| TOWN OF CARY, NORTH CAROLINA | |||
| STATEMENT OF CASH FLOWS | |||
| PROPRIETARY FUNDS | |||
| For the Year Ended June 30, 2007 | |||
| EXHIBIT N | Utility | Governmental | |
| Systems | Activities - | ||
| Enterprise | Internal | ||
| Fund | Service Funds | ||
| OPERATING ACTIVITIES | |||
| Cash received from customers | $41,777,667 | 10,014,426 | |
| Cash paid for goods and services | (13,194,113) | (281,920) | |
| Cash paid to or on behalf of employees for services | (11,183,409) | (169,790) | |
| Cash paid for health and dental insurance claims | --- | (7,780,846) | |
| Other operating revenues | 409,603 | --- | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 17,809,748 | 1,781,870 | |
| NONCAPITAL FINANCING ACTIVITIES | |||
| Morrisville Utility Merger Contributions | 3,407,748 | --- | |
| Receipt of Federal Grant | 1,208,612 | --- | |
| NET CASH PROVIDED BY NONCAPITAL FINANCING ACTIVITIES | 4,616,360 | --- | |
| CAPITAL AND RELATED FINANCING ACTIVITIES | |||
| Bond Proceeds | 24,941,356 | --- | |
| Bond Issuance Costs Paid | (525,820) | --- | |
| Principal Payments on Long-term Debt | (6,647,064) | --- | |
| Interest Paid on Long-term Debt | (4,746,190) | --- | |
| Morrisville Debt Payment | (394,504) | --- | |
| Water & Sewer Development Fees | 15,922,406 | --- | |
| Acquisition and Construction of Capital Assets | (30,716,479) | --- | |
| Miscellaneous Reimbursements | 110,450 | --- | |
| Proceeds from Sale of Assets | 166,469 | 6,788 | |
| NET CASH PROVIDED BY (USED IN) CAPITAL AND | |||
| RELATED FINANCING ACTIVITIES | (1,889,376) | 6,788 | |
| INVESTING ACTIVITIES | |||
| Investment Earnings, net of market adjustment | 6,695,826 | 50,250 | |
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 6,695,826 | 50,250 | |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 27,232,558 | 1,838,908 | |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 123,715,996 | 5,838,258 | |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | $150,948,554 | 7,677,166 | |
| RECONCILIATION OF OPERATING INCOME TO NET CASH | |||
| PROVIDED BY OPERATING ACTIVITIES | |||
| Operating Income | $10,350,697 | 1,540,133 | |
| Adjustments to Reconcile Operating Income | |||
| to Net Cash Provided by Operating Activities | |||
| Depreciation | 8,847,248 | 50,876 | |
| Changes in Assets and Liabilities - | |||
| Increase in Accounts Receivable | (2,213,880) | (16,309) | |
| Increase in Miscellaneous Receivable | (375,484) | --- | |
| Decrease in Inventory | --- | 12,100 | |
| Increase (Decrease) in Accounts Payable and Accrued Liabilities | 1,095,560 | (9,602) | |
| Increase in Compensated Absenses Liability | 70,061 | 2,774 | |
| Increase (Decrease) in Miscellaneous Liability | 173,872 | (244,669) | |
| Increase in Deposits | 45,076 | --- | |
| Decrease in Deferred Revenue | (593,005) | --- | |
| Miscellaneous Revenue | 409,603 | 446,567 | |
| TOTAL ADJUSTMENTS | 7,459,051 | 241,737 | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | $17,809,748 | 1,781,870 | |
| NONCASH TRANSACTIONS | |||
| Contributed Capital Assets | ($7,338,173) | --- | |
| Morrisville Utility Merger Contributions | --- | --- | |
| Capitalized Interest and Other Interest Adjustments | (725,186) | --- | |
| Loss from Assets Retired | 19,076 | --- | |
| Amortization of Deferred Loss on Refunding | 78,135 | --- | |
| Amortization of Deferred Bond Expenses | (449,805) | --- | |
| Amortization of Bond Premium | (11,784) | --- | |
| Developer Fee Credits Used | (911,365) | --- | |
| Morrisville Receivable Adjustment | --- | --- | |
| Net Change in Net Assets from Noncash Transactions |
9,339,102 | --- | |
| NET EFFECT OF NONCASH TRANSACTIONS | $ --- | --- | |
| The accompanying notes are an integral part of these basic financial statements. | |||