1997 CAFR - Laserfiche WebLink

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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, 1997, was $2,184,991. Enterprise Funds are used to account for operations that are fmanced 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 fmanced or recovered primarily through user charges or where periodic determination of revenues earned, expenses incur ed, 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 1997, water improvements totaling $740,168, fmanced by special assessments and contributions from developers, were completed and capitalized in the Water 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 1997 and 1996, respectively: 1222 122 Operating Revenues $348,331 $288,858 Operating Expenses 308,238 _.280,796 Operating Income ~~~ $ 8.062 Fund Equity consisted of the following on December 31, 1997, compared to the prior year: 1221 122 Contributed Capital $ 6,955,239 $6,215,071 Contributed Capital Reserved For Future Construction 1,511,503 2,133,754 Retained Earnings 481,449 264.259 Total Fund Equity $ ~, 49 8.191 58,613.084 Sewer Utility Fund: The Sewer Utility Fund is used to account for the activities of the City-owned sewer system. During 1997, sewer improvements totaling $348,298, fmanced by special assessments and contributions from developers, were completed and capitalized in the Sewer 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. XV1