AUDIT NOTICE MUNICIPAL AUTHORITY OF WESTMORELAND COUNTY STATEMENTS OF NET POSITION March 31, 2025 and 2024 Assets 3/31/2025 Restated 3/31/2024 Capital Assets: Capital Assets, at cost Less; Accumulated Depreciation Capital Assets - net Current Assets: Cash and Cash Equivalents, Unrestricted $ Accounts Receivable, Customers, net of allowance 13,304,393 9,647,798 $ 13,869,356 8,084,838 Unbilled Water and Sewer Service 10,261,675 Surcharges Receivable, current portion 350,000 Other receivables Material and Supplies Prepaid Expenses Total Current Assets 528,220 10,322,094 350,000 513,241 7,458,718 690,082 1,214,622 43,982,366 41,812,869 1,006,197,190 (302,626,515) 703,570,675 958,074,217 (284,619,352) 673,454,865 9,200,198 Non-Current Assets: Prepaid bond insurance Surcharges Receivable, Net of Current Portion 724,596 939,570 Total Non-Current Assets 1,664,166 773,581 1,119,752 1,893,333 Restricted Assets: Special Funds Held by Trustee 100,729,080 62,765,189 Restricted Cash held by Authority Total Restricted Assets 2,312,858 103,041,938 3,628,507 66,393,696 Total Assets 852,259,145 783,554,763 Deferred Outflows of Resources Deferred outflows of resources Deferred losses on bond refundings, net of amortization 9,937,633 2,272,057 13,048,871 2,455,041 Total Deferred Outflows of Resources 12,209,690 15,503,912 Liabilities Current Liabilities: Current Portion of Long-Term Debt Accounts Payable Customer Service Deposits Escrow Liabilities Accrued Compensation Accrued Interest Other Accrued Liabilities Accrued Pension Current Portion of Lease Liability Current Portion of Subscription Liability Total Current Liabilities 16,919,414 24,190,989 7,455,013 7,766,775 1,082,863 1,100,978 442,570 210,654 5,182,002 5,028,019 2,216,182 2,038,356 830,417 825,234 316,141 276,259 489,021 415,919 343,541 35,349,542 41,780,805 Long-Term Liabilities: Long-Term Debt, Net of Current Portion and Unamortized Premiums and Discounts 480,073,187 423,293,085 Accrued Landfill Closure Costs 117,366 149,816 Advances for Construction 5,029,849 4,294,915 Accrued Other Post Employment Benefits 65,049,245 65,910,512 Net Pension Liability 17,707,130 15,943,517 Lease Liability, net of Current Portion 9,685,630 Subscription Liability, Net of Current Portion 1,594,393 1,885,586 Total Long-Term Liabilities 579,256,800 511,477,431 Total Liabilities 614,606,342 553,258,236 Deferred Inflows of Resources Deferred inflows of resources 26,404,044 Deferred gains on bond refundings, net of amortization 37,474,123 1,045 Total Deferred Inflows of Resources 26,404,044 37,475,168 Net Position Net Investment in Capital Assets 252,120,887 221,699,701 Restricted 2,312,858 3,628,507 Unrestricted Total Net Position (17,002,937) 208,325,271 STATEMENTS OF REVENUE, EXPENSES AND CHANGES IN FUND NET POSITION For the Years Ended March 31, 2025 and 2024 (30,975,296) 223,458,449 Operating Revenues: Water Sales Wastewater Sales Other Operating Revenues Operating Expenses: Source of Supply Treatment System Distribution Engineering Wastewater System 3/31/2025 Restated 3/31/2024 $ 96,535,164 $ 86,458,074 21,192,962 18,706,777 3,410,761 121,138,887 1,106,947 3,337,442 108,502,293 1,075,349 13,111,156 13,600,497 26,981,755 1,830,789 14,588,462 16,667 27,388,726 1,735,261 13,537,077 8,978 18,002,750 20,900,942 1,750,000 Landfill Depreciation and Amortization General and Administrative Management Fee Sale of Assets 19,340,338 19,182,725 1,812,433 212,862 98,184,134 Operating Income 22,954,753 Nonoperating Revenues (Expenses) Investment Income 2,032,844 Net increase in fair value of investments 820,119 Interest Expense (15,513,939) Capital Contributions 4,839,401 Net Income Net Position, beginning (restated) Net Position, ending (400,389) 97,599,191 10,903,102 2,673,917 2,339,794 (15,572,984) 6,296,359 6,640,188 15,133,178 208,325,271 201,685,083 223,458,449 $ 208,325,271 AUDIT NOTICE MUNICIPAL