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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, 2017
<br />Condensed Financial Information (Continued)
<br />STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
<br />2017
<br />Changes in net position
<br />Operating revenues - water sales
<br />$ 46,488,237
<br />Operating expenses
<br />(53,553,221)
<br />Operating loss
<br />(7,064,984)
<br />Nonoperating revenues
<br />1,087,084
<br />Nonoperating expenses
<br />(2,249,216)
<br />Loss before contributions
<br />(8,227,116)
<br />Contributions in aid of construction
<br />9,310,212
<br />Change in net position
<br />1,083,096
<br />Net position beginning of fiscal year 247,815,132
<br />Net position end of fiscal year $ 248,898,228
<br />Financial Analysis
<br />2016
<br />(as restated)
<br />$ 47,212,469
<br />(49, 276, 999)
<br />(2,064,530)
<br />1,081,733
<br />(2,043,058)
<br />(3,025,855)
<br />17, 008, 622
<br />13, 982, 767
<br />233, 832, 365
<br />$ 247,815,132
<br />Capital assets, net increased by $7.8 million, or 2.66%, in the fiscal year ended June 30, 2017
<br />(FY2017), due primarily to increases in distribution reservoirs of $4.0 million, electrical pumping
<br />equipment of $1.8 million, distribution mains of $0.9 million, and construction work in progress of
<br />$13.0 million, offset by depreciation of $14.9 million.
<br />Other assets increased by $0.7 million, or 1.10%, in FY2017, due primarily to an increase in
<br />cash, cash equivalents, and investments of $7.1 million, offset by a reduction in
<br />intergovernmental receivables of $6.7 million.
<br />Deferred outflows of resources increased by $7.0 million, or 144.40%, in FY2017, due primarily
<br />to changes in actuarial assumptions of $5.0 million, and net differences between projected and
<br />actual pension investment earnings of $1.8 million.
<br />Long-term debt increased by $5.6 million, or 9.36%, in FY2017, due primarily to receipt of State
<br />of Hawaii revolving fund loan proceeds of $12.0 million, offset by loan repayments of $4.5
<br />million and loan forgiveness of $1.7 million.
<br />Other liabilities increased $9.7 million, or 20.90%, in FY2017, due primarily to a $10.3 million
<br />increase in net pension liability.
<br />Net position increased by $1.5 million, or 0.62%, in FY2017, due primarily to the results of
<br />operations.
<br />Operating revenues decreased by $0.7 million, or 1.53%, in FY2017, due primarily to a $2.7
<br />million decrease in power cost charge revenue, offset by a $1.0 million increase in consumption
<br />revenue, a $0.6 million increase in standby revenue, and energy projects revenue of $0.4
<br />million.
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