CITY OF FLORENCE, ALABAMA ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS. FINANCIAL STATEMENTS JUNE 30, 2010 and 2009
|
|
- Beverley Thomas
- 6 years ago
- Views:
Transcription
1 ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS FINANCIAL STATEMENTS JUNE 30, 2010 and 2009
2 ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS TABLE OF CONTENTS Independent Auditor s Report 1 PAGE Management Discussion and Analysis 2 13 Financial Statements: Electricity Department Balance Sheets 14 Statements of Revenues, Expenses, and Changes in Fund Net Assets 15 Statements of Cash Flows Gas Department Balance Sheets 18 Statements of Revenues, Expenses, and Changes in Fund Net Assets 19 Statements of Cash Flows Water and Wastewater Department Balance Sheets 22 Statements of Revenues, Expenses, and Changes in Fund Net Assets 23 Statements of Cash Flows Notes to Financial Statements Required Supplementary Information: Electricity Department Schedule of Revenues, Expenses, and Changes in Fund Net Assets Budget and Actual (GAAP Budgetary Basis) 47 Gas Department Schedule of Revenues, Expenses, and Changes in Fund Net Assets Budget and Actual (GAAP Budgetary Basis) 48 Water and Wastewater Department Schedule of Revenues, Expenses, and Changes in Fund Net Assets Budget and Actual (GAAP Budgetary Basis) 49 Schedules of Funding Progress 50 Supplementary Schedules: Graphical Representation Source of Funds 51 Use of Funds 52 Electricity Department Schedule of Utility Plant in Service and Accumulated Depreciation 53 Gas Department Schedule of Utility Plant in Service and Accumulated Depreciation 54 Water and Wastewater Department Schedule of Revenues and Expenses Killen System 55 Schedule of Utility Plant in Service and Accumulated Depreciation 56
3
4 ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS MANAGEMENT S DISCUSSION AND ANALYSIS FISCAL YEAR 2010 FINANCIAL HIGHLIGHTS The individual enterprise funds experienced the following changes in net assets: Electricity increased $4.1 million or 6%; Gas increased $1.5 million or 4%; Water and Wastewater increased $2.6 million or 4%. The individual enterprise funds experienced the following changes in net utility plant: Electricity decreased $.2 million or.3%; Gas decreased $.2 million or.8%; Water and Wastewater decreased $1.2 million or 1%. The individual enterprise funds experienced the following changes in operating revenues: Electricity decreased $6.8 million or 6%; Gas decreased $2.8 million or 11%; Water and Wastewater increased $36,000 or.2%. The individual enterprise funds experienced the following changes in operating expenses: Electricity decreased $8.2 million or 7%; Gas decreased $3.5 million or 14%; Water and Wastewater decreased $45,000 or.4%. The individual enterprise funds experienced the following changes in nonoperating revenues: Electricity increased about $9,500 or 4%; Gas increased about $3,000 or 2%; Water and Wastewater decreased about $130,000 or 68%. The individual enterprise funds experienced the following changes in nonoperating expenses: Electricity decreased $122,000 or 30%; Gas increased about $54,000 or 31%; Water and Wastewater decreased $2,000 or.1%. OVERVIEW OF THE FINANCIAL STATEMENTS Florence Utilities is accounted for through three separate enterprise funds Electricity, Natural Gas, and Water and Wastewater. This annual report contains the financial statements of each of these funds. This annual report consists of three parts: Management s Discussion and Analysis, Financial Statements, and Supplementary Information. The financial statements also include notes that explain in more detail some of the information in the financial statements. REQUIRED FINANCIAL STATEMENTS The financial statements of Florence Utilities report information about Florence Utilities using accounting methods similar to those used by private sector companies. These statements offer short-term and long-term financial information about its activities. Page 2
5 The Balance Sheet includes all of each fund s assets and liabilities and provides information about the nature and amounts of investments in resources (assets) and the obligations to Florence Utilities creditors (liabilities). It also provides the basis for computing rate of return, evaluating the capital structure of Florence Utilities, and assessing the liquidity and financial flexibility of Florence Utilities. All of the current year s revenues and expenses are accounted for in the Statement of Revenues, Expenses, and Changes in Fund Net Assets. This statement measures the success of Florence Utilities operations over the past year and can be used to determine whether Florence Utilities has successfully recovered all its costs through its user fees and other charges, profitability, and credit worthiness. The other required financial statement is the Statement of Cash Flows. The primary purpose of this statement is to provide information about Florence Utilities cash receipts and cash payments during the reporting period. This statement reports cash receipts, cash payments, and net changes in cash resulting from operations, investing, and financing activities; and provides answers to such questions as where did the cash come from, what was cash used for, and what was the change in cash balance during the reporting period. FINANCIAL ANALYSIS OF FLORENCE UTILITIES One of the most important questions asked about Florence Utilities finances is that Is Florence Utilities, as a whole, better off or worse off as a result of the year s activities? The Balance Sheet and the Statement of Revenues, Expenses, and Changes in Fund Net Assets report information about Florence Utilities activities in a way that will help answer this question. These two statements report the net assets of each fund and the changes in them. You can think of each fund s net assets the difference between assets and liabilities as one way to measure financial health or financial position. Over time, increases or decreases in net assets are one indicator of whether its financial health is improving or deteriorating. However, you will also need to consider other non-financial factors such as the changes in economic conditions, weather, customer growth, and regulatory and legislative mandates. Electricity Department The Electricity Department s net assets increased from last year by $4,085,698 or about 6%. The summaries below focus on the Electricity Department s net assets and changes in net assets during the years presented. Electricity Department Net Assets Increase / (Decrease) FY 2010 FY 2009 Dollars Percent Current Assets $ 29,115,178 $ 24,626,092 $ 4,489, % Capital Assets, Net 69,902,278 70,089,226 (186,948) -0.27% Other Noncurrent Assets 7,516,094 6,425,941 1,090, % Total Assets $ 106,533,550 $ 101,141,259 $ 5,392, % Current Liabilities $ 22,131,529 $ 21,376,576 $ 754, % Noncurrent Liabilities 13,219,387 12,667, , % Total Liabilities $ 35,350,916 $ 34,044,323 $ 1,306, % Invested in Capital Assets, $ 63,196,791 $ 63,149,796 $ 46, % Net of Related Debt Restricted 990,244 1,011,674 (21,430) -2.12% Unrestricted 6,995,599 2,935,466 4,060, % Total Net Assets $ 71,182,634 $ 67,096,936 $ 4,085, % Page 3
6 Changes in the Electricity Department s net assets can be determined by reviewing the following condensed Statement of Revenues, Expenses, and Changes in Fund Net Assets for the years presented. As the table below indicates, operating revenues decreased approximately $6.8 million or about 6% from FY Prior to October 2009, TVA had implemented a quarterly fuel cost adjustment. However, in October 2009, TVA implemented a plan of monthly fuel cost adjustments. At that same time, TVA raised its rates to the distributors. During FY 2010, TVA had ten rate changes to its distributors under its fuel cost adjustment provisions. The effective dates were July 2009, October 2009, November 2009, December 2009, January 2010, February 2010, March 2010, April 2010, May 2010, and the last one effective June Florence Utilities passed these rate changes along to our customers. Our corresponding rate changes were revenue neutral for us. In November 2008, we had a rate increase for our benefit. In FY 2010, we experienced approximately a 3% increase in kwh sold over that for FY The depreciation expense is substantially higher in FY 2010 over what it was in FY In FY 2009, depreciation expense was lower than normal due to a reduction related to the change in the method of accounting for depreciation on General Plant assets. The Electricity Department continues to experience very low interest revenues caused by very low interest rates. The Electricity Department experienced a decrease in nonoperating expenses by $122,386 or about 30%, primarily interest expense. Electricity Department Statements of Revenues, Expenses, and Changes in Fund Net Assets Increase / (Decrease) FY 2010 FY 2009 Dollars Percent Operating Revenues $ 111,296,454 $ 118,087,893 $ (6,791,439) -5.75% Operating Expenses Cost of Sales $ 87,239,996 $ 96,575,631 $ (9,335,635) -9.67% Operations 8,258,922 8,343,588 (84,666) -1.01% Maintenance 4,244,630 4,450,667 (206,037) -4.63% Depreciation 4,342,399 3,022,170 1,320, % Taxes and Tax Equivalents 3,070,324 2,939, , % Total Operating Expenses $ 107,156,271 $ 115,331,251 $ (8,174,980) -7.09% Operating Income $ 4,140,183 $ 2,756,642 $ 1,383, % Nonoperating Revenues (Expenses) Nonoperating Revenues $ 229,698 $ 220,185 $ 9, % Nonoperating Expenses (284,183) (406,569) 122, % Total Nonoperating Revenues (Exp) $ (54,485) $ (186,384) $ 131, % Change in Net Assets $ 4,085,698 $ 2,570,258 $ 1,515, % Total Net Assets - Beginning 67,096,936 64,526,678 2,570, % Total Net Assets - Ending $ 71,182,634 $ 67,096,936 $ 4,085, % Page 4
