13-60 Lower S. Platte WCD - Grant Request

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MANAGEMENT DISCUSSION AND ANALYSIS This section of the Lower South Platte Water Conservancy District's (District) annual financial report presents the discussion and analysis of the financial performance for the fiscal year that ended December 31, 201 L FINANCIAL HIGHLIGHTS • The District remains in good financial condition. • The assets of the District exceeded its liabilities at the close of 2011 by $576,819 (net assets). Of this amount $374,547 or 65% is unrestricted and may be used to meet the District's ongoing obligations to citizens and creditors. • During the year, the District's revenue from taxes and other revenues for governmental programs were less than the expenses by $10,895. OVERVIEW OF THE FINANCIAL STATEMENTS • This discussion and analysis is intended to serve as an introduction to the District's basic financial statements. The District's basic financial statements are comprised of three components: • Government -wide financial statements • Fund financial statements. • Notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government -wide financial statements The government -wide statements report information about the District as a whole using accounting methods similar to those used by private- sector companies. The statement of net assets presents information on all of the District's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the District's net assets changed during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses reported in this statement for some items will result in cash flows in future fiscal periods (e.g., uncollected taxes.) The government -wide financial statements of the District are as follows: • • Governmental activities. All of the District's basic services are included here, such as the District's meter certification program, Children's Water Festival, water accounting services, Water Cooperative feasibility analysis, well augmentation management under the Julesburg Recharge Project, other technical services, and general administration. Property taxes finance the Children's Water Festival and general administration. User fees finance the Julesburg Recharge Project, water accounting • services, meter certification services, and other technical services Grants from the Colorado Water Conservation Board finance the Water Cooperative feasibility analysis. Th e government -wide financial statements can be found starting on page 8 of this report. El -3- 0