URDANETA CITY WATER DISTRICT

STATEMENT OF FINANCIAL POSITION

As At December 31, 2018
(With comparative figures for 2017)

ASSETS
Note 2018 2017
CURRENT ASSETS
Cash and Other Cash Equivalents 3
Cash on Hand:
Cash- Collecting Officer ₱ 28,811.91 ₱ 12,344.41
Working Fund 20,000.00 20,000.00
Change Fund 8,000.00 8,000.00
₱ 56,811.91 ₱ 40,344.41
Cash in Bank:
Cash in Bank- Local Currency - SA 2,881,562.31 2,394,233.77
Cash in Bank- Local Currency - CA 15,406,403.24 18,261,858.45
Cash in Bank - Local Currency - TD JSA 3,664,832.58 3,661,861.50
Cash in Bank- Local Currency - TD 44,580,626.53 44,374,774.53
66,533,424.66 68,692,728.25
Total ₱ 66,590,236.57 ₱ 68,733,072.66
Investments
Other Investments 7,920.00 7,680.00
Receivable Accounts 4
Accounts Receivable - Concessionaires 11,689,234.96 12,368,861.97
Allowance for Doubtful Accounts (3,832,793.89) (3,303,589.97)
Accounts Receivable- Net 7,856,441.07 9,065,272.00
Notes Receivable 932,188.63 856,205.42
₱ 8,788,629.70 ₱ 9,921,477.42
Other Receivables:
Due from Officers and Employees 108,774.04 120,023.50
Receivable- Disallowances/Charges 209,044.65 436,375.62
Other Receivables 1,481,545.67 1,663,776.78
1,799,364.36 2,220,175.90
Total ₱ 10,587,994.06 ₱ 12,141,653.32
Inventories 5
Office Supplies Inventory 314,468.93 307,812.79
Fuel, Oil and Lubricants 532,291.09 528,891.09
Chemicals and Filtering Supplies Inventory 156,563.60 116,787.60
Non accountable forms inventory 1,575.00 -
Accountable Forms Inventory 85,198.00 -

(See Accompanying Notes to Financial Statements)

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 Note 2018 2017
Other Supplies and Materials Inventory 13,157,282.53 6,577,621.22
Total 14,247,379.15 7,531,112.70
TOTAL CURRENT ASSETS ₱ 91,433,529.78 ₱ 88,413,518.68
NON CURRENT ASSETS
Property, Plant and Equipment 6
Land and Other Improvements, net 4,525,035.64 4,352,360.60
Plant, Buildings and Structures net 191,995,302.55 183,058,956.87
Equipment and Machinery, net 20,843,708.77 16,289,651.37
Furniture, Fixtures and Books 367,103.30 485,538.89
Leased Asset Improvements 119,842.27 285,700.42
217,850,992.53 204,472,208.15
Construction in Progress 7 ₱ 21,183,824.87 ₱ 8,220,537.64

Other Assets
Advances to Officers and Employees - 4,935.45
Prepayments, Deposits and Deferred Charges 1,629,344.37 1,129,509.21
Other 1,083,795.68 901,219.58
2,713,140.05 2,035,664.24
TOTAL ASSETS ₱ 333,181,487.23 ₱ 303,141,928.71

CURRENT LIABILITIES:
Payable Accounts 8
Accounts Payable ₱ 942,555.26 ₱ 942,518.37
Inter-Agency Payables:
Due to BIR 799,528.08 230,601.75
Due to GSIS 459,900.66 392,551.46
Due to Pag-Ibig 50,355.34 101,834.24
Due to PhilHealth 31,301.77 20,237.50
Due to SSS 16,642.16 24,067.16
Due to Other Banks 157,136.22 119,008.54
₱ 1,514,864.23 ₱ 888,300.65
Other Payables:
Due to Officers and Employees 61,068.39 88,327.47
Tax Refund Payable 12,142.38 16,122.03
Trust Liabilities 2,556,827.40 1,738,562.78
2,630,038.17 1,843,012.28
Total ₱ 5,087,457.66 ₱ 3,673,831.30

