C150320 Feasibility Study

• Contract/PO #: CT2015-049
• Contract/PO #: C150320
• Contractor Name: Thunderbird Water and Sanitation District
• Contract Type: Loan
• Water District: 8
• County: Douglas
• Loan Projects - Doc Type: Feasibility Study

785,699 NET ASSETS -ENDING $ 854,459 The accompanying notes are an integral part of the financial statements. 3 THUNDERBIRD WATER AND SANITATION DISTRICT STATEMENT OF REVENUE, EXPENSES
AND CHANGES IN NET ASSETS YEAR ENDED DECEMBER 31, 2008
Cash Flows From Operating Activities: Cash Received from Customers $ 102,098 Cash Paid to Suppliers and Vendors (79,249) Net Cash Provided (Used) for Operating Activities 22,849 Cash
Flows From Capital Financing Activities: Purchases of Capital Assets (51,864) Retirement of Debt (28,565) Interest Expense (21,568) Increase in Restricted Cash 24,566 Net Cash Provided
(Used) for Capital Financing Activities (77,431) Cash Flows From Non-Capital Financing Activities: Taxes 78,488 County Treasurer Fees (1,146) Net Cash Provided by Non-Capital Financing
Activities 77,342 Cash Flows From Investing Activities: Investment Income 11,414 Sale of Investments 150,000 Purchase of Investments (9,340) Net Cash Provided by Investing Activities
152,074 Net Increase (Decrease) in Cash 174,834 Cash and Cash Equivalents, Beginning of Year 125,236 Cash and Cash Equivalents, End of Year $ 300,070 Reconciliation of Operating Income
(Loss) to Net Cash Provided (Used) for Operating Activities: Operating Income (Loss) $ 1,572 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) for Operating
Activities: Depreciation 23,616 Changes in Assets and Liabilities: Accounts Receivable (1,202) Accounts Payable (2,130) Accrued Interest 993 Total Adjustments 21,277 Net Cash Provided
(Used) for Operating Activities $ 22,849 4 THUNDERBIRD WATER AND SANITATION DISTRICT STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2008 The accompanying notes are an integral part
of the financial statements.
THUNDERBIRD WATER & SANITATION DISTRICT NOTES TO THE FINANCIAL STATEMENTS Year Ended December 31, 2008 5 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Thunderbird Water & Sanitation
District (the District) is a Colorado governmental unit operating in accordance with Colorado statutes. The accounting policies of the District conform to generally accepted accounting
principles as applicable to governmental entities. A summary of the more significant policies is provided below. A. Reporting Entity In accordance with Governmental Accounting Standards,
the District has considered the possibility of inclusion of additional entities in its basic financial statements. The definition of the reporting entity is based primarily on financial
accountability. The District is financially accountable for organizations that make up its legal entity and for legally separate organizations if District officials appoint a voting
majority of the organization's governing body and either it is: (1) able to impose its will on that organization; or (2) there is a potential for benefits to, or to impose specific financial
burdens on, the District. The District may also be financially accountable for governmental organizations that are fiscally dependent upon it. Based upon the application of these criteria,
the District has no component units nor is it a component unit of another entity. B. Fund Accounting The accounts of the District are organized on the basis of one fund incorporating
water functions. This one fund is a proprietary fund and is comprised of assets, liabilities, fund equity, revenues and expenses. Enterprise Fund Enterprise fund accounting is utilized
in accordance with generally accepted accounting principles for sanitation districts. The enterprise fund accounts for operations that are financed and operated in a manner in which
the intent of the District is that the costs of providing goods and services to the general public on a continuing basis be financed or recovered primarily through user charges. Enterprise
funds recognize revenues and expenses on the accrual basis of accounting. For its proprietary fund, the District has elected not to apply Financial Accounting Standards Board (FASB)
statements and interpretations issued after November 30, 1989.
