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

WESTERN VIRGINIA WATER AUTHORITY
Statement of Cash Flows
Years Ended June 30, 2011 and 2010
Year Ended June 30, 2011
Water
Water
Pollution
Fund Control Fund Total
Operating activities:
Receipts from customers and users $ 25,710,346 $ 27,405,105 $ 53,115,451
Payments to suppliers (7,074,120) (9,007,580) (16,081,700)
Payments to employees (7,665,618) (7,586,610) (15,252,228)
Net cash provided by operating activities $ 10,970,608 $ 10,810,915 $ 21,781,523
Cash flows from noncapital financing activities
Subsidy from local goverments $ 621,137 $ - $ 621,137
Net cash provided by noncapital financing activities $ 621,137 $ - $ 621,137
Capital and related financing activities:
Additions to utility plant $ (6,195,307) $ (5,916,718) $ (12,112,025)
Proceeds from the sale of assets 17,667 12,554 30,221
Principal payments on bonds (2,750,703) (3,424,248) (6,174,951)
Principal payments on locality compensation payments (1,773,333) (570,000) (2,343,333)
Contributions in aid of construction 1,155,683 987,100 2,142,783
Proceeds from indebtedness, net of costs of issuance 455,227 213,771 668,998
Interest payments (3,307,412) (2,351,027) (5,658,439)
Net cash used in capital and related financing activities
$ (12,398,178) $ (11,048,568) $ (23,446,746)
Investing activities:
Rental income $ 489,614 $ 127,618 $ 617,232
Rental expenses (138,346) (138,346) (276,692)
Interest received 83,827 218,203 302,030
Net cash provided by investing activities $ 435,095 $ 207,475 $ 642,570
Increase (decrease) in cash and cash equivalents $ (371,338) $ (30,178) $ (401,516)
Cash and cash equivalents at beginning of year (including $5,479,303
and $2,859,627, respectively reported in restricted accounts) 14,508,103 21,693,381 36,201,484
Cash and cash equivalents at end of year (including $2,936,358
and $1,650,972, respectively reported in restricted accounts) $ 14,136,765 $ 21,663,203 $ 35,799,968
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Reconciliation of operating income to net cash provided
by operating activities:
Operating income $ 4,119,673 $ 4,488,615 $ 8,608,288
Adustments to reconcile operating income to net cash provided
by operating activities:
Depreciation and amortization 7,243,813 7,528,269 14,772,082
Insurance recoveries 30,493 1,194 31,687
Changes in operating assets and liabilities:
(Increase) decrease in receivables 86,172 (286,566) (200,394)
(Increase) decrease in inventories (16,072) (151,387) (167,459)
(Increase) decrease in prepaid expenses 110,915 110,790 221,705
Increase (decrease) in payables and accrued expenses (744,590) (877,229) (1,621,819)
Increase (decrease) in customer deposits 140,204 (2,771) 137,433
Net cash provided by operating activities $ 10,970,608 $ 10,810,915 $ 21,781,523
Noncash investing, capital and financing activities:
Contributions of capital assets $ 786,520 $ 490,942 $ 1,277,462
Disposal of equipment and land 211,314 12,554 223,868
The accompanying notes to financial statements are an integral part of this statement.
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