|
PINEWOOD SPRINGS WATER DISTRICT
<br /> STATEMENT OF NET ASSETS -PROPRIETARY FUND
<br /> December 31,
<br /> 2011 2010
<br /> ASSETS
<br /> CURRENT ASSETS
<br /> Cash and cash equivalents $ 98,836 $ 76,697
<br /> Cash-restricted (Note 5) 81,879 70,332
<br /> Accounts receivable 31,211 26,618
<br /> Property taxes receivable 262,597 258,695
<br /> Total current assets 474,523 432,342
<br /> NONCURRENT ASSETS
<br /> Land and water rights 302,545 302,545
<br /> Construction in progress (Note 4) 42,550 25,000
<br /> Other capital assets (net of accumulated depreciation
<br /> of$1,197,785 and $1,223,658 in 2011 and 2010,
<br /> respectively) (Note 3) 4,363,624 4,468,080
<br /> Loan origination costs (net of accumulated amortization
<br /> of$8,689 and $6,676 in 2011 and 2010, respectively) 46,150 48,163
<br /> Total noncurrent assets 4,754,869 4,843,788
<br /> Total assets $ 5,229,392 $ 5,276,130
<br /> LIABILITIES
<br /> CURRENT LIABILITIES
<br /> Accounts payable $ 4,279 $ 21,577
<br /> Current portion of long-term debt 116,860 113,491
<br /> Current portion of lease payment (Note 6) 3,916 -
<br /> Accrued interest 72,251 73,392
<br /> Deferred property tax revenue 262,597 258,695
<br /> Total current liabilities 459,903 467,155
<br /> Long-term debt, net of current maturities (Note 5) 3,437,412 3,543,275
<br /> Total liabilities 3,897,315 4,010,430
<br /> NET ASSETS
<br /> Invested in capital assets, net of related debt 1,165,444 1,138,859
<br /> Restricted for loan reserve fund (Note 5) 81,879 70,332
<br /> Unrestricted 84,754 56,509
<br /> Total net assets 1,332,077 1,265,700
<br /> Total liabilities and net assets $ 5,229,392 $ 5,276,130
<br /> The accompanying notes are an integral part of these statements. Page 9
<br />
|