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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER, MINNESOTA
<br /> STATEMENTS OF CASH FLOWS-CONTINUED
<br /> YEARS ENDED DECEMBER 31,2003 AND 2002
<br /> 2003
<br /> Electric Water Total
<br /> CASH FLOWS FROM OPERATING ACTIVITIES
<br /> Operating income(loss) $ 1,133,603 $ (387,470) $ 746,133
<br /> Adjustments to reconcile operating income (loss)
<br /> to net cash provided by operating activities:
<br /> Other revenue related to operations 759,231 759,773 1,519,004
<br /> Depreciation 1,067,063 585,354 1,652,417
<br /> (Increase)decrease in assets:
<br /> Accounts receivable (97,990) (13,811) (111,801)
<br /> Other receivables 41,622 12,037 53,659
<br /> Due from other governments (54,645) - (54,645)
<br /> Inventories (242,208) (2,201) (244,409)
<br /> Prepaid expenses 6,494 4,058 10,552
<br /> Increase(decrease)in liabilities:
<br /> Accounts payable (148,841) 167,612 18,771
<br /> Salaries and benefits payable 22,668 2,999 25,667
<br /> Due to other governments - - -
<br /> Customer deposits - - -
<br /> NET CASH PROVIDED
<br /> BY OPERATING ACTIVITIES 2,486,997 1,128,351 3,615,348
<br /> NONCASH CAPITAL
<br /> AND RELATED FINANCING ACTIVITIES
<br /> Amortization of bond discount $ - $ 9,351 $ 9,351
<br /> Discount on bonds issued $ - $ 34,668 $ 34,668
<br /> Disposal of fully depreciated fixed assets $ 206,307 $ 1,220,756 $ 1,427,063
<br /> Disposal of assets under capitalization threshold $ 626,977 $ 615,699 $ 1,242,676
<br /> Assets from prior years added to list 131,896 10,992,343 $ 11,124,239
<br /> See Notes To Financial Statements.
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