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Complete Report - Fayette County Government

Complete Report - Fayette County Government

CONDENSED STATEMENTS OF

CONDENSED STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS For the Fiscal Year Ended Change From 2011 to 2012 June 30. 2012 June 30, 2011 Amount Percent Revenues and Contributions: Water Sales $14,018,626 $13,840,504 $ 178,122 1.3% Other Service Fees and Penalties 552,240 492,099 60,141 12.2% Interest income 10,372 3,748 6,624 176.7% Capital Contributions 91,344 379,232 (287.888) (75.9%) Total Revenues and Contributions $14.672,582 $14.715.583 $ (43.001) (0.3%) Expenses and Transfers: Operating Expenses $7,394,893 $6,559,007 $ 835,886 12.7% Depreciation Expense 4,316,293 4,368,612 (52,319) (1.2%) Interest Expense 2,446,816 2,370,270 76,546 3.2% Loss on the Disposal of Capital Assets 188,858 188,858 N/A Amortization of Bond Issuance Expense 39,950 38,209 1,741 4.6% Transfers 700.785 700,785 0.0% Totai Expenses and Transfers $15.087.595 $14,036,883 $1.050,712 7.5% Increase (Decrease) in Net Assets $(415,013) $678,700 $(1,093,713) (161.1%) Net Assets, Beginning of Year 78.527.675 77.848.975 678.700 0.9% Net Assets, End of Year $78.112.662 $78.527.675 $(415.013) 10.5%\ In comparing the operating results between the two fiscal years, the key elements are discussed in the bullet points below: • Water Sales revenues increased by $178 ,122 due to the higher customer water consumption resulting from less rainfall than in a normal year. • Other Service Fees and Penalties revenues increased by $60,141 from the previous fiscal year primarily because of an increase in the penalty charges that were assessed on delinquent customer payments. Capital Contributions decreased by $287 ,888 from the previous year due to fewer new meter installations. Both of these revenue trends for the current fiscal year are attributable to the current economic conditions' adverse impact on our customers and the housing industry. • Operating Expenses for the fiscal year ended June 3D, 2012 increased by $835,886 compared to the previous fiscal year. The increase is primarily attributable to additional costs associated with the installation of the new radio read meters. • Interest Expense and the Amortization of Band Issuance Expense categories increased in the 2012 fiscal year as the result of the issuance of the 2012A Series Revenue Bonds. • The Lass an the Disposal of Capital Assets nonoperating expense category increased by $188,858 from the previous fiscal year due to losses recognized on the disposal of capital assets only in the current period. - 27 -

CAPITAL ASSETAND DEBT ADMINISTRATION Capital Assets. The Fayette County Water System's investment in capital assets for its business-type activities as of June 30, 2012, amounts to $110,189,976 (net of accumulated depreciation). This investment in capital assets includes land, buildings and structures, improvements other than buildings, machinery and equipment and raw water reservoirs. The tabular information presented beiow provides a breakdown of capital asset baiances by general classification and activity type as of June 30, 2012 and 2011. Water System General Classification FY 2012 FY 2011 Land $ 15,202,661 $ 15,202,661 Buildings and Structures 20,780,520 22,527,675 Infrastructure 47,576,518 49,618,659 Improvements Other than Buildings 2,755,944 3,043,930 Machinery and Equipment 1,843,031 2,080,556 Construction in Progress 22,031,302 15,816,581 Total Capital Assets $110,189,976 $108.290.062 The total increase in the System's investment in capital assets for the current fiscal year was $1,899,914 or 1.75%. The two major components of this increase were $6,497,712 in additions for the fiscal year which were partially offset by depreciation expense in the amount of $4,316,293. The major capital asset events during the current fiscal year included the following: • Construction activities on the Lake Mcintosh raw water reservoir continued for the Water System Fund; construction in progress at the close of the fiscal year had reached $15,594,653; and • A variety of water line extensions and pump station improvements were undertaken during the year. At the close of the fiscal year, construction in progress for the various projects totaled $842,228. Additional information on the Water System's capital assets is provided in Note III. B. and can be found on page 50 ofthis report. Long-Term Debt. At the end of the current fiscal year, Water System had total bonded debt outstanding of $60,040,000. This totai represents an increase of $4,960,000 from the prior year. All of the outstanding bonds are revenue bonds which are secured by specified revenue sources. The bond debt as of June 30, 2012 and 2011 is shown in the following table. WATERSYSTEM'S OUTSTANDING BOND DEBT FY 2012 FY 2011 Revenue Bonds $60,040,000 $55,080,000 The $60,040,000 of debt shown above represents Fayette County Water Revenue Bonds which have been issued primarily for the purpose of constructing plants, storage tanks, raw water reservoirs and - 28-

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