Charter Township of Fenton. Financial Report with Supplemental Information December 31, 2013

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1 Financial Report with Supplemental Information December 31, 2013

2 Contents Report Letter 1-2 Management's Discussion and Analysis 3-7 Basic Financial Statements Government-wide Financial Statements: Statement of Net Position 8 Statement of Activities 9-10 Fund Financial Statements: Governmental Funds: Balance Sheet 11 Reconciliation of the Balance Sheet to the Statement of Net Position 12 Statement of Revenue, Expenditures, and Changes in Fund Balances 13 Reconciliation of the Statement of Revenue, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 14 Proprietary Fund: Statement of Net Position 15 Statement of Revenue, Expenses, and Changes in Net Position 16 Statement of Cash Flows 17 Fiduciary Funds: Statement of Fiduciary Net Position 18 Statement of Changes in Fiduciary Net Position 19 Notes to Financial Statements Required Supplemental Information 40 Budgetary Comparison Schedule - General Fund 41 Budgetary Comparison Schedule - Major Special Revenue Funds Note to Required Supplemental Information 44 Schedule of Funding Progress - OPEB 45 Other Supplemental Information 46 Nonmajor Governmental Funds - Budgetary Comparison Schedule - Mosquito Fund Fiduciary Funds - Agency Funds - Statement of Assets and Liabilities 48

3 Independent Auditor's Report To the Board of Trustees Charter Township of Fenton Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Charter Township of Fenton (the "Township") as of and for the year ended December 31, 2013, and the related notes to the financial statements, which collectively comprise the Charter Township of Fenton's basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Charter Township of Fenton as of December 31, 2013 and the respective changes in its financial position, and where applicable, cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America. 1

4 To the Board of Trustees Charter Township of Fenton Emphasis of Matter As described in Note 11 to the financial statements in 2013, the Township adopted GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. As a result, certain balances are reported as deferred inflows of resources, rather than as liabilities. Our opinion is not modified with respect to this matter. Other Matters Required Supplemental Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, the major fund budgetary comparison schedules, and the schedule of funding progress for OPEB, as identified in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, which considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplemental information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Charter Township of Fenton's basic financial statements. The other supplemental information, as identified in the table of contents, is presented for the purpose of additional analysis and is not a required part of the basic financial statements. The other supplemental information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. June 10,

5 Management s Discussion and Analysis Our discussion and analysis of the Charter Township of Fenton s (the Township ) financial performance provides an overview of the Township s financial activities for the fiscal year ended December 31, Please read it in conjunction with the Charter Township of Fenton s financial statements. Using this Annual Report This annual report consists of a series of financial statements. The statement of net position and the statement of activities provide information about the activities of the Township as a whole and present a longer-term view of the Township s finances. This longer-term view uses the accrual basis of accounting so that it can measure the cost of providing services during the current year, and whether the taxpayers have funded the full cost of providing government services. The fund financial statements present a short-term view; they tell us how the taxpayers resources were spent during the year, as well as how much is available for future spending. Fund financial statements also report the Township s operations in more detail than the governmentwide financial statements by providing information about the Township s most significant funds. The fiduciary fund statements provide financial information about activities for which the Township acts solely as a trustee or agent for the benefit of those outside of the government. Governmental Activities The following table shows, in a condensed format, the current year s net position and changes in net position, compared to the prior two years: Assets 2011* 2012* 2013 Change 3 Governmental Activities Percent Change Other assets $ 3,806,441 $ 3,821,920 $ 4,137,556 $ 315,636 8% Capital assets 3,912,699 3,940,962 3,724,113 (216,849) -6% Total assets 7,719,140 7,762,882 7,861,669 98,787 1% Liabilities Current liabilities 280, , ,154 31,335 11% Long-term liabilities 1,890,293 1,814,357 1,737,359 (76,998) -4% Total liabilities 2,170,874 2,104,176 2,058,513 (45,663) -2% Deferred Inflows of Resources 1,865,303 1,859,495 1,862,647 3,152 0% Net Position Net investment in capital assets 2,494,899 2,644,462 2,553,913 (90,549) -3% Restricted 589, , , ,018 26% Unrestricted 598, , ,749 38,829 9% Total net position $ 3,682,963 $ 3,799,211 $ 3,940,509 $ 141,298 4% (* Amounts in 2012 and 2011 have been restated for the implementation of GASB No. 65, as disclosed in the notes to the financial statements.)

