INFANTA (QUEZON) WATER DISTRICT Infanta, Quezon BALANCE ... · Infanta, Quezon BALANCE SHEET As of December 31, 2015 ASSETS AND OTHER DEBITS (With Comparative Figures for CY 2014)

AmountCurrent Assets:

CashCash - Collecting Officer P 80,930.69

Working Fund 10,000.00

Working Fund-KFW 5,000.00

Cash in Bank - Local Currency-LBP 1,581,704.99

Cash in Bank - Local Currency, S/Account-LBP-# 1991-0011-54 7,576,439.88

Cash in Bank-Local Currency-Joint Current Account-LBP-#1992-1046-07 10,619,198.66

Total P 19,873,274.22 Receivables Accounts

Accounts Receivable-Inactive P 516,080.21

Accounts Receivable 3,191,938.17

Less: Allowance for Doubtful Accounts 29,909.25

Total P 3,678,109.13 Other Receivables

Due from Officers & Employees (Official Travel) 258,309.76

Due from Officers & Employees (Payroll, etc.) -

Receivables-Disallowance Charges -

Other Receivable 617,219.45

Total P 875,529.21 Inventories

Office Supplies Inventory P 31,815.00 Accountable Forms Inventory 98,615.04

Chemical & Filtering Supplies Inventory 24,000.00

Construction Materials Inventory 1,899,759.87

Construction Materials Inventory-KfW 3,774,691.00

Other Inventory 226,050.00

Total P 6,054,930.91 Prepayments, Deposits and Deferred Charges

Prepaid Rents 59,500.00 Deferred Charges 510,714.71 Deferred Charges-KFW Project 367,209.00 Deferred Charges-Withholding Tax 44,965.28 Other Currents Assets 20,706.43

Total Current Assets P 31,484,938.89 Non-Current Assets:

Cash in Bank - Local Currency, JS/Account-LBP-#1991-0132-76 1,611,992.03 Property, Plant & Equipment

Land and Other ImprovementsLand P 4,456,109.00 Plant, Buildings and Structure

Plant (UPIS) P 53,800,772.56

Less: Acc. Depreciation 14,387,557.46

Total P 39,413,215.10 Equipment and Machinery

Office Equipment P 1,493,463.04

Less: Acc. Depreciation 874,961.41

Total P 618,501.63 Land Transportation Equipment P 536,600.00 Less: Acc. Depreciation 94,642.50 Total P 441,957.50

Other Machinery & Equipment 1,600,581.04


Total P 1,141,131.01

Total P 2,201,590.14 Furniture, Fixtures and Books

Office Furnitures & Fixtures P 206,215.00


Total P 77,831.58 Intangible Assets 187,833.46

Less: Acc. Amortization 26,892.18

Total P 160,941.28 Construction in Progress- Plant P 639,179.17 Construction in Progress- Plant-KFW Project 11,597,638.37

Total Property, Plant and Equipment P 58,546,504.64 Other Assets P 9,776,063.51

TOTAL ASSETS AND OTHER DEBITS P 101,419,499.07

INFANTA (QUEZON) WATER DISTRICT

Infanta, Quezon

BALANCE SHEET

December 31, 2015

ASSETS AND OTHER DEBITS

Cash Inflows:

Collection of Water Bills P 2,874,665.09 P 2,768,542.26 P 33,542,211.54

Collection of Other Water Revenue 72,992.20 52,827.70 795,359.83

Refund of Overpayment of expense & Cash Advance 10,079.66 23,458.50 290,276.18

Collection of Other Receivables 45,497.91 36,596.64 545,341.15

Sale of Materials 110,927.00 88,338.00 1,260,072.08

Interest Income - 13,516.12 38,669.07

Refund ofCWIP-KfW - - 2,158.00

Proceeds of Loans - - 22,886,569.00

Refund of Pag-IBIG Payment 2,000.00 - 2,000.00

Refund of BIR - 58,000.00 58,000.00

Total Cash Inflows P 3,116,161.86 P 3,041,279.22 P 59,420,656.85

Cash Outflows:

Payment of Operating Expenses:

