UNAUDITED FINANCIAL INFORMATION March 31, 2018
SCHEDULES OF NET POSITION March 31, 2018 ASSETS Current assets: Cash and cash equivalents $ 2,352 $ 15,172 $ 21,166 $ 32,362 $ 177,840 $ 248,892 Investments - 599-1,198 31,752 33,549 Receivables: Accounts - 112 - - - 112 Interest - 29 1,922 2,061 7,278 11,290 First mortgage loans 156 2,171 14,803 8,181 37,360 62,671 Due from federal government 21,617 - - - - 21,617 Due from other funds 1,579 - - - 1,364 2,943 Prepaid Expenses 1 - - - - 1 Total current assets 25,705 18,083 37,891 43,802 255,594 381,075 Noncurrent assets: Restricted assets: Cash and cash equivalents 19,724-26,722 384 1,307 48,137 Investments - - 65,530 20,518 47,017 133,065 Investment interest receivable - - 477 129 279 885 Investments - 1,757 - - 47,100 48,857 First mortgage loans receivable 535 48,863 267,714 268,975 1,378,291 1,964,378 Second mortgage loans receivable - - 35,068 - - 35,068 Allowance for forgivable second mortgages - - (9,984) - - (9,984) Unearned Service Release Premiums 522 - - - - 522 Advance to local government 3,133 - - - - 3,133 Net pension asset 33 - - - - 33 Capital assets: Furniture and equipment 3,565 - - - - 3,565 Less accumulated depreciation (1,756) - - - - (1,756) Total noncurrent assets 25,756 50,620 385,527 290,006 1,473,994 2,225,903 Total assets 51,461 68,703 423,418 333,808 1,729,588 2,606,978 DEFERRED OUTFLOWS OF RESOURCES Deferred amount on refundings - - 235-449 684 Deferred outflows related to pensions 3,864 - - - - 3,864 Total deferred outflows of resources 3,864-235 - 449 4,548 LIABILITIES Current liabilities: Accounts payable $ 6,703 $ 13 $ 480 $ 1,137 $ 2,388 $ 10,721 Accrued payroll and related liabilities 2 - - - - 2 Compensated absences 667 - - - - 667 Interest payable - - 2,244 2,319 11,447 16,010 Escrow deposits 1,087 - - - - 1,087 Prepayments on mortgage loans - - 181 149 941 1,271 Due to federal government 18,860 - - - - 18,860 Due to other funds - - 2,943 - - 2,943 Bonds payable - - 21,550 14,005 52,665 88,220 Total current liabilities 27,319 13 27,398 17,610 67,441 139,781 Noncurrent liabilities: Bonds payable - - 213,130 261,350 1,461,549 1,936,029 Compensated absences 647 - - - - 647 Net pension liability 7,652 - - - - 7,652 Net OPEB obligation 1,661 - - - - 1,661 Escrow deposits 987 120 - - 8,285 9,392 Arbitrage rebate payable - - 1,110 - - 1,110 Total noncurrent liabilities 10,947 120 214,240 261,350 1,469,834 1,956,491 Total liabilities 38,266 133 241,638 278,960 1,537,275 2,096,272 DEFERRED INFLOWS OF RESOURCES Deferred inflows related to pensions 514 - - - - 514 Total deferred inflows of resources 514 - - - - 514 NET POSITION Net investment in capital assets 1,809 - - - - 1,809 Restricted for single family bond programs - - 182,015 54,848 192,762 429,625 Restricted for grant programs - 13,751 - - - 13,751 Restricted for Homebuyers Revolving Loan Program 3,153 - - - - 3,153 Restricted for pension asset 33 33 Unrestricted 11,550 54,819 - - - 66,369 Total net position $ 16,545 $ 68,570 $ 182,015 $ 54,848 $ 192,762 $ 514,740
SCHEDULES OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION OPERATING REVENUES Mortgage interest income $ 10 $ - $ 11,400 $ 10,143 $ 45,551 $ 67,104 Investment income: Interest 129 120 2,080 558 2,244 5,131 Net increase (decrease) in the fair value of investments - (2) (1,764) (327) (1,377) (3,470) Federal grant administration fees 11,155 - - - - 11,155 Fees and other income 3,676 1 - - 853 4,530 Total operating revenues 14,970 119 11,716 10,374 47,271 84,450 OPERATING EXPENSES Salaries and benefits 15,220 - - - - 15,220 Contractual services 4,717 - - - 135 4,852 Materials and supplies 1,280 - - - - 1,280 Rentals and insurance 8 - - - - 8 Other administrative expenses 560 - - - - 560 Other program expenses 333 14 442 152 735 1,676 Interest expense - - 7,007 6,880 29,285 43,172 Mortgage service fees - 102 547 767 3,523 4,939 Issuance costs - - - - 2,440 2,440 Total operating expenses 22,118 116 7,996 7,799 36,118 74,147 Operating income (loss) (7,148) 3 3,720 2,575 11,153 10,303 NONOPERATING REVENUES (EXPENSES) Federal grants revenue 224,826 - - - - 224,826 Other grant revenue - 2 - - - 2 Federal grants expenses (224,832) - - - - (224,832) Local grants expenses (5,525) - - - - (5,525) Total nonoperating revenues (expenses) (5,531) 2 - - - (5,529) Income (loss) before transfers (12,679) 5 3,720 2,575 11,153 4,774 Transfers (to) other funds - (4,576) (10,766) (773) - (16,115) Transfers from other funds 10,536 - - - 5,579 16,115 Change in net position (2,143) (4,571) (7,046) 1,802 16,732 4,774 Total net position, July 1 18,688 73,141 189,061 53,046 176,030 509,966 Total net position, End of period $ 16,545 $ 68,570 $ 182,015 $ 54,848 $ 192,762 $ 514,740
