PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency
PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency
PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency
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40<br />
41<br />
Statements of Cash Flows<br />
(in thousands of dollars)<br />
Years Ended June 30, <strong>2003</strong> and 2002<br />
<strong>2003</strong> 2002<br />
MULTI- SINGLE TOTALS MULTI- SINGLE TOTALS<br />
GENERAL FAMILY FAMILY INSURANCE (MEMORANDUM GENERAL FAMILY FAMILY INSURANCE (MEMORANDUM<br />
FUND PROGRAM PROGRAM FUND HEMAP ONLY) FUND PROGRAM PROGRAM FUND HEMAP ONLY)<br />
Reconciliation of net income to net cash<br />
provided by operating activities<br />
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,623 $ 24,444 (8,901) 3,424 (7,188) 23,402 8,141 $ 15,506 (4,120) 3,065 (6,874) 15,718<br />
Depreciation, amortization and accretion . . . . . . . . . . . . . . . . . 1,271 242 1,705 — 39 3,257 565 808 2,773 — 48 4,194<br />
Loss on early retirement of debt . . . . . . . . . . . . . . . . . . . . . . . . — 156 1,110 — — 1,266 — 9 734 — — 743<br />
Loan loss provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,000 2,000 — 4,878 8,878 — 8,000 3,000 — 4,794 15,794<br />
Interest expense on notes and bonds,<br />
excluding amortization and accretion . . . . . . . . . . . . . . . . . . . . — 27,173 143,347 — — 170,520 — 33,257 142,975 — — 176,232<br />
Interest income on investments . . . . . . . . . . . . . . . . . . . . . . . . (3,986) (4,605) (8,707) (1,512) (42) (18,852) (3,928) (6,617) (12,435) (1,524) (145) (24,649)<br />
Net (increase) decrease in fair value of<br />
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,070) (1,940) (672) (899) — (5,581) (2,055) (1,891) 4,074 (885) — (757)<br />
Amortization of deferred gain . . . . . . . . . . . . . . . . . . . . . . . . . . — 689 — — — 689 — 759 — — — 759<br />
Gain on sale of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,210) — — — — (2,210) (199) — — — — (199)<br />
Increase (decrease) due to changes in<br />
operating assets and liabilities<br />
Mortgage loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 14,692 217,675 — (742) 231,625 — (5,977) (51,200) — 6,908 (50,269)<br />
Construction advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (17,293) — — — (17,293) — 16,835 — — — 16,835<br />
Deferred and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,712) (2,034) 8,824 (5) 6 2,079 (2,993) (1,330) (2,184) 2 (31) (6,536)<br />
Escrow and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . (2) 15,588 6,720 — (31) 22,275 (39) 5,120 10,533 — (177) 15,437<br />
Accounts payable and accrued expenses . . . . . . . . . . . . . . . . . (183) — 12 — (27) (198) 621 — 24 — (26) 619<br />
Accrued mortgage claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (352) — (352) — — — 369 — 369<br />
Net cash provided by (used in)<br />
operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (269) $ 59,112 $ 363,113 $ 656 $ (3,107) $ 419,505 $ 113 $ 64,479 $ 94,174 $ 1,027 $ 4,497 $ 164,290<br />
Reconciliation of cash and cash equivalents to<br />
the balance sheets<br />
Total deposits and investments per the<br />
balance sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156,561 474,082 704,594 38,337 1,456 1,375,030 112,437 424,452 434,631 35,257 3,715 1,010,492<br />
Less: Investments not meeting the definition of<br />
cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,116 70,402 103,613 14,236 2,308 277,675 55,854 138,327 90,631 13,337 4,446 302,595<br />
Cash and cash equivalents at end of the year . . . . . . . . . . . . . . $ 69,445 $ 403,680 $ 600,981 $ 24,101 $ (852) $ 1,097,355 $ 56,583 $ 286,125 $ 344,000 $ 21,920 $ (731) $ 707,897<br />
Supplemental schedule of noncash activities<br />
Mortgage loan receivable (charge—offs),<br />
net of recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (1,890) $ — $ (7,514) $ (9,404) $ — $ (13) $ (992) $ — $ (9,969) $ (10,974)<br />
The accompanying notes are an integral part of these financial statements.