-351868 AUDIT NOTICE MUNICIPAL AUTHORITY OF WESTMORELAND COUNTY STATEMENTS OF NET POSITION March 31, 2024 and 2023 3/31/2024 Restated 3/31/2023 Assets Current Assets Cash and Cash Equivalents, Unrestricted 13,869,356 $ 30,684,527 Accounts Receivable, Customers, net of allowance 8,084,838 7327,912 Unbilled Water and Sewer Service 10.322,094 Other Surcharges Receivable, current portion 350,000 Capital Assets: receivables Material and Supplies Prepaid Expenses Total Current Assets Capital Assets, at cost Capital Assets- 513,241 7,458,718 1.214622 9928,769 350,000 381.570 7,080,136 595,682 41,312,860 56,348,506 958,074,217 911,281,064 (284,619,352) 673,454,865 (268,150,448) 643,131,216 Les Accumulated Depreciation Non-Current Asset Prepaid bond inarance 773,581 Surcharges Receivable, Net of Current Portion Total Non-Current Assets Restricted Assets: Special Funds Held by Trustee Restricted Cash held by Authority Total Restricted Assets Total Assets 822,566 1,119,752 1,303,113 1,343,974 2,166,140 62,765,189 97,754,612 3,628,507 2,628,293 66.393696 100,382,001 783,554,763 802,020,257 Deferred Outflows of Resources Deferred outflows of resources 13,048,871 Deferred losses on bond refindings, net of amortization 2,455,041 Total Deferred Outflows of Resources 15,503,912 20,230,683 2,655,205 22,885,978 Liabilities Current Liabilities Current Portion of Long-Term Debt 24,190,989 34,412,558 Accounts Payable Customer Service Deposits 7.766,775 1,100,978 Escrow Liabilities Accrued Compensation 3,716,768 210,654 6,462,872 1.149.278 3,436,751 206.853 Accrued Interest 2.038,356 2,053,996 Other Accrued Liabilities 825,234 859,638 Accmed Pension 276,259 238.674 Current Portion of Subscription Liability 343,541 292,303 Total Current Liabilities 40,469,554 49,112,923 Long-Term Li Long-Term Debt, Net of Car Portion and Unamortized Premiums and Discounts 423,293,085 Accrued Landfill Closure Costs Advances for Construction 4,294,915 Accred Other Post Employment Benefits Net Pension Liability 65,910,512 15,943,517 Subscription Liability. Net of Current Portion 1,885,586 Total Long-Term Liabilities $11.477431 Total Liabilities 551,946,985 149,816 435 090,413 194,772 3,630,013 66,832,000 24,329,507 2,229,126 532-0583 581,418,754 Deferred Inflows of Resources Deferred inflows of resources 37,474,123 40,463,334 Deferred gains on bond refundings, net of amortization 1,045 3,663 Total Deferred Inflows of Resources 37,475,168 40,466,997 Net Position Net Investment in Capital Assets 221.699,701 190,245,185 Restricted 3,628,507 Unrestricted (15,691,686) 3,406,445 9.377.854 Total Net Position 209,636,522 203,029,484 STATEMENTS OF REVENUE, EXPENSES AND CHANGES IN FUND NET POSITION For the Years Ended March 31, 2024 and 2023 Operating Revames Water Sales Wastewater Sales Other Operating Revenues Operating Expenses Source of Supply 108,502,293 1,075,349 3/31/2024 Restated 3/31/2023 $ 86,458,074 18,706,777 $ 3,337,442 88,048,607 17.821.176 6,437,391 112,307,174 1,038,900 Treatment System 13,600,497 11,671,599 Distribution Engineering Wastewater System Landfill 27,388.726 1,735,261 13.537077 8,978 23,650,647 Depreciation and Amortization 18,002,750 1,644,530 12.079,508 16,853,075 General and Administrative 20,934,092 Management Fee 1,750,000 Sale of Assets Operating Income Nonoperating Revenues (Expenses) Investment Income 97,632,341 10,869,952 2,673,917 (400,389) 23,573,776 1,750,000 556,194 92,322,994 19,454,180 2,810,346 Net increase in fair value of investments Interest Expense (15.572.984) Capital Contributions 2,339,794 6,206.310 6,607,038 511,226 (16,951,350) 4,350,561 10,204,963 Net Income Net Position, beginning Net Position, ending 203,029,484 192,824,521 $ 209,636,522 $ 203,029,484 -351868 AUDIT NOTICE