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BASIC FINANCIAL STATEMENTS
<br />• The Statement of Net Assets focuses on resources available for future operations. In simple terms,
<br />this statement presents asnap-shot view of the assets of the District, the liabilities it owes and the
<br />net difference. The net difference is further separated into amounts restricted for specific purposes
<br />and unrestricted amounts. For the first time, governmental activities are reported on the accrual
<br />basis of accounting.
<br />• The Statement of Activities focuses gross and net costs of the District's programs and the extent to
<br />which such programs rely upon general revenues. This statement summarizes and simplifies the
<br />user's analysis to determine the extent to which programs are self-supporting and/or subsidized by
<br />general revenues.
<br />• Fund financial statements focus separately on the governmental fund and the proprietary fund.
<br />Governmental fund statements follow the more traditional presentation of financial statements.
<br />Statements for the District's proprietary fund follows the governmental funds and include net
<br />assets, revenue, expenses and changes in net assets, and cash flows.
<br />• The notes to the financial statements provide additional disclosures required by governmental
<br />accounting standards and provide information to assist the reader in understanding the District's
<br />financial condition.
<br />The MD&A is intended to explain the significant changes in financial position and differences in
<br />operation between the current and prior years. To be an accurate presentation, the prior year would have
<br />to be restated to the new reporting format. The District has chosen to not restate the prior year.
<br />Nevertheless, when possible, significant changes from the prior year are explained.
<br />DISTRICT AS A WHOLE
<br />Government-Wide Financial Statements
<br />Because this is the first year to report governmental activities on the new standard, comparison to the
<br />prior year for the statement of net assets is presented but comparison to the prior year for the statement
<br />of activities is not. In subsequent years, this section will discuss and analyze significant differences for
<br />the statement of activities.
<br />Condensed Statement of Net Assets
<br />December 31, 2004 and 2003
<br />Dollar Percent
<br />2004 2003 Change Change
<br />Current and other assets
<br />Capital assets, net
<br />Total Assets
<br />Current liabilities
<br />Long-term debt
<br />Total Liabilities
<br />Invested in capital assets,
<br />net of related debt
<br />Restricted for Tabor
<br />Unrestricted
<br />Total Net Assets
<br />$ 22,465,397
<br />133,396,116
<br />155,861,513
<br />14,099,191
<br />89,221,762
<br />103,320,953
<br />41,575,723
<br />150,000
<br />10,814,837
<br />52,540,560
<br />$ 20,112,291
<br />133,187,068
<br />153,359,359
<br />12,419,463
<br />92,852,718
<br />105,272,181
<br />38,433,601
<br />150,000
<br />9,503,577
<br />48.087.178
<br />$ 2,293,106 11.37
<br />209,048 .16
<br />2,502,154 16.32
<br />1,679,728 13.53
<br />_3,630,956) 3.91)
<br />(1,951,228) 18.54)
<br />3,142,122 7.56
<br />1,311,260 13.80
<br />$ 4,453.382 9.62
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