ALL INTERNAL SERVICE FUNDS COMBINING STATEMENT OF NET ASSETS December 31, 2011 Negaunee Service Center Employee Retirement Technology Fund Benefits Fund Total ASSETS Current Assets: Cash and equivalents $ 201,010 $ 1,006,768 $ 750,508 $ 1,958,286 Accounts receivable - - - - Other assets - - 9,017 9,017 TOTAL CURRENT ASSETS 201,010 1,006,768 759,525 1,967,303 Noncurrent Assets: Capital assets, net of accumulated depreciation 178,666-412,829 591,495 TOTAL NONCURRENT ASSETS 178,666-412,829 591,495 TOTAL ASSETS 379,676 1,006,768 1,172,354 2,558,798 LIABILITIES Current Liabilities: Accounts payable 6,163-13,732 19,895 TOTAL CURRENT LIABILITIES 6,163-13,732 19,895 Noncurrent Liabilities: Other Post-Employment Benefits Payable - 5,459,264 5,459,264 TOTAL NONCURRENT LIABILITIES - 5,459,264-5,459,264 TOTAL LIABILITIES 6,163 5,459,264 13,732 5,479,159 NET ASSETS Invested in capital assets net of related debt 178,666-412,829 591,495 Unreserved 194,847 (4,452,496) 745,793 (3,511,856) TOTAL NET ASSETS $ 373,513 $ (4,452,496) $ 1,158,622 $ (2,920,361) 125
ALL INTERNAL SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS For the Year Ended December 31, 2011 Negaunee Service Center Employee Retirement Technology Fund Benefits Fund Total OPERATING REVENUES: Charges for services $ 60,003 $ - $ 494,237 $ 554,240 Other - 100,000 77 100,077 TOTAL OPERATING REVENUES 60,003 100,000 494,314 654,317 OPERATING EXPENSES: Operating expenses 115,887 1,303,168 271,761 1,690,816 Depreciation 24,195-96,403 120,598 TOTAL OPERATING EXPENSES 140,082 1,303,168 368,164 1,811,414 OPERATING INCOME (LOSS) (80,079) (1,203,168) 126,150 (1,157,097) NON-OPERATING (REVENUES)EXPENSES: Interest Income 252 768-1,020 TOTAL NON-OPERATING (REVENUES)EXPENSES 252 768-1,020 OTHER FINANCING SOURCES(USES): Transfers in 151,033 300,000-451,033 Transfers out - - - - TOTAL OTHER FINANCING SOURCES(USES) 151,033 300,000-451,033 CHANGE IN NET ASSETS 71,206 (902,400) 126,150 (705,044) Net assets, beginning of year 302,307 (3,550,096) 1,032,472 (2,215,317) NET ASSETS, END OF YEAR $ 373,513 $ (4,452,496) $ 1,158,622 $ (2,920,361) 126
ALL INTERNAL SERVICE FUNDS COMBINING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2011 Negaunee Service Center Employee Retirement Technology Fund Benefits Fund Total CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from State sources $ - $ - $ - $ - Cash received from fees and charges for services 60,171-494,237 554,408 Other revenue - 100,000 77 100,077 Cash paid to employees and suppliers - - (6,064) (6,064) Other operating expenses (115,725) - (255,951) (371,676) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (55,554) 100,000 232,299 276,745 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Transfers in (out) 151,033 300,000-451,033 NET CASH PROVIDED (USED) BY NONCAPITAL FINANCING ACTIVITIES 151,033 300,000-451,033 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: Cash payments for capital assets - - (102,937) (102,937) NET CASH PROVIDED (USED) BY CAPITAL AND RELATED FINANCING ACTIVITIES - - (102,937) (102,937) CASH FLOWS FROM INVESTMENT ACTIVITIES Interest income 252 768-1,020 NET CASH PROVIDED (USED) BY INVESTMENT ACTIVITIES 252 768-1,020 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 95,731 400,768 129,362 625,861 Cash and equivalents, beginning of year 105,279 606,000 621,146 1,332,425 CASH AND EQUIVALENTS, END OF YEAR $ 201,010 $ 1,006,768 $ 750,508 $ 1,958,286 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: Operating income (loss) $ (80,079) $ (1,203,168) $ 126,150 $ (1,157,097) Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation 24,195-96,403 120,598 Change in assets and liabilities: (Increase) decrease in accounts receivable 168 - - 168 (Increase) decrease in other assets - 2,228 2,228 Increase (decrease) in account payable 162-7,518 7,680 Increase (decrease) in accrued payroll and related liabilities - 1,303,168-1,303,168 24,525 1,303,168 106,149 1,433,842 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ (55,554) $ 100,000 $ 232,299 $ 276,745 127
