City of Kennedy

CITY OF KENNEDY
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2017
Sewer    Water                    Enterprise    Enterprise    Total
Operating Revenues
Charges for services    $  30,398    $   50,450    $ 80,848
Operating Expenses                    Personnel services    $    7,132    $   15,977     $  23,109
Supplies       1,108          2,528          3,636
Repairs and maintenance     24,824        20,565       45,389
Water purchase    –      17,553      17,553
Utilities    975      2,099      3,074
Miscellaneous    1,162      2,003      3,165
Depreciation     169      11,251     11,420
Total Operating Expenses    $  35,370     $   71,976      $ 107,346
Operating Income (Loss)    $  (4,972)     $ (21,526)     $  (26,498)
Nonoperating Revenues (Expenses)                    Special assessments    $ –     $  8,634    $  8,634
Investment earnings     –      157      157
Miscellaneous     –     5    5
Interest expense                –      (1,414)     (1,414)
Total Nonoperating
Revenues (Expenses)     $            –    $     7,382    $     7,382
Change in Net Position    $    4,972)     $ (14,144)     $ (19,116)
Net Position – January 1    $  (10,359)     $  321,858     $ 311,499
Net Position – December 31     $  (15,331)     $  307,714      $ 292,383
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CITY OF KENNEDY
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2017
Increase (Decrease) in Cash and Cash Equivalents
Sewer         Water                Enterprise    Enterprise    Total      Cash Flows from Operating Activities
Receipts from customers    $ 30,396    $ 50,666    $ 81,062
Payments to employees     (6,990)    (15,676)     (22,666)
Payments to suppliers     (24,991)     (38,354)     (63,345)
Net cash provided by (used in)
operating activities    $  (1,585)     $  (3,364)     $  (4,949)
Cash Flows from Noncapital Financing Activities                Special assessments    $            –     $   15,668      $   15,668
Transfers in     1,585      –      1,585
Transfers out    ­­-     (1,585)     (1,585)
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Net cash provided by (used in) noncapital
financing activities    $    1,585      $   14,083     $   15,668
Cash Flows from Capital and Related Financing Activities                Principal payment on GO
revenue bonds    $  –    $  (9,000)    $  (9,000)
Interest paid on GO revenue bonds     –     (1,414)     (1,414)
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Net cash provided by (used in) Capital                       and Related Financing activities    $            –     $(10,414)     $  (10,414)
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Cash Flows from Investing Activities                    Investment earnings received    $            –      $        157      $  157
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Net Increase (Decrease) in Cash
and Cash Equivalents    $            –    $        462      $        462
Cash and Cash Equivalents at January 1     –     169,829      169,829
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Cash and Cash Equivalents at December 31    $            –     $ 170,291    $ 170,291
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Reconciliation of operating income (loss) to                    net cash provided by (used in) operating activities                Operating income (loss)    $  (4,972)     $ (21,526)     $  6,498)
Adjustments to reconcile net operating income (loss) to net cash                provided by (used in) operating activities                        Depreciation expense    $       169    $   11,251      $  11,420
(Increase) decrease in assets                            Accounts receivable     393      1,195     1,588
Inventory     2,513      3,788      6,301
Increase (decrease) in liabilities                        Accounts payable    172     1,416     1,588
Due to other governments    –     216      216
Net pension liability      140      296      436
Total adjustments    $    3,387      $   18,162     $  21,549
Net cash provided by (used in)
operating activities    $  (1,585)      $  (3,364)    $  (4,949)
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CITY OF KENNEDY
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
December 31, 2017
Sewer    Water                     Enterprise    Enterprise    Total
Assets
Current Assets                    Cash and pooled investments    $                 –      $  170,291     $     170,291
Special assessments receivable                           Current    –      471      471
Prior     –      1,029      1,029
Accounts receivable     2,358     3,330      5,688
Due from other funds    –    16,063     16,063
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Total Current Assets    $    2,358     $  191,184     $     193,542
Noncurrent Assets                    Special assessments receivable –
noncurrent    $                 –      $    34,440     $       34,440
Capital assets                    Depreciable – net of
accumulated depreciation     4,816      153,711      158,527
Total Noncurrent Assets    $  2,117,323     $  188,151     $  2,726,661
Total Assets    $         7,174       $  379,335      $     386,509
Deferred Outflows of Resources                       Related to pensions    $         3,045     $      6,552     $         9,597
Liabilities
Current Liabilities                    Accounts payable    $            172     $      1,416     $         1,588
Due to other fund    16,063     216     16,279
G.O. revenue bonds payable     –      9,000      9,000
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Total Current Liabilities    $       16,235      $    10,632      $       26,867
Noncurrent Liabilities                     G.O. revenue bonds payable     $                 –      $    47,000      $       47,000
Net pension liability     6,558     14,530      21,088
Total Noncurrent Liabilities    $         6,558      $    61,530     $       68,088
Total Liabilities    $       22,793      $    72,162      $       94,955
Deferred Inflows of Resources                     Related to pensions    $         2,757      $       6,011      $         8,768
Net Position
Net investment in capital assets    $         4,816      $    97,711      $     102,527
Unrestricted amounts     (20,147)     210,003      189,856
Total Net Position    $     (15,331)     $  307,714      $     292,383
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(May 22, 2019)
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