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I
<br /> Condensed financial information from the statements of net assets as of I
<br /> December 31, 2010 and 2009 and statements of revenues, expenses, and
<br /> changes in net assets for the years ended December 31, 2010 and 2009 are
<br /> as follows: ,
<br /> Condensed Statements of Net Assets
<br /> 2010 2009
<br /> Current Assets $ 3,051,322 $ 2, 992, 133
<br /> I
<br /> Net Capital Assets 15,369,181 15, 081,776
<br /> Other Assets - 11 6.09 15S 11 195 770 -
<br /> Total Assets 30,029,701 29,400,679 I
<br /> Debt Outstanding 3,521,560 3,760, 625
<br /> Other Liabilities 5 64.67 8 56 0. 493
<br /> Total Liabilities 4,086,238 4,321,118
<br /> Invested in Capital Assets
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<br /> Net of Related Debt 11,847,621 11,536,310
<br /> Restricted 347,249 50 0,000
<br /> Unrestricted 13.748,593 13,039. 651 I
<br /> Total Net Assets S 2, �949 461 S 9 n7 969 - -
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<br /> 2010 2009
<br /> I
<br /> Operating Revenues $ 2,534,704 $ 1,965,018
<br /> Other Revenues 411 705 - 431.997
<br /> Total Revenues , 0gG/09 •,log,CMR
<br /> Operating Expenses 1,702,055 1,519,466
<br /> Depreciation/Depletion Expense 562,790 569,969
<br /> Other Expenses 164,274 174,603 - I
<br /> Total Expense - 9 479 119 9 964 01R
<br /> Income (Loss) Before Capital
<br /> Contributions-from Tap Fees 537,290 134,917
<br /> Capital Contributions from Tap Fees 330,212 404,284
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<br /> Changes in Net Assets 867,502 539,201
<br /> Beginning Net Assets 7s.ms"9b1 7A, s9r�7fn I
<br /> Ending Net Assets - S 25.943.463 - S -25.075.961 -
<br /> I
<br /> The overall financial position of the District remained strong. The
<br /> economy continues to be in a weak condition and tap sales have slowed.
<br /> We are recognizing signs of positive improvement in the economy but it
<br /> will take time for the tap sales trend to reflect that change.
<br /> The District completed Krause #4 replacement well and the San Arroyo
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<br /> o
<br /> P P Y
<br /> #2 wells in 2010 and are now on-line.
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