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ENTERPRISE FUNDS <br />Enterprise Funds are used to account for operations of self-supporting activities which render goods or <br />services to the general public. <br />Water Utility Fund <br />The Water Utility Fund is used to account for the activities of the City -owned water system. During <br />2001 water improvements totaling $2,130,165 financed by special assessments and contributions from <br />developers, were completed and capitalized in the Water Fund. This contribution to the Fund has been <br />recorded as contributed capital within the fund equity section of the balance sheet. Future expansion of <br />the distribution system, supported by contributions by developers and special assessments, will be <br />recorded in the same manner and depreciated accordingly. <br />The following is a summary of the operations of the fund for 2001 and 2000, respectively: <br />2001 2000 <br />Operating revenues $ 594,758 $ 514,986 <br />Operating expenses <br />480,277 408,265 <br />Operating income $ 114,481 $ 106,721 <br />Fund Equity consisted of the following on December 31, 2001 compared to the prior year: <br />2001 2000 <br />Contributed capital $ 10,595,015 $ 8,749,748 <br />Contributed capital reserved <br />for future construction 2,899,567 2,614,671 <br />Retained earnings 659,151 322,821 <br />Total fund equity $ 14,153,733 $ 11,687,240 <br />Sewer Utility Fund <br />The Sewer Utility Fund is used to account for the activities of the City -owned sewer system. During <br />2001 sewer improvements totaling $295,928 financed by special assessments and contributions from <br />developers, were completed and capitalized in the Sewer Fund. This contribution to the Fund has been <br />recorded as contributed capital within the fund equity section of the balance sheet. Future expansion of <br />the distribution system, supported by contributions by developers and special assessments, will be <br />recorded in the same manner and depreciated accordingly. <br />The following is a summary of the operations of the fund for 2001 and 2000, respectively: <br />Operating revenues <br />Operating expenses <br />2001 2000 <br />$ 595,598 $ 483,628 <br />447,492 535,868 <br />Operating income (loss) $ 148,106 $ (52,240) <br />xv <br />