FINANCIAL OPERATIONS (All Funds)

FY 2003

FY 2002

REVENUES

Operating revenues

$1,195,139

$1,046,569

EXPENSES

Operating expenses

$3,702,614

$1,870,077

Operating income (loss)

($2,507,475)

($823,508)

NONOPERATING REVENUES (EXPENSES)

Contributions

$3,300,146

$1,596,501

Transfers from SIU

$285,150

$0

Net investment income (loss)

$397,433

($203,187)

Increase (decrease) in allowance for uncollectibles

($30,917)

47,819

Decrease in present value-interest in trusts

($355,111)

($109,418)

Bond interest expense

($97,233)

($106,459)

Payments to annuitants

($2,455)

($1,689)

Loss on sale of assets held for resale

($349,014)

$0

Other nonoperating revenues (expenses)

($4,357)

$3,037

Net nonoperating revenues

$3,143,642

$1,226,604

Increase in net assets

$636,167

$403,096

NET ASSETS

Net Assets – beginning of year

$16,128,572

$15,725,476

Net Assets – end of year

$16,764,739

$16,128,572

OTHER SIGNIFICANT ACCOUNT BALANCES

2003

2002

Cash and Investments

Revenue Bonds Payable

Net Assets – Invested in capital assets

Net Assets – Restricted

Net Assets – Unrestricted

Total Net Assets

$12,637,702

$19,198,565

$1,650,000

$2,433,826

$648,799

$14,876,237

$1,239,703

$16,764,739

$11,439,720

$18,370,250

$2,000,000

$2,241,678

$361,810

$13,836,398

$1,930,364

$16,128,572

EXECUTIVE DIRECTOR

During the audit: Mr. G. Patrick Williams

Currently: Mr. G. Patrick Williams