LRWU Audit 03-word

LITTLE ROCK WASTEWATER UTILITY FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION For the Years Ended December 31, 2003 and 2002 COBB AND SUSKIE, LTD. Certified Public Accountants CONTENTS Page Independent Auditors' Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 – 2 Management’s Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 - 17 Financial Statements: Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Statements of Revenue, Expenses and Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 - 20 Statements of Cash Flows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 - 22 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 - 32 Required Supplemental Information: Schedule of Revenue and Expenses Budgeted and Actual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 - 34 Supplementary Information: Schedules of Operating Expenses by Department, Excluding Depreciation ...