Basic <strong>Financial</strong> Statements -29-
WESTERN VIRGINIA WATER AUTHORITY Statement of Net Assets At <strong>June</strong> <strong>30</strong>, <strong>2011</strong> and 2010 At <strong>June</strong> <strong>30</strong>, <strong>2011</strong> Water Water Pollution Fund Control Fund Total ASSETS Current Assets: Cash and cash equivalents $ 11,200,407 $ 20,012,231 $ 31,212,638 Accounts receivable (net of allowance for uncollectibles) 3,193,276 3,827,870 7,021,146 Accrued interest receivable 399 1,486 1,885 Inventory of materials and supplies, at cost 427,489 1,182,962 1,610,451 Prepaid expenses 38,806 43,589 82,395 Other receivables 159,435 78,881 238,316 Total current assets $ 15,019,812 $ 25,147,019 $ 40,166,831 Noncurrent Assets: Restricted Assets: Cash & cash equivalents $ 2,936,358 $ 1,650,972 $ 4,587,3<strong>30</strong> Total restricted assets $ 2,936,358 $ 1,650,972 $ 4,587,3<strong>30</strong> Other Assets: Unamortized bond issue costs $ 79,909 $ 29,349 $ 109,258 Capital Assets: Land $ 19,988,650 $ 2,823,702 $ 22,812,352 Buildings and system 356,129,793 339,261,345 695,391,138 Less accumulated depreciation (47,787,538) (46,539,602) (94,327,140) Sub-total $ 328,3<strong>30</strong>,905 $ 295,545,445 $ 623,876,350 Construction work in progress 10,167,941 7,377,238 17,545,179 Total capital assets $ 338,498,846 $ <strong>30</strong>2,922,683 $ 641,421,529 Total noncurrent assets $ 341,515,113 $ <strong>30</strong>4,603,004 $ 646,118,117 Total assets $ 356,534,925 $ 329,750,023 $ 686,284,948 LIABILITIES AND NET ASSETS Liabilities: Current liabilities: Accounts payable and accrued expenses $ 1,469,472 $ 1,701,920 $ 3,171,392 Compensated absences 518,825 519,217 1,038,042 Customers' deposits 1,716,053 488 1,716,541 Accrued interest payable 817,832 642,950 1,460,782 Claims payable - - Revenue bonds payable-current portion 2,857,572 3,536,973 6,394,545 Locality compensation payments payable-current portion 1,752,368 605,000 2,357,368 Total current liabilities $ 9,132,122 $ 7,006,548 $ 16,138,670 Noncurrent liabilities: Compensated absences $ <strong>30</strong>9,356 $ 250,425 $ 559,781 Revenue bonds payable-net of current portion 58,788,145 52,127,163 110,915,<strong>30</strong>8 Other post employment benefits 78,977 78,977 157,954 Locality compensation payments payable-net of current portion 6,532,498 10,870,000 17,402,498 - Total noncurrent liabilities $ 65,708,976 $ 63,326,565 $ 129,035,541 Total liabilities $ 74,841,098 $ 70,333,113 $ 145,174,211 Net Assets: Invested in capital assets, net of related debt $ 271,504,621 $ 237,434,519 $ 508,939,140 Unrestricted 10,189,206 21,982,391 32,171,597 Total net assets $ 281,693,827 $ 259,416,910 $ 541,110,737 The accompanying notes to financial statements are an integral part of this statement. -<strong>30</strong>-