Other Deferred Credits 290,647.09 360,979.29

Loans/Lease Payable:

(See Accompanying Notes to Financial Statements)

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 Note 2018 2017
Current Portion on Long Term Debt - 5,157.18
TOTAL CURRENT LIABILITIES ₱ 5,378,104.75 ₱ 4,039,967.77

NON-CURRENT LIABILITIES
Loans Payable – Domestic 9
Loans Payable –NLIF 8,550,727.00 10,037,803.00
Loans Payable –DOH 575,012.00 675,008.00
Loans Payable – LBP 98,559,454.47 107,419,764.24
Loans Payable – LBP Pre-Term - .06
107,685,193.47 118,132,575.30
TOTAL LIABILITIES ₱ 113,063,298.22 ₱ 122,172,543.07

EQUITY
Contributed Capital 214,864.95 214,864.95
Donated Capital 2,133,000.00 2,133,000.00
Government Equity 6,652,471.71 6,652,471.71
Retained Earnings: 10 211,117,852.35 171,969,048.98
TOTAL EQUITY ₱ 220,118,189.01 ₱ 180,969,385.64
TOTAL LIABILITIES AND EQUITY ₱ 333,181,487.23 ₱ 303,141,928.71

(See Accompanying Notes to Financial Statements)

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 URDANETA CITY WATER DISTRICT
STATEMENT OF COMPREHENSIVE INCOME
For the year ended, December 31, 2018
(With comparative figure for 2017)

2018 2017
Business and Service Income:
Sales revenue - Metered sales ₱ 94,776,238.03 ₱84,161,483.04
Interest Income 296,768.05 297,433.99
Service Income 1,841,829.01 2,604,267.69
Other Business Income 5,534,319.96 2,526,451.28
Fines and Penalties- Service Income 2,922,945.85 3,419,392.66
Discounts (236,884.68) (72,023.95)
Total Business and Service Income ₱105,135,216.22 ₱ 92,937,004.71
Less: Expenses
Personal Services
Personal Services ₱ 11,564,475.24 ₱ -
Salaries and Wages - Regular 1,026,363.62 10,559,796.93
Personnel Economic Relief Allowance (PERA) 342,000.00 958,727.26
Representation Allowance 342,000.00 342,000.00
Transportation Allowance 258,260.95 342,000.00
Other Compensation 246,000.00 245,071.34
Clothing and Uniform Allowance 939,893.00 210,000.00
Year-end Bonus 1,567,936.00 1,905,614.07
Other Bonuses and Allowances 1,450,089.90 423,494.03
Life and Retirement Insurance Contributions 51,600.00 1,267,540.83
PAG-IBIG Contributions 141,272.82 48,100.00
PHILHEALTH Contributions 51,600.00 112,225.00
ECC Contributions - 48,000.00
Provident Fund Contributions 437,035.48 -
Terminal leave Benefits 371,712.00 769,163.75
Other Personnel Benefits - 186,558.02
Total Personal Services ₱ 18,790,239.01 ₱17,418,291.23
Maintenance and Other Operating Expenses
Travel Expenses ₱ 296,984.51 ₱ 273,734.85
Training and Scholarship Expenses 271,100.00 583,673.45
Office Supplies Expense 262,901.83 341,830.40
Accountable forms 67,952.00 67,515.20
Non-accountable forms 3,850.00 -
Fuel, Oil and Lubricants Expenses 502,959.08 374,094.89
Other Supplies and Materials Expenses 20,718.12 179,100.25
Semi-Expendable Expenses 312,301.79 -
Maintenance Supplies Expenses 76,547.67 32,310.75
Water 93,775.80 89,814.40
Electricity 373,085.02 374,425.94