THUNDERBIRD WATER & SANITATION DISTRICT NOTES TO THE FINANCIAL STATEMENTS Year Ended December 31, 2008 6 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C.Property, Plant
and Equipment The District records property, plant and equipment at historical cost. Donated fixed assets are valued at their estimated fair value on the date donated. All assets are
depreciated on a straight-line basis. The estimated useful lives are as follows: Plant and distribution system 20 -50 years Equipment 3 -5 years The costs of normal maintenance and repairs
are charged to operations as incurred. Improvements are capitalized and depreciated over the remaining useful lives of the related assets. D. Property Taxes Annual property taxes levied
in the current year and collected in the subsequent year have been accrued as a receivable at year-end and deferred until collected. As accrued taxes are collected, revenue is recognized
and the deferral and the receivable are reduced. Property taxes attach as an enforceable lien on property as of January 1. Taxes are payable in full on April 30 or in two installments
on February 28 and June 15. The County in which the District is located collects the taxes for the District and remits them by the 10th of every month following the month of collection.
E. Budgets Each fall, the Board of Directors adopts a budget and appropriates funds for the following calendar year. Unused appropriations lapse at year-end. Prior to October, the Treasurer
submits to the Board of Directors a proposed operating budget for the year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing
them. Public hearings are conducted to obtain taxpayer comments. Prior to December 31, the budget is legally enacted through passage of a resolution. Amendments to the budget through
supplemental appropriations require: approval of the Board of Directors; publication of the public hearing dates and proposed supplemental appropriations; the holding of a public hearing;
and the filing of the approved supplemental appropriations with the Colorado Division of Local Governments. F. Cash Flow For purposes of the statement of cash flows, cash equivalents
consist of investments with maturities of three months or less.
THUNDERBIRD WATER & SANITATION DISTRICT NOTES TO THE FINANCIAL STATEMENTS Year Ended December 31, 2008 7 NOTE 2: CASH AND INVESTMENTS The Colorado Public Deposit Protection Act (PDPA)
requires that all units of local government deposit cash in eligible public depositories. Eligibility is determined by State regulators. Amounts on deposit in excess of federal insurance
levels must be collateralized. The eligible collateral is determined by PDPA. PDPA allows the institution to create a single collateral pool for all public funds. The pool for all the
uninsured public deposits as a group is to be maintained by another institution or held in trust. The market value of the collateral must be at least equal to the aggregate uninsured
deposits. The State Regulatory Commissions for banks and financial services are required by statute to monitor the naming of eligible depositories and reporting of the uninsured deposits
and assets maintained in the collateral pools, and are the co-agents for release of the collateralized assets. The District is governed by the deposit and investment limitations of state
law. The deposits and investments held at December 31, 2008, and reported at fair value, are shown below. Carrying Rating Value Deposits Demand deposits $ 326,075 Investments FNMA AAA
by S & P 107,047 Money Market 7,115 Total Investments 114,162 Total deposits and investments $ 440,237 Reconciliation to Statement of Net Assets Cash and cash equivalents $ 300,070 Investments
114,162 Restricted cash 26,005 Total cash and investments $ 440,237 Type A. Custodial Credit Risk Deposits in financial institutions, reported as cash, cash equivalents, and investments
had a bank balance of $192,933 at December 31, 2008, which was fully insured by depository insurance or secured with collateral held by the District’s agent in its name. All investments,
evidenced by individual securities, are registered in the name of the District.
THUNDERBIRD WATER & SANITATION DISTRICT NOTES TO THE FINANCIAL STATEMENTS Year Ended December 31, 2008 8 NOTE 2: CASH AND INVESTMENTS (Continued) B. Investment Interest Rate Risk The
District has no formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. C. Investment
Credit Risk The District has no investment policy that limits its investment choices other than the limitation of state law as follows: 1. Direct obligations of the US government, its
agencies, and instrumentalities to which the full faith and credit of the US government is pledged, or obligations to the payment of which the full faith and credit of the State is pledged;
2. Certificates of deposit or savings accounts that are either insured or secured with acceptable collateral with in-state financial institutions, and fully insured certificates of deposit
or savings accounts in out of state financial institutions; 3. With certain limitation, negotiable certificates of deposit, prime bankers acceptances, prime commercial paper, and repurchase
agreements with certain limitations; 4. Town, municipal, or school district tax supported debt obligations; bond or revenue anticipation notes; money; or bond or revenue anticipation
notes of public trusts whose beneficiary is a Town, municipality, or school district; 5. Notes or bonds secured by a mortgage or trust deed insured by the Federal Housing Administrator
and debentures issued by the Federal Housing Administrator, and obligations of the National Mortgage Association; and 6. Money market funds regulated by the Securities and Exchange Commission
(SEC) in which investments consist of the investments mentioned in 1, 2, 3, and 4. D. Concentration of Investment Credit Risk The District places no limit on the amount it may invest
in any one issuer. At December 31, 2008, the District had no concentration of credit risk. The District invests excess funds under the prudent investor rule. Criteria for selection of
investments and their order of priority are: 1) safety; 2) liquidity; and 3) yield.
