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Expenditures are estimated to be at $163,587, which includes depreciation of $78,640. <br />This results in a budgeted operating profit of $2,713, which is considerably more than the <br />actual operating losses for 1993 and 1992 of $11,284 and $43,494, respectively. Ms. Hart <br />explained that the Street Lighting Utility Fund was established late in 1992 and was meant <br />to account for billings to property owners and payment of electrical service charges for <br />subdivision lights that are required in all new urban subdivisions. A pre-established rate of <br />$8.25 per quarter was set in conjunction with the developers paying for the first three years <br />of operation and maintenance. The projected revenues for 1994 are $21,798, which <br />includes interest earnings of $3,000. Expenditures, which consist of a pro-rata share of the <br />AEC agreement, electric costs, system depreciation and an administrative transfer are <br />estimated to be $12,175. This results in an operating profit of $9,623. <br /> <br />Motion by Councilmember zimmerman and seconded by Councilmember Hardin to <br />recommend City Council adopt the resolution approving an increase in water permit sales <br />rate. <br /> <br />Motion carried. Voting Yes: Mayor Gilbertson, Councilmembers Zimmerman, Hardin, <br />Beyer and Peterson. Voting No: None. <br /> <br />Motion by Councilmember Hardin and seconded by Councilmember Beyer to recommend <br />Council adopt the resolution adopting the 1994 Budgets for the Enterprise Fund. <br /> <br />Motion carried. Voting Yes: Mayor Gilbertson, Councilmembers Hardin, Beyer, Peterson <br />and Zimmerman. Voting No: None. <br /> <br />ADJOURNMENT <br /> <br />Motion by Councilmember Hardin and seconded by Councilmember Beyer to adjourn the <br />meeting. <br /> <br />Motion carried. Voting Yes: Mayor Gilbertson, Councilmembers Hardin, Beyer, Peterson <br />and Zimmerman. Voting No: None. <br /> <br />The regular meeting of the Finance Committee adjourned at 6:52 p.m. <br /> <br /> Respectfully submitted, <br /> <br />(~j~Kecording Secretary <br /> <br />Jessie Hart <br />Finance Officer <br /> <br />Finance Committee/March 22, 1994 <br /> Page 5 of 5 <br /> <br /> <br />