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FINANCIAL ANALYSIS OF THE UTILITIES
<br /> Our analysis of the Utilities begins on page 20 in the Financial Section. One of the most important questions asked about the Utilities'
<br /> finances is"Is the Utilities as a whole better off or worse off as a result of this year's activities?" The Statements of Net Position,and
<br /> the Statements of Revenues, Expenses and Changes in Net Position report information about the Utilities' activities in a way that will
<br /> help answer this question. These two statements report the net position of the Utilities and changes in this net position. You can think
<br /> of the Utilities'net position(the difference between assets and liabilities)as one way to measure financial health or financial position.
<br /> Over time,increases or decreases in the Utilities' net position is one indicator of whether its financial health is improving or
<br /> deteriorating. However,you will need to consider other non-financial factors such as changes in economic conditions,population
<br /> growth,zoning,and new or changed government legislation.
<br /> 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$2,409,730 to$54,016,088 in fiscal 2013 up from$51,606,358 in fiscal 2012.
<br /> TABLE A-1
<br /> Condensed Statement of Net Assets
<br /> Increase
<br /> 2013 2012 (Decrease)
<br /> Assets
<br /> Current and other $ 19,466,124 $ 18,412,934 $ 1,053,190
<br /> Capital 48,879,659 47,780,955 1,098,704
<br /> Total assets 68,345,783 66,193,889 2,151,894
<br /> Total deferred outflows 75,525 83,765 (8,240)
<br /> Liabilities
<br /> Current 5,801,938 4,651,084 1,150,854
<br /> Non-current 8,603,282 10,020,212 (1,416,930)
<br /> Total liabilities 14,405,220 14,671,296 (266,076)
<br /> Net position
<br /> Net investment in capital assets 39,358,482 36,747,341 2,611,141
<br /> Restricted for debt service 647,000 724,500 (77,500)
<br /> Unrestricted 14,010,606 14,134,517 (123,911)
<br /> Total net position $ 54,016,088 $ 51,606,358 $ 2,409,730
<br /> Looking at Table A-1,you can see that most of the change in net position was realized in the current and capital assets,which
<br /> increased$2,151,894 in fiscal 2013. The increase is in the cash accounts and due largely to increased sales,which can be attributed to
<br /> the economy. As the economy has begun rebounding we have had an increase in connections,a 74 percent increase from conservative
<br /> budget amounts and a 38 percent increase over the prior year. Capital projects also increased with the completion of projects carried
<br /> over from the prior year as well as a substation transformer upgrade and a water tower sandblasted and painted.
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