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Complete Report - Fayette County Government

Complete Report - Fayette County Government

In addition to the Basic

In addition to the Basic Financial Statements and accompanying Nates, this report also presents certain Required Supplementary Information concerning the County's progress in funding its obligations to provide pension and other postemployment benefits to its employees. Required Supplementary Information can be found on page 62 ofthis report. The Water System also prepares other statements and schedules to provide additional information about its operations and compliance with its bond ordinances. These can be found on pages 64 through 74 of this report. Additional information about the Water System, which may be of interest to the reader, is found in the Statistical Section ofthis report. Analysis of Net Assets Financial Analysis of the Water System As noted earlier, Net Assets may serve over time as a useful indicator of a government's financial position. In the case of the Water System, Assets exceeded Liabilities by $78,112,662 at the close of the most recent fiscal year. The condensed financial information for Fayette County, Georgia Water System's Net Assets as of June 30, 2012 and 2011 is presented in the following table. Condensed Statements of Net Assets Change From 2011 to 2012 ASSETS Current Assets: June 30, 2012 June 30. 2011 Amount Percent Unrestricted Assets $ 4,026,853 $ 3,289,924 $ 736,929 22.4% Restricted Assets Noncurrent Assets: 5,040,254 4,694,349 345,905 7.4% Unrestricted Assets 1,345,302 1,088,201 257,101 23.6% Restricted Assets 22,610,499 19,067,826 3,542,673 18.6% Other Assets 387,418 282,611 104,807 37.1% CapitalAssets (Net) 110,189,976 108.290.062 1.899,914 1.8% Total Assets $143,600,302 $136 ,712,973 $6,887,329 5.0% LIABILITIES Current Liabilities Payable From: Unrestricted Assets $ 2,593,136 $ 1,608,527 s984,609 61.2% Restricted Assets 5,040,254 4,694,349 345,905 7.4% Noncurrent Liabilities 57,854,250 51,882.422 5,971.828 11.5% Total Liabilities $65.487,640 $58,185,298 $7,302.342 12.6% NET ASSETS Invested in Capital Assets, Net of Related Debt $61,432,912 $63,058,811 $(1,625,899) - 2.6% Restricted 13,655,049 14,127,960 (472,911) - 3.3% Unrestricted 3,024,701 l.340,904 1,683 ,797 125.6% Total Net Assets $78,112.662 $78,527,675 $ (415,013) - 0.5% - 25 -

As indicated by the tabular information above, Unrestricted Current Assets increased by $736,929 and Current Liabilities Payable From Unrestricted Assets increased by $984,609 compared to the previous year. The principal reason for these two increases was the purchase of a large quantity of radio read meters at the end of the fiscal year. While the items had been received into inventory at June 30, 2012, they had not been paid for in accordance with the payment terms and thus represented an outstanding accounts payable baiance. In the Noncurrent Assets component, the increases shown in the Restricted Assets and Other Assets categories were attributable to the issuance of the 2012A Series Revenue Bonds in June of 2012. The cash proceeds from the issuance of the bonds increased Restricted Assets compared to the previous year's cash balance and the capitalized issuance costs that were incurred in the transaction increased Other Assets. This same bond transaction is also the principal cause for the increase in the Noncurrent Liabilitiescategory of $5,971,828. The tabular information provides a good indication of the capital intensive nature of operating a water utility. The $110,189,976 in Capital Assets, Net of Accumulated Depreciation, represents more than 76.7% of the Water System's Total Assets at June 30, 2012. In addition, it is important to consider that the $12,210,450 in the Construction Accounts and $6,355,904 in the Renewal and Extension Account are restricted for future capital asset purposes. If those amounts are added to the Net Capital Asset figure, the percentage of Total Assets that are "capital asset reiated" approaches 90%. The largest portion of the Water System's Net Assets (i.e., 78.6% of the total) reflects its investment in capital assets (e.g., land, buildings, machinery, equipment, plants and infrastructure), less any related debt still outstanding that was used to acquire those assets. In reviewing the other components of the System's Net Assets, Restricted Net Assets were $13,655,049 which translates into roughly 17.5 percent of the total. Restricted Net Assets represent assets that are restricted by revenue bond ordinances to future debt service (i.e., $7,299,145), and system renewal and extension (i.e., $6,355,904) purposes. Analysis of Changes in Net Assets The following tabular information represents the condensed presentation of revenues, expenses and changes in net assets for the fiscal years ended June 30, 2012 and 2011. For each of the categories, the amount and percentage of change from the previous fiscal year is shown to aid in the analysis of the financial data. Some of the information for the prior fiscal year has been restated so that it is comparable with the presentation of financial information for the current fiscal year. As indicated by the information in the table, the Net Assets for the fiscal year ended June 30, 2012 decreased by $415,013. These most recent operating results compare unfavorably with the prior year when Net Assets increased by $678,700. - 26 -

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