Statement of Revenues, Expenses & Changes in Net Position

The Water Authority received its 15th consecutive award from the Government Finance Officers Association for financial reporting excellence. The Water Authority was also awarded a Distinguished Budget Presentation award for its Multi-Year Budget for Fiscal Years 2014 and 2015. The Water Authority has received this award every year since 1995.

Statements of
Net Position [1]

Statements of Revenues, Expenses
and Changes in Net Position

Cash and
Investments [2]

	2015	2014
Operating Revenues:
Water sales	584,172,839	593,695,290
Other revenues	4,567,285	3,935,305
Total operating revenues	588,740,124	597,630,595
Operating Expenses:
Cost of sales	411,037,897	422,699,658
Operations and maintenance	22,365,531	18,780,808
Planning	8,416,134	6,851,384
General and administrative	14,115,738	13,670,808
Depreciation and amortization	57,751,284	56,589,618
Total operating expenses	513,686,584	518,592,276
Operating income	75,053,540	79,038,319
Nonoperating Revenues (Expenses):
Property taxes and in-lieu charges	11,475,607	11,142,102
Infrastructure access charges	29,895,726	29,205,684
Investment income	2,905,952	3,674,934
Other income	7,786,392	10,570,654
Intergovernmental	11,148,139	10,645,707
Gain on sale/retirement of capital assets	32,557	48,709
Interest expense	(81,792,704)	(77,791,397)
Debt issuance costs	(16,840)	(280,650)
Other expenses	(10,909,171)	(10,434,146)
Total nonoperating revenues (expenses)	(29,474,342)	(23,218,403)
Income before capital contributions	45,579,198	55,819,916
Capital Contributions:
Capacity charges	22,559,844	13,815,194
Water standby availability charges	11,106,743	11,137,248
Contributions in aid of capital assets	6,897,528	230,952
Total capital contributions	40,564,115	25,183,394
Changes in net position	86,143,313	81,003,310
Net position, beginning of year, as previously reported	1,471,607,340	1,390,604,030
Less: Cumulative effect of change in accounting principle	(61,177,953)	-
Net position, beginning of year, as restated	1,410,429,387	1,390,604,030
Net position at end of year	1,496,572,700	1,471,607,340

See Comprehensive Annual Financial Report. [3]