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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 =depreciated <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 $1,693,516 $302,528 <br />Working capital needs: <br />Accounts receivable 90,357 146,177 <br />Prepaid expenses 1,897 1,825 <br />Due from other governments - - <br />Payables (721,426) (29,066) <br />Long -term payable - bonds (4,265,000) <br />Purchased fixed assets - net 3,738,093 26,741 <br />Retained earnings $537,437 $448,205 <br />