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
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Total Liabilities 7,040,573
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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
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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
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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
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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
——————
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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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