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As noted in the above table, total assets increased $2,502,154 over 2003 amounts. This increase is due
<br />to an increase in cash and investments totaling $1,052,384 and an increase in prepaid contract
<br />obligations of $896,110. Total liabilities are $1,951,228 less than the amounts reported at December 31,
<br />2003, which is due to payments made to the Bureau of Reclamation on the District's contract
<br />obligations. Total net assets have increased $4,453,382 during 2004 which reflects the change in net
<br />assets during 2004.
<br />Revenues
<br />Program revenues -
<br />Charges for services
<br />General revenues -
<br />Property taxes
<br />Specific ownership taxes
<br />Investment earnings
<br />Total Revenues
<br />Expenses
<br />General government
<br />Interest on long-term debt
<br />Water activity enterprise
<br />Total Expenses
<br />Increase in net assets before transfers
<br />Transfers
<br />Increase in net assets
<br />Net assets, beginning of year
<br />Net assets, end of year
<br />Summarized Statement of Changes in Net Assets
<br />Year Ended December 31, 2004
<br />Governmental Business-Type
<br />Activities Activities Total
<br />$ 4,781,168 $ 2,368,288 $ 7,149,456
<br />5,292,145
<br />792,127
<br />134,056
<br />10,999,496
<br />7,529,853
<br />838,995
<br />8,368,848
<br />2,630,648
<br />1,000,000
<br />3,630,648
<br />47,878,696
<br />51.509.344
<br />- 5,292,145
<br />- 792,127
<br />31,301 165,357
<br />2,399,589 13,399,085
<br />- 7,529,853
<br />- 838,995
<br />576,855 576,855
<br />576,855 8,945,703
<br />1,822,734 4,453,382
<br />(,1,000,000) -
<br />822,734 4,453,382
<br />208,482 48,087,178
<br />$ 1.031.216 52.540.560
<br />The above table identifies the various revenue and expense items that affect the change in net assets.
<br />For the year ended December 31, 2004, net assets increased by $4,453,382 which doesn't include any
<br />principal reduction on the District's long-term debt.
<br />BUDGET ANALYSIS
<br />In December, 2003, the District's board of directors adopted a budget for the calendar year 2004
<br />following a public hearing as required by state law. In June, 2004, the board of directors amended the
<br />budget principally to provide authorization for additional capital outlay for an addition and
<br />improvements to the District's building. Final appropriations for the general fund for the year ended
<br />December 31, 2004 totaled $12,018,030 compared to actual expenditures of $12,010,769.
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