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MANAGEMENT'S DISCUSSION AND ANALYSIS <br />As management of the Metropolitan Wastewater Management Commission (MWMC), we offer <br />readers of MWMC's financial statement this narrative overview and analysis of the financial <br />activities of MWMC for the fiscal year ended June 30, 2005.. Please read it in conjunction with <br />MWMC basic financial statements, which begin on page 10. <br />Mission <br />The purpose of the MWMC is to protect health -and safety and the environment by providing <br />high quality wastewater. management services to the Eugene-Springfield metropolitan area. The <br />MWMC and the regional partners are committed to providing these services in a manner that is <br />effective, efficient, and meets customer service expectations. Since the mid-1990's, the staff has <br />worked together to identify key ,outcome areas within which to focus annual work plan and <br />bud et riorities. <br />g <br />p <br />Responsibility and Controls <br />The City of Springfield performs all administrative duties for the MWMC in accordance with the <br />provisions of an intergovernmental agreement among the City of Springfield, the City of Eugene <br />and MWMC. <br />The City of Eugene performs all operations and maintenance duties for the MWMC in <br />accordance with the provisions of an intergovernmental agreement among the City of Eugene, <br />j '" ' the City. of Springfield and MWMC. <br />FINANCIAL HIGHLIGHTS <br />• Total assets at June 30, 2005 were $98,457,166 and exceeded liabilities by $96,014,696 (i.e: <br />net assets): Of the total net assets, $8,809,944 was restricted for capital improvements and <br />$68,701,633 represents net assets invested in capital assets net of related debt, leaving <br />$18,503,119 unrestricted and available for future appropriation. <br />• Operating revenues for the year were $15,041,499. This is an increase of 32% from fiscal <br />year 2004 operating revenue of $11,366,186. <br />• Total operating and maintenance expenditures for the year were $8,683,637 and the total <br />administration expenditures were $2,175,569 compared to the prior year when expenditures <br />were $8,673,332 and $1,796,371 respectively. <br />5 <br />