Fin6 Business Planning Workbook
Fin6 Business Planning Workbook
Fin6 Business Planning Workbook
Workbook
Financial/Managerial Series
This course includes content developed by the Pennsylvania
Department of Environmental Protection in cooperation with the
following grantees:
RCAP Solutions, Inc.
Penn State Harrisburg Environmental Training Center
Training Module 6
Business Planning for Small Water Systems
Objectives:
Table of Contents
Introduction p. 2
Business Planning p. 3
Preparing a Plan p. 4
Financial Plan Example p. 12
Summary p. 23
Resources and References p. 24
1
Introduction
#1
#2
#3
2
up in a lot of customer complaints or in revenues that don’t cover
expenses).
Business Planning
#4
Is self-sustaining
3
#5
That the proposed plan is, within practical limits, the best plan
for providing water service to the community
Preparing a Plan
#6
The Business Plan can be prepared by any individual familiar with the
system and its finances (e.g., owner, operator, engineer, financial
consultant).
4
Business Planning Resources:
#7
Regardless of who prepares the plan, the responsibility for its validity
and ultimate implementation remains with the system owners.
#8
The first step is to obtain and review the Business Plan manual. We’ll
help you through this today.
The second step is to discuss the proposed business plan scope with
a DEP regional water supply engineer during a Planning Consultation
meeting. You must request this meeting by completing and submitting
a Planning Consultation Request Form to your regional DEP office.
At the same time, don’t forget to prepare for the Planning Consultation
by using the topics checklist on p. 32 of the Business Planning
Manual.
5
#9
The third step is to prepare your draft Business Plan. This can be in
conjunction with the preparation of a feasibility study.
After you have prepared draft Business Plan, the fourth step is to
schedule a Preliminary Engineering Conference with your DEP
regional water supply engineer.
Bring two copies of the draft Business Plan with you to the Preliminary
Engineering Conference. Refer to page 2 of the DEP Business Plan
Manual for specifics and page 31 for topics to be addressed.
#10
6
Recommend a specific alternative
#11
7
#12
#13
8
creating a separate system. If you are selecting a regional
approach that is the most cost effective alternative, you may
provide much less detail on the other rationale(s) used. It should
be clear why an alternative has been abandoned.
#14
9
plan. You may be able to utilize the Operation and Maintenance
Plan prepared under Part V of the Public Water Supply Manual.
PUC Tip
#15
The Financial Plan (Pages 14-17 in the Manual) should include the
following:
10
A summary of intended system rate revenue and pro forma
financial statements for a period of at least five years
#16
Let’s review what we just went over. You’ll find a short exercise in
your workbooks. Take a few minutes to answer the questions. You
can look back through your workbooks if you need to.
11
Financial Plan Example
#17
#18
12
Proposed project
o Total cost - $600,000 ($200,000 grant, $400,000 loan)
o Construction year 2, payments start in year 3
o Loan terms, 20 yrs at 3%/yr
Inflation at 3%/yr
Cash Account of $20,000, Annual Interest Income of $550 in
current year
Depreciation
o Existing system cost $1M
o 40 yr straight line depreciation, $25,000/yr
o 30 yr depreciated
Pays $2500 into a reserve account every year, interest goes into
general account
#19
13
How the Income, Expense, and Cash Flow statement can be used
as a planning tool
The importance of annual contributions to an emergency fund
The importance of reevaluating the amount contributed to the
capital replacement fund annually
#20
Operating Revenues
Operating Expenses
Non-operating Revenues
Non-operating Expenses
Taxes
Extraordinary Revenues
Extraordinary Expenses
#21
Assets
Liabilities
Fluid Equity
14
#22
#23
Operating Revenues:
Line 2: The water rates assume no increase in the customer base over
the five-year planning period. In order to pay for the proposed project
and have a capital reserve account, average rates will have to
increase from $20 per month to $35.11 per month (increase of 76%).
The system will need to increase rates each year to produce a net
positive cash flow (Line 76). This is critical to ensure the
financial capability of the system.
Line 3: Bulk water rates charged to Bigville will also increase by over
75% to produce a net positive cash flow (Line 76).
