CITY OF RICHMOND, VIRGINIA STATEMENT OF NET ASSETS PROPRIETARY FUNDS June 30, 2002

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1 EXHIBIT E-1 STATEMENT OF NET ASSETS June 30, 2002 Gas Water Wastewater Other Total Funds Assets Current Assets: Cash and Cash Equivalents (Note 3) $ 30,395,244 $ 6,526,802 $ 39,908,622 $ 379,726 $ 77,210,394 $ 42,893,171 Receivables (Net of Allowance for Doubtful Accounts): Accounts 13,070,674 10,026,587 7,345,203 1,473,147 31,915,611 3,166,896 Estimated Unbilled Service Revenues 1,009, , , ,930, Due From Other Funds (Note 4) 1,329, ,610 1,953, ,546, Due From Other Governments ,931 Inventories of Material and Supplies 9,802, ,629 60,714 76,926 10,076,314 4,003,780 Prepaid Expenses and Other Current Assets 1,697,784 1,292,209 1,176,448 33,779 4,200, ,318 Total Current Assets 57,304,645 18,740,190 50,870,791 1,963, ,879,204 51,013,096 Noncurrent Assets: Restricted Assets - Cash and Investments (Note 3) 29,736,395 12,569,906 10,275, ,581, Advances To Other Funds 19,605,111 19,081,068 21,534, ,220,521 3,294,908 Deferred Expenses 17,060,258 9,923,526 9,411, ,395,396 66,373 Capital Assets (Note 7): Land ,815,550 12,815,550 98,000 Buildings and Structures ,802,138 37,802,138 86,853,159 Equipment ,202,650 4,202,650 55,193,978 Plant Held for Future Use 25, , , Plant-in-Service 277,966, ,233, ,044, ,245, Completed Construction 336,332 1,830,693 72,593, ,760, Less Accumulated Depreciation (68,737,059) (61,304,328) (88,465,707) (22,952,397) (241,459,491) (70,669,689) Construction in Progress 19,433,789 18,855,031 46,270, ,559,029 6,485,796 Total Capital Assets 229,025, ,615, ,649,628 31,867, ,158,497 77,961,244 Total Noncurrent Assets 295,427, ,189, ,871,251 31,867, ,356,384 81,322,525 Total Assets $ 352,731,949 $ 265,930,078 $ 336,742,042 $ 33,831,519 $ 989,235,588 $ 132,335,621 Liabilities Current Liabilities: Accounts Payable $ 9,523,585 $ 4,770,810 $ 2,532,788 $ 1,050,381 $ 17,877,564 $ 1,541,116 Accrued Liabilities 1,143,204 1,688,879 3,313, ,272 6,749,175 1,877,436 Due To Other Funds (Note 4) ,570,469 1,570,469 3,820,875 Accrued Interest on Bonds Payable 4,175,359 2,668,925 3,376, ,350 10,363,669 1,078,990 Liability (Note 8) 2,703,637 2,271, ,398 1,099,251 7,017,051 8,687,760 Revenue Bonds Payable (Note 8) 796,224 66,495 2,694, ,557, Outstanding Liabilities and Claims (Note 10) ,414,215 Noncurrent Liabilities: Liabilities to be Repaid from Restricted Assets: Customers' Deposits 2,350, ,350, Accreted Interest on Bonds Payable (Note 8) 569, , , ,852,334 81,208 Deferred Revenue 5,667,611 36,219,231 17,215, ,102, ,530 Total Current Liabilities 26,929,783 48,596,803 30,447,752 4,466, ,441,061 23,051,130 Liability (Note 8) 120,445,278 93,435,684 50,741,297 13,176, ,799,253 15,824,773 Revenue Bonds Payable (Note 8) 116,574,253 36,340, ,590, ,504, Compensated Absences 220, , , , ,236 Outstanding Liabilities and Claims (Note 10) ,776,880 Advances from Other Funds ,516,079 Total Noncurrent Liabilities 237,239, ,924, ,485,090 13,176, ,826,058 95,500,968 Total Liabilities 264,169, ,520, ,932,842 17,643, ,267, ,552,098 Net Assets Invested In Capital Assets, Net of Related Debt 17,673,308 85,160,315 92,584,658 17,591, ,009,977 53,367,503 Restricted for Capital Projects 29,736,395 12,569,906 10,275, ,581, Unrestricted 41,152,637 (10,321,094) 44,948,873 (1,403,894) 74,376,522 (39,583,980) Total Net Assets $ 88,562,340 $ 87,409,127 $ 147,809,200 $ 16,187,802 $ 339,968,469 $ 13,783,523