6 Management s Discussion and Analysis (Continued) Governmental Activities Change Percent Change Revenue Program revenue: Charges for services $ 947,080 $ 450,617 $ 444,151 $ (6,466) -1% Operating grants 11,029 14,511 8,032 (6,479) -45% General revenue: Property taxes 712, , ,966 (29,718) -5% Township-wide assessments 852,841 1,387,923 1,384,283 (3,640) 63% State-shared revenue 1,184,129 1,134,057 1,156,130 22,073 2% Investment earnings 16,129 22,551 11,253 (11,298) -50% Other revenue 385, , , ,549 94% Total revenue 4,108,784 4,020,745 4,318, ,021 7% Program Expenses General government 1,093, ,063 1,201, ,068 32% Legislative 45,991 54,633 48,855 (5,778) -11% Public safety 1,386,581 1,373,411 1,364,449 (8,962) -1% Public works 1,082,539 1,402,809 1,167,404 (235,405) -17% Recreation and cultural 82, ,055 54,166 (57,889) 36% Interest on long-term debt 58,039 48,526 41,463 (7,063) -15% Total expenses 3,748,500 3,904,497 3,877,468 (27,029) -1% Transfers - - (300,000) (300,000) Change in Net Position $ 360,284 $ 116,248 $ 141,298 $ 25,050 22% The governmental net position increased 4 percent from a year ago - increasing from $3,799,211 to $3,940,509. Last year s net position increased by 3 percent. Unrestricted net position - the part of net position that can be used to finance day-to-day operations - increased by $38,829 for the governmental activities. This represents an increase of approximately 9 percent. The current level of unrestricted net position for our governmental activities stands at $448,749, which may be used to meet the Township s ongoing obligations to citizens and creditors. The Township saw a decrease in public works expense during the year due to various road projects that were completed during the prior year. The Township saw an increase in other revenue of approximately $334,000 of which $312,000 was due to the property held for resale that was sold. The general government expense increased by approximately $288,000 primarily due to increases in salaries and fringe benefits as well as purchases of equipment below the Township s capitalization threshold. 4

7 Management s Discussion and Analysis (Continued) Business-type Activities The following table shows, in a condensed format, the current year s net position and changes in net position, compared to the prior two years: Assets Business-type Activities 2011* 2012* 2013 Change Percent Change Other assets $ 3,019,799 $ 2,808,630 $ 2,703,486 $ (105,144) -4% Capital assets 41,237,612 40,065,730 39,004,825 (1,060,905) -3% Total assets 44,257,411 42,874,360 41,708,311 (1,166,049) -3% Deferred Outflows of Resources , , % Liabilities Current liabilities 772, , ,261 (16,464) -2% Long-term liabilities 29,670,080 27,821,699 26,181,782 (1,639,917) -6% Total liabilities 30,442,423 28,579,424 26,923,043 (1,656,381) -6% Net Position Net investment in capital assets 11,482,947 12,356,232 12,823, ,811 4% Restricted 13, % Unrestricted 2,318,883 1,938,704 2,091, ,923 8% Total net position $ 13,814,988 $ 14,294,936 $ 14,914,670 $ 619,734 4% (* Amounts in 2012 and 2011 have been restated for the implementation of GASB No. 65, as disclosed in the notes to the financial statements.) Business-type Activities Change Percent Change Operating revenue $ 6,021,083 $ 6,015,320 $ 6,015,995 $ 675 0% Operating expenses, other than depreciation 3,083,647 3,118,582 3,226, ,292 3% Depreciation and amortization 1,235,131 1,218,008 1,190,248 (27,760) -2% Operating Income 1,702,305 1,678,730 1,598,873 (79,857) -5% Interest income 1, % Interest expense 1,258,002 1,281,110 1,445, ,392 13% Nonoperating expenses 2,366 2,849 2,249 (600) -21% Capital contributions 54,461 84, ,705 83,355 99% Transfers - - (300,000) (300,000) Change in Net Position $ 497,802 $ 479,948 $ 619,734 $ 139,786 29% The Township s business-type activities consist of the Sewer Fund. The net position of businesstype activities increased by 4 percent. Last year s net position increased by 3 percent. Unrestricted net position of the business-type activities increased by $152,923 or 8 percent. 5

