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<br />Analysis of the Authority's Operations. The following table provides a summary of the Authority's
<br />operations for the year ended September 30,2007.
<br />
<br /> 2007 2006
<br />Operating revenues
<br />Charges for services $ 1,035,062 $ 1,079,126
<br />Total operating revenues 1,035,062 1,079,126
<br />Operating expenses
<br />Purchased water 700,831 1,008,765
<br />Services and charges 80,557 81,523
<br />Depreciation 441,913 441,913
<br />Total operating expenses 1,223,301 1,532,201
<br />Operating income (loss) 188,239) 453,075)
<br />Nonoperating revenues (expenses) 189,234) 281,572)
<br />Income (loss) before contributions 377,473) 734,647)
<br />Capital contributions 847,006 858,292
<br />Change in net assets 469,533 123,645
<br />Net assets, beginning 5,336,024 5,212,379
<br />Net assets, ending $ 5,805,557 $ 5,336,024
<br />
<br />Total fund net assets increased by $469,533 in 2007. The actual water revenue and capital recovery fees
<br />for the fiscal year ended September 30, 2007, $1,121,367, were 22% lower than the amount budgeted
<br />for $1,268,916 due to a decrease in consumption as a result of increased rainfall. Interest earned on
<br />investments was also up due to an increase in cash held during the year.
<br />
<br />The Authority has not made any revisions to the original appropriations approved by the City Council
<br />for the 2006-2007 budget.
<br />
<br />CAPITAL ASSETS AND DEBT ADMINISTRATION
<br />
<br />Capital Assets. The La Porte Area Water Authority's investment in capital assets as of September 30,
<br />2007, amounts to $8,862,724 (net of accumulated depreciation).
<br />
<br />There were not any additions or retirements of capital assets during the current fiscal year. The only
<br />activity is current year depreciation in the amount of $441,913. Capital assets at year-end consisted of
<br />the following:
<br />
<br />Ending
<br />Balance
<br />
<br />Water, sewer and drainage facilities
<br />Water production and distribution system
<br />
<br />$ 8,862,724
<br />
<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 />
<br />TEl-J"T ATI 'VE
<br />
<br />&
<br />
<br />PRELIMINARY
<br />
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