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City of Lino Lakes, Minnesota <br />Management Report, Page 35 <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 fixed <br />assets are also a noncash asset. The following schedule has been prepared to illustrate the effects <br />of working capital needs and fixed assets upon the total equity of the City's water and sewer <br />operations: <br />Water Sewer <br />Cash and investments $236,188 $61,001 <br />Working capital needs: <br />Accounts receivable 122,022 105,444 <br />Prepaid expenses 809 22,519 <br />Due from other govemments - 12,699 <br />Payables (36,867) (32,655) <br />Long -term payable - bonds (1,035,000) <br />Purchased fixed assets - net 989,678 4,392 <br />Retained earnings $276,830 $173,400 <br />