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To The Members of Bonita Springs Utilities, Inc.:
The following pages summarize the financial position, results of operations, changes in members’ equity and cash flows for Bonita Springs Utilities, Inc. for the years ended December 31, 2003 and 2002.
Total assets grew by 21 percent during 2003, including a $44 million increase in utility plant assets. This significant investment in capital assets, necessary to meet the service needs of our expanding membership and to maintain quality service to all members, was funded with a combination of ANC (aid to new construction) fees, cash reserves and proceeds from additional borrowings. Major additions included the 6 million-gallon-per-day reverse osmosis water treatment plant and extensions to the utility’s force main and gravity sewer collection systems.
The utility’s working capital position, debt service coverage and credit ratings remain strong as we continue expanding our systems to ensure adequate capacity and quality infrastructure is in place to meet our members’ needs today and in the future.
The summary Financial Statement balances presented in this annual report are in agreement with the Financial Statements audited by Purvis, Gray and Company, Certified Public Accountants, which are contained in the utility’s 2003 audit report. The complete audit report including Notes to Financial Statements and Supplemental Information is available upon request.
Debra Bautista
Director of Finance
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