MUNICIPAL AUTHORITY OF WESTMORELAND COUNTY STATEMENTS OF NET POSITION March 31 , 2024 and 2023 3/31/2024 Restated 3/31/2023 Assets Current Assets Cash and Cash Equivalents , Unrestricted 13,869,356 $ 30,684,527 Accounts Receivable , Customers , net of allowance 8,084,838 7327,912 Unbilled Water and Sewer Service 10.322,094 Other Surcharges Receivable , current portion 350,000 Capital Assets : receivables Material and Supplies Prepaid Expenses Total Current Assets Capital Assets , at cost Capital Assets- 513,241 7,458,718 1.214622 9928,769 350,000 381.570 7,080,136 595,682 41,312,860 56,348,506 958,074,217 911,281,064 ( 284,619,352 ) 673,454,865 ( 268,150,448 ) 643,131,216 Les Accumulated Depreciation Non - Current Asset Prepaid bond inarance 773,581 Surcharges Receivable , Net of Current Portion Total Non - Current Assets Restricted Assets : Special Funds Held by Trustee Restricted Cash held by Authority Total Restricted Assets Total Assets 822,566 1,119,752 1,303,113 1,343,974 2,166,140 62,765,189 97,754,612 3,628,507 2,628,293 66.393696 100,382,001 783,554,763 802,020,257 Deferred Outflows of Resources Deferred outflows of resources 13,048,871 Deferred losses on bond refindings , net of amortization 2,455,041 Total Deferred Outflows of Resources 15,503,912 20,230,683 2,655,205 22,885,978 Liabilities Current Liabilities Current Portion of Long - Term Debt 24,190,989 34,412,558 Accounts Payable Customer Service Deposits 7.766,775 1,100,978 Escrow Liabilities Accrued Compensation 3,716,768 210,654 6,462,872 1.149.278 3,436,751 206.853 Accrued Interest 2.038,356 2,053,996 Other Accrued Liabilities 825,234 859,638 Accmed Pension 276,259 238.674 Current Portion of Subscription Liability 343,541 292,303 Total Current Liabilities 40,469,554 49,112,923 Long - Term Li Long - Term Debt , Net of Car Portion and Unamortized Premiums and Discounts 423,293,085 Accrued Landfill Closure Costs Advances for Construction 4,294,915 Accred Other Post Employment Benefits Net Pension Liability 65,910,512 15,943,517 Subscription Liability . Net of Current Portion 1,885,586 Total Long - Term Liabilities $ 11.477431 Total Liabilities 551,946,985 149,816 435 090,413 194,772 3,630,013 66,832,000 24,329,507 2,229,126 532-0583 581,418,754 Deferred Inflows of Resources Deferred inflows of resources 37,474,123 40,463,334 Deferred gains on bond refundings , net of amortization 1,045 3,663 Total Deferred Inflows of Resources 37,475,168 40,466,997 Net Position Net Investment in Capital Assets 221.699,701 190,245,185 Restricted 3,628,507 Unrestricted ( 15,691,686 ) 3,406,445 9.377.854 Total Net Position 209,636,522 203,029,484 STATEMENTS OF REVENUE , EXPENSES AND CHANGES IN FUND NET POSITION For the Years Ended March 31 , 2024 and 2023 Operating Revames Water Sales Wastewater Sales Other Operating Revenues Operating Expenses Source of Supply 108,502,293 1,075,349 3/31/2024 Restated 3/31/2023 $ 86,458,074 18,706,777 $ 3,337,442 88,048,607 17.821.176 6,437,391 112,307,174 1,038,900 Treatment System 13,600,497 11,671,599 Distribution Engineering Wastewater System Landfill 27,388.726 1,735,261 13.537077 8,978 23,650,647 Depreciation and Amortization 18,002,750 1,644,530 12.079,508 16,853,075 General and Administrative 20,934,092 Management Fee 1,750,000 Sale of Assets Operating Income Nonoperating Revenues ( Expenses ) Investment Income 97,632,341 10,869,952 2,673,917 ( 400,389 ) 23,573,776 1,750,000 556,194 92,322,994 19,454,180 2,810,346 Net increase in fair value of investments Interest Expense ( 15.572.984 ) Capital Contributions 2,339,794 6,206.310 6,607,038 511,226 ( 16,951,350 ) 4,350,561 10,204,963 Net Income Net Position , beginning Net Position , ending 203,029,484 192,824,521 $ 209,636,522 $ 203,029,484