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CITY OF RAMSEY
<br />Notes to Financial Statements (continued)
<br />December 31, 2001
<br />NOTE 10 - FLEXIBLE BENEFIT PLAN (CONTINUED)
<br />The City serves as trustee and handles all plan record keeping. The plan is included in the financial
<br />statements as an Expendable Trust Fund.
<br />All plan property and income attributable to that property is solely the property of the City subject to the
<br />claims of the City's general creditors. Participants' rights under the plan are equal to those of general
<br />creditors of the City in an amount equal to the eligible health care and dependent care expenses incurred
<br />by the participants. The City believes that it is unlikely that it will use the assets to satisfy the claims of
<br />general creditors in the future.
<br />NOTE 11- SEGMENT INFORMATION FOR ENTERPRISE FUNDS
<br />The City provides services which are accounted for in the Enterprise Funds. The segment information for
<br />these Enterprise Funds for the year ended December 31, 2001 is as follows:
<br />Storm-
<br />Water Sewer Street Recycling water
<br />Utility Utility Light Utility Utility Total
<br />Operating revenue $ 594,758 $ 595,598 $ 80,455 $ 170,665 $ 315,724 $ 1,757,200
<br />Depreciation expense $ 236,261 $ 183,208 $ 12,724 $ - $ 30,567 $ 462,760
<br />Operating income $ 114,481 $ 148,106 $ 26,433 $ 4,557 $ 233,809 $ 527,386
<br />Operating transfers (out) $ (12,000) $ (8,000) $ (5,000) $ (4,000) $ (4,000) $ (33,000)
<br />Net income $ 336,330 $ 239,886 $ 32,219 $ 2,107 $ 216,900 $ 827,442
<br />Property, plant, and
<br />equipment - additions $ 2,399,397 $ 318,569 $ 31,054 $ - $ 842,508 $ 3,591,528
<br />Net working capital (deficit) $ 4,191,456 $ 2,062,716 $ 212,560 $ 82,761 $ (19,250) $ 6,530,243
<br />Total assets $ 14,244,852 $ 9,624,029 $ 409,179 $ 85,317 $ 1,540,395 $ 25,903,772
<br />Total equity $ 14,153,733 $ 9,580,136 $ 400,895 $ 82,761 $ 1,429,217 $ 25,646,742
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