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 2018 2017

Postage and Deliveries 5,415.00 3,571.00

Telephone Expenses- Landline 72,720.85 65,970.46
Telephone Expenses- Mobile 140,155.05 224,786.45
Internet Expenses - 63,000.00
Generation, Transmission and Distribution
Expenses 10,979,819.30 9,739,113.52
Extraordinary and Miscellaneous Expenses 98,400.00 98,400.00
Legal Services 76,294.22 23,771.90
Auditing Services 109,573.10 109,031.10
Other Professional Services 1,530,985.00 1,269,336.00
General/Janitorial Services - 12,183.70
Security Services 792,126.78 634,558.50
Other General Services _ S & W JO 4,723,533.61 5,117,330.47
Taxes, duties and licenses 2,020,924.86 1,840,417.78
Fidelity Bond Premium 45,585.00 53,468.50
Insurance Premiums 634,807.73 577,368.60
Advertising, Promotional and Marketing Exp. 607,224.05 344,353.36
Printing Expense 46,429.80 39,025.30
Representation Expenses 101,775.02 100,169.54
Rent/ Lease Expenses 244,823.04 244,823.05
Membership Dues and Cont. to Organizations 92,907.50 129,325.00
(Directors' and Committee Membership 17,540.00 666,829.18
Documentary Stamps Expenses 796,961.79 -
Cultural and Athletic Expenses - 84,742.62
Gender and Development - 37,061.50
Awards and Rewards 29,040.00 53,490.00
Impairment Loss 529,203.92 549,066.85
Depreciation 7,514,257.37 5,955,086.14
Total Maintenance and Other Operating ₱ 33,492,678.81 ₱30,352,780.65
Expenses
Total ₱ 52,282,917.82 ₱47,771,071.88
Repairs and Maintenance Expenses:
Repairs and Maintenance - Land
Improvements ₱ 14,000.00 ₱ 89,000.00
Repairs and Maintenance - INFRA (UPIS) 5,675,258.18 4,054,663.76
Repairs and Maintenance - Bldgs. & Other
Structure 167,417.27 75,903.17
Repairs and Maintenance - ICT Equipment 67,155.00 25,170.00
Repairs and Maintenance - Office Equipment 51,719.50 53,539.00
Repairs and Maintenance - Transport
Equipment - Motor Vehicles 260,695.02 377,109.96
Repairs and Maintenance - Construction
Equipment - 13,850.00

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 2018 2017

Repairs and Maintenance - Other Machineries 376,336.23 362,063.80

and Equipment
Repairs and Maintenance - Furniture and
Fixtures 7,548.00 6,001.00
Total Repairs and Maintenance
Expenses ₱ 6,620,129.20 ₱ 5,057,300.69

Total Expenses ₱ 58,903,047.02 ₱52,828,372.57

Utility Operating Income ₱ 46,232,169.20 ₱40,108,632.14

Net Income Before Interest & Financial

Charges ₱ 46,232,169.20 ₱40,108,632.14

Bank Charges 59,703.63 59,174.52

Interest Expenses 5,308,830.23 5,854,251.91
Loan Penalty Expenses - -
Total Interest and Financial Charges ₱ 5,368,533.86 ₱ 5,913,426.43
Net Income for the Period ₱ 40,863,635.34 ₱34,195,205.71

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 URDANETA CITY WATER DISTRICT
STATEMENT OF CHANGES IN EQUITY
For the Period Ending December 31. 2018
(With comparative figure for 2017)

2018 2017
Contributed Capital
Balance, Beginning ₱ 214,864.95 ₱ 214,864.95
Add (Less) Adjustments - -
Balance at Year End ₱ 214,864.95 ₱ 214,864.95

Donated Capital
Beginning Balance ₱ 2,133,000.00 ₱ -
LWUA - 1,769,900.00
Greenville Estate Realty Development
Corporation - 10,000.00
AGL Realty Subdivision - 353,100.00
Balance at Year End ₱ 2,133,000.00 ₱ 2,133,000.00

