CITY OF RICHMOND, VIRGINIA STATEMENT OF NET ASSETS PROPRIETARY FUNDS June 30, 2004

Transcription

1 EXHIBIT E-1 STATEMENT OF NET ASSETS June 30, 2004 Water Wastewater Other Total Assets Current Assets: Cash and Cash Equivalents (Note 3) $ 31,717,844 $ 5,117,193 $ 35,102,877 $ 99,857 $ 72,037,771 $ 42,342,593 Accounts Receivables (Net of Allowance for Doubtful Accounts 15,796,683 9,046,766 5,992, ,817 31,261,836 2,376,631 Due From Other Funds (Note 4) 1,055, ,761 1,428, ,620, Inventories of Materials and Supplies 16,434, ,099 60,714 93,372 16,731,977 4,076,607 Prepaid Expenses and Other Current Assets 1,899,000 1,324,614 1,561,719 56,604 4,841, ,331 Total Current Assets 66,903,784 15,768,433 44,146, , ,493,970 49,733,560 Noncurrent Assets: Restricted Assets - Cash and Investments (Note 3) 2,811, ,699 5,489, ,650, Advances To Other Funds (Notes 4) 19,605,111 19,081,068 21,534, ,220,521 3,294,908 Deferred Expenses 8,742,741 9,213,728 8,010, ,966,785 49,388 Capital Assets (Note 7): Land ,233,390 8,233,390 98,000 Buildings and Structures ,036,537 15,036,537 94,732,605 Equipment ,936,957 5,936,957 59,088,087 Plant Held for Future Use 25, , , Plant-in-Service 300,515, ,661, ,044, ,222, Completed Construction 15,574,710 14,737, ,667, ,980, Less: Accumulated Depreciation (83,292,203) (70,279,082) (103,401,825) (2,181,486) (259,154,596) (85,302,535) Construction in Progress 20,652,916 23,724,477 29,571,214 1,360,328 75,308,935 8,616,968 Total Capital Assets, Net Accumulated Depreciation 253,476, ,844, ,089,145 28,385, ,796,327 77,233,125 Total Noncurrent Assets 284,635, ,489, ,123,028 28,385, ,634,574 80,577,421 Total Assets $ 351,539,634 $ 266,258,403 $ 344,269,131 $ 29,061,376 $ 991,128,544 $ 130,310,981 Liabilities: Current Liabilities Accounts Payable $ 8,862,156 $ 3,419,299 $ 3,761,706 $ 533,064 $ 16,576,225 $ 1,961,777 Accrued Liabilities 993,451 1,657,793 2,192, ,508 5,320,474 1,027,012 Due To Other Funds (Note 4) ,309,389 2,309,389 4,894,259 Accrued Interest on Bonds Payable 5,316,802 2,861,219 3,770, ,584 12,384,346 2,126,253 General Obligation Bonds and Capital Leases (Note 8 4,848,809 3,823,507 2,714,368 1,706,070 13,092,754 4,855,703 Revenue Bonds Payable (Note 8) 812,928 67,890 2,850, ,731, Compensated Absences 681, , , ,072 1,512, ,401 Other Liabilities and Claims Payable (Note ,713,070 Total Current Liabilities 21,515,419 12,146,987 15,698,117 5,566,687 54,927,210 20,821,475 Noncurrent Liabilities Liabilities to be Repaid from Restricted Assets Customers' Deposits 2,811, , ,003, Accreted Interest on Bonds Payable (Note 8) 734,784 1,175, , ,391, ,826 Deferred Revenue 9,963,963 35,777,452 18,910, ,651, ,649 General Obligation Bonds and Capital Lease Liabilities (Note 8 110,530,764 85,721,341 45,436,656 17,975, ,664,260 12,800,635 Revenue Bonds Payable (Note 8) 114,979,949 36,207, ,973, ,160, Compensated Absences 21, , ,885 7, , ,672 Other Liabilities and Claims Payable (Note ,259,724 Advances from Other Funds ,515,579 Total Noncurrent Liabilities 239,041, ,302, ,938,761 17,983, ,266,387 93,215,085 Total Liabilities 260,556, ,449, ,636,878 23,549, ,193, ,036,560 Net Assets: Invested in Capital Assets, Net of Related Deb 24,380,764 95,199, ,122,974 8,704, ,407,587 59,471,961 Restricted for Capital Projects 2,811, ,699 5,489, ,650, Unrestricted 63,790,903 (741,839) 39,020,054 (3,192,699) 98,876,419 (43,197,540) Total Net Assets $ 90,982,684 $ 94,808,552 $ 161,632,253 $ 5,511,458 $ 352,934,947 $ 16,274,421

