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NOTE 15- SUBSEQUENT EVENTS
Management has evaluated subsequent events and does not know of any
additional comments or disclosures that should be made thru the date of this
report.
NOTE 17 - GOING CONCERN
The District has experienced a negative cash flow for the past two years. This has
resulted from a lawsuit filed against Counties in the state by “Centrally Assessed
Utilities ” resulting in the District having to refund tax money to these Utilities as
well as a subsequent reduction of property tax valuation s in the District. The
District is exploring options to mitigate the reduction in property taxes such as
additional annexations into the District.
DRAFT