PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency

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Statements of Cash Flows
(in thousands of dollars)
Years Ended June 30, 2003 and 2002
2003 2002
MULTI- SINGLE TOTALS MULTI- SINGLE TOTALS
GENERAL FAMILY FAMILY INSURANCE (MEMORANDUM GENERAL FAMILY FAMILY INSURANCE (MEMORANDUM
FUND PROGRAM PROGRAM FUND HEMAP ONLY) FUND PROGRAM PROGRAM FUND HEMAP ONLY)
Reconciliation of net income to net cash
provided by operating activities
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
Depreciation, amortization and accretion . . . . . . . . . . . . . . . . . 1,271 242 1,705 — 39 3,257 565 808 2,773 — 48 4,194
Loss on early retirement of debt . . . . . . . . . . . . . . . . . . . . . . . . — 156 1,110 — — 1,266 — 9 734 — — 743
Loan loss provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,000 2,000 — 4,878 8,878 — 8,000 3,000 — 4,794 15,794
Interest expense on notes and bonds,
excluding amortization and accretion . . . . . . . . . . . . . . . . . . . . — 27,173 143,347 — — 170,520 — 33,257 142,975 — — 176,232
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)
Net (increase) decrease in fair value of
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,070) (1,940) (672) (899) — (5,581) (2,055) (1,891) 4,074 (885) — (757)
Amortization of deferred gain . . . . . . . . . . . . . . . . . . . . . . . . . . — 689 — — — 689 — 759 — — — 759
Gain on sale of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,210) — — — — (2,210) (199) — — — — (199)
Increase (decrease) due to changes in
operating assets and liabilities
Mortgage loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 14,692 217,675 — (742) 231,625 — (5,977) (51,200) — 6,908 (50,269)
Construction advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (17,293) — — — (17,293) — 16,835 — — — 16,835
Deferred and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,712) (2,034) 8,824 (5) 6 2,079 (2,993) (1,330) (2,184) 2 (31) (6,536)
Escrow and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . (2) 15,588 6,720 — (31) 22,275 (39) 5,120 10,533 — (177) 15,437
Accounts payable and accrued expenses . . . . . . . . . . . . . . . . . (183) — 12 — (27) (198) 621 — 24 — (26) 619
Accrued mortgage claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (352) — (352) — — — 369 — 369
Net cash provided by (used in)
operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (269) $ 59,112 $ 363,113 $ 656 $ (3,107) $ 419,505 $ 113 $ 64,479 $ 94,174 $ 1,027 $ 4,497 $ 164,290
Reconciliation of cash and cash equivalents to
the balance sheets
Total deposits and investments per the
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
Less: Investments not meeting the definition of
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
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
Supplemental schedule of noncash activities
Mortgage loan receivable (charge—offs),
net of recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (1,890) $ — $ (7,514) $ (9,404) $ — $ (13) $ (992) $ — $ (9,969) $ (10,974)
The accompanying notes are an integral part of these financial statements.