Woodlands JPA Audit 2014

THE WOODLANDS
JOINT POWERS AGENCY

FINANCIAL STATEMENTS
September 30, 2014
--ooOoo-CONTENTS
Page
1
Elected Officials
Independent Auditors Report
3-4
Management Discussion and Analysis
5-8
Basic Financial Statements

Statement of Net Position
Statement of Revenues, Expenses and Changes in Net Position
Statement of Cash Flows
Notes to Financial Statements
10
11
12
13-20
Other Supplementary Information

Schedule of Revenues and Expenses Budget and Actual
Schedule of Operating Expenses Budget and Actual
22
23-24
--ooOoo--
THE WOODLANDS JOINT POWERS AGENCY

ELECTED OFFICIALS
September 30, 2014
Board of Trustees
Eric Hird Montgomery County Municipal Utility District No. 39
Ron Wilson The Woodlands Metro Center MUD
President
Vice President
Kyle Mays Montgomery County Municipal Utility District No. 7
Secretary
Paul Martin Montgomery County Municipal Utility District No. 67
Assistant
Secretary
Robert Leilich The Woodlands Municipal Utility District No. 2
Trustee
Ron Kutsche Montgomery County Municipal Utility District No. 6
Trustee
Jan Price Montgomery County Municipal Utility District No. 36
Trustee
Hartley Mackintosh Montgomery County Municipal Utility District No. 40
Trustee
Mark Vonderau Montgomery County Municipal Utility District No. 46
Trustee
Rosemary Roe Montgomery County Municipal Utility District No. 47
Trustee
Albert Tomchesson Montgomery County Municipal Utility District No. 60
Trustee
Alternate Trustees
The Woodlands Municipal Utility District No. 2
Tom Conroy
George Jones
Montgomery County Municipal Utility District No. 6
Robert Berglund
Bruce Cunningham
Bob Hoffmeister
Henry Cheek
Kent Maggert
Scott Haynes
Erik Berglund
Ronnie Rogers
Jennifer Ferrara
Bill Bootz
Felicia Poe
Jeanne Underwood
Arthur Bredehoft
Lloyd Mathews
Ron Kostelny
Larry Copeland
Roland Johnson
Henry Allcott
John Cozart

The Woodlands Metro Center MUD
(This Page Intentionally Left Blank)

2
Independent Auditors Report

Board of Trustees
The Woodlands Joint Powers Agency
The Woodlands, Texas
We have audited the accompanying financial statements of the business-type activities and each major fund
of The Woodlands Joint Powers Agency, as of and for the year ended September 30, 2014, and the related
notes to the financial statements, which collectively comprise The Woodlands Joint Powers Agencys basic
financial statements as listed in the table of contents.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes the
design, implementation and maintenance of internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors judgment, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entitys preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal
control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the business-type activities and each major fund of The Woodlands Joint
Powers Agency, as of September 30, 2014, and the respective changes in financial position and cash flows
thereof for the year ended in accordance with accounting principles generally accepted in the United States of
America.
3
Other Matters
Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the managements
discussion and analysis on pages 5-8 be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of the financial reporting for placing the
basic financial statements in an appropriate operational, economic or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing standards
generally accepted in the United States of America, which consisted of inquiries of management about the
methods of preparing the information and comparing the information for consistency with managements
responses to our inquiries, the basic financial statements and other knowledge we obtained during our audit
of the basic financial statements. We do not express an opinion or provide any assurance on the information
because the limited procedures do not provide us with sufficient evidence to express an opinion or provide
any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise The Woodlands Joint Powers Agencys basic financial statements. The other supplementary
information is presented for purposes of additional analysis and is not a required part of the basic financial
statements.
The other supplementary information is the responsibility of management and was derived from and relate
directly to the underlying accounting and other records used to prepare the basic financial statements. Such
information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information directly
to the underlying accounting and other records used to prepare the basic financial statements themselves,
and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the other supplementary information is fairly stated, in all material
respects, in relation to the basic financial statements as a whole.
Sugar Land, Texas