15
#24
Operating Expenses:
Line 28: Customer billing and collection costs are accounted for under
other administrative categories, including salaries, supplies, etc.
Lines 30 and 31: In this example, the legal and engineering fees
associated with the construction project are accounted for under Line
73, “Extraordinary Expenses – Capital Improvements” (Year 2).
Line 34: Depreciation assumes a straight line of $25,000 per year for
the current system, plus $15,000 per year beginning in Year 2 for the
construction project.
16
INCOME, EXPENSE AND CASH FLOW Last Year Year 1 Year 2 Year 3 Year 4 Year 5
STATEMENT 20__ 20__
9 OPERATING EXPENSES
10 Operation and Maintenance
11 Salaries (operators) $ 15,000.00 $ 15,450.00 $ 15,913.50 $ 16,390.91 $ 16,882.63 $ 17,389.11
12 Benefits $ 3,000.00 $ 3,090.00 $ 3,182.70 $ 3,278.18 $ 3,376.53 $ 3,477.82
13 Utilities $ 8,000.00 $ 8,240.00 $ 8,487.20 $ 8,741.82 $ 9,004.07 $ 9,274.19
14 Chemicals & Treatment $ 5,000.00 $ 5,150.00 $ 5,304.50 $ 5,463.64 $ 5,627.54 $ 5,796.37
15 Monitoring $ 2,500.00 $ 2,575.00 $ 2,652.25 $ 2,731.82 $ 2,813.77 $ 2,898.19
16 Materials, Supplies, Parts $ 3,000.00 $ 3,090.00 $ 3,182.70 $ 3,278.18 $ 3,376.53 $ 3,477.82
17 Transportation $ 1,500.00 $ 1,545.00 $ 1,591.35 $ 1,639.09 $ 1,688.26 $ 1,738.91
18 Purchased Water Costs $ - $ - $ - $ - $ - $ -
19 Outside Services $ 1,000.00 $ 1,030.00 $ 1,060.90 $ 1,092.73 $ 1,125.51 $ 1,159.27
20 Other $ - $ - $ - $ - $ - $ -
21 TOTAL (lines 11 through 20) $ 39,000.00 $ 40,170.00 $ 41,375.10 $ 42,616.35 $ 43,894.84 $ 45,211.69
22 Administrative
23 Salaries $ 6,000.00 $ 6,180.00 $ 6,365.40 $ 6,556.36 $ 6,753.05 $ 6,955.64
24 Benefits $ 1,000.00 $ 1,030.00 $ 1,060.90 $ 1,092.73 $ 1,125.51 $ 1,159.27
25 Building Overhead $ 1,000.00 $ 1,030.00 $ 1,060.90 $ 1,092.73 $ 1,125.51 $ 1,159.27
26 Office Supplies & Postage $ 500.00 $ 515.00 $ 530.45 $ 546.36 $ 562.75 $ 579.64
27 Insurance $ 2,000.00 $ 2,060.00 $ 2,121.80 $ 2,185.45 $ 2,251.02 $ 2,318.55
28 Customer Billing & Collection $ - $ - $ - $ - $ - $ -
29 Accounting $ 1,500.00 $ 1,545.00 $ 1,591.35 $ 1,639.09 $ 1,688.26 $ 1,738.91
30 Legal $ 1,000.00 $ 1,030.00 $ 1,060.90 $ 1,092.73 $ 1,125.51 $ 1,159.27
31 A/E & Professional Services $ - $ - $ - $ - $ - $ -
32 Other $ - $ - $ - $ - $ - $ -
33 TOTAL (lines 23 through 32) $ 13,000.00 $ 13,390.00 $ 13,791.70 $ 14,205.45 $ 14,631.61 $ 15,070.56
34 Depreciation Expense $ 25,000.00 $ 25,000.00 $ 40,000.00 $ 40,000.00 $ 40,000.00 $ 40,000.00
35 Other $ -
36 TOTAL (line 21 plus 33 plus 34 plus 35) $ 77,000.00 $ 78,560.00 $ 95,166.80 $ 96,821.80 $ 98,526.46 $ 100,282.25
#25
Non-Operating Revenues:
#26
Non-Operating Expenses:
17
Lines 48 - 52: This example assumes an annual contribution of $2500
into a capital replacement fund (Line 50). It is strongly
recommended that an annual contribution to an emergency fund
(Line 51) be considered, and that the amount contributed to the
capital replacement fund be evaluated annually, and increased as
necessary.
