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 Revenues, Expenses
and Changes in Net Position
and Changes in Net Position
| 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 |
