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i • <br />- CITY OF LA PORTE SCHEDULE E-3 <br /> AIRPORT FUND <br />• STATEMENT OF CHANGES IN FINANCIAL POSITION <br /> FOR THE FISCAL YEAR ENDED SEPTEMBER 30 , 1980 <br /> SOURCE OF FUNDS <br /> OPERATIONS: <br /> Net Income for the Year $ 48,995 <br /> Items Not Requiring Current Outlay of Funds: <br /> Depreciation 31,619 $ 80,614 <br /> APPLICATION OF FUNDS <br /> Airport Improvement $ 26,741 <br /> Increase in Interest & Sinking Fund Asset Restricted 4,870 <br /> Bond Principal 5,000 <br /> Increase in FFA Grant Asset Restricted 29,500 <br /> Decrease in Accounts Receivable Reserve 32,000 98,111 <br /> NET DECREASE IN WORKING CAPITAL 17 497) <br /> The decrease in working capital is accounted for as follows: <br /> BALANCES INCREASE <br /> 9-30-79 9-30-80 (DECREASE) <br />• <br /> CURRENT ASSETS: <br /> Cash $ 1,806 $ 6,198 $ 4,392 <br /> Accounts Receivable 36,546 4,546 32,000 <br /> TOTAL CURRENT ASSETS 38 352 10 744 27 608) <br /> CURRENT LIABILITIES: <br /> Bond Payable $ 5,000 $ 5,000 $ - <br /> Deffered Income 49,658 39,547 7,800 <br /> CURRENT LIABILITIES 54 658 44 547 7 800 <br /> WORKING CAPITAL 16,306 x_33,803 17 497) <br /> <br />• <br />(The accompanying notes are an integral part of these statements.) <br />