INCOME, EXPENSE AND CASH FLOW Last Year Year 1 Year 2 Year 3 Year 4 Year 5
STATEMENT 20__ 20__
46 NON-OPERATING EXPENSES
47 Interest Expense $ - $ 25,900.00 $ 24,800.00 $ 23,600.00
48 Interfund Transfers
49 To General Fund $ -
50 To Replacement Fund $ - $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00
51 To Emergency Fund $ -
52 To Other $ -
53 TOTAL (lines 49 through 52) $ - $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00
54 Other $ -
55 TOTAL (line 47 plus 53 plus 54) $ - $ 2,500.00 $ 2,500.00 $ 28,400.00 $ 27,300.00 $ 26,100.00
56 NET INCOME BEFORE TAXES (line 37 plus 44 less 55) $ (25,400.00) $ (22,810.00) $ (38,141.80) $ (37,788.80) $ (37,189.46) $ (36,539.25)
57
#27
Taxes:
#28
Extraordinary Revenues:
Lines 65 – 66: The $200,000 grant and $400,000 loan for the
construction project are reflected on these Lines in Year 2.
18
INCOME, EXPENSE AND CASH FLOW Last Year Year 1 Year 2 Year 3 Year 4 Year 5
STATEMENT 20__ 20__
64 EXTRAORDINARY REVENUES
65 Construction Grants $ - $ 200,000.00
66 Proceeds from Borrowing $ - $ 400,000.00
67 Equity Contribution $ -
68 Other $ -
69 TOTAL (line 65 through 68) $ - $ - $ 600,000.00 $ - $ - $ -
#29
Extraordinary Expenses:
Line 72: As noted earlier, the annual loan repayment is divided into
interest on Line 47, and principal on Line 72.
#30
Balance Sheet:
19
#31
Assets:
Line 9: Fixed Assets - This section includes all of the system’s fixed
assets, such as plant, lines, buildings, and work in progress, less the
accumulated depreciation. Accumulated depreciation (line 14)
increases every year on a pre-set schedule, in this example a straight
line 40 year schedule, although it may increase or decrease greatly in
one year if assets are bought or sold.
Line 16: Other Long Term Assets – This section includes other long
term assets. In this example, it includes a replacement fund reserve
account.
BALANCE SHEET Last Year Year 1 Year 2 Year 3 Year 4 Year 5
20__ 20__
1 ASSETS
2 Current Assets
3 Cash $ 20,000.00 $ 22,190.00 $ 24,048.20 $ 25,259.40 $ 25,969.94 $ 26,130.69
4 Investments $ - $ - $ - $ - $ - $ -
5 Accounts Receivable $ 2,300.00 $ 1,579.00 $ 1,150.00 $ 1,200.00 $ 700.00 $ 1,150.00
6 Inventories $ - $ - $ - $ - $ - $ -
7 Other $ - $ - $ - $ - $ - $ -
8 TOTAL (lines 3 through 7) $ 22,300.00 $ 23,769.00 $ 25,198.20 $ 26,459.40 $ 26,669.94 $ 27,280.69
9 Fixed Assets
10 Property, Plant & Equip at Cost $ 1,000,000.00 $ 1,000,000.00 $ 1,600,000.00 $ 1,600,000.00 $ 1,600,000.00 $ 1,600,000.00
11 Contributions in Aid of Construction $ - $ - $ - $ - $ - $ -
12 Construction Work in Progress $ - $ - $ - $ - $ - $ -
13 Other $ - $ - $ - $ - $ - $ -
14 Less Accumulated Depreciation $ 750,000.00 $ 775,000.00 $ 800,000.00 $ 840,000.00 $ 880,000.00 $ 920,000.00
15 TOTAL (lines 10 through 13 less 14) $ 250,000.00 $ 225,000.00 $ 800,000.00 $ 760,000.00 $ 720,000.00 $ 680,000.00
16 Other Long Term Assets
17 Restricted Assets/Trust Funds $ - $ - $ - $ - $ - $ -
18 Unrestricted Replacement Funds $ - $ 2,500.00 $ 5,000.00 $ 7,500.00 $ 10,000.00 $ 12,500.00
19 Unrestricted Emergency Fund $ -
20 Other $ - $ -
21 TOTAL (lines 17 through 20) $ - $ 2,500.00 $ 5,000.00 $ 7,500.00 $ 10,000.00 $ 12,500.00
22 TOTAL ASSETS (line 8 plus 15 plus 21) $ 272,300.00 $ 251,269.00 $ 830,198.20 $ 793,959.40 $ 756,669.94 $ 719,780.69
20
#32
Liabilities:
Line 24: Current Liabilities – This includes any of the system’s current
liabilities such as unpaid bills and the current portion of long term debt,
which is the principal portion of debt paid to a bank or funding agency.
