2002 CAFR - Laserfiche WebLink

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Sewer Utility Fund The Sewer Utility Fund is used to account for the activities of the City -owned sewer system. During 2002 sewer improvements totaling $1,640,947 financed by special assessments and contributions from developers, were completed and capitalized in the Sewer 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: Street Light Fund Operating revenues Operating expenses Operating revenues Operating expenses XV 2002 2001 $ 609,790 $ 595,598 546,186 447,492 Operating income $ 63,604 $ 148,106 Fund Equity consisted of the following on December 31, 2002, compared to the prior year: 2002 2001 Contributed capital $ 8,640,452 $ 8,584,265 Contributed capital reserved for future construction 645,308 737,971 Retained earnings 2,305,495 257,900 Total fund equity $ 11,591,255 $ 9,580,136 The Street Light Fund is used to account for all street lighting revenues and expenses for the City -owned street lights within subdivisions. The following is a summary of the operations of the fund for 2002 and 2001, respectively: 2002 2001 $ 113,545 $ 80,455 58,322 54,022 Operating income $ 55,223 $ 26,433 Fund Equity consisted of the following on December 31, 2002 compared to the prior year: 2002 2001 Contributed capital $ 129,383 $ 150,183 Retained earnings 390,942 250,712 Total fund equity $ 520,325 $ 400,895