Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund. CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments Accounts receivable (net of $13,374 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable Total current assets Restricted assets: Cash Capital assets: $ 1,776,021 307,030 500, 100 29,317 82,017 2,694,485 9,199 Land $1,782, 109 5,217,821 8,493,957 15,493,887 18, 197,571 Buildings (net of $3,422,238 in accumulated depreciation) Machinery and equipment (net of $5,133,288 in accumulated depreciation) Total capital assets (net) Total Assets Liabilities Current liabilities: Accounts payable Interest payable Current portion of long-term debt Total current liabilities Liabilities payable from restricted assets: Customer deposits Long-term liabilities: Revenue bond payable Total Liabilities Net Position Net investment in capital assets Unrestricted 532,380 131,855 406,000 1,070,235 9,199 11,774,000 12,853,434 3,310, 191 2,033,946 $ 5,344,137 Following is the information of the Water Utility Fund for fiscal year 2020. 1. The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2020 totaled $2,891,136; $187,924 of the total was billed to the General Fund. 3. Cash in the amount of $252,032 was received. The cash was for interest earned on investments and $79,488 in accrued interest. 4. Expenses accrued for the period were management and administration, $349,365; maintenance and distribution, $667,988; and treatment plant, $673,936. 5. Cash receipts for customer deposits totaled $2,355. 6. Cash collections on customer accounts totaled $2,856,083, of which $203,315 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,419,204; interest (which includes the interest payable), $384,169; bond principal, $406,000; machinery and equipment, $592,179; and return of customer deposits, $924. 8. A state grant amounting to $481,252 was received to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $10,145. 10. The utility fund transferred $810,548 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $243,221 and on machinery and equipment was $364,831; the allowance for uncollectible accounts was increased by $15,111; an accrual for unbilled customer receivables was made for $709,294; accrued interest income was $16,059; and accrued interest expense was $62,222. 12. The Revenue Bond Payable account was adjusted by $406,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts. CITY OF BAY LAKE Water Utility Fund Statement of Net Position June 30, 2020 Assets Current Assets: Total Current Assets 0 Restricted Assets: Capital Assets: Total Capital Assets 0 Total Assets $ 0 Liabilities Current Liabilities: Total Current Liabilities 0 Liabilities Payable from Restricted Assets: Long-Term Liabilities: Total Liabilities $ 0 Net Position Net Investment In Capital Assets Unrestricted Total Net Position $ 0 CITY OF BAYLAKE Water Utility Fund Statement of Cash Flows For the Year Ended June 30, 2020 Cash Flows from Operating Activities: Cash Received from Customers Cash Paid To: 0 Net Cash Provided by Operations Cash Flow from Noncapital Financing Activities: 0 Net Cash Used by Noncapital Financing Activities Cash Flows from Capital and Related Financing Activities: Net Cash Used by Capital and Related Financing Activities 0 Cash Flows from Investing Activities: 0 Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents, July 1, 2019 Cash and Cash Equivalents, June 30, 2020 $ 0 Reconciliation of Cash and Cash Equivalents to the Balance Sheet End of Year Beginning of Year Cash and Cash Equivalents in Current and Accured Assets Restricted Cash and Cash Equivalents Total Cash and Cash Equivalents $ 0 $ 0 Reconciliation of Operating Income to Net Cash Provided by Operations Operating Income Adjustments: Depreciation Expense Uncollectible Accounts Increase in Accounts Receivable Increase in Accrued Utility Revenue Decrease in Due from General Fund Increase in Accounts Payable Net Cash Provided by Operating Activities $ 0 Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund. CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments Accounts receivable (net of $13,374 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable Total current assets Restricted assets: Cash Capital assets: $ 1,776,021 307,030 500, 100 29,317 82,017 2,694,485 9,199 Land $1,782, 109 5,217,821 8,493,957 15,493,887 18, 197,571 Buildings (net of $3,422,238 in accumulated depreciation) Machinery and equipment (net of $5,133,288 in accumulated depreciation) Total capital assets (net) Total Assets Liabilities Current liabilities: Accounts payable Interest payable Current portion of long-term debt Total current liabilities Liabilities payable from restricted assets: Customer deposits Long-term liabilities: Revenue bond payable Total Liabilities Net Position Net investment in capital assets Unrestricted 532,380 131,855 406,000 1,070,235 9,199 11,774,000 12,853,434 3,310, 191 2,033,946 $ 5,344,137 Following is the information of the Water Utility Fund for fiscal year 2020. 1. The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2020 totaled $2,891,136; $187,924 of the total was billed to the General Fund. 3. Cash in the amount of $252,032 was received. The cash was for interest earned on investments and $79,488 in accrued interest. 4. Expenses accrued for the period were management and administration, $349,365; maintenance and distribution, $667,988; and treatment plant, $673,936. 5. Cash receipts for customer deposits totaled $2,355. 6. Cash collections on customer accounts totaled $2,856,083, of which $203,315 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,419,204; interest (which includes the interest payable), $384,169; bond principal, $406,000; machinery and equipment, $592,179; and return of customer deposits, $924. 8. A state grant amounting to $481,252 was received to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $10,145. 10. The utility fund transferred $810,548 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $243,221 and on machinery and equipment was $364,831; the allowance for uncollectible accounts was increased by $15,111; an accrual for unbilled customer receivables was made for $709,294; accrued interest income was $16,059; and accrued interest expense was $62,222. 12. The Revenue Bond Payable account was adjusted by $406,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts. CITY OF BAY LAKE Water Utility Fund Statement of Net Position June 30, 2020 Assets Current Assets: Total Current Assets 0 Restricted Assets: Capital Assets: Total Capital Assets 0 Total Assets $ 0 Liabilities Current Liabilities: Total Current Liabilities 0 Liabilities Payable from Restricted Assets: Long-Term Liabilities: Total Liabilities $ 0 Net Position Net Investment In Capital Assets Unrestricted Total Net Position $ 0 CITY OF BAYLAKE Water Utility Fund Statement of Cash Flows For the Year Ended June 30, 2020 Cash Flows from Operating Activities: Cash Received from Customers Cash Paid To: 0 Net Cash Provided by Operations Cash Flow from Noncapital Financing Activities: 0 Net Cash Used by Noncapital Financing Activities Cash Flows from Capital and Related Financing Activities: Net Cash Used by Capital and Related Financing Activities 0 Cash Flows from Investing Activities: 0 Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents, July 1, 2019 Cash and Cash Equivalents, June 30, 2020 $ 0 Reconciliation of Cash and Cash Equivalents to the Balance Sheet End of Year Beginning of Year Cash and Cash Equivalents in Current and Accured Assets Restricted Cash and Cash Equivalents Total Cash and Cash Equivalents $ 0 $ 0 Reconciliation of Operating Income to Net Cash Provided by Operations Operating Income Adjustments: Depreciation Expense Uncollectible Accounts Increase in Accounts Receivable Increase in Accrued Utility Revenue Decrease in Due from General Fund Increase in Accounts Payable Net Cash Provided by Operating Activities $ 0