THUNDERBIRD WATER & SANITATION DISTRICT NOTES TO THE FINANCIAL STATEMENTS Year Ended December 31, 2008 9 NOTE 3: CAPITAL ASSETS A summary of proprietary fund type capital assets at December
31, 2008 follows: Balance Balance January 1, December 31, 2008 Additions Retirements 2008 Business-type activities: Capital assets not being depreciated Water rights $ 80,675 $ 6,216
$ -$ 86,891 Capital assets being depreciated Plant and equipment 1,000,227 45,648 -1,045,875 Total Capital Assets 1,080,902 51,864 -1,132,766 Accumulated depreciation Plant and equipment
(238,216) (23,616) -(261,832) Net Capital Assets $ 842,686 $ 28,248 $ -$ 870,934 NOTE 4: LONG-TERM LIABILITIES The Colorado Water Resources and Power Development Authority issued the
District revolving loans in 1999 and 2002 for water system improvements. The loans are being amortized over 20 years with installments due semiannually, including interest at 4.00 percent
and 4.50 percent, respectively. A summary of changes in long-term debt for the year ended December 31, 2008 follows: Balance Balance January 1, December 31, Current 2008 Additions Retirements
2008 Portion Business-type activities: 1999 Revolving fund loan $ 216,406 $ -$ 14,723 $ 201,683 $ 15,389 2002 Revolving fund loan 277,953 -13,840 264,113 14,399 Revolving Fund Loan $
494,359 $ -$ 28,563 $ 465,796 $ 29,788
THUNDERBIRD WATER & SANITATION DISTRICT NOTES TO THE FINANCIAL STATEMENTS Year Ended December 31, 2008 10 NOTE 4: LONG-TERM LIABILITIES (Continued) Annual debt service requirements for
the loans outstanding at December 31, 2008 were as follows: Principal Interest Total 2009 $ 29,788 $ 19,264 $ 49,052 2010 31,065 17,987 49,052 2011 32,397 16,655 49,052 2012 33,786 15,266
49,052 2013 35,235 13,817 49,052 2014-2018 200,189 45,070 245,259 2019-2022 103,336 8,064 111,400 Total $ 465,796 $ 136,123 $ 601,919 NOTE 5: RISK MANAGEMENT The District is exposed
to various risks of loss related to: torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The District carries commercial
insurance for these risks of loss. Settled claims resulting from these risks have not exceeded District coverage in any of the past three years. There has been no significant reduction
in insurance coverage from the prior year in any of the major categories of risk. NOTE 6: SUMMARY DISCLOSURE OF SIGNIFICANT COMMITMENTS AND CONTINGENCIES Tabor Amendment – In November
1992, Colorado voters passed the Tabor Amendment (Amendment 1) to the State Constitution which limits state and local government tax powers and imposes spending limitations. The District
is subject to the Tabor Amendment. Fiscal year 1993 provides the basis for limits in future years to which may be applied allowable increases for inflation. Revenue received in excess
of the limitations may be required to be refunded unless the District's electorate vote to retain the revenue. The Tabor Amendment is subject to many interpretations, but the District
believes it is in substantial compliance with the Amendment.