8 Management s Discussion and Analysis (Continued) The Township Funds The following table shows the total governmental fund activity, on a modified accrual basis: Governmental Funds Change Percent Change Revenue Property taxes $ 712,338 $ 656,684 $ 626,966 $ (29,718) -5% Charges for services 332, , ,065 (8,675) -3% Licenses and permits 44,211 69,276 77,408 8,132 12% State-shared revenues 1,184,129 1,134,057 1,156,130 22,073 2% Federal, state, and local grants 28,831 33,832 27,861 (5,971) -18% Cable franchise fees 328, , ,784 20,368 6% Fines and forfeitures 17,387 16,187 16, % Interest and rentals 16,129 22,551 11,253 (11,298) -50% Special assessments 1,399,773 1,399,276 1,384,283 (14,993) -1% Other 12,172 6, , ,196 49% Expenditures Current: Total revenue 4,076,645 4,025,205 4,312, ,411 7% General government 1,039,184 1,090,212 1,176,910 86,698 8% Legislative 45,002 54,633 48,855 (5,778) -11% Public safety 1,788,053 1,233,350 1,212,577 (20,773) -2% Public works 1,011,976 1,304,727 1,077,346 (227,381) -17% Recreation and culture 82, ,055 54,166 (57,889) 36% Debt service 213, , ,777 (33,295) -16% Total expenditures 4,179,561 4,003,049 3,744,631 (258,418) -6% Excess of Revenue (Under) Over Expenditures (102,916) 22, , , % Other Financing Sources (Uses) Proceeds from sales of capital assets 46,526-6,150 6, % Transfers - Net - - (300,000) (300,000) 100% Total other financing sources (uses) 46,526 - (293,850) (293,850) 100% Net Change in Fund Balances (56,390) 22, , , % Fund Balances - Beginning of year 1,728,428 1,672,038 1,694,194 22,156 1% Fund Balances - End of year $ 1,672,038 $ 1,694,194 $ 1,968,329 $ 274,135 16% 6

9 Management s Discussion and Analysis (Continued) General Fund Budgetary Highlights As the Township completed the year, its General Fund reported a fund balance of $1,379,813. This represents an increase of $137,389 from the prior year. The Township s General Fund revenues excluding other financing sources were $2.8 million. Property taxes were $626,966 or 22 percent of the total revenue. State revenue sharing made up $1,183,091 or 42 percent of total revenue. Capital Asset and Debt Administration At the end of 2013, the Township had invested $15.6 million in capital assets, net of related debt. This amount complies with methods established by the Governmental Accounting Standards Board (GASB). Long-term Debt At year end, the Township had $1.7 million in governmental long-term debt. In the Sewer Enterprise Fund, the Township has $26 million in bonds outstanding. Economic Factors and Next Year s Budgets and Rates The budget for 2013 was amended as required by State law. Both the original and amended budgets have been shown in this document for The Township has again produced a timely budget for Contacting the Township Management This financial report is intended to provide our citizens, taxpayers, customers, and investors with a general overview of the Township finances and to show the Township s accountability for the money it receives. If you have questions about this report or need additional information, we welcome you to contact the Fenton Township office. 7

