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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