2003 CAFR - Laserfiche WebLink

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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 2003 and 2002. 2003 2002 Total revenues and other financing sources $ 2,274,112 $ 3,015,470 Total expenditures and other uses $ 1,360,783 $ 4,354,902 Total fund balances $ 3,165,052 $ 2,251,723 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 2003 water improvements totaling $975,011, financed by special assessments and contributions from developers, were completed and capitalized in the Water Utility Fund. This contribution to the Water Utility 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 2003 and 2002, respectively: 2003 2002 Operating revenues $ 879,324 $ 573,788 Operating expenses 643,299 554,126 Operating income $ 236,025 $ 19,662 Fund equity consisted of the following on December 31, 2003 compared to the prior year: Contributed capital $ 10,794,932 $ 10,736,781 Contributed capital reserved for future construction 2,614,691 2,614,691 Retained earnings 5,529,226 3,250,941 Total fund equity $ 18,938,849 $ 16,602,413 xiv 2003 2002