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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. To begin our analysis,a summary of the Utilities' Statements of Net Position is presented in Table A-l. As can be seen
<br /> from the Table,net assets and deferred inflows increased$2,531,445 to$55,885,878 in fiscal 2015 up from$53,354,433 in fiscal
<br /> 2014.
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<br /> TABLE A-1
<br /> Condensed Statement of Net Position
<br /> * Increase
<br /> 2015 2014 (Decrease)
<br /> Assets
<br /> Current and other $ 21,848,337 $ 20,288,649 $ 1,559,688
<br /> Capital 48,151,150 48,254,028 (102,878)
<br /> Total assets 69,999,487 68,542,677 1,456,810
<br /> Total deferred outflows 360,603 67,284 293,319
<br /> Liabilities
<br /> Current 5,408,917 5,269,454 139,463
<br /> Non-current 8,557,562 7,284,918 1,272,644
<br /> Total liabilities 13,966,479 12,554,372 1,412,107
<br /> Total deferred inflows 507,733 - 507,733
<br /> Net position
<br /> Net investment in capital assets 41,216,712 40,218,203 998,509
<br /> Restricted for debt service 490,500 490,500 -
<br /> Unrestricted 14,178,666 15,346,886 (1,168,220)
<br /> Total net position $ 55,885,878 $ 56,055,589 $ (169,711)
<br /> *GASB Statement No. 68 was implemented for the year ended December 31,2015 and required a$2,701,156 restatement of
<br /> beginning net position.Prior year amounts were not restated causing a variance in ending net position at December 31,2014 and
<br /> beginning net position on January 1,2015. See financial statement Note 6.
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