2005 Annual Report - Erie County Water Authority

ERIE COUNTY WATER AUTHORITYStatements of Net AssetsDecember 31,2005 2004ASSETSCurrent assets:Cash and cash equivalents $ 27,570,151 $ 26,739,288Customer accounts receivable, less allowance fordoubtful accounts 5,659,968 4,694,486Materials and supplies 1,678,678 1,590,281Interest receivable and other assets 2,394,175 2,317,505Total current assets 37,302,972 35,341,560Noncurrent assets:Long-term investment 3,384,675 5,077,699Restricted cash, cash equivalents, and investments 16,644,478 19,892,507Deferred charges 1,233,730 1,435,419Captial assets, not being depreciated 6,959,327 4,060,559Capital assets, being depreciated, net of accumulateddepreciation 286,870,143 279,819,095Total noncurrent assets 315,092,353 310,285,279Total assets 352,395,325 345,626,839LIABILITIESCurrent liabilities:Accounts payable 5,451,440 5,005,568Advances for construction 405,959 373,930Construction retention 511,205 201,435Interest and other accrued liabilities 6,712,739 3,029,383Water revenue bonds - current portion 3,843,020 7,340,000Total current liabilities 16,924,363 15,950,316Noncurrent liabilities:Compensated absences 1,789,519 1,665,520Long-term interest payable 2,981,207 5,109,438Water revenue bonds—long-term 75,664,253 79,507,273Total noncurrent liabilities 80,434,979 86,282,231Total liabilities 97,359,342 102,232,547NET ASSETSInvested in capital assets, net of related debt 208,606,705 191,922,943Restricted 16,644,478 19,892,507Unrestricted 29,784,800 31,578,842Total net assets $ 255,035,983 $ 243,394,292The notes to the financial statements are an integral part of these statements.- 24 -