January 7, 2015

MANAGEMENT DISCUSSION AND ANALYSIS
The management of the Woodlands Joint Powers Agency (the Agency) offers readers of the
Agencys financial statements this narrative overview and analysis of the financial activities of
the Agency for the year ended September 30, 2014. We encourage readers to consider the
information presented here in conjunction with the financial statements and the notes to the
financial statements.
FINANCIAL HIGHLIGHTS
The Agencys total assets were $3,155,821; of this amount, $1,181,002 represents
capital assets and $1,974,819 represents current assets.
Liabilities for the Agency totaled $181,277.
The Agencys total assets exceeded liabilities by $2,974,544. This amount represents
Net Position; of this amount, $1,181,002 is investment in capital assets. The remaining
$1,793,542 represents unrestricted Net Position.
Operating revenues for the Agency for the year were $5,406,247 and were more than
operating expenses by $321,480.
OVERVIEW OF THE FINANCIAL STATEMENTS

The discussion and analysis is intended to serve as an introduction to the Agencys basic
financial statements. The Agencys basic financial statements include three components: 1)
business-type financial statements, 2) notes to the financial statements, and 3) required
supplemental information.
ENTERPRISE FUND
The Enterprise Fund is used to report the same functions presented as business-type activities
in the basic financial statements.
NOTES TO THE FINANCIAL STATEMENTS
The notes provide additional information that is essential to a full understanding of the data
provided in the financial statements.
STATEMENT OF NET POSITION
The Statement of Net Position for the Agency is presented as one of the required basic financial
statements. The Statement of Net Position includes all of the Agencys assets and liabilities. A
major function of the Statement of Net Position is to measure the ability of the Agency to meet
its current and long-term obligations.
State and local governments report the net value or Net Position in these major categories:
Investment in Capital Assets

Restricted
Unrestricted
The Governmental Accounting Standards Board (GASB) believes the users of the Agencys
financial statements should know whether Net Position were invested in capital assets, are
restricted for future use or their future use is unrestricted.
FINANCIAL ANALYSIS
Net Position may serve over time as a useful indicator of a financial statement position. In the
case of the Agency, assets exceeded liabilities by $2,974,544 at the close of the most recent
fiscal year.
Assets
Current assets
Capital assets - net
Total Assets
Liabilities
Current liabilities
Total Liabilities
Net Position
Investment in capital assets
Unrestricted
Total Net Position
2014
1,974,819
1,181,002
3,155,821
$
$
2013
2,057,256
1,174,315
3,231,571
181,277
181,277
$
$
267,540
267,540
1,181,002
1,793,542
2,974,544
1,174,315
1,789,716
2,964,031
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION

The Statement of Revenues, Expenses and Changes in Net Position is the basic statement of
activities. The Agency does not seek to earn a profit in the long term. However, the Agency
must cover its operations, maintenance and other costs annually from fees and charges since
the Agency does not levy or collect any tax revenue. The Statement of Revenues, Expenses
and Changes in Net Position measures how well annual costs are covered by fees and charges.
Operating Revenues:
Administration
Tap and culvert fees
Reimbursements
Total Operating Revenues
Operating Expenses:
Employee
Professional
Materials
Outside services
Consumables
Recurring operating
Building and service center operations
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues
(Expenses)
Net Income (Loss)
Distributions to Participants
2014
2,469,803
364,400
2,572,044
5,406,247
2013
2,547,440
397,427
2,491,222
5,436,089
2,349,466
106,719
150,086
1,579,709
498,013
241,067
159,707
5,084,767
2,268,877
155,295
213,782
1,666,790
513,102
256,455
122,973
5,197,274
321,480
238,815
22,569
22,309
344,049
261,124
(333,356)
Net position at beginning of year
2,964,031
Net Position at End of Year
2,974,724
2,702,907
$
2,964,031
CAPITAL ASSETS
The Agencys investment in capital assets as of September 30, 2014 amounted to $1,181,002.
This investment in capital assets includes land; office furniture, fixtures and equipment; other
machinery and equipment; automobiles and trucks; and buildings.
Capital Assets - at cost
Land
Administration building
Field equipment
Furniture and fixtures
Maintenance building
Less accumulated depreciation
Total Capital Assets
2014
339,837
1,258,458
951,042
428,698
661,101
(2,458,134)
1,181,002
2013
339,837
1,258,458
925,796
407,573
649,459
(2,406,808)
1,174,315
Additional information on the Agencys capital assets can be found in Note 3 to the financial
statements.
REQUEST FOR INFORMATION
This financial report is designed to provide a general overview of the Agencys finances.
Questions concerning any of the information provided in this report or requests for additional
financial information should be addressed to the Accounting Manager of the Woodlands Joint
Powers Agency; P.O. Box 7580; The Woodlands, Texas 77380.
BASIC FINANCIAL STATEMENTS

