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ERIE COUNTY
WATER AUTHORITY
Statement of Net Income and Earnings Reinvested in
the Buisness
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Year ended December 31,
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2001
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2000
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| Operating revenues |
$45,633,628 |
$43,013,977 |
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| Operating expenses: |
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Operation and
Administration |
22,397,889 |
19,911,620 |
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Maintenance |
6,494,451 |
5,849,456 |
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Depreciation and
amortization |
9,061,901
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8,793,168
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Total
operating expenses |
37,954,241
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34,554,244
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Operating income before
miscellaneous
income and net
interest charges |
7,679,387 |
8,459,733 |
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| Net interest charges: |
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Interest expense |
4,911,337 |
5,327,781 |
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Interest income |
(2,054,934) |
(2,886,249) |
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Amortization of
investment premium/discount |
8,170 |
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Interest capitalization
during construction |
(39,409)
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(18,299)
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Net
interest charges |
2,825,164
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2,423,233
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$4,854,223
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$6,036,500
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| Earnings reinvested in the
business: |
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Beginning of year |
163,638,247
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157,601,747
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| End of
year |
$168,492,470
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$163,638,247
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The accompanying notes are an integral
part of these financial statements
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