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Management's Discussion and Analysis -Continued
<br />April 9, 2009
<br />NET ASSETS
<br />To begin our analysis, a summary of the Utilities' Statements of Net Assets is presented in Table A-1. As can be seen from the
<br />Table, net assets increased $883,140 to $45,729,130 in fisca12008 up from $44,845,990 in fisca12007.
<br />TABLE A-1
<br />Condensed Statement of Net Assets
<br />Assets
<br />Current and other
<br />Capital
<br />Increase
<br />2008 2007 (Decrease)
<br />$ 13,326,578 $ 10,028,942 $ 3,297,636
<br />53,336,064 53,490,290 (154,226)
<br />Total assets
<br />Liabilities
<br />Current
<br />Non-current
<br />Total liabilities
<br />Net assets
<br />Invested in capital assets, net of related debt
<br />Restricted for debt service
<br />Unrestricted
<br />Total net assets
<br />66,662,642 63,519,232 3,143,410
<br />
<br />3,559,346 3,490,943 68,403
<br />17,374,166 15,182,299 2,191,867
<br />20,933,512 18,673,242 2,260,270
<br />
<br />35,174,070 37,126,236 (1,952,166)
<br />724,500 733,400 (8,900)
<br />9,830,560 6,986,354 2,844,206
<br />$ 45,729,130 $ 44,845,990 $ 883,140
<br />Looking at Table A-1, you can see that most of the change in net assets was realized in the current assets, which increased
<br />$3,297,636 in fisca12008. The increase in current assets was due to the cash held by the escrow agent related to the refunding
<br />bonds that were issued in 2008.
<br />Water and Electric Rates
<br />Electric -The latest increase in the Utilities' electric rates was effective January 2009. The monthly base chazges are based upon
<br />the type of service. The monthly charges are $8.50 for residential, $16.00 for commercial, and $50.00 for industrial. In addition
<br />to the base chazges the residential rate is $.1090/KWh for May-September usage, and $.0950/KWh for October-April usage; the
<br />commercial rate is $.1050/KWh for May-September usage, and $0.0850/KWh for October-April usage; the industrial rate is
<br />$.0515lKWh energy charge year round with a demand change of $15.50/KW May-September, and $10.75/KW for October-April.
<br />-II-
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