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1 . <br /> Management's Discussion and Analysis (unaudited) <br /> IAs of and for the Years Ended December 31, 2010 and 2009 <br /> The discussion and analysis is designed to provide an analysis of the District's financial condition and <br /> I operating results and to also inform the reader on District financial issues and activities. Please read it <br /> in conjunction with the transmittal letter at the front of this report and the District's financial statements <br /> that follow this MD&A. <br /> IHIGHLIGHTS-Business-type Activities <br /> • In 2010, net assets increased by$1.4 million (or 0.8%)when compared to 2009. <br /> I • Total revenues increased by$0.7 million (or 4.4%) to$15.6 million for 2010. <br /> • Total operating expenses remained stable from 2009 to 2010. <br /> • Net capital assets increased by$1.4 million (or 0.8%) to$175.8 million in 2010. <br /> I • Capital contributions were $0.8 million in 2010 compared to$2.5 million in 2009. <br /> • Non-current liabilities decreased by$2.1 million (or 5.3%)to$37.2 million in 2010. <br /> USING THIS ANNUAL REPORT <br /> IThe financial statements included in this annual report are those of a special-purpose government <br /> engaged only in a business-type activity. The following statements and schedules are included: <br /> I • Statements of net assets - reports the District's current financial resources, i.e. short-term <br /> spendable resources with capital assets and long-term obligations. (See page 8) <br /> • Statements of revenues, expenses and changes in fund net assets-reports the District's <br /> operating and non-operating revenues by major source along with operating and non- <br /> operating expenses and capital contributions. (See page 9) <br /> • Statements of cash flows-reports the District's cash flows from operating, investing, capital <br /> and non-capital activities. (See pages 10- 11) <br /> I • Schedules of revenues and expenditures - budget and actual - (non-GAAP budgetary <br /> basis) - reports the District's revenues and expenditures on the same basis as the budget. <br /> (See pages 30-31) <br /> I CHANGES IN NET ASSETS <br /> (in thousands) <br /> i The following schedule summarizes the revenues, expenses and capital contributions resulting in the <br /> overall change in total net assets. <br /> Years ended December 31, 2010 2009 2008 <br /> IRevenues $ 15,606 $ 14,949 $ 19,250 <br /> Expenses (15,025) (15,397) (15,016) <br /> I Capital contributions 799 2,504 3,103 <br /> Increase in Net Assets $ 1,380 $ 2,056 $ 7,337 <br /> I From 2008 to 2009, net assets invested in capital assets, net of related debt, increased by $10.5 <br /> million or 8.5% to $133.7 million. From 2009 to 2010 this item increased by $3.3 million or 2.5% to <br /> $137.0 million. Unrestricted net assets decreased by $8.3 million or 22.0% to $29.6 million from 2008 <br /> to 2009. From 2009 to 2010 unrestricted net assets decreased by 6.4% or $1.9 million to $27.7 <br /> I million. Only the unrestricted net assets are readily available to finance continuing and future <br /> operations of the water system. During both 2009 and 2010 the District expended significant amounts <br /> for treatment and distribution system development and upgrades and for the purchase and <br /> I development of additional water storage and water rights as well as the development and construction <br /> of the District's new administration and operations facilities. <br /> I <br /> Ute Water Conservancy District 3 <br /> r <br />