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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 <br />