Liabilities and Net Assets

Current Liabilities
Accounts payable	$1,126,866
Accrued expenses and other liabilities	139,295
Accrued interest payable	55,800
Deposits	50,072
Other deposits	700,000
Deferred Revenue	1,548,231
Advances general obligations bonds and installment notes	699,307
Total Current Liabilities	4.319,571
Noncurrent Liabilities
Advances from the State of California	172,893
General obligation bonds	815,000
Installment notes payable	12,354,809
Total	13,342,702
Less: Current portion above	(699,307)
Total Noncurrent Liabilities	12,643,395
Total Liabilities	16,962,966

Net Assets
Investment in capital assets, net of related debt	44,613,855
Restricted:
For bond reserves	725,799
For customer deposits	246
Unrestricted	5,485,850
Total Net Assets	50,825,750
TOTAL LIABILITIES AND NET ASSETS	$67,788,716

Note: This year (ending 6/30/02) the District adopted the provisions of Government Accounting Standard Board Statement No. 34 (GASB-34) that changed the format and the content of the financial statments.