Statement of Revenues, Expenses & Changes in Net Assets

Financial Statements

The Water Authority received its 12th consecutive award from the Government Finance Officers Association for financial reporting excellence, and its 14th consecutive award from the California Society for Municipal Finance Officers for excellence in budgeting. The Water Authority also won an award from the Association of Public Treasurers for excellence in financial reporting and disclosure.

The Notes are an integral part of the financial statements. Click here to review the Water Authority’s Comprehensive Annual Financial Report which includes all required disclosures.

Statements of Revenues, Expenses
and Changes in Net Assets
  2012 2011
OPERATING REVENUES    
Water Sales 443,347,502 382,922,036
Other revenues 1,519,525 634,572
Total operating revenues 444,867,027 383,556,608
OPERATING EXPENSES    
Cost of sales 312,446,563 275,099,372
Operations and maintenance 16,800,991 16,576,465
Planning 7,163,795 9,754,403
General and administrative 13,545,177 13,238,715
Depreciation and amortization 51,705,749 37,364,821
Total operating expenses 401,662,275 352,033,776
Operating Income 43,204,752 31,522,832
NONOPERATING REVENUES (EXPENSES)    
Property taxes and in-lieu charges 9,882,362 9,654,508
Infrastructure access charges 27,700,326 24,507,570
Investment income 5,211,394 6,960,755
Other income 4,321,805 6,692,333
Intergovernmental 11,848,321 12,123,072
Gain on sale/retirement of Capital Assets 107,815 435,065
Interest expense (73,961,516) (67,886,725)
Other expenses (5,873,117) (7,688,795)
Total nonoperating revenues (expenses) (20,762,610) (15,202,217)
Income before capital contributions 22,442,142 16,320,615
CAPITAL CONTRIBUTIONS    
Capacity charges 11,098,619 10,321,076
Water standby availability charges 11,240,988 11,255,132
Contributions in aid of capital assets 4,533,844 913,097
Total capital contributions 26,873,451 22,489,305
Changes in net assets 49,315,593 38,809,920
Net assets at beginning of year 1,294,411,715 1,255,601,795
Net assets at end of year 1,343,727,308 1,294,411,715