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LA PORTE AREA WATER AUTHORITY EXHIBIT B-1 <br />STATEMENT OF NET ASSETS <br />September 30, 2011 <br />ASSETS <br />Current assets: <br />Cash <br />$ 622,948 <br />Investments <br />1,352,469 <br />Accounts receivable, net of allowance for doubtful <br />accounts <br />217,108 <br />Accrued interest receivable <br />556 <br />Prepaid expenses <br />60,058 <br />Restricted assets <br />Restricted cash <br />689,162 <br />Total current assets <br />2,942,301 <br />Non -current assets: <br />Water production and distribution system <br />15,435,810 <br />Less: accumulated depreciation <br />(7,698,047) <br />Total non -current assets <br />7,737,763 <br />Total Assets <br />10,680,064 <br />LIABILITIES <br />Current liabilities: <br />Accounts payable 49,424 <br />Current liabilities (payable from restricted assets): <br />Current portion of revenue bonds 605,000 <br />Accrued interest 3,988 <br />Total current liabilities 658,412 <br />Noncurrent liabilities <br />Revenue bond, net of current portion 3,000,702 <br />Total Liabilities 3,659,114 <br />NET ASSETS <br />Invested in capital assets, net of related debt 4,132,061 <br />Restricted for debt service 408,500 <br />Unrestricted 2,480,3 89 <br />Total net assets $ 7,020,950 <br />10 <br />