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INTERNAL SERVICE FUND The Internal Service Fund is used to account for the City's insurance refunds, dividends, and other miscellaneous insurance related revenues, and to provide for self - insuring the deductible portions of the City's insurance policies. The Internal Service Fund operates in a manner similar to Enterprise Funds; however, the fund provides services primarily to other departments within the City. The following is a summary of the operations of the fund for 2002 and 2001, respectively: EXPENDABLE TRUST FUNDS Operating revenues Operating expenses 2002 2001 $ 19,663 $ 21,267 4,936 38,657 Operating income (loss) $ 14,727 $ (17,390) Fund Equity consisted of the following on December 31, 2002 compared to the prior year: 2002 2001 Retained earnings $ 401,980 $ 368,225 Expendable Trust Funds are used to account for assets held by the City in the capacity of trustee or agent. The Expendable Trust Funds are accounted for in essentially the same manner as governmental funds. The following is a summary of the financial activities and fund balances of the City's Expendable Trust Funds for 2002 and 2001. 2002 2001 Total revenues and other financing sources $ 1,373,520 $ 616,206 Total expenditures and other uses $ 663,023 $ 324,496 Total fund balances $ 5,767,520 $ 5,057,023 GENERAL FIXED ASSET ACCOUNT GROUP The general fixed assets of the City are those fixed assets of tangible nature and significant value, which have a service life in excess of one year, are used in the performance of general governmental functions, and are not accounted for in the Enterprise Funds. These assets are accounted for in the General Fixed Asset Account Group. The City has chosen not to report infrastructure fixed assets such as streets, storm sewers, and similar assets that are immovable and of value only to the City. As of December 31, 2002 the general fixed assets of the City amounted to $9,500,809. This amount represents the original cost of the assets and is considerably less than their present replacement value. No depreciation has been provided on general fixed assets. xvii