THUNDERBIRD WATER & SANITATION DISTRICT NOTES TO THE FINANCIAL STATEMENTS Year Ended December 31, 2008 11 NOTE 7: RECONCILIATION OF REVENUE AND EXPENSES – GAAP BASIS TO BUDGETARY BASIS
The District prepares its budget on an annual basis. The budget is legally enacted prior to November 1 through passage of a Resolution. The budgetary comparisons in this report are on
a non-GAAP budgetary basis. The following reconciliation is presented to reconcile to the GAAP basis financial statements: GAAP Basis to Budgetary Basis Operating Revenues $ 103,300
Non-Operating Revenues 89,902 Total Revenues GAAP Basis and Budgetary Basis $ 1 93,202 Expense Reconciliation: Operating Expenses $ 129,976 Non-Operating Expenses 50,104 Total Expenditures
Budgetary Basis 180,080 Reconciling Expenses: Depreciation 23,616 Capital Outlay (51,864) Principal Payments (27,390) Total Expenditures GAAP Basis $ 1 24,442
Required Supplementary Information
ORIGINAL VARIANCE AND FINAL POSITIVE 2007 BUDGET ACTUAL (NEGATIVE) ACTUAL OPERATING INCOME User Fees $ 95,000 $ 103,300 $ 8,300 $ 81,653 Total Operating Income 95,000 103,300 8,300 81,653
OPERATING EXPENSES Repairs and Maintenance 56,000 21,698 34,302 4,089 Legal and Accounting 15,400 16,021 (621) 13,555 Insurance 4,800 3,277 1,523 1,869 Meter Reading 3,800 4,352 (552)
3,802 Other 17,000 6,316 10,684 5,846 Utilities 25,000 24,856 144 20,359 Supplies 2,000 1,592 408 1,043 Capital Outlay 1,117,000 51,864 1,065,136 24,122 Total Operating Expenses 1,241,000
129,976 1,111,024 74,685 NET OPERATING INCOME (LOSS) (1,146,000) (26,676) 1,119,324 6,968 NON-OPERATING REVENUE (EXPENSE) Property Taxes 72,140 69,922 (2,218) 71,873 Specific Ownership
Taxes 11,000 8,566 (2,434) 11,603 Interest Income 17,500 11,414 (6,086) 18,448 Bond Proceeds 1,040,000 -(1,040,000) -System Improvement Fees 1,000 -(1,000) -Debt Service Principal Payments
(28,577) (27,390) 1,187 (27,390) Interest Expense (20,555) (21,568) (1,013) (20,348) County Treasurer Fee (1,200) (1,146) 54 (1,141) NET NON-OPERATING REVENUE (EXPENSE) 1,091,308 39,798
(1,051,510) 53,045 NET INCOME (LOSS) BUDGET BASIS $ (54,692) 13,122 $ 67,814 60,013 RECONCILIATION TO ACCRUAL BASIS Depreciation (23,616) (23,070) Loss on Disposition of Well -(39,499)
Capital Outlay 51,864 24,122 Principal Payments 27,390 27,390 NET INCOME (LOSS) ACCRUAL BASIS $ 68,760 $ 48,956 12 WITH COMPARATIVE ACTUAL AMOUNTS YEAR ENDED DECEMBER 31, 2007 THUNDERBIRD
WATER AND SANITATION DISTRICT SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCEBUDGET AND ACTUAL (NON-GAAP BASIS) YEAR ENDED DECEMBER 31, 2008 The accompanying notes are
an integral part of the financial statements.
Johnson, Holscher & Company, P.C. Certified Public Accountants Member of the American Institute of Certified Public Accountants 6464 South Quebec Street, Suite 450 Member of the Private
Companies Practice Section Centennial, Colorado 80111 [phone] Fax [phone] March 31, 2009 Board of Directors Thunderbird Water & Sanitation District Sedalia, Colorado We
have audited the basic financial statements of the Thunderbird Water & Sanitation District for the year ended December 31, 2008, and have issued our report thereon dated March 31, 2009.