SCHEDULES OF CASH FLOWS Cash flows from operating activities: Receipts from customers $ - $ 3,112 $ 55,967 $ 53,636 $ 163,640 $ 276,355 Receipts from federal government 11,239 - - - - 11,239 Receipts from other funds 284-653 - - 937 Other miscellaneous receipts 3,676 1 - - 853 4,530 Acquisition of mortgage loans - (3,995) (6,400) - (289,173) (299,568) Payments of Service Release Premiums (522) - - - - (522) Payments to service mortgages - (102) (547) (767) (3,523) (4,939) Payments to suppliers (4,178) - (1,183) - - (5,361) Payments to other funds - - - - (937) (937) Payments to or for employees (16,134) - - - - (16,134) Net cash provided (used) by operating activities (5,635) (984) 48,490 52,869 (129,140) (34,400) Cash flows from non-capital financing activities: Operating grants received 223,870 2 - - - 223,872 Transfers in (out) 10,536 (4,576) 10,571 (773) (15,758) - Proceeds from sale of bonds - - - - 307,116 307,116 Operating grants paid (238,190) - - - - (238,190) Call premium paid - - (14) - - (14) Cost of issuance paid - - - - (2,440) (2,440) Principal payments - - (90,875) (45,795) (121,615) (258,285) Interest paid - - (11,823) (10,559) (39,480) (61,862) Net cash provided (used) by non-capital financing activities (3,784) (4,574) (92,141) (57,127) 127,823 (29,803) Cash flows from investing activities: Proceeds from sales and maturities of investments - 14,987 39,156 20,230 98,691 173,064 Purchases of investments - (14,974) (40,127) (24,062) (107,058) (186,221) Investment interest received 129 110 2,373 474 1,946 5,032 Increase in fair value of investments subject to fair value reporting and classified as cash equivalents - 15 81 62 277 435 Net cash provided (used) by investing activities 129 138 1,483 (3,296) (6,144) (7,690) Net (decrease) in cash and cash equivalents (9,290) (5,420) (42,168) (7,554) (7,461) (71,893) Cash and cash equivalents, July 1 31,366 20,592 90,056 40,300 186,608 368,922 Cash and cash equivalents, End of period $ 22,076 $ 15,172 $ 47,888 $ 32,746 $ 179,147 $ 297,029
SCHEDULES OF CASH FLOWS (cont.) Reconciliation of operating income to net cash provided (used) by operating activities: Operating income (loss) $ (7,148) $ 3 $ 3,720 $ 2,575 $ 11,153 $ 10,303 Adjustments to reconcile operating income to net cash provided (used) by operating activities: Changes in assets and liabilities: Decrease in accounts receivable - 99 - - 782 881 (Increase) decrease in mortgage interest receivable - (1) 639 501 (804) 335 (Increase) decrease in mortgage loans receivable - (978) 37,582 42,812 (177,770) (98,354) Decrease in due from federal government 84 - - - - 84 Decrease in interfund receivables 284-653 - - 937 (Decrease) in interfund payables - - - - (937) (937) Increase (decrease) in accounts payable 3,149 11 (795) 332 7,578 10,275 (Decrease) in unearned service release premiums (522) - - - - (522) (Decrease) in accrued payroll / compensated absences (630) - - - - (630) (Decrease) in due to primary government (723) - - - - (723) Investment income included as operating revenue (129) (118) (316) (231) (867) (1,661) Interest expense included as operating expense - - 7,007 6,880 29,285 43,172 Issuance cost included as operating expense - - - - 2,440 2,440 Total adjustments 1,513 (987) 44,770 50,294 (140,293) (44,703) Net cash provided (used) by operating activities $ (5,635) $ (984) $ 48,490 $ 52,869 $ (129,140) $ (34,400) Noncash investing, capital, and financing activities: (Decrease) in fair value of investments - (29) (1,696) (395) (1,963) (4,083) Total noncash investing, capital, and financing activities $ - $ (29) $ (1,696) $ (395) $ (1,963) $ (4,083)