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ERIE COUNTY
WATER AUTHORITY
Statement of Cash Flows
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Year ended December 31,
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2001
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2000
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| Cash flows from operating
activities: |
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| Net
Income: |
$4,854,223 |
$6,036,500 |
Adjustments to
reconcile net income to net cash
provided
by (used for) operating activities - |
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Depreciation
and amortization |
9,061,901 |
8,793,168 |
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Interest
expense, net |
36,612 |
(715,983) |
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Interest
capitalization during construction |
37,954,241 |
34,554,244 |
| Change
in: |
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Debt
service fund |
736,053 |
(1,077,900) |
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Customers'
accounts recievable |
(552,918) |
58,027 |
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Materials
and supplies |
(418,382) |
31,724 |
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Other
assets |
578,834 |
(2,601,219) |
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Accounts
payable |
131,780 |
1,727,825 |
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Accrued
retirement contributions |
(93,580) |
9,059 |
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Construction
retention |
(68,965) |
(75,022) |
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Other
liabilities |
(1,335,273) |
165,119 |
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Sick
pay accrual |
96,173
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44,147
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Net
cash provided by (used for) operating
activities |
12,987,049
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12,377,146
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| Cash
flows from investing activities: |
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Proceeds
from the sale or maturity of investments |
65,277,879 |
102,596,062 |
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Purchase
of investments |
(62,198,414) |
(106,378,457) |
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Net
decrease (increase) in the fair value of
investments |
101,414 |
(89,336) |
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Cash
transfer for investment |
105,604 |
(99,890) |
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Additions
to water plant, net of disposals |
(9,140,859)
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(7,784,767)
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Net
cash provided by (used for) investing
activities |
(5,854,376)
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(11,756,388)
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| Cash flows from capital and
related financing activities: |
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Repayment of water
revenue bonds |
(3,910,472) |
(7,503,414) |
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Increase in
contributions in aid of construction |
1,039,319 |
1,146,918 |
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Imcrease (decrease) in
advances for construction |
(108,725)
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152,060
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Net
cash provived by (used for) capital and
related
financing
activities |
(2,979,878)
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(6,204,436)
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Net
increase (decrease) in cash and cash
equivalents |
4,152,795 |
(5,583,678) |
| Cash and cash equivalents: |
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Beginning of year |
15,047,157
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20,630,835
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| End of
year |
$19,199,952
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$15,047,157
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The accompanying notes are an integral
part of these financial statements
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