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Fund Equity consisted of the following on December 31, 1998, compared to the prior year: <br />Contributed capital <br />Contributed capital reserved <br />for future construction <br />Retained earnings <br />Total fund equity <br />The following is a summary of the operations of the fund for 1998 and 1997, respectively: <br />' Sewer Utility Fund <br />The Sewer Utility Fund is used to account. for the activities of the City-owned sewer system. During 1998, <br />sewer improvements totaling $454,068, financed by special assessments and contributions from developers, <br />were completed and capitalized in the Sewer Utility Fund. This contribution to the Fund has been recorded <br />as contributed .capital within the fund equity section of the balance sheet. Future expansion of the <br />1 distribution system, supported by contributions by developers and special assessments, will be recorded in <br />the same manner and depreciated accordingly. <br />i~ <br />iJ <br />1998 1997 <br />$ 8,197,397 $ 6,955,239 <br />1,995,701 1,511,503 <br />209.644 481.449 <br />$ 10,402,742 $ 8,948,191 <br />1998 1997 <br />Operating revenues $ 412,296 $ 326,705 <br />Operating expenses 419,238 324.913 <br />Operating income (loss) $ (6,942) $ 1,792 <br /> <br /> <br />Fund Equity consisted of the following on December 31, 1998, compared to the prior year. <br />1998 1997 <br />Contributed capital <br />Contributed capital reserved <br />for future construction <br />Retained earnings (deficit) <br />$ 8,007,939 $ 7,553,871 <br />441,325 351,876 <br />X96,6981 (138,8441 <br />Total fund equity <br /> <br /> <br />$ 8,352,566 $ 7,766,903 <br />Street Light Fund <br />The Street Light Fund is used to account for all street lighting revenues and .expenses for the City-owned <br />street lights within subdivisions. <br />-xix- <br />