Additionally, the accrued payroll (line 27) and withholdings includes the
system’s unpaid payroll expenses at the end of the year. This occurs
if the end of the fiscal year falls before the end of a pay period. It is
assumed to be $500 for this example. The long-term debt (line 32) is
the remaining principal less the current portion of debt.
BALANCE SHEET Last Year Year 1 Year 2 Year 3 Year 4 Year 5
20__ 20__
24 LIABILITIES
25 Current Liabilities
26 Accounts Payable $ - $ - $ - $ - $ - $ -
27 Accrued Payroll and Withholdings $ 500.00 $ 500.00 $ 500.00 $ 500.00 $ 500.00 $ 500.00
28 Current Portion of Long Term Debt $ - $ - $ - $ 1,000.00 $ 2,100.00 $ 3,300.00
29 Short Term Debt $ - $ - $ - $ - $ - $ -
30 Other $ - $ - $ - $ - $ - $ -
31 TOTAL (lines 26 through 30) $ 500.00 $ 500.00 $ 500.00 $ 1,500.00 $ 2,600.00 $ 3,800.00
32 Long Term Debt (less current portion) $ - $ - $ 400,000.00 $ 399,000.00 $ 396,900.00 $ 393,600.00
33 TOTAL LIABILITIES (line 31 plus 32) $ 500.00 $ 500.00 $ 400,500.00 $ 400,500.00 $ 399,500.00 $ 397,400.00
#33
Fluid Equity:
Line 36: Retained Earnings – This is the value of this system retained
by the owners of the system after Liabilities and Contributed Capital
are subtracted from the Assets. This serves to “balance” the
statement and gives us the name, “Balance Sheet.”
Line 40: Capital Stock – This should be ignored unless the water
system is a corporation.
21
contributions. Other Contributions (line 43) can include tap fees for a
new system.
BALANCE SHEET Last Year Year 1 Year 2 Year 3 Year 4 Year 5
20__ 20__
35 FLUID EQUITY
36 Retained Earnings
37 Reserved $ 271,800.00 $ 250,769.00 $ 429,698.20 $ 393,459.40 $ 357,169.94 $ 322,380.69
38 Unreserved $ - $ -
39 TOTAL (lines 37 plus line 38) $ 271,800.00 $ 250,769.00 $ 429,698.20 $ 393,459.40 $ 357,169.94 $ 322,380.69
40 Capital Stock (corporations only) $ - $ - $ - $ - $ - $ -
41 Contributed Capital
42 Government Grants $ - $ - $ 200,000.00 $ - $ -
43 Other Contributions $ - $ -
44 TOTAL (lines 42 plus 43) $ - $ - $ 200,000.00 $ - $ - $ -
45 TOTAL FUND EQUITY (line 39 plus 40 plus 44) $ 271,800.00 $ 250,769.00 $ 629,698.20 $ 393,459.40 $ 357,169.94 $ 322,380.69
#34
Before we summarize what has been covered, you will find one last
very short exercise in your workbooks. There is only one question.
