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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 2003 sewer improvements totaling $831,501, financed by special assessments and contributions from developers, were completed and capitalized in the Sewer Utility Fund. This contribution to the Sewer 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 Sewer Utility Fund for 2003 and 2002, respectively: Street Light Fund Operating revenues Operating expenses Operating income 2003 2002 $ 744,859 $ 609,790 540,728 546,186 $ 204,131 $ 63,604 Fund equity consisted of the following on December 31, 2003, compared to the prior year: 2003 2002 Contributed capital $ 8,708,973 $ 8,640,452 Contributed capital reserved for future construction 645,308 645,308 Retained earnings 3,616,307 2,305,495 Total fund equity $ 12,970,588 $ 11,591,255 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 Street Light Fund for 2003 and 2002, respectively: 2003 2002 Operating revenues Operating expenses $ 96,002 $ 113,545 67,595 58,322 Operating income $ 28,407 $ 55,223 Fund equity consisted of the following on December 31, 2003 compared to the prior year: Contributed capital $ 129,383 $ 129,383 Retained earnings 516,281 390,942 Total fund equity $ 645,664 $ 520,325 xv 2003 2002