| TOWN OF CARY, NORTH CAROLINA | |||
| STATEMENT OF CASH FLOWS | |||
| PROPRIETARY FUNDS | |||
| For the Year Ended June 30, 2005 | |||
| EXHIBIT N | Utility | Governmental | |
| Systems | Activities - | ||
| Enterprise | Internal | ||
| Fund | Service Funds | ||
| OPERATING ACTIVITIES | |||
| Cash received from customers | $32,835,426 | 8,971,028 | |
| Cash paid for goods and services | (12,204,624) | (194,178) | |
| Cash paid to or on behalf of employees for services | (8,944,686) | (499,139) | |
| Cash paid for health and dental insurance claims | --- | (7,289,016) | |
| Other operating revenues | 786,324 | --- | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 12,472,441 | 988,695 | |
| NONCAPITAL FINANCING ACTIVITIES | |||
| Receipt of Federal Grant | 2,251,565 | --- | |
| CAPITAL AND RELATED FINANCING ACTIVITIES | |||
| Bond Proceeds | 7,200,528 | --- | |
| Bond Issuance Costs Paid | (66,653) | --- | |
| Principal Payments on Long-term Debt | (5,638,233) | --- | |
| Interest Paid on Long-term Debt | (4,711,224) | --- | |
| Water & Sewer Development Fees | 6,489,188 | --- | |
| Acquisition and Construction of Capital Assets | (20,901,622) | (19,309) | |
| Proceeds from Sale of Assets | 9,764 | 5,834 | |
| NET CASH USED IN CAPITAL AND RELATED | |||
| FINANCING ACTIVITIES | (17,618,252) | (13,475) | |
| INVESTING ACTIVITIES | |||
| Investment Earnings, net of market adjustment | 2,637,936 | 19,564 | |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (256,310) | 994,784 | |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 111,246,156 | 2,899,584 | |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | $110,989,846 | 3,894,368 | |
| RECONCILIATION OF OPERATING INCOME TO NET CASH | |||
| PROVIDED BY OPERATING ACTIVITIES | |||
| Operating Income | $5,432,890 | 1,152,070 | |
| Adjustments to Reconcile Operating Income | |||
| to Net Cash Provided by Operating Activities | |||
| Depreciation | 6,882,865 | 63,001 | |
| Changes in Assets and Liabilities - | |||
| Decrease (Increase) in Accounts Receivable | 1,310,147 | (49,818) | |
| Increase in Miscellaneous Receivable | (205,999) | --- | |
| Increase in Inventory | --- | (50,386) | |
| Decrease in Prepaids | --- | 58,990 | |
| Increase (Decrease) in Accounts Payable and Accrued Liabilities | (964,219) | 16,295 | |
| Increase in Compensated Absenses Liability | 29,315 | 3,697 | |
| Decrease in Miscellaneous Liability | (675,000) | (304,514) | |
| Increase in Deposits | 21,593 | --- | |
| Decrease in Deferred Revenue | (145,475) | --- | |
| Miscellaneous Revenue | 786,324 | 99,360 | |
| TOTAL ADJUSTMENTS | 7,039,551 | (163,375) | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | $12,472,441 | 988,695 | |
| NONCASH TRANSACTIONS | |||
| Contributed Capital Assets | ($687,687) | (1,647) | |
| Capitalized Interest and Other Interest Adjustments | (703,333) | --- | |
| Loss from Assets Retired | 101,708 | --- | |
| Amortization of Deferred Loss on Refunding | 65,218 | --- | |
| Amortization of Deferred Bond Expenses | 88,637 | --- | |
| Amortization of Bond Premium | (10,115) | --- | |
| Developer Fee Credits Used | (480,648) | --- | |
| Net Change in Net Assets from Noncash Transactions |
1,626,220 | 1,647 | |
| NET EFFECT OF NONCASH TRANSACTIONS | $ --- | --- | |
| The accompanying notes are an integral part of these basic financial statements. | |||