STATEMENT OF NET POSITION
September 30, 2014
Assets
Current Assets
Cash and temporary investments
Due from participants
Accounts receivable
Inventories
Total Current Assets
Capital Assets
Land
Field equipment
Total Capital Assets
1,258,391
651,480
1,016
63,932
1,974,819
339,837
1,258,458
951,042
428,698
661,101
(2,458,134)
1,181,002
Total Assets
3,155,821
181,277
Liabilities and Net Position

Current Liabilities
Accounts payable and accrued expenses
Net Position
Investment in capital assets
Unrestricted net position
Total Net Position
1,181,002
1,793,542
2,974,544
Total Liabilities and Net Position
See Notes to Financial Statements.
10
3,155,821

STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
Year Ended September 30, 2014
Operating Revenues
From participants
Others
$
Operating Expenses
5,395,707
10,540
5,406,247
5,084,767
321,480
Non-Operating Revenues (Expenses)

Interest
Other
1,859
20,710
Net Non-Operating Revenues (Expenses)
22,569
Change in Net Position
344,049
Distributions to participants
(333,536)
Net Position at Beginning of Year
2,964,031
Net Position at End of Year
11
2,974,544

STATEMENT OF CASH FLOWS
Cash Flows from Operating Activities
Cash received from participants
Cash paid to suppliers and employees
Net Cash Provided by Operating Activities
Cash Flows from Capital and Related Financing Activities

Distributions to participants
Purchases of property and equipment
Net Cash Used for Capital and
Related Financing Activities
(333,536)
(129,289)
(462,825)
Cash Flows from Investing Activities

Interest received on invested funds
Cash received for other
Net Cash Provided by Investing Activities
1,859
20,710
22,569
Net Increase (Decrease) in Cash and Temporary Investments
(273,201)
Cash and temporary investments at beginning of year

Cash and Temporary Investments at End of Year
Reconciliation of Operating Income to Net Cash
Flows from Operating Activities
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Flows Provided by Operating Activities:
Depreciation
Gain (Loss) on sale of assets
(Increase) Decrease in:
Due from participants
Accounts receivable
Inventory
Increase (Decrease) in:
Accounts payable and accrued expenses
Net Cash Provided by Operating Activities
12
5,268,212
(5,101,157)
167,055
1,531,592
$
1,258,391
321,480
122,602
(137,897)
(138)
(52,729)
(86,263)
$
167,055

NOTES TO FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of the Woodlands Joint Powers Agency (the Agency)
conform to accounting principles generally accepted in the United States of America as
prescribed by the Governmental Accounting Standards Board (GASB). The following is a
summary of the more significant policies consistently applied in the preparation of the
accompanying financial statements:
A. Reporting Entity
The Agency was created through interlocal contracts by and among Montgomery County
Municipal Utility District No.s 6, 7, 36, 39, 40, 46, 47, 60, 67, The Woodlands Municipal
Utility District No. 2 and The Woodlands Metro Center Municipal Utility District (the
Participating Districts) pursuant to the terms of the Interlocal Cooperation Act, Article
4413 (32c), Vernons Annotated Texas Civil Statutes, as amended. The contracts
provide for the Agency to purchase certain equipment and supplies; to install taps and
connections to the Participating Districts water and sewer system; to perform repair and
maintenance work required in connection with the operation of the Participating
Districts water, sewer and drainage systems; and to provide certain administrative
services to the Participating Districts.
The reporting entity refers to the scope of activities, organizations and functions
included in the financial statements. The Agency is a separate, self-supporting
governmental unit and is administered by a Board of Trustees who are appointed by the
Participating Districts. There are no dependent functions or agencies which meet any of
the criteria for inclusion in the reporting entity in accordance with the requirements of
GASB.
B. Business-Type Activities
The business-type activities and the related accounts of the Agency are organized on the
basis of an Enterprise Fund, which is considered a separate accounting entity. The
operations of the Enterprise Fund are accounted for with a separate set of self-balancing
accounts that comprise its assets, liabilities, fund equity, revenues and expenses, as
appropriate. The Enterprise Fund is used to account for operations (1) that are financed
and operated in a manner similar to private business enterprises where the intent of
the governing body is that the costs (expenses, including depreciation) of providing
services to customers on a continuing basis be financed or recovered primarily through
user charges; or (2) where the governing body has decided that periodic determination
of revenues earned, expenses incurred, and/or net income is appropriate for capital
maintenance, public policy, management control, accountability or other purposes.
13