10 Statement of Net Position December 31, 2013 Governmental Activities Primary Government Business-type Activities Total Assets Cash and cash equivalents (Note 3) $ 2,842,288 $ 1,787,678 $ 4,629,966 Receivables 1,293, ,645 2,092,127 Internal balances (100,000) 100,000 - Other assets 96,809 15, ,950 Land held for resale 4,977-4,977 Net OPEB assets (Note 10) - 2,022 2,022 Capital assets (Note 5): Assets not subject to depreciation 93, , ,108 Assets subject to depreciation 3,630,833 38,881,997 42,512,830 Total assets 7,861,669 41,708,311 49,569,980 Deferred Outflows of Resources - Bond refunding loss being amortized - 129, ,402 Liabilities Accounts payable 163, , ,409 Accrued interest payable 14, , ,312 Due to other governmental units 115, ,624 Deposits payable 27,450-27,450 Unearned user fees - 422, ,620 Noncurrent liabilities (Note 7): Due within one year 176,339 2,060,310 2,236,649 Due in more than one year 1,561,020 24,121,472 25,682,492 Total liabilities 2,058,513 26,923,043 28,981,556 Deferred Inflows of Resources (Note 4) Property taxes levied for the following year 477, ,748 Other resources received before the period resources may be used 1,384,899-1,384,899 Total deferred inflows of resources 1,862,647-1,862,647 Net Position Net investment in capital assets 2,553,913 12,823,043 15,376,956 Restricted for: Fire operations 439, ,200 Waste collection 58,343-58,343 Mosquito control 90,973-90,973 Public access programming 349, ,331 Unrestricted 448,749 2,091,627 2,540,376 Total net position $ 3,940,509 $ 14,914,670 $ 18,855,179 The Notes to Financial Statements are an Integral Part of this Statement. 8

11 Expenses Charges for Services Program Revenue Operating Grants and Contributions Capital Grants and Contributions Functions/Programs Primary government: Governmental activities: General government $ 1,201,131 $ 260,257 $ - $ - Legislative 48, Public safety 1,364, , Public works 1,167,404-8,032 - Recreation and culture 54, Interest on long-term debt 41, Total governmental activities 3,877, ,151 8,032 - Sewer Fund 5,864,873 6,015, ,705 Total primary government $ 9,742,341 $ 6,460,146 $ 8,032 $ 167,705 General revenue: Taxes and collection fees Special assessment revenue State-shared revenue Investment income Cable franchise fees Other miscellaneous income Gain on sale of fixed assets Transfers Change in Net Position Total general revenue Net Position - Beginning of year Net Position - End of year The Notes to Financial Statements are an Integral Part of this Statement. 9

12 Statement of Activities Year Ended December 31, 2013 Net (Expense) Revenue and Changes in Net Position Primary Government Governmental Activities Business-type Activities Total $ (940,874) $ - $ (940,874) (48,855) - (48,855) (1,180,555) - (1,180,555) (1,159,372) - (1,159,372) (54,166) - (54,166) (41,463) - (41,463) (3,425,285) - (3,425,285) - 318, ,827 (3,425,285) 318,827 (3,106,458) 626, ,966 1,384,283-1,384,283 1,156,130-1,156,130 11, , , , , ,017 6,150-6,150 3,866, ,867,490 (300,000) 300, , , ,032 3,799,211 14,294,936 18,094,147 $ 3,940,509 $ 14,914,670 $ 18,855,179 10

13 Governmental Funds Balance Sheet December 31, 2013 General Fund Waste Collection Fund Fire Fund Nonmajor Fund - Mosquito Fund Assets Cash and cash equivalents (Note 3) $ 1,410,371 $ 568,155 $ 675,084 $ 188,678 $ 2,842,288 Receivables: Property taxes receivable 205, ,693 Special assessments receivable 16, , ,154 56, ,705 Cable revenue receivables 93, ,903 Due from other governmental units 401,313-28, ,181 Due from other funds 13,400-3,694-17,094 Other assets 60,388-36,421-96,809 Land held for resale 4, ,977 Total assets $ 2,206,932 $ 823,395 $ 979,221 $ 245,102 $ 4,254,650 Liabilities Accounts payable $ 102,603 $ 60,592 $ 311 $ - $ 163,506 Due to other governmental units 115, ,624 Due to other funds 103,694 1,500 11, ,094 Deposits payable 27, ,450 Total liabilities 349,371 62,092 11, ,674 Deferred Inflows of Resources Property taxes levied for the following year 477, ,748 Special assessments levied for the following year - 702, , ,229 1,384,899 Total deferred inflows of resources 477, , , ,229 1,862,647 Fund Balances Nonspendable: Assets held for resale 4, ,977 Prepaids 60,388-36,421-96,809 Restricted: Fire operations , ,779 Public access programming 349, ,331 Waste collection - 58, ,343 Mosquito control ,973 90,973 Unassigned 965, ,117 Total fund balances 1,379,813 58, ,200 90,973 1,968,329 Total liabilities, deferred inflows of resources, and fund balances $ 2,206,932 $ 823,395 $ 979,221 $ 245,102 $ 4,254,650 Total The Notes to Financial Statements are an Integral Part of this Statement. 11

