TOWN OF CARY, NORTH CAROLINA
UTILITY SYSTEMS ENTERPRISE FUND
SUB-FUND COMBINING STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN FUND NET ASSETS
For the Year Ended June 30, 2007
With Comparative Totals For the Year Ended June 30, 2006
Schedule 9
 Utility System Water Sewer Utility System June 30,
Operations Projects Projects Capital Reserve 2007 2006
OPERATING REVENUES
Charges for Services $42,635,589 --- --- --- 42,635,589 36,437,686
Other Operating Revenues 1,903,886 --- --- --- 1,903,886 2,040,808
TOTAL OPERATING REVENUES 44,539,475 --- --- --- 44,539,475 38,478,494
 
OPERATING EXPENSES  
Administrative 4,182,558 --- --- --- 4,182,558 3,629,103
Water Conservation 307,765 --- --- --- 307,765 211,662
Pretreatment 334,947 --- --- --- 334,947 261,831
Field Operations 5,343,247 --- --- --- 5,343,247 4,191,560
Utility Systems Maintenance 2,062,541 --- --- --- 2,062,541 1,676,954
Water Reclamation Facilities 7,859,560 --- --- --- 7,859,560 7,398,475
Cary/Apex Water Treatment Plant 3,934,172 --- --- --- 3,934,172 3,562,616
Miscellaneous Utility System Projects --- 555,323 761,417 --- 1,316,740 912,727
Depreciation 8,847,248 --- --- --- 8,847,248 7,551,849
TOTAL OPERATING EXPENSES 32,872,038 555,323 761,417 --- 34,188,778 29,396,777
 
OPERATING INCOME (LOSS) 11,667,437 (555,323) (761,417) --- 10,350,697   9,081,717
NONOPERATING REVENUES (EXPENSES)  
Water and Sewer Development Fees --- --- --- 16,833,771 16,833,771 16,540,559
Investment Earnings, net of market adjustment 2,256,338 --- --- 5,056,816 7,313,154 3,964,396
Restricted Intergovernmental Revenue --- 1,208,612 --- --- 1,208,612 588,573
Miscellaneous Revenue 21,259 47,150 --- 6,110 74,519 77,847
Reimbursements --- --- 110,450 --- 110,450 41,050
Interest Expense, net of amount capitalized (3,859,029) --- --- --- (3,859,029) (3,777,812)
Bond Service Expense (76,015) --- --- --- (76,015) (74,777)
Bond Refunding Loss (78,135) --- --- --- (78,135) (65,218)
Sale of Capital Assets 33,873 113,520 --- --- 147,393 110,071
TOTAL NONOPERATING REVENUE (EXPENSE) (1,701,709) 1,369,282 110,450 21,896,697 21,674,720 17,404,689
INCOME (LOSS) BEFORE TRANSFERS AND CAPITAL
      CONTRIBUTIONS 9,965,728 813,959 (650,967) 21,896,697 32,025,417 26,486,406
Capital Contributions 7,338,173 --- --- --- 7,338,173 10,446,348
Transfers Out --- --- --- --- --- (149,932)
Transfers Between Sub-Funds                 (1,000,000)                   5,525,983                 14,104,386               (18,630,369)                                 ---                             ---
CHANGE IN NET ASSETS, Before Special Item 16,303,901 6,339,942   13,453,419   3,266,328   39,363,590   36,782,822
    SPECIAL ITEM - Morrisville Merger --- --- --- --- --- 39,380,705
CHANGE IN NET ASSETS, After Special Item 16,303,901 6,339,942 13,453,419 3,266,328 39,363,590 76,163,527
TOTAL NET ASSETS - Beginning of Year 265,401,148 24,559,236 37,235,402 46,475,619 373,671,405 297,507,878
Reclassifications:
Reclassification of Long-term Debt (24,682,453) --- 24,682,453 --- --- ---
Reclassification of Capital Assets Transferred from
        Construction-in-Progress 16,998,566 (3,058,116) (13,940,450) --- --- ---
           
TOTAL NET ASSETS - End of Year $274,021,162 27,841,062 61,430,824 49,741,947 413,034,995 373,671,405