Take a few minutes to answer the questions.
22
Summary
#35
23
Resources and References
#36
The following are references and resources you can use when you
have business planning questions, or are ready to study it in more
detail:
24
Appendix A: Smallville Financial Plan Form 2 -Income, Expense, and Cash Flow Statement
INCOME, EXPENSE AND CASH FLOW Last Year Year 1 Year 2 Year 3 Year 4 Year 5
STATEMENT 20__ 20__
1 OPERATING REVENUES
2 Water Rates $ 43,200.00 $ 48,800.00 $ 49,825.00 $ 73,632.00 $ 75,277.00 $ 75,837.00
3 Bulk Water Sales $ 6,800.00 $ 7,700.00 $ 7,850.00 $ 11,601.00 $ 11,860.00 $ 12,106.00
4 Fire Protection $ - $ -
5 Fees and Services $ 1,000.00 $ 1,200.00 $ 1,150.00 $ 1,200.00 $ 700.00 $ 1,150.00
6 Other $ - $ -
7 TOTAL (lines 2 through 6) $ 51,000.00 $ 57,700.00 $ 58,825.00 $ 86,433.00 $ 87,837.00 $ 89,093.00
8
9 OPERATING EXPENSES
10 Operation and Maintenance
11 Salaries (operators) $ 15,000.00 $ 15,450.00 $ 15,913.50 $ 16,390.91 $ 16,882.63 $ 17,389.11
12 Benefits $ 3,000.00 $ 3,090.00 $ 3,182.70 $ 3,278.18 $ 3,376.53 $ 3,477.82
13 Utilities $ 8,000.00 $ 8,240.00 $ 8,487.20 $ 8,741.82 $ 9,004.07 $ 9,274.19
14 Chemicals & Treatment $ 5,000.00 $ 5,150.00 $ 5,304.50 $ 5,463.64 $ 5,627.54 $ 5,796.37
15 Monitoring $ 2,500.00 $ 2,575.00 $ 2,652.25 $ 2,731.82 $ 2,813.77 $ 2,898.19
16 Materials, Supplies, Parts $ 3,000.00 $ 3,090.00 $ 3,182.70 $ 3,278.18 $ 3,376.53 $ 3,477.82
17 Transportation $ 1,500.00 $ 1,545.00 $ 1,591.35 $ 1,639.09 $ 1,688.26 $ 1,738.91
18 Purchased Water Costs $ - $ - $ - $ - $ - $ -
19 Outside Services $ 1,000.00 $ 1,030.00 $ 1,060.90 $ 1,092.73 $ 1,125.51 $ 1,159.27
20 Other $ - $ - $ - $ - $ - $ -
21 TOTAL (lines 11 through 20) $ 39,000.00 $ 40,170.00 $ 41,375.10 $ 42,616.35 $ 43,894.84 $ 45,211.69
22 Administrative
23 Salaries $ 6,000.00 $ 6,180.00 $ 6,365.40 $ 6,556.36 $ 6,753.05 $ 6,955.64
24 Benefits $ 1,000.00 $ 1,030.00 $ 1,060.90 $ 1,092.73 $ 1,125.51 $ 1,159.27
25 Building Overhead $ 1,000.00 $ 1,030.00 $ 1,060.90 $ 1,092.73 $ 1,125.51 $ 1,159.27
26 Office Supplies & Postage $ 500.00 $ 515.00 $ 530.45 $ 546.36 $ 562.75 $ 579.64
27 Insurance $ 2,000.00 $ 2,060.00 $ 2,121.80 $ 2,185.45 $ 2,251.02 $ 2,318.55
28 Customer Billing & Collection $ - $ - $ - $ - $ - $ -
29 Accounting $ 1,500.00 $ 1,545.00 $ 1,591.35 $ 1,639.09 $ 1,688.26 $ 1,738.91
30 Legal $ 1,000.00 $ 1,030.00 $ 1,060.90 $ 1,092.73 $ 1,125.51 $ 1,159.27
31 A/E & Professional Services $ - $ - $ - $ - $ - $ -
32 Other $ - $ - $ - $ - $ - $ -
