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NET POSITION
<br /> To begin our analysis,a summary of the Utilities' Statements of Net Position is presented in Table A-1. As can be seen from the
<br /> Table,net assets increased$2,582,978 to$51,606,358 in fiscal 2012 up from$49,023,380 in fiscal 2011.
<br /> TABLE A-1
<br /> Condensed Statement of Net Assets
<br /> Increase
<br /> 2012 2011 (Decrease)
<br /> Assets
<br /> Current and other $ 18,412,934 $ 15,716,737 $ 2,696,197
<br /> Capital 47,780,955 49,251,237 (1,470,282)
<br /> Total as sets 66,193,889 64,967,974 1,225,915
<br /> Total Deferred Outflows 83,765 92,005 (8,240)
<br /> Liabilities
<br /> Current 4,651,084 4,714,003 (62,919)
<br /> Non-current 10,020,212 11,322,596 (1,302,384)
<br /> Total liabilities 14,671,2% 16,036,599 (1,365,303)
<br /> Net position
<br /> Net investment in capital assets 36,747,341 36,984,704 (237,363)
<br /> Restricted for debt service 724,500 724,500 -
<br /> Unrestricted 14,134,517 11,314,176 2,820,341
<br /> Total net position $ 51,606,358 $ 49,023,380 $ 2,582,978
<br /> Looking at Table A-1,you can see that most of the change in net position was realized in the current assets,which increased
<br /> $2,696,197 in fiscal 2012. The increase is in the cash accounts and due largely to increased sales, which can be attributed to the
<br /> weather. The previous two years had modest sales increases but the hot summer and cold winter of 2012 presented a different
<br /> result. Capital projects also contributed to the increase in unrestricted net assets indirectly-with only a few capital projects the
<br /> resources weren't expended. It should be noted the change from capital projects is not a permanent increase,and that as these
<br /> projects are completed in future years the balances will decrease.
<br /> Water and Electric Rates
<br /> Electric-The latest increase in the Utilities' electric rates was effective January 2013. The monthly base charges are based upon
<br /> the type of service. The monthly charges are$10.00 for residential,$17.00 for commercial, and$55.00 for industrial customers.
<br /> In addition to the base charges the residential rate is S.1299/KWh for May-September usage,and$.1161/KWh for October-April
<br /> usage;the commercial rate is $.1247/KWh for May-September usage,and Si 035/KWh for October-April usage;the industrial
<br /> rate is$.0616/KWh energy charge year round with a demand charge of$16.21/KW May-September,and$11.50/KW for October-
<br /> April.
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