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County of Hawaii
<br /> Department of Water Supply
<br /> (A component unit of the County of Hawaii, State of Hawaii)
<br /> MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
<br /> Fiscal Year Ended June 30, 2021
<br /> Condensed Financial Information (Continued)
<br /> STATEMENTS OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION
<br /> 2020
<br /> 2021 (as restated)
<br /> Operating revenues -water sales $ 50,502,359 $ 49,052,933
<br /> Operating expenses 58,171,860 58,942,515
<br /> Operating loss (7,669,501) (9,889,582)
<br /> Nonoperating revenues 1,271,384 1,475,971
<br /> Nonoperating expenses (1,927,397) (1,877,186)
<br /> Loss before contributions (8,325,514) (10,290,797)
<br /> Contributions in aid of construction 4,346,580 3,202,379
<br /> Change in net position (3,978,934) (7,088,418)
<br /> Net position at beginning of fiscal year 216,098,529 223,929,317
<br /> Prior period adjustment -- (742,370)
<br /> Net position at beginning of fiscal year,
<br /> as restated 216,098,529 223,186,947
<br /> Net position end of fiscal year $ 212,119,595 $ 216,098,529
<br /> Financial Analysis
<br /> Capital assets, net increased by $2.2 million, or 0.74%, during the fiscal year ended June 30,
<br /> 2021 (FY2021), due primarily to an increase in accumulated depreciation of$14.9 million, offset
<br /> by increases in utility plant in service of $9.5 million and construction work in progress of $6.3
<br /> million.
<br /> Other assets decreased by $4.1 million, or 7.76%, in FY2021, due primarily to decreases in
<br /> investments of$2.0 million.
<br /> Deferred outflows of resources decreased by $0.02 million, or 0.20%, in FY2021, due primarily to
<br /> a decrease in deferred outflows of resources for OPEB of $0.07 million offset by an increase in
<br /> deferred outflows of resources for pensions of$0.05 million.
<br /> Long-term debt increased by $1.0 million, or 1.53%, in FY2021, due primarily to bond and loan
<br /> repayments of $5.8 million, offset by loan proceeds of $7.2 million, and refunding bond of $4.4
<br /> million with new issue of$3.7 million.
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