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<br />NORTH METRO TELECOMlVIUNICATIONS COMlv.IISSION <br /> <br />Required Supplementary Information <br /> <br />Management's Discussion and Analysis <br /> <br />December 31, 2004 <br /> <br />Capital Assets <br /> <br />The NMTC's capital assets as of December 31, 2004 amounted to $2,390,544 (net of <br />accumulated depreciation). This investment in capital assets includes land, a building, <br />studio equipment, and vehicles. <br /> <br />The NMTC primarily acquires its assets with the proceeds from franchise fees and PEG <br />fees. Building construction and new equipment purchases are all a part of the NMTC's <br />capital investment plan. CUlTently there are no commitments for any major purchases. <br /> <br />Debt <br /> <br />As of December 31, 2004 the NMTC had $1,745,000 of cable franchise revenue bonds <br />outstanding. The total amount outstanding, for this debt, decreased by $105,000 from the <br />previous year. These bonds were used to acquire, constmct, and nUllish the NMTC's <br />new building, completed in 2004. The NMTC did not issue new bonds in 2004, and has <br />no plans to do so in the future. <br /> <br />Budgetary Analysis <br /> <br />Capital expenditures exceeded budget amounts by $1,540,529 because the budget was <br />approved for non-building related revenues and expendihlres, whereas the budgetary <br />comparison to actual expenditures to actual includes the capital assets purchase of the <br />building because the Commission's books are on the modified accma1 basis of <br />accounting. <br /> <br />Requests for Information <br /> <br />This financial report is intended to provide an overview of the finances of the NMTC for <br />those with an interest in this organization. Questions concerning any infoffi1ation within <br />this report may be directed to the Executive Director of the NMTC. <br /> <br />P. 6~4 <br />