7 Gas Department The Gas Department s net assets increased from last year by $1,515,355 or about 4%. The summaries below focus on the Gas Department s net assets and changes in net assets during the years presented. Gas Department Net Assets Increase / (Decrease) FY 2010 FY 2009 Dollars Percent Current Assets $ 10,899,434 $ 11,800,984 $ (901,550) -7.64% Capital Assets, Net 31,945,854 32,191,818 (245,964) -0.76% Other Noncurrent Assets ,115 (564,409) % Total Assets $ 42,845,994 $ 44,557,917 $ (1,711,923) -3.84% Current Liabilities $ 1,373,500 $ 1,685,518 $ (312,018) % Noncurrent Liabilities 311,159 3,226,419 (2,915,260) % Total Liabilities $ 1,684,659 $ 4,911,937 $ (3,227,278) % Invested in Capital Assets, $ 31,945,854 $ 28,962,059 $ 2,983, % Net of Related Debt Restricted - 496,632 (496,632) % Unrestricted 9,215,481 10,187,289 (971,808) -9.54% Total Net Assets $ 41,161,335 $ 39,645,980 $ 1,515, % Changes in the Gas Department s net assets can be determined by reviewing the following condensed Statement of Revenues, Expenses, and Changes in Fund Net Assets for the years presented. As the following table indicates, operating revenues decreased approximately $2.8 million or about 11% from FY The Gas Department had two general rate decreases in FY 2010 effective January 2010 and February These rate changes reflected the decreasing costs in the natural gas market. The Gas Department experienced an approximate 9.5% increase in overall sales volume in FY 2010 over FY Cost of sales decreased by $3.4 million or about 20% due to decreased gas prices. The Gas Department experienced an increase in nonoperating revenues of $2,805 or about 2%. The Gas Department experienced an increase in nonoperating expenses of $54,240 or 31%. Page 5
8 Gas Department Statements of Revenues, Expenses, and Changes in Fund Net Assets Increase / (Decrease) FY 2010 FY 2009 Dollars Percent Operating Revenues $ 22,947,041 $ 25,771,240 $ (2,824,199) % Operating Expenses Cost of Sales $ 14,232,153 $ 17,678,749 $ (3,446,596) % Operations 2,727,285 2,690,227 37, % Maintenance 1,520,338 1,502,303 18, % Depreciation and Amortization 1,327,255 1,397,062 (69,807) -5.00% Taxes and Tax Equivalents 1,522,031 1,557,710 (35,679) -2.29% Total Operating Expenses $ 21,329,062 $ 24,826,051 $ (3,496,989) % Operating Income $ 1,617,979 $ 945,189 $ 672, % Nonoperating Revenues (Expenses) Nonoperating Revenues $ 126,176 $ 123,371 $ 2, % Nonoperating Expenses (228,800) (174,560) (54,240) 31.07% Total Nonoperating Revenues (Exp) $ (102,624) $ (51,189) $ (51,435) % Change in Net Assets $ 1,515,355 $ 894,000 $ 621, % Total Net Assets - Beginning 39,645,980 38,751, , % Total Net Assets - Ending $ 41,161,335 $ 39,645,980 $ 1,515, % Page 6
9 Water and Wastewater Department The Water and Wastewater Department s net assets increased from last year by $2,576,236 or about 4%. The summaries below focus on the Water and Wastewater Department s net assets and changes in net assets during the years presented. Water and Wastewater Department Net Assets Increase / (Decrease) FY 2010 FY 2009 Dollars Percent Current Assets $ 8,706,400 $ 9,546,567 $ (840,167) -8.80% Capital Assets, Net 100,469, ,660,947 (1,191,843) -1.17% Other Noncurrent Assets 5,713,456 5,631,471 81, % Total Assets $ 114,888,960 $ 116,838,985 $ (1,950,025) -1.67% Current Liabilities $ 6,277,652 $ 6,390,143 $ (112,491) -1.76% Noncurrent Liabilities 46,298,538 50,712,308 (4,413,770) -8.70% Total Liabilities $ 52,576,190 $ 57,102,451 $ (4,526,261) -7.93% Invested in Capital Assets, $ 49,919,429 $ 46,863,914 $ 3,055, % Net of Related Debt Restricted 5,316,639 5,188, , % Unrestricted 7,076,702 7,683,995 (607,293) -7.90% Total Net Assets $ 62,312,770 $ 59,736,534 $ 2,576, % Changes in the Water and Wastewater Department s net assets can be determined by reviewing the following condensed Statement of Revenues, Expenses, and Changes in Fund Net Assets for the years presented. As the following table indicates, operating revenues increased approximately $36,000 or about.2% from FY 2009 revenues. The small increase in operating revenues, despite a rate increase, was largely due to decreased residential water sales. Operating expenses decreased by $45,000 or about.4% due to close monitoring of expenses. The Water and Wastewater Department experienced a decrease in nonoperating revenues of $129,861 or 68% due to declining interest income. The Water and Wastewater Department experienced a slight decrease in nonoperating expenses of $1,898, or.1%. Page 7
10 Water and Wastewater Department Statements of Revenues, Expenses, and Changes in Fund Net Assets Increase / (Decrease) FY 2010 FY 2009 Dollars Percent Operating Revenues $ 17,096,627 $ 17,060,717 $ 35, % Operating Expenses Water Treatment and Pumping $ 2,431,728 $ 2,500,175 $ (68,447) -2.74% Sewage Disposal 2,085,509 2,163,686 (78,177) -3.61% Transmission and Distribution 1,171,219 1,218,632 (47,413) -3.89% Accounting and Collections 1,094,583 1,044,434 50, % Administrative and General 1,494,688 1,534,849 (40,161) -2.62% Depreciation 2,776,120 2,654, , % Taxes and Tax Equivalents 1,462,860 1,445,953 16, % Total Operating Expenses $ 12,516,707 $ 12,562,255 $ (45,548) -0.36% Operating Income $ 4,579,920 $ 4,498,462 $ 81, % Nonoperating Revenues (Expenses) Nonoperating Revenues $ 60,384 $ 190,245 $ (129,861) % Nonoperating Expenses (2,064,068) (2,065,966) 1, % Total Nonoperating Revenues (Exp) $ (2,003,684) $ (1,875,721) $ (127,963) 6.82% Change in Net Assets $ 2,576,236 $ 2,622,741 $ (46,505) -1.77% Total Net Assets - Beginning 59,736,534 57,113,793 2,622, % Total Net Assets - Ending $ 62,312,770 $ 59,736,534 $ 2,576, % BUDGETARY HIGHLIGHTS As required, the City Council adopts a budget for each enterprise fund comprising the Florence Utilities. The FY 2010 original budgets for the Gas and Water and Wastewater Departments were adopted on September 1, The original budget for the Electricity Department was adopted on September 15, The budgets for the Electricity Department, Gas Department, and the Water and Wastewater Department were amended on July 20, A budget comparison statement is prepared monthly for each department for internal use and is distributed to elected officials and the appropriate management personnel. A budget comparison report is included for the Electricity Department, Gas Department, and the Water and Wastewater Department in the Required Supplementary Information Section of this annual report. Following is a summarized report and brief explanation of highlights. Page 8
11 Electricity Department Electricity Department Schedule of Revenues, Expenses, and Changes in Fund Net Assets Budget and Actual (GAAP Budgetary Basis) For Year Ended June 30, 2010 Final Variance Budget Actual Dollars Percent Operating Revenues $ 110,351,000 $ 111,296,454 $ 945, % Operating Expenses 107,449, ,156, , % Operating Income $ 2,901,100 $ 4,140,183 $ 1,239, % Nonoperating Revenues (Expenses) (74,600) (54,485) 20, % Change in Net Assets $ 2,826,500 $ 4,085,698 $ 1,259, % As the above budget report shows, the Electricity Department exceeded the budgeted Change in Net Assets by $1,259,198. This is approximately 1.1% of budgeted operating revenues. As you can see on the budget schedule in the required supplementary information, the sales of electricity to residential customers accounted for most of the budget variance amount. The remaining total variance is due to smaller variances, both positive and negative, over a large number of accounts. Gas Department Gas Department Schedule of Revenues, Expenses, and Changes in Fund Net Assets Budget and Actual (GAAP Budgetary Basis) For Year Ended June 30, 2010 Final Variance Budget Actual Dollars Percent Operating Revenues $ 22,956,600 $ 22,947,041 $ (9,559) -0.04% Operating Expenses 21,538,400 21,329, , % Operating Income $ 1,418,200 $ 1,617,979 $ 199, % Nonoperating Revenues (Expenses) (131,700) (102,624) 29, % Change in Net Assets $ 1,286,500 $ 1,515,355 $ 228, % The Gas Department exceeded budgeted Change in Net Assets by $228,855, or approximately 1% of budgeted operating revenues. As you can see on the budget schedule in the required supplementary information, the total variance is accounted for by a combination for positive and negative variances and not due to one large variance. Page 9
