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<br /> Winter Park Water and Sanitation District
<br /> MANAGEMENT'S DISCUSSION AND ANALYSIS
<br /> I(continued)
<br /> Changes in Net Assets
<br /> I
<br /> For the Years Ended December 31,
<br /> 2010 2009 2008 t
<br /> Revenues
<br /> Operating revenue I
<br /> Water and sewer services $ 1,315,296 $ 1,315,561 $ 1,355,480
<br /> Miscellaneous income 34,319 12,205 9,034
<br /> Nonoperating revenue I
<br /> Taxes 469,288 421,075 371,167
<br /> Net investment income 97,239 199,329 315,366
<br /> Capital contributions
<br /> I
<br /> Tap fees 5,082 120,450 572,000
<br /> Total revenues 1,921,224 2,068,620 2,623,047
<br /> Expenses 1
<br /> Operating expenses
<br /> Water operations 473,728 403,573 411,458
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<br /> Sewer operations 516,353 504,312 490,430
<br /> Depreciation 514,389 437,092 404,798
<br /> Nonoperating expenses
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<br /> County Treasurer fees 22,819 20,225 17,688
<br /> Loan agent fees 24,400 24,400 24,400
<br /> ILoan interest 108,227 122,048 135,217
<br /> Amortization 2,569 2,569 2,569
<br /> Total expenses 1,662,485 1,514,219 1,486,560
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<br /> Change in net assets 258,739 554,401 1,136,487
<br /> Net assets - beginning 17,156,335 16,601,934 15,465,447 I
<br /> Net assets - ending $ 17,415,074 $ 17,156,335 $ 16,601,934
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<br /> Budgetary Highlights
<br /> The District prepares its budget on the modified accrual basis of accounting to recognize the I
<br /> fiscal impact of capital outlay and debt repayment in addition to operations and nonoperating
<br /> revenue and expenses and contributions. Depreciation is not reflected in the budget since it '
<br /> does not affect funds available. Funds available (current assets less current liabilities, exclusive
<br /> of the current portion of long-term obligations) increased $302,546 during 2010.
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