C. Measurement Focus and Basis of Accounting

The Enterprise Fund has a net income or capital measurement focus and are accounted
for using the accrual basis of accounting, under which revenues are recognized when
they are earned. Expenses are recognized at the time the liability is incurred. With this
measurement focus, all assets and liabilities associated with the operation of these funds
are included in the Statement of Net Position.
The Agency applies all GASB pronouncements as well as Financial Accounting Standards
Board pronouncements issued on or before November 30, 1989, unless those
pronouncements conflict with or contradict GASB pronouncements.
D. Cash and Temporary Investments
Cash and cash equivalents include amounts in checking, savings, money market
accounts and Public Funds Investment Pools.
E. Accounts Receivable
An allowance for doubtful accounts is established as losses are estimated to have
occurred through a provision of bad debts charged to earnings. Losses are charged
against the allowance when management believes the uncollectibility of a receivable is
confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance
for doubtful accounts is evaluated on a regular basis by management and is based on
historical experience and specifically identified questionable receivables. The evaluation
is inherently subjective as it requires estimates that are susceptible to significant revision
as more information becomes available.
At September 30, 2014, no allowance for future bad debts has been established as it is
managements opinion that losses, if incurred, would not materially affect the financial
statements.
F. Inventories
Inventories, which consist of utility system parts and materials, are stated at the lower
of cost (first-in, first-out method) or market. Expenses are recognized as the parts and
materials are used.
G. Depreciation
Depreciation is provided for in amounts sufficient to relate the cost of the depreciable
property to operations on a straight-line basis over their estimated useful lives in the
Enterprise Fund. The Agencys policy is to capitalize assets with initial cost exceeding
$5,000.
14

The useful lives by the type of assets are as follows:

Asset Class
Land
Field equipment
Leasehold improvements
Useful Life
N/A
40
5 to 10
5 to 10
25
10
G. Net Position
Net Position represents the difference between assets and liabilities. Net Position
investment in capital assets consists of capital assets, net of accumulated depreciation,
reduced by the outstanding balances of any borrowing used for the acquisition,
construction or improvements of those assets, and adding back unspent bond proceeds.
Net Position is reported as restricted when there are limitations imposed on their use
through external restrictions imposed by creditors, grantors, or laws or regulations of
other governments. Unrestricted Net Position represents the remaining portion of net
position.
H. Date of Managements Review
Subsequent events have been evaluated through January 7, 2015, which is the date the
financial statements were available to be issued.
NOTE 2 CASH AND TEMPORARY INVESTMENTS
All cash, savings, money funds and Public Funds Investment Pools are in various financial
institutions and are carried at cost.
Petty cash
Collateral held by pledging banks in the
Authority's name
Cash equivalents, not requiring pledging
by banks, money funds & Pools
Total Cash and Cash Equivalents
Book
Balance
$
1,600
Bank
Balance
$
N/A
635,004
1,458,458
621,787
621,787
1,258,391
Insurance &
Market Value
of Collateral
$
N/A
1,900,000
N/A
2,080,245
The aforementioned cash equivalents are secured by U.S. Government obligations and do
not require collateral to be held by the financial institution.
15

