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<br /> CITY OF LA PORTE, TEXAS
<br /> Statement of Net Assets
<br /> Proprietary Funds
<br /> September 30, 2007 D
<br /> Business-type Activitie -
<br /> Enterprise Funds
<br /> La Porte Area Other
<br /> Utility W ate r Authority Funds
<br /> ASSETS
<br />Current assets:
<br />Cash and cash equivalents $ 1,687,755 $ 1,072,565 $ 362,226
<br />Investments 860,509 547,022 184,382
<br />Receivables, net of
<br />allowance for uncollectibles 767,934 159,215 4,498
<br />Accrued interest receivable 17,192 12,583 3,118 -
<br />Miscellaneous receivables
<br />Material and supplies inventories, at cost 4,540
<br />Prepaid expenses 149,580 _.
<br />Restricted cash and cash equivalents for:
<br />Customer service deposits 468,839 45,861
<br />Current debt service 125,000
<br />Inves tm ents res tricted for:
<br />Current debt service 758,531
<br />Total current assets 3,931,769 2,699,496 600,085
<br />Noncurrent assets:
<br />Capital assets:
<br />Land 224,308 2,084,469
<br />Buildings and im provem ents 51,730 1,115,110
<br />Improvements other than buildings 48,624,534 14,719,440 6,584,096
<br />Vehicles and equipment 428,392 6,130 91,130
<br />Construction in progress 2,638,994 502,815
<br />Less accumulated depreciation (28,400,608) (5,862,846) (5,118,826 )
<br />Total noncurrent assets 23,567,350 8,862,724 5,258,794
<br />Total assets 27,499,119 11,562,220 5,858,879
<br /> LIABILITIES
<br />Current liabilities:
<br />Accounts payable 508,439 149,685 18,268
<br />Accrued salaries payable 41,914 18,063
<br />Unearned revenue 48,783
<br />Other current liabilities 7,608
<br />Accrued interest payable 20,332 11,978
<br />Payable from restricted assets:
<br />Current portion of revenue bonds 387,500 485,000
<br />Customer deposits 469,342 56,870
<br />Total current liabilities 1,427,527 646,663 149,592
<br />Noncurrent liabilities:
<br />Revenue bonds, net of current portion 2,225,000 5,110,000
<br />Accrued separation pay 240,163 159,679
<br />Total noncurrent liabilities 2,465,163 5,110,000 159,679
<br />Total liabilities 3,892,690 5,756,663 309,271
<br /> NET ASSETS
<br />Invested in capital assets, net of related debt 20,954,850 3,267,724 5,258,794
<br />Restricted for debt service 1,438,172 746,553
<br />Unrestricted (deficit) 1,213,407 1,791,280 290,814
<br />Total net assets $ 23,606,429 $ 5,805,557 $ 5,549,608
<br />See accompanying notes to basic financial statements.
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