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<br />LA PORTE AREA WATER AUTHORITY <br /> <br />STATEMENT OF NET ASSETS <br /> <br />SEPTEMBER 30, 2007 <br /> <br />ASSETS <br />Current assets <br />Cash <br />Investments <br />Receivables, net <br />Accrued interest receivable <br />Prepaid expenses <br />Restricted assets <br />Restricted cash <br />Total current assets <br /> <br />$ 1,072,565 <br />547,022 <br />159,215 <br />12,583 <br />148,580 <br /> <br />758,531 <br />2,698,496 <br /> <br />Capital assets <br />Water production and distribution system <br />Less: accumulated depreciation <br />Total noncurrent assets <br /> <br />14,725,570 <br />( 5,862,846) <br />8,862,724 <br /> <br />Total assets <br /> <br />11,561,220 <br /> <br />LIABILITIES <br />Current liabilities <br />Accounts payable <br />Current liabilities (payable from restricted assets): <br />Current portion of revenue bonds <br />Accrued interest <br />Total current liabilities <br /> <br />148,685 <br /> <br />485,000 <br />11,978 <br />645,663 <br /> <br />Noncurrent liabilities <br /> <br />Revenue bond, net of current portion <br /> <br />5,110,000 <br /> <br />Total liabilities <br /> <br />5,755,663 <br /> <br />NET ASSETS <br />Invested in capital assets, net of related debt <br />Restricted for debt service <br />Unrestricted <br /> <br />3,267,724 <br />746,553 <br />1,791,280 <br /> <br />Total net assets <br /> <br />$ <br /> <br />5,805,557 <br /> <br />The accompanying notes are an integral part of these fmancial statements. <br /> <br />TENT ATI VE <br /> <br />& <br /> <br />p <br /> <br />ELI r~11 l\Jl\RY <br />