Water Department Balance Sheet

               
Bella Vista Village POA
WATER DEPT – BALANCE SHEET
As of December 31, 2008 After Audit
               
               
ASSETS   2008   2007   Change
             
Current Assets          
             
  Accounts Receivable 536,779   567,807   (31,028)
  Bond Sinking Fund 188,592   184,160   4,432
  Prepaid Exps -Bond Issue Costs 62,768   62,768   0
  Prepaid Exps- Bond Issue Costs – Amortized (38,707)   (32,430)   (6,277)
            0
Total Current Assets 749,432   782,305   (32,873)
             
Long Term Investments – Debt Service  0   0    
             
             
  Property, Plant & Equipment 26,149,999   22,270,229   3,879,770
  Capital Projects – WIP* 238,980   3,071,691   (2,832,711)
     Less Accumulated Depreciation (15,340,681)   (14,482,922)   (857,759)
            0
Net Property, Plant & Equipment 11,048,298   10,858,998   189,300
             
               
TOTAL ASSETS 11,797,730   11,641,303   156,427
               
             
LIABILITIES            
             
Current Liabilities          
             
  Payables and Accruals 156,741   149,954   6,787
  Accrued Payroll 192,054   109,371   82,683
  Water Capital Buy In Fee – Unearned 471,589   271,756   199,833
  Member Functions – Water Deposits 422,365   408,550   13,815
  Short Term / Water Bond Issue 120,000   115,000   5,000
  Short Term / Water Bridge Loan (due POA) 1,000,000   1,000,000   0
  Due BVVPOA 1,672,624   2,749,340   (1,076,716)
            0
Total Current Liabilities 4,035,373   4,803,971   (768,598)
             
  Long Term Portion of  Water Bond Issue 300,000   420,000   (120,000)
    0        
Total Long-Term Liabilities 300,000   420,000   (120,000)
             
Members’ Equity          
             
  Contributed Capital 0   0   0
  Cumulative Excess of Revenue over Expenses 11,127,824   8,636,323   2,491,501
  Est. Allocations to Water 1992 thru 2003 * (4,710,492)   (4,710,492)   0
       Designated for Debt Service 0   0   0
             
       Beginning Equity  6,417,332   3,925,831   2,491,501
             
  Year-To-Date Contributions 0   0   0
Year-To-Date Gain/Loss 1,045,025   2,491,501   (1,446,476)
Year-To-Date Designated for Debt Service 0   0   0
             
Members’ Equity at Month End 7,462,357   6,417,332   1,045,025
             
               
TOTAL LIABILITIES & MEMBERS’ EQUITY 11,797,730   11,641,303   156,427
               
               
*The water Dept bal sheet has been restated

to allow for estimated
allocation of expenses
paid by POA but not Chgd