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Management's Discussion and Analysis -Continued
<br />April 6, 2010
<br />NET ASSET
<br />To begin our analysis, a summary of the Utilities' Statements of Net Assets is presented in Table A-1. As can be seen fiom the
<br />Table, net assets increased $635,430 to $46,364,564 in fiscal 2009 up from $45,729,130 in fiscal 2048.
<br />TALE A.~ 1
<br />Co~ade~~ed ~~a~emen~ of Nei A~se~s
<br />Assets
<br />Current and other
<br />Capital
<br />Total assets
<br />Liabilities
<br />Current
<br />Non-current
<br />Total liabilities
<br />Net assets
<br />Invested in capital assets, net of related debt
<br />Restz•icted for debt service
<br />Unrestricted
<br />Total net assets
<br />Zoos
<br />Increase
<br />(Decrease)
<br />$ 14,948,372 $ 13,326,578 $ 1,621,794
<br />51,626,923 53,336,064 ~ X1,709,141}
<br />66,5?5,295 66,662,642 ~87,347~_
<br />6,547,087 3,559,346 2,987,741
<br />13,663,G48 17,374,166 ~ X3,710,518}
<br />20,210,735 20,933,512 X722,777}
<br />34,397,277 35,174,070 X776,793}
<br />724,500 724,500
<br />11,242,783 9,830,560 1,412,22::
<br />$ 46,364,560 $ 45,729,130 $ 635,430
<br />Looking at Table A~1, you can see that most ofthe change in net assets was realized ll~ the current assets, which increased
<br />$1,621,794 in fiscal 2009, The increase in current assets was due to an increase in cash resulting fi•om implementation of the
<br />following; capital projects were carefully managed to minimize costs with some planned projects being deferred until the
<br />economy revives, inventory levels were kept to a minimum, and a bond was ret11•ed, The Utility has a Reserve goal that it is
<br />working towards for the long term financial health of the organization, The increase in cash moves their closer to that goal,
<br />Water and Electric dates
<br />Electric ~ The latest increase in the Utilities' electric rates was effective January 2010. The monthly base charges are based upon
<br />the type of service, The monthly charges are $9.00 for residential, $16,00 for commercial, and $50.04 for industrial, In addition
<br />to the base charges the residential rate is $.11391Kwh for MaywSeptember usage, and $,10171Kwh for October~April usage; the
<br />commercial rate is $.10971KV~lr for May~September usage, and $0.09101Kwh for October-April usage; the h~dust~•ial rate is
<br />$.05451Kwh energy charge year round with a demand charge of $15.89fKw MaywSeptember, and $11,021Kw~ far 4ctober~April,
<br />2009
<br />..12.
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