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I I I I J I" r r r r r r r r I r r- I- I Orchard Mesa Irrigation District MANAGEMENT'S DISCUSSION AND ANALYSIS December 31, 2002 Our discussion and analysis of the Orchard Mesa Irrigation District's financial statements provides an overview of the District's financial activities for the fiscal year ended December 31, 2002. Financial Hh~hlie:ht · The assets of the District exceed its liabilities at the close of the most recent fiscal year by $5,045,414 (net assets). · Cash and investments decreased $473,921. · Operating revenues increased $12,670. · Operating expenses increased $111,299. · Nonoperating revenues net of expenses decreased $31,787. Overview of Financial Statements The discussion and analysis is intended to serve as an introduction to the District's basic financial statements. The District's financial statements are comprised of two components: 1) government-wide financial statements, 2) notes to financial statements. GOVERNMENT-WIDE FINANCIAL STATEMENTS The government-wide [mancial statements are designed to provide a broad overview of the District's fmances, in a manner similar to a private-sector business. The statements of net assets presents information on all of the District's assets and liabilities, with the difference between the two reported as net assets. The statement of activities and change in net assets presents information showing how the District's revenues, expenses and net assets changed from the prior year to the current year. -1- The statement of cash flows presents information on the District's cash and cash equivalents showing increases or decreases in the various cash activities.