Comprehensive Annual Financial Report June 30, 2011 - Western ...

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Capital Asset and Debt Administration Capital Assets. The Authority’s investment in capital assets (net of accumulated depreciation) totaled $641,421,529, $642,613,646, and $637,986,917 at June 30, 2011, 2010 and 2009. Tables C and D present the Net Capital Assets by fund for the years ended June 30, 2011, 2010 and 2009. The Water fund’s net capital assets decreased $127,868 or 0.04% from June 30, 2010 to June 30, 2011 as capital assets decreased more than the level of annual depreciation expense. Capital assets placed in service increased $8,017,616 during the year while depreciation expense totaled $7,243,813. Capital projects closed for the year were primarily distribution and transmission lines, source of supply and the renovated Coulter building. Construction in progress balances decreased $958,036 from June 30, 2010 to June 30, 2011 as projects were completed. The Water fund’s net capital assets increased $4,846,702 or 1.45% from June 30, 2009 to June 30, 2010 as capital assets increased more than the level of annual depreciation expense. Capital assets placed in service increased $6,842,209 during the year while depreciation expense totaled $7,081,747. Capital projects closed for the year were primarily distribution lines, a water tank and the renovated Field Operations building. Construction in progress balances increased $4,992,919 from June 30, 2009 to June 30, 2010. Net capital assets for the WPC fund decreased $1,064,249 or 0.35% from June 30, 2010 to June 30, 2011. Construction in progress increased $3,459,325 as new projects began. Net depreciable assets increased $3,003,746 while depreciation expense totaled $7,528,269. Capital assets placed in service increased $2,513,753 reflecting improvements to the gravity collections systems and the Murray Run rehabilitation project. Net capital assets for the WPC fund decreased $219,973 or 0.07% from June 30, 2009 to June 30, 2010. Construction in progress decreased $949,364 as new projects began. Net depreciable assets increased $8,164,472 while depreciation expense totaled $7,419,841. Capital assets placed in service increased $5,730,594 reflecting the completion of Andrew Lewis Place line extension and the Wasena Park Interceptor line and the renovated Field Operation building. The Regional Wastewater Treatment Facility completed $1,114,647 in improvement projects for the year. Additional information regarding the Authority's capital assets is located in Note 3 of the Notes to the Financial Statements. -23-
Capital Assets - Water Fund Net of Accumulated Depreciation For the Years Ended June 30, 2011, 2010 and 2009 Table C Fiscal Year 2011 2010 2009 Water supply $ 67,868,135 $ 67,603,373 $ 67,509,824 Treatment 50,183,303 50,158,303 50,092,442 Transmission and distribution lines 153,822,697 148,730,995 144,827,606 Pumping and storage 11,563,260 10,378,396 10,318,712 Services 65,294,817 64,399,446 63,269,718 General equipment and transportation 7,397,581 6,841,664 5,251,666 Less accumulated depreciation (47,787,538) (40,597,611) (33,605,638) Net depreciable assets $ 308,342,255 $ 307,514,566 $ 307,664,330 Construction in progress $ 10,167,941 $ 11,125,977 $ 6,133,058 Land 19,988,650 19,986,171 19,982,624 Net capital assets $ 338,498,846 $ 338,626,714 $ 333,780,012 Table D Capital Assets - Water Pollution Control Fund Net of Accumulated Depreciation For the Years Ended June 30, 2011, 2010 and 2009 Fiscal Year 2011 2010 2009 Collection facilities $ 205,785,768 $ 203,886,349 $ 199,350,477 General Plant 62,472 62,472 62,472 Treatment 109,405,559 109,405,559 108,185,508 Pumping and metering 5,236,981 5,236,981 5,236,981 Services 11,117,033 10,700,436 10,031,540 General equipment and transportation 7,332,124 6,644,393 5,062,441 Other Plant 22,986 22,987 22,986 Power generation equipment 298,422 298,422 140,722 Less accumulated depreciation (46,539,602) (39,011,333) (31,591,492) Net depreciable assets $ 292,721,743 $ 297,246,266 $ 296,501,635 Construction in progress 7,377,238 3,917,913 4,867,277 Land 2,823,702 2,822,753 2,837,993 Net capital assets $ 302,922,683 $ 303,986,932 $ 304,206,905 -24-
Page 1 and 2: COMPREHENSIVE ANNUAL FINANCIAL REPO
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Page 13 and 14: Profile (Continued) The Authority
Page 15 and 16: Major Initiatives and Accomplishmen
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Page 19 and 20: Relevant Financial Policies Account
Page 21 and 22: Western Virginia Water Authority Cu
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Page 29 and 30: Overview of the Financial Statement
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This report is intended solely for
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