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(Continued) <br /> PINEWOOD SPRINGS WATER DISTRICT <br /> STATEMENT OF CASH FLOWS -PROPRIETARY FUND <br /> Year Ended December 31, <br /> 2011 2010 <br /> RECONCILIATION OF OPERATING INCOME TO <br /> NET CASH PROVIDED BY OPERATING ACTIVITIES <br /> Loss from operations $ (95,010) $ (150,529) <br /> Adjustments to reconcile operating income to <br /> net cash provided by operating activities - <br /> Depreciation 142,979 137,869 <br /> Changes in current assets and liabilities - <br /> Decrease (increase) in receivables (4,593) (5,256) <br /> Decrease (increase) in other assets - 5,282 <br /> Increase (decrease) in accounts payable and <br /> accrued interest (18,439) 15,306 <br /> Net cash provided by operating activities $ 24,937 $ 2,672 <br /> The accompanying notes are an integral part of these financial statements. Page 12 <br />