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Rum River Drainage District Fund The Rum River Drainage District Fund is used to account for storm sewer drainage projects within the special district established in accordance with Minnesota Statutes § 44.20 The City may levy for expenditures associated with the construction and maintenance of storm sewer systems and related facilities. The fund balance on December 31, 1998, showed a deficit of $9,484, which can be recovered through levies or the generating of storm sewer revenues from the district. State Highway 47 Fund The State Highway 47 Fund was created to account for the City's costs associated with improving this main trunk highway. The State is responsible for the accurate recording of their share of the costs. The fund balance on December 31, 1998, was $210,879, compared to $731,944 on December 31, 1997. Public Improvement Revolving Fund The Public Improvement Revolving Fund was established to account for all revenues and expenditures in conjunction with the City's annual improvement programs. Funding sources include special assessment collections on closed projects, excess debt service funds, and transfers from other funds. The fund balance as of December 31,1998, was $2,517,012, compared to $2,184,991 on December 31,1997. ENTERPRISE FUNDS Enterprise Funds are used to account for operations that are financed and operated, similar to private business enterprises, where the intent of the Council is that the costs of providing the goods or services to the general public, on a continuing basis, be financed or recovered primarily through user charges or where periodic determination of revenues earned, expenses incurred, .and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Water Utility Fund The Water Utility Fund is used to account for the activities of the City-owned water system. During 1998, water improvements totaling $1,242,158, 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 1998 and 1997, respectively: 1998 1997 Operating revenues $ 490,532 $ 348,331 Operating expenses 376.154 308,238 Operating income $ 114,378 $ 40,093 -xviii-