Payroll P 528,799.40 P 491,106.34 P 5,735,632.31

Other Personnel Benefits 480,236.57 315,343.50 3,275,881.59

Fuel/Power for Pumping/Chemicals 305,724.69 368,100.63 4,194,660.85

Other Operation and Maint. Expenses 317,635.07 376,056.99 3,327,276.52

Repair & Maintenance 3,690.00 8,424.00 253,641.00

Official Cash Advances-Official Travel 67,480.00 12,000.00 908,867.50

Payment of Payables 7,757,656.97 232,003.28 10,946,346.05

Purchase of Office Supplies Inventory 5,900.00 6,180.00

Purchase of Accountable Forms Inventory 61,758.00

Purchase of Const. Materials Inventory 13,526.50

Purchase of Other Inventory 19,076.39

Payment of Prepaid Expense 15,200.00

Remittance of GSIS/PAGIBIG/PHILHEALTH & Taxes 430,115.76 921,196.24 5,173,846.60

Total Cash Outflows P 9,897,238.46 P 2,724,230.98 P 33,931,893.31

Total Cash Provided (used) by Operating Activities P (6,781,076.60) P 317,048.24 P 25,488,763.54

CASH FLOWS FROM INVESTING ACTIVITIES

Cash Inflows:

Proceeds from Short-Term Investments

Subsidies from LGU/Barangays

Total Cash Inflows P - P - P -

Cash Outflows:

Investments in Securities P - P - P -

Purchase/Construction of

Construction Work in Progress (Plant) 147,510.00

Construction Work in Progress (Plant)-KfW Project 858,892.36 746,356.91 6,925,854.22

Office Equipment, Furniture and Fixtures - 49,255.00

Transportation Equipment 189,400.00

Other Machinery and Equipment 705,000.00

Intangible Assets 100,500.00

Mortgage Payable 40,068.67 39,781.09 455,537.52

Total Cash Outflows P 898,961.03 P 786,138.00 P 8,573,056.74

Total Cash Provided (used) by Investing Activities P (898,961.03) P (786,138.00) P (8,573,056.74)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash Inflows:

Proceeds from Borrowings (Loan Payable)

Tota Cash Inflows P - P - P -

Cash Outflows:

Cash payment of interest on loans payable & other finance chargeP 64,103.43 P 63,928.01 P 818,820.68

Payment of Domestic & Foreign Loans 86,930.00 87,393.00 1,018,867.00

Other Deferred Charges - 52,193.08 112,693.08

Other Deferred Charges-KfW Project 30,000.00 26,000.00 259,949.00

Total Cash Outflows P 181,033.43 P 229,514.09 P 2,210,329.76

Total Cash Provided (used) by Investing Activities P (181,033.43) P (229,514.09) P (2,210,329.76)

CASH PROVIDED BY OPERATING, INVESTING

AND FINANCING ACTIVITIES P (7,861,071.06) P (698,603.85) P 14,705,377.04

ADD: CASH AND CASH EQUIVALENTS - BEGINNING 30,044,941.16 22,183,870.10 6,779,889.21

CASH AND CASH EQUIVALENTS, ENDING P 22,183,870.10 P 21,485,266.25 P 21,485,266.25


Infanta, Quezon

CASH FLOW STATEMENT

For the month of December 31, 2015

Previous Current YTD

CASH FLOW FROM OPERATING ACTIVITIES

Dr. Cr. Dr. Cr. Dr Cr.

