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Analysis of the Authority's Operations. The following table provides a summary of the Authority's
<br /> operations for the year ended September 30, 2010.
<br /> 2010 2009
<br /> Operating revenues
<br /> Charges for services $ 929,497 $ 962,843
<br /> Total operating revenues 929,497 962,843
<br /> Operating expenses
<br /> Supplies 14,761 9
<br /> Purchased water 813,405 818,482
<br /> Services and charges 151,591 96,242
<br /> Depreciation 461,171 461,465
<br /> Total operating expenses 1,440,928 1,376,198
<br /> Operating income (loss) ( 511,431) ( 413,355)
<br /> Nonoperating revenues (expenses) ( 131,685) ( 213,902)
<br /> Income (loss) before contributions ( 643,116) ( 627,257)
<br /> Capital contributions 860,304 860,304
<br /> Change in net assets 217,188 233,047
<br /> Net assets, beginning 6,407,496 6,174,449
<br /> Net assets, ending $ 6,624,684 $ 6,407,496
<br /> Total fund net assets increased by $217,188 in 2010. The actual water revenue and capital recovery fees
<br /> for the fiscal year ended September 30, 2010, $1,031,269, were 15% lower than the amount budgeted
<br /> for $1,207,571 due to a decrease in consumption as a result of increased rainfall. Interest earned on
<br /> investments was down due to lower interest rates.
<br /> The Authority has not made any revisions to the original appropriations approved by the City Council
<br /> for the 2009 -2010 budget.
<br /> CAPITAL ASSETS AND DEBT ADMINISTRATION
<br /> Capital Assets. The La Porte Area Water Authority's investment in capital assets as of September 30,
<br /> 2010, amounts to $8,198,640 (net of accumulated depreciation).
<br /> There were no additions of capital assets during the current fiscal year. The current year depreciation is
<br /> $461,171. Capital assets at year -end consisted of the following:
<br /> Ending
<br /> Balance
<br /> Water, sewer and drainage facilities
<br /> Construction in progress $ 123,680
<br /> Water production and distribution system 8,074,960
<br /> $ 8,198,640
<br /> Additional information of the La Porte Area Water Authority's capital assets can be found in Note 5 on
<br /> page 13 of this report.
<br /> 5
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