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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 />June 30, 2020 and 2019
<br />
<br />Condensed Financial Information (Continued)
<br />
<br />STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
<br />
<br /> 2020 2019 2018
<br />Changes in net position
<br /> Operating revenues - water sales $ 49,052,933 $ 49,218,324 $ 45,016,591
<br /> Operating expenses $ 58,447,601 $ 58,985,608 $ 56,198,520
<br /> Operating loss $ (9,394,668) $ (9,767,284) $(11,181,929)
<br /> Nonoperating revenues $ 1,475,971 $ 1,478,183 $ 1,300,484
<br /> Nonoperating expenses $ (1,877,186) $ (2,246,105) $ (3,645,490)
<br /> Loss before contributions $ (9,795,883) $ (10,535,206) $ (13,526,935)
<br /> Contributions in aid of construction $ 3,202,379 $ 5,031,723 $ 8,122,713
<br /> Change in net position $ (6,593,504) $ (5,503,483) $ (5,404,222)
<br /> Net position at beginning of fiscal year $223,929,317 $229,432,800 $234,837,022
<br /> Net position end of fiscal year $217,335,813 $223,929,317 $229,432,800
<br />
<br />Financial Analysis
<br />Capital assets, net increased by $5.0 million, or 1.67%, during the fiscal years ended June 30,
<br />2020 (FY2020), due primarily to an increase in accumulated depreciation of $14.4 million, offset
<br />by increases in utility plant of $8.0 million, and CIP of $11.0 million. During the fiscal year ended
<br />June 30, 2019 (FY2019), capital assets, net decreased by $6.5 million, or 2.15%, due primarily to
<br />an increase in accumulated depreciation of $13.3 million, offset by increases in utility plant of $3.0
<br />million, and CIP of $3.4 million.
<br />
<br />Other assets decreased by $10.8 million, or 16.98%, in FY2020, due primarily to decreases in
<br />investments of $8.0 million, and intergovernmental receivables of $2.0 million. In FY2019, other
<br />assets decreased by $0.3 million, or 0.53%, due primarily to a decrease in cash and investments
<br />of $3.2 million, offset by increases in trade receivables of $0.6 million, intergovernmental
<br />receivables of $1.9 million, and interest receivable of $0.4 million.
<br />
<br />Deferred outflows of resources decreased by $2.2 million, or 17.80%, in FY2020, due primarily to
<br />a decrease in deferred outflows of resources for pensions of $2.48 million. During FY2019,
<br />deferred outflows of resources increased by $2.1 million or 21.06%, due primarily to increases in
<br />deferred outflows of resources for pensions of $1.7 million and deferred outflows of resources for
<br />OPEB of $0.4 million.
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