A. Investments
The Agency is authorized to make investments as follows:
Obligations of the U.S. or its agencies

Obligations of the state of Texas or its agencies
Obligations guaranteed by the U.S. or the state of Texas
Certificates of deposit and money market accounts of federally insured banks
and savings and loans domiciled in Texas
The Agency has one money market account at September 30, 2014.
B. Public Funds Investment Pools
Public funds investment pools in Texas (Pools) are established under the Agency of the
Interlocal Cooperation Act, Chapter 79 of the Texas Government Code, and are subject
to the provisions of the Public Funds Investment Act (the Act), Chapter 2256 of the
Texas Government Code. In addition to other provisions of the Act designed to promote
liquidity and safety of principal, the Act requires Pools to: (1) have an advisory board
composed of participants in the pool and other persons who do not have a business
relationship with the pool and are qualified to advise the pool; (2) maintain a continuous
rating of no lower than AAA or AAA-m or an equivalent rating by at least one nationally
recognized rating service; and (3) maintain the market value of its underlying
investment portfolio within one half of one percent of the value of its shares.
The Agencys investments in Pools are reported at an amount determined by the fair
value per share of the pools underlying portfolio, unless the pool is 2a7-like, in which
case they are reported at share value. A 2a7-like pool is one which is not registered
with the Securities and Exchange Commission (SEC) as an investment company, but
nevertheless has a policy that it will, and does, operate in a manner consistent with the
SECs Rule 2a7 of the Investment Company Act of 1940.
Interest Rate Risk
In accordance with its investment policy, the Agency manages its exposure to declines
in fair values by limiting the weighted average maturity of its investment portfolio to less
than two years to meet cash requirements for ongoing operation.
Credit Risk Investments
In accordance with its investment policy, the Agency minimized credit risk losses due to
default of a security issuer or backer, by limiting investments to the safest types of
securities. As of the Agencys investments are investment pools, the Agency is not
exposed to custodial credit risk.
16

NOTE 3 CAPITAL ASSETS

The following table summarizes the changes in the components of capital assets:
Balance at
Oct. 1, 2013
Land
$
339,837
1,258,458
Field equipment
925,796
407,573
649,459
(2,406,808)
Total Capital Assets - net $
Additions
$
Deletions
$
96,522
21,125
11,642
(122,602)
1,174,315
6,687
71,276
(71,276)
$
Balance at
Sept 30, 2014
$
339,837
1,258,458
951,042
428,698
661,101
(2,458,134)
$
1,181,002
Land includes several sites for administrative and maintenance facilities which are subject to
certain deed restrictions as to usage or resale that may affect the value of such assets.
17

NOTE 4 PARTICIPANTS EQUITY

Pursuant to the interlocal contracts, all Participating Districts have deposited with the
Agency an initial contribution in the amount of $7,500. This deposit will not be refunded
unless a Participating District withdraws from the Agency or the interlocal contracts are
terminated.
The Agency bills and collects operating revenues from Participating Districts based on terms
outlined in the interlocal contracts. For the year ended September 30, 2014, the following
amounts were billed to the Participating Districts:
Tax administration
$
Administration
Engineering
Water taps
Inspections and connections
Meter reading
Water repair and maintenance
Sewer repair and maintenance
Billing fees
Culvert installation
Large ditch repair and maintenance
Storm sewer repair and maintenance
Postage
Other
Capital budget contribution
252,763
2,206,500
193,414
208,300
141,100
352,345
636,177
118,769
107,221
15,000
520,592
284,781
136,832
117,209
104,704
5,395,707
18

The above amounts were billed to Participating Districts as shown below:

The Woodlands MUD No. 2
Montgomery County MUD No. 6
86,219
323,915
472,196
341,438
273,027
340,261
1,159,284
968,406
661,754
453,837
315,370
5,395,707
The Participating Districts account for their share of Agency Net Position on the equity
method. Each Participating Districts respective shares are determined based on their
proportionate share of cash contributions and all other cash payments and contributions
made to the Agency on a cumulative basis. At September 30, 2014, participants equity and
charges for the fiscal year allocated among participating districts is shown below:
Participants'
Distribution
Equity
To
Beginning
The Woodlands MUD No. 2
64,286
Participants'
Net
Participants
$
(3,993)
Equity
Change
$
5,498
Ending
$
65,791
363,015
(15,719)
20,654
367,950
459,442
(30,896)
30,109
458,655
392,947
(17,315)
21,771
397,403
58,862
(14,104)
17,409
62,167
340,697
(22,551)
21,696
339,842
322,370
(79,600)
73,920
316,690
457,147
(74,604)
61,749
444,292
272,020
(42,242)
42,196
271,974
181,471
(26,774)
28,938
183,635
51,774
(5,738)
20,109
66,145
344,049
$ 2,974,544
$ 2,964,031
19
(333,536)

