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CAPITAL PROJECT FUNDS Capital Project Funds are those funds established to account for the financial resources to be used for the acquisition or construction of major capital facilities, other than those financed by Enterprise or Trust Funds. The following is a summary of the financial activities and fund balances of the City's Capital Project Funds for 2002 and 2001. 2002 2001 Total revenues and other financing sources $ 3,015,470 $ 7,532,076 Total expenditures and other uses $ 4,354,902 $ 7,470,252 Total fund balances $ 2,251,723 $ 3,591,155 ENTERPRISE FUNDS Enterprise Funds are used to account for operations of self - supporting activities which render goods or services to the general public. Water Utility Fund The Water Utility Fund is used to account for the activities of the City -owned water system. During 2002 water improvements totaling $2,237,617 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 within the fund equity section of the balance sheet for the portion representing internal contributions, while external contributions (i.e. developers) have been reported as revenue and closed to retained earnings. 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 2002 and 2001, respectively: Operating revenues $ 573,788 $ 594,758 Operating expenses Operating income $ 19,662 $ 114,481 Fund Equity consisted of the following on December 31, 2002 compared to the prior year: Contributed capital $ 10,736,781 $ 10,595,015 Contributed capital reserved for future construction 2,614,691 2,899,567 Retained earnings 3,250,941 659,151 Total fund equity $ 16,602,413 $ 14,153,733 xiv 2002 2001 554,126 480,277 2002 2001