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PINEWOOD SPRINGS WATER DISTRICT <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> December 31, 2011 <br /> The following discussion and analysis of the Pinewood Springs Water District's financial <br /> performance is intended to provide an overview of the District's financial activities for the fiscal year <br /> ended December 31, 2011, and is presented in conjunction with the District's financial statements <br /> which follow this section. <br /> FINANCIAL HIGHLIGHTS <br /> 1. In 2011, net assets were $1,322,077, which represents an increase of$66,377 (5.2%) when <br /> compared with 2010. <br /> 2. Total revenues were $563,587 during 2011, which represents an increase of $69,230 <br /> (14.00%) when compared with 2010. <br /> 3. Total expenses were $497,210 during 2011, which represents a decrease of$18,193 (3.53%) <br /> when compared with 2010. <br /> 4. Funds available (current assets less current liabilities exclusive of the current portion of long- <br /> teiul debt) increased by $52,800 when compared with 2010, due to an increase in grant <br /> income, decrease in accounts payable and a net income, when compared to a net loss in prior <br /> year. <br /> Page 1 <br />