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'" -11- I I I I I I I I I I I I I I I I I I I MANAGEMENT'S DISCUSSION AND ANALYSIS - CONTNUED Overview of the Financial Statements - Continued GOVERNMENT-WIDE FINANCIAL STATEMENTS ~ Continued The government-wide finical statements report on the activities of the District that are principally funded by water user assessments. The District's function is to supply irrigation water to lands within the District boundaries. NOTES TO THE FINANCIAL STATEMENTS The notes provided additional information that is useful for the understanding of the data provided in the government-wide financial statements. The notes to the financial statements can be found on pages 6 thru 12 of this report. SUPPLEMENTARY INFORMATION The schedule found on page 13 of these documents give a cmp.parison of the budget to actual for the District for the fiscal year 2002. Government-W~deFinancial Analvsis 2002 is the second year of implementation of Governmental ,Accounting Standards Board (GASB) Statement 34. A comparison of current year to prior year will be discussed. As noted earlier assets of the District exceed liabilities of the District by $5,045,414. The largest portion ofthe District's net assets (73%) is in capital assets (buildings, machinery, and equipment.) The District uses these capital assets to deliver irrigation water to 4643 users. Unrestricted cash reserves account for (23%) of the District's net assets. These unrestricted reserves are used to do irrigation system improvements. Contracts with the Bureau of Reclamation mandate that the District maintains two restricted reserves; these reserves account for (5%) of the net assets ofthe District. The net assets of the District increased from 2001 to 2002 by $34,727. This increase waS due to the nonoperating revenue of $125,835. Water user assessments increased by less than 1 %. The District has tiered water assessments; therefore small tracts and residential pay higher assessments.