 |
60,904 |
Insurance |
49,414 |
24,707 |
24,707 |
Employee Benefits |
146,913 |
59,445 |
87,468 |
Professional Fees |
47,136 |
5,033 |
42,103 |
| Bad Debt |
21,829 |
0 |
21,829 |
Administrative & Occupancy |
168,455 |
27,389 |
141,066 |
Depreciation |
36,479 |
5,107 |
31,372 |
Other |
13,623 |
0 |
13,623 |
| $975,027 | $215,753 | $759,294 | |
Operating Income |
$1,474,419 | $212,448 |
$1,261,971 |
NonOperating Income |
|||
Investment Income/Sale of Asset |
$111,446 | $14,762 |
$96,684 |
|
Unrealized Gain on Investment |
45,316 |
0 |
45,316 |
|
Environmental Remediation |
(40,000) |
0 |
(40,000) |
|
Private Developer Contribution |
44,088 |
6,172 |
37,916 |
|
Change in Net Asset Year End |
$1,635,269 | $227,782 |
$1,407,487 |
| Appropriation to Mayor and Council | 400,000 |
0 |
400,000 |
For City Services |
80,539 |
19,359 |
61,180 |
|
Special Appropriation (City) |
14,775 |
0 |
14,775 |
Change in Net Assets |
1,139,955 |
$208,423 | $931,532 |
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