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Enterprise Funds (continued) <br />Water Fund (continued) <br />Fund Equity consisted of the following on December 31, 1994, compared to the prior year: <br />Sewer Fund: <br />Contributed Capital <br />Contributed Capital Reserved For Future <br />Construction <br />Retained Earnings (Deficit) <br />Total Fund Equity <br />Contributed Capital <br />Contributed Capital Reserved For Future <br />Construction <br />Retained Earnings (Deficit) <br />Total Fund Equity <br />J 1T ANCJIAJI, NUM11IAJR7 <br />(Continued) <br />1994 <br />$ 4,004,748 <br />857,994 <br />( 9,413) <br />$ 4,853,329 <br />1994 <br />$ 4,334,047 <br />236,208 <br />( 176.487) <br />$ 4,393,768 <br />1993 <br />$ 3,665,482 <br />239,897 <br />( 39,337) <br />$ 3,866,042 <br />The Sewer Fund is used to account for the activities of the City -owned sewer system. <br />During 1994, sewer improvements totaling $214,253, financed by special assessments and <br />contributions from developers, were completed and capitalized in the Sewer Fund. This <br />contribution to the Fund has been recorded as contributed capital with the fund equity <br />section of the balance sheet. Future expansion of the distribution system, supported by <br />contributions by developers and special assessments, will be recorded in the same manner <br />and depreciated accordingly. <br />The following is a summary of the operations of the fund for 1994 and 1993 respectively: <br />1994 1993 <br />Operating Revenues $ 150,565 $ 90,030 <br />Operating Expenses 161.433 120.926 <br />Operating Loss $( 10,868) $( 30,896) <br />Fund Equity consisted of the following on December 31, 1994, compared to the prior year: <br />$ 4,119,794 <br />32,079 <br />( 174,017) <br />$ 3,977,856 <br />