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Swan's Nest Metropolitan District <br />Statements of Revenues, Expenses and Changes in Net Assets <br />December 31, 2008 and 2007 <br />Operating Revenues: <br />Water revenue <br />Miscellaneaus <br />7otal Operating Revenue <br />Zoos zaa7 <br />$63,548 $64,084 <br />g77 510 <br />64,395 64,594 <br />Operating Expenses: <br />Confract labor <br />Professional fees <br />Plant operations <br />Administration <br />Miscelfaneous <br />Depreciation and amortization <br />Totaf Operating Expenses <br />Income From Operations <br />25,910 40,942 <br />11,701 5,216 <br />16,211 8,145 <br />7,005 4,621 <br />g,738 4,651 <br />34,983 48,151 <br />105,548 111,726 <br />(41,153) (47,132) <br />Non Operating Revenues (Expenses): <br />Property taxes 't77,585 143,932 <br />Tap fees 9 ���� a <br />Interest expense (94,754) (97,100) <br />91,831 46,832 <br />Change in Net Assets <br />Net assets, beginning <br />Net asse#s, ending <br />50,678 (300) <br />3,756,376 3,756,676 <br />$ 3,807,054 $ 3,756,376 <br />3 <br />See accompanying notes and Independent Auditors' Report <br />