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PINEWOOD SPRINGS WATER DISTRICT <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> December 31, 2011 <br /> OVERVIEW OF THE FINANCIAL STATEMENTS <br /> This report consists of five components: Management's discussion and analysis, basic <br /> financial statements, notes to the basic fmancial statements, required supplementary information, and <br /> additional information. <br /> Basic Financial Statements <br /> Statement of Net Assets. The statement of net assets includes all of the District's assets and <br /> liabilities, with the difference between the two reported as net assets. It provides information <br /> pertaining to the nature of the District's investments (assets) and its obligations to creditors <br /> (liabilities). The statement also provides the basis for determining the overall financial health <br /> of the District including liquidity and financial flexibility. <br /> Statement of Revenues, Expenses, and Changes in Net Assets. The statement of revenues, <br /> expenses, and changes in net assets includes all of the revenues and expenses. All changes in <br /> net assets are reported as soon as the underlying event giving rise to the change occurs, <br /> regardless of the timing of cash flows. Thus, revenues and expenses are reported in this <br /> statement for some items that will only result in cash flows in future fiscal years. This <br /> statement measures the success of the District's overall operation and can be used to <br /> determine if the District's fee and rates structure is adequate to recover expenses. <br /> Statement of Cash Flows. The statement of cash flows presents information concerning the <br /> District's cash receipts and cash payments during the years. The statement reports the cash <br /> receipts, cash payments and net cash from operations, investments and capital, and related <br /> financial activities. <br /> Page 2 <br />