Government Equity
Balance, Beginning ₱ 6,652,471.71 ₱ 6,652,471.71
Add (Less) Adjustments - -
Balance at Year End ₱ 6,652,471.71 ₱ 6,652,471.71
Retained Earnings
Balance, Beginning ₱171,969,048.98 ₱138,588,033.53
Add Net Income 40,863,635.34 34,195,205.71
Add (Less) Adjustments (1,714,831.97) (814,190.26)
Total ₱211,117,852.35 ₱171,969,048.98

TOTAL EQUITY ₱220,118,189.01 ₱180,969,385.64

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 URDANETA CITY WATER DISTRICT
STATEMENT OF CASH FLOWS
For the period ended, December 31, 2018
(With comparative figure for 2017)

2018 2017
Cash Flows from Operating Activities
Cash Inflows:
Collection of Water Bills ₱ 97,786,873.40 ₱ 89,883,062.16
Collection of Other Water Revenues 6,764,248.74 5,035,763.15
Collection of notes receivables and surcharges 503,287.99 640,027.56
Refund of expenses 1,500.00 22,127.12
Refund of Cash Advances 109,738.78 65,612.83
Receipt of interest on bank deposits 284,678.94 90,727.83
Accounts Receivable- EE/Others 102,540.63 216,948.82
Miscellaneous receipts 38,110.67 18,680.13
Receipts - Disallowance Installments 202,601.74 193,157.33
Adjustment- cancelled check 50,556.71 119,595.01
Receipt of Performance/Bidders 142,500.00 118,595.05
Total Cash Inflows ₱105,986,637.60 ₱ 96,404,296.99

Cash Outflows:
Payment of Operating Expenses:
Payroll ₱ 7,572,274.27 ₱ 6,088,312.17
Fuel/Power for Pumping 10,430,257.86 8,890,846.43
Chemicals 226,196.45 187,392.87
Other Operation and Maintenance Expenses 18,534,513.48 19,751,001.73
Payment of employee's loan 2,959,616.32 685,232.41
Payment of cash advance 584,597.49 493,210.00
Disallowance - payroll deduction 173,813.54 173,830.40
Withholding tax on interest - deposit 56,955.69 10,948.27
JV / Tax certificates issued by concessionaires 327,065.89 354,069.99
Franchise Tax remittance 2,224,675.71 1,034,707.13
Prior period liabilities 1,099,747.41 224,490.03
Remittance of GSIS/ PAG-IBIG/ Withholding
Taxes 3,154,668.92 6,279,202.71
Total Cash Outflows ₱ 47,344,383.03 ₱ 44,173,244.14
Total Cash Provided (used) by Operating
Activities ₱ 58,642,254.57 ₱ 52,231,052.85

Cash Flows from Investing Activities:

Cash Inflows:
Proceeds from fund transfer - Reserve fund - ₱ 920,131.68
Total Cash Inflows - ₱ 920,131.68

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Fund transfer for the reserves ₱ - ₱ 10,387,695.67
Purchase/ construction/ Expansion project/
rehabilitation 16,551,908.54 8,547,067.66
Construction materials inventory 21,144,308.07 4,682,856.44
Office Equipment, Furniture and Fixtures 2,637,003.40 318,727.32
Transportation Equipment - 4,876,815.61
Other Property, Plant and Equipment 4,447,107.28 654,776.19
Total Cash Outflows ₱ 44,780,327.29 ₱ 29,467,938.89
Total Cash Provided (Used) by Investing ₱(44,780,327.29) ₱(28,547,807.21)
Activities
Cash Flows from Financing Activities
Cash Outflows:
Cash payment of interest on loans payable and ₱ 6,926,113.00 ₱ 6,290,006.03
other finance charges
Payments of domestic and foreign loans 9,078,650.37 11,558,647.81
Total Cash Provided (used) by Financing
Activities ₱(16,004,763.37) ₱(17,848,653.84)

Cash Provided by Operating, Investing and

Financing Activities ₱ (2,142,836.09) ₱ 5,834,591.80
Add: Cash and Cash Equivalents - Beginning 68,733,072.66 62,898,480.86
Cash and Cash Equivalents, Ending ₱ 66,590,236.57 ₱ 68,733,072.66

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