33 TOTAL (lines 23 through 32) $ 13,000.00 $ 13,390.00 $ 13,791.70 $ 14,205.45 $ 14,631.61 $ 15,070.56
34 Depreciation Expense $ 25,000.00 $ 25,000.00 $ 40,000.00 $ 40,000.00 $ 40,000.00 $ 40,000.00
35 Other $ -
36 TOTAL (line 21 plus 33 plus 34 plus 35) $ 77,000.00 $ 78,560.00 $ 95,166.80 $ 96,821.80 $ 98,526.46 $ 100,282.25
37 OPERATING INCOME (line 7 less line 36) $ (26,000.00) $ (20,860.00) $ (36,341.80) $ (10,388.80) $ (10,689.46) $ (11,189.25)
INCOME, EXPENSE AND CASH FLOW Last Year Year 1 Year 2 Year 3 Year 4 Year 5
STATEMENT 20__ 20__
38 NON-OPERATING REVENUES
39 Interest Income $ 600.00 $ 550.00 $ 700.00 $ 1,000.00 $ 800.00 $ 750.00
40 Interfund Transfer $ -
41 Proceeds From the Sales of Assets $ -
42 Lease and Extraction Fees $ -
43 Other $ -
44 TOTAL (lines 39 through 43) $ 600.00 $ 550.00 $ 700.00 $ 1,000.00 $ 800.00 $ 750.00
45
46 NON-OPERATING EXPENSES
47 Interest Expense $ - $ 25,900.00 $ 24,800.00 $ 23,600.00
48 Interfund Transfers
49 To General Fund $ -
50 To Replacement Fund $ - $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00
51 To Emergency Fund $ -
52 To Other $ -
53 TOTAL (lines 49 through 52) $ - $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00
54 Other $ -
55 TOTAL (line 47 plus 53 plus 54) $ - $ 2,500.00 $ 2,500.00 $ 28,400.00 $ 27,300.00 $ 26,100.00
56 NET INCOME BEFORE TAXES (line 37 plus 44 less 55) $ (25,400.00) $ (22,810.00) $ (38,141.80) $ (37,788.80) $ (37,189.46) $ (36,539.25)
57
58 TAXES
59 Income Taxes $ -
60 Other than Income Taxes $ -
61 TOTAL (line 59 plus 60) $ - $ - $ - $ - $ - $ -
62 NET INCOME AFTER TAXES (line 56 less 61) $ (25,400.00) $ (22,810.00) $ (38,141.80) $ (37,788.80) $ (37,189.46) $ (36,539.25)
63
64 EXTRAORDINARY REVENUES
65 Construction Grants $ - $ 200,000.00
66 Proceeds from Borrowing $ - $ 400,000.00
67 Equity Contribution $ -
68 Other $ -
69 TOTAL (line 65 through 68) $ - $ - $ 600,000.00 $ - $ - $ -
70
71 EXTRAORDINARY EXPENSES
72 Debt Repayment - Principal $ - $ 1,000.00 $ 2,100.00 $ 3,300.00
73 Capital Improvements, Acquisition of Plant & Equipment $ - $ 600,000.00
74 Other $ -
75 TOTAL (line 72 through 74) $ - $ - $ 600,000.00 $ 1,000.00 $ 2,100.00 $ 3,300.00
76 CASH FLOW (line 62 plus 34 plus 69 less 75) $ (400.00) $ 2,190.00 $ 1,858.20 $ 1,211.20 $ 710.54 $ 160.75
25
Appendix B: Smallville Financial Plan Form 3 – Balance Sheet
20__ 20__
1 ASSETS
2 Current Assets
3 Cash $ 20,000.00 $ 22,190.00 $ 24,048.20 $ 25,259.40 $ 25,969.94 $ 26,130.69
4 Investments $ - $ - $ - $ - $ - $ -
5 Accounts Receivable $ 2,300.00 $ 1,579.00 $ 1,150.00 $ 1,200.00 $ 700.00 $ 1,150.00