Professional standards require that we provide you with the following information related to our audit. Our Responsibility under Generally Accepted Auditing Standards As stated in our
engagement letter, our responsibility, as described by professional standards, is to plan and perform our audit to obtain reasonable, but not absolute, assurance about whether the basic
financial statements are free of material misstatement. Because of the concept of reasonable assurance and because we did not perform a detailed examination of all transactions, there
is a risk that material errors, irregularities, or illegal acts, including fraud and defalcations, may exist and not be detected by us. As part of our audit, we considered the internal
control structure of the Thunderbird Water & Sanitation District. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance
concerning such internal control structure. Significant Accounting Policies Management has the responsibility for selection and use of appropriate accounting policies. In accordance
with the terms of our engagement letter, we will advise management about the appropriateness of accounting policies and their application. The significant accounting policies used by
the Thunderbird Water & Sanitation District are described in Note 1 to the basic financial statements. No new accounting policies were adopted and the application of existing policies
was not changed during the year. We noted no transactions entered into by the Thunderbird Water & Sanitation District during the year that were both significant and unusual, and of which,
under professional standards, we are required to inform you, or transactions for which there is a lack of authoritative guidance or consensus. Significant Audit Adjustments For purposes
of this letter, professional standards define a significant audit adjustment as a proposed correction of the basic financial statements that, in our judgment, may not have been detected
except through our auditing procedures. These adjustments may include those proposed by us but not recorded by the Thunderbird Water & Sanitation District that could potentially cause
future financial statements to be materially misstated, even though we have concluded that such adjustments are not material to the current financial statements.
2 We proposed no audit adjustments that could, in our judgment, either individually or in the aggregate, have a significant effect on the Thunderbird Water & Sanitation District's financial
reporting process. Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our
satisfaction, concerning a financial accounting, reporting, or auditing matter that could be significant to the basic financial statements or the auditors’ report. We are pleased to
report that no such disagreements arose during the course of our audit. Difficulties Encountered in Performing the Audit We encountered no difficulties in dealing with management in
performing our audit. We would like to thank Ed Berchem; his help was much appreciated. This information is intended solely for the use of the board and management of the Thunderbird
Water & Sanitation District and should not be used for any other purpose. Very truly yours, Johnson, Holscher & Company, P.C.
Johnson, Holscher & Company, P.C. Certified Public Accountants Member of the American Institute of Certified Public Accountants 6464 South Quebec Street, Suite 450 Member of the Private
Companies Practice Section Centennial, Colorado 80111 [phone] Fax [phone] March 31, 2009 Ed Berchem Thunderbird Water & Sanitation District P.O. Box 157 Sedalia, CO 81082
Dear Ed; Enclosed are twelve (12) copies of the audit report of the Thunderbird Water & Sanitation District as of December 31, 2008. Please distribute a copy of the audit to each of
your Board members. After they have approved acceptance of the audit, mail two copies of the audit (do not include management letter) to: Colorado State Auditor Legislative Services
Building 200 East 14th Avenue Denver, CO 80203 If you intend to reprint this report or any portion thereof with which our name is to be associated, we request that proofs be submitted
to us for approval before distribution. Sincerely, JOHNSON, HOLSCHER & COMPANY, P.C.
THUNDERBIRD WATER & SANITATION DISTRICT Douglas County, CO FINANCIAL STATEMENTS December 31, 2009
TABLE OF CONTENTS INDEPENDENT AUDITOR’S REPORT 1 MANAGEMENT’S DISCUSSION AND ANALYSIS 2 BASIC FINANCIAL STATEMENTS Statements of Net Assets 6 Statements of Revenues, Expenses, and Changes
in Net Assets 7 Statements of Cash Flows 8 Notes to Financial Statements 10 Other Supplemental Information Budgetary Comparison Schedule – Non-GAAP Basis 17
D a v i d B. G r e e n • C P A • L L C Certified Public Accountants & Business Consultants 725 E Bridge Street Brighton, CO 80601 PHONE [phone] E-MAIL [e-mail] D
a v i d B. G r e e n • C P A • L L C Certified Public Accountants & Business Consultants INDEPENDENT AUDITOR’S REPORT Board of Directors Thunderbird Water & Sanitation District Douglas
County, CO We have audited the accompanying basic financial statements of Thunderbird Water & Sanitation District as of and for the year ended December 31, 2009, as listed in the table