102 Cash Collecting Officer 80,930.69 80,930.69

103 Working Fund 10,000.00 10,000.00

103-1 Working Fund-KFW 5,000.00 5,000.00

107 Cash in Bank-LC-LBP 1,581,704.99 1,581,704.99

107-1 Cash in Bank-SA-LBP 7,576,439.88 7,576,439.88

107-2 Cash in Bank-JSA-LBP 1,611,992.03 1,611,992.03

107-3 Cash in Bank-JCA-LBP 10,619,198.66 10,619,198.66

111 Accounts Receivable 3,191,938.17 3,191,938.17

111-1 Accounts Receivable-Inactive 516,080.21 516,080.21

135 Due from Officers & Emp. 258,309.76 258,309.76

135-1 Due from Officers & Emp. - -

136 Receivables-Disallowance Charges - -

149 Others Receivables 617,219.45 617,219.45

149-1 Others Receivables (Sales of Materials) - -

151 Office Supplies Inventory 31,815.00 31,815.00

151-1 Office Supplies Inv.(Acct. Forms) 98,615.04 98,615.04

158 Chemical & Filtering Supplies Intry. 24,000.00 24,000.00

168 Const. Matls. Inventory 1,899,759.87 1,899,759.87

168-1 Const. Matls. Inventory-KfW 3,774,691.00 3,774,691.00

169 Other Inventory 226,050.00 226,050.00

171 Prepaid Rent 59,500.00 59,500.00

177 Guaranty Deposits - - -

189 Deferred Charges 510,714.71 510,714.71

189-1 Deferred Charges-KFW Project 367,209.00 367,209.00

189-2 Deferred Charges 44,965.28 44,965.28

201 Land 4,456,109.00 4,456,109.00

203 Utility Plant in Service 53,800,772.56 53,800,772.56

303 Accum. Depreciation 14,387,557.46 14,387,557.46

207 Office Equipment 1,493,463.04 1,493,463.04

307 Accum. Depreciation 874,961.41 874,961.41

214 Land Transport Equipment 536,600.00 536,600.00


225 Other Machinery & Equipment 1,600,581.04 1,600,581.04


226 Furnitures and Fixtures 206,215.00 206,215.00


261 Intangible Assets 187,833.46 187,833.46

361 Accum. Amortization 26,892.18 26,892.18

243 Const. In Progress-Plant (UPIS) 639,179.17 639,179.17

243-1 Const. In Progress-Plant (UPIS)-KFW Project11,597,638.37 11,597,638.37

279 Other Assets 9,776,063.51 9,776,063.51

279-1 Other Current Assets 20,706.43 20,706.43

301 Allow. for Doubtful Account 29,909.25 29,909.25

401 Accounts Payable 320,336.00 320,336.00

406 Interest Payable 236,058.66 236,058.66

412 Due to BIR 378,202.80 378,202.80

413-1 Due to GOCC-GSIS 120,551.55 120,551.55

413-2 Due to GOCC-PAGIBIG 69,306.36 69,306.36

413-3 Due to GOCC-PHILHEALTH 19,303.50 19,303.50

423 Due to Officers and Employees 99.99 99.99

429 Others Payable 126,188.74 126,188.74

429-1 Others Payable-Barangay 231,067.58 231,067.58

431 Mortgage Payable 2,530,732.92 2,530,732.92

433 Loans Payable-Domestic 34,572,214.41 34,572,214.41

434 Current Portion on Long Term Debt - -

459 Other Deffered Credits 8,718.00 8,718.00

471 Government Equity 76,000.00 76,000.00

479 Donated Capital (OPIC) 225,005.74 225,005.74

481 Retained Earnings 52,321,680.38 52,321,680.38

Sub-Total 117,421,295.32 107,237,262.88 117,421,295.32 107,237,262.88


Working Paper

December 31, 2015

A/C Account NameTrial Balance Income Statement Balance Sheet

CY 2014 CY 2015Current Assets:

CashCash - Collecting Officer P 94,732.56 P 80,930.69 Working Fund 10,000.00 10,000.00 Working Fund-KFW - 5,000.00 Cash in Bank - Local Currency-LBP 1,080,415.87 1,581,704.99 Cash in Bank - Local Currency, S/A - LBP-# 1991-0011-54 4,658,351.20 7,576,439.88 Cash in Bank-Local Currency-Joint Current Account-LBP-#1992-1046-07 - 10,619,198.66

Total P 5,843,499.63 P 19,873,274.22 Receivables Accounts

Accounts Receivable-Inactive P 516,080.21 P 516,080.21 Accounts Receivable 2,156,631.87 3,191,938.17 Less: Allowance for Doubtful Accounts 29,909.25 29,909.25

Total P 2,642,802.83 P 3,678,109.13 Other Receivables

Due from Officers & Employees (Official Travel) 408,649.08 258,309.76 Due from Officers & Employees (Payroll, etc.) - - Receivables-Disallowance Charges - - Other Receivable 538,382.60 617,219.45

Total P 947,031.68 P 875,529.21 Inventories

Office Supplies Inventory P 39,948.75 P 31,815.00 Accountable Forms Inventory 117,363.30 98,615.04 Chemical & Filtering Supplies Inventory 62,400.00 24,000.00 Construction Materials Inventory 1,145,880.55 1,899,759.87 Construction Materials Inventory-KfW - 3,774,691.00 Other Inventory 21,860.00 226,050.00

