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I
<br /> Winter Park Water and Sanitation District
<br /> MANAGEMENT'S DISCUSSION AND ANALYSIS
<br /> I (continued)
<br /> operating and nonoperating revenue by source along with operating and nonoperating
<br /> Iexpenses.
<br /> The Statement of Cash Flows reports the District's cash flows from operating activities,
<br /> Iinvesting, capital and noncapital activities.
<br /> The Notes to the financial statements provide additional information that is essential to a
<br /> Ifull understanding of the data provided in the basic financial statements.
<br /> A budgetary comparison statement has been provided in the supplemental information
<br /> to demonstrate compliance with the budget.
<br /> Financial Analysis
<br /> IAs noted earlier, net assets may serve over time as a useful indicator of a government's
<br /> financial position. In the case of Winter Park Water and Sanitation District, assets
<br /> exceeded liabilities by $17,415,074 at the close of the most recent fiscal year.
<br /> IStatement of Net Assets
<br /> IDecember 31,
<br /> 2010 2009 2008
<br /> ICurrent assets $ 10,766,246 $ 10,444,024 $ 10,056,674
<br /> Capital assets 9,120,714 9,438,484 9,525,128
<br /> I Other assets 11,325 13,894 16,463
<br /> Total assets 19,898,285 19,896,402 19,598,265
<br /> I Current liabilities 868,199
<br /> 1 838,320 818,052
<br /> Long-term obligations ,615,012 1,901,747 2,178,279
<br /> Total liabilities 2,483,211 2,740,067 2,996,331
<br /> INet assets:
<br /> Invested in capital assets,
<br /> I net of related debt 7,229,241 7,273,048 7,094,856
<br /> Restricted 317,700 330,000 318,200
<br /> Unrestricted 9,868,133 9,553,287 9,188,878
<br /> INet assets $ 17,415,074 $ 17,156,335 $ 16,601,934
<br /> The District has 41.5 percent of its net assets invested in capital assets (e.g.,
<br /> I infrastructure, plant, buildings, machinery, and equipment); less any related debt used to
<br /> acquire those assets that is still outstanding. The District uses these capital assets to
<br /> provide services to citizens; consequently, these net assets are not available for future
<br /> Ispending.
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