02-02-11 Regular Meeting of the La Porte Area Water Authority

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LA PORTE AREA WATER AUTHORITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 2010 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers $ 920,004 Payments to suppliers ( 956,793) Net cash used by operating activities ( 36,789) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Payments received from participants for debt service 758,532 Payments received from participants for capital recovery 101,772 Proceeds from issuance of debt 79,233 Principal payments on revenue bonds ( 525,000) Interest and fiscal charges paid on capital debt ( 181,992) Acquisition of capital assets ( 3,710) Net cash provided by capital and related financing activities 228,835 CASH FLOWS FROM INVESTING ACTIVITIES Sale of investment securities 143,323 Interest 26,301 Net cash provided by investing activities 169,624 NET INCREASE IN CASH AND CASH EQUIVALENTS 361,670 CASH AND CASH EQUIVALENTS, BEGINNING 899,818 CASH AND CASH EQUIVALENTS, ENDING $ 1,261,488 RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES Operating loss $( 511,431) Adjustments to reconcile operating loss to net cash used by operating activities: Depreciation expense 461,171 Change in assets and liabilities: Decrease (increase) in assets: Accounts receivable ( 9,493) Increase (decrease) in liabilities: Accounts payable 22,964 Net cash used by operating activities $( 36,789) RECONCILIATION OF TOTAL CASH AND CASH INVESTMENTS Current assets - cash and cash equivalents $ 576,720 Restricted assets - cash and cash equivalents 684,768 Net cash provided by operating activities $ 1,261,488 NONCASH CAPITAL AND FINANCING ACTIVITIES The Authority issued bonds to refund debt issued in 1999. $4,114,508 of the proceeds was deposited immediately into an irrevocable trust for the defeasance of $4,080,000 outstanding contract revenue bond principal and $34,508 of interest. The accompanying notes are an integral part of these financial statements. 9