14 Governmental Funds Reconciliation of the Balance Sheet to the Statement of Net Position December 31, 2013 Fund Balance Reported in Governmental Funds $ 1,968,329 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and are not reported in the funds 3,724,113 Bonds payable are not due and payable in the current period and are not reported in the funds (1,170,200) Accrued interest is not due and payable in the current period and is not reported in the funds (14,574) Employee compensated absences are payable over a long period of years and do not represent a claim on current financial resources; therefore, they are not reported as fund liabilities (72,407) Other long-term liabilities, such as net postemployment obligations, do not present a claim on current financial resources and are not reported as fund liabilities (494,752) Net Position of Governmental Activities $ 3,940,509 The Notes to Financial Statements are an Integral Part of this Statement. 12

15 Governmental Funds Statement of Revenue, Expenditures, and Changes in Fund Balances Year Ended December 31, 2013 General Fund Waste Collection Fund Fire Fund Nonmajor Fund - Mosquito Fund Total Revenue Taxes and collection fees $ 626,966 $ - $ - $ - $ 626,966 Licenses and permits 77, ,408 Federal grants State revenue 1,183, ,183,091 Charges for services 228, , ,065 Fines and forfeitures 16, ,484 Investment income 11, ,253 Other revenue: Special assessments - 702, , ,083 1,384,283 Cable franchise fees 369, ,784 Other miscellaneous income 313, ,382 Total revenue 2,827, , , ,083 4,312,616 Expenditures Current: General government 1,176, ,176,910 Legislative 48, ,855 Public safety 750, ,516-1,212,577 Public works 191, , ,750 1,077,346 Recreation and culture 54, ,166 Debt service: Principal 126, ,300 Interest on long-term debt 48, ,477 Total expenditures 2,396, , , ,750 3,744,631 Excess of Revenue Over (Under) Expenditures 431,239 (27,591) 167,004 (2,667) 567,985 Other Financing Sources (Uses) Proceeds from sale of capital assets 6, ,150 Transfers out (300,000) (300,000) Net Change in Fund Balances 137,389 (27,591) 167,004 (2,667) 274,135 Fund Balances - Beginning of year 1,242,424 85, ,196 93,640 1,694,194 Fund Balances - End of year $ 1,379,813 $ 58,343 $ 439,200 $ 90,973 $ 1,968,329 The Notes to Financial Statements are an Integral Part of this Statement. 13

16 Governmental Funds Reconciliation of the Statement of Revenue, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended December 31, 2013 Net Change in Fund Balances - Total Governmental Funds $ 274,135 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures; however, in the statement of activities, these costs are allocated over their estimated useful lives as depreciation: Capital outlay 114,762 Depreciation expense (295,711) Net book value of assets disposed of (35,902) Repayment of bond principal is an expenditure in the governmental funds, but not in the statement of activities (where it reduces longterm debt) 126,300 Decrease in accrued interest on long-term debt reported in the statement of activities does not require the use of current resources, and therefore is not reported in the fund statements until it comes due for payment 7,014 Increase in accumulated employee sick and vacation pay and other postemployment benefit obligations reported in the statement of activities do not require the use of current resources, and therefore are not reported in the fund statements until they come due for payment (49,300) Change in Net Position of Governmental Activities $ 141,298 The Notes to Financial Statements are an Integral Part of this Statement. 14

