|
ENTERPRISE FUNDS OVERVIEW
<br />The City maintains several enterprise funds to account for services the City provides that are financed
<br />primarily through fees charged to those utilizing the service. This section of the report provides you with
<br />an overview of the financial trends and activities of the City's enterprise funds, which include the Water,
<br />Sewer, Street Light, Recycling, and Storm Water Utility Funds.
<br />The utility funds comprise a considerable portion of the City's activities. We understand that the City is
<br />proactive in reviewing these activities on an ongoing basis and we want to reiterate the importance of
<br />continually monitoring these operations. Over the years, we have emphasized to our city clients the
<br />importance of these utility operations being self-sustaining, preventing additional burdens on general
<br />governmental funds. This would include the accumulation of net position for future capital improvements
<br />and to provide a cushion in the event of a negative trend in operations.
<br />ENTERPRISE FUNDS FINANCIAL POSITION
<br />The following table summarizes the changes in the financial position of the City's enterprise funds during
<br />the year ended December 31, 2024, presented both by classification and by fund:
<br />Enterprise Funds Change in Financial Position
<br />Net position of enterprise funds
<br />Total by classification
<br />Net investment in capital assets
<br />Unrestricted
<br />Total enterprise funds
<br />Total by fund
<br />Water Utility
<br />Sewer Utility
<br />Street Light Utility
<br />Recycling Utility
<br />Storm Water Utility
<br />Total enterprise funds
<br />Net Position
<br />as of December 31,
<br />2024 2023
<br />$ 95,749,335
<br />32,212,510
<br />$ 71,932,644
<br />44,232,074
<br />$ 127,961,845 $ 116,164,718
<br />$ 76,068,276
<br />27,859,546
<br />2,038,066
<br />416,994
<br />21,578,963
<br />$ 60,839,740
<br />33,335,502
<br />1,872,786
<br />416,700
<br />19,699,990
<br />$ 127,961,845 $ 116,164,718
<br />Change
<br />$ 23,816,691
<br />(12,019,564)
<br />$ 11,797,127
<br />$ 15,228,536
<br />(5,475,956)
<br />165,280
<br />294
<br />1,878,973
<br />$ 11,797,127
<br />In total, the net position of the City's enterprise funds increased by $11,797,127 during the year ended
<br />December 31, 2024, which is $2,998,753 more than the prior year increase in net position. Additional
<br />capital grants, developer contributions, and connection fees, all contributed to the overall growth in net
<br />position.
<br />The increase in the net investment in capital assets portion of net position includes the City's use of
<br />unrestricted resources for infrastructure improvements in the current year, along with contributions from
<br />developers, which was partially offset by current year depreciation.
<br />-12-
<br />
|