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City of Lino Lakes, Minnesota <br />Management Report, Page 39 <br />In addition, the Retained Earnings of the Utility Operation include the fixed assets of such <br />operations which are depreciated and charged (annually) against income. Such undepreciated <br />fixed assets are also a noncash asset. The following schedule has been prepared to illustrate the <br />effects of working capital needs and fixed assets upon the total equity of the City's water and <br />sewer operations: <br />Water Sewer <br />Cash and investments $389,764 $164,776 <br />Working capital needs: <br />Accounts receivable 134,121 119,438 <br />Prepaid expenses 3,270 25,567 <br />Due from other govemments 289 289 <br />Payables (47,722) (19,155) <br />Long -term payable - bonds (995,000) <br />Purchased fixed assets - net 989,786 20,891 <br />Retained earnings $474,508 $311,806 <br />