Financial Statements | 2019 Annual Report

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Financial Statements

Statements of Revenues, Expenses, and Changes in Net Position

For the Fiscal Years Ended June 30, 2019 and 2018

Operating Revenues	2019	2018
Water Sales	579,605,983	591,809,280
Other Revenues	4,565,447	4,053,221
Total Operating Revenues	584,171,430	595,862,501

Operating Expenses
Cost of Sales	450,184,311	442,369,171
Operations and Maintenance	21,538,024	24,219,304
Planning	9,564,422	9,179,960
General and Administrative	16,283,984	16,914,642
Depreciation and Amortization	62,719,586	62,842,596
Total Operating Expenses	560,290,327	555,525,673
Operating Income	23,881,103	40,336,828

Nonoperating Revenues (Expenses)
Property Taxes and In-Lieu Charges	14,666,252	13,753,714
Infrastructure Access Charges	33,202,686	32,482,290
Investment Income	13,755,026	4,342,261
Other Income	9,638,210	19,253,393
Intergovernmental	11,280,109	10,665,858
Gain (Loss) on Sale/Retirement of Capital Assets	-11,035	131,308
Interest Expense	-97,053,235	-99,915,662
Debt Issuance Costs	-3,645,450	-227,212
Other Expenses	-11,663,707	-39,453,750
Total Nonoperating Revenues (Expenses)	-29,831,144	-58,967,600
Income Before Capital Contributions	-5,950,041	-18,630,772

Capital Contributions
Capacity Charges	19,809,365	28,153,768
Water Standby Availability Charges	11,153,993	11,102,611
Contributions in Aid of Capital Assets		16,000
Total Capital Contributions	30,963,358	39,272,379
Changes in Net Position	25,013,317	20,641,607
Net Position at Beginning of Year, as Restated	1,576,957,709	1,556,316,102
Net Position at End of Year	1,601,971,026	1,576,957,709

Statements of Net Position

Assets	2019	2018
Current Assets
Cash and Investments	118,299,651	104,682,066
Restricted Cash and Investments	65,357,774	119,984,952
Water Receivables	88,919,021	106,982,874
Interest Receivable	1,295,060	1,112,444
Taxes Receivable	1,133,750	1,026,196
Other Receivables	14,897,732	19,833,613
Inventories	101,120,903	96,334,231
Prepaid Expenses	4,639,845	4,649,883
Total Current Assets	395,663,736	454,606,259

Noncurrent Assets
Cash and Investments	118,940,860	107,746,039
Restricted Cash and Investments	22,038,315	22,665,917
Advances to Other Agencies	717,345	217,594
Retention Receivable	1,217,781	1,245,470
Long-term Loan Receivables	9,180,815	19,174,304
Net OPEB Asset	1,231,733	795,852
Capital Assets
Non-Depreciable	129,862,254	118,295,114
Depreciable	3,333,229,133	3,346,284,374
Total Noncurrent Assets	3,616,418,236	3,616,424,664
Total Assets	4,012,081,972	4,071,030,923

Deferred Outflows of Resources
Deferred Loss on Refunding	49,932,704	61,113,716
Pension Contributions Subsequent to Measurement Date	7,445,085	4,240,681
OPEB Contributions Subsequent to Measurement Date	397,828	366,591
Deferred Actuarial Amounts Related to Pensions	7,573,946	12,733,072
Deferred Actuarial Amounts Related to OPEB	40,643	84,422
Total Deferred Outflows of Resources	65,390,206	78,538,482

Liabilities
Current Liabilities
Accounts Payable and Other Liabilities	77,309,736	104,266,238
Interest Payable	17,911,578	20,430,541
Construction Deposits	377,721	362,845
Short-Term Liabilities	345,000,000	345,000,000
Current Portion of Long-term Liabilities	51,307,411	54,165,278
Total Current Liabilities	491,906,446	524,224,902

Noncurrent Liabilities
Long-term Liabilities	1,910,295,701	1,975,170,555
Net Pension Liability	61,399,347	70,106,317
Net OPEB Liability	-	-
Total Noncurrent Liabilities	1,971,695,048	2,045,276,872
Total Liabilities	2,463,601,494	2,569,501,774

Deferred Inflows of Resources
Deferred Gain on Refunding	4,185,980	-
Deferred Actuarial Amounts Related to Pensions	7,124,856	2,528,360
Deferred Actuarial Amounts Related to OPEB	588,822	581,562
Total Deferred Inflows of Resources	11,899,658	3,109,922

Net Position
Net Investment in Capital Assets	1,225,002,600	1,154,718,703
Restricted for Construction Projects	65,357,775	119,984,952
Restricted for Debt Service	178,327	377,929
Unrestricted	311,432,324	301,876,125
Total Net Position	1,601,971,026	1,576,957,709

Cash and Investments

As of June 30, 2019 and 2018, Restricted Cash and Investments Balances Were as Follows	2019	2018
Construction	-	-
Debt Service Reserve	22,038,315	22,665,917
Pay-as-you-go	65,357,774	119,984,952
Total	87,396,089	142,650,869

As of June 30, 2019 and 2018, Unrestricted Cash and Investments Balances Were as Follows
Operating	85,627,558	56,369,103
Rate Stabilization	149,593,318	155,139,512
Equipment Replacement	2,019,635	919,490
Stored Water	-	-
Total	237,240,511	212,428,105

Total Cash Unrestricted	324,636,600	355,078,974

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