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• Deferred inflows of resources increased by $7.9 million from 2021 to 2022, primarily the result of a $6.6
<br />million net increase in the Agency's energy adjustment accrual, and net contribution of $1.3 million to its
<br />plant major maintenance accrual.
<br />Comparison of 2021 with 2020
<br />The following table summarizes the financial position of the Agency as of December 31:
<br />Capital and lease assets, net
<br />Current assets
<br />Other noncurrent assets
<br />Total assets
<br />Deferred outflows of resources
<br />Total assets and deferred
<br />outflows
<br />Current liabilities
<br />Long-term liabilities
<br />Total liabilities
<br />Deferred inflows of resources
<br />Total liabilities and deferred inflows
<br />Net position
<br />Net investment in capital assets
<br />Restricted
<br />Unrestricted
<br />Total net position
<br />Total liabilities, deferred inflows
<br />and net position
<br />Condensed Statements of Net Position
<br />Dollar
<br />Percentage
<br />2021
<br />2020*
<br />Change
<br />Change
<br />(Restated)
<br />$ 276,717,878
<br />$ 283,493,313
<br />$ (6,775,435)
<br />(2.4)%
<br />93,507,067
<br />71,004,869
<br />22,502,198
<br />31.7
<br />53,383,628
<br />66,870,974
<br />(13,487,346)
<br />(202)
<br />423,608,573
<br />421,369,156
<br />2,239,417
<br />0.5
<br />1,081,069 1,166,169 (85,100)
<br />$ 424,689,642 $ 422,535,325 $ 2,154,317
<br />$ 23,779,979 $ 19,383,765 $ 4,396,214
<br />181,468,013 192,501,584 (11,033,571)
<br />205,247,992 211,885,349 (6,637,357)
<br />35,968,649
<br />241,216,641
<br />97,520,100
<br />4,161,561
<br />81,791,340
<br />183,473,001
<br />$ 424,689,642
<br />39,503,190
<br />251,388,539
<br />94,288,936
<br />3,984,725
<br />72,873,125
<br />171,146,786
<br />$ 422,535,325
<br />*Amounts have not been restated due to the adoption of GASB 87.
<br />Condensed statement of net position highlights are as follows:
<br />(3,534,541)
<br />(10,171,898)
<br />3,231,164
<br />176,836
<br />8,918,215
<br />12,326,215
<br />$ 2,154,317
<br />(7.3)
<br />0.5
<br />22.7
<br />(5.7)
<br />(3.1)
<br />(8.9)
<br />(4.0)
<br />3.4
<br />4.4
<br />12.2
<br />7.2
<br />0.5
<br />• The assets and deferred outflows of resources of the Agency exceeded its liabilities and deferred inflows
<br />of resources at the close of 2021 by approximately $183.5 million (net position) as compared with
<br />$171.1 million at the end of 2020. 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 $6.8 million during 2021, primarily the result of
<br />depreciation and amortization on capital and lease assets in service. This was partially offset by a net lease
<br />asset remeasurement of $5.9 million due to the adoption of GASB 87 and a $2.5 million land purchase in
<br />2021.
<br />M.
<br />144
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