17 Proprietary Fund Statement of Net Position December 31, 2013 Enterprise Fund Sewer Fund Assets Current assets: Cash and cash equivalents (Note 3) $ 1,787,678 Receivables: Delinquent usage receivable 280,258 Receivables from sales to customers on account 300 User fees 507,751 Connection fees 10,336 Due from other funds 100,000 Other assets 15,141 Total current assets 2,701,464 Noncurrent assets: Net OPEB asset 2,022 Capital assets (Note 5): Assets not subject to depreciation 122,828 Assets subject to depreciation 38,881,997 Total noncurrent assets 39,006,847 Total assets 41,708,311 Deferred Outflows of Resources - Bond refunding loss being amortized 129,402 Liabilities Current liabilities: Accounts payable 139,903 Accrued interest payable 178,738 Unearned user fees 422,620 General obligation contracts payable - Current 2,060,310 Total current liabilities 2,801,571 Noncurrent liabilities - General obligation contracts payable (Note 7) 24,121,472 Total liabilities 26,923,043 Net Position Net investment in capital assets 12,823,043 Unrestricted 2,091,627 Total net position $ 14,914,670 The Notes to Financial Statements are an Integral Part of this Statement. 15

18 Proprietary Fund Statement of Revenue, Expenses, and Changes in Net Position Year Ended December 31, 2013 Enterprise Fund Sewer Fund Operating Revenue - Charges for services 6,015,995 Operating Expenses Sewer treatment fees 1,704,569 Other contractual services 1,108,231 Equipment repairs and maintenance 16,487 Insurance 34,313 Billing fees and postage 7,431 Administrative expense 224,958 Utilities 121,323 Miscellaneous 9,562 Depreciation 1,190,248 Total operating expenses 4,417,122 Operating Income 1,598,873 Nonoperating Revenue (Expenses) Investment income 907 Bond interest expense (1,445,502) Bond agent fees (2,249) Total nonoperating expenses (1,446,844) Income - Before contributions 152,029 Capital Contributions - Tap-in fees 167,705 Transfers In 300,000 Change in Net Position 619,734 Net Position - Beginning of year 14,294,936 Net Position - End of year $ 14,914,670 The Notes to Financial Statements are an Integral Part of this Statement. 16

19 Proprietary Fund Statement of Cash Flows Year Ended December 31, 2013 Enterprise Fund Sewer Fund Cash Flows from Operating Activities Receipts from customers $ 6,090,711 Payments to suppliers (2,951,853) Payments to employees (224,500) Internal activity - Payments to other funds (107,431) Other (129,402) Net cash provided by operating activities 2,677,525 Cash Flows from Noncapital Financing Activities - Transfers from other funds 300,000 Cash Flows from Capital and Related Financing Activities Tap-in fees 176,018 Purchase of capital assets (129,343) Principal and interest paid on capital debt (3,049,024) Net cash used in capital and related financing activities (3,002,349) Net Decrease in Cash and Cash Equivalents (24,824) Cash and Cash Equivalents - Beginning of year 1,812,502 Cash and Cash Equivalents - End of year $ 1,787,678 Reconciliation of Operating Income to Net Cash from Operating Activities Operating income $ 1,598,873 Adjustments to reconcile operating income to net cash from operating activities: Depreciation and amortization 1,190,248 Changes in assets and liabilities: Receivables 74,716 Prepaid and other assets (15,141) Accounts payable 57,773 Due to other funds (100,000) Net OPEB obligation 458 Other (129,402) Net cash provided by operating activities $ 2,677,525 The Notes to Financial Statements are an Integral Part of this Statement. 17

20 Fiduciary Funds Statement of Fiduciary Net Position December 31, 2013 Retiree Health Care Fund Agency Funds Assets Cash and cash equivalents $ - $ 4,632,973 Investments - Mutual funds 185,111 - Total assets 185,111 $ 4,632,973 Liabilities Accounts payable - $ 26,571 Due to other governmental units - 10 Deposits payable - 227,251 Undistributed taxes - 4,379,141 Total liabilities - $ 4,632,973 Net Position Held in Trust for Pension and Other Employee Benefits $ 185,111 The Notes to Financial Statements are an Integral Part of this Statement. 18

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