Total P 1,387,452.60 P 6,054,930.91 Prepayments, Deposits and Deferred Charges

Prepaid Rents 43,500.00 59,500.00 Deferred Charges 529,714.46 510,714.71 Deferred Charges-KFW Project - 367,209.00 Deferred Charges-Withholding Tax - 44,965.28 Other Currents Assets 20,706.43 20,706.43

Total Current Assets P 11,414,707.63 P 31,484,938.89 Non-Current Assets:

Cash in Bank - Local Currency, JS/Account-LBP-#1991-0132-76 936,389.58 1,611,992.03 Property, Plant & Equipment

Land and Other ImprovementsLand P 4,456,109.00 P 4,456,109.00 Plant, Buildings and Structure

Plant (UPIS) P 52,337,323.78 P 53,800,772.56 Less: Acc. Depreciation 12,351,781.56 14,387,557.46

Total P 39,985,542.22 P 39,413,215.10 Equipment and Machinery

Office Equipment P 1,189,147.16 P 1,493,463.04 Less: Acc. Depreciation 764,577.09 874,961.41 Total P 424,570.07 P 618,501.63 Land Transportation Equipment P 347,200.00 P 536,600.00 Less: Acc. Depreciation 69,825.50 94,642.50 Total P 277,374.50 P 441,957.50 Other Machinery & Equipment 629,199.04 1,600,581.04 Less: Acc. Depreciation 296,618.23 459,450.03 Total P 332,580.81 P 1,141,131.01

Total P 1,034,525.38 P 2,201,590.14 Furniture, Fixtures and Books

Office Furnitures & Fixtures P 182,825.00 P 206,215.00 Less: Acc. Depreciation 119,635.17 128,383.42

Total P 63,189.83 P 77,831.58 Intangible Assets - 187,833.46 Less: Acc. Amortization - 26,892.18

Total P - P 160,941.28 Construction in Progress- Plant P 749,539.71 P 639,179.17 Construction in Progress- Plant-KFW Project - 11,597,638.37

Total Property, Plant and Equipment P 46,288,906.14 P 58,546,504.64 Other Assets P 9,776,063.51 P 9,776,063.51

TOTAL ASSETS AND OTHER DEBITS P 68,416,066.86 P 101,419,499.07

See accompanying Notes to Financial Statement


Infanta, Quezon

BALANCE SHEET

As of December 31, 2015

ASSETS AND OTHER DEBITS

(With Comparative Figures for CY 2014)

LIABILITIES, EQUITY AND OTHER CREDIT ACCOUNTS

CY 2014 CY 2015

Current Liabilities:

Payable Accounts

Accounts Payable P 132,898.00 P 320,336.00

Notes Payable - -

Total P 132,898.00 P 320,336.00

Inter-Agency Payables

Due to BIR P 280,909.03 P 378,202.80

Due to GOCC-GSIS 70,287.15 120,551.55

Due to GOCC- Pagibig 69,066.88 69,306.36

Due to GOCC-Philhealth 14,353.50 19,303.50

Total P 434,616.56 P 587,364.21

Other Payables

Due to Officer & Employee - 99.99

Due to Officer & Employee (Prov. Fund-BOD) 480.00 -

Due to Officer & Employee-Profund Loans-BOD (0.01) -

Other Payable 126,188.74 126,188.74

Total P 126,668.73 P 126,288.73

Loans/Lease Payable

Current Portion on Long Term Debt - -

Interest Payable 236,058.66 236,058.66

Total P 236,058.66 P 236,058.66

Total Current Liabilities P 930,241.95 P 1,270,047.60

Non - Current Liabilities

Loans Payable-Domestic-LWUA P 11,633,562.34 P 34,572,214.41

Mortgage Payable 2,986,270.44 2,530,732.92

Others Payable-Barangay 261,043.20 231,067.58

Total Non - Current Liabilities P 14,880,875.98 P 37,334,014.91

Total Liabilities P 15,811,117.93 P 38,604,062.51

Deferred Credits

Other Deffered Credits P 8,718.00 P 8,718.00

Equity

Government Equity, Beginning P 76,000.00 P 76,000.00

Add(Deduct) :