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INTERNAL SERVICE FUND - SERVICE CENTER STATEMENT OF NET ASSETS December 31, 2011 ASSETS Current Assets: Cash and equivalents $ 201,010 Accounts receivable 0 TOTAL CURRENT ASSETS 201,010 Noncurrent Assets: Capital assets, net of accumulated depreciation 178,666 TOTAL NONCURRENT ASSETS 178,666 TOTAL ASSETS 379,676 LIABILITIES Current Liabilities: Accounts Payable 6,163 TOTAL CURRENT LIABILITIES 6,163 TOTAL LIABILITIES 6,163 NET ASSETS Invested in capital assets, net of related debt 178,666 Unreserved 194,847 TOTAL NET ASSETS $ 373,513 128
INTERNAL SERVICE FUND - SERVICE CENTER STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2011 Variance with Final Budget Final Positive Budget Actual (Negative) OPERATING REVENUES: Charges for services $ 60,002 $ 60,003 $ 1 TOTAL OPERATING REVENUES 60,002 60,003 1 OPERATING EXPENSES: Personnel 64,707 63,300 1,407 Supplies 5,250 3,550 1,700 Other services and charges 112,878 46,944 65,934 Depreciation 25,000 24,195 805 Capital Outlay 3,200 2,093 1,107 TOTAL OPERATING EXPENSES 211,035 140,082 70,953 OPERATING INCOME(LOSS) (151,033) (80,079) 70,954 NON-OPERATING REVENUES (EXPENSES): Interest Income - 252 252 TOTAL NON-OPERATING REVENUES (EXPENSES) - 252 252 INCOME (LOSS) BEFORE TRANSFERS (151,033) (79,827) 71,206 OTHER FINANCING SOURCES(USES): Transfers in 151,033 151,033 - Transfers out - - - TOTAL OTHER FINANCING SOURCES (USES) 151,033 151,033 - CHANGE IN NET ASSETS - 71,206 71,206 Net assets, beginning of year 302,307 302,307 - NET ASSETS, END OF YEAR $ 302,307 $ 373,513 $ 71,206 129
INTERNAL SERVICE FUND - EMPLOYEE RETIREMENT BENEFITS STATEMENT OF NET ASSETS December 31, 2011 ASSETS Current Assets: Cash and equivalents $ 1,006,768 Accounts receivable - TOTAL CURRENT ASSETS 1,006,768 TOTAL ASSETS 1,006,768 LIABILITIES Current Liabilities: Accounts Payable - TOTAL CURRENT LIABILITIES - Noncurrent Liabilities: Other Post-Employment Benefits Payable 5,459,264 TOTAL NONCURRENT LIABILITIES 5,459,264 TOTAL LIABILITIES 5,459,264 NET ASSETS Unreserved (4,452,496) TOTAL NET ASSETS $ (4,452,496) 130
INTERNAL SERVICE FUND - EMPLOYEE RETIREMENT BENEFITS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2011 Variance with Final Budget Final Positive Budget Actual (Negative) OPERATING REVENUES: Other revenue $ 100,000 $ 100,000 $ - TOTAL OPERATING REVENUES 100,000 100,000 - OPERATING EXPENSES: Personnel - 1,303,168 (1,303,168) TOTAL OPERATING EXPENSES - 1,303,168 (1,303,168) OPERATING INCOME(LOSS) 100,000 (1,203,168) (1,303,168) NON-OPERATING (REVENUES)EXPENSES: Interest income - 768 768 TOTAL NON-OPERATING (REVENUES)EXPENSES - 768 768 OTHER FINANCING SOURCES(USES): Transfers in 300,000 300,000 - Transfers out - - - TOTAL OTHER FINANCING SOURCES (USES) 300,000 300,000 - CHANGE IN NET ASSETS 400,000 (902,400) (1,302,400) Net assets, beginning of year (3,550,096) (3,550,096) - NET ASSETS, END OF YEAR $ (3,150,096) $ (4,452,496) $ (1,302,400) 131
INTERNAL SERVICE FUND - TECHNOLOGY STATEMENT OF NET ASSETS December 31, 2011 ASSETS Current Assets: Cash and equivalents $ 750,508 Accounts receivable - Other assets 9,017 TOTAL CURRENT ASSETS 759,525 Noncurrent Assets: Capital assets, net of accumulated depreciation 412,829 TOTAL NON-CURRENT ASSETS 412,829 TOTAL ASSETS 1,172,354 LIABILITIES Current Liabilities: Accounts Payable 13,732 TOTAL CURRENT LIABILITIES 13,732 TOTAL LIABILITIES 13,732 NET ASSETS Invested in capital assets, net of related debt 412,829 Unreserved 745,793 TOTAL NET ASSETS $ 1,158,622 132
INTERNAL SERVICE FUND - TECHNOLOGY STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 2011 Variance with Final Budget Final Positive Budget Actual (Negative) OPERATING REVENUES: Charges for services $ 495,911 $ 494,237 $ (1,674) Other Revenue - 77 77 TOTAL OPERATING REVENUES 495,911 494,314 (1,597) OPERATING EXPENSES: Personnel 7,772 6,064 1,708 Supplies 16,000 14,640 1,360 Other services and charges 255,624 240,061 15,563 Depreciation 111,525 96,403 15,122 Capital outlay 220,000 10,996 209,004 TOTAL OPERATING EXPENSES 610,921 368,164 242,757 OPERATING INCOME(LOSS) BEFORE TRANSFERS (115,010) 126,150 241,160 OTHER FINANCING SOURCES(USES): Transfers in - - - Transfers out - - - TOTAL OTHER FINANCING SOURCES (USES) - - - CHANGE IN NET ASSETS (115,010) 126,150 241,160 Net assets, beginning of year 1,032,472 1,032,472 - NET ASSETS, END OF YEAR $ 917,462 $ 1,158,622 $ 241,160 133