2 EXHIBIT E-2 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS For the Fiscal Year Ended June 30, 2002 Gas Water Wastewater Other Totals Funds Operating Revenues Charges for Goods and Services $ 133,292,049 $ 44,321,570 $ 42,924,688 $ 3,005,099 $ 223,543,406 $ 37,361,494 Operating Expenses Purchased Gas 86,788, ,788, Cost of Goods and Services Sold ,548,161 Salaries and Wages 9,307,507 6,412,571 6,615,826 2,642,972 24,978,876 3,479,834 Data Processing ,691 Materials and Supplies 764,728 1,032, , ,010 2,711, ,971 Rents and Utilities 205,595 3,709,313 1,958, ,623 6,584,718 2,609,853 Maintenance and Repairs 5,665,841 2,535,646 2,506, ,447 10,848, ,627 Depreciation and Amortization 8,049,673 4,944,574 6,947,491 1,454,291 21,396,029 9,598,294 Claims and Settlements ,076,386 Miscellaneous Operating Expenses 13,364,177 15,739,280 17,289, ,302 47,103,712 6,705,751 Total Operating Expenses 124,145,535 34,373,716 35,867,236 6,025, ,412,132 37,533,568 Operating Income (Loss) 9,146,514 9,947,854 7,057,452 (3,020,546) 23,131,274 (172,074) Non-Operating Revenues (Expenses) Government Subsidies and Contributions 154, ,499 13,613,724 2,872,196 17,330, Interest on Long-Term Debt (8,990,298) (5,237,531) (6,476,151) (713,160) (21,417,140) (1,219,486) Interest Income 812, ,526 3,319 1,758, Interest Expense (4,777) (392,852) (397,629) -- Amortization of Debt Discount and Expense (762,796) (604,495) (480,648) -- (1,847,939) -- Miscellaneous Revenue 304, ,582 1,760, ,481 2,839,478 1,096,046 Miscellaneous Expenses (619,354) (619,354) (232,548) Total Non-Operating Revenues (Expenses) (8,486,787) (5,130,797) 9,359,720 1,904,482 (2,353,382) (355,988) Net Income (Loss) Before Transfers 659,727 4,817,057 16,417,172 (1,116,064) 20,777,892 (528,062) Transfers In-Other Funds , , Transfers Out-Other Funds (312,000) (838,000) (1,413,000) -- (2,563,000) (9,000) Change In Net Assets 347,727 3,979,057 15,004,172 (276,297) 19,054,659 (537,062) Net Assets - Beginning of Year 88,214,613 83,430, ,805,028 16,464, ,913,810 14,320,585 Net Assets - End of Year $ 88,562,340 $ 87,409,127 $ 147,809,200 $ 16,187,802 $ 339,968,469 $ 13,783,523

3 EXHIBIT E-3 STATEMENT OF CASH FLOWS For the Year Ended June 30, 2002 Gas Water Wastewater Other Totals Funds Cash Flows From Operating Activities Receipts from Customers $ 136,368,450 $ 41,564,719 $ 41,245,231 $ 1,970,359 $ 221,148,759 $ 37,266,424 Payments to Suppliers (105,283,796) (15,151,120) (12,470,734) (2,003,892) (134,909,542) (10,040,219) Payments to Employees (9,124,676) (6,287,546) (6,487,275) (2,796,786) (24,696,283) (18,338,632) Payments to Other Funds (4,156,148) (5,892,869) (5,367,059) -- (15,416,076) (602,292) Other Receipts or (Payments) 583,670 (1,233,293) 435, , ,404 (1,159,774) Net Cash Provided By (Used In) Operating Activities 18,387,500 12,999,891 17,356,044 (1,932,173) 46,811,262 7,125,507 Cash Flows From Noncapital Financing Activities Transfers - Government Subsidies 154, ,499 13,613, ,767 15,298, Transfers (312,000) (838,000) (1,413,000) -- (2,563,000) (9,000) Net Cash Provided By (Used In) Noncapital Financing Activities (157,614) (147,501) 12,200, ,767 12,735,376 (9,000) Cash Flows From Capital and Related Financing Activities Acquisition of Fixed