2 EXHIBIT E-2 RECONCILIATION OF THE ENTERPRISE FUNDS STATEMENT OF NET ASSETS TO THE GOVERNMENT-WIDE STATEMENT OF NET ASSETS June 30, 2004 Total Enterprise Funds Internal Service Fund Allocation Stores and Transportation Divison Business-Type Activities Statement of Net Assets Assets Current Assets: Cash and Cash Equivalents (Note 3) $ 72,037,771 $ 31,487,975 $ 103,525,746 Accounts Receivables (Net of Allowance for Doubtful Accounts): 31,261, ,261,904 Due From Other Funds (Note 4) 2,620, ,620,449 Inventories of Materials and Supplies 16,731,977 3,630,463 20,362,440 Prepaid Expenses and Other Current Assets 4,841, ,553 5,119,490 Total Current Assets 127,493,970 35,396, ,890,029 Noncurrent Assets: Restricted Assets - Cash and Investments (Note 3) 8,650, ,650,941 Advances To Other Funds 60,220,521 (63,515,429) (3,294,908) Deferred Expenses 25,966, ,966,785 Capital Assets (Note 7): Land 8,233, ,233,390 Buildings and Structures 15,036,537 57,558,114 72,594,651 Equipment 5,936, ,936,957 Plant Held for Future Use 232, ,888 Plant-in-Service 768,222, ,222,056 Completed Construction 154,980, ,980,160 Less Accumulated Depreciation (259,154,596) (33,132,430) (292,287,026) Construction in Progress 75,308,935 5,135,005 80,443,940 Total Capital Assets, Net Accumulated Depreciation 768,796,327 29,560, ,357,016 Total Noncurrent Assets 863,634,574 (33,954,740) 829,679,834 Total Assets $ 991,128,544 $ 1,441,319 $ 992,569,863 Liabilities: Current Liabilities: Accounts Payable 16,576,225 1,211,621 17,787,846 Accrued Liabilities 5,320, ,624 5,470,098 Due To Other Funds (Note 4) 2,309, ,309,389 Accrued Interest on Bonds Payable 12,384, ,384,346 General Obligation Bonds and Capital Leases (Note 8) 13,092, ,092,754 Revenue Bonds Payable (Note 8) 3,731, ,731,028 Compensated Absences 1,512,994 59,498 1,572,492 Total Current Liabilities 54,927,210 1,420,743 56,347,953 Noncurrent Liabilities: Liabilities to be Repaid from Restricted Assets: Customers' Deposits 3,003, ,003,368 Accreted Interest on Bonds Payable (Note 8) 2,391, ,391,041 Deferred Revenue 64,651, ,651,570 General Obligation Bonds and Capital Leases (Note 8) 259,664, ,664,260 Revenue Bonds Payable (Note 8) 253,160, ,160,598 Compensated Absences 395,647 20, ,126 Total Noncurrent Liabilities 583,266,387 20, ,286,963 Total Liabilities 638,193,597 1,441, ,634,916 Net Assets: Invested in Capital Assets, Net of Related Debt 245,407,587 29,560, ,968,276 Restricted for Capital Projects 8,650, ,650,941 Unrestricted 98,876,419 (29,560,689) 69,315,730 Total Net Assets $ 352,934,947 $ -- $ 352,934,947 Amounts related to interfund activity have been eliminated prior to presenting this reconciliation's amounts in Exhibit A

3 EXHIBIT E-3 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN THE FUND NET ASSETS Water Wastewater Other Total Operating Revenues Charges for Goods and Services $ 183,460,419 $ 44,337,554 $ 45,427,916 $ 4,522,485 $ 277,748,374 $ 41,881,405 Operating Expenses Purchased 125,943, ,943, Intragovernmental Goods and Services Sold ,098,076 Salaries and Wages 8,609,809 6,665,078 6,742,376 2,810,918 24,828,181 3,586,661 Data Processing 741, , , ,215, ,151 Materials and Supplies 677,205 1,271, , ,427 2,867, ,487 Rents and Utilities 198,284 3,523,547 2,097, ,382 6,060,198 2,430,888 Maintenance and Repairs 6,611,998 3,682,343 2,418, ,564 12,984, ,535 Depreciation and Amortization 9,431,215 5,258,912 7,850,736 1,416,088 23,956,951 10,319,501 Claims and Settlements ,589,498 Miscellaneous Operating Expenses 17,495,946 12,550,752 14,643,562 1,209,568 45,899,828 3,841,000 Total Operating Expenses 