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Condensed Statements of Net Position
<br />Dollar Percentage
<br />2022 2021 Change Change
<br />(Restated)
<br />Current liabilities
<br />$ 25,231,122
<br />$ 23,779,979
<br />$ 1,451,143
<br />6.1 %
<br />Long-term liabilities
<br />169,984,921
<br />181,468,013
<br />(11,483,092)
<br />(6.3)
<br />Total liabilities
<br />195,216,043
<br />205,247,992
<br />(10,031,949)
<br />(4.9)
<br />Deferred inflows of resources
<br />43,883,594
<br />35,968,649
<br />7,914,945
<br />22.0
<br />Total liabilities and deferred inflows
<br />239,099,637
<br />241,216,641
<br />(2,117,004)
<br />(0.9)
<br />Net position
<br />Net investment in capital assets
<br />102,905,604
<br />97,520,100
<br />5,385,504
<br />5.5
<br />Restricted
<br />3,717,962
<br />4,161,561
<br />(443,599)
<br />(10.7)
<br />Unrestricted
<br />83,867,948
<br />81,791,340
<br />2,076,608
<br />2.5
<br />Total net position
<br />Total liabilities, deferred
<br />inflows, and net position
<br />190,491,514 183,473,001 7,018,513 3.8
<br />$ 429,591,151 $ 424,689,642 $ 4,901,509 1.2
<br />Condensed statement of net position highlights are as follows:
<br />• The assets and deferred outflows of resources of the Agency exceeded its liabilities and deferred inflows
<br />of resources at the close of 2022 by approximately $190.5 million (net position) as compared with
<br />$183.5 million at the end of 2021. Net position provides necessary liquidity to the Agency and supports its
<br />investment -grade credit rating.
<br />• Capital and lease assets, net decreased by approximately $4.9 million during 2022, primarily the result of
<br />depreciation and amortization on capital and lease assets in service. This was partially offset by capital asset
<br />construction expenditures of $11.7 million in 2022.
<br />• Current assets increased by approximately $15.4 million from 2021 to 2022. Cash and cash equivalents
<br />increased by $15.5 million, primarily related to the Agency's change in net position during the year.
<br />• Other noncurrent assets, which include restricted cash, cash equivalents, and investments, prepaid expenses,
<br />and future recoverable costs, decreased by $7.1 million from 2021 to 2022, primarily the result of the
<br />$6.7 million decrease in future recoverable costs related to the levelization of depreciation and amortization,
<br />bond interest, and costs associated with the Agency's generating resources. In 2021, the Agency began
<br />amortizing its remaining deferred cost balance of approximately $50 million over a seven-year period.
<br />• Deferred outflows of resources increased by approximately $1.5 million from 2021 to 2022, primarily as a
<br />result of the Agency's risk management activities and amortization of the Agency's deferred loss on bond
<br />refunding.
<br />• Current liabilities increased by approximately $1.5 million from 2021 to 2022, primarily the result of a $1.5
<br />million change in the value of the Agency's derivative instruments in 2022.
<br />• Long-term liabilities decreased by approximately $11.5 million from 2021 to 2022, primarily the result of
<br />the Agency's principal payments on debt.
<br />5
<br />143
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