Assets (20,233,113) (13,289,179) (20,345,512) (1,661,761) (55,529,565) (7,852,747) Capital Contributions ,574,488 3,574, Proceeds From Bond Sale 78,932,717 33,196,782 26,885, ,015,000 13,144,318 Repayments of Revenue and General Obligation Bonds (43,103,814) (12,359,715) (3,497,326) (406,599) (59,367,454) (7,093,303) Interest Paid on Long-Term Debt (9,315,754) (5,800,416) (7,268,327) (265,171) (22,649,668) (815,292) Net Cash Provided By (Used In) Capital and Related Financing Activities 6,280,036 1,747,472 (4,225,664) 1,240,957 3,801,844 (2,617,024) Cash Flows From Investing Activities Interest Earned on Operating Funds 812, ,526 3,319 1,758, Interest Paid on Customers' Deposits (4,777) (4,777) -- Net Cash Provided By (Used In) Investing Activities 807, ,526 3,319 1,750, Net Increase (Decrease) in Cash and Cash Equivalents 25,317,697 14,599,862 26,273, ,870 66,343,059 4,499,483 Cash and Cash Equivalents at June 30, ,813,942 4,496,846 23,910, ,856 63,449,305 38,393,688 Cash and Cash Equivalents at July 1, 2002 $ 60,131,639 $ 19,096,708 $ 50,184,291 $ 379,726 $ 129,792,364 $ 42,893,171 Adjustments to Reconcile Operating Income (Loss) To Net Cash Provided By (Used In) Operating Activities Operating Income (Loss) $ 9,146,514 $ 9,947,854 $ 7,057,452 $ (3,020,546) $ 23,131,274 $ (172,074) Adjustment to Reconcile Operating (Loss) to Net Cash Provided By (Used In) Operating Activities: Depreciation 8,049,673 4,944,574 6,947,491 1,454,291 21,396,029 9,598,294 Miscellaneous Income 304, ,585 1,760, ,441 2,838, ,179 (Increase) Decrease in Assets and Increase (Decrease) in Liabilities: Accounts Receivable 3,799,381 (2,431,458) (1,511,699) (1,165,226) (1,309,002) (371,738) Due From Other Funds 1,399,257 64, , ,629, Due From Component Units ,015 Due From Other Governments (4,334) Estimated Unbilled Service Revenues (722,980) (325,393) (167,758) -- (1,216,131) -- Inventories of Material and Supplies 625,491 (14,349) -- (5,780) 605, ,434 Prepaid Expenses (76,590) 1, ,777 (3,803) 48,994 14,738 Deferred Expenses (66,508) (1,646,875) (1,324,384) -- (3,037,767) (74,323) Accounts Payable (4,941,147) 90,907 (287,902) 194,008 (4,944,134) (1,400,294) Accrued Liabilities 382, , ,787 (120,392) 1,083,032 (36,203) Deferred Revenue 141,834 1,623,394 4,100, ,486 5,995, ,737 Customers' Deposits 346, , Due to Other Funds , ,193 (4,976,994) Due to the City (259,845) (259,845) -- Compensated Absences ,087 Outstanding Liabilities and Claims ,166,457 Total Adjustments 9,240,986 3,052,037 10,298,592 1,088,373 23,679,988 7,297,581 Net Cash Provided By (Used In) Operating Activities $ 18,387,500 $ 12,999,891 $ 17,356,044 $ (1,932,173) $ 46,811,262 $ 7,125,507

4 EXHIBIT E-4 RECONCILIATION OF THE ENTERPRISE FUNDS STATEMENT OF NET ASSETS TO THE GOVERNMENT-WIDE STATEMENT OF NET ASSETS June 30, 2002 Fund Allocation Business-Type Total Stores and Activities Enterprise Transportation Statement of Funds Division Net Assets Assets Current Assets: Cash and Cash Equivalents (Note 3) $ 77,210,394 $ 30,696,128 $ 107,906,522 Receivables (Net of Allowance for Doubtful Accounts): Accounts 31,915,611 2,628 31,918,239 Estimated Unbilled Service Revenues 1,930, ,930,403 Due From Other Funds (Note 4) 3,546, ,546,262 Inventories of Material and Supplies 10,076,314 3,539,896 13,616,210 Prepaid Expenses and Other Current Assets 4,200, ,417 