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<br />City of Lino Lakes, Minnesota
<br />Management Report
<br />Enterprise (Utility) Fund
<br />ENTERPRISE (UTILITY) FUND
<br />The City maintains three enterprise operating funds. The financial statements for these
<br />funds are presented in Statements 15 through 17 of the 1997 Annual Financial Report.
<br />Statements of income and expense for 1997 (excluding depreciation on contributed assets) for
<br />the water and sewer utility fund are shown in the following schedule:
<br />Water
<br />1996
<br />1997
<br />Sewer
<br />1996 1997
<br />Operating revenue:
<br />Charges for services $377,764 $430,938 $508,407 $585,149
<br />Other 53,233 55,449 42,057 43,387
<br />Total operating revenue 430,997 486,387 550,464 628,536
<br />Operating expenses:
<br />Personal services 73,337 75,257 71,844 79,130
<br />Materials and supplies 40,019 90,795 2,267 7,626
<br />Contractual services 47,619 28,423 17,828 45,621
<br />Repair and maintenance 6,351 24,813 2,225 17,918
<br />MCES sewer charges - 260,421 297,202
<br />Depreciation 25,618 26,527 3,932 5,241
<br />Other 43,452 52,287 44,071 46,722
<br />Total operating expenses 236,396 298,102 402,588 499,460
<br />Income from operations
<br />194,601 188,285 147,876 129,076
<br />Other income (expense):
<br />Interest on investments 35,313 35,387 11,480 18,437
<br />Maintenance agreement - MCES - - -
<br />Area and unit charges -
<br />Bond interest and paying agent fees (170,881) (229,900) -
<br />Special assessments - 329,399 6
<br />Total other income (135,568) 134,886 11,480 18,443
<br />Net increase in retained earnings 59,033 323,171 159,356 147,519
<br />Retained earnings - January 1 455,351 514,384 363,024 522,380
<br />Retained earnings - December 31 $514,384 $837,555 $522,380 $669,899
<br />Page 54
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