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STATE OF HAWAII

Combined Statement of Revenues, Expenditures, and Changes in

Year ended June 30, 2000

Total (memorandum only)

$ 21,263,581 64,799,049 229,361 11,532 86,303,523 25,117 86,328,640

Revenues:

Intergovernmental -HUD annual contributions

State allotted appropriations

interest

Other

$

Fiduciary

229,361 11,532 21,504,474

7,263,213 25,117 7,288,330

8,785,836

48,750,000

Total revenues Other financing source -operating transfers in

1,709,267 4,039,341 541,206 35,852 151,550 494,179 120,278 454 2,905

7,095,032 311,520 7,406,552

17,912,723 1,470,855 1,450,184 97,234 1,166 474,839 2,059 11,519

Expenditures"

CuITent:

Housing assistance payments

Homeless services

Personnel services (notes P and Q)

Administration

Professional services

Security

Repairs and maintenance

Utilities

Other

Capital outlay (note H)

Total expenditures Other financing use -operating transfers out to enterprise funds

Total expenditures and other financing use Excess (deficiency) of revenues and other financing source over expenditures and other financing use Fund balance at July 1,1999

Fund balance at June 30, 2000

24,198 257

1,173,903 1,198,358

1,327

39,854,376 39,855,703

39,855,703

(118,222) 342,720

See accompanying notes to combined financial statements.

60

19,621,990 4,039,341 2,012,061 1,510,234 248,784 495,345 5%,701 2,513 14,424 41,028,279 69,569,672 311,520 69,881,192

83,895 5,571,967 5,655,862

7,587,478 4,167,296 11,754,774

8,894,297 2,635,283 11,529,580

16,447 ,448 12,717,266 29,164,714

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STATE OF HAWAII

Combined Statement of Revenue and Expenses -Proprietary Fund Types

Year ended June 30, 2000

Total (memorandum only) Internal

Service

Enterprise

3,582,522 185,000 32,218,410 (20,874,366) 1,181,696 6,136,243 72,402,742

3,582,522 185,000 32,343,922 (20,874,366) 1,181,696 6,137,368 72,529,379

Operating revenues:

Interest

Sales of land

Sales of units

Rental (notes F, N, and R)

Net decrease in the fair value of investments

Conveyance tax

Other

125,512

1,125

40,978,404 6,336,542 8,749,052 16,355,055 14,018,745 2,331,727 2,371,130 351,724 745,239 469,286 642,916 1,269,966 325,920 323,350 177,799 40,748 548,731 289,022 4,507,584 7,137,699 1,151,889 2,402,513 111,525,041 (39,122,299)

40,978,404 6,336,542 8,749,052 16,355,055 14,142,248 2,331, 727 2,371,130 351,724 745,239 469,286 652,909 1,269,966 325,920 323,350 177,799

40, 748

548, 731 289,022 4,507,584 7,137,699 1,151,889 2,403,387 111,659,411 (39,130,032)

Total operating revenues Operating expenses:

Interest

Cost of land sold

Project

Personnel services (notes P and Q)

Depreciation

Housing assistance payments

Administration

Provision for losses

Loan servicing fees

Letter of credit fees

Professional services

Arbitrage rebate (note J)

Trustee fees

Amortization of deferred bond issuance costs

Amortization of deferred refunding cost

Mortgage insurance

Security

Insurance

Repairs and maintenance

Utilities

Payments in lieu of taxes

Other

123,503

9,993

874

134,370

(7,733)

5,332,820 9,909,680 (416,394) 14,826,106

(24,296,193) 311,520 (23,984,673)

311,520 (23,943,334) (68,459)

$ (24,053,132)

(68,459)

$ (24,011,793)

Total operating expenses Operating loss

Nonoperating revenues and expenses:

Interest income

HUD operating subsidy and others

Interest expense

Total nonoperating revenues and expenses Income (loss) before operating transfer and extraordinary item

Operating transfer in from general fund

Income (loss) before extraordinary item Extraordinary item -loss from early redemption of revenue

bonds payable

~

See accompanying notes to combined financial statements

62

5,381,892 9,909,680 (416,394) 14,875,178

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STATE OF HAWAII

Combined Statement ofCash Flows -Proprietary Fund Types

Year ended June 30, 2000

Total (memorandum only)