169,708,850 33,194,864 34,523,954 6,327, ,755,615 41,317,797 Operating Income (Loss) 13,751,569 11,142,690 10,903,962 (1,805,462) 33,992, ,608 Non-Operating Revenues (Expenses) Government Subsidies 19, ,861 1,462,130 1,381,465 3,578,979 20,750 Interest on Long-Term Debt (12,012,393) (6,644,468) (8,293,097) (334,907) (27,284,865) (1,338,314) Interest Income 337,604 80, ,173 2, , Interest Expense (7,382) (7,382) -- Amortization of Debt Discount and Expense (1,016,032) (772,255) (779,123) -- (2,567,410) -- Miscellaneous Revenue 563, ,156 1,766, ,459 3,045,762 1,886,777 Miscellaneous Expenses (755,745) (755,745) (223,884) Total Non-Operating Revenues (Expenses) (12,115,525) (6,077,505) (5,512,925) 465,351 (23,240,604) 345,329 Net Income (Loss) Before Transfers 1,636,044 5,065,185 5,391,037 (1,340,111) 10,752, ,937 Transfers In-Other Funds ,375,598 1,375, Transfers Out-Other Funds (150,000) (1,238,000) (841,000) -- (2,229,000) -- Change In Net Assets 1,486,044 3,827,185 4,550,037 35,487 9,898, ,937 Net Assets - Beginning of Year, Restated (Note 7) 89,496,640 90,981, ,082,216 5,475, ,036,194 15,365,484 Net Assets - End of Year $ 90,982,684 $ 94,808,552 $ 161,632,253 $ 5,511,458 $ 352,934,947 $ 16,274,421

4 EXHIBIT E-4 RECONCILIATION OF THE ENTERPRISE FUNDS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS TO THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES Water Wastewater Total Operating Revenues Charges for Goods and Services $ 183,460,419 $ 44,337,554 $ 45,427, ,225,889 Internal Service Fund Allocation - Stores and Transportation Division 3,590, , ,098 5,347,473 Charges for Services - Statement of Activities 187,051,036 45,205,312 46,317, ,573,362 Operating Expenses Purchased 125,943, ,943,210 Salaries and Wages 8,609,809 6,665,078 6,742,376 22,017,263 Data Processing 741, , ,860 1,215,054 Materials and Supplies 677,205 1,271, ,833 2,488,259 Rents and Utilities 198,284 3,523,547 2,097,985 5,819,816 Maintenance and Repairs 6,611,998 3,682,343 2,418,602 12,712,943 Depreciation and Amortization 9,431,215 5,258,912 7,850,736 22,540,863 Miscellaneous Operating Expenses 17,495,946 12,550,752 14,643,562 44,690,260 Total Operating Expenses 169,708,850 33,194,864 34,523, ,427,668 Non-Operating Expenses Interest on Long-Term Debt 12,012,393 6,644,468 8,293,097 26,949,958 Interest Expense 7, ,382 Amortization of Debt Discount and Expense 1,016, , ,123 2,567,410 Total Expenses 182,744,657 40,611,587 43,596, ,952,418 Internal Service Fund Allocation - Stores and Transportation Division 3,660, , ,299 5,347,473 Reclass As Transfers to Activities - Payments In Lieu of Taxes (7,884,566) (4,901,567) (4,354,111) (17,140,244) Program Expenses - Statement of Activities $ 178,520,751 $ 36,523,533 $ 40,115,362 $ 255,159,647

5 EXHIBIT E-5 STATEMENTS OF CASH FLOWS Water Wastewater Other Total Cash Flows From Operating Activities Receipts from Customers $ 187,120,803 $ 43,929,784 $ 46,638,989 $ 4,252,680 $ 281,942,256 $ 42,869,098 Payments to Suppliers (149,077,585) (17,151,069) (12,071,148) (2,370,524) (180,670,326) (18,184,285) Payments to Employees (9,119,765) (6,871,913) (8,307,292) (2,844,053) (27,143,023) (9,630,706) Payments to Other Funds (7,110,866) (5,388,234) (4,798,435) -- (17,297,535) (2,250,023) Other Receipts or (Payments) 10,214,236 2,385,862 2,824,378 (682,841) 14,741,635 3,236,196 Net Cash Provided By (Used In) Operating Activities 32,026,823 16,904,430 24,286,492 (1,644,738) 71,573,007 16,040,280 Cash Flows From Noncapital Financing Activities Transfers In