COMPONENT UNIT

ANNUAL FINANCIAL REPORT

SOUTH HUNTINGTON WATER DISTRICT

Name of Component Unit

TOWN OF HUNTINGTON

Name of Primary Government

Years Ended December 31, 2008

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New York Law Concerning

Public Notice Posting Requirements

SOUTH HUNTINGTON WATER DISTRICT

COLLECTIONS, EXPEDITURES PAID AND CASH BALANCES

Year Ended December 31, 2008

Cash Balances at January 1, 2008                                                                $ 2,121,076

                           Cash Collections

Real Property Taxes                                                            $ 3,300,625

Water Sales and Other Charges                                             2,801,718

Interest and Earnings on Investments                                         93,396

Rental of Real Property                                                             342,830

Other Unclassified Revenue                                                      337,101

Proceeds of Obligations                                                          2,925,000

                                                    Total Cash Collections                               $ 9,800,670

                                  Expenditures Paid

Personal Services                                                                $ 1,039,448

Equipment & Capital Outlay                                                         13,077

Contractual Expenditures                                                        2,698,923

Employee Benefits                                                                      546,921

Debt Service - Principal and Interest                                       1,630,261

Capital Outlay                                                                             289,059

                                                   Total Expenditures Paid                              $ 6,217,689

Cash Balances at December 31, 2008                                                           $ 5,704,057

1) Amounts reported for cash balances, cash collections and expenditures

paid are unaudited.

2) Amounts reported for cash collections and expenditures paid do not include

transactions recorded in capital accounts maintained by the Town of Huntington.

SOUTH HUNTINGTON WATER DISTRICT

OUTSTANDING INDEBTEDNESS

Year Ended December 31, 2008

Bonds Payable                                                                                       $ 1 5,918,902