Internal Service

.:!~nterprise

14,571,669 (58,173) (40,772,115) (869,023) 40,978,404 355,278 20,874,366 (1,116,856)

123,503

878

14,695,172 (58,173) (40,772,115) (869,023) 40,978,404 355,278 20,874,366 (1,116,856) 878

5,116,745 5,986,492 1,768,957 (320,564) (486,149) (6,508,509) 288,960 9,985 5,862,234 410,823 (258,058) 909,314 311 537,532 1,866,178 85,849 495,299 1,269,966 (47,457) (677,508) (1,667,420) 9,484,231

5,116,745 5,986,492 1,768,957 (320,564) (486,149) (6,313,645) 288,960 9,985 5,862,234 410,823 (258,058) 876,249 311 537,532 1,866,178 85,849 495,299 1,269,966 (47,457) (677,508) (1,667,420) 9,762,678

194,864

(33,065)

278,447

~

Cash flows from operating activities:

Operating loss

Adjustments to reconcile operating loss to net cash provided

by operating activities:

Depreciation and amortization Gain on sale of land

Interest on investments Interest on financing lease Interest on revenue bonds Provision for losses Net decrease in the fair value of investments Lender commitment fees amortized Loss on disposal of property and equipment Changes in assets and liabilities:

Mortgage loans receivable Notes and loans receivable Accrued interest receivable on mortgages, notes, and loans Tenant receivables

Other receivables Due from other funds Due from HUD Due from State of Hawaii Inventories

Prepaid expenses and other assets Deposits held in trust

Accounts payable Accrued interest payable Accrued other expenses Due to other funds Due to HUD Security deposits Arbitrage rebate payable Deferred income Deferred gain on sale of units and land Estimated future costs of land sold Net cash provided by operating activities Cash flows from noncapital financing activities:

Proceeds from sale of revenue bonds

Principal paid on revenue bond maturities and redemptions

Interest paid on revenue bonds

HUD operating subsidy received

Operating transfers in from general fund

Bond issuance costs paid

Lender commitment fees received

Advances from other funds

Contributions returned to State of Hawaii

Net cash provided by non capital financing activities

108,765,000 (18,275,000) (32,806,915) 8,967,690 311,520 (866,417) 2,157,415 4,303,226 (4,632) 72,551,887

108,765,000 (18,275,000) (32,806,915) 8,967,690 311,520 (866,417) 2,157,415 4,303,226 (4,632) -72,551,887

64

278,447

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STATE OF HAWAII

Combined Statement of Cash Flows -Proprietary Fund Types

Year ended June 30,2000

Enterprise 82,036,118

Internal Service 278,447

$

3,750,000 (4,399,332) (8,525,688) 71,000 (36,383) (16,992,955) (2,305,572) 16,343,144 (415,506) (12,511,292)

3,750,000 (4,399,332) (8,525,688) 71,000 (36,383) (16,943,128) (2,305,572) 16,343,144 (415,506)

(49.827)

(421,354,661) 413,378,090 43,274,419 1,240,183 1,428, 739

37,966,770 107,541,423 84,502,156

$ 192,043,579

700,000 40,768

30,052,973

$

Subtotal, brought forward

Cash flows from capital and related financing activities:

Proceeds from sale of revenue bonds

Principal paid on revenue bond maturities and redemptions

Interest paid on revenue bonds

Proceeds from sale of land

Principal payments on notes payable

Acquisition of property and equipment

Principal payments on mortgage loans

Receipts of capital grants

Payments of interest

Net cash used in capital and related financing activities

Cash flows from investing activities:

Purchases of investments

Proceeds from investments

Interest received on investments

Payments received on direct financing lease

Net decrease in restricted deposits and funded reserves

Net cash provided by investing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at July I, 1999

Cash and cash equivalents at June 30, 2000

Reconciliation of cash to cash and cash equivalents:

Cash

Certificates of deposit and money market accounts

Cash and cash equivalents at June 30, 2000

Supplemental disclosure of noncash information:

Transfers of property to State of Hawaii

Recognition of gain on sale of housing project as

contributed capital

$

See accompanying notes to combined financial statements

65

Total (memorandum only)

740,768 969,388 61,259 1,030,647

(421,354,661) 414,078,090

43,315,187 1,240,183 1,428,739 38,707,538 108,510,811 84,563,415

; 193,074,226

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