and Government Subsidies 19, ,861 1,462,130 1,375,598 3,573,112 20,750 Transfers Out - Other Funds (150,000) (1,238,000) (841,000) -- (2,229,000) -- Net Cash Provided By (Used In) Noncapital Financing Activities (130,477) (522,139) 621,130 1,375,598 1,344,112 20,750 Cash Flows From Capital and Related Financing Activities Acquisition of Capital Assets (20,924,265) (14,870,861) (15,355,521) (43,614) (51,194,261) (10,746,671) Proceeds From Bond Sale ,730, ,730,000 3,000,000 Repayments of Revenue and General Obligation Bond (5,371,786) (3,662,979) (9,086,770) -- (18,121,535) (3,468,377) Repayments of Notes Payables (2,546,773) Interest Paid on Long-Term Debt (12,067,879) (6,601,422) (8,382,138) -- (27,051,439) (950,978) Net Cash (Used In) Capital and Related Financing Activities (38,363,930) (25,135,262) (29,094,429) (43,614) (92,637,235) (14,712,799) Cash Flows From Investing Activities Interest Earned on Operating Funds 337,604 80, ,173 2, , Interest Paid on Customers' Deposits (7,382) (7,382) -- Net Cash Provided By Investing Activities 330,222 80, ,173 2, , Net Increase (Decrease) in Cash and Cash Equivalents (6,137,362) (8,672,770) (3,856,634) (310,675) (18,977,441) 1,348,231 Cash and Cash Equivalents at July 1, ,666,223 14,140,662 44,448, ,532 99,666,153 40,994,362 Cash and Cash Equivalents at June 30, 2004 $ 34,528,861 $ 5,467,892 $ 40,592,102 $ 99,857 $ 80,688,712 $ 42,342,593 Adjustments to Reconcile Operating Income (Loss) To Net Cash Provided By (Used In) Operating Activities Operating Income (Loss) $ 13,751,569 $ 11,142,690 $ 10,903,962 $ (1,805,462) $ 33,992,759 $ 563,608 Adjustment to Reconcile Operating Income (Loss) to Net Cash Provided By (Used In) Operating Activities Depreciation 9,431,215 5,258,912 7,850,736 1,416,088 23,956,951 10,319,501 Miscellaneous Income 552, ,156 1,766,993 (1,919,342) 943,552 2,053,882 (Increase) Decrease in Assets and Increase (Decrease) in Liabilities Accounts Receivable 3,464,380 (655,643) 758,706 1,016,145 4,583, ,531 Due From Other Funds (252,541) 109,717 1,086, , Due From Other Governments (2,437) Estimated Unbilled Service Revenues 466, , , ,166, Inventories of Material and Supplies (3,594,745) (9,644) -- (11,245) (3,615,634) (174,662) Prepaid Expenses (83,926) (86,236) (240,094) (19,692) (429,948) 12,938 Deferred Expenses 8,595, ,687 (9,282) -- 8,773,286 96,517 Accounts Payable (2,700,411) (143,933) 1,629,648 (377,492) (1,592,188) 230,082 Accrued Liabilities (208,578) 75,625 (1,571,573) (119,936) (1,824,462) (1,070,698) Deferred Revenue 2,350, ,168 1,702, ,189,784 (74,054) Customers' Deposits 186, , , Due to Other Funds , ,639 1,017,513 Compensated Absences 66,750 (93,294) (43,839) (11,441) (81,824) (24,175) Outstanding Liabilities and Claims ,290,734 Total Adjustments 18,275,254 5,761,740 13,382, ,724 37,580,248 15,476,672 Net Cash Provided By (Used In) Operating Activities $ 32,026,823 $ 16,904,430 $ 24,286,492 $ (1,644,738) $ 71,573,007 $ 16,040,280 Supplemental Cash Flow Information Non-cash Transactions: GO Bonds Principal payments made by City Debt Service Fund on behalf of Fun ,112,730 1,112, GO Bonds Interest payments made by City Debt Service Fund on behalf of Fun ,143,674 1,143, Capital Lease Principal payments made by City Debt Service Fund on behalf of Fun ,222 59, Capital Lease Interest payments made by City Debt Service Fund on behalf of Fun ,166 29, Capital Assets aquired on behalf of Fund ,360,328 1,360, GO Bonds refunded on behalf of Fund ,832,221 1,832, Debt allocation to Fund ,411,371 3,411,371 --