of contents. These financial statements are the responsibility of the District’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of Thunderbird Water & Sanitation District as of December 31, 2009, and the changes in its financial position and its cash flows for the year then ended
in conformity with accounting principles generally accepted in the United States of America. The management’s discussion and analysis on pages 2-5 are not a required part of the basic
financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures,
which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the
information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial
statements. The supplemental information listed in the table of contents is presented for purposes of additional analysis and legal compliance and is not a required part of the basic
financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in
all material respects, in relation to the basic financial statements taken as a whole. June 1, 2010 Brighton, Colorado
Management's Discussion and Analysis
2 Thunderbird Water & Sanitation District Management’s Discussion and Analysis Introduction The Thunderbird Water & Sanitation District’s management discussion and analysis is intended
to provide the reader and user of our financial statements, with (a) an understanding of the financial issues of the District; (b) an overview of the District’s financial activities;
(c) an explanation of the changes in the District’s financial position; (d) an explanatory analysis of the variations of the annual, approved budget; and, (e) an assessment of any future
financial or operating issues of the District. Because this discussion and analysis is intended to focus on the 2009 activities, resulting changes, and currently known facts and conditions,
it should be read in conjunction with, and with reference to, the accompanying audited financial statements and related notes to the financial statements beginning on page 6. Overview
of the Financial Statements of the District The audited financial statements of the District are: Statement of Net Assets Statement of Revenues, Expenses, and Changes in Net Assets Statement
of Cash Flows Notes to Financial Statements These statements are on pages 6 through 16. These and the Other Supplementary Information, Budgetary Comparison Schedule on page 17 provide
information about the District’s financial position as of each December 31, its results of operations and the resulting cash flows for each year ended December 31, and information comparing
actual revenues and expenditures with budgeted revenues and expenditures for the year. Except for the budgetary comparison schedule, these are presented with current year and prior year
comparison. The Statement of Net Assets provides information about what is owned (assets) by the District, what is owed (liabilities) by the District, and what is the District’s equity
in its assets (net assets). Over time, the comparison of changes in net assets may provide a useful method of evaluating whether the financial position of the District is improving,
deteriorating, or maintaining a status quo. The Statement of Revenue, Expenses, and Changes in Net Assets provides information about the components – Operating Revenue, Operating Expenses,
Non Operating Revenue and Expenses, and Capital Contributions – of the District’s annual operating activities and how those activities affected Net Assets. The Statement of Cash Flows
provides an analysis about the sources and uses of District cash during the year and how the operating, financing, and investment activities affected the District’s cash balances. The
Notes to Financial Statements provide additional, required disclosures about the District, its accounting policies and practices, its financial position and operating
3 activities, and other required information. The information included in these notes is essential to a full understanding of the information contained in the financial statements. The
Budgetary Comparison Schedule provides information comparing the budgeted revenue and expenditure activities with the actual revenue and expenditure activities. When applicable, there
will be a comparison of the originally approved budget with the final amended budget. Condensed Comparative Financial Information: Statement of Net Assets 2009 2008 Current Assets Cash
and cash equivalents $ 290,621 $ 300,070 Other current assets 220,535 204,404 511,156 504,474 Non Current Assets Other Assets -26,005 Capital assets – net 901,786 870,934 Total Assets
1,412,942 1,401,413 Current Liabilities 114,187 110,948 Long Term Liabilities 404,878 436,006 Total Liabilities 519,065 546,954 Net Assets Invested in capital assets – net 465,819 434,928
Restricted 3,770 3,770 Unrestricted 424,288 415,761 Total Net Assets $ 893,877 $ 854,459 Statement of Revenues, Expenses, and Changes in Net Assets 2009 2008 Operating Revenues $ 79,233
$ 103,300 Operating Expenses 96,682 101,728 Operating Income (Loss) (17,449) 1,572 Non Operating Revenues (Expenses) 56,867 67,188 Change in Net Assets 39,418 68,760 Net Assets, Beginning
of Year 854,459 785,699 Net Assets, End of Year $ 893,877 $ 854,459
4 Statement of Cash Flows 2009 2008 Cash from (for) Operating Activities $ 13,341 $ 22,849 Cash from (for) Non Capital Financing Activities 77,642 77,342 Cash from (for) Capital and