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I
<br /> Management's Discussion and Analysis
<br /> As of and for the Years Ended December 31, 2010 and 2009 I
<br /> The following table shows the condensed statement of net assets for the past three years.
<br /> STATEMENT OF NET ASSETS 1
<br /> (in thousands)
<br /> Years ended December 31, 2010 2009 2008
<br /> Current assets $ 29,243 $ 31,567 $ 39,493
<br /> Restricted assets 3,323 3,323 3,457
<br /> Capital assets 175,766 174,385 165,687
<br /> Other assets 797 861 929
<br /> Total assets 209,129 210,136 209,566
<br /> Current liabilities 3,993 4,321 3,900
<br /> Non-current liabilities 37,151 39,209 41,116
<br /> Total liabilities 41,144 43,530 45,016
<br /> Net assets I
<br /> Invested in capital assets, net of related debt 136,986 133,703 123,191
<br /> Restricted for debt service 3,323 3,323 3,457
<br /> Unrestricted 27,676 29,580 37,902
<br /> Total net assets $ 167,985 $ 166,606 $ 164,550
<br /> In 2009 the District's net assets increased to $166.6 million, an increase of $2.1 million from 2008.
<br /> This increase was made up of$1.5 million in operating loss, $2.5 million in capital contributions and
<br /> $1.1 million in non-operating revenues over expenses. The net assets of the District increased to
<br /> $168.0 million during 2010, an increase of$1.4 million over 2009. This increase was made up of$2.4
<br /> million in non-operating revenues over expenses, $1.9 million in operating loss, and $0.8 million in
<br /> capital contributions.
<br /> REVIEW OF REVENUES
<br /> (in thousands) I
<br /> Years ended December 31, 2010 2009 2008
<br /> Operating revenues
<br /> Waters sales $ 11,011 $ 11,271 $ 11,737
<br /> Fees for making tap connections 107 142 492
<br /> Other 272 305 335
<br /> Total 11,390 11,718 12,564
<br /> Non-operating revenues
<br /> Property taxes 923 777 765
<br /> Tap fee in excess of connection costs 1,731 1,841 4,075
<br /> Investment income 578 548 1,681
<br /> Miscellaneous income 376 185 179
<br /> Gain (loss) on disposition of capital assets 608 (120) (13)
<br /> Total 4,216 3,231 6,687
<br /> Total revenues $ 15,606 $ 14,949 $ 19,251
<br /> In 2009, operating revenues are down $0.8 million (about 6.7%) from 2008. This consisted primarily.of
<br /> $0.5 million in decreased water sales as a result of a generally wetter an cooler year than normal, the
<br /> slow-down of the economy and water conservation (a water rate increase in February 2008 was
<br /> I
<br /> 4 Ute Water Conservancy District
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