2005 Annual Report - Erie County Water Authority

ERIE COUNTY WATER AUTHORITYStatements of Cash FlowsYear Ended December 31,2005 2004CASH FLOWS FROM OPERATING ACTIVITIESReceipts from customers $ 53,432,651 $ 48,868,470Payments to contractors (11,989,143) (11,243,948)Payments to employees including fringe benefits (19,058,538) (19,824,879)Net cash provided by operating activities 22,384,970 17,799,643CASH FLOWS FROM CAPITAL AND RELATEDFINANCING ACTIVITIESAcquisition and construction of capital assets, net (18,987,106) (17,560,673)Principal paid on revenue bond maturities (7,340,000) (6,500,000)Interest paid on revenue bonds, net of amount capitalized (3,473,160) (3,798,059)Advances for construction 32,029 (63,578)Contributions in aid of construction 1,489,097 3,170,906Net cash used by capital and related financing activities (28,279,140) (24,751,404)CASH FLOWS FROM INVESTING ACTIVITIESPurchase of investment securities (253,101,878) (260,554,333)Proceeds from sale or maturity of investments 258,042,931 266,932,087Interest received 1,783,980 1,179,092Net cash provided (used) by investing activities 6,725,033 7,556,846Net increase in cash 830,863 605,085Cash and cash equivalents - beginning of year 26,739,288 26,134,203Cash and cash equivalents - end of year $ 27,570,151 $ 26,739,288(continued)- 26 -