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<br />CITY OF LA PORTE, TEXAS
<br />Statement of Net Assets
<br /> Proprietary Funds
<br /> September 30, 2008
<br /> Business-type Activities -
<br /> Enterprise Funds
<br /> La Porte Area Other
<br /> Utility Water Authority Funds
<br />ASSETS
<br />Current assets:
<br />Cash and cash equivalents $ 1,886,972 $ 403,416 $ 338,716
<br />Investments 1,073,867 977,015 121,582
<br />Receivables, net of
<br />allowance for uncollectibles 1,206,068 299,443 27,248
<br />Accrued interest receivable 4,166 2,439 579
<br />Due from other funds 35,951 4,238
<br />Miscellaneous receivables
<br />Material and supplies inventories, at cost 4,540
<br />Restricted cash and cash equivalents for:
<br />Customer service deposits 497,088 45,861
<br />Cash restricted for:
<br />Current debt service 125,000 750,069
<br />Total current assets 4,833,652 2,432,382 538,224
<br />Noncurrent assets:
<br />Capital assets:
<br />Land 224,308 2,084,469
<br />Buildings and improvements 51,730 1 ,115,110
<br />Improvements other than buildings 50,333,989 15,306,000 8,273,067
<br />Vehicles and equipment 428,392 6,130 91,130
<br />Construction in progress 6,292,972 291,087
<br />Less accumulated depreciation (29,958,870) (6,314,535) (5,406,976)
<br />Total noncurrent assets 27,372,521 8,997,595 6,447,887
<br />Total assets 32,206,173 11,429,977 6,986,111
<br />LIABILITIES
<br />Current liabilities:
<br />Accounts payable 501,920 134,712 51,100
<br />Accrued salaries payable 64,084 25,231
<br />Due to other funds 37,548
<br />Unearned revenue 19,153
<br />Other current liabilities 8,440
<br />Accrued interest payable 19,999 10,816
<br />Accrued separation pay 30,000
<br />Payable from restricted assets:
<br />Current portion of revenue bonds 387,500 505,000
<br />Customer deposits 497,088 37,485
<br />Total current liabilities 1,500,591 650,528 178,957
<br />Noncurrent liabilities:
<br />Revenue bonds, net of current portion 1,837,500 4,605,000
<br />Accrued separation pay 235,431 143,650
<br />Total noncurrent liabilities 2,072,931 4,605,000 143,650
<br />Total liabilities 3,573,522 5,255,528 322,607
<br />NET ASSETS
<br />Invested in capital assets, net of related debt 25,147,521 3,887,595 6,447,887
<br />Restricted for debt service 1,438,171 750,069
<br />Unrestricted (deficit) 2,046,959 1,536,785 215,617
<br />Total net assets $ 28,632,651 $ 6,174,449 $ 6,663,504
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<br />See accompanying notes to basic financial statements.
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