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Recycling Utility Fund <br />The Recycling Utility Fund is used to account for all recycling revenues and expenses for the City. <br />Currently, those residential properties benefitting are billed quarterly for service. <br />The following is a summary of the operations of the Recycling Utility Fund for 2003 compared to the <br />prior year: <br />Operating income $ 7,446 $ 4,002 <br />Fund equity consisted of the following on December 31, 2003 compared to the prior year: <br />2003 2002 <br />Storm Water Utility Fund <br />Operating revenues <br />Operating expenses <br />$ 153,147 $ 171,386 <br />145,701 167,384 <br />Retained earnings $ 86,856 $ 83,599 <br />The Storm Water Utility Fund is used to account for all storm water revenues and expenses for the City. <br />This fund was created in 2000 to fund drainage problems throughout the City. <br />The following is a summary of the operations of the Storm Water Utility Fund for 2003 and 2002, <br />respectively: <br />Operating revenues $ 332,784 $ 332,026 <br />Operating expenses 245,622 123,180 <br />Operating income $ 87,162 $ 208,846 <br />Fund equity consisted of the following on December 31, 2003, compared to the prior year: <br />2003 2002 <br />Contributed capital $ 1,113,728 $ 1,002,353 <br />Retained earnings 3,152,904 2,148,498 <br />Total fund equity $ 4,266,632 $ 3,150,851 <br />xvi <br />2003 2002 <br />2003 2002 <br />