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PINEWOOD SPRINGS WATER DISTRICT
<br /> STATEMENT OF REVENUES, EXPENSES,AND
<br /> CHANGES IN NET ASSETS - PROPRIETARY FUND
<br /> Year Ended December 31,
<br /> 2011 2010
<br /> REVENUE
<br /> Water sales $ 247,620 $ 205,682
<br /> Less water testing, rental and storage (4,122) (5,755)
<br /> 243,498 199,927
<br /> Miscellaneous income 1,900 3,702
<br /> Net revenue 245,398 203,629
<br /> OPERATING EXPENSES
<br /> Water operating expenses (Schedule 2) 278,798 288,977
<br /> Administrative and general expenses (Schedule 2) 61,610 65,181
<br /> Total operating expenses 340,408 354,158
<br /> LOSS FROM OPERATIONS (95,010) (150,529)
<br /> NON-OPERATING REVENUE (EXPENSES)
<br /> Property taxes 263,115 266,284
<br /> Specific ownership tax 15,067 17,718
<br /> Interest income 1,659 971
<br /> Interest expense (145,367) (148,248)
<br /> Grant income 25,000 -
<br /> Non-operating income 9,226 -
<br /> Treasurer's and bond agent fees (5,300) (5,229)
<br /> Amortization of loan fee (2,013) (2,013)
<br /> Total non-operating revenue (expenses) 161,387 129,483
<br /> CHANGE IN NET ASSETS 66,377 (21,046)
<br /> NET ASSETS -Beginning of Year 1,265,700 1,286,746
<br /> NET ASSETS - End of Year $ 1,332,077 $ 1,265,700
<br /> The accompanying notes are an integral part of these financial statements. Page 10
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