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La i'orte AreaW~t~rAuthorit <br />y <br />PHONE (71 3) 471 -5020 • P. O. Box 1 1 1 5 • LA PORTE. TEXAS 77572- 1 1 1 5 <br />~~ ~ <br />v ~/ <br />`. ~ ., <br />. -~ _ . , R <br />January 8 , 1991 Jgly ~ rg9t <br />La Porte Area Water Authority Ci i~Y t~gNgCERS <br />Jerry Bramlett, President ~~F{~E <br />Mike Wadsworth, Director <br />Al Fields, Director Elect <br />Robert Blackwell, Director Elect <br />Enclosed is a draft copy of the Comprehensive Annual Financial Report for the <br />La Porte Area Water Authority for the fiscal year ended September 30, 1990. <br />The report was prepared by the Authorities auditing firm, KPMG Peat Marwick. <br />It was based on data that was compiled by the City of La Porte. This draft <br />will be replaced by the official report, which will be given to you at the <br />January 15, 1991 meeting. There should be no changes in any number in the <br />report. <br />I have reviewed the report and agree with all numerical aspects of the report. <br />The La Porte Area Water Authority ended the year in excellent financial <br />position. <br />One item which will be of interest to you is the fund equity. We started the <br />year with a fund equity of -$139,600 and ended the year with a positive fund <br />equity of $894,583. A major component of the shift of fund equity was the <br />capitalization of interest expense. Governmental Accounting Principals allow <br />for the capitalization of part of the interest expense on monies borrowed to <br />finance a project as long as the project is in progress. In the fiscal year <br />just ended, we capitalized $743,384 in interest expense. <br />I will attend the January 15, 1991 meeting and will be available to answer any <br />questions you might have. <br />Sincerely <br />J f tchfield, CPA <br />irector of Finance <br />xc: `/obert T. Herrera, General Manager <br />Steve Gillett, Director of Public Works <br />