12 Water and Wastewater Department Water and Wastewater Department Schedule of Revenues, Expenses, and Changes in Fund Net Assets Budget and Actual (GAAP Budgetary Basis) For Year Ended June 30, 2010 Final Variance Budget Actual Dollars Percent Operating Revenues $ 17,110,000 $ 17,096,627 $ (13,373) -0.08% Operating Expenses 12,426,050 12,516,707 (90,657) -0.73% Operating Income $ 4,683,950 $ 4,579,920 $ (104,030) -2.22% Nonoperating Revenues (Expenses) (2,042,564) (2,003,684) 38, % Change in Net Assets $ 2,641,386 $ 2,576,236 $ (65,150) -2.47% The Water and Wastewater Department fell short of the budgeted Change in Net Assets by $65,150. This represents about.4% of final budgeted operating revenues. Depreciation expense exceeded the budget amount more than normal because a significant amount of construction projects were placed in service during the year and depreciation expense on those projects began during the year. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets At the end of FY 2010, capital assets comprised the majority of each fund s assets. The following are summaries highlighting each fund s changes in capital assets. Information that is more detailed is presented for each department in the supplementary schedules section. Electricity Department Electricity Department Capital Assets, Net FY 2010 Increase / (Decrease) FY 2010 FY 2009 Dollars Percent Utility Plant in Service (at Cost) $ 139,892,178 $ 136,783,179 $ 3,108, % Construction in Progress 1,376,323 1,941,365 (565,042) % Less: Accumulated Depreciation (71,366,223) (68,635,318) (2,730,905) 3.98% Net Utility Plant $ 69,902,278 $ 70,089,226 $ (186,948) -0.27% As the above table shows, the Electricity Department experienced a.27% decrease in net utility plant. The department plans to finance capital expenditures in FY 2011 through cash generated from operations. Page 10
13 Gas Department Gas Department Capital Assets, Net FY 2010 Increase / (Decrease) FY 2010 FY 2009 Dollars Percent Utility Plant in Service (at Cost) $ 51,507,281 $ 50,791,714 $ 715, % Acquisition Adjustment (net of amortization) 222, ,769 (10,661) -4.58% Construction in Progress 44, ,382 (141,446) % Less: Accumulated Depreciation (19,828,471) (19,019,047) (809,424) 4.26% Net Utility Plant $ 31,945,854 $ 32,191,818 $ (245,964) -0.76% As the above table shows, the Gas Department decreased net utility plant by.76%. The department plans to finance capital expenditures in FY 2011 through cash generated from operations. Water and Wastewater Department Water and Wastewater Department Capital Assets, Net FY 2010 Increase / (Decrease) FY 2010 FY 2009 Dollars Percent Utility Plant in Service (at Cost) $ 143,132,371 $ 133,045,327 $ 10,087, % Construction in Progress 69,299 8,746,437 (8,677,138) % Less: Accumulated Depreciation (42,732,566) (40,130,817) (2,601,749) 6.48% Net Utility Plant $ 100,469,104 $ 101,660,947 $ (1,191,843) -1.17% As the above table shows, the Water and Wastewater Department decreased net utility plant by 1.17%. In FY 2010, the Department completed a significant amount of construction projects and placed them in service, particularly in the wastewater area. The department plans to finance capital expenditures in FY 2011 with cash generated from operations and the remaining balance of the 2007 SRF Warrants. Page 11
14 Long-term Debt During FY 2010, each department had outstanding revenue warrants. The amount and discussion of these issues are discussed more fully in the notes to financial statements. Electricity Department The Electricity Department has two warrant issues as described in the notes to financial statements, outstanding at year-end. The Electric Revenue Refunding Warrants, Series 2009 interest rates range from 1.50% to 3.65%. It was issued with an underlying A1 and AA- by Moody s and Standard & Poor s, respectively. This issue requires that the Electricity Department s Annual Net Income (as defined in the indenture) be at least 1.25 times the maximum Annual Debt Service Requirement. For FY 2010, the Electricity Department exceeded that requirement at about times. The other issue outstanding is a line of credit warrant with CB&S Bank, the Electric Taxable Revenue Warrant, Series 2008, issued in April At year-end, there was no outstanding balance on it. The Department did not utilize this line of credit during FY This line of credit is available until January This warrant has an interest rate of 4.99%. Gas Department The Gas Department has one outstanding warrant issues at year-end as described in the notes to financial statements. The Department redeemed the Natural Gas Revenue Warrant, Series 1998 early on June 1, The scheduled last payment date for the issue was June 1, The issue outstanding at year-end is a line of credit warrant with CB&S Bank, the Natural Gas Taxable Revenue Warrant, Series 2008, issued April At year-end, there was no outstanding balance on it. The Department did not utilize this line of credit during FY This line of credit is available until July This warrant has an interest rate of 4.99%. Water and Wastewater Department The Water and Wastewater Department has seven warrant issues outstanding at year-end as described in the notes to financial statements. These issues are (1) Water and Sewer Revenue Warrants, Series 1995, interest rates ranging from 3.5% to 5.625%, (2) Water and Sewer Revenue Warrants, SRF Series 1998, interest rate 3.75%, (3) Water and Sewer Revenue Warrants, SRF Series 1999, interest rate 3.5%, (4) Water and Sewer Revenue Warrants, SRF Series 1999B, interest rate 3.5%, (5) Water and Sewer Revenue Warrants, SRF Series 2000, interest rate 3.85%, (6) Water and Sewer Revenue Warrants, SRF Series 2006, interest rate 3.25%, and (7) Water and Sewer Revenue Warrants, SRF Series 2007, interest rate 3.5%. The SRF warrants are issued through a federally funded (EPA) loan program to states for wastewater improvements. In Alabama, this program is administered by ADEM. The SRF series warrants are financing massive renovations of portions of our wastewater system. At year-end, approximately $2.4 million remains available of the 2007 issue. The 1995 Series is insured by AMBAC. The department received an A rating from Moody s at its issue. The 1995 issue requires that the Water and Wastewater Department s Annual Net Income (as defined in the indenture) be at least 1.25 times the maximum Annual Debt Service Requirement. For FY 2010, the Water and Wastewater Department exceeded that requirement at about 1.32 times. Subsequent to year-end, the Department, in connection with the Alabama Water Pollution Control Authority s refinancing of some of its bonds, refinanced the Water and Sewer Revenue Warrants, SRF Series 1998, 1999, 1999B, and 2000 in order to benefit from a lower interest rate. The payment dates and final maturity remained unchanged. The present value at 2.503% of the savings on the Series 1998, 1999, and 1999B refinancing was $805,931. The present value at 3.157% of the savings on the Series 2000 warrant refinancing was $488,696. Page 12
15 ECONOMIC FACTORS AND NEXT YEAR S BUDGET AND RATES The geographic area served by Florence Utilities is facing an improving economic environment. The Florence MSA s unemployment rate for September 2010 was 8.7% as compared to 10.6% for September The State of Alabama s unemployment rates were 9.1% for September 2010, and 10.7% for September In addition to the economic environment, the weather is an important factor in determining utility sales. Although it is impossible to predict the weather in the upcoming year, sales in kwh for FY 2011 through September for electricity have increased from the same number through the same time last year by 12%. Sales in Dth to commercial and industrial natural gas customers for the period from July 2010 through September 2010 as compared to sales for the same period in the previous fiscal year have decreased approximately 6%. FY 2011 sales revenues from water and wastewater operations through September have increased 3% over the same period in FY The City Council adopted the Gas Department s and the Water and Wastewater Department s FY 2011 budgets on June 15, The City Council adopted the Electricity Department s FY 2010 budget on September 7, All three budgets were amended on October 5, The City s power contract with TVA provides for a monthly fuel cost adjustment (FCA) on sales to its distributors. In FY 2011, the FCA has resulted in rate increases to our customers effective July 2010, August 2010, and September Florence Utilities anticipates passing any rate increases or decreases caused by TVA action on to its customers. The Gas Department s rate ordinance allows for gas increases/decreases without further City Council action. The Department implemented a slight rate increase in July 2010 and August The volatility of natural gas makes this ability for quick rate action important for the Department s financial health. The City Council approved a rate ordinance providing for water and wastewater rate increases effective July 2007, July 2008, July 2009, and July 2010 to fund the financing of repairs/improvements to the sewer collection system. The City received this financing from the State Revolving Fund. CONTACTING FLORENCE UTILITIES FINANCIAL MANAGER This financial report is designed to provide the Electricity Department s, Gas Department s, and Water and Wastewater Department s ratepayers and creditors with a general overview of their finances and to demonstrate Florence Utilities accountability for the money it receives. A limited number of prior years audited financial statements are available online at the Florence Utilities website at and the Electronic Municipal Market Access (EMMA) website of the Municipal Securities Rulemaking Board. If you have questions about this report or need additional financial information, contact the Controller of Utilities, Florence Utilities, P.O. Box 877, Florence, AL Page 13
