1996 CAFR - Laserfiche WebLink

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FINANCIAL SECTION (continued) Enterprise Funds (continuedl: Street Light Fund: The Street Light Fund is used to account for all street lighting revenues and expenses for the City-owned street lights within subdivisions. The following is a summary of the operations of the fund for 1996 and 1995, respectively: 1995 Operating Revenues $48,666 $ 29,254 Operating Expenses 27.784 15.668 Operating Income $20,882 $ 13,586 Fund Equity consisted of the following on December 31, 1996, compared to the prior year: ~~ Contributed Capital $107,983 $ 80,868 Retained Earnings 72,865 49.467 Total Fund Equity 1 4 ~ 130.335 Recycling Utility Fund: The Recycling Utility Fund is used to account for all recycling revenues and expenses for the City. The City changed its funding policy for recycling, which had previously been paid for through a special revenue fund. Currently, those properties benefitting (residential) are billed quarterly for service. The following is a summary of the operations of the fund for 1996, compared to the prior year: 1~2 .~ Operating Revenues $ 100,888 $ 99,685 Operating Expenses 89,365 80.095 Operating Income 1 2 $ 19.590 Fund Equity consisted of the following on December 31, 1996, compared to the prior year: 1995 Retained Earnings 1 11 $ 19.590 Total Fund Equity $~~ $ 19.590 Trust and A„eency Funds: Trust and Agency Funds are used to account for assets held by the City in a trustee or agent capacity for individuals, private organizations, other governments, or other funds. The City's trust funds are all classified as expendable trust funds. The trust funds and agency funds are accounted for in essentially the same manner as governmental funds. Expendable Trust Funds -Expendable trust funds are funds whose original principal and income may be expended in the course of designated operations. %V111