6 Inventories $ - $ - $ - $ - $ - $ -
7 Other $ - $ - $ - $ - $ - $ -
8 TOTAL (lines 3 through 7) $ 22,300.00 $ 23,769.00 $ 25,198.20 $ 26,459.40 $ 26,669.94 $ 27,280.69
9 Fixed Assets
10 Property, Plant & Equip at Cost $ 1,000,000.00 $ 1,000,000.00 $ 1,600,000.00 $ 1,600,000.00 $ 1,600,000.00 $ 1,600,000.00
11 Contributions in Aid of Construction $ - $ - $ - $ - $ - $ -
12 Construction Work in Progress $ - $ - $ - $ - $ - $ -
13 Other $ - $ - $ - $ - $ - $ -
14 Less Accumulated Depreciation $ 750,000.00 $ 775,000.00 $ 800,000.00 $ 840,000.00 $ 880,000.00 $ 920,000.00
15 TOTAL (lines 10 through 13 less 14) $ 250,000.00 $ 225,000.00 $ 800,000.00 $ 760,000.00 $ 720,000.00 $ 680,000.00
16 Other Long Term Assets
17 Restricted Assets/Trust Funds $ - $ - $ - $ - $ - $ -
18 Unrestricted Replacement Funds $ - $ 2,500.00 $ 5,000.00 $ 7,500.00 $ 10,000.00 $ 12,500.00
19 Unrestricted Emergency Fund $ -
20 Other $ - $ -
21 TOTAL (lines 17 through 20) $ - $ 2,500.00 $ 5,000.00 $ 7,500.00 $ 10,000.00 $ 12,500.00
22 TOTAL ASSETS (line 8 plus 15 plus 21) $ 272,300.00 $ 251,269.00 $ 830,198.20 $ 793,959.40 $ 756,669.94 $ 719,780.69
23
24 LIABILITIES
25 Current Liabilities
26 Accounts Payable $ - $ - $ - $ - $ - $ -
27 Accrued Payroll and Withholdings $ 500.00 $ 500.00 $ 500.00 $ 500.00 $ 500.00 $ 500.00
28 Current Portion of Long Term Debt $ - $ - $ - $ 1,000.00 $ 2,100.00 $ 3,300.00
29 Short Term Debt $ - $ - $ - $ - $ - $ -
30 Other $ - $ - $ - $ - $ - $ -
31 TOTAL (lines 26 through 30) $ 500.00 $ 500.00 $ 500.00 $ 1,500.00 $ 2,600.00 $ 3,800.00
32 Long Term Debt (less current portion) $ - $ - $ 400,000.00 $ 399,000.00 $ 396,900.00 $ 393,600.00
33 TOTAL LIABILITIES (line 31 plus 32) $ 500.00 $ 500.00 $ 400,500.00 $ 400,500.00 $ 399,500.00 $ 397,400.00
34
35 FLUID EQUITY
36 Retained Earnings
37 Reserved $ 271,800.00 $ 250,769.00 $ 429,698.20 $ 393,459.40 $ 357,169.94 $ 322,380.69
38 Unreserved $ - $ -
39 TOTAL (lines 37 plus line 38) $ 271,800.00 $ 250,769.00 $ 429,698.20 $ 393,459.40 $ 357,169.94 $ 322,380.69
40 Capital Stock (corporations only) $ - $ - $ - $ - $ - $ -
41 Contributed Capital
42 Government Grants $ - $ - $ 200,000.00 $ - $ -
43 Other Contributions $ - $ -
44 TOTAL (lines 42 plus 43) $ - $ - $ 200,000.00 $ - $ - $ -
45 TOTAL FUND EQUITY (line 39 plus 40 plus 44) $ 271,800.00 $ 250,769.00 $ 629,698.20 $ 393,459.40 $ 357,169.94 $ 322,380.69
TOTAL LIABILITIES AND FUND EQUITY (line
46 33 plus 45) $ 272,300.00 $ 251,269.00 $ 1,030,198.20 $ 793,959.40 $ 756,669.94 $ 719,780.69
26