NOTE 5 EMPLOYEE BENEFITS

In October 1984, the Agency adopted a retirement plan under Section 401(k) of the Internal
Revenue Code. This plan allows eligible employees to defer up to $16,500 of their
compensation, on either a pre-tax or post-tax basis (a higher amount for those 50 and
over), through contributions to the plan. The Agency will match up to a certain percent
based on years with the Agency of the eligible employees compensation. During the year
ended September 30, 2014, $82,681 was paid by the Agency under this plan and charged
to expense.
20
OTHER SUPPLEMENTARY INFORMATION
21

SCHEDULE OF REVENUES AND EXPENSES BUDGET AND ACTUAL
with comparative actual balances for the Year Ended September 30, 2013
2014
Budget
Operating Revenues
Administration
Tap and culvert fees
Reimbursements
Actual
2,469,813
67,644
3,207,565
2,469,803
364,400
2,572,044
Variance
Favorable
(Unfavorable)
$
(10)
296,756
(635,521)
2013
Actual
$
2,547,440
397,427
2,491,222
5,745,022
5,406,247
(338,775)
5,436,089
Operating Expenses
Employee
Professional
Materials
Outside services
Consumables
Recurring operating
Building and service center operations
2,375,762
128,114
221,000
2,103,826
535,188
261,858
124,844
2,349,466
106,719
150,086
1,579,709
498,013
241,067
159,707
26,296
21,395
70,914
524,117
37,175
20,791
(34,863)
2,268,877
155,295
213,782
1,666,790
513,102
256,455
122,973
5,750,592
5,084,767
665,825
5,197,274
(5,570)
321,480
327,050
238,815
3,645
20,400
1,859
20,710
(1,786)
310
3,081
19,228
24,045
22,569
(1,476)
22,309

Nonoperating Revenues (Expenses)
Interest
Other
Net Nonoperating
Revenues (Expenses)
Net Income (Loss)
18,475
22
344,049
325,574
261,124

Page 1 of 2
SCHEDULE OF OPERATING EXPENSES BUDGET AND ACTUAL

2014
Budget
Employee
Salaries
Part-time and contract
Social security (FICA)
Pension plan
Insured plans
Unemployment insurance
Workers' compensation
Payroll processing
Professional
Legal fees
Audit fees
Consultants
Material
Tap connection
Water distribution
Storm and sanitary sewer
Culvert pipe
Materials
Outside Services
Water repair and maintenance
Sewer repair and maintenance
Storm sewer repair and maintenance
Large ditch and culverts repairs
Meter installation
Engineering
Billing preparation
Meter reading
Actual
1,574,746
80,400
126,619
80,795
490,975
3,152
12,912
6,163
2,375,762
1,587,324
108,556
120,116
82,681
430,972
503
12,631
6,683
2,349,466
Variance
Favorable
(Unfavorable)
$
(12,578)
(28,156)
6,503
(1,886)
60,003
2,649
281
(520)
26,296
1,510,559
60,356
114,622
81,487
477,133
8,328
9,936
6,456
2,268,877
40,004
8,500
79,610
128,114
42,021
8,500
56,198
106,719
23,412
21,395
53,684
8,500
93,111
155,295
190,000
14,000
8,000
6,000
3,000
221,000
121,465
11,159
4,531
5,685
7,246
150,086
68,535
2,841
3,469
315
(4,246)
70,914
186,134
11,568
3,870
8,991
3,219
213,782
360,489
255,404
220,430
678,411
2,400
150,900
89,100
346,692
2,103,826
220,792
68,279
221,227
468,208
139,697
187,125
(797)
210,203
2,400
(32,302)
23,459
(5,668)
524,117
180,355
99,050
284,776
599,178
104,745
48,352
23
183,202
65,641
352,360
1,579,709
(2,017)
2013
Actual
350,334
1,666,790

