Source: August 26, 2015 Read More →

HAMPSHIRE COUNTY BUILDING COMMISSION

Statement of Net Assets

June 30, 2015

ASSETS:
Cash and cash equivalents    $      65,699
Restricted assets    565,453
Capital assets nondepreciable    261,817
Capital assets depreciable, net    8,238,903
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Total assets    $  9,131,872
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LIABILITIES:
Current liabilities:
Bonds payable – Current    220,000
Accrued revenue bond interest payable    149,978
Noncurrent liabilities:
Bonds payable    6,885,318
——————-
Total Liabilities    7,255,296
——————-
NET ASSETS:
Invested in capital assets, net of
related debt    1,245,424
Restricted for debt service    565,453
Unrestricted    65,699
——————-
Total net assets    1,876,576
——————-
Total liabilities and net assets    $  9,131,872
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Statement of Revenues, Expenses, and Changes in Fund Net Assets

For the Year Ended June 30, 2015

OPERATING EXPENSES:
Professional fees     $       5,626
Contracted services    –
Office expense    448
Miscellaneous    –
Amortization    8,357
Depreciation    326,492
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Total operating expenses    340,923
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Operating income (loss)    (340,923)

NONOPERATING REVENUES/(EXPENSES):
Interest and fiscal charges    (302,535)
Interest revenue on funds    46
Intergovernmental    535,975
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Total nonoperating revenues    233,486
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Change in net assets    (107,437)
Net assets at beginning of year    1,984,013
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Net assets at end of year         $ 1,876,576
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Statement of Cash Flows

For the Year Ended June 30, 2015

Cash flows from operating activities:

Operating expenses    $     (6,074)
——————
Net cash used by operating activities        (6,074)
——————

Cash flows from capital and related financing activities
Government contributions    535,975
Purchase of property and equipment    –
Decrease in other assets    (1,706)
Decrease in related debt    (215,000)
Interest paid on related debt    (305,115)
Interest earned     46
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Net cash (used) by capital and related
financing activities    14,200
——————
Net increase in cash and cash equivalents    8,126
Cash and cash equivalents, beginning    623,026
(including $522,283 in restricted amounts)    ——————
Cash and cash equivalents, ending
(including $565,453 in restricted amounts)    $    631,152
——————
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Reconciliation of net income to net cash
provided by operating activities:
Operating income (loss)    $  (340,923)
——————-
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    $     (6,074)
——————
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Statement of Expenses by Fund

June 30, 2015

GENERAL FUND
Hampshire Review    389.70
United Bank    565,739.03
United States Postal Service    58.00
William A. Lipps CPA, PLLC    3,126.33
WV State Auditor    –

PROJECT FUND
Harbel, Inc    –
Silling Associates    1,705.87

8-26-2c
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