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COUNTY OF HAWAII
<br /> Proprietary Funds
<br /> Statement of Revenues,Expenses,and Changes in Fund Net Assets
<br /> For the Fiscal Year Ended June 30,2007
<br /> Business-type Activities-
<br /> Enterprise Funds
<br /> Kulaimano Ouli Ekahi
<br /> Elderly Affordable
<br /> Housing Housing
<br /> Project Project Total
<br /> Operating revenues:
<br /> Rental receipts from tenants $ 106,772 $ 233,455 $ 340,227
<br /> Rental subsidy from federal government-HUD 134,211 - 134,211
<br /> Laundry receipts 2,435 - 2,435
<br /> Miscellaneous - 3,140 3,140
<br /> Total operating revenues 243,418 236,595 480,013
<br /> Operating expenses:
<br /> Utilities 36,770 28,857 65,627
<br /> General and administration 96,832 108,013 204,845
<br /> Maintenance and repairs 143,092 65,088 208,180
<br /> Lease expense - 115,254 115,254
<br /> Depreciation(note 6) 33,666 - 33,666
<br /> Total operating expenses 310,360 317,212 627,572
<br /> Operating loss (66,942) (80,617) (147,559)
<br /> Nonoperating revenues(expenses):
<br /> Investment income 35,464 87 35,551
<br /> Interest expense (70,380) - (70,380)
<br /> Loss on disposal of assets (377) - (377)
<br /> Total nonoperating revenue(expenses) (35,293) 87 (35,206)
<br /> Change in net assets (102,235) (80,530) (182,765)
<br /> Net assets,beginning of year 856,582 457,180 1,313,762
<br /> Net assets,end of year $ 754,347 $ 376,650 $ 1,130,997
<br /> See accompanying notes to the basic financial statements.
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