16 This page intentionally blank.
17 ELECTRICITY DEPARTMENT BALANCE SHEETS JUNE 30, 2010 and 2009 ASSETS Current assets: Cash and cash equivalents $ 9,030,571 $ 5,779,095 Receivables (net) 12,278,805 10,699,254 Inventories 1,577,998 1,649,707 Prepaid expenses 6,227,804 6,498,036 Total current assets $ 29,115,178 $ 24,626,092 Noncurrent assets: Restricted cash and cash equivalents $ 990,244 $ 1,011,674 Capital assets: Utility plant in service (at cost) 139,892, ,783,179 Construction in progress 1,376,323 1,941,365 Less: accumulated depreciation 71,366,223 68,635,318 Receivables from customers for conservation loans 6,155,895 4,929,128 Prepaid purchased power-tva DEU program 258, ,350 Unamortized debt issuance costs 111,205 96,789 Total noncurrent assets $ 77,418,372 $ 76,515,167 Total assets $ 106,533,550 $ 101,141,259
18 LIABILITIES Current liabilities: Accounts payable $ 14,522,651 $ 14,737,372 Customer deposits 6,022,072 5,725,770 Accrued annual and sick leave 543, ,919 Accrued taxes and expenses 322,222 73,703 Deferred interest income-tva DEU program 29,600 29,600 Total current liabilities $ 21,439,967 $ 21,110,364 Liabilities payable from restricted assets: Revenue warrants payable within one year $ 705,000 $ 265,000 Unamortized debt discount (4,660) (4,660) Unamortized deferred loss on early retirement of debt (26,397) (26,397) Accrued interest 17,619 32,269 Total liabilities payable from restricted assets $ 691,562 $ 266,212 Noncurrent liabilities: Revenue warrants payable after one year $ 6,280,000 $ 6,985,000 Unamortized debt discount (37,275) (41,935) Unamortized deferred loss on early retirement of debt (211,181) (237,578) Advances from TVA for conservation loans 6,313,961 5,058,032 Accrued annual and sick leave 815, ,878 Deferred interest income-tva DEU program 58,750 88,350 Total noncurrent liabilities $ 13,219,387 $ 12,667,747 Total liabilities $ 35,350,916 $ 34,044,323 NET ASSETS Invested in capital assets, net of related debt $ 63,196,791 $ 63,149,796 Restricted for debt service 990,244 1,011,674 Unrestricted 6,995,599 2,935,466 Total net assets $ 71,182,634 $ 67,096,936 Total liabilities and net assets $ 106,533,550 $ 101,141,259 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 14
19 ELECTRICITY DEPARTMENT STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS FOR THE YEARS ENDED JUNE 30, 2010 and Operating revenues: Electric sales: Residential $ 58,874,931 $ 62,096,112 Small commercial 11,019,013 11,476,260 Large commercial 36,689,892 40,145,131 Public street and highway lighting 2,077,448 2,166,369 Forfeited discounts 992, ,524 Rents from electric property 1,005, ,979 Other operating revenues 637, ,518 Total operating revenues $ 111,296,454 $ 118,087,893 Operating expenses: Costs of sales $ 87,239,996 $ 96,575,631 Operations 8,258,922 8,343,588 Maintenance 4,244,630 4,450,667 Depreciation 4,342,399 3,022,170 Taxes and tax equivalents 3,070,324 2,939,195 Total operating expenses $ 107,156,271 $ 115,331,251 Operating income $ 4,140,183 $ 2,756,642 Nonoperating revenues (expenses): Interest revenues $ 51,317 $ 98,152 Merchandising revenues (net of costs) 153, ,033 Miscellaneous nonoperating income 24,646 Interest expense (240,542) (387,232) Amortization of debt discount and costs (43,641) (19,337) Total nonoperating revenues (expenses) $ (54,485) $ (186,384) Change in net assets $ 4,085,698 $ 2,570,258 Total net assets beginning 67,096,936 64,526,678 Total net assets ending $ 71,182,634 $ 67,096,936 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 15
20 ELECTRICITY DEPARTMENT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2010 and Cash flows from operating activities: Receipts from customers and users $ 109,895,284 $ 118,203,618 Receipts from interfund services provided 2,412,589 2,263,142 Payments to suppliers (89,738,423) (98,732,733) Payments to employees for services and benefits exclusive of capitalized costs (9,430,938) (9,658,487) Payments for interfund services used (5,088,635) (4,895,827) Net cash provided by operating activities $ 8,049,877 $ 7,179,713 Cash flows from noncapital financing activities: Increase in receivables from customers for conservation loans $ (1,226,767) $ (737,531) Increase in advances from TVA for conservation loans 1,255, ,649 Deferred TVA DEU program (net) 100, ,000 Net cash provided by noncapital financing activities $ 129,162 $ 132,118 Cash flows from capital and related financing activities: Purchase and construction of capital assets (net) $ (4,239,866) $ (4,536,615) Removal costs of retirements of capital assets (276,370) (338,819) Salvage value of retirements of capital assets 63,118 27,711 Proceeds from capital debt 7,250,000 Principal paid on capital debt (265,000) (7,485,000) Interest paid on capital debt (255,192) (387,232) Payment of debt issuance costs (27,000) (211,879) Net cash used by capital and related financing activities $ (5,000,310) $ (5,681,834) Cash flows from investing activities: Interest on investments $ 51,317 $ 98,152 Net cash provided by investing activities $ 51,317 $ 98,152 Net increase in cash and cash equivalents $ 3,230,046 $ 1,728,149 Balances beginning of the year 6,790,769 5,062,620 Balances end of the year $ 10,020,815 $ 6,790,769 Classified as: Current assets $ 9,030,571 $ 5,779,095 Restricted assets 990,244 1,011,674 Totals $ 10,020,815 $ 6,790,769 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 16
21 ELECTRICITY DEPARTMENT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2010 and 2009 (Continued) Reconciliation of operating income to net cash provided (used) by operating activities: Operating income $ 4,140,183 $ 2,756,642 Adjustments to reconcile operating income to net cash provided (used) by operating activities: Depreciation $ 4,640,066 $ 3,267,903 Income from merchandising revenues (net of costs) 153, ,033 Miscellaneous nonoperating income 24,646 Change in assets and liabilities: Receivables (net) (1,579,551) (6,307) Inventories 71, ,126 Prepaid expenses 270,232 (116,298) Accounts and other payables 328,857 1,036,614 Total adjustments $ 3,909,694 $ 4,423,071 Net cash provided by operating activities $ 8,049,877 $ 7,179,713 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 17
22 GAS DEPARTMENT BALANCE SHEETS JUNE 30, 2010 and 2009 ASSETS Current assets: Cash and cash equivalents $ 8,221,806 $ 9,015,947 Accounts receivable (net) 1,077, ,145 Accrued interest receivable 691 2,024 Inventories 1,589,534 1,796,676 Prepaid expenses 9,465 11,192 Total current assets $ 10,899,434 $ 11,800,984 Noncurrent assets: Restricted cash and cash equivalents $ - $ 496,632 Capital assets: Utility plant in service (at cost) 51,507,281 50,791,714 Acquisition adjustment (net of amortization) 222, ,769 Construction in progress 44, ,382 Less: accumulated depreciation 19,828,471 19,019,047 Unamortized debt issuance costs ,483 Total noncurrent assets $ 31,946,560 $ 32,756,933 Total assets $ 42,845,994 $ 44,557,917
23 LIABILITIES Current liabilities: Accounts payable $ 1,070,195 $ 1,102,450 Accrued annual and sick leave 207, ,327 Accrued taxes and expenses 95,866 76,112 Total current liabilities $ 1,373,500 $ 1,374,889 Liabilities payable from restricted assets: Revenue warrants payable within one year $ - $ 300,000 Unamortized debt discount (2,169) Accrued interest 12,798 Total liabilities payable from restricted assets $ - $ 310,629 Noncurrent liabilities: Revenue warrants payable after one year $ $ 2,950,000 Unamortized debt discount (18,072) Accrued annual and sick leave 311, ,491 Total noncurrent liabilities $ 311,159 $ 3,226,419 Total liabilities $ 1,684,659 $ 4,911,937 NET ASSETS Invested in capital assets, net of related debt $ 31,945,854 $ 28,962,059 Restricted for debt service 496,632 Unrestricted 9,215,481 10,187,289 Total net assets $ 41,161,335 $ 39,645,980 Total liabilities and net assets $ 42,845,994 $ 44,557,917 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 18
24 GAS DEPARTMENT STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS FOR THE YEARS ENDED JUNE 30, 2010 and Operating revenues: Gas sales: Residential $ 8,192,798 $ 8,672,231 Commercial 4,935,006 5,510,033 Industrial 7,961,194 9,209,872 Resale and transportation 1,662,409 2,180,852 Service fees 83,121 85,892 Forfeited discounts 101,317 99,304 Other operating revenues 11,196 13,056 Total operating revenues $ 22,947,041 $ 25,771,240 Operating expenses: Costs of sales $ 14,232,153 $ 17,678,749 Operations 2,727,285 2,690,227 Maintenance 1,520,338 1,502,303 Depreciation 1,316,594 1,386,401 Amortization of acquisition adjustment 10,661 10,661 Taxes and tax equivalents 1,522,031 1,557,710 Total operating expenses $ 21,329,062 $ 24,826,051 Operating income $ 1,617,979 $ 945,189 Nonoperating revenues (expenses): Interest revenues $ 18,602 $ 92,438 Gain (loss) on disposition of assets 22,096 Miscellaneous nonoperating income 85,478 30,933 Interest expense (140,782) (164,814) Amortization of debt discount and costs (88,018) (9,746) Total nonoperating revenues (expenses) $ (102,624) $ (51,189) Change in net assets $ 1,515,355 $ 894,000 Total net assets beginning 39,645,980 38,751,980 Total net assets ending $ 41,161,335 $ 39,645,980 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 19
25 GAS DEPARTMENT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2010 and Cash flows from operating activities: Receipts from customers and users $ 22,940,138 $ 26,633,611 Receipts from interfund services provided 106, ,051 Payments to suppliers (14,640,758) (19,488,490) Payments to employees for services and benefits exclusive of capitalized costs (2,784,920) (2,757,298) Payments for interfund services used (2,468,548) (2,547,500) Net cash provided by operating activities $ 3,152,067 $ 1,976,374 Cash flows from capital and related financing activities: Purchase and construction of capital assets (net) $ (1,039,317) $ (732,303) Proceeds from disposition of assets 27,025 Removal costs of retirements of capital assets (46,903) (55,390) Principal paid on capital debt (3,250,000) (285,000) Interest paid on capital debt (153,580) (165,836) Net cash used by capital and related financing activities $ (4,462,775) $ (1,238,529) Cash flows from investing activities: Interest on investments $ 19,935 $ 97,165 Net cash provided by investing activities $ 19,935 $ 97,165 Net increase (decrease) in cash and cash equivalents $ (1,290,773) $ 835,010 Balances beginning of the year 9,512,579 8,677,569 Balances end of the year $ 8,221,806 $ 9,512,579 Classified as: Current assets $ 8,221,806 $ 9,015,947 Restricted assets 496,632 Totals $ 8,221,806 $ 9,512,579 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 20
26 GAS DEPARTMENT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2010 and 2009 (Continued) Reconciliation of operating income to net cash provided (used) by operating activities: Operating income $ 1,617,979 $ 945,189 Adjustments to reconcile operating income to net cash provided (used) by operating activities: Depreciation $ 1,316,594 $ 1,386,401 Amortization of acquisition adjustment 10,661 10,661 Miscellaneous nonoperating income 85,478 30,933 Change in assets and liabilities: Receivables (net) (102,793) 794,503 Inventories 207,142 (429,146) Prepaid expenses 1, Accounts and other payables 15,279 (762,572) Total adjustments $ 1,534,088 $ 1,031,185 Net cash provided by operating activities $ 3,152,067 $ 1,976,374 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 21
27 WATER AND WASTEWATER DEPARTMENT BALANCE SHEETS JUNE 30, 2010 and 2009 ASSETS Current assets: Cash and cash equivalents $ 6,044,554 $ 7,296,333 Accounts receivable (net) 1,371,838 1,255,069 Accrued interest receivable 3,542 47,228 Inventories 584, ,193 Prepaid expenses 701, ,744 Total current assets $ 8,706,400 $ 9,546,567 Noncurrent assets: Restricted cash and cash equivalents $ 5,316,639 $ 5,188,625 Capital assets: Utility plant in service (at cost) 143,132, ,045,327 Construction in progress 69,299 8,746,437 Less: accumulated depreciation 42,732,566 40,130,817 Unamortized debt issuance costs 396, ,846 Total noncurrent assets $ 106,182,560 $ 107,292,418 Total assets $ 114,888,960 $ 116,838,985
28 LIABILITIES Current liabilities: Accounts payable $ 467,291 $ 689,016 Retainage payable on construction contracts 6, ,907 Accrued annual and sick leave 221, ,981 Accrued taxes and expenses 298, ,251 Total current liabilities $ 993,708 $ 1,241,155 Liabilities payable from restricted assets: Revenue warrants payable within one year $ 4,595,000 $ 4,410,000 Unamortized debt discount (11,804) (11,804) Accrued interest 700, ,792 Total liabilities payable from restricted assets $ 5,283,944 $ 5,148,988 Noncurrent liabilities: Revenue warrants payable after one year $ 45,971,398 $ 50,415,560 Unamortized debt discount (4,919) (16,723) Accrued annual and sick leave 332, ,471 Total noncurrent liabilities $ 46,298,538 $ 50,712,308 Total liabilities $ 52,576,190 $ 57,102,451 NET ASSETS Invested in capital assets, net of related debt $ 49,919,429 $ 46,863,914 Restricted for debt service 5,316,639 5,188,625 Unrestricted 7,076,702 7,683,995 Total net assets $ 62,312,770 $ 59,736,534 Total liabilities and net assets $ 114,888,960 $ 116,838,985 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 22
