1999 CAFR - Laserfiche WebLink

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ENTERPRISE FUNDS Enterprise Funds are used to account for the 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 1999, water improvements totaling $134,552, financed by special assessments and contributions from developers, were completed and capitalized in the Water Utility Fund. This contribution to the Fund has been recorded as contributed capital within the fund equity section of the balance sheet. 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 1999 and 1998, respectively: 1999 1998 Operating revenues $ 424,842 $ 490,532 Operating expenses 396.566 376.154 Operating income $ 28,276 $ 114,378 Fund Equity consisted of the following on December 31, 1999, compared to the prior year: 1999 1998 Contributed capital Contributed capital reserved for future construction Retained earnings $ 8,331,949 $ 8,197,397 2,310,866 1,995,701 (,70.986 209.644 Total fund equity Sewer Utility Fund $ 10,571,829 $ 10,402,742 The Sewer Utility Fund is used to account for the activities of the City-owned sewer system. During 1999, sewer improvements totaling $132,331, financed by special assessments and contributions from developers, were completed and capitalized in the Sewer Utility Fund. This contribution to the Fund has been recorded as contributed capital within .the fund equity section of the balance sheet. Future expansion of the distribution system, supported by contributions by developers and special assessments, will be recorded in the same manner and depreciated accordingly. -xv-