AUTHORITY OF WESTMORELAND COUNTY STATEMENTS OF NET POSITION March 31 , 2025 and 2024 Assets 3/31/2025 Restated 3/31/2024 Capital Assets : Capital Assets , at cost Less ; Accumulated Depreciation Capital Assets - net Current Assets : Cash and Cash Equivalents , Unrestricted $ Accounts Receivable , Customers , net of allowance 13,304,393 9,647,798 $ 13,869,356 8,084,838 Unbilled Water and Sewer Service 10,261,675 Surcharges Receivable , current portion 350,000 Other receivables Material and Supplies Prepaid Expenses Total Current Assets 528,220 10,322,094 350,000 513,241 7,458,718 690,082 1,214,622 43,982,366 41,812,869 1,006,197,190 ( 302,626,515 ) 703,570,675 958,074,217 ( 284,619,352 ) 673,454,865 9,200,198 Non - Current Assets : Prepaid bond insurance Surcharges Receivable , Net of Current Portion 724,596 939,570 Total Non - Current Assets 1,664,166 773,581 1,119,752 1,893,333 Restricted Assets : Special Funds Held by Trustee 100,729,080 62,765,189 Restricted Cash held by Authority Total Restricted Assets 2,312,858 103,041,938 3,628,507 66,393,696 Total Assets 852,259,145 783,554,763 Deferred Outflows of Resources Deferred outflows of resources Deferred losses on bond refundings , net of amortization 9,937,633 2,272,057 13,048,871 2,455,041 Total Deferred Outflows of Resources 12,209,690 15,503,912 Liabilities Current Liabilities : Current Portion of Long - Term Debt Accounts Payable Customer Service Deposits Escrow Liabilities Accrued Compensation Accrued Interest Other Accrued Liabilities Accrued Pension Current Portion of Lease Liability Current Portion of Subscription Liability Total Current Liabilities 16,919,414 24,190,989 7,455,013 7,766,775 1,082,863 1,100,978 442,570 210,654 5,182,002 5,028,019 2,216,182 2,038,356 830,417 825,234 316,141 276,259 489,021 415,919 343,541 35,349,542 41,780,805 Long - Term Liabilities : Long - Term Debt , Net of Current Portion and Unamortized Premiums and Discounts 480,073,187 423,293,085 Accrued Landfill Closure Costs 117,366 149,816 Advances for Construction 5,029,849 4,294,915 Accrued Other Post Employment Benefits 65,049,245 65,910,512 Net Pension Liability 17,707,130 15,943,517 Lease Liability , net of Current Portion 9,685,630 Subscription Liability , Net of Current Portion 1,594,393 1,885,586 Total Long - Term Liabilities 579,256,800 511,477,431 Total Liabilities 614,606,342 553,258,236 Deferred Inflows of Resources Deferred inflows of resources 26,404,044 Deferred gains on bond refundings , net of amortization 37,474,123 1,045 Total Deferred Inflows of Resources 26,404,044 37,475,168 Net Position Net Investment in Capital Assets 252,120,887 221,699,701 Restricted 2,312,858 3,628,507 Unrestricted Total Net Position ( 17,002,937 ) 208,325,271 STATEMENTS OF REVENUE , EXPENSES AND CHANGES IN FUND NET POSITION For the Years Ended March 31 , 2025 and 2024 ( 30,975,296 ) 223,458,449 Operating Revenues : Water Sales Wastewater Sales Other Operating Revenues Operating Expenses : Source of Supply Treatment System Distribution Engineering Wastewater System 3/31/2025 Restated 3/31/2024 $ 96,535,164 $ 86,458,074 21,192,962 18,706,777 3,410,761 121,138,887 1,106,947 3,337,442 108,502,293 1,075,349 13,111,156 13,600,497 26,981,755 1,830,789 14,588,462 16,667 27,388,726 1,735,261 13,537,077 8,978 18,002,750 20,900,942 1,750,000 Landfill Depreciation and Amortization General and Administrative Management Fee Sale of Assets 19,340,338 19,182,725 1,812,433 212,862 98,184,134 Operating Income 22,954,753 Nonoperating Revenues ( Expenses ) Investment Income 2,032,844 Net increase in fair value of investments 820,119 Interest Expense ( 15,513,939 ) Capital Contributions 4,839,401 Net Income Net Position , beginning ( restated ) Net Position , ending ( 400,389 ) 97,599,191 10,903,102 2,673,917 2,339,794 ( 15,572,984 ) 6,296,359 6,640,188 15,133,178 208,325,271 201,685,083 223,458,449 $ 208,325,271