Donated Capital (OPIC) P 169,644.54 P 225,005.74

Retained Earnings P 40,622,703.37 P 52,321,680.38

Net Income (Loss) 11,727,883.02 10,184,032.44

Prior Years' Adjustments

Total Equity P 52,596,230.93 P 62,806,718.56

TOTAL LIABILITIES, EQUITY AND OTHER CREDIT ACCOUNTS P 68,416,066.86 P 101,419,499.07

- -


BALANCE SHEET



Infanta, Quezon


CY 2014 CY 2015INCOME

576 Gen., Trans., & Dist. Income (Water Sales) P 31,605,486.24 P 33,475,113.43 612 Interest Income 3,685.65 38,669.07 618 Other Business Income 2,065,475.06 1,908,227.92 619 Fines & Penalties-B/Income 1,224,892.60 1,418,689.31 649 Grants & Donations - -

TOTAL P 34,899,539.55 P 36,840,699.73 LESS: Sales Discounts (Water Sales) - 201,692.98 TOTAL INCOME P 34,899,539.55 P 36,639,006.75

LESS: EXPENSES

701 Salaries & Wages-Regular 6,283,972.40 8,265,981.64 710 Representation Allowance 60,000.00 93,727.20 711 Transportation Allowance 60,000.00 93,727.20 712 Clothing/Uniform Allowance 170,000.00 195,000.00 713 Honoraria 547,078.82 576,606.15 714 Year End Bonus 794,905.50 826,517.00 719 Other Bonuses & Allowances 566,000.00 948,684.00 721 Life & Ret. Insurance Contr. 610,658.11 796,275.84 722 Pagibig Contributions 21,147.52 77,600.00 723 Philhealth Contributions 61,151.70 81,275.00 724 EC Contributions 39,600.00 45,600.00 725 Provident Fund Contribution 77,288.81 -

725-1 Provident Fund Contribution-BOD 7,062.00 - 737 Vacation & Sick Leave Benefits 493,811.39 272,414.09 749 Other Personnel Benefits -OTP 538,458.80 815,681.66 751 Office Supplies Expense 221,332.25 356,047.63

751-1 Office Supplies Expense (Accountable Forms) 115,582.53 84,448.26 757 Fuel, Oil and Lubricants Expense 216,462.67 190,274.62 759 Maintenance Supplies Expense 13,715.00 12,664.00 766 Travel Expense 448,908.71 546,555.53 767 Training & Scholarship Expenses 341,600.00 426,685.34 768 Water 18,900.77 15,489.90 769 Electricity 226,064.15 199,774.27 772 Postage & Deliveries 3,435.00 4,925.00 773 Telephone Expense-Landline 41,047.95 55,442.36 774 Telephone Expense-Mobile 19,095.00 28,625.50 775 Internet Expense 12,436.00 25,553.05 778 Advertising, Promotional & Marketing Expenses 49,721.00 113,917.40 779 Taxes, Duties & Licenses 727,526.61 696,960.50 781 Insurance Premiums 46,017.27 46,772.88 782 Representation Expense 150,813.00 253,744.15 786 Rent Expense 84,000.00 141,500.00 792 Generation, Trans. & Dist. Exp. 4,835,013.93 4,566,759.84 796 Membership Dues & Contr. to Org. 10,926.60 18,312.00 803 Repair & Maint.-Plant (UPIS) 426,682.63 356,635.21 807 Repair & Maint. -Office Equip. 68,000.00 19,550.00

807-1 Repair & Maint.-I/T Equipment 2,900.00 - 814 Repair & Maint.-Land Trans. Equip. 69,445.50 72,471.00 825 Repair & Maint.-Other Machinery & Equipment 17,516.00 143,561.00 841 Donations 39,809.00 23,413.00 842 Legal Services 13,100.00 43,550.00 843 Auditing Services - - 846 Security Services 110,500.00 114,887.00 903 Depreciation Exp.-Plant (UPIS) 2,021,033.09 2,035,775.90

907 Depreciation Exp.-O/Equip. 126,190.92 123,952.98

914 Depreciation Exp.-Land Trans. Equip. 19,800.75 24,817.00 925 Depreciation Exp.-Other Machinery & Equip. 107,599.22 162,831.80 926 Depreciation Exp.-Furniture & Fixtures 10,418.00 8,748.25 931 Amortization-Intangible Assets - 13,323.52 989 Other Maint. & Opting. Exp. 1,197,305.90 548,144.89 991 Bank Charges - - 996 Interest Expense 1,027,622.03 1,889,770.75

