09/12/2006 TUE 15:54 FAX 7192545150 LAV9VCD Fax ��� Peter Nichols
<br />information. The District uses an enterprise fund to account for its water
<br />management operations.
<br />�j006/029
<br />}': The notes to the financial statements provide additional information that is essential to a full
<br />understanding of the data provided in the District-wide and fund financial statements. The notes to
<br />;; basic financial statements can be found following the financial statements.
<br />� �:
<br />District-wide Financial Analysis
<br />Net assets may serve over time as a useful indicator of a governmenYs financial position. In the case
<br />I of the District, assets exceeded liabilities by $ 2,280,095 at the end of the cunrent year.
<br />Financial Highlights
<br />�' Since this is the second year of operations for the District, the transactions completed have been of
<br />'� such a nature that there is not a difference between the district-wide and govemmental funds, other
<br />than the display of the financial statements. Accordingly, the financial highlights are the same for
<br />�. district-wide and governmental funds.
<br />The total net assets of the District exceeded its liabilities by $ I,007,386. Of this amount $ 951,739
<br />(unrestrictetl net assets) may be used to meet the District's ongoing obligations to citizens and
<br />creditors.
<br />• The District's net assets increased by $ 973,424 during the current year, a decrease of
<br />$333,247 in comparison with the prior year. The net assets of our govemmental activities
<br />increased by $ 417,399 and net assets of our business-type activity increased by $ 556,025.
<br />• As of the close of the current yeaz, the Distric#'s govemmental fund reported combined
<br />ending fund balance of $ 1,007,386, an increase of $ 417,399 in comparison with the prior
<br />year fund balances of $ 589,987.
<br />� • At the end of the cunent year, wueserved fund balance for the governmental fund was $
<br />951,379 or 141 percent of total general fund expendihues of $ 677,010.
<br />The perspective of the statement of net assets is of the District as a whole. Following is a summary of
<br />the DistricYs net assets for 2004.
<br />Statement of Net Assets
<br />Assets:
<br />Total Current Assets
<br />Non Current Assets Restricted
<br />Total Capital Assets
<br />TOTAL ASSETS
<br />Llabilities:
<br />Tota! LiabiliGes
<br />Net Assets:
<br />PRIMARY GOVERNMENT
<br />GOVERNRAENTAL BUSINESS-TYPE
<br />AC7IVITIES ACTIVITIES TOTAI
<br />32.532,860 $55,870 $2,588,730
<br />5,047 0 5,047
<br />0 2.168,630 2,768,630
<br />$ 2 537 9d7 $ 2,24,540 Z4,762,407
<br />$1,530,521 $951,791 $2,482,312
<br />1 007 386 7 272,709 2,280,095
<br />TOTAL LIASlLITIES AND NET ASSETS $2,537,907 $2,224,500 $4,762,407
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