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CONDENSED FINANCIAL STATEMENTS
<br />Statements of Net Assets
<br />' June 30,.
<br /> 2005 2004
<br />Capital Assets:
<br />Producing assets $ 64,544,375 $ 64,186,004
<br />Construction work in progress - 4,157,258 6,612,352
<br />Current assets, and restricted assets 29,755,533 25,968,721
<br />Total Assets 98,457,166 96,767,077
<br />f Current Liabilities 2,391,359 2,871,769
<br />Long-term Liabilities 51,111 70,677
<br />Total Liabilities 2,442,470 2,942,446
<br />-Net Assets:
<br />Invested in capital. assets 68,701,633 70,798,356
<br />Restricted for capital improvement 8,809,944 4,851,430
<br />Unrestricted 18,503,119 18,174,845
<br />Total Net Assets $ .96,014,696 $ 93,824,631
<br />The largest portion of MWMC's net assets is its investment in capital assets. These assets,
<br />although not available for future spending; are free of .debt.
<br />Condensed Statements of Revenues, Expenses, and Changes in Net Assets
<br /> Years Ended June 30,
<br /> 2005 2004
<br />Operating Revenues ~ $ .15,041,499 $ 11,366,186
<br />Operating Expenses 15,377,686 15,325,209
<br />
<br />Operating Loss (336,187) (3,959,023)
<br />Non-operating Revenues (Expenses) 2,526,253 1,844,018
<br />
<br />Net Income (Loss) $ 2,190,066 $ (2,115,005)
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