FINANCIAL RESULTS

maintenance and sewer surcharge billing and collection services, and other miscellaneous items detailed in note 19 of the audited financial statements.

In 2019, services provided to WUC decreased by $0.3 million to $19.7 million. Other income items, attributable primarily to services provided to the City of Windsor, increased by $23 thousand during the year.

The reduction in other income was attributed to disposal of long term assets and lower tax credits for research and development activities.

operatinG expenSeS

Overall operating expenses, including depreciation and amortization, remained consistent at $61.1 million in 2019. Reductions in operating and distribution expenses, as well as deprecation and amortization, were partially offset

against an increase in billing, collecting and administrative expenses.

depreciation and amortization

Depreciation and amortization on WCU's property, plant, equipment and intangible assets decreased in 2019 by $849 thousand to $13.2 million, primarily due to the ongoing investment in, and expansion of, the Corporation's electricity distribution infrastructure.

net finance expenSe

Net Finance expense of $0.7 million includes interest expense of $4.3 million on the Company's $103 million senior unsecured debentures, which are due in 2042. The interest expense is offset by interest income from WUC of $2.15 million for its share of the senior unsecured debenture, $623 thousand earned on the company's

sinking fund investments and $864 thousand earned on bank balances.

aSSetS

Total assets increased by approximately $14.4 million to $415.6 million during 2019. The investment in property, plant and equipment increased the carrying value of the assets from $229.6 million to $239.1 million.

The increase in total assets was also a result of increases in working capital, sinking fund investments and deferred income taxes.

liaBilitieS

Short term liabilities increased due to timing differences and were offset with higher current asset balances. The largest liability of WCU is the $103 million senior debenture. $52 million of the proceeds from the issuance of the