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CITY OF RAMSEY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1994
<br />Note 14. RESERVES AND DESIGNATED FUND EQUITY (Continued)
<br />The following designations of unreserved fund equity have been made at December 31, 1994:
<br />General Fund -
<br />Compensated absences designation for $154,782 represents the estimated long -term liability for
<br />compensated absences.
<br />Working capital designation for $1,325,333 provides for cash flow needs based on an amount equal to 50%
<br />of the General Fund budgeted operating expenditures for the upcoming year less amounts reserved for
<br />prepaid expenses.
<br />Debt Service Funds -
<br />General Fund -
<br />Compensated absences $ 154,782
<br />Working capital 1,325,333
<br />$ 1,480,115
<br />Debt Service Funds -
<br />Debt service
<br />$ 3,927,311
<br />Debt service designation for $3,927,311 is designated for future payment of principal and interest on
<br />general obligation long -term debt.
<br />Note 15. ENTERPRISE FUND INFORMATION
<br />The City maintains Water Utility, Sewer Utility, and Street Light Enterprise Funds. A schedule of changes in
<br />contributed capital during 1994 is as follows:
<br />Water Sewer Street
<br />Utility Utility Light Total
<br />Contributed capital, January 1, 1994 $3,905,379 $4,151,873 $43,916 $8,101,168
<br />Add current capital contributions 957,363 418,382 7,445 1,383,190
<br />Contributed Capital, December 31, 1994 $4,862,742 $4,570,255 $51,361 $9,484,358
<br />Segment information pertinent to the enterprise funds is reflected below:
<br />Water Sewer Street
<br />Utility Utility Light Total
<br />Operating Revenue $ 145,603 $ 150,565 $ 20,782 $ 316,950
<br />Depreciation Expense $ 84,579 $ 88,233 $ 2,285 $ 175,097
<br />Operating Income (Loss) $ (4,563) $ (10,868) $ 10,677 $ (4,754)
<br />Operating Transfers (Out) $ (4,000) $ (1,000) $ (500) $ (5,500)
<br />Net Income (Loss) $ 29,924 $ (2,470) $ 11,913 $ 39,367
<br />Property, Plant, and
<br />Equipment Additions $ 343,603 $ 214,253 $ 12,325 $ 570,181
<br />Net Working Capital $ 1,292,190 $ 451,704 $ 22,349 $ 1,766,243
<br />Total Assets $ 4,960,245 $ 4,406,139 $ 83,120 $ 9,449,504
<br />Total Equity $ 4,853,329 $ 4,393,768 $ 63,225 $ 9,310,322
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