29 WATER AND WASTEWATER DEPARTMENT STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS FOR THE YEARS ENDED JUNE 30, 2010 and Operating revenues: Water sales: Residential $ 5,458,959 $ 5,694,317 Commercial 3,023,306 2,938,355 Resale 1,576,467 1,642,541 Sewer service sales: Residential 3,410,475 3,270,782 Commercial 3,282,601 3,173,126 Forfeited discounts 133, ,600 Other operating revenues 211, ,996 Total operating revenues $ 17,096,627 $ 17,060,717 Operating expenses: Water treatment and pumping $ 2,431,728 $ 2,500,175 Sewage disposal 2,085,509 2,163,686 Transmission and distribution 1,171,219 1,218,632 Accounting and collections 1,094,583 1,044,434 Administrative and general 1,494,688 1,534,849 Depreciation (see note 2) 2,776,120 2,654,526 Taxes and tax equivalents 1,462,860 1,445,953 Total operating expenses $ 12,516,707 $ 12,562,255 Operating income $ 4,579,920 $ 4,498,462 Nonoperating revenues (expenses): Interest revenues $ 47,805 $ 190,245 Gain (loss) on disposition of assets 12,579 (4,864) Interest expense (2,006,235) (2,003,269) Amortization of debt discount and costs (57,833) (57,833) Total nonoperating revenues (expenses) $ (2,003,684) $ (1,875,721) Change in net assets $ 2,576,236 $ 2,622,741 Total net assets beginning 59,736,534 57,113,793 Total net assets ending $ 62,312,770 $ 59,736,534 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 23
30 WATER AND WASTEWATER DEPARTMENT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2010 and Cash flows from operating activities: Receipts from customers and users $ 16,680,987 $ 18,337,849 Receipts from interfund services provided 146, ,427 Payments to suppliers (3,517,013) (3,621,884) Payments to employees for services and benefits exclusive of capitalized costs (3,852,192) (3,737,363) Payments for interfund services used (2,785,941) (2,674,378) Net cash provided by operating activities $ 6,671,883 $ 8,444,651 Cash flows from capital and related financing activities: Purchase and construction of capital assets (net) $ (1,588,203) $ (8,901,647) Proceeds from disposition of assets 16,505 Proceeds from capital debt 150,838 5,802,353 Principal paid on capital debt (4,410,000) (3,835,000) Interest paid on capital debt (2,056,279) (1,931,705) Net cash used for capital and related financing activities $ (7,887,139) $ (8,865,999) Cash flows from investing activities: Interest on investments $ 91,491 $ 186,103 Net cash provided by investing activities $ 91,491 $ 186,103 Net increase (decrease) in cash and cash equivalents $ (1,123,765) $ (335,245) Balances beginning of the year 12,484,958 12,820,203 Balances end of the year $ 11,361,193 $ 12,484,958 Classified as: Current assets $ 6,044,554 $ 7,296,333 Restricted assets 5,316,639 5,188,625 Totals $ 11,361,193 $ 12,484,958 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 24
31 WATER AND WASTEWATER DEPARTMENT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2010 and 2009 (Continued) Reconciliation of operating income to net cash provided (used) by operating activities: Operating income $ 4,579,920 $ 4,498,462 Adjustments to reconcile operating income to net cash provided (used) by operating activities: Depreciation $ 2,776,120 $ 2,654,526 Change in assets and liabilities: Receivables (net) (116,769) 1,599,855 Inventories 12,310 (12,345) Prepaid expenses (350,839) 203,557 Accounts and other payables (228,859) (499,404) Total adjustments $ 2,091,963 $ 3,946,189 Net cash provided by operating activities $ 6,671,883 $ 8,444,651 The accompanying notes and independent auditor's report are an integral part of these financial statements. Page 25
32 ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS NOTES TO FINANCIAL STATEMENTS JUNE 30, 2010 and 2009 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Florence Utilities (the Utilities ) are comprised of the Electricity, Gas, and Water and Wastewater Departments of the City of Florence, Alabama. The Utilities provide electricity, natural gas, water and wastewater services to the City of Florence (the City ) and various areas of Lauderdale County. The financial statements of the Utilities have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. Basis of Accounting and Financial Statement Presentation: These three (3) enterprise funds are included as blended component units in the financial statements of the City of Florence, Alabama. The Department managers supervise the daily operations of providing services to citizens and are accountable to the Mayor and City Council. Financial statements are presented for each department. The footnotes are presented separately for each department, where applicable, and jointly for areas where common descriptions exist. The City and all related departments have adopted the provisions of GASB Statement No. 34, Basic Financial Statements and Management s Discussion and Analysis for State and Local Governments. Statement No. 34 established standards for external financial reporting for all state and local governmental entities, which includes a statement of net assets or balance sheet, a statement of revenues, expenses, and changes in fund net assets, and a statement of cash flows. It requires the classification of net assets into three components invested in capital assets, net of related debt, restricted, and unrestricted. These classifications are defined as follows: Invested in capital assets, net of related debt This component of net asset consists of capital assets, including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvements of those assets. If there are significant unspent related debt proceeds at year-end, the portion of the debt attributable to the unspent proceeds are not included in the calculation of invested in capital assets, net of related debt. Rather, that portion of the debt is included in the same net assets component as the unspent proceeds. Restricted net assets This component of net assets consists of constraints placed on net asset use through external constraints imposed by creditors (such as through debt covenants), grantors, contributors, or law or regulations of other governments or constraints imposed by law through constitutional provisions or enabling legislation. Unrestricted net assets This component of net assets consist of net assets that do not meet the definition of restricted or invested in capital assets, net of related debt. In addition, the Statement requires the reporting of capital contributions as a change in net assets, the presentation of the Statement of Cash Flows using the direct method, and the inclusion of Management s Discussion and Analysis (MD&A) that provides an analysis of the Utilities overall financial position and results of operations. Page 26
33 ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS NOTES TO FINANCIAL STATEMENTS JUNE 30, 2010 and 2009 (Continued) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The financial statements of the Utilities are prepared primarily on the accrual basis of accounting, whereby revenues are recognized when earned and expenses are recognized when incurred, with the exception of the accounting for unbilled revenues. The Utilities do not accrue any unbilled revenue from the dates of the most recent meter readings to the balance sheet date. However, revenues are recorded through the complete billing cycle that could include revenues subsequent to the year-end. This policy has been consistently followed and is an accepted accounting treatment followed by public utility systems. The Utilities' proprietary activities apply all applicable GASB pronouncements, as well as all Financial Accounting Standards Board (FASB) Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARBs) issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB pronouncements. Accounts Receivable Trade: The Electricity department acts as billing and collection agent for other City departments and other county utilities. Inventories: Inventories are presented at the lower of average cost or market on a first-in, first-out basis and are expensed when used. Inventories consist primarily of materials and supplies held for consumption or construction projects. Debt Premiums, Discounts, and Issuance Costs: Debt premiums and discounts, as well as issuance costs, are deferred and amortized over the term of the related debt using the straight-line method. Bonds and warrants payable are reported net of the applicable premium or discount. Debt issuance costs are reported as deferred charges. Deferred Loss on Early Retirement of Debt: The loss on early retirement of debt is deferred and amortized, using the straight-line method, over the original remaining life of the old debt or the life of the new debt, whichever is less. Bonds and warrants payable are reported net of the unamortized deferred loss on early retirement of debt. Prepaid Expenses: Payments made to vendors that reflect costs applicable to future accounting periods are recorded as prepaid items using the consumption method by recording a current asset for the prepaid amounts and reflecting the expenses in the year in which they is consumed. Cash and Cash Equivalents: For purposes of the statement of cash flows, the Utilities consider all currency, demand deposits, certificates of deposit, and money market accounts with financial institutions and short-term U. S. Government securities to be cash equivalents. Revenues and Expenses: Operating revenues and expenses consist of those revenues and expenses that result from the ongoing principal operations of the Utilities. Operating revenues consist primarily of charges for services. Nonoperating revenues and expenses consist of those revenues and expenses that are related to financing and investing types of activities and result from nonexchange transactions or ancillary activities. When an expense is incurred for purposes for which there are both restricted and unrestricted net assets available, it is the Utilities policy to apply those expenses to restricted net assets to the extent such are available and then to unrestricted net assets. Page 27
CITY OF FLORENCE, ALABAMA ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS. FINANCIAL STATEMENTS JUNE 30, 2007 and 2006
ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS FINANCIAL STATEMENTS JUNE 30, 2007 and 2006 ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS TABLE OF CONTENTS Independent Auditors Report 1
More informationCITY OF FLORENCE, ALABAMA ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS. FINANCIAL STATEMENTS JUNE 30, 2017 and 2016
ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS FINANCIAL STATEMENTS JUNE 30, 2017 and 2016 ELECTRICITY, GAS, AND WATER AND WASTEWATER DEPARTMENTS T ABLE OF C ONTENTS PAGE Independent Auditor s
More informationThe Building Blocks of Our Community. City of Huntsville Electric, Natural Gas, and Water Systems. Component Unit Financial Statements
Huntsville Utilities: Appendix A The Building Blocks of Our Community City of Huntsville Electric, Natural Gas, and Water Systems Component Unit Financial Statements September 30, 2007 and 2006 Huntsville
More informationCITY OF CLEVELAND, OHIO DEPARTMENT OF PUBLIC UTILITIES DIVISION OF WATER
REPORT ON AUDITS OF FINANCIAL STATEMENTS For the years ended December 31, 2004 and 2003 TABLE OF CONTENTS Independent Accountants' Report... 1 Page Management s Discussion and Analysis... 3-15 Balance
More informationMETROPOLITAN SEWER DISTRICT OF GREATER CINCINNATI HAMILTON COUNTY TABLE OF CONTENTS. Independent Auditor s Report... 1
METROPOLITAN SEWER DISTRICT OF GREATER CINCINNATI TABLE OF CONTENTS TITLE PAGE Independent Auditor s Report... 1 Prepared by Management: Management s Discussion and Analysis... 5 Basic Financial Statements:
More informationCity of Chicago Department of Water Management Sewer Fund Comprehensive Annual Financial Report For the Year Ended December 31, 2012
City of Chicago Department of Water Management Sewer Fund Comprehensive Annual Financial Report For the Year Ended December 31, 2012 Rahm Emanuel, Mayor Lois Scott, Chief Financial Officer Amer Ahmad,
More informationAnnual Financial Report
Annual Financial Report Morristown Utilities Commission (An Administrative Unit Accounted for as Enterprise Funds of the City of Morristown, Tennessee) Year ended June 30, 2015 Annual Financial Report
More informationCITY OF AVENAL CALIFORNIA
CALIFORNIA FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2014 JUNE 30, 2014 TABLE OF CONTENTS INDEPENDENT AUDITOR S REPORT...1 BASIC FINANCIAL STATEMENTS: Government-Wide Financial Statements: Statement
More informationBROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida
BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida Financial Statements For the Years Ended September 30, 2013 and 2012 BROWARD COUNTY, FLORIDA WATER AND WASTEWATER
More information(This page intentionally left blank.)