TOTAL EXPENSES P 23,171,656.53 P 26,454,974.31

NET (LOSS) INCOME P 11,727,883.02 P 10,184,032.44




DETAILED STATEMENT OF INCOME & EXPENSES


Cash Inflows:

Collection of Water Bills P 31,361,341.28 P 33,542,211.54

Collection of Other Water Revenue 1,346,437.23 795,359.83

Refund of Overpayment of expense & Cash Advance 113,321.26 290,276.18

Collection of Other Receivables 496,113.67 545,341.15

Sale of Materials 907,057.05 1,260,072.08

Interest Income 3,685.65 38,669.07

Other Deferred Credits 119,078.75 -

Refund ofCWIP-KfW - 2,158.00

Proceeds of Loans - 22,886,569.00

Refund of Pag-IBIG Payment - 2,000.00

Refund of BIR - 58,000.00

Total Cash Inflows P 34,347,034.89 P 59,420,656.85

Cash Outflows:

Payment of Operating Expenses:

Payroll P 6,676,021.42 P 5,735,632.31

Other Personnel Benefits 1,834,933.43 3,275,881.59

Fuel/Power for Pumping/Chemicals 4,290,242.38 4,194,660.85

Other Operation and Maint. Expenses 2,023,998.16 3,327,276.52

Repair & Maintenance 240,553.50 253,641.00

Official Cash Advances-Official Travel 409,109.00 908,867.50

Refund of payment-water bill/secvice connection fee 431.20 -

Payment of Payables 4,833,229.32 10,946,346.05

Purchase of Office Supplies Inventory 6,928.00 6,180.00

Purchase of Accountable Forms Inventory 160,949.59 61,758.00

Purchase of Const. Materials Inventory 94,518.00 13,526.50

Purchase of Other Inventory - 19,076.39

Payment of Prepaid Expense - 15,200.00

Remittance of GSIS/PAGIBIG/PHILHEALTH & Taxes 3,922,292.94 5,173,846.60

Total Cash Outflows P 24,493,206.94 P 33,931,893.31

Total Cash Provided (used) by Operating Activities P 9,853,827.95 P 25,488,763.54

CASH FLOWS FROM INVESTING ACTIVITIES

Cash Inflows:

Proceeds from Short-Term Investments

Subsidies from LGU/Barangays 76,103.14 -

Total Cash Inflows P 76,103.14 P -

Cash Outflows:

Investments in Securities P - P -

Purchase/Construction of

Construction Work in Progress (Plant) 375,628.00 147,510.00

Construction Work in Progress (Plant)-KfW Project - 6,925,854.22

Plant - (UPIS) 49,200.00 -

Office Equipment, Furniture and Fixtures 118,790.00 49,255.00

Transportation Equipment - 189,400.00

Other Machinery and Equipment 137,450.04 705,000.00

Intangible Assets - 100,500.00

Mortgage Payable 416,496.48 455,537.52


Total Cash Provided (used) by Investing Activities P (1,021,461.38) P (8,573,056.74)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash Inflows:

Proceeds from Borrowings (Loan Payable)

Tota Cash Inflows P - P -

Cash Outflows:

Cash payment of interest on loans payable & other finance charge P 1,465,475.17 P 818,820.68

Payment of Domestic & Foreign Loans 914,986.77 1,018,867.00

Other Deferred Charges 83,733.31 112,693.08

Other Deferred Charges-KfW Project - 259,949.00


Total Cash Provided (used) by Investing Activities P (2,464,195.25) P (2,210,329.76)

