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Cape Gazette
Lewes, Delaware
Jim's Towing Service
March 27, 1998     Cape Gazette
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March 27, 1998
 

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CAPE GAZETTE, Friday, March 27 - April 2, 1998 - 25 PU LI WOR BOARD OF PUBLIC WORKS CONSOLIDATED INVESTMENT IN MUNICIPAL|TY ELECTRIC. WATER AND SEWER DEPARTMENTS EXHmIT D BOARD OF PUBLIC WORKS CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 'YEARS ENDED SEPTEMBER 30. 1997 AND SEPTEMBER 30. 1996 FOR THE YEARS ENDED SEPTEMBER 30. 1997 AND SEPTEMBER 30, 1996 Balance - beginning of year Add: Net increase m plant capital Less: Net increase in depreciation during the year Balance - end of year [997 1996 $ 7,370,566 $ 7,487,805 655.243 323.675 8,025,809 7,811,480 451,907 440,914 $ 7.573.902 $ 7.370.566 The accompanying notes are an integral part of these financial statements. BOARD OF PUBLIC WORKS NOTES TO FINANCIAL STATEMENTS $EER 30, 1997 Note I - Summary of Significant Accounting Policies Invent.. Inventory is stated at cost and is determined on the first-in, first-out method. Plant and Equipment l=lant and equipment are carried at cost. Depredation has been provided on the straight-line method at rates calculated to provide for the retirement of property and equipment at the Cash Flow from Operating, Activities Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation Changes in assets and liabilities (Inca'ease) decrease in restricted cash and investments ( 275,194) (Increase) decrease in investments ( 434,953) (Increase) decrease in accounts receivable 91,528 (Increase) decrease in inventory - materials and supplies ( 73,300) (Increase) decrease in other assets ( 34,523) Increase (decrease) in accounts payable 6,910 Increase (decrease) in other liabilities ( 14.523) Net cash provided by operating activities Cash Flows from Investin= Activities Acquisition of plant and equipment Construction in progress Contributions in aid of construction Net cash (used in) investing activities Cash in Bank Beainninu of Ymr Cash in Bank End of Ye,r S upolemental Disclosure of Cash FlOw Information Cash paid during the year for interest 1997 1996 $ 822,635 $ 870,114 451,907 440,914 540.487 end of ts tmated useh] I'lh Accounts Receivable Accounts receivable are recorded net of doubtful accounts. (195,407) (459,836) 162.066  493.177) 47,310 55.556 S 623.1 S 1_129 The accompanying notes are an integral part of these financial statements. Investments Investments are recorded at cost plus accrued interest. ( 64,705) ( 292,o9"0 92O (292,519) ( 17,477) ( 6,049) 38.42O 67._SXL_t (276,504) ( 4171) 30.019 ( 293.656) 383,865 s 575.856 s 526 insumr.e coverage are coilatendized by US. obligations. Note 4 - Employee welfare expense. The cost for the employees pension plan w/is $ 53,573 for the fiscal year. As 0f Septemher 30, 1997 the liability for accrued vacation was $ 72,369. & Light Company. The Board's generating plant is on stand-by to be used at various times during high demand periods of Delmarva Power & Light Company, in order to reduce the cost of power purchased. Note 3 - Cash - Restricted cash is maintained to account for those resources currently available for use, but expendable only for pturposes specified by the Board. Funds on deposit that exceeded the FDIC Note 2 - In October 1973 the Board began purchasing the majority of its power from the Deimarva Power