Page 2 of 2
SCHEDULE OF OPERATING EXPENSES BUDGET AND ACTUAL

2014
Budget
Consumables
Office supplies
Computer supplies
Printing
Billing
Postage and delivery
Fuels and lubicration
Personnel and safety equipment
Other
Depreciation
Recurring Operating
Office machine maintenance
Insurance and surety bonds
Travel, training and dues
Vehicle and field maintenance
Rental equipment and other
Building and Service Center Operations

Electric utilities
Telephone utilities
Gas, water and disposal
Outside services
Supplies and repairs
Actual
Variance
Favorable
(Unfavorable)
2013
Actual
25,000
10,000
62,693
29,645
173,950
60,000
2,000
43,500
128,400
535,188
26,480
10,871
38,331
34,037
158,908
54,139
1,905
50,740
122,602
498,013
(1,480)
(871)
24,362
(4,392)
15,042
5,861
95
(7,240)
5,798
37,175
26,005
15,520
27,908
32,497
201,040
57,326
9,211
46,765
96,830
513,102
98,782
25,500
35,800
22,692
79,084
261,858
101,604
26,093
32,686
10,147
70,537
241,067
(2,822)
(593)
3,114
12,545
8,547
20,791
97,859
23,251
33,134
15,670
86,541
256,455
26,500
33,300
804
44,640
19,600
124,844
26,512
62,838
1,531
51,001
17,825
159,707
(12)
(29,538)
(727)
(6,361)
1,775
(34,863)
19,495
38,874
974
43,345
20,285
122,973
5,750,592
24
5,084,767
665,825
5,197,274

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THE WOODLANDS

JOINT POWERS AGENCY

Management Discussion and Analysis

Basic Financial Statements

Other Supplementary Information

THE WOODLANDS JOINT POWERS AGENCY

Kyle Mays Montgomery County Municipal Utility District No. 7

Paul Martin Montgomery County Municipal Utility District No. 67

Robert Leilich The Woodlands Municipal Utility District No. 2

Ron Kutsche Montgomery County Municipal Utility District No. 6

Jan Price Montgomery County Municipal Utility District No. 36

Hartley Mackintosh Montgomery County Municipal Utility District No. 40

Mark Vonderau Montgomery County Municipal Utility District No. 46

Rosemary Roe Montgomery County Municipal Utility District No. 47

Albert Tomchesson Montgomery County Municipal Utility District No. 60

Montgomery County Municipal Utility District No. 67

(This Page Intentionally Left Blank)

Independent Auditors Report

Required Supplementary Information

Sugar Land, Texas

THE WOODLANDS JOINT POWERS AGENCY

OVERVIEW OF THE FINANCIAL STATEMENTS

Investment in Capital Assets

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION

Net position at beginning of year

Net Position at End of Year

Total Capital Assets

BASIC FINANCIAL STATEMENTS

THE WOODLANDS JOINT POWERS AGENCY

Liabilities and Net Position

Total Liabilities and Net Position

See Notes to Financial Statements.

THE WOODLANDS JOINT POWERS AGENCY

Non-Operating Revenues (Expenses)

Net Non-Operating Revenues (Expenses)

Change in Net Position

Net Position at Beginning of Year

Net Position at End of Year

See Notes to Financial Statements.

THE WOODLANDS JOINT POWERS AGENCY

Cash Flows from Capital and Related Financing Activities

Cash Flows from Investing Activities

Net Increase (Decrease) in Cash and Temporary Investments

Cash and temporary investments at beginning of year

See Notes to Financial Statements.

THE WOODLANDS JOINT POWERS AGENCY

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

THE WOODLANDS JOINT POWERS AGENCY

C. Measurement Focus and Basis of Accounting

THE WOODLANDS JOINT POWERS AGENCY

The useful lives by the type of assets are as follows:

THE WOODLANDS JOINT POWERS AGENCY

Obligations of the U.S. or its agencies

THE WOODLANDS JOINT POWERS AGENCY

NOTE 3 CAPITAL ASSETS

THE WOODLANDS JOINT POWERS AGENCY

NOTE 4 PARTICIPANTS EQUITY

THE WOODLANDS JOINT POWERS AGENCY

The above amounts were billed to Participating Districts as shown below:

Montgomery County MUD No. 6

Montgomery County MUD No. 7

Montgomery County MUD No. 36

Montgomery County MUD No. 39

Montgomery County MUD No. 40