02-11-15 Regular Meeting of the La Porte Area Water Authority

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LA PORTE AREA WATER AUTHORITY Management's Discussion and Analysis (continued) Capital Assets and Debt Administration Capital Assets - The La Porte Area Water Authority's investment in capital assets as of September 30, 2014 amounts to $6,344,826 (net of accumulated depreciation). There were not any additions or retirements of capital assets during the current fiscal year. The only activity is current year depreciation in the amount of $465,000. Capital assets at year end consisted of the following: Ending Balance Water, sewer and drainage facilities Water production and distribution system $ 6,344,826 $ 6,344,826 Additional information of the La Porte Area Water Authority's capital assets can be found in Note 5 on page 16 of this report. Debt Administration — At the end of the fiscal year, the La Porte Area Water Authority had bonded debt payable of secured solely by water and sewer revenues. The revenue bonds have been rated "AA" by Standard & Poor's, Fitch and Moody's rating agencies. Additional information on the Water Authority's long-term debt can be found in Note 7 on page 17-18 of this report. Economic Facts and Next Year's Budgets and Rates The Water Authority has benefited from a strong and expanding economy from the past several years. In the coming fiscal year the Water Authority's budget is expected to remain relatively consistent with prior year. Request for Information This financial report is designed to provide a general overview of the La Porte Area Water Authority's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report of requests for additional information should be addressed to the Director of Finance, 604 West Fairmont Parkway, La Porte, Texas, 77571.