2005 Annual Report - Erie County Water Authority

ERIE COUNTY WATER AUTHORITYStatements of Revenue, Expenses and Changes in Net AssetsYear Ended December 31,2005 2004Operating revenue $ 54,238,666 $ 48,982,522Operating expenses:Operation and adminstration 23,694,959 22,049,930Maintenance 8,587,928 8,272,622Depreciation and amortization 9,548,749 9,331,552Total operating expenses 41,831,636 39,654,104Operating income 12,407,030 9,328,418Nonoperating revenues (expenses):Interest income 1,796,187 1,188,823Interest capitalization during construction 99,076 143,381Interest expense (4,149,699) (4,501,530)Total nonoperating revenues (expenses) (2,254,436) (3,169,326)Net income before contributions in aid of construction 10,152,594 6,159,092Contributions in aid of construction 1,489,097 3,170,906Change in net assets 11,641,691 9,329,998Total net assets—beginning of year 243,394,292 234,064,294Total net assets—end of year $ 255,035,983 $ 243,394,292The notes to the financial statements are an integral part of these statements.- 25 -