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PENROSE WATER DISTRICT <br /> 340 Grant Street ava Penrose,CO 81240 <br /> Management's Discussion and Analysis <br /> The Management Discussion and Analysis (MD&A) is designed to provide an easy-to-read <br /> discussion of the District's financial condition and operating results and to disclose to the reader <br /> important financial activities and issues related to the District's basic operations and mission. <br /> The District has one financial category referred to as a business type activity. <br /> DESCRIPTION OF FINANCIAL STATEMENTS <br /> This annual report consists of three parts—management's discussion and analysis (this section), <br /> the basic financial statements (including the accompanying footnotes), and supplementary <br /> information. The supplementary information is not a required part of the financial statements <br /> under generally accepted accounting principles. <br /> The basic financial statements consist of the statement of net assets, the statement of revenues, <br /> expenses and changes in net assets, and a statement of cash flows. These statements report <br /> information about the District as a whole and include all assets and liabilities using the accrual <br /> basis of accounting, which is similar to the accounting used by most private-sector companies. <br /> All of the current year's revenues and expenses are taken into account regardless of when cash is <br /> received or paid. The basic financial statements also include notes that explain some of the <br /> information in the financial statements and provide more detailed data. <br /> These statements report the District's net assets and changes in them. The District's net assets— <br /> the difference between assets and liabilities — is one way to measure the District's financial <br /> health, or financial position. Over time, increases or decreases in the District's net assets are one <br /> indicator of whether its financial health is improving or deteriorating. <br /> HIGHLIGHTS <br /> • In 2011 total assets were $8,487,000,an increase of 312,000 from 2010. <br /> • In 2011 total liabilities were $4,002,000,an increase of$456,000 from 2010. <br /> STATEMENTS OF NET ASSETS <br /> The perspective of the statement of net assets is of the District as a whole. Following is a <br /> summary of the District's net assets for 2011 compared to 2010: <br /> 1 <br />