1994 CAFR - Laserfiche WebLink

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IFIT CJTA\JI, SUMMARY (Continued) Rum River Drainage District: The Rum River Drainage District Fund is used to account for storm sewer drainage projects within the special district established in accordance with Minnesota Statutes Section 444.20. The City may levy for expenditures associated with the construction and maintenance of storm sewer systems and related facilities. The fund balance on December 31, 1994, showed a deficit of $7,482, and can be recovered through levies or the generating of storm sewer revenues from the district. Public Improvement Revolving Fund: The Public Improvement Revolving Fund was established to account for all revenues and expenditures in conjunction with the City's annual improvement programs. Funding sources include special assessment collections on closed projects, excess debt service funds and transfers from other funds. Enterprise Funds: Enterprise Funds are used to account for operations that are financed and operated, similar to private business enterprises, where the intent of the Council is that the costs of providing the goods or services to the general public on a continuing basis be financed or recovered primarily through user charges or where periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Water Fund: The fund balance as of December 31, 1994 was $950,136. The Water Fund is used to account for the activities of the City -owned water system. During 1994, water improvements totaling $339,264, financed by special assessments and contributions from developers, were completed and capitalized in the Water Fund. This contribution to the Fund has been recorded as contributed capital with the fund equity section of the balance sheet. Future expansion of the distribution system, supported by contributions by developers and special assessments, will be recorded in the same manner and depreciated accordingly. The following is a summary of the operations of the fund for 1994 and 1993 respectively: Operating Revenues Operating Expenses Operating Loss 1994 1993 $ 145,604 $ 97,057 150.165 138.759 $( 4,561) $( 41,702)