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PINEWOOD SPRINGS WATER DISTRICT <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> December 31, 2011 <br /> Financial Analysis <br /> Net Assets. A summary of the statement of net assets follows. The District's net assets (the <br /> difference between assets and liabilities) are one way to measure the financial health of the District. <br /> Increases or decreases in the District's net assets are indicators of improving or deteriorating <br /> financial health. This, coupled with factors such as population growth, legislative changes or policy <br /> changes, provide an integrated assessment of the District's health. <br /> TABLE A <br /> Statement of Net Assets <br /> 2011 2010 <br /> Current assets $ 474,523 $ 432,342 <br /> Non-current assets 4,754,869 4,843,788 <br /> Total assets 5,229,392 5,276,130 <br /> Current liabilities 459,903 467,155 <br /> Long-term liabilities 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 <br /> debt 1,165,444 1,138,859 <br /> Restricted 81,879 70,332 <br /> Unrestricted 84,754 56,509 <br /> Total net assets $ 1,332,077 $ 1,265,700 <br /> Page 4 <br />