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INDIAN RIVER COUNTY HOUSING AUTHORITY
<br />STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
<br />' Year Ended September 30, 1987
<br />Revenues:
<br />Land sales $180,000
<br />Other income 1,263
<br />Total operating revenues 181,263
<br />Operation and Maintenance Expenses:
<br />• Cost of land sold 161,740
<br />• Employee services 62,491
<br />Professional services 7,826
<br />Office expenses 8,066
<br />Miscellaneous expenses 8,117
<br />Total operating expenses 248,240
<br />Operating Loss (66,977)
<br />Non -Operating Revenues (Expenses):
<br />Subsidy from the Indian River County Board of
<br />County Commissioners 65,882
<br />• Grant revenue 12,995
<br />Interest income 257
<br />Interest expense (9,036)
<br />Total non-operating revenues (expenses) 70,098
<br />Net Income 3,121
<br />Retained Earnings, as restated, beginning .of year 20,739
<br />Retained Earnings, end of year A ?3,8CO3
<br />INDIAN RIVER COUNTY HOUSING AUTHORITY
<br />STATEMENT OF CHANGES IN FINANCIAL POSITION
<br />September 30, 1987
<br />Sources of Working Capital:
<br />From operations:
<br />Net income
<br />Working capital provided from operations
<br />Proceeds from revenue bonds payable
<br />Increase in current liabilities payable from
<br />restricted assets
<br />Increase in contributions
<br />Total sources of working capital
<br />Applications of Working Capital:
<br />Additions and acquisition of property, plant
<br />and equipment
<br />Increase in other assets
<br />Increase in restricted assets •
<br />Total applications of working capital
<br />Net Increase in Working Capital
<br />Detail of Changes in Components of Working Capital:
<br />Increase (Decrease) in Current Assets:
<br />Cash
<br />Accounts receivable
<br />Grants receivable
<br />Land inventory
<br />•(Increase) Decrease in Current Liabilities:
<br />Retainage payable
<br />Notes payable
<br />Contracts payable
<br />Accounts payable
<br />Other accrued liabilities
<br />Net Increase in Working Capital
<br />FEB 16 1988
<br />25
<br />$ 3,121
<br />3,121
<br />1,571,109
<br />2,742
<br />538,221
<br />2,115,193
<br />2,104,707
<br />894
<br />2,790
<br />2,108,391
<br />S 6,802
<br />$ (18,889)
<br />32,235
<br />128,249
<br />(153,596)
<br />(12,001)
<br />1,993
<br />128,213
<br />(93,103)
<br />(13,307)
<br />(4,993)
<br />18,803
<br />S 6.807
<br />BOOK 7Q F�GE843
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