CASH PROVIDED BY OPERATING, INVESTING

AND FINANCING ACTIVITIES P 6,368,171.32 P 14,705,377.04

ADD: CASH AND CASH EQUIVALENTS - BEGINNING 411,717.89 6,779,889.21

CASH AND CASH EQUIVALENTS, ENDING P 6,779,889.21 P 21,485,266.25


Infanta, Quezon

CASH FLOW STATEMENT


CY 2014 CY 2015


CASH FLOW FROM OPERATING ACTIVITIES


ACCOUNT NOS. P 1,080,415.87 P 1,581,704.99

4,658,351.20 7,576,439.88

936,389.58 1,611,992.03

- 10,619,198.66

TOTAL CASH IN BANK P 6,675,156.65 P 21,389,335.56

ADD: CASH ON HAND P 94,732.56 P 80,930.69

CASH BALANCE P 6,769,889.21 P 21,470,266.25

WORKING FUND P 10,000.00 P 10,000.00

WORKING FUND-KfW P - P 5,000.00

TOTAL CASH BALANCE P 6,779,889.21 P 21,485,266.25

- -



SUMMARY OF CASH BALANCE

Current Acct. # 1992-1036-51-LBP

Savings Acct. # 1991-0011-54-LBP

S/A-Reserved # 1991-0132-76-LBP

Joint Current Acct. #1992-1046-07-LBP



Infanta, Quezon

CASH FLOW STATEMENT

INFANTA (QUEZON) WATER DISTRICT Infanta, Quezon

NOTES TO FINANCIAL STATEMENTS

AGENCY BACKGROUND

Infanta (Quezon) Water District is classified as small (category D) water district. Its formation was in accordance with Presidential Decree (P.D.) 198 as amended, known as the Provincial Water Utilities Act of 193. Certificate of Conformance No. 229 was awarded to the district which entitles her, all rights and privileges to operate, as authorized by P.D. 198. The agency has three (3) operating deep wells that serve to 6,213 active and metered concessionaires. It has an average monthly water sales of P 2,907,816.90 with forty one (41) personnel complement and five (5) Board of Directors from different sector of organization, Dr. Manuel M. Maniebo- Chairman-Professional sector, Mr. Felix P. Astoveza-Vice Chairman-Education sector, Ms. Mercedes R. Esteves-Secretary/Treasurer-Women sector, Mr. Ludgero R. Recio-Member-Civic sector, and Mr. Marianito Z. Cajucom-Member-Business sector. The Local Water Utilities Administration (LWUA) provides regulatory services and technical advisory to the district when needed. 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Method of Accounting

The District uses accrual basis of accounting, and transactions are recorded on a double entry method. The accounts classification conforms with the accounts prescribed by the Commercial Practices System (CPS) - New Government Accounting System (NGAS) modified accounts. The district has adapted it with the approval of the Board of Directors. 2. CASH

The Cash-Collecting Officer amounting to P 80,930.69 was deposited on January 4, 2016 and the reserve fund is equivalent to 3% of the gross sales, amounting to P 1,611,992.03 under Non-Current Assets. These are mandatory reserves required by LWUA to the water district. 3. RECEIVABLES

CY 2014 CY 2015 Accounts Receivable - Customer (Active & Inactive) 2,672,712.08 3,708,018.38 Accounts Receivable - Others 538,382.60 617,219.45

Total Accounts Receivables 3,211,094.68 4,325,237.83 Less: Allow. for Doubtful Accounts 29,909.25 29,909.25 Total 3,181,185.43 4,295,328.58 Due from Officers & Employees 408,649.08 258,309.76

T O T A L 3,589,834.51 4,553,638.34

Cash consists of the following: CY 2014 CY 2015 Cash-Collecting Officer 94,732.56 80,930.69 Cash in Bank: Petty Cash Fund LBP – CA # 1992-1036-51 1,080,415.87 1,581,704.99 LBP – SA # 1991-0011-54 4,658,351.20 7,576,439.88 LBP – JSA # 1991-0132-76 936,389.58 1,611,992.03 LBP – JCA # 1992-1046-07 10,619,198.66 TOTAL 6,769,889.21 21,470,266.25

Out of the amount of P617,219.45 of Accounts Receivable-Others, receivables totaling to P 227,937.59 are subject of a request with the Commission on Audit for writing off, the latest communication was mailed on June 29, 2006, informing the Regional Cluster Director, Legal and Adjudication Sector, Commission on Audit, Region IV, that the request for additional requirements is beyond compliance due to the fact that records/documents were destroyed and inundated during Typhoon Winnie on November 29, 2004. 4. MATERIALS AND SUPPLIES INVENTORY CY 2014 CY 2015

Office Supplies P 39,948.75 P 31,815.00 Accountable Forms 117,363.30 98,615.04 Chemicals & Filtering Materials 62,400.00 24,000.00 Construction Materials Inventory 1,145,880.55 1,899,759.87 Construction Materials Inventory-KFW 3,774,691.00 Other Inventory 21,860.00 226,050.00 Total Inventories P 1,387,452.60 P 6,054,930.91