4,496,637 Total Current Assets 128,879,204 34,535, ,414,273 Noncurrent Assets: Restricted Assets - Cash and Investments (Note 3) 52,581, ,581,970 Advances To Other Funds 60,220,521 (63,515,429) (3,294,908) Deferred Expenses 36,395, ,395,396 Capital Assets (Note 7): Land 12,815, ,815,550 Buildings and Structures 37,802,138 50,507,152 88,309,290 Equipment 4,202, ,202,650 Plant Held for Future Use 232, ,888 Plant-in-Service 738,245, ,245,486 Completed Construction 74,760, ,760,247 Less Accumulated Depreciation (241,459,491) (26,578,908) (268,038,399) Construction in Progress 84,559,029 5,775,046 90,334,075 Total Capital Assets 711,158,497 29,703, ,861,787 Total Noncurrent Assets 860,356,384 (33,812,139) 826,544,245 Total Assets $ 989,235,588 $ 722,930 $ 989,958,518 Liabilities Current Liabilities: Accounts Payable $ 17,877,564 $ 578,200 $ 18,455,764 Accrued Liabilities 6,749,175 95,618 6,844,793 Due To Other Funds (Note 4) 1,570, ,570,469 Accrued Interest on Bonds Payable 10,363, ,363,669 Liability (Note 8) 7,017, ,017,051 Revenue Bonds Payable (Note 8) 3,557, ,557,097 Noncurrent Liabilities: Liabilities to be Repaid from Restricted Assets: Customers' Deposits 2,350, ,350,928 Accreted Interest on Bonds Payable Accreted Interest on Bonds Payable (Note 8) 1,852, ,852,334 Deferred Revenue 59,102,774 35,248 59,138,022 Total Current Liabilities 110,441, , ,150,127 Liability (Note 8) 277,799, ,799,253 Revenue Bonds Payable (Note 8) 260,504, ,504,755 Compensated Absences 522,050 13, ,914 Total Noncurrent Liabilities 538,826,058 13, ,839,922 Total Liabilities 649,267, , ,990,049 Net Assets Invested In Capital Assets, Net of Related Debt 213,009,977 29,703, ,713,267 Restricted 52,581, ,581,970 Unrestricted 74,376,522 (29,703,290) 44,673,232 Total Net Assets $ 339,968,469 $ -- $ 339,968,469

5 EXHIBIT E-5 RECONCILIATION OF THE ENTERPRISE FUNDS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS TO THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES For the Fiscal Year Ended June 30, 2002 Enterprise Funds Gas Water Wastewater Totals Operating Revenues Charges for Goods and Services $ 133,292,049 $ 44,321,570 $ 42,924,688 $ 220,538,307 Fund Allocation - Stores and Transportation Division 2,970, , ,666 4,915,153 Charges for Services - Statement of Activities 136,262,738 45,309,368 43,881, ,453,460 Operating Expenses Purchased Gas 86,788, ,788,014 Salaries and Wages 9,307,507 6,412,571 6,615,826 22,335,904 Materials and Supplies 764,728 1,032, ,838 2,345,898 Rents and Utilities 205,595 3,709,313 1,958,187 5,873,095 Maintenance and Repairs 5,665,841 2,535,646 2,506,941 10,708,428 Depreciation and Amortization 8,049,673 4,944,574 6,947,491 19,941,738 Miscellaneous Operating Expenses 13,364,177 15,739,280 17,289,953 46,393,410 Total Operating Expenses 124,145,535 34,373,716 35,867, ,386,487 Non-Operating Expenses Interest on Long-Term Debt 8,990,298 5,237,531 6,476,151 20,703,980 Interest Expense 4, , ,629 Amortization of Debt Discount and Expense 762, , ,648 1,847,939 Total Expenses 133,903,406 40,608,594 42,824, ,336,035 Fund Allocation - Stores and Transportation Division 3,028, , ,485 4,915,153 Reclass As Transfers to Activities - Payments In Lieu of Taxes (5,187,736) (5,466,985) (4,899,466) (15,554,187) Program Expenses - Statement of Activities $ 131,743,956 $ 36,059,991 $ 38,893,054 $ 206,697,001