Hampshire

HAMPSHIRE COUNTY BUILDING COMMISSION

HAMPSHIRE COUNTY BUILDING COMMISSION

Statement of Net Assets

June 30, 2016

ASSETS:
Cash and cash equivalents    $           47,924
Restricted assets    565,263
Capital assets nondepreciable    277,076
Capital assets depreciable, net    7,912,411
——————–        Total assets    $      8,802,674            ——————–
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LIABILITIES:
Current liabilities:
Bonds payable – Current    225,000
Accrued revenue bond interest payable    146,898
Noncurrent liabilities:
Bonds payable    6,668,675
——————-
Total Liabilities    7,040,573
——————-
NET ASSETS:
Invested in capital assets, net of related debt    1,148,914
Restricted for debt service    565,263
Unrestricted    47,924
——————-
Total net assets    1,762,101
——————-
Total liabilities and net assets    $      8,802,674
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Statement of Revenues, Expenses, and Changes in Fund Net Assets

For the Year Ended June 30, 2016

OPERATING EXPENSES:
Professional fees     $           8,375
Contracted services    –
Office expense    439
Miscellaneous    –
Amortization    8,357
Depreciation    326,492
——————
Total operating expenses    343,663
——————
Operating income (loss)    (343,663)

NONOPERATING REVENUES/(EXPENSES):
Interest and fiscal charges    (296,875)
Interest revenue on funds    506
Intergovernmental    525,556
——————
Total nonoperating revenues    229,187
——————
Change in net assets    (114,476)
Net assets at beginning of year    $      1,876,577
——————-
Net assets at end of year         $      1,762,101
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Statement of Cash Flows

For the Year Ended June 30, 2016

Cash flows from operating activities:

Operating expenses    $        (8,814)
——————
Net cash used by operating activities        (8,814)
——————

Cash flows from capital and related financing activities
Government contributions    525,556
Purchase of property and equipment    –
Increase in other assets    (15,259)
Decrease in related debt    (220,000)
Interest paid on related debt    (299,954)
Interest earned     506
——————
Net cash provided by capital and related
financing activities    (9,151)
——————
Net decrease in cash and cash equivalents    (17,965)
Cash and cash equivalents, beginning
(including $565,453 in restricted amounts)    631,152
——————
Cash and cash equivalents, ending
(including $565,263 in restricted amounts)    $       613,187
——————
——————
Reconciliation of net income to net cash
provided by operating activities:
Operating income (loss)    $     (343,663)
——————-
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation and Amortization expense    334,849
——————
Total adjustments    334,849
——————
Net cash used by operations    $        (8,814)
——————
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Statement of Expenses by Fund
June 30, 2016

GENERAL FUND
HAMPSHIRE REVIEW    378.78
UNITED BANK    521,758.64
UNITED STATES POSTAL SERVICE    60.00
WILLIAM A. LIPPS CPA, PLLC    3,124.68
WV STATE AUDITOR    2,750.00

PROJECT FUND
SILLING ASSOCIATES    15,258.71

8-17-2c
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