(This page intentionally left blank.) ANNUAL FINANCIAL REPORT of the For the Year Ended (This page intentionally left blank.) TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor s Report 1 Management
More informationCity of Huntsville Electric, Natural Gas, and Water Systems. Component Unit Financial Statements. September 30, 2013 and 2012
City of Huntsville Electric, Natural Gas, and Water Systems Component Unit Financial Statements September 30, 2013 and 2012 COMPONENT UNIT FINANCIAL STATEMENT HUNTSVILLE UTILITIES 2013 ANNUAL REPORT 21
More informationMarin Municipal Water District
Marin Municipal Water District Corte Madera, California Basic Financial Statements And Independent Auditors Report For the years ended June 30, 2012 and 2011 Basic Financial Statements Table of Contents
More informationCHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2017
CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2017 TOGETHER WITH INDEPENDENT AUDITORS REPORTS FINANCIAL STATEMENTS AUGUST
More informationBROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida
BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida Financial Statements For the Years Ended BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND FINANCIAL STATEMENTS
More informationCITY OF CLEVELAND, OHIO DEPARTMENT OF PUBLIC UTILITIES DIVISION OF WATER
REPORT ON AUDITS OF FINANCIAL STATEMENTS For the years ended December 31, 2006 and 2005 TABLE OF CONTENTS Independent Accountants' Report... 1-2 Page Management s Discussion and Analysis... 3-13 Balance
More informationWEST BAY SANITARY DISTRICT FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT JUNE 30, 2015 * * *
WEST BAY SANITARY DISTRICT FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT JUNE 30, 2015 * * * CHAVAN & ASSOCIATES LLP CERTIFIED PUBLIC ACCOUNTANTS 1475 SARATOGA AVE, SUITE 180 SAN JOSE, CA 95129
More informationLAKE IN THE HILLS SANITARY DISTRICT MCHENRY COUNTY, ILLINOIS. BASIC FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION Year Ended April 30, 2016
MCHENRY COUNTY, ILLINOIS BASIC FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION CONTENTS EXHIBITS/SCHEDULES PAGES INDEPENDENT AUDITOR S REPORT 1-2 REQUIRED SUPPLEMENTARY INFORMATION MANAGEMENT S DISCUSSION
More informationCITY OF CLEVELAND, OHIO DEPARTMENT OF PUBLIC UTILITIES DIVISION OF WATER
REPORT ON AUDITS OF FINANCIAL STATEMENTS For the years ended December 31, 2007 and 2006 TABLE OF CONTENTS Independent Accountants' Report... 1-2 Page Management s Discussion and Analysis... 3-13 Balance
More informationCITY OF DETROIT WATER FUND. Basic Financial Statements and Required Supplementary Information. June 30, 2006 and 2005
Basic Financial Statements and Required Supplementary Information (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Basic Financial Statements: Statements
More informationReport of Independent Certified Public Accountants
Report of Independent Certified Public Accountants The Board of Directors of Kissimmee Utility Authority We have audited the accompanying balance sheets of Kissimmee Utility Authority (the Authority),
More informationFINANCIAL STATEMENTS. For the years ended June 30, 2013 and 2012
FINANCIAL STATEMENTS For the years ended June 30, 2013 and 2012 CONTENTS Page INDEPENDENT AUDITORS REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION 3-4 MANAGEMENT S DISCUSSION & ANALYSIS 5-10
More informationFountain Valley Authority (A Component Unit of the City of Colorado Springs, Colorado)
(A Component Unit of the City of Colorado Springs, Colorado) Financial Statements and Report of Independent Certified Public Accountants (A Component Unit of the City of Colorado Springs, Colorado) Financial
More informationSanta Cruz County Sanitation District
Santa Cruz County Sanitation District Santa Cruz, California Basic Financial Statements and Independent Auditors Report For the year ended June 30, 2009 Santa Cruz County Sanitation District Basic Financial
More informationVILLAGE OF WEST BARABOO, WISCONSIN FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR'S REPORT. Year Ended December 31, 2011
FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR'S REPORT Year Ended December 31, 2011 Johnson Block & Company, Inc. Certified Public Accountants 1315 Bad Axe Court; P.O. Box 271 Viroqua, Wisconsin 54665
More informationAlabama Water Pollution Control Authority
Alabama Water Pollution Control Authority COMPONENT UNIT FINANCIAL STATEMENTS For the Year Ended September 30, 2014 Alabama Water Pollution Control Authority Table of Contents September 30, 2014 TAB: REPORT
More informationThe Town of Summerdale Summerdale, Alabama
The Town of Summerdale Summerdale, Alabama Annual Financial Report For the Fiscal Year Ended September 30, 2013 Vance CPA LLC Certified Public Accountant 832 Snow St., Suite B Oxford, Alabama 36203 Tel.
More informationFINANCIAL STATEMENTS. June 30, 2017 and 2016
FINANCIAL STATEMENTS June 30, 2017 and 2016 CONTENTS Page INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION 3-4 MANAGEMENT'S DISCUSSION AND ANALYSIS 5-11 FINANCIAL STATEMENTS
More informationVILLAGE OF DOLTON, ILLINOIS ANNUAL FINANCIAL REPORT
VILLAGE OF DOLTON, ILLINOIS ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED APRIL 30, 2017 TABLE OF CONTENTS FINANCIAL SECTION PAGE INDEPENDENT AUDITORS' REPORT... 1-2 MANAGEMENT S DISCUSSION AND ANALYSIS...