Materials and Supplies Inventory are valued at cost and determined on a First-In-First-Out (FIFO) Method. For inventory purposes, the Perpetual Inventory System is being used to record purchases, which include various construction materials and fittings to be used for service connections, chemicals use for treatment of water supply, various office supplies, and water meter under Other Inventory account were purchased at cost which when not yet issued are treated as Inventory and are not subject to depreciation. On the other hand issued water meters and materials & fittings for new connection are lodged under Plant (UPIS) and are subject to depreciation. Construction Materials amounting P 3,774,691.00 to be used for expansion project of water district. 5. PREPAYMENTS CY 2014 CY 2015

Prepaid Rental P 43,500.00 P 59,500.00 Prepayments of P59,500.00 represents the advance deposit for three (3) months and two (2) month advance rental on the office space being occupied by the water district. Deferred Charges of P 510,714.71 which include all charges for the acquisition of lots for two (2) proposed pumping station located at Brgy. Agos-Agos and Banugao and one (1) reservoir located at Brgy. Abiawin, parts of Water District Equity under the implementation of KFW project. Other Current Assets, the amount of P 20,706.43 accounts for the robbery loss during a break-in at the water district’s office on 2002. The Water District has applied for a relief of accountability with COA but has remained unacted to date. 6. PROPERTY, PLANT AND EQUIPMENT The account includes assets of relatively permanent character used in the normal utility operation of the water district. The breakdown of this account is as follows:

CY 2014 CY 2015

Land 4,456,109.00

4,456,109.00

Plant (Utility Plant in Service) 52,337,323.78 53,800,772.56 Less: Accum. Depreciation 12,351,781.56 14,387,557.46 Total 39,985,542.22 39,413,215.10

Office Equipments 1,189,147.16 1,493,463.04 Less: Acc. Depreciation 764,577.09 874,961.41 Net Office Equipments 424,570.07 618,501.63 Other Machinery & Equipment 629,199.04 1,600,581.04 Less: Acc. Depreciation 296,618.23 459,450.03 Net Other Machinery & Equipment 332,580.81 1,141,131.01

Trans. Equip./Motor Vehicle 347,200.00

536,600.00

Less: Acc. Depreciation 69,825.50 94,642.50 Net Trans. Equip./Motor Vehicle 277,374.50 441,957.50

Office Furniture & Fixtures 182,825.00 206,215.00

Less: Acc. Depreciation 119,635.17 128,383.42 Net Trans. Equip./Motor Vehicle 63,189.83 77,831.58

7. CONSTRUCTION WORK IN PROGRESS CY 2014 CY 2015

Construction Work- In Progress Agency Assets P 749,539.71 P 12,236,817.54

This account is usually booked to Plant (UPIS) upon completion of a specific project. 8. OTHER ASSETS

Other assets amounting to P 9,776,063.51 was obtained when the WD’s books of accounts was

reconstructed after the calamity. It was subject for our request for write-off with COA.

9. CURRENT LIABILITIES

CY 2014 CY 2015 Accounts Payable 132,898.00 320,336.00 Due to GOCC-Pagibig 69,066.88 69,306.36 Due to GOCC-Philhealth 14,353.50 19,303.50 Due to GOCC-GSIS 70,287,15 120,551.55 Due to BIR 280,909.03 378,202.80 Others Payable 126,668.73 126,188.74 T O T A L 694,183.29 1,033,888.95

Accounts Payables are payables to various suppliers used for the rehabilitation of existing water

supply and expansion of water supply to various barangays.

Due to GSIS, PAGIBIG and PHILHEALTH represent the premiums as of December 31, 2015, were remitted on January 2016 in its particular schedule of due dates.

Due to BIR represents the unremitted tax withheld from both suppliers and employees as of

December 31, 2015, were remitted on or before January 10, 2016. Others Payables-Barangay P231,067.58 under Non-current Liabilities are payables to various

Barangay, Local Governments of Infanta, Quezon for labor and materials used in the expansion and/or rehabilitation of water supply which was shouldered in advance by said barangays as per Memorandum of Agreement/s signed with the Water District.

Documents

INFANTA (QUEZON) WATER DISTRICT Infanta, Quezon BALANCE ... · Infanta, Quezon BALANCE SHEET As of December 31, 2015 ASSETS AND OTHER DEBITS (With Comparative Figures for CY 2014)