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PENROSE WATER DISTRICT
<br /> Statementfo Net Assets
<br /> December 31,2011 (with comparative amounts for 2010)
<br /> Assets 2011 2010
<br /> Current assets
<br /> Cash and cash equivalents 350,409 $ 2,055,540
<br /> Accounts receivable(no allowance considered necessary) , 60,347
<br /> Property taxes receivable 133,409 133,921
<br /> Inventory 112,727 116,322
<br /> Prepaid insurance 15,839 45,430
<br /> Total current assets 690,133 2,411,560
<br /> Restricted assets
<br /> Cash and cash equivalents 187,250 547,440
<br /> Capital Assets
<br /> Capital assets not being depreciated:
<br /> Water rights 1,454,687 1,454,687
<br /> Water storage rights 2,549,144 -
<br /> Land and rights of way 38498 38,198
<br /> Capital assets being depreciated,net of accumulated depreciation 1,743505 1,855,932
<br /> Total capital assets 5,785,534 3,348,817
<br /> Other Assets
<br /> Land held for resale 1,800,000 1,800,000
<br /> Unamortized bond issuance cost and discounts 24,404 67,559
<br /> Total other assets 1,824#404 1,867,559
<br /> Total Assets •
<br /> $ 8,487321 $ 8,175,376
<br /> Liabilities and Net Assets
<br /> Current liabilities
<br /> Accounts payable $ 110,477 $ 36,226
<br /> Accrued salaries and payroll taxes 26,360 21,470
<br /> Accrued interest payable 57,100 29,174
<br /> Current portion of long-term debt 165,000 3,160,000
<br /> Deferred property taxes 133,409 133,921
<br /> Total current liabilities 492,346 3,380,791
<br /> Long-term debt(net of current portion) 3,510,000 165,000
<br /> Total liabilities $ 4,002,346 $ 3,545,791
<br /> Net Assets
<br /> Invested in capital assets,net of related debt $ 2,110,$34 $ 23,817
<br /> Restricted for:
<br /> Debt service 113,135 113,123
<br /> Capital improvement projects 24,358 -
<br /> Acquisition,delivery and storage of water 49,757 434,317
<br /> Unrestricted 2,187,191 4,058,328
<br /> Total Net Assets $ 4,484,975 $ 4,629,585
<br /> The accompanying notes are an integral part of the financial statemagnts.
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