More informationSANTA CRUZ COUNTY SANITATION DISTRICT A COMPONENT UNIT OF THE COUNTY OF SANTA CRUZ BASIC FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORTS
SANTA CRUZ COUNTY SANITATION DISTRICT A COMPONENT UNIT OF THE COUNTY OF SANTA CRUZ BASIC FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORTS JUNE 30, 2017 SANTA CRUZ COUNTY SANITATION DISTRICT JUNE
More informationWISCONSIN INDIANHEAD TECHNICAL COLLEGE
WISCONSIN INDIANHEAD TECHNICAL COLLEGE Annual Audited Financial Statements for fiscal year ended June 30, 2012 Wisconsin Indianhead Technical College District Shell Lake, WI Financial Statements With
More informationALEXANDRIA RENEW ENTERPRISES
ALEXANDRIA RENEW ENTERPRISES Alexandria, Virginia COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED SEPTEMBER 30, 2015 AND 2014 Prepared by the Finance Department TABLE OF CONTENTS INTRODUCTORY
More informationParking Authority of the City of Paterson, NJ
Parking Authority of the City of Paterson, NJ Financial Statements Years Ended Parking Authority of the City of Paterson, NJ Table of Contents PAGE Management's Discussion and Analysis 1 Independent Auditors'
More informationBasic Financial Statements and Report of Independent Certified Public Accountants City of Dallas, Texas Dallas Water Utilities (An Enterprise Fund of
Basic Financial Statements and Report of Independent Certified Public Accountants City of Dallas, Texas September 30, 2016 FINANCIAL STATEMENTS For Fiscal Year Ended September 30, 2016 TABLE OF CONTENTS
More informationCity of Chicago Department of Water Management Water Fund Comprehensive Annual Financial Report For the Years Ended December 31, 2016 and 2015
City of Chicago Department of Water Management Water Fund Comprehensive Annual Financial Report For the Years Ended December 31, 2016 and 2015 Rahm Emanuel, Mayor Carole L. Brown, Chief Financial Officer
More informationKissimmee Utility Authority
Kissimmee Utility Authority 1701 W. Carroll Street Kissimmee, FL 34741 Year End Audited Financial Report for FY 16 AUDITED FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2016 TABLE OF CONTENTS Financial Section
More informationCITY OF FARGO, NORTH DAKOTA STATEMENT OF NET ASSETS DECEMBER 31, 2006
STATEMENT OF NET ASSETS Governmental Business-type Activities Activities Total ASSETS Cash $ 263,797 $ 1,267,834 $ 1,531,631 Investments 17,862,776 998,958 18,861,734 Equity in pooled cash and investments
More informationCHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2016
CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY CHEROKEE COUNTY, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2016 TOGETHER WITH INDEPENDENT AUDITORS REPORTS FINANCIAL STATEMENTS AUGUST
More informationCAMPBELL UNION HIGH SCHOOL DISTRICT San Jose, California. FINANCIAL STATEMENTS June 30, 2013
San Jose, California FINANCIAL STATEMENTS June 30, 2013 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION For the Year Ended June 30, 2013 TABLE OF CONTENTS Page Independent Auditor's Report 1 Management's
More informationCity of Grand Ledge. FINANCIAL STATEMENTS (With Required Supplementary Information) June 30, 2018
FINANCIAL STATEMENTS (With Required Supplementary Information) TABLE OF CONTENTS Page INDEPENDENT AUDITOR S REPORT MANAGEMENT S DISCUSSION AND ANALYSIS i-iii iv-x BASIC FINANCIAL STATEMENTS Government-wide
More informationAlabama Water Pollution Control Authority
Alabama Water Pollution Control Authority COMPONENT UNIT FINANCIAL STATEMENTS For the Year Ended September 30, 2015 Table of Contents September 30, 2015 TAB: REPORT Independent Auditors Report 1 TAB: FINANCIAL
More informationCITY OF GLENCOE, MINNESOTA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2012
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2012 TABLE OF CONTENTS DECEMBER 31, 2012 INTRODUCTORY SECTION CITY OFFICIALS 1 FINANCIAL SECTION INDEPENDENT AUDITORS REPORT 2
More informationCITY OF SIERRA MADRE SIERRA MADRE, CALIFORNIA. Basic Financial Statements and Required Supplementary Information with Independent Auditor s Report
CITY OF SIERRA MADRE SIERRA MADRE, CALIFORNIA Basic Financial Statements and Required Supplementary Information with Independent Auditor s Report June 30, 2006 Prepared by the City of Sierra Madre, California
More informationGreater New Haven Water Pollution Control Authority. Financial Report June 30, 2016 and 2015
Greater New Haven Water Pollution Control Authority Financial Report June 30, 2016 and 2015 Contents Financial Section Independent auditor s report 1-2 Management s Discussion and Analysis - unaudited
More informationSONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma)
SONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) Independent Auditors' Report, Management's Discussion and Analysis and Basic Financial Statements For the Fiscal Year
More informationThe Town of Summerdale Summerdale, Alabama
The Town of Summerdale Summerdale, Alabama Annual Financial Report For the Fiscal Year Ended September 30, 2012 Vance CPA LLC Certified Public Accountant 832 Snow St., Suite B Oxford, Alabama 36203 Tel.
More informationCITY OF GLENCOE, MINNESOTA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2008
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED TABLE OF CONTENTS INTRODUCTORY SECTION CITY OFFICIALS 1 FINANCIAL SECTION INDEPENDENT AUDITORS REPORT 2 BASIC FINANCIAL STATEMENTS GOVERNMENT-WIDE
More informationGLASGOW ELECTRIC PLANT BOARD FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION. June 30, 2014 and 2013
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION June 30, 2014 and 2013 TABLE OF CONTENTS Introductory Section Directory 1 Pages Financial Section Independent Auditor's Report 2-3 Management's Discussion
More informationCITY OF WAYNE, MICHIGAN
FINANCIAL REPORT WITH SUPPLEMENTAL INFORMATION TABLE OF CONTENTS Independent Auditor's Report 1 Management s Discussion and Analysis 4 Financial Statements Government-wide Financial Statements Statement
More informationSONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) Independent Auditor s Reports, Management s Discussion and
. SONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) Independent Auditor s Reports, Management s Discussion and Analysis and Basic Financial Statements For the Fiscal Year
More informationCHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY FINANCIAL REPORT FOR THE FISCAL YEAR ENDING AUGUST 31, 2012
CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY FINANCIAL REPORT FOR THE FISCAL YEAR ENDING AUGUST 31, 2012 CHEROKEE COUNTY WATER AND SEWERAGE AUTHORITY FINANCIAL REPORT FOR THE FISCAL YEAR ENDED AUGUST 31,
More informationPERKIOMEN TOWNSHIP. Collegeville, Pennsylvania. December 31, 2016
PERKIOMEN TOWNSHIP Collegeville, Pennsylvania December 31, 2016 TABLE OF CONTENTS Page Number 1-2 Table of Contents 3-5 Independent Auditor's Report 6-11 Management s Discussion and Analysis BASIC FINANCIAL
More informationCITY OF JAMESTOWN, NEW YORK TABLE OF CONTENTS. Independent Report of Auditor 1. Management s Discussion and Analysis 3. Statement of Net Assets 12
TABLE OF CONTENTS Independent Report of Auditor 1 Management s Discussion and Analysis 3 Basic Financial Statements: Statement of Net Assets 12 Statement of Activities 13 Balance Sheet - Governmental Funds
More informationTHE CITY OF FLORENCE ALABAMA
THE CITY OF FLORENCE ALABAMA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008 Our Mission The mission of the city government of the City of Florence, Alabama, is to enhance
More informationCITY OF HEMPHILL, TEXAS ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015
ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 Annual Financial Report For the Year Ended June 30, 2015 Table of Contents Page FINANCIAL SECTION Independent Auditor s Report... 1-3 Management
More informationAlabama Water Pollution Control Authority
Alabama Water Pollution Control Authority COMPONENT UNIT FINANCIAL STATEMENTS For the Year Ended September 30, 2018 Table of Contents September 30, 2018 REPORT Independent Auditors Report 1 FINANCIAL STATEMENTS
More informationCity of Huntsville, Alabama Electric, Natural Gas, and Water Systems. Component Unit Financial Statements
City of Huntsville, Alabama Electric, Natural Gas, and Water Systems Component Unit Financial Statements September 30, 2016 and 2015 Table of Contents Page(s) Independent Auditor's Report on Financial
More informationCity of Chicago, Illinois Water Fund
City of Chicago, Illinois Water Fund Basic Financial Statements as of and for the Years Ended December 31, 2010 and 2009, Required Supplementary Information, Additional Information, Statistical Data, and
More informationHOPKINSVILLE WATER ENVIRONMENT AUTHORITY
HOPKINSVILLE WATER ENVIRONMENT AUTHORITY REPORT ON AUDITS OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 DIRECTORY OF OFFICIALS June 30, 2015 COMMISSIONERS
More informationLAKE SHASTINA COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS JUNE 30, 2016
LAKE SHASTINA COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS JUNE 30, 2016 LAKE SHASTINA COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS June 30, 2016 TABLE OF CONTENTS Page FINANCIAL SECTION: Independent
More informationCITY OF PHILOMATH, OREGON ANNUAL FINANCIAL REPORT Year Ended June 30, 2012
ANNUAL FINANCIAL REPORT Year Ended June 30, 2012 CITY OFFICIALS JUNE 30, 2012 MAYOR Ken Schaudt P.O. Box 400 Philomath, Oregon 97370 COUNCIL MEMBERS Angie Baca Matthew Bierek P.O. Box 1644 2337 Applegate
More informationCapital Region Water. Financial Statements and Supplementary Information. Year Ended December 31, 2014 with Independent Auditor s Report
Capital Region Water Financial Statements and Supplementary Information Year Ended December 31, 2014 with Independent Auditor s Report TABLE OF CONTENTS Independent Auditor's Report Financial Statements:
More informationCity of Tombstone, Arizona Financial Statements. Year Ended June 30, 2016
City of Tombstone, Arizona Financial Statements Year Ended June 30, 2016 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS (MD&A) (Required Supplementary Information) 5
More informationPEACHTREE CITY WATER AND SEWERAGE AUTHORITY
PEACHTREE CITY WATER AND SEWERAGE AUTHORITY (A COMPONENT UNIT OF PEACHTREE CITY, GEORGIA) FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2009 PEACHTREE CITY WATER AND SEWERAGE AUTHORITY FINANCIAL
More informationTOWN OF JUPITER ISLAND, FLORIDA. Audited Financial Statements And Supplementary Financial Information
TOWN OF JUPITER ISLAND, FLORIDA Audited Financial Statements And Supplementary Financial Information SEPTEMBER 30, 2013 TOWN OF JUPITER ISLAND, FLORIDA AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL
More informationCITY OF CENTERVILLE, GEORGIA ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30, 2011
ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30, 2011 NICHOLS, CAULEY & ASSOCIATES, LLC Certified Public Accountants Certified Financial Planners Certified Internal Auditors Certified Government Auditing Professionals
More informationSanta Cruz County Sanitation District
Santa Cruz County Sanitation District Santa Cruz, California Basic Financial Statements and Independent Auditors Report For the year ended June 30, 2012 Santa Cruz County Sanitation District Basic Financial
More informationVillage of Bolingbrook, Illinois
Village of Bolingbrook, Illinois Annual Financial Report 0 Table of Contents PAGE INDEPENDENT AUDITOR S REPORT 1-3 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Position
More informationPEACHTREE CITY WATER AND SEWERAGE AUTHORITY
PEACHTREE CITY WATER AND SEWERAGE AUTHORITY (A COMPONENT UNIT OF PEACHTREE CITY, GEORGIA) FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2010 PEACHTREE CITY WATER AND SEWERAGE AUTHORITY FINANCIAL
More informationShafter Joint Powers Financing Authority Basic Financial Statements For the year ended June 30, 2007
Basic Financial Statements Table of Contents Page Independent Auditors Report...1 Basic Financial Statements: Statement of Net Assets...3 Statement of Activities and Changes in Net Assets...4 Statement
More informationTEMPLETON COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS JUNE 30, 2018
TEMPLETON COMMUNITY SERVICES DISTRICT FINANCIAL STATEMENTS L & C Leaf & Cole, LLP Certified Public Accountants FINANCIAL STATEMENTS TABLE OF CONTENTS Independent Auditor s Report 1-2 Management s Discussion
More informationAlabama Water Pollution Control Authority
Alabama Water Pollution Control Authority COMPONENT UNIT FINANCIAL STATEMENTS For the Year Ended September 30, 2016 Alabama Water Pollution Control Authority Table of Contents September 30, 2016 TAB: REPORT
More informationCITY OF MIDDLESBORO, KENTUCKY. BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2014 with REPORT ON INDEPENDENT AUDITORS
CITY OF MIDDLESBORO, KENTUCKY BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2014 with REPORT ON INDEPENDENT AUDITORS CONTENTS Independent Auditor's Report... 1 Management's
More informationCITY OF SPRINGFIELD, ILLINOIS. WATER FUND (An Enterprise Fund of the City of Springfield, Illinois)
CITY OF WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) For the Years Ended February 29, 2016 and February 28, 2015 TABLE OF CONTENTS Page(s) Independent Auditor s Report... 1-2 Financial
More informationPublic Utility District No. 1 of Douglas County
Washington State Auditor s Office Financial Statements Audit Report Public Utility District No. 1 of Douglas County Audit Period January 1, 2007 through December 31, 2007 Report No. 74801 Issue Date June
More informationReport of Independent Auditors and Financial Statements for. Imperial Irrigation District
Report of Independent Auditors and Financial Statements for Imperial Irrigation District December 31, 2014 and 2013 CONTENTS REPORT OF INDEPENDENT AUDITORS 1 2 PAGE MANAGEMENT S DISCUSSION AND ANALYSIS
More informationAnnual Report Pursuant to SEC Rule 15c2-12 April 17, 2014
Annual Report Pursuant to SEC Rule 15c2-12 April 17, 2014 Issuer/Obligated Person: (the City ) Issues to which this Report relates: (See Attached Schedule 1) Fiscal Year End: Financial Information Enclosed:
More informationCABOT WATERWORKS FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION. For the Years Ended December 31,2017 and 2016
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION For the Years Ended December 31,2017 and 2016 CONTENTS Financial Statements: Page Number Independent Auditors' Report... 1-3 Management's Discussion and
More informationCITY OF ECORSE, MICHIGAN. Year Ended June 30, Financial Statements
Year Ended June 30, 2015 Financial Statements This page intentionally left blank. Table of Contents Financial Section Page Independent Auditors Report 1 Management s Discussion and Analysis 6 Basic Financial
More informationSUBURBAN MOBILITY AUTHORITY FOR REGIONAL TRANSPORTATION
FINANCIAL STATEMENTS For the Years Ended June 30, 2008 and 2007 FINANCIAL STATEMENTS For the Years Ended June 30, 2008 and 2007 BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION For the Years Ended
More informationTOWNSHIP OF LOWER MUNICIPAL UTILITIES AUTHORITY REPORT ON AUDIT OF FINANCIAL STATEMENTS YEARS ENDED NOVEMBER 30, 2013 AND 2012
TOWNSHIP OF LOWER MUNICIPAL UTILITIES AUTHORITY REPORT ON AUDIT OF FINANCIAL STATEMENTS YEARS ENDED NOVEMBER 30, 2013 AND 2012 TABLE OF CONTENTS FINANCIAL SECTION Page Independent Auditor's Report 1-3
More informationCITY OF SPRINGFIELD, ILLINOIS. WATER FUND (An Enterprise Fund of the City of Springfield, Illinois)
CITY OF WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) For the Years Ended February 28, 2014 and February 28, 2013 TABLE OF CONTENTS Page(s) Independent Auditor s Report... 1-2 Financial
More informationGlasgow Electric Plant Board
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION June 30, 2018-1- Table of Contents June 30, 2018 REPORT Independent Auditors Report 1 FINANCIAL STATEMENTS Required Supplementary Information: Management
More informationCity of Newton Newton, Illinois
City of Newton Newton, Illinois Financial Statements and Supplementary Information For the Year Ended City of Newton Newton, Illinois Year Ended Table of Contents Introductory Section Page Title Page Table
More informationMADISON METROPOLITAN SEWERAGE DISTRICT Madison, Wisconsin. FINANCIAL STATEMENTS December 31, 2015 and 2014
MADISON METROPOLITAN SEWERAGE DISTRICT Madison, Wisconsin FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR S REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 BASIC FINANCIAL STATEMENTS
More informationCITY OF BUFFALO, NEW YORK BUFFALO MUNICIPAL WATER FINANCE AUTHORITY A COMPONENT UNIT OF THE
CITY OF BUFFALO, NEW YORK BUFFALO MUNICIPAL WATER FINANCE AUTHORITY A COMPONENT UNIT OF THE CITY OF BUFFALO, NEW YORK Basic Financial Statements for the Years Ended June 30, 2012 and 2011, Required Supplementary
More informationBUCKSKIN SANITARY DISTRICT
Audited Financial Statements June 30, 2010 Prepared by: Gail Dean Kolesar, CPA, LLC 90 S. Acoma Blvd., Suite 100 Lake Havasu City, AZ 86403 Gail Dean Kolesar, CPA, LLC 90 S. Acoma, Suite 100, Lake Havasu
More informationELECTRIC PLANT BOARD OF THE CITY OF PADUCAH, KENTUCKY D/B/A PADUCAH POWER SYSTEM FINANCIAL STATEMENTS YEARS ENDED JUNE 30,2012 AND 2011
ELECTRIC PLANT BOARD OF THE CITY OF PADUCAH, KENTUCKY D/B/A PADUCAH POWER SYSTEM FINANCIAL STATEMENTS YEARS ENDED JUNE 30,2012 AND 2011 TABLE OF CONTENTS Independent Auditor's Report Page 1-2 Required
More informationBROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida
BROWARD COUNTY, FLORIDA WATER AND WASTEWATER FUND A Major Fund of Broward County, Florida Special Purpose Financial Statements Years Ended September 30, 2012 and 2011 BROWARD COUNTY, FLORIDA WATER AND
More informationAttalla Water Works Board
Attalla Water Works Board Financial Statements for the Years Ended September 30,2009 and 2008 HINDSMAN, HALL & STOREY, P. C. Certified Public Accountants TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT
More informationEagle River Water and Sanitation District Vail, Colorado. Financial Statements December 31, 2013
Vail, Colorado Financial Statements Financial Statements Table of Contents Page INDEPENDENT AUDITOR S REPORT Management s Discussion and Analysis A1 A2 B1 B8 Basic Financial Statements: Statement of Net
More informationBLOOMINGTON-NORMAL AIRPORT AUTHORITY OF MCLEAN COUNTY, ILLINOIS FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT.
OF MCLEAN COUNTY, ILLINOIS FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT April 30, 2015 OF MCLEAN COUNTY, ILLINOIS TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 1-3 MANAGEMENT S DISCUSSION
More informationBODEGA BAY PUBLIC UTILITY DISTRICT BODEGA BAY, CALIFORNIA BASIC FINANCIAL STATEMENTS
BODEGA BAY PUBLIC UTILITY DISTRICT BODEGA BAY, CALIFORNIA BASIC FINANCIAL STATEMENTS JUNE 30, 2016 TABLE OF CONTENTS PAGE FINANCIAL SECTION: Independent Auditors Report 1-2 Management s Discussion and
More informationSolid Waste Management 2006 Financial Report
Solid Waste Management 2006 Financial Report City of Tacoma Public Works Environmental Services Table of Contents Independent Auditor s Report... 2 Management s Discussion and Analysis... 4 Financial
More informationCITY OF MIDDLESBORO, KENTUCKY. BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2015 with REPORT ON INDEPENDENT AUDITORS
CITY OF MIDDLESBORO, KENTUCKY BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2015 with REPORT ON INDEPENDENT AUDITORS CONTENTS Independent Auditor's Report... 1 Management's
More informationPORT OF PALM BEACH DISTRICT FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS REPORT THEREON SEPTEMBER 30, 2008
FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS REPORT THEREON SEPTEMBER 30, 2008 SEPTEMBER 30, 2008 TABLE OF CONTENTS Pages FINANCIAL SECTION Independent Auditors Report 1 2 Management s Discussion and
More informationWYOMING MUNICIPAL POWER AGENCY. Financial Statements. December 31, 2016 and (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) KPMG LLP Suite 300 1212 N. 96th Street Omaha, NE 68114-2274 Suite 1120 1248 O Street Lincoln, NE 68508-1493 Independent Auditors Report The
More informationCITY OF SPRINGFIELD, ILLINOIS. WATER FUND (An Enterprise Fund of the City of Springfield, Illinois)
CITY OF WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) For the Years Ended February 28, 2015 and February 28, 2014 TABLE OF CONTENTS Page(s) Independent Auditor s Report... 1-2 Financial
More informationCITY OF CLARKSVILLE, TENNESSEE GAS DEPARTMENT AND WATER AND SEWER DEPARTMENT AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION JUNE 30,
GAS DEPARTMENT AND WATER AND SEWER DEPARTMENT AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION JUNE 30, 2012 AND 2011 GAS DEPARTMENT AND WATER AND SEWER DEPARTMENT JUNE 30, 2012 AND 2011 TABLE
More informationCITY OF CAMPBELLSBURG, KENTUCKY
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION TABLE OF CONTENTS Report of Independent Auditors... 1 Management Discussion and Analysis... 4 Basic Financial Statements Page Statement of Net Position...
More informationCITY OF SPRINGFIELD, ILLINOIS
CITY OF WATER FUND (An Enterprise Fund of the City of Springfield, Illinois) For the Years Ended February 28, 2018 and February 28, 2017 TABLE OF CONTENTS Page(s) Independent Auditor s Report... 1-2 Financial
More information